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3US. ADM.
j»
py
i<
*
nmmf rrial f
RCQ, U.
COPYRIGHTED IN 1938 8T WILLIAM B.
VOL. 147.
DAN A
COMPANY, NEW YORK.
'"uedW;;^^C,,Copy-
RAT. OFFICE
ENTERED AS SECOND-Cl ASS MATTER JUNE 23, 1879, AT THE
POST OFFICE AT NEW YORK.
NEW YORK. UNDER THE ACT OF
MARCH 3
NEW YORK, OCTOBER 15, 1938
1879
3825."
NO.
BROOKLYN TRUST
THE CHASE
COMPANY
NATIONAL BANK
Chartered 1866
OF
THE
CITY
OF
NEW YORK
George V. McLaughlin
The
President
NEW YORK
chase is
tra-
ditionally a bankers' bank.
BROOKLYN
For
Member Federal Deposit Insurance
many
served
Corporation
a
years
it has
large number
of banks and bankers
as
New York
correspondent
and
depository.
reserve
Member Federal Deposit Insurance
FUNDAMENTAL
Corporation
United States
INVESTORS
v.
Government
inc.
Securities
.
United States
Government
Prospectus available from
local dealers
Securities
The
Brown Harriman & Co.
FIRST BOSTON
Incorporated
CORPORATION
63 Wall
Telephone: BOwling Green 9-501)0
NEW YORK
BOSTON
Boston
Hallgarten & Co.
CHICAGO
PHILADELPHIA
Established 1850
Street, New York
AND OTHER
Philadelphia
San Francisco
Chicago
Washington
SAN FRANCISCO
Representatives in other leading Cities
PRINCIPAL CITIES
NEW YORK
Chicago
London
City of
Philadelphia
NewYrrkTrust
BEAR, STEARNS
&
Commonwealth of
CO.
Company
ONE WALL STREET
Pennsylvania
..
Bonds
:
NEW YORK
Capital Funds
.
.
$37,500,000
Moncure Biddle & Co.
PHILADELPHIA
IOO
40TH
HOMER & CO., Inc.
40
BROADWAY
ST. & MADISON
FIFTH
AVE.
&
57TH
AVE.
ST.
Service
to
Banks and
NEW YORK
Exchange Place, New York
Dealers since
European Representative's Office:
8
Carl M. Loeb, Rhoades & Co.
KING WILLIAM STREET
LONDON, E. C. 4
1888
HORNBLOWER
&
WEEKS
Established 1888
40 Wall Street
61
BROADWAY
NEW YORK
NEW YORK
Londoa
Paris
Amsterdam
Berlin
Member of the Federal Reserve System,
the New York Clearing House Association
and of the Federal Deposit Insurance Corporation
Members New
York, Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
'
Oct.
1938
15,
Chronicle
Financial
THE CANADIAN BANK
OF COMMERCE
TORONTO
OFFICE:
HEAD
REDEMPTION
OF
NOTICE
Established 1867
Michigan Consolidated Gas Company
(formerly Detroit City Gas Company)
#
First Mortgage
Gold Bonds, Series A, 6%, due July
Reserve..
Gold Bonds, Series A, 6%, due July 1,
GAS COMPANY, issued under First Mort¬
gage, dated July 1, 1922, and indentures supplemental thereto, from
said Company to The National City Bank of New York, as Trustee:
1947, of DETROIT CITY
off the> First Mortgage
COMPANY and The
Trustee, MICHIGAN CONSOLI¬
Notice is hereby given that, pursuant to the provisions
dated July 1, 1922, between DETROIT CITY GAS
City Bank of New York, as
GAS COMPANY (formerly Detroit City Gas Company) has
elected to redeem and pay off on December 9, 1938, all of the First Mortgage
Gold Bonds, Series A, 6%, due July 1, 1947, of said Company, issued and
now outstanding under said Mortgage and indenture supplemental thereto.
On December 9, 1938, there will become due and payable upon each of said
DATED
bonds at the
principal office of The National City Bank of New York, 55 Wall
(5%)
on
corporations, firms and in¬
interested in Canadian
serve
dividuals
.
business.
in
Branches
important
every
city and town in Canada and New¬
foundland. also in Portland, Oregon;,
San Francisco;
Seattle; Los An¬
gles; London, England; Havana;
Kingston, Jamaica; St. Pierre in
St. Pierre et
Miquelon; Bridgetown,
Port
of Spain,
and
Barbados,
Trinidad.
NEW
YORK AGENCY
Exchanges PI. A Hanow St.
said principal.
Upon presentation of said bonds with, in the case of coupon bonds, all
coupons due subsequent to December 9, 1938 attached, for cancellation, at
said office, said principal, accrued interest and premium will be paid to the
persons entitled to receive the same.
Registered bonds, without coupons,
and coupon bonds registered as to principal shall be accompanied by instru¬
ments of assignment and transfer, duly endorsed in blank.
From and after
December 9, 1938, interest on said bonds will cease to accrue and the coupons
for interest maturing on any date subsequent to December 9, 1938, will
with
commercial and financial life
of Canada and is well equipped to
the
Street, in the Borough of Manhattan, City and State of New York, the
principal thereof, together with accrued interest to such date, and a premium
of five per cent
20,000,000
.....
This Bank is in close touch
1, 1947
To the Holders of First Mortgage
National
$30,000,000
Paid-Up Capital.
Foreign
Australia and New Zealand
,
be void.
^
/
CONSOLIDATED
MICHIGAN
\
-'V;''*
GAS COMPANY
'
By
Dated, October 10, 1938.
BANK OF
WM. G. WOOLFOLK, President
Bondholders may, at their option, surrender any of the bonds described
foregoing notice, with, in the case of coupon bonds, all unmatured
interest coupons attached, at any time prior to the redemption date,
at the place and in the manner above set forth, and receive the full redemption
price of such bonds and accrued interest to December 9, 1938 (the redemption
date), in full.
N. B.
in the
(ESTABLISHED 1817)
OF
£8,780,000
Paid-Up Capital
6,160,000
8,780,000
Reserve Fund
of Proprietors—.
Reserve Liability
£23,710,000
Aggregate Assets 30th Sept., 1937. £123,140,000
ALFRED DAVIDSON, K.B.E.,
General Manager
SIR
Head Office:
NOTICE
WALES
NEW SOUTH
(formerly Detroit City Gas Company)
t '
George Street, SYDNEY
REDEMPTION
and
The Bank of New South Wales Is the oldest
Michigan Consolidated Gas Company
Mortgage
Gold Bonds,
Series B,
in
In
branches
Australasia.
States
all
of
With
850
over
Australia,
in
New
Zealand, Fiji, Papua and New Guinea, and
London, it offers the most complete and efficient
banking service to investors, traders and travellers
interested in these countries.
(formerly Detroit City Gas Company)
First
bank
largest
5%, due October 1,
1950
LONDON
To the Holders of First
Mortgage Gold Bonds, Series B, 5%, due October
1, 1950, of DETROIT CITY GAS COMPANY, issued under First Mort¬
gage, dated July 1, 1922, and indentures supplemental thereto, from
said Company to The National City Rank of New York, as Trustee:
OFFICES:
29 Threadneedle
47
Street, E.C. 2
Berkeley Square, W. 1
Agency Arrangements with Banks throughout
•
the
U. S. A.
Notice is hereby given that, pursuant to the provisions of the First
Mortgage
dated July 1, 1922, and the Fourth Supplemental Mortgage dated October 1,
1925, between DETROIT CITY GAS COMPANY and The National Citv
of New York, as Trustee, MICHIGAN
CONSOLIDATED GAS
COMPANY (formerly Detroit City Gas Company) has elected to redeem and
Bank
off on December 9, 1938, all of the First Mortgage Gold Bonds, Series B,
5%, due October 1, 1950, of said Company, issued and now outstanding
under said Mortgage and indentures
supplemental thereto.
On December „9,
1938, there will become due and payable upon each of said bonds at the
principal office of The National City Bank of New York, 55 Wall Street,
in the Borough of Manhattan,
City and State of New York, the principal
thereof, together with accrued interest to such date, and a premium of five
per cent (5%) on said principal.
Upon presentation of said bonds with, in the case of coupon bonds, all
coupons due subsequent to December 9, 1938
attached, for cancellation, at
said office, said principal, accrued interest and
premium will be paid to the
persons entitled to receive the same.
Registered bonds, without coupons
and coupon bonds registered as to
principal shall be accompanied by instru¬
ments of assignment and transfer,
duly endorsed in blank.
From and after
December 9,1938, interest on said bonds will cease to accrue and
the coupons
for interest maturing on any date
subsequent to December 9, 1938, will be
pay
NATIONAL BANK
of EGYPT
Head Office
Cairo
FULLY PAID CAPITAL
RESERVE FUND
.
....
£3,000,000
£3,800,000
LONDON AGENCY
6 and
7, King William Street, E. C. 4
Branches in all the
principal Towns in
EGYPT and the SUDAN
void.
MICHIGAN
.
_
Dated October 10, 1938.
N.
CONSOLIDATED
GAS
COMPANY
(formerly Detroit City Gas Company)
By
WM. G.
WOOLFOLK, President
B.
Bondholders may, at their option, surrender
any of the bonds de¬
scribed m the foregoing notice, with, in the case of
coupon bonds, all unma¬
tured interest coupons attached, at
any time prior to the redemption date
at the place and in the manner above set
forth, and receive the full redemption
price of such bonds and accrued interest to December
9, 1938
(the redemption
date),
in
full.
Hong Kong & Shanghai
BANKING CORPORATION
Incorporated In the Colony of Hongkong.
The
liability of members is limited to the extent and
in manner prescribed by Ordinance No. 0 of 1929
of the
Colony.
Authorized Capital (Hongkong Currency) HS50.000 000
Paid-up Capital (Hongkong Currency)
Reserve Fund in Sterling
Reserve Fund in Silver
rency)
Reserve
Liability
kong Currency)
A.
72
I
of
HJ20,000,000
£6,500,000
(Hongkong Cur¬
Proprietors
Htl0.000.000
(Hong¬
Hg20.000.000
G.KELLOGG, Xgent
WALL
STREET, NEW YORK
WJ
ommerctft
Vol. 147
OCTOBER 15,1938
No. 3825.
CONTENTS
Editorials
The Financial Situation.
page
..
..2286
_
The War in the Ranks of American Labor
The Will to Peace and Preparation
2299
for War.._ -——>2301
Comment and Review
Gross
and
in
Net
Earnings of United States Railroads
August
2302
i..
New Capital Issues in Great Britain
Week
on
the
2306
European Stock Exchanges
2291
— _ _
Foreign Political and Economic Situation
.2292
Foreign Exchange Rates and Comment-.
—2296 & 2338
Course of the Bond Market
Indications of Business Activity-
-.2305
-----——
—2307
-
Week
on
the New York Stock Exchange...
Week
on
the New York Curb Exchange—
-------2289,
-2337
—
News
Current Events and Discussions
Bank and Trust
-2318
Company Items
;
2336
—
General Corporation and Investment News
Dry Goods Trade.
State and
2382
—2420
...
---------—
Municipal Department
----- — -
-
-—- ~ -
-—2421
Stocks and Bonds
Foreign Stock Exchange Quotations
-.2340 & 2349
Bonds Called and Sinking Fund Notices.-----.
Dividends Declared
2343
.2344
-----
Auction Sales
2343
New York Stock Exchange—Stock Quotations.
-2350
New York Stock Exchange—Bond Quotations -.2350 & 2360
-
New York Curb
Exchange—Stock Quotations
—.2366
New York Curb
Exchange—Bond Quotations
Other Exchanges—Stock and Bond Quotations.
Canadian Markets—Stock and Bond
2370
-.2372
Quotations—
2376
Over-the-Counter Securities—Stock & Bond Quotations .2379
Reports
Foreign Bank Statements-...
Course of Bank
---------
Federal Reserve Bank Statements.General
---.2295
-
Clearings
-
Corporation and Investment News..
...
2338
.2347
...—2382
Commodities
The Commercial Markets and the
Cotton
Breadstuffs
Crops.
2408
—.2411
2415
Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New
York City.
Herbert D. Seibert. Chairman of the Board and
Editor; William Dana Seibert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices; Chicago—In cnarge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—-Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Copyright 1938 by William B. Dana Company.
Entered as second-class matter June 23, 1879. at the
Subscriptions
post office at New York, N Y., under the Act of March 3, 1879.
in United States and Possessions. $15.00 per
year. $9.00 for 6 months. In Dominion of Canada. $16.50 per year. $9.75 for 6 months.
South and Central America, Spain. Mexico and Cuba. $18.50
per year, $10.75 for 6 months; Great Britain. Continental Europe
(Except Spain), Asia. Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter 45 cents
per agate line.
Contract and card rates on request
NOTE: On account of the fluctuations in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made In New York funds
'
The Financial Situation
measure,
President is now busily engaged with
the budget for the fiscal year to
ton, the
anti-trust
his lieutenants upon
squandering
a way
the
even upon
ing its
•
what the effect of its com¬
pletion and the consequent
reduction
in
next
middle
the
lem."
some
ended June 30 last.
Outlays since June 30 have
that
not
are
beginning seriously to re¬
tard the efforts of manu¬
facturers to meet what ap¬
corresponding period last
demand from the public.
-
•
mortgages, the
owners of
mortgaged
urban
"the
Yet
that actual disbursements
charged
flies
the
in
ointment, business is bet¬
and most observers of
ter
experience
pre¬
now
are
dicting that it will continue
to
improve for some time
Just how much
to
come.
of
this
.
attribute
to
to
and
to
"pump-priming"
the expectation
which had to
one
despite these and
other
some
of further
"pump-priming" it would
the taxpayer, who is repre¬
sented by groups which have already played
be
Budget Difficulties
.
yet out
debt worries of the farmer is
It is true, of course,
to be an encouraging
pears
question,
that the
only solution which the wonder workers at
Washington have been able to find for the
much
being encountered, par¬
allied industries, which are
provements in the mortgages" in
but the unpalatable fact remains
greater than those for the
year.
are
properties during the depression, has accenttuated mortgage difficulties by making it un¬
necessary
to refinance, so that removal of
moratoria
would swamp the market with
loans immediately due and payable."
The Fund finds "numerous signs of im¬
year
about
-
politicians,
ticularly in the motor and
of the woods.
Unless
there is a very marked rise of prices—carrying
rents
upward—-within the next few years,
many of these debtors must eventually lose
heavily.
Moreover, the continued existence
of the moratorium laws, which saved so many
18above those of the
been
to
that
adds
homes
transfers
accounts) at
to trust
-
.
then
evangelism
sporadic, labor difficulties
himself on a very
solution of the farm debt prob¬
-
-
Fund
fiscal
on
and
Nretirement
adjust¬
The farmer—if not the tax¬
.
labor
influential
troublesome, if somewhat
congratulate
Turning
July 12
last, placed total expendi¬
tures (excluding public debt
issued
year,
.
.
comfortable
revised budget esti¬
mates for the current
three-year study of debt
own
payer—may
of
The President-
year.
in his
Fund, summariz¬
Century
the
of
in recent years, says at one
istence.
public expenditures will be
around
governmental action and
of
point that
"the farmer whose mortgage creditor is a Fed¬
eral agency has good ground for confidence
that his debt burden will be adjusted down¬
ward in case of future price declines, al¬
though it is extremely unlikely that it will be
adjusted upward if prices advance.
In case
of
future
difficulty,
arrangements
for a
Government rescue party are already in ex¬
ment
the current rate of
business activity is finally
(presumed)
Twentieth
The
upon
at
operations in an even more dubious state than was
case in the first place; also, as an indirect result
Solution?
A
ques¬
be, to say nothing of
profits from
of
influence
tion of what its
industries,
in the steel and oil
the matter of reasonable
the
out of the depression has been
period of time to shed light
to
which leave
for too short a
in progress
fully
probably, to Government activity in the
and related fields, drastic price reductions
have been occurring
The Chief Executive may well
wish that he could postpone this whole troublesome
matter for several months..
His. latest program for
end June 30, 1940.
and recently, due in large
going into stocks,
now
Washing-
ACCORDING to press dispatches from
to
in the nature of the case be
fast and loose with his funds and which can
counted
be
by the Public Works Ad¬
to
on
do
so
of the farmer
say.
Nor
President,
now
impossible
again in the future
should the alleged needs
ministration have not yet
sug¬
the
can
to
assumed very large propor¬
gest such a course.
When it is recalled that the mortgage debt
faced by the
doubtless
problem of the farmer in the first place was in
ning fiscal policy for a year
and
tions
that
no
small
measure
they will become larger as
tions
time passes,
picture takes
but the Presi¬
of
the
due to over-kind ministra¬
Washington
an
Government,
less pleasant
even
which does not
the
June
appear¬
ance.
schedule
dent's
total
calls
for
But the "solution" of the debt
the
expenditures in the
form of loans and
States
and
during
the
far
the
municipalities
At
"1940.
agencies,
-
Works
until
any
June
30,
rate, other
tration,
unless
by
its
attitude
funds to refuse to lend
quite well in offsetting any
it
causes
owners
It
would,
difficult at this time to
over
ton
great assurance the effect of this en¬
largement of public expenditures
business.
the course of
about
matters
which
as
so
will
con¬
the
winter
is
Precisely what the
eventually bring forth
matter of
conjec¬
have been in close
feel increasingly concerned
must all men of experience in
The agricultural program,
these.
much
a
boasting has been done, is
obviously breaking down, if it has not already actu¬
branches quite substan¬
ally broken down, and its collapse is giving rise to
improvement, in the rate of business activity.
agrarian demands which are likely to prove trouble¬
ment has
tial
upon
It is, of course, plain enough that improve¬
to
the prospects, as
such
however, be
has
or
so-called monopoly inquiry
of
seem
is here
business
before
over.
but certainly those who
with it
if
good deal to
fail,
a
is still
contact
or,
turn will
tend with from Washing¬
may
Administration funds into circulation.
trace with any
year
have
laggardness, natural or othture,
a
before the ne?ct
come
signs
them.
erwise, that may be detected in getting Public Works
that
in, part elapsed. Unless all
people to borrow and spend, and when
trouble undertakes to
make the lender Or the taxpayer pay the fid¬
dler.
At least it will not solve the problem
-
are,
fiscal
the borrower gets into
succeeded
have
not
the
particularly the
Progress Adminis-
mortgaged home.
that there is no so¬
lution for this mortgage problem short of
much greater restraint in borrowing money
for the purposes for
which mortgages are
usually given.
No government can be ex¬
pected really to solve mortgage difficulties
if it consistently, day in and day out, urges
remaining
category
available
a
more
day will be realized,
they
The truth is, of course,
000,000, appropriations in
this
of
the
that,
optimistic forecasts of the
no
owner
begin until
1939, feel great
assurance
so
experiment
is the
fiscal
of only about $400,-
year
proved
30,
problem of
of mortgaged urban homes has
solution at all, and the cost of
again
has been charged
against the taxpayer, who often, incidentally,
grants to
current
owners
task of plan¬
occurred, in
Equally well known,
much larger portion
some
however, is the fact that a
of production than formerly is
some.
The President is
evidently reaching the
clusion that he must make broad concessions to
con¬
the
Volume
147
Financial
Chronicle
old age pension madness that is
the
apparently sweeping
These and other difficulties—among
country.
them the
mere
Any of these expedients would, however, be hardly
prospect of less pump-priming—may
the
has
been
boil down to
said, consideration has been
to
given only to the expenditure side of the budget,
All
these
spending
business and therefore
upon
over-stated the
case.
relationship in
one
Should
be
whole
degree
problem
decides
important,
the
to
perhaps
of business between
course
one
a very
influence
now
and the
for which the President
year
present planning
such
controlling,
a
budget, although it
a
may
whether the Administration will
matters
as
these
into
active
account
in
*
considering its household finances.
lip
badly suffering, and from
For
mysteri-
some
little time prior to
some
service
the
to
ideal
of
balanced
a
lie had warned so-called liberals
that many
a
loose fiscal policy.
He quite evidently
had become impressed with the demands being made
him from almost all sides that expenditures
upon
indirectly, be fur-
put forth, will also be
even
so
suffering, will in
of their programs in the past had been wrecked upon
and
receipts be brought into
tionship.
Due
more
from increasingly
he has with any effort
success
we
the President had been paying con-
a year ago
the rocks of
be taken for granted that
or
are
be cured?
way
budget,
his so-called reform during
press
well be questioned
take
such
some
we
have been
siderable
The vigor with which the Presi-
beginning of the fiscal
at
fact that
we
about
upon
another actually exists,
or
may
of this sort that he may
is
ous
invariably
of tax receipts would in
winter, and the
upon
a
another, directly
or
complicated.
dent
the
which
expenditures beginning at the middle of 1939
measure
ther
He has almost
Yet it is
sharply reduced, it
the
from which
occasion has made much of the effect of Gov-
ernment
That is: Are
with another year of wholly reckless,
proceed
the vain hope that in this way the underlying ills
directly affect and threaten equally the prospects for receipts from taxation.
The President
the rate of tax collections.
Those questions really
essential query.
one
profligate distribution of artifically created funds in
circumstances, conditions and situations
also
upon
merely postpone the evil day when vital
case
questions must be decided.
nothing of June 30,1940.
what
than subterfuges, and could in the nature of
more
well enter the business
picture in an important way
before June 30 next, to say
In
2287
by
-
rela-
onerous
taxation made productive
short-lived boom in business than to reduction
a
in actual expenditures,
our
rational
more
to increased receipts resulting
somp progress
toward setting
fiscal affairs in order had been achieved.
not take the
ensuing depression
very
It did
long, however,
to bring the Administration back to its old attitude
toward Federal expenditures, and what is of equal,
if not greater, signifance, at precisely the time that
receipt estimates had to be continually reduced, to
remove
May Defer Decisions
Ways
in
months, and in view of the
cumstances which have been
a
similar
of these
ens
outlined, and others of
sort, it may well be that he will make
So far
expedients.
concerned,
are
as
Of
course
he must
as a
budget
receipts for the coming fiscal year, but he
and has in the
can|
past, omitted certain items from his
made
or
estimate of expenditures
an
them
tentative
and
subject to
certain
change within the period prior to the begin:
ning of
a new
practical
fiscal
purposes
year.
ing-lending
recovery program.
of the kind this time.
a
list
a
statement
vised
such
of
that it
should
a
events
the time
might,
own
a
may
may
he for all
do something
he may present
have to be radically
suggest such
a
revision.
munity by
a
in
made
re-
year,
was
based
recovery program,
which
was
budget had to be enacted.
responsibility
to
ex-
the
even
He
attempt
business
com-
statement similar to somq of those he
the
away
last
found that expenditures for the current
upon
appropriations made by Congress
eluding debt retirement,
000,900 for the
past—that if the business
year
as
compared with $7,700,-
ended June 30, 1938.
Contrary
to what at times appears to be the popular impres-
sion, expenditures for the 1938 fiscal
year
repre-
sented no reduction of importance from previous
years
is to
if the bonus expenditures
in the
say, even
year
are
eliminated. That
ended June 30 last
we were
still spending at substantially the rate established
during the mad
years
efforts.
Now for this,
to such
outlays.
of the earlier pump-priming
year
At the
naturally falling very
$1,300,000,000 is added
same
time receipts
substantially below
during the boom ending late" in 1936
or
.are
those
early 1937,
with the result that the deficit is made to
appear
doubly depressing.
And bow comes another year.
Yet
implications of lack of
he has in effect done before,
the
June, it
.many seem
the
Contrary to what
to suppose, the vital question is not what
President
relatively broad prosperity prior to'premises,
another
as
shift
He
That is to say,
would carry
course
faith in his
has
year,
estimates, but hand it to Congress with
pected to bring
to
Indeed last
re-wrote his whole budget pro-
in order to give effect to his so-called spend-
gram
Continued Spending,
When the smoke of battle had cleared
reach the staggering sum of about $9,000,000,000, ex-
and
and
toward
way
certain expenditures
present to Congress early in January what is known
message
the
at the behest of the President, were scheduled to
in the past.
so
on
use
notably relief outlays, he has not
infrequently done
estimates
to get the budget
way
balance.
largely postpone important budget deci-
for several
sions
a
open-to the President by which he could
are
effect
all practical pressure upon the politicians
to find
or
may
think ought to be done in the
what opinions his aides
may
hold in
the circumstances, but what the public thinks and
has to
say
on
the subject.
It
may
be taken for
granted that the Administration will not
any
now or
at
time in the future take steps with adequate
com-
vigor to reduce the fiscal situation to rationality
munity will cooperate during the winter in enlarg-
until and unless driven to do so by the force of public
ing employment and inducing recovery, it will not be
necessary
for him to continue to spend in the 1940
fiscal year
this year,
be
at the exaggerated rate that he is doing
and consequently
brought
nearer
a
balanced budget will
to actual accomplishment.
V
opinion.
The President, even before he became the
Chief Executive of the Nation, had long established
a
reputation for spending public funds.
ways
money
most
comfortable spending the
for what he views
as
He is altax-payers'
the needs of the under-
Financial
2288
Since he has occupied the White House
tendency of his has grown apace—doubtless
privileged.
this
partly
result of the ease with which the Treas¬
as a
is able, by rigging the market through its con¬
of the banks and by various other devices, to
ury
trol
It is certainly to be
supply the funds required.
granted that expenditures will not be
for
taken
substantially reduced as long as the President has no
the
spontaneous support for such a course among
rank and file of the
It
people.
may
almost be taken
granted that there will be no such reduction (as
for
long as the present regime is in
until
of
pressure
office and in control)
positive sort for saner fiscal
a
is to be regretted that
reports that the President is at work upon
the 1940
budget attract so little interest, and are accom¬
panied by virtually no demands that a house clean¬
Even some of the more intelligent of
are now inveighing against the waste
ing take place.
the
liberals
and
corruption involved in the distribution of relief.
being attacked for its failure
The Administration is
to
in the solution of the, so-called
make headway
But nowhere do we hear
agricultural problem.
appeals that the expenditures for these pur¬
earnest
The public has lost in¬
be greatly curtailed.
poses
in
terest
become
balanced
a
budget, apparently, and has
administrative
in
engrossed
failures,
in
political corruption, and in trying to guess what the
effect of
pump-priming expenditures will be upon
the other branch of industry or upon the
or
one
The general public can no more
price of securities.
avoid
responsibility for
be done about
fiscal year
decision
to what is to
as
public expenditures when the current
is over than can the President, and it can
less afford to
even
a
since its decision
postpone a decision in the matter
precede that of the Presi¬
must
dent's if it is to be
If the general
fully effective.
public cannot avoid such responsibility, the men of
influence and
among
leadership in the business community
less escape
much
can
Those who are cynical
it.
the spenders at Washington are now jibing at
business leaders wbo a year or so ago were so
loudly
demanding fiscal reform but who today are silent
on
the
There is
subject.
fact
is, though, that these cynics have some
basis for their
jibes and will have until the business
community bestirs itself in behalf of what it well
knows to be the
It will not do for
to
,
'
see
'J-'
.
us
merely to sit back and wait
■
...
'•
t,
The excess reserves over legal
advanced $30,000,000 in the state¬
ment week, to $3,050,000,000, with every prospect
of further heavy additions.
Currency is showing
its usual autumn increase, which tends to modify
deposits.
requirements
disbursements
York
able
•
'
•
•
•
'
•
'
■
\:'
note
statistics, and there is at long last
of
effective
York.
in New
demand for
The
remain much what
they have been for
stocks in heavy volume,
ended
Oct.
12
added to
essentials
many
our
weeks
monetary
the increase in the week
amounting
raised the total to
modest indica¬
credit and currency
Gold again was
and months.
a
accommodation, here
to
$57,000,000,
which
$13,869,000,000.' The Treasury
reimbursed itself for almost all the freshly
acquired
gold by depositing certificates with the 12 Federal
Reserve banks and thus
with the
lending
adding to its general account
regional institutions.
program
But the spending-
took funds out of the account faster
of busines loanss
increase
The increase of $8,-
12.
months, and is
that banks here are beginning to
mean
the
experience
same '
credit
demand for
modest
accommodation that has been apparent since
July
banks in the other 100 weekly reporting cities.
Brokers loans increased $16,000,000 in the week.
among
they
under
categories of loans are both far
The two main
what
were a year ago.
^
Gold certificate holdings of the 12
Federal Reserve
$52,998,000 in the week
ended Oct. 12, to $11,020,211,000, but other cash
declined slightly and total reserves of the regional
banks, combined, increased
$49,322,000 to $11,393,091,-
institutions moved up
Federal
000.
Reserve
actual circulation
in
notes
increased $18,243,000 to $4,281,103,000.
moved
posits with the regional banks
to
up
Total de¬
$42,672,000
$9,479,374,000, with the account variations con¬
sisting of
de¬
decline
increase of member bank reserve
an
$8,400,218,000; a
posits by $79,582,000 to
Treasury general account balance by $66,-
of the
679,000 to $703,407,000; an increase of foreign
bank
deposits by $4,406,000 to $199,462,000, and a gain
in
other
The
deposits by 25,363,000 to $176,287,000.
ratio remained unchanged at 82.8%.
reserve
Discounts
954,000
by
regional
the
banks
Industrial
$9,299,000.
to
creased $52,000 to $15,507,000,
to
advances
such
make
Open
696,000.
were
advanced $1,advances in¬
while commitments
up
$97,000 to $13,-
holdings of bankers bills
$541,000, and open market
market
motionless
were
at
United States Treasury security
holdings
larly stationary at $2,564,015,000.
Failures in
were
simi¬
"
September
PURSUINGdropped seasonal trend, of the month's
their to the smallest last year to
failures
While the percentage
date.
was
not
quite
so
sharp
as
of decline from August
in 1937, it was greater
usual, amounting to about 14%.
in the 10 years,
decrease
cies show
effected
continues "to
sizable
a
000,000 is the first of any size in
an
became
as
increase of
was
The average
11%.
Com¬
nearly 50%.
change in the Federal Bankruptcy Law
of
Sept. 22 by the Chandler Act which
operative
include
now
1928-37,
however, September insolven¬
a year ago,
Due to the
EXPANSION of the credit resources of the banking
characterize the official country
member banks finally were
City reporting
to
and the Treasury
The New
member bank reserves.
on
in the week ended Oct.
Federal Reserve Bank Statement
tion
the gold additions
effect of
the
pared with
what the President decides to do.
the
quickly found its way into member bank
reserve
than
plain needs of the situation.
1938
15,
could put them in, and much of
revenues
money
good ground for cynicism
It is too serious and too urgent.
in this situation.
The
no
than
assumed to
policies becomes politically unbearable.
It is for this reason that it
Oct.
Chronicle
in
on
that date, Dun & Bradstreet
compilation of failures all
their
applications for reorganization under the Federal
Bankruptcy Statute.
Previously it was their prac¬
tice to exclude 77-B cases,
to carry
10, 11 and 12 of the
for the
In
intend
tevised law, which replace, in
a
period since 1934, when 77-B went into effect,
include
that
now
Section 77-B, they have revised their records
sense,
to
but since they
in the record cases coming under Chapters
reorganization applications filed under
provision.
September there were a total of 866 disasters
involving $14,341,000 liabilities, compared with 584
with
$9,818,000 liabilities in September, 1937, and
Volume
147
Financial
Chronicle
1,003 involving $11,726,000 in August, 1938.; Retail
trade failures last
month,
Government's Cotton Report
usual, comprised the
as
HPHE
bulk of the
casualties, aggregating 528 and involving
liabilities of
$6,450,000; in September, 1937, 338 of
this
the
type
of
failed
concern
for
manufacturing division 184
$5,227,000
$3,210,000.
firms
A
for
compared with 127 for $3,954,000 a
Wholesale trade failures numbered 72
as
year
ago.
with
$1,535,000 liabilities, which
casualties
with
compares
$1,288,000 liabilities
a
a
compared
with
$506,000 liabilities in this
37
bankruptcies
last year.
group
with
country,
year
only
eral Reserve
districts, there
a
and in all but
year
ago,
were more
greater amount of liabilities
involved.
were
crop
con¬
season
about
are
from
8% under those of
outlook
the
that
suggests
current
crop
exceed
may
Adding to this the record
a
the
carryover
the
at
position of the staple is likely to become worse than
a
it
already is.
ports this
the
number of failures occurred in the Boston and Phila¬
shown in the New York and
year's cotton
month^arlier 387,000
beginning of this crop year of
13,405,000 bales, it is apparent that the statistical
Of the
delphia districts, while substantial rises also
hand
on
important sections the sharpest increases in
more
a
last season's domestic
on
the present
ago,
carryover
failures than
minor instance
one
Based
1,000,000 bales.
divided by Fed¬
as
month ago.
the current
$347,000, while in September, 1937, 28 failed for
$860,000.
In all sections of the
of this
foreign takings. Consid¬
ering that the similar figures so far available for
In the
commercial service division 33 firms failed for
forecast
domestic requirements and
ago.
Forty-nine construction failures involved $782,000
liabilities
1
raised the estimate of
sumption and exports of 11,213,210 bales, the cur¬
rent crop is
just about 1,000,000 bales greater than
with 54
year
Oct.
bales, contrary to general expectations, which were
for little, if
any, change.
The crop is now placed
at 12,212,000 bales
compared with 11,825,000 bales
In
failed
2289:
It
can
be assumed, however, that ex¬
have been considerably reduced by
season
fright prevailing in Europe until recently,
war
and
now
were
Chicago districts.
that
that that situation has been alleviated.
they will show substantial improvement
ment of hostilities in the Far
indication at
no
Government Grain Report
Settle¬
East, of which there is
present, would also greatly assist
exports.
CEREAL crop based conditions prevailing of
Agriculture, forecasts of the Department
on
of Oct.
a
1,
month
The
earlier, but the figures
can now
1927-36
a considerable extent as
final, for the hazardous
growing period is virtually at an end and harvesting
well under way.
The wheat crop as now predicted
will amount to
940,229,000 bushels, the third largest
books, and 66,236,000 bushels greater than
the
last year,
when 873,993,000 bushels
It compares
bushels/
bushels
a
There
and
ago
bushels.
Stocks
were
remained
farms
on
406,989,000
with 326,503,000 bushels
10-year average of 344,589,000
a
farms
on
large
were
on
Oct. 1,
although disappearance from farms in the period
was the largest in the 13 years for
which figures are available.
July 1 to Oct* 1
The
a
corn
little
with
crop
forecast of 2,459,316,000 bushels is
higher than
2,644,995,000
a
month before, and compares
bushels
157,000 bushels
average
Stocks of this
commodity
134,000 bushels
which
recorded;
1
the
2,306,-
in the 10-year period 1927-36.
on
with 60,571,000 bushels
average
little
estimate of this crop
likelihood
a year
that
the
will be substantially
higher than the present figure, officials in Washing¬
ton have ventured to say
be made
of 61c.
rate
of
on
this
per
that loans to
a
will
year's harvest at the maximum rate
bushel; loans
57c.
growers
bushel.
authorized if the crop
on
1937
Under
corn
the
are
at the
law, loans
are
forecast in November is under
2,717,000,000 bushels, and the Nov. 15 farm price
less than
"parity"; parity is
now
81c.
Among other crops forecast, oats
1,041,577,000
bushels
in
placed at
comparison * with
1,034,-
347,000 bushels last month; barley at 252,578,000
bushels
compared
with
250,360,000
bushels
on
Sept. 1, and rye at 52,500,000 bushels, not revised
from
a
month before.
crop was more
harvesting of the
advanced than usual at Oct. 1.
At
.
that date
ginnings aggregated 6,578,313 bales
pared with 8,260,071 bales
and
of that date
as
Condition of the crop
a year ago
with
65%
a
little in Septem¬
on
Oct. 1 compared
improved
ber, standing at 66% of normal
month earlier; in 1937 condition im¬
a
proved from 75%
on
Sept. 1 to 79%
the average
condition for the 10
the
both dates,
same
on
on
years
Oct. 1, while
1927-36
raised in the Oct. 1 report to
per
221.1
pounds from 214.1 pounds a month
yield
acre was
as now
was
The anticipated
viz., 59%.
yield
The
com¬
6,031,950 hales in 1936.
before.
calculated is the third largest in
history; the record yield of 266.9 pounds produced
last year was
exceptionally high and out of all pro¬
portion with other years.
The New York Stock Market
IN ments, stock of upward the New York* market
A SERIES prices
andfdownward move¬
on
managed
week.
and
in
net advance of small proportions this
spasmodic but fairly sizable,
liquidating spells modified the advances only
part.
the
a
The gains were
The buying
previous
week,
was
when
more
selective than in
of peace in
assurances
Europe occasioned a broad and sweeping improve¬
ment
.
in the
Domestic
concerns once
brief business week
deal of cheerfulness
of
the
prevailed
a
were
paramount
ending, and
on
that
score.
a
good
Most
leading trade and industrial indices suggest
expected
on a
and above what might
seasonal basis.
The spend-
of the Administration is coming
full play, and undoubtedly will exercise at least
ing-lending
into
again
now
continued improvement, over
have been
was
It is
on
for the date is 180,358,000
is
this that is ascribed the fact that
farms Oct. 1 of 352,-
the smallest in the 13-year period
Since there
bushels.
Nov.
were
and
year
the highest for that date
are
record and compare
ago,
last
and the
reported that the bolls opened rapidly, and it is to
produced.
10-year average of 752,891,000
a
Oct. 1 compared
on
year
with
last year
output of 13,201,000 hales.
average
be accepted
to
on
with the record
compares
production of 18,946,000 bales
only slightly revised from those issued
are
current estimate
as
program
temporarily exhilarating effect on business and
There were further signs of rapproch-
the markets.ment
between
the
Administration
and
business
leaders, which al$o contributed to the enthusiasm.
Financial Chronicle
2290
general factors was an adstocks, with profit-taking
apparent from time to time.
Leading issues were
one to three points higher last night than a week
earlier, and the spirit of optimism is dominant for
the time being. The markets were closed Wednesday,
in observance of Columbus Day, but on other days
The
effect ofJ: these
net
tendency
vancing
a
on
to
in
good level of activity was maintained.
Trading
the New York Stock Exchange averaged close
2,000,000 shares in the full sessions.
Occasional buying waves
.
brought about the stock
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 1,113,130
shares; on Monday they were 1,663,960 shares; on
Tuesday, 1,534,100 shares; Wednesday was Columbus Day and a holiday; on Thursday the sales were
2,361,420 shares, and on Friday, 1,954,400 shares,
On the New York Curb Exchange the sales last
Saturday were 138,435 shares; on Monday they were
244,270 shares; on Tuesday, 260,585 shares; on
Thursday, 362,450 shares, and on Friday, 422,000
,shares.
of such buying waves
failed
upswing entirely. Utility stocks were in
single sessions two or more
the
better
demand
of the leaders
week, owing to assurances by some
industry that they intended to comply with
of the
the
legal and regulatory requirements of the
'
Utility
and the Securities and
Exchange Commission.
Steel shares were hesitant
for a time, notwithstanding a further gain in operations, as price concessions were reported to the larger
automobile steel buyers, and some questions exists
Act
Company
Holding
regarding maintenance of the price structure of the
metal. But the apprehensions diminished on indications that labor elements in the steel industry are
more
case.
than usually
inclined toward reasonableness
is the
.
;
V."
:
i£e
progression of prices thereafter was steadily upward
to the close.
Sales volume, in turn, topped the
1,000,000-share mark, exceeding the turnover of any
Saturday within a period of two months. Among
the various groups traded in, the rails were the outstanding feature of the day and exhibited considerable strength. A firm tone prevailed at the market's
opening on Monday, but prices were somewhat
mixed. Despite the favorable reports on the Jbusiness and industrial situation, restraint seemed to be
the by-word among traders. With the exception of
the public utility issues, the general market confined
itself to narrow movements and closed the day with
irregular changes. The performance of the market
on Tuesday was similar to that of the previous day
of the
much
during
others
than
'A-v-,' '
ties opening above the previous day's highs, and
noted at times, and the realizing sales
to halt
.
Further encouragement was given to business on
Saturday last, in the form of higher prices on the
New York stock market. The day began with equi-
price improvement, which lifted average compilations to the best levels of the current year.
In
were
Oct. is, 1938
The motor stocks improved, as the new
and little more could be expected of it in view of the
Trading again followed
were less ominous,
Copper stocks were leaders of
a narrow groove, and prof it-taking in the second sesthe upward movement on several occasions, owing to
sion whittled down to some extent what gains the
advances in the price of the metal and to a better
lower-priced issues and inactive shares managed to
statistical position. Railroad shares joined modestly
accumulate earlier in the day. Public utility shares
in the general advance, since the carriers necesalso enjoyed further improvement along with the
sarily would share in any marked business improve-. above-mentioned issues, hut regular market leaders
ment.
could not be stirred from their indolence. Wednesmodels
good
appearing are expected to foster
now
Labor troubles in this important
business.
holiday just in the offing.
industry
.
In the listed bond market trends were
firm,
well
maintained, virtually at the highest levels of the year,
while best
grade corporate issues also reflected good
institutional
were
inquiry.
tax-exempt revenue
*
were
No
but several important
bond flotations appeared and
readily absorbed by investors .
road liens
were
issues
corporate
new
offered during the week,
Secondary rail-
quiet and persistent demand, and
in
local traction bonds also did
well,
on
day was Columbus Day and a holiday on the coun-
as a
United States Treasury obligations were
whole.
the assumption
.
General improvement was noted
try's exchanges.
in Thursday's session and equity prices, spurred on
by a strong opening, forged ahead to close the day
with gains among'leaders extending from one to
four points.
Some of the inactive issues were among
those which enjoyed the widest advances in a day
where
trading
volume
approximated
2,360,000
Stocks came in for a readjustment in prices
yesterday when realization sales entered the market
shares.
Among base
firm, with copper higher on
Public utility issues
fared well, while industrial shares worked irregularly lower and closed with fractional losses. On
the average, closing prices yesterday were higher
than at the close on Friday one week ago. General
Electric closed yesterday at 47 against 44% on Friclay of last week; Consolidated Edison Co. of N. Y.
at 31% against 28%; Columbia Gas & Elec. at 8%
good buying and lower accumulated metallic stocks,
against 7%; Public Service of N. J. at 32% against
The
foreign exchange markets reflected wide swings
30%; J. I. Case Threshing Machine at 97 against
sterling, francs and other currencies, with most
101; International Harvester at 65y2 against 65%;
that the $315,000,000
unification bond issue will be
Foreign dollar
approved at the coming election.
securities
quiet
were
and
irregular.
The
com-
modify markets added somewhat to the interest in
investments, for steadiness prevailed in most items
of agricultural origin owing to strenuous
tration efforts toward
the
metals
in
indications
tone
was
Adminis-
price stability.
capital movements
pointing to further
toward the United States for safekeeping.
On
the
New
touched
new
touched
a
York
Stock
high levels for the
new
low level.
7 stocks touched
at
York
new
Stock
1%.
year
246
while
new
low levels.
stocks
one
stock
Ward & Co. at 53% against 49%; Woolworth at
48 against 48, and American Tel. & Tel. at 146%
against 146%.
29% against 29
Western Union closed yesterday at
Friday of last week; Allied Chem-
on
the
ical & Dye at 192 against 190; E. I. du Pont de
Nemours at 145% against 141%; National Cash
unchanged
Register at 28 against 26% ; National Dairy Prod-
high levels and
Call loans
Exchange remained
Sears, Roebuck & Co. at 78% against 76; Montgomery
On the New York Curb
Exchange 120 stocks touched
New
Exchange
and affected many groups.
on
nets at 14% against 14%; National
Biscuit at 24%
Volume 147
Financial
Chronicle
against 25%; Texas Gulf Sulphur at 34%
against
33; Continental Can at 45 against 44%; Eastman
In London the price of bar silver yesterday
19 11/16
Kodak at
178% against 179; Standard Brands at
7% against 8; Westinghouse Elec. & Mfg. at 119%
against
113%;
Lorillard
at
20%
against
ounce
19% against 19%, and National Distillers
20%;
against 25%.
at
In
25%
the close
against 19%
was
pence per
on
the matter
transfers
on
of
the
higher levels this week,
foreign exchanges,
cable
London closed yesterday at $4.73% as
against $4.78% the close
_
The steel stocks moved to
pence per ounce as
Friday of last week, and spot
silver in New York closed yesterday at 42%c., the
close on Friday of last week.
Canada Dry at 18 against
16%; Schenley Distillers
at
2291
cable transfers
on
on
Friday of last week, and
Paris closed
yesterday at 2.64%c.
against 2,67 7/16c. the close on Friday of last
United States Steel closed
yesterday at 63% against
as
62%
week.
Friday of last week; Inland Steel at 87%
on
I against
at
63% against 62%,
Youngstown Sheet & Tube
and
85%; Bethlehem Steel
at
45% against 40%.
^
European Stock Markets
TT™m
.
.
.
.
In the motor
at
3% against 4%
Motors at 5o against 50
;
Chrysler at 81% against
79, and Hupp Motors at 2% against 2%.
In the
rubber group,
Goodyear Tire & Rubber closed yester-
day at 31% against 293%
B. F. Goodrich at 26
Friday of last week;
on
against 24, and United States
Rubber at 55
against 52%. The railroad shares, in
instances, closed with gains this week. Penn-
most
sylvania RR. closed yesterday at 21% against 21%
on
Friday of last week; Atchison Topeka & Santa Fe
at
39% against 38%; New York Central
at 20%
Union Pacific at 96% against 95;
Southern Pacific at 20%
against 19%; Southern
against 19%;
Railway at 16% against 16%, and Northern Pacific
at
12% against 12%.
Among the oil stocks, Stand-
ard Oil of N. J. closed
on
yesterday at 52% against 55%
Friday of last week; Shell Union Oil at 14%
against 16, and Atlantic Refining at 23% against
22%. In the copper group, Anaconda Copper closed
yesterday at 40% against 38
Friday of last week;
Smelting & Refining at 55% against 52,
American
and
on
Phelps Dodge at 44 against 40%.
.
offset the poor business. British and French foreign
trade statistics were made public this week, and both
■
Trade and industrial reports were more favorable
than in
ing
previous weeks, possibly because
released after being held up by the Eurowar scare.
Steel operations for the week end-
was
pean
ing today
were
week ago,
45.3%
time last year.
Institute
at
the session.
51.4% of capacity against 47.9%
a month ago, and 63.6% at this
Production of electric
the week ended Oct. 8 is
energy
kilowatt hours
Mining stocks reflected fair inquiry.
for
securities
Car
loadings of
week to Oct. 8
are
Association
of
American
increase of
5,026
drop of 109,294
revenue
cars
a
from the corresponding week
cars
of last year.
*
continued
their
were
slow
recession,
dull, and most inter-
national securities lost ground. Copper shares were
tirm in the commodity group. The London market
remained dispirited Wednesday, and levels gave way
in all departments. Gilt-edged and industrial stocks
an
the previous week, but
cars over
gilt-edged stocks
by the
Railroads, this being
International
subjected to profit-taking, which low-
British industrial issues
freight for the
reported at 702,964
were
ered prices moderately. Rumors circulated Tuesday
that fresh borrowing by the Treasury impends, and
against
2,139,142,000 kilowatt hours in the preceding week,
and 2,280,065,000 kilowatt hours in the same week
of. 1937.
Gilt-edged issues drifted lower, while
m?st industrial stocks merely held their ground,
reported by Edison Electric
2,154,449,000
even larger
the London Stock Exchange a new account was
opened last Monday, but there was little activity in
estimated by American Iron and
Steel Institute at
a
countries report decreasing exports and
losses *n imports.
-
buy-
some
*
sessions and declining price levels were
ru^e
yeek P1* stock exchanges in the
fading Euiopean financial centers. Losses were
smaB on the London, Paris and Berlin markets, but
trend contrasted sharply with the upswing in
New Yofk' There were signs, indeed, that the flow
fugitive capital to the United States still is in
Progress, and possibly is augmented by European
beliefs that recovery in America will proceed more
rapidly than any similar movement in Europe. War
apprehensions still prevailed in Europe, but in some
respects the effects were less marked. Currency
boarding was discontinued and some of the funds
were returned to circulation, making possible better
central bamc statements. The costs of the peace purchased at the expense of Czechoslovakia and of
Anglo-French prestige remained a matter of keen
concern in London and Paris, and some of the depressjon 011 those markets could be traced to considerations of this nature. Trade returns in the industrial
countries of Europe are not encouraging, although
armaments and other government works continue to
Friday of last week; General
on
•
Yj
Auburn Auto closed yesterday
group,
_
slowly drifted lower, while internationals
and the
•'
As
kets,
closed
indicating the
the
course
of the commodity
December option for
mar-
w^f in Chicago
yesterday at 64%c., the close" dp Friday of
last week.
December
day at 44%c.
last week.
as
corn
at
December oats at
day at 25%c.
as
Chicago closed yester-
against 46c. the close
on
Friday of
Chicago closed yester-
against 25%c. the close
on
Friday
of last week.
The
commodity shares furnished only
spot price for- cotton here in New York closed
as
against- 8.50c. the close
on
few bright spots,
Another session of slowly declining prices
ported Thursday.
was more
The talk of
a new
was re-
Treasury loan
pronounced and resulted in fresh declines
in gilt-edged stocks.
Industrial issues followed
downward trend, and commodity issues also
lower, with the exception
Anglo-American favorites
yesterday at 8.55c.
a
of the
were
copper
a
were
shares,
in keen demand, late
in the day, in reflection of New York tendencies,
Small gains were recorded yesterday in all departThe good reports from
Friday of last week.
The spot price for rubber
ments of the London market.
yesterday
against 17.05c. the close
New York occasioned the optimism.
was
17.0c.
Friday of last week.
as
Domestic
copper
day at ll%c. as against 10%c. the close
of last week.
on
closed yesteron
~£'•
Friday
Hardly
Bourse,
any
business
Monday,
and
was
small
done
on
offerings
the
Paris
depressed
prices in the absence of effective demand. Exchange-
Financial
2292
the franc-pegged
guaranteed rentes were firm, but
with almost all French equi¬
issued receded along
International securities also were
ties.
situation
not greatly
was
changed on Tuesday, for
Wednesday saw a mild
ported in either direction.
owing to hopes for a solution
rally on the Bourse,
Rentes
troubles of the Treasury.
equities improved slightly, while inter¬
national issues drifted
small
were
Changes again
downward.
Thursday, for traders and investors
on
preferred to remain on the sidelines
pending some
Government program.
the
of
disclosures
•
French
equities merely held to former figures,
securities advanced.
Rentes
rentes
and
while
international
slightly lower at Paris* yesterday, and losses
drifted
predominated among equities and international
also
issues.
With
Reich Government loan of 1,500,000,-
a new
subscription, little attention was
000 marks under
Berlin Boerse,
Monday.
Changes were mostly fractional and
evenly divided between advances and declines, The
paid the outstanding securities on the
quiet and steady.
fixed-interest group was
soft
was
in
Mining and machinery shares
modest range.
a
but
occasional losses of a point or more,
showed
other
The tone
Tuesday, but variations again were held
on
almost motionless.
issues were
remained dull and
quiet
on
The Boerse
Wednesday, with appli¬
Reich loan
the new
for
cations
York "Times" la¬
crisis," the dispatch to the New
It was rumored in Basle that
more nervous than others.
conically observed.
Swiss bankers were
Czechoslovakia
end only minor changes were re¬
however, and at the
and French
fairly heavy and
TRANSFERS of Czechoslovak an territory to
sovereignty
virtually completed
German
were
Monday, and the dismemberment
last
State
was
of the small
continued through more modest
to Poland and
which doubtless
Little
casioning many thorny problems,
will take months and
Small de¬
rule, both in stocks and in fixed-
trading modest in
clines
the
were
Listlessness
issues.
income
consequence.
was
accentuated
perhaps years to settle.
put up against the partitionment
was
the Czech
authorities, and that little was directed
small net
gains resulted.
Bank
AFTER the usual
summer
Qj
lapse, leading central
bankers of Europe resumed last
Monday the
monthly meetings for which the sessions of Bank for
International Settlements directors afford such ex¬
cellent
opportunities.
With the exception of Mon¬
whose illness
prevented his attendance, all the foremost bankers
gathered last Sunday for the usual preliminary dis¬
tagu Norman of the Bank of England,
the brief
cussions 'and
that occasions
dominated the
the
formal
gatherings.
meeting,
a
authorities
man
Monday
Political problems
Basle dispatch to the New
country necessarily will be under
German economic
domination, and that no serious obstacle remains to
the German march down the
with
originally marked for occupation be¬
schedule!
fore the
"Munich
The fifth zone, in which it was
originally supposed that plebiscites would be held,
also was turned over to the Reich bv the commission,
and the
In
a
occupation
"Times"
An¬
considered assured, although
undoubtedly would be
a
"troubled peace."
Dr.
goes
interested in
stating
more
ascertaining the views of others than in
of his
any
as
own.
In the formal meeting on
Monday attention centered on the month-end state¬
ment
of the B. I.
withdrawals
in
or
Europe.
S., which reflected rather heavy
during the September political crisis
Approximately 60,000,000 Swiss francs,
10% of the funds deposited in the B. I. S., was
demands
made
are
"Everything
In this
manner
the
question of plebiscites was" dis¬
pensed with, and Berlin observers now agree that
only
few minor changes of territorial status re¬
a
The Reich gained an area about
main to be effected.
the size
a
Massachusetts and Rhode Island,
remains, however, the problem of an exchange
populations, for German enclaves exist in what
remains of
Czechoslovakia, while
in the
ceded to the Reich.
of
with
population of 3,560,006 and with rich industries.
There
of
of
area
all
sorts
are
cropping
estimated at
of these
are
and the new Czech
visited
Glialkovsky,
left in the occupied territory,
3,000,000,000
authorities laid claim to
reserves as an
only
one
some
of the
offset to replacement of the
Several Czech bankers spent all
with marks.
this week in Berlin
trying to
Thousands of
ficulties.
crowns, present
It would occasion no surprise if
problems.
gold
crowns
Czechs
Thursday for conversations on such mat¬
on
Czech currency
ters.
many
Economic questions
up,
Frantisek
Minister,
the German
and was reported
Reich
according to the German plan," it was added.
Czech
appearance
the
representative accepts them, and
British, French and Italian Ambassadors then
in
brief
commission
that the
noted
give their approval, the report said.
Hjalmar Schacht, President of the Reichsbank, put
a
was
the Czech
known
Berlin
peace was
it
After
made.
mans
of them is said to have remarked, the
of
7
,•
rounded out last Monday.
merely rubber-stamped whatever decisions the Ger¬
Foreign
honeymoon did not last very long."
was
dispatch of last Monday to the New
Berlin
optimistic view of the present situa¬
other year
settled
Reich troops marched into
Germany.
the four zones
,
all questions of territorial
remarkable speed
transfers to
Danube.
commission in Berlin
international
The
very
a
The realiza¬
economic matters.
on
spread this week that the remnants of the small
tion
as one
take
tion, for
it
on
Nor did the central bank¬
York "Times" indicated.
ers
session
Britain no
fate of the Czecho¬
slovaks, and the latter turned to the business of
making the best settlement they can with the Ger¬
longer are much interested in the
the
for|International Settlements
There was
demands.
against Hungarian
mainly
again plenty of evidence that France and
York
small offer¬
ings depressed prices 1 to 2 points.
After a dull
opening yesterday, prices rallied on the Boerse; and
by
resistance
on
Thursday, and in the absence of buyers
transfers
The arrangements are oc¬
Hungary.
t/
stock
15, 1938
gold transfers during the
considerable business in
Offerings were small,
buyers still were reluctant.
of the financial
The
weak.
Oct.
Chronicle
adjust the transfer dif¬
people fled before the ad¬
vancing German troops into purely Czech regions,
and
these
Berlin
groups
contains
demanded
a
return
many
German liberals.
of
emigres
such
and
Prague probably will have to submit, as appeals for
withdrawn, but the monthly report indicated also
help to Britain and France were fruitless.
that the
tale of human
suffering caused by the transfer of
territory
can
ending of the crisis resulted in prompt re-
deposit of
some
of the money.
"The Bank did a
never
be told.
The full
Volume
147
Financial
Chronicle
Polish troops extended
slightly, last Sunday, their
occupation of the Teschen area, under curious circumstances.
The
railway
junction
(Oderberg), where Moravia
hastily taken
the
Czech
tliat
of
German
Wednesday,
and Germany meet, was
occupation
occasioned
in
Czechoslovakia
Berlin.
discussed at
were
between
Hungarian
the two
Komarom,
cois-Poncet
countries, and
nary agreement was announced last
mediate token
The
far
were
T.
i'
*
-j
„
,,
refused
to
<*arians
and labeled them
concede
all
an
appeal
*
tit
•
...
,
the
,
i,
of
\
*
a
i,,
transferred from Moswas
indication
an
left vacant,
as
A\
1
Hun-
a
r<
*
,
•
-r
m
made
was
London,
i
,
'
.
Saturday, that
to Canada
a visit
~
last
contem-
is
...
"
year by K,nS Geo,'8'R and hls consort,
Queen Elizabeth. The real significance of that de-
P
Hungary
further meeting
®
•
•
/
.
cision
,
?,
clear, but it
,
,
_
not yet
is
+-u
,
,
i-
+
*
,
.
,
be taken for
may
*.
.
-.
..
granted that the cementing of relationships
claims against Czechoslovakia.
aeamst Czechoslovakia
Britisli Commomvealth of Nations is
Uncertain Peace
of the
any
and Russia that repre-
i
ANNOUNCEMENT
,
of the four Munich conferees to settle her territorial
•
on
with
Royal Visit
Huno-arv
,
was
A xrxrnTTxrnT^nTi?ATrn
-rr
the
outrageous.
Thursday for
on
iv
n
demands
good
as
from
a
"outrageous »
panaris and labeled them
issued
.
-
,
relations
sents still another triumph for Herr Hitler. ^It is
amicable, however, and both nations proceeded to
v
dispatch large forces to the frontier.
The Czechs
i
come.
bitter, torn and anxious Europe that is emerging
from Munich.
Saturday for im-
negotiations
improve
estrangement between France
the
occupation by Hungary of two small
towns.
to
The Moscow post
which is perhaps
prelimi-
a
time to
some
transferred to that post from Ber-
was
Berlin.
cow to
on
on
however,
lin, and Robert Coulondre
the
claims
achieve for
to
_
Italy. After a two-year interval in which no French
Ambassador has been present at Rome, Andre Fran-
The incident apparently attracted lit-
attention
border
Bohumin
authorities, and Warsaw reports state
fears
frontier
French Cabinet
The regime headed by Edouard Daladier moved
by the Poles by agreement with
over
rapid march.
tie
of
2293
aims.
■..
Much
could
be
done
one
jr
in the
of the chief
by the British royal
ALTHOUGH "peacepromised by European states- high importance in the present troubled state ofisthe
with honor" and "peace in couple in that direction, for Empire solidarity of
time"
^
our
men
were
immediately
Czechoslovakia
that
of
after
the
armaments
construction
the world, for
to the navy are
to
to
to be
The British intention
in the
decision
appropriate
same
was
speech that
2,307,000,000
Nazi followers that
called
the
to
will
be
hastened to add that defense
mented.
structing hastily
frontier,
attack which
a
even
a
In
ported for
within the British
plebiscite in
southwest
a
the economic
plebiscite
of
studied
are
was
such intention
Italian
.
authorities appear to be
vying with each other in the unpleasant art
last
ization that
The restlessness
Empire
was
intolerance
and
some areas
Africa
a
of northern Ire-
movement
was
re-
return of the former Ger-
on
In the small
countries
Turkish
consequences.
anew,
for
an
Saturday for
policy also
arrangement
a
was
an-
German trade credit
military and industrial purchases within the
Also
French
political affairs of the latest dispensation,
important is the uncertain effect
The Left Front is considered
parliamentary majority
a
on
thing of the past, and
may
be difficult for
any
once
ruled in both countries.
Premier
Mussolini
presumably is cementing the Rome-Berlin
axis by adopting the peculiar
anthropological super-
reflected
Reich.
a
gratifica-
by without fresh
no
150,000,000 marks to Turkey, the funds to be
used in
vJL
and
of rule by repression, by religious
racial hatred.
Not a week goes
sooner
a lively concern existed regarding
penetration of Germany and its pos-
ultimate
nounced
ERMAN
con-
along the Danube
was
of
.
by Prime Minister Eamon de Valera ot\
colony to the Reich.
sible
summer
Ottawa the
indications of retrogression from-the-tolerant civil-'
demand
land.
man
Germany is expected to-launch
any
Fascist Dictatorships
first-line defense against the
repercussions of the Munich accord
Eire for
No confirmation of
will be
aug-
vast system of forts along its
comforting in other respect^.
caused
in
recently
'
later.
The
a
as a
In
Here in New York the opinion
demobilized, but he
measures
weeks.
it should appear hereafter that the United States
also will be included in the itinerary, that circumstance will be of grave international significance,
cheering
The Russian Government is said to be
western
more
Fair of 1939.
system of French fortifi-
of the reservists
some
colors
and
visit
could be obtained, however, and the official program
thus remains confined to the Canadian journey. If
speech at Saarbruecken, last Sunday,
a
a
entertained that King George and Queen Elizabeth
might extend their journey to take in " the World's
The,, Maginot line is
Chancellor Adolf Hitler announced to his
or
American soil.
Czecho-
on
King
tion. Mr. King expressed great satisfaction that an
English sovereign at long last is to set foot on North
reached, Wed-
further
a
and navy.
added behind that famous
In
the
news was received with keen interest and
strengthened and secondary defenses wil lbe
cations.
that
suggestion for such
The visit is to take place in the early
apology for the decision
francs for the army
a
made by Prime Minister Mackenzie King of Canada,
of
announced by Prime Min-
was
a
Queen have accepted
1939, and is to last three
being rushed.
In France
nesday,
increases
announcement in London was
indicated
in Washington additions
ister Neville Chamberlain
Slovakia.
and
The official
brief and merely
The wave, moreover, will
even
push defense plans
contained his
world.
of
and wil result in another
military establishments.
sweep
dismemberment
arranged, it is already apparent
fears persist
war
wave
was
stitions that beset .his
,
Hitler.
The
Jewish faith
is
a
common
colleague, Chancellor Adolf
persecution visited
or
in
Italy,
small Jewish
upon persons
of the
of Semitic descent in
as
well.
Germany now
Although Italy has but
population, the familiar and absurd
charges against these elements that have prevailed
in the Reich for the last five years
prevail there.
are
beginning to
Certain harsh refinements
being developed at Rome.
Under
a
also
are
ruling adopted
by the Fascist Grand Council late last week, marare forbidden between ordinary Italians and
riages
Italian Jews, unless special consent is granted.
It
decided also that marriages between Italians
was
and foreigners are to be subjected to the
of control.
the
way
Difficulties of all sorts
of Jewish
persons in
are
same sort
being put in
Italy, but permission
Financial
2294
emigrate to
unfortunates to
such
granted
was
Ethiopia.
Italy reached such a stage late
The situation in
United States Government felt it
last week that the
official protest at Rome,
to register an
necessary
preventing discrimination against
with the aim of
The State De¬
domiciled in Italy.
American Jews
partment made public a note in which Italy was
not subjected to restric¬
reminded that Italians are
tions in the United
States, and it was urged that
respect to Americans, regard¬
religion.
In the geographical area
Italy reciprocate with
of race or
less
Germany," persecution of
known as "Greater
now
Jews, Catholics and others continues. Application
of Herr Hitler's notions in Austria is occasioning
some
difficulties, however, and is calling attention
anew
to the venomous
ism.
A midnight
Saturday by
Vienna was followed last
in
olics
and spiteful extremes of Naz¬
dispute between Nazis and Cath¬
a
palace of Theodore Cardinal In-
mob attack on the
nitzer, Archbishop of Vienna, in which windows
were smashed and furniture thrown out of the edi¬
"justified" this attack by accusing
The Nazis
fice.
the
Archbishop of references to political matters in
his
addresses.
Restrictions
Any persons of Semitic
happened to possess passports were
becoming ever harsher.
are
who
descent
ordered to surrender them
already
The Nazi methods
in
Jews in the Reich
on
Sudeten
the
areas
over
forced to surrender to her
Czechoslovakia
was
the
started
on
unteers"
sort of international surprise is
The Italian Government
Wednesday to withdraw some of its "vol¬
trying to help the insur¬
have been
who
by Arab
for three weeks when it was made. The Brit¬
Colonial Minister, Malcolm MacDonald, made a
gangs
ish
tion, and it appears that
to
are
investigate the situa¬
the journey was kept quiet
Changes in British policy
journey to Palestine to
secret
protect the Briton.
forecast in London, where it is now realized that
of the country and sepa¬
Jewish populations must be
plan for partitionment
the
ration of the Arab and
Early this week the London authori¬
abandoned.
decided
ties
heavily
augment
to
military
their
that some reinforcements
already have arrived. Bethlehem wras recaptured by
British troops on Monday.
The problem took a
and
new
an
it
and
forces,
seems
serious turn on Tuesday, when
more
even
attempt was made to
assassinate a British Dis¬
The Arabs are
Commissioner.
trict
reported in¬
creasingly adept at bombing Jewish areas, and
the
These manifestations
occasionally retaliate.
Jews
probably will be less in evidence in the near future,
the augmented British forces insist upon
when
But the restoration of order still will leave
peace.
the basic
problem unsolved.
>
China and Japan
DEVELOPMENTS ofweek in the long-continued
the highest importance
reported this
were
between
and
Japan
China.
in an endeavor to halt the flow of sup¬
plies reaching the Hankow defenders
via Hongkong
Although the attack was hot unex¬
Canton.
and
Foremost
these is a new invasion of' China by the
aggressors,
MILITARY activity remained week, low ebbwas
in
Spanish civil war this at a but it
some
for Bethlehem had been ruled
necessary
struggle
powerful neighbor.
Spanish Civil War
in store for the country.
week-end that a full-fledged
but the admission was hardly
revolt is in progress,
gmong
evident that
It was admitted at
against British rule.
tion and
Jerusalem over the last
15/1938
the last week-end.
causing consternation
are
which
Oct.
Chronicle
pected, it remains disconcerting, not only because
of the further
strain placed on the defense forces
but also because of the
plications.*
dangerous international im¬
The Japanese authorities announced on
gain a victory
Wednesday that a drive in South China was contem¬
It is generally conceded that
plated, and even as the announcement was made in
Signor Mussolini will withdraw at least 10,000 men,
Tokio,-more than 100 warships gathered off Bias
gent General, Francisco Franco, to
the
over
and
loyalists.
dispatches" indicate that up to 18,000 may
some
be sent back to
Italy.
mission of the large
numbers sent to Spain, but the
include
casualty lists
There is still no formal ad¬
12,147 Italians killed and
the conflict..
wounded in
It is suggested in some
quarters that Rome merely is making a good gesture
of
necessity for furloughing troops that have
the
served
see
than
more
in
the
however,
German
the result
conference.
even more
Precisely
uncertain is the
aspect of the long-continued intervention
as
shore line.
the
was
effected with
no
such "devil's
respect to Czechoslo¬
Meanwhile, the loyalists continued
offensive in the Ebro
on
the
hills, with noteworthy military
changes lacking.
cut the
railway from Hongkong to Canton, but large
all
and
In Tokio, on Thursday, Premier Fumi-
Konoye warned the representatives of all for¬
niaro
eign Powers to avoid ship and troop movements in
the
of
area
added
a
to China.
Extension of the
a
prompt warning from
interests
are
more
troublesome
keeping the Arabs and Jews at peace.
Arab terrorists
the
ever
are
making life hideous throughout
Holy Land, in objection against Jewish immigra¬
Great Britain that Anglobe jeopardized if British
damaged.
The
usual
utterly meaningless assurances were
smiling
and
given by Japa¬
authorities that foreign interests would be held
In Hankow it was
Japanese aggression
tain
finding
conflict to South China brought
Japanese relations might
administrators
are
Japanese army officials
operations.
warning yesterday against all foreign aid
at Tokio that
their task of
into the strong defenses
preparations were made for a major en¬
gagement.
harmless.
roar
began to press inland to
Chinese forces were thrown
MURMURS of in recent weeks, and the British
discontent in Palestine have risen
a
colony and perhaps also to its exist¬
The invading troops
ence.
est
to
shelling the
is just north of HongkQng, and
Japanese action is an obvious threat to the trade
nese
Palestine
Bias Bay
of that British
Both the insurgents and the loyalists
reported determined to accept
vakia.
of an
agreement on Spain reached by the
revealed, and
Spain.
truce"
Some observers
Italy is to receive by way of compensation
is not year
are
in Spain.
of the Munich
four Powers
in
year
movement,
international
what
a
Bay and landed 30,000 troops, after
assumed that the
new¬
resulted from a conclusion
Great Britain w^ould not fight to main¬
The tremendous
provisional capital seemed
decision, as the Japanese turned
her^position in the Far East.
struggle for the former
to be
approaching a
their attention to the Canton
area.Naval units of
Volume 147
Financial
Chronicle
the
invading forces made some progress up the
Yangtze River this week, with a landing on the south
bank
offering a serious threat to some of the defense
units.
Mechanized
forces
pushed
general sentiment when they withdrew the treaty,
which resulted from direct
disputants.
last
through
2295
negotiations between the
A military clash in Central America is
unlikely, under the various treaties for pacific ad¬
Saturday to the Hankow-Peiping Railway, but an
epic struggle seems to be proceeding north of Han¬
kow, for the Chinese reported recapture of the line
justments of controversies.
It
that the Panama-Costa Rica
problem
submitted
arbitration.
early this week.
there is talk in
Another great victory was claimed
by the Chinese yesterday, in the same area, but inde¬
pendent observers were unable to confirm the re¬
passed
award
was
American
rates
controversies
banks.
an
republics fixing the boundaries of Para¬
other
disputes of
a
any
rates
the
at
Country
Pre¬
Effect
Date
Oct. 14
Established
Rate
Mar.
Batavia
4
Belgium...
Bulgaria
There
SH
3
July
1 1935
May 30 1938
6
Canada....
region south of the Rio Grande, but if the principles
1
7
toward
Chaco
in the
peace
Italy
4H
Java
July
18 1933
5
Jugoslavia.
■3
Jan.
1 1936
4
Jan.
the
21937
W-4 PX: Oct.
.
Feb.
1 1935
6^
5H
July
1 1936
6
6X
May 28 1935
Jan.
51938
Estonia
5' :
5
Norway
19 1936
3M
Poland
3X
4H
June 30 1932
2
Finland
5
Morocco
3H
2M
Portugal
4
Sept. 25 1934
5X
Rumania
">
South Africa
3H
May 15 1933
Spain
5
July
Sweden
2H
Doc.
1933
3
between Paraguay and Bolivia, and
Greece
6
Jan.
41937
7
Switzerland
1H
Nov. 25 1936
2
2
Dec.
2 1936
2^
endeavors
gives
some
69,000
square
Holland
arms.
.
respect,
miles of
The new border of
more
_t—
oil fields have been located.
Presidents
announced
award
were
on
Y%%
were
of last week.
was
on
%%.
Money
the rate remains at
1%.
Bank of
'HE
recorded
the
the
concern.
being
acclaimed
Americas, two further disputes
Negotiations between .Peru and
Ecuador that extended
over
100 years broke down
Washington,/but the intermittent talks often have
failed to solve the border
question without provok¬
slight gain in gold of
An appeal
vention," and similar requests
the Chief Executives of
was
"friendly inter-*
were
forwarded to
Argentina, Brazil, Chile and
The governments concerned took the
re¬
quest under advisement, but admitted that action
is
unlikely unless invitations
parties to the dispute.
off the
doubt
as
be desired.
expressed
Another
received from both
In Peru it
that Ecuador broke
was
are
was
sists
negotiations, and
of
long-standing controversy be¬
last
was
Saturday, when
withdrawn
Rican
in
Congress.
Costa"
a
from
treaty settling the question
consideration
£40,703,
"bankers accounts"
reserves
a
£9,-
rose
The latter
con¬
and "other accounts"
and £561,823 respectively.
to liabilities rose to 19.6%
proportion of
ago
reserves
low of only 13.8%
a
week
the ratio stood at 24.6%.
ago.
A
Government
securities decreased £7,340,000 and other securities
in
discounts
securities.
2%.
£650,950
Of the latter amount
£1,274,246.
loss
and
advances
and
was a
£623,296
in
The discount rate remains unchanged at
Below
furnish the various items with
we
com¬
parisons for previous years:
BANK OF
ENGLAND'S
Oct. 12,
1938
COMPARATIVE STATEMENT
Oct.
Oct.
13,
14,
1936
1937
Oct.
16,
1935
Oct. 17,
1934
£
496,381, 000 489,858,649 446,366,695 399,618,105 377,217,235
17,516,064
28.267 000 26,059,700 31,616,337 32,119,070
Other deposits
131,438 2.33 129,334,459 123,386,677 116,561,702 141,934,517
92,921,450 82,155,775 78,800,888 104,490,807
Bankers' accounts.
94,858, 900
37,443,710
36,413,009 41,230,902 37,760,813
Other accounts
36,579, 333
85,154,999 81,279,164
Govt, securities..—_ 114,531, 164 105,088,165 80,368,337
Circulation—
Public deposits
—
Other securities-.—
31,407, 540
Dlsct. & advances.
9,554, 095
21,85.3, 445
Securities
Reserve notes & coin
The adjustment proved unpopular
29,685,002
9,247,719
28,930,370
9,552,935
25,308,775
13,659,966
20,437,283
38,286,254
19,377,435
11,648,809
54,887,739
Proportion of reserve
a
attended by
The
by the Costa
Rica, and the authorities there Bowed to
£489,858,649
was
which fell off £14,843,985
some
tween Costa Rica and Panama flared into the
open
The total outstanding is
deposits declined £15,405,808.
contended
to whether mediation wrould
12
Public deposits increased £16,213,000 while
443,000.
other
Wednesday to achieve
addressed to President Roosevelt for
Oct.
£9,403,000 in note
As the loss in circulation
year ago.
year
settlement much in, the
ended
£496,381,000 compared with
from the 13 year
a
raised
circulation, after it had expanded £27,191,000 during
ing warfare and the. newest lapse caused only mild
concern.
The Government of Ecuador acted on,
spirit of the Gran Chaco accord.
week
of
contraction
a
now
"was
Friday
England Statement
for
statement
the three weeks previous.
award
on
was
.
urged also that full diplomatic relations be restored
days.
market rate
open
Opt. 11 from- 3% to 3%% while in Switzerland
Buenos
They
call at London
on
At Paris the
than 100
conducted.
as
Friday of last week, and %@13-16% for
three-months bills, as against 11-16®%% on Friday
on
within 30
Chaco
5
Foreign Money Rates
important
in
1
IN bills Friday market discount rates for9-16®
LONDON open 9-16®%%, against short
-
Representatives of the
this
Aires, where the discussions
where
4H
10 1935
made to
"were
country extends 275 miles west of the
Uruguay.
6
7 1934
5
miles from the Bolivian foothills
in
5
Dec.
2U
*
aroused
.
4X
4H
in 1935 and
throughout
4
Aug. 11 1937
4H
._
4M
17 1937
4 1934
States, Argentina, Brazil, Chile, Peru
Uruguay.
The frontier finally drawn closely
the
Dec.
Sept. 30 1932
problem then was passed to the Presidents
While
...
Sept. 27 1938
Paraguay River, but remains distant
six
4
Dec.
matter without further resort to
small
3.65
3
disputed territory to Paraguay.
the
14 1937
4
approximates the military lines at the end of the
war
5
6 1936
Jan.
4
an
of the United
and
Apr.
3
Germany
caused
An international commission failed in this
and the
.
May 18 1936
3.29
Japan
V!':
Lithuania..
...
Denmark
The
4H
24 1935
4H
3M
3«
France
for three additional
years
settle
Americas.
June 30 1932
Aug. 24 1935
exhausting
boundary problem
war
advance
Nov. 29 1935
3
Mar. 11 1935
England
permanent
three-year
tremendous
a
3
Ireland....
Jan.
vakia
Danzig.
mean
Rate
India
4
2' 4
Colombia..
to be used
Pre¬
vious
Established
4
4
,
14
Hungary...
Czechoslo¬
generally, it would
are
Date
Effect
Oct.
1936
Aug. 15 1935
<
Country
2^
Chile
were
centers
Rate in
vious
Argentina..
like nature in the great
applied in the Chaco controversy
leading
;:-v
Rate in
by the Presidents of six.
area.
Present
shown in the table which follows:
appar¬
history last Monday when
down
settling the various boundary
THERE have been no changes during the week in
the discount
of
of the foreign central
Disputes
and Bolivia in the Gran Chaco
guay
are
into
handed
a perma¬
Discount Rates of Foreign Central Banks
ONE of the most persistent and troublesome of
Latin American
ently
for
will be
Indeed,
Washington of establishing
nent commission
barred from Chinese armies.
border
international
now
disputes.
ports because all foreign correspondents now are
Latin-American
to
fairly clear
seems
Coin and bullion
to liabilities....—
Bank rate———:
31,417, 000
63,365,573
20,460,546
9,468,333
10,992,713
75,367,102
327,799, 344 328,144,903 249,732,268 194,503,844 192,584,337
1
•
19
6%
24.6%
2%
2%
40.80%
2%
36.91%
2%
47.26%
V
2%
Financial
2296
York
THE weekly statement dated Oct. 6,138,000,000
6 showed a
note circulation of
contraction in
outstanding down to
Circulation
francs.
118,290,000,000
a
ago
year
aggregated 90,991,404,435 francs and the year before
85,778,169,160 francs.
A decline also appeared in
discounted of 2,932,000,000
French commercial bills
abroad of 5,000,000 francs
francs, in credit balances
and
against securities of 375,000,000
advances
in
the Bank's gold
No change was shown in
francs.
total
the
holdings,
55,808,328,520
hand to sight
year ago it was 50.65%
An increase* appeared in
remaining 4 at
The proportion of
francs.
liabilities
rose
to
39.30%;
the
while
of
item
temporary
*
unchanged.
items with
on
of 2,289,000,000 francs,
accounts
current
remained
a
63.38%.
and two years ago
creditor
gold
advances
Following
to
the
are
State
various
comparisons for previous years:
BANK OF FRANCE'S COMPARATIVE
STATEMENT
Francs
Oct. 0,
bills discounted.,
b Bills
bought abr'd
7,608,979,069
1,475,941,237
3,045,455,730
Note circulation
c
Temp, ad vs. with¬
a
50,133,974,773 26,918,460,497 12,302,602,000
No change
out Int. to State..
Propor'n of gold on
hand to sight llab.
63.38%
50.65%
39.30%
+ 1.03%
low, however, and turnover in such instru¬
remain
ments
The
Treasury sold
awards
were
Monday
on
at
further issue of
Call loans
annual bank discount basis.
York Stock
a
due in 91 days, and
0.022% average, computed on an
discount bills
8100,000,000
the New
on
Exchange held at 1% for all transactions,
134% for maturities to 90
and time loans again were
days, and 134% for four to six months datings.
New York Money
Rates
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
ruling quotation all through the week for both new
loans and renewals.
The market for time money
transactions
reported
occasional renewals at rates previously
reported.
only
The
quiet.
90 days and
1J4% for four to six months maturities.
The volume
purchased In France,
b Includes bills discounted abroad,
c Au¬
18, 1936. laws of June 23. 1936, convention of
of June 29. 1938.
The last Increased the June 30, 1937,
of 20,000.000.000 francs to 30,000.000,000 francs, of which 18,050.000.000
business
of
prime commercial paper has shown
in
moderate improvement
been
has
good.
Prime
this week.
has
paper
larger quantities and the demand
been available in
Rates
are
unchanged at %@%%
for all maturities.
Bankers' Acceptances
v
.
convention of June
by
unchanged levels from last week.
small at
was
Includes bills
thorized
moderately.
security collateral also increased
on
Outstandings of bankers bills and commercial paper
•
—375,000,000 3,987,000,000 3,983,251,890
—C, 138,000,000 118290.000,000 90,991,404,435 85,778,169,060
Credit current accts. -1-2,289,000,000 23,707,000,000 19,185,055,829 12,603,602,253
Adv. against secure.
in New
member banks
gain of 88,000,000 in business loans
a
Rates continued nominal at 1 34% up to
...
French commercial
-2,032,000,000 17,993,000,000 10,831,955,910
809,664,710
743,000,000
1938
1936
Francs
Francs
■-<
55,808,328,520 55,805,022,187 82,358,742,140
17,240,636
17,565,964
8,000,000
—5,000,000
Credit bals. abroad,
a
Oct. 9,
Oct. 7, 1937
1938
Francs
,x.
15,
during the week ended Wednesday night, and brokers
loans
continues
No change
Gold holdings......
City noted
were
Changes
for Week
-iThe reporting
modations.
Bank of France Statement
francs, which brought the total
Oct.
Chronicle
June 30. 1937, and decree
allowance
francs have been taken.
Since the statement of June
29. 1937, gold valuation has been at rate of 43 nig.
that time and subsequent to Sept. 26, 1930,
prior to Sept. 20, 1936, there were 05.6 mg.
gold, 0.9 fine, per franc; previous to
gold valuation was 49 mg. per franc;
of gold to
THE market for prime bankers' acceptances has
quiet this week.
Prime bills are
been
holds
demand
the
There has
steady.
the franc.
been
Bank of Germany Statement
to and
up
marks, which brought the total down to 7,540,800,000
and
aggregated 5,035,-
and
a
Circulation
marks.
a
ago
year
4,469,223,000
498,000 marks and the year before
decrease
A
marks.
appeared in
also
Dealers' rates
change in rates.
no
as
reported
by the Federal Reserve Bank of New York for bills
THE statement in note circulation of 482,600,000
showed
loss for the first quarter of October
in
reserve
of ex¬
change and checks of 837,037,000 marks, in advances
foreign currency of 347,000 marks, in bills
of
very
but
scarce
including 90 days
are
34% bid and 7-16%
asked; for bills running for four months, 9-16% bid
y2% asked; for five and six months, %% bid
The bill-buying rate of the New
9-16% asked.
York Reserve Banks is
to 90
34% f°r bills running from 1
The Federal Reserve Bank's holdings of
days.
acceptances remain unchanged at 8541,000.
Discount Rates of the Federal Reserve Banks
28,776,000 marks and in other daily maturing
obligations of 343,970,000 marks.
holdings showed
70,773,000
no
marks.
The Bank's gold
change, the total remaining at
The
proportion
of gold aiid
foreign currency to note circulation is now at
1.01%,
and 1.54% the pre¬
vious year.
Deposits abroad, silver and other coin,
investments, other, assets and other liabilities re¬
corded increases, namely 14,000 marks, 19,864,000
compared with 1.50% last
98,000 marks,
marks,
year
33,997,000 marks and
789,000 marks respectively.
various items with
Below
we
13,furnish the
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
rates
The
for
following is the schedule of rates
the
classes
various
Reserve banks:;
■■
of
OF FEDERAL
different
RESERVE
BANKS
Rate in
Federal Reserve Bank
Oct.
Previous
Date
Effect on
Established
14
•
Rdte
.
2
1
2. 1937
Aug. 27. 1937
IX
Sept.
4. 1937
2
Cleveland
IX
May 11, 1935
2
Boston
Sept.
IX
New York
Philadelphia
j
Richmond
IX
IX
St. Louis
2
.
j
'
Aug. 21, 1937
Sept.
2, 1937
...
2
Aug. 21, 1937
J
/ IX
....
IX
Aug. 27. 1937
IX
Chicago
REICHSBANK'3 COMPARATIVE STATEMENT
in effect
the
■
DISCOUNT RATES
Atlanta
comparisons for previous years:
now
at
paper
.
2
2
■
Minneapolis
Oct. 7, 1938
for Week
Oct. 7, 1937
Oct. 7.
1936
IX
Aug. 24, 1937
2
Kaasas
Changes
IX
IX
3, 1937
Aug. 31. 1937
2
IX
Sept.
2
City
Dallas
8an Francisco
Reichsmarks
Reichsmarks
Assets—
Gold and bullion
+ 14,000
Res've in for'n currency
Bills of exch. & checks
.
—347,000
—837,037,000
Silver and other coin...
+ 19.864,000
—28,776.000
Advances...
Investments
+ 98.000
Other assets
+ 33,997,00C
Reichsmarks
70,081,000
Course of Sterling
10,601,000
Oth. daily matur. oblig.
Other liabilities
—482,600.000 7,540,800,000 5,035,498,000 4,469,223,000
677,538,000
745,236,000
888,024,000
—343,970,000
255,667,000
283,967,000
371,479,000
+ 13,789,000
Propor'n of gold & for'n
curr.
to note circul'n.
+0.06%
New York
1.01%
1.50%
1.54%
Money Market
Exchange
STERLING exchange is pound and from European
sharply off the the range
of
last
currencies
pressure.
The
week.
are now
Liabilities—
Notes in circulation
2
3, 1937
Reichsmarks
63,284,000
27,629,000
20,055,000
5,453,000
5,864,000
5,681,000
7,337,352,000 5,285,420,000 4,700,029,000
139,621,000
132,927,000
92,023,000
25,836,000
35,671,000
19,630,000
524,196,000
397,376,000
848,264,000
567,570,000
780,339,000
1,090,712,000
70,773,000
No change
Of which depos. abr'd
■_
Sept.
practically at the height of seasonal
Furthermore, the unstable political con¬
ditions in Europe
together with the loss of prestige
and power suffered by
Munich
are
factors
Great Britain and France at
adverse to sterling.
The
this week has been between 84.73 1-16 and
E?TLE business market, butthis weekindications at
was done modest in the New
York
money
length
have appeared of a better demand for accom¬
for
bankers'
between
range
84.7834
sight bills, compared with a range of
84.7834 and 84.823^ last week.
The
range
Volume
for
Financial
147
cable
transfers
$4.78 9-16,
has
compared
$4.78 5-16 and
been
between
with
$4.82%
a
British clearing bank deposits declined by £29,-
between
250,000, mainly because of the withdrawal of foreign
of
balances.
week ago.
a
dull.
On
closed and foreign
was
quotations for that day
The
United States
demand.
Under
were
one
change would be unfavorable to London from
until
in
on
the credit side of the British
mone-
tary situation, withdrawals of funds from England
ex-
less perceptible, while the note circulation
are now
should naturally decrease, not to reach another high
now.
record until the approach of the Christmas holidays.
mid-January.
Under existing
£26,-
last December's high record of £509,315,646.
At present,
currency
oyer
000,000, raising the total to within £3,531,000 of
exchange
conditions
peacetime
The Bank of England's note circulation
in the two weeks ending Oct. 5 expanded
largely nominal.
dollar is the
normal
the
on
Day, the
Wednesday, Columbus
New York market
2297
$4.73% and
range
Currently the foreign exchange market is
whole
Chronicle
conditions the adverse tendency is
Owing to the reduced volume of British business
heightened largely because Great Britain has accel-
activity the note circulation next December
erated its rearmament program,
be expected to equal that of December, 1937.
rise
in
essential
with
a
consequent
United
imports,' chiefly from the
States and Canada.
London "Financial Times" bond index, based
Furthermore, confidence in the
pound has been severely shaken
result of the
a
as
Oct.
growing belief that Great Britain and France suffered
a
serious
hands.
politics out of British
resumed
now
conditions
normal
the
Britain
Great
in
business in Great Britain
ever
since the last
82.6
There has been
able.
Britain is
a
but the long-term
business
no
It has
only
extensive
movement of
a
occurred in the last
and financial
the United States
out that
Pre-
was
earlier, and
a year
The high record
Nov. 18, 1936 and the low record
was
year.
on
this side
may
as a
bring
revival of trade in Great Britain and else-
a
The conclusion of
will
a
trade agreement with the
regarded
now
more
favorably in
greater expectation that such
a
helpful
prove
British
to
an
export
interests.
On Oct. 11
record of $520,907,282.
on
agreement
As
a
result of the quieter political tone
now pre-
vailing and the less feverish withdrawal of foreign
gold imports into the United States during,
a
Sept. 6, with 102.3
United States is
England and with
Department of Commerce pointed
September reached
on
Sept. 28 of this
where.
by
European funds into dollars
days of September.
the July 1, 1935 levehas 100,
favorable trend, which it is hoped
about
become thoroughly apparent how
now
on
Business and financial interests in Great Britain
very
assured.
means
the
factor is that
appraise the improvement in business
con-
prospects of Great Britain and the Continent are
on
,
heavy loser in
result of the Munich
as a
124.9
73.7
British business men are satisfied with
consequence.
the immediate outlook
ference,
was
longer avail-
improvement in interna-
no
tionai trade and Great
Sept. 6.
on
with 95.9 at the beginning of 1938.
pound received strong support during the summer
months from tourist traffic, a source no
on
Oct. 6, compared with 79.9 a week earlier,
on
with 82.8
quarter
It is true that the
definitely downward.
was
The rail share index
favorable
presently
shares, based
Nevertheless it should be recalled that the trend of
of 1937
on
London "Financial News" stock index of 30 industrial
trend,
pre-crisis
Sept. 6.
on
the
on
100, reached Jll.l
September low of 103.3 and
of 40.2 and with 42.4
Another
business
as
The
Oct. 6 stood at 44, compared with the September low
C
Doubtless
have
power
against the
6,
against 112.6
diplomatic defeat at Munich which may take
leadership in European
of Sept. 15, 1926
average
not
can
funds from London,
.
declined sharply.
open
market
Two-months
money
bills
rates ^have
are
19-32%,
viously the largest imports during one month were
three-months. bills %%, four-months bills 27-32%
$450,000,000 in February, 1934.
and six-months bills 1%.
The
September influx
was
*
attributed to the rush of
Gold
on
the week
here
on
for
Had it
safekeeping because of the threat of war.
not
insurance
rates,
occurred.
came
the sharp
been for
From
even
an
advance in marine
larger influx would have
England alone $377,986,236 of gold
to New York in
September.
With the conclusion of ,the Munich accord it was
taken for
granted that there would be
a
considerable
repatriation of gold to the European centers, and of
offer in the London
market during
was as
Wednesday £1,669,000,
on
open
follows: On Saturday last £740,000,
Monday £834,000, on Tuesday £1,163,000, on
European bankers and business men to send money
on
Thursday £1,615,000 and
Friday £1,375,000.
At the Port of New York the gold movement for
the week ended Oct. 12, as reported by the Federal
Deserve Bank of New York, was as follows:
G°LD movement at new york, oct. 6-oct. 12, inclusive
Exports
Imports
$27,347.000from England
None
course
London market from day to
in the
offer
The volume of gold
chiefly to London.
on
day has,
greatly diminished from the high totals recorded in
i.'lf^ooo
J
....
.
the
offerings
dollars
some
still
j.
r
i
taken
•
for
$31,248,000 total
We have been notified that
and the movement is likely to continue for
at San Francisco from China.
aie
time.
conversion
at
as a
this
The
1
clearly that for the present business and
financial interests in Europe have lost
not
Net Change in Gold Earmarked for Foreign Account
No change
x
into
This shows
London
'
122,000 from Australia
Julv, August, and September, but the major part of
.
cwa
safe repository for
time
a
country in
confidence in
their funds.
There is
Europe which offers
profitable employment for idle funds.
Unless and
until there is complete European appeasement and
disarmament it is
a
safe prediction that European
interests will seek to invest
of the Atlantic.
their funds
on
this side
above
figures
approximately $17,000 of gold was received
are
for the
week ended
on
Wednesday.
On Thursday there were no imports
or exports of the metal or change in gold held earmarked for foreign account.
On Friday $3,878,000
There were no
of gold was received from Canada.
exports of the metal or change in
gold held earmarked
for foreign account.
Canadian exchange is reasonably steady and under
less severe discounts than those prevailing at the end
of September.
' Montreal funds ranged during the
week between
of
tables show the mean London
The following
Paris, the open
on
price paid for
LONDON CHECK RATE ON
Friday,
LONDON OPEN MARKET
FOR GOLD
Oct. 13
Friday,
Oct. 14—146s.
Oct. 10
lOd.
Tuesday,
Oct. 11...
Oct. 14
Referring to day-to-day rates
»
relatively firm. Spot
belgas ranged this week between 16.89% and 16.92%.
Par of the belga is 16.95.
Since the end of the
Belgian currency continues
Oct. 13.........$35.00
Friday,
while exports were 21,405,000,000
16,838,000,000 francs.
francs, against
Holiday
Thursday,
35.00
sterling exchange on
Saturday last was dull but steady in
the
000,000 francs,
(FEDERAL
Wednesday, Oct. 12
—
13,332,000,000 francs
corresponding period last year.
Imports
amounted to 34,018,000,000 francs, against 30,165,-
146s. 933d.
Thursday,
$35.00
35.00
....
35.00
8....
Monday,
September show a deficit balance of
12,613,000,000 francs, against
in
RESERVE BANK)
Saturday, Oct.
trade figures for the nine
foreign
months ended in
GOLD PRICE
BY THE UNITES STATES
French
The
178.80
..178.84
Oct. 14
1
Wednesday, Oct. 12... 146s. 5d.
8..i,.-145s. 433d.
Monday, Oct. 10
-145s. lOd.
Tuesday, Oct. 11—...146s. l>&d.
Saturday, Oct.
PAID
178.87
.
Oct. 13
Thursday,
August,
ber of last year.
PARIS
Wednesday, Oct. 12.
8
...—178.95
Monday, Oct. 10
.178.93
Tuesday, Oct. 11......
178.93
Saturday, Oct.
PRICE
check
market gold price and the
gold by the United States:
MEAN
1938
francs, against 2,486,and 2,074,000,000 in
September, 1937. Thus, the deficit trade balance for
September was 881,000,000 francs, 1,223,000,000
francs in August and 1,404,000,000 francs in Septem¬
in
francs
000,000
25-32%.
rate
15,
Exports were 2,653,000,000
1 7-32% and a discount
discount of
a
Oct.
Chronicle
Financial
2298
limited trading.
Czechoslovak crisis future belgas have
shown some
$4.78%@$4.78%; cable transfers improvement although still at a sharp discount,
$4.78 5-16@$4.78 9-16.
On Monday the pound was
despite the fact that spot belgas are the firmest of
sharply off in a dull market. The range was $4.75%
the European units.
On Oct. 4 30-day belgas were
@$4,76 7-16 for bankers' sight and $4.75 11-16@
6 points below the basic cable rate and are now at a
$4.76% for cable transfers. On Tuesday sterling was
discount of 3 points.
On Oct. 4 90-day belgas were
steady in limited trading. The range was $4.75 3-16
at 18 points discount from-the basic cable rate and
@$4,76 5-16 for
bankers' sight and $4.75%@
are now ruling around 11% points discount.
$4.76% for cable transfers. On Wednesday, Colum¬
The National Bank of Belgium total gold holdings:
bus. Day, there was no market in New York.
On on Oct. 6 were 3,228,700,000 belgas, an increase
Thursday the undertone of sterling was easy. Bankers'
over the
previous week of 48,300,000 belgas.
The
sight was $4.73 1-16@$4.73%; cable transfers $4.73%
Bank's ratio of gold to total sight liabilities stands at
@ $4.73%. On Friday the market continued dull.
61.88%, and its ratio of gold to notes is at 66.52%.
The range was $4.73%@$4.74% for bankers' sight'
The German mark situation shows no new trends
and $4.73%@$4.74% for cable transfers.
Closing from those of the past few years. Par of the mark,
quotations on Friday were $4.73% for demand and "whether that of the so-called free or gold mark or of
$4.73% for cable transfers. Commercial sight bills
the German commercial registered mark, is 40.33
finished: at $4.73%, 60-day bills at $4.72%, 90-day
cents.
Currently the free or gold mark is ruling
bills at $4.72%, documents for payment (60 days) at .
around 40.05 cents.
It should be recalled however
$4.72%, and seven-day grain bills at $4.72 15-16.
that the mark, like all other currencies, is strongly
Cotton and grain for payment closed at $4.73%.
inclined to move with sterling.
With the registered
Bankers' sight was
Continental and Other Foreign
'HERE is nothing
franc situation.
terms of the
the
is
essentially new in the
ruling at
French
Its relation to the dollar
franc
merely reflects the trend of
and its
sterling.
has
of France circulation will
the excessive
total
when
francs.
monetary and business
reserve
to
outstanding circulation is 1%.
,
that there is in Germany
high reached in its statement of Sept. 29, r
probably at least four times as great as
circulation
touched
124,428,556,245
accounted for in the Bank's statement.
The
recently granted to rule
by decree until Dec. 1 is acclaimed in financial circles
of revaluing the gold stock of
the Bank of France in accordance with the terms of
May 5 is still under consideration.
sterling
Parity a
France
c
'
(franc)
Premier Daladier
valuation of the franc in terms of
sterling and has
opposition to the creation of ~
13.90
Apart from the possible revaluation of gold,
information
plated
is
between
measures
for correcting the current financial
A
is
more
an
favorable factor in the economic situation
improvement in foreign trade for
September.
Figures just issued show imports amounting to 3,534,000,000
francs,
against
3,709,000,000
francs
in
August and 3,498,000,000 francs in September, 1937.
.
5,
at
This
Week
2.6436 to
2.67%
16.8933 to 16.9233
5.2636 to
8.91
5.2636
22.6433 to 22.80
to 54.4536
32.67
54.30
68.06
the European currencies
"float" onrJune'30,r1937.
devalued on a de facto basis of 179
gold and allowed to
1938 the franc was
pound, or 2.79 cents a franc.
The London check rate on
178.84, against
Paris closed on Friday
178.98 on Friday of last week.
fin¬
7-16 on Friday
of last week;
cable transfers at 2.64%, against
2.67 7-16.
Antwerp belgas closed at 16.91% for
bankers' sight bills and at 16.91% for cable transfers,
against 16.90 and 16.90. Final quotations for Berlin
marks were 40.07% for bankers' sight bills and
In New York
ished
and economic situation.
5.26
19.30
before devaluation of
Sept. 30 and Oct. 3, 1936.
cOn May
official
apparently withheld as to contem¬
16.95
New dollar parity as
francs to the
foreign exchange restrictions.
A.: 6.63
40.20
a
b Franc cut from
declared his resolute
.
3.92
,
.
,
Switzerland (franc)
Range
New Dollar
Parity
on
definitely excluded the possibility of further de¬
the'relation of the lead¬
the United States dollar:
Old Dollar
The question
b
the gold
following table shows
ing European currencies to
.
has
available to official directors
The secret reserve is
affairs.
of German economic
the devaluation of the franc' in terms of
It
that this is all the gold
would be mistaken to think
shortly indicate a drop from
Premier Daladier's power
in Paris.
Reichsbank statement, is
weekly
guide to 'the
special significance as, whether firm or
the
discount, having ranged in the past
17.60 and the current low of 17.10.
hardly a
situation of
Germany. Since Sept. 8 the Reichsbank has carried
its gold and bullion holdings at 70,773,000 marks,
The
pound, to which it is attached through
Since the passing of the Czech crisis money
returned to the French banks, so that the Bank
and these marks are now
is different,
case
a severe
week between
The franc is relatively firm in
tripartite agreement.
without
otherwise,
mark the
Exchange
on
sight bills on the French center
Friday at 2.64%, against 2.67
Volume
Financial
147
Chronicle
2299
40.0734 for cable transfers, in comparison with
40.0534 and 40.0534.
Italian lire closed at 5.2634
lcong closed at 29 5-16@2934? against 30%@30 3-16;
Shanghai at 15%@16, against 16%; Manila at 49.85,
for bankers'
against
fers,
<
sight bills and at 5.26% for cable trans¬
5.2634
against
Czechoslovakia
and
finished
5.2634-
at
3.44,
Exchange
Bucharest at 0.74%, against 0.7434; on
18.85, against 18.85; and
5534?
at
against
55.80;
Bopbay at 35.44, against 35.76; and Calcutta at
35.44, against 35.76.
Poland^at
Finland at 2.10, against
on
Singapore
on
3.45;
against
49.85;
on
Gold Bullion in
European Banks
Greek exchange closed at 0.87, against 0.88.
■""THE following table indicates the amounts of
gold
1
bullion (converted into pounds sterling at par
EXCHANGE on the countries neutral during the
presents
features. The Scandinavian
respective dates of most recent statements, reported
2.1234-
of
war
no new
currencies reflect the weaker tone of
Swiss franc and the
Holland
from the sterling tie
on
pendently firm.
detached
were
Sept. 26 and
are now
inde¬
The confidence entertained in these
two units is shown
by the fact that future francs and
guilders from day to day
premiums
guilder
The
sterling.
quoted either flat
are
or
at
'
'.JM
week
ended
Oct.
showed
10
gold holdings of
1,481,000,000 guilders,' unchanged from the three
previous weeks.-
The Bank's ratio stands at 80%.
Last
was
wreek there
sharp decline in the note
a
circulation of the Bank of The
ing the passing of the
gold
While the total
scare.
unchanged, the amount of gold
are
reserves
war
Netherlands, reflect¬
held under earmark abroad,
chiefly here, increased
by 11,000,000 guilders during the week ended Oct. 10
to
shown for the corresponding dates in the previous
four years:
Banks of-
1938
1937
England.
327,799,344
France
293.728,209
3,007,900
Germany b
1936
328,144,903
293,710,643
2,501,300
87,323,000
1935
249,732,268
194,503,844
192,584,337
498,869,937
576,897,939
1,927,000
2,971,050
88,092,000
90,681,000
659,248,000
2,949,350
90,624,000
42,575,000
47,491,000
108,484,000
75,559,000
46,874,000
67,198.000
46,311,000
98,122,000
46,639,000
20,898,000
6,555,000
6,602,000
72,187,000
75,940,000
66,930,000
15,623,000
7,396,000
<$3,667,000
a25,232,000
25,232,000
Netherlands
100,323,000
Switzerland
123,417,000
90,870,000
114,031,000
Sweden....
31,838,000
"25,986,000
6,548,000
24,194,000
6,537,000
8,205,000
6,602,000
6,604,000
Nat. Belg..
Denmark
Norway
..
...
1934
99,516,000
79,703,000
-
6,552,000
6,579,000
Total week.
1,088,332,453 1,061,589,846 1,150,080,205 1,137,054,833 1,257,258,687
Prev. week. 1 (.84.478.450 1,062,642,713. 1.072,038,050 1,134,876,617 1,257,651,256
Amount held Dec.
b Gold holdings of the
31, 1938, latest figures available,
Bank of Germany are exclusive of gold held abroad, the amount of which Is now
c As of April 30, 1938, latest figure available.
Also first
reported at £530,750.
report since Aug. 1, 1936.
•
The gold of the Bank of France was revalued on July 23, 1937, at 43 milligrams
of gold. 0.9 fine, equal to one franc; this was the second change in the gold's value
within less than
a year, the previous revaluation took place on Sept.
26, 1930,
was given a value of 49 millgrams to the franc as compared with
previously. On the basis of 65.5 mgs., approximately 125 francs equaled
when the gold
65 5
mgs.
£1 sterling at par; on basis of 49 mgs., about 165 francs equaled £1 sterling, and at
43 mgs
there
.
are about 190 francs to £1.
277,800,000 guilders.
Bankers'
at
of
as
by special cable yesterday (Friday); comparisons
us
are
Spain
The statement of the Bank of The Netherlands for
the
to
Italy..:
the basic cable rate.
over
exchange) in the principal European banks
sight
Amsterdam finished
on
54.43, against 54.36
transfers
sight
at
bills
54.44,
Friday
and commercial
54.36,
against
54.39,
at
on
The War in the Ranks of American Labor
Friday of last week; cable
on
Swiss
54.31.
against
francs
No
who has at heart the welfare of
one
dustry, business
without
closed at 22.65 for checks and at 22.65 for cable trans¬
the progress
concern
labor, in¬
the country generally can watch
or
of the bitter contro¬
which has been waged by William Green, Pres¬
versy
fers, against 22:7934 and 22.79%. Copenhagen checks
ident of the American Federation of
finished at 21.14 and cable transfers at 21.14, against
John L. Lewis and the Committee for Industrial Or¬
21.36 and 21.36.
Checks
on
Sweden closed at 24.40
and cable transfers at 24.40, against 24.64 and 24.64;
while checks
on
transfers
23.7934? against 24.04 and 24.04.
at
Norway finished at 23.79J4 and cable
ganization.
The controversy itself is not
it has been
tion
going
on ever
EXCHANGE on the South Americanalthough in¬
countries is
the whole extremely steady
on
clined
the
reflect
to
Recent reports
sterling-dollar, relationship.,
from several South American capitals
overloaded
with
German
aski
marks,
so
that im¬
experience the
necessary
difficulty in obtaining the
greatest
American and
import permits.*
trade
seems
tions.
The
to be the chief sufferers from these limita¬
Central
Bank of Argentina in its semi¬
monthly statement for Sept. 30 showed gold
ratio
reserve
in circulation
notes
to
British
ratio of
of
reserve
120.64%, while its
gold to note and sight liabilities
Argentine
paper pesos
bankers' sight
closed
on
week; cable transfers, at 31.59, against 31.92.
unofficial
or
market
free
against 25.20(o*25.30.
at 5.90
quoted
close
5.19
(official),
The
24.90@24.98,
Brazilian milreis
(official), against 5.90.
at
was
are
quoted
Chilean exchange is
against
5.19.
