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COPYRIGHTED IN 1939 8V WILLIAM 8. DANA COMPANY, NEW
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..
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Vol.
149
OCTOBER 14, 1939
No. 3877.
CONTENTS
Editorials
PAGE
The Financial Situation.......
Restore Representative
.
Democracy.
2270
.
_
_
_2283
Comment and Review
Gross and Net
in
Week
August
on
Earnings
of United
States
_
_
the European Stock
_
_
Railroads
__________
2285
Exchanges..............2275
Foreign Political and Economic Situation.....
2275
Foreign Exchange Rates and Comment.......2280 & 2321
Course of the Bond Market
.
Indications of Business Activity
......2284
......._.2287
....
Week
on
the New York Stock Exchange
.2273
Week
on
the New York Curb
.2319
Exchange
News
Current Events and Discussions...
Bank and Trust
...2302
Company Items
..2316
General Corporation and Investment News.
2361
Dry Goods Trade
State and
__2398
Municipal Department..
.........
.2399
Stocks and Bonds
Foreign Stock Exchange Quotations.....
Bonds Called and
Dividends Declared........
Auction Sales
....
New York Stock
__2325 & 2327
Sinking Fund Notices
____2321
2322
.....
...
.
Exchange—Stock Quotations
2322
__2328
New York Stock
Exchange—Bond Quotations._2328 & 2338
New York Curb
Exchange—Stock Quotations._....2344
New York Curb Exchange—Bond Quotations.........2348
Other Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond
.2350
Quotations
__2354
Over-the-Counter Securities—Stock & Bond Quotations .2357
Reports
Foreign Bank Statements
Course of Bank
Clearings
....
.
Federal Reserve Bank Statements
___2279
_2319
2302 & 2325
General Corporation and Investment News
2361
Commodities
The Commercial Markets and the
Cotton
...
Breadstuffs
Crops
2387
2389
2393
Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City.
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Copyright 1939 by William B. Dana Company.
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The Financial Situation
IT issues, which note that the so-called ideological they couldnot attempt any ideological grounds, conIS worthyTof
case did be made upon such task. Their and
supposed by some to be at
were
dropped largely from sight during the past few
have
to the
has
minds
of events since late
course
has been such as
summer
human
little
to
leave
it
ground for
anywhere,
and not
deal is
great
of it, even in
Stalin
Hitler
of
his earlier
despite
ravings about Bolshevism
(which doubtless have al¬
been
ways
less
or
more
of his
anti-semitism), and the
integral
an
part
wayfaring
how
matter
which
disastrous results
All
will
world
liberal
the
all
we
see.
be
to
rulers
of
and
were
more
have
nations
fine
any
always
of social
systems
nomic
theories
spun
the
of
first
<
and
France
vious
can
the
democracy.
These
can
duration
the
of
two
the
war
Hitler in his
bid
last
so
us
Del
Association
Bankers
of
Here
existing
deserves
and
de
concern
grace
"democracy,"
that
an
hoped that
stake
in
Europe. for
combatants
the
evidently
attitude
on
are
far
too
rec¬
Such
ognize them to be.
America
we
part
our
an
woman
in
the
and usually
and
in
his
to ideological questions as far as
both
most
accept the issues
should
lessen
land.
greatly
serve
the
danger of
war
by
Chamber¬
matriculate
effective presentation of their
If the
is not being fought to "save democracy," but
one
party to obtain more "Lebensraum" and by
other
being
to
protect
obliged
"Lebensraum,"
reason
we
to
our
becoming drawn into the
unfortunate affair.
Russo-German relations.
Daladier
be
to
themselves
analysis and appraisal of the
situation
in this country which
the most studious thought of every
is
is
now
what
an
of
suppose
shall
it should be,
as
it
earnestly
at
of
and propagand¬
Over "Lebensraum"
This is
and
•
case
confusion
arguments.
War
A
of
Everett
to the
totalitarianism.—Dr.
Claremont Colleges,
partnership with Stalin seemed to give the
and
ists
recognition for what they
that lead toward planned
into
lain
considerable
their
of
the
extraneous
willing to try to
take advantage
always
the
they
nation
no
these
politics, and per¬
without
Monte.
only incidental
to
When they
world to judge of
merits
the
war.
made
references
final coup
any
are
cold-blooded explanation of his willingness to enter
a
that
mit the
-called peace
week
sarcastic
steps
Investment
at
man
at
the
is
and
Martin,
Dean
democratic
when
countries
citizens
will
economy
even the
normally found
in
of its
all
of
are
enjoy
heretofore
shows
long remain free while
socialism
status of countries in which
freedom
of world
more
disposition which, whether we
know it or
not, leads inevitably to a socialistic state.
The best answer to the world challenge of
least, lay claim to the
citizens
shall hear
willingness, to increase itself at the
expense of our liberties, our properties and
our
very lives.
The best defense of America
is to root out of our hearts and minds the
longer, for
no
we
democracies
Government
leading democracies of the
world
of the
Chamberlain
they speak in the language
of national
such
termed
be
theme
utterances of
get something for nothing out of government.
anything and
might
and
number
everything they could
which
which
central
the
of it; but
arms
and munitions in our hands will avail
little if our hearts are open to the very sub¬
versive
practices to which our ports are
closed.
The history of the failures of pre¬
present crisis was to banish
almost
of Ger¬
constituted
quest on the part
many
...
defense,
steps
in
aggression and con¬
and Daladier.
We hear much about the matter
taken both in Great Brit¬
ain
was
talk in such terms as
anism.
or
organization.
One
significant is that
What is
it
guard ourselves against practices which
planned economy, the extension
government and in the end to totalitari¬
of
eco¬
or
and consequently
ments,
lead toward
been interested in than in
any
nothing was heard of it.
Car-
minds.
own
our
in
and
interested in what aggres¬
sive
in
This
of the recent official state¬
lyle once suggested that the charlatanism of
propaganda would be ineffective except for
the
charlatanism
which
already exists in
men's minds.
We must be able to recognize
Germany
much
are
tendencies
subtler
greatly
discussion
under
guard
on
possibly
or
—
subject, however, was not
.
.
to
conflict of arms
a
weaken both of them.
the
to
to
which* would
when it em¬
ploys open military methods.
We Americans
must
especially be on guard against the
no
guileless,
both Russia and
to
look
to
gressiveness
even
special privileges
of all
kinds.
Now, the general public demands
the democratization of subsidies, with the
even
man,
the
that
doubt
at
interests
thus tend
and
clash,
neutralize each other's ag¬
against revolutionary socialism
the
will
countries
two
due time lead them to
in
for
Government
the Baltic have
difficult for
made it
business
certain
march of events in Poland
and along
these
tration.
bargain with
a
part
hope that the
imperialistic ambitions of
present
our
substantial
in
due to the
It is custo¬
back.
come
equally
of
now
Russia, the fact is doubt¬
less
to lay the blame for this course
the door of
at
this country.
eagerness,
drive
to
never
can
recently devel¬
vigorous aggressiveness
Once we turn the
go.
more
oped but
of events
National Adminis¬
Obviously, the Administration has,
to say
the least, done nothing effective to
check this trend.
Whatever may be said of
the present Government, and much can and
should be said, this trend toward planned
economy and dictatorship goes deeper than
contemporary politics.
Something is hap¬
pening in the minds and the wills of the
American people.
There is a lowering of
the level of personal moral independence,
and this growing dependence on Government
affects people of all classes.
Ever since the
Civil "War there has been a disposition of
mary
The cool readiness, not to
say
we
corner
a
heard
now
liberty cannot
about
Britain,
Great
the
and the multi¬
plication of, bureaucracies increase at an
alarming rate.
We are rapidly approaching
a
planned economy even in America, and
planned economy is impossible without dic¬
tatorship in the end.
There is a point on
the road we are now traveling beyond which
but the
men
by them or at least
by
Concentration of authority
Europe
in this country,
as
in
of
Guard!
On
never
prominent in the
so
equal concern is not
felt
present impasse on
continent
been
If
have led
which
causes
that
of the nature of the cause
This conception
weeks.
or
cern has from the first been security against the
aggressiveness of Germany, and they made the fact
clear enough in their replies to the Fuehrer.
conflict of arms in Europe,
the root of the present
then
to fear that
should be
themselves from the danger
sooner
our
more
or
later
obviously
to
furnish
unless
vital interests
are
we
in
that
have
jeopardy
than foolish to inject ourselves
into the struggle to enable one or the other of the
Volume
The Commercial &
149
combatants to
Our
want.
necessary
obtain
hands
or
are
to preserve
to hold the territory
freed to
thus
do
2271
Financial Chronicle
We are confident that the pendulum will at one time or another begin its return
of this country.
they
what is
swing, and we shall once again
and to defend our own neu-
individually stand
forth ready and eager each to take upon his own
shoulders the responsibility of looking after himself
and his own. We are, however, painfully aware
that the current disposition to seek security and
even support from government which can never
supply them has now reached a point where it has
done and is doing untold injury both spiritually and
materially.
It has resulted in prohibitive tariffs
country that the only danger to which it could be
and other restrictions upon imports, a subsidized
exposed must come from abroad.
Somehow the agriculture, a spoon-fed shipping industry, a deimpression got abroad during the World War that
pendent air transport system, a thoroughly spoiled
should the Central Powers emerge victorious, we
labor population, an army of "reliefers" apparently
should either be reduced to slavery, or its equivalent,
willing to permit the Government to support them
or
be obliged to give up democracy in order to
from this time forward, and much more of the same
maintain our independent status as a nation.
Presi- order. Continued a great deal longer, it will bring
dent Wilson, who certainly was not wholly free of
us face to face with national bankruptcy, and of
ideas
foreign to earlier American traditions of
course, a much lower plane of living. It has already
democracy, conceived the notion that in our own
cost us much in terms of liberty.
interest we were obliged to take up arms to make
Yet so engrossed have the people of this country
the world safe for democracy.
Otherwise, so it
become in what is happening in Europe, and with
was
apparently supposed, democracy would disthe possible repercussions here, that they appear to
appear from the earth.
have little time or attention left for the tremendous
Danger from Within
and urgent task of setting our own house in order,
It is to be hoped that we have now passed that
or even for a full recognition, which until recently
stage of naivete, but there is another aspect of
appeared to be gradually taking form, of the need
the question of defending our democracy which
of it. Indeed the air in the National Capital is
seems to be even less widely understood and apprereported to be filled with discussion of the alleged
ciated than was the case two decades ago.
The need of further restrictive measures by reason of the
danger, and the only danger that has threatened
outbreak of war in Europe and of our relations
our
democracy in recent times, is from within,
thereto. Forward-looking leaders in the business
Its origin is doubtless to be traced in part to the
community have been repeatedly telling the public
immigration during the 19th and early 20th centuries
that anything in the nature of recovery, not to say
of large numbers of people from Europe with "ideboom, resulting from the war should be viewed as
ologies" quite at variance in many respects from
heaven-sent opportunity to rid the National Governthat of the earlier settlers of this country.
The ment, and the local governments, of some of the
growth of world intercommunications has also made
crushing load of "relief" that they have been carrying.
it much easier for ideas to spread from country to
Whether they have made any material impression
country and from continent to continent.
Probably upon the people at large remains to be seen. Such a
the passing of the so-called frontier with almost
situation should patently also be used to remove
limitless land lying beyond awaiting settlement has
from the statute book as much as possible of the
had its influence, too, but whatever the cause or
mass of special legislation which has been placed
causes, we have strayed far from our beaten path
there in Yet where is the the name of economic emerrecent years in determination so to proceed r
i
gency.
many directions through the years, particularly
&
47
Next Year's Pro ram
order.
Lacking any opportunity to save democracy
abroad, and therefore any responsibility, we can
give our undivided attention to saving it at home. ,
Many of us for too long have easily assumed that
liberty, real liberty, both economic and social,
along with its accompaniment of self-dependence
and initiative had taken such deep root in this
trality, and to set our own house in
'
i
i
..
m
since
1933.
,
Our
democracy
our
foundations of continued
progress in industry and trade are today more
seriously threatened from this quarter than they
ever
are likely to be from without, within the life
span of any man now living.
As every realistic
student of history well knows, our record has always
been marred here and there by groups who persisted
nomic
system, and the very
hands of government.
We have had our land-grabbers, our industrialists
constantly seeking more and more protection
our
pleaders for subsidies, and the like. The blight has
possibly for a half century been slowly spreading
and gaining firmer foothold but it remained for the
World War and particularly for the advent of The
depression with its aftermath of the New Deal to
carry all this to the point where it sometimes seems
that we as a people have lost our tooth for liberty,
self-reliance and the effort if not the results of
in
seeking special favors at the
vigorous personal initiative.
A
Passing but
Costly Phase
believe that any such
deep-going, abiding change has come over the spirit
For
our
part, we refuse to
proposed changes in our neu-
The debate on the
1
liberty, our traditional eco-
]aw
t
,g
obyiousl
^
for
of the
l
islation,
meagure
nQw
however;
wj
of
and it
undertaken in
be
It
time.
Quite
time will be left before the
carefu]]y considered program
rcquire
insufficient
robabl
of
gJow length along_
dr
much
well be that none will
may
any
more
event after
Congress
before
begin
disposal of the
A regular session
the turn
fiscal year ending
be presented! considered
immediately after
A budget for the
^
m
and enacted
must then
Many Qther matters of
tance await
of j
stematic preparation
momentous scssion
and programg
the first order
attention. Yet if there has been
for what ought to be a
of Congress, unless the various
formulated by the little coterie
President has sur-
dreamers with whom the
•7
■
,
,
...
rounded himself be termed preparation, the public
has heard nothing of it. We are devoting too much
time to what is taking place in Europe and too little
which await us at home.
Opponents of the President, or some of them,
have for a long time been whispering fears that the
to tasks
2272
The Commercial & Financial Chronicle
Administration
to
itself
save
the failure of its
program
might
politically in face of
during the past six
become involved in the
cause us to
war
years
across
the Atlantic.
We should be slow to believe such
thing of
man
any
or
What
government.
any
a
is
really to be feared is that the Administration, always
lusting for more authority, will make use of the
disturbed world situation to extend rather than to
reduce
the
of
maze
and
restrictions
interferences
eral
Reserve notes
advance
an
of
member
government
to those who have
of
in
war
Europe
stimulating
had got
under
affairs at
the
hold of
undertaken them.
appears to
strictly
The outbreak
be retarding rather than
toward
way
a saner
Washington.
all
those
economic
planners who have
already cost the country
so heavily.
Here, apart
becoming embroiled, is the
greatest hazard facing our democracy.
from
the
danger
of
in
were
the week ended last
Wednesday night, according to the official banking
statistics, but again
of
lowering the total
Treasury securities.
war
the
direction
proper
holdings of United
The
holdings by the incidents
pean
in
were
bulge occasioned in
slowly is being whittled down.
holdings, but it
that the
when
now
reasonable
seems
holdings of bonds
the
at the start of the Euro¬
As yet
Treasury
to
were
opportunity offers.
under review the total
In
the
statement
week
holdings fell $20,000,000
to
$2,764,896,000. The decline occurred entirely in
Treasury bills, which dropped to $203,457,000, while
unchanged levels
at
were
reported for Treasury bonds
$1,315,942,000 and
497,000.
Treasury notes
at
Open market holdings of bankers'
In
other respects
same
85.3% from 85.2%.
$1,245,bills fell
advances
the banking statistics disclose
tendency toward expansion of credit
THE official estimate of thebased
cotton
United
of
as
States this year,
1, places the crop at 11,928,000 bales,
452,000 bales less than held in prospect a month
earlier
and
516,000 bales
The
bales, and
forecasters, issued
ment's
market
bales, rather than
was
prepared for
from the
cast
however, in
news
in the
one
more than
as
Treasury de¬
eral Reserve
banks, but
$65,592,000.
somewhat different fore¬
a
temporary rise in prices.
a
in other markets.
The expected per acre
yield this year is placed at
pounds, just under the 235.8 pounds produced
in 1938, which was the second
largest on record,
and compares with a
10-year average of only 190.8
235.7
pounds.
Condition of the crop
reported
as
68% of normal,
and
year
an average
of cotton
by
the
are
rather
obscure, influenced
being
a
which raised that
reserves
of
the
at
if
banks
$40,000,000
over
Excess
legal
require¬
to still another record
$5,400,000,000.
persistent
There is, however,
only a modest
demand for credit
accommodation.
The condition statement of
the New York
City
porting member banks reflects an advance
000,000 in business loans for the statement
$1,665,000,000.
of
re¬
$10,-
week to
Loans to brokers
on
security col¬
$1,000,000 to $411,000,000.
The increase of
$29,498,000 in the gold certificate
holdings of the regional banks raised that account
lateral fell
to
$14,725,715,000,
creased
a
record.
somewhat, and total
moved up
But
other
cash
de¬
reserves of the 12
banks
only $19,521,000 to $15,049,896,000.
Fed¬
Last year,
less
than
totaled
are
of
than
they
season
to date
are
last
also greater than 1937.
however, consumption and exports
production, and the commercial
15,152,031
are
sub¬
be noted that domes¬
10,463,133 bales; the record
bales.
on
world
July 1, 1939,
It
imagination to conceive of
in this
last
In the
can
as
export
war,
substantially higher than the
of American cotton
over
years.
running somewhat ahead of
period in 1938, and
figure to $7,346,000,000.
member
ments moved
up
tic consumption is
same
balances, the only offset of importance
rise of $37,000,000 in
currency circulation,
was
for the statistical position
unpredictable effects
^Fed¬
member bank
of Oct. 1
an
of but 61% for the 10
nevertheless found its
gen¬
by
as
exceptionally high
percentage for the date, comparing with 66% last
and exports
The funds rapidly were
syphoned into
a
Hence the
be the dominating influence
year,
eral account balance with
the institutions lower
increase of half
an
reduction.
a
rendered, which did not result,
appears to
cotton,
nearly
11,944,340
The predictions of private
figure, contemplated
million
months
crop
few days before the Govern¬
a
(since Aug. 1), however, it
The
two
a
with the 10-year average, 1928-
compares
1937, of 13,800,000 bales.
sidies and domestic controls.
$16,973,000,000.
than
more
present forecast is for
of the
further record at
crop in the
conditions
on
Oct.
resources
long in evidence.
Monetary gold stocks
country moved up another $15,000,000 to a
reserve
were
The present
prospects
posited $29,498,000 gold certificates with the
The
Discounts by
Government Cotton Report
$50,000 to $498,000.
only the
decline in other
a
$50,000 at $10,328,000.
up
suppose
and notes will be reduced
the
$38,000 lower at $11,803,000, while commitments to make such advances
War
this process is confined to the
short-term
bill
States
by
of
drop in foreign bank balances by
a
identical in size with the 1938 harvest of
FEDERAL RESERVE BANK open market opera¬
continued
tions
decrease
a
regional banks receded $235,000 to $6,514,000.
Industrial
before.
Federal Reserve Bank Statement
balances
reserve
deposits by $12,003,000 to $297,400,000.
management of
It may yet strengthen
bank
$21,930,000 to $444,207,000, and
it should the trend which apparently
as
our
should leave
advanced
Treasury general account balance by $65,592,000 to
$403,535,000;
ihe
good
circulation
$67,492,000 to $11,739,156,000;
control, direct, and manage many of those activities
any
actual
1939
298,000, with the account variations consisting of
ratio increased to
which
in
14,
$25,679,000 to $4,757,812,000.
Total deposits with
the regional institutions fell
$32,033,000 to $12,884,-
with the private affairs of the citizens of the
country,
and to proceed further with the effort to
regulate,
Oct.
a
requires
were
crop
carry¬
was no less
considerable
substantial reduction
figure by next July with
a crop in
year's commercial crop in prospect.
excess
of
Government Crop Report
THE cornreport ofin the conditions of Agricul¬
figures
Department
1,
ture's
crop
as
of Oct.
contained surprises for those who had
based their
calculations of this year's production
age
of private estimators available
a
fore the Government's
report was issued
and for those who had relied
ures as
the
on
few
aver¬
days be¬
(Oct. 10),
the carryover
fig¬
1, estimated in the Sept. 13 announce¬
Secretary Wallace that no marketing quo¬
on
of Oct.
ment of
tas would be called for this
year.
The official report
Volume
The Commercial & Financial Chronicle
149
production at 2,532,417,000 bushels, an
estimated
9,325,000 bushels since Sept. 1, and 55,-
increase of
000,000 bushels greater
than the average of private
of
estimators.
Stocks of the old crop on farms as
Oct.
estimated by the Department at
1
were
546,-
052,000 bushels, about 24% of last years crop, which
when added to the visible supply elsewhere of 14,-
272,000 bushels as of Sept. 30, provide a carryover
560,324,000 bushels, in contrast with Secretary
earlier estimate of 470,000,000 bushels,
of
Wallace's
A
the carryover was 364,512,000 bushels
record up until then. The
ago
year
which
the highest on
was
(1928-37) average farm stocks on Oct. 1,
ten-year
167,-
representing the bulk of the carryover, was
178,000 bushels.
supplies of corn now in prospect, therefore,
Total
with 2,-
aggregate 3,092,741,000 bushels compared
906,750,060 bushels a year ago, and a ten year aver-
farms
on
a
However
stocks
of less than 2,500,000,000 bushels.
age
report notes that about half the
the official
Oct. 1 last was sealed corn on
on
which
Government loan has been made.
Presumably marketing quotas would have been
called for this year
had Mr. Wallace known how
large the carryover really was a
It is now too late for him
this year.
bushels for
take this action however,
to
month ago for he
"marketing quota level" at 3,036,060,000
the
fixed
Sept. 15 having been
the deadline.
of total wheat production this
The latest estimate
is slightly greater than that of a month ago.
Winter wheat remains unchanged from Sept. 1 as
year
usual, at 550,710,000 bushels while the
forecast has been
spring crop
adjusted slightly upward to 188,-
month.
of 739,445,000
735,000 bushels from 185,405,000 bushels last
Prospects are therefore for a crop
compared with 930,801,000 bushels last year
bushels
and
a
yield
Geographically failures did not follow a uniform
a
the ten year average.
serve
of wheat as of July 1 last amounted
254,000,000 bushels, so that total supply of this
993,less than
a
year ago.
The Department of Agriculture forecasts this year's domestic disappearance at about
695,000,000 bushels leaving just under 300,000,000
commodity for this year is evidently about
405,000 bushels, about 100,000,000 bushels
have
which
World
however
last
be exported;
can
exports however
averaged only 70,000,000 bushels a year in the
ten years
1928-1937.
supplies for the year beginning July 1 last
have
year;
not dropped
from the peak level of
instead they have risen to a new high,
recently estimated at 5,464,000,000
and China
bushels (Russia
excluded), 275,000,000 bushels above last
Domestic supplies of wheat are about the
year.
same as
in 1914,
but world supplies are now vastly
greater than then, when they
amounted to about
3,500,000,000 bushels, two billion under the present
Another difference in the current
figure.
is
that
Also in
small whereas
home,
their stocks were only aver-
1914 the Canadian crop was very
this year it is expected to reach 449,-
058,000 bushels, none
at
situation
importing countries now hold very large
stocks, whereas in 1914
age.
volved $347,000.
course; compared with August there were increases
in the Philadelphia and Minneapolis Federal Re-
same as
bushels
construction line 45 firms failed for $927,000, while
for $782,000. The
wholesale division had 84 failures with $1,102,000
liabilities, compared with 72 involving $1,535,000 in
September, 1938. The 34 commercial service insolvencies involved $498,000, while the 33 last year in-
last year in September 49 failed
of the total crop is placed at 13.4
tenth bushel higher than last year and
of 752,952,000 bushels.
acre
per
The carryover
to
Business Failures in[September
TV Jl ERCANTILE insolvencies pursued their usual
iVl seasonal trend in September, dropping substantially from August to the lowest level of tlie
year so far. The records of Dun & Bradstreet show
September to be the mildest month of 'the year, so
far as business storms are concerned, for in 16 of
the past 18 years September has had fewer failures
than any other month. Last month's bankruptcies
numbered only 758 and involved $9,402,000 liabilities, compared with 859 involving $11,259,000 in
August.
Every month this year has compared
favorably with the corresponding month of 1938,
and September compared about as favorably in this
respect as any of the earlier months, dropping about
12% from the 866 disasters chalked up in September last year; in that month liabilities totaled
$14,341,000.
The different commercial groups into which Dun
& Bradstreet separate their figures did not all compare so favorably with a year ago, however; the
wholesale group had an increase of 16% in number
of bankruptcies and the small commercial service
division rose to 34 failures from 33 in September,
1938. The best report was that of the manufacturing section, which had only 133 failures involving
$3,175,000 as compared with 184 involving $5,227,000
last year. Next was the retail trade group.with 462
insolvencies and $3,700,000 liabilities, compared
with 528 involving $6,450,000 a year ago. In the
The
ten year average
bushels,
the
2273
of which is likely to be needed
since the carryover is equal
domestic requirements.
/
to average
Districts and, compared with September,
1938,
there were increases in the New York, Minneapolis,
Kansas City and Dallas Districts. Of the districts
which compared favorably with September, 1938,
most marked reductions in failures were in the
Cleveland, Philadelphia, Atlanta and Richmond
districts.
The New York Stock Market
QMALL price movements were recorded this week
on the New York stock market, and trading
also was light, owing entirely to the uncertainties
of European peace or war. The dealings throughout were cautious and even lackadaisical, as interpretations of the European scene were too mixed
to occasion confidence either than the great conflict
will continue or that peace will be achieved. The
realization seemed to spread, moreover, that orders
from the European Allies for American war and
other materials may not develop in quantity for a
long time to come, regardless of the immediate decisions of the European combatants as to the war.
Added to this situation was a holiday atmosphere,
occasioned by the closing of the New York markets
on Thursday, in observance of Columbus Day. To
a large degree the securities markets drifted idly
in the most modest trading since the European war
began early last month. In two of the full sessions
turnover on the New York Stock Exchange was only
2274
little
a
the
over
approximated.
general at
Financial Chronicle
500,000-share mark, while in the
other two full sessions the
week.
The Commercial &
i
1,000,000-share level
Leading stocks
States
Where
changes occurred, they
in the direction of
Confidence and
tended
slightly lower quotations.
before
mixed in almost
nervousness were
by
closing time
and
normally might have brought about advances
quotations. It was generally realized, how¬
still upward
was
in stock
that advance buying in anticipation of
ever,
orders and
the
gain in American business.
seemed to
of
higher price levels occasioned
the
the
hinge
peace
on
Everything thus
problem, and all reports
war
maneuvers
of
by Chancellor Hitler
and
replies by Premier Daladier and Prime Minister
Chamberlain
Conclusions
scanned
were
were
and investors
ers
the
war
much
with
difficult to
the greatest
care.
draw, and most trad¬
simply remained
on
the sidelines
land would
German Government
anxiously desires
peace on the
ties
by
a
slowly improved, with the advance stimulated
Treasury announcement that new money bor¬
the
time
being through
offerings of $50,000,000 discount bills, weekly, over
and
above
the
$100,000,000 weekly maturities.
High-grade corporate bonds also were in quiet de¬
mand.
Speculative railroad
close to previous levels.
tion
movements
were
and other issues held
In
the
small,
foreign dollar
contrasted
as
larger swings of previous weeks of
The commodity markets
sessions of the
war.
corded
/
the
to
in
the
most
maintained at the advances occasioned
by the
ticipatory
war
exchanges
were
buying of recent weeks.
war
The
on
the
might last indefinitely.
buy and sell
an¬
foreign
quiet and dull until yesterday, when
sterling fell in the "free" markets
that the
sec¬
week, with fairly sharp advances re¬
Tuesday in grains.
Base metals were
on
impression
The British
rates for approved transactions
were
maintained.
On
the
trend
a
was
group
new
touched
new
York
stocks
low
levels.
touched
On
touched
new
the New York Stock
at
Exchange
high levels for the
Exchange 23 stocks
10
Stock
low
year
21
stocks
while 6 stocks
the New
new
York Curb
Call
loans
on
Exchange remained unchanged
1%.
On
New York
Stock
Exchange the sales
half-day session on Saturday last
shares; on Monday, 618,012 shares;
953,500 shares;
at
on
were
585,770
Tuesday,
Wednesday, 627,690 shares, and
on
Friday, 735,290 shares.
On
the
Saturday
117,365
New York
last
were
shares;
on
Curb
Exchange the
87,190
Tuesday,
shares;
136,710
Wednesday, 128,880 shares, and
shares.
Listless
trading
lower prices with
to two
The initial
continued up
to the closing hour, when
trading.
Tuesday
on
was
Auto shares
A firm and higher
extended until the
juncture armament shares
three
points.
a
as
noon
were
At
forced upward
At the close of the Premier's speech,
lacked
the
forcefulness brokers
pated, reaction brought
market leaders and
on
had
antici¬
by profit-taking cut into
they ended the session around
The stock market
merely marked time
on
Wednes¬
day, preparatory to the Columbus Day holiday on
Thursday, the day chosen by Prime Minister Cham¬
berlain to deliver his address
dealing with the
proposals of Chancellor Hitler.
sition
of
peace
The improved po¬
domestic
industry was relegated to the
background and prime consideration was given to
events
transpiring in Europe.
stock
movements
firm, equities operated within
ended the session
Hesitation featured
throughout,
and
a
after
narrow
opening
range
and
irregularly higher.
Yesterday dulness and irregularity again handi¬
capped trading, and fractional recessions followed
modest
gains made earlier in the day.
As compared with the
closing on Friday of last
week, final prices yesterday show mixed changes.
General
40%
on
Electric
closed
yesterday at 40% against
Friday of last week; Consolidated Edison
Co. of N. Y. at 30% against
Electric at
at
30%; Columbia Gas &
7% against 7%; Public Service of N. J.
38% against 38%; International Harvester
against
63%;
Sears, Roebuck & Co.
at
at
78%
against 78%; Montgomery Ward & Co. at 54 against
54; Woolworth at 39% against 39, and American
Tel. & Tel. at
163% against 162.
Western Union closed
yesterday at 32% against
Friday of last week; Allied Chemical & Dye
185% against 184; E. I. du Pont de Nemours at
32%
at
on
180
the
the
on
clarification of the issue.
hour, when Premier Daladier began his address.
high levels and
levels.
reject the
or
alternative but to take to the side lines
a
exhibited the best tone.
opening
65
New
touched
deliberation accept
touch of firmness colored
European
firm
were
proposals for
to whether France and Eng¬
as
opening levels.
same
general influ¬
operative. United States Treasury securi¬
rowing will be done for
after
proffered
over
period found quotations irregularly lower, and this
In the.listed bond market the
ences were
Doubt
no
and await
which
basis of Ilerr Hitler's latest
conquest.
Europe
important question, leaving the trading frater¬
an
nity with
ments from
a
However,
hardening of prices set in
proposals of Chancellor Hitler still remained
peace
this
only
in
world peace.
pending clarification of the supremely important
question of war or peace. Even the bellicose state¬
Berlin, yesterday, stirred the markets
little, for it is altogether obvious that the
point of the day.
a
due to the complicated
situation
industry in the United States
at¬
was
Monday found the stock
to the
and
The
appearance.
market leaders.
trend
The trend of trade
firm
irregularly lower,
among
equal proportions throughout the week, with respect
European developments.
1939
further loss of ground which placed
a
values at their lowest
mostly
were
on a
passing of the first half of the third hour
close to the levels established late last
or
14,
Steel, equities veered lower most of the first
hour, but gradually took
was
maintained in
were
Oct.
points.
on
on
sales
on
Monday,
shares;
on
Friday, 142,715
on Saturday last
brought about
closing levels altered by fractions
Following the leadership of United
against 176%; National Cash Register at 16
against 15%; National Dairy Products at 16 against
16; National Biscuit at 22% against 22%; Texas
Gulf
Sulphur at 35% against 36%; Continental Can
at 47
against 48%; Eastman Kodak at 154 against
152%; Standard Brands at 6 against 6; Westinghouse Elec. &
at
Mfg. at 117% against 117%; Lorillard
22% against
against 14%;
21%;
Canada
Dry
Schenley Distillers
at
at
14%
bid
12% against
12%, and National Distillers at 23% against 23%.
In the rubber
group, Goodyear Tire & Rubber
closed
yesterday at 27% against 28 on Friday of
week; B. F. Goodrich at 21% against 22%, and
United States Rubber at
41% against 42%.
last
•
Volume
The Commercial &
149
Changes among the railroad shares were of a frac¬
tional nature the
Topeka
Atchison
week;
&
Santa Fe at 31
against 31%; New York Central at 20%
against
20%; Union Pacific at 101% against 101%; South¬
Pacific
ern
17% against 17; Southern Railway
at
19% against 19%, and Northern Pacific at 11
at
against 11%.
part closed slightly
States Steel closed yesterday at
United
75% against 75% on Friday of last week; Crucible
48% against 48%; Bethlehem Steel at 89%
Steel at
against 88%, and Youngstown Sheet & Tube at 52%
against 51%.
Auburn Auto closed yesterday
In the motor group,
3% against 3%
Friday of last week; General
on
54% against 54; Chrysler at 90% against
Motors at
92; Packard at 4 against 4, and Hupp Motors at 1
against 1.
centers, notwithstanding the increasing
that peace
efforts
found
hostilities.
gains
were
shutting
the London
ported
on
the
last
stocks,
copper
Copper
Anaconda
American
week;
Smelting & Refining at 55
against 54%, and Phelps Dodge at 43 against 43%.
Trade and industrial
reports reflect a continued
upswing in American business, chiefly on the basis
buying in anticipation of possible war
of advance
Steel
levels.
were
70.2%
a
month ago, and 51.4% at this time last
stitute
at
2,465,230,000 kwh., against 2,469,689,000
preceding week and 2,154,449,000 kwh.
kwh. in the
in the
Car load¬
corresponding week of last year.
ings of revenue freight for the week to
Oct. 7, as
reported by the Association of American Railroads,
totaled
54
of
834,694
cars,
cars, a
gain over the previous week
and over the similar week of 1938 of
cars.
course
of the commodity mar¬
kets, the December option
for wheat in Chicago
As
indicating the
closed
yesterday at 83%c. against 82%c. the close
Friday of last week.
closed
yesterday at 50c. against 50%c. the close on
Friday of last week.
closed
on
December corn at Chicago
December oats at Chicago
yesterday at 33%c. against 32%c. the close
spot price for cotton here in
New York closed
yesterday at 9.17c. against 9.17c. the close on
day of last week.
close on Friday
Domestic copper closed yesterday at
12%c. against 12%c. the close on Friday
week.
In
Fri¬
The spot price for rubber yester¬
day was 20.10c. against 19.60c. the
of last week.
London
the price
of last
of bar silver closed
against 22%
pence per ounce the close on Friday of last week,
and spot silver in New York closed yesterday at
37%c. against 35%c. the close on Friday of last
yesterday at 23% pence per ounce
week.
In the matter of
fers
on
London
foreign exchanges, cable trans¬
closed yesterday
at ?3.97 against
$4.02% the close on Friday of last week,
a
and cable
British
yesterday, while efforts
pause
the effects of Prime Minister
speech in the House of Commons,
previous day, and the German threat of un¬
restricted warfare.
On the Paris Bourse a series
late the
quiet but firm sessions was noted during the first
week, with the trend uncertain there¬
after because of the confused international situa¬
of
half of the
dipped in the initial ses¬
The German market
tion.
week, owing to selling in
anticipation of
tax, which
50% increase of the Reich income
went into effect
Tuesday.
The trend thereafter was
for the week of
steady to firm, with net changes
little consequence.
Neutrality Problems
DEBATE continued to rage this week, attitude
out of Congress, regarding the both in
and
to
assumed
be
States toward the
by the United
encouraging
heartening in
The tendency of the Roosevelt Administra¬
meddle in European affairs probably offers
European conflict, with results that are
in
some
others.
tion to
respects but not especially
the country.
illustration on Thursday
in representations at Moscow in behalf of Finland,
but fortunately the temptation to ally the United
greatest dangers of these times to
That
tendency found its
other countries
States with
this
tions
on
cert with
resisted, even in
was
were
indica¬
Wednesday that Finland, acting
in con¬
humanitarian
endeavor.
There
Sweden and Norway, had
United States Government
Friday of last week.
The
was
Chamberlain's
the
132,078
on
There
Oct. 7
ended
market.
commodity shares were in quiet de¬
made to gauge
Production of electric power for the week
was reported by Edison Electric In¬
year.
free trading in
the
the rest of the London
heartened
the
American Iron and Steel Insti¬
in
such securities
definitely above the minimum levels fixed late
operations for the week ending today
88.6% of capacity against 87.5% last week,
the gilt-
British Government issues finally moved
edged list.
sion of the
estimated by
tute at
prospects yesterday.
Stock Exchange was re¬
the largest scale since the European war
on
Europe and of higher general price
from
orders
on peace
started, with interest centered largely in
were
yesterday at 33% against 33% on Friday of
considerations,
maintained even when the doors
seemed to be
mand.
Among
Market sentiment early in the
London, Paris nad Berlin on such
and the
indications
futile and that the war soon
adjust the war without resort to unre¬
Price advances occurred at
to
strained
week; Shell Union Oil at 14% against 14%, and
24% against 24%.
2.24%c
week.
guided by the hope that some way will be
was
industrial and
closed
are
become "total."
may
yesterday at 47% against 47% on Friday of last
Atlantic Refining at
at
IMPROVEMENT the leading European financial
was the rule this week on stock
exchanges in
August, and
Among the oil stocks, Standard Oil of N. J. closed
yesterday
European Stock Markets
Trading
V
.•/
closed
Paris
on
against 2.28%c. the close on Friday of last
week
The steel stocks for the most
higher.
at
transfers
yesterday at 25% against 25% on Friday of
closed
last
Pennsylvania RE.
present week.
2275
Financial Chronicle
with
a
approached the
request for joint
prevent "immoderate" demands by Mr.
associates upon the small
moves
to
Stalin
and his Russian
northern
European country, for
which all Ameri¬
record in
meeting carefully and promptly
singular
all pay¬
ments on
intergovernmental debt account.
It was
cans
have
a
particular regard, owing ot its
made known
that
in Washington on
Ambassador Laurence A.
the following day
Steinhardt had ex¬
pressed to Moscow the "earnest hope" of the United
States Government that no action is contemplated
at the Kremlin
which would affect
injuriously the
peaceful relations between Russia and Finland.
These representations constituted an entirely inde¬
pendent action of the
it appears,
Washington Administration,
although the Seandinavin countries were
2276
The Commercial & Financial Chronicle
known to have similar
steps in view.
in which Mr. Roosevelt acted thus is
The
all
was
previous appeals in behalf of
in Europe.
the
on
proposals
As it
changes in the neutrality legis¬
lation, with all indications pointing to a realization
of the Administration aim to return to the
occurred
on
Tuesday, when
cash-and-carry and
A
a move
was
is
favor
Mr.
Roosevelt
suggested.
On
addressed
a
approximately to the extent
York, Monday, and
the efforts of the Administration
neutral
status of the
country.
will
success
that
to
maintain
There
ping
an
admirable aloofness to the
indicated
on
European
Tuesday, quite properly, that he has
taking an extra-diplomatic lead for
intention of
no
the
restoration
hinted
ler
of peace in
Europe, along lines
by German spokesmen after Chancellor Hit¬
made
his
fortunately,
spread
submarine
activities
ship had been
being quite
nouncement
been
of
some
the
alarmist
order
the
to
shores.
is
an¬
were
less
The
substance
been
no
interference
Even the
said
ship Iro-
would
sentiment
on
of
important that
be
sunk
against
European
war
man
between the Anglo-French Allies
Front and made the terrain
a
sea
of mud.
There
occasional
inspired reports from both sides of
an
impending Nazi onslaught, but the cool analyses
of
military experts suggest that large-scale offen¬
sives are
unlikely iioav until next Spring, if they
develop at all in
German
this
reserve
strangest of all modern
troops,
which
originally
manned
the Limes
line, apparently have been
placed by the regular forces released from their
in Poland.
sortees
The
new
German contingents conducted
press
dispatches
are
guide, made the French apprehensive of
offensive by the Reich forces.
No such
a
It
were
The
sea.
convoy
erations
were
shadowed
vessels
by
modest,
aerial
when
however,
of
was
squadrons
the
North
again
and
Sea
given
of Nazi
a
bombers
British patrol fleet.
upon a
on
the
Even these op¬
were
over¬
The German idea of breaking the
blockade
attacks
England.
few sinkings of Dutch and Finnish
a
by mines.
British
Ger¬
directed mainly against
ships, which might be carrying goods
Reich contraband list to
by
means
trial,
of
Monday,
down
swooped
The Germans claimed
damages to the British warships,
was
but
the
damaged
sufficiently to make forced landings on Danish ter¬
ritory necessary. Norwegian observers on a nearby
fishing smack insisted, Thursday, that neither side
suffered any
aerial
damage whatever.
"dogfights"
not and Limes
to be
on
weeks
of
the
There
fortifications, but
scale
as
few
a
even
these seemed
compared with earlier
British
war.
were
the lines between the Magi¬
over
reduced
a
these
airplanes soared
over
pictures, this feat being
circumstances interest centered
the British and
on
peace
smaller
neighbors and to the fighting Powers. Italy
strictly neutral and continued day after
remained
day to press, through its controlled newspapers, for
a
peace
the basis
on
Poland and
the
German
conquest
of
splitting of that country between
Germany and Russia. The Russian press also in¬
sisted that peace
there is
ties
some
ought
now
to be reestablished, but
question whether the Moscow authori¬
had their
tongues in their cheeks.
practice, Moscow is
now
steering
tween Germans and the Allies.
que announced last
a
In
actual
straight line be¬
A Soviet communi¬
Sunday that Germany and Rus¬
sia have agreed to realize their
program of economic
The
indicated from Lon¬
of
the
general
oc¬
chiefly
replies to the plea for
last week by Chancellor
Hitler, and
developing attitude of Soviet Russia to its
a
also contented them¬
French
made
the
on
collaboration "at
don, Wednesday, that the British authorities
safely
had transferred to French soil
158,000 troops, which
of the
during the first World War.
apparently
reliable
policy of watchful waiting behind the
powerful Maginot line.
was
a
fighting
curred, however, and the Allies
selves with
re¬
duty
and, if Paris
way
campaign against British ship¬
largely ineffectual, owing to the
it
as
nentral
In
Reich, but the war of propaganda
waged with increasing fierceness,
perhaps for
that very reason.
Heavy rains fell on the Western
ever
say
the British contraband list reached
on
reported at great length from London.
Propaganda
and the German
wars.
goods
efforts
was
were
The British blockade of German ports
the German lines and took
Wednesday.
any military developments the conse¬
of West¬
were reported this week in
quence
ern
There
less
influence American
HARDLY
sensational
that such vessels had
Reich, reached port safely
War of
Western
severe
quis, which German officials
in
of
war
active than the land
London Government scoffed at the
reports and in¬
sisted that a few of the bombers were
waters.
our
the
Florida, this declar¬
day that foreign submarines
our
statements
shipping in
our
alien
an
air
more
his
simple fact that there had
with
near
the
little
off
and Alaska.
official reports
every
these
to
and it
men,
to
seen
weeks ago
cruising off
vessels
Saturday that
similar
sighted off Maine
were
Un¬
week.
determined
seems
foreign
He announced last
undersea
ation
Roosevelt
gospel of uncertainty and anxiety about the
a
shores.
Reichstag speech pf last
Mr.
1,400,000
completely effective, and it is safe to
was
much
He
pressures.
Nazi forces
system which again has been placed in
operation,
re¬
spects, indeed, in which the President displays
no
in
a
Germany during the week by
the
are some
only
German submarine
crown
mud, precisely
higly motorized.
so
estimated at
and
sea
operations.
roundly applauded when
was
con¬
conse¬
be bogged
appear to
in the autumn
ever
are
are
was
remained
gathering of foreign traders in New
he expressed the conviction that
they
the
Europe
Secretary of State Cordell Hull
auspicious something of
probable that Allied strength is superior.
de¬
feated, 65 to 26, indicating that the final vote will
thus
than
more
in the West
to separate the
more
equipment
forces, and if weather
might develop, by accident if not by design.
because
ordinary
embargo provisions
arms
were
mechanical
is, the opposing forces
down
preliminary test
Much
moves.
transferred with the
quence
of the President for
precepts of international law.
German
ditions
.
Congress continued its debate
1939
had
able, but his demarche is hardly likely to be less
moves
14,
taken their places
alongside their French com¬
rades, prepared to defend the Allies against any and
manner
unexception¬
futile than the many
pacific
Oct.
rapid pace and on a large scale."
statement, given out at the conclusion of con¬
a
versations with
a
that
to
Russia
is
Reich trade
delegation, indicated
begin supplying the Reich im¬
mediately with
to
On
many materials, while Germany is
reciprocate by filling orders for the U. S. S. R.
Wednesday, however,
nounced in
an
agreement
was
an¬
London whereunder British rubber and
Volume
The Commercial & Financial Chronicle
149
tin will be
supplied to Russia
Russian timber.
with the
the
consulted at
were
charged
are
in the
step, it
every
This readiness of the
both sides
Soviet
to
indi-
was
trade with
European conflict heartened the
Allies, who feared for
aid
who
duty of preventing supplies from reaching
Reich,
cated.
barter basis for
on a
British experts
time that active Russian
a
end
answers
given
were
the
for
maneuver
peace
sooner
and
rejected.
the
achieve
that
lasting
stated that
secured
extended
with the
on
until they
war
victory which alone will permit the
establishment in
and
go
Europe of
something
regime of real justice
a
The
peace.
British
Foreign
Office
is needed than the
more
un-
promises of Hitler to induce the Allies to
lay down the arms which they reluctantly took
Undeterred
such grim
by
up.
preliminary rejoinders,
Herr Hitler reiterated his peace
proposals at Ber-
lin, Tuesday, at the opening of the German drive
for winter
lor Hitler
relief.
war
It is
spurred
was
possible that Chancel-
by indications in all the
on
posing only
now are
a
few weeks
agitating for
patriots
ago as great
"peace of treason."
a
what
more
a some-
detailed reply for Great Britain, Thurs-
day, along much the
same
lines.
Speaking before
the broken promises of the German Chancellor after
more
that Hitler's overtures would be
must
He de-
fiery terms the French communists who
The immediate indica-
Premier Edouard Daladier reclared that
Allies
succeed
-
the House of Commons, Mr. Chamberlain sketched
toins, largely borne out in later and
were
later in carrying off victory."
or
nounced in
were
masters of
seas
the basis of Hitler's
on
rapid conquest of Poland.
discussions,
and that "those avIio hold the
sea
He pointed
are
Prime Minister Neville Chamberlain made
the last week-
over
by French and British spokesmen to the Ger-
man
France and, first of all, the Poles.
cerns
out that Great Britain and France
might be extended to Germany.
Tentative
2277
the Austrian,
Sudeten and
remarked that there
Czech
were no
conquests,
and
indications in the lat-
est statement by Herr Hitler of a changed attitude,
Herr Hitler's plea for
peace
is based
upon
recog-
nition of his conquests and the right to do what lie
pleases with the conquered, Mr. Chamberlain said,
"It would be impossible for Great Britain to accept
such basis without forfeiting her honor and
any
abandoning her claim that international disputes
should be settled by discussion and not by force,"
the Prime Minister added.
"It is
no
part of our
policy to exclude from her rightful place in Europe
a
Germany which will live in amity and confidence
with other nations.
that
no
effective
On the contrary,
remedy
can
be
we
found
believe
for the
great combatant countries of a deepseated desire
world's ills that does not take account of the just
for paece.
claims and needs of all countries, and whenever the
In Germany the false
Tuesday that
brief
rumor
spread
011
had been reestablished, and
peace
a
period of rejoicing and merrymaking followed,
time
may come
settlement,
to draw the lines of a new peace
his Majesty's Government would feel
only to be succeeded by a gloomy return to war
that the future would hold little hope unless such
duties.
a
drive
French
The
against
party of that country was revealed
due to peace
propaganda
on
this week
the part of the
on
a
the
to
as
group
mem-
war
011 war,
but simply in defense of freedom.
It is not
communist headquarters were
there is also in jeopardy the peaceful existence of
In Eng-
of "intellectuals" inquired persistently
real
It was not, there-
fore, with any vindictive purpose that we embarked
alone the freedom of small nations that is at stake;
reported, with several leaders in hiding.
land
as
settlement could be reached through the method
of negotiation and agreement.
the Chamber of Deputies,
bers, some of them in
Nation-wide raids
Communist
the
aims of
the regime headed
by
Great Britain, the Dominions, India, the rest of the
British Empire, France, and indeed all freedom-lovWhatever may be the issue of the
ing countries.
some
of them
present struggle, and in whatever way it may be
demanding either total war or total peace.
Among
brought to a conclusion, the world will not be the
Prime Minister Neville
Chamberlain,
the
British populace as
the
hope persisted that real war and its horrors
well,
some
reports stated,
official
French
Tuesday
the
"We are not aiming only at victory,"
he remarked, "but rather look beyond it to the lay-
ing of the foundation of a better international sys-
than Chancellor Hitler
tern which will mean that war is not to be the in-
promises of the German spokes-
evitable lot of every succeeding generation." Citing
the vague and uncertain proposals of the German
man,
Chancellor and the lack of any suggestions for right-
the basis of still another act
ing the wrongs done Poland and Czechoslovakia,
Mr. Chamberlain declared that the German Govern-
petitions for
peace on
conquest.
lowed
Skimming briefly
likely to accept.
various unfulfilled
over
Every German annexation was
the
fol-
by similar assurances that Berlin wanted
nothing
more,
understanding
loyal
"Certainly
he remarked.
wanted and still want
we
always
only sincere cooperation and
be
to
established
among
peoples," M. Daladier continued, "but we are determined not to submit to the dictates of violence.
taken up
arms
against aggression.
We
We will
lay them down only when we have certain guaran-
every
which should offend their self-respect, Mr. Chamber-
lain argued.
M. Daladier pointed out that the Reich now
seems
tees
and desires nothing from the German people
The statement was not uncompromising,
people.
have
war
radio address to the French
a
but it set far stiffer terms
of
on
reply to the German overtures for
in the form
peace,
delivered
Daladier
world that we have known before."
Great Britain seeks no material advantage from
the
could somehow be averted.
Premier
same
of
security which may not be put in doubt
six months."
assertion
that
the
In direct answer to the German
fate
Russia and the Reich,
of
Poland
concerns
only
M. Daladier said that it con-
ment alone stands in the way of peace.
Practical
wThich might restore world confidence
required, he indicated. From the German For-
assurances
are
eign Ministry the word went out late on Thursday
that Mr. Chamberlain's reply was considered entirely negative by the Reich leaders, and that the
war
is now on in earest.
Great Britain was warned
that she will be the mourner in the mad war "let
loose by her," which also was described by the Ger-
official radio as the "most foolish war in hisThere was no indication of what the German
spokesmen mean by "war in earnest."
man
tory."
The Commercial & Financial Chronicle
2278
Russian Menace
what
of
the
observer aptly called
one
spoils
of
"jackal's share"
a
Confining
war.
its
attentions
largely to the Baltic region, the Moscow Govern¬
extended its sway
ment
via and
the
Lithuania, but met
same
land.
rapidly
Mr.
Stalin
area,
but
and
more
Estonia, Lat¬
resistance when
attempted with respect to Fin¬
process was
The lack of any
Balkan States may
over
some
specific Russia demands
associates
with
likely results from
the
understand¬
some
ing between Germany and Russia for exploitation
tions
continued
were
the Turkish
Berlin
Moscow, and long
in
the
Russian
on
Of the Dardanelles to
conversa¬
Saracoglu.
the other hand, suggested that
concerned
were
mainly with the closing
belligerents.
Any such action,
present circumstances, plainly would be to the
interest
supply
of
the
Reich, which wants its route of
ships in the Black Sea.
in
Western
on
With respect to the
war
an arrangement in
a
Reich
being balanced
in
nouncement
the
London
on
of
Wednesday
by
barter agreement
a
for
'
plain that Russia, to date,, has been the only
gainer from the war being waged in Western
Europe, and it also is evident
that
the
Russian
opportunity results from the inability of Germany
to exercise its usual
offsetting influence to the Rus¬
sian
lor
The
menace.
Hitler,
that
means
Stalin is
Baltic
week,
in
a
the
steep
for
Soviet
German
one,
peoples.
that
desperate expedient of Chancel¬
asking
price
paid
Mr.
to
indeed, in the liberties of the
There
Herr
materials,
raw
additional
was
Hitler
gave
Mr.
proof, this
Stalin
a
to their
uanian
plebiscite.
Latvia,
hundreds
nationals
sian
hastily
products.
and
com¬
were
provide
payments
From Estonia and
thousands
of
German
repatriated before the Rus¬
troops marched into those countries.
region forcibly taken by Poland
soon
after
Whether this sop to Lith¬
significance depends, of course, upon
degree of autonomy that the small Baltic State
retain under Russia domination.
may
ing this further bloodless victory
After
countries, there remained for Comrade
gain¬
the Baltic
over
Stalin
as
an
immediate
problem only the reestablishment of hege¬
mony over
Finland,-which also
Finland
holds
gulf which bears its
Helsingfors
upon
It
came
last
the
was
part of Czarist
northern
shore
of
the
name, and a Russian demand
foregone conclusion.
was a
Saturday in the form of
an
"invita¬
tion" for conversations in
Moscow, this also having
Estonia, Latvia and Lith¬
uania
manner
were
in which
Some of
"invited" to become Russian
satrapies.
The
Finns, with their small population and large
area, found it necessary to comply with the Russian
request, but they showed spirited signs of
non-com-
pi iance with any demands that would place them
again under complete Russian domination. Mobil¬
ization of the
within
to have
this
few
a
was
ordered and completed
The Soviet regime
on
A Finnish
to
aid
the
diplomatic
resources
mobil¬
being
directed
the
to
United
Sweden, Norway and Denmark.
reports indicate that efforts also
list the aid of
But in
were
country in maintaining its inde¬
appeals
States and to
Wednesday and
on
the Kremlin.
a summons to
the meantime all
un¬
delegation, headed by Dr. Juho
Paasikivi, arrived in Moscow
calmly awaited
nish
reported
was
the border of Finland, but
overwhelming force left the small country
daunted.
K.
country
days.
700,000 troops
pendence,
industrial
Tuesday,
on
uania has any
the
materials at
Reich
concluded
were
the World War ended.
curious
of
Moscow negotiations with Lith¬
return, however, Russia returned to Lithuania
the Vilna
the
will
assure
along lines of "mutual assistance" which grant Rus¬
sia the right to maintain
troops on Lithuanian soil.
raw
in return for future
The Estonian
country.
Tuesday, despite efforts to
representatives
ized
once
on
people that internal policy still will be subject
pletely free hand in the Baltic region in return for
pact whereunder Russia
at the dis¬
been the
It is
real
to be stationed in each
Cabinet fell
an¬
exchange of Russian timber for British rubber
and tin.
the Baltic
on
are
posal of Moscow, and some 25,000 Red Army troops
are
Moscow
Sunday for rapid interchange of products with
the
satrapies of Rus¬
ports of those countries
war¬
Europe, Russia continued to take
strictly neutral attitude,
The
Russia.
the Danube unhindered by Allied
up
Sea.
In
capital with
Foreign Minister, Shukru
dispatches,
such talks
in
to
concern
Already, Estonia
sia, which thus gains important bases
coun¬
Turkey alone, to the southeast, seemed to be
of immediate
States, but all of Scandinavia.
and Latvia have been made virtual
on
Baltic
by the Reich of the southeastern European
tries.
1939
portentous, and they threaten not merely the Baltic
the
be due to the preoccupation of
his
14,
Russian gains in this encounter are immense and
WITH Western and Central continued to pick
battle, Russia this week Europe locked in
up
Oct.
were
Some
made to
en¬
Germany for the preservation of Fin¬
independence.
The Washington
Government
promptly made representations at Moscow through
the Germans had been settled in the
Baltic countries
Ambassador Laurence A.
for many
years,
that peaceful relations be maintained between Rus¬
settlers
sia and Finland.
goes
and the tradition of trade by such
back for generations.
Nevertheless,
Herr Hitler ordered them back
peremptorily to the
day,
was
Reich, which is the best possible indication that the
understanding between Berlin and Moscow is a
of
working agreement for the subjugation of certain
Aland
territories
of
Eastern
Europe and the incidental
This
Steinhardt, who requested
demarche, early
Sweden, Norway and Denmark.
demands
upon
Islands
Finland
in
the
are
said
blockade of the Reich.
for Russian control of the Islands
a
fair surmise that the
position to exploit the region.
ceived
a
promise of German
difficulties in
mined.
the
Far
East
Whether Russia
aid
in
remains
the
to
event
be
move
deter¬
concern
are
of
the
great
that
sea.
by Russia would be of vital interest
to Sweden and to the other Scandinavian
countries,
might be
a mere
stepping stone to extension of Moscow's influence
clear to the Atlantic.
Far East
re¬
of
The Russian
strategic importance for the control of
supply by Russia of materials which might enable
Germany to withstand the effects of the British
Balkan area, under this
agreement, falls to the in¬
fluence of
Germany, which at the moment is in no
to
Baltic, which
Any such
It is
Thurs¬
on
followed by similar pleas by the Ministers
ALAYAYS difficult moving lately toward the Far
to fathom, events in changes
East
i
which
have been
possibly will be quite
as
significant in the
Volume
long
run
Western
The Commercial &
149
decision to advance in
the Russian
as
Europe while Germany and the great de¬
mocracies
The Russo-Ger-
fight out a futile war.
which time it
tween Russia and
Mongolian
Japan
the Manchukuo-Outer
on
marked
border,
development which
a
councils for
will reverberate in Far Eastern
some
raised from 33^%.
was
to
It
come.
division of China into
domination.
tial
foreshadow
well
may
a
new
spheres of influence and par¬
Japanese
appeared
troops
in¬
clined in recent weeks to rest on the lines stretched
deep into the interior of China, possibly because the
diplomatic
the
over
again is
arm
exercising
some
control
Russia is reported
Japanese militarists.
in
Date
Rate
Argentina..
3X
Mar.
4
July
troops into the
6
Canada
2^
Chinese Province of
of
revival
the
stated
Anglo-Japanese accord and
is
France
that
urging
Chinese
the
Nationalist
Aug. 29 1939
2
4
Aug. 29 1935
4H
India
3
Nov. 28 1935
3X
7
Italy...—
4H
May 18 1936
Apr.
6 1936
3.65
.
3.29
Japan
6
July
18 1933
Java
3
Jan.
14 1937
4
5
Dec. 16 1936
4
.
4"
Lithuania-
6
July
15 1939
7
Morocco...
3
Chile
en
May 28 1935
4«
4J4
Sept. 21 1939
3X
Czechoslo¬
3
Jan.
1 1936
3^
Norway
4
Jan.
2 1937
5
Poland
4H
Dec.
5H
Oct.
9 1939
4
Portugal...
4
Aug. 11 1937
4^
Eire
3
June 30 1932
3H
Rumania
3H
4^
England
3
4
SouthAirlca
3M
Estonia
4H
Sept. 28 1939
Oct.
1 1935
5
Spain
5
5 1938
May 15 1933
July 15 1935
Finland
4
Dec.
4M
Sweden
2H
Dec.
1 1933
3
2^
Switzerland
1H
Nov. 25 1936
2
5
Yugoslavia.
5
Feb.
vakia
Danzig
Denmark
..
3 1934
21939
France....
2
Jan.
Germany
4
Sept. 22 1932
Jan.
41937
.
.
Greece
6
H
,
.
.
5
17 1937
May
4X
5
6H
1 1935
7
Foreign Money Rates
Sinkiang.
Reports from London, early this week, hinted at
3
Hungary
Mar. 11 1935
Colombia
Rate
Holland
July
6 1939
Aug. 15 1935
2H
..
vious
3"
1 1935
.
Date
Established
Country
1 1936
Batavia
Belgium
Effect
Oct. 12
vious
Established
Pre¬
Rate in
Pre¬
Rate in
Effect
Oct. 12
Country
Shanghai dispatches to be sending vast masses
of
which
follows:
Bulgaria
time
Present rates
leading centers are shown in the table
at the
working agreement, followed by the truce be¬
man
2279
Financial Chronicle
IN bills
LONDON open market1-16%, as rates for 234%
Friday
2-2 discount against short
on
are
week, and 2 1-16% for three234-2 3-16% on Friday of last
Friday of last
on
regime at Chungking to conclude peace with Japan.
months' bill, as against
If these incidents and
week.
to the division
suggestions
of China into vast
are
forerunners
regions of Japa¬
Russian and British influence, the develop¬
nese,
ment is
Money
1%.,
changed at 234% and in Switzerland at
to which the United States Government
one
call at London on Friday was
on
At Paris the open market rate remains un¬
1/^-2%.
Bank of
England Statement
hardly be indifferent, although there are no
can
indications that it is
of the
the
THEfurther contraction week ended Oct. 11 shows
statement for the of £3,716,000 in note cir¬
being consulted.
The Chinese Government
a
obviously is well
aware
implications of the Russo-Japanese truce and
possibility of
Britain
would
an
agreement, in which Great
of
share,
a
demarcation
fresh
of
Ex¬
pressing the usual determination to fight Japan to
the end, Chinese Foreign Minister Wang Chung-hui
spheres of influence, or even of occupation.
recently suggested mediation by the United States
in order to
clusion.
bring the undeclared
Japanese
rapidly
where it is
forces
are
Manchukuo
the
from
war
being
withdrawn
puppet-State area,
admitted that they
now
to an early con¬
suffered
a severe
defeat at the hands of the Soviet forces before the
armistice
claimed
authorities
Chinese
progress.
great success over
a
augmented
making
any
early this
month
Japanese troops at
The Japanese military spokesmen ad¬
Changsha.
mitted this occurrence,
the
the
China proper are not
forces in
Tokio
But
announced.
was
Changsha
and that the
but laconically added that
not supposed to be taken
area was
Japanese merely had withdrawn into
reached Sept.
on
buro Nomura insisted that
cooperation
understand
effective
invited
was
with those Powers that
Japanese aims and are ready to take
measures.
Whatever these portents may
$971,597 compared with £687,955 Sept. 6,
total to
just after the Bank transferred the bulk of its bullion
to the
000 in
gold increase brought about a rise of £3,788,reserves, and despite an increase in total de¬
posits, the proportion of reserves thereto
25.9%
a
week
A clash occurred at Tien¬
yet over.
deposits
rose
consists of bankers accounts
and
other
which
accounts
and
rines
which
was
was
£10,681,725,
rose
decreased
£1,194,522.
Government securities increased £695,000
securities
ties which fell off
at
3%.
Below
Japanese soldiers, as
by the invaders.
which
The Bank rate remains
£636,554.
show the different items in the
for previous years:
we
Bank's return with comparisons
BANK
OF ENGLAND'S
Oct.
COMPARATIVE STATEMENT
Oct. 13,
Oct. 12,
11,
1939
£
Oct. 14,
"strike" of
more
than 100 minor officials of
shifting of authority over
ters
to the
against the
international trade mat¬
Japanese Trade Ministry.
Discount Rates of
;
Foreign Central Banks
THE National Bank of Denmark on Oct. 9 raised
discount rate from 4^% to
The
its
43^% rate had been in effect since Sept. 20, 1939, at
Oct. 16,
1935
1936
1937
1938
£
£
535,033, 000 496 ,381,790 489,858,649 446,366,695 399, 618,105
28 ,267,261
26,059,700 31,616,337 32 119,070
10,910, 000
116 ,561,702
156,388, 393 131 ,438,233 129,334,459 123,386,677
Other deposits.
92.921,450 82,155,775 78 ,800,888
94 ,858,900
Bankers' accounts. 116,715, 629
764
36 ,579,333
36,413,009 41,230,902 37 ,760,813
39,672,
Other accounts
80,368,337 85 ,1.54,999
114,311, 164 114 ,531,164 105,088,165
Govt. securities
31 407,540
29,685,002 28,930,370 25 ,308,775
24,743, 674
Other securities
Circulation
Public deposits.
—
_
—
Securities
Coin and bullion....
3,045, 644
21,698, 030
21 ,853,445
000
31 ,417,554
9,247,719
20,437,283
38,286,254
19.6%
9,552,935
19,377,435
24.6%
2%
2%
9 654,095
13 ,659,966
11 ,648,809
54 ,887,739
45,939,
971, 597 327 ,799,344 328,144,903 249,732,268 194 ,503,844
63/365,573
27.4%
to liabilities
3%
Bank rate..
168s. 84R.
Gold v».l. per fine oz.
nud. 84s.
40.80%
2%
84s.
11 Vn(l. 84s.
36.91%
2%
llHd.
Bank of France Statement
Also of some interest
Japanese Foreign Office in Tokio
the
and other
Other securities comprise dis¬
rose £653,181 and securi¬
£16,627.
counts and advances
Japanese was injured and one Marine
one
held
a
some
States Ma¬
a result of
The latter
£9,487,203.
which
Proportion of reserve
tsin, Wednesday, between two United
27.4% from
Public deposits fell off £4,436,-
ago.
000 while other
Reserve notes & coin
in China is not
The circulation reduc¬
equalization account.
tion and
DLsct. & advances.
signify, it is evident that the period of "incidents"
A
of £71,868 in gold holdings raised the
Japanese policy aims at
tranquility in the Far East, and for this purpose
The present cir¬
with £508,063,708
Aug. 23 last and £496,381,790 a year ago.
further gain
Nobuyuki Abe and Foreign Minister Kichisa-
mier
13 to £18,442,000.
culation of £535,033,000 compares
In Tokio, meanwhile, Pre¬
"permanent positions."
bringing the total reduction since the peak
culation
THE statement of the Bank for the week ended
showed
further expansion in note cir¬
Oct.
culation
5
a
1,155,000,000 francs, which raised the
of
total outstanding to
below
the
record
145,716,000,000 francs, a little
high
of
146,149,298,350 francs
circulation a year ago
totaled 118,290,021,205 francs and two years ago
dated
Sept.
7.
Notes in
90,991,404,435 francs.
in
An increase also appeared
of 62,000,000 francs
advance against securities
2280
The Commercial & Financial Chronicle
and in temporary
francs.
French
advances to State of 3,196,000,000
commercial
bills
discounted
loan rate
to
regis¬
tered
of
of
a decrease of
3,601,000,000 francs, bills abroad
135,000,000 francs and creditor current accounts
2,269,000,000 francs.
total
now
22,557,913,395
holdings
francs.
Bills
15,498,000,000
francs
remained
discounted at
francs,
Sept.
7.
The proportion of
at
39.30%
Bank's
we
furnish the various
items with comparisons for
previous years:
BANK
OF
FRANCE'S COMPARATIVE
Oct.
Francs
Gold holdings.........
Credit bals. abroad,
a
bought abr'd
6,
1938
Oct.
7,
1937
Francs
97,266,039,155 55,808,328,520 55,805,022,187
*7,202,346
10,001,374
17,565,964
69,000,000
749,379,833
809,664,710
3,723,000 000 3,987,5,59,73 r
3,983,251,890
+ 1,155,000 000 145716,000000 118
290.02120* 90,991.404,435
—2,269,000,000 18,093,000,000 23,707,444,124
19,185,055,829
Credit current accts
Temp, ad vs. with
out int. to State..
Propor'n of gold
+ 3,196,000,000 23,772,000,000
50,133,649,244
on
hand to sight 1Kb.
+0.40%
59.38%
39.30%
50.65%
Figures
a
Includes bills purchased In France
b Includes bills
discounted abroad,
c In
process of revaluing the Bank's gold under
the decree of Nov. 13, 1938. the
three entries
on
Sept. 7, 1939
the
Bank's
books
representing temporary advances to the 8tate
were wiped out and the unsatisfied
balance of such loans was transferred to a
new
entry of non-lnterest-bearlng loans to the State.
Revaluation of the Bank's gold (at 27.5
mg. gold 0.9 fine per franc) under the
decree of Nov. 13, 1938, was effected In
the statement of Nov. 17,
1938; prior to
that date and from June 20, 1937, valuation had
been at the rate of 43
mg. gold 0.9
fine per franc; previous to that time and
subsequent to Sept. 26, 1936, the value
was 49 mg.
per franc, and before Sept. 26. 1936, there
were 65.5 mg. of gold to
the franc.
Bank of
Germany Statement
to
a
loss in note
the
highest since the post-war inflationary
period; a year ago it was 7,540,872,000 marks. The
Bank's gold holdings fell off
213,000 marks and bills
exchange and checks dropped 350,000,000 marks.
holdings now total 76,693,000 marks, compared
Gold
of
70,773,000 marks
a
0.70%
at
Prime commercial paper
this week and the
considerable extent.
a
change in rates.
no
for Week
Oct. 7, 1939
Oct. 7,
Reichsmarks
Reichsmarks
—213,000
Ruling rates
Dealers' rates
are
%%@l%
Sllver and other coin..
Advances
..
Other assets
-300,000,000
Other liabilities
Propor'n of gold & for'n
chcd'n
76,693,000
asked.
The bill
Bank is
buying rate of the New York
Discount Rates of the Federal Reserve Banks
THERE have been
rediscount
0.72%
in
footnote
a
Government obligations
on
to
the
70,773,000
schedule of rates
now in effect for the
various classes
of paper at the different Reserve
banks:
DISCOUNT RATES OF FEDERAL
RESERVE BANKS
Rate in
Federal Reserve Bank
Effect on
Oct. 13
Boston
1
New York
1
Philadelphia
IX
Cleveland
1H
2
Aug. 21, 1937
2
Sept.
2
2
2. 1937
2
Pent.
2
1.50%
San Francisco
♦
Advances
Govemme
on
t obligations bear a rate of
Chicago; Sept. 16, 1939, Atlanta,
3.
1937
1%, effective Sept. 1, 1939,
Kansas City and Dallas;
Sept. 21,1939, St. Louis.
Course of
Sterling Exchange
STERLING exchange in the with York free market
exceptionally steady, New day-to-day fluc¬
is
tuations
ruling close to the range fixed by the official
control in
London.
this
range
week
In the
has
New York market the
been
between
$3.96
and
$4.03% for bankers' sight bills, compared with a
range of between $4.01 and $4.04% last week.
The
Monday to the effect
that
additional supply of
paper will be welcomed in the
market, which is poorly supplied otherwise.
The
Treasury sale of $100,000,000
91-day bills last
Monday resulted in awards at an
average of only
0.022%, computed on an annual bank discount basis.
Aug. 27. 1937
Aug. 21. 1937
*IX
*1X
*1X
2
1.01%
rates
IX
2
2
a
paper
IX
2
3. 1937
5.864,000
business done.
Rate
Sept. 1, 1939
Aug. 27. 1937
Sept. 4. 1937
May 11. 1935
IX
Louis
Previous
Aug. 31, 1937
weekly supply of Treasury discount bills hereafter
will be lifted to
$150,000,000 from the level of $100,000,000 long prevalent on a "roll-over" basis.
This
any
Date
Established
Aug. 24, 1937
the
changed, with hardly
shown
following is the
Sept.
Money Market
commercial
The
1 Ui
70,081,000
20,055.000
CHIEFLY noteworthy in the New York by the
money
market, this week,
statement
and
table.
banks;
are
IX
"Reserves In foreign
currency" and "Deposits abroad" are included in
"Gold
a Figures as of
Sept. 23, 1939.
b Figures of
Sept. 30.
was
no changes this week in the
rates of the Federal Reserve
recent advances
*IX
*IX
10695,000,000 7,540,872,000 5,035,498,000
al601,700,000
887,025,000
745,236,000
b973,840,000
371,479,000
283,967,000
on
holdings of acceptances
decreased from $548,000 to
$498,000.
Minneapolis
coin and bullion."
Treasury
Re¬
%% for bills running from 1 to 90 days.
Kansas City
Dallas
9.754,000,000 7.337.352,000 5.285.420.000
a
176,839,000
92,023,000
132,927,000
a21,104,000
19,630,000
35,671.000
al254,221,000
847,647,000
397.376,000
al463,421,000 1,090,712,000
780,339,000
4-0.02%
New York
reported by the
7, 1937
Oct.
Liabilities—
Notes In circulation...
Oth. daily matur. obllg
as
Reichsmarks
1938
5.681.000
-350,000,000
There has been
days are %% hid and 7-16% asked;
running for four months, 9-16% bid and %%
asked; for five and six months, %% bid and 9-16%
Atlanta
10,601.000
Res. In for'n currency.
Bills of exch. & checks.
bill
very
for bills
St.
Reichsmarks
Assets—
Gold and bullion
Of which depos .abr'd
Bankers
has been
has slowed down
Federal Reserve Bank of New York for bills
up to
and including 90
Chicago
United States
money
TRANSACTIONS thisprime bankers' acceptances
have been light in
wreek. Few bills have
Richmond
Changes
*
market
available and interest has fallen off.
a
REICHSHANK'S COMPARATIVE STATEMENT
curr. to note
time
Bankers' Acceptances
0.72%, compared
month ago and 1.01% a year ago.
Below we furnish the different items with
comparisons
for previous
years:
Investments
for
for all maturities.
The proportion
year ago.
gold to note circulation stands
with
market
of
marks, which brought the total outstanding down to
10,695,000,000 marks. The total of circulation last
was
The
quiet.
The Federal Reserve Bank's
THE statement for the circulation 300,000,000
first quarter of October
showed
with
renewals.
Rates continued nominal at 134%
to 90 days and 1%% for four to six months'
serve
week
on the
been
26,918,460,497
*
as of
days, and 1%% for four
+ 62,000 000
Note circulation
of
and
—135,000,000
Adv. against secure.
the
loans
continues
up
Francs
to 90
DEALING in detail with call loan rates
maturities.
STATEMENT
Oct.
held
datings.
discounted., —3,601,000.000
15,498,000,000 18,604,004,598 10,831,955,910
b Bills
c
1939
Francs
No change
French commercial
bills
5,
was
Time loans remained at
Stock Exchange from
day to day, 1% was the
ruling quotation all through the week for both new
scarce
Changes
for Wesk
Exchange
1939
New York Money Rates
gold
97,266,039,155
gold to sight liabilities is
Below
a year ago.
134% f°r maturities
to six months
with
59.38%, compared with 65.36% Aug. 17 and
now
the New York Stock
on
1% for all transactions.
14,
home
compared
The
unchanged
Oct.
for
range
and
cable transfers
$4.04%,
has been
compared with
$4.01% and $4.05%
a
a
between
range
$3.99
of between
week ago.
The official
England
are
exchange rates fixed by the Bank of
unchanged from last week: New York
cables, $4.02-$4.04; Paris checks,
176-177; Amster¬
dam, 7.52-7.60; Canada, 4.43-4.47.
Berlin and
Rome
are
not
quoted.
The lira is
unofficially quoted
at 79.50.
The
foreign exchanges show
with few exceptions.
a
firm
undertone,
This is
undoubtedly due to the
buying and selling rates officially established in
were
un¬
fixed
The
call
London, with most of the other
currencies
following
Volume
actual
Sept. 27, had moved up to 83.2 on Oct. 10. The
"London Financial News'7 index of 30 industrial
shares, based on July 1, 1936 as 100, stood at 68.7
is extremely limited
fair turnover at any time.
on Oct. 6, compared with 66.4 a week earlier, and
with 82.6 a year ago. The high record of 124.9 was
sterling, although the sterling bloc can
the action of
Whether rates
longer be said to be in existence.
no
advance
decline in the free markets, the
or
business upon
and there is
So far
established
and other
of foreign
Bank of England during the last four weeks reflects
the general feeling of confidence in contrast to the
prevailing attitude during August and Stepember.
The current statement shows a decrease in circulation
buyer and seller
of
the services rendered by bankers in
as
conditions
these
under
clients
their
to
automatically become of equal value, the function,
intermediary brokers has ceased to have any significance in London and they must all, at least tern-
of
go
the
war
Almost at the start of
England banned interbank
out of business.
porarily,
the
Bank
of
dealings in foreign exchange and requested all
deal through brokers,
to
brokers
have
now
but
as
function.
no
there is
practically
private
initiative
banks
it has turned out
On this side also and in all other
no
financial centers,
opportunity for the exercise of
and speculation in exchange is
of the question.
out
Apart from the restrictions officially imposed by
London on the freedom of markets, the war itself
with its dangers to
commerce
has reduced foreign
of its
exchange trading everywhere to a fraction
previous volume.
On
Monday, R. F. Loree, Chairman of the Foreign
announced that
regarding sterling
provide that the
completion of Form e-1, decreed a few weeks ago,
is not required for transfers of sterling to a foreign
Exchange Committee in New York,
regulations issued in London
securities owned by non-residents
new
account if the sum to
be transferred consists of:
of sale or redemption of any
(a) the proceeds
sterling securities in the bona
fide ownership of a
non-resident*
,,
N
.
\
,
inscribed
name
of
(c)
by
,
....
(b) interest
or
or
in
dividends
the
a nominee
a
.
.
,
on
The
until
non-resident
or in
the
the
that
ownership
of
subject to the provision of
A few
days
ago
abroad for
All such transfers
the Trading with the
the foreign exchange control of
the
England announced that paying agents in
Britain for coupons,
drawn bonds, and sterling loans
continue to make payments to agents in allied
and neutral countries, according to pre-war arrangemay
provided
ments,
that
applications
are
made in
appropriate official forms.
It also announced that
authorized dealers should discourage invoicing British
imports in the
been the
dollar
basis.
arrange
United States even where it may have
practice in recent times to
finance trade on a
being made to
Every effort is now
finance terms in sterling.
financial and commercial
and limited, has improved
somewhat since late August. This is seen upon consideration of a few index figures.
Reuters index
for London stock prices, which stood at 79.7 on
Trading
in
London
markets, while still quiet
probable reduction of the rediscount rate. The
general market opinion in London is that there is
nothing in the monetary situation which warrants
a
the maintenance of the current bank rate, even
though the Government does not yet see its way clear
to
*arSe public loan.
The technical position of all the London
fm
g
exch
f
° The
,
open
does not justif
...
markets,
commitmentS;
commerdal
T
a
or
hi h discount
j
position on the London Stock Ex-
change in 1914 totaled about
js
£80,000,000. Today it
Liabilities of the bill market, the
market, are also only a fraction of those of
negligible.
discount
Enemy Act. "
Bank of
determination to avoid inflation.
Parliamentary
sanction will now be required for any increase in the
fiduciary issue.
The London market continues to expect a further
decrease in the Bank of England's rate of rediscount,
Open market money rates, which have gradually
receded during the past few weeks, also point to
,
credited to a foreign account
bank has obtained satisfactory
securities are in the bona fide
non-resident.
a
large as in other years.
It is reassuring to note that though the entire
British note issue is now on a fiduciary basis, no
powers have been taken to increase the total note
issue.
This is an indication of the Government's
rate.
not be
the receiving
of £45,411,223 to £553,474,931, the largest in the
history of the Bank.
It is believed that note circulation will remain
around present levels or may even decline further
and that even the increase in circulation during the
Christmas holidays will not be proportionately as
,
behalf of a non-resident
of the securities
proceeds of coupons received from
affidavit
of £3,716,000, making a total reduction since Sept. 14
of £18,442,000.
This is in contrast to the large
increase in circulation between Aug. 24 and Sept. 14
stock registered
bank which retains the custody
account of a non-resident.
collection may
are
,
on any
'
for account ol a non-resiclent;
collected
coupons
of
name
a
for
Nov. 11, 1936.
The marked decrease in the circulation of the
ultimate
England and
on
concerned, the Bank of England has
Rates are fixed daily by the Bank
exchange.
London
a
move
transactions between British
are
the
become
which they
only
as
currencies
2281
The Commercial & Financial Chronicle
149
1914. In August, 1914 the acceptances of accepting
houses, foreign banks, and clearing banks in London
totaled nearly £500,000,000 and the Bank of England
had to discount £120,000,000 of these under Government guaranty. Today the largest single outstanding
item is the £37,000,000 of German standstill credits.
The major part of the German standstill debt is in
strong hands and will be written off without recourse
to the special facilities offered.
London open market money rates are as follows:
Call money against bills 134% to 2%; two-months
bills 2 1-16%, three-months bills 2J4% to 2 3-16%;
four-months bills 234% to 2 5-16%; and six-months
bills 2%% to 3%.
Canadian exchange presents no new features from
those of the past few weeks. Canadian is held firm
with respect to the pound by reason of the London
daily fixed quotation for Canada. The unit continues
at a sharp discount in terms of the United States
dollar.
Montreal funds ranged during the week
between a discount of 1134% and a discount of 10%.
At the Port of New York the gold movement for
the week ended Oct. 11, as reported by the Federal
Reserve Bank of New York, was as follows:
The Commercial & Financial Chronicle
2282
GOLD MOVEMENT AT NEW YORK, OCT. 5-OCT.
Imports
.
XI, INCLUSIVE
firmness shown in
hostilities.
168,000 from England
the
to
None
3,000 from Guatemala
The pressure on
persistence
launch
attack
an
of
unit
Decrease:
Note—We have been notified
received at
The
above
figures
$267,000 of gold
of
which
(Columbus
was
were no
from England,
came
exports of tfie metal.
and
quiet
though
steady,
Saturday last
on
fractionally
off
was
from
previous close.
Bankers' sight was $4.02@$4.02%;
cable
$4.02$4.02%.
transfers
exchange
was
and
On
Monday,
inclined to firmness in nominal trading.
The range was
$4.01%@$4.03% for bankers' sight
$4.02%@$4.04%
cable
for
transfers.
On
Tuesday trading continued limited with rates steady.
The range was
$4.02%@$4.03% for bankers' sight
cable transfers. On Wednes¬
and $4.03%@$4.04 for
day the irarket continued dull.
Bankers' sight
$4.03%(a44.03% and cable transfers
$4.03%.
were
limited.
On
The range was
was no
Friday trading continued
$3.96@$4.03% f°r bankers'
sight and $3.99@$4.04% for cable transfers.
ing quotations
and
$3.97
Friday
on
for
cable
bills finished at
transfers.
Commercial
sight
$3.95, 60-day bills at $3.92%, 90-
day bills at $3.91%,
documents for payment
$3/.92%, and 7-day
days) at
Clos¬
$3.96% for demand
were
(60
grain bills at $3.95%.
Cotton and grain for payment
In New York
at
2.28%.
against
firmness of the franc
relative
proceed largely from the firm¬
of
sterling and the officially fixed sterling-franc
quotation in London.
ness
The internal monetary
situation in France is
there
as
widespread confidence
a
the
in
seen
French
The
the French
program.
This
general public have also been
buyers in the rentes market and for the
present at least the
their funds
seems
tendency of depositors to hoard
to have subsided.
a
considerable
exchange, with
Exchange
a
for bankers'
is
quantity of gold and foreign
consequent
strengthening of the
Fund.
Repatriation
of
French capital is
continuing, taking the form of sale
of foreign securities and /other assets abroad
and
liquidation of balances
of
Poland
closed
is
similar
assets
than at home.
shipment abroad for sale
already in
foreign prices for these
France,
securities
In any case the
are
especially
as
higher abroad
exchange office
re¬
ceives the
resulting foreign exchange. Securities held
by Frenchmen abroad are also apparently being re¬
patriated, because if this is done no declaration is
necessary
until the annual
tax purposes
Belgian
declaration
for
income
due next March.
currency
continues
to
display extreme
weakness in contrast with the sudden and
exceptional
16.73
at
for
Berlin
Italian
marks
lire
Exchange
quoted.
0.74
at
not
are
closed at
5.05
sight bills and at 5.05 for cable transfers,
not
Exchange
on
Czechoslovakia
Exchange
Exchange
on
Bucharest
on
(nominal), against 0.75 (nominal).
closed at 1.90 (nominal),
Finland
on
against 2.00 (nominal).
Greek exchange closed at
0.74% (nominal), against 0.75 (nominal).
*
EXCHANGE on the countries neutral during the
trends. Weakness
of 1914-18 shows mixed
war
is
especially evident in the Holland guilder and to a
degree in the Swiss franc.
Even the Scan¬
lesser
dinavian
which
currencies,
steady in recent weeks,
toward
entirely to
the
been
displaying
The hesitant tone
ease.
attributed
have
are now
of the
relatively
tendency
a
neutrals is
demoralization
international trade and to their
of
their
geographical proxim¬
ity to Germany and Russia.
Hague, in
cablegram to the Department of
a
listed
products which
large
a
Danish
authorities
taxes
many
on
number
restricted
are
The Netherlands except
of
additional
to exportation from
as
by special permission.
have
imposed
further
imported and domestic products due
The National Bank of Denmark
its
rate
of
The
excise
heavily increased government expenditures
sitated by the European war.
rediscount
from
neces¬
Oct. 9 increased
on
4%% to 5%%.
The
4%% rate had been in effect only since Sept. 20,
when it was increased from
3%%, which had been
the prevailing rate since Feb.
23, 1939.
Bankers'
at
sight
on
Amsterdam finished
on
Friday
Friday of last week; cable
53.09, against 53.17; and commercial
53.09, against 53.17
sight
at
bills
closed
at
transfers,
at
52.98,
22.44
for
against
on
against
checks
53.05.
and
and
22.46
at
Swiss
22.44
22.46.
francs
for
cable
Copenhagen
checks finished at 19.33 and cable transfers at
19.33,
Checks on Sweden closed
against 19.35 and 19.35.
at
or
16.74.
longer quoted in New York.
no
public have turned in to the
Equalization
and
16.74
transfers
In recent weeks the
banks
en¬
to have
steady increase in deposits in the
banks.
notable
seems
among
people in the Government's financial
is
closed
to
couraging to the authorities
developed
belgas
Last week the United States commercial attache
Exchange
The
Antwerp
against 5.05 and 5.05.
at The
FRENCH francs are steadysteadiness and change
and show little
week.
Friday of last week.
on
the French center finished
on
quoted in New York.
Commerce,
from last
Friday
on
bankers' sight bills and at 16.73 for cable
transfers,
closed at $3.95.
Continental and Other Foreign
sight bills
Paris closed
on
2.24% and cable transfers at 2.24%, against 2.28
was
$4.03%@
On Thursday, Columbus Day, there
market in New York.
The
points below the normal
176-177, against 176-177
and
day-to-day rates sterling exchange
in the New York free market
20
The London check rate
at
.
Referring to
ruling around
with par of 16.95.
no
$2,205,000 from Norway and $1,953,000 from Italy.
There
may
whereas in August the belga was frequently
quoted in New York at 17.15 cents, as compared
on
Day)
$2,300,000
that the
six years,
was
On Friday $6,458,000 of gold
report was issued.
received
for the week ended
are
Thursday
On
Nazis
through Belgium.
France
on
gold point against the dollar at the lowest figures in
$5,063,000
that approximately
San Francisco, from China.
Wednesday.
is
1939
the belga is largely due
rumors
$1,404,000 Total
Net Change in Gold Earmarked for Foreign Account
14,
August prior to the outbreak of
Ezports
$1,233,000 from Canada
Oct.
23.80 and cable transfers at
and
23.85; while checks
on
23.80, against 23.85
Norway finished
at 22.73
and cable transfers at
22.73, against 22.75 and 22.75.
«—
EXCHANGE devoid of special features countries is
present on the South American of interest.
at
Trading in these
the
currencies is
quotable rates
steadiness
are
extremely limited and
mainly nominal.
they show is the result
foreign exchange controls.
Argentine pap^r pesos closed
for
bankers'
on
of
Whatever
local
official
Friday at 29.78
sight bills, against 29.78
on
Friday of
Volume
week; cable transfers at 29.78, against
last
unofficial
The
free
or
against 23.65@23.70.
at
5.10, against 5.10.
5.19
at
market
5.19
29.78.
23.65@23.70,
was
Brazilian milreis are
Chilean exchange is
(official), against
2283
Commercial & Financial Chronicle
The
149
(official).
quoted
quoted
Peru is
delegated in times of peculiar
that extreme powers
stress
and will be recovered when that stress
can
removed.
Civil
Reconstruction, under Abraham
and
War
Lincoln, Andrew Johnson, and Ulysses S. Grant,
wrought great changes in the American polity, only
nominally quoted at 19.00, against 19.00.
part of them with the formal sanction
EXCHANGEdistinctive developments. For also
on the Far Eastern countries is the
without
part these units are firm owing to the establish¬
of official London quotations for sterling.
All
ment
Far Eastern units in terms
of both sterling and the
The Hongkong
dollar therefore reflect steadiness.
dollar, the Shanghai yuan, and the Japanese yen are
ing from the powers reserved to the States and to
the
The exigencies of the period of neutral¬
people.
ity, from 1914 to the end of 1916, and of nineteen
warfare
of
months
under Woodrow
were
from 1917 to 1918,
successfully pleaded
authority in the
additional
for
justification
as
overseas,
Wilson,
President, extending, in many respects, far beyond
exceptionally steady.
yesterday were
23%, against 23% on Friday of last week.
Hong¬
kong closed at 25 1-16, against 25.30; Shanghai at
8.00, against 7%; Manila at 49.95, against 49.95;
Singapore at 47%, against 47.50; Bombay at 30.40,
against 30.35; and Calcutta at 30.40, against 30.35.
Closing quotations for yen checks
conferred
any
or
claimed even during the four years
of Civil War.
In his first
demanded
inaugral address President Roosevelt
many
and
new
greater powers,
Banks
Gold Bullion in European
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
British statutory rate,
84s. ll%d. per fine ounce)
principal European banks as of respective
of most recent statements, reported to us by
the
dates
special cable yesterday (Friday); comparisons are
shown for the corresponding dates in the previous
four years:
Batiks
£
_
maintained the semblance of democracy
.
£
327,799,344
£
£
328,144,903
249,732,268
498,869,937
1935
£
194,503,844
exception of a few declared unconstitu¬
by the Supreme Court remain to-day, for
continued
through
by
a
complaisant or a coerced Congress.
fact, under the Presidency of Mr.
576,897,939
2,501,300
1,927,000
87,323,000
25,232,000
88,092,000
90,581,000
Rights, in the event of a foreign war,
desks of executive officers
42,575,000
106,323,000
99,516,000
47,491,000
108,484,000
46,311,000
98,122,000
114,031,000
31,838,000
79,703,000
75,559,000
24.194,000
20,898,000
6,548,000
6,552,000
6,555,000
8,205,000
6,602,000
6,604,COO
6,602.000
123,417,000
90,870,000
Switzerland
96,776,000
Sweden....
35,222,000
6,500,000
6,666,000
Norway
761,636,471 1,088,332,453 1,061,589,846 1,150,080,205 1.137,054,833
Total week
1.134,876.617
761,509.127 1.084,478,450 1,062,642.713 1,072,038.050
Prev.week.
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 price,
which was formerly the basis of value.
On the market price basis (168s. per fine
ounce) the Bank reported holdings of £971,597, equivalent, however, to only
about £491,337 at the statutory rate (84s. 11 Md. 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.
Pursuant
the
to
Currency and Bank Notes Act,
are
Representative Democracy
government, the appetite for personal power
insatiable.
completely formulated, that some believe
and
would
be
of actual war or even an imminent threat
pressure
the effect of which would be the
of war,
as
is
once
impertinence intended to impair the dig¬
titular head.
Wherever sovereignty is held by people under a
regime of popular suffrage, emergencies inevitably
beget enlargements of executive powers which often
last long after the abnormal conditions causing
nity of the State in the person of its
History, from ancient times to the
them to exist.
present, has proved again and
conceded
gency
and
exercised under
again that powers
conditions of emer¬
and intended to be relinquished when the
exigency has passed tend to the permanent aggran¬
dizement of the
thority.
central, usually the executive, au¬
The people of no country can be certain
could
instantaneously enacted under the
mentation
of
all
productive
labor,
capital, for the entire period of
entire regi¬
capacity, and
warfare and its in¬
definite aftermath.
The United
States is not at war;
situation
mestic
nor
or
prospective, are likely to lead to
by
any
therefore, be
States
to
and
well
the
revaluate
anywhere. It would,
of the United
the people
for
of
elements
executive
centralized
Presiden¬
power.
ought not to be deferred, it
the balance among
It
offensive action
foreign power or to justify military measures
against any putative enemy
tial
neither its do¬
its foreign relations, present
be serious and actuated
acquired
tenacity and their limitation re¬
Extraordinary powers
retained with
sisted
and upon the
lie, at this moment, meas¬
ures
consideration
Restore
guarantees of the Bill of
of the fundamental
some
46,639,000
25,986,000
6,537,000
25,232,000
92,696,000
..
2,971,050
46,874,000
103,771,000
In
plausible Executive pre¬
some
In
Roosevelt, the in¬
sistence upon aggrandizements of executive author¬
ity has been uninterrupted and successful. Legisla¬
tion already enacted extends to the suppression of
text
293,710,643
a23,400.000
...
the
enactments have been
of the temporary
extension
63,667,000
Nat. Belg'm
*
the
293,728,209
3,007,900
Netherlands
Denmark
1936
with
tional
b3,845.650
.
....
Italy
1937
since they
consideration
that they seemed almost to have been accomplished
by Presidential decree. These extraordinary powers
granted with such perfunctory
c63.667.000
328,601,484
....
Germany
Spain
,C
V-
♦491.337
England
France
1938
1939
of—
which
truly dictatorial in substance, although they
were
were
in
of amend¬
Constitution, but all of them subtract¬
ments to the
most
is
V'-J.'''
'
Such
should
by a resolution to restore
the departments of government.
should be remembered
that Mr. Roosevelt, him¬
leadership, the pur¬
been imple¬
the establishment of new powers which,
self, has implied that under his
poses
of the Federal authority have
mented
by
in the hands of an
Executive less comprehending or
disposed (the phrase
characterization) could be¬
come dangerous to the liberties
of the American
people. None can doubt that powers vested in one
less
is
an
wisely and patriotically
epitome of his own
individual warranting
such criticism ought to be
revoked.
The President's power
ard dollar threatens
great Nation.
further to degrade the stand¬
the economic stability of this
Public calamity could not more cer¬
action under the re-
tainly be occasioned than by any
The Commercial & Financial Chronicle
2284
L
tained power to
issue $3,000,000,000 in printing-press
"money," and yet, in the existing fiscal situation it
might
is at
the
power
least
into the hands of
questionable under
tive government.
So too,
New
office
tending to
must feel themselves under
cal
of
obligation to the politi¬
party establishing them.
the
and
Executive
administered, discloses
erected
precise
as
constituted
now
of corporations,
a group
instrumentalities of the Government and
as
existing
Furthermore, scrutiny
Department,
such, but created and conducted for the
as
and within it
with
impunity.
sion
could well
nothing
The Congress
begin at
once
can
now
be overlooked
in special
ses¬
to devote at least
a
been
1963;
has
Pacific
been
intended to occupy under the Constitution.
is
permant middle-ground
no-
There
compromise between the methods of representative
to
80%,
1%
at
40%.
at
were
chiefly
a
10-
new
high.
responsible
Coal
for
the
of
utility bonds,
has continued,
considerable
a
which
although
extent.
the
started
has
pace
Except
in
the
3%s, 1967; New York Steam 3%s,
a
pronounced,
week.
Philadel¬
few others in which strength
high
Lower
grades
grades
advanced
have
only
been
more
Canadian
patricipated in the general movement.
Moderate strength has been shown in most sections of the
11103729685
been
list
this
observed.
erally higher,
other
vertibles,
week,
Steel
although
scattered
oil
obligations,
company
displayed mild strength.
gations have
been
up,
issues
meat
showed
organizations,
losses
obligations have
company
with convertible issues off
hand,
a
have
been
little.
gen¬
On
including
con¬
Rubber company
company
issues
strength,
notably
and
the
the
the
mixed,
obli¬
high-
obligations
United
Drug
of
5s,
1953, have been higher, the latter issue advancing 3 points
to 78.
The Remington Rand 4%s,
1956, carrying stock pur¬
chase
warrants,
The
and
foreign
most
after
democracy and totalitarianism.
%,
to 106%
point
lost
1938-39
new
a
%
1980,
active, but advances have been relatively small.
utility issues
resting place of
or
been
prices
to
this
selling
was
with
were up
Telephone & Telegraph 3%s, 1966;
tobacco
ing the Executive Department to the place it
in
fairly
fractionally
dropped
4%s,
and
phia Electric 3%s, 1967, and
retail
powers and restor¬
have
of Consumers Power
case
grade
legislative
week
ago,
modified
of
own
changes
gain.
weeks
part of its attention and time to the gigantic task
recovering its
that
recovery
industrial
The field for examination and reconsideration is
enormous
The
several
of performing a multitude of acts
purpose
and functions forbidden to the Government.
fractional
equally mixed
for the week ended Oct. 7
contra-seasonal
security against prejudice and
1046,
Southern
loadings
ore
3%s,
&
high for
and
with their Constitutional tenure of
partisanship, to bodies of executive creation which
Central
Colorado
year
judicial procedure and determination from the
Federal courts,
York
Car loadings
administrative action which transfer the essentials
of
at
about
Chicago Union Station 4s, 1963, at 104%
while
those provisions for
are
closed
being
Medium-grade and speculative railroad bonds lost ground.
representa¬
any
bonds
losses
ago,
14, 1939
while Kansas City Terminal 4s, I960, advanced %
few individuals
a
railroad
week
a
gains.
tempting expedient. All delegations of
prove a
legislative
High-grade
from
Oct.
were
list
European
the
British
1% points at 95%.
up
evidence
gave
issues
of
continued
resumed
Government's
the
refusal
uneasiness,
downward
of
Ilerr
trend
Hitler's
offer.
Weakness has been particularly pronounced
Danish bonds, which suffered losses
up to 4 points, and
peace
in
The
The
Course of the Bond Market
proceeded
going
to
of
case
in high-grade
recovery
since
new
all
Sept.
highs
four
25
for
corporate
has
this
been
bonds
which
continued
particular
this
movement
has
week,
in
the
rating groups and United States Govern¬
ments.
in Norwegian long terms, which declined 5
points.
Finnish
issues have been depressed in view of the Russian
demands,
while German bonds declined on the
dimming prospects for
an early peace.
Belgian bonds held up comparatively well,
as did most South American and
Japanese issues.
Moody's computed bond prices and bond yield
are
MOODY'S BOND PRICES t
(Based on Average Yields)
U.
S.
All
120
1939
Govt.
Bonds
120 Domestic Corporate *
Domes¬
Daily
120 Domestic
tic
Averages
Corp*
by Ratings
13— 110.77
102.48
Exchan ge
Stock
115.78
Aa
A
111.43
100.53
Baa
RR.
85.79
91.20
107.30
110.04
91.20
107.30
109.84
P.
U.
Ind
115.57
111.23
100.53
102.12
115.14
111.03
100.35
85.65
91.20
106.92
110.51
109.64
101.94
115.14
110.83
100.18
85.52.
91.05
106.73
109.64
7— 110.06
101.76
114.93
110.43
99.83
85.52
91.20
106.36
109.05
t TJ/a/)lei 1
t w cGKiy—
85.65
Sept .29.. 110.38
22.. 108.93
101.06
114.09
109.44
99.31
85.24
91.05
105.41
107.88
100.18
112.86
108.66
98.28
84.55
90.29
104.48
15.. 110.60
101.06
114.09
109.44
99.14
85.24
91.20
105.22
111.26
114.93
109.44
99.83
84.28
90.59
102.66
106.17
112.86
101.41
83.33
90.14
108.46
120.37
116.00
102.66
84.69
91.66
110.24
113.89
105.98
121.49
117.29
103.56
86.78
93.21
111.43
106.54
121.49
118.16
103.74
87.21
93.69
111.43
4.. 117.12
106.73
121.72
118.16
103.93
87.49
94.17
111.64
106.73
121.72
118.38
103.93
87.64
94.01
111.64
21— 117.07
116.00
106.64
121.94
118.38
103.38
87.35
93.69
111.64
14- lie.yy
122.17
117.94
103.02
86.64
93.06
111.64
122.40
117.72
102.12
85.93
92.12
111.23
116.43
105.04
121.72
117.29
101.76
85.24
91.51
110.63
23- 117.13
115.14
105.41
121.49
117.29
102.48
85.93
92.43
16— 116.80
110.83
121.27
117.07
102.12
85.79
92.12
110.63
117.34
105.41
121.27
116.86
86.21
92.59
110.83
117.61
121.04
116.64
102.84
85.52
91.97
111.23
120.82
116.43
102.12
84.55
102 66
'19-
91.05
110.83
116.97
113.68
103.56
120.59
115.78
101.06
83.46
89.84
12-
110.43
116.37
120.37
116.43
101.76
83.73
90.59
110.24
3.60
3.46
Exchan ge Clos ed
3.19
3.40
3.97
4.92
4.54
3.60
3.47
P.
U.
Ind.
3.88
3.21
3.41
3.98
4.54
3.62
3.89
3.21
3.42
3.99
4.93
4.55
3.63
3.48
3.90
3.22
3.44
4.01
4.93
4.54
3.65
3.51
4.92
3.48
3.94
3.26
3.49
4.04
4.95
4.55
3.70
3.57
3.99
3.32
3.53
4.10
5.00
4.60
3.75
3.62
3.94
3.26
3.49
4.05
4.95
4.54
3.71
3.56
3.66
3.54
3.22
3.49
4.01
5.02
4.58
3.32
3.92
5.09
4.61
3.54
3.17
3.85
4.99
4.51
3.45
3.27
3.67
2.92
3.11
3.80
4.84
4.41
3.39
3.20
3.64
2.92
3.07
3.79
4.81
4.38
3.39
3.17
4
July
3.63
2.91
3.07
3.78
4.79
4.35
3.38
3.40
3.18
28
3.63
2.91
3.06
3.78
4.78
4.38
21
3.38
3.64
3.17
2.90
3.06
3.81
4.80
4.38
14
3.38
3.66
3.17
2.89
3.08
3.83
4.85
4.42
7
3.38
3.18
3.69
2.88
3.09
3.88
4.90
4.48
June 30
3.72
2.91
3.11
3.90
4.95
4.52
3.43
3.21
3.70
2.92
3.11
3.86
4.90
4.46
3.42
3.21
23—_
3.71
3.40
3.18
2 93
3.12
3.88
4.91
4.48
9
3.43
3 22
3.70
2.93
3.13
3.85
4.88
4.45
3.42
2'
3.71
3.23
2.94
3.14
3.84
4.93
4.49
3.40
May 26
3.75
2.95
3.15
3.88
5.00
4.55
3.42
3.80
3.28
2.96
3.18
3.94
5.08
4.63
3.44
3.30
3.29
113.27
104.11
4.54
2.97
114.30
104.48
RR.
4.91
3.07
114.72
105.22
Baa
3.75
114.93
9-
2„
May"26__ 116.98
A
3.97
3.39
3.94
115.14
105.22
Aa
3.18
3.85
115.78
June 30..
3.87
Aaa
1
115.78
105.60
Corporate by Groups
8...
116.00
106.17
120 Domestic
by Ratings
Aug. 25
115.78
July 28— 117.47
Stock
;.,
22
116.00
116.82
3.86
Weekly—■
Sept. 29-.-.
115.35
11- 116.79
120 Domestic Corporate
9....
111.23
104.48
18.. 116.63
AVERAGES t
7
108.46
118.16
Aug. 25— 114.85
7-
Corp
13
10-..
108.08
101.06
YIELD
Individual Closing Prices)
tic
11
106.92
1- 114.04
120
on
Domes-
Averages
Oct.
BOND
(Based
All
averages
following tables:
MOODY'S
12
102.30
10- 110.38
8-
the
1939
Clos ed
11.. 110.73
9-
in
Daily
Aaa
12..
Oct.
Corporate by Groups*
given
113.48
3.77
3.25
103.56
120.14
115.78
2.97
101.23
3.15
83.06
3.90
89.99
5.06
109.84
4.58
112.86
5
3.45
Apr. 28.. 115.41
102.84
119.47
115.35
3.80
2.98
100.53
3.18
82.40
3.93
5.11
89.40
109.24
4.62
112.25
102.66
119.03
3.84
114.93
Apr. 28
3.47
21- 115.13
3.01
100.53
3.20
3.97
82.40
5.16
89.10
112.25
21
3.50
102.30
119.03
11 *.72
3.85
3.35
14— 114.76
109.05
4.66
3.03
100.18
3.22
81.61
3.97
88.65
5.16
108.66
4.58
111.84
14.
3.51
3.35
119.25
114.72
3.87
3.03
100.70
3.23
82.66
3.99
5.22
89.40
4.71
3.53
3.37
115.14
5.. 115.78
6..
114.85
102.84
3.32
Mar.31— 114.85
108.85
112.45
6
103.93
3.84
3.02
102.30
3.23
84.83
3.96
5.14
91.51
109.24
4.66
112.86
119.92
115.14
3.78
3.34
104.48
Mar. 31
3.52
24,. 114.70
102.12
3.02
3.21
3.91
85.79
92.28
4.98
109.64
4.52
113.27
24
3.32
104.67
119.92
3.75
3.50
17.. 114.64
114.93
2.99
102.30
3.21
3.88
4.91
4.47
3.48
3.30
119.25
86.07
92.43
10..
114.79
109.64
113.27
105.22
120.37
114.93
102.84
87.21
3„
Feb. 24—
93.53
113.59
110.04
113.68
104.48
120.14
114.72
102.30
85.52
91.97
113.38
109.64
113.48
103.38
90.14
109.05
113.27
119.69
114.30
101.06
84.14
17— 113.30
103.38
119.69
114.30
101.23
83.87
10— 113.21
89.99
109.05
113.27
103.20
119.69
114.09
101.06
83.60
89.69
108.85
112.45
3.. 113.16
102.84
119.47
113.68
100.88
Jan. 27— 112.59
83.19
101.94
119.03
113.07
99.83
20.. 113.18
82.00
87.93
107.88
113.86
103.20
119.69
113.48
101 06
83.87
89.55
108.66
108.66
3.22
3.87
4.89
4.46
3.48
2.97
3.30
3.22
3.84
4.81
4.39
3.46
3.75
2.98
3.28
3.23
3.87
4.93
4.49
24
3.81
3.48
3.00
3.25
3.94
5.03
3.29
113.48
4.61
17
3.51
3.81
3.00
3.30
3.25
3.93
5.05
4.62
10
113.48
89.10
2.99
3.71
3
Feb
3.74
10
3.51
3.82
3.30
3.00
3.26
3.94
5.07
4.64
3.52
3.29
3.01
3.28
3.95
5.10
4.68
3.89
3.53
3.03
3.29
3.31
4.01
5.19
4.76
3 57
3.82
3.00
3.32
3.29
3.94
5.05
4.65
3.85
3.53
3.29
3.01
3.31
3.97
5.11
4.68
4.57
3.86
3
Jan.
3.02
3.30
3 35
3.97
5.11
3.84
27
—
13-
112.93
102.66
119.47
113.07
100.53
6—
83.06
112.95
89.10
102 48
107.88
113.27
119.25
112.25
100.53
83.06
88.80
107 69
112.86
94.33
111.84
4.70
116.21
3
58
High 1939
3.32
4.00
3.34
3.55
4.10
87.93
106.54
Low
5.26
104.30
4.76
3.62
2.88
3.05
4.77
112.05
High 1938
4.34
4.70
3.76
3.37
3.64
3.77
107.11
3.34
8.76
High 1939 117.72
106.92
122.40
118.60
104.11
Low 1939 108.77
High 1938 112.81
87.78
100.00
112.45
108.27
98.28
81.09
101.76
118.60
111.43
100.18
82.27
88.36
Low
3.85
4.68
6.98
6.11
4.23
3.0>
3.39
3.99
5.17
4.73
3.61
3.36
13, 1938...
3.14
3.53
4.08
5.36
2 Years Ago—
Oct. 13, 1937...
4.93
3.74
3.42
4.12
3.28
3.53
4.15
5.51
4.63
4.08
3.64
112.45
102.66
89.10
62.76
71.15
96.11
104.30
Low
99.48
116.64
108.66
98.62
79.82
85.52
104.67
110.83
Oct.
Oct. 13 *37 108.31
.
.
1
level
97.95
113.68
108.66
--v—
97.45
77.96
»uC
the average movement of actual
price quotations.
yield averages, the latter being the truer picture of the
bond
or
3 1» atest complete list of bonds used in
89.84
uoois
of
98.62
106.54
3.16
3.90
88.80
Yrs.Ago
1939
4.03
1938 109.58
1 Yr. Agr>
Oct.13'38 112.53
2
„
6.
1938
Year
A on—
"typical" bond (4% coupon, maturing In 30 years), and do not
purport to show either the averai?*
They merely serve to Illustrate In a more comprehensive way the relative
levels and the relative
movementol
market.
movement oi
one
computing these Indexes
was
published In the Issue of Aug. 19, 1939, page 1086.
Volume
The Commercial & Financial Chronicle
149
Gross and Net
Earnings of United States Railroads for the Month of August
Financial statistics of railroad operations for the month
of August reflect the slow business improvement
been in progress
it
and
in the United States for
is quite clear that results
afford still
securities
carrier
that has
than
more
general business which developed instantaneously
of
mass
of Sep¬
Quite independently of the European
expectations, business
war
of the favorable tendencies apparent
sioned
feverish burst
a
for other
of
many
tendency after the declaration of
requirements, for
a
Constr. contr. awarded b
confronts the country.
situation such
a
Whether the expectations
ordinary business in the United
Car loadings, all (cars) _e
Cotton
the August
States part
by the European developments,
were
Kansas City
Omaha
of the
good indication of the
a
out of the deep depression conditions
way
able,
The traffic offered to the
good part of the
moreover, to carry a
business into the column of net earnings,
notwithstanding the heavy
subject.
and other charges to which
wage
There is
doubt,
some
the other
on
hand, whether this tendency can be carried very far.
of general business improvement in
brought the railroads into the market
and
rails
which
equipment,
maintenance
outlays
may
September
that
long-delayed
being made.
are
well
The
heavy scale for
on a
suggests
length
at
decidedly advisable, but it
This
is
that fresh ad¬
mean
ditions hereafter to the gross revenues
of the carriers may
be fairly well matched by fresh operating charges.
For the
month of August the gross revenues of the railroads amounted
$343,809,034, against $314,738,181 in the
to
of last year, an
a
as
matter
of
or
month
same
9.23%.
Operating
but absorbed only
course,
zl,420
*6,739
*35,522
*12,824
*23,458
x23,714
*21,041
*17,083
*15,110
xl0,460
xl,358
*32,150
*16,601
*3,143
X6.217
X5.870
*5,517
X4.742
Pig iron production.k.. >2,695,813
Steel ingot production.l.
3,763,718
1,493,995
2,537,102
3,605,818
530,576
4,877,826
846,730
3,755,680
4,939,086
Oats (000 bushels)
$11,064,702
12.91%.
or
We
1938
1939
Month of August
this
present
(+) or Dec. (—)
—910
—0.38
343,809,034 314.738,181 + 29,070,853
247,041,09? 229,034,941 + 18,006,151
+ 9.23
$
$
Operating
Inc.
234,294
233,384
Mileage of 134 roads..............
earnings....
*1,690
—
__
—
—
Barley (000 bushels)..
Rye (000 bushels)
....
expenses
96.767.942
Net earnings
%
+ 7.86
(72.73)
(71.85)
Ratio of expenses to earnings..
S
Lumber (000 feet):
zl,198,456 zl,130,964 zl,355,168
zl,275,444 zl,115,702 zl,193,817
Orders received.m
nl,331,544 zl,035,884 zl.125,339
Production _m
Note—Figures In above table issued by:
a United
States Bureau of the Census,
States
of
east
Mountains),
Rocky
c
e
In
each
and
b F. W. Dodge Corp.
National
to the
now
of
1938.
order
to
in
over
a
the
month
same
simplified form
relation to its bearing
during the month under review,
revenues
on
we
the
rail¬
have
brought together in the table below the figures indicative
of
activity in the
those
freight
car
1929.
month of 1938,
same
On examination
will
it
with the exception of the building
all
the industries mentioned in
increased
result
together
with
loadings, for the month of August, 1939,
compared with the
and
important industries,
pertaining to grain, cotton, livestock receipts, and
revenue
as
more
of
scale.
A
very
1937,
be readily
seen
1932,
that,
industry, the output of
the
table
substantial
is
on
increase,
greatly
a
too
(as
a
larger production of the various industries)
is shown in the number of
cars
loaded with
revenue
Receipts of cotton at the Southern outports, also,
freight.
ran very
much larger than a year ago.
On the other hand, livestock
receipts at the leading cattle
markets
last year
smaller
were
than
and the receipts at the Western primary markets
f Com¬
*
Four weeks,
z
Five weeks.
above applies exclusively to the
railroads of the country collectively.
Turning
our
attention
separate roads and systems, we find the exhibits
to the
consonance
August,
with the results shown in the general totals.
1939, 46 roads are able to show increases in
earnings in
excess
of $100,000, while only eight roads
report decreases above that amount, and in the case of
Outstanding
and 12 roads decreases.
the roads and
among
systems which are able to show gains in both gross
earnings alike
list in the
and
an
are
case
York
of
$1,385,847 in net earnings; the New
reporting $3,289,218 gain in gross and $1,-
431,848 in net
New
and net
the Pennsylvania RR., which heads the
of the gross, with an increase of $5,562,307,
increase
York Central,
the
the
earnings 37 roads report gains of more than $100,000,
net
(these figures
Central and
its
cover
the operations of the
leased lines;
when, however,
Pittsburgh & Lake Erie is included, the result is an
increase of
$3,744,617 in
gross* and
a
gain in net of $1,-
498,112); the Chesapeake & Ohio, which heads the list in
the
case
of net earnings, reporting $1,943,908 in gross
and
$1,492,967 in net; the Baltimore & Ohio, with $2,666,755
and $1,253,303 in net, and the Norfolk & Western,
$1,854,901
increase in
gross
accompanied by
a
gain in net of $1,081,083.
Among the roads showing losses
in both gross and net earnings, we find the Chicago Bur¬
lington & Quiney, with $566,905 decrease in gross and
$940,220 decrease in net; the Missouri Pacific, with $321,349
loss in gross and $322,661 in net, and the Atchison Topeka
& Santa Fe, with $205,341 decrease in gross and $303,400
in net.
In the following table we show all changes for the
separate roads and systems for amounts in excess of $100,000,
whether increases or decreases, and in both gross and net:
OF
V*." ■'
-
I
EARNINGS FOR THE MONTH
AUGUST
TtiPVPnttiP
J.TLCTCdSC
.
$5,562,307 Central of N. J
a3,289,218 Seaboard Air Line2,666,755 Long Island
Pennsylvania
New York Central
Baltimore & Ohio
Chesapeake & Ohio
Norfolk & Western
Dul Missabe & Ir Range.
Sou Pacific (2 roads)
Great Northern
Louisville & Nashville—
N Y N H & Hartford...
Reading
Bessemer & Lake Erie—
Erie
Southern Ry
1,943,908 Wabash
1,854,901 Grand Trunk
1,309,373
936,730
749,438
718,657
681,574
655,651
644,084
636,656
609,683
Western
$309.440
282,792
-
232,551
214,843
207,496
158,498
152,506
147,470
137,974
125,481
117,101
115,816
106,554
102,940
102,402
Western..
Maryland
Denver R G & Western.
Alton
N O Texas & Mex
(3 rds)
Missouri Illinois
Clinchfield..^
Monongahela
Nash Cnatt & St Louis..
Union Pacific
592,338 Lehigh & New England..
Chicago & North Western
Delaware & Hudson
488,288 Western Pacific
Pittsburgh & Lake Erie.
455,399
Minn St P & S S Marie-
-
413,078
-
389.291
384,373
Lehigh Valley
Elgin Joliet & Eastern.
Boston & Maine
Del Lack & Western
the
Commission,
85,703.240 + 11.064,702 + 12.91
August
indicate
of trade activity in
measure
road
In
(figures for 37
Coal
g Reported by major stock yard companies
mills varies in the different years),
that has been said
All
general business statistics underlying
the improvement noted last
Bituminous
h New York Produce Exchange,
k "Iron Age."
1 American Iron
Institute,
m National
Lumber Manufacturers Association (number of
Steel
gross
Z637.694 zl,887,472
Z707.423 zl,865,395
city,
reporting
now
z525,510 z2,047,994
Association of American Railroads,
PRINCIPAL CHNAGES IN GROSS
We turn
*16,040
Iron & Steel (gross tons):
showing
gross.
comparison in tabular form:
Gross
xl,750
*82,032
zl,526
*59,687
in gross
of
5,917
*1,620
Net earnings for August
increase
17,105
8,247
*55,099
$96,767,942, against $85,703,240 in August, 1938,
of the advance in
part
totaled
an
increase of $29,070,853
increased
costs
6,771
4,858
*15,327
In
indications
5,973
3,615
*8,279
*17,492
in
now are
4,101
2,984
*41,371
barrels)
Corn (000 bushels)
moderately in comparison with previous
they
449,405
12,466
3,886
Wheat (000 bushels)
The managers of the great transportation
were
436,088
7,415
2,612
(cars)
(cars)
Flour (000
months of 1939.
increase of gross
664,205
7,658
receipts: h
carriers increased
properties
308,089
6,254
Western flour and grain
in general business which carried the United
1937 and most of 1938.
of late
476,187
Chicago (cars)
piled from private telegraphic reports.
operating results afford
mild upswing
x2,689,161 x2,392,071 *3,100,590 *2,129,497 x4,494,786
South¬
d United States Bureau of Mines,
they
as
receipts,
ports (bales) A
Livestock receipts: g
ern
hostilities
an
$488,882
Freight traffic:
justi¬
States to
498,628
34,470,000 28,665,000 33,988,000 22,489.000 44,695,000
3,835.000
2,735,000 2,903,000 3,465,000 5,735,000
Shipments.m
are
•
$133,988
Pa. anthracite_d
as now
important degree.
Unaffected
$281,217
to buy com¬
war was
not, the fact remains that the European
or
$313,141
previous months,
potential demands and the
general price advances possible in
stimulated
$312,328
Bituminous, c
reference to the events of the
first World War indicated the
fied
90,325
As
modities and contract for industrial products far in advance
of actual
394,330
business situation, the
our
against the hand-to-mouth buying of
the
90,494
Goal (net tons):
as
naturally occasioned marked changes.
war
99,868
occa¬
war
For the railroads,
buying.
important elements of
European
before the
1929
&c.)_a__
cars, trucks,
present suggest merely a continuance
we now
1932
Building ($000):
the Atlantic already was in an upswing, and the operating
results which
1937
1938
Production (passenger
the American side of
on
were
r
1939
August
tember, and which brought about heavier traffic offerings
effects and
whole)
as a
Automobiles (units):
the
upon
outbreak of the European war during the first days
to the railroads.
products (taking them
greatly reduced scale.
a
a year,
and net earnings do not reflect the sharp advance of
gross
on
The August figures of
outstanding.
now
of the various farm
for subsequent months will
optimism to holders of the great
more
2285
N Y
Chicago & St Louis-
Lake Sup & Ishpeming__
Virginian
Wheeling & Lake Erie..
Pere Marquette
Total (46 roads)
101,296
$29,965,458
7") pcr p n
Chic Burl & Quincy
372,378 Missouri Pacific
361.616 Chic R I & Pac (2 rds)..
338,506 Atcb Top & Santa Fe—
335,565 Spokane Portl & Seattle.
325,272 Colorado Southern (2 rds)
^p
$566,905
321,349
280,462
205,341
146,150
124,232
319,025
316,234
Total (8 roads)
$1,644,439
the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central
Cincinnati Northern, and Evansville Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is an increase of $3,744,617.
a
These figures cover
The Commercial & Financial Chronicle
2286
PRINCIPAL
CHANGES
IN
NET
OF
FOR
EARNINGS
THE
AUGUST
Baltimore & Ohio.
Norfolk & Western.....
Dul Missabe & lr ltange
Bessemer & Lake Erie
Erie
Minn St P & 8 8 Marie..
124,174
122,828
119,698
110,064
108,436
103,449
102,757
397,662
Total (37 roads)
331,251
.$13,333,117
305,159
297,010
Decrease
265,567 Chicago Burl & Quincy.$940,220
246,990 Illinois Central
440,456
220,154 Missouri Pacific
322,661
218,420 Atch Top & Santa Fe._
303,400
215,853 Chic Milw St P & Pac__
211,699
Chicago & North Western
Great Northern
Lake Sup & Ishperring..
Delaware & Hudson
...
Louisville & Nashville
Boston & Maine
$127,842
__
Pennsylvania
Virginian
Increase
$1,492,967 Grand Trunk "Western
al,431,848 St Louis-San Fran (2 rds)
1,385,847 N Y Chic & St Louis
1,253,303 N Y N H & Hartford..
1,081,083 Denver & R G Western..
1,072,996 Western Pacific
508,183 Pere Marquette
409,138 Alton
__
New York Central.
..
Reading
Southern Ry
Lehigh Valley
Elgin Joliet & Eastern..
Wheeling & Lake Erie..
N O Texas k Mex (3 rds)
188,482 Northern Pacific
200,329
181,795 St Louis Southwestern..
160,567
180,334 Spokane Portl & Seattle
156,294
159,816 Chic R I & Pac (2 rds)..
156,227
153,947 Union Pacific
101,115
143,941 Atlantic Coast Line
100,392
139,000
Total (12 roads)
133,123
$3,093,360
Southern Pacific 12 rds;
Del Lack & Western
Central of N.J
Cincinnati Northern; and Evansville Indianapolis & Terre Haute.
cluding Pittsburgh & Lake Erie, the result is an increase of $1,498,112.
arranged in
are
groups,
or
geographical
divisions, according to their location, it is found that all
three great districts—the Eastern, the
Southern, and
the Western—as well as all the various
regions comprising
these districts, with the single
exception of the Southwestern
Region in the Western District, show gains in gross earnings,
while all the districts with their various
regions, with the
exception of the Southern Region in the Southern District,
and the Central Western
Region and the Southwestern
Region in the Western District, reveal increases in the net
earnings.
It will be observed, too, that the percentage of
increase reported by several of the regions is
quite high in
the case of the net earnings,
reaching 24.06% in the Central
Eastern Region, 28.44% in the Great Lakes
Region, and
34.57% in the Pocahontas Region.
Our summary by
groups is as below.
As previously explained, we group the
to
conform with
Commerce
groups
the
Commission.
and regions
are
classification
The
of
boundaries
the
of
Interstate
the
contributed to the shortgage, the falling off in the case of
wheat being particularly heavy.
Altogether the receipts
the
at
Western primary markets of the five items, wheat,
oats, barley, and rye, in the four weeks ended Aug. 26,
corn,
totaled
only
87,368,000
usual form:
WESTERN FLOUR AND
$
S
60,384,385
70,457,223
Total
13.036,921
RECEIPTS
Flour
Chicago
Corn
Oats
{Bush.)
{Bush.)
{Bush.)
3,849
1939
Minneapolis
Wheat
{.Bbls.)
Year
(000 Omitted)
1939
906
3,127
3,041
4,724
6,863
5,150
285
816
74
7,854
2,220
10,379
930
6,766
443
7,059
3,448
3,177
8,187
11,430
mm
m
1939
Milwaukee
{Bush.)
15,678
617
1,998
1,367
5,986
2,373
2,837
488
349
28
15
3,434
1,061
888
m
1938
Duluth
Barley
Rye
{Bush.)
15,830
1938
1939
1938
70
1938
85
861
71
807
64
3,781
m
mm-m
2,098
123
779
37
50
-
mm
«.
1,592
212
666
31
14
1939
m mm
m
3,429
1,199
990
74
1938
Toledo
mm mm
1,842
2,333
94
5
720
212
16
31
1939
,
1938
Indianapolis and Omaha..
1939
480
4,826
2,366
1938
St. Louis
477
3
2,763
607
150
250
1,624
.521
147
322
1,705
460
1939
Kansas City
447
1939
1938
Peoria
84
3,152
408
190
67
10,575
394
253
170
157
771
134
240
mmmm
2
rnmrnm
1938
St. Joseph
1939
•
1938
Wichita
—
m
1939
m
~
mm
mmmm
1938
338
204
54
228
278
»•«..»
578
1,495
994
28
60
•
-
-
.
mmrnm'
-
2
mm
mm
Total all
3
2
1939
126
42
270
23
99
1938
Sioux City
465
209
169
105
409
m
mmI
m
mmmm
1939
1,690
41,371
8,279
17,492
3.143
17,083
) 1938
1,620
55,099
15.327
23,458
6,217
15,110
{
AUGUST
1938
Central Eastern region (18 roads).,.
GRAIN
Four Weeks Ended Aug. 26
Eight Months Ended Aug. 26
1939
Eastern District—
four weeks of
same
Gross Earnings
New England region (10 roads)
Great Lakes region (23 roads)
bushels,
as
against 115,211,000
August, 1938, and 106,470,000 in the same period of 1937, but comparing with
76,262,000 bushels in the corresponding four weeks of 1932.
Back in August, 1929, the grain movement in the same
four weeks was
151,565,000 bushels.
In the following
table we give the details of the Western
grain traffic in our
bushels in the
different
indicated in the footnote to the table.
SUMMARY BY GROUPS—MONTH OF
District and Region
1939
(taking the roads as a whole)
August the present year fell far below that of August
and also was very much smaller than in the corre¬
sponding month of 1937.
With the single exception of
barley, the receipts of which were considerably larger than
a year ago, all the different cereals in
greater or less degree
In¬
the
roads
14,
last year
a These
figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis,
Michigan Central,
When the roads
Oct.
The Western grain traffic
in
Increase
Chesapeake & Ohio
MONTH
Inc. (+) or Dec. {—)
Flour
Wheal
Corn
Oats
Rye
Barley
(BUs.)
Year
(000 Omitted)
i
{Bush.)
{Bush.)
{Bush.)
{Bush.)
(Mush.)
%
11,933,345
+ 1,103,576
+ 9.24
+ 7,127,789 + 13.38
59,019,672 + 11,437,551 + 19.37
143,878,529 124,209,613 + 19,668,916 + 15.83
-------
7,256
21,804
41,035
16,697
710
6,941
24,213
82,994
5,524
1,161
57,201
7,522
17,154
15,697
1,401
1939
7,546
27,516
1938
(51 roads)
1939
1938
3
32,130
19,154
11,245
5,941
20,653
Chicago
53,256,596
Minneapolis
Duluth
1939
25,177
Milwaukee...
39,824,947
22,881,034
Total (32 roads)
37,979,110
+ 1,845,837
+ 4.86
+ 4,155,920 + 22.19
1939
595
1938
588
1939
13
56.704,224
+ 6,001,757 + 10.58
Northwestern region (15 roads)
Central Western region (16
roads)...
2,498
10,070
3,604
8,825
3,788
244
173
759
442
12,163
14,483
5,051
47,184,686
65,893,290
43,808.496
+ 3,376.190
65,557,442
Southwestern region (20 roads)
+ 335,848
+ 0.51
24,146.548
24,458,406
—311,858
—1.27
Indianapolis & Omaha.-..j
5,108
9,347
7,116
2.937
5,841
134
83
8,232
77
106
23,509
22,175
3,639
17,602
4,771
1939
Toledo
7,291
374
1938
Peoria
+ 3,400,180
13
5.938
2,030
151
1,225
3,791
18,718
23,114
3,511
155
1,171
1,467
1,739
2,786
557
2,003
666
70,517
5,603
1,509
1938
+ 9.23
13,084
17,520
563
1,432
2,132
2,524
2,166
1938
1939
City
+ 2.54
29,070,853
287
22,637
1939
+ 7.70
Kansas
133,824,344
51
9,105
4,217
1938
St. Louis
20,204
1939
Western District—
1^7,224,524
5,755
22,781
3,340
1938
18,725,114
62,705,981
Total (51 roads)
9,288
20,062
1938
Southern District—
Southern region (28 roads)
Pocahontas region (4 roads)
6,650
428
343,809,034 314,738,181
480
79,091
7,094
2,041
1939
5,916
1,110
1,308
1938
5,251
1,915
1,420
1939
24,860
1
1938
Total all districts (134 roads)
16,091
50
4
1939
1,248
1,748
640
123
1938
1,365
1,974
319
229
716
15,378 267,688 109,656
13,183 234,960 207,555
59,198
63.185
12,274
54,958
12,693
53.494
St. Joseph
+
Wichita..
Sioux
District dk Region
Mileage
Eastern District-
1939
1938
1939
1938
S
$
In.
(+)
or
City..,
;.
Dec. (—)
$
%
+ 12.12
New Engl, region.
Great Lakes region
6,745
6.799
26,227
26,294
Cent. East, region.
17,681,124
+ 3,281,608
+ 4,255,444
57,815
39,642,536
31,793,292
+ 7,849,244
+ 24.68
all
/ 1939
+28.44
24,722
2,887,203
14,818,765
21,936.568
2,575,011
11,537,157
24.564
Total
20
Total
57,536
Southern
+ 312,192
+ 24.06
Dist.—
38,375
38,560
6,058
8,761,651
10,942,204
8,957,362
6,057
8,131,104
—195,711
+ 2,811,100
+ 34.57
44,432
44,618
19,703,855
17,088,466
+ 2,615,389
+ 15.30
Northwest'n region
45,701
45,871
Cent. West, region
+ 1,910,577
56,584
15,284,638
17,308,197
13,374,061
56,408
29,307
+ 14.28
18,265,824
—957,627
—5.24
29,406
4,828,716
5,181,597
—352,881
—6.81
region
Total
Western
—2.18
Dist.—
Southwest'n region
Total
very
Southern
roads, this, though
much smaller than in August last year so far as the
shipments of cotton are concerned, was on a greatly
over
overland
Southern region...
Pocahontas
1938
I
As to the cotton traffic
131,416 131,861
37,421,551
36,821,482
+ 600,069
+ 1.62
Tot. all districts 233.384 234.294
96.767.942
85,703.240 + 11.064.702
+ 12.91
uuuiunia
me ciassmcauon oi me
"ui
vi
WG
ivivua
increased
scale
in
the
of
case
the
port
movement
of the
staple.
Gross shipments overland totaled only 48,785 bales
in August the present year, as against 57,338 bales in
August, 1938, but comparing with but 26,267 bales in 1937.
Back in 1932 the shipments totaled but 13,078 bales.
In
1929 but 22,527 bales.
Details of the port receipts of the
staple for the past three years are set out in the subjoined
table:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN AUGUST AND FROM
JAN.
1
TO
AUG. 31,
1939,
1938, AND 1937
interstate
Commerce Commissions, and the
following indicates the confines of the different
groups and regions:
Month of August
EASTERN DISTRICT
New England
Region—Comprises the New England States.
Great Lakes Region
Comprises the section on the Canadian
boundary between
New England and the
westerly shore of Lake Michigan to
Chicago, and north of
a line from
Chicago via Pittsburgh to New York.
Central Eastern
Region—Comprises the section south of the Great Lakes
Region
east of a line from
Chicago througn Peoria to St. Iouls and the
Mississippi River
to the mouth of the Ohio
River, and north of the Ohio River to
Parkersburg W. Va.
and a line thence to the southwestern
corner of Maryland and
by the Potomao
River to its mouth.
SOUTHERN DISTRICT
Southern Region—Comprises the section
east of the
Mississippi River and south
a point near
Kenova, W. Va.# and a line thence
following the
boundary of Kentucky and the southern
boundary of Virginia to tne Atlantic
Pocahontas Region—Comprises the
section north of the southern
boundary of
Virginia, east of Kentucky and the Ohio River
north to Parkersburg
W
Va
and south of a line from
Parkersburg to the southwestern corner of
Maryland and
thence by the Potomac River to its
mouth.
of the Ohio River to
eastern
WESTERN DISTRICT
Northwestern Region—Comprises the
section adjoining Canada
lying west of the
Great Lakes Region, north of a line from
Chicago to Omaha and thence to Portland,
by the Columbia River to the Pacific.
ana
Central Western
Region—Comprises the section south of
line from Chicago to Peoria and thence
to St.
the Northwestern
Region
west of a
Louis, and north of a line
from St. Louis to Kansas City and thence
to El Paso and by the Mexican
boundary
to the Pacific
8 Months Ended Aug. 31
Ports
1939
Galveston
Houston, &c
1938
1937
1939
87,447
34,288
105,126
1938
1937
286,451
460.764
131,587
72.646
66,836
145,808
331,893
479,545
33,760
64,759
351,189
641,321
Mobile
3,010
4,765
12,002
47,574
73,223
Pensacola
1,007
366
4,258
2,049
2,357
Savannah
5,526
33,464
15,468
26,560
New
Orleans
Brownsville
Charleston
167
4,978
mmmm
mm
299
23,112
33,464
mmrnmrnm
m
—
.
—
301,933
313,454
693,516
172,214
5,541
73,016
-
13,740
769
33,496
Wilmington
1,665
879
301
Norfolk
2,308
1,019
1,520
20,051
21,315
11,566
24,170
130.452
160,248
270.499
6,472
9,543
226,536
248,294
328,969
6,721
650
22,772
7,037
Corpus Christ!
Lake Charles
Beaumont
Jacksonville
Total
„
_
_
__
mm
187
1
476.187
308,089
624
5,459
25,075
2,312
96
212
44,602
11,161
127
2,766
664.205 1,319.069 2,014.824 2,007,983
Note—In the figures for 1938 and 1937 Brownsville
was
Included In Corpus Christ!.
Finally, in the table which follows, we furnish a summary
of the August comparisons of the gross and net
earnings of
the railroads of the country for each year back to and in¬
cluding 1909:
11990123
Volume
11199922360587
Mileage
GrossEarnings
Month
of
Year
Year
August
Given
Preceding
Inc.
(—)
119933287
243,816,594
276,927,416
Year
Per
Year
Cent
Given
( + ) or
Dec.
$225,488,923 $197, ,928,775 -f-S27.560.l48
+-17,839,341
251,505.986 233 ,666,645
Preced'g
+ 13.92
216.332
213,683
+ 7.63
234,805
230,925
227,076
245 ,784,289
—1,967,695
—0.80
230,536
251, ,067,032
+ 25,860,384
+ 10.30
239,230
235,404
+4,342,006
—11,326,412
219,492
280 ,919,858
+ 1.69
4.03
,618,381
+ 5,272,843
+ 1.92
247,809
216,709
237,159
245,754
259,835,029
269,593,446
279,891,224
333,460,457
255, ,493.023
+ 19.61
245,516
244,765
1917.....
373,326,711
333 ,555,136
+ 39,771,575
+ 11.92
1918.....
498.269.356
362 ,509,561
+ 135,759,795
+ 37.45
247,099
230,743
230,015
1914.....
1915.....
1916
278 ,787,021
+ 54,673,436
■
240,831
246,190
460 ,173,330
—32,636,656
+ 81,3/5,981
+ 17.68
233,423
227,145
233,203
541,549,311
504,599,664
554 ,718,882
—50,119,218
—9.03
233,815
233,067
472,242,561
504 ,154,065
—31,911,504
—6.33
235,090
563,292.105
507.406,011
554.559,318
1924.....
473 ,110,138
236,546
502 ,505,334
563 ,358,029
507 ,537,554
—6.49
+ 90,181,967
+ 19.06
—55,952,018
+ 47,021,764
—9.93
235,294
235,357
235,172
+ 9.26
236,750
226,440
235,696
235,445
236,092
364,010,959
465, 762,820 —101,751,861
—21.84
236,759
238,672
240,724
241,026
241,546
243,024
251.761,038
363, 778,572 —112,017,534
—30.79
242,208
242,217
300,520.299
251, ,782,311
+ 48,737,988
+ 19.36
241,166
242,358
282,277,699
296, 564,653
282, 324,620
—14,286,954
—4.82
239,114
240,658
+ 11,281,900
+ 4.00
238,629
238,955
577,791,746
553 ,933,904
+ 23,857,842
+ 4.30
556,406,662
579, ,093,397
—3.92
556,908,120
585,638,740
1931.....
1934.....
556, 743,013
—22,686,735
-f 165,107
557, ,803,468
+ 27,835,272
+ 4.99
465,700,789
1930-....
586 ,397,704 —120,696,915
—20.58
293,606,520
350.084,172
1935
+ 0.03
237,824
239,205
241,253
242,444
242,632
+ 56,505,915
+ 19.25
+ 9,071,860
+2.59
236,685
235,321
237,831
349, 923,357
358, 995,218
-—44.205,082
—12.31
234,479
235,324
343.809.034
1939.....
293, ,578,257
358,995,217
314,790,136
1936--.-.
*
274
469,868,678
1921.....
314. 738.181
+ 29.070 8S3
+ 9.23
233,384
234.294
235,879
Deficit
OF
STATE
THE
TRADE—COMMERCIAL
EPITOME
Friday Night, Oct. 13, 1939.
activity continues to move forward on almost
Trade reports reflect flourishing conditions in
Business
all
fronts.
lines.
many
industrial
of
It is said in authoritative circles that indices
production and distribution so far have
scarcely begun to reflect the rush of orders pouring in upon
in numerous lines of industry since early
manufacturers
It is said that when the Nation's mills and
work on business now on the books,
Reserve Board's index of production should continue
September.
factories really get to
the
to advance for a
considerable period.
Naturally the higher
production level will be reflected even later in freight load¬
ings of finished products, although the railroads also get
the benefit of better business in moving raw materials to
the manufacturing centers.
expected to announce prices for firsteither late this week or next week,
"Iron Age" stated in its mid-week review.
At the same
time the magazine forecast
that advances in quotations
will be "moderate," probably not more than $2 ot $3 a ton.
even
though the higher figure is less than the increased
cost of melting due to cost of scrap alone.
The magazine
estimates steel production at mid-week at 90% of capacity,
with a number of districts employing all available facili¬
Steel producers are
quarter 1940 delivery
Tin-plate mills are estimated to be operating at 93%,
and some cold reduction units are running at rates above
ties.
capacity to meet the heaviest tin-plate demand
experienced at this time of year.
"The
theoretical
the trade has ever
persistent peace talk has brought about careful considera¬
tion of the
steel industry's position in the event of an
"There would undoubt¬
the magazine reports.
armistice,"
edly be cancellations or suspensions of some tonnage now
on
the books, but no drastic decline in operations is ex¬
Moreover, there has been no strictly war
pected.
business,
been inspired by
fear of shortages or higher prices caused by the war.
Rail¬
roads are urging quick deliveries so that they can get
started on rehabilitation programs.
Automobile companies
are
taking heavy shipments, though the shutdown of the
Chrysler plants may relieve the pressure from that source
though some of the current business has
until
the
labor
industry in
declined 0.2%
settled.
from
power
Oct. 7
the all-time high of the previous week,
Institute
reports.
Output of 2,465,14.4% ahead of the output for the same
of 193S, whereas the year-to-year gain was 15.5% the
before.
New England and Rocky Mountain districts
230,000 kwh.
week
week
led
are
Electric
Edison
the
difficulties
production by the electric light and
the United States for the week ended
Electricity
was
percentage gains over the year-ago output.
England gained 20.8%, due to the fact that the hurri¬
in 1938 reduced electric production.
last week's
New
cane
Car loadings of revenue freight
for the week ended Oct. 7
according to reports filed by the rail¬
the Association of American Railroads.
This
totaled 834,694 cars,
roads
was
with
an
increase of 54
cars
above the preceding
week tips
132,078 cars more than the corresponding week in
1938, and 22,436 cars over the same period two years ago.
This total was 106.13% of average loadings for the corre¬
year,
sponding week of the 10 preceding years.
Bank clearings for the week ended Oct. 11 fell sharply
below the turnover for the preceding week and were onlv
slightly above the volume for the
corrsponding 1938 week,
despite the fact that the current week represented six days'
business as against five last year, owing to the Columbus
Day
holiday.
United
States
111999012345
2287
The Commercial & Financial Chronicle
149
Total clearings for 22 leading cities of the
current week, according to Dun &
for the
111999226837054
6
111999233780245678
Net Earnings
Month
Increase
(+)
Per
of
Year
Year
August
Given
Preceding
$85, 880,447
88, 684,738
$72,159, 624
89,529, 654
+ $13,720,823
—844,916
86, 224,971
86,820, 040
—595,069
—0.69
99, 143,971
87,718, 505
+ 11,425,466
+ 13.03
83, 143,024
—9,106,170
+ 471,544
—9.87
99, 713,187
92,249, 194
87,300 840
89,673, 609
+
10,039,578
+ 11.19
125, 837,849
99,464, 634
+ 26,373,215
+26.51
121, 230,736
142, 427,118
125,899, 564
112, 245,680
143,561, 208
*116, 173,003
123, 070,767
108,053, 371
*125,167, 103
86, 566,595
123,353, 665
—4,668,828
+24,312,758
—31,315,528
—224,226,374
+ 248.237,870
—36,787,070
136, 519,553
86,622, 169
+ 49.897,384
134, 669,714
166, 558,666
136,817, 995
—2,148,281
—1.57
+ 31,821,455
+23.62
164, 013,942
134,737, 211
166,426, 264
179,711, 414
173, 922,684
164.087, 125
87, 772,384
179, 416,017
Decrease
118,114, 360
or
(—)
Cent
+ 19.01
—0.94
+0.54
—3.71
+ 20.58
—21.81
—207.51
+ 197.62
—29.82
+57.60
+ 12,989,753
+ 7.81
—8.73
190, 957,504
174,198, 644
—15,697,472
+ 9,835,559
+ 16,758,860
1139, 134,203
191,197, 599
—52,063,396
—27.23
95, 118,329
139,161, 475
—31.64
+ 5.99
+ 9.62
62, 540,800
62,553, 029
71, 019,068
72, 794,807
94,507, 245
71,686, 657
104, 272,144
72,650, 775
104,255, 716
+ 31,621,369
+43.53
91, 424,620
—12,831,096
—12.30
85, 698,152
96, 767.942
1939......
95,070, 808,
96, 108,921
—44,043,146
—32,530,008
+ 33.555,892
—23,488,177
+ 1,108,150
91,404 620
—5,706,468
—6.24
85.703, 240
+ 11,064.702
+ 12.91
Bradstreet, Inc., amounted to
'
—34.21
+ 53.64
—24.85
+ 1.55
$4,548,622,000, compared with
$4,455,516,000 for the comparative five-day period last year,
an increase of only 2.1%.
The relatively small year-to-year
increase was due entirely to the sharp contraction at New
York,
clearings at the outside cities registered rather
over last year.
The turnover at New York
as
gains
heavy
only $2,455,898,000 against
totaled
giving
a
$2,874,525,000 last
year,
loss of 14.6%.
week, $70,44% above the
corresponding week last year, "Engineering News-Record"
announced yesterday.
Private awards make up 54y2% of
this total, the first time since April 14, 1938, that private
weekly construction volume has topped public awards for
the same week.
The construction total for 1939, $2,389,823,000, is 13% higher than the $2,110,800,000 reported for
the initial 41-week period last year.
Private awards for
the week are the highest since April 14, 1938, and are 124%
and. 168%
higher, respectively, than a week ago and a
year ago, due to the increased volume of industrial and
commercial building.
Public construction is 13% under
Engineering
construction
awards
for
the
643,000, are 31% higher than last week and
last week
Oct.
and 8%
of
Sales
Sears,
amounted
8
under last year.
Roebuck & Co. for four weeks ended
$62,505,149, a new high for any four-
to
period in the history of the company, and an increase
$12,609,331, or 25.5%, in comparison with the correspond¬
ing weeks of 1938, it was announced by T. J. Carney, Presi¬
dent.
Despite the outbreak of war in Europe early last
month, chain stores made another large gain in sales, their
second largest this year, according to the September com¬
pilation of chain store sales, released by Childs, Jeffries &
Thorndike, Inc.
The first 25 chains to report had an aggre¬
gate September volume of $266,942,872, an increase of $30,867,808, or 13.07% over the same 1938 month.
Production of automobiles this week dropped to 75,860
week
of
units,
a
decrease of three-tenths
of 1% from the previous
The report
the Dodge
division of Chrysler Corp.
Output in the like week a year
ago totaled 43,540 units,
and for last week amounted to
76,095 units.
The total output for the first 41 weeks of
1939 surpassed that of the full year of 1938, the total of
this year to date being 2,719,444 units against 2,655,171 for
all of 1938.
Continuance of present automobile production
schedules and the anticipation of further increases in the
next
few
weeks indicate that
1,250,000 units will be
turned out in the final quarter of 1939, an all-time high
for the last three months of any year since the inception
of the automobile industry, reported Ward's.
The highest
production during the last quarter of any previous year
was
established in 1936, when 1,154,806 automobiles and
week, according to Ward's Automotive Reports.
attributes the drop to labor troubles within
trucks were
An
manufactured.
increasing price
consciousness on the part of shoppers
country was discerned today by Dun &
Bradstreet in its weekly trade review.
This condition was
throughout
most
the
pronounced in silk and woolen products, although it
advertising appeals and mark-downs were
"was evident that
active consumer response in all staple
strong to sharp mark-ups on food
items, and some price-cutting appeared in larger cities.
For
the country as a whole, the review said, retail sales were
8% to 13% ahead of the same period a year ago.
As a
rule, increases were largest in more highly industrialized
sections, although weather conditions played an important
part in comparisons.
In industry, it was stated, large back¬
logs of orders continued to support an advance in operating
finding exceptionally
lines."
levels.
Resistance was
2288
The
The Commercial & Financial Chronicle
week's
weather
characterized by abnormally
high temperatures over the eastern half of the country and
by moderate to fairly heavy rainfall over large mid-West¬
ern
areas that have been
experiencing persistent drought.
The relatively warmest weather occurred in the
Ohio, middle
Mississippi and lower Missouri Valleys, where the mean
temperatures ranged mostly from 8 degrees to 14 degrees
above normal, making it one of the warmest October weeks
In the Atlantic area
temperature excesses were
of record.
mainly from 1 degree to 7 degrees, while the South was
2 degrees to 10 degrees warmer than normal.
The Western
half
of
the
country
relatively cool, though the minus
departures from normal temperature were not especially
large, mostly 3 degrees to 4 degrees.
At the close of the
week abnormally high temperatures continued in
the East¬
ern States, but a
sharp reaction to cooler weather had set
in
the Northwest and much of the
over
Midwest, with subreported over some Northwestern
the morning of Oct. 10.
In the New York City
freezing
areas
temperatures
on
it
area
was
was
excessively
during the early part of the
week, but cool and fine during the latter half.
The
weather
was
warm
fair
and
tonight,
with
increasing
cooler temperatures
on
Fri.,
Oct.
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
7,
Oct.
9
Oct. 10
Oct. 11
Oct. 12.
cloudiness
followed
by
rain
and
Saturday.
was 49 to 57 degrees;
Baltimore,
Pittsburgh, 39 to 64; Portland, Me., 46 to 54;
Chicago, 46 to 65; Cincinnati, 32 to 67; Cleveland, 37 to 57;
Detroit, 39 to 57; Milwaukee, 38 to 51; Charleston, 60 to 68;
Savannah, 62 to 89; Dallas, 55 to 78; Kansas City, Mo.,
55 to 68; Springfield, 111., 41 to 60; Oklahoma
City, 53 to
78; Salt Lake City, 39 to
to
71;
67^ and Seattle, 47 to 65.
September for Third Consecu¬
Month, According to Fairchild Publications
tive
Index
1939
follows:
168.9 Two weeks ago, Sept. 29.-----168.3
167.5 Month ago. Sept. 13--..167.9
166.5 Year ago, Oct. 13
142.6
167.4 1938 High—Jan. 10
152.9
167.8
Low—June 1
130.1
_
.Holiday 1939 High—Sept. 22-.
.167.2
Low—Aug. 15
—
Oct. 13
-.172-8
138-4
Freight Car Loadings in Week Ended Oct. 7
Reaches 834,604 Cars
18.8% above the corresponding week in 1938 and an
or 2.8% above the same week in 1937.
Loading of revenue freight for the week of Oct. 7 was an
increase of 54 cars above the
preceding week.
The Associa¬
tion further reported:
or
increase of 22,436 cars
Miscellaneous freight loading totaled 330,944 cars, an increase of
1,832
above the preceding week, and an increase of
52,714 cars above the
cars
corresponding week in 1938.
Loading of merchandise less than carload lot freight totaled 159,822
cars,
decrease of 2,582 cars below the preceding
week, and a decrease of 1,742
below the corresponding week in 1938.
a
cars
Coal loading amounted to 171,640 cars, an increase of
2,683 cars above
the preceding week, and an increase of 37,331 cars above the
corresponding
week in 1938.
Grain
4,188
and
cars
grain
products
loading
totaled
below the preceding week, and
a
41,182
cars,
a
decrease of 1,313
decrease
of
below the
cars
corresponding week in 1938.
products loading for the
of
3,593
cars below the
In the Western districts alone,
grain and grain
week of Oct. 7, totaled 24,582 cars, a decrease
preceding week, and
a
decrease of 3,191 cars below
the corresponding week in 1938.
Live stock
loading amounted
to
20,811 cars, an increase of 559 cars
above the preceding week, and an increase of
1,246 cars above the corre¬
sponding
Retail Prices Gained in
as
14,
Loading of revenue freight for the week ended Oct. 7,
totaled 834,694 cars, the Association of American Railroads
announced on Oct. 12.
This was an increase of 132,078 cars
Overnight at Boston it
45
6-
Oct.
Revenue
cool
today.
Temperatures
ranged from a low point of 49 degrees to a high of 63 de¬
grees.
Partial cloudiness and cooler weather is looked for
Oct
The movement of the index is
was
stock
cars
for
week in
the
1938.
week
of
In
Oct.
the
7,
Western
totaled
above the preceding week,
and
districts
17,419
an
alone, loading of live
cars,
increase of
an
increase of 1,563 cars
1,009
above the
corresponding week in 1938.
Retail prices in September recorded a
gain of 0.8% as
compared with August, and reached the highest monthly
index since May 1, 1938, according to the Fairchild
Publica¬
tions retail price index.
The index at 90.2 (Jan. 3, 1931—
100) also shows an increase of 1.3% above the
corresponding
period a year ago and a gain of 2.6% above the 1936 low.
However, the latest index shows a decline of 6.6% below
the 1937 high.
Prices have advanced 1.2% since the current
low recorded on July 1.
The announcement issued by Fairchild Publications, New York, Oct. 12, continued:
For the first time in
months
each
of the
Forest products loading totaled 36.824 cars, a decrease of
292 cars below
the preceding week, but an increase of 5,027 cars above
the corresponding
week in 1938.
.
Ore loading amounted to 62,125 cars, an increase of
1,734 cars above the
preceding week, and an increase of 33,610
week in 1938.
above
cars
the corresponding
Coke loading amounted to 11,346 cars, an increase of
308 cars above the
preceding
week, and
an
increase
of
5,205
cars
above
the
corresponding
week in 1938.
All districts reported increases compared with the
corresponding week in
1938.
All districts reported increases compared with the
corresponding
week in 1937 except the Central Western and
Southwestern which reported
major groups tended higher,
with home furnishings recording the greatest
gain, an advance of 1.1%.
As compared with a year ago, however,
gains were recorded by women's
apparel and home furnishings, with fractional losses
recorded by
decreases.
1939
1938
goods, men's apparel and infants'
Four weeks In January.
Four weeks In February
2,302,464
2,297,388
2,256,717
2,714,449
2,155,536
Four weeks in March
2,763,457
2,390,412
2,832,248
2,371,893
2,222,939
2,986,166
3,712,906
1937
piece
the greatest advance over
the
Infants' wear,
wear.
1936 low,
with
the greatest decline below the 1937 high.
For the first time in months not
index showed
showed
with
decline.
increase of
of
home furnishings
showing
Five
Four weeks in May
Most of the commodities
represented in the index
advances were recorded in floor
Four weeks in June
3,214,554
3.4%; furs, with
showed the greatest gain above
a
gain of 2.6%; blankets, with
a
an
advance of 1%.
year ago,
with
an
an
in¬
Furniture also
increase of 7.6%.
According to A. W. Zelomek, Economist under whose
supervision the
index is compiled, retail prices have been
lagging in the advance as com¬
wholesale
quotations.
The possibilities
are
that retail
may show a more accelerated gain after the turn of the
year,
abroad continues.
THE
FAIRCHILD
2,649,960
2,185,822
2,170,778
2,861,821
2,483,189
Five weeks In July..
Four weeks in August
coverings,
1.6%, and furniture, with
pared with
weeks in April.
of the commodities
included in the
one
The greatest
gains.
an
crease
a
however, showed
prices
if the conflict
Five
Convlght 1°39. Fnirchild News Service
Total
Oct.
1,
1938
July 1,
1939
Aug. 1,
1939
Sept. 1,
1939
2,392,071
3,243,511
702,616
25,260.361
...
3,100,590
3,844,358
834,694
weeks in September..
Week ended Oct. 7
22,841,771
29,958,208
4,013,282
812,258
The first 18 major railroads to
report for the week ended
Oct. 7, 1939 loaded a total of 382,936 cars of revenue
freight
on their own lines,
compared with 389,068 ears in the pre¬
REVENUE
1933
3,794,249
ceding week and 328,216 cars in the seven days ended Oct. 8,
1938.
A comparative table follows:
PUBLICATIONS RETAIL PRICE INDEX
JAN. 3, 1931=100
May 1,
2,689,161
3,098,632
2,962,219
FREIGHT
LOADED
Composite index
69.4
Piece goods
65.1
84.5
84.0
84.1
Men's apparel
84.1
70.7
84.3
88.7
88.4
88.4
88.4
AND
RECEIVED
FROM
CONNECTIONS
(Number of Cars)
Oct. 1,
1939
88.6
89.0
89.1
89.3
89.5
Loaded on Own Lines
90.2
Women's apparel
71.8
89.4
88.9
88.9
Infant's
89.0
76.4
89.5
96.5
95.9
95.9
96.0
70.2
96.1
91.1
90.6
90.6
90.7
91.7
Home
wear
furnishings
Piece goods:
Silks
57.4
64.0
63.8
64.2
Woolens
64.8
69.2
65.1
85.3
84.6
84.5
84.0
84.1
Cotton wash goods
68.6
104.1
103.5
103.5
103.6
103.6
65.0
93.5
91.4
91.4
91.1
72.9
91.6
105.0
102.8
102.8
102.8
104.5
Domestics:
Sheets...
Blankets & comfortables
Women's apparel:
Hosiery
59.2
74.0
74.0
74.0
Aprons & house dresses.
Corsets and brassieres.
75.5
104.4
105.4
105.4
...
74.1
105.4
74.1
105.4
83.6
92.5
92.5
Furs
92.5
92.5
92.5
66.8
93.0
90.4
90.4
Underwear
91.0
93.4
69.2
85.6
84.0
Shoes
84.0
84.0
84.2
76.5
86.7
87.2
87.2
87.2
87.2
_
Men's apparel:
Hosiery
64.9
87.8
87.6
Underwear
87.6
87.6
69.6
87.6
91.1
91.3
Shirts and Neckwear
91.3
91.3
91.4
74.3
85.7
86.2
86.2
86.2
69.7
86.4
82.1
82.5
82.5
82.5
70.1
82.5
90.2
89.4
89.5
89.5
95.0
93.1
93.1
93.4
Oct. 1
Atchison Topeka & Santa Fe Ry
Baltimore & Ohio RR.
Sept. 30
Oct. 8
Oct. 7
Sept. 30
Oct. 8
1939
1939
1938
1939
1939
1938
...
23,596
23,434
36,173
.
28,496
21,728
7,047
6,569
6,117
36,832
28,178
19,244
19,155
16,295
29.117
24,489
12,953
12,082
10,985
10,594
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw. St. Paul & Pac. Ry
18,816
18,057
17,955
24,480
24,190
20,999
10.560
Chicago & North Western Ry.._
9,817
8,528
17,500
17,946
15,585
13,880
13,250
11,004
2,371
2,357
2,366
1.719
1,600
Gulf Coast Lines
International Great Northern RR
2,005
10,314
8,569
1,291
2,128
2,240
2,154
2,085
1,920
4,967
5.349
4,929
3.023
Missouri Pacific RR.
3,149
2,849
17,845
18,475
New York Central Lines
46,378
Missouri-Kansas-Texas RR
15,977
10,175
10,709
8,944
45,816
37.207
New York Chicago & St. Louis Ry
Norfolk & Western Ry
48,686
47,919
40,533
7,261
7,456
11,855
11,999
27.250
28.446
5,513
22.626
Pennsylvania RR
4,451
76,792
60,054
5,380
48.948
5,494
73,112
48,304
39,965
6,512
6.618
5,574
Pere Marquette Ry.
9,479
6,437
6,465
7,057
7,187
4,979
7,187
8,448
5,884
32,714
32,825
31.882
9,677
9,022
8,296
6.403
6,061
5,935
9,843
9,768
8,515
90.0
76.3
Received from Connections
Weeks Ended—
Weeks Ended—
5,595
93.6
.
Hats and caps
Clothing, inch
overalls..
Shoes
Infants'
wear:
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry
Total
328 91 fi 93Q 3S9 osfi.Uo
199.220
TOTAL LOADINGS AND
Socks
74.0
100.4
100.8
Underwear
100.8
101.1
101.1
74.3
94.2
94.0
Shoes
94.0
94.0
94.9
RECEIPTS
FROM
CONNECTIONS
94.3
80.9
Furniture..
93.0
92.8
92.8
(Number of Cars)
92.8
69.4
95.0
95.3
95.4
95.5
96.5
79.9
110.0
113.9
113.9
114.5
118.4
50.6
57.4
55.0
55.0
55.0
55.1
60.1
75.3
73.9
Elec. household appliances
74.0
74.0
74.5
72.5
82.9
China
82.0
82.0
82.0
82.0
Chicago Rock Island & Pacific
81.5
94.0
28,196
94.1
28,521
94.0
93.9
93.9
Illinois Central System
27,634
40.283
39.926
St. Louis-San Francisco
35,171
15.727
16,029
14,784
84.206
84.476
77,589
Floor coverings
Musical instruments
.
.
Luggage
Moody's Commodity Index Off Slightly
Moody's Daily Commodity Index declined from 168.9 a
week ago to 167.2 this
Friday.
The principal individual
changes were the decline in steel scrap and the rise in silver
prices.
Weeks Ended—
Oct. 7,
Total
In
1939
Sept. 30. 1939
Oct. 8,
1938
the following we undertake to show also
the loadings
for separate roads and systems for the week
ended Sept. 30,
1939.
During this period 105 roads showed increases when
compared with the same week last year.
Volume
The Commercial & Financial Chronicle
149
REVENUE FREIGHT
LOADED
AND
RECEIVED
FROM
CONNECTIONS
Total Revenue
from Connections
1939
1938
1937
Ann Arbor
Boston &
671
1939
726
Chicago Indianapolis & Loulsv.
Central Indiana
564
1,103
1,441
879
1,814
1,592
238
146
6,139
1,844
1,167
8,654
Maine
8,773
11,492
2,605
9,989
2,142
1,937
27
20
33
61
61
1,346
794
2,371
6,023
11,360
4,798
9,939
1,469
6,188
11,064
7,747
2,767
10,691
5,793
-
Central Vermont
Delaware & Hudson
Delaware Lackawanna & West.
483
608
490
177
145
1,534
1,703
315
245
294
1,481
3,378
14,667
4,534
12,320
4,241
14,525
15,023
5,171
135
122
194
8,225
2,159
1,094
2,782
12,279
6,603
2,231
1,867
9.429
2,476
3,645
2,028
35,962
1,873
9,833
3,174
5,138
2,399
—.
Detroit Toledo & Ironton
Detroit & Toledo Shore Line...
Erie-.-
-
Grand Trunk Western
—
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Maine Central
;
9,140
2,358
Detroit & Mackinac
10,155
2,977
5,026
2,253
45,816
11,164
1,217
7,466
_
Monongahela
Montour
New York Central Lines.--...
7,097
2,215
2,016
1,042
6,944
2,292
262
223
1,688
Southern District—(Concl.)
Mobile & Ohio
Nashville Chattanooga & St. L.
474
Pittsburgh & Lake Erie
Pere Marquette—
Pittsburgh & Shawm ut
Pittsburgh Shawmut & North..
Pittsburgh & West Virginia
472
465
492
783
Southbound
J 161
202
185
848
870
114,952
106,316
118,168
73,042
63,654
22,895
18,277
2,543
20,716
3,869
7,108
21,257
30,071
22,780
4,729
16,826
13,250
11,066
3,367
8,424
3,688
Southern System
Tennessee Central
Winston-Salem
Total
Northwestern District—
Chicago
Chicago
Chicago
Chicago
& North Western
Great Western.______
Milw. St. P. & Pacific.
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South-
9,671
Green Bay & Western
8,094
6,465
5,585
5,005
Lake Superior & Ishpeming
287
491
51
44
390
288
173
926
1,251
725
6,061
4,652
5,675
6,120
1,766
1,148
9,768
1,324
528
3,898
4,934
3,842
2,746
169,844
137,287
170,120
183,756
153,654
Wabash
Wheeling & Lake Erie
Total
2,790
23,534
5,061
14,103
1,748
8,058
St. P. Minn. & Omaha.
Duluth Missabe & I. R
2,060
339
685
Baltimore &
451
488
1,001
820
36,832
5,254
28,636
36,009
5,427
19,155
15,301
2,452
1,452
3,699
335
406
403
6
1,683
7,794
Buffalo Creek & Gauley
Cambria & Indiana
Central RR. of New Jersey
Cornwall
1,104
1,525
7,646
23
11
12,886
11,042
6,487
509
550
199
201
27,939
3,353
2,892
684
717
648
3,452
2,303
1,254
2,150
6,258
2,856
2,025
7,566
13,615
89
58
2,263
2,676
4,102
2.378
2,261
3.379
_
8,299
12,265
Pacific
International
274
280
291
326
337
1,811
2,165
1,759
1,347
133,440
101,824
135,722
53,143
44,733
23,434
3,294
21,467
3,113
26,366
3,589
6,569
2,948
6,148
2,292
382
365
598
90
42
18,057
2,036
13,867
3,102
16,978
1,661
13,907
2,491
19,556
1,905
10,314
8,582
791
591
798
4,054
1,048
1,155
2,071
1,393
3,514
1,028
1,272
1,849
14,624
3,507
1,024
4,529
1,189
1,354
2,153
9,733
2,842
927
17
28
1,161
1,847
1,114
1,275
469
705
424
380
1,917
1,531
127
713
1,999
1,078
126
849
538
390
10
16
158
0
0
26,653
24,695
27,170
5,258
4,929
424
409
334
1,492
1,258
16,859
Total
14,969
17,536
10,849
9,727
Central Western District—
6
.
Bingham & Garfield.
Chicago
Chicago
Chicago
Chicago
Burlington & Quincy..
& Illinois Midland
Rock Island & Pacific.
& Eastern Illinois
Colorado & Southern.
660
603
540
50
41
Denver & Rio Grande Western-
270
254
285
35
40
Denver & Salt Lake
Ligonler Valley
Long Island
198
125
179
40
33
700
1,087
677
3,190
2.766
Fort Worth & Denver City
Illinois Terminal
1,584
76,792
15,565
1,229
1,423
72,917
2,042
1,282
61,395
48,304
37,555
Nevada
13,255
15,505
18,874
5,351
15,169
North Western Pacific
Penn-Reading Seashore Lines..
Pennsylvania System
Reading Co
-
Union (Pittsburgh)
West
14,927
2,938
22
26
49
1
0
4,349
3,302
3,834
7,186
5,114
168,799
128,395
161,834
120,596
93,570
Virginia Northern.*.
Western
5,976
16,230
Maryland.
Total.
11,178
505
1,673
...
Cumberland & Pennsylvania...
—
342
4,319
18,454
Spokane Portland & Seattle
Alton
531
Ohio
483
5,912
7,923
Alleghany District-
Bessemer & Lake Erie..
169
1,118
8,217
559
Minn. St. Paul & S. S. M
Spokane
215
985
5,748
25,552
...
Minneapolis & St. Louis.
Northern
3,652
9,817
4,398
874
Great Northern.—
Atch. Top. & Santa Fe SystemAkron Canton & Youngstown..
781
353
;
9,481
23,588
11,999
756
393
2,380
2,595
1,191
1,092
3,256
3,823
14,265
401
5,315
7,297
6,873
527
2,537
2,781
1,086
1,340
3,391
4,953
16,438
8,219
21,495
11,436
1,458
1,176
2,496
3,080
1,427
431
7,997
1,492
5,591
5,508
5.430
-
1938
1939
8,593
23,632
Seaboard Air Line
654
New York Ontario & Western.
N. Y. Chicago & St. Louis
398
Richmond Fred. & Potomac
39,591
10,954
1,746
47,919
13,524
47,416
from Connections
1937
2,030
2,932
1,234
Piedmont Northern
Duluth South Shore & Atlantic-
32
1938
1,867
3,215
1,095
Norfolk Southern
7,541
6,618
N. Y. N. H. & Hartford
Rutland
Freight Loaded
1938
1939
30
Total Loads Received
Total Revenue
Railroads
Eastern District—
Bangor & Aroostook
2289
OF CARS)—-WEEK ENDED SEPT.
Total Loads Received
Freight Loaded
Railroads
(NUMBER
Missouri- Illinois
^
...
Northern
Peoria & Pekin Union
Southern Pacific (Pacific)
Toledo Peoria & Western
Union Pacific System
Utah
1,532
4,018
8,176
2,614
1,313.
3,058
461
427
657
12
12
1,942
1,903
2,030
3,065
2,667
123,935
113,575
132,061
63,626
54,623
Western Pacific
Pocahontas District-
Chesapeake & Ohio
29,117
Norfolk & Western.....
28,446
Virginian
62,747
12,082
1C.651
5,494
1,308
51,249
56,931
18,884
16,635
Total
5,004
4,334
25,512
26,205
5,214
24,168
22,747
5,184
980
—
Southwestern District—
Burlington-Rock Island
Total..
Fort Smith & Western
221
International-Great Northern.
Southern District—
Alabama Tennessee & Northern
310
215
264
185
195
Atl. & W. P.—W. RR. of Ala.
877
823
831
1,618
1,581
Atlanta Birmingham & Coast..
642
608
669
867
816
8,246
Atlantic Coast Line...
10,015
424
454
4,786
3,264
1,115
Clinchfield
1,542
1,343
1,564
2,283
4,416
2,635
1,012
1,701
—
538
556
521
386
331
Missouri-Kansas-Texas
—
171
191
188
451
451
Missouri Pacific
52o
465
494
Durham & Southern
361
0
227
2,128
2,147
1,600
2,085
1,395
1,693
1,081
2,142
1,589
1,819
1,256
.
256
266
2,070
1,946
2,201
2,076
2,321
1,615
377
Louisiana Arkansas & Texas...
8,477
4,171
485
Columbus & Greenville-...
398
296
2,888
2,846
Kansas City Southern......
Louisiana & Arkansas.
4,022
4,332
205
294
2,422
Kansas Oklahoma & Gulf
Central of Georgia.
Charleston & Western Carolina
—
158
0
2,357
■:V
x
Gulf Coast Lines
a
396
a
980
a
a
Litchfield <fc Madison..
410
289
284
927
Midland
918
872
912
202
283
284
216
342
315
5,349
18,521
5,009
16,680
7,C43
19,342
3,149
2,945
8,965
Valley
Missouri & Arkansas
Lines.
.
-
10,709
803
349
658
Quanah Acme & Pacific
189
108
97
117
94
46
38
62
126
99
St. Louis-San Francisco
9,749
965
997
1,677
1,604
Louis Southwestern
3,524
9,343
3,495
10,915
1,008
5,051
2,181
3,255
4,706
2,220
Florida East Coast
Gainsville Midland.
Georgia
Georgia & Florida
756
478
437
1,905
2,054
2,253
1,479
28,013
28,300
Illinois Central System
Louisville <fc Nashville...
1,071
10,288
5,384
455
314
366
—
Gulf Mobile & Northern
25,910
24,840
23,061
24,876
12,672
5,893
Macon Dublin & Savannah
175
170
162
504
230
225
236
3L5
331
...
4,968
7,589
5,004
4,144
8,554
6,402
3,946
2,810
3,411
203
270
271
98
43
19
20
12
41
30
60,923
58,262
59,025
38,913
34,422
Texas & New Orleans
Texas & Pacific
7,536
....
...
Wichita Falls & Southern.....
391
Mississippi Central......
St.
Note—Previous year's figures revised.
Wholesale
Commodity
* Previous figures,
Declined
Prices
x
0.6
of
Point
According to the "Annalist," commodity prices declined
during the week ended Oct. 7, largely because of
"peace" rumors.
The "Annalist" index closed at 80.9%
of the 1926 base on Oct. 7, the lowest since the war began
and 0.6 of a point below the previous week.
The announce¬
further
Cotton
such
as
and
corn
other
rubber,
••ANNALIST"
moved
The
lower.
more
demand.
specualtive
items,
and hides likewise declined, although liquidation
Copper
and prices rose to
lower, reflecting small export
sharply
textiles
cocoa,
not urgent.
was
were
was an
important exception to the general trend
the highest level since September, 1937.
Included in Louisiana & Arkansas, effective July 1,1939.
The trend of prices
foods and
week but
which
prevailed prior
Oct. 7,
new
1939
Food products
Textile products.
...
above the level
A
Higher quotations for wool, yarns, burlap, and
The chemical and
In
hemp took the textile index to a pew high for the year.
drug and fertilizer material indexes were also at the year's high points.
the metal group higher price levels for copper and steel scrap more than
offset declines for silver and tin, resulting in a rise in
Declines
the group average.
occurred in the indexes representing the prices of building ma¬
Declines
41
Sept. 30,1939
Although it was the third
With cotton, grains, and livestock
high point for the year was recorded by the fuel average, reflecting
to
in
price series
)
included in the index outnumbered advances,
32; in the preceding week there were 30 declines and
Oct. 8, 1938
40 advances;
preceding week there were 19 declines and 44 advances.
WEEKLY WHOLESALE COMMODITY PRICE INDEX
75.2
77.1
78.9
71.4
...
products declined.
September.
to
all moving downward the farm product average declined moderately.
in the second
Farm products
of industrial commodities was generally upward last
farm
consecutive decline in the food price average, it is still well
terials and miscellaneous commodities.
(1926=100)
..
a
70.3% in the week of Aug. 12.
The announcement by the
Association, dated Oct. 9, continued:
WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
'■V-
......
higher gasoline prices.
ment of the "Annalist" went on to say:
and
Total
Discontinued Jan. 24, 1939.
During Week Ended Oct. 7, According to "Annalist"
Wheat
Wetherford M. W. & N. W
73.5
72.9
74.4
72.9
58.9
Per Cent
Compiled by the National Fertilizer Association
Latest
(1926-1928=100)
Month
Year
86.8
84.7
85.2
Metals
99.2
98.5
97.0
Each Croup
Week
Week
Ago
Ago
Building materials
70.8
70.8
69.0
Bears to the
Oct. 7.
Sept. 30,
Sept. 9,
Oct. 8.
85.4
85.4
87.1
Total Index
1939
1939
1939
1938
75.6
76.3
71.5
75.1
75.3
72.2
80.9
81.5
80.3
Fuels.
...
......
Chemicals
..__
....
.
Miscellaneous.
25.3
Group
■
Foods
•
74.4
Preced'g
Fats and Oils
Wholesale
Ended
Oct.
7,
57.5
70.2
74.2
62.8
63.2
65.2
48.8
49.4
52.7
47.5
59.2
60.8
66.2
49.9
Livestock
Prices
57.3
66.9
Grains
Declined During Week
According to National Fertilizer
Commodity
57.0
64.9
Cotton.—.
23.0
53.7
Cottonseed oil
All commodities.
64.1
64.5
67.3
73.3
80.5*
Farm products
64.9
For the first time in two months, the
78.0
77.2
88.2
79.5
77.3
Textiles
72.9*
72.1
64.5
58.9
7.1
Metals
93.9
93.6
91.4
89.8
6.1
wholesale commodity
Building materials
85.3
85.5
83.9
price index of the National Fertilizer Association, in the week
dropping to 76.7% from
76.9% in the preceding week.
A month ago the index
(based on the 1926-28 average of 100%) registered 75.5%;
a year ago, 73.2%, and two years ago, 84.3%.
The lowest
point reached this year, and also the lowest since 1934, was
Fuels
10.8
Miscellaneous
commodities..
81.3
Chemicals and drugs.
93.8*
92.4
92.1
93.4
.3
Fertilizer materials
73.9*
72.5
69.2
70.4
.3
Fertilizers—
77.2
77.2
77.7
78.1
.3
Farm machinery
1.3
ended Oct. 7, recorded a decline,
80 .Or
88.0
8.2
17.3
Association
100.0
*
All groups combined..
1939 high point,
r Revised
95.0
95.0
95.0
97.3
76.7
76.9
75.5
73.2
The Commercial & Financial Chronicle
2290
Wholesale
Commodity
Prices
Oct.
Ended
First
7
for
During Week
Mid-August,
Declined
Since
Time
caused
materials
index
the
for
materials
building
rise fractionally.
to
cattle feed dropped sharply,
of crude rubber and
prices
1939
14,
lumber and paint
Advancing prices for
steel, bar silver, and antimony.
Average
According to Department of Labor Index
Oct.
while
and pulp and cylinder oils advanced.
paper
The first decline in the Bureau of Labor Statistics' index
of wholesale commodity prices since mid-August occurred
during the first week of October, Commissioner Lubin an¬
nounced Oct. 12.
"Weakening prices for farm products
and foods largely accounted for the decline," Mr. Lubin
said.
"The Bureau's all-commodity index dropped 0.6%
from 79.5% of the 1926 average for the week ended Sept. 30
79.0
to
for
the
week ended
Oct.
Commissioner
The
7."
Primarily,
as a
hides,
result of lower prices for agricultural commodities, coffee,
silk, crude rubber, and tankage, the
raw
index decreased nearly 2% during the week.
materials group
raw
Minor declines were recorded
in the indexes for semi-manufactured commodities, finished
other than
farm
for cotton, eggs, and wool averaged higher.
state that "department store
further considerable increase in September,
sales
showed
a
seasonally adjusted index advanced to 92,
the Board's
the
point reached since the autumn of 1937.
The
is shown below for the last three months and for
highest
index
September, 1938:
INDEX OF DEPARTMENT
1923-1925 Average
products, with sharp
vegetable oils.
Falling prices for fats and oils offset last week's gain in the chemicals and
Lower prices for bar silver and pig tin resulted in a minor
metals and metal products group
Without seasonal adjustment
r
—
4%
above
last
year,
BY
index to rise to its
increased as
result of higher
a
prices for coal, coke, and Pennsylvania gasoline.
Prices of cattle feed and crude rubber fell during the week.
Paper and
Index numbers for
the main groups of
commodities for the past 5 weeks and the percentage changes from Sept. 9
30 to Oct. 7,
1939.
DISTRICTS
Number
Number
of
Year Ago
a
of
Stores
Cities
Reporting
Included
Federal Reserve Districts
9 Months
September
+ 15
+3
49
29
+5
+ 1
58
30
+ 10
+6
28
+ 10
+ 7
22
11
Richmond....
+ 7
+4
52
25
Atlanta
+ 7
+9
21
14
+6
+0
36
31
St. Louis
+ 5
+6
33
16
+ 4
36
17
+1
23
Boston...
New York
Philadelphia..
+6
Minneapolis..
pulp and cylinder oils advanced.
and
RESERVE
Percentage Change
Cleveland
years.
The fuel and lighting materials group index
Board, which
to the
Chicago
caused the textile products group
(1)
according
FEDERAL
*
Pronounced advances in prices of hemp, sisal, burlap, rope, and cordage,
following tables show
91
from
together with continued increases in prices of woolen and worsted goods
The
60
the highest
Higher prices for leather, shoes, and
index to increase during the week.
point reached in the past 2
69
presented the following compilation:
responsible for the advance.
goods,
86
97
—
86
September were 8% larger than in September,
1938, and the total for the first nine months of the year
sharp advance in prices of lumber caused the building materials group
cotton
1938
Sept.,
89
in
REPORT
The index for the hides and leather products group rose to
July. 1939
1939
92
—
was
decline in the
index.
level reached since the Fall of 1937.
and
100
1939 Aug.,
Sept.,
Adjusted for seasonal variation
Sales
drugs group and brought the index down to the mid-September level.
were
STORE SALES
=
Prices
vegetables.
Food prices at wholesale also
dropped during the week, particularly meats, cereals, coffee, lard, sugar,
A
Board of Governors
announcement issued Oct. 9 the
an
products and foods" continued to gain.
decreases reported in prices for grains, livestock, and
belting
In
of the Federal Reserve System
products, and
The largest group decline was registered for farm
and
Department Store
September in
in
Reported by Board of Governors of Federal
Reserve System
Average prices for "all com¬
"all commodities other than farm products."
modities
Increase
Sales
and
added:
copra,
Further
Kansas
+2
City..
16
9
93
32
+4
520
"
+ 13
San Francisco.
19
+4
—2
Dallas
12
(2) Percentage changes in indexes of important
Total.
subgroups from Sept. 30 to Oct. 7, 1939.
*
(1926=100)
of
+ 8
242
September figures preliminary; in most cities the month had the same number
business
days this
year
and last
year,
but in September this
year there
were
five days as compared with four a year ago.
Percentage Changes
from—
Oct.
Sept.
Sept.
Sept.
Sept.
7
30
23
16
9
Sept. 30,
Sept. 9,
1939
1939
1939
1939
1939
1939 to
1939 to
Oct.
Oct. 7.
Commodity Croups
Electric
7,
1939
The Edison Electric Institute in its current
1939
—0.6
Output for Week Ended Oct. 7,
Above a Year Ago
+0.8
estimated that production of
All commodities..
79.5
79.0
79.5
79.3
78.4
industry of the United States for the week ended
7, 1939, was 2,465,230,000 kwh.
The current week's
output is 14.4% above the output of the corresponding week
of 1938, when production totaled 2,154,449,000 kwh.
The
69.3
69.5
69.7
68.1
3.6
—1.9
72.9
74.4
75.1
75.5
74.5
—2.0
—2.1
Hides and leather products
Textile products
105.2
*101.1
*100.4
*98.3
*96.0
+ 1.1
+ 9.6
73.8
73.4
72.3
71.4
68.4
+ 0.5
+ 7.9
Fuel and lighting materials
Metals and metal products
74.8
74.4
74.2
74.1
74.0
+ 0.5
+ 1.1
95.1
95.2
95.3
94.9
94.6
—0.1
+ 0.5
Building materials
91.8
91.2
91.0
90.7
90.1
+ 0.7
+ 119
—0.8
77.9
78.5
77.9
77.1
75.9
Housefurnlshing goods
89.1
89.1
88.8
87.1
87.0
output for the week ended Sept. 30, 1939, was estimated to
be
2,469,689,000
week
+ 2.0
a
+ 2.4
Miscellaneous
77.1
76.7
76.6
76.1
76.1
+ 0.5
71.7
73.1
73.0
73.0
71.8
—1.9
83.7
83.3
82.0
79.7
—r-0.2
82.3
82.4
82.5
82.3
81.9
—0.1
+ 0.5
81.7
81.8
81.7
81.4
80.7
—0.1
+ 1.2
83.7
83.3
83.0
82.4
81.7
+ 0.5
PERCENTAGE
+ 4.8
Finished products
■_
All commodities other than
+ 2.4
an
increase
14.4%
of
over
the
like
INCREASE
FROM
PREVIOUS
YEAR
—0.1
83.5
kwh.,
year ago.
+ 1.3
Raw materials
Semt-manufactured articles
weekly report
electricity by the electric light
Oct.
66.8
Chemicals and drugs
14.4%
and power
Farm products
Foods
—
1939,
.
farm products
Oct.
New England..
7,
1939
Week Ended
Week Ended
Sept. 30,
1939 Sept. 23,
Week Ended
1939 Sept. 16, 1939
x37.9
Revised.
x30.5
14.7
14.7
7.5
8.3
Central Industrial
17.3
17.9
15.8
13.6
West Central.
farm products and foods
x20.8
Middle Atlantic
All commodities other than
*
Week Ended
Major Geographic
Regions
18.1
8.4
12.4
11.3
Southern States
PERCENTAGE
CHANGES
IMPORTANT
IN
WHOLESALE
SUBGROUPS
PRICES
FROM
30 TO
SEPT.
Increases
INDEXES
OCT.
7,
11.1
12.6
24.1
24.9
18.8
>
11.1
14.6
6.5
5.9
9.1
5.6
14.4
15.5
13.7
10.4
Pacific Coast
1939
9.4
15.3
Rocky Mountain
OF
Decreases
Other textile products
—
5 .0
Livestock and poultry
7.5
Lumber
2 .0
Grains
7.4
Shoes
1 .9
Cattle feed
4.7
Other miscellaneous.
1 .5
Meats
4.1
Paper and pulp
1 .4
Crude rubber
3.4
Other leather products
1 .3
Other foods
Total United States.
2.2
Anthracite
1 .2
Fertilizer materials
1 .2
Non-ferrous metals
1.6
1 .0
FOR
RECENT
WEEKS
(THOUSANDS
—
—
_
—
Bituminous coal.....
0 .8
Coke
0 .7
Petroleum prolucts
0 .7
Change
1939
1938
1939
Week Ended
0.9
.0.9
following regarding commodity prices in the previous
ended Sept. 30 is from Commissioner Lubin's announce¬
During the last week of September the Bureau of Labor Statistics'
index of wholesale commodity prices remained at
79.5% of the 1926 average,
level of the preceding week.
Continued advances in
textiles
and
were
nonferrous
counterbalanced
metals.
stantially above its level of
a
Each
of
month ago.
Average wholesale prices of
by
lower
the
raw
to
advance
which
was
largely because of higher prices
rayon, woolen and worsted
group
rose
for
by
Higher prices for
Aug. 26
2,444,371
2,448,888
2,469,689
2,465,230
Sept.
Sept.
Oct.
more
com¬
7
Oct.
2,289,960
14
DATA
2,084,457
+14.2
+10.5
+11.5
+10.1
+11.8
FOR
RECENT
MONTHS
2,238,268
2,096,266
2,298,005
2,258,776
+9.9
2,256,335
2,261,725
+9.4
2,300,547
+10.7
+10.3
+9.7
+11.8
+10.4
+13.7
2,304,032
+15.5
+14.4
2,275,724
2,182,751
2,294,713
2,320,982
2,154,276
2,280,792
2,265,748
2,280,065
2,276,123
(THOUSANDS
OF
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
1,723,428
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
KILOWATT-HOURS)
up
by 1.6%
skins
1.5%
cotton
and
Percent
con¬
shoes.
Change
1939
Month of
a
minor
increase
Sharp decrease
metal
decrease
were
product
in
1939
1937
1932
1929
from
goods, silk and
1938
in
group
index.
Farm products dropped
reported in prices of livestock, meats, citrus
pepper,
and tallow.
prices averaged slightly lower because of
quicksilver.
Quotations
were
higher
+ 10.2
9.785,174
7,041,926
7,585,334
9,313,092
8,405,129
+ 10.8
8,922,551
6,502,755
6,850,855
10,188,587
9,572,242
9,137,970
+ 11.5
9,930,252
7,380,263
7,486,635
7,220,279
10,246,886
February
March
9,300,383
+ 11.1
9,589,639
9,979,099
8,617,372
8,800,414
6,787,923
6,320,551
+ 13.4
9,699,161
6,240,381
June
10.155.314
8,934,086
+ 13.7
July
10.261,275
9,262,484
+ 10.8
6,178,781
6,175,627
April
May
—
7,285,359
for
August
9,894,489
9,791,569
10,074,083
10,366,839
September
9,593,670
9,962,122
6,339,283
6,277,419
7,773,878
7,523.395
October
9,975,343
10,111,605
6,596.023
8,133,485
10,005,534
10,524,626
9,534,868
6,488,507
December
Continued advances in prices of bedding
the house furnishing goods
fruits, peanuts, dried beans, onions, lard,
and
1938
the highest
to
January
prices at wholesale declined nearly 1 %.
pronounced
1929
goods, burlap, and hemp contributed largely to
prices of Pennsylvania gasoline.
Metals
Aug. 19
Sept. 16
prices for fats, oils, and tankage.
Fuel and lighting materials rose fraction¬
ally because of slight advances in prices of coal and a substantial
gain in
0.3%.
2,333,403
2,367,646
2,354,750
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
2,325,085
Sept. 30.
The chemical and drug group index rose
nearly 1 % as a result of higher
Food
2,341,822
Sept. 23
is
the advance.
in
2,294,588
29
5
sub¬
groups
materials and semi-manufactured
for the textile products
level reached in the past 2 years.
resulted
1932
slightly higher while finished products declined fractionally.
were
The index
22
July
for livestock,
prices
commodity
The increases range from about
The hides and leather products
group index,
tinued
July
July
2,357,203
2% for fuel and lighting materials, building materials, and metals to
than 10% for farm products and hides and leather
products.
modities
2,014,702
1,881,298
July
2
9
prices of hides,
and
2,300,268
2,077,956
2,324,181
July
Aug.
the
meats,
1
8
15
Aug. 12
Silk and rayon_
ment issued Oct. 5:
skins,
1937
1.1
Hides and skins....
The
week
KILOWATT-HOURS
from
1938
1.1
Chemicals
1
OF
Percent
1.3
0 .8
Fruits and vegetables—
Cereal products
Reflects hurricane condition In 1938.
1:7
Drugs and pharmaceuticals...
Woolen and worsted goods
Other building materials
x
DATA
9,719,582
6.625,298
7,681,822
7,871,121
Total
112451 500
November
7.484,727
a
scrap
117487445 77,574.474 90,277,135
Volume
The Commercial &
149
Labor Perkins Reports Contra-Seasonal
8% in Building Permit Valuations from
July to August—Total Construction 22% Above
August, 1938
of
Secretary
Gain
2291
Financial Chronicle
of
Contrary to the usual seasonal trend, the value of build¬
ings for which permits were issued in August showed a sizable
gain (8%) as compared with July, Secretary of Labor
Frances Perkins reported on Sept. 30.
"The most im¬
portant increase occurred in new residential buildings which
showed a gain of 21%," Miss Perkins said.
"The value of
additions, alterations and repairs increased 12%.
There
was, however, a decline of 18% in the permit valuation for
new non-residential buildings." Secretary Perkins added:
for
$300,000; in New Orleans, La.,
USHA housing project to cost nearly
a
Tex.,
Calif., for
one-family dwellings to cost over $3,250,000 and for apartment houses
to cost more than $800,000; in San Francisco, Calif., for one-family dwell¬
ings to cost nearly $800,000 and for school buildings to csot more than
$800,000; and in Burbank, Calif., for one-family dwellings to cost nearly
for
USHA housing project to cost nearly
a
$2,500,000; in Houston,
$900,000; in Los Angeles,
for one-family dwellings to cost over
$600,000.
GETHER
IDENTICAL CITIES IN NINE
AS
SHOWN BY PERMITS
STATES,
UNITED
THE
AUGUST,
BUILDING CONSTRUCTION, TO¬
OF
NUMBER OF FAMILIES PROVIDED
THE
WITH
NEW DWELLINGS, IN 2,087
OF
^
f
VALUATION
1—PERMIT
TABLE
FOR IN
REGIONS
ISSUED,
1939
New Residential Buildings
Percentage
As
1938, the increases were even more
August,
with
compared
pro.
showed a
gain of 34%, an increase of 3% for new non-residential buildings, and a
gain of 18% for additions, alterations and repairs.
There was a rise of
22% in the permit valuation for total building construction.
These data
are based on reports received by the Bureau of Labor Statistics from 2,087
The
nounced.
valuation for new residential buildings
permit
cities of the United States having an aggregate
Cities
issued in cities re¬
porting to the Bureau for buildings valued at SI,405,749,000, an increase
of 26% as compared with the corresponding period of 1938.
The value
of new residential buildings showed an increase of 38% over this period.
The value of new non-residential buildings showed a gain of 18%, while
additions, alterations, and repairs showed a rise of 9%.
Aug., 1939
of the various classes of building construction is
indicated in the following
1938
+ 33.6
30,969
+20.8
+ 33.5
+ 71.6 + 121.2
1,898
138
538
$7,555,269
29,215,572
+ 60.4 + 101.3
—5.8
+7.3
6,857
+'7.1
—14.1
East North Central.
451
27,173,757
+ 47.4
+ 81.3
6,084
+ 47.8
—97.5
West North Central
203
4,835,110
—4.7
+ 3.8
1,365
—2.7
+ 2.3
South Atlantic
244
16,664,068
+ 19.7
+ 86.3
5,028
+ 30.6
+ 89.2
+ 98.4 +276.2
+ 40.3
1,836
+ 89.6 +249.7
—20.4
+40.1
East South Central.
78
West South Central
121
Mountain
5,599,357
8,059,571
217
—13.0
2,237,133
15.272,248
97
.....
—1.9
+ 25.1
698
—0.9
+ 15.0
+ 20.4
+ 2.2
4.531
+ 21.1
+6.6
2,672
Total Building Construction
(.Including Alterations
and Repairs)
New Non-Residential
Buildings
Population
Permit
>
July,
+ 15.4%
divisions-. 45,495,948
All
18.1%
+ 7.5%
Total
Permits issued during August provided for 30,969 family-dwelling
Of these, 7,960 were in projects under
July
Authority.
permits
—9.0
5,503,321
+ 15.6
+ 18.1
18,554,686
+ 30.9
+ 60.6 14,758,552
14,358,160
+ 31.6
+ 101.1
11,747,059
53,522,250
12,592,620
+ 9.6
+ 41.9
46,448,686
W. No. Ceutral
2,333,102
—9.0
—14.0
South
units.
the jurisdiction of the United States
units, of which
provided for 25,646
+ 7.5
—10.2
Mid. Atlantic
+ 2.1%
+ 22.4 60,113,274
+ 3.0 194.906,276
—18.1
E. No. Central
+ 9.8%
1938
$
New England
—23.1%
+ 11.8%
—
Additions, alterations, repairs
Aug.,
1939
1938
<'•:
$
July,
Aug., 1939
Aug.,
1939
Ezcl. N. Y. City
+ 20.9%
(Census
of 1930)
Valuation,
1939
All Cities
New non-resldentlal
Permit
Change from—
Valuation.
Clan of Construction
New
Percentage
Change from—
Percentage
Geographic
Aug., 1939
1,652.209
—69.9
—73.8
percentage change in the permit valuation
—0.6
+ 48.7
+68.0
+ 93.5
1,913,586
3,233,009
1,217,539
W. So. Central
2,255,132
—4.4
—50.2
—7.2
+ 4.7
Mountain
1,245,102
+ 26.8
—10.7
4,241,388
—8.5
Pacific
5,627,840
—12.1
—24.0
25,065,658
+ 9.6
+ 9.7
—5.4
—69.3
+ 2.6
1,302,571
+ 9.9
—26.4
Atlantic
from August, 1938, by
»
Change from Aug., 1938 to Aug.. 1939
Class of Construction
All Cities
New residential
Ezcl. N. Y. City
+ 33.6%
........„.„
+ 49.3%
+ 3.0%
:!• :
.ts?
•
V;V
'
.
*
+ 27.8%
last year.
total has
Compared with August, 1938, there was an increase of 34% in the
number
provided.
changes occurring between the first eight months of 1939 and
like period of 1938 are indicated below,
the
by class of construction:
ceding week and $8,131,000,000 the
last year.
These figures
A"'
are
reported
as
Board of Governors of the
All Cities
+ 59.0 %
+ 17.5%
No.
Ezcl. N. Y. City
+ 38.3%
.........
A..A.
Federal Reserve System.
DISTRICTS
Week Ended—
of
+ 31.2%
Centers
Federal Reserve District
New non-residentlai.
Oct. 9, 1939, by the
of 1939
Class of Construction
New residential
on
SUMMARY BY FEDERAL RESERVE
Change from First 8 Mos. of 1938
to First 8 Months
$7,181,000,000 the pre¬
week ended Oct. 5 of
$8,360,000,000, compared with
to
of family dwelling units
Oct.
Incl.
Sept. 27, 1939
4, 1939
collected
data
by
projects:
were
1939 to $21,579,000, and for August,
issued during August for the following important
Mass., for a USHA
Eoston,
In
housing project
$3,400,000; in Newark, N. J., for a USHA housing
$2,000,000; in
cost nearly
cost
in the
Branch,
to
building
City—in the Borough of the Bronx, for apartment houses to
over
cost
houses to
$1,000,000; in the
over
$2,700,000 and
$6,000,000; in Scarsdale,
$700,000; in Detroit, Mich., for one-family dwellings to cost
over
$3,750,000;
neaily
cost
in
$900,000;
in
Mich.,
Lansing,
Eash
Cleveland,
nearly $2,000,000; in Warren,
Ohio,
for
a
College
for school
gymnasium to
buildings to
Washington,
D.
C.,
for one-family dwellings to
$800,000;
over
$1,300,000; in Miami, Fla. for one-family dwellings to
in
$800,000 and for
in Orlando,
a
..
278,043,COO
1,265,355,000
1,115,54C,0C0
256,426,000
161,884,(XX)
263,247,000
16
283,321,000
9—Minneapolis
17
28
11—Dallas
18
29
185,999,000
294,518,000
210,950,OOC
687,014,000
274
$9,140,407,000
8—St. Louis
12—San Francisco
Total
Business
Summary of
a
USHA housing project to cost more than $350,000;
000; in Macon, Ga., for two
Rome, Ga., for two
USHA housing project to cost nearly $400,-
USHA housing projects to cost over $1,300,000;
for factory buildings to cost over $300,000; in
643,371,000
$7,829,610,000
$8,841,810,000
Federal Reserve
trend of business in the
Indications of the
which
various Fed¬
shown in the following extracts
give from the "Monthly Review" of the Federal
of Boston, New York, Philadelphia, Cleve¬
we
banks
Reserve
land, Richmond, Atlanta, Chicago, St. Louis,
Kansas City, Dallas and San Francisco:
Minneapolis,
First (Boston) District
Reserve
Federal
The
Bank
of
Boston,
Review" dated Oct. 1, states that "during
of
in its "Monthly
August the level
general business activity in New England
increased mod¬
erately over that which prevailed in July, after allowances
had been made for the usual seasonal changes.
Most lines
of activity
Sales
August
were
England
department
stores
and
apparel
shops
during
1.6% higher than in August, 1938, and for the first eight
current year were 1.8% over the corresponding period last
the
total revenue freight car loadings during the fiveSept. 9 were 8.4% larger than in the corresponding
In this district
year.
period ending
five weeks
In
The Bank also had the following to say:
New
of
months of
week
shared in the gains, continuing the upward trend
May."
since
USHA housing projects to cost over $700,000; in
Raleigh,
N. C., for a USHA housing project to cost over $700,000: in Wilmington,
N. C., for a USHA housing project to cost over $700,000; in Charleston,
W. Va., for a USHA housing project to cost over $1,000,000: in Birmingham,
Ala., for a USHA housing project to cost nearly $3,000,000, in Mobile,
Ala. for a USHA housing project to cost over $900,000; in Frankfort, Ky.,
Baltimore, Md.,
243,232,000
162,211,000
273,917,000
192,996,000
622,985,000
202,899,000
Conditions in
eral Reserve districts are
cost nearly
Beach, Fla., for a USHA housing project to cost over $600,000;
in Fort Lauderdale, Fla., for a
330,328,000
261,111,000
1,190,998,000
Districts
cost
USHA housing project to cost approximately $800,000;
Fla., for
in West Palm
cost
Ohio, for a USHA housing project to cost
over
in
26
7—Chicago.
403,590,000
519,911,000
289,833,000
230,831,000
41
6—Atlanta
$1,250,000 and fcr apartment houses to cost over $1,500,000;
Borough of Manhattan, for apartment houses to cost nearly $4,000,-
N. Y., for
apartment houses to cost over $600,000; in Chester. Pa., for factory build¬
ings to cost nearly $500,000: in Harrisburg, Pa., for a State office building
to
cost approximately
$1,000,000; in Philadelphia, Pa., for one-family
dwellings tc cost over $1,500,000; in Chicago, 111., for one-family dwellings
to cost over $1,000,000. for a USHA housing pioject to cost nearly $7,000,000, and for an Armory building to cost over $1,000,000; in Dearborn, Mich.,
for one-family dwellings to cost nearly $600,000 and for apartment houses
cost
344,587,000
$800,000; in the Borough of Brooklyn, for one-family dwellings
apartment
over
24
$489,679,000
4,072,408,000
426,476,000
575,469,000
N. J., for USHA housing project to cost
Borough of Queens, for one-family dwellings to cost nearly
to
5—Richmond..
5, 1938
Oct.
cost, nearly
project to cost nearly
000 and for store and mercantile buildings to cost over
for
637,927,000
$400,000; in Buffalo, N.Y., for factory buildings to cost over $2,000,000
in New York
to
Long
3,311,799,000
495.374,000
25
10—Kansas City
$30,770,000 for July,
$16,347,000.
to
Permits
over
private and
For August, 1939 Federal and State construction
municipal construction.
3,938,684,000
18
1—BOStOlL......
+40.4%
Governments in addition to
State
$518,635,000
15
3—Philadelphia
+ 13.0%
by the Bureau of Labor Statistics include contracts
Federal and
amounted to
1938
„.
$■* 30,279,000
2—New York
J.„
_
17
4—Cleveland
Total
+ 9.4%
+ 26.4%
Additions, alterations, repairs...
banks in
Aggregate debits for the 141 cities for which a separate
been maintained since January, 1919,- amounted
-A-.
•-
Total
individual accounts, as reported by
to
leading cities for the week ended Oct. 4 aggregated $9,140,000,000, or 17% above the total reported for the preceding
week and 3% above the total for the corresponding week of
+ 15.0%
+ 22.4%
Additions, alterations, repairs.....
+0.2%
+ 18.1%
New non-resldentlal
awarded
5,326.083
Debits
Noted in Bank
Increase
Percent
Three
below for the same 2,087 cities:
Debits
The
4,563,167
5,043,331
—6.2
—22.1
9,594,757
23,702,465
8,108,205
12,475,908
4,129,212
E. So. Central.
in United States Housing Authority projects.
class of construction, is given
The
1939
Middle Atlantic
Division
Change from July to Aug.,
The
July,
Aug.,' 39
+20.9
2,087 $116612085
All divisions
Pacific
table for 2,067 cities having a population of 1,000 or over.
were
for
1938
change from July to August, 1939 in the permit valuation
The percentage
Aug.,
Aug.,-
July,
•
making available the report the Department of Labor
following to say:
Housing
Change from—
Provided
1939
also had the
5,567
Percentage
Families
Valuation,
New England
population of 60,113,000.
During the first eight months of 1939, permits were
In
Permit
of
No. of
Change from—
No.
Geographic Division
a
New
mated
to
larger than
year.
Raw
year
ago.
England
been
have
in
production of boots and shoes during August is esti¬
15,778,000 pairs.
Although this was a total 33.0%
July,
it was 1.4%
under shoe production in August last
...
cotton
consumed
to
77,937 bales,
in
August,
as
1938.
in
New
England
mills
during August
amounted
compared with 63,598 bales in July and 73,002 bales
Cotton consumption in this district during the first
The Commercial & Financial Chronicle
2292
eight
months
the
of
current year
larger than the total of 460,493
period a
585,168
was
bales,
which
27.1%
was
bales consumed during the corresponding
During August,
daily average basis, raw wool
consumed by mills in
this district exceeded July wool consumption by
nearly 9% and was about 9% larger than in August last year.
In New England during August the value of total construction contracts
ago.
year
awarded
$23,769,000
was
937,000 reported in
than
the
In
July.
than
in
a
13.5%
was
The August
August
Massachusetts
ployed
a
the total
than
total, however,
$20,-
of
7.7% smaller
was
establishments
manufacturing
earners
wage
3.1%
was
higher
figure
for
These
weekly
increases
occurred
payrolls
between
July
2.9%
was
smaller
were
than
and
larger
the
August
usual
than
the
seasonal
the
during
amount
14-year
period
have
1925-38,
Federal
the
Review"
Reserve
of
activity.
Oct.
1
"Trade
Bank
in
York
its
in
its
indexes
confirmed
reports,
figures, indicated
ftew
of
presenting
by
"Monthly
of
business
available
weekly
distribution
channels, and substantial increases in produc¬
tion in a number of important industries.
Retail trade
apparently was affected much less." The Bank added:
The
from
sharply
meet
also
expanded
domestic
the
on
of
part
present
and
Although
on.
countries,
rush
manufacturers
needs
to
were
demand
of
in
orders
for
not
inquiries,
relatively
numerous,
corning
few
to
volume of business,
principally
believed
are
effort
an
inventories
price advances and possible delays
foreign
largely
came
only
increase
to
larger
a
lines
many
reflected
distributors
and
provide
desire to anticipate
a
later
volume of
The
sources.
to
but
in deliveries
from
have
neutral
developed
The
rise
oottori
has
textile
been
particularly striking
industries.
Steel
mills
in
have
the
expanded
the
of
ease
output
steel
rapidly
to
substantially enlarged sales to all types of domestic consumers, and
at the end of September operations were at 84% of
capacity as compared
with 63% at the end of August.
In cotton textiles the outbreak of war
followed
cut
were
industries
production
show
revealed
such
sonally
adjusted
August
near
freight
car
than
the
level,
for
during
since
output
The
operations
Employment
coal
recovered
in
production
attained
more
from
the
sales
early
in
10%
at
a
new
lishments
engaged
trade
and
well
were
in
and
1938,
than
in
than
more
the
Output
last year.
increased
power
year
a
than
active
more
above
usual
The
ago.
expected
was
in
gain
in
sharp
public works and utilities and in residential
in
branches
12
production
reported
industries
service
disbursements declined.
Sales
wholesale
at
the month
also
in
and
increased
of
trade
All
major classes of estab¬
substantial
number
the
Wage
of
payments
and
industry
in
while
in
volume
of
advances,
and
workers
larger than last year
were
show
has
fall
in
Fourth
Fourth
The
usual,
evidence
September.
in
bought
stores
as
Freight
season.
been
in
Inventories
actively
more
loadings have continued
car
several
for
substantially
expanded
improvement
than
more
good
a
which
increase
establishments
retail
to
somewhat
anticipation of
the
and
continued
months.
(Cleveland) District
Federal
Bank of Cleveland, in its
"Monthly Business Review" of Sept. 30, reports that "the
business picture has changed so completely in the past four
weeks that it is difficult as yet to report with any accuracy
what actually has happened.
Most satisfied information
covering activity in various industries is for the month of
Reserve
August and is of little value except to show that expansion
in
domestic business
ceeding at
was already under way and was pro¬
fairly satisfactory rate."
The Bank further
a
usual,
August
high
those
on
and
decline.
1940
tic
September, reflecting
an
sugar and some other staples, and in the first three
department store sales in this district increased some¬
usual
over
August.
industry
share
the
of
had
expansion
demand
produce
behind
such
the
of
tion
All
of
Blast
estimated long term trend, and where necessary
the
In
Sept.
1
for
steel
July,
1939
1939
Aug.
1939
high
repairs
wars,
produce
to
portant
important in the Fourth District.
was
3%
up
July,
from
and
in
respec¬
While
up
earlier
an
than
usual
from
in
upturn
the
gains in August.
while makers of electric
July,
7%.
of
swing
pressed
industrial
in
have
risen
activity
this
in
district
each of which expanded
than
more
equipment
all
delivery.
In
filled
were
the
long
into
third
20
service
in
and
transport,
been
have
situation.
beehive
furnaces
has
points
since
rapidly
as
as
was
being refused because
considered
which
obsolete
only
patchwork
had reper¬
the
firebrick,
coal
and
prices have advanced,
and
Foreign
by-product
the
in
it
This situation
increased,
With
September
mills
on
reopened.
ovens
of
were
Some
being reemployed.
production
this
week
of steel
31.
blast
and
were
closed
demand,
Dec.
to
ore-producing
Coal
factor
with
delivery
or
acceleration
8.6% and 9.3%,
16%
up
to
factor
accumula¬
or
marked
a
other lines also experienced
were
equipment
the
mines
important
inventories
the number of hours worked.
represented
been made
on
equipment
or
Another
buying
coke
Connellsville
and
is
im¬
an
unable
plants
district
are
to
being
relighted.
56
Copper
71
76 r
82
58
r
75
62
74 p
57
48
77
88
65
56
1
Bituminous coal
70
77
82
Crude petroleum
Electric power..
85p
88
86
88
6/p
91r
94
95 p
Cement
96p
55
62
60
97
105
106
102
113
116
116p
108
104
110P
106p
89
92
93
91
86
93
District
The total volume of trade and industry in the Fifth Fed¬
eral Reserve District
was
fully up to seasonal level in
August, although one or two indicators lagged slightly for
special reasons, it is stated in the Sept. 30 "Monthly Re¬
view" of the Federal Reserve Bank of Richmond, from
which the following is also taken:
95
91
...
Meat packing
Tobacco products
60
95
Shoes
Fifth (Richmond)
80p
46
r...
Cotton consumption
Wool consumption
previous
Payrolls were
industry operations
cost
had
of
effort to deliver steel tonnage bought at third-quarter prices
an
industries.
cope
Industrial Production—
Steel
acceleration
depleted
together
reported that orders for certain types
coke
June,
in
gain in
a
upward
producers
as
fourth-quarter
some
Aug.
1938
an
by the machine tool and steel industries,
operations at a rapid rate.
cussions
tor price changes)
Europe.
set
was
on
What
in
determined.
employment
gain
a
the
rolling schedules
(Adjusted for seasonal variations, for
used
be
2%.
was
payrolls
machinery reported
of
Superimposed
war
represents
experienced
that are very
industries,
parts
pace
spring.
hedge against possbile higher prices
a
increases
these
furnace
The
far
worked
industrial
August
and
I
as
have
tively, representing chiefly
part
late
what part might be attributable to present and
materials
Pennsylvania the gain
automobile
of
is replenishment of
in several industrial lines
possible in
was
thus
and
for
materials
difficulties.
Ohio
the lows
materials, cannot
upswing
raw
from
experienced following outbreak of
was
the
risen
almost unprecedented demand for the products of domes¬
an
domestic upswing,
potential
crude
There
indexes
Most
that situation,
advance.
Motortrucks
10%
was
payrolls
and
slightly higher in August
than in July, after allowance for seasonal fluctuations.
Production, primary
distribution of goods, and distribution
to consumers all shared
in
the
cars
electric
and
August,
higher
nearly all lines.
of
sharply
rose
production
than
sea¬
higher
exceeded
assemblies
volume
expanded
a
level
miscellaneous
nearly
was
of
freight
on
average
and
named,
Automobile
sharply
grocery
the
were
classifications
general level of production and trade
Passenger
above
14%
Pennsylvania increased from July to August.
for
the month
than
power
the
indicators
railway
generation
above
merchandise
adjusted,
1937.
manufacturers
as
production
more
in
of bituminous
abnormal demand
weeks of
Electric
October,
temporary spurt
a
seasonally
freight loadings,
September
petroleum
what
also
and
and
power
3%%
September,
inventories
the year was
general
more
production
Electric
running
was
of
loadings,
week
models,
was
end
later in
only did these two important
but
power
advances.
August average.
and
any
basis
the
Not
expansion,
electric
as
definite
sales; mill
for delivery
increased.
was
pronounced
activity,
traffic,
extraordinary increase in mill
an
sharply, considerable business
booked, and
business
by
17%
building.
and
meet
was
and
From the "Re¬
states:
yet into orders.
as
Philadelphia.
Production of coal showed seasonal expansion.
industry
sudden expansion in activity in primary
a
than
more
the month reflected increases in
"The outbreak of
war in Europe resulted in an immediate
strong stimulus to business in the United States," said
are
crude oil,
construction
August
in
and
levels
July to August.
The
wage
Second (New York) District
Bank of
eight months activity averaged
the
inclusive.
1939
take the following:
manufactures,
July.
in
changes which
also
we
Current
first
of
em¬
in these same establishments in July, according
Department of Labor and Industries, and the August
Massachusetts
the Federal Reserve
view"
...
total number of
14,
in several important lines has been
in progress during
September, it is stated in the Oct. 2 "Business Review" of
from
year ago.
during August the
representative
larger
the number employed
the
to
in
total
and
on
Oct.
Distribution
much
of
of
which
goods
in
showed
August
seasonal.
was
Sales
in
substantial
a
representative
rise
July,
over
department
stores
Employment—
Employment, manufacturing, United States
86
93
93
Employee hours, manufacturing, United States..
94p
69
75
76
79p
6% larger
than sales in August last year.
Due chiefly to the customary August
sales, furniture sales at retail advanced by 41% over sales in July, and in
addition rose 7% over August, 1938, sales.
Wholesale trade increased 22%
41
41
43
53
in
63
49
50
55
last year.
20%
rose
Construction—
Residential building contracts
Non-residential building & engineering contracts.
August
Primary Distribution—
Car loadings, merchandise and miscellaneous
Car loadings, other
72
77
77
78
July
66
78
81
Exports
81
this
83
88
87
92p
74
75
73p
73
81
75 r
Velocity
of demand deposits,
(1919-25 average= 100)
r
87 p
79
79 p
121p
94
100
94 p
101
97
68
75
52
101
70p
York
59
58
58
33
31
30
City
x
......
x
Third
152
153p
146
147
111
lllp
Not adjusted for trend.
(Philadelphia)
indications
are
that
further
a
very
on
for
textile
wait
for
July
mills
heavy
hand
rayon
to
is
also
were
than seasonally from
more
models
new
issued
and
figures.
continuation
lines,
in
expanded
which
their
as
earlier
keep
them
operations
tied up
was
in
July;
products;
tonnage for this
so
continues
one
much yarn
as
relatively low figure and
than
usual
by
around
17%
strike,
a
and bituminous coal
Cotton
season.
running for
some
in
full
ran
tobacco manufacturers
mills
have
oper¬
suf¬
number of weeks, and
strong that producers have reduced stocks to a
are
at
a
beginning to readjust base prices upward.
recent
high levels, although the value
contracts
awarded
in
August
were
both
smaller
However,
of
is
fields.
of
than
both July figures were comparatively high.
construction on a large scale, with increased
activity
keeping .employment up and is increasing the number
A
in
of
«
Sixth
The following
(Atlanta)
District
Industrial production in the
Philadelphia Federal Reserve
District increased 3% more than usual from
and
cotton
146
100
and
152p
148
to
increased output of all
demand
workers
154
beginning
Bhipped nearly
orders
permits
59
month,
with July, and was 7% above trade in August
automobiles in August exceeded sales in the same
mills, except for
rayon
mined
ficient
many
r Revised,
industry,
and
sharply
ators
the
preceding
by 45%, but declined somewhat
buyers
Construction
36
New
General price level (1913 average=100).
Cost of living (1913 average=100)
Wage rates (1926 average—100)
Preliminary,
84
113
89
Velocity of Deposits x
Velocity of demand deposits, outside New York
City (1919-25 average=100)
p
80
114r
89
Other chain store sales
Prices and Wages
84
100r
....
new
the
year.
In
time
Department store sales, United StatesDepartment store sales, 2nd District..
in
comparison
Sales of
sales,
August;
Distribution to Consumer—
Mail order house sales
New passenger car registrations
in
sales
month last year
Imports
Chain grocery sales
above
July to August,
improvement
substantial
(Atlanta) District
regarding business conditions
Federal
Reserve
District
is
in
taken
Sept. 30 "Monthly Review" of the Federal
the
Sixth
from
Reserve
the
Bank
of Dallas:
Substantial gains in August, due in part to seasonal
influences, were
reported in textile activity and in the distribution of merchandise
through
Volume
The Commercial & Financial Chronicle
149
department stores and wholesale channels, and coal
Construction
permits,
The
tion
reflected
operations,
in
contracts
declined, and pig iron output was
in
product prices
■/
sales and in cotton
department store
and
contracts,
pig
in
as
consump¬
year ago,
a
whole, while the changes in
a
iron and
coal production
consid¬
were
The
following regarding
ditions in
trict
is
Federal
development
in
rose
lumber
and
textile
operations,
steel
manufacture,
naval
stores,
In
paper.
a
European
new
considerably quickened
war
This has followed notable increases during
September.
August in most phases of production
After
holding
miscellaneous
steel mills
heavy demand for steel
domestic
orders
operations
the
in
mid-September,
mobile
1937.
getting
it
78*£%
to
of
of
Besides
the
capacity,
There
way.
low
point
considerably
highest
level
since
In mid-August auto¬
the
with
substantial
were
carrying steel mill
the
of
seasonally
a
large volume of
a
war,
Steel prices were quite firm.
advanced
calendar
the
increases
by
year;
model
new
during
August
large volume of
a
'indicate
orders for railroad equipment, September data
new
continued
Unusual
increases.
gains
recorded
were
for
August in orders and shipments at district furniture factories, and produc¬
tion
and
business
new
There
was
District
from
September
in
of
probably
July
over
wage
show
5%
further
district
all
for
and
earners
in
the
in
Chicago
publicly
of
financed
year-earlier
advanced
district
There
was
operations
production
coal
while
petroleum
greater than
or
widened
11%
were
to
8%.
over
the
5%
Sales
than
from
a
better
July
was
experienced
iti
larger
decreased
20%
to
during
August,
in
excess
and
Indiana
Illinois
in
operations
than
usual
August,
stores held
the
in
the
The retail
in
expansion
August,
and
war,
week,
following
likewise
6hoe trade
reported sales gains in
August, the
9%
being 5% heavier than in July and
greater
1938.
In the
the
Sept. 28 "Business Conditions" of the Federal Re¬
of St. Louis it is stated that "through August
steady
which
improvement
had
been
in
general
in
area,
since last spring, was carried
progress
further' forward."
business in this
The monthly review also had the fallow¬
ing to say:
The
betterment
several
which
extended
virtually
to
ordinarily undergo
all
lines
of
including
activity,
decline at this time of
seasonal
a
wholesale and
retail
At
steel plants
to
63.5%
of
September,
in more than the seasonal
a
high
new
in
output
greater than
in
July and
Consumption
of
electricity by
District
in
continued
9.2%
in
the August,
of
excess
industrial
in this
in Illinois.
was
area
1938,
23%
tonnage.
cities in
the principal
in
users
the
1.8% and 8.9% greater, respectively, than a month and a year
of lead and zinc at district mines reached the highest
was
Production
point of the
The
rate since
result of unrestricted production
a
as
Eighth
the
in
August
Output of bituminous coal during August of mines
earlier.
has been further increased since Sept. 1.
in August, and
year
employment situation underwent further noticeable improvement, both
volume
retail
trade
in
the
of department
stores
in
the
July and 12.1%
in
by sales
in
than
In
of
of
district
principal cities,
was
of August,
of that
excess
measured
21.7% greater
during August,
as
than
in
usual
usual
District
the
to
at
take the
we
following regard¬
in
wells
principal
the
of
district
the
being
exception
September,
during the last half of the
daily average output
however,
higher level than in the week immediately preced¬
Department
after
sales,
store
expanded by
July,
August,
production resulting from the temporary shut¬
week
a
having held
better
up
the average seasonal
than
more
amount
September buying failed to show the
expansion, with the result that sales were about 6% lower
the
half
first
expansion
of 1938
contracts awarded increased
construction
of
an
those in the corresponding month
exceeded
value
The
of
Wholesale distribution reflected
period of 1938.
and sales
10%.
further
August and was 10% larger than in the corresponding month last year.
Twelfth
Stable
to
Twelfth
of
(San Francisco) District
economic
expanding
mildly
Federal
months
District
Reserve
activities
during
the
in
summer
given considerable stimulus by the
were
the
outbreak
in
Europe at the beginning of September, said the
Reserve Bank of San Francisco in its "Business
war
Federal
Conditions"
of
Sept. 29.
The most obvious stimulus ap¬
of securities and of raw, semi-manufac¬
and finished goods, which resulted in sharp price
in buying
peared
tured,
advances in
In
instances.
some
a
few industries this wave
of
buying prompted an increase in production, but in most
lines current information indicates that production and em¬
had not been affceted by mid-September.
Bank, in its further observations, stated:
The
ployment
The spurt in
in
by
buying of commodities in early September
domestic
example pulp and
countries
neutral
Domestic
war.
principal
have also received large foreign orders
paper,
from
off
cut
their
regular
distributors
and
consumers
of
sources
bought
supply
heavily
by
of
the
large volume in the Twelfth
produced in
foodstuffs
staple
participated
was
manufacturers, processors, and distributors.
origin, although a few district indus¬
as
mainly of
were
tries, for
well
as
consumers
Purchases
Dis¬
trict
immediately following the outbreak of war, and prices of these goods
were
advanced.
canned
of
Prices
of
of
salmon and
canned
some
fruits, particularly
somewhat
and
of flour
declined considerably in August as mills had filled the bulk of the large
orders received earlier in the year from the Orient, and idle mill capacity
smaller
peaches,
well
as
September
tries.
about
to
increase
continued
business
50%
new
by
domestic
meet
adjusted
sharply
increased
since
further.
the further
is
declined
index
advance
As
activity at
early
in
March
in
the
case
of
district lumber
August, and
of the
83%
to
in orders,
in
customary
sharply
July,
in
moderately
in
value
1923-25
this
Bank's
the
average,
in
issued
for
little change has
.
.
new
been
.
through August small but continuous gains in retail trade
reported.
trade
permits
of
although
August,
between those months in past years.
March
been
4%
evidence
in
and in the first three weeks of September new
than
less
advanced
customary
and
.
orders
June.
receding
dwellings
sharply,
...
mills
increased
in
as
increase in purchases early
responded
capacity,
of
lumber
Despite
sources.
seasonally
and
to
commodities, this increase in buying came almost entirely from
production
year
in
received
domestic
been
available
now
/'
through August,
other
same
is
sharply,
Production
the pulp and paper, steel, and non-ferrous metals indus¬
of pulp and paper, which in recent months had been
steel mills also advanced.
most
increased
sugar
lines to experience a marked
were
Production
The
for
proportions.
large
wheat
of
reflecting
August,
in
,'oV
Among other
in
assumed
abundance
an
demand.
Demand
season.
likewise
flour
firmed
already
had
this
supplies
of
sales
retail
Minneapolis Federal Reserve Bank,
business volume in the Ninth
(Minneapolis) District in
August about equaled that of July.
In its "Monthly Re¬
According
that
in
have
Ninth (Minneapolis)
oil
third
In
August,
by
in
in
seasonal
than
in
the
of
was
August.
during
of crude oil
the "shutdown.
ing
From
1938.
District
"Monthly Business Review" of the Fed¬
Bank of Dallas
the
petroleum
After
manufacturing and other lines of activity.
The
month.
curtailed
increases of recent months
August
the best
for the year and
1937.
Petroleum
most
amount.
ingot production during the final week of August advanced
capacity,
1
improvement
some
down of
as
manufacture^ goods increased, and distribution through both
channels expanded
tlie Oct.
the curtailment
year.
Production of
Dry weather also
Activity in most lines of business and industry in the Eleventh District
showed
from
Bank
serve
higher
above last year, but in
August were
ing business conditions in the Eleventh District:
the
Eighth (St. Louis) District
in
of
marketings.
restrict
to
trade
much below
are
expectation
damage to late crops.
eral Reserve
increase of
an
Most district groups
recorded in retail furniture sales.
field
well
up
the European
over
week;
same
tended
The
exception.
Eleventh (Dallas)
almost
heavy awards of
continued
in
refining
larger district
of
earlier.
year
wholesale merchandising
in
gains
seasonal gain in district department
the
in
a
aggregate for the month
than
4%
due
during the first week of September, despite tension
sales
did great
in
during August and the favorable comparison with corresponding
levels
and
2%
was
somewhat.
28%
a
declined
building
Bituminous
August,
declined
area
but
projects,
in
firms
these
only
and retail
The
employment.
in
Total construction contracts awarded
District
Reserve
rises
reporting
in residential contracts
rise
levels.
sharply
store trade
1938
Federal
substantial
a
Seventh
among
the
Probably the extreme heat helped to account for this.
expanded.
payments;
wage
counteracted the losses shown in July.
despite
mills likewise
paper
marketings and livestock slaughter
are
other prices
many
low and forward buying is now reported.
were
undoubtedly
wholesale
Grain,] livestock, and
initial uprush they have tended to level off.
the first half of September department store sales were down rather shax*ply.
July to August, and heightened industrial activity
will
August
number
district
of
general increase in employment and payrolls
a
industries
during
gain
Both
year
activity at reporting district steel and malleable casting foundries, and
should
Hogs
ago.
had
agriculture and business is the outstanding
on
the
livestock
and
year
prices
stocks
of
weeks.
recent
cases
From
had advanced their
area
week of September.
the seasonally
had
under
well
Chicago
after the outbreak
district
production hit
mid-September
the
from the automobile industry,
in
came
in
of
well as of distribu¬
as
well throughout August under the support of continued
up
demand,
operations sharply by the third
with
many
The Bank also had the following to say:
tion."
in
[Chi¬
Seventh
District general industrial activity in the first half
cago]
of
"Business Con¬
of Sept. 26, states that "the impact of the
report
impact of the war
con¬
Federal Reserve Dis¬
Sept. 30 "Monthly Review" of the
Kansas City:
Bank
sharply, but after
Grain
Seventh (Chicago) District
The Chicago Federal Reserve Bank, in its
ditions'*
\
agricultural
and
business
(Kansas City)
the
from
Reserve
notably
The
Tenth
the
taken
Following the outbreak of hostilities abroad at the beginning of Septem¬
ber, business activity in the district has been accelerated in many lines,
^
/•
Tenth (Kansas City) District
erably less favorable.
foodstuffs,
about steady, but smaller marketings reduced
were
farm income.
lower.
comparison with July and with August
larger than gains for the country
construction
building
in
.
August increases
in this district, in
were
and
Farm
increased.
output also
awarded
2293
lines
allowance
After
data
which
for
for
are
influences,
seasonal
available
is
aggregate
estimated
to
have
March, and about 7% higher than a
Much of the increase has been accounted for by automobile
higher in August than in
earlier.
restaurant
sales.
>
M
.
view" of Sept. 28 the Bank also had the following to say:
Total
construction
level
in
since
1935,
than
more
.
.
Department
month
last
country
Business
August
in
the
highest
August
volume
August declined from
July
to
smallest
the
with
in
were
August
10%
gains of
9%
larger
and
7%,
respectively,
than
the
in
at
same
city and
in
upper
was
more
sharply
increased
August
the largest for
were
measured by car
as
both
August since 1934.
.
in j number
.
and
at
advanced
other
seasonally,
customary
these
during
ports
August
northwestern
and
at
Movement—Week
Lumber
The
1939,
lumber
in
Ended
movement (luring
the week
ended
Sept. 30,
relation to the seasonal weekly averages of prior
and
the
this
indicators
cut
mills
of
season,
were
lumber
but
somewhat
and
when
at
was
in
70%
Flour production in Minneapolis
flour
shipments
.
.
increased
more
than
increased more than is
to August, 1938, all of
August
compared
smaller.
years,
was as
follows:
% of 1929 % of 1937 % of 1938
loadings and also by iron ore
increased more than seasonally in
than twice the rate in August, 1938.
Steel mill
Lake
justed indicators advanced during August.
and
of
.
of capacity at midSeptember, the highest it has been since the fall of 1937.
.
.
.
The volume of production in our district as indicated by several unad¬
activity
Report
Weekly
...
from
and
in
Sept. 30, 1939
mining activity
shipments
district
years
sales
store
failures
amount, and
Iron
two
.
year,
stores.
this
in
.
■
Production
—
Shipments
OrcJe-s
........
...
_
...
_
.
-
.
.
-
_.
67
95
120
81
114
134
98
147
157
according to reports to the National Lumber Manufacturers
Association
from
regional associations covering the opera¬
representative softwood and hardwod mills.
Assciation's report further showed :
tions
of
The
Compared with the preceding week, new business and production of the
week
ended
Sept.
30, as reported
by 6% fewer mills, were, respectively,/
The Commercial & Financial Chronicle
2294
13% lees and 3% lees.
Shipments
9% greater than in the previous
were
and
week
were the
highest reported since 1930.
New business was 35%
production.
Shipments were 20% above output.
Reported produc¬
tion for the 39 weeks of the year to date was 17% above corresponding
above
reflecting increased production schedules.
ployment in metal and other mines.
ployment
to the
weeks of
1938; shipments were 16% above the shipments, and new orders
22% above the orders of the 1938 period. For the 39 weeks of 1939
were
business
11% above, and shipments 6% above output.
During the week ended Sept. 30, 1939, 507 mills produced 242,204,000
new
feet
of
was
softwoods
and
hardwoods
booked orders of 327,905,000
Mills,
were:
540
feet.
production,
;
combined;
shipped
291,335,000
Revised figures for the preceding week
249,538,000
shipments,
feet;
268,411,000
Lumber
softwood
the
orders
mills
totaled
mills.
same
783,000
reported
feet,
the
week
311,809,000
Shipments
feet,
ended
for
19% above production.
or
73% above production.
14,552,000 feet,
week's
Last
feet, and
a
and
it
feet
and
425
232,311,000 feet.
was
business
new
16,096,000 feet,
as
Production
of
276,-
were
softwood mills
week
same
feet.
In
and
feet,
the
reported production last week and
of
case
a
orders
received,
hardwoods,
83
311,101,000
identical
mills
8,326,000 feet and 6,740,000
year ago
feet; shipments, 11,745,000 feet and 7,860,000 feet, and orders, 11,945,000
feet
and
6,062,000
,
250,000
more
1,110.000
tion
August,
nor enrollees in the
Shipments of Lumber During
Ended Sept. 30, 1939
Four
announcement issued
by the Department of Labor,
Secretary Perkin's remarks are taken, also had
the following to say:
Factory Employment in August
There
greater-than-seasonal gains in
were
230,000
wage earners and
6.5%,
ended
Sept. 30, 1039,
3.1% for payrolls.
Of the 90 manufacturing industries surveyed, 69 showed
employment increases and 74 showed payroll gains.
ment index
96.4
on
89.9.
of
Manufacturers Association
An
of
average
Trade
mills
499
The
employment
follows to
as
the four weeks ended Sept.
Barometer for
the
30,
National
Lumber
level and
Orders
Shipments
Received
(In 1,000 Ft.)
Softwoods.
1938
1939
922,662 873,045
Hardwoods
31,639
August
1938
1939
4.2%
rose
39,896
28,491
the
the
in
seasonal
increases
during the four weeks ended
mills
wood
production
6%
was
in
above
1939
that
of
Sept. 30,
corresponding
1939,
weeks
6% above that of the
was
reported by
as
1938.
of
Soft¬
weeks of
same
contra-seasonal.
or
of
corresponding
Orders
above
received
those
of
weeks
of
1938,
softwoods
weeks
weeks
1938.
of
Among
of
1937.
Hardwood
Sept. 30, 1939,
3,573,167
year
M
feet,
orders
Steel
1
No.
1.7
the equivalent
1938, the equivalent of
On
Sept.
30,
1939,
1,020,204
were
M
were
orders
in
64%
1.7
4.5
3,100
Glass
of
with
compared
as
unfilled
the
orders
on
Oct.
(three-
production
average
3,891,751
reported
M
feet
of
1,
29
days'
434
Oct.
on
softwood
1,
mills
production,
average
1938, the equivalent of 15 days'
production.
average
Labor
Perkins
Reports
Gain
of
300,000
Employment Between Mid-August and MidSeptember—Only One-Third Seasonal—Indexes of
"A
U. S.
Labor
of
Statistics
WPA Declined 366,000 in
special
survey
by
Revised—Employment
August
Bureau of Labor
the
Statistics,
Department of Labor, reveals that the expansion in
industrial activity that occurred during the past month re¬
sulted in American factories hiring more than
300,000 adtional workers between mid-August and
mid-September,"
Secretary of Labor,
Frances
Perkins, reported
Sept.
"Only about one-third of this increase is attributable
seasonal rise that
22.
to the
usually takes place at this time of the
Large numbers of workers
and
71,600
Rubber boots & shoes
30.6
1.9
7,100
Beet sugar
54.3
7.000
Knitted outerwear.,
11.6
...
were
shipbuilding, and
mobile plants, where work
5,100
clothing
(19.7%,
sawmills
(1.7%,
or
4,700
workers),
seasonal
or
gain of 3.6%, or 6,900 workers
2,300 workers.
The
on
hired
meat
new
by cotton goods factories, steel,
packing firms,
as
well
as
models expanded rapidly.
by auto¬
There
was a
as
woolens and worsteds, some seasonal declines
reported.
were
Reports from trade
employment increases in mines and in retail
stores in
sources
also indicate
September.
September
is the second month in which
large gains in employment have been reported.
From mid-July to mid-August, there was an increase of
approxifnately
workers in factories, including over 70,000 seasonal
employees
in canneries.
new
Secretary Perkins had the following to
ployment in August:
say
regarding
Between mid-July and mid-August gains in
employment in
5.8% increase in aircraft factories continued the
curtailment of employment
13,700 workers)
The decline
was
in automobile and
Bureau of Labor
Statistics' revised index of factory employment
for August, which has
now been adjusted to the 1937
levels, stood at 96.4%
1923-25 average, the highest level since
December, 1937.
Payrolls
factories gained even more
rapidly than employment, the increase of
$10,500,000 weekly, being approximately double the customary
In
August,
as
Regarding th9 revision of indexes of, factory employment
payrolls the Department explained:
The preliminary employment index for August, 1939, on the revised basis
(96.4% of the 1923-25 average) is 3.4% higher than the August employment
index
(93.2) computed on the former basis.
index
on
the
based
on
Similarly, the August payroll
the old series.
series
revised series
The
7,610,000
total
new
is
factory
(89.9) is 0.7% higher than the August index (89.3)
of employment
wage
approximately
indexes indicate
employed
were
earners
September, coal mines employed additional workers.
Bituminous coal mines took
their
forces
on
by approximately
time of year.
10,000
6,000,
Coal-mining payrolls
men
an
rose
and anthracite mines increased
exceptional development at this
more
sharply than employment,
in
that approximately
August,
250,000 greater than that obtained
unadjusted August index.
This
1939.
by
use
of the
Aggregate weekly payrolls in August, based
on
the revised payrolls indexes, were $170,600,000, or $1,100,000 greater than
estimated
for
total
August
based
on
continuation
a
of
the
former
payroll indexes.
the
levels
of the
to the
previously published series
1937 Census data changed
for
most
industries
between
1935 and 1937 and necessitated a corresponding adjustment of the indexes
for months subsequent to 1937, the relationship of the revised indexes from
to that
shown
1939, and from August,
stances
As
and
1938 to August,
cover
complete
Bureau's
1939,
industry
Manufactures,
are more
and payrolls,
of the
This
most in¬
indexes
based
are
reports
an
on
reports
received
promptly each
are
industry, periodic adjustments to
Due
essential.
new
to
the
over
In
a
limitation
more
of
the
the Bureau's figures do not
firms coming into existence
a
or
of those going
reporting sample
period of time from those shown by the Census of
order,
therefore,
to
present
.on
a
current
basis
data
nearly indicative of the existing levels of factory employment
the Bureau adjusts its indexes to the
more
complete reports
Census.
adjustment is the fourth revision of this type made by the Bureau
of Labor
Statistics.
adjusted to
in
July to August,
negligible in
business, the movements of indexes derived from
tend to deviate
data
are
selected number of firms in the industries surveyed, and do
a
all establishments in
fully reflect the effect of
which
The current difference
new series from
.
the
month from
not
1937 average, is quite similar
by the previously published series.
were
Revised indexes of factory employment and payrolls
conform
published in 1934.
in
was
and
of the
August increase.
plants' (4.6%,
part
2,100 workers, in the machine-tool industry
due primarily to vacation shut-downs.
out of
manufacturing
were
or
1929
due to change in models and was less than seasonal
of 5.0%, or
monthly reporting sample and the fact that
em¬
widespread.
Sixty-nine of the 90 manufacturing industries regularly
surveyed by the Bureau of Labor Statistics reported gains in
employment,
6.5%,
by men's clothing
unbroken series of monthly gains which began in October of last year and
in percentages of change between the old
in
5,700
3,700
A less-than-
less-than-seasonal gain of 1.2%,
January, 1938, to date, compared with the
and the
(3.9%, or
lifted the employment level in the industry to nearly three times the
While the adjustment of the indexes
manu¬
230.000
2,500
2,100
8.7
(2.5%, or
hosiery
reported
was
a
facturing industries, such
employment
__
36,100 workers), furniture
or
elarg seasonal increase from August to September in employment in
canning
factories.
Special preliminary reports also indicate that in some
in
Inc. in
No. of
Employees
3,500
age
Increase
workers) and silk and rayon goods (4.5%, or 3,400 wurkers).
the
year,
said Miss Perkins, who added:
aircraft
Percent-
Industry—
level.
in
Bureau
2,000
Gains of about seasonal proportions were shown in the following industries:
workers),
The
on
2,100
1.1
39.5
Cotton goods
or
Secretary of
2,300
9.2
machinery
Inc. in
Employees
factories, and shoe plants also reported
by
5.8
Aircraft
No. of
age
women's
production.
as
equivalent
compared with 516,338 M feet
Percent-
Industry—•
Increase
Canning & preserving
43.5
were
days'
2,300
other
NON-DURABLE GOODS
with
101
2,500
7.7
and
cans
tinware
Electrical
reported by 436 softwood mills
as
3.7
products
copper
Tin
of
and
Jewelry
compared
as
Inc. in
Increase Employees
bronze
Brass,
3,400
Confectionery
gain of 112%
such
Number
age
5,600
same
showed
larger
were
showing
Percent¬
3,600
7.0
above the
1938 and 56%
industries
Industry—
6,500
10.1
Stamped & enameled
Millinery
109 days' average
feet,
Softwood
the
of
Hardware
19%
,
stocks
gross
1936-37-38),
average,
of
non-durable-goods
Inc. in
age
Increase Employees
1939
corresponding weeks of 1938.
On
gain
during the four weeks ended Sept. 30, 1939,
corresponding
63% above those of similar period of
were
showing
7.5% above the July
[DURABLE GOODS
Percent¬
1938
of 40%.
more
the following:
were
3% below the record of comparable mills during the same period of
1937.
Hardwood output was 26% above production of the 1938 period.
Shipments during the four weeks ended Sept. 30, 1939, were 20% above
those
were
year, while in the
and
and hardwoods, gain
16.3%
and
5.8% and 6.4%, respectively.
were
Foundries
Production
/hese
whole employed 1.6% more
preceding month
For the non-durable goods industries
year.
preceding month, most of the employment gains
24,393
954.201 898.154 1.035.303 862.4.08 1,289.257 784,440
since
1938 showed increases
,
during the month and 3.4% as compared with a
1938
51,592
than in any month
Payrolls in the durable-goods group
Industry—
Total
higher
was
higher than in any month since Novem¬
29.5% above August of last
995,407 834,007 1,237,665 760.047
25,109
than
month last
same
employment
than
1939
in
earners
than in the
industries the increases
1939:
was
8.6% in employment and 16.3% in payrolls.
wage
As in
Production
level
were
Comparisons with the indexes of August
year ago.
9:
Oct.
on
reported
The August employ¬
(revised series) for all manufacturing industries combined
the basis of 100 for the base period of 1923-25 and the payroll index
The durable-goods group of industries as a
reported by the National Lumber
as
August of 3.1%, or nearly
$10,500,000, in weekly factory payrolls.
or
The expected changes in August are increases of 2.5% for employment and
Weeks
We give herewith data on identical mills for four weeks
em¬
Civilian Conservation Corps.
from which
ber, 1937.
and
These figures do not include
1938.
Works Progress Administration and National Youth Administra¬
projects,
An
than in
whole, there were approximately
work in August than in July, and approximately
persons at
more
on
December, 1937, and payrolls
Production
.
For non-agricultural employment as a
was
feet.
em¬
mid-August, prior
for the most part showed seasonal
industries
changes.
were
231,614,000
was
small reduction in
decline of 1.5%, affecting 49,000 employees.
a
Employment in the service
9,893,000 feet.
was
218,341,000 feet; shipments were, respectively,
was
211,338,000
205,841,000
by
1939,
week
same
reported for the
as
production of 420 identical
year ago
275,887,000
feet
Shipments
47% above production.
or
the
Production
Reports from 100 hardwood mills give
or
30,
34% above the production
or
reported
as
Sept.
small gains in em¬
were
a
reported between mid-July and
was
1939
Wholesale firms enlarged their staffs in August by 1%, or 14,000 workers,
ployees
for
(0-9%),
There
At oil wells
14,
shut-down, which occurred in the latter part of August.
while retail stores reported
feet;
feet; orders, 876,114,000 feet.
Oct.
to
Census
levels
for
the
period
1919
1931
to
were
Similarly, those revised to conform with 1933 Census
published in 1936, and those revised to 1935 data
were
published
1938.
The differences in the revised and former series of indexes
of the
Bureau's usual methods of adjustment
are
the results
for Census trends.
Certain
Volume
changes
minor
2295
The Commercial & Financial Chronicle
149
were
This change in no way affects the com¬
petroleum and coal products."
made in the basic material for several industries before
adjusting the indexes by the addition of data for new firms, late reports, &c.
position of the group indexes.
Weighted indexes of employment and payrolls for the knit goods industries
Comparison of the revised indexes and the previously
published indexes for each manufacturing group for July
and August, 1939, as issued by the Department of Labor,
been discontinued, and only those for the separate items of hosiery,
have
The
knitted outerwear, knitted underwear, and knit cloth are now shown.
entitled "chemicals and allied products and
of the group formerly
name
follow:
"chemical
petroleum refining'' has been changed to the more inclusive title of
COMPARISON OF REVISED AND FORMER SERIES OF INDEX NUMBERS OF
JULY AND AUGUST,
aAug
a
July
1939
Aug
July
1939
1939
a
1939
Aug
July
1939
1939
a
92.4
89.7
89.3
95.3
96.9
rolling mills
93.5
86.7
91.9
87.9
92.7
76.7'
85.8
78.6
1939
1939
1939
1939
98.2
99.8
95.0
87.7
79.4
85.5
77.4
93.2
91.2
91.2
89.2
80.3
76.6
79.2
75.5
75.7
73.8
81.4
79.3
63.8
57.3
71.8
64.6
87.3
85.7
87.3
85.7
74.7
72.5
74.6
72.4
81.2
79.5
83.3
81.5
75.8
73.0
78.7
75.9
-
Cotton small wares
97.0
91.8
87.9
105.1
83.1
95.2
75.3
Dyeing & finishing textiles.. 122.0 119.7 111.1
109.1
102.5
97.9
93.6
89.3
74.6
70.0
69.3
68.6
65.8
64.5
61.8
Hats fur-felt
85.5
83.7
82.3
81.5
83.6
82.8
92.4
(not including silver
cutlery), and edge
Cutlery
92.9
75.3
Cast-iron pipe
86.5
85.2
79.8
79.9
72.6
75.3
68.4
Hosiery
48.5
44.9
tools
Knitted outerwear
78.4
72.1
76.9
73.2
139.1
135.9
62.8
60.1
86.6
86.3
Forglngs. iron and steel
55.4
54.4
48.9
48.0
59.3
Hardware
76.0
69.0
72.2
65.5
80.6
65.4
78.0
63.3
Knitted underwear
Plumbers' supplies
77.5
76.7
76.4
75.6
71.2
65.3
71.5
65.5
Knit cloth....
137.4
135.9
60.0
63.5
56.1
77.1
72.6
70.5
Silk and rayon goods
123.4
67.9
78.3
75.7
72.2
89.9
apparatus and steam fittings
85.4
85.0
69.8
66.3
71.8
68.8
64.3
72.5
113.8
115.2 125.0 122.0 132.3
including
115.4
79.6
83
96.7
95.7
97.1
96.7
74.0
81.6
72.2
124.0 127.0 136.5
123.0 118.1
126.9
60.3
57.7
51.8
48.1
81.7
81.4
89.8
110.2 117.6
68.3
78.6
82.0
172.2
143.9
165.6
138.4
129.8
113.9
112.1
107.5
105.8
114.5
132.4 125.1
133.1
125.7
55.9
66.6
117.5 117.1
84.4
80.2
93.5
97.3
114.4
84.0
82.6
86.7
78.7
Machine tools.
Radios and phonographs
135.8
77.1
117.8
Typewriters and parts
74.9
74.8
74.{
74.1
76.8
76.2
74.7
79.1
78.4
75.9
47.7
66.8
36.7
60.0
33.0
103.0
91.2
106.1
94.0
93.6
84.9
83.6
79.2
77.8
100.2
99.1
95.1
94.0
83.3
81.9
75.6
85.4
85.5
84.1
84.3
83.1
81.7
85.5
84.1
146.3 135.0 139.3 129.6
136.2
128.5 137.1
130.4
134.7
139.1
146.2
*
products
147.1
146.7 147.8 146.0
.......
102.6 103.9 106.7 108.0
74.3
31.7
Shipbuilding
72.0
32.0
29.2
28.7
Locomotives
74.3
28.7
29.8
27.3
131.5
90.3
83.5
28.9
24.7
95.9
63.6
82.5
78.8
81.6
76.3
80.4
79.1
83.5
92.7
91.4
94.9
74.4
77.0
79.1
81.9
Slaughtering and meat packing. 100.6 100.7
99.0
99.1
106.4
88.3
57.2
82.7
53.6
85.6
98.9
97.9
91.4
90.5
81.1
66.8
65.4
65.3
64.0
62.7
60.7
59.1
59.1
57.6
67.5
67.4
66.1
66.1
64.8
62.1
105.3 105.2
1C3.1
Confectionery
79.6
Ice cream
89.3
Sugar, beet
Sugar refining, cane...
Tobacco manufactures
Cigars and cigarettes.
110.3 110.1
26.3
86.1
93.3
164.3 148.1
107.0 105.8 107.0 105.8
Printing and publishing:
Book and job
Other than petroleum
Chemicals
79.8
refining.
79.8
83.1
83.0
76.4
86.6
87.8
99.5
79.1
69.2
82.9
72.4
Cottonseed—Oil, cake & mea
76.0
70.5
81.3
61.0
53.5
73.4
64.3
Druggists' preparations
Silverware and plated ware
69.4
62.6
67.0
59.9
50.8
60.9
51.7
Explosives
99.3 100.2
111.1
109.4
121.6 117.8 122.5 118.7
121.8
121.5
120.6
135.6
131.5
135.5
131.4
107.6
108.6 106.6
117.3
113.6
118.5
114.8
119.4
117.1
117.3 115.1
137.4
130.8
134.9
128.4
...
55.8
49.3
48.5
42.9
47.6
41.7
42.9
37.5
107.4
105.9
106.1
104.6
118.9
117.9
119.2
118.2
93.3
91.1
89.4
87.4
109.1
102.8
104.2
73.4
65.5
65.5
61.1
63.4
60.8
63.2
117.5
117.2
125.5 124.0
123.2
121.7
288.4 283.2 315.1
309.4
76.0
69.2
70.9
70.6
65.6
65.2
122.5 122.2
69.0
63.0
56.4
63.5
56.8
300.8 297.0 313.7 309.8
84.6
83.1
76.1
68.5
72.2
64.9
59.7
59.1
49.3
45.3
50.5
46.4
61.1
55.5
56.8
50.4
52.8
46.8
79.7
75.3
72.2
65.9
68.5
62.5
61.7
61.5
57.4
45.9
Rubber goods,
46.4
69.9
68.1
71.4
69.5
94.6
104.8
91.7
99.8
87.4
All industries...
53.0
54.1
46.9
40.3
39.6
37.0
36.4
Durable goods
85.5
81.8
79.5
75.9
65.5
71.9
62.1
Non-durable goods
revised series,
c
The August employment index,
3% above that for the same
ductions in employment
as
P. C. Change
Over the
Over the
Month
Month
—1.1
General merchandise.
.
Automotive
Jewelry
-
—0.5
-
—0.5
.
Farmers' supplies.
Cigars..
—0.5
.
Employment in wholesale trade
—0.4
establishments increased seasonally by
Agents
10-year average gain for August.
wholesalers of farm products reported
1.0%, slightly more than the
brokers
and
other
ncreased the
marked
jewelry and in paper products also
number of their employees seasonally.
Other lines of whole¬
expansion,
and
dealers
in
sale trade showed the following percentage
changes in number of workers
P. C. Change
P. C. Change
Orer the
Over the
Month
Month
—0.6
—0.6
-f-2.6
Food products
+0.5
+ 1.8
Groceries..
Lumber & building materials
Electrical
+ 1.3
supplies
—0.1
Automotive
—0.9
Petroleum products
...
Machinery,
Chemicals, drugs, and allied
An unusual employment gain of
increase of 32.8% reflected
-
equipment and
68.9
67.2
78.4
77.1
80.4
79.1
128.9
8.9% in anthracite mines and a
payroli
increased production in the first half of August.
in this industry in August in the last
and payroll per¬
centage increases were 29% and 67%, respectively.
In bituminous-coal
mining the seasonal pickup of 2.8% in employment, which was virtually
the same percentage increase as the average gain for August in the preceding
10-year period, was accompanied by an unusually large rise of 18.3% in
weekly payrolls.
Metal mines reported only a small increase in their
working forces, although payrolls rose 12%.
Increases of 18% in number
of workers and 24% in payrolls were shown between August, 1938, and the
As compared with last year the employment
month of the present year.
Quarries took on 1.2% more employees
handle seasonal expansion and oil wells
126.3 120.6 128.9 123.1
93.5
93.2
90.5
89.9
84.4
89.3
83.9
84.2
82.9
83.4
82.1
81.7
76.0
82.4
76.6
108.0 103.6
month.
of the
part
workers than in
July.
of the 1929 average,
102.5
98.5
99.2
93.8
97.1
92.1
curtailed employment by 0 9%.
mid-August, does not reflect the cur¬
which occurred in a number of States in the latter
Power and light companies employed 0.7% more
The employment index for this industry, 93.9%
1937. In
operation and maintenance
stood at the highest point since December,
telephone and telegraph and in electric railroad
the employment level was
unchanged.
Customary seasonal curtailment was shown in
the
in
of employees
number
was
decreased their personnel, and a
insurance
small employment gain was
employing 125,211
The moderate gains in
according to reports from 12,178 contractors
Corresponding payrolls increased 1.4%.
employment reported from the
were
reported by
construction increased 1.0% from July
Employment in private building
to August,
workers.
laundries (0.9%) and in
In year-round hotels no material change
reported.
Brokerage houses slightly
companies.
Middle Atlantic and Pacific States in July
of 3.7% and 2.6%, respectively.
continued in August with increases
The South Atlantic group of States
in the East and West
registered
a
net increase of 3.3%, while
South Central areas the gains were 1.9%
and 0.6%,
A continued recession in employment in Colorado contributed
decrease of 9.1% for the Mountain States as a whole.
Moderate
respectively.
to a net
the exception
declines
for
this
or
throughout the New England area with
the percentage decrease
of Vermont and Massachusetts and
for this area was
1.4%.