Peru
is
will
Canada
range
Closing quotations for
on
yen
continue
checks yesterday
were
Hong-
unless
the
Canadian
a
nation
Oct.
the
Committee
in
or
a
Or¬
State," he said at Houston, Texas,
delegate, "and
fundamental
The
Industrial
5^ in replying to the speech of a Canadian
we
cannot have two
ments in the house of labor."
course,
for
"We cannot have two governments in
ganization.
basis
govern¬
'
of
the
controversy,
of
is Mr. Lewis's contention that the craft or
"horizontal"
organization of workers, to which the
Federation is
committed, is not adapted to the con¬
ditions which obtain in
tion is the
mass
production industries,
a mass or
"vertical" organiza¬
only practicable form.
Organization
When the Com¬
was new
and
an
understanding with the Federation seemed
possible, Mr. Green intimated that the two systems
were
Friday of last week:
not
with
identified
amicable
sterling in terms of the dollar.
friendly relations
Trades and Labor Council ousts all affiliated unions
mittee for Industrial
EXCHANGE on the Far Eastern countries shows
general weakness, reflecting the lower
of
with fight¬
between the Federation and the labor movement in
and that for the latter
nominally quoted at 21.00, against 21.00.
27.62, against 27.90
Not content, moreover,
Mr. Green has served notice that
fraternal
Friday of last
Green than the removal of
leadership of the organization
ing Mr. Lewis and his Committee in this country,
was
Friday at 31.59 for
on
bills, against 31.92
stage in
''live and let. live" basis has
a
likely to satisfy Mr.
on
86.53%.
on
Mr. Lewis from the
are
porters of goods from countries other than Germany
a
greatly dimmed, and where nothing less seemed
which he heads.
indicate that the central banks of these countries
reached
now
hope of harmonious relations between the
two labor bodies
been
a new one;
since the Lewis organiza¬
formed; but it has
was
which all
Labor, against
not irreconcilable and that the matter of
organization
never
was open
for consideration.
.
mass
There has
been, however, in the Federation councils, any
real interest in the
in
relatively unskilled workers of
special interest
them, while such interest as there was
production industries or any
mass
Oct. is, 1938
Financial Chronicle
2300
organizing
has been
largely alienated by
advocacy, in certain
of the "one big union" idea,
radical labor quarters,
from the fundamental source of trouble, namely, the Wagner Act itself. It is true that the report
from which quotations have just been made urged
amendment of the Act in a number of respects. The
changes proposed included a curtailment of "the
away
unlawful assumption of broad powers by the Board"
and its "unlimited discretion in construing and adcredit and weaken the craft union movement.
In a
ministering the Act," specific provisions regarding
speech at Houston on Oct. 3, at the opening of t% : the manner and times of holding elections for colfifty-eighth annual convention of the Federation,
lective bargaining, a right of appeal and review by
Mr. Green declared that Mr. Lewis, in a speech at
unions aggrieved by decisions of the Board, limitaMexico City, on Sept. 12, before an International
tion of the power of the Board to invalidate emCongress Against War and Fascism, had not only
ployer and union contracts and determine the properfailed to oppose Communism but was "now attemptunit for collective bargaining, and "more specific
ing to do" what, in a pamphlet prepared in 1924, he
provision in respect to the abolition of company
had charged the Communists with doing, namely,
unions." However satisfactory such amendments
planning the destruction of the craft unions and the
might be to the Federation, they do not touch the
establishment of industrial unions or the "one big
essential vice of the Act. It is notorious that the
union" in their place.
'
Wagner Act discriminates grossly in favor of emThe more particular grievance against Mr. Lewis,
ployees and against employers, specifying a long
however, has to do with his alleged influence, and
list of "unfair labor practices" which may be charged
that of his Committee, with the National Labor Reagainst employers and giving all possible support to
lations Board.
In the annual report of the Executhe labor party to a collective bargain, but giving
tive Council of the Federation, made public on Oct.
to employers no right of appeal either against deci2, the relations between the Board and the Lewis
sions of the Labor Board or against misconduct or
a
proposal which
worked to their
Communist labor agitators have
advantage in their efforts to dis-
*
Committee
Since the
were
denounced
as an
"unholy alliance."
Supreme Court, in April, 1937, held the
Wagner Act valid the Board, the report declared,
"has abandoned Whatever restraint it imposed upon
itself
prior to this date and has brazenly and by
itself as a proponent of the
The
amendment between the
C. I. 0. and the Federation is that while, the former
apparently sees no need of amendment at all, the
latter wants only amendments that would leave the
violation of contract on the part of employees.
only difference regarding
Act unchanged.
,
its decrees recruiting membership for the C. I. 0."
Mr. Green's bitter campaign against Mr. Lewis has
The Board, it continued, "has exceeded its public
obviously not gotten anywhere so far as weakening
purpose and has vitiated the procedure delineated in
Mr. Lewis's hold upon his followers is concerned,
the Act in three respects.
First, in a large number
and it has also made more difficult a reconciliation
of instances its agents have shown gross favoritism
between the two labor organizations. The peace
and bias in the handling of cases, furthering the
suggestions which President Roosevelt conveyed to
objectives of one union against another and favoring
Mr. Green on the eve of the Federation's convention
one form of labor organization.' Second, by adminat Houston carried a clear intimation of the concern
istrative fiat the Board has set aside legally valid
which the President felt at the continued quarrel,
and binding contracts entered into in good faith by
but its effect upon Mr. Green's attitude appears to
bona fide unions and employers.
Third, through the
have been nil. "I venture to express the hope," Mr.
arbitrary determination of appropriate units in
Roosevelt wrote, "that the convention will leave open
cases dealing with the question
concerning repre- every possible door of access to peace and progress in
sentation, the Board has sought to impose upon
the affairs of organized labor in the United States. If
workers, regardless of their wishes, the type of orleaders of organized labor can make and keep the
ganization it favored." The ruling of the Board in
peace between various opinions and factions within
the case of the longshoremen of the Pacific Coast
the labor group itself, it will vastly increase the preswas singled out as "a product of the philosophy of
tige of labor with the country and prevent the reacofficial acts declared
C. I.
0., fostering its interests and by the
Edwin S. Smith and Donald Wakefield Smith
[mem-
bers of the
Board] to foster industrial unions to the
detriment
of
the A.
F.
of
L.
unions," and as "a
precedent for combining all steel, automobile and
unions in similar
large industries and all the em-
to
adopted a resolution declaring that peace parleys
had broken down because "it was not possible to sat-
unions, because the number of members
of his authority or until he voluntarily steps aside."
industries may
and
destroy individual
be less than the aggregate members
in the C. I. O. uhions."
To any one,
except a thoroughgoing supporter of
the Committee for Industrial
followed the
charges will not be denied.
bearing down heavily
favor of the
Organization, who has
operations of the Board, the validity
of the Federation's
the
themselves." This was written on Oct. 4; on Oct. 10
convention, with only one dissenting vote,
the
aggregate in the A. F. of L. unions in these
effectively throttle
A. F. of L.
in the
tion which otherwise is bound to injure the workers
isfy the ambitions of the one man who dominates
and dictates to the C. I. O.," and that there was "no
solution until the adherents of that man deprive him
ployees in these respective industries as one unit, so
as
grossly partisan character and spirit of the
effect of
on
In
the bias of the Board in
Committee, however, and emphasizing
arbitrary and partisan rulings which the Board
has made, the
practical effect is to direct attention
The proposal of a fact-finding commission to aid in
bringing about a settlement, made to Mr. Roosevelt
behalf of the American Newspaper
There is no dispute of any
consequence about facts, but only a violent quarrel
between two national labor organizations, one newr
and the other old, each of which wishes to dominate
the entire labor situation throughout the country
and neither of which, if it could have its way, wrould
assure the maintenance of industrial peace.
on
Oct. 6
Guild,
was
on
clearly futile.
Volume
There
147
Financial
have
been
interesting
that Mr. Green,
ever,
•
how-
suggestions,
grip.
O.,
O'Mahoney Federal Licensing Bill, presented by
resolutions
committee
of
chairman, evoked such
which
Matthew
Woll
a
is
The
cellor
interference
under
the
resolution
its
well
determination
which
and
self-action,"
citizens
contained
would
views
of
philosophy and practice and is ready, in spite
Green, to speak out in opposition to the gen
policies and
ministration.
Green
the
on
fold
pressure,
of the
some
The
measures
unexpected
have
may
been
due
but it does not
to
carry
come
of their
by Mr.
Administration
own
What
with irritating
lishmen
duction
industries, and
positive opposition,
Federation
to the
a
continued coolness, if not
the part of the American
As
long
that situation
as
No
berlain made only a short time ago.
shock to
It is
a
rude
nation which, while humiliated by the
demands to which its Government was forced to ac-
con-
a
'
cede,
#
Will to Peaceand Preparation
for War
more
are
which Chancellor Hitler and Prime Minister Cham-
"united labor front" will remain afar off.,
-
The
harshness, not merely because Eng-
not accustomed
to hearing themselves»
addressed in such fashion, but also because of the
joint declaration in favor of Anglo-German peace
mass pro-
policies and methods for which
the C. I. O. stands.
tinues,
a
on
even more to the solution
ments to permit themselves such plain speaking as
To the English people in particular it comes
for Indus-
in
We must, however, advise
this.
Board, which have made the Committee
a menace to peace
observe with amazement
we
problems and to leave
benevolent interest of the National Labor Relations
Organization
The
reason
about the problems of other countries and
peoples."
It is rare indeed for responsible heads of govern-
stijl to expect, it is to be feared, is a continuance of ithe aggressive
tactics, bolstered by the
trial
over
We just
affairs and refrain from constantly
meddling talk
back into
conviction.
discarded.
us in peace.
It is
part of the task of securing world peace that responsible statesmen and politicians look after their own
have
we
And
these gentlemen to attend
of the Ad-
invitation
Thursday to the C. I. O. to
were
a
how they do solve them.
of Mr.
eral
It would be
England certain mannerisms held
these problems.
which appears to have had about
enough of the New
"Deal
thing—this
one
who feel themselves foreordained of God to solve
in the Federation
group
only
enough to bother about international happeningshappenings in Palestine. We leave this to those
ap-
Green, and that it represented the
influential
an
is
rest of the world would sometimes have had
have been brought forward without consul-
tation with Mr.
in
"There
not bother about similar things in
England.
The
interesting thing about it, however, is that it
pears to
frontier,
governess-like guardianship of
Inquiries by British statesmen or parliamentarians concerning the fate of the Reich's
subjects inside Germany are out of order. We do
much
applaud.
the western
Germany.
willing to accept gains at
liberty and lost capacity for self-
conservative
if
cannot stand for
declaration
that "we have been too
the price of lost
on
relations with England.
our
from the Versailles period
plea of bringing "greater
and
continued:
refers to
itself, with its vigorous arraignment of government
opportunities to the masses"
a
ing with the world about us," the German Chan-
temporarily, and perhaps finally, shelved by referring it to the Executive Council.
care-
and declaring that, "as a strong State, we are
ready
at all times to embark upon a policy of imderstand-
storm of protest that it was
a
must be
Later, after announcing his intention to continue
and extend the fortifications
socialistic and implying criticism of the
as
we
We must at all times have
will for peace but be ready for defense."
A resolution attacking the extension of State
authority
and of these forces
us
ful about the future.
be elsewhere losing his official
may
2301
world about
while perhaps carrying the
Federation with him in his
fight against Mr. Lewis
and the C. I.
Chronicle
„
ominous
political utterances have recently been made in Europe than some which found
has
nevertheless
hoped
that
relations
with
Germany might continue to be at least outwardly
amicable, to be told bluntly that there are public
men
in England who, if
a
change of Government
place in Chancellor Hitler's speech
brought them to power, would try to bring on a war;
that Germany is not a child toward whom England
Saarbruecken,
may presume to act as governess,
a
theater.
new
on Oct. 9, at
the occasion of the dedication of
on
After
referring in highly congratu-
latory terms to the fact that
some
mans
and about
been
peacefully recovered this
paying
a
42,470
square
10,090,000 Ger-
Germany
miles of territory had
year
we
possess
justice for 10,000,000 Germans and
us
statesmen who
are
ever,
they
govern
.
.
.
.
Palestine,
least
in countries whose internal organ-
■
possible for them at any time to
supplanted by others who do not aim at peace,
These
others
necessary
Cooper
or
that
Eden
there.
In
instead
are
of
or
Churchill
know that the aim of these
war.
was
and calumnies.
Britain
and
the
Reich
so
are
far at
peace
factors, must now be judged in the light of the
Hitler speech.
feelings
It is
Chancellor
a
resentful Germany to whose
Hitler
gave
voice
at
Saar-
Chamberlain
in
come
men
Duff
a
into power.
We
The
imposed
lies
peculiarity of the
upon
it, the long
years
of discrimination
which it had to undergo, and the
exhilaration which the breaking of the shackles of
power
on
AVar, the humiliating "peace" terms
and restriction
menace
"the
the World
that France, Great Britain and the United States
would be to start
which lives solely
In view of this
Great
bruecken—a Germany which remembers its defeat
referred to, and also
of the international press
as
England, it merely is
They do not attempt to hide it."
of Bolshevism
country in which British policy and
The outlook for peace, accordingly, in
How-
ization makes it
be
a
most glaring failures in British annals,
peace
also want peace.
scathing character of the
administration have notoriously scored one of the-
world," Chancellor Hitler said: "Opposite
the
The
rebuke and advice is not lessened by the allusion to
concluding "an agreement which
secured
business and avoid meddling in the affairs of
other countries.
today," and "mention-
for
"out of order," and that foreign states-
and politicians would do well to attend to their
own
by the Reich,
ing" without naming them "two other statesmen"
who had aided in
are
men
tribute to Premier Mussolini, the "only
real friend whom
that inquiries in
Parliament about what is happening to Germans in
the Versailles treaty by Hitler eventually brought,
*
Now,
conscious^ of
its
strength,
it
gives
notice
Oct. is, 1938
Financial Chronicle
2302
through its Leader that, if peace is to be maintained,
interference in German affairs must end,
the way in which Englishmen are treated in England, but the treatment of Jews and of dissenters
be dropped,
from the Nazi regime in Germany has been so brutal
and revolting that protests from humanitarian circles abroad were to be expected. There is a familiar
legal axiom that one who comes into court with a
plea in equity must come with clean I hands, and
outside
arrogant pretenses of guardianship must
criticism, whether in legislatures or in the press,
and
No effort appears to have been
curbed.
be
must
made to soften the
declaration, and the manner of
Hitler's statements was brusqueness
doubt
need of
bill of
a
Hitler's hands are not clean.
particulars because those to whom
which it
was
<
the facts
warning was addressed knew very well
the
on
itself, but no
left about the meaning, and there was 110
was
based.
Disregarding for the moment the question of man-
Chancellor Hitler has
one of the most fruitful
it must be admitted that
ner,
called attention
sharply to
of international
sources
ill feeling and one of the
Since history
incitements to war.
began, great Pow-
exercised the privilege, wholly inwith the sovereignty and independence of
have always
ers
consistent
States, of interfering in the
affairs of smaller Pow-
objecting to their laws, quarreling
ers,
with their
protesting against their
alliances or special friendships, sitting in judgment
on their disputes, and threatening them with more
social
or
economic policies,
or
tangible punishment if they did not mend,
less
There is hardly a State in Europe with
the two Powers
their ways.
which Great Britain or France, or
since the World
have not intermeddled
jointly,
War, and the League of Nations has been little more
than a forum for airing complaints against Powers
whose conduct the
British and French governments
or
its border are to be completed and new ones
of it in partitioning Czechoslovakia, and Hungary
there has flared out resentment
British conduct
over
on
pretensions, there was sharp
entirely at harmony between themselves,
once
tions
for more
in France
Europe and other large sections of the globe
than
British Prime Minister sign a statement in which
they declare that there is no reason why their respective nations should go to war and that future disputes will be settled by peaceful methods, but within
a few days Hitler brusquely orders England to mind
its own business and stop trying to "boss" Germany, charges bluntly that certain English public
men, whom he names, would try to bring on a war if
they were in power, and tells Germany that it must
be on its guard. The British, distrustful of the
peace assurances and somewhat mystified by ,, the
Saarbruecken attack, give Mr. Chamberlain a vote of
confidence, intimate that they must not be expected
to be always complaisant, and redouble their efforts
to arm. France, in turn, doubtful of where it stands
in relation to Great Britain and the Reich, withdraws some of its troops from its eastern front, but
learns from Saarbruecken that the German fortificaadded, and promptly votes a huge addition to its
defense budget. Poland appears desirous of remaining at. peace with the Reich without, however,
allowing the Reich to get so much as a foot ahead
Nor have these two "governesses"
did not approve.
of
-
Apparently, then, the world must settle down to
the task of combining peace professions with p'reparations for war. The German Chancellor and the
been
in the
and they could not agree about the
of ships that should make up their
settle by force its claims against the
Even the United States, which already
has under way a bigger defense program than it
needs unless it intends to go to war somewhere in
disagreement between them over sanctions
prepares to
Ethiopian war,
Czechs.
number
navies
kind
or
the classified tonnage
or
that
some
of their
'
competitors should have.
criticism, accordingly, has plenty of
Hitler
The
historical
background to support it.
extraordinarily
poor
grace,
who has been himself
pean
meddling.
Mussolini, took
the
an
It comes with
however, from a ruler
aggressive leader in Euro-
It was Hitler who, with his friend
hand in the civil war in Spain in
a
hope of defeating the Loyalists and
about
some
Austria
of .dictatorship
kind
was
not
for
won
bringing
in that country,
Germany
by peaceful
but by one of the most striking exhibitions of
means,
political intrigue, high pressure propaganda and
partisan violence that modern European history has
There has been
known.
form,
-
in
.
the
methods
nothing peaceful, except in
which
by
Germany
has
behalf of something that will be called an "A'merican interest," seems scheduled for a still bigger
program before the next session of Congress ends,
Essentially, of course, there is no novelty in the
situation. It is the familiar case of unstable equi-
librium, with now peace and.now war disturbing
the balance, with which history has long been saddied. What it means for the minds of peoples is
that no one who is not blind or self-deceived any
longer takes seriously official professions of peace,
It may be that Germany and Great Britain will not
go to war in the near future, that Hitler will be
content with the part of Czechoslovakia that he has
appropriated, that the German advance toward the
Ukraine will not be a military progress, and that the
Czechoslovakia, for
claims and quarrels of racial minorities in Eastern
only did the Sudeten Germans have from the
first the benefit of aid and direction from the Reich,
Europe will be adjusted by negotiation.., It is to be
hoped that such may be the case. If it is, however,
and French Govern-
it will not be because of the peace pronouncements
achieved the dismemberment of
not
but the
heads of the British
Hitler
of statesmen who are arming their nations to the
It
may be, as Hitler asserted in his Saarbruecken
speech, that Germans do not concern themselves with
teeth, but because circumstances will be such as not
quite to justify at the moment the use of the armaments that are being prepared.
ments
were
forced in the end to assent to the
plans by holding over them the menace of war.
Gross and Net
Earnings of United States Railroads for the Month of
Although the business prostration continues to
cut
carriers
year.
Gross revenues' remained relatively
somewhat better
small in that month, but by dint of great effort
expenditures were curtailed to a considerable extent
showing in August than in earlier months
by the managers and net earnings were better than
heavily into railroad
financial
of this
August
of
the
operating revenues, the
country mqde a
;,".v
Volume
147
Financial
might otherwise have been expected.
far
Results
Chronicle
in
were
from
satisfactory, however, as gross revenues
declined sharply in
comparison with August of last
while
year,
net
earnings
also
lower.
were
whole,
was not
rate
of
the
The
mainly by
in
net
earnings
restriction of maintenance
President,
Court.
lessened
was
drastic depletion of personnel and
a
made
which
in
a
The commission
of the
outlays to the limits set
difficulty.
that all
ployees
to
the full in
command
the endeavor
to lower
the
ratio
of
to earnings, during the trying period of
expenses
abouts
utilized
were
before
will be
ness.
It is chiefly in this respect that
progress was made in
railroad
lack
managers
of
August, but the efforts of the
hampered by
were
cooperation
the
on
of
part
railroad
ployees.
There
complete
a
em¬
only slight indications in August of
were
wages
that
the
subject largely to the
modest
a
suddenly
country
little betterment there was, and gross
stimulated also to
plunged
was
The railroads shared in what
some
earnings
trend will
But gross earnings nevertheless amounted in
year.
August only to $314,790,136 against $358,995,218 in
August of last year, a decline of $44,205,082, or
12.31%.
Fortunately the carrier executives at last
have been able to offset most of the gross revenue
losses
by lessening the operating charges, the ratio
of expenses
to earnings falling to 72.77% in August
74.53% in that month of 1937. Net earnings
from
thus
reported at $85,698,152 in August against
were
$91,404,620
$5,706,468,
August
in
of
last
year,
drop
a
and
of
6.24%.
the
on
under
New
finally
to
England, small increases in net
were
degree corresponding to the fall in
a
We
present the
form:
.
monthly
comparison
earnings
expenses
revenues.
in
tabular
1937
Inc.
(+)
or Dec.
(—)
—845
$358,995,218
229,091,984
(72.77)
267,590,598
—$44,205,082
—38,498,614
$91,404,620
—15,706,468
6.24%
Operating expenses
Ratio of expenses to earnings.
Net earnings
of
course
be
readily
a
covered
by
presidential fact-finding commission.
commission
An
of the alterna¬
was one
presented after it was announced at Chicago
Aug. 31 that mediation efforts had broken down
arbitration
wages,
refused
executives
their
whereas
even
during the month
have brought together in the table
On examination it will
that, with the exception of the build¬
was on a
of
large increase
greatly reduced scale
the
over
compared
as
It follows, of course, that the
of
cars
a
the output of all the industries
year ago,
revenue
freight moved by the
much smaller than in August
Receipts of cotton at the Southern out-
was
last year.
very
ports also were much smaller,
the livestock
as were
On the other hand, the receipts of the
receipts.
different
farm
ran
products at- the Western primary
much heavier—with the
wheat and of oats.
Automobiles
:
,
exception of
.
1938
were
demands
a
15%
representatives of
this
sensible
decrease of
the
1936
90,484
394,330
271,274
90,325
498,628
$313,141
$281,217
$275,281
$133,988
$488,882
(net tons):
Bituminous-c__
28,280,000
Pa. anthracite-d
2,774,000
33,98^,000 33,086,000
2,903,000 3,503,000
22,489,000 44,695,000
3,465,000
5,735,000
Freight traffic:
Cotton
ern
receipts.
(ears)— *2,392,040 x3,100,590 x2,954,522 x2,129,497 x4,494, .786
South¬
308,089
664,205
380,681
436,088
449,405
.7,658
ports (bales) A
7.415
12,466
17,105
6.771
8,247
4,858
5.917
Livestock receipts:^
Chicago (cats)
Kansas City
4,101
5,973
9,301
4,312
2,984
(cars)—
Omaha (cars)
3,615
2,914
Western flour and grain
receipts :h
Flour (OOO barrels)...
x1,526
\59,687
x1,750
xl ,420
X55.099
x27,014
X35.522
X82.032
Corn (000 bushels).—
President
x1,620
Wheat (000 bushels)—
employees
measure.
1929
($000):
Constr. contr. awarded b
Coal
1932
(passenger
trucks, &c.)a--
Building
willing to submit to
for
1937
(units):
Car loadings, all
rail
simplified form the
of the railroads
we
seen
railroads
:
because
a
activity in relatioh to its bearing
August, 1937.
cars,
time
on
in
wage con¬
again is being subjected to close scrutiny, this
tives
indicate
August
procedure under the rail
a
on a
12.31%"
once
inquiry by such
to
ing industry, which shows
(74.53)
troversy has, been outlined and the entire question
a
for
.presidential commission
new
1937, 1936, 1932 und 1929.
Production
The
outlook
expectations that the
14.38%
$85,698,152
on
0.35%
$314,790,136
—- „
235,324
to be in progress.
ing to grain, cotton and livestock receipts and rev¬
enue freight car
loadings for the month of August,
1938, as compared with the corresponding month in
markets
.
.
Month of August-—
"1938
Mileage of 136 rojuls—234,479
Gross
revenues
achieved in the effort to lower
largely
by the
of trade
number
in
appears
figures indicative of activity in the more
important industries, together with those pertain¬
the South were able to report a
lesser rate of decline
of general busi¬
satisfactory to note
below the
with
In those two sections, and also
em¬
well-justified cut in vail wages will be
review,
great agricultural sections of the Central West and
regions.
a
revenues
month
than other
an
there¬
continue, while in part they rest also
order
measure
All districts and regions were
affected by the decline in gross
revenues, but the
or
or
accepted by the employees*
In
were
degree by another, good crop
course
Hopes for betterment in the financial
recommended
whole
year ago.
solution
improvement from the prostration of
early months of 1938
which
a
a
be cut and the rail
can
In this connection it is
belief that
the
to
as
strike in retaliation,.
can
general recovery from the depths of depression into
almost
An
promptly started hearings
fail, it will be Dec. 1
the railroads rest
.
place.
on
business paralysis that everyone now hopes is com¬
end.
took
a
by
Pending the termination of this long controversy
wages, the fortunes of the railroads naturally
•
ing to
an
of
Even if these final efforts at
amicable solution
at their
promptly
preparation of recommendations
by requirements of safety.
At hearings in Wash¬
ington in recent weeks railroad executives indicated
resources
Announcement
possible formal intervention
Emergency Factfinding Commission was appointed
Oct. 4, under the
chairmanship of Chief Justice
Walter P.
Stacy of the North Carolina Supreme
greatly improved, for it is clear that
decline
Railway Labor Act.
strike date
fundamental position of the
railroads, taken as a
the
the
2303
x
15,327
x6,73P
xl4,773
X12.824
x
x21,041
x
1,750
16,040
x32,150
personally in the
through long conferences
on
wage
rail
Sept. 19 and 20 with
unity
fruitless, and
on
employee unions set Sept. 30
as
were
in the event wages were
of course,
Sept. 26 the
a
strike date
cut by the managers.
This,
merely brought into effect the machinery
for further consideration of the
matter,
as
x23,458
x23,714
xl2,619
—
xl5,110
*10,460
X16.375
—
x6,217
x5,870
xl,930
1.493,995
530,576
3,755,680
2.546.988
3,605,818
4,877,826
2,711,721
production. L
4,184,287
846,730
4,939.086
Oats
provided
(000 bushels)-
Barley (0Q0 bushels)
Rye (0C0 bushels)
dispute
representatives of both sides, but his endeavors to
achieve
—
Pig iron production-k_.
Roosevelt intervened
—
xl
,358
xl6,601
x5,517
x4,742
Iron & Steel (gross tons):
Steel Ingot
Lumber (000 board feet):
Production,
Shipments,
Orders
m—
m
received.m—_
—
zl, 130,002 z1,355,168 zl,049,586
zl,100,817 zl,193,817
Z946.306
zl,028.673 zl. 125.339 zl.052.838
z525,510 z2,047,994
Z637.694 zl,887,472
z707,423 zl.865,395
Note—Figures in above table issued by:
a
United States Bureau of the Census,
States
east
of
Rocky
b F. W., Dodge Corp. (figures for 37
Mountains):
c National Bituminous Coal Commission,
Mines,
e Association of American Railroads,
f Com¬
d United States Bureau of
plied from private telegraphic reports,
g Reported by major stock yard companies
Financial
2304
Produce Exchange,
k "Iron Age." 1 American Iron
National Lumber Manufacturers' Association (number of
the different years), x Four weeks, z Five weeks.
h New York
In each city,
and Steel Institute,
m
reporting mills varies In
foregoing we have been dealing with
the
all
In
railroads
the
Turning now to the
whole.
a
as
the exhibits in
separate roads and systems, we find
consonance with the results shown
in the general
totals.
But three roads report increases in gross
earnings in amount in excess of $100,000, while the
list of roads showing decreases in the gross above
that amount totals 62'roads.
In the case of the net
showing is much better, 18
roads reporting increases and 35 decreases.
Many
of the roads, too, reporting gains in the net, it will
be seen, show losses in the gross, notably the Atchi¬
son Topeka & Santa Fe, recording a loss of $654,972
in gross earnings and a gain of $1,445,382 in net,
earnings, however, the
in gross
of
showing
Pacific System,
Southern
the
and
crease
de¬
a
of $1,031,161 and an increase in net
But one road, the Spokane Port¬
Seattle, is able to show an increase in both
and net alike, and in each case the amount is
small.
In the following table we show all changes
gross
with the
in
decreases,
$100,000, whether increases or
of
excess
and net:
and in both gross
GROSS EARNINGS FOR THE MONTH
PRINCIPAL CHANGES IN
OF
AUGUST,
Pacific
$133,110
.
113,328
Spokane Port & Seattle.
York Connecting._
100,774
New
Lake
Sup & Ishpeming__
Grand
v
■-
$353,218
•_
Pennsylvania
-
$9,008,202
Maryland
Southern
Wheeling & Lake Erie
-Decrease
•!,
Western..
Trunk
Western
Total (3 roads)
$410,928
392,525
382,695
381,950
380,578
357,225
346,556
328,304
295,754
236,593
233,291
224,864
St Louis Southwestern.
_
a5,173,978 Boston & Maine.
Baltimore & Ohio
2,900,892 Del Lack & Western
Dul Missabe & iron R__
2,608,964 Minneapolis St P & S S M
Chesapeake & Ohio
1,367,606 Kansas City Southern.._
Norfolk & Western
1,296,853 Denver & KG Western..
Bessemer & Lake Erie
1,288,053 Chicago Burl & Quincy..
Elgin Joliet & Eastern..
1,096,281 N O Tex & Mex (3 roads)
Great Northern
1,089,511 Delaware & Hudson
Erie (2 roads)
1,052,756 Chicago & Eastern 111
Missouri Pacific
1,037,451 Central of New Jersey..
;
Southern Pacific (2 roads)
1,031,161 Seaboard Air Line
Chicago & North West'n
698,900 Detrdit Toledo & Ironton
Pittsburgh & Lake Erie..
695,919 Penna-Reading Seash L_
Atch Top & Santa Fe
654,972 Cine N O & Tex PacificNew Y ork Central......
SUMMARY BY GROUPS
221,471
217,084
187,364.
187,161
185,742
179,732
165,063
156,595
151,614
141,174
121,540
121,123
117,253
_
Alton
Missouri-Kansas-Texas..
608,581
599,096
506,631
St L-San Fran
505,169 Long
Louisville & Nashville
NYNH & Hartford..-.
(2 roads).
Illinois Central.
_
_
503,462
_
Great Northern
Internat
Maine
Central....
Island
Central of Georgia
Reading
463,331
Gulf Mobile & Northern
Lehigh Valley
453,729
Yazoo & Miss Valley
Wabash
445,154
Pittsburgh & W Va
Chicago R I & P (2 rds.)N Y Chicago & St Louis.
412,329
113,269
112,228
105,402
102,590
492,012 Chicago Ind & Louisv..
Pere Marquette
Eastern
.Great Lakes
Total (62
$43,209,123
roads)
Cincinnati
Northern
and
of the New York Central and the
Michigan Central,
&
Indianapolis
Evansville
Terre
Haute.
In¬
cluding Pittsburgh & pake Erie, the result is a decrease of $5,869,897,
J..S O v/A
'V' > •''
PRINCIPAL
CHANGES
NET
■ :'y
ItiCTCdSC
Top & Santa Fe___ $1,445,382
Southern Pacific (2 roads)
1,050,776
Chicago & North West'n
777,002
Northern Pacific
429,261
Chicago Burl & Quincy..
375,930
Southern
368,308
Chicago Milw St P & Pac
293,191
Delaware & Hudson
292,091
Denver & R G Western.
288,347
N Y N H & Hartford...
244,102
Western-Pacific....
188,838
Boston & Maine..
170,354
Nashv Chatt & St Louis.
138,919
V'
Atch
V.
THE
FOR
EARNINGS
•
Spokane Port & Seattle.
Chicago Great Western.
Long Island
.
Total (18 roads)......
.
■•■-/FypCYPn^Lfi'■
,v'.y
Northern..!
$591,277
556,965
Elgin Joliet & Eastern
523,951
Erie (2 roads)
Missouri Pacific
Norfolk &
458,865
357,495
_•
Western.
Lake Sup & Ishpeming..
Missouri-Kansas-Texas..
337,322
Pittsburgh & Lake Erie..
Grand
251,432
205,688
Trunk
Western._
St Louis Southwestern--
Dul Missabe & Iron R__
Bessemer & Lake Erie.
.
_
Pennsylvania
New York Central
$2,143,463
1,068,620
857,455
a837,832
Chesapeake & Ohio.....
Pocahontas
737,682
152,044.652
—27,783,084
18.27
37,979,110
18,725,114
40,357,237
21,502,068
—2,378,127
—2,7/6,954
12.91
61,859,305
—5,155,081
8.33
.
region (4 roads)
Total (32 roads)..
.
------
5.89
District—
Western
43,808,496
'48,755,434
—4,946,938
10.14
65,557,442
24,458,406
67,975,565
28,360,262
—2,418,1'23
—3,901,856
13.75
.133,824,344
(15 roads) region (16 roads).
Southwestern region (21 roads)...
Northwestern region
145,091,261
—11,266.917
7.76
—44,205,082
12.31
.
Central Western
Total (52
roads).. -
Total all districts (136
roads). .
_
.
.314,790,136
358,995,218
-Net Earnings-
Region
District and
Mileage
Eastern District—
1938
1937
New England region j.
6,933
6,987
Great Lakes region... 26,341
26.414
Central Eastern region 24,721
24,759
1938
3.55
———
/nc.(+) or DecX—)
1937
$
Month of Aug.
%
• %
%
2,138,408
13,557,730
+436,603 20.41
2,575,011
11,530,069
17,683,124
21,264,698
36.960,836 —5,172,632 13.99
-2,027,661 14.95
-3,581,574 16.84
57,995
58,160
31,788,204
38,560
6,058
38,732
6,045
8,957,362
8,131.104
9,250,078
44,618
44,777
17,088,466
17,584,915
45,8?5
46,084
56,875
29,428
13,374,061
18,265,824
5,181,597
14,803,575 —1,429,514
9.65
15,142,133 +3,123,691 20.62
6,913,161 —1,731,564 25.04
131,866 132,387
36,8?1,482
30,858,869
—37,387
0.10
districts..234,479 235,324
85,698.152
91,404,620 —5,706,468
0.24
-
Southern District—
Southern region
Pocahontas region....
Total
8,334,837
+ §22,525
7.46
-1,118,974 12.09
2.82
—496;449
Western District—
Northwestern region..
Central Western
region 56,585
Southwestern region..
Total—
Total all
29,406
roads conforms to the classification
Commerce Commission, and the following indicates the confines
groups and regions:
EASTERN DISTRICT
NOTE—Our grouping of the
of the Interstate
of the different
.
England Region—Comprises the New
New
England States.
between
the section on the Canadian boundary
the westerly shore of Lake Michigan to Chicago, and
line from Chicago via Pittsburgh to New York.
Great
Lakes Region—Comprises
north of
New England and
a
Region—Comprises the section south of the Great Lakes Region
through Peoria to St. Louis and the Mississippi River
Ohio River, and north of the Ohio River to Parkersburg, W. Va.,
line thence to the southwestern corner of Maryland and by the Potomao
Central Eastern
east of a
line from Chicago
to the mouth of the
and
a
River to Its mouth.
.
SOUTHERN DISTRICT
Region—Comprises the sectlpn east of the Mississippi River and south
Kenova, W. Va.," and a line thence following the
of the Ohio River to a point near
I'ocahontas
\
of Kentucky and the southern -boundary of
Region—Comprises the section north of the
Virginia to the Atlantic.
southern boundary of
Kentucky and the Ohio River north to Parkersburg, W.
and south of a line from Parkersburg to the southwestern corner of Maryland
thence by the Potomac River to its mouth.
„
•
"
Virginia,
east of
Va.,
and
WESTERN DISTRICT
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,
Northwestern
Columbia River to the Pacific.
"
Central Western Region—Comprises
west of a line from Chicago to
the section south of the Northwestern
Region
Peoria and thence to St. Louis, and north of a line
thence to El Paso and by the Mexican boundary
from St. Louis to Kansas City and
to
+\\
the Pacific.
Southwestern
+ •-'
YY,'■■■•+
YY',
;U':+;v
Region—Comprises the section lying between the Mississippi
from St. Louis to Kansas City and thence to El
south of St. Louis and a line
and by the Rio Grande to
The
the
125,436
Seaboard Air Line
118,053
rye
Western
117,271
109,305
_
Maryland
Pere Marquette
Northern
105,820
Wheeling & Lake Erie...
Penna-Reading Seash L.
104,106
102,237
Internat
Great
772 811
Baltimore & Ohio
---
(28 roads)-.-
Southern region
187,741
178,784
178,648
144,157
142,657
133,614
132,998
St L-San Fran (2 roads).
N O Tex & Mex (3 roads)
_
jlyccvecise
21.99
.124,261,568
River
Paso,
286,722
334,835
Chic R I & Pap (2 roads)
132,617 Minneapolis St P & S S M
120,963 New York Chicago & St L
117,388 Kansas City Southern.
110,794 Texas & Pacific
$6,544,263
15.81
11,933,345
Southern District—
Lehigh Valley
Mobile & Ohio
8.64
—10,014,660
—16,639,759
-
region t.24 roads) .
Total (52 roads)....
and by the
v
Great
MONTH
:
OF AUGUST, 1938
'
,
IN
%
—1,128,665
53,308,551
region (10 roads)...
13,062,010
63.323,211
75,659,431
eastern boundary
leased lines—Cleveland Cincinnati Chicago & St. Louis,
Dec. (—)
$
Dtstricl-
New England
Inc. (+) or
1937
1938
Month of August—
Southern
436,582
These figures cover tne operations
a
_
-Gross Earnings
District and Region
223,880
,
in the footnote to
the table:
Total
Pacific
&
and regions are indicated
groups
Decrease,
Texas
three
namely, the New England
region (Eastern district), Southern region (South¬
ern district), and Central Western region (Western
district).
Our summary by groups is as follows.
As previously explained, we group the roads to con¬
form with the classification of the Interstate Com¬
merce Commission.
The boundaries of the different
1938
Increase
Union
alike,
regions report gains:
separate roads and systems for amounts
for the
both gross and net earnings
exception that in the case of the net
show decreases in
$1,050,770.
land &
Oct. is, 1938
Chronicle
Total (35 roads)
$12,203,242
These figures cover 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¬
them
was
"
the Gulf of Mexico.
grain traffic
over
Western roads
,
•
■
(taking
collectively) was very much larger in August
present year than in the month a year ago. This
due to the increased volume of corn, barley and
pri¬
of oats
having fallen below that of August, 1937.
Alto¬
gether, the receipts at the Western primary markets
of the five staples, wheat, corn, oats, barley and rye,
(especially of corn) moved to the Western
mary
markets, the wheat movement and that
a
cluding Pittsburgh & Lake Erie, tue result is
a
In view of what has been said
above, it is no sur¬
prise to find that when the roads
groups, or
are
arranged in
geographical divisions, according to their
location, that all the three great districts, the East¬
ern,
the Southern and the Western—as well
the various
as
in the four weeks ended Aug.
27, 1938, aggregated
106,470,000 bushels in
the same period of 1937 and but 72,711,000 bushels
in the corresponding four weeks of 1936.
In 1932
the grain receipts totaled 76,262,000 bushels, and
115,211,000 bushels as against
decrease of $1,124,554.
all
regions grouped under these districts—
back
in
bushels.
the
same
In the
of the Western
four weeks
of 1929, 151,565,000
subjoined table we give the details
grain traffic itf our usual form:
volume
1938
147
AND
GRAIN
4 Weeks
Ended
Flow
Aug. 27
1938
Wheat
Corn
Oats
Barley
(Bush.)
(Bush.)
(Bush.)
888.000
4,724,000'
825,000
9,671,000'
1119992223405
30
Rye
(Bush.)
6,863,000
4,394,000
5,150,000
5,791,000
706,000
930,000
7,059,000
6,766,000
12,466,000
145,000
9,600,000
6.065.000
2,602,000
285,000
Dulvth—
1938
11.430,000
4,422,000
...
1937
...
1,367,000
5,986,000
2,837,000
2,373,000
1,043,000
1,682,000
1,820,000
Milwaukee—
1938
71.000
...
62,000
807,000
1938
1,061,000
477,000
3,781,000
25,000
+ +7 +:>' 7;;
850,000
1,438,000
246,000
■
1,592,000
212,000
666,000
14,000
31,000
3,593,000
33,000
536,000
4,000
62,000
...
...
—
..1
■
_
Indianapolis & Omaha4,826,000
5,150,000
...
1,842,000
2,333,000
3,484,000
5,000
94,000
682,000
1,000
131,000
204,000
28,000
r++:.''
St. Louis—
■
1938
447,000
426.000
2,763,000
4,884,000
442,000
372,000
143,000
120,000
1938.1.
147,000
322,000
1,705,000
460,000
60,000
1937
158,000
333,000
788,000
851,000
278,000
203,000
,394,000
172,000
756,000
...
1937...
607,000
338,000
...
...
67,000
10,575,000
...
55,000
14,927,000
578,000
771,000
°
45,000
236,000
3,000
2,000
4,000
19,000
209,000
399,000
„
1,640,000
465,000
-
.240,000
1,220,000
•
134,000
994,000
1937
9,000
169,000
176,000
...
...
Sioux City—
1938
.
.—
1937
...
Total all—;
1938
"'1' v:
■7
1,620,000
1,526,000
...
1937
19285673
on a
15,327,000
59,687,000
in the
year
179,711,414
173.922,684
190,957,504
139,134,203
95,118,329
164,087,125
174,198,644
191,197,599
139,161,475
95,070,808
15,110,000
;
.
so
case
13,078 bales.
far as-the port
was very
receipts of the staple for
railroad
AUGUST AND FROM
1937 AND 1936
Month of August
8 Months Ended Aug. 31
Ports
Galveston.
Houston,
34,288
66,836
33,760
4,765
..
&c
Orleans
1936
Mobile
Pensacola
366
Savannah.."
Brunswick
105,126
145,808
1938
1937
460,764
301,933
343,792
479,545
641,321
313,454
4,258
36,488
78,445
9,722
7,758
425,735
583,035
79,806
30,638
23,112
19,171
26,560
12,002
.
4,978
693,516
172,214
73,223
2,357
*
'
5,541
,
73,016
60,374
Charleston
299
13", 740
"¥,356
~33~, 496
44",602
32*937
Wilmington I
879
301
1,205
20,051
11,566
21,315
248.294
Norfolk
1,019
1,520
898
160,248
270,499
650
Corpus Chrlsti...
22,772
167,788
13,412
Lake Charles
Beaumont
Total
In
5,459
2,312
96
"~i
212
308,089
664,205
Jacksonville
...
the table
we
now
"""428
of the railroads of the
127
24,170
7,987
20.645
328,969
25,075
200,353
14,344
11,161
2,766
—1.57
+23.62
+ 7.81
—8.73
+ 5.99
+ 9.62
—27.23
—31.64
—34.21
+ 53.64
+24.85
+ 1.55
+ 43.53
—12.30
—6.24
many
instances.
gain.
are
net gains for
Although
at
their
advances
market.
a
gross
highest 1938
levels.
have featured the high-grade
Atchison
4s, 1995, have moved
gen.
111; Duluth Missabe & Iron Range 3%s, 1962, advancing
114 points, reached
.
new'1938 high of 104%.
a
Medium-grade
rail bonds have been characterized by dulness,
lative
into
rails
have
continued
in
bonds,
Morris & Essex
Mobil
Ohio-Gulf
Mobile &
Defaulted railroad
strong stock market,
a
Reports of
levels.
agreement
Northern merger
&
recorded
consummation of the
early
factor in moving the Mobile &
a
878
summary
of the
and net earnings
country is furnished for each
Ohio 4%s, 1977,
2% points to 27%.
up
utilities
High-grade
firm
been
have
fractionally
and
higher, while lower grades have advanced along a broad
front.
in
A better feeling
demand
the
toward utilities has been reflected
second-grade
for
4%s, 1953,
Electric
Associated
at
Cities Service Power & Light 5%s,
and
gained 1%;
have
1949, have advanced 2%
62%; International Hydro-Electric 6s, 1944, at
International
%;
Tel.
74%.
at
1955,
Tel. '5s,
&
78
were up
1%
were
bond
lower
"
•
.
prices
week
this
have maintained
sharp gains experienced last week, and have risen
Mileage
bonds.
speculative
44%
Georgia Power & Light 5s, 1978, have risen 7 to
66%;
Industrial
Gross Earnings
moved
1938 high of 89% during
2 points lower at 49.
sympathy with
in
has been
a new
but closed Friday at 87, up 11.
high
and
New York Chicago & St. bonis unde-
% to 70%.
were
while specu¬
demand
strong
Kansas City Southern 5s, 1950, have
high ground.
new
the week,
to
present,
the average, all groups have
on
High-grade corporate and United States
now
price
bond
small,
at
back to and including 1909:
year
+ 57.60
6,783
380,681 2,014.824 2.007,983 1,807.307
August comparisons of the
—29.82
—5,706.468
1936
7 36,010
64,759
+ 197.62
% to 106%; Union Pacific 1st 4s, 1947, have remained
new
New
—207.51
up
4%s, 1955,
1937
-3.71
+20.58
—21.81
—52,063,396
91,404,620
have, been
some
declined
■-'
,
1938
+26.51
—44,043,146
—32,530,008
+ 33,555,892
+23,488,177
+ 1,108,150
+ 31,621.369
—12,831,096
highs in
new
Fractional
much
In 1929, but 22,527
"
'
—0.54
i +11.19
The Course of the Bond Market
shown
of the overland
RECEIPTS OF COTTON AT SOUTHERN PORTS IN
„
—9.87
,
62.553,029
94,507,245
71,686,657
72,650,775
104,255,716
posited 6% notes advanced to
■
+ 13.03
Deficit.
Governments
Back in 1932 the ship¬
1 TO AUG. 31. 1938,
+0.69
+ 11,425,466
—9,106,170
85,6'8.152
the week
roads, this,
past three years are set out in the following
JAN.
+ 19.01
—0.94
+595,069
62,540,800
96,108,921
71,019,068
72,794,807
104,272,144
91,424,620
:
Cent
6,217,000
5,870.000
The latter aggregated 57,338
Details of the port
table:'-
—
Per
(+) or
(—)
Dcciease
After hesitating early in the week, bonds have advanced
against only 26,267 bales in August, 1937,
as
ments totaled but
the
164,013,942
+471,544
+ 10,039,578
+26,373,215
—4,668,828
+24,312,758
—31,315,528
—224,226.374
+248,237,870
—36,787,070
+49,897,384
—2,148,181
+ 31,821,455
+ 12,898,753
—15.697,472
+ 9,835,559
+16,758,860
97,000
Southern
over
37,360 bales in 1936.
bales.
218,000
23,458,000
staple is concerned,
shipments of cotton.
bales
*116,173,003
123,070,767
86,566,695
136,519,553
134,669,714
166,558,666
179,416,017
89,673,609
99,464,634
125,899,564
118,114,360
143,561,208
108,053,371
*125,167,103
123,353,665
86,622,169
136,817,995
134,737,211
166.426,264
125,837,849
121,230,736
142,427,118
112,245,680
Increase
105,000
23,714,000 10,460,000
6,739,000
greatly reduced scale
larger than last
and
87,300,840
99,713,187
to
55,099,000.
movement of the
409,000
7D'
As to the cotton traffic
though
87,772,384
...
1P35
Wichita—
•
+$13,720,823
—844,916
*
1938
1937
$72,159,624
89,529,654
86,820,040
87,718,505
92,249,194
1934.....:.
140,000
St. Joseph—
1938
88.684,738
86,224,971
99,143,971
83,143,024
1933
Kansas City—
1938
$85,880,447
1932.
Peoria—
1937
Preceding
1926..
...
1937
Given
1922
1938
1938
August
1918—
Detroit—
1937
Year
1917
64,000
982.000
Toleao—
1937
Year
1616
....
1937
of
119933786
Minneapolis—
1937
Net Earnings
Month
1927.
3,177,000
816,000
2305
1628
652,000
15.830.000
...
...
Chronicle
RECEIPTS
(.Bush.)
(Bbls.).
Chicago—
1937
111999012354
Financial
WESTERN FLOUR
the
moder¬
Steel bonds have ruled frac¬
ately further in many cases.
Month
of
Year
Year
Avgus
Given
Preceding
1909..,..,
19101911.
1912
1913--.-.
1914
1915.....
1916
1917---..
373,326,711
498,269,356
1919.
469,868,678
541,549,311
..
1920—...
504,599,664
472,242,561
563,292,105
1924.....
1925--.
1930
1931
507,406,011
5,54,559,318
577,791,746
556,406,662
556,908,120
1928.
—
—
.
—
—
.
585,638,740
465,700,789
364,010,959
1932-....
251,761,038
1933
300,520,299
—
—
.
282,277,699
1934.
1937
293,606,520
350.084,172
—
.—
(+)
Dec.
or
(—)
$225,488,923 $197,928,775 + $27,560,148
251,505.986 233,666,645
+ 17,839,341
243,816,594 245.784,289
—1,967,695
276,927,416 251,067,032
+25,860,384
259,835,029 255,493,023
+4,342,006
269,593,446 280,919,858 —11,326,412
279.891,224 274,618,381
+ 5,272.843
333.460.457
278,787,021
+ 54,673,436
1918.....
—
Inc.
358.995,217
314,790,136
tionally
Per
Year
Year
Cent
Given
Preced'g
been
213,683
230,925'
losses.
+ 13.92
216,332
+ 7.63
234.805
—0.80
230.536
+ 10.30
+ 1.92
239,230
219,492
240,831
247,809
+ 19.61
245,516
+ 1.6!
—4.03
227,076
235,404
216.709
237,159
245,754
244,765
+ 39,771,575
333,555,136
362,509,561 + 135,759,795
502,505,334 —32,636,656
+ 11.92
247.099
230,743
—6.49
460,173,330
+81,375.981
+ 17.68
554,718,882
504,154,065
473,110,138
563,358,029
507,537,554
553,933,904
579,093,397
556,743,013
557,803,468
—50,119,218
—9.03
233,423
227,145
233,815
230,015
233,203
226,440
233,067
235,090
235,696
235,445
236,546
236,092
237,824
239,205
—31,911,054
—6.33
+ 90,181,967
—55,952,018
+47,021,764
+23,857.842
—22,686,735
+ 165,107
+ 19.06
—9.93
+27,835,272
586,397,704 —126,696,915
465,762,820 -101,751,861
363,778,572 -112,017,534
251,782,311
+48,737,988
296,564,653 —14,286,954
282,324,620
+ 11,281,900
+ 56,505,^15
293,578,257
349,923,357
358,995,218
+ 9.26
+4.30
—3.92
+0.03
+4.99
—20.58
235,294
235,357
235,172
236,750
236,759
238,672
240,724
241,026
241,546
241,253
—21.84
243,024
242,444
242.632
—30.79
—4.82
242,208
241,166
239,114
242,217
242,358.
240,658
+4.00
238,629
+ 19.25
236,685
238,955
237,831
+ 19.36
+9,071,860
+ 2.50
235,321
235,879
—44,205,082
—12.31
234,479
235.324
by small
additional points at 82%.
1939, have gained 1%
have
issues
trade
been
featured
by
a
rise
of 2%
points to 77 in United Cigar Whelan 5s, 1952.
246,190
+ 37.45
Oil issues have
being counterbalanced
3%s, 1947, rising % to 83%, while Warner
con v.
6s,
Retail
gains
slight
Amusement issues have been higher, the Paramount
Pictures
Bros.
last Friday's close.
than
higher
mixed,
The foreign
ture,
bond market has represented no uniform pic¬
weakness and
with
ferent sections.
weakness in Japanese
try's
extension
within close
ests.
in
alternating in the dif¬
of
bonds
military
upon
announcemet of the coun¬
operations into
South China
proximity of the vital British sphere of inter¬
While among Europeans a good
French
rally was witnessed
stamped bonds, a softer tone prevailed in some
of the actively
traded German issues, with Italian 7s slump¬
ing three points.
around last
Defaulted South American issues churned
week's levels.
Moody's computed
are
strength
The outstanding feature was the renewed
bond prices and bond yield
given in the following tables:
,
averages
Financial
2306
AVERAGES (REVISED) t
MOODY'S BOND YIELD
PRICES (REVISED) t
Yields)
MOODY'S BOND
1938
15,
Oct.
Chronicle
(.Based on Individual
Closing Prices)
(Based on Average
U.
S.
All
Govt.
Daily
Bonds
Oct. 14-. 112.58
13- 112.53
Stock
P.
KR.
Baa
Aa
Aaa
U.
Corp.
79.95
85.52
104.85
108.66
116.64
99.48
Exchan ge Clos ed
108.46
116.43
99.31
85.52
104.67
5.35
4.93
3.73
3.42
14
110.83
4.07
3.14
3.53
4.08
5.36
3.74
3.42
4.03
4.93
13
Oct.
110.83
79.82
3.54
12
98.80
98.62
3.14
Stock
Exchan ge Clos ed
4.09
3.54
3.15
4.08
3.54
3.14
5.38
4.94
3.75
3.43
3.42
98.45
79.57
85.38
104.48
110.63
11——
4.04
108.46
98.62
79.70
85.38
104.48
110.83
4.03
116.64
10
99.48
108.46
79.70
85.38
104.48
110.83
8-. 112.49
116.64
8
99.48
98.62
4.03
79.45
85.10
104.30
110.83
11
—
10-.
112.51
7__ 112.53
99.14
116.43
108.27
99.14
116.43
108.27
98.28
79.45
85.10
104.30
98.97
116.21
108.27
98.11
79.07
84.69
104.30
98.62
115.78
108.08
97.95
78.45
104.11
3— 112.14
1— 111.83
98.28
115.78
108.08
97.45
78.08
83.60
103.93
110.04
107.69
97.11
77.24
82.93
103.74
109.44
114.93
97.61
23.. 111.37
16— 110.91
■
*
3.76
3.42
3.43
3.15
4.96
3.16
3.55
4.11
5.42
4.99
3.76
3.43
4.06
3.18
3.56
4.12
5.47
5.04
3.77
3.45
4.08
3.18
3.56'
4.15
5.50
5.07
3.78
3.46
4.10
5.57
5.12
3.79
3.49
-
128—
-
4.14
—
3.22
3.58
4.17
3.60
4.20
5.60
5.18
3.81
3.50
96.61
76.88
82.13
103.38
109.24
Sept.30
4.16
5.66
5.21
3.81
3.49
109.44
23
4.22
81.74
103.38
3.60
76.17
3.21
96.28
4.17
107.30
5.72
5.22
3.84
3.52
96.78
114.93
107.11
81.61
108.85
•16
4.22
102.84
3.61
75.47
3.22
96.28
4.19
3.47
77.36
83.33
103.74
3.18
3.79
4.12
5.56
5.09
9
4.15
109.84
3.58
3.19
3.58
4.14
5.53
5.10
3.45
4.11
3.78
3.57
4.10
5.45
5.04
3.76
3.42
4.07
3.17
3.76
3.44
115.78
107.69
107.69
97.61
77.72
83.19
103.93
110.24
98.28
78.70
84.01
104.30
110.83
104.30
110.43
Aug. 26— 112.38
98.80
116.00
19- 112.39
98.28
115.57
107.69
97.95
77.84
83.06
12- 112.32
98.28
115.78
107.69
97.61
77.96
82.93
104.30
83.46
104.30
2
—
Aug. 26
110.63
110.83
12
4.12
5.52
3.58
4.14
5.51
5.12
3.76
3.43
4.14
5.46
5.08
3.76
3.42
5
4.09
3.18
3.56
4.09
3.57
4.15
5.44
5.08
July 29
3.19
3.76
3.62
4.17
5.50
5.13
3.77
3.47
3.79
3.49
3.42
98.45
115.78
108.08
97.61
98.45
115.57
107.88
97.45
78.82
83.46
104.30
110.83
97.11
78.08
82.70
104.11
109.84
22
4.12
3.20
3.23
3.62
5.66
109.44
15
4.22
103.74
4.18
5.27
3.24
3.63
4.25
5.75
5.37
3.81
3.49
8
4.22
3.26
3.67
4.30
5.87
5.49
4.51
4.28
3.83
1
3.71
4.41
6.09
5.69
3.54
4.37
3.26
3.88
3.75
4.53
6.52
6.09
3.91
3.58
4.53
3.31
3 89
3.54
115.35
96.94
114.72
106.92
96.28
76.17
80.96
8- 112.04
96.28
114.51
106.73
95.78
75.12
79.70
103.38
109.44
73.76
78.20
103.02
109.05
1— 111.96
95.29
114.09
105.98
94.97
111.80
93.85
114.09
105.22
93.21
71.36
75.82
102.12
108.46
91.35
66.99
71.36
101.58
107.69
75.82
101.94
108.46
17--
112.01
91.35
113.07
104.48
10--
112.05
93.69
114.72
106.54
93.37
69.89
106.92
94.01
69.78
76.29
101.76
107.30
93.85
69.37
76.53
101.23
June 24—
108.66
108.46
3~
112.10
94.01
114.93
May 27-
111.77
93.85
114.72
20--
111.94
108.08
115.35
95.46
95.62
71.68
78.70
102.12
73.76
81.22
102.12
111.82
96.44
115.14
108.46
111.54
95.29
114.51
107.69
95.13
72.11
79.07
101.76
108.85
6-
106.92
93.85
69.37
76.76
100.35
108.27
111.42
93.69
114.09
22-
111.48
92.90
113.89
105.79
92.90
68.97
75.82
99.48
91.20
112.66
J 04.30
91.05
66.99
74.21
97.78
66.89
75.12
96.94
8..
109.69
91.05
112.66
103.74
1-
109.58
88.80
112.45
102.66
89.10
63.28
71.15
96.11
92.43
66.03
75.01
98.45
76.76
99.14
91.97
113.89
109.97
93.21
114.72
107.11
93.37
68.17
11-
110.57
94.81
115.35
109.05
95.46
69.78
80.08
99.48
110.70
96.94
115.78
109.44
97.11
73.65
84.41
100.00
108.46
Feb. 25..
110.50
97.28
115.78
109.44
97.11
74.44
85.65
99.48
108.46
73.20
84.55
98.80
1937—Janury
3.53
6.28
5.63
3.93
3.54
4.37
3.23
3.60
3.20
3.56
4.26
6.06
5.45
3.88
3.49
4.27
—
4.37
3.21
3.54
4.21
5.87
5.25
3.88
3.50
3.52
4.21
4.28
3.24
3.58
4.29
6.02
5.42
3.90
3.62
4.37
6.28
5.61
3.98
3.55
4.38
3.26
5.69
4.03
3.56
4.43
3.27
3.68
.4.43
6.32
3.33
3.76
4.55
6.52
5.83
4.13
3.66
4.54
3.33
3.79
4.55
6.53
5.75
4.18
3.72
4.55
3.34
3.85
4.68
6.92
6.11
3.76
4.70
4.23
4.46
6.62
5.76
4.09
3.63
3.27
3.62
4.05
3.57
-
4.49
Mar. 25
108.46
4..
3.90
1
107.88
110.34
18..
5.65
8———-
106.73
Mar. 25--
6.24
14—
104.36
106.92
6.23
4.36
22—--
105.04
91.05
4.40
3.62
April 29.
108.08
110.08
3.64
3.22
6—
106.17
14-
3.23
May 27..
109.24
13-
4.38
5.69
4.36
3
109.44
96.44
108.08
107.69
„■
4.41
3.23
3.61
4.40
6.40
5.61
3.20
3.51
4,27
6.24
5.34
4.03
3.54
4.31
5.01
4.00
3.54
'
18—
4
18-.
110-21
96.44
115.57
109.24
11-
110.18
96.11
115.78
109.05
95.95
72.43
84.14
98.62
108.27
94.49
71.15
81.61
98.45
106.92
98.62
107.69
4.18
3.18
3.49
4.17
5.88
3.18
3.49
4.17
5.81
4.03
3.54
4.16
4.92
25
Feb.
96.28
3.19
4.22
5.92
5.00
4.07
3.56
4.21
3.50
3.18
3.51
4.24
5.99
5.03
3.58
4.23
4.08
3.55
4.33
6.11
5.22
4.09
3.62
4.31
3.24
4.08
3.58
11
-
—.
4
4-
110.16
94.81
114.51
28..
110.07
94.33
114.72
107.49
94.81
69.89
79.70
21- 110.52
96,61
116.00
109.05
96.78
73.31
83.33
100.18
109.05
14..
110.15
97.95
116.64
109.84
97.61
75.47
86.07
100.53
109.24
7..
109.97
97.61
116.21
110 04
97.28
74.89
86.50
99.66
108.46
99.48
116.64
110.24
98.80
79.95
87.21
104.85
111.03
112.45
102.66
89.10
62.76
71.15
96.11
104.30
High 1937 112.78
106.54
118.16
113.89
104.67
92.43
101.41
106.17
112.45
109.84
107.30
.94.49
71.46
83.60
96.28
104.30
Low
94.81
3.23
3.59
4.31
6.23
3.17
3.51
4.19
5.91
5.09
3.99
3.51
5.72
4.89
3.97
3.50
High 1937
107.01
4.34
5.37
4.20
Low 1938
88.80
—
High 1938
High 1938 112.58
Low 1938 109.68
1937
97.95
Oct. 14'37 108.39
113.68
108.66.
77.84
97.28
Oct. 14'36 110.85
104.48
These prices are
115.57
111.64
98.62
89.55
106.36
91.35
101.94
99.83
103.38
110.63
yield averages, the latter being
bonds used In computing these
3.16
3.46
4.16
5.77
4.86
4.02
3.54
3.34
4.68
6.98
4.23
3.14
3.45
4.07
5.35
3.73
3.41
4.03
6.11
4.81
3.76
4.70
3.85
3.60
4.33
6.08
5.07
4 22
3.76
4.31
3.47
3.27
3.74
4.46
3.92
3.66
3.34
5.52
4.65
4.08
3.65
4.53
4.01
3.81
3.43
Capital Issues in Great Britain
statistics have been compiled by the Midland
Ltd.
These compilations of issues of new capital,
which are subject to revision, exclude all borrowings by the
British Government for purely financial purposes; shares
issued to vendors; allotments arising from the capitali¬
zation of reserve funds and undivided profits; sales of already
issued securities which add nothing to the capital resources
The following
whose securities have been offered; issues
for conversion or redemption of securities lireviously held
in the United Kingdom; short-dated bills sold in anticipation
of long-term borrowings; and loans of municipal and county
authorities which are not specifically limited.
In all cases
company
the figures are
based
CAPITAL ISSUES
the prices of issue.
upon
IN THE UNITED KINGDOM
Year Ago—
4.12
3.28
3.53
4.16
3.75
Oct. 14, 1937...
3.19
3.38
3.89
Years Ago—
Oct. 14,
1936
—
July 23. 1938. page 488
BY MONTHS
1936—January
"
£16,592,347
19,687,120
6,961,500
March...
12,386,235
April
May
4,108,238
19.727,811
June
20,610,166
10,456,037
19,505,122
.....
£7,464,872
19,248,438
6,391,772
5,038,715
•
27,397,880
24,514,648
8.509,247
20,305,459
7,141,184
15,188,116
1,963,697
1,648,504
£126,826,210
£93,071,601
18,410,698
24,402,925
•
£149,127,065
£154,355,911
.
.
—- —
....
March
April
—
2,184,057
26,943,859
4,706,804
12,543,554
December
11,217,941
20,939,125
20.211,176
13,855,183
12,400,174
1
..-.——-
June...........
July
...
£217,221,225
£182,824,210
£170.906.191
UNITED KINGDOM
Year to
September
Sept. 30
Sept. 30
£2,534,000
1925
—
15,926,000
5,040,000
18,306,000
1928
—
2,665,000
1930
5,039,000
1931
1,315,000
£229,416,000
87,758,000
250,678,000
221",000
84,000
19,687,000
6,961.000
10,456,000
19,505,000
232~;00c
1,356" 566
73,000
27,000
2,014,000
2,939.000
268,000
128,000
18,411,000
3,537,000
153,000
24,403,000
78,000
6,194,000
1,528,000
9,546,000
9 months
132,810,000
453,000 14,860,000
1,004,000 149,127,000
22,730,000
October
November
451,000
3,763,000
18,271,000
16,997,000
30,000
2,069,000
568",000
155,000
1,572.00c
1,487,000
-
-
December.*.
.....
1,090.000 22,264,000
24,802,000
8,043,000
9,756,000
7,135,000
8,313,000
2,405.000
407.coo
3i",6oo
2,581,000
17,000
34,000
1,467,000
1,000",000
4,792,000
2,097,000
22.611,000
396,000
830,000
14,558.000
141,000
4.481,000
March
April
........
May.
...
June.
,
3,060,000 217,221.000
190,808,000
Year
....
July
August
586,000
6.503,000
103,588,000
9 months
11,257,000
20" 000
11,947.000
eVs'ooo
24.515.000
1,125,000
53,000
20.305,000
11,411,000
1,964,000
1,602,000 19,336,000
680,000
32,000
2,000
13,141,000
November
11,372,000
10.667,000
1,015,000
13,000
2,273,000
4,885,000
138,768,000
1,634,000 23,304,000
6,520,000
13,847,000
6,305,000
4,728,000
16,591,000
945,000
_
.
------
3,000,000
10,213,000
11,202,000
1,763,000
August.
3.931,000
1,611,000
19,248,000
6,392,000
5,039,000
594:000
27.398,000
28,000
421,000
15,188,000
3,445,000
93,072,000
8.509,000
37", 000
70,715,000
9 months
7.465,coo
2,402,000
360,000
"27",000
27,000 18,884,000
13,855,000
12,400,000
17,825,000
7,200,000 170,906,000
87,000
311,000
8,149.000
July
7,141,000
2,300,000 126,826,000
October
April
27,614,000
10,672,000
96,000
•
1,867,000
September.
26,944,000
20,939,000
20,211,000
2.184,000
1,648,000
279,354,000
382,111,000
317,276,000
199,629,000
145,351.000
1932
17,000
78,174.000
1933
7,164,000
103,702,000
1934
100,646,000
129,812,000
1935
6,748,000
7,719,000
154,355,000
1936
9,546,000
149,127,000
203,900,000
177,595,000
1,964,000
126,826.000
194,920,000
1,648.000
93.072.000
137.152,000
964,000
1,770,000
September
£144,989,000
175,770,000
201,858.000
269,254,COO
224,011,COO
169,891,000
79,082.000
£
33,963,000
751,000
194,000
Total
8,018,000
June
9 Months to
£
4,346,000
May
Month of
£
August.—
February
[Compiled by the Midland Bank Limited]
£
15,344,000
20,712,000
March
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE
Countries
17.196.0c0
1938—January
Year
Foreign
Countries
September.
•
Year
17,824,624
Brit.
Other
Ceylon
33,019,000
18,502,000
6,877,000
8,795,000
December.
November
October
India and
„
£
February....
9,546,101
53,909,166
6.682,428
7,719,440
9 months
,
6,194,413
'
July
£27,614,265
10,671,858
11,257,125
11,947,382
11,410,592
£33,963,149
12,620,080
February
1938
1937
1936
United
ISSUES IN THE
Kingdom
February
May.
•
DISTRIBUTION OF NEW CAPITAL
UNITED KINGDOM BY MONTHS
♦
•
January
August.
September
>
[Compiled by the Midland Bank Limited]
1935
3.07
3.64
1937——
indexes was published in the Issue of
Bank,
NEW
3.47
4.14
7
GEOGRAPHICAL
New
of the
3.14
4.14
bond (4% coupon, maturing In 30 years) .and do not purport to show either ^average
illustrate In a more comprehensive way the relative levels and the relative movement oi
computed from average yields on the basis of one "typical"
of actual price quotations. They merely serve to
the truer picture of the bond market.
level or the average movement
t The latest complete list of
4.12
14-
2
2 Yrs.Ago
28.
Jan.
1
1 Yr. Ago
1929
3.58
112.17
97.95
•
•
4.10
112.16
22- 112.04
16- 112.12
Low
3.19
3.18
4.10
5.11
78.58
106.92
■.
5.39
4.10
3.55
107.30
107.88
Jan.
-
115.14
115.57
1923678
4.96
114.51
98.11
Apr. 29—
5.39
97.28
97.11
97.95
June 24-.
4.09
Weekly—
112.07
July 29..'
3.42
3.15
3.55
4.05
1
9-. 111.85
5-
3.75
3.76
6
'
97.45
2..
4.94
3.24
Weekly—
Sept.30— 111.70
5.37
3—
110.24
112.32
84.01
3.75
4.08
4—
110.63
5- 112.39
4.94
3.54
5
110.63
6-. 112.46
5.37
3.14
4.05
7
98.45
4-.
Indus.
U.
P.
RR.
Baa
A
Aa
Aaa
4.03
112.53
12-
120 Domestic
Corporate by Groups
tic
Averages
Indus.
108.46
116.64
99.48
1129073—
Daily
Corporate
by Ratings
Domes¬
1938
Corporate by Groups *
by liatings
tic
Corp.*
Averages
120 Domestic
Corporate *
120 Domestic
120
Domes¬
1938
120 Domestic
120
All
138,567,000
Program
of
"No
New
Bond Issues" Urged by Local,
County, and State Governments of New York to
Effect Reduction in State Taxes—Citizens Public
Expenditure Survey Suggests
Proposal
the Citizens Public Ex¬
penditure Survey of New York, if the local, county and
State governments of New York would adopt a program of
According to a report released by
Financial
Volume 147
"no
be
issues," taxpayers of the State would be "in
pocket" to the extent of $72,000,000 over the next five years.
This
would
be
due
2307
Chronicle
bond
new
a
sure
citizens of
Of
to
the
the
reduce
to
way
the
burden
tax
that
of
Expenditure Survey of New York,
"means that beginning in 1939 there would be a gradual
for debt service.
decline in
on
Citizens
the
the
Public
annual
of interest and principal
on
the aggregate bonded debt of local, county and State
government.
These
annual
reductions,
added
together,
would total $72,000,000 in five years' time.
If the policy
were
adhered to for
New
York
an
would
period of 10 years, the taxpayers of
a
be
in
service
the
be
to
savings
debt
in
service
public
governmental
THE
payrolls
units.
STATE
Thus
a
be
could
guards could be created to
increasing
see
and
applied
that they
only
program
of
to
were
40%
"no
more
bonded
various
debt"
would
EPI
Business activity continues to expand in many
lines. As
a result of tlie rapid changes taking place, especially since
the four-Power agreement at Munich, the feeling is becom¬
ing more and more general that the uptrend will continue
well into 1939.
The Ford Motor Co. is a fair example of
the prevailing optimism.
The officials of this outstanding
in
the
automotive
field
most
are
enthusiastic
con¬
fall
Alfred
directions.
many
Board of General
Motors, told a meeting of dealers and dis¬
believed present increased activity
automobile industry
marks the beginning of an
tributors recently that he
in
the
upward trend "on the long pull."
"I am encouraged about
business on the long pull," he said.
"I believe, for our¬
selves, business in 1939 will be better than last year
(re¬
ferring to the 1938 model production year which ended this
summer), and in some cases better than in 1937."
The
stock market the past week has been seething with activity,
the sustained upward movement reflecting in no small meas¬
ure
the high' degree of optimism that prevails in many
quarters.
According to the "Journal of Commerce," the
business index rose to 86.8, as compared with a revised
figure of 86.2 for the preceding week and 100.7 for the
corresponding week of last year.
However, gains for the
week
were
largely restricted to car loadings, automotive
activity and steel output, this observer states.
A break of
$4 a ton in prices of some flat-rolled steel "products is the
culmination of irregularities in quotations which have pre¬
vailed over recent weeks, says the "Iron Age" in its weekly
trade review.
"Coincident with the weakness in steel prices,
pig iron quotations are firm at the recently announced $1
a
ton advance, which has become unanimous, bringing a
further slight rise in the 'Iron Age* pig iron composite
price to $20.61, while the scrap composite price is unchanged
at $14.25,
Scrap is marking time, but a sharp rise in steel
ingot output this week has added to the bullishness of
scrap dealers who expect that any increase in mill buying
will be immediately reflected in higher scrap priced.
The
gain in steel ingot output this week to 51.5% from 49% last
week is
the, sharpest rise within one week this year except
post-holiday recoveries.
In the corresponding week last
year ingot output was at 63.5%, but was rapidly declining.
As indicative of business recovery, the Tron Age' capital
goods index has risen 3.3 points to 65.1, the highest level
thus far in 1938, and compares with 88.3 one year ago.
The
rise has been
largely accounted for by automobile
have also registered
gains. New business in steel has gained consistently during
the past two weeks.
One of the largest inquiries for rail¬
road equipment in some time is from the Union Pacific RR.,
which will buy 30 locomotives."
Production of electricity
assemblies,
but
other
components
by the electric light and power industry, based on the first
complete returns available since the tropical hurricane some
weeks ago totaled 2,154,449,000 kilowatt hours for the week
ending Oct. 8, an increase of 0.7% over the revised output
2,139,142,000 kilowatt hours in the preceding week. The
showed that production in
the week of Oct. 8 was 5.5% lower than the output of
of
Edison Electric Institute report
2,280,065,000 kilowatt hours in the corresponding week of
1937.
The Pacific Coast was the only region to report a
Observers state that the
of building materials
during the remainder of the year will depend largely upon
gain
in
extent
production
of
^weather
the rise
conditions
over
1937.
in the production
and
inventory
policy,
since
a
backlog
of construction work of record proportions for recent years
seems
assured.
increase
at
rate.
recovery
from
bonds.
In
current
the
1949
would
'
~
it
costs
borrowing.
revenues,
If
the
and
total
amount
$125,000,000 if
or
10 years the State of
past
appropriated
This sum
capital outlays,
the
for
Dun
&
a
expenses,
is
about
than
including
of running the State.
Bradstreet,
Inc.,
a new
peak for the
reported
of
or
delivery
delays
led
buyers
to
make
more
provision for future needs, it was said. Re-orders
heavy during the week, testifying to the inroads made
were
into store
of
A
stocks.
majority of the important indicators
business, according to the review, scored gains for the
It is stated that automobile dealers with
show
orders
reported new
surpassing
new
models
those booked
in
1938 announcement
the
period.
The Association of Amer¬
ican Railroads reported today 702,964 cars of revenue freight
were loaded
during the week ending last Saturday.
This
was an increase of 5,026 cars, or 0.7 of 1%, compared with
the preceding week; a decrease of 109,294 cars, or 13.5%
compared with a year ago, and a decrease of 268,291 cars,
or 27.6%
compared with 1930.
A feature of the weather
the past
week has been the droughty conditions prevailing
large
over
fall
in
the
still
is
September.
mostly
soil with regard to
due to heavy rainfall
of the
favorable,
area,
and
frosts
sections, extending southward
general in northern
the entire Appalachian
were
over
but damage was slight because of advance maturity
There were also some frosts in the upper
area,
of
Eastern States, while rain¬
more
condition
Cool weather retarded the growth of late
this
in
crops
In the
areas.
light,
was
moisture
vegetation.
.Ohio
Valley, especially northern
An
sulted.
extensive
Mountains
experienced
which
intensified
droughty
the
Ohio, but little harm re¬
the Appalachian and
another warm, dry week,
between
area
Rocky
conditions.
Mississippi River westward
to
the
Generally, from
Rocky Mountains,
except in local areas, widespread, severe drought prevails,
and
is urgent.
In fact, throughout
Appalachian Mountains westward
and northwestward to the Rocky Mountains, there
is a
general need of rain, an unusually extensive area to experi¬
the
the
need
moisture
conditions.
such
ence
of
and from the
South
In
the
New
York
City
area
the
weather during the past
week has been unseasonably warm,
with generally clear skies.
Today it was fair and warm
here, with temperatures ranging from 61 to 71 degrees.
The
forecast was for partly cloudy and continued warm tonight
and Saturday.
Sunday probably fair and colder.
Over¬
night at Boston it was 58 to 80 degrees ; Baltimore, 58 to 72;
Pittsburgh, 54 to 72; Portland, Me., 56 to 74; Chicago, 54 to
70; Cincinnati, 44 to 76; Cleveland, 52 to 66; Detroit, 44 to
72; Charleston, 66 to 76; Milwaukee, 54 to 68; Savannah,
64 to 76; Dallas, 68 to 90; Kansas City, Mo., 66 to 82;
Springfield, Mo., 62 to 80; Oklahoma. Cijty, 66 to 90;
Salt
56 to 78; Seattle, 44 to 58; Montreal, 56 to 76,
Winnipeg, 40 to 72.
Lake City,
and
—♦
r
■
Moody's Commodity Index Declines
Commodity Index has declined 1.8 points to
Commodities registering a decline for the
week include silk, cocoa, corn, hogs and sugar whereas gains
were made by hides, rubber, wheat, steel scrap, copper and
cotton.
No net change was recorded by silver, lead, wool
Moody's
142.8 this week.
and coffee.
The movement of the index has been as follows:
Fri.,
Sat..
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Advance
7
8
10
11
12..
13
14
of
—
144.6 Two weeks ago, Sept. 30
144.8 Month ago, Sept. 14
—144.0 Year ago, Oct. 14__._
-wb*,3-3 1937 High—April 5
Low—Nov. 24...
Holiday
142.6 1938 High—Jan. 10
Low—June 1
.-...—142.8
—
0.4
Point
Index of Wholesale
144.6
144.6
171.7
228.1
144.6
-.152.9
—130.1
Noted in "Annalist" Weekly
Commodity Prices During Week
Ended Oct. 8
materially exceeded
Heavy engineering awards have continued
peak levels in October.
Thus, building work
accumulated since July is around the highest levels seen
since 1930.
A high, surge of buying on Columbus Day
the August
by
.
is the policy "of
financed
for interest alone $176,000,000.
spent
that
$31,000,000.
expensive
term
so
$55,000,000
generous
Residential construction contracts awarded
last month and the total of all awards
being
of
debt
annual
today.
"A
spending mood was in evidence," said the
agency's weekly review.
In wholesale markets fear of price
to
and are backing up their
placing large-scale orders in
P. Sloan Jr., Chairman of the
way,
bonds,
more
rapidly in amount
instead
year
alone.
no
by 60-year 4% serial bonds,
4%
dependent
liberal
more
week.
big
a
decrease
how
financed
season,
bullish
in
issued
persons
approximately $75 each
appropriations included in the 1937-38 budget and more
of
service
cerning the prospects for 1939,
views
if
pay
brought retail sales volume this week to
Friday Night, Oct. 14, 1938.
leader
four-fifths
debt
alone
requirements
realize
50-year
of all
of
various
the
of
New York tax dollar goes
''
-v
including the 1,700,000
$50,000,000 when
has
indebtedness
every
form, must
some
service
not
by
and
TRADE—COMMERCIAL
OF
do
costs
applied and not
taxes,
of
$24,000,000—a reduction of
People
project
York
reduce
so
bonded
20c.
debt service requirements
government
debt
New
the .operations
expanding
in
the
appropriations would
financed
proper
that every family,
State
annual
to meet the required principal and
goes
aggregate
about
,
meet
$100,000,000
Mr. Franklin added:
Such
Thus
assistance
the
the
on
units.
means
taxes to
If
$237,000,000
payments
State
in
pocket a total sum of $327,000,000,
amount which exceed sthe tota!T936 New York State tax
levy."
,
estimated
an
This
payments
the
$1,211,000,000 raised by New York State and local taxation in
governmental
1936,
interest
staggers
State.
savings coming with decreased debt
"A program of 'no new bond issues,'
if started immediately," said Walter M. Franklin, Secretary
service requirements.
increasingly
The
"Annalist"
advanced
on
with buyers
ket.
The
a
announced
on
Oct.
10 that commodities
broad front during the week
ended Oct. 8,
apparently taking their cue from the stock
mar¬
"Annalist" weekly index of wholesale commodity
Financial
2308
little
in the previous
"Annalist" added:
(revised)
The
Decreases were reported in 21
no change was shown.
The
greatest relative change was a decrease of 0.4c. per pound for Denver.
Prices
for other
items in this group average^t\slightly lower than
a
WEEKLY INDEX OF
"ANNALIST"
month
estimate was released.
Saturday when the Government crop
on
Increases
5, 1937
78.3
.
72.3
72.9
96.8
86.9
67.9
*58.7
*58.5
84.4
a84.3
91.1
97.0
96.8
107.5
05.4
a65.4
87.1
87.1
90.0
71.5
70.8
78,4
80.1
a79.7
Chemicals...w-—-——
Miscellaneous
•
70.8
-
commodities
All
Preliminary.
in
In
(1.6%).
INDEX NUMBERS
Revised.
a
No change was recorded for three cities.
Buffalo (1.8%), Springfield, 111. (1.7%), and
each of these cities prices of fresh fruits and
England area.
greatest
93.0
Building materials
the
vegetables advanced sharply. In Buffalo the price of fresh milk rose 2c. a
quart.
Cream showed a corresponding increase.
Eggs advanced 22.1% in
Springfield.
St. Paul reported higher prices for both coffee and tea,
contrary to the general movement for these items.
Two widely separated
cities, Manchester and Butte, showed the largest decrease, 2.7%.
Marked
declines in prices of fresh fruits and vegetables were reported in both
cities and the advance for eggs was less than average.
,
?
were
Paul
St.
78.9
products
Food products
Textile products..--Farm
costs
in
in the New
cities
Oct.
1, 1938
Oct.
lower
cities
in
0.4%.
Higher costs reported in 24 cities more
reported in 24 other cities.
Increases were more
central areas.
Decreases were reported for all
advanced
costs
offset
marked
(1926=100)
8, 1938
ago.
Food
than
WHOLESALE COMMODITY PRICES
Oct.
1.0% and is 6.4% lower than
cities,
were
ground
;
and sweets decreased
of sugar
cost
September, 1937.
Sugar declined 1.5%.
increases in eight, and in 22 cities
in
plus signs were scattered liberally throughout the list, most
of moderate proportions.
Rubber, hides and copper, however,
were
unusually strong,
reflecting both trade and speculative buying.
Cotton advanced briskly in the early part of the week, but lost considerable
Although
gains
change.
The
OF RETAIL COSTS OF FOOD BY
Three-Year Average 1923-25=100
Sept.
Regional Area
REGIONAL AREA
12, Sept. 14, Sept. 15, Sept. 15,
13, Aug. 16, July
1938*
Food Advanced 0.4% Between
Sept. 13, According to United States
Retail Costs of
and
United States
the 84 foods included
for 29 of
last
year,
this group is
is at the
for
7.2% lower than for the corresponding period
lowest level since the spring of 1934.
The
of flour, which has tended downward
is 19.2% lower than in September, 1937.
other
flakes,
corn
price
changes
for
loin
an
INDEX
87.2
65.1
109.4
77.7
77.3
77.9
84.8
65.8
107.7
72.6
72.8
73.7
81.3
61.0
107.2
77.6
77.8
77.6
83.3
63.7
105.5
87.3
65.1
104.1
65.9
104.8
...
79.7
80.1
83.8
76.5
a76.4
77.0
,
'
Preliminary,
a
82.6
Revised.
Freight Car Loadings in Week Ended
Reach 702,964 Cars
Oct.
8
Loadings of revenue freight for the
A
comparative table follows:
REVENUE FREIGHT LOADED
AND RECEIVED FROM CONNECTION
(Number of Cars)
increase of
0.2%, resulting from higher costs
Weeks Ended—
increased 8.1%.
Oct. 8,
Atchison
1938
21,839
Topeka «fe Santa Fe Ry.
Oct.
Oct. 1,
1938
9,
1937'
Oct.
8,
1938
Oct. 1,
Oct. 9,
1938
1937
26,264
6,153
6,148
7,632.
33,388
16,295
15,301
18,594
25,591
21,467
28,636
24,168
10,985
10,651
11,850
NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY
Three-Year Average 1923-25=100
GROUPS
Chicago Burlington & Quincy RR.
28,178
24,489
17,955
16,978
19,637
8,582
10,524
Chicago Mllw. St. Paul & Pac.Ry
1.8%.
20,999
21,024
21,937
8,528
8,424
15,585
15,810
17,483
11,004
11,066
9,189
13,418
2,366
2,240
4,929
2,422
2,463
1,291
1,395
1,487
2,147
2,532
1,920
1,693
2,377
5,009
6,175
2,849
2,945
3,178
Baltlmore & Ohio RR
Chesapeake & Ohio Ry
Chicago & North Western Ry_. _
Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas
Sept. 13, Aug. 16, July
Commodity Croup
1938
78.7
All foods
1938
78.4
80.0
1937
1932
RR
15,977
16,640
18,243
9,944
8,965
10,273
37,189
35,962
44,480
40,527
39,591
45,743
5,513
5,591
9,479
9,671
22,626
22,747
4,867
24,727
4,451
5,004
4,445
Pennsylvania RR
1929
60,054
61,395
70,597
39,965
37,555
44,588
5,574
5,430
6,953
5,595
5,005
4,979
31,882
5,488
6,040
5,884
5,605
30,881
34,555
5,935
5,676
5,889
8,296
8,515
8,237
7,923
Missouri Pacific RR
New York Central Lines
N. Y„ Chicago <fe St. Louis
85.8
66.7
108.0
98.6
Ry._
88.2
91.0
91.4
95.1
74.3
98.2
98.0
99.3
111.4
75.8
124.7
Meats.
77.2
76.1
76.2
83.9
65.4
103.0
Pittsburgh & Lake Erie RR.....
Dairy products
Eggs
82.2
prods..
8,569
Norfolk & Western Ry
12, Sept. 14, Sept. 15, Sept. 15,
1938*
Cereals & bakery
Received from Connections
Weeks Ended—
Loaded on Own Lines
Veal cutlets were 1.9% higher;
Price changes for
pork.
roast
decreased
salmon
82.5
1937.
for veal
pork chops' rose 7.2%,
cured pork items were
unimportant.
Other meats moved downward.
Beef decreased 0.9%.
Chuck roast and round steak averaged about 1.5% lower than last month.
Minor changes were reported for the other beef items.
Lamb decreased
1.4%.
Changes were greatest for lamb chuck and rib chops, which
declined about 3% each.
Roasting chickens were down 1.5%, and canned
fresh
and
79.8
,
showed
and
79.1
80.5
items in this group were un¬
important.
Meats
109.6
108.0
>•
1938, totaled 702,964 cars, a
for a year, declined 4.3%
The most important price
change for the group was a decrease of 4.2% in the price of white bread.
Lower prices were reported from 20 cities, with concentration in the Eastern
cities..
In other cities the price was unchanged.
Whole wheat and rye
bread declined about 3.5% each.
With the exception of a decrease of 1.7%
and
65.4
week ended Oct. 8*
gain of 5,026 cars, or 0.7%,
over the preceding week, a decrease of 109,294 cars, or 13.5%,
from the total for the like week a year ago, and a drop of
117,606 cars, or 14.3%, from the total loadings for the cor¬
responding week two years ago. For the week ended Oct. 1,
1938, loadings were 17.3% below those for the like week of
1937, and 14.8% telpw those for the corresponding week of
1936.
Loadings fprThe week ended Sept. 24, 1938, showed
a loss of 19.3% when compared with
1937, and a drop of
16.3% when comparison is made with the same week of 1936..
The first 18 major railroads to report for the week ended
Oct. 8,1938, loaded a total of 326,309 cars of revenue freight
on their own lines, compared with 327,470 cars in the pre¬
ceding week and 371,821 cars in the seven days ended Oct. 9r
■"
cities reporting higher costs,
Higher prices were reported
in the index, lower prices for 53, and for
cost
and
68.8
86.4
Revenue
.
price
67.3
86.7
*
index is 18.0% higher than in September, 1932,
66.7. It is 27.1% below the level of September, 1929,
when the index stood at 108.0.
The cost of cereals and bakery products declined 3.0% over the month.
The index for
85.6
80.9
80.8
78.2
Mountain
when the index was
of
79.3
a79.3
Pacific
change.
food
78.0
79.7
West South Central
September index for all foods was 78.7% of the 1923-25 average.
This is 8.3% below the level of September of last year, when the index
was 85.8 and when
costs were lower for all commodity groups except egg^.
current
107.4
77.5
South Atlantic
The
The
108.
East South Central-
regional changes were evenly divided, 24
and three showing no change.
lower costs,
two there was no
66.7
East North Central
reported:
Commissioner further
The
85.8
1929
1932
80.0
West North Central
Aug. 16
of Labor
Statistics, United States Department of Labor, announced
on
Oct. 7.
"This increase resulted from higher costs for
eggs, higher prices of milk in three cities, and an increase
in the cost of fresh pork and veal," Mr. Lubin said.
'There
were marked decreases in flour and bread prices.
Had it
not been for the declines in cereals and bakery products,
the index for all foods would have advanced 1.3%."
The
24
1937
78.4
New England
Commissioner Lubin of the Bureau
Sept. 13,
and
1938
78.7
--
1938
Middle Atlantic-
food advanced 0.4% between
retail cost of
The
Aug. 16
Depart¬
Labor
of
ment
1958
15,
other items showed
showed an increase of 1.7%,
which
butter,
peanut
Saturday, Oct. 8, as compared with
week and 93.0 a year ago.
prices rose to 80.1 on
79.7
Oct.
Chronicle
Pere
Marquette Ry
_
72.5
68.0
79.0
62.4
108.9
Southern Pacific Lines
54.9
a55.0
61.7
59.2
52.8
107.6
Wabash Ry
Fresh
52.7
a52.7
60.3
56.3
51.3
108.6
Canned
76.3
77.4
78.0
82.0
69.2
92.3
Dried
59.5
59.6
59.2
72.2
54.4
107.1
66.4
66.5
66.7
70.4
74.6
110.2
67.7
68.1
67.7
78.4
51.3
93.4
62.3
62.9
63.3
66.5
58.2
10.513
6,191
7,107
1
9,371
8,723
75.9
Fruits and vegetables..—
Beverages & chocolate.
.
Fats and oils
Sugar and sweets
— _
.
326,309 327,470 371,821 199,250 193,761 225,203
Total
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Week Ended
*
Preliminary.
a
Revised.
increase in
(12.7%), Buffalo (23.3%), and'
Atlanta. (14.7%).
The increases for Atlanta reflected a return to the price
effective prior to June 1.
The average price of butter showed little change,
with minor increases and decreases offsetting each other.
Butter is 19.2%
lower than one year ago.
Cheese decreased 1.4%.
The seasonal increase in the cost of eggs amounted to 13.3%, with the
cost of
The
dairy
products rose 1.5%, due primarily to an
of fresh milk in New York City
the price
than in September, 1937.
Increases in all
than for the same period in 1937, with the
exception of the cities in the Mountain and Pacific areas.
The recent decline in the cost of fruits and vegetables was retarded,
with a
decrease of 0.1% reported for the month.
Prices of all of the
of
price
eggs
4.1%
higher
regions were markedly greater
green
vegetables
Potatoes
beans.
The greatest advance was 30.8%, for green
declined 2.0%, onions 7.0%, and sweet potatoes 22.9%.
increased.
showed little change. Lemons decreased 2.1%, while
bananas rose 1.9% and oranges advanced 2.5%.
The steady decline in
the cost of canned goods continued,
with a decrease of 1.4%.
Prices
were lower throughout the canned foods group, with the greatest reductions
The
price of apples
peaches and peas.
A decline of 1.4% in the price
change for the dried items.
cost of beverages
and chocolate showed practically no
continued its decline, with a decrease of 0.5%.
reported
beans
for
was
The
Coffee
the largest
of navy
•
change.
lard, which
decreased 0.9%.
The index for this group is 13.7% lower than one year
ago.
An advance of 1.0% was shown for shortenings sold in cartons.
Shortenings sold in other containers rose 3.4%.
With the exception of
•
Fats
and
oils
declined
0.6%,
moving
with
the
price
of
Oct. 1, 1Q38
Oct. 8, 1938
Oct. 9. 1937
26,916
28,754
34,432
36,785
Chicago Rock Island & Pacific Ry.
27,634
Ulinois Central System
35,171
St. Louis-San Francisco Ry
14,820
15,249
16,014
77,625
76,597
81,553
1
Total..
The Association of American
week ended Oct. 1,
Loading of revenue
This
cars.
was
the
same
week in
Loading of
22,385
cars or
freight
decrease
a
sponding week in
reported
as
Railroads, in reviewing the
follows:
for the week ended Oct. 1 totaled 697,938
145,923 cars or 17.3% below the corre¬
of
1937 and a decrease of
252,725 cars or 26.6%
below
1930.
1 was an increase of
week.
totaled 280,689 cars, an increase of 14,528
preceding week, but a decrease of 55,503 cars below the
revenue
3.3%
freight for the week of Oct.
above the preceding
Miscellaneous freight loading
cars
above the
corresponding week in 1937.
less-than-carload-lot freight totaled 158,576
the preceding week, but a decrease
1937.
Coal loading amounted to 131,789 cars, an increase of 1,439 cars above
the preceding week, but a decrease of 32,059 cars below the corresponding
Loading
cars,
an
of
merchandise
increase of 1,405 cars above
of 16,119 cars below the
corresponding week in
week in 1937:
Grain
and
grain
products loading totaled
1,604 cars above the preceding week, and an
41,589 cars, an increase or
increase of 5,275 cars above
Volume
Financial
147
the corresponding week in 1937.
cars
above the preceding
week, and
an
cars, an
increase
2309
All districts reported decreases
In the Western districts alone, grain and
grain products loading for the week of Oct. 1 totaled 27,168
of 882
Chronicle
the corresponding week in 1937.
1938
Livestock loading amounted to 17,216 cars, an increase of 689
cars
above
697,938
week in
Four weeks in March..
2,714,449
2,763,457
2,986,166
3,712,906
3,098,632
2,962,219
3,794,249
3.100,590
3,169,421
843,861
22,145,799
the preceding week, but a decrease of 4,575 cars below the
corresponding
1937
2,256,423
2,155,451
2,222,864
2,649,894
2,185,822
2,170,984
2,861,762
29,145,950
Four weeks in January
Four weeks in February
1937.
In the Western districts alone, loading of livestock for the
week of Oct.
1 totaled
ceding week, but
13,613
cars,
increase of 503
an
decrease of 4,736
a
cars
Five
above the pre¬
Five
loading totaled 32,487
above the preceding week, but a decrease of 5,931
sponding week in 1937,
Ore
—
-
loading amounted to 29,184
increase of 465
an
cars,
cars
below the
—
-
cars, an increase of
corre¬
cars,
an
cars
increase of 165
Week of Oct. 1
Total,
above)
cars
4,504,284
3,733,385
3,642,357
4,492,300
3,687,319
3,759,533
■;
a
950,663
In the
following
35,153,701
undertake to show also the loadings
the week ended Oct.
During this period only 19 roads showed increases
when compared with the same week last year.
we
for separate roads and
systems for
above
1938.
"
,
2,552,621
September.
1930
3,347,717
3,506,236
3,529,907
.....
2,090
the preceding week, but a decrease of 3,896 cars below the corresponding
week in 1937.
,
2,392,040
Four weeks in
week in 1937.
6,408
weeks in July
Four weeks in August
cars
the preceding week, but a decrease of 33,115 cars below the
corresponding
Coke loading amounted to
...
weeks in April
Four weeks in May
Four weeks in June
below the corresponding week
cars
in 1937.
Forest products
compared with the corresponding weeks
in 1937 and 1930.
increase of 2,476 cars above
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF
CARS)-—WEEK ENDED OCTOBER
Total Revenue
Freight Loaded
Railroads
Total Loads Received
from Connections
1938
1937
1936
1938
1937
1938
Ann Arbor.
Southern
726
I
Central Indiana...
Central Vermont
1,103
1,382
8,920
1,725
146
266
8,814
2,142
10,671
2,674
1.844
1,208
20
33
26
61
75
794
4,798
10,258
1,469
6,188
11,064
1,483
6,039
10,715
2,767
10,691
.5,793
2,042
7,709
6,874
608
490
464
145
173
1,534
1,703
1,567
1,094
2,782
Delaware Lackawanna A West.
Detroit A Mackinac
Detroit Toledo A Ironton
245
294
12,320
4,241
14,525
5,171
Detroit <fc Toledo Shore Line...
Erie..
...
Grand Trunk Western
...
122
Lehigh A Hudson River..
Lehigh & New England
Lehigh Valley
Maine Central...
:
1,867
2,476
3,645
2,028
35,700
Montour
New York Central Lines..
N. Y. N. H. <fe Hartford
7,997
1,492
5,591
5,508
5.430
New York Ontario A Western.
Chicago & St. Louis
Pittsburgh <fe Lake Erie
Pere Marquette
■
194
•
287
& Shawmut
338
13,619
3,649
..
2,030
2,932
1,234
Chattanooga & St. L.
Norfolk Southern
__
Piedmont Northern
2,496
3,080
1,427
398
193
Richmond Fred. A Potomac
393
2,152
2,649
1,207
1,109
3,050
4,169
2,380
2,595
1,191
1,092
2,241
3,235
1,170
492
16,355
8,685
2,059
Southern System
Tennessee Central......
363
3,256
8,772
22,386
3,823
14,265
781
766
192
870
901
106,316
118,168
114,622
63,654
70.292
21,257
3,071
22,780
4,729
22,560
11,066
3,367
8,424
3,688
12,881
3,657
492
202
Total.................
■
18,277
Chicago Great Western
223
301
Duluth Mlssabe & I. R
2,543
20.716
3,869
7,108
33
47,522
12,385
1,779
10,873
6,879
6,204
Chicago Milw. St. P. A Pacific.
Chicago St. P. Minn. A Omaha.
46
39,622
10,954
1,746
9,671
5,585
5,005
302
44
40
Pittsburgh Shawmut A North..
339
390
432
173
255
Pittsburgh A West Virginia
926
1,251
1,206
1,324
1,776
Rutland
528
725
686
685
992
5,675
3,898
6,120
4,934
5,710
170,120
163,509
154,098
178,445
451
488
509
820
28,636
36,009
5,427
34,431
15,301
6,818
1,452
16,826
4,580
16,809
1,118
8,217
985
5,748
1,717
7,554
9,665
4,217
342
169
342
458
4,319
,7.647
509
550
448
201
205
18,454
27,939
25,995
2,892
3,003
717
758
505
549
87
2,765
2,915
4,305
Ft. Dodge Dcs Moines A South.
Great Northern...
Green Bay A Western
684
J
1,254
2,150
6,258
11,178
58
2.378
7,028
13,054
2,261
291
346
337
393
2,165
2,373
1,347
1,720
135,722
134,023
44,733
55,407
21,467
26,366
3,589
21,509
3,113
3,161
6,148
2,292
7,761
2,533
365
598
326
42
135
16,978
1,661
13,907
2,491
Minn. St. Paul A S. S. M
3,304
2,082
...
2,080
280
Ishpemlng
2,856
2,025
7,566
13,615
102,095
Lake Superior A
Minneapolis A St. Louis.
3,739
138,048
Duluth South Shore A Atlantic.
Elgin Joliet A Eastern..
2,685
22,742
19,556
18,242
1,878
12,839
8,582
10,471
1,000
9,916
2,985
1,851
*
9,011
4,305
7,923
2,746
.
Northwestern District—
Chicago A North Western
2,102
16,156
456
185
465
_
Winston-Salem Southbound
1,401
8,693
2,774
45,086
11,349
1,876
5,488'
7,538
6,206
491
353
9,481
23,588
2,292
10,742
3,218
4,385
,
401
8,219
21,495
Seaboard Air Line
3,719
12,279
6,803
2,016
1,042
8,594
2.188
1,873
9,833
3,174
5,138
2,399
47,416
11,436
1,458
5,315
7,2.97
6,873
9.429
Monongahela
1937
1938
District—(Concl.)
Mobile A Ohio....
Nashville
from Connections
1936
1937
1,265
...
Delaware <fc Hudson.
Pittsburgh
570
1,692
•8,773
1,937
6.843
x
Chicago Indianapolis A Louts..
N. Y.
564
879
;
Bangor A Aroostook
Freight Loaded
•;
Eastern District—
Boston & Maine
Total Loads Received
Total Revenue
Railroads
1
Wabash
...
Wheeling <fc Lake Erie
Total..
Alleghany District—
Baltimore A Ohio....
Bessemer & Lake Erie
3,699
Buffalo Creek & Gauley
•
947
18,449
2,596
406
Central RR. of New Jersey
Cornwall
403
340
6
7
1,104
6,847
Cambria A Indiana
1,525
1,370
7,639
11
20
11,042
11,604
7,646
Central Western District'—
Atch. Top. & Santa Fe System.
Bingham A Garfield
Chicago Burlington A Qulncy..
Chicago & Illinois Midland
Chicago Rock Island A Pacific.
Chicago & Eastern Illinois
Colorado & Southern
!_
540
807
41
98
Denver A Rio Grande Western.
3,514
285
298
40
36
Denver A Salt Lake
125
179
187
33
35
1,087
1,229
677
821
2,766
1,028
1,272
1,849
1,423
72,917
15,505
1,580
73,880
1,282
37,555
5,976
14,927
17,260
14,964
15,169
2,938
2,742
1,360
47,937
18,069
6,077
Fort Worth & Denver City
Illinois Terminal.
;
...
;
Penn-Readlng Seashore Lines..
61,395
Pennsylvania System
Co....
(Pittsburgh)
26
49
37
0
3,302
3,834
3,526
5,114
6,843
128,395
161,834
164,467
93,570
116,820
West Virginia Northern..
Maryland
3.379
"
591
8,176
2,514
1,313
3,058
3,405
1,182
4,800
4,529
1,189
1,354
2,153
4,290
1,215
28
45
1,100
2,015
1,114
1,275
1,365
1,873
322;
380
469
705
1,531
1,999
1,078
*l",719
127
119
713
1,136
390
486
-16
158
426
0
42
24,695
27,170
25,043
409
334
271
6,110
1,769
14,969
17,536
17,237
4,929
1,258
9,727
Missouri-Illinois
Nevada Northern...
North Western Pacific
Peoria A Pekin Union
Southern Pacific
(Pacific)
Toledo Peoria A Western
Union Pacific System
Total.
'
1,905
14,624
3,507
1,024
798
13,255
Valley
Long Island
Western
Total.
603
*
Union
Spokane Portland A Seattle...
254
Cumberland A Pennsylvania...
Reading
Spokane International
Alton
Akron Canton & Youngstown..
Ligonier
Northern Pacific
11,598
427
657
573
12
15
1,903
2,030
2,228
2,667
3,401
113,575
132,061
120,305
54,623
68,085;
4,
Utah..!.......
._
Western Pacifio.
Pocahontas District—
24,168
22,747
4,334
25,512
26,205
5,214
27,008
10,651
24,344
5,004
13,168
4,942
Virginian"
4,005
980
809
Total.,
51,249
56,931
55,357
16,635
18,919
Chesapeake <fc Ohio
Norfolk A Western...........
Total.
Southwestern
District—,
158
Burlington-Rock Island
.
478
361
209
205
Alabama Tennessee A Northern
215
264
287
195
162
Atl. & W. P.—W. RR. of Ala..
823
831
869
1,581
1,545
Atlanta Birmingham A Coast..
608
669
709
816
866
8,477
10,015
4,332
9,494
4,633
4,416
4,171
2,635
4,767
2,936
424
454
438
1.083
Atlantic Coast
Line
Central of Georgia
Charleston A Western Carolina
Clinchfleld
1,343
Columbus A
Gulf Mobile A
Louisiana Arkansas A Texas..
181
396
292
421
Litchfield A Madison
289
284
333
803
Midland Valley
872
912
876
349
Quanah Acme A Pacific
108
97
90
94
111
St. Louis-San Francisco
9,343
3,495
7,589
5,004
10,915
4,144
10,390
4,706
4,667
3,695
2,220
2,517
8,554
6,402
7,846
5,524
2,810
3,411
Wichita Falls A Southern....
270
271
237
43
Wetherford M. W. A N. W...
20
12
33
30
37
58.260
69,025
65,425
34,692
40,901
658
•
62
51
99
114
997
999
1,604
1,561
522
437
507
2,005
1,071
27,239
25,160
10,288
1,243
13,387
5,384
5,558
162
191
391
236
231
331
♦ Previous figures,
revised.
Declined
Prices
x
Index of Wholesale
0.3% During Week
wholesale
in
market
prices
of
farm
modity prices to fall 0.3% during the first week of October,
Commissioner Lubin announced on Oct. 13.
The index of
wholesale commodity prices, 77.8, is
were
registered
by the
and housefurnishing
products,
vanced
last
9.5% lower than
a year
and 0.1% below a month ago," Mr. Lubin said; he added.
building
fuel
goods
products
and
lighting
groups.
materials,
and
and
foods
groups,
materials,
minor
decreases
Total
decline
in
.
prices
8,965
3,334
10,425
216
chemicals and drugs,;
^
miscellaneous
commodities
groups
ad¬
j-.;'
of agricultural
57
materials group to
the
index for the
are
slightly higher than
were
pig
ago
indext
below
and
the
group
12.9% lower than
semi-manufac¬
during the week because of weakening prices for
vegetable oils.