The West North Central States generally
unchanged employment, resulting in a net
group
of States.
on
registered
decrease of 3.4%
Reduced employment in Ohio and Wisconsin
nullified appreciable gains in Indiana, Illinois
remaining virtually stationary for the
The reports
These increases are the first shown
44.1
66.6
96.4
.......
tailment of operations
+0.6
products
83.3
61.0
employment declines were general
between July and August:
Dry goods and apparel
95.2
88.0
42.5
Summary
—0.4
.
—4.7
.
Apparel
Hardware.
—2.8
.
99.2
81.3
58.8
dyeing and cleaning plants (3.8%).
follows:
P. C. Change
Food
99.0
85.9
46.7
The latter decreases, which relates to
decreased seasonally by 1.5% between mid-July
82.4% of the 1929 aver¬
month in 1938. In general, the em¬
ployment changes in the various lines of retail trade followed closely the
seasonal movements shown by the August averages of the last 10 years.
Gains in employment were reported by dealers in furniture and lumber
and building materials.
In other important retail groups there were re¬
and mid-August.
103.2
78.8
61.0
Old series weighted.
Non-Manufacturing Employment in August
Retail trade employment
92.0
82.9
42.8
49.8
72.3
96.3
b Discontinued in
97.3
78.7
45.2
132.9 130.7 131.1
other.
72.5
76.1
81.9
82.8
68.4
72.7
Marble, granite, slate & other
98.1
59.0
86.7
../..
Soap
Rubber products.
Rubber boots and shoes
100.7
Preliminary,
90.7
85.6
110.4
81.4
products
Pottery
101.1
88.4
83.4
109.6
61.5
Glass
107.2 101.2 107.1
101.6 102.2 102.9 103.4
62.1
Cement
58.6
121.9 116.5 109.4 104.5
103.7
87.9
Brick, tile, and terra cotta
59.7
102.8
66.8
Lumber:
Stone, clay, and glass products..
67.9
61.0
102.0 101.7 100.8
111.9
68.4
1
68.0
■
74.6
Sawmills
59.7
67.3
73.4
Smelting and refining—Copper,
Millwork
77.8
99.1
■
95.9
products
78.2
60.7
110.9
coa
83.1
Furniture
49.0
80.6
61.8
122.7
and
petroleum,
Lighting equipment
Lumber and allied
79.6
52.1
112.1
Chemical,
Jewelry
lead and zinc
109.2 109.5 112.4
98.3
109,1 102.6
106.8
109.7 103.3 101.0
112.3
Boxes, paper
Paper and pulp.
168.8 152.2
113.7
153.7 149.5 164.7
recording devices
142.2
76.4
126.2 127.8
Brass, bronze & copper products 107.8 104.0 102.1
Clocks and watches and time-
Aluminum manufactures
94.3
2C4.2 153.7 244.3
64.2
Newspapers and periodicals
91.4
92.5
88.8
87.1
77.1
26.2
27.1
26.5
129.8
95.3
Non-ferrous metals & their prods.
350.3 359.0 326.1 334.2
67.0
70.2
72.0
28.5
72.0
75.4
122.3 124.4 118.2
Cars, electric <fc Steam railroad.
141.6
74.3
74.8
78.4
75.9
78.5
75.9
72.0
Automobiles
109.9
114.C
1476.1 1335.5 1489.0 1347.2
1481.7 1400.9 1457.3
Aircraft
121.0 108.0 123.2
116.3 113.4 117.8 114.9
120.6 116.9
76.8
108.5
94.5
and snuff
Transportation equipment
94.2
106.7
116.4
99.7
78.0
120.1
295.6 301.1 262.9 267.8
160.3 165.7 148.3 153.3
123.0 113.6 112.1 103.5
129.6 123.0
77.1
Textile machinery and parts—
91.0
76.1
96.8 126.3
100.6
...
Flour
87.0
96.2
46.0
78.4
Butter
113.3
86.8
49.5
67.7
84.5
Baking
87.4
69.6
95.0
Canning and preserving...... 282.7 197.0 242.5 168.9
147.4 132.4
to
114.0 128.1
102.6
Leather
122.0
96.7
140.0
same
115.1
79.9
Shirts and collars
94.9
90.1
94 .C
119.0
87.7
and windmills
years.
65.6
156.7 153.1
140.7
72.7
Leather and Its manufactures
124.5 122.7 116.3 114.6
water wh'ls
Foundry & machine-shop prods.
6
68.8
Beverages
and supplies
and
64.7
106.2
Food and kindred
(Incl.
124.5 127.2 126.6
machines
Electrical machinery, apparatus
seasonal
67.9
Men's furnishings
102.8 112.1 101.3
machines
and calculating
age, was
73.5
72.1
Boots and shoes
115.0 113.0 110.0
Engines, turbines,
78.8
77.2
108.9 105.1
Millinery...
79.7
83.5
tractors)
Cash registers, adding
56.6
Corsets and allied garments.
60.8
66.3
59.0
trans¬
portation equipment
Agricultural Implements
158.2
64.1
Clothing, men's
tools,
flies, & saws)
Wirework
not
95.3
107.9 100.2 102.7
Tin cans and other tinware
machine tools,
144.4
77.3
Clothing, women's
work
Tools (not Including edge
b
162.3
84.0
96.7
goods..
Wearing apparel
& ornamental metal
Structural
b
145.4 141.9
121.1 109.5 117.5 106.4
Woolen and worsted
Stoves
Machinery,
151.4
heating
hot-water
and
C119.3 C107.6
C117.3 C113.1
b
b
152.7 148.9
...
54.8
Stamped and enameled ware.. 153.8 143.7 140.6 131.4
89.9
91.9
Knit goods
and plated
a
July
1939
-
Carpets and rugs
Cotton goods
79.6
90.0
82.0
Fabrics
Bolts, nuts, washers, and rivets
.
aAug
1939
103.2
Textiles and their products
and their products,
not including machinery.
Blast furnaces, steel works, and
Iron and steel
Steam
July
aAug
1939
Non-durable Goods
Goods
Durable
July
a Aug
July
Aug
Revised Ser. Former Ser,
1939
1939
1939
Ser.
Former
Rev. Series
Manufacturing Industries
Ser.
July
Aug
a
Payrolls
Employment
Revised Ser. Former
'
INDUSTRIES'
EMPLOYMENT AND PAYROLLS IN MANUFACTURING
(1923-25=100)
Payrolls
Employment
Revised Set. Former Ser.
Manufacturing Industries
1939
;
.
and Michigan, employment
East North Central area.
which the figures are based do not cover
construction
projects financed by the Works Progress Administration, the Public Works
Administration, and the Reconstruction Finance Corporation or by regular
appropriations of the Federal, State or local governments.
Indexes of employment and payrolls for August, 1939, for all manu¬
facturing industries combined,
Class I steam-railroads, and selected nonavailable, and percentage changes from
manufacturing industries, where
July, 1939 and August, 1938, are shown
is used as a base in computing
below.
The 3-year average 1923-25
the indexes for the manufacturing industries
used as
industries.
Information for the non-manufacturing industries for years prior to 1929
is not available from the Bureau's records.
These indexes are not adjusted
for seasonal variation.
/
and Class I steam-railroads,
a
base in computing
and the 12-month average for 1929 is
the index numbers of the non-manufacturing
2296
The Commercial & Financial Chronicle
Sugar
Employment
Payrolls
Increased
Index
/%
uy,
%
Change from—
Index
%
Change from—
Sugar
a uy
f
1939
July,
a
1939
1939
July,
a
Aug.,
1938
1939
Aug.,
1938
Manufacturing
b96.4
+ 3.1
+ 8.6
+ 0.3
+6.9
d
+ 6.5
+ 16.3
d
d
(1929=100)
Trade:
Wholesale
88.8
General
+ 1.4
76.1
+ 0.3
+ 3.2
—1.5
+ 3.0
69.2
—2.4
—2.8
+ 3.2
80.3
—4.1
80.6
—1.1
+ 3.0
66.9
—1.9
+ 3.9
Public utilities:
Telephone and telegraph..
75.5
+0.1
+ 1.0
95.8
+ 1.2
+ 5.0
93.9
+ 0.7
+ 1.3
101.0
+ 1.1
+ 2.1
Electric
light and power
and manufactured gas..
bus oper. & maintenance
69.7
+
e
+0.3
71.6
+8.9
+ 32.8
76.3
+ 0.3
+29.4
+ 1.9
+ 17.8
33.4
.54.3
48.1
+ 1.2
+ 8.0
Anthracite..
Bituminous coal
81.7
+ 2.8
Metalliferous
60.6
Quarrying
&
48.7
»
+ 1.4
+ 3.0
+ 18.8
other
+ 12.0
+24.3
42.7
+ 4.3
61.8
—0.3
179.8
Laundries
+ 0.9
+ 3.0
99.1
—0.9
+ 1.6
85.9
—2.4
102.5
—3.8
—2.4
73.1
—5.1
+ 3.4
—1.5
d
*—0.3
—8.3
d
—1.5
—8.2
d
+ 0.3
+ 1.2
d
—0.1
+ 2.5
d
+ 1.0
+ 7.1
d
+ 1.4
+ 12.0
b Revised aeries,
Less than 0.1
Source:
c
of
Interstate Commerce Commission,
f Cash payments only; value of board,
1%.
room, and tips cannot be computed.
Employment
There
on
Federal and Other Public Programs
decrease of 366,000 in the number of
people employed on
relief projects operated by the WPA in
August because of the release
was
a
by
Aug. 31, 1939,
required by law, of workers whose period of 18 months of
employment expired before Sept. 1, 1939.
The 1,778,000
persons employed on work relief projects in
August represents a reduction
as
continuous
of
1,286,000 since
August
of last
Payrolls of $102,000,000 were
$17,637,000 less than in July and $61,360,000 less than in
August a year
A decrease was reported on Federal projects under the WPA
and
year.
ago.
an
increase
in
work
on
projects of the NYA.
Student Aid projects
were
inactive
August.
Employment
on
construction
in the month
ending Aug. 15.
ceding month and 22,000
$27,045,000
A
slight
projects financed by regular
all-time
an
high when 275,000
This is
over
an
August,
men
Federal ap¬
were
employed
increase of 10,000 over the pre¬
1938.
Payroll disbursements of
month
August,
of
months
52,000
ending July
tons
tons
31,
1939
the corresponding
in
5.5%.
or
Last
season's
considerable import and export business, primarily
During the 1938 year, the importations
a
which
of
and
Reunion,
201,000
Republic,
44,000
tons
37,000
principally
in
tons
Europe.
tons
from
came
from
its
from
possessions
in
The
Cuba,
43,000
tons
from
and
17,000
tons
from
Java,
exports
amounted
to
208.000
to United States
Oct. 10 Totaled 1,011,300
Bags
Ports
practically all of which went to its African possessions.
Shipments of Brazilian Coffee
on
Coffee afloat by steamer from Brazil to United States
ports on Oct. 10 reached the million bag mark—the first
time since 1931 that so much was on the
way here from the
world's largest producing
country, the New York Coffee
and Sugar Exchange announced.
This total of 1,011,300
bags contrasts with 468,100 bags on the way on Sept. 6.
The United Statesjvisible
supply of coffee stands at
1,811,913
bags, against 1,501,229 of Sept. 1, and 1,478,300
1, 1938.
The Exchange's announcement also said:
on
Oct.
When war started, Sept. 1, stocks of Brazil in
the United States were
402,058, while today the total is 449,151 bags.
Stocks of "other growths"
443,871 bags Sept. 1, against 351,462 bags today.
During September,
1,265,728 bags of Brazilian coffee disappeared into roasters' hands while
were
deliveries of all other growths
bags,
was
the
from
were
400,123
largest since February,
Brazil
with
still
more
1936.
heavy
bags.
The
cargoes
The total,
1,265,728
unusually large ship¬
expected
reflects
the
tremendous
recent
buying by roasters here in a few days last month.
During
weeks nothing has been done and Brazilian
shippers are asking the
question
certain
"When
how
how much
construction
projects
Employment for
269,000, 5,000 less than in July but 152,000 more than in
Payroll disbursements amounted to
$21,793,000.
was
1938.
increase
11
946,000
can
much
new
of the
demand
be
expected?"
The
trade
is
not
yet
demand
represented stocking by housewives
rebuilding of Inventories by roasters, wholesalers and retailers•'
.
$1,269,000 greater than in July.
decrease occurred in employment on
were
financed by the PWA during the month
ending Aug. 15.
the
the
compared with
possessions.
tons
Indies
places,
tons,
ments
propriations reached
as
in¬
an
—7.5
—7.9
e
season,
+ 8.9
—0.1
Preliminary,
in
colonial
342,000
+ 18.3
—e
Insurance
in France for
as
an
engages
its
Dominican
—0.9
Building construction
last
1939-40
value,
raw
consumption amounted to 1,025,000 tons.
among
the
66.7
Dyeing and cleaning
Brokerage
tons
season,
+ 66.9
90.2
a
total
last
West
Hotels (year-round)
d Not available,
period
998,000
the
non-metallic
mining
Crude petroleum producing
Services:
during the current
1,130,000 long tons,
294,000 tons
totaled
Mining:
France
at
836,000 tons produced
Sugar consumption
France
Electric railroad & motor-
Season
The firm's announcement further said:
totaled
chandising
Current
1939
or a little over 37% according to ad¬
by Lamborn & Co., New York.
The present
crop, harvesting of which is now under way, is expected to
be the largest since 1934 when 1,204,000 tons were
produced.
+ 1.9
Other than general mer¬
with
During
14,
vices received
+3.6
89.1
merchandising.
+ 1.0
82.4
Retail
of
crease
b89.9
56,2
railroads.c...
in
estimated
contrasted
(1923-25=" 100)
Class I steam
production
is
season
France
35% Over Last Season
V
Industry
Oct.
Production in
and lastly how much represents a
"real" increase in consumption due to
the better business conditions.
Petroleum
and
terial orders placed on construction
projects financed from regular Federal
Its
Products—Michigan Sees "DollarReturn—Daily Average
Crude
Output
Slumps—TNEC Hearings Continue—Paul E. Had-
appropriations
lick
The
value
amounted
of
to
material
orders
placed
$36,759,000 during the
was
$44,325,000, and
on
projects of the U.
PWA
on
month
construction
ending Aug.
gain with
S.
Housing Authority continued
increase of 5,000 over July.
an
employment
was
financed road projects.
156,000,
was
The total number at
an
increase
of
employment
work
10,000 from
on State-
in the
month
July.
Payrolls
ending
were
$11,906,000.
for the month were
$14,817,000.
FROM
STATE
FUNDS, AUGUST, 1939
(All Figures in Thousands)
Employment
Payrolls
Change from—
Change from—
Class
Aug.,
July,
Aug.,
Aug.,
1939a
July,
1939
Aug.,
1938
1939a
1939
1938
Construction Projects—
Financed by l'WA.b
Financed
by regular
$
$
—5
+ 152
21,793
—1,284 + 11,693
275
+ 10
+ 22
27,045
+ 1,269
+2,567
—76
—30
3,671
—2,387
—2,389
Federal
appropriations b
.
Program—
projects
$
269
under
the
Works Program.b
94
Projects operated by WPA.c..
Student ald.c
1,778
—366 —1,286 102,000 —17,637
—61,360
0
0
—2
0
0
—6
projecta.c
Civilian Conservation Corp-.d
224
+ 17
+5
4,200
+ 1,630
333
+ 11
—1
State roads.b
156
+ 10
—41
+ 1,384
18
+ 5
+ 17
14,817
11,906
1,940
+297
—129
N. Y. A. work
u. S. h. A..b
+ 355
—1,577
+ 1,910
+ 514
a
Preliminary,
b Employment figures are maximum
number for the
ending July 15 and Aug. 15.
c Figures are for the
calendar
31 and Aug. 31.
rolls for the entire
d Figures on employment are
month.
Car-Makers
Group
ending July
for the last day of the month;
pay¬
Estimates
September
200,780 Units
An
increase of 94% in motor vehicle
dicated for the month of
September as
in
the
months
months
preliminary estimate of
Sales
at
was
in¬
compared with Au¬
the
industry's
opera¬
sociation.
ume
estimated
at 200.780 units.
the
industry's September vol¬
On the basis of this estimate
the in¬
dustry's operations in September
corresponding month last
tember,
1939,
200,780;
12% higher than the
year.
The Association's
report is
1938, 89,623.
were
way
1939,
•
in
a
upturn that quickly became general and estab¬
top price of $1.02.
an
Monday's increase was started by the Pure Oil Co., which
monthly purchases nearly 500,000 barrels of crude oil, either
own or
buys about half
affiliated properties while Leonard
Pipe Line
as much crude oil, mainly in the Clare field.
The price advance had not, at
press time tonight, been met
by Standard of Ohio's affiliate, Simrall Pipe Line, which
monthly buys almost as much crude as Pure Oil in the State.
Both companies involved in the
mark-up increased the
posting for Clare field crude oil from 89 to 97 cents a barrel,
effective
immediate^.
Pure Oil also boosted the posting
Midland Sherman grades from 973d> cents a barrel
to
$1.02 a barrel.
On the same day,
Napsol Refining lifted
prices for Allegan and Kent counties crude oil, southwestern
Michigan, 8 cents to $1.03 a barrel.
for
A 5-cent a barrel boost in the
price of crude oil in the
Griffin pool of Illinois was posted on Oct. 10
by the Sohio
Corp.
Under the new price schedule, which became effec¬
tive
immediately, sand production crude is set at 95 cents and
production at 85 cents.
The increases, in
general,
reflected the strengthened position of the crude
oil markets
because of the European war conditions.
lime
A 3-day shutdown of crude oil
production in Texas during
the initial week of October was the main
cause for a decline
of nearly 225,0C0 barrels in the
daily average output.
The
American Petroleum Institute
reported that production for
the Oct. 7 week was off
222,350 barrels to a daily figure of
3,435,850 barrels.
This, incidentally, is the first time in
weeks that production of crude oil has been
below the market
demand figure as estimated
as
follows:
103,343;
Sep¬
September,
American
Institute.
The
October proration orders issued
Railroad Commission established
week-end
as
well
as
the first
Petroleum
for
Texas by its
11-days shutdown, each
Monday and the last Friday.
Therefore, production this week, which included the
first
Monday as well as a week-end, saw output in the Lone Star
State decline 229,200 barrels to a
daily average of 1,255,900
barrels.
Illinois showed its first reduction in
weeks, produc¬
tion there easing 13,400 barrels to a
daily figure of
A
summarized
August,
of
Integrated UnitsOptimistic
on
Mexican
by the
shipments
tions, contained in the October, 1939, issue of "Automobile
Facts", a publication of the Automobile Manufacturer's As¬
The Association
Daniels
a barrel in
central Michigan brought "dollar-crude" back to
the State
for Ghe first time in
many months as Pure Oil Co. lead the
from its
EMPLOYMENT AND PAYROLLS ON PROJECTS
FINANCED WHOLLY OR
PARTIALLY FROM FEDERAL FUNDS
AND ON ROADS FINANCED
gust
"Divorcement"
Crude oil price advances of from 4.5 to 8 cents
lished
The beginning of an enlistment
period in the CCC caused employment
to rise from 322,000 in
July to 333,000 in August.
Payroll disbursements
WPA
Urges
Situation
to
For the month ending Aug. 15,
18,000 and payrolls, $1,940,000.
Seasonal influences were observed in the increased
Federal
Crude"
ma¬
Ambassador
Employment
15
projects
Total
Federal projects under the WPA,
on
$623,000.
Aug.
15.
330,500.
sharp decline also was disclosed in the figures
covering
average production in Kansas, where
operators pared
their total 13,150 barrels to
144,050 barrels.
Broadest
expansion was shown by Oklahoma where
daily
daily
average
Volume
The Commercial & Financial Chronicle
149
production climbed 14,800 barrels to a total of 408,800
barrels. California production was up 8,400 barrels to 616,300
barrels, while Louisiana showed a gain of 6,000 barrels to a
daily figure to 253,100 barrels.
:
Opening the third week of the Temporary National
Economic Committee's investigation of the petroleum in¬
dustry on Monday, Paul E. Hadlick, Secretary and counsel
for the National Oil Marketers Association, told the com¬
mittee that divorcement of marketing facilities and pipe lines
from the other branches of the industry would be the best
means of destroying "two of the main avenues of monopoly."
Through the domination of the tank car market, and by
their control of the wholesale and retail prices of petroleum
products, Mr. Hadlick charged that the major integrated
companies are slowly narrowing the margin of the inde¬
pendent jobber or wholesaler, forcing him out of business.
"Since the advent of the NIRA," he continued, "stable and
rising prices of crude oil as well as refined products are
contrasted with the competitive nature of the wholesale and
retail price.
"These integrated units that have their locked profits' in
oil, refinery and transportation, compete in the marketing
of petroleum products.
Fortified by profits from the former
they are able to subsidize their marketing losses.^ The
whole history of the integrated oil companies engaging in
marketing has been a continuous series of unfair practices.
It is high time that the distribution of petroleum products
was
separated from any domination, influence of control
from
the
producing,
manufacturing
or
transportation
Socony-Vacuum, which alsovannounced
from
Under the
Hadlick
charged that it worked closely with the railroads
and major oil companies in fixing both rail and pipe line
rates on petroleum and its products.
"It is worth your life
to get anything from that Commission," he said, "that the
railroads and major oil companies do not want."
Speaking before the Committee on Tuesday, A. W. Craft,
Manager of the Craft Oil Co. of Avoca, Pa., said that "the
integrated oil companies have for years lived by force and
are
living by force today."
Arguing that the business
methods used by the integrated companies are "totalitarian¬
ism" in nature, Mr. Craft argued that this condition should
not exist in a democratic country.
"The small independent
business man in the petroleum industry is rapidly being
backed out of his own back door," he said in conclusion.
The proration orders issued by the Texas Railroad Com¬
mission for the East Texas field
was
attacked in
vention.
sessions,
16 group-sessions and more than 90 committee hearings,
with more than 50 addresses scheduled for the complete
program.
An innovation this year will be the convening
during the Institute's sessions of an Interstate Conference
on
Automotive
Taxation, sponsored by the American
did not'change much during
major marketing areas held
in recent weeks in good fashion. Further
sharp swings in motor fuel prices are*believed unlikely
barring any sharp demand for gasoline from abroad, which
would niter the domestic picture considerably and
probably
would bring higher prices.
Stocks
of finished
Price
that
were
his
latest
indicative of
a
conversations with
more
President
hopeful attitude.
decline in inventories of finished and unfinished
narrow
disappointing in view of the 1.5
point decline in refinery operations which pared the rate to
83.4% of capacity. Daily average runs of crude oil to stills
were off 55,000 barrels to a
figure of 3,505,000 barrels. Talk
of heavy advance committments for residual fuel oils
by
heavy industrial users [to beat an expected boost in prices
was supported when a decline of
1,413,000 barrels in stocks
during the Oct. 7 week was shown.
Representative refined product price changes are shown:
Oct.
9—Socony-Vacuum
Standard Oil of New
Oil
New York—
a
price of $1.02.
Illinois by 5 cents a barrrel.
Prices of Typical Crude per
Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa
Eldorado, Ark., 40
$2.25
Co.)
$1.05
1.25
Rusk, Texas, 40 and over
1.02
Corning, Pa
Darst Creek..
Western Kentuck y_.
1.03
...
T. Wat. Oil
Shell East'n
Texas
MX-.08X
Warner-Q_.
New
MX-MX
.07K-.08
$.05
-.05H
Orleans-
MX-07
ports..05X
Gulf
Tulsa
MX-.05X
.Q7X-.08
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
I
(Bayonne)
$.0511
North Texas
.$.04
Los Angeles..
i
New
Orleans.$.05*4-.05)4
04
-MX
|Tulsa^
.03H--05
Fuel Oil, F.O.B. Refinery or Terminal
N. Y.
(Bayonne)—
Bunker C
California 24 plus D
$1.00-1.25
$1.15
Diesel
New Orleans C
$1.00
Phila., Bunker C
1.45
1.65
Gas OU, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
27 plus
..$.04
(Chicago—
I
iTulsa
28-30 D
%.02%-M
|
$.053
Gasoline, Service Station, Tax Included
z
New York
$.17
z
Brooklyn.
.17
z
(Newark
I Boston..
$.166 ( Buffalo.
.1851 Chicago
$.174
.17
....
Not including 2% city sales tax.
Crude
Petroleum
and
Petroleum
Products,
August,
1939
The
United
monthly
crude
the
States
petroleum
oil
15-day
July.
shutdown,
The
shutdown
in
largest
varied
of
event
in
tion
in
Illinois;
barrels,
The
the
or
in any
36,000
shutdown
daily
in
in
an
average
July.
the
only
was
in
average
not
in
of
the
the
fields
entire
of
the
in Oklahoma and New Mexico;
Texas.
the
if
Michigan
daily
reported
was
(67,900
output
average
as
bar¬
The shutdown may have accelerated produc¬
above the
presumed to
rose
of
of
result
Kansas, New Mexico and
month,
event, the output reached
barrels
was
current
the
average
intensity
were
in
but
record.
the
length and
decrease
shutdown,
a new
its
production
as
barrels below
Texas, Oklahoma, Louisiana,
quantitative
the
daily
in
the
August
the
States; the largest relative declines
the
Mines,
that
further reported:
outstanding
The shutdown
year.
six
in
the
was
and
970,000
or
of
stated
materially
The Bureau
Arkansas
Bureau
report,
declined
in
average
reduce crude
to 3,472,000 barrels,
a
new
24,000
outstanding withdrawal
from
32,000,000 barrels to 238,479,000 barrels
on
stills, but actually
barrels higher than
runs
crude oil stocks,
317,800
;
to
runs
or
peak of
July.
The decline in production and the gain in
The
being
to
these
stills resulted
being reduced
hand Aug.
31.
Huntington, Calif., 30 and over—
1.22
Kettleman Hills, 39 and over
1.24
.75
about
The
about
in
FUEL STOCKS
SHOW
FAILS
TO
FUEL
OIL
August
45.1%,
to
compared
gain
a
with
11.9%
of
0.6%
in
over
its
July.
seasonal
The
rise,
July.
demand
10%
ahead of
being
4,308,000
were
million
for
barrels
light
and
last year,
sufficient
to
barrels, much higher than in July,
less
the
cause
than
heavy
a
pick-up
draft
a
year
fuel
in
on
oil
ago.
in
August,
the residual
refinery
1939,
fuel
stocks,
was
demand
the
first
March.
PRICES-
According to the Bureau of Labor
DISAPPOINTING DECLINEMATERIALIZE—REFINERY
OPERATIONS LOWER—FUEL OIL STOCKS OFF
leum
and
products
56.7
The
Fractional increases in fuel oil prices were
half
a
total
July
since
RAISES
for
The
demand for motor fuel in August bore out the most
optimistic
predictions, both domestic demand and exports being higher than generally
anticipated.
The domestic demand was 53,728,000 barrels, the highest
monthly total ever recorded, and an increase of 6% over August, 1938.
1.22
—
rose
oil and distillate fuel oil apparently began
gas
12.3%
Exports of motor fuel
1.03
PRODUCTS—SOCONY
yield of gasoline
yield of
but
Sunburst, Mont
1.25
_
Rodessa, Ark., 40 and above
Smackover, Ark., 24 and over
posted Monday
by Standard Oil Co. of New York, marketing subsidiary of
marketing subsidiary
Chicago
$.07M--08
RichOil(Cal) MX-MX
1.02
1.20
Mid-Cont't, Okla., 40 and above.
DEMAND
its
Other Cities—
Gulf
1.03
....—
Michigan crude
.95
_
EXPORT
through
New York-
Std.Oil N.J.$.06K--07
Socony-Vac. MX--07
about
Oct. 9—Sohio Corp. increased prices of crude oil in the Griffin pool in
MOTOR
Corp.,
York, advanced fuel oil prices in New York harbor.
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B.
Refinery
Refined Products
prices in central Michigan, establishing
REFINED
a
motor oil was all the more
changes follow:
Illinois
showed
V>:'/■
Although there is a good deal of talk heard in trade circles
about the export demand for gasoline, there have been no
major committments for immediate supplies for any of the
warring European nations, according to the indications
present in the major markets.
Stocks of gasoline are showing
the effects of no large movements, either
shipped abroad, or
even being made
ready for shipment.
Oct. 9—Pure Oil posted an increase of 4.5 to 8 cents a barrel in crude oil
Lima (Ohio Oil
fuel
motor
year.
Following a call upon President Roosevelt in Washington
Monday, Ambassador Daniels said that he felt more
optimistic concerning a settlement of the Mexican situation
arising out of the expropriation of some half-million dollars'
worth of American and British oil properties early last year.
disclosed
unfinished
barrels, off only 16,000 barrels from the previous week.
Barring a sharp rise in export demand, stocks are now some
10,000,000 barrels above normal figures for this time of the
cooperating in
Cardenas
and
disappointing decline during the initial!decline of October
despite a lower refinery operating rate.
The American
Petroleum Institute reported Oct. 7 stocks were 71,152,000
rels) established
He
a
the gains marked up
Petroleum Industries Committee.
on
toT5.10 cents
gallon under thejold schedule.
a
The general gasoline situation
Prices in most of the
2,608,600 barrels,
The convention will be divided into two general
few scattered instances,
a
at local refineries up
cars
the week.
in Federal Court in Austin
on Oct. 9 by F. W. Fischer, an
independent operator.
Mr. Fischer applied for an injunc¬
tion against the Commission, restraining it from enforcing
these orders and granting him permission to produce as
much from his wells as allowed those of similar potential.
Monday also saw an announcement from the offices of the
Texas Railroad Commission in Austin that the daily pro¬
duction allowable for the Panhandle section was being in¬
creased 13,000 barrels to a daily total of 60,000 barrels,
effective immediately.
In disclosing the boost in the allow¬
able for this area of the State, the Commission said that it
was
necessary to meet increased demand for crude oil.
Announcing an expected attendance of some 3,000 oil
men, the American Petroleum Institute announced the chief
speakers set for its 20th annual convention which will be
held at the Stevens Hotel in Chicago, Nov. 13-17.
Dr.
Joseph E. Pogue, Vice-President of the Chase National
Bank; Paul G. Hoffman, of the Studebaker Corp., and
Roswell Magill, Professor of Law, Columbia University,
were listed as the main
speakers for the trade group's con¬
adjustments in
gallon, against 4% cents
suit filed
a
price schedule, which also provided for
new
kerosene in tank
The
criticizing the Interstate Commerce Commission, Mr.
change in its unit
a
one-eighths to tenths ofJaJcentJargallon.
small downward
branches."
In
2297
in
crude
in
August,
August,
oil
1939,
was
Statistics, the price index for petro¬
51.7, compared with 52.2 in July
1938.
capacity
represented
by
the
data
in
this
report
was
4,121,000 barrels, hence the operating ratio was 84%, compared with 84%
July and 80% in August, 1938.
in
The Commercial & Financial Chronicle
2298
ended
(Thousands of Barrels)
7
Oct.
Jan. to
Aug.,
July,
Aug.,
Aug.,
1939
1939
1938
1939
1938
estimated
barrel
that
indicate
811,909
815,193
2,609
3,425
3,355
4,226
32,425
33,272
191
133
1,414
1,019
84,475
115,303
110,524
849,032
2,725
3,719
3,565
3,494
846,200
3,482
552
395
192
3,246
2,346
2,539
1,522
18,206
2,029
1,724
13,346
4,892
storage
13,048
881,268
whole
a
capacity
the
of
United
States
daily during the week,
refineries, bulk terminals,
CRUDE OIL PRODUCTION
DAILY AVERAGE
.
7.
to stills, on a Bureau of
ran
crude oil
at
Crude petroleum:
Receipts for domestic use.....
ended
week
panies is estimated to have been 12,001,000 barrels during the week.
Imports b:
Receipts In bond
barrels,
10,286
the
for
14,969
2,068
Dally average
as
1,957
...
Total production
of
average
barrels
the four weeks ended Oct.
refining
potential
industry
companies had in
3,341
4,175
210
—
3,579
3,400
Dally average
Natural gasoline
Benzol.a
daily
the
3,505,000 barrels of
basis,
106,165
daily
a
20,714
of
average
Mines
and that all
in transit and in
pipe lines as of the end of the week, 71,152,000 barrels of finished and
unfinished gasoline.
The total amount of gasoline produced by all com¬
Domestic production:
110,937
1939
Reports received from refining companies owning 86.2% of the 4,379,000-
New Supply—
80,865
barrels,
72,000
daily
a
28,071 barrels daily for
30 and
Sept.
Aug.,
totaled
with
compared
Jan. to
Crude petroleum
14,
Receipts of California oil at Atlantic and Gulf Coast ports for the week
DEMAND OF ALL OILS
SUPPLY AND
Oct.
(Figures in Barrels)
Refined products:
Receipts in bond
Receipts for domestic use
Total new supply, all oils.
Daily average
608
1,229
120,874
115,191
2,908
3,899
3,716
888,722
3,657
36,736
c2,271
4,711
32,376
126,894
118,603
119,902
921,098
3,826
3,868
3,791
Week
Week
Change
Weeks
Ended
from
Ended
Ended
Previous
Oct. 7,
Oct. 8,
Calcu¬
865,995
4,093
Four
B.ofM.
5,094
717
90,158
3,564
Increase in stocks, all oils
State
3,627
c
lated
Require¬
Allow¬
ments
—.....
ables
15,273
(October)
Oct.
7,
1939
Week
1939
1938
Oklahoma.
Dally average
Exports b:
424,200
424,200 b408,800 + 14,800
403,100
450,400
Kansas
Demand—
Total demand
170,600
170,600 b144,050 —13,150
153,600
154,700
+ 9.050
67,600
Panhandle Texas
7,003
48,222
54,430
North Texas
71,250 —14,650
81,900
71,200
10,763
80,034
78,060
West Central Texas—
25,850
—4,950
30,700
244,800
28,900
Domestic demand:
211,850 —36,000
West Texas
53,728
50,508
342,687
3,710
50,459
4,292
362,454
4,436
38,208
34,798
East Texas—;
8,229
26,012
1,963
8,012
d7,847
82,586
71,080
Southwest Texas
23,218
d23,665
205,998
186,134
1,982
2,002
14,998
62
81
603
721
Kerosene.
Gas oil and distillate fuels
Residual fuel oils
Lubricants
............
197,350
13,750
73
M otor fuel
60,650
7,304
9,622
5,969
11,529
Crude petroleum
Refined products
77,400
Wax
844
454
473
4,638
3,532
3,048
3,201
17,131
1,576
1,585
1,581
5,925
5,920
5,753
182
158
1,506
1,207
2,867
2,996
2,624
14,923
369,300
202,200
41,751
211
90,150
222,400
1,444,800 cl360503 el 255900 -229,200 1,374,750 1,242,150
Total Texas
5,675
Still gas
5,914
43,883
90,600
412,800
219,700
226,650
208,200 —25,450
Coastal Texas
15,936
Road oil
86,100 —6,700
394,600 —97,200
180,650 —53,300
_
3,485
Asphalt
East Central Texas.
16,381
Coke
Miscellaneous
Losses
North Louisiana
66,000
Dally
109,396
101,677
102,136
792,842
733,505
3,529
3,280
3,295
3,263
3,019
average
66,000
+ 6,200
181,850
81,550
189,100
270,650
260.300
258,504
253,100
+6,000
247,850
56,100
Total Louisiana
65,800
60,000
+ 150
65,400
55,350
330,500 —13,400
335,100
100,500
| 190,150
Arkansas
Total domestic demand...
—200
187,100
Coastal Louisiana
Illinois
275,500
99,400
111.)_
Michigan
100.550
61,000
Eastern (notincl.
—3,300
68,000
—350
68,000
53,600
69,000
64.150
—2,100
64,450
49,950
Montana
16,500
16,250
—200
16,350
Colorado
Stocks—
3,900
3,700
+ 100
3,650
3,450
108,550
+ 9,900
97,250
103,550
Wyoming
Crude petroleum:
238,479
270,570
285,640
238,479
285,640
14,253
14,375
17,575
14,253
17,575
6,624
7,123
8,022
6,624
Refined products
262,738
266,762
268,022
262,738
8,022
268,022
Total all oils
522,094
558,830
579,259
522,094
146
150
1.38
163
14,000
579,259
128
_
Reflnable in United States
Heavy in California
Natural gasoline
114,200
New Mexico
Total east of Calif.. 2,995,500
594,800 d 598,300
California
Days' supply
From Coal Economics Division,
a
c
d Revised.
increase,
PRODUCTION
a
These are Bureau of Mines' calculations of the requirements of domestic crude
oil based
PRINCIPAL
BY STATES
duction,
AND
to be
(Thousands of Barrels)
c
1939
Arkansas—Rod essa
Aug.,
1938
2.5
3.2
184
993
43.3
57.5
1,534
12,071
9,959
1.419
California—Kettleman Hills...
45.8
60.7
1,718
13,063
11,706
52.4
2,008
1,747
1,620
52.2
Long Beach
1,402
45.2
45.1
1,765
11,551
2,661
85.9
83.1
2,928
20,650
e Reflects shutdown for the three
days of Sept. 30. Oct. 1 and Oct. 2.
Note—The figures indicated above do not include any estimate
oil which might have been surreptitiously produced.
of
CRUDE
WEEK
22,745
Rest of State
13,233
18,079
13,251
TO
STILLS
281.8
2,062
52,304
11,560
4.4
3.7
92
053
101.8
177.0
5,190
39,112
40,381
17.4
16.2
553
3,794
3,711
3,862
124.6
Michigan
Montana
44,684
43,370
25.9
1,076
,6309
9,581
44.7
1,462
10,783
9,878
5,499
Total Louisiana.
5,527
16.9
35.9
177.4
270.4
8,065
61,776
62,829
2,105
Rest of State
199.8
525
1,112
Rod essa
67.9
66.5
1,465
14,793
12,705
526
10.7
416
3,805
3,265
56.4
108.5
2,974
23,857
23,641
441
New York
17.0
1,747
New Mexico
14.2
13.4
429
3,435
266
Rest of State
8.6
8.7
301
1,794
Seminole
3,320
2,112
57.9
107.7
3,461
24,204
28,639
2,018
Ohio
Oklahoma—Oklahoma City
65.1
115.5
3,695
28,245
28,215
2,215
3,531
113.9
227.1
7,460
52,968
236.9
450.3
14,616
106,417
119,693
1,474
47.5
45.2
1,460
11,298
11,976
Texas—Gulf coast
7.479
241.2
348.2
10,699
79.882
75,708
West Texas
4,235
136.6
236.8
6,734
50,570
6,251
201.6
400.4
14,062
92,506
1,215
39.2
68.0
2,194
15,441
Rate
East Coast
510
16.5
27.0
1,002
7,680
6,611
5,419
yomlng—Salt Creek
297.0
9,090
67,409
1,377.4
43,781
312,419
9.3
325
2,387
2,515
412
Total Wyoming
ther.a
.
13.3
15.8
484
1,464
47.2
46.1
1,330
10,076
60.5
61.9
1,814
13,714
12,464
6
.2
.2
6
48
Percent
Refineries
Daily
Percent
Inc. Natural
Average
i
Reporting
Operated
Blended
100.0
149
85.9
110
85.9
410
615
90.2
498
89.7
2,076
Oklahoma, Kansas, Missouri
419
81.6
263
76.9
z947
Inland Texas
557
90.6
1,699
316
50.3
126
79.2
515
1,055
90.0
822
86.5
2.692
164
Texas Gulf
97.6
143
89.4
336
Louisiana Gulf
North Louisiana & Arkansas
53
55.0
100
96.4
143
Rocky Mountain...
118
54.2
47
73.4
190
California
828
90.0
529
71.0
1,553
86.2
3,148
83.4
10,561
Reported
Estimated unreported.
357
1,440
♦Estimated total U. S.'
Oct.
*
7, 1939
4,379
3,505
Sept. 30, 1939
4,379
3,560
12,001
12,085
x3,25l
yll,192
U.S. B. of M. Oct. 7,
♦Estimated
is
a
Bureau
1938
of
Mines'
basis,
x
week's production based on the U. S.
44
1938 daily average,
y This
B. of M. October, 1938 daily average,
October,
8,669
1,870
Rest of State
Production
615
318,681
10.0
Gasoline
to Stills
Indiana, Illinois, Kentucky.
67,202
809.9
310
/est Virginia
174.8
25,109
Crude Runs
Appalachian
15,956
Total Texas
GASOLINE,
at
Potential
104,422
Panhandle
Rest of State
OF
1939
DaHy Refining
Capacity
47,713
East Texas
Rod essa
7,
District
62,839
7,343
Pennsylvania
Total Oklahoma
OCT.
623
539
Louisiana—Gulf coast
980
317.8
PRODUCTION
(Figures in Thousands of Barrels of 42 Gallons Each)
169,485
906
AND
ENDED
any
114,051
149,413
128
3,156
Kansas
103,979
20,770
4.1
136
Kentucky
14,069
606.6
4.1
9,852
Illinois
426.0
610.8
127
Indiana
427.5
18,934
Total California
W
RUNS
14,010
Wilmington
Colorado
Oct. 4.
a.m.
This Is the net basic allowable for the month of October obtained from the best
d'Recommendation of Central Committee of California Oil Producers,
1938
1,342
Total Arkansas
figures are for week ended 7
all exemptions and accretions from new wells are also Included,
1939
Average Average
77
Rest of State
to determine the amount of new crude
produced.
available sources and takes into consideration ordered shutdowns for 11 days during
the month, namely, Oct. 1, 2, 7, 8, 14, 15, 21, 22, 27, 28 and 29.
Presumably
Jan. to Aug,
Daily
Daily
Total
be supplied either from stocks, or from new pro¬
crude oil inventories must be deducted
withdrawals from
Bureau's estimated requirements
b Oklahoma and Kansas
July,
August, 1939
As requirements may
contemplated
from the
FIELDS
certain premises outlined In its detailed forecast for the month of
upon
October.
OF CRUDE PETROLEUM
2,819,550 -230,750 2,930,000 2,587,950
+ 8,400
616,300
619,350
061,400
3.435.850 -222,350 3,549.350 3,249,350
3,590.300
b Imports of crude as reported to Bureau of
Mines; all other Imports and exports from Bureau of Foreign and Domestic Com¬
merce.
114,200
.
3,638
3,795
z
12% reporting capacity did not report gasoline production.
STOCKS
OF
FINISHED
AND
FUEL OIL,
GASOLINE AND
UNFINISHED
WEEK ENDED
OCT.
GAS
AND
1939
7,
(Figures in Thousands of Barrels of 42 Gallons Each)
Total United States
80.865 2,608.6
3.578.6 106.165
815,193
811,909
Stock of Finished and
Includes Missouri, Tennessee, and Utah.
Stocks of Gas Oil
Stocks of Residual
Unfinished Gasoline
a
and Distillate
Fuel (HI
District
Total
Daily Average Crude Oil Production for Week Ended
American
Petroleum
daily average
was
estimates
that
7,
1939,
production for the week ended
3,435,850 barrels.
This was a drop of
222,350 barrels from the output of the previous week, and
current week's figure was below the 3,590,300 barrels
calculated by the United States Department of the Interior
the
be the total
to
oil-producing
of
the
restrictions
imposed by the various
October.
Daily average pro¬
States during
duction for the four weeks ended Oct.
at
3,549,350
barrels.
The daily average output
8, 1938, totaled 3,249,350 barrels.
details, as reported by the Institute, follow:
Imports of petroleum for domestic
United
a
daily
States
ports
average
of
for
the
127,714
week
use
ended
barrels,
four weeks
ended Oct.
7.
the
Further
Oct.
East Coast
7
compared
totaled
with
a
894,000
daily
in Transit
At
Refineries
and in
Refineries
barrels,
average
of
148,857 barrels daily for
17,801
Pipe Lines
Ind„ 111., Ky
Okla., Kan., Mo
6.868
18,862
6,564
in Transit
and in
Pipe Lines
5,736
2,115
Appalachian
2,460
236
121
10,897
3,925
964
2,778
50
4,291
338
10.329
2,898
5,478
5,784
1,706
Inland Texas
1,290
1,498
379
Texas Gulf
7,625
8,889
Louisiana Gulf
"56
1,920
5,412
"544
7,272
~379
1,930
2,219
756
54
2,103
218
No. La. <k Arkansas
314
425
244
7
463
Rocky
969
1,039
126
Mountain..
473
12,859
14,099
8,149
L624
60,637
22,430
60,710
66,172
27,801
9,928
84,618
27,374
4,880
4,980
820
7,1939...
65,590
9,928
a87,023
65,352
71,162
71,168
a28,621
Sept. 30,1939...
a28,589
9,492
a88,436
California
Reported
Est. unreported
2,405
♦Est. total U. S.¬
Oct.
and receipts in bond at principal
145,429 barrels for the week ended Sept. 30 and
the
for
At
and
Unfin'd
7, 1939, is estimated
week ended Oct.
Finished
the
gross crude oil
Oct.
Institute
At Terms,
Total
Finished
Oct. 7 Falls 223,360 Barrels
The
At Terms,
U.
S.
B.
♦Oct.
♦
7,
of
Mines
1938...
27,374
27,010
•
63,236
31.277
69,123
Estimated Bureau of Mines basis,
For
120.405
comparability with last year these
figures must be increased by stocks "At Terminals, <fcc.," in California district.
a
Volume
The Commercial & Financial Chronicle
149
Natural Gasoline Production for Month of
The daily average production of natural
gasoline decreased
materially in August 1939, according to a report prepared by
the Bureau of Mines for Harold L. Ickes,
Secretary of the
Interior.
The daily average in August was
4,606,000
gal¬
lons, compared with 5,656,000 gallons in July.
This decline
was due to the 15
day shutdown in the Mid-Continent field.
On the other hand, production in
California, and other areas
outside the Mid-Continent, increased.
Stocks decreased from 299,166,000 gallons
hand July 31
was 58,-
on
ESTIMATED
August
2299
WEEKLY
PRODUCTION
OF
COAL, BY STATES
(In Thousands of Net Tons)
(The current weekly estimates
ments and are
subject to revision
based on railroad carloadings and river ship¬
receipt of monthly tonnage reports from district
are
on
and State sources or of final annual returns from the
operators.)
Week Ended
State
Sept.
Sept. 23 Sept. 16 Sept. 24 Sept. 25 Sept. 21
1939
Alaska
1939
1938
1937
1929
2
3
3
273
Alabama
2
257
206
257
Arkansas and Oklahoma
Avge.
1923
s
e
8
278,208,000 gallons on hand
716,000 gallons less than a year
PRODUCTION AND
Aug.
347
406
68
86
82
134
116
130
141
256
1
1
1
1
930
816
996
1,114
1,304
Indiana
1,587
315
314
310
379
373
550
72
65
72
81
99
110
116
147
134
149
168
Kentucky—Eastern
This
62
Illinois
31.
126
Kansas and Missouri
to
878
892
790
888
976
713
174
162
185
167
303
248
32
30
34
44
Colorado-
Georgia and North Carolina
ago.
STOCKS OF NATURAL
GASOLINE
(In Thousands of Gallons)
Iowa
Production
Stocks
Western
Aug. 31,
Jan. to
a
1939
Jan.to
July 31, 1939
At
Aug.,
July,
Aug.,
Aug.,
At
1939
1939
1939
1938
At
Plants
At
Refin¬
& Ter¬
Refin¬
& Ter¬
eries
minals
eries
minals
Plants
7,938
43",676
43", 904
924
5", 507
840
6~076
1,103
Oklahoma
3,692
1,060
9,095
8,199
5,334
544
3,948
589
37,349 288,227 314,016
4,078
37,347
35,884
3,990
39,963
2,899
3,864
52,291
61,615 442,987 452,390
7,764
.57,084
62,977
3~234 106,680
25,281
Kansas
3,890
Texas
43,751
Louisiana
7,133
Arkansas
2,149
16,984
16,186
7,930
57,599
52,710
49,713 408,851 439,970
1,967
Rocky Mountain
5,363
California
50,293
Total
168
84
2,924
3,570 110,681
1,297
378
1,018
"378
175
196
4,746
2,102
4,158
2,291
88,200
4,129
93,156
3,862
142,800 175,350 1361850 1426236 114,912 163,296 119,238
179,928
4,606
5,656
6,604
5,869
_
Dally avge.
34
14
9
12
15
17
27
55
51
56
62
79
68
New Mexico
23
22
25
35
49
North and South Dakota
56
33
30
50
51
s59
827
437
402
530
488
861
2,165
bituminous
3,585
1
2,160
1,670
2,343
2,858
127
119
105
115
105
Texas
18
20
19
20
19
26
Utah
87
88
75
78
113
103
350
329
285
311
261
245
Virginia
Washington
West
119
30
a
27
35
35
47
58
2,087
2,101
1,640
1,989
2,096
1,474
646
Virginia—Southern
580
498
600
729
867
130
107
127
158
165
Northern b
Wyoming
130
Other Western States
*
1
c
Total bituminous coal
9,200
Pennsylvania anthracite d.
*
1
8,944
7,936
85
s4
11,068
9,593
11,814
1,344
1,199
819
924
1,564
714
10,544
10,143
8,755
10.517
12.632
12,528
Includes operations on the N. & W.; C. & O.; Virginian; K. & Ml.; B. C. &
G.;
Mason and Clay counties,
b Rest of State, in¬
cluding the Panhandle district and Grant, Mineral and Tucker counties,
c Includes
Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania anthra¬
cite from published records of the Bureau of Mines.
e Average weekly rate for entire
month,
s Alaska,
Georgia, North Carolina and South Dakota Included with
a
of barrels)
3,400
32,425
33,958
135
133
140
avge.
Final
4,175
110
Dally
a
40
457
Ohio...
Total, all coal....
Total (thousands
117
Maryland
Michigan
Tennessee
9,240
4,019
Appalachian
El., Mich., Ky
8
Montana
Pennsylvania
East coast
96
214
s
2,736
figures.
3,888
:
.
2,839
4.284
.
September Anthracite Shipments Total 4,286,905 Net
and on the B. & O. in Kanawha,
"other Western States."
* Less than 1,000 tons.
Tons
Shipments of anthracite for the month of September,
1939, as reported to the Anthracite Institute, amounted to
4,286,905 net tons.
This is an increase, as compared with
Preliminary Estimates of Production of Coal for Month
of September, 1939
shipments during the preceding month of August, of 1,140,161 net tons, or 36.2%, and when compared with
September,
of Mines
1938, shows
increase of 1,398,933 net tons, or 48.4%.
Shipments by originating carriers (in net tons) are
an
follows:
as
.
September,
Reading Co..
Lehigh Valley RR
August,
September,
1939
1939
1938
863,082
August,
1938
434,086
253,980
289,883
34,270
248,789
99,860
152,056
143,716
Delaware & Hudson RR.
Corp
Pennsylvania RR
Erie RR
N. Y., Ontario & Western Ry_
Lehigh & New England RR.......
Divison of the U.
Coal
S.
79,540
404,518
662,504
Del., Lack. & Western RR
Bituminous
the
229,787
229,222
121,035
807,533
Central RR. of New Jersey
and
Department of the Interior, bituminous coal output during
the month of September, 1939, amounted to 37,695,000 net
tons, compared with 32,286,000 net tons in the correspond¬
ing month last year and 34,688,000 tons in August, 1939.
Anthracite production
during September, 1939, totaled
4,776,000 net tons, as against 3,388,000 tons a year ago and
3,382,000 tons in August, 1939.
The consolidated state¬
206,948
308,337
278,999
64,085
230,433
—
696,351
611,672
241,796
411,984
411,279
417,081
403,583
—
According to preliminary estimates made by the Bureau
592,838
175,901
550,240
474,841
151,702
390,895
294,791
690,502
ment of the two aforementioned
Total
organizations follows:
Number
or
Calendar
Average
Working
Year to End
Day
of September
Days
CNet Tons)
(Net Tons)
of
Working
Month
(Net Tons)
per
Sept., 1939 (preliminary)
Total
Bituminous coal
2,887,972
2,336,498
Weekly Coal Production Statistics
25
1,508,000
4,776,000
25
191,000
38,090,000
Beehive coke
3,146.744
37,695,000
Anthracite b
4,286,905
67,600
26
2,600
471,400
a
August, 1939 (revised)—
Bituminous coal
The
National
Bituminous
Coal
Division
of
the
United
estimated
an
total
Production in the
corresponding week of 1938 amounted to
7,975,000 tons.
United
The
States
Bureau
of
increase of 333,000 tons.
an
ESTIMATED
STATES
UNITED
COMPARABLE
DATA
ON
PRODUCTION
PRODUCTION
OF
OF
SOFT
CRUDE
COAL
WITH
PETROLEUM
(In Thousands of Net Tons)
Week Ended
Sent. 30 Sept. 23
1939
Bituminous Coal
1939
c
Calendar Year to Date d
Oct. 1
1939
1938
1938
1929
a—
Total, including mine fuel..
9,900
9,200
1,650
Daily average
25
1,291,000
3,388,000
25
135,500
33,583,000
26
2.062
634,400
September, 1938 (revised)—
a
;
Beehive coke
a
Includes for purposes of historical comparison and statistical convenience the
production of lignite and of anthracite and semi-anthracite outside of Pennsylvania.
b Total production, including colliery
fuel, washery and dredge coal, and coal
shipped by truck from authorized operations.
Note—All current estimates will later he adjusted to agree with the results of the
complete canvass of production made at the end of the calendar year.
Mines
reported that the
total estimated production of Pennsylvania anthracite for
the week of Sept. 30, amounting to 1,254,000 tons, decreased
90,000 tons, or 7%, from output in the week of Sept. 23.
Compared with the week of Oct. 1, 1938, however, there
was
1,633
32,286,000
Anthracite b
Sept. 30, reaching
141,900
27
53,600
in
week ended
1,285,000
27
44.100
Beehive coke
Bituminous coal
of 9,900,000 net tons.
This figure has been exceeded but
once since the end of March,
1937.
Comparison with the
week preceding shows a gain of 700,000 tons, or
7.6%.
27
3,832,000
34,688,000
a
Anthracite b.
States Department of the Interior in its current coal state¬
ment said that production of soft coal increased
sharply
the
1,533
1,329
5,860
5,896
5,177 209,336 207,135 172.084
7,975 262,818 235,478 388,948
1,144
1,022
Non
Ferrous
Metals—Domestic Copper Firmly Estab¬
12^c. Valley—Lead and Zinc Unchanged
lished at
The
Oct.
12 issue cf
"Metal and
1,686
,
a
Includes for
purposes
of historical comparison and statistical convenience the
production of lignite,
b Total barrels produced during the week converted to
equivalent'coal, assuming 6,000,000 B. t. u. per barrel of oil and 13,100 B. t. u.
pound of coal,
Subject to revision,
d Sum of 39 full weeks ended Sept. 30,
1939, and corresponding 39 weeks of 1938 and 1929,
per
c
PRODUCTION
OF
PENNSYLVANIA
BEEHIVE
ANTHRACITE
re¬
Copper
The domestic quotation for copper was firmly established at 12He., Val¬
ley, on Oct. 5, with transactions
for
Sales
vious
ward
A
ESTIMATED
Mineral Markets"
ported that non-ferrous metal markets last week reflected a
less insistant demand by consumers for supplies because of
the peace talk in Europe.
Consumption of metals is con¬
tinuing at a higher rate and prices remain firm.
The in¬
dustry viewed the let-up in excitement as an opportunity
to appraise the
outlook on a more rational basis.
The
International Tin Committee set quotas for the fourth quarter
at 70% of standard tonnages.
Tin was lower and quicksilver
unchanged at $150.
The publication further states:
Crude Petroleum b—»
Coal equivalent of weekly output.
_
the week
week.
The
totaled
tight
on
that day in good volume, at that level.
25,955 tons, against
near-by
position
of
23,231
copper
tons
in
continues,
the
pre¬
and
for¬
buying has declined according to producers.
strike
was
called
on
AND
Oct.
10
by the
International
Union
of Mine,
Mill & Smelter Workers at the Perth Amboy copper refinery of the American
COKE
(In Net Tons)
Smelting & Refining Co., following failure to conclude
a
new
labor contract
with the company.
Calendar Year to Date
Week Ended
Sept. 30, Sept. 23,
1939
1939
Sales for export were in good volume,
1938
1939
1938
c
1929
c
On
Oct.
6 the
Copper
garding copper statistics:
Penna.
Anthracite—
to assemble
Total, inch coll. fuel.a 1254,000 1344,000 921,000 38,090,000 33,537.000 52,475,000
166,700
209,000
224,000 153,500
146,800
229,600
Daily average.
Comm'I
production.b 1191,000 1277,000 875,000 36,186,000 31,860,000 48,697,000
Beehive Coke—
United States total—
Daily average
a
with transactions around 12.50c.,
f.a.s. New York.
Oct. 1,
Institute made the following
"Since the
complete information
consumption of copper were predicated.
its endeavor to
secure
of
event
war
it
announcement
has
been
upon which the statistics of
re¬
impossible
production and
The Copper Institute will continue
the necessary data.
For the present, until the situa¬
tion can be clarified, it was decided not to publish partial figures."
31,700
17,200
5,283
2,867
14,300
2,383
478,100
2.052
Includes washery and dredge coal, and coal shipped by
b Excludes colliery fuel,
of working days in the three years. \
operations,
c
651,700
5,151,000
2,797
22,107
truck from authorized
Adjusted to make comparable the number
Heavy purchases of
copper calling for
fourth-quarter delivery have forced
producers to increase production sharply.
announced
and
that
the
Leonard
May 23, respectively, this
and
On Oct. 7, Anaconda Copper
Steward
year, will be
mines,
closed
since
reopened immediately.
Jan.
17
Union
The Commercial & Financial Chronicle
2300
possible, according to a recent announcement from Brussels.
as
Steel ingot
Lead.
market involving 6,009 tons, against 9,613 tons in the
Consumers continue to appear anxious to acquire metal, but
previous week.
less new inquiry is
Several cable makers entered
50.000 tons per month.
metal during
the week.
Quotations remained firm at 5.50c., New
tract
Ydrk. which
St. Louis.
the con¬
was also
Refining Company, and
settling basis for the American Smelting &
5.35c.,
the market for
St. Joseph Lead Company obtained a premium on its
brands sold in the East.
own
Zinc
.
Inquiry for zinc was steady during the week, but sellers reported a less
insistant demand for metal.
Sales of the common grades for the week ended
Oct. 7 totaled 5.864 tons, against 15,071 tons for the previous
8,424 tons
the
in
maintained at
reported in good volume.
continued firm at 6.50c., St. Louis, for Prime Western.
The quotation
imported 2,106 tons of slab zinc during August. Most
The United States
of this supply came from
Norway,
tons;
been
indicating that consumption has
previous week,
high rate.
a
Releases for high-grade zinc are
379
week. Ship¬
continued at a good rate, involving 8,230 tons, against
however,
ments,
Mexico, which accounted for 1,206 tons; Canada,
Poland,
336 tons;
100
and
tons;
Belgium, 84 tons.
Tin
Business
in
tin
with buyers continuing to
quiet during the week,
was
Straits for November delivery brought
be interested in lace delivery metal.
Prices for Straits, spot delivery, eased to 55c. during the week.
49%c.
The International Tin Committee announced yesterday that quotas were
September
increase
1939
August
Over
report released
a
and Steel Institute.
the fourth consecutive month to show
was
a
against the revised figure of
August, according to
Oct. 7 by the American Iron
reported. Producers believe shipments in September will
55,000 tons and that actual consumption of lead is now close
be around
to
tons in
3,763,418
12%
Output
14,
production jumped 12% during September to
total of 4,231,310 gross tons, as
Sales of lead declined to a moderate basis during the last week, transac¬
tions in the open
Steel
September
Minlere du Haut-Katailga. in Africa, is increasing copper output as rap-
idly
Oct.
an
the
preceding month in the tonnage of steel
ingots produced.
The September tonnage was the highest
for any month since September 1937, when 4,289,507 tons
were produced.
The September tonnage was 60% above the total of 2,647,129 gross tons produced in September a year ago.
In the
first nine months of this year, a total of 29,748,012 tons of
ingots was produced, 66% above the total for the corre¬
sponding period of 1938 and 7% more than the tonnage
produced in the whole of last year.
During September the industry operated at 72.41% of
capacity, as against 62.22% in August, and 46.09% in
September, 1938. Over the first nine months of this year the
industry's operations averaged 55.86% of capacity, compared
with 34.29% in the corresponding period of last year.
Ingot production averaged 988,624 tons per week in
September, as against 849,530 tons per week in August and
618,488 tons per week in September a year ago. For the first
nine months of 1939 an average of 762,770 tons of ingots
was produced weekly, which compares with the average of
460,183 tons per week during the corresponding months
over
of 1938.
retoractively fixed at 120% of capacity for the third quarter and 70% for
the
fourth
demand
Strong
quarter.
during
tin
for
the third
quarter.
MONTHLY
high quota for that
is believed to account for the Committee's action on a
PRODUCTION OF OPEN-HEARTH
INGOTS—JANUARY,
Strong demand for tin during the third quarter because of the European war
(Calculations
1938,
AND
BESSEMER
TO SEPTEMBER.
STEEL
1939
based on reports of companies which In 1938 made 98.67%
of the
open-hearth and 99.90% of the Bessemer Ingot production)
period.
advances sharply to 92% of capacity.
The rate of tin-plate operations
Calculated Monthly
Production
Heavy domestic and export demand for tin plate account for the rise.
Chinese
99%,
tin,
was
Calculated
Number of
Weekly
Weeks in
Production
5th, 50 000c.; 6th,
nominally as follows: Oct.
Month
Gross
Tons
50 000c.; 7th, 50.000c.; 9th, 50 000c.; 10th, 50 000c.; 11th, 50 000c.
DAILY PRICES
OF METALS
Per Cent
of Capacity
(Gross Tons)
("E. & M. J." QUOTATIONS)
1939—
New York
New York
Dom.,Refy. Exp., Refy.
St. Louis
St. JmuU
Oct.
5
12.275
12.300
55.000
5.50
5.35
6
12.275
12.400
55.000
5.50
5.35
7-_...
12.275
12.400
55.000
5.50
5.35
9.....
12.275
12.450
55.000
5.50
6.35
4.00
768,707
4.43
12.86
9,568,371
54.49
744.041
April.
2,974,246
50.78
693,297
May.
2.922.875
48.32
659,791
4.43
June.
3,125,288
53.35
728,505
4.29
First quarter.
6.50
Oct.
4.43
747,162
56.30
6.50
Oct.
716,558
54.72
3,405,370
6.50
Oct.
52.48
2,988,649
March...
January..
Zinc
Lead
3.174,352
February.
Straits Tin
Electrolytic Copper
6.60
Oct. 10
12.275
12.450
55.000
5.50
6.35
6.50
Oct. 11
12.275
12.450
55.000
5.50
5.35
6.50
12.275
12.408
65.000
5.50
5.35
6.50
Average.
Average
_
ended Oct. 7 are:
prices lor calendar week
Domestic copper,
4.29
Second quarter..
9,022,409
50.79
693,498
13.01
First six months.
18,590,780
52.63
718,623
25.87
f.o.b*
refinery, 12.025c.; export copper, 12.246c.; Straits tins, 56.375c.; New York lead,
5.500c.; St. Louis lead, 5.350c.; St. Louis zinc, 6.500c.; and silver, 35,025c.
3,162,534
52.40
715,505
*3.763,418
4,231,310
*62.22
*849,530
4.43
72.41
988,624
4.28
Third quarter.
11,157,262
62.23
849,753
13.13
Nine months
29,748,042
55.86
762,770
39.00
July
August
September
4.42
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
the basis of cash,
Louis,
New York or 8t.
noted.
as
They are reduced to
All prices are in cents per
pound.
1938—
Copper, lead and zinc quotations are based on sales for both prompt and future
In
domestic copper prices are quoted on a delivered basis; that is,
the trade,
delivered at consumers' plants.
As dlllvery charges
1,734,165
29.17
391,459
4.43
February.
1,697,452
31.63
424,363
4.00
March...
2,004,204
33.72
452,416
4.43
5,435,821
31.50
422,692
12.86
1,919,042
1,800,877
1,632,843
33.34
447.329
4.29
30.30
406,519
4.43
28.36
380,616
4.29
5,352,762
30.66
411,434
13.01
10,788,583
31.08
417,031
25.87
1,974,317
2,537,102
2,647,129
33.29
446,678
4.42
42.68
572,709
4.43
46.09
618,488
4.28
7,158,548
40.63
545,205
13.13
January..
deliveries: tin quotations are for prompt delivery only.
vary
with the destination,
he
First quarter.
figures shown above are net prices
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
On
seaboard.
foreign
owing
business,
to
net
at refineries
on
the
Atlantic
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.
April.
May.
June-
Second quarter
Due to the
European War, the usual table of Daily Lon¬
However, prices on standard
tin were given as follows: Oct. 5: spot, £229%; three months,
£229%.
Oct. 6: spot, £229%; three months, £229%.
Oct. 9,10 and 11: spot, £230; three months, £230.
First six months
don Prices is not available.
July
August
September.
Third quarter.
Nine months.
U.
S.
Steel
Shipments of finished steel products by subsidiary
34.29
460.183
39.00
3,105,985
52.25
701,125
4.43
3.558,363
3,130,746
61.81
829,455
4.29
Deoember.
Year
17,947,131
October...
November.
Corp. Shipments 70.5% Higher than Last
52.79
708,314
4.42
Fourth
9,795,094
55.55
745,441
13.14
com¬
panies of the United States Steel Corp. for the month of
September, 1939 amounted to 985,030 tons.
The September
shipments
compare
the preceding month, an increase of
Total
capacities of 1,365,401
181,208 tons and with
shipments
6,858,427 tons
compared with 4,588,224 tons in the comparable period of
1938, an increase of 2,270,203 tons or 49.5%.
In the table below we list the figures
by months since
January, 1935:
TONNAGE
OF
SHIPMENTS
OF
STEEL
YEARS
PRODUCTS
BY
MONTHS
FOR
INDICATED
Year 1936
Year 1937
Year 1938
Year 1939
789,305
677.994
668.056
591,728
979,907
572,199
501,972
767,910
April
1,149,918
1,133.724
1,414,399
1,343,644
474,723
March
721,414
676,315
783,552
518,322
February
534.055
582,137
May
598,915
June
578,108
984,097
886,065
July
547,794
950,851
August
624,497
September
614,933
923,703
961,803
October
686,741
1,007,417
November
681,820
661,515
882,643
1,067,365
489,070
694,204
Yearly adjustment. —(23,750)
—(40,859)
—(77,113)
+ (30,381)
December
Total for year
7,347.549
follows:
as
and
tons
39.65
operated
based
on
In
532,072
1939
annual
Bessemer ingots,
are
52.14
calculated
capacities
as
on
weekly
of Dec. 31, 1938
71,191,994 gross tons and in
1938
calculated on weekly capacities of 1,341,856 gross tons based on annual
capacities
of Dec. 31, 1937, as follows: Open-hearth and Bessemer
Ingots, 69,964,350 gross
are
as
tons.
*
Revised.
701,459
1,304,039
465,081
1.268,550
1,186,752
1,107,858
1.047,962
792,310
587,241
478.057
733.433
441,570
676.309
558,634
803.822
577,666
9S5.030
963,287
679,653
Steel
12,748,354
6,655,749
Operations at 90%—Wire Nails Advanced $3 and
Reinforcing Bars $5 A Ton
The Oct. 12 issue of the "Iron Age" reported that without
waiting for formal announcement of future steel prices by the
leading producer, some of the independent mills have ad¬
vanced wire nails $3 a ton and reinforcing bars, both new
billet steel and rail steel, $5 a ton.
Next to sheets and strip
these products have been subject to the
greatest price
weakness in the past two years.
stated:
The advance
723,165
on
The "Iron Age" further
nails places virtually all merchant wire
products on
a
$3
ton
higher basis.
The new prices apply for such new business as can be
taken for delivery over the remainder of the
year.
Makers of new billet steel reinforcing bars are disinclined to
take business
even at the higher prices because of the
great need of their entire supply
of semi-finished steel in other
departments.
a
A general price announcement is
expected this week
or
next.
Opinion
in the trade is that advances will be
moderate, possibly not more than $2 or
S3
10.784,273
Open-hearth
capacity
gross
were
Year 1935
Month
January
27,742,225
Note—The percentages of
with 803,822 tons in
577,666 tons in the corresponding month of 1938 (September)
an increase of 407,364 tons or
70.5%.
For the year 1939 to date,
quarter
ton, even though the higher figure is less than the increased
melting
cost due to scrap alone.
While some steel people believe that increases of
a
Volume
149
The Commercial & Financial Chronicle
$5 to $10 a ton would more
nearly represent the higher costs that may be
faced in the first quarter, the
vague possibility of a truce in the
European
war has
brought a more moderate view.
It is recognized that
■
price ad¬
wrhich
vances
create a
be
warranted
top-heavy prices
if
no
structure if the
war.
conditions
present
a
industry's position in the
doubtedly be cancellations
or
of
event
an
'•>
.V
suspensions of
armistice.
some
tonnage
There would
time
being in the large railroad program,
nor
would
s
cases
un¬
In only a
directions, probably would
many
upturn,
early
few
1940.
business
at
prices,
open
making
last
ing
production and delivery problems in
on
many
of whom
are
quick deliveries
Additional
1937, and 25%
so
that
centering at Chicago,
mission
they
points
of rails
will
placed shortly
will take 34,000 tons
of steel.
Automobile companies
of the
taking
a
Chrysler plants may relieve
industry's
and
capacity,
even some
plate mills
duction units
are
The
to
creased
Iron
be operating at
93% and
cold
some
.
plants,
P
this time in
THE
"IRON
are
an
2.286c.
1938
3
Jan.
2.236c.
May
May 17
2.211c.
Oct.
9
2.249c.
Mar.
2
1936...
2.249c.
Dec.
28
2.016c.
Mar. 10
1935.
2.062c.
Oct,
I
2.056c,
Jan.
8
Apr. 24
1.945c.
Jan.
2
Oct.
1.792c.
May
2
1.870c.
Mar. 15
1934
—_2.118c.
1933
_
1.953c.
19321.915c.
.Sept.
fBased
One week ago--
.$22,611
One month ago.
20.611
One year ago.
20
611
6■
-v*1.".
.
on average
for basic Iron at Valley
furnace and
foundry Iron at Chicago,
Philadelphia,
Buffalo,
Valley,
and
Southern iron at Cincinnati.
High
.$22.61
Sept. 19
1939
Sept. 12
1938-.-.______
23.25
June 21
19.61
July
6
1937...........
23.25
Mar.
9
20.25
Feb.
16
1936.
10.73
Nov. 24
18.73
1935
18.84
1934
17.90
May
1
16.90
Jan.
27
1933
16.90
Dec.
5
13.56
Jan.
ton on
1932.-_-_.___-.
14.81
Jan.
5
13.56
Dec.
6
Oct. 10.
1939, $22.08
a
One week ago
I
was
.
May 14
x6.75j
14.25[
No.
1
heavy
melting steel
quotations at Pittsburgh, Philadelphia,
on
$22.50
1938
3
$14.08
May
—
-A--—.-*
1935
11.00
June
Mar. 30
12.91
Dec. 21
12.67
June
9
10.33
Apr.
Dec.
__________
13.00
Mar. 13
__________
1934
________
1933-
12;25
Aug.
1932.
8.50
The
American
nounced
Iron
and
Steel
Jan.
10
price
composite in¬
car
production last
week totaled
A substantial number of
the
76,095
cars
and
September
all the pre¬
Foreign business in railroad equipment promises
year.
jumped 7 points last week
to
90%,
exceptionally
an
buying
is
more
active,
reflecting
curtailment
are
active
more
of
builders seek
as
Some reinforcing bar producers
Structural
awards
turning
are
and
plate.
armor
4 points to 83, Chicago
4
to
90,
with
2 points to
rose
another
4-point
Pittsburgh
86, and Youngstown in¬
gain
likely
this
week.
Other
advances included 3 points to 64 in eastern
Pennsylvania; 5 points to 93
Wheeling; 1% points to 89 at Cleveland; 11% points to
83% at Buffalo;
at
84
to
at
Cincinnati; and
1
point
100
to
unchanged at 86, will go to 90 this week.
Detroit.
at
Birmingham,
New England held at
100 and
St. Louis continued at 72.
Steel ingot production for the week ended Oct. 9 is
placed
88% of capacity, according to the "Wall Street Journal"
of Oct.
and
U.
and
11.
This compares with 85%
80%% two weeks
S.
Steel
76%%
89%%,
is
estimated
at
weeks
two
compared
85%%, against
ago.
with
in the previous
87%
week
The "Journal" further states:
ago.
Leading
in
the
82%
in
independents
preceding
the week
are
week
and
before
credited
with
85%%
two
ago.
The
following table gives
the
nearest
a
comparison
of the percentage of production
corresponding week of previous
changes, in
points,
from
the
week
years,
together with
the
immediately preceding:
on
U. S. Steel
Independents
+ 3
29
85%
1938
49
+ 1%
45
Sept.25
6.75
6.43
12
Industry
88
+3
1937
65
52%
+6
56
Jan.
9.50
8
Institute
leveling off, further
1939-...
-10
72
1936—
July
Oct.
9
3
5
an¬
telegraphic reports which it had received
operating rate of steel companies having
97% of the steel capacity of the industry will be 88.6% of
capacity for the week beginning Oct. 9, compared with
87.5% one week ago, 70.2% one month ago, and 51.4% one
that
—
—
—
75%
52%
,
1935..
1934
1933
that
indicated
Motor
Nov. 10
17.75
13.42
__________
of
scrap
than 15 years.
7
Nov. 22
21.92
-----
"Steel's"
16
15.00
1937
1936
indication
some
week.
pending projects.
approximate
Low
Oct.
more
21,250 tons of
creased
with
and Chicago.
High
1939
last
$22.16, slightly exceeding the 1937 peak to reach
Canadian
on
up
weeks
fBased
$22.50-!
One year ago.
17.83
Steel Scrap
Gross Ton
One month ago
5
Building and
Most districts cored further gain in steel
making last week.
3
;
recorded
to
business.
Aug. 11
Nov.
barbed wire, nails and heavy
fencing.
are
inquiries include nearly 6,000
plant expansion by aircraft interests and 3,000 toas for a
seaplane
hangar.
A Government order for 329 army tanks will take
2,500 to
3,000 tons of plates, and the navy has bids
ranging from $520 to $750 a
at
Low
$20.61
as
tons for
5%
V'," \Pig Iron
Oct. 10. 1939, $22.61 a Gross Ton
3
close
down
8
Mar.
11.6%
substantial upturn
more
deferred,
average
of
Since many
Export business in other steel products continues limited
despite active
inquiry from neutral countries.
A number of foreign
buyers are seeking
pig iron here, with prices reported in excess of the domestic
market.
16
2.512c.
-
is
Structural and reinforcing bar markets
2.512c.
_
-
rate a year ago.
exports from Great Britain.
rolled strips.
These products represent
85%. of the United States output.
High
Low
1939
1937
prices
the largest
Daily
increase
an
heavy demand from domestic roads.
consumers.
wire, rails, black pipe, sheets, and hot
2.236c.f
95,757 tons,
high rate for this period.
Resumption of operations at plants recently
idle is helping to meet the
heavy demand from bath domestic and foreign
bars, beams, tank plates,
__2.286c.l
One year ago
the active list,
to
September, 1922.
70% ahead of the
first-quarter
Tin plate operations
above
2.236c.j
One month ago
was
unusually sharp upturn last month.
to
steel
on
on
ceding months this
COMPOSITE PRICES
fBased
plan
90%
industry, although hampered by strikes at parts makers'
expanding assemblies rapidly and pressing material and
parts
are
to swell the
Finished Steel
Oct. 10, 1939, 2.236c. a Lb.
One week ago
May,
rate of
heavy tonnage of rails and accessories remain to be
placed.
freight car awards of 23,000 were almost double the total for
1929.
AGE"
highest since
Several districts
a
Buffalo mill has bought 40,000 tons
In fact, excepting the construction factor, all
components
87%,
ago.
a gain of more than 13,000 and the
largest output since June.
Railroad buying of rails and
equipment has moderated somewhat following
about 50c. a ton over those quoted last week.
The
"Iron Age" scrap composite price is down 42c. to
$22.08 a ton.
The "Iron Age" capital goods index has advanced
5.2 points to 101.1,
the highest figure since Aug. 28,
1937, and only 4.9 points below the 1937
peak.
been
units,
of steel scrap at prices
their positions at
than
added
month since
month
suppliers for shipments.
The sensitive
a
$1.41
re¬
scrap trade, affected possibly by the talk of
peace or by the
high prices to which old material has risen, has experienced a
slight flatten¬
ing out, which may be only temporary, but quotations for ISIo. 1
heavy
melting steel are lower at Pittsburgh, Chicago,
Cleveland, Youngstown and
Detroit, all being off 50c., excepting Pittsburgh, where the decline in The
However,
has
tonnage
The automobile
running at rates above their theoretical
capacity to meet
the heaviest tin plate demand the trade has
ever experienced at this time
of the year.
'
Iron Age average is 75c.
month
a
furnaces
one
prices have given
were
highest level in
are
-
sma 11
up $3.
Some plate producers with a small amount
capacity for the remainder of the year are quoting $5 a ton
While scrap
90% of the
93%
to
to
above the nominal market.
are
estimated
being made
of unfilled
Age estimate.
Some plants
operating at 100% or close to that figure.
100%, Buffalo is at 96% and Youngstown is at
entire districts
The Detroit rate is
Tin
according
ton
advances
to
of
highway mesh also
the pressure from that source until the labor
difficulties are settled.
Pig
iron shipments to foundries are
increasing in volume.
The only branch
of the steel business to show a
declining tendency is in fabricated structural
steel work.
Meanvrhlle, steel operations this week have advanced
points
producers seek to
determine the probable extent of the increase in
their manufacturing costs.
Meanwhile prices on merchant wire
products are rising, advances of $3
by roads
are
blast
more
Announcement
10 additional ships awarded by the Maritime Com¬
heavy shipments, though the shutdown
relatively
a
3%
furnaces went in the latter part of the
month, a
is seen for October.
into
come
products able
pp
31
saw
August and
over
rehabilitation programs.
on
be
only
rose
better than
pig Iron production last
an
get started
can
tons
commoner steel
by
making furnaces this week, and a national
better is in early prospect.
'^vT'v'
September
asking
effort to satisfy customers,
still working on low inventories.
Kairlroads are urging
Fully 200,000
shipment
to add more steel
are concentrat¬
orders have been placed and fresh
inquiries have
car
the market.
for
and
week
number to be lighted in
are
moderated,
this basis.
on
Steel
be curtailed.
steel users
has
Dec. 31.
Some consumer's
first-quarter schedules, but mills are accepting such
on
for reservations
Steel companies
products.
business
new
producers of the
are
or
first quarter schedules.
on some
quarter's requirements, in some
Consequently,
business
Much of the current steel business is
being taken on the basis of price in
effect at time of shipment.
An increasing number of
on
edging upward
are
are covered for the
cases
seeking places
taken
the automobile
not
to
expand, and will rise further
Scrap prices have extended their recent sharp
quotations
take additional
to
are
program, which has been
business stimulant in
through
continues
but rising consumption is
reflected in pressure for delivery and in heavier
demands on warehouses by users unable to
obtain sufficiently prompt
shipment from mills.
-'V-v '!!' ;v.-Vv
industry, whose sales and prospects are highly
encouraging, be seriously
affected.
TheFederal Government's preparedness
a
production
Consumers generally
but no drastic decline
ip; operations is envisaged.
Had there been no war,
operations this fall probably would have risen to at
least 70 or 75%.
More¬
over, there has been no strictly war
business, though some of the current
business has been inspired by fear of
shortages or higher prices caused by
the war.
Even if war should end, there would
be no marked change for
the
steel
and finished steel
the books,
now on
and
the next few weeks.
Ad¬
The persistent peace talk has
brought about careful consideration of the
steel
Iron
would
definite possibility had there
a
':V< '
1
continue
should suddenly end.
war
of $2 or $3 for the first
quarter were
vances
been
would
2301
"Steel" of Cleveland in its
summary of the iron and steel
markets on Oct. 9 stated:
—
—
—
»-
—
38
1932.____.........
29
1930
55
1929
79
1928.
ago.
This represents an increase of 1.1 points, or
1.3%, from the estimate for the week ended Oct. 2, 1939.
Weekly indicated rates of steel operations since Sept. 6, 1938,
—
.
25%
—1
—2
40
—2
19
-f-1
20
%
32
—1%
60
,
+5
87%
1927.
62
35
+2
—
+
64
+2%
—3
79%
41%
21%
%
—2
19%
1931
89%
70%
24
—
+3%
'
—1%
82
—2
65%
%
—3
51%
.p
—1%
77
—7
87
—2
+3
28
—3
.88
62
4-2
—1 %
year
follow:
1938
1938-
6__. ..39.9%
__45.3%
Sept. 12-
Sept.
Dec.
19.
Dec. 26.
1939-
Sept. 19__. __47.3%
Sept. 26... ..46.7%
Jan.
2.
Oct.
Jan,
9..
Oct.
3__. __47.9%
10._. -51-4%
Jan.
1939—
July
July
_
16.
.52.7% May
..49.4%
Jari.
23.
.51.2% May
-53.7%
Jan.
30.
Oct.
17.
Oct.
24.
Oct.
31__. -58.8%
Feb.
7__. -61.0%
_.
6.
62.2 %
4.
58.6%
—52.2%
Sept. 11_
5— —54.2%
Sept. 18.
-.70.2%
79.3%
83.8%
—87 5%
.53.7% June
Feb.
27.
Nov. 28— ..60.7%
Mar.
Mar. 13.
_55.8% June 12
.55.1% June 19
.55.7% June 26.
Mar. 20.
.55.4% July
12.
-57-6%
—59.3%
60.1%
7.
63.0 %
.54.8% May 29_
Dec.
-.60.6%
31-
Aug.
Aug. 21.
13.
6.
24.
July
Aug. 28-
20.
5— -59.9%
July
-.56.4%
Aug. 14.
Feb.
Dec.
...49.7%
I__.-.47.8%
Feb.
_.
10
17,
S.¬ —47.0%
.52.8% May 15— —45.4%
_53.4% May 22— --48.5%
-62.6%
Nov. 21--. —61.9%
Nov.
Nov. 14.
1939—
.51.7 % Mar. 27...—56.1%
3__ .__54.7%
.38.8% Apr.
Apr, 10- —52.1%
.50.7% Apr. 17. —50.9%
.51.7% Apr. 24_ —48.6%
_
Sept.
53.1%
Sept.25
55.0%
_
Oct,
2
...54.3%
Oct.
9.
3.. -.38.5%
France Suspends Wheat Law
Limiting Planting
The French Government
suspended
62.1%
88.6%
by decree Oct. 8 the
provision of the national Wheat Office law limiting wheat
planting, said United Press advices from Paris, Oct. 8, which
added:
Under this decree farmers receive the
privilege to plant as much wheat
they desire for the duration of the war.
The same decree sus¬
acreage as
pended the law's provision stipulating that farmers
wheat
production
50 centimes
a
as a tax
Office authorities will deduct the cash
of taxes.
may pay part
of their
in kind.
Hereafter farmers will receive 193 francs
quintal for the present crop, instead of 182 francs.
Wheat
sum
from the wheat price in
payment
The Government has obtained for itself
wheat exports and imports.
a
complete monopoly in
The Commercial &
2302
Oct.
Financial Chronicle
1939
14,
Current Events and Discussions
deposits credited to domestic banks, and a decrease
in
Ranks
The Week with the Federal Reserve
demand
11 member bank reserve
balances increased $67,000,000.
Additions to member bank
reserves
arose
from decreases of $12,000,000 in Treasury
During the
week ended Oct.
in the New York and
Holdings of Treasury bills increased $65,000,000 in New
creased
no
banks.
decreased $21,000,000 each in the Cleveland
York
$15,000,000
Philadelphia district, $14,000,000 each in the St. Louis and Kansas
City districts, and $167,000,000 at all reporting member banks.
Deposits
Deposits credited to domestic banks increased $35,000,000 in New
City, $17,000,000 each in the Cleveland and Chicago districts,
outstand¬
credited to foreign banks increased $9,000,000.
bought
A summary of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Oct. 4, 1939, follows:
$
$
8
—2,000,000
1,000,000
direct
securities,
Govt,
guaranteed-.
Industrial advances
and
(not
+201,000,000
Increase
Including
■
•
.,
,v
;
•
Oct. 4. 1939
16,973,000,000
Gold stock...
Loans
Other
7,346,000,000
2,238,000,000
404,000,000
+ 37,000,000
—12,000,000
—65,000,000
+ 679,000,000
—574,000,000
—299,000,000
980,000,000
Money in circulation
Treasury cash
—35,000,000
+ 344,000,000
to
4,251,000,000
5.38,000,000
City andj
Loans to
purchasing
—93,000,000
—5,000,000
—73,000,000
—1,000,000
+1,000,000
+1.(XX),000
—84,000,000
or
.......
36,000,000
banks
1,548,000,000
loans
492,(X)0,000
notes..
United States bonds
+ 73,000,000)
—7,000,000)-
Reserve with Fed. Res. banks
New York City member
banks for the cur¬
rent week, issued in advance of full statements of the memer
banks, which will not be available until the coming
Monday:
System for the
471,000,000
Cash in vault
3,034,000,000
Balances with domestic banks
I
■
Liabilities—
Demand
Time
deposits—adjusted.
deposits.......
United States Government
deposits
Domestic
RESERVE CITIES
Oct. 12
Oct. 11
Oct. 4
Oct. 12
1939
1938
1939
1939
1938
$
$
$
$
$
2,875
2,925
557
555
1,655
1,454
282
379
339
116
117
142
19
18
20
412
513
25
27
32
173
198
66
66
68
117
119
14
14
11
27
26
86
374
loans
375
413
bills
notes
776
guaranteed
786)
2,167
United States bonds
V
in
Exchange
which added:
"*51
121)
The
140)
249
2,891
2.174J
r
670]
929
political
was
157
agreement
was
called a commercial
as
well
as
trade impacts."
The amounts of timber, rubber
669J
157
800
1.128
1.125
barter
arrangement,
but the
authoritative Press Association declared it was expected to "have important
""51
249)
""51
by
United States Government
Lumber
Russian
The British Ministry of Supply and a Soviet trade dele¬
gation concluded an agreement in London on Oct. 11 for the
exchange of Russian timber for British rubber and tin, it is
learned from Associated Press, London advices Oct. 11,
*
320)
342
Treasury
Treasury
Concluded—Great
Agreement
Obtain
for Rubber and Tin
or
Real estate loans
to
521
117
purchasing
securities
Loans to banks
Obligations
1,900
171
securities
carrying
2,073
and
agricultural loans
Open market paper
Loans to brokers and dealers In
Other loans for
2,099
411
Industrial
Commercial,
7,799
1,665
Loans—total
Other
Britain
8,525
Trade
Anglo-Soviet
$
8,508
2,881
investments—total..
Loans and
+1,000,000
•
1939
4
+167,000,000 +1,828,000,000
+ 9,000,000
+ 294,000,000
762,000.000
1,000,000
Borrowings
Chicago
...
7,834,000,000
banks
Foreign banks
(In Millions oI Dollars)
New York City
—27,000,000 +2,910,000,000
+5,000,000
+61,000,000
—38,000,000
18,306,000,000
5,236,000,000
540,000,000
Inter-bank deposits
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
Oct.
+448,000,000
+ 8,000,000
+ 561,000,000
—18,000,000
+167,000,000
+32,000,000 +3.029,000.000
—15,000,(XX)
+61,000,000
+16,000,000
+655.00C.000
2,240,000,000
3,382,000.000
9,826,000.000
States Government...
Other securities...
banks and also for the Chicago member
Oct. 11
1
J
Obligations guaranteed by United
Below is the statement of the Board of Governors of the
Assets—
+18,000,000
+ 38,000,000
2,130.000,000
5,881,000,000
bills............
Treasury
<
Chicago—Brokers' Loans
CENTRAL
+ 5,000,000
505,000,000
1,179,000,000
for
loans
carrying securities..
Treasury
Returns Of Member Banks in New York
IN
+362,000,000
—33,000.000
dealers in
securities
Other
Reserve
+22,000,(XX)
+ 2,000,000
318,000,000
paper
brokers and
Real estate loans
eral Reserve accounts..
Federal
+1,311,000,000
+135,000,000
cultural loans.
Open-market
Treasury deposits with F, R. banks .
Non-member deposits and other Fed¬
$
+81,000,000
+ 25,000,000
Commercial, Industrial and agri¬
+ 67,000,000 +3,339,000,000
11,739,000,000
Member bank reserve balances
Oct. 5, 1938
S
j§
(—)
or
Decrease
Since
j
'
1939
8,375,000,000
Loans—total
+180,000,000
+ 4,000,000
2,924,000,000
Treasury currency
27,
Sept.
22,500.000,000
Loans and investments—total
—27,000,000
+ 205,000,000
+15,000,000 + 3,104,000,000
2,810,000,000
Total Reserve bank credit..
(+)
•'
v.
+10,000,000
—7,000,000
26,000,000
Other Reserve bank credit
:
•'
-v'
—4,000,000
12,000,000
11)
comrnit'ts—Oct.
$10,000,000
—20,000,000
2,765,000,000
Oct. 4.
on
Oct. 12, 1939
7,000,000
discounted
Bills
$1,000,000
"Borrowings of weekly reporting member banks amounted to
(—)
Decrease
Since
Hills
York
Time deposits increased $5,000,000.
City.
in the
Oct. 4, 1938
Oct. 11, 1939
member banks, and increased $40,000,000 in New
all reporting
at
on
or
Holdings of "Other
York City and $18,000,000 at
districts, $15,000,000 in the Boston district and $27,000,000
and Chicago
principal change in holdings of bills and securities was
a
decrease of $20,000,000 in holdings of United States
Treasury bills.
The statement in full for the week ended Oct. 11 will be
S.
$16,000,000 in New
decreased
all reporting member
The
(+)
Holdings of obligations guaranteed by
change for the week.
the United States Government increased $8,000,000.
Demand deposits-adjusted
Increase
but all reporting member banks
$12,000,000 in New York City,
showed
securities"
York City and
Holdings of Treasury notes
bonds de¬
Holdings of United States Government
decreased $7,000,000.
$40,000,000 for
pages 2326 and 2327.
Changes in the amount of Reserve bank credit
ing and related items were as follows:
Loans to brokers
member banks.
$73,000,000 at all reporting member banks.
the week.
U.
San Francisco
and dealers in securities increased $5,000,000.
gold stock and $4,000,(XX) in Treasury currency, offset in part
by an increase of $37,000,000 in money in circulation and a
decrease of $27,000,000 in Reserve bank credit.
Excess
reserves of member banks on Oct. 11 were
estimated to be
found
increased $6,000,000 each
districts, $5,000,000 in the St. Louis
district and $22,000,000 at all reporting
cash, $65,000,000 in Treasury deposits with Federal Reserve
banks and $35,000,000 in nonmember deposits and other
Federal Reserve accounts, and increases of $15,000,000 in
approximately $5,400,000,000, an increase of
of $27,000,000 in
deposits-adjusted.
Commercial, industrial and agricultural loans
It
said, however, that they would be about the same as are involved in
normal
127
*
and tin involved were not disclosed.
peacetime
trade between the two
nations.
The agreement was
effort to facilitate the exchange of products before the White
Other securities
1,217
1,242
1,183
326
322
323
reached in
an
Reserve with Fed. Res. banks
5,667
5,651
3,651
1,089
1,093
852
61
41
Russia's arctic outlets, freeze over, preventing export of timber.
78
40
34
Sea ports,
86
Cash In vault
71
74
79
237
241
208
374
Balances with domestic banks..
Other assets—net.
373
455
49
48
52
Liabilities—
,
8,210
6,597
1,788
1,776
1,578
654
622
500
498
463
49
49
148
63
63
62
3,389
2,478
867
862
675
411
16
3,373
banks
698
Foreign banks
10
'
Borrowings.
*+
-
«
J
V
"
-
240
Capital account._
of
248
306
15
14
1,476
1,483
266
268
•
17
1,475
Other liabilities
Complete Returns
-
253
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. 4.
The condition statement of weekly reporting member
of
banks in 101 lead¬
$22,000,000 in commercial, industrial and agricultural loans,
$73,000,000 in holdings of United States Treasury bills'and $167,000,000
Oct. 10
a
Assistance
Republic concluded
treaty of mutual assistance, which included the
it was
Soviet
Premier-Foreign
Commissar
Vyacneslaff Molotoff and
Lithuanian Foreign Minister Juozas Urbsvs, grants Russia
the right to maintain armed forces on Lithuanian territory.
It is said to be along the general lines of the pacts recently
concluded by Russia with Fstonia and Latvia.
The signing
of these agreements was reported in our issues of Oct. 7,
page 2154, and Sept. 30, page 2003.
The following is the text of the Russian-Lithuanian mutual
assistance treaty as made public by Tass, official Soviet news
agency; and reported in an Associated Press dispatch from
Moscow of Oct. 10:
A treaty on the transfer of the city
Lithuanian Republic
and
on
of Vilna and the Vilna region to the
mutual assistance between the U.S. S, R. and
Lithuania.
The Presidium of the Supreme Soviet
of the U. S. S. R.
on the one side
and the President of the Lithuanian Republic on the other side:
For the purpose of developing the
peace
treaty
of July 12,
friendly relations established by the
1920, and based on the recognition of
an
inde¬
pendent State existence and non-intervention in the internal affairs of the
ing cities shows the following principal changes for the week ended Oct. 4:
Increases
Mutual
Vilna to Lithuania
transfer of the city and region of Vilna to Lithuania,
announced in Moscow Oct. 10.
The pact, signed by
663
14
'
-
Russian-Lithuanian
The Soviet Union and the Lithuanian
on
Inter-bank deoosits
Domestic
of
Pact—Soviet Transfers City of
657
deposits
United States Govt, deposits...
Signing
>
8,214
Demand deposits—adjusted
Time
■
.
other party;
Recognizing that the peace treaty of July 12, 1920, and the pact on nonaggression and peaceful settlement of conflicts of Sept. 28,
to form a firm
1.926, continue
basis of their mutual relations and undertakings.
Volume
Convinced that
security and
The Commercial & Financial Chronicle
149
New
conditions of insuring mutual
definition of the exact
a
Total number of reports received
1. Reports
Poland, meets the interests of both contracting parties;
Found it necessaiy to conclude the following treaty on
city of Vilna
the
and
Vilna region
the
to
Commissar of Foreign Affairs; for the President of the Lithuanian Republic:
Urbsys,
of
Minister
mutual
on
Foreign
Affairs; and
presentation
these authorized rep¬
of their credentials,
found
318
72
109
431
Reports showing
The number of reports in the various classifications may
(;'r'
■
consolidation
friendly
of
between
relations
the
more
ROUND-LOT
SALES
STOCK
ON
THE
NEW YORK
Lithuanian
Union to the Lithuanian Republic and included in the
hereto, which
appended
being
Republic
established
accordance
in
boundary shall be specified in
with
a
map
detail in
more
STOCK
EX¬
OF MEMBERS * (SHARES)
Week Ended Sept.
23, 1939
Total for
territory of the Lithuanian State, the boundary between the U. S. S. R, and
the
total more than
than one classification.
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
U. S. S. R. and Lithuania, the city of Vilna and the Vilna region are trans¬
ferred by the Soviet
537
•
;
TOTAL
of
•„
they are registered are not strictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
dealer as well as those of the specialist.
entries in
purpose
transactions
no
Note—On the New York Curb Exchange the round-lot transactions of specialists
In stocks In which
the number of reports received because, at tifnes, a single report may carry
V.-Article I
the
209
336
due
in
agreed on the following:
'
For
specialists...
3. Reports showing other transactions Initiated off the
floor
appointed
Molotoff, Chairman of the Council of People's Commissars and People's
Jouzas
as
floor
Republic and on
their authorized representatives;
form and good order,
showing transactions
Curb
Exchange
796
102
4.
Lithuanian
For the Presidium of the Supreme Soviet of the U. S. S. R., Vyacheslaff
resentatives,
York
New
2. Reports showing other transactions initiated on the
the transfer of the
mutual assistance between the Soviet Union and Lithuania and
purpose
York
Stock
Exchange
1,071
just settlement of the questions of State appurtenance of the
a
city of Vilna and the Vilna region, unlawfully wrested from Lithuania by
for this
2303
'7;..7A.
Total
a
376,750
10,144,770
Short sales
Other sales.b
supplementary protocol.
Per
Cent a
Week
round-lot sales:
Article II
Total sales
10,521,520
.
__
The Soviet Union and the Lithuanian Republic undertake to render each
other every assistance, including military, in event of aggression or menace
of aggression against
of aggression
Lithuania
well as in event of aggression
as
against the Soviet
1.
Transactions of specialists in stocks in which they are
the
registered—Total
1,238,520
purchases
;
>
:
on
*■
the odd-lot accounts of odd-lot dealers and specialists:
or menace
Union over Lithuanian territory
part of any European power.
Round-lot transactions for account of members, except for
B.
Article III
Short sales
.Vy
202,860
1,055,270
Other sales.b
The Soviet Union undertakes to render the Lithuanian Army assistance
in armaments and other military equipment on
Total
favorable terms.
Article IV
The
Union
Soviet
and
the
Lithuanian
Republic undertake jointly to
effect protection of the State boundaries of Lithuania,
2.
of strictly limited strength.
2,496,650
......
11.86
724,480
for which purpose
Lithuanian Republic established by mutual agreement,
and air armed forces
1,258,130
-
Other transactions initiated on the floor—Total purchases
Short sales
the Soviet Union receives the right to maintain at its own expense, at points
in the
sales
Total purchases and sales
60,050
628,120
Other sales.b
Soviet land
The exact locations of
688,170
Total sales
these troops and the boundaries within which they may be quartered, their
strength at each particular point and also
all other questions, economic,
questions of jurisdiction, and other, arising in connection
administrative,
with the presence of Soviet armed forces on
present treaty, shall
buildings
necessary
Government
Total purchases and sales
on
be allotted
for this purpose shall
;.v
Other transactions initiated off the floor-Total purchases
Short sales
The sites and
22,900
300,277
Other sales.b
by the Lithuanian
reasonable price.
a
323,177
Total sales....
Article V
■
Total purchases and sales..
In the event
U.
S.
S.
R.
of
over
menace
of aggression against
Lithuanian
territory, the
immediately discuss the resulting situation
by mutual agreement to
necessary
of the contracting
secure
Lithuania
two
or
and take all
4.
measures
Total—Total purchases
found
----
Other sales.b
parties.
Total sales....
any
coalitions
directed
against
either
of the
contacting
-
Total purchases and sales..
ROUND-LOT
TOTAL
STOCK
BERS *
Article VII
ON
SALES
of this
treaty should not affect in any
of the contracting
NEW
parties,
in
particular
their
21.68
YORK
of non-intervention in internal affairs.
armed
a
State
CURB
forces
(in
Article
III
of this
treaty)
under all
.
the principle
The term
of validity of this
mutual assistance between the
treaty in
U.
S.
S.
Total round-lot sales
B.
1.
Transactions of specialists in stocks in
which they are
163,090
registered—Bought
191,665
'
and the Lithuanian
one year
established for
354,755
Total
Republic
2.
Other transactions initiated on the floor—Bought
Sold..
(Articles II and VII) is for 15 years and unless one of the contracting parties
finds it necessary to denounce the provisions of this treaty
specified term of
8
Round-lot transactions for account of members:
circumstances
Republic.
regard to the undertakings for
R.
Per
Cent
1,328,095
A.
Sold
Article VIII
•
Total for
W€€lc
organization,
The locations of the Soviet land and
component part of the territory of the Lithuanian
1939
the sovereign
way
economic and social system, military measures and generally
remain
THE
(SHARES)
Week Ended Sept. 23,
Realization
air
2,269,477
4,563,120
EXCHANGE AND STOCK TRANSACTIONS FOR ACCOUNT OF MEM¬
parties.
rights
2,293,643
285,810
1,983,667
Short sales
the inviolability of the territories
Article VI
in
3.11
653,820
against the
contracting parties shall
The two contracting parties undertake not to conclude any alliance nor
participate
6.71
330,643
Lithuanian territory under the
be regulated by special agreements.
lease terms at
3.
1,412,650
a
;
Total.
13.36
48,685
52,635
3.81
101,320
—
prior to expiration of that term, these provisions
shall automatically continue to be valid for the next 10 years.
3.
Other transactions initiated off the floor—Bought.....
28,645
35,120
Sold
Article IX
This treaty comes into force upon exchange of instruments
of ratification.
Exchange of these instruments shall take place in Kaunas within 6 days
from the day of signature of this treaty.
in the Russian and
4.
Oct.
240,420
279,420
Total—Bought
This treaty is made in 2 originais,
Lithuanian languages, at Moscow,
2.40
63,765
Total....
Sold
10, 1939.
19.57
519,840
Total..
VYACHESLAFF MOLOTOFF,
JOUZAS
C. Odd-lot transactions for account of
URBSYS.
specialists—Bought...
102,128
88,531
Sold...
1
-
,•
y-
'
Total
Member
Curb
Trading on New York Stock and New York
Exchanges During Week Ended Sept. 23
On Oct. 13 the Securities and Exchange Commission made
public 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 ex¬
changes in the week ended Sept. 23, continuing a series of
current figures being published weekly by the Commission.
Short sales are shown separately from other sales in the New
York Stock Exchange figures.
Trading on the Stock Exchange for the account of all
members during the week ended
Sept. 23 (in round-lot
transactions) totaled 4,563,120 shares, which amounted to
21.68% of total transactions on the Exchange of 10,521,520
shares.
This compares with member trading during the
previous week ended Sept. 16 of 7,609,193 shares, or 19.90%
of the total trading of 19,119,350 shares.
On the New York
Curb Exchange member trading during the week ended
Sept. 23 amounted to 519,840 shares, or 19.57% of the total
volume on that Exchange of 1,328,095 shares; during the
preceding week trading for the account of Curb members
of 1,044,440 shares was 19.85% of total trading of 2,630,820
shares.
•
-
The figures for the week ended Sept. 16 were given in these
columns of Oct. 7, page 2156.
The Commission, in making
available the data for the week ended Sept. 23, said:
The data
The
term
190,659
-
includes all
"members"
Exchange
members, their
firms and
their
partners, including special partners.
a Shares in members'
transactions as per cent of twice total round-lot volume.
In calculating
these percentages, the total of members' transactions is compared
with twice the total round-lot volume on the Exchange for the reason that the
of members'
transactions
includes both
purchases and sales,
total
while the Exchange
volume includes only sales.
b
Round-lot short sales which are exempted from restriction by the Commission's
rules are Included
with "other sales."
Short Interest
on
New York Stock Exchange Increased
During September
^
The short interest
existing as of the close of business on
the Sept. 29 settlement date, as compiled from information
obtained by the New York Stock Exchange from its members
and member firms, was 570,516 shares, compared with
435,273 shares on Aug. 31, both totals excluding short
positions carried in the odd-lot- accounts of all odd-lot
dealers, the Exchange announced Oct. 9.
As of the Sept. 29
settlement date, the total short interest in all odd-lot dealers'
accounts was 74,056 shares, compared with 41,837 shares
on Aug. 31.
The Exchange's announcement further said:
Of the
1,228 individual stock issues listed on the Exchange on Sept. 29,
there were 37 issues in which a short interest of more than
existed,
or
in which a
5,000 shares
change in the short position of more than 2,000
shares occurred during the month.
The number of issues in which a short interest was
reported as of Sept. 29,
1939, exclusive of odd-lot dealers' short position, was 483, compared
381
on
with
Aug. 31.
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:
In the following tabulation is shown the short interest
existing at the opening of the last business day of each
The Commercial & Financial Chronicle
2304
month from
Aug. 31, 1937, to Nov. 30, 1937; the figures
since Dpc. 31, 1937, are shown as of the close of business
on the last
day of each month.
1937—
1939—
966,935
Apr.
Sept. 30...
967,593
May 31...
29...
1,214,082
1,184,215
31........1,051,870
June
29
Aug. 31
31-.......1,222,005
28
1,141,482
1,097,858
Feb.
Oct.
28
Mar. 31....
651,906
669,530
July
31.481,599
587,314
Aug. 31..
435,273
30
500,961
Sept. 29
Securities and Exchange Commission on Oct. 12
public a summary for the week ended Oct. 7 of com¬
plete figures showing the volume of stock transactions for
made
of
account
all
odd-lot
dealers
and
specialists
Exchange,
continuing a series of current figures being published by the
Commission.
Figures for the previous week ended Sept. 30
were reported in our issue of Oct. 7,
page 2157.
The figures
are based
upon reports filed with the Commission by the
odd-lot dealers and specialists.
odd
lots
the
on
New
York
Stock
STOCK
TRANSACTIONS FOR THE ODD-LOT ACCOUNT OF ODD-LOT
DEALERS AND SPECIALISTS ON NEW YORK STOCK EXCHANGE
Week Ended Oct. 7, 1939
••'
V
dealers
(customers'
London
or
Sterling
Dirsctcrs of Fletcher Joint Stock Land Bank have approved
call for payment
of $244,800 in 5% bonds of the land bank,
according to announcement issued Oct. 11 by William B.
Schiltges, First Vice-President of Fletcher Trust Co., India¬
napolis, and President of the Land Bank.
The bonds will
be paid in cash, as of Nov. 1, 1939, either at Fletcher Trust
Co., Indianapolis, the Guaranty Trust Co. of New York City
or.the City National Bank and Trust Co. of Chicago.
These
bonds originally were dated Not. 1, 1929, callable Nov. 1,
1939 and would have matured Nov. 1, 1969.
Advices in
the matter went
to say:
on
Mr.
Schiltges' announcement said that after payment of this issue of
bonds, Fletcher Joint Stock Land Bank will have outstanding uncalled bonds
amounting to $6,744,300.00.
I
The calling of these bonds, according to Mr.
Schiltges, reduces the 5%
bonds outstanding from the joint stock land bank to two issues—one of
$387,100.00, dated May 1, 1930, callable May 1, 1940, due May 1, 1970
and
of
one
$142,200.00, dated Nov. 1, 1930, callable Nov. 1, 1940 and due
Nov. 1970.
Total
Odd-lot sales by
currency,
**
570,516
P The
handle
your
$244,800 of Fletcher Joint Stock Land Bank 5% Bonds
Called for Redemption
a
odd-lot
bills,
667,804
June 30
by
*662,313
Apr.
Odd-Lot Trading on New York Stock Exchange During
Week Ended Oct. 7
who
Future Indian
issued after Oct, 31.
28
May 31
588,345
28
financed
Out¬
must
729,480
....
be
port
your
which will require clause certifying registration Bank England if
♦Revised.
the
Sterling bills drawn
telegraphic London clause prohibited.
credits,
Nov. 29
Dec.
Negotiation
or
1939
529,559
31
Feb.
Sept. 30
Mar. 31..
sales.
as
14,
Rupee purchases giving
exports
Jan.
1,050,164
833,663
30..
July
Dec.
Jan,
xmrticulars
bearing usual payment draft
your
447,543
536,377
1,384,113
1,343,573
29....
Nov. 30......
1938—
similar
Oct
Future also send lists
standing contracts require permit Reserve Bank (of India).
1938—
Aug. 31-..Oct.
"new" after Sept. 18.
for Week
purchases):
This most recent call for payment of bonds
by
Bank is another step in the program of
Fletcher Joint Stock Land
gradual liquidation of the affairs of
Number of orders
29,811
.■
the institution
provided by Federal law enacted in 1933.
as
At the peak of
business of Fletcher Joint Stock Land Bank, the institution had loaned on
Number of shares
831,371
Dollar value
32,375,489
farm lands in central
Indiana and eastern Illinois
total of $17,091,195.
a
The total amount of bonds outstanding, secured by
mortgages on these farm
lands,
was
$14,767,200
on
Feb. 28, 1921.
Odd-lot purchases by dealers (customers' sales):
Number of orders:
Customers' short sales.........
.................
731-
...
Customers' other sales..a
Tenders
of $331,978,000 Received to
Offering of $100,000,000 of 91-Day Treasury Bills—$100,198,000 Ac¬
cepted at Average Rate of 0.022%
30,052
Customers'total sales
30,783
Number of shares:
Secretary of the
Customers' short sales.
19,268
Customers' other sales.a
782,686
nounced
of
Customers' total sales
801,954
Dollar value
29,435,616
an¬
$100,000,000, or thereabouts, of 91-day Treasury bills
$331,978,000, of which $100,198,000 was accepted
an average rate of 0.022%.
The Treasury bills are dated
totaled
at
Oct.
Round-lot sales by dealers:
Number of shares:
Short sales
Treasury Henry Morgenthau Jr.
Oct. 9 that the tenders to the offering last week
on
11 and will mature on Jan. 10, 1940.
Reference to
offering appeared in our issue of Oct. 7, page 2162.
The following regarding the accepted bids to the
offering
is from Secretary Morgenthau's announcement of Oct. 9:
the
.....
......
.......
80
.....
Other sales, b
140,740
Total sales
140,820
Round-lot purchases by dealers:
Number of shares..
Total applied for
$331,978,000
Total accepted
.
Sales marked "short exempt" are reported with "other
sales."
b Sales to offset customers' odd-lot
orders, and sales to liquidate a long position
which Is less than a round lot are reported with "other sales "
a
100,198,000
Range of accepted bids:
161,700
High
100.000
York
adopted by the Board of Governors
at its
meeting two weeks
ago, and noted in these columns of Sept. 30,
page 2007, has
been approved by the
membership of the Exchange, it was
announced Oct.
11.
disapproving.
The
The vote
was
announcement
570
of
approving and 150
the
Exchange
also
said:
This amendment
study and report
was
on
recommended by the special committee
appointed
the recommendations of the Public
Examining Board
brokers and Exchange revenue and
on reserve fund.
The amendment which has been
approved states, in part, that members
of the Exchange and member firms
shall make and collect, in addition to
minimum
prescribed commissions, such other minimum
charges with
respect to accounts and services as the Board of Governors
may from time
to time
prescribe.
No minimum charges have been
prescribed by the Board of Governors
The Exchange also states that the
amendment clarifying
provisions with respect to balloting on amendments to the
constitution
was
also approved.
study and report on the subject of trading on other Ex¬
changes in issues which are also listed on the New York
Exchange.
New
accepted.)
Tenders to
a new offering of $150,000,000, or
thereabouts,
91-day Treasury bills were invited by Secretary of the
Treasury Morgenthau on Oct. 13.
Mr. Morgenthau had
announced on Oct. 9 that the Treasury would increase its
weekly bill offering by $50,000,000 in order to maintain its
working balance at a comfortable level. The tender^ will be
received at the Federal Reserve banks, or the branches there¬
of, up to 2 p.m. (EST), Oct. 16, but will not be received
at the Treasury Department, Washington.
The bills, which
will be sold on a discount basis to the highest
bidders, will be
of
dated
Advise Banks interested and American
correspondents temporary over¬
Rupees 50,000 only.
hibited you must obtain cover
Sterling sales
your account pro¬
through London but remittance
your
surplus
Rupee funds in Sterling permitted.
All your Rupee sales must be basis
London Control rates and full mail report sent
paying branch, giving rate
and reason for remittance place account in funds
unacceptable.
Send lists
Rupee sales Sept. 4 and 18 undelivered; include in future
telegraphic payments word "old"
18
and
will
mature
on
Jan.
17,
1940;
the
on
They
(the bills) will be issued in bearer form only, and in amounts
denominations
of
$1,000,
$10,000,
$100,000,
$500,000,
and
or
$1,000,000
No
tender
for
an
amount
less
than
tender must be in multiples of $1,000.
$1,000 will be considered.
Each
The price offered must be expressed
the basis of 100, with not more than three decimal
on
places,
e.g.,
Fractions must not be used.
99.125.
.
Tenders will be accepted without cash
and trust companies and from
deposit from incorporated banks
responsible and recognized dealers in invest¬
Tenders from others must be accompanied
by a deposit of
10% of the face amount of Treasury bills applied for, unless the tenders
on Indian Rupee Announced
Loree, Chairman of the Foreign Exchange Com¬
mittee, sent out on Oct. 11, copies of a telegram received
from the Chartered Bank of India, Australia and
China, at
Bombay, by the New York office of that bank, calling atten¬
tion to the new restrictions.
The text of the telegram as
given out by the Foreign Exchange Committee follows:.
drafts allowed up to
Oct.
maturity date the face amount of the bills will be payable
without interest.
Since the bills maturing Oct. 18 amount
to $100,861,000, the increased
offering will provide about
$50,000,000 in "new money."
In his announcement of the
offering, Secretary Morgenthau said:
are
meaning contract prior Sept.
18; word
accompanied by an express guaranty of payment by an
incorporated
bank
P.
all outstanding
approximately
was
Offering of 91-Day Treasury Bills Increased to
$150,000,000—Secretary Morgenthau Says $50,000,000 in "New Money" Will Be Added to
Treasury's
Working Balance
ment securities.
Regulations
R.
0.022%
rate
(maturity value).
A special committee has been
appointed, consisting of
Robert L. Stott, Chairman; Andrew Varick Stout
Jr., ViceChairman; Robert P. Boy]an and Joseph Klingenstein, to
Stock
0.032%
Equivalent
Stock
The New York Stock
Exchange amendment to its consti¬
tution, removing the limitation of the Board's
authority to
prescribe service charges only on "inactive" accounts,
to
Equivalent rate approximately
99.995
(30% of the amount bid for at the low price
Exchange Amendment
Removing
Limitation on Prescribing Service
Charges Adopted
—Committee Named to Study Other
Exchanges*
Trading in New York Stock Exchange Issues
on
99.992
Average price
New
Low
trust company.
or
Immediately after the closing hour for receipt of tenders
tenders received at the Federal
all
to the
Reserve banks
or
on
Oct. 16, 1939
branches thereof up
closing hour will be opened and public announcement of the
accept¬
as soon as possible thereafter,
probably on the follow¬
able prices will follow
ing morning.
to
reject
amount
The Secretary of the Treasury express^
any or
all tenders
or
parts of
applied for, and his action in
reserves the right
tenders, and to allot less than the
any
such respect shall be final.
Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve banks in cash
or
other
immediately available
Treasury bills will be exempt,
as to
principal and interest, and
Oct. 18,
The
gain from the sale
or
on
any
other disposition thereof will also be
exempt, from all
taxation, except estate and inheritance taxes.
ury
funds
1939.
Decision 4550, ruling that Treasury bills
(Attention isinvited
are not
to Treas¬
exempt from the gift
Volume
tax.)
The Commercial & Financial Chronicle
149
No loss from the sale
be allowed
deduction,
as a
tax now or hereafter
other disposition of the Treasury bills shall
or
otherwise recognized, for the purposes of any
or
imposed by the United States
Treasury Department Circular No. 418,
scribe the terms of the Treasury bills and govern the conditions of their issue.
The
following,
regarding Mr.
ment of the increased bill
announce¬
making this announcement, Mr.
June 30 and
on
to about 81,410,000,000
He stressed the desirability of maintaining
year.
large
that the Treasury would
so
financing at
never
a
cash balance sufficiently
be required to undertake
new
market
fixed quarterly date without regard for market conditions.
any
If
of
only, Mr. Morgenthau asserted, and thereafter the question
of whether to seek additional
funds in the bill market will be decided
new
week-to-week basis.
on a
however, it
considered likely that the $150,-
was
000,000 offerings would be continued for
number of weeks or
a
considered favorable for
were
Treasury notes and bonds.
at least
The acquisition of $50,000,000 of new money
each week would approximately offset
the cash deficit in prospect for the
Secretary Morgenthau declared yesterday that
no
decision has been made
yet as to when the Treasury will undertake to refund its Dec.
15 note
maturity of $526,000,000:
Under
months
men,
of
Peaceful
Relations
Will
Be
Not
Finland to Meet
The State
Department at Washington announced on Oct.
expressed "its earnest hope"
to Russia that nothing may occur calculated "to affect in¬
juriously" the peaceful relations between Russia and Finland.
Confirming reports from Moscow that American Ambas¬
sador
Laurence
Steinhardt had conferred with Foreign
Commissar V. M. Molotov, the State Department on Oct. 12
issued the following statement:
12 that the United States had
Union
of Soviet
tions between Soviet
the
is
Federal
keep
to
neighbors
good
as
either
always
and
Federal
and
those
mind
in
through
local
or
and
community
our
emphasize
to
work.
relief
government
again
and
time
which
Agency,
set
was
only
up
few
a
have been organized for certain needs of the
of
the
There
States.
United
bear
Needs, which
place to
Federal
in
we
also
is
provision
mind
details concerning the
into
go
agencies.
I
that
constantly
referred
have
field
them
to
Mobilization
the
for
starting for this year tonight working through
are
community chests in all parts of the country, has
a
separate
service.
of
therefore,
once
separate and
are
the
nor
various
must
we
desire,
relief
children
these
distinct
I
Security
through the Work Projects Administration, familiar to all
the
not
of
various
distinct
relief
attacking separate
of
means
direct
that
repeat
to
more
and
work
distinct
and
problems.
Direct relief is aimed at many problems of human misfortune—
the
short,
States has expressed to the Government
adjustment
crises
temporary
organizations.
the
of
in
other
I
am
life,
work
what
relief,
for
the
and
mission
getting jobs
for
families,
maladjusted
of
family
is the
hand,
of
return
somewhat
a
in
That
problem
work
support
tiding
the
over
of
character-building
of
the community chest.
of
by the Congress, attacks
authorized
as
able-bodied
who can
persons
give useful
they receive, and it is aimed at the adjustment
maladjusted American society.
reiterating all this because to
mind
my
we
must let nothing obscure
vision of the field which is the natural sphere of the community chests.
To repeat, the community
And
I
am
chests
that the
sure
vital sector in our home front.
are a
Mobilization
Human
for
Needs accepts
in every
community the national policy of relief as outlined by the Congress while
devoting
all
of
its
energies
the local
problems
individual
to
distress
which
its primary
are
responsibility.
The
challenge
found.
One
diminish
the
relieve
to
is
hundred per cent
and
want
about that
to
suffering
matter
no
where
it
is
support of the community chest will greatly
in
community
every
happy consummation,
in the land.
To bring
I appeal to the heart and soul, I appeal
conscience, and I appeal to
impulse of the American
generous
every
people.
President
Russia and Finland.
unilateral and entirely independent action of the United States
a
Most
Roosevelt
emphasized that the United States acted independently of Norway,
In
Economic Nationalism Is
Wars—Message Sent to
Says
Breeder
Prolific
National
Washington advices of Oct. 12 had the follow¬
regarding the note:
say
was
undermining all
risk of
grave
Republics its earnest hope that nothing
United Press
It
work
our
certain services
relief
because
Government.
ing to
in
are
that would be calculated to affect injuriously the peaceful rela¬
may occur
This is
Socialist
he
to
the WPA.
as
This
our
The Government of the United
we
overlap
us
the
functions
Injured—-Heads of Sweden, Denmark, Norway and
of the
is
stability and strength that contribute to the well-being
all,
for
women
us
On
Hope
of
ago,
work
for
the
United States Appeals to Russia in Finland's Behalf—
Expresses
democracy
our
in
Treasury during the next two months.
as
if
community relief.
offering of longer-term
a new
institution
an
life.
not
well
is
Human
In informed quarters,
until conditions
best
does
home,
of
national
chests
The decision to raise the bill offering to 8150,000,000 applies definitely
to next week
elements
our
It
the
lose
we
other
from
peak of above 82,700,000,000 early this
a
as
again that the proper function of the community chest is to extend local or
Morgenthau pointed out that the
Treasury's working balance has been reduced
82,160,000,000
2305
be ' preserved
must
And
Morgenthau's
offering, is taken from Washington
advices to the "Wall Street Journal" of Oct. 10:
In
it
perpetuated.
of its possessions.
or any
amended, and this notice pre¬
as
and
of
Foreign Trade Council
read to the annual convention of the National
Foreign Trade Council in New York on Oct. 10, President
a
message
Roosevelt said that "economic nationalism is the most pro¬
Sweden and Denmark, which, in association with Finland, had suggested a
joint demarche.
The President's letter, addressed to
lific breeder of wars."
James A.
The
American
however,
overture,
timed
was
similar
coincide with
to
pleas from the Scandinavian countries.
Mr.
Steinhardt received his
instructions
President
after
Roosevelt and
Secretary of State Cordell Hull had conferred separately with various lead¬
ers
of the Scandinavian diplomatic delegation.
It is believed that the United
misapprehension that undue
States decided to act alone
pressure was
being exerted
that the Soviet Government would not be placed in the
having to make
a
collective
so
as
to
allay
Russia, and
on
so
Farrell, Chairman of the Council, went on to say
that "the economic well-being of the individual business man
is inextricably mingled with the economic well-being of the
nation and of the world," and added that "every effort be
made at this time to maintain those liberal principles and
practices
which
upon
our
•
Washington, Oct. 2, 1939.
My dear Mr. Farrell—Your courtesy in asking me to greet the delegates
assembled for the 26th annual convention of the National
Council is greatly
my
a
appeal for support of the community chests,
a radio address, Oct. 9, that no
President Roosevelt said in
how
by war, we
broad
sympathies are for those affected
must remember that "charity begins at home."
our
1939
Mobilization for Human Needs, the President declared that
community chests constitute "our home front—and our
Speaking
from
the
home front must
to say
behalf
in
of
at all hazards."
be defended
the
He went
on
the family still remains the basis of society, and "it
must
be
to be
perpetuated."
preserved
American
the
House
White
chest
to
institution if
an
as
our
democracy is
The President concluded by calling on
people
support of the community
100%
for
diminish want and suffering
The President's address follows:
greatly
the country.
Tonight
appeal
my
is
heart
compassionate
the
to
of
throughout
most successful meeting
As
I like
out
horrors
upon
of
human
privation
We
needs.
and
It
is
destruction,
by
torn
with all
war
must remember,
we
no
of its
Meanwhile I
am
confident that
our
work,
each
every
in
us
own
our
one
of
us
to enlist
neighborhood,
to support the
are
day-to-day problems they must
be
turning their minds in this hour to the problem of how war may
averated in the future.
They realize, as all thoughtful persons must
that economic nationalism is the most
call the economic maladjustments
and
poverty,
front
as
us,
less fortunate
homed
often
And let
in
our
establishments
is
the
America.
we
in
sit
fellow
on
in
our
very
a
at
border
humble
which
of
of
as
homes
abundance
the old
way
our
home front—and
hazards.
give thought to some of our
homes less cheerful than
poverty
and
misery
and
ours,
privation.
important to keep the lamp of hope
as
and
it
even
is to
maintain the elaborate
are the rule.
luxury
spirit of home that must be guaranteed in
For the family still remains
special
who live in
line
that it is just
more
all
tonight,
homes
Americans
the
survival
in
be defended
not forget
us
burning
constitute
must
realize,
They re¬
prolific breeder of wars.
arising out of the last war and the ill-
fated peace settlement which followed it.
It is obvious that the economic well-being of the
is Inextricably
the world.
individual business man
mingled with the economic well-being of the nation and
It is
a
matter of direct concern
of
to him, therefore, that every
effort be made at this time to maintain those liberal principles and
practices
commercial policy is based.
For although these principles
and practices cannot by themselves prevent
the outbreak of war or restore
upon
which
peace,
our
settlement
they will be essential to a truly just and enduring peace
conflict shall have ended.
Very
sincerely
yours,
National
D.
ROOSEVELT.
Farrell, Chairman,
Foreign Trade Council, Inc.,
26 Beaver Street, New York, N.
Y.
President Roosevelt
Appeals to C. I. O. for Labor Peace
—Urges Renewal of Conferences with A. F. of L.
Oct. 11 sent a message to the an¬
Congress of Industrial Organizations,
in session at San Francisco, in which he urged the Congress to
end their labor dispute with the American Federation of
Labor.
The appeal, addressed to John L. Lewis, President
of the C. I. O., was similar to that which the President sent
to the A. F. of L. convention in Cincinnati last week; the
text of that message was given in our issue of Oct. 7, page
2172.
The message to the C. I. O. said, in part:
President Roosevelt
on
nual convention of the
community chests, with their special responsibility to bring cheer
to individuals and families who have been made desolate by
home
Let
trade
by
The mobiliza¬
borders.
our
of
each and
for
foreign
business men throughout the coun¬
try, despite their preoccupation with the
face,
extend a helping hand to all who suffer
to
our
adjustments may be made to the increasingly complex
and unpredictable situation brought about by the war.
matter
comfort
want
the war upon
They will be called upon to devise methods
policy.
which the necessary
+.
that militant designation :
call
a
campaign
want within
or
must
These
It
death
world unhappily
community chests.
and
our
a
the ringing challenge in
for
local
and commercial
sympathies, that charity begins at home.
our
the nation-wide
in
task of estimating the probable effects of
Mr. James A.
look
we
broad
tion
under the somber shadow cast by the con¬
The delegates to the convention are confronted with the
FRANKLIN
attendant
how
flict in Europe.
American
the
and assure them of my keen
interest in the outcome of their deliberations.
when the present
people.
Foreign Trade
I hope you will convey to the delegates
appreciated.
sincere wishes for
The Council meets this year
President Roosevelt Appeals for Support of Community
Chests—Calls
on
People
to
Help Those
Who
Suffer Privation or Want
matter
HOUSE
WHITE
THE
the appeals.
answer to
King Gustav of Sweden on Oct. 13 invited and received
acceptances from the Kings of Denmark and Norway and the
President of Finland to meet him in Stockholm on Oct. 18,
presumably to discuss the Russo-Finnish question, it was
reported in Associated Press Stockholm advices of Oct. 13.
In his annual
commercial policy is based."
The President's letter follows:
adverse position of
the basis of society as we know it,
If
we
desire peace and
goodwill in the world we must learn to practice
these in the small and large things
of
our own
and separation in the labor movement can
life.
The continued conflict
hardly be overlooked, in these
days, when discord in any group is so harmful to
world peace.
.
.
.
.
The Commercial & Financial Chronicle
2306
I have already asked the American Federation of Labor at its convention
continue -wholeheartedly
to
ask your
now
and generously the search for
body to do the
I
accord.
an
his
I hope you will let me hear from
•
that the progress already made
you
14.
1939
days "swifter than a post"—or those modern annihilators of distance,
the train, the automobile and the airplane.
The American people want it and will
same.
hold in honor those whose insight, courage and unselfishness can effect it.
Oct.
The mission of the postal service was
when two
famous
educators
admirably stated
many years ago
collaborated in interpreting the work which
Because I think each of you will carry home a clearer con¬
doing.
you are
will be continued and that your committee is prepared to renew the nego¬
ception of your duties as postmasters if you accept their interpretation, I
tiations promptly and continue them until a settlement is reached.
give you the words of Charles W. Eliot, who was the President of Harvard
President
which you
University, and Woodrow Wilson, who had been the President of Princeton,
Roosevelt
Endorses
International
Program
of Young Men's Christian Association
President Roosevelt
become
of
a
the
on Oct. 10 accepted an invitation to
of the celebration of the 50th anniversary
sponsor
international
Association.
In
work
the Young Men's Christian
Cleveland E. Dodte, Chairman
Committee, Mr. Roosevelt
of the Association's International
of
common
life."
The other
and
youth which the Y.M.C.A. has accomplished.
our
therefore, very glad to accept
your invitation
become
to
a
I am,
lonely—bond
"Carrier of
said,
of
the
scattered
of
family—enlarger
the
and knowledge—instrument of trade
news
industry—promoter of mutual acquaintance, of peace and good will
among
and nations."
men
My friends, let
the
not
around work for
the
consoler
said:
I have always desired to be counted among those who appreciate the all-
will find inscribed on the facade of our own central post-office
Washington:
One said, "Messenger of sympathy and love—servant of parted friends—
of
message to
a
here in
I
me say
am
very
happy to say hello, although I have
shake you by the hand.
opportunity to
Washington is
I hope your stay
in
pleasant one and that you will carry back home bright
a
memories of the convention which
has brought you here.
of the
sponsor
forthcoming celebration of the fiftieth anniversary of the international work
President
of the Y.M.C.A.
I
the commemoration
trust that
will inspire all participating
with
and
make
to
its
extensions
other
in
lands
a
means
for
Work
the promotion of
Old Age as
Ohio Plans
President
Roosevelt
security for old
still stands.
age
previously regarding the Cali¬
fornia "$30-every-Thursday" plan could be used in connec¬
election to be held Nov. 7.
an
"in order to prevent duplication and confusion, avoid waste
and promote the utmost efficiency."
"It is traditional that
extend material aid to the
The statements
were
The Congress
further said:
a
by
a
250,000
similar constitutional amendment last November, Mr. Roosevelt
emphasized that, in his opinion, the proposal
It contemplates payment of "$30 every
was
The President
was
a
Thursday" to all
persons
more
the coming election.
on
He referred
to a sheaf of
"something fantastic, and
a short
Utopia."
With
view to safeguarding the
a
tary of State,
public and national interests the Secre¬
acting in my behalf,
has issued appxopriate regulations to
which all persons or agencies raising funds for relief, except the American
Red Cross,
shall be subject.
I
am
some
questions might
Included in the papers
was
a
be asked about the California election.
memorandum, prepared by M.
R.
be
cannot
we
sure
indifferent
helpless women and children.
to
the
suffering inflicted
the
upon
It is traditional that the American people
charitable endeavors at home, to extend material aid to the helpless victims
abroad.
war
In disasters at
the
American
or
great emergencies abroad we naturally turn to
Cross, which
has been chartered by Congress
our
war
We know from its remarkable record of service to humanity
both at home and abroad that
and
as
both in
national relief agency and which represents all of our people,
efficiently
we can
conditions and its
as
rely
do its part as promptly
upon it to
make possible.
resources
Through its relationship to the International Red Cross and the League
Diggs
Acting Comptroller of the Treasury, explaining that the plan
home
Red
and in peace.
Asked how he happened to assemble the sheaf of
papers, he said he had
was
for food and clothing to relieve human suffering resulting from war.
and
California newspaper correspondent
papers in which he characterized the plan as
when he
neutrality that,
the President shall prescribe, funds
be solicited in this country to be used for medical aid and assistance
may
of
prepared when
asked him to comment
understood
with regard to
act
as
should wish, after providing in full measure for the support of our
necessary
financially unsound.
than 50 years of age.
cut to
provided in the
While we, as a nation, are neutral in the present tragic war in Europe,
In previous statements, made before California voted down,
majority,
has
subject to such rules and regulations
also made to
apply to other such proposals, including one,
on which Ohio is to
vote, to give $50 a month to every person
over 60.
In indicating this the Washington "Post" of Oct. 11
wish," the President stated, "to
helpless victims."
President Roosevelt's statement follows:
He explained that
statements which he had made
tion with
Cross
the American people should
declared at his press conference on
Oct. 10 that his condemnation of fantastic financial schemes
to obtain
Red
Oct. 12 issued
on
to coordinate their efforts with the American Red Cross
war
Regards Financial Schemes for
Fantastic—Comments on California and
with American
a statement asking
voluntary relief agencies aiding victims of the European
all
Roosevelt
Urges Voluntary Relief Agencies
European War Sufferers to Coordinate
President Roosevelt
friendly understanding and the spirit of the Good Neighbor.
President
Roosevelt
Aiding
new
determination to extend the good work of the organization in this country,
of Red Cross
Societies, the American Red Cross has developed procedures
would call for payment of $1,560 each, annually to
600,000 persons in Cali¬
fornia thereby imposing a tax on the remaining 5,400,000
bf cooperation
amounting to $976,000,000
aid, meeting the costs from contributions and its normal funds.
It is
consulting with other Red Cross
how best
people of the State
,
a
year,
or
one-fourth of the annual income of
all persons living in the State.
Although it
was
easily defeated last year, opponents of the scheme
emphasizing the need for getting people to
Unlike last year, the pension scheme
is
go to the
the
one
polls this
are
The President's earlier remarks
our issue of
Sept. 3, page 1429.
Roosevelt
Praises
on
the matter
bodies and investigating
vo
as
as
now
coordi¬
a
the needs develop.
With the continuance of war, human suffering will become more appalling
within
comes
noted
were
desiring to
be need for relief work in addition to that which
the scope
carry on
of Red Cross policy and responsibility.
Groups
various kinds of relief work have, in fact, registered
with the Secretary of State as required by regulations issued pursuant to
Work
of
Organization
Neutrality Act.
It is my
Postmaster
Farley—Tells Postmasters' Convention in
Washington Postal System Has Become Efficient
not
hope that in their activities these groups will supplement and
conflict
will be
with the work of agencies already established and that there
complete coordination of effort of all voluntary relief in order to
a
duplication and confusion, avoid
prevent
and promote the utmost
waste
efficiency.
addressing about 4,000 postmasters gathered on the
Washington Oct. 11, President Roose¬
"our great system" as
having become an
White House lawn in
velt
Since the beginning cf the
been answering the most urgent appeals for
practical difficulties in order to formulate
and there will no doubt
General
In
it has
nated program and thus to meet our share of relief
year.
the
President
war
to deal with some of the
thing of major importance
before the voters in the coming election.
in
in the field of foreign relief.
European
present
described
"efficient institution" under "the able direction of
The
State
statement
Department regulations referred to in
reported in these columns of Sept.
the
were
16,
1695.
page
Post¬
our
master
General," James A. Farley.
The President added
that Mr. Farley is doing a "grand job" and the
postmasters
were
The text of Mr. Roosevelt's address
postmasters, who were holding their convention in
Washington, follows:
Mr. Postmaster General,
postmasters, ladies, friends of the postal service:
It is a privilege and a pleasure to greet
you here at the White House this
afternoon.
You know when Jim
Farley holds a convention it really is a
success.
To you, and through you, to all the
postmasters of the country,
to
express my
maintain
our
heartfelt appreciation of all that
Today
we may
our
Consideration of Proposed
Revision of Neu¬
trality Law—Rejects Motion of Senator Tobey to
Separate Shipping Provisions and Embargo Repeal
I
contributing to it.
am
has
become
every
right and token should
He is doing a grand job and each
one
of
'
for you represent the
The vast extent of the
enterprise of which you
we
pause to sum up
the work.
The collection and dispatch of letters is
only one aspect of your work.
Our postal service,
be it remembered, also comprises
our
largest savings
largest express business, our largest system for the transmission
as well as the largest agency, available to the
people for the
investment of their savings in government bonds.
our
of money,
The
temptation
would
be
if time
strong,
permitted,
to
examine
the
fascinating and romantic story of the postal service, not only the
background
of its marvelous development in our own
century, but its first beginnings
back in the dawn of man's
history.
We do not know when the postal service
that
As to the Senate action Associated Press advices from Wash¬
ington Oct. 10 said in part:
There
some
night
Farley's cohorts: "Neither
stays
these
couriers
from
an
into
being, but
we
do know
ideal which is still exempli¬
snow, nor rain, nor heat, nor gloom
swift
completion
of
their
appointed
rounds."
It matters not what the means of
transportation of the mails may be—
whether the mules and camels of the Old
Testament which Job said made
of opinion
among
leaders
a test
as
to
of strength
whether the Ad¬
on
the neutrality
bill itself—the most controversial section of which is that
providing for re¬
eihbargo
Majority
Leader
on arms.
Barkley of Kentucky told reporters he regarded the
stick but Senator Borah, Republican, of Idaho, a leader
vote as a measuring
of the opposition in the neutrality fight, said it could not be
The motion to split up the bill was made by Senator
of New
Hampshire.
He proposed to send the
measure
so
considered.
Tobey, Republican,
back to the Foreign
Relations Committee with instruction to write two bills—one the
embargo
repealer, the other setting forth restrictions
to
on
American shipping and travel
belligerents.
Mr.
Tobey
wanted
immediate
action
on
the
latter
provisions,
which
would prohibit American vessels from
carrying any goods to warring coun¬
tries.
He contended that the procedure would not forestall
early action
repealing the
came
25 centmies ago Herodotus stated
fied by Jim
division
a
was
ministration's victory could be counted
peal of the present
part can best be measured if
bank,
the
glad you are here in such goodly numbers,
Nation's biggest business.
are a
I want
and they are doing to
During the continued debate in the Senate this week of
Administration's Neutrality Bill a motion to
separate
shipping provisions from that portion repeating the em¬
bargo on arms and ammunitions was rejected on Oct. 10
by a vote of 65 in opposition to 26 in favor of the motion.
the
Postmaster General, your friend and mine.
all share in the pride wrhich by
thrill Jim Farley's kindly heart.
you is
you
great postal system -as the efficient institution it
under the able direction of
of
Senate
contributing to it.
the
to
arms
embargo,
a move recommended
drew
us
into
American
the
last
merchant
European conflict
vessels
carrying
were
cargoes
on
by President Roosevelt.
"Leaders in the Senate and the country have agreed that the
causes
the seizure and
to
which
sinking of
belligerents,"
Senator
Tobey asserted.
"American merchant ships are at this moment in the midst of
and
carrying cargoes destined for the belligerents.
that
some
of them will be
sunk—perhaps by mistake.
war zones
There is great
danger
Volume
"Thus, by extensive debate by the Congress on the arms embargo
section of the bill
keep
repeal*
holding up passage of those sections designed to
we are
Seven controversies submitted for action
of these—in all of which lower courts
another
advices said in part:
same
said that they
would meet soon to consider relaxation of the restrictions on
would
Democrat, of Georgia, said an amendment probably
George,
be
proposed
tions
As
so
American vessels to
permit
to
New
Australia,
visit
He added that "we may be able to ease the restric¬
Zealand and Canada.
phrased, the bill would prohibit American ships from carrying
Shipping interests have ex¬
goods to any belligerents or their possessions.
Senator Johnson, Democrat, of Colorado,
said that he would hold up for
being his motion for a three-day recess of Congress to give the
President
hand
free
a
make
to
a
toward
move
bringing about
peace
in
the Senate debate on the bill appeared
in our Oct. 7 issue, page 2164.
Underdate of Oct. 6, advices
from Washington to the New York "Times" Oct. 6 said in
bearing
on
part:
Ludlow of Indiana said today that he not
Louis
Representative
only
nations at
but also favored extending the embargo to embrace all exports to
bel¬
munitions, as a means of isolating the United
ligerents, goods as well as
"True neutrality would require
as many
Recovery Act and the 1934 and 1935 Revenue Acts.
Refused to act
articles, food for instance, are quite as essential to fight¬
"long step" toward a general
embargo, however, was a
Declined to review
aside
that
normal
our
would
trade
foreign
market for
Hull has asserted.
infinitesimal
be
would
embargo
all-inclusive
an
ruinous to our economic life, as Secretary
compared
The loss in our
the
with
home
good morals."
Advices to the "Times" from Washington on Oct.
had the following to say
Administration's
The
be
goods, he held, adding that the policy he advocated would in
the long run be "good business as well as
6 also
in part:
leaders
were
quick to
react
to
the
isolationist
"peace" offering, which served only to emphasize that the Bill's opponents
were
Co.
interested mainly in preventing repeal of the
embargo provision of the
"cash-on-the-barrel-head"
instead of the proposed extension of ordinary commercial 90-day
would like a law for strictly
Act, and
present
payments
Administration supporters,
regretting the isolationist proposal of peace,
took the attitude that since they
of the
stockholders
liable on
a
Prpoosal *
has been
"to accept
will not
was
Refused to reconsider its June 5
decision upholding constitutionality of
regulations in the New York and Boston areas ordered by
milk marketing
Convoyed Liner Iroquois Arrives Safely in New York—
German Warning Had Said Ship Would Be Sunk
American liner
our
position from the first," Senator
the Administration Bill if the Administration
But we
cash instead of credit on other commodities.
Iroquois, which sailed from Ireland
and 212 crew members, arrived
Oct. 2, with 577 passengers
safely in New York harbor on Oct. 12. The ship was con¬
voyed from Oct. 8 by the Coast Guard cutter Campbell and
later by two United States destroyers after a warning had
been received at the White House from the German Ad¬
miralty that the ship was to be sunk by an unnamed agency
when it neared the United States coast.
As was reported in
issue of Oct. 7, page
our
2166, the
convoy was
a
New York "Times" of Oct. 12:
I received a warning at 8 a. m.
the ship officers
I instructed
In
ship time last Thursday.
them not to talk about it to the passengers.
by the officers.
with
the
instructions
by
Government
the
the passengers
Go
Act
2,000
miles
York when the warning was
New
from
Guard cutter Campbell met us about noon.
When
go into effect at midnight, Oct. 23.
provides that 30 cents an hour shall
become the minimum wage and 42 hours a week the maximum
work week without the payment of overtime at the rate of
one and one-half times the regular hourly scale, this applying
to all industries engaged in interstate commerce, with certain
specific exemptions.
Under the ruling, employers whose
work week begins on Monday morning, Oct. 23, will not be
required to reduce working hours for their employees until
the beginning of the next regular work week, which would be
Wage-Hour Act would
Later
There
Hour Law—was given in the July 16,
1938, issue of the Chronicle on pages 326 to 328 inclusive.
Court to Review 3 Cases In¬
volving
NLRB—Board's
Powers
in
Decisions
Against A. F. of L. to be Considered—-Court Re¬
fuses to Interfere in Findings Against Stockholders
United
States
Supreme
Central
Republic Trust Co. of Chicago—Other
Rulings
United
two
States destroyers
Personally, I did not believe the
(395 and 397) came in
had happened, he added.
In fact, they cheered when I made the
sinking would be done, but I was told
proved otherwise and now it has
proved
otherwise.
Hull Says Trade Losses as Result of U. S.
Neutrality Are Worth-While Sacrifice—Addresses
National Foreign Trade Convention—Other Speak¬
Secretary
Analyze Effect of European War on Our Com¬
merce—Possible Gains in Trade with Latin America
ers
session of the
controversies
National
States
new
Supreme Court, at its first business
term
affecting
Labor
on
Oct. 9, agreed to pass upon three
major
Relations
tests
Board.
announced that reviews have been
will be heard
on
cases
of
the
Chief
powers
Justice
of the
Hughes
granted and arguments
in which the American Federation of
Labor has attacked NLRB rulings which are favorable to the
Congress of Industrial Organizations. One of these rulings
concerns
the certification of the International Longshore¬
men's and Warehousemen's Union as bargaining agent for
longshoremen
on
the entire Pacific Coast.
ment involved is whether the
the courts.
In two other
cases
The single
argu¬
certification is reviewable by
the Board had appealed from
decisions in lower courts favoring the A. F. of L.
In summarizing the Supreme Court proceedings on
resulting from curtailment of this country's voluntary
freedom of action in trade relations "constitute from the
losses
viewpoint of national interest a worth-while sacrifice for the
of our Nation and for the greater certainty
of our remaining at peace," Secretary of State Hull declared
on Oct. 10 in an address before the annual National Foreign
Trade Convention.
Speaking of problems in the commercial
and financial relations of the United States with other Na¬
enhanced security
Mr.
Oct. 9,
said:
Hull
approximately
would be reviewed.
The Court
filed during
a
four-month recess
merely said whether it would review a case, without
'*-• decision.
giving the reasons for
our
economic relations
with
,
From
the very outset
of the present war, the billigerents
have begun
controls, which have
comprehensiveness and thoroughness the regula¬
tions put into force during the earlier period of the last war.
The drastic
restriction by the belligerents of imports unessential to the prosecution of
hostilities and their concentration on imports needed for war will place
to
subject their foreign trade to rigorous government
already far surpassed in
before
exporting industries serious problems
our
the net result of these factors
will
be
control.
determined
by
conditions
which
over
...
normal basis.
course
the
as
they affect certain neutral
bal¬
commercial
And here again, it will be our policy to steer a
between the greatest practicable protection of our
interests and the
In
it as nearly as possible on a
Here our greatest difficulties will arise out of various meas¬
of control adopted by the belligerents
close ties
have little or no
neutral nations outside the Western
Hemisphere, our endeavor will be to maintain
ures
we
...
regards our trade with
anced
Whether
total
Whatever the result,
of adjustment.
will be an increase or a decrease of our
Europe, no one can tell at this moment.
exports to
it
countries of Europe.
Today's session was limited to announcement of which of
that
said
European belligerents must be governed by "the vital re¬
quirements of our position as a neutral and the exigencies
of the war situation."
He continued, in part:
As
Washington dispatch of that date to the Associated Press
Administration is convinced that inconveniences or
The
tions,
United
cases
the
absolutely no hysteria.
Are Stressed
so-called Wage and
300
when
was
and I had to believe it until it was
The full text of the "Fair Labor Standards Act of 1938"—
a
naturally wanted an explana¬
announcement.
Oct. 30.
The
the Athenia was, but I
that the Iroquois was one of them.
the cutter appeared the passengers
sight I again told the passengers what
On that date the law
of
Then
about the warning that some other
I should tell the passengers
tion, so I gave it to them.
of the Wage-Hour Act,
Oct. 8 that the second year's provisions of the
on
what.
knew that something was up but they didn't know
about
were
Last Sunday the Coast
in
Elmer F. Andrews, Administrator
announced
look for
received.
did not say
Wage-Hour
Effect Midnight, Oct. 23
to
searched and also had private
of the passengers' sets.
Of course
I had the baggage of passengers
ships might be sunk in the same circumstances as
of
about it.
The news of
I was very well satisfied by
didn't leak out to the passenger's.
radios taken down and tubes taken out
We
I called together
heading the various departments and told them
accordance
I felt that
Provisions
ordered purely
precautionary measure.
The following concerning a
statement issued by the ship's captain, is taken from the
as
yield to the repeal of the arms embargo, and it is not necessary if
Year's
$56,559,746
The loan was made while Charles G.
Chairman of the bank's board, and soon after he left the position
explosives
neutrality is the sole objective.
Second
Chicago, were
unpaid when the suit was begun.
Dawes
will leave in the law the embargo on arms, ammunition and implements of
and provide for
Federal Circuit Court finding that
Republic Trust Co.,
defunct Central
the way it was taken
leader, following a meeting this morning of 12 Senators.
war
Roebuck & Co., at "discriminatory
Reconstruction Finance Corporation loan, of which
the warning
still willing, as
setting
and Rub¬
of RFC President.
had the votes no compromise was necessary.
Borah Makes the
are
Appeals.
decision of the Sixth Federal Circuit Court
Refused to interfere with a Seventh
The Isolationist olive branch was extended by Senator Borah, the group's
"We
of Judge Oscar E.
prices."
credits.
Borah declared,
a
selling tires to Sears,
cease
the
ruling by the Seventh Federal Circuit Court that
Federal Trade Commission order that the Goodyear Tire
a
The
denied
Representative
on a
Bland of the United States Court of Customs and Patent
embargo, he said.
The
This tax was imposed by the National
that all supplies be cut off," he asserted,
ing a war as guns, bombing planes and ammunition."
The munitions
c
tiie
Industrial
Court of Claims decision dismissing an attack oh
a
Secretary Wallace.
States from Europe's wars.
"inasmuch
far-reaching cases, the Court took these actions:
more
Refused to review
was
favored maintaining the embargo on the export of munitions to
war,
In the
ber
Europe.
An item
the high court thus far this
Federal income tax could be imposed upon the salary
pressed vigorous opposition to that restriction.
the time
of national interest, aside from those in¬
year.
Federal capital stock tax.
dangerous."
that our ships can operate in zones which are not
now
Federal questions decided at
In contrast with the number of important
the last term, relatively few cases
volving the Labor Act, have been placed before
shipping in the neutrality measure.
Senator
In
had
The Board opposed review.
been upheld.
Earlier Democratic members of the Senate Foreign Relations Committee
decisions were allowed to stand.
agreed to review a case in which the Board
the tribunal
case
involved labor, and on three
upheld NLRB rulings—the Court de¬
Thus the lower court
clined to act.
ships out of the danger zone.
our
The
2307
The Commercial & Financial Chronicle
149
avoidance of imprudent risks.
Western
Hemisphere,
we
are
of inter-American friendship
bound to our sister Republics by
and solidarity.
Not only are we
Commercial & Financial Chronicle
2308
all partners in the vital enterprise
share
equally
in
of keeping our 21 nations
.determination
common
a
to
place
The other
with much the
with which
American
20
Republics
country is faced.
In order
to
extraordinary conditions imposed
took
upon
ir. Europe as those
war
by concerted
us,
possible, the impact of the
by the European War,
us
our
na¬
important step, at the Panama conference, toward creating
an
the necessary machinery
for this purpose.
and
Committee, which is to begin its functioning in
Economic Advisory
Washington within
The Inter-American Financial
few weeks, is designed to furmsh
a
mentioned
of discussion
a means
the outset,
at
in analyzing
Germany's
portion of
America
will
we
factors.
For instance, no
widely it
may
spread.
knows
one
Japan will continue to be suppliers.
Some German goods
The
availability of bottoms
Jactors.
and the
will
be
be the growing tendency of Latin American
Today,
as
result of the
a
methods of trade
combat in recent
war
and
we
other
nations
have sought
have become greatiy intensified.
escapable consequence of the
war
But it
situation.
That is
does
not
an
to
in¬
that
mean
these disruptive tendencies mud ne essariiy become
permanently established
in international
commercial relations after the end of the
to
hasty
of despair.
counsels
mediately following the last
war
and,
The
even
experience
of the
has been
war
expected and prepared for in all countries.
any immediate rush
by those countries
food products in the world
justment.
our¬
im¬
period
ducers
have demonstrated the destructive nature cf such practices as em¬
years
The
all kinds presumably have been accumulated in
sooner
the experience of recent
more,
buy.
to
Stocks of
Europe which will
There is
But if Argentine meats, grains, hides, and wool, Cuban sugar,
later in greater demand at higher prices, as in the last war, pro¬
or
of these
American
will
buy
countries
(if
goods.
our
products,
To these
smaller markets.
of
more
whose
such
are to
we
There will be
coffee,
as
judge by
reports)
bargoes, quotas, exchange controls, unreasonably high tariffs, and various
may
purchases of rolling stock, machinery, and other heavy goods which
instrumentalities of armed force at
but for which the terms of payment involved
fare.
There is
no
place for them in time of
what sacrifice of human wel¬
peace,
when the desired objective
well-being of individuals and of nations, for which
healthy functioning and
expansion
of
international
is
commerce
an
in¬
war,
commercial policies characteristic
of extreme economic nationalism should
become dominant, then mankind
would enter upon an indefinite period of
alternating economic conflicts and
armed warfare—until the best attainments of
civilization and
will
progress
have
been
destroyed.
the world.
been the
I, for
I cannot
of the recent
errors
believe that this is
Latin
America
of long-term
care
classified
are. not
as
the fate in store' for
decades, however much suffering and destruc¬
encourage their export
by granting relief from double taxation and the im¬
of similar legislation in the United States.
An
official summary of his remarks added:
trade
portance
Mr. Carroll
Geneva
at
i
eferred to the draft conventions of
under
the auspices
of the
group of experts meeting
a
League of Nations and
the
general conventions for the prevention of double taxation and the
to
also
may
profit by the costly lessons of the past and to build upon a sounder founda¬
much
that
our
country
can
do
toward
that
end.
We
must
60-odd
more
than
200 other conventions affording relief in the field of particular taxes.
He
pointed out
the advantages
concluded treaty
tion than heretofore.
There is
ordinary
Mitchell B. Carroll, special counsel to the Tax Committee
of the National Foreign Trade Council, on Oct. 10 discussed
measures taken by other countries to
lie ahead in the irrmellate future, there Is, in all nations, suf¬
ficient strength of will and sufficient clarity of vision to enable mankind
tion
have
we
badly wants for modern development,
commercial short-term credits.
hold fast to the conviction that, however grave have
one,
which
find
there
a
dispensable prerequisite.
If, after the termination of this
be available Export-Import Bank credits, to take
for sale and
South
some
probably
will
news paper
means of regimenting and forcing trade.
These practices may have
their place in time of war, when the central objective is the creation of the
is the promotion of the
remove
great excess of
a
which will prompt a period of delay and read¬
other
no matter
you
Chilian nitrate, and Brazilian manganese, and other important products are
war.
To believe that this would be likely to happen would to be abandon
selves
Also
increase in local manufacture of consumption goods—chiefly
Argentina and Brazil.
in Europe, some of the tendencies in the
which
regulation
years,
in¬
control the
countries to
In
step in
direction.
our
Worth watching
the
some
see
big
factor of first line influence because
a
export in order to import.
internal prices of certain products, both national and imported.
will
be
Our increased
be proportionate to
materials, which will
raw
southern neighbors must
Italy
reach
may
of insurance risks will
cost
American credit policies will be very important.
purchases of their
how
or
already happening.
scheduled to meet in Guatemala next month in pursuance of an
important
decision adopted by the Lima Conference of last year, is another
same
Latin
qualifying
will last
war
La tain America through Italy, as some reports indicate is
creased industrial production, will
The first meeting of representatives of the national Treasuries,
how long the
many
France—will make desperate efforts to keep up their export trade.
and
our
nations.
estimating
dollar exports to
be given to
For the present the Allied nations—England and
economic relations and activity
our
1939
probability of increased
the
billion
of a
quarter
share, consideration must
and action with respect to pi obi ems of trade,
finance, and other phases of
which press foi solution within and among
14,
sales to the Latin American countries as a result of the war. and in
what
varying degrees,
enable all of
and cooperative action, to cushion, as much as
tions
in
As
we
benefit.
confronted
problems of adjustment to the
same
our
are
but
secure,
economic inter
our
relations upon the soundest possible basis of mutual
Oct.
such
treaties
with
with
American
to
in
commerce
the
recently
Sweden and showed the importance of negotating
other
As
countries.
much
so
attention
is
being
now
retain unimpaired our firm belief that
only through enduring peace, based
on international law and
morality, and founded
given to extending mutually trade relations with Latin American countries,
economic relations,
to
upon
the human
can
the greatest
cooperate
to
Americas
and
race
continue to
possible extent with
our
sound international
advance.
sister
We must
Republics of the
In the economic field, the
guiding lines of the policies which
clear.
we
Nothing that has happened has weakened in
should
any
way
be derived from the trade agreements which
Acts since
1918 represents
according to Mr.
countries are
effective
doing
was
as
on a
to
accomplish by
unilateral action
States,
what
other
However, this provision is
reciprocal basis.
not as
originally intended because of the rigidity of its language in
the light of changed conditions since it
various
our commercial policy
The type of international economic relations which we
the part of the United
attempt on
an
Carroll,
the validity of the basic ideas which have
underlain
years.
State Department is
The credit for foreign taxes which has been incorporated in the revenue
in
recent
the
concluding with those countries.
with all other nations
to keep this conviction alive and to
maintain the basic principles of International
good faith, world order under
law, and constructive economic effort.
pursue are
Mr. Carroll pointed out that such treaties would help to assure the benefits
subsequent
amendments
and
first
was
enacted, and
decisions.
court
He
because of
pointed
out,
have sought to establish
through our reciprocal trade agreements has been
however, that these encroachments could be removed by amendments
amply
the Revenue Act which would conform to the
by experience to be the only effective means of enabling the
of international trade to perform fully its function as a
powerful
instrument for the promotion of economic welfare and
for the strengthening
of the foundations of
enduring peace.
proven
process
For the immediate
expand
our
future,
trade program,
we must continue our efforts to maintain and
within such temporary limitations
dictated by the exigencies of wartime conditions.
today in important trade
nations.
to
agreement negotiations
as
may
be
We are, in fact, engaged
notably with the American
We shall neglect no
opportunity, wherever it may present itself,
expand the
area
essential purpose
of
our
negotiations.
by the acts
or
We must not be diverted from this
utterances
of those,
who, intentionally or
the Act
Fred I.
Kent, Director of the Bankers Trust Co. of New
York addressing the convention on Oct.
9, asserted that
normal business relations between Nations will
be impossible
until the European war is ended.
He declared that business¬
men of all
countries,
including belligerents, desire only
Mr. Kent said, in
part:
peace.
A program
relations
of adequate exchanges as affecting inter-Ameri¬
was the
subject of an address on Oct. 10 by
Cherrington, Chief of the Division of Cultural
Relations of the United States Department of State.
Dr.
Cherrington said that, as a result of the war in Europe, many
young persons in Latin America will come to the United
States to study.
He continued:
Dr. Ben M.
Both the United
war is a great
a
destroyer*
rapidly using business
following declarations of
Businesses
are
war are more than offset
during the aftermath.
disrupted, clientele is destroyed and all stability in business
procedure is devastated in
war.
The International Chamber of Commerce
at Copenhagen studied many
subjects and passed resolutions and recommendations
aimed to make busi¬
ness between the countries
fair to all concerned and to make it
possible for
the great
machinery of foreign trade to move smoothly between the nations.
Most of these efforts upon which the
members of the Chamber spent
many,
many hours will be useless and cannot become
active until the war is over
and
peace is restored.
future
It might even help to
The businessmen of the fighting nations
are, I am
for peace.
Their respect and friendship
wars.
sure, still in accord in their desire
for
those with whom
nations is still alive.
they have done
business
the
over
frontiers
of
the
in the world has once more
run
its course.
Moran, Assistant
yice-President of the Na¬
tional City Bank of New
York, in an address on Oct. 10
discussed the probable effects of the
European war on our
Latin American trade.
He predicted an increase in
States exports to Latin America.
connection
with
so
much
the thought is sure to arise
loaded
with
so-called
stopped shipping.
one
exception.
Aski
or
United
Mr Moran added:
talk of German trade with
as to
Most, if
similarly restricted Marks when
not all,
answer
collections
now
in hand
is
government banks
them, that is, they do not have enough such Marks
awaiting maturity.
Republics have looked
number of important spheres.
We
have
followed
Ameri¬
music, and
European models and been attentive
European trends in these and other significant fields.
Latin Americans
have gone to Europe in large numbers for specialization in these fields and
several
of
others, notably, medicine and
engineering.
The medical schools
France, Belgium and Switzerland have always had
of students from Spanish and Portuguese
are no
of
present
America.
an
important quota
These young men and
longer able to pursue their studies in Slurope.
technical training of Latin
tions
Europe.
Americans
Avas
Much of the
secured from the great institu¬
All of this must be suspended for the duration of the
Both here and in the southern countries these students
conflict.
and others who have been accustomed to go abroad will have
but to seek in America the satisfaction of these needs.
many
Atlantic that
our own
It
unmixed
ways.an
We
calamity.
have failed to
we
see
have
no
recourse,
This may not be in
looked
so
much that is rich and
long
the
across
challenging within
hemisphere.
may
be
not
training.
impractical dream to visualize many of these Latin
an
American students
coming
this country for professgnal and technical
to
Our medical schools
may well attract
increasing numbers who
are
resources and excellence of the
institutions in the United States for medical training and research.
This is
particularly true of those desirous of advanced work beyond the professional
In engineering, dentistry and innumerable other
fields, we recog¬
school.
nize that
a
countries.
training.
to
"no"
are
with
Germany
possibly
actually short of
take
care
of German
considerable service
very
republics who
are
desirous
This, of
can
be rendered students from these
of securing such training outside of their
brings
course,
up
Students
are
existing
most
of the other American
faced by the difficulty of taking up residence here
through inability to meet
scholarships
own
the problem of the facilities for such
The exchange rates are unfavorable to
the
today
heavy
financial
deplorably
is
burden.
small.
The
There
are
number
about
of
one
hundred fellowships at present offered by American institutions
to students
from these republics.
The total number of Latin Americans in this
country
as
students
inadequate.
Latin America
whether those countries found themselves
From investigation the
a
in Europe training and development in art,
humanities.
republics.
William T.
In
the
Shells and
bombs cannot destroy their belief in each
other, which in the end will constitute the eternal
spark from which the
ways of peace will be forged when the
frightful holocaust which is now going
on
have sought
cans
to
States and the other American
Europe for cultural leadership in
scarcely cognizant at the present time of the
It would be well for the world to
remember this.
prevent
to
women
From the standpoint of profit in business
alone,
Temporary profits that may be made because of
to
Treasury's policy of modifying
business.
to encourage
as
can
unintentionally, seek
to mislead the public mind into the belief that our
efforts have been rendered powerless
by the unhappy circumstances of today.
so
stress,
does
If
not
we
run
are
to
much
1,000.
over
extend
Obviously this
effective cooperation
in
is
woefully
these times
of
to satisfy a real need in the fields
I have mentioned, it will be in¬
dispensable that these facilities be increased manifold.
If this is the situa¬
tion
more
with reference to
striking.
There
Latin
are
American students
practically
American
universities.
There
American
professors
the
on
are
no
perhaps not
faculty of
here, the
reverse
Americans in residence
any
more
than
is
at
three
even
Latin
or
four
university in those countries.
This virgin field is open to us as never before.
Volume
The Commercial & Financial Chronicle
149
The
delegates who attended the convention heard on Oct.
talks concerning methods of dealing with the
probable dislocation of normal foreign trade as a result of
the war.
Summarizing these addresses, the New York
''Herald Tribune" jof Oct. 11 said:
10
several
James
A.
asserted
means
in
that
to
the
Chairman
United
markets.
Edward
J.
The
Noble,
States,
through
of
the
the
door
open
warning
that
Commerce,
has
might,
veiled
a
Council,
Trade
economic
received
also
Secretary
its
Foreign
and her right to
economy
delegates
Under
National
of the
her domestic
protect
world
trade
Farrell,
from
foreign
unless
insure the imports necessary to America's industrial life, govern¬
mental control may become necessary.
.-.'v-■
Vy.-;
Edmund A. Walsh, S. J., Vice-President of Georgetown Uni¬
versity and regent of its School of Foreign Service, asserted that the present
debate in the
Senate is not
American foreign
emotional,
but
neutrality,
on
the broad
on
question of
policy, particularly the advisability of entering into an
a moral and an economic alliance with
the western democracies
against the totalitarian.
Exports will be only
Mr. Noble,
means
of
insisting that the first duty of the industry "is
supplying
needs."
our
to find the best
Export problems will be simplified, he
be bought at home and abroad by their
citizens, restricting foreign
can
purchases
goods
to
that
absolutely necessary
are
for the prosecution of
its
times of great
In
minimum job in terms of minimum diets below
a
which the public health would be endangered.
The broader market thus
made possible for our farmers in times of stress will help to
In times of fuller employment, however, it
economy.
stabilize our whole
can
and should be
restricted to the fewer families who would still be eligible for such assistance.
I should like to repeat that
both the farmers and the
grocers
make more
money out of men with
good jobs than they do out of men buying
a
lives in
that it
Those
It
us
a mere
in this room
Good times
likely to be followed by bad times, however,
are
mechanism lie the Stamp Plan can serve the general welfare
a
contracted to
so
Everyone of
family where the food expenditures are at least three of four times
a
that amount.
and
meal with stamps.
can
skeleton in times of great prosperity,
if it is
but kept alive
be expanded in times of depressiion to help cushion the
shock.
the policy terms in which we are thinking during these difficult
are
is
mere
a
far ahead.
no one can see very
expected that the commodities included
change from time to time.
surplus list will
the
on
In addition to the usual seasonal factors, dis¬
turbed world conditions may effect the variety of commodities on the surplus
list.
On the other hand, there are adequate and in many instances surplus
supplies of
the list.
great many nutritive foods which can be expected to remain on
a
Some commodities, such as citrus fruits and possibly pork prod¬
war.
ucts, may be added later during the year.
"I hope that the United States
minimum
valent
of the types
in
the
which
to
"accordion basis."
an
agricultural surpluses, which usually are accompanied by great unemploy¬
ment, it will be there to do
days when
secondary factor in America's foreign trade, said
a
said, because the nationalization required by the warring powers will control
the
From the beginning of the Food Stamp Plan we have tried to build
administrative machinery upon
7H cents wrorth of food
Cites Senate Debate
what
decline if the current trend toward fuller employment con¬
tinues.
Mr. Perkins added:
'
can
The Rev.
2309
world
our
can
live through this war with an absolute
of trade controls that have become
today,"
government
Mr. Noble declared.
avoid such
can
the magnitude and duration of the
on
more
the
on
business
qualities
of industrial
so
widely pre¬
"Probably the extent
statesmanship
by our
demonstrated
being equal," he continued, "we think
job of providing
government.
essential
our
It
may
prove
imports better than it
that
task may be beyond your control.
in
some
respects
can
you
can
do the
be done by the
the conditions of the
If you cannot meet the conditions in¬
.
cident to the concentrated foreign buying or any other factor in the situation,
you
should
new
circumstances.
V/,',
be the first to realize it and to suggest how best to meet the
y.V-i :
"The
....
Role of Government
/
point
I
want
to
make," the Commerce
Department official em¬
phasized,
' is that
inishes in
needs of the American
respective functions in
Mr.
Noble also
of which
people and the skill with which they perform their
before
that
major
Jones, Federal Loan Administrator, on Oct. 10,
the World Trade Dinner of the National
Foreign Trade Council convention in New York in which he
said that where it is possible we should buy from the countries
we sell to.
In order to provide facilities for financing exports,
he urged the Council to organize export and import com¬
panies. Mr. Jones was scheduled to make some observations
at the dinner but was unable to leave Washington.
His
message, which was sent to James A. Farrell, Chairman of
the Council, follows in part:
am
sure
you
Hull,
of
a
our
will receive from the speaker of the evening, the Hon.
message
No man within the
replete with wise counsel.
generation has held the first place in the President's Cabinet
who
enjoyed greater universal esteem and confidence than Secretary Hull,
potential aftermath, the possibilities of terrific inflation
and
no
to
capital
a
over
expansion and
policies,
swollen inventories, all
one
has
Convention on Oct. 12 a
series of declarations affecting foreign trade were adopted,
said the New York "Journal of Commerce" which added:
much
as
bring about friendly reciptocal trade
to
Other departments and Government
continue to sell
the conclusion of the
done
relations with the other countries of the world.
painful deflation, accompanied by unemployment,
distress and lack of profit.
Prior to
I
Cordell
industry
prices,
will lead
adopting
Urges National
Organize Export and
to
message to
a
memory
economy."
our
warned
must think of the
of commodity
the foreign trade front, dim¬
on
Jones
Administrator
Jesse H.
sent
proportion to the clarity with which our exporters see the vital
the government role,
Loan
Foreign Trade Council
Import Companies
Possibly it will depend still
war.
men.
"Other things
Federal
activities will depend somewhat
abroad,
we
must
should buy from the countries we
foreign
Credit
commerce.
Where possible we
Trade balances necessarily control
help temporarily, but the only permanent
can
solution is real trade where
agencies are cooperating, but, if we
buy from abroad.
sell to.
we
buy as well as sell—somewhat as our sea¬
faring ancestors used to do when the ship captain was the trader.
They
touched
on
inter-American
legislation,
neutrality
relations,
the
Export and Import Rank; encouragement and protection of business enter¬
prise abroad;
the
the reciprocal
exchange for
commercial
trade agreements program; the
and
exports
earnings;
arbitration;, stabilization
administrative relations;
customs
world
of
provision for
currencies:
air
Philippines:
war
foreign trade in
risk insurance, and foreign trade education.
of
Return
to
Welles
State
Inter-American
of
United
Achievements
Conference on His
Hails
Neutrality
modest
years
the Government has found it necessary to
every
character, and it can continue to assist
principally through loans to private business
way
The National
Foreign Trade Council could be helpful in providing
and the
These companies
Export-Import
Loans
further said:
Mr. Welles asserted that the conference was noteworthy because of the
following "significant agreements":
1.
The resolution
on
economic
cooperation which establishes
an
American financial and economic advisory committee to be set up
ington by Nov.
15, to decide
on a
inter-
in Wash¬
week-to-week basis what measures will
best protect inter-American commercial and financial relations against im¬
mediate difficulties stemming from the European war.
2.
The joint declaration of "continental
3.
The general declaration of neutrality of the
importance
4.
within which
dividual
or
republics,
sea
the
other things, established a
around the American republics
belligerents were asked to refrain from hostilities.
collective
sea
exchanging information
In¬
patrols were to be maintained for the purpose of
2173.
was
made in
our
issue of Oct. 7,
satisfactory, and I am convinced that
could be accomplished in this field
4.
Forrest
Q.
Walker
Assets
Mass
Are
"It is obvious that when
a
manufacturer sets
Department Official Says Farm Prices
Affected by War—Milo Perkins Declares Many
Too
Low in
Price
cized price-fixing laws
war in Europe has already had a pronounced effect
the prices of farm commodities, Milo Perkins, President
the Federal Surplus Commodities Corporation, said on
Oct.
10
Perkins
in
an
address
Association
said
commodities
are
before
of
Food
the
annual meeting of the
at Chicago.
Mr.
Chains
prices of many surplus agricultural
still too low to enable farmers to get a fair
that
the
exchange value for the industrial goods/which they must buy.
He added, however, that within each city there is the possi¬
bility that the number of families eligible to participate will
fixed price
legislated in 44 States and Congress
"crowded with paradoxes."
He said
"we know that these laws have nothing whatsoever to do
which he declared
the
are
"fairness" of competitive
trade because they
are
simply laws to legalize the fixing of retail prices and margins
by the manufacturer under contracts."
"It is not 'fair'"
he added, "to prohibit the low-cost retailer from selling items
at lower prices than this high cost competitor". In part he
added:
It would be just as logical to
sanction legal barriers to impair the effec¬
producer.
There is nothing "fair" in uniform prices
that force the public to pay high
fixed prices for merchandise regardless of
the costs of the retail services
There is nothing "fair" in laws
performed.
him immune by contract from the
.
Macy compilation is still the most
The
comprehensive measure of the
effect of these laws on retail selling prices of a
On
over
retail
The
National
a
■
Commodities Still
of
Paradoxes
product throughout a State, that contract price must
be low enough to preserve his volume in mass centers of
population" said Q. Forrest Walker, Economist of R. H.
Macy & Co., Inc. on Oct. 3 at the annual Boston conference
on distribution held at Boston, Mass.
Mr. Walker Criti¬
ordinary hazards of price competition*
on
of
for his
Agricultural
Are
Laws—
Price-Fixing
Criticizes
Statutes
that subsidize the distributor by making
•
through greater cooperation
taking the initiative and not
leaning too heavily on Government.
tiveness of the low cost
Reference to the conference
which
by the RFC and the Export-Import Bank for exporting agricultural
more
between Government and business, business
the American republics as to movements of
among
belligerent warships in this zone.
page
much
with
'
American
of which could "hardly be overemphasized."
The Declaration of Panama, which, among
"safety belt" of from 300 to 700 miles at
and
solidarity."
Finance
when necessary.
could look for things to buy from the countries to
and industrial products have proven
Neutrality in Panama
City, Sept. 23 to Oct. 3, was the "most concrete and con¬
structive conference ever held in the Western Hemisphere
for setting up framework of cooperation among American
republics," Sumner Welles, Undersecretary of State and
Head of the United States delegation to the conclave, de¬
clared upon his return to the United States on Oct. 11.
This was reported in the Brooklyn "Eagle" of Oct. 12, which
on
could lend
Bank,
sell, things that would not compete with our own products.
we
States
The Inter-American Conference
facilities
financing exports and imports by the organization of export and import
for
companies to which private leaders, as well as the Reconstruction
Corporation
Undersecretary
a
dealing in foreign trade.
transport;
cables and radio; trade relations with Cuba; international double taxation;
the
During the past several
lend to business of almost
particular store and area.
4,000 price-fixed items, the average percentage increases in our
prices ascribable to
the Feld-Orawford Act of New York and the
Tydings-Miiler amendment to the Sherman Act have been arrpoxiinately
as
follows:
Cosmetics, 8.6%; drugs,
and miscellaneous items,
16.0%.
16%; liquors, 11.8%; books, 17.6%;
The broad conclusion here indicated has
by other investigators.
Price-fixing
designed to
been
substantiated
raise
prices of branded items, and to the extent that the contract
are
prices
observed it does just that.
These
are a
number could
to
was
few of the more important paradoxes of price-fixing,
be multipled.
The consuming public has excellent reasons
be alarmed about the present and potential
stricted
cannot
private price-fixing
but the
in
menace of free
the field of consumer
goods.
and unre¬
The time
be far distant when they will take effective action to remove these
The Commercial & Financial Chronicle
2310
laws
from
our
books.
statute
Delaware,
Vermont, Missouri, Texas, and
the District of Columbia consumers have defeated recent attempts to enact
these laws.
Repeal bills have been introduced in several States.
No
trade minority and no misguided politician
of
public opposition to private
pi
can
and
priority demands of belligerents.
this character the
There has
been
definite
a
increase in
domestic
commodities.
raw
information reaching our committee that this
Maintained
earnest
Stand¬
Agreement
Bankers of the United States
war
ket
so
maintained
in
be
can
Europe
that
a
proud of the fact that
foreign exchange mar¬
business could be
carried on,
Joseph C. Rovensky, Vice-President of the Chase National
Bank of New York, said on Oct. 9 in an address before the
National Foreign Trade Convention at its annual
meeting
in New York.
Mr. Rovensky said that the war
brings new
opportunities to American bankers, with the United States
the most important country in international trade.
He
said, in part:
The most of
seasoned veterans.
us are
conditions before;
have
we
seen
We have been through disturbed
changes in
many
foreign trade;
our
we
shall
continue to
advocate the necessity of foreign trade for our
country, and
what may we shall energetically serve our
country's best interest.
come
We
faced with the difficulties of
carrying on "business as usual" in a
are
world aflame.
bring
to
During the past six weeks
some semblance of
break of the war and
foreign exchange market with
Within
currencies.
the
operations
of the
had have the task of helping
out of chaos.
various
With the out¬
have had to acquaint ourselves with
we
restrictions
placed
foreign
upon
trade by
Great Britain, France, Canada, Australia and other countries.
With the cancellation of the standstill
agreement our German
relations have become disorganized and
whether
even
shall be able to reestablish some sort of
we
banking
to now we do not
up
know
understanding that
an
will make normal
banking operations with Germany possible.
We have had
acquaint ourselves with the provisions of the Neutrality Act and we now
face further changes if our
country adopts the "cash and carry" plan.
to
We have had to sail along with little guidance amidst
many "red lights"
" watch-your-step" signals and we have
and
willingly
accepted
the
re¬
sponsibility of guiding American business firms in their foreign operations.
I believe that we can truthfully say; "So
far, so good."
While it is true that for
for
short
a
times
days
or so
carried
preceding the declaration of
foreign
our
war
and
exchange market in America
at
be proud of the fact that during all those
trying
we Gin
foreign exchange market
a
For
period thereafter
erractic,
was
week
a
maintained
was
that business could be
so
foreign
bankers, this world-wide disruption, while bringing
difficulties, also brings to us now opportunities.
The United States
many
dollar
as
today is the world's
leading
financial
country in
principal
and
center,
international
the
currency,
United
New York is the world's
States
is
the
most
important
uniformly
indefinitely.
or
consideration of business
United
Result
of
War
Seen
as
Exports
Europe
to
Inevitable—R.
Shortage
If
F.
European
Loree
Conflict
The economic drain that the
present war is likely to impose
all belligerents will
probably tend to reduce United States
on
exports to Europe to
level corresponding to future imports,
Robert F. Loree, Vice-President of the
Guaranty Trust Co.
of New York, said on Oct. 9 in an address before
the Bankers
a
National
may
be
a
the present trade.
Is the result of the
quotas
war
and
It has always seemed to
tariffs
submarine
French, British and
shortage of world freight to
to extend the
have
handicaps of exchange
had
so
much
during these depression
that imports which
are some
to
do
of
Activities of Organization
Labor
Perkins
told
years ?
The
Institute's
considerable diminution
inter-Empire trade that the
of
war
our
we not
European trade?
may force upon
war
is
pro¬
look forward to
Will
the shift
Great Britain survive
a
Institute.
board of
In
Much
selecting
work of
the
following, short-sightedly I believee
do
we not run
we
we
appraise
being laid
them
upon
by changing
a
no
It has been
of upsets
Committee
as
we
our
year of
conditions
the
The threats of
of changing
year
and
by the
new
being enacted.
are
repeated crises and strain because of threats of
have gone, and war has come.
war
been eased in that at least
war;
conditions,
decision
a
and
of
was
reached.
conditions, in the
new
on
That strain
We face another
handling of
which controllers must of
necessity play a large part. We must be prepared
meet these new
conditions, as plans are made to mobilize the Nation's
to
industrial and
financial resources.
We must expect new conditions, new
regulations, new requirements, and mast be ready to assist our companies
in meeting them.
Your officers have given thought to these
probable new demands.
Institute
new
make itself extremely useful
can
requirements
they
as
definite information
as
to
The
by studying and analyzing these
along and in making available to its members
come
the
best
methods
of
procedure under the
new
conditions.
Speaking
employers
that
we
days and the
built beyond
future with
years
our
some
immediately
normal trade
re¬
degree of intelli¬
is to
"Employer-Employee
on
for
their
cooperation
stimulate, rather than depress,
in
Relations,"
improving
Miss
labor
Perkins
relations,
praised
and
said
Federal
labor disputes, such
Actual
controversies, accounted for
total
strikes, threatened strikes, lockouts and
as
1,678 of the situations involving 89%
of the
workers, while the remaining 1,863 situations involving 11% of the
workers
other services
were
rendered
by the agency in the field of labor
relations, she reported.
"Work
along
preventive
lines
in the work of the conciliation
tha/t
of the opinion
gratifying
find
to
is
becoming
more
and
important
more
service," Secretary Perkins said.
"We
this emphasis on prevention must be continued.
that
labor
and
businesslike, reliable and practical
and future
labor
management
Most
increasingly
are
making
for the solution of mutual
agreements
relations.
are
It is
of
these
agreements
are
in
writing for greater clarity and mutual responsibility.
"Several years ago such agreements
that
becoming
often
later
required
detailed,
more
today
contain
clause
a
during the life of the
were
much
covering
Today
additional
points
misunderstandings.
guaranteeing
agreement.
short, carelessly drafted docu¬
interpretation.
many
omitted and which resulted in many
no
strikes,
of Labor
an
they
are
previously
Most agreements
lockouts
or
stoppages
Arbitration is being used more and
prevent such stoppages during the life of the agreement.
more to
There is
an
in¬
the number of parties agreeing to voluntary arbitration in case of
or
contract
,
specifying that either the Secretary
the conciliation service act in the arbitration matters
or
appoint
arbitrator.
"Employers
have shown
ciliation service
increasing
they realize
as
more
interest
and
more
in
They
are
the
work
of
the
con¬
that this agency can usually
help both them and their workers in disputes to
agreement.
immediate prosperity could compensate for
as we have known for
the last 10 years.
war
of the address by Secretary Perkins
conciliators during the year participated in 3,541 situations
involving approximately 1,600,000 workers in every State, the District of
Columbia. Alaska and Hawaii.
a
mutually satisfactory
further realizing that the conciliator
acts as an inter¬
preter of simple principles, that he clarifies the issues in dispute and makes
suggestions
about
must be to inflict inclaculable losses on
But the extent of those losses will
succeed in gauging the future
correctly and in
a
for
short
cuts
based
on
such
experience
in
efforts
to
bring
better spirit and performance in labor relations."
A. F. of L. Urged to Seek 35-Hour Week for Government
past mistakes.
Employees with Annual Minimum Wage
of Consumers
Sees
Definite
Restraint
in
Pricing
discounts
of
pricing policies and
acute shortage
any
George A. Sloan, Chairman
Committee,
in
a
of the
survey
^
no
trend toward
found by
Consumers' Goods In¬
were
made public
Oct. 10.
industry
shortages
MrSloan said that the absence of
indications that
discounting in advance
stringencies or acute
by personal interviews and cor¬
respondence with business executives throughout the
country.
any
is borne out be is borne out
Mr. Sloan added:
The chief problem affecting prices
growing out of the European situation
is the price advance in imported raw
materials due to shipping difficulties
Green
Praises
Federation
at
$1,500—
Powers
in
Ad¬
dress at Annual Convention
Goods Industries
Policies
A definite restraint in
is
confronts
of existing requirements and the imposing of new demands
business.
has
a
William
dustries
is con¬
engage,
including ourselves.
repetition of
George A. Sloan Head
advance
business
regulations and laws, both Federal and State, which
dispute during the life of the
depression such
be minimized insofar
avoiding
war
our
foreign trade, its ultimate effect
the whole world,
may
character
be
to
fact that what will be of greatest benefit to the Institute's
members is work
that will assist controllers in technical and other
ways to prepare themselves
for the proper handling of the new
responsibilities and problems that are
so
the danger of a similar
repetition?
all agree that
Even if the immediate effect of the
our
corporate
undertaken, your officers,
directors, and committee chairmen have constantly in mind the
crease in
no longer remain our best
customer?
I raise these various
questions not because I feel that I know the answers
but because, looking back into former
I think
constructive
a
activities
to
that country will
another period of
of
representatives
horizon, the activities in which it
stantly widening.
ments
other country's
present
tracted and impoverished those
engaged in it, must
gence,
900
managements at the first general session of the Controllers
Institute of America annual convention in New York on
Oct. 9.
Roscoe Seybold, President of the Institute, re¬
viewed the activities of
Controllers, and said that relations
between controllers and
public accountants are growing
more intimate.
Mr. Seybold added, in
part:
with
exports—aisde from those imports required to maintain
life, are luxury or
semi-luxury in the life of a country and dependent therefore on
domestic
propserity.
If this is a sound generalization, if the
quirements, and unless
Con¬
90% of the threatened strikes in the 1939 fiscal year
were averted by the conciliation service of the
Department of
Labor, saving over 4,750,000 man-days of work, Secretary
problems
that
commerce
me
German
He continued:
likely to be
high
restricting the free flow of
very
of
Over
Foreign Trade Convention in New
York City.
Mr. Loree added that if
and aerial warfare continues to reduce
neutral shipping, there
restrictions
who are acutely conscious
Seybold
Outlines
as
Continues
carry even
executives
whole subject is having the
said:
States
Freight
the
therefore,
,
In the meantime, it is obvious from
recovery.
An official summary
of
Session of
for
com¬
trade.
Reduction
Predicts
this
tary Perkins Says—Addresses Convention of
trollers
Institute
of
America—Roscoe
on.
us,
a
Department of Labor Conciliation Service Averted 90%
of Threatened Strikes in Last Fiscal
Year, Secre¬
disturbed
a most
fluctuations in the pound and in other
severe
short period
a
we
orderly procedure
before that, we contended with
even
activity
Quantitively
with industries and with companies within an
industry. It cannot
operate
its implications to continued
since the outbreak of
was
German
on
industrial
pensating cost factor, arising from increased volume of production, varies
Opportunities for United States Bankers Seen as
of European
War—Joseph C. Rovensky
Extols Fact Foreign Exchange Market Has Been
Here—Comment
o
several months which has served in part to offset the shock of the sudden
Result
still
14,
major commodities
some
price advance and threatened shortages have caused
impact of price advances in
New
With
serious problem to manufacturers in this country.
long ignore the rising tide
ice-raising for private profit.
Oct.
The American
Federation of Labor
was
urged
on
Oct. 7
by its President, William Green, to campaign for a five-day,
35-hour week with a minimum annual wage of
$1,500 for
Government employees. Speaking before the Allied Council
of Federal Employees of Cincinnati at a dinner held in con¬
junction with the Federation's annual convention, Mr. Green
said
that
the
Federation's traditional non-partisan
policy
feared and respected by both parties, no matter
which is in power."
An Associated Press dispatch of Oct. 7
from Cincinnati reported his address as follows:
"has made
us
He asserted that
one reason
the A.F.L. had been "so steadily
successful''
in obtaining labor legislation was that it had refused "to be tied
tail of the kite of any political party."
on
as
the
Volume
The Commercial & Financial Chronicle
149
"Our voice is listened to in the halls of
demonstrated
political
our
policy of supporting
.
.
We
.
call
for
a
Vice-President of the union,
enemies."
our
.
.
.
high standard of loyalty in
Government
for
"It is especially incumbent upon those who run our Government and those
ment service should be
and
the
to
are
principles
back from
employed in the Govern¬
of freedom and
The
democracy whose
destruction is sought by the dictators of Europe."
or
thoughts and actions be directed to the preservation of Americanism.
"There
is
no
room
in
the
service
government
for
the government
those
No
one
of the United States and against it at the
who
same
so
strike
called
was
was
taken because of "slow-down" strikes.
The
United Automobile Workers union refused to recognize dis¬
the strike
be done
can
sixty-four Dodge workers charged by the corpora¬
slowing down operations last week.
When the
management declined to reinstate these men on Oct. 9, a
corporation spokesman said, workers on the assembly line
allowed every other car to go past them untouched,
cutting
production 50%. The plant then was closed. Similar action
in the gear-cutting and transmission-assembly lines resulted
with
in orders for the afternoon shift to be sent home.
the
letter sent out to
produc¬
no
tion from any
of the Detroit plants was received.
Reporting the strike, the "New York Times" of Oct. 13,
quoted in part from Mr. Keller's letter as follows:
The restriction of output began on Aug.
that from then
Oct.
to
23, the letter declared, and added
5 the corporation had 32 discussions
with
C.I.O.
officials without result.
"After the Labor Board elections
widespread.
fronted
with
on
campaign on the
part
we
worse
were
of the C.I.O,
con¬
scheduled
effort to avert
permit them to
they will do and what they will not
take into
their
own
hands the running
an
::
'::
-
effort to bring the two disputants closer to
Vv-:,
\y
C
■'-;
.
requisite fi\e day advance notice of intention
act tomorrow in its
effort to halt the trouble,
which the company contends is a
be
to
The
board
will
which began last week when
a
production curtailment
Dodge plant, for
use
Plymouth bodies.
sources
said the strike notice filed with the State board contained
notification that the union demands
schedules, and asks higher
wages,
working conditions.
a voice in the
fixing of production
adjustment of working hours and changes
The demand for
a
exposition of the union's demand earlier this week, said the union
forced
to
consider strike action, alleging
that the company refuses to
grant to the union a voice in the setting of production schedules and to
bitrate certain grievances which the company asserts
Negotiations of union officials,
headed
by
ar¬
"trumped up."
were
Chrysler officials said
on
men
who
a
now are
general strike would throw out of work about
employed despite the close-down.
These
are men
maintenance jobs, in boiler rooms, service departments and at other work
not
immediately connected with production.
Walkout
A
Staged
on
Housing Development
politan Life Insurance Company
walkout
Labor's
of
100
members
International
of
Union
American
of
Metro¬
Federation
of
of
Operating
Engineers,
Local 14, working on the $50,000,000 housing
development of
the Metropolitan Life Insurance Company called on Oct. 5
by the union had not been settled up to last night so far as
could be learned.
This wralkout has left 500 other workers
idle, and it is estimated that 4,800 in all must
go
unless
a
settlement is reached.
tive
for
the
company's
Local
all
maintenance
completed in
(on 30 days*
and
construction
em¬
by the International Brotherhood of Electrical
(American Federation of Labor)
well
as
as
by the Utility Workers
quiescence with the board.
a
letter of
ac¬
V
It sets up machinery for the adjustment of individual grievances, with
Collective
bargaining
as to
a
committee of three.
hours, rates of
working conditions is
pay or
specifically barred, the plan being intended to cover only individual griev¬
ances.
grievance committee of any union.
immediately begin preparing
fications and the wages applying thereto,
President
of Starrett
Bros.
&
Eken
may
be found.
of Nov.
1, 1939.
Previous reference to the Consumers Power strike appeared
in our issue of Sept. 30, page 2018.
Washington Steel Workers End Strike
was reached Oct. 9 of an eight-hour strike of
workers, members of the Reinforced Steel Workers
Union, Local 231, called after a breakdown of negotiations
Settlement
150 steel
The steel workers returned to work Oct.
with contractors.
10, with the prospect of wage increases up to $1.00
a day.
Reporting the strikes, the "Washington Post" of Oct. 10,
■■■
Contractors
from
union
now
understood to be mystified also.
V;
;
agreed to increase the daily wage of journeymen workers
$12 to $12.50 on all new contracts between now and May 1, when the
rate will rise to $13 on new
The union, whose
jobs.
The contract is in force until May 31,1941.
members set steel rods in concrete construction forms,
tied up work on a dozen
Walkout
major projects in yesterday's brief strike.
American Smelting
at
& Refining
Company
Operations at the Perth Amboy, New Jersey plant of the
American Smelting & Refining Company, were halted Oct.
11, by a walkout of approximately 800 employees engaged
in the processing of copper, lead and zinc.
Officers of the Perth Amboy Smelting & Refinery Workers
Union (C.I.O.) certified as sole bargaining agency in an
election last July, said that the walkout was in protest against
the discharge of a union shop steward, while contact negotia¬
were in progress.
The walkout occurred Oct. 10, at the close of the
tions
The union seeks
institution of
ager,
a
day.
closed shop, a 10% wage increase and
"check-off" system.
Carl Gall, plant man¬
a
said that the
company was
ready to
resume
negotia¬
tions with the union at any time.
♦
PWA Strike Halts Construction
Three
hundred
national Union of
and
halted
PWA
workers,
Operating Engineers went
work
on
the
at
the convention
at
The Inter¬
Cincinnati
were
new
Projects
members
of
the
Inter¬
strike Oct. 10,
$2,600,000 Nassau County
on
Courthouse, and other PWA projects in Nassau and Suffolk
Counties.
In
knowledge of the strike, which pulled 100 operators of hoisting machines,
of the
schedule of job classi¬
Any wage increase resulting from this reclassification will be effective
as
contractors, said that
bulldozers, steam shovels and trench diggers off the project.
officers
a
then review its classification of
employees with a view to discovering and rectifying any inequalities which
.
14 of the International Union of Operating Engineers had disclaimed
national
The
filed with the labor board Oct. 9.
Organizing Committee (C. I. O.), which already has filed
laid off
Eken,
and
•
operating,
It is open to acceptance
,
Mr.
1940,
'
superintendent said the 500 other employes
because they could not work unless the
engineers were on the job.
Building operations would go
forward, he said, on a limited scale, but additional men would
have to be dropped each day.
Reporting the strike the New York "Herald Tribune" of
Oct. 8, said:
been
1,
notice to the board) or until selection of an exclusive-bargaining representa¬
A construction
had
March
Frankensteen, and Chrysler
officials, headed by Herman L. Weckler, vice-president in charge of opera¬
tions, continued today and will be resumed tomorrow.
20,000
finished
one-quarter
said:
union,
was
A few small jurisdictional
total stoppage of about a week and a half so far.
It will be in effect until terminated by one of the parties
part in setting production
schedules is considered to be at the heart of the present
disagreement.
Richard T. Frankensteen, head of the Chrysler division of the
an
a
Details of the peace plan were
Manufacturing Company said
The Briggs plant already is partly
shut down because it lacks stampings, produced at the
in
the
as
minor interruptions of power marked the strike,
which was called after a dispute over bargaining rights.
*
Advices of Oct. 9, from Lansing, Mich., to the "Detroit
Free Press," reporting the strike, said:
A Chrysler spokesman said a general strike would affect
70,000 Chrysler
15,000 Briggs workers would be affected.
in certain
factor
'•
union-inspired slow-down strike.
employees, and a spokesman of the Briggs
Union
a
anxious to settle the strike
strike and return to work.
y
v-
strike.
to
the main Dodge plant was shut down because of
a
as
•
The company will
Iioadley and Edward C. McDonald,
representatives of the United Automobile Workers and then
The union filed with the State Labor Mediation Board
today the legally
on
The only work that
If the strike continues
Consumers Power Co., members of the
Organizing Committee (Congress for In¬
dustrial Organizations) on Oct. 6 accepted an agreement
previously reached by their leaders, in negotiations with the
officials of the company, and thus ended their two weeks' old
strike.
a
with Chrysler officials in an
gether.
the ground floor.
Preferred seniority will be extended only to the five members of the top
Department of Labor stepped into the picture today in
Two Federal conciliators, David T.
met first with
on
Michigan Power Strike Ends
of the plants."
The Federal
On
Employees of
Utility Workers
sound basis and produce quality auto¬
a
on
tell their foremen what
You cannot
do.
jobs
provision for final arbitration by
"You cannot run a business
men
just obeying orders.
March, 1941.
to
union
curtail production.
mobiles if
was
If the strike continues Monday,
huge project, which is at Tremont Avenue and 177th Street, the Bronx, is
Workers
Sept. 27, the slow-downs got
We could-not mistake the fact that
organized
an
being called, but
ployees.
commonly called the 'slow-down,' " the letter added:
more
delegate of
longer, all 4,800 workers on the project will be thrown out of work,
Asserting that the corporation had been made the victim of "an attack
and
a
Only
dealers, K. T. Keller, president of
Chrysler Corporation, said that practically
Mr. Eken, called hastily
night by Frank Tyler,
Thursday
was
small
are
missal of
a
misunderstanding which would
effect yesterday.
The project has been notably free of strikes.
action
In
no
tricians and plumbers had to be stopped.
strikes have caused
thousand
Chrysler Corp. employees were made
idle Oct. 9, when officials closed plants, announcing that the
tion
was a
No work is performed on construction jobs Saturday
the strike had
which makes other construction unions
time."
Corporation Employees Strike
Chrysler
possible cause
Local 14, who, according to a construction superintendent, said he had no
contractors.
Sixteen
was no
about 1,000 men will have to be laid off temporarily.
espouse
work for
can
The contractor said
called.
Friday all construction involving hoisting cement work, carpenters, elec¬
fascism and that all their
philosophies hostile to the philosophy of America.
union, which provided for ad¬
was
Washington, inspected the project.
idea why
"It is, indeed, imperative that America's public servants be completely
free of the foreign taint of communism, nazism
strike
Fay,
strike was in
a
strike.
a
afternoons,
loyal and devoted to the best interests of America
great American
a
100% union and that there
was
be cleared up Monday.
days that lie ahead,'* he asserted.
"It is particularly essential that those who
housing job
He stated the belief that the strike
keep its machinery operating efficiently to be strictly neutral in thought
and in deed in the critical
notice and discussion before
vance
that the
workers.
who
Mr. Eken pointed out that
violation of the company's contract with the
regards neutrality, Mr. Green told the Government
as
2311
In his telegram to Mr. Green and in a similar telegram to William
"We have
have adhered strictly to the
friends and defeating
our
Present conditions
and extreme caution
power.
Congress," he said.
reporting the strike the "Brooklyn Eagle" of Oct. 10
said:
The union called the strike
on
Oct.
10 William C.
to have sent
from the
a
week ago for truck and team drivers and
DeKoning, Hempstead labor leader,
was
reported
delegates to the courthouse project to order other union workers
job.
The Commercial & Financial Chronicle
2312-
They included electricians, bricklayers and concrete workers.
of all materials has been stopped on the project.
affiliate.
A. F. of L.
an
'
for the strike.
reason
off the job indicated the strike was aimed to
on
any county
discourage the
Workers called
use
of non-union
job.
Joseph L. Mortimer, resident PWA engineer at the court house, admitted
that all the trades were called out in the strike and said it
He didn't know the
shutdown.
complete
was a
of the strike and said there had been
cause
official communication from union officials.
no
Oct.
knowables should within
many, all the
14,
1939
be thoroughly explained and
reason
-
fairly and fully disclosed.
should do.
DeKoning refused to discuss the
^abor
The union is
Delivery
That
be
drawn
so
make this
to
as
and discretion, of course,
ment
the financial statement
much
and
can
Or, if in any particulars this has not been done, the financial
statement should
unmistakably clear.
Judg¬
play important roles in the selection of
a
particular method of accounting to be followed and also in the allocation of
specific items and transactions into
For
accounting category or another.
one
example, the particular inventory method used has
important
effect
the net
on
income reported
for the
as
know,
you
an
Without dis¬
year.
closure of the particular method, educated guessing is impeded.
As George
O. May once pointed out, an investor "cannct give the same
weight to
Missouri Public Service
profits of companies in the
Corp. Strike Settled
Union employees of the Missouri Public Service
Corp. at
Clinton, Mo., who went on strike three weeks ago, accepted
peace terms Oct. 4.
There
were
differences
some
whether the approxi¬
to
as
mately 140 members of the International Brotherhood of
Electrical Workers obtained their objective, however. Offi¬
cials of the company said the settlement
agreement did not
include
the
closed
shop
provision, while
president of the local union here, said there
both sides and that
on
Employees
More
of
than
Wilson,
were concessions
"modified closed shop" was accepted.
a
Underwear
3,000
Erwin
Contractors
workers
in
the
Go
On
Strike
lingerie
and negligee
industry in New York City and an additional 1,000 in
Connecticut and New Jersey went on strike Oct. 10 in about
a hundred
shops of undergarment contractors, members of
the United Underwear Contractors' Association.
Reporting the above, the New York "Herald Tribune" of
Oct.
11
continued:
Workers' Union, explained the walkout
other
to
manufacturing
Association,
the
Manufacturers'
ratify
an
in the industry,
groups
Lingerie
Negligee
ordered because of the failure
was
agreement between the union and three
Manufacturers'
the
Allied
Association
Manufacturers'
and
the
Negligee
how
or
grievance they have against the other manufacturers, the con¬
tractors arguing that the manufacturers are not
paying the contractors
a
enough for their services to enable the contractors
to meet the wage standards
of the new agreement.
and
Jerome
N.
of
Accountants
Frank—Chairman
of
SEC
by
Addresses
Controllers' Institute of America
The financial statements filed with us are, as you know, re¬
quired to explain the methods followed in their preparation wherever those
putation
of earnings.
information
and
Institute
of
America
in
New
We also seek
those statements
in
discretion
significant effect
a
to
require sufficient
disclose
to
the fields
play the most important roles
appropriate weight.
that
so
York
City by Jerome N.
Frank, Chairman of the Securities and Exchange Commis¬
Mr. Frank said that one of the most
important aims
of accounting is to reveal to investors what the
management
of a company has done with the
capital intrusted to it and
with the earnings derived from that capital.
He said that
the com¬
on
breakdown
which
in
of
judgment
they may be given
...
Without in any way indicating what the applicable law and morals
may
have been in the past, I suggest that the McKesson and
Robbins case—or
perhaps
I should
call
In
the
it
questions with respect
tered.
Musica
for the future, certain
case—raises,
corporations whose securities
to
voicing the following questions
I
not
am
listed
are
be
to
more. I want to
emphasize that my
concern is with the
regis¬
or
understood
answering them, but merely as putting them up for discjsrion.
as
Further¬
future, not with the
past.
While
the
controller
serves
not
only the
holders, should not the accountant
not
an
In 1896
October, 1939,
should
we
not say
picious, that be is bound to be
They look to him
of his
that the
the
or
to ap¬
...
is bound to be
sus¬
of detective for present and for future
a sort
to furnish information to guide their
carelessness be
or
an
Should not accountancy, in chat sense,
Should the auditor not, with respect to
judgment.
important
become three-
investors, be
position
same
detective
a
accountant
work?
dimensional?
ac¬
ana
The question is whether, beginning in
Should not the purpose of detection of fraud
part
bondholders
English court, in exculpating
an
accountant, said that he is "not bound to be
proach his work with suspicion."
the stock¬
And should not the
merely the existing stockholders and
creditors, but all future investors'!
but
management
the management and the stock¬
serve
holders and the bondholders and other creditors?
in|much
the bank exam'ner with respect to the depos iors of a
The officers of a bank do not resent the suspicion
as
savings bank?
The business of the bank examiners is to be
suspicious.
a bank do not fear that
suspicion.
Why should the
decent, intelligent, honest
the accountant,
be that
we are
of
management
a
corporation resent it if
great
in examining the corporation on behalf of the investors,
constantly keeps
The purposes and functions of
accounting were discussed
on
Oct. 10 before the annual meeting of the Controllers'
bad
clearly of paramount
are
Competent officers of
Discussed
on the
difference in method might be."
a
importance.
mutual
Duties
knowing whether the
applied have been computed
methods, generally speaking, would have
of bank examiners.
Problems
were
the effect of
great
debts and contingencies, judgment and discretion
investors.
Association.
Mr. Shore said that the contractors refused to sign the union
agreement
because of
basis
without
In the establishment of allowances for
depreciation and amortization for
countant serve
Samuel Shore, manager of Local 62, of the Undergarment and
of these contractors
profits to which their calculations
same
business
same
weather-eye
a
open to
suspicious circumstances?
reaching the time when there should be
the public aspects of the public accountant's work.
long be recognized that he is, indeed,
a
new
It may
emphasis
on
Perhaps, it will before
quasi-public official.
a
sion.
financial
intended
statements
for
investors
should
be
National
of
Conference
United
Board
Issues
New
Wealth—Total
States
Rose
from
$287,000,000,000 in 1934 to $322,000,000,000
Capita Wealth Shows Slower Re¬
covery than National Total—Large Losses Shown
in
de¬
signed with a view to their ultimate use in appraising earn¬
ings prospects.
"I do not mean," Mr. Frank said, "that
the accountant is to forecast future
earnings.
I do mean
that he should give greater
recognition to the fact that the
principal interest of the investor and his advisers is future
prospects—earnings."
He added, in part:
Industrial
Estimates
1937—Per
in Value of Real Estate and Productive Assets
From
the
a
post-war peak of about $353,000,000,000 in 1929,
national
wealth
000,000 in 1934, and
1937, according to
wealth
from
1922
of
the
United
States
fell
to
$287,000,-
again to about $322,000,000,000 in
estimates of national and State
rose
new
It may very well be—I am suggesting this for
your consideration—that
the present balance sheet which
attempts on two pages, with some accom¬
1937 that have been prepared
by the
Division of Industrial Economics of the National Iidustrial
panying explanatory notes
Conference Board.
prise, cannot at the
modern
same
accountancy."1
tables,
or
to
describe
vast
a
business
enter¬
time meet all of the varied demands made
upon
It is possible that
all-purpose balance
our
sheet
cannot
faithfully serve all of its many masters—the divergent and some¬
times conflicting interests of creditors,
stockholders, management, tax col¬
lectors,
the regulatory
agencies.
Would it
be
not
feasible
to
construct
"single
purpose" balance sheets and possibly income statements which
would reflect the enterprise in the terms and
categories which would best
serve
particular purposes and then in
reconciliation
between
torical balance sheet
the
the
particular
a
a
separate column make the necessary
statements?
might be made
supplementing it with
serve
various
more
Or, the all-purpose his¬
meaningful to the investor by
special-purpose financial statement designed
interests
of
the
investor.
prophecy needs sound history, it needs
For
although
Board's
slowly
than
wealth
of
presented and explained in the light of the specific prediction that
the
the
Because I
am a
a
an
national
proposed contract
or
mortgage or lease
—that is, guessing—what will
should
one
arise.
Advising
In
means
as
making that
multitude of contingencies.
guess,
to his
United
the
some
lawyer
predicting
future law suit,
must
wealth
1922-37
[A book could be written
on
And
oue custom
a
of
lawyer gives
lawyers should certainly
an
opinion
opinion that he has based it
are
of
are
itnitateu
Year
the title of real
estate, he states in his
examination of
Percent
of 1922
«
Dollars
100.0
2,792
100.8
2,771
99.2
99.8
2,705
1925
96.9
307,254,801,000
100.2
2,675
1926
95.8
310,060,969,000
326,707,495,000
340,612,841,000
353,620,986,000
344,154,405,000
321,969,909,000
298,960,109,000
288,867,130,000
286,569,312,000
290,975,369.000
307,639,205,000
321,791,722,000
101.1
2,661
95.3
106.5
2,764
99.0
111.0
2,842
101.8
115.3
2,910
104.2
112.2
100.1
105.2
2,796
2,594
97.5
2,392
85.7
94.2
2,297
82.3
1927
1928
1932
1933
1934
1935
1936
1937*
The
following bearing
more
function of the financial statement also to
supply basic material
an educated guess.
Precisely because the
92.9
93.4
2,263
81.1
94.9
2,282
81.7
100.3
2,395
85.8
104.9
2,490
89.2
National
exchange
this
wealth,
is
as
"the
sum
value
that
facilities,
definition,
on
the Board's survey
is from
an
issued Oct. 9:
announcement
harbor
Knowing
100.0
♦Preliminary.
the
accurately judge the hazards of his venture.
of 1922
306,764,080,000
estimates,
unknowables
period
309,117,658,000
306,226,330,000
he says so; if there are doubts which he has
not resolved, he so advises
his
if his conclusion is based on certain
assumptions of fact or theory,
he indicates how alternative assumptions will
affect the
a
and per
the
Per Carita
by accountants:
can
total
of
year
1924
are
making
each
1922
1931
client,
It is
estimates for
for
1923
the job of the
considered,
for
to
the following table:
in
Dollars
1930
result.
basis and the limitations of the
lawyer's opinion, the client
has
more
1937
amounted
new
Nation
the
shown
1929
certain abstracts of title.
of questionable worth, his
opinion so states.
any relevant matters that he has not examined or
If any of those abstracts
If therb
as to
on an
ue
even
Percent
the
lawyer, stressing that point: indeed, I've written and
published one such
book, and, before long, hope to publish another.]
The lawyer's guess
then, cannot be infallible.
But he oues the obligation to reduce to a
minimum the elements of
uncertainty on which he bases his advice.
The
obligation of the accountant is of a somewhat similar character.
When
In
wealth
values
Total
covers
assume
The very word "fact"
total.
States
The Conference Board's
capita
must be
right's under
that the lawyer is
happen to his client in
present and future existence of many facts.
a
client
a
capita
per
depressed
to
lawyer, I inevitably compare the work of the accountant
Now I know that a lawyer's opinion is in
many
educated guess.
that
of
history
with that of the lawyer.
merely
effects
the per capita
$2,490, as com¬
pared with $2,203 in 1934, with $2,910 at the height of
post¬
war
prosperity in 1929, and with $2,792 in 1922.
the
made.
cases
shows
survey
from
educated
than that—it needs
more
The
recovered
to
defined
which
a3
of
are
are
for
the
valuation
found
have
no
properties
purposes
placed
within
a
exchange value,
and
the
of
the
on
are
other assets
Conference
physical
country."
assets
Board
having
Roads, bridges and
therefore excluded by
that are owned
abroad
by United States citizens.
are
Changes in Land Values
Without necessarily expressing
complete approval of their entire thesis, I would
like to commend the brilliant article on
accounting by Maurice C. Kaplan and
Daniel M. Reaugh, 48 Yale Law Journal, 935
(April,
Throughout the period for which the estimates
*
1939).
single
1936,
item
the
of
latest
wealth
year
was
real
for which
property
and
complete data
are
provided, the largest
improvements thereon.
In
are
available, this element
Volume
valued
was
estate
shrank
in
at
$167,000,000,000,
estimate
the boom
kinds
of
of
the
during
period.
1937
it
figure
to
the depression they fell to
that the propor¬
exempt from taxation grew considerably during
of
years
tstimates show
The detailed
is
In
11.6%
represented
it
1922
than
more
was
the
early
the
1935.
that
estate
15-year
in
in
raises
After declining somewhat more slowly than other
1929.
year
wealth
real
1937
for
$164,000,000,000
tion
A pre¬
54.4% of the national total.
or
$171,000,000,000.
Real
values were at the high level of $183,000,000,000 in 1922.
They
to about $157,000,000,000 in 1926, but rose to $191,000,000,000
liminary
of
values;
land
all
especially those who
institution has
your
because bank customers
individuals
formed
it
the
in
the
prosperous
engaged
enterprise
in
create
wealth,
more
equipment—livestock,
estimated
running up
about
at
farm
and
tools
machinery,
manufacturing
vehicles—was
ratios
Between 1929
the twenties.
of
years
this
of
value
chinery,
and
corporations
important element of national wealth dropped over
vitally
1937
the
considerably smaller proportion of the total wealth in 1937 than
a
did
this
and
disclosed by the estimates is
the destiny of American banking is in
and
ma¬
against
a
relations, talk
the street and in the trolley car,
on
1929
from
the hands of
in
1937
By
approximately
maintained
wealth
1933
to
$44,000,000,000.
was
retail,
the
of
it
6ame
the prosperous
in
are
fell
kind
this
employees
or
$91,000,000,000
to
1932
to
Wealth
divisions of the
All
Minnesota,
increased
In the
wealth
in
1929
from
to
latter
(New
after
the
had
1922
Kansas)
and
1929.
to
shared
in
All
are
divisions
to have
suffered declines
from
the recovery
1934
1936.
to
notable
many
during this
totals.
1922
changes
in
and
capita
per
wealth
1922
between
The Middle Atlantic division
which ranked fourth in 1922
West North Central divisions, had
highest per capita wealth in 1936.
The Middle Atlantic division alone
a
higher per capita in 1936 than in 1922, and this was due entirely
throughout the period
but its figure fell from $9,274 in 1922 to $6,511 in 1936.
Nevada,
was
Following Nevada in this respect were Montana, the District of
York
and
throughout
the
New
all
the
in
1922.
Wyoming.
States,
West
Issuance
Mississippi
had
the lowest
per
Columbia,
capita
wealth
but Arkansas suffered the greatest loss among
her per capita wealth in 1936 being less than half that
Virginia lost almost as heavily.
15
of
years,
Our
Annual
Number, American Bankers'
Section—Round
Convention
today,
our
Table
room
are
assumed particular importance by
speakers at that session are also noted
Inasmuch as we were unable to make
therein for the comments at this session by J. Raymond
with.
A very important matter to which
considerable attention
giving
taken
a
very
is
the
customer
banks have recently
relationship.
That
The American Bankers Association has
It has prepared two publications
active part in that work.
the subject, one entitled
"Constructive Customer Relations," published
several years ago, and quite
recently it has prepared a series of new booklets
on
on
that subject.
I think it would be well for you to know just a little more of
the Association's activities in that direction,
a
this important information.
Relations Council, J. Raymond
Mr.
and for that purpose I am
They also
are voters.
not good.
Probably no employee in the country
rewritten and broken down and edited,
looked at it, it
It took
revised.
was
us
longer to rewrite it than it had to write it, and when it
finally emerged, it came out in this form which we call our "Talk Series,"
of these
the
Bankers
American
ferences in an effort
to
Will this system of employee training work wonders in
than
has sponsored
Since
employee con¬
improve the way banking services are performed.
Several thousand banks have trained their employees
There is some evidence
improving the public attitude toward our banks?
already that it will.
.
Apparently we have filled a demand which
.
.
Imagine, if you can, a quarter of a million bank
has existed for some time.
employees availing themselves of every opportunity to
in
talk about banking
of the
intelligent and an effective way, and you will have an idea
an
If this method were an expensive one and
would cost your institution
but it is not expensive.
thousands of dollars, we still think it should be done,
Although it costs the American Bankers Association thousands of dollars,
it is not expensive to our
members.
The election of Robert M. Hanes
sociation
noted in
was
our
as
President of the As¬
issue of Sept. 30, page 2019, in
referring briefly to some of the proceedings at the Convention
Annual
Convention
tion
Investment
of
of
America—Problems
of
Declares
at
Del
Bankers
New
and
Conditions
Meeting
Monte,
of
Associa¬
Bankers'
Neutrality, Invest¬
Financing Feature
Witter
President
Cal.
Redouble Efforts to Help
Must
Government to Sound Basis of
Taxation—Revision
Capital Gains Tax Urged in Resolution—-E. F.
cooperation
industry" was made at the opening
session on Oct. 9 at Del Monte, Cal., of the annual conven¬
tion of the Investment Bankers' Association of America by
Jean C. Witter, President of the Association, who added:
The statement that "we must work in closest
with both Government and
We should redouble our efforts to help the Government to a
of taxation.
Now, more than ever, a sane fiscal policy for
through this method,
sound basi
Government is
legislation
Likewise, we must extend our best efforts for corrective
wanted.
that will encourage financing
of industry through established channels.
Mr. Witter likewise declared:
The
ardent
I. B. A.
as
an
institution defers to no group in the country
desire to keep the United
in its
I wish to state in
States out of war.
and will work un¬
We, as a nation, should remain
unequivocal terms that investment bankers abhor war
remittingly to keep this Nation at peace.
level-headed during a period when the
lead
us
that
into the gravest dangers.
we
dictates of our emotions threaten to
We should attend to our own affairs so
will be better able to see the problems
of Europe in their true
perspective.
Among other things Mr. Witter stated that "it is infinitely
\ital now that the capital markets be relieved of bur¬
more
impediments.
Industries that are fundamental to
security of the country will need funds to bring their
equipment to maximum efficiency." He went on to say that
the demand for "added resources for the railroads and public
utilities becomes acute as other industries call upon them for
densome
the
accelerated operation." As to
the following from
his further comments we quote
Del Monte advices Oct. 9 to the New York
"Journal of Commerce.":
Mr.
Witter declared that the opportunity now
essential industries and for helping business
exists for financing the
in the
word of modernization
and improvement.
Urges Amendment
He held, however,
that new investment is restricted in many ways
the Securities Act which, he said,
of banking is in their hands.
Association
each of which serves as the basis for one
employee conferences.
The question is:
by
seriously restricts purchases and sales of
securities.
"When
In these days of emotional legislation,
the very existence of the charter system
1933,
He is the Secretary of our Public
Dunkerley.
Dunkerley: The people who come into your banks are more
customers.
It constituted about 1,000 pages, and when
book, took several months.
would have read it, and so it was
we
presenting the next speaker who will only take a few minutes of your time
and give you
v'
information, the Public Relations Council wrote
Connely Elected President
special number.
Chairman Hecht:
find that bank employees don't like to say that they don't
terrible.
With this background of
issuing
Dunkerley, Secretary of the American Bankers Association,
Public Relations Council, we are annexing the same here¬
been
know the answers and
they stumble along very often, and some of the answers they
so
are pretty
American Bankers' Association held at
subject has many ramifications.
being given, and
we
and the remarks of the
our
are
employees knew the answers to
that they did not know, but would find out, that would be
say
ment
complete form, we
four, these having been substituted for one of the three
general sessions usually held. As was explained in advance
by the President of the Association, Philip A. Benson, the
change was made in recognition of the importance of bringing
the bankers together for intimate discussion of vital banking
problems—these Round Table conferences had to do with
"Control of Internal Operations and Earnings," "Invest¬
ments and Mortgages," "Additional Bank Services" and
"Personnel and Operation Problems." All of the discussions
at these various conferences are given in full in our Conven¬
tion number issued today.
Likewise, as is our custom, the
addresses and other features of the general sessions, and those
of the National Bank Division, Savings Division, State Bank
Division, etc. will also be found in full in our Annual Bankers'
Convention edition.
Another of the features of the meeting
was the session devoted to "Education and Public Relations,"
in
our
fine, too, but
Conferences
of the Round Table conferences, of which there were
reason
kind of answers
If
few shocks.
questions and they used every opportunity that came to them,
they would
Seattle, Wash, from Sept. 24 to 28.
The convention this year
that because a
seems
that would be swell, and if our employees did not
annual number, the American Bankers' Con¬
embodying the details of the 65th annual
of the
It
to banking.
bank he is supposed to know not only about banking, but
a
Our second step was to find out what
all of these
vention Section,
convention
works in
in this respect, we got a
Feature of the Meeting
In its usual attractive and
what these questions are, and in a survey
rather surprised to find that a great many of these
tremendous influence which this will have upon the public;
gain made by the State of New York.
State with the greatest per capita wealth
The
we were
also about business in general.
period the growth in population overtook that
Mountain
Coast,
made,
and it is made up of seven booklets
the greater part of the country.
Pacific
we
person
(the Dakotas,
found
however, the total wealth distributed among the States
than in
1922.
Only New England and the Middle
their
Our first step was to find out
which
questions do not pertain directly
give
Pennsylvania and New Jersey),
York,
the
the
to
less
for
except the West North Central
all
and
exceeded
were
1936,
wealth in
of
year,
States
There
and
from
1934,
somewhat
was
Atlantic
States
Missouri,, Nebraska
Iowa,
question about
a
down to the bank and ask for an officer, but they go
go
know, and
■yfc'--
of Regions and States
When they have
the banking business.
are
teller or a
bookkeeper or a guard, and to these customers, these
a
Tom, who they know works in a bank and ask him these questions.
risen
and
gold
are
in
From these figures we know that very
stenographer
silver coin and bullion, which rose from
nearly $13,000,000,000 in 1937, because of
imports of the last item and because of the revaluation of gold.
however,
tion,
$4,000,000,000
in the talk about banking.
million bank customeis, about 250,000 bank
In this country there are 65
employees, and 60,000 bank officers.
to
from
public
the back fence, at the bridge
over
few bank customers know officers of banks, but they do know a
again to $80,000,000,000, which
level and proportion of the total that was
middle twenties.
Included in this classifica¬
had
talk
Bank employees play a very important part
motor
"Stocks of Goods."
These goods
but stocks held by producers and
included.
Within the four years
be
to
consumers,
and
wholesale
both
dealers,
is found
changes
price
to
mainly
mouth, and in realizing this, there
the counter at the bank and over the telephone, talk
over
table, talk everywhere, and much of it about your institution.
variable element of wealth, partly because of greater suscepti¬
The most
There is no question that most criticisms
important discovery.
very
to us for the first time the realization that talk constitutes most
came
banking, they don't
are
problem, the Public Relations Council
search fcr the solution of this
a
values
Drop in Stocks of Goods
bility
instill faith in the American
system of banking.
and
9.4% throughout the twenties.
to
their hands, it is incumbent upon us
do everything in our power to create and
to
and because as voters
than customers,
greater
implements,
$24,000,000,000
and 1935
35%.
In
implements
But even if your bank has con¬
required
of the textbook, still more is
use
more
about banks and banking are by word of
productive assets, that is, the equipment with which
fact that the Nation's
are
If
Public
the personnel in this respect.
used employee training conferences, the
ducted the conferences with the
15%.
significant findings
more
not
Many of these
in contact with the customers.
Relations Council urges that you do so.
made
the
of
come
institutions have virtually transformed
In
.i*Decline in Productive Assets
One
2313
The Commercial & Financial Chronicle
149
regulation interferes with the normal functioning
markets," he added, "it is time to amend the laws.
be
of the capital
New enterprises must
encouraged for without them idle men and money cannot be
Declaring that the underwriters want to
said:
absorbed."
work with the Commission, he
The Commercial & Financial Chronicle
2314
"It
is
interest
sincerely hoped
that something constructive and in
the public
announced
be accomplished along these lines."
can
hibitors
Discussing the problem of furnishing capital to smaller
the War—Contrasts and
were discussed at the convention
by Benjamin M.
Anderson Jr., Ph.D., Professor of Economics of the Univer¬
sity of California at Los Angeles, and in his concluding
remarks he said:
I prefer to suggest things that should be
watched, rather than attempt
definitely what they
although this is
a
are
going to do.
And I
long speech it has left untouched
well
am
a
aware
take
leaders in the United States.
Col. Theodore Roosevelt Jr.,
Chairman of the United Council for Civilian Relief in China
that
delivered
indicating in part what Dr. Anderson had to say we
the following from Del Monte to the "Journal of
large
labor
reserve of
force,
acquired liabilities rather than
than
more
food.
continued, she could
adequate iron
Even
not
There
assets.
if
Russia
and
resources
were
were
Resolutions
of
calling
for
excessive
drastic
surtaxes
adopted
were
Association's Committee
enthusiastic
to
feed
ally,
he
revision
of
adopted
were
in
response
Oct.
11
the
"It has failed to
to
the
capital-gains
today's
at
tax
session
of
recommendation
made
by
and
the social and
undistributed-profits
commenting on the capital-gains tax, the report viewed it
as
a
revenue
measure
it
has
not
as
the
The Committee on
Clark
&
surtax.
In
uneconomic,
accomplished its objective.
Municipal Securities, headed by John S. Clark of
Cleveland, opposed vigorously efforts to make
Co.
we
take the
following (Oct. 11)
by its special correspondent, Edward J. Condlon:
by
Securities and
Exchange commission when William O. Douglas was
approved recently by the Exchange's Public Examining
Board on Customer
Relations, headed by Roswell Magill, leading members
of the Investment Bankers
Association of America at doday's forum on
Chairman and
Stock
as
of government,"
Group
speakers who denounced the plans for segregation were
John K. Starkweather of Starkweather &
Co. of New York, John A. PresSnider of Kansas City,
Mo., and Alexander C. Yarnall
cott of Prescott &
Co.
received
an
imperial
porcelain rice
bowl of the
Great
aid China's refugees.
to
Ac¬
long as there would be
as
he predicted.
of
Latin-American
Women
Received
by
Sec¬
retary of State Hull—Will Make "Good Will" Tour
United States
r
A
delegation of Latin-American women, representing
Argentina,
Brazil,
Costa
Rica,
Cuba
and Venezuela,
called on Secretary of State Cordell Hull at the State
Depart¬
ment on Oct. 9 marking the formal
opening of their "good
will" tour of the United States.
40 cities
in
six
Mandate to
The group, which will visit
weeks, under the
End
auspices of the Peoples
Committee, arrived in Washington,
War
Oct. 8 from New York.
The aim of the tour is "to spread
inter-American affairs, increase friendly re¬
lations, and make better known the effective peace system
on
that is
being created in the Western Hemisphere."
following regarding Secretary Hull's welcome to the
delegates is from Washington advices of Oct. 9 to the New
York
"Times":
Mr.
Hull commended the
Good
Will
tour
and suggested
that
return
a
visit to each of the countries represented be made
by a delegation from the
United States.
"Through
I wish to extend greetings and good will to the
people in
you,
each of your countries,"
Secretary Hull said.
Their nation-wide tour, in the course of which
40 cities will be visisted, is
the
&
affecting basically
of
banking business.
Yarnall
were
♦
at the annual convention characterized the
plan
unnecessary for protection of the public and detrimental to the
investment
Among
taking place and
need for relief in China, the United States would do its
part to help.
"China will surmount all obstacles and emerge with a democratic form
was
Exchange Relations
were
The
Sharply criticizing the plan for segregating the brokerage and under¬
writing functions of Stock Exchange firms, which was advanced first
the
Roosevelt
information
along this line by Congress.
"Times" also
that, beneath the surface of apparent disorder and
Ch'ing dynasty in recognition of his efforts
of
municipal securities taxable by statute rather than by constitutional amend¬
ment.
The committee, however,
expects that further efforts will be made
From the
end all monarchial
the
The applications of "excessive
surtaxes," it was pointed out, have actually
resulted in a loss of revenue to the Government.
Fahey,
an
political life of the nation," he said.
The
The report, in
of the
see
knowledging the gift, Col. Roosevelt said that
on
cited the elimination
adding that
York
Since the revolution, he continued, the world, has failed to
disintegration, great changes
The committee in its report said that
Congress in the last year had made
sincere effort to improve the Federal taxation situation.
particular,
New
recognize that "you cannot build up a democracy within the brief space of
Col.
Monte
Federal Taxation, which is headed by C. Prevost Bcyce of Stein Brothers &
Boyce of Baltimore.
a
the
two or three decades."
annual convention of the Investment Bankers Association of
America.
resolutions
did the Chinese
as
addresses
overthrowing the Manchu Dynasty and putting to
rule in China.
Germany
mouths
more
an
"She
strong
a
help much.
From a staff correspondent at Del
New York "Times" reported in
part:
reduction
these
The revolution of 1911, the ambassador said, served a two-fold purpose
rich, fat and strong," he declared.
war
Reichsbank, but she is far weaker in these respects today."
In taking Austria and Czechoslovakia, Dr. Anderson
said,
rather
Regarding
"Herald Tribune" of Oct. 11 said:
in
"Germany entered the last
a
address at the Court of Peace
an
Ambassador.
Commerce."
had
have made no announcements.
founding of the Chinese Republic.
The official party was
headed by Dr. Hu Shih, Chinese Ambassador to the United
States and included Dr. Tsune Chi-yu, Chinese Consul Gen¬
eral in New York; T. K. Chang, adviser to the Chinese
Ministry of Foreign Affairs, and Chinese civic and industrial
great many highly
important factors in the problem.
As
Stat3
China Day Observed at New York World's Fair
Resem¬
blances"
to say
1939
14,
The 21 other
About 15,(XX) Chinese celebrated China Day at the New
York World's Fair on Oct. 10, the 28th anniversary of the
banking business.
"Economic Aspects of
they would return.
Mr.
concerns,
Witter said that the problem can be solved through the removal of
existing
restrictions.
It is not necessary, he said, that the Government go into
he investment
definitely that
Oct.
of
"a splendid plan," the
Secretary said, and
one certain to
strengthen friendly
relations in the Americas.
He urged the importance of keeping the
cooperative efforts for promoting
peace for which the Peoples Mandate and
Good Will
Philadelphia,
The speakers charged that the Richard
Whitney failure, involving illegal hypothecation of customers'
securities, is
being used as an excuse to impose further severe
citing the
securities
shown.
restrictions
on
the
business.
Emmett
Detroit,
F.
was
Delegation
one
"There
Connely of the First of Michigan Corp.,
yesterday (Oct. 13) elected President of the
beneficial
just concluded
was
no
at
effects
of inter-American
Panama, which he said
conferences,
suggestion of ill-will at any time," Mr.
w
the
notable for the "solidarity"
was
delegates thought only of the methods through
stand,
especially
Hull said.
"Alj
hich they might cooperate.'
Investment
Bankers
Association of America succeeding
Witter of Dean, Witter & Co. of San Francisco.
Vice-presidents elected were:
Jean C.
The
John S. Clark of Fahey, Clark &
Co., Cleveland;
Paul H. Davis of Paul H. Davis &
Mitchum, Tully & Co., San Francisco, and
Joseph P. Ripley of Harriman, Ripley & Co.,
Inc., New York.
night (Oct. 13) in its account
Monte, reported:
In his inaugural address Mr.
Connely asserted that the most important
contribution the I. B. A. can make toward
preparedness is to remove as far
possible every obstacle that stands in the
way of the free flow of invest¬
ment funds into
industry.
He pledged every effort toward the end that
essential industries have
ready access to capital funds to build new
plants
and production
facilities.
An
as
efficient
includes
small
protection
as
business
as
well
as
industrial
large is
as
establishment
important
to
our
which
national
strong military defenses, he pointed out.
New York World's Fair
Reduces Rent for States in 1940
Following
1939
on
Oct. 10, General Dennis E.
Nolan,
participation, announced that
to 12.50 a
square
foot
on space up
to 3,000 square feet, and
on space in excess of
that area.
The follow¬
ing regarding the reduction is from the New York "Herald
Tribune" of Oct. 10:
from $7 to $3.50
Morgan,
Director of the Georgia
Association,
said that tht
exhibit and
President of the
1940 rates would prove satis¬
factory to the States participating this year
Announcement of the 1940 rates was made in
letters sent by Gen. Nolan
last night to the Governors and
chairmen of State fair
....
commissions of all
more
as
well
as
the directors of State
exhibits
to
favorable terms,
Progress in Chicago,
ber of States not
are
be
to
awarded
Dr.
to
The Roosevelt Medal award was established in
1923 and
is given
annually to persons who have distinguished them¬
selves in certain fields associated with the
career of former
President Theodore Roosevelt. The medals will be
a<
a
on
presented
dinner in the Association's
Oct. 27, the 81st
headquarters, New York City,
anniversary of Theodore Roosevelt's
birth.
Dr. Carver won the medal "for
distinguished work in the
field of science"; Gen.
McCoy for his work in the administra¬
tion of public office and in behalf of the
national defense,
and Mr. Sandburg for his
biography of Abraham Lincoln.
President
rental
State exhibitors in Fair-built
buildings would be re¬
duced 50% in 1940.
The new rental cuts the rate from $5
States,
Medals
Association.
now
following the policy established
at
at
the Fair.
the
The
Century of
were
now
expected to attract to the 1940
exposition a num¬
represented.
Florida, which occupies its own
building and rents only ground from the
Fair, already has signed a contract for
1940, and Illinois and Arkansas have
Roosevelt
Praises
Captain
Randall
on
Re¬
tirement After 40-Year Sea Service
rates to
Charles
Roosevelt
meeting of the executive committee of the
a
New York World's Fair
Fair Director of State
State Exhibitors'
for
Washington Carver, Negro agricultural chemist;
Maj. Gen. Frank R. McCoy, U. S. A., retired, and Carl
.Sandburg, poet and author, it was announced Oct. 8 by
James R. Garfield, President of the Roosevelt
Memorial
Colis Mitchuin of
The New York "Sun" of last
Medals
1939
Awarded to
Dr.
Carver,
Maj. Gen. McCoy and Carl Sandburg
George
Co., Chicago;
Edward H. Hilliard of J. J. B. Milliard &
Son, Louisville;
from Del
Roosevelt
Capt. A. B. Randall, master of the liner Manhattan, and
Commodore of the United States Lines' fleet
until he retired
Sept. 30, after 40 years of active sea service, on Oct. 5
on
received
a
letter from
lated him
President Roosevelt, who
congratu¬
on his
distinguished career with the armed forces
of the United States and the
American merchant marine.
The President's
letter, on the occasion of Capt. Randall's
retirement, follows:
My dear Capt. Randall:
I take the occasion of
your retirement to congratulate
you on your long
and
distinguished career.
Your years of service have been
marked by many
exploits requiring the highest qualities of
command and
seamanship.
As
Commodore of the United States
Lines,
vessels
spects
may
in
the
worthy
well
American merchant
of the
prominent
be the inspnation
marine,
posit on
of American
you
commanded
and
proved
which
youth
you
as
held.
our
the
greatest
yourself in all
Your
merchant
re:
career
marine
Volume
The Commercial & Financial Chronicle
149
enters a new era of expansion.
United
States,
with
well as
as
the
merchant
illustrates
marine,
the
in¬
being of
take the
we
terdependence of the Navy and the merchant marine service for the eventual
well
Von
our country.
yours,
He
Bernstorff's
FRANKLIN
D.
ROOSEVELT.
dor
came
Congress
Acquires
Letters
and
Papers
of
President Wilson
a
Great
to
death-in-exile
Britain
marked
in
was
contrast
when
Johann
family.
born
was
His father
in
London
Belgrade.
1908.
Archibald
MacLeish, Librarian of Congress, announced
Woodrow Wilson, widow of the late
President, has given to the Library of Congress at Wash¬
ington the letters and papers of the World War President.
Oct.
that Mrs.
7
Mr. MacLeish described the collection
of the most
one
as
important acquisitions ever received by the Library.
He
noted that it already has the writings of almost all the
Presidents.
quoted Mr. MacLeish,
The Wilson papers, he said, "comprise letters and documents which cover
Mr. Wilson's life before he became President; the executive or official files,
covering
eight
years
of the
Wilson
Administration,
the confidential and
personal files, differentiated from the group just named;
of documents
which relate to the Peace
correspondence, and the postwar
retirement from the
The
papers
special collection
a
As Ambassador to the United States he
which extend from Mr.
Wilson's
the hope the collection could be expanded
acquisition of other Wilson letters
now
by
in private hands.
Eddy, Former American Minister to
Argentina—Also Served in
Europe Before
Re¬
old.
A native of Chicago, Mr. Eddy was graduated
from Harvard University in 1896 and later took
post¬
graduate studies at,the Universities of Heidelberg and Berlin.
The following pertaining to Mr. Eddj^'s diplomatic career is
years
taken from the New York "Herald Tribune" of Oct. 8:
Soon after his graduation from
Harvard, Mr. Eddy began his
the diplomatic service of the United States
John
Hay, American Ambassador
ing in London for
He
was
in
career
private secretary to the late
as
to the Court
of
St.
After
James.
He served
as
1899 to
second
transferred
was
the
Leningrad, in
now
serving for
a
1903 and remained in that
Charge d'Affaires.
year as
From
1907 he
In
September. 1909, he
15,
1909,
Mr.
was
to
"sink-on-
Congress that diplo¬
Germany had been severed.
When
service,
announced
the
was
German
given
a
new
revolution
but in 1921 he returned
to
assignment
broke
public life
as
as
he
out
a
Ambas¬
quit
the
member of
German republic.
new
to
issue of Feb.
our
York
17, 1917.
Chamber
of
Commerce
Defers
Action
on
Report of Education—14 New Members Elected
At the first fall meeting of the Chamber of Commerce of
the State of New
York, held Oct. 5, action on the widelydiscussed report of the Special Committee on Economical
and Efficient Education, which urged in
part that religion
have an integral place in public education in the State's
schools, was deferred on motion of Frederick J. Lisman, the
Chairman.
The Committee's report decried
present-day
indifference to religious convictions and warned that if the
Nation does not maintain its religious foundation "its whole
structure will fail."
The
following
ance
elected to membership in the Chamber:
Bernhard,
Manager,
General
Accident
Fire
&
Life
Assui'-
Co.
Walter F.
Beyer, Vice-President, Home Insurance Co.
Luther Cregar,
P. H,
President, Lawyers Press, Inc.
Littlefield, Assistant to President, Canada Dry Ginger Ale, Inc.
Vice-President, Central Hanover Bank & Trust Co.
W. John Logan,
1906,
was
were
Henry H. Allen, Vice-President, Bemis Brothers Bag Co.
Cooper Marsh, Assistant Secretary and Treasurer, Baker Castor Oil Co.
first
Jansen Noyes, Senior
From January
Minister to Rumania, Serbia and Bulgaria.
Eddy tendered his resignation from
the
John
On
diplomatic
K.
Partner, Hemphill, Noyes & Co.
Olyphant Jr., Vice-President, Central Hanover Bank & Trust
Co.
service to President Taft.
In
Government of the German submarines'
William T. Morris, President, American Chain & Cable Co.
1908 Mr. Eddy was appointed Minister to Argentina.
Sept.
Jan. 31, 1917,
1924 Von Bernstorff quit the Reichstag and retired with his wife
estate^bn Lake Starnberg in Upper Bavaria.
New
Secretary and Counselor in Berlin.
to
with
Turkey.
William
position until
1906 to
on
Reference to the departure of Count von Bernstorff for
Germany, following the severance of diplomatic relations
between the United States and Germany in
1917, appeared
as first Secretary and Charge d'Affaires from 1901
He assumed the firsu secretaryship of the Embassy in St. Peters¬
1903.
burg,
...
In
tinople. where he served
to
war.
President Wilson
Reichstag of the
his
the Embassy in Constan¬
to
speaker
serv¬
Secretary of the United States Em tossy in Paris
1901, and then
to
diplomatic
appointed Third Secretary of the American Embassy in London.
from
the
later,
matic relations
sador
Mr. Eddy returned to Washington with Mr. Hay.
a year.
as a
sight" campaign against merchant ships.
clerk in the Department of Scate from 1898 to
1899, when he was
a
States into
to advise the American
tirement in 1909
Spencer Eddy, former United States Minister to Argentina,
died at his home in New York City on Oct. 7.
He was 65
much in demand
was
Despite his warnings, it became Von Bernstorff's duty
in
Death of Spencer
States
war.
leading the
United
Conference, together with general
presidency to his death."
Librarian expressed
the United
to
The
Peters-
With the outbreak of the World War, his task became
increasingly diffi¬
cult.
He often warned his Government that its course was
Returning home, Von Bernstorff
follows:
as
St.
and received honorary degrees from several universities.
Three days
Associated Press advices in the "Washington Post" Oct.
7 further
1862.
in
He served in Washington until he was given his passport Feb. 3,
1917, two months before the United States declared
on
busy,
Ambassa¬
was
Dresden,
burgh, Munich, London and Cairo before being sent
in
his
to
in America.
years
noted German diOlomatic
Bernstorff served successively in
younger
Library of
of
Washington Oct. 6
following:
headline-crowded
Very sincerely
2315
From Associated Press accounts from
Your service with the armed forces of the
Edward K. Straus,
1917 Mr. Eddy was in charge of naval intelligence in New York
Lieutenant-Commander in the United States Naval Reserve.
as
He later
President, Weeks Stevedoring Co.
Edward
was
promoted to the rank of Commander.
Director, R. H. Macy & Co.
Richard B. Weeks,
a
O.
Wittmer,
Assistant Manager, Prudential Insurance Co.
of
America.
Sidney L. Worinser, of Stern, Lauer & Co.
Death
Count
of
Ambassador
Native
Bernstorff—War-Time
von
United
to
States
Was
German
Exile
from
Count Johann Heinrich
von
Bernstorff, who
accession to power of the Hitler
regime.
the New York "Herald Tribune" said:
The place and influence of Count Johann
history c-f his
for
temain
was
German
historians
country and
own
to
Germany since the
In a brief biography,
Heinrich
in
1917,
when
the
United
von
Bernstorff in the
that of the United
determine, after all
period between the outbreak of hostilities in
the
archives
the
era
are
In his memoirs of the
1914 and his
States
States must
of
followed
entering
This
in
Berlin,
severed
its
relations
would
have
never
in
disputants
among
been
his
own
even
longer time
as
a
by
"My task," he
and
among
long period in the
diplomat, began in 1908 and
•
was
disposed of without America's
entry into the war.
After that the question of peace or war depended not
but upon the Wilhelmstrasse and the Great Army Headquarters.
knew exactly that a repetition of the Lusitania incident or the
upon me
unlimited
extension
of submarine
with the United States.
One
The
last
Count
von
who
Ambassador
Bernstorff
was
would
automatically
mean
war
of Few Retained by Republic
to
was
always, so he said, been
he
warfare
But they would not listen."
represent
imperial
Germany in
a
this
liberal.
Republic.
He had
entrusted with the preparation of
Foreign Office material for Count
Versailles.
High society circles, both in Washington and New York, were
pro-Ally
The Von Bernstorffs gradually found themselves cut
from the beginning.
friendships they had enjoyed prior to the invasion of 7 elgium.
...
Reflecting upon those days in later life, Count Bernstorff observed that
the
common
tongue spoken
by
England
tremendous advantage in pleading their
"I
fancy," he remarked, "it would
language
won
the war,"
York
Cocoa
Henry Hirsch, President of Adolpli Hirsch & Co., im¬
raw products,
elected President of the New York Cocoa Exchange at
was
the
annual
and
America
cause in
election
on
Oct.
10.
He
Scholtz, who served three terms.
elected Vice-President to succeed
elected
and
Kibbe
J.
the
to
John J.
W.
was
Board
reelected
succeeds
Carlos
Charles H. Butcher
A.
was
Robert S.
Scarburgli, and
Treasurer.
New members
of
Managers were Samuel Y. Coyne
Reelected to the Board of Managers
Plough.
Berry J.
Coker, G. Hintz, T. J. Mahoney, H.
McKee, R. S. Scarburgli and 1. Witkin.
were
Dr.
A.
G.
T.
gave
the
Allies
a
this country.
not be incorrect to say that
Soper
Made Consultant in
Housing Authority
United
States
George Albert Soper, well-known consulting engineer
and expert in the field of public sanitation, has been
appointed
consultant in the United States Housing Authority, it was
announced Sept. 30 by Nathan Straus, USHA Administra¬
tor.
Dr. Soper, who has been assigned to the
Management
Division
of
the
USHA,
has
directed
filtration plants in many cities and
the
construction
of
engineer in charge of
sanitary work in the rehabilitation of Galveston, Texas,
after the disastrous storm of 1900.
He will actively supervise
that phase of USHA housing management concerned with
collection and disposal of waste in the public housing projects.
N.
H.
Dorrance
Nomination
After the armistice and the revolution
Brockdorff-Rantzau and the German delegation to the
peace conference at
off from
New
was
country,
the only one of the Kaiser's pre-war diplomats
retained in the active service of the German
was
I.
into
remarked in recalling those busy days in Washington,
once
of
with
goaded
people
a
February, 1917.
"was done when the Lusitania incident
They
President
porters, dealers and commission merchants in
Dr.
found
His service in Washington, preceded
Kaiser's army and an
ended
America
the fight.
argument
Americans.
Elected
dismissal from
imperial Germany, the former ambassador contended that had his counsel
been
Hirsch
William
available in Washington, Berlin and other
capitals.
Washirgton
H.
Exchange
Ambassador to the United States at the time this
country
entered the World War in 1917, died on Oct. 6 in
Geneva,
as a result of a heart attack.
He was 76 years old.
Count
von Bernstorff had been a
refugee from
war-time
I.
Country
the English
serve
and
as
R.
T.
Stevens
Recommended
for
Directors of New York Federal
Re¬
Bank
The
special committee appointed by the Bankers Associa¬
tions of New York State, New Jersey and Connecticut on
Oct. 7 recommended Neil H. Dorrance, President of the
First National Bank & Trust Co. of Camden, Camden,
N. Y., as a Class A Director of the Federal Reserve Bank of
New York, and Robert T. Stevens, President of J. P. Stevens
& Co., Inc., New York City, as a Class B Director.
Mr.
Stevens was suggested for a Class B directorship to succeed
himself.
Nomination and election of the
directors will be
The Commercial &
2316
Financial Chronicle
Oct.
"
•
'
.
Group 3 of the New York
Reserve District, that is, banks having a combined capital
and surplus of less than $301,000.
confined
member
to
banks in
J. M. West Elected
elected
was
of
savings banking.
Director of the Federal Reserve
a
Oct. 3 to succeed Harry C.
on
Wiess,
provide the outside point of view through
include:
will
Banks;
Morris S. Tremaine, Comptroller, State of
re¬
Mr. West was chosen by the banks of group 1 of
the Dallas Reserve District for a term expiring Dec. 31,1940.
signed.
11 Harold Graves, an Assistant to the
Secretary
of the Treasury, was placed in charge of the Treasury's
Procurement Division, Bureau of Engraving and Printing,
and Vice-President, Manufacturers
Director, American Institute of
Banking and Instructor in Economics at The Graduate School of
Administrative Assistant to the President.
enlightenment on this score will be developed in a
panel discussion, "What the Public Thinks and Knows about
Savings Banks." An announcement in the matter added:
come
before the meeting includes the announcement of
the Savings Banks Group
Retirement System, a self-administered employee
America—Other
Banks
Oscal N.
Lindahl, Controller of Universal Atlas Cement
York, was elected President of the Controllers
Institute of America
the
of the five
one
was
past
and
year,
Vice-Presidents,
and
Gordon
O.
10 for the coming year.
He
Vice-Presidents of the Institute during
a
Other officers elected
Oct.
on
member of its Board of
Directors.
are:
Thomas
and
Pritchard,
Hughes,
General
Co.,
Simmons
Printing
both
of
York;
New
members of the Board of Directors
was
were
elected
for terms of three years:
John
II.
Field & Co., and Frank L.
Bank & Trust
ITEMS
ABOUT
ailment
visiting.
He
Co., both of Chicago; Eugene C. Hoelzle, Packard Motor Car
and H. P. Thornton, White Motor Co., Cleveland.
James
Roosevelt, Son of President, Resigns as Lieuten¬
ant-Colonel in Marine Corps Reserve—Asks That
Rank Be Lowered to Captain
James Roosevelt, son of the President, has resigned his
as
a
Lieutenant-Colonel of the Marine Corps
York.
another
commission
notches
two
lower
capital yesterday to return to his job
Some routine forms
the
as
new comm ssion is
Not yet 32,
when
made
a
and
accepted before
He
he left the
associated
Mr. Roosevelt is young
Buenos Aires peace conference.
for
even
serve as
The
rank
a
captain.
aide to
his
useful
was
He
was
father at
then
in
only 28
the
1936
of
matters
appointment of Mr. Roosevelt in 1936
1936, page 3407.
was
mentioned
•—
3 from
tificate
as
Albert B. Chandler resigned as Governor of
Kentucky on
Oct. 9 and Lieutenant-Governor Keen
Johnson, who suc¬
Senate seat
Oct.
of
would
7,
page
have
Senate
be
governorship, named Mr. Chandler to the
made
vacant by the death of Senator M. M.
Senator Logan's death was referred to in our issue
Logan.
by
held,
candidate
2175.
expired
which
Mr.
Dec.
appointment
at
the New York
of reduction
time
Chandler's
term
12,
1939.
He
until
1910,
when
Mr.
received
approval on Oct.
State Banking Department of a
of
par
cer¬
value of shares of stock from
$12.50 each to $10 each and of
an increase in capital stock
$206,250, consisting of 16,500 shares of the par value
$12.50 each to $550,000, consisting of 55,000 shares of the
from
value of $10 each, it is learned from the Department's
"Weekly Bulletin" issued Oct. 6.
to
a
change
in the bank's
In
Company.
our
Approval
was
issue of Sept. 30, page 2023,
to the stockholders'
also given
to Trade Bank and Trust
name
we
referred
approval of these changes.
The statement of condition of the National
New
YTork,
sources
as
City Bank of
of Sept. 30, shows $2,197,830,130 in deposits
$2,062,823,359
with
at
the
end
of
pared with the June 30 figure of $2,232,773,791.
to the statement,
ber
were:
June.
reported at $2,375,473,243, an increase
are
as
Re¬
com¬
According
the principal assets at the end of Septem¬
Cash and due from banks and
ment
bankers, $891,598,-
obligations (direct and fully guaranteed), $656,804,293
with $626,450,839,
and
loans,
discounts
and
bankers' acceptances,
Governor of Kentucky and
Is Named to Senate
Vacancy Created by Death of
Senator Logan
ceeded him in the
Mr. Jones had been in
Queens, N. Y.
Bank of New York
$506,089,578, as compared with $488,Capital and surplus remain unchanged at $77,500,000 and $47,000,000, respectively, while undivided profits
144,
Resigns
Bank for Sav¬
compared
in these columns Nov. 28,
A. B. Chandler
the
510 against $824,543,860 on June 30; United States Govern¬
diplomatic precedence, officials suggested.
The
with
Bank of New
from
employ of tlie hank for more than 25 years.
compared
out before
formally issued.
lieutenant-colonel to
of
been
had
Harvard in 1892 and be¬
First National.
He retired as
graduated
was
home in Woodhaven,
for
picture executive.
motion
a
as
application
physical condition remain to be filled
to
he
4
simultaneous
were
where
director of the First National
follows:
as
lieutenant-colonel
as
Boston,
ings, New York City, died on Oct. 8 of heart disease at his
par
requested that he be reappointed to the
Captain, it was reported on Oct. 12.
voluntarily that the rank he had held
as a White House aide was "too
high for my age and expe¬
rience."
This action was explained by Washington Asso¬
resignation
in
4
Reserve and has
His
11
C. Floyd Jones, Deputy Comptroller of the
of
with the rank of
&c.
officer about 20 years ago.
an
commission
Mr. Roosevelt decided
COMPANIES,
70 years old.
Mr. Fahnestoek was the
Fahnestoek, for many years Vice-
was
The Trade
ciated Press advices Of Oct. 12
for
and
orders
retired New York banker, died
a
Oct.
on
President and
reelected auditors.
were
accounts
money
of the late Harris C.
son
the
reserve
TRUST
BANKS,
York; Kenneth E. Armstrong,
Meyer and William F. Sigg
savings
meeting appeared in our issue of
^■ V-'
2007
page
Harris Fahnestoek,
King, Continental Illinois National
Co., Detroit; Louis M. Nichols, General Electric Supply Corp., Bridgeport;
Robert
use
uniform
plan to leave Pennsyl¬
New York City, on the Convention Special,
7:45 p. m. Oct. 17.
Previous reference to the
came
MacDonald, National Broadcasting Co. and T. C. McCobb,
Standard Oil Co. (New Jersey) both of New
Marshall
who
those
services,
Most of the Convention delegates
vania Station,
heart
Brewer, American Gas Association, New York,
new
paying
by
split
.personal loans will also be discussed as possible savings bank services.