The current index,
month ago arid 10.1% lower than a year ago.
leather,
sole
a
and
a year ago
0.4% to the low point of
8.0% lower than it was a
respectively.
0.3% according to
0.1%
commodities other than farm products," and are
Compared with a year ago
corresponding week of last month.
is down 7.7%.
commodities
modities ether
a
Raw materials prices
prices of non-agricultural commodities fell
for "all
Industrial
of
tin,
The group indefx, 81.6, is 0.4% and
Wholesale
this
drop 0.3%.
month ago and
large group of finished products declined
The
month
a
ago.
is 0.7% higher than
75.0,
were
decrease, 0.1%, was recorded in the index for the
sugar,
the year.
the
year
they
commodities group
tured
raw
a
raw
than
month ago.
farm
prices,
as
measured by the index for "all com¬
products and foods,"
declined 0.1% to the level
They are 4.5% lower than they were at this time last year.
■
commodities,
together with
lower
prices for goatskins, raw jute, scrap steel; sand, gravel, and sulphur caused
3,576
4,005
?
due to hurricane and flood conditions.
The hides and leather products, textile
fractionally and metals and metal products remained unchanged at
week's level.
The
farm
2,945
Texas A Pacific
they
products and foods caused the United States Department of
Labor, Bureau of Labor Statistics' index of wholesale com¬
the
362
5,291
19,110
Texas A New Orleans
A minor
to
315
7,043
19,342
284
...
St. Louis South western......
Estimated figures
8
addition
193
5,009
16,680
Missouri A Arkansas
476
United States Department of Labor
In
...
377
Note—'Previous year's figures
ago
299
655
517
38
.225
declines
521
903
Missouri Pacific.:
'455
Mississippi Central
Continued
i,203
,
Missouri-Kansas-Texas Lines.
170
Ended Oct.
1.819
1,105
426
2,253
28,300
24,876
Macon Dublin A Savannah....
Commodity
980
1,092
362
23,061
Louisville & Nashville
200
2,194
1,615
2,108
314
:..
266
2,321
Louisiana A Arkansas
451
2,054
24,840
Northern........
Illinois Central System
1,319
2,425
256
1,946
1,893
Kansas Oklahoma A Gulf
Kansas City Southern.
331
965
,
2,147
1,659
2,755
547
.
494
465
Florida East Coast..
Gainsville Midland
248
1,395
1,693
1,012
1,701
188
Georgia.
1
Georgia A Florida
227
2,130
2,754
..
171
521
191
239
2,888
2,846
Western
1,252
1,564
556
Greenville
Durham A Southern
296
2,422
International-Great Northern.
Southern District—
294
Gulf Coast Lines
Fort Smith A
The
Department
Cnmniiccinnfir
T.llhin
of Labor in its announcement, quoted
AS
nhnVP.
JllSD
stated!
Financial
2310
for
for
lower
prices of foods declined 0.5
wholesale
remained unchanged.
The items showing changes include women's underwear and shoes,
shirts
and neckwear, men's
clothing and shoes, infants' shoes, floor coverings,
musical instruments and luggage.
Shoes, as a whole, recorded the greatest
largely as a result of
retail
firmer
A
The fruit and
and most vegetable oils.
poultry, glucose, lard, raw sugar,
index
this
supervision
prices will
unless wholesale quotations will advance much
compiled.
is
materially higher,
further, which does not seem likely.
gasoline, caused the index to drop 0.4%. Coal prices
and coke remained firm.
Lower prices for sulphur and oils caused the index for the chemicals and
drugs group to decline 0.3%.
Higher prices were, reported for alcohol,
copperas, and
copper sulphate.
Mixed fertilizer dnd fertilizer material
products, principally
to rise 0.3%.
and leather-products group
yarns,
sharp
from
in
increases
prices
silk, silk yarns, and burlap.
clothing, hosiery and underwear,
raw
of
Average whole¬
for
96.3
89.2
89.0
89.0
89.0
65.1
89.2
84.9
84.8
84.5
84.5
70.7
91.5
89.4
88.9
89.0
71.8
95.2
89.3
.89.0
89.4
96.8
96.6
91.3
Prices
June.
and
tile,
57.4
65.3
64.1
64.0
69.2
86.9
85.5
85.5
.85.3
104.8
104.1
105.0
115.5
68.6
Cotton wash goods.....
.
96.5
91.1
64.0
64.0
85.3
.
104.1
'
0.3%. The in¬
muslin, print cloth,
Domestics:
Sheets
65.0
107.2
72.9
111.3
93.5
105.5
93.5
93.5
105.0
94.2
Blankets & comfortables
No changes were reported
and woolen and worsted
105.0
105.0
r
Women's apparel:
Hosiery———.
59.2
76.8
74.0
74.0
74.0
74.0
Aprons and house dresses
Corsets and brassieres..
75 5
108.2
105.0
104.4
104.4
104.4
83.6
93.3
92.5
92.5
92.5
66.8
118.6
92.0
90.4
93.0
93.0
Underwear. A AAA.--
69.2
86.8
85.6
86.6
85.4
85.6
Shoes........
76.5
87.6
87.4
87.2
87.2
86.7
87.8
87.8
87.8
Furs
_
.
.A
^
.
.
...
Men's apparel:
92.5
U nderwear...
69.6
93.4
91.5
91.1
91.1
91.1
Shirts and neckwear....
74.3
88.0
86.0
86.0
86.0
85.7
69.7
84.5
82.0
81.7
82.1
82.1
Clothing, inch overalls..
70.1
96.9
91.4
90.7
10.7
90.2
Shoes........
76.3
96.6
96.4
96.2
96.2
95.0
100.7
100.6
100.6
100.4
100.4
94.2
Hosiery......
metal products group, lower prices for scrap steel
and
■
counterbalanced by higher prices for antimony and the group
of agricultural implements and plumbing and heating fixtures were un¬
changed from last week.
Wholesale prices for crude rubber rose 9.4% during the week and paper
and pulp averaged 0.1% higher.
Cattle feed declined 6.0% and automobile
64.9
.....
—
.
Infants* wear;
Socks.
—..
74.0
-1..
95.0
94.0
94.0
94.0
80.9
95.5
96.0
95.8
95.4
69.4
102.0
95.5
94.8
95.0
124.2
113.1
112.0
111.0
110.0
....
79.9
67.3
57 3
57.3
57.4
.
Furniture
Floor coverings...
„
95.0
.—
74.3
Underwear
Shoes
61.4
94.9
Musical instruments
60.1
80.5
75.7
75.5
75.5
75.3
72.5
83.0
83.0
83.0
82.9
82.9 -
China.......
index numbers for the main groups of com¬
past five weeks and for Oct. 9, 1937, Oct. 10, 1936, Oct.
following table shows
50.6
Luggage..
Elec. household appliances
change.
tires and tubes did not
89.4
88.3
„
,
In the metals and
81.5
97.0 "■
94.5
94.5
94.2
94.0
'
'
1934.
1935, and Oct. 13,
,12,
91.5
Woolens..
for yellow pine lath, Douglas fir
shingles, sand, "and gravel.
The brick
level.
modities for the
91.9
Silks
pig tin were
The
98.1
—i
Piece goods:
Average wholesale
structural steel subgroups remained unchanged at
and
cement,
week's
last
97.1
70.2
88.7
89.4
-
Hats and caps..
lumber, cypress
Ponderosa pine
and
76.4
96.9
Infants' wear.
lower
were
•„
Home furnishings
Advancing prices for lumber, including yellow pine timbers, spruce, and
red cedar shingles, together with higher prices for turpentine and lime,
caused the building materials group index to rise 0.2% to the highest point
since
1938
69.4
•
reached
1938
Women \s apparel
prices for shoes and sole leather were slightly lower.
The index for the textile products group also advanced
prices
Sept. 1,
1938
Men's apparel
furnishings were steady.
Pronounced advances in prices of hides and calfskins caused the index
in
Aug. 1,
1938
Composite index.
of wooden furniture resulted in a decline
housefurnishing goods group.
0.1% in the index for the
goods.
1,
July 1,
1937
—
">
sale prices of
resulted
Oct.
Oct. 1,
1933
Piece goods
fractional decrease in prices
cotton
5
3, 1931=100)
May 1,
prices were steady.
crease
'
'
FAIRQHILD PUBLICATIONS RETAIL PRICE INDEX—(JAN.
Copyright 1938, Falrchild News Service
advanced fractionally
for the hides
the current period of
W. Zelomek, economist, under whose
There is no indication, however, that
average
and is 15.2% lower than for the corresponding period of last year.
In the fuel and lighting materials group a decrease of 0.7% in petroleum
ago
of
the index
indicated after
is
trend
price
stability, according to A.
subgroup advanced 1.4% and dairy products did not change.
Quotations were higher for canned and dried fruits, mutton, cheese, and
coffee.'
The current food group index, 73.7, is at the same level as a month
vegetable
A
in
decline.
hominy grits, macaroni,
flour,
included
commodities
the
of
Most
0.9% for cereal products. Prices were
corn meal, fresh pork, dressed
1.2% for meats and
of
decreases
still
advance.
shows the greatest
and 18.5% lower than it was a year ago.
Average
1936 low, infants' wear
compared with the
As
too.
high,
year's
cotton, eggs, apples, lemons,. oranges, and alfalfa 6eed.
week's farm products index, 67.4, is 0.4% lower than it was a month
This
ago
wear
last
smallest.
the
sheep,
cows,
with home furnishings recording the greatest decline and infants'
Home furnishings showed the greatest decline below
ago,
Higher prices were reported
and potatoes.
flaxseed, dried beans,
poultry,
compared with a year
however, reacted as
the groups,
of
Each
decline.
for livestock and poultry were
6.6% for grains and 2.1%
of
Decreases
primarily responsible for a decline of 1.0% in the farm products group
index.
Quotations were lower for barley, corn, oats, rye, wheat, hogs, live
1938
IS,
Oct.
Chronicle
(1926=100)
24
1
8
Commodity Groups
1938
17
1938
1938
Sept.
1938
Sept.
1937
Oct.
12
13
1936
System
All commodities.
—
Foods
.
......
■_
.
.
76.4
.
77.8
78.0
78.4
78.3
77.9
86.0
81.2
80.7
67.4
68.1
68.9
68.8
67.7
82.7
84.1
80.1
71.0
73.7
__——
Farm products....
74.1
75.0
74.8
73.7
86.9
82.6
85.7
74.8
Hides and leather products..
92.8
92.5
92.3
92.4
92.8
108.1
96.1
93.8
84.4
Textile products....
65.6
65.4
65.3
65.3
65.3
73.3
70.9
72.1
70.1
materials..
76.9
77.2
77.5
77.6
77.1
79.5
77.3
74.1
75.4
Metals and metal products..
95.7
95.7
95.6
95.5
95.4
95.6
86.4
85.8
85.6
Building materials..........
89.7
89.5
89.4
89.6
89.5
95.9
87.1
86.1
85.2
Fuel and lighting
....
76.7
76.9
77.1
77.1
77.1
81.2
81.7
80.7
77.1
Housefurnishing goods......
87.1
87.2
87.8
87.8
87.8
92.7
83.2
81.8
82.8
Miscellaneous.
72.4
72.3
72.3
72.1
72.2
76.6
71.0
67.5
69.7
Chemicals and drugs
...
In
an
'
71.7
72.2
72.1
71.4
82.1
81.8
75.1
74.7
74.3
74.5
83.4
76.3
*
81.6
81.9
82.2
82.3
81.9
88.7
81.9
*
#
Finished' products
commodities
All
—
A—.
farm products....
commodities
All
farm
*
other
80.1
80.3
80.5
80.5
80.2
81.5
81.6
81.6
81.6
81.5
80.6
86.8
85.3
,»
than
products and foods..
Board of Governors
announcement issued Oct. 8 the
System states that "department store
sales increased by more than the usual seasonal amount,
from August to September, and,the Board's adjusted index
was 86% of the 1923-1925 average in September as compared
with 83 in each of the two preceding months."
The indexes
are shown below for the last three months and for September,
1937:
.
DEPARTMENT STORE SALES
OF
INDEX
1923-1925 Average=100
-
.
i
than
other
Federal Reserve
•
*
Semi-manufactured articles..
75.0
Raw materials.....
September, Ac¬
of the Federal Reserve
*
71.5
*
More-Than-
by
to
cording to Board of Governors of
1934
1935
Increased
Seasonal Amount from August
Oct.
10
9
10
1938
Oct.
Oct.
Sales
Store
Department
Sept.
Oct.
Oct.
80.8
78.2
78.1
1937
1938 Sept.,
1938 July,
Sept., ,1938 Aug.,
77.5
■
79.9
Adjusted for seasonal variation
Without seasonal adjustment
86
r83
94
91
...
83
65
58
100
Not computed.
September were 9% less and in the first
of the year 10 % less than in the corresponding
periods of 1937, according to the Board, which presented the
following compilation: '
Total sales in
three quarters
September Chain Store Sales Show Sharp Recovery
Chain stores
throughout the country and in all classes of
business reported heavy
gains in sales in September, accord¬
the, current
year
relation to the
The
109.0
"Chain
of the
in
point
of
dollar
sales
as
well
as
BY
REPORT
ing to the current review by "Chain Store Age."
Total volume last month reached a new monthly high for
FEDERAL RESERVE DISTRICTS
P. C. Change from a
in
Store
average
Age"
index
of
sales, was
months of the
figures for other groups were:
Drug chains,
August, and 136 in September last year;
127 against 119 in August, and 136, revised,
Boston
..
Philadelphia
Cleveland
tions
continued unchanged for the second consecu¬
tive month, according to the Fairchild Publications retail
price index. This marks the first time in several years that
prices remained unchanged for two consecutive months.
(Quotations, however, show a decline of 7.6% from levels of
the corresponding month a year ago and of 7.9% from the
year's high.
Prices are on^v 1.2% above the 1936 low. An
announcement issued Oct. 13 by Fairchild Publications, New
York, also had the following to say:
Three of the major groups in the index remained unchanged, while the
other three receded fractionally, with men's apparel showing the greatest
40
13
53
25
24
16
—14
73
30
—7
34
17
21
Atlanta.
-——4:
—4
—3
Chicago A
St. Louis.
•—
-
-- --
.
—
-
—-
—8
'
4
'
15
* t
—4
40
—10
—7
25
—6
—2
19
—9
91
29
—10
539
253
—9
Total
September figures preliminary; in most
business days this year'and
,
8
—15
—3
—
San Francisco
*
: ~ -T-'
—9
-
Minneapolis
17
cities the month had the same number of
last year.
Declined Slightly During
According to National Fer¬
Wholesale Commodity Prices
Week
Ijtidex
Retail prices
—16
Richmond
from
99.4
♦
30
31
•
Dallas
Retail Prices Continued Unchanged for Second Con¬
secutive Month, According to Fairchild Publica¬
32
57
•
—8
—14
—14
—
the shoe group,
against 99.7, revised, in August.
52
—7
11
—6
Kansas City
September last year; apparel group, 116, unchanged
and the grocery group, preliminary index,
Included
—12
New York
134 against 127 in
August;
of
Cities
Reporting
Federal Reserve districts:
—
in
Number
of
Stores
Months
September *
September
for the corresponding
period.
The index
Number
:
Nine
This compares with a revised index of 106.0'
in August and a previous high of 108.2 this year, set in July.
The index in September, 1937, was 117.0.
The index of variety chain sales was 115 in September,
a new high this year,
against 109.4 in August.
base
Year Ago
•
1929-31 base period.
Oct.
Ended
8,
tilizer Association
The wholesale commodity price
tilizer Association
ended Oct. 8 as the result of
of commodities.
73.6%,
by
the
middle
Oct.
small declines in
Last week the index
(based
a
on
week
wide range
the 1926-28
registered 73.2% as against 73.3% (re¬
in the preceding week.
A month ago it stood at
and a year ago at 84.3%. The lowest point reached
index during the current year was 72.9% in the
of August. " The Association's announcement, dated
average
vised)
index of the National Fer¬
recorded a slight drop during the
of 100%)
10, continued:
Volume 147
The
in
index
of
the group
higher
grain
farm
index
the
of
all
non-ferrous
averages,
during the week, which
Lower
drugs
prices,
in
the
metals
levels
resulting in
Corn last week
as
sold
at the
reflected
in
included
offset
than
more
drop
by
the
the index
in
of
lowest price since"1934.
mixed
were
farm
except
items
recorded
were
small
a
during the week, with
products and
preceding four weeks.
was
10
another
foods
Continued
rise
the
in
remaining
strength in
metal
price
The only other group index to rise was that
representing textile
Fuels, fertilizer materials, miscellaneous commodities, and chemicals
prices.
all
were
the
Thirty
change
drug to a
price
series
which
new
included
^
in
the
index
declined
advanced; in the preceding week there
advances; in. the second preceding' week there
"
"
during
the week
13
declines
and
39
23
declines
and
28
were
were
advances.
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association.
Per Cent
Latest
Each Group
(1926-1928=100)
Week
Group
Week
Bears to the
Oct. 8,
Total'Index
1938
Foods
Oct.
Sept.
Ago
Oct. 9,
10,
1938
1937
domestic
uses
declined 1%.
During the eight months ending Aug. 31, some 107,075,700,000 cubic feet of natural gas were used in
generating
electric power in public
utility steam plants throughout the
country.
Construction Contracts Awarded in
September
Residential
building made further marked advances in
September, according to F. W. Dodge Corporation.
Con¬
tracts awarded last month for
dwelling accommodations of
all kinds in the 37 States east of the
Rocky Mountains
amounted to $99,574,000,
compared with $65,590,000 in
September, 1937, and with $99,732,000 in August of this
year.
The increase over September, 1937, was
52%, and
the daily average of
September contracts was somewhat
higher than the August daily average, whereas there is us¬
ually a seasonal decline in September.
Two outstanding large
projects swelled the September residential total,
One was the Red Hook housing project, first to
'73.1
84.2
both in New York City.
58.6
■
58.3
69.7
be started under the
74.2
74.5
73.9
70.7
Farm products
64.9
65.1
65.5
78.8
Cotton...
47.5
45.8
45.8
44.4
Grains
49.9
Livestock
23.0
16.5%, while
revenues from
72.4
57.5
Cottoaseed oil
Ago
1,
1938
72.2
Fats and oils.
Year
Month
Preced'g
2311
Revenues of the natural gas
industry for the first eight
months aggregated
$282,598,400, a loss of 5.9% from a year
ago.
Revenues from industrial uses decreased
during the week.
A decline in sulphur
has occurred in several years, took the
low.
19
25.3
Chronicle
somewhat lower
first
chemical and
and
fractionally, with
products.
commodities
level
same
average.
and
downward
dairy
livestock
declined
changes in industrial commodities
the
at
for
product prices.
Price
the
prices
moving
prices
and
Financial
food
at
$7,243,000.
Federal public
new
The other
housing
program, contracted for
the first unit of the vast investment
hous¬
was
52.0
49.1
73.3
73.5
75.1
87.8
17.3
Fuels
77.2
77.3 r
78.2
86.6
ing project of the Metropolitan Life Insurance
Company, valued at $11,685,000.
While these two projects were of
exceptional character in the
September record, both are forerunners of similar public and
private hous¬
10.8
MHcllaneous commodities..
77.3
77.4
76.8
77.3
83.7
ing projects to
8.2
Textiles
58.9
58.4
58.4
68.6
the
7.1
Metals
89.8
89:4
89.0
102.9
81.3
81.3
80 3
86.5
93.4
94.2
94.2
95.6
■
6.1
Building materials.
Chemicals and drugs
1.3
v,;:-,..
3
.^v'1
70.4
70.8
69.5
78.1 '
78.1
78.0
97.3
97.3
97.6
96.4
73.3/
73.6'
84.3
Farm
machinery
All groups combined
increase
the 37
States territory,
showed
area
residential
third quarter of last year.
Output for Week Ended Oct. 8,
Below
Year
a
1938,
5.5%
Ago
The Edison Electric Institute, in its current
weekly re¬
electricity by the electric
industry of the United States for the week
ended Oct. 8, 1938, was 2,154,449,000 kwb.
This is a
decrease of 5.5% from the output for the
corresponding
week of 1937, when production totaled
2,280,065,000 kwh.
The output for the week ended Oct.
1, 1938, was estimated
to be .2,139,142,000 kwh., a decrease of
6.0% from the like
power
no
Week Ended
Oct. 8,
Week Ended
Oct.
1938
1,
Week Ended
1938
•
gages
selected
established last
for
appraisal
7.2
Middle Atlantic
F.
H.
1.1
With these indications of continued small-house
4:5
Southern States.
3.3
3.1
1.8
xl.6
9.6
CONTRACTS
3.8
5.8
Month of
16.8
22.7
18.6
x0.5
xl.3
I
Total United States.
5.5
6.0'
1,963
21,781,000
15,599,000
148,0C0
16,926
Total construction...........
:
2.9
OF
THE
Valuation
37,528,000
10,115
17,028,000
14,591,000:
735,000
3,363
—
;■
-
4.9
New. Floor
Space (Sq. Ft.)
11,600
Non-resldentlal building
Public works and utilities
0.1
EAST
September—
1938—Residential building
19.6
x0.4
STATES
MOUNTAINS
No. of
1.1
Rocky Mountain
Pacific Coast
rate,
week.
building, increased financ¬
AWARDED—37
Projects
3.0
-
a
ceedingly good.
8.1
4.3
the
Mortgages accepted for
a huge public housing program
barely started, the prospect for residential building during the remainder
of 1938 and, at the very least, through the first half of
1939, appears ex¬
Week Ended
18.4
.
September at
week.
ing of large-scale private rental projects, and
ROCKY
x3.6
0.5
10.5
through
a
A. continued at the rate of $15,000,000
Sept. 24, 1938 Sept. 17, 1938
17.2
10.4
Central Industrial
West Central
continued
March, of $22,000,000
insurance by the
:
New England
behind the
seasonal
PERCENTAGE DECREASE FROM PREVIOUS YEAR
Regions
only 7%
was
let-up in the flow of mortgage-insurance ap¬
plications to the Fedreal Housing Administration.
The volume of mort¬
CONSTRUCTION
year ago.
Major Geographic
Metropolitan New
figure for the first 9 months of 1937.
There has been
port, hsfimated that production of
light and
the
over
At the end of September, the cumulative dol¬
lar volume of residential contracts for this
year
Electric
a
increases
1
Revised.
week
besides
nine
contract
the corresponding
The month's record included 10,090 new
single-family
houses, compared with 8,373 contracted for during September, 1937.
Recovery progress in residential building is shown in the 1938 record
by
quarters.
The dollar volume of contracts in the first quarter ran
33%
behind the first quarter of
1937; the second quarter of this year ran 15%
behind; but the third quarter ran 30% larger in residential volume than the
80.4
73.2
York
up
period of last year.
73.8
Fertilizers
.3
.3
100.0
r
....
Fertilizer materials
making
Together, they accounted for nearly $19,000,000 of
over
September, 1937.
Of the
15
districts
come.
$34,000,000
1937—Residential building
Non-residential building..
...
3,309
...
Public works &nd utilities...
1,523
,
$99,574,000
91,997,000'
109,329,000
•
$300,900,000
$65:690,000
76,212,000
65,270,000
xIncrease.
DATA
FOR
RECENT
WEEKS
14,947
32,354,000
$207,072,000
94,785
467,266,000
27,812
13,760
115,502,000
1,966,000
$686,322,000
685,596,000
776,194,000
AA.
136,357
284,734,000
$2,148,112,000
1937—Residential building.............
Non-resldentlal building
96,362
$736,390,000
10,731
193,189,000
159,923,000
4,650.000
137.292
357.762,000
$2,303,128,000
Total, construction...........
(THOUSANDS
OF
KILOWATT-HOURS)
First Nine Months—
Percent
Change
Week Ended
1938
1937
1938
1936
1932
'
1929
1938—Residential building—
Non-residential building....
Public works and utilities._—..
■
from
■-
A-':;
■
1937
July
2
July
9.
July
,
mm
23
July
2,238,268
1,8.81,298 v2,096,266
2.084,457 2,298,005
2,084,763 2,258,776
2,093,907 2,256,335
m
16
July
2,014,702
..
..
30
Aug.
mm
_
6
Sept.
2,115,847
2,133,641
2,138,517
2,134,057
2,148,954
mm
Aug. 13
mm
Aug. 20... AA
Aug. 27.
"
3
mm
mm
Sept. 10
Sept. 17
Sept. 24.-
mm
2,214,775
mm
2,154,218
Oct.,
mm
1
Oct.'
Oct
2,048,360
mm
8
.
2,154,449
mm
15
2,139,142
2,029,639
—10.3
—7.2
1,956,230
2.029,704
2,099,712
2,088,284
2,261,725
2,300,547
—6.4
2,079,137
—7.3
2,079,149
2,304,032
2,294,713
2,320.982
2,154,276
2,280,792
2,265,748
2,275,724
—7.2
—6.0
2,280,065
—5.5
—9.3
—7.7
—7.0
2,093,928
2,125,502
—7.4
2,135,598
—4.9
2,098,924
2,028,563
2,170,807
2,157,278
2,169,442
2,168,487
—2.9
—4.9
2.276,123
--
Total constructions A A .
—10.0
1,456,961
1,341,730
1,415,704
1,433,993
1,723,428
1,592,075
1,711,625
1,727,225
1.440,386
Public works and utilities
1,723,031
1,724,728
1,426,986
1,415,122
1,431,910
1,729,667
1,733,110
1,750,056
1,761,594
1,674,588
1,806,259
1,792,131
1,777,854
1,819,276
1,806,403
1,436,440
1,464,700
1,423,977
1,476.442
1,490,863
1,499,459
1,506,219
1,507,503
Total construction
NEW
CONTEMPLATED
30,199
—
—
WORK
900,380,000
666,358,000
REPORTED—37 STATES EAST OF THE
ROCKY
MOUNTAINS
1938
•
1937
No. of
Projects
No. of
•
Valuation
Projects
Valuation
$96,561,000
Month of'September—
Residential building
15,331
4,809
247,818,000
3,471
Public works and utilities....
Gas Customers Gain in First
Eight Months
$165,615,000
Non-residential building
2,843
467,629,000
1,390
27,617
$881,062,000
20,192
$346,186,000
Total construction
Customers served by manufactured and natural
gas utili¬
ties
over
totaled
16,901,800
the number
on
Aug. 31,
an
increase
of
250,000
reported
on the same date a year ago, it
Oct. 10 by Paul Ityan, Chief Statistician
of the American Gas Association.
was
announced
corresponding
Residential building
186,236
$1,689,055,000
156,005
Non-resldentlal building
40,363
2,039,192,000
2,756,759,000
34,369
19,613
12,454
$1,141,089,000
1,320,785,000
1,142,335,000
246,212
$6,485,006,000
202,828
$3,704,209,000
Total construction.
Seven Per Cent Decrease Noted in Bank Debits
period
from
from
revenues
domestic
customers
industrial
and
gained
1.2%,
commercial
while
uses
de¬
clined 10.1%.
Manufactured gas industry revenues totaled'
$283,270,600
the first eight months, an increase of
1.5% from a
for
Revenues from domestic uses such as cooking,
heating, refrigeration, &c., were nearly 2% more than
for the corresponding period of 1937.
Revenues from indus¬
ago.
water
and
a
-
to individual accounts, as reported by banks in
leading cities for the week ended Oct. 5, aggregated $8,842,000,000, or 31% above the total reported for the preceding
week and 7% below the total for the corresponding week
Debits
Revenues
under
104,782,000
144,843,000-
Public works and utilities
on
of 1937.
trial
—
19,965
First Nine Months—
Revenues of manufactured and natural
gas utilities aggre¬
gated $524,104,600 for the first eight months of 1938.
This
was
a
decrease of 2.6%
over
the
year
.....
commercial
year
uses
ago.
of
manufactured
gas
were
4%
of last
vear.
-
;
Aggregate debits for the 141 cities for which
total has been maintained since January, 1919,
to
a
separate
amounted
$8,131,000,000, compared with $6,160,000,000 the preceding
$8,704,000,000 the week ended Oct. 6 of last year.
These figures are as reported on Oct. 10 by the Board of
week and
Governors of the Federal Reserve
System:
14657——JCBAToltiescvthrlnagon-d.
Financial
2312
19—MDainl esapolis.
No.
Week Ended—
of
1938
1937
4,072,408,000
426,476,000
340.965.f00
4,222,354,000
472,962,000
575.469,000
430,639,000
673,900,000
for
330,328.000
261,111,000
251,093,000
210,036,000
345,932,000
260,468.000
to
1,190,998.000
243,232,000
162,211,000
1,011,490,000
214,414,000
139,046,000
273,917,000
192,996,000
'260,117.000
1,300,896,000
276,516,000
186,771,000
300,019,000
175,715,000
216.591,000
622,985.000
555,760,COO
714,537',0Q0
$8.841.810.000
$6,747,483,000
$9,503.185.000
24
—
26
41
16
17
28
18
29
271
Total....
y
Lloyd's Shipbuilding Statistics for Third Quarter of
1938—Decline of More Than 100,000 Gross Tons in
World Construction of Merchant Vessels Reported
decline of more than
100,000 gross tons in the volume
is
of
vessels being built throughout the world
statement issued Oct. 12 by Lloyd's Register
merchant
shown in a
30
Shipping, covering returns for the quarter ended Sept.
Included in the report are all merchant ships of 100
constructed in all mari¬
time countries except Russia, for which no authentic re¬
turns have been available for some time past, said the state¬
each and upward being
by Lloyd's, which
ment issued
continued, in part:
in
the volume of work
of countries:
groups
Great Britain
Sept. 30, '38
- --
—
_
Other countries....
—.
'.
.
1,037,073
166,870
1,622,959
2.712.277
2,826,902
Great Britain and Ireland
now have 33% as compared with 37% in the previous quarter; the United
States, 9% as, against 6%, and the other countries combined, 58% as
World total-...
57%.
against
of
Of
now
under
' merchant shipping now
the
all
Of
an
—
construction
total
the
Of
way
being built throughout
the world,
1,366,535 tons is being constructed under the supervision
Lloyd's Register, and is intended for classification with that society.
this amount, 775,159 tons are building in- Gre^t Britain and Ireland,
aggregate of
and
591,376
in
construction
entire
is being built to Lloyd's
world output,
all merchant ship
than 50% of the
classification.
reported for the quarter just ended, both in the amount
work and the aggregate of tonnage launched.' For all countries
Decreases
of
in other countries.
Thus 88% of
Great Britain and Ireland, and more
tone
new
are
work was 64,000 gross tons, while launchings showed a drop of only 39,000 tons.
.
.
The comparisons for
the last two quarters in new work and launchings are shown by Lloyd's in
combined, the shrinkage in new
the
Sept. 30
1938 ,
Ireland.. 86,033
541,121
Other countries
June 30
Sept. 30
June 30
1938
1938
Launchings—
1938
New Wort—
Gt. Britain &
'
of gross tonnage:
following tables
Ireland-.308,572
286,733
countries...-.--483,491
544,275
154 380
Other
&
Ct. Britain
537,325
691,705
•
.
_
Sept. 30
Germany..
Holland..
Italy
Japan
Sweden
June.
Motor
18,750
291,842 Denmark
84.578 Spain (information in¬
complete).......... 20,220
155,150
17,000
116,220 France.
19,200
82,650 Other countries
60,625
World total
...826,660
43,975
....
55,000
of
tons
gross
decline
60,000
Slightly
more
vessels ;
the
contrast
in
than
all
under
construction
926,510
showed a
proportion ?s in the June quarter.
Lloyd's'
the production of these types of shipping duting the
same
shows the
June and
increases of about
1,018,757
25,000 tons.
table how motbrship
during the last two quarters:
in the following gross tonnage
in
these
.
countries
.,
396,953
290,332
..250,909
166,870
382,791
=.
United States..-
Italy.......-
885.481 1037,073
Japan....-.-....--.-319,862
June 30
280.816
Sweden
153,485
136,785
116,950
111,690
——
78,425
114,675
107,075
—
—
.
Denmark
France...
88,705
each of 20*000 gross tons or over, four are being built
in Great Britain and Ireland, and one each in the United States, France,
Italy and Germany—a total of eight, the same as in the June quarter.
large ships,
Of
Wage^Earnersf in
Changes in Cost of * Living of
United States from August to September,
No
National Industrial Conference
Board
Reports
>
in tlie United States aver¬
September as in August, according to the
regular monthly survey by the Statistical Division of the
National Industrial Conference Board.
Increases in the
cost of food and coal were offset by declines in the other
major groups of expenditures.
Living costs in September
were 3.9% lower than in September, 1937, and 15.0% lower
than in September, 1929, but 19.8% higher than at the low
point of 1933.
In an announcement issued Oct. 11 the
Living costs of wage earners
aged the same in
Conference Board also
stated:
0.4%, from August to
prices increased slightly,
Food
the
in
1933.
spring of
"
„
the same
averaged
Rents
in
as
September rents were 2.3%
August.
and 6.2% tower than in
lower than a year ago,
September, which
September, 1937, and 27.1%
however, 31.6% higher than
'' ''
"
brought them to a level 8.2% below that of
lower than in September, 1929.
They were,
September, 1929, but 38.1%
higher than in January, 1934, the low point.
Clothing, prices declined only slightly, 0."l%,
from the August level.
lower than in September, 1937, 25.7% lower than in
September, 1929, but 20.8% higher than at the low point of 1933.
Coal prices increased seasonally, 1.1%, ih the month interval.
They were
Q.1% higher than in September, 1937, but 7.7% lower than in Septem¬
They
6.6%
were
co6t
of sundries
lower
in
than
1933.
of
'
v
August to September.
in September was 0.3% lower than a year ago, and
September, 1929, but 7.3% higher than the low
/
sundries
of
cost
The
declined
0.1%
from
•
■
,
the dollar in
higher than in September,
.'The purchasing value of
4.0%
August,
The
2.3%
point
"
.
September was the same as in
1937, and 17.7% higher than
September, 1929.
Indexes of the
Relative
% of Inc. (+)
or Dec. (—)
Cost of
Living, 1923=100
Importance
from August,
1938, to
in
Item
Family
80.4
80.1
86.6
86.6
0.0
73.3,
73.4
—0.1
79.1
0.0
67.5
67.6
—0.1
85.0
84.4
+ 0.7
84.3
........
1938
79.1
Housing..
August,
1938
33
Food *
September,
Budget
83.4
20
«'■
12
Clothing
Men's
5
Fuel and light
Sundries..
■
Weighted avge., all Items.
'38
+ 0.4
+ 1.1
86.5
0.0
96.8
96.9
—o.i
100
85.9
85.9
0.0
116.4
0.0
•
,
116.4
Indexes of the United States
Sept. 13, 1938, and Aug. 16, 1938.
on
September,
86.5
Purchasing value of dollar. _
Based
p
30
Gas and electricity
*
;
-
Women's..........
food price
1,808.145
2,826,902
At the end of June 790,000 gross tons more of motor vessels than of
all other types together were being constructed.
At the end of September
the excess of motor ships was very slightly greater—793,000 tons.
At
the beginning of this year the excess was only 485,000 tons.
In Great Britain and Ireland 127,000 gross tons more of motor vessels
than of all other types combined are now being built as against an excess
of only 66,000 tons in the previous quarter.
At the beginning of this
year, however, Great Britain and Ireland had 100,000 tons less of motor
6hips under way than of the other types.
At present motor vessels
represent 57% of the total output as against 53% for the June quarter....
Taking the countries other than Great Britain and Ireland, increased
motorship production was reported during the September quarter by the
United
States, Japan, Italy, Sweden and Denmark; the greatest gain
being made by the United States, one of 27,000 gross tons, while Japan
showed
Sept. 30
246,892
Holland....
Britain and Ire¬
Great
Germany
Employment and
Increased
2,712,277
World total
varied
1938
,
'
Bureau of Labor-Statistics
June 30, '38
959,374
Other types
table how production
the last two quarters:
June 30
1938
Sept. 30
for
table:
1,752,903
Motor vessels
Italy each
.
.
.
Lloyd's Register shows in the following tonnage
in the different maritime countries during
has varied
16,700
Sept. 30, '38
shows
previous,quarter.
the
'Coal.
kinds
September quarters in the following gross tonnage
and
reported-in the total
was
17,000
decrease of
during the September quarter 'as compared with a
tons for all. other types of merchant ships combined.
64% of all tonnage now building is composed of motor
of
667,280 S.H.P. to
indicated horse power of 6team
reciprocating engines being constructed for all countries; the aggregate
of 372,885 I.H.P. at the end of June dropping to 310,480.
.
.
.
Only one change occurred in the relative production ranking of the
leading shipbuilding countries during the quarter just ended, the United
States, which stood fifth in the June quarter, exchanging positions with
fourth-place Holland.
Great Britain and Ireland continue, to lead all
countries in tonnage output, but their margin of leadership over their
nearest competitor, which was 718,000 gross tons in the March quarter,
and 640,000 tons in the June quarter, is now only 502,000 tons.
Germany,
in
second place, leads third-place Japan
by 62,000 tons as against a
leadership of 106,000 tons in June.
Japan now leads fourth-place United
States by 68,000 tons as against a third-place lead of only 10,000 tons in
decrease
A
37,550
M
20,220
...
vessels
reported, the total shaft
countries going from
.
1938
Eighty-three p'er cent, of all the tanker tonnage now building will be
motorized, Lloyd's Register reports.
There are'now 684,311 gross tons
of motor tankers under way as compared with 783,757 tons at the end
of Jast
for all
building
.
June 30
1938
1938
Ireland..228,913
I
118,099
113,728
95,500
77,750
68,000
49.500
Gt. Britain &
United States
.
.
.
was
turbines,
power
671,160.
the September quarter.
.
another slight gain
in
steam
For
horse
in
.
Sept. 30
June30
i938
•
use;
1,951,603
792,063
World total...
.
.
.
table:
....627,154
total
marine
ber, 1929.
831,008
During the quarter just ended a decrease of 100,000 gross tons was
reported in the volume of steam and motor tankers under construction,
each of
1,000 gross tons, or more; Russia not being included in the
figures.
How tanker production has compared during the last
two quarters is shown by Lloyd's Register in the -following gross tonnage
World
horse
indicated
June 30, '38
885,481
250,000
1,575,887
and Iieiand
United States.-.
France.........-42,185 |46,385
166,812 141,172
reported during the quarter just ended in the aggregate
power of oil
engines being built throughout the world
the total of 1,941,361 I.H.P. for the June quarter rising
land
under way in the United
States, or 84,000 gross tons, during the quarter ending September, was
more
than offset by
decreases of 151,000 tons for Great Britain and
Ireland, and of about 50,000 tons for the other maritime countries, taken
as
a group.
The lose for Great Britain and Ireland represents about 15%.
Aggregate production for the world is now slightly more .than 2,700,000
gross tons. 'In the following table of gross tonnage, Lloyd's Register shows
the comparison in production during the last two quarters between these
50%
of
increase
An
112,875
107,075
18,245
.111,690
45,470
Denmark
United States--....--.
small gain was
A
last.
gross tons
115,150
Sweden
— —
$532,239,000
2,836,467,060
18
City......—
126.385
....
$321,741,000
15
12—San Francisco
A
- - - -
25
8—St. Louis
of
.249,656
241,897
Holland... .......
$489,679,000
17
2—New York
551,983
284,300
275,916
land ...............506,203
Oct. 6,
1938
Sept. 28.
Japan.......
Oct. 5.
I net.
June 30
1938
1938
..151,885
Italy....
Ire¬
Britain and
Germany..
Centers
8—Philadelphia
10—Kansas
1938
Great
District
Federal Reserve
DISTRICTS
FEDERAL RESERVE
Sept. 30
June 30
1938
Sept. 30
SUMMARY BY
IS. 1938
Oct.
Chronicle
...
Lloyd's
construction has
More Than
Preliminary
Usual Seasonal Amounts
tabulations showed that
the upward move¬
employment and payrolls in New York State fac¬
which began in July continued in September, accord¬
in
ment
tories
ing
Payrolls in New YorkrState Factories
Mid-August to Mid-September by
from
to a
statement issued Oct.
10 by Industrial Commis¬
Employment advanced 4.0% and
payrolls rose 6.4% from the middle of August to the middle
of September.
Both of these net increases were larger than
the usual changes from August to September as shown by
the average movements within this period over the last 24
sioner Frieda
S. Miller,
The usual increases averaged 2.7% for employment
3.7% for wage payments.
However, employment and
years.
and
payrolls were still from 13% to 14% lowter
ber of last year.
The statement, issued in
continued:
than in Septem¬
Albany, Oct. 10,
Volume
147
Almost all
this
period.
only
two
and
groups contributed
Stone,
clay and
report
to
net
millinery
some
Financial
industry
glass,
losses.
factories.
and
water,
Seasonal
Most
metal
the
to
net
light and
power
continued
machinery industries
the
were
in
1925-27
100,
as
reports
for
79.6
were
for
and
tabulations
in
factories,
based
were
employing
the
on
383,075
the
E.
for
years,
Patton.
on
2,087
total
a
and
weekly
payroll
of
$10,378,726.
More
workers
industrial
metal
machinery
and
showed
group
employed and
were
districts
factor
of
the
greater
State
in
payments
wage
September
than
in
Considerable
net
automobile and
in
One
note
that
was
of
groups
all
employment
occurred
except Rochester,
gains
occurred
parts industries.
in
In
in
where
the
this
the
New
Syracuse
iron
and
steel,
and
York
industries showed substantial net gains.
Likewise, the metal and machinery
industry in Buffalo continued to expand with particularly large advances
iron and steel plants, and
foundry and machine shops.
Varied changes
in
Rochester's
men's
gains; large seasonal
factories.
Manufacturers
clothing establishments,
gains
of
occurred
reporting
shoe
in
cotton
and
silk,
in Utica reported net advances.
the
payrolls and hours
the
weeks
of
ended
37,692
892,831
Oct.
779,171
769,219
820,775
1,
1938,
41,604
reported by
Softwood
as
corresponding weeks of 1937.
was
records
factories
of
was
resulting
canning and
misceianeous
in
slight
preserving
textile
received
those
of
during
5% below those
weeks of
the
five
corresponding
1936.
of
similar
Oct.
3,759,772
year
1,
Hardwood
M
1938,
feet,
average,
1937,
orders
with
showed
as
the equivalent
of
1935-36-37),
as
Sept.
3,
1938,
Softwood
a
loss
of
'
V
'
stocks
gross
ended
1937.
days'
442
in
1938
below the
same
compared with
as
\
reported by
108
32%
,
6%
were
orders
,
softwood
mills
production
average
compared with 3,880,095
M
feet
were
(threeOct.
2,
of 112 days' average production.
1938, unfilled orders as reported by 437 softwood mills were
M feet, the equivalent of 15
days' average production, compared
the
on
equivalent
On Oct.
506,093
of
period of 1937 and 22%
corresponding week of 1937.
On
weeks
weeks
1,
612,136
M
feet
Oct.
on
1937,
2,
the equivalent of 18
days'
average
production.
products
More workers
were employed in almost all
Binghamton-Endicott-Johnson City, and
in
greater in all such
were
some
Orders
below
were
.
in
occurred
four
11% below that
1938
1937
740,935
28,284
,
greater
districts
City women's clothing and
millinery and men's clothing and furnishings had seasonal expansions.
In
the metal and
machinery group n Albany-Schenectady-Troy, railroad equip¬
ment and repair, electrical
machinery and apparatus, and iron and steel
net
32,043
842,613
1938
855.139
,
to
slight net drop in forces.
a
paid
were
August.
50.605
810,570
9% below that of the same weeks of 1937 and 9%
comparable mills during the same period of 1936.
44% below production of the 1937 period.
Shipments during the five weeks ended Oct.
1, 1938, were 6% below
those of
corresponding weeks of 1937, softwoods showing loss of 5% and
hardwoods loss of 15%.
v. ;
;
?
below
significant
950,507
during the
was
production in
Hardwood output
September Employment and Payrolls Higher in All Industrial Districts
all
Production
these mills
Orders Received
1937
28,411
In¬
representative
1938
890.922 1001,112
Total lumber
Ihis September's pre¬
from
Statistics
Shipments
1937
862,511
Hardwoods
These
payrolls.
of
reports
workers
74.5
Division
B.
on
of the three
average
employment and
analyzed
formation under the direction of Dr.
liminary
1938
advanced,
So ft woo ds
September, based
collected
are
Production
(In 1,000 Feet)
clothing
quite substantially.
Index numbers
2313
gains in employment
activities
and
Chronicle
Automobile
Financing in AugusC
concerns.
The
August to September, 1938
City
Employment
Syracuse
Payrolls
+ 9.3
+ 12.0
...
New York City.
+ 5.7
Utica._
Binghamton-Endicott-Johnson City
+ 2.6
+ 2.0
Rochester
+ 2.3
+ 2.4
+0.7
....
+ 7.9
+3.2
+ 2.9
Buffalo
+ 8.8
+ 3.9
Albany-Schenectady-Troy
+ 6.7
dollar volume of retail
financing for
for the 456 organizations amounted to
August, 1938
$86,552,488, an in¬
crease of
4.7% when compared with July 1938; a decrease
of 46.8% as
compared with August 1937; and a decrease of
41.1% as compared with August, 1936.
The volume of
wholesale financing for August, 1938 amounted to
$41,845,317, a decrease of 31.7% when compared with
July, 1938;
a decrease of
74.1% compared with August, 1937, and a
decrease of 67.8% as compared with
August, 1936.
The volume of retail automobile receivables
Weekly
Report;
Movement,
Week
Ended
Oct. 1, 1938
The lumber industry during the week ended Oct.
1, 1938,
stood at 65% of the 1929
weekly average of production and
65% of average 1929 shipments. Production was about
65%
corresponding week of 1929; shipments, about 68% of
that
week's
shipments; new orders, about 68% of that
week's orders, according to reports to the National
Lumber
of the
Manufacturers Association
from
regional
associations
cov¬
ering the operations of important softwood and hardwood
mills.
Reported production and shipments in the week
ended Oct. 1, 1938, were
considerably less than in the pre¬
ceding week, when production reached a new peak in the
to date.
outstanding
August, 1938, as reported by the 224 organiza¬
tions, amounted to $806,713,720.
These 224 organizations
accounted for 93.8% of the total volume of retail
financing
($86,552,488) reported for that month by the 456 organi¬
zations.
-%>■:.
Figures of automobile financing for the month of July
were published in the
Sept. 24,1938, issue of the "Chronicle,"
page 1843.
at the end of
Lumber
of
,
i;; The following tabulations show the volume
July and August, and the first eight months of 1938, 1937,
1936, and the amount of automobile receivables out¬
standing at the close of each month, January, 1937, to
August, 1938, inclusive.
These figures are as reported to the
and
Bureau
of
(revised figure)
output
the preceding week;
of
shipments were 7% below that week's
were 2%
above the orders of the
The Association further reported,:
week
softwoods
ended
and
Oct.
Mills,
feet;
orders,
1938,
514
mills
combined;
feet.
217,609,000
209,957,000 feet;
Retail Financing
Year
shipped
figures for the preceding week
238,617,000 feet; shipments, 225,773,000
production,
Pine,
West
Volume
Month
Pine,
Northern
Hemlock
Hardwood
Reports
totaled
from
98
hardwood
3% below production.
9,100,000 feet,
or
mills
week's
feet, and
198,677,000
feet
and
it
ago
feet
and
201,057,000
feet
in
Number
in
of
Thou¬
of
Thou¬
sand
Cars
sand
Cars
sand
July
8
61,279
218,947
41,845
>
Total
Mill
business
Production
Reports
.
7,419,000
as
b229,692
82,633
.
•64,500
40.880
154,447
86,552
66,039
42,101
163,653
ended Aug.
604,387 1,792,561
685,386
542,761 342,515 1,249,800 342,871
'
♦
July
-
-
172,145
161,539
421,035
393,424
174,155
162,783
181,139 106,865
166.372
99,000
Total
8
1,374,979 3,150,792 1,286,677 1,328,601 778,1C1 1,822,191 .508,576
July..
AUgUSt
Total
----
8"
a
166,018
129,865
436.223
176,201
200,903 116,065
235.320
60,137
367,024
147,002
160,083
206,941
52,985
,94,017
mos.
1,251,664 3,044,189 1,219,481 1,376,243 792,880 1,667,946 426,601
Of these organ zations,
number, 28.7%
37 have discontinued automobile finaucing.
b Of this
70.7% were used cars, and,,0.6% unclassified.
were new cars,
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING END OF MONTH
AS REPORTED BY 224 IDENTICAL ORGANIZATIONS
1938
1937
t
January
February
1938
*
1,084.815,488 1,027,526.044
1,012,305,492 1,019,141.962
967.096.723 1,056,017.095
August
September..
932,526,760 1,106,521,475
November..
June
'
October..
904,164,673 1,164,568,870
867.737,238 1.217.156.358
was
was
December.
I
838,518,497 1,248,800,302
806,713,720 1,266,953,395
May
mills
1937
$
July
April
softwood
67,291
63,782
1936—
March
—,
239,896
227,052
mos.
ended Aug.
222,269,000 feet; shipments were,
respectively,
207,580,000 feet, and orders received,
identical
41,753
44,451
1937—
were
7,623,000 feet.
Dollars
mos.
feet,
week
same
was
Dollars
,
208,244,000
417
-
1,253,926,346
1,212,121,145
'1,172,679,716
1.120,226,647
.
195,981,000
feet.
In
the
reported production last week and
feet;
new
reported for the
as
19% above production.
production of
a year
give
Shipments
Identical
Last
Number
Thou¬
Dollars
1938—
ended Aug.
the week ended Oct. 1, 1938, by 434 soft¬
198,228,000' feet, or 6% below the production of the
same
mills.
Shipments as reported for the same week were
200,857,000
feet, or 4% below production.
Production was 209,986,000 feet.
or
Volume
in
of
Cars
Lumber. orders reported for
wood' mills
Volume
Number
Dollars
*
„
Volume
Unclassified Cars
and
reported shipments, and all reported produc¬
tion below the 1937 week.
New Cars
Thousand
August
Northern
Hardwood.
Northern
Total
in
«
,
Coast;
Used and
ing
and
Revised
regions reported new orders above production in the
week ended Oct.
1, 1938.
Southern Pine, Northern Pine, Southern and
Northern Hardwood regions reported
shipments above output.
All regions
but Southern Pine and Northern Hemlock
reported orders below those of
corresponding week of 1937; all regions but Southern Pine, Northern
Pine and
Department of Commerce.
FINANCING
Financ¬
August.
produced
202,045,000 .feet.
Southern
Northern
553 ;
1,
hardwoods
booked orders of 205,647,000
were:
the
Wholesale
of
orders
new
previous week.
feet
of
8ummary for 456 Identical Organizations (a)
Total production reported for the week ended Oct. 1
by 7%
fewer mills was 9% below the
During the
Census
AUTOMOBILE
8% and 5% lower than during corresponding week of 1937..
shipments;
the
New
business was slightly above the preced¬
ing week, and in the best relationship to output since
early
August. Softwood orders were 3% below the
corresponding
week of last year; all lumber
orders, 5% below.
New busi¬
ness was 5%
below output in the week ended Oct. 1; ship¬
ments were 4% below production.
Reported production and
shipments (hardwoods and softwoods) were,
respectively,
year
of financing
in
a
case
of
year ago
shipments,
hardwoods,
89
identical
mills
6,666,000 feet and 10,753,000
feet, and orders, 6,110,000
Si
Industrial Production in September
Was
Equal to August, Thus Maintaining Slight Advance
Over Low Point of Early Summer, According to
Canadian
7,945,000 feet and 8,845,000
and 10,676,000 feet.
Canadian Bank of Commerce
Production
and
ended
Oct.
1,
1938,
as
on
Trade
average
identical mills for four weeks
Commerce, Toronto, said that "industrial production in the
month was about equal to that of August, and the
slight advance over the low point of the early summer was
reported
Manufacturers Association
An
Canada, issued Oct.
8, A. E. Arscott, General Manager of the Canadian Bank of
of Lumber
Weeks Ended Oct. 1, 1938
We give herewith data
of
Barometer
523
mills
on
reported
for the four weeks
In his monthly review of conditions in
Four
Shipments
During
by the National Lumber
l6:
Oct.
as
follows
ended Oct.
to
the
1, 1938:
National
Lumber
past
therefore maintained.
This should be considered
as
a
satis¬
factory record, having regard to the economic uncertainties
which
developed
in this country,
as
elsewhere,
from
the
Financial
2314
threatening political
continued:
disturbance in Europe."
Mr. Arscott
trade has shown an upward tendency since July, partly as a
result of an increasing volume of grain exports.
Overseas exports of
■wheat from Aug. 1 to Sept. 23 were 18,000,000 bushels, as compared with
less than 15,000,000 in the like period of 1937, while coarse grain ship¬
Foreign
during August
ments
were
double those of the corresponding
month of
Construction has also shown a rising trend, the new contracts
let in the past quarter exceeding by about 15% those of the April-June
term and being within 10% of those in the July-September period of
last
year.
which was one of the
1937,
most active for this industry
in the post-
depression era.
The depressed sections of the mining industry, coal and
asbestos, have recently shown signs of slight revival and as metal extraction
has risen in this difficult year
(gold, popper, lead and zinc production
increased in
the first seven
months of 1938 over the same period of 1937,
fractionally), mining as a whole continues
economy.' Trade reports from the
Prairie Provinces are variable, and certainly less promising than would
be the case if the crops in Saskatchewan had not been damaged by insects
and rust, but some encouraging advices have come to our notice.
Thus,
according to the official report on motor vehicle sales, new passenger car
sales in Saskatchewan during August were 30% above those in the corre¬
sponding month of last year, though decreases were recorded in Manitoba
and Alberta of 24% and 27%, respectively.
Sales of commercial vehicles
(trucks and buses) in the prairie area as a whole increased by 134% over
those of August,
1937.
Our representatives in Regina and Moose Jaw
advise that demand
for certain goods rose substantially in August, the
volume of retail business at the first-mentioned point being fully
10%
higher than1 a year previous, while clothing andv dry goods sales in
Moose Jaw were estimated as about 25% greater and those of groceries and
while that of
nickel declined but
strong
lend
to
footwear
as
support to the national
about
10% above last year.
,
the past quarter are reflected in the
employment issued by the Dominion Government.
This
comprehensive report shows that there was a better than seasonal gain
in employment during August, notably in manufacturing and construction,
this increase more than offsetting the losses in the preceding seven months.
The
latest
progressive developments of
report on
Petroleum
Affects
and
Its
Products—Humble
Price
Cut
Mid-Continent Prices of Crude—Mexican
Blamed for General Slash—Possibility
of Texas Resuming 7-Day Production Week Seen—
Daily Average Crude Oil Output Rises
Oil Imports
A
general slash in crude oil prices in Texas
and the Mid-
developed during the week after the first break
the Nation's crude oil price structure was made by a
Continent
in
sweeping reduction in prices posted by
Refining Co.
on
Monday.
the Humble Oil &
The weakness spread quickly
and the Mid-Continent area was
hit by the first reduction in
nearly two .years.
Behind the Texas price-cut,
which touched off the entire
price-slashing movement, were heavy imports of Mexican
and other oils which overloaded the market and brought
about a violent corrective move in the form of the general
Oct.
Chronicle
Quick to follow the
IS. 1938
Texas cuts was Standard Oil
Co. of
and
Indiana, largest purchaser of crude oil in Oklahoma
Kansas, which on Oct. 11 reduced its prices by 20 cents
a
immediately. Stanolind Crude Oil Purchas¬
ing Co. at the same time reduced its price for north Texas
crude 20 cents a barrel.
In all other fields in Texas, the
announcement disclosed, the company will maintain its own
gravity range but will meet the reduced prices initiated by
barrel, effective
Humble Oil &
Refining.
.
crude oil
major company since January,
1937, lowered the price of 36 gravity to $1.02 a barrel in
Kansas and Oklahoma.
Immediately after these cuts were
made all other major units operating in the affected areas
posted corresponding revisions in crude oil prices. Further
adjustment of crude oil prices in Illinois, Arkansas and some
Louisiana fields is now seen likely in order to bring them
once again to the normal parity with mideontinent crudes.
There also is some possibility that the break in mideontinent
crude oil prices will send California oil prices—already in a
The
Standard of Indiana cut, first revision in
prices in Oklahoma by a
position—lower.
President of the Independent Petroleum
Association of America, on Oct. 12 issued a statement in
which he joined Colonel Thompson, of the Texas Railroad
Commission, in laying the blame for the price cuts on im¬
ports of foreign crude. "The price cuts in many fields, in¬
vasion of our own markets, notably in Texas, by cheap
foreign oil, much of it from Mexico, the crude storage prob¬
lem and high 'gasoline inventories are combining to produce
a threatening situation, of deep concern to every producer,"
weakened statistical
Charles F. Roeser,
he declared.
An
investigation currently is under way by Secretary of
whether or not the Mexican oil mov¬
State Hull to check on
ing into the United States is in violation of the Anti-Dumping
Act of 1921. Investigators are working both from Washing¬
ton and from Houston, the port of entry of most of the oil.
North Texas Oil & Gas Associa¬
behind this investigation. .
The Federal Anti-Dumping Act specifies that the Govern¬
ment automatically apply a duty to all imports to compen¬
sate between the price paid by the importer of the product
and the value pf the product in the markets of the country
in which it is produced or manufactured.
The complaint
made by the officials of the oil men's group contends that
importing companies are paying 70 cents a barrel for the
oil, f.o.b. Mexico, whereas the same oil is offered for sale
in Mexico at $1 a barrel.
If the added duty of the AntiDumping Act is applied to these shipments, it was con¬
tended, domestic oil could compete with the imported 6il
A
complaint made by the
tion, of Wichita, is
on a more even
basis.
-
Press dispatch from
A United
Mexico City on Oct. 12
reported that "Governor E. W. Marland of Oklahoma,
asserting that the welfare and probably the safety of the
United States depends upon the maintenance of good rela¬
price slashes.
Some oil men contend that shipments of oil
tions with Mexico, tonight expressed confidence in a settle¬
from fields expropriated from their American and English
ment of this country's oil expropriation conflict with Ameri¬
owners are coming into this country from Mexico.
can
and British companies.
Governor Marland, it was
The Humble. Oil & Refining Co. on Oct. 10 announced that
further reported, said that "this is a situation which can be
effective the following day it/ would reduce prices on crude
worked out between the Mexican Government and the
oil from Texas fields of from 12 tp 18 cents a barrel.
A 12cent reduction was~set for crude in the Panhandle while crude
companies without interference from anybody."
•
on the Gulf coast (in west Texas) and southeast New Mexico
Daily average production of erude oil in the United States
was pared by 13 cents a barrel.
East Texas prices were cut
during the initial week of October was up 17,550 barrels to
15 cents while the Talco field was dropped by 18 cents a
3,249,350 barrels, according to the American Petroleum
barrel.
Institute.
The total compared with the daily average mar¬
\
--v
Reaction of E. O. Thompson, Chairman of the Texas
ket demand estimate of the United States Bureau of Mines
Railroad Commission, to the sweeping price cuts was ominof
3,366,800 barrels.
Texas, Louisiana and California
ious to those oil men who believe controlled production is the
showed higher production totals while Oklahoma and Kansas
only method of stabilizing prices.
For,, shortly after the
producers pared their output.
news of the price cuts was made public, Colonel Thompson
Texas production showed an increase of 5,850 barrels to
said "Texas is through with attempting to hold down its
reach a daily average of 1,242,150 barrels while Louisiana's
own oil production while foreign oil is being imported into
gain of 10,050 barrels lifted the total there to 27Q,650 barrels.
the State." '
California climbed 6,000 barrels to a daily average of 661,400
^
V,"
'.v.'
Mr. Thompson long has been steadfast in the belief that
barrels.
Oklahoma was off 3,650 barrels to 450,400 barrels
controlled production meant steady prices but his statement
with Kansas dropping 4,700 barrels to 154,700 barrels.
indicates that now in a period of declining prices, Texas
Crude oil stocks were up 574,000 barrels during the week
would gain far more than it would lose.
Should the nearby_ ended Oct. 1 to 280,852,000 barrels, the Bureau of Mines
meeting of the Texas Railroad Commission find sufficient
reported.
Crude oil price changes follow:
proof of the general belief that Mexican crude is harming the
price for Texas crude, it seems fairly certain that Texas will
Oct. 10—Humble Oil & Refining posted a price reduction of from 12 to
restore unlimited production.
A protest against lifting of
18 cents a barrel in Texas crude oil prices. Other companies met the reduc¬
the Saturday-Sunday shutdown was registered by the West
tions, which became effective the following day.
Oct. 11—Standard Oil of Indiana
Central Oil and Gas Association.
Should unlimited production—in the full meaning
of the
phrase—be decided upon the Texas Railroad Commission,
the
situation probably
would have world-wide effects..
Texas, if all the wells in the State were opened wide, could
bring about what might well be the bitterest price war that
the petroleum industry has ever witnessed.
East Texas
alone can produce sufficient oil in one day to care for the needs
of the entire Nation.
Full production of all of the wells in
the Lone Star State would bring about the greatest flood of
''black gold" in man's memory.
On the same day that the Humble reduction was posted,
Panhandle Refining posted a reduction of 25 cents a barrel
for north Texas crude, effective Oct. 12.
Under the new
price schedule, prices drop to 95 cents a barrel for 40 gravity
and above, with a 2-cent differential down to a bottom of
71 cents a barrel for below 29 gravity.
Atlantic Refining
Co. also posted a 15-cent a barrel reduction Tor GretaRefugio crude oil to $1.26 a barrel for 40 gravity and above.
in crude oil prices
the revised price
posted a reduction of 20 cents a
barrel
and announced it would meet
Other companies met the reductions
in Oklahoma and Kansas
schedule of Humble.
immediately.
Oct. 13—Ohio Oil posted cuts
West and Wyoming
of from 10 to 20^2 cents a barrel in
fields.
Prices of Typical
Crudes per Barrel at Wells
(All gravities where A.
Bradford, Pa
Lima (Ohio Oil
Co.).-
Corning, Pa
Illinois.-
Central
\
—
P. I. degrees are not shown)
$1.80 Eldorado, Ark., 40
1.25 Rusk, Texas, 40 and
1.17 Darst Creek
1.25 Central Field, Mich
$1.05
over
Western Kentucky
1.20
Sunburst. Mont
Mld-Cont't, Okla., 40 and above--
1.02
1.25
.75
Huntington, Calif., 30 and over
Rodessa, Ark., 40 and above
Smackover. Ark., 24 and over
REFINED
Kettleman Hills, 39 and over
Petrolia. Canada
1.02
1.09
1.42
1.22
1.22
1.42
2.15
GAS PRICE HIT BY CRUDE
MARKET
SLIPS—MOTOR
FUEL
PRODUCTS—TEXAS
SLASH—BUFFALO
STOCKS
GAS
GAIN
The effects of the heavy slash in
and the mideontinent were
crude oil prices in Texas
quickly felt in the gasoline mar-
Volume
Financial
147
kets in those
2315
Chronicle
SUPPLY
and, most oil
men expect, will exert a
gasoline markets—both primary
and retail—in other distributing centers within the imme¬
areas
depressing influence
diate
gallon oh all grades were announced for
Texas on Oct. 13 by three major companies—Humble Oil
& Refining, Texas Co. and the Atlantic Petroleum & Re¬
fining Co. The reductions were in the retail market, which
meant that the 2-cent-a-gallon cut in posted prices was passed
on
to the'consumer buying gasoline at the "pumps" im¬
Jan. to
to 8.6 cents
gallon, made on Oct. 10 by Standard Oil Co.
of New York. In New York, seasonal expansion in demand
for heating oils furnished the only news of consequence.
Some tightening of the
heavy fuel market also was in evi¬
Inventories of finished and unfinished gasoline rose 104,000
barrels during the first week of October, totaling 68,706,000
Oct.
Crude petroleum
fractional
decline
Benzol
lA cent to 8.6 cents
general reduction of 2 cents
gallon
a
on
New York-
Socony-Vacuum.
Gulf
.07)6
.08)4
.07)4
.
Tide Water Oil Co
Richfield Oil(CaU
.08 K
.
Shell Eastern.
New
-.05)4
,06)4-.07
.05)4
.04J4-.04)4
Orleans.
Tulsa
INorth Texas
iNew
...$.04
I Los .4ngeles.. .03)4-.05
i
BunkerC
$0.95
Diesel
Total
15,271
13,048
2,429
1,712
390
5,094
5,550
125,356
3,716
3,610
4,044
881,268
3,627
917,989
3,778
c4,711
163
5,819
15,273
40,881
119,902
111,444
119,537
865,995
877,108
3,868
3,595
3,856
3,564
3,609
7,003
7,250
7,423
10,352
54,430
78,060
42,231
49,597
3,667
7,197
26,259
1,924
342,687
34,798
186,494
344,031
33,444
71,281
217,353
13.750
15,908
491
.
demand
Daily average
Exports: b
Crude petroleum..
Refined products
10,763
10,054
50,459
4,292
7,737
23,775
2,002
47,474
3,752
7,863
20,548
68,477
Domestic demand:
Motor
3
fuel
Kerosene
.....
Gas oil and distillate fuels
Residual fuel oils
Lubricants
.......
1,844
70,720
724
81
75
84
721
473
445
476
3,485
3,620
3,201
2,799
2,783
15,936
15,336
5,976
40,929
Wax
Coke...
Asphalt
Road
1,581
1,469
1,590
5,575
5,753
5,730
5,653
41.751
158
177
180
1,207
1,538
2,624
1,964
2,352
16,381
16,260
102,136
94,140
101,762
733,505
766,400
3,295
3,037
3,283
3,019
3,154
285,640
288,664
310,923
285,640
310,923
17,575
17,646
8,022
7,614
7,041
17,575
8,022
268,022
270,046
241,563
268,022
7,041
241,563
579,259
583,970
559,527
579,259
559,527
150
162
145
163
155
oil
Still gas........
Miscellaneous
Losses
Total domestic demand
Dally
average...
petroleum:
Natural
....
gasoline
Refined products..
Total, all oils
Days'
supply
From Coal Economics Division,
merce.
.03J4-.04
d
d
d Not available.
Decrease,
c
b Imports of crude as
PRODUCTION
OF
STATES
AND
FIELDS
(Thousands of Barrels)
...$0.90
Phila.. Bunker C
BY
PETROLEUM
CRUDE
PRINCIPAL
| New Orleans C
$1.00-1.25
1,295
16,586
reported to Bureau of
Mines; all other imports and exports from Bureau of Foreign and Domestic Com¬
Orleans.$.05)4-.05)4
I Tulsa
California 24 plus D
1,957
14,969
111,907
average
Fuel Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
284
2,661
1,724
1,229
.......
Refinable in United States
Kerosene, 41-43 Water White, Tank Gar, F.O.B. Refinery
$.04)4
273
2,292
Demand—
a
(Bayonue)
3,618
115,191
use
supply, all oils
Increase in stocks, all oils
Warner-Quinlan.. .07)4
New York—
192
1,522
use
Heavy in California
$.05
Gulf ports
-07)4
...
1,972
879,287
Stocks—
Chicago
.S.07H
845,977
3,481
31,338
all three
Other Cities—
Texas
119,592
3,858
3,341
33,272
1,019
846,200
3,482
products:
new
Crude
J..J.07H
265
3,456
811.909
petroleum:
Dally
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
Stand. Oil N.
114
107,139
3,565
.
Receipts in bond
Receipts for domestic
Total
grades of gasoline in the entire Texas retail market.
New York-
4,237
110,524
_
average
Receipts in bond.
Receipts for domestic
Oct. 13—Humble Oil & Refining, Texas Co. and the Atlantic Petroleum
a
115,090
3,713
4,127
133
Refined
gallon.
a
3,319
a
Crude
10—Standard of New York lowered the posted dealer tankwagon
Refining Co. posted
102,898
Imports: b
in
price of gasoline at Buffalo by
1937
4,226
gasoline
Total production
refinery operations brought this
figure down to 80.3% of capacity, off 0.7 points from the
previous week. Daily average of runs of crude to stills were
off 30,000 barrels to 3,205,000 barrels.' Stocks of gas and
fuel oils set another record high at 152,000 barrels.
Representative price changes follow:
Oct.
Aug.,
1938
106,165
3,425
,
Daily average
Natural
8,
according to the American Petroleum
Refinery stocks were off 151,000 barrels
but this was more than offset by gains of 377,000 barrels
in bulk terminal holdings.
Stocks of unfinished gasoline
dipped 122,000 barrels.
on
Institute report.
Aug.,
1937
Domestic production:
a
dence.
Aug.,
1938
Supply—
Daily
Weakness in the up-State New York market saw a reduc¬
tion of }/2 cent a gallon in the posted dealer tankwagon price
barrels
New
Jan. to
July,
Aug.,
1938
a
mediately.
&
DEMAND OF ALL OILS
(Thousands of barrels)
upon
future.
Cuts of 2 cents
A
AND
0.95
I
1.75'
Jan. to Aug.
July, 1938
August, 1938
Gas OIL F.O.B. Refinery or Terminal
N. Y. (Bayonne)I
27 plus
l.$.04)4 I
Chitago-
|
28-30 D.t
$.053
I
Tulsa
$.02)4-.03
s
New
11851 Philadelphia
.ls»5| Boston
.17
....
Not Including 2% city sales tax
The current
States
Bureau of Mines stated that another material incrude-oil production was
crease m
the
monthly petroleum statement of the United
daily
average
was
recorded in August, when
3,424,700 barrels,
barrels above the level in July.
or
Nearly half of the gain in production in August occurred in Texas, but
most of the other States showed
gains.
where the Gulf district recorded
velopment in Illinois—141 oil wells
sulted
in
another
material
gain
A notable exception was Louisiana,
of its
one
were
in
rare
The active de¬
declines.
completed during the month—re¬
Nearly all
output.
California
was
a
nufnber of smaller fields, particularly Santa Maria and
"
Rosecrans.
The increase in
runs
to
The
withdrawal
■
stills, hence stocks
in
August
were
was
stocks to 285,640,000 barrels,
inventories
,
'
'
■
•
not drawn
about
on
barrels,
32.9
8,893
14,614
471.4
670.0
20,494
661.1
120,386
169,485
4.2
109
3.5
980
991
66.5
1,642
53.0
11,560
3,590
3.0
87
2.8
623
548
5,190
167.4
4,869
157.1
40,381
47,721
553
17.9
506
16.3
3,727
5,527
178.3
3,711
43,370
-
183.7
1,111
35.8
9,581
44.9
9,878
6,880
260.2
1,390
8,195
264.4
60,329
1.465
47.3
1,632
52.6
62,829
12,705
3,265
23,641
Total Louisiana
Michigan.
416
pared with 44.7% in July and only 43.2% in August, 1937.
New
,
York.
429
8.6
105.8
119.2
'3,258
105.1
7,460
240.6
7,403
238.8
62,839
79,999
14,616
1,400
471.5
449.7
119,693
156,799
total
of finished
and
47.1
11,976
12,577
345.1
10,270
331.3
75,708
6,734
217.2
6,522
210.4
47,713
75,960
50,393
14,062
453.6
13,530
436.4
2,194
70.8
2,166
69.9
1,004
32.3
893
28.8
8,934
288.2
104,422
15,956
7,680
67,202
Texas
I
Panhandle
Rodessa
...
Rest of State...
293.2
9,090
43,781 1,412.2
10.5
325
In spite of increased
unfinished
gasoline
on
August 31, 1938 was 70,962,000 barrels, which was 5,770,000 barrels less
than on hand a year ago.
The demand for residual fuel oil, while
below a year agp,
were
continuing to
run
considerably
increased considerably in August with the result that stock
greatly reduced.
According to the Bureau of Labor Statistics, the price index for petroleum
products in Augqst, 1938 was 56.7, compared with 56.8 in July and 62.0
in August,
1937.
The refinery
data
of this report
were
compiled from schedules of
fineries having an aggregate daily crude-oil
These refineries
operated at 8Q%
re¬
capacity of 4,070,000 barrels.
of capacity in August, compared with
79% in July and 87% in August, 1937.
44.7
'
112,942
18,643
9,542
71,893
339,373
9.8
15.6
4,61
1,269
14.9
3,795
42.9
40.9
8,669
1.814
Virginia
304
484
...
_
318,681
2,515
1,330
Total Texas
58.5
1,730
55.8
12,464
44
40
106,165 3,424.7 102,898 3,319.3
811.909
845,977
42,315 1,365,0
5
6
-
;
2,561
3,910
8,402
12,312
Total United States...".
Includes Missouri, Tennessee,
and Utah.
showing of
than on hand the previous month and only about 4,000,000 barrels more
additions
33,754
28,215
13,941
1,385
Although this in¬
crude runs and higher yields, a substantial liquidation of gasoline stocks
The
,
10,699
-
Texas—Gulf Coast
Daily
Average
Crude
Ended Oct. 8, 1938,
Exports of motor fuel increased sharply, the total of 4,1931.
2,408
43,046
266
3,280
....
Oklahoma
Pennsylvania
Most of the
August, 1937, it is probable that this gain
829,000 barrels being the highest since May,
2,215
28,639
9.7
111.7
3,695
Rest of State....
West
3,665
3,435
13.1
301
Semlhole
Total
404
13.9
9,490
4,103
25,514
3,461
Oklahoma—Oklahoma City...
1938, whereby July 1937 and August, 1938 fared best in number of good
August.
94.4
12,290
com¬
reflects solely respective weather conditions in July and August 1937 and
occurred in
13.2
2,974
Mexico
New
a
July and for August amounted to 50,459,000 barrels.
motoring days.
407
2j927
Ohio......
gasoline yields have been incracking.
The domestic demand for motor fuel reacted from the poor
over
13.4
96.0
Montana
Other a.
45.1%
41,159
5,694
34.7
47i2
Total Wyoming
was
153,522
1,462
8,065
Wyoming—Salt Creek
The yield of gasoline continued to rise and for August
100.016
Rest of State
brought
the lowest point since early in 1923, when
1,018
4,076
Coast-..--—
,
which
32.7
Rodessa
Refined Products
dicates an increase of 2%
14,762
10.684
483.8
Rest of State
recent gains in
19,190
14,010
92
Louisiana—Gulf
by gains in
increasing rapidly.
were
8,870
18,079
58.1
Kentucky
extensively as in July.
as
3,000,000
8,117
66.4
1,802
2,062
Kansas
West
only about half absorbed
was
32.3
2,059
56.9
128
East Texas
production
1,001
64.8
Indiana
of the principal
the well-known fields declined and the increase for the State
recorded in
31.8
1,014
14,996
Illinois
fields of Oklahoma and Texas registered gains in production in August but
in
987
Colorado
about 105,000
The Bureau further reported:
6,707
1,680
20,770
-
California
Total
Products, Aug., 1938
6,628
11,706
1,470
55.4
1,765
.....
Rest of State..-
Petroleum
9,959
54.2
49.5
-
....
Santa Fe Springs.
Petroleum and
79
47.4
6.8
2,008
California—Huntington Beach.
Hills
1937
1938
1,747
210
1,718
Long Beach
Crude
Total
5.9
1,534
....
Total Arkansas—
Kettleman
Average
184
Rest of State....
York^.>.....$.19fi|Newafk„..*..^....$159iBu fal6.-..^«....$.17
Brooklyn
»
Total
Arkansas—Rodessa
Gasoline, Service Station, Tax Included
*
Daily
Average
Daily
The
American
Oil Production During Week
Placed at 3,249,350 Barrels
Petroleum
Institute
estimates that
the
for the week ended
Oct. 8, 1938, was 3,249,350 barrels.
This was a gain of
17,550 barrels from the output of the previous week, and
the current week's figure was below the 3,366,800 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by he various
oil-producing States during October.
Daily average pro¬
duction for the four weeks ended Oct. 8, 1938, is estimated
at 3,242.850 barrels.
The daily average output for the week
ended Oct. 9,1937, totaled 3,579,050 barrels.
Further details,
as reported by the Institute, follow :
Imports of petroleum for domestic use and receipts in bond at principal
daily average gross crude oil production
United
a
dailv
States ports
average
for the week ended Oct.
8 totaled ,1,226,000 barrels,
daily average of 171,714
of 175,143 barrels, compared with a
Financial
2316
for
barrels
weeks
Oct.
Receipts of California oil at Atlantic and Gulf Coast
ended Oct.
8 totaled 227,00 barrels, a daily average
ports for the week
of 32,429 barrels
ended Oct. 1
compared with a daily average of 7,143 barrels for the week
18,107 barrels daily in the four weeks ended Oct. 8.
and
companies owning 85.5% of the 4,183,000
refining capacity of the United States
indicate that the industry as a whole ran to stills, on a Bureau of Mines
basis, 3,205,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 68,708,000 barrels of finished and
unfinished gasoline and 152,275,000 barrels of gas and fuel oil.
Total gasoline production by companies owning 84.6% of the total daily
refinery capacity of the country amounted to 9,835,000 barrels.
The complete report for the week tended Oct. 8, 1938, follows in detail:
Reports received from refining
estimated daily potential
barrel
-
week ended Oct. 1 is
State
Week
Change
Weeks
9,808,000 tons.
amounted to
Cumulative production of soft coal in 1938 to date stands
28.6% below that in 1937; cumulation of both hard and soft
coal, 27.2% below 1937.
The United States Bureau of Mines, in its
Allowable
Ended
from
Ended
Ended
Calcu-
Oct. 1
Oct. 8
Previous
Oct. 8
1938
Sept. 24.
Oct. 9
1937
Week
1938
lations
COMPARABLE
Cal Year to Date e
Week Ended
449,900
586,050
160,550
180,200
60,650
71,200
28,900
197,350
—7,600
65,100
70,850
28,600
190,850
65,450
90,150
+ 1,000
154,700
—
North Texas....—
West Central Texas.
West Texas........
East Central Texas.
+ 100
+ 150
+ 7,600
369,300
+4,700
202,200
—400
Coastal Texas
73,900
34,000
212,550
115,350
89,700
368,950
216,200
199,150
+300
222,400
East Texas
Southwest Texas
480,400
259,150
213,500
+ 7,850
76,800
+2,200
76,700
189,100
171,150
270,650 + 10,050
265,800
1938
Bituminous Coal a—
Daily average
Crude PetroUum b—-
Coastal Louisiana
260,470
7,840
.1,307
9,808 234,929 329,114 388.948
1,686
1,428
1,020
1,635
5.177
5,208
5,843 207.135 217,619 172,084
'
output.
wuremtuw
Historical comparison anu diououhu
purposes oi
lor
inciuues
1929
1937
1938 d
1937
1,318
7,910
—
_ _ .. —
Coal equivalent of weekly
a
c
Oct. 2,
...
Total, including mine fuel—-
semi-anthracite and anthracite outside of Pennsylvania,
the week converted to equivalent coal assuming
6,000,000 B. t. u. per barrel of oil and 13,100 B. t. u. per pound of coal,
c Subject
to revision,
d Total for 1938 Is subject to current revision,
e Sum of 39 full weeks
ending Oct. 1. 1938, and corresponding 39 weeks of 1937 and 1929.
v
lignite,
of
production
bairels produced during
247,950
81,550
189,100
248,400
1,454,300
+ 5,850 1,229,400
1,359,000 M687619 1,242,150
North Louisiana......
Sept. 24
1938
Oct. 1,
b Total
Total Louisiana....
Tons)
(In Thousands of Net
-3,650
-4,700
450,400
428,000
163,400
523,600
163,400
PETROLEUM
PRODUCTION OF CRUDE
ON
DATE
(Oct.)
Total Texas.
current weekly
report, stated that the production of Pennsylvania
anthracite for the week ended Oct. 1, estimated at 898,000
coal
Week
Interior
Kansas
week of 1937
Production in the corresponding
tons, or 0.9%.
82,000 tons, or 10% over output
In comparison with the correspond¬
ing week of 1937, however, there was a decrease of 22%.
ESTIMATED UNITED STATES PRODUCTION OF SOFT COAL WITH
Dept. of
Oklahoma....
this shows a gain of 70,000
pared with the preceding week,
in the week of
Four
of M.,
production of soft coal in the
estimated at 7,910,000 net tons.
Com¬
report, said that the total
tons, showed an increase of
•
Barrels)
(Figures in
B.
'
CRUDE OIL PRODUCTION
DAILY AVERAGE
Panhandle Texas
Commission, in its weekly
The National Bituminous Coal
8.
IS, 1938
Weekly Coal Production Statistics
157,964 barrels daily for the four
1 and
week ended Oct.
the
ended
Oct.
Chronicle
PRODUCTION
ESTIMATED
"
.
AND.
PENNSYLVANIA ANTHRACITE
OF
;...c
beehive coke
(In Net Tons)
........
55,350
53,900
190,150
53,600
69,700
Michigan
Wyoming.
49,950
40,600
57,000
180,500
8,250
133,200
56,050
Oct. 1,
—150
3,500
105,300
Oct. 2,
1938
1937
4,450
—2,250
Sept. 24
1938
18,150
13,250
3,450
103,800
109,200
Calendar Year to Dale
Week Ended
53,400
58,300
52,850
+3,550
—3,550
+ 550
103,550
1937
1938
1929
c
c
103,750
4,300
.............
New Mexico
+
14,000
13,800
Montana-u...
Colorado
—2,400
54,100
148,400
Arkansas..
Eastern.............
Penn. Anthracite—
Total east of Calif.: 2,747,800
California
Total United
c615,000
619,000
s_.
2,587,950 + 11,550 2,574,100 2,880,350
698,700
+ 6,000
668,750
661,400
3,249,350 +17,550 3,242,850 3,579,050
States. 3,366,800
are
-
Beehive Coke—
Bureau of Mines' calculations of the demand for domestic
demand to determine the amount of new crude oil to be produced.
through
effective
allowable
Oct. 23.
Oct.
Saturday
1.
and
"
Note—The figures Indicated above do not Include any
might have
estimate of any oil which
been surreptitiously produced.
CRUDE RUNS TO STILLS AND STOCKS OF FINI8HED AND
to
Capacuty
[The current weekly estimates are based on railroad carloadings and river ship¬
subject to revision on receipt of monthly tonnage reports from district
annual returns from the operators.]
ments and are
■
Week Ended
Aver¬
Total
P.
Oper¬
At Re¬
age
tial
Rate
P.
ated
fineries
C.
Gas
in
Daily
Reporting
and
C.
Fuel
Terms., Nap'lha
Oil
Distil.
&c.
Sept.
State
Sept. 24 Sept. 17\Sept. 25 Sept. 26 Sept. 21
1,032
16,298
280
913
516
9,432
2,505
412
4,645
1,270
90
252
1,999
7,485
268
1,786
14,174
1,225
518
401
3,317
232
167
66
796
96
814
2",022
1,143
96,547
615
615 100.0
530
86.2
Appalachian.
149
128
85.9
103
80.5
Ind"., 111., Ky
Okla., Kan.,
546
486
89:0
448
92.2
5,503
12,213
1,720
4,483
'419
342
81.6
255
74.6
3,137
Inland Texas
316
159
50.3
110
69.2
Texas Gulf..
943
838
88.9
761
90.8
.
5,386
.
895
.
'
La. Gulf
149
145
No. La .-Ark.
100
55
97.3
114
78.6
55.0
35
63.6
118
64
54.2
49
76.6
1\011
828
745
90.0
467
62.7
9,052
Rocky
Mtn.
California
Colorado
3
3
185
257
252
85
62
82
77
134
134
136
....
....
256
1
.,i'±
...
-
.
-
1
1
3,577
2,872
35,196
2,820
80.3
23,986
620
5,984 148,935
100
3,340
24,606
24,229
6,084 152,275
6,206 151,759
606
333
4,183
4,183
3,205
38,016
3,235
38,167
Est; unreptd.
.
85.5
.ft
-
Oct. 8 '38.
4,183
Oct. I '38.
4,183
406
347
♦
e
8
s
96
214
8
8
Illinois—
992
722
1,114
882
1,304
1,587
Indiana
330
253
379
317
373
550
71
51
81
73
99
149
168
117
147
I
Western.
...
134
727
888
789
976
713
184
—
Kentucky—Eastern
"112
783
Kansas and Missouri
132
144
167
161
303
248
26
34
44
40
17
27
28
....
.
33
15
Michigan
12
8
15
Montana.
57
49
62
58
79
25
25
35
25
49
56
56
859
s27
445
488
861
New Mexico
.
.................
.
-
68
34
31
402
378
530
1.589
1.686
2,343
2,355
2,858
3,585
103
104
116
112
105
119
18
19
20
17
19
69
68
73
88
113
103
306
North and South Dakota
51
306
311
249
261
245
...
Ohio
Pennsylvania bituminous
■
Tennesee
...j.a—-...
.'•_.
Utah
Virginia
West Virginia—Southern a
—
1,632
36
35
41
47
58
1,989
1,909
2,096
1,474
477
-
600
555
729
857
127
130
158
165
498
Northern, b
104
107
Wyoming......
*
*
*
Other Western States.c.
26
1,662
36
Washington
xEst.tot.TT.S.
Avge.
1923
134
141
Georgia and North Carolina.
Texas:....*....
Reported
1929
1936
r
195
Alabama..
Maryland
Mo
1937
2
Iowa...
East Coast..
1938 p
2
Arkansas and Oklahoma...
Unfin'd
Finished
Poten¬
"
1938 p
Stocks
COAL, BY STATES
of Net Tons)
and State sources or of final
Alaska
of
District
Adjusted to make comparable the number
(In Thousands
,
Unfinished Gasoline
Stills
c
UNFINISHED'
Stocks of Finished and
Crude Runs
Daily Refining
22.090
truck from authorized
'
.GASOLINE AND GAS AND FUEL OIL WEEK ENDED OCT! 8, 1938
(Figures in Thousands of Barrels of 42 Gallons Each)
5,169,100
11,246
ESTIMATED WEEKLY PRODUCTION OF
Saturday
allowable for week ended
Calculated net seven-clay
2,631,500
2,802
and coal shipped by
operations,
b Excludes colliery fuel;
of working days in the three years.
'■
Sunday shutdowns effective
morning, Oct. 8, approximately 1,252,104 barrels dally.
c Recommendation of Central Committee of California Oil Producers.
2.150
Includes washery and dredge coal,
a
655,700
56,600
9,433
12,900
2,383
Daily average
based upon certain premises outlined In its detailed
bBase
14,300
United States total
crude oil
forecast for the month of October,
As demand may be supplied either from stocks or from new production, contemplated
withdrawals from crude oil stocks must be deducted from the Bureau's'estlmate of
These
a
52,996,000
Incl.collieryfuela 898,000 816,000 1155,000 32,718,000 37,829,000
230,900
164,800
142,600
149.700 136,000 192,500
Dally average
*
1097000 31,125,000 35,938,000 49,180,000
Commercial product'n.b 853,000 775,000
Total,
*
1
s5
84
8,911
11,068
11,814
U.S. B. of M.
xOct. 1 *37
x
"
'»
'"
z3,388
Estimated Bureau of Mines'
basis,
z
35,646
7,228 117,125
23,192
Grand
a
September Anthracite Shipments Reach 2,887,972 Tons
Shipments of anthracite for the month of September; 1938,
as
reported to the Anthracite Institute, amounted to 2,-
887,972 net tons.
This is
an
increase,
as
compared with
8,656
total..
Includes
and on
the
866
894
1,009
1,564
714
8.238
10,487
9,920
12,632
12,528
816
Pennsylvania anthracite.d_
October, 1937, daily average.
9,593
7,372
7,840
Total bituminous coal
•
operations on the N. & W.; C. & O.; Virginian;
B.
& O.
1q Kanawha, Mason, and Clay
K, & M.; B. C. & G.
Counties,
b Rest of State,
Counties, c In¬
for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
p Preliminary,
r Revised,
s Alaska, Georgia, North Caro¬
lina and South Dakota included with "other Western States."
* Less than 1,000
Including the Panhandle District and Grant, Mineral and Tucker
cludes Arizona, California, Idaho, Nevada and Oregon,
d Data
tons.
shipments during the preceding month of August, of 551,474
net tons,
or
1937, shows
23.60%, and when compared with September,
a
decrease of 341,190 net tons,
Shipments by originating carriers
or
Natural
10.57%.
(in net tons)
are
The
as
in
follows:
Gasoline
Statistics
for
August, 1938
production of natural gasoline continued to increase
August,
1938, according to a report prepared by the
In¬
Bureau of Mines for Harold L. Ickes, Secretary of the
Sept.,
Reading Co
Lehigh Valley RR
Central RR. of New Jersey
Del., Lackawanna & Western RR.
Delaware & Hudson RR. Corp..
Pennsylvania RR
Erie RR.
N. Y., Ontario & Western Ry
Lehigh & New England RR
Total
1938 Aug.,
1938 Sept.,
1937 Aug.,
1937
terior.
The
daily
average
production in August
was
5,-
550,240
608,227
532,221
726,000 gallons, which was 135,000 gallons above the average
474,841
151,702
659,410
485,532
in
592,838
690,502
175,901
390,895
253,980
289,883
229,222
121,035
143,716
294,791
393,412
274,487
206,948
370,071
264,452
229,787
366,324
299,730
248,789
286,609
275,468
99,860
90,073
59,683
79,540
199,928
67,428
2,887,972
2,336,498
3,229,162
2,436,930
255,108
177,929
July, but 14,000 gallons less than the average of August,
The most notable increases in production in August
were in the Kettleman Hills, Seminole and Panhandle fields;
1937.
the largest decrease wras in East
Stocks continued to increase
Texas.
and
reached
336,924,000
gallons on Aug. 31, compared with 295,722,000 gallons on
hand Aug. 31, 1937.
Volume
Financial
147
production and stocks
of natural
Chinese
gasoline
2317
Chronicle
tin, 99%
nominally as follows: Oct. 6, 43.625c.; Oct. 7,
was
,
43.200c.; Oct. 8, 43.200c.;' Oct.JO, 43.500c.; Oct. 11, 43.250c.; Oct.
holiday.
'Vvyy
/ J. .J/J, ■'
■'.
"■<
(In Thousands of Gallons)
12
1
V.1';;/
Production
J
J'",-
StOCkS
July 31, 1938
Aug. 31. 1938
Jan.-
Jan.'
DAILY PRICES
At
At
Aug.,
July,
Aug.,
Aug.,
At
1938
1938
1938
1937
Refin¬
At
Plants
Ter¬
&
Ter¬
METALS
("E. & M. J."
Straits
Dom.,Refy. Exp., Refy.
Plants
6k
Refin¬
OF
Electrolytic Copper
QUOTATIONS)
Lead
Tin
New York
New York
Zinc
.
St.
Louis
St. Louis
East Coast
Oklahoma
3,806
43,296
47,895
1,014
983
8,035
7,764
37,848
Kansas
Rocky Mountain
California
4,200
464
43,997
2,478
6
I0.275al0.400
10.375
45.125
5.10
4.95
4.95
7
10.400
10.425
44.700
5.10
4.95
4.95
8
10.400
10.425
44.700
5.10
4.95
4.95
10.525
10.600
45.000
5.10
Oct. 11
10.525;
10.700
44.750
5.10
d
Holiday
Holiday
d
44.855
45,122
2,290
2,142
7~,602
110,698
8",946
4,316
84
7,474
242
210
1 4,521
242
2,879
5,334
3,130
2,298 134,358
2,169
Oct. 12—.—
i Average
_
Holiday
M
10.438
_
96,756
42
210
7,166
1,835
6,845
56,440
...
5.452
64,017
6,760
2,378
Arkansas
840
474
50,798
6,873
47,224
6,258
54,475 442,046 403,401 136,752
58,248
Louisiana
6,036
3,864
2,898
37,110 313,999 311,850
3,633
34,638 36,298
57,453 432,342 390,273
3,865
Texas.
924
Oct.
Oct. 10
3,192
5,292
4,094
Appalachian
111., Mich., Ky._
minals
eries
minals
Oct.
Oct.
eries
57,017
15,243
Total--.-.... 177,492 173,334 1397424 1316196 163,842 173,082 159,642 160,146
Daily aver.
5.591
5,751
5,726
5,416
Total (thousands
oi barrels)
3,813
4,226
4,127
3,801
33,272 31,338
3,901
4,121
136
133
129
Daily aver.
137
■
for
prices
calendar
week
Stocks
Firm
the basis of cash, New
reported
occasions, reaching 10%e., Valley.
Sales of lead and zinc
were in
greater volume and September statistics for zinc
showed a sharp decline in stocks.
The steel rate reached a
new high for the year; with operations estimated at 51.4%.
Antimony advanced
Tin was higher.
Quicksilver was
slightly" lower during the week.
announced
an
Foreign copper producers
production from 95% to 105% of
increase in
standard tonnages.
Substantial reductions in' domestic and
stocks are expected for September.
The
publication further reported:
Copper
(iim»*n>5saroEi,3E®BRb«
the trade,
goodlde-
Prospects of further improvement in the industrial joutlook, a
mand for near-by copper,
to raise prices
and higher prices abroad forced domestic producers
Business done on Oct, 6
He. on Oct. 6 and 10 respectively.
the basis of
10Xc., and 10%c., delivered Valley; therefore, a split
On Monday, Oct. 10, virtually all busi¬
quotation is shown for that day.
done at 10^c.
After that the quotation continued firm at 10 Xc.,
Sales during the week totaled 40,847 tons, against 7,299 tons in
Valley.
cupper
f.o.b.
York
St. Louis,
or
as
All prices are in cents per pound.
noted.
domestic copper prices
are quoted on a delivered basis; that Is,
As delivery charges vary with the destination, the
Delivered
are net prices at refineries on the Atlantic seaboard.
Export quotations for copper are reduced to net at refineries on the Atlantic
On foreign business in copper sellers usually name a c.i.f. price—Ham¬
The c.i.f. basis commands a premium of 0.325c. per
seaboard.
pound above f.o.b. refinery quotation.
;
„
'
v.
daily london prices
Copper,
3M
Lead
Tin, Std.
Copper
Std.
Spot
Zinc
Electro.
Oct.
6
Oct.
(Bid)
44
7
443h
447i«
49 H
Oct. 10
45 X
457i«
50 X
207 X
209
Oct. 11...
46 V8
46 X
51X
206 X
207 X
d
d
Oct. 12
443i«-
49
Spot
3M
Spot
202 X
204
-
...
Spot
3M
16M
MH
14%
203%
15H
205 X
1513U
163i#
14"i#
14»i#
16 K
16
16si«
15
15X
16310
14%
15 X
d
d
d
d
d
■: d
3M
d
Prices for lead and zinc are the official buyer's prices for the
first session of the
London Metal Exchange; prices for copper and tin are the official closing buyers'
All are in pounds sterling per long ton (2,240 lb.).
prices.
the previous week.
Fabricators are reported getting^better releases against
Statistics to be released today are expected to show another
old orders.
sharp decline in domestic stocks.
to 105%
of
standard tonnage.
a
record of sales of
copper
in the
domesticjmarket, by months,
Corp. Shipments Higher
Shipments of finished steel products by subsidiary com¬
panies of the United States Steel Corp. for the month of
September amounted to 577,666 tons.
The September ship¬
with 558,634 tons in the preceding month, an
1,047,962 tons in Septem¬
ments compare
increase of 19,032 tons, and with
ber, 1937, a decrease of 470,296 tons.
For the year 1938 to
date, shipments were 4,588,224 tons compared with 10,956,846
tons in the comparable period of 1937, a decrease of 6,368,622
tons,
Members of the European Copper Cartel announced that on Oct. 15 the
production quota of its members will be increased front 95%
Following is
U. S. Steel
.-s!3
w
ness was
Domestic
aro:
copper
L
on
8
burg, Havre, and Liverpool.
"Metal & Mineral Markets" in its issue of Oct. 13
was
Oct.
Copper, lead and zIdc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
that activity in non-ferrous metal markets increased during
the last week as quotations for copper advanced on two
foreign
ended
prices in New England average 0.225c. per pound above the refinery basis.
Price
Decline—Lead
,
.
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based.on sales reported by producers and agencies.
They are reduced to
In
Valley—Zinc
4.95
4.95
5.10,
copper, 16.254c.; Straits tin, 44.213c.; New York lead,
5.100c.; St. Louis lead, 4.950c.; St. Louis zinc, 4.950c., and silver, 42.750c.
delivered at consumers' plants.
Cents,
Holiday
refinery, 10.275c.; export
figures shown above
Non-Ferrous Metals—"Domestic Copper Raised to
4.95
Holiday
d Quotations will appear in next issue.
Average
4.95
4.95
:"'-4.95',V"
>;
58.1%.
or
the table" below we list the figures
In
January,
TONNAGE
by months since
1934:
,
SHIPMENTS OF STEEL
OF
years
for 1936, 1937, and the first nine months of the current year, in short tons;
PRODUCTS BY MONTHS FOR
indicated
4
1936
January
1938
1937
1937
1936
r'-yy.
53,819
25,543
AUgUSt
25,253
74,912
33,165
78,654
September..
40,769
69,225
28,936
March
„-.r
April
May.—
June.——
July..
53,101
23,518
22,012
October—.—— 178,801
22,790
November
88,177
21,035
43,130
18,853
December..
117,715
26,504
35,948
_______
35,395
62,298 124,054
175,484
,
„
_
Most of this metal
Improvement
was
for November ship¬
Shipments continue excellent,
the
in
1,149,918
1*133,724
1,414,399
1,343,644
1,304,039
582,137
676,315
588,209
668.056
643,009
battery
business
591,728
783,552
979,907
745,064
598.915
984,097
985,337
578,108
886,065
369,938
378,023
547,794
624,497
950,851
September
October..
latter month appearing largely covered.
September.
721,414
534.055
385,500
August
Totals...... 964,854 517,736
ment, only scattered lots being booked for October, consumers' needs for the
during
Year 1937
331,777
.....
370,306
343,962
614,933
961,803
686,741
1,007,417
1,268,550
1,186,752
1,107,858
1,047,962
792,310
November
366,119
681,820
882,643
1,067,365
518.322
474,723
572,199
489,070
-
...
923,703
418,630
661,515
Yearly adjustment. —(19,907)
—(23,750)
7,347,549
10.784,273
465,081
478,057
441,570
558,634
577,666
' —(40,859)
5.905,966
501,972
December.
T—... -
as
noted.
was
Year 1938
587,241
—
July..
Sales of lead improved during the past week, totaling 7,095 tons, against
3,660 tons the week before.
Year 1936
February.
March......
April
Lead
■
Year 1935
January....—
May
June
87,730
16,521
.
23,195
62,232
23,238
26,143
16,303
...
Month
1938
158,064
February
Year 1934
Total for year
12,825,467
Prices remained firm at 5.10c., New York, the contract settling basis of the
American Smelting & Refining Co., and 4.95c., St. Louis.
Steel
Zinc
A
Business in zinc
was
,.:;v
of 11,253 tons of all grades of zinc.
more
the
a
a
decline in September
Shipments of high grade accounted for
Prices firmed during the week, but producers
than half of this decline.
assumed
Rolled Products Break
in fair volume during the last week and the trade
encouraged by the favorable statistics showing
was
conservative position in view of the slight rise in
quotation here continued firm at 4.95c., St. Louis.
estimated to be operating around 63%
Production Higher—Prices of Some Flat
Ingot
,
London, and
Galvanizers
are
'
of capacity.
IftThe figures for August and September of the American Zinc Institute,
covering all grades, in short tons, follow:
Age" in its issue of Oct. 13 reported that a
break of $4 a ton in prices of some flat rolled products is the
culmination of irregularities in quotations over recent weeks.
This outright decline, which has affected hot and cold rolled
sheets, enameling sheets, long ternes and hot rolled strip,
The
"Iron
originated at Detroit, but has quickly extended into a wider
The "Iron Age" further reported:
area.
The Carnegie-Illinois
J;.::.Ja:..I:'....::J;.;!::;,
J;
August
•
September
"There
'
Prod uction
32 i 328
32,296
-
market,
"
1,042
1,078
36,507
141,997
43,582
130,743
30.554
40.435
Production, daiiy rate
Shipments
— -
Stock at end._
Unfilled orders
-
_
_
-....
„_.
.
.........
Prime Western division, common grades only,
for the
*
Some
Slock
Ship¬
tion
ments
at
Produc¬
ments
Stock,
at
End
been .instigated by the Carnegie-Illinois Steel
competitive."
quotations are subject to withdrawal without notice.
products affected—hot rolled sheets and
components of the "Iron
of Dec. 23,
more
13,500
40,699
June.——--
14,657
12,649
66,675
come
21,755
14,223
48,231
July
13,869
16,689
22,404
21,634
49,001
August
13,962
20,288
63,855
57,529
and steel plates,
March
April
20,868
11,790
13,949
58,079
September
14,167
19,486
52,210
on
j-..'
■
Tin
<
,
v,.:./ ;•'/
yesterday.
Business was practically absent.
tinued at a low point despite
Total estimated consumption
first
eight months
before but
Prices
con¬
were
were largely nominal.
of primary tin in the United States for the
of the year
August was 3,880 tons against
Tin plate operations
the advance in the steel rate.
somewhat higher than those of the week
was
31,960 long tons.
Consumption for
3,710 tons in July and,3,810 tons in June.
have be¬
the latter being affected chiefly in the East.
the weakness in steel prices, pig iron quotations are firm
Coincident with
at the
recently announced $1 a ton advance,
bringing about a further slight rise in
which has now become unani¬
the "Iron Age" pig iron com¬
$20.61, while the scrap composite price is unchanged at
sharp rise in steel ingot output this
the bullishness of scrap dealers, who expect that any in¬
crease in mill buying will be immediately reflected in higher scrap prices.
The gain in steel ingot output this week to 51.5% from 49% last week
is the sharpest rise within one week this year, excepting post-holiday re¬
coveries.
In the corresponding week last year ingot output was at 63.5% ,
but was rapidly declining, having dropped to 48% by the first week of
posite price to
Extreme dullness marked the domestic market for tin in the week ended
hpt rolled strip—
several, including galvanized sheets, wire nails
mous,
64,667
of Oct. 10
Age" finished steel composite price, which has
the issue
products are not quotably lower, but concessions
numerous
24,865
20,537
J
1936.
Other steel
February
..
■
adjusted to 2.236c. a lb., the lowest figure recorded since
January
May
'
prices, with the understanding, however, that the cur¬
Two of the
are
Ship¬
tion
End
but this has not
.
companies have notified their customers that shipments as
will take the lower
been
Produc¬
took official notice of the situation by
Oct. 11:
.
'
has been in tl\e past few days a general weakness inJbesheet
Corp., which is only remaining
rent
Statistics of the
first nine months of 1938:
Steel Corp.
issuing this statement on
$14.25.
Scrap is marking time, but a
week has added to
Financial
2318
November,
which
makes it
that fourth
appear
quarter
65.1, the highest level thus far in 1938, and compares
has risen 3.3 points to
The rise has been largely accounted for by auto¬
with 88.3 one year ago.
have also registered gains.
mobile assemblies, but other components
been affected in the same degree, but most of them
Releases of structural shapes against recent
All products have not
have had
gains.
moderate
construction contracts have shown conspicuous
improvement and account in
Pittsburgh to 41% .
An ex¬
panding volume of automobile steel tonnage is expected this week.
part for a three-point gain in operations at
of fabricated structural steel amount to 22,000 tons, in¬
New lettings
cluding 7,500 tons for Hunter College buildings, New York; 1,900 tons for
the
Soviet
Government''s
1,285 tons for
the New York World's
building at
Fair
Philadelphia Navy Yard.
at the
machine shop
a
and
New
projects of 31,000 tons include 7,500 tons for buildings for the Youngstown Sheet & Tube Co. at Indiana Harbor, Ind.; 4,000 tons for a shop at
the Philadelphia Navy Yard; 3,500 tons for a
Yard; 3,500 tons for
buildings, New York; and 1,200 tons for repairs to WilJiamsburgh Bridge,
New York.
New reinforcing steel projects call for 11,000 tons.
The
Navy
tons of
pected
New York
Shipbuilding Corp., these ships requiring 7,700
Contracts for
plates and 3,700 tons of shapes.
soon
ships
cargo
are ex¬
from the Maritime Commission.
The Public Service Gas Co.,
Power Commission for
northwestern States.
One of the largest
1,500-mile natural
gas
„
"IRON
Finished
Oct. 11, 1938,
One week ago
One month ago
One year ago__
1938
2.512c.
-
1937
1936
2.062c.
9
2.249c.
Mar.
Dec. 28
2.016c.
2.056C.
Jan.
1
2
accompanied by only a small slowing down in
was
the easing of tension in Europe.
Gains in automotive requirements are
recent upturn
Operations of some farm equipment
providing substantial support.
users are
responsible for a large part of the
in steel shipments, although building work and miscellaneous
and will help to bolster steel demand this quarter.
Steelmaking rose 1.5 points last week to 48.5%
the upturp were Youngsfcown,
Cleveland
.
vania increased 1
with
a
,
Leading
and Chicago, up
and eastern Pennsyl¬
2.5 points to 51%
rose
point to 33%
6-point gain to 55%
.
at
These included Pittsburgh at 37%
unchanged.
51%, Birmingham at 57%, New
%. Several
38%
blown in the past week.
over
was
August, but
2,657,748
4,289,507 tons in September, 1937.