Cunningham, General
reelected Treasurer for his ninth term; and Arthur R. Tucker,
New York, Managing Director.
Seven
and
savers
Bill
of a
those who are
Verl
Petroleum Corp. of California, Los Angeles.
0. W.
possibilities
the
of
Corp.,;
Ink
L. Elliott, Atlantic Refining Co., Philadelphia; Frank L. King, Continental
Illinois National Bank & Trust Co., Chicago; Wesley
consistent
deposits.
Sept. 30,
H.
conducted during the year
consideration
Co.,
*
temporary
Co., New
Trust
into operation at the first of the/
analysis,
deposit account
report on
go
dividend rate to distribute earnings more equitably between
regular
Chosen
Officers
which wiii
intention to participate and
Savings
of
indicated an
pension fund in which a large number of savings banks have
year;
O. N. Lindahl Elected President of Controllers Institute
Banking.
Further
Other business to
agencies formerly were supervised by William
H. McReynolds, recently loaned to the White House to be an
Conference of New York
Trust Co.;
Jr., of Driscoll Millet & Co., Philadelphia;
John J. Driscoll
and Bureau of the Mint.
The three
New York;
Frederick V. Goess, President of The Mortgage
William A. Irwin, Associate Educational
Harold Graves Named to Head Three Treasury Agencies
On Oct.
'
service in our respective
of view, and in part
continuing the valuable interchange of experiences so characteristic of
William Ii. White, Superintendent of
J. M. West
14/1939
'
their addresses at the meeting
Reserve District
Bank of Dallas
•
communities, in part of obtaining the outsider's point
Those who
Director of Dallas Federal
a
t* '
/
consideration of ways and means of rendering greater
Chandler
will
is
an
Governor
as
serve
in
the
election
expected
to
will
be
a
for the remainder of Senator Logan's term.
878.
now
amount to
$14,343,459 against $13,670,186 three months
ago.
4
The
City Bank Farmers Trust Co., New York, reported
as of Sept. SO total deposits of $70,143,715 and total
assets
of $98,825,456, compared, respectively, with
$63,283,812 and
$91,850,913 on June 30. Cash and due from banks amounted
to $35,825,539 against $35,356.210: holdings of United States
Government
and
loans
securities
and
to
discounts
$29,550,446
to
$5,132,453
against
$24,921,067,
against
$5,016,593.
unchanged at $10,000,000 each, and
undivided profits were $4,8G9,168 against $4,625,010 at the
Capital and surplus
are
end of June.
Savings Banks Association
Convention
Next
4
of New York to Hold Annual
Week
in
Hot
Superintendent of Banks White
to Speak
Tremaine
Springs, Va—
and Comptroller
Total
In
Over 400 savings bankers and their
guests have
signified
of
$657,322,960 are reported by the Bank
of the Manhattan Co., New YTork, in its statement of condi¬
tion as of Sept. 30, as compared with $G24,289,902 June 30.
the
bankers
resources
present
statement
amounted
to
cash
June 30: holdings of United
Springs, Va., Oct. 18 to 20, according to an announcement
by Albert S. Embler, President of the Association and
discounts,
President
Mr.
of
the
Walden
Savings Bank, Walden,
N.
Y.
Embler, said:
This
large representation from the 134 mutual
savings banks in New
York State evidences their
widespread recognition of the value which they
have found in the cooperative
approach to
As is customary with our
matters
affecting
our
business.
meetings, this Convention will consist in part of
to
and
$245,423,210
their intention to attend the 46th annual
convention of the
Savings Banks Association of the State of New York at Hot
due
against
from
hanks
$250,822,240
and
on
States Government obligations
$114,453,709. compared with $112,770,025, and loans and
including
demand
loans
$204,505,779, avainst $177,810,393.
against
collateral,
Capital and siirnb™
to
ore
unchanged at $20,000,000 each: undivided profits, at $6,340,243, increasing from $6,296,674, and total deposits, includ¬
ing certified
and cashier's checks, of
$600,609,354, which
compares with $566,947,600 at the end of the first half of
1939.
•
The Commercial & Financial Chronicle
'
Volume
149
The New York Trust Co., in its statement of condition as
of Sept. 30, shows total assets of $484,051,159 compared with
$459,600,000
on
June
30,
and
deposits of
$436,731,65S,
$412,592,078.
Cash items, Sept. 30, amounted to
$181,799,628, against $158,404,420; holdings of United States
Government obligations
(direct and guaranteed) totaled
$184,044,993, against $184,332,380, and loans, discounts and
against
bankers'
to $85,550,640, against $88,Capital and surplus dre unchanged at $12,500,000
$25,000,000, respectively, while undivided profits are
shown at $2,939,377 in comparison with $2,920,385 at
and
now
of the second quarter.
the end
I
,
•
4
In
Trust
its
statement
of New
Co.
of
condition
York
shows
compared with $763,1S9,801
Federal
due from
at
$391,086,763,
as
of
total
June 30.
on
Reserve Bank
Cash
other
and
$385,484,494,
against
of
$775,576,739
on
hand and
banks is shown
while
holdings
of
were in amount of $150,444,205, contrasting with
$161,068,423 June 30.
Deposits increased to $662,205,037
from $650,918,898 at the end of the second quarter.
Capital
quarter
is
unchanged at $50,000,000, while surplus and undi¬
vided profits increased to
061,484
on
$53,102,954
on
Sept. 30 from $53,-
June 30.
1
According to the Sept. 30 statement of condition, total
sources
of
Bank
the
New
of
York,
$243,045,099 against $224,318,653
ported cash
on
on
New
York
June 30.
United States Government securities of
City,
re¬
were
The bank re¬
com¬
parison with $92,317,790.
Loans and discounts amounted
$42,602,820 on Sept. 30 against $41,^22,791 on June 30.
Capital and surplus of the institution were unchanged at
$9,000,000, respectively; undivided profits
$4,807,937 on Sept. 30 from $4,782,460 on June
30, and total deposits were reported at $219,475,122 as com¬
pared with $20(1,320,032 three months ago.
and
increased to
The statement
of the
Midland Trust Co.
Marine
of New
York for
with
Sept. 30 shows deposits of $117,283,735, compared
$115,106,395 on June 30. Total resources at the latest
date
are
meeting of the directors of the City Bank &
retired broker, has been
began business in 1934.
director of the bank since it
a
♦——
The Central-Penn National Bank of
Philadelphia, Phila¬
delphia, Pa., in its statement of condition as of Sept. 30,
1939, shows total resources of $72,918,064 as against $69,790,424 on June 30, the principal items of the current state¬
ment being: cash on hand, in Federal Reserve Bank and due
from banks, $21,556,696 (comparing with $21,511,473 on
the earlier date); time loans and discounts, $22,535,527
(against $20,476,568); United States Government securities,
$8,942,544: (comparing with $8,944,094), and demand loans,
$8,732,662 (comparing with $8,674,809). On the debit side
of the statement, deposits are shown as $60,849,080 (up
from $57,777,027).
Capital and surplus remain the same as
on June 30,
namely, $3,040,000 and $5,000,000, respectively,
but undivided profits are now $2,283,604, up from $2,243,077
the earlier date.
on
Archie D. Swift is President.
In its condition statement
dent
Trust
as of Sept. 30, 1939, the Provi¬
Philadelphia, Philadelphia, Pa., reports
Co. of
total assets of $69,402,744, as against $67,493,206 on June
30 last, of which the principal items are: United States Gov¬
ernment bonds and notes, $23,583,813 (comparing with $22,-
987,734
the earlier date); other bonds and stocks, $15,(against $15,388,494), and cash on hand and in
bank, $14,246,477 (against $12,912,774).
On the liabilities
side of the statement total deposits are given as $53,299,978
(comparing with $51,400,309).
Capital stock and surplus
remain the same at $3,200,000 and $8,000,000, respectively,
but undivided profits account is now $1,621,068, up from
$1,610,655 three months ago.
on
302,503
$141,482,780, contrasting with $142,399,931.
Cash
$46,797,018, compared with
and due from banks amounted to
$45,723,226; investments in the United States Government
obligations to $15,715,950, against $15,037,567; loans and
bills
recent
a
a
holdings of
and
$107,443,067 in
to
$6,000,000
At
Trust Co. of Reading, Pa., John J. Beaver, formerly a VicePresident of the institution, was elected President to suc¬
ceed the late Edwin A. Quier.
The new President, who is
hand, due from banks and other cash items
$63,201,119 compared with $68,267,247,
at
.
Sept. 30 the Irving
assets
United States Government securities at the end of the third
stock
$19,171,569 (against $20,532,662). The institution's capital
unchanged at $27,812,500, but surplus and profits are now
$52,779,152, having risen from $52,510,806 on June 30.
The figures of Old Colony Trust Co., which is beneficially
owned by the stockholders of the First National Bank of
Boston, are not included in the above statement
is
acceptances amounted
296,514.
2317
discounted
increased
to
while demand loans secured
$31,965,195 from $28,022,035,
by collateral amounted to $12,-
253,039
against $16,948,404.
Capital and surplus remain
unchanged at $5,(X)0,000 each, and undivided profits are now
$4,303,590 against $4,271,801
June 30.
on
The Bankers Trust
Co., New York, reports as of Sept. 30
deposits of $1,111,678,609 and total assets of $1,230,516,650 compared, respectively,
with $1,099,948,475
and
$1,217,282,983 on June 30.
Cash and due from
banks
total
amounted
to
$376,488,685 against $493,307,049; holdings of
The condition report of the Union Trust Co. of Pittsburgh,
Pittsburgh, Pa., as at the close of business Oct. 2, 1939,
shows total deposits of $266,223,161 and total resources of
$366,423,173, as against $273,161,462 and $372,372,014 on
June 30, last.
The chief items comprising the assets in the
present statement are: United States Government securities,
$142,542,007
(decreasing from $146,064,851 three months
ago); loans and investments, $142,222,451 (against $143,395,690), and cash on hand and in banks, $76,441,291 (com¬
paring with $77,775,183 on June 30). No change has taken
place in the company's capital and surplus which stand, re¬
spectively, at $1,500,000 and $81,500,000, but undivided
profits have increased to $3,066,065 from $2,382,496 three
months ago.
United States Government securities to $532,757,486 against
$444,872,269, and
loans
and
discounts
to
$205,937,466
against $191,314,020.
Capital and surplus were unchanged
at $25,000,000 and $50,000,000, respectively, and undivided
profits increased to $30,314,059 from $30,095,403 on June 30.
In its condensed statement
the Cleveland Trust Co.
The statement
Trust
deposits
on
30.
compare
Resources
as
banks
compared
with $1,009,017,917
$1,185,078,637 on Sept. 30
320,600;
June 30.
Cash
As of
Sept. 30, 1939, the Corn Exchange Bank Trust Co.,
deposits of $329,420,341 and total
resources of $364,937,056
compared, respectively, with $309,New York, reports total
995,362 and $345,478,223 at the end of the first half of 1939.
Holdings of United States Government securities Sept. 30
are
shown
while
cash
as
$119,336,599 against $112,191,104
and
due
from
gations,
banks
at
the
end
on
of
June 30,
the
as
of Oct. 2, 1939,
(against $33,231,706
Cleveland, Ohio,
with
of
It
States
Government
securities,
$116,429,727 (com¬
pared with $108,601,607); and State and municipal securities,
named
for
is
bankers and other financial
among
published
by the Vincent Edwards Co.
To
judge the review "Bank Ad-Views" selected a group of
the foremost advertising executives in the United States.
An announcement in the matter this week went
In
announcing
judged
best
ability
to
reflect
the
specific
final
program
of
bank
With
its
the
its
of
never
because
its
each
advertising
the
outstanding,
and
the
at
advertising
campaign
excels
on
Cleveland
to say:
Trust
time
to
is
in the
its
promote
to
fit
and
attract;
maintains
was
for
tailor-made
is
it
Co.
primarily
same
aims
because
lowers its standards and thus
in
a
steadfast
best
tradition
publicity.
the
award,
Assistant
advertising;
tribute
paid
was
Vice-President
to
advertising counselors,
The
is
policies
customer
its
stated
was
advertising
service;
class
it
bank's
the
analysis,
that
award
because
banking
specific
Sperling,
United
was
Year"
the
wide circulation
a
men.
of
$862,437,653, as com¬
pared with $718,323,926 and $820,305,858, respectively, on
June 30 last.
In the present statement, cash and due from
banks totals $420,593,541 (comparing with $393,504,566);
loans and discounts, $274,825,699 (against
8263.244,709);
structure is given as $33,423,-
June 30).
on
winner of the "Socrates High
consistently effective advertising.
This "Socrates High Award" is made annually by "Bank
Ad-Views," a monthly digest of National bank advertising
Award
$760,193,575 and total
of
$133,630,497
reserves,
In a review of the advertising of several hundred bank¬
ing institutions of the country, the Cleveland Trust Co. of
covering all offices and foreign branches, the First National
Bank of Boston, Boston, Mass., shows total deposits of
resources
less
and United States Government obli¬
direct
the
In its condensed statement of condition
advances,
while the company's capital
third
quarter is reported at $151,674,149 compared with $121,512,007 on June 30.
Capital is unchanged at $15,000,000
and surplus and undivided profits increased to $20,516,715
from $20,482,861 at the end of the second
quarter.
and
and guaranteed, less amortization reserve,
(comparing with $108,566,327.)
Total deposits
shown as $365,010,070 (contrasting with $347,924,333),
386
and loans and bills
purchased to $162,926,724 against $175,341,117.
Capital and
surplus remain unchanged at $21,000,000 and $60,000,000,
respectively, and undivided profits increased to $12,071,936
against $11,802,346 on June 30.
discounts
the principal
$101,278,595
are
on
$620,500,013
of which
(against $129,768,714)
hand and
to
holdings of United
$309,633,823 against $303,728,314,
to
in
loans,
against $560,States Government securities
on
amounted
Hanover Bank
Sept. 30, 1939, shows total
totaling
with $1,113,968,859
from
of
as
of $1,081,050,448
June
due
of condition of the Central
Co., New York,
$402,394,933,
comparing with $384,776,874 on
items are: Cash on hand
banks, $137,935,254 (increasing from $114,866,080) ;
June 30,
and
&
of
sources
of condition as of Oct. 2, 1939,
Cleveland, Ohio, shows total re¬
of
Meldrum
and
Continental
to
of
k
ability
demonstrated
Cleveland
Fewsmith,
Clifford
Illinois
the
the
Inc.,
Trust
the
Kroening, account
National
Bank
Co.
trust
by
in
I.
I.
charge
company's
executive.
&
Trust
Co.
of
Chicago, Chicago 111., reports in its statement of Condi¬
tion as of Oct. 2, 1939 total resources of
$1,419,757,805, con¬
trasting with $1,350,093,576
on
June 30, 1939, of which the
The Commercial & Financial Chronicle
2318
principal items are: Cash and due from banks, $618,931,960 (advances from $500,959,503 three months ago) ; United
been
the
which
The bank's capital
$75,000,000, but surplus account has
$21,500,000 from $20,000,000, and undi¬
to
250,288 three months
standing financial institutions
in Tennessee, began business
Sept. 9, 1889, as the South Chattanooga Savings Bank.
It was capitalized at $50,000,
only $10,000 of which was paid
in
(the balance in the form of notes which were not paid
until the end of the first
year), and the deposits on the
opening day being but slightly over $1,000.
The bank pros¬
pered and in 1903 its name was changed to the Hamilton
Trust &
organized by
tional
June 30.
&
of
the
First
are
revealed
National
Bank
in
the
of
condi¬
the
resources
of
the
$295,788,877,
at
$46,949,000
par,
as
(against $45,584,091)
In
The
paring
with
exceding market value, $31,436,808 (com¬
and time loans and bills dis¬
$35,751,368),
counted, $50,993,809 (against $48,007,164).
The company's
capital and surplus remain unchanged at $6,000,000 and
$7,000,000, respectively, but undivided profits have increased
to $4,435,506 from
$4,236,416 three months ago.
Total
265,281
deposits of $143,337,690 and total assets of $152,reported in the condition statement of the City
are
National
Bank & Trust Co.
of
Chicago, Chicago, 111.,
as
of
Oct. 2, 1939, contrasting with
$137,073,370 and $145,557,718,
respectively, on June 30 last. The principal items compris¬
ing the present statement are: Cash and due from
banks,
$66,244,089 (against $70,959,281
States
$32,202,517),
$32,784,408).
tal
on the earlier date) ; United
securities, $40,629,509 (compared with
and loans and discounts, $35,437,117 (against
No change has been made in the bank's capi¬
Government
and
surplus, which stand at $4,000,000 and $2,000,000.
respectively, but undivided profits have risen to $1,228,986
from
$1,161,085
on
June 30.
The National Bank of
Detroit, Detroit, Mich., in its con¬
2, 1939, shows total assets of
(contrasting with $462,594,814 on June 30.
statement
as
of
Oct.
$479,635,069
1939), of which the chief items are: Cash on hand and due
from other banks,
$204,649,122 (against $188,001,406 on the
earlier date) ;
33S,986
064,530
United States Government obligations,
$195,-
(contrasting with $192,300,414), and loans, $60,(against $66,566,729 on June 30).
Total deposits
of the institution
are given as
$444,818,779 (compared with
June 30), while the bank's
capital structure
$427,943,781
on
is shown
$31,615,948 (against $30,974,797
as
date).
on
the previous
Effective at the close of business
Sept. 30, 1939, the Far¬
National Bank of
at
$25,000,
successor
was
Vienna, South Dakota, capitalized
placed in voluntary liquidation.
There is no
institution.
2,
1939, the First National
Mo.,
shows
$264,504,411
on
sents cash and
196
three
at the close of business Oct.
Bank
in St. Louis, St.
Louis,
$283,012,023 (comparing with
June 30, 1939) of which
$125,728,725 repre¬
total
assets
due from
months
ago)
;
of
banks
from
banks, $53,678,031
the
National
Bank
New
in
Orleans, New Or¬
2, 1939, in response to
of Oct.
as
De¬
ago;
$12,850,000, compared with $13,211,000 Sept. 28, 1938;
Governments $42,722,000 against $32,987,000 last
and capital, surplus nad reserves,
$4,279,000, against
$4,008,000 twelve months ago.
year,
Total
deposits of the Wells Fargo Bank & Union Trust
Francisco, Calif., showed an increase over mid¬
year figures, according to the statement of condition as of
Oct. 2, published at the call of the California
State Superin¬
Co. of San
tendent
of
Banks.
Loans remained practically
unchanged,
$272,205,007
history, $7,554,452
above the figures of June 30,
1939, and $36,269,006 above
Sept. 28 last year.
Total resources at $297,622,280, gained
$7,354,840 over June 30 and $35,606,176 over a year ago.
while
are
investments
at
The
the
undivided
undivided
ures for
were
higher.
highest level
greater than
profits
on
in
Deposits
the
account
of
bank's
at
$2,722,023
was
$23,456
June 30, making total capital,
surplus and
profits
of $17,722,023—or
$85,686 above the fig¬
Sept. 28, 1938.
The
Bank of California, N.
A., (head office San Fran¬
Calif.) reports in its condition statement as of Oct.
2, 1939, total deposits of $123,441,097 and total resources of
$143,063,305, as against $116,489,134 and $135,008,140, re¬
spectively, on June 30, 1939.
The Chief items comprising
the
assets
(comparing with $108,470.-
$61,249,200,
loans
and
discounts
in
the
current
statement
counts, less reserve, $51,871,477
319
on
the
(against
earlier
date)
$51,022,208),
828,703
(comparing
;
and
with
plus
and
and
United
same
on
profits have
June 30.
,
Loans
and
dis¬
exchange, $45,998,328
States
$25,299,088
undivided
$7,974,565
are:
(contrasting with $47,921,-
cash
The bank's capital remains the
securities,
three
at
risen
months
$32,ago).
$6,800,000, but sur¬
to $7,985,642 from
♦
353,230
deposits
are
of $151,977,175 and total assets of
$167,shown in the statement of condition
of
the
Crocker First National
Bank
of San
Francisco, San Fran¬
2, 1939, comparing with $142,596,896 and $158,050,817,
respectively, on June 30, 1939.
In the
cisco,
are:
as
due
on
and
latest
4
In its condition statement
and
months ago.
Hibernia
Total
mers
$2,700,000 and
cisco,
♦
dition
1929,
To-day
Comptroller's call, reports the following figures:
posits $56,791,000, as compared with $48,784,000 a year
;
other bonds and
Bank.
the
cash
;
National
statement the chief items comprising
leans, La., in its statement
loans
not
Hamilton
Cash
are:
$9,931,215 three
$39,284,548
(decreasing from $42,970,968)
the
its current
resources
State and municipal securities, not
exceeding market value,
investments
of
(against $43,868,110), and loans, discounts and
acceptances, $32,895,665 (against $34,686,275).
The bank's
capital structure now stands at $10,072,697, comparing with
in the current statement
securities
title
$45,618,801
serve
ment
After
earlier date) ; United
States Government
obligations, direct and fully guaranteed,
with
are: Cash on
hand, in Federal Re¬
Bank, and due from banks and bankers, $118,890,922
(against $89,421,122 on June 30) ; United States Govern¬
bank.
new
27,
the
(comparing with $46,570,367
$247,571,221 and $269,710,070, respectively,
June 30, 1939.
The chief items making up the resources
on
two
1939.
Savings Bank of Chicago, 111., in its
as of Oct. 2, 1939
reports total de¬
posits of $274,116,483 and total
compared
of the
separate units for more than two decades,
institutions were consolidated on Feb.
as
Whitney National Bank of New Orleans, La., in its
as at the close of business Oct.
2, 1939,
reveals deposits of
$137,068,222 and assets of $147,867,961,
comparing with $129,174,369 and $139,606,497, on June 30,
«
of condition
addi¬
condition statement
tal, which stand at $30,000,000 and $32,500,000, respectively,
but other undivided profits have risen to
$5,180,453, from
$4,766,525 three months ago.
The Harris Trust &
needs for
section of Chatta¬
The
securities, $72,715,202 (comparing with $75,611,30). On the liabilities side of the report, total
deposits are given as $1,075,550,370 (against $1,012,865,375
on June 30).
No change has been made in the bank's capi¬
statement
the
the Hamilton National Bank is
capitalized at
has total assets of more than
$45,500,000.
June
on
meet
years, was elected President
under
bonds and
515
to
men
and T. It. Preston, President of the Hamilton Trust
Bank, and connected with the institution for
being operated
Chicago, 111., as of Oct 2, 1939, contrasting with $1,084,990,881 on June 30 last, of which the chief items are: Cash
and due from banks; $444,959,555 (against
$425,955,148 on
the earlier date); tlnited States
obligations, direct and fully
guaranteed, $364,165,404 (against $340,340,641) ; loans and
discounts, $251,563,170 (against $229,004,985), and other
of
group
Savings
many
Chicago,
a
banking facilities in the downtown
nooga,
♦—
totaling $1,148,590,146
Savings Bank and its capital increased to $100,000.
later (1905) the Hamilton National Bank was
Two years
$6,000,000, respectively, are unchanged,
but undivided profits have risen to
$4,302,065 from $4,269,-
statement
are
on
$3,000,000 and
tion
surplus and profits
the previous date.
on
bank's
total deposits of $357,412,553 and total resources of
$381,200,031, as against $344,261,015 and $370,734,400 respectively,
on June 30 last.
The principal items comprising the assets
in the current report are: Cash and due from
banks, $148,917,206 (against $131,468,814 on the earlier date) ; United
States
Government
securities,
$108,192,596
(contrasting
with $108,762,186) ; other bonds and
securities, $85,060,824
(against $91,445,209), and other loans and discounts, $20,638,669 (comparing with $18,634,263).
Capital and surplus
Assets
but
attractive, illustrated brochure, giving a brief history of the
progress through the years and of the development
of the City of Chattanooga with which the bank's
history is
closely interwoven. The Hamilton National, one of the out¬
4
on
$10,200,000,
ton
ago.
The Northern Trust Co. of Chicago, 111., in its statement
of condition as at the close of business Oct. 2, 1939, shows
204
at
To mark the 50th anniversary of its
founding, the Hamil¬
National Bank of Chattanooga, Tenn., has issued an
vided profits have been decreased to $20,332,542 from $22,-
at
stands
$8,903,846 against $8,561,037
now
at
same
increased
June 30.
on
1939
(against $57,851,977), and $53,418,751 United States Govern¬
securities (against $56,118,338 on June 30).
On the
liabilities side of the report, total deposits are given as
$261,273,761 (contrasting with $243,028,699 on the earlier
date).
No change has been made in the bank's capital,
$574,412,754 (decreasing from $610,128,780), and loans and
discounts, $146,477,070 (against $159,034,236 on the earlier
date).
Total deposits are shown at $1,281,580,606, as com¬
pared with $1,212,371,248
14>
ment
States Government obligations direct and fully guaranteed,
remains
Oct.
Calif.,
as
statement
Cash
485.99S
on
and
of
Oct.
the
sight
June
principal
items making up the assets
exchange, $42,590,308 (up from $33.-
30) ; United States bonds, $42,913,356
(against $43,419,675), and loans and
discounts, $24,771,598
(against $25,892,588).
stand
to
at
The bank's capital and
surplus still
undivided profits have risen
$6,000,000 each, but
$2,202,300 from $2,193,747 three
months ago.
Volume
The Commercial & Financial Chronicle
149
Total deposits of
233,195
are
$171,351,215 and total
resources of $187,by the Seattle-First National Bank,
its condition statement at the close of
reported
Seattle, Wash., in
business Oct. 2, 1939, comparing with $162,840,360 and
$178,-
938,422, respectively, on June 30, 1939.
The chief items
comprising the assets in the present statement are: Cash
and due from banks, $67,360,247
(against $65,467,004 on
June 30); loans and
discounts, $57,588,677 (against $52,125,769), and United States Government securities direct
and
fully guaranteed, $47,804,262 (comparing with $46,882,426 at mid-year).
The bank's capital remains at $8,000.000, but surplus and undivided profits have decreased
to $4,734,845 from $4,787,433 on June 30.
THE
CURB
and while there
moved
2319
were
a
number of the market leaders that
the
upside during the opening hour, the market
turned dull as the session progressed and gradually worked
downward.
Aircraft stocks held their early gains and some
of the preferred issues in the public utilities
registered frac¬
tional gains.
Industrial shares were moderately higher and
oil stocks were without noteworthy movement.
As com¬
pared with Friday of last week, prices were lower, Aluminum
Co. of America closing last night at 13234 against 13334 on
Friday a week ago; American Cyanamid B at 3224 against
3324; American Gas
Electric at 3524 against 3634; Babcock
& Wilcox at 2234 against 2324; Bell Aircraft at 2234 against
23; New Jersey Zinc at 6334 against 6734; Niles-BementPond at 6534 against 68; United Shoe Machinery at
7334
against 74 p8, and United Gas pref. at 85 against 8534on
MARKET
DAILY
TRANSACTIONS
AT
THE
NEW YORK
CURB
EXCHANGE
Mixed
price movements and quiet dealings were the
dominating features of the Curb mgrket trading during the
fore
part of the week.
On Tuesday the trend
was
active and there
was a moderate amount of
buying in the
mining and metal issues. Aircraft stocks gradually improved
as the week progressed, oil shares had occasional but brief
periods of activity and industrial specialties have been
irregular. Public utilities were generally unsettled and while
there were a number of modest advances in the
preferred
section, the changes in the rest of the list were largely in
Stocks moved around without definite trend
on Monday.
particularly noticeable in the aircraft group where
Bell and Lockheed were down fractionally, while Beech and
Bellanca moved to higher levels. There was
only a moderate
This
was
demand for
war
Week Ended
Saturday
Monday
Tuesday
stocks and
most of the issues in
87,190
117,365
136,710
128,880
Wednesday.
Thursday..
Friday
were
generally
lower.
Prominent
the declines were Pepperell Manufacturing Co., 234
points to 90; Quaker Oats, 1 point to 140; Heyden Chemical,
1 point to 55; Ohio Brass, 1 point to 21; and Cities Service
Power & Light $6 pref., 234 points to 74.
Curb stocks were generally higher on
Tuesday, and while
the turnover was down to 137,000 shares, the demand for
war stocks predominated.
Aircraft issues continued in de¬
mand and moved moderately higher under the
leadership of
Lockheed which moved forward 1 point to 2734Aluminum
stocks firmed up and there was a substantial demand for
industrial specialties.
Great Atlantic & Pacific Tea Co. was
one of the
strong stocks as it moved briskly upward 3 points
among
to
105.
Driver Harris
was
also in
demand and advancd
224 points to 2924Other gains of note included Colt's
Patent Fire Arms, 2 points to 86; Midvale Co., 2 points to
108; Jones & Laughlin Steel, 134 points to 42; Pittsburgh &
Lake Erie, 124 points to 69; Sherwin-Williams Co., 1 point
to 91; Scovill Mfg. Co., 134 points to 3434; and Insurance
Co. of North America, 224 points to 6834•
Holiday influences checked the upward swing to some
extent on Wednesday, and while scattered declines gave the
market a mixed appearance, the list was generally higher as
the session ended.
Public utilities
were
Foreion
Government
$851,000
1,146,000
1,166,000
1,378,000
Total
Corporate
$20,000
$18", 000
69,000
62,000
54,000
2,000
HOLIDAY
21,000
$871,000
1,233,000
1,282,000
1,401,000
142,745
1,201,000
6,000
19,000
1,226,000
612,890
Total.
$5,742,000
$88,000
$183,000
$6,013,000
Week Ended Oct. 13
Sales at
Jan
1 to Oct. 13
New York Curb
Exchange
1938
1939
Stocks—No. of shares.
1939
1938
612,890
1,427,740
34,996,525
34,195,353
$5,742,000
88,000
183,000
$8,296,000
293,000
86,000
$353,066,000
3,429,000
4,902,000
$260,504,000
5,597,000
5,199,000
$6,013,000
$8,675,000
$361,397,000
$271,310,000
Bonds
Domestic
Foreign government...
Foreign corporate
Total..
NOTICES
CURRENT
II have joined the sales de¬
—Raymond Pascoe and William L. Folds
partment of the investment house of Haskell, Scott & Jennings, Inc.,
South
Salle Street, Chicago.
La
120
Mr. Folds was formerly associated with
Sadler & Co. and Winthrop, Mitchell & Co.
•—Harold
Wm.
J.
Hankers
&
Inc., and one-time President of the Investment
Co.,
Association
with the New York office of
formerly associated
Weisbrod,
Mericka
of
America,
has
been
appointed
office manager of
L. J. Goldwater & Co., Inc.
—Luckhurst
&
for distribution a
&
Co.,
Inc., 60 Broad St., New York City, have issued
special report on the Delta Electric Co. and the Portland
Ogdenburg Railway guaranteed stock.
(
—Kenneth M. Smith has rejoined the staff of J. A. Sisto & Co. as manager
of their Wholesale and
Syndicate Department.
Mr. Smith was previously
connected with the firm for three years.
—Stanley R. Rowland announces the formation of Rowland & Co. with
offices
at
67
Broad
New York, to transact a
Street,
general municipal
business.
—Albert S. Pinkus has become associated with J. Arthur Warner & Co., in
their trading department.
this group
comparatively quiet. Mining and metal stocks were
down, New Jersey Zinc declining 334 points to 65, Con¬
solidated Mining & Smelting, a slow moving stock,
slipping
back 5 points to 40, and fractional declines were
registered
by the aluminum issues. Public utilities were irregular and
specialties
Domestic
Shares)
■_
were
industrial
Foreign
of
Oct. 13. 1939
The New York Curb
Exchange, the New
York Stock Exchange and the
commodity markets were
closed on Thursday in observance of the Columbus
Day
holiday. ;
Declining prices, especially among the war stocks, marked
ihe brief period of trading on Saturday.
There were some
exceptions among the preferred stocks in the oublic utility
group and an occasional advance was noted among the
industrial specialties but the general list was mixed with a
sharp leaning toward lower levels.
Aircraft stocks were
lower, Lockheed dipping
% point to 27
while Bell
declined
points to 21
Beech, Bellanca and Seversky
were
also
off.
Aluminum
shares
tumbled
downward,
Aluminium Ltd. pref. dipping 11 points to 94H and Alu¬
minum Co. of America was lower by 21/2
points and closed
at 131.
Oil shares were quiet and public utilities were
mixed, the advances and declines beiner about evenly divided.
Noteworthy among the losses were Midvale Co., 2 points to
106; Florida Power & Light $7 pref., 2 points to 81; Jones &
Laughlin Steel, 2% points to 4114', Great Northern Paper,
1
points to 42?4; Colt's Patent Fire Arms, 124 points to
84; Brown Co. pref., 124 points to 2014; Scovill Manu¬
facturing Co., 134 points to 33; and Royal Typewriter, 134
points to 5424•
Bonds (Par Value)
{Number
definitely
upward but the demand centered largely in the war stocks,
most of which moved to higher levels.
Steel shares were
minor fractions.
Stocks
unsettled and with
OF
COURSE
Bank
with
a
CLEARINGS
BANK
a decrease compared
Preliminary figures compiled by us based
clearings this week will show
year ago.
telegraphic advices from the chief cities of the country
today (Saturday, Oct. 14)
clearings from all cities of the United States from which it
is possible to obtain weekly clearings will be 20.8% below
those for the corresponding week last year.
Our preliminary
total stands at $4,529,667,845, against $5,715,711,726 for
the same week in 1938. At this center there is a loss for the
week ended Friday of 33.1%.
Our comparative summary
upon
indicate that for the week ended
for the week follows:
Clearings—Returns by Telegraph
Week Ending Oct
14
Per
Cent
1939
1938
31,757,940,448
220,769,502
252,000,000
159,339,068
78,265,359
72,600,000
106,709,000
83,348,222
80,464,281
72,983,688
53,752,795
$2,628,237,664
242,829,007
248,000,000
152,408,186
69,218,095
67,900,000
100,932,000
76,888,427
—33.1
70,325,461
+ 14.4
70,988,177
53,167,004
+ 2.8
$3,780,894,021
749,642,870
—22.3
Other cities, five days
$2,938,172,363
685,561,916
Total all cities, five days.
All cities, one day
$3,623,734,279
905,933,569
$4,530,536,891
1,185,174,835
-20.0
$4,529,667,848
$5,715,711,726
-20.8
New York
Chicago
—
-
-
Philadelphia.
Boston
....
Kansas City
St. Louis
—
San Francisco..
Pittsburgh..
-
Detroit
Cleveland
Baltimore
Eleven cities, live days.
—9.1
+ 1.6
+4.5
+ 13.1
+ 6.9
+ 5.7
+8.4
+ 1.1
—8.5
-23.6
i—
Total all cities for week..
few
exceptions moved up and down without definite trend.
Industrial specialties were moderately strong and oil shares
moved within
a
narrow
channel.
Aluminum issues
were
off
and aircraft stocks were irregular.
Among the active shares
closing on the side of the advance were Pittsburgh Plate
Glass, 1 point to 10024; Ohio Oil pref., 134 points to 104;
Long Island Lighting pref., 2 points to 33; Fruehauf Trailer,
3 points to 2834; Pennsylvania Salt, 4 points to 170, and
Hartford Electric Light Co., 334 points to 6534The trans¬
fers were down to approximately 129,000 shares with 334
issues traded in.
Of these 111 advanced, 105 declined and
118 were unchanged.
Irregular price movements were apparent during the
greater part of the session on Friday.
Trading was quiet,
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
until
below, we are able to give final and complete
week ended Get. 7.
For
that week there was a decrease of 6.1%, the aggregate of
clearings for the whole country having amounted to $5,800,122,002, against $6,178,020,642 in the same Week in 1938.
Outside of this city there was an increase cf 11.4%, the
present further
results for the week previous—the
The Commercial & Financial Chronicle
2320
Oct.
14,-1939
bank
clearings at this center having recorded a loss of
17.9%.
We group the cities according to the Federal Re¬
districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the tctals show a decrease of 17.2% but in the
Boston Reserve District the totals show an increase of 4.3%,
and in the Philadelphia Reserve District of 12.1%.
In the
Cleveland Reserve District the totals are larger by 15.8%.
in the Richmond Reserve District by 7.8%, and in the
Atlanta Reserve District by 12.6%.
In the Chicago Re¬
serve District the totals show an, expansion of 11.8%, in the
St. Louis Reserve District of 20.7%, and in the Minne¬
apolis Reserve District of 18.2%.
The Kansas City Re¬
serve District enjoys a gain of 10.6%, the
Dallas Reserve
District of 6.8%, and the San Francisco Reserve District
of 10.9%.
Ended
Week
7
Oct.
Clearings at—
serve
Inc. or
1939
1938
Dec.
1937
$
S
%
S
$
i
Seventh Feder al Reserve D istrict—Chic ado—
Mich .--AnnArbor
1936
495,197
Detroit
336,857
+ 47.0
476,091
460,690
86,339.880
95,271,013
80,791,942
+ 17.9
88,004,419
Rapids.
3,282,003
2,647,656
+ 24.0
2,963,746
Lansing
Ind,—Ft. Wayne
Indianapolis
1,927,017
1,559,614
+ 23.6
1,877,833
1,513,010
1,057,166
1,108,135
—4.6
1,018,436
20,940,000
18,816,000
+ 11.3
1,094,641
17,551,000
Grand
South Bend...
1,995,932
Terre Haute
1,341,772
"
1,620,553
+ 48-8
2,829,945
17,713,000
1,345,309
5,815,208
4,337,356
+ 34.1
5,285,023
4,869,656
W1 s.—M11 waukee
23,148,453
19,848,717
.+ 16.6
21,969.785
22,307,235
la.—Ced. Rapids
Des Moines.__
1,657,010
1,553,526
1,201,660
1,079,390
11,225,146
10,235,876
+ 9.7
9,367,068
4,809,656
3,672,972
+30.9
8,313,488
3,250,177
+ 26.0
3,835,160
425,234
311,845,627
Sioux
City..
111.—Bloomingtou
_
+ 6-7
following
we
furnish
—5.3
Peoria
4,053,913
1,275,372
3,605,378
1,123,366
+ 12.4
Rockford
districts:
SUMMARY
+ 9.1
1,874,609
+ 13.5
1,433,415
914,505
1,418,444
1,230,938
+ 15.2
1,338,586
1,105,639
508,776,690
455,211,171
+ 11.8
475,198,282
464,719,250
Chicago.
by Federal Reserve
a summary
370,758
300,755,699
1,774,566
Springfield
In the
467,014
328,163,580
Decatur.^....
1,179,108
3,729.333
359,595
306,755,579
789,784
3,813,932
CLEARINGS
OF BANK
Total (18 cities)
Inc.or
Week
Oct.
End.
7,
1939
1939
1938
Dec.
1937
1936
%
$
%
S
%
Eighth Federa 1 Reserve Dls trict—St. Lo uls—
Mo.—St. Louis..
Federal
1st
Reserve
Boston
Dlsfs.
12 cities
2d
3.155,647,251
PhiladelphfalO
Cleveland.. 5
4th
5th
Richmond..
6th
Atlanta
Chicago
8th
8t. Louis
83,700,000
81,700,000
+ 16.3
+ 22.7
33,349,990
31,627,870
29,178,396
37,992,300
Tenn.—Memphis
3,181,218,353
3,365,398,868
111.— Jacksonville
422,117,427
376,539.592
+ 12.1
378,758,946
366,264,848
325,312,835
283,451,606
+ 15.8
309.791,386
X
X
X
X
X
277,693,822
163,026,005
4
Minneapolis
+21.7
26,832,898
247,982,114
Quincy
657,000
570,000
+ 15.3
678,000
464,000
165,749,419
137,346,842
+ 20.7
149,355,860
149,334.696
.
M
18
9th
79,200,000
30,743,944
32,930,337
252,005.336
—17.2
3.812,193,435
44
M
10
7th
96,400,000
35,762,082
-f-4.3
268,512,267
♦ I
New York.. 13
3d
230,149,101
Ky.—Louisville..
7
6
12th San Fran
+ 7.8
164,653,229
+ 12.6
163,9 30,708
153,539,391
455,211,171
475,198,262
464,719,250
165,749,419
+ 11.8
137,346,842 +20.7
149,355,860
149,334,698
120,376,000
101,146,974
+18.2
121,839,765
105,5ie,840
Ninth Federal
140,261.170
126,787,271
+ 10.6
140,105,394
128,994,205
Minn.—Duluth..
3,679,362
2,878,398
+27.8
3,624,008
2,923,279
72,936,382
68,289,629
+6.8
73,090,18-
63,675,028
Minneapolis...
78,011,794
67,519,086
+ 1,5.5
82,003,331
69,293,503
257,329,713
232,007,749
+ 10.9
261,258,065
231,755,287
St.
29,256,137
24,356,163
+ 20.1
28,592,206
26,187,746
N.
10th Kansas City 10
11th Dallas
6
151,180,875
185,410,009
505,776,690
D.—Fargo-..
2,877,420
2,397,236
5,800,122,002
6,176,020,642
-6.1
5,653,693,942
5,694,009,092
6.
D.—Aberdeen
2,770,853,935
2.487,673,123
+ 11.4
2,588,026,379
2,441,454,234
Mont.—Billings
II
147,143,664
Total (4 cities).
137,132,743
II
• «
M
M
.
44
«4
11
Total
112 cities
Outside N. Y. City.
Reserve
Paul
2,570,120
+ 12.0
2,690,014
957,263
800,908
+ 19.5
835,050
1,082,387
4,511,637
936,955
+ 15.5
822,568
848,9.34
2,785,344
+ 62.0
3.272,588
3,233,002
120,376.000
101,846,974
+ 18.2
121,839.765
105,518.840
.
Helena
Canada
32 cities'
—1.7
470,862.546
462,655,093
440,795,0~8
now
add
our
detailed statement showing last week's
figures for each city separately for the four
years:
Tenth Federal
Week
Ended Oct.
+ 11.2
—15.1
96,081
139,518
110,746
185,041
2,964,771
2,403,662
+23.3
2,912,594
3,110,325
32,570,809
29,974,376
+ 8.7
33,156,233
1,907,652
2,581,416
—26.1
2,470,718
30,792,215
2,670,145
3,085,885
3,557,7.56
83.716,417
—13.3
+ 13.3
3,782,434
92,798,296
85,113,271
+ 11.4
3,340,850
3,056,478
649,321
2,888,964
741,805
—12.5
718,137
616,790
730,265
642,605
+ 13.6
690,533
636,254
140,261,170
126,787,271
+ 10.6
140,105,394
128,994.205
Lincoln
Dec.
1937
1936
$
Federal
1938
$
%
8
$
Reserve Dlst rict—Boston
Me.—-Bangor
871,967
Portland
—0,6
876,867
*
986,322
877,127
3,118,582
Maf-a.—Boston..
2,616,983
+ 19.2
2,296,181
2,146,705
237,220,825
230,377,282
+3.0
209,658,901
212,567.797
919,338
664,431
+38.4
665,363
603,018
River.—
Lowell....
451,668
675,172
—32.7
357,023
353,754
New Bedford..
869,554
693,982
4,043,534
+25.3
728,012
City
as
95,229
157,015
or
1939
Dls trict—Kans
105,917
Hastings
Inc.
Fall
Reserve
Neb.—Fremont..
7
Clearings at—
First
635,140
477 374 002
Total (7 cities).
We
Dis trict—Minne apolis-
Omaha..
Kan.—Topeka
_.
Wichita
Mo.—Kan. City.
St. Joseph:
94,871,486
3,218,049
Colo.—Col. Spgs.
Pueblo
Total (10 cities,
48,531
2,839,450
686,949
Springfield
4.149,881
Worcester
2,560,815
New
Haven
+2.6
3.404,238
3,280,530
R.I.—Providence
N. H.—M anches'
2,383,169
+ 7.5
2,171,855
2.017,855
11,197,661
4,636,839
+ 13.9
16,291,313
5,287,297
Conn.—Hartford
+ 14.0
4,094,320
11,242,700
9,753,000
+ 15.3
10,750,900
10,582,677
4,158,772
10.057,700
12,750,0.10
.
r
703,464
593,347
+ 18.6
601,908
649,230
Total (12 cities)
280,149,101
268,512,267
+4.3
252,006.336
247,982.114
Second
Feder al Reserve D (strict—New
N. Y.—Albany..
Bingham ton...
Buffalo
York-
6,234,955
1,435,320
14,364,155
—56.6
+ 16.2
8,195,136
1,208,668
8,751,826
1,235,333
Eleventh Fede ral
Texas—A ustin
Dallas
Reserve
District—Da lias—
2,248,384
1,930,734
+ 16.5
1,501,514
1,470,734
55,665,093
...
51,883,803
+ 7.3
7,435,693
7,204,835
+3.2
48,038,252
6,719,878
63,675,028
3,316,000
2,744,000
+ 20.8
Wichita Falls..
944,708
3,356,504
976,665
3,549,592
—3.3
La.—Shreveport.
—5.4
55.144,435
8,384,828
3,340,000
940,717
3,778,689
Total (6cities).
72,966,382
68,289,629
+6.8
73,090,183
Fort
...
Worth...
Galveston
3,040,000
781,983
3,624,181
1,042,919
36,100,000
32,400,000
+ 11.4
33,800,000
Elmira
31,700,000
487,087
493,783
—1.4
599,002
584,238
Jamestown
968,082
746,061
+ 29.8
703,189
668,557
New
York
3,029,268,067 3,690,347,519
Rochester
11,241,127
Syracuse
4,959,308
Westchester Co
Conn.—Stamford
N.
5,715,355
5,889,770
9,220,999
4,843,020
5,739,416
—17.9 3,065,670,563
+ 21.9
+ 2.4
4,775,376
4,111,347
—0.4
3,706,273
6,447,531
379,968
18,234,448
28,762,314
2,638,354
5,504,315
5,816,090
+ 1.3
476,566
578,827
—17.7
19,802,430
16,095,909
+ 23.0
33,069,184
30,312,323
+ 9.1
J.—Montclalr
Newark
Northern N. J.
Total (13
cities) 3,155,647,251 3,812,193,435
Third Federal
3,252,554,858
8,825,885
7,893,945
—17.2
404,946
17,339,148
32,204,415
3,181,218,353 3,365,398,868
587,608
446,834
+31.5
480,073
552,250
522,220
+ 5.8
611,409
419,899
693,102
—39.4
385,259
311,119
1,802,330
1,452,287
363,000,000
+ 24.1
1,591,933
+ 12.7
1,534,325
355,000,000
Bethlehem....
Chester
Lancaster
Philadelphia
Reading
409,000,000
1,967,793
360.000,000
1,536,034
+ 28.1
1,556,844
Scranton.
2,619,490
2,189,388
+ 19.6
Wilkes-Barre..
1,159,978
1,222,680
—5.1
2,209,707
1,097,210
1,364,379
1,783.520
.....
York
N. J.—Trenton..
365,664
*430,000
1,486,977
2,097,094
1,076,366
1,452,303
1,399,047
—2.5
2,643,700
4,078,000
—35.2
9.133,000
376,539,592
+ 12.1
378,758,946
SCO—
34,514,952
+ 13.8
1,430,182
1,239,977
+ 15.3
1,349,582
1,400,032
Ore.—Portland..
34,621,226
29,777,545
+ 16.3
35,795,839
32,761,922
Utah—S. L. City
17,454,311
14,685,214
+ 18.9
17,751.746
15,877,250
Calif.—L'g Beach
4,515,219
39,477,000
4,203,830
+ 7.4
3,519,904
3,523,872
—0.1
3,839,761
3,313,112
149,041,000
137.037,000
+ 8.8
133,072,000
San Jose......
3,535,137
151,361,105
3,688,493
San
3,852,581
(10 cities)
Santa Barbara.
1,506,779
3,310,249
1,557,810
—3.3
1,536,987
1,291,173
2,429,808
2,157,300
+ 12.6
2,604,971
2,369,049
257,329,713
232,007,749
+ 10.9
261,258,065
231,755,287
Grand
cities)
total
+6.8
Fourth
cities)
5,800,122,002 6,178,020.642
—6.1 5,653,696.942 5,694,009,092
Outside NewYork 2,770,853,935 2,487,673,123
+ 11.4 2,588,026,379 2,441,454,234
Week
Ended
Oct.
5
■
<
Clearings al—
368,264,848
Feder al Reserve D
istrict—Clev eland—
2,756,755
Cincinnati
3,157,500
(113
Inc.
or
2,417,453
+ 14.0
1938
Dec.
1937
$
Canada-
Ohio—Canton
3,397,651
Stockton
1939
Total
35,115,598
FYancisco.
Pasadena.
4,511,000
422,117,427
Francl
39.276,147
Yakima......
Total (10
Reserve Dlst rict—Philad elphia
Pa.--Altoona
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle..
S
C7„
S
'
1936
%
Toronto
2,814,824
2,374,619
120,167,936
135,826,291
11.5
129.354,406
136.546,963
Montreal.
118,933,465
146.765,743
—19.0
139,355,852
140,406,543
100,318.535
89,489,377
62,592,848
54,562,469
+ 14.7
58,014,233
52,323,100
Winnipeg
72,336,110
+ 38.7
112,682,911
99,383,305
+ 13.4
100.441,410
80,515,844
Vancouver.
20,959,916
23,606,378
—11.2
Columbus
12,024,900
11,689,900
+ 2.9
13,775,700
Ottawa
28,573,111
27,277.638
+ 4.7
Mansfield
13,525,100
63,260,047
19,997,249
27.608,068
1,835,093
1,609,182
+ 14.0
6,118,559
4,662,043
+31.2
5,900,697
29.408,330
6,740,239
4,643,699
—27.0
Halifax...
2.976,747
3.204,131
2,804,004
+ 21.9
6,521,404
2,975,709
6,012,373
+ 0.1
109,145,600
1.510,808
3,269,716
123,894,035
Quebec
3,391,060
133,029,268
2,076,599
3.672,172
129,247,138
+ 85
6,706.302
5,620,951
10.691,303
11,584.523
—7.7
7,412,508
John
2,141,034
1,860,800
+ 15.1
Victoria.
2,142,387
2,267,132
—5.5
8,695,592
2,235,205
2,278,277
London
3,518,465
3,366,318
+4.5
Cleveland.....
Youngstown...
Pa.—Pittsburgh.
cities).
Fifth Federal
328,312,835
283,451,608
+ 15.8
309,791,386
277.693,822
Reserve Dlst rict— Richm ond—
W.Va.—liunt'ton
521,033
—.
Hamilton
Calgary
Total (7
....
St.
„
....
Edmonton
5,241,600
5,388.265
—2.7
15,308,055
8,738,086
+75.2
Brandon.
609,146
516.815
+ 17.9
1,941,416
41,223,977
1,432,044
Leth bridge
820,042
1,000,795
—18.1
+23.2
70,994,289
68,594,498
Saskatoon......
2,488,625
+22.1
26.089,759
+ 16.5
22,844,775
23.319,897
Moose Jaw......
1,040,052
2,036,976
918,527
+ 13.2
Brantford
Va.—Norfolk....
1,224,750
151,180,875
+ 7.8
147,143,664
137,132,743
355,455
+ 46.6
406,376
3,003.000
2,779,000
+ 8.1
2,604,000
40,858,036
50,238,559
—18.7
48,352,808
1,426,352
86.830,974
D. C.— Washing' n
1,233,724
70,484,378
+ 15.6
Md.—Baltimore
30,386,610
163.026,005
Richmond
S. C.—Charleston
312,327
2,250,000
...
Regina......
cities).
Sixth Federal
Tenn.—Knoxville
—7.5
822,895
+ 1.4
Medicine
a—
+ 10.6
970,510
834,248
542,746
488,057
+ 11.2
713,707
742.771
—3.9
Fort
William
Hat...
1,979,693
2,313,026
3,127,687
4,334,258
5,189,947
544,903
723,148
1,780,123
726,763
1,288,492
8,303,086
958,185
855,311
861,370
425,457
782,293
454,766
532,960
2.236,159
935.122
1,146,358
742,582
313,646
Ga.—Atlanta...
Augusta
Macon
4,314,590
21,012,868
65,400,000
4,157,568
19,378,138
53,500,000
+ 8.4
17,629,906
3,129,982
15,918,384
+ 5.9
1,020,133
760,244
+22.2
55,100,000
53,600,000
Kitchener
1,423,659
1,334,568
+ 6.7
*1,225,700
Nashville..,
1,174,411
+ 4.4
1,404,843
1,576,518
1,206,849
16,165,000
Windsor
2,704,409
2,806,480
—3.6
1,263,309
3,008.002
2,711,545
596.104
460,687
+ 9.9
Moncton
905,129
9.39,714
—3.7
490,908
1,064.449
21,016,192
1,717.943
Kingston.......
863,271
797,072
+ 8.3
376,248
650,591
Chatham....
819,425
751,843
+ 9.0
537,401
513,150
552.226
—7.1
966,839
599,007
1.219,356
1,079,733
+ 12.9
1,127,839
864,204
462,655,093
470,862,546
—1.7
440,795.038
477,374,002
+ 3.8
3,995,916
1,438.357
Fla.—Jacks'nville
Ala.—Blrm'ham.
Mobile
Reserve Dlst rict—Atlant
1,107,737
897,619
New Westminster
Total (6
3,766,238
5,241,708
22,384,949
...
1,259,972
+ 14.2
17,734,000
23,264,198
2,025,482
16,926,000
19,484,824
+ 4.8
1,309,048
17,313,000
+ 19.4
20,820,912
1,920,810
+ 5.4
1.863,026
Miss.—Jackson..
X
Vicksburg.....
X
X
X
X
221,704
252,756
—12.3
La.—New Orleans
245,484
48,773,110
46,598,750
+ 4.7
44,248,573
224,794
38,983.729
Total (10 cities)
185.410.009
164,653,229
+ 12.6
163,930,708
Peterborough
Sherbrooke
919,138
Prince Albert
...
Sarnta..........
867,731
153.539,391
Sudbury
Total (32 cities)
*
Estimated,
x
No figures available.
699,195
1,251,240
496,525
786,618
501,862
Volume
The Commercial &
149
EXCHANGE
FOREIGN
2321
Financial Chronicle
CALLS
REDEMPTION
RATES
FUND
SINKING
AND
NOTICES
Pursuant to the
Act of
1930, the
requirements of Section 522 of the Tariff
Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
give below
FOREIGN
record for the week just passed:
a
TO TREASURY
BANKS
Oct.
7,
TARIFF ACT OF
UNDER
1939, TO OCT.
RESERVE
FEDERAL
BY
CERTIFIED
RATES
EXCHANGE
Noon Buying Rale for
7
Oct.
Oct.
9
Oct.
10
12
Oct,
$
13
$
Europe—
$
?
$
?
Belgium, belga
Bulgaria, lev
.167200
.167333
.167387
.167085
.167122
a
a
a
a
a
a
a
a
a
a
Czechoslov'la
koruna
.192816
.192933
.192983
.192842
.192957
4.029444
4.034722
4.033750
4.000694
.019100
.018850
.018900
.01«" 66
.022806
.022865
.022831
.022843
.022688
krone
France, franc.
...
Germany, reichsmark
Hungary,
Italy,
.007416*
.007366*
a
a
.007300*
.007387*
.007433*
a
a
a
a
.050506
.050487
.050489
.050487
.0.50487
.531066
.531144
.531188
.530987
.530755
.226916
.227114
.227083
.226800
.226914
a
pengo
lira
Netherlands
Norway,
Poland,
a
a
a
Greece, drachma
guilder.
krone
a
a
a
a
a
.036466
.036700
.036500
.036500
.036366
a
zloty
a
a
a
a
.
Portugal, escudo
Rumania, leu
Spain, peseta
.101500*
Sweden
.101500*
.101500*
.101500*
.102000*
.237900
.238062
.238042
.237912
.237700
Switzerland, franc...
.224516
.224344
.224487
.224387
.224288
Yugoslavia, dinar...
a
a
a
a
krona
HOLI¬
a
China—
Chefoo (yuan) dol'r
a
a
a
a
a
Hankow (yuan) dol
a
a
a
a
a
.072541*
Shanghai (yuan) dol
Tientsin (yuan)do!.
Hongkong,
.073750*
a
a
a
.251583*
.251891*
.251475*
.250633*
.303458*
.303303*
.303820*
.303585*
.235571*
British Tndla. rupee..
.303408*
Janan. yen
.235328*
.235585*
.235625*
.235656*
Straits Settlem'ts. dol
.471050*
.471250*
.47,2750*
.471350*
Australasia—
1
1317
1318
1
25
15
1
2073
2225
720
1908
25
1018
2 77
2077
2228
.469500*
•
Tennessee Power Co.
3.187916
pound...,. 3.202500 3.213750 3.214583 3.212916
New Zealand/pound. 3.215625* 3.222916* 3.226612* 3.224437*
Australia,
3.200750*
Africa—
►'
.
1
•
3.962500
3.962500
3.960750
3.960000
.888125
.892500
.898035
.898046
b
b
b
b
b
Light Co. 1st mtge. 5s
♦Viking Pump Co. preferred stock..
Cuba, peso
Mexico,
.199000*
dollar.
1
16
20
3
11
1
16
15
7
1
1940
1
1621
2230
2230
2085
2232
2368
2234
2236
2087
2089
11R4
2090
421
1
15
1
1
2091
2o9l
1484
.198250*
.197833*
.198500*
.199125*
.889583
.895000
.895468
1334
1334
1335
2375
4
1925
1
1185
£3388
1 *40 £3388
14
1930
15
2245
1
1191
1
1931
15
2385
1
1
15
26
1, '40
1,'40
Feb.
--Feb.
7% pref. stock
6% pref. stock
Woodward Iron Co., 5% Income
.884687
Nov. 24
bonds
751
751
1492
.886666
peso
Newfoundi'd.
1
1
West Penn Power Co.—
North America—
Canada, dollar
1st mtge. 5s
Texas Power A
.889531
Union South Africa. £ 3.960000
Nov.
Nov.
Nov.
Oct.
Nov.
Nov.
Jan
Jan.
Nov.
Oct.
Nov.
Nov.
_.____^Dec.
15-year 5% debentures
15-year 6%% debentures
7% preferred stock
♦Peoples Light & Power Co. coll. lien bonds
Pinellas Water Co. 1st mtge. 5%s
Pirelli Co. of Italy, 7% bonds
(Robert) Simpson Co. Ltd. 1st mtge. 5s
(Robert) Simpson Co., Ltd., 1st mtge. 6s
Snang Chalfant Co. 5% bonds
Susquehanna Siik Mills, class A stock
Peninsular Telephon Co.,
.073833*
.074666*
.074083*
a
a
.250825*
dollar.
pref. stock..
Nov.
Water & Electric Co. of Baltimore
County. 1st mtge. 5s
Nov.
Baltimore Mortgage Corp., 20-year bonds
Oct.
Bayuk Cigars. Inc., 1st preferred stock
Oct.
Canada Cement Co., Ltd., 1st mtge. 3s
Nov.
Caternillar Tractor Co. 5% preferred stock
Nov.
Connecticut Light & Power Co. 1st mtge. 7s.
Nov.
Crown Cork & Seal Co., Inc., 10-year 4% bonds
Nov.
Denver Gas & Elec. Light Co., 1st and ref. mtge. bonds-.Nov.
Federal Light & Traction Co. 1st lien bonds
Oct.
Florida Public Service Co., 1st mortgage 4s
Oct.
Georgia Carolina Power Co., 1st mortgage 5s
Nov.
Godchaux Sugars. Inc., 1st mtge 5s
Nov.
Great South Bay Water Co., 1st mortgage 5s
Nov.
*(W. F.) Hall Printing Co. 1st mtge. bonds
Nov.
Ilolly Sugar Corp., preferred stock
Oct.
Lexington Utilities Co., preferred stock
Dec.
Le Tourneau Foundation 4% notes
Nov.
Minneapolis St. Paul & S. S. M. Ry. 4% bonds
Nov.
Nashville Railway A Light Co. 1st mtge. 5s
Jan. 1
National Dairy Products Corp. 3%% debentures.
Nov.
New York Sta'e Elec. A Gas Corp
1st mtge fts
Jan.
Nineteen Hundred Corp. class A common stock
Nov.
Northern Indiana Gas & Electric Co. 6% bonds
Nov.
Northwestern Electric Co., 1st mtge. bonds
Nov.
County
Ohio Finance Co.—
DAY
Asia—
1
_
Engl'd, pound sterl'g 4.021250
.019475
Finland, markka
Denmark,
1904
Nov.
Baltimore
Oct.
11
19
Inc., 5% bonds.
Sanitary Corp.—
Radiator & Standard
4 % % gold debentures
Archer-Daniels Midland Co.. 7% cum.
Unit
Oct.
Oct.
American
Cable Transfers in New York
Page
Date
Company and Issue—
Affiliated Fund.
Valve in United Slates Money
Country and Monetary
preferred
list of bonds, notes and
a
corporations called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
1930
1939, INCLUSIVE
13,
Below will be found
stocks of
♦
Announcements this
x
weeK.
Volume 148.
South America—
b
Argentina, peso.
"
b
b
b
b
.060575*
.060580*
.060580*
.060580*
.050500*
.050500*
.050500*
.050625*
.051700*
free..
.051700*
.051700*
.051740*
export.
.040000*
.040000*
.040000*
.040000*
.040000*
peso...,.
.571125*
.571437*
.571500*
.571500*
.571437*
Uruguay, peso.contr.
.5288*0*
.529333*
.530533*
.530^33*
.527350*
.389000*
.390000*
.390500*
.390000*
.392500
Chile,
.051733*
peso—official.
"
Colombia,
Non-controlled
*
Nominal rate,
b Temporarily
No rates available,
a
compilation, made up from the daily Gov¬
statements, shows the money holdings
of the
The following
ernment
Treasury at the beginning of business on the first day
July, August, September, and October, 1939:
omitted.
ENGLISH
GOLD
July 1, 1939
$
MARKETS
AND SILVER
Net Federal Reserve notes
714,383,033
615,152,338
2,231,593
1,334,411
9,875.400
Net Fed Res. bank notes._
the following from the weekly circular of
Montagu & Co. of London, written under date of
Sept. 27, 1939:
reprint
Samuel
GOLD
The Bank of England gold reserve against notes on Sept. 20 amounted to
£142,720 at 16Hs. per fine ounce as compared with £126,633 at 168s. per
fine ounce on the previous Wednesday.
There has been no change in the Bank of England's buying price for
gold, which remained at 168s. per fine ounce throughout the week.
Net silver coin and bullion
Net United States notes
Net National bank notes.
market
has shown
a
On Sept. 22, arise
of
quiet, there was a fair demand for bear covering
and purchases were also made by the Indian Bazaars and for trade purposes;
however, supplies proved more plentiful and buyers' requirements were
readily met by selling of a special character.
Quotations during the week:
IN
were
IN
LONDON
NEW
YORK
Price
Sept. 21
-__23%d.
23 5-16d.
23%d.
23%d.
23%d.
23%d.
Average
934.817
11,042,885
288,073
222,407
3,823,470
3,331,898
3,367,676
19,949,979
18,140.938
*1065 502,877
156,039,431
156,039,431
986,169,791
909,463,446
771,193,000
927,829,929
760,816,000
747,585,837
758.067,000
586,358,132
41,177,436
42,279,508
2,340,870
186,618
38,633,646
40,494,168
36,790,189
1,814,4411
1,892,393
135,415
Less gold reserve fund
Deposit In special deposi¬
tories account of sales of
776,415,000
Government securities.
.35
35
35
35
35
20
21.—
22
25--26
-
in
To credit Treas. U. S-.
36,934,133
To credit dlsb. officers
37,676,699
Cash in Philippine Islands
1,384,756
174,027
Net
Price
38%
38%
39M
39%
39%
cents
cents
cents
cents
cents
National and
other bank deposltaries-
Deposit
cents
cents
cents
cents
cents
cash
In
41,058,179
204.022
Treasury
and in banks.
Deduct current liabilities.
3,086,628.035 2,800,536,033 2,575,717.913 2,333,764,754
156,057,041
344,552.705
353,229,187
248,402.502
23.46:d.
—
23.5d.
Sept.
Sept.
Sept.
Sept.
Sept.
2,462,080
1,086,813
1142 209,222
Deposits In foreign depts.
(Per Ounce .999 Fine)
'
U.S. Treas.
Market
Bar Silver per Oz. Std.
Cash
'
2 Mos.
Sept.22
-23%d.
Sept. 25
23%d.
Sept. 26
23%d.
Sept. 27----._23%d.
2,262,243
9,843,895
1,368.099,735 1,171,568,103
156,039,431
156,039.431
Dep. In Fed. Res. banks- 1,021,983,116
week.
Although conditions
381,781.874
647.094,401
19.071.348
Total cash In Treasury.
3-16d. in the price of two months delivery brought quotations level at
23 %d. and this figure remained unchanged throughout the remainder
of the
$
453,117,497
653,207,455
Cash balance in Treas.. 1,212.060,304 1,015,528,672
steadier tone.
much
1, 1939
395,833
21,001,880
Minor coin, Ac
SILVER
The
of
10,228,265
524,370
3.815,000
Net subsidiary silver
Oct.
$
487,757,925
644,657,895
4,686,160
306,080
Net gold coin and bullion-
We
Sept. 1, 1939
Aug. 1,1939
$
Holdings in U. S. Treasury
THE
HOLDINGS
MONEY
TREASURY
.060575*
.050400*
Brazil, mllreis official
The official dollar rates fixed by the
follows: Buying. $4.04; selling,
were as
Available cash balance
*
2,838,225,533 2,447,306,846 2,231.165.208 2,177.707.713
$601,978,936 silver bullion and $1,658,407 minor,
included in statement "Stock of Money."
6
Includes on Oct. 1,
and distribution of goods has only begun
—The recent rise in production
to reflect the enormous volume
MARKET—PER
FINANCIAL
ENGLISH
CABLE
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Mon.,
Sat.,
Oct
Silver, per oz
d
Gold, p. fineoz.
Consols, 2%%
.
Oct.
7
Closed
9
22%d
Tues.,
10
Oct.
22 %d
168s.
168s.
£63 %
168s.
Closed
£63%
Thurs:,
*Wed..
Oct.
Oct.
11
12
23d
22 %d
168s.
168s.
Fri.,
Oct.
13
23 %d
in the United
crease
a
35 %
36%
71.10
71.10
"Unless some unexpected
37%
37%
71.10
are
In steel, textiles
bound to
political event should result in wholesale can¬
continue its rapid advance," says the
firm, which warns,
the war situation so far as investors
concerned.
Public skepticism
71.10
other lines.
described by competent observers
already placed, the Reserve Board's index of production
however, of the large risks inherent in
71.10
Holiday
36 %
71.10
This huge in¬
the firm's Review, is understood to be merely
unprecedented.
cellations of orders
S. Treasury
(newly mined)
in railroad buying, says
along these lines has been
by the railroads, which have ordered more
the past four or five weeks.
typical example of what has taken place on
seems
Bar N.Y. (for¬
eign)
than 25,000 freight cars during
£88%
------
price of silver per ounce (in cents)
States on the same days has been:
The
U.
points out that the most spectacular development
the demand for new equipment
as
W. L
corporations since war was declared,
banking firm of Estabrook & Co., which
and chemicals the rush of orders has been
British 3 %%—•
L
the opinion of the investment
in
168s.
£64 %
£64
of new orders largely from domestic sources,
that have been placed with American
The
NOTICES
CURRENT
Bank of England during the week
$4.02.
Ac., coin
regarding the permanence, or even the existence of
war-time prosperity must
be regarded as healt hy, and although large profits
the United States remains neutral,
will be made in certain lines as long as
NATIONAL
risks will be correspondingly large, according to the firm.
BANKS
The foreign
information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
The
following
department of The Chase National
Nassau, New York City,
exporters and other
Bank, Pine St. corner of
has published and is distributing to importers,
interested business concerns a new folder containing a
import regulations and trade figures on
brief summary of exchange rates,
Department:
VOLUNTARY LIQUIDATION
Oct. 2—The Farmers National Bank
of Vienna, South Dakota._
1939.
Liquidating
Effective at the close of business Sept. 30,
agent, F. B. Stiles, c o First National Bank of
Aberdeen, S. Dak.
No absorbing or succeeding
Aberdeen,
bank.
Amount
all the Latin-American countries.
$25,000
—Boit, Rose & Troster, 74 Trinity Place, New York
a
study of the Potash Co. of America.
survey
City, have prepared
The company has also issued a
of New York City bank statements as of Sept.
30, 1939.
The Commercial & Financial Chronicle
2322
DAVID
Oct.
14,
1939
TURTELTAUB
Per
Licensed and Bonded Auctioneer
Name of
Company
Share
Holders
When
Payable of Record
'
Maple Leaf Gardens 7 % non-cum. pref
James Vanderbeck & Co.
INVESTMENT
WH
Salesroom
or
Knockdown
3-1072
11
AUCTION
The
following securities
were
SALES
Wednesday
16 Oct.
10
Oct.
16 Oct.
1 Oct.
21
$7 prior lien preferred
$6 prior lien preferred
New York Air Brake..
—.....
...$75 lot
By R. L. Day & Co., Boston:
Stocks
$ per Share
5 Waltbam National Bank "B," Walthan, Mass
11
........
75c
5 Boston Chamber of Commerce Realty Trust 2nd pref., par $100
60 Indiana Gas & Chemical Corp. common, par 60 cents
10 Indiana Gas & Chemical Corp, preferred..
4 George E, Keith Co.
%
8]/s
...
45 Tampax, Inc., par $1
Massachusetts Real Estate
2
lot
7
........
Co., par $50
1st pref,, par $100.........
20
......
5 Greenfield Tap <fc Die Corp. $1.50 preferred.
5 Indian Motocycle Co. preferred, par $10
.......
...
22M
17
14
......
DIVIDENDS
Dividends
we
are
grouped in two separate tables.
In the
bring together all the dividends announced the
Then
current week.
we
show
the
we
dividends
follow with
second table in which
a
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¬
"General Corporation and
pany name in our
News Department"
Investment
in the week when declared.
The dividends announced this week
Per
Share
When
Holders
Payable of Record
25c
Nov.
1
Oct.
20
.
..
...
14
14
Nov.
Oct.
Nov.
Oct.
20
31 Oct.
20
1
Oct.
25
24
1
Nov.
1
Oct.
Nov.
1
Oct.
SIM
SIM
Nov.
1
Oct.
24
Nov.
1
Oct.
24
24
75c
Nov. 15 Oct.
20
35c
Nov.
10c
Oct.
SIM
SIM
Oct.
20
27 Oct.
20
Nov.
1 Oct.
20
Nov.
1 Oct.
20
1
58 l-3c Nov.
Nov.
50c:
1
41 2-3c Nov.
15c;
Oct.
Oct.
14
1
Oct.
14
1
Oct.
14
9 Oct.
7
15c
Nov.
9 Nov.
Dec.
9 Dec.
7
7
1.5c
Oct.
7
9 Dec.
7.5c
Nov.
1
Oct.
20
50c
Nov. 15 Oct.
25
Nov. 15 Oct.
1 Oct.
25
Raymond Concrete Pile, pref. (quar.)
Reynolds (R.J.) Tobacco Co. (quar., interim).
Preferred (quar., interim)
Rich's, Inc. (quar.)
Rockland Light & Power (quar.)
San Antonio Gold Mines, Ltd
San Carolos Mill (increased)—:
St. Lawrence Flour Mills (quar.)
Preferred (quar.)
_—
Dillon
Co—
Nov.
1 Oct.
Nov.
1
Nov.
Nov.
1
Oct.
16
7c
Nov.
6 Oct.
20
14 Oct.
20
30c
Oct.
25c
Nov.
1
Oct.
20
SIM
Nov.
1 Oct.
20
50c
5c
10c
lc
Nov. 1.5 Nov.
Oct.
6
16 Oct.
16
1 Oct.
17
1
Oct.
23
31
Oct.
Nov.
Nov.
Oct.
2
21
Nov. 28 Nov. 14
Nov. 20 Oct.
31
16
25c
16 Oct.
1 Oct.
Dec.
15 Dec.
Oct.
Nov.
20 Oct.
1 Oct.
21
37Mc
—
Oct.
Nov.
5c
....
15c
SI
— —
$4M% convertible preferred (quar.)
Sports Products (irregular)
Sterling. Inc. (quar.)
Preferred (quar.)
Taylor (Wm.) Corp. (irregular)......
Tobacco & Allied Stocks, Inc—
—
7
17c
87 Mc
A__
7
50c
10c
ser
Sovereign Investment
Nov.
Oct.
21
SIM
1
6
1
10
...
—....
—
...
S3
Oct.
20 Oct.
10
SI
Oct.
30 Oct.
20*
2c
Nov. 22 Oct.
21
2c
Toburn Gold Mines
Extra
50c
40c
Sharp & Dohme, Inc., $3M pref.
Simmons Co. (interim)..
Simplex Paper Corp
14
Nov.
Oct.
Nov.
1 Oct.
25c
1
1 Oct.
Nov.
Dec.
Nov.
9
14
14
75c
Spiegel, Inc-....^
14 Oct.
Oct.
Oct.
15c
7
Oct.
6
1
1
15c
18
75c
Nov. 1.5 Nov.
Nov.
Nov.
Class B
13
20
12
Class B
14 Oct.
20
15 Oct.
9 Oct.
9 Nov.
16 Oct.
25
Oct.
10c
—
25 Oct.
Oct.
9
16
10c
Class B
Oct.
Nov. 15 Oct.
9
16 Oct.
30 Oct.
15c
Oct.
40c
16 Oct.
Oct.
50c
7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
Rainier Brewing, partic. A
Participating class A---.—
Oct.
12Mc
SIM
Oct.
SIM
—
25c
68 Mc
1
15 Dec.
1 Oct. 20
25c
_
lMc
Anglo-Canadian Telep. Co. 5M% pref. (quar.)_
Borland Shoe Stores (quar.)
Preferred (quar.)
Best & Co., Inc
Beverly Gas & Electric Co
Birtman Electric (quar.)
1
Dec.
Nov.
41 2-3c Nov.
(quar.)
Springfield Gas Light (quar.)..:
tS6
16
15 Dec.
50c
South American Gold & Platinum
Adams-Millis Corp
Alliance Investment Co. 6% preferred
American Equitable Assurance (N. Y.) (qu.)
American General Equities Corp. (quar,).^
American Ship Building (action deferred).
1 Oct.
Dec.
58 l-3c
Shareholders Corp. (quar.)
Name of Company
1 Nov. 16
Dec.
Nov.
Oct.
30c
(quar.)
(quar.)
2d preferred (quar.)
Pacific Lighting Corp. (quar.)._
Peerless Casualty (N. II.) (semi-annual)
Pleasant Valley Wine
Potomac Edison, 7% pref. (quar.)
6% preferred (quar.)__
Public Service Co. of Colorado—
Scotten
are:
10
15c
Participating class A
first
Nov.
17
25
75c
1st preferred
$2 lot
...
8c
8 Nov.
SIM
6% preferred (monthly)
5% preferred (monthly)
5 M % preferred (quar.)
Oliver United Filters, Inc., class A
Onomea Sugar (monthly)
Orange & Rockland Electric Co_
Co-
SIM
50c
North Boston Lighting Prop. vot. tr. ctfs_
Outlet
SI
t75c
...
Extra
5
37Mc
t87Mc
Ohio Public Service 7% pref. (monthly)
Shares
16
Oct.
Occidental Insurance Co.
Stocks—
$ pre Share
Mfg. Co., par $100
8
25 Saco Lowell Shops common, par $5
10M
14 A. C. Lawrence Leather Co. common, and 10 Massachusetts Cities Realty
6 Waltham National Bank common, Waltham, Mass
2 Salem Hotel Corp. common and 5 preferred, par $100
17 Oct.
10c
Shares
.........................
Oct.
31 Oct.
20 Bates
...»
9
Dec.
6% preferred (quar.)__
.......
Oct.
5c
16
16 Oct.
10 Sept. 10
30 Oct. 20
Oct.
Nunn-Bush Shoe Co. 5% pref. (quar.)
Oahu Railway & Land Co. (monthly)
By Crockett & Co., Boston:
.....
10c
26 Oct.
75c
_
of the current week:
Co, common..
Oct.
25c
Fuel Supply
Battery Co
National Noney Corp. class A
SIM preferred (quar.)
National Savings & Trust Co. (Wash., D. C.)_.
Newberry (J. J.) Co. 5% pref. (quar.)
New England Fund
New England Public Service—
Fees
on
Oct.
National
Broadway, N. Y. City
sold at auction
Oct.
50c
SIM
Mountain
Complete Auction Sales Department
No
70c
Massachusetts Power & Light Assoc. (quar.)_.
McNeel Marble Co. 6% 1st pref. (quar.)
Merchants & Manufacturers Insurance
Monroe Loan Society class A
SECURITIES
Nov. 22 Oct.
21
Oct.
16
25c
Nov.
1. Oct.
16
Tung-Sol Lamp Works, pref. (quar.)
20c
Nov.
1
Oct.
19
Preferred (quar.)
Boston Metal Investors, Inc
Brentano's Book Stores, Inc., class A (qu.)
Brockton Gas Light (quar.)_.
SIM
Nov.
1 Oct.
16
50c
Nov.
1 Oct.
20
20 Oct.
16
United States Fire Insurance (quar.)
Victoria Bond Holders (irregular)
Oct.
14
Wheeling & Lake Erie prior lien (quar.).......
16 Oct.
6
Bullock's. Inc., 5% preferred
(quar.)
Camden Fire Insurance Association
(s.-a.)
Central Tube
Central Vermont Public Service $6 pref.
SIM
Nov.
50c
Nov.
Extra
14c
40c
Nov.
10c
Oct.
1
1
Oct.
11
1
Oct.
16
25 Oct.
Consolidated Rendering Co. (irregular)
Continental Can Co. (year-end div., final)
SIM
SIM
Jan.
Oct.
26 Oct.
20
SIM
$5
Colonial Life Insurance Co. of America (quar.)..
Concord Electric (quar.)
Preferred (quar.)
Oct.
20c
(quar.).
Champion Paper & Fibre pref. (quar.)
Cherry Burr ell.
$5 preferred (quar.)
Cleveland Realty Corp. (irregular)
Collins Co. (increased)...
Oct.
26 Oct.
20
Nov. 15 Oct.
31
1
Dec.
15
Oct.
16 Oct.
10
$2
S3
70c
Oct.
14 Oct.
6 Oct.
16 Oct.
Oct.
16 Oct.
Oct.
16 Oct.
10
Nov. 15 Oct.
25
Nov.
1 Oct.
20
lc
Firemen's Insurance (Newark) (s.-a.)
Fitchburg Gas & Electric (quar.)
Florsheim Shoe Co. class A
Nov.
1
Oct.
19
2M%
Nov.
1
Sept. 15
lMc
50c
Oct.
Nov.
25c
Oct.
25c
Nov.
S2M
Oct.
25 Oct.
15
1
Oct.
25
31
Oct.
17
1 Oct.
6
16 Oct.
6
Abbott Laboratories preferred (quar.)
Preferred (quar.)
Abraham & Straus
Horn (A. C.) Co. 7% non-cum.
partic. pref.(qu.)
6% non-cum. 2d partic. pref. (quar.)
Home (Jos.) 6% pref.
(quar.)
Humberstone Shoe Co., Ltd. (quar.)
Hussman-Ligonier Co. (quar.)
Preferred (quar.)
Hutchins Investing Corp. preferred
Indiana Pipe Line Co
International Bronze Powders
(quar.)
26
26
Nov.
1
Oct.
23
60c
Dec.
1 Nov. 10
3
25 Oct.
14
Adams (J. D.) Mfg. (quar.)
Administered Fund Second
15c
Nov.
1 Oct.
15
25c
Dec.
15 Dec.
25c
Oct.
16 Sept. 30
50c
Oct.
16
Oct.
7c
Bearing Mfg. (quar.)
Air Reduction Co., Inc
Extra
Akron Brass Co
20c
31
Oct.
18
1
Oct.
20
Nov. 15 Oct.
20
Nov.
69c
Oct.
16 Oct.
50c
6
Oct.
27 Oct.
21
Oct.
27 Oct.
21
20c
Oct.
27 Oct.
20
14
American Can Co.
(quar.)
Light S3 class A
Opt. l-32nd sh. cl. B stk. or cash.
American District Telegraph (N.J.) pref. (quar.)
SI
Oct.
20 Oct.
82 M
Oct.
15 Oct.
1
Oct.
19 Oct.
14
American Fork & Hoe Co., preferred (quar.)
American Furniture Co., Inc., 7% pref. (quar.).
12Mc
SIM
68Mc
Oct.
30 Oct.
20
American Gas & Electric
Dec.
15 Dec.
Oct.
16
Oct.
14 Oct.
9
American Light & Traction
Preferred (quar.)
Oct.
16 Oct.
5
American Machine &
Nov.
1 Oct.
14
Nov.
1
14
8Mc
Dec.
1
Nov. 15
45c
Dec.
1
Nov
15
25
Oct.
Envelope Co. 7% pref. A (quar.)
Co., preferred (quar.)_
American Home Products Corp
20
1 Oct.
9
Dec.
31 Dec.
15
SIM
Dec.
31
Dec.
15
SIM
Oct. 15 Sept.
Oct. 31 Oct.
Nov. 15 Oct.
Nov. 15 Oct.
50c
SI
75c
Nov.
1 Oct.
301
14*
25
25*
11
SIM
SIM
SIM
SIM
SIM
Oct.
Dec.
Nov. 25
Oct.
Oct.
5
Oct.
Oct.
13
Nov.
Oct.
9
Sept.15
20c
Nov.
Oct.
13*
Nov.
Oct.
16
Nov.
Oct.
16
20c
Foundry Co
Nov.
Oct.
16
American Paper Goods Co.—
7% preferred (quar.)_
American
Radiator &
SIM
Dec.
SIM
tSIM
Dec.
Nov. 27
Oct.
Sept.15
Nov. 3
15 Dec.
5
Standard Sanitary—
Preferred
Nov.
1
Oct.
25c
Nov.
1
Oct.
15
25c
Nov.
1
Oct.
20
20
American Stove Co—
68 Mc
14
1 Oct.
30c
37 Mc
(quar.)
American Rolling Mills, 4M% pref
American Smelting & Refining Co. (quar.)
Preferred (quar.)
SIM
25 Oct.
Nov.
Nov.
SI
87 Mc
1
1
Sept. 30
50c
Common (quar.)
American Cities Power &
American
20 Sept. 30
15c
7% preferred (quar.)—
American Art Works, Inc., 6% pref. (quar.)
Amerada Corp. (quar.)
20
Oct.
3
SIM
Alabama Power Co. $5 pref. (quar.)
Alaska Juneau Gold Mining
Aluminum Mfg. Co., Inc. (.quar.)
10c
15 Oct.
15 Oct.
Oct.
Oct.
1
Oct.
Oct.
Nov. 15
Nov.
Holders
50c
1
Oct.
When
Payable of Record
SIM
SIM
30c
30c
Extra.
Oct.
Oct.
Share
SI
Hawaiian Electric pref. A
(quar.)
Home Insurance Co. (quar.)
50c
Nov.
SIM
Oct.
Oct.
6
SI
S2 M
Nov.
Oct.
18
Oct.
25c
Nov.
Sept. 15
Oct. 20
Oct.
2
6
20c
37 Mc
Nov. 15 Oct.
20
Oct.
16 Oct.
14
Oct.
16 Oct.
14
Nov
1
Oct.
16
Nov.
1
Oct.
16
12Mc
Nov
1
Oct.
20
55c
Oct.
14
7c
Oct.
14
40c
Nov
1
Oct.
20
Baldwin Co.. 6% preferred (quar.)
15c
"IIIIIII
a
14 Oct.
Nov
SIM
1
Oct.
20
Bangor Hydro-Electric Co. (quar.)
30c
20c
Oct.
Oct.
SIM
SIM
t$2
Oct.
Sept. 30
Nov.
Oct.
Oct.
Sept. 23
tsi
20c
Kalamazoo Stove & Furnace Co
Keystone Custodian Fund, S-l
Series S-3
Kress (S. H.) & Co
Special preferred (quar.)
Lee Rubber & Tire Co
Stock dividend of l-20th of
Lunkenheimer Co. (quar.)
30 Dec.
5c
(quar.)
Dec.
Oct.
37Mc
Preferred (quar.(
Ironrite Ironer
Company
1
25c
5M % preferred (quar.)
Haverhill Electric Co. (irregular)
1
1
Per
Name of
Dec.
SI
Gilbert (A. C.)
preferred (quar.).
Globe & Republic Insurance Co. of America
Hartford Times, Inc. (irregular)
Nov.
Nov.
give the dividends announced in previous weeks
we
Nov.
15c
_
5
SI
SIM
tSIM
Aetna Ball
16
20c
Class B__
Lumbermen's Insurance
Below
50c
Foote-Burt Co
Foundation Co. (Foreign)
Georgia RR. & Banking Co. (quar.)
14 Oct.
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
SIM
...
...
6
11.674c Oct.
Employers Casualty Co. (Dallas) (quar.)
Exeter & Hampton Electric Co. (quar.)
Faber, Coe & Gregg (quar.)
7% preferred (quar.)
Fidelity & Deposit of Maryland (quar.)
Fidelity Fund, Inc
—
6
SIM
75c
Diversified Trust Shares D
Dividend Shares
Domestic Finance Corp. cum. pref.
(quar.)
Dominguez Oil Fields (monthly)
Preferred (quar.)
Wood (A. & J.) Ltd., 7% 1st preferred
Woolworth (F. W.) Co. (quar.)
5
Oct.
75c
Deposited Insurance Shares, series A (stock)
S10 Oct.
3
Oct.
50c
Cuneo Press, Inc. (quar.)
Davies Petroleum, Ltd
;
16
3c
....
Preferred
Oct.
1
I
share__II_III
(Phifa.j (s.-a.)IIIIH__
American Telep. & Teleg. (quar.)
American Thermos Bottle, class A
Anchor Hocking Glass Corp
Archer-Daniels-Midland Co. 7% pref.
Associated Telephone Co., Ltd., pref.
15c
Nov.
(quar.)__
31 Mc
Nov.
Atlantic Refining Co., conv. 4M % pref. A (qu.)
Atlantic Steel Co. 7% pref. (s.-a.)
SI
Nov.
Oct.
S3M
SIM
Nov.
Oct.
2
Nov.
Oct.
20
Nov.
Oct.
20
Oct.
Sept. 30
Nov.
Oct.
Atlas Powder Co.. preferred (quar.)
Badger Paper Mills, Inc. (irregular)
SIM
Oct.
28 Oct.
23
Bankers Trust Co.
Oct.
28 Oct.
23
2,5c
Nov
15 Nov.
Bayuk Cigars, Inc.. 1st preferred (quar.)
Beatty Bros. Ltd. 1st preferred (quar.)
Bell Telephone Co. (Can.) (quar.)
SIM
Nov. 15 Oct.
4
20
Oct.
SIM
(Detroit)
75c
Oct.
14
5
10
6
14
-
Volume
Share
of Company
91X
Bell Telephone of Pennsylvania 6H % pref. (qu.)
Bensonhurst National Bank (Brooklyn, N. Y.)__
75c
Bloomingdale Bros
Blue Ridge Corp. $3 preferred (quar.)or
18!ic
Dec.
$1
Fishman (M.
Fisk Rubber,
621§
Boston Edison Co. (quar.)
31 Oct.
31 Oct.
Oct.
10
Nov.
Bridgeport Hydraulic Co. (quar.)
40c
British Columbia Power class A (quar.)_.
British Columbia Telep. 6% 2d pref. (quar.)
50c
16
$1X
lc
Brookline Oil (monthly)
$134
$134
preferred (quar.)
-10c
Calgary & Edmonton Corp
]
$1H
Calgary Power Co. 6% preferred (quar.)
|
$1H
Calif. Oregon Power Co., 7% pref. (quar.)
91X
6% preferred (quar.)
$1H
6% preferred series of 1927 (quar.)
California Packing Corp., 5% preferred
62Hc
25c
Calumet & Hecla Consol. Copper Co
Canada & Dominion Sugar Co., Ltd.—
37 He
New (quar.)
Canada Northern Power Corp., Ltd
130c
tlM%
7 % cumulative preferred
t$l
Canada Wire & Cable, class A (quar.)
137Hc
Canadian Bronze Co., Ltd
t$i x
Preferred (quar.)
Canadian Fairbanks Morse preferred (quar.)—
170c
Canadian Foreign Investment
112Hc
Canadian General Investments (quar.)
U2Hc
Coupon (quar.)
Canadian Industries, A & B_
1$1 H
Preferred
1$1 H
Canadian Tube & Steel Products 7% preferred..
m
$134.
Carolina Clinchfield & Ohio Ry. (quar.)
Celotex Corp., preferred (quar.)
$134
Central Aguirre Associates
3734c
Bunte iiros, 5%
„
_
Central Eureka Mining (initial)
Central Hudson Gas & Electric
6c
20c
(auar.).
5c
Central Investors (quar.)
Central New York Power 5% pref. (quar.)
$134
rsiH
$134
$134
6% preferred
pref. (quar.)
6% cum. preferred (quar.)
Century Ribbon Mills, preferred (quar.)
Cerro de Pasco Copper Corp
1 Oct.
1
Oct.
16 Oct.
25' Sept.
Oct.
Dec.
15 Nov. 30
Nov.
1 Oct.
20
Oct.
Oct.
3i
Oct.
16 Sept. 30
16 Oct.
7
20 Oct.
10
19
Oct.
16 Sept. 28
14 Sept. 30
Oct.
Nov.
1 Sept. 30
20 Sept. 30
1 Oct.
10
Oct.
16 Sept. 30
16 Sept. 30
Nov.
1 Oct.
14
Nov.
Dec.
Oct.
14
1 Nov. 20
1
1 Oct.
17
26 Oct.
16
26 Oct.
1 Oct.
16
50c
Oct.
Nov.
15c
15c
15c
Oct.
Oct.
15 Oct.
Clinton Water Works Co., 7%
15
Oct.
31 Oct.
16 Oct.
4
preferred (quar.).
1 Oct.
9
Nov. 15 Oct.
24
*£
(quar.)
Colgate-Palmolive-Peet (quar.)
1234c
(quar.)
A (qu.)_
5% cum. preferred (quar.)
5% cum. preference (quar.)
Columbus & Southern Ohio Elec., 6% pref. (qu.)
6H % preferred (quar.)
Commerical Alcohols preferred (quar.)
Oct.
Nov.
Jan.
—
Columbia Gas & Electric 6% cum. pref.
$134
$134
$134
$134
$1.63
10c
2
5
20
20
20
1 Oct.
16
1 Oct.
16
Nov.
Nov.
Oct.
10c
Oct.
Nov.
16 Sept. 30
16 Oct.
5
1 Oct.
13
14
75c
3734c
$134
$134
Nov.
1 Oct.
Dec.
4c
$134
1 Nov. 15
Dec.
1 Nov. 15
Oct.
Nov.
16 Sept. 30
1 Oct.
15
Nov.
1 Oct.
Dec.
1 Nov. 15
16
15c
Oct.
16 Oct.
2
15c
Consolidated Coppermines Corp
Consolidated Edison (N. Y.), pref. (quar.)
Consolidated Laundries Corp., pref. (quar.)
Oct.
16 Oct.
2
$134
$134
Nov.
1 Sept. 29
Nov.
pref. (quar.)..
Interstate Home
Corn Exchange Bank Trust
Corn Products Refining Co
—
Iowa Electric Ligh5 & Power
15c
5c
Oct.
6H% preferred B.
6% preferred C_._
_
14
Jonas &
Oct.
20
Oct.
20 Oct.
2
Joplin Water Works Co. 6% preferred
Kaufmann Department Stores (quar.)
Oct.
16 Oct.
Oct.
14 Sept.30
14 Oct.
4
25c
—
-
—
Denver Union Stock Yards Co. 5H
Detroit & Canada Tunnel
% pref. (qu.)
Oct.
Oct.
25c
Oct.
Oct.
$134
Dec.
Dec. 26 Dec.
$1
-
Oct.
$1
Oct.
25c
(initial)
(quar.)
Detroit Gasket & Mfg
Diamond Match Co.
common
Oct.
25c
Participating preferred (s -a.)_.
Distillers Corp .-Seagrams, Ltd.,
Divco-Twin Truck
$2
50c
50c
Preferred (quar.—
Curtiss-Wright Corp., class A
Davidson Bros., Inc
Dayton Rubber
Class A (quar.)
Oct.
734c
Crum & Forster
Dec.
75c
.....
5% pref. (qu.)
t$134
2
15
15 Sept.30
20 Oct.
11
25 Oct.
25 Oct.
14
14
1 Nov. 20
15 Oct.
1
16 Sept.29
5
20 Oct.
1
Nov.
10
3-1-40 2-10-40
Nov.
1 Oct,
16
16
40c
Extra
(quar.)
preferred (quar.)
Dominion Tar & Chemical, pref.
...
Preferred
(quar.)
du Pont (E. I.) de Nemours & Co., $434 pref.
(quarterly)
6% debenture (quar.)
—
Duquesne Light Co., 5% cum. 1st pref. (quar.)
Economy Grocery Stores
Electric Bond & Share Co. $6 preferred (quar.)_$5 preferred (quar.)
El Paso Electric Co. (Del.) 7% pref. A (quar.)__
$6 preferred (quar.)
—
El Paso Electric Co. (Texas) $6 prqf. (quar.) —
Employers Group Assoc. (quar.) —
Emporium Cap well
4 34% preferred A (quar.)
---—
Esquire. Inc. (s.-a.)
Eureka Pipe Line Co
Falstaff Brewing (quar.)_
Extra
Firemen's Fund Insurance
Oct.
16
12
16 Sept. 30
Nov. 15 Nov.
1
$134
Nov. 15 Nov.
1
$134
$134
$134
Oct.
25c
Oct.
25 Oct.
25 Oct.
Oct.
16 Sept. 15
Oct.
16 Oct.
10
10
10
$134
Nov.
1 Oct.
6
$134
Nov.
1 Oct.
6
Oct.
$134
$134
Oct.
25c
Oct.
35c
Jan.
5634c
Oct.
16 Sept. 29
16 Sept. 29
16 Sept. 29
31 Oct.
17
2 Dec.
1-2-40
Dec.
22
21
15c
16 Sept. 28
Nov.
1 Oct.
16*
Nov. 29 Nov. 15
20c
Nov. 29 Nov. 15
30c
50c
Oct.
1
Mar. 18
Nov.
1
Sept.15
$134
Dec.
18 Dec.
15
25c
Oct.
31 Oct.
21
$1.0634 Oct.
Oct.
t$134
31 Oct.
21
15 Oct.
10
25c
Oct.
14
$ 1.1834
Oct.
Oct.
25 Oct.
25 Oct.
—- —
(quar.)
$134
$134
31 Oct.
Nov.
1 Oct.
Oct.
Aj>r.
Metallurgical Corp. pref. (quar.)
Fenton United Cleaning & Dyeing Co., pref
Filene's (Wm.) Sons
———
Preferred (quar.)
Oct.
20 Sept. 30
20 Dec. 30
31 Oct. 16
3c
3c
—
Federated Dept. Stores
Preferred (quarterly)
Jan.
Dec.
75c
Dow Chemical Co
Preferred (semi-annual)
Prcfcrr^l
Oct.
30c
10c
Dominion Oilcloth & Linoleum Co. (quar.)
20 Sept. 30
1 Nov. 18
50c
Quarterly
26 Oct.
Oct.
50c
(quar.)
Oct.
25c
30c
Dixie-Vortex Co., common
Dr. Pepper Co. (increased quar.)
$1
16 Oct.
14
5
Sept.30
Sept.30
Sept. 27
I
1-2-40 Dec. 30
5
31 Oct.
Oct.
Nov. 15 Oct.
2H%
.
20
1 Sept. 30
50c
Nov.
Oct.
16
40c
Nov.
Oct.
20
91X
Nov.
Oct.
20
40c
Oct.
Sept. 20
14
$1H
91X
Nov.
Oct.
Nov.
Oct.
«13. •
Nov.
Oct.
2
Nov.
Oct.
16
Oct.
Oct.
2
2
14
Oct.
Oct.
Oct.
Oct.
Sept. 30
Sept. 30
Dec.
Nov. 10
Oct.
Oct.
Sept. 30
Sept.30
Sept. 30
Sept. 30
20c
1 Oct.
31
14
Dec. 30 Dec. 22
Oct. 21 Oct. 10
Nov.
I X L Mining
1 Oct.
Nov.
Nov. 15 Oct.
14
Oct.
hus
.
Nov.
2c
16 Sept. 30
1 Oct. 11
Oct.
t87Hc
7% pref. A
Nov.
$134
Nov.
20c
Iron Fireman Mfg. Co. (quar.)_
14
$134
5% preferred (quar.)
1 Oct. 20
Nov.
Oct. 16 Sept. 30
10c
75c
7% preferred (quar.)
20
1 Nov. 15
25 Sept.30
16
1 Oct.
Nov.
Oct. 25 Oct. 20
75c
30c
15c
Cresson Consolidated Gold Mines
31 Oct.
Dec.
t25c
preferred
16
14
Oct.
Oct.
15c
preferred (quar.)
1 Oct.
16 Sept. 30
25 Oct. 14
25
17
Nov. 24 Nov. 14
Dec. 29 Dec. 19
Nov. 15 Oct.
Oct. 27 Oct.
Dec.
3
t$3
Extra
Nov. 15 Oct.
Oct.
4
10
12Hc
Equipment Co., Inc
75c
(quar.)
>c
Corp. (monthly)
Investment Foundation, Ltd.,
Cum.
'
$1M
Imperial Chemical Industries (interim)
Imperial Life Assurance (Can.) (quar.)
Incorporated Investors
Indiana Pipe Line Co
Institutional Securities, Ltd. (group shares)
Stock dividend
International Cigar Machinery Co
Interchemical Corp
Preferred (quar.)
International Harvester Co. (quar.)
International Metal Industries preferred (quar.)
Class A (quar.)
Internat'l Nickel Co. (Can.), Ltd., 7% pref.(qu.)
Interstate Dept. Stores, preferred (quar.)
$134
preferred (quar.)
Idaho Maryland Mines
20c
Consolidated Royalty Oil (quar.)..
Coon (W. B.) Co. (quar.)
$1
14 Oct.
1 Oct.
Oct. 15 Sept.30
3
Nov. 15 Nov.
Nov. 15 Oct. 25
Oct.
50c
(quar.)
(quar.)
5% preferred (quar.)
Huttig Sash & Door Co. pref. (quar.)
Nov. 15 Oct.
45c
Cosmos Imperial Mills.
Horn & Hardart (N. Y.)
Household Finance Corp.
Nov. 15 Oct.
Commonwealth Edison Co.
Consolidated Oil Corp. (quar.).:
Consolidated Royalties, Inc., 6%
i Dec.
Nov. 15 Oct.
Commodity Corp
(quar.)
Commonwealth Investment Co. (quar.)
Commonwealth Utilities Corp. 6H% pf- C (qu.)
Connecticut River Power Corp. 6% pref. (qu.)_
Consolidated Car Heating Co
Consolidated Chemical Industries, cl. A (qu.)_.
Consolidated Cigar Corp., prior preferred
7% preferred
Consolidated Copper Corp..
25c
37Hc
91X
(Geo. A.) & Co
Preferred A (quar.)
Louis Ry.—
Coast Breweries, Ltd.
91X
37Hc
Hormel
$134
„
Border's, Inc. (quar.)
Dec. 23 Dec.
lc
14
1 Oct. 20
4
Nov. 15 Nov.
Nov.
15c
50c
\H
Nov.
15c
31Mc
20c
Dec.
25
Oct.
E.) Co. class A (auar.)
Holly Development Co. (quar.)
Holly Sugar, preferred (quar.)
Homestake Mining Co. (monthly)
I1H
10c
6
1 Oct.
Oct.
Hires (Chas.
5
20 Oct.
Oct.
Nov.
90c
Hilton-Davis Chemical
4
11
24
91X
74Hc
68 He
16 Sept.
14 Oct.
27
1 Oct.
1 Oct.
16 Sept. 30
14
Nov.
1 Oct.
Nov.
16
1 Oct.
7
Oct. 14 Oct.
Oct.
16 Sept. 30
14 Sept. 30
1—1—4<
2
10
Oct.
Oct.
10c
...
Cleveland Cincinnati Chicago & St.
Preferred (quar.)
Fansteel
$1H
91X
91X
-
Co—
Cincinnati Union Terminal 5% prel. (quar.)
Cleveland Builders Realty Co..
Dominion Textile Co.
50c
75c
Oct.
6H% preferred (quar.)
Dome Mines Ltd.
Sept. 30
24 Oct.
Nov.
24 Sept.11
Nov.
Nov.
$1H
60c
Co.,6% pref.(qu.)
7% preferred (quar.)
Harris burg Glass preferred (quar.)
Hat Corp. of Amer. class A & B (quar.)
6H% preferred (quar.).
Hartford Electric Light-.
Hartford Electric Light Corp. (quar.)
Hawaiian Commercial & Sugar Co
Hawaiian Sugar Co. (quar.)
Hecker Products Corp. (quar.)
Kennedy's, Inc.. cu.conv. pref. (quar.)
Hercules Powder Co., preferred (quar.)
Hershey Chocolate Corp. (quar.)
Preferred (quar.)
lartlett & Co. (monthly)
Hibbard, Spencer, B
Monthly
Monthly
Harris (A.) & Co.,
Oct.
Oct.
pref. (quar.)
Harbison-Walker Refractories
Oct.
Nov.
........
Cincinnati Postal Terminal & Realty
Detroit Edison Co.
14
16 Sept. 30
16
Oct.
Oct.
(quar.)
Green (H. L.) Co
Greenfield Gas Light 6% non-cum.
Halle Bros. Co., preferred (quar.)
16 Sept. 30
1 Oct.
2
16
6
1 Oct.
16 Oct.
Nov.
1 Oct.
Oct. 25 Oct.
Great Lakes Engineering Works (quar.)
Great Lakes Power Co., Ltd., A pref. (quar.)..
20
Oct.
9
Oct.
25c
(special)
Chilton Co.
7%
7% cumulative preferred
1 Oct.
Oct.
10*
16
Gotham Silk Hosiery Co., Inc.—
Nov.
Nov.
31 Oct.
16 Oct.
Nov.
(qu.)__
Gimble Bros., preferred (quar.)__
Gotham Credit Corp., class B (quar.)
30
16 Sept..30
Oct.
Oct.
Oct.
General Theatres Equipment
Gillette Safety Razor pref. (quar.)
2
Nov. 15
Dec.
Nov.
General Steel Wares Ltd., 7% cum. pref
General Telephone Allied Corp. $6 pref.
16 Sept. 30
Nov. 15 Oct. 31
1 Oct.
1 Oct.
Nov.
General Motors Corp., $5 preferred (quar.)
General Shoe Corp
Oct.
Oct.
;
General Foods Corp. preferred (quar.)
General Mills, Inc
14
16 Sept. 30
16 Sept. 30
15
15
25 Sept. 30
15 Sept. 30
20 Oct. 10
Nov.
1 Oct. 20
Oct. 25 Sept. 22
2
Oct. 16 Oct.
Nov.
1 Oct. 10
General Electric Co
14
1 Oct.
Oct.
Nov.
...
General Finance
Nov. 24
Nov. 15 Oct.
Nov.
Oct.
Oct.
Oct.
1 Oct.
1 Oct.
Nov.
Fyr-Fyter Co., class A
14
Dec.
21 Sept. 20
3
16 Oct.
Oct.
v.t.c. (irregular)
Gardner-Denver Co. (quar.)..
Preferred (quar.)
10
Nov.
14 Sept. 30
10
20 Oct.
Oct.
7c
Chemical Fund, Inc
Chickasha Cotton Oil
Preferred
20 Oct.
Oct.
Central Power Co., 7% preferred..
Central Power & Light 7% cum.
14 Sept. 30
17
Nov.
1 Oct.
Oct.
Oct.
Oct.
-
-
Fruehauf Trailer Co
Oct.
Buffalo Niagara & Eastern Power—
1st preferred (quar.)_
-
5
20 Oct.
Dec. 30 Dec. 23
2 Dec. 27
Oct.
Jan.
Froedtert Grain & Malting....
Preferred (quar.)..
16 Sept. 30
Oct.
H.) Co., 5% pref. (quar.)
preferred (quar.)
Ford Hotel Co., Inc
49 W. 37th St. Corp.,
16
1 Oct.
Oct.
Payable of Record
Share
of Company
Firestone Tire & Rubber Co
First National Bank of Jersey City (quar.)
First National Bank (Toms River, N. J.) (qu.)__
14 Sept. 20
29 Dec. 29
25 Oct. 14
6
Dec.
1 Nov.
Oct.
Oct.
cash.
Bon Ami Co. class A (quar.)
Class B (quar.)
Namt
Payable of Record
Holders
When
Per
Holders
When
Per
Name
Stock
2323
The Commercial & Financial Chronicle
149
Oct.
Oct.
10c
Oct.
Oct.
91X
Oct.
Oct.
2
12c
Oct.
Oct.
10
15c
Oct.
Oct.
10
$1H
Oct.
Naumburg Corp
Kellogg Switchboard & Supply
Preferred (quar.)
Kemper-Thomas. 7% special pref
Kentucky Utilities Co., 6% pref.
(quar.)-.
(quar.)__
--
$1 H
91X
87Hc
(quar.)
16
Oct.
10
Dec.
Nov
21
Oct.
Sept. 30
1
Nov.
Nov.
Kerr Lake Mines, Ltd
10c
Oct.
Oct.
5
King Oil (quar.)
10c
Nov.
Oct.
14
4c
Nov.
Oct.
2
lc
Nov.
Oct.
Sept. 29
12Hc
91X
Oct.
Oct.
10
Nov.
Oct.
20
t$3H
25c
Nov.
Nov.
Oct. 14
Nov.
4
M%
Jr.
preferred (quar.)
Kirkland Lake Gold Mining (s.-a.)
Extra
10c
Knott Corp
—
Kreuger (G.) Brewing—
Kroger Grocery & Baking Co., 7% pref. (quar.)
Lake of the Wood Milling, 7 % preferred
Landis Machine Co
(quar.)
Oct.
2
...
Preferred
Preferred
Oct.
Oct.
Oct.
75c
15c
(quar.^.
(F. & R.) Co
Lehigh Portland Cement (quar.)
Preferred (quar.)
Lerner Stores Corp
Preferred (quar.)
Lexington Telep. Co. 6% pref. (initial)
Lexington Utilities Co. $6H pref. (quar.)
Libby, McNeil & Libby 6% preferred
Lincom National Life Insurance (quar.)
Lincoln Printing Co., preferred (quar.)
Link Belt Co. (quar.)
Lazarus
Nov.
50c
30c
Lane Bryant, Inc., 7% preferred (quar.)
Langendorf United Bakeries, cl. A (quar.)
Class B (quar.)
Oct.
Sept. 30
Sept. 30
Sept. 30
Oct.
3715
50c
91X
$1X
16
Oct.
14
Nov.
Oct.
14
Jan.
Dec,
Oct.
Nov.
Oct.
4
Oct.
20
Oct.
Sept. 30
14
~
Dec.
30c
Nov.
Oct.
2
27
87 He
25c
Nov.
Oct.
17
Oct.
Oct.
(quar.)
original capital (quar.)
Special guaranteed (auar.)
Lockheed Aircraft, stock dividend
Div. in com. shs. of Yega Airplane Co. in
ratio of one sh. of Vega for 15 shs. of
Little Miami KR.,
Dec.
Nov. 10
91X
Jan.
Dec.
$1.10
Dec.
Dec
Aug. 24
Oct.
Oct.
50c
15
Nov. 24
11
Lockheed#
Longhorn Portland Cement Co.—
5% refunding partic. preferred (quar.)
Extra
25c
(quar.)
(quar.)
Lunkenheimer Co..
McGraw Electric Co
Jan.
1 Oct.
1 Dec.
18
$1H
$2
91X
$1H
$1X
91X
Nov.
1 Oct.
17
Oct.
14 Sept.
1X%
5% preferred (quar.)
Lord & Taylor. 2d pref. (quar.)
------Louisville Gas & Electric (Ky.) 7% pref. (qu.)--
pref. (quar.)
MacAndrews & Forbes Co. (quar.)
_
Preferred (quar.)
McCall Corp. (quar.)---..—-—
McClatchy Newspaper, 7% pref. (quar.)
McColl-Frontenac Oil, pref. (quar.)
McCrory Stores, preferred (quar.)
1 Nov. 20
1 Nov. 20
Nov.
50c
Loose-Wiles Biscuit Co
6% preferred
5% preferred
Dec.
Dec.
25c
91X
—
Oct.
14 Sept. 30*
1 Oct. 13
25c
43 He
...
Oct.
Oct.
Oct.
18
14 Sept. 30
14 Sept. 30
14 Sept. 30
Dec. 23
1-2-40
Nov.
30*
Nov. 30 Nov. 29
Oct.
91X
91X
Nov.
25c
Nov.
14 Sept. 30
1 Oct. 20
1 Oct.
6
2324
The Commercial & Financial Chronicle
Per
Name of
Share
Company
McGraw-Hill Publishing Co., Inc
...
McLeiian Stores Co..
Preferred (quar.)
20c
Utilities
Oct.
16 Oct.
Nov.
1 Oct.
6
11
Oct.
15 Sept.20
Dec.
15 Nov. 30
Rochester Button Co
lie
Oct.
15 Oct.
50c
5
6234c
Oct.
16 Sept. 30
75c
Nov.
1 Oct.
Nov.
1 Oct.
16
$1
Nov.
1 Oct.
20
Nov.
1 Oct.
20
16
(Calif.), 6% pref. (qu.)._
30c
Dec.
5% preferred (quar.)
Merchants & Manufacturers Securities, cl. A & B
25c
Dec.
Oct.
16 Oct.
11
Oct.
16 Oct.
11
Oct.
Participating preferred (s.-a.)
Participating preferred (partic. div.)
Michigan Gas & Electric, 7% prior lien
10c
$1
_—
$0 prior lien
20c
3.06 He
$234
$1H
$134
t$lH
t$134
Michigan Public Service 7% preferred
6% preferred
Michigan Public Service, 7% preferred
6% preferred
Midcontinent Airlines preferred (initial)
6c
5 Dec.
5 Dec.
1
1
11
1 Oct.
14
Nov.
1 Oct.
14
1 Oct.
14
Nov.
1 Oct.
14
1 Oct.
14
Oct.
16
15c
Oct.
14 Oct.
50c
Nov. 20 Nov.
$1
$1
Mississippi Power Co. $7 pref. (quar.)
$1H
$134
$6 preferred (quar.)
Moody's Investors' Service pref. (quar.)
Monsanto Chemical Co., $4)4 pref. A (s.-a.)
Preferred B (s.-a.)
Montana Power Co., $6 preferred (quar.)
75c
—
-
Montgomery Ward
Montreal Light, Heat & Power Consol. (quar.).
Montreal Telegraph Co.
(quar.)
Montreal Tramways Co., Ltd.(quar.)
Moore (Wm, U.i i >ry Goods (quar.K'
S2X
$2 X
$134
25c
Mutual System, Inc.
(quar.)
8% preferred (quar.)
Myers (F. E.) & Bro. (extra)
Narragansett Racing Association, Inc
National Bearing Metals 7% pref. (qu.)
20
1
Dec.
Dec.
1 Nov. 10
1 Nov. 10
Nov.
1 Oct.
Oct.
Oct.
Oct.
$134
Oct.
14 Sept.
8
31 Sept. 30
16 Sept.30
14 Oct.
3
2-2-40
2-2-40
Oct.
$1H
Oct.
16,Sept. 30
$1 X
10c
l>OC.
28
Oct.
15 Sept. 30
Oct.
16 Sept. 30
Oct.
16 Sept. 30
Oct.
Oct.
26 Oct.
25 Sept. 30
20 Oct
Nov.
40C
»ct.
15c
Dec
.
1 Oct.
21
16
10
18
Oct.
15c
l4iSept.12
16 Oct.
2
15 Sept. 30
Nov. 15 Oct. 31
Nov.
1 Oct.
15
50c
75c
Class A and B (extra)
....
14
1
Oct.
14
Nov.
1 Oct.
14
25c
National Lead Co. 6% pref. B (quar.)..
Nat'l Manufacture & Stores Corp. pref.
(s.-a.)_.
National Power & Light Co. $6 pref.
(quar.)
National Steel Car Ltd. (quar.)
1 Oct.
Nov.
Oct.
16 Sept. 30
1734c
1734c
(quar.)
Nov.
5oc
National Distillers Products (quar.)_
National Fuel Gas Co
National Funding Corp. class A & B
Oct.
20 Sept. 30
20 Sept. 30
$134
$2H
$134
50c
$
1.18H
Newberry (J. J.) Realty Co. 6)4% pref. A (qu.).
6% preferred B (quar.)
New Brunswick Telephone Co
New York Merchandise Co.
(quar.)
$134
$134
_
75c
$1
1234c
Oct.
Nov.
1 Oct.
20
Oct.
15 Oct.
Nov.
1 Oct.
2
Oct.
14 Sept. 30
1 Oct.
16
Nov.
Nov.
Oct,
Nov.
Nov.
1 Oct.
2
16*
26 Sept. 30
1 Oct.
16
1
Oct.
16
Niagara Hudson Power Corp.—
5% 1st pref. and 2d pref. ser. A & B (quar.)__
19 Hi Corporation, class A (quar.)
North American
Oil Co
Northeastern Water & Electric (special)..
Northern Illinois Finance Corp..
Preferred
Northern Indiana Public Service,
5X% pref
6% preferred
7% preferred
Northern RR. of New Hampshire
(quar.)
Northern States Power Co. (Del.)—
(quar.)
Northwest Engineering
Norfolk & Western Ry., preferred
(quar.)
Oahu Sugar Co. (monthly).
15c
Oct. 16 Sept. 30
Nov.
1 Oct. 20
25c
New York Transit Co
Oct.
SIX
50c
3c
Oct.
20 Oct.
10
Oct.
31 Oct.
10
25c
Nov.
1 Oct.
16
37 34c
Nov.
1 Oct.
16
$134
$134
$1H
$134
25c
$1
Oct.
14 Sept. 30
31 Oct. 13
Oct.
20 Sept. 30
20 Sept, 30
14 Sept. 30
1 Oct.
15
Nov. 11 Oct. 31
Nov.
5c
Oct.
Oct.
50c
14 Oct.
4
(quar.)
Pacific Gas & Electric Co.
(quar.)
Pacific Lighting, $5 pref. (quar.)
Pacific Portland Cement, preferred
Pacific Public Service 1st pref.
(quar.)
Pacific Telep. & Teleg. Co.
6% pref. (quar.)
Corp. (quar.)
Panhandle Eastern Pipe Line
Packer
Parattine Cos., Inc. pref. (quar.)
Pearson Co., Inc., 5% pref. A
(quar.)
Pemigewasset Valley RR. (s-a.)
Pender (David) Grocery, class A
(quar.)..
Peninsular Telephone pref. A
(quar.)
Penmans Ltd. (quar.)
Preferred (quar.)
Pennsylvania Power Co., $5 preferred rnuar.)..
Peoples Gas Light & Coke
cum. pref.
(quar.)
4.8% preferred (quar.)
—
Southern New England Telephone
Southwestern Portland Cement, 8%
pf.
50c
Nov. 10 Oct.
28
16 Oct.
2
$1
>ct.
Nov.
1 Oct.
$3
K'eb.
1
8734c
$1H
Dec.
1 Nov. 27
31Hc
75c
$134
$134
1 an
Nov. 15 Nov.
2
17
4
Nov. 15 Nov.
6
1 Oct. 21
Nov.
Nov.
1 Oct. 14
Peoples Telep. (Butler, Pa.) (quar.)
Philadelphia Co. (quar.).
(Quarterly).
Preferred (semi-ann.)
I
Philadelphia Electric, $5 preferred (quar.j,
Philadelphia National Insurance.
Philip Morris & Co
Preferred (quar.)
Oct.
16 Sept. Y\
$2
Oct.
10c
Oct.
15 Sept. 30
25 Sept. 30
10c
Oct. 25 Sept. 30
Nov.
1 Oct.
1
$134
$134
30c
75c
$134
(monthly).!!!
Nov.
Oct.
Oct.
Dec.
1 Oct.
10
16 Sept.22
16 Oct.
2
1 Nov. 15
Ry. 7% prof. (quar.)..
Plymouth Cordage Co. (quar.)
Plymouth Rubber, preferred
(quar.).!.
fquar )
Light Co. preferred
Corp. of Canada. Ltd.—
preferred (quar.)
partic. pref. (quar.)
Premier Gold Mining Co.
(quar.)
cum.
non-cum.
Procter & Gamble 8%
preferred (quar.)
Prudential Investors $6 preferred
(quar.)
42c
Oct.
30 Oct.
20
25c
(interim)"."."!I
Oct.
16 Oct.
6
4%
six
SIX
SIX
Nov.
6 Sept. 19
15
20
Oct.
14 Sept. 30
Not.
1 Oct. 20*
15|Sept.30
1-3-4U
Nov.
Dec.
Nov. 15'Oct.
Nov.
liOct.
Oct.
16 Oct,
16 Oct.
15
5
16
16
2
Oct.
34 He
Oct.
15 Sept. 20
15 Sept. 20
Oct.
Oct.
14 Sept. 30
14 Sept.30
Oct.
3734c
3734c
2
2
15|Oct. 20
Nov. 15 Oct.
20c
Oct.
31
16'Sept. 20
1 Oct.
Nov.
Oct. 16 Sept.
Dec. 15!Dec.
Oct. 14 Oct.
1.2%
SIX
$2
Oct.
20
Oct.
20
Oct.
10
1234c
Oct.
Oct.
25c
;.
Feb.
25c
9c
May
$134
Nov.
$1
...
—
Oct
Oct.
Oct.
Oct.
13
90c
Nov.
Oct.
31
SIX
SIX
20c
25c
SIX
1 Oct. 20
14 Sept. 30
Nov. 15 Oct. 31
Dec. 15 Nov. 20
Nov. 10 Oct. 10
Nov.
1 Oct. 14
Oct.
15c
Oct,
16 Sept. 36
Oct.
Oct.
24 Oct.
Jan.
2 Dec.
1 Oct.
13
14 Sept. 21
Nov.
1 Oct.
16
Dec.
1 Nov. 15
53c
Nov.
53c
Dec.
53c
Jan.
50c
Nov.
15
16
1 Nov. 15
2 Dec. 15
50c
Dec.
1 Oct,
16
1 Nov. 15
50c
50c
_
Jan.
2 Dec.
25c
_
68Hc
lc
50c
...
$1
_
Dec.
Dec.
Oct.
Oct.
Oct.
Oct.
$134
$134
$134
$134
1734c
$1
$134
6% nr«'fcrred (quar.)
Utah-Wyoming Consolidated Oil
$1 X
34c
Vauor Car Heating Co., 7%
-
Nov.
10c
Upper Michigan Power & Light—
6% preferred (quar.).
pref (quar.)
Virginian Railway 6% preferred (quar.)
Vulcan
ivtinning Co. pref. (quar.)
Oct.
Oct.
8734c
-
United Stockyards, preferred (quar.)
Universal Leaf Tobacco Co.. Inc
$l H
$134
....
Warren RR. Co. (s.-a.)
West Michigan Steel Foundry 7% pref. (quar.)
SIX preferred (quar.)
West Penn Electric Co. 6% pref. (quar.)
7% preferred (quar.)
West Penn Power Co., 4 34% pref. (quar.)
Western Grocers, Ltd. (quar.)
Preferred (quar.)
Westminster
Paper Co
(semi-annual)
Weston (Geo.) Ltd., preferred (quar.)
Westvaco Chlorine Products, pref. (quar.)
Winsted Hosiery Co. (quar.)
Extra
*i H
$134
1734c
43 He
$134
SIX
$134
75c
37
He
$154
25c
50c
XIX %
t75c
16 Sept. 30
3c
Oct.
Oct.
Oct.
$2
Oct.
14 Sept. 22
16 Sept. 30
«.
Jan.
Apr.
July
Oct.
15
31 Sept. 29
16 Sept. 30
1 Oct. 20
15 Dec.
5
20 Nov. 29
14 Oct.
2
14 Oct.
20 Oct.
16 Oct.
2
15 Jan.
15 Apr.
5
15 July
16 Oct.
5
1 Oct.
17
Oct.
28
Nov.
Nov.
2—1—40
Nov.
i
>ec.
Nov.
<
>et.
5
7
1-29-40
1 Oct.
14
9
1>ec.
I
1 Oct. 21
2o
>rt
1 ft
'
Oct. 16
Nov.
1
Dec.
1
Nov. 15
Nov. 15
Oct.
Oct.
Oct.
5
5
Sept. 29
Oct.
14
Nov. 15
Oct. 20
Oct. 20
16 Sept. 22
15
Sept. 20
15 Sept. 20
1 <><t.
15
Nov.
1 Oct.
14
Nov.
1 Oct. 10
Nov.
50c
account
Nov.
t85c
58 l-3c
(quar.)
(quar.)
(quar.)
Transfer books
10
Oct. 20'Sept. 30
58 L3c Nov.
1 Oct.
14
Nov.
50c
1 Oct.
14
41 2-3c Nov.
1 Oct.
14
Dec.
7 Nov. 23
66c
Oct. 17 Oct. 10
$2
15c
(quar.)
(quar.)
Preferred
May 10
Sept. 30
Sept. 18
Oct.
25c
common
Preferred
16
16
5
Nov. 10
Feb. 10
Nov.
25c
United Profit Sharing pref. (s.-a.)
t On
6
Sept. 27
Sept. 27
Oct.
United Fruit Co
$1
United Light & Railways, 7% prior pref. (mo,).. 58 1-3 c
7% prior preferred (monthly)
58 l-3c
*
6
Oct.
50c
20c
United Biscuit Co. of America, preferred
(quar.)
I'nited Bond & Share Corp
Ltd. (quar.)
United Corp., $3 cum. preferred
Preferred
Oct.
Oct.
Oct.
3734c
Union Electric Co. (Mo.), pref. (quar.)
Union Gas Co. of Canada (quar.)
Union Oil Co. (Calif.)
Preferred
Nov.
Nov.
Oct.
Oct.
Sept. 30
Quarterly
Petroleum,
5
4
Sept. 30
Oct.
Oct.
lc
Quarterly.
Supervised Shares, Inc. (quar.)
Tacony-Palmyra Bridge pref. (quar.)
Taylor (Wm.) Corp. (quar.)
Technicolor, Inc
Thatcher Mfg. Co. pref. (quar.)
Tivoli Brewing Co. (quar.)
Toledo Edison Co. 7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
Toronto Elevators. Ltd.. 5X% Pref. (quar.)
Towne Securities Corp. 7% cum. pref
S.
4
Oct.
Nov.
Nov.
"
3c
1234c
7% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
14
.4
Oct.
143 He
J43He
til
$134
Preferred (quar.)
Super Mold Corp. (Calif, (quar.)
Superheater Co. (quar.)
Superior Oil Co. (Ca.'if.) (quar.)....
U.
Dec. 15 Dec.
Nov. 15 Nov.
50c
(quar.)
Trade Bank of N. Y. (quar.)
Tuckett Tobacco, Ltd., pref.
14 Oct.
16
29
1
Bee. 15 Dec.
Oct.
Sept. 30
20c
Extra
Sun Glow Industries
Sun Ray Drug Co
Oct.
3134c
Special
Quarterly.
Quarterly
Zellers, Ltd., preferred (quar.)
Zion's Cooperative Mercantile Institution
]
1 Oct.
15
Nov.
Wrigley (Wm.) Jr. Co. (quar.)
Oct.
12 Dec.
Nov.
5
3734c
15 Dec.
Nov. 29 Nov.
12 Dec.
Jan.
$134
16 Oct.
$134
$134
16
$1H
$134
3734c
Oct.
16 Sept. 18
5
1 Oct.
25,Oct.
l|Oct.
Oct.
Dec.
16 Sept. 30
16 Oct.
16 Oct,
Jan.
$3
50c
t75c
2
Oct.
Oct.
Nov.
Oct.
$1 H
2
14
15 Sept. 30
Wisconsin Electric Power Co., pref. (quar.)
Worcestre Salt Co. 6% pref. (quar.)
15
25 Oct.
Oct.
1-4-40 12-10-39
Oct. 20 Sept. 30
14 Oct.
7
Nov. 18
Oct.
_
Stanley Works 5% pref. (quar.)
State Street Investment (Boston)
(quar.)
Steel Co. of Canada (quar.)
Preferred (quar.)
Strathmore Paper Co. 6% preferred
6% preferred (quar.)
Sullivan Consol. Mines, Ltd
14
16
1
Oct.
$134
SIX
1 Oct.
1 Oct.
4
20 Oct.
Dec.
75c
TTnlted Sta'es Pipe
Foundry Ho
(near.)
United States Smelting, Refining & Mining
Preferred (quar.)
United States Sugar
14 Sept. 30
14 Oct.
4
Nov. 15 Nov.
Oct.
$134
14
Oct.
Oct.
16
Spicer Mfg. Co
$3 preferred (quar.)
14
Nov.
Oct.
Standard Brands, Inc., $4)4 pref. (quar.)__
Standard Oil Co. (Ohio), preferred (uuar.)
Standard Wholesale Phosphate & Acid Works.
1 Oct.
25c
1
68Hc
(quar.)
1 Oct.
$134
32 34c
$134
Nov.
20
Southern Indiana Gas & Electric Co.—
Nov.
16 Sept. 30*
16 Sept. 30
15 Sept. 26
21
tlX%
Nov.
5<!C
Philippine I,ong Distance Telep.
6%
20c
Oct.
Oct.
Oct.
Southern Canada Power Co., Ltd.—
1634c
$134
2%
Nov.
11
1
4c
United States Fidelity & Guaranty Co
United States Hoffman Machine, pref. (quar.)
Oct.
9 Oct.
Nov.
25c
$1 H
16 Sept.3 0
Nov.
1 Oct. 20
Nov.
1 Oct.
16
$13*
Nov.
10c
15c
$134
—
35c
(quar.)
5% preferred (quar.)
Quaker Oats Co. pref. (quar.)
14 Sept. 30
14 Sept. 30
10c
pref. (s.-a.)
Box. 7% pref
Oct.
Oct.
$1.31 X Oct.
Oct.
$134
Oct.
$1H
Orange Crush. Ltd.,
Portland Gas
1 Oct. 16
Nov.
J
Nov. 15 Nov.
50c
O'Brien Gold Mines
Oliver United Filters class A
(quar.)
Pierce Governor Co
Pinchin Johnson & Co. (Am. shs.
Pitts. Ft. Wayne & Chic.
14 Sept.22
(quar.)
(Robt.) Co., 6% pref. (s.-a.)
Skelly Oil Co
6% preferred (quar.)
South Pittsburgh Water Co., 7% pref.
(quar.)..
6% preferred (quar.)
Southern California Edison (quar.)
Southern Calif. Edison Co., Ltd.—
Original preferred (quar.)
Preferred series C 5)4 % (quar.)
Southern California Gas, preferred (quar.)
Preferred A (quar.)
Southern Canada Power (quar.)
Oct.
75c
(quar.)
Preferred
11
$1 X
50c
25c
National Casket Co
National Chemical & Mfg. (initial—quar.)
National City Lines, Inc., class A (quar.)
2 Dec.
Nov. 15 Nov.
68c
40c
Biscuit Co.. common
National Bond & Share Corp
National Cash Register
6%
6%
Jan.
37c
$1H
National
Paper &
Jan.
6c
.
Pollock
1 Nov. 20
16 Sept. 30
2 Dec. 20
50c
50c
Morrell (John) & Co
Mountain States Tel. & Tel. (quar.)
Mutual Chemical Do of Arner
6% pref. (quar.)
Mutual Investment Fund (quar.)
Power
Dec.
Oct.
—
o
4
1 Oct.
25c
Simpson
Servel, Inc
14
14 Sept, 15
1 Oct.
15
Nov.
Nov.
25c
Sheaffer (W. A.) Pen. Co
Silbak Premier Mines
Nov!.
Oct.
20c
50c
...
16 Oct.
1 Oct.
Midwest Piping & Supply (quar.)
Preferred B (quar.)
Missouri Gas & Electric Service
50c
$1)4 dividend preferred (quar.)
37Hc
Roth Packing Co. (extra)
33 l-3c
Royal Typewriter Co., Inc
75c
Preferred (quar.)
six
Saguenay Power, preferred (quar.).
SIX
St. Louis Bridge Co. 6% 1st pref. (s.-a.)
$3
3% 2nd preferred (s.-a.)
six
St. Louis County Water, preferred (quar.)
SIX
San Diego Consol. Gas & Elec. Co., pref.
(quar.)
1H%
Scott Paper Co., $4X cum. pref. (quar.)
$1 %
Nov.
Nov.
Nov. 15 Oct. 16
Dec. 15 Nov. 15
50c
50c
-
Nov.
Minneapolis-Honeywell Regulator
C preferred
15jNov. 15
5c
Oct.
15 Sept. 30
15 Sept. 30
734c
con v.
15 Nov. 15
Dec.
1734c
1734c
4
Oct.
$134
Pacific Finance Corp. (Calif.) A
pref.
15;Nov. 15
Dec.
15 Sept. 30
15 Jan.
Jan.
Nov. 15 Nov.
50c
55c
$6 preferred (quar.)
7% cumulative preferred (quar.)
6% cumulative preferred (quar.)
Northern States Power (Minn.) pref.
Dec.
16 Sept. 30
15 Sept.20
11
5
Assoc.—
Neisner Bros., preferred (quar.)
Nevada-Calif. Electric Corp., pref. (quar.)
New Bedford Gas & Edison (increased)
$1H
Oct.
1 Oct.
Holders
Payable of Record
$1H
$2
Oct.
Nov.
1939
Public Service of New Jersey $5 pref. (quar.)
Oct.
10c
$134
Melville Shoe Corp. (quar.)
Preference
Share
of Company
14,
When
Per
Name
25c
——
5% participating preferred (quar.)
Maytag Co., $3 preferred (quar.)
Preferred (quar.)
Mercantile Accutane
Holders
Payable of Record
7% preferred (quar.)
8% preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)...
Quarterly Income Shares Inc. (reduced) (quar.)
Randall Co. class A (quar.)
Reading Co. (quar.)
1
Reliance Mfg. Co
Republic Investors Fund, pref. A and B (quar.)
Republic Petroleum pref. (quar.)
$134
McWatters Gold Mines (quar)
Magnin <l.) & Co., preferred (quar.)
Mahon (R. C.) $2 preferred A (quar.)
$2.20 preferred (quar.)
Manhattan Pond Fund, Inc
Manufacturers Trust Co. pref. (quar.)
Marchant Calculating Machine (quar.)
Maritime Tel. & Teleg. Co. (quar.)
7% preferred
Maryland Fund. Inc. (quar.)
Massachusetts
15c
When
Oct.
$134
Nov.
1 Oct.
15
Nov.
1 Oct.
31 Oct.
15
3 Dec.
20
1 Oct.
16 Oct.
14
Oct.
25c
16
Nov. 15 Nov.
6
Nov.
1 Oct. 20
Nov.
1 Oct. 20
Dec.
1 Nov. 20
25c
Jan,
$134
37 34c
25c
Nov.
Oct.
5
not closed for this dividend,
of accumulated dividends
t Payable in Canadian funds, and in the case of non-residents of Canada
deduction of a tax of 5% of the amount of such dividend will be made.
Volume
Weekly Return of the New
Clearing House
the Federal Reserve Bank of
Condition of
York
New
Bank of
in
STATEMENT
comparison with the previous week and the corresponding
MEMBERS
OF
ASSOCIATION
THE
OF
Oct.
1939
12,
Net Demand
Time
Deposits,
Deposits,
Profits
♦
Clearing House
1938
Average
Average
Surplrr and
Capital
Members
s
$
S
CLEARING HOUSE
OCT. 11, 1939
Undivided
*
Oct. 4,
1939
YORK
NEW
BUSINESS WEDNESDAY,
CLOSE OF
AT
date last year:
Oct. 11,
York City
The weekly statement issued by the New .York City
Clearing House on Friday afternoon is given in full below:,
following shows the condition of the Federal Reserve
New York at the close of business Oct. 11, 1939,
The
2325
The Commercial & Financial Chronicle
149
Assets—
Gold
Bank of New York
certificates on hand and due rrom
20,000,000
National City Bank
77,500,000
516,207,000
Chem Bank & Trust Co.
183,072,800 61,927,963,000
418,066,000
250,391,000
New York Trust Co
370,360,000
Comm'l Nat Bk & Tr Co
7,000,000
9,303,600
27,939,400
■8,463,900
390,361,000
395,688,000
70,991,000
194,671,000
Pubiic Nat Bk A Tr Co.
7,000,000
9,768,900
90,186,000
61,468,000
97,039,000
56,926,000
27,958,000
2,658,000
5,920,000
1,693,000
43,757,000
4,190,000
38,997,000
2,555,000
2,972,000
29,428,000
1,740,000
51,732,000
915,777,500 12,930,628,000
668,833,000
Firet National Bank
3,750,000
788,000
2,600,000
213.000
Industrial
market
4,538,000
2,024,000
3,637,000
4,000,000
advances
25,000,000
Bankers Trust Co
6,000,000
Title Guar & Trust Co..
5,000,000
Marine Midland Tr Co..
anteed:
417,506,000
395,158,000
64,550,000
Bonds
Notes
Bills
Total
884,745,000
881,924,000
889,582,000
823,809,000
116,000
Total bills and securities
66,000
68,000
foreign banks
Items
Bank premises
Other assets.
*
5,290,000
156,452,000
8,908,000
Sept.
30,
4,529,000
1939.
9,824,000
15.198,000
969,200,000
Cable &
Other liabilities, lncl. accrued
dividends
145,083,000
Ford Ltd
Imp Tob of G B & I__
London Mid
Accounts—
50,911,000
50,832,000
52,463,000
7,457,000
8,948,000
52,463,000
7,457,000
51,943,000
8,873,000
10,285,000
Surplus (Section 13-b)
Other capital accounts
Total liabilities and capital accounts..
Swedish Match B
Ratio
deposit and
nblned.......
bills purchased
foreign correspondents..
total
of
to
reserve
liability
for
89.6%
89.8%
F, R. note liabilities co
to
36,000
5$,000
These are certificates given
over
1,898,000
1,898,000
25/1*4
16/7*4
£2*4
£2%
t "Other cash" does not Include
36,000
£36
85/—
14/6
25/9
17/1*4
....
---
Federal Reserve notes or a bank's own
Federal
Reserve bank notes.
make industrial ad¬
vances
Molasses
....
£35 %
84/4*4
Wltwatersrand
Areas..
86.5%
on
x
Commitments
....
Vickers.....
West
Contingent
90/£35*4
83/134
14/9
25/3
16/-
....
Shell Transport.
United
....
115/-
£6*4
£5%
£5*4
£35
82/6
14/3
24/1034
25/15/10*4
15/7*4
£35*4
83/1*4
Royal Dutch Co
8,209,113,000 8,180,585,000 5,702,865,000
20/3
115/734
113/9
£1034
Rolls Royce
7.744,000
14/434
£10%
71/3
Ry
Rand Mines
50,902,000
Surplus (Section 7)
20/6
112/6
....
....
1-4/6
14/434
19/4*3
110/7*4
Closed
HudsonsBayCo
88/3
7/3
....
83/9
£49%
£11 %
40/27/3
£4%
£4%
89/6
£4*3
86/6
7/14/6
Metal Box
Capital
Capital paid in
£4%
Co
Electric & Musical Ind.
8,089,334,000 8,060,960.000 5,581,991,000
Total liabilities
£4
Distillers
1,239,000
26/-
25/6
Beers
....
.38/9
26/3
35/-
32/6
....
Courtaulds S & Co
De
F ri.
Oct. 13
83/1*3
£48
£10%
£11%
Cons Goldflelds of S A.
130,266,000
1,328,000
142,158,000
1,344,000
Oct. 11
39/83/9
£47 %
£46 H
W ord
Central Min & Invest..
6,746,621,000 6.717,568.000 4,481,286,000
Deferred availability Items
81/10H
British Amer Tobacco.
Thurs.,
Oct. 12
....
Oct. 10
37/9
82/6
9
Boots Pure Drugs
4,161,874,000
Deposits—Member bank reserve acc't.. 6,314,981.000 6,283,681,000
168,215,000
60,033,000
77,339,000
U.S. Treasurer—General account
71,479,000
167,082,000
156,940,000
Foreign bank..
79,718,000
206,772,006
197,361,000
Other deposits
Total deposits
Oct.
7
Wed.,
Tues.,
Mon.,
Sar.,
Oct.
1,199,211,000 1,196,981,000
STOCK EXCHANGE
LONDON
THE
Quotations of representative stocks as received by cable
each day of the past week:
LiubilUies—
F. R. notes In actual circulation
branches as follows: a $261,685,000; 6 $77,216,000;
$1,121,000; d $65,726,000; e $17,505,000.
135,445,000
8,908,000
22.128.000
95,991,000
5,008,000
162,018,000
c
118,225,000
1939; State, Sept. 30, 1939; trust
official reports: National, Sept. 30,
per
companies,
8,209,113,000 8,180,585,000 5,702,865,000
Total assets
As
518,909,000
Includes deposits in foreign
22.534.000
Federal Reserve notes of other banks
Uncollected
815,422,000
877,214,000
guaranteed
12,500,000
Totals
securities,
Govt,
8.
U.
direct and
Due from
500,000
Fai«a Avenue Bank
direct and guar¬
U. 8. Govt, securities,
100,270,000
Chase National Bank
212,000
287,890,000
607,880,000
612,332,000
53,103,000
57,478,000
4,380,800
134,328,200 d2,661,652,000
51,949,000
3,867,600
80,314,100 el,016,522,000
14,512,000
2,492,200
50,000,000
Continental Bk <fe Tr Co.
2,548,000
163,000
1,999,000
Total bills discounted
Bills bought In open
c999,957,000
20,516,700
109,153,700
15,000,000
10,000,000
If rm? Trust Co
Corn Exch Bank Tr Co.
387,000
2,213,000
286,000
2,262,000
guaranteed
Other bills discounted
621,851,000
39,241,400
72,071,900
42,139,000
21,000,000
Cent Hanover BkATr Co
U. S. Govt, obligations.
by
direct and
90,000,000
Co
Manufacturers Trust
Bills discounted:
Secured
20,000,000
61,343,500 al,980,700,000
675,462,000
56,267,700
Guaranty Trust Co
7,133,889,000 7,093,354,000 4,713,513,000
Total reserves
16,751,000
50,135,000
167,373,000
5,541,000
203,510,000
13,807,900
26,340,200
6,000,000
Bank of Manhattan Co.
7,052.463,000 7,010,441,000 4,602,928,000
1,316,000
1,792,000
1,660,000
109,269,000
81,121,000
79,766,000
United States Treasury _x
Redemption fund—F. R. notes
Other casht
100
3,612,000
from the Reserve oanks
to
cents
59.06
cents,
by the United States Treasury for the gold taken
when the dollar was, on Jan. 31, 1934, devalued from
these certificates being worth less to the extent
of the
having been appropriated as profit by the Treasury
Gold Reserve Act of 1934.
i
difference, the difference Itself
FOOTNOTES
For
under the provisions of the
opposite column.
see
of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions
immediately preceding which we also give the figures of New York ana Chicago reporting member banks for a week later.
Weekly Return for the Member Banks
Commencing with the statement of May
19, 1937, various changes were made
in the breakdown of loans as reported in this statement,
which were
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" an C'other loans")
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions was published in the May 29.1937, issue of the "Chronicle," page 3590.
described in an announcement of the Federal
ASSETS AND LIABILITIES OF
Reserve
Federal
WEEKLY REPORTING MEMBER BANKS
Districts—
IN 101 LEADING CITIES BY
Cleveland Richmond
la.
$
%
%
$
22,500
investments—total
New York
Boston
Total
ASSETS
Loans and
Reserve Bank of New York of
1,180
9,385
,148
St. Louis
Minneap.
Kan. dig
Dallas
San Fran,
$
$
%
.
DISTRICT S ON OCT. 4, 1939 (In Millions of Dollars
Chicago
Atlanta
$
$
$
$
1,883
699
593
3,140
683
401
651
527
293
871
327
184
280
267
962
2,210
8,375
Loans—total
Commercial, Indus, and agricul. loans
Open market paper
Loans to brokers and dealers In secure.
Other loans for purchasing or
596
3,241
418
683
253
260
112
157
511
195
90
321
4,251
195
176
1,776
170
282
123
1,2
3
35
7
3
2
20
64
6
18
318
25
3
5
30
5
3
10
416
22
3
22
18
1
538
11
76
14
8
10
14
49
106
51
9
25
22
67
54
50
8
18
carrying
J
505
21
231
31
25
15
1,179
81
205
55
172
38
31
36
1
26
1
3
1
1
Loans to banks
Other loans.__
1,548
125
464
492
3
321
"38
216
199
37
435
49
"33
48
60
848
82
"85
2,130
5,881
2,353
326
581
128
98
940
140
113
95
82
345
680
52
62
291
65
27
53
55
173
securities
Real
estate
loans
Treasury
bills
Treasury
notes
United States bonds
Obligations euar. by U. 8. Govt...
Other
securities
Reserve with
Cash in
..
—
Federal Reserve Bank..
vault
Balances with
93
195
deposits..
45
1,214
92
131
274
283
67
96
480
99
44
133
57
310
1,408
492
180
130
1,308
209
96
191
130
365
5,789
395
9,826
481
142
18
44
20
13
72
11
7
15
10
97
196
220
334
190
209
537
183
113
334
269
293
156
38
47
81
22
10
22
30
240
1,014
1,043
22
79
457
99
102
8,818
1,033
897
1,265
476
383
2,567
464
292
512
451
1,167
281
729
200
188
935
190
119
144
136
53
42
28
40
111
20
8
23
30
430
294
277
1,146
333
153
430
259
1
3
4
""290
101
86
345
540
238
15
68
324
3,477
401
30
677
13
2
1
1
15
1
762
1
1
13
14
31
11
18
~~6
222
373
97
92
406
94
107
".
310
21
-
669
liabilities
„
178
2,240
7,834
1
Foreign banks
account
'
3,382
,
Borrowings
Other
v
18,306
5,233
Demand deposits—adjusted
Capital
-
1,233
Time deposits
banks
3
^
111
LIABILITIES
Domestic
52
123
—
471
Other assets—net
Inter-bank deposits:
85
7
72
9
384
m
3,034
^
domestic banks.
United States Government
3
113
.
19
3,716
244
""2531
1,598
58
The Commercial & Financial Chronicle
2326
Oct.
14,
1939
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was issued by the Board of Governors of the Federal Reserve
System on Friday afternoon, Oct. 13,
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
Reserve note statement (third table
and liabilities
resources
separately for each of the 12 banks.
following) gives details regarding transactions in
The Federal
Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
returns
for the latest week
appear
in
our
The comments of the Board
of Governors of the Federal Reserve System
department of "Current Events and Discussions
the
upon
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL
RESERVE BANKS AT THE CLOSE OF BUSINESS
OCT. 11, 1939
Thru Ciphers (000) Omitted
Oct. 11,
1939
Gold ctfs.
on
hand and due from U.S. Treas. x.
Oct. 4,
1939
$
ASSETS
%
14,725,715
Sept.
27,
Sept.
20,
Sept. 6,
1939
1939
Aug. 30,
1939
Aug. 23,
1939
%
14,696,217
9,005
Sept. 13,
1939
S
%
S
$
$
14,656,717
7,344
339,046
14,621,718
14,312,220
8,644
8,644
334,281
14,576,719
8,288
324,422
14,452,221
325,153
307,781
15,049,896
15,030,375
15,003,107
14,964,287
14,909,429
14,768,646
1,331
5,183
1,277
1,572
4,784
969
5,472
4,619
1,556
5,697
6,514
6,749
6,356
5,588
7,253
498
548
548
545
546
11,803
11,841
11,644
11,667
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
2,764,896
Redemption fund (Federal Reserve notes)
Other cash *
2,784,896
2,803,809
8,987
315,194
—
Total reserves--.-—
8,288
Aug. 16,
1939
1939
Oct.
12,
1938
1
$
13,968,221
339,748
14,167,720
9,126
344,846
14.660.612
1,546
2,109
4,452
11,020,211
9,056
9,669
341,509
363,211
14,521,692
14.318.786
11,393,091
4,081
1,012
3,806
1,052
3,500
3,193
5,998
6,190
4,818
4,552
9.299
546
546
575
545
541
11,617
11,627
11,667
11,677
11,615
15,507
272,370
1,268,800
1,245,497
309,420
1,021,219
1,238,573
334,620
912,460
1,179,109
334,620
911,090
1,176,109
335,540
911,090
1,176,109
335,540
1,164,565
2,826,483
2,823,717
2,594,412
2,426,189
2,422,739
2,422,739
2,564,015
2,612,583
2,444,592
2,439,809
2,439,451
2,589,362
Bills discounted:
Secured
by
U.
S.
Government obligations,
direct and fully guaranteed
Other bills discounted
-
Total bills discounted
—
Bills bought In open market
Industrial advances
6,106
United States Government securities, direct and
guaranteed:
Bonds
—
——————
Notes..—.
Bills
Total U.
8.
Govt, securities,
direct
and
guaranteed
Other
787,327
612,123
securities
Foreign loans
on
""""""I
gold
Total bills and securities
2,783,711
2,804,034
2,822,357
2,844,283
2,843,133
I
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
"225
176
""176
20,836
20,583
666,514
♦
178
177
177
177
21,513
26,389
23,300
720,313
733,764
586,943
42,159
42,166
66,771
77,469
42,162
61,232
23,664
588,704
42,211
52,122
18,659,504
18,632,527
18.095,043
17,812,082
149
178
180
21,732
604,265
22,635
721,814
617,394
42,224
42,259
44,305
51,032
50,450
48,849
17,680,903
17,595,573
14,715,713
42,082
71,118
42,082
68,951
20,799
646,638
42,140
67,889
18,635,504
18,632,715
18,603,100
4,757,812
4,732,133
4,683,726
4,677,608
4,678,992
4,683,716
4.609,282
4,572,130
4,563.822
4,281,103
11,739,156
403,535
11,671,664
469,127
466,137
309,403
11,621,338
11,549,309
11,140,608
551,890
467,580
303,913
10,828,970
723,754
323,760
10,633,449
775,739
280,665
285,554
10,951,004
708,611
350,132
257,768
8,400,218
618,613
495,787
11,525,708
615,386
450,076
305,296
280,186
284,585
176,287
12,884,298
641,620
4,371
12,916,331
12,949,263
682,167
3,894
12,896,466
704,124
6,243
12,504,594
556,831
11,974,438
9,479,374
603,220
3,557
12,267,515
585,540
3,948
12,156,670
3,815
12,944,721
622,759
4,970
3,118
708,783
2,948
601,672
4,328
18,288,101
18,285,762
18,256,176
18,31^,932
18,285,825
17,748,698
17,466,285
17,335,138
17,249,991
14,366,477
135,561
149,152
27,264
35,426
Uncollected Items
135,460
149,152
27,264
135,511
149,152
27,264
135,506
35,077
35,003
27,264
34,6.50
135,497
149,152
27,264
34,789
18,635,504
18,632,715
18.603,106
18,659,504
85.3%
85.2%
85.1%
84.9%
101
101
101
10,278
10,517
10,806
667,636
Bank
premises
Other assets
Total assets
——
22,532
LIABILITIES
Federal Reserve notes in actual circulation
Deposits—Member banks'
reserve account
United States Treasurer—General account-.
Foreign banks
Other
444,207
deposits
297,400
Total deposits
Deferred availability Items
y
Other liabilities, incl. accrued dividends
Total liabilities
CAPITAL
Other capital accounts
Total liabilities and capital accounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Contingent
liability
291,248
703,407
199,462
ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
y
633,483
675,555
397,183
on
bills
purchased
for
foreign correspondents
Commitments to make Industrial advances
10l'
10,328
135,496
135,487
135,486
135,477
133,954
149,152
149,152
27,264
33,894
149,152
149,152
147,739
27,264
34,433
27,264
27,264
27,683
33,863
33,689
39,860
18,632,527
18,095,043
17,812,082
17,680,903
17,595,573
14,715,713
84.8%
85.9%
86.9%
86.8%
86.6%
82.8%
101
lol
101
101
101
157
10,919
10,931
11,009
11,075
11,261
13,696
149,152
■
v
••
-J
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
2,316
1,287
4,406
237
4,184
2.484
168
1,253
173
251
353
2,191
500
2,244
456
1,431
2,053
7,663
365
296
647
669
678
566
447
3,455
Over 90 days bills discounted
2,451
288
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
3,547
546
3,372
3,509
1,788
597
550
497
304
278
159
161
152
163
161
183
287
258
317
216
6,749
6,356
5,588
7,253
6.190
232
255
5,998
124
4,818
4,552
9,299
23
135
314
305
""255
47
149
115
23
33
99
140
106
140
83
23
93
""209
209
209
74
153
83
135
199
267
315
202
28
309
94
16-30 days bills bought In open market..
31-60 days bills bought in open market
61-90 days bills bought In open market
Over 90 days bills bought In open market
Over 90 days Industrial advances
596
6,514
Total bills discounted
1-15 days bills bought In open market..
Total bills bought In open market
1-16 days Industrial advances
16-30 days Industrial advances
31-60 days Industrial advances
61-90 days industrial advances
2,164
93
165
498
548
548
545
546
546
546
575
1,395
1,400
545
541
1,366
1,448
1,317
1,318
1,314
120
133
1,205
239
1,165
220
1,110
208
230
78
166
395
218
481
483
380
392
444
594
1,191
553
560
547
551
506
471
445
442
364
891
12,603
407
-
1,191
-
i
356
8,690
—-
Total lndustrla1 advances
U. S. Govt, securities, direct and
guaranteed:
1-15 days
16-30 days
31-60 days
8,716
8,998
8,965
9,206
9,216
9,386
9,270
9,315
11,803
11,841
11,644
11,667
11,617
11,627
11,667
11,677
11,615
15,507
29,137
48,940
36,637
38,913
48,913
36,637
82,715
67,050
38,913
78,077
125,380
62,250
48,913
60,625
77,625
128,887
67,050
62,250
85,140
60,625
64.077
68,050
85.550
105,963
206,333
123,955
82,115
2,295,217
2,115,199
63,137
2,107,874
179,228
2,514,297
97,615
2,132,849
1,951,892
29,137
123,955
141,173
182,453
2,455,691
2,455,691
210,453
2,448,365
2,764,896
2,784,896
2,803,809
2,826,483
2,823,717
2,594,412
2,426,189
2,422.739
2,422.739
2,564,015
5,033,080
275,268
5,002,399
270,266
4,991,190
307,464
4,994,686
317,078
4,983,108
304,116
4,945,513
261,797
4,892,298
283,016
4,859,493
4.847,304
283,482
4,575,270
287,363
4,757,812
Total U. S. Government
securities, direct
and guaranteed
27,440
125,380
105,748
2,455,691
61-90 days
Over 90 days
4,732,133
4,683,726
4,677,608
4,678,992
4,683,716
4,609,282
4,572,130
4,563,822
4,281,103
5,101,000
5,104,000
1,172
5,066,000
2,792
5,025,500
3,258
4,967,000
3,389
4,945,500
2,022
4,941,500
1,766
4,648,000
2,182
5,103,022
5,105,172
5.068,792
5,028.758
4.970.389
4.947.682
4,943.266
4,656,446
97,615
97,675
Total other securities...
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
Collateral Held by Agent as
Notes Issued to Bank—
Goid ctfs.
on
294,167
Security for
hand and due from U.S.
Treas..
By eligible paper
United States Government securities
.
5,138,000
5,108.000
2,440
2,406
8,446
1
Total
collateral
5,140.440
5,110,406!
*
"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 59.0«
cents on Jan
5»l. f-34, these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit
by the Treasury under
provision* o* the Oeid Reserve Act of 1934.
y With the statement of Jan. 4, 1939 two new
items appeared, "Other liabilities.
wo Items corresponds
exactly to the total of two items
formerly in the statement but
tatement (or Oct. 12,1938 has been revised on the
new
basis and is shown
accordingly
Including accrued dividends," and "Other capital accounts."
excluded, via.: "All other liabilities." and "Reserve for
now
The total of these
contingencies."
The
Volume
2327
The Commercial & Financial Chronicle
149
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS
OF BUSINESS OCT. 11, 1939
AT CLOSE
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
$
%
$
$
Gold
certificates
on
and
hand
%
\
%
$
San Fran.
Dallas
Minneap. Kan. City
St. Louis
Chicago
$
%
%
%
due
from United States Treasury
609
871
344
580
422
42,873
14,241
9,369
18,277
15,784
313,237 2,493,840
429,836
268,732
379,461
244,336
876,858
408,381
15,049,896
reserves
399
883,684
659
26,845
873,164 7,133,889
744,478
8,987
v
16,856
20,442
520
315,194
Redemption fund—Fed. Res. notes..
852,583
259,019
414,724
295,982 2,450,358
717,113
228,130
850,350
1,490
25,018
388,634
1,244
18,503
845,755 7,052,463
189
1,660
27,220
79,766
14,725,715
Other cash *
Total
$
Atlanta
$
Cleveland Richmond
Phila.
ASSETS
360,604
Bills discounted:
Secured by U. S. Govt, obligations.
direct and guaranteed.
286
115
88
140
20
110
17
75
2,262
321
470
342
135
418
146
87
""501
143
358
420
2,548
436
558
482
155
528
206
87
501
160
433
41
163
55
51
24
19
69
2
2
16
16
40
11,803
1,579
1,999
3,104
337
1,034
645
445
7
842
202
535
1,074
1,315,942
1,245,497
95,140
417,506
34,981
33,108
57,619
41,665
17,497
8,080
143,558
135,871
22,195
44,021
64,550
62,798
10,259
49,464
14,710
136,913
129,583
21,168
52,260
395,158
113,171
107,114
66,351
90,046
203,457
6,806
5,408
8,908
46,826
44,319
7,240
107,596
101,837
16,636
2,764,896
199,896
877,214
237,782
287,664
139,408
109,804
301,624
92,492
73,497
121,061
98,385
226,069
2,783,711
201,936
881,924
241,377
288,610
140,948
110,623
302,666
92,707
74,428
121,780
99,096
227,616
Total bills discounted
6,514
Bills bought In open market..
498
Industrial advances
U. S. Govt, securities, direct & guar.:
Bonds
Notes..
Bills
Total
U.
S.
Govt,
Total bills and securities
225
13
116
17
16
7
6
22
3
5
5
13
20,836
752
5,290
813
1,894
1,611
2,918
1,379
394
65,324
156,452
45,947
59,408
27,304
31,462
42,082
2,903
8,908
5,906
2,564
2,044
31,166
3,132
71,118
4,551
22,534
4,604
6,485
95,856
3,880
7,681
4,859
2,916
6,931
2,184
1,091
18,871
1,503
1,879
2,195
667,636
1,017
76,313
24,871
1,216
2,464
1,482
34,662
3,166
5,784
18,635,504 1,148,643 8,209,113 1,043,721 1,263,227
618,061
457,741 2,906,113
559,827
366,506
540,589
Fed. Res. notes of other bankB
Items
premises
Other
54,534
2
Due from foreign banks
Bank
;r: ;
60
;
securities,
direct and guaranteed
Uncollected
420
1,331
5,183
Other bills discounted
assets
Total assets.
2,256
2,850
372,382 1,149,581
LIABILITIES
4,757,812
404,130 1,199,211
335,192
440,672
214,653
159,219 1,041,354
186,183
137,705
178,095
83,643
377,755
11,739,156
592,811 6,314,981
559,791
625,036
274,124
281,137
151,951
281,852
211,007
620,375
77,339
156,940
197,361
13,852
43,342
33,039
29,207
12,958
36,806
27,272
28,164
10,277
12,958
13,150
7,497
8,048
4,508
434
12,958
1,560
25,832
32,219
13,117
35,203
19,214
1,607
204,751 1,621,340
40,178
31,276
15,639
54,066
656,491 6,746,621
630,102
712,780
330,148
259,348 1,723,081
331,350
203,542
322,516
253,689
714,630
142,158
1,344
45,130
76,605
58,215
26,285
96,427
31,518
15,977
29,693
23,851
32,015
844
363
110
172
409
174
149
163
103
217
18,288,101 1,124,690 8,089,334 1,011,268 1,230,420
603,126
445,024 2,861,271
549,225
357,373
530,467
4,302
3,613
1,142
1,06£
540,589
F. R. notes In actual circulation
Deposits:
Member bank reserve account
U.S. Treasurer—General account.
403,535
25,367
Foreign
bank
444,207
deposits
297,400
32,081
6,232
Other
Total deposits.
12,884,298
Deferred availability Items
63,746
641,620
4,371
Other liabilities, incl. accrued dlvs_.
Total liabilities.
323
41,555
7,682
36,204
361,286 1,124,617
CAPITAL ACCOUNTS
135,561
149,152
9,384
10,083
50,911
12,116
13,786
52,463
13,696
27,264
2,874
1,612
7,457
4,416
8,948
2,225
14,323
1,007
3,691
18,635,504 1,148,643 8,209,113 1,043,721 1,263,227
13,802
3,993
5,630
22,666
4,685
713
1,429
6,945
545
1,379
2,918
3,153
1,001
2,061
457,741 2,906,113
618,061
Surplus
(Section 7)
Surplus (Section 13-b)
Other capital accounts
35,426
101
7
36
10
559,827
366,506
472
1,898
990
1,813
4
1,412
912
3
12
713
27
10
10,328
for foreign correspondents.
Commitments to make Indus, advs...
•
4,561
5,117
4,983
3,293
1,542
Capital paid in..
i
10,622
3,892
9,965
1,266
1,889
2,121
2,256
372,382 1,149,581
a
2
416
4,049
a
7
583
6
3,475
"Other cash" does not Include Federal Reserve notes.
RESERVE
FEDERAL
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Total
Boston
New York
%
$
$
by
Chicago
St. Louis
%
%
$
Minneap. Kan. City
Dallas
$
$
San Fran.
S
$
461,738
21,066
224,583
99,30
169,759 1,064,287
22,933
10,540
198,210
12,027
141,996
17,073
4,292
186,963
8,868
91,639
7,996
427,309
49,554
404,130 1,199,211
335,192
440,672
214,653
159,219 1,041,354
186,183
137,705
178,095
83,643
377,755
5,138,000
440,000 1,305,000
420
1,129
360,000
463,000
225,000
174,000 1,080,000
199,000
143,500
190,000
94,500
464,000
2,440
110
6
320
5,140,440
Agent
440,420 1,306,129
360,115
199,110
143,506
190,320
94,500
464,000
25,151
275,268
circulation..
beld
Atlanta
$
85,838
352,265
429,281 1,285,049
5,033,080
Held by Federal Reserve Bank
In actual
$
4,757,812
Issued to F. R. Bank by F. R. Agent
Collateral
STATEMENT
Cleveland Richmond
Phila.
$
Federal Reserve notes:
NOTE
security
as
for notes Issued to banks:
Gold
certificates
on
hand and
due
from United States Treasury....
Eligible paper
.
...
Total collateral
United States
Rates quoted are
340
115
225,340
463,000
174,000 1,080,000
Treasury Bills—Friday, Oct. 13
THE
for discount at purchase.
each
Bid
PARIS
Asked
Bid
Asked
Oct.
18 1939
0.05%
Dec.
6 1939
0.08%
Oct.
25 1939
0.05%
Dec.
13 1939
Nov.
1 1939
0.05%
Dec.
20 1939
0.08%
0.08%
8 1939
0.05%
Dec,
27 1939
0.08%
Banque de Paris et Des Pays Bas
3 1940
0.08%
0.08%
7
Banque de France
Nov.
0.08%
Jan.
Nov. 22 1939
0.08%
Jan.
Nov. 29 1939
...
received by cable
as
day of the past week:
Oct.
Nov. 15 1939...
BOURSE
Quotations of representative stocks
Francs,
Oct. 10
0CL H
Oct. 12
Francs
Francs
Francs
5,970
712
269
6,150
6,250
715
720
267
15,665
15,500
....
6,130
517
526
15,215
526
1,350
1,338
1,340
1,325
Citroen B
10 1940.......
315
311
320
345
Comptoir Natlonale d'Escompte
Coty S A
626
191
191
645
192
635
198
Courrieres
155
162
161
Canal de Suez cap..
-----
Cie DLstr d'Electrlcite
Cie Generale d'Electrlcite
Quotations for United States Treasury Notes—Friday,
Oct. 13
Figures after decimal point represent one or more 32ds of
Lyonnals
Eaux des Lyonnaize
cap.
Closed
Lyon(PLM)
Int.
Int.
Asked
Bid
Asked
NordRy
102.4
102.6
Pathe capital
103.4
103.6
Pechiney
104.14
Rentes, Perpetual, 3%
103.12
103.14
15 1943...
1X%
1H%
2%
1^%
iy8%
100.25
100.27
Dec.
15 1943...
1 H%
100.23
100.25
June
Bid
Rate
Maturity
15 1944—
1*A%
99.3
99.5
Rate
Maturity
Orleans Ry. (6%)
15 1939...
Mar. 15 1940...
June
15 1940
Dec.
15 1940...
Mar.
15 1941...
June
390
395
1,220
211
462
1,230
627
630
634
1,139
735
722
785
1,154
740
712
800
1,158
745
722
1,145
755
720
Kuhlmann.
L'Alr Liquide
Dec.
382
1,205
207
440
.
Energie Electrique du Littoral..
point.
15 1941
1%%
l*A%
1^%
IX%
1H%
1^%
100.26
100.28
Dec. 15 1941...
101
101.2
Mar. 15 1942...
101.7
101.9
101.19
101.21
Sept. 15 1942...
Dec. 15 1942...
101.27
101.29
June
102
101.30
104.12
....
1,859
68.15
76.95
78.80
78.25
102.40
102.60
102.40
1,930
1,947
1,939
1,360
1,385
43
1,350
44
870
540
69
283
860
535
67
294
860
541
61
307
875
33
32
33
33
....
Soclete Marseilles..........
Tublze Artificial Silk pref
STOCK
EXCHANGE
820
1,360
Schneider & Cie
Not
available
22
1,876
68.00
1,901
-
Societe Lyonnalse.
BERLIN
464
78.60
-
1920
Saint Gobain C & C
Soclete Francalse Ford
THE
....
22
1,890
68.20
....
1,882
67.55
.....
76.60
4
5%,
158
373
1,220
206
432
624
Credit Commercial de France..
Credit
a
Oct. 13
Francs
713
275
15,595
505
Banque de l'Unlon Parlsienne...
0.08%
0
Francs
Oct.
Union d'Electrlcite
Wagon-Lits
540
74
315
Closing prices of representative stocks as received by cable
each day
of the past week:
Oct.
Oct.
7
9
Oct.
Oct.
Oct.
10
11
12
per Cent o
Oct.
13
United
States
Government
Securities
on
the
New
Par
AllgemeineElektrlzitaets-Gesellschaft (6%) 114
114
115
114
113
151
106
Deutsche Bank (6
.111
Deutsche Reichsban (German Rys. pf. 7%). 123
Dresdner Bank (6%)
104
Farbenlndustrle I. G. (7%)
157
151
105
152
106
111
123
104
157
123
Exchange—See following
page.
150
105
111
152
106
HI
123
104
156
York Stock
Berliner Kraft u. Licht (8%)
Commerz-und Privat-Bank A. G. 0%
........-.180
Relchsbank (8%)
Siemens & Halske
(8%)_.
Verelnlgte Stahlwerke (6%)
180
202
93
202
92
105
157
180
200
93
180
199
92
Transactions
Holiday
123
104
156
180
199
91
at
the
New
York
Stock
Daily, Weekly and Yearly—See page 2343.
Stock and Bond
Averages—See
page
2343.
Exchange.
2328
Oct.
1939
14,
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the day's
range, unless they are the only transactions of the day.
computing the range for the year.
No
account is taken of such sales in
United States Government Securities
Below
furnish
the New York Stock
on
Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
we
Dally Ilecord o
a
s
U. S. IUmd Prices
Treasury
4^s, 1947-52..
7
Oct.
Oct.
Oct. 10
115
b
115
e
115.3
115
Low
115.3
1
ti
111.4
Dally Record
'
'
*
to
to
to
-
U. S. Bond Prices
o
111.23
3
Total sales
110.5
$1,000 units..
n
2
m
„
„
to
-
j
102.24
102.24
102.24
102.24
to
102.24
102.24
to
1
2
Total sales in $1,000 units..
101.20
101.2
101.1
101.7
101.14
101.8
101.12
101.20
6
8
1
4
100.24
101.4
101.4
101.14
101.12
100.14
101.4
101.1
101.13
101
101.4
101.1
100.24
101.13
5
101.12
101.5
101.18
101.9
Low.
100.25
101
100.28
101.10
100.28
100.26
101.12
100.30
101.14
101.9
26
27
65
___■
-
102.23
(High
-
to
-
102.23
—
105.10
Total sales in $1,000 units...
-
—
-
16
102.16
102.15
102.28
103.6
102.31
102.16
J Low.
(Close
2^8. 1948
6
102.15
102.28
103.1
102.31
103.6
102.16
102.15
102.28
5
3
3
(Tiigrh
100.26
101.6
100.18
•
104.16
3J4s, 1941-43.
104.16
■
to'-.
2^8. 1949-53.Low.
-
'
~
104.16
102.31
153
4
101.1
101.12
101.12
100.30
100.28
101.9
101.3
101.3
100.28
Close
Total sales in $1,000
units...
-
to
-to
100.26
(High
100.26
101.4
101.11
101.8
Low.
100.20
101.4
101.11
101.8
Close
Total sales in $1,000
units...
«•
5
100.26
2^8, 1950-52
-
3^8, 1943-47.
Total sales
20
105.10
»
-
-
57
..•(Low.
(Close
2)4b, 1945...
38
105.11
—
to
17
(High
102.23
to
7
Total sales in $1,000 units...
2
101.12
13
(High
100.26
to
-
——
....
Oct. 13
101
(Close
1
e
3HB, 1940-43
Oct. 12
101.12
Total sales in $1,000 units...
110.5
110.5
Oct. 11
101.8
Low
——
110.5
110.5
c
Oct. 10
Close
Total sales in $1,000 units...
——
110.5
3^8. 1940-56.
9
(High
2Kb. 1958-63
2^8, 1960-65
1
Oct.
101.14
(Close
111.23
5
7
Total sales In $1,000 units
——
111.10
Oct.
(High
| Low.
*
—'-
111.23
111.10
1
Oct. 13
Treasury
2^s. 1956-59
111.10
111.4
Low
Oct. 12
1
111.4
e
4s. 1944-54.
Oct. 11
115.3
-
178
to
_
to
•
Total sales in $1,000 units..
w
to
-
—
-
-
•
~
«
*
--
.
to
101.11
101.8
100.22
100.22
101.2
101.4
100.18
100.20
101
100.19
100.22
100.20
101
19
3
«
HOLI¬
-
Federal Farm
Mortgage
5
107.23
107.30
107.31
107.26
107.23
107.26
107.31
107.26
107.23
20
•!
3>£b, 1944-46
107.30
1
107.28
Low
107.27
107.30
107.31
108
[Closi
107.28
108
107.31
106.14
3^8, 1946-49.
to
to
106.14
Total sales in $1,000 units.
to
to
to
-
-
to
to
%
104.20
104.
104.20
104.
104.12
104.20
104.
101
1
3
107
107.1
—
107.2
20
107.8
—
-
•
to
104
(Close
104
Total sales in $1,000
units...
(High
107.3
,
103
Low
103
(Close
2^8, 1942-47
53
-
_
Low.
104
] Low
107.2
1
mm
—
3Hs, 1949-52.
(High
107.6
to
104.12
104.12
104.17
Total sales in $1,000
units...
107.6
«
106.14
104.17
104.17
3s. 1942-47
*
1
-
2
(High
1944-49Low.
108
12
DAY,
104.14
(Close
3s,
108
Total sales in $1,000 units...
HOLI¬
104.14
(Close
3
107.31
4
28
104.14
Total sales in $1,000
units...
107.31
2
108
101.4
12
(High
■( Low.
3^8, 1944-64
DAY
107.26
3^8, 1943-45..
14
105.13
toto^to
-
25
155
Total sales in $1,000
units...
105.13
..
to
101.4
119
(Close
105.13
-
'to*-*.
101.10
4
Low.
2s, 1947
Low
101.9
13
(High
;
3^s, 1941.
11
103
Total sales in $1,000
units...
107.8
Total sales in $1,000 units...
to
Low.
105.26
106.6
104.2
Low.
-■
—
„
«
to
-
to
*
to
•
-
«
105
104.16
104.17
104.30
104.20
104.21
104.17
105
105
27
42
(High
101.28
102.14
102.8
102.20
102.22
Low
101.21
102.3
102.2
102.14
102
(Close
2^8, 1955-60
101.28
102.9
102.2
102.18
102.22
64
85
Total sales in $1,000 units..
29
41
(High
2Kb, 1945-47
105.5
Low.
-•»«.-
105.20
105.16
103.12
«.«.
to.
M
— -
~
to
-
to
«.
-
1
103.22
1
104.1
103.22
2
■
43
103.14
130.18
103.20
7
102.15
102.16
102.12
Low.
102.4
102.1
102.12
102.4
101.27
102.12
102.1
102.15
102.16
5
45
32
Odd lot sales,
:
t Deferred delivery sale,
"J-
t Cash sale.
includes
Treasury 3%s, 1946-1956
United States
United States
of
coupon
...110.18
Treasury 3^8, 1946-1949
Treasury 2j%%, 1945-1947
7
52
8
...-j Low.
1945-47..
110.18
to
106.12
to
106.12
to
,105.5
—
1
102.9
1
•
101.27
101.27
Total sales in $1.000
units...
103.20
only sales
registered bonds were:
1
103.22
(Close
2^s. 1951-54
4
103.18
103.14
Note—The above table
bonds.
Transactions in
103.28
—
1
(High
2
104.1
to
103.12
Close
Total sales in $1,000 units
1
'
to
25
101.20
Total sales in $1,000
units...
*
105.12
103.12
Low.
114b,
105.12
105.20
1
104.20
104.18
(High
105.12
105.3
105.3
1
(High
•
105.3
104.8
104.18
104.2
I Close
105.5
■
Total sales in $1,000 units.
2^8, 1948-51
16
104.18
104.2
104.8
Total sales in $1,000 units...
61
105.5
to-
Close
11
104.2
104.8
(High
2^8, 1942-44
105
2
104.2
Total sales in $1,000 units.
104.8
104
|LOW.
50
„
104.24
104
104
(Close
Total sales in $1,000
units...
106.5
«
.
104.21
104.2
--
(High
-{Low.
3s, series A. 1944-52
106.5
»
'
■
12
2
(High
3s, 1951-55
Home Owners' Loan
»
106~.5~
106.6
105.26
Total sales in $1,000 units...
•
10~6~.6~
105.26
3s, 1946-48..
-
105,5
Treasury Bills—;See previous page.
Treasury Notes, &c.—See previous
page.
New York Stock Record
LOW
AND
Saturday
Oct.
7
$ per share
70
HIGH
SALE
Oct.
Tuesday
9
$ per share
PRICES—PER
SHARE,
NOT
PER
CENT
Wednesday
\
Oct. 10
Oct.
$ per share
$
Friday
Oct. 13
$ per share
$ per share
Shares
69
978
183
97„
184
*13
*9%
180
137s
13
13U
1338
93S
934
*6234
42
64%
431,1
1478
147S
1012
180l2
*65
*9*8
182
73
10
10
184
184
144
50%
9%
*21
1378
*13
13i8
13
131S
13
13
*63
9i2
64I2
9I2
*63
42
43
423s
1478
15
15
43%
15's
258
1812
18%
1912
68
68
68
22l2
35i2
35
22%
*51
14
5278
•
213,i
34%
2214. 22t2
1438
1438
14
*5178
5278
*5178
3534
14
523i
Bid and asked orlcea: no sales
10%
*13%
*1234
64l2
43%
18
68I4
34%
7,300
15
1734
on
19
19
6234
57
*22
22
*13*8
2212
3578
14
*51
5234
*51%
this day.
t In
Lowest
Par
Abbott Laboratories...No par
1)4% conv pref
-.100
Abraham & Straus
No par
Acme Steel Co
18
15
15
35
14
receivership.
10*8
185%
14%
1338
9%
63%
900
3,500
1,500
1,200
5,100
200
25
Adams Express
No
Adams-MiJlis
Corp
10
No par
Air Way El Appliance..No
par
Alaska Juneau Gold Mln.._10
Allegheny Corp
5)4% Pf A with $30
5)4 % Pf A with $40
No par
war.
war.
$2.60 prior
conv
Year 1938
Highest
share
53
April
120
Apr 10
33% Apr 8
31% Mar 31
6% Aug 24
19
Sept 5
1578Sept 8
45% Apr 4
34 Jan 30
Industries Inc
1
Allied Chemical & Dye.No
par
Allied Kid Co
5
Allied Mills Co Inc
No par
Allied Stores
Corp
4% Sept
1
677g
800
1,700
Am Agrie
5,200
American
6%
n
r
May 2
634 Apr 11
151% Apr 10
10
Apr 10
Jan
23% Sept 27
28% Jan
4
69
11%
Sept 27
Jan
4
200% Sept 11
1478 Sept 11
No par
50
16
April
Apr 26
26
June 29
Ex-dlv
g
1
6778 Nov
May
Jan
21
z
Oct
Aug
40
5
Aug 21
Cash sale,
24
30
18% Sept 26
18
Sept 27
3% Sept
934 Sept
1284 July
14% Mar
16% Mar
78
12
49% Sept 11
Jan
i%
50
10
Oct
Oct
52
6% June
3
10
Nov
45
20%Sept 27
5
50
6% Mar
share
13%
197g Jan
Note
June
per
61
12334
78 Mar
3
par
36% Feb
119% July
30% Mar
18
Highest
share $
% Mar
884 Mar
11% Jan
Apr
per
3
Jan
48% Jan
preferred
New stock
8
$
Sept 27
8
1234 Apr 8
l%June 29
Chem(Del)— No
Bank
Apr
3
28
100
Am Airlines Inc
5234
June 29
Mar
8
Leather Co Inc.—1
6% conv preferred
Amerada Corp
ll%Sept 12
25
27% Jan
5
68
Sept 27
1 % Sept 13
15% Sept
No par
Portland Cem..No par
Amalgam
5034 Sept 15
2
14
share
71%Sept 19
149%Sept 30
43% July 28
10
2
1
5% Aug 24
4% Aug 24
Lowest
9% Apr 10
6
Apr 11
54% Apr 11
No par
5% preferred
Allls-Chalmere Mfg
Alpha
per
% July
8
Allen
$
6% Sept
52
600
1 net. delivery.
per
pref.No par
2,000
600
100
$
Alghny Lud Stl Corp
No par
Allegheny&West Ry 6% gtdlOO
1934
14
100
5)4% Pf A without wai.100
4378
15%
27g
5,400
1,100
par
..No par
Address-Multlgr
Air Reduction Ino
22%
35%
153s
234
*18%
*6678
x&7
35%
2,700
5,400
14,300
2,100
19
*63%
43U
2*8
700
73
641*
25s
200
2,800
5,300
25%
9%
23.i
4,000
24
9l2
.
"2" 000
Range for Previous
On Basis of 100-SAare Lots
EXCHANGE
2,400
1,500
9lg
2%
22
67g
6034
1%
678
1%
160
1*8
16%
1434
141.1
18%
9*g
25s
*67
*1
185
14
50%
934
21%
1858
18
60
10*8
1338
1,400
42
Day
185
1318
2*8
3212
1378
73
13
4314
15%
234
1912
*67
*
69%
144
*38
•
73
Range Sines Jan.1
YORK STOCK
Week
70i4
70i4 *68
70
6934
593.1
147% 14712 *142% 14712 *142% 147
*142l2 147
*3812 42
*3812 42
*3812
42
*38
42
4834
50
4812 49i2
4934
4934
501.1
50'2
9%
93.J
938
0l2
9%
9%
938
Q34
*21
22
*2ll2 22
217« 2178
2134
2134
18
18
18
18
18%
19
I8I4
1878
61
61
603.i
615s
61
62
6058
6ll2
*1
1
1%
1%
1
*1
1%
Stock
1%
63i
6?8
634
634
634
6*4
634
67«
i%
134
1*2
158
1*8 * 1*8
1*8
1*4 Exchange
1634
17%
16*2
17
1738
18i8
1714
171O
13l2
14*2
13l2
1412
1434
1512
Closed
*1434
15
1312
14*2
15
1338
]4
15
1534
15
*18i4
1914
*1812
1934
1934
20l4
Columbus
*191S 20
24
24
23% 247s
24
25
2414 2434
73
STOCKS
NEW
the
Oct. 12
share
ver
Thursday
11
71%
*65
Sales
for
Monday
71
Aug 22
Mar
5% June
734 June
14% Sept
28
May
4% Mar
124
Mar
7
Mar
8% Mar
4% Mar
38
Mar
1% July
Feb
17% Jan
17% Jan
21% Nov
2934 Nov
28
May
14% Aug
197
Oct
1234 Oct
147g July
13% Nov
70% Oct
5534
5
34% Mar
11% Apr
1% Mar
6
10
Mar
24
Jan
74% Sept 11
24% Sept 13
36% July 25
55
May
78
July
22
Dec
Sept
20
3%
28%
Oct
Oct
Oct
Oct
1734 Jan
3
10
Mar
60
23% July
6
46%
Apr
63
Ex-rtghta
Jan
S Called for redemption.
Nov
a
Volume
—PER
SHARE,
NOT
PER
Oct.
Monday
7
Oct.
Tuesday
Wednesday
Thursday
Oct. 10
Oct. 11
Oct. 12
$ per share
$ per share
S per share
9
Lowest
Week
13
100-Share Lots
EXCHANGE
the
Friday
Oct.
On Basis of
STOCK
NEW YORK
Range for Previous
Year 1938
Range Since Jan. 1
STOCKS
Sales
CENT
for
Saturday
2329
New York Stock Record—Continued—Page 2
149
Lowest
Highest
Highest
"
$ pi. r share
6
$ per share
6
52
6
53l4
*136
150
6%
52
6%
5378
6%
5312
55
53%
150
113
113
113l2 115
113% 114%
156
159
159
156
159
K
36
3734
5912
36%
61
37%
59%
5734
150
136
159
3684
38*2
60
62%
37%
59%
22
120
*111
120
112
120
*112
*112
114
*112
115
113
116
2212
14
*14l4
6%
912
13%
871
*85
*14%
2212
2314
23
*14i.i
*14%
6I4
97g
97g
9%
9%
9%
9%
600
1334
14
8512
*13%
13%
13%
13%
1,400
87%
80
234
234
2%
5,000
6I.1
6%
6%
400
2*2
2434
2%
2,500
26*8
8%
834
2%
6%
2%
25%
8%
*82%
2%
2%
*85
2%
2%
*6%
2%
24%
25
*1
^
85
23,t
*6I4
234
2i2
26
6%
2%
812
2%
6%
*6%
2%
2%
25%
> 8%
20
21
21
21
2034
2214
24l2
67g
3734
23
3712
*36i4
48l.i
21%
*7
*2
21
7
7
*37
*49%
49ig
2ig
*2
26
253s
26%
26
27
71
71
71
'71%
1312
I33g
4l4
414
26i2
13i4
*4ig
7112
13%
72
133s
43g
43g
26
11512 *101
22
*223s
23
*101
5'4
26
263g
115l2 *105
135
43
4%
26
*105
*2112
2214
514
265
221
22
53g
4634
40%
46
46
45
46
5I4
45i2
51
47
40
40i2
40
40
40
407
514
72
13%
11%
*11
3534
53 lg
138
*65
*137
Apr
2% Apr 11
Amer Metal Co Ltd....No par
25% Aug 24
117i2 Apr 20
26%
22%
5%
5%
*46%
40%
12
113
11%
11%
lllg
lUg
11%
11%
35%
35
36
37
36
53 lg
54
54
138i4 *13714 1387g
68
67i2 *66
138
138
143
*137
143
140
6,400
115%
*21
.
39
12
1734
18
18%
1734
I8I4
24
24
18ig
233g
24i4
24l2
18%
24%
17%
25%
93%
90i2
90i2
90
24l2
9014
17%
24%
*90%
92%
*9034
15
15
*15
15%
15%
*15%
162% 163%
15%
77
7734
139
78%
139
57g
13
6
13%
*8734
90
*15
16
16Hg 162l4
77
78%
140
61g
13%
»8784
77
6l4
13%
13ig
*8784
1214
5312
8%
90
12'4
1212
5112
64
52ig
5312
83
49
8
*43
8i4
43
45
32% 32%
33%
44%
45% *42%
22
21%
*2134
22%
*111% 112% *111% 112%
16
*13%
15%
*13%
3%
3%
*2%
*2%
3234
32%
*43
*32
33
*31
*48%
*45%
36%
10%
8%
50
6%
13%
14
90
Closed
8%
9
Day
6%
100
9
63
36%
*33%
37
*34
35%
95
*92
95
*92
95
*33%
37
*33%
36%
95
*92
95
*92
30%
3134
30%
31%
64%
64
64
62
63
2334
24%
25%
18%
18%
25
25%
18%
1734
24%
17%
*17%
*17%
24%
23%
*17
105% 105%
8%
8%
18%
24%
23%
24%
105% 105%
8%
8%
*44%
4534
*44%
46
65
65
64
*118
122
*118
122
106
7%
*3%
4
*2%
*18%
3
20%
63%
*18%
734
9%
*22%
9%
23%
7%
9%
67%
67%
20
5%
19
7%
7%
16%
16%
24
24
*110% 114
25
25
*10534 no
*834
*54
28
28%
28
*19%
19%
19%
16%
23%
125
*112
9
62
*834
*54
*3734
38%
*37%
87
89%
88%
1734
17%
115%
115
17%
115
17%
115
16%
19%
400
17%
18
17%
28
28
22%
22%
22%
14
13%
14%
*lr7%
19%
*15
18%
*17
19%
13%
*17%
*48
58%
*48
5834
*48
58«4
*48
*2734
23
26%
mm
4
22% Mar
447g Nov
71
Mar
9
40
May
72
Jan
Atlantic Coast Line RR...100
15
Apr
8
30%
Jan
3
14
Mar
30
Dec
Atl G & W I SS Lines..No par
4% conv pre! series A
Atlas Corp
6%
100
—
preferred
5
.50
5% conv preferred
Atlas Tack Corp
100
No par
116
No par
Austin Nichols
55 prior A
tBaltimore & Ohio...
4% preferred
Bangor & Aroostook
Conv 5% preferred
Barber Asphalt Corp
100
100
50
100
50
Belding-Heminway
No par
Belgian Nat Rys part pref
5
Aviation
Beneficial Indus Loan..No par
priorpf$2.50dlv ser'38No par
No par
(Del)-No par
300
700
Black & Decker Mfg Co No par
Bid and asked prices; no sales on this day.
181*
58%
26%
t In receivership,
a
27%
mm
mm. -
-
6,300
Def. delivery,
5%
7%
No par
Blaw-Knox Co
Bloomingdale Brothers.No par
Blumenthal & Co pref
100
Boeing Airplane Co
n
New stock,
r
Cash gale.
5
*
2
Mar
37g Jan
6
6
12% Mar
87g Jan
3
2% Mar
21% Sept 27
884
Jan
5
11% Sept 27
30% Jan 4
87
Jan 11
21
15% Apr 10
109% Oct 5
17
Apr 10
20
Apr
2% June
4%
30% Jan
No par
100
5,500
*48
5% Sept 12
19% Jan
14%
*15
126%
11% Aug 24
23%
'TV
Jan
5
28%
18%
105
Sept 11
5
1334
58%
68
Jan 11
8
Feb 28
par
4
25% July 24
114% Jan 16
28
5% Mar
99% Apr 11
1578 Apr 10
14
Apr 8
8% Apr 10
14% Aug 24
Apr 18
1634 Aug 24
35
Ex-dlv.
v
55% Aug
29%
34%
17%
23%
Oct 2
Sept 20
55
July
98
July
12% Mar
Ex-rlght8.
4
Mar 11
Jan
23%
Oct
Mar
14
Oct
21% Mar
34
Nov
10% Mar
21% July
5
9
Mar
21
109
Apr
115
Apr
Apr
19%
102
Nov
Jan
Dec
Oct
30% Mar
117
Dec
534 Mar
9
July
Sept
83
94%
67
8% Mar
Jan
30% Dec
15% Mar
21
Dec
267g Mar
50
Nov
3934 May
78%
1284 June
75
3
Mar
17% June
Sept 27
3484
Jan
36
Dec
7
57% Mar U
Sept 11
18% Sept 13
120% Sept 25
100
Jan
13%
Dec
82
25
5
Deo
July
2484
29% Sept 27
128% Aug 1
Sept
8%
11
2734Sept 12
104%Sept 13
7% Apr 10
50% June 30
15% Apr 10
Dec
Dec
17% Dec
90% Apr
32
Jan
5%
3684
Mar
106%Sept 29
9% July 31
73% Jan 25
31%Sept 14
21% Mar 11
Dec
Nov
6%
Mar
Apr 10
Mar 22
Nov
4
11% Mar
16% Apr 11
1778 Apr 11
48% Apr 6
8
5
July 24
70
97g Jan
48% Aug
127
Jan
98
109% Aug
Mar
Jan
No
3834 Mar
36
13
.25
1017g Apr
584 Mar
Sept 12
71
33
par
23%
26%
17% Aug 31
3% Aug 24
9% Aug 24
3% Aug 24
434Sept 1
19
April
65
July 3
14% Jan
27% July
10% Aug 24
6
Apr 8
24% Apr 11
10
Creamery..
Bethlehem Steel
4% Apr 10
1% July 10
2
Apr 13
8% July
6% Mar
17% Mar
2634Sept 11
50
No
preferred
preferred
Bendix
8
Aug 23
June 15
4% Mar
Sept 11
2434 Oct 2
H0%June 6
9% July 21
483g Aug 7
26
5
Barker Brothers..
Beatrice
43% Apr
50
tAuburn Automobile..No par
5H%
5«4 Aug 23
9% Aug 24
18% Sept 1
104% Apr 12
7
April
No par
Atlas Powder
*2734
1.8(H)
2,600
Nov
1
1
427g Jan
Sept
13%
281*
Dec
Sept
Best & Co
59,900
10% Jan
50
23
114
113
May
July 20
21
preferred
.20
preferred
100
Bigelow-Sanf Carp Inc.No par
17%
115
Mar
95
95
100
6% preferred
200
38%
91
4
Nov
9
Dec
Beech-Nut Packing Co
900
88%
3
13
Mar
55 preferred w w
Beech Creek RR
19%
*37%
Nov
Mar
1st
52
52
52%
2% Mar
72
Bayuk Cigars Inc
500
12,100
38%
5% Mar
72
1
3,100
203g
89%
28%
28%
19%
88%
13%
2634
28%
5
Jan
June
5% Apr 11
90
4,600
mmim
Marl5
July
100
Jan 23
73
5% pref with warrants.. 100
Atch Topeka <fc Santa Fe..l00
m
m
13
10% Jan
7
72
94% Jan
59% Dec
27
Barnsdall Oil Co
115
*112
6
7% Sept 5
5% Apr 11
Mar
48
10
*2834
31
125
*37%
22
•
300
9
*27%
25%
200
25%
62
27%
25%
9,400
9
22%
1334
25%
17%
8%
31%
16%
26%
8,900
16%
3134 Sept
8% Sept
*52
—
40
*54
114
«.
2,300
*110% 114
26%
*25%
*10,534 110
*10534 106%
28%
*19%
*51%
m
68%
9
17%
113% 114tu
26
mi
9%
22%
23%
16%
27%
26
*8%
*26
23%
22%
13%
17
8%
Mar
6
Baldwin Loco Works v t 0--13
62
52%
38)2
91%
*52
88%
m
40,400
9
52%
53%
'
8
*54
1934
38%
•
6%
17%
July
82
Mar 15
25
19%
9%
Apr
116
Sept 11
Sept 28
...100
5%
22%
68%
20
4
June 20
37
121% Jan
105
June
5% preferred..
7%
9%
9
Oct
Oct
4% July
31% Aug
122% Oct
10378 Oct
38
Atlantic Refining
18%
23%
*2834
500
7%
33g
Apr 21
May
113%
20%
65
21%
*110% 114
*112
122
21
115% Oct 11
Apr
78
200
1,100
6
28%
*25%
Mar
5
3,200
1,000
2,000
64
9
1934
*38
8%
Mar
2
8
400
62
29%
*52
*17%
30%
125
28%
28%
19%
52%
86%
26
*10534 107
*28
*27
*112
16%
23%
*110% 114
*2514
17
*
3,300
19%
09
1734
10
Jan
600
63%
23
9%
31%
97
Apr 11
Jan
9
...No par
Aviation Corp. of Del (The).S
69
8
6
3% Sept 26
Apr
21%
*22
17
-
45
*118
3%
69
9%
—
-
45
22
23
9%
1*
1,500
1,200
1,140
16,700
9%
11434June
21
Sept
70
3%
*67%
16%
*8%
834
7%
Jan 23
111
30
3%
*2%
*22%
*24%
72%
734
10s4 Mar
41
3
9%
834
125
5%
19
29
3
Oct
July
.100
7% 2d preferred
100
69
26%
*27
6%
20
42% Oct
64% Oct
217g Aug
4
9%
6% 1st preferred....... 100
Goods
0%
23%
834
*105% HO
22
Mar
6
27% Aug
Nov
Assoc Investments Co ..No par
-m
—100
1
*6%
*67%
1534
26%
25
3%
22
May
Sept
547g Jan
8
45
77% Dec
12% Nov
75
Aug
73% Sept
39% Nov
preferred
6%
*22
9%
24%
8*4
1934
5%
19
27%
16%
*110% 114
*53
122
3
7%
*112
*118
3
5%
25
122
3
18%
16%
64
33g
3%
5%
*23
64
3
19%
16
64
334
43
24% Mar
Associated Dry
11,500
105% 105%
8%
8%
8%
45%
*3%
*2%
5%
15%
*8%
8%
*6
*»
19
105% 105%
6%
Mar
43g Mar
21
4
7%
■
24%
*44%
*6%
m +•
17%
19
24
8%
*118
m
w
~
25%
24%
45%
6%
25
6
Jan
100
■
63
20
8%
6%
18%
*26%
106
24%
17%
18
W
•'
32%
*60%
45%
64
♦6%
31
31%
*17%
Sept 12
58
-
1,800
78
63
*92
Sept
40
37g Mar
*834
mi
Aug
7% July
12
23% Mar
50
9
100
*74
16% Nov
91
28% Mar
*84%
"t: 9
Oct
Deo
9% Nov
Apr
6
100
91%
Mar
3% Mar
4
No par
88% Aug
152
6
6
*84%
4", 000
Oct
Jan
68
Jan
*84% 100
65
8
37g Mar
Sept
Artloom Corp
78
Aug
Apr
60
700
*60
14% Jan 20
58% Mar
130
65
800
*73
Mar
96
Jan
31
120% Oct
160% Dec
Mar
58
5
Dec
19
12% Mar
111
87% Jan 19
8934 Jan 16
153%May 26
Jan
Deo
117% Mar
170% Mar 11
8%
Deo
61% Dec
150
Dec
Mar 31
9%
58% Nov
140
82
50
10%
Jan
23% Nov
35% Jan
Dec
3% Aug 24
3334 Apr 11
5
37
600
65
207g
19%
7%
8%
9
4
June
56 conv pref...
10%
834
18% Jan
12
Jan
Armour & Co of Illinois
37
8%
9
34
Sept 5
97% Sept 11
Apr
97
9
*45%
*46%
18% Oct
Mar
4584
Armour &Co(DeI)pf7%gtd 100
13,300
49
49
50
65
78
19
100
\7% preferred...
46% Sept 13
63
Sept 12
8O84 July
48
1% Apr 11
150
Jan
165% Jan
24% Nov
Apr 11
834 Apr 11
Copper Mining
20
Co.
No par
Archer Daniels Mldl'd.No par
10%
*49
13% Mar
24
A P W Paper
300
65
18%
Mining..50
37
36%
49%
148% July
4
15% Sept 21
64% Sept 16
Andes
32%
*31
*60
24%
25
56.50 conv preferred.No par
320
""266
116% 116%
*100% 102
634
6%
101% 101%
*74
24
pref
*834
38
*34
*17%
*15%
& Smelt..
Lead
Anaconda Copper
29,000
3%
78
25
Zinc
55 prior conv
14
65
24%
100
Apr 10
13% Apr
*60
30%
Amer
100
114
Mar
6
Jan
3% Apr 8
28% Apr 10
4
Aug 24
2084 Apr 11
35
Apr 11
*73
*60
78
1
8% Apr 11
4% Sept
Anaconda W & Cable..No par
78
64%
$6 1st preferred.....No par
No par
2
Sept 19
AnchorHockGlass Corp No par
*2%
115% 115%
65
76% Oct
132
Preferred
April
100
65
31%
25
Apr
1
11
7
8
10
2,300
*73
64
73
Apr
22%
*60
30%
148
10%
*45%
9
42%
*13
9
Jan
11%
33%
114
4
41% Nov
19% Oct
4084
22%
33%
45%
22%
22%
112% 114
*13
1534
2%
2%
33
*31%
18% Jan
162
Oct
'16% Mar
6% Mar
33%
42%
33
6%
1
3
47% Nov
15% Mar
25
American Woolen
12,600
7,100
9,500
9%1
50
*40
Aug
Jan
7%
Mar
4
6% preferred
100
Am Type Foundries Inc
10
Am Water Wks & Elec.No par
90
54%, Columbus
45
3% Mar
19
Jan
Common class B
2,100
18,000
56%!
3
14% July 26
Tobacco
American
700
54%
6
41
Telp & Teleg Co.... 100
Amer
1,400
2,400
13%
48
Am Sumatra Tobacco..No par
100
6,400
14
Feb
29%
20% Aug 24
8% Apr 8
75% Mar
14% Apr
12%
*44
6%
*87
7
50% Aug
Mar
130
-—100
Preferred
400
13%
20
6
15% Apr
6
3
July
American Sugar Refining.. 100
80%
Jan
153
1,500
78%
z26
Oct 11
140
26%
91
Oct
Nov
103
American Stove Co
No par
Jan
45
122
140%June 21
69
Aug
7
2,400
141
5%
25% Aug 28
35% Apr 10
127%Sept 5
59% Apr 14
17%
36
8%
834
8%
*40
Exchange
6%
...No par
9
834
9
12%
5334
80%
141
Amer Steel Foundries..No par
American Stores
10%
*10%
8%
100
32
102
Stock
100
38
10%
834
*90
2%
79
80%
25
No par
preferred
...100
Armstrong Cork Co
No par
Arnold Constable Corp
49
10%
37
*84% 100
8%
32
1534
116% 116%
48%
65
34
11134 11134
48%
*45%
37%
10%
60
43
22%
102
13%
*87
13%
5534
914
4534
3234
*115% 116% *115% 116%
*10034 102
*101% 102
6%
6%
6%
6%
6%
1334
90
22%
2%
78%
80
78%
140% 140%
6I4
*43%
*13
162% 163%
7934
140i2 140i2
6lg
1278
8i4
78l2
7S34
140
12%
*40
16l7g 162l2
7734
78i2
37%
*11%
Snuff
6% preferred
500
38%
12
100
Preferred
American
12,600
12
3734
*76
Amer Smelting & Refg. No par
20
1214
Building Co.No par
5
5%
Mar
Dec
Sept
Nov
17% July
99% Mar
23
7% Mar
2234 Apr
28% Mar
April
1138 Apr 10
79
,
124% Mar 20
12
400
900
393g
Mai
23g Mar
1
8,500
12
June
10
3
36%
38
44
5
Jan
5% Sept 21
40% Jan 6
15% Mar
56%
54%
*137% 138%
1134
4% Mar
12% Mar
3
20% July
884 July
30% Dec
13% Nov
6
20
Amer Ship
383g
4
Sept 12
Nov
45% Dec
2% June
Oct
1%
4
Nov
57g Nov
36
30% Mar
July 25
9
930
141
Mar
Mar
American Seating Co ...No par
*137
Mar
5
15
May
2
12
58
600
141
5
8
9
6
80% Sept 27
11
69
Sept
20% July
50
11%
69
8% Sept
8
Mar
4M% conv pref
100
American Safety Razor._18.50
12,000
2,200
1,600
69
6
10
22»4
11%
55%
Apr
Sept
Feb
1284 July
11%June 29
..25
77%
1134
1613g 161%
_
American Rolling Mill
20%
375g
*15
140
.
8
3% Apr 10
Apr 8
...100
Preferred
mmm
9
32
28
11
138
21i2 Sept
No par
55 preferred
....No par
Am Rad <fe Stand San'y.No par
77%
1214
*90%
Light...No par
20%
3834
38
*11%
No par
56 preferred
30,300
10%
984
Amer Power &
4,100
1,400
4,100
*145% 148
100
6% conv preferred
American News Co
340
47%
40%
.100
Preferred
900
43g
26%
*105
11%
*137
1534
Aug 24
11
11%
143
30% Jan
79% Jan
41
1178
6884
3% Aug
25
Aug
65
100
6% non-cum pref
400
25%
5% Mar
Sept 12
43% Sept
Amer Mach & Metals.-No par
7734
6S34
No par
Amer Mach & Fdy Co..No par
78
68
50
Products... 1
Home
American Ice
5% July
2% Mar
6
8
300
21
36%
54%
6% preferred
American
7% Nov
Oct
33
1,700
77i2
11%
138
1
71%
13%
*4%
2014
34%
10
.Leather
Aug 24
76ig
3612
SS Co
Jan
Mar
4
13% Mar
22
Jan
6% July
5
5
April
12
Apr 8
2% Mar 31
25% Apr 8
4134 Apr 11
10
par
Nov
1634
2% Mar
4
3% Jan 20
13
*13%
22
,
American Hide &
Jan
15
83
Dec
27% Oct
934 Jan
American Locomotive.-No par
20%
10
103
148
Amer Hawaiian
7,800
Apr
Amer iDternat Corp.-.No par
76%
10ig
*145
3,100
5
600
2034
10%
148
2,000
7%
7%
Dec
97g Nov
8% Mar
6% Sept 19
6,300
11%
20%
*74
21%
Apr
12% Apr
9
67%
5%
27
*145%
20%
93g
*143
1 No
24%
21
20
10
2
Power...No par
1
26
8
10
10
1% Jan 24
14% Jan 23
334 Sept 1
5%
46%
41
10%
148
20%
78
115g
148
434May
No par
76
934
*143
23gSept
71
43g
26%
115%
1151
61
No par
7%
26%
117
Mar
117gSept 13
18% Sept 8
86% Sept 28
1
5l2 Sept
6*4 Apr 11
Feb 11
10
100
Encaustic Tiling.
1st preferred
56 preferred
132
26
7%
25%
*70%
13%
57% Nov
23% Nov
Feb
Oct
$7 preferred
21
21
7
Mar
9% Mar
89%
9
8»4 Feb 24
$7 2d preferred A
200
27
5
Sept 30
Aug 24
Atner & For'n
300
25
Dec
5
Amer European Sees...No par
2,300
Oct
64
115% Mar
Oct
347g
Co
10
Comm'l Alcohol Corp..20
American
2
125g Mar
July
6%
49
39% Sept 30
176% Nov
160% Mar
20
1,700
39%
July 19
125
American Crystal Sugar
2
Aug
105%
13% Sept
4% Mar
4,200
48%
Nov
135
Jan
7034
share
143g July
88% Mar
8
*38
2%
a21
25%
*26
49%
7
48i2
140
Aug 14
116% Sept 12
per
52
Aug 14
26
20%
23%
6%
6%
39%
6%
*21
7
7l2
2
21
48%
2i8
21i4
*2
3734
.48%
2
37i2
48%
6l2
37.
6% Mar
23% Mar
114
Apr
5734Sept22
179
share
17% Sept 26
8
23%
6%
2234
6%
23l4
6
Am
4
per
July 20
25
2O84
/ 23
6i2
1,400
6%
6%
85
85
26%
812
6%
6%
Jan
$
10
American Colortype
67S
912
6l2
10912 Apr 20
share
Co NJ 25
Am Coal Co of Allegh
m?
13%
87%
234
6%
9l2
9i2
14
...No par
5%
6%
*6i2
23
*14%
100
100
Preferred
Am Chain & Cable Inc.No par
*114% 116
....
$
per
8
share
preferred.
100
American Car & Fdy..No par
100
59
112
per
American Chicle
24
112
23%
23%
116
25
Can
Preferred
13,600
1,900
6,000
59
*114% 116
22%
5H% conv pre!—____.100
American
500
38%
1
Am Brake Shoe & Fdy.lVo par
6,600
162
36%
60%
23
111
113%
*160
$
3i2 Aug 11
3134 Apr 1
125
April
83% Apr 11
150
Sept 11
16% Aug 24
3014 Aug 21
13i2 Apr 8
100
May 8
Corp
Bosch
American
60
136
111
160
37
53%
53%
136
136
Par
■
.
2,000
3,000
6%
6%
t
54%
*136
111% 11178
156
*136
6%
6%
Shares
$ per share
984 Mar
10% Mar
13%
Apr
2934
Oct
24% Nov
1934 Nov
21%
May
19
Dec
18% Nov
114% Nov
55
Sept
35%
H Called for redemption.
Oct
July
Dec
New York Stock Record—Continued—Page 3
2330
LOW
SALE
HIGH
AND
PRICES—PER
SHARE.
Oct.
7
Oct
$ per share
9
*37g
31U
*57g
13U
.
1H2
11*4
*41
2614
27
26i2
Friday
Oct.
26«4
*107
110X2
*58'2
59
18
18
18
*18
19
*19
19*4
2118
27i2
37g
31i2
21*8
20*8
27l2
4i«
27
31
37g
57g
13>2
23*4
*377g
*47
13*4
2434
39
48
U2
*1*8
ll's
12
11*4
24 J2
40
18 ig
IOI4
10*4
6*8
6*4
5
21
213g
5,600
2634
277g
7,200
4
*234
4
400
31'4
3II4
31'2
32
2,100
Bower Roller Bearing Co... 17
*57g
13*4
24X4
6
Brewing Corp of Amsrlca...3
Bridgeport Brass Co...No par
24*4
39
*377g
38'2
*4714
1*8
*11'8
49
11*8
12
41
41X2
578
1414
25'8
12
41X2
247«
57g
57g
137S
23*8
141g
14*8
1,000
5,600
243g
11,600
50'2
"".500
13g
1*8
11*8
200
1138
11*8
1134
2,900
4U2
*2334
4ix2
700
24*4
24i2
1,200
40
*37
18
1312
40
10l2
10*4
4,100
Bucyrus-Erle Co—
10212
90
5
102
7
102
6*4
*100
67g
51*4
53 x2
51
5i8
5
*27*4
634
5
5
1,900
28*4
28
28
300
26X4
26
26
1,500
Bui lard Co
18
17i2
17*4
2034
17X2
26*4
18
17i2
13
I3i8
6i2
13's
6*8
*13*8
13's
1234
1,500
5,500
5,400
Burlington Mills Corp
1
Burroughs Add Macb__No par
5«4
1312
13X4
5*8
1412
73s
7*8
7*8
*19*4
20X2
*19*4
20i2
*19*4
20i2
*1912
5is
4*4
1212
5
5
12X2
12i2
12*4
12X2
*67'g
69l4
68i2
6812
1514
15*8
24*8
1.5*8
25i2
*15
25
52
51
51
*51
52*4
2
2>4
12*8
0914
15
5
*15
24*4
23'2
52*4
2i«
8*8
*51
17g
14
47g
2
2ig
2ig
8*4
5*8
712
20'2
5'«
.
20
*67
12'2
15*4
8i2
8>2
15*8
16
812
15l2
15*8
147g
♦
*
55
512
55
5*8
*41
5*s
*7
7*8
*7
7*8
*43
44*4
*43
44*4
*43
44*4
*43
*8212
27i2
314
84
*8112
*2712
8012
82
312
3i2
79
28
27*4
314
3*8
78 x2
78%
714
*39
*41
28
314
314
58
58
2612
4
3*8
*106
107
59
*56
26X4
26i2
3*8
37«
*100
107
314
4
107
9*4
912
IOI3
9i2
6
6
6X4
9i2
678
29
♦90
41l2
7
29
*1912
20
41
27
27
10
6I2
612
*90ig
102
I4i2
28
41
41*4
4II4
7
7
30
30
30
29
1912
1912
101l2
27
15
15
15
27
26*8
27
43*8
43
43l2
87
87
87
43*8
42*4
86*4
*85*4
3
3
*3
312
3*8
*3i8
3*4
314
*3
12
12
3'2
3X4
96
*4
*4
*4
%
1]8
1>4
1'8
*2*8
2*4
2*4
234
*2*8
2*4
I6I4
16X2
I6I4
3512
3512
48i2
78
*35'g
16*8
377g
10*8
*35i2
*48
48i2
48
**8
*4
*114
*1
1*8
U4
112
I's
*8i2
914
*12i4
13*4
*87g
*12l2
**8
*6
6ig
*3112
90
33
9178
11*8
*11
90l2
*4012
90i2
*3U
312
*28l2
50
29*8
109lg 109is
33
33
*71
*1
6
*31X2
230
11X2
U'8
33
90i2
90l2
50
*46l2
312
%
1
234
1612
*47
33
73*4
73*4
46i2
45*4
31
31
*71
*130
132
3014
132
*130
*111
112
*llll8 112
*58i2
1318
*104
60
13X2
107
32*4
3314
*108l2 110
*2118 2212
6l2
612
*7*8
*6
8
6*4
19
19
*18i2
89X4
*7*8
*1812
7*8
*58*4
13X8
*104
33
13*4
107
13*8
*104
33X2
7*8
7*8
6
6
19*8
19
19
19
8914
90
90io
8
82
82
*63
714
18*4
7*s
IU4
11%
ll's
400
90>2
*3*8
3*8
8914
*46'2
314
50
33
7312
46*4
31l2
32*4
*71
46
3114
*130
60
13*4
107
3312
7*4
6*8
6
50
13*8
*104
33X8
13is
H2
64
29*8
♦
1,000
loVtg
"190
32
109i4
3234
73'2
32
*71
7312
31X2
3114
112
60
40
Sept 26
318 Sept
2912 Sept
4U2Sept 11
4i2May 19
July 10
35
77
Apr 20
1378 Apr
23g July
6312 Aug 24
110
April
3812 Apr
100i2Sept
135s Apr 10
84
Apr 14
778 Aug 24
58
l0*sSept
47
109
Chile Copper Co
Chrysler Corp
City Ice A Fuel...
No par
10
1818 Apr
No par
26
6
Sept 11
x43
Sept 15
8612 July 17
33
Sept 12
4
Sept 6
9412 Mar 9
122<4 Mar
64i2Sept 27
107»8 Jan 9
29is Aug
1097a Aug
No par
6H% preferred
City Investing Co
City Stores
...100
Clark Equipment
No par
100
5
CCC<feStLoulsRyCo5% pref 100
10
1,000
60
Preferred
22
Sept
5
Sept
5
ll4June 28
10
Apr 10
305s Aug 24
44
Aug 21
XgJune 1
7l2 April
Dec
Mar
12U Sept 27
Apr
Dec
1434 Sept 11
678 Oct 13
96
Sept 15
88
Jan
47'2 Jan 4
22i2Sept 11
*60i2
46i8
1334
lb", 400
13s
u2
18,400
67i2
68
5% oonv preferred
100
Colo Fuel A Iron Corp.No par
100
Columb Br'd Sys Ine cl a.2.60
Class B
2.50
Columbian Carbon v t c No par
Columbia Plct v t c
No par
$2.76
conv
preferred.No par
Columbia Gas A Elec..No par
6% preferred series A
100
30,400
a net. delivery,
78Sept 27
15g Sept 26
13s Sept 27
Dec
i2
Dec
358 Sept 27
20U Jan 4
39i2Septl5
22
48i2Sept 27
37% June
2
7s Sept 13
17g Jan 5
15s Sept 13
95g Mar
15i4Sept
ISig Jan
Mar
U
*8
9
8
6
12
25
94% Oct
6
1478May 23
97i2June 10
59
Jan
39*4 Nov
47
Nov
1*4
Dec
2i2
Mar
,
Mar
May
Jan
July
Jan
12*4 Jan
1914 July
13i2 Nov
51
Oct
8812 Nov
13i2 Jan
Jan
80
Dec
Mar
60
Feb
2
Mar
4
70
Feb
9
106
33l2 Oct
5
Mar 13
1
178 Jan
1*4 Jan
514 July
19*4 Dec
64
Feb
78
6*8 Jan
157g July
3
35*8 Mar
7*4 Sept
69
45igMay 2
60ia Jan 5
35i8 July 29
July
Dec
314' Mar
115
Mar 11
Jan
4
Dec
1
3
Sept 11
41
Mar
07g Mar
Jan
89
*4 Nov
5g
Feb 10
conv
pf
100
10
lll2 Apr 10
105g Mar
5i2 Nov
27i2
Oct
Nov
75
Mar
Apr
1514 Mar
115
Aug
30i2 Nov
67U July
76
Jan
44
45
Feb
Dec
32i2 Mar
10i2 Mar
6OI4 Nov
25*4 July
Apr
8
1U8 Apr
8
16
Sept
6
27
314 Mar
4i4 Mar
26
26
15
15
July 19
155s Jan
30i2Mar
4
6
4
Apr
13i2 Mar
13
Mar
53*4
Apr
9
Mar
25i2 Dec
5ig Mar
514 Apr 10
9
74i2 Jan 3
62i2 Jan 13
38*4 Apr 10
91
Mar 14
83
Feb
8
50
May
May
57
Jan
3
23
Mar
1095g Aug
7
84
Mar
99
Sept 28
42
Apr
8
x25*s Apr 10
x
9ig Mar
94
No par
Cash sale,
22
107i2 Nov
2378 Nov
8*4 Jan
April
Commonwealth Edison Co.. 25
r
87*4 June
April
U4 Mar 31
45*4 Jan 3
New stock,
Dec
4
14
8=8 Aug 24
n
Nov
73
Commercial Solvents..No par
Commonw'lth A Sou..No par
$6 preferred series
17
10414
39*4
Apr 10
1
Ex-dlv.
y
Feb
60
Jan
9
3
l0i2June21
16
Nov
May
1314 Mar
14
658 Sept
129
78
36U Jan
2478Sept
8i2Sept
934 Sept
818 Sept
247„ Aug
24*4 Aug
234 Aug 24
378Sept 1
3l2 Aug 19
Jan
Oct
109
100
111
5
107
10334Sept 19
ser
Mar 16
17f4 July 22
July 18
1
8
'35.No par
3,400
30
1312 Mar II
38i2
01X2 Nov
$4.25
2934
Apr
U2 Mar
2U Sept
878 Mar
142*4 Aug
107%
13's
June
70
57^2 July
7ig Mar
4tf % conv prelerred
100
Comm'l Invest Trust..No par
52%
Dec
22
I05i2 Mar
"3,466
52%
20
2
5% preferred
Commercial Credit
1047s
95i2June 27
4
Sept 27
4*8 Sept 26
6
"2",700
*98i2 101
12*4 July
4812 Mar
Jan
300
75
46X2
3314 Nov
June
68
345gJune 30
2U4 Apr 11
Mar
May
0
1067a Sept 18
2018 Apr 11
3
106
18
5
Jan
Oct
3
33i2 Oct
Sept 25
Oct
46
18l2Sept 22
29i2Sept27
47U Sept 27
Apr
8
Oct
12i2
Mar
800
900
June
Apr
59U
62
1,500
83
94
104
135
100
82l2
Aug
2614 Mar
4i2 Mar
17*2 Mar
133
100
21,200
Jan
Mar
Jan
5
4% 1st preferred
4% 2d preferred
734
Mar 21
4
314 Mar
28
55g July
IIH4 Nov
14
July
8I4 Jan
678 July
7
Colorado A Southern
18
.
Sept
Jan
220
714
Jan
96
1918 Dec
72i2 July
Sept 11
200
18
Dec
Mar
120
Aug
58
July
1065g Dec
205g Nov
Sept
380
1,200
Mar
15
50
1,100
Jan
July
3
20U Apr
7%
Jan
Mar
9
414 Jan
1017g Feb
91
Mar
82
58
100
20l4
5
Mar
22i2 Nov
4i2 Jan
107i2 July
58
734
714
100 ig
46l2Sept 28
214 Apr 8
No par
90
5
1
25
Apr 8
535s Apr 11
9
Apr 8
No par
187g
Jan
Apr
June
105
6
t In receivership,
38 June 30
Colgate-Palmollve-Peet
91X2
Nov
89
63i2
12*8
2i2
62x2
9814
295g
July
8*4 Aug
125
714
*
i2June 26
6% preferred
Collins <fc Aikman
91 x2
5
U4 Aug 29
912 Apr 8
14 Apr 5
"4", 160
*7'2
*18l2
7%
45
100
6
7*8
1*8 Sept
T.500
1,400
4i2 Mar
34U Mar
Coca-Cola Co (The)...No par
Class A
No par
22l2
7*8
05s Apr 11
17U Apr 10
40i2 Nov
8ig Jan
42
2
5U
Jan
Aug
Mar
187g
4
518 Aug 24
Apr
July
May
99*4
6hi
6
Jan
37i2
22
21
46
13
79
514 Mar
8% May
12ig Mar
12*8
52~g Jan
34
1234
9
30*4 Sept
June 29
Sept
Mar
19'8 Jan
32
5
13
15*8 Nov
44x2 Nov
5
3*4June 30
3i2 Apr 8
312 Apr 11
85UJune 3
Apr
Mar
Jan
8
Il3i2 Aug 16
10
Mar
72i2 Mar 14
Oct
12 Aug 10
2214
83
June 12
014
2% Apr 10
l03i2Sept25
2,000
20
Bid and asked prices; no sales on this
day.
17*4 Jan
20*8 Jan 18
......100
*438
75
*60
75
*6312
*601^ 75
4514
4512
45i2 46
4578
46i8
*9912 101
*98i2 101
*98X2 101
52
51 x2
51*8
51Xo
5214
52i2
107*8 *10478 107*8 *101
107*8 *10478 107*8
13
13i2
1314
13*8
13*4
1312
13*8
1U
1>2
1>2
H2
1*8
1*8
1'2
64
64
66
64X2
68
67i2
67i2
2978
297g 3014
30l8
303s X29*4 2978
478 Aug 24
9is Apr 11
April
31l4
1934
83
12
~4~500
*19
83
2i2 Jan
10*4 Oct
20X2 Aug
2U2 July
i2 Aug 23
Chicago Yellow Cab
Chlckasha Cotton Oil
Chllds Co
Oct
Mar
.100
Clev El Ilium $4.60 pf.No par
Clev Graph Bronse Co (The).l
107
3234
IO8I4 IO8I4
2214
2214
*5*4
6I4
7i2
712
7% preferred
6% preferred
July
July
5
51
Jan 24
Pr pf (12.60) cum dlv No par
tChlc Rock Isl A Paciflo...100
10
24
1
6
20
Aug
5g Feb 15
April
par
65g May
165g Mar
2% Mar
24i2
42
20
7*8
654Sept 13
13*4 Sept 22
Mar
69
20
7*8
Sept 11
918 Jan 3
23*4 Mar 6
15ig Mar
27
No par
Dec
45
Special gtd 4% stock
60
Climax Molybdenum..No par
Cluett Peabody A Co. .No par
19*4
1918
7*4 Sept 11
29
16*8 Aug
22U July
3t2 Jan
20
1778 Jan
Sept 12
July
3U Sept
109
12*8
*104
33*8
preferred
6*4 Mar
14i2 Mar
U2 Mar
July
53
Clev A Pitts RR Co 7% gtd.60
112X4
*58*4
1334
Jan
19*4 Aug
18*4 Jan
Jan
Oct
39
30
30
130% 13014
107
30
15i2 Mar
1314 Mar
Deo
IU4 Aug 24
13J4 Apr 10
46"
45
132
conv
7i2
5*4
4812 Mar
86
900
*43
40X2
*1914
9012
7*8
28'4
28
45*8
45*8
*98l2 101
52
51l4
*103*8
""366
19X2
7i2
83
3i4
6X4
2014
*18'2
1,120
50
6
7*4
20
109"
2812
11214 112X4
*58*4
90
6
18*4
7i2
83
1378
6i8
75
83
100
*1214
III4
90'2
*46l2
6*8
19
90
400
42,100
7i2
*19
1
9
T,600
IO8I4 10812 *108X4 110
2ixz 21*4
2U2 223s
5*8
6
5*8
5*4
19%
19*8
7X2
*32*4
100
6's
3112
H2I4 112X2
*58*4
500
91i2
*130
60
300
*8
1 x2
*8
*43
31
4812
%
*114
%
*8
D4
S3
3u Mar
74
25
Chicago Pneumat Tool .No
Oct
10012 Nov
April
2512 April
100
5% preferred..........100
IChlcago A North West'n.100
Preferred
100
200
3112
109
45
1,800
90
10914
45*8
900
91*4
28
73*4
4514
30*4
37
5,500
3h2
28*8
3212
234
1714
300
3112
314
IO9I4 *109
2,800
1,600
90'2
28i2
29
*4
l's
l's
Oet
13 ig
547g
200
l's
Apr
Jan
14i2
Mar
3,300
13,800
JChlc A East 111 Ry Co6% pflOO
^Chicago Great West 4% pflOO
Chicago Mall Order Co
6
JChlo Mil 8t P A Pac..No par
41
67g Mar
Mar
87'2
700
14*4 Nov
40i4 Nov
23*8 Oct
10ig Mar
27*4 May
5i2 Mar
75
Jan
Nov
3
27
6,100
3
Dee
2*4
12
02
43*8
5l2
I2I4
43
5*8 Mar
*16*4 Mar
Jan
30
3'2
Feb
Ug Mar
3% Mar
2
Deo
55s Jan
3414 Mar
102
No par
8*g Aug
37*8 Aug
4OX4 Aug
65i2 Jan
100
Preferred series A
28
2
13i8 Jan 6
106i2 Aug 33
15
tChesapeake Corp
2
Jan 20
Oct
10
Mar
Sept 14
19l2 Oct 4
Apr 20
Chesapeake A Ohio Ry.
18
3
Jan
28
5*8 Mar
12*4 Mar
2
4812 Aug
301s Aug
Oct
4*4
Mar
5
41
Aug 24
33
314
2
36*g
Mar
4
4
135s Aug
14is Aug
18
......
14
7*4 Feb 27
17
Belt Co
Oct 13
157# Jan
317g Jan
41
Aug
53
Aug
98
93
1U4
9012
Ug Dec
32
Dee
52i2 Dec
1414 July
19% Jan
10f2 Mar
...No par
*35
6
15
3
Chain
*12
1'8
6
3
Jan
Cham Pap A Fib Co 0% pf.100
Common
No par
Checker Cab
6
514
834
13*4
*121g
Aug
47s Sept 27
110
3
17
*1212
100
22
100
35i8
137S
7
Certain-Teed Products
8% prior preferred
May
107
Apr
32
400
4812
1'8
Cerro de Pasco Copper.No par
1
June
20
IX4
1'8
234
8*4
100
Jan
9
101X2
267g
334
3i2
12-38
*4
9
4,200
par
40
*2612
*18l2
87*4
*87g
6
42
*101
4314
914
*1U8
109
1612
Preferred
2914
1
3.518
96
29
31
*H4
*3112
9U8
*314
29
*9058
1,400
*8
0
Century Ribbon Mills .No
7*8
1>4
34
1,200
*7
*4
9212
90l2
123g
*4
*47
I37g
500
1,800
67«
41
I's
1'2
**8
*1
9078
*46l2
17
3778
48
934
10*4
10
714
234
1
6% preferred
100
Central Agulrre Assoc .No par
Central Foundry Co
1
41*4
*118
1'8
Ug
Us
li4
1
*li4
Day
1878 April
2i2June 29
Celotex Corp,........No par
934
9*8
2634
427g
*8534
*4
440
6*8
Columbus
26*8
4278
*85*4
*3'2
H4
12
100
Central 111 Lt4H% pref...100
Central RR of New Jersey. 100
Centra] Vloleta Sugar Co...19
*1434
ll4
lis
12
1
100
1,900
5,300
1,700
2,600
4X8
Carriers A General Corp
Caterpillar Tractor
No par
15% preferred
100
Celanese Corp ol Amer.No par
7% prior preferred
100
27
15
1214
80
5,500
*26i2
27
*11*4
1,200
Case (J 1) Co
Preferred
...6
82
Apr 10
1
$3 preferred A
10
Carolina Clinch A Ohio Ry 100
Carpenter Steel Co
10
*14*4
*3is
IOI4
♦1051s 107
20
*1812 20
*18>2
10U2 101X2 *101
IOH2
26*4 27
2012
2612
*2614
*14X2
4278
2914
57*4
No par
1,100
1,000
59
6*4
7
28i8
103
10
8*8
07g
*85*4
48i2
Capital Admin class A.
4
IOX4
6
Canada Boa Ry Co.......100
Canadian Pacific Ry..
26
40
84
103
Closed
8%
*90's
13,300
43
*10012 1011s
2434
2534
Exchange
IOI4
6'2
96
*
300
4
*105'8 107
97«
6*4
578
7
Stock
1
0i2 Mar 31
578 Apr 10
Calumet A Hecla Cons Cop..6
Campbell W A C Fdy__No par
Cannon Mills
5712
June 30
1
Canada Dry Ginger Ale
*56
10*8
27
*13*8
*27
*3
26*8
4IX4
6*4
10112 *100
*100
*8*4
9*4
,
4U8
4
4
107
26
60
1,300
3X4
314
8II4
82l2
117X2 118
59
26
No par
5% preferred
Callahan Zinc Lead
5,000
55
~27i"2
83
*56
California Packing
500
,
9*4
102
59
26
*978
*90
*56
Byers Co (A M)
No par
Participating preferred.. 100
Byron Jackson Co...—No par
43
*11412 11712 *114
26
6
39
*
117
117
11712 117
117X2
59
58
57*4
57i2
58
577g
58l2
5712
*10012 lOUg *10012 lOUg *10012 101
*100'2 101 ig
25
25
24*8
24U
24*4
25t4
25'2
2534
*102
103
102L 10212
al02i4 I02X4
103
103
IOX4
IOI4
IOI4
IOX4
IOI4
10-'%
10'4
IOI4
30
7
2812
83
preferred
conv
«39
7
7
714
21,700
4,800
5°7,
15
5*8
397«
100
11
1
Butte Copper A Zinc
4
June 21
22
8
Apr
21i2 Apr 10
1512 Aug 24
llx2 Apr 10
10
15X2
87S
84
40
300
3,600
1512
*147S
44*4
84
+
*39
I5I4
5*8
38
40
2514
5234
212
2'4
6.5
512
38i2
79
39
512
*38
900
15»4
15X4
14*4
5,800
24%
87g
15l2
15
1514
14 7g
67
*51
Bush Terminal
Aug
Highest
$ per share $ per share
153s Mar
3012 Oct
597# July 25
Apr
3
tBush Term Bldgdep7% pflOO
Butler Bros
100
5X4
12i2
67
25
25
10
1,300
20
5
12X2
09'4
1514
1514
16
14*8
5*8
*
1412
8*8
1512
27*4
No par
2.5*4
7*8
"27*4
No par
13X2
5
84
Bulova Watch
17*4
7*8
4
2912 Apr 11
100
2514
8
Apr
94*4 April
No par
27*4
28
7
3
2812 Jan
Jan 24
121* Jan 30
10i2 Jan 12
18*4 April
lx2 Apr 8
1912 Apr 10
Sis Sept 6
7*4 Aug 24
1014 Apr 10
31
Apr 12
41*4 Apr 14
Us Apr 1
5ig Apr 1
7*8 Apr 8
27
Apr 8
135s Apr 10
3H« Jan 3
9% Apr 8
No par
Mfg
preferred
Budd Wheel
28
14
*
100
Budd (E G)
7%
51
5
7% preferred—...
470
5
7*8
44l2
5,600
51
5
47g
~5h
67g
51
15l2
*
par
No par
107g 1
4*4
8i2
Brooklyn Union Gas.. .No
Brown Shoe Co
107g
714
2
Bristol-Myers Co
.....6
Brooklyn A Queens Tr.No par
$6 preferred
No par
Bklyn-Manh Transit..No par
$6 preferred series A.No pa
500
Bruns-Balke-Collender.No par
*1318
15
No par
4.800
6*8
24l8
Brlggs A Stratton
19
7*4
*51
Manufacturing.No par
18*8
1512
*68
100
19
7i2
12*8
.15
.....5
18'4
*13U
5
Briggb
3812
1*8
24*8
*3778
50l2
1178
*37
Borden oo (The)
Borg-Warner Corp
Boston A Maine RR--
131s
2514
17*4
13
1,700
27*4
*2478
17*4
28*8
25
117
No par
Bond Stores Inc—....
1
18*4
6*4
51
50
5
*2714
5
6*4
ei2
49
10012 Sept 14
Class B..
10*8
lli8
101*4 102
10*8
101*4 101*4
10i2
50 lg
5
Bon Ami class A.
170
21*8
40
18
1812
I8ig
101*4
49U
24
*37
5
No par
Bohn Aluminum A Brass
800
2OI4
19X4
$ per share
27*4
lUg
11*8
4U2
4l7g
*231 z
*37
20X4
Year 1938
Lowest
$ per share
10
Sept 1
Par
Shares
59
1939
Range far Previous
Highest
Lowest
Week
110i2
2:59
Range Since Jan. 1
On Basis of 100-Share Lots
21ig
2714
*3'2
14
2414
*38'2
12
STOCKS
14,
EXCHANGE
48'4
1*8
I37g
24i2
*41
18
4'g
3H2
578
*1*8
12
28
3U4
578
48
*11
0i4
21*8
*3%
39
4612
ll2
2Hg
27ig
13
$ per share
20X2
26i2
U0l2 *107
59
24*8
*100
$ per share
*58i2
40
24
$ per share
59
42
*37
Oct. 12
58'2
11*4
24ig
*377g
40l2
*1*8
Oct. 11
10
$ per share
110i2 *107
Thursday
NEW YORK STOCK
the
CENT
NOT PER
Wednesday
58l2
31x2
27
Oct.
$ per share
26
25*4
25*4
*107
11012 *107
58i2
*17*4
20*4
Tuesday
Sales
for
Monday
Saturday
Oct.
Sept 11
2i8 Feb
6
72i2 Aug 15
313g July 29
Ex-rights.
57
31i2 Mar
90
Jan
Oct
11*4
10
Jan
June
22*4 July
223g JUly
98 x2 July
19
Nov
35*8 July
97g Oct
83
Oct
70
Oct
5978 Nov
108X2 Nov
64
Nov
11212
Oct
57g Mar
1214 July
1
Mar
25
Mar
214
55*4
2218 Mar
28
Oct
Oct
May
1 Called for redemption.
Volume
LOW
AND
HIGH
Monday
7
Oct.
$ per share
*7%
22i8
*7i8
24%
1045s
5%
8*4
*284
55g
Oct. 13
Week
$ per share
Shares
7*2
223g
834
7%
22i2
534
834
255g
7i2
7*2
105
7*2
22
*53s
80
*87
88
9
878
1*4
8%
30*4
77*2
z84
400
Consol Film Industries
*8*2
8%
500
3034
16,500
1,5 0
1,500
32 partic pref
No par
Consol Edison of N Y--No par
9
85g
878
*8%
25g
234
258
234
*258
3
6
6
*22
26
*22
26
*23*4
95
*94
9434
*9334
1518
1478
15
15
15*4
15
15
14%
14%
14I2
15
1*2
14%
1*8
14*2
1%
9012
*89*4
3
27
95
48
47
110
9084
4734
110
*778
8i8
*778
8*4
36«4
3684
36*8
3634
27g
28*8
*28
278
28*2
2958
*58*2
62i2
62i2
3
3
28%
28«4
2812
29
58l2
63
58l2
62I4
156
156
159
159
37g
378
1*4
1*4
26
4
1*8
4
2584
1*4
26
26*4
*34%
27
40
2534
98*2
28*4
*8*4
26*4
*347g
*33
37
*33
*97
9812
*28%
28*4
*8
9
1484
*8714
5834
29
27
27
*3478
36
*33
37
*33
15
1434
87*4
87*4
87*4
4812
47
48*2
90
90
87
81
*76
78
16i8
16%
*16
16*2
678
5612
7%
*54*2
67g
2584
26l8
2578
91
*73
*45
65
2234
*2212
*4*4
5
*1514
17
*8i2
8*4
*10434 10534
23*8 23%
25
25
*1484
1514
23*8
24*8
712
778
*32
23*4
7312
*137
24
74l2
9l2
*12i4
*110
55
*53*4
54
7*8
5434
7*8
5434
7%
28,400
2638
26*8
26l2
*48
*434
878
*78
1*8
116*2 116*2
25
25
74
1034
*8*2
23%
7434
1078
11
11
9l2
14
*9
7
7
153
*156
158
26%
27
16*2
1*4
1*4
37%
38*4
14*2
15*4
*7o
978
*13
14
*113
120
7
145g
66
11
11*4
*9
*12*4
*113
18*4
23*8
7634
140*8
11*2
9:
14
120
17834 180*8
128
1285s
*114
15
15%
1934
21*8
7*2
7l2
26*8
16*2
134
3734
15*8
158
87g
1*4
13s
87g
33
3212
33%
33
34
33
28
28*4
28
28
28*2
2834
32
32
3278
3338
32
*2
212
41
2*4
40*2
2934
327s
23g
40%
40*2
218
41
*42*2
*106
457g
108
1134
*70
1178
75
*40*2
*44
*106
115s
*72
4578
108
ll7g
74*2
*1*4
2«4
80*2
*78
8078
90
80*2
*85
*85
91
1*2
234
*1%
1*8
13s
8%
9
15g
9*8
3
*s
*23g
26*2
16*2
178
3834
153g
158
9*8
3378
2958
32%
2l2
40*2
20*4
7*2
178
3734
1434
15s
8%
33
2l2
40*2
1034
32l2
19
23*4
7834
14U2
12
10
14
500
8,400
9,200
200
3,200
200
72
*71
73
78*4
*78*2
80
*85
90
1*2
234
*13g
1*2
25g
2%
1*4
2*2
212"
434
434
4h
5
5
5
5
234
234
*25g
3
278
278
4*4
4*4'
*4*8
412
4*8
4*8
1012
23l2
10%
234
10*2
22*4
*1*4
138
1*4
1*4
10*4
23
*1*4
138
*7
8
37*2
37*2
37
37
37*8
38
3n2
32
31*4
32
31*2
33*4
*7
8
143g
*14*8
15
97*2
14*4
*90
*91
97*2
150
150
43g
*145
4*4
4%
160
4*4
*7
14
*92
*145
734
1%,
27g
*234
7234
7934
*85
*U4
258
200
23,700
7*2
1,700
4,300
2212
22l2
1*4
1*4
23l2
87
*83
87*2
37*8
*3634
37*8
18
*15*2
18
367g
*15*2
*
Dresser Mfg Co
No par
Dunhlil International
1*4
No par
34.50 preferred
Eastern Airlines, Inc....
1
Eastern Rolling Mills
5
Eastman Kodak (N J).No par
158
29*2
327g
212
40*2
1,200
1,100
600
3
Elec A Mus Ind Am shares.
2%
Mar
116%
4078
9%
Jan
1
20«4
31%
Jan
30%
Oct
Jan
42
Deo
Mar
11
Oct
11
Mar
23*2 Nov
July 31
65% June
91% Nov
12% Jan 9
35*4 Jan 16
22% Jan 3
8*2 Sept
28«4 June
17
Jan
35
Dec
90
34
July 26
7934 Sept 12
143% Oct 6
12% Oct 3
19% Jan 13
14
June 19
116
Aug 17
188*2 Sept
5
6
142
Sept
7
124% Aug 18
118% Feb 27
MarlO
21%
Oct 11
8% Sept 12
186*8 Jan 6
183% Feb 8
17
Sept 13
Sept 11
12
Mar
27% July
31
Mar
877s
Jan
I84 May
8% Mar
102
Apr
90% Mar
13034 Mar
109*2 Apr
11134 Jan
1384 Nov
2
Corp
preferred
Dec
8% Nov
25% Deo
5% July
50
3214 Aug 31
IOC *103*8 Mar 22
5%
17%
36% Dec
15% Dec
41
Engineers Public Service—1
138*2 NOV
120*2 Dec
118% Dec
Mar
Mar
6
Jan 25
Endlcott-Johnson
Deo
13% Mar
28
Sept 14
3% Sept 11
Jan
15484
Dec
El Paso Natural Gas
35
Oot
115
173
Jan
10% Mar
18
3
12
Deo
Deo
157
38
6
19%
Nov
36 preferred
Elec Storage Battery..No par
Elk Horn Coal Corp ...No par
Feb
141
187
22% Mar
No par
No par
25*2 Oot
3478 Aug
8O84 Deo
3% Mar
121% Mar
3% Mar 6
12% Jan 19
41% Jan 20
37 preferred
Jan
Dec
Oct
6
4
20% Mar
Mar
6*4 Apr 10
20*2 Apr 11
1834 Apr 8
23*2 April
*8 Apr 4
„
Electric Power A Light. No par
Nov
Mar
Sept
1
Jan
17
25% Deo
8'4 Nov
25
39% Sept 30
5
Electric Boat
25
84 Nov
22*4 Apr 11
8*2 Apr 10
1*8 Sept 11
No par
Electric Auto-Lite (The)
Mar
7*2 Mar
4
127
3®4 July 5
138*8 Apr 26
9
76
112
111*8 Sept 12
12*4 Apr II
102% Jan
1334 May
19®4 Mar
87s Sept 27
Eltlngon Schlld
2*8 Sept
6*8 Mar
Mar
21®4 Mar
4
Jan
14
Oct
Oct
4134 July
46%
35
Nov
% Mar
2*4 Nov
7
17
Feb
2978 Nov
55
Sept 13
33
Apr
111
Jan 30
45% NOV
111% Dec
10*2 Oct
Oct
94%
Apr
2% Mar
12*8
12,900
73
7934
300
35
80%June 21
89
Aug 16
71
Oct
35H preferred w w..No par
62% Apr
65*8 Apr
38% Mar
300
40
Mar
72*2
Deo
36 preferred
69
95
46
Mar
79*2
88l2
1*2
25g
"""360
2,700
5
conv
preferred
No par
No par
Equitable Office Bldg.-No par
{Erie Railroad
-100
1,100
200
1st preferred
4% 2d preferred
Erie A Pitts RR Co
160
Apr
8
8
8
April
84 Aug 24
1
Aug 21
l78Sept 1
1*8 Apr 10
65*4 Sept 15
3% Sept 1
100
100
4%
7
50
6
Apr 11
165
11
36 preferred
100
Federal Mln A Smelting Co 100
Federal Motor Truck..No par
81
37
*3634
37
18
*15*2
18
900
100
800
Def. delivery,
Federal Water Serv A.No par
Federated Dept Stores.No par
284 Apr 10
April
85
Fed Dept Stores 4H% pf.100
Fidel Phen Fire Isn N Y..2.50
®4May 25
1834 Apr 11
8234Sept 13
27»4 April
Fllene's (Wm) Sons Co.No par
16*8 Sept 13
n
New stock,
r
Cash sale.
*
13
Apr 5
2*8 Aug 24
Apr 10
1,000
3% Sept 27
65% Sept 25
5% Mar 8
96
20
1*8
24
87*2
Sept 28
Jan 24
24
Fajardo Sug Co of Pr Rico..20
Federal Light A Traction... 15
*85
6
Apr 11
Fairbanks Morse A Co.No par
2,200
900
17s Sept H
Sept 28
3
3
""606
"loo
7
11
200
4l2
Aug
3
Jan
14*4 Apr 11
1
April
300
1378 Aug
25% Sept
2% Jan
8% Sept
4378 Jan
38% Sept
18% Aug
Corp
3
Exchange Buffet Corp.No par
Fairbanks Co 8% pref
100
734
37*2
34
a
634Sept 1
10
Apr 14
108
Apr 12
126*4 April
Dec
29% Nov
H2 Jan 4
12414 July 28
32% Jan 11
800
1*4
In receivership,
July 13
25*4 Oct 6
27% July 11
16%June 6
2734 Sept 27
8,400
10,100
2,200
7,200
3,800
1,700
*1*8
37
112
17g
5
1
Mar 31
18
13% Mar
Aug
7%
8»4 July
38
1534
Ex-Cell-O
2334
6
66
17% Dec
11% July
111% Deo
25% Feb
19% July 12
3*8 Jan 4
Evans Products Co
*4*8
20*4 Sept 11
55
Aug 24
101*2 Apr 11
June
3% Mar
4*2 Mar
28
3,500
*145
Jan
21% July
8% Aug
13% Mar
6% June
5
Aug 24
2,400
160
87
June 20
15l2Sept
9
6% cum preferred
11*4
Bid and asked prices; no sales on this day.
sawwe
100
6% non-voting deb
Duquesne Light 5% 1st pf.100
23*4
♦15*2
*85
No par
100
Du P de Nem (E I) A Co—20
11
4%
1*8
2334
87*2
4*4
1*8
23*8
—
7
15*4 Apr 11
14*2
*83
19*2
No par
110
2,300
97*2
*145
Mar
Jan
17*2 Mar 10
10% Sept 22
155i2Sept25
*13%
*22l2
8434
No par
55*2 June 17
Sept 26
25
2
*92
1%
3778
Douglas Aircraft
May
4
14*2
43g
9«4May 18
Apr 10
Dow Chemical Co
3
100
9712
160
3
4% Mar
34i2 July 26
447g July 13
518 Aug 22
1334 Sept 11
66
Sept 30
Mar 31
227g
*7
Apr
36®4 Sept
10
5
34
92% Nov
44%
5% Mar
7% Sept 27
1
Apr 13
Sept
30
Eureka Vacuum Cleaner
*36*8
24
No par
l'ioo
38
19
10
18
10
% July 181
No par
Class A
37g
34
15% Nov
94% Jan
13% Feb
6% July
Apr
58% May
12
May
Eaton Manufacturing Co
*92
23*2
8434
Dlxle-Vortex Co
l07g
*7
Sept
1534 Apr
Apr
11*4 Apr
12*4 Aug
3*8 Sepf
23
8
Doehler Die Casting Co No par
Dome Mines Ltd
No par
27g
34
Mar
Nov
37% Nov
19% Mar
19*2 Sept 11
Edison Bros Stores Inc
*14
4*4
*1*8
25
334
*36*4
103
103
No par
6% partic preferred
23
1*4
7«4
68
40
70
8% Sept 11
200
27*4
17
14
*1*4
*36*4
*10*2
2212
1*4
4% Apr
100
Detroit Edison
*4*8
*2*4
4
4
10
100
Delaware Lack & Western..50
1,900
2078
97*2
*22l2
*16
Dlesel-Wemmer-Gllbert
Delaware & Hudson
3,900
"
1012
2234
20
Duplan Silk
8% preferred
9,400
46
434
934
No par
Preferred
108
234
22i2
Dayton Pow & Lt 4H % Pf 100
Deere & Co
110
300
120
*43
90
3l2 Aug 26
14'4Sept 12
5% pref with warrants.. 100
*106
78*4
6
Distil Corp-Seagr's Ltd.No par
46
72
6
7% Mar
Davison Chemical Co (The).l
100
108
*84
Jan 10
Jan
Apr
25% Apr
Oct
1,500
*42
1134
91
6*4 Mar
29
Nov
Jan 24
28
*106
12I8
3
50
Diamond T Motor Car Co.-.2
46
1178
22% Mar
Jan
40*4 Feb 28
37*2 Mar 4
16*4 Sept 26
42% Oct
117% Nov
29% Nov
10% July
4384 Nov
Mar
8
13*s Apr 10
Diamond Match
108
12*4
4112
2
No par
500
*43
1178
Jan
45
-No par
700
*106
Oct
Dec
38 preferred
Cutler-Hammer Inc
Class A
JDenv & R G West 6% pf.100
33
*283g
32*2
Jan
70*4
Jan
6,000
157
27
56
177
48*g
"i"6o6
155
*16*2
Nov
73*4 Apr
Curtlss-Wrlgbt
600
al57
Apr
Apr
Apr
162
5
8*4
14*2
154
Mar
June
1178 July
36*2 Nov
3*2 Dec
35*4 July
29% Nov
28% Nov
300
116
153*2 15412
155*2 158
10
40
*53
21% Apr
8
3278
128
78 May
21% Mar
3212 Aug 4
13
Apr 29
Sept
18
116
180
21% Mar
49
116
478 July 27
2*8 July 25
52% Sept 22
Devoe & Raynolds A..-No par
116
1*4
834
*12i4
*114
Aug 11
96
560
116*8
116
*116
7
147g
*87S
177
June
83
130
8
118
115
20*8
23*8
76%
*135*2
11*4
3
Sept
Conv 6% preferred...—.25
18112
128*4
116*8
116
7
7*4
153l2 15412
156
156
*155*2 158
26*8
263g
26l2 27
*16
16*2
*16*8
16*2
1*4
1*4
134
134
38
39
37*4
38*8
120
1034
Jan
13
Davega Stores Corp—
67
32l2
Jan 16
32*8 Sept 11
61*2Sept 16
67i2Septll
93
39
*18*2
4
Jan
6
5
75
Apr 14
24i2 Apr
25
14**8
Jan
1,500
*7g
1*8
116*4 H6I4
*60
10%
65% Mar
36*2 Mar
107
84
15,300
8*4
May 31
12% Mar
14*2
25*8
32%
3
51 *4 Sept 25
35
1412
*38
Mar
100
2s4 July
103% July
63i2Sept27
778Sept 12
11,000
1,100
25
Oct
267s July
1*4 Mar
9
No par
Jan
1734
28*4 Jan
5
7*4
95% Nov
4*4 Aug 24
26 *2
24
22
Apr
1,200
17
8*2
10534
2412
1795s 18034
128*4 128*2
115
152*4 153
145g
3214
32*4
1812
18*2
23*4
23*2
75%
77
140*2 140*2
11*2
12
*878
10
*12*4
14
116
19*4
24
Mar
8»4 May
8% Mar
48
No par
Preferred
10
Mar
Apr 8
Aug 21
Aug 23
3l2Sept 1
38
Apr 14
Oct
1
50
10
Nov
7%
IO84 July
7*2 Jan
5% Jan
3
100
Packing
Curtis Pub Co (The)
104
Jan
3
Sugar
Preferred
Oct
19*4 Apr 11
*25*4
11
11
75*8
105
22i8 Mar
2%
12% Deo
34% Oct
78
19
27a Aug
Deo
Cushman's Sons 7% pref. .100
2234
8*2
July 25
Jan 3
16*2
85
June 30
76
867s Aug
1
60
22*4
*434
*15*4
1434
66
33
23*8
33
38*4
8*4
*38
8*4
2*8
1*8
1165S
25*4
25*4
14l2
1034
*138
Stock
17
878 Exchange
106
Closed
237g
2634
15*4 Columbus
2434
8
Day
116
32%
41
5
67
*32*4
18
*49
22l8
10534 106*8 *104*4 106*8 *10414
233g
2334
23*2 24*2
23*2
25*2
25*2
25*2 26*8
26*8
145s
1434
*14*2
15*8
*14*2
2334
24%
24*8
25*2
24*4
7*2
734
7*8
778
734
174
177
17412 176
12978 130*8 *127*2 12834
117
117*4 *11534 11534
*116
116
116
116*2
18*8
18*4
18*4
19*2
*16
60
22
101
Mar
3
Apr 11
Apr 8
Oct
1
91
*75
2% Sept
2% Mar
62
preferred.—100
Cudahy
5,600
91
No par
100
Cuban-American
300
678
2578
*15*4
18*2
14,700
55i4
7*8
17
32
35 conv preferred
Crucible Steel of America.. 100
Cuba RR 6%
26m
*75
5*8 Sept 12
9
Sept 11
34
Sept 12
7
3
9
170
4,200
91
887g Apr
27g Mar
Jan
28
Preferred
6*4
6*8
108*2 Aug 4
778 Mar 10
978 Sept 6
Jan
5
300
6*4
8*2
14l2
150
9,300
93
700
*15%
32
4934
500
17
*10l2
87
48*4
Mar
38
No par
8*4
l47g July
26% Nov
10% Nov
Mar
4% Mar
17
110
3
Pref ex-warrants
16*4
*15*4
*17*2
233g
87
1
MarlO
1
2638 Jan
6% Aug 25
20*4 Apr 8
33
Sept 1
Crown Zellerbach Corp
3,500
80*4
5
*65
No par
No par
16
23
8*2
Crosley Corp (The)
Crown Cork & Seal
Jan
2ig Jan 5
12% Mar 10
5
32.25 conv pref ww..No par
15*4
*90*2
(The)_2
71
4
Apr 12
Sept
share
9% Aug
2984 Deo
per
Sept 11
35
5
16
500
37
1478
Sept
93
900
36
6*4
67s
23*2
141
152
*33%
Cream of Wheat Corp.
78
*46
141
120
26%
*34%
8*8
8*4
142
1078
36
*32l4
1034
*8
700
163s
8*2
19
*2878
Sept 22
% Sept
-1
25
100
5% conv preferred
79
32*2
38*2
3314
Crane Co
6
*8*8
*32
Coty Internat Corp
500
16
32*4
38*2
*10l2
3,000
4,800
3
Coty Inc New
2634
98*2
29
8*8
2658
150
1
Preferred
4,100
79
8
*18
1*8
25*4
*96*2
11
31i2
Jan 26
Dec
Highest
Mar
4
Feb 27
91
1978 Aug 24
16*8 Apr 11
547| Apr 19
6
10% Sept
4*4 Mar
55
Apr
377s Sept 13
25
100
Mar
5
29*8 April
1% Apr 10
49
378
138
334
163s
*75
145s
400
81
26
69
162
8
Corn Products Refining
110
*157
---5
Apr
Continental Steel Corp.No par
Corn Exch Bank Trust Co.20
2,900
5*2
22%
*434
14*2
58
62
!
5
*65
5834
1
Continental Oil of Del
800
61
5i2
32i8
38*2
1434
Continental Motors
8
8
66i2
5,800
4,700
5*2
32
*65
3
28l2
2934
5
37g Apr
Aug
86
600
Continental Insurance.—32.50
8
7
8*4 Aug 31
Sept 19
9*8June 30
88
Jan
116
2,000
*5is
6
6*2 Aug 24
1
July 14
l®4 Apr 11
share
15
June 16
8
34.50 preferred
Continental Diamond Fibre _6
8% preferred
Continental Can Inc
500
37
9034
*16
1
4% Sept
7
28*4 Sept 22
87a Feb 28
2
27*8
29*4
15*8
1
5
11*2 Apr 10
1*4 Apr 10
100
x87%Sept 15
20
32% Apr 11
No par *106 Sept 8
3678
2%
49
38*2
*14*8
5,400
37
*434
8i4
200
48
87
38
8
90
47
88s Feb
30% Jan
No par
Class B
2,300
110*8 110*2
8*4
8*4
2634
1478
32l2
38
8934
6
Continental Bak Co ol A No pa
9034
78
5634
*%
1%
*78
1*8
116*8 116*2 *116*8 11634
25
2514
24i2
2434
2,000
48*4
26
8*2
14l2
1%
87
6
*45
22»4
14%
1%
Lowest
per
Apr 11
Sept 8
5% Apr 10
73
Apr 4
79ls Apr 18
838 Sept 18
1
Aug 31
734 Sept 12
27
April
10134 Jan 4
Container Corp of America.20
87
91
*73
3,500
497s
512
7*4
76
*53
5% preferred v t 0
100
Consumers P Co$4.50 pfNo par
15*4
9412
512
8*8
57g
"""166
48*8
5*2
8
6
15*8
1,300
95
1434
8*4
5
Apr
484 Apr 17
15% Aug 24
Consol Coal Co (Del) v 10..25
6
27
*94*4
*90*2
5
584
8*4
36
26*4
9012
8I4
8*4
800
$5 preferred.!
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
Consol RR of Cuba 6% pf.100
7,800
3
534
1
*22
145g
147g
H2
138
1*2
*89% 90*2 *90
90*2
47
4812
4734
4812
*109% 110% *1097g 110*2
8
8l8l
8*4
3678
37
36*2
37*4
27g
3
278
3
28*2 2878
283s
287s
29*4 29*4 *28*2 2912
58
58
5858
685s
62
6212
61*2
62
*156
160
15978 160
4
4
334
4
1%
1*4
1*4
1*4
26
26
26%
26*2
967g
97
9678
98*2
29
29
*28*2 29
8*8
2634
*3478
47i2
8
6*2
1*8
8*2
90l2
*5i2
*6
37
14*4
153s
98*2
6
1*4
105*8 105*2
4%
47«
834
87s
87S
109
7,500
30*4
*93*8
4714
9
1*8
9412
109
110
87g
26
*89
300
3034
5
1*2
200
1*8
5
I
6
19
*8*2
30*4
105*4 105*4 *105*4 106*4
5
47g
5
5
6
Conde Nast Pub Inc...No par
120
*1*8
$ per share
Congoleum-Nairn Inc.-No par
Congress Cigar
No par
Conn Ry <fe Ltg 4H% pref.100
Consol Aircraft Corp.—
1
Consolidated Cigar
No par
7% preferred.
100
OH % prior pref w w
100
Consol Copper Mines Corp-.5
"12",600
Range for Previous
Year 1938
Highest
3 per share
1,500
85
8%
85s
6*2
834
2534
734
78*4
9
9412
1478
*20
•
6
*6*2
Lowest
Par
4,200
734
2234
2434
*7*2
7*2
*74
87
1*4
8%
30*8
834
303s
105
*6*2
25l2
80
1*4
1*4
*53g
834
26
8*4
8%
30
Friday
7*4
22*8
*73g
87
812
1*4
8%
30%
105*8
53s
878
3
7*8
223g
512
*6%
24*2
5l2
87
Thursday
7*2
2434
8%
iu
Oct. 12
$ per share
6i4
*85
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
$ per share
80
88
STOCKS
NEW YORK STOCK
the
% per share
22
80
*8*8
2331
Sales
Oct. 11
24iz
*7*8
7I4
29%
CENT
Wednesday
*5i2
*634
8*4
24%
7*4
8%
NOT PER
Oct. 10
7i2
22
22i8
6%
*85
SHARE,
Tuesday
9
$ per share
7%
*534
*6*4
SALE PRICES—PER
for
Saturday
Oct.
New York Stock Record—Continued—Page 4
149
Ex-div.
20
26
5
8
15
Aug 23
Sept 27
6
Jan
1%
Jan 19
6
1*4
Oct
Dec
2%
Jan
1% Dec
6*4
Jan
234 Mar
1% Dec
884
Jan
62
6%
Oct
64
2% Mar
6
Jan
Dec
Oct
5% Mar
16
Oct
Apr
25
Dec
10%
1*8
3%
19%
22%
678
Mar
Mar
May
May
Mar
67
Apr
62% Apr
2% Nov
11%
Jan
43
Deo
3584
Oct
16*2
Oct
84*2 Nov
133
Nov
3734 Sept 15
2% Mar
1
Sept
12% Mar
677g Jan
22% Mar
90% Oct
36*2 Nov
19
15
25
26% Mar 11
8934 Feb
yEx-rlghts.
6
Mar 17
June
678 Aug
2% July
29
1 Called for redemption
Oct
Oct
New York Stock Record—Continued—Page 5
2332
LOW
AND
HIGH
Oct.
•
Oct.
7
$ per share
SALE
Monday
9
Oct. 10
$ per share
227g
227S
*22i2
23%
104
1025s 1025, *102
45
22%
*2312
17*4
33l2
25
4
4
33
100*4 106*4
*21*4
22l2
*3212
45
17l2
17%
3312
25
33%
*23%
4%
33%
*32
*33
*23%
*37«
33
4
106*4 106*4 *106*8
23
22%
22i2
81*4
*70
*5*4
82*4
82*4
*70
ei2
5*8
5*4
6
*3014
347ft
32*4
*30
35
*30
32l2
27ft
45ft
15%
*13
34%
278
*512
*27ft
3
45ft
6
16%
1414
45fc
14*4
15%
13l2
*100
110
*100
31
13*4
110
*5*8
6
57ft
23%
103% 103%
*44*4
45*8
17%
177ft
33%
25
4
33%
....
23
82
6%
35
33%
27ft
4%
15
337ft
27ft
4*4
15%
SHARE.
Wednesday
Oct.
$ per share
45
45
17%
*3'27g
PRICES—PER
Tuesday
11
Oct.
Range Since Jan. 1
17%
%
22%
ver
23
34
*23%
4%
*106%
22%
*70%
4%
4%
500
1,700
22%
23
83
477ft
*77g
5912
77ft
4
*25i«
63
*19ii
*103
No par
F'k'n Slmon&Co tnc 7%
1,400
Gabriel Co (The) cl A..No par
4*4
15%
14%
"7,000
2%
5
2,100
2,200
Galr Co Inc
15%
16
14%
14%
*100% 110
*5%
57ft
14
14%
*100% 110
*100% 110 |
5%
55s
*5%
5*4'
230
14
*13
14
*13'
14
200
50
*46*4
50
*46*4
50
8
77ft
7%
103
*97
61
60
7%
103
60*4
*7%
*97
60%
7*4
*7%
103
59%
77ft
77«
77g
7*4
*13312 138
*133% 138
*133% 138
4
*4
4
4
3*4
4
4%
12*8
13
1314
13%
13*4
13%
13%
27
27
*26
27
27% *247g
27%
*60
63
67
*59%
64
*59%
65
*19
19
1914
20
19*2
19%
19%
77«
*103
40*4
117
40
40*4
7ft
7b
*35
58
*35
*84
86
*83%
I22l2 122l2
5312
54 -
914
*106*8
....
*1%
22*8
53*8
*87
*35
*82%
122
54%
122
54%
33
33
9'2
*51
34
9%
9%
9%
9%
9%
1%
24
107% 107%
1%
1%
23
23%
1,300
88
*87
*108
♦108
H2
1%
22*4
89
88
38*4
16%
16
16
15
10%
1612
16
912
*50
45
95«
54
17%
36
36%
General Telephone
15
Apr 28
16
*16
17
....
22%
6%
44%
9*4
*51
*16
97%
22%
6%
45
Exchange
9*4
52%
Closed
18%
18*4' Columbus
39
3%
214
2I4
214
2*8
2*ft
2*ft
*214
79*4
*77%
21%
64*8
78
78
21%
215ft
21%
22%
64
63*4
6334
27*4
64
64
27%
28%
75ft
1%
*14l4
7*4
1%
16
20
20%
33
7%
*1<8
*14%
99
5
70
7ft
77ft
1%
14%
20%
?1
33
33
33%
33
24
*23
23*4
*23
18*4
30%
18%
187«
30
31
18*4
18*4
295ft
30%
18%
29%
20%
20*4
33%
23*4
79%
20
22%
64%
7,000
27*4
28
27%
28%
8,700
99
99
97
97
4%
734
*1%
*14
20%
33%
*23
18%
297ft
70
1
7ft
77ft
1%
7*4
1%
30%
16%
16%
16*4
16*4
11%
11%
*11%
20
31%
*30
*335ft
36
15*8
*17%
105
*101
18
17
105
15
33%
14%
*105
102% *101
31
31
31
*126
135
*126
934
*90
934
91
3%
*103
3%
105
*11%
*102
117ft
110
*140% 159
*14%
15%
9%
90*4
3%
*103
211%
*102
6
19
31%
33%
*130
135
934
91
3%
105
11%
110
*62
*18
36
*31%
15
15
1478
17
*126
9%
135
934
92
3%
3%
104% 105
11%
11%
*89%
108
108
*140% 159
131
64%
197ft
*130% 131
*61
64%
1047ft 1047,
*18
197,
31%
31%
31%
3134
31%
313.;
*77ft
85ft
*8%
8%
8%
8%
*15%
15%
14%
15%
14*4
*101
*100%
5434
*3234
14%
*60*4
57
33%
1434
62
*102
56%
*32*4
56*4
14%
14%
61%
61%
33
*103% 105
*103% 105
7%
75ft
*7%
7*4
*52
5334
*52%
53*4
*1%
1%
*1%
1%
*37ft
484
25
*3*4
25%
4*4
25%
6%
55
56*4
33
14%
14*4
60%
104
7%
53%
*1%
6%
1
6
1
147ft
28*4
28*4
46*4
46*4
7%
7%
15
1
*90
3%
107
11%
*106
*8
*14%
60%
104
8
53%
1%
115
100
200
90
2,700
220
61
1
61
200
19%
31%
*18
31
31%
1,700
8%
15
*8
8%
100
19
15
53
53%
8,700
*317ft
33%
100
14%
14%,
*60
*103
62
*53
1%
607ft
104%
7*4
*102
8
54*4
54
25
4*4
*3%
25%
24%
1%
4%
24%
6%
6%
300
607«
107
7*4
*3%
8
2
32
Jan
5
8
25
.100
10
Apr 10
Hercules Powder
No par
63
Apr
6% cum preferred
Hershey Chocolate
No par
54
Jan 28
$4 conv preferred
No par
Hlnde A; Dauch Paper Co..10
Holland Furnace (Del)
10
100
Sept 19
100
Hollander A Sons (A)
5
No par
100
12.50
Houdallle-Hershey cl A. No
B
No par
Household Fin
com
stk.No par
5% preferred
100
Houston Oil of Texas
A
par
v t
C..25
5
*7%
7*4
28%
28%
46%
46%
7%
7%
7%
♦Bid and aaked prtcea; no sales on thla day,
X In receivership.
49
0 Def. delivery,
Central
100
6% preferred series A
70
Leased lines 4%
140
RR Sec ctfs series A
n
477ft Aug 3
118% July 3
1% Jan 5
65% July 11
99
July 28
Jan 27
127
5.5*4 Sept 13
25
Mar
6
5
Jan
5
92% Apr
1% Jan
20% Jan
6
3
5
41
4
Jan
Mar 14
Mar
7
Dec
Aug
New stock,
r
8
128% Apr 10
124% Nov
45
12% July
101% Apr
1% Dec
12*4 Mar
z85
Sept
1
Mar
13% Mar
15% Mar
"l3"
110
95
Mar
14% May
June
9
Mar
6% June
46%
Dec
5
Mar
37% June
13
Mar
37
Apr
2% Sept
60% Apr
84
July 19
4
10
Mar
74% Mar 16
38% Jan 3
10984 Jan
5
32
June
5% Sept 27
Mar
3
80
15% Mar
69*4 June
2% Mar
52% Mar
1% Jan
3
*4 Mar
107ft Sept
5
7
1
2% Mar
22% Sept 12
35
Aug 14
25
Aug
4
10% May
19
Apr
Jan
1*4
167ft Aug
1
Mar
8
Mar
20
21*4 Mar
9
Jan
6*4 Sept 27
22% Sept 27
32%May 9
36% Aug 3
16%
Oct
2
17% Mar 10
105
103
Oct
7
Mar 17
33% Sept 27
May 29
10% Oct 3
91
Aug 26
4% Jan
5
110% Aug 9
144
13%May 29
117
35
July
13% Mar
7*4 Mar
7%
Feb
Mar
12
Mar
3
Mar
8
Mar
24
30
Apr
Apr
5
Mar
12
Mar
88*4 June
83
June
15
Mar
120
Apr
4% June
50% Mar
1% June
76*4 June
5% Mar
Mar 24
81
167
June
5
140
Jan
17
Jan
5
10
Mar
l01%Sept 11
May
42*4 Mar
135% Mar
6
126*4
Jan
65% Aug
3
40
Mar
July 17
80
Mar
115
14*4 Apr 17
19
Jan
51
7
15
Sept
Jan
4
17
Jan
June 29
11% Mar
9
8% Aug 22
95
May 10
4734 Sept 21
27
Apr 8
8*4 Apr 10
21%Sept
5
5*4 Mar
11% June
7
60% Oct 10
102
Sept 29
1
Apr 10
4% Sept
40
104% Jan 12
66%May 11
36% Mar
9
3
73% July 31
U0*4 Aug 12
9% Sept 11
17%
57
Jan
102
Mar
48%
Apr
17% Mar
Mar
6
46%
Jan
83%
Jan
5
z
5
Sept
Mar
y
May
Mar
87ft Jan
5
2% Jan
20*4 Jan
3
% June
4
6% Mar
12
Apr
35
Jan
Ex-rlghte.
3
Mar 13
11% Jan
Ex-dlv.
1
3
4
Mar
5
23
Mar
%
July
2% July
Oct
41% Nov
26%
Mar
98
Nov
2% July
27% Nov
"~8%
4
24*4 Jan
July
97ft July
6*4 Mar
1*4 Mar
29% Sept 12
1000
Cash gale.
5378 Nov
Mar
4
3*4 Mar 14
27ft Jan
Nov
79
21% Mar
Mar
60
125
8
1*4 Sept
28
40% Nov
117% Nov
1% Oct
Jan
Feb 28
5
3
Nov
Jan
50%
118
25% Mar
1117g Apr
l26%June
110
227ft Mar
108*4 June
% Mar
49
600
7%
28*4
45%
Nov
5
38% Sept
*28%
*46%
29%
46%
28*4
7%
Feb
Nov
48
44% Jan
100
Illinois
48%
28
20% Mar
5,900
28%
87
138
130% Mar 31
1*4 Jan 20
5% Jan 9
35*4 Sept 5
4,100
28%
Mar
2078 Mar
108% Apr
27% Mar
78 Aug 24
27g Sept 6
22%Sept 18
4% July 1
*4 Aug 11
9
Aug 24
16% Apr 8
100
1%
1%
15%
Mar
35
6
100
Manhattan
15*4
1%
15%
2,600
11
4
23% Mar
1
1%
15%
*
3
6
15
1%
6%
8% Apr 10
100
Sept 13
159
Jan 21
No par
5% preferred
-.100
Hudson Bay Mln A Sm Ltd 100
Hudson Motor Car
No par
Hupp Motor Car Corp
1
■
5
3
Hercules Motors
Hudson
«
Apr 10
Sept
47ft Feb
April
1
Howe Sound Co
2,600
17
123
Apr 10
300
1%
4%
96
2
200
25%
6%
Apr 11
93
100
4,800
77«
54
*1%
Apr 10
Oct
5% July
19% Oct
387ft Nov
Jan
5*4 Mar
5
3
Dec
11% July
136
Jan
6
Apr
25
Hecker Prod Corp
Helme (G W)
Class
2% Mar
69%
75
Sept
Hazel-Atlas Glass Co
4,300
6% Mar
Apr
115
9% Nov
102% Dec
35
Sept
Jan 19
Homestake Mining
*102
54*4
Mar
25% Jan
6
71
Holly Sugar Corp
7% preferred
32*4
147ft
29
4
36
May
100
1,300
53%
4% Mar
82
Mar
Jan
12%June 13
11
Corp of Amer class A...1
15
32*4
14%
5% Sept 11
1
29
Oct
Sept
18
8
10
Preferred
100
105% 105%
9
8
6preferred w W....100
Hayes Body Corp
2
■
Mar
July 21
Apr
Hat
115
3
% Apr
Apr
Apr 19
400
Jan
9
Apr 12
May 19
2,300
9
103% Mar 28
65
Sept 27
10
15
3,200
3%
111"
Dec
19% Nov
Oct 11
99
142
109
89%
15%
92
July
8%
62
July 21
25
preferred
18
97
Sept
51
No par
6%
July
June
36
25
Oct
57g July
18
48
May 24
1,600
8%
Sept
37ft
3
24% Jan 26
14% Apr 11
100
Hamilton Watch Co
Nov
32
Jan 17
18*4 Jan
52
141% July 27
100
Jan
13
129% Sept 27
42
Oct
Nov
58
9% Mar
No par
Water
5%
12% Mar
23% Apr
122
Apr
1,600
31
Mar
4% Mar
3334 Sept 27
37%Sept 5
12% Apr
16% Apr
6% preferred
100
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac. No par
30
130% 131
89*4
Apr 10
10
9% Mar
22%Sept 11
1
Hall Printing
135
*104
1%
15
7%
20
5
par
7% preferred class A
*140% 159
15
*14%
14%
*45
10
Jan
8
8
23% Aug 23
100
preferred
Hackensack
300
11%
6%
*3*4
25
6%
11
227ft Jan 23
Gulf Mobile A Northern..100
171"
*107
11%
21% Apr 11
90
Apr 8
27ft June 30
69%June 2
Apr 8
24*4 Jan 27
Greyhound Corp (The).No par
5preferred.
10
200
85
7%
Mar
100
Preferred
8% preferred
106%
ion-.,
3
3%
107
4
Apr 10
20
;
Guantanamo Sugar
*17
130% 130%
*62
64%
31%
900
*103
*90
*10434 110
*18
2,900
7,900
8%
Jan
13% Apr 11
53
10
Green Bay & West RR
Green (H L) Co Inc
26
6
30
1
Gt Nor Iron Ore Prop .No par
Great Northern pref
100
20
*126
100
Grant (WT)
100
16%
97ft
No par
No par
Great Western Sugar..No
3,800
I
4,100
16
*140% 159
14%
14%
89
17,100
3%
16
92
$5 conv preferred
Gotham Silk Hose
5% preferred
"6",800
36
135
Goodyear Tire & Rubb.No par
70
$3 conv pref series...No par
Granite City Steel
No par
16,000
*31%
9%
No par
No par
7ft Apr 10
29%
1678
11%
36
*102
*3234
6%
24*4
15
*126
l7g Apr 10
1
I
19%
31%
101
1
Jan 23
5
,
51
*30
17
91
*104% 10434
*18
*31%
*5%
*18%
19%
31%
89
*130
20
*30
14*4
90
*62
*18%
14*4
90
64%
6
19
31%
15
90
*104*8 108
*5%
3%
*22
Goebel Brewing Co
Goodrich Co (B F)
15% Sept 25
Aug 22
102
47
May 17
2% Mar
10
34
Grand Union (The) Co
26%
11%
37ft
17
17%
105
105
*103
106%
106%
102% *101% 102%
101% 101%
31
31
31%
30%
31
131
89%
16%
50
578 Sept 26
17*4 Sept 27
137ft Jan 3
66% Mar 11
24% Jan 5
800
32%
17
*30
*16
15
♦140% 159
*14%
6
2,900
1%
34%
23*4
29
preferred
1% Mar
6% Aug 24
Sept 1
14
Sept 1
43
% Aug 18
4% Apr 8
300
30
conv
Sept 27
3% Sept 13
54
Jan 26
Graham-Paige Motors
Granby-Conso 1M 8 & P
1,300
1,100
31
26%
*18%
*297ft
77«;
31
par
Preferred
34%
11%
3% I
3%
277ft
*22%
3%
*22%
*5%
18%
6,300
129*4 130
30%
3%
26%
1
19
No
Jan 13
36
44
2%
50
15%
*43%
30
3
300
18
Brothers
6% preferred
5
29*4
No par
Gold A Stock Telegraph Co 100
20*4
*23
preferred
55
5
10% Aug 10
98% Mar 28
15% Apr 11
5*4 Apr 10
8% Sept
1
400
15
30%
31
16%
*29
1,400
20*4
14*4
20%
34%
23*4
18%
Razor..No par
29%
91
15% Oct 7
43*4 Sept 27
18% Aug 15
15% Jan 4
16*4 Jan 9
99% Feb 8
27% Mar 10
8% Jan 3
8
Gobel (Adolf)
900
70
*4%
71
conv
414%
200
4%
*69
par
$6 preferred
No par
Glidden Co (The).—..No par
300
21*4
64%
30
11% *11%
1,400
18%
39
79%
16%
26%
*5%
*18%
Glmbel
200
79*4
22%
64%
30
11%
3,500
2%
16%
3*8
26%
57ft
9
51
2%
30
11%
$5
2%
31
31
31% 31%
31%
307ft
31%
*129*4 139
*129*4 139
*129*4 139
*129*4.139
50
50
51
51
*43% 51
*43%
51
3%
26%
*S14
1,300
18%
Corp.No
General Tire & Rubber Co—5
3%'
7ft
7%
44*4
*37*4
20
..100
Gillette Safety
8,900
3%
1
1%
1%
157ft •*14
7%
"2,100
Day
Corp
6% preferred
22%
6%
9%
1
Eq Corp .No par
Gen Time Instru
*44%
*3%
79*4
200
6%
51
Shoe Corp
Gen Theatre
97%
22
38'4
22
500
17
Stock
3%
1
19% Apr 11
12% Aug 24
6
6,500
18%
7ft
No par
Sept
161,
117ft
38%
1
%June 30
14
16%
11*4
11
3%
78
85% Aug 22
1
No par
16%
11%
16
11
52
*4%
1
Apr
52
*97
Apr 15
*4June 30
12% Sept
16
22%
6%
45
9*4
270
preferred
$6 preferred
Mar
Mar
2% Mar
25
Apr
197ft Mar
67g Jan
107ft Jan
Gen Steel Cast $6 pref. No par
18%
75
6%
Gen Realty & Utilities
11
50
5
38
105
No par
100
5
6
97ft Sept
29*4 Jan
5
...No par
$6 preferred
Gen Railway Signal
Oct
90*4 Jan
4
Mar 31
Jan
109% Nov
Apr
7
4%
Mar
3% Sept
General
*37%
*70
28
General Refractories
3
4I4
36% Apr 11
112
Sept 5
1
General Printing Ink
9
1,480
18%
75
No par
3
1,400
38'4
1001ft
Common
May
3,500
3
4I4
No par
$5 preferred
Gen Outdoor Adv A—No par
Jan
72% Jan 26
15%
181ft
*70
..10
39
117
40
35%
*37i2
*97
100
39
3"ft
27's
*9612 1001ft
*414
4*4
% Apr 10
General Motors Corp
20
Jan 27
107*4Sept 20
Xl5
181ft
28
36%
6
15%
38%
27l2
8
Apr 10
Sept
39%
22%
6%
44%
9%
*77
17*4 Apr
21
85
11
18
31% Dec
39% Oct
108% Jan 11
149
43
1% Mar
Oct
Nov
43% Nov
37% Nov
5
1
Sept 11
share
Mar
Sept 20
Mar 31
6
24% Mar
107ft Mar
19*4 June
15
Apr
per
267ft
100
18
7%Sept
2% Apr
Oct
16% Mar
Apr
76
Highest
37% Sept 12
8
No par
No par
5
4
July 27
25
Jan 26
No par
6% preferred
38
Apr
39
3%
2114
—No par
31% Jan
40
9
$ per share $
25% Sept 12
105%June 8
51
Aug 3
96
*15%
177ft
*78
z9%Sept 1
45% Aug 17
6%May 17
April
$4.50 preferred
1,400
36
Apr 22
334 Apr 10
Gen Public Service....No par
3,700
7ft
17
94
31
General Foods
20
500
88
34
17
66% Aug 24
1% Apr 10
27
Sept 15
18% Apr 26
1% Apr 10
2
July 10
7% Aug 10
9
July 13
37*4
15%
40%
97%
97%
44%
7ft
17%
16%
*16
10%
22
7ft
18
37
"22"
*87
*4
15%
387ft
*16
*1%
23*4
88%
*4
37
912
a
1%
23%
1%
23
*37*8
*63
600
9%
1514
377ft
9*4
121
34
9%
37
54
121
34
1% Apr 8
Apr 14
103% Apr 5
14
Aug 24
21
No par
General Electric
$6 conv pref series A-No par
74,800
1,000
17% Apr 10
99% Jan 16
38% Apr 8
15
Sept 5
25
Apr 6
17 May 12
128
Lowest
Highest
June 20
General Mills
-547ft
Range for Previous
Year 1938
Lots
$ per share
share
per
114
230
914
*107%
40
45
53*4
$
100
Inc.....No par
7% preferred
100
"500
121
121
*3314
..No par
7% cum preferred
55
6,100
1,600
9712
*44-'%
55
Class A..
83
37«
*17
22%
6%
54%
No par
Gen Gas <fc Elec A
3*4
18
6
55
122
5
1
122
*50%
82*4
par
General Cigar
200
7g
37ft
*4
21%
122
12,400
Bronze
3,-500
34
84.
122
30" 100
41%
40
40%
*1107ft 113
No par
5
5
No
General Cable..
100
700
37g
♦16*4
16
*83
General
200
20
117
37ft
*4
16
*50
84
Baking
*8 1st preferred
40%
55
58
General
37ft
1712
37
15i2
*
407ft
Gen Amer Investors ...No par
4,000
2,500
5
50
16 preferred
65
*103
Container Corp
Gen Am Transportation
"""800
3
5M% conv preferred
4",600
?7«
*4
912
40%
117
122
120*4 120*4
33
*16*4
36i2
1514
385ft
*15*4
41
*103
Gaylord
"
27
*19%
No par
Gar Wood Industries Inc
60
35ft
*88
89
117
27
*59
1
10
..
8
.
*133% 138
*37g
4%
13%
13%
40
397ft
40%
40%
110% 110% *110*4 113
34
*4
7ft
7ft
831„
122
2214
15ft
23
40%
58
122
121*4 121*4 *121
32
33
3212
37ft
91.4
4012
111
34
*103
600
7*4
103
*97
60%
77ft
(Robert)
13 preferred
Game well Co (The)
100
40
40*4
395ft
110l2 110l2 *110
3*4
Free port Sulphur Co
Gannet Co conv $8 pref No par
"366
14
7*4
pf. 100
10
34%
*46*4
59l2
77ft
10
Foster-Wheeler
No par
14
*97
100
$7 conv preferred
50
81«
pref
conv
Francisco Sugar Co
*46*4
117
40%
4H%
2%
33%
2*4
47ft
♦13312 138
12*4
t Follanabee Brothers..No par
Food Machinery Corp.... 100
20
477ft
60*4
No par
2,500
14
103
*97
Florence Stove Co
5*4
34
14*4
*14
No par
Fllntkote Co (The)...-No par
20
*70%
5%
*30%
33%
34
First National Stores
Florshelm Shoe class A .No par
1,000
23
6
*4%
147ft
*13%
500
85
6
*30%
32%
2*4
4,000
....
*106%
....
1,000
4%
33%
33
33%
6% preferred Berles A.-.100
177ft
*34
25
Firestone Tire & Rubber—10
400
34%
25
17%
33*4
400
45%
44*4
*23%
33
Lowest
Par
104
*22%
177ft
On Basis of KXP Share
Shares
sh'ff
*103
45
STOCKS
1939
EXCHANGE
Week
Oct. 13
12
t per shan
102% 102%
45
Friday
NEW YORK STOCK
the
CENT
PER
Thursday
$ T'er share
22%
NOT
Sales
for
Saturday
Oct. 14,
Apr
f Called for redemption,
Volume
LOW AND
New York Stock
149
SHARE,
Saturday
Monday
7
Oct.
Oct.
$ per share
*6%
2634
678
Tuesday
9
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
EXCHANGE
Friday
Thursday
Oct. 10
678
Oct. 11
Oct. 12
Oct. 13
$ per share
$ pa share
$ per share
Shares
7
*6l4
7
*6%
*6%
100
7
27
27
27
27
119
117
118
116
119
*117
118
117
117
*143
150
*143
150
*143
150
*143
150
*143
150
94
95
95
93
95%
94%
95
95%
95%
"2,200
1612
1534
16
I684
16%
1634
5%
6,400
*478
384
16%
*47g
16*2
5%
37s
1618
478
334
1,900
2,700
9314
I584
*47g
334
37
103
;
*414
145s
278
28i2
*164
6334
5%
384
38
3738 37%
103
*10214 10384
*4
434
434
15
15ig
1434
234
27g
234
29
29% 29I2
165
165
1677g
64
64%
65l4
*152
155
*152
2634
155
5l2
584
584
9
9%
85s
7
278
278
30i4
30%
166i2 166i2
63l2
64%
*152
7%
40
47
a47
47
*384
*465s
*3278
*3734
34
*3278
*37S
414
38
38
30t2
30l2
53s
5i2
5l2
1214
*5%
12
84
*77
812
2914
*83s
29%
*30
*102
105
*103
514
538
12
*77%
*838
*29
*120
*120
15
1434
15
7514
*74l2
76
76
75%
76
4
76
75
16
I61s
9i2
9%
*85g
*20i8
*15I8
*91
2212
I534
93ls
76>8
*15
16
*15
22t2
1514
9318
1578
95
*90
*90
11%
*714
*9312
99
3914
1514
40
39
1514
15%
*3414
35
34
*234
3»8
22
22
2412
25
*4i2
47g
2512
2512
257s
IOI2
*1718
*15i8
2618
1012
*4i8
5i2
33l2
3312
18
15%
26
*934
*11312 115
'•
978
22%
15%
93%
1584
*90
95
*91
12
34
35
478
*4'2
25i2
25l2
25%
261s
10%
26
257g
15t4
*15
15%
15
3534
*27
27i2
48l4
8
*712
36
36
*36
*95
48 84
*7i2
9634
9684
96i2
160
I7is
49
778
9612
160
*157
*1684
3534
36
45
43l2
16l2
Columbus
Day
37%
151S
15
34
343g
*10212 10534
1734
44
578
_
95
11%
700
7%
40%
15%
26,100
35%
800
1,500
60
28%
160
1,000
1
.....No par
..No par
97%
*96%
97
97%
160
*16%
17%
10
preferred
6% conv preferred.
Kayser (J) & Co.—
100
Class B...
1
Kendall Co $0 pt pi A ..No par
Kennecott Copper
No par
Bryant..
.No par
2134
2178
1712
6
33
Liggett A Myers Tobacco..25
95
Series B.
5,200
......25
100
Lily Tulip Cup Corp...No par
15
1,500
1,200
.........
Preferred
800
Liquid Carbonic Corp ..No par
33% 3334
*102% 10584
17
17%
14,800
45
11,200
Loew's Inc
100
16.60
Loft
No par
preferred
Inc
No par
..NO par
44%
44%
44
4%
1734
4%
1778
141
*140
1403s 141
107
22
22
3,000
Lone Star Cement Corp No par
4%
900
Long Bell Lumber a...No par
800
177S
Loose-Wiles
1
143% 145
19%
*18%
1834
18 84
I884
18%
19
19
58i2
*28iS
58%
58i2
*2818
5834
2834
58%
28%
58%
59
59
28i2
m
-
—
378
28
32
32%
32%
32%
123s
*12i8
*3414
32I4
1212
32%
12%
3i2
*12i8
*158
5%
*5i8
1578
6
*7
*2H2
12is
*12i8
*H2
5l2
*5i8
16
16
345s
3412
4l2
*4
3534
36
33U
165
*4
4834
4i2
*2312
29
*90
95
1312
1478
1312
145s
101
*99
3212
*145
48%
12%
36
*34%
3%
334
7%
73*
12%
36
4%
7%
Biscuit
25
4
7%
7%
■»
117S
1334
*12%
*1%
1334
134
5%
1%
*1%
I84
5%
534
5%
5%
584
16is
35
35%
4%
412
36
3234
3234
*147
4834
36%
4%
36
34
165
49
*90
95
*90
95
*13%
1384
1478
101
300
7%
1178
*1%
5%
*5'4
1584
165
100
1134
1384
36
900
5,600
*4
4%
26
10
2,000
w
-
~
-
Mandel
Bros
..1
Manhattan Shirt....
.25
Maracalbo Oil Exploration.. 1
10
Apr
Apr
20
Marshall Field A Co...No par
35%
4%
36%
36%
36
36
26,000
1,200
1,400
4,300
Martin (Glenn L) Co
..1
Martin-Parry Corp....No par
Masonlte Corp
No par
32%
*147
327S
165
32%
3278
*147
165
49
48%
49
*4
4%
28%
*2684
4%
28%
4%
1,800
100
100
95
293
93
1384
*13%
13%
600
14%
*13%
14%
1384
14%
1434
102
2,300
95
*99
102
*99
Matbleson Alkali Wks.No par
7%
48
*27%
30
4
Apr
4,500
36%
2
Apr
6
37%
4%
Apr
5
16
4%
1
5
584
36%
2
II *8 Sept
5
25is Apr 11
9
1578
4%
25i4Sept
No par
16
*5%
15%
7,200
Feb
X Manhattan Ry 7% guar.100
Modified 5% guar
100
Marine Midland Corp
6
Market St Ry 6% pr pref.100
5%
1484
I47g
102
*99
13%
Manatl Sugar Co.
Apr 25
preferred..
...100
May Department Stores... 10
Maytag Co.
....No par
63 preferred w w
No par
66 1st cum pref.
No par
McCali Corp
No par
McCrory Stores Corp
1
6% conv preferred......100
26l2 Aug 24
2
30
May 12
Sept
6
2084 Aug 11
164
Jan
4O84 Apr
3i2Sept
27
93
1
Sept 14
Jan
3
1078 April
984 Jan 26
88
Jan 13
95
Mar
31
Sept 22
19584 Mar 13
7158 Sept 15
16684 Aug 10
8% Jan 5
17% Sept 11
10 Sept 5
5584 Jan
138
3
May
2
1484 Jan
Mar
67S Mar
6i4May 29
60%June 3
38
Sept 25
4084Septll
3178Mar 9
103
Oct
6
9*8 J«n 19
97i Feb 28
161$ Nov
2
Mar
15
Mar
29
Jan
*130
Mar
185
Dec
48
May
70
Jan
141
Mar
1647a
9is
478
Oct
37a
31* Mar
2
Mar
1 17B
684 Mar
3678 Mar
3
5I84 Jan
132
Mar
185a
2U
28i2
1912
Mar
6
Mar
June
Mar
46l2 Mar
5l2 Feb
6
Bid and asked prices: no sales on
this day.
t In receivership,
t Def.
delivery.
»
New Stock,
r Caeh sale,
x
Ex-dlv.
Jan
July
Jan
48i2 Jan
30% Nov
8684 Jan
358s Nov
96i2 Dec
115s Oct
1178 Oct
Mar
12
Oct
Jan
15ia Nov
527„ Nov
Mar
28
Jan
575s Nov
140
Jan
Feb
14h4 Jan
3
87-
June
9
63
Feb
Jan
5
8
Mar
16
June
24
Jan
11314 Apr
124
Nov
•
0»4
3284 Sept 12
125
Mar
9
61g Mar
18
Nov
8314 Nov
123$ July
16% Oct 10
85
July 18
4414 Mar
J 06
Jan
3
58
Mar
i33
June
9
122
Jan
83
Sept 27
19*2 Jan
l21>4 Jan 20
1H2 Jan
24
Sept 27
1578 Oct 6
9978 Jan 17
18
July 28
95U Aug 21
1481$ Mar
8
10% Mar 8
99 Sept 21
4984
Apr
12i2 Mar
118
Mar
5ta Mar
12
Mar
745s Dec
llli2 Oct
130
July
78
Jan
24i2 July
123
Oct
131$ July
24% July
11
Dec
12
100
Dec
100
Dec
10% May
63
Apr
484 Mat
16
Nov
91
Nov
Deo
143s
Oct
10%
Oct
3
Mar
80
Jan
100
Oct
46i28ept 11
1678Septll
26% May
51
Oct
37i2Sept 27
4
Sept 11
19
26% Sept 12
268s Aug
5% Jan 15
2984 July 24
2914 Aug I
13i2 Jan 20
2312 Jan 20
l8i8Mar 9
68s July 18
376s Oct 11
6% Mar
Feb
114 Mar
9
Mar
15*s Mar
2i2 Mar
22
Mar
128a Mar
145$ Nov
30
July
33s July
19i2
228s
Jan
Oct
8
July
315s July
215s Nov
8
Mar
18
15
Mar
30
Jan
8i2 Mar
17
Nov
Jan
31$ May
7i2 July
IOI4 Mar
13i2 Mar
305$ Dec
*255* Oct
Mar16
95
120
683 Sept 27
3
Mar
8
3i4Septll
884 Sept 11
2784 Jan
125s Sept 14
32>4Mar 13
6684 Mar 13
10 Sept 5
43i2 Aug 14
108i2 Aug
IO984 Aug
180 May 26
18
Aug 15
4078 Sept 27
47
Mar 13
Jan
Mar
%
Dec
17$ Mar
193s Mar
67S Mar
1984 Mar
Oct
714 July
lis Jan
514 Jan
29
July
143a Npv
35% Oct
2314 Mar
5i8 Dec
5838 Nov
25
Mar
3714 Nov
81
Mar
9
102
Jan
Dec
81i2 Mar
Apr
IO384 July
176i2 Dec
145g Mar
I8I4 Nov
4084 Nov
157
20U Mar
29
18is Sept
Jan
5
54 >2
Jan
4
33
IO9I4 July 17
2184 July 22
99
50
Nov
5
19
Mar
62
Jan
5
6i8Septll
2214 Mar 9
110
67
35
June
1
Sept 27
Aug 2
13212 Aug 8
3078Sept20
43i| Feb
6
1912 Jan 3
Sept 5
68s Sept 6
734 Oct 4
26U Aug 3
14*4 July 19
40
Oct
2
2i8Sept 6
584 Sept 13
8igMar 9
l6i2Sept26
3984 Sept 11
5% Jan 3
67is Jan 3
373a Sept 13
176
July 11
5284 Aug 2
12i8 Mar
Mar
Dec
84 Mar
28
I484 Mar
June
1334 Mar
126
Oct
2I84 Dec
164
Apr
12i2 Mar
2978 Apr
22
9
8314 Oct
5>4 July
23i2 Nov
10718 Dec
Mar
2i2 Mar
92
2U2 July
62i2 Nov
111% Oct
Nov
195s Oct.
67it Dec
Mar
32
Dec
1165s Mar
126
JaD
16
Mar
32ls Nov
49% Aug
2478 Mar
10
Mar
1958
18U Mar
45g Mar
5*4 Mar
25g Mar
9
Mar
114 Mar
45$ Sept
53g Dec
5i2 Mar
7i2 Jan
Aug
147$ Nov
16
14ia Mar
2U May
25
Oct
40ls Nov
23s Oct
103s Nov
20is Jan
108$ Nov
16
July
2<4 Jan
84 Mar
378s Dec
7ig Oct
Mar
61
19% Mar
Aug
166
Feb
28i2 Mar
53
Oct
3i2 Mar
16% June
77g Aug
28is Dec
June 24
75
Apr
884 Mar
97
Dec
1714 Jan 20
I5I4 Oct 6
16
Jan
6
Mar
61
Mar
138s Nov
921* Nov
6% Mar 10
36i2 Mar 10
105
106
Aug 17
156
Ex-rlghts.
Oct
367$ Nov
I
•
Nov
193s Oct
514 Nov
978 Nov
34is Nov
98
Apr
65g July
June
14
1
Apr
4% Apr 10
33g Aug 24
984 Apr 10
Feb
56*4 June
7% Mar
3% Apr
278 Mar
2
159i2June 23
20i2 Mar 13
Aug 24
35
15
Sept 16
36i2 Apr
10U July
3088 Aug
119i2 Dec
146
Sept
Mar
80
248s Feb 25
4
8
Mar
4
67gSept 11
l678Septl2
3i2Sept 12
8
1534 Jan
Highett
I'per thare
14% Mar
60
3
Aug
6
18
36
1
Oct 13
40
Jan
28
*3478
384
*7%
*21%
1
19i2 Apr
124
Macy (R H) Co Inc...No par
Madison Sq Garden...No par
Magma Copper..
....10
5
Aug 11
16% Sept 12
10
3,700
4%
2
No par
323s
127S
38% Sept
..No par
6% preferred
317s
*12%
25
16
100
Mack Trucks Inc
*21%
*12%
63s
Louisville A Nashville
MacAndrews A Forbes
4,900
12
H84
*12%
558
100
Mar 31
105
w.
26
28%
*99
36
4
i
6
138
preferred.
28%
12
121ft
1284
134
*27%
1478
29%
500
Apr 10
2084 Aug 24
31i2 April
10
Aug 24
13i2June 29
30i2Sept 12
1015$ Sept 29
.100
5%
LorlUard
2778
*21%
26
48l2
4i2
28%
*4
28I4
12%
*34%
600
*127
273s
73g
*4812
29%
28%
21i2
12is
1384
I84
55s
*141
*28%
*127
27%
73s
1H2
*4
28%
*127
2784
2H2
3584
3234
~—
m
2714
4
35
34
*127
28i2
3212
35
27lS
3214
*12%
60%
*28%
19
220
60%
14234 143%
1834
*127
2,900
95I4 Sept 26
Sept 15
(P) Co..
..10
7% preferred
100
Louisville Gas & El a ..No par
240
107
22%
Sept 9
Sept 26
152
100
200
55s Aug
9ia Mar
25
300
•
5
118
Life Savers Corp
1,000
Sept
8
Lerner Stores Corp
No par
Libbey Owens Ford Gl.Nc par
Libby McNeill A Llbby No par
500
13,000
9884 Sept 11
21
Jan 24
300
29
45
110
l
300
6%
400
17%
31$ Apr
12%
163s
2134
Jan 27
25%
15%
*107
14
2i2Sept 1
i4May 3
1% Apr 10
20
Sept 1
9% Apr 10
23
Apr 10
36i2 Apr 10
4% Apr 11
15%
1734
1
1,700
4,900
3,700
2,300
5%
2%
*15%
107
8
Jan 26
1534
34%
2134
21%
14184 14134
Apr
Apr
1578
107
107i2 108
2I84
2134
7
12% Sept
17
'
*10712 108
2384 Sept 13
20% Apr 11
25
157g
44%
4%
884 Apr 11
20
Apr 8
l«4Aprll
1278 Apr 10
20
Apr 8
414 Apr 6
113
...6
Lima Locomotive Wks.No par
Link Belt Co.........No par
Lion Oil Refining Co...No par
4%
8
4% conv preferred
100
Lehigh Valley RR
60
Lehigh Valley Coal....No par
6% conv preferred
..60
Lehman Corp (The)
1
Lehn A Fink Prod Corp....5
Lee Rubber A lire
37%
45%
44%
Apr
Lehigh Portland Cement...25
45
*4'4
1734
4%
28
900
*36%
44
June 21
16,900
37
*15
24
19
3678
44
1578
79
Keystone Steel A W Co.No paf\
Kimberly-Clark
No par
Kinney (G R) Co
1
$5 prior preferred...No par
Kresge (S S) Co
;
10
Kresge Dept Stores....No par
Kress (S H) & Co
..No par
Kroger Grocery A Bak.No par
Laclede Gas Lt Co St Louis 100
5% preferred..
100
Lambert Co (The).....No par
11
11
11
85
Apr 25
7i? Apr 10
5
Aug 24
6
Kelth-Albee-Orpheum pf..l00
Kelsey Hayes Wh'l conv d A. 1
37
1578
5% Apr
Apr
88s Apr
90
Sept
12% Apr
11
100
44
1578
1534
117% Jan 27
23%
5134
734
7%
36%
36%
97%
97%
97%
98%
*159% 161
17%
*16%
36
3684
97%
100
Kaufmann Dept Stores.....!
Lane
478
51
37
10
113
29
51%
7%
300
24
15
*4%
4%
200
95
4,700
28%
96'2
44
17%
^
^
10%
18%
5084
97'4
15i8
4%
'
2578
*12
97%
700
15%
93%
1584
*978
*17%
12%
160
...I
Kan City P & L pf ser B No par
Kansas City Soutbern.No par
J'u
900
5
25%
*36
*157i2 160
1634
16*4
u
*
26%
2%
584
25%
33%
3434
3438
3478
3312
10234 10234 *I0178 10534 *102% IO.534
17%
17%
1734
1778
17'2
173s
4384
i4!4
5%
7%
—
26%
36
5%
2%
25%
*12
p.
200
15
37
*36
16
*1518
15i8
17U
37l2
4378
778
*2738
37
9684
6
25%
12%
28%
51%
""*266
.
484
23
558
9%
22%
*
-
434
*110
2478
12U
»
"
2,600
Exchange
Closed
784June 6
18
Apr 4
I 19% Sept 25
13 Sept 16
68
Apr 14
59 Sept
122
Aug 24
35
Apr 8
13
Apr 10
par
Preferred.
4
5
4
Sept 5
778 Aug 24
76
Sept 14
1
preferred......
Johns-Manvllle.
~
3
23
1214
2912
~
25%
113
584
2514
3,000
23%
24%
*23
1214
$6
Jar vis (WB)Co
Jewel Tea Inc
Jan
6
Sept 20
AUg 7
157
37gSept
Jones A Laugblln St'l pref. 100
*110
512
2478
79%
No
Kalamazoo Stove & Furn
15%
35%
478
2
200
75
11%
7%
10%
*5%
9,000
Corp..
Island Creek Coal.
1'm
16
Inter type
1,300
23
5%
500
2934
84
100
2,000
113
2%
300
8%
...
17%
23
514
Preferred
+
Jan 12
31%May 19
19
Apr 10
50
preferred......
100
Inter Telep & Teleg...No par
Foreign share ctfs
No par
Interstate Dept Stores .No par
78
*110
2
2,400
J,
Aug 24
Aug 24
Jan 23
Jan 9
29
7%
17%
23
2
100
No par
128
*93%
39%
15
36%
1,000
5%
1278
84
124
15%
26%
18%
35'4
<*
13,400
5%
*91
26
18%
35U
«
26%
26
4%
*4%
'
*27g
*10
434
preferred-
International Sboe....No par
*14%
*90
Stock
26%
10%
18%
*4'2
6%
International Salt
Sept 28
Sept 21
«%
25U
3%
39i2
15
...100
International Silver
97g
3
*17'2
5
6% conv pref
Internat Rys of Cent Am.. 100
300
*21
24«4
18
*9%
Inter Paper A Power Co
400
*117
23
2484
4%
36
123
100
29
,
35%
*2%
Preferred
38
75
15%
*22
300
1
Int Nickel of Canada. .No par
280
34%
7884
95
15%
*34
2%
22%
25%
478
Internat'l Mining Corp
700
46
15%
15%
1534
2'2
300
105
*120
397s
22i2
2484
300
8%
29%
93%
1584
39%
3
48 34
43U
414
*1718
15
*91
40%
2478
14,200
13,400
384
5%
12«4
*77%
1134
22
13%
48%
5
734
98%
778
98
33,700
.100
29
22%
*14%
*90
par
9i2Sept
29 >2 Jan 16
131
108
Apr
2% Apr
7% Aug 24
1% Apr 8
16
Apr 8
145
Sept 6
4578Sept 1
142
Sept 15
384 Apr 10
2% Aug 23
5% Apr 11
par
Internat Agricultural..No pur
Prior preferred
..100
Preferred
27,400
'984
1534
3958
15l8
34U
8
1714
*884
*20%
90
100
*102
~
*7%
*93'2
39l2
123s
96i8
~
par
77
*11%
*738
778
27i2
*1684
3512
4334
*153s
**•'
No
preferred......
Intercont'l Rubber....No
Interlace Iron..
...No
6%
*123
*93%
117ft
I158
4734
*157
'
X Interboro Rap Transit... 100
Interchemlcal Corp
Int Mercantile Marlne.No par
67g
37
1
Int Hydro-Elec Sys class A .25
39%
128
12%
46%
384
45%
34%
V
17%
25
*95
/'
75
17
514
512
25
*1214
.
20
6,500
38%
\...
100
Insuransbares Ctia Ine
$ per thare
86
No par
...
~2~2o6
584
10%
*127
378
75
5ift
5%
2%
534
2
13
*117
6% preferred....
Inland Steel
Inspiration Cons Copper
Lowest
6 per thare
4% Apr 10
I634 Apr 10
Apr 3
147%May 11
67
Apr 8
9% Apr
414 Apr
2®4 Sept
17% Apr
10
No par
No par
Ingersoll Rand
Int Business Macblnes.No par
Internat'l Harvester...No par
400
984
678
47%
17
2
5U
12%
47
77%
*14%
99
*17«8
I5I4
*4i2
33is
22i2
5%
7%
37g
45%
12,700
1,300
1,400
3%
32%
*31%
I6684 167%
64»4
6534
*108i2 115
223*
*22
*2%
2134
2434
*4i2
*25iS
*8%
*20l2
151ft
95
llSg
778
11%
*7ig
*9312
3
128
*16i4
"~9%
*2014
1534
*91
15
3978
39%
127«4 i2778
*123
128
*117
*117
600
10%
7U
9«4
*678
*123
76
16
484
1584
4%
45i2
46%
46%
33%
33%
*327S
33%
38
38*4
*37i2
38% *36%
30
*28i2
30% *2834
3034
105
*10212 105
*102% 105
5%
5%
5%
5i8
5%
53s
*5%
5%
53s
5%
12
12
12%
I23g
12%
84
84
84
*77i2
*77%
9
8i2
*8%
8%
8i2
29i2 29% *28% 29%
29i2
124
124
*120
*120
124
16%
1534
16%
1558
1534
77
*74%
75%
*74l2
75!8
76
77%
78%
77%
76l2
16
*117
10%
47
76
200
5%
4%
200
Indian Refining
Industrial Rayon..
Highett
6 per thare
Par
*152% 155
5%
414
700
40
3984
34
*12212 128
*122i2 128
384
2,900
10334 104%
*152% 155
*678
40l4
12784
12 84
12%
4534 4678
27%
*5
3%
3%
39
39%
103«4 10334
,
*4
484
15%
15%
3
*278
*30«4
31%
*165% 16684
63%
64%
584
393s
40%
12784 12784
1234
13%
46l2
4878
391«
1234
12%
4514
5%
9U
*127
127
155
*26%
534
7
*7
39l2
478
384
384
38
39%
10384 10384
484
*4l2
1584
151s
534
9l4
127
27%
Range for Previous
Year 1938
100'Share Lot«
Lowest
*117
27l2
Range Since Jan. 1
On Batit of
Week
$ per share
$ per share
P7g
Wednesday
Sales
JOT
'
2333
*
SALE PRICES—PER
HIGH
Record-Continued-Page 6
Called for redemption.
New York Stock Record—Continued—Page 7
2334
LOW
AND
HALE ERICEH—PER SHARE,
HIGH
CENT
NOT PER
Oct.
Oct.
7
*1988
14*2
87S
11
Oct.
$ ver share
Oct.
12
$
$ per share
ver
19*4
19%
20
20
20
*7%
8%
*7%
8%
*7%
42%
43%
42%
42%
8%
43%
43
14%
15
42%
15%
15
15
14%
*8%
20%
1978
19%
9
9
zHh
13
share
Par
McGraw
McGraw-Hill Pub Co..No par
Mclntyre Porcupine Mines..6
15%
2,100
1,000
McKeesport Tin Plate
11%
"2,400
11%
11%
12
12%
67
69
65%
65%
67
07
70
70
*70
80
*53
McLellan
12%
-.-.1
Stores
514
*53
60
*53
60
♦57%
58%
*57%
5%
22%
58%
23
22
*10
19
*17
35
35
35
35%
800
1278
16%
13%
1678
34
3,500
Miami
2,900
2,000
Midland Steel Prod
5%
5%
5%
51.1
21%
57s
21%
22
22%
19
187S
187*
30
1914
*17
35
35%
35
35
1212
12%
13
16
12%
15%
32%
12%
16
10
157«
16%
33%
34
3334
11734 11734
3212
I2l2
9
6*8
118% 118%
12%
*12
12%
*12
*2
2%
9
54
900
108
5%
44
67«
*6%
634
7
6%
678
11«
♦1
1
1
1
1
17«
178
1%
178
18ls
.
17l2
18%
106
107
107
17«
19
19%
18%
18
106
107
10534 106%
114
114
114
*11312 114
114
*11212 11534
543g
115% 115% *115
11534
5334
54%
53% 54%
46%
*44
34 %
3434
15%
*1638
*24
*5%
*113
53%
*44
_
19
46
44
*113% 114
*112% 118
5378
44%
44
34%
34%
1334
*13
69% *67%
106%;*10634
6%
6%l
*6%
50%
50%
50%
7
24
23
23
23
24
23
16%
16%
16%
17%
16%
12%
11%
11%
1178
12%
*33%
23
1634
17
12%
*16%
15a4
163s
24%
24%
15%
5%
5%
3534
37
*36
1334
*67*2
106*2
*49%
678
23%
16%
11
15%
15%
13%
16%
247s
1634
25
16%
*24%
5%
3534
5%
36
*5%
35%
107
634
6%
*49%
6%
50%
634
678
14%
1578
16%
1578
14%
1578
16%
16%
16
14
14
16
16
13%
15%
7%
*5%
*7%
233s
23%
23%
14
15
14
10
*82
84
155
136
8%
77
11%
3134
8%
77%
11%
11%
15
44
43
*45%
4%
.
23%
48
434
*38%
14%
11%
1178
1534
1534
45%
45%
*44
107
14%
54
5234
20%
20%
20%
21
22%
22
22%
38%
3934
31%
38
39%
31%
*31%
7
7
7
10
110
10
*107
;
*
~"I%
4%
*4%
4%
1%
1%
14
1%
4%
1
4%
1
1378
1378
*82
85
*82
85
*207
210
*207
*7«
14
208
83%
207
22
55%
*54
53%
55
55
54
537g
54%
19%
*82%
20%
84%
11%
20
19%
*82%
11
53%
10%
1978
*83
84%
11%
11%
106
*104% 105% *104% 106
*35
39
3678
3678
*36
478
4%
4%
4%
478
*42%
44%
*41%
8%
22%
8%
22%
8%
21%
22%
23
13%
13%
*13%
13%
13%
108
*102
*6%
17%
*129
14
14%
*22
22-%
*47
50
*116% 125
03%
6%
63
*6
*5%
5%
23
*19
11%
11%
11
*10
8%
*102
14
.
*116%
*116% 125
62%
*6 A
*5%
*19
11
*10
63%
62%
6%
6%
6
6
22
*19
12%
11%
*10%
10%
29%
29%
29%
44%
44%
44%
29%
2978
44
17%
18
17%
17%
l
44%
18
"§1%
*24%
152
Sept 25
120
0%
preferred B
100
132
Oct 11
32
2,600
Nat Mall A St'l Cast Co No par
48
20
5
15,900
National Tea Co
No par
2% Apr 11
9
100
Natomas Co
No par
8% Sept 15
*24%
27
100
Nelsner Bros Inc
1
18% Apr 11
20%
22%
40%
27
85
85
*78
40
*38%
108
*108
21%
23%
2,600
41
57
40%
39%
31%
31%
*7%
7%
*31%
7%
10
10
*107
108
4%
1%
14
14%
84
4%
*78
14
84
207
54
1%
4%
1
83%
22%
40
4%
*37%
5
*42
54%
1,500
20%
21%
39
5%
*42
43
23
13%
135
14%
51
22%
54%
*130
14%
*46
22
43
8%
108
•
37,300
14%
50%
100
preferred
0% preferred series
50
50
North Amer Aviation
1
400
10
2,000
10
14%
15
50%
50%
22%
51
51
"7",400
100
100
20
*116-% 125
63
No par
95.50 conv 1st pref ..No par
Outboard Marine A Mfg
5
Outlet Co
No par
Preferred
"2,000
100
19
Mar
94% Nov
Sept
12% Mar
30% July
3
6
106% Mar
'Mar 27
105% Mar
18% Aug
117% Jan
114
8% Sept 13
6% Feb 17
28% Jan 4
18% Jan 10
1678 Jan 4
106
178%
145% Sept
28% Nov
C% Oct
81% Nov
35% Sept 27
Aug 15
Sept 11
4434 Mar
3
12% Sept
23
Feb
18
Dec
30
July
55
Dec
82
July
50% Apr
70
Feb
75
Feb
5% Oct
11% Feb
2% May
7% Mar
14% June
134
t In receivership.
a
27%
""500
Def. delivery,
108% Nov
97g Mar
19% July
23
Dec
38%
Jan
18
Mar
10% Sept 11
15% Sept 11
1181] Mar 1
2
Mar
37% July
4% Jan
4?8 July
47
Oct
1
6
May 16
July
8
% Mar 27
2
Sept 1
%May 23
8%June 30
70
Apr
18%
52%
5012
12%
8
Jan 25
8
5% Mar
101
Mar
120
120
Mar
7
110
111
62
Mar
8
54
2% Mar
% Jan
434 Mar
78
Dec
11% Mar
Apr
Apr
63% Nov
2% Jan
7% July
1% Jan
16% Dec
2
38
Mar
90
216
Sept 27
133
June
198
Jan
113
June 14
100
Mar
110
Dec
89% Mar
Sept
7
6
Apr 11
597,8 Aug
3
Sept
59
Dec
1
Jan
3
Oct
2
7% Apr 10
July 11
16% Apr 10
40% Jan 24
114% Jan 26
50
Apr 8
33
Aug 24
9% Apr
8
Apr
8
9% Apr
8
April
128
8ept19
Apr 10
17
June
134 Sept 12
Sept 13
17
26% Feb 27
128
3
Aug
178Sept26
5% Sept 27
Apr 11
100
r Cash sale.
Jan
Apr
12% Mar
0% preferred
100
Pac Tin Corp (sp stk).No par
V'
Nov
40
Apr
Mar
99%
43% Feb 25
Apr 8
ia4May 20
114
n New stock,
71
58
Aug
2178Septl2
88% Mar 27
1434 Jan
sEx-dlv.
y
1334 Mar
4534
Apr
578 Mar
75
June
4
6% Mar
112L Aug 14
92% Sept
3678 Oct
6
5% Sept 26
2
4434 Aug
26%
Oct
67% Dec
20
93%
Dec
Jan
14% July
103
Dec
25
May
1% Mar
35
Sept
5
Nov
12% Mar
41
Sept
10% Sept
6
87a Sept
147s
Jan
30
Jan
6
Feb
3
19% May
7% Mar
83% Apr
3278
20% Mar
113%May25
8% Jan
27% Jan
4
3
148% July 26
16
Sept 11
55% Sept 13
2478June 9
51
Oct
9
116% Mar 25
34%Mar 10
27%
July
28
July 27
52
*132
Jan
26
42
41
134
4%
12% Aug
29%June
87% Aug 21
27% Apr 10
*132
Mar
Oct
Jan
20
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
25
135
6
July
59% Jan
15% Jan
3%June 29
*132
13% Mar
10
82
No par
No par
17% Mar
31
June
2d preferred
Pacific Telep A Teleg
Nov
June
480
140
20?g July
16% Oct
154
2% Apr 10
11% June 30
1,500
30
Apr
127
No par
1734
Mar
6% July
Mar
3
4
1st preferred
No par
4
Mar
16% July
115% Nov
113% Oct
107g Oct
0
Feb
Pacific
Pacific Ltg Corp
Pacific Mills
Mar
Oct
146
140
200
3%
3%
17%
11%
25%
Oct
Nov
Mar 10
700
2,500
11% Sept
168%
27% Jan
173% Aug
360
6,500
Jan
20
2334 Sept 13
26% Jan 6
16
Sept 26
7
11
Dec
Nov
10% May
6%
29%
46%
14%
28
65
2034
13%
10
Mar
Jan
Nov
157g Mar 7
95%May 31
7
Coast
6
15% Mar
12%
1478 Nov
150
*20%
1234
*10%
29%
45%
1734
6
29
July
Jan 17
175
Owens-Illinois Class C..92.50
Pacific Amer Fisheries Ino
5
62%
135
27%
Otis Steel
54
7% Mar
8% Mar
9% Jan 20
26% Sept 27
1834Sept 27
14% Jan 3
28% Mar 11
Dec
10% July
37% Mar
634 Mar
Jan
30
434 Aug 21
15% Sept 1
100
Mar
16% July
62% Oct
110%
48% Nov
21% Nov
100% Sept 23
6% preferred
4
Jan
Apr
Mar
100
No par
95
Jan
Mar
Oppenhelm Coll A Co_.No par
0% preferred A
Apr
3434 Mar
Oct
8% July
64%
Mar
-.6
Otis Elevator
May 29
9%
Mar
9%
July 17
111
Mar
7
29
Sept 1
2% Apr 10
32% Apr 1
6
Aug 14
14% Sept 1
12
Sept 5
300
4
26
Jan
22% July
17% Nov
32
10
Sept 13
4,300
7%
Mar
8
11% Mar
20
100
6%
5
Jan
Sept 21
North'n States Pow Co 95 pf.l
Northwestern Telegraph
50
17%
10% Mar
Jan
16% Oct 10
23% 8ept 27
June 30
No par
19
25% Sept 27
45«4 Sept 27
7
Omnibus Corp (The)
Oct
62
82
par
64%
40% Nov
Mar
11% Sept 1
10% Apr 10
18% Apr 8
50
Norwalk Tire A Rubber No par
Preferred
50
Dec
117% Sept
1734 Sept 14
100
Paclfio
Oliver Farm Equip
135
8
110
8% Apr 8
27
Apr 28
168
5H% pref series
Northern
Mar
11% July
2% Jan
3% Jan
20% Nov
112% June 22
103% Sept
10
North American Co
Northern Central Ry Co
~8~, 800
Apr
100
Adjust 4% preferred
700
16%
32
100
Norfolk A Western
1,200
125
7%
Corp part stk..l
22%
*120
this day.
100
preferred
$N Y Ontario A Western.. 100
No
122
Bid and asked prices; no sales on
Conv
Ohio Oil Co
*22
22
*50
27%
100
7,900
*6
73% Mar 14
119
N Y Shlpbldg
25
Jan
105% Sept 19
107
IN Y N H A Hartford
8
1
5% Aug 24
10
Apr 8
33% July 7
43
Aug 12
50
8%
*130
135
54%
125
*116% 125
63
63%
63%
6%
6%
6%
6%
0%
6%
21% 23%
21%
12%
13%
12%
11
10%
10%
29% 29%
29%
45
45%
45%
18
1778
18%
26%
No par
8%
120
25%
......
13%
13%
*10234 108
13%
*103
preferred.
No par
22%
23
13%
300
84%
11%
10678 107%
*37% 42%
5%
5%
110
8%
22%
8%
150
55%
11
42
900
400
3,100
9,600
*83
*106
2,500
23%
55%
11%
Dock
634 Apr
July
52
50
N Y Lack A West Ry Co.. 100
54
21
5%
York
N Y A Harlem
10
84%
No par
No par
240
1,000
11
20%
Central
New
107
*83
York
650
203
11%
Y. Air Brake
7%
14%
83
54%
N.
New
N. Y. Chic A St Louis Co.. 100
0% preferred series A... 100
2n2
54%
20%
84%
100
1
NYC Omnibus Corp..No par
*106
,
No par
pref series A
Newport Industries
5%
300
63
1
100
10% preferred
i%
4%
prior preferred
7,500
108
*
14
205
83%
208
"
1%
prior preferred... 100
3178
*110
63
1%
*414
*78
1%
40
preferred
10%
*10
*107
*110
15%
23
54
25
Newberry Co (J J)
90
5,100
2,300
66,100
14%
Steel Corp.
4H% conv serial pref... 100
40
113%
2078
15
55%
21%
22%
0%
No par
14% Apr 11
*8%
120
26
8
100
120
*24%
Sept
1778June 30
preferred A
122
26
83
7%
134% *132
120
*132
5
300
*120
120
10
Lead
8% Sept
1
*45%
478
5
6%
*50
conv.
Co
1
preferred-No par
1
136
9%
17%
51
Nat Enam A Stamplng.No par
Gpysum
Jan
*
4% Apr 11
4% Jan 13
20% Sept
10% Sept
48
17
22%
*22
No par
6H%
*6
14%
No par
10
1
92
0%
*22
Sept
300
17%
*45
Sept 18
preferred
94.60
12% Jan 13
107
Nat Distillers Prod
National
7
400
1478
55%
10%
106
100
5,500
2
110
""966
Nat
14% Sept
100
7% pref class B
Nat Dept Store
200
17% Apr 25
Products...No par
100
7% pref class A
6%
Sept 19
15
6%
14%
Nat Dairy
87
44%
17%
52
8,900
77« Aug 24
7% Sept
21% Sept 13
14778 Oct
10% Apr 26
15
108
*102% 108
*130
16%
5% Sept
Aug 23
14
x8% July
No par
Gas Co...
40
Mar
May
Oct
Jan
38% Aug
51
44%
6%
135
National Cylinder
Aug 24
45
17%
*45
51
8%
108
6%
6%
17
17%
12978 *129
53
*45
42
44
Nat
2,300
84
878
107
160% 106% *106
22%
22% 23%
22%
55%
*54%
55% *55
*105% 107
22%
22%
2178
*105% 107
3,500
4
43% Sept
*45%
111
.
""600
16%
14%
Register
10
67
July
25
70
Apr
Dec
Dec
111
1434 Sept 22
Sept
Sept 25
National Supply (The) Pa.-10
m-~»
1%
6
10
Biscuit
9
50
*44%
15%
57
21%
23%
41%
32
7%
mm.
1
Nat Aviation Corp
Cash
%
1%
44% Mar 13
105
72%
1734
3%
22% May
30
Apr
Oct
37% Mar 13
30
4,900
*38%
m
conv
5
Apr 10
16% Apr 11
37g Aug 24
12%
*78
■W
97
10
11%
*
63
"*1% "l%
13%
*107
*105
*105
*105
-.1
11%
16%
40
10
110
10
*107
7%
10
Co
National
85
39%
*31%
7%
32%
Brass
*15
107
22%
6
Wheel
Motor
National Pow A Lt
*24
55%
20%
22
52%
Motor Products Corp..No par
9,000
2538
1478
14%
55
60
5 % pref series
6,100
9
478
*38%
No par
Essex
8
Mar
434 Mar
122%May 24
65% July 22
47
Sept 11
21%
21% 21%
*15442 160
3178
*8%
♦78
7
3,800
9
107
Sept
878
5
40
*38%
112
May
Mar
1% Mar
11434 Sept 11
No par
Myers (F A E) Bros—No par
Nash-Kelvlnator Corp
6
Nashv Chatt A St Louis... 100
10
*
133
10% Apr 11
8534 Apr 10
77%
478
85
*78
Day
7gjune 28
121
Murray Corp of America... 10
*82
Columbus
2% Aug 24
% July
7
100
400
4
10% May
Sept
1,800
6,600
*13%
Aug 24
14»4
35
Mar 10
110
1
preferred—No par
Munsingwear Inc
No par
Murphy Co (G C)
No par
5% preferred
100
10
Closed
10
1
No par
preferred
A w w
100
Nat Bond A Share Corp newNo
6
July 25
54
2% Jan
9% Jan
1% Sept 27
2% Sept 27
19% Oct 6
Sept
47% July
12% Mar
2278 Jan
30% Nov
15% June
70
July
Apr 111
92
Oct
49% Jan
100
Nov
Apr *117
0% Jan
2% Sept
1
600
7%
85% Jan
114
No par
Mulllns Mfg Co class B
23%
14%
118% Oct 13
Mo-Kan-Texas RR
800
700
Sept 22
1478 Jan
Mueller
160
Sept
8% Aug 21
600
7,300
18
Mission Corp
Preferred series B
400
534 Mar
167gSept
35
30
77
*8%
*24
7%
6% Apr 10
11% Apr 10
18% Apr 8
101
April
44% Sept 11
103% Sept 25
Jan
No par
10
preferred
96.50
50
93
112
*534
23%
Apr
7778
45%
26
*106
14%
8%
7778
3178
878
77%
11%
9
*24
40
107
32%
48
5%
434
*8%
85
*78
*106
132
8%
46
834
23%
*82
21%
21%
154% 154%
77
15
*42%
*45%
15%
*15
84
83
22
Minn Mollne Power lmpt._.l
94.50
115
Exchange
6
23%
1378
1038
100
7% cum pref
100
Nat Bond A Invest Co .No par
*111
7%
323%
1378
10%
678
25
112
Stock
158
31%
31%
834
7734
1134
31%
8%
78
30%
1
136
7%
*5%
115
136
*151
155
*
10%
2134
2134
21%
155
14%
83
84
*82
*111
7%
6
10
978
934
21
15%
1578
*110% 112
2378
*1378
14
10
7%
*534
23%
7%
578
2334
578
136
*87%
*20%
21
*110% 112
*110% 115
pref series B
conv
National
16%
14%
115
4%
9,400
11%
93
5
No par
8% cum 1st pref
100
Minn-Honeywell Regu.No par
22% 23
148% 148%
*13%
13%
22
112
Copper
Mld-Contlnent Petroleum.. 10
National Acme
14
112
26«4 Mar
4,800
1,800
16%
*11034
*151
*87%
39%
17%
12%
22
*111% 112
22
6%
*23%
16%
14%
16
15%
*11034 115
2134
678
m
50%
22
16%
*20%
22
16
14%
*20%
6%
*49
12%
22% 23
148% 148%
13%
13%
22%
2234
22% 2234
2238
2234
148% 149% *145% 14934 *145% 14934
1334
13%
1334
1334
*13
13%
*87%
93
*87%
93
*87%
93
8
"""HO
13%
078
50%
6%
*49
Dec
Dec
25
6
—
Monsanto Chemical Co
69
*107
7% Nov
Mesta Machine Co
31% Aug 28
22% Sept
9% Apr 10
*13
13%
70
*107
Nov
16«4
90
140
Oct
73
57% July
30
40% Apr il
5%
Jan
32% Apr
3% Mar
May
Morris A
36
50
Nov
1534 July
80
June
3,000
6,600
1,200
Apr
11
Montg Ward & Co. Inc.No par
16%
95
55
14
7% preferred series A... 100
tMissouri Pacific
100
6% conv preferred
100
Mohawk Carpet Mills
20
18,100
Apr
034 Mar
Jan
6%
Mar
26% Jan
11% Nov
28% Jan
21%Sept 27
MorreU (J) & Co
*67%
*13
*68%
13%
69%
107
7
Aug 24
1.50
14
5%
July
300
26
36
3
123g July
Oct
5378
2
1,100
3,900
300
5
70
20% Nov
11% Sept
3478
54%
13
15%
16%
26
14
Apr 11
45
16%
*24%
S78
35%
13M
*68%
678
1,000
2,300
6?8
1%
1%
1%
19
18%
107% 108%
108%
34%
*44
34%
46%
2
6%
114
3434
15%
16%
25%
S78
36
1378
69%
107
6
34%
200
*1
11534 115%
53%
54
.
12
---1
00
6% conv 1st pref
200
2
*J34
47
12
12%
*1
178
2,200
*40
46
MengelCo (The)
6
Mar
Merch A M'n Trans Co No par
40
9
2
270
54
5%
44
90
July
397® Aug 28
No par
Melville Shoe
610
*107
54%
5%
21
33%
107
47
*lll2
1212
9
53%
5%
5%
12%
10%
337g
11778 118
107
100% 107
5%
6%
33%
53%
53%
53%
110
*43
46
12%
16%
34%
117% 117%
117%
53%
*106
5l2
5l2
*42
1278
117%
54
54
*10514 106
*35
5%
MarlO
14% Sept 26
70% Jan 5
60
Sept 27
02% Aug 10
50
Jan
7
99%June
60
2li2
10
35% Mar
13% May
18% Sept 12
10
Highest
9 per share 9 per share
10% Jan 1
59% June 15
Jan 27
58%
19
6% Aug 25
24
share
Aug ;
Aug 23
*63
21
15% Apr 28
5% Sept 1
Sept 19
834 Apr 11
39
per
No par
$6 preferred series A.No par
95.60 pref ser B w vr.No par
60
1,000
1,500
9
6
♦57%
58%
5%
22%
Lowest
Highest
9 per share
88
preferred
conv
58
58%
5%
1939
Range jot Previous
Year 1938
Lots
100
0%
60
12%
10
Mead Corp
6978
57^4
1
200
12
-
Co
Elec
3,400
111 2
.
Lowest
Week
Shares
3,400
1578
8%
8%
*94% 100
14,
EXCHANGE
7%
43%
12
*55
On Basil of 100-iShare
YORK STOCK
NEW
the
20
7%
8%
8%
*94% 100
*94% 100
100
♦94
100
*94
Oct.
% per share
Friday
Thursday
4212
15
9
*712
41*4
Cct, 10
9
$ per share
% per share
Wednesday
Range Since Jan. 1
STOCKS
Sales
for
Tuesday
Monday
Saturday
Oct.
70
Jan
3
4
Mar
13% Mar
122
Jan
0% Mar
June
3278 Sept
9
Ex-rlghts.
9
Nov
15% Nov
10
Mar
22% Aug
39%
52
Oct
115
Apr
Apr
115
Apr
40
Mar
5% Dec
2% Mar
156% July 29
Nov
60
10% Mar
21% Sept 15
10
29% Nov
147
Apr
7% Sept 13
7% Sept 25
132
111% Sept
30%
24% Sept 25
15% Sept 27
1234Mar 14
Oct 10
19% Nov
87
76% Nov
11%
Jan
6%
Jan
Mar
21% Nov
9% July
15% July
Mar
30
Mar
43% Dec
1978 July
3% Mar
9%
x22%
32%
9%
Nov
Mar
Nov
Apr
121
xl32% Mar
149
Nov
30
June
1774
Dec
1 Called for redemption.
=
Dec
Volume
LOW
AND
New York Stock Record-Continued—Page 8
149
HIGH
SALE
PRICES—PER
Oct.
Monaay '
7
Oct.
$ per share
9
9
3%
4
Tuesaay
9
Oct. 10
$ per share
*9
S
9%
9%
3%
4
Oct.
ver share
Range Since Jan. 1
*6
$
4
*9*2
3%
4
*9*8
3%
15%
9%
15%
15*4
15%
15%
15%
15%
1'5%
*6*4
*6%
6%
6%
6lo
1%
1*2
1%
7*4
1%
*41%
42%
,*41%
42%
42
42
*41
43
*92
94%
94%
*93
94
*92
94%
7%
*78
8%
*14
7%
80*2
8%
7%
80
7%
80*2
*14
9
15
1*4
7%
*79%
8%
15
7%
79%
8%
9
2%
2%
2%
44*2
44*2
44%
44%
*19%
20
19%
20
*134
2
*1%
2
*1%
2
10%
10%
*1034
11%
11*4
*10
10*2
10
10%
10*4
*63*2
55
*53*2
55
89%
*3%
90
89*2
90
*4*8
*26
3%
4*4
29%
14*4
*32
*3%
4*8
*25
4%
28%
14%
*14
14%
*120*2
24%
25*4
*4
34
41*4
*41%
42%
*4%
18
*15%
4*4
*14
47g
17
38
33%
22%
9*2
*9*4
9%
42
4%
9%
33%
*15%
,
44*2
*41%
42%
82%
*41%
43'4
*41%
43%
82*2
87
*80%
2%
82%
2%
*81
*2%
*4%
5
*4%
%
1
%
*26
4*2
*25
30
45
45*4
*3*4
*38
4
8*4
29*4
*44
8*4
50
7%
8
30
934
*4%
39
17%
1%
Petroleum
Hosiery
No par
35
31*4 Apr 10
2
Aug 11
Jan
3
Pierce OU 8% conv pref—.100
fl
Aug 22
Plllsbury
29
29
600
*41
50
60
23
Apr 18
35% Mar 27
12
8
6
4
Mar 31
*79
83
79
79
10
15 conv preferred
No par
Pitts Ft W A Oh 7% gtd pf 100
60
Apr 27
158
Sept 20
7%
*7*2
9
9*4
9%
15*2
15%
46
46
23
23
23
39
39
39
14%
*1
*44
48
24
*22*2
24
40
40
18
18%
18%
1*2
22%
1%
23
Exchange
Closed
1%
22%
14%
*14
16
15%
*1
1*8
Stock
*142
*14
15
9%
16
*142
22%
9%
*15
46
17*4
17%
7*2
-
*159*2 165
9*4
15%
17
8
25
*15%
1%
*1
600
15%
1
*2
*%
%
*%
%
*%
14%
15*2
14%
15%
15%
14%
15%
15%
4378
46
46
63*2
63%
63%
63%
116*2 116%
38%
38%
*105*2 106%
106*4 106% *106*8 107%
118*2 118*2 *116*2 119% *116
119%
133
*132
133
133
*131*2 133
155
155
*153
155
153
115
*114
115
*114
115
38
39
9%
37%
9%
.37%
38%
97g
*80
82%
*81
77%
*77
9%
8212
*76
77%
13%
1378
14%
5%
100
13%
13*2
5%
*75
*81
77*2
13%
*13%
14*8
6
1
100
5%
56*2
56*2
56%
56%
56%
1%
1%
1%
1%
1*2
22%
22*2
*22%
12% Aug 24
2,700
2,000
400
1,600
200
28
*27%
29*2
24
24
*24%
*4%
26*2
5
1%
1%
29%
600
26%
*25
26%
*25
26
200
4%
4%
*4*4
50
*13*4
16
8*4
14
11%
26%
26%
2578
26%
82
82
84%
84%
*83
85
*84
78
*77*2
80
*78
78
77
15*4
15%
*31
34
81
81
*79%
81
*49
60
*50
60
10%
*10
10*8
83%
*70
82%
*70
8%
7%
36%
36%
*52
8
8
36%
36%
5534
*11*2
*18%
*114
112
*1%
42%
4219
%
42%
12
1%
1%
'1*4
84
1*2
5
60
*48
60
*48
36%
10*8
*70
1*2
82%
7*2
18%
1%
*70
734
36%
5534
8%
7*2
*634
*53
8%
*634
*11*2
12
18
18*4
17*4
*1*4
134
42%
*1*4
41%
*42
%
34
1%
8
"2,400
7*2
1,300
5
5
1*4
*3*4
49
Sept 27
64
Aug 15
112
5
10
42
42%
42%
42%
4234
43%
43*4
43%
4234
43*2
104
110
110
18%
103*2 104
110
110
112
112%
19
20
Bid and asked prices; no sales on
104
104
104
*110% 112
112% 112*2
19
19
this day.
104
*110*4 112
6,100
140
50
113
113
140
20
20
2,000
{ In receivership,
a Def. delivery,
Nov*
Mar
9*4 July
I684
Jan
52
Aug
30
July
23
May
45
Jau
6
Mar
*8
17% Nov
a4
Dec
*2
4% Mar
1384 Mar
39% Mar
114
Nov
25
Mar
10178 Apr
112
Apr
132
Mar
112
Jan
Pullman Inc
a:22% Aug 24
6% Aug 12
41% Sept 27
No par
Pure Oil (The)
—No par
100
preferred
6%
5% conv preferred
100
Puilty Bakeries
No par
Quaker Stato Oil Ref Cor p.. 10
Radio Corp of Amer—.No par
No pat
1st pref..No par
1 Rftdlo-Ketth-OrpheumNo par
Kaybeatos
Manhattan. No par
Inc
preferred
Rayonler
32
Reading,
let preferred
4% 2d preferred
Real Silk Hosiery
4%
1
25
50
-.60
60
6
100
Sept
70
Sept
5
6384 Aug 18
IO84 Jan 26
11
Aug 16
5
Aug 24
85*4June 1
63*4 Apr 10
1% Apr 8
16*4 Apr
Rels (Robt) A Co 1st pref. 100
10
1
Remington-Rand
.6
{Reo Motor Car
6% conv preferred
A
10
;
7%
preferred
100
1
143
Aug
166
ll34Sept
5
90% Mar 29
81*2 Jan 3
18% July 17
Jan
14% Oct
9
Oct
Dec
2% Jan
5
53s
Jan
24
28%Sept 27
18
16
27
3
6
July 6
April
43
July 18
64
1
984 Sept
1
Sept 12
April
% July 8
12% Apr 10
43
Apr 8
42
April
9% Apr 11
21% July 11
63
Aug 21
5
3
2*4 Sept 13
74
Oct
78
Dec
40
Apr
69
Nov
1
Deo
3%
Oct
77*2 Nov
17% Mar
65
Apr
38*2 Dec
85
Jan
Sept
6
45
Dec
64*2
Jan
14% Jan
4
10
Sept
17*4
Jan
Aug 19
Jan 31
x
17% July
9% Mar
49% May
38
58
r Cash sale,
Jan
1188 July
13*2 July
85% Sept 23
20% Jan 6
40% Jan 6
84
Sept 16
July 25
n New stock,
11
78*4 Nov
52
No par
June
25% Nov
Rich fie d Oil Corp
Corp
9
11*4 May
4
Savage Arma
6% Mar
39% Mar
Sept 23
86
% Aug 12
Jan
6% July
58
July
92
7884 Jan
27*4 Apr 11
*4June 27
Jan
27%
Jan
28%Sept 12
5
{Rutland RR 7% pref
St Joseph Lead
30%
34% Mar
5
Apr
Jan
No par
Mar
Mar 20
56
4
Jan
284 Mar
934 Jan
July
Jan
10% June
13% June
15'4Sept 16
Oct
22
Mar
Sept 27
14%Sept 27
17% Jan 5
75*2 Mar 15
9*8
24%
29is
8% May
6*4 Sept 27
37% July 11
7%June 30
5*j Apr 10
Jan
607s
20% Sept
4
16*4
5
11% Jan
Mfg
June
Jan
15*8 Nov
80
45
'The)
9
13% July
98*4
484 Mar
Sept 21
Dental
Mar
18
8
Dec
Sept
60*4 Jan
37% Mar
1«4 Sept
35
Rltter
7
1484 June
Apr
117
88*2 July
1734 Sept 27
25*4 Sept 27
2234 Sept 27
Apr
152%
74*2 June
23%Sept 22
7
Nov
134
39*2 Nov
4
6*2 Apr
Jan
105*2 Oct
11834 Nov
21% May
8% May
81
Apr
6%June 29
12 % June 28
10*4 Apr 8
9
35*2
8*2 Jan
Reynolds (R J) Tob class B.lO
Common
10
No par
86*4 Mar
Oct
59
122% May
85*4June
67% Jan
2
*4
9*4 Nov
20% Apr
11% Apr
June 29
Apr 25
Sept 21
111
8
10
174
7*2 Mar
117U Jan 19
129
147
2
1
84 Apr
800
June
4% May
2
7
100
10
tSt Louis-San Francisco... 100
6% preferred
100
{St Louis Southwestern... 100
5% preferred
100
Safeway Stores..
No par
5% preferred
100
0% preferred
100
7% preferred
100
1*4
145
Jan
Jan
75
128% Aug
Sept
4
500
Mar
112
8
17%Sept
"MOO
41
101% Sept 28
31% Apr
34
*4
112% 112%
Mar 15
1
10
104
1
Apr 10
18
15% Sept
*4
1734
6*4 Sept
50% Apr 14
No par
10
19*4
6
Roan Antelope Copper Mines
41%
7%
35
2*4Sept 11
Ruberold Co
134!
July
May
Aug 25
I734! ""966
*4
110
142
12
10
11212
5
7
7
6
*4
*103*2 104
Aug
11% Sept 12
16%Sept 12
48% Oct 6
25% Oct 6
40% Sept 15
20%Sept 27
6% Apr 11
6%May 2
10
Sept 16
%
1%
175
3*4 Mar
18% Dec
3% Mar
No par
100
100
8% preferred
-.100
Pub Ser 181A Gas pf f 5. No par
preferred
preferred
7% preferred
m% conv preferred
Reynolds Spring
5534
8*4
62
6%
""760
7,000
26*4 Nov
Oct
35
-...100
5M % preferred
100
Reynolds Metals Co ..No par
36%
Jan
39
II984 Feb 27
4184 Aug 3
1143s Aug 7
"1",5"J0
10*8
«4
1%
*3*4
"""I60
20*2
Dec
No par
6% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J--No par
Class
82%
8%
*11%
12
10%
36%
8
%
*3l4
10*4
*8
36%
*53
43
43
43
%
*3%
*11%
18%
19
79
8%
*634
714
12
19*4
*78*8
5534
8
81s
*634
*ni2
*18%
79*8
78%
8%
*52
500
July
9
42%
6
60
5% conv 1st pref
5% conv 2d pref
Procter A Gamble
100
6% conv prior rref ser A. 100
Revere Copper A Brass
6
1,900
Nov
43
31%Sept 11
51
Sept 23
12
Sept 12
32% Sept 27
14% Sept 11
95
Sept 11
4
Jan
Reliable Stores Corp..-No par
16*2
4
J&n
Mar
30*4
Jan
Dec
Dec
Reliance Mfg Co...
79*2
Mar
45% Mar 16
9
Sept 6
1%
14%
14*2
100
33
16*4
2
50% Mar
44% July
Oct
Republic Stem Corp...No par
*31
27% Mar
Oct
8*4 July
484 Mar
300
16
Sept
Oct
144%
l6%Sept 27
1684 Sept 22
1
64,300
33
32
Mar
143%
Aug 24
No par
B...
Pressed Steel Car Co Inc
27%
16
4*8 Mar
1
Jan
4,500
*31
16%
33%
June
5% Nov
Dec
1%
86
Nov
2% Mar
*4 Mar
75*4 Mar
3%
55
25*8
Nov
3
16%
60
1%
26*4
Nov
74
1% Mar
Preforred with warrants..25
1%
43
Apr
Apr
1*4
5% Mar
Rensselaer A Sara RR Co.. 100
1%
Mar
60
2*4 Jan 6
s4 Jan 17
20
1%
26%
30
16% Sept 22
300
1%
Jan
8*2 Oct
47% Nov
Jan
6
1
% Aug
%May
56
1%
434
17% Mar
7*2 Aug 24
No par
200
4,000
13%
Poor A Co class B
J forto Rlo-Am Tob cl ANo par
73
*73
784 Mar
11
73
75
•
Jan
1784 Ndv
£5% July
56
55
*73
11%
July
38%
Mar
11%
55
78
10
43
Mar
78
11%
57
*7%
Oot
6% July
1784 July
8
55*2
11*4
57'
8%
14
Feb
42
15
*13*2
11*4
8%
14
Jan
31
Sept 22
Preferred
*45
Dec,
24%
Sept 11
19%
11%
*9%
4%
3% Sept 27
157g Nov
121
17
17% Sept
15
78
60
1,700
46*2 Sept 22
July
24
5
50
58
*47%
200
% Apr 28
No par
*45
*73
81
1,600
1
Aug 25
50
*55
*79*4
200
*28%
*13%
*7%
*13%
11%
*54%
15*4
3,300
Sept
July 27
Jan
6% July
30
8*2 Mar
114
4
Aug
July
1
33.60 conv
1%
6
3
July
6% Apr 14
I "MOO
57
1%
*4*4
(The)
35 preferred B
29*2
8%
1*2
57
Mar
Oct
Pond Creek Pocahontas No par
Plymouth Oil Co
I
*28*2
*13%
76
5%' 16,300
28%
8*8
*30
200
14%
100
28%
*24%
13*2
5
534
*70
Plttaton Co
4
June 28
18
142
*13%
15
5534
*13*2
57*4
13*2
11*2
83%
5,700
20
*7%
10%
15
20
*13%
16*2
14%
20
8%
78
1,000
20%
13%
33
100
77*2
22%
16*2
24
20%
13%
*30
11,700
77
15%
*23%
*7%
85
"l3~,900
*21%
13%
2578
110
Apr
*45
50
25%
600
154
*4*4
27%
*73%
1%
300
16*2
20
1%
200
133
22%
23
4,000
*114% 115
37%
38%
9%
10
*80
82*2
57*4
1%
90
*116% 116*2
38*2
38%
*10634 109
2:119*4 119*4
24
19%
1%
700
2,100
22*2
20%
13%
I
63%'
16*4
16
*23%
a:20%
*45
46
63
24
15%
23%
4978
57
1,900
46
154
100
*70
6J4 1st ser conv prior pref 100
Pittsburgh A West W
...100
Class
"iff, 500
16
15%
23%
*45*8
6
47g Aug 23
7% Apr 10
22
133
133
153
*114% 115
37%
38%
10
934
82%
82%
77*2
77%
14%
14%
*13%
14%
5%
5%
No par
100
24%
*22%
16
24*4
5
10%
82%
77*2
14%
14%
100
*75
23
39
133
153
153
*113
15*9
No pa
Pltt8:.urgh Steel Co
100
240
15%
1.5*2
44
14%
43%
14%
*14%
46
*4434
63*2
63*2
116% 116*2
38%
38%
107% 107*8
*117% 119%
Pitts Screw A Bolt
2% Apr
Apr
7% pref class B
*2
14%
*15
100
preferred
6% pref class A
1,200
1%
*%
63l2
116
116*2
38*4
38%
6%
90
22%
14%
15%
14*2
*2
Pittsburgh Coal of Pa
140
1%
22%
1%
25
PittsYngst AAshRy Co7% pf 100
14-%
Day
8,600
*142
1%
Columbus
14%
15%
10
*159*2 165
9%
9%
1534
1534
46%
47*2
22%
22%
3734
38
17%
18*2
"T%
22%
1,600
7%
Flour M1119
Pirelli Co of Italy "Am shares
103% Mar
Apr 20
36
50
l%Sept ll
Jan
6
29
Sept 16
7
200
8*2
5
6
234 July
25
3
Mar
100
Preferred
15
116% 116%
38%
38%
•
Phillips
Aug
284 Sept 26
154
.lOr
15%
1734
100
2
Pitta Coke A Iron Corp No par
14%
110
preferred
Sept
Sept 21
400
14%
*112
% July 29
,
1,600
"l%
H2
Feb 27
3
10*2
*1%
22%
*3*4
7%
8
27%
*137S
*34
1*2 Apr
74
Phoenix
7,500
43
*8%
91
10%
1%
8
8%
7
25
14*2
*52
45*2
3*2
*3*4
*40
8
Jan
124
..No par
8% Mar 14
Apr
Philip Morris A Co Ltd.. ..10
Phillips Jones Corp.
5
75
10*2
22%
8%
36%
10
25
44%
3%
""loo
5%
10*4Sept
36
6% conv pref series A.-.100
25
45%
No par
27% Sept 27
39% July 18
47% Sept 12
48% Aug
1
25
14
*70
*4*2
60
1
584 Apr 10
28% Apr 11
6'4 Sept
*10%
*1%
10%
5%
Dec
Mar
Mar
Mar
Mar
Mar
Mar
15
10%
2234
15%
900
130
Mar
Sept 26
27%
*142
78
83*2
83%
*125
10
Sept 12
10*8
*37%
*3734
*142
*82
83*2
0
Mar 15
Sept 26
pteferred
Phlla & Read C A I
Deo
2% Mar
10% Mar
8
40
7*2
27%
15*4
45
11%
1,800
Mar
45
10
*9%
*40
9%
16
23%
*4*4
%
34
7%
Mar
1%
25
17
7*2
27%
*7%
*22
15*2
%
50
159
*23%
19%
200
Mar
65
8
50
159
5%
100
89
41
1
Phelps-Dodge Corp
26
Philadelphia Co 6% pref
60
$6 preferred
No par
tPhlla Rapid Trans Co
60
42%
*42%
*8034
1
4234 Oct 3
534 Sept 27
1934 Sept 27
30% Apr 11
2 May 10
29%
165
*13%
41*2
Oct
Nov
884 Mar
14%
13*2
58%
85*2
2*2
8
ll",700
43%
284
Jan 18
Petroleum Corp of Amer
6
Pfelffer Brewing Co...No par
634
*6%
43
Oct
1*4 Mar
3*2 Mar
Apr
8
50
*160
*75
6%
Oct
13% Sept
1,600
9%
38g
21%
21
No par
July
423s
100
eferred
Dec
13% July
30
Mar
100
6% prior preferred
Pet Milk—
Dec
1% Mar
16% Mar
Feb
7% Apr
Dec
13%
103
13
124
24
100
Aug
31% Mar
33
Peoples Drug Stores. ..No par
Peonies G L A C (Chic) ...100
..J00
2*
61*8 Nov
102
6
5% Sept 15
2% Aug 24
17% Aug 28
1134Sept 1
120%June 20
Aug 24
Peoria A Eastern
Feb
Sept 11
120%
14%
19%
22%
1«4
5*2
17%
...No par
RR
Deo
Sept 25
57% July 28
9484 Aug 2
484 Sept 12
15
pi
Mar
Oct
18*4
1184 Mar
60
5%
6% Mar
16
Jan
6
2% Feb 25
13% July 27
29%
165
137S
9*4
4% Sept
Mar
15%
21
50
*160
9%
770
200
5
584 Mar
65
share
per
47
29
*26
10*4
*%
34%
22
8%
*27%
81
14%
*14*2
43*2
63%
Cement..-No par
5
Jan
Mar
8884 June
4
4
13% Jan
29
*76
*1
"""580
3734
33*2
43
*40
8*2
80
17%
37*2
30
45%
*3%
3%
43
Penney (J C)
No par
Penn Coal A Coke Corp.... 10
Pere Marquette
22
130
*25
*8*4
8*2
83%
*125
45%
*73
45
200
16
%
78
9%
4
*15%
%
*70
15%
4
4*2
*%
*3*4
Patlno Mines A EnterprTVo par
Penlck A Ford-.;
No par
1,000
%
8312
45
Par melee Transporta'n. No par
Pathe Film Corp..
No par
4134
160
*40
2.60
100
5
3%
1
No par
32%
5
43
Park Utah CM
Parker Rust Proof Co
6*4 Nov
1
Sept
4
26
7% Sept 11
Mar
3% Mar
1584 Deo
Feb 14
14% Jan
107% Jan
14% Sept 30
1% Apr 4
36
Apr 11
11% Apr 10
1*4 Aug 24
684 Apr 10
7*4 June 12
48
Apr 10
74
Apr 10
*4 Apr 3
32%
4134
17
6
Sept 11
1
Parke Davl« A Co
29
104
10
34
5
30
72
100
6% 2d preferred
Park <fr Tilford Inc
17 conv pref
4%
*25
6*8 Sept
1
6% 1st preferred
Pennsylvania
4%
5%
Sept 28
Paramount Pictures Inc
Penn-DIxle
1
Sept 12
92
37",600
4%
*4*2
% Apr
35
10
60% Jan
June 26
Highest
share
per
6
3
16% Sept 19
834Sept 12
2
Sept 11
5
100
""loo
5
5%
1
Lowest
I
11% Jan
434 JaD
No par
Inc
1434
2%
84l4
new..
7% Aug 29
Apr 8
3
5
26%
2%
130
Panhandle Prod & Ret
Paraftine Co
I per share
9% Sept
Corp
5
Pan-Amer Petrol <fe Transp..fi
25
*14
*120%
2%
84
Pan Amer Airways
17 conv prel ser A... No par
Penn G1 Sand Corp v 10 No par
2*2
45%
*8*4
1,800
140
*127
10
No Par
Highest
3 per share
*44
29%
*23*4
45
*38
4
28%
*25
2*2
30
*3*4
43
200
3%
29
3%
*2%
130
*4%
200
4,600
38%
82%
4%
53
90
33%
*2*4
83%
700
3*2
*20%. 22
*6%
43%
a41%
<
"2,600
11
10%
53
33*2
.
234
8934
3%
82%
*6
43
*120
10
44%
6%
42%
84
10*-»
6%
*6%
130
2
11%
*134
1034
9*2
42%
*83
2
*9%
6%
*121
600
9%
437g
*6%
43
1,500
20
37%
34%
22
"2", 600
45
42*2
*4*8
17
*20%
9%
*32%
42%
1,700
15
2%
44%
14%
25
34
500
*19%
*120%
39*2
38
33%
*20%
34
2%
Tl",700
834
834
*14
Pac Western Oil Corp
Packard Motor Car
25%
*14
14%
25%
22%
37%
33
8%
4%
*25%
24%
*32%
41%
*4%
*15%
734
79*8
7%
Range for Previous
Year 1938
100-Share Lots
Lowest
4% conv preferred
5478
*4
4%
400
90
*3%
29
*20%
37%
90
38
*32
5
*15%
*53
*120*2
34
41%
54%
*25
1,500
9434
20
*1%
10%
*10%
3%i
1%
40*4
79
44%
20
90*4
89%
3%
7%
79%
15
10%
*53
3%
25%
*120%
24%
10
2%
100
40
25g
*44%
44*4
19%
200
12,000
1,800
*92
1*4
On Basis of
Par
Shares
9%
4
15%
6%
*6
1%
*14
19%
*44
2%
9
1%
1%
8
80*2
*14
15
2%
*92
EXCHANGE
Week
13
share
ver
STOCKS
NEW YORK STOCK
the
CENT
Oct.
12
t per share
7
15%
NOT PER
Friday
Oct. 11
$ per share
9%
378
SHARE.
Wednesday
Sales
for
Saturday
2335
10*4 Jan
9*2 Jan
Jan
6
%Sept 13
2
6
77% Dec
4% Mar
3334 Mar
61%
Jan
5
Mar
Jan
4
Sept 14
19%
94
Oct
8ept
12% July
46*2
Jan
68*2
Jan
97s Nov
7% Apr
14% Mar
2034
Jan
13
Mar
33*2
Dec
Dec
2*2
Jan
25*2 May
49*4
Oct
Sept 27
49% Sept
May
778 Mar
84
13*2 July
Dec
1% July
1% Mar
3% July
%
I84
378
Dec
5%
Jan
l«4May
3
3%May
6
6%Sept 11
2784 Apr 11
82% Jan 4
3
109
Aug 3
112% July 17
12
Mar
58
Mar
68
Mar
99
Nov
116%June
79
Mar
108
Nov
884 Mar
19
Jan
96
Jan
3
104*2 Jan 11
1034 Apr 11
Ex-dlv.
y
48% Aug
23
7
Sept 22
Ex-rlghts.
Dec
7*4 July
2984 Nov
83 % Dec
^ Called for redemption.
New York Stock Record—Continued—Page 9
2336
WW
AND
HIGH
SALE
PRICES—PER
SHARE,
STOCKS
Sales
CENT
NOT PER
NEW
for
Saturday
7
Oct.
Oct.
$ per share
12%
*12%
*65%
$ per share
12*2
*65
67
®8
%
$ per share
12%
67
1212
67
%
7i2
Thursday
Friday
the
Oct. 11
Oct. 12
Oct. 13
$ per share
$ per share
$ per share
Shares
*1214
12%
12 '2
*66
67
66
14*2
1412
087g
*714
223g
2234
*2%
3
25*s
25%
2312
7%
23 *2
*!)434
108
108
*712
23
141«
100
3
24i2
*23>4
*0434
96
*100
110*2 *105
1378
*09
23
21
24i2
2'8
*14
*2412
2412
24 lg
*0434
106
10012 110
H0l2 *106
11012 *106
1334
13i2
4714
4714
11212 113
29
2'2
I9I4
315s
45
2*2
212
*8'4
1834
3034
*35
9
212
8«4
H64
315g
45
183s
*60
258
25g
012
1,200
*50i8
714
3434
100
$3.50
pref ser A.No par
43
28
Shell Union Oil
Sliver King Coalition Mines. .5
Simmons Co
*2412
28
*23%
*9434
24
96
96
1117s
"106
800
"
".300
"106% 110
110l2
""266
*1734
183g
11
"600
183s
11
*205g
1334
14
$6 preferred
600
600
21%
14
18,100
Smith
1912
3134
212
*8li
10,900
Southern Ry
197g
1914
20
3214
313g
*35'
45
45
2*8
212
9
*8l2
3234
2l2
70
*65
70
*65
*195S
2H2
47'H
28>2
*20
2H2
*20
*20
*20
21%
40
*47U
2112
4814
2834
49
100
Sparks Wlthington
47i2
28i2
4834
1134
IH4
*6212
*28
lll2
63
2834
*4712
62 34
63
2812
*4714
1138
625g
*2814
20
28l2
6'8
*03
6
96
*9314
1158
6I4
96
6
2914
*4714
48'2
11%
64
115s
lib
6312
62i2
287g
28
6l8
*9378
47l8
*2812
6
3
3%
3
8
8
8
8's
8's
1012
22l2
*1814
22i2
2812
l8r»8
20
*18
*2134
28%
287s
27
2714
4714
4734
20l2
273«
48
27*8
4712
*32
34
73
73
*32
7314
638
12%
812
1234
1212
8 "'8
812
*31
234
234
18
183s
18%
24U
*24*2
*614
7
2158
3 ti2
36
25
25
27«
234
234
*1812
25
Sb
6034
Starrett Co (The) L S..No par
20% Apr
Sterling Products Inc
65
978
6'2
13«8
878
5,100
Stewart-W arner....—
5
1,800
Stokely Bros & Co Inc
—1
1812
278
27g
1834
25
1012
103,1
107g
HI4
834
4,900
8's
812
5l2
514
*36
4
87g
514
*378
8-%
812
8%
4
*5%
♦3514
39
35
*378
39
4
4
714
73s
*5b
6
738
7i2
7l2
4612
4i2
3534
4614
4678
46i2
47i2
45s
434
458
458
1,300
355S
36
351,1
355g
35%
3558
4,100
934
*97g
10
10
10
*934
10
7's
*7i8
I6i2
*15%
19
*4.
*35
41S
25
45g
73«
46
16%
19%
I0I4
100
20%
197s
2014
2,100
603s
*60
60%
603s
60%
200
4i,i
37i2
4>8
*4
4%
4%
4%
200
*35
37%
*35
38%
4%
4
4
*4
26
26
3
26
*25%
2V«
11
27«
334
312
27
11
4
334
*26
2i.i
27%.
*2%
11
2%
11
*2%
4
26%
2
11
714
1514
*35
38%
4
4%
4%
27
27%
12%
12 34
12%
92%
92%
18lS
4014
I8i2
4914
18%
1834
49'%
18%
1878
1834
19
49%
50
50%
50
63g
6%
6%
034
6I4
934
5034
6%
10l4
934
10%
0
9
9
9%
9%
312
314
70
*70
614
12
314
3%
79
75
3%
*71
3%
77
12
12%
*11
12%
1412
14%
14%
14
2434'
24
24
24
3l8'
3
3
934
30
57g
*11
I
934'
4178
134
42i8
43
ii78;
lli4
1H2
,
9OI41
178
90
1*111
112
*l77g
18
xl7%
175s
10012 100% 100i2 10012
83
82i4
82%!
83
23
2314
23
23%
43
43i2
6
578
asked
prices
57g
134
178
42%
42%
12%
11%
11%
90
89%
90
*111% 112
*111% 112
*1734
177«
1734
1734
100
100%
101% 102
1
Aug 24
221.
.No par
$3 dlv
1
conv
preferred
2% Apr 10
14
Apr 8
10
Third Avenue Ry
Thompson (J R)
$3.50
3% Apr 11
30
Sept 2
100
Thermold Co
Jan 28
Inc..No par
17
Apr 10
1% July
par
7
9% Aug 21
83
Sept
1
7
Jan 10
2778 Oct 13
3
29%Sept 13
334
4
Jan
15% Jan
3
14% Mar 10
Feb
19
Oct 13
54%. Jan 3
8% Sept 13
29%
5
2
1
Sept
9
2% Mar
26
Mar
7
Mar
6*4 Mar
13
Mar
15
Mar
53% June
27g
Apr
35
Apr
2b Mar
15
Mar
1
Mar
3% Mar
8% Mar
1% Mar
534 Mar
10% Mar
77%
Apr
8
Mar
Mar 31
Truscon Steel
-...10
6
20th Cen Fox Film Corp No par
$1.50 preferred
No par
12
26%
Jan
300
1934 Sept .9
3<%
Jan
200
Twin City Rap Trans
1% Apr 8
17% April
7% Apr 11
1% Aug 24
35% Aug
12% Jan
4»4 Jan
16
86
41
100
10
No par
Preferred
100
65% Apr 8
10834Sept 15
15% Aug 24
6,000
40
1,100
1,800
23
23%
2,400
4434
19,000
11%
15%
10,300
800
1,400
115
65
1,800
Twin Coach Co
17%
11,966
5,800
delivery,
__1
No par
6
14% Sept
16% Mar
25% Mar
2% Mar
6
Mar
Mar
1% Mar
Jan
1284 Sept 25
94% Sept 14
1934
June
3% Mar
5% Mar
334 Aug
118
77
Mar
7% Mar
57
Mar
July 14
105
Jan
5
Sept 27
90
July 27
17% Mar
20% Mar 28
24% Sept 21
20
31
46
19% Mar
5
Aug 24
5
7% Apr 11
No par
Preferred
14% Sept 13
112% Mar 13
100
United Carbon
52
No par
Apr 8
13% Apr 11
United Carr Fast Corp. No par
United Corp
...No par
$3 preferred
stock,
«
81% Apr 11
78
Apr 13
United Biscuit
New
Jan
734 Sept 11
100
United Aircraft Corp
Un Air Lines Transport
n
Aug 24
8W
..No par
4% preferred
Union Tank Car
10
Def.
5
3
Apr 10
Sept 11
Union Carbide & Carb.No par
Union El Co of Mo $5 p* No par
Union Oil of Californlt
25
Union Pacific
100
278
36%
4% Sept
Apr 10
Apr
12,400
17%
177s
10134 10134
82 34
83
4
Jan
31% Mar
3
90'8
*llll4 112
a
jan
96
34% Sept 12
{ In receivership,
43<
1034 Apr 10
Ulen & Co
35%
40
9
34% Apr 11
No par
Under Elliott Fisher Co No par
Union Bag & Paper——No par
27«
4% Feb
10
pref
Tlmken Detroit Axle
3,200
36%
4
16
4% Oct 11
2,300
64%
*1634
234
Jan
Mar
60% July 27
3% Oct
1%
41%
12%
15%
6
1% Jan 17
Tide Water Associated Oil..10
conv
21
Jan
234Sept 16
7% Apr 10
$4.50
3
25
preferred.No par
cum
Jan
100
134
1034
534
1
No par
1,300
115
5034 Sept 12
381.Sept 13
113s Sept 11
74
43%
this day.
7
1
Sept
No par
23%
on
3% Aug 22
Truax Traer Coal
44V,
sales
32% Aug 11
26
Trl-Continental Corp..No par
$6 preferred
No par
100
23%
no
8
2,700
43%
17%
Apr
Apr
3i2
44
641.
Mar
378 May
Dec
23%
15%
6
34
Mar
83
11%
Mar
4
42 a4
115
6% June
15
5%
23
83
5
9% Sept 27
7% Mar 11
43% July 21
10
1134
Jan 13
22% Mar
434 Mar
9%
41
10%
37% Sept 5
12%Sept 27
478 Apr
2% Mar
83
8234
25% Sept
Apr 10
Jan
107.
8,100
134
134 Mar
834 Mar
22%
12% July 24
3
42 %
Mar
5% Apr 10
14%
*27%
5
Feb
Dec
17%
6% Apr 10
24
10
3% Sept
3
Transue & Williams St'lNo par
24
27%
10
J. n
Mar
Transcont'l & West Air Inc..5
24
27'2
381*
3% Mar
119%
8%
700
14%
42
978
128%June 17
1134 July 6
6% Mar
45
1,600
1,300
*234
4
6,800
77
2%
Jan
934
578
12%
2934
89
3%
Jh.n
Timken Roller Bearing.No par
Transamerica Corp
2
10
*75
66
3
500
11,600
3,100
June
8% Sept
1634 Apr
500
1,400
Mar
May
6
56
150
57g
12%
1334
*27%
978
1;%
11%
6'4
10
*9%
2%
11
1034
IH4
11%
1078
15l2
15l2
15i2
15%
15%
15%
118
*11318 118 1*114
118
*114
, *114
62
64
62V
64
62U
62I4I
64
*1634
1784
*16 34
17% *1634
17% *1634
234
278
234
234
2'%
234
278;
36is
363s
36 34
3618
36%
36'% *36
and
9%
6
*2712
97g
Bid
6%
10%
*278
3I4
28i2
IOI4
15U
9%
*10l2
I4I4
*23i2
24
4314
1058
10
*578
14
4234
3%
75
*6%
1234
9212
17% Mar
49
6
$3.60 conv pref
The "Fair
Thompson-Starrett Co.No
92%
Mar
734 Sept 5
17% Jau 5
9% July 28
Texas & Pacific Ry Co
100
Thatcher Mfg...
No par
Thompson Prods
1234
13
6
12-^
9
900
92
3984 Mar
Sept 14
7934 July 13
1
400
121.
53% Sept 14
36
6% Sept
2i4
92
24«4 Mar
177g Mar
35
25
26%
12%
25% Mar
Sept 13
37a Mar
32% Mar
26'2
92
24% Jan m
33% Sept 13
30
9% Sept 12
4%
11
Mar
4% Mar
10% Sept
4
277g
3%
*2
Mar
2
10% Jan 20
2034 Aug 3
5
278
*1034
94
Jan 20
Tennessee Corp
Texas Corp (The)
4%
2%
6% Mar
June 17
4% Mar
3
11
Mar
6% Mar 11
4%
27
Mar
3% Aug 24
Preferred
1,000
1,600
5%
6%
5
"
l",606
108
29
48% May
12% Mar
Telautograph Corp
Texas Pacific Land Trust
19
18%
.60
900
*60
19
*7
June 22
16% Mar 9
75% Mar 8
30% Mar 10
7% Jan 3
4
3% Aug 24
9
—
50
Dec
15% Mar
784 Mar
47s Aug 23
Apr 13
1
(James)
5Vx% preferred
300
603s
7's
Mar
19%
30% Mar 14
4% Aug 24
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal & Oil
10
7'8
*15%
1934
*261,i
*2l8
638
2,300
13,900
4714
*9H,i
111
100
714
45g
Talcott Inc
50
714
*1212
2
200
3514
Apr 10
2434june 30
Without warrants
2,300
4
6
Mar
17
Symington-Gould Corp w w.l
7>8
1778
4034
934
25
1U8
39
2
4
2234 Sept 1
578Sept 12
10
Swift International Ltd
12%
*l3.i
4134
IH4
8012
50
Swift & Co
10
100
2,600
92
*27g
Sutherland Paper Co
Sweets Co of Arner (The)
03,i
238
*28
Superior Steel
4%
35is
10
*23i2
700
600
"5,i6()
3i2
14
19% Sept 1
134 Aug 25
7
*234
6
Superheater Co (The)..No par
Superior Oil
.1
2214
31 >2
278
*1012
7% Apr 11
*6«4
3i2
27*4
0
10
31
1034
1
118%Sept 27
21 a4
27«
3'2
*71
1,100
8
5% Apr 10
4584 Sept
100
7
*3U
058
Sunshine Mining Co..
1,100
8% Apr
1
No par
6% preferred..
8
April
6% Aug 24
3% Apr 8
..No par
Sun Oil
1,500
1247g
012
95s
3178
32
25
Studebaker Corp (The)
2,800
30
*124
1834
Stone & Webster
12,200
31l4
714
4*4
37*2
414
25i2
■638
10,200
61
25
10
217«
*50
*01*4
17»4
4834
25
300
1,400
*634
6038
*
3214
234
Standard Oil of N J
20,400
34
31
*587«
125s
1834
25
*31
912
25
213g
*15
10
I8l2
32%
278
1834
9b
Standard Oil of Indiana
7
17*2
19
*26*4
*2*8
3H2
32
9%
1247g
10
April
13% Apr 10
24% Sept 1
22»4 Aug 24
38
Aug 25
No par
8,500
4
1
434 Apr 11
No par
$7
Oct
2% Sept
Standard Oil of Calif..No par
31%
*1518
*18*2
4*4
*24i2
93s
'124
6I4
12i2
Day
$6 cum prior pref
2,000
6,300
2178
978
7*4
*4
834
6034
1
*6-r'8
7*4
*35
812
60l2
94
2
3U.1
103,4
46
45s
934
127s
834
Apr
75
74
9b
Columbus
5178 Sept 11
31% Oct 2
2H»
*378
7%
47
*4%
357s
12i2
6%
4
7
5'2
*3514
4
7lS
934
638
9r's
*6%
Sept 15
Jan
5% Mar
Sept 26
11
3078
8
6
4612
10
475g
O
9% Mar
36
No par
prior pref
N<
"
8% Mar
17»2 June
No par
cum
98
Dec
4334 Sept 26
3% Jan
9
Sept 27
128
Sept
1
{Stand Gas & El Co...No par
$4 preferred
.No par
100
1912
27b
48
*3234
Closed
1,300
29
27's
Exchange
1,666
24% Nov
3434 Jan
1% Mar
15%
Sept
Square D Co class B
18,300
Apr
34
Mar 22
No par
700
Mar
Jan
19% Mar
$4.50 preferred
Conv $4.50 pref
Mar
9%
35% Nov
3% Jan
Sept 15
Spiegel Inc
"
35% Sept
Apr
29% Aug
21% Jan
23% Jan
Standard Brands—
500
2834
5
April
Mar
142
60
4
$3 conv preferred A .No par
16,300
27«
758
Sept
9
Sept
15% Sept 13
3% Sept 11
18% July 18
22
213«
*614
30
*334
7478
13
Mar
April
42
Apr 17
8% Aug 24
60
Apr 4
18% April
5% Sept 1
4812
-23
23
Stock
34
74'4
60
10
8% Mar
10s4 Mar
Sept 12
60
3034
10%
8%
*512
*3514
48%
34
7478
6034
124i2 125
58
17% Mar 11
24
*84
No par
Spicer Mfg Co
Oct
24
21
Oct
Sept
8
21
1034
8
4712
34
6<4
24l2
21*2
311.4
10*4
48
34
*1812
27b
614
57
32
234
273g
978
*122*2 125
*12212 12412
*018
012
9*4
91,4
*31
273g
4714
74
Apr
27
14% Apr
Sperry Corp (The) vtc
63i2
28
61S
7b
2314
2834
27
33%
22i2
*7314
978
1238
8>2
58
*1812
2812
0l4
1234
8*4
57
19
1,900
96
278
8>8
19
.2234
29
934
10
634
95s
6
3
12,200
1112
6112
96
3t«
22%
185S
2134
*4714
aril
No par
Spencer Kellogg & Sons No par
28'2|
*94
*94
3
96
13
1% Aug 24
4% Apr
1
1
$5,50 tref
487S
28'2
*27i4
8
778
47i2
28'4
6ig
3*8
*3
ill
4678
2U2
48
No par
Spear & Co
70
Mar
15% Apr 11
par
..100
Mobile & Ohio stk tr ctfs 100
1,300
9
*65
No
434
12%
2%
1478
18%
28%
18% July
106% Oct
122
87g Sept 11
32% Jan
3%June 24
34
..100
5% preferred—-
9,100
~
Mar
Mar
Apr 17
23% Jan 24
10% Apr 8
11% Apr 11
25
Southern Pacific Co
10
105
127
100
19,200
49% Nov
12% Nov
Apr
Mar
14
17i2
Aug
684 Mar
May
13
17
36
20%
45
S'eastern Greyhound Lines..5
8% preferred-
9% Nov
93
Feb
Nov
70% Nov
91
984 Sept 6
12% Apr 8
10% Aug 24
l%Sept 1
Southern Calif Edison
17% Sept
23
Mar
Sept 11
Smith & Cor Typewr._No par
Snider Packing Corp...No par
20
Oct 10
Mar
3
110% July 29
Socony Vacuum Oil Co Inc. 15
South Am Gold & Platinum.. 1
5,700
45% Mar
127
Apr 10
11% Apr 11
253s
10
72
Oct
July
Jan 18
So Porto Rico Sugar...No par
135
2134 JuD
Jan
18
April
Apr 10
10
2538
9% Mar
97
300
135
18% Jan 10
Mar
3
29% Jan
2,200
2514
1714
Feb
1% Mar
15% Mar
2«4 Dec
8
1412
1361
Jan
July
27%
5%
80%
Jan
Apr
29i8
9,500
Oct
Dec
7a
%
47
Sept 14
778 Sept 11
10% Nov
507a
II334
Apr 11
258
25g
Mar
3484 Mar
112% Dec
70
No par
(A O) Corp
3% Jan
80% Aug
3
1'4 Nov
101
25
100
Sloss Sheffield Steel & Iron. 100
110i2
10% Jan 25
52% July 31
% Sept
Apr 11
15% Aug 10
Slmonde Saw & Steel ..No par
Skelly OH Co —j
6% preferred
Jan
Feb
June
92
10
share
27%
85
Jan 20
117%May 29
1
Sept 13
3% Sept 27
24% Sept 12
107
per
13»4 Sept
434
17%
2%
16%
No par
Simms Petroleum
1
Highest
share $
per
62
38% Aug 29
97g Aug 24
1,400
177»Mar
76% Aug
$
11'4 Feb 24
Jan
98% Aug 24
5M% conv preferred
Lowest
share
per
51
June
6*4 Sept
100
3,400
28%
2414
10
11
11
No par
3
70
28
conv
27
$
37gMay
Shattuck (Frank G)
No par
Sheaffer (W A) Pen Co .No par
7l2
23&S
*65
46l2
54%May 22
No par
7
70
4612
No par
pref
*2*8
*65
27*4
conv
Sharpe & Dohme
300
1,300
35
No par
Sharon Steel Corp
$5
"4,800
678
52
714
.1
14l2
*35
25s
*814
8'4
1812
l%June
60% Apr
11% Apr
10% Apr
Servel Inc
70i2
6%
No par
2834
17
327g
5,600
Seagrave Corp
Sears Roebuck & Co ...No par
25s
1734
20
15
100
Seaboard Oil Co of Del.No par
14 '2
2834
25%
44
600
10,800
Sept
% Aug 14
1
Apr 8
15% Aug 24
2iZ
25U
1912
3114
2
7878
105
*14'4
2834
13614 *133
*35
134
1478
11
28i4
2,200
7818
2112
234
234
22
{Seaboard Air Line
4-2% preferred
2234
*2034
14%' *14
9,200
44% Sept 15
par
No par
No par
3
*10
275B
34
800
b Apr 10
334 Apr 10
100
No
$4.50 preferred-;
77g
2334
1078
13G«4 *13234 136'4 *133
25
25 ls
25
25'«
17
17
1612
171s
1658
1878
*
8% preferred
Scott Paper Co
80
600
20'2
25i8
31
34
*23g
2134
1
3,300
107«
14*2
700
7
{Schulte Retail Stores
14l2
21
27*2
24,300
1,500
100
9914
18
13%
5g
7
Year 1938
Highest
$ per share
10
Aug 24
61
Sept
5
preferred
1414
I8I4
1078
20i2
1378
212
14i2
5
9914
18
*13234
*35
06
1,500
Par
Schenley Distillers Corp
143s
1023g
♦25g
106
10i2
*2012
13%
23«
*714
28
*9434
18
2834
28I4
23
*2412
24
24
18
137s
2«8
14l2
135s
7%
2314
3
1()34
21
*10
1378
*99
*258
1812
18*2
1414
I023g
7%
75s
2312
*258
07
*105
14)8
100
1238
Range for Previous
On Basis of 10O-Share Lots
Lowest
67
12
5«
J2
73s
734
*6«4
7
734
77«
46
4634
*4538
4814
*4634
48%
48%
483g
*1117g 11412 *11178 114i2 *11134 11212 *11134 11212
84
h
34
7K
*34
7g
,34
7g
27«
*2%
2b
*258
2»4
234
2i2
234
2012
2034 2118
2H2
2H2
20% *2034 2134
2
*17g
2
2
*178
*178
1«4
178
78
78
78
7834
IVs
7834
78*8
7834
1434
14%
14%
1414
145g
1514
1478
15%
18
18
18
18
181,1
I8I4
1834
I8I4
*56
*60
*60
70'2
*60
70i2
70>2
7012
7
7
7
6r»8
63s
058
658
678
50
51
50
50
50
51
*50 >s
62
7*4
7*4
714
738
*714
738
714
7b
35
35
35
*3434
35
35
35
3514
987g
Range Since Jan. 1
STOCK
Week
1
j
%
73»
1234
*653.i
Wednesday
|
Oct. 10
9
YORK
1939
EXCHANGE
.
Tuesday
Monday
Oct. 14,
2
Cash
sale,
13% Mar
4
18'4 July 18
119%June 16
59*4
5
Mar
14
Sept
110%
55% Mar 10
39
20
12*4
Mar 13
Apr
Mar
Jan
Jan
A
pr
z
Apr 10
334 Feb
6
2
Mar
30% Apr 10
No par
r
Sept 11
55% Mar
3978 Aug
3
22
Mar
Ex-div
y
Ex-rights.
f Called for redemption
O
A\
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
149
HIGH
SALE
PRICES—PER
Oct.
Monday
7
Oct.
$ per share
5%
6%
*57%
6%
33i4
59%
5%
*6%
13%
12l2
6
6
Range Since Jan. 1
*8%
*83'2
85
lh
74
*134
1-38
1012
10%
1032
11%
*11
11
11
74i2
155
155
6
*2934
7332
6
3234
~
24
23
....
6
8'
8
*153
74
155
*534
155
I
7%
712
2
2%
4178
13%
2,800
Partic A
4114
64
75
74 «2
*40
3434
41%
*62
4158
6434
*65
70
*25
25l2
4»8
2812
412
29
*114l2 115
4
4
*10l2
lll2
*121
...
90
*80
150
150
150
65
*63
66
67
3
18
34%
*34
*109
*41
....
3
35I4
3434
110
4U2
4J
35%
*34
3434
110
*109
*41
41
*65
70
*65
26
*26%
27%
*438
434
29
*65
70
26
28i2
*114'2 115
*334
*1012
7
2012
*87
6I4
*334
4%
12
*121
*82
90
*127%
7
20l2
94
63s
*1%
234
20%
*87
6%
34i2
34
1534
*15%
10
2%
45
45
4'4
934
20%
20%
*87
94
2
30
4%
*43
2%
214
2%
*914
*514
1012
6i2
*9%
*5%
10%
29
21'2
2414
2i2
25
65
2912
29%
21%
24%
29%
2134
24%
21i2
24%
2l2
*2412
*60%
*53g
*2078
24
24
*23%
278
2434
*60%
65
*2l2
100
100
100
100
106
106
106% 106%
97
97
107
107
97
1073g 107%
534
6
3034
534
878
9lg
*8%
3012
lh
30%
lh
97
13g
3034
57g
9%
13g
2%
25
*60%
100
5%
*1%
101
100
97
97
5%
,
897g
3%
20%
2812
31%
*85
*6812
*934
1114
4i8
314
*25U
*1578
3178
110
71
978
12
4%
314
27i8
32
110
71
9%
12%
27
26%
16
*3%
2
3%
2%
4
4
50%
50%
28%
39%
66
*35
38
*33%
37%
*47
49
*45
49
183s
113
14
50%
513S
90
32
17
3
400
6,500
33%
*69
72
9%
12
12%
4%
4%
3%
16%
Jan
3
30% Sept 20
14% Oct 2
7% Aug 25
l%June 30
37gSept 13
3
Sept 20
7h Feb 16
23% July
1%
98% July 22
9% Jan 5
74
6034 Jan 3
20% July 18
1478 Mar 1
278 Jan 4
30
Mar
8
6% Jan
4
S5 conv prior pref
.1
...
Co No par
400
16%
600
No par
t* conv preferred
Prior pref
20
4
51
July
334 Mar
8
July
45
Aug
158Sept
1
378 Jan 3
1334May 24
5
Mar
1«4 Mar
Mar
19% July
July
4% July
I684 July
Mar 13
7% Sept 20
Dec
8
Dec
19% Apr 8
1434 Apr 11
20
Sept
5
32% Sept 11
16% Mar
31
Nov
24% Jan
5
11
Mar
25
Oct
3234 Jan 4
3% July 17
28% Jan 3
17
Mar
34% Nov
5
1% Apr 10
16
July 20
105% Sept
5
3% Apr 10
Mach Corp__.l
Nov
Mar
20
20% Apr 11
No par
S 8)20
64
20% Deo
Mar
July 24
100
White Dent'l Mfg (The
87% Dec
10% July
2
58
10
160
100
Feb
23
3
2-% Apr 10
6%
1% Mar
39
Oct
July
Aug 22
102%
July 19
823$ May
103% Dec
Jan
4
112% Aug 30
34
Aug 15
634Sept 27
11% Sept 27
8
2
8
37
Sept 20
18% Apr 8
82% Apr 11
121
37% Sept 22
Sept 12
82% July
Jan
Mar
9784
Jan
1234 May
26%
Deo
2% Mar
74
4%
Jan
Mar
9
Jan
Deo
3% July
16% Mar
1534 Mar
34% July
33% Nov
124% Nov
3
Sept 27
34 Apr
16% Apr
4%
25% Mar
71
Apr
70
Apr
79
June 15
...30
100
6Yx% conv preferred
100
Wheeling Steel Corp—No par
3-%
8% July
20% Jan
Mar
Feb
104
6% conv preferred
4% July
8
36
105
Westvaco Chlor Prod..No par
Mar
1734 May
44
112
No par
Mar
4X2 Mar
5
5
8
UnloD Telegraph. 100
1334 June
26% Sept
3% Sept
6% Apr 11
Dec
634 Mar
6
Apr 10
6% pref..ICO
Mar
1% Mar
Apr
4% 2d preferred
2,600
84
6134 Mar
Oct
May 20
145
Mar
144
10% Apr
8
26
Sept 21
Oct
Mar
3
40
July 31
9% Mar
31% Mar
21
37
39
Dec
15% Apr
z29
Apr
8
6
30
Sept 11
10
Mar
20% July
36
Sept 27
20
Mar
31% Dec
July 28
70
Sept 27
60
Mar
60
Mar
6
97
Oct
3
65
Apr
90
Jan
34% Oct
2
14% Mar
32% Nov
126
42
74
Apr
Mar
8
103
15% Apr 10
80
Jan 27
80
Jan 27
75
Mar
95
Jan
July 10
75
Sept 27
42
May
61
Nov
45
9% Sept 15
7
Apr 10
3% Sept 2
1% Aug 21
14
Apr 10
14
Sept
5
12% Mar 10
1334 Jan
7
Jan
Dec
4
6% Mar
4
6
4% Sept 16
28
10*4
Sept 20
15% July
15% July
11
Jan
1% Mar
3
Jan
884 Mar
24%
Oct
Sept
1734 Aug 15
3% Sept 20
1% Mar
3% Aug
*3%
3%
3%
3%
200
6
23g Aug 11
2%
5,600
June 24
3% Feb
8
1% June
334
4
4
4%
1,500
Willys-Overland Motors
1
6% conv preferred...... 10
Oct
2%
2
3i.
2
23gJune 24
6% Feb
8
33g June
6%
Jan
5%
5%
5,400
Wilson A Co /nc—
No par
2% Aug 28
7% Sept
6
3
Mar
5% July
Aug 26
54
Sept 27
32
Mar
105% Apr 20
15
Apr 10
36
Sept 13
115
Sept 19
103
Oct
5%
534
*49%
50%
51
400
50%
*108
♦108
l",800
2,000
*66
75
*66
75
*60
65
*60
65
36
*33
37
100
50
*45
49
100
110
110
*105
*80%
83
23%
193g
116
13%
52%
1834
18%
19%
18%
116
*113%
113% *113
14
14
13%
13%
13%
51%
51%
53%
50%
52
18%
113
113%
*80%
83
24%
19%
*113
13%
52
116
13%
53%
90
89
88
88
a87
87
*85%
3134
32
32%
32
32
30-%
32%
17
1634
17
3%
17
17
3
this day.
{ In receivership,
43
3%
100
preferred
Woolworth
-.10
..
10
(F W) Co
Worthlngton PAM(De!)No par
.100
100
10
Prior pf 4 M % conv series 10
Wright Aeronautical ..No par
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
26
Preferred A / %
36
*23%
18%
$6
Woodward Iron Co
1
32
10% Apr 11
47% July 15
6% preferred B
*45%
23%
Wilcox Oil A Gas
Wisconsin Elec Pr <J % pref. 100
"
66
Oct
2%
95
M%Pf-100
White Sewing
3%
77%
119%
88
Maryland..
White Rock Mln Spr
19,700
•Bid and asked prices; no sales on
preferred
Pacific
Jan
Apr 10
Dec
Mar
1
100
7% preferred
Western
4
Feb
37
.100
No par
West Penn El class A
(\%
85
Jan
Jan
1534
120%
116% July
55% Aug 25
85
Apr 11
No par
White Motor Co.
20%
3
1
...No par
Wesson Oil A Snowdrift No par
27
*25
16%
"""100
40%
3
6
1,000
80
3
No par
No par
1st preferred...
4,500
*60
3
$1
Preferred
30
16%
No par
13 convertible pref. .No par
4',j
*65
1634
{Warren Bros
100
66
1634
5
No par
pref
9%
*55
31%
conv
12%
*9%
*66%
*88
Warner Bros Pictures
Wheel A L E Ry Co
19%
83
24%
...100
Class* A
39%
111
.No par
Weston Elec Instrum't.No par
28%
107
Baking Co cl A .No par
l",506
40%
*24
No par
Westlnghouse El A Mfg....60
1st preferred60
20
*80%
I Preferred
Western
2934
23%
Walk (H) Good & W Ltd No par
Westlngb'se Air Brake.No par
19%
80
No par
5,000
39%
106
Walworth Co.
June 29
Jan
4%
Mar
Mar 15
5% Apr 11
15% Apr 10
No par
11,000
29
80
Walgreen Co
Jan
116% Nov
100
Sept 13
1
100
No par
Waldorf System
5%
32%
Mar
5
Sept 11
3
8
Deo
6% Mar
Sept 12
125% Aug
95
ix2 July
Oct
"25%
1% Apr
131
100
Railway
6% preferred A........100
Jan
57
1534 Mar
7
Mar
Nov
42
June
105
534 Sept 12
15
113
13% Sept
234 Mar
«4July 22
125
100
20,300
1934
47%
{Wabash
2
May
5
64% Apr 12
Detlnnlng........100
33%
33%
40
37
116
32-%
32%
29%
47%
2% Apr 8
17
Apr 10
112%Sept 14
% Aug 7
4% July 27
116% 117%
1934
*34
100
No par
1%
29
23%
1414
51
....
No par
6% preferred
*1%
39%
25l2
1834
113
5%
Va-Carolina Chem
36% Nov
June
40
28% Sept 14
534 Sept 12
3334 Sept 27
118
July 31
300
19%
80
80
31
3
19%
10934 *103
*88
*1634
39
*49%
*103
*103
28%
5%
18% Apr 10
Works
400
3%
4
6
Victor Chem
9%
110
26%
2%
100
pref
J»n
2834 Oct
28% Nov
30% Mar
56% Aug 23
65
Sept 30
June
Mar
97
54% Aug 30
65
Sept 30
5%
73
Aug 15
116% July 26
34% Apr 11
Western
73
Deo
1%
% June
43
Western Auto Suppjy Co
110
37
Apr 10
Sept 22
WestPennPowerCo4
*80
3
3%
25
109
1,400
"""566
Dec
83
9
6
-...
1,200
32%
*25
*16
5
..100
7% 1st preferred
3,200
"
159%
16
31%
108
*94% 100
3%
16%
5%
12
50
Dec
May
27% Mar
11% Mar
14% Mar
$4 conv preferred
160
86
Sept 12
Webster Elsenlohr.
""170
Nov
Mar
Sept 11
Wayne Pump Co......
97
Deo
15
40
600
106% 106%
52
21
Van Raalte Co Inc
13.86
3% July
Feb
Apr 10
800
33
Sept
534 July
10% July
7% June
37
6778June 10
Aug 21
7% preferred
1,000
Dec
16
21%
24%
2%
2434
*61
1% Mar
16
Vlck Chemical Co
Ward
47% Sept
7% Nov
100
Waukesha Motor Co
73
3
3
8
Corp of Am.No par
Warren Fdy & Pipe
25%
39
27%
34%
6
par
Preferred
Vandium
900
143%
Sept
8% Mar
2% Mar
1
900
24%
*38%
27%
34%
4
x2 Jan 16
Class B
20
6
*142
1
2
134
800
12,300
June
Feb 26
2834
26%
16%
5%
"4,366
Oct
36
June 19
4M % pre! with warrants 100
94
100
4%
16
800
800
*934
4%
*55
7934
*70%
4%
2914
39i8
20
80
*2312
*80
1134
1912
*6614
*103
32%
*934
3
"l",706
121
29% Mar
40
Apr
3
78
5% preferred B
"
2%
*94% 109
9%
334
3834
*61
1134
4%
33g
3%
3%
7%
20%
10%
1%
33%
33%
116% 118
97g
26%
*1%
7%
20%
80
*1%
32%
32%
1134
*4
2
2834
33%
71
*3%
--
100
*80
4
5014
32%
71
2
*108
*94
110
2
578
50i2
32%
73
*80
334
558
100
*61
*69
16%
33s
33a
73
200
4%
*94
*2712
1%
3
8»4
91«4 May
37%June 13
4634 July 14
Oct
163
100
100
39
1%
2%
834
71% Nov
46% Apr 10
Preferred
500
700
97
70% Mar
Mar
100
No
Oct
Mar
38
Universal Pictures 1st pref. 100
Sales
7234
x55
48
Vadsco
56% Nov
109% Nov
Jan
June 27
July 31
preferred
July
82%Sept 12
12078Sept 22
85
Vulcan
89%
----
101
*70
Oct
7
Mar
45%
60% Sept 12
146
Sept 28
5% preferred
100
Virginia Ry Co 6% pref...100
66
21
Nov
49%
z4434 Mar
Sept 14
30
Day
2% Mar
17
Virginia Iron Coal & Coke. 100
*87
21% Mar
May 11
No par
13% Nov
71
Mar
Mar 13
68% Sept 27
Sept 22
9
70
*87
6%
*94
*381g
Columbus
94
*61
24
Closed
734
73
24
Stock
50
Oct
7%
5% Mar
4
Jan
30% Nov
3% Mar
5234 Jan 3
112% July 18
138 Apr 10
46
Apr 6
No par
pref
35%
13% Mar
l%July
6%May
6
Va EI & Pow $6 pref
Exchange
35
31%
United Stores class A
90
3
35
31%
preferred
United Stockyards Corp
1
Conv pref <.70c>
No par
1,900
3
2
*61
32
34
26
39
2,800
127%
32
323g
33%
32% 33%
3278
115%
115% 117
*141
143%
143
143% *142
24
24
24
24
24%
24%
*38%
39
*38%
39
*38%
39
2758
27% *27% 28
27% 27%
*34
35%
*3334 35%
*34%
35%
3078
32l2
115
115.3s 1171S
*141
14312 *141
30
*10%
12
*122% 132%
334
11
108% 108%
*30% 31
5%
5%
31
...No par
5
44
2434
......
10% July
June
37% July 7
6% Mar 10
415s Aug 24
98%May 19
30%
5
29
10
*60%
Preferi ed
U S Tobacco
Oct
49
Jan 23
60
60
No par
100
115% 115%
*3%
4%
478
30
30
2%
66
1%
300
26%
100
24
2%
25%
*834
26
400
21
Preferred
U 8 Steel Corp
67
31% Apr 11
8634 Apr 11
48
July 6
10
100
60
8% 1st preferred
U 8 Smelting Ref & Min
5%
80
1534
28
107% 108
31
65
*65"
115
6
6
U 8 Rubber
24
Vicksburg Shrevport PacRylOO
800
41
|c
*106% 107% *106% 107%
97
10
34
*2%
10%
2'%
10l2
6I4
2912
21h
300
30
110
41
75
*40
45
*912
34%
35%
*34
27%
*29%
4%
4%
212
14,700
1534
*9%
1%
10
2
36%
34
34%
1534
*29
700
19
*109
41%
6%
6%
10
No par
55
10%Sept 13
15% Sept 13
32% Sept 12
31% Oct 3
1% Aug 24
20
{US Realty & Imp
Universal Leaf Tob
36
34%
7%
100
Sept 27
35% July 24
2 9% Sept 12
3% July 6
534 Aug 24
46
Apr 25
ol A...No par
100
*17
110
*2
7%
*153s
31
*80
Nov
50
69
19
*127%
1%
134
*278
234
Nov
*66%
*122%
89
3%
*34
*1 %
...
10%
115
173
Universal-Cyclops Steel Corp 1
%
Jan
9% July
12% Nov
Mar
U 8 Pipe & Foundry
8%
1%
Deo
3% Mar
534 Mar
Dec
4% Mar
100
*34
%
Nov
8734
May
162% Mar
300
30
278Sept 11
17% Sept 11
Oct
13
Apr
4%
62
9
16%
110
8
4
54%
67""
4
Jan
No par
conv
conv
Jan
8%
Mar
Prior preferred
*6
11
87% Mar
Nov
10% Aug
77g July 24
*51%
%
334
4%
7
1534
*912
115
12
*134
3334
*2914
4%
4%
29%
434
30%
*11434 115
12
*121
*75
458
29
27
1,000
Mar
180
U S Industrial Alcohol-No par
7%
Sept
3
114
Mar
6
7% Sept 25
113
*15%
51%
16%
69
65
65
64i2
2812
a
*17
2
2
2
h
37
*34
:
2
19
35
110
*234
7%
h
*17
18
*15
45
100
150
65
*33l2
23g
400
150
*70
*63
314
*39
2%
7%
*6578
*1%
4%
*7%
69
734
20%
45s
443g
2»4
7%
*65
66
66
314
2I8
*40%
' 278
51%
*2
1012
1,400
160
*1534
*7
31
32%
16%
134
*17S
32
53t2
3
*934
1,600
11634 II734
1534
*234
*29
800
7634 107,200
*5U2
*1%
0%
64
75
16i8
2
94
ct64
2
3%
6I4
600
2
*1%
20%
65
218
53i2
*234
*87
*40%
1,500
65
738
*12734
*129
41
15,100
41%
834 Mar
65% Sept 11
149% Sept 28
4
Apr 8
23
Apr 10
13% Apr 11
5
U 8 Playing Card Co
4*900
107% 108%
27g
*4
363s
32%
3234
2,500
"
1%
42%
7%
•3-1
110
76%
118
*32li
*150
34
*63%
74%
11634
33%
*234
66
*109
64
118
6434
35%
1%
7i2
*65
197g
6512
35
*32
278
*15l2
19%
42%
200
Mar
50
100
20
100
U S Hoffman Mach Corp
5 H % conv pref
70
*60
*234
*7%
I6I4
35
1%
41%
1»4
IO6I4 *10634
63%
40
34%
*32
33l2
106
3 234
363s
13
31
Sept 11
1434 Aug 15
Jan
8% July
39% Oct
67% Aug
1278 Nov
Mar
14
preferred
65
35%
33%
1%
42%
107%
643}
64%
751*
118
32%
4434
7314
63%
7-7o
64%
200
95
3
Jan
80%
5% Aug 24
US Gypsum
1314
63i2
*15%
~62~
140
64
6512
*51%
62
2,100
6%
21% Mar
117% June 23
14
Sept 12
Mar 31
5
..100
7%
10% July
No par
U S Leather
*64%
2%
*5li2
*150
75
158
8% Sept 11
35% Sept 27
%May 15
No par
Conv preferred
1,500
24
par
100
U S Freight
"1,766
lh
11734 11734
No
Feb 11
share
per
4% June
4% Mar
60
Apr
74
July 11
3% Aug 31
5% Mar 31
75 June 29
10
U S Dlstrib Corp
834
65
40
600
25%
3534
134
3232
120
11%
8%
1214
10532 106
.
11
1134
73%
24%
*32
64l2
74%
117% 11712
32%
32i2
*3934
40
278
*234
"""260
11
158
No par
$6 first preferred
1%
1%
& Fdy
U 8 & Foreign Secur
8%
13
35
33i2
73 %
700
24%
*32
64%
6%
85
*83%
8%
1278
35%
3312
65
1,800
United Paperboard
1338
1234
834
*60
65
7,700
$5 preferred
No par
United Mer & Manu Ino vtc
834
12
4034
United Gas Improv't..No par
200
*2934
65
4218
United Fruit
9,400
13%
31
12
41
4,200
14
115
83%
*114
United Eng
Highest
S per share f
7% Mar 10
8% Jan 5
3% Apr 11
25% Apr 11
62% Apr 8
11
Apr 8
110
Sept 6
6% Apr 8
6
400
*2934
*60
*105% 10578
United Electric Coal Cos
1,700
Lowest
Highest
| per share
share
per
66
100
6%
3234
24
12
134
Preferred
33%
8434
33
100-Share Lots
4% Aug 24
4% Mar 31
10
23l2
8i2!
S
.5
*5%
2378
3432
100
United Drug Ino
United Dyewood Corp
6
*2318
2
6%
33
85
14
100
158
66
*134
6%
1,900
6
12
35
*3214
8312
13%
5%
6%
5934
158
*534
*2934
*60
*32
6%
*57%
*6%
6
6>*
3234
*8
5%
Par
155
*2934
8i«
5h
84l2
8512
13 78
14
115
114i2 II4I2 *114
1234
1314
12%
1234
6
6
6I4
6I4
8i2
8l2
8%
*83l2 85
*83%
85
*1%
1%
*H4
lis
IOI4
10-%
*10%
103i
113s
11%
*11%
12
73
74
7378
75
1314
6
Week
Shares
612
5934
*5758
On Basis of
Lowest
Oct. 13
5h
33
6%
share
Range for Previous
Year 1938
EXCHANGE
8 per share
Oct. 12
$ per
STOCKS
NEW YORK STOCK
the
CENT
Friday
*534
60
634
33
14
1234
534
7
*57%
115
85
8-34
*83%
*114
10%
5h
6%
13%
*113
12-%
Oct. 11
*5%
NOT PER
Thursday
$ per share
33
8514
84i2
14
114
SHARE,
Wednesday
Oct. 10
60
6%
*32i4
6%
»
$ per share
5%
61o
60
3334
8534
8434
*113
9
$ per share
5%
*6*8
Tuesday
Sales
for
Saturday
2337
130
400
1,100
16,200
90
1,200
20,700
200
3,600
800
1,100
a Def, delivery,
43
Prior pref 4 ^ % series...
23% July
-
May 25
5
31Xj Apr 19
85
Apr 10
75
Mar 31
100
1834Sept 1
11% Apr 11
98
Apr 11
Young Spring A Wire...No par
Youngstown 8 A T....No par
9h Aug 24
30
Vpr 11
Yellow Truck A Coach cJ B.. 1
Preferred
..10O
74
YoungBt'wn Steel Door.No par
17
Radio Corp....No par
12
1
2
64% preferred
Zenith
Zonlte Products Corn
n New stock,
r Cash sale,
x Ex-dlv,
10% Mar
3134Sept 22
50% Jan 5
23% Jan 4
36
70
Sept 20
42
65
Jan 18
Jan
11% Mar
7034
Mar
Oct
60%
106%
27%
5384
27%
Jan
Dec
Nov
Nov
Nov
72% July
75% Nov
28% Mar
48% Nov
65% Nov
3
55% Mar
121% Dec
85% July 18
33% Mar 13
61% Mar
78
Dec
2034
Jan
39
July
83g
Jan
21%
38% Sept 22
53% Sept 20
120
Jan
2134 Jan
116
21%
5
Aug 16
Jan
5
27
71
Mar
Mar
93g Mar
109
Oct
Oct
25% Aug
57% Nov
56% Sept 12
24
5
92
Sept 30
62% Mar
86% Nov
8
Apr 11
Aug 24
34
Sept 27
11% Mar
31%
May
Apr
y
Jan
4
9
3% Sept
6
2'4
22%
Ex-rlghts
Mar
Dec
Mar
25% July
Jan
684 Mar
«| Called It r redemption.
2338
Oct.
Bond Record—New York Stock
1939
14,
Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices
"and Interest"—except for income and defaulted bonds.
are
Cash and deferred delivery sales are disregarded In the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in af ootnote
In the week in which they occur.
No account is taken of such sales in computing the range for the year.
The italic letters in the column headed "Interest Period" indicate in each case the month when the bonds mature.
Week's
Friday
Friday
Week's
BONDS
Lai
Range or
Range
BONDS
Last
Range or
N. Y. STOCK EXCHANGE
Sale
Friday's
Since
N. Y. 8TOCK EXCHANGE
Sale
Friday's
13
Week Ended Oct.
£,0.
Price
Bid
Asked
A
Loto
Jan. 1
High
No.
Low
Week Ended Oct. 13
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
0
A
115
115
D
111.4
111
110 2
M 8
110.5
110
108.18116.5
101.24 106.8
1944-1964 J
1946-1956
.—1940-1943
1941-1943
1943-1947
1941
1943-1946
..1944-1946
1946-1949
1949-1962
3 Kb
D
102.23
..,,102.23
..104.16
104
Af
J
113.18122.13
102
8
J
D
F
107 31
A
108
J
107
107.23
116.19
106.16111.10
3
24
107
107
74
104.22112.21
107
75
105.12 114.6
64
104.4
19
106"
105.26
104.2
105
143
102.16112.26
101.21
102
235
100.1
1C5.3
105
5
M
Jan
Mar
103.12
104
101.27
102
101.
101
45
111.31
110.6
101.10109.31
100.2
101
19
99.2
109.21
109
99
108.23
J
D
101.
100.14
101
80
D
101
100.25
101
195
99.9
108.16
D
105.10
105
16
103.4
Foreign
ft
99.4
107.21
99.6
107.22
101.
100.18
101
62
99.5
106.3
External loan 4Kb ser C
104.14
2
103.8
110.6
Af N
104.19 104.10
104.20
112
103
109.21
♦Public wks 5 Ks
J
104
104
D
1948 A
104
*97.16
101.10109.8
5
102.12 106.27
103.18
25
101.28106.15
304.20
32
102.5
303.20
15
101.10105.18
98.5
96.8
109.17
102.12
♦Antloqula (Dept) coll 7s A...1945 J
J
*10 K
1957 A
O
0
♦External
sec fl
f 7fl 3d series.1957 A
o
D
*66
20
11
Antwerp (City) external 6s
1968 J
Argentine (National Government)—
12K
15K
9K
14K
9%
9K
14K
14K
60X
96 K
74
188
89%
84
25
82%
88%
72%
74%
93
O
72%
72%
74 K
62
1955 J
J
68 K
67
68'4
175
53
1957 M
103k
S
68 K
67
68 K
33
53
103 K
1956 AfN
63 h
62 %
65 %
47
52 K
7%
7%
7%
7
K
*0
20
88%
71
.1965 J
J
87K
87
100
External 30-year s f 7s
.1955
♦Berlin (Germany) s f 6 Kb... .1960
♦External sinking fund 6 s
.1953,./
♦Braxll (U 8 of) external 8s... .1941 J
88%
D
90
89%
O
7
34
2
1
7%
21%
19K
14%
12%
17
11K
28K
35
9K
23
44
9K
22K
21K
98K
10%
11%
11K
10%
D
.1962 J
D
64
14
10%
20
6%
9
7s
♦6s assented
♦6 Kb assented
♦Sink fund 6Ks of 1926
♦6Kb assented.
For 'ootnotes see
page
1968
Haiti (Republic) s f 6s ser A...1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7 Kb '60
Helslngfors (City) ext 6 Kb
1960
Hungarian Cons Municipal Loan—
19K
93%
"7
10%
♦7 Ks secured s f g
♦7s secured s f g
A
O
12
13
♦Leipzig (Germany)
1947 F
71
12
32 K
♦Lower Austria (Province) 7 Kb 1960 J
19
10 K
72 K
72%
105
♦Medellln (Colombia) 6 Kb
Mendoza (Prov) 4s read]
80
6
D
35
6
72%
2
D
93 %
91
94
37
84%
82 K
84%
77
82 K
111K
95K HI K
104 K
10
s
f 7s
♦Assenting 4s of 1904
1954
♦Assenting 4s of 1910 large...
♦Assenting 4s of 1910 small...
(♦Treas 68 of '13 assent (large) *33
(♦Small
18
15K
*11K
15K
2
12
18H
12
8K
16
O
15%
15K
15%
9
O
11%
11%
11%
5
15%
15%
15%
2
11H
11%
8
15%
6
12
5
12 K
18 K
8K
15K
11%
5
12K
1
15%
6
8K
11K
11%
1
16K
18K
16K
18K
16K
16
15K
~i~5%
*11K
15K
11K
1967 J
D
15K
11%
*13%
1957 J
D
9%
1961 J
D
13%
1961 J
D
*10
12
12
9%
13%
11K
12
8K
8K
15%
21
8K
•
-
„
3
I
8K
11K
8
11K
7K
18H
16K
18K
16K
18 K
16K
86
97 K
73
45%
59%
7
39%
75
41
40 K
42%
34
30
55
77%
78%
90
64%
86 K
58%
59
19
50
65 K
"59'
*15
18K
*7K
21 %
....
2
25
10%
15K
64
72 K
*%
K
K
*%
%
K
1%
1%
%
1%
%
H
1%
*%
*%
1
1
%
D
%
15
%
17
J
J
%
%
16K
UK
Municipal Bank extl
IK
%
41
40
8%
8
1952 J D
*30
1%
1%
IK
53
CO vH £
66 K
9
17
6%
9
10
6%
"5
31%
31%
%
42H
41
16
15%
55
31K
31%
F
A
72
70
72
20
55
A
O
73
69K
75
65
56
F
A
94%
94 %
98%
67
90
1944 F
A
95
95
98
82
90
81
80%
85
28
72 K
77%
77
82
83
71 % 103 K
75%
75
79%
76
70
101 %
88
SO
4
S8
104
UN
External sink fund 4 Kb
1956 Af S
External s f 4Kb
—1965 A O
b
1%
K
—1959 M S
20-year external 6s
4s
1
%
'%
1958 Af S
1969
New 80 Wales (State) extl 6s._1957
External s f 5s
Apr 1968
Norway 20-year extl 6s
1943
14K
1%
H
J
♦6s series A
23
7
J
O
6Ks
♦Sec extl s f 6Kb
♦Montevideo (City) 7b
76 K
38 K
16
10
*%
J
8 f
113
56%
D
Milan (City, Italy) extl
6Ks —1962 A
Mlnas Geraes (State)—
♦Sec extl
30
59%
*%
24 K
10
18K
55%
68
1954 J
11
10
59
12K
6
27 K
23 K
30
♦9K
♦4s of 1904
11
6K
8
68
27
"3
15K
*77
18
55%
♦Assenting 5s large...
♦Assenting 5s small
19K
"9%
*11K
D
6
6
7K
16
1954 J
32
"9%
15%
*14
A
-
1954 J o
6K
—
F
♦Mexican Irrigation gtd 4Kb..1943 M N
♦4Kb stmp assented...
1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q J
♦Assenting 5s of 1899
1945 Q J
7
1960
Af N
1961 J
18
*5%
83
5K
15
A
...
27 K
25K
19
*6%
*6%
29
9
30
15
13 K
80
*6%
47 K
18
24 %
37 K
25K
20
79
J
12K
15
22
8K
"19%
J
32 K
*9
17 K
27
6
8%
Af N
40
*2
18
7
35
19%
1946 J
Japanese Govt 30-yr s f 6 Kb...1954 F A
Extl sinking fund 6Ks
1966 Af N
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
1964 J
21 K
5
19%
1945 J
47
6
5
108
9
*15%
*14%
79
3
12
125
98
J
55%
11
19 %
7K
78K HOK
106
98
*6
A
J
58 K
60
13%
21 K
100
71 K 107
103 % 105
8%
A
44 K
73K 106K
87 K 104
68 K 102 K
1963 Af N
14K
35
34
98
*23%
*13%
A
4
85%
O
¥
57
87
1962 A
12K
1968
Italian Cred Consortium 7s ser B '47 Af 8
Italian Public Utility extl 7s._.1952 J
J
1960 M S
J
16 1960 J
2343.
♦6s part paid
Italy (Kingdom of) extl 7s
82 K
J
75
9K
9%
Irish Free State extl s f 5s..—1960 M N
85
15%
%
*99 %
1964
58
87
♦External sinking fund 6s...1963 Af N
♦Chile Mtge Bank 6 Kb
♦7s part paid
♦Sink fund secured 6s
68
92
J
18
90
72
*2
♦(Cons Agric Loan) 6 Kb
1958 J D
♦Greek Government 8 f ser 7t..l964 MJV
70
177
A
20K
*6
O
44 K
147
♦Extl sinking fund 6b..Sept 1961 M 8
♦6s Assented
Sept 1961 M S
♦External sinking fund 6s...1962 A O
♦6s assented
♦German Rep extl 7b stamped. 1949 A
♦7s unstamped
1949
German Prov A Communal Bks
44 K
64
93%
A
72 K
16
17K
24
107%
93%
A
65
*7K
69
89 %
♦6s assented
1960
♦Extl sinking fund 6b..Feb 1961
♦6s assented
Feb 1961
♦Ry ref extl s f 6s
Jan 1961
♦6s assented
Jan 1961 J
75
70
70
93%
1965
53%
90%
15K
72 K
1965 J D
54%
100%
♦External sinking fund 6s...1960
♦5Kb unstamped..
6
k
1942 MJV
73
66 K
♦6 Kb stamp(Canad'n Holder) *65
♦Hungarian Land M Inst 7K8.1961
102
♦Sinking fund 7 Kb ser B
1961
11K\ Hungary 7Kb ext at 4Kb to...1979
93 %
1942 MJV
73K
73
*100
10
1960
on
8 f
97 K
74
10
70
D
a6%
12
O
101
53 K
75
1949
98 K
1967 J
♦6s Oct coupon
♦Chile (Rep)—Extl
♦7s assented
1949 J
adh
40
15 1960 A
60
65
65
*94
65
60 K
58
1944 J
16s..Oct
105
71K 116K
1961 J
s
76
69
66
*40
11
*12
93
75
65
*15K
70
J
102
74%
70
1948
1
J
O
3
*60
55 %
12
43
*65
55
1962 Af N
coupon on
28
1
1967 J
A
18
57%
70
64
1984 J
Aug 15 1946 F
65%
o3
External re-adj 4HS-4HB-—1976 A O
External s f 4 Kb-4Kb
1976 M N
I960 A
12%
11'A
*63
54
A
1968 MJV
61
68 %
53%
1961 Af 8
1976 F
60
104
24
54 %
O
K
6
1
54%
«60
Buenos Aires (Prov of)
1977 Af 8
49
63
10
30%
108
100
10
68 %
69
a6%
73 K
S
64
'70
2
5
O
«60
A
72%
O
18K
102 K 106
99
102 K
115
74%
—1941
♦6 Kb of 1930 stamped
108
7%
12K
.1960 J
67
7
6Kb of 1926.. .1967 A O
♦External i 11 Kb of 1927.. .1957IA O
♦7s (Central Ry)
.1952 J D
20-year
20K
65 % 108
92
"14 H
.1958 F
17K
7
D
.1957 Af S
99
7%
D
...
6
79 K
6K
85
July
65
Gorman Govt International—
80%
1972 A
72%
72%
85
♦Farm Loan
95
82 K
S
♦6s
88
82 K
Sinking fund gold 58—
57%
101
69K
1967
7a unstamped..
15
11K
K
dep
7 Kb unstamped
External 7s stamped
72 %
A
2
"4
69 K
61
1945 M 8
♦Frankfort (City of) B f 6 Kb.—1963 Af N
French Republio 7 Kb stamped.1941 J D
10X
A
s f
J
1955 F A
Estonia (Republic of) 7s
Finland (Republic) ext 6s
2
.1949 M
♦Carlsbad (City) 8s
♦Cent Agrio Bank (Ger) 7s
♦Farm Loan sf
6s..July
♦EI Salvador 8s ctfs of
2
1971 M N
.
1942 J
External g 4Kb
Apr 15 1962 A
Dominican Rep Cust Ad 6K8—1942 Af
1st ser 5 Kb of 1926
1940 A
2d series sink fund 5Ks
1940 A
11
9%
1972 F
7-year 2Kb
30-year 8s
Denmark 20-year extl 6s
External gold 5 Kb
11
11
1948 M A'
10-year 2Kb
26-year 3Ks
61
*11
1952
15%
15K
15K
1946 J
♦Bavaria (Free State) 6Kb... .1946 F
B
ser
9K
10K
f 7s 2d series. 1957 A
Canada (Dom of) 30-yr 4s
6s
Sinking fund 8b
10K
f 7fl series D
♦Stabilization loan 7Ks
94%
80 K
10
Czechoslovak (Rep of) 8s.—.1951
11
U
f 7s 1st series
J
"72 %
June 80 1945
11K
J
b
7s
96 K
65K
15
102
57
♦Dresden (City) external 7s...1945 MJV
sec b
s f
47%
46%
100
102
27
s
♦Secured
14
19
101
27
♦External
8% external s f $ bonds
Bulgaria (Kingdom of)—
27 K
27
94 K
♦External
♦6s stamped
External s f 4K-4K8
Refunding s f 4Ks-4Ks
'44
28
26 %
40
103"
103
57
22%
♦External
♦Budapest (City of) 6s
,
47%
72
19
70
*10K
b f 6s
51
*102%
24
J
Brisbane (City) s f 5s
22
9
22
54%
70
A
1949 F
24
J
♦External
6
2
20 %
28
60 K
1944 Af S
75
1946 J
6s
8%
19%
19«
22%
70
1951 MJV
A
24
^
.....
1946 J
1967 J
ser
24
*
f 7s series B
B f
External 5s of 1914
Customs Admins 6 Kb 2d ser.1961 M 8
6 Kb 1st series
1969 A O
5 Kb 2d series
1969 A O
♦External b f 7s series C
External
♦Costa Rica (Rep of) 7s
Cuba (Republic) 5s of 1904
24
O
Belgium 25-yr extl 6 Ks
2
7
27
H
*
Sinking fund 5KS— -Jan 15 1953
Af
♦Gtd sink fund 6s
♦Austrian (Govt's) s f 7s
51
49
*...
1977
104.14
D
Akersbus (King of Norway) 4s. 1968 Af 8
External 6s of 1927
External g 4Kb of 1928
*22
51%
49
1949
4 Ks external debt
8
J
A
8 f extl conv loan 4s Apr
Australia 30-year 6s
A
Copenhagen (City) 6s
—1952 J D
25 year gold 4Ks
—.1953 JKN
(♦Cordoba (City) 7s unstamped 1957 F A
§♦78 stamped
1957 F A
Cordoba (Prov) Argentina 7b. .1942 J
J
170
Municipal—
8 f external 4Kb
8 f extl conv loan 4s Feb
8%
24
1947 F
~~8% "26"
1
24
195
1 1942-1947 Af 8 103.18 103.18
4 Ks
14K
"8H
23 %
324
1947 F
S f external
7
8K
23%
101
♦Gtd sink fund 6s
s
10%
13%
23%
23K
23%
16K
14%
7K
11
16%
14%
O
101
Agricultural Mtge Bank (Colombia)
♦External
10%
1946 MJV
♦Sinking fund 7s of 1926
♦Sinking fund 7s of 1927
103
1946-1947 J
Govt
High
11
13%
24
100.18
15 1942-1947 J
1Kb series M
Low
13%
23 H
100.20
May
1 1944-1952 Af N 104.20 304
J 103.20 103.14
—.1942-1944 J
2Kb series O
M S
Oct 1961 A
8 101.
M
Home Owners' Loan Corp—
3s series A
No.
Jan. 1
109.10
102.15
13%
1951 J D
♦6s extl sf gold of 1927_Jan 1961 J
♦Colombia Mtge Bank 6 Kb.—1947 A
103
141
J
.1960-1952
1947
Federal Farm Mortgage Corp—
3KB
Mar 15 1944-1964
3s...
May 16 1944-1949
2Kb
103
102
M
2Kb
Treasury 2s
3s
S
1948 M S 102"
1949-1953 J D 101.
—
High
13%
10%
1960 M S
1960 M S
assented
♦6s of 1928
110.9
1945 J
2Mb...........
2Kb
2Kb
105
106
D
J
-
2Kb
S
M
♦7s
♦Cologne (City) Germany 6 Kb. 1950
Colombia (Republic of)—
108
106.14
1951-1965 M 8 105
1966-1960 M 8 102
......1946-1947
..1948-1951
1951-1964
1966-1969
1958-1963
1960-1966
♦6s assented
♦Chilean Cons Munlc 7s
106.12111.27
107.27
1946-1948 J
-
Since
ftJCQ
13%
*10%
13%
*9%
8%
8%
1962 Af N
♦Chinese (Hukuang Ry) Gs
3s
2Kb
2%e
2Ks
2Kb
2Kb
O
1962 Af N
106.16111.9
3s
2Kb
O
11)61 A
♦6s assented
♦Guar sink fund 6s
103.28 107 12
107.3
J
Chile Mtge Bank (Concluded)
♦Guar sink fund 6s
-.1961 A
103.15 106.27
--(♦107.12107
105 13 J 05.13 105
A
—
8KB-
Range
Asked
A
Foreign Govt, ft Mun. (Con.)
1947-1952
3%e
3Ks_.
8Kb.
8Kb..
8Kb
3Kb
3Ks
Bid
Low
High
U. S. Government
Treasury 4Kb
Treasury 4s
Price
f ext loan
1963 F
s
A
f 5s...1970 J
D
54
101 %
101 %
105K
106K
105
Volume
149
New York Bond Record—Continued—Page 2
Friday
BONDS
Inter st IeP riod
N. Y. 8TOCK EXCHANGE
Week Ended Oct. 13
Last
Asked
A
A
i M
h
8 M N
5 A
O
3 J
D
77H
72
635*
20
a53*
62}*
a5
) M
8
7H
13H
12 H
O
*73*
*5
/
J
«
-
7
L
4H
-
-
63*
J
63*
8
73*
73*
12 H
M
—
-
«
O
A
O
88
86 H
91
39
F
A
76
76
76
1
10
---
-
) M
S
*9
J A
O
7
A
63*
7
A
O
J
t g.
a
D
6 3*
J
♦February 1937 coupon paid.
♦Saarbruecken (City) 6a
]
Sao Paulo (City of, Brazil)—
O
5H
19 H
19 H
7
106 H
55 3* 107
69 h
6
62
753*
103}*
102 j*
1033*
24
98
1063*
J
253*
15
193*
803*
243*
77 h
*1003*
253*
J
9
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Since
Jan.
18
55 H
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1 M N
No.
High
*73*
543*
55
BONDS
N. Y. STOCK EXCHANGE
Range
Bonds Sold
Friday's
Bid
Week's
Friday
Range or
Sale
Price
Low
I i>'
2339
Week's
101
101H
New York Bond Record—Continued—Page 3
2340
BONDS
N
Y.
Last
STOCK EXCHANGE
Price
Asked
CQC?
High
A
No.
TjOW
{{♦Chicago A Hast III lit (to—1934
{♦CAE 111 Ry gen fis
1961
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18%
--1934
I960
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18
26%
1
28%
19
18%
28%
28%
28%
4
19%
28%
31%
31%
19%
30
34
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9
81
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3
100
5%
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14%
15
40
9%
16
12
10%
12
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16%
18%
10
2%
15
,15
17%
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17
A
O
3Hs
M
Elgin Jollet A East 1st g fie
El Paso A S W 1st fis
1965 A
12%
5
48
52
2%
6%
44%
24
17%
8
67
10
17
5
3%
53
2%
4%
55
5
54%
66%
67%
5
49
59%
43
58
107
107
104
104
104%
24
102%
104%
9
101
102
17
100
106%
91
18
86%
93%
94
13
88
97
96%
59
59%
11
58
79
11%
102%
103%
*104
103%
*104%
8
109
106
106%
J
Cleve Elec Ilium 1st M 3%S--.1965
Cleve A Pgh gen gu 4 H« ser B.1942
*
—
w
2
75
....
67
67
-
^
106%
12
85
*
59%
107
*50
55%
♦63 %
------
69
Series A 4 Hs guar
Series C 3 Ha guar
1942
Series
1950 F
*104%
107
106
102% 110%
103
111%
63
63
63%
77
«f
«r
96%
97%
3
107%
63%
58
59
70
107%
3
100%
90
97%
105% 111%
106%
106%
O
4s series D
♦98%
107%
108
1948 M N
108%
107%
105
A
32
22
22
22
I
6
11%
28%
22 %
22%'
1
11%
26
*
1953
5s of 1927-....1967 AfN
1955 J
1st lien
s
49
50%;
50
1942 Af SI
D1
1954 J
Tire A Rubber 3Hs_1948 A 0
J
J
{♦Fla Cent A Pennln 5s
1943
{Florida East Coast 1st 4 Hfl
1959 J D
♦Certificates
94
86
104%
20%
20%
{{•Proof ot claim Hied by
(Amended) 1st cons 2-4s
owner.
103
.....
*103%
103%
...
103%
*99%
103%
104%
103%
104%
197
40%
40%
1
35
44
61
62
20
54
65%
,*100%
Gas A El of Berg Co
cons g
2%
*2%
(Germany) 7s
51%
51%
♦Sinking fund deb 6H'
♦20-year s f deb 6s
Gen Motors Accept deb 3 %a
5%s with
{♦Oa A Ala Ry 1st
cons
..
33
59
8
45
76%
26
47
59%
20%
20%
20%
22
22
22
13
*7%
35
12
45
98
105
A
41
62%
45
J
Gt Cons El Pow (Japan)
1st A gen s f 0H8
106% 106%
100% 104
48
25
105%
O
79%
101% 100
79%
89%
69
30
J
fis Oct 1 '45
{{♦Ga Caro A Nor 1st ext 6s...1934
♦Good Hope Steel A Tr sec 7s...1945
Goodrich (B F) 1st mtge 4 Ha...1956
Gotham Silk Hosiery deb fis w w '46 M
68
»
104%
49%
75%
17
'
105
95
74
76
-
100
102
125%
74%
75%
73
11
/
warr .1949
75%
41 %
52%
D
.1950,"!
J
102%
May 1952 Af N
104
102%
104
91
90%
*25
103% 106%
80
80
*70
74
75
2
73%
80%
71%
75
72%
8
58
78
101%
9
99% 107%
101%
103%
102%
103%
18
J
J
101%
100%
102
Columbus A H V 1st ext g 4s— 1948 A
0
Debenture 6s
Jan
16 1952 .4
16 1961
Columbus A Tol 1st ext 4s
1955 F
Columbus Ry Pow A Lt 4s
1965 UN
111
104%
92% 103%
100% 114%
1st mtge 3 Hb series I
Conv debs 3 Hs
A
*105
107
1968
Stamped guar 4Hs
1951
104%
1958
Conn A Passump River 1st 4s_.1943
Conn Ry A L 1st A ref 4 Hs
1951
3Hs debentures
103%
117%
120
—
12
*87
43
104%
120
426
98
'»
-
-
-
-
-
*107
-
•»
110%
-
130
105%
106%
102%
103%
102
104
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s
1956 J
Consol OH conv deb 3 Hs
1951 J
74%
44
74
1945 J
J
104%
107
180
88
1946 J
1967 J
J
92
174
78%
J
74%
102%
_
_
_
18
25
102
13%
102%
65
13%
15
13%
13%
6
13%
2
♦Debenture 4s
13%
1956 J
*
J
63
1966 AfN
1965 Af N
13%
63
105%
18%
64
-
-
-
-
27
105
105%
12
102%
102%
11
37
1967
103%
102%
103%
1970
103%
17
101%
102%
99%
103%
1966
101%
43
1946
*103
.1943
99
99
'
100
10
112%
45
1948
112%
110%
1951
102%
102
102%
103%
103%
100
101
1950
1948
100%
.
W
14
44%
67
103% 111
100% 109%
100% 110%
100
111%
97% 109%
100
106%
96
100%
103% 114%
100
106%
101% 106%
38%
39
7
46
48
8
35
49
38
38
2
26%
41
-
-
—
==
9%
105%
63%
63
35%
56
97%
105%
4
103
110%
64%
83
50
70%
53
8%
"84%
73
8%
103 %
*
69
85
*85%
94%
81%
55
5%
79
79
79
90
85
91
92
93%
92
101
102%
102%
98
118"
116
122%
67
77%
38
*7
J
♦
J
O
*70%
74
96%
107
40
40%
41
5
25%
45
96
95%
96
2
93%
96
1962 J
D
40%
39
41%
125
28%
45%
1949 UN
A
ser A. 1957 F
♦Adjustment Income 6s_Feb 1957 A O
"48"
M N
Hudson A Man bat 1st fis
34%
•
1949 J
1944 A
fis...1937
14%
13%
*77%
0
1999 J
8<»%
66
60
89%
110
103
.1
A
94
1954 AfN
cons g
14
102%
25%
37%
31%
42%
-
0
1952 J
1961
Harpen Mining 6s
Hocking Val 1st cons g 4 Hfl
(R) A Co 1st mige
9
10%
♦7%
0
1969 JlfN
Hoe
8
99% 106%
34%
1952
For foitnotes see paTe 2343.
6
t 4 %s_.
Gulf States UtII 3%s ser D
Houston Oil 4 Hs debs
Hudson Coal 1st s f fis ser A
Hudson Co Gas 1st g fis
38%
1942
6s series B extended to 1946
Dayton Pow A Lt 1st A ref 3 Hb I960
Del A Hudson 1st A ref la
1943
12
23
22%
76%
74
*551
1940 M N
♦
108
109%
s
94%
92
Feb
M 6s stamped
{{♦Housatonlc Ry
*
4s. .1954 j
7Hs series A extended to 1940...
1st ref A Term
104%
Feb
Gulf Mob A Nor 1st 6%s B...1950 A
1st mtge 5s series C
1950 A
Gulf A Ship rsland RR—
108
98%
1955 A
31
84
Gulf States Steel
98%
1955 J
'
83%
8i%
110%
107
7
♦Debenture 4s
Cuba Nor Ry 1st
5Hs
Cuba RR 1st 5s g
99
113%
109%
57
♦Debenture 4s.
1960 J
105%
99%
106%
Consolidation Coal s f 6e
Consumers Power 3%s_May 1
1st mtge 3 Hs
May 1
1st mtge 3 Ha
104% 124%
89%
89%
103%
104
2%s
82%
84
111%
100
4
103%
conv
83%
J
♦Debentures ctfs B.
Greenbrier Ry 1st gu 4s
67
1948
Crane Cos f deb 3Hs
Crown Cork A Seal s f 4s
Crucible Steel 4 Hs debs
J
Gen mtge 3%s series I
Green Bay A West deb ctfs A
106
1956
Continental Oil
1976 J
1977 J
114
105%
1958
Container Corp 1st 6s
16-year deb 5s
81
110%
105%
3 Hs debentures
—
88
17
106
105
105%
3 Hs debentures
1st mtge 3 Hs
1st mtge 3 Hs
41
90%
109
-
107%
*107
Conn Rlv Pow b f 3%s A
1961
Consol Edison (N Y) deb 3%s.l946
non-conv deb
96%
89
98
89
"
Commonwealth Edison Co—
{♦Consol Ry
101%
97%
J
Gen mtge 4 sserles H
94
.Apr
101%
J
1973 J
General 4 Hfl series D
General 4 Hfl series E
General mtge 4s series G
92 % 104
O
Debenture 6s
20%
23
83
*100%
J
Great Northern 4Hfl series A..1961 J
General 5 Hs series B_
.1952 J
12%
84
83
-S
J
7s_-_,.1944 ^
101 %
102%
101% 107%
48%
80%
106%
General fis series C
Columbia G A E deb 6s
3%
102%
106%
O
1980 AfN
9%
.1948 AfN
.1951 F A
1977 A
72%
100
103%
::::::r*7"
.1940
D
Colo A South 4Hs series A
10
3%
1%
3%
101
D
39%
5%
5%
119
-1945
Grays Point Term 1st gu 6s._ .1947 J
40%
105%
50
Gouv A Oswegatchle 1st 5s
.1942
Grand R A I ext 1st gu g 4 Hfl-..1941
15
97
2
2%
103%
*99
102
85
102%
28
9%
103%
Gen Amer Investors deb fis A. .1952
Gen Cable 1st s f 5 Hfl A
.1947
♦Gen Elec
91%
101 %
87% 101%
*112
75
102%
101
104%
8
5s. .1949
85
110
101
9%
9
98
100% 103%
101
1982
by owner MAT
♦Certificates of deposit
J
Fort RtUDCo 1st g 4 Hfl
1941 ./
Francisco Sugar coll trust 6s_._1966 M N
21
*103
102% 107
100% 103%
103%
{{♦ Proof of claim filed
27
79%
2
M N
83%
....
1
*8%
91%
»
105
3
103
1952
82%
*75
—
.
104% i
103
if deposit..
Fonda Johns A Olov 4 %s_
90%
Coal River Ry 1st gu 4s
.1945 J D
Colo Fuel A Iron Cogens! 6s.. 1943 F A
♦6s Income mtge
1970 A O
52
78%
*71
1974 Af S
♦1st A ref 5s series A
91%
83%
*101 %
~
50 4
37
7%
7%
*75
30-year deb 6s series B
Firestone
O
'
-
37
52
*91%
-.1942 M S
f 58 stamped
1st Hen 6s stamped
O
*100
«
19
197
184
2
67
17%
Ernesto Breda 7s
1954 F A
Fairbanks Morse deb 4s
1956 J D.
Federal l ight A Traction 1st fis 1942 Af S
5s Internationa series
1942 Af S
1973 A
4 Hs series C
29%
87
17%
16H
1938
1972
s f
15
4
16
16H
J
s
39
13
25
16
J
f 6s_-I957 J
1st
Cleve Union Term gu 6Hb
1sts f series Bguar
1st
102
I
A
O
65
103%
102%
52%
51
Gen 4 Hs series A
1977
Gen A ref mtge 4 Hfl series B.1981
Cleve Short Line 1st gu 4 Ha—.1961
J
102
25%'
O
Gen S*eel Cast
J
107%
50%
85
42
96
97%
92%
50
1975 A
111%
66%
*
O
1942
100
110% 111%
100% 103%
77
60
58%
J
Series B 3%fl guar
105% 109%
1953
Hfl
15
17
*12
J
108
24 H
♦Erie A Jersey 1st s f 6s
101% 109%
99% 110
91
1940 M S
1940 J
107 H
108
151
70
59
1990 M N
Spr A Col Dlv 1st
139
*100
♦Geneeeee River
55
106%
85
140
25 H
♦Ref A Impt 5s of 1930
4%
103
94
140
♦N Y A Erie RR ext 1st 4s._ 1947 AfN
Af S
{♦3d mtge 4
*60
St L Dlv 1st coll tr g 4s
conv
19
112%
1953
♦Rei A Imp.
69%
63%
*100%
Cln Wabash A M Dlv 1st 4S.1991 J
♦Oen
11
103
*100
83 %
*
J
*105 H
*90
17%
65
1996
♦Series B
9
2%
107
95%
67
103%
D
25
103%
101% 108%
101% 108%
107%
*J4H
*61
70
D
105%
104%
104
"i07H
1940
1st consol gen Hen g 4s
•Conv 4s series A
10%
91
1993 J
96
1940
B
♦
8%
93%
1993 J
48
20
97
113
40
*50
69%
102
Ref A Impt 4 %s series E_. —1977 J
*104H
104 H
O
84
I
105
43%
35
96 %
97
{♦Erie RR 1st oons g 4s prior__1996
9%
5
104%
1969
D 3 %s guar
Erie A Pitts g gu 3Hs ser
16%
4
103
106%
43 H
1965
5s stamped
18%
10%
15%
10
D
108% 113
105% 112%
*20
1941 AfN
12%
75
1943
W W Val Dlv 1st g 4s
J
12 H
......
O
109%
105 H
105%
113"
109
J
5%
*54%
Cln Un Term 1st gu 3H ser D .1971
4s
O
Hb1962
5%
7%
66%
1st mtge gu 3%s ser E
Clearfield A Mab 1st „'U 6s
g
A
{{♦Dul Sou Shore A At! g 5s—1937 J
Durjuesne Light 1st M 3 Hfl
1965 J
Dul MlssabeAIr Range Ry 3
5%
8%
1
Genera 16s series B
Detroit Term A Tunnel 4%s_.1961 AfN
D
Dow Chemical deb 3s
1961 J
10
7
4s_..1942
Cieve Cln Cblc A St L gen 4s
S
40
112
—1996 J D
1995 J D
Detroit A Mac 1st UeD g 6s
♦Second gold 4s
6%
32
*41
112 %
O
20
7
..
1
1967 J
con gu
Gen A ref mtge 3Hs ser G—1966 M
♦
S
A
*
{♦Choc Okla A Gulf cons 6s—-1952 Af N
Cincinnati Gas A Elec 3Hs——1966 V A
Cln Leb A Nor Is*
1965 A
Gen A ref M 4s ser F
*
O
1943 A
1st mtge 3Hs
3%
35
...
1962
Chtlds Co deb 6s
4
11%
42
2%
Chic A West Indiana con 4e—-1952
D
4
10%
5%
Ea^t Ry Minn Nor Dlv 1st 4s—1948 A O
E *st T Va A Oa Dlv 1st 5s
1956 M N
J
Ed El III (N Y) 1st cons g 5s„1995 J
Electric Auto Lite conv 4s
1952 F A
-
7%
D
—.1963
1963
1951
guaranteed..
6%
5
17
-
»
7
"s
M N
1944
1st A ref M 4 %s series
2
8
3%
7%
48
i%
Dec 1 1960 M S
series E
2
4
Apr 1978
{♦Des M A Ft Dodge 4s ctft—.1935
Af
{♦Des Plains Val 1st gu 4 Hs—-1947
Detroit F llson Co 4 Hfl ser D—1961 F
18%
19
9%
2
-
Chicago Union Station—
1st mtge 3%o
3%
7H
♦Assented fsubj to plan)
♦Ref A Impt 6s ser B
10%
14%
7%
11
12%
10%
*50
15
10H
10H
107%
3%
3%
Series C 3 Hfl
J
107H
*10 H
10%
4%
A
J
106% 108%
104% 107%
104% 107%
7
15%
7%
14%
*107»a2
1936
{♦Consol gold 4 %f
10
F
*107 H
109%
{♦Den A R G Wes* ,'en 6s.Aug 1955
10
1961 J
1st mtge 4s "Mes D
J
10%
June 16 1961 J D
Memphis Dlv 1st g 4s
1961 J D
Chlo T H A So'eastern let 6s.-I960 J D
Guaranteed 4s.
107
104 H 106%
10%
5
16
18%
16%
4%
High
*108
*105%
32
16
16%
Low
J
11
15%
15%
*8%
16
No.
High
Jan. 1
18
8%
8%
85 co
J
J
1st mortgage 4 Hfl
1969
Den Gas A El 1st A ref s f (to—.1951 M N
Stamped as to Penna tax
1951 AfN
J
J
{ {♦Den A R G 1st cons : 4s
1936
30%
18
26%
28
3 He
6a
7
7
1962
Ch St L A New Orleans 6s
gu
112%
27%
♦Certificates of deposit—
lno
111
28 '
63%
6%
{♦Secured 4 He series A
Gold
9
...
{♦Refunding gold 4s
♦Certificates of deposit
7%
75
Since
Friday's
dk
Asked
Bid
Low
7%
65
*
deposit
2%
3
....
28
B_ .May 1 1989
C—May 1 1989
E—May 1 1989
♦Gen 4 %s series F—May 1 1989
{♦Chic Mllw St P A Pac 6e A.. 1976
♦Conv ad J 6e
Jan 1 2000
{♦Chic A No Weet gen g 3 H«—1987
♦GeneiAl 4e
-.1987
♦Stpd 4a non-p Fed lno tax 1987
♦Gen 4 % a stpd Fed Inc tax.. 1987
♦Gen 6s stpd Fed lnc tax
1987
♦4 He stamped
1987
{♦Secured 6He-1936
♦1st ref g 5e
May 1 2037
♦let A ref 4%b stpd.May 1 2037
♦1st A ref 4 He eer C-May 1 2037
♦Conv 4%8 series A
1949
{{♦Chicago Railways let 6e stpd
♦Certificates of
6%
*
♦Gen g 3 %s series
1988
6%
Range
Range or
Sale
Price
1939
1969
1st A ref 4 HB
15
13
10
64%
65
♦Gen 4 He eerlee
♦Gen 4 He eerlee
..
9%
9%
...
.
♦5%
1969
.
15%
....
13
*5%
{Chlo Milwaukee A St Paul—
♦Gen 4a eerlee A
May 1 1989
paid
{♦Cblo R I A Pac Ry gen 4e..
15
21%
86%
24%
13%
80
13
♦8%
s*
14,
1971
Del Power A Light 1st 4 Hb
22 H
12%
43
*12
1966
Aug 1938 26% part
1
22%
112%
12%
10
a85 %
♦13%
B._May 1966
Chlo L S A East let 4 He
97
21%
21%
1
High
Low
30
19
18
Chic Ind A Sou 60-year 4a
N. Y. STOCK EXCHANGE
Week Ended Oct. 13
Jan.
mm
19%
c85%
1982
{♦Chicago Great Weet let 4a—1959
{♦Chic Ind A Loulev ref 6e
1947
♦Refunding g 5e eerlee B
1947
♦Refunding 4e eerlee C
947
♦let A gen 6a eerlee A
1966
•let A gen 6e series
m
m
18%
♦Certificate* of deposit—
Chicago A Erie 1st gold 6e
BONDS
Since
Friday'l
Bid
Last
Range
Range or
Sale
Week Ended Oct. 13
Oct.
Week*
Friday
Week'i
Friday
Illinois Bell Telp 3H« ser B..1970 A
Illinois Central 1st gold 4s
.1951 J
1st gold 3 Hfl
Extended
0
*116%
15
107%
J
15%
36
107%
6
106%
J
43
51%
11%
17%
102
112%
92%
83%
88
*83
M
S
1951
Refunding 4s
*..
1955 M N
J
1952 J
1952 A
-
"88"
*83
O
116% 128%
87
*81
1951 J
1st gold 3s sterling.
Collateral trust gold 4s
Purchased lines 3 Hs
Collateral trust gold
"43
49
15
1951 A
-
1st gold 3H»
127%
47%
O
—
70
"~
56
56
46%
63
54
56
47
62
*46
56
50
42%
52
1953 UN
50%
50%
50%
42
60%
1955 UN
58
62
64
52
71
1966 F
A
52
52
52%
39
56%
1950 J
D
*70
79
75
83%
Dlv 1st gold 3s—1951 J
Loutsv Dlv A Term g 3%s_.l953 J
J
*63
68
63
66
65
4s
Refunding 5s
40-year 4%s
1
-Aug
Cairo Bridge gold 4s
1 itchfleld
Omaha Dlv 1st gold 3s
1951 F
1951 J
St Louis Dlv A Term g 3s
Gold 3 Hfl
1951 J
Springfield Dlv 1st g 3 Hfl—1951 J
Western Lines 1st g 4s
1951 F
-
65
63
*45
57
46%
46%
J
*57
60
J
63
63
60
63
70
60
61
J
A
65
65
J
A
=S2
Volume
New York Bond Record—Continued—Page 4
149
Friday
Week's
Last
Range or
Sale
So
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 13
Friday's
Price
Bid
&
Low
Friday
Asked
03
<§
High
No.
54%
56%
52 M
50
Low
1963
55#
1st A ref 4#s series C
1963
1940
1948
51M
*
Ind 111 A Iowa 1st g 4b
1950
{♦Ind A Louisville 1st gu 4s...1956
Ind Union Ry 3Mb series B..1986 M S
....1948
1961
tlnterboro Rap Tran 1st 5s...1966
D
*8#
96
F
A
107
J
J
conv
stamped
{♦Int-Grt Nor 1st 6s ser A
1942
Int Agrlc Corp 6s
1952
A..July 1952
♦Adjustment 6s ser
O
J
A
95
70#
96
106#
41#
7#
104
90
96 M
98
103
107
109#
49
79
97
♦Mex Internat 1st 4s asstd
1977 M S
*#
#
18
3
~U% "78
9
11
21#
96#
1#
4
20
8#
20
Jack
87#
1st gold 3 #8
92#
J
47 #
A
{♦Iowa Central Ry 1st A ref 4s. 1951 M S
82#
73
80
*89
A
19
93#
2#
2#
2#
108
54
94#
83#
87# 1C0
43
71#
67
49#
52 #
47#
52#
79#
100
93
9
97
92
45#
14
1950 A O
1#
75#
5
Lans A Sag
3#s
56 M
M
8
94#
90
85#
O
"34"
33#
34
24
37
34
34
3
23
36#
A
O
"63%
62#
67#
64
13
62
*83
Kansas Gas A Electric 4 #8—1980
J
68'4
106 #
106
104#
(Rudolph) 1st 6s...1943 UN
stmp (par $645).. 1943
Ref A lmpt 4 #s series C
J
89
16
68#
14
106#
20
2
104#
31 #
J
1939 J D
1939 J D
-1961
J
Plain
unguaranteed
4Mb
Kings County El L A P 6s
80#
*50
*50
A
O
F
A
*105#
79
J
J
*104#
J
J
*105
J
D
UN
J
3Mb collateral trust notes... 1947 F
J
A
101*#*
1959 M
{♦Laclede Gas Light ref A ext6el939
Ref A ext mige 6s.
1942
Coll A ref 5 Mb series C
1953
Coll A ref 6 Mb series D
1960
Coll tr 6s series A
«•
_
4
80#
108#
mm
—
90
ISO" " 175"
9
80
1C5#
105#
-.'-■in
'«n-
77#
1
102
1
3
2#
98
106#
95
1012*23
95
104#
99
#105#
*79
81 #
50#
stamped.............1954
1964
f 6s
90
58#
68#
2
46#
47
42
51
41
60#
....
J
*74
82
J
*68
75
67
75
63
93#
82#
83#
Dec
31#
31 #
32#
17
J
J
J
58#
3
S
59#
59
19
88
O
58#
58
J
A
M
88
4
*35#
40
A
70
80
90
21#
35
47
64
47
64#
84#
91
30
45
f"a
extend to
1943
stamped
5s...1954
11
12
40
F
"24#
11#
A
10#
5#
1#
10
7#
5
3#
64
61#
2
4
5#
1977 M 8
16#
69
45
75
25#
61#
14
37#
H#
12#
32#
6
34
17#
•1st A ref 58 series G
1978
U~N
♦Conv gold 5 #s
♦1st A ret g 6s series
1949
1980
H
♦Certificates of deposit
...1981
♦1st A ret 5s series I
A/N
A
¥
"3%
0
A
17
13
21#
20#
3
6#
21#
12#
12#
12#
12#
"*3# "20
2
20#
21#
19#
4#
25
12#
21#
20#
"l"7" "87
12#
12#
21#
16#
18
12#
20#
70
65
69
20#
20#
15
23
26#
29#
55#
27#
31#
17#
29#
19#
34
*65#
A
M
S
27#
S
31
S
57
{♦8ecured 5% notes
1938
Mohawk A Malone lBt gu g 4s.1991 M
1
16#
*15#
16#
*15#
MN
M
1977
♦Ref A lmpt 4#s
16
16#
*15#
3#
16#
16#
♦Certificates of deposit
102
17
12#
15
"55
5
16#
16
♦Certificates of deposit
9
16#
16#
*15#
1975 A/S
4s
59
*
Monongahela Ry lBt M 4s ser A '60 A/N
42#
59
106#
102#
101 #
103
110#
98
110#
O
108#
107#
109
1965
O
106#
106
Montana Power 1st A ref 3 #8.1966
I)
106#
96#
1st mtge 4 #s
1960
-
6s debentures..
39
Gen A ref
J
J
s
f 4 #s se»les C—.1955
Gen A ref
s
f 5s series D.....1955
o
D
41
*52
4
31#
49#
Nat
1
37#
41
Nat
52#
4
40
50
Nat Distillers
55
National
56
23
♦ 1
20#
22#
16
11#
13#
19#
2C#
46
12
23#
♦4s April
21#
21#
2
15
27
♦4s April
5
14
25#
44
60
54#
62
1941
O
1st 50-yr 6s gu...1965
O
6s assented..
Liggett A Myers Tobacco 7s.
O
1944
A
1961
6s
O
conv deb 4Mb...1952
Liquid Carbonic 4s conv debs..1947 J D
Little Miami gen 4s series A—.1962 UN
Loews Inc s I deb 3#s._
1946 F A
*60
125
1952 J
1953 F
Long Dock Co 3#s ext to.—1950 A
Lone Star Gas 3Mb debs
~08"
120
28
100
"97"
7
2
109#
~98~~
49#
106#
A
O
111# 118#
118# 129#
119
131
94
106
•
*
-
107
42
92
3
48
50
6
106#
102# 111#
75
62
70
81#
88
1949 V/ 8
...1949 M S
85#
86
19
80#
88
85#
85#
10
80
88#
1944
A
O
F
A
118#
J
82#
1966 M S
105#
Louisiana Gas A Elec 3 Mb
123
Louis A Jeff Bridge Co gu 4s.. 1945 M S
2
123
117#
118#
82
103#
*102
2
75
31
105#
106
117# 129#
116
128#
19
83
100
—
90#
110#
105# 109#
Nashville RR—
1940
J
104#
100**2
26
1C0#
1st A ref 5s series B
2003
O
97#
96#
97#
11
97# 101
91
99#
1st A ref 4#s series C
2003
O
89#
89#
89#
26
84#
1st A ref 4s series D
2003
o
1st A ref 3#s series E
2003
o
Paducab A Mem Dlv 4s
1946
A
8t Louis Dlv 2d gold 3s
1980 M S
54
Mob A Montg 1st g 4 Mb
1945 M
S
113
J
Boutb Ry Joint Monqn 4s... 1952 J
Atl Knox A Cln Dlv 4s
1965 A/N
Lower Austria Hydro El 6 #8.1944 F
84
*"79~"
84
5
78#
79
4
99#
99.#
*72#
10
-
-
-
-
-
-
*
-
85#
97# 101
82#
88
111#
77
A
102
107#
22
mmmm
1
For footnotes see paee 2343.
73
65
79
1C3#
80
93#
89#
110
54
49
110#
117#
100#
97
70
41#
*99#
41#
H)5~~
16
_
105
99
106
100
104#
100
A/N
7
42
69#
125
2
102#
102#
■
%
24#
64#
72#
29#
46
102
102
108
99
95# 105
100
106
Nat RR of Mex
#
#
'#
""#1
#
#
#
1#
#
1#
#
92#
H
103#
"*#
prior lien 4 #s—
{♦Assent warr A rets
*#
No 4 on *26
1951
off- —1951
1914 coupo
♦Assent warr A rer
♦
*
4#
b/.
ys
78
98#
99#
No 4 on '61
National Steel 1st mtge 3s
1,
*#
♦4s April 1914 coupon on
♦4s April
7- rr
*#
1914 coupon on
1977
1914 coupon off...1977
No 5 on '77
99
1965
A/N
*40
D
*112
118
5s—.1945 J
J
28
60
60
Consol Gas toit 6s—1948 J
28
{♦Naugatuck RR 1S' g 4s—..1954
87#
1961
111
*100
70
Assent warr A rets
Npwark
58
*70
5s
♦
107
*85#
Louisiana A Ark 1st 5s ser A.. 1969 J
1950
103#
1949 M S
Lorlllard (P) Co deb 7s
111
99#
111
104# 110#
-
98
r-
-
125#
121#
*107#
D
t»'*r
117
100
121#
Lion Oil Ref
Lombard Elec 7s series A
*110#
124#
-
102#
*#
20
*60
101
102
Rys of Mexico—
21#
O
30#
29
*#
19
24
A
1949 M 8
debs
#s Jan 1914 coupon
21#
A
56#
52
*#
-4 #s
19#
36
51
46
on...1957
♦
23#
*./ N
2000
72#
67#
44
#s July 1914 coupon off.. 1957
♦
Assent warr A rcte No 4 on '57
55
12#
21#
99#
70
50
July 1914 coupon on.. 1957
45
J
1978 F
Prod 3#s
Gypsum 4#s s f
18
20
84
67#
68"
"50"
MN
4s stpd
Nassau Elec gu g
44#
D
1951 J J
D
Acme 4 #s extended to.... 1946 J
Dairy Prod deb 3#
w W..1951 A/N
22
41
55
.
31
30
70
1955
Mountain States TAT 3 #8—1968 J
If"
19#
UN
Nash Chatt A St L 4s ser A
series B —
—
*. — ...
50#
45#
Mut Un Tel gtd 6s ext at 5%..1941 A/N
*52
20
1955 UN
31#
Constr M 4#s
_
74
72#
*.
o
Gen A ref
Morris A Essex 1st gu 3#—.2000
5s series A
91# 101#
80
o
Mutual Fuel Gas 1st gu g 5s—1947
30
; 52
1955
f 5s series B
*
o
32#
33
*40#
F"A
s
94#
J
1955
Gen A ret s f 5s series A
16#
23#
1
M N
{Leb Val Term Ry 1st gu g 6s..1941
22#
24#
29
23#
16#
"35"
5
2003 A/N
5s
——
21#
1965
♦1st A ref 5s series F
2003 A/N
assented
♦6s assented
W>TlKwnr
129
35
30
2003 A/N
♦General cons 4Mb
♦
59
27
23
32#
2003 A/N
Unified gold 4s
40
3
5#
3#
1#
25
2
*30
A
1940
♦4s assented
Louisville A
2#
37
28#
32#
1940
4Mb
4Mb assented
{♦Lehigh Val (Pa) cons g 4s...2003
4s stamped...
5
8#
4#
2#
37#
20
30
1974
1943
Long Island unified 4s
Guar ref gold 4s
6#
20
26#
J
1962*'
J
1978 J J
Jan 1967 A O
1962 •»
♦Cum adjust 5s ser A
Nai
♦
12
8#
6#
60
40
30
—1964
♦5s stamped
♦Sec 6% notes
East
8
60
36
1
40
*28#
35
♦1st A ref 8 f 6s
Lex A
J
60
{Mobile A Ohio RR—
F
♦Montgomery Dlv 1st g 6s..1947
45#
6
1974 F
cons
3#
#
*40
91#
77#
17
D
1954 F
♦5s stamped
♦4 Mb
9
1#
4
J J
1990 J D
{♦Mo Pac 1st A ref 5s ser A
♦Certificates of deposit
Constr M
♦1st A ref s f 6s
♦General
4#
2#
J
{♦Mo Pac 3d 7s ext at 4%.July 193R
45
-
51
..1944
JLeh Val N Y 1st gu
1949
1978 J
Montreal Tram 1st A ref 5s....1941
♦5s stamped
♦6s
7#
2#
*1#
8#
13#
9
-
51#
50
2#
Lehigh Val Coal Co—
Leb Val Harbor Term gu
"
S
*3#
Prior lien 4#s series D
100# 105#
Ltd—
Lehigh A New Eng RR 4s A.-1966
Lehigh A N Y 1st gu g 4s
1945
s
33
17#
31#
F
{• Mo-Ill RR 1st 6s series A—.1959
108#
78
83
51
3% to..1947 J
1941 J
1997 J
1976
Lehigh C A Nav s f 4 Me A
1954
Cons sink fund 4Mb ser C... 1954
♦1st A ref
50
8#
Monongahela West Penn Pub Serv
♦1st mtge Income reg
♦5s
28#
J
1st A ref 5 #s series B
88#
103
i~
'
102
51
Lake 8b A Mich So g 3 Mb
Nitrate Co
73
■
J
♦25-year 6 #s
♦General
—
102
46#
20
97#
mmmmm
83#
72
89#
160
16
*45#
40
32#
14#
M S
40 year 4s series B
19
46#
50
31#
1946 J
27
93# 101
100#
104#
1942
Lautaro
cons
prior lien 5s ser A
*78
1942
Coll tr 6s series B
65
72#
Missouri Kansas-Texas RR—
Lake Erie A Western RR—
5s 1937 extended at
{♦1st
Mo Kan A Tex 1st gold 4s
100
2#
89# 100
"90# "97""
50
"50"
5s gu as to Int...1938 J
{♦1st cons 5s
♦1st A ref 6s series A..
17#
102#
8
#
76#
92# 102#
9#
14#
J
36
101 "32 1012
98#
8#
13
J
—1938 J
X {*M St P A SS M con g4s int gu "38
20
104#
100
*70#
94#
*11#
97
Ol
♦Certificates of deposit
{♦Kreuger A Toll secured 6s
Uniform ctfs of deposit
2d gold 5s
♦Ref A ext 50-yr 5s ser A
17
106
80#
J
1961
1997
Kings County Elev 1st g 4s...1949
Kings Co Lighting 1st 5s
1954
1st A ref 6 Mb
1954
Kinney (G R) 6 He ext to
1941
Koppers Co 4s series A
1951
Kresge Foundation coll tr 4s..1946
100
7
"30" ~3o"
91#
*6
M
50# 102
88
1934 UN
—1949
1962 Q
101# 104#
108# 111#
#
*993932 1 00#
14
{♦Minn A 8t Louis 5s ctfs
3
"36"
{♦Mil Spar A N W 1st gu 4s...1947 A/ S
J
{♦Mllw A 8tate Line 1st 3 #8-1941 J
16#
92#
1961 J
Stamped
72#
56
71#
99# 109#
1C2# 107
27#
J
Kentucky A Ind Term 4 #8—1901
stmp (par
Si
{{♦Ml! A No 1st ext 4 #8
♦{Con ext 4 #s
27
S
w
M
1963
1940 A
3
14
70
61#
J
{♦Mid of N J 1st ext 5s
18
104#
110#
109#
61#
S
Michigan Consol Gas 4s
37
UN
M
w
103
103
1951
1952 A/N
J
J
1979
25
w
$925)..1943
♦Ctfs with warr (par $925)-.1943
Keith (B F) Corp 1st 6s
1946
Kentucky Central gold 4s
1987
♦Ctfs
52#
96#
79
O
J
w
19
94#
58#
A
D
♦Karstadt
5
58
A
♦Certificates of deposit
♦Ctfs
56#
93#
40
J
M
1940
City Air Line 4s.—
♦1st A ref gold 4s
D
52#
♦4s (Sept 1914 coupon)...—1977 M S
♦Mlag Mill Mach 1st s f 7s
1956 J D
Michigan Central Detroit A Bay
8#
3#
*73#
F
J
68
99# 103#
*101
"isli
Int Rys Cent Amer 1st 5s B...1972 A/N
J
55
94#
92#
J
39
92#
70
J
87
*93 J*
48#
Ref A lmpt 6s
15
54
2
'
7#
70
83#
14
*65
7#
12
Kansas City Term 1st 4s
72
"80" -r-
*10#
{{♦Met West Side El (Chic) 48.1938 F A
3
1950
Apr 1950
1960
O
66
66
gold 3a
82#
"so"
*50
51
"97"
{{♦K C Ft S A M Ry ref g 4a..l936
37
81
*85#
23
64
Kan City 8ou 1st
67
17#
63#
J
A.. 1961
4s.. 1990
67#
24#
27
61#
1955 M S
Kanawha A Mich 1st gu g
26#
22
35#
61 #
67#
Jones A Laughlln 8teel 4#s
142
65#
34#
Metrop Wat Sew A D 5#a
A
James Frank! A Clear 1st 4s.. 1959 J
66#
65
43
22
1955 F
45
65
J
1947 A
{♦Man G B A N W 1st 3#S—1941
Marlon Steam 8hovel s f 6s
55
23
65
"35#
68
70
Debenture 5a
J
39#
15
60
69
1947
4Ha..1962
Manila Elec RR A Lt s f 5s.—1953 A/ S
Manila RR (South Lines) 4s
1959 A/N
77
67
52
27
"~3
1st lien A ref 6 #8
}"D
High
105# 107#
39#
13
17
Int Telep A Teleg deb g
2013
Low
52
35
15
J
♦Certificates of deposit
♦Second 4s
Since
38
25
*7#
1941
{♦Manhat Ry (N Y) cons 4s..1990
1
Range
Jan. 1
39#
63#
15
A B—1947
D
O
10
64
1956 J
1944 A
Ref s f 6s series A
J
A
Gen mtge 4 #s series A
1960
Manatl Sugar 4s s f
Feb 1 1957 MN
11
77
76
29
1956 J
Internat Paper 5s ser A
No.
106
105#
63#
204
64 M
♦1st g 5s series C
Int Merc Marine s f 6s
106
28#
63%
62#
♦1st 6s series B
Internat Hydro El deb 6s
13
104#
Is
S3
Low
f deb 5S.1951 A/N
1945 J D
s
Maine Central RR 4s ser A
99
61#
&
"63#
M N
J
32
86
Asked
High
Bid
50#
50#
63 H
63 M
1947 A
deb 4a
40#
101# 105
11M
Price
Market St Ry 7s ser A
April 1940 Q J
Mead Corp 1st 6s with warr..1945 A/N
Metrop Ed 1st 4#s series D
1968 A/ S
1932 AO
{♦10-year conv 7% notes...1932 M S
♦Certificates of deposit
60#
56#
15
*104
J
Certificates of deposit...
!♦ 10-year 6a
Interlake Iron
♦65
J
43
98
*9
Ind Bloom A West 1st ext 4s..l940
Industr'al Rayon 4Mb
Inland Steel 3#s series
1
101sl»*101J1»s
Friday's
High
McCrory Stores Corp
Jolnt 1st ref 6a series A
13
Range or
Sale
STOCK EXCHANGE
Week Ended Oct.
Jan. 1
115
51 #
N. Y
Since
Week's
Last
BONDS
Range
is
III Cent and Chic StLANO-
Illinois Steel deb 4#s
♦Ilseder Steel Corp 6s
2341
{♦New England RR
♦Consol guar 4s..
"
t»r
26#
122
121#
120
120
120
107#
108
73#
75
*
F A
A O
J
J
28
20
122#
A/N
1st g 4 #s series
65
125#
20
27
1945J
J
J D
Tel 5s A-.1952
B—
1961
N J Junction RR guar 1st 4s.. 1986
N J Pow A Light 1st 4 #8
1960
New Orl Great Nor 5s A.——.1983
New England Tel A
122#
27#
118# 129
113
129#
73
74
73
10'# 109#
65
46#
75#
59#
N O A N E 1st ref A imp 4 # 8 A
J
J
57
57
New Orl Pub Serv 1st 5s ser
A
O
105
105
105#
102
106#
J
D
105
105#
102
106#
74#
1st A ref 58 series B
New Orleans Term 1st gu
1952
A—1952
1955
4s_..1953
{{♦N O Tex A Mex n-c Inc 6s..1935
♦Certificates of deposit
♦1st 6s series B
1954
♦Certificates of deposit
♦1st 5s series C
J
J
A
A
"69#
O
O
69#
*25#
35
57
71
58
32#
23
38
35#
24#
40
35
30
35
*33#
37#
24#
38
31#
31#
24
36
24#
43
23
36
t
1956 FA
♦Certificates of deposit
♦1st 4 #s series D
1956
A
F
1964
O
A
♦Certificates of deposit
♦1st 6 #s series A
♦Certificates of deposit
36#
"36#
37
35
18
BONDS
Range or
Sale
Week Ended Oct. 13
Price
Range
BONDS
Friday'*
A
Asked
Last
N. Y. STOCK EXCHANGE
Since
Jan. 1
N. Y. STOCK EXCHANGE
Week Ended Oct. 13
bid
Loir
105
Newport A C Bdge gen gu 4 Mis. 1945
N Y Cent EE 4e series A
1998
Ref A lmpt 5s series
A
Conv secured
C
3%s
N Y Cent 4 Hud Elver 3 Mb
Debenture 4s—
50
79 H
66%
80%
79
67
73%
82%
61
63
294
42
67
67
69
141
47%
72%
71%
151
50
70%
70%
68
77%
1974
1978
Eef 4 Mb series
C
N
No.
94%
105%
3
93
3
102
Pa Ohio A Det 1st A ref 4 %s A.1977
O
Pennsylvania Pow A Lt 3%s..l969 F A
4%s debentures
1974 F A
Pennsylvania RR cons g 4s
1943 A/N
Consol gold 4s
1948 IN
104%
103""
104%
103
109%
109%
4s sterl stpd dollar-May 1 1948 IN
109%
109
104%
104%
109%
109%
109%
4 %s aeries
1981 J
B
79
80%
147
75
85
8
72
84%
85%
64 H
65
4
56%
70
63%
6
58
68%
Gen mtge 3%s series C
Consol sinking fund 4 Ha
68
69%
97
47%
72%
60
59 H
80%
61
312
39
General 4%s series A
General 5s series B
81
4
65
83%
Debenture g 4 Hs
83%
83 %.
83%
7
77%
86%
75
1
50
79
19
100
107
104
102%
104
1
55
55
5
56 %
56 M
4
57%
47%
59%
102
104
46
48%
63
100
110%
102 %
104
103
11
100
112%
120
120
1
U1X
111%
1
16 H
6s„1948 j d
gold 4s
1949 p a
16%
12
99% 102%
48% 63
*94
116% 126%
108% 119%
98
*55
61
1973
Vi N
*61
70
♦NYLEAW Coal A EE 5 MB '42
W N
*61H
gold 3%a
N Y Lack A West 4s ser A
4Mb series B„
Peop Gas L A C 1st
1970
cons
Income
17%
1941
M
S
*75
90
70
21
100
62
79
90%
12
90
97
93%
93%
94
13
89
97
89%
89%
90
135
112%
112%
112%
110
111
1943 A
1947 M
1990
1st 4s series B
A
O
*50
94
14%
M S
*14
♦Non-conv debenture 3%a—1947 M S
♦Non-conv debenture 4s
♦Conv debenture 3%s_.——1956 J
♦Conv debenture 6s
1948 J
♦Collateral trust 6s
1940
♦Debenture 4s
,
1967
—1967
{♦Harlem E&Pt Ches 1st 4s 1964
♦1st A ref 4 Hs ser of 1927
1992
(♦N Y Ont A West ref g 4s
♦General
A
1942
4s__1993
Y Queens El Lt A Pow 3 Ha 1966
Y Eys prior lien 6s stamp... 1968
4
1
*13 H
15%
14%
17%
"17
14%
14
J
17 %
17
O
D
UN
M
1956 J
4s
14
14%
1956 J
25
N
N
J
J
1961 IN
N Y A Elchm Gas 1st 6s A
1963
{{♦N Y Susq A West 1st ref 6s 1937
{♦2d gold 4 Hs
1937
♦General gold 6e
1940
♦Terminal 1st gold 6s
1943
N Y Telep 1st A gen s f 4Hs—1939
Ref mtge 3%s ser B
—1967
N Y Trap Rock 1st 6s
1946
N Y Steam Corp 3Hs
J
J
105
105
104 H
104%
99 M
97%
9
*4%
A
*7
M N
*39
UN
100%
103%
J
J
J
105 H
D
*74%
87%
6s stamped
1946
{(♦N Y Westch A Boet 1st 4Ha *46 J "J
Niagara Falls Power 3Hs
1966 M S
Nlag Lock A O Pow 1st 6s A..1955 A O
Niagara Share (Mo) deb 6H8.1950 M N
{(♦Norfolk South 1st A ref 58.1961 F A
10%
Series E 3 Ha guar gold
Series F 4s guar gold
3
5
10
100%
104%
105%
104%
99%
1
10
6
{{♦Norfolk A South 1st g 6s_—1941 A/N
Norf A W Ry 1st cons g 4s....1996 0 A
North Amer Co deb 3 Ha
1949 F A
debenture 3%s
1964
debenture 4s
1959 F A
1974 M S
North Cent gen A ref 5s
Gen A ref 4 Hs series A
F
A
.
9
86
"l
87%
3%
9
106%
108%
15
102
13
1
13
13
10
11
14
51
51
51
117
117
117
103 %
103
103%
31
104
80
105%
35
2
6
Q
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s
107
50
65%
39%
53
55
21
39
63
65%
57%
53%
60%
74%
102 H
100%
42
58%
102%
237
19
,
17
21
50%
42%
65
42% 64
98% 110%
8
8%
16
106%
105%
"26
101%
32
6
10
105
106 %
..1967 M 8
106""
15
108%
97% 108%
98% 109%
96% 109%
1st mtge 3%s
Oklahoma Gas A Elec 2Mb
4s debentures
1972 J
J
1946 J
D
4
102
D
105
105%
100%
103%
104%
105
8
Ontario Power N F 1st
1943 F
A
102 H
101
105
20
rl09
rl09
1
107%
108
9
113
101% 105%
95% 113%
107
116%
104% 111%
112% 117%
114
118%
98
107%
64% 81%
g
1966
5s_
J
Ontario Transmission 1st 6a
1946
1946
IoIh
1945 IN
Oregon RE A Nav
con g
4s
Ore Short Line 1st
J
D
107 %
J
J
114%
113%
114%
8
J
J
103
102
103%
54
1962
J
78
77
78%
16
J
Pacific Coast Co 1st g 5s
1946 J
Pacific Gas A El 4s series G._. 1964 J
1st A ref mtge 2Mb ser H._. 1961 J
1st A ref mtge 3Hs ser I
1966 J
s f g
60
D
D
108
♦Paullata Ry 1st s f 7s
Penn Co gu 3 Ha coll tr ser
Guar 3 Hs trust ctfs C
Guar 3 Hb trust ctfs D
Guar 4s ser E trust ctfs
.1942 M S
B_. .1941 F A
.1942 J
108%
44
101
106
65
32
103
53
100
110
80
5
67
83
72
3
65%
103%
37
100
103
19
-
72
100
104%
112
112%
101% 104%
99
105%
46%
47
45%
80
4 Ha A.1952 M 8
Pitta CCC A8tL4%s A
Series B 4 Ha guar
80%
77
1949 F A
1953 J D
1957 A/N
1963 F
A
26
7%
113%
114%
.110
Series J
cons
guar
4%s
100
89%
103
100%
103%
*104
104
*103
105
*103
105
105
111
105
105
112
108%
117%
*100
115
112% 118%
105
1970 J
D
105
105
105
101
1975 A
O
103
103
105%
101% 107
1977 J
J
96
96%
Pitts Va A Char 1st 4s guar...1943 UN
Pitts A W Va 1st 4 Ha ser A. .1958 J D
1st mtge 4 Ha series B
1st mtge 4 Ha aeries C
1059 A
O
1960 A
O
Pitts Y A Ash 1st 4s ser A....1948 J
D
1st 4 Ha series D
Port Gen Elee 1st 4 Ha
1960 M S
J
1st 5s 1935 extended to
{♦Porto Rico Am Tob
1950 J
6s 1942 J
50%
♦6s stamped
1942 7
{(♦Postal Teleg A Cable coll 5S.1953 J
J
J
Potomac Elec Pow 1st M 3%s.l966 J
Pressed Steel Car deb 5s
1951 J
52%
50%
51%
107%
92%
99%
106% 107%
23%
59%
"53%
52%
23
52
23
104
104
Public Service El A Gas 3%s.. 1968 J
1st A ref mtge 5s
....2037 J
1st A ref mtge 8s
"32"
31%
17%
102%
80%
59
*3%
1948 J
J
ser
42
25
6
10%
18%
101% 110%
70
1%
*45
40
!103%
131
102%
101%
98
88
6
49%
102% 112
211
J
Remington Rand deb 4%s w w.1956 M 8
4%s without warrants
1956 A/ 8
1941
B.1961
24
102%
99
I
153
200
100
34
224%
110%
95% 104%
99
D
(♦Debenture gold 6s
1941 J D
(♦Deb 6b stamped
1941 J D
Reading Co Jersey Cent coll 4a. 1951 A O
Gen A ref 4 Ha series A
1997 J J
Gen A ref 4 Ha series B
1997 J
Rensselaer A Saratoga 6s gu
44%
10
275
J
O
83
105% 107%
23
6%
"80%
58%
106%
1
18%
102%
80%
D
1968 A
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk
(65% pd).—
2
32
17%
J
2037 J
Pub Serv.of Nor III 3%b
Purity Bakeries s f deb 5s
128
76)4
106
31%
J
J
75%
106
31%
{♦Providence Sec guar deb 4s. .1957 A/N
{♦Providence Term 1st 4s
1956 M 8
*54%
58
53
*55
55
"63% "19
62
62
76%
76%
77%
78
79
63
63%
57
66%
80
78
1
68%
80
94
96
28
*94
95%
50
97
92
105
94
102%
M N
F
A
Purcb money 1st M conv
5%s *54 UN
Gen mtge 4%s series C
1956 A/N
Revere Cop A Br 1st mtge 4
J
J
%s_ 1956
.1946 J
93%
50
111
109%
111%
52
94
93%
94%
15
98
98
J
3
85%
94%
102% 116
95
85%
95
101%
J
♦Rhine-Ruhr Water Service 6s. 1953 J
92%
92%
J
J
♦Rhelnelbe Union
a
f 7s
♦3%s assented
..1946
*11
37
10
10
1953 F
A
*10
11
♦Cone mtge 6s of 1930
Richfield Oil Corp—
1955 A
O
*10
13
22
10
10
♦Cons mtge 6s of 1928
51
18%
19%
♦Rhine-Westphalia El Pr 7s_—1950 UN
♦Direct mtge 6s
...1952 M N
4a a f
conv
debentures
Rlchm Term Ry 1st gen 5s
♦Rlma Steel 1st s f 7s
106%
107%
1952
'103%
1955
*6%
*38%
5a..1939
{{♦Rio Grande West 1st gold 4sl939
♦1st
con
A coll trust 4s A
Roch G A E 4 Hs series D
Gen mtge 3%s series H
Gen mtge 3%s aeries I
Gen mtge
3%s series J
106%
32%
1949
a
f 6s
28
12
27%
100%
110,
103
106
10%
13%
43
46
"33%
28%
44
16%
12%
20
1977 M S
1967
1967
M
*105
S
M
S
1969 M 8
101
1948 A
{♦Rut-Canadian 4s stmp
..1949 J
{♦Rutland RR 1st con 4%s_.1941 J
161""
*8
{{♦R I Ark A Louis 1st 4%s..l934 A/ 8
♦Ruhr Chemical
28
9%
8%
32%
16%
27%
104%
1952 M S
gu
104
101
8
J
J
9%
O
88%
8%
88
10%
25
~~8%
4
9%
1996 J
J
O
5%
30
8%
9%
94
1966 A
104
99% 100%
8
13%
*5%
O
1947 J
81%
91%
50
42%
58
123%
127
St Lawr A Adlr 1st g 5s
2d gold 6s
51
45
75%
106
J
conv
61
102%
101% 103%
103%
101% 104
99% 104%
104%
J
89%
98% 105
96% 105
88
105
107%
103% 108
St Louis Iron Mtn A Southern—
♦{Rlv A G Dlv 1st g 4s
♦Certificates of deposit
61%
62
52
65%
60
61%
3
51%
64
20%
19%
20%
43
12%
21%
2
52%
62%
J
J
60
59
60
J
11%
10%
12%
12%
11
11%
11%
13%
1950
Y~J
~M
S
1989 J
1990 J
10%
12%
12%
10%
10%
115
7
14
54
6%
52
7%
13%
14%
11
"33%
17%
10%
k2 %
35
11%
11%
63%
130
6%
14
93
6%
13%
63
11
1989 UN
(♦1st terminal A unifying 68.1952 J
♦Gen A ref g 5s series A
23
62
61%
1933 A/N
{♦St L Peor A N W 1st gu 5S...1948 J
St L Rocky Mt A P 5s sptd.._1955 J
♦2d 4a Inc bond ctfs...Nor
102% 105%
107
109%
108% 108%
102% 109
106% 106%
108
104
Gen 4 Ha series C
{♦St L 8W 1st 4a bond ctfs
2343.
99
101%
112
♦Certificates of deposit
pa^e
90
105
♦Con M 4 %a series A
..1978
♦Ctfs of deposit stamped
see
7
14
Gen mtge 5s series B
♦Certificates of deposit
♦Prior Hen 5s series B
For footnotes
6
Gen mtge 5s series A
48
100%
2%
105% 117
| 105
'*103
1963 F
51
100
3
*93
166"
Saguenay Pow Ltd 1st M 4%s.l966 A
*100
100%
103% 112%
19
9%
5%
7%
A
A
1960 F
48
101
54
21
16
{♦St L-San Fran pr lien 4s A..1950 J
28 year 4s
97% 105%
1964 A/N
Series G 4s guar
Series H cons guar 4a
Series I cons 4%s
St Joe A Grand Island 1st 4s
100
114"
118
105
57%
*101%
*102%
101
106%
15%
5%
1940 A O
1942 A O
1942 M N
1945 A/ N
47
48
"si"
D
1944 J D
1952 A/N
53
113%
101% 112%
101%
101%
*101%
104%
A
Paramount Pictures 3s deb... 1947 M S
Parmelee Trans deb 6s
.1944 A O
Pat A Passaic G A E cons 6s.
.1949 M S
107%
104%
101%
2
60
70
105%
103
1955 J
Panhandle Eastern Pipe L 4s_. 1952 M Si
1956 F
3
110
80
D
D
4 Ha
Paramount Broadway Corp—
iBt M s f g 3s loan ctfs
conv
{♦Rio Grande June 1st
{♦Pac RR of Mo 1st ext g 4s.. 1938 F A
{♦2d ext gold 6s
1938 J
J
Pacific Tel A Tel 2Mb ser B.. 1966 A O
Ref mtge 3%s series C
1966 J D
Paducah A 111 1st
103%
1946 J
1961 J
cons g 6s
Guar stpd cons 6s
Ore-Wash RR A Nav 4s
Otis Steel 1st mtge A 4 Ha
Pitta Coke A Iron
Republic Steel Corp 4 %s
J
1966 UN
1st mtge 4s
97% 106%
99
108%
19
1948 J
J
1943 M S
gu g 4s
60
46%
A
Northern Btates Power 3Hs
1967 F
Northwestern Teleg 4Hs ext..1944 J
{♦Og A L Cham 1st
41
114% 124
98
107%
45%
56%
105%
"~5%
115
D
5%
45H
56%
104%
106%
110
107%
.1977 J
2
102% 111%
107% 109%
94
102%
7%
17%
7
15%
F
57 H
103% 111%
*98%
85
57
72
102
*103%
110%
64%
"ml
68
54
1
A
23
J
107
52
106% 115
103%
D
71
J
13
39
103%
104%
1962 F
44%
J
103%
1974 J
*36%
*35%
70%
2047
2047
Ref A lmpt 6s series D
70%
76%
102
1st gen 5s aeries B__
70 H
J
17
68
113 %
9%
57%
107
1st gen 6s aeries C
J
2047
2047
75%
64
103% 106%
1
90
38%
♦Apr *33 to Oct '34 coups. 1946
22
3
8
86
60
♦Apr *33 to Apr'38 coups.. 1945
North Pacific prior lien 4s
1997 Q
Gen Hen ry A Id g 3s Jan
2047
1
106
117%
43
105
70%
106
1945
Ref A lmpt 4 Ha series A
Ref A lmpt 6s series B
Ref A lmpt 6s series C...
45
100i„ 103%
100
111%
112% 114%
1974 M 8
{♦Northern Ohio Ry 1st guar 6s—
♦Apr 1 1935 A sub coupons..1946
♦Oct 1938 A sub coupons
Ctfs of deposit stamped
15
107%
62
5
105%
3%
101%
104%
*105%
11
30
5
11
105 H
105
94% 107%
12%
5%
9
6%
„4^
42
100*32
13
104
93
3
8
64
102% 110%
104
108%
58
10
77
44%
"2
104%
108%
100%
,
106 H
108 %
7%
62
"53"
11
♦Certificates of deposit.
5%
2%
*65%
A
F
57%
9
39
J
F
42
108
38j
103
1952 M N
Series C 4%« guar
Series D 4s guar
9
104%
1T Pirelli Co (Italy) conv 7s
S
90%
117%
107%
J
9%
20%
56
UN
1937 J
1948 M
69%
*106
J
{{♦Philippine Ry 1st s f 4s
Phillips Petrol conv 3a
28
8%
4%
53
J
8
3%
10%
53 %
0
D
1949 A/
16
56
O
D
67%
112
74%
108
20%
14
4H
A
A
16%
69%
J
J
1981
♦Conv deb 6s
16%
15%
28
D
{♦N Y Providence A Boston 4s
16%
68
113
92% 101%
110
7%
75%
A
1967 J
10
18%
8%
N Y A Putnam 1st con gu
9%
10
10%
25%
8%
S
1977 J
6e series A
10%
17%
8
J
120
61%
.7
106
J
D
104%
60
7%
1943 UN
..1974 F
{♦Phlla A Reading C A I ref 5s. 1973
15%
......
A
1980 M 8
69
17%
.....
UN
J
10
14%
J
S
O
Phlla Electric 1st A ref 3 Ha... 1967 M 8
"11" "I
15
17
14
O
1955 J
J
1966 IN
75%
O
Apr
3%s deb_. 1952 J
conv
Phlla Bait A Wash 1st g 4s
sec
90%
120
93%
Peoria A Pekin Un let 5Ha... 1974 F
Pere Marquette let aer A 6s... 1956 J
Phlla Co
110
85
4s... 1940 A
51
N Y A Long Branch gen 4s
81
16
93
General 6s series B
60
28
86%
113%
99%
105%
84
General g 4%s series C.
General 4 Hs series D
65
85%
112%
109%
107% 114
108% 113%
84%
93%
April
58%
*55 X
85%
10
104%
6a
cons
4s
Phelps Dodge
O
106
"16
"99%
Refunding gold 5e
Peoria A Eastern 1st
♦
A
1960
1984
1952
68
J
♦Non-conv debenture 4s
95%
100% 101%
101% 104%
1968
54
1943 J
♦Non-conv debenture 3%s„ 1954 A
I
113
1970
33
♦NYLEAW Dock A Imp 6s
{{♦N Y A N E (Boet Term) 48.1939
{♦N Y N H A H n-c deb 4s—1947
QQ
124
High
100%
107%
99%
93%
...1965
1st g 4 Ha series C
1946 JKN
2000 IN
1973 IN
N Y A Harlem
Low
107%
101%
104
102%
N Y Gas El Lt H & Pow g
♦N Y A Greenwood Lake 6a—
97%
J
1981
75
General 4%s series D
Gen mtge 4%s series E
Conv deb 3%s
65
N Y A Erie—See Erie EE
Purchase money
Hiah
93%
104%
*95%
Low
85
4s collateral trust
N
Since
Jan. 1
93%
62 %
...
0Q6Q
105%
68 H
-.1946 p a
extended to—1947 a 0
3-year 6% notes..
'941 a 0
Y Connect 1st gu 4%a A
1963 F A
1st guar 6e series B
-.1953 F A
Y Dock 1st gold 4s
—1951 F A
Conv 5% notes
1947 A O
Y Edison 2Mb ser D
1965 a 0
1st lien A ref 3 Mb ser E
1966 a O
Range
c
Asked
S
79
1st mtge 3%s
o
A
Bid
D
1941 M
64 H
N Y Chic A St Louis—
Ref 6 He series A
1939
Penn Glass Sand 1st M 4%a..1960
Penn-Dixie Cement 1st 6s A
85
—1997
1942
1998
1998
!»
Friday's
SaU
Price
High
100% 110
80H
61H
Lake Shore coll gold 3%s_.
Mich Cent coll gold 2Mb
Low
1
65 H
68 H
1946
2013
2013
1952
10-year 3%s see s f
Ret A impt 4 %a aeries
No.
High
105
65 H
Range or
Last
—>a.
14,
Week'!
Friday
Week's
Friday
N
Oct.
New York Bond Record—Continued—Page 5
2342
33
34
17%
10%
17%
11
7
14
16
54%
65
11
26
7
15
35%
23%
8
8
15%
Volume
New York Bond
149
Friday
BONDS
N.
T.
STOCK
Range or
Friday't
St
Sale
^,0.
Price
EXCHANGE
Week Ended Oct.
13
\
Asked
&
No.
f 6
m
...
1972
...
96
96
*113
116
cons 6a
96
O
102
103
1965 M N
107%
108
*106H
HO
109
20
J
19 H
19H
19 H
15
21
30
25
31
31
25
15
A
-----
1959 A
13%
3%
O
6
1945 M
8%
7%
SH
7 H
S
9%
8
2H
11
10H
8%
16%
11H
19
3%
4%
2H
5
93
92%
93%
55
57
"
A
♦Serlea B certificates
1935 F
A
Shell Union Oil 2 Ha debs
Sblnyetau El Pow 1st
1954 J
1952 J
4
*3%
D
1951 M S\
*10
-----
2H
184
A
w.
w
.
50
58
4
*5
«.
.1941 F
6
93 H
62
75 H
88%
''
.1946 F
811ealan-Am Corp coll tr 7a
Simmons Co deb 4a
Skelly Oil deb 4a
7H
.
5
4H
16%
4
1933 M
1935 F
♦Siemens A Halske deb
6%s—
6
4
3
;
6
♦Certificates of deposit—
1H
6
20
23H
22
"
35
*25%
97
—
.1952 A
.1951 J
So ony-Vafuum Oil 3s debs—
.1964 J
8outh A North Ala RR
gu 6s_ .1963 A
South Bell Tel A Tel
.1962 A
3%a
3a debentures
.1979 J
Southern Calif Gas 4
.1961 M S
%8
let mtge A ret 4a
.1965 F A
Southern Colo Power 6s A
.1947 J
Southern Kraft Corp 4
Ha
.1946 J D
100H
101%
97%
102%
91
102%
28
98
105
100%
101%
124
97
115
11SH
100
110
102
8o Pac coll 4b (Cent Pac
coll)- .1949 J D
lat 4 Ha (Oregon
Llnee) A— .1977 M S
Gold 4 Hs
Gold 4 Ha
60
108
25
107
6
103 H 108
105
110%
104 H
101H
104H
96 H
6
100
106 H
11
87
96H
96
104%
53
105H
54 %
59
54 %
54
55 H
83
40%
61H
53 %
54 H
122
39
57 %
37 %
37 H
68
53 H
53 H
53 H
-1946 J
62%
62 H
San Fran Term let 4a
.1960 A
1955 /
180
223
81H
81
O
1994 J
54 H
54 H
63 H
10
76
100H 106 H
40
68 H
6s
11
18
40%
43
Teleg
11
"l2%
24
5
11H
12%
12%
12%
101%
i 7
4%
16
11
42
4%
15%
27
5
19
100
5
56
11
67 H
66 H
68 %
60
54
72 H
88
89
35
77
44
Devel A gen 4a aerlea A
1956 A
O
78
77
62 H
78 H
157
1956 A
86
57
O
83
81
83 H
60
58
79%
92
5
34
39
2
39
40
67
67
104%
102
109
C 75
*102H
A
107
*
109%
D
118
128%
118
130
J
D
102
103
100
110
M S
116
116
115% 122
104
112%
102% 107%
107 %
J
107
Ol
84
/I
89
105
81H
89
90
21H
20
22
70
21
73
75
48
73%
71H
73%
53
54%
---
J
*47
S|
*102
97 %
101%
A
96
21
*93
J
J
6%
13
103%
106%
33
109%
111%
124
102
102
103
J
S\
4%
15
20%
19
11%
4%
9
101%
105 H
*9%
%
99
114
7
12
110%
D
1948 M
33
106 H
O
88%
20
9
*7
9H
105
97
110
20%
18%
*9%
"
103
6
2
111
19 H
1968 A
2
96
52%
109% 114%
90%
97%
100% 101%
6
13
41
100%
100
59
42
97%
101%
12%
%
96
♦Certlflcatea of deposit
{♦Sup A Dul dlv A term 1st 4s '36 MN
♦Certificates of deposit
44
50
11%
100%
"i5
112%
101%
D
Wilson A Co 1st M 4s aerlea
A.1955
Conv deb 3Ha
1947
Winaton-Salem S B let 4s
1960
{♦Wis Cent 60-yr lat gen 4a—1949
52
12
J
F
51
69
95
100% 107%
14%
24
24
13%
55%
72%
76
57%
57
75%
8
22%
15
69H
89%
82%
3
75
1940 MA
76%
20
22
21H
J
gu 5a. 1942 J
36
!
104%
21%
D
M
'
84%
104%
O
/
108
%
105
D
J
2361 J
1961
47
J
2361 J
Conv deb 4s
1st mtge s 14a
80
3
38%
*
1960 M S
{{♦WIlkea-Barre A East
73
82
39
A
1951 J
White 8ew Mach deb 6s
16
107%
66%
so
"39"
g 4 Ha--I960 MN
Registered
75%
15%
38%
82
A—1946 MS
Wheeling A L E RR 4s
1949
Wheeling Steel 4 Ha aerlea A. —1966
60
75
1977 J
West Shore 1st 4a
guar—
91H
62%
80%
1956 A
59
1943 A
{♦Wor A Conn East lat 4H8—1943
Youngatown Sheet A Tube—
88 H
101
1952 A
♦Westphalia Un El Power 6a-.1953
52%
12%
11H
1945 F
26-year gold 6a
30-year 6a
30
48
11
1946 M S
Western Union
28%
12
1945 F
gold 4a
14%
24%
*42
12%
93
78
Devel A gen 6a
Devel A gen 6 Ha
10
99% 110%
104
110%
9%
5
100
115%
100% 107%
84
Mem Dlv 1st g 6a
O
60
61H
8o'we8tern Gas & EI 4a aer D_
{Spokane Internat 1st g 6a—
Staley (A E) Mfg lat M 4s
D
1988
J
2%s
1961 J
D
101H
-
Term Abso of St L lat
Gen refund afg4a
J\
J
91%
106 H
1950 M N
1^61
J
Texarkana A Ft 8 gu 6 Ha A— .1950 F A
Texas Corp deb 3 Ha
-1961 J D
87 H
-----
.1959 A
O
.1943
D
.1979 A
O
.1980 J
99%
1960 J
j;
Oj
j.
{♦Third Ave RR lat g5a
Tide Water Aaso Oil 3
Ha
1937 J
80
J
25
103
115
107 H
130
x
20
1
113
116%
105 H
18
100
110H
19
79
107 H
118
102
99%
175
88
16
79 H
1
■v
19
79
78%
78%
89
78%
80
87
37%
15%
470
7%
87%
104
97%
104%
"66
98
D
54%
34
49
Imp 3Ha 1960 J D
85
85
84%
72
54%
1950 A
a f
7a
1942 M
S
1952 F
Ujigawa Elec Power a f 7a
1945
Union Electric (Mo)
3%a
1962
{{♦Union Elev Ry (Chic) 68—1945
^3 Ha debentures
Union Oil 3%s 1952, Jan. 1, 1940 at 105%.
{ Companies reported as being in bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy
Act, or securities assumed by such companies.
*
Friday's bid and asked price.
J
Bonds selling flat.
s
Deferred delivery sales transacted d
106"
*-"--
24
"26"
74
26
71% 85
101% 110
77%
105
24
106
'
*9%
O
A
J
Union Pac RR 1st A Id gr 4a_—1947 J
_
_
-
-
8%
~
llOHic IIO2H2
*105%
12
13
108% 116%
"45
J
111
1st lien A ref 4a
June 2008 M
S
103
110%
102%
103
23
June 2008 M S
113
113
113
13
New
York
Stock
Exchange,
United
Total
Mis cell.
Municipal {?
States
Bond
Bonds
For'n Bonds
Bonds
Railroad
of
Shares
State
&
Sales
$422,000
389,000
$546,000
$4,375,000
$3,407,000
4,369.000
Wednesday
585,770
618,012
953,500
627,690
Thursday
Friday
735,290
5,055,000
1,177,000
574,000
6,806,000
3,520,262
$23,227,000
$4,040,000
$2,148,000
$29,415,000
Monday
Tuesday——
694,000
751,000
872,000
5,452.000
6,700,000
308,000
455,000
6,082,000
HOLIDAY
Total
—
110
5,641,000
4,755,000
100
lat lien A ref 58
Number
12,1939
Saturday
105i%, 109%
106%
the
Stocks.
Week Ended
Oct.
104% 109
20
at
Daily, Weekly and Yearly
123% 125%
106
J|
A
rlbg the ourrent week and not Included in
the yearly range:
No sales.
"97% 166"
QQ
*113"
A
1942 F
No sales transacted during current week.
♦
*99%
*
M S
1952 J
Union Oil of Calif 6s aeries A
list of the New York Stock Exchange bond Issues which have
68%
O
Toronto Ham A BUff 1st g 4s—1946 J D
Trenton G A El lat g 5a
1949 M S
Tri-Cont Corp 6a conv deb A—1953 J
J
♦Tyrol Hydro-EIeo Pow 7Ha—1955 IN
♦Guar sec
a
Aocrued interest payable
20(1-pound unit of bonds.
per
90%
*70
{ Negotiability impaired by maturity,
dollar quotation
60%
85
not
107%
54%
54
lot sale,
Odd
n
been called in their
entirety:
Pirelli 7s 1952. Nov. 1 at 105.
96% 104
104 H
week,
current
1 The following is
89
50%
15%
98%
during
Ex-interest.
the
89
50%
13%
*95%
transaction
Transactions
1953 J
Tol St Louis A West 1st 4s
Tol W V A Ohio 4s aeries C
108 H
110% 119
Tokyo Elec Light Co Ltd—
1st 6s dollar aeries.
Tol A Ohio Cent ref A
95
84 %
111H
48
15
95
95H 105H
101H
50 M
:;v.'
delivery sale; only
Included in year's range
t The price represented Is
a Deferred
exchange rate of 54.8484.
*101
3
1952 J
-"t/.
Cash sale; only transaction
during ourrent week.
107
110%
79 H
78H
78H
D
—.Jan 1960 A
♦AdJ Income 6a
r
113
*50
"III"
Tex Pac Mo Pac Ter 6 Ha A— .1964 M
S
Third Ave Ry 1st ref 4a
68
120
106 %
99 H
107
.1977 A O
Gen A ref 6a aerlea D
97 % 106 H
94 H 106 H
43
87 H
J\
.2000 J
Gen A ret 5a aerlea B
Gen A ref 5a aerlea C
96
Cash sales transacted
during the current week and not included in the yearly
No sales.
105
105 H
debentures-..
100 H
92 H
e
range:
113
-1953 J
3a
22 H
105H
112
120
A
Texas A N O con gold 6a
Texas A Pacific lat gold 6a
109%
102
101%
H
36
109
12H
90 H
105
J\
6a_ .1944 F
cons
105 H
MN
74
100
1
18
C——1961
112H
97
2
99
100 H
1945
50
104H
103 H
100 H
A
1953
—
Studebaker Corp conv deb 68Swlft & Co lat M 3Ha
Tenn Coal Iron A RR gen 58—
102
101H
aer
80
60
13
71
100 H
J
1946 F
Standard Oil N J deb 3a..—_
70
4
107 %
104 %
18
101H
1960 M N
♦
1955
10
80
70
107H
1951 J
1964 J
H
79 %
1996 J
St Louis Dlv lat g 4a
Bo'westem Bell Tel 3 Ha aer B_
lst A ret 3a aerlea C
34-year 3 Ha deb
36-year 3%s debenture
United Biscuit of Am deb 6s
-
1970 A
1971
{{♦United Rya St L 1st
U 8 Steel
g
48—1934 J
Corp 3Ha debs
a
1 6
Ha series C
♦3Hs assented C
91%
92
108%
2
13
104% 109%
68%
71
7
S
78
75%
*106%
78
51
109
S
*27
J
105
103%
1951
116
"l2"
f 11
1939
1938
1939
Exchange
1938
8,627,010
209,866,268
218,628,508
$2,148,000
$1,427,000
4,040,000
23,227,000
4,339,000
30,203,000
$292,415,000
194,197,000
1,131,496,000
1,085,895,000
$29,415,000
Stocks—No. of shares.
$35,969,000
$1,618,108,000
$1,388,608,000
3,520,262
Bonds
Government-------State and foreign.
Railroad and industrial
'
'
$113,009,000
189,704,000
'
<m
Total
50
———1951
Utah Power A Light lat 6a
{{♦UtJt Pow A Light 5Ha
{♦Debenture 5s
"33% "50%
88 %
87H
98%
1944
98
100
77 H
1947
77H
1959
Vanadium Corp of Am conv 5a. 1941 A O
Vandalla cone g 4a series A
1955 F A
Cons a f 4b series B
1957 M N
Vera Crux A Pacific RR—
111
B
25
99
Below
93
78
14
112
27
are
the
daily closing
averages
of representative
96
100 H
74
77 %
8
108"
*%
1968IM S
103 H
1949iM S
*31
Va A Souths est lat gu 6e
1st cons 68
2003 /
J
1958! A O
on
the New York Stock Exchange
compiled by Dow, Jones & Co.:
Bonda
Stocka
10
%
38
10
:)
'
44
27%
82
72
72%
Oct.
15.
65
65
54
65
Oct.
11.
Total
10
First
Second
10
65
Indus¬
Grade
Grade
Utili¬
40
roads
ties
Stocks
trials
Bails
Rails
ties
Bonds
12.
Oct.
15
Utili¬
Total
45
*72
20
Rail¬
trials
1%
100% 111
30
Indus¬
Dale
%
%
104 %
as
118%
106% 109%
106% 109%
J
J
stocks and bonds listed
66
%
1934 J
104H
Stock and Bond Averages
"83% ~90"
77
Va Iron Coal A Coke 1st g 6
4
110
77 H
1934 J
coupon off--
88 %
102%
93% 102
82%
65%
83
99
*——
-
aer
31%
Jan. 1 to Oct. 13
Week Ended Oct. 13
Sales at
New York Stock
84%
111
106%
11%
50
11
♦Sink fund deb 6 Ha aer A—1947
{♦4Hs assented
Va Elec A Pow 3 Ha
83%
100
11%
1951
*3 Hs assented A
1947
United Stockyards 4%s w W..1951
Utah Lt A Trac lat A ref 5a
1944
{♦4%8 July
69
24%
*0 b/r.
*10%
65
104
28%
105
103% 115
110%
116%
89% 100%
89% 100%
10
71
1951
♦3 Ha assented A L
♦Sec
108
O
111%
O
1948
♦Un Steel WorkB Corp 6 Ha A
91%
91%
O
M N
1950 A
United Clgar-Whelan Sts 6a—1952 A
United Drug Co (Del) 6a
1953 M
U N J RR A Canal gen 4s
1944 M
,
17
Wisconsin Elec Power 3 Ha
Wisconsin Public Service 4s
1955. J
cons g
18
*14
1948 M
Western Maryland lat 4s
lat A ref 6 Ha series A
West N Y A Pa gen
57 H
57 H
51
1969 M N
-1981 M N\
10-year secured 3 %■
So Pac RR 1st ret guar 4a
14
53 %
Gold 4 Ha—
lat 4a stamped
Southern Ry lat
98
106%
53 %
54
.1968 M S
93%
107 H
104H
.1961 A
14
98
11
Westchester Ltg 5s atpd gtd
1950
Gen mtge 3 Ha
-.1967
West Penn Power lat 5a aer E.1963
lat mtge 3 Ha aerlea
I_.—1966
West Va Pulp A Paper 4
Ha —1952
•
106 %
-
Southern Natural Gaa—
lat mtge pipe line 4 Ha
103
97
17
1980 A
Wash Term lat gu 3 Ha
1st 40-year guar 4a
101H
102 H
98
*15
1978 A
♦5a assented
100%
49%
24%
29%
49%
1941 M S
Warren RR lat ref gu g
3H8-.2OO0 F A
Washington Cent lat gold 4a.-1948 Q M
aer
109%
30
*46
1955 A
{♦Western Pao lat 5s
High
101
10
*26H
4a_-1939
g
Warner Bros Plct6s deba
{♦ Warren Bros Co deb 6s
82
Low
64
22
1941 J
6s debentures
'
No
High
24
A
Jan. 1
1964 J
Walker (Hiram) GAW deb 4
Ha 1945 J
Walworth Co 1st M 4a
1955 A
116% 119%
10 %
19%
7H
17%
15
13%
*3%
O
103%
42%
1939 F
♦Ref A gen 4 Ha series C
♦Ref A gen 6s aerlea D
32 H
N
102 H
%
41H
♦Omaha Dlv 1st g 3 Ha
1941
♦Toledo A Chlo Dlv g 4a
1941 M S
{♦Wabash Ry ref A gen 5 Ha A.1975 M S
♦Ref A gen 5a aerlea B
1976 F A
20
30
Oct 1949 F
♦Slle8la Eleo
Corp 8 Ha
15H
30
"13%
6148
20
107H
112H
110H
O
O
aerlea A
99 %
68 H
103
<§<3
Asked
1939 IN
♦1st lien g term 4a
♦Det A Chic Ext lat 5s
{♦Des Moines Dlv lat
O
-1946 A
{§♦ Atl A Blrm lat gu 4s
{♦Seaboard All Fla 6a A ctfa—
47 H
1966 M S
Since
&
Low
98 H
105
1942 M S
Friday's
Bid
Price
Virginian Ry 3 Ha aeries A
{{♦Wabash RR let gold 5s
{♦2d gold 5a_
111H H8
64
♦Certificates of deposit—
♦lat
1
9
1963 A
Vis aerlea B
87 H
3 %
12
8%
Range or
Sale
13
High
6H
63
J
/I
Week's
Last
Week Ended Oct.
3H
J
1946 J
.
Low
1943 J
♦Stamped.
A
Scioto V A N E let gu 4a
1989 M
I {♦Seaboard Air Line lat g 4a—1950 A
{♦Gold 4a stamped
1950 A
♦Adjustment 6a
!♦ Refunding 4a
N. Y. STOCK EXCHANGE
87
1940
{♦Schulco Co guar 6 %s
♦Stamped
s
BONDS
Since
Jan. 1
"8%
St Paul Minn A Man—
♦Guar
Range
Sa
§3
Low
con g 4a.-1968
{♦St Paul E Gr Trk lat 4 %8—1947
{♦St Paul AKCSh Lgu4Ha..1941
8 A A Ar Paaa 1st
gu g 4a
San Antonio Pub Serv 4a
San Diego Conao! G A E 4a
Santa Fe Prea A Phen lat 6a
2343
6
Friday
Hioh
Bid
St Paul A Duluth 1st
f Pacific ext gu 4a (large)
St Paul Un Dep 6a
guar
Record—Concluded—Page
Week'*
Last
SI
150.85
33.65
25.34
51.24
105.98
51.49
105.76
33.95
25.52
91.93
55.76
105.44
55.89
105.16
89.71
HOLI DAY
HOLI DAY
151.34
92.02
89.78
HOLI DAY
56.14
33.80
25.36
105.69
91.88
105.08
89.70
Oct.
9.
149.89
33-61
24.95
50.92
105.68
91.65
55.55
104.72
89.40
Oct.
7-
149.60
33.64
24.88
50.84
105.26
91.62
56.04
104.70
89.40
Oct. 10.
150.66
51.25
1939
14.
Oct.
Exchange—Weekly and Yearly Record
New York Curb
2344
disregarded In the week's range unless they are the only transactions of the week and when Belling outside
shown In a footnote In the week in which they occur.
No account <a taken of such sales in computing the range for the year.
NOTICE—Caah and deferred delivery sales are
weekly range are
of the regular
extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (Oct. 7. 1939) and ending the present Friday (Oct. 13, 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.
In the following
week
for
of Prices
Week
Sale
Price
Par
STOCKS
100
—
§AIr Investors
m
6*4
June
2*4
Aug
6
Jan
5
Aug
8*4
Jan
Jan
2
200
100
100
Sept
6*4
June
1
13*4
Aug
08
97*4
98*4
87*4
87
88
890
61*4
Jan
71
Jan
1*4
300
10*4
20*4
13214
114*4
100
250
98*4
93 %
Sept
July
1*4
Jan
Jan
*4
Sept
May
10
Sept
7*4
June
11*4
Sept
May
20*4
Oct
17
90
Apr
110*4
141*4
116
42
100
141
Oct
111*4
Aug
Jan
43
100
1*4
Mar
3*4
Jan
40*4
Sept
60*4
Jan
American
Class A
600
Jan
35*4
Aug
Class A
25 *4
Apr
1*4 June
34*4
22
Apr
33
Sept
Apr
35*4
Sept
»ie June
1*4
Jan
British
31
.......
Class A with warrants.25
Class B.
29*4
31
1*4
.....
Amer Cyanarnld class A.
1,200
~32~H "32*4 "33*4
5,200
"is
200
"it
Amer Foreign Pow warr...
»ie
12*4
12*4
450
8*4
Apr
12*4
Sept
36*4
8,100
29*4
40*4
Mar
113*4 114*4
5*4
5*4
450
110*4
Sept
Sept
3*4
114
*
27*4
52 preferred
27*4
200
50
16*4
Macy...20'
*15*4
Amer Lt A- Trac com...25,
6% preferred
16*4
100
15*4
15*4
1,300
Preferred
Bruce (E
34*4
18
Mar
Apr
18
Jan
Mar
Aug
Sept
95
Amer Potash & Chemical.*
Amer
Republics
Seal-Kap
8*4
8
1,300
*4
8
10
Post
Angostura
..*
3 A
.....
Wupperman..l
13*4
Apex Elec Mfg Co com
*
Appalachian El Pow pref *
SArcturus Radio Tube...l
Arkansas Nat Gas
111*4
Common class A
17
1,000
18
10
Elec
Jan
80*4
Apr
27
AU7
Feb
3*4
400
3*4
July
3*4
Apr
1*4
100
1
Sept
214
Sent
2
500
1*4
Sept
3*4
Feb
13*4
300
111*4 111*4
140
2*4
2*4
2..500
12*4
2*4
400
2*4
6*4 '
300
7
Apr
Carter (J W) Co common. 1
95*4
Aug
Casco Products
16*4
8
600
4*4
5
1,200
4*4
Apr
Sept
Catalin Corp 0! Amer
16*4
June
June
Sept
6*4
6*4
100
5*4
Sept
*4
200
*4
Jan
»'16
800
7*4
900
8
10
Mar
*4
Jan
15i«
Jan
1*4
Jan
Jan
11*4
Mar
Cent Maine Pow 7% pf 100
Jan
»n
Jan
Cent N Y Pow 5% pref. 100
'i«
Aug
*4
Jan
2*4 May
63
4*4
2,400
27*4
120
7*4
7*4
100
*4
*4
100
4*4
4*4
100
3*4
26
7*4
.1
5
Automatic
68
Apr
Jan
98
Feb
6%
preferred
2*4
Apr
4*4
Sept
7%
preferred..