18,005,938
was
tons,
or
For the first nine months this year,-,
57.6%
produced the corresponding 1937 period.
the 42,482,597
behind
7 '*
v
Automobile production continues to expand as most interests are
for additional assemblies of
Assemblies last
models to
new
totaled
week
renew
37,665 units,
1934.
2.118c.
Apr. 24
1.945c.
Jan.
2
1.953c.
Oct.
3
1.792c.
May
2
however, this Was
1932
1.915c.
Sept.
6
1.870c.
Mar. 15
1930
__._2.192c.
Jan.
7
1.962c.
Oct.
2.402c.
"Jan.
4
2.212c.
Nov.
rose
from
gross
of capacity, compared with 2,546,748 tons in August and
tons, or 46.28%
production
were
Output last month
less than a year ago.
other districts
,
Wheeling at 54% .Buf¬
England at 65%, Cincinnati at 43%
blast furnaces
more
,
in September increased 4.3%
1933__
1
than wiping out the
more
Except for St. Louis, which reduced 3 points to 45.5%
8
29
,
preceding week's dip and touching a new high since October, 1937.
falo
the
headed upward after a quiet summer, particularly in
are
tractor division,
week before and the highest in three months.
1927—
behind the
regarded as indicative of the strength
of the past three months, particularly in view of the prompt turn
for the better upon
Mar. 10
Oct.
—___-__.-_.__2.249c.
1935
threats primarily was responsible
war
off in steel demand, or whether the lull merely rep¬
talk
war
however, is
recovery
Oct. 11
2.236c.
Mar.
...2.512c.
—
The fact that
activity,
was
May 17
sub¬
steel works
breathing spell after the sharp July-August upturn, is debatable.
a
Steel ingot production
2.236c. a Lb.
(Based on steel bars, beams, tank plates.
wire, rails, black pipe, sheets and hot
___._2.286c.
rolled strips.
These products represent
—2.300c.
—2.512c.
85% of the United States output.
Low
High
by
Whether uncertainty induced
resented
and Detroit at 72
Steel
as con¬
With steel
operations.
COMPOSITE PRICES
AGE"
date.
material buying,
extensive forward coverage.
from
refrain
to
for the recent leveling
were
the Union Pacific, which will buy 30 locomotives.
THE
continue
sequent expansion in consumption will be reflected quickly in
line in
inquiries for railroad equipment in some time is from
small recovery in
reflected more in releases against old
been
moving promptly into use and with stocking by mills now restricted,
3 points to 44.5%
Minneapolis, has applied to the Federal
permit to build a
a
demand has
orders than in new business, except for some track
sumers
destroyer tender and a seaplane
Department has awarded a
the
tender to
Improved sentiment on the fading of the European war spectre has been
followed by a moderate rise in steel specifications and a
manufacturers
Shipbuilding tonnage promises to become a more important factor soon.
and steel
Oct. 10 stated:
on
ingot production, pushing output to the best level for the year to
shop at the Mare Island Navy
bridge in Kansas; 1,700 tons for Veterans Hospital
a
markets,
Betterment in
consistently during the past few weeks.
New business in steel has gained
15, 1938
"Steel" of Cleveland, in its summary of the iron
production this
will top that of the final quarter last year by a fairly substantial margin.
As indicative of business recovery, the "Iron Age" capital goods index
year
Oct.
Chronicle
depleted stocks of dealers.
with 25,405 the
compared
Compared with
General Motors' production
decrease of 34,293 units.
a
tons
\
"
pressing
a year ago,
8,725 to 17,330 last week, Chrysler from 8,800 to 10,900, Ford
from 615 to
2,li5
and all others from 7,265 to 7,320.
Fourth quarter motor ear output is expected to total about 800,000 units.
Pig Iron
Oct. 11, 1938,
Based
$20.61 a Gross Ton
One week ago__
average of basic iron at Valley
23.25
High
1938
$23.25
—
1937
and
Mar.
$19.61
6
1933
20.25
Feb.
Aug. 11
Nov. 24
18.73
Nov.
5
17.83
May
14
May
1
16 90
Jan.
27
16.90
1930—:—
—
1927...
——
Steel
5
13.56
Jan.
5
13.56
Dec.
6
Jan.
7
15.90
Dec.
16
19.71
..
Dec.
14.81
18.21
1932
Jan.
4
17.54
Nov.
Jan.
3
1
$14.25 a Gross Ton
(Based on No. 1 heavy melting steel
$14,251
quotations at Pittsburgh, Philad
Philadelphia
One month ago—
14.42
and Chicago.
———
High
—$14.83
—
1937
Low
$11.00
9
Aug.
June
Mar. 30
12.92
Nov. 16
17.75
Dec. 21
12.67
June
9
1935.
13.42
Dec.
10.33
Apr.
23
1934
13.00
1933
12.25
10
Mar. 13
9.50*
Sept. 25
Aug.
8.50
1930
8
6.75
Jan.
8
12
6.43
July
5
11.25
Dec.
9
13.08
Nov. 22
Jan.
The
American
Iron
and
15.00
Feb.
18
15.25
—
1927
Jan.
17
Steel
.
Institute
on
Oct.
10
an¬
telegraphic reports which it had received indi¬
cated that the operating rate of steel companies having 98%
of the steel capacity of the industry will be 51.4% of capacity
for the week beginning Oct. 10, compared with
47.9% one
week ago,
45.3% one month ago, and 63.6% one year
ago. This represents an increase of 3.5 points, or 7.3% from
estimate
for
the
week
ended
Oct.
3,
19^8.
Weekly
indicated rates of steel operations since Sept. 7, 1937, follow:
1937—
1937
Sept. 7
71.6%
Sept. 13—.80.4%
Dec.
1938
20..—23.5% Mar. 28
.35.7%
19.2% Apr.
4—__32.6%
tqis
Jan.
Oct.
Apr.
3.
—
11
.25.6% Apr.
18
4
66.1%
Jan.
10
11
63.6%
Jan.
17.
55:8%
Jan.
24
29.8% May
32.7% May
2
18
Oct.
25_ —_.52.1%
1.
48.6%
Jan.
31
30 5% May
16
Feb.
32.7%
32.4%
32.0%
30.7%
30.4%
30.7%
27.8% Apr. 25
Oct,
Oct.
Nov.
9
41.0%
36.4%
Feb.
7
30.7% May 23.—29.0%
14.—31.0% May 31 —.26.1%
Feb.
2l—30.4%
Nov. 22—.:..31.0%
Nov. 29
29.6%
Feb.
28
Mar.
Dec.
Mar. 14
Nov.
8
Nov. 151
Dec.
6
27.5%
13-.—27.4%
7
Mar. 21
June
and
ne&ds is
substantially above current levels and were
consumers, were
orders in September were the second largest for the year to
more
than
active
80%
For the first nine months, orders were
behind the corresponding 1937 period, and on the basis of
inquiries no marked
recovery
is in early prospect.
Francisco railroad.is in the market for five locomotives.
St. Louis-San
New York Central
has placed 30,500 tons of rails, plus 8,000 tons of track fastenings, and
while
for
railroad repairs is broadening gradually.
Scrap prices show
an
irregular trend, but strength in eastern markets more
than offset weakness at
Chicago and raised the
scrap
composite 16 cents to
The scrap advance boosted the iron and steel composite three cents
$36.61, while the finished steel composite
was
unchanged at $57.20.
Steel ingot production for the week ended Oct. 10 rose
IA points over the .preceding seven days, according to the
"Wall
due
to
Street
Jounral"
of
Oct.
of
increase
slightly
sidiaries of the U. S. Steel Corp.
independents was unchanged. •
ported :
an
For the industry as a
S.
•
This latter
small
a
fraction
above
45%
while leading independents
has
rate
of capacity.
in the two previous weeks.
Steel is estimated at
in the two preceding weeks,
52 %%
The entire gain was
three points by sub¬
The rate credited to leading
The "Journal" further re¬
whole the average is placed at 49%
This compares with 47%%
U.
14.
over„
held
for
three
,
are
successive
against 52%
credited with
weeks
for
these
companies.
The following table gives a comparison of the percentage of production
with the nearest
corresponding week of previous
together with the
years,
approximate changes, in points, from the week immediately preceding:
1938—
Dec. 27j
Sept. 20
76.1%
Sept. 27— .74.4%
car
date, but remained sharply depressed.
nounced that
the
favorable comaprison in steel
7
21.92
1932_.__________
other
as
Freight
to
1936
——
well
$14.04.
16:251
1938
more
track material demand otherwise is quiet, buying of materials and parts
Scrap
Oct. 11, 1938,
One week ago
One year ago
A
partly responsible for the unusually swift drop in steel orders and production.
16
9
18.84
___
1,061,957 units the last three months of 1937
with
1,154,806 in the 1936 period.
looked for, however, since a year ago inventories of the automotive industry,
July
17.90
.19.73
-
1935
1934
would compare
as
Low
June 21
23.25
1936
Chicago,
Philadelphia,
Buffalo,
Valley,
Southern Iron at Cincinnati.
19.61
One year ago—
on
furnace and foundry Irons at
$20.44
One month ago.
If realized, this would be the largest quarterly production of the year and
6...
29.3% June 13.
29.9% June 20
32.1% June 27
33.7% July
5
26.2%
—27.1%
July
11
July
18
32.3%
36.4%
July
25
37.0%
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
1
.39.8%
8
39.4%
15—__40.4%
22.--..42.8%
29
J44.0%'
6
39.9%
12-t—t.45.3%
Sept. 19
49
1937
1936
46.7%
•
"
52%
72
—10
25%
35
—2
19
+1
—2
20
•
■'
—1
40
21%
%
+2
19%
32
55
—1%
60
-1%
79
—5
82
—7
77
87
—2
88
65,%
—3
62
—
28.0%
Oct.
3.....47.9%
1929
28.7%
Oct.
10—.51.4%
1928
87%
1927
64
.
%
+
—2
V
1
+'3.
28-'
%
29
.....
—3
79%
62
"41%
—2
38
.
1930,...............
22.4%
•
24
1933
Independents
+3
70%
:
52%
1934
1931
56
75%
.....
1932
45
+ 1%
—6
65
...
—
1935
473%
Sept. 26
U. S. Steel
Industry
1938
51%
—i%
—3
+2
—1%
Current Events and Discussions
The Week with the Federal Reserve Banks
During the week ended Oct. 12 member bank
ances
increased
$79,000,000.
reserve
in nonmember
Additions to member bank
banks
arose from a decrease of
$67,000,000 in Treasury
deposits with Federal Reserve banks and increases of $57,-
reserves
$3,000,000 in Treasury
currency,
offset
in part
by
increases of $27,000,000 in money in circulation, $29,000,000
on
000,000,
Oct. 12
an
were
Excess
reserves
of member
estimated to be approximately $3,050,-
increase of $30,000,000 for the week,
The statement in full for the week ended Oct. 12 will be
000,000 in gold stock, $12,000,000 in Reserve bank credit
and
deposits and other Federal Reserve accounts
and $3,000,000 in Treasury cash.
bal-
found
r
on pages
2348 and 2349.
Changes in the amount of Reserve bank credit outstanding
and related items
were as
follows:
Volume 147
Financial
Increase
(+)
2319
(—)
Decrease
or
Chronicle
Increase
(+)
Since
_
5, 1938
9,000,000
1,000,000
2.564,000,000
Bills bought
Oct. 5, 1938
Assets—
F-S-Government securities.
advances
—14,000,000
—2,000,000
+38,000,000
+ 2,000,000
investments—total.—21,189,000,000
Loans—total
+1,000,000
—1,000,000
+ 5,000,000
351,000,000
+ 7,000,000
—932,000,000
—126,000,000
and agri¬
Open market paper
+ 30,000,000
Loans to brokers and dealers in
securities
Total Reserve bank credit
Gold stock
Treasury
currency
Member bank
2,605,000,000
13,869,000,000
2,744,000,000
....
....
.
.
.....
—
....
-18,000,000
—547,000,000
+2,000,000
—100,000,000
—6,000,000
120,000,000
Other ioans *
1,503,000,000
U. S. Govt, direct obligations.--..
8,055,000.000
Obligations fully guaranteed by
+2,boo",006
loans for purchasing
carrying securities
+47,000,000
+1,085,000,000
+3,000,000
+143,000,000
+ 57,000,000
8,400,000,000
Money in circulation
6,667,000,000
Treasury cash......
2,812,000,000
Treasury deposits with F. R. bank..
703,000,000
+ 79,000,000
—67,000,000
+1,481,000,000
+82,000,000
—822,000,000
+ 620,000,000
+ 29,000,000
-86,000,000
+ 27,000,000
+ 3,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
631,000,000
578,000,000
1,161,000,0C0
Other
+ 12,000,000
balances
reserve
636,000,000
or
Real estate loans
Loans to banks
+ 1,000,000
+ 28,000,000
—49,000,000
-56,000,000
+ 144,000,000
+4,000,000
+ 2,000.000
+ 103,000.000
+548,000,000
+ 254,000,000
+1,373.000.000
—16,000,000
+103,000,000
+44,000,000
+ 615,000,000
5,175,000,000
578,000,000
—112,000,000
—5,000,000
—3,000,000
+ 768,000,000
—107,000,000
6,006,000,000
+207,000,000
468,000,000
+20,000,000
+829,000,000
—77,000,000
United States Government
Other securities
1,679,000,000
3,215.000,000
6,797,000,000
410,000,000
2,379,000,000
Reserve with Fed. Res. banks.—.
Cash in vault
Balances with domestic banks
Returns of Member Banks in New York City and
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
'
Federal Reserve System for
banks and also for the
the New York City member
Chicago member banks for the current
week, issued in advance of full
banks, which will
not be available until the
Demand
TH'".-
RESERVE CITIES
1938
Assets—
•
.
'
$
Loans and investments—total..
*
1937
'
.
2,916
1,454
1,446
1938
1937
Signing
of
Arbitral
146
183
613
497
198
197
119
135
Award
arbitral
Bolivia
award
521
516
612
339
339
481
20
20
30
968
32
30
245
68
67
79
.11
11
Boundary
fixing the Chaco boundary between
was signed at Buenos Aires Oct. 10.
Bolivia and Paraguay
According to Washington advices, Oct. 10, to the New York
"Herald Tribune," delegates representing the President of
47
six neutral American
republics, including the United States,
signed and made public the award which the Governments
of Bolivia and 'Paraguay had agreed in advance to accept.
The
Washington
advices from
which
we
quote
added,
in
0
carrying securities.
__
_
.
_
__
Real estate loans
Loans to banks
86
96
66
a*
415
426
"51
'49
60
2,910
2,806
929
918
904
Obligations fully guaranteed by
United States Government.
Other securities.^
Reserve with Fed. Res. banks..
806
391
127
127
985
323
320
254
3,651
3,590
2,551
852
858
575
59
64
34
34
28
211
134
51
61
Cash in vault
Balances with domestic banks.
Other assets—net
79
71
67
208
455
453
460
52
_
declared, to antecedents,
to this
The award
•
...
in
determining
the
boundary
Presidents of
Argentina,
Brazil, Chile,
The award
6,466
5,948
1,578
1,581
1,459
622
626
720
463
463
broke out
453
148.,
157
325
62
62
58
1,944
663
651
529
500
10
9
6
:
Inter-bank deposits:
Domestic banks.....
2,478
...
2,492
414
411.
....i...
,
r306 *
...
1,483
"293
con¬
.
.
.
award.
the
pf
Representatives
the
over
governments
the arbitral
each of the
for peace,
providing
treaty
peace
Peru and
Uruguay
the other
were
signed at Buenos Aires today.
the Chaco in 1932.
After many appeals from other
After
hostilities ceased June 12, 1935.
arbitration
for
commission accepted
been
had
signed
at
Buenos
briefs and heard arguments from
The arbitrators'arranged for an aerial
disputing governments.
of the disputed district by
advisory military
photographic
377
"l7
253
253
245
survey
mission.
A
land
forth
""Is
"l6
1,478
1,481
American
Aires,
J
......
Other liabilities
Capital account.......
peace
was
War
6,597
....
a
Spruille Braden, American Ambassador to Colombia, represented President
Roosevelt
Liabilities—
Dein and deposi ts—ad j us ted
Time deposits
United States Govt, deposits
reached at
July 21 betwoen Bolivia and Paraguay.
on
participants.
...
mutual security and geo¬
made swiftly, the decision
was
type of arbitration having been
ference in Buenos Aires
assigned with due
was
.
the arbitrators
agree
100
1,124
_
by peaceful arbitration, the exact border
Thus,
respect,
graphic and economic necessities.
to
800
1,183
61
.
part:
1
m
413
2,891
Other loans
tX. S. Gov't direct obligations...
Borrowings.
Chaco
Paraguay
14
•
'
Foreign banks
Fixing
and
,
S
$
1,970
1,946
142
Loans to brokers and dealers.
Other loans for purchasing or
—3,000,000
Between
Oct. 13,
$
.
8,151
3,969
119
Loans—total........
Commercial
industrial
and
agricultural loans........
Open market paper.....—.
—67,000.000
Including both loans "on securities" and "otherwise secured and unsecured."
.
Oct. 5,
1938
$
7,799
2,925
7,756
_
-Chicago
Oct. 13, Oct. 12,
1938
—
Foreign banks..
Borrowings
The
New York City
Oct. 5,
15,396,000,000
Domestic banks
(In Millions of Dollars)
Oct. 12,
deposits—adjusted
Time deposits
United States Government deposits
Inter-bank deposits:
coming Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL
Liabilities—
of the member
statements
—786,000,000
-1,732,000,000
—51,000,000
3,896,000,000
Commercial, industrial
—4,000,000
+ 10,000,000
16,000,000
16,000,000
Oct. 6, 1937
8,240,000,000
cultural loans *
Other Reserve bank credit
Sept. 28, 1938
$
Loans and
(not
including
$14,000,000 commltm'ts—Oct. 12)
(—
Since
1937
13,
Oct.
$
Bills dteeount^
Industrial
Oct.
Oct. 12, 1938
t
Decrease
or
background for the arbitration and then detailed the boundary
the
inspection
also
an
Today's
made.
was
com¬
announcement set
decided upon.
Complete
Returns
of
Member
Banks
the
of
At his press conference in
Federal
taneously
selves
with
and
until the
given out
are
figures
the
covering the
for
same
the
Reserve
banks
be
cannot
them¬
this stage of
week, instead of being held
The
had
compiled.
the
the
Federal
entire
Reserve
System for the week ended
with
the
lead¬
of
obligations;
$56,000,000
decrease of
a
increase of
an
of
increase
in holdings of. United States Government
$1»12,00Q,000
,.
in demand
direct
deposits-adjusted,
and
$207,000,000 in deposits credited to domestic banks, and
$103,000,000
in
reserve
balances
with
Federal
an
changes for the week.
$18,000,000.
increased
declined
$79,-
increased
of
$17,000,000 in New York City and declined somewhat in nearly
districts, all reporting member banks showing a net increase
$2,000,000 for the week.
the other
Demand
000,000
and
deposits-adjusted declined $96,000,000 in New York City, $29,-
in the Chicago district, $13,000,000 in
$112,000,000
$13,000,000
in
at all reporting member
New
York
City and
Government deposits
banks.
the Kansas City district,
banks.
$5,000,000
Time deposits declined
at
all
reporting
member
declined $3,000,000.
Deposits credited to domestic banks increased at all
districts, the prin¬
being $63,000,000 in New York City, $21,000,000 in the
Chicago district, $20,000,000 in the Cleveland district, $18,000,000 in
the Boston district, and $14,000,000 each in the Philadelphia, Richmond
cipal
and
increases
St.
Louis
districts,
and
the
aggregate
Deposits credited to foreign banks increased
Weekly reporting member banks reported
A
summary
increase
being
However,
Bolivian
a
Bolivia
borrowings
and
Paraguay
outlet to the Atlantic via the Paraguay River.
on the river, probably will
perhaps Puerto Casado,
free port,
a
Chaco boundary between
two-thirds of the disputed area and eliminates the
designated.
•
Fixing the northern and western boundaries of the Chaco, with
lines
meeting
on
has
at
will
It
the
Fortin
northern
27
de Noviembre,
the two
the northwest Chaco, the
the Fortin, running roughly
in
in
run
a
line,
starting
from
straight northeast line to-the highest point of Cerro
Capitan Ustares, thence to the intersection of*the Ravelo-Ingavi Road,
southern
Otuquis,
the
where
it
Canada
up,
River,
some
Negro,
or
follow
at
continue
will
then
frontier
The
limit
thalweg
(Ravine)
down
miles
of that stream
del
and across
north, of
to its mouth
with
Islasr+The
small hills toward the
Palmar
de
Bahia
las
Negra, and
will
in the Paraguay River,
will end.
western
boundary
will start
from
27 de. Noviembre and
run
in a
in a south-southwesterly direction to Vallason, 10 miles
southwest of Irindague, in the eastern Chaco, thence south to intercept the
Eetrella-Capirenda Road at a point about six miles west of Estrella.
From there it will continue in a straight line to the thalweg of the
straight
line
Pilcomayo
River,
where it will end.
The ratification
by Paraguay and
Bolivia of the treaty
providing for submission to arbitration of the Chaco boun¬
dary dispute was noted in our Aug. 27 issue, page 1269.
Other
items
in the matter appeared
in these columns
July 23, page 504, and July 30, page 655.
$207,000,000.
$20,000,000.
no
Oct. 5.
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Oct. 5, 1938, follows:
possibility of
the
-•
Holdings of obligations fully guaranteed by the United
increased $4,000,000.
Holdings of "other securities"
Government
States
all
the
Paraguay about
gives
eastward, following, where possible, any natural boundaries.
$13,000,000 in the Cleveland district and $12,000,000 in the
Richmond district.
Aires, Oct. 10, United Press accounts said:
award, fixing
in the
United States Government direct obligations
Holdings of
of
It justifies the
It shows
value of disinterested and impartial
mediation.
It translates into
the unanimous will for peace of the American democracies.
award
000,000 in New York City and $56,000,000 at all reporting member banks,
and
and which had cost the lives
in actual war
people in the efficacy of pacific negotiations.
banks.
member banks, other districts showing
Loans to brokers and dealers in securities
,
republics, with the help of
$'5,000,000
Commercial; industrial and agricultural loans increased
smaller
American
two
thousands of people, is heartening and encouraging.
The
be
effort of
Reserve
St. Louis district and at all reporting
declined
the
time resulted
From Buenos
the
ing cities shows the following principal changes for the week ended Oct. 5:
decrease
fact
•
The condition statement of weekly reporting member banks in 101
of
friendly; American nations, to solve peacefully a dispute which
one
faith of the American
banks of
close of business-Oct. 5:
A
at
many
body of reporting member
world history, one of the most gratifying developments that
on this hemisphere.
success
other
six
following will be found the comments of the Board
of
who have followed the course of the
place
could- take
of Governors of the Federal Reserve System respecting the
returns
of you gentlemen
dispute very closely during the last few years realize fully the
outstanding significance of what is happening today.
It seems to me, at
following Monday, before which time the statistics
In the
think many
1
covering the entire body of reporting member banks in 101
cities
Oct. 10, Sumner
Chaco
Thursday, simul¬
on
on
regarding the peaceful solution of the dispute:
As explained above, the statements of the New. York and
Chicago member banks
Washington,
Welles, Acting Secretary of State, had the following to say
Reserve System for the Preceding Week
Argentine Congress Approves Measure Giving President
Power to Fix Minimum Wheat, Linseed, and Corn
Prices and to Grant Subsidies to Producers
A bill has been
approved by the Argentine Congress grant¬
ing power to the President of the republic to fix minimum
Financial
2320
2457The announcement of the
prices for wheat, linseed and corn, and to grant subsidies
to producers of such products, according to a cablegram
received in the Bureau of Agricultural Economics, United
page
of Agriculture, from its Buenos Aires
office.
The bill will become law as soon as signed by the
President of the republic.
The bill, according to the Agri¬
culture Department's announcement of Oct. 6, x>rovides that
the minimum prices and subsidies may be established by the
President whenever such action is considered necessary for
loan
protection of domestic producers. Such minimum prices
be fixed at an amount considered suf¬
ficient to cover production costs.
Regarding the provisions
of the measure the department also said:
Morgan
Department
States
the
and subsidies are to
for the fixed price system
of the President.
Under those powers a Grain Regulating Board
created with authority to enter the market and purchase wheat, corn
linseed at fixed
prices whenever world prices as reflected in the
was
and
of the Argentine fell below a minimum
The system was abandoned at the end
of the 1935-3(5 crop year because of the rise in world grain prices.
the bill provides that funds for financing the purchase of the specified
grains and for defraying any losses sustained in connection with their sale
shall again be met by the profits, realized by the. Argentine Government
in purchase and sale of foreign exchange bills.
If sufficient funds should
not be available from that source, however, the Bank of the Nation is to
1938,
stamped "USA Domicile Oct. 1, 1935" will be purchased in the same
ner as those coupons of the same tranche which matured April
15,
man¬
Coupons
is communicated
amounts.
the necessary
maturing Oct. 15, 1938 against
1 of $896,100 offFrench
Republic External Loan of 1924 25-Year
7)7:
Dawes marks may
Committee on Floor
York
Co.;
or,
the time
at
of presentation.
The French Government
stating
announcement
bonds' and
their
1
publishing an
of payment of these
as well as the Dec. 1
methods
coupons,
1935," will be purchased on
1,
Oct.
& Co. or at American
$25 for each $35 face
acquired for the coupons
bonds and "stamped" bonds at the customary rate of exchange
that Dawes Marks may be
amount "of coupons;
from
"plain"
heretofore, according to the
The Committee on Floor
15,
Oct.
of the 20-year external 7bonds payable June 1,
This announcement refers also to certain decrees of
French
the
certain
Government imposing deductions applicable
That the bonds shall
in settlement of
and to b^a delivery
beginning^Oct. 15, 1938, must
continue to be dealt in "flat"
Exchange Contracts made
of
v
The
E.
CHARLES
Belgium
of
external
York,
fund
sinking
loan 30-year
administrators, that
$465,000
principal amount of these bonds have been drawn by lot
for redemption at 107^>% out of moneys in the sinking
fund
Dec. 1,
on
Of the bonds drawn, $356,000 prin¬
1938.
cipal amount, according to advices from the Belgian Gov¬
ernment, are held by it.
The .balance of the drawn bonds,
amounting to $109,000, will be redeemed and paid at the
redemption price upon presentation and surrender on and
after Dec. 1, 1938, at the offices of the sinking fund ad¬
ministrators.
Attention is called to the fact that on Oct. 7,
1938, $40,000
still
principal amount of the bonds previously called were
unredeemed.
♦
German Government Floats New Loan of
Flotation of
was
a
announced
new
on
1,500,000,000
Marks
„
marks
1, the third major issue floated by
German loan of 1,500,000,000
Oct.
the Government in 1938.
The
new
loan consists of Treasury
4%>% interest and maturing in 1958.
It was
reported that 550,000,000 marks had been subscribed for
by leading financial institutions and that the remainder,
950,000,000 marks, would be offered for public subscription
by the Reichsbank in conjunction with a banking consortium
between Oct. 10 and Oct. 24 at the issue price of 98%.
bills bearing
♦
New York Stock Exchange
ing fund bold bonds, due
NEW
1953:
announced on Oct. 8 the
in
/
on
■
EXCHANGE
Oct. 8, 1938.
7
fund
gold bonds, due 1953:
New York Stock
In
an
7
.
Committee on Floor Procedure rules that the bonds be quoted ex$6 per $1,000 bond on Oct. 10, 1938 ;
That the bonds shall continue to be dealt in "flat" and' to be a delivery
The
settlement
in
carry
of
Exchange contracts
made beginning Oct. 10,
10, the German Consu¬
late General in New York made known that Germany
pay
the Oct. 15
of the so-called
coupons on
Dawes
those
April 15, the purchasf price to be $25 per $35 face amount
of the coupon.
Reference to the payment of the April 15
coupons on the loan was made in these columns of April 16,
or
•
'
.
•
SALTZMAN, Secretary.
E.
CHARLES
-
Tradingfon New York Stock and
and Sept.
New York
Weeks Ended Sept. 17
24
Stock Exchange by
their own. account,
week ended Sept. 24,
it was announced by the Securities and Exchange Commission
yesterday (Oct. 14), which amount was 19.84% of total
transactions on the Exchange of 5,591,500 shares.
During
the previous week ended Sept. 17 (as announced by the SEC
on (Oct. 7) round-lot purchases and sales of stocks for the
account of the members, except odd-lot dealers, totaled
3,381,542 shares; this amount was 19.92% of total trans¬
members, except odd-lot dealers, for
amounted to 2,218,935 shares during the
shares.
promulgated figures showing the re¬
lation of trading by members of the New York Curb Exchange
for their own account to total transactions on the Exchange.
actions for the week of 8,488,450
The Commission also
During the week ended Sept. 24 the member trading was
228,650 shares, or 20.04% of total transactions of 570,430
shares, while in the preceding week (ended Sept. 17) the Curb
members traded in stocks for their own account in amount
of
383,260 shares, which was 20.33%. to
total volume of
942,785 shares.
'
v
The data issued by the SEC is in
-
-
the series of current
figures being published weekly, in accordance with its pro¬
gram embodied in its report to Congress in June, 1936, on
the "Feasibility and Advisability of the Complete Segregation
of the Functions of Broker and Dealer."
The figures for the
week ended Sept., 10 were given in our issue of Oct. 8,
page 2169.
The data
with
the
classified
are based upon weekly reports filed
York Stock Exchange and the New York
published
New
Curb Exchange
as
by their respective members.
These reports
follows:
Ended Sept. 24
New York
Cvrb
Exchange
Exchange
Week
New York
17
New York
New York
Stock
Curb
Stock
Exchange
Exchange
Week
specialists
2. Reports
showing
— -
other
Reports
showing
other
Sept.
1,079
829
1,079
829
102
210
103
53
281
39
>
trans¬
actions initiated on the floor—
3.
Enaed
217
received
1. Reports showing transactions as
Total number of reports
will
the German external loan, 1924,
loan, in the same manner as
1938, must
the July 1, 1937, and subsequent coupons.
Those of
announcement issued Oct.
1, 1937,
sinking
interest
April 15—Rulings of
Exchange on Bonds
as
of the interest
being made on surrender of the Jan.
(80% paid), from City of Saarbruecken (Saar Basin) 6%
($6) due Jan. 1, 1937, is now
coupon
sink¬
Floor Procedure
received that payment of the balance
Notice having been
Dawes Loan to Be Paid by Germany
Same Manner
Floor
•
STOCK
YORK
Committee
are
Oct. 15 Coupons on
...
Rules on^City of Saar¬
6% Gold Bonds, Due 1953
Trading in stocks on the New York
sinking fund 1% gold bonds, due June 1, 1955, are being
by J. P. Morgan & Co. and Guaranty Trust Co.
New
_
adoption of the following rules by its Committee on
Procedure pertaining to the City of Saarbruecken 6%
Due
notified
of
,
SALTZMAN, Secretary.
Exchange
Stock
York
New
Member
Kingdom
77
the April 15, 1939, and subsequent coupons.
carry
Curb Exchanges—Figures for
Holders
1938;
15, 1938,' coupon on
in
cases.
$465,000 of Belgium External Loan 7% Gold Bonds,
June 1, 1955, Drawn for Redemption Dec. 1
"stamped" bonds be
1938; and
coupons
1941.
id
regulations in effect:
Procedure rules that the
quoted ex-interest $25 per $1,000 bond on Oct. 15,
That the "plain" bonds be quoted ex the Oct.
,
is simultaneously
the
Dec.
'
Oct. 14, 1938.
Oct. 15. 1938, from
1949, stamped "U. S.|A.
and after that date, upon
1924 7% gold bonds, due
presentation at the office of Messrs. J. P. Morgan
offices of Hamburg-American Line, at the rate of
the option
at
Procedure
received that the coupons due
German External Loan
York office of J. P.
of the holder, at the
office of Messrs;
Morgan & Cie., Paris, France, in the
French franc equivalent of the dollar amounts, calculated
upon, the basis of the buying rate for exchange on New
&
Morgan
bonds of the Dawes Loan:
F
Domicile
•-
STOCK EXCHANGE
NEW YORK
Notice having been
,vv'v-:'
Exchange announced as follows on
14 several rulings on the
bruecken, Germany,
sinking fund administrators of
Republic external loan of
1924 25-year sinking fund 7% bonds, have drawn by lot for
redemption on Dec.' 1, 1938, out of moneys in the sinking
fund, $896,100 principal amount of the bonds at 105.
Pay¬
ment will be made on and'after Dec. 1, in United States
dollars, upon presentation at the New
,
the regulations in effect.
be acquired according to
The New York Stock
Oct.
7% Bonds
of the French
Government
the
Hamburg-American Line, on or after the date
The purchase price will be $25.00 per $35.00 face amount
of the coupon.
Morgan & Co., as
P.
J.
the
1938.
opportunity to
dollars at Messrs. J. P.
of the American offices of
& Co. New York City or at any
of maturity.
present bill differs from the
Drawing for Redemption Dec.
loan,
German steamship company
as
previous systems in that it also gives
the President power to grant subsidies to producers of wheat, corn and
linseed in such form and by such means as he may deem proper.
Amendments offered to the bill authorizing the President to cooperate
with other governments in disposing of surplus wheat were rejected on the
grounds that he already had such powers.
The record of the discussion oh
the bill
indicates that the members of the Argentine Congress favored
agreements with other nations for the disposal of the wheat - surplus but
were opposed to any action involving acreage restrictions in the Argentine.
will therefore have the
Holders of such bonds and coupons
sell their coupons
ocean and river ports
established by the Government.
The
tranche of Dawes
1924) which will mature on Oct.-15,
herewith:
maturing Oct. 15, 1938, of American tranche of Dawes
(German External Loan
principal
advance
German Consulate
purchase of coupons of American
With reference to the
the following
the bill is to provide specific legislative basis
maintained several years ago under the emergency
powers
1938
General of Oct. 10 follows:
primary objective of
The
IS,
Oct.
Chronicle
trans-
2S4
-
81
316
93
283
72
4. Reports showing no transactions
465
602
489
634
Note—On the New York Curb Exchange the round-lot transactions of special¬
ists In stocks in which they are registered are not strictly comparable with data
actions initiated off the floor.
to
Volume 147
Financial
Chronicle
similarly designated for the New York Stock
Exchange, since specialists on the New
York Curb Exchange
perform the lunctions of the New York Stock Exchange odd-lot
dealer
as
2321
Changes inf Amount of Their Own Stock Reacquired by
Companies Listed on New York Stock and New
well as those of the specialist.
York Curb Exchanges
The
number of reports in the various classifications
may total more
than the number of
reports received because, at times, a single report may
carry entries in more than one classification.
The monthly list of
companies listed
Stock Exchange reporting
the New York
on
charges in the reacquired holdings
of their own stock was issued
by the Exchange on Oct. 13.
A previous list was
given in these columns of Sept. 17, page
1708. The following is the list made available
by the Stock
The following data made available
by the SEC shows the
proportion of trading on the New York Stock and New York
Curb Exchanges done by members for their own account
during the weeks ended Sept. 17 and Sept. 24:
-
Exchange
Oct. 13:
on
STOCK TRANSACTIONS ON THE NEW
ACCOUNT
Shares
YORK STOCK EXCHANGE FOR
MEMBERS* (SHARES)
■
OF
Company—
_
Week End. Sept. 17
Total for
•,
,
B. Round-lot
Week
-
A. Total round-lot volume
for
Cento.
American
Archer-Daniels-Midland Co.,
of
account
1.
*None
13,625
None
861
11,685
..
12,485
x4,130
common
Barker Bros. Corp., 5H% preferred.;
Celotex Corp. (The) common..
which they are registered—
Total
*
—
——
Other
transactions
floor—Bought
Initiated
thef
on
.
_
Sold
591,180
603,010
1,854,030
—
10.92
1,194,190
10.68
■'
,
489,510
537,150
—
—
56
13,304
31,335
14,106
.
;
327,900
360,970
..
'
..
Total.
.
3.
Other
1,026,660
-
transactions
olf
initiated
6.05
688,870
6.16
•
floor—Bought.
TotaE
4.
'152,215
252,590
248,262
2.95
500,852
Total—Bought
3.00
1,071,295
1,147,640
3,381,543
3,381,5-43
19.92
547
T^a Co., Inc.,
common
;
In round lots—Bought
Sold
Total-2.
141,390
136,540
2.59
439,290
In odd lots—Bought..
ON
ACCOUNT
820,728
850,174
2,561,506
STOCK TRANSACTIONS
:
357
MEMBERS*
CURB
Total for
Total round-lot volume.
Per
Ce nt
*
a
Week End. Sept. 17
Total for '
Per
Week
CevX a
942,785
transactions
Retired and cancelled,
the
for
°
-
in
Bought
117,825
178,975
—
Total-.---.--.
296,800
—
—
81,320
93,930
15.74.
Other
transactions
Initiated
175,250
following ii
Exchange announced on Oct. 13 that
list of issuers of fully listed securities which
a
holdings of reacquired stock:
Shares
15.36
Corp.,
•
Corp., S3
Total.
38,660
-
—
common
1.84
transactions
Initiated
floor—Bought
off
the
25,170
'22,630
-
Sold
Total
—
16,760
15,690
47,800
—
.
2.54
32,450
2.84
159,095
4,272
—
452
;
...
450
Henry Holt & Co., Inc. class A__
Hygrade Food Products Corp., conv. 6s, A, due 1949
Conv. 6s, B, due 194.9
—
Total.
C. Odd-lot
-
transactions
for
specialists—Bought
sold
--- -
account
—
-
-
228,6.50
V
Total.
-
—
——
"members"
includes
5,466
4,615
4,115
100
175
21,905
3,779
'
194
22,405
.
..
—.....
..
4,407
204
'
2,380
2,880
650
..
■
1,234
243
.
247
18
771
None
—
19
702
—
1,232
*2,000
V«
....
128,665
89,283
Exchange members, their firms and their
in
interest
dealt
stocks
in
on
the
New
-
all
partners, Including special partners.
a
4,928
—
17,701
New York Curb Exchange Increased
During September
on
total*short
The
:
♦The term
$4,200
20.04
53,243
36,040
55,170
$65,000
$200
Initial report.
Short Interest
73,485
-
17,501
$60,000
.
...
..
Merrltt-Chapman & Scott Corp., 6H% A, preferred
North American Rayon Corp., 6% prior preferred—
Rustless Iron & Steel Corp., common
Starrett Corp. voting trust certificates, common
Sterehi Bros. Stores, Inc. (5% 2nd preferred
*
of
*
'
20.33
14,211
„
Kleinert (I. B.) Rubber Co., common
Knott Corp. (The) common*
120,320
383,260
-
None
12,811
.1
'
preferred
Sterling, Inc., conv. preferred.....
Superior Oil Co. (of Calif.) (The) capital...
108,330
224,165
7,580
6,700
....
_
4: Total—Bought
Sold
156,916
6,830
conv. preferred
....
20,950
Latest
Report
153,593
..
Lane Bryant, Inc. 7% preierred
3. Other
-'
2.05
per
Reported
■
International Utilities Corp., SI.75 preferred
Class A
'
„
10,250
10,700
22,560
-
Shares
Previously
-
International Products Corp., 6%
16,1C0
—
Acquired'400 shares.
..
the
on
floor—Bought
Sold
y
.
1,388
V
Correction of records.
z
_____
2.
1,009
444,050
1,188
Carman & Co., Inc., class A
Crown Central Petroleum Corp., common
Crown Drug Co., 7% preferred
in which they are registered—
Sold
1,007
440,338
$2 dividend series preferred...
stocks
•
508,947
15,000
15,439
..
Acquired prior to June 30,1938.
x
Name—
570,430
of
account
specialists
3,287
7,527
338
....
members' transactions includes both purchases and sales, while the
Exchange volume
Vy
/
'■"
Curb Exchange for the month of September,
of
as
-
Shares in members' transactions as per cent of twice tofal 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 total of
Includes only sales.
York
Sept. 30, amounted
11,670
shares
Oct. 10.
to 14,209
31,
Aug.
on
the
Three issues showed
a
reported
shares compared with
announced on
Exchange
total short interest of
more
than
1,000 shares, the leader being Fisk Rubber Co. common
stock with 1,300 shares as against only 100 shares in the
The short interest in American Republics
capital stock jumped from none at the end
preceding month.
Short Interest
on
New York Stock
Exchange Decreased
During September
The total short interest existing as of the close of business
on the Sept. 30 settlement date, as
compiled from information
obtained by the New York
Stock Exchange from its mem¬
588,345 shares, compared with 729,480 shares on
bers, was
Aug. 31, it
was
announced Oct. 11.
on the Exchange
stock issues listed
37 issues in which
shares
more
a
Of the 1,247 individual
on
Sept. 30, there
total short interest of
more
Exchange's announcement said. The total number of issues
in which a short interest was reported as of Sept. 30,
1938,
was 443, compared with 490 on Aug. 31.
In the following tabulation is shown the short interest
existing at the opening of the last business day of each
month since Sept. 30, 1936:
1937—
1938-
Sept. 30
1,011,670
May 28
Oct.
1,066,184
June 30-
Nov; 30.
1,230,579
July
30
1,007,736
29.
1.142,482
1,097,858
1.384,113
Dec. 31—.
1,136,814
Aug. 31
966,935
May 31.
1,343.573
30
1937—
Sept. 30
Jan.
29
—1,314,840
Feb.
26
——1,426,522
Mar.
3,1.
Apr. 30-*
1,199,064
1,012,186
—1,040,964
944,957
Feb.
28.
Mar. 31.
Apr.
August to 1,177 as of Sept. 30, while American Cyanamid
non-voting common stock showed a short position of
Co. B
1,039 shares as of Sept. 30 compared with 100 shares at the
the preceding month.
end of
Amendment
which
mutually
agreed
transaction
heretofore
was
At
833,663
sion
729,480
actions
'he
ais
a
as
The effect of this amendment, accord¬
will he to make com¬
equitable where the proceeds of a sale, par¬
formerly the case.
the. present
1,050,164
588,345
$10,
may
The Department of Public Rela¬
tions of the Exchange also says:
July 29.
Aug. 31.
——
than
commissions
the amount involved in
instead of less than $1,
ticularly of rights and warrants selling at low prices,, are
small as to be consumed by commission and other charges
June 30.
Sept. 30.
less
that
where
so
as
967,593
1,228,005
upon
provided.
missions more
1,184.215
31.
is
provides
ing to the Exchange announcement,
1,214.082
Dec. 31 ———1,051,870
1938—
of
Exchange
meeting on Oct. 11 adopted an amendment to the Con¬
a
stitution
29
Jan.
Commissions Adopted* by^Governors
The Board of Governors of the New York Stock Exchange
at
Nov. 30
Oct.
on
New York Stock
than 5,000
or in which a change in the short position of
2,000 shares occurred during the month, the
1936—
of
common
were
existed,
than
Corp.
of
is
as
time, on transactions involving less than $1 the commis¬
mutually agreed between a member and his customer; on trans¬
involving ipore than $1 but less than $50 commission is either 6%
the amount
more
than
$50,
I
or
a
$1,
whichever is greater;
and
on
minimum charge of $3 is made.
..
1,318
13,425
511,232
..
have reported changes in their
Blue Ridge
of
Transactions
811
;
The New York Curb
members:
1.
•
598
..
„•
Transamerica Corp., capital..—
Wheeling Steel Corp., 6% preferred
American General
B. Round-lot
56i
13,424
3,171
7,027
Sweets Co. of America, Inc., capital.
Tide Water Associated Oil
Co., common....
,
,
Week End. Sept: 17
A.
4,107
A:
..
——
'
25,000
z39,000
3,597
,V
_
retired and canceled 2,700 shares,
EXCHANGE FOR
(SHARES)
Week
359
22,792
35,300
Common
1,670,902
THE NEW YORK
OF
2.49
277,930
1,343,706
1,217,800
Sold
3,600
—
148,200
291,090
_■
15,567
3,400
j
W. A. Sheaffer Pen Co., common
Sloss-Sheffiold Steel & Iron Co., S6 preferred
Standard Oil Co. (Ind.) capital
'
Texas Corp. (The) capital
specialists and odd-lot dealers:
4,616
•
15,597
..
;
Peerless Corp., capital
Plymouth Oil Co., Common
19.84
'
3,862
4,634
...
:
..
1.
2,900
3,967
Inc., 7% preferred
Saleway Stores, Inc.-, 6% preferred
7% preferred
C. Transactions for the odd-lot accounts of
577
'
Real Silk Hosiery Mills,
2,218,935
24,150
.
None
J
Total.
3,700
579,817
4,038
McCall Corp., common
;
Outlet CO. (The) 7% preferred
335,875
1,636,810
1,744,732
Jewel
;.r..
ylOO
6,377
6,463
3,000
International Paper & Power Co., common
Lone Star Cement Corp., common
183,660
55,900
18,700
..
5% preferred........
the
V,v\
458,268
v.:;2,400
..
50
.
55,800
302,013
..
'
5,000
20
...
V
126
1,180
1,(00
__
Century Ribbon Mills, Inc., 7% preferred
Congress Cigar Co., Inc., common
Consolidated Oil Corp., common.....
;
Davega Stores Corp., 5% preferred
Detroit Edison Co. (The) common.
Federated Department Stores,
Inc., 4J£% preferred
General Motors Corp., common..
:
General Realty &.Utilities Corp., $6
preferred
Household Finance Corp., common
;
Insuranshares Certificates Inc.. capital.....
—
894,710
959,320
——
Sold.
None
20,026
;
common
6% preferred
:
Bought.i
Corp.,
..
..
Atlas
Transactions of specialists in stocks In
2.
Report
13,555
..
common
7% preferred
members (except transactions for odd-:,
lot accounts of specialists and odd-lot
dealers)
Ship Building Co.,
per Latest
1,605
__
American Woolen Co., 7% preferred—_i
5,591,500
.—Shares
Previously
Reported
-
Ameilcan Agricultural Chemical
Co., capital-..American Coal Co. of Allegany
County, capital
Cento
Week
8,488,450
.
transactions
Week End. Sept. 24
Total for
Per
Per
-
transactions
involving
•?
The amendment adopted
Article XX of the Constitution, provides that:
consideration, and in general approved, the lower
less than $10, the commission
shall be as mutually agreed; when the amount Involved is $10 or more but less
than $50, the minimum commission shall be not less than 6% of such amount or
$1, whichever is greater, arid when the amount involved is $50 or more, the mini¬
mum commission shall be not less than $3."
involved In a transaction Is
"When the amount
of
Governors
Exchange
Stock
York
New
Proposal
The Federal Reserve
York head office of the bank
Governors of the New York Stock Exchange
its meeting Oct. 11
Member Firms relating to the
and
payment by us
may in our
withdrawal
regular meeting, Oct. 26.
If the proposal is approved,
the amendments will be submitted to the membership, and
next
we
if, within two weeks, 688 or more members shall have voted,
a majority approving, the amendments will become ef¬
fective.
The Exchange's announcement in the matter went
which
with
referred
report
its
in
Committee
The
to
the recommendation
New
be
"that a study
gested
made of the advisability of
$14,000,000 of individual 4V2% farm land
bonds dated Nov. 1, 1928, according to a statement made in
Washington on Oct. 11 by F. F. Hill, Governor of the Farm
Credit Administration.
The bonds, which are callable in
10 years, maturing in 30, will be redeemed in cash and there
will be no refunding issue in connection with the call, the
Governor stated.
"Although farmers' principal payments
on Federal land bank loans, aggregating $30,219,158 in the
first half of 1938, were smaller by $2,750,000 than in the
corresponding period of 1937, they nevertheless exceeded
the amount of-new lpans made," Mr. Hill said.
"Most of
the banks will apply this collection money to the retirement
of the bond issue which is being called."
The Governor's
statement was further summarized as follows by the FCA:
fee
the property of the Exchange, no
rights on the floor, no vote in connection with Exchange affairs, no right
to reduced commissions on.~Exchange transactions, and no" rights in the
the
are
of
The privileges which would be enjoyed by allied members
as are now enjoyed by non-member general partners
privileges
same
member firms.
+
Value
Reported
Commercial Paper Outstanding as
of
York Federal Reserve Bank—Total of
$212,300,000 Sept. 30 Compares with $209,400,000
Aug. 31
New
by
*
showing the total value of
The following announcement
comfriercial paper outstanding on Sept. 30 was issued
Oct. 13 by the Federal Reserve Bank of New York:
M Reports received by this bank from
Below
furnish
we
..209,400,000
Nov. 30
31
..210,700,000
Oct.
July
•
$290,400,000
267,600.000
243,800.000
$279,200,000 Mar. 31
311,000,000 Feb. 28
31
.$212,300,000
figures:
1937—
1937—
Dec.
Sept. 30
Aug. 31
31......323.400,000 Jan.
31
1936—
331,400.000
329.000.000 Dec. 31
31...1..324,700,000 Nov. 30
..225,300,000
..251,200,000
Sept. 30
May 31
Apr. 30
..271,400,000
July
Mar. 31
..296,600,000
June 30
284,600,000 Oct.
31
215.200.000
191.300,000
.198.800.000
Feb.
28
..292,600,000
May 31
286,900,000 Sept. 30
197.300.000
Jan.
31
..299,300,000
Apr.
June 30
285,000.000
30
»
Reductions
Further
Cost
in
Bank
of
cut
Another
in
the
by nearly $4,000,000.
;
volume of farm financing is now
it
is
In addition,
reductions in fidelity bond rates that
will save banks an aggregate of $90,000 annually.
These
cuts in the cost of blanket and fidelity bond insurance are
in addition .to reductions amounting to $1,200,000 annually
the committee reports
July, 1937,
on
The reduc¬
blanket bond rates.
tions, which became effective Oct. 1, are of particular benefit
to small banks, according to James E. Baum, Secretary of
Federal
B. A. of Oct. 5 went on.
to say:
will result in savings aggregating
benefit
will
Baum
from
savings in
Costs
states.
ployees
reduced
was
of. blanket
25%
bonds
A
schedule
new
charge of $7
and
$5
to
from", six
to
25
decrease gradually as the number
paid
$90,000
for
per
the
on
individual
smaller
banks.
by
banks
with
more
than
25
per
and
The total
thousand for banks insuring their employees in aggre¬
gate amounts of less than $10,000.
steps
having
thousand
for
The rates graduate downward in four
in aggregate amounts of $50,000
bonds
over.
Banks have the option of benefiting from these
pro
rata refund,
the
refund
coverage
to
reduced rates by taking a
or by applying
insurance or converting
by extending the term of the insurance,
the
cost
of
increased
amount
of
to a broader form of bond.
"Last
June," Mr. Baum said, "when the surety companies
compiled their 1937 loss statistics, the Insurance Com¬
mittee conferred with their rating bureau to study the
had
experience with a view to further adjustments in rates
commercial banks and trust companies.
continued
and throughout
our
for
These conferences
during August and the first half of
discussions the Insurance
fairly normal, according to the
land bank loans is smaller
Federal
less
Slightly
during the first
made
loans
bank
land
outstanding
declined
from
$2,052,000,000
on
1937, to $2,018,000,000 at the mid-point of this year.
sheriffs' certificates and loans called
of
aggregated $140,000,000 on June 30, 1938. . This repre¬
$10,000,000 compared .with June 30, 1937.
Although
decrease of
a
is at a lower level than last year, the
estate activity
a
farms
banks continued
larger number of farms than the number acquired.
The inventory
and sheriffs' ■ certificates on hand dropped from 28,293 on June
The banks sold 6,666
half of this year, compared to
7,962 properties sold for $21,000,000 during the first six months of 1937.
The number of farms acquired through foreclosure or voluntary deed de¬
creased by 37% during the first six months of 1938 compared with the
1937, to 23,891 at the recent mid-year point.
30,
properties for $14,600,000 during the first
corresponding period of 1937.
*
Federal land banks had outstanding. $1,142,518,940
Including the $14,016,440 of bonds which the
On June 30, 1933, the
of
their
individual
have
called
•
or
for
payment
for
individual
$740,000 of their
ment
bonds.
order
retired.
In
making
new
farm
loan
Sept.
30, 1938,
bonds
since
loans,
July
on
Nov.
1, 1938,
all but
approximately
bonds have now either been called for pay¬
provide for the retirement of these bonds
to
the banks have issued consolidated Federal
1933, of which there was outstanding on
1,
$1,820,690,240.
"
.
em¬
schedule fidelity bonds was
amount of the bond
or more employees now determines the rate charged.
The
differs from the old flat rate of $8 per thousand by providing
of
largely
covering one
Premiums
less than, six
reduced 9% to 9.5%.
were
savings
effected,
a
increases.
employees
employees
with
banks
For banks
40%.
to
to
employees the percentage of reductions
of
real
and
bonds
$825,000 annually, and the larger banks
insurance costs totaling about $475,000, Mr.
having less than 26 employees, the reduction on blanket
For banks
ago.
year
were
foreclosure
for
banks
the Insurance Committee.
The statement issued by the A.
for
The banks' investment in real estate,
to sell
announced in
a
$36,400,000 in the corresponding period of
effecting savings to banks of $1,300,000 an¬
nually in the premiums paid for these bonds.
Demand
statement.
was
$29,000,000,
sented
one
commodities
farm
than 8,000 loans, aggregating
half of the year, compared to
1937. Mr. Hill said the number
of farmers obtaining loans to purchase farms is about the 6ame as last
year, but that the demand for loans for refinancing is less.
Total volume
than
reported by the Insurance Committee of the American Bankn
ers Association in the October issue of its "Protective Bul¬
letin," this
many '
loans
The
June 30,
for banks
bonds
blanket
of
cost
1938
of
Insurance
Reported by Insurance Committee of A. B. A.
of
the percentage of the Federal
delinquent on June 30, 1938, was only 13.1% of total
loans outstanding compared with 45% delinquency during the depression
six years ago.
Over 44% of the delinquent loans were in 10 states which
have suffered from severe drought during the past few years.
Many of
the farmers who have been granted extended time in which to meet their
installmnts are in this area, Mr. Hill said.
In the United States as a
whole, however, the total amount upon which borrowers have been granted
additional time in which to pay decreased during the year ending June 30,
months,
bank
Governor's
Aug. 31.
prices
although
recent
in
land
commercial paper dealers show a
two-year comparison of the
a
that
said
considerably
dropped
This figure compares with $209,400,000 outstanding on
Aug. 31 and with $331,400,000 on Sept. 30, 1938.
F 1938—
Hill
Governor
on
market paper outstanding on Sept. 30, 1938.
total of $212,300,000 of open
Offer
will call for payment on Nov. 1,
The Federal Land Banks
dues, and would have no interest in
Gratuity Fund.
$14,000,000 of 4 3^/% Bonds
approximately
/;
the Exchange would not be subject to initiation
Allied members of
or
"
Says Governor Hill of FCA
Be Made,
to
bringing the non-
Exchange."
of the
control
•
item for
actually and
Redemption Nov. 1—No Refunding
for Cash
definitely within the disciplinary
partners of member firms more
member
yet received payment in
Federal Land Banks to Call
the
of
Organization and Administration of the
York Stock Exchange, known as the Conway Committee, which sug¬
the Study of the
for
Committee
or
have not
we
finally collected funds."
to say:
on
other use of credit given for any
payment on the dates of availability."
"Credit
instances," said the circular, "be subject to
give effect to the proposal is scheduled for the
to
advices of actual
will in all
receipt of
in [actually and finally collected funds, and
discretion refuse at any time to permit the
ability of items cannot be considered as
directly subject to Exchange control and discipline.
Consid¬
eration of the amendments to the Constitution and Rules
necessary
necessarily
for collection of cash items,
added that "advices received from us showing the avail¬
the actual time required
show
partners as allied members who would be
member general
time schedules for the New
and the Buffalo branch office.
out that the schedules do not
The Bank points
received a report of the Committee
classification of all non-
at
Bank of New York on Oct. 1 issued
containing the
circulars
Issues Time
Buffalo Branch
New York
Bank of
Reserve
Schedules for Head Office and
two
on
Sept. 18 issue, page 1839.
Federal
Oct. 26
on
The Board of
announced in July, 1937, were referred
The rate revisions
to in our
Receive
rates being
1."
effecting Oct.
Report
on
Classification of All
Non-Member
General Partners as Allied Members—To Consider
„
IS, 1938
welcomed, given every
criticisms and recommendations were
11, which is being submitted to the mem¬
Oct.
bership in accordance with
Oct.
Chronicle
Financial
K2322
September,
Committee's
Tenders of
$425,732,000 Received to Offering of $100,-
000,000 of 90-Day Treasury Bills
$100,040,000 Accepted at Average
Dated Oct. 13-^Rate of 0.022%
Treasury Henry Morgenthau Jr. an¬
the tenders to the offering last
week of $100,000,000 or thereabouts of 90-day Treasury
bills totaled
$425,732,000, of which $100,040,000 were
accepted.
As noted in our issue of Oct. 8, page 2173, the
tenders to the offering were received at the Federal Reserve
banks and the branches thereof up to 2 p. m., Eastern
Standard Time, Oct. 10.
The Treasury bills are dated
Oct. 13, 1938, and will mature on Jan. 11, 1939.
Regarding the accepted bids to the offering, Secretary
Morgenthau's announcement of Oct. 10 had the following
Secretary of
nounced
on
the
Oct.
10 that
to say:
Total applied for,
Total accepted, $100,040,000
$425,732,000
Range of accepted bids:
High,
100.000.
Low,
99.994; equivalent rate
0.024%.
Average price,
99.995; equivalent rate
approximately 0.022%.
(79% of the amount bid for at the
low price was
accepted.)
Volume 147
Financial
New
Offering of $100,000,000
Treasury Bills—To Be
Tenders to
a
Chronicle
Thereabouts of 91-Day
Dated
Oct. 19,
1938
serve
Standard Time, Oct. 17,
not
be
The
received at
will
Jan.
of
Oct. 13
on
by Henry
Tenders will
of the Treasury.
the
be
sold
In his
preliminary statement presented to Mr. Morgen¬
thau (dated
Sept. 1 and made public Oct. 5), relating to the
collection of internal revenue taxes for
the fiscal year ended
June 30, 1938, Mr.
Helvering reported: 7
on
the
18,1939, and on the maturity date the face amount
bills will be payable without interest.
There is a
maturity of a similar issue of Treasury bills on Oct. 19 in
amount
of
$100,124,000.
Morgenthau's
The
(the bills) will be issued
denominations of $1,00,
in
bearer
$10,000,
000
tender
for
tender must be in
less
than
multiples of $1,000.
the basis of 100, with not
on
and
trust companies
ment
securities.
accompanied
bank
or
amount of
an
closing hour
acceptable
the
will .be
prices
places,
deposit
from
incorporated
made
at
will
closing hour for
be
follow
opened
receipt
and
of
tenders
public
or
Oct.
on
17,
branches thereof
announcement
or
.gain
all
Oct.
Reserve
19,
of
the
parts of tenders, and to allot less
Banks
from
the sale
taxation,
or
except
in
cash
other
or
1938.
other
estate
as
disposition
and
immediately
"
.
Treasury bills will be exempt,
to principal and interest, and any
thereof will also be exempt, from
inheritance
taxes.
(Attention
is
invited
to
Treasury Decision 4550, ruling that Treasury bills are not
exempt from
the gift tax.)
No loss from the sale or other disposition of the
Treasury
bills shall be allowed as a
deduction, or otherwise recognized, for the
purposes of
of its
any tax now
or
hereafter imposed by the United States
possessions.
.
••
_
taxs
...
revenue
or
449,187,896.49
2,207,608,172.71 2,287,075,357.14
79,467,184.43
3.6
476,914,918.13
179.5
21.6
265,745,307.84
Total collections
r
factors, affecting collections during the fiscal
years 1937 and 1938 is set
forth below:
Income taxes: Two instalment
payments of taxes imposed by the Rev¬
Act of 1934 on 1935 incomes
and two instalment payments
covering
taxes levied by the Revenue Act of
1936 on 1936 incomes were collected
during the fiscal year 1937.
Collections during the fiscal year 1938 com¬
prised the last two instalment payments on 1936 incomes and
the first two
on
1937 incomes.
The assessments on 1937 incomes
were the result of
levies embodied in the Revenue
Act of 1936, as amended
by the Revenue
Act of 1937, which
rigidly defined personal holding companies and greatly
increased the surtax on their
undistributed
enue
earnings.
The quarterly
receipts from income taxes during the last two fiscal
years
follows:
were as
7/-y •'■-".7
INCOME TAX
any
Steel
'
'
in the
Construction
Commends
Research
Work
industry
message to
Instalment
were
President in his message said:
fundamentally to
resource.
To the extent that
1935
1935
Roper, Secretary of Commerce, in a message to
Institute, described the steel industry as "an illustration
of the mutually beneficial results that aerive from
coopera¬
tion, sympathy and understanding in industrial relation¬
ships."
<
.
year^ 1937.
31
1,056,923,129.52 1,091,740,746,47 2,148,663,875.99
Mar. 31
,297,888,865.49
303,320,955.63
360,922,292.32
193,7
337,799,958.51
.
1938— 2d pay't,
Total,
,
Influence of Women in
by President Roosevelt Incident
ness Women's Week
,
Business
Praised
National Busi¬
to
1938.
1,299,932,071.95 1,286,311,881.92 2,586,243,953.87
Increase over
243,008,942.43
*
In addition to the instalment
payments on
amounts
collected),
returns for
the quarterly
letter to Miss Earlene White, President of the
National
of Business and Professional Women's
Club,
President Roosevelt extended his
congratulations to the
members of the National Federation of Business and
Professional Women's Clubs, in a
message in which he said:
*
In recognition of the
194,571,135.45
437,580,077.88
calendar year returns
also
include
payments
(the major
on
full-paid
calendar and fiscal years;
the quarterly instalment payments on fiscal
year returns; payments of tax withheld at source
(payable in June), and collections
of taxes due for prior years.
'
Carriers
Taxing Acts: The collection
expanding influence of
women and the
corollary of'
professions,
congratulation to the far-flung mem
of the National Federation of Business and Professional Women's
the occasion of national business women's
week, Oct. 9 to 15.
impressed with
slogan, "Better Business Women
^pr a Better
Business World."
Guided by this ideal and
encouraged by the incentive
afforded by existing and potential
opportunities, women may well strive
imposed by the Carriers
levied
on
compensation
The returns
the
for
are
payrolls
approved June 29, 1937, taxes are
$300 per month received in connection with
up to
borne equally
are
by employers and employees
5%% for each of the calendar
due to be filed
of the
years
1937 and 1938.
by Jan. 31, April 30, July 31 and Oct. 31'
as
the initial
preceding quarterly
period,
but
with
respect
to
Sept. 30, 1937, which was designated
period of tax liability, the due date was extended to Nov.
30,
1937.
Total collections during the fiscal
year 1938 amounted to $149,475,666, which, due to the above-mentioned extension, includes five
quar¬
terly payments.
Social
Security
insurance)
ere
'
Act: The
levies
on
tax
payments made to
rates
under
Title
IX
(unemployment
the payrolls of employers of eight
3% thereafter,
With
State unemployment funds.
a
or more at
credit up to 90%
The tax returns
are
2%
for
due
by Jan. 31 for the preceding year, but the tax may be
paid in quarterly
instalments, due Jan. 31, April 30, July 31 and Oct. 31.
Collections under
Title IX by quarters during the fiscal
years 1937 and 1938 were
as
follows:
your
for greater preparedness for meeting their service
responsibilities and thus
a better business world.
This not only involves
contributing to
specialized
training, but the cultivation of
Congratulations and
of taxes
Taxing Act of 1935 was enjoined by various United States District Courts
and the taxing provisions thereof were
eventually repealed by the Congress.
Under the Carriers Taxing Act of
1937,
for the calendar year 1937 and
constructive service in the fields of business,
government and the
jHextend sincere greetings and hearty
am
collections
returns covering the period Jan. 1 to
a
Federation
I
571,700,169.28
559,655,282.37
826,357,778.15
628,530,724.07
fiscal
year
at the Combined rate of
Expanding
on
273,811,303.79
256,334,326.74
465,435,485.83
290,730,765.56
1937— 4th pay't, 1936
1938- 1st pay't, 1937
railroad employment and
Clubs
354,195,241.14
340,846,455.35
798,283,734.82
655,338,444.68
-
Daniel C.
the
heirship
v
$
155,263,764.52
147,628,715.96
469,132,414.90
319,715,851.09
Sept. 30 1937- 3d pay't, 1936
Dec.
the industry
.
-
$
198,931,476.62
193,217,739.39
329,151,319.92
335,622,593.59
1936
1936
Taxes
Total, fiscal
this
research and solves problems in human
relations through
greater consideration of social responsibilities, the
public weal will be con¬
structively served and the industry will
proportionately strengthen the
assets of public confidence.
'
In
Individual
our nationa
effecting economies in production, but in broad¬
ening the utility of this basic
continues
Corporation
$
June 30
economy and to the national well-being.
This increasingly important re¬
lationship has been brought about through research endeavors that have
been successful not only in
Returns *
Sept. 30 1936-w 3d pay't,
1936- 4tli pay't,
Mar. 31 1937— 1st
pay't,
June 30 1937— 2d pay't,
com¬
Construction, read at its annual convention
banquet at French ,Lick Springs, Ind. on Oct. 13.
The
Total Income
Calendar Year
Dec. 31
the American
Institute of,.Steel
The steel industry has
always contributed
-/v..
-
YEARS 1937 & 1938
Payment for
Quarter
'
Industry
The research endeavors in the steel
mended by President Roosevelt in a
"
COLLECTIONS, BY QUARTERS, FISCAL
■
President Roosevelt in Message to American Institute
of
742,660,225.97
20.6
The increase in collections is
attributable principally to the estate and
income taxes levied by the
1935, 1936 and 1937 Revenue Acts and to the
payroll taxes imposed by the Social
Security and Carriers Taxing Acts,
which, for the mgst part, first became
fully productive during the fiscal
year 1938.
A summary of new and
repealed legislation, as well as other
Ended—
•'
.$
4,653,195,315,28 5,658,765,314.33 1,005,569,999.05
internal
taxes
Social Security and
Carriers Act taxes..
Treasury Department Circular No. 418, as amended, and this notice
prescribe the terms of the Treasury bills and
govern the conditions of their
issue.
of
Inc.
2,179,841,834.73 2,629,029,731.22
deposit
as
soon
as
possible thereafter, probably on
Secretary of the Treasury expressly reserves
The
£he Federal
on
Increase
enrich¬
Miscellaneous
in invest¬
a
unjust
ment
banks
for, and, hie action in any such respect shall be
final.
Those submitting tendsr will be advised of
the acceptance or rejec¬
tion thereof.
Payment at the price offered for Treasury bills allotted must
The
1938
$
and
99.125.
e.g.,
Treasury bills applied for, unless the tenders
guaranty of payment by an incorporated
the right to reject any or all tenders
than the amount applied
be
follows:
as
%
1937
Income, excess-profits,
'
cash
at the Federal Reserve Banks
will
following morning.
available funds
General Source
Each
considered.
express
trust company.
to the
$1,000
by
Immediately after the
1938, all tenders received
up
$1,000,-
The price offered must be expressed
and
by
history of the Bureau of Internal
preceding fiscal year
amounts
and
from responsible and
recognized dealers
Tenders from others must be
accompanied
10% of the face
are
$500,000,
than three decimal
more
Fractions must not be used.
Tenders will be accepted without
of
$100,000,
and in
collections during the fiscal
year ended June 30, 1938,
,
amount
an
only,
revenue
in excess of
every other year in the
Revenue and compare with the
■
form
(maturity value).
No
Internal
were
Secretary
announcement of Oct. 13:
They
or
following is from
the previous
over
ment Acts.
Treasury Department, Washington.
a
discount basis to the highest
They will be dated Oct. 19, 1938, and will mature
bills
bidders.
on
invited
were
Morgenthau, Jr., Secretary
$5,658,765,314 represented
an increase
fiscal year, and com¬
pared with the previous high record of
$5,407,580,252 in
1920, when excess-profits taxes and other World War
emergency levies were effective.
Mr. Helvering said that the
latest increase was due to
higher tax rates and to payroll
taxes levied under the
Social Security and Railroad Retire¬
$1,005,569,999
new
offering of $100,000,000, or thereabouts,
91-day Treasury bills to be received at the Federal Re¬
Banks, or .the branches thereof, up to 2
p. m., Eastern
of
2323
Total collections of
of
or
best
an
Quarter Ended—
Sept. 30
for
the
success
of
national
business
June 30
women's week and hearty greetings to all the members.
Total
„
—
Fiscal Year 1938
$33,598.88
23,066,380.59
35,019,334.21
$11,968,780.45
10,920,496.94
55,591,267.28
11,785,989.46
358,119,313.68
$90,266,534.13
~
Dec. 31
Mar. 31
understanding of social problems.
wishes
Fiscal Year 1937
-
Title VIII of the Social Security Act (old
age benefits) imposes levies on
taxable compensation equally upon the employer and
employee at the com¬
New
Record
Last
Fiscal
Ail-Time
to
for
Internal
Revenue
Year—Taxes
of
Collections Set in
$5,658,765,314
Are
High
Guy T. Helvering, Internal Revenue Collector, reported
Secretary of the Treasury Morgenthau on Oct. 5 that
internal
collections during the year ended June
30,
1938, set an all-time record in the history of the country.
revenue
bined rate of 2% for each of the calendar years 1937 and 1938.
Tax for
the calendar year 1937 was paid monthly on returns filed
by the last day
of the succeeding month, whereas during the calendar
year 1938 the tax
is to be paid quarterly, with returns due by
April 30, July 31, Oct. 31 and
Jan. 31.
Therefore, the sum of $207,339,091 collected
year
during the fiscal
1937 represents five monthly payments (January through May 1937),
while the amount collected during the fiscal year
1938, namely, $502,918,025, represents seven monthly payments (June through December
1937)
and the quarterly payment due April 30, 1938.
Financial
2324
or
otherwise
at
the mine
Code under
returned by
of 2,000 pounds on bituminous coal
the rate of approximately one-half cent per pound.
monthly sales is due to be returned by not later than the last
deficit.
securities,
of
Receipts from
Receipts from
July 1, 1937, to
June 30, 1938
1937
IFiscal Yr. 1937) (Fiscal Yr. 1938)
June 30,
Treasury receipts in the first
aggregated $1,509,182,032 against
to July, 1938.
up
fiscal
year
>
Carriers Acts)
Estate tax..
Court Refuses to -Review
Conviction—Tribunal to Hear
Appeals in Several Cases Covering National Labor
20.4
36,569,041.83
45.7
137,499,245.53
6,073,351.02
139,348,566.58
6,216,735.52
2.3
265,745,307.84
281,635,983.21
23,911,783.26
742,660,225.97
382,175,325.84
34,698,739.01
179.5
Gift
312,660,986.64
294,786,143.24
—5.7
281,584,099.63
552,254,145.22
273,192,458.29
568,181,967.53
—3.0
'28,651,710.11
20,083,581.38
18,355,340.01
3,599,388.57
—29.9
142,107.43
4,052,567.33
—77.8
227,995,815.74
235,213,100.27
3.2
125,200,785.71
35,974,552.33
18,319,181.39
11,124,818.14
89,617,691.52
—28.4
and
------
tax
-----
-
special taxes)
Fermented malt liquors Unci,
Mooney
special
taxes)---—------—
manufacture taxes.
Stamp taxes (Title VIII, Revenue
Ac.)
transfers—-—
delivery sales of producetransfers.---
Silver bullion
cards
Playing
31,350,597.49
5,096,813.70
633,712.38
4,186,502.43
'
—
-
Manufacturers' excise taxes:
lubricating oils.Motor vehicles (automobiles, trucks,
motorcycles, tires, tubes, parts
Gasoline and
'
and accessories)..—
Electrical energy
—
Toilet preparations
Cameras, firearms
---
and sporting g'ds
phonograph
and
Radio components
records
—-—
-—
Chewing
gum.-
malt—
Brewers' wort and
5,848,841.64
—32.1
Miscellaneous taxes:
Sugar..
Bituminous
coal
-
club dues
Admissions and
29*688,239". 18
processed
Coconut, &c., oils,
Telephone, telegraph,
26,027,960.02
—
radio and
24,569,626.97
communications
Transportation of oil by pipe
cable
Crude petroleum
11,244,095.87
line—
produced and
23,977,064.52
12,517,030.37
its
procedure.
The court also agreed to review a
8.1
who strike in connection
even
—7*5
—2.4
11.3
991,248.01
2,465,925.63
10.8
2,013,158.73
—1.3
850.396.12
504,104.75
—40.7
soft drinks,
dividends and Jewelry) —
5.0
The tribunal consented to
directing the Sands It was ruled by
until
shutting down the plant in preference to hiring outsiders to work
Manufacturing Co. of Cleveland to reinstate
they chose
one
634,645.40
1.3
4,653,195,315.28 5.658,765,314.33
As to the Kansas
Journal"
reported
The Court
Discusses Fiscal Matters with
Advisers—Tax and Budget Problems on Program—
Indicates
Plans Tightening
of Anti-Espionage
Roosevelt
Activities
Hyde Park, N. Y., and
from his home in
ferred with his
fiscal advisers on tax and
At bis
are on
a
he revealed that,
sufficiently coordinated
to meet the problem adequately, indicating at the same time
that a special set-up within the Government might be neces¬
sary if espionage is to be combated successfully.
In part,
the United Press reported the President as follows:
existing Federal machinery was not
adding that the
Government's objective was to separate two forms of activities by foreign
governments within our borders—dissemination of propaganda and military
He
and
said
naval
Spy
the
situation
presented
national
a
in
problem,
he
the
House
earlier
States
Attorney for
said, occupied his attention at the summer White
he conferred with Lamar Hardy, United
week when
New York.
In
a
"Herald
as
the Government to
Washington
Tribune"
follows:
track down its enemies.
dispatch
discussed
of
Mr.
last
Court
Supreme
Oct. 10 the New York
Roosevelt's future plans
When the order was held invalid by the
for
spring
The
case
a
defective hearing the district court
It amounted
back to the commission merchants.
existing rates and those set by the Secretary in *
•
is advanced for argument Oct.
the further rulings
Some "of
Oct. 10
1937 during
of Agriculture Wallace reducing rates
the invalid order.
20.
by the Supreme Court on
noted in the "Wall Street Journal's" advices were:
as
The high court
granted a review of a Circuit Court of Appeals decision
the power to create and regulate mutual
that the Federal Government has
associations under the Home Owners Loan Act.
State of Wisconsin allegedly attempted to
of the Federal franchise of the First Federal
Savings & Loan Association, Milwaukee.
The State held a franchise was
gran table only by the State. The Act was attacked as being unconstitutional.
This is the first time the court has consented to review the constitutionality
building
or
savings and loan
The action
arose
interfere with
of the
when the
the operation
portfon of the Act authorizing the Federal Government to create and
regulate such associations.
.
.
.
The lone decision handed down at
without opinion, the
Act in
officials
yesterday's session was one upholding,
validity of the Ohio Liquor
Control Act.
Alcohol Control
consider the validity of the Kentucky
of Carrie Kohn to enjoin State
from seizing $5,000 worth of alcoholic beverages owned by the
Distributing Co. on which the estate held a mortgage.
.
.
.
a case
brought on appeal by the estate
present the Federal
to enable
impounded from June 14, 1933 to Nov. 1,
buying and selling livestock.
on
Central
...
Government is carrying on its war against spies
through the State Department, Treasury, Federal Bureau of Investigation
and the intelligence branches of the Army and Navy.
Through proper coordination Mr. Roosevelt feels that much greater
efficiency could be attained without asking Congress for additional funds
At
The money was
The court agreed to
'
spying.
activities,
yards rate case
^merchants at the yards.
to the difference between
conference, on Oct. 7, the President stated in
to questioning that spy activities in this country
much larger scale than 10 years ago, and according
the
Court order in the Kansas City Stock¬
directing distribution of about $580,000 to commission
budget measures
JJnited Press advices from Hyde Park
to
10) agreed to consider the appeal of
government from a Federal District
ordered the money turned
press
response
follows from its Washington bureau:
(Oct.
Oct. 10
immediately con¬
preliminary to drafting his budget message to Congress. He
planned to discuss this week the problems of social security,
farm relief and reorganization of anti-espionage facilities.
of 13 employees.
City Stock Yards case the "Wall Street
as
yesterday
obtain a review
that the Labor
upheld
The Sixth Circuit Court of Appeals
litigation over an order of Secretary
Iioosevelt returned to Washington on
(President
that its activities were local and hence
authority over it.
no
order directing the reinstatement
an
21.6
626,332.96
Furniture Manufacturing Co. failed to
of its contention
Board had
(narcotics, process butter,
mixed flour, filled cheese, Nat'J
Firearms Act, and other mlscell.).
employees.
had negotiated with its employees
department.
The Memphis
All other
President
enforcement of a Labor Board,, order
Court denying
in
employees
The Board appealed from an
in a case involving
Stamping Co., Inc., of Terre Haute, Ind.
review a decision by the Sixth Federal Circuit
the Seventh Circuit Court at Chicago
the Columbian Enameling &
5.1
ruling by the Labor Board that men
with a labor dispute retain the status of
though under contract not to strike.
adverse ruling by
894,182.66
2,348,415.24
2,039,714.37
taxes.-
Repealed taxes (candy,
checks,
30,569,130.14
3,211,601.04
27,470,030.40
27,351,710.61
Argument was set for Nov. 7.
ruling at Covington,
Ky., permitting the Board to recall an order directing the company to
reinstate 29 employees at Michigan plants.
The Board wished to amend
appealed from a Federal Circuit Court
Ford had
*
—40.7
the NLRB
directed
withdraw litigation involving an order
against the automobile concern.
—1.7
—10.9
—9-8
Co.optained a review of its contention that
should not be permitted to
the lower court that the company
processed..
Oleomargarine, incl. special
Leases of safe deposit boxes
The Ford Motor
—13.4
4,683,873.16
5,341,980.60
1,004,740.08
487,569.06
•
6.9
822,410.23
v
appeal of Thomas Mooney was mentioned in our issue'
3602; From Associated Press advices
from Washington Oct. 10 we quote as follows regarding the
action of the Supreme Court on that date as to the cases
involving the National Labor Relations Act.
The
of June 4 last, page
—3.2
—10.8
6,754,272.07
6,900,064.15
5,919,688.34
929,467.58
—
Matches.-----——^—«—
—41.4
t-29.4
16,336,565.43
.10,934,704.27
8,829,048.33
9,912,574.04
Mechanical refrigerators
Furs.
2.9
38,455,401.97
<-
Prepardness Day bombing in 1916. Petition for review was
apparently rejected by a vote of 6 to 2, as the court's order
said that Justices Reed and Black had dissented.
No
further explanation of the ruling was given by the Court.
The Supreme Court also granted review on several ques¬
tions pertaining to the National Labor Relations Board, and
likewise a reyiew of the Kansas City Stock Yards case, which
was referred to in the "Chronicle" of Sept. 17, page 1713.
45.1
(bonds, capi¬
-
Capital stock
Future
35.7
Act
deeds of convey¬
tal stock Issues,
.
Supreme Court on Oct. 10 refused to
review the conviction of Thomas Mooney, who is now serving
a life sentence for alleged complicity in the San
Francisco
The United States
amended):
of 1926, as
Documentary stamps
ance,
Relations Act
1.3
,
Tobacco
Supreme
States
United
(—)
25,104,607.72
—
three months of the 1939
$1,650,690,000 last year,
expenditures . rose from
under way.
gets
% of
%
5
because of
1937 and continued
Inc. (or
Decrease,
2,148,663,875.99 2,586,243,953.87
profits tax
Capital stock tax
Unjust enrichment tax
Payroll taxes (.Social Security
Excess
whole field
tax-exempt
possibility
$1,937,764,000 in the first three months of
last year to $2,210,165,000 for the current quarter.
The Administration was "in the red" to the extent of $700,000,000 in
the three months ended Sept. 30.
Treasury authorities believe that this
deficit will mount sharply when
the spending-lending. recovery program
while
Thomas
Income taxes.-
during the summer of
slump which set in
business
the
REVENUE
July 1, 1936, to
of Revenue
the conferees canvassed the
it was learned that
especially the undistributed profits tax, elimination of
taxation of State and Federal employees, and the
lowering income tax exemptions.
-----■■■ ■., •
The Administration is being faced with declining revenues
of taxes,
9,1937 (Public, No. 198, Seventyfifth Congress), to amend the stamp provisions of the Bottling in Bond Act
changed the tax rate for these stamps from 10 cents per case to 1 cent per
bottle, except that the price of stamps for containers of less than one-half
pint is one-quarter of 1 cent for each stamp.
The Marihuana Tax Act of 1937 (Public, No. 238, Seventy-fifth Con¬
gress, approved Aug. 2, 1937) imposes occupational taxes on dealers. &c.,
in Marihuana as well as a tax upon the transfer thereof.
^ A summary comparison of internal revenue collections by general tax
sources for the fiscal years 1937 and 1938 follows:
Source
...
Meanwhile,
following month.
Distilled spirits: An Act approved July
day of the
COLLECTIONS OF INTERNAL
and Assistant Secretary
matters.
Mr. Morgenthau, at a press conference, said that these preliminary dis¬
cussions with the President will lead to formulation of *he new tax program
and preparation of the 1940 fiscal year budget.
Mr. Roosevelt has esti¬
mated the revised 1939 deficit at $3,984,000,000, the second largest in the
New Deal, and slightly more than $400,000,000 under the 1936 record
turers' sales of sugar at
The tax on
Morgenthau Jr., Acting
of the
Henry
W. Hanes, in charge of tax
Treasury John
effective Sept. 1,1937, on manufac¬
of 1937 imposes a tax,
review of budget and tax matters
preliminary
a
the
of
Director
month.
The Sugar Act
made
Secretary of the Treasury
Budget Daniel W. Bell,
with
today
sold,
disposed of, and an additional tax of 19H% of the sale price
of coal disposed of by non-members of the Bituminous Coal
specified conditions.
The tax for each month is due to be
not later than the first business day of the second succeeding
of 1 cent per ton
the rate
President
The
•
effective June 21, 1937,
Coal Act of 1937 imposes a tax.
The Bituminous
at
1938
15,
Oct.
Chronicle
To Consider Validity of
The court also agreed to
California Use Tax
consider the validity of the application of
California Use Tax to purchases
the
of Southern Pacific RR. and Pacific Tele¬
phone & Telegraph Co.
The two
three judge Federal Court decisions
3% of the sales price on purchases for
other consumption. They argued that their purchases were
interstate and intrastate commerce and that the tax would
companies appealed from
holding constitutional the tax of
storage, use or
for
use
in both
burden the interstate commerce.
Volume 147
Financial
To Consider
Supreme Court agreed
tax
commissioner
Artists
tax of
Corp. is
1%
a
Clause
State
three-judge Federal Court ruling that United
not subject to the West
of gross receipts.
Perry
Virginia business and occupation
The
The lower court held the film company was
not in
business in the State since it sent its
pictures in to exhibitors and
had them returned to out of the
State officers.
The corporation also was
was held to be in
interstate commerce.
.
.
The United States tribunal
agreed to review
Circuit Court of Appeals
a
of
authority to the
Secretary of Agriculture.
brought by Fleming Warehouse, Oxford, N. C., after a
injunction against the enforcement of the Act was set aside
"Times"
those
opposed by the govern¬
Supreme Court review of
Appeals ruling that gains from the short sale
was
made out of stock held
over two
than capital gains.
he had
realized
than two
out of a
ordinary gain, but rather
as
of
the
Government
Liberty
•
plain and
was
,validity of the Ohio Liquor Control Act in a
wholesale drug company which formerly sold liquor for
medicinal and other non-intoxicating
purposes.
a
Kinnan
&
Marvin
Co.,
of Toledo,
Ohio,
was
States
petition for
salaries
of
review of
a
George G. Wislar,
and
importer, contended that the portion of the Act
an
President
the
Act
to
commerce was an
as a
to
products
suspend
the application
of countries
unconstitutional
whole
not
was
which
of
duties
pro-
discriminate against
delegation of authority.
that
the
application
granted
20 days in
for
for
"original"
an
which
to
file
permission
writ
briefs
on
all the issues involved.
unsuccessful.
'
to
of habeas
with
the
hearing would result in the
a
position of deciding
renew
review
a
infringed
on
of the
was
Supreme Court.
court
The
referred
the
on
holding it
Port
Authority and
..
Marketing Quota Provisions of Agricultural
Adjustment Act
by Three-Judge
Court
"
Upheld
Macon, Ga.
Federal
growers, a
threes-
at
Macon, Ga. upheld the marketing
provisions of the Agricultural Adjustment Act of 1938,—
ruling that the application of the act is
"marketing of quotas
according
not unconstitutional
be validly penalized
may
the
to
act."
Associated Press
Macon in the Savannah "News" said:
municipal
from
\
their quotas.
Valdosta division of Federal court in the
The
act
United
States
of Congress
was
had intervened
involved.
The suit
name
because
was
brought in the
of James E. Mulford.
the
Congress passed
a
constitutionality of
an
law last year allowing
was
questioned.
wrote
upholding the act and Judge Deaver did
Fees impounded by the
ruling and they will
growers
tobacco
go to
obtained in
season
was
the
not file
an
opinion.
court were ordered disposed of under the court's
the Government.
Valdosta
division
A restraining order which the
at
the
beginning of the 1938
ordered dissolved.
Judge
Sibley ruled that if regulation of marketing of crops is needed
Congress has the authority to act to regulate it and not the states.
The
act, he held, deals
only with the planting and production.
The growers still can appeal to ther Supreme Court.
denied
a
The
decision
referred
was
to
the
J.
:
behalf of three employees whose salaries
on
original proceedings—Philip L. Gerhardt, Billings
Mulcahy—asked the reconsideration both on grounds
created
new tax principles on which
they should be per¬
and that application of the decision should be limited.
employees
and
be
held
taxable
only
during and
since
the
tax
New
Jersey,
an
contended
legal officers of the States of New
that
previous
tax
opportunity to present argument
Besides the item in
doctrine
on
May 28 issue, the ruling
our
had
been
was
also
it.
referred to in these columns June 11, page 3744..
Connecticut
Attorney
Impose
of
General
Taxes on
Federal
Salaries
State
Endangered
and
Oppose
to
State
Move
Bonds
Municipal
to
Says
—
Employees
Are
by Proposal
The State of Connecticut will oppose any attempt to im¬
Federal
pose
taxes
outstanding
on
State
and
municipal
bonds of the State, Attorney General Charles J. McLaughlin
said
Oct. 7 in replying to a letter from Henry D.
Jackson,
on
editor of the New Haven "Register."
that
Mr. McLaughlin said
is also
he
opposed to any attempt to destroy the im¬
munity of such bonds issued in the future unless the States
that action by assenting to a constitutional amend¬
General said that employees of the
municipalities may be subjected to retroactive
The Attorney
States
and
taxation of back salaries- for the past 12 years as the result
recent decisions by the United States Supreme Court,
and
said
that he and
other
State
Attorneys General
fighting this threat.
In his letter Mr.
It
is
higher
and-its
the
agencies
because
the
of
the
State
saving
a
by
the
investors
for
a
keep
allows
denial
its
it
that
an
of
pledge
of
immunity.
token,
that
The
immunity.
escape
fair
resist
a
any
floated
will
represent
exemption
play if
bargain—if,
effect,
rate
from taxation,
elementary
that
low
but
a
the
a
result,
it
for
measure
of the securi¬
of
not
bargain.
contract
by
payment
a
therefore,
is,
State
after being
gift
a
It would
Connecticut
did
on
the
attempt to make
its
outstanding bond¬
the
is clear.
basis
not
paid
second time in
authorizing collection of a Federal
be
As
large
State resulting from the immunity
already reduced interest receipts.
As to them, therefore, my duty
to
in
pay
Connecticut will
failed to
in
pay,
of
to the
same
of
side
immunity,
issue
.
Undoubtedly the low rate of less than 2% at
be able to borrow next month will
immunity they receive.
ties;
be
McLaughlin said, in part:
fairly be said that such holders do. not
reflect
were
•
generally admitted that investors in public securities pay a much
price and accept a much lower interest payment from the State
holders
Sitting on the case were Judge C. B. Kennamer, Judge of the northern
Alabama district of Federal court; Judge Samuel H.
Sibley, Judge of the
Circuit Court of Appeals, and Judge Bascom S.
Deaver, jurist for the Mid¬
dle Georgia district of Federal court.
Judge Sibley and Kennamer
the opinion
10
Washington bureau the "Wall Street Journal"
reversed without
which
such intervention by the government when
constitutionality of an act
I*.
tax.
The attorneys, including the chief
which
South-Georgia leaf producers had filed suit against Nat
Smith,
Agricultural Adjustment Administration official, seeking refund of penalties
over
Oct.
on
1938.
year
cannot
accounts
A group of
paid on tobacco marketed
for
of
.
ruling against South Georgia tobacco
and that
in
its
agree to
In
Supreme Court
Washington, Oct. 10, said
John
decision
ment.
Judge Federal Court
Petition
Attorneys for the Port Authority and its three employees, whose income
held in the decision to be taxable, Asked for an alteration or clarifica¬
of the opinion and for a rule that compensation of affected State and
Telegraph Co.
in this issue under
separate
to
headings.
at
Denies
tion
being placed in the
Circuit Court of Appeals decision
Supreme Court rulings
Tobacco
Court
-
Mackay in its wireless telegraph service within the United States.
cases are
Supreme
was
The
patents held by the so-called radio patent pool headed by the
The patent concerned construction of antennas
Gold Clause
a $10,000
$16,931.25, with
repotted:
A similar move three years
•
Second
He
Radio Corp. of America.
used by
equivalent
asked
three-
a
corpus.
The court granted the petition of the
Mackay Radio &
for
its
or
Perry
Supreme Court's order, John F.
Washington lawyer, moved
year-old
and
the
mitted to argue,
Tribune" commented
Immediately after the issuance of
involved
Walson
York
Washington dispatch of Oct. 10 to the New York "Herald
on the
Mooney case and that of the
Mackay Radio & Telegraph Co. as follows:
'
The rehearing petition, filed
The
attacked.
A
was
gold
Mr.
May 28 issue, page 3430.
Regarding the petition
the
Supreme Court has denied, Associated Press
our
From
[decision by the Court of Customs
Patent Appeals that the discretionary power granted the President in
the
Trade Agreements Act to suspend duties under the Act is valid.
ago
in
bond.
employees of Port of New York Authority sub¬
accounts from
Denies Review of Trade Agreements Act Case
Supreme Court denied
granting of such
in
rehearing of its decision of May last holding
a
per¬
department of liquor control to sell liquor at wholesale.
The company contended the monopoly
given to the State Department by
the Act destroyed its valuable business without
compensation.
*
Finnerty,
to redeem
4%%
ject to Federal income
were
denied
mission by the State
validity of the Act
decision
Federal Income Tax
which
The high bench upheld the
American
Loan
The United States
in
Upholds Validity of Ohio Liquor Control Act
the
attitude when
The
of Decision Holding Salaries of Em¬
ployees of Port of New York Authority Subject to
b
ordinary gain. This position was accepted by the Board of Tax Appeals
and subsequently affirmed by the Circuit Court of
Appeals.
permits
1935.
v
as
which
the court's
Rehearing
as
that any short sale, irrespective of the manner in which
made, was taxable
Claimed in
of
February,
that
was
United
qualtity which
He contended that the profit so
years.
■
'■
"
in
ordinary rather
The government contended that the language of the Act
Walding,
decided
were
stock, delivery of which
"gain from short sales" within the meaning of the 1932
capital gain.
brought by
cases
.
of
same stock
Revenue Act and, therefore, not taxable
case
1
inferential affirmation
was
interest.
during 1932, Mr. du Pont made short sales of stock and
more
not
was
:
clause
cases
refusal
years, were taxable as
by delivery shares of the
held for
said
the abandonment of the gold clause was unconstitu¬
tional, but that Mr. Perry and the other petitioners had not shown loss.
>
Mr. Perry started a new action to
prove damages.
This challenged the
Circuit Court of
a
the
on
"
At various times
covered sale
gold
Fourth
a
constitutionality of the abrogation of the
Federal
,
Denied Review in Capital Gains Tax Case
denied
in
Today's action
ment, however, because "of the importance of the
questions concerning the
constitutionality of the Act."
was
10
February, 1935, that
Regarding the refusal of the
the
de Pont
Oct.
on
Claims, which in May last dismissed his petition
auctioneers.
was not
M.
damage had been proved.
Supreme Court this week to review the ruling of the Court
of Claims, Washington
advices, Oct. 10, to the New York
in In the lower courts, the government contended that the warehouse had
P*Henry
the
anew
clause
failed to show damage by the Act in
question, which provides for Federal
inspection and grading of tobacco before sale by warehousemen as tobacco
appeal
Supreme Court dismissed
no
by the Circuit Court for the Fourth District.
an
by John
basis of the Supreme Court decision in
was
The warehouse's petition for
Brought
Liberty Bond
on
obligations.
The case was again
brought before the Supreme Court on July 28 (as indicated
in our Aug. 6
issue, page 827) on an appeal from the Court
ruling that the Federal Tobacco Inspection Act is a
proper exercise of
Congressional power and not an unlawful delegation of
district court
States
Action
in
to Review Gold
brought recently by John M. Perry of New York
»
itAgrees to Reviewfederal Tobacco Act
The appeal
Decision
United
to test
Supreme Court Declines
to Recover
the action
gold
1
2325
United States
to consider the appeal of the West
Virginia
from
Chronicle
West Virginia Tax Case
form of taxation
If
any
legislation
of
their
on
is
that
passed
income tax upon the $25,000,000 bond
by the State of Connecticut next month,
or
upon
any
State or its agencies, I will, so long as I am
Attorney General, enter the courts on behalf of the State and its investors
and oppose such
taxation as both unjust and unconstitutional.
If the
attempt is to render such outstanding State securities, already in the
hands of the public, taxable by a constitutional amendment, I shall oppose
issues
of
the
submission
of
such
previous
the
shall
oppose
ratification
an
of
amendment
by
Congress.
If
unsuccessful,
I
such an amendment, by Connecticut, and
Conference on State Defense I will work to
through my position in the
obtain similar action in eVery other State in the Union.
Financial
2326
Board
Fact-Finding
President's
Hears Further Testimony—4-Point
Proposed—Union Leaders Say Pay at
Factory Workers
Dispute
gram
Rate
Pro¬
1920
"The membership of the
in wages of
riers' demand for a
described
these
in
Fact-Finding Board rejected a number of
Jett Lauek, Chairman of the Pennsylvania
Anthracite
Commission, according to Associated Press
advices from Washington which added that over vigorous
protests by counsel for the roads, Mr.
that the wage reduction demand came
four-point program for rehabilitation of the railroad in¬
dustry was advocated at the Oct. 13 hearing of the Board
by Geroge M. Harrison, Chairman of the Railway Labor
Executives' Association.
Washington advices to the New
York "Journal of Commerce" reported that, carrying at
advices also stated:
tion" caused the present
40% of the value
to
yesterday (Oct. 14) told the Board that
the railroads could save $1,000,000 a day by eliminating
waste, hence, he contended, they are not justified in pro¬
posing the wage cut amounting to $750,000 a day. Senator
Truman likewise opposed the
wage cut at yesterday's
hearing.
''
;:/v /' JX:' \.::X:XX
On Oct. 8 Bert M. Jewell, President of the Railroad Em¬
a
Senator Wheeler
ployees Department of the American Federation of Labor,
testified that the cost of living was only one of the seven fac¬
tors mentioned in the 1920 Transportation Act, which were
to be considered among other elements in fixing the wage
scale.
The testimony was reported in the following Washing¬
dispatch of Oct. 8 to the New York
The factors outlined in
wage
structure, he added,
"Times":
that Act were used in establishing
He said the seven factors were:
"X.
"2.
"3.
"4.
"5. The degree of responsibility.
"6. The character and regularity of the
"7.
wage
.
other industries.
The scales of wages paid for similar kinds of work in
The relation between wages and the cost of living.
The hazards of the employment.
The training and skill required.
"
Class I roads in 1936 to have been
$26,000,000,000, as against $20,000,000,000 in 1920.
He said the financial burden on each employee in 1936 was $24,208, or
more than twice what it was in 1920.
Mr. Harrison told the Board that the
Accuracy of Indices
$3,054 in
the
also attacked
consideration to the standrad of living. '
Kaplan as to whether there was
between the cost of living nad the
standard of living, but
simultaneously.
J. Carter Fort, counsel for the Association of American Railroads, also
asked Mr. Jewell if the cost of living had not been treated as important in
previous wage raises.
Mr. Jewell answered that it had, but "raises always
Mr.
Kaplan insisted they should be considered
The plight of
in 1920,
by the railroads in
18 years ago.
June
30,
"The workers in the railroad industry have
made little or no progress in
should not now
improving their wage rates since 192Q, and, therefore, they
Mr.
as to
accept a reduction in their rates, which are already too
Kaplan challenged the statistical testimony presented by
both hours of work and hourly earnings in the railway
industry continue it is impossible for any railroad
improve its property.: Stating this, Washington
advices Oct. 7 to the New York "Journal of Commerce,"
expand
the railroads
industry as com¬
.
.
.
said the 8% increase granted by the roads in
only about half as much as increases obtained by
in manufacturing
industries.
.
Mr.
weekly or
did not reflect the amount of employment.
Mr. Faricy contended that the roads continued to
employ workers while
other industries were shutting down and laying off their employees.
"While the hearing was in progress,
Executives'
George M. Harrison, Chairman of the
Association,
made
public
William Green, President of the American Federation fo
support the railroad unions "to the full extent of our
a
1937
8,500,000 workers
Kaplan conceded that his figures represented hourly rather than
annual wages and
Labor
strike.
Charles Donnelly, President of Northern
recalled that in
only 39,000.Up to a short time
Pacific, who, citing the case of his own road as an example,
1929 it had 49,000 freight cars, but now
ago,
he said, it was possible to finance the purchase of equipment through
equipment trust certificates, and on very favorable terms, by any railroad
make the initial payment of 25% .
in such financial condition as to be able to
to
he continued, has put out three such issues
purchase 39 locomotives and 3,000 new freight cars.
"We
need
very
much
continue this program of equipment," Mr.
to
Donnelly said, "but under present conditions we cannot; do so.
year our
made in 1937, the total amounting to
from
Late last
operating department submitted its budget of expenditures to be
That budget
$11,000,000.
yet been submitted, but it is clear that under present conditions our
cut
expendi¬
last year ."
The executives concluded the presentation
of the wage cut in the midst
was
The budget for 1939 has not
$11,000,000 to less than $3,000,000.
of their evidence in support
of a series of questions, propounded by James M.
clusion that
.
a
wage
of other industries
cut is necessary and possibilities
reducing wages should the rail wage cut become effective.
H.
A.
Enochs, Chairman of the Carriers' Joint Conference Committee
which handled the negotiations
of
the
issue.
i
with the workers, recited the whole history
-
.
.
.
Farmers
'
•
Must
ative
Accept
Responsibilities of Cooper¬
F. F. Hill, Governor of FCA, Tells
System,
Reached
Presidents—Loans
$183,000,000
Reports
"If
Middle
at
look
farmers
Credit
Production
of
Conference
the
on
of
1938,
Farm
Corporation
Five-Year
S.
Credit
M,
High of
Garwood
Administration
merely as another Government agency from which to obtain
benefits
but
in
with which
connection
they
accept no
re¬
,
by W. T. Faricy, counsel for the roads,
Under cross-examination
Railway
.
The warning was sounded by
included bonuses and other
Testimony on Oct. 10 was indicated in part, as follows in
Washington dispatch of that date to the Associated Press:
many
or
continued in part:
emoluments.
was
.
computing railroad hours and the method
the Labor Bureau's figures for other industries
Kaplan
/
tions in the
to
low."
used by
the Bureau of Labor Statistics in computing hours of work in other in¬
dustries, as the latter included overtime, vacations with pay and other
situations in the particular industry.
He said the hourly earnings of rail¬
road workers included only hours actually worked or paid for work, while
the clock-hour method of
Mr.
of
He declared there was a vast difference between
pared to other industries.
a
"consists in an excessive and intolerable
bonded indebtedness, of long-term" debt with fixed
interest
Landis, member of the Board, of the steps which led executives to the con¬
1938.
be called upon to
fundamental disease
system."
The railroad executives rested their caase before the Board
on Oct. 7 with final warning that so long as present condi¬
"During this period average hourly earnings
70.4 for the year
railroads was a typical symptom of "a
tures must fall below even those of
1
increased only 1.4 cents from
ended June 30, 1931, to 71.8 cents during the year ended
harm than good.
disease," he explained,
Northern Pacific since 1934,
1937
and now in effect," he said "are substantially the same as those established
in 1920 by the Railroad Labor Board.
*
,
"Following the reductions in 1921 and 1922, wage rates were increased
gradually by agreement between the representatives of the employees and
the carriers and as the result of mediation or arbitration under the Railway
Labor Act, so that they are now again at practically the same level as they
"The record shows that the wage rates agreed to
were
.
charges."
living."
trailed far behind the cost of
cut."
stated that the wage cut would do more
The "Times" also reported him as saying:
Counsel for the railroads questioned Mr.
not a difference
wage
only other witness at the hearing was Mgr. John A.
Ryan, head of the National Catholic Welfare Council, who
amount
brotherhoods.
David Kaplan, director of research for
International Machinists Associatioin, declared that "no index can show
cost of living."
He added that they only showed the changes in prices,
and gave no
15%
The
"The
t
$700 more profitable
Yet they are asking us to take a
last year than in 1920.
in the American industrial
by witnesses for the
the
.
.
words," he continued,/'each worker was
"In other
resulting from previous
Attacked
1920.
to the industry
'
of the cost of living indices were
employee was $3,736 in 1937, and
actual wealth production of each railroad
,
The accuracy and relevancy
-
American Association of Railroads
of the
cited figures
Harrison
showing total property investments of
employment.
Inequalities of increase of wage or treatment
orders or adjustments."
time for wage-cutting.
no
Mr.
the present
'
,
was
proposed change
and should be considered in any
position the Baltimore & Ohio, Missouri
of his
-
suggested as a solution of the
reorganization and a scaling down of fixed charges.
drastic
that structure.
in
"problem" railroads' troubles,
He cited in support
Pacific and Chicago & Great
Western, which have recently taken steps to reduce their interest charges.
The evident gains in business, Mr. Harrison said, emphasized that this
Mr. Harrison
public interest.
ton
a
industries.
where consolidations would be in the
Consolidation of the railroads
general wage-cutting campaign involving other great
We quote from the Washington advices Oct. 12
the New York "Times" which also stated in part:
of
of dividends to some reasonable
figure.
4.
<'
,
hearing George M. Harrison, Chairman of
the Railway Labor Executives Association was reported as
saying that if the railroads carried into effect their decision
to cut wages 15%, it would mean "economic suicide" so far
as the railroads were concerned, and might be the beginning
of transportation under one
evidences of long term debt to
property and limit the payment
■
At the Oct. 12
standards of the present law to permit car¬
riers to fix a rate base that will enable the roads to build up reserves in good
times to tide them over depression periods.
Restrict issuance of
opinions" of Mr. Lauek, unsupported by
decisions.
of the Federal Government.
3.
"the interpreta¬
official documents or
rejected them on the grounds that they were
of the Board,
tions and
Revision of rate-making
of the
financial difficulty.
the exhibits Walter P. Stacy, Chairman
When the witness began offering
embodies the following:
Consolidation of regulation of all forms
1.
the
and added that he would offer a foot-high
"fictitious security issues and over-capitaliza¬
pile of exhibits to show that
partial indorsement, if not the complete support of
(Dem., Mont.) of the Senate Interstate
Commerce Committee, the plan outlined to the Board in
the nature of a substitute for the 15% pay cut proposal of
2.
of railroad wages offered no solution to
The economist said reduction
long-time problems of railroads,
Chairman Wheeler
•
Lauek had charged
from "a small inner
of so-called investment bankers."
In part, these
group
least
agency
<
exhibits by W.
A
the management
convinced that a reduction
On Oct. 11 the
2177-78.
described in these columns Oct. 8, pages
distress."
economic
railroad labor unions were the principal
the President's Fact-Finding Board
determine the reasonableness of the car¬
15% wage cut.
Previous hearings were
columns Oct. 8, pages 2177-78.
On
Spokesmen for the
A. F. of L. is firmly
railroad workers would greatly injure business, labor and agri¬
purchasing power and thus add to our Nation's
It would reduce
culture.
witnesses this week before
which is seeking to
Houston, Tex., said in part:
national A. F. of L. convention at
Lags Behind That of
IS, 1938
and delegates of the
sent on behalf of officers
telegram,
Green's
Mr.
Wage
Railroad
in
Oct.
Chronicle
.
1
a
telegram from
Labor, offering to
resources" in event of
sponsibility,
then they are merely
motions and making moves
Governor F. F. Hill
on
going through a lot of
with imaginary chessmen," said
Oct. 4 when discussing the coopera¬
tive features of the several thousand local units comprising
the FCA before
corporations.