Apr
31*4
9*4
Jan
Sept
Conv
1*4
Sept
Sept
17
Feb
3*4
*4
Apr
2*4 June
5*4
Sept
25*4
»i« June
1
5
1*4
2
400
6
Automatic Voting Mach.^*
*4
6*4
200
1*4
5*4
2*4
5
25
15
25
14
Jan
Sept
Apr
Apr
Sept
*4 June
Warrants
Aviation
& Trans Corp_.l
Axton-Fisher Tobacco—
2*4
2*4
2*4
4,500
1*4
Aug
Jan
Jan
3
Apr
8*4
Jan
8*4
22*4
18
3*4
4
14
Strip Co
Aug
Childs Co preferred
Jan
*
Preferred
May
Sept
Preferred BB
22*4
21*4
23*4
1,000
13*4
Aug
29*4
Cities Serv P & L $7 pref.*
com.
8
Bath Iron Works Corp
12,700
500
25*4
26*4
6*4
6*4
6*4
100
*4
*4
1*4
700
1
Sept
9
9*4
2,000
Jan
37*4
Sept
1,300
*4
Apr
Feb
1*4
Sept
Jan
94*4
2,300
8 *4
Sept
21*4
Jan
7*4
300
5*4
Sept
100
9
Feb
Apr
7*4
12*4
15*4
Aug
May
26
Sept
*4
*4
99*4 100*4
10*4
7
11
40
85
400
9*4
8
100
bell Tel of Pa 6 A % Pf -100
2349
9*4
21
7*4
10*4
23
8
13,100
1,000
2,100
110
June
6*4
Sept
19*4
50
17
Aug
30
48
Feb
27*4
61*4
Mar
57
14
14
200
13*4
Jan
14*4
"93"
190
9*4
100
6*4
Aug
Apr
97
June
Aug
11
Sept
Jan
109*4
May
1*4
*4
Apr
*4
2*4
July
5
Mar
7
June
14
Mar
3
175
85
400
Feb
Jan
3*4
May
4*4
Jan
Aug
5*4
3*4
4*4
3*4
3*4
5*4
Apr
July
Apr
7*4
7*4
July
15
zl2
9
110
Apr
130
Jan
60
Sept
79
Feb
9
500
5*4
Apr
500
6xe
51*4
Jan
100
450
9
66*4
*4
27*4
6
27*4
25
*4
25*4
Apr
Sept
5*4
6*4
2,700
4*4
Aug
51*4
51*4
1,400
43*4
Mar
4*4
200
3*4
Feb
9*4
Sept
*4
Sept
9*4
Feb
58
5*4
4*4
46*4
46*4
10
37
Mar
55
75
74
76
200
55
Jan
84
71*4
71*4
74
100
53*4
Jan
81
6*4
100
Sept
Jan
5*4
Mar
Mar
15*4
July
20*4
®I6
"16
100
*4
5*4
100
1*4
Aug
Apr
5*4
40 *4
41*4
5*4
250
34*4
Jan
400
3*4
Clinchfield Coal Corp-.lOO
1*4
"2*4 "2*4
""loo
2*4
11
Sept
2
Jan
Club
Oct
50
Jan
Cockshutt Plow Co com..*
Sept
40
Feb
Cohn & Rosenberger Inc.*
354
15
4*4
152
118*4
Jan
Cleveland Tractor
com
41*4
5*4
*
Alum Utensil Co...*
6% conv preferred
5
5
Sept
3*4
Mar
7*4
2*4
2*4
1,000
1*4
Sept
8*4
""766
4
Oct
Apr
87
750
70
64*4
135
55*4
Feb
Colorado Fuel <fc Iron warr.
Aug
36*4
Jan
Colt's Patent Fire Arms.25
85*4
7*4
83*4
Aug
10*4
Jan
176*4
Aug
64*4
63*4
124
Aug
7*4
Mar
9
July
4
Jan
4*4
9*4
Sept
Apr
96*4
Sept
Jan
74*4 May
Aug
Columbia Gas <fc Elec—
Sept
Oct
Aug
""260
81
Jan
June
July
Jan
Q
£1
xA.2
Sept
Apr
Jan
Q
1*4
6*4
4*4
Q
2*4!
Colon Development ord
Feb
7*4
5*4
Sept
Feb
July
4
*
Mar
July
July
4*4
6*4
1
May
Jan
59*4 June
Clayton & Lambert Mfg.
Cleveland Elec Ilium
Jan
67
115*4 115*4
66*4
Claude Neon Lights Inc-.l
Jan
Jan
Sept
June
Clark Controller Co
5
July
2*4
Jan
Mar
Sept
13
July
Apr
85
Jan
Sept
Mar
107
Feb
July
Jan
19*4
Sept
4*4
4
July
Aug
1*4
Jan
254
22*4
4*4
7*4
1*4
10*4
9*4
10
1
Aug
28*4
July
100
Beech Aircraft Corp
I
Bell Aircraft Corp com._l
Apr
102
Apr
*4
25
20
Aug
Oct
Oct
Apr
5
17
For footnotes see page
9*4
2*4
5
Mar
15*4
100
Beaunlt Mills Inc com.. 10
*
1*4
~8*4 "5" "2", 100
9
*
Bell Tel of Canada
Apr
7*4
1
com
4
100
Barlow & Seelig Mfg A..5
Basle Dolomite Inc com._l
Baumann
9*4
26*4
1
Stainless Steel...1
Aircraft
24*4
1
City Auto Stamping
City &. Suburban Homes 10
86 preferred
8*4
7% preferred.
30
Baldwin Rubber Co com.l
Bellanca
400
36
900
*
Jan
Baldwin Locomotive—
pref
Apr
103*4 103*4
Preferred B
4*4
conv
22*4
9*4
100
Cities Service common..10
48*4
51.50
Sept
Sept
"93"'" "91"
Cherry Burrell common. .5
Chesebrough Mfg
25
Aug
(L) Co com
7% 1st preferred
7% 1st pref v t c
Sept
19*4
5
10
Charls Corp
Sept
Barium
Sept
Chamberlin Metal Weather
2*4
Bardstown Distill Inc
1*4
8*4
90
*
Sept
Sept
Sept
Apr
Aug
100
100
Chicago Flexible Shaft Co 5
Chicago Rivet & Mach
4
Chief Consol Mining
1
Sept
4
22*4
Conv pref opt ser '29.100
35*4
Purch warrants for
Apr
*4
4,600
..100
100
Centrifugal Pipe
10
common
4*4
1*4
1*4
1
preferred
Ayrshire Patoka Collieries 1
Baboock A Wilcox Co
*
A
June
3
1
Cent States Elec com
Aug
11*4
*
tAustin Silver Mines
Class
Mar
May
8*4
56
19*4
Cent Pow & Lt 7% pfd 100
96*4
Corp warrants
w
100
Cent & South West Util 50c
Line Co.50
xw
Cent Ohio Steel Prod
Sept
33*4
76
...»
5*4
2*4 May
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries..*
preferred
*
May
Feb
June
Feb
Celluloid Corp common. 15
1st partic pref
4*4
25
16*4
*4
ft3*4
1
Mar
700
Castle (A M) common. .10
Cent Hud G & E com....*
Birmingham &
Coast RR Co pref... 100
6%
"l ,600
7% 1st partic pref... 100
6*4
Assoc Tel & Tel class A..*
6% preferred w
18
Ceianese Corp of America
Assoc Laundries of Amer. *
Avery (B F)
400
Jan
May
1*4
12*4
*
J64
Products
Jan
Sept
1
1*4
17
7*4
3*4
7*4
Apr
Jan
Apr
5
*
Corp
*4
78
10*4
5*4
%
Atlas Plywood
*4
*
$7 div. preferred
Atlas Drop Forge com
2*4
1*4
35*4
36
1
Carrier Corp common
Oct
Jan
3*4
100*4
$6 preferred..
Jan
107
Sept
Aug
*
*
Apr
Mar
22*4
1*4
*4
Feb
23*4
4*4
1
*4
Jan
Mar
2*4
Aug
1*4
*
3*4
Jan
34*4
20*4
»u
1
Capital City Products...*
Carib Syndicate
25c
Carman & Co class A
*
Class B...
May
Apr
1*4
1*4
Marconi
Jan
May
Sept
100
1
Canadian
Carnation Co common
Apr
Option warrants
Atlas
11
100
5*4
2*4
7*4
£1
Atlantic Rayon Corp
100
1,700
42
6
Apr
Sept
Sept
Aug
4*4
17
600
5*4
Carnegie Metals com
Carolina P & L $7 pref
%
Coast
19*4
7*4
25
Apr
1*4
2*4
5
Class A
Atlantic
26*4
July
June
28
24*4
Sept
Sept
ux«
1*4
»xe
2*4
7*4
Common
Atlanta
15*4
"5*4"
JaD
Assoc Gas & Elec—
$5 preferred..
50
350
£102
15
1
Mar
Sept
July
2*4
June
19*4
14
Apr
3,400
900
29*4
21
17*4
18
112
Industries
deposit rets
5*4
Oct
2*4
Aug
1*4
2
Apr
*4
Sept
9*4
107
Mar
1*4
Canadian Indus Alcohol A *
Cndn Colonial Airways
1
Assoc Breweries of Can..*
Amer
Feb
6
Works com
Ashland Oil & Itef Co
Associated
June
1
3*4
1*4
Arkansas P & L $7 pref..*
Art Metal
7
Apr
13
Feb
7*4
2C0
50c
78*4
2*4
*
Preferred
Jan
*4
1*4
2
Am dep 5 *4 %
Sept
*4
2%
*
com
11*4
22*4
Feb
Sept
Canadian Car & Fdy pfd 25
2
5
pref
Apr
Sept
Cables & Wireless Ltd—
Oct
99
67
17 *4
Fence.....*
Thread
American
Anchor
5*4
Vot trust ctfs
1*4
».«
pref shs £1
Calamba Sugar Estate. .20
4*4
Corp com*
preferred
*
*6 series preferred
Feb
55
6,800
2
com
Am Superpower
1st 56
150
97
Feb
1*4
"15*4"
Cable Elec Prod com...50c
*4
24
4 %
19 '4
101
*
1st preferred
Bunker Hill & Sullivan 2.50
Burry Biscuit Corp_.12*4c
1*4
Sept
1,?00
Burma Corp Am dep rets..
32*4
Jan
13*4
300
20*4
21
Jan
Apr
Mar
22*4
300
29*4
50
Sept
Aug
June
22*4
7
June
Sept
32*4
Oct
5
5
Apr
*4
Apr
Aug
30
13
85
Jan
4*4
16*4
4*4
15*4
*4
900
*
Buff Nlag & East Pr pf.25
1,400
*4
June
2
1
Sept
20*4
American
—
June
...»
1
Sept
13*4
20
5
12*4
Amer Pneumatic Service.*
Amer Maracalbo Co
Amer Meter Co
86 preferred
24*4
19*4
..*
Brown Forman Distillery. 1
Aug
24*4
39
Jan
Aug
23*4
Class A pref
Brown Rubber Co com
29
16*4
19
24
Brown Fence & Wire com.l
July
66
Apr
9*4
uia
100
Sept
Apr
21*4
200
ord reg-.lOs
British Col Power cl A
*
6
Apr
200
250
deprctsordreg...£l
29
Sept
2*4
Aug
Am dep rets
SBrown Co 6% pref
Jan
Mar
77
*4
1*4
British Celanese Ltd—
May
June
Aug
Jan
14*4
Am
16*4
deprctsord bearer £1
Jan
54
Sept
7*4
Amer Tobacco—
Am
Mar
9*4
100
100
34*4
19*4
L) Co com
Buckeye Pipe Line
26*4
.25;
Amer Mfg Co common
Jan
Aug
2*4
29 *4
26*4
Amer Invest of 111 com.
Aug
100
12
6*4
Rubber Co.50
Feb
4*4
11*4
12*4
18
Jan
33
Sept
18
116
Jan
3V4
*
Jan
24
27
52.60 preferred
Laundry
Jan
34*4
American General Corp 10c
Amer
Aug
12 >4
Amer Gas & Elec com...
Hard
1854
2*4
735 *4
Amer Fork & Hoe com...*
$G preferred
1*4
10
10
Class B n-v
1*4
Mar
12*4
British Amer Oil coupon..*
27
12*4
12
Feb
525
Jan
Sep1
1*4
3*4
33*4
1*4
Jan
5*4
55
3*4
Jan
300
32
Mar
31*4
July
32
*
23
30*4
May
5*4
3
5*4
200
75
31
14*4
Jan
Sept
Aug
100
Aug
Jan
Jan
*4
1*4
400
June
2*4
Feb
June
24*4
4*4
64*4
Aug
4
26
800
6*4
*
10c
*4
Jan
Apr
Aug
1,200
2,300
Registered
Jan
9
6
6*4
Brill Corp class B
Apr
200
10
2
7*4
Bridgeport Machine
Preferred
34
200
7
Jan
"""% ""*4"
*4
6
*4
*4
July
7*4
Jan
15
Sept
42*4
200
6*4
*4
200
1*4
..1
Class A...
~4~206
Apr
Apr
6*4
7% preferred
100
BrilJo Mfg Co common..*
Class A
*
22
*4
Bridgeport Gas Light Co. *
'
Am Cities Power & Lt—
Amer
*
*
Jan
21*4
Sept
1,700
9*4
1*4
10
Mar
*
*
Centrifugal Corp..l
Sept
1*4
39*4
3*4
2*4
Common class B
Sept
28*4
4*4
8
10
9*4
S5.50 prior pref
9*4
19*4
Apr
*4
Aug
S3 preferred
Sept
Apr
13*4
2*4
Sept
100
700
200
17*4
1*4
8*4
June
4*4
5
8*4
40
7,300
39*4
Capital—
common..--10c
Amer Box Board Co com.l
Mar
9*4
Aeronautical... 1
Brewster
Mar
1*4
100
Breeze Corp
7
Sept
Jan
17
18*4
*
7% 1st preferred
2d preferred
Jan
*4
Jan
27*4
8*4
25
Bourjois Inc
Sept
Mar
94
Aug
16*4
Bowman-BIItmore com—*
Sept
86
17*4
140
1*4
1st preferred
Borne Scrymser Co
7%
Brazilian Tr Lt & Pow
T266
Apr
Corp com
(S) & Co
Bohack (H C) Co com
July
>i«
500
Aug
26*4
8*4
17*4
Blumenthal
Sept
Jan
*4
*34
1
5
1
*
*
*
100
$3 opt conv pref...
July
2 *4
350
96*4
96
1*4
Beverage com.l
Book
"92*4
94
100
American
91*4
14
Industries com*
Alumln um Ltd common.*
American
Jan
48*4
13
com....*
Aug
Mar
45
Jan
*4
Foundry
& Machine Co
Bliss (E W) common
Blue Ridge
62*4
1*4
*4
*4
Aug
Jan
Apr
27
500
*
Bliss & Laughlln com
100
17
Birdsboro Steel
»16
—*
Sept
83
3
17
Goods Mfg—*
Aluminum
114
100
8.50
130*4 134
114
Aluminum
Co
Jan
8*4
2*4
'10*4
20*4
100
preferred
Jan
Jan
*4
*4
40
200
1*4
26
preference..
75
2*4
common..*
Co
81*4
2*4
18
Apr
warrants
1, 1939
High
Low
16
.50
*4
*4
$2.50 conv pref
11
Shares
44
44
*4
1
Bickfords Inc com..
Purchase
Range Since Jan.
for
Week
High
IjOW
com...*1
*
Berkey <fe Gay Furniture.
300
16*4
80
80
Gt Southern..50
Class A conv com
Amer
21
*it
*
56 preferred
*
Alles & Fisher Inc com...*
Alliance Invest com
*
Allied Internat Invest com*
S3 conv pref
*
Allied Products com
10
6%
Feb
Beason & Hedges
6*4
8*4
6*4
8*4
16*4
Ala Power $7 pref
6%
Sept
700
Warrants
Aluminum
24*4
July
4
3*4
2
common..*
*
preferred
Alabama
(Continued)
High
Low
14*4
Price
Conv pref.....—
Class B
Couv
Shares
Par
Range
of Prices
Sale
STOCKS
18*4
21*4
2114
1
1
AInsworth Mfg common.5
Air Associates Inc com_..l
Class A
High
Low
Co common. 10
Aero Supply Mfg—
Acme Wire
Week's
Last
1, 1939
Range Since Jan.
Week's Range
Last
sales
Friaay
sales
Friday
Aug
11*4
Apr
Conv 5%
preferred—100
Volume
New York Curb Exchange—Continued-Page 2
149
Sales
Friday
STOCKS
Last
Sale
{Continued)
Par
Columbia OH & Gas
1
Price
Week's Range
High
2%
2%
2H
2,400
H
X
X
9,000
32%
32 H
50
26 %
25%
32 X
26%
475
X
X
Low
600
2%
Apr
7%
Jan
4%
14
Jan
Jan
1
h« Sept
Aug
1%
Aug
Apr
40%
Aug
Sept
29%
June
si6 June
%
Jan
"16 May
26
23%
Comoo Shoe Mach—
e-1 to 1946._.—1
16
16
16
200
13%
Apr
16%
Aug
"37" -"Jan
*
1
com
*
3%
73
3%
73.
1,800
"ik "ix
T300
AO
AX
450
3%
71H
100
1
1%
Consol Min & Smelt Ltd.5
38
1
4
Consol Retail Stores
37X
A
900
Aug
Jan
Sept
%
37
Apr
Oct
Jan
Mar
98
Amer dep
Fox
rets.-.100 frcs
(Pete./ Brew Co
Jan
X
*16
1,500
%
10%
11%
1,800
10%
11%
3,100
7%
1,150
11%
.....
7
15
15
200
2
2
300
*
73 %
73%
1H
1%
25%
Crocker Wheeler Elec—..*
26 H
6H
1
H
120
75
13
7,900
6%
26%
7
X
ht
500
2%
.1
11
July
13%
Sept
Jan
27%
Sept
3% June
10%
Apr
8%
15%
Sept
Sept
Sept
Sept
1% June
1%
Sept
3%
Aug
70
%
Mar
2%
Apr
Mar
Mar
90
13
4% Sept
16% June
4% Aug
28
Jan
15
9%
300
6%
17
Sept
17%
17%
300
28%
4,800
Jan
19
28%
26
*
17%
6
%
14
c v
*u
Jan
%
Mar
*
July
•xe
11
July
100
2%
Aug
4%
Jan
45% Sept
107% Sept
1% Sept
6
Apr
3% July
14%
Jan
56%
May
111%
Aug
17%
1,300
6%
6%
1,800
""206
Sept
Godchaux Sugars class A.*
Class B__
Gorham Inc class A
95
95%
Sept
Gray Manufacturing Co. 10
Jan
8%
32
7%
8%
31% 32
9%
11
100
101
18
21%
7%
8%
18
21%
8
8%
300
102
107%
129
8%
25
Non-vot com stock
*
107%
25
300
6%
Feb
2%
45%
9%
Sept
Jan
17%
Sept
Grocery Sts Prod com__25c
Grumman Aircraft Engr.l
Guardian Investors
1
Aug
Giflf Oil Corp...
Aug
Gull States Util 85,50 pf.*
Sept
Jan
$6 preferred
Gypsum Lime & Alabast-*
Hall Lamp Co
*
Haloid Co
5
Apr
Hartford Elec Light
25
7% preferred
10
10
Mar
10
Ms'
Hartford Rayon vtc
Diamond Shoe Corp com.*
14
Jan
28
July
Harvard Brewing Co
16%
"800
"43" "41% "43%
4,200
16%
16%
no"%
4%
uox
"""3% "1%
13
13
Apr
1%
Mar
21%
8%
9%
Feb
7%
7
7
Dobeckmun Co common.
1,300
100
3%
5
Sept
26%
Dominion Bridge Co
11%
11%
""500
son
79
80%
140
28
27%
29%
500
Dominion Steel & Coal B 25
Apr
8
Aug
Aug
Oct
Mar
Jan
230
14%
Sept
64
May
5
July
60
Dominion Tar & Chemical*
Jan
5
Dominion Textile Co.—*
July
62
Apr
80%
Oct
Apr
3 iX
105%
Sept
10
7% preferred
100
Dubilier Condenser Corp.l
105%
1%
Apr
1%
Mar
100
61%
Sept
72%
Aug
Durham Hosiery cl B com *
1
%
2%
July
Sept
*
5
Mar
9%
7%
Apr
14%
Sept
Duke Power Co
Duro-Test Corp com
Duval Texas SulDhur
Aug
Apr
5%
Sept
625
16
June
6
Apr
11
12
Apr
12
22%
12
Sept
75
5%
•x« June
"l9"
*
—*
Elec P & L 2d pref A
"l9"
18
series A-..*
SB preferred series B—*
Easy Washing Mach B—*
Economy Grocery Stores.*
Elsier Electric Corp
1
$7 preferred
18,
225
4/
900
3%
""l25
10%
10
Apr
Aug
2% June
Apr
14%
"T% "in
""300
9%
9%
9%
19,700
"67%
55%
65%
57%
67%
2,600
18%
18%
100
*
700
1
Jan
22
60
60%
7% pref stamped
100
7% pref unstamped-.100
14% June
29%
5%
14%
Aug
Sept
1%
Jan
Apr
22%
Oct
Jan
71
Feb
Sept
71
Mar
71
Mar
%
18%
Jan
Jan
June
60
51%
61%
125
52
Feb
73
Mar
62
125
54%
Feb
74
Mar
"it
100
21%
Feb
27%
10%
Aug
1
Sept
26%
9
300
10
"H
%
.
3,600
250
6
Apr
8%
20
Jan
Sept
*r«
Jan
Sept
8%
June
27%
27
18%
4%
18%
27%
4%
19
hi
hi
2,000
ht
10%
10%
1,100
7%
500
9%
6%
10%
7
7
100
200
Jan
% Apr
23%
Apr
3% Aug
15% June
Aug
30
Sept
16
Jan
Feb
7%
4%
"7%
Hydro Electric Securities.*
Hydrade Food Prod
5
Hygrade Sylvania Corp..*
Illinois Iowa Power Co—-*
5% conv preferred
50
Div arrear ctfs
50
18%
Oct
24%
Aug
10%
300
4%
Jan
Apr
11%
Sept
5
8%
Oct
35
May
35
May
International Cigar Mach *
14%
Apr
May
22
Mar
10%
X
July
May
Apr
68
Mar
Hydro Elec—
Pref 83.50 series
50
A stock purch warrants.
Intl industries Inc
---1
Apr
12%
Mar
18%
21%
2,900
7
Fiat Amer dep rights
1
Fire Association (Phila).-l
FIsk Rubber Corp
10
J6 preferred
100
80%
Florida P & L $7 pref.-.
85
61«
Fldello Brewery
64
10
For footnote* see page 2349
9%
X80
81
16
65
10%
80%
85
100
90
2,100
%
56
6%
Sept
125
71
Apr
90
Mar
500
50%
Apr
85
Oct
2%
18%
Sept
24
Api
Oct
8%
12%
Feb
Jan
Sept
July
Aug
Jan
Mar
Apr
33
119
132
Feb
44
4%
Aug
Apr
12
Sept
%
29%
95%
May
Oct
9%
2%
22%
Sept
%
Feb
Sept
109%
112%
July
Aug
July
Jan
Apr
Apr
June
45
6
Apr
Jan
4%
14%
Sept
8%
61
266%
2%
%
%
Mar
Jan
1
Apr
1%
9%
Jan
Jan
Oct
July
Oct
Sept
Sept
Sept
4%
7%
7%
~28~"
"""206
7%
4%
7%
7%
500
300
100
100
4
Jan
Mar
23
Mar
21
Apr
36
Mar
Sept
11%
5%
3%
6%
6%
23%
Aug
5%
22%
Sept
9%
Feb
4%
8%
Apr
Sept
9%
Apr
28%
26%
13%
Jan
7
Mar
Oct
Jan
Jan
Jan
Oct
June
Jan
Aug
Jan
Oct
13%
13%
300
56
300
30
Apr
60
48
48
100
43
Sept
50
9
"Io%
9
10C
3%
10%
9
Apr
Sept
15%
Sept
July
Apr
13%
June
10
10%
800
11
11
100
9%
7%
11%
23%
July
Sept
Feb
Mar
8
Jan
12%
July
Apr
31
Sept
2
225
233
233
Sept
3
Mar
31
Sept
39%
112%
13%
Sept
Jan
108%
1,700
5%
300
ht
3i6
Aug
Apr
»i«
Apr
%
Jan
6%
Mar
9%
June
JaD
300
350
8%
52%
2%
8%
4%
Apr
9%
68%
68
Apr
9%
3
2 X
27
3
19%
4%
3
2%
27
3
900
50
700
600
Aug
Aug
1%
Apr
20
Apr
2%
14%
3%
51%
Apr
Apr
Sept
May
71
Aug
Sept
5%
12
Sept
Jan
9
4%
3%
31
4%
25
Jan
Mar
Sept
July
Jan
Feb
"""10
5%
Apr
12%
13%
4,100
Sept
17
200
Sept
Sept
16%
11%
11%
12%
10%
22%
22%
6%
900
19
Sept
May
May
32
5%
5%
15%
June
5%
Apr
17
June
100%
Apr
109%
"it
107%
200
11%
6%
19%
4%
"r7% "r7%
13%
Apr
2
2
19%
4%
6%
107% 107%
'"Hi "lH
200
10
"266
%
Mar
»ii
Apr
8%
7% preferred-100
Insurance Co of No Am. 10
20%
June
Apr
6%
Feb
57%
Aug
7%
Sept
16%
7
Feb
Mar
July
Feb
Jan
July
Vtc common-..
Sept
% Aug
12% Aug
71% June
24% Mar
Apr
Mar
21%
%
Mar
h»
1%
Sept
4%
Jan
1
19%
25
.1
•it
13%
19%
55
48
—
10%
Ferro Enamel Corp
101
July
Industrial Finance—
19%
Fed Compress & W'h'se
i16
Mai
24
*
Imperial Chem Indus __£l
Imperial Oil (Can) coup..*
Registered
—-*
Imperial Tobacco of Can.5
Imperial Tobacco of Great
Britain & Ireland
£1
Indiana Pipe Line
10
Indiana Service 6% pf-100
7% preferred
—100
IndplB P & L 6 %% pf-10P
Indian Ter Ilium OilNew non-voting class A 1
New class B
1
coml
Fansteel
7%
1
Metallurgical—*
Fedders Mfg Co
5
Fanny Farmer Candy
Aug
June
2
""27"
68%
Feb
Mar
33
23
5
Common
61
26%
"id"
100
100
Jan
60
62
25
""400
{Huylers of Del Inc—
5% preferred
Hubbell (Harvey) Inc
Illuminating Shares A
.5
Esquire Inc
1
Eureka Pipe Line com..50
European Electric Corp—
Option warrants
Fairchlld Aviation
1
Falstaff Brewing
1
200
Mar
72%
6
10
Api
'¥,600
Hussmann-Ligonler Co...*
65
5%
91
7
Apt
:
July
37
Api
Jan
8%
Hummel-Ross Fibre Corp 5
Mar
Apr
55
Equity Corp common.. 10c
53 conv pref
1
Emsco Derrick & Equip.
22%
Humble Oil & Ref
July
2
85
Api
Fet
1,000
2
1
Sept
Apr
53
60%
1%
8%
..*
4%
17%
50%
Jan
Co com
24
Sept
59
Mar
Horn (AC)
Horn & Hardart
Sept
12%
3
1
E ectrol Inc vtc
1
Elgin Nat Watch Co
15
Empire Dlst El
pf 100
Empire Gas & Fuel Co—
6% preferred...
100
6%% preferred
100
7% preferred
100
8% preferred
--.100
Empire Power part stock.*
Oct
1 %
24
Apr
6%
10
Option warrantsElectrographic Corp
Sept
Jan
98
July
Hormel (Geo A) & Co com*
1,000
42%
25%
Sept
21%
40%
23
Jan
39
Jan
Feb
Aug
6%
Jan
Jan
4%
1%
"i% "~ix""!%
25
Hewitt Rubber common. .5
1
.100
$6 preferred
w w
800
5%
Ap;
2%
79%
103%
Preferred ex-war
4%
4
Eastern States Corp
$5 preferred
Preferred
2
-..25
100
38%
Elec Bond & Share com..5
Class A-
Heller Co common
2,600
AH % Prior preferred-100
6% preferred.
corn...5
50
25c
6% conv preferred
Hecla Mining Co
Helena Rubenstein
7%
4%
38%
Eastern Malleable Iron..25
Hearo Dept Store
12%
*
__
1
.1
7%
Jan
Aug
%
1%
Haverty Furniture cv pfd.*
Hazel tine Corp
*
11%
12%
2
East Gas & Fuel Assoc—
Common
1
Hey den Chemical10
Hires (Chas E) Co cl A—*
Hoe .(R) & Co class A.—10
Hollinger Consol G M...5
Holophane Co common.
Holt (Henry) & Co cl A..*
Horder's Inc
*
10
Eagle PIcher Lead
Aug
265% 265%
25
Hat Corp of Am cl B com
*7%
103%
'""16
100
Hartman Tobacco Co.... *
Sept
Jan
Jan
1%
*
Jan
1%
52%
69%
124%
300
7% 1st preferred
Sept
16
82
175
9%
Distillers Co Ltd—
Apr
Api
5
42%
Sept
Apt
8%
9
2%
31%
29%
1%
62%
46%
200
42
July
%
July
500
129
200
Mar
1
1%
100
1%
52
ht
Greenfield Tap & Die
1%
A pi
Sept
May
Great Atl & Pac Tea—
17
7%
110
Gt Northern Paper._-._25
Ian
Corp...5
300
Oct
2
Jan
Sept
21 %
Aug
2%
Mar
July
Sept
75
150
July
Aug
52%
Mar
Jan
3,700
8%
June
Jan
Sept
July
5%
3%
17%
1
%
3%
30%
1
Am dep
425
*
Sept
300
Jan
28
*
1%
600
66
65
*
87 preferred
7%
18%
1%
1%
Jan
Goldfield Consol Mines.. 1
8%
1%
14%
42 %
4
$3 preferred
*
Gorham Mfg com
10
Grand Rapids Varnish.._*
Mar
Jan
31
95%
Apr
13%
in
50
100
Apr
1% Aug
35% June
7
1%
300
Apr
Aug
5
4
~2X ~~2X
75
50%
Apr
9
23%
2X
1%
75
50%
*
Glen Alden Coal
3
16%
$5 preferred-
July
18
11
2%
19
95%
1%
75
.100
6% preferred A
11
3
17%
47
*
Apr
Oct
62%
33%
%
73
46
1
Common
86 conv pref ww
*
Gen Telephone 83 pref
*
General Tire & Rubber—
Gilchrist Co
Feb
3,350
73
Gen Rayon Co A stock...*
General Shareholders Corp
Feb
7
12%
hi
3
100
53%
20
*
Apr
Feb
95
%
52%
1,500
Gilbert (A C) common...*
Preferred
*
1%
16
Sept
July
Warrants
Jan
Aug
Jan
%
200
Oct
Mar
85
82
Gen Outdoor Adv 6% pflOO
Gen Pub Serv S6 pref
*
3
10
50%
$6 preferred
July
43
Mar
*
Gen Water G & E com___l
9%
Jan
83
12%
100
5% preferred
83 preferred
*
Georgia Power 86 pref...*
10
53 H
10
Sept
29
34
85
85
pref.*
July
Sept
Apr
Jan
'"300
17%
24%
4% conv preferred...100
Gamewell Co $6
Sept
200
27
Gatlneau Power Co com-*
24
10
Mar
9%
Feb
10
Draper Corp
Driver Harris Co
Mar
Aug
Jan
Sept
7%
Mar
»Jan
10
De Vilbiss Co com
rets ord reg..£l
Divco-Twin Truck com.-l
4%
15
Detroit Steel Products...*
Distilled Liquors
2%
14%
1
Mar
%
200
""""% """%"
6% pref w w.
20
Detroit Gray Iron Fdy.-.l
Det Mich Stove Co com__l
1
May
500
General Investment com.l
13%
1
Detroit Gasket & Mfg-.-l
Detroit Paper Prod
2
Sept
Apr
6%
6%
1
....
35
1
Dejay Stores.
Derby Oil & Ref Corp com*
A conv preferred
*
Oct
55
Aug
1%
2%
*
5
Class A
1%
10%
55
Sept
200
2%
Darby Petroleum com.-.5
Davenport Hosiery Mills
Decca Records com
100
Aug
95
4%
500
100
Dayton Rubber Mfg
1%
12%
4%
2,000
25
-*
Jan
1%
12
%
2
Crystal Oil Ref com..—*
6% preferred
-10
Cuban Tobacco com vtc.*
Cuneo Press Inc
23
Gen Fireprooflng com. _—*
Gen Gas & El 6% pref B._*
Mar
4
com.._25c
Preferred
Oct
13
%
Cosden Petroleum com._.l
Crown Cork Internat A..*
23
16
13
15%
Cook Paint & Varnish-
Crowley, Mliner & Co
*
Crown Cent Petrol (Md).5
Sept
Sept
100
ref.£l
8%
Cont Roll & Steel Fdy—.*
Croft Brewing Co
2,900
1
15
Sept
84
50
£l
5
Conv partic pref
8%
35
5°£ conv preferred
2%
16%
16%
Fuller (Geo A) Co com
$3 conv stock
Amer dep rets ord
90%
Courtaulds Ltd
1%
1
Aug
90 H
Creole Petroleum
High
15%
16%
5
Sept
90 %
$6 preferred A
Low
Froedtert Grain & Malt—
1%
100
Continental Oil of Mex-.l
$3 prior preference
*
Copper Range Co
—*
Copperweld Steel
*
Cornucopia Gold Mines-5c
C rroon & Reynolds—
Common
.1
Range Since Jan. 1, 1939
Shares
Ford Motor of France—
Jan
Apr
*
for
Week
High
9
16
——*
1%
3
Bessemer com
Range
of Prices
2%
£1
dep rets ord ref
Class B
General Alloys Co
Gen Electric Co Ltd—
1,800
6%% preferred
Curtis Lighting Inc
Curtis Mfg Co (Mo)
1%
Jan
7%
Crown Drug Co
Aug
84%
121% June
6
5%
er
Feb
60
7%
Coo
6%
jan
Apr
Consol Steel Corp com...*
Cont G & E 7% prior pf
"37"
Sept
2%
86
100
-10
8% preferred..
Consol Royalty Oil
3%
71
111
100
4% % series B pref
Consol Gas Utilities
Week's
Low
Fruehauf Trailer Co
Conn Gas & Coke oecur..*
Consol G E L P Bait
Am
Common
$3 preferred.
Consol Biscuit Co
Price
Ford Motor Co Ltd—
Ford Motor of Can cl A..*
Wai rants
Vtc
Sale
Par
High
Commonwealth <* Southern
Community P & L $5 i ref *
Community Pub Service 25
Community Water Serv.J
Last
(Continued)
Shares
Columbia Pictures Corp..*
Commonw Distribut
STOCKS
Range Since Jan. 1, 1939
for
Week
of Prices
Low
2345
Sales
Friday
221
66%
20%
68%
21
450
59
500
20%
15%
15%
300
12
"2%
"600
Apr
Internat
15%
"2
Jan
i
Week's Range
for
Sale
of Prices
Week
Par
Low
High
Shares
Pow warr
International Petroleum--*
Registered.--
Low
3%
19%
3%
20%
2,500
2,900
*
International Products—*
B-*
—*
—----1
*
700
Par
Class B
$1.75 preferred
%
14%
32%
%
14%
32%
12
12
Jan
Molybdenum Corp
1,700
Monarch Machine Tool--*
5%
27%
6%
Jan
27%
100
Apr
Mar
6
Sept
Monogram Pictures com.l
1%
1%
100
Apr
Apr
10
Feb
Vitamin—1
Interstate Home Equip.-1
Interstate Hosiery Mills-*
Internatlonal
Investors Royalty
Iron Fireman Mfg v t
Common
$2.50
1
Jan
50
11
Jan
20
July
32%
Oer
39%
Feb
Sept
Apr
4%
"2% "z "
"*800
2%
7%
700
1
5%
1,466
Mountain Producers
5%
5%
1,100
7%
Sept
14%
Mar
{Mountain States Pw com*
3%
Apr
7%
Aug
Mountain Sts Tel <fc Tel 100
ht
2,700
si6
Oct
%
Mar
Apr
19%
22%
Mar
Sept
*
Muskegon Piston Ring.2%
Muskogee Co com
*
17%
20%
300
15
800
14%
Mar
%
100
'it
Apr
'is
Mar
2%
1%
3%
1%
700
2%
Sept
200
1% June
4%
2%
Sept
17
1
%
Jan
10
42%
Kansas G & E 7 % pref-100
Keith (Geo E)7% 1st pf 100
7%
8%
*16
ht
%
8%
87
75
67%
Jan
98% June
60
78
Jan
70
86J^
Jan
Apr
102% June
107% June
48%
Sept
30
June
National Container (Del). 1
National Fuel Gas
*
10
114
114
"5% "5%
Kennedy's Inc
—.5
Ken-Rad Tube <fe Lamp A *
"166
17
22% Mar
112% Mar
21% June
4
Apr
May
July
22
6%
Jan
Nat Mfg & Stores com
National OH Products
8%
4
National P & L $6 pref.—*
National Refining com
*
Apr
Se»»t
9
Mar
5%
Sept
Nat Rubber Mach—
Aug
National Steel Car Ltd
Kingsbury Breweries
1
Kings Co Lt 7% pf B.100
56
Jan
90
July
38
Jan
70%
July
Apr
2%
Sept
Nat Tunnel & Mines
3%
Sept
Navarro Oil Co
Nehi Corp
Sept
2%
800
1%
is
Sepi
Emll) Co com..*
Klelnert (I B) Rubber ColO
"ii% "11%
766
Apr
Knott Corp common
"7% ""7%
"100
11%
7%
6%
1
1
2Vh
"2%
2%
Kir by Petroleum-Klrkl'd Lake G M Co Ltd 1
15
Klein (D
1
Aug
%
Jan
Apr
9%
Mar
Aug
Sept
Sept
15%
Mar
14
Koppers Co 6% pref—-10Q
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 Ltd—l
Lakey Foundry & Mach.l
Lane
Wells Co com
"20
27%
3%
1,700
9%
2,100
15%
50
700
Apr
Jan
65
Feb
Oct
11%
Apr
4%
Sent
Langendorf Utd Bakeries-
15%
Class B.
15
Sept
Lehigh Coal & Nav
*
Leonard OH Develop..-25
Le Tourneau (R G)
Line Material Co
3%
%
*10 %
34%
10%
3%
7io
34%
10%
11
11
Inc.. 1
5
Upton (Thos J) class A—1
6% preferred
—25
Lit Brothers common
*
11
3,500
1,000
100
300
100
Class B
*
Lockheed Aircraft
1
"28%
Lone Star Gas
*
8%
Corp
Long Island Lighting—
13%
200
26%
8%
28%
8%
13,800
3,900
Common
*
Lynch Corp common
"'2
Mass Utll Assoc
1
3
8%
Jan
Aug
4%
Sept
N Y Auction Co
'it June
%
Sept
4%
5%
2*600
35
22
Apr
8
Apr
Sept
15
Jan
17
Feb
N Y Merchandise
July
Apr
23
Feb
22
Jan
2% Sept
25% July
$2
"24%
10%
Aug
Mar
1%
15%
%
Feb
%
"""30
900
116
116
115
4
22
Jan
Jan
%
Apr
4
1%
100
23%
Apr
34
Jan
2%
7,000
13ib
Jan
3
Sept
%
1%
900
%
1%
Jan
1,300
Apr
2%
2%
Sept
Aug
Mar
*24% *24%
""*100
19
Feb
100
4
Oct
5%
2%
1,100
100
18%
19%
250
2%
100
7%
2%
Aug
July
2
Feb
Sept
14%
Apr
8
300
May
33
26%
Jan
Aug
Aug
Sept
Aug
6% May
17
5%
Mar
Sept
2% June
7% Sept
20
Sept
55%
3%
July
Sept
1
Apr
7
Sept
Jan
17
Jan
155
Seot
Jan
5
July
125
4%
20
4%
100
100
20
3%
14
Apr
3%
25
4%
4%
200
200
Sept
Apr
3
Aug
H May
50% Sept
71 %
75
%
1%
1*16
'1%
5,200
35%
35%
10
32%
99
25
93%
Apr
%
Jan
% Aug
% June
5% June
71
100
%
100
%
300
1%
400
%
710
%
%
1
Aug
Apr
Apr
20%
5%
28
New York Transit Co
1
6%
%
77
1%
Jan
Jan
Jan
Sept
2% May
37
July
100%
Sept
**16 May
%
2%
9%
Jan
Jan
Sept
Sept
Sept
*i«
Jan
2%
7%
4%
300
2 %
Sept
5%
Mar
%
500
%
Aug
1
Mar
7%
7%
300
5%
Apr
2%
17
300
108
75
1%
1%
100
7%
7%
300
12
90%
%
6%
10
57%
Miss River Power pref.100
Missouri Pub Serv com—*
For footnotes see page 2349
1
56%
1
1,200
July
"is
Apr
10%
Aug
4
Jan
18%
Sept
124%
Sept
Aug
1%
59%
57%
400
37
Jan
112%
"""30
110
Apr
Sept
4
200
3%
4% Sept
Aug
Apr
Sept
Sept
80
U2~
11%
68%
1%
70
24% June
Aug
120
"l"66
10%
Aug
14
Mar
650
Apr
76
Sent
300
46%
1%
Jan
1%
Jan
400
57%
Apr
84%
Sent
July
1%
25
50
8
25
Apr
100
Apr
20
July
7%
Sept
Apr
6
4%
16%
16%
7%
7%
Feb
1%
8%
12
Jan
Jan
Mar
Jan
Judy
94
Aug
116
May
6%
Aug
200
4
Jan
40
4%
17
16
Apr
7,800
5%
425
7%
85
70
x77 %
66
30
70
ht
8%
Se >t
27
Jan
2%
Oct
26
Feb
29
June
9
Mar
200
4%
Mar
24
Aug
Mar
Apr
9%
91%
Apr
82
S£pt
Lb
Mar
1%
ht
Class B
6
-.5
common
Class A preferred
6
Sept
400
3%
1*500
41%
6%
86
100
65%
65 %
68%
Mar
Jan
'it
2
Feb
Jan
Apr
Aug
76
Sept
Apr
1
400
1
Sept
5%
500
3%
Aug
1
1%
1%
600
%
Apr
$6 preferred
*
North Amer Rayon cl A—*
Class B common
*
24%
200
25%
24%
25%
49%
%
49%
1
Nor Amer Lt A Power—
Common
-
0% prior pref erred.-.50
No Am Utility Securities.*
5%
53
49%
-100
92%
99%
5%
16%
"34% "35""
102%
1
4
'is
Jan
81
87%
Apr
Apr
Feb
Jan
July
Oct
Oct
Oct
Sept
Feb
%
100
107
Feb
Aug
Aug
May
200
4%
Feb
4,800
6%
14%
Apr
Aug
20%
Mar
24
Apr
37
Sept
"206
22
150
15%
75
97 %
550
220
110%
108
10
104%
90
6
16%
Oct
Sept
26
Jan
Apr
108
June
"*l"%
15%
16%
900
44%
16%
44%
200
1%
1%
600
Aug
Sept
112%
115
June
Jan
Sept
115
Aug
Apr
8%
Apr
105%
9%
17%
July
8%
108
35
1
5%
5
1
Apr
49
Apr
1%
6%
10%
Sept
Jan
Jan
Jan
July
July
Oct
Sept
Sept
Sept
4%
100
2%
Sept
5
8
Sept
*1*760
.28%
Apr
Sept
13
*31% *31%
35%
1,100
26%
68%
4%
July
July
July
4%
*
Pacific Can Co commonPacific G A E 6% 1st pf.25
31%
28
28
89%
5%% 1st preferred
25
Pacific P A L 7% pref—100
90%
5%
5%
17,200
Paramount Motors Corp.l
Parker Pen Co
10
Peninsular Telephone com*
100
Jan
101%
Mar
4
Sept
3%
5%
Pender (D) Grocery A_.
Class B_
Sept
Sept
31%
91%
7%
22%
Mar
7%
4%
July
18%
*
*
Parke-sburg Rig A Reel—1
Patchogue-Ply mouthMllls *
Sept
99
60
*
Page-Hersey Tubes com..
Pantepec OH of Venezuela-
7% A pref
Aug
50
Oliver United Filters B..
81.30 1st preferred
1%
20
0% 1st preferred
100
OUstocks Ltd common...5
Omar, Inc.
Overseas Securities
Apr
Aug
Ma
96%
Ohio Power 6% pref.—100
Ohio P S 7% 1st pref
100
Oklahoma Nat Gas com.15
$3 preferred
50
1%
65%
25%
25%
49%
%
102% 103
102% 104
112% 113
21
*
*
100
98%
5%
15
*
com
200
1,000
91%
99%
Northern Pipe Line..—.10
Northern Sts Pow cl A..25
Northwest Engineering.
Novadel-Agene Corp
40
Mar
13%
Apr
14% June
42% May
9%
1%
5%
2%
Nor Central Texas OH
5
Nor European Oil com.—1
7% preferred
1,100
Mer
92
Apr
1
1
6%
Sept
5%
Noma Electric..
American shares
17
Apr
Sept
24
84
NUes-Bement-Pond.
*
Nineteen Hundred Corp B1
Nlplsslng Mines.-.5
Ohio Edison $0 pref
Ohio OH 6% pref—
2*, 500
106
Apr
3%
Niagara Share—
Ohio Brass Co cl B
"7% "7%
*
1
104
100
Pacific Public Serv
Mid-West Abrasive
60c
Midwest Oil Co
10
Midwest Piping & Sup..
110
100
Jan
2%
17
Aug
Apr
18
5
10
Feb
Mar
4%
Co.—
78%
Se id-
Niagara Hudson Power—
Aug
Apr
2%
5
55
116% 117%
Nor Ind Pub Ser 6% pf.100
7%
Mar
200
Sept
9%
53
1
Oct
15
74%
73
1
Apr
3
20
41
11% May
73%
14
Founders shares
N Y Water Berv 6% pf.100
Mar
4%
Mar
June
Feb
th
2%
19%
34
Aug
June
1
3%
106
Mar
14%
4%
Jan
Mar
Aug
Apr
13%
89%
4
%
3%
1,000
Julv
116
99
36%
10
27
Jan
Jan
10
Apr
»!•
Sept
300
103
Aug
1,500
%
10
Minnesota MIn & Mfg.—*
Minnesota P & L 7% pf 100
300
13%
103
Oldetyme Distillers
Mining Corp of Canada.
Jan
113% June
10
99
shs—*
2%
Jan
Sept
4
v t c
non cum dlv
Apr
"ie
1%
%
107
2%
7%
103%
%
"|6
Middle States Petrol—
Class A v t c—
Mid vale
300
70
July
*
preferred
Steel Products
Sept
1%
109%
1%
1%
.
conv
Oct
8%
8
18%
7%
Metropolitan Edison—
Middle West Corp com
Midland OH Corp—
6%
Jan
109
600
"T%
1
Preferred
Sept
Class A opt warrants
Class B opt warrants
2
25c
preferred-16*
Michigan Bumper Corp—1
Michigan Gas & OH——1
Michigan Steel Tube—2.60
Michigan Sugar Co—_
4
7%
10
5% 1st pref
5% 2d preferred
"*2%
6%% A preferred-—100
-
Aug
400
200
7% pref.. 100
$6 preferred
*
N Y ShipbuHdlng Corp—
Aug
6%
Sept
10
6%
8%
"is
N Y A Honduras Rosarlo 10
Aug
Aug
97
17%
14%
15
39
♦is
Jan
5%
8%
1%
Warrants
35%
5%
Sept
13%
N Y Pr A Lt
9
Sept
Jan
2
Jan
5%
60%
14%
5%
*
com
Jan
27
Metal Textile Corp
$6 referred
"*100
5%
Apr
Aug
2%
43
N Y City Omnibus-
1%
19%
%
Mexico Ohio OH
May
1,325
1%
69%
26
Warrants
Partlclpat
Aug
84%
70"
350
97
Memphis Nat Gas com..5
Mesabl Iron Co
96
81%
83
Newmont Mining Corp. 10
New Process Co
*
300
.*
Participating preferred.*
Merritt Chapman & Scott*
Apr
900
11%
25
5%
MoCord Rad & Mfg B—*
McWlHlams Dredging
*
Mercantile Stores com
*
Merchants & Mfg cl A—1
Jan
Aug
69
40%
63%
1,600
May Hosiery MUls Inc—
$4 preferred
*
Mead Johnson & Co
Sent
6
41
40
"46"
11%
1%
Massey Harris common—*
Master Electric Co
10%
14
100
63%
common
34%
*""%
1
v t c
5
May
Apr
11%
2% May
Apr
28%
9
2,700
*
Marine
Communlca'ns ordreg £1
Mar guy OH Corp
*
Marlon Steam Shovel
*
900
Aug
Sept
New Jersey Zinc
25
New Mex & Ariz Land...l
29%
2
Feb
Aug
44%
17% May
11
May
31
1%
5
Majestic Radio & Tel
1
Manati Sugar opt warr...
Mangel Stores
l
$5 conv preferred
—*
Mapes Consol Mfg Co.—*
Midland
$2 preferred
28%
34%
9%
17
Jan
3%
New England Tel & Tel 100
New Haven Clock Co
*
Common
7% preferred-.-——100
0% pref class B
100
Loudon Packing
—.*
Louisiana Land & Explor.l
Louisiana P & L $6 pref—*
Lucky Tiger Comb G M.10
Inti
22
13%
Sept
Jan
100
100
*
Sept
23% May
25
22
22
5
7%
10
100
*
0% preferred
1%
1%
Loblaw Groceterias cl A—*
$2
7% preferred
New Engl Pow Assoc
Apr
Sept
17%
Locke Steel Chain
Sept
6%
Sept
7
ht
Jan
%
9%
Apr
com.
%
100
3%
9%
Feb
8%
Lefcourt Realty common 1
Conv preferred
.*
Oct
Apr
Apr
*16 June
5
Aug
1st preferred---
New Idea Inc
Class A
Sept
Sent
33%
Nestle Le Mur Co cl A...*
7%
15%
10
70% May
84%
5%
Nevada Calif Elec
2
July
Sept
Apr
Aug
57
26%
3%
7%
27%
3%
10%
100
Neptune Meter class A...*
1
Sept
July
2%
July
Jan
1%
*
13
Mar
Jan
5%
135
Jan
Nelson (Herman) Corp.-.5
47%
7
Sept
July
50%
Mar
51%
50%
7%
Jan
Sept
Sept
July
Jan
79
Apr
July
Mar
31%
%
5%
June
Feb
4%
Apr
24%
% June
Apr
5%
3% Aug
Jan
4%
% Mar
Apr
122%
6%
Apr
Apr
9%
7
May
35
64
25
33% June
78%
Jan
38
172% May
Sept
102
10
Jan
July
Sept
*
common
Oct
11%
Bryant 7% pref. .100
Lane
*78"*
7
147
200
13%
*
45
"78"
78
200
8%
*
§Nebel (Oscar) Co com.—*
Nebraska Pow 7% pref.100
Se>»i
12%
13%
3%
Refining. *
National Tea5%% pref. 10
12.50
8
Kobaoker Stores Inc
Class B
National Sugar
Oct
Jan
3%
2%
41
8%
Nat Union Radio Corp.—1
1%
%
100
8%
3,000
4,500
13%
National Transit
6% preferred D
Kingston Products
200
*
105
Feb
Sept
12%
*
111
Kimberly-Clark 6% pi. 100
Oct
14%
7%
27%
40%
*
Feb
5%
5%
Key Co com.
118%
*
Aug
Mar
7
National City Lines com.l
$3 conv pref—
60
National Candy Co
Apr
1
69
7%
92
5,900
15%
15
He<s com—.1
91
100% 101
40%
43%
1,000
10
0% preferred
-.100
Nachman-SprlngflHed
Nat Auto Fibre com
1
85%
91
9%
Murray Ohio Mfg Co
Nat Bellas
101
100
5
4%
10
20
"m
'"""25
Mountain City Cop com 5c
25
17%
*
"~28*% *28%
fMoore (Tom) DlstlUery.l
100
20
1
160
MtgeBankof Col Amshs—
5
Apr
9%
3% June
14%
5%
Moody Investors part pf.*
11
sie
High
24
154%
153
Lt Ht & Pow—*
July
Jersey Central Pow & Lt—
5%% preferred
100
6% preferred
100
7% preferred
100
Jones & Laughlin Steel. 100
Julian & Kokeuge com..*
*
Montreal
5
Italian Superpower A—
Jacobs (F L) Co
Jeannette Glass Co
10
Montgomery Ward A
Feb
Sept
7%
Low
1%
hi May
%
C-—*
Irving Air Chute
100
I
Monroe Loan Hoc A
11
2%
7%
pref.*
-1
Interstate Power $7
Mar
%
50
Warranto series of 1940.
Shares
27%
hi
*
$3.50 prior pref—
%
Range Since Jan. 1, 1939
for
Week
High
27
%
1939
Mock, Jud, Voehrlnger—
Montana Dakota TTtU
0%
Low
Aug
international Utility—
Claws A—
Price
Aug
Aug
%
of Prices
Oct
Jan
1%
17%
200
Internat Bafety Razor
Week's Range
Sale
8%
4%
July
17%
2%
3%
20
Last
High
4%
A._*
Internat Metal Indue
internat Paper &
Price
STOCKS
(Continued)
Range Since Jan. 1,1939
Last
14,
Sales
Friday
Sales
Friday
STOCKS
(Continued)
Marconi
Oct.
New York Curb Exchange-Continued—Page 3
2346
11
"11%
"n% "12" """466
8%
15
35
"ii%
*lT% "11%
*"i66
7%
29
111%
Jan
Mar
July
Jan
16
Jan
Apr
14
Mar
Mar
21
Sept
Sept
Apr
Apr
44
Apr
12
Jan
34% June
Feb
Aug
113
July
Penn Edison Co—
31
$2.80 preferred
$5 preferred
Penn Gas A Elec class A.
...
Apr
38
July
53
Jan
65
July
3
June
5%
Jan
r
Volume
Week's Range
for
Sale
of Prices
Week
Price
Low
1
...2.50
K
1
Penn Cent Airlines com__l
Pa Pr <& I.t $7 pref
a..*
$6 preferred.
*
Penn Salt Mfg Co
50
'~~2X
Penn Traffic Co
K
6*166
IK
June
8H
1,100
5K
Apr
: h
8K
1*08"
2
108 K
108
July
90
1
Philadelphia Co common.*
Pbila Elec Co 15 pref
*
Phila Elec Pow 8% pref 25
Phillips Packing Co
*
92 K
107
Aug
Sept
Simplicity Pattern com._l
18
Sept
Singer Mfg Co
84K
Mar
Q
400
7H
8H
ft 3,/
116 K
116 K
116 K
50
6K
6K
Apr
94K
Sept
Apr
27 K
Aug
Apr
10 K
Jan
Apr
9K
120
Sept
7
1,700
■
5
.
114
Sept
Aug
Sept
30 K
Jan
Jan
29
7K
Sept
2K
1
pref series A.. 10
6 Vs
28K
2,500
6K
29
13
6K
Common
Pierce Governor
13
Producers
July
36 K
July
6% preferred B
7K
400
5K
Apr
8K
Aug
Southern Pire Line
42 K
12K
69K
Apr
43 K
Aug
Southern Union Gas
1,300
6K
Apr
14K
Sept
230
42 K
Sept
75 K
12
UK
100
101K
99
41
6
Apr
900
11
11
11
25
90
Apr
Sept
Mar
IK
IK
200
K
Jan
IK
9
200
7K
Apr
8
Feb
10 K
8
IK
May
2H
•u
Apr
1
IK
900
4K
IK
Sept
117
9
IK
5
400
Oct
July
Feb
Jan
Sept
Sept
2K
3
Apr
9
Apr
12
Apr
Mar
5K
101K
200
16K
May
23
IK
1,300
IK
Sept
UK
IK
13
Apr
19K
19
19
1*306
36
"n%
11
Mar
102
Mar
7
Apr
»»«
3
Jan
2H
42
June
Oct
UK
Jan
*18
Sept
Apr
6K
300
7
Jan
8K
Aug
300
4K
Aug
7K
Mar
94K
7K
6K
7K
6K
6K
Jan
lOOK
Mar
Jan
104
Apr
105K
107
Feb
112
July
Jan
82
Aug
44 K
1,050
150
26
Apr
06K
100
93
Jan
96 K
96K
30
100
Sept
107K 108
1,300
IK
Mai
3K
Apr
5K
4
300
IK
Apr
Oct
Raymond Concrete
Apr
Aug
103K
110
Aug
June
67 K
750
21K
8K
Jan
72
325
14
Jan
100
67K
21H
8K
65K
21K
34 K
4
May
26 K
11
120
140K
139
Aug
Sept
Aug
Am
K % prf 100
Pendleton Inc..*
Ltd—
dep rets ord reg—£1
Rome
Cable Corp com...5
Roeser &
Steel
pref
5
1
20
-.*
*
2K
1
*
*
2K
21
'Oct
600
2K
12K
Sept
July
Sept
4K
18K
Jan
*i8
Mar
Sept
Mar
Mar
Jan
Jan
100
IK
July
5
Jan
28 K
5K
S16
100
23
Aug
33 K
Jan
100
5
Jan
8K
July
600
K
Jan
*18
Sept
16
100
9K
K
June
Feb
K
Jan
3K
2K
28K
5K
S16
16
Sept
6K
Sept
IK
Apr
3IC
1,100
2K
900
*ib
16
Sept
14
21
19K
21
150
19
Sept
1
Aug
18K
25K
18K
25K
18K
2,200
26K
200
9K
9K
100
11
IK
Sept
K
Apr
26K
9K
100
«i»
May
Feb
Technicolor Inc common.*
Aug
112
Apr
Texon Oil &
11
Oct
Jan
Thew
L 7% pref.. 100
Land Co
2
Shovel Co com....5
UK
200
12K
8K
IK
""3k
3,100
IK
Apr
200
4K
800
K
Apr
Apr
55 K
8
3K
8K
ht
2K
54
550
2K
li'H
13K
Tobacco
Jan
Tobacco
Oct
K
Apr
A pi
*16
Sept
15K
41K
June
1K
July
2K
Sept
Apr
18K
Sept
1
Aug
4K
IK
Sept
6K
Mar
Apr
15K
Sept
35 K
Apr
47
2,700
.47
400
7
Toledo Edison 6%
Aug
Jan
3K
3K
3K
4K
Sept
Trunz Pork Stores
Sept
Tubize Chatlllon
8K
""566
9
IK
IK
1
IK
July
64
Jan
Jan
17
2K
Oct
38 K
35*"
i",l 00
*23*"
""16
41 K
Oct
June
IK
Sept
Jan
Aug
15 K
Aug
38 K
Sept
114K
*33*
*23*
34 K
Sept
K
9K
Schlff Co common
Apr
114 K
Apr
16K
June
18 K
Jan
21
12 H
12K
900
13
5K
Sept
IK
IK
K
1,300
Securities Corp general...*
Aug
K
IK
Warrants
Aug
K
400
July
Sept
May
7
500
*
Co—.5
*
Scovill Mfg
25
Scranton Elec $6 pref
*
Scranton Lace common..*
Scranton Spring Brook
Water Service pref
*
ScuUin Steel Co com.
*
2K
IK
37
May
31
*
15K
2
Sept
Sept
IK
Feb
Sept
38
»ie
Jan
8K
Mar
K
7K
2,800
4
K
K
June
200
150
9K
Aug
IK
7K
12
*
Aug
36
12 K
K
K
Segal Lock & Hardware.. 1
Seiberllng Rubber com—*
Mar
Oct
23
1,100
K
Apr
IK
Sept
7K
60
200
4K
May
9K
Jan
650
48 K
69K
Mar
200
48 K
Aug
Aug
70
Mar
Jan
15
Apr
Common;
Iranswestern Oil
-
United
1
1
7K
$5.50 prior stock
25
Allotment certificates
6K
58 K
58 K
60 K
62
Prov Stores—
K
£1
1
-.1
K
Setoo Leather common._.*
8K
8K
5
4K
Corp—1
K
K
K
200
IK
5
7K
Shawinigan Wat & Pow__*
Sherwin-Williams com. .25
91K
7 K
9
5K
7K
For footnotes see page 2349
89
"l6"
92
"16"
IK
Aug
•16
May
2K
Sept
Apr
9K
Jan
22,800
2K
Mar
5K
JaD
1,000
5K
June
300
6
17
5% cum pref ser AAA 100
Sherwin-Williams of Can.*
Apr
Jan
July
1.950
"*25
81
106 K
10
10
Sept
Oct
22K
Mar
Aug
J13K
Mar
Sept
Oct
1,100
"*2*66
11K
UK
4K
31K
1
115K
14
Mar
Jan
United G & E 7%
*
$6 1st preferred
*
United Milk Products...*
$3 preferred
*
United MoIa°ses Co—
Am dep rets ord reg--.
United N J RR & Canal 100
United Profit Sharing..25c
United , hipyards cl A—1
Class B
—1
12
June
1K
Aug
2K
Apr
38K
Jan
Sept
46K
Mar
Mar
42
35K
Apr
Sept
Mar
Apr
14 H
Mar
June
5K
Sept
5K
36K
Jan
K
Mar
"n
Feb
22 K
108 K
Aug
700
2K
Aug
28K
May
May
July
12K
3,400
"3K
'"466
9K
Sept
Jan
15K
16
250
2K
8K
10
*16
10 K
700
9K
Jan
Jan
May
•V 4
Jan
Apr
18
July
Aug
15K
Jan
1
4K
4K
500
74K
250
Sept
2
Jan
57
Aug
63
May
3K
13
60
98 K
10
105K
K
H
IK
3K
l3l6
900
600
"10k
*800
35K
3K
7K
100
K
K
%
To"
35K
Mar
Jan
15
IK
Mar
81
Feb
Apr
108
July
Apr /114K
K
Feb
July
Apr
Jan
July
A pi
2K
•ie June
»16
Sept
8K
June
IK
2K
400
7K
10 K
Feb
5K
June
45
200
102K 104
109
109
Aug
Aug
IK
72 K
May
6
Sept
Mar
Apr
7
19K
13K
Apr
38 K
Mar
Sept
7 K
2
A pi
3K
700
6
Apr
8K
Aug
IK
"Tk
100
Sept
1
3K
Sept
5K
3K
Mar
1K
Jan
10K
Sept
IK
15K
16K
1,700
Apt
12K
Jan
2K
15K
Sept
Apr
38
K
K
4,300
2K
2K
84 K
K
2K
85 K
K
6,100
1,100
June
Mar
3
18K
2K
Aug
Aug
Oct
56 K
July
July
IK
K
»K
Apr
Sept
Jan
Jan
Mar
7
Apr
3K
Jan
Apr
IK
74
92 K
Mar
K
2,000
Jan
Sept
8K
6K
100
85
2K
14K
Feb
3K
June
,3i«
Feb
28K
IK
28
IK
July
89 K
3
500
K
June
2K
Jan
29K
6,800
19
Apr
Mar
Fel
Jan
36 K
23
73 K
Mar
4K
2
2,200
69 K
IK
IK
IK
20 K
86
pref.100
A. .*
B__
Apr
Sept
94
"3*
United Lt & Pow com
Common class
Sept
11
400
*
pref non-voting.*
Jan
13K
H
4K
31K
Corp warrants-
1st $7
Jan
Apr
K
4K
pref
United Gas Corp com
Feb
1
Apr
4
35 K
United Elastic Corp
Jan
7K
Sept
Jan
13
*
*
Series B pref
*
Unexcelled Mfg Co
10
Union Gas of Canada
*
Union Investment com—*
Union Premier Foods Sts. 1
Union Traction Co.
50
United Chemicals com—*
$3 cum & pait pref
*
Un Cigar-Wbeian Sts.. 10c
Ulen «fc Co ser A
Feb
4
42
Option warrants
Selected Industries Inc—
Convertible stock
2K
*39*"
*39*
IK
»
Sept
Mar
Sept
31
Trl-Contlnental warrants..
OftSS A
Sept
Aug
4
3K
Tung Sol Lam o Works—1
80c div preferred
*
Aug
4K
3
100
IK
Inc
14
37
9K
6K
5K
3K
Corp_..l
Jan
June
Sept
2K
10
Co
Apr
Jan
100
--1
5
41800
2K
28
74
6K
70
7% preferred A
100
Tonopah Mining of Nev.l
Trans Lux Pict Screen—
Sept
"9"
500
3
2K
Todd Shipyards Corp
Jan
71
3
"
1,100
June
May
8
*
pref. 100
Jan
43
Apr
2K
4K
1
United Corp com.l
4K
Def registered 5s
Mar
Mar
100
—£1
Ordinary reg
Jan
45
10 K
400
Tobacco Secur Tr—
Oct
K
100
14K
46
Feb
2K
3K
250
4
4
Apr
200
Tishman Realty &
8K
37
55 K
Feb
K
1
13 K
Jan
37 K
6K
5K
Constr*
& Allied Stocks. _*
Piod Experts...*
July
Feb
1
May
21
3
Texas P &
Apr
24 K
July
IK
2
Tampa Electric
Apr
100
1
Taggart Corp com.
107
*16
15
Oil Corp
Jan
2K
Class B com
Tilo Roofing Inc
UK
Sept
Jan
K
100
34
34
34
Co com
*
Corp
5
Stroock (S) Co
Sullivan Machinery....
Sunray Drug Co
Sunray Oil
—
5 K 07 conv pref
50
Superior Oil Co (Calif)..25
Superior Port Cement
$3 .30 A part
105K
July
sept
July
26 K
A pi
17
10
4K
*
102
15
Aug
Apt
14
35
2K
Apr
23 K
18K
17K
35K
*16
*35
112
""II " li"
July
100
Feb
May
14
102
96
K
June
300
100
100
Jan
May
2K
12K
7
Stlnnes (Hugo)
Swan Finch
Jan
9K
Co com..*
Tastyeast Inc class A—..1
Taylor Distilling Co
1
4
July
"066
Stetson (J B)
Mar
26
15
4K
June
2K
Mar
July
15
7K
K
41
18
15
50
12K
21
Jan
K
300
Feb
Apr
3k
Mai
Apr
9
July
Apr
3K
Mar
.6
Sterling Inc
Aug
July
6
18 K
Aug
K
'9
Mar
Oct
IK
20
Aug
2K
39 K
July
2
Sterling Aluminum
Sterling Brewers
Jan
Aug
18
50
5or
Aug
26 K
1,400
Prod.l
Inc
1
1
Jan
«u
6K
preferred
158 K
12
15K
preferred
Oct
35 K
Mar
Sept
2d
139
30
950
Apr
4K
2K
6% 1st
Jan
K
Shattuck Denn Mining
21
Co common..*
IK
Serrick Corp
38 K
Ordinary shares..
100
Amer dep rets reg
July
3K
73 K
Sherchi Bros Stores
300
Sentry Safety Control
Sept
100
Inc.20
(The) Corp v t c.l
IK
Common
Jan
100
Wholesale Phos¬
2
Selby Shoe Co
June
*
phate & Acid Wks
IK
Seeman Bros Inc
Aug
157 K
*16
*Tk
Standard
Stein (A) &
Aug
65 K
Jan
200
37
26K
2
Sanford Mills
4 K
20
37K
Co._.l
Silver Lead
1
Steel Spring
5
Tube cl B
1
Starrett
2K
Jan
IK
Preferred
Standard
May
IK
5
Standard Products
"ik
7% preferred
Salt Dome Oil Co
300
June
10
......1
preferred..20
pref*
Standard Oil (Ky)
10
Standard Oil (Ohio) com 25
5% preferred
100
Standard Pow & Lt
1
Aug
200
16K
40
IK
*
St Regis Paner com
2
ord reg..£l
Ryerson & Haynes com__l
St Lawrence Corp Ltd—*
Petrol
IK
$1.60 conv
June
Rolls Royce
Rustless Iron &
29K
Common
7
IK
2K
13K
39
Rochester Tel 6
Royal Typewriter
Russeks fifth Ave
Sept
Standard Invest $5K
12
*ie
100
Royalite Oil Co Ltd
Sept
25
DredTng Corp—
126
9
*
*
50c
Red Bank OH Co
*
Reed Roller Bit Co
*
Reeves (Daniel) common.*
Reiter-Foster Oil
50c
Reliance Elec & Eng'g—5
5Reynolds Investing
1
Rice Stlx Dry Goods
*
Richmond Radiator
1
Rio Grande Valley Gas CoVoting trust ctfs
1
RochesterG&El 6%pf C 100
International
Conv
Standard
16
140 K
preferred
Co
26
400
4K
com.l
preferred.......10
Apr
4K
Common
$1.20 conv pref
1.700
26
June
42
Standard Cap & Seal
Apr
Feb
CK
Ratheon Mfg com
Roosevelt Field Inc..
28
25 K
*
.-25
Shoe Corp
Sept
Aug
27K
Stahl-Meyer Inc—.....*
Standard Brewing Co
*
108
Pile—
—
Srencer
4K
46
148
Co...5
South Penn Oil
—25
Southwest Pa Pine Line. 10
Spalding (A G) & Bros...*
5% 1st preferred
Spanish & Gen Corp—
Am dep rets
Jan
Mar
Jan
29 K
.10
Preferred A
Apr
3K
IK
400
Steel Co of Canada-
Quebec Power Co..
Ry & Light Secur com...*
Railway & Utll Invest A.-l
Seversky Aircraft
600
IK
5K
25 K
—
Standard
44 K
60K
32 K
59K
31K
Manufacturing_-10
*
preferred.-----100
Sel fridge
2K
IK
Southland Royalty
Standard
60 K
*
*
Quaker Oats common
Savoy Oil
June
5K
Common class B
Pyrene
Samson
Aug
K
7% preferred
100
South New Engl Tel__.100
65 K
100 K
of Okla—
6% pr or lien pref—100
7% prior lien pref---100
Puget Sound P .
L—
$5 preferred
*
$6 preferred----*
Puget Sound Pulp & Tim.*
Pyle-National Co com...5
Ryan Consol
98 K
27K
Southern Colo Pow cl A.25
Jan
42 K
*
*
$6 preferred
$2.50 conv
84K
Jan
K June
IK Aug
IK
Feb
Sept
9
Public Service
Rossla
4K
37K
K
2K
B_.__*
preferred
Root Petroleum
Jan
Sept
5% original preferred.25
18 K
6% 1st preferred
100
7% 1st preferred
100
Public Service of Indiana—
6% pref D
219
3K
Aug
preferred-.--—-.
Public Service of Colorado
$3 conv
Jan
Sept
IK
2
Tk
Sept
ICO
$6
6%
7% pf 100
5
Solar Mfg Co.....--—.1
Sonotone Corp
1
Soss Mfe com
.1
South Coast Corp com—1
Apr
16
_.25c
Corp
Prudential Investors
$7 prior
Feb
116
Skinner Organ
Sept
12K
Am—1
Prosperity Co class
Providence Gas—
170
3
Sioux City G & E
IK
68 K
7.50
com—10
Metals of
July
2K
Apr
3
'"760
7
25c
Potrero Sugar common—5
Powdrell & Alexander....5
Power Corp of Canada—*
6% 1st preferred
100
Pratt & Lambert Co
*
Premier Gold Mining
1
Prentice-Hail Inc com....*
Pressed
16
Apt
IK
ord reg_£l
...25
5K% pref series C—25
350
Co
Mining
Polaris
Amer dep rets
136
140 K
100
*t«
1
Ltd._l
Meter-mm
Plough Inc com
Pneumatic Scale
July
IK
"*2k ~~2K
common.*
*
Pitts Bess & LERR
50
Pittsburgh Forgings
1
Pittsburgh & Lake Erie .50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
■
July
16
*
pref
conv
9K
Postage
Pitney-Bowes
$3
Apr
2K
Pines Winterfroot Co
Pioneer Gold Mines
100
15
Southern Calif Edison—
Phoenix Securities—
Conv $3
IK
140K
Apt
Singer Mfg Co Ltd—
Aug
58
100
IK
Feb
9H
100
Simmons H'ware & Paint.*
179
Sept
175
7H
90
Feb
lis
lis
14K
Simmons-Boardman Pub—
Jan
68
*
Pharis lire & Rubber
High
Low
Shares
K
14
*
Sllex Co common
23 K
100
Perfect Circle Co
Price
Shreveport El Dorado Pipe
Line stamped
25
Sept
Jan
Feb
600
71 K
Apr
1939
Week
Apr
135
15
68 K
for
of Prices
Low
High
3K
10K
110K
92 K
10
200
170
165
2
Apr
98
100
104H 104K
166
Pennsylvania Sugar com 20
Pa Water & Power Co
*
Pepperell Mfg Co
100
%
Week's Range
Sale
Par
Mar
"11
Apr
"2k ~~2H
'
Penn road Corp com
Last
High
Low
Shares
High
Range Since Jan. 1,
STOCKS
(1Continued)
Range Since Jan. 1, 1939
Last
Par
Sales
Friday
Sales
Friday
STOCKS
(Continued)
Penn Mex Fuel Co
2347
New York Curb Exchange—Continued—Page 4
149
Oct
6K
Mar
86
40
80
Jan
237
Jan
242
July
Jan
Mar
Feb
"U
38
38
300
*i«
July
•i»
Jan
10K
38
10 K
IK
300
9K
IK
Sept
10K
May
IK
1,800
Jan
2
Sept
New York Curb
2348
Sales
Friday
STOCKS
Last
Week's Range
(Concluded!)
Hale
of Prices
Low
High
Par
Price
Exchange^—Continued—Page
Friday
Range Since Jan. 1,1939
Shares
Lout
7334
75
975
72
Apr
Preferred
25
40 Yi
40
40
3%
3 34
4034
3%
60
United Specialties com—1
U S Foil Co class B
1
300
234
434
434
434
700
3
1st pref with warr
1
51H conv pref
U S Radiator com
6234
334
Aug
434
Apr
634
134
Debenture 5s.... —1958
Debenture 5s
1969
'
July
Apr
Jan
Jan
Sept
Jan
Cities Serv P & L 534s. 1952
134
1,400
1534
300
3
1534
"16
334
"hV
*
*
15
20
1
Apr
834
Sept
Apr
Mar
50
Feb
1634
2734
1H
Aug
434
1,500
134
Apr
1034
21
2
2
434
434
434
34
U 8 Rubber Reclaiming—*
\r S Stores ne » c« n
r»0c
68
200
2
34
100
34
Jan
United Stores common. 50c
200
34
Aug
United
400
»n
Apr
1,600
134
1434
Apr
234
Sept
Verde
United Wall
Exten.—60c
Paper
Universal Consol Oil
234
Jan
Apr
19
34
Jan
Apr
Aug
334 Sept
6534 Sept
234 June
1
12
Universal Pictures com—1
634
100
"234 ""234
5
*
234
6
1
Utility Equities Corp
134
*
*
$5.60 priority stock
134
200
1
350
42
134
Utll Pow & Lt 7% pref. 100
20
Valspar Corp com
134
20
20
134
134
$4 conv preferred
5
Van Norman Mach Tool.6
Venezuelan Petroleum...1
134
27
28
1
7% pref—100
ser
N...1971
1st ref mtge 3s ser P. 1969
Consol Gas (Bait City)—
Gen mtge 434s——1954
Consol Gas Utll Co—
6s ser A stamped...1943
Cont'l Gas & El 5s... 1958
Cuban Tobacco 5s
1944
Delaware El Pow 534s 1959
Denver Ga« & Elec 6s. 1949
20
100
Mar
32
Sept
134
34
4934
4934
1,500
20
3834
200
334
434
Wagner Baking v t C—
Aug
Jan
Apr
July
134
58
1234
734
Sept
Aug
Sept
Feb
534
i
100
Sept
9
Feb
7434 May
534
75
Sept
Light 5s.2030
Ercole Marelll Elec
1
July
134
Apr
634
Mar
Banks 6s-5s stpd_ —1961
♦First Bohemian G1 7s '67
ht
Feb
134
Sept
Florida Power 4s
134
134
200
34
Wayne Knitting Mills—-5
Welsbaum Bros-Brower__l
1334
1334
400
Wellington Oil Co.
Wentworth Mfg
1.25
West Texas Util 86 pref.
West Va Coal & Coke
*
"3
Western Air Express
Western Grocer co n
Western
100
"3 34
200
234
800
2
9234
9234
10
86
Jan
234
3 34
2,700
234
92 34
34
234
4
1,000
1
14
61
12
30 [
100
Westmoreland Coal Co„_
Westmoreland Inc
..*
Weyenberg Shoe Mfg
1
Wichita River Oil Corp.. 10
Williams (R C) & Co--—*
834
1
834
1034
Petroleum
834
1134
250
Sept
♦Gesfurel 6s
1953
Glen Alden Coal 4s
1965
Gobel (Adolf) 4 34s... 1941
Grand Trunk West 4s. 1950
Gr Nor Pow 5s stpd—1950
734
Jan
834
Sept
Grocery Store Prod 68.1945
Guantanamo <fc West 6s '58
Guardian Investors 5s. 1948
Aug
3
Jan
♦IHall Print 6s stpd... 1947
6
Sepi
Jan
1134
634
3,000
134
900
Sept
Sept
Aug
<fc St Ry 534s
1951
1st & ref 5s..
1956
1st & ref 6s
1st & ret 4 348
Amer G & El debt
634s
ex-warrants
1st mtge 4s
Mar
Jan
108
Oct
31,000
98
Jan
10634
10134
Oct
1 O.JO
105
June
105
Aug
101
9934 101
8134
Jan
10734 10834
9534
9734
tlOl 34 10134
10134
10934
10034
10634
July
108
87,000
47,000
79,000
1963
Arkansas Pr & Lt 6s.. 1956
107
11834 11834
10534
59
6s series B
44
Sept
5034
Oct
10834
91
Jan
Jnly
20,000
6034
Mar
25
July
31,000
10134 10234 141,000
8934
Jan
99
Aug
Apr
15
96
99
Oct
10434
July
Feb
92
Apr
10334
95
Jan
9934
7734
5,000
£ ,000
Sept
90
Jau
9734
5,000
90
Apr
99
Aug
44,000
78
Apr
9634
Aug
73
Feb
17,000
68,000
87
Jan
9534
Jan
94
77
9034
91
10534 106
71
Interstate Power 6a
Debenture 6s
76 34
28,000
58
26 J)00
2534
6434
Jau
75
9534
106
July
Aug
Jan
Aug
Aug
7434 June
40
7134
59
2,000
59
Oct
72
Jan
67
67
5.000
65
Sept
91
Mar
105
Sept
110734
112
60
102 ^2
60
149
60
Apr
Sept
29
7234
10934
47
Mar
60
45
Apr
53
3,000
36
Apr
50
2,000
98
Apr
51
43 34
4334
102»m 102'31
1,000
10334
Mar
Jan
Mar
Sept
Jan
Feb
July
18
50
25
July
30
July
35
8
Sept
30
July
94 34
U04 34 106
t-—.
July
100
103 34
U0234
Jau
Apr
Sept
Sept
8
1,000
10134
102
100
30
10234 June
10334
Apr
11134 June
8
164
66
59
Jan
6834
66
60
Apr
68
10334 10434
104
10034
10234 104
9934 101
9934
9734
5,000
70,000
47,000
10134
90
Feb
10534
9534
Apr
10434
Aug
July
Aug
99
59,000
92 34
Sept
4,000
8534
Jan
103 34
97
8,000
9634
9934
Apr
105
110334 104
Apr
10534
96 34
9434
9634
9734
22*000
85
Apr
102
9334
95
86
Jan
99
66 34
66
67
5034
Apr
66
66
67
17,000
12,000
10,000
6634
6634
67
18,000
10334 105
?8,000
10434
133
49
65
Apr
Sep
9934
Sept
2134
35 34
31
Sept
Sept
Sept
31
36
36
1957
6734
65
38
6734
59,000
55
1952
5334
5234
5334
51,000
3834
9634
9734
42,000
69,000
82
1,000
27,000
July
11034
92
90
July
June
Sept
Sepi
10334 104
9834
Jan
103
164
3634
75 34
74
Aug
July
July
July
July
Aug
Aug
8834 June
110
5234
May
Jan
54
Mar
5534
Mar
Apr
73
Jan
5534
Aug
Aug
Interstate Public Service—
1956
434s series F
1958
4234
4234
4334
4734
28,000
2934
Jan
4934
4734
Aug
46
12,000
15,000
40
Jan
59
Mar
1961
Iowa Pow & Lt 4348—1958
Isarco Hydro Elec 7s. 1952
67
Sept
103
13,000
100
Sept
10034 101
4,000
97
Sept
83
May
10634 May
10934 June
88
Sept
102
82
Oct
95
Aug
July
Apr
139
Sept
Jan
102
77
Jan
10234
Aug
Aug
7,000
9834
Jan
105
Aug
1,000
1,000
102 34
10,000
3034
Jersey Central Pow & Lt—
1,000
97 34
Isotta Fraschlni 7s
1942
Italian Superpower 6s. 1963
Jacksonville Gas—
69
103
6834
102
6934
Aug
Iowa-Neb L & P 5s
127
90
82
82
12434 13134
91,000
15,000
93
148,000
104
107
85,000
13234 13334
11,000
9234
9334
43,000
8734
9634
.....
96
93
8034
10634
8834
75
9034
96
82
105J4 10634
94
4134
42
4134
7134
7034
102
9634
4134
4234
7134
102
8234
103
Sept
11034
10134
Sept
126
July
103
Sept
13034
July
126
Sept
150
Aug
July
86
Jan
20,000
6934
Jan
12,000
11,000
89
56,000
22,000
81
Jan
Oct
10034
9734
Jan
Aug
102
July
10534 May
7534
Sept
105
Mar
96 34
81
Jan
107
May
17,000
Apr
98
Aug
56,000
35
Jan
46
Mar
44,000
32
Jan
5534
Jan
4634
7434
Mar
63,000
1,000
98
Apr
3,000
101
Sept
105
1957
104
9434
9234
10334 104
10634
10234 102 34
10634 10634
9334
6s series B
5s stamped
189
82
5s series B
1942
40
J5734
4034
4334
3434
4 3 34
44
105 34 10634
10534
10034
10434 10534
10034 10034
tll8
98
Jan
Sept
Sept
10434
Aug
108
Mar
5234
Jan
57 34
7734
33
...1947
434s series C
1961
Kansas Elec Pow 3 348.1966
Kansas Gas <fe Elec 63.2022
39
28^000
Oct
80
Jan
3034
Sept
44
Mar
4934
Aug
17,000
38
Jan
15,000
39,000
8,000
102
May
102
Sept
10634
Mar
98
Sept
Sept
108
Mar
12634
Aug
10334
Aug
July
114
122
107
Feb
Kentucky Utilities Co—
1st mtge 5s ser H—1961
6 34s series D
1948
10534
105
5348 series F
1955
10234
10234 10234
53 series I
1969
Lake Sup Dist Pow 3348 '66
♦Leonard TIetz 7 348--1946
9834
Lexington Utilities 5s. 1952
Libby McN & Libby 5s '42
Long Island Ltg 6s—1945
Louisiana Pow & Lt 5s 1957
Mansfield Min & Smelt—
Aug
9834
9834
100
X7
9934
105 34
98 34
10034
102
i0034
10334 10334
100
10034
106
106
MeCord Rad & Mfg—
6s stamped
1943
15,000
12,000
13,000
10,000
11,000
40
10334
102
♦7s without warr't8.1941
Marion Res Pow 4348.1954
June
9934
107
100
9334
88
9834
2234
5,000
12,000
18,000
33,000
95
10234
91
Apr
Sept
Jan
103
10234
Oct
10834
Jan
30
Jan
103 34
105
Jan
Aug
Aug
July
Mar
10234
Mar
10234
Sept
Sept
45
7334
10634
Sept
2834
9934
\7
1103 34 104
X70
8934
May
Jan
Aug
Feb
Aug
10734 June
3134 Aug
10534 May
75
Sept
Memphis Comml Appeal—
5134
7734
7934
For footnotes see page 2349
81
36
46
1940
1955
3134
10334
3734
1952
Jan
107
6s series B
7s series F
30
Bethlehem Steel 6s... 1998
Cincinnati St Ry 534s A '52
128
July
10634 June
6834 Aug
Indpls Pow & Lt 3548.1968
International Power Sec—
6348 series C
1955
7sserie8 E
1957
15,000
106632 1065«
1927
Sept
Sept
A 1952
45
10434 107
}*Chlc Rys 6s ctfs
115
10134
4134
♦Indianapolis Gas 5s
5s series D
107
Yards 5s
Mar
1963
Aug
106*32
\ 534s ex-warrants... 1954
Cent States P & L
534s'53
Chicago & Illinois Midland
R> 4 34s A
1956
Chic Jet Ry & Union Stock
Mar
10734
1st lien & ref 5s
Aug
1st M 6s series
B...1957
1948
111
Sept
...1951
4534
5s series C
Canada Northern Pr 5s '53
Canadian Pac Ry 6s.. 1942
Carolina Pr & Lt 5s...1956
Cent Power 5s ser D..1957
Cent States Elec 5s...
Aug
59
59
1953
5s series C._
47
Avery & Sons (B F)—
Broad River Pow
5s_.1954
Sept
10334
634s series B
Indiana Hydro Elec 5s 1958
Indiana Service 5s
1950
Jan
1968
1960
103
Jan
Aug
July
104
17
1947
Feb
4434
Birmingham Elec 4 He 1968
Birmingham Gas 5s...1959
Jan
June
6s series A
2734
Debenture 5s
•
41,000
104
July
May 1957
Electric Corp—
I
31
1950
A...1955
59
Oct
Jan
Indiana
18,000
4034
♦Convertible 6s
1950
Bell Telep of Canada—
1st M 6s series
58
7,000
25,000
1,000
49,000
Apr
Sepi
117
105
71
%
1967
4034
1949
53 with warrants...
1947
6s without
warrants 1947
Baldwin Locom Works—
94
Sepi
Jan
Sept
Sept
67
6834
7034
"71
..1949
4034
4334
Conv deb 4348
Conv deb 6s
Atlanta Gas Lt 434s._ 1955
Atlantic City Elec 334 s '64
10434 10534
}43
Associated Gas & El Co—
Conv debt 434s
C—1948
Conv deb 534s
1977
Assoc T & T deb
634b_A'55
107
8334
10134
9534
10734 108
Debentures 4348... 1948
Appalac Power Deb 6s 2024
Associated Elec 434s..1953
Oct
Jan
Jan
106
1,000
25
9434
174
Hygrade Food 6s A... 19 9
102
J94
94
1943
Mar
Sept
$3,000
Oc.
Apr
Jan
Oct
7934
11234 May
8134 Mar
37,000
6034
Houston Lt & Pr 3 348.1966
♦Hungarian Ital Bk 7348'63
ser A. 1953
1st & ref 534s ser B.1954
1st & ref 6s ser C... 1956
8 f deb 534s
10434
6634
Apr
Sept
89
Sept
96
Amer Seating 6s
stp_. 1946
45
634
10734 10734
10 334 10634
Appalachian Elec Power—
98
Aug
87
HAmer Radiator 4348.1947
31,000
Sept
Sept
6,000
9234
103
834
5,000
5s..2028
Am Pow & Lt deb
6s..2016
3,000
434
105
1967
107 34
103>32 103 34
10434 10434
105
4,000
Heller (W E) 4s w w-1946
10 334
1968
103 34
11434
Houston Gulf Gas 6s.. 1943
10434 10433
10534
7834 176,000
10734
21,000
7234 130,000
Sept
Sold
Reglste ed
Feb
Sept
Alabama Power Co—
1940
134
334
111 Pr & Lt 1st 6s
1st & ref 6s
Feb
Apr
834
Bonds
1st & ret 5s
Feb
34
5334
1
1938
Idaho Power 3 34s
BONDS
10
34
Apr
1534
834
234
Apr
934
134
Apr
34 May
Oct
Aug
18
199
5
Jan
Sept
Aug
71
61
♦Hamburg Elec 7s
1935
♦Hamburg El Underground
134
134
97
107
108 34
34
Gen Pub Util 634s A. 1956
Apr
6
Wright Hargreaves Ltd..*
Yukon-Pacific Mining Co 5
Sept
Sept
6834
434
77
Aug
21,700
534
434
15,000
9634
9234
Sept
11
Woolworth (F W) Ltd—
Amer dep rets
6c
15,000
~97~"
Sept
100
Sept
102
9334
34
General Bronze 6s
1940
General Pub Serv 5s.. 1953
11
400
88
10234
534
9834
13
634
534
634
1
6,000
9834
Sept
10
July
Aug
Jan
21,000
8734
101 34
17
1234
77
5534
10734 10734
Sept
101
July
94
13534
6234
Apr
Aug
131
534
89
9034
Mar
108
10334 10334
10134 102
10534
734
8234
234
434
Wisconsin P & L 7% pf 100
Wolverine Portl Cement.10
Wolverine Tube com
2
Sept
Sept
10934
5s ex warr stamped-1944
534
634
800
98
121
28,000
Apr
107
♦General Rayon 6s A. 1948
Gen Wat Wks & El 5s. 1943
8
June
Apr
Sept
114
Georgia Power ref 5s__ 1967
Jan
113
5834
7134
Florida Power & Lt 5s. 1954
Apr
500
Sept
8934
Gary Electric & Gas—
134
734
Feb
10134
13,000
7934
Feb
434
Williams Oll-O-Mat Ht-*
Wilson-Jones Co
*
W1 Ison Products Inc
734
734
131
Apr
J 4,000
114
Jan
Sent
Aug
223,000
,7
Sept
11
7434
12634
134
3 34
10
45,000
134
Sept
834 May
12
85
Aug
Aug
5
534
Apr
Aug
8934
5
434
32
Aug
8934
Jan
65
9334
"96"
ser
Georgia Pow & Lt 6s.. 1978
58
77 34
Jan
10634 107
C 1966
Maryland Ry
Common
Apr
1109
Apr
34
67 3*
7234
72 34
85
June
100
17,000
19,000
71
107
Jllv
40,000
71
160
Jan
6
334
Mar
7134
104 34
Mar
534
77
8334
71
234 Mar
534 Sept
20
7% 1st preferred
100
Western Tablet & Statlon'y
Woodley
Jan
Apr
Apr
Sept
Apr
101
8434
Sept
2 34
Apr
834
334
234
Aug
66
123
1953
1967
Federal Wat Serv 5 34s 1954
Finland Residential Mtge
434
134
Mar
100
Lighting 5s
*
134
7834
Mfg
6 34s series A
Erie
*
*
Oct
Apr
1*115
Edison El 111 (Boat) 3 34s '65
Waltt & Bond class A
Class B
101
Mar
7v»
66
42,000
131
103
10434
84
8134
8334
1125
High
Jan
82
7934
8034
♦Deb 7s
Wahl Co common...
Walker Mining Co
7134
Aug 1 1952
♦Certificates of deposit
Aug 1 1952
♦Certificates of deposit
Eastern Gas & I uel 4s. 1956
Elec Power &
Aug
7134
♦634s
Elmlra Wat Lt & RR 6s '56
El Paso Elec 5s A
1950
Empire Dist El 5s
1952
Feb
7034
7034
7134
Detroit Internet Bridge—
Jan
Feb
72
72
Cudaby Packing 3*4s. 1955
Jan
ht
72
8434
(Bait) 334s
5,000
1,000
172,000
7134
81?4
Low
7234
"71%
71
Range Since Jan. 1, 1939
for
$
7234
Communlt' Pr & Lt 5s '57
Conn Lt & Pr 7s A—1951
Consol Gas El Lt <fc Power
1939
Week
High
7234
82 34
30
Mar
Low
1949
Sepi
800
*
preferred
Jan
634s
Range
of Prices
-
1950
134
2034
234
100
200
6
Waco Aircraft Co
234
54
.........
Apr
«u July
134 Apr
1034 Apr
1
July
Vogt Manufacturing..
7%
July
Feb
Reglste -ed
Conv deb 5«
1966
1534
Utility & Ind Corp com..6
Conv preferred
7
Va Pub Serv
154
£534
51
55 34
Jan
Apr
1,900
634
Universal Products Co.—*
—
Jan
Sept
4734
134
8
Utah-Idaho Sugar
Utah Pow & Lt $7 pref.
Utah Radio Products
34
ix
134 June
234
Jan
1734 July
434
Jan
1634 Sept
934 June
10
Universal Corp v t c
Universal Insurance
Jan
Jan
Sept
1334
2
Cities Service 5s
Sept
34
Week's
Price
July
July
U 8 and Int'l Securities—*
U S Lines pref
Sale
8734
49 34
14,
Sales
Last
High
7334
U S Plywood.-
BONDS
(Continued)
for
Week
United Shoe Mach com.25
...
Oct.
5
10134 10134
50
5134
7734
7734
7934
7934
50,000
7,000
1,000
4434
7034
7234
Apr
Jan
Jan
10434
5534
Jan
Jan
83
Aug
88
Aug
Deb 434s
—
1952
Mengel Co conv 4348.1947
Metropolitan Ed 4s E.1971
4s series G
1965
95
95
187
95
1,000
8834
9434
82
Oct
106
10634
7,000
102
Apr
Sept
108
108
2,000
104
Sept
9834 July
9134 Mar
10934 May
11034 May
Volume
Week's Range
for
Sale
(Continued)
5s 1943
434S--1967
Minn P & L 4 Ms
1978
1st & ref 5s
1955
Mlsssspp Power 5S..1955
Miss Power & Lt 5s__1957
Miss River Pow 1st 5s.1951
Missouri Pub Serv 5s.I960
Nassau & Sutlolk Ltg 5s *45
Net Pow & Lt 6s A—2026
Deb 5s series B
2030
6s series A
Price
100
110
90
98
Auu
112
Oct
Jan
10634
99
♦Income 6s
series A. 1949
11434
Sept
12334
June
"*9934
7234
1st 4 Ms'67
Y State E & G 434s 1980
Y & Westch'r Ltg 4s 2004
July
89 34
Mar
Oct
12334
July
7334
July
54
Jan
7334
1954
Debenture 5s
10134
7334
July
Va
Oct
10934
May
Aug
85,000
90
Apr
9834
100
15,000
99»4
Feb
104
July
Nor Cont'l Util
Prop3 34s'47
5 34s. .1948
E 6s.1952
Northern Indiana P S—
No Indiana G &
1966
1969
434b series E
1970
N'western Elec 6s stmpd'45
N'western Pub Serv 5s 1957
5s series D.
1945
1968
Ogden Gas 5s
Ohio Power 31*8
106
105
Aug
10134
Sept
11134
Sept
106 34
113 34
4s..1962
-
-
-
9534
10034
11,000
33,000
5134
9,000
Jan
5834
Aug
1,000
10534
Sept
10834
Jan
47
10534
9,000
101
Sept
107
Jan
1C5
8,000
10034
Sept
10634
Jan
102 34
102
10234
Sept
105)4
108
96
Apr
10034
Aug
July
9734
99
26,000
89 34
96)4
91
16,000
87
Apr
Jan
101
9534
8,000
82
Jan
98
14)4
89)4
59,000
9
Sept
107
1,000
106
Sept
10434 105
108
108
13
3,000
104
Jan
2,000
100
13
107
108
101
-
-
-
-
-
58 34
58
5834
------
6,000
-
92)4
22:660
12.000
Feb
3134
111
Aug
116
Apr
July
July
Mar
63
June
106 34
Jan
Sept
10634
May
Jan
106
June
99
10234
92 34
9334
87
Apr
95
Aug
15,000
8634
Apr
9634
Aug
1,000
9234
92)4
Aug
June
106 %
Sept
50
105J4
$102
105)4
10034 101
104)4 105
Aug
10034
2334
Sept
2834
Jan
2,000
GOVERNMENT
MUNICIPALITIES
FOREIGN
AND
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
♦7s ctfs of dep.Apr '46
24
24
$15
30
♦20-year 7s
Jan 1947
♦7s ctfs of dep.Jan *47
$22
27 34
$15
30
dep—Aug *47
♦6s ctfs of dep—Apr '48
$15
30
$15
30
Jan
26
Apr
27
Aug
109)4
Aug
109)4 May
Jan
102)4 June
♦7s ser A ctfs
of dep.1945
of dep_1945
of dep.1945
♦7s ser D ctfs of dep. 1945
♦7s 1st ser ctfs of dep.'57
♦7s 2d ser ctfs of dep.*57
♦7 3d ser ctfs of dep.'57
$7
1134
834
Jan
Mar
♦7s ser B ctfs
$7
18
♦7s ser C ctfs
$7
18
12 34
Aug
$7
18
1334
Jnne
$6
18
11
Mar
11
Mar
$6
18
$6
18
1951
$8
15
1734
May
20
July
(City) 8s ctfs 1945
$7
20
15
Mar
15
Mar
$7
19
1634
June
1634
Aug
$10 34
1434
10
Jan
1634
June
$13
19
1134
Mar
1534
July
634
Sept
2534
Feb
Oct
2534
Mar
Feb
22
Mar
56
Oct
100
85
Apr
9134
4,000
10034 10134
98
$10034 103
—
—
I
8,000
11034
110
90
8834
45
9834
$40 34
9734
10434
9934 101
106
6,000
34,000
m
+
Sept
114
Oct
76
Jan
9534
Aug
10934
Jan
Jan
38)4
Aug
102)4
Aug
♦Bogota
Jan
104)4
Aug
Sept
105)4
July
107)4
July
Jan
108
June
21,000
9134
Jan
10634
June
5,000
10234
10334
Sept
109)4
Mar
Sept
108
Mar
10034
Oct
105
Jan
10434
Sept
10834
Jan
-
-
-
-
-
2.000
10034
Bank of)
♦Caldas 7 34s ctfs of dep '46
♦Cauca Valley 7s
1948
♦7s ctfs of deposit--1948
♦7 34s ctfs of dep—1946
Cent Bk of German State &
♦Prov Banks 6s B--1951
♦6s series A
1952
9534
Sept
100
July
94 34
9534
9534
11434 U434
8534
8534
23,000
90
50,000
9234
Apr
100J4
1.000
10934
Sept
114)4
Oct
Apr
3934
26,000
9334
37
1,000
-----
„
4,000
9934
30
77
79 34
$10734 10934
------
31,000
12,000
—
-w
76
3534
101
9534
7
64
85)4
Oct
51
Jan
June
108
Aug
Oct
Jan
Oct
Sept
134
100
Sept
Sept
10534
23
157)4
10834
Mar
Feb
Aug
May
10234 103 34
13,000
9434
58.000
7534
Jan
97
Aug
Jan
9534
Aug
Jan
93)4
Aug
92
91
92
22,000
72
8734
8734
88
51,000
7034
8934
89
,
3,000
8934
$7
35
$7
35
—
— —- —
-
------
10934 10934
{♦St L Gas & Coke 6s. 1947
Joaquin L A P 6s B '52
San
6s..1937
6s..1951
Scripp (E W) Co 534s.1943 "166*34
7034
Scullln Steel 3s
1951
90 34
bhawlnlgan W & P 434s '67
90
1st 434s series D-...1970
♦Schulte Real Est
$1734
1834
$12434 130
$7
40
$22
24
100 34
100
6334
Jan
98)4
28
Apr
35
2134 June
25
July
Jan
Aug
26*000
9,000
Feb
21
July
Sept
138
Aug
2034
------
110
Feb
121)4
16,000
Sept
1634
■
Apr
27
Melt
106
22
June
3134
Jan
9934
Sept
10334
Mar
48
May
75
Sept
8834
73
90 34
11,000
8034
Sept
106
1 eh
88
90
16,COO
85
Sept
10534
Feb
7034
Jan
♦German Con
♦Hanover
June
Feb
9334
June
1334
June
84
32
$15
32
$7
20
56
56
$47
76
Danzig Port & Waterways
♦External 634s
1952
♦Hanover
53
20)4
5s
Feb
110
Jan
8
$15
1955
--1953
Danish 534s
►
May
Sept
30
8
of)—
dep..-July '61
dep.-Oct. 61
Cundinamarca (Dept. of)
♦6 34s ctfs of dep. —1959
80
107
30
"*9334
June
14
18
$7
ctfs of
22
109 34
$7
16,000
Mar
$7
♦6s ctfs of
June
July
Sept
142
100)4
10534
7734
140
Aug
Sept
39
Oklahoma—
1334
3,000
8
Colombia (Republic
♦6s
94
Mar
Bogota (see Mtge
Sept
-----
"2434
Co-
♦Baden 7s
Jan
98
94
12,000
"24 J4 ""Jan
.
91
102
-
mbla—
1
Aug
7,COO
■-
Antioquia (Dept of)
May
9434
113)4
Oct
22,000
108
108
♦6s ctfs of
32
„
58,000
------
106
10534 106
102
10434
108
104
Aug
.
8834
$88
8834
10934 10934
-
Sept
7,000
Munlc 7s '47
1,000
Jan
Feb
3534
T660
34
Sept
20
Mar
2,000
6 34
Sept
20
Mar
634
Sept
22
Apr
7)4
i:666
734
Oct
20
Mar
8
1,000
734
Sept
13
634
—1947
734
734
(City) 7S..-1939
(Prov) 634s.1949
$634
7)4
7
2034
*7)4
8
stamped—-.1958
Jan
9634
734
(City) Peru—
♦6348
Oct
8
20
7)4
♦Secured 6s
Lima
$4
734
7%
1934
Mar
$634
♦Mededln 7s stamped.
8
Sept
15
Mar
$1034
1958
1951
♦7s ctfs of deposit__1951
♦6 3<js ctfs of dep
1954
Mtge Bk of Bogota 7g. 1947
♦Maranhao 7s
13
11
Sept
16
June
1434
10
Feb
15
June
9
$8
1927
dep.May '47
♦Issue of Oct 1927
...
♦7 ctfs of dep.-Oct '47
♦Mtge Bk of Chile 6s.1931
Mtge Bank of Colombia—
$15
♦7 ctfs of
122
122
30
1946
♦7s ctfs of dep..
1947
♦6 3 s ctfs of dep.-1947
Mtge 5k of Denmark 5s '72
♦Parana (State) 7s—1958
♦Rio de Jpnelro 6 348.1959
♦Russian Govt 6 34s_ .1919
♦534s
-..1921
♦Santa Fe 7s stamped. 1945
♦Santiago 7s
.1949
♦7s
1961
115
2634
Mar
Apr
26
Apr
11
June
16
Jan
32
115
Jan
32
115
Aug
2534
2634
Aug
26
115
2634
26
♦Issue of May
1334
Jan
18
32
JaD
2534
$8
32
1434
♦7s ctfs of dep
10,000
1434
1734
634
34
34
60
9634
Mar
15
Mar
*i«
Sept
34
Feb
34
Sept
Apr
34
6234
Sept
734
834
534
5,000
55,000
734
*16
t*i«
July
Sept
Sept
8534
84
$
"s'ooo
61
47
1434
Mar
Jan
113 M
14
834
May
1434
Jan
113 H
—
17
834
May
1534
Sept
Oct
84
84
84
1,000
7634
97
9534
97
9,000
83
Jan
9934
~i"08— -44534 108
100,000
94 34
Jan
11034
Aug
Sept
11134
May
Sept
Sou Calif
10534
104
10534
63,000
102
10534
104
10534
25,000
102
105
10434 105
Aug
*10334
97
103 34
Feb
11134
10534
May
5,000
56 34
17,000
3934
May
5634
-Oct
10334 103 34
5534
S'western Assoc
5,000
10034
Sept
10334
11,000
100
Sept
81
Apr
99
July
Jan
108
May
48
Sept
59
July
9,000
55
Apr
74)4
Aug
interest.
9,000
54 34
Apr
74)4
Aug
cluded In year's range,
16,000
55
Apr
74)4
Aug
5,000
54
Apr
74
Aug
5,000
54
Apr
7334
Aug
7334
Aug
5534
103
9334
106
PS..1945
.
$4834
♦Spalding (A G) 5s—1989
Standard Gas & Electric—
97
6.000
106
4,000
50
104 34
105
104)4
Jan
Aug
June
68
6834
68
67
67
67
25,000
53 34
Apr
1834
1834
2,000
1734
Sept
35
Jan
Oct
64
Mar
50
Jan
6334
Jan
6734
6734
1951 ""68*"
6734
6634
6634
1957
"*1834
(Huge) Corp—
2d stamped 4s
1'
2:1 stamped 4s
1
Stinnes
35
10234
35
3,000
27
24
37
Deferred delivery sales not included In year's range, d ExIn year's range, r Cash sales not in¬
z Ex-divldend.
X Friday's bid and asked price.
No sales were transacted during current week.
*
6634
6734
6s.Dec. 1
91
11034
4,000
Inc 56-1!
5,000
Sept
5134
Standard Pow & Lt 6s
9734
Sept
82
•Starr ett Corp
96)4
9934
19
6s
Aug
9934
97
7934
Debentures
85
Apr
104
50
Debenture
Apr
8134
15,000
7s stmpd.19
Corp(Can)434sB '
♦Prussian Electric 6S..19
Public Service of N J—
6<7- rrepetual certificat
1948
1948
68 34
11,000
10,000
Power
(stpd)
Conv6s (Stpd)
6,000
9334
29,000
Potrero Sug
6s
Aug
81
10434 107
$7
So'west Pub Serv
11934
110
10734 10834
100
10134
1G734 109
Tel 5s 1961
S'western Lt & Pow 5s 1957
So'west Pow & Lt 6s.2022
Aug
Sept
16,000
107
"*78*34
Edison Ltd—
Ref M 3 iS.Mav 1 1960
Re'. M 3*Ab •(.July 1 '6J
Sou Counties Gas 4 34s 1968
Sou Indiana Ry 4s
1951
9234
10134
9934
.121
Apr
78 34
108 34
Coke—
Coal 6s 1947
PewJjs. 1957
54,000
104 34
$10434 106
$10034 102
10734 10734
10734
Sheridan. Wyo
8734
teh
.1954
& Pow 58.1940
Southeast P & L 6s .
July
Apr
Sept
104
Sou Carolina
10834
95
—
Pub Wks
Sept
104
$10334 104 34
♦Saxon
Aug
90
Apr
103
8,000
3934
Pub Serv of
Aug
86
Apr
72
2,000
20,000
series B. .1959
6s C..1947
series F
68
7,000
10134 10234
Penn Pub Serv
4s series D
June
10534 105 34
Edison—
1981
—1961
July
2834
105 34
197
1962
1968
2834
93
1947
Stamped 5s
3J)00
Oct
Apr
9534
48.1966
Yadkin River Power 5s '41
{♦York Rys Co 5s—.1937
May
24.000
5s..1941
Jan
8
102 34
$103
434s series B
JaD
July
52
99
-
Wise Pow & Light
May
-
Peoples Gas L &
4s series B
Sept
10134 Aug
10734 May
-
4,000
"
11234 115
West Penn Elec
Mar
105
1941
Pacific Invest 5sser A. 1948
Pacific Ltg & Pow 5s. 942
Pacific Pow & Ltg 5s.1955 "*8934
Park Lexington 3s—1964
Penn Cent L&P 4348.1977 "*9834
5s series D
Apt
May
58
105
1st 6s series B
6s series A
Aug
49
June
105
Water 5s '48
5s '40
Pacific Gas & Elec Co—
F
-
1,000
Aug
5234
97
5s—2030
Penn Traction 5s '60
Newspaper Un 6s '44
West
Sept
-
6634
106)4
8534
4s—1951
Wheeling Elec Co
109
-
Elec
Mar
Sept
54
50J4
Pacific Coast Power
5s series H
Wash Ry &
Mar
Sept
102 34
97
Serv
8634
7734
26*666
10834 10834
.
10834
Okla Power &
Penn Electric 4s
Pub
1st ref 5s series B
Aug
Apr
1,000
Jan
Sept
23
8
35
84)4
84
83)4
6s
10134
8934
9934 100 34
10534 107
6s series C__
Ohio Public Serv
Aug
15,000
55,000
Aug
July
80)4
-19 50
.1946
Waldorf-Astoria Hotel—
♦5s income debt
1954
$11134
1956
534s series A..
No Boston Ltg
11934
Sept
Aug
9954
93 34
1944
534A..1946
434s
Jan
'
54
Sept
33
106
11334
Apr
102 34 102 34
-
84
___1952
Deb 68 series A
197:Utah Pow & Lt 6s A..2022
8734
5434
84
102 34
-
110
31.000
8
84)4
6s series A
10034
100
103
-
6,COO
38)4
$7
81)4
8734
83,000
10434 104 34
102 34 10334
-
10
8
(Del) 534s '52
United Lt & Rys (Me)—
West
•
5034
36
-----
Un Lt & Rys
July
12,000
483 34
"1*0434
Nippon El Pow 6 34s.-1953
No Amer Lt & Power—
Penn Water
10934
Jan
3,000
97
stamped.1950
N Y P & L Corp
Deb 5 34s
Jan
Sept
96
Ohio—
New York Penn &
4 34s
534s
55
6834
101
1942
13,000
26,000
1034
11134
1974
1959
634s
May
114
6834
9534
9534
1954
Apr
11134
tlOl
------
Aug
38
Jan
Sept
3,000
6734
6834
29
10734
22.000
6834
104 34
9634
9834
9934
-
9234
Conv 68 4th stamp.
'
6734
-
-
10334
10 34
Jan
68
68
6034
1034
11134 11134
5934
1950
United Elec N. J 4s..1949
United El Serv 7s
-956
♦United Industrial 634s *4'
♦1st s f 6s
1945
United Lt & Pow 6s.-1975
Jan
115
115
------
Tr 534s *52
77
2,000
115
Ulen Co—
Aug
98
30,000
Jan
Jan
8634
59)4
Twin City Rap
Aug
Aug
74 34
74
10734
(L) see Leonard—
Aug
Aug
------
Jan
99 M
9534
107
93)4
1,000
High
Low
103
4,000
110
95)4
10034
11034
3.000
61,000
43,000
109
9534
Jan
107
28,000
Shares
High
10534 106)4
-----
Jan
Jan
105
105
2022
1979
Apr
Sept
11034 11034
-
Tietz
73 34
30
1118 34 125
74J4
July
7,000
10334 106
30
Tide Water Power 5s.
27,000
95
11134
106
3)£s_1961
5s.1948
5s stamped
Penn Ohio
48,000
111
Sept
Aug
8834
1,000
V94 34
6s series A
10134
10234
Low
10534
8234
11,000
8734
-
Pub Serv
New Orleans
♦Ext 434s
102
11134
New Eng Pow Assn
Debenture 534s
9,000
82,000
87 34
------
5s 1947
Conv deb 5s
95
Range Singe Jan. 1, 1939
Week
Texas Power & Lt 5s .1956
Oct
72
Apr
50.000
Oct
100)4
May
93 34
110
1948
:..1950
New Eng Power
58 34
34,000
99
9934
Gas 5s *48
5s
34,000
99 J4
96 34 100
99%
Realty 6s *48
N E Gas & El Assn
72
105
105 34
Nevada-Call! Elec 5S.1956
New Amsterdam
Jan
9934 101 34
105 34
101
4348.1981
2022
Neisner Bos
9334
98
1978
{♦Nat PubServ 5s ctfs
16,000
6834
9934
Milw Gas Light
N
for
of Prices
{Concluded)
High
Low
Shares
9934 100 34
Midland Valley RR
N
Week's Range
Sale
1939
Week
Price
of Prices
Low
High
Last
BONDS
Range Since Jan. 1,
Last
Middle States Pet 634s '45
Sales
Friday
Sales
Friday
BONDS
Nebraska Power
2349
New York Curb Exchange—Concluded—Page 6
149
25
3,000
20
Oct
36
39
33.000
29
Sept
70,000
9434
10134 10234
Sept
104)4
Mav
♦
No par
n
value,
a
Under the rule sales not Included
Bonds being traded flat.
{ Reported in
receivership.
If The following Is a list of the New York Curb
in their entirety:
Amer. Radiator 434 1947, Nov. 1 at 101.
Hall Printing
e
bond Issues which have been called
6s 1947, Nov. 1 at 102.
Cash sales transacted during the
current week and not
Included in weekly or
yearly range:
No Sales.
y
■
Under-the-rule sales transacted during
the current week and not
Included in
weekly or yearly range:
No sales.
z
,
Deferred delivery sales transacted
during the current week and not
;
„
.
,
Included In
weekly or yearly range:
No sales.
Abbreviations
"v t c."
of deposit; "cons," consolidated;
convertible; "M," mortgage; "n-v," non-voting stock,
"w 1," when Issued; "w w," with warrants: "x-w.
Used Above—'"cod." certificates
"cum," cumulative; "conv,"
voting trust certificates;
without warrants.
The Commercial & Financial Chronicle
2350
Other Stock
Oct.
14,
1939
Exchanges
Baltimore Stock Exchange
Oct. 7 to
Oct.
13, both inclusive, compiled from official sales lists
Friday
Week's Range
Hale
Stocks—
Par
Arundel Corp
...*
Halt Transit Co com v t
Low
30c
31c
2
1.60
1.75
225
78%
258
11254 113%
14
12%
1,478
Eastern Sugar Assoc com. 1
Preferred
2054
72
100
_
Low
20%
Consol Gas ELA Pow—*
4%% pref B
Shares
205*
*
14
1
27
212
41
190
30%
9%
39
2954
8%
50
16H
Humphreys Mfg Co com.*
25%
25%
3
49c
53c
1,200
47c
500
1
1
45c
June
nvs
32
Sept
Sept
130%
Apr
2534
Oct
40c
Aug
1.40
Jan
40c
July
1.40
Jan
18%
7
12
Aug
21%
Sept
52
25
Jan
"12%
28%
12%
28%
July
354
Apr
North Amer Oil Co com.. 1
14%
July
1.40
1.40
125
1054
1.00
Northern Central Ry._.50
88%
Owlngs Mills Distillery...1
15c
83%
15c
30
69
69
15c
20%
200
69
90
2
Feb
90
100
20%
817
07%
10%
1.55
Sept
Sept
88%
Mar
Sept
83
2034
Phillips Packing Co prefiOO
U 8 Fidelity & Guar
15
30c
Apr
Mar
Oct
84%
Mar
100
Apr
June
23%
Mar
Bonds—
Baltimore City 4s—1958
118
bait Transit 4s flat—1975
A 6s flat..
118
20%
31 %
1975
118
$2,000
118
Oct
20%
27%
40,500
10%
Apr
31
31 %
7,800
2234
Apr
Boston Stock
118
Oct
27%
31%
Aug
Aug
Exchange
13, both inclusive, compiled from official sales lists
Friday
Last
Sale
Stocks—
Par
Week
of Prices
Price
Low
Range Since Jan. 1, 1939
for
High
Shares
High
45c
50
1st preferred .....—50
Amer Tel & Tel
45c
1
—
Preferred
1
13%
10<
103%
200
32c
13%
If
101% 103%
1,829
Jan
60c
1
45
Oct
2
26
Associated Gas & El cl A.. 1
•11
»ie
27%
27%
92
11
147J*
Apr
170
Mar
3*
May
•1834
Aug
Apr
40
89
141 % 146
Mar
12
11
181
*
Preferred
100
Bird & Son Inc
*
Boston & Albany—...100
Boston Edison Co
Boston
8754
100
100
Elevated
141%
44%
44
17
10%
Boston Herald Traveler..*
67
9
134
100
Prior preferred
Class A
2
12 %
..100
Stocks (Continued)
Par
CI D 1st pref std
100
4
383*
Apr
56
Mar
16
Apr
19
Jan
Copper Range...
20
13
510
6
485
13*
Jan
250
June
4%
no
13*
154
15
100
19
52
8%
25
8%
0%
7%
9
226
925
0%
*
4%% prior pref.
6% preferred--J
4
100
100
Eastern Mass St Ry—
Common
22%
60c
100
19
*
com
Employers Group
Gillette Safety Razor
Hathaway Bakeries cl—
18
454
33*
1
Apr
87
16
June
193
60c
65*
22
19
20
60c
■Jan
8
Jan
1%
8%
22
t c. 1
2%
Mergenthaler Linotype...*
18%
29
10
20
2%
18
2%
112
1
4%
1%
Natl Tunnel & Mines Co.*
New England Tel «fe Tel 100
117
100
1
2.50
Aug
25c
Jan
17
35*
Feb
Sept
Jan
116% 117%
1
1%
205
Apr
June
120
Aug
51c
51c
100
27c
27c
17%
25
24%
18%
25%
1,098
2%
2%
70
20c June
195
15%
10%
12%
July
480
134
Sept
1.00
Jan
Jan
20c
Feb
40c
Apr
934
Mar
2154
Sept
Sept
Sept
153*
Aug
54
June
27
434
12%
15%
103*
12%
481
83*
Apr
29%
29
29%
235
2234
Feb
32
28
28
28
575
United Shoe Mach Corp.25
17
Feb
72 %
75
6% cum pref..
25
Utah Metal & Tunnel Co.l
W aldorf Sy stem
*
618
7154
Apr
39%
723*
3954
293*
873*
40%
27
393*
Oct
63c
63c
483*
63c
Aug
50
50c
Apr
85c
May
7%
110
754
July
Shawmut Assn T C
Stone & Webster
*
Torrlngton Co (The)
Union Twist Drill
*
..5
Warren (S D) Co
7%
*
0%
26%
29
15
14
Feb
Apr
83*
63*
17
1154
1734
Sept
Sept
Apr
23
Mar
June
Jan
Oct
July
29
Oct
Bonds—
Series D 6s.
to
134
10
com...
New
capital
25
23*
Apr
113*
Sept
734
1534
Aug
50
134
Apr
234
Sept
100
323*
6134
Sept
383*
Mar
Sept
783*
Mar
34
Aug
134
9%
Jan
100
812
534
200
5
Jan
5334
434
50
234
18.3*
Jan
2934
3034
1534
33*
18,6.50
2534
834
9
150
334
321
634
30
84
$100
80
Apr
96
June
101
1.000
91
Jan
102
July
Chicago Stock Exchange
Oct. 13, both
inclusive, compiled from
Sale
Stocks—
Par
Abbott Laboratories—
Common (new)
cum conv
Acme Steel Co
Price
*
69
pref. 100
com
144
25
Adams Oil & Gas Co com. *
Advanced Alum Castings. 5
Bearing
com__]
Allied Laboratories com..*
Allied Products com
10
For footnotes
see page
Sales
Week's Range
of Prices
Low
69
144
485*
Adams (J D) Mfg com...*
934
""4%
3
official sales lists
434
3
High
705*
144
5034
934
5
for
Range Since Jan. 1, 1939
Week
Shares
63
150
180
100
400
Low
High
120
315*
8
434
13*
Apr
71%
Jan
1443*
5054
Apr
Jan
Oct
Oct
Oct
Sept
1634
Apr
32
17
Aug
Apr
37%
Jan
1234
1934
Aug
173*
23*
300
173*
334
Mar
2334
100
35
20
2334
120
11
11
200
1334
33*
1334
334
'2234
2134
22 3*
6
6
0%
434
150
4
9
Apr
134
34
1634
934
93*
July
Jan
2534
Sept
1234
Jan
6
Apr
143*
Sept
900
234
Apr
600
173*
Apr
434
223*
Aug
Apr
83*
Sept
50
500
3
2
Jan
54%
434
Sept
150
1134
Apr
1734
Sept
105
4034
Apr
134
Apr
215
3634
J
6434
334
4734
Sept
334
4034
600
53 3*
55
1,150
37 34
Api
553*
Sept
334
Sept
554
Apr
634
834
Apr
133*
Apr
373*
4
334
634
113*
$75
634
12
2734
"12"
28
150
10
265
2134
163*
9
93*
Jan
10
Apr
2353.
Apr
434
July
634
Jai
3534
1434
3534
10
14%
400
13
50
505
1
134
33*
,
200
14%
1534
373
23
1,650
933*
2434
9534
6334
173*
6534
173*
304
173*
1534
14%
1634
213*
4,850
83*
750
*
Kentucky Utll Jr cum pf.50
6% preferred
,—..100
Keryln Oil cl A
Kingsbury Brew Co cap__l
413*
413*
42
9734
97
211
50
32
180
75*
*
Apr
1734
Aug
234
934
Sept
Aug
203*
Jan
2534
9834
7154
Sept
Sept
19
Mar
3
16
66 34
4834
14
Aug
Apr
Aug
Sept
103* July
1534 June
5
29
Feb
350
July
35*
Sept
150
6
Apr
11
Prior preferred
Apr
1054
1134
1834
Oct
750
Oct
200
5
MIckelberry'• Food
Apr
can.
5
22
Jan
44
100
4
34
200
13*
234
934
50
3*
13*
Aug
100
8
713
600
234
654
Apr
Sept
16
3
Oci
Aug
Sept
Apr
%
Jan
2J*
Jan
33* June
103*
Sept
Sept
2
Mar
10
213*
10
1334 June
Oct
1
Apr
50
754
34
Apr
934
Apr
33*
Sept
10
1,500
1,600
25
Jan
Jan
734
3
Jan
Apr
134
25
JaD
Sept
4
134
1534
1634
Jan
Sepi
Sept
9
Jan
50
*
com. 1
1634
Aug
734
.*
1
com
63*
234
Oct
—
334
13
6934
15
Oct
May
30
234
213*
Oct
Aug
34
100
15
Fe!
934
334
234
213*
*
*
Loudon Packing com....*
McWilliams Dredge com.*
Jar
July
8%
9734
50
Jan
Jai
Jan
37
334
934
73*
Oct
J uly
Aug
13*
23*
10
Middle West Corp
300
8
934
3*
334
La Salle Ext Unlv com...5
Leath & Co com
*
1134
1834
Sept
19
734
1054
173*
113*
163*
83*
200
8
'
"83*
Class A
2734
1,200
250
<
com.*
1034
1134
1834
12
Apr
834
8
3%
100
Indep Pneum Tool vtc..*
Merch & Mfrs Sec
an
13
8
83*
~u%
*
Oct
3934
"13*
com
Oct
16
16
3
Hupp Motors
Marshall Field
Oct
Jan
6034
"16*"
Hibbard-Spen-Bart com.2
Houdallle-Hershey cl B. .1
Hubbell Harvey Inc com.
.
Sept
38
1434
634
com
Mar
Jan
1634
Manhatt-Dearborn
Jan
10
Hall Printing Co com.. .10
Harnlschfeger Corp com. 10
com
Jan
134
Sept
700
1834
$3% preferred
Liquid Carbonic
533*
734
Sept
Mar
934
234
600
Common
July
Sept
634
20%
173*
2,550
Libby McNeill & Llbby..*
Lincoln Printing Co—
3134
163*
28%
34
1134
Le Roi Co com
Apr
Apr
Aug
Aug
25%
163*
190
2434
com
Feb
Mar
Sept
434
%
1134
Kellogg Switchboard
Oct
Oct
33
4
233*
...1
334
Jan
Oct
200
24
Inland Steel Co cap.
*
International Harvest com*
Iron Fireman Mfg vtc...*
934
Jan
20
13%
com..*
com
94
Aug
23*
323*
"11%
Illinois Central RR
Apr
23*
Gossard Co (H W) com—*
Great Lakes D & D com..*
Illinois Brick Co
Jan
Aug
100
23*
General Finance Corp coml
General Foods com
..1
134
July
150
35
1
com
Sept
1734
Elec Household
Helleman Brew Co G cap.l
8
Sept
28%
17%
»
Gillette Safety Razor com
Goldblatt Bros Inc com..*
Aug
34
34
100
General Motors Corp... 10
Gen Outdoor Adv com...*
Sept
79
71
83*
4%
Jan
112
134
4
Mar
Jan
83*
153*
Jan
26
Apr
33*
29%
Dayton Rubber Mfg com.*
Decker (Alf) & Cohn coin 10
Utll cap. 6
Elgin Natl Watch Co... 15
Four-Wheel Drive Auto. 10
1
323*
25
Dixie-Vortex Co com.....*
Dodge Mfg Corp com
*
16
Apr
6434
Apr
34 May
4
Apr
9
2334
163*
2,000
67
2%
*
Preferred
Apr
Jar
9234
Consolidated Oil Corp...»
Consumers Co—
com
Apr
45
13*
5%
Sept
Jan
100
83*
1
com
534
183*
9 34
70
134
Commonwealth Edison—
Consol Biscuit
Sept
20
13
66 3*
"5%
3%
Jan
640
36
8%
July
800
59
134
100
Compressed Ind Gases cap.'
Jefferson Elec Co
84
101
1948
Last
Aetna Ball
com..
New com
Friday
43*%
100
36
Chi Flexible Shaft cora___.r
73*
2.534
Jarvls (W B) Co-
Eastern Mass St Ry—
Series B 5s
1948
Oct.. 7
634
13
Chicago Yellow Cab Co..*
Chrysler Corp common..f
Goodyear T <fe Rub
80c
200
290
150
134
1%
*
Chic& Nor West
25
10634 10634
434
4%
com 6
Preferred...
Gardner Denver Co com..*
General Amer Transp com 5
2
17%
Cherry-Burrell Corp
Fuller Mfg Co com
Aug
54
30c
300
100
Aug
Aug
43*
1,200
634
Chicago Corp common...*
Sept
32
73*
520
58
2834
634
June
3*
1%
Apr
Apr
Aug
3*
58
May
2
75
24
Sept
103*
20
1534
243*
743*
3134
Jar j
20
50
20
74%
Jan
12
734
133*
100
734
24
July
Sept
Jan
Sept
Apr
1634
200
153*
Oct
Sept
18%
Apr
Apr
4
Sept
73*
»H
Aug
Aug
203*
33*
20
.
July
134
1033*
56
7%
1
*
23*
223*
150
3,850
3
Sept
134
600
5
203*
Prior lien preferred....*
Cent States P & Lt pref.
*
Sept
1%
60c
Common
$7 preferred
Sept
634 June
1,300
Central S W—
9
Jan
27%
5
Convertible preferred..*
22
Sept
263*
20%
Mar
854
1254
134
0%
150
26
1703*
10
2,250
1,000
"27%
preferred ...30
Jan
2
1534
534
8%
*
Castle Co (A M) com... 10
Cent 111 Pub Ser $6 pref..*
Central 111 Secur com
1
300
1.50
28
Apr
July
Apr
3%
6-50
2934
934
273*
"29
Burd Piston Ring corn...]
Butler Brothers
10
conv
23*
17
com. 1
Jan
Jan
50c
Brown Fence & Wire
Class A..
Apr
354
25
50
Apr
30
434
56c
Laughlln Inc com.5
Borg Warner Corp—
(New) common
5
50
420
11
5%
Deere & Co com....
5%
Colony RR—
25
Reece Button Hole MachlO
Apr
10
240
18%
Mar
54
43*
180
25
Jan
10c
12
180
22
Assn
Inc.
Pennsylvania RR
Quincy Mining Co
Mar
754
2,600
9 3*
21%
94
3% Aug
7% June
% Aug
234
Apr
950
10%
10%
1
Crane Co
24
Aug
%
14734
3,250
53*
CunninghamDrugStores2 %
Mar
6%
113*
13*
6
Common...
Mar
15*
26
634
10
11%
1%
Common pt sh v t c B._*
Continental Steel—
Sept
Apr
29
100
(Ctfs of dep)
Old Dominion Co
Pacific Mills Co
Sept
Sept
Apr
7f
Butte
55*
405*
25
Jan
588
Jan
47%
June
5%
2%
5
Apr
18
69
5%
Belmont Radio Corp
Bendix Aviation com
2834
30
930
5%
Preferred pt shares...50
554
354
250
North
Sept
Sept
1854
15c
Old
105*
83*
20
13%
2%
8%
N YNH&HRR
Jan
35
15c
v
July
0%
200
13%
1%
Racing
Feb
Sept
20%
5%
1
Narragausett
Oct
15
554
15
23
894
20
0
Club Alum Utensil Co
*
Coleman Lp & Stove com. *
Sept
43 %
High
83
101% 162%
"0%
1, 1939
.
Low
20
Athey Truss Wheel cap.. .4
Bergboff Brewing Co
Range Since Jan
Shares
82
Aviation Corp (Del)
3
Aviation & Transport cap. 1
Bastlan-Blessing Co com. *
Belden Mfg Co com
10
Cities Service Co
4
for
Week
High
41%
J
com
Range
Low
823*
Armour & Co common...5
Aro Equipment Co com__l
Asbestos Mfg Co
Sept
Sept
1434
334
Sales
Allls-Chalmere Mfg Co...
Sept
I
c
pref
Mass Utilities Assoc
July
3
5%
19%
*
*
cum
Aug
Apr
290
Inter Button Hole Mach 10
Isle Royal Copper Co... 16
Maine Central com
100
5%
May
Aug
0%
"20"
*
Preferred
Helvetia OH Co t
4
393*
22%
22
100
Preferred B
East Steamship Lines
3%
383*
.Tar>
1034 May
East Gas & Fuel Assn—
Common
Jan
3%
13
15954
Jan
%
3%
4
Oct
170
18
13%
July
165
3%
Boston Personal Prop Tr. *
boston & Providence.. 100
Calumet & Hecla
...5
Oct
1154
92
3%
100
92
Sept
Price
Altorfer Bros conv pref
*
Amer Pub Service pref. 100
Amer Tel & Tel Co
cap. 100
.
Jan
2
12
1st pref std-. 100
Cl B 1st pref std
Oct
538 zl27
44%
17
2
Mar
2934
May
7034
Boston & Maine—
Pref stamped
May
15
BIgelow-Sanford Carpet—
Common
Feb
Jan
10
92
12
CHICAGO
of Prices
Campbell-W&Can Fdycap*
American Pneumatic Ser-
Common
St.,
Week's
Sale
5%
Low
Salie
Last
»_
Sales
Week's Range
La
Friday
Bliss &
Oct. 7 to Oct.
Exchanges
Jan
28%
12%
Penna Water & Power com*
S.
June
18%
MouonWPennPS7% pref2£
New Amsterd'm Casualty 6
10
Mar
22
Apr
Apr
18%
Merch & Miners Transp..*
Principal
July
35%
10%
July
20
Members
Bell System
Teletype
Trading Dept. CGO. 405-406
Municipal Dept. CGO. 521
Jan
Aug
121 %
Apr
18%
Common class A
2.10
84
Apr
112
9%
Mar Tex Oil—
Apr
Apr
18%
934
July
Sept
4
12%
Paul H.Davis & Go*
Mar
70c
9 zlll
Houston OU preferred-—25
Finance Co of Am A com .5
24%
1.20
725
30
Sept
June
25c
Jan
m% 125
Fidelity & Deposit
20
Fldellty&Guar Fire Corp 10
2C
High
71
28
25%
Unlisted
Week
High
Too
c
1st pref vtc
Listed and
Range Since Jan. 1, 1939
or
offices
Price
CHICAGO SECURITIES
Hales
Last
1,550
3
30
25
"334
334
334
2,400
234
8
734
8
2.000
514
53*
323*
1854
234
163*
13*
163*
Jan
Mar
JaD
Sept
Jar
Sept
Sept
Oct
534
Jar
Oct
283*
Feb
Apr
4 V*
A
nr
10^
Jar
Anp
Volume
The Commercial & Financial Chronicle
149
Sales
Friday
Range Since Jan. 1, 1939
Last
(Concluded)
Par
Week's Range
for
Sale
Stocks
of Prices
Low
High
Week
Price
Ohio Listed and Unlisted Securities
High
Low
Shares
Midland United-
Common
*
500
1 %
%
Jan
%
1%
Sept
5%
Members Cleveland Stock Exchange
Jan
150
%
Convertible preferred..*
Util—
2351
Mar
Midland
7% preferred A
.100
Miller & Hart conv pref__*
%
3%
9
9
%
1
com
Jan
1 %
Apr
2
Jan
7%
Jan
5%
12%
Sept
July
Apr
22
300
3%
Minneapolis Brew
%
50
100
%
*
20%
26%
150
*
1%
1%
100
1%
53%
53%
54%
766
64
64
64%
50
Muskegon Mot Spec cl A.*
Nachman-Springflld com.*
21%
21%
100
National Battery pref
Nat'l Bond & Inv com
*
35
*
13%
Modine Mfg com
Monroe Chemical Co
com
16
GILLIS i<i RUSSELLco.
Jan
Oct
2 %
Feb
40%
Apr
55%
July
41%
Mar
68
July-
UbIm Cominerci
Montgomery WardCommon
*
Mountain St Pow pref.100
National Standard
com.
9%
36%
30%
Jan
June
Last
Week's Range
for
105
10%
15%
Jan
Sale
24%
500
16
24%
Oct
of Prices
Low
High
Week
23
Apr
Apr
28
26%
28%
3%
550
16%
Apr
35
200
9%
9%
17%
17%
9%
*
3%
Stocks
(Concluded)
Par
Price
Aug
1,100
6%
Apr
10
July
50
14%
Jan
20%
Mar
5%
Sept
Cliffs Corp vtc
Colonial Finance
23
*
22%
100
16
16
20
11
Apr
26%
Aug
Goodrich (B F)
13
13
20
13
Aug
20
Feb
31
31
10
27%
Jan
31
Sept
12%
12%
50
11%
Apr
15%
Jan
1%
400
Sept
Peabody Coal Co B com..*
6% preferred
100
1
36%
36%
50
24%
26%
950
cap 100
41%
42%
211
Perfect Circle (The) Co..*
Pines Wlnterfront com
1
28%
%
28%
%
14%
14%
Penn RR capital
"25%
50
Peoples O Lt&Coke
Poor & Co class B
*
Potter Co (The) com
1
com
Quaker Oats Co common.*
Preferred
115
loo
Rath Packing com
20
100
14%
10
Apr
1%
Feb
36%
Oct
May
27%
Sept
Apr
42%
Oct
Apr
29
Apr
1
24
%
1,700
l
Pressed Steel Car
59
%
15%
30%
30
Mar
Sept
7% Aug
% June
16%
%
Jan
16%
Sept
Sept
15%
113% 115
138% 140
1,510
6%
Aug
170
108%
Apr
125
Aug
80
138%
Oct
157
Jan
37%
50
14%
37%
27
Apr
Oct
37%
%
%
50
1%
5
1%
8%
78%
877
%
Rollins Hosiery Mills com 1
Schwitzer Cummins cap._l
Sears Roebuck A Co com.*
Serrick Corp cl B com
1
8%
8%
77%
2%
150
100
21%
106%
Spiegel Inc com.
2
St Louis Natl Stkyds
cap.*
%
July
1%
Aug
1
Sept
7
Aug
10
Mar
Apr
80%
July
60%
2%
Jan
Metro Paving Brick
National Acme
National Refining (new)
Prior preferred 6%
16%
Sept
286
30%
19%
Aug
July
34
Feb
41
41
40
29
Apr
41
39%
40
37
May
40%
Jan
97% May
101%
Sept
Nestle LeMur A
49
17
157
15
17
169
12
11%
12
12%
21%
106% 107
11%
11%
21%
Reliance Electric
16%
Apr
23%
Sept
30
102%
8%
July
Upson-Walton
Van Dorn Iron Works
80
60
150
1
Sept
75
16%
Mar
1%
10%
1%
10%
200
3%
3%
27%
50
2%
Apr
4%
23%
Aug
30%
Sept
12%
15%
37%
2%
Jan
Mar
5%
Sept
28
15%
Mar
15%
Mar
3%
33%
1%
179
3%
May
40
29%
July
410
1%
Sept
464
%
26
Jan
16
June
15%
Sept
15
Sept
25
21%
27
9%
9%
14%
25
14%
30%
21%
704
400
640
2,100
22
Apr
7
Apr
24%
July
17
75
Feb
Apr
8
Apr
10
9% June
36
1,147
30
Feb
38%
35
10
34
Jan
35
a26% a26%
31
18
Apr
27%
a5%
25
3
July
9
Sept
3%
427
2
Aug
4%
Sept
100
9
Sept
14%
Jan
9%
May
12%
Sept
a5%
3
10
10
30
all% all %
25
Youngstown Sheet & Tube*
a50% a53%
75%
""i%
Utility & Ind Corp
Conv preferred
"T%
Sept
Apr
13%
Mar
Oct
112%
78%
Oct
117%
2%
June
%
1%
Feb
116%
750
Apr
%
*
20%
1%
1%
20%
20%
.31
33%
114% 116%
1%
1%
91
Common..
500
342
2%
66
7%
115
Sept
50
1%
%
500
1%
Apr
200
%
Feb
Jan
15%
Apr
16%
Apr
36%
137
83%
Apr
120
10
80%
Jan
91
10
6
250
3%
3%
3%
300
3
capl.II
80%
80%
50
Zenith Radio Corp com..
16%
17%
375
1%
4%
Wood all Indust
3%
com
Telephone: Randolph 5530
Mar
150
Oct. 7 to Oct. 13,
Apr
Apr
5%
Jan
74%
Apr
85%
July
12
Apr
22%
Jan
Jan
Exchange
both inclusive, compiled from official sales lists
Sept
Jan
Aug
Detroit Stock
July
Sept
2%
5%
1%
DETROIT
Building
Aug
July
100
Chicago Stock Exchange
Exchange
Buhl
Oct
645
91
New York Curb Associate
Exchange '
Feb
1,423
4%
8%
2
New York Stock
Detroit Stock
Oct
1%
23%
8%
2
4%
8%
Williams Oil-O-Matic com
Wisconsin Bankshrs com.
Members
Oct
73%
58
%
*
Sales
Friday
Last
'
"•
.
Stocks—
Par
Week's Range
for
Sale
'
of Prices
Low
High
Range Since Jan. 1, 1939
Week
Price
Shares
100
Low
Feb
25c
Apr
40c
Jan
Apr
31%
Jan
11%
Aug
18%
119
120
$302000
105
Apr
124%
Aug
Auto City Brew com
1
25c
25c
100
Briggs Mfg com
Bands—
Commonw'thEddeb3%s'58
1
*
24%
24%
300
17
*
13
13%
473
Burry Biscuit
Last
Week's
Sale
Par
Range
of Prices
High
Low
Price
Week
High
Low
Shares
Burger Brewing
Churngold
20
16%
*
com.
_
Jan
109%
June
106
1%
June
3
94
28
88
13%
10
12%
8%
50
11%
5
12
10
28
4%
100
8
Jan
Sept
Jan
91%
v
*
40
.
Miami Guar
5% pref
100
8% pref.
-
m,
-f
*.
«-
-
*
\
_*
Sports Prods
73
*
Preferred..
2%
...50
Wurlitzer...
10
8
1%
1%
1
1.75
General Finance
com
com
10
July
General Motors
15
Mar
Goebel Brewing com
July
2%
28%
7%
Jan
2%
270
1%
Apr
Sept
54%
1,811
3%
55%
•
64
54
38
Apr
2%
160
1%
Sept
2%
95c
100
50c
Aug
1.25
Apr
14%
Jan
Grand Valley Brew com__l
13%
30
July
Oct
Sept
Jan
July
—...
35
14%
Jan
43%
Aug
Sept
Hurd Lock & Mfg com___l
52
52
34%
J an
15
Apr
8
20%
29%
91
Apr
1
July
50%
Apr
101
Aug
May
3
64%
Jan
Sept
5
111
Mar
118% June
8
216
Mar
230
1 %
Aug
June
Kingston Prod
Kinsel Drug com
2%
Mahon (R C) A pref
Masco Screw Prod
McClanahan Oil
com
53
2%
30
2
Apr
13
July
16
Jan
1,555
9
Apr
17
Feb
153
350
1,220
4%
40
1%
55
200
42
455
100
20%
2%
399
21%
26
1
1
1
1
25
28
3%
26%
1%
26
Jan
Mar
110
25
3%
45
Jan
9,040
25
m
*
...
com
4%
14%
14%
6%
200
55
1
...
Kresge (S S) com.
10
Lakey Fdy <fc Mach eom__l
Jan
3%
6%
1
com
35
4%
8%
Apr
76
Apr
Aug
2%
60
June
Apr
520
55
June
15,915
12
Apr
1,400
30
June
Jan
Jan
Sept
Oct
26%
Jan
Apr
Oct
.
Aug
4%
26%
Sept
1%
Sept
36
July
2%
Sept
Sept
7%
Sept
84
5%
Sept
12
Apr
Mich Sugar corn
*
1%
1%
1%
14%
74
8
Apr
15
Sept
Mich Sugar pref
10
5%
5%
5%
100
2%
Jan
2%
650
1
Feb
2%
Oct
Micromatic Hone com___l
4%
2.710
2
Jari
4%
11%
219
4%.
Apr
11%
Oct
Motor Products
13
15%
2,800
10
Apr
18%
Jan
8%
369
6
Apr
9%
July
Motor Wheel
16%
16%
362
10%
Apr
16%
Sept
8
73
Feb
July
Murray Corp com
8
8
90
93
Week
Price
Low
High
Shares
1
...*
*
250
5%
11%
11%
266
9
244
*
65%
65%
125
16%
16%
70
For footnotes see page 2353.
4
Aug
Sept
7%
Jan
Apr
14%
May
1% June
2%
Jan
71%
Sept
43
8%
Jan
6%
3%
6%
1,984
3
Apr
4%
Jan
44%
326
36
Apr
46%
Sept
9%
9%
795
5%
Aug
9%
Sept
4
*
Rickel (H W) com
2
River Raisin Paper com..*
4
1%
1%
600
1
Aug
2%
1%
1%
210
1%
Apr
2%
Mar
3%
3%
575
2%
Apr
May
1%
July
3%
3%
25%
2%
16%
Jan
...
2%
2%
100
831
22%
Jan
com
1
2%
2%
666
1%
*
15%
15%
100
13%
Apr
Apr
Timken-Det Axle com
10
com
May
10
Jan
1%
3%
1
Prudential Investing com. 1
Standard Tube B
High
10
5%
100
542
Oct
44%
..
(Fred'k) com
Sheller Mfg
5%
2
4%
*
10
com
com
Scotten-Dillon
Low
aim a48%
2
13
5
com
Penin Metal Prod com
Range Since Jan. 1, 1939
for
of Prices
*
com
4%
Parker Wolverine com...*
Sales
Week's Range
3
Apr
Feb
Apr
1
com
Stearns
Clev Railway
Aug
1%
14%
70
5%
95c
7%
Oct
2% May
2%
Graham-Paige
Jan
July
4
*
Hudson Motor Car com..*
3
18
Apr
10%
Houdaille-Ilershey B
7
12
Jan
100
9%
27
8%
700
3%
344
2%
1,595
14%
1
Aug
Sept
5%
4%
95
85c
5%
July
28%
14%
63%
2
Mar
Sept
5%
2%
*
Sale
City Ice & Fuel
200
*
Last
Clev Builders Realty
Clev Cliffs Iron pref
4%
2%
Hoskins Mfg com
Friday
Brew Corp of Amer
763
Aug
95c
Apr
both inclusive, compiled from official sales lists
Amer Home Prods
16%
Apr
1
2%
12%
Cleveland Stock Exchange
Par
15%
1%
2%
1
Aug
Parke Davis
Stocks—
5%
1
99%
225
25
3
com
1,250
7%
1%
124
Oct
Jan
Sept
2%
2%
1
1
Gar Wood Ind
Packard Motor Car
Oct. 7 to Oct. 13,
com._
Fruehauf Trailer
1.75
4%
*
1,200
Hall Lamp com
50
Apr
1%
Oct
50
Sept
101
1%
1%
Oct
279
69
114
600
7%
16%
July
1,400
116% 116%
1%
1%
5%
40
78
mm
2%
7%
14
90
.100
4
72
116%
9%
115% 115%
3
1%
m
10%
8
14
US Printing
.
3
4
50c
Mar
220% 220%
..100
Randall B
2% June
625
4
63%
1
100
1%
4% June
13
95
2%
1%
5
26%
10
G._y
2%
'
5
13
50
National Pumps pref
92%
18
25%
13
Apr
4%
26%
*
_.*
56%
9% May
25
Apr
63%
Kahn.y
Kroger.
91%
1,131
1
7
■
Hob&rt A
Mar
5
Frankenmuth Brew
11%
Sept
8
28
28
..10
Jan
1%
2%
.100
com
Aug
2%
May
98%
12
*
Hatfield prior pref
Part pref
Jan
100
11%
*
2%
Aug
Det Gray Iron com
Det-Mich Stove com
Fed Motor Truck com
215
1%
Aug
75c
1
Det&Cleve Nav com___]0
Mar
2%
8%
.10
Gibson Art
%
17%
8%
13%
...
*
Formica Insulation
1
Apr
93%
94
*
Eagle-Picher.
50
15
103% 104%
1%
..50
Crosley Corp
132
2%
104%
1%
700
Divco
8%
....*
Cin Gas & Elect pref... 100
Cin Street
50
Cin Telephone
Cin Union Stock Yard
16%
1%
1.25
6
com.
Federal Mogul com
Amer Laundry Mach
Jan
1%
Det Paper Prod com
Range Since Jan. 1, 1939
for
Sept
1.25
1%
Detroit Edison
1%
1%
c
Cons Steel
Sales
1%
1.25
12%
com
Continental Motors
Oct. 13, both inclusive, compiled from official sales lists
Friday
13
Brown McLaren
Chrysler Corp
Cincinnati Stock Exchange
1%
High
1%
Allen Electric com
Burroughs Add Mach
Stocks—
Feb
Watling, Lerciien fit Co.
Jan
3,150
..5
Western Un Teleg com. 100
W'house El 4 Mfg com..50
Wieboldt Strs Inc cum pf.
to
Feb
Jan
93%
76%
10%
7% preferred
^.100
Utah Radio Products com *
Wrigley (Wm Jr)
Aug
275
Sept
Apr
73%
U 8 Gypsum Co com...20
United States Steel com..*
"7
13
June
Feb
Oct
116% 117%
1%
1%
89%
13%
4%
74
Union Carb & Carbon
cap *
United Air Lines Tr
cap.5
Jan
2%
Sept
500
3%
Walgreen Co common
10
14%
31%
9
4%
90
11%
75%
25
com.
17
20
1
35
,
Sept
"27%
Swift & Co
com
52
150
Feb
Mar
2%
Apr
Apr
Apr
15
Feb
5%
48
35
35%
*
White Motor
com
15
al3% al4%
al6% al6%
Weinberger Drug Stores..*
Sept
Sept
Aug
3%
12%
Sept
6%
18
1%
200
Aug
477
Oct
336
*
109
Jan
225
1
Sept
Aug
May
Bros
14
1%
1
a21% a21%
Thompson Products Inc..*
man
Oct
Sept
4%
%
*
Stouffer Corp A
Jan
6%
14%
3%
33%
5
Sept
Mar
17
al6% al6%
*
31%
9
22%
Apr
July
Apr
1%
*
Otis Steel
70
Apr
2%
4%
"4%
*
Ohio Confection A
350
5%
5%
11%
Oct
58
17
17
*
Ohio Brass B...
5
100
1%
July
3
a
135
48%
17
*
Mar
74
31
Preferred
Mar
1
,
1%
71%
Stewart-Warner
5
Sunstrand Mach Tool com5
Swift International
15
Rapid
26%
*
22%
1%
Convertible pref erred 120
Standard Gas & Elec com. *
Standard Oil of Ind
25
p a
July
alOO
*
20
"71%
Common
Little
21
Medusa Portland Cement-*
550
-
Standard Dredge—
Oct. 7
Sept
50
39%
*
150
2%
30
30
30
Sou Bend Lathe Wks cap. 5
Southw't G & E pref... 100
Wahl Co
26%
*
Miller Wholesale Drug
Jan
20% May
41
*
Leland Electric
Sept
12
10
50
*
Lamson & Sessions
July
35
Kelley Isl Lime & Tran..*
Rich
Signode Steel Strap—
Preferred
Thompson 'J R)
Interlake Steamship
27
July
a21% a22%
a27% a28%
*
Jaeger Machine
11
National Tile
Raytheon Mfg—
6% pref vtc
High
Low
13
a22% a22%
Hanna (M A) $5 cum prf_*
12%
2,838
a26% a26%
Goodyear Tire & Rubber.*
Greif Bros Cooperage A__*
Halle Bros pref
100
10
23%
11
1
Eaton Mfg
*
General Tire & Rubber..25
Omnibus Corp v t c com..6
Oshkosh B-Gosh pref
*
Parker Pen Co com
Range Since Jan. 1, 1939
Shares
Sept
2
N'West Util—
7% preferred
Sales
Friday
Oct
110
24%
10
com
Apr
200
Northwest Bancorp com..*
Engineering
6
A. T. & T. OLEV. 565 & 566
Sept
9%
3%
Northwt
23%
13%
!_20
com
Jan
35 %
9%
Noblltt-Sparks Ind com..5
Nor Amer Car
14
Billdlng. Cleveland
Telephone: OHerry 5050
23
22%
23
Sept
Jan
Jan
3%
Tlvoll Brewing com
*
Universal Cooler B
1
3%
July
5
17%
19
1,988
10%
Apr
19
Sept
3%
Jan
Apr
3%
Jan
Sept
2%
Feb
Auk
1%
Sept
2
2
900
1%
2%
2%
672
2
1%
1%
100
1%
1%
1%
1,770
*
Warner Aircraft com
500
2%
1
Union Investment com
19
4
1%
67
Apr
Oct
The Commercial & Financial Chronicle
2352
Oct.
14,
1939
Pittsburgh Stock Exchange
Oct. 7
Oct.
to
13, both inclusive, compiled from official sales lists
Wm.Cavalier & Co.
Friday
New
Lot
York Stock Exchange
Stocks—
Par
San Francisco Stock Exchange
Los Angeles
Armstrong Cork Co
Teletype L.A. 290
Byers (A M) com
Angeles Stock Exchange
Week's Range
Last
Sale
Bandinl
Price
Petroleum Co...1
for
Range Since Jan. 1, 1939
Shares
com..
40
14X
408
12%
High
33%
Sept
56%
Jan
sy2
Sept
17%
13%
Jan
Sept
1.25
Sept
1,655
7?*
27X
320
70c
7X
352
10%
11
Jan
Aug
14%
7%
Apr
25c June
5X
460
35
10
Sept
Feb
sx
Apr
14?*
Mar
20
Sept
•
16
16
16
Koppers G & Coke pref. 100
79 J*
79%
79!*
10
July
79?*
sx
sx
SX
1,735
7X
Apr
9?*
Feb
2%
2 J*
35
50c
Jan
2%
Sept
Low
High
Lone Star Gas Co
*
»
Mountain Fuel Supply.. 10
Nat'l Fireprooflng Corp..*
Pittsburgh Coal Co
10
Pittsburgh Oil & Gas
5
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt..*
4X
5X
700
3%
Jan
6X
May
46c
46c
46c
200
35c
July
75c
Jan
10
2%
2%
2X
100
IH
Mar
3X May
Plymouth Oil Co...
5
5
5
200
4X
Sept
8
Jan
Shamrock Oil & Gas
ale
ale
400
2c
Jan
Feb
Vanadium-Alloys Steel
~
-
7X
mm.**
m
-
3c
5%
210
9
23
34
2%
Sept
3%
Sept
12X
Sept
May
IX
May
Apr
116?*
Mar
8ept
11?*
Sept
Apr
23
100
Oct
4
18?* July
1% June
22 J*
Aug
150
2%
33
5%
July
1%
90?*
4?*
100
Oct
May
IX
107
23
33
4
3
457
9%
Apr
55
1,064
9?*
5
6%
1,977
2%
7%
IX
IX
98X 100?*
-
100?*
*
1
5
2%
7%
5
•*-«»»
1
ale
Broadway Dept Store Inc. *
Buckeye Union Oil Co com 1
12%
60c
7%
5
1
Berkey A Gay Furn Co
Bolsa-Chica Oil A
High
37 X
13%
1
McKinney Mfg Co
Wpp¥
W CCht
of Prices
Low
17
25X
Follansbee Bros pref...100
Sales
Friday
Par
Low
Shares
36X
13?*
_._..*
Duquesne Brewing Co
Oct. 13, both inclusive, compiled from official sales lists
Stocks-
Range Since Jan. 1, 1939
for
Week
High
23%
*
*
Carnegie Metals Co
to
Low
24 J*
Columbia Gas & Elec....*
Oct. 7
Range
of Prices
Price
Allegheny Ludlum Steel. _*
Blaw-Knox Co
Los
Week's
Sale
Chicago Board of Trade
Angeles Stock Exchange
523 W. 6th St.
Sales
Last
MEMBERS
Sept
38?*
Sept
1
lc
1,000
lc June
2c May
Victor Brewing Co.
30c
310
1
lie
3c
3c
1,000
3c
Apr
3c
Apr
Westingbouse Air Brake..*
32?*
32?*
335*
242
18
Apr
1
3c
3c
3c
3,000
3c
Apr
3c
Apr
Mar
Westlnghse Elec & Mfg. 50
117%
114 J*
118?*
117
83 H
Apr
119?*
Sept
Sept
Pennroad Corp vtc
2 !*
2%
238
IVH
July
3?*
Sept
Vtc
Preferred
...
Preferred vtc
Chapman's Ice Cream
*
1.00
Chrysler
6
90 H
Consolidated Oil Corp
Consolidated Steel Corp..*
lc
SH
Corp
Preferred
lc
1.00
100
92 X
325
SX
293
7X
100
11X
9X
1.00
9
7X
X
SX
7X
90c
61
Apr
Apr
6X
Aug
200
3X
7X
Mar
590
SX
1.00
92
Unlisted
30c
^
20c
40c
July
Jan
37
Sept
—
1
Jan
9X
sx
Sept
Mar
13X
Sept
Sept
11%
Mar
67 Xc
Jan
Philadelphia Stock Exchange
..*
u%
Electrical Products Corp. 4
9%
Exeter OH Co A com.
46c
45c
46 c
1,000
40c
Apr
nx
13 X
53 X
13 X
130
9%
May
13X
Oct
Last
Week's Range
for
54X
541
37 X
Apr
55 X
Sept
Sale
of Prices
Week
5
Sept
7 X
Jan
5
Jan
Oct. 7
1
Fltzlrnmons Stores Ltd
General Motors com
11
10
9X
54 x
6
General Paint Corp com. *
General Telephone Corp.20
al6X
al6X
Globe Grain A Milling. .25
sx
SX
Goodyear Tire A Rubber.*
27 X
Holly Development Co—1
HOc
_
Hudson Motor Car Co...*
6
6
200
Friday
Stocks—
400
123
23X
Sept
35 X
Mar
HOc
600
70c
Aug
1.40
Jan
Barber Co.
75
5X
Aug
Feb
Bell Tel Co of Pa pref. .100
(l6X
5c
a6X
9
7
May
American Stores
Low
2,000
July
14c
Apr
187
18 X
Aug
36 X
Feb
714
m
Apr
2X
Jan
Chrysler
5c
sx
100
162%
17?*
122?*
163?*
17?*
123%
164
50
6?*
52?*
6%
390
10
123
(E G) Mfg Co..—*
5c
28
2X
20
Preferred
6?*
100
5
52%
5%
125
91
91%
65
1
41c
41c
43c
400
39c June
60c
Apr
Curtis Pub Co Common..*
2X
2X
2X
775
IX
Aug
5X
Jan
50c
60c
200
45c
July
25c
Apr
Electric Storage Battery 100
General Motors.....
10
33
50c
1
a20c
a20c
a20c
500
13c
Apr
20c
Jan
Horn A Hardart (N Y) cm*
33
Pacific Finance Corp comlO
Pacific Gas A Elec com..26
10%
10X
10X
712
9X
Apr
12?*
Mar
29X
325
Lehigh Coal A Nav
*
Lehigh Valley...
50
Nat'l Power A Light..... *
29X
31
31
31
100
29 X
Sept
34 X
Aug
Pennroad Corp vtc
27%
27X
127
Sept
31X
July
Pennsylvania RR......50
45 X
145
Jan
50
July
19 X
100
19X
Oct
22?*
Aug
Phila Elec of Pa $5 pref..*
Phlla Elec Pow pref
25
2%
2X
130
2
July
3?*
Jan
Phila Insulated Wire
15
June
Jan
Phlla
45 X
19 X
2%
Rice Ranch OH Co
1
'
19
19
19
Richfield Oil Corp com
*
Roberts Public Markets..2
sx
8
SX
3,000
720
Apr
iox
Jan
6X
6X
3X
Jan
7X
Sept
5X
5H
6X
5X
100
Ryan Aeronautical Co
1,600
4%
Sept
7 X
Jan
1
6X
30
Safeway Stores Inc
.*
a43%
a42X a43X
30
30
28
28
30 X
28
alcc
a
Signal Pete Co of Calif... 1
15c
53
30 X
71
26
Jan
33
24X
Apr
32 X
6X
Sept
10
23
Jan
29
Aug
Oct
45 X
Aug
200
15c
sx
500
25X
25%
1,214
36 X
36 X
36 X
32
4SX
Aug
Sept
Jan
200
7X
25 X
a
Chain Stores Co..*
8
So Calif Edison Co Ltd..25
Mar
7 % preferred.....
1
...»
117?*
147
30
30%
716
28%
Sept
15?*
2?*
4?*
9%
16%
134
15?*
Oct
2%
40r
1%
Mar
5
233
"2?*
June
10%
399
6%
Feb
10?*
8%
8%
10
7
Aug
16?*
Jan
46%
48%
716
Apr
July
325
»
m
47%
Jar
211
Sept
7?*
Apr
Preferred..
*
Standard Oil Co of Calif..*
-
752
10^g
A pi
21 X
24*4
Aug
33 X
Sept
IX
Apr
Sept
2X
Sept
8
Sept
Atig
2X
Mar
\9X
5
Feb
■
113%
10
.......
10
10
$4,000
78 U
9%
78
...
10
12 000
117
Feb
Aug
Oct
June
13?*
Jan
6?*
71
Apr
Mar
Sept
10
Sept
80 X
July
Sept
June
639
15X
Oct
14?*
113% 114%
Sept
40
Apr
Lehigh Valley 6s
20C
Aug
5
10?*
107%
-m.m-m *-
Elec A Peoples tr ctLs 4s '45
37f
Jan
Sept
3?*
31%
34 J*
3X
43%
Aug
19
20'
Sept
3X
Sept
7,56*
29
17X
113
14%
874
3X
Sept
36?*
31
17X
Sept
13?*
30 %
Wellington Oil Co of Del..l
Aug
3?*
35?*
So Calif Gas 0% pref A..25
Southern Pacific Co... 100
5
Sept
27%
119?*
30%
13?*
June
1,24'
Jan
Sept
Feb
35?*
29X June
6X
17X
Sept
Sept
*
29 X
6
Sept
Sept
10
Apr
1
14%
United Gas Imp com....*
Sept
6X
6%
Sept
3%
Sept
2
80
Oct
Sept
4%
6%
Aug
Jan
25
.25
3%
Apr
931
Transamerica Corp
Union OH of Calif..
1% June
120
8?*
Jan
38
Sept
2%
880
20f
32
2
26
2%
Apr
908
27 X
17X
Apr
508
25X
2SX
23%
36%
%
27 X
2X
52?*
5%
92?*
7?*
34?*
55X
3
25X
2SX
35?* May
3?*
Apr
58%
Apr
3?* Aug
2%
27 X
2 X
Jan
X
25
17
8%
3,208
50
common
25
28%
Aug
2%
2X
Corp
5?*% preferred C
1
Aug
4
2?*
..1
Union Traction
Westmoreland Inc.......*
Bonds—
Sunray Oil Corp
Mar
Apr
20?*
124?*
*
Tonopah Mining...
United
36 X
27 X
30 X
17
170%
Sept
2,250
******
m,
Apr
10%
117?*
900
2%
5
mm,
July
148%
3%
116?*
-
14%
52?*
X
3%
Original pref..
6% preferred B
25
High
Apr
5%
25%
2?*
50
Corp
Preferred..:....
May
4»
20
2?*
24?*
2?*
.*
Philadelphia Traction...50
Scott Paper
Security Co units ben Int..
Signal Oil A Gas Co A
*
8?*
..1
Rapid Transit....50
Salt Dome Oil
33
3?*
5%
8?*
117
19 X
•
744
33
25
44X
26 X
43
Pacific Public Serv 1st prf*
686
3?*
27%
Aug
33
54%
mm'm
29 X
34?*
185
6%
32
53%
26
Pacific Lighting com
Son tag
5%
.^
25
Apr
50
*
corp
1
28
41
I
'Budd Wheel Co
Menasco Mfg Co
Republic Petroleum com.l
Low
12%
Mascot Oil Co..
6% 1st pref......
5%% 1st pref.
Range Since Jan. 1, 1939
Shares
12?*
Mt Diablo OH Mng A D..1
Occidental Petroleum
High
*
American Tel A Tel
2 X
5c
28
2X
Price
Sales
20
SX
28 X
75c
28
Los Ang Industries Inc...2
Par
16X
a
Budd
Lockheed Aircraft Corp..!
13, both inclusive, compiled from official sales lists
27 X
a6X
Lincoln Petroleum Co.. 10c
Oct.
to
Jan
Alton, 111
Tulsa. Okla.
FRANCIS, BRO.
Mar
Jan
ESTABLISHED
CO.
1877
Mining—
Black Mammoth ConsollOc
Cardinal Gold
16c
1
16c
7c
Cons Chollar GAS Mng. 1
Imperial Development.25c
16c
1.501
14C
7c
l.OOf
6Xc
7c
al
al
al
lc
lc
9X
9 X
53 X
50
lc
July
Jul?
30c
INVESTMENT SECURITIES
Jan
20c
Aug
2.50
Jan
1.10
Apr
lc
Jart
2c
FOURTH
ST.
New York Stock Exchange
*
Amer Smelting A Refg...*
Amer Tel A Tel Co.... 100
Anaconda
Copper
Armour A Co (111)
53 X
163
50
5
Atlantic Refining Co
25
Aviation Corp (The) (Del)3
Bendlx Aviation Corp
6
Corp
5
33 X
23 X
6
a2H%
a26%
10 X
160
53 X
17(
163 X
18f
161X
32X 33 X
a6X
a6X
23X 23 X
6
5X
a2SX a2SX
a26X a26X
Sept
25
3X
Ap1
8X
19 X
24
3 X
Aug
<*
SX
15
19X
21X
Mar
30 X
Aug
24X
May
"20
1
7X
l
26 X
7X
26X
7 X
26 X
SX
SX
40 X
40 X
Electric Power A Light...*
General
General
Electric
Foods
Co
*
Corp
*
Goodrich (B F) Co
aiO
*
Kennecott Copper Corp
Montgomery Ward A Co.*
New York Central RR.__»
Nor American Aviation..1
North
American Co
sx
Feb
Sept
Last
2X
Feb
Sale
50
21X
4X
Jan
26 X
Feb
360
Aug
7X
Sept
125
24
Jan
26 X
Mar
200
7X
Apr
12 X
Jan
304
33 X
Aug
42 X
Mar
45
40?*
Mar
16X
May
40 X
281
30
33 X
54 X
34 X
165
30 X
130
45
June
Central Brew com...
24 J*
Sept
Chic A Sou Air L pref
10
Cocoa-Cola Bottling com.l
May
45?*
Sept
Columbia Brew
Sept
45X
Mar
Dr
July
Ely A Walker D Gds com2f
Pepper
.5
Falstaff Brew
19X
Apr
20 %
Mar
Griesedieck-West Br com.*
aSX
a8X
50
6X
Hussmann-Ligonier
1st pref
100
7X
June
10X
Sept
220
3
July
4X
Jan
International Shoe
90
9
June
13X
Jan
Johnson-S-S Shoe
5
Sept
5X
5X
435
26X
1,565
13 H
65
69 X
187
10 x
a7SX
a78X a7SX
a
120
33 X
Aug
49
Sept
a41 X
76 X
For footnotes see page 2353.
Mar
July
1st pref
a4lX
75%
0.41 X
53
4 X
11X
Apr
14!*
Sept
71 X
Apr
84 %
Feb
35
Apr
44
Sept
45
36
May
51X
Jan
76 X
778
43
Aug
82 X
Sept
4X
425
Sent
6X
Jan
3X
Jan
47
47
5
40
Sept
59?*
June
11%
48
38%
16
16
5X
5%
2%
6%
*
12
Warrants..
Sterling Alum
8
106
5
.
1.50
com.
1
com
15
95
10
10
45
Sept
58
June
225
31
May
41
Sept
20
14
May
16
7%
105
5
Aug
8
Mar
8
355
4
Apr
8?*
Sept
35
Aug
Oct
Apr
35
150
9
Apr
11?*
Mar
586
6
Apr
10
Sept
5%
215
108
27?*
3?* June
6?*
Oct
Sept
27
100?*
Apr
2?*
300
1?*
May
108?*
2?*
Feb
6%
155
5
Sept
8?*
July
Sept
13
1.50
6
8%
119
Jan
6
Sept
14?*
70
52c
July
2.00
Sept
40
Apr
6%
Sept
120
4?*
5%
Jan
8%
July
26
27
455
21?*
Apr
32?*
Mar
28
28
$2,000
24?*
Jan
31%
Aug
Bonds—
tUnited Railway 4s... 1934
12?*
8%
7%
26
55
Apr
10%
6
Stix Baer A Fuller com.. 10
Wagner Electric
Sept
June
11
"2X
com
18
8%
37%
100
Scullin Steel com...
Mar
122?*
48
RIce-Stix Dry Goods com.*
July
Oct
*
St Louis Pub Serv pref A
Scruggs-V-B Inc
"
4X
9
Mar
15
Sept
sx
7 X
14J* June
34?*
32?*
6
10X
com
Apr
114
34X
com
Sept
Sept
Jan
10
*
com
Sept
100
I*
Sept
25
*
com...
41
20
7
25
24?*
113
47
10
com..
com
90
June
J an
May
114
Natl Candy com
Apr
17%
6?*
23
35
7
Mo Port Cement
Apr
44 X
17%
Sept
Apr
29
Feb
114
July
5X
43 X
17X
.....
14X
17X
al2% aV2X
89 X
90X
26
79X
40
12X
295
28
Jan
310
90 X
~23X
Aug
sx
44 X
„
Sept
8
7?*
34?*
10%
a6X
46 X
10
300
7?*
a2lX a2lX
46 X
Sept
May
9?4
*
80
46 X
2.25
25
Key Co
14
6
July
1.87
Laclede-Christy CI Pr com*
M.cQuay-Norrls com
*
13 X
sx
1.50
1.87
Mar
a6
SX
14?*
Sept
8%
14
21X
39 ?*
15
29
July
a6
a
25
19
27
9?*
1
com
Hyde Park Brew
7X
39
10
283
7X
1.87
39
40
22 X
High
19
39
115
13%
22
Low
33%
24
Jan
4
Range Since Jan. 1, 1939
for
Shares
13?*
Sept
aSX
High
24
224*
4
Low
Week
*
23!*
55
Range
of Prices
5
com
com
Apr
Apr
Sales
Week's
33
1
June
Warner Bros Pictures
Burkart Mfg com
13X
25X
United Aircraft Corp
United States Rubber Co 10
U S Steel Corp.
•
*
com
12X
5X
Texas Corp (The)
25
Tide Water Assoc Oil Co 10
Union Carbide A Carbon
Brown Shoe
Price
*
com
777
26 X
..25
American Inv
1,100
*
*
Par
54 X
21X
21X
*
Sears Roebuck A Co.
Stocks—
20 X
20
4
Exchange
Friday
15?*
Apr
22X
Socony-Vacuum Oil Co.. 15
Standard Brands Inc
*
Studebaker Corp
1
Swift A Co
Apr
20 X
Packard Motor Car Co
»
Paramount Pictures Inc._l
Exchange
L 193
13, both inclusive, compiled from official sales lists
May
39 X
21X
*
Radio Corp of Amer
Republic Steel Corp
St. Louis Stock
Oct. 7 to Oct.
IX
5X
11
30
21%
54 X
*
Ohio OH Co
a40
Teletype: St
Jan
V
140
39 X
33 X
*
41X
Apr
22 X
22 X
*
Loew's Inc
a40
9
St. Louis Merchants
Telephone: CHeatnut 5370
Sept
40
A
St. Louis Stock Exchange
Y. Coffee A Sugar Exchange
Oct
420
155
Curtlss-Wright Corp
Chicago Stock Exchange
Chicago Board of Trade
Sept
150
N
Aug
39 X
7 X
a
Sept
168 X
12X
alX
a 28 X a2SX
7X
12X
58
N. Y. Curb Exchange (Associate)
New York Cotton Exchange
Jan
Apr
alX
a28X
alX
152
June
18%
June
al2X
a
42 X
Sept
21X
Commonwealth A South..*
Continental Oil Co (The).5
7 X
9
155
Columbia Gas A Elec
*
Commercial Solvents Corp*
Class
OLIVE STREETS
LOUIS
MEMBERS
Unlisted—
Amer Rad A Std Sani
Borg-Warner
AND
Mar
5,001
Volume
2353
The Commercial & Financial Chronicle
149
Sales
Friday
Range Since Jan. 1, 1939
Last
Orders
open
solicited
Coast
Pacific
on
Stock
are
\
(2 P. M. Saturdays)
Eastern Standard Time
until 5:30 P. M.
which
Exchanges,
Stocks
(Concluded)
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Par
OAhu Sugar Co Ltd cap..20
Olaa Sugar Co
Co.
Schwabacher Si
Members New York Stock Exchange
111 Broadway, New
Cortlandt
6%
.20
20
Onomea Sugar Co.
Park Utah Cons Mines
50
32
Sept
Aug
100
3%
Apr
11
Sept
15
18%
Jan
30
Sept
27
10%
a2%
100
a2bH
135
a25
a 25%
High
Low
18%
10%
a2%
1
Pennsylvania RR Co
68
27
Pacific Finance Corp com 10
York
26H
6%
26%
26%
Shares
10%
25
1%
10^
Oct
3%
Oct
Sept
Aug
Mar
20
26
Sept
7-4160
Radio Corp of America... *
a5%
a5%
19
5%
Aug
8%
Jan
Schumacher Wall Bd com. *
Prirate Wire to own offices in San Francisco and Los Angeles
3%
3%
105
3%
Sept
Feb
22%
22%
7%
25%
26%
Preferred
San
Oct. 7 to Oct.
Francisco
Stock
*
...
Shasta Water Co com
Exchange
So Calif Edison
13, both inclusive, compiled from official sales lists
6
5'4% preferred..
Week's
Sale
Range
Range Since Jan. 1, 1939
for
Week
of Prices
High
Price
Par
Stocks—
25
Low
31
31
Sou Caiif Gas 6% pref..2f
.
-
-
-
-
«,
Bank of Califoraia N A..80
«.
•'
Jan
42
27%
Mar
Jan
Aug
Sept
29%
29%
July
June
264
25%
Sept
29%
410
4.»
-
534
5%
Oct
4%
600
4
Apr
724
467
4%
Apr
125
~18 ~
125
31
31
Oct
33%
Aug
May
7%
Mar
Apr
9%
July
*
a6%
a6%
50
6
J
a8%
a8%
80
5%
40
40
20
40
26
a46% a46%
10
44%
Jan
United Aircraft Corp cap.6
a42% a43%
31
33%
Aug
Superior Port Cem pref A. *
644
4%
7%
"'4%
Atlas Imp Diesel Engine. .1
Sept
Studebaker Corp com
High
6
Associated Ins Fund Inc 10
Sept
Standard Brands Tnc
Shares
Low
20
Anglo Calif Nat Bank
19%
10
2314
hales
Friday
Last
25 %
25
preferred
124
100
760
10%
12
25% 25%
a27% a28
25%
26
*
25
com
50
124
Apr
June
45
July
Jan
10%
5%
Feb
8%
Sept
190
Jan
Texas Corp com
Oct
47%
45
Sept
17%
18
705
14 %
Apt
25%
Sept
U S Petroleum Co
1.00
1.00
700
54c
Apr
1.40
Calif Packing Corp com..*
24 H
24%
432
13%
Mar
30
Sept
United States Steel com..*
75^8
4314
Aug
82
50%
50%
20
48%
Mat
53%
July
Warner Bros Pictures
5
a4%
76%
a4%
1,156
50
10
3%
Sept
6%
Mar
96 4*
96%
96%
10
96%
Oct
July
West Coast Insurance
f
10
4
May
5%
June
32c
31c
32c
1,400
Calamba Sugar com
20
Preferred
Calif Water Service pref 100
Carson Hill Gold...
1
Cent Eureka MIn Co
Crown Zellerbacb
'
Di Giorgio Fruit com
2.90
610
35
Jar
64%
22
480
16%
Apr
25
Sept
16%
87%
1544
135
344
El Dorado Oil Works..i..*
110
1024
9
1,181
8724
370
3%
10
Sept
Sept
14%
_*
4
4
I
Sept
950
87
5
com
62
344
21%
*
Preferred
Aug
~4~
Sept
Mar
5444
3%
10
Cons Chem Ind A.
40
602
45c
64
3%
1
com
Clorox Chemical Co
58
58
Caterpillar Tractor com..*
26c June
104
1.00
1
10%
Sept
Apr
76%
July
1.90 May
8%
May
4%
91
4.50
1-7
July
Oct
Jan
•No par value,
a
b Ex-stock dividend.
Odd lot sales.
r
Cash sale—Not included In range for year,
e
Listed,
x
d Deferred delivery,
Ex-divldend.
y
Ex-rlghts.
t In default,
t
Feb
Jan
17%
1744
620
14
18
Mar
50
37
37
37
200
34^
Sept
43%
Emsco Derrick & Equip. _f
Fireman's Fund Ins Co..25
10
9
10
300
6%
Apr
10%
Jan
90
87
90
201
79%
Apr
95
452
1—H q 0
July
Comparative Figures of Condition of Canadian Banks
July
Emporium C«pweli Corp.*
Preferred (ww)
Foster & Kleiser com
1.40
2%
Preferred
16%
54
10
com
General Paint Corp com..*
Preferred
_..*
Gladding McBean & Co..*
Golden State Co Ltd
6%
55
5%
30
105
5
mm
5
150
Jan
Sept
Jan
5
455
July
1.60
28%
5
16%
Apr
66%
Oct
Apr
38 %
1,031
644
30
«
*.
-
14
10
1624
54
25
General Motors
1.50
Jan
3%
Jan
Jan
Sept
34
the condition of the Canadian
1939, with the figures for July 31, 1939,
and Aug. 31, 1938.
CONDITION
OF
STATEMENT
OF
BANKS
THE
OF
THE
DOMINION
Mar
9%
8%
844
130
6
Apr
9%
Sept
2024
270
17
Aug
Sept
20
20
185
18
May
CANADA
OF
Jan
20%
*
In the following we compare
banks for Aug. 31,
Assets
Sept
24%
23%
12%
.10
42
42
315
38%
Apr
43%
Sept
LoTourneau CR G) Inc.-.l
Lockheed Aircraft Corp. J
34
3444
402
22
Apr
36%
2844
610
19
36%
Feb
40c
630
30c
Sept
70c
726
11%
Apr
18%
Aug
2.40
1,500
1.90
824
2,010
1939 Aug. 31, 1938
Sept
15%
Aug. 31, 1939 July 31,
Sept
Hawaiian Pine Co Ltd...*
Honolulu Oil Corp cap
*
Langendorf Utd Bk B
Leslie Salt Co.
20%
9%
*
.
-
-
-
-
25
-
40c
2%
40c
March Calcul Machine
5
15)4
1544
Menaaco Mfg Co com
1
2.25
2.20
1
7%
7*4
Magnavox Co Ltd
National Auto Fibres
com
*
Occidental Isnruance Co. 10
24
•
9
Natom as Co
432
944
8%
5
250
9
Aug
Aug
Apr
8%
5%
9%
Sept
12
Jar
28
Feb
Mar
Jan
Jan
July
Current gold and subsidiary
coin-
In Canada
5,790,183
Elsewhere
5,807,662
5,676,665
5,578,873
5,459,253
6,123,183
11,597,845
11,255,538
11,582,436
57,645,819
201,318,349
4,946,491
53,832,318
206,916,552
54,472,989
202,249,878
6,638,334
32,857,535
112,607.922
104,545,832
Total.
Dominion notes
Notes of Bank of Canada
Deposits with Bank of Canada
Notes of other banks
...
United States & other foreign currencies
Occidental Petroleum
1
6% 1st pref
5%% 1st pref
"2 9%
REAR Co Ltd
com..
Preferred
Rayonier Inc
Sept
2.40
Jan
Apr
34%
Mar
29
Sept
July
26%
Sept
36%
31%
29%
1,450
31%
2844
833
45
441
~
^
W
"
«
'
«
m
**
524
1824
60%
Aug
10914
July
4%
50
Sepl
7%
Jan
18%
220
133
July
Feb
Sept
41%
100
60
138
133
-•
27%
491
1824
18%
Sept
22%
July
130
Sept
157
July
4124
41%
285
36 %
Sept
59%
Jan
1.25
^
1.25
1.25
400
1.00
Sept
2.80
Feb
100
3%
Aug
11%
Sept
359
4%
Sept
10%
113
26%
9
4%
444
"26%
26%
1524
2744
"24"
23 44
24
2.90
2.75
7
1,040
113.728,133
ents elsewhere than
United Kingdom
Canadian
loans
18%
6%
Apr
350
4%
Sept
10%
Jan
7%
Jan
28
....
Southern Pacific Co
*
28
23%
24%
30%
16%
31
"17
100
So Pac Golden Gate A
28
23%
*
Sound view Pulp Co com.. 5
80 Calif Gas pref ser A. .25
26
11
May
A
or
32
Jan
29
Sept
540
28%
Sept
34%
June
2,031
10%
Apr
21%
Jan
10c
500
9c May
3rc
Jan
33%
Sept
29
2844
Standard Oil Co of Calif..*
315
1,376
1724
10c
......
l
'
75C
24%
Aug
public
colonial
and
se¬
192,500,704
40c
1(X)
'"e%
644
624
5,48 4
25
Transamerica Corp
Union Oil Co of Calif
17%
1724
9%
1744
581
9%
165
15%
4%
1544
16%
150
12
3%
1
Union Sugar com..
25
Universal Consol Oil
10
Victor Equip Co com.
....
9%
-»
' '•'
A
-
V
"3%
1
Waialua Agricultural Co.20
~
i.
-
-
marketable
value
45c
Sept
8
Sept
Aug
19%
Jan
July
13%
Sept
Apr
1714
July
to
49,106,755
51,239,956
41,843,104
826,351,734
42,682.862
813,947,295
70,533,480
55,048,243
781,010,385
140,896,518
144,928,018
144,215,066
16,635,182
13,816,048
18,727,850
113,830,618
119,358,195
112,987,304
Real estate other than bank premises...
9,017,395
7,867,564
Mortgages on real estate sold by bank..
4,129,466
8,995,959
7,900,536
4,132.771
9,861,505
8,335,581
4,387,920
Elsewhere.,
..........
Loans to the Government of Canada
—
■
Loans
lb
ulO
Amer Toll Bridge (Del)_.l
Anaconda Copper Mln..50
33J4
Non-current
Argonaut Mining
Aviation Corp of Del
Bait A Ohio RR com
Bendlx
Aviation
5
credit
Deposit
with
2.90
Oct
4
Jan
Corp
34
14 >4
June
27%
10%
Aug
17
going heads
Apr
170
Mar
4(H)
43c
Sept
67c
Mnr
406
21 %
Apr
38%
Sept
Mar
7%
Jan
6
a7%
220
3%
Aug
8%
Jan
o744
50
4%
Apr
8%
Sept
a27% a29%
244
2%
Apr
Aug
3%
a5%
0544
1%
65
10
16
5%
7%
Oct
6%
Aug
9%
Sept
4%
Aug
8
744
766
36
35%
36
a9%
a9%
0944
General Electric Co
*
a40%
Apr
37%
Feb
6% June
225
12%
42%
Jan
148
31 %
Apr
544
500
5%
38%
Sept
03924 0394*
Internatl Nickel Canada.*
Kenn Copper Corp com..*
M JAM AM Cons
1
Montgomery Ward A Co.*
Mountain City Copper
'a54%
5%
6
Nash-Kelvlnator Corp
»-
-
6
National Distillers Prod..*
North American Aviation 1
North Amer Co com
10
45
85
4
Sept
221
29
Apr
o53 44 05424
240
44 4
544
780
3%
544
_
••
f
10
o23 44
85
2144
2144
2344
275
13%
383
21 %
22
.
25
54%
9%
44
Jan
Sept
Feb
Sept
Sept
Apr
5514
2,230,370
92,816,492
92,835,769
98,661,488
64,928,562
51,995,451
Balance due to Provincial governments.
56,215,581
.63,279,809
44",028,550
705,171,205
694,169,484
687,159,311
Deposits by the puDllc, payable on de¬
mand in
Canada
Aug
7%
Sept
the
public,
payable
after
notice or on a fixed day In Canada—
Deposits elsewhere than In Canada
Loans
from
other
banks
In
Canada,
,701,886,610
500,892,172
,697,240.089 1,634,544,979
400,442,302
474,232.824
secured. Including bills rediscounted..
Deposits made by and balances due to
other banks In Canada
Due
to
than
in
Canada
and
...
13,082,835
10,167,292
45,351,573
36,911,022
the
United Kingdom
Bills
19,861,066
13,457,949
46,000,916
the United Kingdom
Elsewhere
375,822
letters
of credit
300,977
52,957,727
payable
and
12,370,669
15,778,867
banking correspond¬
banks and
ents In
55,814,282
3,528,811
2,721,762
133,750.000
145.500.000
.
296,206
out¬
standing
Liabilities not IncL under foregoing heads
Dividends declared and unpaid......
4,136,444
2,207,372
Rest or reserve fund
133,7.50,000
Capital paid up
145,5C0,000
57,749,144
2,887,791
2,374,943
133,750,000
July
5% Sept
a6 24
023 24
7
21c
10c June
700
a6%
m.
Oct
o524
o39 24 03924
15c
15c
a5
a5
International Tel A Tel cm*
2,139,497
3,548,426,551 3,519,913,804 3,334,356,596
60,295,652
Jan
31
10
a40 % a4144
544
Mines.. 1
5,462,755
11,292,882
ducting adv for credits, pay lists, Ac.
Advances under the Finance Act
Acceptances
Idaho-Maryland
11.432,861
Liabilities
Sept
a824
*
Feb
Aug
5
5
9
June
6%
28%
Dominguez Oil Co
Aug
78
33%
284
Electric Bond A Share Co
Apr
Jar
40
3024
7
11,363,758
Balance due to Dominion Govt, after de¬
I Why
Jan
Sept
4
644
3044
a8%
*
.1
18
70
644
.
......
Notes in circulation
Z\%
457
7144
.........
assets
Mar
147%
400
11%
30%
5,100,042
Sept
25
452
Aug
7144
Cons Edison Co of N Y__*
Oil
10
May
Columbia River Packers..*
57,749,144
5,054,952
Finance
12S
3%
Cities Service Co com.. 10
Curtis*-Wright Corp...
a
73,618,458
56,814,282
2,151,954
of
for the security of note circulation
Shares of and loans to controlled cos....i
6%
Calif-Ore Pow 6% pf'27 100
Minister
the
72,138,479
Other assets not included under the fore¬
60
,
72,271,057
52,957,727
contra
Sept
500
a 29
per
as
cost
off
under letters of
Sept
4.75
444
1
than
more
37
8
5%
not
less amounts (If any) written
Liabilities of customers
A"g
a7 %
Corp...6
Blair A Co Inc cap.
Consolidated
premises at
*
pro¬
Aug
3%
"6
3
100
loss
1.90
8
*
estimated
loans,
vided for
24%
-'w
"8 ~
Anglo Natl Corp A com..*
municipalities
100
162 44 1 62 44
56c
55c
-
towns,
100
22
22
a
American Tel A Tel Co. 100
cities,
to
and school districts
Total
Amer Rad A Std Sanitary. *
126,987,569
Other current loans & dlscts. in Canada.,
Unlisted—
American Hawaiian S S.10
167,907,137
.......
...........
Elsewhere than in Canada.
2.90
2.90
Yosemlte Port Cem pref. 10
Aug
185,173,237
128,154,178
bonds and other securities of
sufficient
31
3%
31
-
5
127,571,853
deben¬
Canada on stocks,
in
tures,
Bank
15c June
40c
_.2
Texas Consolidated OH
95,520,576
1,187,217,015 1,207,011,667 1,144,968,680
Loans to Provincial governments
Signal Oil A Gas Co A
190,796,017
Provincial
Railway and other bonds, debs. & stocks
Call and short (not exceeding 30 days)
Apr
445
and
municipal securities and Brit¬
foreign
Aug
Sept
3,555,227
33,774,357
in Canada and the
curities other than Canadian
cover
10%
844
5%
ish,
a
Jan
4,016,839
27,026,757
242,978,723
..
4,833,759
19.889,911
..
correspond¬
Government securities.
Mar
2.00
due
balance
—
Government
Dominion
Sept
325
and
Due from banks and banking correspond¬
Sept
625
with
the United Kingdom
ents In
17
18
544
made
from other banks in Canada
Due from banks and banking
60
12% June
5,838,326
27,492,536
including bills rediscounted
Deposits
25%
3%
Oct
June
638
3.00
8
......
•
1644
1744
1754
30.720,034
Cheques on other banks
Loans to other banks in Canada, secured,
Mar
9
.
Republic Petroleum com.l
Rheem Manufacturing Co 1
Richfield Oil Corp com
*
Ryan Aeronautical Co...l
1.25
5%
1
25
1,013
45
*
100
com
Preferred.
Mar
1.35
27%
*
com
Sept
5%
10124 10224
*
Puget Sound PAT
7%
Oct
31
31
*
Pig'n Whistle pref
Sept
3%
4%
Sept
550
1,400
29 43
*
Pacific Tel A Tel pref.. 100
Paraffine Co's com
*
28c
100
424
23c
18c
25
1st preferred
10c June
644
4%
*»
4%
25
com.
Mar
1.25
W
-
Pacific Light Corp com...*
Pacific Light Corr 86 div.*
Pac Pub Serv
23%
644
-
Oliver United Filters B___*
Pacific Clay Prods cap
*
Pacific Coast Aggregates 10
Pacific Gas A Eleccom__26
10
24
Aug
Apr
June
8%
Total liabilities
145,500,000
3,531,442,849 3,506,597,89313,318,949,201
Mar
28
Mar
22%
Sept
25%
Aug
Mote—Owing to the omission of the cents in
the above do not exactly agree
the official reports, the footings In
with the totals given.
The Commercial & Financial Chronicle
2354
Oct.
Montreal Stock
Service
Stocks (Concluded)
Members
Hamilton Bridge
507 Place
Montreal Curb Marke I
1
Hollinger Gold
for
of / rices
Week
Price
*
Howard Smith Paper
Greenshields & Co
Exchange.
Par
Week's Range
Sole
,
Montreal Slock
Hid
Ask
Provlnoe ol Ontario—
5b
Jan
1 1948
50
54
6s
Oct
4348
Oct
1 I960
48
52
0s
Sept
Prov of British Columbia—
5s
July
4 His
Oct
101
104
100
10
82
85
4e
June
1 1963
434 s
80
85
4 34s
Jan
15 1905
93
96
3348
July
15 1953
85
92
90
Aug
6a
June
6b
Dec
1 1941
85
16 1964
73
79
2 1969
73
79
Apr
1 1962
434s
Mar
2 1950
4s
82
82
88
92
1
May
1 1961
1968
93
95
91
94
8934
9134
434s
Sept
Rr
Mar
5s
1900
June
15 1943
65
70
90
95
6348
Nov
15 1946
65
70
95
16 1952
1
Prov of Saskatchewan—
100
434r
Oct
1
1951
65
Hid
§8
Sept
16 1942
434b
Deo
15 1944
5b
July
1
6834
81
83
r9234 .
1944
101
03
llOlM'
Hid
Canadian Padflo Ry—
4 348
Sept
11940
Ask
82
85
6s
Dec
1 1964
78
79
434s
July
1 1900
06
6934
Hid
32
1734
1534
Canadian National Ry—
434a
Sept
434a
Feb
24 34
125
4834
1,331
15
June
21
40
20
Aug
"2734"
2734
2834
230
42
2734
2534
2734
2,152
70
bang A Sons (John A)
Laura Secord
*
70
70
3934
2834
1534
16
1034
1034
20
734
734
934
Sept
2,090
2?4
Sept
8
834
834
834
Apr
834
313
534
Feb
834
934
Sept
Sept
16
Legare pref
Massey-Harris
»
Montreal Cottons pref. 100
Mont LH A P Consol
•
101
101
10
2934
31
2,117
63
63
63 34
*
34
33 34
35
72
65
7234
Niagara Wire Weaving...*
25
25
100
Noranda Mines Ltd
7334
75
845
National Steel Car Corp.
"36"
*
3534
1,905
23
Apr
100
1.50
150
5
150
Sept
163
July
110
110
15
90
Apr
110
Oct
Penmans
15
17
*
3s........Jan
1 1902
Sales
for
of Prices
Week
Low
11
334
32
High
11
110
434
15
112
134
234
534
1634
1834
734
83
134
634
13
834
107
20
112
25
934
10
1,987
2434
112
163
90
1,240
3,347
19
84
234
Lqw
10
1734
1034
Shares
32
23
1234
Range Since Jan. 1, 1939
14
*
*
100
234
434
834
21
Apr
Apr
80
1734
Sept
Jan
2034
2134
4,000
Sept
2234
62
310
39
Aug
63
Sept
1734
115
15
Sept
19
Mar
6
6 34
Oct
Oct
6
145
6
Sept
17
55
6
Mar
18
Sept
90
5
90
Sept
98
Jan
20
100
Sept
107
Apr
534
534
2 34
June
103
Sept
17
Sept
115
Feb
Apr
12
Sept
50c
Apr
141
4,175
534
2134
325
45
955
12 H
155
83
734
Sept
1234
3
534
Sept
7
Oct
5
1934
28
1034
Jan
June
24
18
Mar
Aug
Aug
19
June
42
Sept
1834
Sept
1634
1534
1734
5,650
2934
28
2934
955
634
17
34
Canadian Celaneee
Aug
Sept
Jan
23
1934
24
3,411
1034
Jan
24
Oct
111
122
98
Apr
111
June
100
110
246
30
Sept
9
Jan
Aug
12
155
10
87
8434
87
205
07
Apr
88
Sept
8334
83
8334
6634
Apr
84
Sept
85
434
80
10
6
Mar
5
loO
Sept
2,195
3
Aug
234
Feb
3
Apr
'52
Sept
10434 June
106
Sept
United Steel Corp......
Viau Biscuit
734
3
*
B
"52"
106
52
52
5
106
80
*
1834
26
834
610
17
Aug
2234
1.00
Aug
254
Oct
56
1.10
Aug
234
Sept
1034
10
8
*
2234
10
23
7
Feb
8
110
7
Feb
100
22
Apr
2234
»
100
157
155
157
32
100
191
191
39
177
100
298"
Sept
222
Nova Scotia
298
298
11
207
Sept
310
Feb
Royal
100
175
170
175
19
150
Sept
193
May
to
Friday
Last
734
Sale
Stocks—
Par
Price
Range
of Prices
Low
Oct
Oct
Abltibl Pow A Paper Co.
6%
7%
1.70
cum
pref
100
cum
pref
5
Bathurst P & P Co B
16
*
50c
1534
1634
2,320
334 June
35
120
434
125
Apr
434
Sept
Sept
14234
145
434
1,315
772
4
20
1,800
•
25
1734
2134
100
"17"
1734
18
42
4
*
44?4
2134
2034
114
114
1534
2134
Jan
1534
2434
Sept
205
2,049
15
Jan
5
108
Jan
1734
9,918
6%
634
975
8434
10
*
88
86
»
1034
100
1.00
1.00
y 7%
"5"
-
-
-
1034
1434
734
Apr
334
8ept
77
Jan
18
934
11
0134
29
Sept
Sept
Jan
July
20 34
Mar
45
Sept
2134
115
17
7 34
80
Oct
Sept
Cndn Vlckers Ltd
Sept
June
65
Jan
3
Aug
8834
1034
Sept
25
75c
Apr
1.00
Oct
55
50c
Feb
3.00
8
Oct
1.00
934
3
3
230
6
30
11
3,105
Aug
16
1634
Sept
95
June
Jar
6
Mar
430
1034
2,160
-
-
5
2?4
Aug
84
-
11
86
135
60
July
84
4
4
115
4
Sept
434
534
1,908
434
334
Aug
634
R U
15
95
Feb
98
33
32
33
1,017
25
Sept
33
Oct
3334
33
34 34
95
29
Sept
38
June
102
102 34
10
99
Sept
112
Jan
1.40
Mar
1.20
425
80c
Sept
1834
934
1834
165
1434
Sept
834
934
125
734
Apr
45
1.25
1.25
8
1.25
10
49
45
50c
May
Mar
934
45
1.50
Oct
Jan
Jan
July
May
Sept
Jan
1034
1034
1034
250
6
Jan
12
City Gas & Electric Corp. *
Commercial Alcohols Ltd. *
Sept
25c
25c
25c
55
15c
Apr
1.10
Jan
8,915
1.50
334
Sept
834
3 34
334
354
Jan
5
634
6
634
785
4?4
Jan
Consolidated Paper Corp. *
8?4
8
854
13,868
234
Aug
334
B
40
9
8?4
3
38
834
734
_*
Sept
Ford Motor of Can A...
Sept
Foreign Pow Sec Corp Ltd*
*
23
No par value,
r
434
Sept
22
Aug
2,250
2
Aug
934
Sept
475
Sept
834
44
Sept
Aug
9
234
Apr
7
2?4
Sept
734
Sept
734
25,305
334
Aug
10H
Jan
22 34
2354
1,261
1634
Sept
2334
20c
20c
200
15c
Apr
934
Ltd
Aug
580
9
2
634
Aircraft
50c
40
380
6
634
Fleet
5,020
Oct
Sept
8,538
7
Fair child
Aircraft Ltd ...6
3?4
634
9
Jan
734
1034
EasternDaIries7%cm pflOO
May
i«n
45
1.80
23
Aug
*
Catelli Food Prod Ltd
Dominion Engineering...*
Donnacona Paper A
*
Sept
434
98
10
Cub Aircraft..
1134
934
98
41
Oct
80
434
Jan
Aug
Jan
104
434
11
June
Mar
315
1034
75
2
834
1134
1434
*
1534
10
3 00
92
Sept
15
265
May
1434
Mar
15
1,290
June
Jan
Sept
534
2334
2834
9
100
50c
Aug
5
534
37
pref
4
6
Ja
Sept
Sept
3434
cum
Preferred
100
334
19
36
7%
Oct
10
*
3
23
*
Can Inter I Tr 5 % cm pf 10Q
Cndn Pow <fc Paper Inv.._*
575
*
80
Preferred
Canadian Gen Invest Ltd. *
1.25 May
Oct
Sept
Sept
22J4
Can Nor Pow 7% cm pf 100
Canadian Breweries Ltd..*
Mar
9034
100
Calgary Pow 6% cm prf 100
Canada A Dom Bug (new) •
Canada Malting Co Ltd..*
104
35
22 34
Oct
2,681
6
834
Apr
680
8434
*
5
37 H
634
*
Sept
45
8434
1034
334
1,593
_100
88
July
Aug
May
...___*
9
4
*
Jan
3?4
534
British Columbia Packers. *
Sept
25
4
Brit Amer Oil Co Ltd
2134
Mar
534
Sept
3 ?4
5*4
4V4
434
May
40
534
Mar
High
4,245
4 34
125
sales lists
Low
1.75
4?4
25
Jan
Week
Shares
*
4934
Jan
Range Since Jan. 1, 1939
34
100
Acadia Sugar Refd Co
Aluminium Ltd
1.60
High
for
Beauharnols Power Corp.*
51
Consol Mining A Smelting 6
Crown Cork A Seal Co...*
178
Saiei
Week's
Brew & Dlst of Vancouver 5
350
Sept
Oct. 13, both inclusive, compiled from official
Feb
1034
5134
135
Montreal Curb Market
Oct. 7
Mar
10
Jan
July
Banks—
13
10
Oct
9
2434
Montreal
21
16,963
Oct
Commerce
Aug
834
Jan
600
Aug
8
Sept
234
6
75
Feb
734
234
23
19
19
Sept
234
30
17 34
Sept
234
1,415
1.25
47
334
1534
170
2234
434
390
Feb
234
*
Preferred
3
50c
2234
100
Zellers Ltd
734
105
*
Preferred
634
2034
4
Jan
3
434
3 34
12
12
2034
*
Cndn Foreign Investm't..*
Cndn Industrial AlcoholClass B
*
Jan
150
Sept
May
Canadian Car A Foundry. *
Preferred
26
1
Jan
7
1434
3
Mar
1.50
634
110
12
Mar
102
/
1434
260
5,776
3,585
Oct
150
Oct
July
44
734
May
20
734
10
103
Mar
Jan
42
734
12
Sept
Mar
44
734
734
Sept
20
103
Mar
17 H
700
June
28
Aug
Sept
Sept
79
Oct
Sept
2
230
178
Aug
Sept
2
1,414
2H
1234
6 34
Aug
Jan
5
1,765
634
81
Oct
Sept
11
534
19
18H
2834
103
1.90
*
Winnipeg Electric A
July
10
534
Preferred
100
Tuckett Tobacco pref.. 100
Oct
109
214
*
..25
v
(Jet
Oct
6
234
1834
434
Apr
1634
15
1034
110
6134
3,325
25
Feb
505
234
162 34 163
734
Apr
May
19
Oct
123*
.....
Preferred
100
Western Grocers pref.. 100
Wllsil Ltd
*
7,090
1234
24
High
18
*
6334
Sept
102 34 10234
100
Tooke Brothers
19
*
1534
June
7
90
100
Preferred
Exchange
Week's Range
15
100
June
38
934
17
Preferred..
Simon (II) & Sons
23
Charles)
14
325
805
6
Power
Preferred
15
Preferred
110
63 34
11
17
62
*
1534
60
1034
2134
100
5% preferred
Quebec
Oct
3534
6234
*
Power Corp of Canada...*
Price Bros A Co Ltd
3534
Mar
{10034
20
Gurd
July
Sept
15
Gypsum Lime A Alaha*
Sept
8334
22 34
84
*
*
28
Sept
Apr
2234
Preferred
Rights
General Steel Wares
Oct
16
6934
1834
Can North Power
Gatlneau Power.......
Mar
72
1,500
1,165
Canada Forglngs class A.. *
Electrolux Corp
l
Enamel A Heating Prods.*
English Electric B_
*
Foundation Co of Can
*
43
Aug
May
22 %
*
Kootenay Power
Sept
3934
22
19
100
Eastern Dairies
31
Ontario Steel Prod pref. 100
Ottawa L H A Power... 100
Sher Williams of Can
Canada Steamship (new). *
6% preferred
....60
Canadian Bronze
.*
East
Jan
1,340
2,927
2234
1234
*
Dominion Textile
Dryden Paper
June
70
Shawlnlgan W A Power..*
"2434
(new)*
Bulolo Gold Dredging
6
Preferred
Apr
33
Oct
Apr
97
32
a
Dominion Steel A Coal B 26
100
Sept
Sept
BrucV snkMuTs:::::::::*
Dom Tar A Chem
100
25 ?4
63
237
4934
110
_
26
35
5
Jan
1334
Sept
Apr
'""434
Brazilian Tr Lt A Power.*
British Col Power Cor p A *
Dominion Coal pref
Dominion Glass
715
100
Montreal Tramways
National Breweries
10
Aug
21
Grand Trunk Pacific Ry—
4a
Jan
1 1902
14
Distillers Seagrams
Dominion Bridge
Sept
387
11
Bathurst Pow & Paper A. *
Bawlf (N) Grain
*
Canadian Locomotive
Canadian Pacific Ry
Cockshutt Plow
16
June
4734
IHice
•
Rights
Oct
9?4 June
190
81
46
100
Preferred 7%
25
9034
*
•
4034
Feb
4734
100
Corp
Feb
97
Sale
Preferred
Oct
3534
1334
9634
Last
Canada Cement Co
68
V
1834
13, both inclusive, compiled from official sales lists
0
55
2,480
31
Friday
Building Products
Oct
3934
3
Steel Co of Canada
100
2734
Jan
Canadian Northern Ry—
034a
July
1 1940
Montreal Stock
Telephone
JaD
Apr
Aug
25
"27"
Southern Canada Power..*
Bell
Sept
?4
1834
834
*
Saguenay Power pref
St Lawrence Corp
10034 10134
100
Mar
Sept
28 34
60
Aug
1 1970
Preferred
33
22
Sept
6
Feb
*
23?4
24
21
18
6s
Preferred
jan
634
4634
*
Lake of the Woods
Bonds
10034,101 34
Asbestos Corp
Associated Breweries
734
5
140
1 1909
Algoma Steel Corp
July
Sept
7
Sept
1,020
1,290
July
Preferred
1634
18
Oct
Alberta Pacific Grain A__*
Preferred
100
Sept
31
6b
Agnew-Surpass Shoe
13
St Lawrence Paper pref .100
100
Par
Oct
1,261
June
1634
1 1909
Stocks-
1734
9634
40
Apr
30
1 1957
Oct.
Sept
1734
July
to
May
25 34
12 H
30
68
Oct. 7
88
270
A preferred
50
St Lawrence Flour Mills..*
9734
99
1 1950
4348
7
Sept
100
1 1961
..June 16 19661
4Hb
15
8?4
3,154
4834
International Pow pref. 100
Jamaica Pub Serv Ltd
Regent Knitting.....
Ask
95
95
Holland Paper vt
Dominion Government Guaranteed
Sept
1034
•
Preferred
Ask
5734
Sept
17
95
OgUvie Flour Mills
Canadian Pacific Ry—
4s perpetual debentures.
17
Aug
31
70
Railway Bonds
Sept
9
1734
1534
M cColI-Frontenac Oil
88
434s
Apr
16 1901
Province of Nova Scotia—
Feb
434s
16 I960
88
Province 01 Quebec—
Prov of New Brunswick—
34b
99 34
10234
12 1949
Province of Manitoba—
4
1 1942
16 1943
...May
1 1959
5s
12
665
32 "
*
Internat Pet Co Ltd
Ask
1,910
17
Intl Bronze Powders pref..
Intl Nickel of Canada
*
bid
14 34
1334
1534
2434
Intl Bronze Powders
Closing bid and asked quotations, Friday, Oct. 13
Provlnoe ol Alberta—
Sept
1434
Industrial Acceptance...
High
6
17
7
Low
1,442
*
£1
Range Since Jan. 1, 1939
Shares
734
5
Preferred
Municipal Issues
High
734
Preferred—
100
Hudson Bay Mining....
Imperial Oil Ltd.
d'Armes, Montreal
Low
734
Imperial Tobacco of Can.6
Provincial and
Sales
Last
Securities.
1939
Exchange
Friday
all Canadian
on
14,
Canadian market.
7
20c
Oct
Jan
July
Volume
The Commercial <Sr Financial Chronicle
149
2355
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Inquiries
Friday
Last
Sale
Stocks (Concluded)
Par
Low
Range Since Jan. 1, 1939
for
High
Shares
Low
Fraser Companies Ltd—»
20 %
18
20 %
315
5
Sept
22
20 %
22%
5,900
5
Aug
23%
Inter-City Baking Ltd. 100
30
30
30
25
25
Apr
35
Internatl Paints
(Can) A_*
3.00
2.50
3.00
Intl Utilities B
1
60c
Lake St John P&P
*
Lake Sulphite Pulp Co
Mackenzie Air Service
*
MacLaren Power <fc Paper*
18
5
Aug
Aug
75c
70c
1,125
45c
Sept
17%
1.50
18
56%
92
1.50
270
70c
Jan
1.05
8
Sept
Apr
60%
83
Feb
Jordan
11
94
Oct
18
Jan
Mar
Oct
1.50
Oct
6%
Jan
Aug
17%
Toronto Stock
Mar
4%
Oct
4,675
10
6
104%
107
5
115
115
25
Apr
Apr
Oct
102%
97
97
100
*
*
7%
97
8
7,175
4%
97
23
6%
4%
*
5%
25
104%
107%
Oct
Oct
115
Oct
Canada Bread
105
Jan
Canada Bread B
50
Oct
Canada Cement
4%
Jan
6
6
25
2%
20
20
140
17%
May
108
108
108
Walkerville Brewery
Tio
7
107
Jan
Stocks
Oct
4%
Sept
20
Sangamo
6
Oct
19%
July
110
July
(Continued)
Walker-Good & Worts (H) *
42
41c
40c
100
Canada Permanent
Jan
Sept
50%
Jan
Canada Steamships
Preferred
Bouscadillac Gd M Ltd__l
3,600
3,800
4c
4c
4c
55c
Can Malartic Gd M Ltd..*
7%
55c
55c
Sept
1%
Sept
9c
Sept
1
Central Patricia Gold
500
200
2.10
100
1.97
Sept
Cons Chibougamau Gdfld 1
Dome Mines Ltd
*
15c
28
2.53
16c
27 %
300
2.74
455
2c
2c
2,000
2.55
400
Jan
800
74c
Sept
2.35
250
4.50
Apr
6.70
Sept
Canadian
Francoeur Gold
*
33c
33c
200
16c
Aug
1,500
210
l%c
l%c
Oct
C
35 X
l%c
35%
30%
Sept
50%
Jan
Canadian Wall A.
3.90
4.20
800
3,60
Sept
6.80
Jan
Cariboo
1.13
1.15
700
1.05
Sept
1.33
June
42c
36c
42c
9,000
20c
July
60c
Mar
1.85
1.65
1.90
3,300
1.25
Sept
3.35
Jan
2.75
2.78
400
1.20
Aug
3.90
23
Sept
179
2%
July
135
16%
11%
2,077
May
May
12%
Oct
15%
17%
4,060
Sept
18%
Sept
28%
29%
610
6%
17%
Jan
15
14
15
8%
July
Malartic
4%
4%
17
*
P R
12%
25
Celanese
Central Patricia
1.75
1.85
3,450
1.45
Jan
2.05
Chesterville-Larder Lake.l
900
4.20
Oct
4.40
Oct
Chromium
*
300
1.14
Sept
1.72
Jan
Cockshutt Plow
*
Shawkey Gd Mining Ltd.l
Sherritt-Gordon Mines
1
3c
3c
500
2c June
4%c
Jan
~~l"35
Coniagas
1.25
1.35
1,450
2.00
Sept
Conduits!.
1
91c 94 %c
91c
83c
Aug
50o
Sept
235
12%
Oct
12,894
30
9
2.03
650
23%
20
Conlarum
80c
Sept
Consolidated
Bakeries
1
35c
29c
35c
5,500
25c
Sept
74 c
Jan
Consolidated
43c
40c
Chiboug
45c
92,367
27 %c
Sept
1.03
Feb
Cons
80c 84 %c
3.95
3.95
700
60c
Aug
1.01
Mar
Consumers
100
3.85
Oct
4.60
Mar
Cosmos
1
"~3~ 95
1
*
4,200
Jan
1.65
5.95
6.00
300
5.20
Sept
8.10
Anglo-Canadian OilCo
*
Calgary & Edmonton..._*
13%C
11,400
8%c
Apr
18%c
Jan
7.75
225
6.85
Sept
8.85
Mar
Davles
73c
16,483
25,100
1,180
62c
Sept
40c
Sept
85c
Feb
Apr
11%
Sept
72c
57c
Denlson
Nickel
1.60
600
1.25
Aug
2.00
July
9,349
1.10
Sept
2.34
July
17%
Sept
15
50
52
1,328
16%
13c
Dom inion Bank
2.53
1,100
1.17
Sept
2.75
Jan
Aug
75c
Jan
Dominion Coal pref
Dominion Exploring
Sept
3.70
Jan
Dominion
60c
60c
600
2.74
2.85
4,515
1,000
1.25
6%c
Aug
25c
Jan
120
26%
Sept
44%
Jan
6%c
24
26
1,240
6%c
40
40
30c
31c
33c
34c
10c
1
"18
12c
for
of Prices
WppIc
W Ltfc
A P Grain
*
Low
High
Range Since Jan. 1, 1939
Alberta Pac Grain pref-100
Aldermac Copper
*
32
Algoma Steel
19
*
1.60
Shares
1.80
Low
3,495
15%
16%
3,880
36
1%C
High
41c
42c
17%
19
Aug
36
1%C
Oct
1% June
14
May
410
34
July
3%
21%
4
425
July
3%
1,000
4%
4
50c
25
1%C
27
42c
9,751
24c
7
Sept
4C
Jan
Oct
Mar
34
62c
19
Sept
6c
5c
6c
4%c
Sept
1.07
1.06
1.10
11,825
60c
Sept
1.52
Jan
2.10
2.17
400
2.00
Sept
3.25
Mar
Arntfield
1
Gold
Oct
17c
T96
Cons
1
Bank of Montreal
18c
7c
7c
7c
1
2.52
2.30
2.54
*
19%
18
19%
27
]
*
1.12
75c
Aug
Sept
1,145
1,025
19
4.65
4.90
2,500
2c
Sept
8%c
10c
8%c
22%
2%c
10c
2,000
7c
Aug
13c
10%
13,973
3%
Aug
Jan
25c
.
9%
Fleury-Bissell pref
7
32
"23%
32
21%
23%
23%
100
Ford A
May
10%
33
Jan
Oct
Sept
Apr
23%
17%
Apr
2%3
15c
16%
Jan
Jan
23%
64
33c
33c
35c
8,600
Apr
72c
Aug
14%
14%
14%
115
11
Jan
16%
Mar
89%
92
40
78
Sept
95
July
JaD
6
Mar
Aug
11
Sept
*
6c
7,300
5%c
Oct
17 %c
Feb
Preferred
4,50(
2%c
Oct
6%c
Feb
Rights
2.04
21,141
1.65
Sept
2.78
Oct
July
100
*
18c
21c
15c
6,300
Sept
38c
Jan
Gillies Lake
"4%
4%
4%
95
*
10%
9%
10%
724
5c
5,000
4c
Jan
ll%c
Feh
48c
21,350
1,400
1,200
20c
Feh
49c
Aug
10c
Sept
28c
Jan
19c
Sept
60c
9,000
4%c
July
16c
Oct
2,000
lc
Oct
3%C
Jan
16%C 16 %C
Gold Belt
Gold Eagle
j
14c
Aug
34c
Sept
Good fish
1
1 %c
Sept
Goodyear Tire & Rubber. •
81 %
80
55
54
25c
12
10%
6c
6 %C
1.05
1.02
1.08
6
,
5%
164
13c
200
15c
12,700
1
11c
lie
4%
34%
5%
34%
32
Sept
2%
140
9%C
32P
10
Sept
Sept
4
/
500
*
12
92c
706
210
Aug
5
1,800
3,350
6%c
1
5%
5%
10%c
4%
1,075
*
160
8,550
Jan
Sept
Sept
10c June
Jan
1.28
8%
•5%
178
Jan
Grandoro
*
Oct
Great Lakes voting
Great Lakes vot trust
*
Great West
*
30c
Jan
Jan
July
5%
Oct
Jan
3%
25
50
35%
Sept
J,
1
7%c
7c
Bralorne
*
10%
10%
8%
7%
"23"
22%
23%
3,525
25%
25%
10
2%
2%
115
4
55
*
6c
120
62%
8%
24
8%
24
9,500
4%c
6%c
9
44
25
255
1.25
1.25
1%C
8
l%c
1,000
49c
47c 49 %c
4%
5%
1%C
2%c
8,080
2,641
10,000
30
31
23,200
5%c
Sept
22c
Feb
2,535
4,898
9%
5%
Sept
12%
June
HamUton Bridge
Sept
Sept
12%
Mar
Harding Carpets
5%
Apr
Sept
Jan
Oct
81%
58% June
1
Sept
23%
Sept
28
l%c
1
7c
Apr
3
Aug
10%
9%
Sept
27
60c
Sept
1%C
Oct
35c
Jan
Oct
Sept
2% Sept
2%c
Jan
Jan
Sept
64c
3
Sept
6%
Jan
l%c
Sept
6c
Jan
Sept
Oct
Mar
18%
20
*
19c
Bro ulan-Porcuplne
)
30c
23
*
24c
23c
24c
8c
8%c
19c
120
3
Jan
Hamilton Cottons pref..30
Hard Rock..
(new)
31
*
7%
7%
*
4
4
200
25
Aug
7%
4%
5,245
6
Sept
8%
3,835
2%
Apr
4%
38,550
8,500
1,300
70c
Sept
1.95
Jan
4%c
Sept
10c
Jan
10c
Aug
35c
1
97c
95c
1.02
1
5%C
4%c
5%c
21c
23c
Aug
Harker
1.00
Oct
3.00
Mar
High wood
_*
_*
.
31
Oct
Jan
4,300
6c
Sept
21 %c
Jan
HInde A Dauch
690
8
Apr
19c
Sept
75c
Jan
Hollinger Consolidated--.5
14%
12%
13%
13
66,600
31
14%
3,215
12
Sept
15%
July
5,300
13c
Sept
33c
Jan
Home Oil Co
*
2.80
2.73
2.89
14,675
1.23
Sept
3.75
Jan
Homestead Oil
1
5c
Sept
26 %c
Jan
Howey Gold
37c
Aug
1,545
5%
Sept
16%
15
66
4%
Wihksne
8c
British Dominion Oil...
8c
225
1
Grull
Gunnar Gold
8%
11
4
16%c
81%
Gypsum Lime A Alabas.. •
Halliwell
Bobjo
32c
12c 14%c
lc
l%c
July
June
30c
30c
50c
Preferred
4%
5c
"45c
Aug
22c
2%
43c
1
Aug
380
12%
Sept
Art
11,000
2c
Oct
11 %c
Aug
15%
Sept
Aug
2 80
Jan
65c
Jan
Bunker Hill.
*
4c
2c
Burlington Steel
*
15%
14%
15%
Calvary & Edmonton
*
2.45
2.45
2.56
Calmont
1
43c
42c
45c
Mar
*
7%
16%
Sept
•
B
39%
1
7,149
25
6.75
24
FraDcoeur
Jan
Building Products (new).*
35
ADr
Apr
4.50
Gatlneau Power
2%C
*
Buffalo-Ankerite
Jan
Sept
2%c
Sept
.
2.36
27
21%
1.84
Beattie Gold
Brown Oil
Aug
Jan
30
4.90
3
*
June
2%c
20
B
22
22
35
*
Sept
19%
200
5
3.00
5,150
5
Distillery
Aug
12,700
35
British American Oil
Oct
1.50
1
5%c
Beatty A
Brew &
Mar
2.85
19%
27
5
British Columbia Power A*
Sept
Sept
13o
Aug
23
1.15
Mar
Sept
7
1.08
7%
88
Mar
Mar
13%
2 01
25
32
Brazilian Traction
May
100
50
50
7%
35
3
___*
Big Missouri
Oct
1
*
Blue Ribbon
Feb
17%
Falconbridge...........*
1
Blue Ribbon pref
30
Apr
Fanny Farmer
God's Lake
14c
Oct
Sept
17%
Federal-Klrkland
Goldale Mines
1
Apr
25
2c
25
25
Jan
Kirkiand
July
»
3
Easy Washing Machine..*
Feb
Bldgood
3%c
36
Aug
*
220
163
Oct
19
4%c
East Crest OH
310
*
Oct
1,500
1,642
Feb
Sept
100
21%
Aug
Sept
Beauharnois
Sept
Sept
176
Bell Telephone Co
15
4
285
Bear Expl
370
4
6
12
210%
73
3%
17
*
Sept
1,500
3,000
9,675
1,340
100
6%
3%
195
Bathurst Power A
185
150
6%
300
22c
34
165
295
*
20%
11,470
.190
Base Metals
17c
Sept
Sept
17%
5%
5
Sept
Sept
29%
100
Preferred
5c
Jan
16
15%
Bank of Nova Scotia... 100
Barkers
Oct
60c
23
1,700
29
3%
General Steel Wares
Bankfield
Sept
17
6%
2%c
5%c
1
1
Apr
18c
29%
Fleet Aircraft
*
Aunor Gold Mines
25
"35%
50
2c
5%
Firestone Petroleum
*
Astoria-Quebec
16% June
*
2c
*
Oct
1
Mines
June
36
21%
*
Oct
4%
Anglo-Can Hold Dev
Gold
Jan
183
33%
1
Eldorado
Anglo-Hunorian
Amm
July
Sept
150
Sept
1,250
13,800
.
30c
Jan
61
100
Economic Invest
36
4%
Aug
21
Extension Oil
15%
Apr
11c
37% June
"21%
25
Foundry
Preferred
Dom Scot Invest pref
Preferred
Sales
Week's Range
T%c
14
4
2,790
200
Eastern Steel
Exchange
Sale
1
Apr
33
28%
195
...100
7,000
18
27%
Dominion Tar
Last
100
3
555
17%
28%
East Malartic
100
5
740
13c
26
*
Jan
Friday
;
280
,16
"Si"
142
*
1.51
13, both inclusive, compiled from official sales lists
preferred
100
3%
Dom Stores
preferred
Jan
1.40
3%
167
Mines
Apr
60c
1.75
1.39
1.30
10%
165
(new)
80c
2.80
Price
14%C June
1.60
»
300
*
~40~~
65c
167
Petroleum
1.10
Toronto Stock
6%
7%
Jan
Sept
Sept
*
2.50
Homestead Oil & Gas_.._l
Afton
Oct
2.75
1.91
5%c
100
Gas
1.10
•
Par
Jan
23%
3,650
1
6
Dome Mines
Abltibi-
Oct
Sept
2.40 June
1.35
*
Smelters
Distillers Seagrams
Stocks—
23
9%
15
Jan
11 %C
7.75
'l3%c
Oil-
Oct.
Oct
Sept
Oct
Jan
10%
*
*
to
Sept
20
10
5
Mines
Stadacona (new)
Sullivan Consolidated
Oct. 7
3
9
1.70
Oct
Jan
14,000
1
"...
Sladen-Malartic Mines
_*
1.03
2,300
Jan
.
2.35
70c
1.45
Royalite Oil Co
17%
6%C
65c
4.40
1.40
Dalhousie Oil Co
Home Oil Co
July
2.15
1
4.20
Wright-Ilargreaves
4%
4%
6c
225
__1
Central Porcelain
1.45
l
20
8
1.99
23
_*
34%
Sept
May
60c
9
4.40
Wood Cad
Oct
Sept
23%
1.60
12%
8
8
2.03
__1
Aug
10%
1,315
17
12
*
.:
"i~80
Waite-Amulet Mines
6
9%
19%
330
4%
54c
*
1
Teck-Hughes Gold Ltd.„_l
Mar
940
Preston East Dome M Ltd 1
Siscoe Gold Mines Ltd
134
9%
Pickel Crow Gd M Ltd...l
Gold
58
158
Mar
Sept
1
Perron
Sept
29%
*
Canadian Oil
l%c
Apr
Oct
77c
l%c
Pend-Oreille M & M
14%
Jan
19%
12%
Canadian Locomotive.. 100
1.17
4.85
1
210
1.80
16%
Cndn Industrial Alcohol A*
Canadian Dredge
1.12
New True Fissure
18%
25
Jan
4.85
O'Brien Gold
18
150
156
Oct
Oct
Sept
19
Jan
Sept
75c
*
Can Car & Foundry
Preferred
1.15
4/20
"18%
Oct
19%
3,957
9%
8c
Aug
1.50
19%
12%
2.80
55
6%
1.05
*
Aug
3,605
July
4.85
'
Oct
55
30c
*
1
Oct
Aug
7%
May
33%
Sept
1
1
Aug
30
50%
*
Falconbridge Nickel
Macassa Mines
1.25
46
"55"
*
.
Eldorado Gold M Ltd
Lake Shore Mines Ltd
153
20
1
McKenzie Red Lk Gd M.l
100%
Sept
Mar
100
*
East Malartic Mines
Kirkiand Gd Rand Ltd._.l
May
134
Oct
Apr
2.00
66
36
6,477
97
100
Breweries
Canadian Can A
B
550
135% 138
7
7%
15
Sept
2c
2.50
23
June
100
Preferred
Jan
11c June
28%
1
...
2.10
June
38
100
*
Cndn Bk of Commerce. 100
July
105
Sept
25
Canadian Canners
c
101%
Sept
29%
June
Jan
6c
Sept
100
14
Jan
1.00
25%
78
5
10
220
Jan
4,000
49
33%
100%
19%.
10c
2c
Mar
21
Canadian Bakeries pref. 100
12c
Aug
10%
18
Canadian
2c
Jan
60
17%
Sept
10c
Sept
19
Sept
Aug
Apr
5%
5%
21
65c
4c
49
High
May
*
16 %c
500
25
346
7%
Low
3%
50
•
June
25c
1
.
137
100
7%c June
1
Cent Cadillac Gd M Ltd.
Duparquet Mining
41c
15c 15 %c
6%
33%
Canada Packers
Oct
1.40
Canadian Bakeries
1
125
5%
55
55
7%
Range Since Jan. 1,1939
Shares
83
Canada Wire B
*
5%
5%
55
High
101
Aug
Mines—
Low
80
Sept
8
Price
101
70c
34
Week
100
Preferred
3%
145
42
for
of Prices
Can Cycle & Motor preflOO
Canada
Malting
610
41)4
Par
*
75
*
Week's Range
*
7%
Sept
Sou Can Pow6%cm preflOO
Thrift Sts6% % cm 1st pf25
Cartier-Malartic Gold
Sales
Last
Aug
107
Page-Hersey Tubes
*
Paton Mfg 7% cum preflOO
Beaufor Gold Mines
Exchange
Friday
Sale
Power of Can6%cm IstpflOO
Alder mac Copper Corp
TORONTO
Street
Jan
1.25
17%
and Industrial Securities
The Toronto Stock Exchange
Sept
Sept
4%
515
104% 104 %
N S L & P 6% cum pref.100
unlisted
Members! Winnipeg Grain Exchange
Canadian Commodity Exchange, Inc.
Sept
116
5
15
Oct
27
29%
1,270
122
1.50
5
"*6%
listed and
F. J. CRAWFORD & CO.
Sept
June
3%
Apr
35
92
*
Reliance Grain Co
150
400
25
53
Mitchell (Robt) Co Ltd..*
Provincial Transport Co
40c
21
Sept
45c
Melchers Distilleries pref 10
Quebec Tel & Pow A
60c
1.50
3%
60c
Ma88ey-Harris5%cmpf 100
MoColl-Fron 6% cm pt.100
Melchers Distilleries
50c
260
3%
*
on
High
Frasers Cos voting trust._*
23
Canadian Mining
Week
of Prices
Price
invited
Sales
Week's Range
2,647
5,930
5,700
9%
1
11
20c
15%
19
Jan
13
6 %C
6%c
7c
7,000
1
32c
29 %c
32c
13,200
24c
Jan
Jan
Hudson Bay Min A 8m., *
31%
31
31%
830
25%
Apr
Oct
Huron A Erie
65
65
65
July
•No par value
100
43
60
Sept
15
Jan
39% Sepe
70% ;Mar
The Commercial & Financial Chronicle
2356
Oct.
1939
14,
Canadian Markets—Listed and Unlisted
Toronto Stock
English Transcontinental, Ltd.
19
RECTOR
NEW
Sales
Last
Stocks (Concluded)
YORK
Teletype N. Y. 1-2316
Par
Sudbury-Contact
Week
Price
Low
2.15
Sylvanlte Gold
Teok
2.20
Toronto Stock
Exchange
4
Oct
14%
Feb
58c
Aug
1.01
Jan
6,000
2.70
Sept
2.99
2.90
3.00
12
H%
12
3.95
3.85
3.95
245
14
13%
14
28
23
28
845
50
Union
47
47
84
84
76c
*
14%
75c
4.70
Jan
14%
Sept
8% May
5
...1
12%
Rent
10
20
100
Aug
3.75
170
*
Jan
3.55
10
4,535
*
Uchi Gold
Hales
Friday
Jan
2,000
Toronto Elevator
Preferred
3.00
2,600
Tip Top Tailors
Toronto General Trust
High
Sept
5
1
.
1.70
80c
*
_
Low
2 ,.500
80c
i
corn
Husrhes
Range Since Jan. 1, 1939
Shares
4
1
Tamblyn
High
2.01
4
1
Sullivan
Foreign Dollar Bonds
for
of Prices
*
Sudbury Basin
Other European Internal Securities
Week's Range
Sale
STREET
Telephone Whitehall 4-0784
British and Any
Exchange
Friday
30
Mar
41 %
Oct
47"
Junp
79
June
Sept
Feb
90
July
1.65
Jan
85c
5,825
14%
14%
1,060
11
Apr
15
June
34
Gas.
35
295
26
Sept
38
Feb
65c
Sept
'
Last
Hale
Stocks
(.Continued)
Par
Price
Week's Range
of Prices
High
Low
for
Range Since Jan. 1, 1939
United Fuel A pref
B pref
Week
Shares
Low
__25
United Steel
High
Imperial OH
Imperial Tobacco
15%
500
11%
12%
1,120
100
183
48%
99% 100
46%
48%
4,747
42%
Apr
60%
Sept
27%
*
100
»
International Petroleum..*
Intl Utilities B
i
Jack Walte
•
25
4,788
18%
Aug
27%
Jan
Western Canada Flour
Kelvinator
*
50c
50c
12,800
4c
,
Lake Shore
9%
j
9%
1.80
1.77
9%
1.88
1
20c
20c
20c
1.20
1.15
36%
34%
Lake Sulphite..
*
Lake of the Woods.......*
Lamaque Gold Mines
Lapa-Cadlllac
»
i
Laura Secord (new)
Lehel Oro
3
i
Legare pref
Sept
Aug
A pi
35c
Oct
17
Oct
Oct
70c
Jan
c
May
50c
Sept
2c
Sept
ll%c
Jan
16%
3
1.25
275
19,233
500
18,910
1,856
37
9
Aug
Sepr
1
12
Apr
2.14
Aug
Oct
73c
Feb
1.00
Sept
1.75
Mar
Sept
50%
Jan
325
%
Apr
5%
Sept
28%
35
13%
Apr
28%
Oct
6.20
6.40
1,507
12,6.50
5.50
Feb
7.30
Aug
10c
Sept
61c
Jan
10
Sxpt
Sept
13%
Jan
8%c
5
Sept
11c
14c
11%
2c
2%c
1,385
19,000
8%
8%
200
73c
2%c
70c
2c
9
Sept
2.65
2.05
6,110
4,310
58c
2.90
2.30
Sept
*
27%
27
28
684
22%
Apr
28
26
24%
26
660
21
Apr
26%
:::*
b-
3.76
Walte
•
Amulet
6.30
6.25
5.75
Preferred
5 00
42
41%
42
805
33%
Sept
51%
*
__
3,466
*
Walkers
19%
18%
19%
640
16%
Sept
20%
6%
35
2
10
30
*
6
45
45
Western Grocery pref. .100
10")% 106
*
Westons
....
45
12%
--.1
11%
6c
4.00
3.75
4.15
1.82
1.64
1.02
Madsen Red Lake..
)
Malartlc Gold
Mill)
Manitoba & Eastern
*
33c
l%c
Maple Leaf G pref.
10
Maple Leaf Milling..." *
6%c
HI*
HIIII*
I.Ill 100
Wiltsey-Coghlin
..1
51c
38c 33 %c
48c
56c
1 %C
7
1%C
7
McKenzle Red Lake..
Hi
.....11
McVlttle
McWatters
9%
8%
Gold.IIIII""*
III III*
11111111*
II Hi
Moore Corp
IIIH*
Morrls -Klrkland
HII111
Mining Corp
Moneta..
57%
HI
91
92
*
Wright Hargreaves...
Ymir Yankee
.....
2c
Sept
1,000
720
1
Aug
2%
60
Aug
67%
Oct
Sept
18%C
Jan
12c
3 100
9c
10,290
1,000
6.70
Sept
8-90
Mar
3c
Sept
9c
Mar
7.85
7.30
8.00
4%c
4%c
90
90
5.90
Jan
Last
Week's
Sept
3.20
Jan
Sale
16,850
10,650
1,000
22c
Sept
55c
Jan
of Prices
Low
High
35c
Sept
75c
Sept
2%c
Aug
5%
Par
May
%c
Stocks—
May
8
Aug
1
Apr
7
Oct
6,146
2%
Apr
10%
Oct
8%
6,950
2%
Apr
8%
Sept
57%
1,077
29%
Apr
750
5%
June
68
82%
Feb
94
59
Mar
Brett-Tretbewey
1
Bruck Silk
*
Canadian Bud Brew..
*
Canada Vinegars
Canadian Marconi
*
60
Jan
92%
51%
1.10
1.28
m
18,910
12c
2,600
65c
14,850
45
1.00
Sept
6c
Mar
9%
1
38
Oct
May
20%c June
De Havllland...
1%C
500
lc
Sept
3%c
5%
315
2%
Aug
5%
4
Dominion
Aug
15%
45
15%
44
42
44%
»
70c
June
Jan
16
100
11%
7c
Jan
11
12%
lo¬
10
Jan
Mercury Mllla pref... .100
17
17
19
ss
86c
83c
87c
7,850
65c
Jan
Montreal Power.
30%
30%
31
185
26
2%c
2%c
500
19
2.70
3.00
44
460
35
Sept
Mar
1.45
44
*
...
6%
9,000
4c
Sept
20c
Jan
1,204
4%
Apr
6%
Oct
*
Oils Selections
6%
6
Pend-Oreille.
24
24
50
23
May
25
Aug
...1
2.85
Robert Simpson pref.. .100
133
*
*
3%c
9c
Jan
Stop & Shop.
*
2,000
1.15
1.20
232
75%
72%
75%
2,265
61c
60c
2c Sept
1.05
69
Sept
Sept
1.80
84
Mar
15%
Jan
Jan
25%
Sept
33
June
Sept
61c
1,920
38c
95c
6,000
44c
Apr
60c
19
Sept
3.95
Sept
Feb
138%
Aug
115
5
4%
850
1%
May
4%
Oct
22%
350
18%
Aug
22%
Mar
20c
20c
40
10c
Feb
20c
Oct
5c
5c
1,500
4%e
Sept
14%c
Feb
22
5c
40c
Sept
1.25
Mar
1.65
1.90
1.20
Sept
3.35
Jan
1.30
1.28
1.33
5,490
2,850
67c
Aug
1.73
Jan
2c
2%c
9,000
lc
July
3c
Oct
2;
Apr
6,800
20c
Aug
53c
Jan
4
360
1.50
Jan
5.00
Aug
7
7%
470
4%
Jan
7%
Oct
31c
35c
3,600
16c
Aug
22c
20c
23c
4
3%
31c
52 %c
Industrial and Public
Utility Bonds
Closing bid and asked quotations, Friday, Oct. 13
bid
A bltlbl P A Pap ctfs 6s 1953
A lberta Pae
Grain 6a.. 1946
"
99
1948 rlOS
Algoro a Steel 5s.
hid
Ask
47
r96
110
Jan
BfHUharnots Pr Corp 6e '78
Int Pr & Pap of
r98% 100
British Col Pow 4%e-1960
BrownC'o lst6%s
liMb
r96
32c
3c
Aug
12c
Jan
95
Apr
107%
Oct
Calgary Power Co fis
1.65
Sept
4.75
Jan
r96
100
1954
92
34c
25,100
29c
Massey-Harrls 4%s
r90
32c
Sept
61c
Jan
Canada Cement 4%s_1951
Canada SS Lines 5S...1957
r90
92
Minn & Ont Pap 6s
1945
34
36
Oct
Canadian Canners 4s. 1951
m
101
McColl-Front Oil 4%s 1949
r95
93
iS3
500
1.75
63
10
94
63
Oct
63
1960
40
42"
81%
.
Maple Leaf MUllng—
r7l
2%s to '38-6 %s to '49
1.81
6,475
1.40
Sept
2.03
July
Canadian Inter Paptts 1949
82
84
4.40
4,310
3.35
N Scotia Stl A Coal 3 %s '63
4.20
Sept
5.60
JaD
Canadian Vlckers Co 6a '47
r55
62
Power Corp
2.21
2.25
2,555
2.10
Sept
2.70
Jan
Conaol Pap Corp—
9,650
1.80
1.55
1.70
1.18
Apr
2.45
Jan
9%
1.32
11%
455
7%
Sept
12%
Mar
1.35
2,585
1.10
Sept
2.40
Jan
Dom Steel & Coal 6 % s 1955 rllO
12%
12%
275
Sept
12%
Oct
Dom Tar A Chem 4 %s 1951
1.37
1.50
48,815
Sept
1.75
Feb
5
1.10
55c
27
27
IIIIIIl
HIH"
169
*
40%
loo
...
Anthony
IIIIIH
St Lawrence
Corp
Antonio
1
*
*
Sheep Creek
1
«»«
Sherrltfr-Gordon...HIH.
j
Sigman Mines,
Quebec
Sllverwoods
Silver woods pref
H11
126
11c
8%C
-
i
Sladen Malartlc
Slave Lake
I
22%
Apr
3%c Sept
5c
2,000
16
140
Sept
40%
35
26
Sept
15
71
Jan
170
126
11c
6,640
6%c
2
Sept
56c May
28
May
11%C
192
44%
Jan
Jan
Oct
15 %c
5 %a ex-stock
1961
Dom Oaa A Elec 6 %a. 1945
5%
5%
130
Aug
6%
1.80
13,370
1.18
Jan
2.03
Aug
20c
25c
8,700
17c
Sept
51c
1.14
1.10
1.15
1,300
1.33
1.25
1.36
18,768
75c
6.40
6.45
4
6
6
14
5%
94
5
93
93c
90c
92c
,)an
Aug
Sept
2.00
677
5 20
Sept
7.70
Aug
4
130
1.50
July
4%
Oct
6%
235
3%
Apr
6%
Oct
75
9%
Sept
6
3
Mar
107
78
15
5%
94
93c
9,763
15
Oct
5%
Oct
Apr
95%
Aug
80c
Sept
1.66
Jau
30c
35c
1,000
23c
Sept
80c
1962
r96%
98%
Power—
4 %s series B
Smith H Pa
88
..I960
MUls 4%s
M
r97
99
r74
76
Famous Players 4%s..l951
r90
95
4-5s series A
1965
48
55
Federal Grain 6s
r96
99
4-5s series B.
1965
33
37
Union Gas 4%s
1956
Gatlueau
Power
1949
3%«
1959
85%
*
No
par value.
/ Flat price,
quotations are U. S. A. prices.
Canada
---
1950
Winnipeg Elec—
87%
n
Nominal,
r
Market
In
Canada,
all
other
8%c
28,850
2 %c
Sept
13c
Jan
40c
46c
36,593
25c
Sept
1.03
Feb
80c
1.00
430
70C
Oct
3.50
Mar
3
Oct
3
3
50
4%
Aug
Jan
21%
July
530
16%
66%
IIIIIIII2,1
Apr
89
Sept
140
65
Jati
85
Sept
19
50
81
87
80%
87
81
2%c
2 %c
10
10
11c
10c
3c
10
12c
7,500
50
4,100
2%c Sept
8%
9c
Appoints Supervisors for Sugar
and
Leather
Industries
The Canadian Wartime Prices and Trade Board announced
Oct. 3, appointment of
June
Ren*
lie
Jan
10
Oct
24 %c
.Tun
Government supervisors for the
and leather industries, it is learned from Ottawa,
sugar
Canadian
Press advices of Oct. 3, which continued:
S. R. Noble, Montreal banker and monetary expert long familiar with the
Jan
7%c
19
Quebec Power 4s
Sept
8c
Stedman
Sturgeon River
83%
95%
MagueDay
-
113
Donnacona Paper Co—
1.25 June
43 %c
HIH"
8traw Lake
Beach
Stuart Oil
.Ill""
60
84
81%
r93%
Sept
1.70
33c
CanadaHHH"
r59%
69
1957
Feb
25c
1
Stadacona
Standard Paving HI 11
85
of Can 4
Mar
126
5%
15
HIIIII
Simpsons pref..Ill
inn
Slscoe Gold
50
Mar
1.72
4
*
A
B
16,700
20c
6.45
IIHHl
Senator-Rouyn ...HI
56c
27
4 %c
lop
St
50c
73
Price Brothers 1st 5s.
10%
T.45
-
87
3,385
6c
1.68
""*
•*..
r85
1901
1.90
105
4a
Roche L L
Royal Bank
Royalite OH
60
Nfld 5s *68
5%s
107%
6c
*
Riverside Silk...
60
1.76
107%
1.35
i
50
Lake St John Pr A Pap Co
4.35
Reno Gold
Ask
r95
Gen Steel Waxes 4%s_1952
Jt Lakes Pap Co 1st 6s '66
2.25
DomeHIIIIHl
Oct
June
Mar
75c
63
*
Jan
7%
1.01
Sept
50c
75c
1.82
%
3%c
10
10,020
133
4
22%
Temiskamlng Mining. ...1
.
Corp..
Premier...
Pressed Metalsl
Oct
16
A'lg
5%
July
48c
*
Power
Jan
Oct
5c
4%C
Oct
Sept
1.45
l%c May
19
41
.
3%c
l
Sept
75c
3%c
*
Apr
40c
2.05
Rogers Majestic A
"
23%
Aug
5o
16
696
1.500
70c
Aug
Shawlnlgan
OoidlllUHH'Hl
Preferred
5
13
May
Oct
Pickle Crow
8teel of
Sept
156
15%
3c
*
Preferred
Sept
9%
35c
Jan
Porcupine
Simpsons
Simpsons
4 25
Aug
75c June
1 00
73%
Pioneer Gold.."""
Powell Rou
San
Apr
2%
250
500
"""*
Russell Ind
Sept
1.50
6,257
1,100
*
Preston E
1.85
380
8%
4c
51% c
Paymaster Cons
Penmaas..
Perron
1.50
2.40
1.30
Aug
Pacalta Ohs
Apr
Mar
4c
Sept
HIHI*
5
14
7%
*
Hurnberstone
Sept
Sept
1.40
8%
*
Howard Smith
3
10
2.25
1.40
*
Bridge
Foothills
Oct
15
11%
1.24
44
Jan
240
4
11
1.28
55c
Oct
4
Aug
3%
11%
*
8%o
Orange Crush..IIIIIH""*
Preferred.
"
*
Oro-Plata
IIIHIII*
High
1%
1,025
l%c
*
39%
Olga Gas
Low
Shares
5%
...5
3,688
-HIIIIIIH*
Range Since Jan. 1, 1939
for
Week
1%C
1
....
Coasolidated Paper
8,100
i
Range
25
4
4
.
12c
"
Pamour
July
Mar
Sept
Price
*
Beath A__
73%
'*
Page-Hersey
97%
Sept
Sales
Sept
1.30
12c
"lie
5
Orneca
86
500
Exchange—Curb Section
3.50
10c
I
*
Canada".""*""""*
.
Oct
67%
Toronto Stock
64%
I
O'Brien
Jan
8%c
2c
65%
*
I0%c
North Star
Okalta Oils.
Jan
8%c Sept
Bonds—
Uchi Gold
"71%
Normetal...
Northern
Jan
12%
July
11%C
_H *
*
H
Mines.
114
Apr
l%c
12c
H""l
*
Noranda
June
1,000
9,140
10,175
49%
20
Newbec
Nlplsslng
105
67%
Ontario Silknit pref... .100
*
Naybob Gold
Sept
Oct
6,970
9
.
National Grocers
Preferred
National Steel Car
Apr
50
60
Wood Cadillac
Jan
10%
9
7%
62%
Merland Oil
_
15
2%
2
2%
*
B.
90c June
3.60
7c
6c
*
HI 100
.1 6
Mclntyre Mines.
Sept
6c
2c
*
Winnipeg Electric A..
Coast Copper
Frontenac..
Preferred.
Jan
.7
9%
5c
Jan
Mar
693
50
i
CockshuttHIHl
McColl
Sept
12%
Friday
Macassa Mines
Preferred
Massey-II arris
Preferred
Jan
1,745
Sept
j
MacLeod
8.25
4.20
Sept
Sept
.Ill*
Little Long Lac
Loblaw A..
Jan
55c
400
Jan
3%
10%
lie
11
5.80
18,065
Aug
47
20c
31
Oct
Sept
5.610
60c
4%
Sept
12%
100
28%
6.35
21
Leltch
12%
3%
70
18
Whitewater.
j
_
_......
Kirkland Lake
Sept
2,000
j
Kerr-Addison
Klrkland-Uudson
12%
40
45c
4c
4c
_i
m
27%
40c
50c
_]
Jacola Mines..
6,954
60c
7%
52c
4.10
W Canada Flour pref. .100
18
5
7%
Oct
6%
56c
*
"12 H
l
Intl Metals A
Intl Metal prer
International Nickel
Ventures
16%
15%
17%
_.*
Apr
Aug
4
7%
...1
Feb
2%
3
4%
*
Upper Canada
sugar
trade has been appointed Sugar Controller.
engineer
was
and
sugar
H.J. Hobbins, Montreal
broker, will assist Mr. Noble
as
technical adviser, it
announced.
Maurice Samson, chartered accountant from Quebec, has been appointed
Hides
and
Leather
Administrator.
All three officials will cooperate closely with
and similar
officials in
the
United
Kingdom to
their respective industries
assure
even
supplies and
distribution of sugar and leather.
The three will
serve
for the nominal salary of a dollar a year.
Volume
The Commercial & Financial Chronicle
149
119956780
Quotations
Bid
«2%s July 15 1969......
New York Bank Stocks
City Bonds
AS*
Bid
Ask
Jan
i
a3s
Feb
Bid
Par
1 1975...
1 1964
110% 111%
96
04%8 Apr
1 1966
110 % 112%
Bank of Manhattan Co. 10
Bank of Yorktown—60 2-3
96
o4
111 %
40
%8 Apr 15 1972.
o4
Bensonhurst National
50
75
%s June
13.55
36
38
Commercial National.. 100
174
180
,96%
97%
111% 113
1974
1
112%
17%
a3%s May 1 1964
d3%sNov 1 1954
101
102
101
102
a3%s Mar
100% 102
100% 102
o4%s NOV
16
o4 %a
1 1981
105% 107
04 %8 May
1 1957
105% 107%
107%
107% 108%
107% 109%
104% 111
o4%eNov
1
1957
113%
112% 114
113% 115%
111% 113%
112
113%
o4%s Mar
1
1963
1965—
National Bronx Bank
19
Bid
60
Ask
44
29%
12%
30%
Penn
100"*
40 0
National City
-.12%
National Safety Bank.12%
13%
15%
14%
113 % 115
1
Par
Ask
90%
1977
i4%s Mar
94%
1 1979.
92
94%
038
a3%sJuly
Over-the-Counter Securities—Friday Oct 13
on
New York
2357
1 I960
03 %s Jan 15 1976o4s
May
o4a
Nov
o4s
May
a4s
May
o4a
Oct
1980
1962
'78
Chase
...
Fifth
100
Avenue
100!
Bank
o4%8 Dec
116% 118%
1 1979
117
New York State Bonds
Bid
62.50
less
1
less
1
5s Jan A Mar 1964 to *71
52.75
Highway Imp 4%s Sept *63
Canal Imp 4%b Jan 1964..
-
4s Mar A 8ept 1958 to'67
-
-
128
130
•
■»
»
122%
122%
101
ser
3s 1976
'm~m +
—
1942-1960
52%
42
11%
20
58%
59%
.....10
12%
13%
Par
;
10
10
Aetna
Life
—10
Bid
106
107%
d
4%s July
6s
Apr
1962
103% 105
.
Govt of Puerto Rico
1965.
101
1952
107% 110%
1941
105
103
—
112
4%s July 1952
July 1948 opt 1943.
116
104% 107%
107
113
109
2%
Re-Insurance. 10
JAJ
3s 1956 opt 1946
MAN
102% 102%
102% 102%
102% 102%
JAJ
Title Guarantee A Tr. -12
4
.100
United States
.100 1600
80
10
Baltimore American...2%
Bankers A Shippers
97
—100
600
21
2 k
44%
25%
48%
34%
7%
100%
611
Lincoln Fire.—.—6
Maryland Casualty
1
Mass Bonding A Ins. .12%
Merch Fire Assur
com
.
.5
..
Merch A Mfrs Fire New'k 5
7%
Merchants (Providence)—5
3
National Casualty
National Fire
10
23
10
5834
National Liberty
...2
National Union Fire..—20
*19%
21%
Carolina
—10
26%
28%
New Brunswick
City of New York
-.10
23
24%
7%
New Hampshire Fire.—10
New York Fire.
...5
23%
31%
1%
25%
Northeastern...
34
Northern
45
47
Excess.
6
10
Fire A sen of Phil a
6%
2%
8
43%
125
North
2
10
5
—10
64%
67%
Providence-Washington .10
88%
Firemen's of Newark
91%
10%
Reinsurance Corp (N Y).2
44
16%
3%
31%
8
24 h
31
33
Republic (Texas)
General Reinsurance Corp 5
42%
Revere (Paul)
22%
25%
38%
12%
44%
24%
5
3
27%
St Paul Fire A Marine .62%
Seaboard Fire A Marine..6
223
40%
—6
.——10
Gibraltar Fire A Marine. 10
Joint Stock Land
Bid
Chicago
Lincoln 4%s.
/23
/23
23%
/3%
/3%
.
26
4%
26
,
Ask
86
88
5fl
87
89
5%s_
88
90
....
_
Dallas 3s
100
4%
101%
Denver 3a.
98
97
100
First Texas of Houston 5s
98
98
100
98
100
97% 100
North Carolina 3s
98
100
First Carollnas 6s.
Montgomery 4%s
New Orleans 5s
New York 5s
4%s and 5s
5%s
100
1
6
Globe A Republic
Bid
Ask
/22%
Burlington 6s
4%8
Central Illinois 5h
Glens Falls Fire
Bank Bonds
5
Fire
—10
10
Rhode Island
14%
Seaboard
Globe A Rutgers Fire—.16
2d preferred
15
18%
21
Security New Haven
64
Great American
27
67%
28%
..5
10
0
Home
4%
27%
Surety.
10
10
Springfield Fire A Mar..26
Stuyveeant—
...5
25%
3334
9%
25%
26%
4%
229
834
6%
32%
34%
30
32
115% 118%
3
4
Sun Life Assurance....100
290
340
Travelers
411
421
27%
29
77
80
U S Fidelity A Guar
U 8 Fire
55%
33%
57%
D S Guarantee.—.
35%
Westchester
Hanover
—10
17%
106
17
9%
15%
Hartford Steam boiler ...10
35%
12
Great Amer Indemnity...1
Halifax.
10
Hartford Fire
9
124% 128%
80%
76%
1734
1534
Aocldent—-—-5
Fireman's Fd of San Fr.25
Fire....
60%
128%
121% 126%
108% 109%
Franklin
26
26
..10
103 % 104
"J
■
8%
4%
42
26
4a 1946 opt 1944
9%
2%
314
National.26
Phoenix
Preferred
11%
13%
Georgia Home
"
,
334
12%
33%
102
Pacific Fire—
130
123
2.50
River
Northwestern
9
45%
8
12.50
3 %8 1955 opt 1945—MAN
6
Ask
19%
New Amsterdam Cas
Federal
Btd
Home Fire Security—...10
Homestead Fire
10
5
Fire
5
Ask
it*
6%
25
Continental Casualty
Bid
Par
Aik
49
46%
32%
106%
JAJ
5
90
1650
45
24
Fidelity A Dep of Md...20
38 1955 opt 1945
38 1956 Opt 1946
53%
15
61%
25
Connecticut Gen life
I
40%
118
59
10
5
10
Federal Land Bank Bonds
Ask
51%
115
45
6%
12%
42%
Eagle Fire
2%
Employers Re-Insurance 10
Bid
38%
-20
4234
1034
2%
214,
10
American Home
106
Conversion 3s 1947
-20
-.25
Jersey Insurance of N Y—.
Knickerbocker.
—.5
22%
City Title
U 8 conversion 3s 1948
Manufacturers
New York
77%
23%
23%
73%
21%
6
Camden
5s
32
68%
10
Boston
Feb
HawaU 4%s Oct 1956
Ask
122
119
•
108
5%8 Aug
5s
Bid
U s Panama 3s June 11961
14%
1630
67%
Automobile
'
•
Ask
29
Ins Co of North Amer...10
American Surety
United States Insular Bonds
Bid
13%
.100 1600
-.25
30%
American Reserve
104
-10
County
29
25
Equitable
American
1959
Irving
Preferred
107% 111%
45% 47%
American Alliance
American
American of Newark
4%s Oct
291
108
9%
13%
Aetna
61.80
MAS
Ask
210
286
Kings
25
Continental Bank A Tr.10
Bid
195
Guaranty
Insurance Companies
105
PhUlpplne Government—
5%
82
50%
Agricultural
_
101%
59%
32
107
Inland Terminal 4%s ser D
1910-1941
MAS
•
-
103
Aetna Gas A Surety
MAS
Par
Fulton
455
4%
77
20
Ask
102%
100
1977
George Washington Bridge
4%a ser B 1940-63.MAN
57%
61.50
.MAS
1942-1960
97%
Gen A ref 3%s
445
Companies
Ask
50
Authority Bonds
1940-1941
105
20
Colonial Trust
Holland Tunnel 4%s ser E
Gen A ref 2d ser 3%a '65
Gen A ref 3d ser 3%s '76
25%
17
Bank & Trust...10
Underwriters..
Bid
106%
23%
Trade
112
Ask
105
Sterling Nat Bank A Tr 25
115
Lawyers
Corn Exch Bk A Tr
Port of New York—
Gen A ref 4s Mar 1 1975.
100
.......7
....100
Empire..
Bid
1530
.50
750
Chemical Bank A Trust. 10
»
Port of New York
Bid
.1—10
Central Hanover..
Improvement—
Barge C T 4%a Jan 11945.
130
Can A High Imp 4%b 1965
-
105
Clinton Trust
61.75
4%8 April 1940 to 1949..
Canal Imp 4s JAJ '60 to *67
.
32%
Ask
World War Bonus—
Hlghway
52
30%
New York Trust
Bronx County
Brooklyn
Ask
62.60
45
17 %
Peoples National
114% 115%
115
Bankers
...
Gen A ref 4th
725
First National of N Y—100 1890
Merchants
Bank of New York
-
10
114% 116
1 1967
04 %s Dec 15 1971
Canal A Highway—
Exchange
Public National
Par
3s 1974
—
%s June
113%
112 %
1 1977
Mar
04 %B July
109% 111%
Bid
38 1981-
04
112
15 1976
8 Feb
«4%a Jan
106
1977
a4%s Sept
o4%s Mar
04%
...—100
Co-2
4
10
2.60
Fire
20%
52%
61
34%
21%
54%
6334
3634
100
v
100
98
4%s
4%a—————
Phoenix
99 100%
Fletcher 3%s
Fremont 4%s
■
■:
■
98
Pacific Coast of Portland 6b
First Trust of Chicago—
■
100
/40
Ohio-Pennsylvania 5s
Oregon-Washington 5s
43
98
100
101
4%s
68
102
98% 100%
76
5s
77
5%s
78
St Louis
•
«»*»<•
4% and 5s
San Antonio 3a..
-
24
98
Southern Minnesota 6s
'
Southwest
/13
6a
83
98
Iowa of Sioux City 4%s...
Lafayette 5s
95
97
98
100
98
100
Bid
Arundel Bond Corp 2-6s '53
Arundel Deb Corp 3-6s *53
Debenture
3-6s_—.1953
Cont'l Inv Bd Corp 2-62 *53
Virginian
86
100
Cont'l Inv DebCorp3-6s *53
66
100
Empire Properties Corp
98
3s
100
2-3s
—
1945
62
—
100
Atlanta
Atlantic
...
Dallas
Bid
65
North
40
46
100
120
130
Denver
100
40
Des
100
44
100
8
Moines
New York
—.100
—
First Carollnas
75
-
-
-
*
-
_
100
Fremont
Lincoln...
.....
1
2%
100
4
12
series B A C
1% due—Jan
1% due.
Feb
Nat Cons Bd Corp 2~5s '63
86
Realty Bond A Mortgage
deb 3-6s
1953
60
Potomac
100
100
110
Nat Deben Corp 3-68.1953
51
Unified Deben Corp 5s 1955
48
50
San Antonio
100
70
75
Bid
Ask
5
Virginia
Virginia-Carolina.
1%
series A A D
2
95
.
Chain Store Stocks
Bid
Ask
—Mar
Apr
1% due
1% due—.—.June
1% due
July
%% due.--—Aug
11940
1 1940
1 1940
1 1940
1 1940
b .70%
Par
B
*
Shoe Stores
/G Foods Inc common *
6.75%
6.75%
6 80%
6 .80%
—100
A Trust
Pa.
11I l t
1
Ask
Harris Trust A Savings. 100
205
215
289
First
A
Trust
33 1-3
National
74%
228
76%
233
1%
100
107
65
2
5
—50
17
22
Reeves (Daniel) pref. -.100
23
-100
Miller (I) Sons common..5
2%
3%
2%
20
Par
Kobacker Stores—
99
7% preferred
Northern Trust Co.... 100
535
548
SAN
Flshman (M H) Co Inc..*
7
9
United Cigar-Wbelan Stores
11%
No par value,
price.
dlvldend.
a
12%
Interchangeable,
» Nominal
quotation,
Bk of Amer N T A 8 A 12 %
t Now
6 Basis price,
w ( When
Ex-Uquldatlng dividend.
listed
on
35%
37%
a
*
15 preferred
New York Stock Exchange.
t Now selling on New York Curb Exchange.
FRANCISCO—
mmrnm
111
299
Continental Illinois Natl
Bank
8%
•
/ Flat
Bid
Ask
6%
8%% preferred
Diamond Shoe pref
*
Ask
Bid
100
7% preferred
Chicago & San Francisco Banks
Bid
51
27
Kress (S H) 6% pref
Par
88
80
1 % due
American National Bank
1953
Potomac Realty Atlantic
Deb Corp 3-6a
1953
70
Ask
:::
——
22
Bohaek (H C) common...*
16 19396.50%
1 1939]6.60%
1 1939}6.65%
2 1940 6 .70%
1 1940 6.70%
J20
J20
100
Borland
1% due......Oct.
1% due
Nov
1 % due
Dec
55
98
ture Corp 3-6s
—
Federal Intermediate Credit Bank Debentures
Bid
63
.1963
3-6s
Nat Bondholders part ctfs
Central Funding
6
,
54
50
100
Pennsylvania
-
Ask
8
—
Carolina...
51
Potomac Deb Corp 3-6s '63
Potomac Maryland Deben¬
Bid
Par
Ask
—1953
86
——1953
Potomac Franklin Deb Co
Mortgage Bond Co of Md
Inc 2-68..
—1953
2~5s
Potomac Cons Deb Corp—
49
Joint Stock Land Bank Stocks
Issues)
Corp (all
3~6s
Interstate Deb Corp 2-5s'55
Par
95
58%
Potomac Bond
98
5s
.1954
Ask
82
Series B 2-5s
56%
98
Union of Detroit 4%s
Nat Union Mtge Corp—
Series A 3-6s
1964
/52
Associated Mtge Cos Inc—
13%
Bid
Ask
/86
86
100
Illinois Midwest 5s.
4%s
/22%
Surety Guaranteed Mortgage Bonds and Debentures
104
Quotation not furnished by sponsor or Issuer.
d Coupon,
issued,
w-s With
i
18%
20%
Ex-payment.
stock,
x Ex-
The Commercial & Financial Chronicle
2358
Quotations
Oct.
1939
14,
Over-the-Counter Securities—Friday Oct. 13-Continued
on
Railroad Bonds
Guaranteed Railroad Stocks
1945
35
1945
/33
/33
1939
100
Baltimore A Ohio 4)4ssec. notes
Certificates of deposit
1939
57 H
1943
57 H
76 H
6W
Boston
Tel. RE ctor
1940
57
60
1944
38
43
&
Albany 4>4s
Boston A Maine 6s
GUARANTEED
NEW YORK
Youngstown 6)4s
6s
Ejulmuft
Dealers in
120 Broadway
Canton and
Atlantic Coast Line 4s
3o$epb Walkers Sons
Mtmbtrt 7^rw Y*rk Stofk
Asked
Bid
Akron
2-6600
STOCKS
....
4)4s...............
Cambria
Since 1855
............
.
.
95
97
1956
63
68
1951
76
81
1961
Cleveland Terminal A Valley 4s
101H
1995
~58~
57
1951
.
Connecting Railway of Philadelphia 4s
Cuba RR. Improvement A equipment 5e
(Guarantor In Parentheses)
105
Par in Dollars
Bid
1945
72
1946
45
1963
65
4)0.
6.00
73
77
10.60
125
Albany A Susquehanna (Delaware A Hudson)
Memphis Union Station 6s
6.00
68
72
2.00
28
30 X
8.75
87 X
90 X
23
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
Canada Southern (New York Central)
3.00
40 H
44
Carolina Cllnchfleld A Ohio 00m (L A N-A C L)— .100
Cleve Clnn Chicago A St Louis pref (N Y Central). .100
6.00
81X
6.00
65
83 X
70
(New York Central)
Boston A Providence (New Haven)
Cleveland A Pittsburgh
Betterment
18
8.60
3.60
70 X
2.00
43
m *•
2.00
42
....
Fort Wayne A Jackson pref (N Y Central)
Georgia RR A Banking (L A N-A CL)
Lackawanna RR of N J (Del Lack A Wertern)
100
73 X
57
6.60
m
'
62
147 X
47
151X
750
950
9.00
4.00
Michigan Central (New York Central)
X
44
(Pennsylvania)
stock
Delaware (Pennsylvania)
60.00
48X
Morris A Essex (Del Lack A Western)
3.875
New York Lackawanna A Western (D L A W)
5.00
59 X
62 X
Northern
4.00
82 X
85 X
4.50
37X
41
1.50
41
44
Central
(Pennsylvania)
60
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
Preferred
3.00
Pittsburgh Fort Wayne A Chicago (Penn.)
pref... .100
Pgh Ygtn A Ashtabula pref (Penn)
Rensselaer A Saratoga (Delaware A Hudson)
St Louis Bridge 1st pref (Terminal RR)
Seoond
76
82
7.00
.100
158X
163X
7.00
.100
140
146
6.64
70
preferred
6.00
51X
54X
-100
5.00
63
67
Vlcksburg Shreveport A Pacific (Illinois Central).. .100
6.00
61
65
5.00
64X
69 X
3.50
26 X
29X
3.00
50
53 X
Preferred
60
West Jersey A Seashore (Penn-Readlng)
3.60
Ask
Maine 4)4s—.
64.75
3.50
New York Central
64.75
3.50
New
3)48 Deo 1 1936-1944..
64.50
3.50
i
64.50
York
St, Louis
4)40—1
Chicago
3.50
63.25
2.25
A
64.00
4 His
3.25
New York New Haven A
Canadian National 4)40-
65.50
4.50
Hartford
65.50
4.50
5e
65.00
4.00
64.50
Canadian Pacific 4)40
Cent RR New Jersey 4)48
3.50
63.00
2.25
Chicago A Nor West 4)40
64.50
65.25
4.50
65.25
4.00
62.50
1.25
62.50
1.50
63.00
2.00
3.50
Chic MllwASt Paul 4)48
4.00
64.75
Northern Pacific 4)4s
Chesapeake A Ohio—
64.75
Pennsylvania RR 4)4a
6a
4)4s
4.50
-
...
6B
4s series E due
Jan A July 1937-49
2Xb series G non-call
96
Denver A R Q West 4)4s.
2.25
64.00
2.50
Reading Co 4)4s.
Trustees' ctfs 3)48
63.25
Pere Marquette 4)40
63.00
Dec 1 1937-60
Chicago R I A Pacific97
64.75
4.00
Erie RR 4)40
Great Northern 4)4 8
64.75
4.00
Hocking Valley 6s
Illinois Central 4)4s
Internat Great Nor 4)4s.
2.25
4.00
64.75
6a
8t Louis-San Francisco—
4s
62.00
64.50
3.50
64.50
.
4)40
3.50
1.00
St Louis Southwestern 6s_.
Southern Pacific 4)4s
64.00
63.00
1.50
62.25
1.25
Southern Ry 4)4a
63.50
2.00
63.50
2.20
64.75
4.00
Texas Pacific 4s.
3.00
64.00
2.00
62.50
1.50
3.00
64.50
2.00
63.25
6s
3 00
64.00
5a
63.25
4)40—
Long Island 4)4s
3.50
Virginia Ry 4)4s.
Maine Central 6s
Missouri Pacific 4)4s
64.25
3.50
64.25
6e
3.60
62.50
Wee tern Maryland 4)49
Western Pacific 6s
1.50
63.50
2.50
64.75
4.00
102
105
1967
94
98
...1957
Toledo Peoria A Western 4s
Toledo Terminal 4Xa
H%
100.9
way
99.31 100.2
Aug 1 1941
102)4
104
3)4o revenue
1944 6
2.40
less 1
3)48 revenue
1949 6
2.90
less 1
Fed'l Home Loan Banks
2s
..Dec
28
Apr
Federal
Natl.
1940
100 x
101 x
1 1943
100 x
100 x
Amer Bemberg A com
American Cynamid—
Corp¬
6%
conv
pref
100
100.13 100.16
100.8
100.12
*4%
Call Novi8'39 at 101
100.6
100.10
Jan 15 1942
100X
l)4s Jan 3 1944—
98 X
4s
98X
s
f revenue '77.AAO
May 15
1940
100.2
100.6
Ha
May 16
1941
100.2
100.6
Par
Nations"
4X
16
Preferred
Mat Paper A Type com
12 X
12X
Mew Britain Machine
American Enka Corp
»
■
40
43
cum
pref
Hardware
23X
25X
Morwlch Pharmacol
2X
Ohio Match Co
•
Pan Amer Match Corp..25
Malse
25
Products
93
*
22
61
24 X
67
23
28
13X
X
16 X
Corp.—•
Bankers Indus Servlo* A_*
$1.25 preferred
10
Burdlnes inc common——!
1
Chto Burl A Qulncy
Chilton Co oommon
100
10
cum
2%
5X
5X
2X
2X
Cuban Atlantic
Sugar..7X
Eastern Sugar Assoc
Preferred
10X
50
60
16 J*
17X
11X
100
*
pref
180
25c
50c
2 X
4X
3X
1
Manufacturing...*
12 X
14 X
5X
6X
Exploration
3Vs
Pollak
6
Remington Arms
7X
Safety Car Htg A Ltg. ..50
3
rtcoviii
•
com
Manufacturing—xo
Singer Manufacturing..100
Binger Mfg Ltd
68
33 H
5
71X
35X
141
139
2
3
10
Skenandoa Rayon Corp..*
8X
20
3X
9X
4%
28
Solar Aircraft...
Standard Screw
20
42 H
Stanley Works (nc
25
44 X
Stromberg-Cartson Tel Mfg
Sylvanla Indus Corp
•
4H
5X
18X
20 X
8X
2H
10 X
30
X
Dentist's Supply com
IX
13
8
1
10
56 X
59 X
Devoe A Raynolds B 00m *
22 X
35
26 X
39
37 X
25X
41
Tennessee Products
*
28 X
Time Inc
♦
Dictaphone Corp
Dixon (Jos) Crucible
—_*
Domestic Finance
pf_*
100
cum
Douglas (W L) Shoe—
Conv prior pref
Draper Corp
•
79
Falrchlld Eng A Alrpl
Federal Bake Shops
1
•
3
30
18
2X
Preferred
•
Steel
Foundation Co For shs
*
*
shares
4H
Tublze Chatlllon
23
7X
X
2X
8X\
X
3X
14
15
Gen Machinery Corp 00m*
Good Humor Corp
1
Graton A Knight com
*
20X
22 X
3X
4X
8X
100
49
42
41
44
Harrlsburg Steel Corp
10^
IX
12 X
29 X
32
.....
1
Ley (Fred T) A Co
*
*
25X
15X
1
39 X
41
5
2X
*
3X
2%
15X
16 X
38 X
40 X
115
14X
Haytian Corp 8s
1938
McKesson A Rob 5)4s 1950
Minn A Ont Pap 6s
1945
Mat
Radiator
5s
194e
N Y World's Fair 4s..1941
Old Bell Coal Inc 6s
1948
98
f54X
f28X
f74X
110
16
22
9X
9X
28
4~X
27
58X
43 X
78X
99
57 X
31
f33
76 X
36
f22H
35
27
39 X
Scott Paper 3Xa
•hoovIU Mfg 6He
Mock Judson A Voehrlnger
100
3
f55%
f40H
75X
25X
.1
preferred
Bonds—
Amer Writ Paper 68—1901
22 X
100
»
7%
26
Brown Co 6 Ha ser A..1940
Carrier Corp 4)4s
1948
Crown Cork A Seal 4 )4e '48
Deep Rock Oil 7s
1937
14
IX
40 X
100
8X
7X
17 X
1
oommon.
6% preferred
19%
97
1
27X
49 X
17 X
94
24 X
13
1
55
18
10C
2X
IX
5X
42
15 X
108 H
20
| York loe Machinery
X
*
Preferred
100
Worcester Salt
10 X
48 X
2
85 preferred
100
Maotadden Pub common.*
•
preferred
S3 cum preferred
•
wick wire Spencer Steel..*
Wilcox A Glbbs com
60
WJR The Goodwill Sta—.5
2X
X
9
preferred
53
West Va Pulp A Pap 00m.•
Preferred
100
West Dairies Ino com v t e 1
55
39
6
conv
7%
X
*
4X
86 X
X
4
Welch Grape Juloe 00m..5
Great Lakes SS Co 00m..•
Great Northern Paper..25
3X
80
100
feeder-Root Inc com
Warren (Northam)—
S3
46
00m
2
pf.10
Preferred
44
6X
cum
3X
149 H 154
32
34
United Artists Theat com. •
United Piece Dye Works.*
3X
6X
Oarlock Packing com
•
Gen Fire Extinguisher...*
Preferred
•
common
Triumph Explosives
82
5X
45 X
46 X
Taylor Wharton Iron A
Trlco Products Corp.....*
Fohs Oil Co
Merck Co Inc
13 X
188"
8
6% preferred
American
9X
12 X
100 x
Conversion... 1
Petroleum Heat A Power.*
1952
117
1W4.'
1959
98 X
—1962
30
42
108 X
Union Oil of Cal 3s
Woodward Iron—
104 X
108)4
1st 6e
1.80
less 1
2d
3.50
119
99 X
less 1
1)4% notes Feb 1 1944
Am Dlst Tel eg
Par
I
Bid
Ask
1
33X
35X
7X
8X
1
13X
27 X' West Indies Sugar Corp.. 1
123
127
...100
Bell Telep of Canada
Bid
Ask
Bid
100
Cuban Teleph 6% prf
88
93
\
H4X 117 x\
100
135
5
Mtn States Tel A Tel..100
New York Mutual Tel.100
122
134
54
Peninsular Telep 00m
Preferred A
Pac A Atl
Telegraph
25
•
127
Ask
130
15
15X
17
29
31
28)4
29 X
14X\
26X
Income 58—1962
49
(N J) 00m. •
Bell Telep of Pa pref... 100
Savannah Sug Ref 00m
conv
Telephone and Telegraph Stocks
100.10 100.16
.1
For footnotes see page 2357.
Emp A Bay State Tel.. 100
100
45
Rochester
z26
Gen Telep Allied Corp—
$6
preferred
•
Int Ocean Telegraph... 100
33 X
18
Denntson Mfg class A—.10
Franklin Telegraph
fc
24
31X
*
Crowell-Collier Pub
U S Housing Authority
12)4
20X
•
Petroleum
3X
5M
100
Pepsi-Cola Co
56
53
4
*
Patbe Film 7%
X
102
*
preferred
Preferred
Ask
*
30
98
♦
Columbia Baking 00m
81
An k
25
preferred
Pilgrim
5
Cessna Aircraft
Casket
Preferred 6H%
..100
Bid
Mew Haven Clock—
American Hard Rubber—
Par
Bid
61
41X
107)4
Sugar Stocks
Par
66
48
59
Ask
4s serial revenue..1968 6
Loan Corp
«s
64
44
1990
4s serial revenue..1942 6
Home Owners
"77"
1968
6%
7% preferred
100
Muskegon Piston Ring.2)4
Trlborough Bridge—
Call Jan 3 *40 at 102
74
14
...10
83 conv preferred
se notes July 20 1941
H%
Nov 1 1941
Mtge Assn
101
1940
3X
*
Martin Rockwell Corp
McKe&son A Robblns
Reconstruction Finance
2s May 16 1943—
106
98
104
37X
Long Bell Lumber
Authority 3)4s '08
103
1954
Bid
Alabama Mills Ino.—*
American Arch
Landers Frary A Clark..26
ill
New York City Park¬
100.5
96 X
Industrial Stocks and Bonds
Lawrence Portl Cement 100
H % notes Nov 2 1939.
80
1951
Vlcksburgh Bridge 1st 4-08
Washington County Ry. 3Ha
West Virginia A Pittsburgh 4s
King Seeley Corp 00m.1
Bid
Commodity Credit Corp
90
88
..1946
Toronto Hamilton A Buffalo 4s
United New Jersey Railroad A Canal 3 Ha
Vermont Valley 4 Ha
85 preferred
Kildun Mining Corp
Miscellaneous Bonds
Ask
mx
116
1942
Interstate Bakeries
Bid
73
68
1941
1947
~95~
Class A
New Orleans Tex & Mex—
4)4s
1949
to
1974
Botany Worsted Mills—
64.40
80
1961
Art Metal Construction.10
Bid
2.00
32 X
1947
Andlan National
Equipment Bonds
63.00
17X
mx
1947
Portland Terminal 4s
American Mfg. 6% pref 100
Ask
2032
Providence A Worcester 4s
Amer
Bid
96
Terminal RR. Assn of St. Louis 3H ser. B
Terre Haute A Peoria 5s
American
Railroad
99 X
100
—1946
Pennsylvania A New York Canal 6s extended
Philadelphia A Reading Terminal 5s
Pittsburgh Bessemer A Lake Erie 5s...
8%
Atlantic Coast Line 4Xa.
Baltimore A Ohio iHa
6s
New Orleans Great Northern Income 6s
New York A Hoboken Ferry 6s
Norwich A Worcester 4)4s
Par
232 X
6.00
Boston A
95
65
228
.100
Warren RR of N J (Del Lack A Western)
98 X
97
1948
128
10.00
2000
73
62
3.00
Tunnel RR St Louis (Terminal RR)..
.100
United New Jersey RR A Canal (Pennsylvania)—. .100
1940
New York A Harlem 3)4s
New York Philadelphia A Norfolk 4s
133 X
127 X
6.00
Utlca Chenango A Susquehanna (D LA W)
Valley (Delaware Lackawanna A Western)
35 X
33)4
69
95)4
107
.1959
New London Northern 4s.
100
Boston A Albany
65
—1978
130
—
75
93 H
1950
Kansas Oklahoma A Gulf 6e
Alabama A Vlcksburg (Illinois Central)
"37H
36 H
Hoboken Ferry 6s
Illinois Central—Louisville Dlv. A Terminal 3)4s
Indiana Illinois A Iowa 4s
Asked
1960
Florida Southern 4s
Dividend
78
.III—-IIIII—IIIIIIl955
A Clearfield 4s
Chicago Indiana A Southern 4s
Chicago St. Louis A New Orleans 5s
Chicago Stock Yards 6s
Guaranteed Railroad Stocks
36
*59"
x99X 102 X
65
75
Telephone—
86.50 1st pref
—100
So A Atl Telegraph
25
Sou New Eng Telep—.100
15
17
157
161
Wisconsin Telep 7% pf .100
114
111
—
Volume
The Commercial & Financial Chronicle
149
Quotations
WE
MAINTAIN
ACTIVE
Over-the-Counter Securities—Friday Oct. 13—Continued
on
TRADING
MARKETS
IN
Public
UNLISTED
Ohio Edison 86 pref.....*
*
100
GOODBODY & CO.
Ohio Power 6% rwef
Jersey City Office
Broadway
New York City
Tel
114
112
6% preferred—.....100
99% 101%
7% preferred...
.100 *106% 108%
107% 109%
Okla G A E 7% pref.. 100
Oklahoma Nat Gas—
921 Bergen Avenue
Tel. Journal Sq. 2-4400
REctor 2-5485
Ask
Ohio Public Service—
Member $ N. Y. Stock Exchange and other Principal Stock and Commodity Exchangee
Mala Office
Bid
102% 103%
108% 110%
5.50% prior pref
Teletype JCY 1518
....
*
Pacific Ltg 85 pref......*
Connecting Branch Offices in leading Cities
Pacific Pr A Lt 7% pf-.lOO
Penn Pow A Lt 87 pref
*
Par
Admlnte'd Fund 2nd Inc.*
Affiliated
f und
iuc
♦Amere* Holding
12.50
E eystone
Bid
Series B-l
Series B-2
17%
Series B-3
106
107
101% 102%
89
92
107% 108%
.49
5%
16.38
Bid
Utility Bonds
15.53
10.24
11.34
Amer Utility Serv 6s. 1964
81%
47%
83%
Kansas Power Co 4s..1964
14.01
15.42
Associated Electric 5s. 1961
66
67
Kan Pow A Lt
11.46
12.68
Assoc Gas A Elec Corp—
45%
34%
98%
104% 105%
97%
Lehigh Valley Transit 6s '60
58%
60%
32
32%
Lexington Water Pow fis '68
81%
84%
1978
32%
33
Montana-Dakota
5.35
5.90
Income deb 4s
.1978
34
34%
17~30
Maryland Fund Inc...10c
Mass Investors Trust
1
21.12
22.71
Income deb 4%s
1978
37
37%
Mutual Invest Fund
10.98
12.00
Conv deb 4s
1973
64
Conv
1973
65
66%
1973
68
69
Conv deb 5%s
1973
8s without warrants. 1940
74
75
95
96%
4.01
16.09
1
4.05
25.60
Chemical Fund.
10.42
11.27
__1
Commonwealth Invest.-.l
3.69
•Continental Shares pflOO
11H
Corporate Trust Shares.. 1
2.51
Series 8 2
...
4.01
10
25c
3.84
Voting shares
National Investors Corp.l
New England Fund
1
1.29
1.44
5.87
....
13.47
14.51
Agriculture.....
8.19
8.56
1
2.42
Automobile
5.37
6.04
1
2.42
Aviation
9.74
10.53
....1
2.92
Bank stock..
8.96
9.69
1
2.92
6.24
8.76
♦Crura A Forstet com...10
27%
Building supplies
Chemical
9.34
10.10
100
Electrical equipment...
•Common B share...10
33
10.56
8.27
8.95
...
Deposited Bank Shs ser A1
Deposited Insur Shs A...1
Deposited Insur Shs ser Bl
Diversified Trustee Shares
C
3.50
16.41
.
.
17.74
1.62
2.84
.
....
33%
33%
33
Okla Nat Gas 3 %s B. 1955
36
Old Dominion par 6s..ltu>
Blackstone Valley
A Electric
3%s
1968
103% 105%
94
84%
90%
3.93
4.28
Cent 111 El & Gas 3 %s. 1964
95%
8.55
9.25
8.19
8.86
2.40
5.90
6~65
1.41
18.08
19.42
Eqult Inv Corp (Mass)..5
Equity Corp $3 oonv pref 1
28.33
30.46
Fidelity Fund Ine
•
19.41
20.89
First Mutual Trust Fund..
7.23
8.01
27%
Central Illinois Pub Serv—
1st mtge3%s
.1968
28
2.87
1
2.61
.44
.49
14.23
15.22
8.80
9.70
Series 1958
Quarterly Ino Shares.-10<
6% deb series A...
Representative TrustShsl'
Republic Invest Fund.25<
86%
92%
96
102%
10.74
11.24
.26
.29
1950
Pub UtU Cons 5%s
1948
Republic Service—
Collateral 5s
...1951
St Joseph Ry Lt Heat A Pow
4%S1947
Sioux City G A E 4s..l96(
flH
71%
2%
73%
Tel Bond A Share 5a..1958
1962
92
93%
Toledo Edison 3%s
Consol E A Q 6e A...196i
55
57
United Pub UtU 6s A.1960
54%
66%
103% 104
103% 104%
74
76
103
93%
/23%
95%
25
80
82
71%
74
1C3
Utica Gas A Electric Co—
95
Sou Cities UtU 5s A
6s
6s
series
196i
B
1968
1957
5s
Crescent Public Service—
1954
54
Cumberl'd Co PAL 3%s'6t
104
Coll ino 6s (w-s)
1958
Texas Public Serv 5s..1961
Cons Cities Lt Pow A Tr&c
99%
106)
99
Cities Service deb 56—1963
1
10<
Series 1956—
Plymouth Fund Ino
♦Putnam (Geo) Fund
86
101% 103
100% 101
Portland Electric Power—
98%
94%
Central Public Utility—
Income 5%s with stk 'Si
2.92
68
83%
Peoples Light A Power—
6s^
Central Pow A Lt 3 %s '69.
1.29
96
Central Gas A Elec—
1st lien coll tr 5%s.l946
1
1964
3%s
1st lien 3-6s
Cent Ark Pub Serv 58.1948
1st lien coll trust 6s. 1941
46%
66
Nor States Power (Wise)
Parr Shoals Power 6s_.1952
Gas
9.11
Railroad equipment
Steel.—.
99% 101%
35
S f Ino 4%s-5%S—.1986
Sink fund Ino 5-6S..1986
8.85
Series 1965
1
1964
38
8.42
No Amer Tr Shares 1953.*
25c
Eaton A Howard Manage¬
ment Fund series A-l...
N Y State Elec A Gas Corp
4s
1965
36
8.18
2.53
3.95
1938
New Eng CAE Assn 5s_'62
N Y. Pa A N J Utll 5s 1966
31
Metals
No Amer Bond Trust ctts.
•
102% 103%
Mountain States Power—
Sink fund Ine 4%s..l983
Sink fund Inc 5s
1983
Railroad
.
1954
1st 3%s
Assoc Gas A Elec Co—
Oils
♦7% preferred
100 112
5.10
Cumulative Trust Shares. *
4%S
1st 6s
8.71
9.77
Machinery
35
8.05
Insurance stock
116
♦Crura A Forster Insuranoe
Utll—
Cons ref deb 4%s_.1958
Series A A
29%
4%s
6.25
Common
N Y Stocks Ino—
12
deb
Conv deb 5a
Nation Wide Securities—
Accumulative series
57
105%
Wash Wat Pow 3%s._1964
West Texas UtUs 3 %s_ 1969
100% 101%
57
55%
71%
92%
102
73%
94%
102%
92%
122
102% 103
98
98%
Western Public Service—
Fiscal Fund Ino—
2.54
2.82
Insurance stk series. 10c
3.20
3.57
Fixed Trust Shares A...10
10.27
Bank stock series...10c
Foreign Bd Associates Ino.
6.40
10.51
Dallas Pow A Lt 3%s.l96?
.72
"".79
Dallas Ry A Term 6s. 196)
Federated Utll 6%s_..1957
15.61
16.56
Selected Amer Shsres..2%
Selected Income Shares..
9.64
4.47
Sovereign Investors
7.06
Foundation Trust Shs A.l
4.10
4.65
Fundamental Invest Inc.2
18.34
17.94
Fundamental Tr Shares A2
5.20
5.93
..*
4.72
General Capital Corp
*
General Investors Trust.*
31.06
33.40
4.90
*
Spencer Trask Fund
Corp
*
Super Corp of Am Tr ShsA
——
Havana Elec Ry 5s
105
70%
80%
1951
.59
Inland Gas Corp 6%s.l038
/59
81%
Iowa Public Serv 3 %s. 1969
1960
5%s
73" ~
83%
Wisconsin G A E 3%s.l966
Wis Mich Pow 3%s..l961
,94%
96%
103
103%
/44
.55
78%
Standard Utilities Inc.50t
•State St Invest
96%
61%
97
3.72
5.34
B
AA
2.57
B
3.88
3
Supervised Shares
10.16
11.04
Real Estate Bonds and Title Co.
Mortgage Certificates
Trustee Stand Invest She-
Group Securities—
Agricultural shares
5.79
6.30
Automobile shares
4.90
5.34
Aviation shares..
7.81
8.49
Building shares
5.95
6.48
Chemical shares
6.90
Food shares..
Investing shares
Merchandise shares
Series C__
l
2.58
Series D
1
2.53
Trustee Stand Oil Shs A.l
5.70
Series B
Bid
Alden Apt 1st mtge 3s. 1957
5.54
7.51
Trusteed Amer Bank Shs B
.55
.61
4.36
4.76
Trusteed Industry Shares.
.87
.97
3.58
3.91
5.26
5.73
U 8 El Lt A Pr Shares A..
15%
Mining shares
6.06
6.60
B
Petroleum shares
4.91
5.35
Voting shares....
RR equipment shares.
Steel shares
4.79
5.44
6.25
6.80
Tobacco shares
4.84
.15
.35
Incorporated Investors..*
17.29
18.59
•Independence Trust Shs.
2.27
Insurance Group Shares.
Investors Fund C.......1
1.25
1.28
1.41
11.14
11.87
...
8
20%
1st leasehold 3%-5s 1944
31%
1
14.54
61%
Inveetm
t
2%
24
......*
2
Corp
10
•Schoelkopf, Hutton A
Pomeroy Inc com
10c
14
•First Boston
2%
30
3
15%
2
1967
fo %
12%
40%
43%
49%
ist 4s (w-e)
.1948
Court A Remsen St Off Bid
21%
Bid
Par
Ask
Bid
Atk
1st 3%s
1950
Dorset 1st A fixed 2s..1957
97%
98%
95%
97
Jer Cent P A L 7% pf—100
6
Interstate Power 87 pref.*
Arkansas Pr A Lt
7% pref *
Original preferred
*
86.50 preferred
*
87 preferred
*
Atlantic
City El 6% pref. *
Birmingham Elec 87 pref.*
1%
3%
4%
3%
3%
4%
117% 120
71%
73%
Buffalo Niagara A Electern
preferred
25
*
Kan Gas A El
Electric
20%
21%
Carolina Power A Light—
87 preferred
*
99
101
6% preferred
*
90
92
7% pref. 100
Kings Co Ltg 7% pref.100
Long Island Lighting—
6% preferred... ....100
7% preferred...
100
100% 101%
112% 116
83
86
29%
33%
31
35%
Mass Utilities Associates—
5% conv partlc pref. .50
Mississippi Power 86 pref *
87 preferred
*
Mississippi P A L 86 pref.*
Miss Rlv Pow 6% pref.100
33%
82%
33%
85%
86
88%
*76% 78%
111% 113
Central Maine Power—
100
86 preferred
100
Cent Pr A Lt 7% pref.. 100
Consol Elec A Gas 86 pref *
Consol Traction (N J). 100
Consumers Power $5 pref*
Continental Gas A El—
100
Dallas Pr A Lt 7% Pref. 100
106% 108%
98
100
103% 105%
9%
8%
51
54%
101
90%
115
102%
92
118
35%
40
86 cum preferred
24
25%
86.50 cum preferred...*
24%
25%
26%
Derby Gas A El 87 pref..*
Federal Water Serv Corp—
*
27%
Missouri Kan Pipe Line. .5
Monongahela
West
♦
107% 110
..100
110
113
Gas..*
23
25
Penn
27
29
7% preferred
100
Nassau A Suf Ltg 7% pf 100
Nebraska Pow 7% pref.100
New Eng G A E 5% % pf. *
New Eng Pub Serv Co—
87 prior lien pref
—*
New Orl Pub Serv 87 pf—*
New York Power A Light—
64
66%
*
100
86 cum preferred
7% cum preferred
28
114
33
116
37
38
50%
52
114% 116%
101% 103%
108% 110
99
100%
Northern States Power—
(Del) 7% pref
(Minn) 5% pref
100
*
70%
106
6%
42%
64%
44%
/1%
3%
27%
29%
OUcrom Corp v t c__
28
1 Park Avenue—
Eastern Ambassador
3
—
4
37
39%
35%
49%
165 Bway Bldg 1st
48
Sec s f ctfs
4%s '51
19
41%
...
21%
44
37
4%s (w-s) '58
Prudence Secur Co—
6%s (stamped 4a)..1949
...
30
52d A Madison Off Bldg—
31%
Film Center Bldg 1st 4s '49
40 Wall St Corp 6s
1958
38%
/19%
42 Bway 1st 6s
/59
1939
1400 Broadway Bldg—
1st 4s stamped
1048
Fox Thea A Office Bldg—
1st 6%s
Fuller Bldg deb 6s
1st 2%-4s (w-s)
36%
52%
6%s series Q
2d mtge 6s.
1951
103 E 67th St 1st 6s... 1941
.....
51%
m
20%
1st mtge 4s
34%
49%
...
52
1967
34%
...
57%
60%
38%
Savoy Plaza Corp—
/5
7
1944
1949
18
23
35%
75%
39
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s '42
Hotel St George 4s.-.1950
Rlttenhouse Plasa (PhUa)
2%s
1958
56%
Roxy Theatre—
1941
Graybar Bldglst Ishld 6s'46
5%s stamped
1961
Realty Assoc Sec Corp—
5s income
1943
20
78
22
37
39%
32
34
3s with stock.
..1956
Sherneth Corp—
1st 5 %S (WHS)
1956
60 Park Place (Newark)—
1st 3%s
1947
/12
14
/io%
12%
35
61 Broadway Bldg—
3%s with stock
616 Madison Ave—
3s with stock
1950
30
1967
23
...
1956
62
...
1958
32%
Syracuse Hotel (Syracuse)
Lefcourt Manhattan Bldg
1st 3s
1948
54%
4-6%8
1948
Lewis Morris Apt Bldg¬
53%
1951
43%
Lexington Hotel unite....
39%
42
1st 5%s
1939
2 Park Ave Bldg 1st 4-5s'46
67%
69
Walbrldge Bldg (Buffalo)—
1st 4-5s..
Lefcourt State Bldg¬
N Y State Elec & Gas—
..100
5
49%
34%
5%s series C-2.
5%
Pub Serv 7% pref
25
Mountain States Power—.
5%% pref
Idaho Power—
4%
19%
5%s series BK__
25
1st leasehold 3s. Jan 1 '52
Alabama Power 87 pref..*
17%
Corp—
4s with stock stmp—1956
6%s series F-l
...
500Fifth A venue- ~
Par
1955
2s
N Y Title A Mtge Co—
Equit Off Bldg deb 6S.1952
Deb 5s 1952 legended—
Utility Stocks
66
Metropoi Playhouses Ino—
N Y Majestic
Chesebrough Bldg 1st 6s '48
Colonade Construction¬
Banking Corp
Blair & Co
92
63
1948
«...
65
Brooklyn Fox Corp—
15.98
88
1945
6s
N Y Athletic Club—
1948
3a
Ask
Metropolitan Chain Prop—
8 f deb 6s..
B'way A 41st Street—
Hotel units
Public
/18%
Bid
Ask
Chanln Bldg 1st mtge 4s '45
Wellington Fund
•Class B__
1.14
Bank Group shares
B'way Barclay Ine 2s.. 1956
4-6s
.98
•Central Nat Corp cl A„♦
Institutional Securities Ltd
/6
Broadway Motors Bldg-
2.25
5.27
♦Huron Holding Corp.-.l
/30
Beacon Hotel Ino 4s.. 1958
1
7% preferred
3%s..l969
Ask
33%
1978
3.45
Interstate Natural
Kan City Pub Serv 48,1957
Income deb 3%s
23.81
86 preferred
Bid
Ask
14.15
Income deb 3%s
Century Shares Trust...*
87 cum preferred
West Penn Pr 4
64
27% 28%
107% 108%
7.79
Canadian Inv Fund Ltd-.l
7% preferred...
*
% % pf 100.
87
63
5.13
15%
7% preferred
Washington Gas Lt
85
173
7.06
14%
8160
1<H
4.56
.43
A
100
........
Amer Gas A Power 3-5s '53
26.16
Gas
7% preferred
Utah Pow A Lt 87 pref—*
28%
Manhattan Bond Fund Inc
.28
Associated
Toledo Edison 7% pf A.100
United Gas A El (Conn)—
27%
105% 107%
108% 111
7%
24.46
D
25
6% pref series B._•
6
British Type Invest A...1
Dividend Shares.
Southern Calif Edison—
24.61
14.91
Public
28 78
22.50
Series F-l.„
Series K-2
9%
5H
Broad St Invest Co Inc..5
Delaware Fund
6%
4
3
6%
Basic Industry Shares..10
Boston Fund Inc..
♦8% preferred
30%
99
100
4%
Corp
Series ACC mod
29
Ask
4
....
Series AA mod
97
Series S-4
3.94
;43
Assoc. Stand Oil Shares..2
Bullock Fund Ltd
.
18%
Series B-3
3.56
Equities Ine 25c
Am Insuranoe Stock Corp*
97
Ask
26.34
.
Bid
.100
Sierra Paclfio Power com.*
Virginian Ry
100
1
Custodian Funds
8.66
4.16
16
Arner Gen
Invest
13.30
3.80
Corp..*
•Class a___.
Par
7.96
1%
Amer Business Shares
Bankers Nat
Ask
Bid
Aeronautical Securities
6% preferred..."
Republic Natural Gas
6% preferred D
Texas Pow A Lt 7% pf.100
Queens Borough G A E—
Investing Companies
Par
Rochester Gas A Elec—
Sioux City G A E 87 pf-100
87 preferred
115
Utility Stocks—Continued
Par
Investment Trust Issues
Private Wire System
2359
,72%
108
lst lease
lst 4s
TextUe Bldg¬
lst 6s
Trinity Bidgs Corp—
Lincoln Building—
Income 5%a
w-s—1963
3s
London Terrace Apts—
1st A gen 3-4s
Ludwlg Baumann—
1st 5s (Bklyn)
1st 5s (LI)..
1952
36%
1947
1951
45%
...
56%
«...
39%
Wall A Beaver St
1st 4%s
For footnotes see page
2357.
1950
35
38
47
50
11%
Corp—
w-e
1951
16%
18%
70
73
Westlnghouse Bldg¬
lst mtge
4s.....—1948
The Commercial & Financial Chronicle
2360
Quotations
Oct.
1939
14,
Over-the-Counter Securities—Friday Oct. 13-Concluded
on
Water Bonds
If You Don t Find the Securities Quoted Here
PAi
Alabama Wat Serv 58.1967
Ashtabula Wat Wks 5s
which
our
have Interest,
you
monthly Bank and Quotation Record.
cation quotations are carried for
stocks and bonds.
100
88
Butler Water Co 5s.—1957
105
Calif Water Service 4s 1961
Chester Wat Serv 4Hs '58
In this publi¬
101H 104
1st A ret 5s
1950
104
1st consol 4s
1948
101 H
100
1st consol 6s
1948
100
Prior lien 6s.
1948
1st coll trust 4HB..1966
106 H
Companies—
are:
Municipal Bonds—
(New York and
1941
5s series B
Canadian
Out-of-Town)
Canadian
1st 6s series C
Public
Foreign Government Bonds
1967
mmm
105
71
Utility Stocks
1946
73
78
Industrial Stocks
5s series B
Real Estate Bonds
Real Estate
Trust
...1954
105
100H
St Joseph Wat 4s ser A. 66
Scran ton Gas A Water Co
101
6s
and
1954
102
5«
Land
105
108
1962
105
102
105
4Hs
...
1958
—
Scranton-Sprlng Brook
Indianapolis Water-
Title Guarantee and Safe Deposit
ties
mm m
Richmond W W Co 5S.1957
Stocks
Joint Stock Land Bank Securi¬
...
'-mmm
Rocb A L Ont Wat 5s.1938
Huntington Water—
Insurance Stocks
Investing Company Securities
102
107
76
6s series A
Railroad Stocks
1946
...
99 H 103 H
Pittsburgh Sub Wat 5s '58
Plainfleld Union Wat 6s '01
mmm
6 He series B
•
107 H
105 H
Pinellas Water Co 6 Hs. '69
'''
■
Railroad Bonds
Industrial Bonds
101H
mmm
mmm
mmm
104
Pbila Suburb Wat 4S..1965
—.1954
Community Water Service
Utility Bonds
Public
101
City Water (Chattanooga)
Domestic
Federal Land Bank Bonds
99 H 100 H
Peoria Water Works Co—
6s
Domestic
93
mmm
City of New Castle Water
Banks and Trust
103 H
Penna State Water—
all active over-the-counter
The classes of securities covered
101
Ore-Wash Wat Serv 5s 1967
will probably find them In
you
Ask
Bid
Ohio Water Service 5S.1958
mmm
Atlantic County Wat 5s '68
In
Atk
101X 102
104'4
58
let mtge 3Hs
1966
Indianapolis W W Secure—
Stocks
Mill Stocks
U. S. Government Securities
Mining Stocks
U. S. Territorial Bonds
Water Service 6s. 1961
6s
101
1st Aref 6s A
103H
96
1957
105
Kokomo W W Co 5s..1958
105
Long Island Wat 5Hs_1956
104K 106
100
ser B 1961
90
87
1967
Shenango Val 4s
1968
Joplln W W Co 6s
85
92
100H
mmm
South Bay Cons Water—
5s
1950
75
80
1956
100
103
Terre Haute Water 5s B '56
101
-
mmm
Springfield City Water—
The Bank and
4s A
---
Quotation Record Is published monthly and
sells for $12.50 per year.
Your subscription should be sent to
6s series A
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
Monmouth Consol W 5s '66
99 H 102H
Monongahela Valley Water
6Hs
1950
101
Morgantown Water 5s 1965
Muncle Water Works 5s '66
105
New Jersey Water 6s. 1950
101
101
104
W Va Water Serv 4s..1901
I
102
105
Western N Y Water Co—
6s series B
1950
96
---
...
'
88
93
5Hs
1951
93 H
98 H
York Wat Serv 5s '61
94
99
Newport Water Co 6s 1953
101
Ohio Cities Water 5Hs '53
Ohio Valley Water 5s 1954
95
1951
95
1st mtge 6 He
1951
New
101
'
1st mtge 5s
58 series B
Inactive Exchanges
102
104H
Union Water Serv 5Hs *61
105
New RocheUe Water—
Foreign Stocks, Bonds and Coupons
1949
Texarkana Wat 1st 5s. 1958
1950
99 H
Westmoreland Water 5e '52
Wichita Water—
.
101
BRAUNL
52 William
& CO., INC.
St., N. Y.
For
Tel. HAnover 2-5422
footnotes
see
107
5s series
1
B
..1956
.
101
As series
C
1960
105
6s series
mmm
100
.
...
A
1949
103H
1Q*?
103
W'moport Water 5n
'mmm
mmm
2357.
page
CURRENT
NOTICES
Foreign Unlisted Dollar Bonds
Due to the
European situation all quotations
Bid
1946
Anbalt 7s to
1946
Antloquia 8a
Bank of Colombia 7% -1947
78
-1948
Barranqullla
,s'35-40-46-48
1946
Bavaria 0Hs to
Bavarian
17
f 52
/22
m
/20
1945
Bogota (Colombia) 6 Ha '47
8s
1945
Bolivia (Republic) 8s. 1947
7s
1958
7s
1969
6s
1940
Brandenburg Eleo 6s.. 1953
ma
mmm
mmm
m
mm
m
mm
.m
/7
mm
—
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7Hs'32
Hungarian Discount A Ex¬
change Bank 7s
Ask
mmm
3K
/3
3a
/3
7Hs
—Formation
Water 7s
1948
Mannheim A Palat 7s. 1941
mmm
13% iMerldlonale Elec 7s..-1957
/8
/6
/8
52
mmm
/8
-mm
/8
*
mmm
Montevideo scrip
Munich 78 to
/8
37
Caldas (Colombia) 7Hs *46
Call (Colombia) 7s...1947
Caiiao (Peru) 7Hs
1944
Cauca Valley 7Hs
1946
Ceara
1947
(Brazil) 8a
/8
/8
1968
mmm
mmm
75
/14H
mm»
16H
/24
/5
/14H
mmm
/8
fS
mmm
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1953
Budapest 7s
Colombia 4s
1946
Costa Rloa Fao Ry 7 Hs '49
6s
-.1949
Cundinamarca 6 Hs_. .1959
Dortmund Mun Utli 6sV48
48—1946-1947
/55
Hungary 7Hs
1947
mmm
7s income
1967
Farmers Natl Mtge 7s.*63
.1945
French Nat Mall 88 6s '52
/38
/17H
/14
/13H
16
6s
14H
6s
1946
1936
1941
fs
fS
/8
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1933
Rom Cath Church 6Hs '46
R C Church Welfare 7s *46
Saarbruecken M Bk 8s.'47
Salvador
1957
7s
7s ctfs of deposit. 1967
/H
/I
/II
/I
/3
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90
mmrn
mmm
mmm
4s 8 crip
mmm
mmm
100
/15
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/8
1948
8s ctfs of deposit 1948
Santa Catharlna (Brazil)—
8%
1947
Santa Fe 7s stamped. 1942
Santander (Colom) 7s. 1948
(Brazil) GS..1943
/8
/14
/13
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63
/17
-
-
/9
300
mmm
1951
18 H
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3H
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mmm
mmm
8M
...
.
.
.
mmm
1948
/26
34
*/8
/8
mmm
/8
1953
60
/8
Housine A Real Imn 7s '46
/9
mmm
announces
to
meet
an
unexpected demand for them.
That the
names
and
addresses
of
the
form, to wit:
publisher, editor, managing editor
as
or
(3) That the known bondholders, mortgagees and other security holders owning
holding 1% or more of the total amount of bonds, mortgages or other securities
(If there are none, so state.)
None.
mmm
65
67 H
/15
15H
Unterelbe Electric 6s..1953
Vesten Elec Ry 7s
1947
Wurtemberv 7s to
1945
/35
/8
/8
/8
or
in any other fiduciary
relation, the
name of the person or corporation
-
-
...
-
mmm
mmm
...
given; also that the said two paragraphs contain
affiant's full knowledge and belief as to the circumstances
and conditions under which stockholders
and security holders who do not
appear
upon the books of the company as trustees, hold stock and securities In a capacity
other than that of a bona fide owner, and this affiant has no reason to believe that
any
-
of the owners, stock¬
for whom such trustee is acting, Is
statements embracing
Kingdom of Great
53
names
holders and security holders, if any, contain not only the list of stockholders and
security holders as they appear upon the books of the company, but also. In cases
where the stockholder or security holder appears upon the books of the
company
as trustee
23
64
be
well as those of each Individual member, must be given):
Owner, William B. Dana Company, 25 Spruce St., New York, N. Y.
Stockholders. Estate of Jacob Selbert, 25 Spruce St., New York, N. Y.
(4) That the two paragraphs next above, giving the
mmm
23
United
must
corporation, the names and addresses of the Individual owners must be given.
If
owned by a firm, company, or other unincorporated concern. Its name and address
...
...
18
1947
That the owner Is (If owned by a corporation, Its name and address
stated, and also Immediately thereunder the names and addresses of stockholders
1% or more of the total amount of stock.
If not owned by a
are:
18
Uruguay conversion scrip..
mmm
department.
Corp., 70 Pine St., New York City,
...
/8
1960
Britain A Ireland 48.1990
1957
Stelmack
owning or holding
65H
...I960
2d series 5s
3H% War Loan
Hamburg Electric 6s..1938
J.
Hernon,
Dickson & Co., Inc., in
Publisher, William B. Dana Company, 25 Spruce 8t., New York, N. Y.
Editor, Herbert D. Selbert, 25 Spruce St., New York, N. Y.
Managing Editor, Herbert D. Selbert, 25 Spruce St., New York, N. Y.
Business Manager, William D. RIggs, 25 Spruce St., New York, N. Y.
7H
Stettin Pub Util 7s...1946
Toho Electric 7s
1955
Tolima 7s
Wks
municipal department of
Postal Laws and Regulations, printed on the reverse side of this
mmm
Kingdom
Water
head of the
Smith &
aforesaid publication for the date shown In the above caption, required by the Act
of Aug. 24,1912, as amended by the Act of March 3,1933, embodied In 8ectlon
7 M
8tate Mtge Bk Jugoslavia
5s
/17K
German scrip.
Graz (Austria) 8s..-.1954
Great Britain & Ireland
recently
manager of the investment
as
Iowa,
being dissolved.
Wulbern, formerly Vice-President of McAlister,
more
has
Mr.
8tate of New York. County of New York, ss.: Before me, a notary public, In
and for the State and County aforesaid, personally appeared Herbert D. Selbert, who
(1)
/6M
Saxon State Mtge 08.-1947
1946
Krotzer
Statement of the Ownership, Management, Ac., required by the Acts of Congresof Aug. 24, 1912 and March 3, 1933, of the Commercial A Financial
Chronicle,
(2)
mmm
Office
Guatemala 8s
of War"
mmm
Saxon Pub Works 7S..1945
0Hs
/8
B.
Pearsall & Co., has become associated with R. S.
--
/8
/8H
ffH
mmm
German Central Bank
1938
also with The National City Co. prior to its
—Edward
mmm
Slem A Halske deb 68.2930
1948
and
was
Paul
537,
-
fS
/5
8s
.
mmm
that
of the statistical department.
and business managers are:
Rio de Janeiro 0%
m
announce
the Commercial A Financial Chronicle and that the following Is. to the best of his
knowledge and belief, a true statement of the ownership, management. Ac., of the
...
mmm
mmm
Inc.,
as manager
having been duly sworn according to law. deposes and says that he Is the editor of
8
fQ.
mmm
Jennings,
published weekly at New York, N. Y., for Oct. 1, 1939.
mmm
64
/5
n
Sao Paulo
German Atl Cable 7s. .1945
German Building A Land-
/61
Prov Bk Westphalia 6s '33
-
mmm
Frankfurt 7s to
1962
1956
&
previously connected with Quail & Co. of Davenport,
mmm
mmm
many) 7s
mm
1967
with
was
mmm
15
mmm
16
/8
Funding 3s
/3
/8
/14
/8
1966
an¬
Oct. 2 entitled "The Problem of Money Not Working" and "This Business
/80
Porto Alegre 7s
1968
Protestant Church (Ger¬
mmm
/8
European Mortgage A In¬
vestment 7Hs
1966
Co., at
been
F. Childs
mmm
/8
70
Electric Pr (Ger'y) 0Hs '50
Agricultural 6s
/3
1946
Panama 5% scrip
Poland 3s
Scott
was
—William
1946
54
Jo
has been with C
that it has printed additional copies of its monthly bulletins of Sept. 1 and
Panama City 0 Ha
East Prussian Pow 6s.1953
1953
—Haskell,
mmm
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bank 0Hs...
1962
Mtge 7s
1948
North German Lloyd 6s '47
/49
/8
Government securities, has
paso six years
Krotzer
58
/3
/67
1945
Thompson for the
Vice-President in charge of trading and prior thereto
as
New York
59
/53
4s
3
/52H
1946
7Hs income
(A A B)
(C A D) 48—1948-1949
Nat Central Savings Bk of
7s to
Duesseldorf 7s to
7s
Nat Bank Panama—
Oberpfals Eleo 7s
Jo
Dulsburg 7% to
6Hs
He '38
National Hungarian A Ind
6~~
15H
City Savings Bank
Cordoba 7s stamped..1937
Costa Rlea funding 5s. '51
Mr.
Pate, and
m
16 of the firm of Arthur Thompson &
Dillon, Read & Co., R. W. Pressprich & Co. and Chas. E. Quincey & Co.
mmm
mmm
Oldenburg-Free State—
Chilean Nitrate 5s
Co.
of Oct.
as
St., specialists in U. S.
become associated with them
1945
Nassau Landbank
Bee German Central Bk
Central German Power
1934
&
mmm
Municipal Gas A Elec Corp
Recklinghausen J t ..1947
m
Central Agrlc Bank—
Madge burg 6s
William
nounced.
40
/35
Munic Bk He8sen 7s to '45
m m
n
fs
Markets."
by prominent speakers.
1943
1962
-
the
The firm's telephone number is Hanover 2-3950; teletype, N. Y. 1-2670.
Brown Coal Ind Corp—
0H8...
1963
Buenos Aires scrip
Burmelster A Wain 6s. 1940
will address
The subject of his
Francis T. Ward, President of the Bond Club, will
preside at the luncheon
mmm
4
n
"Certain Aspects of Our Capital
18.
23
3H
Hungarian Bank—
6s
be
Wednesday, Oct.
23
/3H
United Kingdom
British
Hs'tl 68
will
on
18
Leipzig O'land Pr 0Hs '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
/15
Hanover Harz
address
Club
•18
15 H
Bremen (Germany) 7s. 1935
6s
1940
See United
Bankers
Jugoslavia 5s funding. 1966
Jugoslavia 2d series 5s.1966
Land M Bk Warsaw 8s '41
/25
Conversion
the
which will inaugurate the 1939-40 series of luncheon
meetings to be addressed
17 H
Brazil fuhdlng scrip
German
at
mmm
/3
Kobolyt 6 Hs
/3
Hanes, Under-Secretary of the Treasury,
Bond Club of New York at its first luncheon
meeting of the season to be
held
/3
/3
W.
1936
/5
/16 M
/14«
Brazil funding 5s.. 1931-61
see
nominal.
Ask
Cons
Palatlnlte
Cities 7s to
British
are
—John
other person, association or corporation has any Interest, direct
the said stock, bonds or other securities than as so stated by him.
or
indirect, Id
,
(Signed) Herbert D. Selbert, Editor.
Sworn to and subscribed before me this
27th day of Sept., 1939.
Thomas A. Creegan, Notary Public, Kings County, New
York, County Clerk's No. 169.
New York County Register No. 1C101.
(My
commission expires March 30 1941.)
Volume
The Commercial & Financial Chronicle
149
General
2361
Corporation and Investment News
RAILROAD-PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
However, they
FILING
OF
REGISTRATION
not always possible to arrange companies
in exact alphabetical order.
always as near alphabetical position as possible.
STATEMENTS
UNDER
ACT
SECURITIES
The
it is
are
following additional registration statements (Nos. 4204
4207, inclusive)
to
have been filed with the Securities and
Commission under the Securities Act of 1933.
The amount involved is approximately $3,115,000.
Exchange
Hayes Industries, Inc. (2-4204, Form A-2) of Jackson, Mich, has filed a
registration statement covering 84,800 shares of $1 par common stock,
which will be offered first at $6.25 and later at market, if a market is estab¬
lished.
Proceeds of the sale is for the account of seven stockholders who are
sponsoring the registration.
O. B. Hayes is President of the company.
Van Grant & Co. and Brown, Schlessman, Owen & Co. have been named
underwriters. Filed Oct. 7, 1939.
Lawn
Forest
Co.
(2-4205, Form A-2) of Glendale, Calif, has filed a
registration statement covering $1,750,000 of 5%, 25-year, first mortgage
bonds, due 1964, which will be offered at $100. Proceeds of the issue will be
used to retire the 6%, 15-year, first closed mortgage sinking fund bonds,
due 1949, and for working capital.
Hubert Eaton is President of the com¬
pany.
Banks, Huntley & Co., et al, have been named underwriters. Filed
Oct. 7, 1939.
peerless Casualty Co. (2-4206, Form A-2) of Keene, N. H. has filed a
statement covering 30.000 shares of $5 par common stock
which will be offered first to common stockholders at $11 per share and the
Mr. Newman said the cotton textile plant, organized in 1891 and normally
employing about 500 persons, would continue in operation.
The following directors
were chosen:
Robert J. Marony, Financial
Vice-President Chicago Milwaukee & St. Paul RR.; William G. Rade,
Vice-President Manufacturers Trust Co., New York; Elias Reiss, textile
converter, New York; Mr. Newman, and a brother, Douglas Newman, also
of New York.—V. 149, p. 2071.
Allied
will be offered
publicly through
underwriters at $12
If 10,000 shares are not sold by Dec. 1, 1939 the officers and
directors may purchase, the difference between the shares sold and the
10,000 shares, from the underwriters at $10.25 per share.
Proceeds of the
issue will be used for capital and surplus.
Walter G. Perry is President of
the company.
Barrett Herrick & Co., Inc. have been named underwriters.
Filed Oct. 9, 1939.
share.
per
Nancy Lee
Mines,
Inc.
(2-4207.
Form AO-1)
The
consideration for forming syndicates and for loan of $30,000 to issuer.
syndicate by certain stockholders at 10 to 50 cents.
100,000 shares
donated to syndicate
by certain stockholders as additional con¬
sideration, and 100,000 unissued shares will be issued to Frank Eichelberger
for services.
Issuers part of proceeds will be used for equipment, develop¬
ment and working capital.
It. L. Brainard is President of the company.
The securities will be offered by Carl M. Stolle, et al, as the syndicate.
Filed Oct. 10, 1939.
to
the
Selling prices showed a rising tendency throughout
holding steady, at a figure about 20% above the
For the three months ended Sept. 30, 1939, the first quarter of the com¬
pany's present fiscal year, sales totaled $2,753,865 compared with $1,962,002
same period of 1938.
Deliveries aggregated 13.934.143 square feet,
against 9.580,707
square
feet in the corresponding period last
year.
The company states that the recent wave of advance
buying has spent
and in view of this "stocking up" by
manufacturers, there is no likelihood that physical volume or dollar sales
during the coming quarter will be as great as in the September quarter.—V.
149, p. 1168.
its force,
at least for the
American
present,
Business Credit Corp.—Gain in Receivables—
Corporation, reports
a gain of $651,606 in gross receivables outstanding
The total of gross receivables outstanding on
1939 was $7,583,361, compared with a total of $2,717,318 out¬
standing on the same date a year ago.
Business written during September, 1939 topped all previous records,
totaling $3,919,562.—V. 149, p. 1903.
for the month of September.
Sept. 30,
American
Dairies,
(& Subs.)—Earnings—
Inc.
Earnings for the Year Ending Mar. 31, 1939
Net sales (excluding inter-company
Cost of sales
sales)-...
...
...$8,725,536
7,424,501
—
.....
Gross profit
Selling, delivery, general and administrative expenses
$1,301,035
918,579
be
will
The last
in
the largest
in the
a
options are for 500,000 unissued shares which are optioned at 25 cents:
300,000 treasury shares, optioned at 50 cents; and 400,000 shares optioned
was
August level.
of Kellogg, Idaho has
registration statement covering, 1,400,000 shares of 25 cents per
common stock.
Carl M. Stolle, et al, have received options as partial
filed
Co.—September Operations—
shown by the company.
the month and are now
registration
unsubscribed shares
Kid
Company reports that volume of deliveries for September
for any month in the company's history, due to advance buying.
Dollar
sales for the month were $1,307,828. the second largest monthly total ever
previous list of registration statements was given
2223.
issue of Oct. 7, page
our
Operating profit
Interest
and
$382,457
2,693
—
investments.
income from
Appreciation in market value of securities
Profit on disposal of canital assets
Miscellaneous income (incl. $6,434 non-recurring income).
Total income.
-
Interest paid
Loss
on
163
2.164
11,249
$398,726
4,083
5,605
168,572
-
—
—
plant facilities discarded or- not in use—
Provision
deoreciation
for
—
..
—
Provision for Federal and State income taxes
52,266
Abbott Laboratories—Underwriters Named—
in an amendment to its registration statement filed with
lists underwriter and the amount
participation in its proposed offering of 71,400 shares of no par
common stock as follows: A. G. Becker & Co., Inc., 38%: F. S. Mosley
& Co., 31% Shields & Co., 31%.
The stock is to be offered first to stock¬
holders at $50 per share and any unsubscribed portion to the public.
Net profit
The company
the Securities and Exchange Commission
of
$168,201
76,490
-
Earned surplus balance, March 31, 1938-
—
their
Total.
preferred stock of subsidiary
preferred stock
investment charged off
Dividends
on
Dividends
on
Worthless
....
$244,691
319
165,008
10,000
Listing—
Exchange has approved the application of the com¬
pany to list 71,400 additional shares of common stock, no par.—V. 149,
p. 2223.
The Chicago Stock
Adams Express
Based
on
1939, the net assets of the com¬
applicable to its outstanding securities were $30,779,326, which
with $24,913,612 on June 30, 1939, while the net asset value of the
stock as of Sept. 30, 1939, was $14.17 per share, which compares
with $10.25 per share at June 30, 1939.
The four largest groups of securities in the portfolio in the order of current
market value are oils, mining, iron and steel and investment companies,*
these four groups together having a market value on Sept. 30, 1939, equiva¬
lent to approximately 43% of the total assets of the company on
that
date.
Cash (after allowing for amounts receivable and payable for securi¬
ties sold and purchased) was equivalent to 11.93 % of the total assets on
Sept. 30, 1939, which compares with 7.40% as of June 30, 1939.
Income Account for 9 Months Ended Sept. 30'
pany
compares
common
x
$539,815
3,841,829
$331,423
3,758,691
$4,381,644
471,132
$3,910,511
$4,090,114
167,322
$3,922,881
Proport'n of earns., attributable to min. com. stk__
Federal surtaxes on undistributed
$3,905,838
149,984
$3,755,853
$3,967,748
allowance has
been
made
for
..$41,793,999 $40,405,541
22,033,477
22,893,301
intercompany transfers)
General operating expenses.
2,274,308
3,181.453
5,125,339
—
...
A
t?
®
apt o
Acer. int. &
dlvs..
3,928,986
62,099
1,262,000
tr.
4%
6,883,500
5,218,500
deprecia'n)
302,014
33,728
87,567
pur.,
11,597
440,374
440,812
Common stock &
30,305,038
3,817,763
3,787,063
capital surplus..30,260,758
Earned surplus
804,486
$4,330,472
.
139,563
$4,772,113
$3,967,627
$1.43
$1.56
—V.
conting's,
&c..
x
190,857
72.750
stock.
Earnings per share of common stock.
149. P. 1904.
Acer'Is & res'ves for
taxes,
Dividends on preferred
212,968
804,486
143,368
Amt. pay.
10,778
$4,911,676
$5,134,958
.
for sees.
not ree'd..
Accrued interest..
(less
.
Holding company interest deductions.
due 1946
$5,315,501
$5,207,708
Taxes of American Lt. & Traction Co
10-yr. 4*4% debs.
Securities at cost 40,327,133 41,323,637
1.567,071
$5,592,192
204,011
180,472
Expenses of American Lt. & Traction Co-
2,242,500
bds.,
due 1948.......
178,404
2,089,000
1,384,500
due 1947...
Coll,
109,479
delivered
1,553,558
Coll. tr. 4% bonds,
sold, not
Prop. & equipment
!
%
%
LiabUUies-
$3,748,429
(excl. of inc.
Sept. 30 '39 Dec. 31 '38
S
2,687,931
58,441
Amount receiv. for
secure,
Inc. of American Lt. & Traction Co.
Consolidated Balance Sheet
8,310
$4,038,634
Total income of subidiary companies
Int., amort. & pref. divs. of sub. companies...
$3,756,739
7,626
Net earnings from opers. of sub. companies.
Nonoperating income of sub. companies
$8,278,124
4,521,385
$4,046,261
General taxes and estimated Federal income taxes.
$8,447,673
Dr 169,549
$8,367,447
4,321,186
Provision for depreciation
2,409.414
2,554,383
4,960,594
$8,319,598
47,849
Maintenance
of sub. companies
Comparative
Sept. 30 *39 Dec. 31 '38
Cash.
1938
Equity of American Lt. & Traction Co. in earns.
149,985
$3,817,763
,
2,184
'
y
1939
sub. cos. (after eliminating
$52,866
3,852,972
paid on com. stock.
No
Light & Traction Co. (& Subs.)—Earnings—
187,049
344,012
33,189
Earned surp. Sept. 30.
Total surplus
x
American
12 Months Ended Aug. 31—
Gross oper. earnings of
$180,685
3,787,063
...
Bal., surplus, Dec. 31.
Div.
731;
25,584
775
164,251
298,826
bds.
Provision for taxes
income
$3,300; cash surrender value of life insurance. $28,194; Notes
for doubtful items of $90,300), $455,inventories,
$260,902; miscellaneous investments and advances,
$86,060; property and equipment (less reserve for depreciation of $1,373,912),
$1,586,467: deferred charges,
$57,236; goodwill purchased,
$214,772; total, $2,958,322.
Liabilities—Accounts payable. $102,346; outstanding drafts and coupons,
$15,403; accrued wages, taxes, &c., $39,318; dividends payable, due April
1, 1939, $33,080; reserve for Federal and State income taxes, $52,700;
7% cumulative preferred stock (subsidiary), $4,500; 7% cumulative pre¬
ferred stock (par $100). $1,885,800; common stock (108,230 no par shares),
$108,230; Treasury stock 1,470 shares, Dr$l,470; initial surplus, $649,052;
earned surplus, $69,365; total, $2,958.322.—V. 148, p. 2109.
market.
and accounts receivable (less reserve
$851,077
145,939
357,772
15,943
$669,345
Net
hand, $265,660; marketable securities—
$1,104,065
Total income.
securities.
General expenses
Int. on coll. tr. 4%
on
$550,070
174,332
302,330
20,542
Miscellaneous income.
securities
on
and
banks
$842,143
6,749
$507,471
41,823
on
Interest
in
$1,062,274
35,045
6,746
$613,943
54,111
1,291
Divs.
1936
1937
1938
1939
-
$69,365
Consolidated Balance Sheet, Mar. 31, 1939
Assets—Cash
at
Co.—Report—
market values as of Sept. 30,
Income—
Balance, earned surplus March 31, 1939
American Piano
Corp.-
-Earnings1938
Years Ended June 30—
1937
Cost of sales.
Total
.44,438,475 44,260,009
Total
Represented by
Dec. 31,
1,500,000 no par shares,
,
Algonquin Printing Co.—New
Group Takes over Control—
A. Newman of New York, a textile operator, and a group of
associates announced Oct. 10 acquisition of all but approximately 300
of the 10,000 outstanding shares of stock in the company.
The reported
price was $305 a share.
Selling and administrative expenses
$332,219
416,987
$338,226
425,298
$84,767
35,090
$87,073
38,565
$49,677
75,000
$48,507
50,000
$25,323
$1,493
.
1938.—V. 149, p. 403.
Jerome
$708,941
370,715
44,438,475 44,260,009
y Market value Sept, 30,
1938, $30,362,832.
Note—rThe excess of cost over market value of the company s investments
at
Sept. 30. 1939, was $12,829,194, as compared with $10,960,805 at
x
1939, $27,497,939, and Dec. 31,
$707,107
374,887
Operating loss on sales
Interest, rentals, income (net)
Net loss from
operations.
__
Dividend income, Aeolian American Corp
1
Net
profit
-V. 149, p.
1752.
The Commercial & Financial Chronicle
2362
American Stove Co.—To
Directors
declared
have
Associated Telephone
Pay $1 Dividend—
of SI
dividend
a
share on the common
18.
This compares with
1, last; 20 cents paid on
15, 1938, and a dividend
149, p. 1318.
per
stock, payable Nov. 1 to holders of record Oct.
25 cents paid on Aug. 1; 10 cents paid on May
Jan. 14 last; 10 cents paid on Oct. 14 and April
of 50 cents per share paid on Dec. 24, 1937.—V.
American Telephone & Telegraph
Oct.
Period End. Aug. 31—
1939—Month—1938
1939—8 Mo*.—1938
Operating revenues. - —i $9,386,307
$8,478,504 $73,403,691 $68,133,594
Uncollectible oper. rev-_
42,629
52,599
364,090
482,014
1939
-
_
$9,343,678
6,731,046
$8,425,905 $73,039,601 $67,651,580
6,481,788
53,999,387
52,511,323
$3,728,723
2,724,644
$991,764
8,576
$1,004,079
15,113
$1,000,340
412,000
Net operating income
_-
——
212
— — _
CY27.000
$1,019,192
378,000
12,816
36,222
Cr22,271
$578,353
Net earnings
Interest on long-term debt
$614,425
—
_—
General interest
--
36,775
$2,612,632
1,145,184
$1,944,117 $19,040,214 $15,140,257
1,049,411
8,915,336
8,573,245
Interest charged construction
Net income
Net oper. revenues...
Operating taxes..
—-
—Y. 148, p. 1946.
Athens Terminal
Net operating income.
Net income
$6,567,012
76,048,038
$894,706 $10,124,878
166,866
81,333,721
$1,467,448
660,235
—V. 149, p. 2224.
American Tobacco Co.—Gets
The company
borrowed $24,000,000
banks of which $16,250,000 were used
Sept. 14 from five New York
1940, to July 1, 1945.
The loan was divided as follows: The
Guaranty Trust Co., $10,000,000; the Chase National Bank, $5,000,000;
the National City Bank, $5,000,000: the Central Hanover Bank & Trust
Co., $2,000,000, and the Bankers Trust Ch., $2,000,000. The banks paid par
for the notes.—V. 148, p. 1309.
1,
Water
Electric
Works &
*
Steamship
Lines
(&
Period End. Aug. 31—
1939—Month—1938
1939—8 Mos —1938
Operating revenues
$2,198,746
$2,263,137 $16,944,612 $16,357,297
Operating expenses (.in¬
cluding depreciation)
1,966,273
2,041,957
15,739,794
15,732,560
_
$232,473
45,505
$624,737
333,455
$194,964
5,609
$836,113
43,989
$291,282
37,785
109,512
$200,573
103,145
$880,102
903,275
$329,066
849,468
$89,710
Gross income
$1,204,817
368,705
$199,222
Operating incom e_
$221,180
26,216
$186,968
12,254
Net oper. revenue
Taxes
Other income
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Oct. 7, 1939, totaled 54,648,000
kilowatt-hours, an increase of 25.1% over the output of 43,683,000 kilowatthours for the corresponding week of 1938.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended—
1939
1938
1937
1936
1935
Sept. 16--48,974,000 43,170,000 49,895,000 *46,010,000 41,051,000
Sept. 23--.
51,949,000 42,460,000 49,408,000
49,046,000 40,380,000
Sept. 30
52,787,000 42,999,000 48,908,000
49,010,000 37,100,000
Oct.
7 ———54,648,000 43,683,000 49,429,000
49,573,000 41,187,000
Indies
Subs.)—Earnings—
Co., Inc.—Weekly
Output—
West
&
Gulf
Atlantic
to pay off current bank loans and
report filed with the Securities and Exchange Commission, which was made
public Oct. 10 at the 8tock Exchange.
The loan was made on 2% promissory notes which mature serially on
American
Co.—July Interest Not Paid—
1,1939 on the 1st mtge. 5s has not as yet been paid,
arrangement has still not been made with Seaboard Air Line
a new
of
the balance was added to cash for general corporate purposes, according to a
July
The interest due July
because
Ry. and Gainesville Midland RR. for the leasing of the terminal properties.
The two roads are continuing to use the terminal pending consummation
a new arrangement.—V. 140, p. 2854.
$24,000,000 Loan—
on
1938 —'
$3,959,439
2,967,675
Amortization of debt discount and expense
Operating revenues.
Operating expenses
1939
Co., Ltd.—Earnings—
12 Months Ended June 30—
Operating revenues
Operating expenses and taxes
Other income (net)
Co.—Earnings—
14,
$97,428
x$23,173
x$520,402
Int., rentals, &cNet income
x
Indicates loss.—V. 149, p.
Atlantic Pipe Line
1753.
Co.—New President—
meeting of the board of directors of this company, subsidiary of the
Refining Co., E. J. Henry, Vice-President and director of the
Atlantic Refining Co., was elected President of the Atlantic Pipe Line Co.
—Y.143, p. 3620.
At
a
Atlantic
Includes Labor Day.—V. 149, p. 2224.
Atchison
Associated Gas & Electric
Co.—Weekly Output—
For the week ended Oct. 6 Associated Gas & Electric System and the
New England Gas & Electric Association Group report net electric output
of 104,051,155 units
(kwh.).
This is an increase of 14,445,572 units or
16.1% above production of 89,605,583 units for a year ago.
This is the
consecutive week that the percentage increase has been greater
than any since the week ended July 2, 1937.
Gross output, including sales to other utilities, amounted to 114,235,564
second
units for the current week.
& Ohio RR.—Court
Baltimore
Approves Plan for Reduc¬
tion in Interest—
SEC Approves Application by A.
G. & E. Pension Trust—
The Securities and Exchange Commission on Oct.
10 approved an
application made by Trustees Under Pension Trust Agreement for approval
of a program for investing the current'funds of the organization.
The trustees have been held by the commission to be a subsidiary of
Associated Gas & Electric Co. and an affiliate of New England Gas &
Electric Association.
The investments are to be made exclusively in
securities of associate and affiliate companies,—V. 149, p. 2224.
Associated
Topeka & Santa Fe Ry.—Equipments—
The company
has asked the Interstate Commerce Commission for
authority to issue $8,000,000 2M% series C equipment trust certificates.
According to the application the carrier is inviting bids on the equipment
trust certificate issue for Oct. 17.
Equipment trust certificates mature
serially, $800,000 Nov. 1, 1940, and a like amount annually thereafter until
and including Nov. 1. 1949.—V. 149, p. 2225.
Public
Utilities
(& Subs.)—Earns.
Corp.
1938
1937
$1,550,912
510,712
231,748
211,336
$1,536,007
497,660
$597,116
37,589
20,701
139,758
$575,652
27,270
17,422
141,214
Calendar Years—
Total operating revenues
—
Operations
Maintenance.-
Depreciation
Federal income taxes.
Social security taxes.
Other taxes..-
258,351
204,344
An
Hon.
opinion, given by Hon. W. Calvin Chestnut and concurred in by
John J.
Parker and Hon. Armistead M.
Dobie,
was
handed down
Oct. 9 in the U. 8. District Court for the District of Maryland,
approving
the company's plan for modification of interest charges and maturities.
The lengthy, 15,000-word opinion on the case is summed up by
the
Court in the following brief extract:
"In short summary, we find and
conclude from consideration of the
plan and the testimony in support thereof that it is fair and equitable
and indeed highly desirable and advantageous for all the creditors as well
as in the public interest and that it is feasible in that it has a reasonable
prospect of being successfully carried out so that in the long run the creditors
will have the best chance to ultimately avoid substantial loss on their
investments, and the railroad will be enabled to continue its service to the
public as an interstate compierce carrier."
Officials of the B. & O., who have been closest to the working out of the
plan, expressed themselves as being highly pleased that the decision of the
three judges of the Federal Court was unanimous, and that, in effect, it
commended the plan as being so clearly in the interests of all those affected
by it.
To Vote
Guaranty—
on
Stockholders at their annual meeting to be held Nov. 20 will consider
5,420
7,378
$442,260
380,070
2,231
5,420
6,699
$37,225
3,355
income.
$389,746
$411,078
Non-operating
$399,069
12,009
$47,839
3,420
Interest on funded debt (public)
Interest on unfunded debt (public)
Amortization of bond discount and expense-
52,513
360,174
881
Withholding taxes..
Net income available for dividendsPreferred stock dividends..
Common stock dividends--
x$12,442
$44,419
Deficit.
Earnings for 12 Months Ended June 30
$1,547,490
915,693
$687,647
$631,797
25,092
721
revenue
Gross corporate income
Interest on funded debt—public
Miscellaneous
1938
$1,571,680
884,033
expense.
Non-operating
Co,—Acquisition—
SEC through the New
$688,368
-
350,380
856
interest—public
Depreciation
210,920
5,420
7,569
38,376
Amortization of bond discount and expense
Withholding taxes
Federal income tax
$656,889
373,428
1,842
209,917
5,420
7,178
27,880
York Stock Exchange Oct. 6.—V. 149, p. 1616.
(N.) Bawlf Grain Co., Ltd.—EarningsYears End. July 31—
Operating profit
Bond interest
-)
-
1939
Operating
Barnsdali Oil
The company has reported to the Securities and Exchange Commission
the acquisition of the Nelson Development Co. for 14,490 shares of Barnsdali
stock.
The two shareholders of the acquired company have agreed to
hold the Barnsdali stock for investment, according to a release by the
46,312
Net income transferred to surplus
x
ratifying the guaranty by this company, jointly and severally with six other
railroad companies using the Terminal, of payment of principal, interest
and sinking fund of and on $12,000,000 first mortgage, 3M%
bonds,
series E, of the Cincinnati Union Terminal Co.—V. 149, p. 2073.
1939
1938
1937
$92,177xloss$133,727xloss$73,348
U. S. A. exch. on bond
int. & bond redem'n.J
12,378
Depreciation
71,050
1,500
Directors' fees
$74,845
3,310
18,562
""500
Sink,
$
Liabilities—
s
and
256,507
Special deposits
311,349
130,936
132,372
7,896
Notes receivable—
Acer. int.
63,482
$82,439
$287,165
53,789
Loss
*10",099
y"4",433
"2",467
$75,156
$78,007
$230,909
4,149
_
on
investments
$378,012
x After
deducting all expenses, including executive salaries and legal
fees of $30,057 in 1938, $29,854 in 1937 and $30,747 in 1936.
y Loss on
sale of property,
* Loss on demolition of elevator and disposal
of prop¬
Comparative Consolidated Balance Sheet July 31
1939
378
Accrued
70
236
13,252
11,357
104,369
Other current liab.
Accrued hit. (other)
Accrued taxes
42,628
Bank
and coal
233,962
23,476
Life InBur'ce, cash
surrender value.
_
24,575
4,455
20,889
4,440
166,172
417
Investments
memberships
del.
dividends
112,622
Contrlb. for exten.
Capital deficit
Earned surplus
12,303,165 12,343,077
Represented by 82,500
no par
Total
shares.
»
-
Bond int. accrued_
7,684
765
1,279,479
15,899
16,037
244,036
144,403
243,035
96,062
12,303,165 12,343,077
•V. 148, p. 3525.
9,697
2,050
16,000
Bawlf
40,000
40,000
205,000
Special reserve
1st mtge. bonds of
205,000
296,424
75,156
296,425
Terminal
Elevator Co
Capital surplus
78,007
90,654
1,317,855
Reserves
76,926
Est. liab. re hnpts.
Operating surplUs.
99,772
payments
80,000
Acer. taxes, partly
and repairs
and
60,000
70,679
10,195
loan
estimated
166,263
expenses.
1938
60,000
270,000
_
Accounts payable-
128,396
409
53,996
41
137,286
_
x
53,905
150
Common stock.
18,860
Inventories ol grain
1939
Preferred stock...$1,995,500 $1,995,500
33,438
Advance billing &
revenue.
term debt
Liabilities—
1938
$2,524,315 $2,565,089
Cash
Prepaid
long-
172,710
8,314
148,056
curr. assets
Total.
$383,646
1,485
$85,255
Accts. receivable.
47,775
4,269,376
6,515,100
76,884
53,620
deposits
on
187,829
2,426
136,179
372
Material & suppl.
Prepaid and
charges
sumers'
850
Accts.recelv. (net)
Accts.rec. (mtscel.)
Unbilled
Accounts payable .
Subscribers & con¬
Dec. 31 '38
S
46,775
4,269,376
6,377,100
Long-term debt
special funds
a
$
-11,454,977 11,465,290 Pref. stk. ($25 par)
a Common stock
12,500
Cash
Miscell.
.
June 30 '39
investm'ts
funds
383,415
_
Fixed assets
June 30 '39 Dec. 31 *38
Assets—
$231
loss$90,847
378,012
Total surplus
Property adjustments.
Income tax adjustments
for prior years.
Assets—*
Consolidated Balance Sheet
Fixed assets.
19,824
98,667
$7,248 loss$l48,470
78,007
230,909
Net profit
Previous surplus
x$8,153
Deficit.
Miscell,
17,498
erties.
Balance to surplus,
x
$31,222
3,375
36,000
$52,972
__
14,743
Prov. for inc. tax (est.)-
Profit and loss surplus
Net income
Preferred stock dividends.
Common stock dividends.
1936
x$l 19,222
-
Total
x
—.$3,041,005 $2,841,554
Represented by 60,000 shares of
Total
no par
...
-$3,041,005 $2,841,554
value—V. 147, p. 2384.
Birtman Electric Co.—Extra Dividend—
Directors have declared an extra dividend of 25 cents per share in ad¬
dition to a regular quarterly dividend of like amount on the common stock,
both payable Nov. 1 to holders of record Oc*. 16.
Like amounts were paid
on
May 1, last.—V. 148,
p.
2256.
Volume
Bliss &
The Commercial & Financial Chronicle
149
Q. T., whose interests are
primarily concerned with those of the B. M. T. and adverse to the interests
of the bondholders of the B. Q. T.
The committee observes that of the $8,184,400 allocated to the B. Q. T.
stockholders, $4,225,071 will go to the B. M. T. by virtue of its ownership
of over 57 % of the preferred and common stock of the Surface Line company;
also that during the eight fiscal years ended June 30,1930 to 1937, inclusive,
the Brooklyn and Queens Transit Corp. paid to its preferred stockholders
dividends amounting to $10,055,375. of which the B. M. T. and (or) its
other subsidiaries were the principal beneficiaries.
Laughlin, Inc.—Earnings—
9 Mos. End.
Sept. 30—
1939
.$391,376
$2.16
Net profit
Earns, per sh. on com..
a
_
1938
loss$22,4l4
Nil
zl936
x$449,817
y$2.81
1937
x$643,203
$3.60
a Before
provision for Federal surtax on undistributed profits,
y After
dividends paid on 25,000 shares of 5% cum. pref. stock (par $30) for period
from May
76
22, 1936, date of issuance, to Sept. 30, 193o.
z Revised.
For the quarter ended Sept. 30, 1939, net profit was $137,861, equal to
cents a common share, comparing with $14,551 or six cents a share
common
on
in
September quarter of preceding year, and $119,134 or 6530,1939.—V. 149, p. 2073.
Listing of Certificates of Deposit—
cents a share on common in quarter ended June
Blue Ridge
The New York Stock Exchange has authorized the listing of: (a) certificates
of
Corp. (& Subs.)—Earnings—
Income Account
9 Months Ended Sept.
$1,169,124
163,990
93,775
Expenses
Interest on bank loans..
Prov. for normal Federal
$906,220
189,535
98,726
1936
1938
1937
$751,995 x$l,389,474
154,225
168,356
1939
Interest
v
$965,080
198,639
$1,163,720
344,953
64,303
$1,557,830
295,922
96,720
19,800
13,900
9,200
10,000
$891,559
$604,058
$1,155,987
$744,463
961,705
1,123,422
971,005
748,948
income tax
deposit for $5,700,000 1st consol. mtge. 5% bonds, due July 1, 1941,
Brooklyn City RR. (Guaranty Trust Co., depositary); (b) certificates of
deposit for $10,302,000 Nassau Electric RR. consol. mtge. 4% gold bonds,
due Jan. 1, 1951
(Guaranty Trust Co., depositary); (c) certificates of
deposit for $1,403,000 Brooklyn, Queens County & Suburban RR. 1st.
mtge. 5% goid bonds, due July 1, 1941 (Chase National Bank, depositary);
(d) certificates of deposit for $2,703,000 Brooklyn, Queens County & Subur¬
ban RR. 1st consol. mtge. 5% gold bonds, due July 1, 1941 (Chase National
Bank, depositary); (e) certificates of deposit for 149,217.3 shares ($6
cumulative dividend) preferred stock (Chase National Bank, depositary).
—V. 149, p. 1907.
of
30
$1,069,646
99,478
Income—Dividends
.
*
Brown
Net income
Optional $3 conv. pref.
dividends
921,656
901,593
Common dividends
Includes
x
$22,000 optional stock dividend (taxable).
Surplus Accounts for the 9 Months Ended Sept. 30, 1939
(.1) Capital Surplus Account:
Balance, Dec. 3., 1938 and Sept. 30, 1939
...$11,088,333
(2) Earned Surplus Account (subsequent to Dec. 31, 1932):
Balance, Dec. 31, 1938...
$4,429,002
Net income for the nine months ended Sept. 30,1939
891,559
Net profit on sales of securities, based on average cost
239,591
Adjustment of prior year tax
Divs. on optional $3 conv. pref. stock, paid in cash
$5,560,152
4,148
901,593
Balance, Sept. 30, 1939
Federal
indicated
net
unrealized
depreciation
of
investments,
to
(Maine)—Borrowing Authorized—
John A.
continue
N. H.,
lated that the
company
amount
shall not at any time be in debt to the city in an
exceeding $2,500,000.—V. 149, p. 2226.
Broad Street
Investing Corp.—Asset Value—
The company reports net assets of
to $24.71 per share of capital stock
$7,614,295 as of Sept. 30, 1939, equal
The asset value of the
outstanding.
capital stock on June 30,1939, was $22.39.
During the third quarter of the
year the capital stock outstanding increased from 285,554 shares to 308,108
shares.—V. 149, p. 571.
Burdines,
Inc.;—Earnings—
[Including Burdine Properties and Burdine Realty Corp.]
$876,206. This
with net unrealized appreciation at Dec. 31,1938 of $1,322,364.
1939
1938
1937
1936
Cost of goods sold_
$6,129,623
3,917,191
$6,012,162
4,077,526
$6,352,955
4,294,038
$5,609,503
3,770,530
Purchase discounts.
$2,212,432
177,794
$1,934,636
142,889
$2,058,916
142,360
$1,838,973
116,100
$2,390,226
1,894,191
141,295
$2,077,526
1,704,101.
100,754
$2,201,277
1,645,929
95,140
$1,955,073
1,402,291
85,878
Net
sales
__
Consolidated Balance Sheet Sept. 30
1939
e
S
13,166
61,303
Prov. for tax.cont.
106,417
52,733
Notes pay. to bks.
5,000,000
61,300
124,669
5,332,667
crued
accrued
152,698
181,933
4,115,775
equity in reEl.
purch
stocklO.121,450 10,328,950
7,489,483
7,489,483
Surplus
11,088,333 11,125,294
General reserve...
937,444
Preference
b Common
Power
Assocs., Inc. (in
liquidation).
securs.
c
main'g net assets
of
expenses_
Due to brokers for
622,021
1,548,836
Cash
$
Accts. pay. and ac¬
Dlvs. rec. and int.
Short-term notes..
Est.
1938
$
Liabilities—
36,361,832 34,985,625
Investments
1939
1938
$
Assets
130,200
...
a
38,193,567 39,905,354
Gross profit
Oper. exp., excl. deprec.
Depreciation
Operating profit
$354,740
42,776
$272,671
49,526
$460,207
78,469
$466,903
49,964
$397,516
Other income
$322,196
$538,676
$516,868
83,047
136,264
79,928
26,032
89,432
43,570
$159,900
$405,673
$436,940
stock.
Other
deductions
(incl.
normal income tax)..
4,654,411
4,693,221
Treasury stock.Dr.332,426 Dr.248,977
Undistrib. profits tax...
38,193,567 39,905,354
Net prof, after all tax.
Earned surplus...
Total
Years Ended July 31
Earnings
as
shown in the annexed balance sheet at Sept. 30, 1939, was
compares
Co.
Judge
Peters at Portland, Me., has authorized the
the financial arrangement with the City of Berlin,
which the company had for some time.
Under this arrangement
the city advances the company money to conduct woods operations and
repayment is made upon sale of the finished products.
The Court stipu¬
trustees
$4,654,411
Total.
Note—The
2363
boards of directors of the B. M. T. and the B.
Total
Represented by 8,830 (6,700 in 1938) shares of cumulative optional
$3 convertible preference stock at cost, b Represented by shares of $1 par
value. Of the authorized 12,500 000 $1 par value shares, there are 594,042
shares reserved for conversion of preference stock; 1,142,914 shares of
dividends on preference stock (maximum annual requirements 49,504 shares)
and 228,301 shares for exercise of warrants (to purchase at any time shares
of common stock at $20 per share,
c 404.858 (403,158 in 1938) shares, no
$314,469
Consolidated Balance Sheet July 31
a
Assets—
1939
Cash
1938
$1,043,865
Govt. &
$677,218
10,000
10,000
mun. sees.
Accts. receivable..
314,840
336,442
Merchandise.....
572,877
478,152
Value life Insur'ce.
28,567
12,736
{>ar value, at bid prices at of $25 per share. e At aggregate market value was
ast sale
stated value Sept. 30, 1938, the average book values based on
Stocks.
mortgages, &c._
24,854
Fixed assets (net)
Deferred charges..
3,151,832
$128,300
203,389
$164,494
151,814
Mtges. payable._.y1,460,247
Reserves
27,768
700,000
surplus 3,555,471
3,482,942
x
Capital
19,310
2,839,442
228,340
expenses.
25,565
$35,485,626 in 1939 and $31,549,594.—V. 149,
Accrued
1938
1939
Liabilities—
Accounts payable.
139,005
or
Bond
p.
Stores, Inc.—Sales—
Period End. Sept. 30—
1939—Month—1938
Sales
$2,666,826
$1,782,607
—V.
407.
149, p.
1939—9 Mos.—1938
$12,677,054
$15,084,793
1018.
Borg-Warner Corp.—Patent Suits Dismissed—Two infringement actions instituted by the corporation on May 5, 1936,
against General Motors Corp. and Frigidaire Con)., involving six refrigera¬
tion patents, were dismissed Oct. 10 by Federal Judge Henry W. Goddard,
all parties consenting.—V. 149, p. 1017.
_
Total
Series
date
I, dated July 1, 1939, are red. in whole or part on any interest
other time upon 30 days' notice at principal amount and a
at any
or
Jremium of 9lA% to and Lncl. to and incl. July 1, 1954;8H% to and incl.
uly 1, 1949; thereafter 7%% July 1, 1944: thereafter
thereafter 6% to
and incl.
July 1, 1959; thereafter 5% to and incl. July 1, 1964; thereafter
3M% to and incl. July 1, 1969; thereafter 2Yt% to and incl. July 1, 1971;
thereafter IH% to and incl. July 1, 1973, and thereafter to maturity M%
plus in each case accrued int. to date of redemption.-—V. 149, p. 1755.
Brooklyn-Manhattan
icates
Transit
Corp .—Listing of Certif¬
of Deposit—
The New York
Stock Exchange has authorized the listing of;
(a) cer¬
for $69,500,000 rapid transit collateral trust bonds,
4>£% series, due May 1, 1966, of Brooklyn-Manhattan Corp. (Manu¬
facturers Trust Co., depositary); (b) certificates of deposit for $15,882,000
Brooklyn Union Elevated RR. 1st mtge. 5% gold bonds, due Feb. 1, 1950
(National City Bank of New York, depositary); (c) certificates of deposit
for $6,269,000 Kings County Elevated RR. 1st mtge. 4%
bonds, due
Aug. 1, 1949 (Chase National Bank, New York, depositary); (d) certificates
of deposit for 249,468 shares ($6 cumulative dividend) preferred stock,
series A (Central Hanover Bank & Trust Co., depositary).—V. 149, p. 2074.
tificates
of deposit
.$5,375,175 $4,518,559
....
$5,375,175 $4,518,559
Total
x Represented
by 15,594 (16,201 in 1938) shares preference stock out¬
standing ($45 per share, callable value), and 286,340 (278,340 in 1938)
shares common stock outstanding (par $1 per share),
y $258,515 payable
within one year.—V. 149, p. 571.
Bush Terminal Co.—Trustee
Call for
In
Bridgeport Hydraulic Co .—Bonds Placed Privately—The
effective July 1, 1939, placed privately an issue of
$4,971,000 1st mtge. 3%% bonds, series I, dated July 1,
1939, and due July 1, 1974.
Proceeds were used to redeem
a like amount of series G 1st mtge. 3^2% bonds on July 1.
company,
bonds,
a
Court
Again Sustained by Court in
Dividend Accounting—•
unanimous decision the Appellate Division of the New York Supreme
Oct. 6 sustained an order of Supreme Court Justice Ernest E. L.
Hammer requiring three
defendants In a $3,600,000 suit brought by the
of the Bush Terminal Co. to give particulars of
11 other defendants, all of whom were directors
of the company at some time between 1928 and 1932.
The plaintiff in the action is C. Walter Randall,'as trustee.
His com¬
plaint charges that the company declared and paid dividends illegally at a
time when the payments impaired the company's capital.
He is suing to
reorganization trustee
their defenses.
recover
There
are
the amount of the dividends.
men who were directed to furnish particulars are Frank Bailey,
Harbord and Harry B. Lake.
They alleged that they had acted
The three
James G.
in good faith and that the valuations of assets upon which they relied in
voting the dividends had been made in good faith.
The other defendants
in the suit are Maurice H. Bent, Irving T. Bush, Herbert L. Dillon, Gayer
G. Dominick, William N. Dykman, Philip L. Gerhardt, Frederick J. Lisman, Matthew S. Sloan, G. L. P. Stone, the estate of Clinton Burdick and
the estate of Edward T. Bedford.—V. 149, p. 1468.
California
Oregon Power Co.—Earnings-
Years Ended Aug. Zl—
Operating revenues
Operation.
Maintenance and repairs
Appropriation for retirement
reserve
Amortization of limited-term investment.
Taxes
Provision for Federal income taxes
Net operating revenues
Rent for lease of electric plant....
1,089,750
278,280
366,570
7,270
658,102
96,460
1938
$4,627,600
1,005,894
280,299
300,000
7,270
614,168
122.951
$2,370,165
238,210
__
.
$2,297,017
238,210
$2,131,956
$2,058,808
1939
$4,866,598
Brooklyn & Queens Transit Corp.—Protective Committee
Underlying Bonds—
or
A committee composed
of William Carnegie Ewen (traction specialist),
Chairman, Frederic Worden (Pres. of National Bank of Auburn), and
Philip L. Carret (of Carret, Gammons & Co., Investment Securitis), with
Paul E. Kern as Secretary, and Charles S. Aronstam as Counsel, has been
as
organized to protect the interests of the underlying mortgage bonds of the
corporation in the distribution of the purchase price of $27,000,000 which
the City of New York has agreed to pay for the properties of that corpora¬
tion
pursuant to the plan and agreement of unification and readjustment
of the rapid transit, surface railroads and related power and omnibus
properties of the Brooklyn-Manhattan Transit System.
The committee approves of the inclusion of the properties of the Brooklyn
and Queens Transit Corp. in the plan and has no objections to the amount
of the purchase price as agreed upon.
It does, however, object to the
proposed distribution which gives only $18,815,600 or 69,69% of the pur¬
chase price to the bondholders, and $8,184,400 or 30.31% to the stock¬
holders.
It contends that such a distribution is grossly unfair to the bond¬
holders and unduly favorable to the stockholders in that (1) the Brooklyn
& Queens Transit Corp. is a solvent and going concern; (2) the value of the
properties is greatly in excess of all of the company's outstanding bonds;
and (3) the purchase price of $27,000,000 plus certain assets, estimated at
$1,000,000 which are to be retained by the company, is sufficient to retire
the $27,526,000 principal amount of bonds outstanding in the hands of, the
public at par-and accrued interest.
Particular exception is taken to the fact that the bondholders were not
consulted when the prices for their securities were fixed and that the allocaions were made by a committee composed entirely of members of the
,
Net operating Income—
—
revenues.
■
Gross income
Interest
on
funded debt
Amortization of debt discount and expense
Other interest (net)
Amortiz. of preliminary costs of projects abandon,
Miscellaneous deductions
Net Income—
249
569
DrYI,775
Dr60.312
$2,114,429
842,500
203,223
277
105,827
20,973
$1,999,065
842,500
203,220
1,813
$941,629
Dividend and interest
Merchandise and jobbing (net)
$887,860
45.047
18,625
V. 149, p. 1756.
Canada Dry
Ginger Ale, Inc.—Hupfel Brewery Purchased
by Company at Public. A uction—
The Hupfel Brewery property, comprising two 5-story and one 7-story
buildings at 225-38 East 38th St., and the 4-story and 1-story buildings at
224-40 East 39th Street, N. Y. City, were sold at auction Oct. 10 in the
Vesey Street salesrooms to Canada Dry Ginger Ale, Inc., the plaintiff, on
a bid of $500,000.
Action resulting in the sale had been brought against
the J. Chr. G. Hupfel Brewing Corp. to satisfy a judgment of $1,215,833
with interest from Aug. 23.
Taxes and other liens amounted to approxi¬
mately $66,439.
The sale included the brewery equipment.
During the year ended Sept. 30, 1938, operations of the Hupfel Brewery
(which was controlled by Canada Dry) were discontinued and the mort¬
gages of $1,000,000 on the brewery, owned by Canada Dry and carried in
The Commercial &
2364
ts balance sheet at a
1018.
p.
v,
■.
Canadian
nominal value of $1, has been foreclosed.
:
-V.
149,
•.
Charles F. W. Burns has been elected a director of
^
'
this company, succeed¬
Canadian Pacific Ry.—EarningsEarnings for the Week Ended Oct. 7
Increase
1939
—V. 149, p.
1938
$4,367,000
Traffic earnings
$3,929,000
$438,000
2227.
existing note or notes of the mortgagor; (d) toward the liquidation of
of construction and equipment of a new school and community
in the course of construction.
The indebtedness of the mortgagor to be retired consists of an unpaid
balance of $9,919 on a land contract given on 1922, and an unpaid balance
of $19,000 on a mortgage given in 1926; also notes payable the proceeds of
which have heretofore been expended toward construction contracts in
connection with the new school and community hall building.
These bonds, in the opinion of counsel are the direct obligation of Joseph
H. Albers. Roman Catholic Bishop of the Diocese of Lansing, Mich., in
of
an
Congregation of the Resurrection Parish of Lansing, Mich.,
valid, direct, closed 1st mtge. on the land, buildings
equipment of the Parish located in Lansing, Mich., with an
appraised valuat.on of $255,086.
Capital Administration Co., Ltd.—Asset
Value—•
assets before deducting bank loan, as of Sept.
which compares with $5,149,654 at June 30, 1939.
The asset coverage of the $3 preferred stock on Sept. 30, 19.39, was $91.91,
and the class A stock had an asset value of $12.68.
Compatable figures
were $81.78 and $9.62, respectively, on June 30, 1939.—V. 149, p. 572.
Certain-teed Products Corp.—New Controller—
$ 1,288,356
_ _
—
J
Consolidated Retail Stores Co,—Sales—
56,304
....——
xll3,629
...
income
$1,118,423
$30,355; net additional assessment
1939 income as estimated,
of Federal taxes on 1937 and 1938 in¬
$83,274.
come,
The
book carrying value of investments was
$51,869,743 on June 30.
indicated value based on closing bid prices on the New
end of June of $39,269,431, as compared with
of $40,770,894 three months earlier.—V. 149, p. 1020.
1939, which had an
indicated value
$1,468,330
171,581
$1,776,348
88,292
$1,757,295
149,813
$1,715,924
113,709
$1,639,911
Other income
$1,864,640
979,423
$1,907,108
921,676
$1,829,634
914,708
The
Interstate
Commerce Commission on Oct.
7 authorized the com¬
obligation and liability in respect of not exceeding $4,200,000
2Yi% equipment-trust certificates, to be issued by the Central Hanover
Bank & Trust Co., as trustee, and sold at 100.16% of par and accrued
dividends in connection with the procurement of certain equipment.
The company invited 97 firms to bid for the purchase of the certificates
and received tnree bids in reply.
The highest bid, 100.16% of par and
accrued dividends, was made by Halsey, Stuart & Co., Inc. of Chicago,
111., and associates, and has been accepted.
On this basis the average
annual cost of the proceeds to the applicant will be approximately 2.4688%.
pany to assume
—V.
149, P. 2075.
Int.
k
amortiz.
charges
457,644
Paul & Pacific RR.—Interest—
been authorized by Federal Judge James H. Wilker$47,633 interest for the six months ended May 31, 1939, on
RR. first mortgage 4^ % bonds.—V. 149, p. 2227.
The trustees have
son
to
pay
Int.
Min. stkhldrs. interest.
Milwaukee & Northern
Chicago Rock Island & Pacific Ry.—Equipment—
The company has received court authority to buy $3,775,000 of equip¬
ment and to repair 4t0 box cars.
The new equipment will comprise 1,000
light-weight steel box cars and 10 oil-electric switching engines of 600
horsepower and 10 of 360 horsepower.
The company is to issue $3,400,000
of equipment trust certificates to defray the cost.—V. 149, p. 2075.
Chicago & Southern
Air Lines, Inc.—Passenger Revenue
Company flew 6,466,412 revenue passenger miles during the first nine
months of 1939, an increase of 30.5% over the same period of 1938, when
the airline flew 4,955,417 passenger miles.
D. D. Walker, Vice-President,
announced on Oct. 2 that during the period
total of 16,361 revenue passengers were
a
from Jan. 1 to Sept. 30, 1939,
carried against 12,920 for the
$285,338
101,342
$154,986
73,890
9,867
$246,145
73,890
16,675
$183,995
73,890
16,859
$71,229
Dr50
$155,579
$93,246
Drll2
Dr2Q
iJ/fif-Cr28
$212,783
funded debt
on
Other int. & amortiz
629,588
$341,135
94,989
$212,895
subsidiaries
on
Balance
644,296
$255,713
100,727
$290,023
69,206
7,922
Balance
629,504
$386,832
96,809
(subs.)
$71,179
$155,553
$93,274
.
Balance to surplus
Consolidated Balance Sheet Dec. 31
1938
8
Liabilities—
13,046,160 18,353,491
Fixed capital
Invest,
1938
1937
$
Assets—
Chicago Milwaukee St.
795,436
Oper. exps. & all taxes-.
Divs.
Chesapeake & Ohio Ry.—Equipment Trust Certificates—
& St. Louis Ry.—May Abandon
Line—
with the Interstate Commerce Commission
bondholders' committee of which George E. Warren is Chairman,
the receiver for the company, for permission to discontinue operation
Application was filed Oct. 9
by the
and by
Ralph Montgomery Arkush, counsel for the committee,
utilize such permission in case
negotiations now pending were successful in providing additional capital
and a new management for the company.
Covering about 80 miles between Springfield, III., and a point near East
St. Louis
the road has been in receivership since 1930.
The committee
represents over 95% in amount of the $500,000 outstanding bonds and con¬
trols the property through purchase at a foreclosure sale had in 1931.
The
other members of the committee are
Harry A. Miskimin, Leonard A.
of the railroad.
stated that
it might not be necessary to
Wales and H. Duncan
Wood.-—V. 148, p. 3217.
Collins Co.—To
462,100
Pref.stock,subs.. 2,897,084
2,185,518
57,057
377,112
Treasury securities
391,379
694,700
Materials & supp.
58,652
770,009
73,297
155,598
Notes receivable336,646
628,979
204,326
5,200
246,670
Gold notes—subs.
Dividends receiv..
6,000
Mtge. notes, subs.
Sinking fund
217,424
Notes payable
Special deposits
Deferred charges..
31,505
163,015
4,735
196,284
133,055
269,212
Coupons
Cash.
Accts. receivable..
stock—
Preferred
dividend of $2 per share on the common stock,
payable Oct. 14 to holders of record Oct. 3.
Previously regular quarterly
dividends of $1.50 per share were distributed.—V. 146, p. 2360.
Columbia Broadcasting System—Gross Billings—
the Columbia Network prior to deductions for
commissions and time discounts to sponsors, totaled $2,565,246
during September, 1939.
This brings the nine month cumulative total
for 1939 to $24,167,548.—V. 149
p. 1619.
2,200
instalments paid
1st coll. mtge. 6s
500,000
500,000
798,000
623,000
Bonded debt, subs. 7,537,500 11,002,250
514% gold notes._
32,000
...
69,000
561,231
1,1~9~5~774
Debt discount and
494,442
562,303
65,996
expenses
87,290
Unbilled water ser.
183,991
31,505
7,391
230,690
Dividends payable
Accrued interest..
Prepaid items
7,684
148,110
240,131
78,632
155,293
115,848
Accounts payable.
payable.
Reserves
Other accruals
133,055
8,191
121,134
1,167,578
Deprec. reserve
Contrib. to extens.
514,980
Earned surplus...
Total.....
27,803
Segregated surplus
1,305,728
1,376,527
160,876
1,106,875
1,459,015
18,395,105 £4,034,249
Total.....
18,395,105 24,034.249
-V. 147, p. 2388.
Continental Gas & Electric Corp. (& Subs.)- -Earnings
1938
1939
of sub. cos. (after elimi¬
$37,330,746
nating inter-company transfers).
...$36,943,015
13,910,094
General operating expenses
13,826,917
1,867,370
Maintenance
1,932,175
4,973.231
Provision for depreciation.
5,351,678
4.577,402
General taxes and est. Federal income taxes
4,578,769
12 Months Ended Aug. 31—
Gross operating earnings
....
Net earnings from operations of sub. companies.$ll,253,476 $12,002,648
Non-operating income of subsidiary companies....
54,843
Dr431,105
Total income of subsidiary companies
$11,308,320 $11,571,543
—
4,669,360
4,658,166
$6,638,960
Int., amort. & pref. divs. of subsidiary companies.
Balance
Pay $2 Dividend—
Directors have declared a
7% pref, stock
66,097
353,730
2,185,788
months in 1938.
This is an increase of 26.6%.
The total number of passengers carried in September, 1939, showed an
increase of 6.2% over August of the same year and 21.6% increase over the
month of September, 1938.
The company flew a total of 895,510 revenue
Chicago Springfield
1,945,500
_
securities-
Invest.
S
212,838
1,945,500
462,100
2,897,084
212,838
investments
iary companies.
Other
1937
$
Common stock
Com. stock subs.
subsid-
in
same
passenger'miles in September. 1939, against 825,421 in August, 1939, and
664,189 in September, 1938.—V. 149, p. 1757.
1935
1936
1937
1938
York Stock Exchange at the
an
-Earnings—
Water Co. (& Subs.)
Consumers
Years End. Dec. 31—
provision for Federal taxes on
Includes
x
—
..
$892,287
$924,839
—
Total revenue
Net
1939—9 Mos.—1938
$6,647,326
$6,197,055
1939—Month—1938
—V. 149, p.1619.
1939
—
...
Company announced production of the electric plants of its system
the week ended Oct. 8, amounting to 148,500,000 kwh., compared
129,400,000 kwh. for the corresponding week of 1938, an increase
of 14.9%.—V. 149, P. 2077.
for
Sales
_;
Total expenses—...
\;;: yv
Period End. Sept. 30—
Chesapeake Corp —Earnings—
Provision for Federal taxes..—_
Output—
with
Hector J. Dowd will on Oct. 16 take the position of Controller of this
company.—V. 149, p. 2227.
*
Earnings for 6 Months Ended June 30,
Inc.—Weekly
Consolidated Edison Co. of New York,
The company reports net
_
for the
trust
and will be secured by a
and other fixed
30, 1939, of $5,589,003,
Total income-
1939
14,
hall building now
1756.
ing the late D. J. McDougall.—V. 149, p.
Oct.
the cost
'.'V";.
■,V,Y"
Breweries, Ltd.—New Director—^\
Financial Chronicle
$6,913,376
17,273
16,194
Propor. of earns, attrib. to minority com. stock..
Equity of Continental Gas & Electric Corp. in
earnings of subsidiary companies
$6,621,687
Income of Continental Gas & Electric Corp. (excl.
of income received from subsidiaries)
11,775
$6,897,182
52,663
Gross billings for time on
agency
Commonwealth Edison Co.—Weekly Output—
-
Sept. 30
Sept. 23
Sept. 16
—V. 149, p. 2228.
154,483,000
149,269,000
152,041,000
130,480,000
129,168,000
133,102,000
18.4
15.6
14.2
$6,949,845
128,845
22,837
$6,336,464
$6,798,164
2,559.262
2,581,616
161,539
42,257
162,920
$3,573,405
1.320,053
$4,012,930
1,320,053
$2,253,352
$10.50
Expenses of Continental Gas & Electric Corp.
Taxes of Continental Gas k Electric Corp
Balance
of the Commonwealth Edison Co. group (inter¬
sales deducted) for the week ended Oct. 7, 1939. was 155,485,000
kilowatt-hours, compared with 133,704,000 kilowatt-hours in the corre¬
sponding period last year, an increase of 16.3%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
Kilowatt-hour Output
rWeek Ended—
1939
1938
% Increase
Oct.
7
155,485,000
133,704,000
16.3
The electricity output
company
-
$6,633,461
81,222
215,775
Total
$2,692,877
Holding company deductions-
5% debentures, due 1958
Amortization of debenture discount and expense
Interest on
Taxes
on
debenture interest
Balance transferred to consolidated surplus.
Dividends on prior preference
Balance
Earnings
per
..
stock
..
.
share
1939; due semi-annually Feb. 1, 1940 to Atig. 1, 1951.
Definitive bonds will be in coupon form in denoms. of $1,000, $500, and
$100, registerable as to principal.
Prin. and int, payable F. & A. at office
of Central Trust Co., Lansing, Mich., trustee, or at the option of the
holder, at office of First National Bank of West Bend (Wis., paying agent
and registrar.
Both principal and interest of these bonds will be payable
in lawful money of the United States of America.
The bonds are being issued under an indenture dated as of Aug. 1, 1939,
executed by Joseph H. Albers, Roman Catholic Bishop of the Diocese of
Lansing, Mich., in trust for the Church of the Resurrection Parish of Lans¬
ing, Mich.
The proceeds of this issue of bonds will be paid out (a) to pay the cost of
financing; (b) toward the payment and retirement of the existing indebted¬
ness of the mortgagor upon the property; (c) for the payment and retirement
Dated Aug.
1,
$12.55
—V. 149, p. 1910.
Continental
Insurance Co.—Earnings—
1939
6 Months Ended June 30—
Resurrection Parish, Lansing,
Mich.—Bonds Offered—B. C. Ziegler & Co., West Bend,
Wis., are offering $110,000 1st ref. mtge. serial bonds.
The
bonds bear 23^%, 3^%» 3%% and 4% coupons.
The
2lA% coupon bonds are offered at prices to yield 3% and
the remainder are offered at prices ranging from 100and
int. to 101 and int., according to maturity.
Congregation of the
40,697
1938
$9,701,760 $10,083,098
76,715
98,665
Underwriting—Premium's written
Increase in unearned premium reserve
•
—
I
———
$9,625,044
4,423,751
$9,984,433
4,459,984
Expenses.
Underwriting profit and loss items
4,559,706
15,022
4.610,064
CV43.147
$626,565
Investment—Interest, dividends and rents
1,968,275
215,429
$957,531
1,609,004
180,256
1,752,846
1,428,748
Premiums earned
—
Losses..
Expenses
Balance
$2,379,411
—_
Net surplus, Dec. 31...
Increase in special reserves—
Decrease in market value of stocks and
Loss
on
bonds
sales of stocks and bonds (net)
Cash dividends declared
Net surplus, June
30-.-..
—
—
$2,386,280
62,314,404
51,759,597
1*5,241
Cr20,701
(net)
4,703,978 Crl,071,038
$59,804,597 $55,237,616
62,458
131,467
1,599,990
1,599,596
—..$58,142,149 $53,506,553
.
Volume
The Commercial & Financial Chronicle
149
1939
Assets—
1938
1939
1938
S
Liabilities—
S
Bonds and stocks.82,788,353
Real estate.______ 1,684,688
.?
$
Unearned prems__l9,802,865
79,811,664
1,684,688
Loss
3,247,632
Accrued Int., &c__
255,199
3,137,391
in
Cash
4,259,387
20,621,371
Res. for taxes and
Prern. in course of
of
process
237,422
3,935,068
...
expenses
Reserve for
Conting.
divs__
Cash
reserve..
capital..--.
Net surplus
Total
91,910,941
89,130,552!
Certificates for whole sharas and scrip certificate? for a fraction of one
2,918,884
share of preferred stock will be mailed soon
holders accepting the offer.
1,264,895
Prior to Oct. 26, 1940, scrip certificates for fractions totaling one or more
■whole shares of preferred stock may be surrendered to the company and
1,600,000
1,800,000
2,418,849
5,000,000
58,142,149 53,506,553
2,100,000
1,022,521
5,000,000
91,910,941 89,130,552
Total....
•—V. 148, p. 578.
amended
reorganization plan for the company as recommended by
A. M, Law, Special Master, recently approved by the Federal Court,
Spartanburg, S. C.. has been accepted by creditors and stockholders.
Under the amended plan preferred stockholders who choose to remain in
the reorganized corporation, receive 25% of the stock of the reorganized
corporation allocated proportionately among the preferred stock outstand¬
ing, or $10 per share in cash for any preferred stockholder not remaining
in the reorganized corporation.
This amendment will increase participation
of preferred stockholders in the reorganized corporation from 20 to 25%
and would increase the cash payment to those not remaining from $5 to
$10 per share.
The increase in the percentage of preferred stockholders
in the new corporation will be at the expense of the common stockholders,
who will have their interest reduced from 10 to 5%.
No reduction will be
made in the amount to be paid common stockholders not electing to remain
in the new corporation.
Common stockholders so electing will receive 50
cents for each share owned.
The charter of the company
will be amended to provide for a single issue
of $20 per share stock to consist of sufficient shares to carry out terms of
the plan, and to be distributed as follows:
70% to general unsecured cred¬
itors, 25% to preferred stockholders and 5% to present common stock¬
holders, provided members of all classes contribute in the proportion of
a fund of $15,000 to clear the plant of indebtedness.
stock distribution to
Crown
whole shares.
Oct. 26, 1939 but prior to the delivery of
paid to the owners named in the certificates when
Oct. 26, 1940, the company will sell all the re¬
maining preferred stock held for delivery in exchange for scrip, and any
scrip presented after that date will be entitled to its ratable proportion of
the sum total of the net proceeds of such sale, to which net proceeds no
Dividends payable on or after
such certificates will be
delivered.
On or after
September, 1939 were $667,135, as compared to $628,528 for
September, 1938* an increase of $38,607 or 6.1%.
There are 82 stores in
operation at the present time and these figures cover 82 stores for both
periods.
However, in September, 1938 there was 90 stores in operation
and sales for the 90 stores as compared to the 82 this year were $674,667,
which would show a decrease this year of $7,532 or 1.1%.—V. 149, p. 1620.
(William) Cramp & Sons Ship & Engine Building Co.
—Plan of Reorganization—
v :
^
William T.
his company.
with present
Cramp, President, has proposed a plan of reorganization for
Under the proposed plan, a new company would be formed
bondholders and stockholders exchanging their securities for
common stock of the new company, and $4,500,000 of the new common
stock would be sold to the public at $10 per share.
Creditors and bondholders of the old company would receive one share
of new common for each $20 of credits, accounting for approximately
150,000 shares of the new stock.
All interest would be waived under the
or
Reasons
common stock, and present security holders would have
preference in the subscription of new shares.—V. 149, p. 3372.
657,617 shares of
for Proposed Program
In recent years there has been a marked reduction in interest rates and,
on market values,
in the rate of return on dividend paying senior
securities of public and other corporate bodies.
This situation has prompted many corporations to
refund their senior
such securities upon the basis of current lower
securities by an exchange of
rates, or by the sale of new securities and redemption of the former securities.
Because of continuing low interest rates the company could sell a senior
security
which total dividends payable would be sufficiently less than the
on
dividends payable upon its present senior security, the debenture
stock, to warrant redeeming the debenture stpek at $125 a share, at wrhich
price the certificate of incorporation provides that it may be, redeemed on
total
Jan. 25 of any year.
If the debenture stock
be
so
-V.
V-
liability.
Authorized—
Listing of Accumulative Preferred Stock
amended in order (1) to
Accordingly the certificate of incorporation was
stock shares of preferred
exchange for shares of debenture stock now
outstanding and (2) to make available shares of preferred stock—$4.50
cumulative which the company shall have authority to issue in the event
such shares are required for corporate purposes in the future.
The New York Stock Exchange has authorized the listing of 1,229,567
additional shares of preferred stock—$4.50 cumulative, without par value,
on official notice of issuance in exchange for debenture stock (par $100),
making the total amount applied for 1,779,567 shares of preferred stock—•
$4.50 cumulative.
enable the directors to offer to holders of debenture
stock—$4.50 cumulative in
Obituary—
J.
D.
B.
attack
Edge,
,/■'
,
Vice-President of this company, died from
a
(& Subs.)—Earnings
Eastern Shore Public Service Co.
Earnings for the 12 Months Ended Aug.
Operating revenues
Operating expenses
31, 1939
$2,833,398
1,112,626
——
130,682
-
on Oct. 9 approved splitting company's common shares 2-for-l
making application to list them on the New York Stock Exchange.
31, 1938, 178,623 shares of common were outstanding.—V. 149.
Federal income taxes..
341,436
85,087
243,161
—
Other taxes
As of Dec.
p.
575.
V;/..V ;:'V
Dayton Rubber Mfg. Co.—Smaller Dividend—
a dividend of 25 cents per share on the $2 cumul.
25 to holders of record Oct. 14.
Dividend of
paid on Aug. 1, last, and a regular semi-annual dividend of $1
per share was paid on May 1, last.—V. 149, p. 257.
Directors have declared
was
Discount Corp. of New York—Bal. Sheet
U. S.
&
Govt,
1|938
Capital..
5,000,000
$
5,000,000
Surplus
Undivided profits.
$
5,000,000
2,116,926
5,000.000
2,786,387
Reserve for divs..
75,000
secur.
agreem*ts.60,563,168 75,992,140
$
Int. receiv. accrd.
34,845
173,519
Sundry res. for dls-
Sundry debits
70,815
21,110
counts, taxes,&e
Loans pay. & due
4,285,243
3,375,105
$939,264
Gross income
Interest on long-term
Other interest..
Interest charged to
banks..
Dividends
on
-..-.66,445,251 80,739,808
—
....
<
49,996,708
Aug. 31'39 Dec.
17,550,000
1,325
58,171
4,345,173
Long-term debt—_
in lieu of mtged.
4,345,173
8,139,000
8,139,000
Deps. with trustee
24,040
Deposits
for
bond
tured
& divs.
247,985
36,381
Matured bond int.
Accounts payable.
& divs.
12,998
158,406
Dividends
&c.
Cash
J. E. Otis Jr., has resigned as
President of Stewart Warner Corp. to be¬
effective Nov. 1.
He has been a director
of the latter company for several years and is receiving an option on 10,000
shares of stock at $15 a share over a 5-year period as a condition of becoming
active manager.
He will also resign as director of Stewart-Warner.—V. 148,
p. 436.
come President of this company,
211,520
Taxes accrued....
207", 542
130,804
accrued..
31,161
145,850
78,123
Miscell. accruals-
1,450
2,084
Appliance accounts
rec.sold (contra)
77,282
93,278
and line deposits
84,779
72,706
506,193
10,516
3,795
539,423
Appliance accts.
rec. sold (contra)
77,282
93,278
1,686,338
Interest
Consumers' service
Unamort. debt dis¬
count and exp__
Prepayments
Miscel. unadj. deb
Reserves.
13,758
in same 1938 period.
Officials explain that
increase in September output was entirely due to
premium received on United States funds.
Actual gold output in the month
was 330 ounces less than in August.—V. 149, p. 1912.
Co.—Earnings—
1938
1939
-
.
149,
p.
Eastern
562,144
419.096
346,088
surplus...
15,731,354
Total....
Sugar Associates
-A nnuol
16.122,241
-
.....
16; 122,241 15,731,354
1912.
Report—Correction—
the fiscal year June 30, through a typographical
appeared in last weeks "Chronicle" page 2229, under the head of
P)astern Sugar Estates.—V. 149, p. 2229.
The annual report for
Ebasco Services
$1,449,524
$1.33
$838,703
$0.81
(E. I.) du Pont de Nemours & Co.—Exchange Offer Made
of 6% Cumulative Debenture Stock—
6% cumulative debenture stock are being offered the right
to exchange their stock for shares of preferred stock, $4.50 cumulative, on
the basis of llA shares of preferred stock—$4.50 cumulative for each share
of 6% cumulative debenture stock held (scrip to be issued for fractional
shares).
The exchange offer will expire at the close of business on Oct. 24,
1939, and is subject to the following conditions: (a) if holders of two-thirds
or more of the 6% cumulative debenture stock outstanding surrender their
certificates in acceptance of the offer, it will become binding upon the
two-thirds of the 6% cumulative de¬
their shares in acceptance of the offer,
it will be optional with the company whether or not the exchange of shares
will be made.
In the event the exchange of shares is made, any debenture
shares not exchanged will be redeemed on Jan. 25, 1940, at $125 a share and
any held in the treasury
the next annual meeting
incorporation to eliminate
and
be retired and stockholders will be asked at
to the certificate of
all reference to the debenture stock.
Stockholders will be notified shortly after the expiration date of the
offer whether the exchange will be made.
If exchange of shares is made the
preferred stock $4.50 cumulative exchanged for debenture stock
issued as of Oct. 26, 1939.
Inc.—Weekly Input—
For the week ended Oct. 5, 1939, the
will be
kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp., and National Power & Light Co.,
as compared with the corresponding week during 1938, was as follows:
'jf\crease*
1939
Operating Subs, of—•
Holders of the
Total
-V.
estimated de¬
preciation and income tax
Earnings per share
—V. 149, p. 1473.
will
61,567
61,871
562,144
Earned
error
3 Months Ended Aug. 31—
to authorize an amendment
for
.....
Capital surplus...
production reached a new record high in September, totaling
$654,356 against $603,523 in August and $609,191 in September, 1938.
In first nine months bullion amounted to $5,408,833 against $5,470,829
accumulated dividends thereon.
Debenture shares exchanged and redeemed
A
1,875,501
—....
Contributions
1,647
Bullion
company; (b) if holders of less than
benture stock outstanding surrender
13,500
17,963
133,803
extensions
to Holders
48,539
accrued
227,862
Ltd.—September Output—
Dow Chemical
36,381
00,257
receiv..
Accounts
Dodge Manufacturing Corp.—New President—
Consolidated income after interest,
247,985
(contra)
Notes payable
4,056
Materials, supplies
and merchandise
-V. 149, p. 411.
Dome Mines,
29,938
companies
Int.
116,409
sold,
Ml
Accts. pay. toaffil.
ma¬
(contra.)
31'38
Liabilities-
Capital stock
14,784,150 14,593,514
investm'ts
1,247
1,247
Fixed capital
Miscell.
80,739,808
$231,926
—
®
to bks&custom .49,997,271
U. S. Govt. sec. re¬
...66,445,251
215,573
—
— _
—
31 '39 Dec. 31 '38
:
272,217
Total..
$447,499
Consolidated Balance Sheet
A ug.
A OW/P—
—_
GV786
«...
preferred stock
Balance
prop.,
Total
construction
—
430,582
Sundry credits.
7,094
49,062
_____
Net income
purchase agree'ts 3,800,000
Unearned discount
1,432
Cash and due from
436,395
debt...
—
Amortization of debt discount and expense.
75,000
Liabilities—
$
1,177,934
bought under
resale
Sept. 30—
1939
1938
1939
Assets—
Accept, discounted 1,491,181
$920,406
18,859
Operating income...
income (net)...
Other
class A shares payable Oct.
50 cents
a heart
Oct. 4.—V. 149, p. 2229.
on
Provision for retirements
Inc.—Stock Split-Up Voted—
Directors
and
holders thereof would be
the
capitalization to more nearly accord with conditions maintaining in the
capital markets in such manner as will enable the holders of debenture
stock to retain their investment in the company without being subject to
Maintenance
Cuneo Press,
redeemed,
subject to income tax liability, under existing tax laws, if the cost of their
shares is less than the redemption price, and, in addition, would be con¬
fronted with the problem of investing advantageously the funds thus
received.
The directors propose,
therefore, to adjust the company's
new
one.
will not buy or sell scrip certificates, but it is expected
fractions for stockholders.
based
Slan. of 20 old shares for each
asis About 7,600 new shares would be given to present stockholders on the
The
company would have
new
added.
will be
interest
The company
brokers will be able to purchase or sell
tax
Drug Co.—Sales—
Sales for
after Oct. 26, 1939 to stock¬
the holders will receive in exchange certificates for
dividend
Cowpens Mills, Spartanburg, S. C.—Reorganization—
An
payable on Oct. 25.
The first quarterly
issued in exchange will be quarterly
debenture dividend
1,230,100
1,600,000
„
All other claims
quarterly
dividend payable on the preferred stock
dividend payable Jan. 25, 1940.
3,013,306
adjustment-...
collection
2365
Holders of debenture stock of record Oct. 10. 1939 will receive the regular
Balance Sheet June 30
Co. 127,089,000
Electric Power & Light Corp. 65,280,000
National Power & Light Co.. 79,879,000
American Power & Light
_
Amount
1938
109,357,000
57,689,000
73,027,000
17,732,000
7,591,000
6,852,000
Note—The above figures do not include system inputs of any
not
%
16.2
13.2
9.4
companies
appearing in both periods.—V. 149, p. 2229.
Edison Bros. Stores, Inc.—Sales—
Period End. Sept. 30—
1939—ADmf/i—1938
$2,334,116
Sales
$2,360,773
1939—9 Mos.—1938
$18,100,788 $17,542,449
—V. 149, p. 1760.
& Share Co.—Earnings Rise
Output and Capacity Gains—
Electric Bond
Groesbeck Reports
-Chairman
have enjoyed a sharp
the last annual meeting, G. E. Groes¬
Companies in the Electric Bond & Share system
upturn in business and earnings since
Chairman, told the stockholders at their annual meeting Oct. 11.
August gross earnings showed an increase of 6% and net operating revenues,
after retirement of property appropriations, increased 13% as compared
with August, 1938.
Kilowatt-hour output reached a new record in the
week of Sept. 14, totaling 395,000,000 kilowatt-hours, an increase of 12%
beck,
over
a
year ago.
The Commercial & Financial Chronicle
2366
"In
the
past
"the companies of the
generating
12 months," Mr. Groesbeck said,
system have completed installation of 249.250 kilowatts of new
capacity, with 137,500 kilowatts more authorized for immediate construc¬
tion.
The coordination plan which the company is following has made
more than 155.000 kilowatts of additional capacity available to the company.
"The financial position of this group of companies is strong.
The
operating companies now have more than $72,000,000 and the holding
companies more than $90,000,000 of cash equivalent.
Operating company
preferred dividends, suspended or reduced by the depression, have been
resumed and arrears are being cleared up.
More than $440,000,000 in
outstanding debt has been refunded at considerable savings in annual in¬
terest charges."
Electric Bond & Share companies contributed more than $52,000,000 to
Ferro Enamel
Oct.
1939
14,
Corp.—September Business—
September was the largest month in the history of this corporation,
according to Robert A. Weaver, President.
Tonnage for September showed a gain over August and over like month
of 1938, while shipments for first nine months of current year were con¬
siderably above corresponding period last year.—V. 149, p. 2081.
Fidelity-Phenix Fire Insurance Co.—Earnings—
1939
$8,122,290
6 Months Ended June 30—
Underwriting:
Premiums written
Increase in unearned premium reserve
1938
$8,098,645
190,778
461,405
$7,931,512
3,739.347
$7,637,239
3,649,474
3.73*.389
21,802
3,659.969
CY17,519
A
the Government in taxes.
has
been
contributed,
employed
In six years more than $280,000,000 in taxes
Groesbeck said.
Almost 53,000 persons are
Mr.
by the companies in
this country
and
35,000 are employed
abroad.
Mr. Groesbeck outlined
Premiums earned
---
Losses-.---.
—!
—-----
Expenses.
Underwriting profit and loss items
-
—
.
the progress made in the company's program
of coordination with the Government 's power projects to the stockholders.
$435,974
Investment:
Companies of the system had now contracted with projects in the Colorado
River area, the Tennessee Valley Authority, the Loup River power district
Nebraska and the
in
Fort Peck dam in
for
Montana
more
utilities
supplying substantially all the markets and had ample gen¬
erating capacity for present needs and normal future requirements.
Court
decisions said there was no barrier to Government financed competition.
Unless some plan of joint employment of Government and private facilities
could be evolved, the private utilities had to face competition or sell out
were
to the Government.
156,951
$1,346,233
$1,033,777
Balance-
-
$1,782,207
-
Net surplus Dec. 31
Increase in special reserves
$1,379,092
40.351,755
Cr22,493
Cr824,923
48,647,375
277,507
and bonds (net)
4,581,019
—
.
Decrease in market value of stocks
$45,571,057 $42,578,263
Loss
on
sales of stocks and bonds (net)
7,802
1,199,995
Cash dividends declared
"The private utilities could not long withstand
competition from Govern¬
projects.
Such competition was started in the TVA ter¬
ritory, but practically all private utilities in the immeidate TVA territory
in Tennessee have been sold to Government agencies and municipalities.
To avoid repetition of these costly experiences, in other parts of the country,
we suggested the coordination plan and it has received widespread support,
we propose to continue our efforts to bring about its adoption in areas where
Government competition continues to threaten the investor in utility se¬
curities."—V. 149, p. 876.
ment-financed
Net surplus June 30
(Del.) (& Subs.)—Earnings—
Operating
$238,349
97,574
$2,925,986
1,175,856
16,661
29,232
191,422
$91,428
1.432
$94,882
Dr4,115
14.493
revenues
Non-oper. income (net).
Balance
Int. & amort, (public)
370,401
$2,892,310
1,196,992
178,773
333,899
$1,188,307
$1,182,646
Dr8.543
.Dr54,780
Total.
—V.
(El
Del.)
$92,860
36,276
$90,767
36,270
$1,179,764
436,605
$1,127,865
436,628
$56,584
__
—
Paso
El,
$54,497
$743,159
(M.
p.
H.) Fishman Co., Inc.—Sales—
Sept.:30—
1939—Month—1938
$385,354
Balance
$718,159
357,533
$360,626
46,710
$332,443
46,710
___-
Balance applicable to El Paso Electric Co, (Del.)
1
$285,733
Earnings of El Paso Electric Co. (Del.)
12 Months Ended Aug. 31—
1939
$285,733
25,000
25,000
Electric Co. (Del.)
82,992
81.709
Preferred dividend requirements.
$387,061
182,972
$363,459
$204,089
15.
—V. 149, p. 1913.
given on first
1938
Florida East Coast
$370,000
1474.
p.
with SEC—
of this department.—V. 149, p. 1914.
page
Receivers of the road
Ry.—Asks Equipment Loan—
asked the Interstate
Commerce Commission Oct.
$1,240,000 3%
equipment trust certificates to purchase two streamlined
coach trains costing about $1,370,000.—V. 149, p. 2081.
Co.—Dividends—
Florsheim Shoe
Directors have declared
stock and
common
a
dividend of 50 cents per share on the class A
a
dividend of 25 cents per share on the class B common
stock, both payable Oct. 27 to holders of record Oct. 21.
Like amounts
were paid on July J, last, and regular quarterly dividends at half these
rates were paid on April 1, last.—V. 148, p. 3687.
Foote-Burt Co.—Dividend Resumed—
28,997
182,972
1939
$670,000
149,
10 for authority to issue and sell to the Reconstruction Finance Corporation
$180,487
J.
Co.—Earnings—
Forest Lawn Co .—Registers
$392,456
Expenses, taxes and interest.
$421.908
34,847
revenue
Stove
Approximate.—V.
See list
1938
$313,916
Note interest deducted from above
earnings._
Earnings of other sub. cos., applic. to El Pas<
x
333,795
$313,916
1939—9 Mos.—1938
$2,957,877
$2,819,375
8 Months Ended Aug. 31—
$666,237
Preferred dividend requirements (public)
$354,134
Profit before Federal taxes
25,000
$52,413
Balance
$54,501
Appropriations for retirement reserve.
25.000
Directors have declared
a
dividend of 20 cents per share on the common
no-par value, payable Oct. 27 to holders of record Oct. 20.
This
will be the first dividend paid since March 15, 19.38, when a regular quar¬
stock,
terly dividend of 20 cents
was
paid.—V. 146, p. 3499.
Ford Motor Car Co.—1940 Model Prices—
Base prices of the 1940 model Ford.
Erie
RR.—C.
&
0.
Fights Program for Reorganization
Proposed by Examiner—
_
The Chesapeake & Ohio majority stockholder in the
Erie, whose stock
would be materially reduced under the plan of
reorganization
proposed by an Interstate Commerce Commission examiner, filed a brief
with the I. C. C. Oct. 12 stating that the exceptions taken to
the examiner's
Plan by certain creditors have demonstrated "by their lack of substance"
interest
that
' the
stock
should
have
a
greater
participation in
the
company than the examiner proposes."
Ad-
group,
apparent aid from many 'competent members of the
stepped the mark."
notwithstanding the
bar,' has simply over¬
excess"
allow stockholders participation without
"where the value of the assets exceeds all the debts."
any
and the
assessment
are to be secured by a first lien on the Cleveland &
mature in 10 years from date.
They
to be amortized in the amount, of
$200,000 per year with semi-annual
payments and are to bear interest at 4%, payable
Mahoning Valley stock and would
are
semi-monthly.
a part of the Erie system and is
E1errnyJnnei un^0ern^as(;
t.0.the,
about $550,000'Plus $8,000 additional Nypano RR. at an annual rental of
for taxes.
In the Erie reorganization
plan, the subsidiary was to be merged with the
parent road, its $2,876,000
of bonds would remain undisturbed and
the $2,851,800 of stock would be
exchanged for stock in the new company.
Seeks to Issue $3,000,000
at
p.
2K%
2229.
The company has offered to holders of common stock of record of Aug 7
rights to subscribe to 49,233 additional shares of stock at
$18 a share.
After the expiration of the rights on Oct.
18 company expects to offer
Public 25,000 shares of $1.50 cumulative convertible
preferred
,
to the
Bodell & Co.
640
620
20
Club
685
665
20
Convert, sedan..1,180
640
660
620
20
Lincoln-Zephyr—
Coupe
1,360
680
660
20
725
705
20
700
680
20
Business coupe.
are
-
Business coupe.
2-door sedan
_
1940
1939
vance
2-door sedan—_ $920
$294
$26
960
convert—1,050
934
26
1,320
1,360
1,330
1,700
40
Mercury—
Sedan-coupe
Ford 85—
Coupe
Sedan..
1,400
Club coupe
1.400
Convert, coupe. 1,770
40
70
70
Ford 85 Deluxe—
Coupe
f
Business coupe.
720
_
2-door sedan
740
720
20
4-door sedan—_
785
765
20
stock,
underwriters of the preferred
by Gasifier Mfg. Co. of Clayton, Mo., seeking $12,500,000
damages and
an additional claim for treble this amount against the Ford
Motor Co. for alleged patent infringement has been dismissed by Federal
Judge John C. Collett at St. Louis, who sustained a motion of the Ford
company for judgment.
The alleged infringement involved a device to reduce gasoline consump¬
tion of automobiles described as a "gasifier."
The court set for trial Oct. 23 a similar suit filed by the Gasifier company
against the White Motor Co. in which $3,000,000 actual damages are asked
and treble the amount as provided under the patent laws.
The Gasifier
company also has suits pending against other automotive companies in¬
cluding General Motors Corp. and International Harvester Co.—V. 149,
p. 1324.
(Theodore) Gary & Co.—Accumulated Dividend—
Directors have declared
accumulations
on
the
a
dividend of 15 cents per share on
$1.60
cumulative
Oct. 9 to holders of record Oct. 2.
18, last.—V. 149,
General
p.
first
preferred
account
stock,
of
payable
Like amount was paid on July 15 ar.d on
260.
American
Investors
Co., Inc.—Listing—
New York
The
Stock Exchange has authorized the listing of 500,000
stock, (no par) to be issued upon the exercise of out¬
standing negotiable stock purchase warrants entitling the holders thereof to
purchase such shares of common stock, making a total of 1,800,220 shares
of common stock applied for.
shares
of
Each
Family Loan Society, Inc.—Rights to Stockholders—
series B, at $26.50 a share.
stock.—V. 149, p. 1760.
2-door sedan—-
Jan.
Equipment Trust Certificates—
trustee has applied
t9 the Interstate Commerce Commission for
approval of a $3,000,000 equipment trust issue which
the road has asked
the Reconstruction Finance Corporation to
buy.
Proceeds of the issue
would be used for the purchase of 700 box
cars. 250 gondola cars, 500 hopper
cars and o0 flat cars.
The total cost of the equipment would be
$3,868,294
The proposed equipment trust
certificates would bear interest
payable semi-annualy.—V. 149,
$20
A suit filed
./,he certificates
The
vance
Gasifier Suit Dismissed—
Asks for Permission to Put Out $7,000,000 Issue—
John A. Hadden, trustee, applied Oct. 10 to
the Interstate Commerce
Commission for authority to issue $7,000,000 of Erie RR.
Cleveland &
Mahoning Valley RR. collateral trust certificates.
The issue will be sold
at par for cash to the
Reconstruction Finance Corporation and the pro¬
ceeds, together with cash in the railroad's treasury, will be used to
purchase
the entire capital stock of the Cleveland &
Mahoning from Atlantic Leased
Lines, Inc., an English corporation.
? Cleveland & Mahoning Valley is
1939
$580
Coupe
4-door sedan
The C. & O. then cited Jerome
Frank, chairman of the Securities and
Exchange Commission, as authority for the view that even in
equity
receiverahips "if the excess value clearly exceeded all the debts" then the
stockholders
'should be permitted to participate in this
'should
1940
$600
620
4-door sedan
Answering a criticism of the group plan's sponsors, the C. & O, said
that "in its anxiety to confine the debtor's
stock—irrespective of its value—
to the warrants provided in the
plan, the
-
AdFord 60—■
charges.
„
announced
for the
reorganized
Among other things, the C. & O. contended that the Erie management's
estimate of the road's prospective earnings in the 1939-43
period was short
by more than $4,000,000 in the amount which would be available for fixed
courts
Mercury, and Lincoln-Zephyr cars,
by this company, show advances of $20 for the Fords, $26
Mercuries, and up to $70 for the Zephyrs as compared with the
1939 lists.
At the same time, however, the company stated that reductions
in handling charges should result in lower delivered prices to consumers
in practically all sections of the country.
Dearborn factory prices, including standard equipment but excluding
distribution and delivery charges and also excluding Federal
and State
taxes, follow, together with a comparison of last year's prices:
as
as
common
warrant
presently outstanding provides,
in substance,
that the
holder is entitled at any time on or before Oct. 15, 1953 to purchase the
common stock specified therein at the price specified
therein, subject to certain adjustments in the event of recapitalization or
the declaration of stock dividends or otherwise as provided in the warranc.
number of shares of
Each
warrant
corporation or
another
provides that it may be transferred on the books of the
exchanged alone or with other warrants of like tenor for
warrant
or
,
/
—V. 149, p. 1621.
x
2,083
71,629,213 69,448,291
Total...
3221.
Period End.
$691,237
Co.
2 >083
Miscellaneous
$
15,829,403
Losses In process of
71,629,213 69,448,291
148,
Florence
Balance
173,495
2,533,262
Sales.
_
Int.
$
__
..
$235,772
96,839
...
Operation
Maintenance
Taxes
Net oper
2,594,536
-
Cash
33,013
revenues
—
1938
1939
15,657,705
Liabilities—
Unearned prems
2,629,588
adjustment
2,803,317
2,000,000
1,600,000
2,271,510 Other claims
1,200,000
168,593 Reserve for divs_. 1,200,000
944,195
935,000
2,352,961 Res. for tax & exp.
2,155,665
Conting. reserve..
919,932
Cash capital
3,750,000
3,750,000
Net surplus.. —..44,363,259 41,339,441
Prems. In course of
1939—12 Mos.—1938
1939—Month—193 8
$44,363,259 $41,339,441
1938
1939
A.8B'
Bonds and stocks. .64,673,230 63,000,.539
Real estate
1,654,688
1,654,688
Int. & rents accrued
Earnings of El Paso Electric Co. (Texas)
Period End. Aug. 31-
—
39,104
1,199,718
Balance Sheet June 30
collection..
El Paso Electric Co.
1,190,728
176,291
-
100,000
than
kilowatts of power annually.
He gave the reasons for Electric Bond &
Share suggesting the coordination program as follows:
"The Government's entry into the power business came when the private
$345,315
1,522,524
Interest, dividends and rents
Expenses.,
warrants
denominations at any
time
of like tenor
on or
of
a
different denomination
before Oct. 14, 1953.
The warrants
or
pre-
Volume
The Commercial & Financial Chronicle
149
debt, and instead of seven classes of stock it will have but two classes.
Its holdings in stock of its parent Ageco will be eliminated.
The capitalization of General Gas after the completion of the plan will
sently outstanding entitle the holders to purchase an aggregate of 500,000
shares of the corporator's common stock as follows:
100,000 shares at $10
per share; 100,000 shares at $12.50 pa* share; 100,000 shares at $15 per
share; 100,000 shares at $17.50 per shre; and 100,000 shares at $20 per share.
—V.149, p. 2230.
General Capital
9 Months Ended Sept.
Income cash dividends
30—
___
$181,552
36,483
x$83,977
22,934
$85,369
117,779
2,013
Net lossDividends
Includes $438 ($122 in
$61,043
$145,069
171,504 prof 121,884
1,426
$34,423
85,450
_
...
$111,887prof$266,953
132,577
74,323
1938) interest
on
months ended
July 31, 1939, of the
a consolidated and parent company
bonds.
Assets—
1939
mand deposit
1938
Accts.
receiv.
securs.
Accts.
$902,917
_
& other exps.
Prov.
34,634
_
receiv.
Capital
for
at
9,022
_
Shares sold but
7,408
19,892
26,808
2,108,634 x2,457,708
adjusted
Annual dividend requirements
Represented by 126,071
Total
_.______$3,873,233 $4,175,122
(137,833 in 1938) shares issued, including
General Gas & Electric Corp.—Plan of Investment of
Assets, Simplification of Structure and Equitable Distribution
of Voting Power—•
& Electric Corp.,
intermediate holding company
subsidiary of Associated Gas & Electric Co., Oct. 10 filed with the Securities
and Exchange Commission a proposed plan of divestment of assets, sim¬
plification of structure and equitable distribution of voting power.
The
plan calls for elimination of certain intercompany holdings of securities
and the replacement of the present debt and stock structure, of seven
classes, by a new capitalization consisting of 54,845 shares of $5 preferred
stock and 1,000,000 shares of common.
General Gas is a registered holding company.
It has two immediate
subsidiaries, Southeastern Electric & Gas Co. and Southern Electric Utilities
Co.
Through Southeastern Electric & Gas Co., General Gas owns and
controls various
operating utility companies in Delaware, Maryland,
Virginia, West Virginia, North Carolina, South Carolina, Georgia and
an
Florida.
The entire assets of Southern Electric Utilities
stocks of Associated Gas & Electric Co. ("Ageco").
$5 preferred
new common
274,225
$1,126,871
stock.
$463,938
earnings for the 12 months ended July 31.
on the $5 preferred stock will be earned
basis and over 2H times on a parent
company basis, and there will be applicable to the new common stock, to
consist-of 1,000,000 shares, $1.12 per share on a consolidated basis and
46 cents per share on a parent company basis.
By simplifying and improving its capital structure, General Gas will
be in a position to take steps toward funding the present bank loans, pur¬
chase money obligations and other indebtedness of subsidiaries, on com¬
pletion of which, provided relief may be obtained from burdensome transfer
taxes, Southeastern Electric & Gas Co. and Eastern Power Co., subholding companies of General Gas, and Southeastern Investing Corp.,
an investment subsidiary,
can be eliminated, making General Gas the
direct owner of the operating companies in its system.—V. 149, p. 1475
Co.
consist
of
follows:
five times
on
consolidated
a
General Motors
Corp.—-September Car Sales—The
Oct. 9 released the following statement:
pany on
com¬
September sales of General Motors cars and trucks from all sources
of
manufacture totaled 67,998, compared with 36,335 in September a year ago.
Sales in August were 27,064.
Sales for the first nine months of 1939 totaled
1,146,362, compared with 795,749 for the same nine months of 1938.
Sales to dealers in the United States totaled 47,606 in September, com¬
pared with 16,469 in September a year ago.
Sales in August were 7.436.
Sales for the first nine months of 1939 totaled 865,633, compared with
532,695 for the same nine months of 1938.
Sales to consumers in the United States totaled 56,789 in September,
compared with 40,796 in September a year ago.
Sales in August were
76,120.
Sales for the first nine months of 1939 totaled 935,401, com¬
pared with 682,599 for the same nine months of 1938.
Total Sales of General Motors Cars and Trucks from All Sources
Substantially all of the debt and over 70% of the capital stock of General
Gas is owned by Associated Gas & Electric Corp., also a registered holding
company ("Agecorp"), and all of the capital stock of Agecorp is owned by
Ageco, which is also a registered holding company.
At July 31, 1939, the capitalization of General Gas and the amounts of
the securities of General Gas owned by Agecorp and the public respectively,
were as
$738,163
In other words, on the basis of
Total...___.__$3,873,233 $4,175,1221
Gas
on
39,972
$1,401,096
___
1939, the dividend requirements
3,143,851
4,322 (5,221 in 1938) shares held in treasury, no par.
The corporation
by vote of the stockholders on Dec. 18, 1934, amended its certificate of
incorporation so that stockholders may require the corporation to redeem
its stock at "liquidating value" out of assets available for the purpose.
Treasury stock held at Sept. 30, 1939, represents in part stock so redeemed
and in part stock purchased in the open markets.—V. 149, p. 1761.
The General
—
$698,191
274,225
Applicable to
over
x
as
stock
1.562,486
*
3,632,098
Earnings
118,600
1,723,907
Surplus
Basis
Earnings applicable to stocks of Gen. Gas____ $1,361,124
Adjustment—add back int. for 12 months
ended July 31,1939, on 4% interest bearing
scrip which is to be retired.
39,972
un¬
issued
9,754
mar-
$9,028
6,028
Capital stock.
118,600
securs.
quoted
$7,855
accrued
taxes.
Corp.
ket value
for
Dividend payable.
sold, not del'v'd
Marketable
Basis
Federal & State
stock of General
Cash divs. receiv.
Consolidated Parent Company
1938
1939
payable:
Management fee
for
sold, not
delivered
Liabilities—
Accounts
$197,480
earnings which would be applicable, on
basis, to the $5 preferred stock and new
stock to be issued under the plan:
common
Balance Sheet Sept. 30
Cash in bank, de¬
54,845 shs*
1,000,000 shs*
_
To be
redesignated $5 preferred stock.
Holders of the cumulative preferred stocks will be entitled to receive the
$5 preferred stock on which dividends have been regularly declared since
its issuance, and for which, on the basis of present earnings, there will be
ample coverage for such dividends.
Holders of the common stock, class A
and common stock, class B, as the holders of new common stock, will,
also, on the basis of current earnings, be in a position to receive dividends,
and all public holders of the new common stock will participate in voting
rights with Agecorp.
The following are comparative statements, based on earnings for the 12
1937
1938
x$108,207
22,837
___
__
follows:
as
$5 prior preferred stockCommon stock.
a
a
1939
_
Net Income
Net loss from transactions in securs.
Prov. for Federal tax on income
x
be
Corp.—Earnings—
Expenses and taxes
2367
1939
ofManufactur
1937
103,668
1938
1936
February
152.746
153,886
94,267
94,449
March
182.652
109,555
260,965
158,969
109,659
238,377
229,467
145.786
104,115
101,908
90.030
55,431
36,335
216,654
187,909
226,681
188,010
82,317
166,939
195,136
160,444
222,603
217,931
204.693
121,943
19,288
90,764
191,720
239,114
1.307,749
2,116,897
2,037,690
January
April
May
'h-,.;/,,
June
156.959
-
100,302
27,064
67,998
74,667
203,139
158,572
144,874
196,721
Owned by Agecorp Held by Public
Security—
Outstanding
4% int. bearing scrip
due Dec. 30, 1942.
$999,310
$959,324
$39,985
$5 prior preferred60,000 shs.
27,888.4 shs.
a32,111.6 shs.
$6 cum. pref A.__
324,762 shs.
11,052 shs.
b335,814 shs.
$6 cum. pref. B
b283,990 shs.
276,584 shs.
,7,406 shs.
$7 cum. pref
c22,266.9 shs.
20,193.5 shs.
/ 2,073.4 shs.
cum. pref______
dl3,543.8 shs.
12,212.5 shs.
1,331.3 shs.
Com. stock, class A_
e4,9* 1,434,2 shs. 2,622,412.1 shs. 2,289,022.1 shs.
Com.stock,classB___
3,047,000shs.
3,036,985.2 shs.
10,014.8shs.
July__
August.Septemoer
a Includes
2,136 shares of $5 prior preferred owned by an affiliate of
Agecorp which will be treated as publicly held for the purposes of the plan,
b Unpaid cumulative dividends at July 31, 1939, amounted to $38.25 per
share,
c Unpaid
cumulative dividends at July 31, 1939, amounted to
$44.33 per share,
d Unpaid cumulative dividends at July 31, 1939,
amounted to $50.67 per share,
e Includes due bill for 720,136.9 shares.
Under the plan it is proposed to eliminate all of the debt of General Gas
and to have outstanding only two classes of stock in lieu of the seven
classes of stock now outstanding.
The two classes of stock will be the
present $5 prior preferred stock (to be changed to $5 preferred stock) and a
new common stock.
The holders of the $5 preferred stock will, in addition
to their present rights and privileges, be given the privilege, for a period of
five years from the effective date of the plan, to convert their $5 preferred
stock into the new common stock on the basis of seven shares of new com¬
January
February
116,964
115,890
56,938
63,771
70,901
49,674
131,134
116,762
March--
142,743
76,142
216,606
162.418
126,275
78.525
199,532
194,695
112.868
124,048
71,676
72,596
61,826
34,752
16,469
180,085
162,390
187,869
157,000
58,181
177.436
99,775
4,669
92.890
159,573
150,005
136,370
153,184
108,232
69,334
156,041
197,065
935,163
1,680,024
1,682,594
_
.
123,835
200,256
October.
November
December.
,
1.146.362
Total
.
Sales to Dealers in United States
_
mon
stock for each share of $5 preferred stock.
The
new common
dividends thereon.
Under the plan Agecorp will surrender to General Gas all of its holdings
n securities of General Gas in exchange for 885,048.2 shares of new common
stock and the delivery by General Gas to Ageco of the entire investment in
Southern Electric Utilities Co., which company owns the following stocks
of Ageco, i.e., 102,683 shares of $5 dividend series preferred stock, 713,014
shares of $4 cumulative preference stock and 367,825 shares of $6 cumulative
preference stock.
Exchange of Securities
ClcLSS B
No fractional shares of $5 preferred stock or new common stock will be
In lieu thereof, scrip will be issued which will not be entitled to
dividends or voting rights but which, when combined with other scrip
issued.
aggregating one or more full shares, may be exchanged for such shares.
If not so exchanged, all scrip will become void in five years.
The $5 preferred stock, amounting to 22,734 shares, to be issued to the
public holders of cumulative preferred stocks and 4% interest bearing scrip
will be a part of the present 27,888.4 shares of such $5 prior preferred stock
held by Agecorp and to be surrendered to General Gas by Agecorp.
The
remainder of such $5 prior preferred stock, amounting to 5,154.4 shares,
to be surrendered by Agecorp and all of the other securities surrendered by
Agecorp to General Gas will be canceled and retired.
Effect of Plan
a
Gas and of the holding company system
part will be greatly simplified.
i
-
July
August
September
General Gas will have
1938
71,803
7,436
47,606
-
October
November
December
—
Total..
——
865,633
of
no
1937
1936
187,119
186,146
Sales to Consumers in United Stales
——
February
1937
92,998
51,600
196,095
88,865
83,251
62,831
102,034
96,134
181,782
198,146
1938
63,069
1939
January
1936
200,117
142,062
—
May-_
June
—
July
August
September-
-
——
100,022
132,612
103,534
129.053
March
April-—
92,593
178.521
124,618
76.071
153,866
189,756
102,031
76,120
56,789
78,758
64.925
40,796
163,818
156,322
88,564
163,459
133,804
85,201
68,896
131,387
118,888
107,216
117,387
89,682
44,274
155,552
173,472
1,001.770
1,594,215
1.720.213
October
The public holders of the 4% interest bearing scrip, due Dec. 30, 1942,
the cumulative preferred stocks and the common stock, class A, and common
stock, class B, of General Gas, will be entitled to receive, in exchange for
the securities held by them, new securities on the following bases:
4% Interest Bearing Scrip—The public holders of the 4% interest bearing
scrip, due Dec. 30,1942, will be entitled to receive one share of $5 preferred
stockf or each $100 principal amount of such scrip, with adjustment in cash
for accrued interest on such scrip and accrued dividends on such stock.
Cumulative Preferred Stocks—The public holders of the cumulative pre¬
ferred stocks will be entitled to receive, in exchange for their cumulative
preferred stock, $5 preferred stock on the following bases (without any
adjustment on account of accumulated dividends on the cumulative pre¬
ferred stock): 1 share of $5 preferred stock for each share of $6 cumulative
preferred stock, series A and (or) series B; 1 and l-10th shares of $5 pre¬
ferred stock for each share of $7 cumulative preferred stock; and 1 and l-5th
shares of $5 preferred stock for each share of $8 cumulative preferred stock.
Dividends on such $5 preferred stock will accrue from the dividend date
next preceding its issuance under the plan.
Common Stock, Class A, and Common Slock, Class B—The public holders
of the common stock, class A, and common stock, class B, will be entitled
to receive nlew common stock on the basis of one share of new common
stock for each 20 shares of commoh stock, class A, and (or) common stock,
The structure of General
AprilMay
June—
stock
(par $1) will be entitled to sole voting rights, subject to the contingent
voting power vested in the $5 preferred stock in the event of a default in
which it is
1939
November
-
December—.
Total-...
935,401
194,628
Buick Orders—
Buick Division of General Motors Corp. in the last 10
days of September
11,500 deliveries and increased Its unfilled order bank
25,290 units, a new record high.
With one exception, the period's new
were the largest in the division's history.
Deliveries to customers were going at an accelerated pace and heavy
dealer shipments were being made to meet the expanding retail requirements.
Deliveries in the last 10 days of last month totaled 6,491 cars up 100%
from the previosu 10 days and 27% ahead of last year's high levels.
New
order total was 68% ahead of the final 10 days of September, 1938.
booked orders for
to
orders
Pontiac Sales Rise—
Retail deliveries of new 1940 Pontiac cars got off to a good start the
last 10 days in September, when
were 1940 models, according to
The total
3,822 of
a
total of 4,423 new cars delivered
D. U. Bathrick, General Sales Manager.
10-day figure represents an increase of 54.2%
over
the second
10-day sales and 526.6% over the final 10 days of September, 1938.
Total deliveries for the month were 8,631, a gain of 201% over Sep¬
tember of last year.
"We have approximately 25,000 unfilled orders on hand,
equaling the
high point of 1937, which was Pontiac's biggest year," said Mr. Bathrick.
"With two shifts of men working five days a week we are doing everything
we can to fill the most urgent orders."
G. M. and Nash-Kelvinator Sue Philco—
corporation and Nash-Kelvinator Corp. filed separate suits in
S. District Court at Philadelphia on Oct. 6, charging Philco Radio &
Television Corp. with infringing four patents for devices for electric re¬
frigerators.
Three of the patents are owned by Nash-Kelvinator and one
by General Motors.
Each suit petitions for an injunction restraining
Philco from continuing tha. asserted infringement; for an accounting of
the profits Philco has madggfoom the use or the patented devices and for
paymeiit of treble damages toleach of the plaintiff companies.
No specific
amounts are set forth in eitherbill of particulars.
This
U.
^
;.
■
■
.
■
:
-
.
■
:
The Commercial & Financial Chronicle
2368
No date
was
set for a
hearing because Philco has 20 days after it is served
in the suits to file answers.
*
with the legal papers
Federal
In
Monopoly Trial—
trial that may last three months and involve nearly 500 witnesses,
the Government opened Oct. 9 a courtroom battle to convict the General
Motors Corp. and affiliated companies of violation of the Sherman anti¬
a
Seventeen
General
Motors
Chairman Alfred
P.
Knudsen, are among the defendants,
all of whom entered pleats of innocence before selection of a jury was started.
The trial is based on indictments returned by a Federal grand jury at
South Bend, Ind., in May, 1938, against "the big three"' of the automotive
world—General Motors. Ford Motor Co. and Chrysler Corp.
The in¬
dictments charged that the three manufacturers violated the Sherman Act
by creating a monopoly, through their finance concerns, in the sale of
officials,
including
Sloan Jr., and President William 8.
automobiles
credit.
on
Ford and Chrysler signed consent decrees in November agreeing to cease
the practices charged against them in return for suspension of the prosecu
tion, but General Motors chose to fight the case.
Should the Government
lose the General Motors case, the decrees would be voided.-^-V. 149, p. 2230.
General Public Service
Period Ended
—Week End. Sept. 30—
1939
1938
Oper.
—V.
Dividends
Interest
1939—9 Mos.—1938 12 Mos. 1939
stocks
on
$114,621
26,394
15,472
$81,818
37,909
4,162
$155,901
39,455
16,259
$156,487
a54,527
bl4,198
$123,890
48,835
4,647
$211,615
71,106
15,809
136,980
201,000
207,109
$49,218
bonds
on
Revenue from lapsed options
149,
p.
------
—
Taxes
Debenture interest
State
taxes
and
Federal
$130,592
$82,408
and
i
allncludes non-recurring expenses of $6,032 and
on
Like amount
14.
was
Goodyear Tire & Rubber Co.—Reduces Loan—
Company has reported to the Securities and Exchange Commission that
during September it paid $3,000,000 on promissory notes and had refunded
the balance of $5,000,000 outstanding with 5% notes issued to the same
payee.
The new notes mature serially to Sept. 1, 1944.—V. 149, p. 1178.
Graham-Paige Motor Car Co.—To Seek RFC Loan—
proposed $3,000,000 working capital loan.
It is understood
preliminary application has been made to the Reconstruction Finance
Corporation for $2,000,000 and that $1,000,000 would be obtained privately.
—V. 149, p. 2232.
Rapids Varnish Corp.—Operation4—
Less than 60 days after the introduction of its new Guardsman Finish,
corporation announced for October 4th the biggest single day's business in
its
Orders received totaled 1,150 drums, in
history.
Comparative Earned
Surplus
Period Ended Sept. 30—
privileges for the
reach
to
Statement
1939—9 Mos.—1938
new
Period End.
Sept. 30—
Sales...
x$147,198
130,592
x$16,606
82,408
Deficit at end of period
Security profit surplus:
Balance at beginning of period--
$65,802
x$16,606
—V.
$65,802
$195,180
10,278
2,046
$182,855
_
$1,055,997
860,817
$195,180
$211,785
$117,053
debentures retired-
c
Profits
losses
or
on
securities sold
book values, which were
Dec. 31, 1931, or subsequent cost,
the
average
x
determined
were
written-down
on
the basis of the
values
1938
1939
(H. L.) Green Co., Inc.—Sales—
30—
1939—8 Mos—1938
1939—Month—1938
$2,785,206
$2,513,318 $20,449,106 $18,796,596
Stores in operation
—V. 149, p. 1915,
stocks$4,04l,l21 $2,549,328
stocks
473,138
515,963
Common
Preferred
Bonds
313,676
484,657
Cash
788,936
4,227,470
Special deposits—
9,100
8,195
$6,766
33,769
$13,305
Deb. Int. accrued-
29,612
21,168
&
Taxes accrued
3,287
Unadjusted credits
,
receivable
Office
5,775
"MOO
$5,354,669 $8,116,865
33,769
1,033
$95,193
44,161
3,014
$46,225
$48,018
I>rl8
Interest and amortization charges
Provision for Federal income taxes
Net income
Note—Dividends
2,369,000
5%, 1953
5)4%, July 1 '39
2,084,143
paid
2,369,000
2,631,000
or
accrued on the
participating preferred stock
Balance Sheet Dec. 31,
1938
2,084,143
Assets—Plant and equipment. $2,015,020; cash, $16,465; accounts receiv¬
669,886
able (net), $52,340; note receivable, $811; materials and aupplies, $27,270;
Capital surplus..-
35,378
35,378
surp.
Sept. 30, 1938, was $2,892,404.
deposited to pay preferred dividend, $8,125; special deposits, $1,153;
211,785
Liabilities—$1.25 participating cumulative preferred stock, $260,000;
common stock (22,000 shares, no par value), $30,000; premium on preferred
$5,354,669 $8,116,865
1,1932)—
Total-.--
e
cash
deferred charges, $14,470; unadjusted debits, $10,870; total, $2,146,524.
(since
stock, $40,000; funded debt, $1,030,000; notes payable, $32,000; accounts
117,053
d Investments are carried on books at average amounts based on the
written-down values established Dec. 31, 1931, and subsequent cost.
The
total of investments, at market value at Sept. 30, 1939 was $4,192,793 and
Represented by 22,320 shares $6
dividend preferred and 210 shares $5.50 dividend preferred, of no par value
(entitled to $110 per share upon redemption or voluntary liquidation, or
$100 per share upon involuntary liquidation, plus accrued dividends).
Total preferred stock authorized 47,610 shares, of which 23,690 shares of
$5.50 preferred are reserved for conversion of 5% debentures.
Junior
Sreferred stock authorized 10,000 shares of no par value, of par value.shares
which no Au¬
been issued,
f Represented by 669,886 shares of
ave
no
thorized 900,000 shares.
Note—The unrealized net depreciation of investments at Sept. 30, 1939,
based on the market value was $96,979 more than that shown.—V. 149,
payable, $41,638; consumers' deposits, $18,119; dividend declared payable,
$8,125; taxes accrued, $8,382; interest accrued, $9,851; other accrued lia¬
bilities, $2,159; notes payable, $15,300; consumers' extension deposits,
$39,590; reserve for retirements, $325,565; contributions for extensions,
$209,907; earned surplus, $75,888; total, $2,146,524.—V. 149, p. 2085.
Guarantee Co. of North America—Extra Dividend—
Directors have declared an extra dividend of $2.50 per share, and a regular
quarterly dividend of $1.50 per share on the common stock, par $50, both
payable Oct. 16 to holders of record Sept. 30.
Extra dividends of $2.50 per
share have been paid each quarter since and including Jan. 16, 1933.
In
addition, a special dividend of $1.50 was paid on April 15, last.—V. 148,
p.3377.
Gulf States Utilities
p.413.
Period End. Aug. 31—
General
$92,051
44,793
income
amounted to $34,665 and the common stock amounted to $15,840.
Preferred stocks,
Jan.
at
$95,211
669,886
e
Earn.
Total
1937
$381,971
286,760
$92,051
—
f Common stock..
2,828
equipment.
Treasury securities
Gross
2,823
int.
accr.
19.38
$386,692
294,641
.
_
Operating expense
65,775
is'ooo
21,954
Divs.
-Earnings-
Calendar Years—
Operating revenues.
1938
Accounts payable.
Pref. divs. payable
Convertible debs.
Accta. receivable.
132
133
Net earnings from operations.
Non-operating revenues
1939
Liabilities—
Investments:
1326.
established
Indicates surplus.
Comparative Balance Sheet Sept. 30
Assets—
p.
1939—9 Mos.—1938
1939—Month—1938
$8,235,329
$7,640,446 $66,444,335 $61,709,966
Greenwich Gas Co.Balance at end of period—_
Earned surplus at end of period
Furniture Market opens in Chicago and
149,
1622.
p.
Period End. Sept.
$182,855
$117,053
sales of securities,
149,
Sales
$192,454
9,598
This number is expected
Guardsman Finish.
50 before the fall
over
(W. T.) Grant Co.—Sales—
12 Mos. 1939
$16,585
49,218
on
of 64,000 gal¬
nine months of the year.
Since Aug. 15, 40 leading furniture manufacturers have taken on fran¬
'32):
Deficit at beginning of period—
Net loss, as above
on
excess
September sales figures set a new yearly high.
Third quarter sales are
up over $500,000, a sales increase of 30% over 1938 volume for the first
Grand Rapids on Oct. 30.—V.
Net loss
16
to approve a
to do business in New York State.
Expenses
of
dividend of 87 H cents per share on account
a
the $3.50 preferred stock,
payable Oct. 19 to holders of
paid on July 12, last and a dividend of
$1.75 per share was paid on March 10 last, this latter being the first dividend
paid since April'1, 1938 when a regular quarterly dividend of 87cents
per share was distributed.—V. 149. p. 2084.
record Oct.
chise
c
$839,228
(A. C.) Gilbert Co .—Accumulated Dividend—
b non-recurring taxes of
$7,765; incurred in the qualification of the corporation on Feb. 1, 1939,
Earn. surp. (accum. since Jan. 1,
Income surplus:
1938
1939
lons.
payable under deben¬
ture indentures
Net loss.
Jan. 1 to Sept. 30-—
$882,822
$24,787
$31,100
.
Directors have declared
accumulations
Grand
Total
Expenses......
(estd.)_.
2230.
revenues
A special meeting of preferred stockholders has been called for Oct.
Corp.—Earnings—
Sept. 30—
1939
14.
Georgia & Florida RR.—Earnings—
law in their sales finance methods.
trust
Oct.
Shareholdings Corp.—Asset Value—
The company reports net assets
before deducting bank loans as of Sept. 30,
as compared with $14,692,178 at June 30, 1939.
The
of the preferred stock on Sept. 30, 1939 was $138.71, and the
common stock had an asset value of $1.37.
This compares with $120.29 and
32 cents, respectively, at June 30, 1939.—V. 149, p. 878.
Operating
Operation
revenues
1939 of $16,363,691
Maintenance
asset coverage
Taxes
Co.—Earnings—
1939—12 Mos.—1938
1939—Month—1938
$950,929
$979,533 $10,347,529 $10,547,170
3,491,928
382,109
4,409,438
263,961
38,814
47,815
530,849
530,815
1,201,807
a93,922
104,407
1,159,711
$554,233
5,981
$445,202
1,526
$5,122,946
Non-oper. income (net).
General Shoe
10,466
$4,447,206
Dr33,592
Interest & amortization.
$560,215
108,380
$446,729
103,681
$5,133,412
1,486,435
$4,413,614
1,206,844
Balance.
$451,835
Appropriations for retirement reserve
$343,048
$3,646,977
1,279,725
$3,206,770
1,182,697
$2,367,252
583,486
$2,024,073
608,932
$1,783,767
$1,415,141
Net oper. revenues
Corp.—Dividend Increased—
Directors have declared a dividend of 30 cents per share on the common
stock, payable Oct. 31 to holders of record Oct. 16.
Previously regular
quarterly dividends of 25 cents per share were paid.
See V. 147, p. 1925
for detailed record of previous dividend payments.—V. 149,
p. 1025.
General Steel Castings Corp.—New Director—
Otto V.
Kruse, General Sales Manager of Baldwin Locomotive Works,
a director of this corporation.—V.
149, p. 1475.
has been elected
Balance
Preferred dividend requirements
General Telephone Corp.—Gain in Phones—
Balance for
Corporation reports for its subsidiaries a net gain of 2,993 companyof September, 1939 as compared with a
a
common
dividends and surplus
Federal income taxes for the taxable year 1939 are substantially reduced
result of the redemption of series C bonds on July 31, 1939.—V. 149,
owned telephones for the month
as
a
net
p.
2233.
gain of 1,977 telephones for the month of September, 1938.
The net
gain for the first nine months of 1939 totals 18,298 (exclusibe of purchases
and sales) or 3.98% as compared with a net
gain of 10,821 telephones or
2.44% for the corresponding period of 1938.
The
subsidiaries
phones.—V. 149,
now
p.
have
,
„
,
operation 477,365 company-owned
Tri
Corp.
on
long-term debt
Amortization of debt discount & exp,
Interest charged to construction
Divs.
on
pref. stocks of sub. cos
for sub. cos.' pref.
Provision
_
$1,769,297
1,277,913
$1,720,132
1,245,233
$3,545,166
2,503,814
$474,899
Drl,214
$1,041,352
$473,685
193,750
$1,038,264
380,133
344
6,260
18.446
14,799
33.731
Cr95
Crl 54
119,418
215,951
6,965
8,604
Miscellaneous income deductions
Net income
Dr3,088
cum.
1,976
2,496
22,886
14,564
4,831
$150,814
$134,428
$360,819
have declared
a
Pay SI.50 Dividend—
dividend of $1.50 per share on
.
the
common
Dec. 15 to holders of record Dec. 1.
This tbmpares with $1
paid on Dec. 15, 1938; $1.50 paid on Dec. 15, 1936 and 25 cents paid in
1934—V. 148, p. 3378.
Haverhill Electric Co.—To
Pay SI Dividend—
Directors have declared a dividend of $1 per share on the common stock,
payable Oct. 14 to holders of record Oct. 9.
This compares with 75 cents
paid on July 14, last and 63 cents paid on April 14,1939.—V. 148, p. 2271.
Hayes Industries, Inc.—Registers with SEC—
See list
given on first page of this department.
(Walter E.) Heller & Co.- -Earnings1939
1938
1937
1936
Net profit after taxes &
Shares
x
246.398
$356,664
245,473
$1.14
$1.11
$364,327
charges
common
Earnings
Note—The statement includes for comparative
purposes the earnings
(exclusive of the fixed charges of the parent company) of Indiana Central
Telephone Co. and subs, for the periods prior to Aug. 30, 1938, date of
completion of reorganization of Indiana Central Telephone Co. and transfer
of assets to General Telephone Tri Corp.—V. 148,
p. 3376.
Hartford Times, Inc.—To
Directors
stock, payable
9 Mos. End. Sept. 30—
dividends not declared
Minority interest in current earnings.
(W. F.) Hall Printing Co.—Bonds Called—
Company has called for redemption Nov. 1 at 102 and accrued interest
bonds, now outstanding in the amount of
$4,777,000.—V. 149, p. 1915.
its entire issue of first mortgage
Cr911
119,418
Net earnings
General interest
1939
$489,083
187,250
4,309
...
1938
$491,384
Dr2,301
and taxes
Net operating income
Other income (net),,
Interest
12 Months
1939
revenues
expenses
(& Subs.)—Earnings—
6 Months
,
Period Ended June 30—
Operating
Operating
tele¬
1762.
General Telephone
.
in
per
stock
share
Before Federal surtax on undistributed profits.
$359,942
x$258,862
245,108
$1.12
240,218
).72
-V.
149. p. 1763."
Higbee Co.—Earnings—
6 Mos. Ended July 31—
Net loss after all charges-
1939
$38,070
1938
1937
$257,271prof$103,772
1936
$72,592
—Y. 147, p. 2090.
T
Volume
The Commercial & Financial Chronicle
149
'
Home Insurance Co.—New
Director, &c.—
W Harvey D. Gibson, Chairman of the Board, President and director of the
Manufacturers Trust Co., New York, has been elected a director of this
company to succeed the late Charles L. Tyner.
Mortimer
E.
Sprague, who since April, 1938 has served as General
Manager of the service department has»been elected to the office of VicePresident and Secretary, the
company announced on Oct. 10.
Felix Hargrett, Herbert C. Taylor and Lester C. Gifford were
promoted
tolbe Assistant Secretaries-.
Extra Dividend—
amount.
Bonds should be deposited with J. P. Morgan & Co., 23 Wall St., New
York, depositary.—V. 149, p. 2234.
International Paper & Power
Joseph B. Ely
Aug. 1 and
May 1. last.
on
See also V. 148, p. 2271.—V. 140, p. 578.
Oct. 7 elected
was on
who resigned because or ill health.
trustees.—V. 149, p. 1179.
Interstate Department
Period End. Sept. 30—
Sales.
Stores in operation
Hutchins
Investing Corp.—Accumulated Dividend—
Directors have declared a dividend of 81 per share on account of ac¬
cumulations on the 87 cumulative preferred stock, no par value, payable
Oct. 14 to holders of record Oct. 6.
Like, amounts were paid in preceding
quarters —V. 149, p. 261.
/
Illinois Central R.R.—Asks for
Co.—New Trustee—
trustee to assist in liquidation of
—V.
149,
Henry G. Wells is chairman of the
Stores, Inc.—Sales-—
1939—Month—1938
1939—8 Mos.—1938
$2,074,033
$1,940,469 $14,668,521 $14,031,951
39
39
2235.
p.
Interstate
Telephone Co.—Earnings-
12 Months Ended June 30—
Operating
Operating
$854,119
630,759
$854,255
626,793
$223,360
...
and taxes
expenses
1938
1939
revenues
$227,462
Freight Reduction—
This company and the Missouri Pacific Railroad have asked the Inter¬
Commission for permission to reduce rates on less-thancar-load traffic between St. Louis, Mo., and Dubuque, Iowa, on one hand,
and points in Illinois on the other.
The railroads asked elimination of a
state Commerce
standing order requiring that they maintain
a
this company, succeeding Redfield Proctor, former Governor of Vermont,
The directors have declared an extra dividend of 10 cents per share in
addition to a quarterly dividend of 30 cents per share on the common stock,
both payable Nov. 1 to holders of record Oct. 14.
Like amounts were paid
on
2369
percentage of bonds on deposit as of the present date to 44.72%.
Total
withdrawals of bonds during this period have been only $15,000 in principal
on
less-than-car-load freight a
minimum rate of 45 cents per 100 pounds where free pickup and delivery
service is accorded.
The railroads said that because they are required to observe a minimum
rate of 45 cents while truck competitors are not
required to do so they are
Net operating income
Other income (net)
—
3,102
Net earnings
Interest on long-term debt
General interest
—
$231,254
100,000
100,000
—
125
7,821
~7",82i
Cr534
1,554
Cr 256
$117,496
Amortization of debt discount and expense
Interest charged construction
Miscellaneous income deductions
losing and will continue to lose a substantial volume of traffic which they
can handle
profitably on rates lower than 45 cents.—V. 149, p. 2086.
3,792
$226,462
...
$121,742
-
Net income
1,947
-V. 149, p. 111.
(Commercial
Illinois
Telephone Co .—Earnings—
Irving Air Chute Co., Inc. (& Subs.)—Earnings—
-
12 Months Ended June 30—
Operating
Operating
1939
expenses
$2,117,587
1,653,800
$552,050
4,884
$463,787
Dr4,897
$556,934
287,500
21,376
17,879
4,137
$458,890
$226,042
and taxes
1938
$2,220,968
1,668,918
revenues
$138,447
Net operating income-.
Other income
(net)
Net earnings
Interest
on
General
interest
long-term debt.
Amortization of debt discount and expense
Miscellaneous income deductions.
287,500
10,916
17,879
4,148
-
-
-
Calendar Years-
$1,928,400
1937
$1,790,076
$1,345,418
1,497,290
1,440,858
1,053,678
907,452
Operating income
Other income (net).—
$431,110
52,707
85,497
$349,218
Dr2,113
x68,462
$291,740
Dr66,888
16,296
$396,260
Dr4,256
55,727
$278,643
$398,321
246,875
228,175
197,500
197,500
$2.02
$1.41
profits tax and surtax
$208,556
198,900
198,900
$1.05
Indiana Harbor Belt
Period End. Aug. 31—
Ry. operating
Ry. operating
Income taxes.
Net income
Dividends
Shares of common stock...
RR.—Earnings■
expenses-
share...
tax,
excess
Assets—
1939—8 Mos —1938
$5,547,477
3,959,662
$7,047,457
4,497505
$758,739
477,443
$943,754
550,908
per
x Income
estimated.
Net
revenue
from rail¬
$1,587,815
487,385
532,521
94.199
Net ry. oper. incomeOther income--
$213,536
2,367
$133,548
1,943
$1,237,194
17,678
$567,909
20,739
Total income.
Miscel. deduct, from inc
$215,903
$135,491
$1,254,872
42,096
294,996
$588,648
—
$392,846
85,111
.
Equip. & joint facil.rents
1937
$126,162
380,588
398,145
Accrued Govt, tax
Marketable
235,109
5,266
Accrued expenses.
341,305
210,106
7,501
195,455
3,813
334,123
137,372
17,354
22", 274
x
Fixed assets
Goodwill, patents.
Treasury stock
3,365
36,920
Total fixed charges..
25.344
Gov't
43,040
1,900
297,350
Total..
x
$170,197
$2.24
charges..—
Net inc. per sh. of stock-
$87,783
14,290
—
$73,494
384,307
115,492
246,699
Net income
on
bonds
Interest
on
debentures
on
-
other indebtedness
I
Net loss.
—V.
149,
p.
_
$673,006
...
1179.
International Products
Years Ended Dec. 31—
Corp.—Earnings—
1938
1937
Gross sales, less discount & allowances
$2,609,062
$2,634,443
1,808,489
$1,722,968
2,042,936
Balance;
972,135
$566,126
9,798
$894,447
11,955
95,555
123,235
$805,600
13,456
91,672
121,450
$663,702
1,793
$579,021
1,689
$327,185
201,090
x3,300
$665,495
275,589
57,250
1937
1936
1935
485,218
13,367,101
2,108,977
637,163
$2,723,125
1,715,580
524,317
$1,328,167
926,167
304,835
$177,243
54,141
$620,960
79,662
"$483,227
$97,165
40,719
$700,624
78,969
40,388
44,061
9,163
5,357
$540,016
69,821
24,698
28,555
4,891
$137,884
Prov. for Federal surtax.
$231,384
21,321
43,712
21,478
11,499
5,723
$127,649
82,884
$522,686
331,537
$412,052
75,349
$78,124
22,605
$44,765
$191,149
$336,702
$55,519
$0.77
$3.15
$2.73
Selling expenses
General & administrative expenses..
Exchange
—...
Total income
Depreciation and depletion.—
(Fed. & foreign).
Prov. for inc. taxes
Net income—
Dividends
on preferred stock
Foreign tax oniy.
$332,655
315,105
$278,431
269,529
Balance Sheet Dec.
U.S.Treas. bills
Accts. &
liabilities
321,537
335,300
Deferred charges.
_
4,982
58,275
Profit
Prov. for Fed. inc. tax..
—
cies, &c__.
1,406,441
3,550,701
26,314
4,157
1,485,471
3,717,051
13,836
——
Depreciation
Amort, of devel.
exps
Int. paid & other cngs__
_
-
Surplus
Earnings per
share
z!5,8l5
264,250
6% cum. pref. stk.
1,417,200
2,083,600
Common stock.- 4,358,177
4,358,262
144,740
487,002
(par value $100)
y
Earned surplus...
payable—
42,516
Total
—
$115,261
Notes & accts. rec.
587,048
4,584
Mtge. receivableInventories
Inv. in idle
1,342.346
plant._
182,482/
$85,428
444,848
24,980
1,538,579
182,482
592,592
1
20,934
51,085
Deferred charges..
Total ——$2,845,248
224,000
49,225
53,351
26,916
84,326
83,000
taxes..
78,000
20,000
1,632,076
138,801
656,829
bank
(non current)
—
Land contract pay.
y
Common stock-
Capital surplus
Surplus from oper.
y
$46,584
124,000
Prov. for Fed. inc.
606,564
1
Patents
$89,635
.
Note pay. to bank
Accrued Items..—
Note pay. to
Land, bldg., ma-
chin'y & eq., &c.
Accounts payable
1,632,076
138,801
701,594
Total....—$2,845,248 $2,933,966
$2,933,966
x After reserve for
depreciation of $368,851 in 1938 and $327,842 in 1937.
Represented by 165,768 no par shares.—V. 149, p. 1623.
Supply Co.—Annual Report—Correction
"Chronicle" of Sept. 23, is for the
and 1938.
(Not Dec. 31 as stated).—V.
The income account appearing in the
fiscdl years ended June 30, 1939
149, P. 1918.
(W. B.) Jarvis Co.—Earnings—
profit after depreciation, Fed. inc. txs., &c—
capital stock..
Earms. per share on
—V. 149, P. 1918.
'
■/
Jefferson Electric Co. (&
1938
$139,161
$0.46
1939
$497,062
$1.66
,■
,
Subs.)-—Earnings—«
1935
1938
$610,808
389,155
xl68,890
1937
1936
$1,232,905
556,444
108,020
$1,231,899
512,021
111,173
$?17,680
Sell., gen. & adm. exps.
Depreciation
Net profits from opers
Other income
$52,764
75,169
$568,441
65,374
$608,705
74,320
$409,629
42,025
$127,932
47,418
7,991
$633,815
64,702
97,133
$683,025
65,132
$451,654
53,437
55,455
Net income..
Dividends paid
Shares of com. stock out¬
$72,523
60,000
$471,981
360,000
$505,381
390,000
standing, no par--_-_
120,000
120,000
120,000
$0.48
$3.93
$4.21
Calendar Years—
Gross profit from sales-
104,668
——$6,428,506 $7,326,854
After reserve for depreciation and depletion of
Interborough Rapid Transit Co.—Deposits—
The protective committee for the first and refunding mortgage 5% bonds
in a letter dated Oct. 10, urging the deposit of bonds under the plan and
agreement of unification, under the terms of which it is proposed that the
properties of the company will be sold to the City of New York states:
As of Sept. 18, there were on deposit with the committee $25,918,000 of
the 5% bonds, representing 26.67% of the total issue of $97,195,000 out¬
standing in the hands of the public.
Since that date an additional $17,562,000 principal amount of 5% bonds have been deposited, bringing the
$0.51
1937
1938
Liabilities—
1937
1938
—
..$6,428,506 $7,326,8541
$3,104,482 in 1938 and
$2,953,632 in 1937.
y Represented by 435,817 no par shares in 1938 and
435,826 no par shares in 1937. z Operating reserves.—V. 149, p. 1765.
x
658
21,944
19,316
17,842
Consolidated Balance Sheet Nov. 30
Assets—
Net
Divs. on pref. stk.
Total—.
56,789
on
stock (no par)
9 Mos. End. Sept. 30—
343",626
Res. for contingen¬
Ltd.,
In liquidation—
Fixed assets
$70,482
6,062
-
Capital surplus—
ucts Corp.,
Inventories
1937
$100,370
Fed. taxes (est.).
International Prod¬
x
1938
Accts. pay. & accr.
Bills payable
bills rec.
(less
res.
for
doubtful accts.)
.
Jamaica Water
31
Liabilities—
1937
$1,123,513 $1,271,494
499,543
exps.
Operating profit
Interest income, &c
x
Other income
Cash
1,589,935
_
Sell., gen. & adm.
$580,710
269,731
32,547
$122,794
291,861
(other than income taxes)-
1938
Represented by shares of $1 par.
1938
Cash
Total income
Profit
y
$2^252,396
$750,833
54,767
$327,185
—
$825,954
68,493
$575,924
11,153
110,695
117,858
9,033
—
Other operating income
Assets—
depreciation.
and discounts
Cost of sales
common
x
for
$1,465,961 $1.489,268
Total....
..$1.465,961 $1,489,268
reserve
1936
s
Cost of goods sold..
Taxes
16,076
ances
Income Account 12 Months Ended Feb, 26, 1939
Total income
—■-•
Interest
50,000
211,000
984,741
Net profit for year.
Dividends paid
Light Co.—Earnings—
—
Surplus
Sales, less returns, allow¬
(In reorganization proceedings under Section 77-B of Bankruptcy Act,
as amended)
Interest
.....
After
.
Years End. Nov. 30—
Expenses and taxes.
60,000
197,500
967,265
tingencies.
Capital stock
—
y
80,171
6,815
con¬
Jaeger Machine Co. (& Subs.)-—Earnings
149, P. 1765.
Inland Power &
for
-V. 149, p. 1478.
$265,954
$3.50
$917,780
$12.08
$95,206
$1.25
Reserve
payable-
250
20,647
contract.
Deferred charges
Net income after fixed
—V.
Accounts
Mdse.del'v'd under
Miscell. assets
8,903
36,803
1937
$156,541
86,389
174,128
sees..
Other securities...
.
1938
$116,359
111,521
13,315
Liabilities—
1938
$198,222
Cash
Inventories
$2,549,952
636,676
676,082
$281,296
77,316
70,432
operations.
way
on
1935
$1,303,712
$336,277
169,065
198,900
$1.69
undistributed profits
Accts. receivable..
Accrd. Int. receiv.
Railway tax accruals
1936
Consolidated Balance Sheet Dec. 31
1939—Month—1938
revenues.
1938
...
Earnings
Net income.
—V. 149, p. 1917.
'
Net sales
Cost of sales, sell., admin
and gen'l expenses
Gross income
Income deductions.
Provision for taxes
Earned per share..
x
—
Includes taxes other than income.
112,512
.
$342,762
239,800
120,000
$2.85
The Commercial & Financial Chronicle
2370
Consolidated Balance Sheet Dec. 31, 1938
Corp.—Dividends Resumed—
Directors have declared a dividend of 10 cents per share on the common
stock, payable Oct. 25 to holders of record Oct. 16.
This compares with
15 cents paid on Oct. 25, 1937 and an intitial dividend of 15 cents per share
paid on Feb. 1, 1937.—V. 148, p. 735.
Period End.
$11,742,120 $101099,857 $96,846,180
$12,191,258
Company operated 740 stores in September, of which 681 were American
/,and 59 were Canadian.
A year ago company operated 740 stores, of which
684 were American and 56 were Canadian.—V. 149, p. 1623.
Kresge Department Stores, Inc. (& Subs.)—Earnings—
1939
1938
1937
$2,216,036
$2,164,844
2,203,958
17,591
2,164,610
17.746
$2,443,493
2,410,053
14 075
$5,513
15,705
$17,512
$10,192
2,983
loss$2,417
$36,717
6,627
$7,209
6 Months Ended
Net sales
Ioss$2,4l7
$30,090
July 31—
Cost of sales and operating expense..
Provision for depreciation
Loss before misc. income and Fed.
income tax.
(& Subs.)—Earnings—
Profit
1938
1937
1936
$3,570,952
2,716,939
528,726
117,998
$4,124,112
3,153.805
571,724
118,791
$3,603,587
2,582,321
506,145
111,252
Years Ended Oct. 31—
Net sales-...
Cost of sales
Selling expenses..
Administrative expenses
1939—9 Mos.—1938
1939—Month- 1938
Sept. 30—
Sales
Interest and miscell. income
Julian & Kokenge Co.
1939
(S. S.) Kresge Co.—Sales—
Assets—Cash, $582,879; notes and accounts receivable Cless reserve),
$183,761; inventories, $653,016; cash surrender value of officers' life insur¬
ance, $87,710; other current assets, $10,021; investments, $2,849; property,
plant and equipment (after reserves for depreciation of $457,151), $931,936;
deferred charges, $29,932; total, $2,482,103.
Liabilities—Accounts
payable, $26,699; dividend declared, $30,000;
accrued liabilities, $55,052; other current liabilities, $8,362; common stock
(120.000 no par shares), $1,500,000; capital surplus, $163,865; earned
surplus, $698,124; total, $2,482,103.-—V. 147, p. 3612.
Jonas & Naumburg
OctJ 14,
;
Provision for Federal income tax
Profit
As of July 31,
15,095
prof$19,365
17,352
1939, current assets were reported at $1,959,464, against
$242,598, a ratio of 8.07 to 1.—V. 149, p. 112.
current liabilities of
Profit before other inc. & expenses.
Other income
_
$279,792
90,206
$207,289
65,118
.........
$403,869
75,517
CS. H.) Kress &
Fed.
$369,998
4,577
56,848
$479^86
$221,239
1,642,329
$308,573
1,627,905
1,527
$406,298
1,381,138
$1,863,568
180,691
Total profit
Other expenses.
$1,938,005
295,676
$1,787,436
157,693
1,837
$1,682,459
$1,642,329
$1,627,905
$1.68
$2.35
$3.09
$272,407
4,252
.......—■
;
46,915
inc.. & excess profits taxes, est..
Net profit
Previous balance.
Miscellaneous credits
5,276
67.812
Miscellaneous debits
Sales for the nine months ended Sept.
of $718,561,
par
no
shares capital stock
1937
$
$
■>;,
Liabilities—
Lake of the Woods
$830,199
$158,525
503,304
646,559
Accrued int. receiv
1,280
542
727,345
Ac
57,863
39,623
46,915
61,063
Common stock—
433,057
433,057
606,076
Lane Bryant,
1,682,459
1,612,329
z
Surpl. arising from
retire,
value of
of
08,150
62,861
—V.
33,255
38,769
2,500
2,500
2,182
2,915
120,648
....
120,648
annexed
rec. suspen.
13,506
Land
Goodwill
64,429
329,866
250.000
250,000
$2,988,311
$2,881,001
—
Total
x
18,211
64,429
311,511
Bldgs. Aequlp't.
After allowance
for
doubtful
Total....
accounts
and
$2,988,311
discounts
in
V. 149, p. 111.
1938
Net operating
Net income before income taxes..
Federal and State income taxes.
Net
income...
$252,965
Dr.5,207
$178,329
b29,544
$207,874
$178,184
28,216
21,028
!___
$9,846,809
9,668,479
$201,368
profit
$9,729,562
$247,758
46,390
Total
Cost of sales and selling & gen. expense
1937
$8,918,759
114,917
$9,033,676
8,780,709
.
Other operating revenue
Miscellaneous income (net)
69.628
Dividends—Preferred $6.50 cum, stock
Preferred $4.50 cum. conv. stock
117,247
29,690
Common stock.
198,000
Including amortization of leaseholds and leasehold improvements
and depreciation of furniture and equipment,
b Including dividends of
wholly-owned subsidiaries aot included in consolidation.
a
Sortion, $637,635; furniture and equipment $129,689; advances by subsidi¬
483,441), $370,493; special cash deposits, (less reserve for depreciation of
under employees' common stock purchase plan (6,270 shares
Drug Co, common stock held as collateral), $31,008; prepaid ex¬
penses, $43,030; goodwill, $1; total, $3,505,486.
>» Liabilities—Accounts payable, $135,698; Federal and State income
taxes,
$45,888; accrued expenses, $56,983; notes payable, banks (due Dec. 30,
1940), $400,000; notes payable issued in 1931 by wholly-owned subsidiary,
$110,700; $4.50 cum. conv. pref. stock (par $100), $467,300; common
stock (par $1), $396,000; capital surplus, $1,275,833; earned
surplus, $617,084; total, $3,505,486.—V. 148, p. 129.
ary to trustee
of Katz
Kentucky Utilities Co.—Would Merge Lexington—
The company, subsidiary of Middle West Corp., has filed an
application
with the Securities and Exchange Commission under the
Holding Company
Act for approval of acquisition of all assets, property and business of Lex¬
ington Utilities Co.
The acquisition, according to the application, will be
effected
by liquidation of Lexington Utilities Co. and distribution and
Kentucky Utilities of all the assets and property of Lexington
assumption of all its outstanding first and refunding 5s of 1952
No payment of any consideration will be made to
Lexington other than
transfer to
and the
Utilities
for
cancellation
Co.—V.
of
its
outstanding shares
held
by
Kentucky
149, p. 1330.
Key West Electric Co.—Earnings—
Period End. Aug. 31—
Operating
Operation
revenues
Maintenance
Taxes
V
1639—Month—1938
$14,960
$14,276
4,472
4,848
1,393
1,111
2,537
2,104
Net oper. revenues...
$6,558
$6,213
Non-oper. income (net).
21
Dr417
$6,578
1,797
$5,977
$4,782
$3,889
t
Balance
Interest and amortization
1,907
1939—12 Mos.—1938
$193,379
$168,783
56,789
55,161
14,756
11,464
32,618
19,685
$89,217
Dr4,036
$82,473
Dr4,028
$85,181
23,090
$78,445
23,951
$62,091
22,860
$54,493
19,685
$39,231
24,374
$34,809
24,374
$14,857
$10,435
k
i
Balance
Appropriations for retirement
reserve.
'
Balance
Preferred dividend requirements
Balance for
-Y.
common
149, p. 2235.
dividends and surplus..
'
The mortgage is insured by the Federal Housing Administration.
2248.
A special meeting of
on Plan for New Set-Up—
stockholders will be held Oct. 24, for the following
purposes;
An
introductory statement affords the following:
engaged in the manufacture and sale of candy and
in the operation of candy stores, soda fountains
Company is also the owner subject to claims involved in
certain litigation, of approximately 78.57% of the outstanding capital stock
of Pepsi-Cola Co. (Del.), which today represents the company's principal
Corporation is
now
certain related products and
and restaurants.
It
Is
proposed
to segregate the candy,
soda fountain,
restaurant
and
related businesses of the company from its Pepsi-Cola holdings and, in this
connection, the board of directors has approved this plan of readjustment
for submission to stockholders.
The plan is intended to accomplish the following principal objectives:
(1) The segregation of the candy business of the company from its
Pepsi-Cola holdings by transferring the candy business and certain related
assets to a new wholly-owned subsidiary corporation to be formed for the
purpose, so as to permit
(a) The establishment of the candy business as a separate operation with
liability on leases limited to present approximate fair rental values; and
(b) The reorganization, rehabilitation or liquidation or other disposition
of the candy business as may be deemed desirable in the future.
(2) The restatement of book values of candy business assets, the estab¬
lishment of a ledger amount for the Pepsi-Cola holdings, and the reduction
of capital of the company, so that,
(a) All assets may be conservatively stated on the books and appropriate
reserves may be established (i) to provide for further reductions of book
values of certain assets if and when deemed desirable, and (ii) to cover
other things, contingent liabilities and excessive rentals and losses
leases; and
(b) Impairments of capital may be eliminated and a capital surplus
among
on
Consolidated Balance Sheet Dec. 31, 1938
Assets—Cash, $787,529; accounts receivable (less reserve), $153,509;
inventories, $1,292,592; cash surrender value of life insurance, $25,000;
real estate, $35,000; leaseholds and leasehold improvements, unamortized
surrender
$9,456,252
23
Loft, Inc.—Further Details
Drug Co. (& Subs.)—Earnings—
Calendar Years—
Net sales
a
Felson.
$2,881,001
of $154,572
1938 and $139,620 in 1937.
y After allowance for depreciaton of $368,086
in 1938 and $346,440 in 1937.
z Represented by 131,411 no par shares.—
Katz
22
To consider and take action upon the following proposals:
(a) to
the company dated Oct. 2, 1939: (b) to
represented by its outstanding shares
of stock from $11,979,652 to $1,473,259 without reducing the number of
shares; and (c) to amend the certificate of incorporation, so as to change
the previously authorized shares of stock without par value into shares of
the par value of $1 each;
(2) To consider and take action upon a proposal to amend the certificate
of incorporation, so as to increase the authorized number of shares of
stock from 1,500,000 shares to 3,000,000 shares of the par value of $1 each,
such proposal to be voted upon only in the event of the adoption by stock¬
holders of the proposals set forth in (1) above.
cost (market val.
accounts...
1939—9 A/os.—1938
$9,886,904
approve the plan of readjustment of
reduce the capital of the company
Securities owned,at
not available)..
Prepaid & deferred
1939—Month—1938
$1,070,037
$1,128,818
operation
149, p. 1767.
(1)
N. Y. World's Fair
4% debs
cumula¬
14,
Corporation has issued a title insurance policy for $775,000 covering a
building loan mortgage in that amount on a portion of the Wonawaking
Park property in White Plains which is being developed by the SurreyStrath more Corp.
The loan was obtained from Manufacturers Trust Co.
The contractor is Leval Construction Corp. and the architect is Jacob M.
Earned surplus, as
cust'r
with coll. bal
y
an increase
Milling Co., Ltd.—Div. Arrearages
Units in
—V. 147, p.
pref.
stock..
life insurance
Accts.
$55,037,079,
Inc.—Sales—
Period End. Sept. 30—
Sales.
606,076
1,185,175
Inventories...
rec.,
were
Lawyers Title Corp. of N. Y.—Insurance Policy—
$98,855
Federal taxes.....
and accts. receiv
Note
$161,942
Acer. wages, taxes,
in bank
surr.
30
1623.
preferred stock, par $100, payable Nov. 1 to holders of record Oct.
thus eliminating all back dividends on this issue,—V.
149, p. 734.
1937
1938
Accounts payable-
hand and
Notes, accept'ces
Cash
149, p.
Eliminated—
Consolidated Balance Sheet Oct. 31
1938
Assets—
x
1.3%.—V.
or
Directors have declared a dividend of $3.50 per share on the 7%
418
Balance, Oct, 31...
Earns, per share on 131,411
on
$6,596,293, an increase of $417,774,
6.8%.
or
tive
Total surplus
Dividends
Cash
Co.—Sales—
Sales for the month of September were
"
cr©<tt/C(l
(3) The change of the authorized shares of capital stock of the company
from shares without par value to shares of the par value of $1 each,
The increase of the authorized number of shares of capital stock of
(4)
the company.
The directors at
a
meeting held on Oct. 2, 1939, unanimously approved
the plan for submission to
stockholders and recommended that the plan be
approved.
The board of directors intends, at such time as may be deemed desirable
after the plan shall have been carried out, to propose to the stockholders
that
or
the
other
of the company
name
name
appropriate
to
be changed to "Pepsi-Cola Shares Corp."
the company's stockholding position in
Pepsi-Cola Co.
Candy Business—Company has been engaged in the manufacture and
succeeded
sale of candy and certain related businesses since 1919 when it
to the business founded by George W. Loft over 40 years ago.
years
the Loft business
was
relatively profitable.
During
For
many
more recent years,
however, the operations have not been profitable and substantial operating
deficits have been incurred, with the result that at July 31, 1939, the ac¬
cumulated consolidated capital deficit of the company and its subsidiaries
(excluding Pepsi-Cola Co.) amounted to $5,710,938.
There have been numerous factors contributing to the company's un¬
satisfactory operating result.
Adverse general business conditions have
undoubtedly been an important factor.
More important, however, are
those factors bearing directly upon the operations of the company, such
as:
progressively decreasing volume of sales of the company, due in part
to the financial inability of the comx^any to modernize and rehabilitate its
stores and to replace closed stores; increased distribution costs and changes
in competitive conditions in the marketing of candy; excessive rentals
tinder store leases; and burdensome depreciation charges upon equipment
and plant facilities acquired at high cost in relation to their present worth
in the business and in relation to present cost of more modern and more
efficient equipment and facilities.
No definite decision has been reached
of
the
business
by directors as to the future conduct
and various possible alternatives are now under
Pending the formulation of a definite program for the future
operations of the candy business, and in order to facilitate any reorganiza¬
tion, rehabilitation or liquidation or other disposition of such business
which may be decided upon in the future, it is proposed to segregate the
candy business from the company's Pepsi-Cola holdings.
In this connec¬
tion, it is proposed to write down fixed assets to going concern values as
appraised, which values are less than present net book amounts but sub¬
stantially greater than appraised liquidation values; and to provide, in so
far as practicable, that the obligations of the new candy corporation, with
respect to store leases will be limited to the approximate fair rental value
of the leased premises.
Appropriate reserves are to be established by the
company for contingent liabilities and for excessive lease rentals and for
losses on settlements of leases, as hereinafter stated.
candy
consideration.
/
Volume
The Commercial & Financial Chronicle
149
Pepsi-Cola Holdings—As a result of the litigation commenced by the
1935 against Charles G. Guth (former President) and others,
company, on July 31, 1939, became the owner of record of 205,437
the capital stock of Pepsi-Cola
Co., constituting approximately
78.57% of the outstanding stock of that company.
In addition to sucn
shares of stock of Pepsi-Cola Co. owned of record
by the comanny. it holds
options, for the purchase of an aggregate of 100,063 shares of such stock,
company in
the
and the company has an interest in
fund, deposited for the purpose of
satisfying a judgment against Mr. Guth. Certificates for a portion of such
shares owned of record by the
company
are
deposited
under escrow
arrangements in connection with certain pending litigation with respect
to the company's ownership of such shares.
Peosi-Cola Co. was organized in Delaware in 1931 when it
acquired the
Pepsi-Cola trade mark and the goodwill of a business engaged, at least as
early as 1901, jn the sale of a carbonated cola beverage known as "PepsiCola.
Pepsi-Cola"is now sold and distributed throughout the greater
Part o* the United States, in Canada, and in some foreign countries.
Tpe principal activities of Pepsi-Cola Co. consist of the manufacture and
a
sale of
a concentrate produced in accordance with a secret formula.
This
concentrate, together with Pepsi-Cola crowns and labels, is sold to franchise
bottlers, now numbering approximately 550. for the manufacture
ty them
of the bottled drink known and sold as
"Pepsi-Cola." Subsidiaries of Pepsi-
Cola Co. operate bottling plants in the United States, Canada, Cuba and
England.
Pepsi-Cola" is also distributed as a fountain drink in the Loft
soda fountain stores.
The
principal plants owned and operated by Pepsi-Cola Co. and its
are two
plants in Long Island City, N. Y., which include
subsidiaries
facilities for the manufacture of Pepsi-Cola concentrate, a sugar refinery,
equipment for the manufacture of Pepsi-Cola cases, a bottling plant, and
facilities for the manufacture of crowns and the printing of labels used in the
bottling of "Pepsi-Cola" by most of the Peosi-Cola franchise bottlers and
subsidiaries.
,
Principal Provisions of the Plan
(1) The candy business1 and certain related assets of the company to be
determined by the board of directors will be transferred, by sale or lease
or in such other manner as the board shall
determine, to a new whollyowned subsidiary corporation to be organized for the purpose.
The new
corporation will be known as "Loft Candy Corp." or by such other suitable
name as may be selected by the board.
(2) The capital of the company represented by its outstanding shares of
stock will be reduced from 811,979,652 to $1,473,259 (such latter amount
being at the rate of one dollar for each outstanding share of stock) so as to
create a capital surplus available for the purposes of the plan.
(3) The book amounts of fixed assets on a consolidated basis (excluding
fixed assets of Pepsi-Cola Co.) will be written down to fair values to the
company as a going concern as at Jiily 31,
1939, as appraised by The
American Appraisal Co., Inc., independent appraisers, and goodwill, trade
marks, formulae, patents, &c., of the company and its subsidiaries, other
than Pepsi-Cola Co., will be written down to a nominal value.
In addition,
a special reserve will be established to
permit further write-downs of fixed
assets to liquidation values as at July 31,
1939, as appraised by The
American Appraisal Co., Inc., such reserve to be applied if and when the
foOctrd shall d6t6rmin6
-
°
(4) A general reserve of $3,000,000 will be established to provide for
contingent liabilities of the company existing at July 31, 1939, for rentals
on leases in excess of the approximate fair rental value, as at
July 31, 1939,
of the premises covered by such leases, and for losses on settlement of such
leases.
fair
or
realizable value of such investment
represents the net book value, as shown by the consolidated balance sheet
of Pepsi-Cola Co. and its subsidiaries as at July 31, 1939 of the shares of
Pepsi-Cola Co. owned by the company.
(6) The authorized shares of capital stock of the company will be changed
from shares without par value to shares of the par value of $1 each.
(7) The authorized number of shares of capital stock of the company will
be increased from 1,500,000 shares to 3,000,000 shares of the par value
stock of
of $1 each.
Method of
Carrying Out the Plan
Loft Candy Corp.—The
New York.
new Loft Candy Corp. will be organized in
There will be transferred to the new corporation the company's
candy business, including the goodwill, trade marks and trade name incident
to such business. There will also be transferred to the new candy corporation
all inventories, materials and supplies on hand at the date of transfer, store
premises held under lease and operated by the company (except that certain
of such premises may be retained by the company or otherwise disposed of),
and such of the fixed and other assets of the company as the board of di¬
rectors shall determine. The transfer of any fixed assets, including furniture,
fixtures and equipment, so to be transferred to the new candy corporation
may be effected by sale or lease or in such other manner as the board of
directors shall deem appropriate and in the best interests of the company.
In consideration of the transfer to it of such business and assets, the new
corporation will (1) issue to the company shares of its authorized capital
stock in such amount as the board of directors shall determine, and (2)
assume, or agree to indemnify the company in respect of, liabilities on
leases covering store premises transferred to it up to the approximate fair
rental value of such premises as at July 31, 1939.
In connection with the
segregation of the candy business, it is contemplated that one or more
additional subsidiaries may be formed to which all or a part of the fixed
assets may be transferred and in turn leased to the new candy corporation.
Write Down of Assets—Fixed assets have been carried on the books of the
company at ledger amounts based upon appraisal at July 31, 1919, with
subsequent additions at cost, in each case less depreciation.
The value of
such assets to the company as a going concern or in liquidation is, in the
opinion of the management, substantially less than such net book, amounts.
In order to ascertain the approximate going concern fair values and the
approximate liquidation values of the fixed assets of the company and its
subsidiaries, other than Pepsi-Cola Co., the board of directors has retained
the American Appraisal Co., Inc., to examine such assets and to report
their opinion as to (1) the fair values of such assets to the company as a
going concern as at July 31,1939, and (2) the amount that might be realized
in the event of discontinuance of operations and liquidation of such assets
as at said date, assuming an orderly liquidation and a reasonable time to
dispose of tsch assets.
In brief, the report of The American Appraisal Co.
shows valuations
as
follows:
Going Concern
Liquidation
Less
Fair Values
Values
Fixed Assets of
Co. & Subs.
Depreciation as Appraised as Appraised
(Excl. Pepsi-Cola Co.)—
July 31,1939 July 31, 1939 July 31, 1939
Land, buildings, mach., eqpt.,
&c.,
comprising plant at
Long Island City, N. Y.:
Subject of mortgage
$2,821,142
$1,200,000
$400,000
Not subject to mortgage
83,624
50,000
25,000
Furniture, fixtures, eqpt., &
leasehold improvements'in
leased
stores
&
on
consolidated earned
surplus of Pepsi-Cola Co. and its subsidiaries below the
amount thereof at July 31, 1939, as shown by the balance sheet, such
dividends will be treated as income or earnings of the company, but if and
to the extent that such dividends reduce such earned
surplus below the
thereof at
amount
July 31, 1939, such dividends will be credited by the
investment in Pepsi-Cola Co. and will not be treated as
earnings of the company.
company to its
income
or
Reduction of Capital and Application of Capital ^Surplus—The capita*
surplus of $10,506,393 which will result from the reduction of capital of the
company pursuant to the plan from $11,979,652 to $1,473,259. together
with the capital surplus of $8,716,486 resulting from setting up the PepsiCola investment on the books of the company, such amounts
aggregating
$19,222,880, will be applied as follows:
$5,710,938 will be applied to eliminate the accumulated deficit in con¬
solidation as at July 31, 1939, of a corresponding amount as shown by the
consolidated balance sheet and the statement of consolidated income;
$2,678,323 will be applied to the reduction of consolidated book amounts
of fixed assets to
going concern fair values as at July 31. 1939, as appraised;
$3,020,375 will be applied to the reduction of consolidated book amounts
marks, formulae, patents, &c., to $1;
$1,150,000 will be provided as a special reserve to permit further write¬
of goodwill, trade
downs of fixed assets to liquidation values as at July 31, 1939, as appraised,
such reserve to be applied if and when the board of directors shall determine;
$2,900,000, together with the amount of $100,000 heretofore established
a reserve for
contingencies, will be provided as a general reserve (aggre¬
gating $3,000,000) to cover contingent liabilities and excess rentals and
losses on leases as stated in the next following paragraph; and the balance of
$3,763,244 will be entered on the books as capital surplus. The pro forma
balance sheet gives effect to the foregoing.
The amount and character of
the surplus shown on such pro forma balance sheet represents the
surplus
account of the company (not consolidated) as well as the surplus in consoli¬
as
dation of the
each
case
company
and its subsidiaries other than Pepsi-Cola Co., in
after giving effect to the consummation of the plan as of July 31,
1939.
General Reserve—A general reserve in the amount of $3,000,000 will be
established, in the manner stated, to provide for (1) known and unknown
contingent liabilities existing at July 31, 1939, including liabilities, if any,
in respect of the litigation, and (2) rentals on leases, held at July 31, 1939,
by the company and its subsidiaries (other than Pepsi-Cola Co.), in excess
of the approximate fair rental value as at that date of the premises covered
by such leases, and losses on settlement of such leases.
The American
Appraisal Co., Inc., has reviewed the leases now held by the company and
such subsidiaries and has advised the company that in its opinion such
leases represent a liability, in accordance with conditions at July 31, 1939,
of at least $2,000,000, due to rentals provided in such leases being in
excess of the approximate fair rental value as at said date of the premises
covered by sucn leases. Any payments under such leases in excess of such
approximate fair rental value of the premises covered thereby, or in settle¬
ment thereof, will be charged to the general reserve.
Upon the discharge or settlement of all liabilities covered by the general
reserve, the balance, if any, remaining in the reserve will be restored to
capital surplus.
of Authorized Number of Shares—The proposed increase in the
from 1,500,000 shares to 3,000,000 shares is a separable
A separate vote of stockholders will be taken upon the
proposed amendment to the certificate of incorporation to effect such
number of
snares
part of the plan.
In the event that such amendment is not adopted by the stock¬
holders, the other provisions of the plan will not be affected thereby.
It is not contemplated that the additional shares proposed to be authorized
will be issued for any purpose in the near future. Such additional shares will
be available, however, if authorized by stockholders, for issue at such time
or from time to time, for such purpose or purposes and on such terms as the
board of directors, subject to the provisions of applicable law, shall deter¬
mine, and without further approval of stockholders.
Authority to Be Conferred upon Directors—The board of directors shall
have full power and authority to take such action and do such things as it
may from time to time deem expedient or necessary fully to carry out the
purposes of the plan and to accomplish the objectives thereby sought to be
attained. The board of directors shall determine the time or times when the
increase.
several steps contemplated by the plan
the plan the board may make changes in
for
or
appropriate more fully to accomplish the objectives of the plan.
Summary
of Proceedings for
Recovery
450,000
125,000
$4,378,322
$1,700,000
$550,000
It is proposed, therefore, to write down the consolidated book amounts of
such fixed assets to such going concern fair values as appraised, and further
a special reserve to permit additional write-downs of such assets
liquidation values, such reserve to be applied if and when the board
establish
of directors shall determine.
on
Goodwill, trade marks, formulae, patents, &c., at July 31, 1939, carried
the books of the company and its subsidiaries, other than Pepsi-Cola
at an aggregate consolidated book amount of $3,020,375, will be
Co.,
written down to $1.
The
carried
above-mentioned
on
the
books
write-downs
of subsidiaries
of fixed assets and-goodwill, &c.,
will be accomplished by providing
appropriate reserves on the books of the company to be applied in consoli¬
dation.
Investments in subsidiaries on the books of the company will also
be written down to conform to net book values of underlying assets.
Establishmen t of Ledger Amount for Pepsi-Cola Investment—It is impossible
accurately to determine the aggregate cost to the company over a period of
years of its interest in Pepsi-Cola Co. and the board of directors deems it
inadvisable to attempt an appraisal of the fair value of such interest.
It
has been determined, therefore, upon the approval of the plan by the stock¬
holders, to set up on the books of the company its 78.57% stock interest in
Pepsi-Cola Co. (including the options and judgment held by the company)
at the net book value as at J.uly 31, 1939, of such stock as shown by the
consolidated balance sheet of Pepsi-Cola Co. and its subsidiaries, such
amount being $8,716,487.
Such amount does not purport to be either cost
of Pepsi-Cola
Stock
Co., seeking, among other things, to impress a trust in favor of the company
of Pepsi-Cola Co. held by Mr. Guth and The Grace Co.
enterprise
President
and dominating director of the company, had appropriated to himself, and
upon the further ground that he had utilized the funds, facilities, personnel,
credit, pestige and goodwill of the company to build and develop the PepsiCola enterprise and to acquire his stock interest in Pe-psi-Cola Co.
After a lengthy trial, the Chancellor on Sept. 17, 1938, found in favor of
the company and awarded to the company, among other things, 237,500
shares of Pepsi-Cola Co. stock held by Mr. Guth and The Grace Co., being
approximately 91% of the outstanding capital stock of Pepsi-Cola Co.
The Chancellor further ordered Mr. Guth and The Grace Co. to account
to the company and to Pepsi-Cola Co. On April 11, 1939, the decision of the
Chancellor was affirmed on appeal by the Supreme Court of the State of
upon the stock
This action was
was
a
predicated upon the ground that the Pepsi-Cola
business opportunity of the company which Mr. Guth, as
Delaware.
•
,
.
.
Subsequent to the decision on the appeal, an adjustment was made with
settling the accounting ordered by the Chan¬
cellor, as well as all other claims existing between Mr. Guth, members of
his family and affiliated corporations, and the company and Pepsi-Cola
Co. This settlement was effected pursuant to an order to show cause of the
Mr. Guth and The Grace Co.
Chancellor dated June 23, 1939.
,
,
compromise and settlement, dated June 6,
modified, between the company and its attorneys, there has been
delivered to an escrow agent for the benefit of said attorneys 32,063 shares
of stock of Pepsi-Cola Co., out of 237,500 shares, as part compensation for
their services in the litigation.
10,063 of said shares are subject to options
in favor of the company, which options may be terminated.
On July 31, 1939, the remaining 205,437 shares of the capital stock of
Pepsi-Cola Co. were transferred of record to the company. An aggregate of
147,749 of such shares has been deposited under escrow arrangements pend¬
ing disposition of certain proceedings.
1939,
as
Summary of Pending Litigation
The following actions are
Relative to the Company's Oivnersliip of
pending relative to the company's ownership o
stock of Pepsi-Cola Co.:
—
by Company
On Dec. 30, 1935, the company commenced an action in the Chancery
Court of the State of Delaware, against Charles G. Guth, The Grace Co.,
Inc. of Del. (Mr. Guth's family corporation and nominee), and Pepsi-Cola
Pepsi-Cola Stock
1,473,555
Totals.------
shall be taken, and in carrying out
the plan and in the method outlined
carrying out the plan, all to such extent as the board may deem necessary
leased
property.--
to such
is arrived at solely for the
establishing a ledger amount at which such investment will be
the books of the company.
Dividends when received by the company from Pepsi-Cola Co. will be
treated as follows:
To the extent that such dividends do not reduce the
Pursuant to an agreement of
Book Amounts
to
ind
purpose of
set up on
Increase
(5) The amount at which the company's investment in Pepsi-Cola Co.
will be set up on the books of the company will be fixed at an amount which
New
or
2371
_
rr,
'
.
.
.
_
(a) A stockholder of Pepsi-Cola Co., Bartus Trew. has petitioned to
company's action against Mr. Guth and The Grace Co. for
the purpose of asserting a claim on behalf of Pepsi-Cola Co. to 137,500 shares
of Pepsi-Cola Co. stock out of the shares recovered by the company in such
action. A similar petition for intervention has been filed by another stock¬
holder of Pepsi-Cola Co., Irving C. Knowles, seeking to recover for PepsiCola Co. all of the shares recovered by the company in such action.
In
connection with these proceedings 120,437 of the shares of Pepsi-Cola Co.
stock awarded to the company in such action have been deposited with
Delaware Trust Co., Wilmington,
Del., under an escrow arrangement
intervene in the
whereby such shares may not be
prior to the disposition of the Irew
scld, pledged or otherwise disposed of
and Knowles petitions, unless otherwise
permitted by order of the Chancellor.
Briefs are being submitted with
resoect to the above petitions.
(b) An action is now pending in the U. 8. District Court for the Southern
District of New York, commenced by Margery K. Megargel, the widow
of Roy C. Megargel, against the company, Pepsi-Cola Co. and Charles G.
Guth, seeking to compel the return of 95,000 shares of the capital stock of
Pepsi-Cola Co. or, in the alternative, for the present value thereof, and
for an accounting for all dividends received thereon.
The action is based
upon the claim of Mrs.
Megargel that she was induced by fraudulent
misrepresentations to contribute in 1933 said 95,000 shares in order to
consummate a settlement of the claims of her husband, Roy C. Megargel,
against Pepsi-Cola Co. and Charles G. Guth. The plaintiff has agreed to
furnish a bill of particulars after the service of which answers will be filed.
The Commercial & Financial Chronicle
2372
(c) An Alleged stockholder of National Pepsi-Cola Corp., a corporation
bankrupt on June 8, 1931, has filed a petition in the
bankruptcy proceedings in the U. 8. District Court, Eastern District of
Virginia, for the purpose of either (1) setting aside the sale of the PepsiCola trade mark, formula,
patents, goodwill, &e., made in 1931 by the
trustee in bankruptcy of said National Pepsi-Cola Corp. to one Hoy C.
Megargel, who subsequently assigned said trade mark, formula, patents,
goodwill, &c., to the present Pepsi-Cola Co., or, in the alternative, (2)
recovering from the company the consideration alleged to have been re¬
ceived by said Itoy O. Megargel for the assignment of said trade mark,
formula, patents, goodwill. &c., to Pepsi-Cola Co., namely, 200,000 shares
of the 237,500 shares of Pepsi-Cola Co. stock recovered by the company
irt the action against Mr. Guth and The Grace Co. as stated above.
The
petition is predicated upon a claim that such sale to Roy C. Megargel was
made without adequate appraisal or notice to creditors of National Pepsi-Cola
Corp. and was a fraud on the Court. Motions are now pending addressed
to the jurisdiction of the Court to entertain the petition.
These motions
have not yet been argued.
which was adjudicated a
In
of Other
Important
Pending Litigation Affecting
addition to the litigation
Pepsi-Cola Co.
mentioned above.
subsidiary, Pepsi-Cola Co. of Canada, Ltd..
are
Pepsi-Cola Co. and its
involved in litigation with
Coca-Cola Co. and Coca-Cola Co. of Canada, Ltd.
In
Canada, Coca-Cola Co. of Canada, Ltd., commenced an action
against Pepsi-Cola Co. of Canada, Ltd., challenging the right of Pepsi-Cola
Co. of Canada, Ltd., to use the trade mark "Pepsi-Cola," claiming that said
trade mark is an infringement of the trade mark "Coca-Cola," and seeking
an injunction and an accounting in connection therewith.
The trial court
decided in favor of Coca-Cola Co. of Canada, Ltd., and issued an injunction
against Pepsi-Cola Co. of Canada, Ltd., restraining it from using its trade
mark "Pepsi-Cola," holding that the trade mark "Pepsi-Cola" was an
infringement of the trade mark "Coca-Cola"; and directed an accounting of
damages or profits at the election of Coca-Cola Co. of Canada, Ltd. PepsiCola Co. of Canada, Ltd., has appealed from this decision to the Supreme
Court of Canada and has obtained a stay of the injunction and accounting
pending the determination of such appeal.
The appeal has been argued
before the Supreme Court of Canada and the case is awaiting decision by
that court.
In the New York Supreme Court, Queens County, Pepsi-Cola Co. com¬
an action against Coca-Cola Co. seeking to restrain Coca-Cola Co.
menced
from
engaging in certain alleged unfair business practices and activities.
Coca-Cola Co. has interposed a counter claim challenging the right of
Pepsi-Cola Co. ot use its trade mark "Pepsi-Cola," charging that such use
constitutes
an infringement of the "Coca-Cola" trade mark, and
seeking
injunctive relief and an accounting in connection therewith.
Pepsi-Cola
Co. has interposed a reply to the counter claim denying the charge of
infringement and setting up certain affirmative defenses.
The action has
not yet been tried.
Other litigation is pending between Pepsi-Cola Co. and Coca-Cola Co.
involving the registration of the Pepsi-Cola trade mark in certain foreign
jurisdictions.
[As at Aug. 31, 1939, Phoenix Securities Corp., owned an aggregate o_
424,100 shares of stock of the company, such shares constituting approxi
mately 28.78% of the outstanding stock of the company (including among
such outstanding stock an aggregate of 11,700 shares held by Pepsi-Cola
Co.). Phoenix Securities Corp. has advised the company that it intends to
vote in respect of such shares in favor of the proposals to be submitted to the
special meeting of stockholders.]
Statement of Consolidated Income and Deficit
[Loft Inc. and Subsidiaries other than Pepsi-Cola Co. and Subsidiaries]
Calendar Years
7 Mos. End.
Period
July 31, '39
1937
1938
1936
Candy, soda and restau¬
rant operations:
Sales.
$4,631,462
2,394,623
Cost of sales
Salaries, rent expense.
Newspaper advertising,
circulars, &c~
a
$8,567,700 $10,036,231 $11,168,153
4,269,701
5,195,567
5,872,914
$2,236,839
2,302,289
$4,297,999
4,104,133
$4,840,664
4,444,732
$5,295,240
4,726,250
127,489
148,324
168,034
.
$45,542
317,461
$227,898
489,060
Tnc. was granted the following: (a) 237,500 shares of the capital stock of
Pepsi-Cola Co., of which 32,063 shares were transferred to the attorneys
as part compensation for their services in such action, leaving a
balance of 205,437 shares with Loft (constituting about 78.57% of the total
outstanding capital stock of Pepsi-Cola Co.).
In addition, options covering
10,063 shares of Pepsi-Cola stock, have been granted to Loft by attorneys.
Such stock interest of Loft in Pepsi-Cola Co. is being challenged by and is
subject to the litigation,
(b) A judgment of $195,000 representing the $2
dividend declared and paid by Pepsi-Cola Co. in 1936 on 97,500 shares of
Pepsi-Cola stock then standing in the name of Charles G. Guth.
This
judgment, in which said attorneys for Loft have a 13 Vi % interest is subject
to a claim of the United States for taxes thereon which claim is being con¬
101,187
149,848
128,571
73,144
Payment of the fund of $195,000, held by the Court's representa¬
tive for the purpose of satisfying said judgment, is being withheld pending
determination of said tax claim
An adverse decision in the tax proceeding
.
will render the judgment
(c) A judgment
dividend on 140,000 shares of Pepsi-Cola
of The Grace Co., Inc. of Del.
(d) An
accounting obligating Charles G. Guth and The Grace Co., Inc. of Del. to
payrolls, rec'pts, &c
Special repairs and recon¬
ditioning of stores
Int. expense, discounts
allowed, &c
Discounts
other
earned
account
Loft
to
and
Pepsi-Cola Co.
69,113
43,995
income
029,063
465,723
180,439
021,244
249,712
297,794
charges
047,867
561,723
068,896
579,500
Net loss—.—
—
$1,034,227
4,355,884
320,827
$5,710,938
$4,355,884
$972,704
1,693,500
563,088
$870,514
257,567
$3,229,293
_
The 205,437 shares of Pepsi-Cola stock were transferred of record to Loft
July 31, 1939.
However, Loft has agreed that it will not sell or otherwise
dispose of 120,437 shares of stock urtfil the disposition by the Chapcellor of
the aforesaid petitions for intervention by Partus Trew and Irving C.
Knowles or until further order of the Chancellor, and the certificates
on
evidencing said 120,437 shares of Pepsi-Cola stock have been deposited in
with The Delaware Trust Co., in connection with said agreement.
In addition, certificates for 27,312 of said shares of Pepsi-Cola stock have
been deposited in escrow with said trust company in connection with the
enforcement of a lien by the attorneys for certain stockholders of Loft m
a proceeding involving the fees of the attorneys for Loft in the suit against
Charles G. Guth, et al.
Although the fees and disbursements of said at¬
torneys for Loft stockholders have been settled and paid, no order by the
Chancellor has yet been entered releasing said stock .from the aforesaid
escrow or releasing Loft from its agreement that it will not sell or otherwise
dispose of said 27,312 shares of Pepsi-Cola stock.
Pending action by the stockholders of Loft at their meeting contemplated
by the plan of readjustment, the interest of Loft in the 205,437 shares of
Pepsi-Cola stock, the aforesaid judgment of $195,000 and said options
covering 10,063 shares of Pepsi-Cola stock, has not been set up on the books
at any amount and no value for such interest is stated in the balance sheet
of Loft.
It is impossible accurately to determine the aggregate cost of said
interest, which includes disbursements, outlays, attorneys' fees and dis¬
bursements, expenses, use of facilities, services of employees, losses, &c..
in connection with the formation and development of Pepsi-Cola Co. and
escrow
the recovery of Loft Inc.'s interest therein, some of which items are
minable in whole or in part and others of which are unascertainable.
of such
has
costs
been
deter¬
None
capitalized.
Pro Forma Consolidated Balance Sheet July 31,
1939
[After giving effect to the proposed transactions]
Liabilities—
AssetsCash in banks and on hand..
Accts and notes
rec.
from
rec..
1,000,000
411,881
Stocks of reorg. banks, &c._
a
Award of Pepsi-Cola Co.
Unemploy. &
207,061
129,255
taxes
133,702
122,891
Fed., State, &c. taxes, est—
Int. accrued on notes payable
34,067
and on tax arrears
8,716,487
Notes payable to
1,700,000
400,000
bank
Reserve for legal fees (est.)..
$1,693,501
Prepaid and deferred items._
payable.
benefit
old-age
N. Y. City sales tax
1,259
3
849,566
678,429
40,039
Salaries and wages
R ents & prop. taxes
Phoenix
N. Y. City corporate stock..
payable, trade.—:—
sundry accruals
Accts. pay. &
2,899
31,042
Securities Corp..
stock
Notes
$179,296
$5,344).
(net)...
Fixed assets (at fair value)..
$1,126,590
3,229,293
_
^
above).
Goodwill, trade-marks, &c__
Previous consol. deficitOther charges
,
judgment for $280,000.
The ownership by Loft of the aforesaid 205,437 shares of Pepsi-Cola
stock is challenged by litigation (described in the plan of readjustment
Inventories
41,009
■
litigation brought by Loft against Charles G. Guth, et al.
Pursuant to the agreement of settlement, which was consummated on or
about July 19, 1939, after Court approval, The Devoine Co., a Guth familyowned corporation, discontinued its action against Loft for the recovery
of 100,000 shares of stock of Pepsi-Cola Co.; Mr. Guth, his affiliated cor¬
porations and certain members of his family exchanged releases with Loft;
the accounting proceeding against Mr. Guth and The Grace Co., Inc. of Del.
was dismissed: and Loft waived payment and satisfied the above-mentioned
Award
24,150
,
settled their difference with Charles
various members of his family and affiliated corporations, in¬
cluding The Grace Co., Inc. of Del., pursuant to an agreement of settlement
embodied in an order to show cause dated June 23, 1939, in the aforesaid
49,535
and
.
Loft Inc. and Pepsi-Cola Co. have
G. Guth,
Market, secur. (cost
46,714
Deprec. & amortization.
Other
487,500
partly or wholly unrealizable,
of $280,000 representing such $2
stock then standing in the name
$294,264
on
js
for Loft
274,726
Gross profit..
loss$192,939
Gen'l & admin, exps., &c
189,688
Corporate & excise taxes
1939
14,
gating $860,827, are grouped on the liability side of the balance sheet a
one item "indebetdness paid Aug. 11.
1939."
Loft Inc. is obligated for an undetermined amount for fees and disburse¬
ments of its attorneys in the aforesaid Emmerich action.
c As a result of the litigation commenced
in 1935 by Loft Inc. against
Charles G. Guth, The Grace Co., Inc. of Del. and Pepsi-Cola Co., I4)ft
tested.
Summary
Oct.
100,000
1939..
860,827
Indebt. paid Aug. 11,
113,194
Deposits by empl. & tenants,
&c
565,419
13,722
-
Reserve for contingent liabil.
Consolidated deficit..
a Also
includes
from subtenants.
taxes,
property
maintenance,
less
&c
rents
and
received
Capital surplus
Its
Subs.
Other
Than
Assets—
Market'le
on
hand
2,899
31,042
Securities Corp
Inventories..
of
Pepsi-Cola
Subs.]
849,566
678,429
207,061
Unemploy. & old-age ben.tax.
1,259
3
N. Y. City sales tax
Federal, State, &c., taxes, est.
Int.
accrued
on
notes
pay.
Fixed assets...
Notes payable to bank
400,000
Reserve for legal fees (est.)
Prepaid and deterred items
McCrory Stores Corp.—Sales—
—V.
860,827
5,065
113,194
13,722
100,000
Capital stock (1,473,259 slis.) .11,979,652
Deficit
5,710,938
Reserve for contingencies
$9,138,273 I
Total
McLellan Stores Co.—Sales—
Period End.
—V.
total
award in
the
amount
of
$1,000,000 has been shown in the
balance sheet as 'award receivable from Phoeniz Securities
Corp." with a
corresponding credit to capital stock.
For convenience, the several abovementioned items paid or settled out of the proceeds of the
award, aggre¬
Sept. 30—
1939—Month—1938
1939—8 Mos.—1938
$1,740,149 $13,604,005 $12,912,353
$1,884,933
149,
p.
2088.
Street
Ry.—Earnings—1939
500,000
413,000
.
Maintenance and repairs
Net operating income
Interest charges
—
$205,898
8,670
x$34,539
10,849
x$23,690
20,765
21,512
4,558,577
736,921
.
Appropriation for retirement reserve
Taxes (other than income taxes)
Other income
$6,756,089
4,908,288
944,340
500,000
438,000
$214,568
434,700
Operation
1938
$6,414,395
Year Ended Aug. 31—
Operating revenues
_
—
Amortization of debt discount and expenseOther income deductions
443.271
Indicate loss.—Y.
4.922
$493,39°
149, p. 1768.
Marine Midland Corp. (&
Period End. Sept. 30—
Net oper. earnings
Earns, per sh. on cap.stk.
x
x
3,569
$244,466
x
amount of
$560,000 was paid into court and has subsequently been
or aPPOed as follows:
fee of special master and court costs,
$20,377; to repayment of advance by Phoenix Securities Corp. on
July 20,
1939, against amount of award, $100,000: fees and disbursements of at¬
torneys for complainants in the above-entitled action, $115,118; fees and
disbursements of attorneys for petitioning stockholders of Loft in
the pro¬
ceeding for the fixing of fees of attorneys for Loft (in the action referred to in
(c) against Charles G. Guth, et al.), $165,332; compensation and disburse¬
ments of stockholders protective committee of
Loft, Inc., $20,000; balance
received by Loft, Aug. 11, 1939, $139,173.
The
1939—9 Mos.—19.38
1939—Month—1938
$2,954,927 $28,485,833 $26,585,205
$3,354,014
149, p. 1624.
Sales
.89,138,273
At ledger amounts based upon appraisal July 31, 1919
by The American
Appraisal Co. and subsequent additions at cost: land, buildings and candy
making equipment, subject to mortgage, less depreciation, $2,821,143.
Other machinery, equipment, leasehold
improvements, &c., deemed to be
free of said lien, less depreciation and amortization: in
factory, $83 625:
in leased stores and on leased property,
$1,473,555.
b In connection with the litigation entitled Emmerich, et
al., vs. Loft,
Inc., Phoenix Securitied Corp.. et al., in the Chancery Court of Delaware,
arising out of the exercise in August and September. 1938, by Phoenix of
options held by it to purchase 400,000 shares of capital stock of Loft, the
? ,?'n<SLe,
ky order of July 10, 1939, approved a settlement awarding
Loft $1,000,000, payable as follows:
(a) Cancellation of the principal
amount of a note payable by Loft to Phoenix dated June
9, 1936, maturing
Dec. 9, 1940, in the amount of $400,000:
(b) Cancellation of the unpaid
interest accrued on said note
amounting to $40,000 as of June 30, 1939; and
(c) payment to Loft of the sum of $560,000 in cash.
Pursuant to said order,
sai°
Sept. 30—
Sales.
Market
Total
a
determine.
100,000
Indebtedness paid Aug.11,'39.
Deps. by employ. & tenants...
$12,156,063
Total
Pepsi-Cola Co. below].—V. 149, p. 2236.
Period End.
34,067
3,015,310
Patents, at cost, less amortiz..
shall
[See also
12*.891
.
4,378,323
trade-marks, formu¬
lae, &C-__
directors
&
on tax arrears
(see note)
40,039
$12,156,063
a
Interest in judgment receivable and options resulting from action
against Charles G. Guth, et al., at ledger amount determined as provided
in the plan of readjustment,
b To permit write-downs of fixed assets to
liquidation values as at July 31, 1939, as appraised by the American Ap¬
praisal Co., Inc., such reserve to be applied if and when the board of
129,255
133,702
Co.
stock, &c
a
Its
Accounts payable & sundry.__
Salaries and wages
411,882
Stocks of reorganized banks,&c
Goodwill,
and
Notes payable, trade
1,000,000
N. Y. City corporate stock
Award
Co.
Rents & prop, taxes payable..
8179,296
securs.(cost$5,345)_
Accounts & notes receiv. (net).
b Award
rec.
from
Phoenix
c
Pepsi-Cola
Total
Liabilities—
Cash in banks and
1,150,000
1,473,259
3,763,244
Special reserve
Capital stock ($1 par) value..
Consolidated Balance Sheet July 31, 1939
Company
3,000,000
b
Subs.)—Earnings—
1939—3 Mos.1938—
$865,814
$905,477
$0.15
$0.15
After taxes and adjusted minority
1939—9 Mos.—1938
$2,561,171
$2,550,168
$0.44
$0.43
interests.—V. 149,
p.
419.
(Glenn L.) Martin Co.—Earninos—
Period End. Sept. 30—
Sales
Net
profit..
Shares capital stock
Earnings per share
x
x
After
1939—3 Mos—1938
$4,486,455
768,393
936,583
$0.50
$0.82
$3,267,728
546,154
1,092,308
1939—9 Mo.?.—1938
$8,566,387 $11,727,780
1,513,778
2,140,994
1,092,308
936,583
$1.38
$2.28
depreciation, Federal income taxes, &c.—Y. 149,
p.
581.
Volume
The Commercial & Financial Chronicle
149
--Earnings-
Inc.; Cray, McFawn & Petter; Ball, Coons & Co.; Burr &
Co., Inc., and Grubbs, Scott & Co.
1939
1938
1937
1936
$3,994,167
$3,408,284
$4,286,031
$3,434,447
2,265,539
1,810,195
1,939,003
1,620,023
Gross profit on sales, be¬
fore
deducting deprec.
& amort, of patents—
Shipping, sell., admin.
gen.
&
(excl. of de-
exp.
Provision
deprec."
for
258,285
230,155
177,033
162,324
$1,470,343
110.186
$1,367,934
101,176
$2,169,994
85,755
$1,652,099
110,312
Other
$1,580,529
116,247
$1,469,110
47,487
$2,255,749
124,509
$1,762,412
301.232
x277,350
x403,149
287,863
$1,163,050
a92,095
539,210
Shs. of com. stk. outst—
539,210
Earns. per sh. on com.stkI
$1.99
$1,144,274
a98,270
805,636
538,842
$1,728,091
yl08,358
1,473,675
536,740
$1,429,649
$1.96
z$3.03
$5.01
deductions
Fed.
St^te income taxes
Net profit
Divs.
on
Divs.
44,899
Miss.
&
on common
pref. stock
stock
_
94,339
600,050
266,689
x Including
§26,500 ($9,000 in 1937) for Federal surtax on undistributed
profits,
y $15,768 paid on 7% cum. pref. stock from
Sept. 1, 1936, to
Oct. 31, 1936, date of redemption, and $92,589
paid on 5% cum. pref. stock
from Oct. 1, 1936, to Sept. 1, 1937.
z Figures after deducting $98,270 for
dividend
a
requirements
Dividends
on
5%
on
the
presently
preferred stock.
outstanding
preferred
stock,
Condensed Balance Sheet Aug. 31
Assefs—
y
Plant
1939
1938
Liabilities—
z
5%
1,220,816
718,323
x
Common stock._
1.322,491
999,318
1,288,238
Accounts payable.
87,557
interest, &c_.._
1938
Prov. for Fed. and
J—
Receivables
Inventories
Prepaid Ins., &c__
1,016,819
98,281
Due from empl's—
56,928
32,650
Investment
51,772
26,742
Pats.,
1939
&(equip__$2,631,lll $2,552,642
Cash
—
_
_
.
trademarks,
&c.
pf. stk.$1,841,900 $1,860,300
919,385
195,893
104,585
244,500
211,285
other purposes.
In addition, the company purchases various products from a number of
other manufacturers for resale by the company principally to the automotive
327,000
307,000
industry, and also acts
159,278
50,000
49,135
2,326,714
Res. for self insur.
196,746
900,985
213,813
Earned surplus
2,858,458
Total...
$6,594,963 $5,919,281
Represented by 539,210 (538,842 in 1938) no par shares,
y After
depreciation and depletion reserves of $1,591,241 in 1939 and $1,389,845 in
1938.
z Represented by shares of $100 par.—V. 149, p. 1921.
x
Mengel Co.—Bookings—
September bookings of the company and subsidiaries totaled $1,386,061,
increase of 83% over the bookings of $755,016 in the same month of
last year.
The September bookings represent the best monthly showing in
the three years from 1937 to date.
More than a dozen industries, including furniture, building and numerous
consumer
lines using fibre containers, wooden boxes and
lumber, are
customers of Mengel, so that its orders usually reflect the trend of
general
an
business.
Capitalization
Upon Completion of Present Financing
Funded Debt—
6%
Authorized
Michigan Associated
Telephone Co.
12 Months Ended June 30—
1938
$1,273,452
859,009
$1,262,248
899,433
$414,443
Dr3,047
$362,815
Lb-4,029
Net operating income
Other income
(net)
-Earnings1939
•
Operating revenues
Operating expenses and taxes..
_
$411,396
long-term debt——.—..
on
—
outstanding, 8,500 shares are reserved under option to certain officers and
employees, out of the 10,000 shares reserved therefor by resolution of the
company's board of directors, and 200,000 shares are reserved for issuance
upon the conversion of the preferred stock.
Pursuant to the underwriting agreement company has agreed to retire the
outstanding $1,300,000
Reconstruction Finance Corporation loan and
425 shares (par $100) second preferred stock out of the proceeds derived
from the sale of the 200,000 shares of 6% cumulatjive convertible
preferred
5
Net income
2
13,289
1,739
9,155
1,899
$278,730
...
Underwriters—The
amounts
names of the principal underwriters and the several
underwritten by them respectively, are as follows:
Reynolds & Co..
Hemphill, Noyes & Co. .20,000 shs.
A. C. Allyn & Co
20,000 shs.
Reclaiming Co.—To Pay $1.25 Div.—
a dividend of $1.25 per share on the common
$5. payable Oct. 25 to holders of record Oct. 14.
This compares
with 25 cents paid on Aug. 1, May 1 and on Feb. 15, last; on Oct. 5 and
on June 25, 1938, and a dividend of $1
paid on Oct. 10. and on July 10,
1937, this last being the initial distribution on the issue.—V. 148, p. 737.
14,000 shs.
12,000 sbs.
6,000 shs.
Grubbs, Scott & Co
f ..
230. The proceeds will be used as follows:
Redemption and retirement of 425 shares of 2nd pref. stock
Payment of balance of principal of promissory note running to
RFC
$42,925
1,300,000
-
To be added to the cash funds of the corp. & to be used among
other things for reduction of unsecured bank loans aggregating
$500,000
496,305
Consolidated Income Account
Years Ended Dec. 31
1936
1937
1938
Gross
sales
4 Mos. End
Apr.
30,'39
less returns,
&c
$5,422,189
3,954,528
$6,591,052
5,342,712
$4,157,105
3,507,053
$2,572,336
1,923,641
$1,467,662
$1,248,340
$650,051
417,119
594 218
488 250
$648,695
232,724
$1,050,543
242,586
$654,122
246,830
$161,801
125,837
$415,971
86,838
$1,293,129
118,260
227,841
$900,952
314,213
92,055
$287,638
128,566
23,300
$502,809
54,115
84,500
$947,028
Cost of goods sold
Operating
Directors have declared
Cray,JMcFawn_& Petter.14,000 shs.
Ball, Coons & Co
Burr & Co., Inc
Purpose—The estimated net proceeds to be received by the company
from the sale of 200,000 shares of preferred stock are approximately $1,839,-
$222,730
—V. 149, p. 419.
Mid-West Rubber
38,000 shs.
38,000 shs.
Schwabacher & Co
Laurence M.Marks & Co.38,000 shs.
$358,786
125,000
117,633
.
General interest
Amortization of debt discount and expense
Miscellaneous income deductions
$494,685
$135,773
$364,195
expenses
Net profit on sales
Other income
par
Mississippi Power Co.—Asks FPC to Approve Deal—
$2,000,000.
The application states that the sale is to be made "because the duplication
of the electric facilities by the Authority, municipalities and
non-profit
membership corporations with the assistance of grants and loans from the
Federal
Government
will render the property
Deductions from income
Prov. for Fed. inc. taxes-
Net income
The company has filed an application with the Federal Power Commission
for authority to sell certain of its electric facilities in northern
Mississippi
to the Tennessee Valley Authority and a
group of municipal associates for
unprofitable to continue
to
Missouri Pacific RR.—Asks
Liabilities—
Notes & accts. receivableInventories—-.
.—$1,208,123
824,881
922,623
-—
Investments———-
150,591
Property, plant & equipment.
2,782,722
Sales...
149,
p.
1624.
a
(Utah)—Dividend Increased
dividend of 25 cents per share on the common
stock, par $10, payable Dec. 8 to holders of record Nov. 17.
Dividend of
10 cents was paid on June 20, last and dividends of 25 cents per share were
paid on Dec. 8, 1938, and on Dec. 6, 1937.—V. 148, p. 3232.
Mountain States Power Co.—Assents to Plan—
Soliday of Hopper, Soliday & Co., Chairman of
a
353,711.
—
108,834
S.
Can. Fed.
&
taxes
84,500
Div. payable on pref. stock
129,180
Long term debt, secured
1
637
Preferred stock
Total.......
—V. 149, p.
—
$6,124,178
.
1,100,000
42,500
-
protective
had been received in the two weeks that solicitations had been requested.—
_
.
—
A--
1,665,200
-
-
1,868,795
-
$6,124,178
1625.
Period End. Aug. 31—
Operating revenues
Operation
Maintenance
Taxes
-
(& Subs.)—Earnings—
1939—Month—1938
$122,508
$99,391
65.197
60,673
4,981
5,637
12,147
*
7,929
Net operating revs.—
committee representing preferred stockholders of the company, announced
Oct. 9 that a "substantial amount" of assents to the plan of reorganization
—
Total
National Gas & Electric Corp.
Mountain Fuel Supply Co.
S.
for IT.
Earned surplus
1939—Month—1938
1939—8 Mos.—1938
$44,742,767 $38,555,611 $303106,311 $261998,101
Directors have declared
David
Prov,
$900,000
-
—
.
—
Common stock ($1 par)
Montgomery Ward & Co.—Sales—
Sept. 30—
Accruals...