In
the
farmers
short-term
now
tions about
hold
a
group
of presidents of production credit
Mr. Hill continued:
units,
the
production
credit
associations,
borrowing
15% of the stock, and in the pational farm loan associa¬
50%, the Government owning the balance.
While it is desirable
Volume 147
that
the
farmers
consideration
all
own
not
interest
in
quickly
as
the
amount
to
to
possible,
as
the
capital
to the borrowers.
been repaid.
the
in
Administration of Public Works 26 blocks (13 issues) of securities having a
capitalize their
to
$312,480,507 has been disbursed and $123,472,990 has
■
During August the Corporation purchased from the Federal Emergency
The Government's
system.
help farmers
2327
Chronicle
important
the
Government
of
toward
providing funds
credit institutions
own
stock
much
so
the attitude of farmers
system as
principal
is
Financial
enable the farmers to help themselves.
the
Hill
farmers'
ments
likened the
Government's
par
in
investments
cooperative credit institutions
$1,100,108.
Through Aug. 31,
1938, the Corporation has purchased from the PWA 3,985 blocks (2,943
made
by it through the Reconstruction Finance
Corporation in banks, insurance companies, railroads and
issues)
other industries throughout the
country.
At the opening of the conference, on
$12,649,052.
wood,
Production
farmers from
to
Credit
Commissioner,
production credit
said
reached
a
The
making crop and livestock production
loans on a cooperative basis in the 48 States now have over
260,000 farmer-members. The largest amount of loans was
or
sold at
a
Of this amount
sold at a premium of
later date, such part of securities having
report
listed
follows disbursements and repay¬
from Feb. 2, 1932, to Aug. 31, 1938:
as
Disbursements
Loans under Section 5:
.
.
,
Revovments
$
Banks and trust companies (incl.
Railroads (Including receivers)
receivers)...2,000,097,038.06 1,865,612,819.96
599,857,739.11 *184,929,362.43
Mortgage loan companies....
433,376,205.71
324,747,637.61
Federal Land banks
387,236,000.00
387,220,020.64
Regional Agricultural Credit corporations
173,243,640.72
173,243,640.72
Building and loan associations (incl. receivers).
118,134,493.80
115,933,543.55
Insurance companies
90,693,209.81
86,084,606.16
Joint Stock Land banks
21,678,889.05
16,420,800.02
outstanding in the Spokane district—$26,000,000—including
Washington, Oregon, Montana and Idaho, and the largest
in the Columbia
were
aggregate par value of $74,547,000 as the PWA is in a position to deliver
ments for all purposes
535 associations
was
value of $616,640,649.
value of $426,519,229
from time to time.
five-year high of $183,000,000 outstanding at the mid-point
the 1938 financing system."
Mr. Garwood stated that
number
having par
par
Securities having a par value of $169,032,621 are still held.
to be held and collected
an
of
the
having
In addition, the Corporation has agreed with the Administrator to purchase,
S. M. Gar¬
that "loans
associations
of securities
securities
1
Oct. 3,
The Corporation also collected maturing Public Works
Administration securities having par value of $879,550.
invest¬
the
to
value of $2,534,198 and sold securities having par value of $1,101,500
for
Governor
was
district, which covers the Caro-
linas, Georgia and Florida.
State funds for insurance of deposits of public
Report of Operations of RFC Feb. 2, 1932 to Aug. 31,
1938—Loans of $12,757,114,182—$2,157,723,288 Can¬
celed—$7,053,798,991 Disbursed for Loans and In¬
vestments—$5,198,744,440 Repaid
In his
moneys
Agricultural Credit corporations
Fishing industry
cessing tax....!
of
during August amounted to $79,595,032,
of
damaged
and
for refinancing
out¬
22,450,000.00
by earthquake,
fire,
is owing
$1,878,051,436,
tornado, flood
on
l
and purchases of assets of closed banks.
Loans to finance the carrying and
Total loans,excl.of loans secured by
:
$715,625."
of
pref.stock.5,3C0,023,719.59 4,201,772,037.77
of preferred stock, capital notes and
debentures of banks and trust companies (in-
Purchase of stock of the Fed. Nat. Mtge. Assn..
Loans
..
secured
.
companies
Total......
545,044,363.49
...
11,000,000.00
preferred stock of insurance
(including $100,000 disbursed for
by
•
the purchase of preferred stock)
V;
•
•
•
,
Federal
Of
34,375,000.00
7,075,208.45
1,170,402,661.56
552,119,571.94
583,372,609.48
.......
Emergency
Administration
of
444,852,830.54
Public
Works security transactions
Only $9,180,988
■"
one mortgage
Total
7,053,798,990.63 5,198,744,440.25
'V'".
'
Allocations to Governmental agencies under pro¬
visions of existing statutes:
made to purchase preferred stock,
were
Secretary of the Treasury to purchase:
companies
Capital stock of Home Owners' Loan Corp.
Capital stock of Federal Home Loan banks!.
Loan (now Land Bank) Commissioner
authorized
were
debentures
in
the
aggregating $1,277,105,959 and
of
amount
total authorization
a
in
6,846
bales
capital notes and debentures of
and
$23,322,755
for
to
be secured
preferred stock,
trust
by
Farmers.
capital notes
were
amounted
to
For other purposes....
-
$1,459,818, cancelations and withdrawals
revolving
Through Aug. 31, 1938, loans have been
disbursed and $904,336,000, approximately
92%, has been repaid.
irrigation
districts
withdrawn,
aggregating
$39,937,797
to
refinance
624
drainage, levee and
$141,649,168, of which
remains
available
to
$19,496,986
the
borrowers
added to the Becon-
was
1934, and amended April 13,
19o8, 398 loans to industry aggregating $15,092,102
were
Authorizations in the amount of $2,099,218
drawn during August.
were
canceled
or
business and industry in
cooperation
the
addition, the Corporation agreed to purchase par¬
ticipations amounting to $6,622,487 in loans to 171 businesses during August
and similar authorizations aggregating
$3,506,626
Aug. 31,1938, the Corporation has authorized
or
were
withdrawn. Through
has agreed to the purchase
participations aggregating $51,240,855 of 880 businesses, $11,867,116 of
which has been withdrawn and $29,242,751 remains available.
During August, 14 loans in the amount of $12,155,500
public agencies for self-liquidating projects.
authorized
on
Under
on
certification
of
Emergency
Relief
916,471,249.09
Federal
299,984,999.00
-
Total for relief-..-
17,159,232.30
Relief
499,998,088.72
500,000,000.00
Appropriation Act,
1935
—.
—
were
500,000,000.00
1,799,983,087.72
authorized to
17,159,232.30
Grand total
*
~
~
33,177,419.82
9,803,430,747.26 a5215,903,672.55
Does not Include $5,500,000 represented by notes of the Canadian Pacific Ry.
which were accepted in payment for the balance due on loan made to the
Minneapolis St. Paul & Sault Ste. Marie Ry. Co.
Co.,
a
In addition to the repayments of funds disbursed tor relief under the Emergency
Relief and Construction Act of 1932, the Corporation's notes have been canceled
in the amount of
$2,695,472,524.33 equivalent to the balance of the amount dis¬
bursed for allocations to other governmental agencies and for relief by
direction
and the interest paid thereon, pursuant to the provisions of an Act
(Public No. 432) approved Feb. 24. 1938.
Cancelations and withdrawals
self-liquidating projects aggregating $507,463,479.
The loans authorized and authorizations canceled or with¬
repay¬
Through Aug. 31, 1938, 226 loans have been
$31,940,-
243 of this amount has been withdrawn and $163,042,729 remains available
and relief advances
*
of Congress
$337,000, disbursements amounted to $1,476,000 and
$1,500.
Interest on notes issued for funds for allocations
Of this
amount $60,351,320 has been withdrawn and $70,440,713 remains available
ments amounted to
States
Corporation
Under Emergency Appropriation Act—1935...
with¬
with
4,895 loans for the benefit of industry aggregating $243,559,732.
amounted to
For relief—To States directly by
authorized during
National Recovery Administration program, the Corporation has authorized
In
expense—1932 relief
Total allocations to governmental agencies..
Through Aug. 31,1938, including loans to mortgage
companies to assist
the borrowers.
Administrative
:
Administrator
(d), which
44,500,000.00
3,108,278.64
13,259,102.92
114,921.13
126,871.85
Administrative
To
struction Finance Corporation Act June 19,
40,500,000.00
97,000,000.00
10,000,000.00
has
and
$82,214,385 has been disbursed.
Under the provisions of Section 5
pro-
.......
Expenses—Prior to May 27,1933
Since May 26, 1933.
restricts were increased $244,500, authorizations in the amount of
$42,605 were withdrawn and $52,526 was disbursed.
Through Aug. 31,
authorized
provide capital fpr
Regional Agricultural Credit corporations for:
Purchase of capital stock (incl. $39,500,000
held in revolving fund)
$979,140,956 has been
tion
have been
fund to
duction credit corporations
During August the authorizations to finance drainage, levee and irriga¬
1938, loans
10,000,000.00
55,521,074.55
115,000,000.00
Stock—Disaster Loan Corporation—
$318,204,509 of this amount has been withdrawn and
$30,966,340 remains available to the borrowers.
..
Stock—Commodity Credit Corporation..
authorized for distribution to depositors of 2,767 closed banks aggregating
$1,328,311,805.
(net)
Governor of the Farm Credit Administration for
,
$3,128,599.
......
Sec. of Agricul. for crop loans to farmers
$199,548, disbursements amounted to $492,199 and repay¬
ments amounted to
145,000,000.00
2,600,000.00
55,000,000.00
Federal Housing Administrator:
To create mutual mortgage insurance fund..
authorized for distribution to depositors of 3
closed banks in the amount of
...........
Joint Stock Laxid banks
Federal Farm Mtge. Corp. for loans to farmers.
$169,491,552 of this has been withdrawn and $30,909,500 remains available
During August, loans
200,000,000.00
124,741,000.00
for loans to:
of $1,300,428,714.
companies
.
Farm
1,121
to the banks when conditions of authorizations have been met.
of
'
eluding $18,148,730 disbursed and $8,288,890.43 repaid onloans secured by pref. stock)-.1,100,027,661.56
Purchase of stock of the RFC Mortgage Co
25,000,000.00
Through Aug. 31, 1938, authorizations have been
banks and trust
preferred stock,
to
767,716,962.21
18.536,505.55
2,425.46
purchase
_
loan
767,716,962.21
19,504,491.78
46,500,000.00
,
Loans to Rural Electrification Administration...
disbursed and $3,733,513
93% has been repaid.
made for the purchase of preferred stock,
August.
,
ing of agricultural commodities and livestock:
capital notes and debentures of 4 banks and trust companies in the aggregate
been
20,177,690.67
80,895,835.42
1,117,251.64
12,438,615.92
orderly^market-
Gommodity Credit Corporation
Other
Cancelations
$2,015,996,465 has been disbursed.
or
During August, authorizations
and
3,194,861.15
30,224,586.66
117,196,850.73
3,955,400.00
15,899,427.30
....
Loans to mining businesses
Loans
(including those in
by open banks and that includes $7,842,784 from
and trust company.
loans
123,472,989.73
Of this amount $496,317,595 has been withdrawn, $31,035,575
349,635.
this latter amount
6,767
22,300,000.00
312,480,507.18
11,999,555.32
surpluses in foreign markets
Loans to business enterprises.
(including those in receivership) aggregating $2,543,-
remains available to borrowers and
amoiint
salaries
and other catastrophes
Through Aug. 31, 1938, loans have been authorized to 7,530 banks
and trust companies
2,823,430.96
public school authorities for payment
teachers'
Loans to aid in financing the sale of agricultural
authorized to 3 banks and trust companies
was
3,300,000.00
Loans for repair and reconstruction of property
Chairman continued:
repaid.
3,300,000.00
82,214,385.21
standing indebtedness
$23,037,882 was repaid, making total dis¬
through Aug. 31, 1938 of $7,053,798,991 and
repayments of $5,198,744,440 (approximately 74%).
The
liquidation) amounted to $259,548, $492,199
purchase
to
Loans to aid in financing self-liquidating construc¬
tion projects.
bursements
(including those in liquidation) in the amount of $1,459,818.
Secretary of Agriculture
Loans to
investments and
and withdrawals of loans to banks and trust companies
to
cotton
authorizations and commitments
amounted to $5,058,834, making total authorizations through
Aug. 31, 1938, and tentative commitments outstanding at
the end of the month, of $12,757,114,182.
This latter
amount includes a total of $1,048,001,066 authorized for
other governmental agencies and $1,800,000,000 for relief
from organization through Aug. 31, 1938.
Authorizations
aggregating $3,424,972 were canceled or withdrawn during
August, Mr. Jones said, making total cancelations and with¬
drawals of $2,157,723,288.
A total of $722,364,505 remains
available to borrowers and to banks in the purchase of
preferred stock, capital notes and debentures.
During August, $44,710,378 was disbursed for loans and
were
14,718.06
3, 195,795,469.06
Loans for refinancing drainage, levee and Irriga¬
tion districts
previous
During August, loans
14,718.06
3 ,866,581,553.20
Total loans under Section 5__
RFC in the
Loans
rescissions
13,064,631,18
12,971,598.69
9,250,000.00
9,250,000.00
5,558,687.41
487,268.21
Processors or distributors for payment of pro¬
Corporation stated
that authorizations and commitments of the
recovery program
...
Credit unions
monthly report, issued Sept. 29, Jesse H. Jones,
Chairman of the Reconstruction Finance
13,064,631.18
12,971,598.69
9,250,000.00
5,643,618.22
719,675.00
600,095.79
Livestock Credit corporations...
Federal Intermediate Credit banks
drawn for each
to and
of
railroad, together with th$ amount disbursed
(as
repaid by each are shown in the following table
Aug. 31, 1938), contained in the report:
Financial
2328
would tend to block our exports, pile up more
top of those which have already been ac¬
cumulated since 1934, and lend to bring about complete government opera¬
tion of the cotton handling, selling and exporting industry.
As you will note if you read the Fort Worth speech, I feel strongly that in
order to be certain of supplementary income, cotton farmers need a con¬
tinuing and reliable source of revenue which can logically go only to cotton
producers and not other farm producing groups.
As the most dependable
and practicable source meeting these specifications, I have recommended
Authorizations
preferable to a loan which
Canceled or
Authorized
Disbursed
Withdrawn
Co. (receivers)...
Ashley Drew <fc Northern Ry. Co.
Baltimore & Ohio RR. Co. (note)
95,358,000
jn
Co.—
Northern RR. Corp.
& Rockfiflh RR.
Ala. Tenn. &
Alton RR. Co...
Ann Arbor RR.
Birmingham & So'eastern RR.
Boston & Maine RR
Buffalo Union-Carolina RR
41,300
Co
Carolina CUnchfield <fc Ohio Ry.
(Atlantic Coast Line and Louis¬
ville A Nashville, lessees)—— 14,150,000
,3,124,319
Central of Georgia Ry. Co
500,000
Central RR. Co of N. J
140,000
Charles City Western Ry. Co.—
5,916 500
Chicago A Eastern III. RR. Co—
Chicago A North Western RR. Co 46,589,133
Chicago Great Western RR. Co..
1,289,000
Co.(receiver)
150,000
RR. Co. 12,000,000
& Pac. RR. Co.
Chic. Mllw. St.P. & Pac.
Chic. Mil w. St.P.
Trustees
RR. Co.
1,150,000
Chicago R. X. A Pac. Ry. Co.— 13,718,700
Cincinnati Union Terminal Co— 10.398,925
Co
Co
Colorado A Southern Ry.
Columbus A Greenville
3,124,319
(trustees)--
155,632
Tow
46,588,133
1,289,000
4.338,000
150,000
32,000
5~oo"6o6
11,500,000
838
Sincerely yours,
1,160,000
8,300,000
8,300,000
1,553,000
53* 500
5*3*500
8,081,000
219~66O
500,000
United States for
3.182,150
582,000
627*076
—Excess
-71,300
16,582,000
3*93*,706
"~3~, 000
90,000
1936, Secretary Roper
227,434
15,000
3,183.000
3.183,000
546,000
354,721
105,422,400
13,915
520,000
Co——- 35,312,667
Co
Maine Central RR.
Minn
10,278,000
.0,000,000
13,915
13,915
520,000
22*667
520,000
35,290.000
1,000,000
9,278,000
8,500,000
800,000
744,252
985,000
0,843,082
100,000
Co
Co
Mobile & Ohio RR. Co
Mobile & Ohio RR. Co (receivers)
Murfreesboro-Nashvllle Ry. Co..
23.134,800
33,200
785,000
785,000
785,000
27,499,000
major part of the year's
18.200,000
of the year.
7,699,778
755.760
600,000
3,000,000
11,000
758,600
••«««•>
300,000
Co
------
117,750
Co
36,000,000
2,275,796
100,000
______
5,147,700
147,700
,
108,740
_
_
_
_
700,000
700,000
'
30,000
45,000
—-
15,731,583
(receivers)
4,366,000
Co
3,600,000
(trustees).
750,000
Wichita Falls A Southern RR.Co
22,525
Wrlghtsvllle & Tennllle RR
•
6,000
30,000
39,000
Wabash Ry. Co.
4,360,000
Western Pacific RR.
------
1,403,000
400,000
22.525
717,897,296 106.393,556*599,857.73"
—
750.000
22,525
190,429,362
______■
V
Minneapolis St Paul & Sault Ste. Marie Ry. Co. (The 800 Line)
the Interest on which was guaranteed by the Canadian
Pacific Ry. Co. and when the "800 Line" went into bankruptcy, we sold the balance
due on the loan to the Canadian Pacific, receiving $662,245.50 in cash and Canadian
Pacific Ry. Co.'s notes for $5,500,000. maturing over a period of 10 years
*
The loan to
was
secured by Its bonds,
In addition to the above
in
loans authorized the
principle, loans in the amount
Corporation has approved,
of <43,697,076 upon the performance
of
specified conditions.
Than Loan for
Cotton—Recommends Processing Tax for Cotton
Secretary of Agriculture
Wallace made public on Oct. 8
reply to the letter of Senator Smith, of South Carolina,
in vhich the latter advocated a subsidy in behalf of cotton
farmers.
In his letter dated Oct. 1 and referred to. in these
columns Oct. 8, page 2179, Senator Smith had transmitted
the recommendation of a group of Senators and Repre¬
sentatives
and cotton growers from 14 cotton-growing
States.
In his reply to Senator Smith, Secretary Wallace
his
says:
The
sense
of the group, your
letter states, was "that
unless a subsidy
pound on cotton produced in 1938 is made to the
farmers, or a loan payment approximating 75% of the parity price is made
to the farmers, the entire farm program will be seriously jeopardized."
You
stated further that the financial condition of the cotton farmers is In as
payment of 3 cents a
at any time during the depression.
recommendation of the group the proposal for a
desperate a plight as it has been
I notice that in the
sub¬
place, with the suggestion of a loan being made
as an alternative.
I hope that I am correct in inferring, from the order in
which these are mentioned, that the preference of your group is for a subsidy
sidy payment is given first
payment rather than a
loan.
loan is very
developed during the last
concerning measures needed to help the cotton farmers. I believe
most firmly that the cotton farmers' situation is such that they are going to
need continuing help from the Federal government in the form of payments
to supplement their income.
As I explained in my speech last Friday,
September 30, at Fort Worth, Tex., I believe this help would be much
This recommendation for a
close to the line of
subsidy payment rather than a
reasoning that I myself have
two years
for
year's international
of estimated dollar payments over esti¬
Both merchandise
the second consecutive year.
levels during 1937 which were
substantially
gain in
interest
made
by. this country under corresponding trade and service categories, the
year's net payments on trade and service account were only $24,000,000 as
than- in the preceding year.
As a result, however, of a
in 1937 from trade and service transactions (including
•
items), which exceeded the increase in total payments
dividend
and
$153,000,000 in 1936.
continued the upward trend
years
at an accelerated rate during 1937, while the rate of
increase in imports was quickened during the first half of the year and
then diminished in the second half.
Exports were valued at $3,345,000,000
compared with net payments of
of
from the United States
recent
at $3,084,000,000, as
and imports
rise
of 36%
total
.
aggregate receipts and payment's'equal
1929 and more than twice those of 193,2.
involved
1937
of
compared with $2,456,000,000 and $2,423,-
in the preceding year.
As a result of the year'8
in the value of exports and of 27% in that of imports, the
merchandise export and import trade of the United States during
respectively,
000,000,
States
United
mated
Smith Indicates
excess
an
total receipts
during
^
Secretary Wallace in Letter to Senator
That he Favors Subsidy Rather
receipts
Merchandise exports
3,600,000
Western Pac. RR. Co.
resulted in
dollar
higher
______
30,000
silver and capital movements, the
and service transactions rose to
700,000
•39,000
15,731.583
------
mated
items.
estimated
of gold,
transactions
22,000,000
100,000
the
in
Exclusive
162,600
33,337,000
1*200,000
108,740
-
.
162,600
balanced by 'a comparatively large item,
include certain stabilization fund
purposes
omissions
400.000
5,147,700
RR. Co.
Tuckerton RR. Co
200,000
were
residual," which
and other transactions not exactly reflected for balance-of-pay¬
in the reported figures, as well as possible errors and
operations
18,672,250
200,000
------
transactions
capital
ments
merchandise export balance in the final quarter
For the year as a whole, and particularly in the final quarter,
of service items and the reported merchandise, gold, silver
"other.transactions and
300,000
'
estimates
and
2,805,175
100,000
-
Co
Texas Okla. & Eastern RR. CoTennessee Central Ry.
Texas Southern-Eastern
300.000
7,995,175
18,672,250
——————
Salt Lake & Utah RR.
37,200,000
; 37,200,000
44,905,000
4,975,207
-
St. Louis-Southwestern
n
the
28,900,000
17,000
..
was
------
3,000,000
7,995,175
Southern Ry. Co
circumstance
■
28,900,000
Ry. Co— 18,790,000
200,000
(receivers)
400,000
Salt Lake & Utah RR Corp
162,600
Sand Springs Ry. Co
of funds employed in
funds and
221
4,975,207
Co—
Co¬
and reported movements of short-term banking
securities transactions, on the other.
This
considerably influenced by the concentration of the
hand,
18,200,000
17,000
Puget Sound & Cascade Ry.
st. Louis-San Fran. Ry. Co
reported gold movements and earmarking opera¬
between
one
27,499,000
•
3,000,000
Pittsburgh & W. Va. RR.
the
on
1,070,599
______
29,500,000
Ry. Co
Pioneer A Fayette RR
Pere Marquette
correlation
tions,
1,070,599
25,000
1,070,599
25,000
Pennsylvania RR. Co
Totals
-------
99.200
27,499,000
18,200,000
7,700,000
N. Y. N. H. A Hartford RR. Co.
Texas & Pacific Ry.
■
99,200
Missouri Southern RR.
Sumpter Valley Ry.
100,082
2,300,000
'
------
*6,843*000
100,000
2,300,000
------
2,300,000
23,134,800
23,134,800
Co.
"
197,000
1,729,252
6,843,082
Missouri Pacific RR.
Southern Pacific Co
50,000
3,000
Co.
Co
Mlasourl-Kansas-Texas RR.
800,000
2,550.000
200,000
Ry. Co.
St. P.A S S.Marie
Mississippi Export RR.
110,000
2,550,000
800,000
2,550,000
Co
6,000,000
99,422,400
RR. Co
Gulf Mobile & Northern RR. Co.
—
1,061,000
546,000
354,721
a
close
"10.539
in 1937 for the second
so-called "unfavorable" balance
had
15.000
78,000 '
10.539
Ry. Co.
Co
(receivers)
Galv. Houston & Hend. RR. Co.
Galveston Terminal Ry. Co--—
Georgia & Fla.RR.Co. (receivers)
Galnsville Mldl'd Ry
Reports—Gold Imports
successive year
of international mer¬
chandise payments, Secretary of Commerce Roper revealed
on Oct. 13 in presenting the department's annual report
on
the balance of international payments.
Sale of merchan¬
dise and services, excluding gold and silver, totaled $4,579,000,000; similar purchases totaled $4,603,000,000.
Merchan¬
dise exports increased
$1,030,000,000 over the preceding
year, while imports gained $907,000,000. < The year's net
imports of gold and silver amounted to $1,469,000,000 as
compared with $1,204,000,000 in 1936 and, as in other recent
years, were closely related to reported transfers of capital
funds between the United States and foreign centers.
Mr. Iioper, in the foreword to his report, said, in part:
Only during the closing moriths of the year was there an absence of
The United States
8,176,000
Gainesville Midland RR.
Maryland A Penna. RR. Co
Meridian & Blgbee River Ry.
International Trade Balance Shown by
Second Successive Year in 1937
Merchandise and Service Exports Below
Unfavorable
1,800,000
Fredericksburg & North.
Lehigh Valley RR. Co
Litchfield A Madison Ry. Co
referred
2179 of our Oct. 8 issue.
to on page
60,000
53,500
1,800,000
Illinois Central RR.
speech of Secretary Wallace was
The Fort Worth
29.450.800
2,098,925
53,600
H. A. WALLACE, Secretary.
/
.
13,718,700
3,182,150
16,582,000
Eureka Nevada Ry. Co
—
3,000
El a. E. Coast Ry. Co. (receivers)
717,075
Ft.Smlth & W.Ry.Co.(receivers)
227,434
Ft. Worth & Den. City Ry. Co8,176,000
Green County
anywhere near enough of the cotton
697,000
-
Great Northern Ry.
As you know, cotton
loan.
537
3,840,000
West.RR.Co.
Erie RR. Co
32,000
6,916.500
8,300.000
-
Denver A Salt Lake
464,299
140,000
possibly be given assistance
the 7,000,000 bales of cotton now
the use of some of
do not have
220,692
464,299
35,701
W.RR.Co.
Denver & Rio Grande
processing tax on cotton.
Another way in which cotton farmers may
tied up
producers themselves
they produce, and I am
hoping ways and means can be found to get more cotton goods to them.
In closing, I wish to emphasize that my own conviction, like that of your¬
self and the members of the group who met with you, is that practicable
steps should be taken by the Federal government as promptly as possible
to assure cotton farmers a fair share of the national income.
14,160,000
60,000
Copper Range RR. Co
Denver A Rio Grande W RR.Co.
a
under the government
Chic. No. Shore A Mllw.
29.504.400
139,909
is through
3,840.000
-———
90,000
605,367
434,757
400,000
12,171,721
41,300
5,602
53,960
13,200
53,960
549,000
Ckic.Gt. West. RR.
127,000
535,800
14,600
9,569,437
Carlton & Coast RR.
$
127,000
276,000
2,600,000
634,757
400,000
95,343,400
41,300
9,569,437
400,000
Co
government cotton holdings on
Repaid
$
$
127,000
275,000
2,500,000
634,757
Ab er
1938
15,
Oct.
Chronicle
"exports"
and
"imports"
of
to two-thirds those
services rose
substantially
1937, althought less in proportion than merchandise trade.
receipts of American vessels from the carriage of United
Esti¬
States
from foreign sources of American railroads
for
freight transportation, amounted to $107,000,000 as compared with
$68,000,000 in the preceding year.
Payments to foreign vessels for the
carriage of United States imports and to foreign railroads for freight
services aggregated $210,000,000 as compared with $129,000,000 in 1936.
These respective increases resulted largely from
gains in ocean freight
earnings which reflected not only the larger volume of foreign trade but
also the rise in
shipping rates which, in the case of vessels on time
charter and on full cargo charter, fully doubled within a period of six
exports, together with receipts
beginning with October,
months
the
decline beginning in
sharp
1936, and which continued upward
October, 1937.
until
United States tourists to foreigners for travel
abroad during 1937 aggregated $594,000,000 as compared with $497,000,000
in 1936.
This increase of $97,000,000 resulted in large part from a com¬
Estimated
sharp
paratively
Canada—an
travel
increase
increase
in travel by residents of the United
was reciprocated by a substantial
which
Canadians in the United States.
by
Total
the
by
payments
expenditures
United
.
.
States in
growth in
.
resulting during 1937 from tourist traffic between
Canada aggregated $382,000,000, of which $280,-
and
States
outlays by United States travelers in Canada, while
expended by Canadians in this country.
This form of
between
the two principal North American countries
represented
000,000
$102,000,000 was
"invisible"
trade
which far exceeds that represented in the
accommodations between any other two countries. It is
significant that in 1937 United States tourist expenditures in Canada were
only about 5% less than in the peak year 1929, whereas total United
States tourist outlays for all foreign travel in 1937 were still 28% below
those of the peak figure of $821,00(^000 reached in ^he same pre-depression
involves
a
total
expenditure
exchange of tourist
year.
The
....
growth
in
total
$497,000,000 in 1936 to
tourist expenditures by
American travelers from
$594,000,000 in 1937, and the
estimated increase
Volume
of
Financial
147
foreign tourists'
$156,000,000
in
1937
000,000
expenditures in
during the
by
the
the
United
States
period, resulted in
same
United
States
international
on
from
139,000,000 to
payments
estimated net
tourist
of
account
$438,-
compared with $3585000,000 in 1936.
as
>
Non-commercial remittances to foreign countries
by alien and other resi¬
dents of the United States and institutional contributions were estimated
at
$205,000,000
in
1937
$204,000,000 in 1936.
sources
and
with
total
revised
upward
an
Corresponding receipts by this country from foreign
$25,000,000 in 1937 and at $24,000,000 in the
Minor trade and
year.
service
transactions
(including receipts
by governmental agencies) involved aggregate estimated
$338,000,000 and payments of $232,000,000 in 1937 as com¬
pared with corresponding estimates of $287,000,000 and $205,000,000,
respectively, in 1936.
payments
receipts
of
Estimated
interest
and
direct
dividend
returns
investments and reflected
subsidiaries
and
enterprises,
other
American
on
in
investments
improved industrial earnings of foreign
foreign properties
particularly
of American
appreciably
yielded
copper,
Mining
companies.
higher
than
returns
in other recent years.
Interest receipts on foreign bonds held in the United
States continued the decline which has featured total interest payments by
foreign borrowers since 1930.
In contrast with the early years of the
depression, however, defaults on interest were no longer a factor in this
decline.
A
steady
reduction,
due
versions
redemption pur¬
continued repatriations (though in smaller volume), and con¬
of outstanding issues at reduced interest rates have each by varying
degrees
contributed
receipts
by
chases;
to
United
short-term
sinking
were,
Receipts
other
in
as
total
in
annual
1937
in
recent
from
American
unimportant.
for
at
1936.
$278,000,000,
This
dividend
rates
reflected
increase
share
per
paid
accumulation of American
especially
in
the
first
exclusive
of
in
the
the
with
total
estimated
of
by
value
interest
companies' and
The
year.
In
the
further
of
It
be defined in a statis¬
may
transactions
involving receipts from
■
v
.
+
•
.
v
.
..
's
.
-
>
•
.
compilation of the items which enter into
balance-of-payments
a
statement, the fact of residence, rather than nationality, is ruling.
for example,
the expenditures of alien residents of the United
Thus,
States
visiting in foreign countries are considered as payments by "Americans"
to foreigners, and income derived
from investments in this country by
United
States
Again,
the
citizens
United
permanently residing abroad
States
branches
and
affiliates
foreign
a balance-of-payments point of view,
foreign subsidiaries of American corporations
the
in
either
to
one
case
of
the basis of domicile.
upon
the
basic
of the supply of
sources
demand for foreign
abroad.
the
claims
of
the
The
supply of dollars,
this
country by
exchange
These
persons
with payments to make
of dollar exchange, arising out of
or
foreigners
foreigners
from
and
with
the nature of the demand
commitments
is
given,
in
of the United
summary
States
balance-of-payments
areas
form,
the
meet
to
.
table
■
.
balance of
of the United States Is coterminous with the
merchandise export and Import trade apply.
Include continental United States, Alaska,
Jap. 1, 1935, the Virgin Islands.
Hawaii, Puerto Rico, and,'
Areas excluded are the Philippines and the
For balance-of-payments purposes the latter are considered
foreign countries.
as
the
in
>
international
1937, with comparative data for 1936.
in
area
areas to which the ofllclal statistics of
since
of
or
foreigners and the nature
States.
payments
*
the
against
dollar
United
In
currencies from
which
foreign currencies,
Conversely, the balance of payments of the United States indicates
sources
for
foreign entities—
as
This procedure relates directly
foreign exchange, arising out of claims against
the
corporations
domestic entities
as
of the balance-of-payments schedules,
purposes
designed to show the
are
of
is similarly classified.
of
treated, from
are
.
BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES
1936-1937
[In millions of dollars]
net
subsidiaries
was almost
of corporate shares,
of
latter,
however, showed
owing
to
absence
the
of
foreign
increase
Net
Receipts
Paym'ts
Net
from For¬
to For¬
Credits
Credits
eigners
(+)
from For¬
eigners
to For¬
eigners
Item
eigners
as
for "Ex¬ for "Im¬
ports"
ports"
(Credits) (Debits)
changes
important
of
Paym'ts
Receipts
enterprises.
slight
a
foreign-held American bonds,
payments were left unchanged
1937
1936 (Revised)
increase
foreign holdings
interest status
and
estimate
the
over
of
preferred shares by foreign investors,
the
on
American
the
while,
1936,
face
$40,000,000
of
various
and
of
quarter
shares
payments
compared
labeled "debits."
are
primarily the combined, effect of higher
by
common
entirely accounted for by returns
Estimated
foreign-held investments in 1937 were
on
increase
an
account
on
the one hand and payments to foreigners on the other.
the international income of a country, they are
"credits," and, since the latter relate to international outgo, they
Panama Canal Zone.
Payments made in this country
estimated
itemized
an
Since the former relate to
interest
comparatively
years,
as
foreigners
called
and
fund
diminution
States bondholders.
abroad
funds
to
continued
a
sense
and
foreign countries amounted to $608,000,000, an increase of $40,000,000
over
the estimate for the preceding year.
This increase applied entirely
to
country and residents of foreign countries.*
tical
of
estimated at
were
preceding
compared
as
2329
Chronicle
or
Debits
(—)
(+)
for "Ex¬ for "Im¬
ports"
ports"
(Credits) (Debits)
or
Debits
(—)
1937 at $22,000,000.
in
'
In
evaluating the international
it
be
must
borne
"investments"
(at the end
which
is
in
mind
the
in
that
United
substantial
a
States
of
consists
1937 the reported total
of
of the United States
part of the foreign-held
investment position
short-term
banking
$1,^30,000,000)
was
funds
the yield
on
000,000,
considerably
not, much less than the record
exceeded
gold and of capital
first
of the
last
quarter
in
1936
1935.
and
$1,144,000,000
of
+37
129
—61
107
210
—103
—358
156
594
—438
24
172
—148
25
170
—145
32
—32
238
+ 330
+1
well
was
$339,000,000;
covering
capital
*568
•
•
i
,
35
—35
278
"608
+ 330
b
,
—
30
—66
29
126
—97
Miscellaneous service.....
191
68
+123
230
64
+ 166
Total trade & service Items
3,543
3,696
—153
4,579
4,603
—24
1,144' —1,116
46
1,632
—1,586
ing war-debt receipts)
96
'
•
Gold and Silver—
the correlation between the reported movements
funds
during the third quarter,
Department
+261
reported net loss of gold through
a
quarter of the year.
was
42
497
...
War-debt receipts..
Govt transactions (exclud¬
compared with $1,030,000,000 in the preceding year.
as
As in other recent years,
made
3,084
79
68
Interest and dividends
earmarking operations reduced the reported net inflow of gold to $1,386,-
of
$
.
3,345
+25
...
.139
Freight ,and shipping
Tourist expenditures
other contributions....
inflow of $1,741,000,000 in
receipts
gross
again small, but
were
000,000 in 1937
$
$
+ 33
41
Merchandise adjustments a
Charitable, educational &
and
Exports of gold
$
$
2,423
66
'
■
■
imports into the United States during 1937, amounting to $1,632,-
were
$
2,456
..
.
Immigrant remittances.
negligible.
In his remarks Secretary Roper also said:
Gold
Trade and Service Items—
Merchandise
1937, exception being
The net inflow of gold during the
defined
$651,000,000,
The reports of the Treasury
second quarter,
the
during
in
$394,000,000.
between
movements
United
the
States
and
Gold exports and imports.
Gold
r.
earmarking
28
o
+ 86
+200
—1,030
—1,386
tlons (net)
Gold movements (net)
....
9
Sliver exports and imports.
92
9
—174
183
—83
foreign countries showed net inflows oi capital amounting to $323,000,000
in
January-March,
April-June, and to $351,000,000
$630,000,000 in
to
in
July-September.
funds
greater
movements
(net).....
Thus, the inward movement both of gold and of capital
much
was
during the
third
somewhat
larger
the
in the fourth quarter of the
Closely comparable,
were
and
second quarter
1937 than during the first quarter, and
of
quarter
respective amounts
however, the reported net movement of gold was virtually nil, while
year,
the
during the
outflow
of
reached large proportions and amounted to $500,-
capital
000,000 for the three.months.
Net silver
with
of
312,000,000
ounces,
production.
and
Net payments
$2,075,000,000
than
$1,204,000,000 in
funds
smaller
inward
funds
and
in
than
movement
each
of
aggregate
employed in
the
of
two
security
preceding
smaller rate of inflow during the
first three quarters of the year but of an unusually heavy outward move¬
ment of short-term banking
funds during the last quarter, of the year
This
years.
which
the. result, not of a
was
reduced
outstanding short-term
foreign liabilities of banks in the
September to $1,780,000,000
United States from $2,305,000,000 at the end of
by the
end
the
of
$70,000,000
in
outward
time
was
United
gold
liabilities
This
American
on
between suspension
funds during the
experienced
withdrawal
before
of
American
assets of
this
perrod" of
banks,
the net
final quarter alone
was
this
American
in
so
period
a
banking
the
since
short
of
crisis
of
of
became the signal for the first of three foreign
which occurred during the 16-month period
banks
in England and the banking crisis of February-March,
1933, in the United States.
International
transactions
security
resulted
in
a
net
inflow of
in
1937.
Net
purchases
of
represented net purchases of foreign securities for redemption, sinking-fund
purposes,
repatriation
transactions
in
in
by
domestic
issuer,
securities
or
investment.
1937
during
The
was
gross
almost
volume of
large as
as
1936, although net purchases were only 40% as large.
We also
take
the following from the report:
The balance of
made,
a
stated
3,183
2,661
+522
+290
—12
(net)
period
of
sidual.^-----—-----a
time,
The
+5
+22
+ 1,187
....
+817
....
are
between
residents of
that
+170
-
.
V +676
(1) Commodity exports and imports
omitted entirely from the official trade figures (e. g., sale of ships, bunker-
item
consists
roughly
of 3
parts:
&c.); (2) exports or Imports which are partly omitted from
(e. g., unrecorded parcel-post shipments, gpods smuggled Into
(3) corrections of certain recorded trade figures for balance-ofpayments purposes (e. g., allowances for possible overvaluations or undervaluations
in export and Import entries).
J
fuel purchases and sales,
official trade data
the country, &c.);
.
& Less than
c
$500,000.
Capital items are viewed as "exports" and "imports" of evidences of Indebt¬
edness.
d The Item takes account of all
reported security movements between the United
international sales and purchases of long-
States and foreign countries and includes
Issues, new underwriting, sales and purchases of properties not represented
•by security Issues, and security transfers resulting from redemption and sinkingterm
fund
e
operations.-
See section,
,
<
„
"Short-Term Capital Movements."
/ See section, "Movements of Paper Currency."
a The item includes, In addition to possible errors and omissions In the estimated
items, unreported stabilization-fund operations and other transactions not exactly
reflected for balance-of-payments purposes in the reported figures.
Since the active
portion of the stabilization fund Is limited to
not affect the size of the residual
page
$200,000,000, fund operations would
either way by more than this amount.
reference to the 1936 report
A
1937, issue,
appeared in our Sept. 18,
1833.
♦
Utility Industry Asked to Cooperate with Federal and
State Regulators—A. M. Mahood Addresses Con¬
vention of American Gas Association
Delegates to the annual convention of the American Gas
Association at Atlantic City were asked on Oct.
12 by
the National Association
Commissioners, to "wholeheart¬
Alexander M. Mahood, President of
of
Railroad
and
Utilities
edly assist and cooperate with those who are in duty bound
to administer laws" that regulate the industry.
Quoting
various
decisions
of
recent
Justices
of
the
United
Court, Mr. Mahood said that both State
and Federal regulatory agencies, in their turn, must observe
"the rudiments of fair play," must accord members of the
States
international payments of a country consists of the pay¬
within
—1,469
+ 404.
.......
Total capital Items
from
Summary Statement
ments
----
.
ther transactions and re¬
$522,-
American securities by foreigners
accounted for $245,000,000 of this amount, while most of the remainder
000,000
+ 773
2,717
>
.......
'(net)-/.-.
outward movement, reported
banks stood, on Sept. 29, at
the highest total since England's suspension
was
1931
payments in
"runs"
Just
increase, during
an
of the heaviest withdrawals of short-term
ever
heavy
1933.
foreign
$2,305,000,000.
one
States
first
the
February-March,
short-term
short-term
of
It constituted
the
from
and
to
the short-term "foreign
movement
$650,000,000.
funds
Owing
year.
3,490
(net).e
----
short-
of
banking funds (net)
which
v
The year's net
somewhat
was
compared with
capital funds during 1937 aggregated slightly
brokerage
banking and
transactions
as
1935.
in
$800,000,000.
short-term
reported gold and silver transactions during
on
$1,469,000,000
to
ments.ii!
Movement
—1,204
Treasury
States
The recorded net inflow of
more
Total acquisitions
during 1937 were approximately
of which about 71,000,000 ounces came from domestic
the year amounted
1936
1936 and $336,000,000 in 1935.
in
by the United
c—
'
aper currency moven
imports during 1937 were valued at $83,000,000 as compared
$174,000,000
silver
Capital Items
■
":;v'>/:• /
Supreme
"Nearly
give due regard to the
Mr. Mahood's remarks
dealt particularly on the Natural Gas Act, regulating trans¬
portation and sale of natural gas, the text of which was
given on page 485 of our issue of July 23.
In his address
industry "a fair hearing," and must
"inexorable 'safeguards' of fairness."
Never
seemed
that
time
a
Your
commissions.
administrative
cates
possible misunderstanding and misconception that is and has been recently
widely circulated.
.
.
.
.
There, should not exist between the utilities and the regulators a feeling
a
public to service at rates that are just and
by
In part
means
manner or
any
private to
that
you
portance in directing
but which
direct power
regulation
of
utility
ciples and
prin¬
unin-
processes
public would suffer
and you would suffer.
So it behooves you, in carrying out your duty to
those you serve and those who have invested their savings with you, to do
all you can to make, regulation more secure, effective and satisfactory.
opinions the results would be far-reaching; the
formed
Control and influence are exerted, not
of
Opportunities Provided by Federal Housing Pro¬
gram—M. N. Davis Says Industry Should Cooperate
Executives Urged to Take Advantage
in New Deal
Dr. Moulton criticized those
Merrill N.
prise by executives of the national gas industry,
Appliance and
Davis, President of the Association of Gas
Equipment Manufacturers, said on Oct. 11 in an
Atlantic City before
Mr.
Association.
Gas
address at
the annual convention of the American
nevertheless,
Davis,
questioned
taking full advantage of oppor¬
tunities afforded by Federal Government projects such asthe United States low-cost housing and other Administra¬
whether the industry was
The principal points in Mr. Davis's
tion spending programs.
from the
speech were summarized as follows in a release
Association, Oct. 11:
the
High-lighting
what
described
he
upon,
Mr.
"conclusive
speaker
the
viewpoint,"
evidence
"I believe will result in an even more
months
.
"manufacturer's
as
that
have
we
submitted
cause
to
be
he said, if acted
optimistic point of view 12
He presented also recommendations which,
optimistic."
from
today."
Davis, who is Executive Vice-President of the
S. R. Dresser Manu¬
offered as outstanding exemples of courage
the part of the gas industry: continuance and expansion during 1938
advertising and promotional campaigns for gas water heaters, gasCo.,
facturing
on
of
refrigerators,
operated
by
launching
fied
Bradford,
Pa.,
house
gas
heating
Performance gas range.
Mr.
Davis
business
"It
sales,
paid tribute to the industry's
forth, the
Certi¬
' '
faith in the American
when he said:
for
courage
our
gas
companies
magazine advertising programs
expenditure of time,
"It
has
taken
turers
and
utilities
money
courage
under
expenditure of more than
York
so
to
renew
or
continue their
of declining domestic
but the recent leveling off of these formerly declining gas sales
indicates
that
this vast program
surely justifies the required
national
curves
further
structure
took
and
equipment,
manufacturers, and the promotion of, the new
many
1938
World's
and effort.
for
our
present
a
in the face
gas
appliance and
equipment manufac¬
economic conditions to contemplate the
million dollars for participation in the
New
Fair.
and their
sales forces to support all of these industry activities, but no one can deny
that the results in increased gas load and in the maintendance of a 'do-ordie' spirit within our industry have made all past efforts most worthwhile."
Reviewing other examples of the industry's attack on business adversity,
"It
Mr.
took
courage
on
the part of hundreds of gas companies
said:
Davis
first half of 1938,
answered the gas com¬
panies' requests for the Certified Performance Gap Range.
This project;
involved the investment of hundreds of thousands of dollars in retooling
"In
it
the
took
factories,
face
courage
of
a
decline of gas Tange sales for the
when
the
range
manufacturers
but I feel that ample justification is
facts:
furnished by the following
who contend that there is
a
permanent dearth of investment opportunities because rail¬
road mileage is contracting rather than expanding, because
the public
utilities industry has passed its "mushroom" ex¬
pansion and that our great industries
have already become
He said: >
highly developed.
industries to lead us from depression to pros¬
productive outlets for the savings of the American
people. All that we require is an economic and political situation favorable
to the resumption of capital replacement and expansion in existing indus¬
tries.
The American people need additional quantities of existing types of
commodities much more than they need new types of consumption goods
and services.
We need more and better houses, more and better household
perity or to provide
.
furnishings, more and better
into
current
commodities of practically every type that
The expansion of capital required to
consumption.
replace depreciated and obsolescent plant and equipment, and to raise
standards of living even back to thr 1929 level, is sufficient not only to
provide outlets for available money savings
but also to absorb all of our
unemployment.
Dr.
catastrophe of major proportions,
that we entered the depression of 1937 at a level of production
much below that prevailing at the beginning of the de¬
pression in 1929. He further said:
•
We have been
Projects
adversity during 1938 elicited courageous enter¬
Business
only directly by means of grants
subtly, by the threat of potential competition and
coercion.
enter
Gas Industry
especially of the reser¬
continuously replenish the
exchequers of government credit agencies.
and subsidies, but, more
is the result of
It has proved its worth.
If the established, regulatory
are torn down as the result of criticisms and
experience.
whence flow the funds which
We do not need any new
enterprises
the positions of dominant im¬
the flow of national income and thus allocating the
which lies in control of the purse, and
voirs of credit,
be pointed to with pride.
may
of
form
Commission
Government officials rather than directors of
productive energy of society. We are not referring so much to the super¬
visory and policing activities of government regulatory agencies as to the
financial
would be unable to render efficient
for you to extend your facilities to
creditable
public hands.
private banking corporations now occupy
position
service, and make > it im¬
possible
meet the public demand.
During the recent depression, not the more recent recession,* few operating
utilities were forced into bankruptcy.
The vast majority came through
with flying colors.
Comparison may be made with regulation in other
fields.
Society for years has undertaken the regulation of banks.
You
know what happened in 1933.
It has undertaken to regulate our public
health.
There are still epidemics.
It has undertaken to regulate the
safety of our mines.
But there are still many explosions.
Numerous other
instances of the results of regulation of .non-utility enterprises and under¬
takings could be cited, but suffice to say that since regulation of utilities
has been
in force in this couritry it has a record which is not only
and
structure
question—for good or for ill—control of the character of the
nation has in substantial measure been transferred from
Beyond
guaranteeing you a profit, they stand
those who would unwittingly tear down your
confiscate your property, thus placing you in a
of potential competition and coercion.
' .
he also said:
economic life of the
reasonable, but it must also
and
you
country's economic life has passed from private to public
and that Government control by grants and subsidies is made even more stringent because of the ever
present implied threat
efficiency and continuity of that service.
■
"
Commissions, as experience has taught, are essential to your existence.
between
tv'-V"
Inflation
hands
1
protect the
While not
Prosperity
Mortgage Bankers Association of America on Oct. 12 at the
opening sessions in Chicago of the group's 25th "Silver
Jubilee" Annual Convention.
Dr. Moulton declared in his address that control of the
otherwise.
proceedings or
Restoring
single need for a restoration of prosperity in
this country and improvement of living standards is a re¬
sumption of private investment, Dr. Harold G. Moulton,
President of the Brookings Institution, told members of the
This is only part of the story.
The
public in the last analysis must continue to receive utility service.
It is
dependent upon utilities for light, heat, water and communication services.
These services it has become accustomed to.
It will not do without them.
To be effective, therefore, in the public interest a commission must hot
confine itself solely to securing reductions in rates.
It must be equally
concerned that the utilities under its jurisdiction are kept in a position
that they can render efficient,
continuous and adequate service at all
times.
In short, a public service commission should be what its name
implies, a protector of the public service.
It must protect the public,
which has little means or ways to protect itself, in the right of the
formal
Private
of
in
pect of
friendly spirit must exist, and there
must be close cooperation between the two..
The thought seems sometimes
to be held that the effectiveness of regulation is measured by the amount
in rate reductions that a commission has been able to bring about through
and unduly expensive to you,
appliances to pull
present sales slump."
The greatest
burden¬
order that regulation may be effective, and not
In
hostility.
will be one of the first major
ranges
the
Investment Greatest Single
According to Dr.
Moulton of Brookings Institute—Address Before
Mortgage Bankers' Association—Remarks of Presi¬
dent Fraser—Dr. Lichtenstein
Sees Little Pros¬
Need
the general subject of regulation and the so-called Lea Act.
My
remarks will be confined to these subjects and to attempting to clear up a
some
gas
Resumption
a
speak on
of
that
itself out of
industry , has there been
discussion of regulation by
Managing Director suggested that I
appropriate for
more
have already launched campaigns for the
companies
gas
"Enthusiastic consumer acceptance of
history of regulation or of your
the
in
300
IS, 1938
of this crowning achievement.
Certified Performance models indi¬
promotion
in part:
Mr. Mahood said,
Oct.
Chronicle
Financial
2330
living
past capital accumulations,
on
Moulton declared, and it is a
The most striking
of the
It would seem as though the credit of the Govern¬
ratio to the size of the Treasury deficits and the magnitude
market generally .
ment is in inverse
public debt—for the rates at which
borrow have steadily declined since
source
been the
government issues and in the
financial phenomenon of recent years hag
extraordinarily low level of interest rates on
money
of endless confusion, and has
that the financial position
the Government has been able to
This phenomenon has been a
1933.
beguiled many into the belief not only
of the Government is as
sound as the proverbial
credit are endlessly deep. The funda¬
mental explanation of this phehomneon is the extraordinary volume of
loanable funds, on the one hand, and the lack of normal demand on the
other.
■ "
It has often been said that the low interest rates are wholly artificial,
rock, but that the wells of public
resulting simply from the
Treasury policy of borrowing from the banks
funds which, after they are
are
disbursed through the agencies to which they
allocated, promptly give rise to new
tion does not appear to
bank deposits.
Such an explana¬
be an adequate one.
Dr. Moulton said, that
low interest rates, both on long-
short-term securities will continue as long as
business demands remain at the low present day levels and
term; and
that in view of the enormous
credit resources of the banks at
present time, relatively low
prevail for some years to come.
the
Warning that the next great
interest rates may well
period of new building in this
country may bring with it a severe shortage of skilled building
craftsmen, A. D. Fraser, retiring President of the Association
in address declared that this situation has great potential
declared that • it is the result of
unions. Many crafts¬
because of
low activity.
The craftsmen today in the field are older and
few apprentices are being trained.
Failure to recognize this
danger by the labor unions is to be deplored, he said. Mr.
harmful
possibilities and
mistakes by the building crafts labor
men have left the building field in recent years
"ridiculous" .competition in the
and "the offering of
inducements in the way of a lesser interest rate, increase of
present loan, longer term, smaller payments, bonuses paid
by lenders to get loans, and no commission, interest rates
could be maintained at a proper level and all lenders would
get a proportionate share of the business, but the raiding of
Fraser
deplored the present
hectic solicitation of new mortgages,
loan
portfolios goes on."
Financial Chronicle
Volume 147
Dr.
Allen
A.
Stockdale
of the
National
Association
of
Manufacturers, warned delegates that in the swiftly changing
conditions of today the American people will do well to stop
to appraise "The American
way" of government and life.
Free initiative and individual
tions of honest and
enterprise, upon the founda¬
intelligent competition, is at the very
heart of the American way, he said,
Predicting that
the only natural limitation on bank credit is the sheer inertia of
borrowers.
deficit financing requirements.
tute
more
Stewart McDonald, Administrator of
Housing Administration in Washington, D. C.,
told the convention on Oct. 13 that continued greater home
ownership among the American people constitutes one <?f the
greatest necessary stabilizing influences in our national life.
He said that the day of. secohd
mortgages, high fees, careless
years ago,
the Federal
standards of construction, and the lack of economic data as
toj^what our people really want in the way of housing are
gone forever.
Together, he said, they caused the greatest
real estate collapse in history.
He asserted that the Federal Housing Administration had
done one thing that had never been done before and that is
give the mortgage loan instrument a degree of liquidity and
marketability which it never had before.
In addition, he
said, it has brought about an interflow of mortgage credit
throughout the country.
The present world craze among nations to become selfsustaining means in a long run that a lower standard of
living for the world's peoples can be expected, Dr. Walter
Lichenstein, Vice-President of the First National Bank of
Chicago and Secretary of the Federal Advisory Council of
the Federal Reserve System, said in his address on Oct. 13.
"In this machine age," he said,
"practically in every country
manufactured goods can be produced with about the same
facility at about the same cost as in any other place." He
This is
be exceptions.
But if
generally true and the tendency continues in the
a
to
business;
level.
admit this
the world finally not reach a point where international trade will consist of
little less than
exchange of
an
raw
products?
What happens then?
I just
fear that international trade under such conditions will continue to decline
and while
shall probably remain relatively better off than most other
we
countries, I wonder whether
not be a
even
here under such circumstances there may
If the decline in international trade continues and
arma¬
ments
expenditures continue, all nations finally will approach
bankruptcy, Dr. Lichtenstein said.
Regarding inflation, Dr. Lichtenstein declared there can
be little of it or little prospect of it as long as there is as little
movement in business and economic life as the present time,
ing
Stable prices, therefore, indicate good economic health, while un¬
posits; in short, feverish activity.
funds piled up in
banks doesn't
the moment,
no
Knox.
-
I
play
The
and in bank de¬
fact that there
mere
mean
currency
inflation.
Those
are
huge
excess
excess
funds, at
greater role really than does the gold buried at Fort
I grant the potentialities of inflation
are
there, but that is all.
disturbances,
no
immediate inflation, and (b) Partly on that
account, there is not likely in the near future to be much change in the
general level of interest rates.
»
As long as the
Government is in need of
and it will continue to be
long
so
as
new
financing and refinancing,
it must spend millions and billions on
relief, it will wish to have low interest rates; moreover, it has always been
true that governments are more in
favor of easy credit conditions rather
than the reverse, for while a period of deflation may be a good thing for
the economic body, it is
an
unpleasant remedy and the party in
power
which administers the tonic of deflation is not likely to be popular with the
mass
of the
Government
voters.
can
At
the present
time there is
no
question that the
do much in controlling interest rates.
bank
credit
E.
Goodbar
Urges Separation of Bank Credit
from Money Savings at Conference of Society for
Stability in Money and Banking
According to Joseph E. Goodbar, President of the Society
Stability in Money, and Banking, "unscrambling bank
credit from money savings, and coordinating its amount*to
the needs of business and industry, by means of bank credit
for
traffic^ control,
will
financial infection
safeguard
economic
activities
from
and
provide the confidence and safety
required before production can move forward actively in
step with distribution."
Dr. Goodbar, who spoke at the third Fall Conference of
the Society at Minneapolis said ip part:
Use of bank credit
extensively in financing capital goods, such
as
houses,
machinery, factories and office buildings, or securities representing them,
is
unfair competition
for money savings similarly invested.
Even
more
men
on
money
brings on
»
a
When bank credit "muscles-
savings, it magnifies the production of capital goods, and
conflict between capital goods representing money savings and
those representing bank credit—a conflict that ends only
devoured the earning power of the other.
can
can
The
automatic process.
and
At
to
we
production and dis¬
had
a
semi-automatic
regulation of bank credit quantity by the ebb and flow of gold reserves—
but now our gold supply has far outgrown
bank credit requirements. Today
use
of both guide and
the
use
information
same
foretell
to
when
monetary action is
...
O'Mahoney, Chairman of Qommittee Inquiring
Monopolies, Addresses New York Board of
Trade—Says Concentration of Economic Power in
*
Government
Be
Can
Bad
as
as
That
Large
in
Corporations
At
luncheon of the New
a
Astor
Hotel
in
York
New
York
Board of Trade at the
C.
Joseph
Senator
11
Oct.
on
O'Mahoney chairman of the Commitee inquiring into Mon¬
opolies, referred to the creation of the Committee and its
duties and said that "in the few months which have elapsed
by Congress of the Temporary National
the creation
since
Committee,
sometimes
called
improperly
the
Monopoly Committee, I have sensed an ever-widening inter¬
study it has undertaken and a growing disposition
est in the
all elements of our economy to cooperate in the effort
make its Work a constructive contribution to the develop¬
among
to
Jo say:
Of
In part he went on
social system."
ment of the American
*
I
course,
that
aware
am
among
some
business men there is a pro¬
suspicion of what they call politicians and demagogues, a suspicion
exceeded
that entertained by
only by
some
politicians for what they call
be a helpful
Perhaps, after all, this suspicion may really
"monopolists."
based upon the
sign, for whenever it is given expression we find that it is
the
that
fear
individual
I
world
politician,
either openly or covertly, intends to suppress the
liberty of the business man.
forgive
can
human
deal
great
a
Americans
all
If they
them.
discover
why
than
ever
in
any
man
who believes in
to do that successfully however, they must
are
that individual
it is
liberty
seems
be in so much
to
is that government is exercising so much more
danger today and why it
power
suspicion
which will eventually save us.
In a
of freedom and democracy seem to be perishing,
who still adhere to these principles to unite in
which the ideals
in
behooves
of
faith
for it is that
liberty,
defense "of
before.
and wealth," a
have to imply anything
wrongful, anything illegal, anything monopolistic.
It is sufficient to use
the words in their plain literal sense—a great deal of power, a great deal
When
speak of
we
"concentration
of economic power
phrase in every common use Nowadays, we do not
of
wealth in such concentrated form that it may be
wielded by
a
few.
concentration
be just as bad, if not
Now, lest I be misunderstood, let me hasten to add thatt the
of
economic
there be any danger of
If
to which
extent
and wealth in gpverftment can
in a large corporation.
concentrated
Concentration in gov¬
there could be
would be the ultimate concentration beyond which
more.
no
power
if
than
that it is because of the tremendous
concentration has already progressed through the corporate
device.
Let
I mean by a simple comparison.
illustrate what
me
railroad
industrial,
assets of
with
more
ahd
public
than
one
There
are
18
utility corporations in the United States
billion, dollars each.
There
are
12 financial
corporations in the same class.
That means 30 corporations'in the United
States each with assets in excess of one billion dollars.
As a matter of
fact, the combined assets of these corporate units amounts
at
the. other
Union,
according
look
Now
Federal
valuation
that,
to more than 60
dollars.
billion
in
picture.
to
real property
on
In each of 22 sovereign States of this
the World
was
less than
for 1938, the assessed
billion dollars.
More than
Almanac
one
each of 16 States the total valuation of all property subject to
general property tax was less than one billion dollars.
Great as the size of these corporations is in comparison
of
the states,
assets
each
of
that in
of
with
so many
itself is not as significant as is the fact that the
giant corporations are subject to authoritarian
those
exercises over
within its boundaries is rigidly limited.
that, no state can exercise the slightest power beyond its own
by the corporate managers while the control the State
More than
boundaries, but each of these corporations has an influence
and
even
international in
its scope.
that is national
'
living organism, developing from day to day.
The institu¬
we now have
are the logical outgrowth of those of our fathers and
which are now developing will accommodate themselves to the facts
Society is
tions
time
instructions for the
into
those
currency
the natural and automatic guide for control of
up as
Senator
when each has
one
Goodbar
Dr.
proposed act has been designed expressly to eliminate destructive
of bank credit, and to bring banking back into the service of, and
abuses
of the
of demand deposits
an
needs.
economic
approximate harmony with, supply and demand.
Traffic control for bank credit
prevent this.
Coordination
tribution is not
with
needed, and to accommodate themselves to such action in advance.
control
goods in close touch with actual need for them.
,
With the assistance of these instructions, bankers and business
standards.
the property
natural economic control that ordinarily would keep out supply of capital
through
Stability in the price level, supplemented by other sensitive statistical
amount of money savings
in"
volume
bank credit volume, with clear
serious, it takes away the limits otherwise imposed on construction by the
available for investment; and thus sets aside the
signal—more
automatic
and
■
standards, will be Bet
ernment
J.
natural
a
also said:
worse
Dr.
is
"Accordingly," he said, "the Society for~Stability in
Money and Banking is proposing specific measures for
enactment into law at the next session of Congress."
; •
The measures he proposes are (1) to prevent conflict
between money savings and bank credit and (2) to coordinate
first
Dr. Lichtenstein declared:
money rates,
level
^
it
Discussing the Government's role in influencing cheap
price
Federal legislation.
the same conclusion that I did in June and November of 1936,
come to
namely: (a) We shall have
When
guide to monetary control?
as a
The only way to secure concerted action among 17;000 bankers is
found
great velocity in turnover of
Why not, then, make use of this
reverse.
dependable by far than "banker judgment", influenced by deficit finance.
and added:
means
coordinated
supplemented with other statistical standards, quickly sensitive to develop¬
.
Inflation
however, this
condition tha,t is reflected in substantial stability in the price
a
Economic
gradual decline of the standard of living.
to substi¬
Because money
exist only when money is properly
natural indicator of business health
to be
direction, shall the
can
stable price level evidences the
general statement.
we
same
affected by
as
we propose
natural, but undulating, balance.
a
natural economic balance
be, and is even now, that each country manufactures
things it requires at home; in other words, there is no need of
importing manufactured articles from abroad.
will always
For such discretion
This objective is derived from the fact that economic activities, if undis¬
turbed, will maintain
The result will
I recognize there
"banker judgment"
definite objective with appropriate standards for guidance.
a
added:
most of the
unwilling
Other than that, bank credit control is a matter of discretion,
guided only by the Reserve Board's
is the medium with which economic activities are carried on,
than 350,000 new dwelling units
would be built in the United States this
year as against only
50,000 four
2331
a
present.
Every element of society will make its contribution to the
or unconsciously.
We might as well, therefore, do it
future, consciously
So, I say to the representatives of busi¬
case whatever it is.
The committee
event, if the advice is good it will stand up.
.
.
.
consciously and in good temper.
ness
and of management, make
will listen,
but, in any
your
public
It
the public
to
devotion
sincere
with
is essential.
is
lieu of
■.
^
element
an
Resume
Failure to reach
affiliated
35
Retail
of
Strike
Following
Strikers
sound.
Business,
Clerks—Warehouse
degree of prosperity if any country
velocity of the
and
Every function
America.
ordinated
reports from the Coast this week.
The strike was last
referred to in the "Chronicle" of Oct. 1, page 2020.
Mean¬
tribution.
to
Association of San Francisco Distributors arranged renewed
meetings in
the tieup of more than 100
effort to end
an
warehouses.
The
public
sentatives
Marks,
been
has
' ;
last night,
pledged
,
Marks said the cooperation of all of
Mr.
the Mayor and
to
Marks added:
prosperity in keeping with
is open,"
peace
"It
his committee.
be
cdn
a
Mr.
,
.
San
the
Francisco
we
have
always known—a city of industrial promise.
It* can be a peace of lasting
effect.
It can
be a prosperity for all alike—the union, the individual
employee,
It
the employer.
and
reprisals for anyone."
be
can
peace
a
without
humiliation
or
'
the warehouse controversy, Eugene Paton, President of the I. L. W. U.
wrote James Reed,
"We
accept
President of the distributors:
invitation
your
meet
to
with
discuss
to
you
mutual
our
He added, however :
asked
you
to propose
"We have
a
on
crux
occasions and in negotiations
numerous
You have
unit contract.
The unit contract is the
of the
done so."
never
widespread tieup, with A. F. of L.
warehousemen, not involved in the current break, having offered to sign a
five-year pact with the Industrial Association
Mr.
Reed
will
we
national economy taxation must be
adapted to the par-
the result is healthy to neither industry
to the whole
national prosperity.
said:
"Since
the
union
Wilkes-Barre
(Pa.)
Newspapers
Continues
by the American Newspaper Guild, a
Industrial Organization union, against four
strike called
Committee for
in Wilkes-Barre, Pa., which has forced indefinite
suspension of publication since Oct. 3, continued during the
past week.
The strike affecting editorial workers was called
after negotiations between the publishers and the Guild's
executive committee ended without agreement on a new
contract to replace
a
temporary .agreement signed last
January at the end of a previous strike.
On Oct. 11a fivepoint proposal for resumption of publication presented by the
publishers was rejected by the Guild.
Negotiations were
scheduled to be resumed on Oct. 13 but it was stated that
this did not necessarily mean immediate publication of
newspapers
for the Guild declared it would not end strike,
had been requested by the publishers' proposal
until a satisfactory agreement was reached.
The papers
affected by the strike are the "Evening News" and "TimesLeader", afternoon publications, the "Morning Record",
and the "Sunday'Independent."
newspapers
as
industry-wide basis.
an
on
has accepted
invitation
our
meeting with them."
arrange a
Four
Against
activities
problems."
.
our
imposed and that where taxes produce a
The
co-chairman, for 3:30 p. m. today,
for the Council, scheduled to present the
spokesman
radio address,
stores
1-0,
encountered has been
More and more it is being recog¬
decrease in volume and turnover
delayed because of Yom Kippur.
was
first.
the stores
a
In
its taxes.
Stores
Declaring that through the committee the "road to industrial prosperity
and
nized that in
dis¬
;
ticular business upon v^biCh it is
Committee of Ten, with repre¬
Employees' Union and the
new
Crawford Greene,
by A.
Milton
of
the
Department
Council present,
set
was
with
the
of increasing production and
"
Strike
Retail
the
by
calJed
hearing
of
Retailers'
In
•
,
production has made possible
of business in government should be sub¬
problem
principal difficulty tHat the gas industry has
The
nor
of Oct. 6 said:
case
major
one
discussing the strikes, the San Francisco "Chronicle"
In
It
the
to
the tremendous increase in
Organization and the
Industrial
for
Committee
the
while
people is to consume more goods and to enjoy
The natural inclination of
in
in certain lines
upward move¬
possible to prevent a recurrence of 1937?
the innumerable material things ahich mass
decline
is primarily a matter of the
of goods and the services in that
question is in every man's mind—is this
ment real, will it last, and is it
according
a year ago,
turnover
At the present time volume is again increasing
country.
Federation of Labor against
1% and 10% in sales from
of between
rate functionally
a
Floyd L. Carlisle, Chairman of the Board of the Con¬
Conven¬
tion on Oct. 13, at which time he said, in part:
and the searching
Francisco department stores have caused a
San
business cycle—in short,
the
f
volume
settlement in the strike of retail clerks
a
in
*
solidated Edison Co., who was also a speaker at the
Negotiations
the American
with
resiliency
maintain
The
Lose
the requisite capital for expansion, and (d) introduce
of flexibility, or in lieu thereof a factor of safety, in order to
attracting or creating
7.
•
Stores
of the industry, by enlarging consumption and
tion, (c) further the growth
stands for and everything that it
Department
(b) stimulate new technology and its applica¬
conservation of the resource,
•
Francisco
be brought into the rate making formula,
with a rate that will: (a) tend to further the
then one must be concerned
government and urged that business submit to the Govern¬
ment "everything that
business is, everything that it is
San
rather than
...
If the creative element is to
C. Magnus, President of the Board of Trade, in
introducing Senator O'Mahoney, said according to the New
York "Times" there was no conflict between business and
doing, everything that it
shall not be subordinated to the immediately
which usually are concerned with persons
objectives,
abstract conceptions.
-l
be taken that the
flexible system of market prices, then care must
a
functional nature of prices
desired
substitute for competition, and if.
with its attendant rigidity must cooperate in
furthermore, a rate structure
Percy
hopes to do."
when the natural gas industry faces
of rate regulation than it has heretofore
If rate regulation is a
encountered.
well calculated to afford a free and open hearing.
It is
composed of both legislative and executive members ,six from the houses
of Congress which must eventually pass upon any legislation that may be
recommended, and six from the executive agencies that are in closest
of the economic machine.
broader and more pervasive type
a
particularly
relationship to the functioning
therefore, to bring forward the concept of creative rate
regulation, especially at this juncture
Lack of sincerity speedily
interest.
need
We
apparent.
...
One may venture,
not fear its absence half as much as an
emotional reluctance to face the facts.
This committee, which came into existence as the direct result of Presi¬
dent Roosevelt's message of April 29, this year, is constituted in a manner
becomes
IS, 1938
the stimulus of a return adequate to this end
accretions of new capital and
interest is paramount and the committee represents this
willing, therefore, to hear all sides and it recognizes as a
fundamental truth that the special representatives of each group will speak
The
interest.
Oct.
Chronicle
Financial
2332
••
♦
—
to meet,
Strike of Independent
"
Cab Drivers in Philadelphia
Ended
"Creative Rate Regulation" Rather Than "Protective"
Regulation Urged Before American Gas Association
in Behalf of Gas Industry by Joseph E. Pogue of
Chase National Bank of New York—Floyd Carlisle
of Consolidated Edison Co. Finds Increase in Taxes
dustry requiring "creative rate regulation*' instead of the
present type of "protective" regulation that hinders rather
than encourages the development of new and vigorous
enterprise for the economic good of the country, said Joseph
E. Pogue, Vice-President of the Chase National Bank, of
New York City, in addressing the annual meeting of the
American Gas Association in Atlantic City on Oct. 13.
In
part, Mr. Pogue added:
1
.
The Natural Gas Act authorizes the Federal Power Commission to regu¬
late the operations, the accounting and depreciation practices, and
the rates
125 independent
a week guaranty and a 50% commission.
The strike
Philadelphia without taxi service for three weeks since
drivers of the Yellow Cab Co. have been on strike since
$15
left
950
Aug. 15.
The union had demanded a $30 minimum for
independents and a 50% commission. Before the strike both
the Yellow Cab and independent drivers were paid a 45%
commission with an $18 weekly guarantee.
•
,
Reporting the ending of the independent
Philadelphia "Inquirer" of Oct. 7 said:
.
Meanwhile, spurred
and without preference or discrimination.
intention of
The Act declares it to be the
Congress that Natural Gas shall be sold in interstate
for resale to ultimate domestic,
commercial,
commerce
industrial customers at the
or
drivers strike, the
by a public meeting at which
clared that "we must have cab service in
for the Yellow Cab Co. and
Mayor Wilson de¬
Philadelphia at once," negotiators
Taxicab Drivers Union Local
prepared to resume negotiations
156.
A. F. of L.f
with a view to returning the 950 Yellow
Cab drivers to work.
'•
Full Service Sought
and foreign
Prices charged for such gas are required to be just, reasonable,
the day before <to
accept a new contract.
The independent drivers, who were
called out on strike Sept. 15 by the Taxi Drivers Union,
Local 156 of the American Federation of Labor, were granted
*
and charges of companies transporting natural gas in interstate
commerce.
Philadelphia taxicab drivers re¬
turned to work on Oct. 7 after voting
a
Principal Difficulty Facing Industry
The natural gas industry, still young and facing oppor¬
tunities for further expansion, should be treated as an in¬
.
About
Return to work of the independents is
to care for the hotels,
>
expected to furnish enough service
railroad stations, and mid-city section.
declared at the meeting in his reception
normal service restored."
'/That's not enough," the Mayor
"We
room.
want
lowest possible reasonable rate.
The
whole
field
of rate
regulation
been
has
marked
by
interests in which social theories and legal abstractions have
dence over economic consideration.
of rate
economic organism,
a
whose interest
conflict of
taken prece¬
The greatest deficiency in
regulation, accordingly, is the absence of
industry as an
a
William
broad concept of the
as
a
whole should be
—Latter* s
harmonized with those of the consumer, the investor, the worker, and the
management: for lacking this coordination,
or
are not
best served, growth is interfered with, and the
potential standard of living is lowered.
The
a
fair rate of return
upon
employed be allowed, but these terms have
manner
is
.
no
precise meaning, and the
in which "fair rate of return" is defined and "fair value of property"
measured
.
be termed "protective rate
the fair value of the property
.
leaves
considerable
latitude
for
wide
divergence in
The natural gas industry is a mass-production activity
rulings.
of inte¬
grated character and is itself interested in reducing the cost of its services
to
the
growth
consumer
and
in
needs
order
for
to
enlarge its
technological
business.
progress,
The requirements of
however,
demand steady
of
A.
F.
of
L.
Proposal That Mr. Green Quit His Post
President of the
session
Federation's annual convention at Houston,
re-election
American
on
It is the theory and practice of what might
regulation" that
President
Turned Down
if the requirements of the
industry as a whole are violated, then the long-term interests of those im¬
mediately concerned
Re-Elected
Green
Urges C. I. O. to Return to Federation Following
Call for Resignation from C. I. O. of John L. Lewis
the practice
of
William
Green
as
Federation of Labor marked the closing
Oct. 13 of the
appeal by Mr. Green that the Committee for In¬
Organization, of which John L. Lewis is Chairman,
to the ranks of the Federation also featured the
An
Tex.
dustrial
return
closing day's session of the Federation, as to which
Press advices from Houston, Oct. 13 said:
•„
;
Mr. Green
gavelled the sessions into history tonight and the Federation's
and his aides dominated the convention to the
battle with John L. Lewis
end.
...
United
Financial
Volume li7
Chronicle
So hostile was the sentiment that President Roosevelt sent a message to
the convention, urging
that
door be closed to
no
labor to "make and keep the peace."
a
truce ana
appealing to
His plea was followed by a surprise
demand from Daniel J. Tobin, head of the Teamsters, that new peace
2333
conferred all day Saturday [Oct. 8] and through the night with executive
boards of the three locals and then met the company officials Sunday in a
successful effort to get the men back to
work4without further delay.
talks
be initiated.
He warned the Conventidb that unless this was done he might withdraw
his 300,000 members from the Federation and "build our own
took the floor
a
second time later to renew his warning and to
New York World's Fair Amusement Area to Be
Largest
History—Grover A. Whalen Predicts Trade
Gain of $1,000,000,000 for Greater New York
He
house."
in
attack his
colleagues who "live in sheltered houses."
Tonight, opinion
for peace would
was
from the A. F. of L.
come
The claim by New York World's Fair 1939 that its amuse¬
divided among delegates on whether the
or
next move
Mr. Green in
the C. I. O.
ment
the
He said the "door is open and will stay open.'!
Mr. Tobin was satisfied.
He interpreted Mr. Green's remarks as con¬
ciliatory and predicted that the Federation's executive council, which ex¬
accepting re-election, made
plea to the deserting unions to return to
a
national Ladies' Garment Workers, would not be able to ignore
Just
as
Tobin, who heads the Federation's largest union,
Mr.
space available, all but 600,000 has
definitely assigned.
The figures made public
by Mr. Whalen disclose that a sizable "gold rush" has been
in progress among carnival, restaurant and merchandise
been sold
the convention—a
tion and its
most
as
"Socialistic."
The
move
selling space, but of insuring that the most worthwhile and
interesting attractions have been selected.
In an address delivered before the Chicago Association on
Oct. 5, Mr. Whalen predicted that an increase of $1,000,000,-
*
The report, it is stated was turned over to
Council for "further study."
<
the Executive
in trade will accrue to Greater New York from the
World's Fail- which is to be held next year.
In advices to
the New York "Times" from Chicago Oct. 5, it was also
000
by President Roosevelt urging peace between
was referred to in our issue
the A. E. of L. and the C. I. 0.
of
week ago, page
2175. This week, on Oct. 10, the Federa¬
resignation of Mr. Lewis as Chairman of
the C. I. 0., as a means toward peace between*the two
organizations, and on Oct. 11, Mr. Lewis offered to relin¬
quish his post if Mr.. Green would withdraw as President of
the A. F, of L.
In discounting the Lewis proposal, Mr.
Green on Oct. 12 was quoted as saying:
a
stated:
tion called for the
To any one familiar with the labor situation it is
resigned
dictator
as
obvious' that
has
behind
the
scenes,
will have
whole
and
of about
mittee
that
Voted
Washington pledged its support to
resisting the proposed .wage reduction.
continue
war
1
the
cent
per
which
would
a
goods.
its
boycott
in
An
to
German
'
„
■
•
.
less
a
Boards tojregulatejabor un¬
"responsible" trade unionist is appointed to the agency.
Compromised its dispute with the powerful International
Union.
^
in Washington.
ourselves and
States Housinw
dedication
''discriminatory and punitive
It
Canadian
our
is
only
not
neighbors,
a
symbol
it is a
of
between
friendship
niedium of
It proclaims that civilization,
peoples.
two
of
freer
based
At the
public
the
-once
service
more
those participating in the
of my very real
assuring you
you' have
rendered
as
Governor
of
time when so many grave problems demand in their solution
is of leadership and statesmanship.
a
there
best
without
time the
same
President expressed
his regret at
be present at the dedication. The opening of
American and Canadian ends of the bridge was effected
by the pressing of switches by Governor
in
dedicate
we
bond
another
dedicate
invaluable
an
of
and
respect
and to the Ladies' International Garment Workers' Union, which was
monument
sus¬
Happy
pended for affiliating with John L. Lewis' organization.'
;
.
'
'
minister
...
The
plants of the Nash-KelvinatQr Corporation in Racine
and Kenosha, Wis., which had been closed by a labor dispute
were reopened on Oct. 10 after a settlement was reached the
previous day at a conference between company officials and
representatives of the International United Automobile
Workers' Union. The following regarding the dispute is from
the Milwaukee "Sentinel" of Oct. 10:
who are free to devote their resources to con¬
the condition of men.
Happy are the States
elevates
that
the appalling burden of war, are at liberty to
needy, seek remedies for unemployment, and promote har¬
to-the
build
that
people
the
by
laborer
the
between
mony
instead
bridges
and his
forts.
national
are
the nations
.
Ontario, Premier Hepburn said:
strange contrast it is that we
a
Happy
■
should be building on our inter¬
boundary connecting links while in European countries,
with even
their frontiers fortresses facing
horrible conflict which will be so
civilizations, there are being built on
older
each
employer.
of
For the Province of
What
aid to commerce and travel; we
fraternity between the land of the
We dedicate, above all, an enduring
peace.
unhampered
which,
,
to
are
work
structive
Settlement of Strike at Nash-Kelvinator Plants in
said,
part:
Today
appeal to the automo¬
Murphy, of Michi¬
spoke
and Premier Hepburn of Ontario, both of whom
the exercises.: In his remarks Governor Murphy
maple leaf and the stars and stripes.
-
St. Clair River,
ideals, has an international as well as a national
bile, textile and oil field workers, who were expelled from the Federation,
Wisconsin
Oct. T and 8 of the
'
dedication
of
Michigan in
the
■/'S.:
In his acceptance speech, Mr. Green made a direct
Hepburn
It is another door making easier access
States.
I could not send my greetings through you, to
exercises
at
Urged increased Federal funds for educational purposes.
.
on
gan
V-.
in character."
President
President Roosevelt marked the celebra¬
our
common spiritual
the
Condemned labor policies of the Works Progress Administration; praised
Denounced the Patman chainjitore bill as
Premier
and
Murphy
his inability to
those of the Public Works Administration and the United
,v:,
from
Ontario—Message
United-
intercourse between
upon
Typographical
.■
Voted to co-ordinate and expand its legislative forces
Authority.
the
and
appreciation
Reaffirmed its non-partisan political policy.
New
of
bridge represents an ideal of friendship which I com¬
international
between
record
manufactured
Canada
and
States
Huron,
Port
Canada
Demanded the creation of no more Federal
-
Sarnia,
character.
Japanese and
the construction
Bridge Linking Port Huron, Mich.,
with hfeart and soul.
mend
30-hour week.
against
trade due to
Mich., and Sarnia, -Ont.
The Presi¬
dent's message, addressed, to Governor Murphy of Michigan
and read at the exercises by Senator Brown, said:
•
Reaffirmed
to
Water International Bridge over the
linking
1
-
a
Blue
united front by democracies to preserve
world peace.
Reaffirmed its demand for
United
tion incident to the two^day
o
placed the Federation on
have
and
Officiate
purposes."
Demanded revisions in the Wage-hour law.
favoring American cooperation in
cdmmunication
service,
"By the time all of the. exposition's
the stimulation
Roosevelt—Gov.
railroad
Some of
member assessment
month per
against the C. I/O. and for "organization
Killed resolutions
by
A piessage from
at
to
felt
International
the delegates approved
the further action of the convention as summarized
United Press accounts from- Washington were:
finance the
will have
and
In earlier action Oct. 5, the Federation in a telegram to
Chairman Harrison of the Railway Labor Executives' As¬
workers in
personal
transportation,
$100,000,000," he added.
Dedication
cretionary power of the Board.
sociation
drink,
works of this fair."
■
vote,
•
300 structures have been completed scarcely a corner of the United States
•
s
dissenting
$10,000,000,000 additional
•
"The exposition's requirements in materials alone will aggregate a value
resolutions com¬
reports calling for nine revisions in the labor law to curb the dis¬
a
a
or
merchandise.
Associated Press advices from Houston Oct. 10, also said:
Without
force,
by saying it would be distributed among entertainment, housing,
food
but
.
tenfold
a
Mr. Whalen explained the meaning of the increase to the country as a
On Oct. 10 the Federation moved for changes in the
Wagner Labor Relations Act and ordered its leadership to
oppose confirmation by the Senate of President Roosevelt's
reappointment of Donald Wakefield Smith to the Labor
Board.
to
grown
expenditure."
still remain its
because he would remain as President and
Workers of America, the union which is the
financial angel of the C. I. O.
completed its cycle and been felt the country over," Mr. Whalen said,
"it
Chairman of the C. I. O. he. [Mr. Lewis] would
Dictator of the United Mine
,
"By the,time the $1,000,000,000 additional expenditure in New York
if he
even
or
promoters to obtain concessions at the Exposition.
Fair
officials it is said have been faced with the problem, not of
the Administra¬
resolution committee report attacking
policies
battled
building and metal
controversial issue before
"closed door" peace declaration,
a
trades leaders united to sidetrack the next
biggest in amusement park history
feet of biiilding
square
the over¬
whelming rank-and-file support behind the demand for peace.
successfully against
the
on Oct. 8 when Grover A. Whalen,
President of the Fair Corporation, reported that, of 3,000,000
Inter¬
pelled nine C. I. O. affiliated unions and suspended another, the
will be
area
virtually made good
was
"house of your fathers."
in
other
of
anticipation
another
America cannot by the wildest stretch
ghastly that we in peaceful North
imagination visualize its consequences.
of
The Racine plant was closed Aug. 22 with intent to move its operations
to
Kenosha, to which the Racine local objected.
the Racine local
probably will continue in existence as long as any men are employed there.
The Kenosha and Milwaukee plants closed Sept. 27 when the dispute
still
was
unsolved.
A settlement
was
worked out last week, but the Kenosha
local rejected it because of dissatisfaction with the
senority arrangements,
which it feared would jeopardize the jobs of some of its members.
Richard
Frankensteen
[an
international
Automobile Workers' (C. I. O.)]
Richard
was
Vice-President of the United
and by the executive boards of the Raci.ne and
Vlieg of Kenosha, general works manager and
Kenosha locals.
R. A. De
Harry Beutlich of Detroit,
personnel director, represented the company.
When the first peace negotiations, brought about by State mediators
Follette, broke down with the Kenosha local's
rejection, Mr. Frankensteen and his aids came in to take
charge.
They
exercises
cation
Brown;
and
at
participated in the dedi¬
Senator Prentiss M.
States
D.
$3,250,000.
In Port Huron advices "tfrom Don¬
the Detroit "Free Press" said:
the headwaters of the St. Clair River, and overlooking Lake
Schram)
F.
The span, at
Huron
United
B.
cost of
a
ald
were
McQuesten, Ontario Minister of Highways,
Van Wagoner, Michigan Highway Com¬
The bridge was built by Michigan and Ontario
T.
Murray
missioner.
assisted by Charles H. Millard and
Reisinger, members of the U. A. W. international executive board,
assigned by Governor La
Some of the other speakers who
Under the settlement it
will continue to operate for a time as a parts plant, and
on
the north, is 8,120 feet
long, and rises 150 feet above water level.
Federal funds, built the American approach and
plaza, while Ontario, with the assistance of the Dominion Treasury, built
Michigan,
the
Canadian
The
of
a
aided
approach
celebration
peace
Canadian
by
and
opened
plaza.
Friday
morning
:
Kiwanis
Clubs.
7) with the dedication
bridge by the American and
(Oct.
plaque at (he American end of the
1
Financial
2334
Secretary of State Hull Invites Canada to Participate
in
First
Inter-American Travel Congress to Be
recently made known that an
was
of
"May
•
Pan-American
republics in a joint effort to stimulate travel in the New World.
The gathering, first international' conference devoted to travel problems
the
held
be
to
ever
of Canada and of the
Governments
San Francisco
the Pan-American Union, and will assemble representa¬
and
is cosponsored by the
this hemisphere,
in
World's
Fair
tives of
governmental and private interests to discuss means of stimulating
travel.
Private interests affiliated with travel—such as
inter-American
the
railroad,
steamship,
automobile,
air,
and
industries,
hotel
and
the
advertisers and publicity concerns, and other similar entities—
have accepted invitations to participate in the discussions.
Dr. L. S. Howe, Director General of the Pan-American Union, expressed
travel agents,
gratification that Canada has been asked to participate in the Congress.
interdependence
about
great
ship possible in this trade."
between the American countries, particularly on the East
Travel
•
The
out.
5,000
the special features
planned for that day.
should
Uruguay,
service to the east coast of South America,
of the policy of the United
and the Department of State also is "very
much interested" in the start of the new line.
The fact that the new
service is under the sponsorship of the United States Government is most
The
Mr.
Members of
official "Good Will Mission" sailed on the
an
steamer Brazil
Oct. 8 to open a new
on
States to the peoples of Brazil,
the greetings of the United
Uruguay
Argentina,
and
service to the east
Stating that the mission will carry
coast of South America.
it
was
New York
in the
noted
"Journal of Commerce" of Oct. 8 that the service marks the
Maritime Commission's' "Good Neighbor
Fleet," which will be operated by Moore & McCormhck
Lines.
In part, the same paper said:
inaugural
of
the
United States
Ambassador to Italy, who has been designated by the State Department
as
Ambassador
Extraordinary and Minister Plenipotentiary on special
mission to Rio de Janeiro, Santos, Montevideo and .Buenos Aires.
The
diplomats from this country will be formally received by government heads
and their representatives in each of the capitals of the sister democracies
The
of
mission
South
is
headed
America's
east
Breckenridge
by
Other
coast.
members
the mission
of
are:
Official Party
Admiral
Rear
Commission;
Emory S.
Land,
Rear Admiral
Chairman of the United States Maritime
Henry A.
Wiley, member
of the commission;
Congressman Schuyler Otis Bland of Virginia, Chairman of the House Com¬
mittee
on
Merchant Marine and
States Consul-General
will
act
as
the official
Also in
he Senor J. A.
The Brazil, a
the
Santos,
American
The
Republics
on
express
he added.
this
another
friends
most
in
"
will
service of Brazil,
Line's
new
Oct.
passenger
"Good
Fleet"
Neighbor
She will be
22, and the Argentina,
to
Rio,
followed by her sister
on
5, in regular
Nov.
service.
States
a group
goodwill
Executives
knowing us better.
diplomats
were
accompanied
some
on
the
of this country's
important industrial corporations, going to South America's east coast
the
interest
of the Western
of
growing trade
on
of
credit
the
was
quoted as
was
by five Federal Depart¬
further reported as saying:
This service has long been a* dream with me.
I
am
sure
it is justified
traditionally and psychologically, and I think this service will prove to
justified
on
to
"Herald
York
New
the
' '
Tribune"
trade.
the ships to the
In
led to the assignment
Peace Conference
Pan-American
of
Oct.
of
9 it was
Republics Line is being operated
stated that the American
by the New York shipping firm of
Moore-McCormack Lines,
for the Maritime Commission's account until Jan. 1,
after which time the firm will operate the ships under a
Inc.,
arrangement with the Government.
charter
Medals
27 to Senator
Moses for "Dis¬
Awarded Oct.
Be
to
Commissioner
Park
and
tinguished Service"
On Oct.
27, the eightieth anniversary of the late Theodore
Roosevelt, the Roosevelt medals for 1938 will be
awarded
Democrat of Virginia, and Park
Commissioner Robert Moses,- "for distinguished service in
Carter
Senator
to
Glass,
Announcement of this
Garfield, President of the
Roosevelt Memorial Association.
The awards were estab¬
the administration of
made
was
lished
Association
the
by
public office."
Oct. 9 by James R.
on
and presentations are
1923,
in
Regarding the medals and the citations in
of Senator Glass and Commissioner Moses, the New
made annually.
the
case
York
"Herald
medal
The
other
ness
Tribune"
shows
on
10 said:
Oct.
of
side
one
a
flaming sword with the motto: "If I must
a
and peace,
h
Theodore Roosevelt and on the
head of
choose between righteous¬
I choose righteousness."
"He has, for 18
United States Senate;
a man of exceptional independence of mind who,
from, the beginning of his
legislative service as a member of the Virginia Senate almost 30 years ago,
has
insisted
on
following his conscience and his own best judgment,
irrespective of pressure' from his constituents.
He has won the respect
and affection of his colleagues in Washington, and of the Nation, by his
integrity of mind, the austerity and intensity of his convictions, his courage
and his fighting "qualities. ~
- ?
.
Senator Glass was among those who
grafted the Democratic platform of 1932.
He believes in lowered tariffs,
economy,
balanced budgets and States' rights, and accepted the Jeffersonian dictum that the best government is that which governs least.
.
.
.
Mr. Glass has pointed out that a public man who asks only whether a
thing is popular or unpopular, 'instead of seeking to know whether it is
right or wrong, is a coward to begin with and a menace always.' "
The career - of Mr.
Moses, the Association's citation said, "presents a
startling answer to the ancient query, 'What can one man do ?' "
The
Of
Senator Glass, the
been
years,
citation
New
continued:
York
City
XIV.
.
to the
man
"What
and
facilities
genius
.
dignity and
Association's announcement said:
of the most striking figures in the
one
of
Moses
York
in it
a
General
Whatever
.
Mr.
New
has
his
has
State,
done for
the
the park systems of
highway
systems
and
the
touch of the humanity of Jacob Riis, the
Goethals,
hand
has
kind of utility which would
in whose honor the Roosevelt
a
and the grandiosity of Louis
touched has achieved beauty,
have been particularly gratifying
Medal is awarded."
democracies
Oct. 8 that the "Good Neighbor Fleet" was the
He
service
new
suggestion that United States ship service to the east coast
of South America be improved after he had attended the
Office
"Times," Admiral Land
culmination of five years of efforts
ments.
the sister
Lines, Inc., gave major
President Roosevelt, whose
Moore-McCormack
President
for
;
.
Emmet J. McCormack, Vice-
Hemisphere.
In the New York
saying
relations between
'
The "Times" also stated that
constructive
of business executives representing
of
America
South
in
their
in
south.
friendship
and
sails from this port it will not be merely
It will be an eloquent expression of the
130,000,000 people in this country for our
and of our interest in knowing them better and
vessel
proud
heading
ship
goodwill
recreational
United
by
who
' '.
Traverso, Argentine Consul-General to the United States.
Business
Brazil
v
party, representing their respective governments,
Montevideo and Buenos Aires.
fortnightly
'
,
600-foot 32,000-ton modern luxury liner, is the first to sail
the Uruguay,
ships,
Rio," formerly Gonstil-General at Buenos Aires,
Lins de Barros, Minister in the diplomatic
and Senor Conrado
of
at
Fisheries, and William C. Burdett, United-
Secretary of the mission.
Commission,
Maritime
Expression of Goodwill Seen
former
Long,
of ship
improvement
Messersmith said, is one of the cornerstones
Slates
Will Mission Sail for South America
Good
—Inaugurate Operation of Maritime Commission's
"Good Neighbor Fleet"
and result in the improvement , of
the development of the com¬
situation
the
meet
understanding among the nations as well as
merce
of the various nations, he added.
Glass
Members of
the Brazil
of
assignment
Roosevelt
♦
Coast,
facilities, Mr. Messersmith pointed
and her sister ships, Argentina and
impeded by lack of proper ship
has been
"When
members and friends of New York
Chapter of the American Institute of Banking previewed
New York World's Fair on Oct. 12.
Among the out of town
visitors were delegates from A. I. B. Chapters in: Norfolk,
Va.; Richmond, Va.; Albany, N. Y.; Newburgh, N. Y.;
Buffalo, N. Y.; Olean, N. Y.; Bridgeport, Conn.; Stamford,
Conn.; Hartford, Conn.; Wilmington, Del.; Newark, N. J.;
Hackensack, N. J.; Elizabeth, N. J.; Jersey City, N. J.)
Trenton, N. J.; Lancaster, Pa.; Rockville Centre, L. I., and
Providence, R. I.
The day was officially designated as New York Chapter
A. I. B. Day and the Chapter's emblem was flown from the
main flag staff during the day.
The program included con¬
ducted tours of the grounds and buildings, lectures, and
motion pictures of the development of the Fair.
•
June 15, 1939, has been designated as American Institute
of|Banking Day at New York World's Fair. It is expected
that bankers from all parts of the country will take part in
than
made the sailings of this
bring
Banking Visit New York World's Fair in Preview
More
world-upsetting events to
has taken a full half century of
that public sentiment which has
It
system.
brought
have,
of
York Chapter American Institute
New
Messersmith, "that we are now finally on
inter-American transportation facilities by
friendship have urged since
of close inter-American
Europe and elsewhere and outside of these Western
sharply to the consciousness of the American
upon an adequate American transportation
events in
their
States
significant,
Members of
adequate
of independence.
international gathering- in the United States of the nations
of
the Western
Hemisphere.
Should Canada accept the invitation the
Inter-American Travel Congress will be the first conference in this country
bring together
the
of
which all advocates
sea
Mr.
said
hope,"
we
threshold
the
board the Brazil, on Oct.
on
Messersmith's remarks as follows :
Mr.
"Again
to
expectations, and the number
executives,
continents
take part in an
financial
We are satis¬
6, attended by
business men and representatives of
South American republics, George S. Messersmith, Assistant
Secretary of State, hailed the opening of the American Re¬
publics Line's new service to the east coast of South America
as indicative of a new appreciation of the interdependence
of the American republics.
From the "Times" we quote
At a dinner
shipping
Canada has ever been asked to
the first time that
marked
action
The
sound.
everything has gone up to date.
way
this first sailing is above our
is up to expectations.
passengers
the days
Union at Washington said:
ican
but the proposition is economically
once,
the
Our cargo on
invitation to Canada
to participate in the first Inter-American Travel Congress,
to be held at San Francisco in 1939, has been transmitted to
the Canadian Government by Secretary of State Cordell
Hull.
Secretary Hull, it is announced, transmitted the invi¬
tation informally on behalf of the Golden Gate Interna¬
tional Exposition, which will be host to the Congress from
April 14 to 21, 1939.
Previous invitations to the Congress,
also informally transmitted by the State Department, have
been accepted by the 20 Latin American Republics.
XJnited
States participation in the Congress was announced by Sec¬
retary Hull in July.
An announcement by the Pan-Amer¬
It
at
with
fied
IS, 1938
We cannot expect to make it a
develop this service.
We must
success
in 1939
Held at San Francisco
Oct.
Chronicle
economic
grounds.
*
be
►
of
Chief
Federal
National
Reserve
-
Examiner for| Fifth
Reestablished at Rich¬
Bank
District
er mond, Va.—J. L. Bailey to Be in Charge
The Acting Comptroller of the Currency'announced Oct.
11 the reestablishment at Richmond, Va., of the office of
Chief National Bank Examiner for the Fifth (Richmond)
Federal Reserve District.
That district includes the States
Volume
of
147
Maryland,
Chronicle
Financial
Virginia,
West
Virginia,
by using the factor 1.059, which is the ratio of refined
Carolina,
North
South Carolina, and the District of Columbia.
This change
District office from Washington, where it has beeD
meltings of
tons
of
Hawaii
Named
short
Pending
the
of
tons.
for
the
1938
Chief
Division
of
of
of
H. Taylor
Foreign
Domestic
and
of
1—RAW
SUGAR:
DELIVERIES
Cuba.
Mich., as
Division, Bureau
of
is
widely
Mr.
known
in
aeronautics
Taylor originally entered
Commerce
Automotive
Division.
to accept
1928,
in
United
circles,
the
October,
service
1925,
He resigned
..position
a
States
it
and
Mr.
Milan,
Taylor
Italy,
assigned
was
office
of
the
of
the" Bureau
of
assigned
was
Division
to fill
a
of
in
STOCKS,
DIRECT
RECEIPTS,
CONSUMPTION
■
MELTINGS,
FOR
JANUARY-
.
.
,
Deliveries
Meltings
Receipts
Lost
for Direct
Consumption
Stocks on
by Fire, Aug. 31,
&c.
1938
2,847
0
49,330
579,287
526,765
1,996
699
104,123
3,878
6,13.278
650,107
337
0
46,712
102,451
164,277
377
0
0
2,369
1,217
0
0
1,152
10,627
75,513
76,193
0
0
0,947
0
556
556
0
0
0
201,591 3.172.4W 3,041.158
7.013
1.324
324,505
•
Total..-.......
625
1,456
113,098
233
x Compiled in the AAA Sugar
Section, from reports submitted on Forms SS-15A
by 18 companies representing 23 refineries.
The companies are:
American Sugar
Refining Co.; Arbuckle Brothers: J. Aron & Co., Inc.; California & Hawaiian Sugar
Ref. Corp., Ltd.; Colonial Sugar Co.; Godchaux Sugars, Inc.; William Henderson;
Imperial Sugar Co.; W. J. McCahan Sugar Refining & Molasses Co.; National Sugar
the
in June,
large American
a
in
z62,436
Refining Co. of New Jersey; Ohio Sugar Co.; Pennsylvania Sugar Co.; Revere Sugar
Refinery; South Coast Corp.; Savannah Sugar Refining Corp.; Sterling Sugars, Inc.,
Sucrest
.Corp. and Western Sugar Refinery.
Revised.
z
'
•
of
TABLE 2—STOCKS,
BEET
SUGAR
DISTRIBUTION
PRODUCTION AND
BY
AND
UNITED STATES REFINERS AND PROCESSORS,
1938
'
JANUARY-AUGUST,
which had been created by" resignation.
vacancy
obtained
were
54,296
...
MIsc. (sweepings, &c)
The
Foreign and Domestic Commerce/
Following a period of service in the bureau's Vienna, Austria, office, he
was recalled to Washington and named
Acting Chief of the Automotive-Aero¬
nautic
year.
last
1,105,720 1,032,148
28,747
580,895
613,325
Other countries
Reappointed to the service in August,
as
Trade Commissioner in the
Bureau
short
date
41,607
Continental
duty
to
1,287,225
same
on
1,
Virgin Islands......
Foreign and
duty
to
from the service of the bureau
manufacturer of automotive products.
1930,
and
equal
the
on
eight months of 1938
REFINERS*
FOR
Jan.
Hawaii
foreign
stated.
was
the export department
in
first
•
...
Philippines
Commerce Department's announcement added:
Domestic
tons
'.
(In Short Tons, Raw Sugar Value)
x
Puerto Rico
Com¬
with
and
short
refined sugar), 137,965
value,
raw
areas.
The statement of charges against
during the period January-August was released on
(This statement given in "Chronicle" of Sept. 24, page 1844.—Ed.)
Source of Supply
Detroit*
Director.
and
to
«•
Foreign and
Commerce, Department
for
for
raws
the
Stocks
of
Oct. 6 by Alexander V. Dye, Bureau
Mr. Taylor has for many years been associated
automotive
and
tons,
producing
sugar
AUGUST, 1938
merce, was announced
,
21,773
Automotive-Aero¬
Bureau
Chief of the Automotive-Aeronautics Trade
of
(in terms of
converted
1938
Irving
value, total 4,194,783
was
(Table 5).
913,083
cover
Domestic Commerce
Appointment
1938
quotas
sugar
AND
.
Appointed
stocks,
with
which
various
Sept. 9.
Trade
tons
of
processing held by importers other than
stocks of sugar held by continental cane factories.
data
TABLE
Taylor
eight months
40,852
was
These
or
the
Newark, N. J.) has been designated acting President
of the company by the directors.
-
nautics
first
to raw
local consumption in the Territory
of the Sugar Act of 1937, which requires the
Secretary
Agriculture to determine consumption requirements and establish quotas
of
President of the Prudential Insurance Co. of America (head
H.
the
compared
as
office
I.
converted
the administration
the appointment of a successor to the late
Duffield, Franklin D'Olier, Executive Vice-
D.
for
Such stocks do not include
Prudential Insurance Co. of America
Edward
These deliveries,
consumption sugar held by importers
tons
The
President
^
,,.
in form for con¬
on hand Aug. 31 were as follows:
Raw sugar held by
refiners, 324,595 short tons; refined sugar held by refiners, 385,979 short
refined sugar held by beet factories, 379,678 short tons, and direct
:
Acting
4r
States,
tons;
refiners,
D'Olier
produced to
sugar
1937.)
United
Stocks of sugar
examining force of the Comptroller's
office since 1920, except for a period of four months in
1933,
when he was detailed to assist the Federal
Deposit Insurance
Corporation in the capacity of Supervising Examiner at
Franklin
4).
The distribution of sugar for
Puerto Rico it
the
v \
(Table
short tons.
Jennings L. Bailey has been appointed Chief National
Bank Examiner for the Fifth Federal Reserve
District, and
will be in charge of the office at Richmond.
He has been
:
1936 and
years
the continental
in
during the period January-August, 1938, was as follows:
By
refiners, 2,781,734 short tons (deliveries shown in Table 2, less exports) ;
by beet sugar factories, 697,520 short tons (Table 2) ; by importers, 409,076
short tons (Table 3), and by continental cane
sugar mills, 60,626 short
Treasury Department, be a convenience to the national banks
located in the territory it serves.
Examining policies and
procedure will not be affected by the change, it is said.
Richmond.
during the
sugar
sumption,
located for the past 16 years, to Richmond will facilitate the
work of the Comptroller's office and will, it is stated
by the
with
raw
Distribution of sugar
of the
connected
2335
OF CANE
.
(In Terms of Short Ton's Refined Sugar as Produced)
'
#
;
♦
Domestic Beet
to
More
and
be Held in
Welding Society
Detroit, Oct. 16-21
Initial stocks of refined, Jan. 1,1938...
than
1,500 engineers, metallurgists, industrialists,
will assemble in Detroit, Mich, tomorrow
Oct. 16, for the 19th annual meeting of the
Production..
educators
(Sunday),
Deliveries
.i..
_
.-
.
.
.... _.
354,810
."..1.
j«.......
*
2,850,618
x2,810,440
385,070
.
Final stocks of refined. Auc. 31. 1 f,38..
Beet Factories
1,007,951
60,247
Z097.52O
Refiners
Refiners and
Factories
19th Annual Convention of American
2,919,865
1,362,761
3,516,060
765,657
370.678
,
Compiled by the AAA,
American
Welding Society, which will continue through
Oct. 21.
Forty-five technical papers presented at thirteen
sessions will describe recent advances in welding, particu¬
larly as they affect the newer alloy steels and non-ferrous
metals.
A welding exposition will be held at Convention
Hall in connection with the Metal Congress and
Exposition,
which is expected to attract an attendance of 40,000.
Sugar Section, from reports submitted by refiners and
beet sugar factories.
,
Deliveries include sugar delivered against sales for export.
x
The Department of
Commerce reports that exports of refined sugar amounted to 37,715 short tons during
the first eight months of 1938.
Larger than actual deliveries by a small amount representing losses in transit,
7.
through reprocessing, &c.
TABLE
3—STOCKS,
'
RECEIPTS '
CONSUMPTION
SUGAR
DELIVERIES' OF
DIRECTSPECIFIED
AREAS,
JANUARY-
AND
FROM
1938
AUGUST,
•'
(Jn Terms of Short Tons of Refined Sugar)
Secretary of State Hull to Address 25th National
Foreign Trade Convention in New York—To Be
Stocks
Source of Supply
Held Oct. 31 to Nov. 2
Jan.
•
National Foreign Trade Council announced Oct. 3
Secretary of State Cordell Hull has consented to ad¬
Deliveries
on
1,
Receipts
Stocks
■"
or
1038
on
Aug.-31,
1938
Usage
The
that
dress
the
delegates attending the twenty-fifth
Trade Convention.
Secretary Hull will
Foreign
the World
Trade Dinner,
dore, New York,
In
on
held
in the
I
scarcely think of
can
the
me
invitation
of
your
a
more
important
situation.
the Council has
kind invitation
Because
been
with
and
is
of
doing, I wish
Nov.
this
1 and 2,
year
in
Hotel
the
in
oppor¬
connection
in
the
•
Commodore
on
Oct.
Pan-American, Canadian and final session at which
the convention
342
131
473
0
0
20
20
0
X7.428
10,694
15,815
x2,307
50,313
487.798
40'>,076
137,965
...•
4—DELIVERIES
TABLE
will be
>
OF
DIRECT-CONSUMPTION
CONTINENTAL
CANE
SUGAR
SUGAR
FROM
MILLS
Deliveries of direct-consumption sugar by Louisiana and Florida mills amounted
60,626 short tons, in terms of refined sugar, during the first eight months of 1938.
5—DISTRIBUTION
TABLE
S
—
31,
foreign credit, collection and exchange, importers, industrial
of
13,571
.......
3
TERRITORY
THE
AUGUST, "1938
OF
■
,
and is expected to draw a, record attendance
declaration
0
16,011
37,610
Compiled in the AAA Sugar Section from reports and information submitted on
Forms-SS-15B and SS-3 by importers and distributors of direct-consumption sugar,
x Includes sugar in bond and in customs' custody and control.
to
parts of the country.
The three
days' sessions of the convention will include the following:
Banking, advertisers, educational, export merchandising,
the final
x106,076
8,570
95,833
with
work
of foreign traders from all
groups,
250,755
8,570
6,127
Total
■
The twenty-fifth National Foreign Trade Convention will
be "held
326,123
97,136
45,054
—.—
China and Hongkong..—
to know that I accept
you
great pleasure.
England
the
"
interest
great
.
-
v
of
occasion and valuable
my
at
*
_.
,
0
11,708
~-
Philippines
Commo¬
Chairman
the
x.30,708
-----
Other foreign areas
to discuss trade and economic conditions
international
which
speak
Hotel
Council, James A. Farrell, Mr. Hull writes:
tunity for
National
the evening of Nov. 1.
the
to
response
to be
Cuba
Hawai i._
Puerto Rico........
OF
SUGAR
HAWAII
FOR
AND
LOCAL
CONSUMPTION
PUERTO
RICO,
"
•
°
(Short, Tons, Raw Value)
&
Territory of Hawaii..
—
Puerto Rico
—...—
—.....
IN
JANUARY-
J
21,773
40,852
—...
Sugar Production in Philippine Islands During 1937-38
Crop Season Below Previous Season
of sugar in the Philippine Islands during the
Production
adopted.
1637-38 crop season amounted to
Statement of Sugar Statistics Of AAA for Eight Months
of 1938—Deliveries Below Last Year
The
Sugar Section of the Agricultural Adjustment Admin¬
istration
on
Oct.
6 issued
its monthly
statistical statement
covering the first eight months of 1938, consolidating reports
obtained from cane refiners, beet sugar processors, import¬
ers, and others.
In issuing the statement, the Sugar Section
said:
>
Total
to
deliveries of 6ugar
4,194,783 short tons,
terms
of
4,406,646
raw
tons
sugar
during the first eight months of 1938 amounted
raw
value,
in 1936,
and
value.
totaled
Deliveries during the
4,784,289
short
4,467,104 tons in
deliveries for domestic consumption
during 1938
tons
1935.
are
period, in
1937, totaled
6ame
in
(The total
converted to
refiners'
raw
value
fugal
sugar
to
record
a
940,350 long tons of centri¬
decline when compared with the
998,060 long tons during the previous crop season, according
to a report
to the Department of Commerce by the office of
Manila.
The Depart¬
the American Trade., Commissioner at
ment's
The
quota
in
announcement, issued Oct. 12, further said:
Philippine
export
quota is
952,000
short
tons
and
the
domestic
is set at 92,928 short tons, which will place about 9,000 short tons
stocks,
reserve
local
observers estimate.
the Philippines, including both centrifugal and
of August totaled 890,516 tons, or 93.54% of the
quota, statistics show.
Shipments to the United States during the
period"ended Aug* 31r 1938, totaled 844,864 short tons of centrifugal
sugar and 46,652 tons of refined, or 94.29% and 81.52%, respectively, of
the total quotas, according to the report.
Sugar
refined,
total
exports
up
from
to the end
Financial
2336
Refine/J Sugar Exports by
Eight Months of 1938
United States During First
20.3% Below Same Period
Year
Last
States during the
33,075 long tons, as against
42,273 tons during the similar period last year, a decrease of
8,598 tons, or approximately 20.3%, according to Lamborn
& Co., New York.
The firm added:
Refined
first eight
refined
The
to
went
with
exports by the United
exports during the January-August period of
different countries.
The United Kingdom leads
sugar
50
over
1938
with
being followed by Panama and Colombia with 2,996 tons
2,281 tons respectively.
In the previous season, the United Kingdom
19,260 tons also headed the list, while Colombia nad Panama with
18,554
and
sugar
months of 1938 totaled
tons,
9,445 tons and 2,460 tons,
Oct.
Chronicle
Co., New YY>rk, showed total assets
The New York Trust
$438,077,573 on Sept. 30, compared with $420,301,113
on June 30, and deposits of $377,291,104 against $356,950,990.
Cash items amounted to $157,273,189, against $128,of
962,621; holdings of United States Government securities,
including Reconstruction Finance Corporation notes, totaled
$144,369,269, against $155,334,757, and loans, discounts and
to $94,493,170, against
surplus were unchanged at
respectively, while undivided
profits increased to $2,938,852 from $2,846,731 at the end
bankers'
amounted
acceptances
$101,814,391.
Capital and
$12,500,000 and $25,000,000
of June.
--'."
;
;
"'V.
•
♦—
,
The Corn Exchange
respectively, followed.
IS, 1938
Bank Trust Co. of New York in its
close of business Sept. 30,
condensed statement, as at the
TRUST* COMPANIES, &c.
Stephen F. Voorhees of the firm of Voorhees, Gmelin &
Walker, architects, was nominated on Oct. 11 to become a
ITEMS! ABOUTi BANKS,
Trustee of the
voted
on
at the
Bank of New York. The nomination
meeting of the Board next month.
will be
reports
total deposits of $298,929,603
and total assets of
$332,894,921, comparing with $297,149,032 and $330,968,4?3, respectively, on June 30 last. In the current statement
holdings of United States Government securities at par are
shown as $152,100,000 (comparing with $133,000,000 on
30); cash on hand and due from banks, $90,824,281
(down from $101,943,127); and loans and discounts, $26,099,857 (comparing with $30,129,671). Capital remains the
same at $15,000,000,
but surplus and undivided profits at
$18,549,715 compare writh $18,409,381 at the earlier date.
June
According to the Sept. 30 statement of condition of the
Trust Co. of New York, resources on that date
Bankers
and deposits, including outstanding
amounted to $920,689,935, comparing
with $1,038,156,262 and $915,956,619, respectively, on June
30, last. * The principal items comprising the current state¬
ment are: Cash, due from banks and bankers and exchanges
for Clearing House amounted to $304,445,572 compared with
$370,912,637; holdings of United States Government securi¬
ties, $439,201,044 having risen from $399,353,060, and
demand loans and time loans and bills discounted to $199,totaled $1,044,252,570
and certified checks,
411,777 against $195,922,234.
Capital and surplus remain
the same at $25,000,000 and $50,000,000 respectively, while
undivided profits were
on June 30,
$28,313,467 compared with $27,650,♦
of $577,753,543 are reported by the Bank
New York, in its statement of con¬
dition as of Sept. 30 as compared with $551,827,388 on June
30.
In the present statement cash and due from banks and
bankers amounted to $208,932,572, having risen from $188,038,164 on June 30; holdings of United States Government
Total
resources
The statement of the
special trust
Total
30.
Marine Midland Trust Co. of
New
excluding
deposits, compared with $102,699,691 on June
York for Sept.
30 shows deposits of $102,993,310,
at the
resources
latest date are $137,891,529,
contrasting $130,453,020 June 30; cash and due from banks,
$39,111", 110," compared with $46,061,451; investments in
United States Government obligations are given as $22,017,074, against $11,531,048, and demand loans secured by
collateral and time loans and bills discounted, $46,732,787
compared with $44,833,T49.
Capital and surplus are un¬
changed at $5,000,000 each and undivided profits are $4,088,063, against $4,058,608 on June 30.
of the Manhattan Co.,
$114,294,070, up from $111,581,996, and
$190,324^433, compared with $179,380,291. Capital and surplus are unchanged at $20,000,000
each; undivided
profits at $6,107,909, increasing from
$5,920,537, and total deposits at $521,579,618, which com¬
pare with $496,276,421 three months ago.
obligations
to
loans and discounts to
♦
Eugene Miles Prentice, Vice-President of the Guaranty
Trust Co. of New York, died suddenly from a heart attack
on
Friday night Oct. 7, at his home in Upper Montclair, N.J.
Prentice who was born in Rockford, III., Sept. 2,
Mr.
South Bend, Ind., and was
graduated from Dartmouth College in 1908.
For 10 years
thereafter he was associated with the State Bank of Chicago,
resigning in 1918 to join the staff of the National Bank of
1885, attended public schools in
After service in various depart¬
Trust's main office in New York,
Commerce in New York.
ments
at
the Guaranty
Mr. Prentice
was
appointed
an
Assistant Cashier on Nov. 1,
1920, and successive promotions made him a Second
President in March, 1924, and Vice-President in May,
Vice1926.
Vice-President when his institu¬
tion was merged with the Guaranty Trust Co. of New York
in May, 1929, and has since been engaged in the work of the
company's banking department, in charge of credits. Mr.
Prentice was a director of H. L. Green Co., Inc., Manville
He continued to serve as a
Jenckes Corp., Metropolitan Stores,
the Northwestern Leather Company
Ltd., and a trustee of
Trust.
Empire Trust Co. of New York, in its condition state¬
of Sept. 30, reports total assets of $73,506,495
against $69,569,978 on June 30 last.' The principal items
comprising the resources in the present statement are: Cash
in vault and banks, $22,877,919 (against $21,157,965); United
States Government securities, $15,618,157 (against $14,902,The
ment
as
244), and street and
demand collateral loans, $15,098,283
compared with $14,474,804).
On the liabilities side of
the statement, capital is shown at $3,500,000 (the same as
on
June 30; surplus and undivided profits at $3,593,944
(against $3,460,881), and total deposits as $66,291,336
(which have increased ^rom $62,500,825.)
(as
In
its
condensed
& Trust Co.,
Central Hanover Bank
New York, as of Sept. 30 shows total deposits
compared with $879,094,424 on June 30.
of $902,148,549 as
Resources totaling
$1,003,885,446 compare, with $981,186,on hand and due from banks amounted
$586,751,189, against $591,724,268; holdings, of United
States Government securities to $171,631,880, against $150,906,316, and loans and bills purchased to $163,466,432,
against $168,417,921. Capital and surplus remain unchanged
at $21,000,000 and $60,000,000, respectively, and undivided
profits were $11,133,648, against $11,027,490 on June 30,
128, June 30.
Cash
to
as
of Sept. 28,
First National
Bank of Boston, Mass., shows total deposits of $631,928,716
and total resources of $733,401,003 as compared with $642,570,482 and $743,576,803, respectively, on June 30, 1938.
Cash and due from banks in the present statement total
$303,311,390 (as against $302,108,378 on the earlier date) ;
loans, discounts and investments, $266,182,728 (down from
$274,8S8,331)
United States Government securities, $111,947,594 (down from $113,755,792), and State and municipal
securities, $14,740,849 (down from $20,328,479).
The bank's
capital remains, the same at $27,812,500, ,but surplus and
undivided profits have increased to $52,121,144 from $52,012,661 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.
.
'
■
The statement of condition of'the
of condition
statement
covering all offices and foreign branches, the
♦
"
.'
Berry was elected President of the Bloomfield
Bank & Trust Co., Bloomfield, N. J., at a recent meeting
of the Board of Directors, succeeding Allison Dodd, who
was made Chairman of the Board.
Mr. Berry goes to the
Bloomfield bank from the
Citizens' National Bank of
Cecil
R.
Waverly, N. Y.j where he served as President since 1925.
The new President has been active in the affairs of the New
York State Bankers Association.
He is a director of a
up-State corporations, and has served as a director
& Trust Co. of Elmira and the
Federal Reserve Bank of New York.
number of
of the First National Bank
last.
& Trust Co. of Phila¬
condition statement as of Sept. 28, re¬
ports total deposits of $104,227,515 and total resources of
$120,624,549 as against $102,679,656 and $118,456,366, re¬
spectively, on June 30 last.
The chief items comprising the
assets in the current statement are:
Cash and due from
banks, $32,527,794 (comparing with $33,274,274 on June 30) ;
United States Government securities, $26,504,858
(against
$25,162,733) ;• bills discounted, $18,372,622
(against $18,842,235); other securities,
$12,797,827 (comparing with
$11,534,308),
and
demand
loans,
$9,513,191
(against
$9,052,329).
The capital of -the institution is unchanged
at $4,550,000, but surplus and undivided profits have risen
to $9,204,481 from $9,137,148 on June 30.
The Corn
Sept. 30, the Irving
increase in total assets
In its statement of condition as of
Trust
Co. of New York reports an
$685,184,695 from $656,667,102 on June 30.
Cash on
hand and due from banks on
Sept. 30 is shown as $285,703,588 as against $263,365,913 at the earlier date; United
States Government securities as $177,530,645 as against
to
$182,132,665 and loans and discounts other than call loans
acceptances of other banks to $127,198,065 against
$125,055,063 on June 30. Deposits increased to $560,317,302
and
with $535,093,506 three months ago.
Capital
surplus are unchanged at $50,000,000 and $55,000,000, respectively, but undivided profits are now at
$6,239,778 down from $6,411,081 on June 30.
compared
stock and
Exchange National Bank
delphia, Pa., in its
Volume
147
Financial
Total deposits of
Chronicle
2337
$241,225,387 and total resources of $338,589,433 are reported by the Union Trust Co. of Pittsburgh,
Pa., in its statement of condition as at the close of business
Sept. 30, comparing with $224,396,566 and $319,468,418, re¬
$7,000,000, respectively, but undivided profits have risen to
spectively, at the close of business
$3,641,240 from $3,570,646
current
report loans
596,782
(down
United
and
from
States
March
investments
$147,305,525
Government
the
as
In
last.
shown
are
on
securities
7
as
earlier
the
$143,date) ;
$133,826,408
from
(up
$55,-
$123,655,887), and cash and due from banks as
367,246 (up from $43,797,232 on March 7).
The bank's
capital and surplus remain unchanged at $1,500,000 and
$78,500,000, respectively, but undivided profits have in¬
creased
to
$2,957,195 from $1,320,779
on
March 7.
(comparing with $25,921,170), and time loans and bills dis¬
counted, $43,356,638 (up from $42,208,464). The company's
capital and surplus remain unchanged at $6,000,000 and
Total assets of
June
on
30.
$130,694,627
are reported by the City Na¬
Chicago, Chicago, 111., in its
statement of condition as of Sept. 28, comparing with $131,969,362 on June 30 last.
The chief items making up the
assets in the present statement are:
Cash and due from
banks, $60,377,993 (down from $66,468,000 on June 30);
United States Government
securities, $31,500,315 (up from
tional
Bank
&
Trust
Co.
of
$28,061,029), and loans and discounts, $29,924,879 (up from
The
National
City Bank of Cleveland in its condition
statement as of Sept. 30 shows total resources of $164,836,054 (comparing with
$163,149,220 on June 30, 1938), of
which the principal items are: Cash and due from banks,
$56,570,261 (up from $55,640,419 three months ago);
United States Government obligations, $51,353,846 (up
from $50,364,790), and loans and
discounts, $36,185,851
(down from $36,408,723).
On the debit side of the statemeat, the institution shows trust funds and public funds
and other demand and time
deposits, of $148,002,953 (com¬
paring with $145,255,492 on June 30).
Capital, stock re¬
mains unchanged at $7,500,000, while
surplus has increased
to $3,250,000 from $3,175,000, but undivided
profits are
down to $1,263,259 from $1,333,031.
•
$29,726,351
the earlier date).
Total deposits are shown
(comparing with $123,770,152 on June 30).
Capital and surplus remain unchanged at $4,000,000 and
$2,000,000, respectively, but undivided profits are now
$831,743 (up from $792,175 on the earlier date).
•
at
on
$122,425,420
♦
Arrangements were completed Oct. 11 for the sale of two
memberships in The Chicago Stock Exchange at $1,500 each,
unchanged from the last previous sale of Oct. 7.
'
.
'".-''j
Total
,
resources
statement
:
♦
.-.U
V,
of $416,287,911 are shown in the condition
of
Sept. 28 of the National Bank of Detroit,
Detroit, Mich, (comparing with $412,417,121 on June 30,
1938), of which $141,658,881 represents cash on hand and
as
due from other banks
In
its
statement
of
condition
of
Sept. 30, the Union
Trust Co. of Maryland, Baltimore, Md., shows total re¬
sources of $41,983,901
(comparing with total resources on
June 30 last of $39,756,356), of whidh the
principal items
as
Cash and due from banks, $13,376,624; loans, $12,022,256, and United States Government obligations, $12,000,000.
On the liabilities side of the statement, total de¬
posits are shown as $37,284,124 (comparing with $35,049,737
on June 30), and the bank's
capital structure as $4,584,509
(against $4,564,138).
Thomas B. McAdams is President.
are:
?!
H
♦
'
In its statement of condition
as
of
Sept. 28, the Continen¬
tal Illinois National Bank & Trust Co. of
111., reports total
with
$1,275,195,789
items
Cash
are:
30
June
on
and
due
Chicago, Chicago,
(as compared
of $1,264,344,973
resources
from
from $545,695,655
last), of which the chief
hanks, $510,138,223 (down
United States Government
on June 30) ;
obligations, direct and fully guaranteed, $506,735,827 (up
from $476,922,063 on June 30, and loans and discounts, $156,074,304 (against $167,610,960).
On the liabilities side of
the
statement,
total
deposits
bank's capital
and
surplus
shown
are
(comparing with $1,152,676,845
on
$1,139,197,294
at
the earlier
account
remain
date).
-The
unchanged
at
$75,000,000 and $18,500,000,
respectively,
but undivided
profits account is now $10,573,334 (up from $7,136,682 on
June 30).
'
♦
The
Government
—♦—
Total assets of
$182,675,692
are shown in the condition
statement of the Manufacturers National Bank of Detroit,
Detroit, Mich., as at the close of business Sept. 28, com¬
paring with $131,290,998 at the close of business June 30
last. In the current statement the principal items comprising
the resources are: United States Government obligations,
direct and fully guaranteed, $34,530,199 (against $27,250,419); loans and discounts, $17,807,901 (compared with
$16,423,893); reserve with Federal Reserve Bank, $16,609,025 (down from $39,906,243), and cash balances with other
banks, and cash items in process of collection, $21,790,472
(up from $19,440,749) The statement shows total deposits
of $118,438,039 (up from $115,061,172).
The bank's capital
and surplus remain the same at $3,000,000 each, but un¬
divided profits—net have risen to $662,847 from $629,422
on the previous date.
Total
deposits of $40,824,975 and total assets of $44,857,591
shown
are
the
in
28 statement of condition
Sept.
of the
$40,110,100 and $44,550,353, respectively, on June'30,
The principal items in the present statement are:
Cash in vault and due from banks, $16,114,981 compared
with $17,332,941 on June 30;
United States Government
bonds, $13,322,683 (up from $11,556,219), and loans and dis¬
counts, $10,865,653 (down from $11,310,693 on the earlier
date).
The bank's capital is now $2,740,000 (down from
$2,800,000 on June 30), and surplus and undivided profits
are
$1,289,036 (against $1,305,247).
with
of
as
Chicago, 111., in its
Sept. 28 shows total resources
of $997,225,458
(comparing with $999,273,282 on June 30
last), the principal items of which are: Cash and due from
banks, $358,175,340
(against $411,662,551 on the earlier
date) ; United States obligations, direct and fully guaran¬
$321,215,211 (up from $280,820,961) ; loans and dis¬
counts, $222,992,663 (up from $219,822,035), and other bands
and securities, $79,348,938 (up from $73,131,726).
On the
teed,
side of the
$926,660,506
(as
statement, total deposits are reported as
$930,474,455 on June 30).
The
against
institution's
con¬
tinue
now.,
capital and surplus, at $30,000,000 each,
unchanged, but other undivided profits are
$5,420,888
(up from $4,545,444).
The Northern
statement
as
resources
Trust Cq.
of Chicago, 111., in its condition
of
at the close of business
Sept. 28, reports total
$351,453,834, comparing with total assets on
June 30 last of $351,921,789.
The principal items making
up
States
Hamilton National Bank of Chattanooga, Tenn., comparing
'•
First National Bank of Chicago,
statement of condition
debit
(against $137,612,621); $204,762,463
obligations (compared with
$200,822,270), and $44,701,540 loans and discounts (against
$48,554,693).
Total deposits on Sept. 28 are shown at
$382,811,649 (up from $379,185,169 on the earlier date),
while the bank's capital structure is given at $30,439,821
(up from $29,835,299).
United
the current
$134,950,356
resources
are:
Cash
and
due
from
banks,
$120,169,636 on June 30); United
States Government securities, $105,490,076' (down from $121,456,636); other bonds and securities, $73,345,814 (against
$73,473,989, and
other loans and discounts,
$18,847,801
(against $18,874,594 on June 30).
On the debit side of the
report total deposits are shown at $326,895,993 (up from
$327,698,250 on the earlier date). Capital stock and surplus
fund remain unchanged at $3,000,000 and $6,000,000, respec¬
tively.
(up
from
Solomon A. Smith is President of the company.
1938.
The statement of
The Hibernia National Bank in New
Orleans, New Orleans, La., as of Sept. 28 issued in response
to the Comptroller/s-call, reports total deposits of $48,784,000, an increase of $4,600,000 during the past 12 months.
Loans during the same period increased from $10,739,000 to
$13,211,000, a gain of 23%, which reflects the general trend
in local business conditions.
Cash and governments de¬
creased during the year from $33,131,000 to $32,986,000,
and in spite of the gratifying increase in loans, the bank it is
stated is approximately 68% liquid:
The bank's "capital is
$2,700,000,. and combined surplus, undivided profits and
reserves total $1,218,000.
THE
Trading
on
CURB
erately active this week and many prominent issues have
registerecfsubstantial gains. Low-priced shares have been in
demand, and while considerable buying has been apparent
from time to time among
In its
Sept. 28 statement of condition, the Harris Trust &
Savings Bank of Chicago, 111., reports total deposits of $223,736,703 and total assets of $244,359,174, as compared with
$223,876,221 and $244,396,026, respectively,
June 30, 1938.
The principal items making up the assets in the present
statement are:
Cash on hand, in Federal Reserve Bank,
and due from banks and bankers, $82,823,412 (down from
on
on June 30); United States Government securi¬
and accrued interest, $44,250,861 (comparing with
$40,898,809; State and municipal securities, not exceeding
market value, $39,425,575 (against $36,119,219); other bonds
and investments, not exceeding market value, $28,099,257
$93,251,876
ties at par
EXCHANGE
the New York Curb Exchange has been mod-
the
stocks
in
Public utilities
the
the market leaders, the swing to
brackets
was
more
displayed renewed activity
advance and there
industrial
lower
was a
specialties.
pronounced.
the side of the
of buying in the
on
moderate amount
Mining and metal issues and oil shares
comparatively quiet.
moderately higher during the two-hour
session on Saturday. There were no spectacular movements,
but trading was active and the gains ranged from 2 to 3 or
more points.
Specialties attracted considerable speculative
attention, American Book Co. advancing 4 points on a small
turnover, Pepperell Manufacturing Co. moving forward 2%
were
Curb stocks moved
Financial
2338
points to 80M, and Singer Manufacturing Co. climbing 6
points to 239. Other prominent stocks closing on the side
advance
the
Firms drafts,
were
points to 65.
Prices continued their upward swing on Monday,
while there were no group movements apparent at any
purchase from Brokers and Investment
with securities attached, drawn
We
Consolidated Mining & Smelting,
2% points to 59%; Fisk Rubber pref., 3 points to 74%;
Metropolitan Edison, 3 points to 83; Newmont Mining, 3%
points to 81%; Royal Typewriter, 7 points to 72; Standard
Power & Light pref., 4 points to 27, and Humble Oil, 1%
of
IS, 1938
Oct.
Chronicle
correspondents and clients.
their foreign
on
TRUST COMPANY
MANUFACTURERS
PRINCIPAL OFFICE AND
FOREIGN
BROAD STREET,
55
DEPARTMENT
NEW YORK
.
and
time
apparent as stocks moved slowly upward.
Public utilities
led the advance and registered some modest gains. Mining
and metal issues were in demand at higher prices and in¬
specialties showed a moderate list of minor gains.
active shares closing on the side of the
advance were Newmont Mining, 2% points to 84, and
dustrial
Member Federal Reserve
the market
as
to
came
an
end.
Tues¬
Lockheed Air¬
craft moved
briskly forward to a new jieak. for the year at
16% due to the announcement that a new order for airplanes
had been received from the British Government.
were
weak and inclined to
specialties
off,
were
back to lower levels.
Industrial
to lower levels.
active stocks in this
On the side of the advance
261,000 shares.
stocks
move
Oil shares
slipping
The transfers reached approximately
many
group
were
such active
Pittsburgh Plate Glass, 1% points to 112%; Fisk
and Aluminum Co. of Amer¬
ica, 1% points to 113%.
°
The New York Curb Exchange, the New York Stock Ex¬
change and the commodity markets were closed on Wednes¬
day in observance of Columbus Day.
Stocks continued to forge ahead on Thursday with the
public utilities as the leading feature.
The advance ex¬
tended to all sections of the list, and while the improvement
was
more
pronounced among the high priced speculative
shares, many issues in the lower brackets registered sub¬
stantial gains as the session ended.
The transfers were
approximately 364,005 shares against 261,745 on Tuesday.
as
Rubber pref., 2% points to 77,
There
490 issues traded in of which 291 closed
were
on
the
71 declined and 128 were unchanged.
the gains were Consolidated Mining &
side of the advance,
Prominent
among
Smelting, 3% points to 64%; Mead Johnson, 4 points to 125;
National Power & Light pref., 4% points to 68, and SherwinWilliams
Co., 1% points to 115.
.
outstanding feature of the trading on the New York
Exchange on Friday was the strength of the public
utility shares.
The market, as a whole, was irergular but
scattered through the list were a number of issues in the
industrial specialties group and preferred stocks of the
utilities that registered substantial gains.
These included
among others Alabama Power 6% pref., 4 points to 64;
American Gas & Electric, 3% points to 35; Electric Bond &
Share 6% pref., 7% points to 67%; New York Power &
Light pref., 8% points to 102%; Toledo Edisopi pref., 2%
points to 102; Montgomery Ward A, 2% points to 156%,
and Babcock & Wilcox, 2 % points to 34. As compared with
Friday of last week prices were higher, Aluminum. Co. of
America closing last night at 114% against 112 on Friday a
week ago; Aluminium Ltd. at 135% against 128%; American
Cyanamid B at 26% against 25%; Creole Petroleum at
20% against 20%; Electric Bond & Share at 10% against
8%; Fisk Rubber Corp. at 11% against 10; Glen Alden Coal
Co. at 6% against 6%; Gulf Oil Corp. at 40 against 38%;
Lake Shore Mines at 49% against 49; New Jersey Zinc at
70% against 69; Newmont Mining Corp. at 86 against 78;
Niagara Hudson Power at 9% against 7%; Sherwin-Williams
Co. at 115 against 114%, and Wright Hargreaves at 7%
against 7%.
1
The
Curb
DAILY
TRANSACTIONS
AT
THE
NEW
EXCHANGE
CURB
YORK
Value)
of
Shares)
Oct. 14, 1938
Government
Unu
Total
Corporate
$26,000
$816,000
244,270
1,217,000
81,000
7,000
260,585
1,578,000
50,000
5,000
1,305,000
1,633,000
362,450
Monday
Tuesday
Wednesday.
Thursday
$14,000
$776,000
138,435
2.196,000
25,000
2,295,000
HOLIDAY
....
74,000
422,000
Friday
Total
—
—
.
Oct.
Oct. 8
2,529,000
74,000
23,000
2,626,000
1,427,740
$8,296,000
$293,000
$86,000
$8,675,000
York
Jan. 1 to Oct.
14
Curb
1938
Exchange
1937
1938
1937
1,427,740
2,005,165
34,195,353
86.417,467
$8,296,000
Stocks—No. of shares.
$6,158,000
260,000
86,000
175,000
$260,504,000
5,597,000
5,199,000
$338,593,000
293,000
$8,675,000
$6,593,000
$271,300,000
$356,992,000
Bonds
Domestic
Foreign government
Foreign corporate.....
Total
...
10,193,000
8,206,000
Oct.
York
$
Belgium, belga—
.168922
.169050
S
Bulgaria, lev
Czechoelov'ia, koruna
.012325*
•
.012325*
.034372
.034391
.034406
.034425
.034383
.169000
.012325*
.012325*
$
.169080
.169077
.012300*
Europe—
Oct. 14
Oct. 13
12
$
$
.213475
.212537
.2124S5
.211256
.211325
Engl'd, pound sterl'g 4.782986
.021060
Finland, markka
4.762569
4.760972
4.733750
4.735486
.021020
.021015
.020895
.020830
.026729
.026620
.026605
.026458
.026476
.400300
.400350
.400355
.400471
.400468
.008764*
.008728*
.008729*
.008682*
.008682*
.196375*
.196375*
.196375*
.193375*
.052604
.052603
.052603
.052606
.196375*
.052603
.543244
.543116
.543033
.544116
.544088
.240256
.239271
.230200
,237856
.237906
Poland, zloty
.188100
.187766
.187833
.1877-53
Portugal, escudo
Rumania, leu
.043416
.043283
.043091
.0429GO
.187833
.042916
.007264*
.007307*
.007321*
.007300*
.007307*
.050833*
.051500*
'.050833*
.050833*
.050833*
krone
Denmark,
France, franc
relchsmark
Germany,
Greece, drachma
Hungary,
pengo
Italy, lira—
—
Netherlands, guilder.
krone
Norway,
Spain, peseta
.
•
Sweden, krona
.246325
.245293
.245228
.243900
.243918
Switzerland, franc—
.227816
.227411
.227100
.226438
Yugoslavia, dinar...
.022883
.022775
.022750
.022675
.226505
.022675
dol'r
.163833*
.163833*
.164041*
.158416*
.157750*
Hankow (yuan) dol
.163833*
.163833*
.164041*
.158416*
Shanghai (yuan) dol
Tientsin (yuan)dol.
.162875*
.162875*
.162718*
.156937*
.157750*
.156750*
.162562*
.162562*
.162406*
.157562*
.157375*
HOLI¬
Asia—
DAY
China—
Chefoo (yuan)
dollar.
.299093
.297906
.297468
.293250
.293500
British India, rupee—
.357334
.355842
.355731
.353690
.353987
.278665
.277421
.277346
.275775
.555000
.553062
.553562
.550250
.276003
.551625
Hongkong,
Japau, yen
Its Settiem'ts. dol
Str
Australasia—
3.810375
3.794062
3.793437
3.770937
3.772187
pound. 3.841250
3.825156
3.824375
3.801953
3.803437
Africa—
South Africa, pound. 4.734166
4.714531
4.712625
4.684750
4.687750
Australia, pound
New Zealand,
North America—
Canada, dollar
.991406
.990996
.991621
.989804
Cuba, peso
.999333
.999333
.999333
.999333
Mexico, peso
Newfoundl'd, dollar-
.195250*
.197300*
.195750*
.196400*
.988906
.988593
.989531
.987265
.318840*
.317520*
.317480*
.058.500*
.058.500*
South America—
Argentina, peso
milrels
Brazil,
.
.985957
.999500
.197900*
.983515
.315675*
.315837*
.058460*
.058440*
.058500*
.051766*
.051766*
Chile, peso—official
export.
Colombia, peso
.051766*
.051766*
.051766*
.040000*
.040000*
.040000*
.040000*
.040000*
.569800*
.569800*
.569800*
.569800*
.629370*
.626765*
626267*
622858*
.569800*
.623267*
Uruguay, peso
••
*
"
Nominal rate.
OF BANK
COURSE
Bank clearings
CLEARINGS
this week will show a decrease
compared
Preliminary figures compiled by us based
upon telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, Oct. 15)
bank clearings from all cities of the United States from which
it is possible to obtain weekly returns will be 6.7% below
those for the corresponding week last year.
Our preliminary
total stands at $5,468,272,201, against $5,862,117,998 for
the same week in 1937.
At this center there is a gain for the
week ended Friday of 8.3%.
Our comparative summary
with
a
year ago.
for the week follows:
per
Clearings—Returns by Telegraph
Week Ending Oct. 15
New York
......... .....
.........
Chicago—..........
Philadelphia
—
—...
_ — —
:
:—,
.....w. —————
- -
1937
$2,628,237,664
242,829,007
248,000,000
$2,425,943,330
+ 8.3
258,344,622
274,000,000
—6.0
152,408,186
153,536,885
78,915,666
79,100,000
121,410,000
102,192,179
88,691,174
83,684,915
58,309,017
69,218,095
City—
.
_
-4
— —
————-
Pittsbjirgh ..j.
Detroit
—, —
:————_
...
1
Baltimore
Cent
1938
—
—.
67,900,000
100,932,000
76,888,427
70,325+61
70,988,177
53,167,004
Eleven cities, five days.
93,780,894,021
Other cities, five days.—.
775,999,480
'
$3,724,127,788
854,064,900
—9.5
—0.7
—12.3
—14.2
*>—16.9
—24.8
—20.7
—15.2
—8.8
+ 1.5
—9.1
$4,578,192,688
1,283,925,310
-0.5
911,378,700
$5,468,272,201
$5,862,117,998
—6.7
$4,556^893,501
Total all cities, five days
All cities, one day
Total all cities for week
Week Ended Oct. 14
Sale*, at
New
Oct. 11
10
$
Cleveland..
Saturday
Rate for Cable Transfers in New
in
United States Money
Value
Country and Monetary
San Francisco.__—_
' Foreign
Foreign
Domestic
1938,
St. Louis.—
(.Number
Week Ended,
TREASURY UNDER TARIFF ACT OF
OCT. 8,
Kansas
Bonds (Par
BY FEDERAL RESERVE
1930
TO OCT. 14, 1938, INCLUSIVE
CERTIFIED
RATES
EXCHANGE
BANKS TO
Boston
Stocks
week just passed:
give below a record for the
•
We
countries of the world.
cable transfers in the different
FOREIGN
*
Deposit Insurance Corporation
Noon Buying
on
day, and while there was considerable irregularity apparent
during midsession, the advances were slightly in excess of
the declines
Member Federal
<
,
System
Clearing House Association
Member New York
Prominent among the
Safety Car Heating & Lighting, 2 points to 69.
Public utilities assumed the market leadership
Office: 1, Cornhill, London, E.C.3
European Representative
during the session, many of the more active of the trading
favorites worked into new high ground. Some irregularity
was in evidence from time to time but there was little check
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
-29.0
by the
cannot
week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly in the above the last day of
furnish
them
today,
inasmuch
as
the
be estimated.
detailed statement, however, which we
the week in all cases has to
In the elaborate
present further below, we are able to give final and complete
for the week previous—the week ended Oct. 8.
For that week there was an increase of 9.2%, the aggregate
results
FOREIGN
EXCHANGE
RATES
the Tariff
certifying
daily to the Secretary of the Treasury the buying rate for
Pursuant to the requirements of Section 522 of
Act of 1930, the Federal Reserve Bank is now
clbarings for the whole country having amounted to
$6,175,438,518, against $5,657,711,946 in the same week in
1937.
Outside of this city there was a decrease of 4.1%,
of
Volume
Financial
147
Chronicle
2339
the bank
clearings at this center having recorded a gain of
We group the cities according to the Federal Re¬
serve districts in which
they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals record a gain of 19.8% and in the Boston
Reserve District of 6.5%, but in the Philadelphia Reserve
Distiict the totals register a lost of 0.6%.
In the Cleveland
Reserve District there is a decrease of 8.9%, but in the
Richmond Reserve District there is an increase of 2.7%
and in the Atlanta Reserve District of 0.4%.
The Chicago
Reserve District shows a decline of 4.2%, the St. Louis
Reserve District of 8.0% and the Minneapolis Reserve
District of 16.4%.
In the Kansas City Reserve District
the totals are smaller by 9.5%, in the Dallas Reserve Dis¬
trict by 6.6% and in the San Francisco Reserve District by
12.9%.
In the following we furnish a summary by Federal Reserve
Week Ended Oct. 8
20.4%.
districts:
1
•
Clearings at—
Inc. or
1938
Dec.
1936
%
$
Seventh Feder al Reserve D istrict—Chic ago—
Mich .—A nn Arbor
336,857
476,091
80,791,942
2,647,656
1,559,614
Wayne
Indianapolis
South
Bend
Terre Haute.
—8.2
86,339,880
2,963,746
1,877,833
—10.7
2,829,945
—16.9
|1,094,641
+ 1.2
1,018,436
17,551,000
+ 7.2
17,713,000
1,620,553
—17.2
1,345,309
4 337 356
Ind.—Ft.
88,004,419
1,341,772
Rapids.
Lansing
400,690
18,816,000
Grand
—29.2
1,108,135
Detroit
1,513,010
4,869,656
19,848.717
5,285,023
21,969,786
—17.9
Wis.—Milwaukee
—9.7
22,307,235
la.—Ced. Rapids
1,553,526
1,201,660
+ 29.3
1,079,390
Des Moines...
10,235,876
9,367,068
+ 9.3
8,313,488
3,672,972
3,835,16C
42t>,234
—4.2
—12.8
3,250,177
359,595
311,845,627
1,179,108
+ 59.0
306,755,579
789,784
3,729,333
—3.3
3,813,932
Sioux City
111Bloomington
Chicago...
?.
370,758
300,755,699
—3.6
Decatur..
Rockford
3,605,378
1,123,366
914,505
1,230,938
1,433,415
1,338,586
—21.6
Springfield
'
1,874,609
Peoria
r
-
1937
—8.0
1,105,639
455,211,171
475,198,282
-4.2
464,719,250
SUMMARY OF BANK CLEARINGS
Total (18 cities)
Inc.or
1938
1937
Dec,
$
%
15.35
1936
%
Week Ended Oct. 8, 1938
S
Eighth Federa
Reserve Dis trlct—St
Lo uis—
Mo.—St. Louis..
Federal
1st
Reserve
Dlsts.
83,700,000
—5.4
._
30,743,944
—7.
'29,178,396
26,832,898
33,349,990
31,627,870
—15.2
37,992,300
268,512,267
252,006,336
+6.5
247,982,114
175,365,781
Tenn.—Memphis
3,812,193,435
3,181,218,353
+ 19.8
3,365,398,868
2,710,206,763
III.— Jacksonville
376,539,592
378,758,946
—0.6
368,264,848
253,208,535
303,304,390
—8.9
272,049,487
81,700,000
173,126,299
12 cities
Boston
79,200,000
Ky.—Louisville
S
2nd
New
York. 13
"
3rd
PhiladelphialO
"
4th
Cleveland._
5
"
5th
Richmond
6
"
151,180,875
147,143,664
+ 2.7
137,132,743
96,458,236
6th
Atlanta
10
"
164,5*3,257
163,930,708
+0.4
153,539,391
113,148,927
7th
Chicago
18
"
455,211,171
475,198,282
—4.2
464,719,250
316,735,131
8th
St. Louis
4
"
137,346,842
149,355,860
—8.0
149,334,696
9th
Minneapolis 7
"
101.846,974
121,839,765
—16.4
10o,518,840
104,169,187
Minn.—Duluth..
2,878,398
3,624,008
—2Q.6
10th Kansas City 10
"
126,787,271
140,105,394
—9.5
128,994,205
120,818,075
67,519,086
82,003,331
—17.7
11thDallas......
"
68,289,629
—6.6
63,675,028
47,557,911
Minneapolis...
St. Paul......
24,356,163
28,592,206
—14.8
12tbSan
-
6
Fran.. 11
■
"
276,390,456
.
73,090,183
■
242,874,28/
5,699,485,757
—4.1
2,446,928,899
1,793,803,151
440,795,038
+ 6.8
271,760,065
•6,175,438,518
5,657,711,946
Outside N. Y. City.....
2,485,090,999
—15.9
464,000
149,355,860
-8.0
149,334,696
Federal
Reserve Dls trlct
N. D .—Fargo
_
.
Canada.—
32 cities
470;862,546
-
Mont.—Billings
Total (7
835,050
—4.1
+ 13.9
848,934
—14.9
3,233,002
-16.4
105,518,840
101,846,974
Tenth Federal
Week Ended Oct. 8
]
•'-• •
s
Fall River,
Lowell
w.
.
;
New Bedford.
710,302
2,296,181
+ 14.C
2,146,705
209,658,901
212,567,797
603,018
353,754
150,701,093
689.340
+ 9.9
665,363
—0.1
357,023
+ 89.1
.
728.C12
—4.7
686,949
3,404,238
+ 18.8
3,280,530
2,383,169
+9.7
2,017,855
1,164,194
—31.3
7,179,015
2,852,488
6,782,500
343,437
Ft.
Conn.—Hartford
11,197,661
New Haven...
4,636,839
4,094,320
R.I;—Providence
9,753,000
10,750,900
—9.3
N. HM anches 'r
593,347
601,908
—1.4
252,006,336
+ 6.5
Feder al Reserve D istrict—New
3,782,434
—5.9
92,798,296
—<J.8
85 113,271
3,340,850
718,137
—13.6
3,056,478
+ 3.3
616,790
690,533
—6.9
636,254
126,787,271
140,105,394
-9.5
128,994,205
+ 4:5
2,470,718
2,428,740
„
10,C57,700
649,230
Eleventh Fede ral
Texas—Austin
247,982,114
Worth....
Galveston.....
+28.6
8,384,828
—14.1
1,470,734
48,038,252
6,719,878
1,501,514
55,144,435
51,883,803
7,204,835
2,744,000
.
.
—5.9
3,340,000
940,717
—17.8
3,04C,000
976,665
+ 3.8
_
3,549,592
3,778,689
—6.1
781,983
3,624,181
-
68,289,629
73,090,183
-6.6
63,675,028
Wichita Falls..
„
175.365,781
8,751,826
1,042,919
District—Da Has—
Reserve
1,930,734
_
York-
268,512,267
11,770,258
Total (6
N. Y.—Albany:.
Buffalo
8,195,136
14.364,155
Bingham ton
+ 75.3
+2.2
+
1,235,333
33,800,000
—3.0
31,700,000
584,238
23,800,000
509,002
746,061
Jamestown
1,208,668
32,400,000
493,783
...
Elmira...
703,189
+ 6.1
668,557
430,432
—4.1
•
3,690,347,519 3,065,670,563
York
Rochester
9,220,999
Syracuse
4,843,020
Twelfth Feder al Reserve D istrict—San
Westchester Co.
4,775,376
+ 1.4
3.706,273
+ 54.9
—9.8
2,638,354
+ 52.3
404,946
—11.7
17.339,148
32,204,415
Newark
Northern N. J.
30,312,323
28,762,314
Total (13 cities) 3,812,193,435
3,181,' 218,353
J.—Montclalr
6,447,531
379,968
18,234,448
*
+ 5.4
—12.6
10,502,000
—56.3
Yakima......
1,349,582
—8.1
1,400,032
32,761,922
15,877,250
Ore.—Portland..
29,777,545
35,795,839
—16.8
2,511,942
v
5,504,315
Utah—S. L. City
14,685,214
17,751,746
—17.3
Calif.—L'g Beach
289,145
San
14,813,580
22,202,188
Francisco
San Jose
.
'•
480,073
446,834
—6.9
a—
—8;2
3,313,112
—9.5
3,310,249
1,557,810
2,157,300
3,688,493
—10.3
1,536,987
2,604,971
—17.2
133,072,000
3,157,500
1,291,173
2,369,049
271,760,065
-12.9
242,874,287
...
"
Santa Barbara-
'
.
365,664
;
•
219,312
611,409
—14.6
*430,000
397,710
693,10:
385,250
+ 79.9
1,452,287
363,000,000
1,501,933
—3.3
905,261
360,000,000
+ 0.8
311,119
1,534,32/
355,000,000
Chester.
;
Lancaster..
Philadelphia..
1,556,844
—1.3
1,486,977
Total (11 cities)
Grand
total
236,596,749
(112
1,013,871
1,756,536
6,175,430,518 5,657,711,946
cities).—
+ 9.2 5,699,483,757 4,416,379,390
192,103
—0.9
.2,097,094
+ 11.4
1,076,366
1,452,303
1,128,851
9,133,000
—55.3
4,511,000
Outside NewYork 2,485,090,999 2,592,041,383
3,033,000
378,758,946
—0.6
368,264,848
253,208,535
2.209,707
1,097,210
1,783.520
N. J'.—Trenton..
4,078,000
Total (10 cities)
376,539,59:
1,222,680
.
York.
'
—21.6
1,399,047
2,189,388
Scran ton
.
+ 1.4
LI
2,446,928,899 1,793,803,151
"
Reading
Wllkes-Barre
■
244.000,000
1,536.03'
522,220
Bethlehem.
3,397,651
3,852,581
3,839,761
151,361,105
+ 19.8 3,365,398,868 2,710,206,763
Reserve Dis trlct—Phila delphi
Federal
+ 9.1
4,203,830
3,523,872
137,037,000
Pasadena
■
Stockton
Pa—Altoona
35,115,598
11,119,000
39,477,000
4,589,000
1,239,977
Spokane
2,195,864
3,478,927
4,111,347
5,739,416 .V
5,816,090
578,827
16,095,909
Conn.—Stamford
Franc isco—
34,514,952
Wash.—Seattle,.
■+20.4 .3,252,554,858 2,622,676,239
+ 4.5
7,893,945
4,941,135
8,825,885
cities)
784,319
412,734
'
Third
—9.6
2,888,964
741,805
cities)
La.—Shreveport
N.
33,156,233
110,746
3,557,756
Dallas..
+ 13.3
10,582,677
4,158,772
693,982
2,171,855
16,291,313
New
3,110,325
642,605
Total (10
4,043,534
Second
—17.5
272,099
504,697
Springfield
Total (12 cities)
48,531
2,912,594
2,581,416
Pueblo
Worcester.-
_
City
—0.9
+ 32.6
1,737,876
230,377,282
664,431
675,172
.
877,127
2,616,983
Portland
Mass;—Boston.
—11.1
as
83,716,417
_
Colo.—Col. Sprgs
986,322
Kans
•
Wichita.
Mo.—Kan. City.
St. Joseph
—
876,867
—
30,792,215
2,670,145
2,839,450
Kan.—Topeka...
1935
•
$
%
Reserve Plst rict—Boston
Me—Bangor
_
1936
Dec.
s
S
First Federal
Inc. or
.
635,140
96,081
■
2,403,662
29,974,376
Omaha..
1937
2,397,236
139,518
95,229
185,041
Lincoln.......
Clearings at—
121,839,76.r
Reserve Dis trlct
.
Hastings
1938
—4.6
2,690,014
800,908
cities).
Neb .—Fremont.
;
26,187,746
•
We now add our detailed statement showing last week's
figures for each city separately for the four years:
<y;;;
2,923,279
69,293,503
2,570,120
-
Helena.......
359,851.519
477,374.002
Minn eapolis
•IK- 936,955 --•77 822,568
3,272,588
2,785,344
.
S.D.—Aberdeen.
Total
—
1
4,416,379,390
2,592,041,383
,
184,932,930
+92
Ninth
x
x
678,000
137,346,842
Total (4cities).
120,651,615
—12.9
236,596,749
..112 cities
x
570,000
Quincy
Week Ended Oct. 6
561,891
Clearings at—
Inc. or
1937
1938
Dec.
1936
(
Fourth
Feder al Reserve D
Cincinnati
.
.
Cleveland..
•:
Columbus-_
,
-
54,562,469
99,383,305
11,689,900
1,609,182
Mansfield
X
x
58,014,*233
—1.1
13,525,100,
2,076,509
—13.6
129,247,138
Total (5 cities).
276,390,456
303,304,390
m
—15.6
—8.9
X
13,775,700
1,540,808
x
123,894,035
272,049,487
Va.—Norfolk
Richmond
S. C.—Charleston
.
C.—Wash'g'n
Total (6 cities).
Sixth Federal
+3.9
41,223,977
1,233,724
1,941,416
—36.5
Tenn.—Knoxville
Nashville
Ga.—Atlanta
Augusta
Macon..
Fla.—Jack'nville.
Ala.—Birm'ham.
Mobile-
Miss.—Jackson..
VIcksburg
^a.x-New Orleaas
Total (10 cities)
+ 6.7
312,327
2,250,000
70,484,378
70,994,289
—0.7
1,432,044
68,594,498
26,089,759
22,844,775
+ 14.2
23,319,897
151,180,875
147,143,664
4,157,568
19,378,138
53,500,000
1,174,411
*1,150,000
16,926,000
3,995,916
17,629,906
55,100,000
1,404,843
1,309,048
17,313,000
+ 2.7
137,132,743
1,119,176
X
73,721,654
173,126,299
3,129,982
+ 9.9
15,918,384
—2.9
53,600,000
—16.4
1,576,518
—12.1
1,206,849
—2.2
16,165,000
—6.4
1,920,810
1,863,026
+3.1
X
...
Winnipeg—----Vancouver.—
Ottawa.-----—-
Quebec--------
126,437
1,765,000
29,554,444
1,415,333
45,089,954
18,507,068
96,458,236
2,851,510
13,460,643
39,300,000
1,169,358
21,016,192
895,001
11,639,000
14,402,497
1,717,943
1,275,343
X
X
252,756
245,484
+3.0
224,794
181,909
46,598,750
44,248,573
+ 5.3
38",983,729
Halifax
Hamilton
Calgary.
163,930,708
153,539,391
129,354,406
139,355,852
63,260,047
19,997,249
135,826,291
146,765,743
72,336,110
23,606,378
27,277,638
4,662,043
2,975,709
6,012,373
11,584,523
1,860,800
+
27,608.068
5,900,697
3,204,131
6,706,302
8,695,502
1935
$
$
%
+ 5.0
136,546,963
+ 5.3
140,406,543
+ 14.3
89,489,377
+ 18.0
—1.2
—7.1
22,384,949
29,408,330
6,740,239
2,804,004
—10.3
6.620,951
4,178,201
+ 33.2
7,412,508
1,979,693
2,333,026
3,127,687
4,334,258
8,303,086
7,225,226
1,625,855
1,835,661
2,455,984
3,923,808
8,206,946
-^21.0
102,862,399
83,067,621
83,787,848
15,778,374
23,867,515
.4,250,642
"
2,468,039
Regina
Brandon.
Lethbridge———
2,235,205
2,278,277
3,766,238
5,241,708
5,189,947
—16.8
516,815
Edmondon
544,903
—5.2
1,000,795
2,036,976
723,148
+ 38.4
532,960
1,780,123
+ 14.4
2,267,650
—0.5
—10.6
+ 2.8
+ 68.4
454,766
350,749
594,872
918,527
726,763
+ 26.4
2,236,159
935,122
Brantford...
1,107,737
1,288,492
—14.0
1,146,358
Fort William
970,510
958,185
+ 1.3
861,370
928,321
669,327
New Westminster
822,895
488,057
742,771
867,731
855,311
Saskatoon
Moose Jaw
Peterborough
Sherbrooke
Kitchener
-
—3.8
742,582
597,838
425,457
+ 14.7
313,646
450,588
782,293
—5.1
699,195
1,020,133
—14.9
760,244
1,263,309
+ 5.6
1,251,240
—6.7
2,711,545
496.525
3,008,002
490,908
—6,2
1,064,449
—11.7
786,618
700,149
797,072
376,248 + 111.8
650,591
966,839
—22.2
537,401
552,226
Prince Albert
599,007
—7.8
501,862
595,486
392,300
449,525
1,127,839
—4.3
864,204
797,309
440,795,038
+ 6.8
477,374,002
359,851,519
939,714
Moncton
—
Sarnla
1,079,733
Sudbury
470,862,546
,
113,148,927
*
Estimated,
628,758
689,612
1,094,404
1,934,795
1,334,568
2,806,480
751.843
Windsor
Kingston ----Chatham
755,683
460,687
—
Total (32 cities)
+0.4
$
2,267,132
3,366,318
5,388,265
8,738,086
St. John....
Victoria
27,973,666
164,543,257
.
•
Medicine Hat—
+ 4.0
20,820.912
X
10,437,100
>'•
a—
19,484,824
X
35,630,324
52,218,045
Montreal.
London
—12.5
Reserve Dist rict—Atlant
X
ond—
406,376
2,604,000
48,352,808
355,455
2,779,000
"'
52,323,100
80,515,844
50,238,559
W.Va.—Hunt'ton
Md.—Baltimore
Reserve Dlst rict—Rich
—22.5
X
X
:•+' x •
109,145,600
D.
—5.9
100,441,410
Youngstown...
Pa—Pittsburgh.
Fifth Federal
Toronto-.---—
istrict—Clev eland—
X
Ohio—Canton...
S
Canada—
x
No figures available.
420,034
Financial
2340
Wo
the following from
reprint
Samuel Montagu & Co.
the weekly circular of
of
of London, written under date
daily closing quotations for
The
as
follows the past week:
England gold reserve
' '
conditions.
against notes amounted to
'■''.-V.".
v
Sept.24,
Sept.26
-•
The following were
Sept. 19 to midday on Sept.
British South Africa
£385,024
34,435
455,882
25,260
55,120
10,463
British East Africa
Australia
New Zealand
—
British India
-----
Siam
— .
------ .
-
-
-
U. S . of America. __
Central & So. America..
_
-
Other countries
£19,282,664
-7,193
Bar N.Y.
21,064
29,555
23,655
527,938
40,462
Morocco
France
Finland
Netherlands
Poland-
-
294,768
Hungary-..Switzerland
Channel Islands
Other countries....
2,699,834
22,794
12,528
circumstances, the
has been engaged in
past 16 years and is
well known in financial circles
17 Fred Zettler will become a
Terry, Buckbee & Co., dealers in
C.
of
will
be
in
&
50
Co.,
with
current
British India
3,670
8,444
France
19,588
*2,500
Hungary-
4,465
1,455
*3,156
Sweden
1,975
4,545
Kenya.
*1,600
Norway
Other countries
x
Coin not
.
19 5-16d.
19 3-16d.
19 7-16d.
19 7-16d.
M9%d.
18%d.
19.208d,
The highest rate
Oz.Std.-
'
Cash
22
23
2*
26—
27
Sept. 28
Average.
IN
NEW YORK
(Per Ounce .999 Fine)
now
-
.
with
■
43
---43
43
43
--.43
43
Sept. 21
Sept.22
Sept. 23.
Sept.
i
24
Sept.26
Sept. 27
-
cents
cents
cents
cents
cents
cents
Graham,
field
S.
was
who prior to his entry into the real estate mortgage
associated with the Great American Insurance Co.,
kartorelli,
John & Co., Inc.
City.
prepared for distribution an
has become associated
office at 42 Broadway,
30 Broad
Street, New York City,
Co.,
-"••■■Y;. /' /v
.
Greene,
Norvin
&
main
their
in
Co.
&
Beer &
with
formerly
Eisemann
Alexander
—Lancaster
has
& Anderson, members Philadelphia
opening of an office in the
connected with G. W.
York
New
2 Mos.
19%d.
19 l-16d.
19 5-16d.
19 5-16d.
19d.
18%d.
19.073d.
Inc.,
7 ■
retail sales department.
is
'
■
analysis of Oklahoma Interstate Mining Co.
municipal
associated with Tripp & Co. in their
—Harry W. Faath is now
—Frank Rizzo
of exchange on New York
from Sept. 22 to Sept.
I.
—W.
investment
—G.
LONDON
-Bar Silver per
the
town, Pa.,
on
Stock Exchange,"
Commonwealth Building, Allenunder the management of William R. Croasdale.
Fernon
—Masland,
is
Quaw & Foley, and the
the commission business formerly con¬
by that firm under the name of M. E. Foley & Co.
< •
partners will carry
announce
week:
the
during
IN
Sept.
Sept.
Sept.
Sept.
Sept.
ducted
legal tender in the United Kingdom,
of legal tender in the United Kingdom.
Quotations
Quaw has retired as a partner of
—Clayton D.
remaining
£83,694
£560,937
of
bonds.
*6,740
2,093
dependencies
York' City, are distribut¬
their "Markets for Dealers," which contains a
World's Fair in relation to hotel company
York
New
the
of
2,308
Aden and
Co., 120 Broadway, New
issue of
current
the
ing
'
.
published
information.
statistical
—J. Arthur Warner &
discussion
^
by James E.
Broadway, New York City, contains a list of various
and preferred stocks, divided into four classifications,
high-grade common
and exports of silver,
In his new connection. Mr. Harder
distribution • department and will
Securities,"
"Income
of
issue
current
—The
Bennett
wholesale
the
of
charge
and
F. William Harder,
the association with them of
announce
in New York State securities.
specialize
this
"
,
& Co.
—Allen
Is, of
3,884
of the Investment Trust
of Chicago.
Mr. Clements was
Cerf Co.
D.
the Floyd
formerly President of Harder & Co., Inc.
Exports
,
United States of America—£59,388
£518,820
Coin
specialists in
of Rhoades & Co. for
active in the problems of the
and officer of various committees and organizations.
Illinois Co.
;
Belgium
*
investment securities and
formerly associated with A. G. Becker & Co. of Chicago, and prior to
he was affiliated with the Chase Securities Corp. and the Continental
19 5-16d.
New Zealand
Other countries
throughout the State.,
Clements was appointed manager
—George
Department
19 to midday on Sept. 26:
Imports
Fiji
Mr. Lester
general partner in the firm of
Mr. Zettler was formerly a partner
options.
and brokerage
California for the
the investment business in Southern
rather
Indian
trend for the Immediate future
the United Kingdom imports
registered from midday on Sept.
•—
The firm does a general investment
member of the Los Angeles Stock Exchange.
business and is a
Street as a member
j
Eire
offices
maintains branch
Beach and Riverside.
stock
its
1932 as Barnes, Lester
in Beverly Hills, Hollywood, Long
The organization was incorporated in
and
Co.
&
The adoption of the new name
other change in either the organization or
several years and over the past 16 years was
uncertain.
France
Lester &
of Battson & Co. has been changed to
personal business affairs.
his entire time to
of demand.
Japan
NOTICES
President of the
company.
Leigh M. Battson, who has been Chairman of the board Of
directors of the firm for the past year, recently resigned that post to devote
£23.055,313
-
Bombay on Sept. 24 carries gold
caused an advance to 19 7-16d. for cash and
delivery and these rates were maintained on
The following were
64.64
64.64
announcement made by B. P. Lester,
personnel.
general uncertainty, price movements have been
weaker tendency developed at the end of the week.
In the present
v-::'-'-.
.
64.64
64.64
42%
42%
Holiday
,
.',.v
Co., according to an
Sept. 26,
but yesterday speculative reselling on a poorly supported market brought
about a decline of 5-16d. to 19 %d. and 19d. for the respective deliveries;
this was followed by a further decline today to 18j%d. and 18%d.
Other
factors have been further selling on .Eastern account and American trade
buyiqg, but the latter has apparently been restricted by the conditions
now attaching to the insurance of shipments and this accounts largely for
course, very
64.64
36,300
buying on Sept. 24
the poorness
42%
CURRENT
about £140,000.
months'
42%
Closed
64.64
(for.)
U. S. Treasury
SILVER
two
.
cents) in the United
price of silver per ounce (in
the same days has been:
by the company involves no
Owing to the
for
£108 %
on
;
Syria
£9,916,410
erratic, but a
£108%
£108%
£109%
£110
Holiday
1960-90
48,540
8,018
Palestine.-
Strathaird which sailed from
to the value of
£72%
£100%
vy
•i'V-'.-"-.-
—On Oct.
The SS.
£72
£100%
£100 %
£101%
£101%
Holiday
War Loan—
The
19 ll-16d.
-
British 4%
States
Oct. 14
13
146s.9%d. 146s. lOd.
lOd. 146s.l%d. 146s. 5d.
£73
£7214
1---
Canada
3,198
3,744
924,493
210,010
12,222
- - -
Germany
Netherlands.
Switzerland
26:
Exports
-
7,787,542
9,017
Belgium
Luxemburg
19%d.
19%d.
19%d.
Oct.
19%d.
£73%
—-The corporate name
and exports of gold,
the United Kingdom Imports
registered from midday on
Imports
Prance
3%%"
British
,---145s. 7d,
147s.
145s. 3d.
_____143s. lid. Sept.27
-_.144s. 6d. Sept.28
145s.
Average
145s. 7d.
Sept.23
Oct. 12
Per Fine Oz.
Per Fine Oz.
Sept,22
Oct. 11
Consols.2%%. Holiday
(newlj mined)
Quotations.
Wed.,
Oct. 10
Gold, p.lineoz.145s.4Hd. 145s.
•
•
appreciation, of the dollar against sterling, the price
of gold in the Londop Market advanced sharply, today's quotation of
147s being the highest since March, 1935.
Reflecting the rapid
Tues.,
19 9-16d.
Silver, per oz._
$326,414,273
on Sept. 21 showing no change as compared with the previous Wednesday.
The open market has been abnormally active; the gravity of the European
political situation caused a rush by nervous holders to sell gold and the
total disposed of at the daily fixing during the week was about £8,100,000:
the,bulk of the offerings was secured by official buyers, for, although there
were some arbitrage operations these were again hampered by prevailing
The Bank of
Mon.,
Oct. 8
GOLD
Fri.,
Thurs.,
Sat.,
'
CABLE
securities, &c., at London,
reported by cable, have been as
Sept. 28, 1938:
15, 1938
FINANCIAL MARKET—PER
ENGLISH
AND SILVER MARKETS
GOLD
ENGLISH
THE
Oct.
Chronicle
•
-
associated with Bristol &. Willett.
now
recorded during thelperiod
$4,60%.
28 was $4.83 and the lowest
FOOTNOTES FOR TABLE FOLLOWING
LONDON STOCK EXCHANGE
THE
a
assets
b Excess inter-agency
received by cable
Quotations of representative stocks as
each day of the past week:
c
'1
Oct. 8
Mon.,
Oct. 10
Tues.,
*
Oct. 11
Thurs.,
Wed.,
Oct. 13
Oct. 12
Fri.,
Oct. 14
British Amer Tobacco-
41/6
105/-
41/104/-
102 /6
40/9
102/6
Cable & W ordinary—
£47
£44%
£44%
£43%
£44
4/£23%
4/-
4
£23%"
£23%
75/7%
£23%
4/-
Canadian Marconi,
£24
Central Min & Invest.
Beers
Distillers
Co..
Electric & Musical IndFord
HOLI¬
DAY
Ltd
Gaumont Pictures ord.
A
Hudsons Bay Co
Imp Tob of G B & I—
Midland Ry._
London
£9
£9
93/6
10/9
17/3
93/6
10/9
95/12 h
17/6
4/1/3
23/3
140/6
£12%
75/-
Metal Box
139/—
24/137/6
137/6
£12
£11%
£11%
75/-
•
—
-
/3
4/-
•»
1/3
24/-
-
75 /-
75/-
real estate and other
deposits
Includes
.
bond investments and
'-a. . .
.
funds,
property held for sale,
items and items in transit.
the
with
Reconstruction
and loan associations,
savings and loan associations,
j Assets not classified.
£12%
1/3
24/6
17
includes
Corporation).
balances of appropriated
Finance Corporation
and
$41,160,310; shares of Federal
$171,057,300.
Includes only the amount of shares held by
the United
for estimated amount of uncollectible
obligations
States Treasury.
93/10/6
17/3/9
1/3
23/6
135/-
—
Excludes unexpended
i Shares of State building
£9%
94/6
12/17/9
4/-
™;,:
assets and liabilities (except
accrued Interest thereon.
75/7%
28/3
75/7%
28/6
£9
28/6
e
h Also
75/7%
29/-
(deduct).
-■**-
-
g Adjusted for inter-agency
/-
76/3
29/6
Courtaulds S & Co
De
41/-
£9%
Cons Goldfleids of 8 A.
(deduct).
deposits with Reconstruction Finance
f Also
40/9
101/-
Boots Pure Drugs
Deficit
d Exclusive of inter-agency
,
Sat.,
non-stock proprietary interests).
Nonstock (or includes
k Net after deducting reserve
held by the Farm
Credit Administration.
due to Federal Land banks from the
paid-in surplus.
1 Includes $1,556,887
for subscriptions to
United States Treasury
inter-agency assets and liabilities of the Treasury
and of Government agencies, which agencies Are not Included in this
m
n
75/-
Represents
Represents
Department
statement.
capital stock and paid-in surplus items
capital stock and paid-in surplus of the corre¬
inter-agency holdings of
deducted from the
£9%
£9%
£9%
£9%
which
£15
£14%
£14%
£14%
£15
sponding organizations.
Rolls Royce
17/6
100/-
18/100/7%
100/6
18/100/-
19/100/-
Royal Dutch Co
£39%
£38%
£37%
£37%
£38%
£9%
Rand Mines
Rio Tlnto-Roan Antelope
Cop M_
Unilever Ltd
United Molasses--
---
Vickers
West
£4%
£4%
£4%
37 h
Shell Transport
36/6
21/3
20
21/21/6
£7 %
*
21/6
21
35/9
20/9
21 IS
£7%
£7%
£7%
-
35/9
20/6
21/4%
£7%
are
not
Excludes obligations
reacquired and held by the issuing organizations.
Preliminary statement.
the proprietary Interest represented by the
non-stock interest in governmental corporations
Note—Effective with this statement,
£4%
'
/9
IS
Witwatersrand
Areas
o
„
capital stock, paid-in surplus, and
and agencies which were offset by a corresponding Hem under "inter-agency pro¬
prietary interest" of the Treasury, have been omitted (except for such items as
are Included In the inter-agency assets and liabilities shown herein) for the purpose
of simplification In form.
Volume
147
MONTHLY
Financial
Chronicle
2341
REPORT ON GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES AS OF
AUG. 31, 1938
The monthly report of the
Treasury Department, showing assets and liabilities as of Aug. 31, 1938, of governmental
corporations and credit agencies, financed wholly or in part by the United States, was contained in the Department's "Daily
Statement" for Sept. 30, 1938.
The report for Aug. 31 is made
up somewhat differently from previous reports in that agencies and corporations financed
wholly from Government funds are not listed separately from those financed only partly from Government and
partly from
private funds. In the footnotes to the table below, an explanation is given of the simplification of calculation of
proprietary
interest. As now computed, the Federal Government's
proprietary interest in these agencies and corporations, as of Aug. 31,
was
$3,814,651,275, and that privately owned was $373,880,170.
SUMMARY
OF
COMBINED
STATEMENT
UNITED
OF
ASSETS
AND LIABILITIES
GOVERNMENTAL CORPORATIONS
OF
AND
CREDIT
AGENCIES
OF THE
STATES, COMPILED FROM LATEST REPORTS RECEIVED BY-THE TREASURY—AUG. 31, 1938
Assets d
Investments
For footnotes
see
bottom of preceding
Real
column
Securities
Cash
Capital
Stock, &c.
United
e
Accounts
Estate
Guaranteed
Preferred
Loans
and Other
and Other
Receivables
Business
States
by
All
Securities
United
Other
Other f
Total
Properly
States
$
Reconstruction Finance Corporation
Commodity Credit Corporation
48,020,200
20,784,628
77, 838
283,480,030
J
$
61",297, 237
1,180,851,154 525,159,859
444,246 £28,975 ,322
406
45,163
h97360,768
'
Export-Import Bank of Washington
3,158, 855
5,027, 008
15,154, ,592
15,472,814
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation
Tennessee Valley Authority
Public Works Administration
_
_
26,456^302
_.
United States Maritime Commission..
Rural Electrification Administration
2,289,591
3,031,907
35", 643
809,755 206,631,003
24,462 heo
36,736*350
72,018 ,339
190,492,865
6,02l",905
530,888 ",750
21 ,549
3,079,542,167
114,925,218
47,058,200
280,751,515
39,748,194
153,972,133
132,853,229
1,630,655,684
2,367,608,028
309,078,241
186,992,197
121,628,337
21,862,029
35,677", 167
8,895",269
53,933,898
66,386,655
18,909,009
16,892 ,147
344 ,103
946,688
Home Owners' Loan Corporation*
2,234,898,573 1212331,610
Federal Savings & Loan Insurance Corp..
77,995, 845
179, 174
54,348" 233
•
10,243,033 102,830,462
25,925",591
6,422, 447
Federal Savings & Loan associations..
Federal Home Loan banks
9 ,491
112
371,246",146
8,962, 162
20,380,178
1,100,000
67,333,343
16,305,484
1,651,000
j47,058,200
189,417,647
Federal Housing Administration
United States Housing Authority
16,071,544
,\v
776,982,073
32,490, 519
1,019,131
421,615 126,552,655
25,823, 865
34,377, 983
2,008,661,133
Federal Farm Mortgage Corporation
Federal Land banks
i......
Federal Intermediate Credit banks
1,073",894
11,167,261
10,926, 319
kl02,716,011
Farm Credit Administration
9,757",182
219,534,648
12,587, 180
Banks for cooperatives
Production credit corporations
75,960,923
11,524, 612
Regional agricultural credit corporations..
War emergency corporations and agencies
(in liquidation):
14",049",854
428 ,573
9,000,000
24,040,390
41,683,049
"22,237 155,998,510
2,956,363
8,538,041
1,331,516
13,898,105 101,810,722
6,765 ,755
Navy Department (sale of surplus war
supplies)
United States Housing Corporation
United States Railroad Administration.
228,968
759,177
3,747" 117
40,637
1
14,905,014
.5,851,726 103,408,532
525,599
762,707,564
61,175,371
64,934,483
65,453,913
5,128,850
65,567
32,594
321,704
110,208
40,383
154,181
892,239
4,697,806
575,013
6*8*295
1,000
7,459,085
172,649,353
285,624
121,178
""21326
545,757
17,243
5,952,994
123,677
54,312
51,027
60,593
3,312
4,697.806
1,226,357
4,065
United States Spruce Production Corp.
War Finance Corporation..
1,805,532,646
380,964,205
22,361,908
5,027,120
440,386,750
235,584,658
36,021,270
1,617
h3,719,131
1,976,860
115,685
740,055
1
20,556
Other:
Disaster Loan Corporation
Electric Home and Farm Authority
Farm
Security Administration.*
Federal National Mortgage Association
Federal Prison Industries, Inc
Interior Department (Indian loans).
Inland Waterways Corporation.
.
Rican
2,417,539
942~270
from
under Act of Feb. 24,
Inter-agency items:
the-
7,800,474
172,649,353
47,460,858
6,923,097
532,814
3,356,123
616,621
325",796
20,499*046
295"436
1,988,765
26,118,267
676,463
296,974
30,494,884
561,061
46,203,088
4,492,142
4~903
28,825
9^250,664
300
3,529,910
~
255,719
received
"2*916
57*792
hi,729*503
122,643
Cooper¬
Treasury Department:
Railroad loans (Transp'n Act, 1920)
Securities
4,492", 142
42,221,951
Associated
16,520
3,484
20,700
1,988*765
14,173,706
Reconstruction Admin..
Valley
atives, Inc....
15,751
fa 89 5" 2 62
525,509
RFC Mortgage Co
Tennessee
2,794
46,562,690
Panama Railroad Co..
Puerto
h3,293,186
15,053
2,201
.44,136,792
wr
301,798
30,230,233
30,230,233
30.230.233
2,774.400
2,774,400
RFC
1938—
m
Due from governmental corporations
or
agencies
Due to governmental corporations or
agencies
Total
7,615,666,579 784,'582,559 326,048,843 677,264,146 159,648,782 885,000,780 393,500,455 437,835,883 798,712,803 12,078,260,830
Liabilities and Reserves d
Excess
Distribution of United States Interests
Proprietary Interest
of Assets
Guaranteed
Not
by
Guaranteed by
United States
United States
Reconstruction Finance Corporation
v
511,708,669
206,690,853
Commodity Credit Corporation
Export-Import Bank of Washington
Federal
£138,154,303
72,866,467
423,450
Crop Insurance Corporation
Federal Deposit Insurance
27,120
Corporation
151,087,193
.
Tennessee Valley Authority.
Public Works Administration..
4,881,236
101,097*593
United States Maritime Commission
Over
Liabilities d
649,862,972 1,155,669,674
279,557,320
101,406,885
423,450
21,938,458
27,120
5,000,000
151,087,193 I 289,299,557
4,881,236
230.703,422
2,891,609,810
906,348
4"
"
906,348
111,785,021
111,"785", 021
Federal Housing Administration
877,560
1,942,785
1,065,225
United States Housing Authority
326,872
326,872
Farm Credit Administration
4,840,600
4,840,600
Federal Farm Mortgage Corporation
1,423",026",594 £49,562,947 1,472,589,541
Federal Land banks.
1,841,922,899 1,841,922,899
Federal Intermediate Credit banks
£214,480,927
214,480,927
Banks for cooperatives...
£2,716,245
2,716,245
Production credit corporations:.
162,396
162,396
Regional agricultural credit corporations..
£3,926,893
3,926,893
Interagency
Interests
500,000,000
£199,366,685
101,406,885
100,000,000
21,000,000
*938*458
21,938,458
456,302,989
1,406,885
'
139,29$,557
73,283,054
114,018,870
47,058,200
168,966,494
Surplus
1,155,669,674
89,394,972
¥ 67,333,343
44,225,494
5,000,000
150,000,000
230,703,422
36,021,270
■89,394,972
67,333,343
73,283,054
114,018,870
47,058,200
124,741,000
37,805,409
153,645,261
128,012,629
158,066,143
37,805,409
153,645,261
128,012,629
158,066,143
.
5,000,000
150,000,000
0228,542,889
2","792",464
036,021,270
200,000,000
100,000,000
b631,931
""
14*961
089,380,011
027,284,016
c41,716,946
40,049,327
b85,000,000
14,018,870
47,058,200
124,741,000
037,805,409
1,000,000
145,645,261
7,000,000
0128,012,629
b41,933",857
200,000,000
1182,498,332
31,420,078
17,935,13J5
5,000,000
45,471,043
10,853,573
1,465,941
12,935,136
b20,873,729
20,873,729
121,465,941
70,000,000
149,000,000
120,000,000
4,697,806
04,697,806
1,976,860
115,685
740,055
.
«124,960,250
4,697,806
...
,
Stock
*
Federal Home Loan banks
y
Cajfital
\ 36,021,270
101,"097",893
114,"649",303 3,006,259,113
Federal Savings & Loan Insurance Corp..
Federal Savings & Loan associations
Owned by
United Stales
«
Rural Electrification Administration.!
Home Owners' Loan Corporation*.
Privately
Owned
Total
1,976,860
115,685
740,055
33,402,132
0115,685
c31,425,272
100,000
"190:055
9,981
9,981
1,000
8,981
10,000,000
C767.757
525,685,129
94,597,314
184,275,952
121,465,941
17,935,136
186,806,469
338,878,660
94,597,314
3,548"650
180,727,302
War emergency corporations and agencies
(In liquidation):
>,
*
Navy Department (sale of surplus war
supplies)
United States Housing Corporation
United States Railroad Administration.
United States Spruce Production Corp.
War Finance Corporation
10,575
10,575
18,421
18,421
6.892,434
450,000
Other:
Disaster Loan
Corporation
Electric Home and Farm Authority...
6,892,434
Farm
Security Administration
Federal National Mortgage Association
Interior Department
Inland
30,784*951
182,177
Federal Prison Industries, Inc
30,784*951
182,177
(Indian loans)
1,058*644
1,058*644
978,932
Waterways Corporation...
Panama Railroad Co
978,932
Puerto Rican Reconstruction Admin..
RFC Mortgage Co
Tennessee
Valley
atives, Inc
1,006,427
Associated
1,006*427
9,232,243
9,232,243
908,040
172,649,353
908,040
850,000
172,649,353
0172,649,353
16,675,907
10,000,000
4,113,378
a F,988,765
12,000,000
16,675,907
6*740,920
1,988,765
25,059,623
"
6,740,920
1,988,765
25,059,623
58,040
1,268*079
5,407,828
2,627,542
13,059,623
38,808,086
b583,930
25,000,000
"435:316
17,695:649
300,798
45,224,156
4,492,142
45,224,156
7,000,000
4,492,142
04,492,142
43,130,365
43,130,365
Cooper¬
,301,798
.....
301,798
1,000
30,230,233
30,230,233
030,230,233
2,774,400
2,774,400
02,774,400
Treasury Department:
Railroad loans (Transp'n Act, 1920)
Securities received from
the
RFC
under Act of Feb. 24,
1938
Inter-agency items: m
.Due from governmental corporations
or agencies
0599,442,918
b599,442,918
Due to governmental corporations or
agencies
■X
Total
011,845,519
...
!
5,033,913,486 2,855,815,899 7,889,729,385 4,188,531,445
373,880,170 3,814,651,275
11,845,519
3,371,81^,967
598,832,308 nl56,000,000
<
Financial
2342
AND EXPENDITURES
GOVERNMENT RECEIPTS
of the Treasury,
today the details
of Government receipts and disbursements for September, 1938
and 1937, and the three months of the fiscal years 1938-39
Through the courtesy of the Secretary
we are enabled to place before our readers
and 1937-38:
Accounts -
General & Special
5
S
Mlscell. Internal revenue
593,528,806
185,049,053
636,442,848
707,190,731
687,529
555.973
1,996,416
50,247,092
139,827,035
4,672
80,363,364
115,611,274
109,000,000
124,000,000
14,000,000
43,000,000
44,000.000
125,512,462
507,192,219
461,618,111
23,853,709
11,211,616
136,507,055
129,999,383
26,248,915
checking acc'ts
of Govt, agencies (net), Ac.:
Commodity Credit Corp
Export-Import Bank of Wash.
Rural Electrification Admin..
Reconstruction Finance Corp.
b59,492,237
Transactions In
Other...........
1,637,067
67,916,980
615,365
b723,188
415,243
b5,484
2,630,130
453,050
5,410,638
b55,450,285
obligations.
23,868,358
3,149,890
b3,836,549
b37,160,496
37,312,885
1,449
—--
1,477
2,372
31,618
gold:
Ac
6,322,430
1,909,939
—
5,503,856
3,580,620
4,543,795
10,800,896
5,679,721
Seigniorage
2,101,256
1,199,010
•5,353,476
21,373,210
—
Payments to Fed. Res. banks
(sec. 13b, Fed. Res. Act, as
amended).
22,208,072
16,102,174
3,982,820
2,271,979
tolls, Ac..:
Other miscellaneous
30,032,932
retirement
For
national
of
-
1.509,182,033
788,072,145
710,602,998
4,814,680
fund:
1,650,690,764
b 4,000,000
-
control a
flood
Reclamation projects a
52,041,893
43,664,157
23J.000
128,730,000
400,000
41,000,000
104,000,000
123,000,000
2,815,570
9,642,825
Authority a...
share)
Dlst. of Col. (U. S.
836,636
2,370,4o4
25,005,885
14,307,256
210,278
753,057
1,082,090
9,934,003
82,115,070
56,517,078
5,000,000
..........
5,000,000
37,369,030
33,204,583
116,358,562
•101,001,451
'
Administration a..
46,489,985
44,466,639
150,873,423
47,315,688
47,704,274
143,052,561
10,015,487
115,537,582
29,415,324
80,503,844
92,646,959
.b911,630
3,411,554
205,153
Corps a
Farm Credit Administration, a
Tennessee Valley Authority..
Interest on the public debt---
Civilian Conservation
166,555
4,135,359
4,875,951
11,442,015
159,267,794
175,775,277
922,707
1,384,376
4,953,654
Customs
..'
-
prod.
1,638,889
,
-
9,884,875
3,917,955
355,815
•
4,243,100
savings
S.
U.
445,988,586
1,245,562,622
1,092,961,260
Recovery and relief:
2.
34,840,188
28,127,016
115,771,411
98,776,317
'1,238,837,588
378,608,016
2,221,728,811
1,199,823,359
535,900
Public works (lncl.
6,088,264
13,568,283
11,953,600
6,478,911
70,583
338,479
other
...
98,891,493
17,125,086
U. 8. Housing Authority...
5,692,662
Treasury
43,017,292
Miscellaneous:
Admin, for Indus. Recovery
b22
220
b90
b5,206
306,128,000
360,976,000
1,254,285,116
2,953,842,661
2,340,424,609
400,277,000
589,435,000
1,187,752,000
1,004,200,000
14,750
124,650
506,050
30,554,500
17,247,650
31,882,800
6,619,077
b79i,646
1,180,530
11,040,677
14,742,795
19,928,918
13,328,311
8,468,400
14,553,150
29,461,750
275,100
•
307,750
937,450
1,108,000
546,250
'849,200
1,423,400
2,373,550
718,440
1,100
3,080
201,280
28,009
24,571
69,583
2,861,260
5,377,080
10,416,545
429,603,946
639,869,683
1,252,659,626
1,100,630,310
423,957,100
775,514,200
.423,957,100
775,514,200
423,957,100
Postal Savings
775,514,200
423,957,100
775,514,200
500,000
1,800,000
2,000,000
4,80C,00C
bonds
Other debt Items
bank
notes
and
b4,694,053
bl,937,039
4,835,352
4,378,500
-
Fed. Res. bank notes
Agricultural aid:
10,000
5,000
5,000
Adjusted service bonds.
First Liberty bonds
Fourth Liberty bonds
527,137,557
695,414,542
18,000
14,594,650
.
bonds
National
Admlnlstra'n-
——
98,955,000
U. S. savings bonds..
Revolving-funds (net):
Farm Credit
20,000,000
notes
Treasury
5,201,619,
1,718,355
28,358,611
8.
'
Certificates of Indebtedness
2,553,813
156,504,842
..........
35,520,000
1,516,970
10,786,011
243,122,515
201,000
2,000,000
Insurance1
Deposit
17,055.408
37,260
276,335
...
469,000
10,000,000
...
1,698,900,588'
7,418,338
Sub-total
367,000
.
Expenditures— Marketoperatlons
Cash-:
Treasury bills.......
Admin...
Farm Security
71,300,000
59,646,560
49,404,460
Admlnlstra'n
Federal Housing
20,000,000
374,000
20,000
....
Sub-total.
2,657,268
801,535
123,000,000
Corporation (notes)
333,926,213
559,333,348
329
19,062
Emergency housing...:
145,639,000
5,000,000
195,000
■
Aid to home-owners:
Home Loan system
.
.......
12.513,006
15,561,840
8*3,000,000
10,000,000
2,011,433
Federal
"
459,000
41,000,000
1,500,000
(notes)
Govt, life insur. fund (notes)
9,816,546
546,968
■
104,000,000
47*955,000
33,000,000
Postal Savs. Sys
33,077,786
3,212,642
>
81,100,000
"1,000,000
(ctfs.).
(note3)
f'd (notes)
Canal Zo. retlre't fund notes)
Alaska RR retlre't fund notesi
7,427,593
11,558,801
1938)
'
•
.
775,514,200
423,957,100
775,514,200
i
'—
grants
Adm.
(Act June 21,
2,001,996
194,084,442
Works Progress Admin.
404,707,100
V
For. Serv. retlrem't
1,236,980
1,148,941
Rural Electrification Adm.
All
677,937
and
control..
Wks.
397,413
3,993,935
River and harbor work
Pub.
14,215,293
2,370,936
Public highways
flood
3,29-1,172
work relief)
Reclamation projects
4,111,050
775,514,200
Civil serv. retlre'tfund
13,208,363
212,413
Relief
2,028,750
19,250,000
423,957,100
Special series:
Adjusted service certlf.
fund (certificates)
1,629,835
2,409,295
Federal Land banks
1,207,900
775,514,200
404,707,100
Treasury bonds
Old-age reserve acc't (notes) .
Railroad retlrem't acc't (notes)
1,629,835
42
19,250,000
Treasury notes-
Exchanges:
'
securities.
Sub-total
rate
mortgages
on
1,101,047,000
Adjusted service bonds
Corp.
Int.
in
1,302,177,000
-'342,091,300
461,689,100
...V
461,689,100
Unemploy. trust fund
—reduction
;
350,481,000
(lncl.
bonds
Treasury savings
Agricultural aid:
Federal Farm Mtge.
98,644,759
342,091,300
Sub-total
453,421,851
Sub-total
216,261,270
400,217,000
unclassified sales)
3,761,469
9,508,537
1,245,576
3,631,071
1
Internal revenue
Processing tax on farm
11,849,807
362,973,352
40,118,386
Treasury bonds
192,237,951
Refunds:
25,046,370
290,930,949
7,918,731
!
notes
Treasury
11,901,905
145,527,098
4,454,136
117,593,731
Public Debt Accounts
6,446,484
1,661,454
25,682,434
credits
Receipts—Market operations:
Cash:. Treasury bills..;
46,733,314
Farm Tenant Act...
20,000,000
8,59/, 415
Excess of expenditures
144,774,927
25,070,801
Navy
Veterans'
253,910
5,000,000
146,616,538
Excess of receipts or
134,779,188
Agricultural Adjust. Program
2,459,263
10,003,000
.
Total
.1,099,029
368,349
...w...
account:
Benefit payments
3,146,479
4,941,522
262,820
99,472
1,500,000
8,930,987
National defense: a
Army....
853,255
Benefit payments
Railroad retirement
Investments
9,788,865
Retirement Board..
8. Housing
14,795,546
823,549
Social Security Act
U
49,221,054
10,000,000
Panama Canal
Postal deficiency—
Railroad
21,826,434
53,614,815
work and
harbor
and
River
12,032,312
16,682.193
2,364,670
Public highways a__
14,240,901
145,639,000
40,045,000
Investments
150,469,295
179,354,351
47,835,369
4,034,714
18,814,678
-
48,017,181
19,335,954
General:—Departmental a—
Public buildings a..
14,836,940
73,000,000
33,000,000
Withdrawals by States—
Old-age reserve account:
Expenditures—
5,497,306
47,953,000
bank notes
Unemployment trust
Investments
Total receipts..
1,
b818,307
b225,936,194
b7,961,444
'
87,168
87,168
other
All
202,222,237
41,000,000
11,500.000
106,498,152
Melting losses.
Interest—for'n
48,415,196
33,000,000
Total
curities:
Principal—for'n obllga'ns..
Panama Canal
26.671,137
155,259,841
Expenditures—(Bee note 1)
Govt.-owned se¬
of
214,177
14,314,439
Chargeable against Increment on
receipts:
Miscellaneous
Proceeds
36,172,619
—
Customs
102,421
35,128
7,060,526
35,401,986
fund
Trust accounts
91,081
28,589,591
employees...—
25,987,577
111,584,712
166,624
CMd-age reserve account
Railroad retirement account...
163,782,437
38,673
%
%
138,441,366
15,001,612
5,263,729
tion la weight
Seigniorage
Unemployment trust
1,122,105
2,739,888
tax
Social Secur. Act
carriers and their
Taxes upon
576,954,590
169,499,287
Unjust enrichment
Taxes under
500,990,563
1937-38
1938-39
$
21,165,813
1938
15,
——July 1 to Sept. 30
1937
*
resulting from reduc¬
of gold dollar..
Increment
September—
1938
Trust accounts
$
497,934,214
tax
-Month of
•
Receipt*—(See note 1)
1937-38
1938-39
1937
$
Trust Accounts, Increment
on Gold. See.
—July 1 to Sept. 30
September-
1938
Receipts—
Internal Revenue:
Income
-Month of
Oct.
Chronicle
77,469
•
■
16,963,940
works:
Public
States,
Loans and grants to
Ac
municipalities,
'>
30,236,510„;.
1Q,24§,031
Sub-total.
15,891.440
51,910,389
Exchanges:
Treasury
bl08,465
b31,885
Loans to railroads
28,299,471
notes..
Treasury bonds
47,107,871
Sub-total
Special series:
Adjusted
service
:
_
4. Transfers to trust accts., Ac.:
certificate
Old-age reserve account..
33,000,000
41,000,000
109,000,000
124,000.000
Railroad retirement account..
11,500,000
14,000,000
43,000,000
44,000,000
Unemploy. trust fund (ctfs.).
75,106,600
73,255,000
Civil
Govt,
5,000,000
5,000,000
Rallroad retlrem't acc't(notes)
retirement
employees'
fund (certificates)
55,000,000
227,106,600
241,255,000
2,100,000
2,000,000
4,100,000
3,900,000
30,000
25,000
103,000
62.00C
Canal Zo. retlre't fund netes)
16,000
26,000
35,000
41.00C
(notes)
13,000,000
13,000,000
Govt, life Ins. fund (notes)..
44,500,000 '
Sub-total.....
retlre't fund (notes)
For. Serv. retlrem't f'd notes)
funds (U. S. share)
25,000,000
25,000,000
serv.
Postal Savings System
5.
retirements
Debt
(sinking
13,644,750
Total expenditures
29,272,200
13,782,150
/ 29,302,750
764,938,147
fund, Ac.)
702,657;068
2,210,165,385
1,937,764,438
expenditures
45,646,000.
Total public debt
expend'S-
Excess of
of
expenditures
(+)
(+)
-
13,803,000
49,241,000
1,889,947,510
r,725,857,726
:
=1
1,227,984,935
450.477,099
+ 114,425,000
+96,847,000
169,949,767
expenditures
Increase
or Decrease
(—)=====:
in Gross Public Debt—
or
+54,335,149
receipts (—)
1,424,234,883
799,693,542
Excess of receipts
Summary
Excess
8,851,000
** 899,207,046
700,983,353 'L 287,073,674
54,335,149
5,000,000
5,OO9t900
(notes).
Sub-total
85,415,077
Excess of receipts
Excess of
Fed. Dep. Ins. Corp.
—85,415,077
+ 700,983,353
+287,073,674
13,644,750
29,272,200
13,782,150
29,302,750
Market
operations:
—238,954,000
of
Excess
expenditures
(+)
—18,000
—14,750
—124,650
—77,210,450
—30,554,500
—79,863,450
—31,882,800
+889,997,262
+ 14,871,134
+947,147,162
+55,887,316
—69,583
—77,427
Bonds
receipts (—) (excluding public
+40,690,399
gold,
Ac., excess of receipts (—) or
expenditures ( + )
—so.ooo
Treasury notes
or
debt retirements)
Treasury bills..
Certificates of Indebtedness..
Less public debt retirements..
—114,687,277
+687,201,203
+ 257,770,924
—28,010
—24,571
notes..._.—2,861,260
—5,377,081
+809,819,542
—260,053,767
+ 971,097,935
+103,304,099
—10,126,000
+ 90,104,000
+253,887,000
+347,173,000
—169,949,767+1,227,984,935
+450,477,099
Other debt items
National bank notes and Fed-
Trust accts., increment on
—
+40,118,385
—7,918,731
—216,261,270
-122,606,008
+470,939,933
5,497,305
eral Reserve bank
—98,644,760
+80,808,784
Sub-total
excess
of
4,814,680
14,836,940
+80,808,784
(+) or receipts (—)
—127,420,688
+ 465,442,628
b Excess of credits
+718,884,758
—42,529,079
+ 762,542,307
+306,187,875
Note 1—Beginning
(—) In
public debt
+799,693,542
public debt at beginning
the gross
Gross
Of month or year
Gross public
debt this date
—169,949,767+1,227,984,935
+450,477,099
37,593,031,708
37,045,040,598
3,7,164,740,315
>
36,424,613,732
38,392,725,250
36,875,090.831
38,392,725,250
36,875,090,831
(deduct).
c
Excess of redemption (deduct).
Dec. 31, 1937, transfers
from the Genderal Fund have been
of offsets against expenditures.
The figures
been revised accordingly in and that
disagree with the figures published prior to Dec. 31, 1937«
treated
Increase (+) or decrease
+799,693,542
+144,289,224
(—) in
general fund balance
Special series...
Total.
expenditures
Increase (+) or decrease
—10,416,545 ——16.963,941
+159,126,164
Less nat. bank note retlrem'ts
Total
—506,050
as
receipts instead
month and the fiscal year 1938 have
for the
respect
„
accounts are Included under "Recovery and
the classification of which will be shown in
the statement of classified receipts and expenditures appearing on page 7 of the
dally Treasury statement for the 15th of each month.
a Additional expenditures on these
relief" and "Revolving funds (net),"
Volume
Financial
147
TREASURY
The cash holdings of the Government as the items stood
Sejjt. 30, 1938 are set out in the following.
The figures
are taken
entirely from the daily statement of the United
States Treasury of Sept. 30, 1938.
CURRENT ASSETS
Assets—
Gold (oz.
;v<"_
AND
393,124,180.5).
2343
TREASURY
The
MONEY
following compilation, made
_
Holdings in U. S. Treasury
.....
$13,759,346,315.83
...
...
'U"*""*-.
Redemption fund—Federal Reserve
from the daily Gov¬
statements, shows the money holdings of the
Treasury at the beginning of business on the first of July,
August, September and October, 1938:
my A, 1938
,892,155,859.00
092,769,058.79
9,610,031.41
156,039,430.93
notes
reserve-
._
Exchange stabilization fund
439,060,870
Net silver coin and bullion
Net United States notes..
512,478,802
2,871,295
1,353,384
13,777,498
Net National bank notesNet Federal Reserve notes
Net Fed Res. bank notes._
Net subsidiary silver...
Total cash In Treasury.
,800,000,000.00
808.771,935.70
1
.
Gold in general fund
Cash balance in Treas—
Total
..$13,759,346,315.83
Oct. 1, 1938
618.414.346
964,811,367
521,013.074
512,591,792
2,248,714
1,229,859
12,386,363
202.039
2,671,714
3,381,540
757,251
893,189
14,318,778
13,180,140
278,966
237,743
9,903,313
11,347,409
8,598,462
9,266,785
9,102,170
12,312,729'
*1178,799566 *1516 415,955
986,245,420 *1042059,367
156,039,431
156,039,431
Less gold reserve fund....
1938
$
497,138,578
510,994,567
378,678
8,734,294
7,590,599
Minor coin, &c
Note—Reserve against $346,681,016 of United States notes
and $1,168,422 of Treasury notes of 1890 outstanding. Treas¬
ury notes of 18°0 are also secured by sliver dollars in Treasury.
1,
5\ept.
Aug. 1,1938
$
Net gold coin and bullion-
Total
up
ernment
$13,759,346,315.83
-
Liabilities—
HOLDINGS
LIABILITIES
GOLD
Gold certificates—Outstanding (outside of Treasury)...
Gold certificate fund—Board of Governors, Fed. Res. System..
Gold
Chronicle
CASH AND CURRENT LIABILITIES
156,039,431
156,039,431
830,205,989
886,019,936 1.022,760,135 1,360,376,524
610,534,000
929,359,113
585,434,000
556,312,000
777,224,848
778,208,617
15,380,811
28,889,530
16,363,528
28,909,589
28,936.859
1,738,384
2,909,903
1,889,887
2,807,880
Dep. in spec'l depositories
account Treas'y bonds,
.
Assew—
SILVER
Treasury
Silver
$1,071,425,931.49
503,356,265.00
(oz. 828,680,993.8):
Silver dollars (oz. 389,314,611.2)...
Total..
notes and cer¬
tificates of indebtedness
Dep. in Fed. Res. banks..
Dep. In National banks—
$1,574,782,196.49
To credit Treas. U. S__
To credit disb. officers.
$1,559,833,470.00
Cash In Philippine Islands
1,168,422.00
...
Deposits in foreign depts.
Liabilities—
Silver
certificates
outstanding
...
Treasury notes of 1890 outstanding
Silver In general fund.......
13,780,304.49
Net
cash
in
Total.
$1,574,782,196.49
...
Available cash balance
Gold (as above)
Silver—At monetary value (as
above)
Subsidiary coin (oz. 6,584,282.1)
Bullion—At recolnage value (oz. 194,773.6)
At cost value (oz. 917,078,531.5)a
^
$808,771,935.70
13,780,304.49
9,102,169.80
269,256.71
498,542,231.28
—...
...
....
.".Minor- coin.
3,381,540.00
13,180,140.00
......
Federal Reserve notes
.»*
Federal Reserve bank notes
278,966.50
National bank notes
.
...
Unclassified—Collections, &c
Deposits In—Federal Reserve banks
Special depositaries account of sales of Govt, securities
National and other bank depositaries:
757,250.50
7,569,210.79
15,180,983.06
To credit of other Government officers
Foreign depositaries—To credit of Treasurer United States.
28,693,850.05
1,332,154.73
1,341,161.76
2,184,233.11
To credit of other Government officers
Philippine Treasury—To credit of Treasurer United States.
Total
—
Treasurer's checks outstanding
$6,687,858,90
2,690,914.21
±
Deposits of Govt, officers—Post Office Department
Board of Trustees, Postal Savings System:
lawful money
reserve,
Other deposits
Deposits for:
1
COMMON CAPITAL STOCK INCREASED
Am't of Increase
Sept. 30—First National Bank of The Black Hills, Rapid City,
S. Dak.
From $125,000 to $375,000--.--,--—
—.$250,000
Oct. 3—The First National Bank of Bellflower, Bellflower, Calif.
From $35,000 to $50,000
Oct. 6—The National Bank of Toledo, Toiedo, Iowa.
From $50,000 to $80.000
5,894,905.55
63,287,925.95
335,031.62
47,114,201.06
Uncollected items, exchanges. &c
TITLE
CHANGE OF LOCATION AND
Sept. 30—Location of "The First National Bank of Lead," Lead, County
of Lawrence, S. Dak., changed to Rapid City, County of Pennington,
S. Dak., and title changed to "First National Bank of The Black Hills,
Rapid City."
BRANCHES AUTHORIZED
Oct. 1—Seattle-First National Bank. Seattle, Wash.
Location of branch:
101 East Toppenish Avenue, in the City of Toppenish, Yakima County,
«
Redemption of National bank notes (5% fund, lawful money).
15,000
30,000
-
59,300,000.00
—
t
Postmasters, clerks of courts, disbursing officers, Ac
BANKS
NATIONAL
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
$3,163,771,057.64
Liabilities—
5%
2.215.917.913 2,116.011,180 •? ?^n.575.463 2.978.460.220
Includes on Oct. 1 $498,811,488 silver bullion and $4,743,518 minor, &c., coin
included In statement "Stock of Money."
The
963,178,151.20
791,484,000.00
To credit of Treasurer United States
2,401.843
*
as
4,743,517.96
United States notes
15,180,983
28,693,850
2,184,233
2,673,316
2,025,087
2,419,017.730 2,298,649,668 E407,154,032 3,163,771,057
147,578,569
182,638,488
185,310,837
203,099,817
__
Deduct current liabilities.
GENERAL FUND
16,509,491
Treasury
and in banks
Assets—
791,484,000
963,178,151
Wash.
Certificate No. 1419A.
1—First National Bank of The Black Hills. Rapid City, Rapid City,
S. Dak.
Location of branch: Corner of Main and Wall Streets., in the
Oct.
'
City of Lead, County of "Lawrence, S. Dak.
PREFERRED
$185,310,837.29
Certificate No. 1418A.
STOCK ISSUED
Amount
Balance today—Increment resulting from re¬
duction in the weight of the gold dollar..
Seigniorage (silver) (see Note 1)
.......
Working balance
Oct. 3—Adirondack National Bank & Trust Co. of
$142,111,999.48
460,353,232.84
2,375,994,988.03
Saranac Lake, N. Y.,
Saranac Lake,
$130,000
Sold to RFC__
*
VOLUNTARY LIQUIDATIONS
$2,978,460,220.35
Amount
Oct. 4—The Saranac Lake National Bank, Saranac Lake, N.
Total....
$3,163,771,057.64
—
a The weight of this item of silver bullion is computed on the basis of the average
the close of the month of August, 1938.
Note 1—This Item of seigniorage represents the difference between the cost value
and the monetary value of silver bullion revalued and held to secure the silver certi¬
ficates issued on account of sliver acquired under the Silver Purchase Act of 1934 and
Common stock, $50,000:
stock B, $10,000
Effective Sept.
cost per ounce at
Note 2—The amount to the credit of disbursing officers and certain
was
agencies today
$2,873,746,006.88.
COMPARATIVE
$100,000
—
Liquidating agents: Chas. C. Trem*
24, 1938.
biey and George Ailnutt, Saranac Lake, N. Y.
Absorbed by:
Adirondack National Bank & Trust Co. of Saranac Lake,
,
under the President's proclamation dated Aug. 9, 1934.
Y.
preferred stock A, $40,000; preferred
N. Y., charter No. 5072.
Oct. 6—First National Bank, of Rapid City, Rapid City, S. Dak.
Common stock, $102,000; preferred stock, $146.000
Effective Oct
5, 1938.
Liquidating agent: C. C. Anderson,
A
-
248,000
Rapid City, S. Dak.
Absorbed by: First National Bank of
The Black Hills. Rapid City, Rapid City, S. Dak., charter No.
PUBLIC DEBT STATEMENT
463L
•
(On the basis of daily Treasury statements)
SALES
AUCTION
Dec.
Aug. 31, 1919,
31,1930,
Mar. 31, 1917,
When War Debt
Lowest Post-War
Pre-War Debt
Was at its Peak
Debt
The following securities were
of the current week:
sold at auction one Thursday
•
.
$1,282,044,'346.28 $26,596,701,648.01 $16,026,087,087.07
306,803,319.55
1,118,109,534.76
74,218,460.05
Gross debt..
Net bal. in gen. fund...
Gross
debt
less
$1,207,827,886.23 $25,478,592,113.25 $15,719,283,767.62
bal. In gen. fund...
of
rate
per annum on
$129.66
$250.18
$12.36
Gross debt per capita.
Computed
By R. L. Day & Co., Boston:
12
interest-
reg.
bearing debt outstand¬
Associates,
3 Merchants
April, 1920,
stamped, part paid: $1,000 Wallaston Realty 6s, non-Interest, April,
1920,
3.750
reg..
Last Month
$100 New Jersey Power &
Gross debt less net bal.
in general fund—-
-
—
Light 4^8, Oct. 1, 1960, registered
$500 Westchester Bond & Mortgage
Stocks
,
Massachusetts Cos...
————
Snyder Co., Inc., common...
—
83 Lowell Electric Light Corp., par $25
10 Eastern Utilities Associates convertible.
50 Western
&284.S3
Gross debt per capita...
b294.67
b288.68
Computed rate of Int.per
annum on
40^
2H
——
(per
2.582
2.581
2.550
cent)-.--.—
REDEMPTION
—4
Revised,
$ ver Share
Ws, 1.1Q, 1 1-16
Int-bearing
debt outstanding
a
"
•
............. - - - -
40 Batcbelder <$r
%
20M flat
Co. 5^8, February, 1938
By Crockett & Co., Boston:
Shares
$34,142,849,747.34 $35,333,456,245.33 $35,414,265,029.80
10
6
Percent
.$100 & int.
preferred, par $100..
Bonds—
Sept. 30, 1938
$37,045,040,598.38 $37,593,031,708.14 $38,392,725,250.15
2,978,460,220.35
2,259.575,462.81
2,902,190,851.04
Gross debt—
Net bal. in gen. fund--..
...$601ot
stamped.
1,000 Federal Knitting Mills Co
Aug. 31, 1938,
-1X lot
$100: 3 New England Equitable Insurance Co., par $100;
Estate Trust, par $1,000: $1,000 Wallaston Realty 6s,
7Boston Railroad Holding
Sept. 30, 1937,
a Year Ago
—
Realty Trust common, par $50; 2 preferred, par $50
Boston Co-Operative Building Co., par $10:
10 Broolkyh
Real
4.196
$15
2 Lynn
par
2.395
1
12
Inc., par $100....
1 Sierra Pacific Power Co. common, par
Int.
ing (percent).—
5 "Per Share
Stocks
Shares
10 Morgan L. Ellis,
net
,
CALLS AND SINKING FUND
NOTICES
b Subject to revision.
list of bonds, notes and preferred
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^:
Page
Company and. Issue—
Date
Below will be found a
CHANGES
IN
NATIONAL BANK
NOTES
stocks of
following shows the amount of National bank notes
are secured by legal tender deposits)
at the beginning of September and October, and the amount
of the decrease in notes afloat during the month of Sep¬
The
afloat
fall of which
tember, for the current
year
and last
Nation Bank Notes—All Legal Tender Notes—
$262,142,195
4,814,680
*$211,726,540
*$257,327,515
-——
Amount of bank notes afloat Oct. 1
♦
Includes proceeds for called bonds redeemed by
Note—$2,235,026.50
Federal
Reserve, bank
notes
secured by lawful money, against $2,258,881.50 on
1937
Secretary of the Treasury.
outstanding
Oct. 1, 1937.