106,057
See Illinois Central RR. above.—V. 149, p. 2089.
Period End.
Notes payable
Accounts payable
Patents & contracts
Water rights & power sites
for Freight Reduction—
.
Consolidated Balance Sheet April 30, 1939
Assets—
Cash
Deferred charges
hold."—V. 149, p. 2238.
—V.
Outstanding
pref. stock ($10 par)
200,000 shs. 200,000 shs.
Common stock ($1 par) -—
*1,200,000 shs. 502,874 shs.
*
Of the shares of common stock, 502,874 shares are
presently issued and
cum. conv.
stock.
New bookings in the first nine months of 1939 amounted to $7,380,380,
compared with $5,562,295 in the same period of 1938, or an increase of
33%, according to the Mengel statement.
Mengel shipments in September amounted to $944,395, an increase of
19% over a year ago, while nine-months' shipments totaled $6,531,920, or
27% above the corresponding period of 1938.
As of Sept. 30, 1939, the Mengel Co. had unfilled orders of
$2,054,369,
compared with $1,656,643 on the company's books at the end of August,
and $1,542,475 on Sept. 30, 1938.—V. 149, p. 1768.
stock,
as selling agent for certain manufacturers of various
products Avhich are sold principally to the auotomotive industry.
These
products include such items as carpets, headlinging cloths, armrests, glove
compartments, sun visors and acoustical materials.
This business is con¬
ducted by the company as its "cloth, conversion and sales department."
\ ...$6,594,963 $5,919,2811
Interest
Redeemable in
whole or in part at $11.50 per share and upon the occurrence of certain
conditions, redeemable in whole, but not in part, at $11 per share with
accrued dividends in both instances.
In voluntary liquidation entitled to
$11.50 per share and in involuntary liquidation to $10 per share with
accrued dividends in both cases.
Protected against the issuance of prior
securities. Votes equally share for share with the common stock.
History & Business—Company was incorp. Jan. 23, 1928, in Delaware,
and its principal executive offices are located at Railroad Ave. and
Kennedy
St., Oakland, Calif. It represents a consolidation of the Automobile Batting
Department of the California Cotton Mills Co., of Oakland, Calif, and of
the physical properties, water rights and business of Little Falls Fibre
Co.,
of Little Falls, N. Y.
Both components of this consolidation had been
engaged principally in the manufacture of cotton batts and padding used in
the manufacture of automobile upholstery.
Company is principally engaged in a textile specialty businass whose
products are largely sold to the automobile industry. This business includes:
(a) The cutting and converting of cloth into pleated seat cushions, backs,
and door panels for installation in the interior
trimming of automobiles.
The covering fabric or material used for these
purposes is neither produced
nor purchased, but is
supplied to the company by the automobile manu¬
facturer; (b) The production of pads, padding, batting and wadding,
principally used in the upholstering of automobiles; (c) The production of
silencer pads for autpmobile interior trim; (d) The
cutting and binding
of floor carpets and other items used in automobiles; (e) The manufacture
of sisal batts and batting for the upholstery trade; (f) The
embossing, by a
recently developed vulcanizing process, of designs on the covering dloth
for automobile seat cushions, backs, and door panels and on materials for
157,826
State income tax
Dividends
expenses,
Total
cum.
Acer, wages, taxes,
appli¬
pat.
cation
_
Convertible share for share into common stock.
annum.
Net profit from opers.
Other
income
for
Listing—The common stock is currently listed on the New York Curb
Exchange and the San Francisco Stock Exchange, and the company has
agreed to apply for listing of both the preferred and common shares on the
New York Stock Exchange.
Cumulative dividends are payable Q-M. 1 at rate of 60c. per share per
.
&
amortiz. of patents
Prov.
2373
Balance
Retirement accruals
$40,184
/>r735
$25,153
$39,449
15,317
$26,455
$24,132
7,931
$16,201
Non-operating inc. (net)
1939—12 Mos.—1938
$1,391,694
$1,300,805
779,700
737,858
62,992
71,873
125,837
104,646
$423,165
Dr'2,707
$386,428
$420,458
165,804
$387,073
160,004
$15,041
8,361
$254,654
$227,069
101,094
$6,680
$1.57,059
62,066
1,303
11.415
645
V. 149, p. 2238.
Gross income
(G. C.) Murphy Co.—Sales—
Period End.
Sept. 30—
Sales...
Interest & amort., &c—
1939—Month—1938
1939—9 Mos.—1938
$3,789,084
$3,307,848 $30,812,637 $27,562,236
Stores in operation
201
201
Net income
Dividends declared
Earnings
—V. 149, p. 1625.
per
share
97.595
$125,975
46,549
$0.41
..........
$0.51
.
—V. 149, P. 2238.
Nancy Lee Mines, Inc.—Retgisters with SEC—
See list given on first page of this
department.—V. 145,
p.
1105.
National Automotive Fibres, Inc.—Preferred Sotck
Of¬
fered—Public financing for the company was announced
Oct. 10 in the form of
cumulative
convertible
new issue of 200,000 shares of
6%
($10 par) preferred stock, which is
a
being offered by a banking group headed by Reynolds &
Co., priced at $11 per. share.
Associated with Reynolds &
Co. in the offering are Schwabacher & Co.; Laurence M.
Marks & Co.; Hemphill, Noyes & Co.; A. C. Allyn & Co.
National
Investors
Corp.—-Net Assets Amount to $15,-
132,299—
The report as of Sept. 30, 1939, states that net assets on that date were
$15,132,299, equivalent to $5.81 a share on 2,607,939 shares of capital
stock, excluding shares held in treasury.
This compares with net assets on
June 30, last, of $14,182,646, equal to $5.31 a share on 2,673,042 shares, and
with net assets on Sept, 30, 1938 of $17,291,155, equal to $5.70 a share on
3,037,688 shares.
For the nine months ended Sept. 30, last, profit was $208,388 after
expenses and taxes, but exclusive of $476,636 net loss realized on sale of
securities which was charged to security profits account.
This compares
with a
profit in the first nine months of 1938 of $212,338, exclusive of $1.143,054 net loss realized on the sale of securities.
The Commercial & Financial Chronicle
2374
Investments
in
stocks
common
carried in the balance sheet
are
as
of
Sept. 30. 1939, at the market value of $15,237,118, comparing with $16,090,487 on Sept. 30, 1938.
The
company's assets continued to be approximately
common
"We
fully invested in
stocks#
in
departed from our 'growth' investment policy
because of war conditions," stated Fred Y. Presley, President, in connec¬
tion with the issuance of the report, "and are continuing to base our invest¬
ments upon long-term growth prospects as distinguished from non-recur¬
ring profits arising out of war.
The fallacy of valuing common stocks on
the basis of war profits is obvious.
War profits are oniy temporary,
hostilities may terminate unexpectedly, and ultimately companies with
large war earnings are almost certain to be subject to regulation and heavy
taxation.
Consequently, in view of the non-recurring nature of war profits,
it would not seem that the capitalization of such earnings would be justified
at anything beyond a mere nominal rate.
"The fact that the portfilio contains such so-called war stocks as Alum¬
inum, Sperry, Bendex Aviation, Du Pont and others is wholly coincidental
with our growth policy and the long-term continuity of earnings on which
this policy rests.
New postions established during the past quarter included:
American
Airlines, Bendix Aviation, Cuneo Press, and Mead Johnson.
Positions
eliminated were International Nickel and Standard Oil of New Jersey.
have
—V. 149, p.
no
way
$1,919,558
Stores in operation
„
1625.
Directors have declared
a
dividend of 75 cents per share on the $3 cum.
1 to holders of record Oct. 16.
This
dividend for quarter ended Sept. 30, pro¬
capital structure.—V. 149, p. 2239.
preferred stock payable Nov.
vided under revamping of
1939—Month—1938
1939—9 Mos.—1938
$3,927,093 $34,463,491 $32,008,257
Period End. Sept.'AO—
$4,428,313
Sales
1625.
the output for the first
Sept. 30, 1939, there was an increase of 934%
12 months ended Sept. 30, 1938."—V. 149, p. 739.
ended
(Del.)—Weekly Output—
States Power Co. system for the week
kilowatt-hours, an increase of 10.5%
compared with the corresponding week last year.—V. 149, p. 2240.
Ohio
Bell
Telephone Co.—Earnings—
1939—Mrmth—1938
1939—8 Mos.—1938
$3,717,543
$3,498,036 $29,180,876 $27,619,507
7,464
22,655
44,024
165,144
Operating revenues..
Operating expenses
$3,710,079
2,279,108
Operating revenues
Net
Net oper.
a
share on the prior lien pref. stock, $6 dividend series, and
stock, $7 dividend series.—V. 148,
87 A cents per share on the prior lien pref.
$1,245,555 $10,973,642
461,386
4,082,143
533,338
income....
$9,655,469
3,870,077
$6,891,499
6,806,502
$5,785,392
5,743,456
$784,169
765,768
$897,633
887,364
149, p. 2240, 1626.
Oklahoma Gag
dividend on the prior lien pref.
quarterly dividend, pay¬
Dec. 1, 1939.
This divi¬
dend is applicable to the quarter ended June 15,1932, being the first quarter
for which dividends are in arrears.
Checks for the dividend will be mailed
Dec. 15, 1939, to stockholders of record of Dec. 1, 1939, on the following
declared
$3,475,381 $29,136,852 $27,454,363
2,229,826
18,163,210
17,798,894
revenues.."$1,430,971
oper.
Net income
England Public Service Co.—Dividends—
Directors meeting on Oct. 6,
75 cents per
compared with the
ended Oct. 7, 1939, totaled 29,005,039
—V.
stocks of that company equal to one-half of a full
able on Dec. 15, 1939, to stockholders of record of
& Electric
Co.—Earnings—
Year Ended Aug. 31—
Operating revenues
Operation
1938
1939
$13,528,501 $13,277,785
4,834,327
4,687,452
859,951
799,963
1,200,000
1,300,000
_
Maintenance and repairs.
...
Appropriation for retirement
reserve
516,167
19,196
1.425,369
452,556
$4,743,768
24,647
Amortization of limited-term
$4,486,387
1,889
$4,768,415
1,662,269
268,451
$4,488,276
1,678,182
270,481
85,006
53,310
19,197
electric investments
1,461,954
Taxes
Provision for Federal and State income taxes
2597.
p.
New England
Telephone & Telegraph Co .—Earnings—
Period End. Aug. 31—
Operating
1939—Month—1938
1939—8 Mos.—1938
$6,564,295
$6,308,635 $51,145,783 $49,251,324
19,678
30,086
150,307
215,008
revenues
Uncollectible oper. rev.
Operating revenues
Operating expenses
_
"$6,544,617
_. _
4,642,079
"$1,902,538
Net oper. revenues:
697,313
Operating taxes
Net oper.
—V.
149,
p.
"$1,205,225
income
1769.
New York Air Brake
Period End. Sept.
x
there was an increase of 11K%
nine months of 1938, and for the 12 months
"For the first nine months of this year
over
Operating taxes.
(J. J.) Newberry Co.—Sales—
basis:
month and quarter so far in 1939
Uncollectible oper. rev__
payment represents cumulative
New
Output for each
exceeded the high figures for thetorre-
high record made in the fourth quarter of that year.
time
sponding periods of 1937.
Period End .Aug. 31—
ferred Dividend—
—V. 149, p.
record, preliminary figures showing an increase of \0A% over the output
for the third quarter of 1938 and an increase of 1 A% over the previous all-
,
Corp.—To Pay 7b-Cent Pre¬
Nevada California Electric
4%
Output—
made the following quarterly report of
Electric output of the Northern
1939—9 Mos.—1938
$1,685,199 $15,757,520 $13,237,398
110
109
1939—Month—1938
Sales
—V. 149, p.
North American Co.—Electric
President J. F. Fogarty on Oct. 9
Northern States Power Co.
Bros., Inc.—Sales—
Period End. Sept. 30—
1939
14,
electric output of subsidiaries:
"The combined electric output of the four groups of subsidiaries of the
North American Co. for the third quarter of 1939 established a new high
115.
Neisner
Oct.
$898; material and supplies, $108,545; prepaid rent and insurance, $8,305;
discount on funded debt, $130,668; total, $4,775,528.
Liabilities—Common stock, $1,496,200; 7% preferred stock, $1,016,000;
6% preferred stock, $244,800; funded debt, $1,552,000; accounts payable,
$48,470; matured interest, $29,100; advanced billing. $2,883; accrued
taxes, $113,078; other accrued liabilities. $574; reserve for accrued depre¬
ciation, $161,829; other deferred credits, $20,000; unappropriated surplus,
$90,595; total. $4,775,528—V. 147. p. 427.
$6,278,549 $50,995,476 $49,036,316
4,554,608
35,965,075
35,188,136
$1,093,471
After depreciation and
York
1939—9 Mos.—1938
$373,620 loss$271,558
Nil
Nil
$1.44
Federal income taxes.—V. 149,
Central
p.
420.
Net
from ry. oper.
$7,367,028
2.678,424
1,175,156
$5,935,180 $47,462,985 $34,163,936
2,611,918
23,183,411
22,784,567
1,015,291
9,263,936
7,992,327
Net ry. oper. income.
Other income
$3,513,448
1,002,059
$2,307,971 $15,015,638
1,069,415
8,537,058
Total income...
$4,515,507
143,024
4,029,582
Miscell. deduc. from inc.
Total
fixed
Net
inc.
charges
after
charges
x
Deficit.—V.
New
Cut
York
$342,901
$0.05
$8,900,019 x$20,515149
Nil
Nil
149, p. 2091.
New
&
Hartford
RR.—Freight Rate
Upheld—
railroad's
1770.
Co.—A otes Reduced—
Co.—Earnings-
Period End. July 31—
Sales, after disc., &c___
Cost of goods sold
1939—12 Mos—1938
1939—6 Mos.—1938
$3,289,103
2,214,175
$7,403,059
4,977,016
profit on sales..
$1,165,451
$1,074,928
21,702
21,870
$2,527,910
39,967
$2,426,043
Inc. from leas, depts
Broadcasting prof., after
depreciation
44,407
60,647
117,564
121,874
$1,231,560
970,802
44,902
$1,157,445
$2,685,441
2,057,085
86,561
$2,591,508
2,132,885
$215,856
28,163
$105,680
23,599
$541,795
$350,310
50,827
$244,019
$129,279
$401,137
42,750
22",666
$594,816
354,121
39,700
$201,269
$1.82
$107,279
$0.86
$200,995
$339,537
$2.98
Total gross profit....
Expenses
Depr. & amortz
-_
Operating profit.
Other income
Profit before taxes
.
..
996,250
55,515
Federal inc. taxes......
x
Net profit..
Earns, per share.
x
43,591
108,313
53,021
Flood loss
61",600
$1.61
On 99,420 common shares.
Directors
freight
on
rate
Oct.
5 upheld a reduction in
between
the
Harlem
River,
New York, and Boston from 33 to 25 cents a 100 pounds, and an increase
in the minimum shipment thereunder from 24,000 to 30,000 pounds.
The proposed reduction was to have gone into effect last
Juno, but was
suspended because of protests by motor carrier interests in New England.
The present rate and minimum yield $79.20 a car.
The new rate and
minimum will yield $75 a car.—V. 149, p. 2239.
New York Title & Mortgage
on
Oct. 7 declared
an
extra dividend
paid on Jan. 24, last.—V. 148, p. 2280.
were
Pacific
Telephone & Telegraph Co. (& Subs.)—Earns.
8 Months Ended Aug. 31—
Operating revenues
Operating expenses, inculding taxes
1939
*
1938
$80,803,048 $76,432,223
65,931,590
63,386,711
_____
...$14,871,458
Operating earnings...
Miscellaneous non-operating revenues
Co.—Distribution—
Trustees for the former New York Title
& Mortgage Co.'s series NS-1
a distribution of 1A % income of the outstanding principal
certificates, payable on Oct. 31.
The trustees are Frederick
R. Crane, Marcel Levy and Clarence Horwitz.
This will be the sixth
payment on these certificates since trustees were appointed.—V. 149, p.
have announced
of 25 cents per share in
to a quarterly dividend of 75 cents per share on the common
both payable Nov. 1 to holders of record Oct. 24.
Like amounts
addition
stock,
all-commodity
$2,444,669
Extra Common Dividend—
Haven
The Interstate Commerce Commission
this
$3,387,042
9,691,944
$3,377,386 $23,552,696 $13,078,986
148,600
1,053,032
1,133,560
4,107,429
31,399,683
32,460,575
x$878,643
Nil
41,634
$2,716,825
Company reported that it paid off $600,000 of promissory notes on July
This leaves $2,400,000 outstanding.
The notes paid off carried a \ XA% interest rate.—V.
148, p. 2280.
fixed
Net inc. per share of stock
35,864
deductions
Oliver Farm Equipment
Gross
1939—Month—1938
1939—8 Mos.—1938
revs
$28,364,196 $25,074,978 $211453,080 $186908,727
expenses. 20,997,168
19,139,798 163,990,095 152,744,791
Railway tax accruals...
Equip. & joint fac. rents
rev.
-V. 149, p.
RR.—Earnings—
Period End. Aug. 31—
Railway oper.
Railway oper.
....
Net income.
Outlet
$0.61
:...
7 which would not have matured until Jan. 10, 1940.
Co.—Earnings—
par)
New
income...
Miscellaneous
$8,830,789
$9,513,356
Earns, per share on 259,120 shs. cap. stk. (no
x
Gross
(net)
Interest on funded debt
Amortization of debt discount and expense..
Other interest (net)
$1,723,941 $15,030,401 $13,848,180
630,470
5,517,045
5,017,391
1939—3 Mos.—1938
$157,329 Joss$51,286
30—
Net profit
Net operating income
Other income
Total net
60.470
(net)
$13,045,512
148,872
$14,931,928 $13,194,384
2,320,862
2,128,868
earnings—
Interest deductions
amount of the
Net
income..'
.$12,611,066
11,703,333
Dividends..
$11,065,516
10,500,000
1924.
Northern Ohio
Undivided profits.
Telephone Co.—Earnings■—
Calendar Years—
1938
Operating revenue
Operating expense
1937
$947,692
567,599
$906,273
537,454
1936
$838,836
515.444
-V.
1935
$755,620
470,144
149,
p.
$907,733
Payne Furnace & Supply Co., Inc.—Earnings—•
1939
Operating income
$380,093
$368,819
$323,392
118,253
115,715
103,013
85,221
$261,840
$253,104
1,322
$220,378
1,293
$200,255
1,182
$254,427
71,118
4,908
$221,671
71,818
$201,437
78,656
4,908
4,314
$285,476
1938
$1,542,943
1,107,574
$1,616,854
1,100,968
$435,369
$515,886
415,728
Years Ended March 31—
Sales
Taxes (county, State and
Federal
Cost of goods
Gross
sold
profit on sales
Selling, general and administrative expenses
Net operating income.
Other income
Net
inc.
690
$262,530
70,712
Amort, of the debt disc.
4.908
Net
income avail,
divs. and surplus...
Income,
balance.'....
$186,911
85,798
$178,400
77,804
89.772
$144,945
72,512
63,588
$118,466
72,352
37,405
$11,341
$10,824
$8,844
$8,709
Balance Sheet Dec. 31, 1938
Assets—Telephone plant, $4,417,357; company owned securities, $800;
cash and deposits, $38,365; working fund,
$1,460; notes and accounts
receivable, $5,930; due from customers, $63,199; other current assets,
income
426,182
10,652
10,027
xl2,545
$1,465
.....
Includes surtax on undistributed
prof$77,584
profits of $365.
Balance Sheet March 31. 1939
Assets—Cash,
$26,788;
miscellaneous
accounts
and
notes
receivable
for doubtful acc'ts and notes of $28,849), $169,449; advanced com¬
$1,047; inventories, $594,509; investments, $19,148;
land, $63,777; spur track, $1,293; buildings, machinery, equipment, &c.,
(after reserves for depreciation), $272,270; patents, at cost (less x*eserves),
$21,105; deferred charges to operations, $3i,408; total, $1,003,512.
Liabilities—Notes payable to banks, $90,000; accounts payable, $46,361;
accrued
wages
and commissions payable,
$24,115; dividend payable,
$9,202; miscellaneous taxes and other accruals, $12,348; estimatea Federal
income and capital stock taxes payable, $1,738; deferred income, $5,494;
series A pref. stock (41,084 shares at $8 stated value), $328,672; series B
preferred stock (20,261 shares at $6.40 stated value), $129,670; common
res.
missions (lessreserves),
89,772
Common dividends
x
(after
for
Preferred dividends
Financial & extraneous exps., less
Federal taxes on income
Net loss
available for
fixed charges
on funded debt.
Interest
$565,516
*
1771.
Volume
The Commercial & Financial Chiomcle
149
stock (par
$1), $121,658; paid-in surplus, $226,037; earned surplus, $8,216;
$1,003,512—V. 146, p. 446.
total,
(J. C.) Penney Co.—Sales—
Sales for the month of September,
1939, were $26,137,694 as compared
$22,378,964 for September, 1938.
This is an increase of $3,758,731
16.80%, and represents the largest September sales in the company's
history.
Total sales from Jan. 1 to Sept. 30, 1939, inclusive, were $181,976,395,
as compared with
$165,003,362 for the same period in 1938.
This is an
increase of $16,973,033, or 10.29%.—V. 149, p. 1627.
with
Peerless Casualty Co.—Reoisters with SEC—
See list given on first page
of this department.—-V. 144,
or
3187.
p.
Penmans, Ltd., Montreal—Earnings—
C lendar Yews—
Sales.
Pr
1938
1937
1936
1935
$5,059,374
434,910
__
fits
$6,232,877
z >48,164
140,000
110,000
70,000
$5,599,931
xtw0,350
140,000
$5,230,935
x613,215
140,000
110,000
60,000
13,050
6,056
110.000
I
Depreciation
Bond interest
149,000
95,315
40,000
.
Prov. for inco-r
e
taxes..
Directors re-" uneration
Bad debts written off J_
50,000
13,050
4,799
Contribution—Canadian
Pennsylvania Telephone Corp.—
;
12 Months Ended June 30—
Operating
Operating
$159,595
64,500
Surplus
$328,164
64,500
193,554
193,554
$295,366
$306,240
64,500
193,554
64,500
193,554
def$98,459
$70,110
$48,186
1,584,851
1,514,742
Interest
$646,170
208,000
33,165
5,023
Cr22,143
$646,735
208,000
5,023
015,263
$422,125
$432,157
long-term debt
011
General interest
Amortization of debt discount and expense.
Interest charged construction
1,466,556
Net income.
..._.v___,
x
—V.
Balance Sheet Dec. 31, 1938
Assets—Real estate, buildings, plant, dwelling houses, water powers, &c.
Period End. Sept. 30—
Sales.
Includes inco-e from invests ents of $1,209 in 1936 and $792, in 1935.
After deducting $15,674 flood loss at London.
(net), $4,665,763; goodwill, trade marks, &c., $1; funds deposited with
trustee for redemption of 1st mtge. bonds, $42,539; preoaid exnenses, $38.342; cash, $279,0*6; accounts receivable (net), $598,522; inventory of raw
and manufactured stock, $1,740,166; total, $7,361,378.
Liabilities—Preferred
stock
($100
oar),
$1,075,000;
common
stock
(64,518 no par shs.), $2,150,600; 514% 1st mtge. sinking fund bonds,
$1,722,500: accounts and bills payable, including accrued bond interest,
$115,968; wages, $30,638; reserve for Dominion and provincial taxes,
$41,23': general reserve, $742,046;
earned surplus, $1,486,392; total,
$7,364,378.—V. 146. p. 3965.
\
Penn Electric Switch Co.- —Earnings—
Calendar Years—
1938
1937
1936
1935
$1,746,271
1,078,663
$1,670,787
9^2,794
$1,339,571
722,852
& admin, exps
$1,201,110
829,286
368,315
414 906
420,905
$3,509
$252,703
14,160
$307,089
19,846
—V.
149,
1939—Month—1938
$1,710,874
Peoples Light & Power Co .— Tenders—
The Chase National Bank, as trustee, is inviting tenders for the sale to it
lien bonds, series A, due 1961, at a flat price not exceeding
in an amount sufficient to exhaust the sum of $41o,0u0.
Tenders
will be received at the Corporate Trust Department of the bank until noon
Oct. 26, 1939.
Holders of these bonds are also being notified that the
par,
on
to tender $^15,000 principal amount of these bonds
price which may be as low as two points under the bid
not more than three days before the date for
acceptance of tenders, by three trading houses selected by the company,
but which shall not be in excess of the average cost of the bonds to the
company.—V. 149, p. 1336.
company
owned
proposes
by it at
a
market price as determined,
Pepsi-Cola Co. (& Subs.)—Earnings—
Consolidated Income Account for
8.529
Total income-.
$12,038
$266,8*3
22,404
3L500
9,000
$326,935
$298,071
53,395
1936
$200,959
60,000
60,000
75,000
$2*1,472
27,500
xl75,000
18,444
__
651
's
_
Net profit
Class A dividends._____
Common stock dividends
12,069
$2,111,274
51,686
$3,282,736
91,287
$4,254,213
$2,162,960
$3,374,023
17,568
$4,328,487
Income deductions
Prov.
Federal
52.163
$7 608.769
3,354,554
74.273
216 506
'39
$6 296,417
2,443,488
$3,852,929
39,542
$3,892,471
87,611
and
566,686
1,092,201
845.522
750.630
$1,544,110
$2,264,253
$3,266,457
$3,054,229
27,199
140,867
90,238
Net income
$1,516,911
Previous earned surplus.
549,179
Adjst. of acct. of Charles
G. Guth_
$2,123 386
1,543,098
$3,176,219
3,659.629
Net income
c
Legal
Assets—Cash, $110,890; receivables (net), $102,578; inventories, $380,949; prepaid exnenses, $19,649; investments, $152,831; plant and equip¬
ment
(net), *399,295; patents, $31,061;
trade
agreements,
$300,000;
total, $1,497,253.
for
Canadian income taxest
1936, and
Balance Sheet Dec. 31, 1938
July 31,
1,047,622
gen.
$250,013
x Comprises.
$50,000 paid Prior to recapitalization June 24,
$125,000 subsequently,
y Indicates loss.
1938
&adm. exps..
Sell.,
$3,158,896
Other income
202,619
7 Mas. End.
31
$5,720 842
2,438,106
Net operating profit--
48.058
y$7,057
_
Stated Periods
Ended Dec.
1937
Years
Period—
Gross profit on sales
Other charges
Prov. for income taxes.
1939—9 Afos.—1938
$16,357,457 $15,556,722
$1,835,270
1771.
p.
of collateral
$283,114
14,957
_____
1
Co«t of sales
149, p. 2095.
Peoples Drug Stores, Inc.—Sales—
333.605
i_
Netsales-___
16,818
$37,312
1,486,392
___
Total profit and loss
gen.
$656,075
Dr9,340
Net operating income-
Net earnings
Net income.
Sell.,
1938
$2,355,490
1,699,415
$650,190
Dr4,020
expenses and taxes..
5,003
Pref. dividends (6%)
Common dividends
z
1939
$2,408,711
1,758,521
revenues
Other income (net)-.
Red Cross
„
2375
&c.
in
con¬
the
case
exps.
nection
with
of Loft Inc.
Charles;
v.
G. Guth et al
Exps., losses pay., &c
a
355", 166
_
Liabilities—Accounts
payable,
$24,207; accrued liabilities,
$27,227;
long-term debt. *138,727; class A stock ($10 nar), $500,000; common srock
($5 par). $500 000; paid-in surnlus, $118,403; earned surplus, $188,689;
total, $1,497,253.—V. 147, p. 277.
Pennsylvania Co. for I nsurances
Annuities—Balahce Sheet Sept. 30—
Lives & Granting
on
1939
Assets—
•; f
V
_
State, county and " unieipal securities.
Loans upon collateral
Invest" entsecurities
Call loans to brokers
_
Commercial paper
First rr ortgages owned
for protection of "cash
trust accounts"
34,100,072
5,887,709
77,826,695
54,361,952
7,846,604
35,253,537
24,092,736
3.253,000
31,348,549
6,356,800
balances in
11,642.540
2,147.950
850,414
Interest accrued.
Bank building, valuts and equipment.
Other real estate.
/_
6,141,664
2,221,026
284,747,188 257,095.913
Cash
12,000.000
Undivided profits
Reserve for dividends
Unearned interest
2,727.540
336,000
862,705
328,506
16,455
Reserve for building, taxes and expenses
Miscellaneous liabilities
credit
and
acceptances
executed
8,400,000
12,000,000
2,798,949
Miscell. accounts
Inventories, at cost
(net)
Total
cases,
formular
Total
a
Reserve for Federal and Cana¬
returnable
Capital stock (par $5)
Earned surplus
Dividends
$58,227
$147,875
2,516
Total income
$58,227
8,587
:
Interest
$150,391
6,914
State & Federal capital stock & miscellaneous taxes:
5,743
8,953
14,995
Stock transfer taxes
Sundry
expenses
Net profit before loss on securities sold.
$19,949
1,298,211
230
Prov. for Federal income tax.
Net
loss
(before
unrealized
profit
loss
or
11,469
1
■
■
17,881
$114,127
404,054
2,664
on
$1,278,492
Preferred dividends.
$292,591
86,563
Balance Sheet Dec. 31
1938
$
Assets—
65.893
Cash
Accts. receivable.
Notes receivable.
_
_
2,030
1,774
1937
1938
1937
280.000
280,000
Liabilities—
$
16.356
Loans pay. (secured
2,957
by
1,77
13,570,448
securities
pledged).
Accounts payable.
Prov. for Fed. &
17,684
699
Statetaves...__
Securities (at cost) 12,257,993
5,633
10.979
Res. for contings._
6%
x
cum.
Earned surplus
To*"I
x
—-I* 3°*
13.591.53*
Totfll
20.000
20,000
6,925,000
6,925,000
6.032,697
def953,324
6,032,697
322,160
1° **>,7,689
13,591,534
pmf. stk.
(nar $100)
Common stock..
Represented by 593,320 no par shares.—V. 147, p. 3318.
$13,889,581
______
machinery, ad¬
the dirrc ors of
1931, representing the par value, $5 per share, of
stock issued therefor, of which 100,000 shares were
300 000
donated
Notes to Consolidated Balance Sheet
case
of
Loft, Inc. vs. Charles G. Guth et al. and settlements
,
.
,
.
1935, Loft, Inc., instituted suit in the
„
in con¬
^
„
Chancery Court of
against Charles G. Guth, The Grace Co., Inc., of Delaware
(Mr. Guth's family-owned cornoration). and Pepsi-Cola Co.. seeking to
recover, among o:her things. 237.500 shares of the capital s ock of PepsiCola Co. held by Mr. Guth and The Grace Co., Inc., of Delaware, and for
an accounting of all funds and property received by said defendants from
Pepsi-Cola Co. in the form of distribution of profits or otherwise.
On Oct. 4, 1938. an interlocutory decree was entered awarding Loft, Inc.,
237,500 shares of the capital stock of Pepsi-Cola Co., and directing an ac¬
counting.
The decree was affirmed on appeal in an opinion dated April 11,
1939.
/■
In accordance with an order to show cause dated June 23. 1939, a settle¬
ment involving the claims of Charles G. Guth, members of his family and
his affiliated corporations against Pepsi-Cola Co. and Loft, Inc., was
effected with the approval of the Chanceller, after notice to stockholders,
providing, in so far as Pepsi-Cola Co. is concerned, for the following, among
Delaware
1937
Interest
Total
company.
In December,
1938
1,500,000
59,678
9,534,911
and
nection therewith:
Calendar Years—
,___
Capital surplus
1,500,000
the company in
shares of capital
The
Pennsylvania Industries, Inc.- -Earnings-
531,690
-
From franchise bottlers and oihers for merchandise,
truck rentals, &c.
b At value placed thereon by
the
750,630
Deposits on bottles and cases
$13,889,581
284,747,188 257,095,913
-V. 148, p. 133.
125,000
egal fees
vances,
to
82,952
646,614
*
264,610
155,882
Other assets
Trademarks,
goodwill
$658,105
Taxes
694,003
&c__
Deferred charges
b
.
payable..
Salaries, comm., bonuses, &c,
dian income taxes—
_
451,268
374,379
148,052
180,157
175,525
.257,415.056 229,078,999
2,480.768
3,332,742
customers
Reserve for contingencies.
1,447,609
179,478
Accounts
Domestic franchise &c.bottlers
336.000
for
Deposits
—$4,706,664
98,211
receivable-42,895
Notes & accounts receivable.
Bottles,
8,400,000
$9,534,911
Liabilities—
-
111,981
Notes receiv. (non-current)
70,000
Due from employee
29,014
Invest. In Loft Inc. (ll,700sh.)
23,400
Fixed assets (net).
4,565,833
175.525
$6,835 848
$3,659,629
Consolidated Balance Sheet July 31, 1939
A co/jfc-
Advs. on acct. of sugar purch.
Liabilities—
of
$1,543,098
5,217,511
180,157
Canital
Surnlus
Letters
Balance of earned surp
1,006.336
1,993,978
Custom er's liability account letters of credit issued
and acepted, executed
.
Dr522,992
1,979,713
____
Drl2,000
Cr5,144
equity--
4,896,355
____
_______
of
excess
$2,699,062
6,835,848
a In
connection with the settlement in July, 1939. of accounting pro¬
ceedings directed in the case of Loft, Inc. v. Charles G. Guih et al, and
other liligation, claims, &c.
b In net assets of Pepsi-Cola, Ltd. (England)
at acquisition date over investment therein,
c Before deduction of special
legal and settlement expenditures.
a
Miscellaneous assets.
Total
$
..117,876,423
44,358,794
5,629,042
37,632,460
17,565,559
...
Reserve fund
b Est.
Divs. paid in cash-
1938
J'
Cash and amt. of deposit with Fed. Res. Bank.
U. 8. Government securities
____
other things:
....
The discontinuance of the above-mentioned accounting proceeding
claim by Mr. Guih and The Grace
Co., Inc., of Del. against Pepsi-Cola Co.. for $5,000 000; and claims on the
[>art of Pepsi-Cola Co. for the return of 2,209 shares of capital s ock s anding
n
Pr the name of Mr. Grnh, for any excess salary paid to Mr. Gu h subsequent
to October. 1935. and prior to Ociober, 1938, for reimbursement for fees
and expenses paid out by it in connection with the above-mentioned suit
against Mr. Guth. for certain funds withdrawn by checks payable to cash
and charged to legal expensse and special field work, and for the recovery
from Mr. Gu'h of 10 800 shares of s ock of Loft, Inc.
(b) The dismissal of the action brought by Noxie Kola Co. against
Pepsi-Cola Co., and the counterclaim of Pepsi-Cola Co. in connection with
said litigaiion, involving the ownership of the Noxie Kola trademark and
goodv.il!; the transfer of the Noxie Kola trademark, formula and goodwill
to nominees of Pepsi-Cola Co.; the assumption by Pepsi-Cola Co. of the
(a)
which involved, among other things, a
obligation 1
previously
New
York,
Co. of New
York, Inc., of the difference (one-half cent per pound of sugar
The
Commercial & Financial Chronicle
2376
Oct.
12 Mos. Ended Aug. 31—
.
expenses,
Philadelphia Electric Co. Common Stock
.
debt discount and expense, dividends on capital
stocks of subsidiaries held by public, &c
Member* New York Stock Exchange
N. Y. Telephone—Whitehall 4-1923
A. T. & T. Teletype—Phla 22
Philadelphia
Note—This
12,831,603
14,198,700
_
Net income after interest charges, amortization of
YARNALL & CO.
$40,578,422
for retirement and depletion
approp.
and taxes, &c
reserves
1938
1939
Gross operating revenues.
$42,446,375
Net operating income after maintenance, operating
United Gas Improvement $5 Preferred Stock
Walnut St.,
1939
Philadelphia Co. (& Subs.)—Earnings—
Pennsylvania Power Co. $5 Preferred Stock
Philadelphia Company $5 Preference Stock
Metropolitan Edison $6 Prior Preferred Stock
1628
14,
.1
1
4,948,419
6,218,876
excludes
Pittsburgh Rys. Co. (and companies
operated by it), Pittsburgh Motor Coach Co. and Beaver Valley Traction
Co., and its subsidiary.—V. 149, p. 2242.
statement
Philadelphia Insulated Wire Co.—Earnings—
between the prevailing market price and the
content),
contract
price of
such sugar; the purchase
by Pepsi-Cola Co. from Noxie Kola Co. of New
York, Inc., of certain machinery and equipment for the sum of $45,000,
and the dissolution of Noxie Kola Co. and its subsid aries.
(c) The dismissal of the litigation brought by Pepsi-Cola Co. against
E. Carey Guth et al. relative to the ownership of 200 shares of capital stock
of Pepsi-Cola Bottling Co. of Calif, (constituting a four-sevenths interest
in said
company); the assignment of said 200 shares to Pepsi-Cola Co. for
$20,000. resulting in Pepsi-Cola Bottling Co. of Calif, becoming
a totally owned subsidiary of
Pepsi-Cola Co.; the granting of a franchise
bottling contract to the Pepsi-Cola Bottling Co. of Los Angeles (organized
by E. Carey Guth and Charles G. Guth Jr.); and the sale of the bottling
piant and certain other assets of Pepsi-Cola Bottling Co. of Calif, to PepsiCola Bottling Co. of Los Angeles, for approximately $200,000.
(d) The granting of a Pepsi-Cola franchise to Pepsi-Cola Bottling Co. of
New Orleans, Inc. (organized by Chester A.
Mehurin). and the sale of the
New Orleans bottling plant and certain assets, for $100,000 of which $15,000
was paid in cash
and the balance in notes, secured by real and chattel
the sum of
mortgages,
(e) The employment by Pepsi-Cola Co. of Charles G. Guth to render
advisory services for a period of five years at the compensation of $100,000
a
year.
Years Ended Dec. 31—
1938
1937
Net profit
from opersloss$87,563
Discounts, pro v. for reserves, &c. (net).
2,969
Prov. for Fed. and State
x
taxes--
Prov. for doubtful accts.
Net loss for year
3,846
$94,378
12,836
$84,267
loss$10,364
8,749
10,844
2,478
2,935
•
------
_
1935
1936
$ 4,775
25,211
------
~
•—
------
$12,842
Cash divs. paid
19,332
x After all charges including provision of $33,307 in 1938,
$35,195 in 1937,
.—-
—
$6,909 prof$48,211
18,525
37,245
$34,777 in 1936 and $29,184 in 1935 for depreciation.
/'
Balance Sheet Dec. 31,1938
Assets—Cash, $152,753; notes and accounts receivable, $76,285; in¬
ventories, $222,503; advance on contract for materials not delivered,
$1,663; fixed assets (net), $445,895; deferred charges, $7,136; other assets,
$34,563; total, $940,799.
.
Liabilities—Accounts payable, $21,666; accrued wages, $3,532: accrued
Federal and State taxes, $7,864; capital stock (16,865 no par shs.), $771,504;
capital surplus, $178,816; deficit, $42,584; total, $940,799.—V. 149, p. 1628.
\
(f) The agreement to release to Mr. Guth the 2,209 shares of Fbpsi-Cola
stock, and the $2 dividend thereon paid in 1936 held by the seqyestrator
in the above-mentioned
Phillips Packing Co., Inc. (& Subs.)—Earnings—
Guth. and the granting by Mr.
Guth to Pepsi-Cola Co. of an option to purchase said shares at $140 per
share, at any time prior to Jan. 18, 1940.
(g) The payment by Pepsi-Cola Co, to Charles G. Guth of $200,000: to
G. Guth Jr., of $35,000; to E. Carey Guth of $25,000, and to Noxie Kola
Co. of New York, Inc. of $20 000.
(h) The discontinuance of the suit by Pepsi-Cola Co. against Charles G.
Guth Jr., involving an alleged option to Charles G. Guth Jr., to
purchase
20,000 shares of Pepsi-Cola stock, and the cancellation by Charles G. Guth
Gross oper. income
Cost of sales
Gross profit
$8,523,215 $10,515,108
6,618,411
7,603,198
$9,046,578
$2,534,978
$1,348,155
$1,904,804
1,495,060
28,742
Fed. & State inc. taxes..
Federal undistrib. profits
919
1,815,801
62,439
9,635
taxes
1935
1936
$6,653,590
5,305,435
....
Admin, and selling exps.
Other deductions (pet)..
Jr. of such alleged option.
The discontinuance of the suit brought by Pepsi-Cola Co. against
H. Hoodless, involving the latter's alleged option to purchase
23,000 shares of Pepsi-Cola stock; the cancellation by Mr. Hoodless of such
alleged option; the payment by Pepsi-Cola Co. of $25 000 to Mr. Hoodless,
and the employment of Mr. Hoodless by Pepsi-Cola Co., as consultant
adviser with respect to sugar operations, for a period of two years at a
1937
1938
Calendar Years—
suit against Mr.
$2,911,909
1,777,719
1,559,222
102,095
144,603
100,382
155,121
1,600
-
6,511.600
46,463
-----
(i)
William
compensation of $25,000 a year,
(j) The exchange of general releases between
Pepsi-Cola Co. and its
subsidiaries, and Charles G. Gufh, Charles G. Guth Jr., E. Carey Guth,
The Grace Co., Inc. of Del., Chester A. Mehurin.The Devoine Co., Noxie
Kola Co. and its subsidiaries, and William II. Hodless.
Hearing in Suit Continued to Oct. 27—
Federal Judge Luther B. Way, in U. S. District Court at Richmond, Va.,
Oct. 27 hearing on the petition of Alexander W. Her¬
man & Co. of New York to set aside on grounds of fraud the sale of the
has continued until
assets
of National
Pepsi-Cola Corp.
in bankruptcy proceedings in
profit..
...Joss$176,566
$15,330
$832,224
$729,059
Note—Depreciation charges in the amount of $180,569 are included in
the above costs and expenses for 1938, $166,663 for 1937 and $160,230 for
Net
1936.
Consolidated Balance Sheet Dec. 31, 1938
Assets—Cash, $226,778; marketable securities, $1,900; notes and accounts
receivable (net), $649,037; inventories, $2,890,135; investments and other
assets, $317,501; property, plant and equipment (net), $2,111,803; deferred
charges, $5,064; total, $6,202,218.
Liabilities—Notes
payable,
$700,000;
accounts
payable,
$151,444;
accrued accounts, $63,769; Federal and State taxes on income, $3,210;
5K% cumul. preferred stock (par $100), $911,200; common stock (475,000
no par shs.), $1,930,100; surplus, $2,442,495; total, $6,202,218.—V.
149,
Photo
bankruptcy sale.
Judge Way decided to permit the plaintiff company, which held 500
of the bankrupt corporation, to present evidence as to
charges of
fraud, confining the testimony to that point.
Meanwhile, no action will
be taken upon motion of counsel for Loft, Inc.. to dismiss the petition.
Horace H. Edwards, trustee in bankruptcy of National Pepsi-Cola Corp.,
Feb. 28, *39
ing deprec., inc. taxes
and directors'fees
Income taxes
Mr.
case.
Selling & admin,
250
240
240
32,510
32,234
32,550
$57,129
30,000
$55,650
30,000
$47,600
30,000
$43,523
30,000
Balance...
x
-
Including interest
1937
1936
1935
$1,878,688
1,123,066
327,086
$2,466,525
1,029,000
464,038
$2,090,475
933,709
342,701
$1,717,619
892,194
408,467
288,151
x399,041
263,639
179,043
$140,385
9,813
$574,44.5
11,922
$550,425
7,417
$237,915
21,962
and
State
and Federal taxes
Operating profit
a
Other income.-
-
on
$27,129
$25,650
$17,600
$13,523
bonds of $3,300 in 1939, $2,201 in 1938 and $808
in 1937.
Balance Sheet Feb. 28,1939
,
(& Subs.)—Earnings—
1938
exps...
Assets—Cash, $105,768; accounts and notes receivable (net), $179,394".
inventories, $45,374; bonds, $148,752; life insurance (cash surrender value),
$22,411; deferred charges to operations, $605; investment in subsidiary,
$215,298; fixed assets (net), $204,222; total, $921,825.
Liabilities—Accounts payable and accrued items, $6,516; taxes, $10,617;
dividend payable, $15,000; capital stock (30,000 shs., no par value), $550.000; earned surplus, $339,691; total, $921,825.—V. 147, p. 278.
(Albert)
Pick Co.,
Miscell.
income.$150,198
deductions
-
Net profit
Common dividends
$150,198
323,392
___
Balance, surplus
Earns,
per
x
6h.
on
def$173,194
$586,367
525,526
$557,842
444,689
$60,841
$113,153
$0.93
Includes surtax
$259,877
20,222
$557,842
v
$239,655
323,410
def$83,755
com¬
stock,
mon
$586,367
.
on
$3.63
$3.43
(& Subs.)—Earnings—
Inc.
Calendar Yens—
Total
1938
$769,435
,
Gross income from sales
Selling and administrative expenses.
Profit..
—
—
—
—
—
—
— —
—
Other income less other deductions.
$1,062,065
942,186
loss$33,935
54,941
$119,879
56,164
$21,006
3,092
$176,043
28,877
$17,914
7,573
17.106
$147,166
8,905
60,929
$0.06
$0.81
Net income before Federal taxes on income._
Provisions for Federal taxes on income
Net income....
undistributed profit.
_
_____
—
Preferred dividends.
Common
notes receivable
(customers), $54,842; accounts
accrued interest receivable, $1,149; inventories,
$998,731; investments, $57,797; fixed assets (net), $1,008,163; prepaid and
deferred expenses, $42,439; patents, licenses and
goodwill, $594; total,
sPo
»4ol »o01
•
Liabilities—Accounts payable, $142,757; dividends payable, $80,848;
accrued liabilities,
$112,846; reserve for allowances under Canadian stock
adjustment plan, $25,737; capital stock (162,500 shares, no par), $1,625,000;
earned surplus, $1,487,901;
treasury stock (804 shares at cost), $23,288;
total, $3,451,801.—V. 147, p. 277.
.
Petroleum
Exploration, Inc. (& Subs.)—Earnings—
Years Ended Dec. 31—
1938
Revenue—Oil sales
Gas and gasoline sales
Total
Operating
$663,941
•
1936
325,055
expenses
expense
$718,163
341,110
$525,447
325,417
$988,996
357,450
41,138
_
Administrative
1937
$1,059,273
352,33 8
34,766
$850,864
324,398
24,680
dividends..—
—
Earnings per share on common stock (par $1)__
Operating profit
$590,407
12.635
income-
Other
$672,169
49,937
$501,786
17,430
$603,043
123,174
230,033
$722,106
112,323
293,961
$519,216
86,544
200,267
expense.
Depletion and depreciation
—
in operations, $2,630; land, buildings, machinery and equipment
(less
reserve), $84,039; patents, $1; tjotal. $1,282,934.
Liabilities—Accounts
payable,
$95,341;
customers' credit
balances,
$7,453; accrued payroll and expenses, $23,559; accrued taxes other than
taxes,
$22,793; provision for Federal taxes on income, $3,322;
unearned interest on instalment accounts and notes receivable, $4,634;
provision for Federal normal income tax apolicable to instalment sales,
$11,000: $1 cum. preference stock (par $5), $110,250; common stock ($1
par), $17i,057; capital surplus, $750,813; earned surplus, .$82,711; total,
income
$1,2^2,934.—V. 149,
p.
1771.
Paper Package Corp.—Earnings—
Pictorial
Years Ended Dep.
1938
SI—
Net
operating profit.
Gross income..-
„
—
$249,836
$315,823
$76,448
21,609
$117,892
$98,057
,1.453
Dividends
_
_—
—
-----
10,o57
28,918
17,884
27.468
$49^217
$71J)91
$61,031
26,425
—
$232,405
Consolidated Balance Sheet Dec. 31, 1938
Assets—Cash,
$203,394; accounts receivable,
$110,226; inventories,
$8,399; investments and advances, $883,502; properties, $2,137,533; un¬
expired insurance, $2,901; contingent purchase contract,
$44; total,
$3,345,998.
'
Liabilities—Accounts
payable,
$11,844;
accrued
payrolls,
$13,676;
accrued Federal income tax, $26,488; accrued taxes and reserve for taxes,
$30,997; contingent purchase contract, $1,000; capital stock ($10 par),
$1,579,310; surplus, $1,682,682; total, $3,3*5,998.—V. 149, p. 1485.
$96,833
21,059
$61,227
--
$863,566
787,118
Other deductions
Net income.
1936
$908,467
811,634
$52,586
8,641
______
—
—--------
1937
5856,103
803,517
Net sales......——
Federal income tax
Net profit for the year
.
Assets—Cash, $83,833; notes and accounts receivable. $662,332; mer¬
chandise inventories, $425,793; other assets, $24,306; real estate not used
Other income----
Profit after other income
.
Consolidated Balance Sheet Dec. 31, 1938
Cost of sales and expenses
Other
1937
803,370
—
$147
Consolidated Balance Sheet Dec. 31, 1938
Assets—Cash, $842,471;
1445,614;
$181,318
96,588
8,417
240
32,522
•
Advertising
Depreciation
x$186,735
97,388
9,271
36
of execu¬
Dividends
New Vice-President—
J. Willard Pipes, Chief of the Standardization Department of this com¬
has been elected a Vice-President, it was announced on Oct. 7 by
Walter S. Mack Jr., President.—V. 149, p. 1925.
Manufacturing profit--
x.$179,130
80,087
10,643
Feb. 29,
tive officers, &c——
Directors'fees.
Remuneration
Edwards is
pany,
Perfect Circle Co,
Feb. 27, '37
x$174,939
73,962
11,076
Depreciation-..-
city attorney of Richmond.
Calendar Years—
Ltd.—Earnings—
Feb. 28, *38
Net profit for the year
asked permission of the Court to intervene in the
now
& Electrotypers,
Engravers
Years Ended—
Net profit before deduct¬
the
shares
1485.
p.
1931.
The petitioner also seeks to have placed in trust stock now held by Loft.
Inc., in Pepsi-Cola Co. of Del., which was organized by Roy C. Megargel
and associates after acquisition of the National Pepsi-Cola Corp. assets at
47,565
60,420
■
paid..
Balance Sheet Dec.
9,558
31, 1938
Assets—Cash, $21,832; accounts receivable (net), $200,682; inventories,
$233,162; other current assets, $8,240; plant and property (net). $228,309;
prepaid charges, $18,497; patents, trade-marks, &c., $1; total, $710,722.
Liabilities—Accounts payable, $19,944; accrued taxes, payrolls, &c.,
$31 130; reserves, $15,946; common stock (par $5), $528,500; capital sur¬
plus, $7 925; earned surplus, $107,277; total, $710,722.—Y. 149, p. 1628.
Volume
Pierce
The Commercial & Financial Chronicle
149
Governor
Calendar Years—
;
Co.—Earnings—
.
Plume & At wood Mfg.
1938
.
Sales
Returns and allowances
Cash discount
Parcel post charges_ —
—
_
_
_
^
-
-
519
Net gain from operations
$644,182
439,746
34,397
45,715
$124,324
■___
Additional income
503
Federal income tax
profits tax
-*•
-
Net gain for year after Federal tax
Pollak Mfg.
52.500
149,
Assets
1938
—
1937
$663,034
$682,039
290.666
machinery
Prepaid iasurance.
1,482
sec
irities
Accounts payable-
16,162
15,943
Current notes payNotes payable.—.
18,383
17,489
4,706
28,040
66,094
Surplus cap. stock.
16,125
16,125
5,360
5,360
11,313
Total.
x
Total.
$1,135,925 $1,207,338
After
—V.
.
146,
for depreciation of
reserve
p.
23,090
_
$1,135,925 $1,207,338
_
1256.
Pitney-Bowes Postage Meter Co. (& Subs.)—Earnings
Calendar Years—
1938
1937
$3,269,900
2,032,464
148,988
$3,079,499
1,910,7.46
314,835
139,464
$690,332
31,652
$714,455
35,202
$721,984
135,569
Sales and rental income, less discounts and returnsCost of sales, selling, service and adminis. expenses
Provision for depreciation and amortization
$749,656
134,865
398,ll6
Expenditures for development and research
Other income-
Profit before taxes
£
—.
Provision for Federal, State and foreign taxes
Profit for year—
1937
$1,540,906
357.583
90,366
332,011
93.180
$77,363
Selling expense
••
$32,494
_■
General and administrative expense
Operating profit
Other
income..
_
1.083,221
1,854
Gross income..
1.466
$79,217
——
$33,959
5,784
896
24.525
9.350
19.487
$39 557
$12 377
Depreciation and amortization of fixtures & lease¬
hold improvements
Provision for Federal income taxes
Net profit
Preferred dividends
Common dividends—
_______
....
1,200
10 092
11,828
—
24,956
—
Balance Sheet Dec. 31,
1938
Assets—Cash. $71,444; sundry accounts receivable. $8 860: merchandise
inventories, $176,471; CSfih surrender value of life insurance policies $7,448;
other assets,
$764; fixed assets, $132,197; deferred charges, $2,692; total,
$399,915.
Liabilities—Accounts payable, $39,045; miscellaneous and accrued lia¬
bilities, $18 061; reserve for Federal and State income taxps
$15 771;
6% cumulative preferred stock (par $25), $198 000; common s'ock (oar $1),
$99,748; paid in surplus. $5,058; earned surplus, $24,232; total, $399,915.
147, p. 128.
—V.
$586,416
—
$614,791
Note—Dividends paid during the year amounted to $446,711.
Portland
Consolidated Balance Sheet Dec. 31, 1938
Assets—Cash, $416,013; accounts receivable, trade, $413,290; receivable
from officers, employees and sundry debtors, $7,212; inventories, $383,054;
investment in British affiliate, $409,294; land and buildings, machinery and
equipment, tools, jigs and dies, and furniture, $1,676,076; rental equipment
in service and on hand, and par»,s therefor, $2,646,034; patents,
goodwill
and development, $518,038; deferred charges, $21,864; total, $6,490,876.
Liabilities—Accounts payable and accruals,
$157,964; provision for
Federal, State and foreign taxes, $131,793; advance meter rentals, $614,382;
reserves for depreciation and amortization of fixed assets and rental
equip¬
ment, $2,254,073; capital stock (896,028 no par shares), $1,767,323; capital
surplus, $13,605; earned surplus, $1,551,736; total, $6,490,876.—V. 149,
p.1337.
yl938
$46,912
96,760
>193/
$843,118
Operating profit
Other income
Total income
Interest
Prov. for inc. taxes (est.)
Flood loss and expense.
183,195
$181 940
98,760
z$49,848
1,639
Gross operating profit._
Depreciation
1936
$264 039
138.731
$6594)23
6,663
$125,308
2,230
$83,180
15,314
z$48,209
30,332
$127.5.38
478
$666,586
40,717
146,063
$98,494
24,374
7,800
12",274
13,750
-
22.295
14,904
16,933
_
Miscellaneous charges.
Divs. paid on 7% cum.
_
Earns.per sh.on cap .stk.
7,908
"8", 455
&
Coke
$441,807
$65,499
$57,864
$2.01
$0.30
$0.27
Dividends paid on the outstanding 7 % cum pref. stock of the Greenville
Steel Car Co, for the period fromJan. 1 to Aug. 1,1937, prior to acquisition
thereof by the Pittsburgh Forgings Co.
y And subsidiary.
zlndicates
x
Extend
Bonds and
Sell
an exemption from the requirement for filing a declaration in connection
with the proposed issuance and sale of 6,000 shares of common stock (no
par), and the proposed extensions of maturities from Jan. 1, 1940 to Jan. 1,
1950 of $9,674,000 of 5% first & refunding mtge. gold bonds and of $3,000,000 of 4^% first lien & gen. mtge. gold bonds.
The orincipal amount
of 5% first & refunding mtge. gold bonds includes $3,000,000 principal
amount of bonds pledged under the company's first lien & gen. mgte.
The extension plan and deposit agreement, under which the maturities are
to be extended, are to be submitted by the company to all known bond¬
holders.
proposed
stock is to be sold privately to American Power
common
& Light Co., parent, at $100 a share.
The proceeds will be used for the
further expansion of the company's by-product business.
The agreement
of the parent company to purchase the common stock is dependent upon
the extension
plan becoming operative.
The Company estimates that the
total expenses to be incurred in connection with the proposed issuance and
sale of its common stock and the extensions will be $90,000.
A hearing on the application has been set for-Oct. 23.—V. 149, p.
Postal Telegraph
2243.
Land Line System—Earnings-
1939—8 Mos.—-1938
Period End. Aug. 31—
1939—Month —1938
Tel eg. & cable oper. revs. $1,703,094
$1 ,722,520 $13,677,964 $13 ,794,153
833,243
914,716
1,277,531
/l ,265,464
1,281,422
110,646
155,966
98,578
1 ,276,225
844,101.
10,331,999
800,457
10 ,242,635
102,369
159,691
113,121
Repairs
a.
Peprec. and amortization
A ll other maintenance
Conducting operations.
Relief departments and
pensions
All
other
general and
.
x24,249
z$91,293
Nil
Co.—To
The Securities and Exchange Commission announced Oct. 9 that company
had filed an application (File 32-179) under the Holding Company Act for
__
pref. stk. of Greenville
Steel Car Co
Net profit
r
1935
Gas
6,000 Shares of Common Stock to Parent—
The
Pittsburgh Forgings Co.- -EarningsCalendar Years—•
46,852
47,647
394,679
350,550
36,945
36,755
282,955
305,811
$37,305
5,000
89,083
$3,297
5,000
90,264
$286,544
40,000
664,666
$85,480
40,000
704,876
$131,389
2,148
$98,561
2,805
$991,210
18,102
$830,356
21,546
$129,241
247,734
$95,756
250,505
$973,108
1,989,392
$808,810
2,012,366
$376,975
miscell. expenses.....
$346,261
$2,962,500
$2,821,176
.
Consolidated Balance Sheet Dec. 31,
Assets—Cash, $271,109; marketable bonds, $3,346; trade accounts re¬
$279,123; inventories, $422,579; investn ents and other assets,
property, plants and equip,t ent Cnet), $1,437,568; patents, $10;
prepaid insurance, taxes and expense, $16,823; total, $2,789,183.
Liabilities—Notes payable—to bank (currently) $60,000; accounts pay¬
able, 5169,791. accrued taxes, interest and expense, $34,897; Federal and
State taxes on income, $1,651; long-ter n, indebtedness, $743,299; reserve,
$3,309; common stock (par $*), $220,000; capital surplus, $1,202,436;
earned surplus, $353,800; total, $2,789,183.—V. 147, p. 128.
End. Aug. 31—
oper. revenues.
oper. expenses-
rev.
t
from ry. opers
1939—Month—1938
1939—8 Mos.—1939
$1,757,428
$1,302,029 $10,674,534
$8,229,686
1,439,363
1.050,228
9,797,728
7,974,036
$318,065
$251,801
Net ry. oper. income.
Other income
Total income
Misc. deducts, from inc.
—
Total fixed charges
180.347
148.558
0204,157
Railway tax accruals—
0163,386
$341,875
12,769
$266,629
$354,644
$876,806
$255,650
1,115,779
940,942
Cr1.527,570 Crl.367.590
$1,288,597
oper.
Operating loss
Non-operating income.
Gross loss
_
...
Other deductions
Net deficit
—V.
_____
149, p. 1628.
Alexander, Inc. -Earnings—
Calendar Years—■
1938
P^xpenses
Taxes
Net loss--
1937
$4,588,606
4.590,453
8,234
Net sales.
$5,181,812
5,265.848
8,772
-----
$10,081
Common dividends__—
175,728
200,089
41,836
$268,537
sur$79,548
278.940
$1.00
sur$95,758
x55.788
$2.51
12,630
103,734
$279,259
52,284
$790,205
145,551
28,715
No par shares, the stock having been changed to $5 par on July 2, 1936
and each share (no par) was changed into four shares of $5 par.
$615,939
$0.71
Assets—Cash, $203,162; accounts receivable (net). $740,134; inventories,
$1,233,731; other current assets, $4,376; investments. $24,03, fixed assets,
B
3,382
3,559
$307,616
$223,416
$0.26
$1,063,128
$1.23
$0.36
—V. 147, p. 2095.
Pleasant Valley Wine Co.—To
deficit
Shs. cap. outst. (par $5).
Earnings per share
Balance,
$10,081
315.663
Nil
,
322,343
Nil
x
(net),
Pay 10-Cent Dividend—
Directors have declared a dividend of 10 cents per share on the common
stock, payable Oct. 27 to holders of record Oct. 20.
This compares with
six cents paid on Oct. 27,1938 and five cents paid on Sept. 1,1938.—V. 149,
p. 2242.
1935
$4,307,871
4,119.275
32.000
$92,809prof$287,500prof$156,595
7,863.
19,001
Preferred dividends
Balance Sheet Dec. 31,
Net inc. after fixed chg
Net inc. per sh. of stock.
1936
$5,995,898
5,643.224
65,172
$682,298
107,907
$1,392,331
3J1,643
27,560
43.646
assignable to
Powdrell &
Pittsburgh & Lake Erie RR.—Earnings—
ferioa
telegraph & cable
operating loss..
Taxes
$358,627;
Railway
Railway
Net
Uncoil, oper. revenues..
1938
ceivable.
Net
1938
$1,620,597
1,095,286
Deductions from income
_
$873,809 in 1938 and $846,098 in 1937.
.
Years—
Cost of sales
43,038
10,470
9,733
-
___
$58,419
24,000
42/,000
Net sales
26,557
43,038
Dep. with Mutual
Cos.
Calendar
1937
Res. for conting.
271,728 .Reserve for taxes.
1,393
$178,389
____
*•16,905
19,519
15,419
31, 1938
Assets—Cash, $90,736; due for shipments made on contracts completed
$120,497; raw materials and supplies, $57,617; contracts in
course
of completion, $146,425; land,
plant, machinery and equipment
(net), $208,984; prepaid expenses, &c., $8,029; total, $632,288.
Liabilities—Trade accounts payable, $122,583; Federal and State taxes
payable, $52,815; accrued expenses, wages, &c., $30,351; notes and loans
payable, $42,632; common stock (120,000 shares of no oar value), $172,363; surplus, $211,544; total. $632,288.—V. 149, p. 1925.
$999,OCO
Surplus
165.650
Miscell.
1938
$999,000
23-5,506
rec.
"$110,262
Pollock's, Inc.- -Earnings-
Liabilities—
Capital stock
Inveuto ies
Cash A accts.
$302,076
53,973
27,963
41,750
expenses
and in process,
1038. 1^6.
buildings,
Land,
1937
$895,553
711,603
73,688
Balance Sheet Dec.
Pilgrim Mills—Balance Sheet Dec. 31—
x
1938
....
interim dividend of 25 cents per share on the
—V.
$65,465
$2,448,574
2,010,948
135,550
..
...
Net profit for year..
Dividend paid
stock, payable Oct. 16 to holders of record Oct. 6.
This compares
15 cents paid on March 25, last and on Aug. 5 and and on April 11.
p.
'Hi'
—•
Provision for Federal income taxes.
with
1485; V. 148,
'
______
$1.12
capital stock.
common
p.
$142,387
Profit from operations
Deductions from, income, net-..
———
Provision for depreciation and amortization.....
Pay 25-Cent Dividend—
an
$165,465
100,000
Co.—Earnings—
Selling, delivery and administrative
$98,561
Assets—Cash, $47,279; notes and accounts receivable (net), $75,477;
inventories, $111,814; investments, $12,719; fixed assets (net), $270,396;
deferred charges, $19,084; total, $536,769.
Liabilities—Accounts payable (trade), $21,261; payroll accrued, $1,687;
Federal taxes accrued, $11,370; State taxes accrued, $3,810;
capital stock
(87,500 no par shares), $87,500; capital surplus, $387,500; earned surplus,
$23,641; total, $536,769.
To
$6,145
Cost of goods sold
Balance Sheet Dec. 31, 1938
Directors have declared
defl8,212
Calendar Years—
Income from sales
8,466
$42,550
26,250
$0.14
v—
-
no par
1935
1936
$292,387
150,000
Assets—Cash, $96,032; accounts and bills receivable, $504,552; bonds,
$154,294; stock in other corporations, $131,043; merchandise inventory,
$1,044,155; plant accounts (netz, $1,195,987; total, $3,126,064.
Liabilities—Capital
stock,
$i,350,000; dividends declared payable,
$27,000; reserve for contingencies, taxes, &c., $100,000; surplus, $1,649,064;
total, $3,126,064.—V. 147, p. 128.
V
248
-
;
Dividends paid
Earnings per share.
x On 87,500 shares of
1937
8206,145
200,000
Balance Sheet Dec. 31, 1938
$125,003
17,728
Federal undistributed profits tax
x
Balance
679
$51,972
9,422
Total net gain for year
excess
Co.—Earnings—
1938
$89,788
108,000
year
558
$51,469
earnings for the
Dividends
1,905
$429,919
296,474
31,965
50,010
expense
Years End. Dec. 31—
Net
$664,221
17,575
308
_
Administration expense
Federal
1937
$443,138
12,392
Cost of
Selling
2377
$1,001,465; prepaid
1938
expenses and deferred charges,
$27,902; total.
$3 234.801.
Liabilities—Notes payable, $200,000; accounts payable. $67,479; ac¬
crued liabilities, $56,757; other current liabilities, $4,509; special contingent
$30,000; capital stock ($5 par). $1,673,640, capital surplus. $1.260,201; earned suimlus, $14,268, cost of 19,065 shares of treasury stock.
Dr$72,053; total. $3,234,801.—V. 149, p. 743.
reserve,
The Commercial &
2378
-
—
$586,191
x82,4,54
$575,549
xl07,892
Dr9.483
ZM4.907
Drl 1,735
applic.
Net
$455,923
2.545,161
*336,399
2,380.039
min.
to
........
2,546.080
Profit and loss surplus..
y 8hs. of cap. stk. outstanding (no par)....
Earnings per share.....
/
2,647,431
Assets—Cash and Certificates of deoosit,
Provision for Federal income taxes.-.Net
$1,002,807; marketable securities
Co., Ltd.—Earnings—
Premier Gold Mining
$604,440
good Kirkland Gold Mines, Ltd—
Assets—Cash, $180,066; notes and accounts receivable
receivable (employees), $324; sinking fund for
Total
earnings
A
134,100
Calendar Years—
U, S. A.
earned on
ctfs. of iudebt., &c
5,310
10,542
$313,910
7,541
x!7,500
*
Administrative expenses
—
Corporate taxes (incl. est. inc. taxes).
Amort.of inv.in Tob' rn Gold M.,Ltd.
Advances
to
Porter-Idaho
Mining
$749,082
7,499
115,100
15,991
V
$1 ,438,471
7,511
17,000
~~—-
Silbak Premier Mines, Ltd...----Milton Gold Mines, Ltd
—
-
—
explor. of varioi s mining
properties, agreements upon which
were relinquished
Miscell. expenses & losses (net)-----.
150,000
82,260
100,000
9,999
-
$2,330,263
$2,552,205
$2t616,374
x61,251
680,022
x61,974
x63,004
722,491
150,994
31,053
5,087
112,772
681,884
163,882
127,275
3,062
1,140,692
taxes, rent
estate,
162,800
700,972
180,040
45,754
16,082
Adjust, of claims, &c—_
4,700
4,393
1,135,396
82,905
1,137,999
88,995
1,139,250
150,589
44,147
$107,799
$139,806
$289,736
$342,658
Sals. & retire, plan prem.
f
Ltd.
74,799
and maintenance
'
'
!'
87,576
General expense
Losses on auction sales._
49,667
Co., Ltd., written off
—
of investment in capital
37,846
*2,280,627
Total income
Real
194,937
49,666
Write-down
ctfs. of con¬
Tint) paid on
tribution
Prov. for tax reserve
&
Profit & loss surplus..
49,456
26,466
112,946
736
19,310
10,043
Rent and maintenance
x
800,000
750,000
600,000
Income
x
$960,434
$270,876
$242,517
-
Dividends
only.
taxes
1938
Balance Sheet Dec. 31,
1939
$42,037
Calendar Years—
Income—Dividends (cash)------~
—
Dividends in stock of declaring company of a class
other than that upon which dividend was de¬
—
-.
_
$64,633
;
— -
-
-
-
— .
-
.
—
3,300
2,768
— — — _ — —
-
-
-
2,344
-
$70,701
12,204
$44,382
13.966
-
Expenses
___
(excl. of realized losses
and gains on sales of securities).
Balance, undistributed income at Dec. 31 of pre¬
ceding year
----Net income for the year
_ _. .
_ —
_
$30,416
$58,497
8,039
1,624
.
Total
_
—
....
........
_
34,596
$3,859
$8,039
suspense
—...
interest
(cash),
$1,667,973; dividends receivable
$798; demand deposits and
Assets—Investments,
accrued
cash
receivable,
on
$2,981;
hand,
$20,938; prepaid items, $25; office eqiipment (net), $95; total, $1,692,810
Liauililies—Capital stock (par $1), $238,569; capital svrpb s, $1,432,238;
dividend payable, $16,700; provision for Eederai income tax, $750; provision
for Federal capital stock tax, $125; other accrued items, $569; undistributed
income, $3,859; total, $1,692,810.-~V. 147, p. 129.
Price Bros. & Co.,
Oper. profit for the
,886,921
139,002
13,275
$2,678,543
158,956
5,822
$1,789,316
3,425
Interest on mortgage
on
bank loans..
Earns, per sh. on
160,000 common shs. (no par) —
Balance Sheet Dec. 31
$2,843,321
174,576
Cr40,692
$1,805,862
191,446
$735,248
Miscellaneoi s interest.
Prov. for possible bad
_
162,807
8,120
23,706
30,000
663,698
debts
Int.
on
Prov.
funded debt
859,209
1,000,000
250,000
856,222
820,000
220,000
for depreciation..
Prov. for depletion....
Prov. for rental adji st't
_
692,310
1,000,000
1,000,000
363,067
65,600
37,582
192,313
.
Prov. for power adjist't
Prov. for Dominion and
L
■
w'
-
/ ii.
Provincial inc. taxes..
100,000
Net profit
x Indicates loss.
x$293,913
x$l,595,625
Accts. & bills rec__
Inventories
7 660,948
Investments
2
iavestm'ts
863,688
1 ,163,386
Mortgages rect)lv.
Notes receivable.
Deferred
and
due
inv. Co.,
64,171
1,718,284
8,168,027
3,997,510
1,196,435
6,497
7,408
1 ,072,229
1,187,056
Bank
629,486
365.279
1
...
1
Que.
Accts.
b Cash.......
44 436,590
5,150,000
791,394
a
Total
»
After
debt.
892,832
Res.
1,217,545
1,114,659
184,275
184,275
600,000
Other assets..
9,603,290
equip., &c
5,063
Unexpired insur—
9,561,567
6,217
surplus
par
61,250
68,647
3,849,500
3,325,302
621,286
646,286
pref. stk,
3,500,000
$100).
3,500,000
cum.
Common stock—
12.687,602 12,831,936
Total
Represented by 100,000 no par shares of
Public Service Co. of
35,287
31,167
3,400,000
3,650,302
...
100,000
100,000
1,003,291
1.006,089
12,687,602 12.831,936
Total
ing Offering of
18,592
51,641
deprec
Surplus..
^tock.—V. 147, p. 1351.
Indiana—Files Amendment Delay-
Securities Indefinitely—
the Securities and Exchange
proposed issuance of $38,000,bonds and $10,000,000 of serial debentures
This was the third delaying amendment.
The company filed an amendment with
Commission Oct. 9 delaying indefinitely the
30-year 3%%
maturing from 1940 to 1949.
—V. 149, P. 2243.
000
1st
mtge.
Pullman Co .—Earnings—
[Revenues and Expenses of Car and Auxiliary
1939—Month—1938
Period End. Aug.31—
Total expenses—
$5,103,207
Operations]
1939—8 Mos.—1938
$5,000,219 $40,118,433 $39,698,907
4,511,671
35,361,268
35,328,773
$760,636
$4,757,165
$4,370,134
$170,798
144,174
$162,007
138,492
$1,399,979
1,140,275
$1,339,688
$26,624
$23,515
$259,704
$206,528
$618,160
322,522
$784,151
404,927
$5,016,868
3,073,031
$4,576,662
2,839,302
$295,638
$379,224
$1,943,837
$1,737,360
$108,566
38,799
1937
$232,986
137,796
$218,667
$69,767
749,817
Net revenue-
4,239,583
$591,536
—
$44,072
596,435
$94,794
693,625
194,000
194,000
$1.20
$1.13
194,000
$0.69
operations:
Net revenue.
7 ,541,660
503,806
8,210,633
Total net revenue—
—
./.
Taxes accrued
1,133,160
500,229
Operating income..
149, p. 1772.
—V.
Total.........59,808,029 61,873,261
shares.—V. 149,
p.
Pyrene Mfg. Co..—EarningsCalendar
1938
Years—
Net profit
—
Dividends paid—
120.
Proctor & Gamble Co.—To Exclude Foreign
Net—
Profits from English and Canadian subsidiaries except those which may
be available in this country in
7%
x
x
$
239,574
250,073
61,250
&
General reserves-.
(par
Total expenses
6,284.300
(par $100)
6, 284,300
Common stock..21 803,780 21,803,780
Earned
Dom.
taxes
Mortgage debt
Res. for
Real estate, bldgs.,
Total revenues
5)4.. red. pref.stk.
c
for
Prov.
18, 436,800 18,936,800
for depreciation and depletion of $21,621,442 in 1939 and
b In hands of trustee for bondholders,
c Repre¬
United States funds will be excluded from
consolidated earnings of the cor pany for the duration of the war, Richard
R. Deuprea, President, stated at the annual stockholders meeting.
•
600,000
796,079
)
-
96,125
for taxes...
Funded
45,169,091
.59,808,029 61,873,261
reserves
$20,556,755 in 1938.
sented by 547,857 no
Div. on pref. stock
—.
.
100,000
96,504
debt
Prov.
charges, &c.
bills rec.
due in 1938..
1937
v
$
Bonds called tor re¬
Abitibi
Inventories—.
55,000
accrd.
demption
Bondlnt accrued.
Auxiliary
2,800
Fixed assets.
1 466,178
payable
Capital surplus
Ltd..
3 ,675,000
loans
Accts. pay.,
299,836
P. & P. Co., Ltd.
Accts. &
211,723
$
Acer. int. onfund'd
pre¬
paid charges
Balance
_
1938
$
Liabilities—
19,288
1 ,953,115
Sundry
1939
1938
$
Cash
172,550
and
rec.
of
1938
LiabilUies-
S
8
Sleeping car operations:
Total revenues......
Consolidated Balance Sheet March 31
1939
Assets—
to
.
1937
1938
281,350
-
90,000
$0.95
300,000
—
.
.Cash--..
245.000
Nil
------■,_-.
di vidends
$34P,942
245,000
Net profit for the year.
7% cumul. pref. dividends
$907,665
$242,202
debt (net)—
,.
Provincial income taxes.
12,900
$2,039,248
192,983
Cr53,535
$784,804
300,000
.207,602
35,000
_
Prov. for Dominion &
Common
1937
1938
I
.
from investments. —
Provision for depreciation
mgr.
1,815,926
Ltd.—Earnings
Provincial Paper,
Adv.
7,500,000
.28,521,782 28,500,281
Total
Calendar Years—
Profit including income
$675,324
47,024
13,122
year
Dividends received
Profit
1936
1937
1939
Miscellaneous revenue._
Interest,
Ltd. (& Subs.)-—Earnings1938
Years End. Mar. 31
gencies
Surplus
28,521,782 28,500,281
129.
Dom. Govt, bonds
Balance Sheet Dec. 31, 1938
254,242
11,113
263,515
—
4,510
11,847
—.—
Assets—
Undistributed income, balance-
10.097
1,821,669
7,500,600
-—
in
items
$60,120
52,081
$38,455
....
_
due
borrowers
12,500
account
Total
sales,
tion
Reserve for taxes
43d St.,
Real est.,
"
Cash divs. declared from income during the year..
90,950
21,969
securities
Accrd.lnt. on sees.
-V. 147, p.
approximate market value at date of
clared (at
receipt) —'
Interest on bonds
Total
19.38
auc¬
Reserve for contin¬
Unamort. prem. on
on
from
Surplus
--
250,00.,
18,919,000
Ctfs. of contrib'n_l8,926,50Q
3,340,000
Sundry
Inc.—Earnings—,
Premier Shares,
—
.
IT. S. Treas. notes
$
$
Liabilities—
•
State N. Y. bonds
1937
1938
1937
§
$
24,917,138 22,964,506
Acer.Int.thereon 1,116,075
1,031,644
784,202
Cash2,476,722
jjoCt $
Loans outstanding
—
Assets—Investments, $2,257,506; cash, $1,012,523; accounts receivable,
$18,258; materials and supplies, $5,341; deferred charges, $6,922; total,
$3,300,549.
Liabilities—Capital stock ($1 par), $5,000,000; capital surplus, $7,246,830; capital distribution, Dr.$9,498,496; accounts payable, $5,180; divi¬
dend payable, $150,000; accrued taxes, $32,458; profit and loss surplus,
$364,578; total, $3,300,549 —V. 147, p. 129.
only.
Comparative Balance Sheet Dec. 31
1938
profit
18,047
—---
-- — -
deposits—.
Int. earned on securitiesInt. on time
- ——
stk. of Relief-Arlington Mines,
Int. earned on loans
Int.
Mines, Ltd.,
—
Provident Loan Society of New York—Earnings—
1938
1937
1936
1935
$2,242,781
$2,242,687
$2,*77,406 $2,598,326
119,200
— —
(net), $1,060,372;
bond redemption,
building and em ipment (net), $1,163,097; deferred charges
to operations, $4,055; total, $2,446,748.
Liabilities—Notes payable to banks, $669,202; accounts payable, $14,548;
accrued local and social security taxes, $28,060; accrued interest on bonds,
$2,431; other accrued interest, $341; reserve for Federal income tax, $18,000;
sinking fund instalment di e ci rrently, $38,830; 1st mtge. 6% bonds,
$486,300; deferred income, $15,009; preferred stock ($50 par), $599,700;
common stock (73,088 no par shares), $219,264; paid-in surplus, $138,727;
earned surplus, $216,334; total, $2,446,748.—V. 146, p. 1256.
249,741
——
Divs. from Tob" rn Gold Mines, Ltd-
miscellaneous services.
handling charges, interest and
Balance Sheet Dec. 31, 1938
storage,
$83,526
$74,020
$38,834; land,
$1,053,538
$100,000
208,600
Divs. from Silbak Prern. Mines, Ltd.
17,633
—
1936
1937
1938
2,061
48,054
accounts
payable of subsidiary companies, $58,000; accounts
payable, $77,602; income taxes accrued (est.), $32,384; salaries, and other
taxes and expenses, $68,322; mortgage payable of subsidiary company,
$22,252; minority interests in subsidiary companies, $120,498; capital stock
(202.500 no par shares), $3,450,000; capital surplus, $57,922; earned surplus,
$2,546,080; capital stock reacquired (8,632 shares at cost), />r$234,235;
total, $6,198,826.—V. 149, p. 1772.
Liabilities—Notes
Years Ended Dec. 31—
29,193
—
profit for year
From
a
$6,198,826.
Earnings of Premier Mine. — .- —
Profit from sale of capital stock of Bid-
— — — — —
fees, &c—_—V
for depreciation—
—. —
Bond issue expense—trustee
$169,830; accounts and notes receivable (net). $818,729; inventories,
$ 1,720.728;iinvestments, &c., $309,492; land, buildings, machinery, fix¬
tures and equipment (net). $2,029,570; deferred charges, $147,671; total,
6% debentures—
272,788
Bond interest
Provision
$468,083
288,889
32,029
2,117
47,214
14,308
$443,751
— -
Operating expenses
■
Int. on Relief-Arlington
income
Net
1937
.,1938
Calendar Years—
a
193,868
193 868
193,868
193.868
$0.74
$2.52
$2.35
$1.73
x Includes $11,024 in 1937 and $15,758 in 1936 for surtax on undistributed
income,
y Excluding shares reacquired.
Consolidated Balance Sheet Dec. 31, 1938
Net
Co.—Earnings-
Produce Terminal Cold Storage
profit
Exam,
countries mentioned is some¬
$8,000,000 respresents undis¬
subsidiaries. At the end of the present fiscal
year it •
ay be advisable to exclude such undistributed earnings fron
our
consolidated earned surplus.
However, no definite decision on this point
need be" ade at present," he added.—V. 149, p. 885.
Dr7,634
$488,830
—
U. 8. & Can. taxes (est.)
stock.
$12,000,000 of which in excess of
over
1939
14,
tributed earnings of the two
$406,695
62,662
$184,950
31,494
$143,974
Operatlng profit.
Portion
thing
1935
1936
1937
1938
"The amount of our net assets in the two
Earnings—
Inc. (& Subs.)
Pratt & Lambert,
Yearn End. Dec. 31-
Oct.
Financial Chronicle
Surplus
Profit & loss surplus.
Shares capital
$95,190
stock out¬
standing (par$10)
:
194,000
$0.56
1936
174,595
1935
$133,593
38,799
552,362
Volume
The Commercial & Financial Chronicle
149
Balance Sheet Dec. 31, 1938
■
Assets—Cash, $251,915; notes and accounts receivable, $361,503; in¬
ventories, $1,920,426; other assets, $12,296; fixed assets (net), $549,099;
investments
in
affiliated
and
subsidiary
companies,
$659,874;
patents,
trade marks and goodwill, $1; prepaid expenses. $17,283; total, $2,872,398.
Liabilities—Accounts payable, $37,214; accrued U. S. and State taxes,
reserves,
$133,533; common stock (194.000 shs,), $1,940,000;
$11,834;
earned surplus,
$749,817; total, $2,872,398.—V. 148,
p.
3240.
Puget Sound Power & Light Co. (& Subs.)—Earnings
Period End. Aug. 31—
Operating revenues
Operation.
1939—Month—1938
1939—12 Mos —1938
$1,373,237
$1,307,644 $16,314,699 $16,131,991
472,246
352,872
5,553,917
5,696,582
83,398
94,860
1,021,545
1,179,090
204,988
178,132
2,326,393
2,248,355
_____
Maintenance.
Taxes
Net oper. revenues.__
$612,605
Drl0,402
Non-oper. income (net)_
Balance
$602,204
308,319
Int. & amortization
Balance
$293,884
Appropriations for retirement reserve
$581,780
Drl2,500
$7,249,432
3.791,254
$6,839,189
3,848,815
$249,608
$3,458,177
1,416,867
$2,041,311
550,000
$1,518,772
550,000
$1,491,311
1,583,970
$968,772
1,583,970
Court Calls for Action to Reorganize
that time.
Richard Jones of counsel for the Atlas Corp., told Judge Bondy that
deterr ination of a fair price for the stock was receiving careful study,
a
previous offer of Atlas to underwrite the stock at $4 a share expired during
the unsettled n arket conditions caused by the European war without hav¬
ing been accepted
or
rejected.—V. 149, p. 2096.
Radiomarine Corporation of
Period End. Aug. 31
Tel. & cable oper. rev___
1939—Mmth-
Preferred dividend requirements.
deficit
$615,198
$92,659
2243.
p.
1938
_______
_
Loss for period-
1936
$416,266
343,883
51,425
35,250
1937
$435,856
350,950
51,425
34,093
$388,282
348.880
51,425
34,559
$46,583
$612
$14,292
ci'stomers' demand collateral loans receivable
(net), $229,167; accounts receivable, $124,294; inventory (ice), $436;
inventories
(supplies), $1,629; investments, $1,962; fixed assets (net),
$1,362,383; prepaid expenses,$6,720; total, $1,808,754.
Liabilities—Accovnts payable, $12,221; notes payable, $167,868; accrued
expenses, $12,181; 1st mtge. sinking fund bonds, 5% series, $1,028,500;
capital and
rpli s, $587,983; total, $1,808,754.
Note—The capital and surplus is represented by 21,777.1 shares of class A
($25 stated value per share) and 34,107 shares of class B stock ($1
stated value per share).—V. 147, p. 130.
stock
Q iebec Pulp & Paper Corp. (& Subs.)—Earnings—
Calendar Years—
1938
Investment and other interest
Rental of electricai
802
equipment
$17,628
793
8,763
76,480
Uncollet.
Total revenue
$27,738
266,046
$27,991
257,583
$238,308
expenses-
549,330
523,795
$19,107
$18,676
$138,553
$198,834
revenues
100
100
800
800
6,012
8,034
45,750
53,421
$12,995
$10,542
371
389
$92,003
2,260
$144,613
1,649
$13,366
$10,931
160
191
$94,263
1,248
$146,262
1,497
$13,206
$10,740
$93,015
$144,765
oper.
Operating income
Non-operating income.
_
Gross income.
Deducts, from gross inc.
___
Net income
—V.
149,
1486.
p.
Railway & Light Securities Co .—Earnings—
9 Mos. End. Sept. 30—
Int. on bonds & notes.__
1939
funded debt
Net
$162,719
216,795
$291,122
48,092
$380,913
58,222
$379,514
54,887
132,000
dividends.,...
132,000
132,000
132,000
$127,079
95,112
income_________
Inferred
1936
$132,435
248,478
$310,172
51,093
Expenses and taxes.___.
Int. & other charges on
1938
$150,740
140,381
1937
$175,348
134,824
dividends._______
Cash
$111,030
95,112
$190,691
95,112
48,942
$192,627
Common dividends
___
Note—The above statement of income does not include realized and
following summary shows the aggre¬
gate of assets available for each class of security of the company out¬
standing as at the dates shown:
Sept. 30 '39 June 30 '39 Sept. 30 *38
Per $100 of conv. coll. tr. 4}4% bds_
$220.46
$215.86,
$232.95
Per shareof 6% pref. stock series A__
227.97
219.27
251.60
_
Per share of common stock.
Balance
1939
$229,592
8,763
16.58
19.64
Sheet
Liabilities—
Loss for year before prov.
for depreciation
$248,454
Consolidated Balance Sheet Dec. 31,
$238,355
1938
4,243,995
bonds, due Oct.
99,921
1,107,589
199,754
1,335,198
Accounts payable.
Tax liability.....
3,529
1,688
Acer. int. receiv..
58,028
56,773
96,000
102,000
Stocks
-
1, 1955....
notes
receivable
Cash.
Res.
($100
$6,530,471; secured claims, $1,505; investments,
$470,000; cash, $1,596; accounts receivable, $6,415; accrued interest re¬
ceivable, $5,208; prepaid expenses, $11,538; total, $7,026,733.
Liabilities—7% non-cum. redeemable pref. stock, $7,000,000; common
stock (100,000 no par shs.), $3,000,000; deficit, $4,287,56 ; reserve for
claims by
Province of Quebec, $1,249,130; accrued charges, $42,326;
reserve for contingencies, $22,841; total, $7,026,733.—V. 147, p. 130.
Special
Earned
1939
1938
Gross
$297,684
(officers &
$1,187,343
.9 .6,896
$354,419
$220,447
42,239
10,000
3
,447
38,993
45,103
43,106
38,629
64,267
25,000
Ferry Street
loss of
Loss
on
disposition
capital assets
Prov. for Fed. inc. tax_
for surtax
on
16,076
10,000
29,200
33,400
15.200
_
7,400
_
$52,438
75,400
Surplus for the year.
cents was
Includes
in
$39,447
_
$122,732
78.000
def$22,962
$44,732
$166,076
135,850
$53,645
39,000
on
830,226
$14,645
year
Balance Sheet March 31, 1939
a
of business booked.
It is understood that company
substantial amount of funds tied up in contracts on vhith payments
materializing.—V. 145,
Reed Drug Co.—Pays
S. Government and municipal notes, $499,910;
(net), $271,499; accounts receivable (net),
$125,211; investments, $252,623; sinking fund for 1st mtge. 5% bonds,
$8,591; fixed assets (net), $.3,513,088; deferred charges, $39,375; total,
$4,793,225.
Liabilities—Accounts payable,
$44,092; accrued interest and other ex¬
penses, $49,303: accrued city taxes, $40,000: provision for Federal and State
taxes, $40,897: funded debt, $1,368,000; reserve for contingencies, $35,000;
5% cum pref. stock (par $100), $1,300,000; common stock (par $100),
$1,450,000; surplus, $465,932; total, $4,793,225.—V. 149, p. 586.
Radio-Keith-Orpheum Corp.—Atlas to Offer New Pro¬
posal—
new
proposal to underwrite the
unsecured
a letter by
offering of common stock of Radio-Keith-Orpheum Corp. to
creditors under the reorganization plan, it has been disclosed in
Floyd B. Odium, Atlas President, to Irving Trust Co.
Mr. Odium's reply to a query from the bank follows:
"You have made inquiry as to the present disposition of Atlas Corp.
toward underwriting an offering of common stock to unsecured creditors
under the plan of reorganization of R-K-O.
"As you know, our August underwriting proposal expired because its
terms had pot been approved within the time stated in the offering and was
not renewed only because war had intervened and brought into play new
factors.
I have since been studying the situation in the light of the new
condi ions to d r 3me up vn fai~ e"
s of a ue v under»riting proposal.
"The plan of reorganization calls for the raising of $1,590,000 for reorgani¬
zation expenses and working capital needs of the parent copmrany only,
as it was believed that R-K-O Pictures, Inc., and
the various theater sub¬
sidiaries have sufficient capital for their own requirements.
I see no
reason to change this view.
"I am making plans to make a new offer to underwrite, but would prefer
to do so when Mr. Schaefer (George Schaefer, President of R-K-O) is here
and can take part in our discussions.
However, the matter can be taken
2404.
Previously regular quarterly dividends
8H cents per share were distributed.
September Sales—
Ac¬
'.A,
company reports September sales rose to a new all time peak for that
were the highest in company's history with the exception of
the December Christmas holiday sales of 1937 and 1938,
September, 1939 sales amounted to $209,499 as against $176,329 for
the same month in 1938; an increase of 18.8%.
Sales for the nine months ended with September this year were $1,656,449 compared with $1.567,6j6 for the same period last year.—V. 149,
2097...
/
y;
.
/
,
A
.
A..".-.
Reinforced Paoer Baffle Corp.-—Securities S«le Birred,—
Supreme Cert Justice Aaron J. Levy Oct. 4 signed an order temporarily
Lydia B. Koch, 825 Fifth Ave., N. Y. City, and two
corporations controlled by her from farther sales of securities in New York
State.
The order, returnable on Oct. 16, when defendants mrst show
restraining Mrs.
why it should not be continued and a temporary receiver appointed,
obtained by Attorney General John J. Bennett Jr., who charged that
than $1,000,000 of securities had been made to the public
cause
was
sales of more
by false representations.
The corporations named are Reinforced Paper Bottle Corp. and Safety
Service Milk Bottle Corp., both of 500 Fifth Ave.
(Robert) Reis &
a
p.
10-Cent Dividend—
Comnany paid a dividend of 10 cents per share on the common stock on
p.
Assets—Cash, $82,927; U
Corp. is making plans for
Regular quarterly dividend of 25
Aug. 1, last.
month and
notes receivable and advances
The Atlas
paid
Oct. 2 to holders of record Sent. 22.
storage
the previous
Dividend—
The passing of the common dividend was due to derision of the board
that it would be the best policy to conserve the company's rash to take care
3,000
17,800
revenue received
during the year which
but was considered doubtful of realization,
$4,912 refund of prior year's city taxes and $3,483 undistributed earnings
for the year of Ferry Street Trust (wholly owned).
x
accrued
Co.—Extra
Raymond Concrete Pile Co.—Common Dividend, Omitted
of
Net profit
Preferred dividends.
Packing
Directors at their recent meeting decided to omit the dividend ordinarily
un¬
distributed profits—
354,459
Represented by 163,140 no par shares.—V. 149, p. 1772.
have been slow in
44,451
2,000
_
378,250
$9,104,822 $9,423,794
Total
due at this time on the common stock.
has
of
Prov. for misc. invests.
2,146,447
770,918
surplus
of the large amount
1,921
Trust
Prov.
$1,327,411
972,992
39,152
47,8 3
—
2,113,600
2,146,447
419,566
Directors have declared an extra dividend of 33 1-3 cents per share,
payable Oct. 25 to holders Of record Oct. 14.
Similar extra was paid on
Oct. 25, 1938.
Regular nuarterly dividend of 33 1-3 cents was paid on
Oct. 1 last.—V. 147
p. 3773.
gen¬
Interest paid (net)
Prov. for contingencies.
Net
1936
$322,432
61,992
47,142
77,740
profit
875
5,790
31,704
Co.-
1937
$1,368,227 x$l,369,435
Operating expenses—1,070,543
1,047,003
eral office).
General expenses:
.........$9.104.822 $9,423,794
Rath
Gross income._._______
Salaries
Warehouse
surplus...
(since .Jan. 1 *32)
Total
4,000,000
2,113,600
par)
Common stock..
x
x
&
4,000,000
875
14,381
for pref. divs.
31,704
Preferred stock 6 %
cum.
series
A
Assets—Fixed assets,
Quincy Market Cold Storage
Earnings Years Ended March 31—
1938
Conv.coll.tr .414%
$3,484,387
4,052,607
Unamort. bd. disc.
10,146
1939
>>
Accts. receivable..
deple.
15.45
Sept. 30
1938
Bonds and notes..$3,687,148
Acceptance
Amount written off timber lands in respect of
un¬
realized profit and loss on securities.
Based upon market quotations, the
Assets—
Non-operating
68,237
Taxes assignable to opers
807
revenue
$805,726
79,763
3,334
,
1937
$15,590
1,200
10,146
Sale of wood
Miscellaneous
$754,151
62,934
3,334
Net tel. & cable oper.
Total int. & cash divs.
$82,162;
417
All other gen. & miscell.
Consolidated Balance Sheet Dec. 31, 1938
Assets—Cash,
1939—8 Mos.—1938
•1938
$97,612
10,282
416
Depreciation & amortiz.
Relief depts. & pensions.
Quake*- City Cold Storage Co. (^. Subs.)—Earning*—
Years Ended Dec. 31—
Operating revenue
Operating expenses
Bond interest for period.
Reserve for renewals & replacem'ts..
America—Earnings-
$102,929
6,926
expenses
...
Company—
Federal Judge William Bondy warned the parties to the reorganization
proceeding had been before the court so
long that it would have to be cleared up soon.
He granted a three weeks'
adjournment until Nov. 1 for further study of plans for a stock issue of
$1,500,000, but said that progress would have to be made by the end of
revenues
Balance
Balance,
149,
2379
with the remaining members of the board if Mr. Schaefer's return is to
long delayed."
of the corporation Oct. 11 that the
$2,990,374
1,471,602
preference dividend requirements..
—V.
$7,007,963
Drl68,774
$569,281
319,673
Balance A
Prior
$7,412,844
Drl63,412
up
be
Co.—Sales—j-
ended Sent. 30, 1939 were $695,716 comparing
in third quarter of 1938, an increase of 7.2%.
For nine months ended Sept. 31, 1939 gross sales totaled $1,930,542 as
Gross sales for quarter
with $648,802
compared with $1,644,493 in first nine months of 1938, gain of 17.3%.—
149, P. 422.
—V.
Reserve
Investing
Corp.—Accumulated Dividend—
Directors have declared a dividend of $1.25 per share on account of ac¬
cumulations on the $7 cumulative preferred stock, no par value,
Oct.
14
to
holders
of record
Oct.
6.
Similar
payments
were
payable
made in
preceding quarters^—V. 149, p. 267.
Reynolds Metals Co.—New Director—
J. V. Giesler has been elected a director in place of R. N. Webster, who
resigned as director and Vice-President.—V. 149, p. 1189.
(R.
J.) Rev"uH« TVbacco C^.—-Cited hy the, FTC—
■
Charges of violating the Kobinson-Patman Act have been issued by the
Federal Trade Commission against four tobacco
companies—the P. Lorillard
Co., the Brown & Williamson Tobacco Corp., the K. J. Reynolds Tobacco
Co., and Larus & Brother.
The Commercial & Financial Chronicle
2380
The
that
complaint, charges
the respondent companies
discriminated
not others
in price between different purchasers, paid certain customers and
for services and facilities, and supplied certain services to some
customers
but not to others.
Price discrimination occurred, it is charged, through
the granting of free goods at no specificprice to some customers but not to
others
The lx>riilard and Brown & Williamson companies are charged
with making special allowances to operators of vending machines, with the
same
resultl
.discrimination agair st dealers not operating such
machinet
*
-
.
,
.
„
„
,
It is also charged that the companies compensated certain distributors,
as chain stores and others, for furnishing counter and window displays
such
of their products,
for payment of a
were
while to some jobbers, it is alleged, they allowed 60 days
2% cash discount while generally to others only 10 days
allowed for the same discount.
Through the use of "missionary men" and salesmen, it also is charged,
concern
established relations with distributors which enabled them
the
prices at which their products were sold at retail.—V. 149,
to control the
687.
p.
-vy.
Richfield Oil
Corp.—New Official—
Public Relations, effec¬
Harrison Lowler has been appointed Director of
tive Oct. 5 —V. 149, P. 1189.
Rich Ice Cream Co.—Extra Dividend—
Directors have declared an extra dividend of 20 cents per share in addition
regular quarterly dividend of 30 cents per share on the common stock,
payable Nov. 1 to holders of record Oct. 14.
Like amounts were paid
Aug. 1 last.—V. 149. P. 744.
to the
Oct.
Seaboard Air Line
Ry.—Equipment Authorized—
Root Petroleum
Selected Industries,
The New York Curb Exchange has been notified of the appointment of
the Bank of the Manhattan Co., 40
Wall St., New York City,
transfer
as
convertible preference stocks of
in place of the Guaranty Trust Co of New York, effective
agent for the common and $1.20 dividend
this company
at the close of business
Oct. 1, 1939.—V. 149, p.
on
1487.
Rutland RR.—Earnings—
Period End. Aug. 31—
Railway oper. revenues.
Railway oper. expenses.
Net
rev.
1939—Month—1938
$300,621
$280,791
251,181
247,364
from ry. op..
$49,340
19,623
2,250
Railway tax ac'ruals^..
Equip. & jt. fatil. rents.
1939—8 Mos.—1938
$2,196,670
$1,915,962
2,090.921
2,085,789
$33,427
28,189
3,271
$105,749
155,049
18,467
x$169,827
230,024
9,906
Seven Up Bottling Co. of Los Angeles, Inc.—Stock
Offered—R. N. Gregory & Co., Los Angeles, in July last
offered 20,000 shares of. capital stock at $10 per share.
Stock offered to residents of California only.
History and Business—In October, 1934. D. K. Washburn, President,
purchased the franchise and plant of the Seven Up Bottling Co., then located
in South Gate.
The compmyis now housed in one of the most modern
bottling plants in the country, containing approximately 72,475 square
feet, located at 5101 South Alameda St., Los Angeles.
The growth of the
company from its inception in October, 1934. to its present status of apmately 13,000 retail outlets is shown by the following tabulation of sales:
Net Soles in Dollars
1934 (3 months)....
1935.
Net ry. oper. income.
$27,457
$1,967
*$67,767
*$409,757
3,749
3.761
35,535
34,135
Total income..
$5,718
x$32,232
x$375,622
$31,206
Misc. deduc's from inc..
1.620
333
3,978
3.063
Total fixed charges...
33,742
33,894
271,656
271,207
$4,156
$28,509
$307,866
Indicates
deficit,
y
but unpaid.—V. 149, p.
Includes interest accrued
on
2097.
Capitalizatvm—
to
share
Earnings f or Staled Periods
Peri d End. Aug. 31, '39 6 Mos. End. 11 Mos.End
Month
8 Months
June 30, *39 Dec. 31, '39
Net sales..
$466,243
$1,143,865
x Net
profit
$19,179
$100,512
60.194
183,198
y Earnings per share
$0.22
$1.18
$0.71
$2.15
x After all
charges including taxes,
y On 85,000 shares to be outstanding.
as
of Aug. 31, 1939
Assets—
Cash
on
Liabilities—
hand and in banks...
$195,657
Notes payable to bank
22,305
receivable—trade
21,637
Taxes payable.........
.....
....
Total fired assets
548,514
Deferred charges
29,265
the
four-week period ended Sept. 30, 1939, Company announced
$33,180,683 against $28,840,185 for the period ended Oct. 1. 1938,
These record breaking sales were made in the face
of a large advertisement by the Safeway company, appearing in all cities
and towns served by the company, advising consumers against hysterical
buying.
The advertisement, in part, was as follows:
"The forces of market disturbance, fear and sepeculation, are at work.
Prices for some basic commodities have already gone up.
Increases in
Safeway's retail prices on these items reflect the rise in wholesale cost, over
which Safeway has no control.
"Consumers may assist materially in preventing unwarranted price
increases by continuing their purchases on a normal scale.
There are
adequate supplies of food stuffs for every American.
Hysterical buying,
which strips retail and wholesale stocks, creates artificial scarcity, which
pushes prices to abnormal levels.
"Safeway pledges complete cooperation with the governmental agencies
and with farmer producers in all efforts to stabilize prices, discourage
profiteering, and maintain orderly facilities for food distribution, and that
the consumer will always be able to buy from Safeway at the lowest prices
available anywhere."
Sales for the 40 weeks ended Sept. 30, 1939 were given at $293,440,359
against $281,067,306 for the period ended Oct. 1, 1938, an increase of
4.40%.
Stores in operation were 2.911 and 3,198 respectively.
The four-week period just reported marks an all-time high for Safeway.
It compares with $30,380,818 for the period ended Sept. 3, 1939 and
$30,128,345 for the period ended Dec. 24, 1938, the two previous high
record periods.—V. 149, p. 1772.
sales of
increase of 15.05%.
San Carlos Milling Co.,
and
Operating
revenues
Operation
Maintenance
Taxes
Net oper. revenues...
Non-oper. income (net).
Balance...
Int. & amortization....
Balance
$86,349
546
$86,895
31,187
$55,708
Appropriations for retirement
Total
$79,476
Dr387
$79,089
31,395
$47,695
reserve
—V. 149, p.
Debenture dividend requirements
Balance
_______
Preferred dividend requirements
Balance for
—V.
149,
p.
common
2244.
dividends and surplus
15,473
135,152
cases
bottles.
65,308
.
456,810
24,160
$834,700
1339.
Shamrock Oil
& Gas
Corp.—Accumulated Dividend—
Directors have declared a dividend of 30 cents per share on the 6% con¬
vertible preferred stock, and a dividend of $3 per share on the 6% Preferred
stock, both
in arrears
payable Oct. 14 to holders of record Oct. 10.
both issues.—V. 148, p. 3699.
Dividenes
are
on
Shenandoah
Life Insurance Co.—To
Reorganize Man¬
agement—
George A. Bowles, Virginia Insurance Commissioner, announced on
Sept. 30 that the board of directors of this company had adonted Pleasures
for eorganization of the company's management which meet "with the
complete approval" of the Virginia Insurance Department.
The principal action taken by the directors was to create the position of
Chairman of the board of directors and of the finance committee.
The board
a committee to select a man for the new office.
Thd State Corporation Commission, in reporting a week ago on a new
examination of the company, revealed that Mr. Bowles had proposed a
reorganization of the company's management as a result of what he termed
"flagrant and inexcusable irregularities and violations of law as well as
insurance business practices generally."
The Insurance Commis¬
sioners of the District of Columbia and Tennessee, who supervised the
examination with him, concurred in this general recommendation.
The
examination showed the company to be entirely solvent and its business on
the increase.—V. 138, p. 2942.
sound
(A. O.) Smith
Corp.—Earnings—
Years End. July 31—
Net sales.
Operating charges
1939
1938
1937
1936
$20,297,111 $20,200,190 $.31,958,493 $26,795,274
18.984,389
20,183,284
30,971,738
25,0 0,986
Operating income.
$16,906
88,399
$986,755
$1,357,553
$105,305
$1,139,188
1,161,264
21,658
66;500
1,087,461
1,119,505
$2,030,151
41,266
1,126,226
$16,555
$862,659
498,800
$0.03
499,175
.,312,722
Other income
44,831
...
Total income
1939—12 Mos.—1938
$2,310,926
$2,228,578
809,203
129,990
852,321
297,585
121,984
271,815
$1,074,148
Z>r5,509
$982,456
Dr3,440
$1,068,639
375,887
$979,016
378,633
$692,752
277,293
$600,383
248,167
$415,459
149,115
$352,217
149,115
$266,344
60,000
$203,102
60,000
$206,344
$143,102
152,433
Loss sale of securities
$1,764,288
265,863
3.127
Depreciation
Other expenses
Fed.& State inc.taxes._
Net profit
$108,132 loss$982,156
Shares common stock (no
„
498,800
$0.22
par)
Earnings
per
share
1939
498,800
Nil
Land, bldgs.,
S
1939
Liabilities—
ma¬
y
chinery & equip. 9,132,351 10,122,132
Cash
434,653
360,589
Inventories
Cash
surr.
4,152,646
3,687,114
882,710
21,126
4,385
812,833
value of
Due from affil.
cos.
23,905
769,673
Investments....
Notes
rec. non-curr.
After
216,954
depos.
832
contract
Accrd. Fed. tax, &c
23,451
409,890
389,988
76,946
pay.—bank
surplus
...
45,748
325,725
308,708
10,265,633
12,645,252
17,400,387
19,294,100
550,396
1
Goodwill
Total
12,000
651,999
214",782
578,841
1
_
on
Earned
214,782
Land non-oper
Deferred charges.
26,154
583,114
312,093
purch. oblig.
Payroll
(not current)
515,601
2,101,105 Conting. res., &c__
35,000
400,000
Accounts payable.
Note
at cost
z
5,000,000
Current instalment
Long-term debts._
Marketable securs.
5,000,000
Notes payable.
Customers'
life ins. policies.
Due fr. employees.
1938
$
Common stock..
on
905,642
$1.73
July 31
1938
$
Assets—
x
x
Balance
on
Total..
$834,700
Notes & accts. rec.,
after reserve
1,174,219
Co.—Earnings—
1939—Month—1938
$198,679
$182,173
72,975
69,160
12,870
9,481
26,486
34,056
deposits
Capital stock (83,400 shares)
Surplus..
Balance Sheet
Directors have declared a dividend of 30 cents per share on the common
stock, par $8, payable Oct. 14 to holders of record Oct. 2.
This compares
with 20 cents paid on June 15, last; 15 cents paid on March 15, last, and
dividends of 20 cents per share paid on Dec. 15, 1938, and each month
previously.—Y. 148, p. 3387.
Period End. Aug. 31—
Other current assets
Trust deed note payable......
Customers
Ltd.—Larger Dividend—
Savannah Electric & Power
26,562
20,920
55,314
named
Safeway Stores, Inc.—Sales-—
For
$35,000
17,322
Accounts payable
Dividends payable...
(also series E in temnorary form) outstanding in the hands of
(b) Serios B 5% bonds: $19.90 on each $1,000 bond, $5.45 on each $500
bond, $2.7,3 on each $250 bond, and $1.09 on each $100 bond.
(c) Series E 6% bonds:
$13.08 on each $1,000 bond, and $1.31 on each
$100 bond.
Payments to be on account of the interest due Jan. 1, 1933.
The respective coupons should be detached and presented, or forwarded,
for stamping and payment of such interest to the office of C. W. Michel,
Executive Eastern representative, Room 1949, 120 Broadway, N. Y. City.
Fully registered bonds should likewise be presented or forwarded for
stamping and payment of such interest to the said office.
Certificates of deposit for prior lien mortgage bonds should be presented
or forwarded for stamping and payment of such interest to Central Hanover
Bank & Trust Co., Corporate Trust Department, 70 Broadway, N. Y. City.
The prior lien mortgage and said order of court contain a tax-free provi¬
sion.—V. 149, P. 2244.
an
holders of record Sept. 1.
paid Sept. 15 last to
was
the public or pledged, the sum of $1,834,858.
Such interest will be paid at the following rates:
(a) Series A 4% bonds: $8.72 on each $1,000 bond, $4.36 on each $500
bond. $2.18 on each $250 bond. $0.87 on each $100 bond.
privately
Outstanding
a85,000 shs.
Authorized
Inventories
Payments—
that, pursuant to order dated Sept. 29, 1939. of
Court for the Eastern District of Missouri. Eastern
the U. 8. District
Division, they will be prepared to pay on and after Oct. 23, 1939, to the
holders of St. Louis-San Francisco Ry. prior lien mortgage bonds, series A
and series B
was a
Notes & accts. receiv.—others
announce
1,179,759
Dividend Policy—The company contemplates payment of dividends equal
approximately 50% of annual net earnings.
An initial dividend of 25
Accts.
St. Louis-San Francisco Ry.—Interest
The trustees
outstanding bonds
AngeJes
No par common stock
100,000 shs.
a Includes 1,688 shares reserved for employees.
Balance Sheet
Charges
...
was
Net deficit after fixed
x
.i.$1,173,308
1938.--.
1938, and all the equip¬
purchased from Mr. Washburn.
The land and plant was pur¬
chased in
1939.
Company holds perpetual and exclusive right under
franchise to bottle and sell Seven Up in the Los Angeles City area, Holly¬
wood, Beverly Hills, Westwood, Santa Monica, Ocean Park, Venice, Man¬
hattan Beach, Itedondo, San Pedro, Long Beach, and all of Orange County,
which includes Santa Ana, Fulierton, Anaheim, Laguna Beach, Balboa,
Seal Beach, Huntington Beach, &c.
ment
$649,892
y
1937...
$2,096
42,117
426,451
Prior to 1938, the Seven Up Bottling Co. of Los
owned company.
It was incorporated on Feb. 1,
cents per
Other income
Inc.—Asset Value—
The company reports net assets at market or appraisal values, before
deducting bank loan as of Sent. 31. 1939, of $34,022,567, which compares
with $30,365,412 as at June 30, 1939.
The asset coverage of the prior stock
was $94.52 at Sept. 30, 1939 as compared with $80.09 at June 30, 1939.
—V. 149, p. 588.
1936
Co.—Transfer Agent—
,
Judge L. B. Way in Federal court, at Norfolk, Va., has authorized the
purchase by the road of freight equip" ent to cost $2,500,000. At the same
hearing he named Tazewell Taylor, special master, to expedite reorganiza¬
tion of road.
The plan is now being worked out.—V. 149, p. 209/.
both
on
1939
14,
17,400.387 19,294,100'
Total
depreciation and amortization,
y Represented by 500,000 no
1,200 shares of company's common stock carried
148, p. 3543.
par shares,
z Includes
at cost of $59,120.—V.
Skilsaw, Inc.—Stock Split-Up—
At a special stockholders' meeting held Oct. 6 approval was given to a
plan to change the authorized capital stock from 40,000 shares of common
stock (par $5) to 150,000 shares of common stock (par $2) by splitting up
the present $5 par value common stock into three shares of the new $2 par
Volume
149
The Commercial & Financial Chronicle
value common stock and
tranferring $34,204 from surplus to the capital
account in respect of said
$2 par value common stock.
Registration of the new stock with the
Securities and Exchange Com¬
mission is expected to be
made shortly inasmuch as the
company proposes
to make public
offering of a block of this stock through a
Chicago underto
m
provide
additional
working capital and defray the cost
orDuilQingan addition to the
company's plant which was newly constructed
about one year ago at 5033-43
Elston Ave., Chicago.
The addition to the
and new equipment
required will have an estimated cost of $30,000
to
.>io,UUU.
•
Company and its predecessor
ness
was
was
organized in 1924, and while the busi¬
originally confined to the manufacture and sale of electric saws,
has since 1930
developed its line to include other portable electric tools
consisting of portable electric drills,
saws, belt sanders, disc sanders, floor
it
sanders, blowers, grinders, hedge
trimmers,
thereto.—V. 147, p. 3923.
:
grass trimmers and accessories
South American Gold & Platinum
Co.—10-Cent Div.—
Directors have declared a dividend of
10 cents per share on the common
stock, payable Nov. 28 to holdrrs of record Nov. 14.
Like amounts were
paid on May 10,1939, Dec. 20, 1938, and on Nov.
24,1937.—V. 149, p. 1339
South Bend Lathe Works—Stock Offered—Ames,
.
EmeOct. 5, offered
25,000 shares
ricji & Co., Inc. and Paul H. Davis & Co., on
^market (approximately $22 per share)
($5 par) capital stock.
The stock does not represent
financing for the company.
at
new
Assets—
r
Company began business at its present location in 1915,
having leased
12,000 square feet of floor space in the
manufacturing plant which
it now owns.
In 1920, the
company purchased that part of the plant
previously leased by it, together with additional land and
buildings, having
in all approximately 180,000
square feet of floor space.
This has since been
increased by approximately 10,000 square
feet, making a total of approxi¬
mately 190,000 square feet, all of which is now used
by the company in
about
its operations.
Company manufactures nothing but metal working lathes, sold tinder
name of "South Bend," and
tools, attachments and accessories there¬
no present intention of
adding any different products to its
line.
It maintains
engineering and experimental facilities for developing
and improveing its products.
The lathes vary as to size and model, ranging
in price from slightly less than $100 to more
than 81,500 per lathe.
Its
for, and has
products are sold in a competitive field.
Among the largest buyers are
manufacturers, repair shops, automotive service stations, educational in¬
stitutions, and individuals interested in the home workshop.
More than
90,000 lathes have been sold since the business was founded in 1906.
Com¬
pany's lathes are in use in several departments of the Federal Government
and in the laboratories and work
shops of many of the best known colleges,
universities, engineering and technical schools.
approximately 20% to 30% in dollar volume
During the past 15 years,
of the company's business
has consisted of exports to
foreign countries throughout the world.
Capitalization—
Authorized
Outstanding
120,000 shs.
200,000 shs.
Comparative Income Account
1
30
Period from
Dec. 29 '35
Weeks
Ended
•Years Ended Dec.31-
July 29 '39
sales,
less
dis¬
counts, &c..____
$1,131,533
Cost
of goods sold
684,492
Selling, general and administrative expeases.
222,983
to
1938
1937
Dec. 31 '36
$1,711,073
1,043,261
$2,378,060
1,514,797
$1,912,530
1,158,822
Gross
*
365,856
418,380
401,351
$301,955
17,697
$444,883
26,835
$352,356
19,277
$319,653
Crl4,711
81,891
$471,718
10,000
76,928
$371,634
41,500
$192,684
$252,473
$384,789
$287,248
Operating profit
Other income....—
$224,057
Total Income
Other deductions-,
Pro v. for Fed'l inc. taxes
$234,184
Net profit
—
10,127
—
_
13,385
71,000
Balance Sheet July 29, 1939
Assets
Investments...
b
Sinking fund.
$434,750
Accounts
payable
$41,155
_
20,037
Dlvs. payable Sept. 1, 1939...
324,005
Customers' credit balances and
Inventories
A
Prepaid expenses, Ac
Investments and advances.-..
655,002
Property, plant & equipment..
260,315
-
-
-
-
19,282
8,544
10,810
Accrued liabilities
Cash
s ur pi
us
.
—
-
.
.
_
-
.
_
.
Common stock (par $7.50)..
Long-term
debt...
Notes payable
140,977
4,567
payable
137,718
Acer. int.
on
238,335
long-term debt.
Accrued
$1,721,940
Total
145,799
Prepaid taxes and insurance.
Other accrued liabilities
Total..........
14,905
$29,733,428
Total
...
1939—8 Mos.—]938
$5,369,101
23,582
WOperating revenues..
Operating expenses
$5,757,993
3,787,536
$5,345,519 $45,486,349 $42,294,834
3,525,775
29,634,248
27,802,938
$1,970,457
807,903
$1,819,744 $15,852,101 $14,491,896
736,789
6,459,913
5,827,257
$1,162,554
961,927
$1,082,955
828,298
Net oper. revenues...
Net operating income.
Net income..
—
—V.
149,
p.
1339.
$45,658,140 $42,475,698
171,791
180,864
$9,392,188
7,801,842
$8,664,639
6,742,984
;;.;S
.
Southern United Ice Co.-
-Earnings-
Calendar Years—
Operating
Operation
1938
revenues
income
oper.
$975,105
675,911
41,809
56,829
$164,269
16,551
$200,556
22,150
$91,902
107,493
$180,820
109,817
$222,707
113,476
retire¬
Gross income
on
$964,219
687,210
52,898
59,841
$77,788
14,119
(before
ment provision)
Non-operating income
Interest
(before retire, prov.)
long-term debt
General interest.
95
Amort, of debt disc, and expense
Provisions for retirements
"2",152
Net income
x
-Bonds Taken
$30,000,000 in 3 H % bonds issued in June, 1939,
taken
by
by five
The proceeds were used to redeem the 4% bonds
maturing in 196C.
The bonds were issued to the following companies: The
Metropolitan Insurance Co., $15,000,000; the Equitable Life Assurance
Society of the U. S., $6,500,000; the Prudentual Insurance Co. of America,
$5,000,000: the Mutual Life Insutance Co. of New York, $2,500,000, and
the Pennsylvania Mutual Life Insurance Co., $1,000,000.—V. 149,
p. 1773.
Ry.—Earnings—
—Fourth
Week of
1939
*
Southern
Natural
Period End. June 30—
Operating
Operating
revenue.—
expenses
Net oper. income
Other income
_.
Income before interest
Interest
'—
Gas
Sent.
1938
Gross earnings (est.) —$3,960,074
—V. 149, p. 2098.
Jan.
I to Sept. 30—
1939
1938
$3,451,249 $95,798,857 $85,979,462
x$17,744
1939—12 Mos.—1938
$1,494,947
1,012,890
$1,215,352
841,595
$6,731,238
4,307,799
$6,029,801
3,836,991
$482,057
31,959
$373,758
32,035
$2,423,440
154,489
$2,192,810
130.037
$514,016
$405,793
$2,577,929
248,815
269,180
1,030,785
$2,322,848
1,077,443
Amortiz. of debt discount
and expense
Neti
Nil
nc.
20,929
80,399
66,697
$245,396
$115,685
$1,466,745
$1,178,708
Balance Sheet Dec. 31, 1938
Assets—Plant, property, equipment, &c., $2,871,378; investments and
special deposits, $3,196; cash, $228,677; working funds, $4,400; notes and
accounts receivable (net), $56,520; materials and
supplies, $68,053; prepaid
and deferred charges, $37,839; total, $3,270,064.
Liabilities-—Capital stock ($100 par). $240,430;
long-term debt, $2,684,100; accounts payable, $44,078; accrued interest, $32,384; accrued
$46,640; miscellaneous current liabilities, $1,281; preferred credits,
$2,974; reserves, $234,399; capital surplus, $1,520; deficit, $17,744; total,
$3,270,064 —V. 147, p. 585.
taxes,
Southern
Calendar
Utah Power
Years—
Co.—Earnings—
1938
1935
$200,521
74,079
17,115
$182,754
64,194
26,335
2,789
27,121
20,507
20,092
1,560
20,052
18,275
$66,439
$67,208
$63,094
112
1,250
2,171
$73,191
34,866
1,409
4,004
$66,551
$68,464
35,988
1,003
4,180
$65,265
33,559
1,444
3,653
$32,912
Taxes oth. than Fed.inc.
1936
$221,210
78,782
$70,796
2,395
Maintenance
1937
$232,863
78,075
20,171
30,641
Operating revenues.....
Operating expenses
$25,223
$27,293
$26,609
Federal income taxes.
19,743
4,894
Depreciation
28,286
Net operating income.
Other income
Net earnings
Interest on funded debtOther interest
Amortization.
Net income
—
35,425
1,809
4,094
gas
exploration.
.
Assets—
1938
1937
Plant, prop., &c..$1,696,217
MiHcell. invest
831
Accts. receivable.
$1,678,533
800
9,358
978
28,432
_
10,932
562
26.322
Notes receivable..
3,057
3,955
17,751
15,293
Unamort. debt dis¬
charges
—
Liabilities—
226,326
Preferred
Common
_
$245,396
$115,685
#
740,650
740,650
624,500
Notes payable
6,047
Long-term
15,283
Other
Deprec.
4,949
19,884
13,057
Due affiliated co_.
90,300
5,194
2,285
Accounts payable.
Acer, int., tax., &c
84,439
17,675
17,675
614,500
stock...
16,477
.
1937
$300,000
$300,000
stock.
Funded debt.
16,079
13,157
obliga.
5,978
6,730
reserves..
90,691
78,664
16,625
16,182
9,841
20,307
8,886
reserves
Consumers' depos.
$1,857,540 $1,841,980
Represented by 353Mi
uo par
Southwestern Bell
Period End. Aug. 31—
Operating
revenues
Uncollectible oper. rev--
9,314
shares.—V. 148,
Net oper. revenues—
Net operating income.
...$1,857,540 $1,841,980
p.
3083.
Telephone Co.—Earnings—
1939—Month—1938
1939—8 Mos.—1938
$7,687,904
$7,323,200 $61,281,499 $58,244,327
31,672
30,645
252,726
252,341
Operating revenues... $7,656,232
Operating expenses
4,933,636
Operating taxes.—
Total
$7,292,555 $61,028,773 $57,991,986
4,689,766
38,962,074
37,504,081
$2,722,596
1,046,269
$2,602,789 $22,066,699 $20,487,905
974,744
8,329,491
7,762,372
$1,676,327
1,434,143
$1,628,045 $13,737,208 $12,725,533
1,412,043
11,824,868
11,442,096
—V. 149, p. 1929.
The reorganization plan
for this company has been approved by stock--
holdes and the Federal Court.
The company's name is changed to Spindale
Mills, Inc.
A. G. Heinsohn Jr., has been elected President and Treasurer
for a period of five years.
Besides Mr. Heinsohn, the directors will include
Henry J. Blackford, former President; William Brown, John C. Davis, and
A. G. Furrnan Jr.
The company will receive a $350,000 Reconstruction Finance Corpora¬
tion loan to meet outstanding obligations and provide additional working
capital.
The capital stock will be changed from 27,200 shares of $25
$1,240,419
par
value to 50,000 shares of $10 par value.
Shareholders will receive one new
one.
Of the remaining stock 20,000 shares will be placed
in a fund to provide for payment of stock bonuses to Mr. Heinsohn on
share for each old
management.
State, county and municipal taxes, notes with accumulated interest and
trade creditors,
without interest will be paid in full.
The
$198,000 debt due Richmond Federal Reserve Bank will be compromised
new
unsecured
on a
50% basis and State-Planters Bank & Trust Co. will receive
$1,178,708
a
second
mortgage covering in full its present mortgage-secured claim.
Spiegel, Inc.—Sales—
Period End. Sept. 30—
To
1939—A/o/dft—1938
1939—9 Mos.—1938
$4,313,768
$4,851,514 $33,166,838 $32,432,215
Pay lo-Cent Common Dividend—
Oct. 6 declared a dividend of 15 cents per share on the
payable Nov. 1 to holders of record Oct. 16.
Simila
paid on Aug. 1, last; this latter being the nrst dividend paid
on the common shares since Feb.
1, 1938, when 25 cents per share was
distributed,— V. 149, p. 1773.
common
stock,
amount was
Spindale Mills—New Name—
transferred to earned
1
—
2,255
1938
Prior pref. stock.,
a
Balance of net income
surplus.
14,844
Balance Sheet Dec. 31
Directors on
before extraor¬
Cost and expense of na¬
tural
Nil
Loss before retirement reserve.
Sales.
19,804
dinary deductions..
107,014
future earnings and 3,459 shares will be used to pay brokers for their
services in connection with the reorganization and for future services to the
Co.—Earnings—
1939—3 Mas.—1938
"2",216
2,232
68,676
Spencer Mills, Inc.—Reorganized—New Name—
were
insurance companies.
/Southern
1936
806,930
41,182
70,269
Taxes—State, local, &c
Net
1937
$996,164
....
Net income
Southern California Edison Co., Ltd.Insurance Companies—
The
.529,733,428
$1,721,940
$5,781,807
23,814
Operating taxes.
...
In capital stock, long-term and other indebtedness of
subsidiary com¬
panies.
b Deposits with trustee under the first mortgage bond indenture.
149, p. 1773.
-.--vr.
/■;,
count & expense
Uncollectible oper. rev--
revenues
2,112,682
—V.
a
Operating
1,276,020
...
a
Telegraph Co.—Earnings
1939—Month—1938
9,370
.....
Earned surplus.
-V. 149, p. 1773.
Total-,...
Southern Bell Telephone &
State
Deferred charges.1,241,471
Prepaid & deferred
-V. 149, p. 2244.
Period End. Aug. 31—
and
379,233
Surplus.
Total
211,134
-
Federal
Income taxes
Capital surplus
below cost...
17,636
Accounts
2,769
Materials and supplies, at or
$5,189,776
20,161,523
......
Accrued taxes
sub. and affil. companies..
Other accounts receivable
Advs. to officers and empl__
69,067
600,000
908,101
_
935,327
312,284
—
Accounts receiv. (customer's)
•Current
balance
due
from
50,808
-
Prov. for Federal income taxes
Capital stock
Earned
3,015
Inventories......
42,000
deposits..-
3,115,286
—
Special deposits...
U.S. Treasury bills and notes.
Receivables-
Liabilities—
•
...
Cash
Liabilities—
Cash
;•
$23,817,027
a
the
Capital stock (par $5)
<■'
■
Fixed capital
Maintenance
History and Business—Company was incorp. in Indiana on
Sept. 8, 1914
and shortly thereafter
acquired and has since operated the lathe manu¬
facturing business founded in 1906 at South Bend,
Ind., by Miles W.
O'Brien and John J. O'Brien.
2381
Balance Sheet June 30, 1939
See Spencer
Mills, Inc., above.
The Commercial &
2382
Gross earnings
Operating expenses...._
57,634
121,977
Interest deductions.....
108,500
20.484
19.554
Amortiz. chgs. & exps.-
$461,799
146,399
50,904
134,409
17,987
$441 937
122,146
69.891
109,3 6
Taxes
$421,306
110.141
58.949
137,562
20,819
1939
14,
Co.—Valuation—
Properties of this company
1935
1936
1937
1938
$448,515
Stanolind Pipeline
Earnings—
Springfield City (Mo.) Water Co.
Calendar Years—
Oct.
Financial Chronicle
which are owned and used for common
carrier
Interstate Commerce Commission
purposes were found on Sept. 28 by the
in a tentative final report to haae a value
of $4 7,150,000 as of Dec. 31.1934.
Total owned properties of the company were valued at $60,495,048 and
total used properties at $47,200,165•
The valuation is for rate-making purposes.
_
trunk pipelines in Texas, Oklahoma, Kansas,
The company owns
Missouri,
Wyoming, Iowa, Illinois and Indiana and gathering lines in
Texas, Oklahoma and Kansas that form an integral part of the Standard
Oil Co. of Indiana system,—V. 140, p. 2721.
Nebraska,
Balance applic. to res.
pref. stock....
46.991
Balance applic. to res.
and depreciation—
$93,014
$112,100
45,224
$75,612
$140,005
and dividends
Divs.
on
$93,835
45.261
$66,876
$120,916
45,304
$48,574
Sterchi Bros. Stores,
mains
and other additions..
New
for
constr.
Balance Sheet Dec. 31,
34,619
37,608
582,247
162,057
_
Teck-Hughes Gold Mines, Ltd.—Earnings-—
supplies. $23,708; prepayments, $281,740; sinking fund uninvested,
$38,145; investments, $38,304; anticipated quarterly meter revenues, $29.450; treasury securities, $3',3,400; first mt e. 4s held by trustee on account
of sinking fund, $21,730; total, $5,713,416.
Liabilities—Common stock,
$412,700; preferred stock, $914,400; 1st
and
from
Return
companies in the Standard
Oct. 7, 1939, totaled 120,13.5% compared with the corres¬
ponding week last year.—V. 149, p. 2245.
Electric output of the public utility operating
Electric Co. system for the week ended
Gas &
982,144 kilowatt hours, an increase of
(& Subs.)—Earnings—
Earnings for the 12 Months Ended June 30, 1939
Operating revenues
Operating expense
542.147
$289,002
48,699
Net earnings from operations
taxes
27,178
10,595
...
Gross corporate
Interest
44
income...
$212,574
156,636
.......
427
Interest-affiliated companies
31,094
2,398
.
Withholding taxes
—...
Balance to surplus....
General
$12,019
.....
assets, $6,3u4,803; miscellaneous investments, $12,500;
$40,707; special deposits, $5,020; accounts receivable (net) $94,444;
receivable, $l,35b; material and supplies, $71,776;
unoilled revenue, $/2; miscellaneous current assets, $70; prepaid and
deferred charges, $17,473; total, $6,548,224.
Liabilities—Common
stock,
$2,761,001; long-term debt, $2,700,600;
due to affiliated companies, $414,734; accounts payable, $29,258; sub¬
scribers' and consumers' deposits
$l,15/»; accrued interest on long-term
debt, 43/,563; accrued taxes, $62,788; advance billing and payments.
$55,624; other current liabilities, $4,313; reserves, $547,238; contributions
for extensions, $5,743; capital surplus. $205,732; deficit, $277,528; total,
$6,548,224.—V. 140, p. 2552.
Assets—Fixed
miscellaneous accounts
Stewart-Warner Corp.—President
255,847
245,509
Superior Water, Light & Power Co.-
65,164
Previous
surplus
Profit
Operating revenues...
Operating exps., including taxes.....
Property retire, res. appropriations..
.
....
.....
150,000
$6,027,269
2,163,215
$6,336,105
2,067,072
2,403,572
$6,163,666
2,163,215
$3,820,374
$3,864,055
$3,932,533
$3,982,714
4,807,144
4,807,144
4,807,144
$0.46
4,807,144
$0.50
$5,887,446
Total surplus
Dividends
20,000
paid.^
Additional
for
provision
17,737
Federal income tax
Bal. at credit Aug. 31.
Shares of capital stock
outstanding ($1 par)
Earnings per share.. — _
_ _
680,987
3,302,463
3,726,923
147,075
bullion
180,063
143,913
98,387
on
749,862
721,072
24,197
liabilities.
14,180
12,366
Provision lor Fed¬
eral & Provincial
market value...
81,270
1,176
munic. taxes-
259,014
287,312
Earned surplus...
3,820,374
3,864,055
&
24,025
1,787
Inv. In
Teck Expl.
Co., Ltd-..
in
Inv.
2,000
— .
Lamaque
651,599
13,702
G. Mines, Ltd..
Prepaid Insurance.
530,999
10,640
—V. 149, p.
$9,677,977 $9,822,776
Total
$9,677,977 $9,822,776
Total
2245.
Telautograph Corp.—Earnings—
1939—9 Mos.—1938
1939—3 Mos.—1938
$22,554
$28,698
End.Sept. 30—
$56,639
$94,096
$0.13
$0.25
$0.42
com¬
on
$0.10
stock..
$223,51-6
1,030
$203,817
384
$205,805
$204,201
5,450
5,450
98.755
Cr 67
$224,616
5,450
95,778
100,191
35,0001
•
100,000/
64,000
able
Texas Electric Service Co.—Earnings—
1938
1937
1936
1935
$8,475,773
4,587,566
1,000,000
$8,318,502
4,352,464
900,000
$7,470,633
x3,913,697
500,000
$6,763,316
3,537,907
350,000
$2,888,207
$3,066,039
$3,056,935
$2,875,410
72,714
$2,888,207
8,371
$3,066,039
6,944
$3,056,935
1,393
$2,802,695
$2,896,578
1,686,500
31,634
$3,072,983
1,686,500
19,645
$3,058,329
1,686,500
27,393
$2,804,043
1,686,500
26.136
$1,178,444
$1,366,838
375,678
900,COO
$1,344,435
375,678
600,000
$1,091,407
375,678
,600,000
Calendar Years—
Rent for leased property
Balance
Other income (net)
_.
Gross income
Int.
tge. bonds.
interest
on n
Other
equipment, $4,814,344; cash in banks
(on demand), $128,945; special deiosit, $221; notes recehable, $2,659;
accounts receivable, $134,197; materials and supplies, $33,671; prepayments,
$2,621; other current and accrued assets, $1,600; deferred debits, $33,244;
total. $5,151.5 3.
Liabilities—7 % cumul. pref. stock ($100), $500,000; common stock ($100)
$500,000; long-term debt, $109,000; loans payable, $1,636,000; accounts
payable, $45,449; dividends declared, $32,750; matured interest, $221;
customers' desp'ts, $12,859; taxes accrued, $29,730; interest accrued,
$26,c53; other current and accrued liabilities $2,060; deferred credits, $245;
reserves, $845,927; contributions in aid of construction, $5,716; earned
surplus. $1.4o5 553; total, $5,151,5o3.—V. 149, p. 2099.
depreciation and taxes.—V. 149, p. 1490.
Operating revenues.-___
Oper. exps. (incl. taxes)_
Prop. retire. res. approp.
CY26
$123,414
Unavail-
$98,560
After
x
Balance Sheet Dec. 31. 1938
Swar-Firch Oil
106,632
24,580
payable ..J,.
at
Accts. rec., general
48,000
$101,666
35,000
stock
property,
,:_
stock
127,756
624,929
Unclaimed divs...
Sundry
gen¬
stores
Mining
701,934
48,000
Interest charged to construction....
7% preferred stock
of
Inventory
$4,807,144
wages
Dividends payable
bonds
Gold
&
Accounts
769,837
Govt,
1938
1939
Capital stock.....$4,807,144
assets....$4,564,331 $4,569,577
Cash
Aug. 31
Ltabdlties-
1938
1939
Assels-
Capital
1936
$1,053,894
806,339
48,000
mortgage bonds..
Net income
$0.33
$0.42
$9/3,520
Other interest...
on common
450,000
redemption of
Lamaque bonds
Salvage value of plant &
equipment sold..
mon
1937
250
Gross income
Assets—Plant,
46,491
$2,423,360
3,740,306
on
Period
$1,001,679
$205,555
N et operati ng revenues
Other income
Dividends
35,212
$2,203,391
3,982,714
investments.__
on
Profit
Net profit
Earns, per sh.
1938
Calendar Years—
on
14,444
$1,604,895
3,932,533
19,841
x
Earnings-
-
277,381
431,739
$2,023,392
3,864,055
properties
Net surplus for year..
Resigns—
Manufacturing Corp. above.—V. 149, p. 1038.
Dividends
422,642
294,752
387,258
355,720
expense
Examination & explora'n
eral
cash,
on
396,046
271,482
268,112
$4,905,387
181.084
1,114,326
431,004
1,434,628
Provision for taxes.
Consolidated Balance Sheet June 30. 1939
Interest
$4,675,732
/
105,098
11,227,379
$4,380,260
Total income
hand & In transit
See Dodge
$4,003,057
1,448,078
_
$4»777,666
957,800
Balance Sheet
dobt-publice
other
on
127,721
_
Lamaque
—
Jong term debt-public.............
on
Interest
$202,530
—
Non-operating income
104,877
Devei. & explor. exps._1
Mining expense
___/
Milling expense..-..^-.
$791,149
Federal income taxes
operating income
1937
$4,570,855
72,522
Gold Mines, Ltd
of new
Net
1938
$3,930,535
2.1.401
Output—
Standard Gas & Electric Co.—Weekly
Social security taxes
1939
$3,401,059
Years End. Aug. 31—
Bullion production
Interest and exchange..
„
^
series A, 4% bonds, $3,190,000; notes payable, $216,000; accounts
payable, vouchers. $39,260; notes and accounts payable (affiliated interests).
$164,824; consumers' deposits, $32,508; coupons outstanding, $2,272: taxes
accrued, $50,305; interest accrued, $38,055; sinking fund accrued, $38,145;
surplus and reserves. $614,946; total, $5,713,416.—V. 147, p. 585; V. 144.
p. 2677.
mtge.
State and local
1939—9 Mbx.—1938
$3,517,642
$4,263,707
$421,040
$574,511
—V. 149, p. 1629.
19,38
Assets—Plant and property, $4,886,636; cash deposit for coupons $2,272;
cash on hand and in banks, $16,348; accounts receivable, $31,683; materials
Standard Public Service Corp.
Inc.—Sales—
1939—Month—19:38
Period End. Sept. 30—
Sales.
1,348
and
Net
income
Preferred
dividend
Con.n
dividend-
x
on
Balance Sheet Dec. 31
1938
1938
1939
loss$51,461
1,083
126,438
1938
Liabilities—
equipment,
1937
$
1937
$
Assets—
$
Cap. stk.(no par)36 ,455,000 36,455,000
Long-term debt. ..33 ,730.000 33.730,000
180.421
175,534
Accounts payable.
x
Plant, property,
Ac.75,763,084 75,629,496
500
Securities
receipts
13,650
13,650
Dividends declared
243,919
243,919
deposit...
Temp, cash invest.
843,250
401,136
843,250
Cust's' deposits—
571,260
499,108
Taxes accrued....
750,497
551,377
726,517
accrued..
895 512
895,260
Special
Years Ended June 30—
—
Revised figure.
Non-curr.
Corp.—Earnings—
_
375,678
700,000
1,663,746
Cash In banks
1,019,290
Interest
66,016
9,659
$76,471
Dividends
preferred stock
on sale of non-oper. property.
on
7,462
$76,060
10.044
19.735
_
$49,275
------
$66,016
Balance Sheet June 30
Assets—
1939
x
......
Buffalo plant
$152,835
......
Liabilities-
1938
equipment,
In
Re¬
Common stock...
$517,194
$517,194
Preferred stock...
165,400
166,775
34,361
41,179
10,428
238,755
wholly-
6,749
owned sell. co._
Sundry
co.
z
8,483
Res.—Federal
.
2,500
3,189
53,907
43,449
1,420
15,200
9,526
842
125,871
140.311
red. of pref. stk.
1,050
516
152,169
136,281
Operating surplus.
49,275
13,680
Notes receivable..
3,483
19,905
22,942
Reacq'd cap. stock
Contra accounts..
237,053
5,200
6,500
Capltal surplus
approp.
...
172,124
172,124
Earned
surplus.
_.
39,964
4,696,975
1 ,898,831
1,796,068
Total
....
.79.987.481 79.370.036
x
Represented by $6 pref. cum. (entitled upon liquidation to $100 a
share); authorized, 200,000 shs.; issued and outstanding, 65,000 shs.
Com¬
mon, authorized, issued and outstanding, 6,000,000 shs.—V. 149, p. 2099.
Balance Sheet—
Thermoid Co.—Consolidated
June30,'39
$263,689
818,639
737,051
1,135,111
100,587
equipment..... 2,943.561
a
2,961,628
325,018
2
311,740
stock
lst
and advances...
stock.
lien
Goodwill, Ac
2
$476,388
coll.
399,560
399,560
2,419.000
(par $10).
2,429.000
184,947
203,326
trust
5% bonds
Accts. due others.
Prop'ty, plant &
Prepaid exp., &c..
$476,388
$3 cum. conv. pref.
77,169
Miscell. investm'ts
for
b Common
1,173,774
Inventories
June30,, 39 Dcc.31,'38
Liabilities—
Dec.31,'38
$317,074
Cash
Min. stkhldrs.* int.
in
Acer,
...
11,995
110,719
int.,
wages,
Surplus
65,801
38,326
1,990,865
Pro v. for Fed. tax.
c
12,016
91,410
subsidiary
taxes,
1.857,742
780
Total
Total.....
Reserves
79,370 036
10.076
taxes, &c
55,011
5 ,136,072
Contributions
6,236
Prepaid insurance,
Advs. to salesmen.
Deferred
7,359
79.987.*81
Total..
237,053
182,228
10,015
2,810
export shipm'ts.
5,632
199,940
27,901
Misc. curr. assets.
66.016
17.584
Res. for leakage—
Surp.
29,837
Prepayments
Notes & accts. rec.
41,345
1,834
rec.
Cash...
credits..
Assets-
1,080
Accts. receivable
6,236
396.875
in¬
41,345
_
investm'ts
Foreign drafts
taxes..
come taxes
Treasury stock
Inventories
sundry accruals.
security
partly
Advs. to sub.
5,200
Fed. & State social
company
in
11,771
Contra accounts..
3,547
Accts. payable and
224,229
Misc. curr. liabils.
655,548
406,734
1938
34,757
owned for'n sub.
Invest.
1939
$152,835
yBldgs., mach. &
invest.
4,502
600,875
Notes receivable..
Deferred charges..
Non-recurring loss
Land
2,831
Accts. receivable..
Mat'ls & supplies.
266
company.
Operating surplus June
$952,332
$973,3511
Total..
..,
$952,332
$973,351
x After deducting $96,150 for depreciation,
y After reoerve for deprecia¬
tion of $218,094 in 1939 and $201,788 in 1938.
z After reserve of $15,451
in 1939 and $14,787 in 1938 —V. 149, p. 1191.
c
•_
$5,639,901 $5.59* 054
....$5,630,991 $5,525,054
Total
depreciation,
b Represented by shares of $1 par.
$1,768,122 capital s' rph s and $222,744 ($89,620 in 1937) earned s" rplus.
The income statement for the six months ended June 30 was published
a
After reserves
in V.
for
149, p. 1629.
I
Volume
The Commercial & Financial Chronicle
149
earnings are running substantially above a year previous and
that as a result of increased employment and a higher level of business
activity outlook for remainder of the year is favorable.—V. 149, p. 1774.
states that
(John R.) Thompson Co. (& Subs.)—Earnings—
Earnings for 36
Weeks Ended Sept. 8, 1939
$7,616,056
x273,744
Sales
Net loss after taxes, depreciation,
&c
2383
After deducting lease cancellation expense
As of Jan. 1, 1939, the company changed its
of $48,649.
accounting periods from a
calendar month basis to 13 accounting periods to the year, so no direct
comparison is possible.
For the nine months ended Sept. 30, 1938, how¬
ever, its net loss was $276,873 after depreciation and taxes.
Gross sales
in the first nine months of 1938 were $8,573,159.—V. 149, p. 1630.
United Corp. (of Delaware) (&
Peri >d End.
x
x
Taxes
-
Current
Net
Subs.)—Earnings—
1939—9 Mjs.—1938
$6,821,477
$6,575,737
317,915
351,759
213,037
294,698
1939 —3 Mos—1938
$2,319,801
$2,142,499
132,111
157,382
Sept. 30—
Dividends received
47,417
93,472
$2,140,273
$1,891,644
$6,290,526
4,604,086
$5,929,279
$2,140,273
$1,891,644
$1,686,440
$4,052,758
expenses
income
-
Pref. div. declared
Tobacco & Allied
Directors have declared
1,866,521
Stocks, Inc.—To Pay $1 Dividend—
a
dividend of $1 per share on the common stock,
payable Oct. 30 to holders of record Oct. 20.
Like amount was paid on
May I, last and on Dec. 28, 193o and compares with $2 paid on Nov. 1,
1938; $1 on July 15, 1938; and $3 on Dec. 24, 1937.
See 148. p. 3776 for
record of previous dividend payments.—V. 148, p. 2288.
*
Tobacco Products
Surplus
Earnings
share
per
14,529,491
shs.
on
com¬
stock (no par)
$0.02
$0,001
Includes estimated Federal income tax.—V.
x
$0.02
$0.05
2245.
mon
149,
p.
United Fruit Co.—Earnings—
Corp. of Del.—Dissolution Voted—
The assets of this corporation consist almost entirely of cash, marketable
Sept. 30— 1939—3 Mos.—1938
1939—9 Mos.—1938
before taxes $2,987,000
$1,309,000 $11,644,000
$6,859,000
2,896.000
2,896.600
2,896,000
2,896,600
Earnings per share
$1.03
$0.45
$4.02'
$2.36
Period End.
securities and the outstanding capital stock of Tobacco Products Corp. of
y
latter asset is entirely contingent upon the
Federal income tax now asserted by the
Treasury Department, and in connection with which the Department has
received and now holds all of the assets of that corporation.
Under all the circumstances it seems unnecessary to continue the existence
of this corporation.
The directors have therefore unanimously recom¬
mended that it be dissolved and its assets distributed to its stockholders.
Upon such dissolution it would appear possible for a prompt cash dis¬
tribution of aoproximately $10 per share to be made, and that such sub¬
sequent distributions could be made as an orderly liquidation permitted.
A soecial meeting of stockholders will be held Oct. 17 on approving such
Shs.com .stk.out. (no par)
New Jersey.
The value of this
final disposition of a claim for
dissolution.
Balance Sheet Aug. 31,
$344,489
Cash in banks and on hand
at
in
marketable securities,
at
cost
—
51,283
288
1
Receivable from United Stores Corp
nominal amount
Investment in Tobacco Products Corn, of N.
J. (100 shares of
capital stock (entire issued capital) at that company's ap¬
proximate book value, as determined on Aug. 25, 1936)
Office furniture and fixtures, at nominal amount
Total_
Estimated figures.—V. 149, p. 425.
y
United Gas
— _
(kwh.)
Capital surplus
Deficit since Jan. 1,1936
51,755
—
Total.-..
$1,126,007
-
the amount of
taxes which may be payable by Tobacco Products Corp. of New Jersey
upon $36,286,128 received from American Tobacco Co. in commutation of
a lease
in January, 1935.
On June 7, 1937, the Treasury Department
assessed $4,967,890 as tax, penalty and Interest against Tobacco Products
Corp. of New Jersey and demanded and received, on account of the tax so
claimed, that company's cash balance of $725,638 which was its only ass3t.
The Treasury Department has recently taken the position that certain
inactive subsidiaries of Tobacco Products Corp. of New Jersey also realized
a taxable gain upon the
commutation of such lease, and that Tobacco
Products Corp. of New Jersey is liable both for an alleged deficiency in its
own income tax
(now asserted to be $3,766,724 less the $725,638 already
received by the Treasury Department) and also as transferee, for alleged
deficiencies in income tax of such inactive subsidiaries (asserted to be
$4,541,315), together with interest.
The amount of and persons liable
for payment of any such taxes have not been finally determined, but in
opinion of counsel, Tobacco Products Corp. of Del. is not liable therefor.
Note—The value of this investment is contingent upon
Provision
1939
4,675,931
for
Todd
Shipyards Corp.—New Official—
D.
John
Reiily, President of the corporation, announced on Oct. 5 the
I. Green as Vice President and General Manager
Pacific Coast affiliate of this
Seattle Tacoma Shipbuilding Corp.,
of the
company.
He assumed his new post Oct. 1.—V.
149, p. 1490.
Transcontinental & Western Air, Inc.—New
—Acquisition—
resigned the Presidency of Industrial Supplies, Inc.,
Treasurer of Transcontinental & Western Air in
Kansas City, has been elected Vice-President and a member of the board of
directors of the Transcontinental Airline.
Mr. Talman will retain his post as Treasurer and in the added capacities
E. Lee Talman, who
last
summer
to
become
will fill positions left vacant for several months.
The TWA board of directors, meeting in Kansas
City in connection
with the dedication of the new Kansas City Air Terminal, also elected J. C.
Franklin as Secretary of the company. Mr. Franklin will continue to serve
as Assistant to the President in addition to his Secretary duties.
Purchase of the Marquette Airlines to add a 564-mile route between St.
Louis, Cincinnati, Dayton and Detroit to the present coast-to-coast system
of Transcontinental & Western Air, Inc., was announced on Oct. 10 by
Jack Frye, President of TWA.
Mr. Frye, in announcing completion of negotiations between TWA and
Marquette, said the sale is subject to approval of the Civil Aeronautics
Authority and that a formal application was being filed in Washington
at once.
Approval of the purchase would mark TWA's first appearance in Cin¬
cities with the Airline's transcon¬
cinnati and Detroit to connect the two
tinental flights operating out of Dayton and St. Louis
York or westbound to Los Angeles and San Francisco.
The TWA President said
that formal CAA approval
east bound to New
by Marquette with TWA's larger
149, p. 1341.
Transue & Williams
and more modern Douglas airliners.—V.
Int.. amort. & pref. divs. of subsidiary companies.
$23,928,447 $24,798,251
16,049,234
15,739.159
.
Net
-V.
profit
149,
p.
loss$49,347
812
$2,985 loss$178,487
3,358
Drl85
$898
Profit
Other income.
1939—9 Mos.—1938
$207,983
$15,807
96,625
97,014
114,343
97,280
204
-
1939—3 Mos.—1938
$69,141
$12,422
32,208
32,336
36,239
29,433
$694
Sept. SO—
profit——
Depreciation
Expenses
loss$48,535
$373 loss$178,672
424.
Tri-Continental Corp.—Asset Value—
value before
Sept. 30, 1939
Sept. 30, 1939
of bank loans
and debentures and $166.26 a share of preferred stock, and an asset value
for the common stock of
$3.97.
These figures compare with $2,897.28
$136.30 and $2.17, respectively, as at June 30, 1939.—V. 149, p. 591.
The company reports net assets at market or appraisal
deducting bank loans and funded debt of $34,668,818 as of
as con pared with $30,305,610 reported as at June 30, 1939.
net assets indicate a coverage of $3,314.41 for each $1,000
Co. of Calif.—Listing—
Stock Exchange has announced the listing, effective
Oct. 6, of company's 3% debentures due 1959.
The listing covers $30,000,000 debentures, issued by the company for the purpose of retiring out¬
standing bonds and debentures and acquiring additional working capital.—
Union Oil
The
V.
,
San Francisco
149, p.
1774.
Food Stores—Acquisition—
Company has acquired stores and business of King Arthur Markets, a
chain of super-markets operating in northern New Jersey.
The acquisition, involving 13 markets, brings total units operated by
Union Premier to 59 and adds approximately $5,000,000 to annual volume,
Samuel Friedland, President of Union Premier, states that sales in four
weeks ended Sept. 9 were the largest in the company's history.
He also
Union Premier
$8,749,016
1,835,928
$6,913,089
(
Equity of United Light & Power Co. in earnings
Income
United
of
Light
(excl.
Power Co.
&
17,646
29,225
$6,208,467
income received from subsidiaries)
350.042
.
Expenses and taxes of United Lt. & Power Co
.
Int.
on
$6,942,313
409,663
$5,858,425
$6,532,650
2,398,650
Total
2.454,816
bond discount and expense,
funded debt,
$3,459,775 x$4,077,833
Balance transferred to consolidated surplus
x Including dividend of $106,575 declared by Northern Natural Gas Co.
1938, payable September, 1938.
Similar dividend not declared in
July 1939.
in July
Earnings of Company Only
31—
$3 626,428
12 Months Ended Aug.
income
Int., amort, of discount & exp. on
funded debt
149,
P.
$421,480
1939
38,889
deductions
—V.
409,663
2,415.025
$877,736
Expenses and taxes
1938
$3,285,960
350,013
2,359,760
Gross
—
39,791
1931.
United Light
& Rys. Co. (& Subs.)- •Earnings—
1939
1938
of subsidiary and con¬
eliminating inter-co. transfers) $79,375,033 $78,366,679
36,745,080
35,959,127
General operating expenses
- —
operating earnings
Gross
trolled cos. (after
4,206,814
8,752,967
9,734,142
Maintenance-
Provision
depreciation
for
General taxes and est. Federal income taxes
Net
earns,
from opep.
4,277.196
7,693.399
9,553,412
of sub. & controlled cos--$19,936,029 $20,883,544
& controlled cos._
1.044,300
588,235
Non-oper. income of subsidiary
& controlled cos
$20,980,329 $21,471,778
sub. & controlled cos-_ 13.147,083
13,419,760
Total income of subsidiary
Int., amort. & pref. divs. of
Balance------
$7,833,246
-
Propor. of earns, attrib. to
minority com. stock--
Equity of United Light & Rys. Co. in earnings
of subsidiary and controlled companies
Income of United Light & Rys. Co. (excl. of income
$5,834,780
679,975
Holding company deductions—
$6,877,496
1,358,216
42,506
18,535
■
5H% debentures due 1952
Amortization of debenture discount & expense.
Taxes on debenture interest-Interest on
to
$7,121,540
121,719
122,326
1,343,390
Light & Rys. Co.
Light & Rys. Co...
x905,450
121,931
315,249
—
Expenses of United
Taxes of United
x
1.835,928
$6,216,091
$6,077,575
subsidiaries)
Total
Prior
$8,052,018
1,998,166
$6,514,755
received from
_
consolidated surplus
42,002
18,675
$4,673,507
1,214,505
preferred stock dividends
$5,458,238
1,215,910
$3,459,002 x$4,242,329
Balance
Period End.
Gross
$8,189,288
1.998,467
$6,190,821
Propor. of earns, attrib. to minority com. stoqk—
Balance transferred
Steel Forging Corp.—Earnings—
8,730.069
$22,566,550 .$23,368,059
ASH 1
xl ,430,192
1,361,897
Balance
also would serve as a
starting signal for an immediate modernization program over the route,
featuring the replacement of the Stinson tri-motored planes now operated
4.755,811
10,852,870
Net earnings from operations of sub. cos
Non-operating income of subsidiary companies
12 Months Ended Aug. 31—
Officials
1938
9,754,319
Net income
appointment of Walter
1
11,055,736
depreciation
General taxes and est. Federal income taxes
Other
149, P. 2245.
—V.
Oct. 8 '38
92,161.291
$89,455,745 $88,322,167
41.403,209
40,615,359
$1,126,007
$80
329,660
848,022
T
,
earnings of subsidiary companies
(after eliminating inter-company transfers)
General operating expenses
.
payable
Capital stock (32,966 shares, par $10)
,
Light & Power Co. (& Subs.) —Earnings—
United
12 Months Ended Aug. 31—
Liabilities—
Accounts
•
,
9, p. 2215.
729,946
1
\.,7
Oct. 7, S9 Sept. 30 '39
105,869,170 104,780,032
Week Ended—
Electric output of system
V. 1
>
Improvement Co.—Weekly Output—•
Maintenance
(quoted market
Aug. 31, 1939—$31,7.50)
Claim receivable, at
earns,
Gross operating
1939
Assets—
Investment
Net
Including dividend of
$106,575 declared by Northern Natural Gas Co.
1938, payable Sentember,
July 1939.—V. 149, p. 1932.
in July,
1938.
Similar dividend not declared in
United Shoe Machinery Corp.—Patents Infringed—
Hulbert has ruled that the AtlaB Tack Corp. had
Federal Judge Murray
infringed upon two patents owned by United Shoe Machinery Corp., cover¬
ing the o ethod of inserting invisible eyelets in shoes.
Henry S. Hooker.
N Y. City, has been na~ ed pecial master to take an accounting of profits
derived as a result of infringer* ent and to assess dan ages.—V. 149, p. 1932.
United
States
Calendar Years—
Premiums
Less
written
reinsurance-
—
Fidelity & Guaranty Co.—Earnings—
1938
1937
1936
$35,219,881 $36,645,167 $35,589,280
1,713,725
1,633,917
2,721,566
premiums written
Increase in premium reserve
Net
Net premiums
Miscellaneous
$33,506,156
—
559,589
—
$.32,946,567
earned-
income—1
Total
Losses & adj. exps. incurred
Administration expenses incurred
1,611,275
1,239,201
1,254,150
$1,409,728
Increase in surplus from
andrents
$34,366,202 $32,405,419
69,240
-.$32,946,567 $34,366,202 $32,474,659
19,299,115
18,574,231
17,352,862
12,351,138
11,430,287
12,572,702
Taxes incurred...
ing operations
Net earned income
$35,011,250 $32,867,714
645,047
462,294
$1,476,748
$1,215,991
1,306,958
1,181,866
1,567,036
$2,716,686
$2,658,614
$2,783,027
underwrit¬
from investments
—
Total net earned income
—
The Commercial & Financial Chronicle
2384
Balance Sheet Dec. 31
1938
■
Cash
x
$
■
4 ,530.219
3,900,901
32,774,659
secured
collection
5, ,672,184
5,603,804
272,291
313.743
303,890
y Co.'s office bldg. 3, 341,909
178,940
y Other real estate
Int. due A accr'd.
183,920
172,-563
.
,
Dep. with W'm'ns'
m
Res. for div.
gent reserve-..-
3,303,531
Capital
237,017
250,000
pay.
contin¬
Voluntary
Com p .Reins .Bu.
Total
comprises inter-city common
carrier, Inter-city contract carrier and local cartage trucking services.
Company's subsidiaries operated their trucks in 1938 about 31,500,000 miles,
the operations of the inter-city contract carriers accounting for about
10,000,000 miles thereof.
The inter-city common carriers transported, in
1938, more than 600,000 tons of inter-city freight; served directly about
2,000 communities in seven States and reached, through connecting lines,
a great many other communities.
In 1938 about one-fifth of the revenue
derived from local cartage operations was received from package deliveries
which involved delivery for retail stores of more than 4,500,000 packages,
the balance having been received from miscellaneous cartage operations.
On July 31, 1939 the trucks, tractors ana trailers owned and operated by the
company's subsidiaries aggregaged more than 2,600.
The employees of the
company and its subsidiaries numbered approximately 2,750 on that date.
Various subsidiaries customarily augment their facilities by hiring additional
transpoitation services.
The subsidiaries operating as inter-city common carriers are the Cleve¬
land, Columbus & Cincinnati Highway, Inc., Motor Express, Inc. (Ohio)
and Motor Express, Inc. of Ind.
Their operations extend over large portions
of the State of Ohio, into Wheeling, W. Va. and into Detroit, Mich.; over
certain parts of western Pennsylvania as far east as Pittsburgh and Erie,
with a line extending from Erie, Pa. to Buffalo, N. Y.; and over a large
part of Indiana with a line extending north into Chicago, 111.
The subsidiaries operating as inter-city contract carriers are Anchor
Motor Freight, Inc. of Mich.. Anchor Motor Freight, N. Y. Corp., Anchor
Motor Freight, Inc. of Del., Ohio Delivery, Inc. and Auto Equipment Corp.
Anchor Motor Freight, Inc. of Mich., Anchor Motor Freight, N. Y.
Corp. and Anchor Motor Freight, Inc. of Del. are each engaged exclusively
in the transportation of automobiles, trucks and chassis under separate
contracts with a subsidiary or division of General Motors Corp.
Each of
these subsidiaries of the company transports Chevrolet automobiles, trucks
and chassis and one of them also trnasports Pontiacs, Oldsmobiles and
Buicks, such transportation being to dealers and distributors located in
various specified States in the eastern and north central portion of the
United States.
One of the subsidiaries transports from the assembly plant
in Flint, Mich.; another from assembly plants at Tarrytown, N. Y., and
Linden. N. J., and another from assembly plants at Buffalo, N. Y.,
Norwood, Ohio, and Baltimore Md.
Each of the contracts was made for
one year and continues from year to year unless sooner terminated upon
30 days' written notice from either party thereto.
Ohio Delivery, Inc. is engaged as a contract carrier in intra-State com¬
merce in the State of Ohio, principally in the transportation of liquor for
the Ohio Liquor Control Board under a contract dated Sept, 30, 1939,
which supersedes a former contract, and is terminable by either party upon
90 days' notice.
Ohio Delivery, Inc. is also engaged in the transportation
21,505,793 20,659,1/0
Taxes & exps.._ 2,257.400
1,933,039
Commissions.-. 1,124,798
1,076,022
Uneam. prems. 14,937,079 14,377,490
Reinsurance due &
secured claims..
and super vlsory services to its subsidiaries.
The business of the company's subsidiaries
120,103
237,705
Claims
1,193,089
of
course
under
reinsur. treaties-
Surplus
-
1.500.000
1,500,000
2.000,000
2,000,000
9,093,368
6,005,215
171,732
.52,906,142 47,671.041
52,906,142 47,671,041
Total
Bonds
valued on amortized basis as prescribed by the New York
Department, and all other securities at market valuations,
Less depreciation reserve.—V, 148, p. 895.
x
Insurance
y
United States Fire Insurance
Co.—Larger Dividend—
Directors have declared
a dividend of $1.50 per share on the common
payable Nov. 1 to holders of record Oct. 20.
Previously regular
quarterly dividends of 50 cents per share were distributed .—V. 144, p. 627.
stock,
United States Gauge Co.—Balance Sheet Dec. 31Assets—
1937
1938
Cash.—.
$233,769
102,551
99,180
700,925
Inventory
Securities-
622,395
2,114
1938
Accounts payableRes've for
1937
$46,980
Liabilities—
$133,238
Receivables
$49,763
taxes..
8,700
105,822
Preferred stock...
2,113
Common
100,000
200,000
200.000
7,652
8,064
Surplus & reserves 2,271,217
2,302,177
1,758,947
1,713,709
...
Deferred charges..
stock—
100,000
Real estate, bldgs.
and
machinery.
Total
—V.
p.
....$2,626,897 $2,757,762
Total
..$2,626,897 $2,757,762
147,
588.
United States Graphite Co.—Earnings—
Years End. Dec. 15—
Gross sales (less disc't)..
1935
xl938
$586,223
411,291
xl937
$1,282,095
787,674
$1,289,757
737,389
$1,129,033
685,972
$174,932
$494,420
253,993
$552,368
265,149
$443,061
199,922
Profit from operations loss$24,990
Other income
1,559
$240,428
1,781
17,758
$263,152
9,678
Total income....Other deductions—
$304,977
1,262
$272,830
16,087
636
$242,209
1,466
38,730
43,228
37,500
loss$24,687
20,000
$202,012
200,000
$260,487
259,997
$219,243
199,915
Cost of sales, &c
...
Gross prof11
Other
•
.
expenses........
...
...
loss$23,430
621
Federal taxes.
Net
income
Dividends
Note—Allowances
for
depreciation
and
1936
depletion
aggregating
179,909
of paper and shoes under contracts with four other customers.
Auto Equipment
x
various
points in the
products within Ohio.
In general, all of the contract carriers
irregular routes in the territory served.
Capitalization—
Capital stock (par $1)
$37,922
Financial Position
15, 1938
Assets—Demand deposits in banks and cash on hand, $412,438; IT..8.
Based
Treasury bonds and notes, at cost (at quoted market $31,043), $30,189;
accrued interest receivable, $154; accounts receivable (allowance for doubt¬
ful accounts and for freight and discounts of $2,386), $110,421; inventories,
on
the consolidated balance sheet the
Name—
Shares
Otis & Co
a
will bring outstanding capitalization to 160,000 shares of $5
E.
Bernet
Consolidated Income Account
7 Mos. End.
Royalties Co.- -Earnings1937
1938
Oil earnings, less royalty
■;
Total Income........
$9,000
4,209
$18,559
10,779
Normal tax......
$8,416,744
5,143,305
7,649,493
$923,863
20,244
$767,251
14,751
$604,200
22,206
$1,337,166
40,275
$944,108
5,635
167,737
$782,002
11,931
147,593
$626,406
7,651
97,053
31,773
$1,377,441
33,146
39,914
60,644
$589,330
$450,012
$1,000,462
Total other income.
$15,249
10,576/
-'..v.
5,735
6,988
Total
oper.
expenses
Operating income—
—
Total income—.—
Net oper. income....
Depletion & depreciat'n.
Properties written off &
adjustments
$2,456
2,744
Total income deductions
Surtax
.
...
_
_
on
minority interest
Balance, surplus
.....
loss$289
y$2,112
y$4,791
Net income
60.363
Consolidated Balance Sheet July 31, 1939
Liabilities—
Assets—
Balance Sheet Dec. 31,1938
$1,805,196
501,492
Notes payable...
Inventories
32,250
Accrued liabilities
Marketable securities.
44,278
Provision for Fed. inc. taxes.
35,771
Unearned inter-city truck rev.
2,189,251
1,376,429
159,143
Real estate mtge. notes pay.,
Cash
—
.
Notes and accts. receiv
Assets—Properties and equipment (net), $106,460; investment in affilitaed
companies—at cost, $25,084; cash on hand and on deposit, $3,460; due
from affiliated companies, $47,367; sundry accounts receivable (lessreserve),
$943; total, $183,316.
Liabilities—Capital stock (par $0.05), $166,077; reduction (capital)
surplus, $6,597; profit and loss—surplus, $6,457; accounts payable, $1,357;
payroll payable, $1,019; royalties payable, $457; unclaimed royalty checks,
$747; taxes payable (unemployment reserves and social security), $605;
total, $183,316.—V. 147, p. 2714, 2551.
S.
38,772
217,198
$4,049
x Includes $577
profit on sale of properties and salvage (net) and $674
dividends received from affiliated companies,
y Before dividends received
from affiliated companies of $34 in 1937 and $33,025 in 1936.
U.
$10,358,648 $10,659,896
9.754,448
9,322,730
undistr. profits
Net inc. of sub. applic. to►
3,730
:
—
1936
$732,205
$52,757
21,329
12,870
2,561
$12,674
10,218
1
■1
31
38,529
$22,127
5,303
7,824
$8,667
6,582
x3,319
Dec.
1937
1 937.
$8,392,228 $10,326,404 $10,616,455
24,517
32,244
43,441
$40,034
$4,673
$¥,355
.
Ended
-Years
1938
July 31 ,'39
$6 056,775
10.394
$6 067,169
$8,789
7,981
5,356
payments
Oil royalties received
Miscellaneous income..
Net trucking revenue
Other oper. income &c.
1935
1936
3,000
3,000
3,000
3,000
Kundtz
p.3474.
Calendar Years—
Shares
and directors of the company are as follows*
(Pres.), H. M. O'Neill (V.-Pres.), F. J. O'Neill (V-Pres.),
(Sec.), W. F. Funk (Treas.), H. W. Ruppel (Asst. Sec.),
C. L. Bradley, C. Wr. Hannon and W. D. Callaghan, Cleveland, Ohio.
E.
par value and is taken preparatory to making listing application to the
New York Curb Exchange.
The stock now is listed in Detroit.—V. 147,
&
Name—
—
Management—Officers
W. G.
shares for each old share.
United States Oil
book value of the assets,
75,000 Curtiss, House & Co
Blyth & Co.. Inc...
50,000 First Cleveland Corp
Paine, Webber & Co
20,000 Merrill. Turben & Co
Hayden, Miller & Co
12,000 Maynard H. Murch & Co.
McDonald-Coolidge & Co...
6,000
proposal for reduction of par value common stock to $5 from $10 and
This step
Outstanding
550,000 shs.
Value
deducting all liabilities, was $5,105,308, and after deducting such
and excluding intangible assets, prepaid expenses and deferred
charges, was $3,569,735. equivalent to $9.28 and $6.49 per share, respect ively, of the company's issued and outstanding capital stock.
Underwriting—The names of the vmderwriters and the shares which
they severally propose to purchase are as follows;
Split- Up—
Special meeting of stockholders has been called for Oct. 20 to ratify
new
Book
liabilities
$375,200; prepaid insurance, taxes, rents, &c., $15,275; cash value of life
$21,952; railroad bonds, at cost, (at quoted market $1,382),
$7,137; prospecting options, $1,362; property, plant and equipment, at
cost, $382,615; deferred charges, development of new products, $7,445;
total, $1,094,189.
Liabilities—Dividend, payable Dec. 20, 1938, $20,000; accounts payable.
$4,152; accrued accounts, $17,877; capital stock (par $10), $800,000;
earned surplus, $252,160; total, $1,094,189.
issuance of two
—
—
and
to operate over
Authorized
750,000 shs.
after
insurance,
Stock
authorized
blance sheet
Consolidated Balance Sheet Dec.
on
are
of Capital Stock—The consolidated
as of July 31, 1939 shows total current assets of $2,383,217,
including cash on hand and in banks of $1,805,196, and total current
liabilities of $804,954.
v
Including wholly-owned subsidiary.
To Vote
Corp. is engaged as a contract carrier in the transporta¬
by tank trailers from the vicinity of Butler, Pa.
State of Ohio, and the transportation of such
tion of petroleum products
to
for the year ended Dec. 15, 1938, have been deducted in the above income
account.
believes that, from the standpoint of dollar volume of transportation
subsidiaries constitute in the aggregate one of the largest enterprises of its
kind in the United States,
Company also furnishes certain administrative
$
Legal reserves—
pledge of collat'l 2, ,917,728
Preros. In
held
Funds
by
14, 1939
charges received from the shipping public, the operations conducted by its
1937
1938
Liabilities—
Bonds & stocks. 35 ,505,062
Loans
pany
1937
%
Asms—
Oct
Other assets
Fixed assets, at cost (net)
Intangible assets
Prepaid exps. and del. charges
Accounts
827,111
_
payable, trade
258,562
279,391
—
239,889
19,089
23,010
38,444
153,006
subsidiary....
Reserve for seif-lnsur., &c_._
...
Minority int. in subsidiary..
Capital stock (par $1)......
Paid-in surplus
Lines, Inc. of Del.—Stock Offered—The
first public offering of shares of this company, one of the
largest motor carrier transportation systems in the country,
took place Oct. 10 with the offering of 175,000 shares of
capital stock at $10 per share.
The underwriting group
offering the stock includes Otis & Co.; Blyth & Co., Inc.;
Paine, Webber & Co.; Hayden, Miller & Co.; McDonaldCoolidge & Co.; Curtiss, House & Co.; the First Cleveland
Corp.; Merrill, Turben & Co., and Maynard H. Murch
Cost of product sold
2,355,308
common
& Co.
550,000
2,200,000
Earned surplus
Truck
offering does not represent new financing by the
but consists of a little less than one-third of the
550,000 shares of the capital stock outstanding.
History and Business—Company
was
incorporated by
consolidation under the laws of the State of Delaware
agreement of
Nov. 29, 1933-
$6,143,81
Company paid an initial quarterly dividend of 25 cents per share
stock on Sept. 30, last.—V. 149, p. 2246.
United States Potash
on
the
Co.—Earnings—
Earnings for the Years Ended Dec. 31
1938
1937
1936
1935
$3,442,797
xl ,193,084
exps—
455,879
$3,357,220
1,443,609
306,846
$2,493,609
1,237,058
263,961
$2,136,799
1,456,575
225,223
$1,793,834
10,835
$1,606,764
$992,589
Income credits.
3,436
3,857
$455,001
3,693
$1,804,669
386,705
$1,610,200
Income charges.....
$996,447
107,763
$458,694
100,707
Net sales..
—
Sell., adm.& gen.
•
an
on
Company owns or controls various subsidiaries engaged in the business of
inter-city motor carrier transportation of commodities, miscellaneous
merchandise freight and automobiles, and in the transportation of mer¬
chandise freight and the delivery of packages in certain large metropolitan
areas, commonly known as local cartage business.
Certain portions of the
business conducted by some of these subsidiary companies or their pre¬
decessor date back to the beginning of the present century or earlier.
Corn-
Total...
Pays Initial Dividend—
The
company,
56,143,8111
Total
Federal & State of New
Mexico income taxes.
59,312
118,089
61,767
14,208
$1,432,798
Preferred dividends
87,612
Common dividends_
1,050,000
x Includes $244,879 for depreciation.
$826,917
122,469
$343,778
98,200
Net inc. for the year..
$1,417,964
...
_
__.
525,000
Volume
The Commercial & Financial Chronicle
149
Balance Sheet Dec. 31, 1938
on.™Sn!?r~-^as*1' $898,130; notes receivable,
§Jw?ri§34; toventories, $254,776; investments,
$70,234; accounts receivable*
$35,527; fixed assets—at cost$3,038,358; claim against bank in liquidation, $2,055; other assets,
$183,574^
total, $0,323,288.
Liabilities—Notes payable—land purchase contract, $25,000; accounts
payable—trade creditors, $35,075; accrued
taxes, wages, freight, interest
$306,070; accrued on purchase contract for mineral rights,
$5,000; accrued on contractual liability for
royalties, $2,400; dividend
payable—March 15, 1939, $28,493; due on contractual liability,
$65,800;
preferred stock ($100 par), $1,899,500; common stock
(525,000 no par
149f<P 1774778,204: earned suri)lus' 81,177,746; total, $5,323,288.—V.
United Traction Co.-
Balance Sheet
Assets-h
Fixed assets..
..
$4,221,330
249,133
,.
Investments
.
Cash
189,481
Working funds
3,924,484
.
Int. & divs. receivable
35,982
23,795
Misce
Special deposits
32,680
Reserves...
Miscellaneous
assets-
curr.
.
.
....
1,050
Company securities owned.
Deficit
$24,285,480
Total
j
$24,285,480
-Earnings1938
operating expenses
.
....
1,089
16,334
13,000
Taxes—.....
•«.
Federal income tax...........................
_
Interest
General expense and bond discount..
-
$63,598
i
.
i ii i..i L+-
-
-
expense1.
115
i
800
400
"""306
962
.
1,899
10,855
2,857
10,350
2,934
1,029
9,608
2,046
1,206
11,366
1,956
Operating profit
$8,560
on
depreciation2,803
$8,803
3,844
...
$10,949
2,659
$15,570
2,050
251
250
261
259
$5,506
5,294
$8,039
4,412
$13,259
8,823
$4,699
4,411
Loss
Loss
on
depletion.
.....
Balance Sheet March 31, 1939
Assets—Petty cash fund, $200; Bank of America, $10,123; accounts
receivable, $2,150; payroll tax credit, $88; stock registrars fees, $18; working
assets, improvements & equipment (less, reserve for depreciation of $164,049), $133,636; fixed assets (less, reserve for depletion on cost $46,280, and
reserve for depletion on
appreciation $243,574), $293,847; total, $440,062.
Liabilities—Federal old-age annuity tax reserve, $34; Federal
unemploy¬
ment insurance tax reserve, $5; State
unemployment insurance tax reserve,
$63; Federal income tax reserve, $399; capital stock
outstanding, $233,563*
surplus, $205,998; total, $440,062.—V. 149, p. 2289.
Company will redeem
stock
Dec.
on
at $40 a share 1,001 shares of its
1939 —V. 148, p. 3248.
15,
Balance Sheet Dec. 31, 1938
Assets—Dams, buildings, power equipment, &c., $2,231,357; tools and
equipment. $12,855; investments, $100,000; sinking fund bonds, $44; un¬
amortized bond discount expense, $12,364; other deferred charges, $783;
cash, $10,323; accounts receivable, $30,703; notes receivable, $387; in¬
ventories and supplies, $17,371; total, $2,416,188.
Liabilities—Preferred stock, $275,490; common stock. $200,000; 5%
refunding bonds, $188,600; 6% refunding bonds, $785,000; reserve for de¬
preciation. $501,311; reserve for doubtful accounts, $3,727; other reserves,
$14,553; deferred liability, $64,188; profit and loss surplus, $333,935;
accounts payable, $10,358; notes payable, $20,000; accrued interest, $15,002; other accruals, $1,268; dividends payable, $2,755; total, $2,416,188.
—V. 149, p. 1342.
no
par
preferred
Virginia Electric & Power Co.—Earnings—
Period End. Aug. 31—
-
$62,931
16,529
16,529
i
-... *
«
16,271
9,750
63,617
27,956
63,992
25,664
..
Net income
Preferred dividends
$23,448
75
■
400
_
$216,078
35,552
38.862
........
_
$28,629
85
:■
Viking Pump Co.—To Retire Preferred Stock—
$262,551
46.473
$222,539
.........
$26,479
105
1,200
Lease expense
Taxes.
1937
$273,771
51,232
...
Operating income.
Depreciation
Sale and retired capital assets
.... .
314
.....
Upper Michigan Power & Light Co.
$25,876
Officers salaries
Dividends paid
1,182,345
.
.
Calendar Years—
1,041
40
...
Total income..
Directors' fees
$22,823
67
i»
....
22,949
_.._.
1,000
Total
573
'"248
180
bonds
Profit on sale of furniture
43,833
current liabilities.
Deferred credits
-V. 146, p. 2389.
51
370
Net profit.
18,814,229
..
15
_.
19,127
134,795
ii
$27,136
349
6.500,000
.
Adv. billing & paym'ts....
Prepayment
Deferred debits
1936
1937
$25,842
22
.
on U. S. Govt. bds.
Rent received
Profit on sale of liberty
146
42,966
.4...
.......
_
1938
$25,674
Int.
Office
.$12,500,000
Matured long term debt...
Taxes accrued
.
Discount earned
Angeles—Earnings—
1939
49,316
_.
133,375
_
1939-
Matured interest....
373,380
_
_
Years End. Mar. 31—
Oil sales..
Legal & professional fees
cos.......
Accounts payable..
52,098
Accounts recei vable
„
Long term debt
Payables to affil.
23,150
:
Materials and supplies
Notes receivable.
Aug. 31,
Liabilities—
Common stock..........
2385
Victor Oil Co., Los
Operating
revenues
Operation........
Maintenance.
Taxes.
1939—Month—1938
1939—12 Mo.<?.—1938
$1,638,372
$1,557,136 $18,931,535 $17,997,804
641,136
592,257
7,343,491
6.935,522
134,012
118,838
1,529.291
1,444,620
210,376
194,909
2,163,874
2,282,348
Net oper. revenues.__
$652,848
$651,133
Non-oper. income (net).
1,530
•Dr"7,863
$654,378
145,918
$643,270
$508,460
Balance
Interest
_
and
amortiz
Balance
Appropriations for retirement
$7,894,879
Dr62,778
$7,335,313
Drl38,644
145,596
$7,832,101
1.839,565
$7,196,669
1.745,927
$497,673
$5,992,536
2,215,808
$5,450,742
2,054,438
$3,776,728
1,171,596
$3,396,304
1,171,424
$2,605,132
$2,224,880
reserve..
Balance
Preferred dividend requirements
Balance for
—V.
common
divs. and surplus
149, p. 2246.
Virginian Ry.— To Split Stocks—
The company announced
Utah Light & Traction
Calendar Years—
1938
1937
1936
1935
$1,098,869
1,087,763
$1,159,704
1,087,482
$1,135,582
1,028,817
$1,042,641
918,514
from oper__
$11,106
Rent from leased prop..
Other income
612,283
$72,222
554,616
$106,765
522,010
$124,126
501,294
2,785
$628,775
622,300
10.416
$628,206
621,987
10,162
$3,941
$3,944
Operating revenues
Oper. exps.,incl. taxes..
Net
revs,
...
Gross income
Int.
$623,389
619,550
7,763
$3,924
mortgage bonds.
Other int. & deductions.
on
Net
$626,838
$3,938
loss
621,813
8,963
Balance Sheet Dec. 31
1938
$
chises, &c
1938
Liabilities—
Cash in banks
(on
demand).
40,797
29,109
Special deposits.__
8,152
Accts. receivable..
29,975
30,920
Materials & suppl.
Prepayments.....
75,472
4,185
74,521
Misc.
curr.
assets.
4,805
& Light
Loans
&
Co.....
5 546,434
6,425,548
220,555
249,382
advances
payable
—
Utah
Pow. & Lt. Co..
4,787
22,561
26,485
Unamort. debt dis¬
1,150,875
note—Utah Pow.
2,532
Matured long-term
count & expense
debt & interest.
6,932
8,357
Accrued accounts.
162,935
158,746
Misc.
curr.
Deferred
6,819
Utah
20,125,377 20,946,874
p.
37,185
228,090
310,106
Total
Products
Years Ended Dec. 31—
Co.
(& Subs.)—Earnings-
1938
1937
of sales, deprec. and
maintenance & repairs
2,088,417
Sell., gen. &adm.exps..
326,831
1935
zl936
$2,870,672
$2,328,609
$2,486,756
$2,512,028
2,503,935
2,160,523
2,267,305
390,201
331,941
348,357
$23,464
50,463
5,708
44,750
$103,634
37,970
Cost
Net loss from oper.
Loss
sales
1
$66,402 prof$26,999 prof$39,042
34,020
46,323
17,218
3,633
36,557
26,515
__
Other income charges.
/
$86,639
20,238
Other income
on
_
;
Loss of certain subs—
1
Pro v. for Fed. inc. tax
Div. on pref. stock of
Casweil-Runyan Co..
y
Net loss for the year._
y
f,600
17,261
896
1,793
stock (no
$69,274
par)
1936
$0.85
$1.73
1935
$366,894
x250,340
$236,566
150,000
$1.83
$2.36
com.
....
x Does
not
include $500,000 paid in capital
Federal income tax, surtax 011 undistributed
stock,
y
Provision
for
profits, and New York State
Consolidated Balance Sheet Dec. 31, 1938
Assets—Cash on hand and in banks, $404,473; U. S. Govt, securities and
marketable stocks and bonds, $330,290; accounts
receivable, $339,605;
cash surrender value life insurance,
$45,057; merchandise inventory, $160,561; cash on deposit, closed banks, Detroit, Mich., $9,671; accounts receiv¬
able, suspense, $9,235; investments, $16,867; mortgages receivable,
$6,200;
real estate, plants, machinery,
equipment, trucks—at cost (less: reserve for
depreciation of $442,630), $470,399; patents, $1; deferred charges, $3,996;
total, $1,796,344.
Liabilities—Accounts payable, $107,826; accruals, $18,118; reserve for
taxes, $52,000; common stock (200,000 shares no
par), $1,000,000; surplus
earned, $618,400; total, $1,796,344.—-V. 148, p. 1042.
Walgreen Co.—Sales—
Period End. Sept. 30—
Sales.
1939—Month—1938
1939—9 Mas—1938
$6,107,747
$5,608,244 $51,716,039 $48,489,373
149, p. 1631.
*
z
$148,999
Including Utah Radio Products of Canada,
Assets—Cash in bank and
on hand, $53,665; customers' notes receivable,
$10,418; customers' accounts receivable, less reserve, $355,670;
other current receivables, less reserve, $4,964; inventories, $334,425; in¬
ventories of slow-moving stock, less provision ($34,475) for obsolescence,
$14,711; other receivable balances—not current, $2,613; prepaid expenses,
823,065; investments, $40,460; property, plant and equipment (less, reserve
for depreciation of $439,974), $402,83o; goodwill, patents and trademarks,
$2; total, $1,242,827.
Liabilities—Notes payable, trade, $10,701; accts. pay. and accrued exp.,
$177,368; The Caswell-Runyan Co. first prior pref. capital stock, provision
redemption, $22,410; capital stock (par $1), $294,570; paid-in surplus,
$737,778; total, $1,242,827.—V. 148, p. 2136.
a
dividend
of $10
Pay $10 Dividend—
per
share
on
the
common
stock voting trust certificates payable Oct. 14 to holders of record Oct. 5.
This compares with $5 paid on Aug. 5. 1938; $11 paid on Dec. 23, 1937;
of $9 paid on July 30, 1937,
Dec. 18. 1936.—V. 147, p. 908.
one
and
an
1937
initial dividend of $18 paid on
1936
$183,295
160,271
149,144
129,584
$23,025
47,372
$42,182
59,215
$51,776
65,137
$30,379
23,686
$0.21
Deficit
Shs.cap.stk.out.(par$25)
$24,347
$17,033
23,686
$1.78
$13,361
23,686
$2.18
23,686
$0.97
Condensed Balance Sheet Dec
Assets—
&
1938
non
$181,361
$5,150
35,529
Earned per share
Prof.
1935
$191,326
127,815
Net income..
Dividends paid
1937
31
Liabilities—
prod.
1938
Capital stock
$466,473
$480,262
66,332
68,519
Other equip., &c..
5,098
58,000
1937
$592,150
$592,150
21,426
22,051
56,770
87,148
$670,346
$701,349
4,716
58,000
property.
Investment
Materials,
u-
Bills
secur.
accounts
Surplus
mdse.,
33,289
&e
40,916
48.091
988
846
$670,346
$701,349
Bills & accts .recei v
Total
—Y. 149, p.
Western Auto
Supply Co.—Sales—
Period End. Sept. 30—
—V. 149, p.
Total
2246.
Sales.
1632.
Weeden &
Sales..
1939—Month—1938
1939—9 Mos.—1938
$3,983,000
$3,179,000 $31,568,000 $25,148,000
Co.—Earnings—
9 Months Ended
Gross
and
payable
40,167
oil stock,
less reserve,
declared
1938
$132,965
Oper.
expenses,
taxes,
depreciation & deplet.
Cash
Consolidated Balance Sheet Dec. 31, 1938
Victoria Bondholders Corp.—To
Calendar Years—
Gross Income for year
real est. & bldgs.
$24,420
The Caswell-Runyan Co.
have
on
Compres. stations,
2,466
$104,951
$65,664
22,759
4,245
55,230
1,100
Ltd., from its inception in August, 1936, to Dec. 31, 1936.
Directors
sh.
per
1937
y$346,948
250,400
Washington Oil Co.—Earnings—
Net sales
Discounts
Earns,
20,125,377 20,946,874
2101.
Radio
1938
$170,694
100,000
...
Dividends..
—V.
Total
149,
3,206
39,125
llabs..
credits..
Reserves
—V.
Vogt Mfg. Corp. (&Subs.), Rochester, N. Y.—Earnings
Years End. Dec. 31—
Netprofit
$
1 150,875
Long-term debt... 12 652,115 12,652,115
Accounts payable.
29,480
33,369
6% Income demand
9,194
to be
Stockholders
1937
$
Cap.stk.($25 par).
.19,939,428 20,769,325
,
franchise tax amounted to $103,000.
1937
$
Assefs—
Plant, prop., fran¬
on Oct. 11 that its common and
preferred stocks
split in the#atio of four to one.
are to meet on Nov. 9 to ratify the recapitalization approved
by the Hoppers interests.
The new stocks are to be listed on the New York
Stock Exchange.
The railway notified the New York Stock Exchange that
the close of business on Oct. 21 is the record
date for the special meeting.
—V. 149, p. 2102.
were
Co.—Earnings—
Sept. 30—
-
income
Expenses and taxes
Net income
Earned per share.
1939
1938
--$89,088,707 $75,561,313
-
.
.....
305.077
281,266
291,049
265,259
$23,811
$25,790
$1.03
$0.95
The Commercial & Financial Chronicle
2386
Balance Sheet Sept. 30
1939
Assets—
14.
1939
Co.- -Earnings-
Coal
Westmoreland
1938
1939
Liabilities—
1938
Oct.
Inventory
787,527
...
50,000
2,065
Duecust. (secured)
9,157
2,607
Prov. for Fed. tax
b 12.088
9,550
Common stock..
700.000
Surplus..
11,007
$3,343
31,399
_
13,807
10,866
autos.i.....
$374,071
lossl4,663
$282,985
32,002
$267,621
8,741
$34,743
331,179
$359,408
340,737
$314,987
324,296
$276,362
317,335
$296,436
65,459
prof$18,671
162,623
$9,309
87,703
$40,973
69,930
$181,294
$78,394
$28,957
5,409
25,825
9,697
$155,469
164,354
$0.94
$68,294
167.463
$0.41
11,807
Profit.
_
$ 1.180.293 $ 1.491 *79
Total
* 1.180.293 $ 1.491.579
Total
2,740,770
$3,121,812
2,854,191
146.435
Furn. fixtures and
expenses
1935
$3,827,976
3,544,991
700.000
154,396
1936
$4,135,231
3,761,160
and discounts)
Cost of coal sold
13.157
a
1937
$2,744,113
Calendar Years—
Coal sales Hess allow'ces
3,920
3,679
Dep. on bd. purch.
b Reserve for taxes and bonuses.
Represented by 25,000 no par shares,
75J.
a
47,200
pay.(unsec'd)
Accrued evpens...
(securer')
Prepaid
L'ns
$576,000
5,839
cust'ers
from
$264,000
Notes payable....
69,748
Acer. int. recelv..
Due
$377,912
1,065,665
1938
loss$230,977
$295,307
Cash
Other income-
-V. 149. p.
West Coast Oil
Co.—Earnings—
1938
Calendar Years—
Sales & other revenues.
of sales
Cost
and
403
$151,435
$168,169
$157,206
$153,069
81.505
6,766
_
s
1935
1936
1937
99,785
7,687
93,652
84,242
6,785
Net profit
other
operating expenses
Taxes—other than inc..
7,843
transferred
to surplus
Ioss$230,977
Shs. cap. stk. out.(no par)
155,366
Nil
Earnings per share
$63,164
$60,697
$55,711
$62,042
10,027
Net operating income.
terest earned
9,613
10,883
$73,094
$66,594
11,859
Prov. for Fed. inc. tax._
$70,310
42,127
1,1 4
871
13,403
4,021
Net income
Dividends.
$29,090
26,020
$27,040
41,632
$53,863
41,632
$55,669
72,856
Prov. for
deprec. & depl.
Balance Sheet Dec. 31, 1938
Assets—Cash in bank and on hand, $508,760: accounts receivable, $14,822; oil products inventory (at cost), $2,220: properties and equipment
(less reserve for depreciation and depletion of $1,080,307), $208,556: stocks
owned, $546; deferred charges, $3,633; total, $738,537.
v
Liabilities—Accounts payable, $6,593; accrued taxes—including Federal1
income tax, $5,461; unmatured dividends declared, $10,408; capital stock—
preferred, $624,480; earned surplus, $5,346; paid-in surplus, $86,250;
total, $738,537—V. 146, p. 3683.
Western Grocers,
1938
1937
1936
x$316,997
28,749
x$364,226
29,213
8296,707
29,138
49,797
4,000
64,568
x$392,073
38,852
36,725
57,631
844
727
53,000
4,000
3,431
55,000
4,000
58,000
$175,607
83,601
$212,717
83,601
50,829
Profits
Depreciation
—
48,287
Land not used, writ. off.
Executive salaries
Directors' fees paid
Legal fees
-
Income tax
x
B ilanze Sheet Dec. 31, 1938
deposit (demand and time) and funds, $1,170,701;
marketable securities at cost, $1,605,653; notes and accounts receivable,
trade, $417,687' inventories, $176,193;'other current assets, $16,962; fixed
assets
(less reserve for depreciation of $3,088,611), $1,858,705: prepaid
expenses, deferred and miscellaneous assets, $112,115: total, $5,358,015.
Lia'nlities—Accounts payable, $45,881; accrued mine payrolls, $75,858;
accrued
taxes,
$74,577;
workmen's compensation claims determined,
$76,692; other current liabilities, $26,765; reserve workmen's compensation
(self-insured), $46,964; common stock (200,000 no par shares), $5,000,000;
surplus earned, $398,348; treasury stock, 44,634 shares, Dr.$387,071:
total, $5.358,015.—V. 149, p. 2103.
Assets—Cash
4,000
on
Common dividend..
on
125,608
Miscellaneous
626
47,187
$196,434
83,601
35,580
$167,785
83,601
33,886
$80,829
587,298
506,469
$77,253
429,216
$50,298
378,680
238
Profit & loss surplus..
$628,475
$587,298
$506,469
$429,216
Earns, per sh. on 16,943
shs. com. stk. (no par)
$5.43
$7.62
$6.66
$4.97
Including $72 in 1937 and 1938 and $77 in 1936, dividends received.
Balance Sheet Dec. 31, 1938
Net
profit
Dividends (paid from
capital surplus)
Shs. com. stk. (no par)
Earnings per share
dise, $848,170; prepaid expenses, $22,225; investments, $1,449,787; fixed
assets, $773,580: total, $4,178,439.
Liabilities—Bank loans, $455,000; accounts and bills payable, $467,160;
provision for Dominion and Provincial income taxes, $85,328; dividends
payable Jan. 15, 1939, $33,608; dividends previously declared and still un¬
claimed, $1,706; amount owing to subsidiary companies, $190,000; reserve
for contingencies, $100,000; 7% cumulative preference shares (par $100),
$1,194,300; common (16,943 shs. no par), $1,022,863; earned surplus,
$628,475; total, $4,178,439.—V. 146, p. 1575.
1939
—V. 149, p.
Jan. 1 to Sept. 30
1938
1939
$366,993 $11,150,307
Western Pacific RR.—Plan Sent to Court
1938
$9,774,690
plan for reorganization of the road, together with the record of the pro¬
ceeding before the ICC.
The plan, if approved by the court, will be submitted to creditors for a
vote, pursuant to provisions of Section 77 of the Bankruptcy Act.
Upon
approval by two-thirds of the holders of each class of securities, the plan
will be declared effective by the ICC.
The court n ay, in its discretion,
order the plan into effect even though two-thirds of each class of holders
do not assent.—V, 149, p. 2103.
Western Public Service Co. (&
_______
Maintenance
Taxes.
1939—Month—1938
$187,723
$202,068
80,354
87,905
11,310
11.808
18,129
16,200
$86,15i>
Dr6,325
1939—12 Mos.—1938
$2,153,239
$2,226,153
1,010,357
1,055,626
135.745
137,672
196,260
190,340
Dr5,537
$810,877
Dr75,208
$843,515
Dr68,779
$735,670
336,187
$773,735
26.275
$80,618
28,821
$45,330
Non-oper. inc. (net)____
Interest and amortizat'n
Balance
$51,797
$399,483
$424,662
223,844
Appropriations for retirement
232.306
reserve
Balance
Preferred
dividend
Balance for
-V.
349,074
$200,818
$47,724
divs. and surplus
$81,366
119,452
149, p. 2246.
Western Union
Telegraph Co., Inc. -Earnings—
All other maintenance
Conducting operations.
Relief depts. & pensions.
_
All other general and
miscell. expenses
1939—Month—1938
18,179,552
557,932
683,568
457,015
4,891,895
196,349
1939—8 Mos.—1938
$7,796,298 $61,897,851 $60,019,165
536,806
4,117,621
4,188,601
685,970
5,475,450
5,489,885
467,363
3,602,581
3,694,384
4,775,979
38,076,547
37,665,017
173,661
1,507,044
1,401,793
178,610
186,350
$1,214,183
32,718
500,235
$970,169
31,186
493,771
1,442,872
1,501,531
Net telegraph & cable
operating
Uncollect,
revenues
oper.
_
revs
Taxes assign, to oper
on
White Sewing Machine
Wilson-Jones
Co.—Earnings—
Years End. Aug. 31—
Net sales.
$4,198,787
1938
$4,425,000
1937
$5,526,375
1936
$4,402,165
4,013,6J4
4,303.033
4.774.888
3,809,588
$185,174
Cr42,260
109,921
$121,967
$751,487
Cr30,844
117,509
CY48.896
119,902
$592,577
CY34.383
106,532
1939
.
Net profit from oper.
Other income
_
-
deductions—
Other
$117,513
21,858
$ 35,302
2,750
$680 480
105,892
$520,428
68,570
Net inc. for the year__
Previous earned surplus.
$95,655
246,436
$32,552
$574,588
418.484
321.296
$451,858
139,607
2.371
Prof,
sale of treas.stk.
on
~68~206
Shs.
Assets—
1939
Cash..
Accts.
272,800
$0-11
272,800
$2.10
136.400
1938
$644,709
...
&
$646,697
$6,077,954
240,077
3,945,055
and
ceivable, less
657,767
589,629
(lower
ofcostormkt.)_ 1,132,961
Invest's, less res..
15,001
1,097,926
15,001
res.
notes & accts.__
19,755
9,910
1,174,580
for
$142,789
Federal
Capital stock
Capital surplus
Earned surp., since
19,500
2,750
3,000,000
478,285
3,000,000
273,891
246.436
478,285
243,301
88,232
9,831
Aug. 31, 1932..
Plant & equipm't
(excl. idle plant)
Idle plant, less res.
for deprec. and
loss on disposal-
Deferred charges.
_
Pats., less amort__
Total
x
61,678
8,727
....$3,956,766 $3,870,260
After
y
.$3,956,766 $3,870,260
Total
reserve for depreciation of $1,833,868 in 1939 and $1,765,789 in
Represented by 272.800 no par shares.—V. 149, p. 128.
Wood, Alexander & James, Ltd.—Accumulated Dividend
The directors have declared a dividend of $1.75 per share on account of
accumulations on the 1% cumulative first preferred stocks, par $100 pay¬
able Nov. 1 to holders of record Oct. 23.
Like amounts were paid in each
of the 10 preceding quarters.—V. 149, p. 593.
(F. W.) Woolworth Co.—Sales—
Period End.
—Y.
$25,810,154 $23,491,433$213,022,705$201,846,132
149,
p.
1632.
Worcester Street
Road
Ry.-
-Balance Sheet
Aug. 31, 1939—
Liabilities—
and equipment...
Sinking
fund..
Other investments
$64,57, 067
21 000
24, ,528
210 ,782
Accounts
$773,064
594,835
$533,753
593,437
$4,453,138
4,756,818
$2,845,060
4,753,685
Unadjusted debits
Deduc'ns from gross inc.
Income.—
$178,229
x$59,684
receivable
Materials and supplies
Prepaid accounts
Loss on abandoned properties.
Total
-V.
1939—9 Mos.—1938
1939—Month—1938
Sept. 30—
Sales
$1,892,822
952,238
x$303,680 x$1,908,625
$185,090
1,169,733
241,588
y
1938
payable
accruals
taxes on income.
Officers' & empl's'
948,118
1775.
Prov.
Inventories
$3,505,020
Indicates deficit.—V. 149, p.
$3.31
1939
Liabilities—
Accounts
notes re¬
$445,212
88,541
$321,296
Comparative Balance Sheet Aug. 31
$681,230
91,834
x
272.540
$418,484
stock out¬
common
standing. no par
Earnings per share
Operating income
Non-oper. income
______
477,400
$246,436
272,800
$0.35
Earned surplus
204",600
$273,891
Dividends paid
Cash.
Net
Corp.—No Preferred Div. Action
Assets—
$7,675,736
247,591
3,923,125
$0.50
Company announced that inasmuch as approximately 20% of the old
preference stock of White Sewing Machine Corp. has not yet been ex¬
changed under the plan of reorganization dated March 5, 1938, no dividend
action was taken on the prior preference stock of the company at the regular
quarterly meeting of its board of directors, held Oct. 5 in Cleveland/—Y.
149, p. 1933.
1938.
Period End. Aug. 31—
Telegraph & cable oper¬
ating revenues
Repairs
Deprec. & amortization.
Nil
profit on sale of surface lands and $1,175 for
Balance Sheet Dec. 31, 1938
deposit (demand and time) and funds, $196,306; mar¬
$20,121; fixed
assets
(net), $5,226,272: prepaid expenses, deferred and miscellaneous
assets, $7,925; total, $6,549,245.
Liabilities—Accrued taxes, $23,480; dividends payable Jan. 3, 1939,
$46,036; other current liabilities, $6,828; depletion reserved against mini¬
mum royalty advanced,
$63,026; common stock (200,000 no par shares),
$2,000,000; capital surplus, $4,619,124; treasury stock (15,855 shares),
Dr.$209,250; total, $6,549,245.—V. 149, p. 2103.
Assets—Cash
x
$167,177
119,453
requirements
common
_
ketable securities at cost, $1,098,621; other current assets,
V
$71,1)06
Balance
229,224
191,020
After deducting $7,821
miscellaneous income.
Subs.)—Earnings—
$77,930
Net oper. revenues
$96,700
228,129
187,407
$0.58
Net inc. bef.Fed.taxest
Prov. for Federal taxes__
by ICC—
The Interstate Commerce Com mission has transn itted to the Federal
Court at San Francisco, with appropriate certification, its finally approved
Period End. Aug. 31—
Operating revenues
Operation
$109,679
214,225
186,085
$0.63
Ry.—Earnings—
$565,517
— .
$117,932
184,554
184,145
Cost of sales & expenses.
—Week Ended Sept. 30
(est.)
2103.
1088$ 14,210
.__
a
Assets—Cash on hand and in banks, $73,537; customers' accounts re¬
ceivable, after providing for possible losses, $983,762; advances on mer¬
chandise and sundry debtors, $22,311; customs deposits, $5,066: merchan¬
Gross earnings
$2.50,376
23,276
20,484
109,916
30,149
21,830
expenses.
Taxes.
Deprec. & depletion
$41,177
Western Maryland
$264,977
34,418
24,937
95,942
#163,3:7
47",970
—
x
$268,252
31,856
25,680
92,784
1936
$189,600
56,401
1937
$189,600
56,217
22,435
47,524
sale of bds. ,&c_ Iossa73,7 7
_
Total income
1935
Previous surplus
Previous year's adjust._
Balance, surplus
18,976
1935
$189,600
52,199
8,576
1938
$189,600
Interest and dividends.
_
Net income
Preferred dividend
Inc.—Earnings—
Westmoreland,
Calendar Years—
Royalties and rentals
Profit
Ltd.—Earnings-
Calendar Years—
Transportation facilities, tenement rentals, &c.
11,052
$73,191
42,408
1,693
Total income
$23,548
-130.529
$0.13
148, p. 1185.
10 ,978
Capital stock
Accounts payable
..$4.610.000
25,443
Matured funded debt unpaid.
21,000
Tax liability
37,165
13 ,036
Operating reserves.59,504
Depreciation reserve..
1.767,586
Tnadjusted credits
128,204
15, ,913
Corporate surplus
112 ,289
1,314,190
1,097 ,499
$7,963,092
Total
$7,963,092
Volume
2387
The Commercial & Financial Chronicle
149
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
found
Friday Night, Oct. 13, 1939.
Coffee—On the 7th inst. futures closed 3 to 4
points net
lower for the Santos contract, with sales totaling only 8 lots.
The
market
was
[decidedly sluggish throughout the short
session, with nothing in the news to serve as an incentive to
operate either way in the market.
Figures today revealed
that there are now 939,600 bags of coffee afloat from Brazil
for the United States, making the visible supply 1,351,659
bags, against 1,113,000 bags a year ago.
Brazilian spot
prices except for a rise of 200 reis in Rio 7s to 13 milreis per
10 kilos, were unchanged.
On the 9th inst. futures closed
unchanged to 3 points lower for the Santos contract, with
sales totaling 33 lots.
No business recorded in the Rio con¬
tracts.
In the Santos contract virtually all of the business
was confined to the Dec.
position, which sold between 6.3Cc.
and
6.25c.
and
ended
6.21c.
at
Advices
state
the
that
Brazilian destruction program is continuing despite reports
of a few months ago that it would be discontinued.
De¬
for the last half of Sept. totaled 102,000 bags,
making the total for the month 207,000 bags, and the
aggregate since 1931, when destruction was inaugurated,
67,642,OCX) bags.
On the 10th inst. futures closed 1 to 2
points net higher for the Santos contract, with sales totaling
struction
14 lots.
tracts.
There
was
no
business recorded for the
The coffee market continued in
a
Rio
stalemate.
con¬
Trad¬
was sluggish, with sales of Santos contracts totaling only
2,000 bags to early afternoon.
The market then was 1 to
ing
3
points higher.
The quiet futures market reflects the dulSantos 4s are quoted at 6.50c. to 6.75c.,
but those are merely asking prices, as no coffee is changing
hands.
M.ld coffees were steady, with Manizales at llU>c.
On the 11th inst. futures closed 2 to 4 points net higher for
the Santos contract, with sales totaling 37 lots.
Trade
covering against actuals hedged and recently sold, advanced
Santos coffee futures 5 to 7 points.
The volume of trading
ness
was
of actual coffee.
After the initial demand had been satisfied, the
small.
market turned quiet.
In Brazil spot Rio 7s were off 200 reis.
Cost and freight offers were unchanged, as also were mild
coffees.
Roasters were doing little new buying.
The visible
supply of Brazilian coffee in this country stands at 1,414,596
bags, compared wth 1,460,431 bags yesterday.
Clearances
for the United States totaled 12,900 bags.
Today futures
closed 2 to 4 points net lower for the Santos contract, with
sales totaling 30 lots.
The Rio contract closed 12 to 13
points net lower, with sales totaling only 3 lots. Trading in
coffee futures was dull, with prices barely steady.
During
early afternoon May Santos contracts were selling at 6.38
cents.
In Brazil the spot price of No. 7 Rios recovered a loss
of 200 reis suffered late last week.
Actuals were unchanged
but there were signs that producing countries other than
Brazil were anxious to move their crops.
With Furooean
buying restricted, they were sounding out the New York
Coffee
market.
reached
afloat from
Brazil
the
to
United
States
high record volume of 1,081,400 bags as
79,000 bags cleared for this country over the hoh'dav.
The
American visible supply now stands at
1,466,072 bags
against 1,414,596 bags on Wednesday.
Roasters were not
buying today.
Rio coffee prices closed as follows:
new
a
December-
......
Santos coffee
December * -;
March
—
—
as follows:
5.2" Tuly_
_
——
-
—
„_6." 9
„
-6.40
.----6.43
September
,6.34
Cocoa—On the 7th inst. futures closed 18 to 22
lower.
was
over
in
_4.15
prices closed
—
May.
4.15| March
-
Transactions totaled 216 lots
rather large volume for
a
or
2,894
points net
tons, which
Saturday session. Nervousness
again the dominant note
operations were at times
the possibilities for peace was
futures today.
Hedging
cocoa
heavy, and this in turn influenced considerable liquidation.
Stop orders were uncovered in fairly large volume as the
market moved steadily lower after a weaker opening call.
Prices ranged about 10 points lower until about 11:30 in
the short session, when the downward movement really
began in earnest. Selling broadened out and the trade offered
the only support.
Local closing: Oct., 5.00; Dec., 5.07;
Jan., 5.00; Mar., 5.13; May, 5.19; July, 5.24; Sept., 5.30.
On the 9th inst. futures closed 11 to 5 points net lower.
Continuation of the liquida¬
tion noted last week caused cocoa futures to lose 4 to 5 points
Transactions totaled 165 lots.
in the
early trading.
During the early aftemcon the Dec.
position stood at 5.02c., off 5 points.
Sales to that time
totaled 130 lots.
Manufacturers and dealers absorbed selling
on a scale down.
Warehouse stocks continued to diminish.
The loss over the week end was 8,600 bags.
It brought the
total down to 1,120,893 bags, compared with 960,890 bags a
year ago.
Since the war started stocks have been reduced
323,000 bags.
Local closing: Oct., 4.89; Dec., 5.00; Jan.,
5.03; Mar., 5.08; May, 5.12; July, 5.18.
On the 10th inst.
futures closed 6 to 10 points net higher with sales totaling
When shorts started to
214 lots.
COMMERCIAL EPITOME
what
cover cocoa
contracts, they
result they had to bid for
they wanted and forced prices up 19 to 20 points by
a
lack of offerings.
mid-afternoon
when
Dec.
As
a
sold
for
5.19c.
There
was
an
traded to
Warehouse stocks decreased 7,900 bags
early afternoon.
overnight.
They now total 1,112,929 bags.
A year ago
stocks amounted to 960,890 bags.
Local closing: Dec., 5.06;
Mar., 5.15; May, 5.22; July, 5.28; Sept., 5.34.
On the 11th inst. futures closed 7 points net higher on all
evident lack of hedge pressure.
active
in
deliveries.
futures
cocoa
Only 85 lots
were
Transactions totaled 283 lots.
was
Trading
largely professional in its character,
hedging and manufacturers were in
small way. Prices rallied 5 to 7 points further
with December at 5.12 cents, up 6.
Sales to early afternoon
totaled 237 lots.
Warehouse stocks continue to diminish.
although there
the market in
was some
a
overnight loss was 12,800 bags.
The total now is
1,100,137 bags against 954,309 a year ago.
Local closing:
Dec., 5.13; Mar., 5.22; May, 5.29; July, 5.35. Today futures
closed 6 to 7 points net lower.
Transactions totaled 215
lots.
Cocoa futures like most other commodities settled back
The
a flurry of buying at the start.
During early afternoon
prices were 2 to 4 points net higher. Some new Wall Street
buying and a little short covering appeared, but petered out.
Sales to early afternoon totaled only 95 lots.
The open
interest has been growing every day since publication of
figures began early this month. It was 9,366 lots today com¬
pared with 9,173 on Oct. 4. Warehouse stocks decreased 300
bags.
They now total 1,099,844 bag*3.
A year ago they
amounted to 956,083 bags.
Local closing:
Dec., 5.07;
Mar., 5.15; May, 5.22; July, 5.29.
after
Sugar—On the 7th inst. futures closed unchanged to 1
point lower, with sales totaling 102 lots for the domestic
contract.
Although only 42 lots were traded, the world
sugar contract declined 7 to 10 points in today's short ses¬
sion.
The
market
appeared sensitive to the slightest
there being little in the way of support.
The
abroad apparently are having their effect on
traders, and many are inclined to withdraw to the sidelines,
pending further developments in the political situation
abroad.
Most of today's trading was in the Mar. position
in world sugar.
Trading was stalemated in the market for
raws
today, as buyers and sellers both tried to evaluate
developments abroad.
Prices were about unchanged from
the close on Friday, with sellers asking 3.65c., and buyers
indicating no better than 3.60c.
On the 9th inst. futures
closed 10 to 13 points net lower for the domestic contracts,
with sales totaling 497 lots.
The world sugar contract
closed 7 to 12 points net lower, with sales totaling 321 lots.
Domestic and world sugar futures were under pressure of
heavy selling when news from Havana telling of possible
additional release of sugar was received.
Domestic con¬
tracts broke 10 to 12 points, with Mar. selling at 2.13c.,
after having been at 2.11c.
In the raw market duty-free
sugars were offered at 3.60c., off 5 points, and equivalent to
2.10c. for Cubas.
It was doubted that refiners would pay
as much
at 3.55c.
No firm bids were around.
Refiners
maintained their price at 5.50c., but offshore refined was
available at 5.25c. in limited
quantities.
World sugar
contracts stood 8H points lower this afternoon with Mar.
selling at 1.72c. after having touched 1.66c.
Cuban selling
started the downward plunge of the market, an important
firm accepting the first bid made despite the weakness of
the market.
On the 10th inst. futures closed 5 to 6 points
net higher for the domestic contract, with sales totaling 224
lots.
The world sugar contract closed 9 to 9^ points net
higher, with sales totaling 173 lots.
Both the domestic and
the world sugar markets recovered sharply today from the
severe losses they suffered on yesterday's bad break.
Do¬
mestic futures early this afternoon were 5 to 7 points net
higher after having lost a part of their early improvement.
Up to that time about 5,000 tons had been traded, or about
one-fifth of yesterday's total.
The market apparently had
discounted the signing of a decree releasing 200,000 tons
of additional Cuban sugar to the American market.
In
the raw sugar market duty-free sugars were offered at 3.60c.
No Cubas were on offer.
In the world sugar market gains of
pressure,
peace
rumors
about 8
points
of 4,000 tons.
were
being held this afternoon on a turnover
Cables reported that Java already has sold
70% of her 1939 crop.
On the 11th inst.
futures closed 1 point down to 1 point
higher for the domestic contract, with »%ales totaling 120 lots.
The world sugar contract closed 4 to 3 points net higher, with
sales totaling 156 lots.
The recovery in sugar futures con¬
tinued.
Domestic prices were 2 to 3 points higher during
early atternoon on short covering and scattered long buying.
There appeared to be nothing in the news to account for this
flurry of buying, the upward movement seemingly being
based on the European political conditions and expectations
of rejection of Hitler's peace terms.
Raw sugars were offered
The Commercial & Financial Chronicle
2388
Demand for re¬
reported that Cuban refined
sugar for shipment to Europe was quoted at S3.10, con¬
trasted with a high of S3.50 obtained in September.
Little
new business was done.
Today futures closed unchanged to
2 points down for the domestic contract, with sales totaling
197 lots.
The world sugar contract closed unchanged to
1 34 points lower, with sales totaling 224 lots.
The European
news caused active buying of sugar futures on the opening,
but gains were not held.
The domestic market during early
afternoon was 1 to 2 points net lower after having been 4 to 6
points higher this morning.
Tired long liquidation on the
early bulge was reported.
In the raw market duty frees
were quoted at 3.60 to 3.65c., with no buyers.
Refiners
have bought none in a week.
Cubas were not offered.
World sugar contracts, after an initial rise of 6 to 10 points,
were IlA to 434 points net higher during early afternoon.
It was reported that the Netherlands would start rationing
sugar soon at the rate of half a pound per person a week.
at 3.60
to
3.65c., with
fined sugar was
Prices closed
as
was
follows:
January
March
*,
May
2.26
2.30
2.10 July
2.17 September
2.21
Lard—On the 7th inst. futures closed 30 to 35
points net
fairly heavy realizing and little substantial
support, which resulted in this sharp slump in prices, from
which the market failed to show any appreciable rally.
The
undertone of the market at the close was weak;
Hog prices
at Chicago on the close of the week were steady, light sales
being reported at prices ranging from $6.60 to $7.10. Western
hog recipts today totaled 8,000 head against 13,800 head for
the same day a year ago.
Chicago expects 18,000 head for
Monday and 75,000 hogs for the entire week.
On the 9th
inst. futures closed 5 to 10 points net higher.
The highs for
the day were 10 to 17 points above previous finals.
The
market's advance was attributed largely to the firmness of
hogs, corn and reports of heavy export shipments of lard to
Europe.
Lard exports from the Port of New York today
were
very heavy aqd totaled 390,900 pounds.
The only
destination given on the latter shipment was Europe.
Hog
prices at Chicago were mostly 10c. higher.
Marketings for
the Western run totaled 66,100 head, against 84,700 head
for the same day a year ago. Sales of hogs ranged from $6.85
to $7.25.
On the 10th inst. futures closed 12 to 20 points
net higher.
The market ruled very steady throughout the
session, with prices holding their early gains.
The market's
strength was attributed largely to the firmness of grain
markets and reports of very heavy export shipments of lard.
Export clearances of lard from the Port of New York today
totaled 264,480 pounds compared with 390,000 pounds
reported on Monday.
Western hog receipts today were
67,800 head, against 81,400 head for the same day last year.
Hog prices at Chicago ended 10c. lower, with sales ranging
lower.
There
was
from $6.50 to $7.15.
On the 11th inst. futures closed 17 to 20
points net higher.
Opening
quotations were unchanged to 7 points higher.
Export
clearances of lard from the Port of New York today totaled
67,125 pounds; the only destination given was Europe. Ac¬
cording to an official report received from London, the
British Government has requisitioned all future imports of
refined lard arriving in Great Britain except Ireland, and
prohibits, unless under license, all deals in imported refined
lard situated outside the United Kingdom.
The Western
hog movement today was smaller than the same day last
year and totaled 59,100 head against 66,800 head last year.
Hog prices at Chicago advanced 10 to 25c. owing to the light
marketings.
Sales ranged from $6.25 to $7.25.
Today
futures closed 10 to 3 points net higher.
The improvement
in lard futures was attributed largely to the firmness of hog
prices.
Hogs were generally steady to 10c. higher today in
fairly active trade, topping at $7.35.
The market held firm during most of the session.
DAILY
CLISNG
PRICES
Cottonseed Oil sales
sales reported.
no
slow.1 It
OF
LARD
FUTURES
IN
CHICAGO
Sal.
Mon.
Tues.
October
6.22
6.30
6.45
6.62
December—
6.30
6.40
6.55
H
January
6.40
6.50
6.65
6.72
6.82
O
6.85
March
6.90
6.95
7.05
7.22
L
7.30
May
7.00
7.07
7.20
7.40
Wed.
Thurs.
Fri.
6.72
6.77
7.40
Pork—(Export), mess, $20.75; family (50-60 pieces to
barrel), $21.25.
Beef: (export), steady.
Family (export),
unquoted. Cut meats: Pickled hams: picnic, loose, c. a. f.
—4 to 6 lbs., 11 %c.; 6 to 8 lbs., ll^c.;8to 10
lbs., 1134c.
Skinned, loose, c. a. f.—14 to 16 lbs., 19c.; 18 to 20 lbs.,
1534c. Bellies: clear, f. o. b. New York—6 to 8 lbs., 1234c.;
8 to 10 lbs., 1234c.; 10 to 12 lbs., 1234c. Bellies:
clear, dry
salted, boxed, N. Y.—16 to 18 lbs., 7%c.; 18 to 20 lbs.,
7J^c.; 20 to 25 lbs., 7%c.; 25 to 30 lbs., 7%c.
Butter:
firsts to higher than extra and premium marks:
2434 to 2934c.
Cheese: State, held '38, 21 to 22c.
Eggs:
mixed colors, checks to special packs:
1534 to 2434c.
creamery,
Oils—Linseed oil prices have been
holding steady at 9.9
to
10.1
for tank cars.
Quotations: Chinawood:
tanks,
Oct.
14,
yesterday, including switches, 155
- Prices closed as follows:
Crude, S. E., val. 5%.
contracts.
6.85
October.
6.90
November
6.90®
December
6.89®
January
6.94®
n
7.00®
7.10®
7.13®
7.17@
February
March
April..
6.96 May__
-
Rubber—On the 7th inst. futures closed 15 to 35
net
1939
lower.
totaled
Transactions
tons which were
commission house
n
n
7-19
points
1,340 tons, including 50
exchanged for physicals.
Speculative and
selling caused futures to rule weak through¬
The opening range was 5 to 35
out most the short session.
points lowerv
Despite the announcement of
in
quota
the
5% increase
a
for the fourth quarter to 75%, the
market reacted very little.
Certificated rubber stocks in
licensed warehouses declined to 2,700 tons today.
The
outside market ruled quiet.
Offerings from the Far East
were limited and too high for the local trade.
Spot standard
No. 1 smoked sheets in the trade declined 34c. to 2034c.
Local closing: Oct., 18.96; Dec., 18.69; Jan., 18.20; Mar.,
17.75; May, 17.60.
On the 9th inst. futures closed 5 to 13
points net higher.
Transactions totaled 41 lots.
Prices
of rubber futures were firm in quiet trading.
The market
during early afternoon was up 13 points on Mar. contracts,
but sales to that time totaled only 210 tons.
The trade is
waiting for news of shipment of barter rubber.
According
to Washington, no arrangements have been completed yet
for shipment from Malaya.
Plans are said to await the
outcome of the neutrality fight in the
Senate.
London
closed unchanged to 1-16d. higher.
Singapore was 1-16 to
34d. lower.
Local closing: Dec., 18.74; Mar., 17.85; May,
17.73; July, 17.69.
On the 10th inst. futures closed 38 to
17 points net higher.
Transactions totaled 102 lots.
Rub¬
ber futures were holding mcst of their early gains during
early afternoon, with Dec. selling at 19.10c., up 36 points.
Trading was of scattered origin, but was concentrated chiefly
in the Dec. position.
Mar. sold at 18.10, a full 100 points
under Dec.
Offerings were limited.
The London rubber
market closed steady at prices unchanged to 5-32d. higher.
Singapore also was firm.
Local closing: Dec., 19.12; Mar.,
18.03; May, 17.90.
On the 11th inst. futures closed 47 to 32 points net higher.
export
Transactions
totaled
960
tons.
There
was
an
absence
of
selling pressure in the rubber market, with the result that
prices strengthened further on a moderate volume of trading.
During early afternoon futures were as much as 42 points
net higher on a turnover of only 720 tons.
Dec. then stood
at 19.55c. and Mar. at
18.45c.
The London market closed
firm, 5-32 to 5-16d. higher.
Singapore also closed higher.
Local closing: Oct., 18.65; Dec., 19.55; Jan., 18.75; Mar.,
18.45; May, 18.30.
Today futures closed 10 to 2 points net
higher.
Transactions totaled 68 lots.
Buying of Dec.
rubber futures
by foreign dealers was a feature of the trading.
buying Dec. rose 20 points to 19.75c. a
pound.
During early afternoon prices had eased off with
the result that Dec. was selling at 19.61, 6 points net higher.
Sales to early afternoon totaled 530 tons, of which 20 tons
were
exchanged for physical rubber.
London closed 1-16
to 7-32d. higher on buying'in anticipation of orders
arising
out of the Russian deal.
Local closing: Dec., 19.65; Mar.,
18.50; May, 18.32.
In the
course
of that
Hides—On the 7th inst. futures closed 40 to 51 points net
The opening range was 13 to 22 points net lower
lower.
Selling pressure was persistent throughout most of the
session, influenced largely by the weakness in the securities
market and the possibility of a truce being declared in the
Euroj>ean war. Transactions in today's hide market totaled
5,290,000 pounds. Certificated stocks of hides in warehouses
licensed
by the exchange decreased by 9,495 hides to a
total of 1,156,415 hides.
Business in the domestic spot hide
market was reported sluggish.
The last sales reported at
1534c. a pound for Sept .-Oct. light native cow hides, while
heavy native steers same take-off, sold at 16c. a pound. The
last trading reported in the Argentine spot market included
14,000 hides, with Sept. frigorifico steers selling at 1334c. a
pound. Local closing: Dec., 14.15; Mar., 14.40; June, 14.72;
Sept., 15.02.
On the 9th inst. futures closed 3 to 10 points
net higher.
Transactions totaled 6,640,000 pounds, of which
80,000 pounds were exchanged for physicals.
Certificated
stocks of hides in warehouses licensed by the
Exchange
decreased by 7,219 hides to a total of 1,149,196 hides.
The
domestic spot hide market was quiet today.
It was reported
that offerings were made at 16c. for native steer hides and
1534c. for light native cow hides. Local closing: Dec., 14.22;
Mar., 14.49; June, 14.77; Sept., 15.05.
On the 10th inst.
futures
closed
18
totaled 249 lots.
to
25
Raw
points net higher.
Transactions
hide futures responded
to the im¬
provement in securities rather than to any new development
in the hide trade itself.
Spot hide trading was at a standstill.
After the market had rallied 28 to 29 points on a turnover of
2,880,000 pounds, trading in futures appeared to dry up.
During early afternoon Dec. was selling at 14.50c. and Mar.
at 14.78c.
trade—24c. bid; resale, small lots—28c. bid,
Coconut: crude, tanks—.0334 bid; Pacific
Coast,
spot— .0334 to .03^4.
Corn: crude, west, tanks, nearby—
a
Local
closing: Dec.,14.40; Mar.,14.70; June, 15.02.
points net higher.
up on
.0614
"regular"
nominal.
bid, nominal.
Olive: denatured, drums, nearby—
$1.40 bid; designated steamer—$1.30 bid. Soy bean: tanks,
west, nearby—.0534 to .0514, nominal.
Edible:
coconut,
76 degrees—1034 bid.
Lard: prime, ex. winter—10c. offer.
Cod: crude, Norwegian, dark filtered—50 offer. Turpentine*
33 to 35.
Rosins: $5.30 to $7.65.
On the 11th inst. futures closed 40 to 30
Transactions totaled 251 lots. Commission houses
were
lined
the buying side of the hide futures market today.
As
result prices advanced rather easily some 28 to 30
points
on
a
turnover
of
5,600,000
pounds
to
early
afternoon.
Dec. then stood at 14.70c. and Mar., at 14.98c.,
respectively.
Further sales of spot hides at steady prices were
reported.
Local
15.64.
closing: Dec., 14.77; Mar., 15.10; June, 15.37; Sept.,
Today futures closed 5 to 2 points net higher.
Volume
149
The Commercial & Financial Chronicle
Transactions totaled 244 lots.
There was short
covering in
the hide futures market which
advanced prices sharply.
Prices held firmly in
spite of profit-taking, the list this
afternoon standing 13 to 22
points net higher, with Dec. at
14.90c.
Sales to that time totaled
7,320,000 pounds.
In
the domestic spot market sales
totaled 90,000 hides including
Sept .-Oct. light native cow hides at 15^c.
Certificated
stocks of hides in warehouses
licensed by the
creased
10,235 hides
to
a
total
of
exchange de¬
1,116,995 hides.
Local
closing: June, 15.41; Sept., 15.69; Dec., 14.79; Mar., 15.13.
Ocean Freights—There was
relatively little doing in the
freight market the past week. Chartering interest has been
confined largely to time contracts.
Charters included: Time:
Trip down, Canada to north of Hatteras, Oct., $2.50 per ton.
Round trip West Indies
trade, Oct., $3.25 per ton. Trip out
to the Far
East, delivery north of Hatteras,
redelivery Vladi¬
vostok, Oct., $3.15.
Delivery Gulf, trip down to South
Africa, Nov., 18-21, $3.50, charterer's option
trip out to
the Far East.
Another
Round trip West Indies
closing: No. 1 Contract: Oct., 3.053^; Dec., 2.93; Jan., 2.88;
Mar., 2.853^; May, 2.833^. Today futures closed 63^ to
higher for the No. 1 contract. Transactions totaled 105
net
lots.
No business recorded for the No. 2 contract.
months in the No. 1 contract sold'at new
New York spot market advanced 5c. to
$3.14
a pound.
In
40 to 32 yen compared with
The price of Grade D silk in the outside
market advanced 25 yen to 1,675
yen a bale.
Local closing:
No. 1 contract:
Oct., 3.12; Nov., 3.023^; Dec., 2.993^; Jan.,
2.941/2'* Mar., 2.89lA\ May, 2.84.
Yokohama
prices
Wednesday's close.
were
trade, Oct., 16-21, $3.
up
COTTON
$3.10.
one
Scrap: North Pacific
to
Japan, Nov .-Dec. leading.
Coal—Latest advices report the demand for bituminous
slackening.
However, the movement of bituminous
continues lively. Shipments of coal from the
Southern mines
declined slightly during the first week of the
month and it is
believed will continue
slightly lower for the duration of the
month. Operators in the
Pittsburgh fields report that many
of the steel producers in the area are
buying coal outside of
Captive mines owned by the steel mills
the heavy demands
arising from the
sharply increased production schedules, it was further stated.
their
own
not
are
mines.
able
to
meet
The current unseasonable weather
the country has caused a
During
the eastern part of
drop in anthracite coal shipments.
the past week several of the producers reported a
over
resumption of active anthracite deliveries to Canada.
The
Canadian anthracite shipments consist
principally of stove
coal.
Other anthracite producers
report that their ship¬
ments to New England markets have also shown
an improve¬
?
Friday Night, Oct. 13, 1939
The
Movement of the
Crop, as indicated by our tele¬
tonight, is given below.
For the
week ending this
evening the total receipts have reached
290,322 bales, against 297,556 bales last week and 297,080
bales the previous week,
making the total receipts since
Aug. 1, 1939 2,214,272 bales, against 1,644,760 bales for
the same period of 1938,
showing an increase since Aug. 1;
1939, of 569,512 bales.
from
grams
coal is
the
South
,
Receipts al-
Sal.
Galveston
Houston
Mon.
12,932
7,537
__
Corpus
Christi—
Beaumont
Tues.
27 ,516
24 ,756
8 ,369
149
14 ,077
303
Wed.
Thurs.
5,929
3,862
Fri.
10,907
7.459
Wool—The wool price advance appears to be
meeting more
more
resistance.
It is said that wools
not now in so
positive a position as a short time ago. Prices have touched
a ceiling and extreme
high rates meet less response from mill
buyers.
There is no real decline, just a slight easing off in the
are
94,023
41,762
83,066
279
12402
23 ",574
69
115
298
42
123
61
97,083
784
23
214
2,793
1,274
945
8,042
23
Charleston.;
Bake Charles
959
9",892
1,209
465
8,042
14,414
18 ,634
1 ,028
""47
Jacksonville
Savannah
228
945
New Orleans
Mobile
19.377
447
"Ho
Wilmington
10
Norfolk
Baltimore
41
of about lc.per scoured pound on Texas and
grease on fleeces, lc. in scoured pulled
wools and in foreign wools no
change.
Trading is reported
as slow in the Boston area.
Mill buying is for urgent need
only, usually wool of a specialty character for piecing-out
purposes, and on such wool peak prices are paid.
Dealers
are said to be
sitting back awaiting developments overseas
and meanwhile husbanding their
scanty stocks of foreign
apparel wools. While holders of fleece wool are quoting 49c.
to 51c. on medium type Ohio and
similar, they are encounter¬
ing difficulty in securing 48c,
It is said that many mills are
fairly well supplied with wool.
The matter of foreign wool
supply is meeting much attention.
7
5^c- nat lower.
today.
Trade and commission
buying rallied the silk futures market in the early
trading, but prices showed substantial losses at the close.
The opening range was 23-^c. to
4^c. net lower.
However,
during early afternoon the losses had been reduced to un¬
changed in some cases.
Sales to that time totaled 320 bales.
house
Thirteen bales
1939
Oct. 13
This
No.
Local
closing: Contract No. 1: Oct., 2-97; Dec., 2.873^;
Jan., 2.813^; Mar., 2.81; May, 2.77.
On the 10th inst.
futures
93
closed
lots.
6c. to
Prices
of
lc.net
higher.
silk
futures
raw
Transactions totaled
were
strong on
trade
covering influenced by the general recovery of commodity
markets and higher Japanese prices.
Trading was quiet,
only 250 bales changing hands to early afternoon, all on the
No. 1 contract.
During early afternoon Oct. was selling
at $3.04, up 7c.
The price of crack double extra silk in the
New York spot market remained unchanged at
$3,081^ a
pound.
Yokohama closed unchanged to 12 yen higher.
Grade D silk in the outside market declined 73^
yen to 1,640
yen a bale.
Local closing: No. 1 Contracts: Oct., 3.03;
Dec., 2.91; Jan., 2.86; Mar., 2.81; Apr., 2.801^; May, 2.80.
On the 11th inst. futures closed 2 to 43^c. net
higher.
Transactions totaled 82 lots in the No. 1 contract.
were no sales reported in the No. 2 contract.
After
There
..
New Orleans
Mobile
Pensacola & G'p't
Jacksonville
so
"*23
1,274
945
25
613
692
far this month to 40 bales.
The
837,736
520,866
240,622
7,949
310,657
23,436
2,405
1,035
18,430
10,757
31,099
4,173
3,946
830",73 8
902*980
469
489
5,216
_
8,533
1,966
1.356
2,362
1,162
77,106
24,267
607,711
55,297
65,977
1,760
143,035
34,265
25,022
8,3.51
27,563
746,712
74,032
z5,960
2,473
156,652
38,793
29.456
14,963
28,538
400
290,322 2,214,272 205,107 1,644,760
Receipts included in Corpus Christi.
z
100
1,760
.
Totals..
109,076
50,005
2,641
925
—______
Baltimore.
1938
740,422
i64
41,605
2,667
6,623
Norfolk
New York—....
1939
460,852
52,895
1,594
20,029
22,129
.
Charles
73,893
875
2.670,^2,975.254
Gulfport not included.
In order that comparison may be made with other
years,
give below the totals at leading ports for six seasons:
we
1939
1938
1937
73.893
94,023
83,066 ;61,948
97,083
52,895
2,793
1,594
784
1,966
1,274
1,356
2.5
1,162
211,097
106,798
114,115
10,818
4,210
11,618
1936
1935
120,298
88,635
110,135
24,296
3,142
7,666
1934
365
900
469
1,518
All others—__
613
10,661
9,824
8,527
2,689
13,562
108,216
104,506
76,600
22,849
17,997
17,416
1,619
2,289
21,453
Total this wk_
290,322
205,107
379.066
370,723
372,945
___
~
Mobile.
Savannah
Charleston
_
_
_
Wilmington
Norfolk
Since
50,343
67,548
•
40,302
10,234
4.605
7,419
669
3,431
24,412
208,963
Aug. 1__ 2,214,272 1,644,760 3,176.028 2,453.680 2.476.383 1,807,471
The
exports
for the week ending this evening reach
a
total of 100,813 bales, of which 28,003 were to Great Britain,
9,349 to France, 6,947 to Italy, 9,235 to Japan, 4,700 to
China, and 42,579
sponding week last
destinations.
In the corre¬
total exports were 119,391 bales.
For the season to date aggregate exports have been 1,123,268
bales, against 824,994 bales in the same period of the previous
season.
Below are the exports for the week:
to
other
year
Week Ended
Oct.
Exported to—
1939
13,
Great
Exports from—
Ger¬
France
many
irre¬
price of crack double extra silk in the uptown spot market
J^c. to $3.09 a pound.
The Yokohama Bourse
closed unchanged to 9 yen higher, while grade "D" silk in the
outside market advanced 10 yen to 1,650 yen a bale.
Local
advanced
6,809
21,203
515,693
23,199
13,434
1,313
Wilmington
Mobile.....
were
168,840
_
Lake
Mar. at $2.85.
bales
61*948
959
784
Galveston
tract, bringing the total
1, 1938
8,042
97,083
2,793
Savannah
Charleston
x
Week
83.066
Beaumont
Boston
Since Aug
562,637
38,291
771.393
Corpus Christi...
gular opening, silk futures turned firm when it developed
that there was a scarcity of offerings.
Prices during early
afternoon were 1 to 4c. higher, with Jan. No. 1 at $2.87 and
Sales to that time totaled 560 bales.
Ten
tendered for delivery against the Oct. No. 2 con¬
Stock
This
Aug
1, 1939
94,023
Britain
an
67,179 290,322
1938
Since
Week
Galveston
Brownsville
Houston
Receipts at—
the Oct.
37.753
Receipts to
Galveston.
Houston
New Orleans
on
1 to 22 yen
33,129
with last year:
2 contract.
were
58,834
613
following table shows the week's total receipts, the
total since Aug. 1, 1939, and the stocks
tonight, compared
off, while Kobe was
22 yen lower to 1 yen higher.
Grade D at Yokohama
gained 7
yen to 1,647 3^ yen and declined 5 yen at Kobe
to 1,645 yen.
Spot sales in both Japanese markets totaled
650 bales, while futures transactions totaled
3,775 bales.
tendered
were
Futures at Yokohama
59,876
25
692
The
3$c. in the
Silk—On the 9th inst. futures closed 2c. to
The market ruled
heavy
33,551
23
784
350
692
38
_
Totals this week.
several groups
territory,
Total
11.983
ment since the first of October.
and.
Near
high prices for the
season under short
covering, which revealed that offerings
were limited and out of
proportion to demand. The strength
of the Japanese markets over the
holiday stimulated interest.
Active positions were, as much as
73^c. higher. Twenty
bales were tendered on the Oct. No. 2
contract, bringing the
total to 60 bales.
The price of crack double extra silk in the
steamer, round
trip West Indies trade, prompt,
Another fixed for period West Indies
trade, minimum
month, maximum three months, Oct., about $2.50.
2389
Houston.
6,415
—
—
—
Corpus Christi.
New Orleans—
Italy
9,349
Japan
China
5,864
6/347
8,143
2,472
Other
*200
37,463
35,249
4,500
8,757
13,956
200
.
699
—
Total
15,835
17,487
200
4,443
4,443
877
877
Savannah
3,125
3,125
Char est on.....
5,000
5,000
Pensacola, Ac—_
New
v'
'hb'o
rk
Total....
—
28,003
9,349
500
6,947
Total 1938
13,722
16,847
29,725
Total 1937
53,284
35.846
41,731
9,235
4,700
42,579 100,813
3,636
18.482
33,291
1,442
20,728 119,391
2,600
34,760 186,703
The Commercial &
2390
On
in
Aug. 1,1939 to
France
Britain
43,230
1.563
136,842
66,840
8.496
33,9.56
27,424
6,861
10,781
14,971
4,334
41,857
13,662
Orleans.
60,366
27",315
8", 169
12,901
Lake Charles.
7,349
11,728
6,921
28,733
22,882
27,463
18,710
88.420
1,135
Houston
Corpus Christ!
Brownsville
-
-
Mobile..
Wilmington..
Los
601
2,553
14,012
13,997
*615
2,239
2,598
1,800
1,800
10,032
"200
400
200
671
74
760
14,554
12,035
5,121
Francisco
405,577 141,233
41,986
87,130
150,7°4
Total
1938
74,606
1937—1 343,*947 214,765' 223,412 123,222'
3,728 144,712
197,097
Total
65 OQI
In addition to above exports, our
On
telegrams tonight also
France
28,000
14,8*3
33,431
1,000
Galveston
Houston
Orleans..
Savannah.....
shipboard, not
1,800
4,409
23,479
Other
many
Foreign
wise
37.268
4.000
103
6,814
2,360
29,800
Stock
Total
03,000
58,928
66,084
1,000
Charleston
2,722
2",722
Mobile—
Other ports...
Total 1938
Total 1937
29,688
54,674
*
73,882
34,284
55,521
305
10,909
37.985
81,996
11,793
Total 1939—
0,555
31,982
676,822
771,810
541.627
142 035
34,265
52.575
27,563
231,306
6,40.3 192,334 2,478,003
5,202 68.803 2,906,451
5,900 186,131 2,764,592
Estimated.
tant
rather
traders
over
the foreign political
were
On the 7th inst.
Trading
further
was
to
responsive
to uncertainties
unusually light, traders apparently awaiting
Reports from Europe were not conclusive
Fueher Adolf Hitler's proposals on
would result in
would be
an
Friday
actual peace move or whether the war
prolonged indefinitely.
In consequence cf this
disposition to await publication of the
Government crop report Monday, traders were largely on
the sidelines.
What trading there was consisted largely of
uncertainty and
moderate
and
deliveries.
seemed
based
continue for
a
hedging
covering.
and liquidation and
a
from
European
buying
Fair
cotton.
the
European
and
war
will
active demand
an
abnormally warm weather
Today pries closed unchanged to 6 points off in the old
while the
contracts,
contracts
new
were
5 to 3 points net
Prices for cotton futures were irregular through¬
the greater part of today's session in a moderate volume
A
of sales.
short
positions showed
before the close of business
time
advance of 4 points to
an
a
active
dec'ine of 1
point from the closing levels of the previous trading day.
Around midday the market was 1 point higher to 1 point
lower.
Following the
higher
markets
abroad, futures
opened with net gains of 1 to 6 points this morning in
fairly active trading.
A good demand for contracts was
on the call.
Spot houses and trade accounts were
good buyers in December, while cooperatives and Bombay
witnessed
interests
bought
Orleans
actively
as
in
local
and
operators
the
distant
New
positions.
professionals
were
both
on
Commission house and Southern liqui¬
moderate hedge selling,
furnished most
contracts.
official
quotation for middling upland cotton in the
New York market each day for the past week has been:
Cj 7 to Oct. 13—
Sat.
Mon.
Middling upland % nominal— 9.16
Middling upland 15-16 nominal. 9.42
and
9.09
9.35
Tuea.
9.14
9.40
Wed. Tburs.
Fri.
9.18
Hoi.
9.17
9.44
Hoi.
9.43
Discount for Grade
and Staple—The
premiums and discounts for grade and
staple in relation to the base grade.
Premiums an d discounts
for grades and staples are the average
quotations of 10
markets designated by the Secretary of Agriculture.
table below gives the
Old Contract—Basis
liveries
Middling %-inch, established for de¬
contract
on
on
Oct.
19,
and
represent 60% of the average premiums
at the 10 markets
on
staple premiums
J^-inch cotton
over
Oct. 11.
Old Contract—Basis Middling 15-16-incb, established for
deliveries on contract on Oct. 19, and staple premiums
and discounts represent full discount for y%-inch and 29-32inch staple and 75% of the average premiums over 15-16-inch
cotton at the 10 markets on Oct. 11.
closed and there was comparatively
Traders as a rule seemed to be
Old Contract
%
last
month's
figures
of
12,380,000
bales.
Inch
Inch
Mid. Fair..
.52
on
the 9th inst.
.65 on
St. Good Mid...
.46
on
.59
Good Mid......
.40
on
.53
St. Mid
prices closed 7 points lower to 2 points
higher.
After showing early losses of 2 to 7 points, the
market advanced 10 to 14 points immediately after publi¬
cation of the crop figures on covering and scattered local and
commission house buying.
There was little follow-up to
the demand and subsequently prices reacted to about the
early lows, and at the close showed considerable irregularity.
So the cotton market today responded only momentarily to
the monthly Government crop estimate, which indicated a
yield of 452,000 bales less than the Sept. figures, and 300,000
or more less than generally had been expected.
Prices dur¬
ing the day moved over a range of 10 to 15 points.
Out¬
standing feature of the day's operations was increased Dec.
liquidation as well as hedging in the near months.
There
was a tendency to switch long accounts forward, and as a
result the near months lost some of their premiums over
distant positions.
Southern spot markets as officially re¬
ported, were unchanged to 5 points lower, with middling
quotations ranging from 8.18c. to 9.02c.
On the 10th inst.
prices closed 5 to 9 points net higher.
Prices for cotton
futures displayed a steadier tone today in a limited volume of
sales.
Shortly before the end of the trading period the list
was unchanged to 9 points above yesterday's closing levels.
At noon the market was 1 to 7 points higher.
Futures
opened unchanged to 2 points higher in light trading.
Foreign buying in all active months from Dec. forward with
the exception of Jan. was the principal factor in the steady
opening.
Trade and Wall Street accounts bought sparingly
and most of the contracts were supplied in the form of hedge
offerings and scattered New Orleans selling.
Local pro¬
fessionals bought Dec. and sold the more deferred deliveries.
The foreign buying this morning seemed to be a reaction to
yesterday's lower Government crop estimate, and although
not heavy, was fairly well distributed, coming from Bombay,
Liverpool and the Continent.
.29
on
New Contract
1 In.
15-16
slight decline in the Government crop report
Southern spot markets as officially reported were unchanged
to 16 points lower, with middling ranging from 8.21c. to 9.05c.
On
that
time and thus maintain
Foreign operations were small, as most of
the foreign markets were
anticipating
belief
the
on
some
little business from India.
estimate
fair amount of buying
prevailed throughout most of the cotton belt, according to
the weekly weather report from Washington.
Conditions
were reported unusually favorable for field work, and pick¬
ing made excellent uninterrupted progress in many areas.
Premiums
outlook.
developments, especially as concerns the political
whether
was a
scattered hedges going into the more
Foreign buying again this morning
with
contracts,
Fluctuations were narrow, with
There were no impor¬
prices closed unchanged to 3 points lower.
situation abroad.
as
the
distant
The
less
change
no
by brokers with Liverpool connections against sales abroad.
Some trade and commission house buying also was apparent
on the call.
New Orleans and the South supplied most of
of the
developments in the situation, but it was apparent
new
There
erately active trading.
devoid of
decidedly irregular price trend.
that
registered
months
preced¬
ing day.
Around midday prices also were unchanged to 4
points higher.
Futures followed the higher trend at Liver¬
pool this morning and opened 1 to 4 points higher in mod¬
dation, as well
spectacular features.
any
active
business
of
gain of 4 points over the closing levels of the
to a
sides of the market.
Speculation in cotton for future delivery was
a
close
the
out
Leaving
Coast¬
"305
inst.
higher.
Shipboard Not Cleared for—
Ger¬
Great
Britain
824,994
10.'»83il9l ,2U 1103.440
give us the following amounts of cotton on
cleared, at the ports named:
Oct. 13 at—
prices closed 3 to 5 points net higher.
in the cotton market was maintained today
moderate volume of transactions.
A short time before
the 11th
for American
24,205 319,043 1123,268
104,094
9 8 814 149,243
Total
Norfolk
4,329
6,080
3",051
Angel
New
169,845
16,203
14,860
1,271
York...
New
San
185
54,233
211
486
Norfolk
175,810
27,922
711
2,553
—
4,500
1,619
460
Charleston
<2^361
912
12,911
13,997
2,239
Savannah
260,701
391,512
185
7,719
600
Jacksonville..
Pensacola, &c
11,533 133,661
977 24,473
3,922
4,309
Beaumont
New
Total
Other
China
Japan
Italy
many
73.124
Galveston.
a
Ger¬
Great
13. 1939
Oct.
ExporVsfrom
1939
14,
The steady tone
Exported to—
From.
Oct.
Financial Chronicle
and
%
15-16
3L32
Inch
Uv
29-32
Inch
Inch
Inch
1 In.
and
Up
White—
Low Mid
.31
on
.41
on
.52
on
.59
on
.66
on
.69
on
.25
on
.35
on
.46
on
.53
on
.60
on
on
.63
on
.19
on
.29
on
.40
on
.47
on
.54
on
.42
on
.52
on
.08
on
.17
on
.29 on
,35
on
.42 on
.13
on
.23
on
.21 off
.12 off
Basis
.07
on
.14
.57 off
...
on
Basis
Mid
St. Low Mid
.75
.47 off
.37 off
.78 off
.70 off
.61 off
.56 off
.4
.4
off
.42 off
.22 off
1.37 off
.30 off 1.26 off 1.5
off
.5
off 1.47 off
on
on
off
♦St. Good Ord.. 2.08 off
.05 off 2.01 off 2.29 off
.28 off 2.24 off
.23 off
•Good Ord.
.6
off 2.61 off 2.88 off
.88 off 2.81 off
.8" off
.82 off
2.67 off
Extra While—
Good Mid
.40
on
.53
on
.63
on
.19
on
.29
on
St. Mid
.29
on
.42
on
.52
on
.08
on
.17
on
Mid
Even
.13
on
.23
on
.21 off
.12 off
Basis
St. Low Mid
.57 off
.47 off
.37 off
.78 off
.70 off
.61 off
.56 off
Low Mid
.40
on
.47
on
.54
on
.29
on
.35
on
.42
on
.07
on
.14
on
.4»off
1.3/ off 1.30 off 1.26 off 1.53 off 1.51 off 1.47 off 1.4 1 off 1.42 off
off 2.03 off 2.29 off 2.28 off 2.24 off 2.23 off 2.22 off
2.6/ off 2.65 off 2.63 off 2.88 off 2.88 off 2.84 off 2.81 off 2.82 off
•St. Good Ord— 2.08 Off 2.0
•Good Ord
Spotted—
Good Mid
.08
.20
on
.30
on
.13 off
.04 off
.07
on
.13
on
.20
on
St. Mid
.04 off
.08
on
.18
on
.26 off
.16 off
.05 off
.01
on
.08
on
Mid
.07 off
.58 off
Tinged—
Good Mid
.52 off
.44 off
St. Mid....
.72 off
on
.49 off a.88 off <1.81 off a.73 off a.68 off a.02 off
•St. Low Mid... 1.46 off 1.41 off 1.37 off 1.67 off 1.64 off 1.59 off
1.57 off 1.54 off
•Low Mid
2 18 off 2.17 off 2.16 off 2.39 off 2.38 off 2.37 off 2
30 off 2.35 off
.37 off •.73 off *.68 off *.60 off *.56 off ♦.51 off
.06 off
.59 off *.93 off *.89 off •.83 off *.80 off ♦.76 off
•Mid
1.51 off 1.47 off 1.44 off 1.72 off 1.71 off 1.66 off 1.65 off 1 62 off
•St. Low Mid... 2.19 off 2 18 off 2.18 off 2.40 off 2.39 off 2 38 off
2.38 off 2.38 off
•Low Mid
2.85 off 2.85 off 2.85 off 3.06 off 3.06 off 3.06 off 3.06 off 3.00 off
Yellow Stained-
Good Mid
•St. Mid
♦Mid
...
1.18 off 1.11 off 1.05 off *I.39off •1.36off *1.28off *1.26off
*1.20off
1.67 off 1.64 off 1.62 off 1.88 off 1.86 off 1.83 off 1.82 off 1.81
off
2.30 off 2.29 off 2.29 off 2.51 off 2.51 off 2.50 off 2.50 off
2.50 off
Gray—
Good Mid
St. Mid
•Mid
•
Not
.6"* off
.55 off
.43 off •.84 off *.F0 off ♦.70 off ♦.65 off ♦.59 off
.83 off
.75 off
.67 off 1.04 off
.99 off
.90 off
86 off
.81 off
1.43 off 1.38 off 1.34 off 1.64 off 1.60 off 1.65 off 1.53 off
1.50 off
deUverable on future contract,
only when and if the Secretary establishes
a
Middling spotted shall be tenderable
a
type for such grade.
New York Quotations for 32 Years
The quotations for middling upland at New York
Oct. 13 for each of the past 32 years have been as follows:
1939
1938
1931
1936
9.17c.
8.55c.
8.58c.
12.45c.
1935
.11.20c.
1934
12.55c.
1926
1933
9.35c.
1925
1932
6.45c.
1924
1937
1930
..16.30c.
on
...
...
1928
...