Oct. 1,
f)
1938,
Adams
*
1938
$214,237,100
2,510,560
Amount afloat Sept. 1__
Net decrease during September...
Mlllis Corp., 7% Preferred
20-year 5s, 1930
*
year:
^
Alleehanv Corp..
Mortgage
stock
..Nov.
—
1
------
Corp. 20-year bonds. 1954--——Oct. 24
Chesapeake & Potomac Telep. Co. of Va. 1st M. bonds—Nov.
1
Chicago District Electric Generating Co.—
„
First mortgage 6s* series B, 1961
oo
$6 cumulative preferred stock
- — .Oct.
22
*
Colon Development Co., Ltd., 6% pref. stock
Nov. 15
Colorado Power Co. 1st mtge. 5s, 1953-----—---Nov. 1
Connecticut Light & Power Co.. 1st mtge. 7s..
-Nov. 1
Baltimore
2382
2382
2236
1332
1921
1921
2387
1922
2085
Financial
2344
Page
Date
Company and Issue—
Consolidated Water Co. of Utica—
1st mtge. 5s
-.
Kef. mtge. 4Ms
----Council Bluffs Gas Co. 1st 5s, 1928-.
Crown Cork & Seal Co.. Inc., 15~y<
Oct.
Chronicle
6% pref. (quar.)
^
1
Hooker Electrochemical,
2399
-Nov.
International Metal Indus.,
2399
-Oct.
111
15
coll. trust bonds,
Jan. 1, *39
East St. Louis & Interurban Water Co.—
First mortgage bonds, series A & B
Jan. 1. '39
Fairbanks, Morse & Co. preferred stock
Nov. 15
Illinois Northern Utilities Co.—
22
$7 junior cumulative preferred stock..
-...Oct. 1
*
Indiana General Service Co., 5% 30-year 1st mtge. Dds.Jan.
17
coll. trust mtge. bds...Oct.
International Salt Go. 1st & consol <
1
Lone Star Gas Corp. 6M% preferred stock—
Nov. 1
Mead Corp., 1st mtge. 6s, 1945
Nov. 9
*
Michigan Consolidated Gas Co
Dec. 1
National Dairy Products Corp.. 3M% debs., 1951- ....Nov.
Dominion Gas Co., 5%
_
_
1034
268
week
x
we
are
2095
Lawbeck Corp., 6%
grouped
Per
Share
1 Oct.
Nov.
1 Oct.
31
$1M
_
12 Mc
sim
lMc
(quar.)
Equities, Inc. (quar.)
Oct.
22
14 Oct.
1 Nov. 15
Dec.
Nov.
1 Oct.
Oct.
17
Oct.
15 Sept. 30
15 Oct.
8
28 Oct.
20
Oct.
28 Oct.
20
Nov. 25 Oct.
31
...
49c
(s.-a.)__Atlantic Macaroni, Inc. (quar.)______
______
Bay State Fishing, 7% pref. (s.-a.)_
_____
Best & Co. (irregular)
.■
^___
Beverly Gas & Electric Co
Birtman Electric, common (quar.)_ —
n
$1.60cl. A (quar.)
(quar.)
Buckeye Pipe Line (irregular)
i.__
Bullock f'und, Ltd___
_______________
Camden Fire Insurance Association (s.-a.)
__
Canadian Investment Fund (ord.
^
..A
(quar.)__
Central Tube Co.
1
SI.50 cumulative
Chain Stores Investment Corp. $6M
pref. (quar.).
1 Oct.
15
Dec.
1 Oct.
31
2c
:—
Dec.
1 Oct.
31
25 Oct.
18
12Mc
classs A (quar.)
preferred (quar.)
(quar.)
Loew's, Inc., $6M pref.
Louisiana Ice & Electric
Lumbermen's Insurance
sim
13 Oct.
1 Oct.
21
Nov.
1 Oct.
24
'4
ii
(semi-ann.)
1 Oct.
25
Nov.
1 Sept. 28
Nov. 15 Oct, 25
Oct.
Oct.
14 Oct.
Nov.
1 Oct.
25
1 Oct.
15
15 Oct.
6
Nov.
40c
Nov.
Oct.
50c
Dec.
15 Nov. 25
10c
Nov.
50c
Nov,
& Prior Ltd—
Dec.
10c
$5.50 conv. preferred (stockdividend)__
One-half sh. for each sh. held.
Payable
87 Mc
75c
$2.75 semi-annual
t$6M
$2
50c
tsi
sim
Fertilizer (quar.).
Inc., 7% pref
Passaic & Delaware Ext. RR. (s.-a.)
Payne Furnace & Supply Co., Inc.—
Pacific Guano &
,__
1 Oct.
15
Jan.
1
Sharp & Dohme $3.50
SilexCo. (quar.)__ —
Oct,
1
Oct.
Oct.
8
Nov.
Oct.
20
Oct.
Oct.
20
Oct.
Oct.
20
Oct.
Sept. 24
Nov.
Oct.
Oct.
Oct.
Nov.
Oct.
15
Nov.
Oct.
20
Nov.
Oct.
20
Nov.
Oct.
15
15c
Nov.
Oct.
Oct.
Nov.
Oct.
10
Oct.
25
50c
Nov.
Oct.
25
50c
Nov.
Oct.
20
$2.50
S3
Nov.
1 Oct.
31
Nov.
1 Oct.
31
50c
sim
S2M
17c
•
40c
sim
SIM
pref. A (quar.)
_
15 Oct.
4
S3
68Mc
Oct.
7 Oct,
6
Sterling Inc. common (quar.)
$1.50 preferred (quar.)
_____ —
Stott Briquette Co., Inc., $2 conv. pref. (quar.)_
Super Mold Corp. of California (quar.)__
____
Class Aconv.
(semi-annual)
Deposited Insurance Shares A (st'k. div.j_ _,_
Distillers Corp. Seagrams, Ltd., pref. (quar.)__
Dividend Shares, Inc__
_
Dominion & Anglo Investment
Nov. 15 Oct.
25
Nov. 15 Oct.
31
50c
Oct.
27 Oct.
17
Trade Bank (New
SI
Oct.
27 Oct.
17
Trans Lux Corp.
2M%
SIM
lMc
S2M
SI-14
S2M
50c
Faber, Coe & Gregg, Inc. (quar.)
________
SIM
7% preferred (quar.)
Federated Dept. Stores, 4M % conv. pref_____$ 1.06 M
Fidelity & Deposit Co. (Md.) quar.j..
15c
Firemen's Insurance Co. (Newark, N.J.) (s-aj
69c
Fitchburg Gas & Elec. Light (quar.)__
25c
Franklin Fire Insurance (quar.)
_
_
/"III
3
Extra
(quar,)I"
50c
(quar.j.
s2m
s2m
(quarterly)
Globe Knitting Works
Globe & Republic Insurance
10c
12 Mc
General Foods Corp7 (quar.).T
Georgia RR. & Banking Co.
Nov.
Nov.
Oct.
Corp.~,~LtcL—""
5% preferred (accumulated)
Elmira & Williamsport RR. (semi-annual)
Exeter & Hampton Electric Co. (quar.)
Fuller Brush Co., common A
Sept. 26
"1111111111
(quar.)"-- "--!!
25c
.
1 Sept. 15
1 Oct. 21
24 Oct.
15
18
Nov. 10 Oct.
31
Nov. 10 Oct.
31
.1 Oct.
24
Dec.
1 Nov. 15
Nov.
1 Oct.
Oct.
Dec.
Nov.
Oct.
Oct.
15 Oct.
12Mc
Goldblatt Brothers (stock dividend)
One share for each 60 shares held.
5M% pref. (quar.)__
Havana Electric & Utilities Co. pref
Haverhill Electric Co. (reduced)_____
Hawaiian Pineapple Co., Ltd. (final)
Home Insurance Co. (quar.)
__
t75c
_
Extra
6
26
21
31 Oct.
18
Nov. 15 Oct.
C.) Co.—
-----7% non-cum. prior partic. preferred (quar.)__
6% non-cum. 2d partic. preferred (quar.)____
1
Oct.
25c
Oct.
1 Oct.
15 Oct.
6
1 Oct.
22
5c
37Mc<
20c
Washington (D.
Westminster Paper Co., Ltd _____________—.Woolworth (F. W.) Co. (quar.)^
__________
20
25 Oct.
18
1 Oct.
14
S3
Nov.
$2
24
1
Nov. 15 Nov.
Sept. 27 Sept. 26
Nov.
1 Oct. 20
35c
SIM
15c
10C
—
22
1 Oct.
Nov.
Oct.
1
1 Oct.
Nov.
50c
-
(quar.) ——_
& Susq. Vail. RR. (s.-a.)—•___
C.) Light & Traction (quar.) —
Nov.
S2M
1 Oct.
Nov.
1 Oct. 18
1-10-39 Dec. 20
Nov.
S3
$2
Nov.
1 Oct.
14
Nov.
1 Oct.
22
25c
Nov.
1
60c
'
Dec.
1
.
Nov." 16
Below
give the dividends
we
and not yet
announced in previous weeks
The list does not include dividends an¬
week, these being given in the preceding table.
paid.
nounced this
20
15 Oct.
6
Oct.
Nov.
1 Oct.
1 Oct.
20
Nov.
1
Oct.
Per
20
Nov.
25
Name
Share
of Company
A bbott Laboratories
Oct.
Adams (J.
1 Oct.
17
Air Reduction
1 Oct.
15
Alabama Power Co. $5
Nov. 15 Oct.
31
Alaska Juneau Gold Mining
50c
Oct.
14 Oct.
8
25c
Oct.
31
Oct.
21
25c
Nov.
1 Oct.
15
15c
Nov.
1 Oct.
15
8Mc
Dec.
Nov. 15
SI .45
Dec.
Nov. 15
Oct.
Oct.
Oct.
Sept.30
Sept.30
Sept.30
Sept.30
Nov.
Oct.
15c
Nov.
Oct.
15c
Nov.
Oct.
50c
Dec.
Dec.
15
SIM
Dec.
Dec.
15
25c
pref. (quar.)
(quar.)
—
(quar.)
7 %„ preferred (quarterly)------ - American Alliance Insurance Co. (N. Y.)
American Art Works, Inc., 6% pref. (quar.)
American Can Co. (quar.)
Amerada Corp. (quar.)
Aluminum Mfrs., Inc.
14
15
SIM
Co., Inc. (quar.)
Extra.
1
Oct.
5c
7c
Affiliated Fund, Inc
Nov.
Oct.
Oct.
Nov.
25c
D.) Mfg. (quar.)
Second
20
Oct.
Oct.
15c
Administered Fund
31 Oct.
Oct.
Holders
SIM
Abraham & Straus, Inc
25
1
15 Oct.
Jnl5'39 Jan 1'39
3
Oct. 10 Oct.
When
Payable of Record
37 Mc
pref. (quar.)
Nov. 15 Oct.
Horn (A.
—
_____
Extra
68Mc
Hartford Times, Inc.,
10 Oct.
— ___ — ___
York) (quar.)
(resumed)
RR. & Canal
Nov.
—
Nov.
20
1 Nov. 15
1 Oct.
31 Oct.
Nov.
t62Mc
United New Jersey
Utica Chenango
1
8
1 Oct.
Springfield Gas Light (quar.— -•—--
2.5c
21
Oct.
pref
50c
21
1 Oct.
15 Oct.
5c
Oct.
30c
1 Oct.
Nov.
Nov.
Oct.
50c
1
Syracuse Bing. & N. Y. RR. (quar.)
Tobacco & Allied Stocks (irregular)
Tobacco Products Export Corp
Toro Manufacturing Corp—_:
15
1 Oct.
5
Nov. 15 Nov.
Nov.
SIM
87 Mc
25c
Simmons Co.
SIM
6
15
15 Oct.
—: - —
Collins Co.
6
5
Oct.
—
__________
__
25
10c
.
—,
——
8
6d.
20
15 Oct.
14
15c
1 Oct,
15 Oct.
19
Oct.
Sept. 22
Sept. 15
17 Mc
RR.—.
Nov.
Oct.
25
Oct.
Sept.
Oct.
i—N.—
—
(quar.).______
Richmond Fredericksburg & Potomac
Shareholders Corp—.—
Oct.
Oct.
Oct.
Oct.
Rich's, Inc.
15
70c
Nov.
8
10c
18
SIM
13
'75c
20
_ _
Oct.
Oct.
A (quar.)
25 Oct.
•
Oct.
42c
(quarterly)
Oct.
____
Nov. 18
25c
sim
6% preferred (quar.)
______
Consolidated Rendering Co. (irregular). _______
Continental Can Co. (year-end div.)___■_ ____
Crown Cork & Seal Co., Ltd. (quar.) • >__
__
Dayton Rubber Mfg. Co. (resumed)
Dec.
6c
20
Community Public Service (irregular)
Concord Electric Co., common .(quar.)^
8
Oct.
15c
Prosperity Co., Inc., 5% preferred (quar.)
Rath Packing Co., 5% preferred (s.-a.)
Raymond Concrete Pile (quar.)
1 Octt
1
8
Oct.
31 Mc
— _
—
25 Oct.
25
17
Oct.
Oct.
50c
Wine Co
15,
Nov. 15 Nov.
Oct.
Oct.
lMc
Pneumatic Scale Corp., Ltd. 7% pref. (quar.) —
Procter & Gamble Co. (quar.)______ — - — — -
Oct.
Nov. 15 Oct.
Nov. 16
Nov.
General, $7 pref. (quar.)
$6 preferred (quar.)
Sedalia Water Co. 7% pref. (quar.)
50c
Oct.
Dec.
15c
25 Oct.
__
10
15
Nov.
Oct.
10c
$4
70c
Oct.
(quar.).
Oct.
Oct.
15c
15c
Colonial Life Insurance Co. of Ahier. (quar.)
Columbia Pictures preferred (quar.)
1 Nov. 15
Occ.
sim
Securities Corp.
Nov.
22
75c
Cherry-Burrell Corp
•.
Preferred (quar.)____
_____
Civic Finance Corp., cum. pref. (quar.)__
20c
14
24
75c
:
(interim)
Solar Aircraft Co
Southeastern Investment Trust 1st
1 Oct.
1 Oct.
29 Oct.
Nov.
3c
Rockland Elec. Co_
Extra _•____
15
27 Oct.
75c
6% preferred (quarterly).Northern Pipe Line Co. (irregular)Northern RR. of N. H. (quar.)
■
15
25
Oct.
Oct.
_______
15
15
20
1 Oct.
Nov.
div.
(quar,)__
_
31 Oct.
1 Oct.
Oct.
Nov
North Boston Ltg. Properties (quar.)
Common v.t. c. (quarterly).
Class B
Sept. 24
Sept. 24
Sept. 24
Oct.
7
in
Co
Republic Investors Fund 6% pref.
6% preferred B (quarterly).
Republic Natural Gas__
Reynolds (R. J.) Tobacco Co
1
1
15 Dec.
Nov.
2Mc
7% pref—----J.) Co, 5% preferred A (quar.)__
Pleasant Valley
25
Nov.
sim
Nevada-OaliL Electric Corp.,
15
Dec.
25
1 Nov.
12Mc Sept..30
.30
12Mc Sept.
.30
S1.62M Sept.
SIM Oct. 15
25
Nov.
1 Oct.
Dec.
75c
1 Oct.
Oct.
8
Nov.
50c
1 Oct.
Nov. 13 Oct.
1
15 Oct.
25c
7% guaranteed (s.-a.)
6% guaranteed (s.-a.)_
Rio Tinto Co., Ltd., 5% pref. (interim) —
Rockland Light & Power Co. (quar.)_—
Scotten, Dillon Co. (irregular)
Nov.
29 Oct.
29 Oct.
Oct.
(irregular)
8
1 Oct.. 15
$1M
t3c
JlOc
Oct.
$2 pref. (quar.)_-_
Electric 7% prior hen (irregular) _
:
6% prior lien (irregular)---------7,—
Minneapolis-Moline Power Implement, pref_ _ _
Morris & Essex Ext. RR. (s.-a.)
___
Mortgage Corp. of Nova Scotia (quar.)_
National Electric Welding Machines
Nat. Manufacture & Stores Corp.—
Orange &
Otis Co
25
Oct.
5uc
(quarterly)
Newberry (J.
North American Oil Co,
Oct.
6c
(quarterly)
lieu of regular
21
18 Sept. 27
15 Sept. 30
Oct.
15c
Mclntyre Porcupine Mines (quar,) —
McKesson & IioSbins, $3 4)ref. (quar.)
Naumkeag Steam Cotton
20
18Mc
McGraw Electric
Class B
28
1 Oct.
Nov. 15 Oct.
Nov.
7.7c
' r''
,*•
Class A
Nov. 15 Oct.
__
International Marine Comm.
Amer. dep. rec. ord. reg. (interim)—
Market Street Investing A (quar.)
Manufactures Trading Corp., common
McLennan, McFeeley
Oct.
•sim
— —
Co., Inc.----.
& Light Assoc.,
Co. (quar.)
7
Nov.
15c
75c
Marconi
Mass. Power
Nov. 25 Nov. 15
Nov.
1 Oct. 20
87 Mc
(quar.)
jProforrocl
Oct.
t37Mc
Theatres Co. (quar.) —
Loews Boston
1 Oct. 21
1
Nov. 10 Nov.
Nov.
—
Co.—
& Electric Co_ _ Lincoln Printing Co., preferred
Preferred
25
25C
sim
si M
SIM-
pref
Champion Paper & Fibre pref. (quar.)_
Nov.
4c
Lawrence Gas
1
Nov. 10 Oct.
75c
■
3c
._
Chemical Products Corp.,
40c
13c
shares)
Special shares.
Canadian Investors Corp.
Nov. 15 Nov.
$2 M
$1
70c
10c
Preferred (quar.)
Brentano's Book Stores, Inc.,
Nov. 15 Nov.
42c
pref.
Associated Tel. & Tel., 7% 1st
1st preferred
21
Nov.
-----
60c. cum. conv.
Pearson Co., -Inc.,
Oct.
Atlantic Coast Line RR. 5% pref.
1 Oct.
Oct.
luc
(quar.)__
—
preferred A (quar.),
preferred B (quar.)
5% pref. A (quar.)_____
Philippine Long Distance Telephone Co
24
20c
Common (reduced)
Argo-Oil (irregular).
15
60c. cum. conv.
13
1 Oct.
Nov.
50c
Appleton Co., pref. (quar.)
Oct.
Pacific Truck Service,
22
Nov. 10 Oct.
&1
t$6
12Hc
;
Amalgamated Sugar preferred (quar.)
American Asphalt Roof Corp., 6% pref.
Brockton Gas Light Co.
Nov.
*
Aluminium, Ltd., pref. (quar.)
American General
25c
;____
."
7% preferred (quar.)
Holders
When
Payable of Record
SIM
(irregular)
Adams-Millis Corp., com.
Alaska Packers (quar.)_
Alliance Investment, 6% pref
Allied Kid Co. (quar.)____
15
Nov.
Mich. Gas &
;
of Company
1 Oct.
Co. (s.-a.)—:____
(N. Y.)
Knickerbocker Insurance
bring together
Name
14
Nov.
Nov.
UK
87 Mc
37Mc
—
_______
Kundsen Creamery
in two separate tables.
In the
all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced,, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
The dividends announced this week are:
.
Dividends
first
Extra
1641
2093
2399
Page In Vol. 146.
dividends
..
(quar.)___
King Oil Co. (quar.)__
Kirkland Lake Gold Mining
Corp.—
1349
1
1st mtge. 6s, 1947
Nov. 1
1349
1st mtge. 5s, 1951
—Nov. 1
1349
1st mtge. 5s, 1956-.
Nov. 1
2096
Northern Indiana Gas & Electric Co., 1st mtge. 6s, 1952 ..Nov,
1498
1
Northwestern Electric Co. 1st mtge. bonds, 1945
Nov. 1
1349
Provincial Paper, Ltd., 20-year 1st mtge, 5Ms
Nov. 1
2254
Public Service Co. of Colorado 1st & ref. mtge. bonds
Nov.
Public Service Co. of Northern Illinois—
1938
22
1st lien & refunding 5s, series C, 1966
Oct. 22
1938
1st lien & refunding 4 Ms. series I, 1960
Oct.
Rochester & Pittsburgh Coal & Iron Co. purchase money
2254
mtge. bonds
;
Nov. 1
Roman Catholic Bishop of Portland (Me.)—
2254
First mortgage sinking fund 4 Ms, 1956
Nov. 4
x3679
San Antonio Public Service Co.. 1st mtge. 6s
Jan. 1 *39 2404
*
Spang Chalfant & Co., Inc., 1st mtge. 5s
;__Dec. 10
1505
(James) Taicott. Inc., 5M% partic. pref. stock
Nov. 10
2257
♦United Wall Paper Factories, Inc., 1st mtge. 6s
Nov. 1
2406
*
Virginia Elec. & Power Co., 1st & ref. mtge. bonds
Mar. 7
2406
*
Washtenaw Gas Co., 1st mtge. 5s, 1953-Dec. 9
Announcements this
17 prior preferred
(quar.) —
1929
New York Steam
♦
preferred
6% cum. conv.
S3.50 prior preferred (quar.)
Investors Corp. of R. I.. $6 preferred
2246
20
Nov. 16 Oct.
tllM
T$1 M
$1H
Ltd.—
1775
2395
Oct.
$7.50
Realization Co., Ltd.—
liquidating payment----
6% conv. preferred series A
International Pulp, 7% preferred
International Utilities Corp.—
Sept. 30 Sept. 15
SIM
SIM
—
(quar.) — __
Interchemical Corp., preferred
International Match
Third
.
Payable of Record
Company
1485
2086
2243
1
Holders
When
Name of
1772
1772
-Nov.
1938
15,
Oct.
20
4
4
25c
Oct.
Oct.
SIM
SI
Oct.
Sept. 30
Nov.
Oct.
25*
6
50c
Oct.
Oct.
14*
Volume
147
Financial
of Company
Share
American Cities Power & Light $3 class A
l-64th of a sh. of cl. B stk. or opt.div. of cash
American District Teleg. (N.
Oct.
25 Oct.
Oct.
Nov. 25
15
5
Nov.
15 Oct.
1 Oct.
Nov.
1 Oct.
14*
Nov.
1 Oct.
15
37 He
Nov.
Nov.
1 Oct.
1 Oct.
15
2uC
40c
Oct.
1H
$1 X
:
SIX
68Xc
$2X
Nov.
Nov.
2 Dec. 20
21
1 Oct.
Nov.
1 Oct.
Nov.
Oct.
Brewster Aeronautical Corp
..—
(quar.)
1 Oct.
21
Oct.
15
Nov.
Oct.
60c
15 Sept. 30
10
1 Oct.
Dec. 31 Dec. 15
25c
Nov.
10c
1 Oct.
11
Oct.
31 Oct.
20
Oct.
Nov.
15 Sept. 30
15
1 Oct.
2oc
Dec.
16 Dec.
$2
Oct.
Oct.
15 Sept. 23
15 Sept. 20
30 Oct. 15
Oct.
25 Oct.
SIX
SIX
Oct.
H8
m
s
1
15
5
1 Nov.
Dec.
'
$i
Oct.
62 He
$2
Oct.
tl5c
Oct.
Oct.
Oct.
1
Sept.30
15
40c
Jan.
1 Dec.
35c
Jan.
2 Dec.
15
Nov.
1 Oct.
15
Nov. 15 Oct.
Nov. 15 Oct.
31
31
SIX
SIX
SIX
Oct.
Oct.
15 Sept.
I30c
Oct.
Xik%
Oct.
25 Sept. 30
15 Sept. 30
t50c
Oct.
15 Sept.30
15 Sept.30
30
5
20
20
15 Oct.
Nov.
1 Oct.
1 Oct.
SIX
SIX
Oct.
31 Sept. 30
...
Oct.
15c
Oct.
15 Sept.30
15 Oct.
10
Oct.
Oct.
20 Oct.
21 Oct.
Oct.
—,
Carolina C linch field & Ohio Ry. (quar.)-.
Carter (J. W.) Co
——
—
(year-end)
Celotex Corp. stk.div. of 1 sh. com.for ea.sh.held
Preferred (quar.)
—_
Central Eureka Mining Co
Non-cumulative preferred (quar.)
Central Hudson Gas & Electric (quar.)
6c
6c
20c
Central Kansas Power 7 % pref. (quar.)
6 % preferred (quar.)
SIX
SIX
SIX
.
Central New York Power, preferred (quar.)
Central & South West Utilities Co.—
$7 prior lien preferred
_._r
$6 prior lien preferred
Central Power & Light Co. 7% cum. pref. (qu.)_
_
_
6% cum. preferred (quar.)
Centrifugal Pipe Corp. (quar.)
Century Ribbon Mills, pref. (quar.)
Cerro de Pasco Copper Corp
Chemical Fund, Inc. (initial)
Chilton Cq. common
Cincinnati Union Terminal 5% pref. (qu.)—i
City Baking Co., 7% pref. (quar.)
1
City "Water of Chattanooga, 6% pref. (quar.)—
Cleve. Cin. Chicago & St. Louis, pref. (quar.)_.
Cleveland & Pittsb. RR. Co., reg. guar, (quar.)
Special (guaranteed) (quarterly)
Clinton Water Works 7 % pref. (quar.)
Colgate-Palmoli ve-Peet
—
,
Colon Development, 6% preferred
Columbia Gas & Electric Corp.—
11
4 Oct.
24
1 Oct.
22
15 Sept.26
15 Sept. 26
Oct.
Oct.
Nov.
1
Oct.
Nov.
six
Sept. 30
15 Sept. 30
15 Sept.30
Oct.
Oct.
Oct..
1 Oct;
10
20 Sept. 30
20 Sept. 30
Nov.
1 Oct.
15
\six
Nov,
1 Oct.
15
10c
Nov,
15 Nov.
[SIX
Dec.
\
1 Oct.
50c
SIX
12Hc
12Hc
1H%
15
Oct.
SIX
SIX
SIX
six.
87 He
5
1 Nov. 18
Nov,
Oct.
—,
—a—
24 Oct.
Nov.
SIX
___
—
10
1
Nov.
SIX
18
15 Oct.
Jan.
Sept.30
5
Dec.
19
Nov.
Oct.
27
Nov,
Oct.
20
1
Oct.
Dec.
31 Oct.
6
1 Nov. 10
Dec.
1
Nov. 10
Oct. 15 Oct.
Nov. 15 Oct.
Nov. 15 Oct.
1
18
18
Sept. 30
r-S-v-
6% cumulative preferred series A (quar.)
5% cumulative preferred (guar.)_____
5% cumulative preference (quar.) ^
Columbus & Southern Ohio Electric—
M
...
_
6H% preferred (quar.)
$1H
SIX
SIX
$1.63
—
56 He
50c
Nov.
Family Security Corp. class A (quar.)
7% preference (quar.)
6Mc
17Hc
Oct.
20c
Oct.
25c
Oct.
Federal Mogul Corp.
Federated Dept. Stores, Inc__.__-A —a.awaaa.
Felin (J. J.) & Co.,
Inc., 7% pref. (quar.
Fenton United Cleaning & Dyeing,
7% pref
Fidelity Fund .Inc..
________________
Filene's
(Wm.) Sons
_
_
_
«.
._
First National Bank of
Jersey City (quar.)
First National Bank (Toms
River, N. J.) (quar.)
Fishman (M. H.), 7% pref.
(quar.)
5% preferred (quar.)
Fisk Rubber Corp., pref.
(quar.)...
Ford Hotels Co., Inc
Franklin Rayon Corp., $2H
prior pref. (quar,)..
2 H% guaranteed (semi-annual)
Froedtert Grain & Malting
Preferred (quar.)
Preferred (quar.)..
__
General Electric Co
General Food Corp. pref. (quar.)
General Mills, Inc., com. (quar.)
General Motors Corp., $5 preferred
:
General Telep. Allied Corp., $6 pref.
(quar.)
General Theatres Equipment Corp
Gillette Safety Razor pref. (quar.)
Gimbel Bros., pref. (quar.)
...a
"Glen Alden Coal (interim)..
—
_...
Gotham Credit Corp.
(quar.)
Gotham Silk Hosiery Co., Inc.—
......
.......
(quar.)
'
Extra
__
n
...
__
_
International Harvester
International Nickel Co. pref
Interstate Dept. Stores., pref. (quar.)
Interstate Home Equipment.....
....
Investment Foundation Ltd., 6% pref. (qu.)
Nov.
Oct.
21
Nov.
Investors Fund C, Inc
Iron Fireman Mfg. v. t. c. conv, (quar.)
Jantzen Knitting Mills pref. (quar.)
Oct.
15
Jewel Tea Co., Inc..(quar.).....
—
Kellogg Switchboard & Supply
;
Preferred (quarOKemper-Thomas, 7% special pref. (quar.)
Kennedy's, Inc., pref. (quar.)
Kentucky Utilities 6% preferred (quar.)
Keystone Custodian Fund, S3 (s.-a.)._
Series S 1 (semi-annual).
Keystone Steel Wire
,
Klein (D. Emil) (quar.)
,
Preferred (quar.).
Preferred (quar.
Knott Corp
—
—
______—
Deere & Co
Dennison
Mfg. Co., debenture stock (quar.)
Dentist's Supply Co. of N. Y. (quar.)
Diamond Match Company (quar.)
Partic. preferred
-
25
15
Nov. 15
Oct.
15
15 Sept.30
1 Sept. 30
1 Oct. 16
Nov.
Nov. 15 Oct.
Oct. 25 Oct.
14
15
15c
Nov.
1 Oct.
15
SIX
Nov.
1 Oct.
75c
Nov.
15
18
]
Oct.
75c
Oct.
20 Oct.
3
SIX
tsix
25c
$2
Oct.
15 Oct.
3
50c
Oct._J5 Sept. 30
Oct;
15 Oct.
Dec.
24
Nov.
D$c.
1 Oct.
5
14
20
Dec.
25c
$IH
$1.85
2%
15 Dec.
1
Jan.
15 Jan,
1 Oct.
3
20
20 Oct.
Nov.
1 Oct.
4
Nov.
Oct.
20
Dec.
1 Nov. 19
Dec. 23 Dec. 23
Nov.
1 Sept. 15
$1
Oct.
$2
25c
Jan.
—
a
75c
3-1-39
15c
25c
Oct.
Detroit Gray Iron Foundry (semi-annual)
Co. (quar.)
Nov. 15
15 Sept. 30
—
Detroit Edison Co__.
Dixie-Home Stores (quar.)
5c
75c
Deposited Insurance Shares—Series A & B
Dr. Pepper
20c
SIX
2H%
7% preferred (quar.)
31
Nov.
15 Sept. 27
5 Dec. 20
Dec.
Dec.
1 Nov. 10
i 2-10-39
15 Oct.
15
5
1 Nov. 18
..a.
Oct.
Oct.
Oct.
Nov.
25c15c
XSIX
40c
SIX
SIX
$2X
11
1
10
5
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
26
1 Oct.
14
15 Oct.
1 Oct.
24
6
Oct.
15 Sept. 30
Nov.
1 Oct.
14
Nov,
1 Oct. 14
15 Sept. 30
1,5 Sept.30
Oct.
Oct.
60c
SIX
15 Oct.
20 Oct.
Oct.
Oct.
8
6
Oct.
68 Xc
15 Sept. 30
Nov,
15
1 Oct.
six
Nov,
1 Oct.
Nov.
1 Oct.
14
10
$1
Nov, 15 Oct.
Nov, 15 Oct.
4
25
25
28 Oct.
18
15c
Oct.
15c
Nov. 25 Nov. 15
20c
Dec.
30 Dec.
Oct.
20
50c
Dec;
20 Sept. 30
1 Nov. 15
$15*
Nov.
1 Oc t. 15
37 He
45c
_
Oct.
20
25 Oct.
Oct.
20 Oct.
30c
Nov.
1 Oct.
12
15
25c
Nov.
1 Oc i
20
37 He
S1H
50c
$2H
*1
SIX
12Hc
25c
5c
t$35*.
Oct.
15 Oc
Oct.
15 Oc
1 Oc
Nov.
1
"
15 Oct.
Oct.
1
1
(. 11
13
15 Sep t.30*
15 Sep t.30*
30 Sop
15
Nov.
1 Oct
20
Oct.
Oct. 10
Dec. 31
Jan.
Oct.
Oct.
Oct.
Oct.
5
Nov.
Oct.
21
37Hc
Oct.
37 He
50c
Oct.
Sept. 30
Sept. 30
Nov.
Oct.
40c
15c
Oct.
20c
15
Oct.
Sebt. 20
J$15*
Nov.
Oct.
4
Nov.
Oct.
18
Oct.
Oct.
1
Oct.
Sept.30
Sept.30
9c
30c
Oct.
Dec.
Nov. 10
Dec.
Nov. 25
Dec.
Dec.
6
Oct.
Oct.
1
Nov.
Oct.
21
Oct.
Oct.
10
10
15c
Oct.
Oct.
Oct.
Oct.
4c
Oct.
50c
......
10
Nov. 21
Dec.
Oct.
Oct.
Oct.
15 Sept. 30
15 Sept. 26
15 Sept. 30
15 Septr30
1 Oct. 13
10c
Jan.
2 Dec.
20
62 He
Nov.
1 Oct.
20
62 He
10c
—.
Nov.
25c
Feb.
1
Oct.
Jan.
15 Oct.
1 Oct.
$1H
Kroger Grocery & Baking Co., 7% pref. quar.,
Laguna Gold Mines (initial)
Landis Machine (quar.)
7% preferred (quar.)
Lane Bryant, Inc., 7% pref. (quar.)
Langendorf United Bakeries class A (quar.)
Class B (quar.)
Preferred (quar.)
Lanston Monotype Machine
Lazarus (F. & R.) Co
Lee Rubber & Tire Corp
...
Lehigh Portland Cement Co. (quar.)
;
Nov.
1 Oct.
15c
& Co.
Special preferred (quar.)
Kroehler Mfg. Co. 6% class A pref. (quar.)
Nov.
40c
6% pref. (quar.).
Kress (S. H.)
Nov.
1
S1H
$15*
5c
25c
$15*
15*%
Oct.
14
1 Oct.
20
Dec. 31
Nov.
Oct.
15 Oct.
Nov. 15 Nov.
15 Dec.
1 Oct.
Nov.
Dec.
1
5
5
14
Oct.
15 Sept. 30
Oct.
75c
Oct.
15 Sept. 30
15 Sept. 30
$1
12Hc
$2
25c
50c
SIX
—
20
3
20
14
50c
30c
a
Lincoln National Lire Insurance (Ft. Wayne)
Link-Belt Co. (quar.)
Preferred (quar.).
Oct.
SIX
SIX
31 Xc
S'lX
—
4% preferred (quar.)
Lerner Stores Corp
4H% preferred^(quar.)
15
25c
Kalamazoo Stove & Furnace Co..
Water Works,
10
30c
25c
SIX
s
10*
Oct.
Oct.
Nov.
$1H
12Hc
Joplin Water Works Co. 6% pref. (quar.)
Kokomo
Oct.
Nov.
Oct.
SIX
$1
a
Dec.
Dec.
SIX
SIX
15
15
Nov.
Nov.
t75c
—
Kaufmann Dept. Stores, Inc
Dec.
Nov.
SIX
SIX
12Hc
9Hc
11c
Nov. 15
12 He
Oct.
$.15*
....
21
1 Oct.
Oct.
Oct.
...
21
1 Oct.
Nov,
Nov.
Nov. 15 Nov.
Hershey Chocolate (quar.).
Preferred (quar.)._.
Hibbard, Spencer, Bartlett& Co. (monthly)
Monthly
Monthly
Hibernia Securities Co. (Portland, Ore.) (liq.)
Mires (Chas. E.) Co., class A com. (quar.)
Holly Sugar Corp., pref. (quar.)
Homestake Mining Co. (montnly)
Honolulu Gas Co., Ltd. (quar.)
Hoover Ball & Bearing Co.
Horder's, Inc. (quar.)
Hormel (Geo. A.) (quar.)..
Preferred (quar
Horn & Hardart (N. Y.) (quar.)
Howe Scale Co., 5% preferred (semi-ann.).
Household Finance Corp. (quar.)
5% preferred (quar.)
Houston Oil Fields Material Co., Inc
Hussrnan-Ligonier Co. (quar.)_
Idaho Maryland Mines Corp. (monthly)..
Imperial Life Assurance Co. (Canada) (quar.).
Incorporated Investors (special).......
Indiana Pipe Line Co
International Bronze Powders (quar.)
6% cum. partic. pref. (quar.).....
International Cigar Machinery Co. (quar.)
Oct.
Dec.
15 Sept.30
10
20 Oct.
Oct. 20 Sept.20
Nov.
1 Oct. 25
Nov.
,
Oct.
Nov.
Oct.
15c
Hecker Products Corp. (quar.)
Hercules Powder Co., pref. (quar.)
Nov.
Nov.
3 Dec. 28
15 Sept.30
Jan.
Oct.
62Hc
25c
Halle Bros. Co. pref. (quar.)
Harbison-Walker Refractories Co. 6% pf. (qu.).
Harrisburg Gas Co., 7% pref. (quar.)....
Hartford Electric Light Co
Hat Corp. of American preferred (quar.)
Dec.
37 He
SIX
5
Dec. 31 Dec. 24
75c-
Great Lakes Power Co., Ltd., A pref. (quar.)
Green (H. L.) Co. (quar.)
..........A.....
Preferred (quar.)
Guarantee Co. of North America (quar.)
1
—
20 Oct.
SIX
SIX
....
14
preferred (quar.).;
Consolidated Copper Mines
Consol. Edison Co of N. Y., Inc., pref. (quar.).
Consolidated Laundries Corp. $7X pref. (qu.)_.
Consolidated Oil Corp. (quar.)
Consolidated Royaity Oil (quar.)
Coon (W. B.) Co. (quar.)
—
7% preferred (quar.)
Corn Exchange Bank Trust (quar.)
Corn Products Refining Co. (quar.)
Preferred (quar.)
Cosmos Imperial Mills, Ltd., 5% pref. (quar.)—
Crum & Forster (quar.)
Preferred (quar.)
Cuneo Press, Inc. (quar.)
6H% preferred (quar.)
Darby Petroleum Corp. (semi-annual)
Davenport Water Co., 6% preferred (quar.)
5
Oct.
1%
87 He
SIX
SIX
*15*
...
Oct.
Prior
14
15 Oct.
SIX
7% cumulative preferred (quar.).
Great American Insurance (quar.)
Great Lakes Engineering Works
15 Oct.
Consolidated Cigar Corp., preferred (quar.)
14
25 Oct.
10c
Nov,
Consolidated Chemical Industries, cl. A (qu.)_
25 Oct.
Oct.
30c
Nov.
Oct.
Oct.
$1
25c
SIX
*
Oct.
$1H
10
10
20
Franklin Teleg. Co.—
_
10c
flH
21
Oct.
mx
Oct.
40c
Connecticut River Power Co., 6% pref. (quar.)
Consolidated Car Heating (quar.)
2—a--i
15c
1
15 Oct.
Nov.
1 Oct.
25c
Commercial Alcohols Ltd. 8% cum. pref—....
6,
15 Oct.
31 Oct.
15 Oct.
Oct.
.
4
20 Sept. 30
20 Sept. 30
S1.1SX Oct.
;
Preferred (quar.)
Fireman's Fund Insurance (quar.)..
Firestone Tire & Rubber Co..
Commonwealth Edison
Commonwealth Utilities $6H pref. C (quar.)
Confederation Life Assoc (Toronto) (quar.)—
Oct.
20
—
(guar
Capital City Products.
31 Oct" 17
3-3-39 Dec. 24
1 Oct. 15*
Oct.
25c
Eureka Pipe Line Co...
Sept. 23
Oct. 11
1 Nov. 25
Nov.
7
Oct.
Dec.
I3P
7~
1
Nov.
-a—
_
Employers Group Assoc. (quar.)
Emporium Capwell 4H% pref. A (quar.)..
1
1 Oct.
Nov.
Oct.
15
Oct.
1
...
Nov.
Six
25c
75c
11
25c
'
20c
1 Oct.
62 He
Oct"
Nov.
$5 preferred (quar.)
Empire Casualty (Dallas) (quar.).
20
1 Oct.
—
15
Oct.
...
Elec. Bond & Share Co.,
$6 pref. (quar.)
Sept. 30
15 Sept.30
Nov. 15 Nov.
1
S1H
Oct. 15 Sept. 15
Dec. 31 Dec. 20
3-31-39 3-20-39
6-30-39 6-20-39
Oct.
Nov.
_
Oct.
_
Oct.
Nov.
—
12
Oct.
$1X
six
7% preferred (quar.)—.
Calgary Power Co., 6% pref. (quar.)
California Packing Corp. (quar.)
5% preferred (quar.)
California-Oregon Power, 6% preferred
6% preferred (1927 issue)
7% preferred-.Canada Northern Power Corp. common (quar.).
7% cum. preferred (quar.)
Canadian Breweries, Ltd., preferred
Canadian Bronze Co., Ltd. (quar.)
—a
Preferred (quar.)
Canadian Industries, Ltd. A &B_
Oct.
25c
Six
Calamba Sugar Estates (quar.)
Duquesne Light Co. (quar.)
Early it Daniel Co., pref. (quar.)
Preferred (quar.)..
27
Oct.
1
15 Sept. 30
25 Oct. 10
25 Oct. 10;
Oct.
25c
Oct.
t25c
Nov.
Gardner-Denver Co. (quar.)___
pref.(qr.)
Bullock's Inc., pref. (quar.)
Bunte Bros., 5% Pref (quar.)
1 Oct.
Nov.
Dominion Textile Co. pref. (quar.)
Du Pont de Nemours (E.
I.), preferred (quar.)..
Debenture stock (quar.)
Preferred (quar.)
Eastern Township Telephone
20 Sept. 30
Oct.
-
Fyr-Fyter Co., class A (quar.)
1 Oct. 10
15 Sept. 30
15 Sept. 30
15
Payable of Record
15
Nov. 10 Nov.
10c
Share
Dome Mines, Ltd.Domestic Finance Corp., pref. (quar.)
Dominion Tar & Chemical preferred (quar.)
15
31 Oct.
31 Oct.
Nov.
40c
Buffalo Niagara & Eastern Power, 1st
7
4
25 Oct.
50c
50c
British Columbia Power class A (quar.)
Buffalo Ankerite Gold Mines (quar.)
]
Nov.
JlOc
_
20
1 Oct.
Jan.
30c
-
Extra
5
15 Sept. 15
Nov.
1 Oct. 20
SIX
SIX
$1
51.25
__
...
7
Oct.
25c
Atlantic Refining Co., 4H% pref. A (quar.)
Atlas Powder, 5% preferred (quar.)_
;—
Badger Paper Mills
Baldwin Co., 6% preferred (quar.)
Bangor Hydro-Electric
Bank of America (Los Angeles) (quar.)
Barnsdall Oil Co. (quar.)
,
Bartgis Bros. Co
Bayuk Cigars, Inc., 1st preferred (quar.)—.
Beaty Bros., Ltd., 1st preferred (quar.)
Bellows & Co. class A (quar.)
Bell Telephone of Canada (quar.)
Bell Telep. Co. of Penna. 6H% pref. (qu.)
Beneficial Industrial Loan Corp. pref. ser A (qu.)
Bloomingdale Bros., Inc.--—.
a.-Blue Ridge Corp., preferred
Opt., l-32nd sh. of com. for each pref. or cash.
Bon Ami Co., class A (quar.)
C
Class B (quar.)
Boston Edison Co. (quar.)_
Bralorne Mines Ltd. (quar.)
4
15 Oct.
Oct.
50c
87 He
Preferred (quar.)
Archer-Daniels-Midland Co., pref. (qu.)
Atlantic City Electric Co., $6 pref. (quar.)
15
Nov. 30 Nov.
Oct. 31 Oct.
50c
American Thermos Bottle
Extra
7
15 Sept. 30
Nov.
15
1 Oct.
50c
Preferred
quar.)
American States Utilities Corp., preferred
American Telephone & Telegraph (quar.)
Extra
1
30c
American Machine & Foundry Co_
!1 American Meter Co
American Shipbu Iding Co
American Smelting & Refining Co. (quar.)
Case (J. I.) Co.
Dec.
20c
American Light & Traction (quar.)
Preferred (quar.)
Preferred
15 Sept. 15
Oct.
25c
American Gas & Electric Co. pref. (quar.)
American Home Products Corp.
(monthly)
Bridgeport Hydraulic Co.
11
1 Oct.
Nov.
SIX
SIX
Holders
When
Per
Name of Company
Payable of Record
37Hc
J.) pref. (quar.)..
Envelope Co., 7% pref. A (qu.)
American Equitable Assurance Co. (quar.)
American Fork & Hoe, preferred (quar.)
American
2345
Holders
When
Per
Name
Chronicle
Nov. 30 Nov. 18
Oct. 25 Oct. 15
Oct.
Nov.
26 Oct.
1 Oct.
15*
14
Dec.
Oct. 15 Oct.
Nov.
1 Oct.
21
Nov.
1 Oct.
26
Dec.
1 Nov.
8
3 Dec. 15
Jan.
13
4
v
Oct.
Chronicle
Financial
2346
Little Miami
RR. special
50c
67c
66c
$2
—
(quarterly)
8% preferred
Lone Star Gas
$1.62
6X% conv. pref
Corp
Longhorn Portland t'ement Co.—
5% refunding participating pref
MacAndrews & Forbes
Preferred (quar.)
5oc
$1
pf. (s.-a.)
—
.
4X% conv. pref
New Bedford Gas & Edison Light Co
New Brunswick Telephone Co—-—
New York City Omnibus —
New York Merchandise Co. (quar.)
New York Transit Co
———.
Niagara Hudson Power Corp., 1st 5% pref. (qu.)
2d 5% series A and B preferred (quar.)
Nineteen Hundred Corp. class A (quar.)
Norfolk & Western Ry., pref. (quar.)
North American Edison Co. pref. (quar.)
North American invest. Corp. 6% pref
5X% preferred
Northern Illinois Finance Co. (quar.) —;
...
Preferred (quar.)
—
Northern Ontario Power Co. (quar.)
6% preferred (quar.)
Northern States Power (Minn.), $5 pref. (qu.)._
Northwest Engineering Co. (resumed)
Neisner Bros., Inc.,
15 Sept. 30
Oct.
15 Sept. 30
5
Nov. 15 Nov.
Oct.
Oct.
16 sept. 30
Oct.
15
12c
Oct.
50c
Oct.
2X%
62 Xc
SIX
Oct.
18 Sept. 27
7yli
SIX
Six
Nov.
15
1 Oct.
Nov.
14
14
15 Oct.
11
Nov.
1 Oct.
15
Nov.
15
Oct.
Oct.
1 Oct.
15 Oct.
SIX
SIX
Oct.
Oct.
12
Oct.
Oct.
1
5c
Octl
Sept. 30
Dec.
Nov. 10
7
II
Nov.
Oct.
25c
Oct.
37c
Oct.
11
six
5
c
$1
2
2 Jan.
Jan.
Oct. 24 Sept. 26
Dec.
1 Nov. 26
SIX
SIX
Oct.
Dec.
15 Sept. 30
28 Dec. 15
10c
Oct.
15 Sept. 30
50c
Oct.
6c
Oct.
15 Sept. 30
15 Aug. 31
50c
15 Sept. 16*
15 Sept. 30
Oct. 15 Sept. 30
Nov. 15 Oct. 31
Nov.
1 Oct. 15
25c
Oct.
40c
15c
25c
$1
•
Oct.
Oct.
17 Xc
Oct.
7Xc
Oct.
2c
Oct.
SIX
SIX
—
v-
series A pref. (quar.)...
preferred (quar.)
5% preferred (quar.)Pa)eifi<hGas & Electric Co
Pacific Lighting Corp. (quar.)..-
....—
$2
10c
28 Oct.
1 Oct.
Nov.
10c
Oct.
Nov.
Nov.
50c
$1
SIX
20
15 Sept. 30
1 Oct. 15
1 Oct. 15
Nov. 15 Nov.
1
1
Nov. 19 Nov.
Dec.
1 Nov. 15
Oct.
20 Sept. 30
20 Sept. 30
1 Oct. 15
1 Oct. 15
Nov.
Oct.
25c
37 Xc
Nov.
75c
Oct.
SIX
Oct.
six
Oct.
25c
Nov.
25 Sept. 30
25 Sept. 30
15 Sept. 30
1 Oct. 15
$2
Dec.
15
Oct.
29 Oct.
(quar.)..
pref. (quar.)__fc_
—
Inc. 4% conv. pref.
6H% pref. (s.-a.)
Peninsular Telephone Co. common (quar.)
7% A preferred
Penmans, Ltd. (quar.)
Paraffine Companies,
Peerless Woolen Mills
Preferred, (quar.)
Pennsylvania Power Co. $6 preferred (quar.)
$6.60 preferred (monthly)
$6.60 preferred (monthly)..
Peoples Telep. Corp. (Butler, Pa.) (quar.)
Petroleum Corp. of America (irregular)
Pharis Tire & Rubber (quar.)
15
Nov.
1 Oct.
15
Nov.
1 Oct.
15
50c
Nov.
1 Oct.
15
412-3c
Nov.
1 Oct.
15
Nov.
1 Octi
21
Dec.
Nov.
1 Nov. 19
1 Oct. 15
SIX
SIX
Nov.
1 Oct.
20
Nov.
20c
1 Oct.
1 Oct.
20
Nov.
16Xc
six
Nov.
1 Oct.
1 Oct.
15
Nov.
Philip Morris & Co
Stk. div. of X shs. of com. for ea. sh. held—
5% conv. cum. pref. (quar.)
Piedmont & Northern Ry. Co
Pitts. Ft. W & Chicago Ry. 7% pref. (quar.)..
15
15
15 Sept. 30*
18
50c
Oct.
Nov. 15 Oct.
SIX
32Xc
15 Sept. 30
14
Nov.
1 Oct.
Oct.
15 Sept. 30 J
Nov.
1 Oct. 20
Oct.
25c
$1
S3X
40c
Oct.
Dec.
Jan.
Nov
SIX
15 Oct.
1 Dec. 15
5
15 Nov.
5
Nov. 15 Nov.
Oct. 21
Nov.
Nov. 21
Oct.
Nov.
55c
Oct.
25c
Jan.
15c
15 Sept. 30
3
16 Jan.
25 Oct. 10
Oct.
Oct.- 25 Oct.
1 Oct.
10
1 Oct.
10
Nov.
Nov.
30c
Oct.
75c
Oct.
35c
SIX
SIX
7% preferred (quar.)
SIX
7% preferred (quar.) —
...
SIX
7% preferred (quar.)—
...
SIX
7% preferred (quar.)
Pittsburgh Youngs town & Ashtabula Ry.—
7% preferred (quarterly!
Pollock Paper & Box Co. 7% preferred (quar.)..
SIX
Potomac Edison Co. 7% pref. (quar.)
;
$1^
6% preferred (quar.)
Power Corp. of Canada. Ltd., 6% cum. pf.(qu.) XIX %
175c
6% non-cumulative preferred (quar.)
ill
Dec.
Oct.
1
15 Sept. 23
4
15 Oct.
15 Nov. 15
12-10-38
3-10-39
6-10-39
0-10-39
12-10-39
Nov.
1 Oct.
Nov.
1
Oct.
14
15
Nov.
1 Oct.
20
Oct.
15
25 Oct.
Nov. lo Oct.
14
Nov.
1
Oct.
22
Nov.
1 Oct.
14
6
15 Oct.
Oct.
Nov.
1
Oct.
15
Nov.
1 Oct.
20
Oct.
25 Oct.
15
Oct.
15 Oct.
Oct.
15 Oct.
5
5
'
Nov.
1
Odt.
14
Nov.
1 Oct.
20
1 Oct.
20
3
Nov.
15 Oct.
15 Sept. 30
15 Nov. 30
5
Nov. 15 Nov.
Oct.
1
Tan,
Oct.
20
3 Dec.
J20c
1.2%
$2
Oct.
Nov.
75c
17
15 Sept. 30
15 Sept. 30
1 Oct.
4
Nov.
Oct.
1
Nov,
1
15 Sept.
30
Nov. 15 Oct.
15
15 Oct.
1
Oct.
15 Sept. 20
Oct. 15 Sept. 20
Nov. 15 Oct. 20
Oct.
Oct.
Nov
15 Sept. 20
15 Oct. 31
15
Nov.
Oct.
Oct.
Sept. 30
Oct.
Oct.
'
.
7
2
SIX
Dec.
Dec.
SIX
Dec.
Dec.
1
75c
Oct.
Oct.
19
SIX
Oct.
Oct.
Sept. 30
Sept. 30
31 Xc
25c
Nov.
Nov.
Oct.
43Xc
43Xc
mx
Nov.
Sept. 30
Oct.
7
Oct.
7
Oct.
Sept. 30
10c
Nov.
Oct.
15
37 Xc
12Xc
Nov.
Oct.
15
Oct.
Oct.
Nov.
Sept. 17
Nov.
Oct.
20c
35c
...
Nov.
Nov.
Nov.
90c
58 l-3c Nov.
Nov.
50c
Nov.
4
5
17
1
Oct.
Oct.
15
15
Oct.
15
Dec.
15'Dec
Dec.
15 Dec.
1
Dec.
15 Dec.
1
Oct.
15 Sept. 30
II Oct. 19
1
20c
Nov.
$15*
$1«*
Nov.
llOct.
14
Jon.
3 Dec.
9
15 Sept. 23
1 Oct.
1558 l-3c Nov.
1 Nov.T5
58 l-3c Dec.
2 Dec. 15
58 l-3c Tan.
75c
Oct.
53c
Nov.
1 Oct.
15
53c
Dec.
1 Nov. 15
53c
Jan.
2 Dec.
15
50c
Nov.
1 Oct.
15
50c
Dec.
1
50c
Jan.
2 Dec.
50c
Oct.
50c
Nov.
68Xc
Nov.
50c
$1
87 ^c
10c
SIX
six
SIX
six
17 Xc
31
Nov. 15
15
Sept. 30
1 Oct.
1 Oct.
20
21
Dec
20 Nov. 30*
Oct.
Oct.
15 Sept. 30
15 Sept. 30
5*
25 Oct.
5
15 Oct.
Jan.
16 Jan.
Oct.
Oct.
5
Apr. 15 Apr.
July 15 July
5
15 Oct.
10
1 Oct.
11
Oct.
5
75c
Upper Michigan Power & Light Co.
6% preferred (quar.)—
...
6% preferred (quar.)
Vapor Car Heating Co.. Tnc.. 7% pref. (quar.).
Virginian Railway pref. (quar.)..
.......
Vulcan Detinning Co. pref. (quar)
Walgreen Co—
.
—
4X% preferred ww (quar.)
;
—
Warren Foundry & Pipe Corp
—
Warren Railroad Co. (s.-a.)
Washington Gas Light Co. (quar.)
S4X cum. conv. preferred (quar.)
Washington Railway & Electric Co.—
6% preferred (quar.)
5% preferred (s.-a.)
West Penn Electric Co., 7% pref. (quar.)
6% preferred (quar.)
pref. (quar.)
Nov.
SIX
SIX
SIX
SIX
SIX
Nov.
Oct.
25c
Nov.
1 Oct.
14
15 Nov. 25
SIX
50c
SIX
———■
Westinghouse Air Brake Co.. quarterly
West vac o Chlorine, preferred (quar.)
(irregular)
(quarterly)
Extra
6% pref. (quar.)
Co. 7% pref. (quar.)»„.•»
Wrigley (Wm.) Jr. Co. (monthly)
Wisconsin Gas & Electric.
Wisconsin Telephone
Feb.
Dec.
Nov.
Dec.
Nov.
Oct.
1
1
10 Dec.
1
1 Oct.
18
20 Oct.
10
1 Oct.
14
15 Sept. 30
31
30c
Nov. 15 Oct.
SIX
Nov. 10 Oct.
six
Dec.
S2X
SIX
SIX
SIX
SIX
7% preferred (quar.)
(quar.).--
Dec.
Nov.
1X%
(quar.
(quar..
United Stockyards Corp., conv. pref
Universal Leaf Tobacco Co., Inc
Dec.
Nov. 15 Oct.
Nov. 15 Oct.
Nov.
Nov.
31
1 Nov. 15
1 Nov. 15
1 Oct.
1 Oct.
21
21
5
5
SIX
Oct.
Oct.
15 Sept. 20
15 Sept. 20
25c
Oct.
31
75c
37 Xc
50c
Nov.
Oct.
SIX
Nov.
50c
Nov.
SIX
SIX
25c
Oct.
Oct.
Nov.
Sept. 30
11
1 Oct.
31 Oct.
15
1 Oct.
1 Oct.
15
15
15 Sept. 30
31 Oct. 20
1 Oct. 20
Mercantile Institution
1 Nov. 19
25c
Dec.
25c
Monthly
Monthly-Zion's Cooperative
1 Nov. 21
Dec. 15 Dec. "15
Nov. 1 Oct. 20
Nov. 1 Oct. 20
Nov. 3(< Nov.
Oct.
34Xc
Preferred
Wins ted Hosier Co
14
15 Sept. 30
1
Oct.
Oct.
37 Xc
---
Western Grocers, Ltd.
Preferred (quar.)
1 Oct.
Nov.
37 Xc
6% preferred
West Penn Power Co.. 6%
15
15 Nov. 15
Dec.
SIX
$1
six
SIX
six
Preferred
Wilson Line (Del.)
7-1-39
10-1-39
1-2-40
Dec.
Nov. 15 Oct.
75c
3c
Tung-Sol Lamp Works, 80c conv. pref. (quar.)
United Biscuit Co. of Amer., pref. (quar.)
United Dyewood Corp pref. (quar.)
United Fruit Co. (quar.)
United Light & Railways 7% prior pref. (mo.)
7% prior preferred (monthly)
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)
*_
United Profit-Sharing, preferred (semi-ann.)
United States Fire Insurance Co. (quar.)
...
United States Hoffman Machine, pref. (qu.)
United States Pipe & Foundry Co . com. (quar.)
United States Smelting Refining & Mining
Preferred (quar.)
United States Sugar Corp. (quar.)
Preferred (quar.)—
Preferred (quar.
1
1-3-39
4-1-39
Dec.
15 Nov. 15
15 Nov. 15
$1 X
(quar.)
1 Nov. 15
5
20 Oct.
Nov. 15 Nov.
'six'
20
Nov. 21
Dec.
$2
SIX
SIX
1
1 Nov. 15
Dec.
15c
Philadelphia Co., 6% preferred (semi-an.)
Philadelphia Electric Co., $5 pref. (quar.)
Philadelphia National Insurance
'
15
Dec.
6% preferred (monthly) —
41 2-3c
5% preferred (monthly)
SIX
Troy & Greenbush R R Assoc. (s.-a.)
SIX
Truax-Traer Coal Co. 6% pref. (quar.).. —<
SIX
5X% preferred (quar.)
six
Tuckett Tobacco Ltd., pref. (quar.)
;
19
Oct.
15
Oct
75c
(quar.)
Superheater Co..
Tacony-Palmyra Bridge pref. (quar.)
Technicolor, Inc.
Thatcher Mfg. Co., pref. (quar.)_
Toledo Edison Co. 7% pref. (monthly)
14
1 Oct.
75c
$6 pref. (quar.).
Pacific Public Service, $1.30 1st pref.
Preferred
15
1 Oct.
Nov.
75c
(quar.)
30
20 Sept. 30
20 Sept. 30
20 Sept.
1 Oct.
15 Sept.
Nov.
t$l X
Preferred (quar.)
Sun Ray Drug.
35c
pref. (s.-a.)
Steel Co. of Canada
1 Sept. 27
Nov.
Oct. 15 Sept. 30
50c
1 Oct. 15
S1.18X Nov.
62 Xc
Oct.,, 15 Sept. 30
tl2Xc Oct. 15 Sept. 30
SIX
Investment (Boston)
Strathmore Paper Co.,
25c
(quar.)
State Street
15 Sept. 30
Nov.
15 Sept. 30
1 Oct. 15
Nov.
.
Oct. "4
Oct.
1
Nov. 15 Nov.
5
15 Oct.
Oct.
20c
Original preferred (quar.)
5X % preferred series C (quar.)
;
(Quarerly)
Southern Canada Power Co., 6% cum. pref
Southern Canada Power Co., Ltd. (quar.
Southern Indiana Gas & Electric Co.—
4.8% preferred (quar.) — -.
;—
Southern New England Telephone (quar.) — ..—
Spicer Mfg. Co., nref. (quar.)
Spiegel, Inc., 5X% preferred (quar.)
Standard Brands, Inc. pref. (quar.)
Standard Fire Insurance of N. J. (quar.)
Standard Oil Co. (Ohio), 5% cum. pref. (quar.).
Standard Wholesale Phosphate & Acid Works
Stanley Works 5% pref. (quar.)
r
Sept. 9
Sept. 30
15 Sept. 16
15 Sept. 23
Oct.
Six
Ltd..
Consol. Gas & Electric (quar.)
__
8an Francisco Remedial Loan Assn (quar.)
Schumacher Wall Board Corp. $2 pref
—
Scott Paper Co., S4X cum. pref. (initial)
Serve!, Inc.. pref (quar.)
Sheaffer (W. A.) Pen.
—
——
Sheep Creek Gold Mines, Ltd. (quar.)...
Skelly Oil, preferred (quar.)
Smith (S. Morgan) Go (quar.)
.—
Smith (H.) Paper Mills, preferred (quar.)
Solvay American Corp. 5X% preferred (quar.).
South Pittsburgh Water Co. 6% pref. (qu.)
Southern California Edison Co., Ltd.—
San Diego
50c
'.
preferred (quar.)
1 Oct.
1 Oct.
Nov.
50c
San Carlos Milling Co.,
Oct .-16 Sept. 30
1 Oct. 15
Nov.
*/,
:
Pacific Telephone & Telegraph
Pan American Airways
11
581-3c
5X% pref. (quar;)
Ontario Mfg. (resumed)—
Series C
1 Oct.
Nov.
25c
Veast (liquidating)
Nunn-Bush Shoe Co
Pacific Finance Corp.,
14
29
15 Sept. 30
18
Nov.
1 Oct.
Nov.
1 Oct. 11
Oct.
I5c
Common (quar.)
—
National Biscuit Co., common (quar.)
National Bond & Share Corp
National Cash Register
National Casket Co
National Distillers Products (quar.)
National Fuel Gas (quar.)
—
National Funding Corp. A & B (quar.)
Class A & B (extra)
National Investors Corp. (Md.-) — —
— National Lead Co; pref. B (quar.)
National Power & Light Co., $6 pref. (quar.),..
2d
1 Oct.
Nov. 30 Nov
Nov.
■4ept. 30
5.
15 Oct.
1
15 Oct.
preferred (quar.)
Orange Crush, Ltd., 70c. conv.
Outlet Co. 1st pref. (quar.)
Oct.
15 Sept. 30
15 Sept. 30
15 Sept. 30
21
1 Dec
55c
Monongahela Valley Water Co. 7% pref..,
Monroe Loan Society, class A
— Monsanto Chemical Co., $4 X class A pref. (qu.)
Montana Power Co. $6 preferred (quar.)
Montgomery Ward & Co.. Inc.
—
--Montreal Light, Heat & Power Consol. (quar.) —
Montreal Tramway Co. (quar.)....
— —
Moody's Investment Service pref. (quar.)
Moore (W. It.) Dry Goods (quar.)
Morrell (John) & Co. (quar.)
Morris Plan Insurance Society (quar.)
Mountain States Telephone
- —
Mutual Chemical Co. of Am. 6% pref. (quar.) —
Mutual Investment Fund, Shares
—
7% preferred (monthly)
Oct.
Nov. 21
1
Sue
— -
6% preferred (monthly):
5% preferred (monthly)
Oliver United Filters, class A
17
SIX
Michigan Public Service, 7% preferred
6% preferred
—
Midwest Piping & Supply (quar.).
Milwaukee Electric Ry. & Light Co.—
6% preferred (quar)
--------
Ohio Public Service,
1 Oct.
20c
(quar.)
Manhattan Fund, Inc. (initial)-..-----Manufacturers Trust Co. (N. Y.) pref. (quar.).
Marconi International Marine (interim).
Massachusetts Utilities Assoc. 5% pref. (quar.).
Maytag Co., 1st pref. (quar.)
$3 preferred (quar.).
Melville Shoe Corp. (quar.)
Northwestern
Nov.
25c
Co. (quar.)—
National Steel Car Corp..
19
SIX
SIX
$2.20 preferred
Mutual System,
18
1 Dec.
43 He
—
Securities, partic.
1 Oct.
Jan.
Oct.
6% pref.....
Preferred (quar.)
Nov.
Jan.
Magnin (I.) & Co 6% pref. (quar.)...
Mahoning Coal Hit. $2 pref. A (quar.).---
Merchants & Mfrs.
1 Nov
181
—-
6% cum. preferred (quar.)
5% cum. preferred (quar.).-----Lunkenheimer Co 6 X % pref. (quar.)
McCail Corp. (quar,)...-.------------ —
McClatchy Newspapers 7% pref. (quar.)
McColl Frontenac Oil pref. (quar.)....
McCrory Stores Corp., conv.
McLellan Stores Co
Preferred (quar.)..
-
21
Dec.
Dec.
$1^
$2
Oct.
__
21
—
—
preferred (quar.)
24
1
25c
(quar.)
Loose-Wiles Biscuit—-----——Preferred (quar.)
—
Lord & Taylor Second pref. (quar.)
Louisville Gas & Electric Co. (Ky.)~
7% cum.
3 Dec.
Nov.
Oct.
Procter & Gamble,
31 Oct. 21
Nov. 30 Nov. 19
Dec. 31 Dec. 21
Jan.
Payable of Record
3c
(quar.)
$2
8% pref. (quar.)
SIX
Providence & Worcester RR. (interim)
SIX
Prudential Investment. Inc., pref. (quar.)
58 l-3c
Public Service Co. of Colorado 7 % pref. (mthly.)
50c
6% preferred (monthly)
41 2-3c
5% preferred (monthly)
50c
Public Service of New Jersey 6% pref. (monthly)
$2
Public Service of N. J. 8% pref. (quar.)
SIX
7% preferred (quar.)
SIX
$5 preferred (quar.)
50c
6% preferred (monthly)——'.
6
50c
6% preferred (monthly)
75c
Public Service of Northern Illinois
15c
Putnam (Geo.) Fund (Boston)
SIX
Quaker Oats Co., pref. (quar.)- —_
25c
Quaker State Oil Refining—
_
30c
Quarterly Income Shares (quar.)
50c
Randall Co. class A (quar.)
33 l-3c
Rath Packing (extra)
25c
Reading Co. (quar.)
—10c
Reliance Mfg. (111.).;
---------SIX
Riverside Cement Co. $6 1st pref. (quar.)
25c
Rochester-American Insurance Co_
Roos Bros., preferred (quar.)
— —
20c
Rose's 5-10-25c. Stores, Inc——
33 l-3c
Roth Packing Co. (extra)
:
—
75c
Royal Typewriter Co., Inc
SIX
Preferred (quar.)
SIX
Saguenay Power, preferred (quar.).--25c
St. Lawrence Flour Mills (quar.)
;
SIX
Preferred (quar.)..
:
Premier Gold Mining
10 Nov. 25
10 Nov. 25
Oct.
(monthly)
Monthly
Monthly
Extra
Dec.
67c
Original capital
Lock Joint Pipe
Dec.
$1.10
guaranteed (quar.)—
Holders
When
Per
Share
of Company
Name
Payable of Record
Share
of Company
Holders
When
Per
Name
1938
15,
Jan.
3 Dec.
20
25c
Oct.
15 Oct.
5
Dec
Oct.
OCt.
15 Sept. 30
15 Sept. 30
*
Transfer books not
t On occount of
closed for this dividend,
accumulated dividends.
t Payable in Canadian
deduction of
a
funds, and in the case of non-residents of Canada;
the amount of such dividend will be made.
tax of 5% of
Volume
Financial
147
Chronicle
234,7
/•
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
Clearing House
The
weekly statement issued by the
Clearing House is given in full below:
STATEMENT
OF
ASSOCIATION
MEMBERS
FOR
THE
OF
THE
WEEK
ENDED
*
Bank of
OCT.
SATURDAY,
1038
8,
Deposits
■V-'-
Average
Surplus and
Members
Oct.
s
.
6,000,000
13,552,100
Bank of Manhattan Co.
S
Gold
8,664,000
20,000,000
26,107,900
164,629.000
411,003,000
39,934,000
National City Bank.!
77,500,000
59,145,000 al,536,173,000
172,917,000
Chem Bank & Trust Co.
20,000,000
55,282,700
1938
90,000,000
182,041,200 61,395,625,000
42,305,000
483,818,000
C773.817.000
46.026,000
255,265,000
24,750,000
First National Bank
10,000,000
50,000,000
480,137,000
505,639,000
2,323.000
45,878,000
131,406,300 <12,152,379,000
47,820,000
Continental Bk & Tr Co.
Chase National Bank.
Fifth Avenue Bank—
_
61,239,800
4,279,200
4,000,000
100,270,000
500,000
.
reserves
4,713,513,000 4,682,746,000 3,572,977,000
Bills discounted:
Secured
3,679,600
46,367,000
25,000,000
78,313,500
c820.305.000
1,055,600
13,326^000
2,232,000
Marine Midland Tr Co..
5.000,000
9,088,100
97,640,000
S.
Govt,
obligations,
23,578.000
1,582,000
1,143,000
6,906,000
788,000
4,538,000
2,725,000
14,636,000
212,000
3,637,000
212,000
1,016,000
3,648,000
4,704,000
250,391,000
370,360,000
194,671,000
250,391,000
370,360,000
194,671,000
211,831,000
332,269,000
815,422,000
815,422.000
725,029,000
823,809,000
822,007,000
745,385,000
68,000
5,008,000
135,445,000
68,000
2,225,000
177,953,000
9,824,000
14,877,000
3,750,000
bills discounted
6,188,000
12,500,000
Total
36,579,000
10,000,000
U.
3,482,000
Bankers Trust Co
by
direct or fully guaranteed
Other bills discounted
5,253,000
Title Guar & Trust-Co—
New York Trust Co
7,000,000
27,938,900
8,229,500
319,917,000
Comm'l Nat Bk & Tr Co
82,780,000
7,000,000
9,238,600
81,182.000
Bills bought In open market
Industrial advances
2.783,000
Public Nat Bk & Tr Co.
52,014,000
Totals.......1
*
913,814.700 10,174,011 000
523,075,000
As per official reports:
The New York "Times"
of
returns
United States Government securities:
Bonds
Treasury
Treasury
$264,308,000; 6 887,601,000;
Total bills and securities
Federal Reserve
trust
;
notes of
other, banks.
BUSINESS
NOT
CLEARING
IN
FOR
NATIONAL
THE
HOUSE
ENDED
WEEK
AND STATE
WITH THE CLOSING
7. 1938
__
Uncollected items.
Bank premises
All other assets
V
OF
arid
Disc,
Investments
Res
N.
Including
FIGURES
Viand
acc't..
Foreign bank
Deposits
Trust Cos.
reserve
U. S. Treasurer—General account
Gross
Other deposits
"■
Manhattan—
j
$
$
.
>
•
g
Grace National.....
22,470,500
104,900
444,000
6,514,500
6,734,000
3,3 '3,700
382,000
5,521,439
313,829
1,578,881
104,796
6,060,907
6,589,300
276,200
1,656,000
.503.700
8,172,000
5,123,578
93,398
646.722
754,304
Total deposits
28,617,500
22,682,000
5,954.870
TRUST COMPANIES—AVERAGE
Deferred availability items
Capital paid in
Cash
FIGURES
Banks and
Gross
Trust Cos.
Deposits
Elsewhere
Investments
'
Ratio
Empire
52,820,700
-
214,310
*1,436,934
19.383.80C
T.
Fulton
Lawyers
*5,925,000
United
27,985,000
'..
62,167.100
10.544,838
23,487
vances
34.899,700
475,500
*59,293j273
....
79,824,000
3,257,000
Kings County......
32.427,998
1.614,280
*
Includes amount with
.
;
.
>
51,474,000
7,744,000
9,117,000
2,008,000
deposit' and
mtike
U;;-
...
66,000
657,000
3,612,000
industrial
; v.
84.4%
86.5%
56,000
3,614,000
4,987,000
ad¬
.
t "Other cash" does not include Federal Reserve, notes or
Reserve hank notes.
94,823,513
41,388,000
15.010,431
40,000 116,677,000
x
bank's own Federal
a
These
over
43.453,300
are certificates given by the United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31. 1934, devalued from
59.06 cents, these certificates being worth less to the extent of the
100 cents to
Empire, 84,236,500; Fidu"*
Federal Reserve as follows:
.
141,362,000
51,084,000
5,702,865,000 5,709,700,000 4,495,772,000
to
reserve
to
21,879,500
169,724,000
5O.908.Q00
51,943,000
7,741,000
8,210,000
3,193,000
-
Brooklyn—
Brooklyn
total
Commitments
12,464,898
399,000
d
*8,469,600
64,914,171"
States..
2,807,300
1,270,544
9,488,000
1,512,119
1,304,554
576,500
*6,156,300
9,597,175
12,105,449
Federation
Fiduciary..
$
$
<
of
F. R. note liabilities combined
'
$
$
8,210,000
3,314,000
Contingent liability on bills purchased
for foreign correspondents
'
Manhattan—
—_!
Total liabilities
Dep. Other
Y. and
N.
.
130,266,000
50,902,000
51,943,000
7,744,000
•
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies..
All other liabilities
Res, Dep.,
Loans,
Disc, and
4,481,286,000 4,452,538,000 3,273,732,000
——
26.064,000
Brooklyn—
Lafayette National..
People's National...
959,251,000
969,200,000
965.440.0Q0
4,161,874,000 4,118,315,000 3,039,971,000
15,275,000
174.314,000
168,215,000
104,848,000
71,479,000
70,748,000
113,638,000
79,718,000
89,161 *000
,
Sterling National
Trade Bank of N. Y.
12,065,000
Liabilities—
Deposits—Member bank
Dep. Other
Banks and
Dep.,
Elsewhere
Bank Notes
56,000
8,171,000
147,113,000
10,005,000
FRIDAY, OCT.
BANKS—AVERAGE
Other Cash,
180,929,000
5,702,865,000 5,709,700,000 4,495,772,000
„
F. R. notes in actual circulation
Loans,
9,824,000
15,198,000
___
Total assets
INSTITUTIONS
_
Due from foreign banks
companies which
are not
member of the New York Clearing House.
The
following are the figures for the week ended Oct. 7:
a
-
bills
Total U. S. Government securities.
publishes regularly each week
of banks and
number
a
notes..
7,730,000
635.9O5.C00
National, Sept. 30, 1938; State, Sept. 30, 1938; trust
companies, Sept. 30, 1938.
Includes deposits in foreign brapches as follows;
C$7,098,000; (ZS113..903,000; e$36,354,000.
1937
4,602,928,000 4,573,924,000 3,494,271,000
1,657,000
1,316,000
1,328,000
77,049,000
109,269,000
107,494,000
notes
6,557,000
Irving Trust Co.—
Total
Oct. 13,
t
Other cash
98,184,000
21,000,000
15,000,000
45,129,400
71,133,600
18,549,700
108,404,000
1938
$
hand and due from
on
Treasury.x
Redemption fund—F. R.
50,393,000
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co-
—
Oct. 5,
1
,
certificates
United States
6,318*000
508,131,000
11,
$
Assets—
>V-U $
Bank of New York.——
Guaranty Trust Co--
the close of business Oct. 11,1938,
previous week and the corresponding
Deposits,
Average
New York at
Time
Undivided
Capital
Net Demand
Fro/its
Clearing House
following shows the condition of the Federal Reserve
in comparison with the
date last year:
HOUSE
CLEARING
YORK
NEW
York
New
The
City
New York
clary, $866,939; Fulton, 85,616,500; Lawyers, $7,784,400; United States,
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
$42,009,349-
Weekly Return for the Member Banks of the Federal Reserve System
'
\
5
.
.
Following is tho 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
the-Federal Reserve
week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
System upofi the figures for the latest week appears in our department of "Current Events and Discussions,"
mmediately preceding which
also give the figures of New York and Chicago reporting member banks for
we
a
week later.
Commencing with the statement of May 19, 1937. various changes were made in the breakdown of loans as reported In this statement, which were
an announcement of the Federal Reserve Bank of New York of April 20,1937, as follows:
describedin
The changes in the report form are
confined to the
classification of loans
and
discounts.
This classification has been changed primarily to show the
co n nercial, industrial and agricultural loans, and (,2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
The revised form also eliminates the distinction oetween loans to brokers and dealers in securities located in New York Oity and those located
outside New York Oity.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commeramounts of
(i;
securities.
cialpaper nought in open market" under the revised
caption "open market paper," instead of in "mil other loans,,ras formerly.
Subsequent to the above announcement, it was made known that the new items "commercial. Industrial and agricultural loans" and
segregated as "on securities" and "otherwise secured and unsecured."
'other Ioansl
would each be
'
A
more
detailed explanation of the revisions was
ASSETS AND LIABILITIES OF WEEKLY
Federal Reserve
published in the May 29.1937, issue of the "Ohrpnlcle,"
page
V
3590
REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON OCT. 5, 1938 (In
Cleveland Richmond
Million# of Dollars)
ASSETS
Boston
New York
Phila.
S
Total
Dlstricts-
S
$
1,137
1,834
645
576
2,923
666
368
642
514
414
660
236
291
820
296
160
246
239
991
St. Louis
Chicago
Atlanta
S
Minneap. Kan. City
Dallas
San Fran,
$
S
21,189
1,134
8,240
578
Commercial, Indus, and agricul. loans
3,896
266
8,606
3,309
1,563
184
245
106
159
465
186
78
147
154
343
Open market paper—;—
Loans to brokers and dealers in secure.
351
64
155
22
12
11
3
34
4
4
18
2
22
631
22
502
15
25
3
7
34
6
1
4
3
Loans and investments—total
Loans—total
—
2,144
Other loans for purchasing or carrying
578
Other loans
-
United States Government obligations
Obligations fully guar, by U. S. Govt
Other
securities....
Reserve with Federal Reserve Banks.
266
34
36
16
14
78
12
8
12
14
56
81
223
57
170
32
28
93
48
6
23
20
380
120
Loans to banks
32
1,161
securities..
Real estate loans.—
2
97
2
2
1
3
4
6
112
34
"63
41
"46
179
1,39.8
208
155
223
185
730
1,503
111
503
100
170
67
77
8,055
1,679
3,215
393
3,153
345
797
308
160
6,797
338
1
2
30
863
94
98
36
41
63
13
49
36
117
133
1,281
3,736
284
279
65
84
466
99
40
124
54
306
247
356
146
100
1,055
161
76
161
106
315
239
410
129
76
17
39
18
11
63
11
6
11
10
19
Balances with domestic banks.——
2,379
141
155
166
261
152
138
404
127
111
264
209
'251
Other assets—net
1,237
72
526
83
103
33
44
82
23
16
22
26
207
15,396
5,175
1,030
7,016
763
1,083
424
341
2,274
415
263
475
404
908
256
1,023
294
746
199
186
876
186
120
143
132
1,014
578
10
170
38
29
21
34
100
18
2
20
31
105
6,006
241
2,562
305
353
234
210
865
273
127
363
208
265
Cash in vault...
1
—— —.
LIABILITIES
Demand deposits—adjusted
-
Time deposits..
United States Government deposits—
Inter-bank deposits:
Domestic banks
...
468
Capital
account......
.
15
416
8
1
1
,10
1
"""728
«
Foreign banks—
Borrowings
i
liabilities...—
Other
"""21
""303
"l6
"""26
""~6
"""20
"~~7
1,609
226
361
91
382
57
3,661
:
241
1
15
""297
83
33
Oct. is, 1938
Financial Chronicle
2348
Board of Governors of the Federal Reserve System
Federal Reserve System on Thursday 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 resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve, notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions "
Weekly Return of the
The following: was
■
issued by the Board of Governors of the
(000)
on
Redemption fund
1938
363,211
367.418
382,521
10,719.741
8,690
383,339
,
1938
„
1937
i;
$
$
$
>
10,632,407
9,126,889
9,112
9,646
10,630,9.19
10,632,413
8,921
355,870
10.629,733
9,432
379,412
'
Oct, 13,
17,
1938
1938
.
$
$
%
%
%
S
10,863,222
9,611
■-
1938
Aug.
24,
Aug.
31,
Aug.
Sept. 7,
1938
10,967,213
9,138
"
Sept. 14,
1938
J"v
11,020,211
9,669
(Federal Reserve notes)
•
Sept. 21,
Sept. 28,
5,
1938
'i'-f
S. Treas. x.
hand and due from U.
Other cash *
Oct.
Oct. 12,
1938
OmUied
ASSETS
Gold ctfs
1938
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS OCT. 12.
COMBINED RESOURCES AND
Three Ciphers
7,421
10,632,411
9,112
385,675
396,893
390.598
11,032,117
'
293,765
^
9,430,300
11,393,091
11,343,769
11,255,354
11,111,770
11,018,577
10,995,710
11.025,509
11,038,416
3,897
3,448
6,008
3,033
5,506
2,706
3,826
3,128
3,640
4.041
3,428
3,103
3,699
3,042
3,724
2,908
13,268
6,106
3,193
Total reserves
7.068
7,144
6,741
6,632
23,451
Bills discounted:
"
by
Secured
obligations,
8. Government
guaranteed--
U.
direct or fully
Other bills discounted-—-
9,299
market--
United States Government
541
*
8,212
6,954
540
540
537
537
537
540
2,830
15,824
15,899
15,852
15,816
19,622
744,105
1,196,188
623,722
744,105
1,196,188
623,722
744,105
744,105
1,196,188
623,722
744,105
1,196,188
"738,073
1,196,188
623,722
2,564,015
2,564,015
2,564,015
2,564,015
2,587,444
2,587.595
2,587,145
2,587,003
15,455
15,677
15,683
787,327
1,164,565
789,327
1,166,065
608,623
788,655
1,165,205
610,155
1,164,565
612,123
,612,123
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,580,362
securities---——
•
15,847
787,327
securities—Bonds*-
Treasury notes
Total 0.8. Government
;
15,507
Industrial advances-...--------------—---
_
9,041
541
7,345
641
Total bills discounted—
Bills bought In open
10,183
2,587,356
2,589,274
2,588,450
2,587,356
1,157,713
630,404
623,722
2,526,190
.
Other securities—
Foreign loans on gold
--■
Total bills and securities——————
"""iso
"""iso
"*"181
isi
"""i84
184
184
"""180
"173
22,532
617,394
44,305
48,849
23,569
632,117
47,607
27,292
739,744
44,407
57,002
25,701
534,057
44,404
53,291
25,617
525.303
44,410
52,539
24,955
501,237
44,462
51,950
657,615
47,853
27,031
610,821
44,405
46,715
23,032
589,565
44,304
26,494
560,579
44,348
14,715,713
14,679,148
14,523,836
14,429,373
14,474,559
14,240,791
14,261,157
4,281,103
4,262,860
4,219,484
4,201,169
4,200,829
4,212,348
Gold held abroad----—
180
banks
of other banks.-
Due from foreign
U ncollected Items
premises
—
All other assets
,
'
Federal Reserve notes
Bank
—
Total assets
LIABILITIES
Federal Reserve notes In
»
actual circulation—
Foreign banks
deposits
Total deposits
All other liabilities
Reserve note liabilities
179,803
9,436,702
9,398,880
9,272,123
9,187,629
9,147,028
626,685
133,985
147.739
27,682
552,626
133,998
147,739
27,683
32,741
10,685
603,701
"133,998
147,739
27,683
32,741
10,219
730,948
133,991
147,739
27,683
32,775
12,965
45,456
14,248,349
14,327,663
12,774,300
4,169,262
4,144,760
4,150,214
4,291,519
8,178,851
720,248
125,940
187,322
8,156,037
770,784
119,166
195,662
8,085,198
6,918,902
83,231
9,212,361
9,241,649
9,236,367
7,459,892
509,855
133,991
147,739
27,683
'589,541
672,090
529,345
V:
32,741
10,754
•
527,766
133,994
147,739
27,683 >
32,776
802,104
115,867
233,198
283,014
174,745
133,953
132,656
145,854
32,775
147,739
27,683
32,774
9,576
9,897
9,392
8,996
14,240,791
14,261,157
14,248,349
14.327.663
12,774,300
133,998
147,739
27,683
32,776
9,874
;
,
27,490
35,803
14,523,836
14,429,373
purchased
82.8%
82.6%
82.5%
82.3%
82.3%
82.4%
82.5%
82.4%
234
284
385
470
604
697
1,511
13,553
13,481
13,539
13,543
13,684
13,740
14,654
5,337
5,546
5,031
21,744
605
262
418
325
665
837
824
743
339
373
411
348
160
146
.122
234
6,741
6,632
23,451
for
157
157
--
.''-■V
157
13,599
13,597
7,663
5,818
7,610
6,858
5.477
596
369
450
533
537
31-60 days bills discounted
546
722
427
428
593
61-90 days bills discounted-...--—-------Over 90 days bills discounted
278
13,696
•
Maturity Distribution of Bills and
Short-Term Securities—
16-30 days blllk
40,849
14,379,148
and Federal
Commitments to make industrial advances
1-15 days bills
■
14,474,559
combined
liability on bills
correspondents
146,010
44,486
51,280
:
14,715,713
—
Contingent
8,269,124
561,364
136,737
8.425,336
346,305
166,660
249,328
8,013,536
917,078
195,499
27,814
82.8%
Total liabilities.-
Ratio of total reserves to deposits
foreign
—
■--
y
864,481
183,225
153,686
,601,672
133,954
147,739
27,683
32,741
11,447
...
Surplus (Section 7)
------—
Surplus (Section 13-B)
——
Reserve for contingencies.-
8,i97,488
770,086
195,056
150,924
9,479,374
—-
Deferred availability Items.
Capital paid in
8,320,636
8,400,218
703,407
199,462
176,287
Deposits—Member banks' reserve account—
United States Treasurer—General account..
Other
2,572,093
discounted
discounted
—
•'
.
261
405
265
225
374
175
149
128
122
/:;v 87
7.345
216
Total bills discounted—-
■
9,041
8,212
6,954
7,068
94
94
,
9,299
;
.
4,980
•
rj-}
80.2% '
301
■
■
7,144
■
824
'
6-30 days bills bought in
81-60 days bills bought In
61-90 days bills bought
in
Over 90 days bills bought
v
165
market
open market
open market
open market
In open market
1-15 days bills bought In open
,
—
'
■
313
118
23
273
116
541
541
198
325
208
282
275
2,331
540
2,830
541
1,110
1,131
1,303
356
453
108
547
573
743
891
847
12,603
..
—
—----------
Over 90 days Industrial advances.
200
"'2I2
281
281
—
12,451
537
537
537
1,104
1,262
1,311
1,241
355
576
653
473
12,860
12,865
13,339
13,097
101,409
70,178
204,078
177,688
2,010,662
186,413
1,999,960
2,564,015
2,564,015
2.564,015
15,683
1-15 days U. S. Government securities
^
16-30 days U. S. Government securities
.
61-90 days U. S. Government securities.—
128,887
97,675
206,333
179,228
Over op days U. 8. Government securities
Total U. S. Government securities-
'
79,757
191,385
105,370
101,409
1,991,650
106,500
170,432
198,040
1,978,393
2,564,015
2,564.015
301
•
563
645
762
767
928
13,133
13,101
16,788
15,852
15,816
19,622
88.950
27,349
13,211
•
15,899
1,977,523
103,830
110,650
186,757
176,385
1,986,393
83,330
131,150
207,279
159,113
1,983,143
2,564,015
2,564,015
2,564,015
,
:
184
584
'
174,113
191,473
960
/
132
591
15.824
"
31-60 days U. S. Government securities
»
565
131,150
105,370
15,847
110;650
15,677
106,500
y
1,201
624
505
>;
)
162
395
158
15,455
15,507
;
757
1,951,892
Total Industrial advances
540
540
1,250
'
663
■
61-90 days Industrial advances.
117
"""212
'
94
31-60 days Industrial,advances
26
94
248
■
Total bills bought in open market
125
137
"""ill
166
166
S3
199
1-15 days industrial advances
16-30 days Industrial advances.
117
157,187
192,785
,
;
29,685
103,830
213,650
'
,
59,655
'
172,432
1,985,153
57,016
2,352,485
2,564,015
2,526,190
1-15 days other securities
16-30 days other securities
31-60 days other securities
------
—
,
-----
61-90 days other securities
Over 90 days other securities
Total
other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
4,545,148
4,575,270
294,167
282,288
4,515,397
295,913
4,514,135
312,966
4,507.813
4,491,457
306.984
279,109
4,449,156
279,894
4,443,342
298,582
4,448,170
297,956
316,886
4,291,519
4,608,405
...
4,281,103
4,262,860
4,219,484
4,201,169
4,200,829
4,212,348
4,169,262
4,144,760
4,648,000
8,446
4,639,000
6,526
4,604,000
8,267
4,604,000
7,373
4,585,000
6,062
4.558,632
4,544,632
4,639,132
6,166
4,544,632
5,727
4,539,632
6,174
5,629
23,149
4,656,446
In actual circulation
4,150,214
4,645,526
4,612,267
4,611.373
4,591.062
4,564.806
4,550,798
4.550.359
4,545.261
4,694.281
Collateral Held bp Aoent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. S. Treas..
By eligible paper
32,000
United States Government securities
Total
collateral
•
"Other cash" does not Include Federal
*
These
cents on Jan
are
Reserve notes.
certificates given by the United States Treasury
31,
1934, these certificates being worthless
provisions ol the Gold Reserve Act of 1934.
,
for the gold taken over from the Reserve banjcs
to the extent
of the difference
when the dollar was devalued from 100 cents to 59.08
appropriated as profit tby the Treasury under
the difference Itself having been
Volume
Chronicle
Financial
i4n
2349
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
CLOSE OF BUSINESS
OCT. 12, 1938
Three Ciphers (000) Omitted
Federal Reserve Aoent at—
Total
ASSETS
$
Boston
New York
$
Cleveland Richmond
Phila.
s
S
Atlanta
Chicago
$
$
St. Louis Minneap. Kan. City
San Fran,
DaUis
'
.
Gold
certificates
on
hand
and
s
S
•
.
$
,
$
$
5
i:.-:
due
from United States
Treasury— 11,020,211
Redemption fund—Fed. Res. notes..
9,669
716,848
369,919
514,312
653
762
966
301
638
948
677
603
256
1,934
363,211
696,473 4,602,928
615
1,316
38,430
109,269
29,391
22,568
19,682
11,449
51,649
15,533
8,508
14,240
11,478
31,014
11,393,091
735,518 4,713,513
544,356
740,178
390,567
266,394 2,071,865
358,737
263,434
329,128
217,393
762,008
323
Other cash
Total reserves—
254,644 2,019,578
342,256
314,285
254,249
729,060
205,659
Bills discounted:
Secured by U. S. Govt, obligations.
direct and (or) fully guaranteed..
Other bills discounted
6,106
3,750
498
386
109
25
788
598
238
227
9,299
Total bills discounted
167
3,193
192
4,538
1,096
624
336
Bills bought in open market
541
Industrial advances
212
•
55
200
122
79
104
69
25
78
292
228
150
593
319
225
200
371
332
473
23
50
,
250
19
67
2
16
2
38
16
15,507
Treasury notes
Treasury bills
;
2,297
3,637
,3,191
650
1,462
186
433
43
1,092
414
787,327
1,164,565
612,123
U. S. Government securities—Bonds.
'
■\./r
41
118
475
'
59,255
250,391
79,168
36,947
32,096
84,870
32,792
370,360
117,101
54,649
47,473
48,504
46,069
194,671
61,551
28,725
24,953
125,535
65,984
17,446
25,805
34,774
87,647
68,403
101,177
53,181
25,495
13,564
27,036
28,943
42,812
22,503
1,279
62,242
92,064
48,391
823
.
'
51,438
Total U. S. Govt, securities
2,564,015
192,971
815,422
222,761
257,820
120,321
104,522
276,389
106,791
56,815
113,248
94,258
202,697
Total bills and securities—..
Due from foreign banks
2,589,362
195,501
823,809
227,103
259,144
122,142
105,320
277,208
107.061
58,109
114,049
95,429
204,487
180
13
68
18
17
8
6
22
3
2
5
5
Fed. Res. notes of other banks.
22,532
2,265
5,008
755
1,210
1,376
1,647
2,923
2,410
849
1,986
384
617,394
.56,011
2,959
3,140
135,445
35,196
68,064
56,839
23,107
82,034
44,464
19,234
38,868
24,996
33,046
4,731
6,067
4,507
4,612
1,256
3,103
1,926
1,270
2,204
2,306
1,794
1,541
5,383
2,641
2,843
2,087
4,824
1,725
3,269
3,944
516,775
344,425
489,065
179,168
134,506
166,377
79,746
344,338
224,112 #121,030
234,179
178,386
542,772
36,612
30,518
5,790
Uncollected
Items——**
Bank
premises
All other assets.
44,305
48,849
.
Total assets
—
v
—
995,407 5,702,865
14,715,713
*
9,824
15,198
816,983 1,080,063
576,416
400,855 2,443,171
13
1,719,
341,202 1,008,486
LIABILITIES
F. R. notes In actual circulation
4,281,103
370,523
969,200
307,262
412,835
206,798
146,078
Deposits:
Member bank
.8,400,218
434,959 4,161,874
459,808
231,382
55,057
170,268 1,256,129
34,698
64,337
reserve account
U. S. Treasurer—General account..
703,407
91,916
i 168,215
385,319
32,018
Foreign
199,462
14,376
71,479
19,567
18,369
176,287
4,894
79,718
2,619
11,448
2,466
546,145 4,481,286
439,523
565,866
297,490
54,354
130,266
68,494
56,928
9,407
50,902
9,900
2,874
51,943
36,926
12,214
13,466
Other
bank
deposits
Total deposits
9,479,374
Deferred availability Items
Capital paid In..
601,672
133,954
Surplus (Section 7)
Surplus (Section 13-B)__.
,
147,739
•
j.
27,683
32,741
Reserve for contingencies
AH other liabilities
.
8,210
756
3,314
-
'
■
37,762
8,766
4,592
9,231
219,468 1,352,992
287,825
80,299
39,006
3,919
4,667
6,988
23,760
; 7,514
:
27,489
5,790
48,544
5,990
19,961
8,585
13,380
4,991
14,323
4,964
22,160
4,469
5,626
1,007
3,176
3,409
1,401
1,603
982
435
721
4,411
2,000
1,181
7,744
1,448
11,447
76,241
064,272
13,277
22,387
1,429
730
7,578
3,204
14,176
18,888
183,397
275,036
223,992
606,354
17,009
2,907
3,153
37,319
3,613
1,142
26,261
3,947
3,892
1,270
1,776
32,650
10,344
9,805
.2,121
2,000
318
874
-
4,197
545
1,001
1,215
1,887
935
430
565
446
516,775
344,425
489,065
7,090
1,425
'
Total liabilities...
14,715,713
Contingent liability on bills purchased
for foreign correspondents.
157
.
Commitments
*
to make Indus, advs—
816,983 1,080,063
995,407 5,702,865
400,855 2,443,171
576,416
341,202 1,008,486
■-*::11
56
15
14
7
5
19
5
4
5
5
11
1,341
3,612
333
1,483
1,764
175
15
634
228
538
51
3,522
13,696
-
"Other cash" does not Include Federal Reserve notes.
'•
'
.
'••••
/
'-v
^i
:
RESERVE
FEDERAL
NOTE
_
-
Three Ciphers (000) Omitted
T.
Federal Reserve Bant of—
New York
Boston
Cleveland Richmond
Phtta.
§
Total
S
'
■
....
'■
.
-
STATEMENT
Atlanta
.
'
.V
;.
'
Si. Louis
Chicago
Minneap. Kan. City
San Fran.
Dallas
'
Federal Reserve notes:
^
$
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank.
In actual
by
S
S
$
.
/■':
S
■
S
s
$
$
s
388,883 1,073,214
18,360
104,014
4,575,270
294,167
324,014
436,417
23,582
219,326
12,528
158,757
12,679
987,552
193,448
138,762
23,280
14,280
4,256
175,756
9,379
87,261
16,752
7,515
391,880
47,542
4,281,103
370,523
969,200
307,262
412,835
206,798
146,078
964,272
179,168
134,506
166,377
79,746
344,338
4,648,000
circulation...........
Collateral held
'
400,000 1,082,000
161,000 1,010,000
196,000
141,500
180,000
88,500
404,000
319
225
156
360
332
472
161,473 1,010,319
196.225
•141,656
180.360
88,832
404,472
Agentj as security
for notes issued to banks:
Gold certificates
on hand and due
from United States Treasury....
t
Eligible
paper
327,000
438,000
220,000
4,518
681
444
299
400,167 1,086,518
327,681
438,444
220,299
167
8,446
Total collateral
4,656,446
——
473
United
United States
Rates
quoted
are
Treasury Bills—Friday, Oct. 14
Transactions
19 1938
Oct.
26 1938.—
...
Nov.
2 1938--
NOV.
9 1938—
Nov. 16 1938
—
—.
Nov. 23 1938
Asked
0.05%
0.05%
0.05%
Bid
7 1938—
Dec.
1
1
1
1
1
1
I
Dec,
I
1
I
Dec. 21
t
»
I
0.05%
0.05%
I
1
I
1
I
0.05%
0.05%
Nov.30 1938
Securities
Exchange—See following
on
the
New
page.
for discount at purchase.
Bid
Oct.
Government
States
York Stock
1
II
1
1
1
II
1
I
1
t
I
1
0.05%
0.05%
0.05%
0.05%
.0.05%
14 1938—
1938.
28 1938—
Dec.
4 1939
Jan.
11
Jan.
-
1939
Asked
the
New
York
Stock
Exchange,
1
Stock and Bond
1
Averages—See
page
2365.
1
I
1
0.05%
£
at
Daily, Weekly and Yearly—See page 2365.
I
1
PARIS
THE
BOURSE
Quotations of representative stocks as received by cable
each
day of the past week:
Oct. 14
a
Oct. 10
Oct. 1.1
Oct. 12
Oct. 13
Oct. 14
Francs
.
Bank of France..
Figures after decimal point represent
point.
*
Oct. 8
Quotations for United States Treasury Notes—Friday,
Francs
Francs
Francs
Francs
Francs
6,400
one
32ds of
more
or
Banque de I'Unlon Parlslenne..
Canadian
Bid
Rate
Asked
Bid
Rate
Maturity
Asked
cje Generale
June
15 1943...
Dec.
15 1938—
Dec.
15 1941
Sept. 15 1939
—
—
Dec.
15 1939...
June
15 1941...
Mar. 15 1939...
Mar. 15 1941
—
-
218
429
1,490
1,260
280
480
609
1,170
770
725
381
32"
1.512
77.50
72.90
71.60
79.50
79.50
66.50
6,940
1,920
1,170
767
726
381
33
1,510
77.40
72.80
71.75
79.75
79.60
96.90
6.89Q
1,930
Soclete Generale Fonclere.
1,005
61
73
1,000
59
70.
1,263
568
1,262
570
124
378
82
124
389
78
1^%,
102.12
15 1940...
1^%
102.21
102.23
Comptolr Natlonale d'Eseothpte
Poty 8 A
102.12
102.14
Courrlere
101.31
102.1
Mar
15 1942...
IH%
l'A%
103.25
103.27
Credit Commercial de France...
102.2
Dec.
15 1942—
101.3
104.5
Credit
102.23
Sept. 15 1942
2%
2H%
105$
105.4
Eaux dee Lyonnalsecap
102.10
102.12
Energie Electrlque du Nord.—
102
1H%
1H%
1^%
102.21
101.22
101.24
June
102.25
102.14
102.27
—
—
15 1939
—
Lyonnalse
Energie
...
Electrique du Littoral—
Kuhlmann
L'Alr
Llqulde
BERLIN
Pathe
Closing prices of representative stocks as received by cable
Oct.
8
Oct.
10
Oct.
Oct.
12
11
Oct.
13
Oct.
14
■Per Cent of Par
(4%) 120
161
117
eutsche Iteichsbahn (German Rys.pf.7%). 126
iresdner Bank (5%)..
110
arbenlndustrle I. G. (7%)
1
153
tannesmann Roehren (5%)
___i
111
-elchsbanks (8%)
185,
[emens <fe Haisfce (8%)
204
ereinlgte Stahl werke (5%)
; - 104
'eutsche Bank-(6%)
—
— -
Capital......
Pechlney
Rentes
.....
-
Pe'rpetual
3%.—
Rentes 4%, 1917—
of the past week:
-—,
-
Orleans Ry 6%
STOCK EXCHANGE
llgemelne Elektrlzltaets-Gesellschaft
erllner Kraft u. Llcht (8%)—
Hollday
—
Lyon (P L M)_—Nord Ry
THE
120
120
162
117
126
110
152
111
186
202
104
161
...
...
117
...
1932, A
4H%. 1632. B
Rentes 4)4%.
Rentes
119
120
161
161
Royal Dutch
Saint Gobaln C & C„..........
117
117
Schneider & Cle
Soclete Francalse Ford
126
126
110
110
,110
151
152
...
Rentes4%. 1918
Rentes. 5%. 1920
152
126
111
108
109
Lyonnalse
Soclete Marseilles
187
187
188
Tublze Artificial Silk preferred..
201
199
199
Union d'Electrlclte
104
104
Wagon-Llts
105
.
590
1,230
32
475
745
190
15 1940—.
Dec.
Mar, 15 1940
100.5
245
21,100
742
190
June
102.18
101.10
1,149
417
219
428
1,500
1,260
276
479
613
101.12
102.16
1H%
1 X%
1X%
m%
i%%
•
iach day
>
Transatlantlque.i
Citroen B
6,500
1,159
518
248
Cle Generale d'Electrlclte
Int.
'Int.
6,520
1,138
411
21,400
592
1,260
*
33
482
Pacific—
Canal de Suez cap
Cfe Distr d'Electrlclte
Maturity
6,400
1,140
422
—
Banque de Paris et Des Pays Bas
Soclete
—
'
—.
.
20,870
601
1,260
32
489
756
188
222
436
1,514
......
282
490
613
1,180
769
72 7
33
1,536
78.70
....
—-
97.90
....
1,960
1,015
68
1,292
570
122
395
79
250
20,800
602
1,260
32
480
750
190
221
436
1,500
1,270
284
490
613
1,190
772
729
381
32
1,533
78.30
74.40
73.10
80.80
80.90
98.30
6.850
1,840
1,028
56
66
1,275
572
124
396
80
6,400
"245
20,800
l",270
32
190
1,490
1,280
1,170
"380
78-80
74.30
72.80
80.50
80.60
98.20
6,820
57
Oct.
1938
15,
2350
York Stock Exchange
Stock and Bond Sales—New
DAILY, WEEKLY AND YEARLY
Pages—Page One
Occupying Altogether Sixteen
disregarded In the day's range, unless they are
for the year
1 . ■■■■■■ :
NOTICE—Cash and deferred delivery sales are
account is taken of such sales in computing the range
United States Government Securities on
furnish
we
Exchange
Federal Farm Mortgage
the New York Stock
Daily Record of U. S.
daily record of the transactions in Treasury,
a
Oct. 12
Oct. 11
Oct. 10
Oct. 8
Bond Pricet
Oct. 13
118.29
118.29
119
119.3
118.27
118.29
118.27
119
119
Close
118.27
118.29
118.27
119
119.2
Total sales in $1,000 units...
15
5
14
2
54
High
114.18
114.18
114.17
114.18
114.18
Low.
114.18
114.16
114.17
114-16
114.14
4^s, 1947-52
4
,
1944-54
...
,
114.17
114.16
114.18
1
5
1
11
3
113.13 „113.17
113.17
113.13
113.15
113.15
113.17
113.15
mmmm
Low.
2548, 1950-59
113.15
■;■■■
102.23
102.22
102.20
102.20
102.22
102.20
102.23
Total sales in $1,000 units—
2
86
1
1
Close
105.19
105.18
105.21
105.20
105.23
110.6
Low.
10612
106.3
mmmm
106.3
mmmm
104.28
Close
104.28
107.21
107.22
107.22
107.21
107.21
107.22
107.22
107.21
$1,000 units...
107.22
107.22
107.21
107.22
110
109.29
109.30
109.30
109.30
3
109.31
110.2
.
110
109.31
109.31
102.13
102.15
102.16
102.16
102.10
102.15
102.16
102.18
102.17
25
109.31
109.31
6
9
3HB. 1940-49.
109
109
106.17
106.18
106.20
106.18
106.19
106.20
6
2
.
(High
106.6
106.6
106.2
106.6
106.2
106.5
22
mmmm
Close
105.5
106.16
106.15
106.18
106.18
106.16
106.15
106.16
106.16
106.15
106.18
3s, series A, 1944-52.Low.
108.29
Close
106.16
106.18
Total sales in $1,000 units...
2
2
86
1
Low.