1927
...
...
...
..10.45c.
1923
1922
22.25c.
1915 —12. 50c.
1914
..18.55c.
1921
19.55c.
1913
13 70c.
..19.40c.
1920
-23.00c.
1912
11 00c.
..21.25c.
1919
33.90c.
1911
13.60c.
1918
32.60c.
1910
9 ,50c.
14 ,90c.
—21.80c.
...
1929
1917
1916
27.65c.
1909
13 ,85c.
17.60c.
1908
9 .15c
—
—24.45c.
29.70c.
Volume
The Commercial & Financial Chronicle
149
Market and Sales
at
2391
New York
Open
Spot
Old
New York
Contract
New
Old
Oct.
Total
New
Old
6~206
New
"ioo
HOLI
_
Total week...
Since Aug. 1____
_
'.
.
—
•
March—Old
36,170
May—Old
-
-
Nominal
1
-
16,700
*50,500
55,200
549,300
-
7,200
"'■■■
■
_
_
!•
■
••
.
Steady
Steady
Steady
Steady
-
»
-
«.
1,500
-
34,000
19,600
25,70„
200
100
100
-
12,200
22,800
1,500
700
12,600
11,700
100
22,600
33,800
1,100
Holi¬
day
_
-
-
-
-
.
-
11,500
7,800
394,800
200
37,700
31,900
366,900
1.600
1,300
22,300
_
-
.
100
_
■*, ±
_
'
•.
*.
■
-
-
-
-
^
^
„
200
—
134,200
78,200 180.900
94,700 138,900
1,807,300
Barely steady
Futures—The highest, lowest and
closing prices at New
York for the past week have been as follows:
308,000
20,200
New
Total all futures
Barely steady.
—
-
August, 1940, old...
New__._w__-fc—_
;
57,300
'
Inactive months:
New
HOLI DAY.
Nominal
-
300
100
15,000
-
22,200
November, 1939, old
Thursday
1,400
1,600
'
July—Old.
Steady.______
Steady.______
Steady
Steady
__
Contracts
"
39,800
1,300
100
±
_
-
New
Nominal
3,500
83,500
-
27,100
Old
Friday
ym
New
New
Nominal
Oct. 12
'
Futures Market Closed
Nominal
3,500
34,100
-
600
New
Spot Market Closed
Saturday
Monday
L
Tuesday
Wednes lay
~
—
400
January—Old
13,200
1,100
mi
Oct. 11
1940—
100
.-5,370
Oct. 10
'
<.
56,900
New
"700
6,300
13,100
...
1,800
December—Old
day;"
6,300
t
Get. 9
1939—
New
6,266
"600
Wednesday
Thursday
Friday
7
Oct.
Oct. 11
October—Old
Saturday
Monday
Tuesday.
6
Open
New Orleans
Oct.
5
Oct.
4
Oct. 6
Oct. 7
Oct. 9
Oct. 10
Contracts
Oct. 10
Saturday
Oct.
Monday
7
Oct.
Tuesday
9
Wednesday
Oct. 10
Thursday
Oct. 11
Oct.
1939—
Friday
12
Oct. 13
October—Old
Oa.'3{J(0tcL)
9.08
Closing.
9.11
9.12
9.04
9.14
9.04k
9.03
9.12
9.12
9.10
9.16
9.15
—
9.16
9.14-
(new)
Range..
9.23k
«.
March—Old
9.25k
-
-
8.97k
9.00k
9.11k
9.12k
9.06k
9.11k
1,100
8.80
8.85
8.80- 8.81
8.74- 8.89
8.75- 8.
8.83- 8.89
8.82- 8.83
8.86- 8.8;
8.85- 8.97
8.96k
8.99k
8.93 n
8.94
9.09- 9.09
9.00K
1,000
3,700
12,050
4,800
1,500
200
/
•.
*
— ■#»
7:■■■
50
.
6,400
3,950
100
m
1,600
-
;
„
44.
„
71,000
6,700
•
-
-
.
100
•
50
100
950
36 OQO
to 8"0
314.800
....
29.000
11 300
29.500
15,050
Includes 2,200 bales against which notices have been
issued, leaving
net open
The Visible
(old)
Range..
Closing.
Jan.(new)
8.70- 8.70
8.62- 8.74
8.64- 8.64
8.77- 8.86
8.68k
8.64k
8.73k
8.76 k
Range..
8.83- 8.83
Closing.
8.82
8.94k
8.60k
8.71k
(old)
Supply of Cotton—Due to war conditions*
are not permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
visible supply of cotton and can give
only the stock at
Alexandria and the spot prices at Liverpool.
cotton statistics
Oct. 13—
Range..
Closing.
Feb. (new)
DAY.
8.81k
8.78k
8.86k
8.88k
8.55-
Closing.
8.57
8.59
8.54- 8.68
8.57- 8.6f
8.67- 8.71
8.66-
8.56
8.65
8.68
8.66
8.74
Mar. (new)
At
8.73- 8.73
8.80- 8.80
8.87- 8.87
8.86-8.80
8.75K
8.74k
8.81k
8.84K
8.82k
8.47k
8.47k
8.56k
8.65k
8.57k
8.66k
8.64k
8.74k
8.78k
V
Apr. (old)
Range..
.
Interior
8.75 K
Range..
.
the
1938
151,000
-
1936
182,000
244,000
4.82d.
6.99d.
5.79d.
7.99d.
5.80d.
»»Z
5.o5d.
4,00d"
6.42d.
5.94d.
4.04(1.
6.02d.
3.95d.
4.19d.
5.49d.
Toi
i
the
movement —that
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
(new)
1937
265,000
5.24d.
6.27d.
8.6 d.
—
...
8.90k
Mar. (old)
Range..
1939
Stock in Alexandria, Egypt
Middling uplands, Liverpool_
Egypt, good Giza, Liverpool.
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C. P. Oomra No. 1 staple, super¬
fine, Liverpool
_
HOLI¬
Range..
Closing.
Closing
200
_
8,700
contracts of 48,300 bales.
Jan.(1940)
Apr.
62,800
5,500
'
■*.
Total all futures....
*
8.94- 8.95
Range
Closing
61,150
1,400
3,250
Dec. (new)
Feb.
4,800
2,450
550
550
8.85- 8.92
8.77
2,900
6,450
1,350
New
Closing.
2,700
250
'rn'm+'m
_
Oct.—Old
(old)
Closing
100
750
'
New
9.08k
-
3,400
July—Old—_
Range..
.
18,950
97,450
400
250
New
9.00k
Nov. (new)
«,■»
•
May—
.
Range
50
8,400
■
-
3,050
New
Range..
Dec.
•
1,650
13,500
-
New
9.26k
.
5,850
'
(old)
Closing
2,800
-
4,400
1940—
January—Old
Closing.
Closing
350
13,750
200
-
10,200
New
9.19
9.15- 9.16
Oct.
Nov
-
December—Old
Range..
450
100
New
/
Range..
Closing.
May (old)
Range.
Closing.
Movement
8.35- 8.39
8.34- 8.46
8.39- 8.51
8.48- 8.53
8.48- 8.57
8.37
8.38- 8.39
8.47
8.52
8.49
Towns
to
Receipts
13,
1939
Movement
Ship¬
8.57- 8.59
8.71- 8.71
Closing.
8.57
8.72k
8.6
Week
8.69- 8.77
Ala., Birm'am
2,536
Eufaula
Range..
8.42k|
8.37k
June (new)
8.46k
8.48k
8.57n
8.62 n
8.56k
(old)
8.15- 8.18
8.14- 8.26
8.19- 8.32
8.27- 8.34
8.26- 8.38
8.16
8.18- 8.19
8.27
8.32
8.26- 8.27
Range..
8.42- 8.45
8.50- 8.53
8.49- 8.53
Closing.
8.47k
8.52k
8.46n
Range..
Closing.
July (new)
Aug.—
Range..
Closing.
Sept.—
8.57k
8.62k
8.56k
6,089
7,807
227
Montgom'y
Selma
Ark.,Blythev
Range..
Closing.
Oct.
Week
13
2,956
3,047
14,349
662
18,201
8,156
533
10,435
596
9,052
447
9,760
900
49,054
35,144
2,873
83,567
1,122
61,724
78,902
6,599
18,155
72,904
405
2,425
84,917
149,737
47,288
2,982
8,127
1,431
201,526
17,302
79,596
58,765
3,044
4,690
9,812
24,919
41,614
l,74o
Hope..
64,207
5,433
27,971
3,709
5,183
26,420
1,726
550
763
44,780
5,276
41,814
19,772
71,331
62.236
37,212
13,079
219
3,097
1,481
53,470
1,639
11,50V
4.732
69,376
22,269
52,982
5,689
132,252
14,829
69,337
33,101
5,358
61,738
7,994
6,874
16,220
218
1,057
1,675
14,478
34,619
2,000
11,439
1,000
2,610
72,663
338
71,855
157,388
31,967
8,587
9,656
27,483
58,034
3,100
18,762
2,818
61,480
64,018
3,655
4,685
Jonesboro__
Little
Rock
Newport._
Pine
Bluff J
Walnut Rge
Ga., Albany.
Athens
9,391
5,458
12,091
7,540
659
2,341
...
—
173,504
3,683
5,578
5,629
100
3,100
100
31,600
500
2,188
2,448
25,595
1.733
Rome
1,08
11,194
3,239
675
33,234
8,892
70,851
4,876
107,324
1,145
7,165
La., Shrevep't
Miss
,
Clarksd
Columbus.
_
Greenwood.
Jackson
Range Since Beginning of Option
Natchez
1939
Yazoo City
_
9.03
Oct.
10
9.19 Oct.
13
7.26 Jan.
10 1939 10.15
Sept.
8 1939
Oct.—New.
8.44
Aug. 31 1939
9.52
Sept. 15 1939
Nov.—Old
7.49
Feb. 23 1939
7.49
Feb.
_
23 1939
Nov.—New
Dec.—Old
_
Dec.—New.
8.74
Oct.
9
8.92
Oct.
13
7.26 Jan.
8.94
Oct.
9
9.09
Oct.
13
8.25 Sept.
Jan.—New.
8.83
Oct.
9
8.83
Oct. |
8.37 Aug. 30 1939 10.02
9
27 1939
9.90
Sept.
Sept.
8 1939
8 1939
Brenham
Feb.—Old..
_
_
8.54
Oct.
9
8.74
Oct.
13
8.73
Oct.
9
8.87
Oct.
11
7.36 Apr. 20 1939
8.19 Aug. 28 1939
Apr.—Old.
May—Old
May—New.
June—Old
13,658
121,935
7,163
148,001
3,971
24,279
568
968
152
41,711
18,104
880
3,394
3,326
714,132
1,030
27,377
3,356
3,476
14,878
1,434
24,155
36,232
1,774
66,827
5.377
56,871
13,976
2,083
192
807
116
742
137,289
19,174
322,065
3,679
2,621
2,179
27,564
777,429 147,256
10.466
1,929
9
8.57
Oct.
13
8.57
Oct.
7
8.77
Oct.
13
7.58 May 22 1939
8.05 Sept.
1 1939
7.63
Sept.
Sept.
8 19°9
8 1939
9.52
59,345
3,36^
3,309
3,924
158
851
80
1,553
51,766
166,596
12,501
261,332
59,217
2,891
21,717
1,685
67,939
775,899 134,481
3,001
549,769
14,178
72,783
2,328
762,646
15,735
12,145
480
3.898
1,274
12,333
612
12,228
27,798
44,693
851
5,711
787
9,786
975
1,563
37,863
4,766
3,397
30,389
2,640
2,612
41,970
49,741
8,50 r
44,016
1,911
112
978
6,409
43,042,
261
268
2,548
600
10,989
355
3,036
3,437
44,049
3,99/
17,828
1,116
3,655
26,141
32,865
3.378
42,694
3,738
28,528
17
213
6,506
2,624
4,203
2,346
20,203
45,430
San
9.78
780
658
Robstown..
8 1939
9.65
13,408
39,411
29,706
5,764
1,531
8 1939
Sept.
Waco
Oct.
479
306
Texarkana.
8.34
13.387
14,007
Marcos
Sept.
9.80
_
.
2,430
29,777
1,065
9.82
Apr.—New.
23,620
101.226
92,026
35,119
1,093
_
Paris
Mar.—New
39,777
500
22,035
87,172
34,946
Dallas
Feb.—New.
Mar.—Old
34,500
955
17,397
S. C.. Gr'ville
7.29 Jan.
155,745
400
34,529
Tenn., Mem's 202,896
Oct.i 13
4,304
154,641
8 1939
8.86
18,487
29,713
127,899
63
8 1939
9
840
3,251
Oklahoma—
Texas, Abilene
Austin
35,079
10,214
Sept.
Oct. :
49,665
207
6,633
Sept.
8.62
114,535
3,985
66,351
9.97
Jan.—Old..
2,407
3,752
139,139
1 1939 10.00
26 1939
3,050
34,716
141.112
11,90
2,240
4,428
Mo., St. Louis
N.C., Gr'boro
15 towns *
1940—
6,126
665
21,333
2,938
—
Vlcksburg..
_
14
33,741
21,855
M aeon
Range for future prices at New York for the week ended
Oct. 13, 1939, and since trading began on each option:
630
18,177
Columbus.
Nominal.
18,518
36,096
Closing
Oct.—Old
Oct.
Week
3,105
City
Range..
Range for Week
Season
Stocks
ments
Week
6,130
Forest
Atlanta.
Option for—
1938
Helena
Augusta
k
14,
Ship¬
n
June (old)
8.26KJ
Season
Oct.
to
Rectipts
-—
Range..
Closing.
Stocks
ments
—
May (new)
July
Oct.
I
7:
5,480
2,755/
Tot., 56 towns 408,576 2021 ,Q98 264,905 3262,486 383.97" 1Q1Q.211 157.845
3110,218
.
*
June—New.
July—Old..
July—New.
8.14
Oct.
9
8.38
Oct.
13
8.42
Oct.
10
8.53
Oct.
11
Aug
Sept. 1 1939
7.90 Sept.
1 1939
8.08 Aug. 31 1939
Sept.
8 1939
9.63
Sept.
8 1939
8.10
Aug. 31 1939
Sept-
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.
Includes the combined
The
above
totals of 15 towns In Oklahoma.
totals
show
that
the
interior
stocks
have
increased
during the week 143,671 bales and are tonight
152,268 bales more than at the same period last year. The
receipts of all the towns have been 24,599 bales more than
in the
same
week last year.
Overland Movement for the Week and Since
Aug, 1
We give below a statement showing the overland
movement
for the week and since
Aug. 1, as made up from telegraphic
The results for the week and since
reports Friday night.
Aug. 1 in the last two years are
as
follows:
The Commercial & Financial Chronicle
2392
-1938-
-1939Oct.
Via St.
Since
Since
13—
&c
Via Rock
island
Via Louisville
Via Mounds,
29,040
3,309
4,250
29,721
417
752
502
121
5,000
1,292
39,528
75.053
4,000
15,320
2,767
42,875
106,955
—31,208
220.923
27,818
3,892
-
Via other routes, <fcc
American-Egyptian for 1939; 4,896 for 1938, and 1,784 for 1937; also 754
bales Sea Island for 1939; 2,104 for 1938 and 1,140 for 1937.
The statistics for 1939 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
The revised total of cotton ginned this season prior to Sept. 16 is 3,876,616
a e8'
IMPORTS AND EXPORTS
CONSUMPTION, STOCKS.
—UNITED
Total gross overland..
Deduct Shipments—
Overland
8,824
193
2,238
91,140
102,645
9,017
102,202
118,278
18,801
Total to be deducted—
Leaving total net overland *—
the week's net overland movement
has been 20,864 bales, against 18,801 bales for
the week last year, and that for the season to date the
The foregoing shows
year
aggregate net overland exhibits an increase over a year ago
of 8,699 bales.
1938—
1939
Since
Sight and Spinners'
In
T/11'j Yt
WppJC
ft *t
Excess
over
205,107
18,801
115,000
Aug. 1
1,644,760
109,579
1,240,000
3,662,550
832,437
.441,186
.143,671
mill takings
consumption to Sept. 1
of
Since
Week
Aug. 1
2,214,272
118,278
1.330,000
Receipts at ports to Oct. 13.
290,322
13
20,864
Southern consumption to Oct. 13.130,000
Net overland to Oct.
WORLD
STATISTICS
The world's production of
Including movement by rail to Canada.
this
consumed
109,579
V ,344
20,864
Inland, &c., from South
*
489
8,335
5,220
2,077
95,348
092
197
Between interior towns
STATES
during the month of August, 1939, amounted to
628,448 bales.
Cotton on hand in consuming establishments on Aug. 31,
was 653 874
bales, and in public storages and at compresses 11,1805,195
bales.
The number of active consuming cotton spindles for the month
was 22,012.186.
The total imports for the month of August, 1939. were
13,494 bales and the exports of domestic cotton, excluding linters, were
218,792 bales.
Cotton
9,455
Y., Boston, &c
to N.
14, 1939
211,781
240
points
Via Virginia
Aug. 1
57,123
47,425
13,976
8,100
Louis
Week
Aug. 1
Week
Shipped—
Oct.
The statistics in this report include 101,337 round bales for 1939; 77,695
for 1938 and 130,672 for 1937.
Included in the above are 3,274 bales of
338,908
229,132
2,994,339
1,156,095
commercial cotton, exclusive of linters, grown
in 1938, as compiled from various sources was 28,221,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the United States) for
the year ending July 31. 1939, was 27,028,000 bales.
The total number
of spinning cotton spindles, both active and idle, is about 145,000,000.
on Cotton Acreage
Agricultural Depart¬
ment at Washington on Monday (Oct. 9) issued its report
on cotton acreage, condition and production
as of Oct. 1.
None of the figures take any account of linters.
Comments
cn the report will be found in the editorial pages.
Below is
the report in full:
Agricultural Department's Report
Southern
*27,830
Production—The
and
Condition
COTTON
*185,015
REPORT
AS
OF
OCT.
1,
1939
The Crop Reporting Board of the
.584,857
568,040
4,467,157
Total in sight Oct. 13
takings to Oct. 13.
North, spinn's'
*
,
48,034
3,965,419
311,905
Agricultural Marketing Service makes
following report from data furnished by crop correspondents, field
statisticians, and cooperating State agencies.
The final outturn of cotton
will depend upon whether the various influences affecting the crop during
the
30,519
225,281
the remainder of the
less favorable than usual.
season are more or
Decrease.
Production (Ginn'gs)a
Movement into sight in
previous
Since Aug. 1—
Bales
Week—•
1516
18...
1937—Oct.
1936—Oct,
1935—Oct.
Acreage
years:
719,188 1937655,448 1936634.671 1935
-
Bales
5,348,732
4,773.395
4,510.481
i
Oct. 1
Yield per Acre
Condition
500 Lb.Gross Wt. Bales
for
J or
1939
Harvest
1939
Aver¬
Aver¬
(Pre¬
age
age
lim.)
State
1928-
1938
1938
1928-
1939
1937
Quotations for Middling Cotton at Other Markets
Indi¬
Monday
Salurday
Wednesday
Thursday
Friday
H
15-16
15-16
H
15-16
%
15-16
%
1516
V»
In.
In.
15-16
1,000
%
Lb.
Lb.
Lb.
84
88
313
450
463
252
336
53
43
284
149
164
40
12
Carolina..
777
67
54
66
281
216
292
702
388
475
So. Carolina...
1,245
61
58
82
243
249
350
827
648
910
Georgia
2,008
212
203
232
1,192
In.
In.
In.
In.
In
In.
In.
Galveston..-
8.88
8.63
8.93
8.67
8.97
8.63
8.93
New Orleans.
8.81
9.01
8.76
8.96
8.83
9.03
8.87
9.07
8.87
9.07
Alabama
8.85
56
68
69
68
40
144
163
80
34
26
12
64
74
67
232
320
298
466
490
450
64
68
55
205
251
197
1,203
855
1,612
1,380
322
305
1,596
74
212
304
307
1,273
1,349
72
81
214
289
320
711
676
Oklahoma....
1,806
50
62
57
133
163
134
876
563
505
9.26
Texas...
8,666
60
63
62
147
168
160
4,077
3,086
2,900
8.85
New
97
84
81
82
406
489
480
98
96
8.70
8.85
9.26
9.11
8.85
8.65
8.92
8.86
8.97
9.12
9.01
9.16
9.15
9.00
9.15
9.05
9.20
Montgomery.
8.70
8.90
8.67
8.82
8.65
8.80
8.70
8.85
Augusta
9.05
9.20
9.02
9.17
9.07
9.22
9.11
8.60
8.80
8.55
8.75
8.60
8.80
8.65
Memphis
225
73
61
Louisiana
8.82
9.07
9.00
....
65
59
1,133
Arkansas
9.20
2,529
Mississippi
9.15
8.87
8.92
8.96
HOLI¬
DAY
976
2,153
8.95
9.00
8.77
9.15
852
63
1,081
1,704
9.05
8.90
9.10
12
723
Tennessee
Florida
8.80
360
2,074
In.
8.58
8.95
.
Bales
.
72
In.
9.00
Bales
%
8.91
Norfolk...—
Hales
L
1,000
68
8.61
Mobile
1,000
68
In.
Savannah.
Oct
%
Virginia
No.
H
cated
Crop
1937
35
Missouri
Oct. 13
1928-
1939
Indi¬
372
Acres
,
Closing Quotations for Middling Cotton on-
Tuesday
Crop
1938
age
1937
1,000
Week Ended
Aver¬
cated
,
Mexico..
69
64
.
757
97
8.60
8.90
8,55
8.85
8.60
8.90
8.64
8.94
8.64
8.94
Arizona
179
86
90
95
371
462
495
149
196
185
....
Little Itock..
8.60
8.80
8.55
8.75
8.60
8.80
8.65
8.85
8.65
8.85
California
331
88
89
94
491
496
616
290
424
426
Dallas
8.21
8.51
8.18
8.48
8.23
8.53
8.27
8.57
8.27
8.57
379
354
14
16
16
Houston
All other......
22
72
77
80
275
United States
24,222
61
66
68
190.8
Sea Island.b__
18.7
55
51
54
66
Ainer.Egypt'nc
40
d90
87
94
230
234
263
102
86
88
79
217
172
188
New Orleans Contract Market
Oct.
7
Oct.
Tuesday
Monday
Saturday
Oct.
9
Wednesday
Thursday
Oct.
Oct. 11
10
12
Friday
235.7 235.7
13,800 11,943 11,928
3.4
2.6
"is
21
22
46
34
Oct. 13
Lower Calif.
(Old Mexico)e
Oct. (1939)
(old).
9.186-9.210 9.236-9.27a 9.256-9.27a
9.24
(new)
9.34
Dec. (old).
(new)
9.276-9.30a
a
Bid
8.919.02
8.92
Bid
9.28
9.33
Bid
Bid
8.86
8.93- 8.94
9.03
9.06
Bid
Bid
9.35
Bid
9.276-9.35a
9.10
(new)
cluded in State and United States totals.
with small acreages in South Carolina, Alabama,
Bid
c
8.86
Mar. (old).
8.83
8.48
(new)
July (old),
Bid
8.81
Bid
8.27
8.45
8.63
8.46
8.96
8.91
Bid
8.90
Bid
—-
HOLI¬
Bid
8.93
8.56
DAY.
8.61
8.78
8.75
8.366-8.37a
8.54
Bid
Bid
8.93
8.85
Bid
Bid
8.58
Bid
8.68
Bid
8.37- 8.39
8.41
Bid
8.59
8.54
Bid
Tone—
Steady.
Steady.
Steady.
Steady.
Old futures
Steady.
Steady.
S(eady.
Steady.
Steady.
Steady,
New futres
Stead v.
Steady.
Steady.
Steady.
Steady.
b Bhl.
Nominal,
Cotton
a
Ask.
Ginned from Crop of
1939 Prior to Oct. 1—
report issued on Oct. 9 compiled from the in¬
dividual returns of the ginners, shows 6,686,712 running
The
census
round
bales of cotton (counting
as
half bales and excluding
linters) ginned from the crop of 1939 prior to Oct. 1, com¬
pared with 6,577,109 bales from the crop of 1938 and
8,260,071 bales from the crop of 1937.
Below is the report
of
bales
of
COTTON
GINNING
ginned from
the growth
ON
REPORT
Number
Arizona
and
United
included in California figures,
nor
Mississippi, Louisiana and Texas,
totals,
States
d Short-time
cotton
1, 1939 and comparative statistics to the
of 1939 prior to
corresponding date in 1938
Running Bales
(Counting Round
as
Half Bales and Ezcl. Linters)
State
1939
1937
1938
Not
A United States cotton crop of 11,928,000 bales is forecast by the Crop
Reporting Board of the Agricultural Marketing
tions
as
forecast
of Oct.
1,
of Sept.
as
1939.
This is
a
Service,
based
on
condi¬
reduction of 452,000 bales from the
1, and compares with 11,943,000 bales ginned in 1938,
bales in 1937, and 13,800.000 bales, the 10-year (1928-37)
The indicated yield per acre for the United States of 235.7
pounds compares with 235.8 pounds in 1938, 269.9 pounds in 1937, and
190.8 pounds, the 10-year (1928-37) average.
The indicated production declined during September in most States of
the Cotton Belt proper.
In Oklahoma and Texas, the reduction was
brought about by hot, dry weather during September which stopped
development and caused premature opening.
In the central portion of
the Belt, the long periods of dry weather were unfavorable for late fruiting
and weevil damage was aDarently somewhat heavier than indicated earlier
in the season.
The crop in Louisiana was more advanced than in the
other States of this section and was not adversely affected.
In the Carolinas, the dry weather of September more than offset the effects of the
excessive rainfall of the preceding month and was unusually favorable for
maturing and picking the crop.
In the irrigated sections of the West,
minor increases in production are shown.
18,946,000
by Telegraph—Telegraphic advices to us this
denote that fair and abnormally warm weather
prevailed throughout the cotton belt except that rainfall
was
moderate to fairly heavy over much of the western
section.
Conditions
have been unusually
favorable for
field work, especially in the central and eastern portions
of the belt, and picking has made excellent uninterrupted
progress.
Rain
384,764
47,561
787,759
Arkansas
California
/
Florida—
31,916
7,711
581,285
10,769
40,441
19,974
28,359
..J.
Georgia
570,315
514,533
1,073,164
168,072
11,066
74,377
244,329
358,693
169,174
881,667
667,917
1,214,088
1,909,113
2.649,355
Louisiana
570,481
Mississippi
932,957
Missouri
184,210
16,646
New Mexico
North Carolina
226,744
-
Oklahoma
303,451
South Carolina
566,487
Tennessee
_
140,470
-
1,968,857
1,897
5,215
Texas
Virginia
All other States
*6,686,712
United States
137,254 bales of the
bales of the crops
of 1938 and 1937.
of 1939 ginned prior to Aug. 1 winch was
of 1938-39, compared with 157,865 and 142,983
crop
counted In the supply for the season
76
0.03
90
36
63
0.25
97
60
79
0.60
96
43
0.14
98
58
78
2.11
91
58
75
1.52
93
58
76
70
72
47
67
2.66
90
52
71
0.40
94
60
77
0.06
92
58
3
0.22
91
56
74
1
1.18
94
44
69
2
Little Rock.
48
2
Oklahoma—Oklahoma City
Arkansas—Fort Smith-__
95
87
2
.
1.31
0.01
5
Paris
1
1
Dallas.
Taylor
8,260,071
64
1
2
4,723
6,577,109
Thermometer
Low
Mean
2
151,710
5,114
87
2
414,598
5,320
0.76
-
3
232,937
33
High
3
Amarillo.
100,061
17,444
217,862
Inches
3
732,188
-
Rainfall
Days
866,991
34,616
742,180
Arizona
612,857
21,441
Alabama
Includes
e
evening
and 1937:
*
average,
in United States total.
Returns
in full:
Oct.
in
b In¬
Grown principally in Georgia and Florida
average.
Spot
n
Included
for ginning,
8.836-8.85a
8.75- 8.76
Bid
8.76
8.71
Bid
8.28
Bid
Bid
Bid
8.48W
8.63
(new)
8.83
8.66
8.68
(new)
May (old).
Bid
for interstate movement of seed cotton
9.07
Bid
8.86 Bid
8.81n
(old). 8.766-8.78a 8.736-8.75a
.
made
8.97- 8.98
8.97
(1940)
Jan.
Allowances
0.05
93
60
3
2
0.28
94
56
75
1.33
93
53
73
1
1.16
94
43
69
0.47
93
48
86
67
76
93
.50
72
1
dry
Louisiana—New Orleans
2
0.12
75
77
76
149
The Commercial & Financial Chronicle
Rain
i
Rainfall
Mississippi—M eridian
Vicksburg
Alabama—Mobile.
Birmingham
-
High
Low
89
47
56
73
88
63
91
42
76
67
90
51
Montgomery
:
Florida—Jacksonville
Miami.-----—.-
•
Tampa
Georgia—Savannah
85
61
87
73
80
October
83
64
47
68
0.25
dry
dry
dry
dry
dry
Macon
South Carolina—Charleston-_
.
North Carolina-—Asheville
91
Chattanooga
October
62
40
63
January
43
51
67
Shreveport
Vicksburg
5.56
5.48
5.53
5.56
5.53
5.46
5.51
5.54
5.50
5.49
5.61
—
M.
5.45
5.46
m't*
5.49
5.50
5.54
5.43
-
December
-
~
(1941)..
-
V
-
■
mi-wi
y-dm
w
-
—
"L
-
-
5.38
~
„
»
5.40
•»*.
72
May
July
92
40
91
42
Beginning
l":
-
.J
*. -
—
-
J''
21.
Oct. 14. 1938
Feel
0.5
„
4.
73,404
72,192
of gauge-
5.1
«.
nor
Receipts from Plantations
1939
1938
1937
1939
1938
1937
873,772
848,935
44,437
17,198
828,147
63,370
44,437
34,411
811,182
5,562
3,438
Nil
Nil
22,595
39.231
64.657
33,753
-
*.
-
-
-
5.39
-
«.
-'
—
«.
-
5.37
-
50 points
5.43
-
-
v
:
5.42
decline
or
-
.
5.46
5.44
5.41
advance
:
v,
.
1938
ings, Common
Twist
to Finest
Middl'g
Upl'as
d.
d.
d.
s.
d
a.
d.
814 Lbs. Shirt¬
Cotton
32s Cop
ings, Common
Middl'g
Twist
to Finest
Upl'ds
132,295
14..
@10
9
9
21..
8H®
28..
8%®
914
914
4_.
8H@
9H
8%@
8
8
@93
10H® 9
10>4@ 9
5.52
2930,731 2633,565 1490,564
214,507 171,494 330,292
270,132 290,308 361,614
369,908 381,855 480,006
461,318 428,052 606,163
481,977 465,081 724,826
297,556 183,369 441,721 3113,815 2881,086 1715,693
480,640 430,890 666,850
9
9
5.40
5.28
3
9H@10K
9H@10H
9</8@10^
d.
4H
4.88
4 H
5.06
9
414
4.99
9^@10K
5.23
'•
lh
H@ 9
1^@ 9
1^@ 9
9
1H@
9
4
Aug.
8 10H@
8 10H@
9
4.89
X
114
5.22
9
@10
9
@
9
3
4.78
8 io^@ 9
m
9
@93
5.14
9
@10
9
@
9
3
4.78
25-
9*A
8H@ 9H
9
@10
5.52
9
@10
9
@
9
3
4.74
Sept.
l._
9K@10K
9
5.71
9
@93
Nomlual
Nominal
7.03
8%®
8H@
Nominal
Nominal
7.09
8h@
22..
13
11
@13 J*
@13M 11
29.. 13
9%
9
@
9
3
4.85
Wi
9H
9
@
9
3
4.71
9
@
9
3
4.81
83A®
9H
9
9
3
4.76
8%®
9V4
9
@ 9
3
4.80
9%
9
@
9
3
5.00
9J4
9
@
9
3
5.24
2
@11
6
6.77
3
@11
6
6.74
6.44
8H@
814®
Oct.
11
3
@11
6
11
@13^
3
@11
6
.
83,722 239,811
836,739
d.
s.
67,385 141,468
806,649
s-d.
July
79,061
85.433
2427,136 1949,655
2487,313 2044.616
918,178
2590,556 2198,739 1059,914
2745,834 2390,140 1245,539
290 322 205.107 379.066 3262.486
3110,218 1904.035
433 993 434.23« 596.889
(1) That the total receipts
Aug. 1, 1939, are 3,041,709 bales;
in 1938 they were 2,800,580 bales and in
1937 were 4,259,571
bales.
(2) That, although the receipts at the outports the
past "week were 290,322 bales, the actual movement from
plantations was 433,993 bales, stock at interior towns
having
increased
143,671 bales during the week.
Shipping
News—As
shown
on
a
previous
from mail and telegraphic reports,
are as
GALVESTON—
NEW
as
HOUSTON—
ORLEANS—
4,500
To Australia
1,087
7,645
25
To
8,143
6,947
SAVANNAH—
To China
2,472
200
CHARLESTON—
To Cuba.
1,160
Italy
To Japan.
To Colombia
106
To Denmark.
To Norway
To Spain--____
To Sweden
PENSACOLA,
3,912
4,355
3,500
—
To Great Britain
4,443
To Great Britain
3,125
To Great Britain.
NEW YORK—
5,000
To Australia
CORPUS CHRISTI—
To Japan.—
500
200
...
4,454
&c.—
To Great Britain
877
Total..
.-.
—
-100,813
Cotton
York
Freights—Current rates for cotton from New
no longer
quoted, as all quotations are open rates.
are
Foreign Cotton Statistics—Regulations due to the war
Europe prohibit cotton statistics being sent from abroad,
we
which
are
we
therefore
obliged to omit the following tables
weekly:
have heretofore given
World'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
Market,
12:15
P. M.
Saturday
Mid.Upl'ds CLOSED.
Thursday
Friday
Quiet.
Moderate
Moderate
Moderate
Moderate
demand.
demand.
demand,
demand.
6.33d.
6.24d.
6.29d.
6.27d.
2 to
opened
4
pts.
dec.ine.
f
1
M.
Wednesday
Quiet;
Market
4
Tuesday
6.36d.
of
the
No
count.
most of
that
contract
in
result
reported
long-term bookings
the
new
orders
shipments
most
of
the
in
local demand
were
large proportion of
a
tions
some
business
new
firmness
was
were
grains
prior
for flour.
for
small
to
the
The bulk
jobbers'
ac¬
recorded recently, and
for nearby needs.
the mills
that
were
It
is
said
behind
in
nearly caught up, and mill opera¬
sections have quieted down
considerably as a
are
recent
spotty
demand.
Wheat—On the 7th inst. prices closed I
He. to I He. net
lower.
Prospects of rain in the winter wheat belt touched
off a wave of selling in the grain
pits
early in Sept.
after
cent.
Early losses amounted
midsession
Scattered
the
showers
downturn
was
to about
extended
a
cent
another
predicted for much of the
grain belt including the hard winter wheat territory, where
drought prevails. The weekly forecast also held out
I>romise of rains.
Additional bearish factors included the
unsettled European political situation, with
peace proposals
were
serious
in the air and weakness in securities.
On the 9th inst. prices
closed He. to %e. net lower.
Bearish weather reports held
prices to lower levels today.
The price break in early deal¬
ings carried wheat below 89c. a bushel, the Government loan
at Chicago, for the first time since
Sept. 2, when the
war in
Europe was only 2 days old. July contracts, represent¬
ing the new crop which is off to a late start, were weakest,
falling to 773^c., but later displayed most recovery power.
Rains in the grain belt, relieving severe
drought conditions
in many districts where farmers have been
delaying winter
wheat seeding, caused wheat prices to
slump as much as
lKc. a bushel today, but the market later regained some of
this loss.
Early selling of wheat also was associated with
continued peace talk in Europe, but while the
European
situation was the dominating trade
factor, most dealers
refused to take market action on the basis of
possibilities for
continued war or peace.
On the 10th inst. prices closed 1 %c.
to 2%e. net higher, which levels were the
highs of the day.
Buyers regained control of the grain pits today and wheat
prices sailed upward to over 2c. a bushel.
Other grains
followed the upturn.
Strength in securities, prospects for
clearing weather over most of the farm belt and reductions
in margin requirements were bullish factors.
Short covering
prior to the Daladier speech and release of the Government
crop report were factors in the trading.
Wheat advanced
more than a cent a bushel in
early dealings, Dec. reaching
82 and May 81 % before
enough selling appeared to check the
rate
gain.
The weather forecast indicated that following addi¬
overnight, clearing skies could be expected over
of the grain belt
Good rains over Sunday were believed
tional rains
Futures.
Market,
Monday
|
]
1
holiday influenced
and
699
MOBILE—
To Great Britain
Friday Night, Oct. 13, 1939
Flour—The continued
tumbled to around 81c., within fractions of the lowest levels
To Sweden
To Cuba
12,060
5,864
To Japan
BREADSTUFFS
since
To Japan
To China
6,415
3,775
9,349
To France
To Sweden
6.27
made
the
follows:
Bales
-----
13
Bales
shipments in detail,
To Great Britain
To Holland
13..
today, and wheat prices
slumped more than 2c. a bushel.
Gains recorded
today
following the Hitler speech were wiped out and wheat futures
page,
exports of cotton from the United States the past week have
reached 100,813 bales.
The
P.
W
5.50
-
«.
5.37
Cotton
6- 13
80.721
788.408
The above statement shows:
from the plantations since
and
-
'■
5.36
15..
Oct.
in
-
«•
5.41
W
1939
18..
Stocks at Interior Towns
1. 196,344 144,055 300,222
8. 209,955 195,347 309.808
15. 266,605 227,732 347,270
22. 306,040 236,651 411,539
29. 297,080 221,656 479,801
up
~
i
-
5.41
;8H Lbs. Shirt¬
796,150
101,982
25. 140,844
Sept.
13.
5.47
-
give prices today below and leave those for previous weeks
of this and last year for
comparison:
7.4
51.885
18.
6.
5.62
1.7
zero
Aug.
11.
—
5.39
Tuesday, October 10, trading limits of
9.2
0.3
zero
3.5
17,371 2462,476 2024,282
28,601 2444,446 1997,556
55,199 2434,289 1978,400
43,924
53.593
5.57
7.7
of gauge.
of gauge.
9.4
zero
zero
1.4
49,379
68,215 2441,606 1951,616
04,093 2434,971 1933.484
73,033 149,210 2417.522 1927,836
78,102 221,570 2408,973 1922,216
58,075
73.527
5.55
5.31
-«.'«
8_.
28.
-
will continue until further notice.
July
32,676
5.60
5.53
Market—Our report receiyed by cable to¬
night from Manchester states that the market in both yarns
and cloths is firm.
Demand for yarn is
improving.
We
End.
33,685
5.64
5.60
5.58
5.29
5.38
11—
14.
5.62
5.58
5.56
__
Manchester
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market
through the outports:
1937
5.75
5.64
5.60
—
5.34
5.34
73
66
receipts
1938
5.58
5.33
5.36
70
Southern
1939
d.
5.72
'
—
from
Receipts at Ports
d.
5.60
5.57
50
the Plantations—The
following table
indicates the aetusl movement each week from the
planta¬
tions.
The figures do not include overland
Week
d.
5.71
5.55
32s Cop
Receipts
d.
5.57
53
of gaugeof gauge-
zero
—
..Above
d.
5.58
5.53
87
87
67
Frl.
5.68
5.49
5.54
92
y
d.
5.64
5.60
5.57
March..
Oct. 13. 1939
Feet
Nashville
5.59
5.68
5.50
72
75
74
graph, showing the heights of rivers
a. m. of the dates
given:
Memphis
d.
5.58
ed.
60
also
nas
given below:
Thurs.
Clos¬
_
Marcb.
May.
July
n.'Y- 51
8
..Above
-.Above
-------Above
Above
d.
5.69
0.65
The lonowing statement
ine
.
d.
5.71
-
January (1940).
91
dry
1
Orleans
d.
a
—
0.04
...
Nashville
(1939)
90
85
dry
are
Wed.
Close Noon Close Noon Close Noon Close Noon Close
Noon Close
New Contract
85
2
v.
_
'■
Tues.
0.09
0.16
1
_
r-s/V
91
./'A-Y-,.
.?>.£•
73
68
•
89
1
Raleigh
Wilmington.:
/
88
1
.
_
Mon.
December
62
74
78
76
Atlanta-
New
13
1.48
dry
dry
Charlotte.
S at.
to
Oct.
1.33
Augusta
_
Oct. 7
1
-
Tennessee—Memphis
Mean
4
Pensacola.
Liverpool for each day
76
dry
dry
dry
-
2393
Prices of futures at
68
90
1
— -
Thermometer
0.06
dry
_
_
-
Inches
Dgys
t
:
Volume
1
Steady;
2 to 6
Quiet;
1
to
3
pts.
advance.
Easy;
Steady;
1
to 5 pts.
advance.
$ pts
Q't but st'y
2
advance.
Very stdy.; Barely st'y;
pts. 5 to 9 pts. 6 to 9 pts.
decline
decline
advance
Steady;
2 to
1
to
3
pts. 3
advance.
to
4 pts.
advance.
most
to have relieved
On
Steady;
to
4
pts.
advance.
.
drought materially.
the 11th inst.. prices closed
% to %c. net higher.
Trading in the wheat pit today was fairly active,, with
price trend somewhat irregular.
Buying credited to mill-
The Commercial &
2394
Canadian and domestic grain markets
helped to bolster wheat prices in the later trading. Wheat
on
the Chicago Board erased the early losses of about a
cent and closed higher on all deliveries.
Disturbing reports
from Europe tending to minimize peace talk of recent days
influenced short covering prior to the holiday tomorrow.
It is believed that prices would have moved higher were
it not for the holiday tomorrow—not a few traders feeling
it too much of a risk to be committed over the holiday, in
ing interests in the
abroad.
the drastic happenings
of
view
closed H to y2c. lower.
Wheat prices fell
and closed fractionally
lower than Wednesday.
This trend paralleled the action
of securities prices to some extent and reflected unwilling¬
ness of many traders to take definite market positions in
view of the uncertain European situation.
Early buying in
Today prices
lc.
to European news over the holiday and less favor¬
able weather In the domestic winter wheat belt proved a
response
disappointmnt to many would-be buyers.
The unsettled
Europan situation and a return of dry weather over most
of the winter wheat belt Southwest caused some buying of
wheat, but most traders were on the sidelines.
Wheat ad¬
vanced as much as %c. at times, but reacted on each up¬
Wednesday's close.
Government reports
of Sept. 30 more than 119,000,000 bushels
around
to
turn
indicated that as
of
new
wheat had been stored under loan, and that in
Federal Crop Insurance Corporation hohls ap-
crop
the
addition
proximately 10,000,000 bushels as a result of premium pay¬
ments for insurance on the coming crop.
Open interest in
wheat tonight was 78,783.000 bushels.
DAILY CLOSING
PRICES OF WHEAT IN NEW YORK
M'm.
Sot.
No. 2 red
OF
PRICES
CLOSING
DAILY
Mm,.
Tves.
IN CHICAGO
Thurs.
Wed.
Fri.
-
Season's Hiah and
December
89%
May
90%
86%
July
CLOSING
80%
82%
83%
H
83%
81
79%
f
DAILY
Fri.
81%
December
May
July
Thurs.
102% IIOL. 102%
102
FUTURES
WHEAT
Sal.
Wed.
Tves.
99%
100%
-
80%
78%
82%
80%
83%
81%
O
L
82%
80%
When Made
1
Season's Low and
Sept.
7. 19391December
62%
July 24,1939
Oct.
9.1939
PRICES OF WHEAT FUTURES IN WINNIPEG
63%
77%
Sept. 7. 19391 May
Sept. 23. 19391 July.
Man.
Sal.
—
-
74%
May
Fri.
73
71%
72%
73%
77%
78%
77%
71
72
7th inst. prices closed
Corn—On the
Thurs.
71%
72%
73%
70%
71%
72
H
O
L
70%
December.
Wed.
Tues.
76%
68%
69%
October.
November
When Made
July 24,1939
lHc. to l^c. net
Ccrn prices closed at or near the session's lows, with
prices lc. to 2 He. lower. Receipts continued large,
including some Government corn, and handlers booked
65,000 bushels to arrive.
H. C. Donovan, crop expert,
reported that husking is going on through northern Illinois,
with quality good and yields large except in some cases where
forced ripening caused shrinkage.
On the 9th inst. prices
closed He. to %c. net higher.
Strength in corn, which ad-,
vanced as much as a cent at times, also served to attract
lower.
spot
buyers to the wheat pit.
Commercial demand for corn was
good, with exporters reported in the market to cover sales to
Europe.
Eastern reports indicated two cargoes had been
sold over the week-end.
Traders expressed belief more
export business has been
worked in recent weeks than
re-
?orted. On the 10th inst. prices closed lc.with1 He. netshowing
'he trading in
to prices higher,
was quite active,
corn
substantial gains in sympathy with the rise in wheat futures.
The Government report with respect to corn production and
corn
now
reserves
much
some
as
deterioration
on
farms
awaited with interest inas¬
was
traders expected
during
the figures to show crop
The carryover also may be
Sept.
smaller, they said, than expected.
Corn
prices were lower throughout the session, reflecting higher
than
expected Government estimates for production and
carryover.
Upward revision of the official corn crop fig¬
On the 11th inst.
and
ures
the
was
larger than expected Oct. 1 carryover constituted
a
biggest surprise in the crop report.
As a result, corn
weaker, declining as much as l%c. in early trading. The
corn
crop
bushels
was
more
forecast and
a
prices closed *4 to %c. net lower.
month
show
estimated at 2,532,417,000 bushels, 55,000,000
than the average of the most recent private
9,325,000 bushels
ago.
some
more
traders had
Many
deterioration
the report
expected
result
a
as
than the official figure
of
heat
and
to
drought.
In
addition, the estimate of corn carryover on farms was
546,052,000 bushels, a new all-time high.
Traders said this
was 91,000,000 bushels more than the semi-official estimate
a
month ago.
farm
crop,
totaled
lower
Grain
estimated that including the new
men
reserves
and
the
3,003,000.000 bushels.
commercial
visible
Today prices closed
%'c. net
unchanged.
Corn prices were only fractionally
higher at times, and frequently dipped slightly below the
There
previous close.
were no
Open interest in
ing.
DAILY
CLOSING
corn
special features to the trad¬
tonight
PRICES
OF
Sal.
No. 2
yellow..
65%
DAILY CLOSING
_
9th
the
On
Sat.
December.
May_.._
July---
—
-
Season's High and
60%
May
July--
6.3%
58%
CORN
Man.
66%
IN
NEW
Tues.
67%
YORK
Wed.
67%
Thurs.
HOL.
48%
51%
52%
Man.
49%
52%
53
Tues.
50%
53%
54%
Wed.
50%
52%
53%
Thurs.
H
O
L
Fri.
67
finals.
ous
Mm.
Sal.
31%
31%
May
33%
O
33%
31%
L : 31%
When Made
July 25. 1939
Sept. 6. 19391 May
27% July 24.1939
Sept. 23. 19391July30%
Oct.
9.1939
PRICES OF OATS FUTURES IN WINNIPEG
—
—
32%
31%
31%
30%
32
30%
-
July
FUTURES IN CrtlCAGO
Tues.
Wed. Thurs. Fri.
32%
33
H
33%
OF OATS
PRICES
December
High and When Made
I
Season's Low and
38%
Sept.
6, 1939 December—- 26
Season's
December
May
July
39%
35%
„
DAILY CLOSING
Wed.
32
30%
33%
31%
33%
31%
32%
3 >%
30%^ L
-
30%
31%
31%
3J%
lower.
rye market action virtually paralleled that of wheat.
weakness of the latter, together with the heaviness of
Rye—On the 7th inst. prices closed He. to 1 He. net
The
The
the
corn
that
had
market—influenced considerable selling of long rye
been accumulated following the Hitler speech.
selling also aided in the declines.
On the 9th inst.
prices closed He. to He. net lower.
The same bearish in¬
fluences that affected the wheat market, influenced rye
With selling for long account and very little support
values.
outside of moderate short covering, rye values slumped to
levels lHc. below the previous close.
Towards the end of
the session prices firmed and recovered a fair portion of the
early losses.
On the 10th inst. prices closed 1H to 1 He. net
higher.
In sympathy with the firmness in other grains, rye
values shoved substantial advances.
There was some good
Short
buying at ir t rvals, together with short covering.
On the lltli inst. prices closed % to lc. net higher.
At
the closing levels prices showed a recovery of % to Wc.
from the lows of the day.
This recovery was attributed in
large measure to short covering, many not caring to be com¬
mitted over the holiday, with war now becoming more and
more a
reality and little prospect of peace.
Today prices
closed % to %c. net lower.
This market yielded to slightest
sympathy with the down¬
pressure, and eased largely in
ward trend of wheat and corn.
OF
PRICES
CLOSING
DAILY
May
July
Season's High and
58
December
60%
57%
May
July
When
May
8ept
Sept.
DAILY CLOSING
52%
53%
RYE FUTURES
PRICES OF
Sat.
Mon.
Tues.
December
—
May
60
55%
H
O
60%
57%
56%
October
DAILY CLOSING
IN CHICAGO
Wed.
Thurs.
Fri.
H
54%
53%
52%
54%
O
54%
53%
52%
53%
54%
L
54%
Made
I
Season's Low and When Made
31, 19391 December
40%
Aug 30. 1939
6, 1939|May
43%
Aug 12. 1939
27. 19391July
52%
Oct.
9.1939
52%
-
Tues.
Mrm.
Sat.
December-
FUTURES
RYE
L
58
54%
55
IN WINNIPEG
Thurs. Fri.
62%
62%
62%
57%
58%
58%
Wed.
59%
60%
59%
PRICES OF BARLEY FUTURES IN WINNIPEG
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
December
42%
H
O
43%
42%
43%
43
43
42%
May-
42%
L
43%
43%
43%
42%
October
;
—
Closing quotations were as follows:
FLOUR
Rye flour patents
4.45@4.65
5.6°(a)5.85 Seminola. bbl., Nos. 1.3—6.75@7.05
-5.35(3)5.55 Oats good
2.80
5.80(3)6.05 Cornflour
2.30
6.00(3)6.20 Barley goods—
Nom.
Coarse
Pri es Withdrawn
Spring pat. high protein—5.75@5.95
Spring patentsClears, first spring
Hard winter straights
Hard winter patents
Hard winter clears
Fancy pearl (new) Nos.
4.50 @6.50
1.2-0.3-0.2
GRAIN
Oats, New York—
No. 2 white.
Rye. United States c.i.f
Wheat, New York—
No. 2 red, r.i.f., domestic—102%
Manitoba No. 1, f.o.b. N. Y. 83%
j
Corn, New York—
No
2 yellow, all
rail
67
All the statements below
'
47%
74%
Barley, New York—
60%
55-61
40 lbs. feeding
Chicago, cash
regarding the movement of grain
—receipts, exports, visible supply, &c.—-are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the
last
three years:
Flour
Wheat
Corn
Oats
bbls 196 lbs
Receipts at-
bush 60 lbs
bush 56 lbs
bush 32 lbs
Rue
Barley
bush 56 lbs bush 48 lbs
584,000
3,591,000
301,000
19,000
Minneapolis
2,205,000
682,000
476,000
264,000
Duluth
1,571,000
261,000
84,000
189,000
136.000
199,000
583,000
30,000
15,000
758,000
207,000
102,000
30,000
1,000
51.000
40"666
330,000
Chicago
Milwaukee-
25~666
Toledo
80,000
454,000
214,000
12,000
218,000
76,000
49,000
547,000
106,000
Kansas City
18,000
593,000
130,000
22,000
213,000
262,000
108,000
49,000
68,000
St.
Louis
—
146",000
Omaha
St.
Joseph.
Wichita
-
-
48,000
1,160,000
1,197,000
90,000
Indianapolis
11,000
17,000
54,000
95,000
I
278,000
2,000
2,000
24,000
-
63,000
237,000
31,000
"5", 000
135,000
176,000
6,000
197,000
7,119,000
1,676,000
643,000
3.896.000
8,645,000
2,233,000
694,000
3,227,000
989,000
3,430.000
2,718,000
50
Buffalo
52%
53%
Tot. wk.'39
568.000
8,787,000
Same wk '38
471,000
10,619,000
Same wk '37
435,000
8,096,000
2,397,000
4,730,000 122,649.000
4,334,000 133,523,000
3,926.000 128,421,000
46,539,000
49,651,000
20,610,000
influenced largely by the downward trend
Fri.
Thurs.
H
O
31%
30%
— -
December
May
Tues.
Man.
Sal.
October---
City.
2,562,000
Since Aug
1939
Trading was
CLOSING
DAILY
Sioux
When Made
I
Season's Low and When Made
Sent.
7, 19391 December
39%
July 26,1939
Sept.
7. 19391 May
42
July 26 1939
Sept. 23. 1939|July..
52%
Oct.
4,1939
was
feature. To¬
VsC. lower compared with previ¬
light and without feature.
day prices closed He. up to
Fri.
Oats—On the 7th inst. prices closed He. to lc. net lower-
Selling of oats
inst.
Peoria
32.003,000 bushels.
PRICES OF CORN FUTURES IN CHICAGO
.
December
was
corn.
Trading was light and without any particular
supply
to
1939
14,
Oat prices closed at the lows of the day.
prices closed unchanged to He. lower.
Trading in this grain was light and without feature.
On
the 10th inst. prices closed He. to l%e. net higher.
Influ¬
enced by strong wheat and corn markets, oat values showed
considerable strength and closed with substantial gains.
Short covering played no little part in the upward movement.
On the 77th inst. prices, closed % to %e. net higher.
of wheat and
from early highs today
more
or
Oct.
Financial Chronicle
1938.
1937
37,758,000 8,444,000 42,707,000
41,823,000 12,227,000 35,383,000
46,443,000 14,336,000 30.663,000
Volume
The Commercial & Financial Chronicle
149
Total receipts of flour ana grain at the seaboard
ports for
the week ended Saturday, Oct.
7, 1939, follow:
Wheat
Exports
Week
Flour
Wheat
Corn
Oats
Rye
Barley
>bls 196 lb!
bush 60 lbs
bush 56 lbs
bush 32 lbs
bush 56 lb-'
bush 48 lbs
109,000
243,000
NewYork..
204.000
Philadelphia
44.000
Baltimore..
22,000
35,000
New Orl'us*
27,000
120,000
56,000
571,000
2,029,000
•
Galveston..
Montreal..
"moo
Boston
78.000
2,000
"i",66o
Bushels
55,124,000
832,000
9,832,000
Argentina-
1,853,000
52,000
Tot. wk.'31
44,075,000
327,000
2,875,000
819,000
112,00c
118,000
15,870,000
3.996.00c
1,061,000
6,449,000
386,000
402,000
758,000
116,000
30,000
914,000
'0,889,000
92.496,000
82,690,000
5,134,000
2.816,000
16^29,000
Since Jan. 1
1938
Receipts do not include grain passing through New Orleans lor foreign ports
through bills of lading.
7.
The exports from the several seaboard
ports for the week
ended Saturday, Oct. 7, 1939, are shown in the annexed
,
Bushels
1,577,000
9,000
755,000
47,406,000
1.508,000
19,074,000
29,314,000
7,200,000
1,689,000
41,399.000
48,514,000
11,293,000
9,832,000
4,616,000
351,000
19,963,000
14,477,000
7.341.000 130,156,000 158,510,000
2,690,000
832,000
Chicago Board of Trade Reduces Members' Margin
Requirements—The Chicago Board of Trade Clearing
Corp. on Cct. 6 reduced margin requirements on all grains
a cent a bushel,
except barley, which was lowered two cents.
Margin requirements on lard contracts were lowered 10
cents per 100 pounds.
The margin on bellies and cotton was
unchanged.
In reporting this Associated Press Chicago
advices of Oct. 6 added:
Under the
schedules, which become effective toircrrcw, the ccrpo
ei
ber con r issicn houses to pest 5 centF a bushel cn al
and soy bean cor x itr ents, 4 cents cn ccrn, 2 cents on
on barley ard 40 cents on lard.
|
The reduced n argins do not apply to dealings between the
public and
coo r iseion houses.
Margins on these re) ain unchanged at 15 cents a
wheat,
oats, 4 cents
open
Exports from—
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
York
831,000
Albany.
47,070
new
120,000
Baltimore
243,000
262,000
—
—
"moo
216,000
571,000
Montreal.
33o"666
Rivers..
"i:666
62:606
2,651,000
632,000
59,070
1,000
899,000
157,832
38,000
68,000
52,000
245,000 1.027,000
The destination of these exports for the week and since
July 1, 1939, is
Flour
Wheat
Oct.
11—The
summary
The week's weather was characterized by abnormally high
temperatures
the eastern half of the country and by moderate to
fairly heavy rain¬
over large mid-Western areas that have been
experiencing persistent
drorght.
The weekly
everywhere east of the
and Since
Week
Since
Week
Since
July 1 to—
Oct. 7,
July 1
Oct. 7.
July 1
Week
Oct.
temperatures
were
abnormally high nearly
deg. above normal,
one of the warmest October weeks of record.
In the Atlantic
temperature excesses were mainly from 1 to 7 deg., while the South
2 to 10 deg. warmer than normal.
making it
area
The western half of the country was relatively cool,
though the minus
from normal temperatures were not especially large, mostly
At the close of the week abnormally high temperatures con¬
tinued in the Eastern States, but a
departures
or 4 deg.
Since
July 1
7,
mean
Great Plains.
The relatively warmest weather
occurred in the Ohio, middle Mississippi, and lower Missoi ri
valleys, where
the mean temperatures ranged mostly from 8 to 14
3
Corn
Exports for Week
1939
oats.
over
was
below:
as
on
Ended
fall
4,222,000
1938
and 7 cents
weather for the week ended Oct. 11. follows;
"moo
302,000
Total week 1939..
on corn
Report for the Week
of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
*wiW-
,
wheat, 12 cents
general
■
2,000
_
Galveston
on
rye
Weather
47,000
Philadelphia
Houston
bushel
21,000
406,000
New Orleans
63,694,000 111,905,000
ration will require r
statement:
Same week
^
1,
1938
296,000
84,006,000
Week 1938
Three
July
641,000
countries
12,199,000
1939.....
New
Bushels
Since
1,
somoo
Since Jan. 1
*
Bushels
July
62,882,000
35,424,000
.
Total
on
1939
Since
Other
"moo
Rlv'f
1939
Bushels
Bushels
3,824,000
India
33"o"66c
Oct. 6,
1938
1939
No. Amer.
Australia
16,000
24,000
Three
"moo
21,000
Week
July 1,
1,
July
1939
Since
Black Sea.
65,000
13,000
51,000
45,000
64,000
Corn
Since
Oct. 6,
Receipts at-
2395
1938
1939
1938
1939
1938
Barrels
Bushels
Bushels
Bushels
Bushels
sharp reaction to cooler weather had
in over the Northwest and much of the Midwest, with
subfreezing
temperatures reported over some northwestern areas on the morning of
set
Oct. 10.
Rainfall of the week
Barrels
United
Kingdom
Ohio
stantial rains occurred in much
.
Continent
*
So. & Cent. Amer.
*
*
'
*
*
West Indies
the
Great
Plains.
There
was
considerable
rainfall
sections
of the country, especially in north
northwestern Plains had a mcsily dry week.
Brit. No. Am. Col.
Other countries...
Total 1939
59,070
Total 1938
157,832
*
was negligible over a large southeastern
area, from
Valley southward and eastward.
However, moderate to sub¬
of the Lake region and upper
Mississippi
Valley; also in most of the trans-Mississippi States and rather widely over
the
1,260,872
1,209,517
2,651,000
33,449,000
632,000
4.222,000
46,328,000
899,000 44,951.000
1,639,000
the
more
coast
western
areas.
The
Widespread moderate to si bstantial rains during the past week re¬
lieved extremely droughty conditions to a considerable extent over much
of the persistently dry midwestern area.
The rains were
especially bene¬
ficial in
ley,
Detailed figures not available.
in
Pacific
central-northern districts, the central and upper Mississippi Val¬
over most of the Great Plains.
However, very litte rain oc¬
in some sections of the Plains area, especially western
and
curred
Kansas,
Colorado, western North Dakota, and Montana.
Rains were
helpful also in much of the more western part of the country, including
Rocky Mountain districts, the Great Basin, and the North
eastern
The
visible
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Oct. 7, were as follows:
GRAIN
Wheat
United States—
Bushels
Boston
•'
288,000
Rye
Barley
Bushels
Bushels
~
83,000
18,000
26,000
412,000
900,000
20,000
15,000
1,108,000
3,525,000
10,820,000
4,118,000
140,000
1,000
213,000
Baltimore...
New Orleans
......
Galveston
Fort Worth
Wichita
Hutchinson
5,000
8", 000
"
9,600
28,000
25,000
3",000
1,000
70,000
2,000
'
■
343,000
15:660
19,000
2,000
8,012,000
5,216,000
30,051,000
26moo
lyooo
15,000
123,000
2,315.000
406,000
410,000
81,000
104,000
895,000
City
370,000
9,354,000
St. Joseph
783,000
412,000
354,000
177,000
Omaha..
Sioux City
St. Louis
7,908,000
2,161,000
Indianapolis
154" 066
Chicago.
afloat
__
751,000
469,000
5,000
77,000
9,501,000
Peoria
7,100,000
176,000
2,177,000
On Lakes
36,000
42,000
..m
^
m
_
'
Detroit.
Buffalo
530,000
309" 000
~44,660
1,747,000
669,000
4,622,000
2,523,000
4,095,000
1,748,000
8,131,000
2,274,000
2,000
5,000
3,000
290,000
1,121,000
2,910,000
1,596,000
1,678,000
1
566,000
122",000
On Canal..
"24",000
Total Oct
7, 1939.-142,078,000 15,618,000 15,103,000
Total Sept. 30, 1939.-145,686,000 14,272,000 15,742,000
Total Oct.
8, 1938.-124,269,000 11,521,000 21,884,000
9,476,000 15,201,000
9,436,000 14,539,000
8,079,000 11,798,000
Note—Bonded
not included
grain
above.
Oats—New
York, 2,000 bushels;
Buffalo, 133,000; Buffalo afloat, 86,000; total, 221,000 bushels, against 462,000
bushels in 1938.
Barley—New York, 536,000 bushels; Buffalo, 462,000; Buffalo
afloat, 60,000; total, 1,058,000 bushels, against 1,104,000 bushels In 1938.
Wheal—
New York, 4,263,000 bushels; New York afloat, 144,000; Philadelphia,
126,000;
Baltimore, 18,000; Buffalo, 4,024,000; Buffalo afloat, 788,000; Erie, 1,485,(00;
Albany, 3,263,000; on Canal, 330,000; total, 14,441,000 bushels, against 11,421,000
bushels in 1938.
Wheat
Corn
Bushels
Canadian—
Bushels
Lake, bay, river—seab'd 53,072,000
Ft. William & Pt. Arthur
Other Can. & other
Total Oct.
70,903,000
elev.161,662,000
7, 1939..285,637,000
Oats
Rye
Bushels
Bushels
2,012,000
890,000
6,810,000
Total Sept. 30,
9,712,000
9,298,000
Total Oct.
6,853,000
1939__270,785,000
8, 1938.-153,992,000
600,000
159,000
Barley
Bushels
1,503,000
1,708,000
1,439,000
5,408,000
2,198,000
1,962,000
1,828,000
8,619,000
9,658,000
9,510,000
Summary—
American
.142,078,000 15,618,000 15,103,000
Canadian
Total Oct.
...-285,637,000
9,712,000
9,476,000 15,201,000
2,198,000
8,619,000
7, 1939..427,715,000 15,618,000 24,815,000
11,674,000 24,820,000
1939.-416,571,000 14,272,000 25,040,000 11,398,000 24,197,000
8, 1938—278,261,000 11,521,000 27,737,000
9,907,000 21,308,000
Total Sept. 30,
Total Oct.
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Oct. 6 and since July 1, 1939, and July 1, 1938,
shown in the following:
of the Ohio Valley conditions are sou ewhat less favorable than a
ago, because rainfall was light and abnon ally high temperatures
oted rapid evaporation.
A good general rain is needed in the Ohio
Valley States.
In Missouri droughty conditions were relieved in most areas and surfacesoil moistures is now sufficient for gern ination rather generally.
In n ost
of the wheat districts of Texas the drought was broken by generous
rains,
except locally in north-central counties; early, dry-sown grain will now
germinate and conditions are more favorable for seeding.
In Oklahor a,
some
localities, especially in the northwest, continue dry, but surface
conditions in m ost of this State have ir proved greatly which will pern it
germination of grain sown in dust, seeding is now being rushed and n.uch
will be accom plished within a few days.
The eastern half of Kansas had sufficient moisture to germ inate wheat
and start growth, but it is still dry in the western half where but little
has been seeded, especially the southwest.
In Nebraska and South Dakota
rainfall was decidedly helpful and m oisture is now sufficient for gern ina¬
tion in most places; seeding is active.
In Montana showers were mostly
light, but in central counties conditions show in proven ent from previous
rains.
More rain is needed in m uch of the wheat belt of Washington,
week
pron
796,000
afloat.
belt, especially west of the Mississippi River, showers during the past
porarily relieve acute droughty conditions, by
supplying moisture for gemination and resur ption of seeding which had
been retarded or suspended because of persistent drought.
However, in
much
•
1,189",000
259,000
292,000
southern sections where the recent rains occurred.
Small Grains—An u ost parts of the central and western winter wheat
week were sufficient to ten
1,161,000
Duluth
However, in the central and eastern portions of the Ohio Valley rainfall
very light and abnormally high temperatures, in some places record
breaking for the season, depleted soil moisture rapidly, thus nullifying,
to a considerable extent, the potential effect of the moderate
precipitation
received some 10 days ago.
Also, fair, warm weather in the Southeast
has resulted in moderately droughty conditions in that area with
more
moisti re needed for fall crops and seeding.
In the Middle Atlantic and North Atlantic States, while rainfall was
mostly light, there is sufficient soil moisture for current needs and high
temperati res promoted growth of fall vegetation.
With regard to the current midwestern situation, Texas, most of Okla¬
homa, eastern Kansas, most of Missouri, and the upper Mississippi Val¬
ley were especially favored.
However, because of the previous extreme
dryness of the soil, much more rain is needed throughout the entire drought
area to replenish the depleted subsoil moisture.
Farm work/made good
advance generally and pastures shorld revive materially in central and
52,000
160,000
15,637,000
25,458,000
120,4)00
4,873,000
Minneapolis....
Pacific States.
was
147",666
4.000
199,000
...
Milwaukee
"
Oats
Bushels
253,000
afloat
Philadelphia
"
Corn
Bushels
1,000
New York
Kansas
STOCKS
the northern
are
especially in the norm ally drier western sections.
In the Atlantic States
conditions are generally favorable.
Corn and Cotton—Husking corn progressed favorably in most sections,
although it was too dry for good results in the eastern Ohio Valley.
In
the upper Mississippi
Valley, especially Iowa, recent rains have been
helpful in toughening shanks of ears, thus facilitating harvest by n echanical huskers as the prolonged absence of rain had n ade corn so dry that
ears were knocked to.the ground and caused loss by shelling.
Fair and abnormally warm weather prevailed throughout the Cotton
belt, except that rainfall was moderate to fairly heavy over much of the
west.
Conditions were unusually favorable for field work, especially in
the central and eastern portions of the belt, and picking made
excellent,
uninterrupted progress.
In Texas picking advanced rapidly and is
nearing completion in the
northeast conditions are poor to fair, though locally good in son e areas
favored by earlier rains.
In Oklahoma picking is rapidly nearing com¬
pletion.
In the central and eastern portions of the belt gathering has
been largely completed in central and southern sections, while in the north
picking made good to excellent advance.
The
Weather
Bureau
furnishes
the
following
resume
of
conditions in the different States:
Virginia—Richmond:
Very warm; little rain.
Excellent for harvesting.
Picking cotton nearly done; selling begun.
Digging peanuts and sweet
potatoes.
Curing tobacco finished; hauling crop to market.
Picking
apples in central and southwest.
Some late haying.
Pastures green. Fall
plowing continues, but most winter grain already sown; some sprouted.
The Commercial & Financial Chronicle
2396
North Carolina—Raleigh:
dry for fall plowing.
too
plowing and wheat
vegetable marketing
Little rain; very warm days latter part and
South Carolina—Columbia:
soil
needed.
Progress and condi¬
Verv warm days latter half; more rain
Progress and condition of corn good; being harvested.
tion of cotton good; picking rapid progress.
Fall
sowing in progress.
Much hay made. Fruit and
active.
Outdoor work favored.
Grain sowing in interior further delayed.
pastures good condition on coastal plain, but need
Cotton picking rapid progress in north; nearing end.
Truck
and
where.
rain else¬
Cotton picking rapid progress under ideal conditions.
rapidly. Corn maturing rapidly- some fodder
Georgia—Atlanta;
Lack of rain felt and soil drying
pulling.
Some oats sown, but ground mostly too dry.
Yams maturing;
some
dug.
Good progress harvesting and threshing peanuts.
Pastures
becoming too dry.
Much sorghum syrup made.
Soil too dry for most
crops and rain needed.
Alabama—Montgomery:
Little
rain.
Cotton
nearly
picking
over.
Harvesting corn, with poor to good yields, but average only fair.
Syrup
making and saving sweet potatoes continue.
Planting winter grain and
legumes progressing nicely.
Pastures good; little feeding necessary.
Very warm days throughout; generally little
Considerable plowing and sowing of cover crops and oats.
Much
Mississippi—Vicksburg:
rain.
saved.
Cotton picking generally good progress in north, rapid
and about done in south and locally in central upland.
Good
housing corn in south and central upland, but poor in north.
locally for gardens, pastures, plowing, sowing cover crops, and
forage
progress
progress
Too dry
Louisiana—New Orleans:
Favorable warmth, except nights too cold at
beginning; little rain.
Cotton picking rapid progress and near end in south;
ginning well advanced.
Good progress harvesting other crops. Much fall
planting, but soil too dry for germination in much of north.
Preparing for
cane
harvest.
Texas—Houston:
east
Generally
favorable
warmth;
drought
broken
by
rains, except in southeast and in few north-central and extreme
where showers light and more rain needed.
Rains should aid
generous
areas
early winter wheat and that dry-sown materially, and put soil in con¬
dition for plowing and seeding.
This work unseasonably delayed awaiting
Vegetative covering in Panhandle sufficient to prevent much
soil erosion during drought.
Nearly all corn harvested. Cotton picking
rapid progress; nearing end in northeast where average condition fair to
moisture.
good; condition in northwest poor to fair, but some locally good in areas
favored by earlier rains.
Rain needed for plowing in coastal plains.
Truck fair to good condition in major growing sections.
Ranges were
drying rapidly, but should improve greatly in most sections.
Cattle fair
condition.
Oklahoma—Oklahoma
to good
City: Very warm;
moderate
to
rather
heavy
rain, except in northwest where more needed.
Rain over week and tem¬
porarily relieved severe drought long prevalent in many areas, but several
more
heavy rains needed to replenish subsoil moisture, which is badly
depleted.
Surface conditions improved, but State average only about
1 inch, less in northwest, and son e areas still droughty.
Wheat planted
in dust will now germinate; farmers who awaited rain now rushing seed¬
ing; considerable planting this week, but more than half of acreage still
unseeded; great progress expected next few days, son e early planted in
west sprouted and died before rains, while son e fields up and showing
growth;
none
Cotton picking good progress and near end;
Feed crops mostly poor and short.
Harvesting
short; quality fair to poor.
Livestock and milk and
pasturable.
condition fair to poor.
sweet potatoes; crop
production declined further.
Rock: Progress of cotton good to excellent; picking
in hills and south and well along elsewhere.
Progress and condition of late corn poor due to lack of rain.
Rice and
soy bean harvests progressing rapidly in east.
Son e vetch, oats, and
rye planted in southeast, but no fall planting elsewhere due to drought.
Stock water still low in most of west.
Pastures slightly improved in cen¬
tral and east.
Rains favorable in west.
Tennessee—Nashville: Lack of rain felt, but showers one day.
Cotton
picking about half done; bolls still opening; condition fair to fairly good,
but
snort.
Gathering early corn well begun; matured; late turning:
mostly poor.
Fall seeding progressed with but meager improvement in
soil moisture.
Pastures improved.
Potatoes, truck, and sweet potatoes
small; best in north and southwest.
Tobacco curing slowed by dryness
egg
Arkansas—Little
rapid progress and about over
in east.
,
Agricultural Department's Official Report on Cereals,
&c.—The Crop Reporting Board of the United States
Department of Agriculture made public late Tuesday after¬
Oct. 10 its forecasts and estimates of the grain crops
of the United States as of Oct. 1, based on reports and data
furnished by crop correspondents, field statisticians and co¬
operating State Boards (of Departments) of Agriculture.
This report shows that the production of winter wheat is
now placed at 550,710,000 bushels,, the same as the Depart¬
ment's estimate a month ago, and comparing with a harvest
of 686,637,000 bushels in 1938 and a 10-year (1928-37) aver¬
age production of
560,160,000 bushels. The production of
spring wheat is estimated as of Oct. 1 to be 188,735,000
bushels, which compares with a production of 244,164,000
bushels in 1938 and a 10-year (1928-37) average production
of 192,792,000 bushels.
Comments concerning the report
will be found in our editorial department.
We give below
noon,
taken
together is
Oct.
about 30%
14,
10-year average.
above the
1939
Allowing for
stocks carried
over from last year, there appear to be no shortages that will
necessitate modification of customary seeding practices.
»
Estimates of the principal food crops show about average production of
the principal grains (wheat, rye, rice and buckwheat)
and
considered together,
of potatoes with the shortage about offset by
of sweet potatoes.
The bean,
peanut, sugar beet and sugarcane crops are all large.
Fruit production is sufficient to give more than the usual per capita
supply.
The tonnage of deciduous fruits is expected to be about 15% above
last season and equally above the 10-year (1928-37) average.
Large crops
of peaches, pears, apricots, cherries and commercial apples account for
most of this increase.
Prospective production of citrus fruits for market¬
ing from the fall of 1939 through the early spring months of 1940 is con¬
siderably above average, but not so large as the record production of last
season.
The supply of early and midseason oranges will be 5% smaller
than last season, and grapefruit
production will be 16% less than the 1938-39
crop.
The total supply of dried fruits, including dried prunes, raisins,
apricots, dried apples and dried peaches, probably will be above average.
The total pack of canned fruits will be slightly larger than last year.
Large
crops of walnuts, almonds and filberts and nearly an average crop of pe¬
cans are in prospect.
Supplies of fall vegetables for current consumption and winter storage
appear adequate.
The quantity of onions and snap beans is particularly
large, while the tonnage of late crop cabbage is somewhat light.
October
reports also indicate expansion of the acreage of late fall and winter vege¬
tables in the South.
Reports for 10 early crops show an increase of 6%.
Particularly large increases have been made for fall peppers and kale, and
large increases are in prospect for fall and winter cabbage.
Harvesting of
southern cabbage, tomatoes and other miscellaneous vegetables is expected
to begin somewhat earlier than usual this fall.
Taking all crops into consideration, aggregate production will be 1 or 2%
above the average production during the 10 years before the drought of
1933, for good yields per acre more than offset the 7 % reduction in acreage.
Crop production, however, is quite unevenly distributed and the poor con¬
dition of western ranges and the lack of moisture in the Wheat Belt accen¬
tuate the shortage of feed that is affecting part of the Great Plains Area
and portions of the Western States.
In general, however, livestock num¬
bers are relatively low in most of the drought area and the local shortages
moderately small
a
somewhat
of feed
are
crop
than the usual production
more
expected to result in rather close marketing, and in locally re¬
tarded expansion of flocks and herds rather than in extensive
tion or reductions in livestock numbers.
'
forced liquida¬
The sharp decline in the condition of pastures
during September, which
was particularly marked from Iowa, Missouri and Oklahoma eastward
to
Kentucky and Tennessee, caused a rather general decrease in milk produc¬
tion in this area.
In the country as a whole, milk production on Oct. 1
was nearly 2% below production at the same season last year, production
per cow being more than 2% lower and the number of cows only slightly
larger.
Farm chicken flocks contained about 4% more layers this year than on
Oct. 1 a year ago, and 6% more pullets not yet of laying age.
Eggs laid
per 100 hens on Oct. 1 were a few percent lower than on that date in the
past 2 years, but well above numbers on any other Oct. 1 in the 15-year
record.
Total egg production was slightly greater than a year ago.
Wheat—The preliminary estimate of wheat production is 739,445,000
bushels, compared with 930,801,000 bushels in 1938 and the 10-year
(1928-37) average of 752,952,000 bushels.
The 1939 production is smaller
than the 1938 crop by 191,356,000 bushels, or approximately 21%, but it
is smaller than the 10-year average by only 13,507,000 bushels or about 2 %.
The decrease in production compared with last year is a result of decreased
acreage, since the indicated 1939 yield per acre is .1 bushel above the 1938
yield.
The Oct.
1 preliminary estimates of the production in 1939 is
slightly above the Sept, 1 forecast, due to spring wheat yields exceeding
earlier expectations in a few Northern Plains and northwestern States.
No change has been made in the estimates of winter wheat production
since August, at which time the 1939 crop was estimated at 550,710,000
bushels.
The production of spring wheat, other than durum, is estimated to be
155,591,000 bushels, which is nearly a fourth smaller than the 1938 crop,
1% below the ld-year average.
The 1938 production of other
spring wheat was 203,719,000 bushels and the 10-year average is 157,716,000
bushels.
Other spring wheat yields exceeded earlier expectations in Colo¬
rado and the northwestern States.
The Oct. 1 indicated yield is 11.7
bushels per acre compared with the 1938 yield of 12.0 bushels and the 1CP
year average of lu.9 bushels.
Durum
wheat
production is estimated at 33,155,000 bushels.
This
production is smaller than the 1938 crop of 40,445,000 bushels by 7,301,000
bushels or 18%, but, excepting last year's crop, it is the largest production
of durum wheat since 1932.
The 10-year average production of durum
wheat is 35,076,000 bushels.
The Oct. 1 indicated yield of 10.7 bushels
per acre is somewhat lower than the 1938 yield of 11.4 bushels, but above
the 10-year average of 9.4 bushels.
but only
':''V
DURUM
Yield per Acre
WHEAT
.
Production (Thousand Bushels)
(Bushels)
State
Prelim.
Average
1928-37
1938
1939
Prelim.
Average
1928-37
1938
1939
13.1
16.0
13.0
1,961
1,520
806
North Dakota.
9.5
11.5
10.5
26,680
7.8
10.5
11.5
25,938
7,177
31,050
South Dakota
7,875
5,658
11.4
10.7
35,076
40,445
33,144
Minnesota
Three States..._
9.4
SPRING
WHEAT OTHER THAN
DURUM
the report:
Yield per Acre (Bushels)
Crop prospects declined about 1% during September and pastures suf¬
fered severely because the Mississippi Valley and the Southern Great Plains
Area as a whole had one of the driest and hottest Septembers in many years.
Production (Thousand Bushels)
Stale
Prelim.
Average
Prospects for wheat pastures this fall and for winter wheat production next
also declined with further depletion of soil moisture from Nebraska
1938
1928-37
Average
1939
1928-37
Prelim.
1938
1939
year
southward.
Besides cotton,
most
20.6
17.0
21.0
New York—
16.8
18.0
Pennsylvania
17.4
19.0
Ohio
17.4
Indiana
15.2
Illinois
16.3
Michigan.
16.2
Wisconsin
16.8
Minnesota
Maine
which declined nearly 4%, the crops which showed the
important decreases in prospect during September were grain sor-
gjiums 12%, peanuts 5%, potatoes 2%, and sweet potatoes 3%, with small
reductions shown in tobacco,
buckwheat, sugarcane and apples.
The
warm, dry weather was favorable for maturing, harvesting and threshing
grains, beans, late cuttings of hay, and a few other crops.
The indicated
production of beans is 4% higher than a month ago and spring wheat and
barley each 2%, while corn, oats, flaxseed, rice, hay, sugar beets and pea hes
and pears show nominal increases.
The warm weather also pushed crops
to maturity and this helped to prevent serious damage from the frosts of
late September which had killed tender vegetation about 300 miles further
63
96
68
18.5
144
108
74
18.5
200
171
204
17.5
16.0
198
88
48
16.0
17.5
144
158
18.5
17.0
1,527
555
612
15.0
16.0
%
269
255
17.0
15.0
1,245
901
750
12.6
15.0
13.0
15,740
33,945
17,654
Iowa
14.0
14.5
13.5
558
362
Missouri
'
183
320
405
12.4
11.0
12.0
111
88
36
North Dakota
8.1
7.8
10.0
47,800
48,789
53,360
south than usual by October 1.
With the harvesting of the corn crop in
progress at an unusually early
date and a minimum of frost damage, production is estimated at 2,532,-
South Dakota
7.7
8.5
7.5
15,062
18,326
13,485
Nebraska
9.3
10.0
Kansas.
8.2
7.0
5.5
000,000
Montana..
9.3
14.0
12.0
Idaho.
25.4
27.5
27.0
Wyoming
11.5
bushels,
about
equal
last
year's crop and about 10% above
average production during the 1928-37 period which includes the drought
years.
The carry-over of old corn on farms is estimated at 24% of last
year's crop, or 546,000,000 bushels.
This is by far the largest October
carry-over of corn on record, but about half of the total is sealed corn on
which
a
to
Government loan has been made.
The decrease in farm stocks of
during the last 3 months was about the same at the same season last
year and more than in other recent years, except 1933.
The oats crop is about 10% below average, but the deficiency is partially
offset by above-average barley production.
Grain sorghums were severely
injured by the September drought and the expected production has been
reduced during the month from nearly 99,000,000 bushels to 87,600,0)0
bushels, or to about the 10-year average production.
The total supply of
corn
feed grains on farms on Oct. 1, including stocks on hand and crops still to
be harvested, was about 4% above the large supply available on Oct. 1
2,231
930
2,890
219
»
70
55
26.666
47,768
35,028
12,348
2,162
9,045
12.5
10.5
11,991
1,588
Colorado
13.1
14.5
13.0
4,085
4,828
New Mexico...—
13.2
12.0
11.0
355
300
286
Utah.
28.1
28.0
27.5
2,148
2,184
1,650
Nevada..
24.6
23.0
24.5
303
345
392
13,880
3,412
16.0
19.5
20.0
19,179
20.0
22.0
19.5
5,812
7,700
States...
10.9
12.0
11.7
157,716
203,719
Oregon
United
1,365
2,379
19,324
—
Washington
WHEAT
(PRODUCTION BY
CLASSES)
FOR
THE UNITED
155,591
STATES
(Thousand Bushels)
last year.
Livestock numbers have, however, increased 7 or 8%.
Nearly
8% of the supply is sealed corn, and when this is excluded the supply of
feed grains per unit of livestock on hand is just about equal to the average
supply during the pre-drought years, and during recent months the supply
has been used at about the usual rate.
Hay production seems to have been about as expected and, allowing for
reserves carried over, supplies in the country as a
whole are ample for
ordinary feeding requirements and should permit of a somewhat-larger
than average carry-over next spring.
Supplies of practically all kinds of
grass and clover seeds also appear to be ample.
Grass seed production is
only slightly below average, and the production of clover and alfalfa seeds
7.5
Winter
Spring
Year
Hard
Bed
Soft Red
Average 1928-37
318,452
1938-
387,610
191,312
236,800
1939
302,965
198,365
a
Hard
Red
118,804
161,440
127,088
Durum*
While
(Winter &
Spring)
Total
36,723
42,010
87,662
752,952
102,941
930,801
34,073
76,9.54
739,445
*
Includes durum wheat in States for which estimates are not shown separately,
a
Preliminary.
Volume
The Commercial & Financial Chronicle
149
ALL
Yield per Acre
WHEAT
Average
1928-37
1938
Production (Thousand Bushels)
1939
20.6
17.0
21.0
New York
farms a year ago were 353,194,000 bushels
and the 10-year (1928-37)
average is 167,178,000 bushels.
Farm stocks as of Oct. 1 represent
24.0%
of 1938 production for
grain.
This compares with 15.0% or 1937 gram
on
(Bushels)
State
Maine———
Prelim.
Average
1928-37
Prelim.
1938
96
corn
production reported on hand Oct. 1, 1938.
The estimates relate to
the entire stocks on farms,
including corn under seal.
Farm disappearance during the
July 1-Oct. 1, 1939 quarter was 290,869.00° bushels, second only to 1933, when
319,646,000 bushels disappeared
during the same period.
In the July 1-Oct. 1 quarter of
1939
68
63
7,533
1,342
19.9
24.9
23.4
New Jersey-.*———
5,194
21.8
22.0
22.0
Pennsylvania
18.8
21.0
21.0
1,202
18,486
22,032
19.3
6,184
1,144
19,230
19.5
19.5
36,568
46,420
36,669
—
Ohio
Indiana
16.9
16.0
17.5
28,449
30,240
17.1
20.4
34,534
42,550
21.4
20.9
Wisconsin..
16,086
19,519
17.1
16.7
15.0
Minnesota
14.9
13.4
1,823
20,891
2,007
13.3
17.8
16.4
16.3
7,461
13.7
13.0
16.0
24,376
North Dakota
8.5
8.9
10.2
South Dakota
7.9
9.1
8.4
—
Iowa
....
Missouri
Nebraska
14.0
11.9
11.3
12.5
10.5
11.0
17.4
20.0
80,040
36,362
116,138
18.0
1,590
18.8
20.0
19.0
8,419
9,420
14.3
14.0
14.5
8,764
West Virginia
14.7
15.0
North Carolina.*
10.6
11.5
9.8
11.0
6,708
27,777
55,714
152,184
1,660
Maryland
—
Virginia—
—
South Carolina
Georgia
1,983
11.7
4,496
5,440
4,972
11.0
1,054
1,771
2,013
8.8
10.0
9.5
1,011
1,700
13.6
..
..
Alabama
15.0
11.0
4,623
8,280
11,5
3,989
5,401
4,255
10.0
9.2
13.0
12.0
50
72
,
(Bushels)
9.0
490
595
369
13.0
47,054
58,322
52,286
32,038
35,217
24,524
2,847
13,120
35,046
29,390
72,349
55,700
Maine
29,848
21,393
New Hampshire
4,515
2,885
19,415
13.467
Massachusetts
2,892
10.2
9.0
10.0
Montana—
10.0
16.2
13.9
22.1
26.0
23.2
Wyoming
11.1
12.8
9.0
Colorado
12.0
14.5
10.9
*
Average
1928-37
36.7
Prelim.
Average
1938
1939
1928-37
34.0
38.0
37.4
36.0
37.0
284
288
259
31.0
31.0
32.0
1,852
1,736
32.5
34.0
I,792
32.0
166
Rhode Island.
204
160
31.7
30.0
30.0
63
60
Connecticut
28.8
30.0
23.0
195
180
138
23,077
26,588
1,224
30,652
26,272
Vermont..
....
-
9.9
10.1
22.0
23.0
776
2,680
1.100
2,906
22.2
22.9
16.7
5,131
6,573
3,938
24.9
—
..
10.2
19.9
Arizona...—
23.8
25.2
27.4
34.0
373
Nevada
*
479
New Jersey.-.--*.
29.4
25.5
27.0
805
New York
—
—
19.8
California.
22.7
43,729
51,643
39,67,8
Pennsylvania.--...
21.1
27.8
33.5
Ohio
30.6
33.0
32.5
12,733
10,255
Indiana
27.4
13.3
13.4
752.952
930.801
739.445
States—...
26.0
31.1
31.5
29.5
Michigan.
28.8
35.0
37.5
31.5
31.0
32.5
Wisconsin
Wheat Stocks
Minnesota
332,213,000
on
bushels,
late
early maturity and also early
progress with
husking.
Frost damage has been negligible except in some northern sections.
marketings
show
extremely
low
moisture
and
tests
good
rather generally.
In the 12 Corn Belt States, which include about
three-quarters
total production this season, the crop was largely made ahead of the
and
Yields
heat.
in
New
acre
:'CORN,
1938.
Indi¬
cated
A verage
1928-37
1938
cated
1939
40.0
39.0
489
440
507
New Hampshire
41
41.0
41.0
599
656
615
39
40.0
2,964
-
New Jersey
Pennsy Ivania
Ohio
-
Indiana
36.0
39.0
2,005
1,764
1,872
33
37.0
34.0
21,221
25,345
38.0
39.0
43.5
41.5
44.0
48.0
41.0
50.0
Missouri—.
—
Kansas
20
25.0
28.0
16.5
15.0
12
12.0
13.5
14.5
10.5
20.0
10.0
27
29.0
28.0
1,558
342
107,735
76,388
45,200
80,736
3,861
30,940
4,032
34,775
12,384
41,355
21,335
12,640
46,398
17,710
36,166
13,737
47,151
26,767
25,433
53,164
40,779
West Virginia
24
26.5
28.5
North Carolina
18
19.0
19.5
South Carolina
13
14.5
14.5
9
11.5
9.0
9
10.5
7.5
38,902
6,733
62,688
-
8,452
21
27.0
24.0
Tennessee
20
25.5
19.5
Alabama
12
14.0
11.0
60,308
39,427
14
160
12.5
36,262
14
16.5
16.0
29,956
36,218
14
16.5
15.0
20,098
13
26,730
35,080
Louisiana.
.———
Texas—
6,158
74,547
67,584
68,570
50,330
39,050
49,700
48,544
36,412
35,472
24,540
Idaho.--———
14.5
35,912
16.5
11.5
75,962
1,259
75,648
15.0
34
—
16.0
9
—
——
Montana
20.0
15
Oklahoma
37.0
36.0
1,225
1,184
1,771
1,188
2,880
2,034
11,319
6,464
Wyoming*—— — —
10
12.0
9.0
Colorado—..
10
10.5
8.0
2,340
28,232
80,355
13.5
2,071
15,771
2,928
2,606
2,916
Arizona
15
15.0
13.0
502
495
390
Utah
24
25.0
23.0
457
500
Nevada————
26
31.0
30.0
49
62
60
Washington
34
35.0
35.0
30
29.0
29.0
1,015
1,595
1,225
Oregon
1,168
1,904
32
33.5
33.0
2,385
2,077
2,046
23.0
27.7
27.9
2,309,674
2,542,238
2,532,417
New Mexico—*
California
United
States
—
*
—
17.0
Tennessee....
15.7
20.0
17.0
•21.5
2,166
1,596
1,908
31.0
918
19.0
22.0
2,585
2,565
32.0
.
*
718
144
1,054
1,530
2,838
2,046
2,816
1,760
20.6
_
*...
*
.
17.0
26.0
23.0
25,232
34,245
1,350
27,447
36,920
22.2
...
21.0
23.4
.
Oklahoma...
Texas *
9,585
140
27.0
24.0
27.0
—
5,786
II,750
9,120
24.2
18.3
21.4
.
1,387
5,566
10,648
19.0
Mississippi
Arkansas........;
Louisiana-..
—
1,182
1,209
1,700
3,168
1,593
Alabama...
36.0
28.0
6,069
8,928
32,660
8,400
4,914
3,078
2,352
5,053
4,060
35.4
New Mexico
*
24.0
31.0
28.0
4,805
2,851
4,504
23.2
..
37.0
27.0
27.7
....
39.0
24.3
Colorado
22.0
21.0
575
22,882
5,587
660
546
Arizona
27.5
26.0
23.0
288
260
Utah....
230
36.0
39.0
37.0
Nevada
1,391
1,092
35.0
1,036
40.0
35.0
Washington
.
95
120
105
48.8
California........
7,879
6,715
9,702
33.5
10,552
28.0
29.0
8,794
2,975
6,725
26.8
—
49.0
25.0
3,388
3,944
27.7
_
42.5
32.2
......
Oregon
29.7
28.0
1,049.300
1,053,839
941.230
Barley—A small increase in the production of barley compared with the
Sept. 1 forecast is indicated due largely to better
yields than expected in
the important barley States of North
Dakota, Minnesota and Wisconsin.
In Nebraska, Iowa and South Dakota
yields are unchanged from a month
ago.
Total production is now placed at
269.540,000
bushels, compared with
252,139,000 bushels in 1938 and the 10-year
(1928-37) average of 233,021.000 bushels.
The indicated yield per acre is
21.5 bushels, compared with 24.0 bushels
last
year, and the 10-year average of 20.7 bushels.
Yields are above aver¬
age in most of the main producing States, but are
slightly below average
in Iowa and much below in Nebraska and
Kansas.
13
13.5
Buckwheat—A buckwheat
on
crop in 1939 of only 5,671,000 bushels, the
record, is indicated by Oct. 1 condition and yield
was 6,682,000 bushels, and the
10-year (1928-37)
reports. Production in 1938
Conditions
which
State
have
has
been
The forecast
adverse
on
Oct. 1 is about 100,000 bush¬
throughout
the
season
in
New
York,
one-third of the total acreage this
year.
Though
good yields have been reported, much of the crop was too short for
was grazed and some in the
drought areas was cut for cur¬
rent
15,617
Mississippi
Arkansas
114
19.5
114,520
14,865
38,596
35,688
32,225
—
16.0
16.2
—.........
106,500
16,186
35.0
—
20.0
15.5
Kentucky.........
3,906
8,488
6,297
19,040
over
harvest—some
26.0
-
23.5
some
37.0
-
22.0
22.8
22.5
190,932
25.0
-
22.0
18.8
14.5
484,654
21
Kentucky—-
18.6
21.2
Georgia
157,535
30
——
2,020
19.0
468,923
Virginia
Florida
1,312
1,978
1,806
20.0
21.0
55,512
82,380
Maryland
Georgia
1,364
2,237
2,218
21.5
19.8
404,650
4,147
18,537
—
27.5
19.4
58,035
90,514
136,346
393,143
113,655
16,305
54,933
159,176
42.0
49.5
13
—
22,134
*116
379,350
71,042
35.0
—
Delaware
96
average, 7,694,000 bushels.
els lower than on Sept. 1.
307,592
43,167
45.5
Nebraska
90
207,200
36.5
35
.
49,924
32,537
smallest production
36.0
29
—
15.5
7,215
50.0
—
-----
South Dakota...
31,280
42,309
29.0
56,191
164,400
38.5
— -
North Dakota
36,034
31,298
32.0
7,486
36.5
16
—
——*———
45,600
23.5
West Virginia
Florida
72,605
32.0
59,508
156,992
173,389
45.0
14
Minnesota—..
151,613
156,450
28.0
51,087
132,287
151,195
31
*
45,900
76,105
128,700
198,086
46,050
55,076
35,673
7,186
:
33
Michigan
93,102
42,840
30,595
41,218
North Carolina..
South Carolina....
'
34,060
110,534
22,814
29
Illinois
Wisconsin--',
Iowa.
400
36
——-
3,120
1,482
347
39
—
1,606
38.0
33
New York-
41.0
40.0
38
Connecticut-
2,803
38.0
39
38
.
39.0
41
—*
-
Rhode Island- —*—i
.......
Idaho.
38
Massachusetts
14.0
22.5
Delaware
Maryland
Virginia
Wyoming
Maine
Vermont———
29.5
1,215
26,590
35,490
28,812
30.0
Kansas*..—*——.
of the
Production (.Thousand Bushels)
1939
1928-37
27.0
21.9
...
United States.....
Indi¬
Average
23.0
30.0'
60
36,993
134,433
193,949
34,737
21.5
22.5
21.0
1,339
4,370
ALL
Yield per Acre (Bushels)
Slate
24.0
18.7
Nebraska
quality
drought
compared with last month,
these
21.2
—
Montana
States,
have been maintained or improved except in Kansas,
While the crop was
affected somewhat by insect and oisease injury and premature
ripening
yields have increased in comparison with earlier years as a result of the
large proportion of corn hybrids planted in these States in 1939.
Yields
for other States show more variation and will
average somewhat lower than
the Sept. 1 prospect.
per
30.0
North Dakota—
too far advanced towards maturity to be damaged, though
forced too rapidly, resulting in some chaffy corn.
Dry weather
has favored unusually
corn
38.5
33.5
Missouri
was
corn was
33.0
32.2
South Dakota
Corn—The Oct. 1 production of corn for all purposes is
placed at 2,532,417,000 bushels.
This is an increase of only 9,000,000 bushels over
the Sept. 1 forecast.
The crop is about 10.000,000 bushels below the 1938
production of 2,542,238,000 bushels, and about 10% above the 10-year
(1928-37) average production of 2,309,674,000 bushels.
The yield per
acre for the United States is 27.9 bushels,
compared with 27.7 bushels in
1938, and the 10-year average of 23.0 bushels.
September was marked by prolonged, late-season drought and heat of
record-breaking severity over much of the Nation.
A large proportion of
the crop
31.0
Iowa.—
Farms—Wheat remaining on farms Oct. 1 amounted
which is 44.9% of this year's production.
The
quantity on farms on Oct. 1 was smaller than the 401,411,000 bushel farm
reserves on Oct. 1, 1938, and smaller than the
10-year average farm stocks
of 340,348,000 bushels, but it was larger than Oct. 1 farm stocks in
any
year since 1932 excepting 1938.
The disappearance of wheat from farms
during the period July 1 to Oct. 1 was 498,070,000 bushels, compared with
588.503,000 during that period last year, and the 10-year average
JulylOct. 1 disappearance of 463,816,000 bushels.
to
...
1939
3,876
25,937
48,830
49,177
125,119
39,160
78,017
24.5
Illinois
United
*
28.5
16,678
17.5
19,254
12,712
23,567
17.0
13.4
....
21.7
18.5
Oregon
23.6
19.8
Washington
Prelim.
1938
4,332
32.0
453
•_
.
Production (Thousand Bushels)
State
8.5
Texas
New Mexico.—
65
OAT8
Yield per Acre
11.0
•
11.7
Idaho
during the same period last year but was
considerably larger than
during the same three months of each of the
preceding 5 years.
1,662
4,642
11.0
Arkansas
Oklahoma
than
2,030
10.9
*
Kentucky
Tennessee
Utah
1,278
7,334
7,946
14.5
:
they are above the
10-year (1928-37) average in all groups
except the South Central.
The
preliminary estimate of yield per acre for the United States is 28.0 bushels.
The yieldin 1938 was 29.7
bushels, and the 10-year average 27.7 bushels.
Oats stocks on farms are
765,227,000 bushels, or 81.3% of the 1939
production.
On Oct. 1, 1938, farm stocks were
854,323,000 bushels, which
was
81.1% of the 1938 crop.
The 10-year (1928-37)
average stocks on
farms Oct. 1 were 834,211,000
bushels, or 80.2% of production.
Disap¬
pearance of oats during the
July 1-Oct. 1 quarter was about 9% smaller
20,055
8,526
2,340
disappear¬
a
The harvest was
relatively early, and threshing returns indicate yields
quite generally better than expected.
Though yields per acre are below
last year in all groups of States,
except the Western,
26,516
79,839
138,072
Delaware
9,586
31,600
73,737
23,580
46,254
Kansas
38,948
1938,
289,728,000 bushels took place.
Oats—The 1939 oats crop is now estimated to be
941,230,000 bushels,
compared with the Sept. 1 estimate of
929,968,000 bushels, the 1938 crop
of 1,053,839,000 bushels and the
10-year (1928-37) average production of
1.049,300,000 bushels.
'
38,762
15,209
1,365
21,231
Michigan..
of
ance
27,336
18.5
19.8
.
Illinois
2397
Farm Stocks—Stocks of old corn on farms Oct.
1, 1939 were 546,052,000
bushels, the highest since Oct. 1 stocks were first reported in
1926.
Stocks
414
1,653
feed
month
due
to
poor
pastures.
State with about 30%
leading
ago.
Prospects in Pennsylvania, the second
of the acreage, show no change from a
Weather so far has generally been favorable for
harvest, but reports in¬
dicate that much of the buckwheat failed to fill and
will be light in
weight.
The indicated yield on Oct. 1 is 14.5
bushels, compared with 14.8 bushels
jn 1938, and the 10-year (1928-37) average of 15.8 bushels.
Potatoes—Oct. 1 conditions indicate potato production will total
358,-
689.000 bushels.
This production is
3% smaller that the 1938
371.617,000 bushels, and 4% smaller than the 10-year
(1928-37)
of
372,258,000 bushels.
The current estimate is
bushels from the Sept. 1 estimate.
In Maine, yields are
a
crop
of
average
reduction of 5,519,000
uniformly disappointing.
In northern Aroostock
many fields died prematurely from late
blight, and the
showing considerable late blight rot.
In other parts of this
section the growing season was
dry, and a heavy infestation of aphis and
flea beetles caused early deterioration.
In New York, dry, hot weather, followed
by frosts in some upstate
areas, have reduced yield prospects; but the late
crop on Long Island and
County the vines in
tubers
are
potatoes grown on muck lands
in the
are
yielding better than
season.
Yields
average,
those of
in
most
States
of the
Middle
although the estimates for
West
are
was
expected earlier
indicated
to
be
above
sections are
slightly lower than
In Ohio, lack of rainfall and high
temperatures in
September damaged the crop.
Poor stands, frost and late
blight in Michi¬
gan have been adverse factors.
In Wisconsin, hot,
dry weather has re¬
tarded growth.
The Minnesota crop shows extreme
variations; prospects
have improved in some areas, but have declined in
others.
In the northern
end of the Red River Valley area of Minnesota
and North Dakota,
fairly
good yields are reported; Dut in the southern part of the
Valley plants
dried up early in the season.
The Nebraska crop made
good growtn during
September.
a
some
month ago.
Variable yields arer eported in
same
as
a
month ago.
Idaho, but total yield prospects are the
In Colorado, indications now point to much
high
e
The Commercial <£
2398
yield prospects.
The growth reported in western Oregon was about offset
by light yields Indicated in Deschutes and Klamath Counties.
The Cali¬
fornia crop, on the basis of more complete reports, is turning out much
better than was expected earlier in the season,
CROP REPORT AS OF OCT. 1,
1939
Crop Reporting Board of the Agricultural Marketing Service makes
the following report from data furnished by crop correspondents, field
statisticians, and cooperating State agencies.
The
UNITED
STATES
'
a
Average
1928-37
1939
1939
a
bush._
Wheat, all, hush.
23.0
27.7
27.9
13.4
13.3
13.4
Winter, bush..
14.5
13.8
14.3
Allspilng, bus!.
10.6
11.9
11.5
Durum, bush
9.4
11.4
1939
a
a
2,309,674 2,542,238 2,523,092 2,532,417
739,445
736,115
930,801
752,952
550,710
550,710
686,637
560,160
188,735
185,405
244,164
192,792
10.7
Corn, all,
Oct. 1,
Sept. 1,
1938
33,144
32,652
40,445
35,076
Other spring,
10.9
12.0
11.7
Oats, bush
27.7
29.7
28.0
Barley, bush
20.7
24.0
21.5
Rye, bush
11.1
13.8
203,719
157,716
1,049,300 1,053,839
252,139
233,021
152,753
155,591
929,968
941,230
264,163
269,540
55,039
40,83 '
5,671
5,767
6,682
7,964
14.5
5.9
8.6
8.6
11,943
8,171
17,246
49.0
49.1
43,387
52,303
50,766
12.9
10.0
86,296
100,816
98,979
87,595
sorghums,
Grain
bushels
All tame
1.24
1.43
1.30
68,765
80,299
74,728
of
0.76
0.89
0.79
9,414
10,444
8,999
8,999
1.10
1.30
1.13
26,577
27,754
24,320
24,320
and
timothy.b.
.
the
on
in
although
weeks, nevertheless
recent
of
items,
such
as
sheets and pillow cases were
part-wool blankets,
announced.
muslin
Wash goods con¬
28,858
27,008
27,139
tinued to
15,268
13,073
13,575
reported to have covered the bulk of their nearby demands,
677
116.7
85.2
86.8
85.8
3,926
3,926
4.253
3,418
989,014 1,309,400 1,294,650 1,232,520
358,689
364,208
371,617
76,122
76,647
78,679
70,690
Tobacco,lb.....
803
860
918
1,360,400 1,378,534 1,659,608 1,654,174
v
17.4
16.8
16.3
—
372,258
22.1
3,609
6,720
5,900
5,779
Sugar beets, tons.
11.1
12.5
11.5
8,486
11,614
10,677
10,762
Broomcorn, tons.
:267.8
.-278.9
C254.6
44
37
28
28
1,198
1,119
1,236
e34,079
e35,261
39,060
38.570
22.8
16.6
sugar, tons
Hops, lb....
Business in silk
%
%
69
48
55
Apples.f
------
------
commer'l
bush
total
103,260
82,395
96,469
--
--
-
-
100,998
>471
R60
1159
e54,151
e51,945
61,426
61.730
e32,473
30,282
30,311
Pears, total crop,
72
68
e25,489
Grapes, tons.h..
Pecans, lb
71
79
78
e2,215
2,704
2,645
49
35
42
65,313
49,721
61,862
Pasture
65
76
56
ftnvhpfluft
75
84
86
Cowpeas..
66
66
72
64
bushels
------
2,578
59,957
— —
-
——
figures are not based on current indications, but are carried
b Excludes sweet clover and lespedeza.
c Pounds,
e Includes some Quantities not harvested,
f Condition
Oct. 1 in States having commercial production,
g Production in percentage
a full crop,
h Production includes all grapes for fresh fruit, juice, wine, and
For certain crops,
previous reports,
and threshed,
raisins.
_..
UNITED
STATES
.
Acreage
Harvested
Crop
For
1939
Harvest,
Per Cent
1939
Average
retail merchants is anticipated.
goods remained quiet, although prices held
firm, reflecting the higher cost of the
of
a
need
further
of
continued active
increase
additional
Domestic
in
yarn
as
raw
found themselves in
operations,
supplies.
Trading
material.
weaving plants, because
Surplus stocks in
pro¬
were
Cotton
Goods—Trading in the gray cloths
during the largest part of the
period under review.
The decrease in the official cotton
crop estimate from
12,380,000 bales to 11,928,000 bales
had little effect on sentiment, which remained completely
under the influence of the fluctuating news concerning the
European war situation.
Prices held steady, however, due
to the realization that sales of finished goods in some divisions
have, of late, been far in excess of the orders written on
gray goods, with the result that supplies in
converters'
hands have been materially reduced.
Business in fine goods
was restricted
to small lots for immediate shipment, with
prices generally ruling steady because of the improved
statistical position of the mills.
A slightly better demand
developed for coarse yarn fancies.
Closing prices in print
cloths were as follows:
39-inch 80s, 7%c.; 39-inch 72-76s,
7c.; 39-inch 68-72s, 6%c.; 38M-inch 64-60s, 5%c.; 38^-inch
60-48s, 4% tc 4%c.
markets
Peaches,
bush
While wholesalers were
reported, in a number of instances, to
have been completely exhausted, and, as a result, rumors
cf impending price xdvances, on the occasion of the opening
of order books for December, were again in circulation.
Condition Oct. 1
forward from
further substantial buying by
ducers' hands
%
in good volume.
move
in rayon yarns
Sugar cane for
of
than
satisfactory account, and further price increases on
number
a
active
less
somewhat
12,638
764
on
increase in sales averaging 8% was shown.
an
Trading in the wholesale dry goods markets,
24,097
123.1
a
while Newark estab¬
For the entire month of
2.00
714
d Picked
of 8.7%,
gain of 6.9%.
c869
111.4
crop,
increase
a
particularly adverse
a
New York and Brooklyn
2.14
bush..
Sweet potatoes, bu
Potatoes,
crop,
an
reported
September,
Coast, had
sales in those districts.
showed
stores
lishments
Pacific
the
on
influence
c914
field,
bushels
Peanuts, lb.d
Apples,
than
year
c731
bags...
dry
Peas,
accord¬
1.94
Alfalfa..
Beans, dry edible,
100-lb.
for the week ended Sept. 30,
over,
period of last
same
troubles
75,023
Wild
Clover
promotional influences.
when the after-effects
hurricane in the New England section, and strike
during the
gave a
Hay, tons—
too, were in better
Home furnishings,
ing to the Federal Reserve Board, were 14% higher
51,144
11.8
Rice, bush
apparel
demand
Department store
of consumers, notably in the
the part
on
sales, the country
17,439
47.5
bush..
Flaxseed,
14.8
15.8
bush
Buckwheat,
36,330
nervousness
markets because of the rapid
changes in the European war situation, retail business
during the first part of the week made a somewhat less
satisfactory showing.
Later in the period, however, the
advent of cooler weather resulted in increased buying
40,834
10.0
bushels
prevailing in
by the security
displayed
partly due to
Indicated
cated
Oct. 1,
■
>
1938
1928-37
temperatures
of the country, and increasing
sections
divisions.
Thousands)
Indi¬
Average
Crop
some
unseasonally high
to
activities
Total Production (In
Yield per Acre
Night, Oct. 13, 1939
New York, Friday
Owing
1939
14,
TRADE
THE DRY GOODS
yields than were expected earlier in the season when growth was retarded
by frosts.
Relatively low yields in the ban Louis Valley are more than
offset by the excellent prospects in northern Colorado.
The Ltah crop,
most of which is unharvested, improved during September.
In Washington, heat and lack of rainfall prevented improvement in
GENERAL
Oct.
Financial Chronicle
continued
inactive
cf 1938
1928-37
1938
Corn, all
99,798,000
91,792,000
90.734,000
98.8
Wheat, all
55,804,000
70,221,000
55,000,000
78.3
Woolen
38,160,000
49,711,000
38,572,000
77.6
All spring
17,645,000
20,510,000
16,428,000
80.1
Durum
3,355,000
3,545,000
87.3
14,290,000
16,965,000
3,095,000
13,333,000
37,452,000
35,477,000
33,574,000
94.6
11,017,000
10,513,000
12,546,000
119.3
3,179,000
3,979.000
4,100.000
103.0
Winter
-
Other spring
Oats
...»
Barley
Rye
-
78.6
390,000
86.1
954,000
1,068,000
2,034,000
1,042,000
213.2
913,000
112.0
508,000
—
Rice
97.6
7.293,000
7,792,000
8,729,000
34,984,000
24,248,000
24,222,000
99.9
55,517,000
56,309,000
11,774,000
57,801,000
102.6
11,386,000
96.7
21.516,000
100.9
13,551,000
1,562,000
100.7
261,000
21,320,000
13,462,000
1,671,000
203,000
225,000
110.8
4,246,000
6.858,000
118.4
2,339,000
3,057,000
8,119,000
2.651.000
1,377,000
1,713,000
1,820.000
106.2
100,000
129,000
123,000
95.3
3,343,000
3,020.000
883,000
3,074,000
101.8
887,000
100.5
Grain sorghums
Cotton.
Hay, all tame
-
Hay, wild
Hay, clover and
453,000
2,035,000
Buckwheat.
Flaxseed..
12,154,000
-
-
23,981,000
timothy.a
12,442,000
Hay, alfalfa
1,740,000
Beans, dry edible
Peas, dry field..
Soybeans.b
Cowpeas.b
-
--
Peanuts.c
Velvet beans.b
Potatoes
Sweet potatoes
...
835,000
.
93.5
86.7
112.5
214,000
1,603.000
190,000
1,802,000
Sorgo for sirup
195,000
102.6
Sugar cane for sugar
213,000
294,000
262,000
89.0
1,700,000
Tobacco
Sugar cane for sirup
130,000
137.000
140,000
102.2
Sugar beets
763,000
930,000
937,000
100.8
334,000
263,000
222,000
84.4
28,000
32,000
31,000
99.0
332,263,000
328,194.000
316.089,000
Broomcorn
.
.
Hops
Total (excl. dupl.)
96.3
Goods—1Trading in men's wear fabrics continued
although prices were able to fully maintain their
recent gains.
While clothing manufacturers were said to
have covered the bulk of their needs in spring materials,
and the flow of goods in distributive channels left something
to be desired, the present lull in business is chiefly due to
the recurrent nervousness over the quickly changing Euro¬
pean war outlook.
Meanwhile, mill operations remained
at satisfactory levels based on the substantial backlog of
quiet,
unfilled
orders.
A
fair
amount
of
business
was
done
in
topcoatings and winter sports fabrics.
Overcoatings, too,
moved
in moderate
volume.
While
wholesale
clothing
centers reported active trading in spring and summer items,
advices from the retail clothing field bore a spotty character,
chiefly owing to the fact that abnormally high temperatures
prevailing in some sections of the country, interfered with
consumer
purchases of fall apparel lines.
Business in
women's wear fabrics was moderately stimulated by the
initial introduction of the new spring lines of coatings, which
revealed price advances averaging from 30 to 35c. a yard.
Considerable interest was displayed in the new offerings
although few transactions were consummated.
While retail
garment business suffered somewhat through abnormally
high temperatures, manufacturers placed additional orders
on fall and winter
materials, in view of the better demand
in the wholesale market.
a
Excludes sweet clover and lespedeza.
b Grown alone for all purposes.
Picked
c
and threshed.
GRAIN STOCKS
ON FARMS OCT.
1939
1938
Average 1928-37
Crop
1,000
1,000
1,000
Bushels
Per Ct.
Bushels
Per Ct.
Bushels
Per Ct.
Wheat.
45.3
340.348
43.1
401,411
44.9
332,213
Oats
80.2
834,211
81.1
854,323
81.3
765,227
167,178/
15.0
353,194
24.0
546,052
Corn (old crop) .a.
a
8.2
Data based on corn for grain.
Foreign Dry Goods—-Trading in linens was quiet, with
futures supply situation again occupying the attention
of the market.
A fair amount of orders on gift items for
the holiday trade was received.
Business in burlap main¬
tained its nervous character, as the demand for spot goods
the
1
continued
far
in
excess
of
available
supplies.
Prices ad¬
vanced further, with the record United States consumption
fm* September aggregating 91,000,000 yards, supplying an
additional impetus.
at
Domestically lightweights
7.25c., heavies at 9.2oc.
were
quoted
Volume
The Commercial & Financial Chronicle
149
State and
City Department
payroll
Stifel.Nicolaus & CoJnc.
Founded 1890
314 N. Broadway
DIRECT
WIRE
ST.
LOUIS
News Items
National
Conference
on
Government
United
Scheduled—
November 15-17 will be the scene of the
45th National Conference on Government annually arranged
by the National Municipal League.
Governors, mayors,
city managers, civic leaders, citizens and authorities in the
field of government will convene at the Hotel Severin for
discussions centering about current problems of city , county
Indianapolis
on
and State government.
Emphasis this year will be on the practical methods of citizen action to
changes in forms of local government, improvements in administra¬
revival of voters' interest in government, and education of voters
and voters-to-be to constructive citizenship in the home town.
President Herman B. Wells of the University of Indiana and President
G. A. Dykstra of the University of Wisconsin, who is president of the
National Municipal League, will both speak at the annual banquet on
Thvrsday, Nov. 16, on the subject of the relationship of the university to
government.
Indiana University recently initiated a cooperative research
program with the National Municipal League on the role of the citizen in
secure
—More
ministrators said
in
Reconstruction
to
statement
on
was
Finance
Corporation—Loans Author¬
Irrigation Districts—The following
issued by the above named Federal agency
Drainage
Oct. 11.
are now 3,052 counties, 16,450
incorporated places, 118,667 school districts, 19,303 townships, and 3,624
other units of government in the country.
In 1934 a count was made by
the
nited States Bvreau of the Census showed a total of 167,699 units
authorized to levy property taxes, against the current total of 161,144.
The 10 States with the largest
Minnesota,
Missoi ri,
number of taxing units are Illinois, Kansas,
New York, Wisconsin, Michigan, Nebraska, Iowa
The range of these top 10 is from 7,106 in Texas
and Texas, in that order.
to
15,000 in Illinois.
Bond
Proposals and Negotiations
its
impact on local government, the growth of governmental
functioi-s, state planning, election methods, public welfare, control of munic¬
ipal expenditures, control of liquor and places to eat, drink and dance, and
legislative councils will be among subjects to be discussed at round table
and general sessions.
All sessions will be open to any individuals or representatives of organi¬
zations interested in the subjects to be discussed.
The National Association of Civic Secretaries and the Proportional Repre¬
sentation League will meet concurrently with
the National Municipal
League.
ized
on
The commission's count shows that there
democracy.
War
States—Number of Governmental Units Decreases
local governmental bodies with taxing
than 6,500
powers were eliminated during the past five years, accord¬
ing to a recent census of taxing units in the United States
by the Illinois Tax Commission, the Federation of Tax Ad¬
tion,
a
$1,500,000,000, or 10% of the total
In its first vear, 1937, it amounted to
or 5%.
The $14,811,000,000 of American taxes raised during the fiscal year
ending in 1938 came from 10 major types of taxes, according to the analysis.
Property taxes accounted for $4,745,000,000—32% of the total—in 1938.
This was 4% less than in 1937, and 9% under 1932.
Income tax collections
in second place, totaled $3,242,000,000, which was 22% of the total tax
yield.
The various general and special sales and occupational taxes together
yielded a total of $3,842,000,000, or 26% of all taxes last year.
This
figure included general sales, liquor, tobacco, gasoline and other special
sales taxes; Federal stamp taxes and manufacturers' excises, gross receipts
taxes and licenses.
The largest single revenue producer in this group was
the gasoline tax, which brought in $981,000,000 in 1938.
Liquor tax revenue
amounted to second highest, yielding $838,000,000.
Of the $14,811,000,000 total, the Federal Government in 1938collected
$6.034.000,000; State governments, $3,857,000,000; and local governments,
$4,920,000,000.
Except for the Fedetal customs duties on imports, the
analysis showed, each of the 10 major taxes is levied by more than one
level of government, and many of thprn are levied by all three levels. Data
used in the analysis came from the United States Treasury Department,
Illinois & Missouri Bonds
CHICAGO
yielded
tax
American tax yield.
about $600,000,000,
Specialists in
105 W. Adams St.
2399
ALABAMA
LAUDERDALE
COUNTY
(P.
O.
Florence),
Ala.— WARRANTS
Board of Edu¬
being offered by Marx
PUBLICLY OFFERED—A $64,000 issue of 3H% semi-ann.
capital outlay and refunding warrants
cation,
&
of
Co.
Birmingham,
is
for general subscription.
Dated Sept.
1, 1939.
as follows; $12,000 in 1947 and $13,000
interest payment date after March 1, 1947,
at par and accrued interest.
Prin. and int. payable at the First National
Bank, Florence.
Legality to be approved by Storey, Thorndike, Palmer
& Dodge of Boston.
Denom.
$1,0/
.
Due March
1,
in 1948 to 1951, callable on any
and
ARIZONA BONDS
Oct. 6:
Loans aggregating
$282,500 have been authorized by the Reconstruction
for one drainage district in Arkansas to improve its
drainage facilities and provide rights-of-way for flood control projects of
the Engineer Corps, U. S. Army; for one irrigation company in Montana
to improve its irrigation system and utilize to better advantage its reservoir
capacity; and for two irrigation companies in Colorado to improve their
facilities.
This makes a total to date of $107,472,043.02 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 incorporated water-users' associations and the
balance for drainage, levee, irrigation and similar districts.
Finance Corporation
Market» in all Municipal Ittuea
REFSNES,
ARIZONA
The district and companies are:
Drainage District Number Seven, Poinsett County, Ark__
$250,000
Water Users Irrigation Co., Beaverhead County, Mont
15,000
The Summit Reservoir & Irrigation Co., Montezuma County. Col_
12,500
The Fruitland Irrigation Co.. Montrose & Delta Counties, Col
5,000
Tax
Exemption Grants to Plants Offered by Many
States—Preferential taxation as an incentive to industry to
within their boundaries is a continuing policy of the
England and Southern States, according to a survey
released recently by the National Association of Assessing
locate
New
Officers.
Aside from Wyoming and Oklahoma, the 23 States which grant tax im¬
munity to industrial properties are in the eastern half of the United States,
with the Southern States adding most frequently to the exemption list in
late years.
The most prevalent type of
temporary
industrial exemption law requires or permits
exemption of newly located or newly constructed plants, the
survey showed.
Such laws are found in
Arkansas. Delaware, Florida, Georgia,
the following 15 States; Alabama,
Kentucky, Louisiana, Maryland,
Mississippi, Oklahoma, Rhode Island, South Carolina. Vermont. Virginia
and Wyoming.
Although the details of these exemptions differ considerably from State
to State, the immunity is generally up to the local or State government
whose taxes are involved, and the period of tax freedom is usually limited
to 5 or 10 years.
Most of these exemotion laws are to induce established
plants to migrate or to tip the scales in favor of a particular locality when
a new plant is being set up, the Association said.
Alabama, for example, gives a 10-year tax immunity to all newly con¬
structed buildings and equipment used in a wide variety of specified manu¬
facturing processes.
The exemption terminates when the plant is not
operated for the purpose for which it was constructed or if it is idle
for six
months.
A variation is found in the 1939 enactment of
permits
a
Rhode Island.
RIVER PROJECT AGRICULTURAL IMPROVEMENT AND
POWER
DISTRICT
(P. O. Phoenix), Ariz.—BOND OFFERING—
SALT
Sealed bids will be received until
11
a.
m.
on
Qct. 17, by A. W. McGrath,
Secretary of the Board of Directors, for the purchase of $232,000 coupon
refunding bonds.
Denom. $1,000.
Dated Nov. 1, 1939. Due Jan. 1, as
follows:
$10,000 in 1955 to 1957, $20,0o0 in 1958, $30,000 in 1959 to 1962,
$32,000 in 1963, and $30,000 In 1964.
The district reserves the right to
redeem the bonds on Jan. 1, 1950, or on any interest payment date thereafter
upon 45 days' notice at par and accrued interest plus a premium of
of 1 %
of the principal for each year or fraction of year of the term thereof which
has not expired at the date of redemption, provided the premium shall not
exceed 3% of the orinclral.
The right is reserved to reject all bids.
Prin.
and int. pavable at the district's office in Phoenix.
The bonds are registerable as to principal only.
The bonds are paj able from taxes levied upon all
taxable real property within the district without limitation of rate or amount
and payment of the bonds, both primi^al and interest, is further secured
by Salt River Valley Water Users' Association whose executed guaranty of
payment will be indorsed upon each bond.
No proposal will be considered
at less than 95% of the nar value of the bonds and accrued intere t.
This is a part of a total authorized issue of $13,000,000 for refunding
purposes, of which $7,9 2,000 have been issued anc' sold.
The proceeds from the sale of these bonds will be used to refund 1940
maturities of the following issues and maturities of bonds issued or guar¬
anteed by Salt River Valley Water Users' Association:
Amount
Name of Issue—
Lehi Agricultural Improvement
District, 6s
Agricultural Improvement District No. 2, 6s
Mormon Flat, 6s
-
Maturing
$6,000
65,000
161.000
Maturity Dale
Jan.
Jan,
Feb.
1, 1940
1,1940
1, 1940
$232,000
Total
printed bonds and the approving opinion of
Chapman & Cutler of Chicago.
Enclose a certified check for $4,600*
payable to the district.
The
district
will
furnish
This law
municipal governing body to relieve an idle factory of taxation if
the owner agrees not to raze the building or remove
the machinery.
The
purpose is to prevent emigration rather than to induce immigration.
Three States—Kentucky, Ohio and Virginia—have adopted a permanent,
general policy of encouraging industrial development by taxing at pref¬
erential rates the inventories, machinery and other personal property used
in
ELY, BECK & CO.
PHOENIX, ARIZONA
manufacture.
Five States—Delaware, New York,
ARKANSAS
Markets in all State,
BONDS
County & Town Issues
Pennsylvania, Maryland and Massa¬
exemption of all or the most im¬
chusetts—have provided for permanent
of personal property of manufacturers.
These exemptions
be from all property taxes—as in the first three States—or only from
portant tyoes
may
those of certain levels of government—as in
the latter two.
States—Payroll Levies Affected Tax Picture in
1938—'The change in the American tax picture since payroll
taxes have been added to the revenue system is shown in an
SCHERCK, RICHTER COMPANY
LANDRETH
BUILDING, ST. LOUIS, MO.
United
analysis of 1938 tax receipts of Federal, State and local
governments released by the Federation of Tax Administra¬
tors on Oct. 9.
Only the property tax and the income tax
brought in more governmental revenue in 1938 than the
payroll tax. The second year in which it was collected the
ARKANSAS
ARKANSAS, State of—SEPTEMBER GAS TAX COLLECTIONS AT
NEW HIGH—Department of Revenue of Arkansas reports September
collections at $1,850,011 compared to $1,852,283 in August, and $1,734,727
in September, 1938.
Gasoline tax at $983,256 exceeded the former record of $954,895 for a
single month established in October, 1938. Commissioner Z. M. McCarroll
credited increase to tightening of regulations and larger volume of tourist
The Commercial & Financial Chronicle
2400
Oct.
14,
1939
traffic in Arkansas,
tax made
Motor vehicle license totaled $34,014 and with gasoline
$1,017,270 available for credit to highway fund' after authorized
In September, 1938, the two taxes produced gross revenue of
deductions.
BONDS
FLORIDA
$991,114.
CORNING, Ark.—BONDS VOTED—At
an election held on Oct. 3 the
approved the issuance of $15,000 in street paving bonds by a very
wide margin, according to report.
voters
Clyde C. Pierce Corporation
Barnett National Bank Building
JACKSONVILLE
California
Municipals
National
-
Bank
DUVAL
PRINCIPAL CALIFORNIA
CALIFORNIA
Dated Sept.
Riley, State Comptroller, that $2,000,000 unemployment relief, regis¬
tered warrants were offered for sale on Oct. 9 and was purchased by R. H.
Moulton & Co. of San Francisco, at 4%.
Dated Oct. 11, 1939.
Due on
or about Aug. 29,
1940.
Legality approved by Orrick, Dahlquist, Neff &
Herrington of San Francisco.
are
an
election held on Sept
$47,000 in airport
.
said to have approved the issuance of
and water system, bonds.
HUNTINGTON
BEACH, Calif.—BONDS DEFEATED—At the elecT
tion held
on Sept. 27 the voters are said to have turned down
the proposa
calling for the issuance of $265,000 in municipal water system bonds.
LOS ANGELES COUNTY (P. O. Los
—It
is
now
that
reported
the
$20,000
Heights
School
District
bonds sold to Dean Witter & Co. of San Francisco, as 5s at par, as noted
here—V. 149, p. 2116—are due on Aug. 1 as follows: $1,000 in 1940 to
1944; $2,000, 1945 to 1951; and $1,000 in 1952.
OXNARD DRAINAGE DISTRICT NO. 3 (P. O. Oxnard, Calif.—
BOND OFFERING—It is stated by Henry C. Downes, Secretary of the
Board of Directors, that he will receive sealed bids until 10 a. m. on Oct. 21,
for the purchase of $15,000 4 lA% coupon drainage bonds.
Denom. $1,000.
Dated Dec. 1, 1937.
Due on Jan. 1 as follows: $1,000 in 1949 to 1954;
$2,000 1955 to 1957, and $3,000 in 1958.
Prin. and int. (J-J), payable in
lawful money at the County Treasurer's office in San Buenaventura.
The
bonds cannot be sold for less than 90% of the par value thereof, and were
authorized at an election held on Sept. 28, 1937.
The approving opinion
of O'Melveny, TuJler & Myers of Los Angeles, upon the validity of the
bonds will be furnished.
Enclose a certified check for 2% of the aggregate
amount of bid, payable to the above Secretary.
(These bonds were offered for sale on Aug. 21 but the only bid received
was
rejected.)
above
the
Due $44,000
3, 1938, when all bids
were
Francisco,
as
3
Jacksonville)
on
Sept. 1 in 1942 to 1966 incl.
INVESTMENT—The successful bidders republic subscription at prices to yield from
FOR
bonds
for
3.15%, according to maturity.
It was reported
placed by the syndicate.
to
subsequently
that all of the bonds had been
Fla.—ADDITIONAL INFORMATION—In con¬
nection with the $450,000 refunding bonds approved by the city officials
recently, as noted here—V. 149, p. 2260—it is stated by J. E. Pace, City
Auditor, that the bonds are to be placed on the market in December.
Of
the entire funds to be realized, the sum of $150,000 will be used to complete
the 1939 refunding program, and $300,000 will be applied on next years
JACKSONVILLE,
maturities,
GEORGIA
of—CONFIRMATION OF SALE—The report of
the sale of $2,650,000 2% semi-ann. highway refunding certificates at par
to a syndicate headed by the Chase National Bank of New York, given in
our issue of Oct. 7—V.
149. p. 2260—is confirmed by Geo. B. Hamilton,
GEORGIA,
State
Due
State Treasurer,
on
March 15, 1946.
HAWAII
Territory of—BOND REDEMPTION NOTICE—W. C.
McGonagle, Territorial Treasurer, states that the Territory proposes to
redeem on Nov. 1, an issue of $1,500,000 4J^% public improvement bonds
due in 1949.
These bonds may be presented for payment at the office of
the Territorial Treasurer in Honolulu, or at the Bankers Trust Co., New
York.
\ -Vv
HAWAII,
BONDS SOLD—It v/as reported
subsequently that the above Territory-
sold privately to a group of Honolulu banks the $1,500,000 refunding bonds
which had been scheduled for public award on Sept. 6, the sale of which was
149, p. 1645.
The price paid was 100.239
Dated Oct. 11, 1939.
Due on Oct.
postponed, as noted here—V.
SOLANO COUNTY (P. O. Fairfield), Calif .—SCHOOL BONDS SOLD
—It is stated by G. G. Halliday, County Clerk, that the $110,000 Dixon
union High School District bonds offered for sale without success on Oct.
& Co. of San
2.10%
1,1939.
OFFERED
BONDS
offered
Angeles), Calif.—MATURITY
Potrero
O.
composed of Blyth & Co., Inc. of New York, the Equitable Securities Corp.
of Nashville, F. L. Dabney & Co. of Boston, the Itobinson-Humphrey Co.
of Atlanta, the Clyde C. Pierce Corp. of Jacksonville, and Leedy, Wheeler
& Co. of Orlando, as 3Hb, paying a price of 100.61, a basis of about 3.20%.
CITIES
CALIFORNIA, State of— WARRANTS SOLD—It is reported by Harry
HAWTHORNE, Calif.—BONDS VOTED—.At
(P.
offered for sale
B.
28 the voters
AUTHORITY
AIRBASE
COUNTY
Fla.—BOND SALE—The $1,100,000 issue of coupon naval airbase bonds
on Oct. 9—V.
149, p. 1945—was awarded to a syndicate
Bell System Teletype SF 469
OTHER
FLORIDA
Pierce, Resident Manager
S.
FLORIDA
485 California Street, San Francisco
IN
T.
Building
Bankamerica Company
OFFICES
-
-
-
-
Branch Office: TAMPA
'
:
First
for
a
basis of about 2.21%.
11 in 1941 to 1949. incl.
IDAHO
rejected, have been purchased by Dean Witter
paying a pre alum of $416, equal to 100.378.
HANSEN,
Idaho—BONDS VOTED—It is stated by the Village
$12,000 water system bonds were approved by the voters
election held on Oct. 3.
No offering date has been fixed as yet.
COLORADO
that the
Clerk
at an
BOULDER, Colo.—DISTRICT BOND PAYMENT AGREEMENT—
We
are
informed by
Denver correspondent that the city officials have
our
ILLINOIS
entered into
an agreement with the firm of
Campbell, Weller, Jacobs &
of Denver, in an attempt to pay defaulted paving improvement dis¬
tricts bond service charges over a two-year period by issuing tax certificates.
Co.
FLAGLER, Colo.—BONDS EXCHANGED—\t is stated by E. F. Miller,
m
Town Clerk, that the $86,000 refunding bonds authorized recently bv the
City Council—V.
149,
2116—have been exchanged with the original
p.
holders.
OTERO COUNTY SCHOOL DISTRICT NO. 11 (P. Q. La Junta),
^
Colo.—PRE-ELECTION SALE—It is reported by the Superintendent of
Schools that the $15,000 college building completion bonds to be voted
at the election on Oct. 30, as noted here—V. 149. p. 2260—were
purchased by Bosworth, Chanute, Loughridge & Co. of Denver, subject
DISTRICT, 111.—BOND SALE DETAIL.S—The
$70,000 3% park bonds sold to Bartlett, Knight & Co. of Chicago, at a
price of 101.26—V. 149, p. 2260—are dated Nov. 1,1939, in $1,000 denoms.
and mature Nov. 1 as follows:
$4,000 from 1946 to 1950. incl.; $5,000
from 1951 to 1955, incl.; $6,000 from 1956 to 1958, incl. and $7,000 in 1959.
Principal and interest (M-N) payable at the Harris Trust & Savings Bank,
Chicago.
The bonds are payable from unlimited ad valorem taxes and the
approving legal opinion of Champan & Cutler of Chicago will be furnished
the successful bidder.
Issue was sold on a net interest cost of about 2.89%.
CANTON
upon
BOND SALE—The above issue was sold at a
of $882,
COOK COUNTY FOREST PRESERVE
HARTFORD, Conn.—BOND SALE—The $1,500,000 series B coupon
general obligation public works bonds offered Oct. 10—V. 147, p. 2260—
awarded to the First Boston Corpora' on, New York, as 2s, at a
price of 100.67, a basis of about 1.93%.
Dated Sept. 1, 1939.
Denomi¬
nation $1,000.
Due $75,000 on! Sept. 1 from 1940 to 1959 incl.
Prin.
and int. (M-S) payable at the City Treasurer's office.
The bonds are free
from all present Federal income taxes, and by Act of the General
Assembly,
are exempt from taxation in the State of Connecticut.
Legality approved
by Storey, Thorndike, Palmer & Dodge of Boston.
k BONDS RE-OFFERED—Bankers re-offered the bonds to yield from 0.35%
to 2.05%, according to maturity, and
reported re-sale of practically the
entire loan shortly after opening of subscription books.
Other bids at the
were
were
as
follows:
*lidder~
Lehman
w
_
Bros., Phelps, Fenn & Co., Inc., Eastman, Dil¬
& Co., Eldridge &
Co., Equitable Securities
Corp., R. D. White & Co., Bridgeport-City Co. and
Int. Rate
Rate Bid
lon
Coburn & Middlebrook
2%
100 15
2.10%
100.41
Lazard Freres &
Co., Harris Trust & Savings Bank,
Goldman, Sachs & Co., Blair & Co., Inc., Kean,
Taylor & Co. and Boatmen's Nat. Bank of St. Louis 2.10%
Halsey, Stuart & Co., Inc., Onion Securities Corp.,
Bacon, Stevenson & Co., George B. Gibbons & Co.,
Inc., Gregory & Son, First of Michigan Corp. and R.
F. Griggs & Co_
2.10%
Harriman Ripley & Co., Inc., Kidder, Peabody & Co.,
Hemphill, Noyes & Co. and F. L. Dabney & Co
2.10%
First Nat. Bank of N. Y., R. W. Pressprich &
Co.,
Northern Trust Co., Chicago and Salomon Bros. &
_
Hutzler
100.297
100 218
100.209
Brown & Sons and Adams, McEntee &
Co., Inc
2.20%
Bankers Trust Co. of N. Y., Blyth & Co., Smith, Bar¬
ney & Co., Stone & Webster and Blodget, Inc., Paine,
Webber & Co. and Reynolds & Co..
2.20%
100.625
City Bank of N.
Y., Weeden & Co.,
Alex.
Estabrook & Co., Putnam & Co., F. S. Moseley &
R. L. Day & Co. and Edward M.
Bradley & Co
100.469
Bonds Ruled Legal Investments in New York State—It is stated
by George
H. Gabb, City Treasurer, that the former
provision contained in the city's
charter which imposed a six-mill tax limit on a small area in the
city, had
thus making
City of Hartford bonds legal investments for savings banks in New York
been repealed by the State Legislature at its recent session,
State.
TORRINGTON, Conn.—BOND OFFERING—Timothy J. Lyons, City
Treasurer, will receive sealed bids until noon on Oct. 16 for the purchase of
$115,000 coupon new southeast school bonds. Dated Oct. 1, 1939. Denom.
$1,000. Due Oct. 1 as follows: $12,000 from 1940 to 1948 incl. and $7,000
in
1949.
Bidder to
of interest in multiples of
of 1%. Payable
and delivered at the Brooks Bank & Trust Co., Torrington,
name rate
at, certified by
subject to legal opinion of Day, Berry & Howard of Hartford, on or about
Oct. 26.
Bonds may be registered with said trust company.
A certified
check for $1,000, payable to order of the city, must accompany each pro¬
posal.
♦
PLAINES
PARK DISTRICT,
III.—BONDS SOLD—An issue of
$20,000 3}4% swimming pool construction bonds, authorized by
Commissioners on Sept. 8, has been sold.
Dated Sept. 1, 1939.
the Park
Denom.
Due Sept. 1 as follows:
$3,000 from 1949 to 1952, incl.; $2,000 in
1953 and $3,000 in 1958 and 1959.
Interest J-J.
Principal and interest
$1,000.
payable in
Chicago.
Des Plaines.
Legality approved
by Chapman & Cutler of
OFFERING—Everett Reed, Town Clerk,
announces that he is offering for sale an issue of $20,000 2 lA% coupon road
bonds.
Dated Oct. 1, 1939.
Denom. $1,000.
Due $2,000 on April 1 from
1942 to 1951, incl.
Principal and interest (A-O) payable at the State
Bank, Jerseyville.
Legality approved by Chapman & Cutler of Chicago.
Bonds
were
III.—BOND
approved at an election on Sept. 11.
PARK
PARK
DISTRICT,
111.—PROPOSED
BOND
ISSUE—The Board of Park Commissioners on Sept. 22 passed an ordinance
providing for an issue of $30,000 2% % park bonds.
Dated Sept. 25, 1939.
Denom. $1,000.
Due Sept. 25 as follows: $10,000 in 1944 and $20,000 in
1945.
ILLINOIS
100 578
Co.",
2.20%
improvement bonds was
Chicago.
$25,600 4%
HIGHLAND
100.749
.
111.—BOND SALE—An issue of
sold on Sept. 24 to Barcus, Kindred
CRYSTAL LAKE PARK DISTRICT,
FIDELITY,
2.20%
National
attorneys, according to report.
DES
Co., B. J. Van lngen & Co., Inc., E. H. Rollins & Sons, A. C. Allyn & Co., Inc. and E. Lowber
—
early offering of from $300,000 to $1,000,000 bonds—V. 149, p. 2260. Such
borrowing would permit the district to increase its acreage to the maximum
35,600 acres now permitted by law.
The district originally planned to
float a $2,000,000 issue on the basis of a bill enacted at the last session of
the legislature which provided for an increase in maximum acreage to 40,000
acres.
Passage of another measure in the closing session had the effect of
nullifying the earlier enactment with the result that the district was unable
to obtain a favorable legal opinion on the $2,000,000 issue from bond
of
& Co. of
Shields &
Stokes & Co
by Governor Henry Horner on a proposal to include in the call
for a special session of the State Legislature in November a measure de¬
signed to increase the district's maximum acreage from 35,000 to 40,000
acres will govern bond financing by the district in the near -uture, according
to Chicago "Journal of Commerce" of Oct. 6.
If the Governor accedes to
the request of district officials, no financing will be undertaken pending
action by the legislature on the acreage expansion bill.
Conversely, an
unfavorable decision by the Governor is expected to be followed by an
—Action
DARIEN, Conn.—BOND ISSUE REFl SED—The Mayor's request for
legislation authorizing an issue of $200,000 municipal building bonds was
rejected by the Appropriating Board on Sept. 21, according to report.
t
DISTRICT (P. O. Chicago),
OF LEGISLATURE
111.—FINANCING HINGES ON SPECIAL SESSION
CONNECTICUT
sale
price of par plus a premium
equal to 101.26.
the election result.
to
PARK
(State of)—GENERAL FUND LOWER—The general fund
treasury balance dropped to $12,432,253 for the fiscal year ended June 30
from $21,293,717 at the end of the preceding fiscal year. Finance Director
S. L. Nudelman said in a report released recently.
Total disbursement of
State funds for the fiscal year
amounted to $225,549,723, an increase of
$16,984,315 over the previous 12 months.
Revenues of the State from all tax sources, Mr. Nudelman reported,
declined $3,547,895 to $216,027,900.
Receipts from the retailers occupa¬
tional tax for the year hit a new high of $1,516,538, a gain of $599,000.
Revenues from auto licenses rose $2,339,000 and gasoline taxes yielded
$1,800,000 more than a year ago.
Inheitance, liquor, insurance and public
utility tax receipts showed declines.
Mr. Nudelman said that the increased disbursements for the year
accounted for by larger grants for relief and
cities and counties.
were
for gasoline tax distributions to
The finance director said that 47.16%,
revenues, went
revenue
prisons,
for relief.
or $38,440,235 of the sales tax
Next largest share of 26.2% went to the general
fund, which
includes State departments,
hospitals, old-age pensions, normal colleges,
of Illinois.
courts,
legislature,
and the University
Volume
The Commercial & Financial Chronicle
149
9
COUNTY
(P.
O.
Murphy*boro),
SALE
CORRECTION—John Nuveen & Co. of Chicago, purchased on
Sept. 26
an issue of $35,000
3)4% highway bonds at a price of 100.043.
(This
report of the sale corrects that given in V. 149,
p. 2260.)
JOHNSON COUNTY ROAD DISTRICT NO. 2
(P. O. Vienna), 111.
BONDS VOTED—An issue of $6,000 machinery
purchase bonds was ap¬
proved by the voters at an election on Sept. 26.
• ,)?9LIET
PARK DISTRICT, 111.—BOND SALE DETAILS—The
$10,000 greenhouse and tractor bonds mentioned in V.
149, p. 2260—were
sold to Paine, Webber & Co. of
Chicago, as 3 Ms, at par plus a premium of
$87, equal 100.87. a basis of about 3.40%. Dated Oct.
1, 1939. Coupon in
$1,000 denoms. Due Nov. 1, 1950. Interest M-N.
MOLINE, 111.—BOND SALE—The White-Phillips Corp. of Davenport,
purchased
issue of $51,700 3M% judgment
funding bonds at a price of
100.435, a basis of about 3.41%.
Due Oct. 1 as follows: $5,700 in 1940;
$5,000 from 1941 to 1948, inch; and $6,000 in 1949.
Principal and interest
(A-O) payable at the City Treasurer's office.
an
MOUNT
CARROLL, 111.—BONDS AUTHORIZED—The City
recently approved the issuance of $10,500 water tank
revenue
Counci1
bonds.
QUINCY, 111.—BOND SALE—The $200,000 2M% coupon general
obligation sewer bonds offered Oct. 9—V. 149, p. 2260—were awarded to
Smith, Barney & Co., New York, and Mullaney, Ross & Co., of
Chicago,
jointly, at a price of 101.659, a basis of about 2.31%. Due Oct. 1 as follows:
$9,000 from 1940 to 1942 incl.; $10,000. 1943 to 1956 incl.;
$11,000, 1947 to
1950 incl.; $12,000, 1951 to 1954 incl.; $13,000 in 1955 and
$14,000 in 1956
and 1957.
Other bids:
Bidder—
Rote Bid
Harris Trust & Savings Bank and
White-Phillips Corp
Northern Trust Co
101.579
Harriman Ripley & Co., Inc. and
Mississippi Vabey Trust Co.
101.19
-
I.I_ 100.909
SCOTTVILLE,
III.—BONDS AUTHORIZED—At an election held
recently the voters authorized an issue of $60,000 road improvement bonds.
URBANA, 111.—BONDS VOTED—At
UTICA,
election
an
issue of $16,000 fire department
an
Oct. 3 the
on
voters
equipment bonds.
111.—PRE-ELECTION SALE The H. C.
Speer &
IOWA
BREDA, Iowa—BOND OFFERING—Sealed
7 p. m.
of
Sons Co.
of
Chicago has contracted to purchase an issue of $30,000 sewer
system bondsFinancing is contingent upon approval of the loan at an election to take
place in November.
Oct. 16
on
bids will be received until
by the Town Clerk, for the purchase of
a
$10,000 issue
4% semi-ann. town bonds.
CEDAR
FALLS, Iowa-—BOND SALE—The $110,000 issue of sewer
and purifying plant bonds offered for sale on Oct. 5—V.
149, p.
2261—was awarded jointly to Paine, Webber & Co. of
Chicago, and the
outlet
Carleton D. Beh Co. of Des Moines, as
2%s, paying a premium of $1,076,
a basis of about 2.57%.
Dated Oct. 1, 1939.
Due on
Nov. 1 in 1941 to 1958; optional on and after Nov.
1, 1945.
equal to 100.978,
LAKE MILLS, Iowa—BONDS OFFERED—It is
reported that bids were
on Oct. 13, by the Town Clerk, for the purchase of an
$8,000 issue of water works revenue bonds.
Due $500 on Nov. 1 in 1940
to 1955; optional on and after Nov.
1, 1945.
received until 8 p. m.
POSTVILLE, Iowa—MATURITY—It is now stated by the Town Clerk
that the $13,706.19 street improvement,
special assessment bonds sold to
the Citizens State Bank of
2117—are due
p.
OAK PARK PARK DISTRICT. 111.—BOND
SALE—Harriman Ripley
& Co., Inc. purchased an issue of
$50,000 park bonds as 3s, at a price of
102.416, a basis of about 2.83%.
Dated Oct. 1, 1939 and due Oct. 1 as
follows: $20,000 in 1957 and 1958 and $10,000 in
1959. Legality approved
by Chapman & Cutler of Chicago. Other bids: Halsey, Stuart &
Co., Inc.,
102.357; Harris Trust & Savings Bank, Chicago, 102.178.
authorized
2401
111.—BOND
on
Postville,
May 1, 1948.
as
3s at par, as noted here—Y. 149,
The said Clerk also reports that the $4,000 town
improvement, general
obligation bonds sold to the above bank as 2)4s, at a price of 100.25, as
noted, are due on Nov 1, 1945, giving a basis of about 2.21%.
SIOUX CITY, Iowa—LIST OF BIDS—The
following is an official
tabulation of the bids received on Oct. 4 for the three issues of
coupon bonds
aggregating $185,000, the awards of which were described in our issue of
Oct. 7—V. 149, p. 2261:
For $125,000—2 M % Flood Protection Bonds:
Premium
*
Harris Trust
&
Savings Bank, White Phillips Corp., t Iowa Des
Moines National Bank
$1,326
Paine,Webber & Co
1,275
1,125
R. W. Pressnrich & Co
Toy National Bank, Sioux City, Northern Trust Co., First of Mich¬
igan Corp
Halsey Stuart & Co
Security National Bank, Sioux City
Fred A. Gefke & Co., Sioux Falls, S. D
For 2H Bonds:
-
__
Paine Webber & Co
Stranahan
.
Harris & Co.
825
—
700
600
800
;
Iowa Des Moines National and Associates
Fred A. Gefke & Co
Polk
_______
FAIRBANKS
SCHOOL
TOWNSHIP
<P.
O.
Fairbanks,
par
plus $50 premium, equal to 100.71.
Due as follows:
$500 July 1. 1940;
$1,000 Jan. 1 and $500 July 1, 1941; $1,000 Jan. 1 and
July 1 in 1942 and
1943 and $1,000 Jan. 1, 1944.
Other bidders and premiums offered were
follows:
Peoples State
$18.50; Marion Drake, par.
as
Bank
of
Farmersburg,
$25;
Windell
Tennis,
HOWARD
COUNTY
(P. O. Kokomo). Ind.—BOND OFFERING
RESCINDED—The call for sealed bids until Oct. 13 on an issue of
$12,500
not
to
exceed
4%
interest
bridge
bonds—V.
149,
p.
2261—has
been
rescinded.
CITY, Ind.—BOND SALE— The
$250,O K) building bonds offered Oct. lu—V. 149,
Halsey, Stuart & Co., Inc., Chicago, as '214s, at
$2,340, equal to 100.939, a basis of about 2.16%.
to
and due Let.
1
as
follows:
p.
issue of
2117—was awarded
par plus a premium of
Dated Oct. 16, 1939
$12,000 from 1941 to 1960 incl. and $10,000 in
Reoffered by the bankers to yield from
0.75% to 2.20%, according
maturity. Other bids:
1961.
Bidde.—
Int. Rate
Harriman Ripley & Co., Inc., and F. S.
Moseley & Co_Lehman Brothers and Hemphill, Noyes & Co
2)4%
2M%
2)4%
2)4%
2)4%
2M%
Bljth
Co., Inc., and First of Michigan Corp.
s, Fenn & Co...,
Smith, Barney & Co and Bartlett, Knight & Co.
Harris Trust
&
Savings Bank
Trust
Co.;
Union
__
Trust
Co.,
-
KIRKLIN TOWNSHIP
(P. O. Kirklin),
*
Paine
600
& Co
500
Par
2)4% Bonds:
Webber & Co
401
R, W. Pressnrich & Co
—
a.
m.
on
175
For 2 M % Bonds:
Iowa Des Moines National
725
Fred A. Gefke & Co
675
R. W. Pressnrich & Co
improvement
was
made by Paul H. Davis & Co. of Chicago.
(P. O. Bedford), Ind.—BOND OFFERING—
Roy Trueblood, County Auditor, will receive sealed bids until 10 a. m. on
Oct. 27 for rhe purchase of $55,000 not to exceed 3% interest hospital bonds.
Dated Nov. 1, 1939.
Denoms. $1,000 and $750.
Due as follows: $2,750,
July 1, 1940; $2,750, Jan. 1 and July 1 from 1941 to 1949, incl. and $2,750,
Jan. 1, 1950.
Interest J-J.
Bidder to name one rate of interest, expressed
in a multinle of )4 of 1%.
The bonds are unlimited tax obligations of the
county and proposals must be accompanied by a certified check for 3% of
the issue bid for. payable to order of the Board of County Commissioners,
(P.
Paine. Webber & Co
$1,000.
Due $6,000 on June 1 and Dec. 1 from 1941 to 1945. incl. Interest
J-D.
Bidder to name one rate of interest, expressed in a multiple of )4 of
1%.
The bonds are unlimited tax obligations of the county and the pro¬
ceeds will be advanced to various townships for poor reiief purooses.
A.
certified check for 3% of the bonds bid for, payable to order of the Board
Toy National Bank
—
SCHOOL
CITY,
Ind.—BOND
SALE—The $27,900
school bonds offered Oct.
10—V.
149, p. 2117—were awarded
to
the
Indianapolis Bond <fc Share Corp., Indianapolis, as 3s, at par plus a pre¬
mium of $245, equal to 100.87
Dated Dec. 1, 1939 and due as follows:
$900 Jan. 1 and $1,000 July 1
1941 and $1,000 Jan. 1 and July 1 from 1942
,
Other bids:
Bidder—•
Rate
Premium
3%
3%
3)4%
3)4%
3)4%
3^%
$30.11
None
195.30
84.00
27.90
Int.
Fletcher Trust Co
—
—
--
National Trust of New Albany
John Nuveen & Co—
-
Carleton D. Beh &Co._--_
*
Successful bid.
100
t Not previously included.
KANSAS
LAWRENCE, Kan.—BOND SALE DETAILS—It is
now
reported by
City Clerk that the $75,000 civic building bonds sold to the RhodesSeltsam Co. of Topeka, at a price of 100.02, as noted here—V. 149, p. 2261—
purchased as follows: $40,000 as 1 Ms, due $8,000 on Oct. 1 in 1940 to
re^ aining $35,000 as 2Ms, due $7,000 on Oct. 1 in 1945 to 1949,
a basis of about 2.19%,
1944; the
KENTUCKY
BELLEVUE, Kv.—BOND ELECTION—It is stated by the City Clerd
that at the general election in November the voters will pass on the proposek
issuance of culvert and improvement bonds aggregating $12,000.
LOUISIANA
DE
QUINCY, La.—BOND OFFERING DETAILS—in connection with
offering scheduled for Oct. 18 of the $265,000 water and light plant
bonds, noted in our issue of Sept. 16—V. 149, p. 1792—the follow¬
Due Oct. 1, as follows: $5,000 in 1942 and
1943, $7,000 in 1944, $10,000 in 1945 and 1946. $11,000 in 1947, $12,000 in
1948 $13,000 in 1949, $14,000 in 1950 and 1951, $16,000 In 1952 to 1954,
$17,000 in 1955, $19,000 in 1956. $20,000 in 1957, $21,000 in 1958, $20,000
in 1959, and $19,000 in 1960.
The town may call all or any part of the
bonds in the inverse order of their ir aturities on on Oct. 1, of any year after
1940 at, a price of $1.05 and accrued interest to call date. Place of payment
the
revenue
to be
designated by the bidder. Payable principal and interest from a pledge
of
sufficient
a
amount
of income
—
—-
Inc
*
...
—
213.00
4%
44.61
3)4%
58.60
and
revenues
of combined
water
and
light plant of the .town, and additionally secured by first mortgage on
the combined water and light plant including all physical properties thereof.
POINTE
COUPEE
PARISH SCHOOL DISTRICTS
(P. O. New
Roads), La.—BOND OFFERING—Sealed bids will be received until 11
m. on Oct. 26. by S. P. Lorio, Secretary of the Parish School Board, for
the purchase of the following school bonds aggregating $180,000:
a.
$80,000 School District No. 2 bonds.
A $2,500 certified check, payable
Board, must accompany the
to the Treasurer of the Parish School
100,000 School District
the
to
the
Interest
No. 8 bonds.
Treasurer
of
the
A $3,000 certified check, payable
School Board, must accompany
Parish
bid.
rate
is not
to
exceed
6%, payable M-N.
Dated Nov. 1. 1938,
Denom. $500.
Due Nov. 1, 1939 to 1958.
All bids must be in keeping
with the law governing the sale of bonds, which requires that they be sold
for not less than par and accrued interest.
MAINE
nished the successful bidder.
City Securities Corp
Stein Bros. & Boyce.
Kiser, Cohn & Shumacker,
A. S. Huvck & Co
J. J. B. Hilliard & Son
McNurles & Huncilman
450
200
—
of Commissioners,
must
accompany
each proposal.
Approving legal
opinion of Matson. Ross, McCord & Clifford of Indianapolis, will be fur¬
1954, incl.
600
—
Polk Peterson Corp
O. Anderson), Ind.—BOND OFFERING—
John J. Reddington, County Auditor, will receive sealed bids until 10 a. m.
on Oct. 16 for the purchase of $60,000 not to exceed
3% interest series B of
1939 advancement fund (ooor relief) bonds.
Dated Oct. 1. 1939.
Denom.
ALBANY
650
-
ing information is furnished:
Ind.—BOND SALE—The issue of $150,000
COUNTY
700
-_
Jackley & Co-
Nov.
Oct. 9—V. 149. p. 2117—was awarded to John Nuveen &
of Chicago, as 2%s, at a price of 101.589, a basis of about
2.60%.
Dated Sept. 1, 1939 and due as fohows: $3,000 July 1, 1940;
$3,000, Jan.
1 and Juiy 1 from 1941 to 1964, incl. and $3,000, Jan. 1. 1965.
Second
LAWRENCE COUNTY
250
-
giving
bonds offered
MADISON
325
-
Fred A. Gefke «Sc Co
were
Co.
high bid of 100.77 for 2%s
375
350
—i
Carleton D. Beh & Co
2 277.00
of each of the issues.
KOKOMO,
400
-
Halsey Stuart & Co
Jackley & Co.
800
700
-
3,825.00
3,437.00
1,569.00
$34,000 school township building bonds.
Denoms. $1,000 and $700.
Due
$1,700 on Jan. 10 and July 10 from 1941 to 1950, incl.
36,000 civil township community building bonds.
Denom. $900.
Due
$3,600 on July 10 from 1941 to 1950, incl.
All of the bonds will be dated July 10, 1939.
Bidder to name one rate of
interest, expressed in a multiple of )4 of 1%.
The bonds are unlimited
tax obligations of the issuing authorities and the
approving legal opinion
of Matson, Ross, McCord & Clifford of
Indianapolis will be furnished in
to
_
Iowa Des Moines National Bank
For $60,000 City Improvement Bonds—For
3%% interest bonds, divided
follows:
NEW
2,000
__
Ind.—BOND OFFERING—
Clinton E. Wickard, Trustee, will receive sealed bids until 10
1 for the purchase of $70,000 not to exceed
case
Carleton D. Beh
745.00
4,547.50
2M%
2M%
2%%
3%
City Securities Corp
Wheelock & Cummins, Inc
the
Bonds:
the
Bonner & Co
as
3%
Faine. Webber & Co
Stranahan, Harris & Co
Toy National Bank and Associates
Halsey Stuart & Co
Indianapolis,
and Indianapolis Bond & Shaie Corp.
Paul H. Davis & Co. and Kelly, Richardson & Co_
Juhn Nuveen & Co.; Lee Higginson Co„p. and
Blair,
Central Republic Co
Premium
$1,974.75
1,047.50
888.50
700.00
389.75
797.00
2)4 %
2)4%
Phel
Northern
200
100
Par
Iowa Des Moines National
INDIANAPOLIS SCHOOL
to
For
Ind.—
450
300
Peterson Corp
R. W. Pressnrich & Co
$7,000
3lA% refunding bonds offered Sent. 30—
V. 149, p. 1946—were awarded to Henry Thompson, local
investor, at
100
1,000
Carleton D. Beh & Co
-
BOND SALE—The
475
Toy National Bank & Associates
Halsey Stuart & Co
Jackley & Co
INDIANA
725
400
PORTLAND, Me.—BOND SALE—The $120,000 permanent improve¬
bonds offered Oct. 13 were awarded to Halsey, Stuart & Co., Inc.,
New York, as 2 Ms, at a price of 101.22, a basis of about 2.08%.
Dated
Oct. 15, 1939.
Denom. $1,000. Due $8,000 on Oct. 15 from 1940 to 1954
incl.
Principal and interest (A-0 15) payable at the First National Bank of
ment
Bofcton,
will
The
bonds
are
be approved as to
unlimited ad valorem taxes and
Ropes, Gray, Boyden & Perkins of
payable from
legality by
Boston.
MARYLAND
BALTIMORE,
Md.—TAXABLE BASIS HEAVIER—ELIMINATION
TAX OFFSET BY INCOME LEVY—City's taxable
basis for 1940 totals $1,492,699,788, a net loss of $411,913,610 from the
1939 basis of $1,904,613,398, ccording to Herbert Fallin, municipal budget
OF
SECURITIES
director.
The Commercial &
2402
city.
Baltimore's share from this levy is estimated
$1,000,000 and Mr. Fallin sees a possible increase in total
The budget director said that the total taxable basis is
adding the basis assessable at
at more
revenues.
than
arrived at by
the full rate and the basis assessable at fixed
Mich.—BONDS DEFEATED—At an election on Oct. 9 the
proposed issue of $41,000 water plant improvement bonds.
ECORSE,
full rate for 1940 total $1,231,099,788 as com¬
$1,227,851,458 in 1939
or an increase of $3,848,300.
This
category Includes automobiles, tangibles, corporations' assets, shares of
corporations, bonded liquors and real estate.
The $3,848,300 increase in
this group was report ed in spite of a total real estate loss of $1,160,070.
The
largest gains were shown in tangibles which increased $2,814,800 over
1939 and business corporation assets which rose $2,000,000.
voters defeated a
Items assessable at the
FERNDALE-PLEASANT
RIDGE SCHOOL DISTRICT,
Mich.—
BOND ISSUE REPORT—The $24,200 not to exceed 4 % interest construction
bonds approved at an election in September. 1938. was not sold as a Public
Works Administration grant for the project was not obtained.
It will be
to
ML—
receive
exceed
COUNTY (P. O. Uaper Marlboro),
BOND OFFERING—Nicholas Orem, Superintendent of SJhools, wi'l
sealed bids until noon on Oct. 24 for the purchase of $60,000 not to
PRINCE
GEORGE'S
5% interest coupon public school bonds.
Dated Nov. 1, 1939. Denom.
Due $5,000 on Nov. 1 from 1940 to 1951 incl. Fidder to name one
rate of interest, expressed in a multiple of X of 1 %• Pidders must state the
price offered per $100 bond. Principal and interest (M-N) payable at the
First National Bank of Southern Maryland, of Upper Marlboro.
The
bonds m ill be issued on the full faith and credit of the county and will be
$1,000.
payable by,an unlimited ad valorem annual tax on all of the county's assess¬
property and will be exempted from all State, county and municipal
taxation in Maryland.
A certified check for $1,000 is required.
able
MASSACHUSETTS
AMHERST, Mas;.—NOTE OFFERING—The Town Treasurer will re¬
ceive sealed bids until 11 a.m. on Oct. 16 for the purchase of $16,580 tax
anticipation notes, payable Dec. 14, 1939.
1939
BIRMINGHAM, Mich.—TENDERS WANTED— H. H. Corson, City
Treasurer, will receive sealed tenders of refunding bonds, dated Oct. 1,
1935, until 2 p. m. on Oct. 20.
Amounts available in the various sinking
funds are approximately as follows:
for bonds of series A, AA, C, D and
E, $35,800; series F. $2,900: series G. $3,300: series H, $2,500
Offers
must be firm for 10 days after day of opening and fully describe the bonds
tendered, also stating price for which the bonds will be sold to the city.
rates.
pared
14,
MICHIGAN
WL>oss of the securitiex tax, which the legislature abolished, is mainly
responsible for the large drop in next year's assessable basis.
The securities
basis was $414,761,940 and was taxed at the rate of 30 cents on the $100,
which produced total revenue of $1,244,285 in 1939.
However, the legis¬
lature in abolishing the securities tax enacted an income tax of which
Baltimore's share will be 25% of the amount collected from residents of
the
Oct.
Financial Chronicle
Superintendent of Schools,
support the bond U>ue.
moreover, according to E. F. Down,
resubmit the proposed increase in millage rate to
necessary,
to
reported on this development as follows: "These bonds were
voted and the vote to raise the 15-mill limitation passed, so we thought we
were all clear to sell the bonds.
Since then the Supreme Court has decided
that the vote to increase the 15-mill limitation is not legal because the elec¬
torate was limited to school electors under the School Law.
"The Supreme Court held that any qualified elector under the Constitu¬
tion is entitled to vote to raise the millage.
Therefore, we are now planning
to re-register and hold another election."
Down
Mr.
"
TOWNSHIP,
GRATIOT
Wayne
County.
SOLD—The $8,000 6% special assessment water
Mich.—BONDS
NOT
bonds offered on Oct. 2—
1939 and due July 1 as
from 1944 to 1949, incl.
149, P. 2118—were not sold.
Dated July 1,
follows:
$500 from 1940 to 1943, incl. and $1,000
—V.
HAMTRAMCK, Mich.—NOTES NOT SOLD—No bids were sub
itted
for the $450,000 not to exceed 6% interest unpaid current (1939-1940)
fiscal year tax notes offered Oct. 10—V, 149, p. 2262.
Dated Sept. 15,
1939 and due on or before Ft;b. 1, 1940.
IONIA COUNTY (P. O. Ionia),
M;ch.—BOND SALE DETAILS—The
to William Marquette of Ionia—
from 1940 to 1944 incl.
BROOKLINE, Mast.—BONDS AUTHORIZED—'The State Emergency
Finance Board has aonroved the town's application for permission to issue
$205,000 State tax funding bonds.
$2,540 %X% Drain District bonds sold
V. 149, p. 2262—mature $510 on April 1
Mass.—BOND SALE—'The Second National Bank of
Boston purchased on Sent. 14 an issue of $145,000 State tax funding bonds
of 19.39 as 2s. at par.
Dated Oct 1, 1939.
Denom. $1,000. Due $29,000
on Oct.
1 from 1940 to 1944, incl.
Interest A-O.
Legality approved by
Ropes, Gray, Boyd en & Perkins of Boston.
—Bert
LAWRENCE,
LYNN, Mass .—BOND SALE—The $250,000 coupon municipal relief
2261—were awarded to Newton, Abbe &
bonds offered Oct. 11—V. 149, p.
Co. of Boston, as 1X*< at a price of 100.21, a
Oct. 1, 1939 and due $50,000 on Oct. 1 from
for the issue were as follows:
ba«is of about 1.18%.
Dated
1940 to 1944 incl. Other bids
R"te Bid
100.185
Int. Rate
Bidder—
and Putnam & Co., Boston.. IX%
Whitside & Sy^onds, Boston and Mackey,
Dunn & Co., New York___c
IX %
F. L. Dabney & Co., Boston
__
IX%
Halsey, Stuart & Co., Inc., Boston.........
IX%
First Boston Corporation, Boston
±X%
Lazard Freres & Co., Boston, and Kidder, Peabody
Jackson & Curtis, Boston
Chace,
& Co.. Boston
York......
Hemphill, Noyes & Co., New York
1M%
Ripley & Co., Boston, and
Co., Boston
Tyler & Co., Boston
Kennedy Spence & Co., Inc., Boston
R. L. Day & Co., Boston
100.0175
100.41
1X%
1^%
1X%
.....
100.094
1X%
1X%
..............
Perrin, West & Winslow, Boston
Frederick M. Swan & Co., Boston..
Harrin.an
100.119
1X%
....
E. II. Rollins & Sons. Boston...
100.229
100.046
1^%
IX%
....
Harris Trust & Savings Bank, New
100.151
100.141
100.03
100.559
100.4567
Bond, Judge &
....
100.422
100.279
100.418
IX%
OFFERING—William E. Hur¬
Receiver-General, will receive sealed bids until noon
bonds, divided as follows:
MASSACHUSETTS (State of)—BONO
ley,
Treasurer
and
Oct. 23 for the purchase of $5,300,000
on
$5,000,000 Metropolitan additional water loan bonds, Act of 1925.
Dated
July 1, 1939.
Due $200,000 on Jan. 1 from 1945 to 1969 incl.
Interest J-J.
Bidder to name one rate of interest in a multiple
of X of 1%.
300,000 flood protection loan bonds, Chanter 513, Acts of 1939.
Dated
Oct. 30. 1939.
Due $60,000 on Nov. 30 from 1941 to 1945 incl.
Interest M-N 30.
Bidder to name one rate of interest in a
ir ultiple of M of 1%;
Separate bids n ust be p ade on each loan and each loan will be awarded
separately.
Successful bidder will be furnished with a copy of opinion of the
State Attorney General affirn ing the legality of each issue.
A certified
check for 2% of the amount bid for, payable to order of the Treasurer
Receiver General and drawn on a National bank or trust company doing
business in Massachusetts or in City of New York, must accompany each
proposal.
Mass.—BOND SALE—The $60,000 coupon municipal
offered Oct, 10 were awarded to Newton, Abbe & Co. of
2Xs, at a price of 100.354, a basis of about 2.18%.
Dated
Oct. 1, 1939.
Denom. $1,000.
Due $6,000 on Oct. 1 from 1940 to 1919.
incl.
Principal and interest (A O) payable at the National ^hawmut Bank
of Boston.
Legality approved by Storey, Thorndike, Palmer & Dodge of
PEABODY,
relief bonds
Boston,
as
Other
Boston.
Rate Bid
100.234
Int. Rate
2X%
_____
Lyons &Co-_
100.199
2X%
_
100.18
2X%
__
Tyler & Co.
Kidder, Peabody & Co
F. L. Dabney & Co
Chace,
Whiteside & Symonds.
2^%
_____________
100.899
100.822
100.32
100.30
'
2^1%
...
2X%
3% "
SOMERVILLE, Mass.—BOND SALE—The $60,000 couoon municipal
Oct. 10 were awarded to Kennedy, Soence & Co. of
as 2J4s, at a price of 100.899, a basis of about 2.08%.
Dated
Oct. 2, 1939.
Denom. $1,000.
Due $6,000 on Oct. 2 from 1940 to 1949.
incl.
Principal and interest (A-O 2) payable at the National Shawmut
Bank of Boston.
Legality approved by Storey, Thorndike, Palmer &
relief bonds offered
Boston
Other bids:
Dodge of Boston.
Rate Bid
Int. Rate
Bidder—
Bond, Judge & Co
Estabrook & Co
L
Dabney & Co..
Kidder, Peabody & Co
Halsey, Stuart & Co., Tnc-...
Chace, Whiteside & Symonds
...
OAK SCHOOL DISTRICT, Mich.—TENDERS WANTED
C. Dunham announces that he will receive sealed
1935 refunding bonds of series "A." dated Oct. 1, 19 5, until
Nov. 9, at 7:30 p. m.
Offerings should be firm for five days.
Tenders
should describe securities offered, giving series number and series letter.
Tenders should State the sum for which the bonds with the Aoril 1, 1910,
and subsequent coupons attached will be sold to the district.
Tenders
specifying the lowest price on bonds and interest shall be accepted up to
the amount available in the fund.
ROYAL
—District Secretary A.
tenders of
SAULT
STE.
MARIE SCHOOL DISTRICT,
by the State Loan Board.
MINNESOTA
$105,000
coupon
Due Oct. 1
Denom. $1,000.
The bonds
Minn.—CERTIFICATE SALE—The $6,325 certificates
for sale on Oct. 5—V. 149, p. 2118—were purchased
3s at par, according to the City Clerk.
FAIRMONT,
of indebtedness offered
by the Fairmont National Bank, as
No other bid was received.
MAPLE
Mmn.—CERTIFICATE SALE—The $12,000 issue
No. 1 certificates of indebtedness offered for
awarded to the State Bank of ManleDated Oct. 1, 1939.
Due on Oct. 1 in 1941 to 1959.
BLUFF,
ton, as 3>£s
as follows:
from 1940 to 1944 incl. and $4,000 from 19 45 to 1949 incl.
(A-O) payable in Boston.
BAYPORT, Minn.—BOND OFFERING—Both sealed and auction bids
will be received by F. B. Slaughter, Village Clerk, until Get. 19. at 7:30
p. m., for the purchase of a $40,000 issue of sewage disposal Plant bonds.
Denom. $1,000.
Dated Oct. 1, 1939.
Due Oct. 1. as follows: $1,000 in
1911. $2,000 in 1912 to 1953, and 83,000 in 1951 to 1958.
The village will
furnish the Printed bonds and the approving legal opinion of Fletcher,
Dorsey, Barker, Colman Ac Barber, of Minneapolis.
The bonds will be
delivered at the village Treasurer's office, or, at the option of tha purchaser,
at his office in Minneapolis or St. Paul on or before Nov. 1, 1939.
A cer¬
tified check for $2,000, payable to the village, is required.
100.27
100.247
100.198
100.482
bone's
13 were awarded to Halsey, Stuart Ac Co., Inc., New York,
2s, at 101.038, a basis of about 1.80%. Sale consisted of:
$60,000 municipal relief bonds. Due $5,000 on Oct. 1 fro u
940 to 1949 incl
All of the bonds will ba dated Oct. 1, 1939.
are
Mich.—NOTE SALE—
following approval
purchased an issue of $75,000 notes
Local banks recently
of loan
of water main improvement
as
45,000 emergency storm damage bonds.
REFUNDING PLAN—Village
authority from the Public Debt Commission to issue $67,000 in
like amount of funded debt dated May 1.1929, and now in
default and to issue $7,000 in certificates of indebtedness to refund defaulted
interest.
Proposed bonds would be dated May 1, 1939; known as "1939
Refunding Bonds;" in the denomination of SI,000 each; mature May 1,
1959; and bear interest at the rate of 3H% from May 1, 1939 to May 1.
1912; at the rate of 4% thereafter to May 1, 1915: at the rate of AX%
thereafter to May I, 19*9, and at 5% thereafter until paid; interest is to be
paid semi-annually on May 1 and Nov. 1 each year.
Proposed certificates
of indebtedness shall be known as "1939 Certificates of Indebtedness;" be
dated May 1, 1939: mature May 1, 1949; and bear interest at the rate of
3% from May 1, 1939, until paid; interest shall be paid on May 1 each
year: certificates shall be in the same denomination as the defaulted interest
but not to exceed $1,000: interest and principal are Payable at the Bank of
Detroit in the City of Detroit.
Proposed bonds and certificates shall be
the general and unconditional obligation of the village.
Tax levies for
interest and principal begin in 1910.
Bonds and certificates shall be
redeemable on tenders advertised for and shall be exchanged for the de¬
faulted bonds and unpaid interest now outstanding.
The village shall
renort annually to the Public Debt Commission all levies, collections and
distribution of debt service funds.
Rathbun & Co., Detroit. Penobscot
Building, are the refunding agents.
sale
offered Oct.
$5,000
Principal and
pavable from uuli *~ited
and the amoroving legal opinion of Storey, Thorndike
Palmer & Dodge of Boston will be furnished the successful bidder.
valorem
ORCHARD LAKE, Mich .—PROPOSED
100.31
TAUNTON, Mass —LOAN AUTHORIZED—City has received permis¬
sion from the State Emergency Finance Board to borrow $64,000 for
welfare, old age assistance and soldiers' benefits.
SALE—The
>
bonds to refund a
100.799
SPRINGFIELD, Miss.—LOAN AUTHORIZED—The State Emergency
Board has authorized the city to borrow $140,000 for welfare
Mass .—BOND
des¬
.
is seeking
2X%
Finance
WALTHAM,
the County Treasurer's office, various
SCHOOL DISTRICT NO. 3 (P. O. Monroe),
M:ch.—BOND OFFERING—Edward G. M. Heck, Director, will receive
sealed bids until 7:30 p. m. on Oct. 15 for the purchase of $5,5 0 not to
exceed 5% interest coupon school bonds.
Dated Se^t. 15, 1939.
One
bond for $5 )0, others $1,900 each.
Due June 15 as follows: $1,900 from
1941 to 1944 incl. and $1,54 ) in 1945.
Rate or rates of interest to be
expressed in multiples of X of 1%.
Prin. and int. (J-D), payable at Mon¬
roe.
District is authorized and required by law to levy upon all its taxable
property such ad valorem taxes as may be necessary to nay both principal
and interest within the limitation prescribed by the State Constitution.
An additional 5-mill levy has been voted for a 5-year period, 19 0 to 1944,
Purchaser to pav cost of printing the bonds and opinion of bond attorneys
as to their legality,
A certified check for 2% of the issue, payable to order
of the District Treasurer, is required.
MONROE TOWNSHIP
2X%
2%%
2X%
2X%
____
purposes.
ad
payment on Nov. 1, 1939, at
cribed road bonds.
,",A
2X%
____.
_
F
interest
Moore.
bids:
Bidder—
First National Bank of Boston
Estabrook & Co
COUNTY (P. O. Mount Clemens), Mich.—BOND CALL
Chairman of County Road Commissioners, is calling for
MACOMB
taxes
WOBURN, Mass.—BONDS PUBLICLY OFFERED—Bond, Judge &T5o.
of Boston are making public offering of $30,000 2X% relief bonds.
Dated
1, 1939.
Denom. $1,000.
Due $6,000 on Oct. 1 from 1940 to 1944,
Principal and interest (A-O) payable at the First National Bank of
Boston.
The bonds are payable from unlimited ad valorem taxes and have
Oct.
on
Oct. 9—V. 149, o. 2118—was
at par.
MINNEOTA,
and
refunding
Minn.—BOND SALE—The $10,090 issue of funding
offered for sale on Oct. 9—V. 149, p. 2118—was
Paul, as SXb, paying a price of 100.81,
Oct. 1, 1939.
Due $1,000 on Oct. 1 in
bonds
awarded to Kalman & Co. of St.
a basis of about 3.34%.
Dated
1940 to 1949. incl.
MONTEVIDEO, Minn.—BOND OFFERING—Tt is stated by A. E.
City Clerk, that he will receive bids until 8 p. m. on Gct. 16,
of a $10,000 issue of 3% semi-annual coupon water main
and sewer construction bonds.
Denom. $1,000. Dated Oct. 1, 1939. Due
on Oct. 1 as follows:
$3,000 in 19*0 and 1911, and $4,000 in 19'2.
The
Swenson,
for the purchase
City Council will receive
with the privilege of
bids as follows:
(1) For the sale of the bonds,
the city of Paying any or all thereof,
before maturity,
interest payment date; or (2) For the sale of the bonds, such bonds
to be payable at maturity, as specified.
No sale will be made to any
person not actually Present at the sale.
No bonds will be sold for less than
the par value thereof.
Principal and interest payable at the City Treasurer's
on
any
office.
,
ST. PAUL, Minn.—BOND OFFERING—Sealed bids until
Oct. 16 by John F. O'Donnell, City Recorder, for the purchase
of a $200,000 issue of sewer and treatment plant bonds.
Due $10,000 on
Aug. 1 in 1942 to 1961. incl.
The bids are to be on forms Prepared by the
city.
Bonds are to bear interest at a rate not exceeding that permitted by
law.
A certified check for $4,000 must accompany the bid.
SOUTH
7:30
p. m. on
Incl.
been
approved as to legality by Storey, Thorndike,
Boston,
Palmer &
Dodge of
SCHOOL DISTRICT NO. 50
Minn.—BOND OFFERING—It is reported that sealed
received until Oct. 16, at 8 p. m., by Ben V. Mass,
WABASHA COUNTY INDEPENDENT
IP.
O. Mazeppa),
and auction bids will be
Volume
The Commercial & Financial Chronicle
149
District Clerk, for the purchase of a $19,000 issue of school bonds.
Denom.
Dated Oct. 16, 1939.
Due $1,000 Dec. 1, 1941 to 1959.
Rate of
designated by the purchaser.
The bonds will be made pay¬
able at any suitable bank or trust company designated by the purchaser.
The approving opinion of Fletcher, Dorsey, Barker, Oolman & Barber of
Minneapolis, will be furnished. Enclose a certified check for $500, payable
to the district.
2403
NEW
$1,000.
i nterest to be
MEXICO
NEW MEXICO, State ol—ADDITIONAL
INFORMATION—It is now
00 2%% casual certificates of indebtedness sold to
the State Treasurer, as noted here—V. 149, p. 2263—were purchased at
par, are in the denomination of $25,000, and mature on July 1,
1941.
Payable at the office of the State Treasurer.
reported that the $20°,
MISSISSIPPI
MISSISSIPPI,
REPORTED
State
of—RFC
BOND
COMPLETE—State Bond
AGREEMENT
PLRCHASE
Commission reports
completion of
Corporation to purchase
$5,000,000 of State highway bonds at 3)4%. with maturities of $500,000
semi-annually, beginning Feb. 1, 1950, and continuing through Aug. 1,
1954.
Agreement was negotiated after issue was twice offered and bids
rejected because of Commission's belief that interest rate was too high.
Proceeds of $5,000,000 sale will finance State Highway Commission opera¬
tion to Jan.
1, 1940.
Commission may later offer part of remaining
$16,300,000 authorization for highway construction.
with
agreement
the
Reconstruction
NewYork State
Finance
Municipals
Tilney & Company
76
BEAVER STREET
NEW YORK,
N. Y.
Telephone: WHitehall 4-8898
System Teletype: NY 1-2395
Bell
MISSOURI
HERMANN, Mo.—BONDS DEFEATED—At a recent election the voters
said to have defeated a proposal to issue $17,000 in community hall
are
NEW
bonds, to be used with Works Project Administration funds.
— BOND S ALE—'The
$50,000 coupon or regis¬
bonds offered for sale on October 6—V. 149, p. 2118
—were awarded to the Harris Trust & Savings Bank of
Chicago, at a rate
of 0.40%, plus a premium of $1.77, according to Robert W. Winn, State
Treasurer.
Dated Oct. 1, 1939.
Due on Oct. 1, 1940.
CARMEL
MISSOURI, State of
tered
soldier
The
bonus
following is
an
official tabulation of the bids received:
Name of Bidder—
Ami. of Bid
$50,006.50
50,005.00
Interest Rate
Soden & Co., Kansas City, Mo
Boatmen's National Bank, St. Louis
1%
%%
Prescott, Wright, Snider & Co., Kansas City,
Mo
Stern Bros.
49,975.10
50,005.65
50,00 ..51
.50,045.00
50,001.77
Vi%
0.6 of 1%
0.5 of 1%
1%
0.4 of 1%
Baum, Bernheimer Co., Kansas City, Mo
&
Co., Kansas City, Mo
Callaway Bank, Fulton, Mo
Harris Trust & Savings Bank, Chicago
City National Bank & Trust Co., Kansas City,
Mo
50,030.00
1%
OZARK SCHOOL DISTRICT (P. O. Ozark), Mo.—BOND
ELECTION
—It is reported that an election will be held on Oct. 18 in order to vote on
the issuance of $28,000 in construction bonds.
SEWER
ADDITIONAL
DISTRICT
YORK
NO.
1
PURCHASER—Sherwood
(P.
&
O.
of
<
or
assem
bly hall, and to acquire
Y.—
were
COLONIE UNION FREE SCHOOL DISTRICT NO. 11 (P. O. Loudonville), N. Y.—BOND SALE—The $74,000 coupon or registered school
10—V. 149, p. 2264—were awarded to E. H. Rollins
& Sons, Inc., New York, as 2.80s, at par plus a premium of $193, equal to
100.26, a basis of about 2.77%.
Dated Oct. 1, 1939 and due Oct. 1 as
follo~ s: $3,000 from 1940 to 1945 incl. and $4,000 frcm 1946 to 1959 incl.
Reoffered to yield from 1% to 2.90%, according to maturity. Other bids:
bonds offered Oct.
R 'te Bid
Int. R^tc
Bidder—
A. C. Allyn &
2.80%
2.90%
Co., Inc.
Weigold, Inc
Paine, Webber & Co
Roosevelt &
Marine Trust Co. of Buffalo and R.D. White & Co._
Manufacturers & Traders Trust Co
National Commercial Bank & Trust Co
Blair & Co., Inc
Y.—OFFERING
100.068
100.26
100.135
3.20%
3.20%
...
N.
100.27
100.22
3%
3.10%
State Bank of Albany
FALLSBURGH,
100.144
100.56
100.51
100.476
100.429
100.194
100.35
2.90%
2.90%
2.90%
2.90%
3%
3%
Bacon, Stevenson &Co
Sherwood & Co. and Campbell, Phelps & Co., Inc
11 alsey, Stuart & Co., inc
Union Securities Corp
SOUTH
OF
FALLSBURGH
Rosenstraus,
Town Supervisor,
Oct. 26 for the purchase of $120,000
not to exceed 6% interset coupon or registered water bonds.
Dated Aug. 1,
1939.
Denom. Sl.uuu.
Due $3,01*0 on Aug. 1 from 1940 to 1979 incl.
Bidder to name one rate of interest, expressed in a multiple of H or 1-1 *.th
WATER
site for same.
a
New
Campbell, Phelps & Co. of New York in the purchase on
Oct. 6 of $40,750 3.20% coupon or registered sewer bonds at a price of
100.44, a basis of about 3.15%.—V. 149, p. 2264.
_
SEDALIA, Mo.—BOND ELECTION—It is stated that a special election
been called by the City Council for Oct. 31.
The election provides
for 20-year bonds for three separate purposes: A $25,000 issue for erection
of an ar
ory and drill hall for organizations like the National Guard, and
to
acquire a site for same; $20,000 for the erection of a hospital for Negroes,
and $75,000 for the erection and equip
ent of a City Hall, convention hall
has
N.
York
Mahopac),
Co.
with
associated
DISTRICT
BONDS—Arch
B.
will receive sealed bids until 2 p. m. on
MONTANA
HARDIN,
OFFER ING—Sealed
Mont.—BOND
bids
will
be received
until 8 p. m. on Oct. 23, by John
Buzzetti, City Clerk, for the purchase of
of Special Improvement District No. 34 bonds.
Interest
rate is not to exceed 6%, payable J-J.
Dated Oct. 23, 1939.
It is stated
that amortization bonds will be the first choice and serial bonds will be the
an
$18,000
issue
second choice of the
If amortization bonds are sold and issued,
City Council.
the entire issue may be
put into one single group or divided into several
the Council may determine upon at the time of sale, both prin¬
cipal and interest to be paid in semi-annual instalments during a period of
bonds,
as
1%.
Prin. and int. (F-A), payable at the South Fallsburgh National
Bank, with New York exchange.
The bonds will be valid and legally bind¬
ing obligations of the town, payable in the first instance from a levy upon
property in the Water Listrict, but if not paid from that source then all of
the town's taxable property will be sqbject to levy of unlimited ad valorem
taxes to service the issue.
A certified check for $2,400, pay able to order of
of
the
town, must accompany
Delafield & Longfellow of N.
each prorosal.
Legal opinion of Hawkins,
Y. City will be furnished the successful bidder.
10 years from the date of issue.
If serial bonds are issued and sold, they
wrill be in the amount of $1,000 each; the sum of $5,000 of said serial bonds
GREEN ISLAND, N. Y.—BOND SALE—The Manufacture s & Traders
Trust Co. of Buffalo purchased on Oct. 9 an issue of $12,000 public play¬
will become due and
2.40s, at
price of 100.149, a basis of about 2.37%.
Dated
July 1, 1941 and a like amount each year
paid.
The bonds, whether amortization
will be sold for not less than
of delivery and all bidders
must state the lowest rate of interest at which they will purchase the bonds
at par.
Enclose a certified check for $1,800, payable to the City Clerk.
ground bonds
Oct. 1, 1939.
or
Denom. $500. Due July 1 as
1945 incl. and $1,500 from 1946 to 1949 incl.
at the State Bank of Albany.
HARLOWTON, Mont.—BONDS NOT SOLD—It is stated by the City
Clerk that the $15,000 not to ecxeed 4% semi-annual street improvement
bonds offered on Oct. 5—V. 149, p. 1647—were not sold as no bids were
to
MINEOLA, N. Y.—BOND SALE—The $150,000 coupon or registered
improvement bonds offered Oct. 13—V. 149, p. 2264—were awarded
Halsey, Stuart & Co., Inc., New York, as 2.30s, at 100.19, a basis of
about 2.27%.
Dated Aug. 1, 1939, and due Aug. 1 as follows: $12,000 from
1940 to 1942, incl., $15,000 from 1943 to 1946, incl., and $18,000 from 1947
to 1949, incl.
Second high bid of 100.11 for 2.40s was made by R. D. White
& Co., New York.
payable
on
thereafter until all such bonds
are
serial bonds, will be redeemable.
The bonds
their par value with accrued interest to date
received.
COUNTY
NORTH
O.
(P.
O'Neill), Neb.—MATURITY—It is now
reported by the County Clerk that the $67,000 2Vi% semi-annual funding
100.78, as noted
July 15—V. 149, p. 447—are due on Sept. 1 as follows:
$5,000 in
1945, and $6,000 in 1946 to 1952, giving a basis of about 2.39%.
bonds sold to Steinauer & Schweser of Lincoln, at a price of
here
on
1941 to
Neb.—BONDS SOLD—It
TARRYTOWN, N. Y.—BOND SALE—The $307,000 coupon
registered bonds offered Oct. 9—V. 149, p. 2120—were awarded to a
composed of Goldman. Sachs & Co., New York, the Marine Trust
Co. of Buffalo, and R. D. White & Co., New York, as 2%s at a price of
100.18, a basis of about 2.73%.
Sale consisted of;
or
$211,000
is
bonds.
Due Oct. 1 as
1948 incl.; $12,000 from 1949 to
sewer
yield from 1%
ELIZABETH,
N. J—BOND OFFERING—Patrick F.
McGann,
City
HILLSIDE TOWNSHIP (P. O. Hillside), N. J.—BOND OFFERING—
Howard J. Bloy, Township Clerk, will receive sealed bids until 9 p. m. on
Oct. 18. for the purchase of $40,000 not to exceed 6% interest coupon or
registered poor relief bonds.
Dated Oct. 1, 1939.
Denom. $1,000.
Due
$8,000 on Oct. 1 from 1910 to 1914, incl.
Redeemable in inverse numerical
order ori any interest payment date at par and accrued interest uoon
published notice of redemption given at least 10 days' prior to call date.
Principal and interest (A-O) payable at the Hillside National Bank.
The
sum re juired to be obtained at sale of the bonds is $40,000.
The bonds are
payable from unlimited ad valorem taxes and the approving legal opinion
of Hawkins, Delafield & Longfellow of New York City will be furnished the
successful bidder.
A certified check for 2% of the bonds offered, payable
to order of the township, must accompany each proposal.
HUDSON
COUNTY
(P. O. Jersey City), N. J.—FINAL READING
ISSUE—The
BOND
Board
of
Freeholders
recently
passed
on
final
reading an ordinance for an issue of $92,000 not to exceed 314% interest
park improvement bonds.
LONG
sewage
BRANCH,
N.
MOUNTAIN
LAKES,
N.
3.—PROPOSED BOND ISSUE—The
State
$16,000 in 1947 and $17,000 from 1948 to 1953 incl.
SOUTH ORANGE, .N. 3—BONDS TO BE SOLD—An issue of
$12,000
relief bonds will be sold to the City Sinking Fund Commission.
TENAFLY, N. 3—BOND OFFERING—Nathaniel M.
F. Dennis,
Borough Clerk, will receive sealed bids until Oct. 24 for the purchase of
$95,000 not to exceed 6% interest coupon or registered sewage disposal
bonds. Dated Oct. 1. 1939. Denom. $1,000. Due Oct. 1 as follows: $10,000
from 1940 to 1948 incl. and $5,000 in 1949.
Rate of interest to be expressed
in a multiple of % of 1%.
Legal opinion of Hawkins, Delafield & Long¬
fellow of New York City will be furnished the successful bidder. A certified
check for 2% of the issue mast accompany each proposal.
UNION
1940 to
maturity.
Other bids:
Int. Rale
.
Rate Bid
100.28
100.07
Phelps, Fenn & Co., Inc., and F. S. Moseley & Co.—
Bacon, Stevenson & Co
Roosevelt & Weigold, Inc
Manufacturers & Traders Trust Co.; Adams, McEntee
2.80%
2.80%
2.90%
100.65
B. Gibbons & Co., Inc
E. H. Rollins & Sons, and
2.90%
100.63
A.
& Co., Inc., and George
C. Allyn & Co.. Inc.;
2.90%
Co
Inc.
Halsey, Stuart & Co., Inc
Union Securities Corp. and Estabrook & Co
B. J. Van Ingen &
,
3%
m
3.20%
100.555
100.186
100.38
OSSINING
(P. O. Ossining), N. Y.—CERTIFICATE SALE—The
County Trust Co. of White Plains purchased an issue of $48,305.56 certifi¬
0.75% interest at par plus $1.44 premium.
Dated
Oct. 15, 1939, and due July 13, 1940.
Other bids: Eastman, Dillon & Co.,
0.84%; R. D. White & Co., 0.88%; Leavitt & Co., 0.93%.
cates of indebtedness at
PHELPS, N. Y—BONDS REOFFERED—P. V. Keefe, Clerk of Board
receive sealed bids until 3 p. m. on Oct. 18 for the pur¬
not to exceed 5% interest water bonds.
At a previous
offering on Oct. 4—V. 149, p. 2264—the following binds were rejected:
Bidder—
Int. Rate
Rate Bid
Sage, Rutty & Co
3.10%
100.31
E. H. Rollins & Sons. Inc_._
3.10%
100.23
of Trustees, will
chase of $10,000
-
PULASKI, N. Y.—PROPOSED BOND ISSUE—Village is contemplating
building and equipment bonds.
J.—BOND ELECTION—An issue of $385,000
disposal plant bonds will be considered by the voters at the Nov. 7
Funding Commission has approved the ordinance providing for $107,000
refunding bonds to mature as follows$10,000 from 1943 to 1946 incl.;
TOWNSHIP
SCHOOL DISTRICT
(P. O. Union), N. J.—
BONDS VOTED—John W. Mulford, Clerk of Board of Education, reports
that an
$10,000 from
the issuance of $6,000 fire house
election.
poor
to 2.80%. according to
Bidder—
Comptroller, will receive sealed bids until 11 a. m on Oct. 31 for the pur¬
chase of $2i5,000 not to exceed 6% interest poor relief bonds.
Dated
Oct. 15, 1939. Denom. $1,000. Due Oct. 15 as follows: $45,000 from 1940
to 1942 incl. and $40,000 in 1943 and 1944.
ON
follows:
1957 incl., and $13,000 in 1958.
96,000 municipal building bonds.
Due Oct. 1 as follows:
$5,000 from
1940 to 1957 incl., and $6,000 in 1958.
All of the bonds will be dated Oct. 1. 1939.
They were reoffered to
JERSEY
NEW
follovs: $1,000 frcm 1940 to
Principal and interest payable
group
stated by C. R. Caley,
Village Clerk, that $5,500 refunding bonds have been sold to the WachobBender Co. of Omaha, as 4Ms, at par.
SPRINGFIELD,
a
street
NEBRASKA
HOLT
as
issue of $415,000 construction bonds was approved by a vote of
788 to 205 at an election on Oct. 4.
WOODBURY,
N.
J.—BONDS SOLD—The
City Council adopted a
Sinking Fund
resolution authorizing the sale of $164,000 bonds to the State
Commission.
RAMAPO
AND
CLARKSTOWN,
MOLESTON
FIRE
DISTRICT
(P. O. Spring Valley), N. Y.—BOND SALE—The $25,000 coupon or
registered fire novse bonds offered Oct. 13—V. 149, p. 2264—were awarded
to A. C. Allyn & Co., Inc., New York, as 3.40s, at 100.444. a basis of
about 3 35%.
Dated Oct. 1, 1939 and due Oct. 1 as follows: $1,000 from
1940 to 1949, incl. and $1,500 from 1950 to 1959, incl.
R. D. White & Co.,
New York, second high bidder, also named a rate of 3.40%.
SCHENECTADY, N. Y.—BOND OFFERING—C. H. Greene, Director
will receive sealed bids until noon on Oct. 17 for the ourchase of
of Finance,
$550,000 not to exceed 4% interest coupon or
bonds,
as
registered general municipal
follows:
A bonds to provide city's share of public works projects.
Due Oct. 15 as follows:
$17,000 from 1940 to 1944 incl. and
$18,000 from 1945 to 1949 incl.
25,000 series B bonds to provide city's share of public works projects.
Due $5,000 on Oct. 15 from 1940 to 1944 inci.
350,000 bonds to nay local share of home relief for 1939 fiscal year.
Due
$35,000 on Oct. 15 from 1940 to 1949 incl.
All of the bonds will be dated Oct. 15,1939.
Denom. $1,000.
Bidder to
name one rate of interest, expressed in a multiple of M or 1-dOth of 1%.
Principal and interest (A-O) payable at the Chase National Bank, New
York City.
The bonds are payable from unlimited ad valorem taxes and
the approving legal ouinion of Reed, Hoyt, Washburn & Clay of New York
City will be furnished the successful bidder. A certified check for $11.000,
payable to order of the city, must accompany each proposal.
$175,000 series
The Commercial & Financial Chronicle
2404
UNION AND MAINE COMMON SCHOOL
DISTRICT NO. 14 (P. O.
City), N. Y.—BOND OFFERING—Warren K. Pratt. Trustee,
the office of Iioy M. Page, Esq., 239 Main St.,
Johnson City, until 3:30 p. m. on Oct. 20 for the purchase of $15,200 not to
exceed 6% interest coupon or registered school bonds. Dated Nov. 1, 1939.
Denoms. $800 and $000.
Due Nov. 1 as follows: $000 from 1940 to 1943
incl. and $800 from 1944 to 1959 inol. Bidder to name one rate of interest,
expressed in a multinle of M or l-10th of 1 %. Principal and interest (M-N)
payable at the Workers Trust Co., Johnson City, with New York exchange.
The bonds are payable from unlimited ad valorem taxes and the approving
legal opinion of Dillon. Vandewater & Moore of New York City will be
furnished the successful bidder.
A certified check for $304, payable to
order of the district, must accompany each proposal.
Johnson
will receive sealed bids at
UTICA, N. Y.—BOND OFFERING—Thomas J. Nelson, City Comp¬
troller, will receive sealed bids until Oct. 19 for the purchase of $406,297.58
bonds, divided as follows:
$154,919.68 delinquent tax bonds. Due in from 1 to 5 years.
150,000.00 emergency relief bonds. Due in from 1 to 10 years.
65,000.00 public improvement bonds.
Due in from 1 to 10 years.
22,377.90 deferred assessment bonds. Due in from 1 to 10 years.
14,000.00 school bonds. Due in from 1 to 10 years.
WEST SENECA
(P. O. Ebenezer), N. Y.—BOND OFFERING—Arthur
Town Clerk, will receive sealed bids until 3 p. m. (EST) on
of $15,560.50 not to exceed 6% interest coupon or
registered bonds, divided as follows;
J.
Witzig,
Oct. 16 for the purchase
Oct.
14,
1939
DISTRICT (P. O. Celina),
Ohio—BOND ELECTION—At the Nov. 7 general election the voters
will be asked to authorize an issue of $70,000 building bonds.
CENTER TOWNSHIP RURAL SCHOOL
CHESAPEAKE
UNION
EXEMPTED
VILLAGE SCHOOL DIS¬
TRICT, Ohio—BOND SALE—The $16,400 delinquent tax bonds offered
Oct. 10-—V. 149, p. 2121—were awarded to the Weil, Roth & Irving Co.
of Cincinnati.
Dated Oct. 10, 1939, and due $1,025 on March 1 and Sept. 1
from 1940 to 1947, inclusive.
v
Ohio—BOND ELECTION—At the November
CINCINNATI,
general
election the voters will be asked to authorize an issue of $6,000,000 audi¬
torium bonds in addition to the several issues previously noted in V. 149,
p.
1795.
DISTRICT (P. O. Dover Center),
& Trust Co. of Warren pur¬
3Ms.
DOVER VILLAGE SCHOOL
Ohio—NOTE SALE—The Union
chased
EDEN
Savings
issue of $6,449.05 refunding notes as
an
DISTRICT
SCHOOL
TOWNSHIP
(P.
O.
Nevada), Ohio—
National Bank of Tiffin purchased an issue
NOTE SALE—The Tiffin
refunding notes
Columbus bid for 3Ms.
$3,386.05
3Ms.
as
The
of
Huntington National Bank of
Ohio—ASSENTS TO REFUNDING PLAN—It is reported
more than 70% of bonds outstanding have agreed to the
EUCLID,
of
that holders
proposed debt readjustment program.
The plan,
approved by the Ohio Municipal Advisory Council
on the new bonds at rate of 2 M %
it is said, has been
and interest will start
•
$11,781.24 Water District No. 3 bonds.
Due Feb. 15 as
from 1940 to 1957 incl. and $620.16 in 1958.
3,779.26 Sewer District No. 4 bonds.
Due Feb. 15 as
from 1940 to 1957 incl. and $198.88 in 1958.
follows:
$620.06
follows:
$198.91
15, 1939.
Bidder to name a single
interest, expressed in a multiple of M or l-10th of 1%.
Prin. and
(F.A 15), payable at the Ebenezer State Bank, Ebenezer. with New
York exchange.
A certified check ofr $330, payable to order of the town,
must accompany each proposal.
Legal opinion of Dillon, Vandewater &
Moore of N. Y. City will be furnished the successful bidder.
Said Water
District No. 3 bonds and Sewer District No. 4 bonds are general obligations
of the town, payable primarily and respectively, from benefit assessments on
the several lots or parcels of land in said Districts in the town, but if not
paid therefrom, all the town's taxable property is subject to the levy of ad
valorem taxes to pay said bonds and interest thereon without limitation of
All of the bonds will be dated Aug.
rate of
int.
rate or amount.
N. Y.—BOND OFFERING—A. M. Taylor
YOUNGSTOWN,
Village
village, must accompany each proposal.
NORTH
CAROLINA
O. Grandview), Ohio— BOND ELEC¬
issue of $30,000 incinerator bonds will be considered by
GRANDVIEW HEIGHTS (P.
TION—A proposed
the voters at the November general election.
HUDSON, Ohio— TENDERS WANTED—F. H. Jones, Village Clerk,
that about $5,500 is available for the purchase of refunding bonds
announces
dated Jan. 1, 1939.
Sealed tenders will be received at his office until noon
on Oct. 28.
Bonds must be ready for delivery 10 days after submission of
tenders.
•;
;•> >
Bellefontaine), Ohio—BOND S \LE
DETAILS—The $36,132.27 poor relief bonds purchased by the Provident
Savings Bank & Trust Co. of Cincinnati—V. 149, p. 2266—were sold as
Is, at a price of 100.02, a basis of about 1.99%.
Due March 1 as follows:
$8,500 in 1940; $11,697 in 1941 and 1942 and $4,238.27 in 1943.
COUNTY
LOGAN
Clerk, will receive sealed bids until 11 a. m. on Oct. 17 for the purchase of
$60,000 not to exceed 6% interest coupon or registered sewer bonds. Dated
Oct. 1,1939. Denom. $1,000. $500 and $250. Due Oct. 1 as follows: $1,750
from 1940 to 1949 incl.; $2,000 from 1950 to 1959 incl. and $2,500 from I960
to 1968 incl. Bidder to name a single rate of interest, expressed in a multiple
of M or l-10th of 1%.
Principal and interest (A-O) payable at the Manu¬
facturers <Sc Traders Trust Co., Niagara Falls office, with New York ex¬
change.
The bonds are payable from unlimited taxes and the approving
legal opinion of Dillon, Vandewater & Moore of New York City will be
furnished the successful bidder.
A certified check for $1,200, payable to
order of the
FREMONT, Ohio—NOTES AUTHORIZED—Russel] H. Colvin, City
Auditor, reports that the City Council on Oct. 5 adopted an ordinance
providing for an issue of $12,000 not to exceed 4% interest poor relief notes.
Dated Oct. 15, 1939.
Denom. $1,000. Due $6,000 on Oct. 15 in 1940 and
1941. Principal and interest (A-O) payable at City Treasurer's office.
McCUTCHENVILLE
Commercial
SALE—The
O.
(P.
RURAL SCHOOL DISTRICT, Ohio—NOTE
National Bank of Tiffin purchased an issue of
$4,721.39 refunding notes as 3 Ms at par.
COUNTY
(P. O. London), Ohio—NOTE SALE—The
relief notes offered Oct. 9—V. 149, p. 2266—were awarded
Bank of London as 2s.
Dated Oct. 1, 1939, and
due March 1 as follows:
$5,500 in 1940; $7,900 in 1941 and 1912, and
$2,000 in 1943.
MADISON
$23,300
poor
to the Madison National
MANSFIELD, Ohio—BOND OFFERING^-P. L. KelRy. City Auditor,
of *25,000
coupon delinquent tax (relief) bonds of 1938.
Dated Oct. 15, 1939.
Denom. $1,000.
Due $5,000 on Oct. 1 from 1940 to 1914 incl.
Interest
A-O.
A certified check for $250, payable to order of the city, must accom¬
pany each proposal.
will receive sealed bids until 1 p. m. on Oct. 27 for the purchase
COLERAIN, N. C.—BONDS SOLD—It is stated by W. E. Easterling,
Secretary of the Local Government Commission, that $5,000 coupon or
registered sewer bonds were offered for sale on Oct. 10 and were purchased
by the Bank of Colerain, as 5s at par.
No other bid was received.
Denom.
$500.
Dated Oct. 1, 1939.
Due $500 on April 1 in 1941 to 1950 incl.
I
6%
MARLBORO
Ohio—NOTE
HARNETT COUNTY (P. O. Lillington), N. C.—BOND OFFERING—
We are informed by W. E. Easterling. Secretary of the Local Government
issue
Commission, that he will receive sealed bids until 11 a. m. on Oct. 17, at
his office in Raleigh, for the purchase of a $40,000 issue of refunding school
bonds.
Dated Sept. 1, 1939.
Due on March 1 of each year. $2,000 1941,
$2,000 1942, $5,000 1945 to 1948, both inclusive, $3,000 1949. $3,000 1950.
$5,000 1952 and $5,000 1953, without option of prior payment.
There will
be no auction.
Denom. $1,000; coupon bonds registerable as to principal
alone; principal and interest (M S), payable in legal tender in N. Y. City;
DISTRICT (P. O. Canton),
purchased as 3s, at par, an
Due in 1941.
The issue failed to
SCHOOL
TOWNSHIP
SALE—The
Treasurer
State
ized under
general obligations; unlimited tax: delivery on or about Oct. 30, at place of
purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of ]-4th 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 of bonds of each rate.
The bonds will
be awarded to the bidder offering to purchase the bonds at the lowest
interest cost to the county, such cost to be determined by deducting the
total amount of the premium bid from the aggregate amount of interest
upon all of the bonds until their respective maturities.
No bid of less than
par and accrued interest will be entertained.
Bids are re quired on forms to be furnished with additional information,
and each bid must be accompanied by a certified check upon an incorpo¬
rated bank or trust company, payable unconditionally to the order of the
State Treasurer for $800.
The approving opinion of Masslich & Mitchell,
N. Y. City, will be furnished the purchaser.
LENOIR, N. C.—BOND OFFERING—Sealed bids will be received until
a. m. on Oct.
17, by VV. E. Easterling, Secretary of the Local Govern¬
Commission, at his office in Raleigh, for the purchase of $12,000 park
bonds, dated Oct. 1, 1939, and maturing annually on Oct. 1, $1,000 1942 to
1953. incl., without option of prior payment.
There will be no auction.
Denom. $1,000; coupon bonds registerable as to principal only, or as to
both principal and interest; principal and interest (A-O) payaole in lawful
money in New York City; general obligations; unlimited tax; delivery at
place of purchaser's choice.
Bidders are requested to name the interesr. rate or rates, not exceeding
6% per annum in multiples of K of 1%.
Each bid may name one rate
for part of the bonds (having the earliest maturities) and another rate for
toe balance, but no bid may name more than two rates, and each bidder
must specify in his bid the amount of bonds of each rate.
The 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
11
ment
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities.
interest will be entertained.
Bids must
be
No bid of less than par and accrued
accompanied
by a certified check upon an incorporated
bank or trust company, payable unconditionally to the order of the State
Treasurer for $240.
The right to reject all bids is reserved.
The approving
opinion of Reed, Hoyt, Washburn & Clay, New York City, will be furnished
the purchaser.
MOORE
COUNTY
(P.
O. Carthage), N. C.—BOND SALE—The
school i lprovement bonds offered for sale on
2265—was awarded to the Equitable Securities Corp.
of Nashville, paying a premium of $45.36, equal to 100.16. a net interest
cost of about 3.36%, on the bonds divided as follows:
$21,000 as 3 Ms, due
$3,000 on Sept. 1 in 1940 to 1946; the remaining $7,000 as 3Ms, due $3,000
on Sept. 1, 1947, and $4,000 on
Sept. 1, 1948.
$28,000
Oct.
issue
of coupon
10—V. 149, p.
OXFORD,
N.
C.—BOND SALE—The
following
refunding
bonds
aggregating $25,000,
offered for sale on Oct. 10—V. 149, p. 2265—were
awarded to R. S. Dickson & Co. of Oharoltte, thusly:
$9,OOC water bonds as 4Ms, at par. Due $3,000 on March 1, 1949 to 1951.
16,000 general bonds for a premium of $2.65, equal to 100.016, a net
interest
due
cost
of about
SS.OObTn
4.08%,
on
the bonds divided:
M^rf95knTl9531951;
$6,000
th<> remalnl"B
as
4Ms, due:
,10'0,ii5
as 4s'
$9,298.79 refunding notes.
bids when offered on Aug. 7.
of
attract
MIDDLETOWN,
Ohio—PROPOSED
ADAMS
Toledo),
TOWNSHIP
SCHOOL
on
RURAL
MILTON
SCHOOL
issue
(P.
of
O.
R.
$100,000
R.
No.
2,
construction
on
Nov. 7.
ment bonds will be considered
SCHOOL
DISTRICT,
(P.
Wooster), Ohio—
and equip¬
O.
by the voters on Nov. 7.
MONTGOMERY COUNTY
(P. O.
Dayton), Ohio—BOND SALE—
The $330,000 series G refunding bonds offered Oct. 10—V. 149, p. 1950—
awarded to BancOhio Securities Co. and Fullerton & Co., both of
were
Columbus, jointly, as 3s, at a price of 100.103, a basis of about 2.99%.
Due $15,000 on April 1 and Oct. 1 from 1944 to 1954 incl.
Second high
bid of 101.632 for 3 Ms was nade by Stranahan, Harris & Co. of Toledo.
Other
bids:
Int. Rate
Bidder—
Prudden &
Sutherland & Co.;
Ryan,
Breed
Premium
3M%
$2,716.00
3M%
2,578.00
Co., and
&
Harrison, Inc..
Field, Richards & Shepard, Inc.; Fahey, Clerk &
Co., and First Cleveland Corp., Cleveland
The Provident Savings Bank & Trust Co.; The
Weil, Roth & Irving Co., and Van Lahr, Doll
&
Isphording, Inc
Bosworth & Co.,
Toledo; McDonaldCollidge & Co., Cleveland, and Merrill, Turben
Co., Cleveland
Magnus & Co..
Fox, Einhorn & Co.; P. E. Kline, Inc.; Middendorf & Co. and Associates, Cincinnati
Hayden, Miller & Co., Cleveland; Lowry, Sweney,
Inc., Columbus, and Hawley, Huller & Co.,
3,828.00
3M%
Braun,
Clevlenad...
3,828.00
1,287.00
3M %
3,737.37
2,581.00
3M%
3M%
.
3M%
3M%
3M%
&
3,636.36
1,155.00
Assel, Goetz & Moerlein, Inc.; Charles A. Ilinsch
&
Co., Inc.; Pohl & Co., Inc.; Seasongood &
Mayer, and Walter, Woody & Heimerdinger,
Cincinnati.....
State Teachers Retirement System..
NEGLEY RURAL SCHOOL DISTRICT,
Ohio—NOTE OFFERING—
S. C. Bye, Clerk of Board of Education, will receive sealed bids until
8 p. m. on Oct. 23, for the purchase of $2,622.75 not to exceed 4% interest
refunding notes, callable after Nov. 30 in any year.
NORTHBRIDGE
Ohio—NOTE
RURAL
SALE—The
DISTRICT (P. O.
Dayton),
purchased as 3s, at par, the
bids were received on Aug. 15.
SCHOOL
Treasurer
State
$17,840.92 refunding notes for which
no
PIERCE TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Amelia),
SALE—The
Amelia
State
Bank purchased an issue of
Ohio—NOTE
$2,527.08 refunding notes
as
Due in 1941.
3s.
Ohio—BOND SALE DETAILS—The $110,000 2M% sewage
PIQUA,
disposal plant bonds purchased earlier in the year by Ryan, Sutherland &
Co. of Toledo—V. 148, p. 2470—were sold at a price of 101.84, a basis of
about 2.57%.
Dated Dec. 1, 1938 and due $5,000 on Oct. 1 from 1940 to
1961, incl.
Principal and interest (M-S) payable at Piqua.
Bonds are
payable from an ad valorem tax to be levied on all of the city's taxable
property within the limitations imposed by law.
Legality approved by
Squire, Sanders & Dempsey of Cleveland.
PLEASANTVILLE
VILLAGE
SCHOOL
DISTRICT,
Ohio—NOTE
SALE—The
issue
Hocking Valley National Bank of Lancaster purchased an
refunding notes as 3s.
This is the issue which failed
July 25.
of $7,527.81
of sale
on
RURAL
SCHOOL
DISTRICT, Ohio—BOND
to be considered by the voters at the
issuance of $40,000 building addition and
measures
equipment bonds.
RICHLAND
Versailles,
BRADNER
issue of
DISTRICT
BOND ELECTION—An issue of $57,500 building construction
Nov. 7 election provides for the
by the electors at the general election
of
MILTON, Ohio—BOND ELECTION—At the Nov. 7 election the voters
an issue of $30,000 water system bonds.
ELECTION—One of the
DISTRICT
Ohio—BOND ELECTION—An
bonds will be voted
issue
will be asked to consider
REYNOLDSBURG
OHIO
ISSUE—An
BOND
$22,000 3M% special assessment sidewalk improvement bonds was author¬
an ordinance adopted by the City Commission on Sept. 22.
R.
TOWNSHIP
RURAL
SCHOOL
DISTRICT
2), Ohio—NOTE SALE—The Peoples
Savings
(P. O.
Bank of
the
Greenville purchased an issue of $6,166.17 refunding notes as 2Ms.
Due
in 1941.
Gillis, Russell & Co. of Cleveland, second high bidder, offered
100.16 for 3 Ms.
BRIMFIELD RURAL SCHOOL DISTRICT, Ohio—BOND ELECTION
—At the November general election the voters will be asked to authorize
n issue of $38,000 construction bonds.
STARK COUNTY (P. O. Canton), Ohio—BOND SALE—An issue of
$72,000 one-year delinquent tax bonds was sold to Ryan, Sutherland &
;
$30,000
building improvement
Ohio—BOND ELECTION—An
bonds
will
be
considered
at
Nov. 7 general election.
Co. of Toledo.
Volume
The Commercial & Financial Chronicle
149
STEUBENVILLE, Ohio—BOND
SALE—The $16,0^0 fire truck bonds
Oct. 9—V. 149, Pi 2121—were awarded to
Paine, Webber & Co.
of Chicago as 2
Ms at a price of 101.091. a basis of about 2.56%.
Dated
bnAv1939;,^
^
} as foll°ws:
$2,950,000 series D
**TOIr.EDO CITY .SCHOOL
DISTRICT,
Ohio—NOTE OFFERING—
Foster, District Clerk, will receive sealed bids until noon on
Oct. 27 for the purchase of
$313,365 not to exceed 4% interest two-year
notes- callable after Nov. 30 in any year.
A certified check for
1% of the issue is required.
TROY TOWNSHIP SCHOOL DISTRICT
(P. O. Luckey), Ohio—
BOND SALE DETAILS—The
$31,000 3% school bonds purchased by
Ryan, Sutherland & Co. of Toledo, at a price of 101—V. 148,
p. 2632—are
dated Sept. 1, 1938 and mature as follows:
$1,000, March 1 and Sept. 1
from 1940 to 1953 incl. and
$500 March 1 and Sept. 1 from 1954 to 1956
incl.
Denoms. $1,000 and $500.
The bonds are unlimited tax
obligations
legality by Squire, Sanders & Dempsey of Cleve¬
and were approved as to
land.
VERSAILLES,
Ohio—BOND SALE NOT CONSUMMATED—'The
July 22 of $15,300 sanitary sewage bonds to the BancOhio Secur¬
Co. of Columbus—V. 149,
p. 770—was not consummated because of
award
ities
legal
on
difficulties.*
WEST
UNION,
department
Ohio—BOND ELECTION—An
equipment
bonds
will
be
considered
Nqv. 7 election.
issue
by
of
the
the
at
WOODSFIELD EXEMPTED VILLAGE SCHOOL
DISTRICT, Ohio
NOTE SALE—The Citizens National Bank of
Woodsfield purchased an
issue of
$18,602.55 refunding notes
(P.
WellsviIIe),
CREEK
O.
as
Board of Education, will receive sealed bids until
YORKVILLE
SCHOOL
SCHOOL
noon
DISTRICT
Hipsley,
on
Clerk
of
Oct. 26 for the
interest refunding notes,
Ohio—NOTE SALE—The
an
issue of $7,759.23
OKLAHOMA
State
$1,915,338, decrease of $687,018. and income
tax at
of $1,469,272.
develop in November.
OREGON
now
informed by the
City Auditor that the $10,000 coupon fire apparatus bonds sold on Sept.
25,
3s, at 100.57, a basis of about 2.89%, to matuirty, as noted here—V»
149,
p. 2121—were purchased by the Dallas City Bank.
GILLIAM COUNTY SCHOOL DISTRICT NO. 3
(P. O. Arlington),
Ore.—BOND SALE DETAILS—It is now stated by the District Clerk
that
the $3,600 building bonds sold to the Baker,
Fordyce. Tucker Co. of Port¬
land. as 3 Ms, as noted here—V. 149, p. 2267—were purchased at a
price of
100.07, a basis of about 3.23%. / Dated Oct. 1, 1939.
Due $900 on Oct. 1
in 1941 to 1944.
'
OAKRIDGE,
Ore—BOND OFFERING—Sealed bids will be received
Oct. 19, by Frank B. Chenoweth, City Recorder, for the
purchase of a $50,000 issue of electric light and power bonds.
Interest
rate is not to exceed 5%. payable A-O.
Dated Oct. 1, 1939.
Denom.
$1,000Due Oct. 1, as follows: $1,000 in 1941 to 1944. $2,000 in 1945 to
1959, $3,000 in 1960 to 1963, and $4,000 in 1964, provided, however, that
the bonds shall be issued with the option on the
part of the city, acting by
and through the Common Council, of
redeeming them, or any of them, at
par and accrued interest, on and after any interest-paying date on and after
5 years from the date of issuance of the bonds.
The bonds shall be sold to
the highest responsible bidder for not less than
par value and accrued
until 8 p. m. on
payable at the
City Treasurer's office.
These
bonds are issued pursuant to Chapter X, Section
42, of the City Charter,
and of Ordinance No. 46 of the City, and all bidders are referred to the
same
for the exact terms of the sale of the bonds.
The approving opinion of
Slattery & Slattery, of Eugene, will be furnished.
Enclose
check for not less than 2% of the par value of the bonds.
PORT
OF
ARLINGTON
(P.
O.
a
certified
Arlington), Ore.—BOND SALE—
The $11,000 3 M % sen i-annual port bonds offered for sale on Oct. 2 were
awarded to the First National Bank of Portland at a price of
101.06, a
basis of about 3.35%, according to William Marshall,
Secretary of the
Board of Port Commissioners.
BEAVER SCHOOL DISTRICT, Pa —BOND SALE—The issue of
$25,000coupon school bonds offered Oct. 10—V. 149, p. 2121—wasawarded
K. Cunningham &Co. and Glover, & MacGregor, Inc., both of Pitts¬
burgh, jointly, as 2 Ms. at par plus $177.50 premium, equal to 100.71, a
basis of about 2.63%. Dated Oct. 1, 1939 and due Oct. 1 as follows: $5,000
to S.
in 1944 and $10,000 in 1945 and 1946. The Fort Mcintosh National Bank
of Beaver, sscond high bidder, offered 100.248 for 2%s.
BELLWOOOD SCHOOL
DISTRICT, Pa.—BOND ELECTION—At the
Nov. 7 election the voters will be asked to authorize the issuance of $15,000
CARMICHAELS, Pa .—BONDS SOLD—The First National Bank of
Carmichaels purchased the $11,000 waterworks system bonds approved by
of Internal Affairs last March, paying a price of 100.10
the Department
for 3s.
p.
and variations as may be required.
Until their exchange for
definite coupon bonds, the temporary bonds shall be in full force and effect
according to their terms.
Bids must be made on blank forms which may
be obtained from the City
Comptroller.
The purchaser will be furnished
with the opinion of Reed, Smith, Shaw &
McClay, of
are direct and general
obligations of the city,
bonds
principal and interest from ad valorem
both
as
as
to
to rate
ROCHESTER TOWNSHIP SCHOOL DISTRICT (P. O. Rochester),
WEST VIEW, Pa.—BOND SALE—The $20,000 coupon street improve¬
bonds offered Oct. 10—V. 149, p. 2267—were awarded to Moore,
Leonard & Lynch of Pittsburgh, as 3s, atpar plus $147.40
premium, equal to
100.737, a basis of about 2.92%.
Dated Oct. 1, 1939 and due $1,000 on
Oct. 1 from 1941 to i960 incl.
Other bids:
Bidder—
Int. Rate
Premium
3M%
3M%
Singer, Deane & Scribner_........
Phillips, Schmertz &Co
Johnson & McLean, Inc
M. M. Freeman & Co__,
..
$262.50
,114.65
3M%
3M%
4%
352.60
110.50
106.00
coupon
street
improve"
ment bonds offered Oct.
6—V. 149, p. 2121—were awarded to Burr & Co*
1 Ms, at a price of 100.519. a basis of about 1.20%*
Dated Oct. 1, 1939 and due $1,000 on Oct. 1 in 1941,
1943, 1945, 1947,
1949, 1951, 1953, 1955, 1957 and 1959.
Second high bid of 100.229 for
of
Philadelphia,
as
lMs was made by Barclay, Moore & Co. of Philadelphia.
YORK HAVEN SCHOOL DISTRICT, Pa.—BOND SALE—The $3,600
coupon school bonds offered June 30—-V. 14"8, p. 3727—were awarded
3%
to
the
Industrial
National Bank of York, at a price of 96.391, a basis of
Dated July 1, 1939 and due $1,200 on July 1 from 1940 to
about 4.93%.
1942 incl.
RHODE
ISLAND
JAMESTOWN, R. I.—NOTES SOLD—An issue of $40,000 ferry notes
sold last March to
Lincoln
R.
Young & Co. of Hartford, as 2s. at a
price of 100.151, a basis of about 1.95%.
Dated March 1, 1939.
Denom.
$1,000.
Due $10,000 on Sept. 1 from 1940 to 1943, incl.
Principal and
interest
(M-S) payable at the Newport Trust Co., Newport.
Legality
approved by Storey. Thorndike Palmer & Dodge of Boston.
Notes are
payable from earnings of the Jamestown and Newport Ferry Co. system.
—V. 148, P. 1523.
was
relief bonds which
$1,700,000 for construction of
was
originally awarded
Bank of New York and associates
of about
was
2.95%.
This award,
subsequently canceled
on a
as
on
Sept. 12 to the First National
bid of 3s, at a price of 100.44, a basis
previously reported in V. 149,
as attorneys
Administration
projects.
p.
2267
for the syndicate refused to approve
the existence of sufficient
the legality of the loan because of doubt as to
State legislation empowering cities and towns to
borrow for Works Progress
The city is reported to
have repealed the first
ordinance and designated the bonds as being solely for relief purposes.
BONDS PUBLICLY OFFERED—Public offering of the above issue was
made on Oct. 10 by the First Boston Corp. and R. W. Pressprich & Co.,
both of New York, at prices to yield from 0.50% to 2.80%, according to
maturity.
Dated Aug. 1, 1939, and due $115,000 on Aug. 1 from 1940 to
1959, incl.
Legality to be approved by Storey, Thorndike, Palmer &
Dodge of Boston.
BOND SALE
National
Bank
committee
on
UPHELD—Sale of $2,300,000 Providence bonds to First
of Boston was formally approved by the joint standing
finance of the city on Oct. 11. according to report.
A question over legality of the sale by the Mayor had been raised and the
city at the same time had leceived another offer for the bonds which was
higher than the First National Bank bid. it was said.
In a statement following a meeting of the committee Wednesday, City
Treasurer Walter Fitzpatrick stated that another offer for the bonds had
been received, but that the committee could not give consideration to it
because the First National Bank's option to purchase the bonds had been
legally 6X6rcisGd»
\
The issue was first awarded in September to a group of bankers, and the
bonds were later turned back to the city when a legal technically arose.
That difficulty was straightened out and Mayor Collins sold the bonds
privately to the Boston bank as 2M« against the 3% coupon bid at the
public offering.
The bank resold the bonds to FirstJBoston Corp. and asociates who placed them with investors.
Again the question of legality of
the sale arose, but the finance committee gave unqualified approval to the
issue Wednesday.
CAROLINA
CLINTON, S. C.—BOND SALE DETAILS—It is now reported tha*
the $25,000 3M% semi-ann. public library bonds sold to M. 8. Bailey &
Son, of Clinton, at 100.26. as noted herein.
May, are dated May 1, 1939,
and mature on May 1, as follows: $1,000 in 1940 to 1954, and $2,000 in
1955 to 1959, giving a basis of about 3.10%.
ROCK HILL, S. C.—BOND ELECTION—It is reported that an election
14 in order to have the voters pass on the issuance of
will be held on Nov.
$65,000 in water system, general obligation bonds.
SPARTANBURG COUNTY (P. O. Spantanburg), S. C.—BOND
the offering on Oct. 5 of the various school district bonds,
aggregating $111,500, noted here on Sept. 30—V. 149, p. 2122—a total of
$42,500 bonds were sold to the Commercial National Bank of Spartanburg,
tis
follows-
$5,000 Fairview
a new courthouse.
a
School District No. 3 bonds as 4Mb, paying a price of
basis of about 4.45%.
Due $500 from Jan. 1, 1941 to
1950, inclusive.
7 000 Disputanta School District No. 27 bonds as 4Mb. paying a price of
100.37, a basis of about 4.39%.
Due $1,000 on July 1 in 1940 to
1946, inclusive.
2267.
12 000 Cannon
SCHOOL DISTRICT, Pa.—BONDS SOLD—The First
National Bank of Ebensburg purchased the $27,000 school addition bonds
approved by the Pennsylvania Department of Internal Affairs in March,
paying a price of 104.749.
HALIFAX, Pa.—BOND SALE DETAILS—The $15,000 3% water system
Halifax National Bank—-V. 149, p. 1650—mature
$1,500 on May 1 from 1940 to 1949 incl.
bonds sold at par to the
HOPEWELL TOWNSHIP, Beaver County, Pa.—BOND ELECTION—
At the November general election the voters will be asked to authorize
issue of $12,000 permanent sewer improvement bonds.
MINERSVILLE, Pa.—BONDS AUTHORIZED—The Borough Council
Oct. 5 authorized an issue of $52,900 3 M % refunding bonds.
PITTSBURGH, Be.—BOND OFFERING—James P. Kerr, City Comp¬
10 a. m. on Oct. 31 for the purchase
4% interest coupon refunding bonds, divided
troller, will receive sealed bids until
,
School District No. 99 bonds as 4 Ms, paying a price of
Due $1,000 from July 1, 1940 to
100.60, a basis of about 4.14%.
1951, inclusive.
The following bonds were purchased jointly by the Robinson-Humphrey
Co. of Altanta, A. M. Law & Co. of Spartanburg and Johnson, Lane, Space
& Co. of Savannah:
$3,000 Cross Anchor School District No. 15 bonds as 5s. paying a price of
100.039, a basis of about 4.99%.
Due $500 from July 1, 1947 to
1952, inclusive.
3 500 New Prospect School District No. 46 bonds as 5Ms, paying a price
of
an
on
payable
Pa.—BOND SALE—The issue of $15,000 refunding bonds offered Oct. 3
—V. 149, p. 1797—was awarded to Moore, Leonard &
Lynch of Pittsburgh,
as 4Ms, at a price of
100.66, a basis of about 4.15%.
Dated Oct. 1, 1939
and due $1,000 on Oct. 1 from 1940 to 1954 incl.
EBENSBURG
of $3,500,000 not to exceed
as
follows:
Pittsburgh, that the
taxes without limitation
or
amount on all property legally taxable therein.
Enclose a certified
check for 2% of the principal amount of bonds bid
for, payable to the city.
100.26,
DAUPHIN COUNTY (P. O. HarrUburg), Pa.—BOND ELECTION—
We are advised that a vote will be taken Nov. 7 on a proposal to bond
149,
insertions
SALES—At
funding and $10,000 auditorium-gymnasium bonds.
V.
pur¬
of refunding a part of the existing indebtedness of the city evidenced
by certain outstanding short-term promissory notes. Bids must be for the
entire issue.
The city reserves the right to deliver to the purchaser a
temporary typewritten or printed bond or bonds which shall be substan¬
tially in the same form as the definite bonds with appropriate ommissions,
pose
SOUTH
PENNSYLVANIA
the county in amount Of
The
coupon bonds are exchangeable at the option of the holder
time for a registered bond or bonds of the same maturity and of the
denomination of $100 or a multiple thereof not
exceeding the aggregate
principal amount of the coupon bond or bonds surrendered in exchange
therefor.
No bid for such bonds at less than par and accrued interest from
the date of delivery will be
accepted.
The bonds are issued for the
Boston purchased as 2 Ms the issue of $2,300,000 emergency unemployment
are
as
int.
Interest
all of the
PROVIDENCE, R. I.—BONDS RE-SOLD—The First National Bank of
DALLAS, Ore.—BOND PURCHASER—We
and
of interest for
$1,675,470, decrease
Governor Philips in statement of fiscal
policy said warrants will be issued
until total equals revenue estimate of
$21,500,000, and $400,000 may be
issued thereafter without violation of constitutional limit in
increase in
State debt.
Institutional and school aid appropriations may be trimmed
by $3,000,000 to assist budget blancing.
Auditor of State Frank C. Carter has announced that no warrants
will
be issued after treaury cash is
depleted.
It is estimated this situation will
Prin.
rate
YARDLEY, Pa.—BOND SALE—The $10,000
of__TAX COLLECTIONS REPORTED LOWER
THIS YEAR—State Tax Commission reports fiscal
year tax collections to
Oct. 1 at $13,190,164. compared to
$15,535,753 in corresponding 1938
months, decrease of $2,345,589.
Gross production tax revenue was listed
interest.
one
at any
callable
JACKSON COUNTY SCHOOL DISTRICT NO. 25
(P. O. Eldorado),
Okla.—BONDS SOLD—It is stated by S. A.
Cook, Dsitrict Clerk, that
$20,000 construction bonds approved by the voters on
July 25, have been
purchased by the First National Bank & Trust Co. of Oklahoma
City,
paying par for the bonds divided as 2Ms and 3 Ms.
at
name
S. K. Cunningham & Co
DISTRICT,
Quaker City National Bank of Quaker City purchased
refunding notes as 3s, at par.
OKLAHOMA
bonds.
Bidder must
ment
RURAL
Ohio—NOTE OFFERING—Ben
purchase of $6,211.23 not to exceeed
4%
after Nov. 30 in any year.
1'39
j»
2Hs.
TOWNSHIP
1,
$27,000 from 1940 to 1958 incl. and $37,000 in 1959.
Bonds issued by councilmanic authority.
Denom. $1,000.
$5,000 fire
voters
Nov.
J-D.
SWANTON,
Ohio—BOARDS SOLD—The $5,000 waterworks system
improvement bonds approved by the Village Council last
April have been
sold locally.
Due $1,000 on March 1 from 1942 to 1946, incl.
Dated
and due Nov.
1 as
follows: $147,000 from 1940 to 1958 incl. and $157,000 in 1959.
Interest M-N.
Bonds issued by electoral
authority.
550,000 series E bonds.
Dated Dec.
1, 1939.
Due Dec. 1 as follows:
$1,000 in 1941 and 1942, and
$2,000 from 1943 to 1949 inclusive.
2405
bonds.
100.029,
a
basis of about 5.24%.
Due on July 1
as
follows:
$500 in 1919 and $1,000 in 1950 to 1952, inclusive.
3 500 Cavins School District No. 51
bonds as 5Ms. paying a premium of
$1.11, equal to 100 031, a basis of about 5.24%.
Due $500 on
July 1 in 1940 to 1946, inclusive.
4.500 Mayo School District No. 83 bonds as 4Ms. Paying a price of 100.022,
a basis of about 4.24%.
Due $500 from July 1,1940 to 1948, incl.
The following issue was awarded to Mr. Thomas M. Craig of Spartan¬
burg:
The Commercial & Financial Chronicle
2406
$4,000 Rowbuck School District No. 18 bonds as 5s, paying a price of
Due $1,000 from Jan. 1, 1940 to
100.112, a basis of about 4.99%
1913, inclusive.
All bids received for the following bonds, aggregating $69,000, were
rejected:
Oct.
14,
1939
.
School Districts—
Amount
Motlow No. 5
$0,000
3,000
4,000
Cooley Springs No. 11
Reidville No. 43
Arkwright No. 74
—_20,000
Cooperative No. 97
Woods Chapel No. 98-1
30,000
0,000
$10,000
RICHMOND, VA., Improvement 4s
Maturities
$500 each year, Jan. 1,
500 each year, Jan. 1,
1,000 each year, Jan. 1,
1,000 each year, June 1,
2,000 each year, June 1
2,000 each year, Jan. 1,
500 each year, July 1
Due Jan. 1,
1941-1952
1947-1952
1967, at 2.50% basis
1945-1948
1940-1949
F. W. CRAIGIE & COMPANY
1950-1954
1941-1955
Richmond, Va.
1940-1951
A. T. T. Tel. Rich Va. 83
Phone 3-9137
SOUTH
COUNTY
WALWORTH
DISTRICT
SCHOOL
NO.
DAKOTA
INDEPENDENT
(P. O.
2
Selby),
VIRGINIA
CONSOLIDATED
RICHMOND,
S. Dak.—-BOND SALE—
$10,000 issue of refunding bonds offered for sale on Sent. 25—V. 149. p.
1798—was purchased by the First National Bank of Selby, as 4s, paying
a price of 100.25, a basis of about 3
94%.
Dated Nov. 1, 1939.
Due on
Nov. 1 in 1942 to 1949: optional on and after Nov. 1, 1944.
Va.—GAIN REPORTED
IN
TAX
COLLECTIONS—
Better collections of delinquent and current taxes raised revenues of the
city for the first eight months of the current fiscal year to $5,312,997, a gain
of $122,300 over the total of a year ago.
Richmond also has borrowed less.
Total borrowings are reported as
$800,000
against $1,000,000 a year ago.
Cash on hand in local banks
$596,978.
The City Comptroller's monthly report shows that
amounts to
TENNESSEE
BRISTOL, Tenn.—PRICE PAID—It is now reported that the $74,500
4% semi-ann. refunding bonds sold to Minnieh, Wright & Co. of Bristol,
noted here on July 15, were purchased at a price of par.
as
CARTER
COUNTY
(P.
O.
Elizabethton),
Tenn.—BONDS AP¬
recently the issu¬
PROVED—The County Court is said to have ao"roved
ance of $225,000 in high school construction bonds.
COLUMBIA, Tenn,—BOND OFFERING—Sealed bids will be received
until 3 p. m. (C8T), on Oct. 25, by J. C. Lowman, City Recorder, for the
purchase of a $35,000 issue of school building bonds.
Interest rate is not
to exceed 5%, payable J-J.
Dated Oct. 1, 1939.
Denom. $1,000.
Due
$7,000 Jan. 1, 1960 to 1964.
The bonds are being issued subject to the
approving opinion of Chapman & Cutler of Chicago, which will be furnished
to the purchaser.
Principal and interest payable at the City Treasurer's
office
or at the Chemical Bank A Trust Co., New York.
Enclose a certified
check for not less than 10% of the par value of the bonds payable to the
City Treasurer.
HAMILTON
COUNTY
(P.
O.
Chattanooga),
Tenn.—BOND
OF¬
$30,000 armory bonds.
Due as follows: $1,000 on July 1, 1942; and in
1944, 1946, 1948, 1950, 1952, 19.54, 1956 and 1958 to 1979.
50,000 bridge bonds.
Due on July 1 as follows: $1,000 in 1942 to 1967,
and $2,0 m» in 1968 to 1979.
Interest rate is not to exceed 5%, payable J-J.
Dated July 1, 1939.
Denom. $1,000.
Rate of interest, to be in a multiple of K or 1-10 of 1%,
and must be the same for all of the oonds.
No higher rate of interest shall
be chosen than shall be required to insure a sale at rar.
The bonds will
be awarded uoon the bid or bids most advantageous to the county.
Com¬
parison of bids will be by taking the aggregate of interest at the rates named
in the respective bids and deducting therefrom the premiums bid to de¬
termine the net interest cost to the county.
P'rin. and int. payable at the
National City Bank, New York.
The full faith and credit of the county
is nledged for the payment of both principal and interest as they severally
become due.
The county will have all bonds rrerared without cost to the
The bonds will be delivered in New York
or
option
equivalent at the
of the holder if bidder so states in bid, naming point of delivery.
The bonds will be sold for par, or face value, dIub interest to time of
delivery
and a premium if any lie bid.
No arrangement can be made for deposit
of funds, commission,
brokerage fees nor rrivate sale.
No proposal blanks
The unqualified approving opinion of Caldwell & Ray¬
mond, of New York, will be furnished by the county.
The bonds on de¬
livery will be accompanied by the full transcript of the passage of all resolu¬
tions on the issuance and sale of the bonds, and the County Trustee's
receipts fo. proceeds, signature certificates and legal opinion.
Enclose a
certified check for 1% of the amount bid for, payable to the county.
will be furnished.
McMINN
COUNTY
The County Court
obligations:
$50,000
field purchase
(P. O. Athens), Tenn.—BONDS APPROVED—
is said to have voted recently to issue the following
school tax anticipation notes, and $2,000 athletic
bonds.
MONTGOMERY COUNTY (P. O. ClarksvUIe) Tenn.—BONDSS^LD
—It is stated that the
following bonds aggregating $87,500,
were
purchased
Oct. 7 by the Equitable Securities Corp. of Nashville, as 3Hs, raying a
price of 102.69: $60,000 school construction; $15,000 school refunding, and
on
$12,5)0 highway refunding bonds.
will be received
until 10
a. m. on Nov. 3, by Mayor Elmer T. Hinton, for the
purchase of a
$10,000 issue of street improvement bonds.
Interest rate is not to exceed
5%, payable M-N.
Dated Nov. 1, 1939.
Denom. $1,000.
Due $1,000
Noi
iov. 1, ---- to 1949.
1940
- ■
Rate of interest to be in multiples of % of 1 %.
The
less than par and accrued interest.
The full
faith and credit and the unlimited taxing power of the town are pledged to
secure
not
the payment
of principal and interest.
COUNTY
(P.
O.
Cookeville),
OFFERING—Sealed bids will be received until
These bonds carried by
of $810,000.
estimated $2,100,000 for the year.
.
WASHINGTON
KING
COUNTY
O. Seattle), Wash.—BOND ISSUANCE NOT
information was sent to us on Oct. 4 by
Smith, member of the Board of County Commissioners:
"In response to your letter of Seot. 27, relative to the issuance of approxi¬
mately $9,000,000 in general obligation bonds of King County, Dlease be
advised that plans for refunding King County's outstanding obligations
have not proceeded to the point where we are able to give you detailed
information.
However, we will advise you just as soon as we determine
the legal issues involved and formulate a plan."
Tenn.—BOND OR NOTE
on Oct. 24, by Albert
a
$12,500 issue of school
bonds and (or) short term notes.
Dated May 1, 1939.
Due on May 1 as
follows: $1,000 in 1941 to 1952, and $500 in 1953.
The sale shall be made
to the bidder who bids the lowest interest rate on the bonds and
(or) short
SCHEDULED—The following
KITTITAS COUNTY SCHOOL DISTRICT NO. 200 (P. O. Ellensburg), Wash.—BONDS NOT SOLD—It is stated by J. M. Snowden,
County Treasurer, that the $45,000 not to exceed 6% semi-annual school
bonds for which all bids received on June 14 were rejected, as noted here,
have not as yet been sold and probably will not be reoffered.
SEATTLE, Wash.—BONDS SOLD—It is stated that the City Em¬
ployees' Retirement System purchased on Oct. 3 the following bonds,
aggregating $1,000.000, as 4 %b at par:
$276,000 municipal light and power. 1933, series LR-5, bonds.
Due on
Nov. 1, $27,000 in 1950 to 1953, and $28,000 in 1954 to 1959.
724,000 municipal light and power, 1930. series LT-9 bonds.
Due on
Nov. 1, $72,000 in 1950 to 1955, and $73,000 in 1956 to 1959.
Dated Nov. 1, 1939.
Prin. and int. (M-N) payable either at Seattle
or at the city's fiscal agency, the Chemical Bank & Trust Co. in New York.
Legal approval by Thomson, Wood & Hoffman of New York.
(This notice supplements the sale report given in our issue of Oct. 7—
V. 149, p. 2268.)
SEATTLE,
Wash.—ADDITIONAL INFORMATION—In connection
Employees' Retirement
to purchase as 4*48 at par, the $1,000,000 lighting
service extension bonds—V.
149, p. 2268—it is now stated by W. C.
Thomas, City Comptroller, that the bonds will be pavable in annual
instalments, commencing Nov. 1, 1950 and running to 1959; interest will
be payable semi annually, November and May, either at Seattle or at the
city's fiscal agency, the Chemical Bank & Trust Co., New York.
Legal
opinion will be furnished by Thomson, Wood & Hoffman of New York.
with the report given here to the effect that the City
System had offered
SUNNYSIDE, Wash.—BOND OFFERING—We
City Clerk that he will receive
due
being optional prior to maturity.
These bonds v ere approved by the
an election held on Sept. 28, by a count of 207 to 132.
THURSTON COUNTY
(P. O. Olympia), Wash.—BOATD LEGALITY
by B. T. Baker, County Auditor, chat
$212,000 in refunding bonds is up before the State
favorable decision is-expectcd.
TO BE DETERMINED—It is stated
the matter of issuing
Supreme Court and
a
WEST
TEXAS
EL
PASO, Texas—BONDS FORMALLY OFFERED TO PUBLIC—
Syndicate headed by Paine, Webber & Co., which recently took under
option $420,000 refunding bonds of the above city, as noted in detail in our
issue of Se^t. 23—V. 149, p. 1952—has exercised the ootion and is
formally
reoffering the bonds.
The issue consists of 3 K %. 3 H % and 3 % % bonds
due 1910-57, and is priced to yield 1.75% to 3.60%.
according to maturity
HIDALGO COUNTY WATER CONTROL AND IMPROVEMENT
DISTRICT NO. 14 (P. O. Mission), Texas—BONDS VOTED—We are
informed by Vernon B. Hill, District Attorney, that at the election held on
Sept. 30 the voters aooroved the issuance of the $50,000 in water improve¬
ment bonds by a count reported as 135 "for" to 125
"against."
HOUSTON, Texas—BOND ELECTION—The City Council
State Board of Public
Works, as noted here—V. 149, p. 2268—were
and mature on Oct. 1: $2,000 in 1940 to 1949; $3,000,
1959 to 1965; and $5,00 Oin 1966 to 1968; callable on
interest payment date.
the
purchased at
par,
1950 to 1958; $4,000,
any
WISCONSIN
issues
are
as
follows:
Oct.
4
(P. O. Superior), Wis —BOND SALE— The
$175,000 issue of relief bonds offered for sale on Oct. 5—V. 149, p. 2122—
was awarded to a syndicate composed of Walter, Woody & Heimerdinger of
Cincinnati, the White-Phillips Corp. of Davenport, Lewis, Pickett & Co.;
Ballman & Main; Doyle, O'Connor & Co.; A. S. Huyck & Co., and Barcus,
Kindred & Co., all of Chicago, as 4Hs, paying a premium of $1,005, equal
to 100.574, a basis of about 4.34%.
Dated Sept. 1, 1939.
Due on Sept. 1
l-vements, $150,000; fire stations, $100,000; sanitary sewer improvements,
Texas—BOND SALE—The $20,000 issue of 4%
TEXAS, State of—TAX REMITTANCE LAW HELD INVALID—A
special d is natch from Austin to the "Wall Street Journal" of Oct. 9 had the
following to report: Attorney General Gerald C. Mann has ruled that the
recent Act of the Legislature
remitting one-half of the State ad valorem
general tax to the counties during an ensuing period of five years, is un¬
mated at
some
The
$5,000,000
amount
involved
annually.
counties would receive
in
the
proposed
remission
is
esti¬
Under the provision of the invalidated
as
much
as
$3,000 each in remitted taxes.
UTAH
OGDEN, Utah—BOND ELECTION—It is reported that at the general
on Nov. 7 the voters will be asked to
pass on the proposed
issuance of $3,500,000 in power plant revenue bonds.
election to be held
WYOMING
PAVILLION SCHOOL DISTRICT (P. O. P.villion), Wyo.—BONDS
NOT SOLD—It is now reported by the Secretary of the School Board that
the $12,000
It
is said
building bonds offered on July 15, as noted here—V.
that the district plans
149,
p.
$15,500, in the
near
to reoffer the bonds in the amount of
future.
CANADA
CANADA
000—The
(Dominion of)—FLOATS FIRST WAR LOAN OF $200,000,-
Governments first
war
loan in the present conflict, involving
two-year 2% notes, has been sold.to Canadian chartered
banks at par. according to an announcement issued Oct. 12 by J. L. Ralston,
Minister of Finance.
The notes, dated Oct. 16, 19.39. due Oct. 16, 1941,
$200,000,000
semi-annual
gas system revenue bonds offered for sale on Oct. 10—V.
149, p. 2268—was
purchased by Crummer & Co. of Dallas, paying par.
No other bid was
received, according to the City Secretary.
Dated Sent. 1, 1939.
Due on
Sept. 1 in 1910 to 1952, incl., optional after five years from date.
constitutional.
in 1940 to 1949.
Permanent
paving, $200,000: asphalt
topping of streets, $250,000: resurfacing of old streets, $150,000; park im-
SPUR,
COUNTY
292—were not sold.
on
agreed to submit $400,000 incinerator bonds along with other improvement
bond issues Nov. 4, making a total of $1,350,000 bonds to be
passed on by
Houston property owners in the special bond election.
other
VIRGINIA
FOLLANSBEE, W. Va .—BOND SALE DETAILS—It is now stated by
the City Manager that the $90,000 3% semi-ann. refunding bonds sold to
notes.
The
are informed by the
ealed bids until 8 p. m. on Oct. 20, for the
Eurchase of an issue of $100,000 not to exceed 6% of the bonds to become
nprovement bonds.
Due in 20 years, the last third semi-ann. waterworks
DOUGLAS
Act
(P.
a
noon
Braddon, County Court Clerk, for the purchase of
term
estimate for the
Gas and water sales revenues are $1,374,047 out of an
Other revenues as of Sept. 1 are: Public
works, $54,769; public welfare, $42,260; public safety. $19,474: courts,
$8,327, and general government, $249,496, out of an estimated revenue
of $208,000.
year
be sold for
vote of 122 to 24 at the election held on Oct. 3.
PUTNAM
the estimate for the year of $212,500.
Revenues from licenses are re'iorted at $510,089 on an
voters at
PORTLAND, Tenn.—BOND OFFERING—Sealed bids
bonds will
.
Current taxes have yielded $2,381,977 out of an estimated $5,355,000.
Delin quent tax collections amount to $496,903 out of an anticipated $560,000 for this year, public service corporations have turned in $95,845, with
Tom
FERING—Sealed bids will be received by Will Cummings. County Judge,
until 10 a. m. on Oct. 27, for the purchase of the following coupon public
works bonds aggregating $80,000:
purchaser.
Richmond has collected $5,312,997 out of its estimated revenues for 1939
of $9,565,000. with heavy payments of real estate taxes coming due in
December.
•
and callable in whole or in part at par on or after Oct. 16, 1940, on 30
days'
notice, will be payable in Canadian currency and proceeds used in the main
for
refunding purposes.
Government
with
purposes.
Government's
About $80,000,000 will be expended for general
Borrowing from Canadian banks was in keeping
previous statement of avoiding going into the public
loan market "until the initial effects of war expenditures and purchases by
other governments in this country had begun to simulate production and
expand the volume of public savings."
A substantial part of the proceeds of the loan will be used to redeem
issue of 3
an
H % sterling registered stock of the Dominion due July 1, 1950.
issue, held in Great Britain, amounts to slightly more than
$125,000,000 at the current rate of exchange, against which there is a
sinking fund of about $31,163,990, according to the Finance Minister's
statement.
As the operation involves repatriation of a Canadian obligation
now
held by British investors the ultimate effect, the Finance Minister
continued, will be that Canadian dollars will be available to the United
Kingdom for purchases of Canadian goods and materials required for war
The
total
purposes.
@FedFRASER