102.17
102.17
102.17
Close
108.9
102.20
102.20
102.19
102.18
102.22
36
104.7
107
106.30
107
107
107
*
104.12
High
104.11
104.8
104.9
104.8
104.8
104.11
104.11
1
29
27
1
t Deferred delivery sale.
Odd lot sales,
107.3
8
34
2
37
104.17
104.17
104.16
104.17
bonds.
$1,000 units...
Low.
■
13
104.12
104.9
Total sales in $1,000 units...'
107.3
107.2
8
104.11
24
7
104.8
(High
2548, 1942-44..
107.1
156.30
.
107
Close
Total sales in
102.22
102.20
(Close
107
High
3s. 1951-55..
102.20
102.20
Home Owners' Loan
2
4
Total sales in $1,000 units...
includes only sales
registered bonds were:
table
above
Note—The
Transactions in
Low.
104.12
104.12
104.12
104.14
104.15
4
Treasury 3548
Close
104.12
104.17
104.14
104.14
104.17
1
Treasury 3s 1951-1955
Total sales in $1,000 units...
16
30
38
27
5
1
Treasury 2J4s 1955-1960
1
Treasury 254s
2Hn, 1955-00.
6
102.22
102.21
Low.
Total sales in $1,000 units...
108.9
108.11
7
(High
Home Owners' Loan
108.9
108.8
2
.
102.18
254s. series B, 1939-49..
I
,
1
(High
106.18
108.29
108.11
105.7
1
106.16
108.27
108.11
105.7
1
108.27
108.8
105.7
105.8
Total sales in $1,000 units...
108.12
mmmmmm
105.8
108.27
High
1
,
105.5
Low.
1 Low.
,
Low.
High
38,1940-48
-m4m'~mmrn
'
tl
-
106.16
.
5
106.5
mm
105.8
Home Owners' Loan
Total sales in $1,000 units...
106.19
mmmm
106.5
105.5
254s, 1942-47
108.29
106.18
-
mmm m
43
mm
m
mam'mm
Close
•
3Hs, 1949-52.
'»;* V
-
(High
Federal Farm Mortgage
1
6
Total sales in $1,000 units...
-
106.2
m
Low.
109
109
J
106.20
106.20
3s,1 1942-47
109
109.1
107.51
1
X
106.19
Federal Farm Mortgage
109
109
Close
107.5
mmmm
109.1
,
107.5
107.5
106 T 8
■
Low.
107.5
....
(High
Total sales in $1,000 units
[High
5
9
11
mmmm
107.5
5
110
8
mm
y
mm
Total sales in $1 000 units
110
Close
8
102.18
102.10
..(Low.
(Close
3s. 1944-49..
110
Total sales in $1,000 units...
24
102.18
day
Low.
1944-64
Federal Farm Mortgage
110
Low.
30
102.17
102" 10
1
110
102.13
7
Total sales in $1,000 units
5
8
,
High
102.13
102.13
102.15
102.14
102.13
Holi¬
102.16
High
110.1
109.28
Total sales in $1,000 units...
j
10 2" 15
102.14
Close
109.28
Low.
109.28
104.30
r
■
mmm
Total sales in $1,000 units...
354
[High
Close
....
102.15
Low.
•
Federal Farm Mortgage
11
5
100
104.30
Close
2548, 1950-52
107.20
107.21
3
..
.
102.13
(Close
Total sales in
(High
1
104.30
":mmmm
:'m m'm^m
102.9
Low.
254s, 1949-53.
day
107.22
Total sales in $1,000 units...
15
mmmm
102~.13
(High
Holi¬
1
106.6
mmmm
.
C
110.8
1
106.6
O
....
110.8
110.6
1
Low.
.
■1
m'mrnm
y
....
2
110.8
110.6
110.6
110.6
...
104.28
2548,1948
107.5
108
Low.
3H8, 1944-40
5
w<»
High
Close
3Hb, 1943-45.T
106.4
[Close
,
Total sales in $1,000 units
High
3Hb, 1941.—
Low.
107.5
107.7
5
110^6
Close
.
106.3
Total sales in $1,000 units...
107.7
1
High
-
3
.
107.4
Close
Total sales in $1,000 units...
Total sales in $1,000 units
5
16
106.6
High
106.4
2Ms, 1945
107.5
107.7
'
102.22
105.23
3Hs, 1943-47
•
102.18
105.20
107.7
103.10
103.8
103.9
103.9
102.18
105.21
107.4
103.10
102.18
105.18
Low.
103.9
103.8
' '
Low.
(Close
105.19
3Hs, 1941-43
103.10
103.9
105.23
Low.
6
103.10
2
1
105.20
107.7
103.10
102.20
High
3
4
103.9
16
254s, 1958-03
107.7
3
,102.22
6
t2
6
—50
105.21
107.4
104
5
*
104.1
102.22
3
High
104
104
102.18
105.18
units...
103.30
103.29
High
14
Total sales in $1,000
mmmm
Close
105.21
3Hb. 1940-43
104
103.29
Total sales in $1,000 units. .::
y
Total sales in $1,000 units...
'
104
103.30
----
113.15
113.13
Total sales in $1,000 units—
113.15
Low.
Close
■
103.30
----
(High
High
rn+m-mm
__
103.30
Low.
2548, 1951-54
Oct. 14
1
Close
114.18
Total sales in $1,000 units...
3^s, 1946-50
105.10
105.10
sales in $1,000 units—
Tota
High
114.18
Close
Low.
Close
254 s. 1948-51.
Oct. 13
Oct. 12
[Oct. 11
105.10
High
Treasury
118.27
Low.
ftign
Treasury
•
Oct. 10
Oct. 8
S. Bond Prices
Daily Record of U.
Oct. 14
'■
■
Home Owners' Loan and
Corporation bonds on the New York Stock Exchange during the current week. ,,
'Quotations after decimal point represent one or more 32ds of a point.
^ •
Below
No
the only transaction of the day.
(High
106.25
106.26
106.28
106.29
106.25
106.26
106.25
106.26
[Close
106.25
106.26
106.27
106.26
106.29
2
5
7
4
2
1945-1947
106.27
Total sales in $1,000 units...
_.r.....110.5 to 110.5
.........106.28 to 106.28
__.__.104.13 to 104.13
106.24 to 106.24
...
106.29
( Low.
1943-1947
of coupon
3J4s, 1945-47
-
previous page.
&c.—Se6 previous page.
United States Treasury Bills—See
United States Treasury Notes,
New York Stock Record
LOW
AND
SALE
HIGH
PRICES—PER
SHARE.
NOT PER
STOCKS
Sales
CENT
NEW
for
Tuesday
Saturday
Monday
Oct. 8
Oct. 10
Oct. 11
Oct. 12
$ per share
$ per share
$' per share
$ per share
*55
551-.
56
56
55%
133% *112
133% *112
*110
*35
41
"
Wednesday
Thursday
Oct.
$ per share
56%
55%
127
41
41
41
z44
44
46
12%
12%.
43%
*44%
12%
43%
46
24%
*22
23
42%
43*%
44%
44%
44%
45
12
12
12-%
11%
*22%
12%
241,1
*22
27%
27%
29
23%
*22%
24
28%
*27%
28%
6534
*1%
67
1%
*65
65%
*1%
67%
65%
1%
•
9%
9%
*38
9%
10
1%
12%
13%
io%ii
12%
9%
66%
1%
65%
Stock
1%
69L
10
*62
Exchange
978
*11
12
11%
—
1%
12%
1G%
10% Columbus
10%
12%
11
*10
11%
11%
13
*12
12%
10%
12%
12%
1
12%
1078
19
19
18%
19%
181o
13
12%
13
12%
192
190
191% 192
9lo
9%
*9%
10%
13
13%
11%
13
11%
12%
68%
66
66
*63
5234
53%
53
53%
53
18
18
17%
18%
18
3
3
*10
11%
234
*18
2%
22
21
13
66
67
1%
1%
*67
-
-
-
800
rnJrnmmm
500
7,800
1,000
mmmmmm
10%
15,500
1%
12%
1%
7,300
12'%
(5,600
107g —10%
.1019
1,000
21
3
21
11
10
10
12%
12%
19%
18%
13%
19%
13%
13.%
13%
13%
1278
Holiday
191
*9%
13%
192
192
194
400
1,000
5,200
1,900
3,400
10.%
*934
10%
200
14
13%
1378
4,000
43,300
12%
12
12%
68
69
600
54%
19%
53%
55%
54
55
26,800
19
19%
19
19%
3
3
3%
3
3
No par
& Straus
22
71
68
28
20%
58io
58%
58lo
t
8*4 Mar 31
Apr 16
Alaska Juneau Gold Mln...l0
95
100
No par
554% pf A with $30 war. 100
554-%4>f A with $40 war. 100
554% pf A without war. 100
$2.50 prior conv pref.No par
Alghny Lud Stl Corp..Wo par
Allen Industries Inc
6
Allied Kid Co
1
share
Nov
55
"37"
Nov
69
Mar.
85
Aug
43%
Dec
778 Nov
Mar
22-% Mar
17%
Oct
28%
Feb
16%
Oct
36
Jan
80%
Jan
Mar 31
7
Mar 31
No par
85s Mar 28
No par
Allied Stores Corp
4% Mar 26
38
Mar 31
5% preferred
100
Allls-Chalmers Mfg
34% Mar 31
11% Apr 1
1% Mar 26
No par
Alpha Portland Cem
No par
Amalgam Leather Co Inc
1
10
Mar 30
55
3,500
Amerada
26
May 27
Oct
3
21%
3,200
5,400
Am Agrlc Chem(Del)newNo pr
21%
28%
2134
10
,10
Mar 30
56
56
6% conv preferred
Corp.^
New stock,
40% Apr 27
50
6% preferred
n
.-..50
No par
American Bank Note
r
Cash sale.
44% Nov
15s July 11
Aug 3
Oct
5%
Jan
15%
Feb
Aug
115
x
Ex-dlv.
y
%
2
8
Oct
Aug 27
146
Oct
133s Feb
195s Aug 26
14% Aug 26
124
5
*
Aug 30
145s Sept 26
4*2 Mar 30
67
70
Oct
per
36
Oct 10
07%
5% June 17
784 June 18
6%June 17
5
Mar 30
Allied Chemical & Dye.No par
Allied Mills Co Inc
30
15s Jan 7
1778 Jan 12
17% Jan 12
173s Jan 12
17% Jan 12
78 Mar 31
Allegheny Corp
28
57
'
Highest
87
3
Aug
66%
Def. delivery
Jan 14
1234 July 19
67
40
22%
a
52
Alabama & Vlcksb'g Ry Co 100
10
No par
58
In receivership,
Oct 13
Air Way El AppUSnce.Vo par
No par
Corp
Air Reduction Inc
56
59
244
22%
Address-Multlgr
28%
x67
56%'^ Oct 11
12334 Oct 6
14% Mar 31
165s Mar 31
May 2
5g Mar 30
Adams-Mlllls
21%
28%
20%
Bid and asked prices: no sales on this day.
800
3
28
69
28%
21%
5,000
5,900
4
0% Mar 30
No par
$ per share $
$ .per share
share
June
28
25
Adams Express
per
36% Feb
2219
22
2.1%
69
28
*56
13
68
72%
20%
1%
1937,
Lowest
Highest
1195s July 19
30% Mar 23
100
Acme Steel Co
9,000
..$
No par
4 54% conv pref
Abraham
9%
10
Abbott Laboratories
250
1178
28t}
21%
29%
.1,100
mmmmmm
68
71
*
29
Par
Shares
68
27%
20%
*56
1%
mmm
12%
18%
Day
190% 192%
9%
9%
13
13%
11%
12%
*64
67
47
Year
100-Share Lots
Lowest
Albany & Susq RR
Closed—
I
1%
12%
11
18%
*1234
29
133%
*114
*10.5
1h
1%
1%
*65
*66
-
56
55%
127
1134
*27%
$ per share
*112
*110
43%
*21%
56
On Basis of
WeFk_
Oct. 14
13
Range for Previous
Range Since Jan. 1
'
STOCK
YORK
EXCHANGE
the
Friday
Oct
5%
Feb
Oct
59%
Feb
11
Oct
59
Feb
10
Oct
58%
Feb
10%
Oct
52%
Feb
6%
Oct
2378 Apr
Nov
258% Mar
Oct 14
145
11U July 20
1478 July 25
10
194
166
1
11
7%
6%
Dec
17% Aug
Oct
33%
Oct
2178 Mar
Jan
12%
Oct 13
69
Oct 14
49
Dec
Oct 13
34
Oct
83%
Jan
Oct
3934
Jan
55%
19»4 July 26
24
Jan 11
Jan 12
78
July 13
3%
28% Oct 10
23% July 19
60% July 5
Ex-rights.
8%
1%
85
Mar
Oct
87s Mar
Oct
52% Mar
51% Nov
1147s Mar
19
10
Oct
41%
Jan
50
Dec
75%
Feb
1 Called for redemption
Volume
AND
LOW
New York Stock Record—Continued—Page 2
147
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
STOCKS
Sales
CENT
Monday
Tuesday
Wednesday
Oct. 8
Oct. 10
Oct. 11
Oct. 12
$ per share
$ per share
$ per share
3 per share
*10
41
*10
*10
11
11%
41
4034
41%
41%
*133% 138
*133% 138
103
10334
10234 103%
103% 104%
*169
172
172
172
*169% 172
29
29
30%
29% 30%
2934
50
50%
50%
*48
50
50%
21%
2134
21% 21%
21% 22%
125
*110
125
*110
118
117
118
*116
S per share
Shares
*9
Par
11
42%
42
4234
4,900
103
104%
173
173
173
173
29%
30
30
30%
8,200
49%
5034
48%
49%
1,000
23
*110
125
*119
120
25
,No par
100
27
5% preferred
No par
V;
9
■t;
8%
13%
12
1334
13%
75
75
74%
6
534
584
*5%
*167
:
13
*8
8%
13%
13%
74%
!
834
9
9
*8%
9%
13%
13%
13%
13%
14%
9,400
13
14%
13%
75
75
75
1234
*72%
500
4%
*6%
4%
21%
5%
10
*5%
*167
500
10
6
21%
4%
41/'
4%
21%
:•
23%
7
*6%
10
500
•
22%.
10
10%
10%
17%
10%
10%
1034
10%
18
18
18%
18
12
12
12
*11%
12
12
4%
4%
4%
4%
4%
29%
4234
4%
2984
4%
1,900
1%
16%
16%
*16%
7%
7%
8%
1%
*1%
16%
*15%
7%
23%
784
7%
22%
23%
66
68
15%
1534
4%
23
1
68%
15%
4%
4%
39
39
*115
129
*115
26
26
26
38%
5%
*35%
5%
5%
36%
17%
*153
■
36
30
30
30%
17%
18
-
158
19
*153
19%
*67%
19%
68
67%
22
23
23%
6734
67
68
15%
1534
a?15%
4%
4%
4%
38
25%
26%
534
37%
3134
183s
158
26%
534
5%
37%
5%
4.700
$6 preferred
$5 preferred
18%
*153
69
17%
17%
20%
17%
17%
1,800
20%
34%
2,300
1,420
55%
57%
32,800
130% 131%
400
1934
20
33%
34%
52%
54%
5334
130% *130
131%
234
"*59
54%
60
*144% 147% *144
147% *145% 147%
32%
30%
3234
3334
32%
34%
*8
*7%
8%
8%
7%
8%
16%
16% •18%
14%
18%
19
24%
26%
2634 27%
26%
27%
19
19
*34%
37%
38%
38%
19%
20%
*111
114
17
17
*2%
38%
*34%
38%
39
38%
38%
38%
51
51
ClosedColumbus
21
1934
20%
19%
♦111
114
*11034 114
*3
1734
17%
*26%] 28%
*121%
27%
28
*26%
*
—
75
*52
*52
*52
75
47%
48%
46%
47
1084
1034
1034
1034
*6%
634
10%
11%
*6%
11
684
*52
75
6%
6%
11
11%
7334
10%
70
*60
*68
74
*68%
80
*68
7934
*68
7984
*35
36
*35
36
*35
36
89%
~
~
40%
60%
62
11 6%
'.11
22%
25%
634
11%
23
8
8
g 43
[43
*58
! 60
;
89
89%
8
44
*58%
60
43%
43%
*106% 108
-'8
•'■«
':'v; ■>.
63
62
117
7%
7%
*6%
334
4
*3%
♦2%
*2%
3
*2%
7%
4%
20
10%
8%
10%
11%
8%
8%
10%
79%
1*31
|*92
10%
10
33%
33%
33%
92%
92
92
21%
22%
1234
21%
*12%
33%
*31
17%
316%
16%
17
16%
17
4%
4%
4%
8%
11
21
12%
*12
3334
*31
1534
18%
18%
*94% 103%
*27
♦HO"
*7%
*70^2
115
"
8
76
115
*7%
*70%
21%
*29
*115
113% 115%
76
*70%
*7%
*70%
21%
_
7%
*70%
63%
17
17%
65%
17%
28%
17%
27%
20
107
20
20
29%
20%
Conv 5% preferred
Barber Asphalt Corp
5,900
1,600
4. •
-
17%
108%
29%
20%
20%
1,100
2,500
1,900
5,000
17%
*18%
17%
17%
22
22
*18%
22%
*48
54
*48
54
*48
54
*48
54
*48
54
26
29
26%
2934
26%
'
30%
27%
30%
Bid and asked prices; no sales on
this day.
<-
*
«.
26%
27%
Oct
Dec
2
Sept
Dec
30%
'
5,400
Boeing Airplane Co
a Def. delivery,
r
Cash sale.
Mar 30
July 19
:
>10
Oct
30
Oct
89
Deo
Oct
21% July 19
10
17% Oct 14
Jan 31
108
9
115
19
Apr
Oct 10
9%
13%
92
29%
9O84
9
30% Mar 12
115% July 18
Apr
Sept 26
85s Mar 29
15U Mar 31
2078 Mar 31
3084May 27
1284 June 14
75
9
July 19
7%
83
Jan 11
82%
24% Aug 24
19
Sept 14
15«gMar31
American
*
Ex-div.
Oct
Dec
Oct
Oct
Dec
Oct
15
Oct
Dec
65% Jan 11
41
Oct
17% Oct 11
29%
May 10
Oct
Nov
29
Mar
108%
37
Oct
2
Mar 31
I0i8 Mar 31
131* Apr 4
8%
Oct
Oct 11
19
54
1718June 3
9*4 Mar 30
changed from United
New stock.
98
9412 Apr 2
684 Mar 31
5
n
7
734 Dec
20
Nov
67
5
Bohn Aluminum & Brass
July
25
No par
Blaw-Knox Co
20,500
29%
X In receivership,
3%
90% Apr 29 zl00%Sept 12
Bloomlngdale Brothers.No par
Blumenthal & Co pref
100
b Name
♦
4%
,1384 Jan 11
36
July 21
118s Mar 30
No par
Best & Co
3,200
29
*20
26%
Oct 11
Jan 12
J uly 13
13% July 20
3178 Oct 6
9
50
Beech Creek RR
-
108
22
28%
Deo
Mar 23
109
Beldlng-Heminway
No par
Belgian Nat Rys part pref—
Bendlx Aviation
5
*18%
26%
Nov
101
10%
10i8 Mar 30
5
Beech-Nut Packing Co...-.20
223s
28%
38
3
23% July 25
5
No par
preferred.—...
100
Beatrice Creamery
25
$5 preferred w w
No par
'
Jan 21
2l5gMar29
1st
600
*18%
2634
Oct
Oct 14
Mar
12i8 Mar 30
Bayuk Cigars Inc
800
Mar 31
86
50
Barnsdall Oil Co
10
•
29
..No par
514% preferred
200
17%
27%
100
10
Barker Brothers
27,200
2,700
5% Mar 29
100
60
7%
19%
26%
(The)-.3
4% preferred
Bangor & Aroostook
20
12% Mar 30
2i2 Mar 29
No par
$5 prior A
76
1634
27%
39%
Deo
Oct
19%
17%
7%
6%
3%
20%
7%
200
17%
16%
2
Mar 25
Oct
1013s Sept
Oct
20
16%
1
2i8June
2
No par
109% Aug 11
9% Jan 10
48% Aug 8
Oct
17%
*19%
Jan
4% Apr
No par
6% preferred..
20
7% preferred
100
Bigelow-Sanf Carp Inc.No par
Black & Decker Mfg Co No par
62%
28
119
17%
64
107
62
3
Bethlehem Steel (Del) .No par
62%
17%
Mar 29
105
50
51,800
64
28
36
-100
63%
52%
17
No par
Beneficial Indus Loan.-No par
21%
18%
105% 106%
18
1,500
2,600
18%
53%
105% 105%
29
28%
27% July 20
22", 800
22%
18%
5234
6334
17
Mar 31
Apr 12
Mar 30
Mar 26
18%
5234
64%
2134
18%
54
105
17«4
101%
684
3884
22%
22
18%
17
Oct
114%
114
8
76
53%
104
Oct
9
8%
32
53
22%
5
11
17
16%
51
1834
18
8% July 7
14% Jan,10
Mar 31
17%
8
Oct
27% Jan 12
414 Mar 25
6% Mar 26
tAuburn Automobile.-No par
33%
76
66% Deo
4
.
120
Jan 14
...100
12
*7%
71
Baltimore & Ohio
*30
8
May 27
Mar 31
53,400
33%
*29
32% Nov
25,700
6,700
22%
1234
32
Dec
Jan 12
5
"21%
*29
Dec
42
2%
17
17
17%
16%
113% 113% *112% 11434
19
19
18%
18%
*98
*98
103%
103%
31
Dec
70
22% Mar 31
5
5% conv preferred
Atlas Tack Corp
93
18%
22%
1834
2734
*110
-
*
18%
52%
L 21%
S 51
t 6234
31
Nov
7184
15
1534
16%
Jan 22
83
33
8
36% Aug 10
89% Oct 10
8734 Oct 13
Jan 25
4% Aug 6
12%
*3184
16%
16%
16%
113
11434 *112
19
19
18%
18%
*98
103%
*94% 103%
72
Dec
12% Oct 13
22%
1234
21%
21%
12%
33%
11434 *112
*112
93
Mar 29
6% preferred.
140
33%
*80
92
73%Sept
Mar 30
Oct
58
9
Deo
Mar 30
*32%
33%
July
72
Aug
Oct
6
6
9%
33%
56
27
4%
2%
Baldwin Loco Works v t C--13
10
33%
Oct
75
Austin Nichols
8%
10%
*32%
*82%
30
11
Aviation Corp of Del
8%.
934
48% Oct
;
15,000
9
10%
Oot
Feb
12
.834
9
934
21%
20%
4%
Oct
96
May 12
Atlas Powder
400
4%
94% Jan 31
Mar 19
5
Dec
Dec
*52
230
1,100
93
57
100
100
Atlas Corp
3
4%
11%
12%
.11%
11%
10%
•:"
*19
20
20
4%
7%
22
11684 May
Jan 12
Mar 29
500
4
20%
234
20%
4%
31% Aug 8
121% Oct 13
Sept 7
7
July 19
Oct
2% Deo
7
4
....100
Refining....
25
4% conv pref series A...100
700
•
1
Apr
2t2 Mar 30
5% preferred
11,400
43%
3%
4
3
7%
4%July
Atlantic
117
*2%
7%
4
*7%
Mar 31
14
100
8%
.
Oct
Atl G & W I SS Lines..No par
62
117
7
Atlantic Coast Line RR—100
7,400
43%
43%
4334
Oct
19% Oct 14
6,700
13%
117
96
40
24
*61
10
6
.....100
23%
Oct
5
1
5% preferred
2,000
2,000
60
4
*16%
30
22,600
117
60"
116
*2%
*18%
1*31
60
-
108
39
2178 Aug
24% Mar 26
5% Mar 25
No par
Dry Goods
7% 2d preferred
40
8%
*27% Oct
24% Nov
11034 Sept
.
50
5
6% 1st preferred
200
89
*107
5
Constable Corp
Associated
79%
36
July 25
41% Oct 14
56% Oct 14
6% pref with warrants..100
$5 pref without warrants 100
Atch Topeka & Santa Fe..l00
200
12%
8%
.
8
1:1284
73
7%
10734
43
Aasoc Investments Co..No par
12,800
25%
12%
24%
Oct
Oct
2
No par
Artloom Corp
Oct
3%
6
July 19
7% J uly, 13
1184 July 19
Arnold
Oct
10
7% preferred
...100
Armstrong Cork Co...No par
1,400
11
7%
*43
4%
$6 conv pref
4,600
3,400
25*
2%
J8%
7
26
4%
10%
47
25%
116% 116%
20
Armour & Co of Illinois
Jan
Dec
72
25%
*7%
4
A P
8
82
Aug
Apr 6
Mar 31
97
Copper Mining
20
W Paper Co
No par
Jan
26%
Deo
25%
3% Mar 26
28% Mar 28
25
22%
Jan
73%
Oct
6884
103
26
11%
Jan
Feb
Dec
June 29
Mar 30
25%
6%
11%
22%
11%
10»4 Mar 31
Andes
2,800
2234
22%
10734 IO784
8
734
68%
Oct
57
3%
July 14
61
12
154
148
128% May
4% Oct
Aug 29
14
140
9% July 25
Mar 29
$6.50 conv preferred.No par
•
10%
105*4 Mar
Oct
43
May 26
-.25
104%
7% July 19
Mar 26
21
AnchorHockGlass Corp No par
500
75
Feb
Deo
20
60%
22%
25
29
$5 prior conv pref.
Oct
Deo
24
82
39
7%
Nov
116
60%
7
125
7% preferred
...100
Armour&Co(Del)pf7% gtd 100
59
12
Oct
Archer Daniels Midl'd.No par
39%
7
Deo
10
60
7
Nov
46
91
Apr 16
Anaconda W & Cable.-No par
25,000
«.
Mar
41
8% July 27
13% Jan 12
Mar 30
Anaconda Copper Mining..50
100
49%
89
Feb
58
122
700
n
39%
14%
19%
Amer Zinc Lead & Smelt
(('■■ 500
28
*86
-
48s Mar 30
103%
6%
36
1
Apr
3% Mar 28
"6
1
59
.
130
100
Preferred
12,600
38%
7%
*116% 117
6% preferred
100
60
7%
6884 Mar 31
314 Mar 31
235s Mar 31
40%
39%
25
Common class B
68
9
*50
89
8734
89%
*86
Mar 30
No par
87%
40%
10734 *107
*107
.89%
*86
68
No par
*59%
*.
39%
H25
89%
79%
25
American Tobacco
$6 1st preferred
73
7
36
36
Mar 30
American Woolen
6%
70
.
29
150
125s Mar 30
200
10%
10%
36
11718 Mar 14
20% July 21
14934 Jan 10
88% Aug 6
91% Aug 26
99i2Sept
111
Telep & Teleg Co...100
4,100
46%
10%
11%
10%
*70
Amer
300
8%
*52
15% Dec
7% Oct
Am Sumatra Tobacco..No par
3,200
6
Jan
24% Deo
500
41
49%
170
45% Mar
Jan 11
40%
-
16% Jan
87% Feb
72% Jan
29% Feb
101% Aug
31
82
48
46%
10%
4634
*68
*86
75
46%
10%
6%
11%
7334
*86
50
129% Feb
31% Deo
Oct
148% Aug 30
7
Feb
29% Mar
13% Jan
6884 Mar
Deo
Sept 14
82r
6%
5%
50
Oct
125
63%
400
6%
Oct
484 Mar
27% Feb
1784 Mar
58% Feb
15%
Oct 14
Jan
Oct
Jan
Oct
Aug
60
Jan 17
130
Am Water Wks & Elec.No par
27%
9%
140
12
3
11
14
31
207S
20%
35%
573S
136%
Mar 29
4584 Apr
Am Type Founders Inc..^..10
*103
Oct
20
4,300
27%
103
.103
Oct
26
American Sugar Refining.. 100
Preferred
100
60,400
121% 121% *12184
*121% ■-»'
*121%
103% *101
103% *102% 103
6
6
6%
584
6%
1 5%
50
*47
49%
49% 49%
50%
"•101
31
6,300
12%
3
80% July 20
Oct
7%
12%
3
Mar 29
Dec
3
19% Oct 13
165% Jan 12
227g Jan 15
Nov
26
11% Mar
Oct 11
147% 147%
7%
7%
3
Mar 30
24*4 Nov
100
Jan 18
*38%
39%
38%
40%
41% 132,000
40%
55
2,700
55%
56%
5134
9,500
19%
20%
2034
21%
*110% 114
*110% 114
18
1,900
18%
19%
18%
3
Oct
U84
1
3
Oct
19
39%
•'»>'
Oct
3
June 10
*34%
t
Oct
584 Dec
14% Oct
12
5,500
8%
14
No par
90
6%
5534 Mar
52% Mar
American Stove Co
89
6%
40%
8%
Oct
Oct
Oct
Oct
1,000
90
82
20%
32%
1%
22 %
87
6%
Jan
Jan
Feb
Oct 13
86%
7%
12%
Mar 31
Jan
21
10%
29% Jan 18
7% Jan 12
4178 Oct 14
37% July 20
Jan
Oct
2,000
146% 147%
147% 147%
Mar 29
13'4
68%
Jan
38%
58%
Oct
53
514 Jan 12
43% Oct 13
119
Sept 2
13%
Dec
684
14%
784
2%
35
87
7%
1134
100
Dec
155a Mar 31
6is Mar 31
86%
40%
Holiday
6% preferred
7,700
2,100
*80
Day
17%
3
3%
'
25
17%
17% July 25
Mar 31
103
100
^...
Oct
74i2 Jan 17
June 17
Mar 30
2%
Amer Steel Foundries.-No par
American Stores
No par
89
Exchange
Preferred
American Snuff
38,800
19
19
23
20
19
14
1434 Sept 28
718 Mar 26
22% Apr 1
28i# Mar 31
Seating Co.-No par
Ship Building Co.No par
Amer Smelting & Refg.No par
......
*105% 107
19
*18%
147% 147%
51
17%
3%
29
*27
*34%
51
51
51
Stock
147
147%
87
86
86
*86
86%
87%
88
89
88
89%
89%
90%
147
147
*144% 147% *143
147%
7%
7%
7%
>7%
7%
7%
11
1034
1034
1134
11«4
11%
*80
84
80
*80
84
80,
6%
6
6%
6%
6%
6%
38% 39
39%
38%
38% Jv40%
8 ai
8%
8%
18%
8%
8%
108
*105
105% 107
*18
19
147% 148'
60
2i4June
20U July
884 July
2514 Oct
Mar 30
Mar 29
58
100
Amer
600
60
*145% 147% *145% 147%
33% 34
3334 35
*8
8
8%
8%
18%
1834
*17%
18%
27
26
26%
26%
'
105% 105%
55%
*130% 131%
59%
59%
Oct 4
Mar 28
9
American
34
17%
19%
2
148»4 July
1
13i8 Mar 30
American Safety Razor..18.50
19%
35
17%
414% conv pref
Mar
8
19
25
68%
34
18%
American Rolling Mill
69%
17%
18%
pm
68%
35
146% 147%
—
69
20%
104% 104%
a»
67%
20%
68%
60
n>
mm
30,100
1,500
19%
17
*5834
im
18%
20;
60
'
19%
17%
*58%
158
*153
19
225
Oct
16% Mar 31
Am Rad & Stand San'y.No par
Preferred
100
85,100
19
18%
19%
158
19%
Jan
Oct
44
314 Mar 29
No par
18%
17
175
Jan 22
Mar 26
20
...No par
8,900
Oct
Mar 29
2% Mar 31
Amer Power & Light...No par
35%
99% Mar
Oct
5
Mar 29
99i2 Mar 30
No par
41%
33%
53.
46,800
5%
new
34%
20
130
6%
American News Co
520
40
1934
5334
26%
Oct
Nov
1234 Oct 14
5i8 July 19
2984 Oct 11
23
Jan
2
1284 July 20
"
100
29
80
May 26
10
No par
6% conv preferred
3434
17%
52%
Amer Metal Co Ltd
11,700
......
112
Jan 18
207g July
~
40%
32%
*129% 132%
1,700
434
43
125%
150
Oct
6% July 25
Mar 26
44
100
Feb
23% Mar
3084 Mar
33% Jan
2
Amer Mach & Fdy Co..No par
Oct
Oct
12
Amer Mach & Metals..No par
32%
158
*153
Preferred..
1,700
2,300
38
37%
32%
18%
31%
17%
16,800
Oct
Oct
30>4
U4
13«4
418
128s
No par
Jan
3384 Aug
Apr
Aug
11%
Dec
9
6% non-cum pref
100
Corp...No par
American Locomotive ..No par
104%
90
514 July
25% Feb 25
Sis Mar 30
Amer Internat
1584
4%
6
American Ice
69%
67%
15%
42
41
43%
*115% 125% *116
26
26
26%
39%
*119% 125%
900
3,900
8%
25%
Oct
8%
12%
10
50
Feb
5%
177
2% Mar 30
13% Mar 29
Home Products...1
500
1%
17
24
i
15%
4%
6% preferred...
American
1,300
71
684 July
Jan 22
American Hide & Leather....1
1,900
29%
43%
8
24%
67%
68%
1534
4%
39%
129
v '
Jan
Oct
86
I684 Jan 12
177
10
174
20%
s
Mar 29
.No par
Amer Hawaiian S3 Co
11,300
5
29
1%
16%
7%
1%
16%
734
|
12%
42%
1%
43%
1%
16%
•
1,100
29%
44
$7 preferred
121
Oct
July 19
83
Sept 28
4
Feb
Dec
984 July 19
M84 July 20
20
31% Feb
8O84 Feb
36
23&g Oct 13
110i8 Oct 4
1185s Aug 29
2% Mar 25
$72 d preferred A....No par
$6 preferred..
No par
7,000
43%
29
43%
2,900
18%
29
28
44
"
11%
z43%
1%
16%
28
44
*1%
23%
69
Oct
151%
15%
32% July 25
63
July 25
8% Mar 30
No par
160
Oct 13
Mar 29
68
100
Amer & For'n Power
14,300
1034
12%
4%
28
Amer Express Co
*17%
12%
4%
18
12
i
4%
4%
22%
11%
17%
V-
500
*167
4%
23%
17%
.
*72
10
6% 1st preferred
100
American Encaustic Tiling..1
Amer European Sees...No par
4,600
4%
22%
4%
22
6
*167
500
*167
American Crystal Sugar
170
5%
*6%
10
75
6
Oct
Dec
Oct 13
Mar 31
9
7
28
173
4% Mar 29
Am Comm'l Alcohol
11,400
13
12%
5%
5%
J(AIlegCo)25
Colortype Co
10
Corp..20
American
700
13
Highest
share $ per share
109
10518
88% Mar 31
13i2Sept 15
Am Coal Co of N
884
13%
per
1438 July 29
135
9% Mar 29
89% Feb 18
..100
American Chicle
$
share
per
4284 Oct 14
Aug 24
684 Mar 31
23% Mar 31
Apr 21
70% Jan 3
160% Mar 30
125s Mar 30
Am Chain & Cable In__No par
600
$
share
per
Lowest
Highest
114
100
American Car & Fdy
Preferred
«*«---*
«,«
1
100
Preferred
400
15,300
23%
22%
23%
125
117% 118
*110
Corp*
$
Shoe & Fdy.No par
5 bi% conv pref
American Can
10
104% 105%
118%
Am Brake
3,900
•
Year 1937
100-Share Lots
Lowest
b American Bosch
H84
413«
133% 133% *133% 138
125
*116
Week
*10%
*133% 138
*105
Oct. 13
$ per share
11
40
the
13
Oct.
On Basis of
EXCHANGE
Friday
Thursday
Range for Previous
Range Since Jan. 1
NEW YORK STOCK
Saturday
2351
Oct 14
Oct 13
20»4 Oct 14
19% July 25
20
Aug 31
55
July 25
35% Jan 17
30% Oct 11
14
Oct
85% Nov
22%
Dec
13% Nov
9
Oct
15%
Dec
50
Dec
16
Oct
21
Oct
B os?,h Co.
y
Ex-rlghts.
f Called for redemption.
NEW YORK
for
Oct.
Oct. 8
97
*1334
17
17%
17%
♦48&S
50
26
6%
12U
36%
3912
3912
6>8
12%
35«4
39'2
3812
*3
I8I2
35
35
1114
10%
30%
2034
*33%
1034
30%
22%
36%
10%
12%
11
12%
93%
5%
36%
11%
1234
92%
5%
92t2
534
43
43
4414
5
35
1414
.1412
1878
*23g
97s
1434
8%
*21
19
19
214
22
*8%
*12
23%
33,600
*33
36%
*34
36%
200
11
11%
11
11
12%
13%
12%
13%
15,800
93%
93%
*93%
5%
5%
5%
96%
5%
10,500
43%
360
1212
12%
38%
38%
18
18
1934
20%
5%
42%
4%
34%
21%
14%
19%
*2%
*8%
12%
8%
21%
4%
12%
*38%
18%
20%
51
*47
43
19%
8%
18
13%
39
18%
207s
20%
20%
20%
183s
18
18%
18%
171s
17%
173s
17%
*42
45U
634
67s
36%
834
*35
40
*7%
378
53%
52%
2338
22%
27%
27%
70
*68
23%
22%
458
5
*106% 107
10
10%
28%
68
6912
2334
24
434
4%
106% 106%
*9
10%
27%
99
53
52
11%
11%
45
95
25
44%
*94%
6%
-
107
10%
2434
24%
2534
*9%
H
42
42%
35%
3434
35%
35
13%
13%
%
*13
*%
%'
%
5S
1%
1%
16%
16%
3534
3534
35
3534
42%
35%
35%
36
1%
*9%
10%
*16%
16%
938
*1%
1%
9
*34
1%
134
*9%
11
*9%
16%
,
16%
16%
8%
9%
*46
45
45
79-%
9%
80%
9%
7834
9%
66%
*65%
*40
9%
66%
*9
66%
62
*49
4%
26
438
26%
111
111
*26%
*71
27%
72%
51
*49
22
*125
129% *125
*131
134%
14
.....
14%
103
103
36%
36%
10%
1634
9%
51
*70
47
73
19%
19%
—19%
19%
*19
19%
1934
*92
96%
*93
96%
14%
14%
34
*28
7%
7%
14%
*32
7%
Chick asha Cotton Oil
1,900
Childs Co
93
*62
22%
129% *125
*61
60%
*1,000
*1,000
35%
35%
105
*
27%
Oct
14% Mar
88
46
Oct
6
106
Mar
4
4
30% Jan 12
25% Nov
June 14
12% July 20
5
Oct
2
*40
Nov
38% Jan 17
89
Jan
5
31
Oct
% Mar 29
42
•
27
%Sept 15
1% Mar 28
1%
42%
1%
44%
44%
48
26%
27
£26%
27
1%
t In receivership.
7
Mar 25
Mar 29
3% Mar 30
May 31
Oct
Jan
2
Mar 24
Oct
60
5% July 19
July 21
27
10% Mar 26
Apr 7
15% Mar 26
115
106
Aug 31
28% Aug 24
19%
6%
Oct
33
Feb
28% Dec
45
Aug
% Dec
Oct
8% Mar
6%
Oct
27% Jan
22% Jan
15% Mar
12
Oct
3
Oct
36
Oct
2
Oct
17%
Dec
48
Aug
113
Jan
90
Jan
49
Oct 13
24% Nov
41
Dec
25% July 22
13% Dec
125
Jan
3
30
57% July
8
5
976
Sept 29
61
976
May
110% Dec
93%
Oct
56%
Jan
59
8i2
Oct
24% Mar
May
14% Oct 11
100
87%June 29
105% Oct 14
103
Oct
3% Mar 31
8% Jan 12
11% Jan 10
13
....—2.50
28,200
1% 146,000
7.600
27,000
cDef. delivery,
9
r
9% Jan 13
»
10
25%
£4%
82% Oct 14
z68%
64%
Nov
Oct
Dec
Oct
Oct
10
23
100
84
Mar 38
105% Aug 11
80
Dec
31% Mar 31
90
Jan 31
59% Oct 13
III
Aug 26
12% July 29
34
Dec
86
Dec
5
Oct
5% Mar 30
1
Mar 29
Solvents..No par
New stock,
65
16% July 19
May 16
Mar 30
67
Oct 13
55%
Oct 14
Dec
30% Dec
32
Aug
31% Aug
125% Apr
39% Jan
46% Jan
20% Jan
108
Jan
101
Jan
69%
114
801
120
Jan
Jan
Jan
Jan
21%
Jan
3
1
Oct
4%
Jan
Mar 31
8
Oct 14
34
Oct
75%
Jan
22% Mar 30
Common With & Sou ..No par
n
Jan
16% Dec
May
pf ser' '35.No par
name
Jan
29
50
28
May*ll
25
$6 preferred series
No par
Commonwealth Edison Co..25
Change of
30
8
57
^
Comm'l Invest Trust..No par
Commercial
5% Dec
112% Mar
45
Apr
51% Feb
27% Mar
Dec
June 30
35% July 19
1
5% Mar 30
3
Oct
98% July 25
1
Mar 30
27% Apr
preferred.No par
Jan
11%
22% July 19
Mar 29
53% Apr
98% Nov
26
Jan
Feb
7% Dec
16% Dec
10
13% Mar 29
Columbian Carbon vtcNo par
Columbia Pict v t c
No par
8
104%
62%
22% July 19
4% Mar 29
Apr
1
4
2d preferred
100
Columb Br'd Sys Inc cl A.2.50
June
5
No par
4%
170% Apr
3
5% conv preferred
20
29% July
132% June
Oct 14
142% Aug
Dec
Credit
48% Aug
Oct
Dec
4M% conv preferred
10% Mar
82
18
Class B____
Feb
102% June
19% Dec
95
conv
Feb
Oct
1
8
$4.25
3% Mar
10%
1%
38% Aug 24
^
Feb
Jan 27
100
11,200
Jan
7% Mar
6% Mar
13% Mar 31
Commercial
Mar
3% Mar
100
30
4
18% Mar
32
Dec
%
No par
preferred
Collins & Alkman
conv
Mar
4% Mar
13% Mar
1% Oct
% Dec
2% Dec
7% Mar 30
78
May 31
$2.75
100
76
111
Colgate-Pal moll ve-Peet No par
200
Feb
90% Mar
68% Mar
67% July 2
32% Mar 29
10i2 Mar 31
105% Mar
100
6
100
2,600
Feb
Feb
Coca-Cola Inter Corp..No par
c
•Bid and asked prices: no sales on this day.
July
2% Jan 12
12% Jan 12
19% July 26
10% Aug 6
Mar 28
12
3
No par
Class A
700
1%
42%
27%
9
4% 1st preferred
12,300
11%
Mar 30
Colorado & Southern
55%
10%
1% Jan 10
5% July 22
17% Oct 6
37% Oct 14
44
July 27
1% Jan 20
Jan 15
104% 105
59%
58%
10%
1% Jan 10
Mar 31
Jan
1
5
1
% Mar 26
Oct
48
July
6% preferred series A... 100
5% preferred
100
115
10%
10%
Oct
Dec
280
75
*110%
3
10
% Mar 28
1
Oct
1% Jan 10
5% Jan 10
15% July 19
8% Mar 31
8
%
2
4
% Aug 17
2% Sept 28
.
Dec
89
1% Feb 23
July 7
% Mar 18
1% Mar 23
Feb
•
63%June
74
1,700
59%
Apr 26
70
•
82
111
Dec
82%
115
June 18
22
Jan
86% Mar
23% Feb
58
82%
*110%
48% Mar
27% Mar 30
Columbia Gas & Elec.-No par
*110% 115
May
18
115
Feb 28
98,600
59
Dec
1
June
Mar 22
8%
55
Sept
34%
17% Mar 31
94
54
7%
55
95
3% Oct
18% Oct
103% Dec
100
100
54%
2
Feb
33%
*104% 105
Apr
57% Oct 14
12% Oct 6
92
*32%
54
54%
*104% 105
5S34
59%
104
Aug 26
Dec
33%
1%
3%
Jan
57
*32%
42%
27%
27%
Jan
Jan
6% July 25
Jan
74% July 19
32
1%
27%
24%
28
5
32
*65
Jan
Oct
59
34
7%
82%
290
19
June
48% Mar
Oct
4
100
800
40%
115
Dec
Mar
1,900
1%
Dec
52
80
14l*>
4034
Dec
19%
135%
21%
96%
67
1%
13
90
29% Oct 14
72% July 21
Feb
10
80%
*40
25% Aug 24
96
Sept
1
Oct
14%
10%
1%
Feb
105% Aug
41% May
11
18% "18%
10%
100
Dec
7% Sept 26
96%
...
Nov
97
46% Dec
14%
59
40
5
Aug
82% Oct 13
13% Jan 12
19
55
Jan
July 25
58
108% Oct
35% Mar 31
96%
*10334 105
4
129%
45
14%
734
9% Apr
191% Aug
2%
25
96%
7%
Oct
20
8%
Jan
Feb
35% June
Dec
No par
Preferred
6%
52%
102
Mar 29
10
14%
734
13% Nov
Nov
29
81"
8
Oct
90
97
June 24
6%
*18
Dec
37% Dec
Jan 17
Jan
17% Mar
61% Jan
18% Mar
Jan
100
100
99
19%
Nov
41 %
37%June
14%
*95
28
Oct
par
15%
*18%
Oct
4%
3
Sept 26
9% Mar 30
6%
8%
*6%
18%
61
Colo Fuel & Iron Corp .No par
26%
18
38% Mar
Dec
6%
8
5
No par
Coca-Cola Co (The)
540
105%
8%
67
10%
6,700
37%
6%
18%
Oct
44
No par
City Stores
Clark Equipment
400
102
8%
8
Dec
9%
Colonial Beacon Oil
29,800
6
77
11
«
1,500
69
10%
»
17%
76
*110%
-
17%
76
...
*
14%
*
17%
*65
*108
105
105
65
58
36%
37%
76
68
102
102
26%
17%
*7
19%
13%
14%
*
10
Jan
25
6H% preferred
City Investing Co.—
10
Aug 24
July 22
52% Sept
6% Feb
20% Jan
37% Feb
..5
Corp
City Ice & Fuel
300
Oct
June
Cluett Peabody & Co.-No par
1,400
Oct
96
Climax Molybdenum—No par
61
Dec
1
4
108% Aug 17
14
July 25
8% Jan 10
22
3,600
135
49%
Jan 10
Jan 11
12%
107%
par
11,100
129%
Jan
Feb
39%
Clev Graph Bronze Co (The).l
Clev & Pitts RR Co 7% gtd_50
w
48%
80
6% Mar 31
600
_
34% Mar
Oct
2
Clev El Ilium $4.50 pf.No par
,
91
Oct
Dec
Oct
No par
Chile Copper Co
Chrysler
Oct
18%
120
8
par
70
61
65
57
1,800
131
135
75
54%
93
1,900
22%
65
54
320
62
27%
111%
-
1,500
8%
4%
4%
26%
26%
111% 111%
*27%. 28
4%
100
82,300
67
*49
26%
76
104
8%
50
82%
66
62
76
53%
81
9
*61
104
*45
48
.
49.
634
19
1,300
9%
22
102
8
16%
9
47%
"l4%
*6%
10%
16%
Oct
36% Mar
9% Feb
33% Mar
2
6% preferred
100
Chicago Yellow Cab...No par
*9%
9%
18% Mar
Oct
4% Jan 12
107% July 25
5
100
16%,
22%
102% 102% *10134 10234
8%
400
1%
49
14
35
*1%
21%
*1000
14%
600
48
.
19
*62
135
3534
1,000
Feb
24
preferred
100
^Chicago & North West'n.100
Preferred
Jan
Feb
45%
3
5%
Chicago Pneumat Tool.No
$3 conv preferred
No
Pr pf ($2.50) cum div No
J Chic Rock Isl & Pacific
7% preferred
11%
39
99% Apr 11
7
Mar 26
100
10%
27%
*125
35
%
2%
48%
105
*102% 105
105
*102% 105
*
2632 *....
26% *__
26%
17
17%
173s
17%
17%
*16%
7
7
*6
*6%
7
8%
*734
8%
834
8%
*634
*111
134
14
<*%
*1%
1%
*4%
25%
4%
2534
600
%
*49
62
5,500
1,000
2%
65%
125
13%
42
65%
125
6034
42%.
42
9
133
6034
37%
66
133
*1000
37
82%
23%
129%
22%
17
Feb
5% July 25
6
Preferred series A
Jan
18% July
Mar 26
2
-
J Chic & East 111 Ry Co....100
6% preferred
100
^Chicago Great Western..100
4% preferred
100
Chicago Mall Order Co
5
tChlc Mil St P & Pac..No par
45%
35%
Oct
Oct
5%
18% July 20
Mar 28
19% Aug
No par
Cab.
Feb
July 25
8% Aug
12% Mar 26
46
Jan
13
65% Mar
2%
89
Mar 30
July
98
16%
42
2% Mar 25
62% Mar 31
98% Jan 3
29% Mar 31
100% Jan 4
Chesapeake Corp
No par
Chesapeake & Ohio Ry.—.25
500
4%
4%
16%
80%
8%
27
73
1,400
13%
36%
*42
80%
111
500
16%
*1%
*9%
16%
9%
1%
27
48
*60%
*60%
*1000
132
%
2%
1
1
4%
42%
%
*1%
43
111
27%
47%
23
4%
25
111
*70
4738
22
*49
4%
25
27%
46%
8%
65
62
4%
25
111
78%
80%
2,800
3,400
16%
*1%
%
4
1
1%
1
*4
42%
3%
1%
1
4
34
600
%
%
1%
1
4%
2%
200
900
17
.
2
4% Mar 31
34% Mar 28
63% Apr 14
12%June 13
-.100
Common
100
%
3%
1,400
1634
%
75
*%
*2%
%
%
1634
2
'23,700
1%
16%
42%
1,500
34%
%
1%
1%
2
42%
34%
13%
4%
43
42
%
1
34
Mar 30
May
117% Mar
14% Jan
12%
2%
10%
20%
21%
'6% prior preferred...—.100
13%
4%
2
Mar 31
Cham Pap & Fib Co 6% pf .100
Checker
Oct
10
Jan
45% Aug 23
8% Jan 10
42
July 25
Mar 31
1
50
42%.
4
1
*42
45
680
300
Oct
1%
6% Dec
Jan 17
50
24% Jan 11
51
Aug 8
16,700
4,000
Oct
Mar 30
95
10%
5% Dec
6
44%
29
Oct
15
4% Mar 30
10%
Oct
10%
26% Mar 29
%
1%
Oct
Dec
Oct
24
11%
3%
4%
.
2%
24%
2%
June 30
1
75
1
1%
76
35
13% Aug 26
pref—100
Preferred
Dec
2
Sept
22
Certain-Teed Products
36
4%
1%
Feb
41
Cerro de Pasco Copper.No par
13%
13%
%
25%
Mar 31
Central RR of New Jersey. 100
I
28
%
*3%
%
Oct
Mar 31
16,000
11
%
3%
....
28%
*3
4
Jan
6i2
6
44
*74
%
%
24%
458 Oct 14
95
24
*74
Oct
20
21
Jan
6
17% June 30
10
July 19
24
July 19
5%May 31
16% Mar 30
2% Mar 30
5
Jan
Dec
II
4% Mar 26
634 Mar 30
57%
12%
56%
12%
35%
99
*88
56%
15% Dec
34
3% Mar 31
99
102%
52%
22% July 25
3% Jan 15
Century Ribbon Mills—No par
54
Dec
23% Oct 14
16% Aug 6
Central Vloleta Sugar Co...19
*$8
53
21
5% Jan 20
39
July 25
634 Mar 29
14% Mar 31
1% Mar 28
1
Central B1 Lt 4H%
50
700
,
53
6% July 21
54% Jan 11
15% Mar 26
13% Mar 31
100
preferred
Dec
13% Oct 13
100
11%
42%
*13
5%
7
Feb
11% Oct 13
500
95
*3%
1234
97
Aug
34
23% Oct 14
41
Jan 24
3% Mar 31
9
110
106% 106%
10%
10%
44%
*3
Apr 18
5% Dec
Jan 13
37
5%
11%
%
Jan
zl6%Mar31
10% Mar 29
27«4May 27
5% Mar 26
5% Mar 31
7
43%
3
Jan
5% Mar 30
*5
12%
4
Jan
38%
1% Mar 25
3% Mar 26
*6%
95
%
8
5%
44
4
Oct
7%
11%
3
Jan
1
3
2% Jan 13
10% July 8
13% Jan 13
*5
95
%
47
*6%
43%
3
Dec
3
4
95
4
Feb
28
Feb
82
Central Foundry Co
*9%
%
53%
Central Agulrre Assoc..No par
35%
3%
Dec
No par
Celotex Co
8,500
4,800
42%
3
preferred
prior preferred
4,400
10%
Day
Holiday
99
Feb
22
Mar 30
'.100
7%
5
107
Columbus
59%
Celanese Corp of Amer.No par
100
24%
10
■
5%
.
29,100
29%
No par
100
69
4%
434
1
~
«
-
100
Preferred
Caterpillar Tractor
69
12%
4534
..
»
Oct
6
100
Case .(J I) Co
80
95
18
No par
1
Carpenter Steel Co
i
Carriers & General Corp
7,000
24%
7%
23%
Feb
Oct
83 preferred A
10
Carolina Clinch & Ohio Ry 100
24%
4%
5
95
1
Canadian Pacific Ry.—
700
107
24
Oct
7
37% Apr 29
3,700
56%
Dec
2%
100
25
1,100
3%
116
55
28%
44
*77
17%
99
15%
8%May 27
12% Mar 30
*80%
3%
Oct 14
8% Aug 24
13% Oct 13
37% Aug 26
40% Aug 26
40% Aug 8
Campbell W & C Fdy.-No par
Canada Dry Ginger Ale
6
50
17%
27
Mar 26
5% Mar 30
83
.
Mar 29
-1
Calumet & Hecla Cons Cop..5
12,600
„
Mar 23
28
—50
Canada Sou Ry Co.
6%
15% Mar
Callahan Zinc Lead
Capital Admin class A
*89
52%
1
13,900
Jan
50% Aug
13
25%
43%
*5g
30,800
2,800
28
Oct
15% Mar 30
69
10
34%
18%
Dec
No par
preferred
Jan
36% Aug 26
4% Jan 10
.18
1
24%
Closed—
41
*77
10
16
22% Dec
May 31
Mar 26
Cannon Mills
29
*94%
26%
*10%
42%
24%
5%
18%
Aug
No par
Byron Jackson Co
California Packing
»
-
4,000
25
1234Mar30
5
60
*104
5234
11%
.
2
Dec
5% Mar 31
..No par
Participating preferred-.100
500
24%
28%
Exchange
3,200
20%
11
4
—30
500
116
93
1,200
14% July 19
19% Jan 12
Byers Co (A M)
120
19
2
3
5% conv preferred
Butte Copper <fc Zinc
8%
55%
107
6,800
June
14
JBush Term Bldg gu pf ctfs 100
10
38
3%
24%
15,800
46% Apr
2
Butler Bros..
42%
97
Stock
4%
13%
40
Oct
100
*40
18%
54%
400
39
16% Mar 31
No par
*36%
8%
99%
5%
*88
99
*88
5034
80%
2,400
45%
6%
Co..
J Bush Terminal
310
13%
8%
93
Oct 14
Mar 26
Debentures
22
Oct
52
15
Burroughs Add Mach. .No par
700
,
76%
5
25
69
24%
*5
7%
3%
69
106% 106%
*8%
10
5%
*42
6%
93
24
7
5%
17%
*104
24%
69
4%
18-%
*113% 116%
27%
634
7
6
*5%
*90
27
9%
18%
45%
2%
51
1%
9%
18%
17%
93
*88
91
7%
7
23%
24%
23
*89
93
1%
97
107
*101
*104% 107
*104% 107
*47
18%
42%
54%
54%
51
4%.
13%
39
80%
*113% 117
54%
20%
8%
*20%
4%
13%
38%
18%
20%
8%
Bullard
share
6
Jan
9
No par
No par
No par
Bulova Watch
per
Apr
75
Burlington Mills Corp
$ per share
40
100
preferred
Budd Wheel
9%
12
13%
21%
38
4
96%
95
19%
*8%
*3612
7%
80%
18%
*3%
4
95%,
117
117
*113% 118
*88%
17%
334
£94%
10112 103
51%
17
1658
17
378
*16%
80%
18%
2%
2%
10
*40
40
83%
15%
6%
8%
*7%
40
40
*80
80
80
36%
8%
.
23%.
14%
7%
Highest
Lowest
Highest
$ per share
100
Oct 11
share
No par
—100
preferred
Budd (E G) Mfg
3,400
2,700
2,600
7,900
11,600
35
23
*42
6%
36%
6%
36%
36
40
36%
*714
684
658
,
45%
*42
4534
35
15%.
7%
180
5
22%
19%
900
r
3,300
35%
9%
18%
*42
4%
17%
18%
1678
5
18%
9%
9
18
43
43
1%
1%
134
1%
9%
8%
4%
*47
51
1*4
2034
4
4%
*1812
8%
2034
4%
*48 ;
21%
1434
834
1238
87s
22
22%
10
13%
383s
178
9
22%
*8%
13%
4%
51
32%
*2%
13%
39%
18%
1%
*30%
15%
19%
2%
4%
*48
31%
10%
31%
34%
1214
393«
6,300
34%
21%
21
2
10%
*8%
10%
4%
85$
21
1,200
40
10%
2%
10
14%
14%
4,500
8%
35%
2134
15%
19%
34%
21%
22
100
3%
27
93%
'
*41
5
'i
200
13%
900
4%
484
39
*1%
8%
12lg
5%
40%
2
3168
21%
*33
'
36%
40,
*37
8%
11%
214
9
8
13%
35%
40
*134
10%
*8'4
*1234
834
700
6%
13
40%
40
*37
9212
•
40%.
2
8%
18%
5
36%
39,400
21,300
11%
18
35
13%
34%
31%
*21
2,500
3%.
26%
6%
26
36-%
40
11»4
43
6%
2
6%
12%
35%
39%
*39%
*1%
*3%
26%
3%
*3
353s
3312
5I2
8,200
*13%
per
82
Class B
15,41X1
12%
35%
11
117b
17%
35%
12%
3312
*90
17
34%
3%
26%
12%
11
11
17%
12
9
812
13%
35%
26
*1%
*8%v
100
16%
34%
13%
17%
35
13%
40
52
51
51
No par
No par
Bond Stores Inc
—1
Borden Co (The)
15
Borg-W&rner Corp
5
Boston & Maine RR
100
Bower Roller Bearing Co..17
cBrewlng Corp ot America..3
Bridgeport Brass Co.—No par
Briggs Manufacturing. .No par
Brlggs & Stratton
No par
Bristol-Myers Co
5
Brooklyn & Queens Tr.No par
$6 preferred..
No par
Bklyn-Manh Transit..No par
$6 preferred series A.No par
Brooklyn Union Gas..-No par
Brown Shoe Co
No par
Bruns-Balke-Collender. No par
Bucyrus-Erle Co
5
$
A
Bon Ami class
70
*13%
1634
6%
*37
*95% 100
£51
6%
39%
Par
Shares
$ per share
100-Share Lots
Lowest
Week
14
49%
49%
3334
63s
Oct.
13
$ per share
99
£99
6%
'
2l8
*2
% per share
312
26
34%
2632
Oct.
On Basis of
STOCK
EXCHANGE
the
Friday
Thursday
12
100
100
1334
17%
35%
1334
3514
3%
34*2
*3%
*26
Oct.
11
$ per share
97
50
97
49^8
14
•9514
Oct.
10
$ per share
$ per share
Wednesday
Tuesday
Monday
Saturday
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
RE,
1938
15,
Oct.
New York Stock Record—Continued—Page 3
2352
from Peerle
ss
*
Ex-div.
Jan
Corp.
Cash sale.
2
v
Ex-rights.
5 Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 4
147
HIGH
SALE
PRICES—PER
SHARE,
STOCKS
Sales
CENT
NOT PER
NEW
fOT
jur
Saturday
oa
Monday
8
Oct. 10
$ per share
*6
8%
*8*4
9*8
70
*81
86
Oct.
Oct. 13
oa. 14
$ per share
8
*634
7*2
7*2
7%
28%
28%
2834
9*2
1034
10
9
153$
*884
93s
9*8
*68*2
70
*81
86
68*2
9*8
68%
84
84
9*8
*1*2
134
*1*2
134
1%
134
1%
878
8%
834
834
884
8%
9
29
29*4
102
102*4
6
65g
87S
*334
;v;. 9
30
30
29*8
10178 102*4
63s
678
9
834
6%
V-
334
37g
884
8%
378 '•MA-
4
4
4
3%
*16
21
*16
89
*88
4
*4
16
16
*15
.*88%
90
20'
90
91
,17
1678
95%
1734
21%
20*4
21%
44*2
*110
*»'
•
»
—
10*2
347g
35*4
3434
111
28%
1%
29
1*4
27*2
18
18
1838
51
26
478
43g
114% 114*2
26
26*4
9*2
*33
*35
34
35*2
*33
36
13*8
13*2
.133g
1384
8478
85
*84
37
38
36
35%
84
Apr 12
116
115
1,100
26*2
9*2
1,300
1,400
36*4
5,000
*9
35*4
*34
38%
36
36
13*2
13%
13%
88
8434
86*2
200
39*2
38*s
39*4
9,700
13
84*2
3838
*84*4
38%
84
*80
*80
58
58
58
%
**2
7*2
8
8
8%
5%
6
584
6
*%
8%
8%
8%
820
5*2
5*8
5*2
5*8
5*2
7,800
72
73
73*2
7412
74
1734
1734
177g
1758
1734
*17:
73s
7*8
738
7*4
7*4
7.
50*2
5078
51
74
5%
5*2
51*8
534
25
24*2
2478
81
*70%
*72
83
90
.558
*71
*43
*43
257g
2578
6i2
93g
1938
9*4
14
*2338
21*2
8*g
*1%
*105
24*4
*14
I84
*23
15
1478
1®4
*1*2
*1%
5%
2734
7
32,600
81
•
54,500
25*4
mmmmmm'
-
-
28
27*4
7,000
7%
*15
10
mm'
500
18%
100
*634
16
m
-
10
9*2
*108
5,300
20
mm
207s
24*2
24*2
v24»4
21%
2434
15
15
900
20*2
21%
*1478
20-%
15*8
Day
21*4
12,600
7%
77g
7%
77g
9,500
.
134
Holiday
184
*1*2
Cushman's Sons 7%
$8 preferred...
Cutler-Hammer Inc
4% Mar 29
13*4 Mar 29
*3
5
*3
4
*3%
5
978
*6
97g
3534
*6
97g
*6
978
36
35
35*4
330
Devoe
30
*29
30
600
35i2
35
41
2934
4034
40*2
9*2
41
36
2934
4034
30
*29U
.
9%
9*4
173s
3534
r29%
*9U
934
1678
*76%
1738
17
83*8
1234
*77*2
80
1658
*78
*12
1278
*12
*12lg
31
3234
31
31
24*4
24*2
32*2
33*2
32
6*8
5034
5178
*6%
6*4
5058
51*4
137
'•
•
6*8
13584 136*4
*19
2134
21
21
*1078
*45g
11*2
10*2
11
*10*2
142
11
12
12
*111
115
143*2
*13718 138
6*8
6*8
6*8
81
400
12
12
100
Dlxle-Vortex
540
31
31
31
24%
2378
32*2
24*2
33*4
52*4
22
*11
12
115
*111
115
*111
115
144% 148
117
6'
117
6
6*8
179
171
22
22
171
*170
22
22
:> 22
4*8
4*4
4
4
333g
33
171
22*2
4*4
32%
3334
32*2
33%
9*2
97g
3
3
878
9*8
9
3*8
3*8
3
171
10
117
136% 136%
*116
115% 11534
180
4*4
145*4 147*4
135% 135%
136%
117
115% 115%
100
117*2
115*4 115%
6
14",300
500
300
240
6*8
1797s
6*8
1,900
17834 1797g
3,900
171
170
171
200
2i%
22%
5,100
4%
4%
33*8
3378
3234
43g
3334
1,900
18,500
9%
10%
10
10%
41,500
284
-
22%
4%
•; 278
3,700
25
1
No par
8% preferred
100
Du P de Nem (E I) & Co. .20
6% non-voting deb
.100
Duplan Silk
32*2
34
33%
33%
*1®4
25*2
178
*134
17g
200
2634
6,200
6*2
6%
44*4
6*2
109
6%
61%
26
25*2
45
*437g
109
*108*2
634
46
mm
m
300
m
50
7
32,200
64
400
6*2
*59
60*2
60*2
61
*60
61%
*62
*63
64
64
64
*63
65
*63
65
65's
66
400
*63
68
66
66
*66
68
*66
69
69
69
200
2
2,100
63
5% preferred.....
Engineers Public Service
preferred——No
preferred w w..No
$6 preferred
No
Equitable Office Bldg..No
2
2
2
2
2
2
2
2
3
27g
534
3
27g
27g
3
6
278
5%
534
234 v,278
5*8
5%
3*4
278
3
3*8
1,200
6
*3*4
*60
"5"
"5"
1358
137g
1658
165s
5
6
358
63
5
13*4
14
16
16*2
5'8
3
*60
64
39*4
3834
*106
*106
■rm'mm
*106
39
37%
m
*106
*106
'
mmm
mm
4,200
mm
31
32*78
3234
33*4
3134
32*4
32*2
33
3278
33
V, 600
*12
12*2
1234
13
13
13
13%
13*2
13*2
14%
1,200
81
81
70
117
117
600
76
78
*76
80
*76
80
80
80
100
100
110
110
*111
115
115
115
*100
*95
*95
"
*95
mmrnm
5*8
5**4
5*4
5*4
5
5
378
37g
37g
378
134
334
134
378
1*2
1*2
1*2
5*8
*3%
134
•
25
25*2
*90
91*2
35
35*4
21
21
*
25*2
*90
26*2
91*2
35*2
35*2
*18*2
24*2
2634
27%
89*2
34*2
90
*19
34%
24%
Bid and asked prices; no sales on this day.
134
2734
*88*4
3334
*19
•••
-
-
*95
*>
5*4
5*8
4
3*2
134
1«4
2834
283j
91
89%
34*8
24
122
Jan
Feb
1185s Sept
6
117
5
107i2
109i2
7is Jan 12
181
July 25
Oct
Oct
Oct
171
I In receivership,
m
5*8
3*2
178
29
34*4
*19
mm
89%
34%
24
a Def.
mmmm'"'m
1,600
600
4,600
5,400
300
4,700
10
delivery,
Nov
198
Aug
164
Nov
150
Apr
Dec
34l2Sept 13
147g
Dec
Mar 30
1058 Jan 17
334
358
6i8
Oct
Oct
16
7%
Feb
Oct
Jan
Jan
5
Mar 31
Feb
3
6
5
4
234 Dec
Jan 11
37*2
16
45i2
Feb
Mar
Feb
Feb
2
2
27
Oct
2658
9214
24
Oct
87
Jan
Oct 10
22
Oct
44i2
Jan
1384
45%
4134
34%
July 20
2
July 20
26
July 7
Oct 13
45
July
July
109% Sept
"HIY
Oct
29~~~Jan
33
Nov
60
Feb
7
1
100
Nov
115*2
JAn
3
Oct
1734
78U
Jan
63
Oct 13
41
Oct
Mar 31
66
Oct 14
45
Nov
81
Feb
Mar 29
69
Oct 14
51
Nov
86*2
Feb
934
Jan
7
July
278 Jan 11
6% Jan
884 Jan
6i2 Jan
3
6
6
Oct
7
21
234 Mar 30
2
June
50
5
62
Oct
*
.
2i8Mar 26
678 Mar 30
Apr 11
52i2 Apr 5
67
100
Cash sale
Jan
Mar
144
.1514
100
Co 100
Preferred
100
Federal Motor Truck..No par
Federal Screw Works.-No par
Federal Water Serv A.No par
Federated Dept Stores.No par
Fed Dept Stores 4 M % pf—100
Fidel Phen Fire Ins N Y..2.50
Fllene's (Wra) Sons Co.No par
r
Nov
17
Apr 20
2338 Aug 25
5.'% July 25
Jan
1 s4 June
Federal Mln & Smelting
New stock,
112
115i2
Mar 23
1*2 Mar 29
%6% conv. pref
100
Fajardo Sug Co of Pr Rico—20
Federal Light & Traction...15
n
2i2
46
pref—.100
preferred
Oct
Jan
40
Fairbanks Morse & Co-No par
S6
Jan
10
2i2 Mar 29
38% Mar 31
Exchange Buffet Corp .No par
Fairbanks Co 8%
17i2
Oct 10
ISO's
135*2
39%
60
Jan
Oct
12
Jan
Oct
387S
3934
38*2
39
385s
500
Jan
8%
Nov
10% Apr 9
-Tig Mar 31
3i2 Mar 30
19i2May 27
106i2Sept 16
22i2May 31
3,000
39%
Oct
Nov
3
1578
17S
7*2
1%
*7
7%
Dec
1%
98
Ex-Cell-O Corp
1%
1%
1%
*634
55
8*4
14
130
7%
16%
758
Dec
July 19
714 Oct 14
24% July 19
106
5*4 Mar 31
16
178
21
1238 Mar
77*4 Jan
14384 July
Oct 13
5
16*4
178
Deo
Oct
79i2 Nov
Jan 27
Evans Products Co
5
5
26i2
7
1371s Mar 10
Eureka Vacuum Cleaner
1334
*6*2
2d preferred
14018 July
Jan
148
1,500
14*8
1'8
4%
25l2 Oct 6
3478 Aug 16
8*4 Jan 20
54i2 July 25
60i2
115
5,400
13%
75s
Mar 26
5
5
13%
5*8
Mar 30
14*8
16%
178
7*2
5
*7
*5
Feb
17
par
Erie & Pitts RR Co—
13%
16*4
*T34
3*8
Oct
Apr
94% Apr
1,800! JErle Railroad
100
4% 1st preferred—.....100
1,700
35g
Feb
16i2
Mar 30
33
par
par
2
6
Mar
2l34Mar 31
t2 Mar 26
par
2?8
*3*4
96
6
100
1
$5 conv
Mar
13*4Mar30
preferred
No par
preferred..
..No par
Elec Storage Battery ..No par
Elk Horn Coal Corp—..No par
El Paso Natural Gas....—-.3
Endlcott-Jobnson Corp.!—50
26
Feb
Apr
29
4114
4634
18
323s
178
4018
23
Oct
25
$7
12,800
3,500
2,200
10
Oct
Oct
Deo
Oct
$6
91,300
534
Jan
May
May
76*8 Feb
36*2 Feb
30
Oct
2% Sept 14
6i8 Mar 29
22i2 Mar 31
127g
44*4
22
Oct
Dec
Oct
2
3
39*4
33*2
25*2
3914 Feb 28
146i2
12i8
2912
6
Oct
15
10% Mar 30
Elec & Mus Ind Am shares
44
.
784 July
Oct
Dec
6
157
4
12*2
44*4
*108*2
134
8858
Jan 12
478 Jan 24
1
3
314 Mar 31
121% Mar 31
100
3778
33*4
*
108
27
109i2 Apr
11134 Jan
Eltlngon Schlld
N.o par
Electric Auto-Lite (The)
5
42
Jan
Apr 23
,90i2 Mar 31
No par
Electric Boat
29
13034Mar31
Duquesne Light 5% 1st pf.100
5
Eastman Kodak (N J).No par
3778
-
Nov
3184 Mar
Oct 13
102
Eastern Rolling Mills
42*4
2534
Jan
27
Jan 12
6i2Mar25
l«4May 6
8% Mar 28
No par
12*4
45
109
Jan 12
15
ANo par
36*4
25*8
Oct
19% Nov
2058 Nov
"9612
17
8778 Jan 27
4,1
.*44*4
1
Jan 20
81
31
12*4
2534
Jan
Feb
34
No par
4078
45
Mar 30
No par
,36*2
33*2
1%
2584
18l2
24
65%June 17
No par
6% cum preferred
Eaton Manufacturing Co
Oct
Oct
Oct
8% Sept 26
2884June 2
No par
3534
108*2 108*2 *108*8
6
6*4
6*4
Oct
1878 Oct 14
39%
*43
Jan
Feb
III4 July 29
Mar 18
3934
1«4
86
62
27
6
2514 Feb 25
11
36
*33
2334 Mar
2058
12i2
Oct 13
Ltd. No par
5% pref with warrants.. 100
Distil Corp-Seagr's
34*2
17S
2884 July 25
884 July 20
Oct
Nov
18*4 Nov
Aug 20
Dec
24
Oct
Oct
8*8
5418
I8I4
11*4
38*2
•34*4
Deo
2
Feb
109i2 Jan
883 Mar
30
34*4
178
Mar
Oct
38*2
178
Jan
43
Oct
Oct
38
1134
127
Dec
39i2
1078 July 29
34*4
11*2
234
458June 11
Electric Power & Light. No par
3*8
12
Dec
4
41
$4.50 preferred
Jan
12
30
278
12%
11
Oct
173s
143s
Jan
234
July 19
Mar 30
,
Jan
Oct
5
Class B
Mar
3
3
3
Dunhlll International
8I84 Mar
135
70
5
Dresser (SR)Mfg conv
10834 Apr
Deo
i2
Jan
Diamond T Motor Car Co—2
900
3,800
*11
142*2 14434
137% *135
700
•7*4
12
7
2
1134
*11
Mar 31
4%June
6%
Dec
Oct
25
Douglas Aircraft
Dow Chemical Co
47% Jan
25U Apr
' Nov
3U2 Jan
Co
Jan
Oct
80
2fj88 Oct 13
16
56i2
Dec
Deo
21
Jan 17
Jan
Feb
July 14
2158 July 18
8I4 Aug 11
56
Aug 10
48
;
58*8 Mar
Dominion Stores Ltd.-No par
11*4
6
12
179
22
11%
8i2
57 is
24% Mar
1078 Feb
5
300
30i2
80
Jan
Feb
Oct
27% July
18,900
2,000
34
Oct 14
6
2834
10078
Oct
Dome Mines Ltd...—No par
634
Jan
1478Julyl9
87
Jan
Dec
Oct
12
53%
37
36
94%
114
13!2
6i4
37
5
Doehler Die Casting Co No par
*534
6i2
86l2 Oct 14
443s Jan 11
Feb
Aug
115
28% Nov
3978 Jan 17
56%
Dec
8
1,800
10,200
5234
134% 137
22
22*4
22
5*4
5*4
171
*168'
7
53*4
135% 137
179*2 180
179*2 180
33*4
*6
15,600
21
9
2034 Jan
Class A
32*4
.
6
*111
6*8
81
1234
31
32%
*11*8
*115*4 118
*116*8 118
115*4 115*4 *115*4 116
81
934
24*4
2384
5
142*2 144*2
137
80
52
51*8
133
135%
*21
21%
*10*2
11%
5
115
*111
5
5*8
17*8
97g
1878
500
18
*9%
1734
*12%
•31
6
400
2638 Sept
10% July
Feb
71% Jan
171*2 Jan
10% Mar
Nov
88%
.No par
6% partlcpreferred
39*2
9*2
1234
22*4
41
Oct
22l2 Nov
Oct
July
13
78 Aug 23
preferred...
-—100
& Raynolds A ..No par
39*2
*39%
80
31
25*4
33*8
31
*24
35*4
29*2
2978
40*2
9*4
1634
3
Oct
Apr
77'
15% Jan 11
Mar 31
2i8Sept
Det & Mackinac Ry Co—.100
5%
5012
153
49
35% Mar
23% Aug 8
8% Feb 25
2i2 Jan 10
76
100
Diamond Match
*6
10
Oct
9l2 Oct
4634 Nov
514 Jan
IO984 Feb
69% Jan
108i2 Deo
25s4 Jan
4284 Jan
378 Feb
Mar 30
tDenv & R G West 6% pf-100
Detroit Edison..
111
4
Oct
24
Jan
7t2 Mar 29
4
4
Oct
%
514 July 25
25
9
Delaware & Hudson
4
Deo
23
42l2 Oct
116
1934 Mar 29
10
.—100
Diesel-W emmer-Gllbert
Jan 12
7034 Oct
170i2Sept 14
109
Delaware Lack & Western..50
*106
97g
35*2
eUJune
—20
Preferred
June 30
134 Jan 15
3534 July 25
19% July 25
3
1334May 27
102i2 Jan
Dayton Pow & Lt 4 H % Pf-100
Deere & Co
No par
110
100
Mar 31
—.5
.25
Davison Chemical Oo (The)
*105
■
18
Conv 6% preferred
4
135
pref.. 100
No par
Davega Stores Corp
107
/
8
13*4 Mar 31
107
111
June
3*4 Mar 30
1258 Mar 30
48*8 Jan 11
No par
200
1%
*1%
*105
41,000
35
———--1
Class A
Mar 29
58i2May 31
12
May 25
438Mar 31
50
(The)..No par
Preferred..—-—;
-No par
Curtl88-Wright
107
*3U
*6
.
25%
700
50*2
Columbus
2034
734
7*2
534
21*8
147g
1978
8
7*2
51
19%
24*2
3
Curtis Pub Co
*108
20
2138
20
!
934
Closed—
108%
Packing
Cudahy
Apr 8
88 June 30
5i2Mar 31
100
Preferred
1,500
2,800
678
934
9*2
19*2
No par
Cuba RR 6% preferred.—100
Cuban-American Sugar....10
7*4
Mar 29
19*4 Mar 31
70
(The)
17%
*44
16
Cuba Co
58
100
Preferred
7*8
49*2
5*2
24%
90
26*4
No par
Corp
5
$5 conv preferred. ..No par
Crucible Steel of America—100
*16%
*71
Exchange
2158 Apr 5
5U Mar 31
2214 Mar 30
29
Apr 13
25*2 Apr 1
7i2Mar 29
No par
Pref ex-warrants
7%
81
Stock
Jan 31
Mar 31
Crown Zellerbach
.690
75
74*2
19
85
No par
17*2
*44
mm
16
*108
20*2
75
.
*71
2678
6%
658
*15*2
10*8
1978
14*2
203s
758
mm
25%
6*2 V
,16*2
*108
20*8
2458
*23-%
2578
6*2
*15
16*4
108
-mm-m
5*2
2434
81
*43
■
25*4
6*2
9%
108
^
51*4
53s
2438
*15
*49
24
51
5*2
24
600
8
*714
17
%
*-%
8*2
8*2
5*2
72
'
%
234 Mar 26
1
49
56
25
Crosley Radio Corp
Crown Cork & Seal
200
80
80
85
9,200
Mar 26
.100
Co
No par
400
36
'
*8
5
5% conv preferred
Cream of Wheat ctfs
38*2
-
1
Coty Inc
Crane
June..
2114 Mar 30
7gMay 26
21i4 Mar 30
$2.25 conv pref w w..No par
*34
*33%
13*4
84*2
79
79
9*4
52,300
36
3734
88
4078
*26*8
36
9,100
5
434
26
35*4
"
*75
Apr
1284
38*2
37«4
Oct
162
38*2
■
Dec
5i2
113i2 Sept 30
1178 July 26
36
July 25
x53
9
9*8
*33
40
365s
38*2
37%
10678
7
"
Jan
25
26
26*4
9
9*2
35*2
Jan
100
40%
Apr
Apr
Aug
Jan
Oct
5234
5
Apr
65
7034
39%
41*4
112
113
Oct
284 July 16
10312 July 25
Apr
478
41
40
7
Apr
6
Preferred
13
Jan
3784
107
Corn Products Refining
Feb
378s
40
4,800
13*2
Jan
108
Oct
Corn Excb Bank Trust Co..20
jimmmmm
Oct
Nov
Oct
260
«
314
92
Jan
Oct
52
m
Deo
1
52
m
21%
Deo
10
70%
14
5
13
I8S4
4978
7i2
Continental Steel Corp.No par
m-
Oct
534
IOS4
1,600
6934
4U
"
7984
18%
*169
Oct
Oct 13
18
*169
Oct
1
1734 Oct 14
70%
70%
Oct
63
91
1834
5134
m mm+*
Mar
65
H4 Mar 29
65i2 Mar 31
36% Mar 30
20
Continental Oil of Del.-
Mar
95
5
17
11
13
2678 July 27
•
..No par
Motors
87
Oct
867s Aug
178 Jan
91S Oct
3178 Oct
10234 Oct
738 Oct
1034 July
7i2 Jan
5% Jan
Oot
52
'
Jan
Oct
20,700
18*4
;
July
1878
Oct
28*4
*17*4
.,,
Jan
26
3
Mar 31
27%
18*2
v
10*8
34*2
22
Oct
Oct
484
•26
8% Mar
100
$4.50 preferred
Dec
Apr•18
984May 27
No par
Continental Can Inc
Dec
578
25s
78
Continental Bak cl A ..No par
mmm'mmm
7i2
8
16
Consumers P Co$4.50 pfNo par
Container Corp of America.20
preferred
share
12
10
8%
Dec
Jan 12
,
100
Class B
per
19i8 Feb
45i2 Mar
19U Jan
Oct
4i8
20
22
2i2Sept 14
2i4 Mar• 19
Consol RR of Cuba 6% pf-100
Consol Coal Co (Del) v t c__25
5% preferredvtc
Oct 14
1778
105s
1314
5284
92i2
Mar 30
7
No par
Continental
28
*16978
43s
4%
4*4
40
42*4
4212
114*2
114*2 115*2 *108
Consol Oil Corp
5,500
27*4
18*4
4*8
278 Mar 30
Continental Insurance...$2.50
27%
413s
5
Corp
3,000
27*8
70*4
8878 Apr 16
35%
1*4
283g
~
-
No par
2,000
1*4
51*2
-
-
Mar 31
17
10*2
1%
51
46%
W
4% Mar 26
Continental Diamond Fibre..5
1*4
*16978
9*4
45
*112%
10%
10%
35
35%
1*4
1*4
34*4
7058
36
4638
*111
-
10
978
3334
'"•>
26
45
1,000
10,200
Jan
Mar 26
1
3
918 Aug
70
Apr
71
1
preferred-
Consol Laundries
4,800
96*2
13s
70
m'm'm
-
2*8
*95
2
35*4
51*2
705s
»-
2
96*2
2
44*2
*110
200
14,200
7,000
95
2*8
96
44
45*8
'
*10*8
9
*91
35
100
16%
10*4
35%
*34
400
1,700
20
90
10
3,700
10,200
30,300
4%
2084
2
26
87g
93,800
4
4
16%
*94
51
8%
*3%
21%
2
70
102*8 102%
7
7%
*15
55
$2 partlc pref
.No par
Consol Edison of N Y..No par
16
95
*169
1,600
21
2
*
30
3,500
16*2
95
No par
7% preferred
100
6H% prior pref w w
100
1%
3034
20
Consolidated Cigar
9*8
3178
1%
■
1
1
Highest
share
per
8I4 July 13
1478July 6
19i2 Jan 17
10i8 July 21
378 Apr
pref-100
Consol Film Industries
21%
2
44'
Mar 29
4»4 Mar 30
10% Sept 17
4% Mar 29
70
16*8
45*2
6
Conn Ry & Ltg 4 H %
Consol Aircraft Corp
84
9
4*8
96
—
S78
*3%
2
45
2:8%
4
96
*110
-
$
share
29
20
20*2
16&8
2178
16%
215g
,
134
102*8 102*2
7%
7*8
7*4
4
*8758
-
per
Mar 29
L'-m
'
*81
r'
9*8
3078
30
29*2
102*4 102*2
4
•:
*67%
82
%
15
9,500
1,800
10
9*4
70
69%
Z82
Lowest
Highest
share
Congoleum-Nalrn Inc..No par
Congress Cigar
No par
11
16*4
15%
16*4
9*4
per
Conde Nftat Pub Inc..-No par
100
10
*734
*10
1034
*934
1534
$
200
*
'•
„•
10
*784
9*4
1534
Par
5,400
29
28%
100-Share Lots
Lowest
Shares
*65s
Range for Previa
Year 1937
Ranffe Since Jan. 1
On Basis of
STOCK
Week
$ per share
12
$ per share
27*2
*784
1578
*838
1558
884
*6758
11
$ per share
YORK
EXCHANGE
the
Friday
Thursday
8
*8
11
Wednesday
2838
*6*8
28
16
1534
Oct.
$ per share
8*8
2778
8*4
27*4
Tuesday
2353
96i2 Feb 2
2i8 Mar 30
178 Mar 30
1
Sept 14
12U Mar 30
6778 Jan 4
22i2 Mar 30
15
x
June
Ex-dlv.
I
62
514 Jan 13
153s Sept 13
1678 Oct 6
2i8 July 19
IH4 Jan 12
3984 Oct 13
106i2Sept 16
3414 Feb 19
1414 July 20
158
Dec
4*4
Oct
8*4
Oct
5
-
Oct
7558 May
3
Oct
6i2
Dec
—1*4
7*2
23%
Oct
Oct
Oct
150
Mar
26
Oct
7i2
Oct
Jan
2358 Mar
3583 Mar
28i4 Mar
80
Jan
14*8 Jan
34*4 Mar
684
Jan
28
Jan
7178
Jan
210*4
Jan
70
Jan
293s
Jan
7234 Dec
103
Jan
Oct 14
60
Nov
150
Mar
99i2May 17
578 Aug 10
458 July 25
2% July 1
90
Oct
129
Apr
2
Oct
115s
Feb
2*4 Oct
U4 Oct
M'4 Dec
11*2
Feb
6
Jan
82
117
July
1
29
Oct 14
90
July 27
3534 July 25
2:2114 July 14
v Ex-rlghts.
*65
Oct
4384 Mar
10878 Mar
22i2
Oct
453s
Jan
20"
Dec
3934
Feb
H Called for redemption.
New York Stock Record—Continued—Page 5
2354
HIGH SALE
AND
LOW
Saturday
31*4
28%
37U
22%
28
29%
27%
3 684
2
*134
31
30%
*100
102
*65%
5
5
5
50
*32
75
*65
434
*32
2l4
4%
78s
*1412
*5134
15
*14%
5334
*5134
*15%
*92%
I434
16%
93%
7%
93%
734
93%
93%
734
1484
*5134
15%
5334
15%
*5134
15%
5334
1534
5134
8
8%
8%
8%
8%
*95
99%
44
*69
43
*38
10
10
10
23%
90
90
94%
1%
134
1%
94%
*90
1%
134
24
24
24
112%
1
1
*37
#
134
1%
23
94%
2%
26%
39%
27%
1534
22%
*87
943«
1%
1%
2434
1%
25
26
37
38%
3634
39%
38%
26
2634
26%
15%
38
25%
25%
2534
25%
1534
17%
16%
17%
zl5%
16%
*14%
1534
15
16%
99%
*17
26
1534
►
99%
18%
99%
18%
18%
18%
9
9
9%
25%
24%
44%
4434
2%
2%
*45%
234
234
90
*78
*56
90
*61%
*60%
67
2%
*284
*77%
24
60
31
98%
5
*434
1®4
7%
7%
*11
16
26%
*23%
13%
23%
*46%
2%
234
3
Day
24%
25
59
«59
30%
30%
99%
29
134
7%
*1%
*11%
7%
iff 1%
16
16%
2734
24
13%
24%
29%
45
*35
45
18%
I884
183s
12
12%
24%
12
1834
12
1%
*138
1%
22%
22%
5%
558
22%
*5%
21%
23
534
21%
27%
*23%
13%
24%
29%
*135
138
.
*5
138
16,600
2,000
4,700
36,100
3,200
12%
1%
23%
19
19
534
*5
2234
*20
23
*20
*27%
28
*27%
*27%
34
*33
34
*33
34
*33%
*33
97%
*94
*94
30
*6%
*65
6%
7184
3%
334
100
*94
883
*98
8%
103%
155
*149
1784
66
1734
66%
134
*131
*51
60
*99
100%
19%
5084
19%
51%
115
*110
*11%
1734
12%
18%
106
106
3034
*130
140
*130
100
30
30%
*94
*95
684
74%
3%
3%
102
8%
83g
*98% 103%
*149
155
18
18%
*65%
66%
*131
134
*523g ' 60
*99% 100%
*18
49%
*110
*11%
18%
20
50%
115
*65
74%
43g
3%
102
*96
8%
99%
8%
99%
33%
16%
63%
33%
1634
*65
67
*99
100
73g
7%
4634
47%
23g
23g
63%
*323g
32
4%
834
100
149
132
*17
60
101%
19%
50
483S
115
115
11%
18%
*17
491
*110
63%
64%
34%
16%
34%
34%
16%
16%
17%
1634
17%
17,100
67
6684
67%
99
99
99%
7%
49%
2%
67
99%
784
1,000
99
66%
99%
48%
*2%
7%
7%
47%
47%
2%
7%
*2%
2%
2%
*6%
7
7%
7%
46
*6%
7%
32%
31%
9%
2%
14%
9%
9%
9%
2%
2%
2%
2534
26%
13%
25%
25%
39
39
14%
26%
39
9%
2%
14%
26%
39
39
784
*7%
7%
*
7%
7%
7%
*37%
*7
Bid and asked prices; no
sales on this day.
32
13%
734
7%
*6%
32%
9%
2%
13%
25%
3834
*7%
t In receivership,
a
49
234
7
33
9%
2%
14%
25%
39
8
300
11,600
5,100
400
6,000
33,000
23,300
2,000
310
47
Def. delivery,
Oct
Nov
60
Oct
Dec
%
Oct
12
Jan 12
28
Oct
...100
12
Mar 28
Gulf Mobile & Northern... 100
3
Mar 25
100
8
Mar 29
22
July 25
12
25
24
Apr 28
28
Mar 11
25
30
Apr
35
23% Dec
26% Apr
preferred..
8%
preferred......
6%
Water
Hall
5
6% July
Mar 31
preferred
.....100
Co $5 pf,No par
15
100
Hecker Prod Corp.....
Helme
(G W)
Hercules Powder
140
10
No par
Motors...
100% Oct 5
152% Feb 17
19% Aug 6
4234 Mar 31
Mar 26
$4 conv preferred
Hlnde & Dauche Paper
Holland Furnace
5% conv preferred
Hollander <& Sons (A)
No par
Class B
Household Fin
com
stk.No par
100
5% preferred
Houston Oil of Texas v t C..25
5
Howe Sound Co
Hudson & Manhattan
100
100
preferred
Hudson Bay Mln & Sm Ltd 100
Hudson Motor Car
Hupp Motor Car Corp
Illinois Central...
No par
1
100
6% preferred series A... 100
Leased lines 4%
100
RR Sec ctfs series A...1000
n New
stock,
r
Cash sale.
*
-
6
Mar 30
46% Jan
83%
5
4
Jan 26
Mar 31
23% Mar 30
1
May 7
3
Mar 29
20% Mar 30
5
Mar 30
%June15
6% Mar 30
12
Apr 6
23
Mar 30
3% Apr
Ex-dlv.
2
5
Oct
55%
Dec
1%
81
Oct
Nov
5% Dec
86
Dec
129
Nov
11
Oct
50
Nov
May
Sept 14
Mar
2
39%
Dec
83
Nov
16% Dec
15% Oct
93
734
Dec
25% Jan 12
108
May 27
Mar 16
1
17% Mar 31
Oct
Dec
125
52% Oct 6
Aug 31
1384 July 19
1
48% Apr
Oct
18
121
118
534 Mar 26
102
Oct
Dec
Nov
4
Oct
58% Aug 11
Mar 19
ll%June
434
17»4
95
69% Oct 13
135
126% Jan 19
100
6% cum preferred
Jan
Otc 14
100% Oct 13
884 July 25
8
100
No par
Preferred
Hercules
5
Aug
Oct
Oct
92
8
2:784 Jan 19
71% Aug 12
4%June
Amer class A..1
July 21
34% July 25
130
7
Apr
Jan 18
98
Mar 29
120
6
100
8834June 30
83
June 23
Harbison-Walk Refrac.No par
June
3%
7
10% July 20
21% Jan 15
Mar 25
12
10
No par
Printing
Hamilton Watch Co
5%
l"o",400
15%
7%
Houdaille Hershey cl A.No par
66%
Dec
50% Sept
6
Oct 14
7,200
*32%
47%
% Mar 31
Jan 10
66%
129
7
I84 Jan 10
13
4
7% Feb
....10
No par
Oct
Dec
Oct
7%
Jan 31
10
34%
514% preferred
Dec
10
19% Oct 13
17
34
1634
2%
734 Mar 31
Guantanamo Sugar
1934
June 30
.50
34% Mar 29
Dec
20%
23%
Jan 22
25% Oct
98
16
7%
100
Greyhound Corp (The) .No par
Sept
40
Oct
Dec
22
Jan 14
140
13% Mar 30
Oct
13
Aug 30
32
Oct
10
15% Jan 12
26% Jan 12
No par
5
Holly Sugar Corp
No par
7% preferred
100
Homestake Minlng„_-.12.60
5,000
34%
24
No par
40
18%
65
3
Oct
1%
July 18
20
18%
•64
30
100
*65%
47
Inc
Greene Cananea Copper
Mar 30
Oct
1%
3
14
19
11
10
10%May 26
19
Apr 5
100
1
Green (H L) Co
Jan 12
8% Oct
2% July
13% Jan
18% Jan
Mar 31
8
65
June 29
2
Mar 28
1834
*95
1
16% Oet
72% Dec
3% Dec
65
2% Mar 31
Sept 28
300
99
2% Mar 30
52% Mar 30
34 Mar 29
15
10,500
*104%
Dec
40
18%
...
46
80
400
63% ' 64
Dec
Co. 10
200
117
1234
Aro par
19%
50
Dec
No par
50%
*17
*110
Oct
*83%
100% Oct 14
5% July 19
6934JUne 17
Sugar..No par
100
Oct
Jan 17
Oct 13
Hershey Chocolate
1134
31%
39
100
"""loo
1134
3134
39
*54%^ 56%
*99^101%
12%
31%
9%
2%
13%
14
132
131
*11%
*104%
*106
19%
50%
117
31%
24
300
20
*99
Oct
1%
2
July 14
5% Mar 25
81
May
5
67
Dec
63
'
67
Oct
19%
43
32
__1
25
100
11,200
69%
49%
26% Aug 14
28*566
66%
6%
July 20
June 18
Jan
Oct
Dec
July 19
80
60% Apr 26
6!4% preferred w W....100
Hayes Body Corp
2
Hazel-Atlas Glass Co
25
1,600
1,500
*53
1
3
50% Mar 31
l%June14
76%June 1
18
131
Mar 30
20
Oct
27% Jan 11
37%June 18
1
6
1
Oct
8
1534
15% Mar 31
6% preferred
149
8
67
Hat Corp of
17%
3138
2%
~
14%
26%
5
100%
8%
8%
100
*6%
9%
4%
*96
99
60
99%
56
Mar 29
""900
70
*65
149
7%
23g
734
99
99%
*52%
19% Aug 24
11% Feb 26
Feb 26
61
Sept 28
5
Hanna (M A)
4,500
140
*6%
149
*6%
93g
32%
*130
133
131
18
63%
8%
Nov
32
Motors
Preferred
6%
97%
100
*95
17%
17%
10%
*106
4
95
No par
7% preferred class A
18%
-
63%
'
*94
-100% 100%
8
No par
Great Western
700
70
June
Mar 31
Great Northern pref
1,400
684
Dec
100
50
$3 conv pref
Hackensack
9
140
16
6%June 13
No par
100
Oct
6
"
Apr
Oct
9%
Jan
Mar 29
9
Oct
13%
20
1
June
Oct
18
10
Grauby-Consol M8&P
100
17%
150
*65
18%
*65
98
1
-.1
Stock Telegraph ColOO
Graham Paige
300
66%
*149
12%
,
8% Mar 23
14%May 23
No par
5% preferred
140
20
100
*130
140
Mar 31
Oct
14
37s Jan 11
700
97%
?
15% Mar 31
13
Oct
26% Oct 14
39% Oct 13
2834 Jan 10
16% July 20
2% Sept 26
5,000
9
30%"} 3134
3034
634
*65
*98
95
100
3034
*130
140
6%
*94
*93
97%
*93
100
*93
13% Mar 29
Dec
Nov
1
,
1% Mar 26
10
19
|
2% July 25
50
79,300
*19
9%
1%
17
Goebel Brewing Co
34
17%
Mar 25
Dec
85
Gobel (Adolf)
28
*33
28
34
17%
1
Oct
Oct
z99
July 21
95
Sept 15
Oct
3%
8%
2%July 7
26% Jan 15
z85
Oct
21%
3
106% Feb
9
l%May 21
12% Mar 30
Dec
111
12% July 22
6% Mar 29
Nov
28%
51% Jan 19
3% July 18
"V, 200
534
*20
*17%
May
101% Apr
'
28
17
4
No par
Green Bay & West RR
13
1%
9%
117
13
40
49
25%
19%
19
3
25% Mar 31
.No par
Preferred
40
9%
18
Aug
978 July 23
Gotham Silk Hose
138
*37%
2434
*27
9%
125
Jan
9% Mar 30
28
9%
Oct
4
.118
12% Mar 31
23% Apr 8
122
Apr 12
35
July 6
21
9%
48
100
21
9%
33
4
Gt Nor Iron Ore Prop..No par
*27
17
2
Oct
Mar 31
1,600
22
9%
Aug
70
100
19
*5%
37
3
50% Jan
100
Oct
34
1% Jan 11
Mar 25
25
par
2,500
17
28
23%
1334
24%
30
40
534
par
par
par
2,800
16%
27%
23%
13%
23%
29%,
19%
1234
13g
*19
Oct
28% Nov
37% Oct 14
114% Aug 26
series...No par
Granite City Steel
No par
Grant (W T)
.....10
5% preferred
20
45
23
23
34
Oct
47
300
*38
1%
Oct 13
Goodyear Tire & Rubb.No par
$5 conv preferred ...No par
11
*24%
12%
Dec
Grand Union (The) Co
49
2434
13s
1%
Dec
2:99
400
11
138
18%
12%
18%
22
7
1%
45
12
Feb 23
10",000
*37%
18%
Oct 13
28
124
51% Oct 13
12384 Aug 27
45
July 22
Goodrich Co (B F)
Oct
66
82
1
27% Mar 31
22% Mar 30
108'4June28
% Mar 30
5
25
24%
337g Oct 14
64
134
8%
49
*35
1%
12%
17
28%
237g
1334
25%
297g
16%
27%
24
1384
24%
29%
*37%
49
24%
27
*23%
*13%
23%
2834
1%
12%
16%
.
*134
138.
*37%
24%
12
Mar 30
1%
134
6%
14%
16%
Mar 30
37
Gold &
Oct
Oct 14
Oct
Oct
Oct
2%
21% Mar 30
4*4% conv preferred
Oet
5
5% July 25
111% Apr 25
56 preferred
Nov
117
6
Oct
136
5
64
734
134
43,200
6,600
50,800
63
31%
32
99% 100%
91
31% Nov
56% Oct 13
11% July 27
Mar 29
Oct
5%
8% Oct 14
July 12
*60%
1%
7%
5%
1%
11%
29
*134
49
"
80
Sept 29
Glidden Co. (The)....No par
200
8,800
1,100
52
100
10
No par
Glmbel Brothers
500
8,400
26%
61
61
*5
300
Oct 14
108% Apr
...1
J6 preferred
...No par
Gen Public Service
No par
Gen Railway Signal...No par
6% preferred-.100
Gen Realty & Utilities
1
S6 preferred
No par
General Refractories—No par
Gen Steel Cast $6 pref. No par
Gen Theatre Eq Cor p. No par
Gen Time Iristru Corp.No par
6% preferred
100
General Tire & Rubber Co..5
Gillette Safety Razor..No par
55 conv preferred
No par
25,900
79
25%
2534
*60%
1%
64
6,700
64
78
9934
f307g 997g
32
5
4%
*62
~8~, 600
2434 25%
*45% 48%
2%'. 3%
234
234
2?g
12434
59
2,600
58%
14%
*61
90
*78
Holiday
90
1,460
9
58%
14%
3%
278
2%
*234
1%
23%
138
24%
24%
47
*45%
147g
64
25%
48
61%
Columbus
8% .♦
58
14%
734
13
29
*32
'
Closed—
1«4
11%
15%
27%
*23%
*134
*37%
24%
64
1%
7%
1%
1%
11%
16%
27
24
13%
24%
*1%
61%
5%
4%
*62
1»4
1434
61%
24%
8,300
500
99%
19%
1834
9%
58
57%
14%
25
60
31%
24%
59%
30%
64
*62
8%
1,200
18
*
19
18
099%
2434
58%
30%
98%
Exchange
834
*78
25
14%
1434
14%
Stock
18%
9%
1734
58
1434
6334
25%
48
3
2%
*56%
57
*56
99%
'..._
9%
16%
17
16%
40
20,400
16
11
General Printing Ink
1,100
4,800
Sept 27
June 15
A...No par
preferred
Common
20
;106% 106%
1%
23
,*87
10%
Feb
Aug
20% Mar 31
GenSTal Motors Corp.."
2,900
4,700
784
10
...
23
784
Jan
19%
35
par
$5
Jan
106%
2% Mar 31
534 Mar 31
par
Gen Outdoor Adv
33
Oct
Oct
6% Mar 31
Apr 12
100
200
Dec
10%
4
115
100
7% preferred
Electric
11.1JOO
11%
July 20
Oct 10
29
General Foods....
49%
15% July
*39% June
4% Mar 31
Mar 29
No par
No
No
$4.50 preferred
No
Gen Gas & Elec A
No
$6 conv pref series A.No
General Mills...
No
6% preferred
Dec
8
82
General
10
437%
37%
18%
Class A
7% cum preferred
General Cigar Inc
96,800
8,100
'
36%
24%
*17
700
37%
10
2434
*24
24
Cable
70
•
106%
*134
184
23%
95
184
1%
22%
Bronze
General
400
*110
9%
10
1%
2334
General
4,600
47
8
*106
....
*134
23%
1%
*134
23
"6,000
18,900
7% Mar
3
2
578 July 19
18
July 7
Oct
4% Mar 29
6
No par
5
No par
No par
Baking
Jan
1%
Nov
48
$8 1st preferred
30
Jan
32%
88
50
preferred
Jan
Oct
2
Container Corp.^..5
conv
Jan
83
18
18
13
preferred
No par
Am Transportation
6
General
5,000
125
1
* 734
*
778
10
10%
*106%
*106
"43
7%
7%
7%
734
7«4
Gen
69%
69% T,706
150
123% *120% 124
50
51%
49%
50% 154,900
122
122
1,200
12034 12034
i.*39% 42% *40% 42%
49%
4838
*38
5*4%
3
94
85
Gen Arncr Investors.. .No par
123
120% 121%
43
Gaylord
6
Mar 10
Feb
18%
Dec
Oct
0% Mar 29
135
Oct
234
Sept
284 July
54%
Oct
Dec
32
Mar 30
10
Oct
66
Oct 14
45
1% Mar 29
10
preferred
Oct
40
2% Mar 31
•
95
27%
Oct
11%
5% Jan 12
2% Mar 31
25
Apr 13
19% Mar 30
No par
Gannet Co conv $6 pf_ .No par
Gar Wood Industries Inc...3
37
49%
70
70
50%
120%
$3
46%
113
%
*37
124
*40
*123
47
37%
*102
%
39%
%
*34
*123
49%
75
preferred
Gamewell Co (The)
337g
3234
*817g
*27
453g
36%
113
112
70
120
Mar 29
"MOO
5%
130
*123
3634
125
50%
4934
247g Oct 14
50
$6
16
28
2734
45%
36%
%
39%
16
30% [32
79%
82
27%
122% 122%
70
*119% 120%
Mar 31
100
10%
5
5%
15
79%
125
70
70
434
4%
1434
29
27%
112
%
.
11
18
Feb
Feb
39% Mar
97g Feb
58
Apr
98
Sept
D«c
1%
Jan 10
3
|
100
.10
1,000
55
58%
Jan
80
5,200
135
Dec
15
21
27
4,600
10
46%
22
5
1934June 13
15
Apr 7
33% Jan 10
1,200
16
54
134
*135
4,700
5134
8%
99%
*95
56%
10%
10
10%
7-%
99%
5384
543g
*76
78
*95
4%
Oct
10334 Oct 13
40
*7%
94
734
*92%
2
Dec
11%
Mar 25
470
*34
*125
900
15
2634
%
49%
»4
*30
2%
5
1578
78
113% *111
*112
"8,406
15
28
*122% 124
*122% 124
44%
44%
44%
44%
3634
37
3634
36%
2734
28%
27%
16
5134
5134
52%
10
10
10%
135% 135% *135
4%
4%
4%
14%
14%
14%
29
28%
30%
29%
76%
2734
45
*32
28
2%
5%
16
27%
1,200
434
434
45
10
16
10%
14
5
26%
1% Mar 26
Mar 29
$7 conv
15
SH4
76%
*434
par
par
Feb
52% Mar
107%
90
29% Oct 13
37% Oct 8
No par
Francisco Sugar Co
No par
F'k'n Slmon&Co inc 7% of.100
Freeport Sulphur Co..
10
Gabriel Co (The) cl A..No par
Galr Co Inc (Robert)
1
25,800
75
75
par
Nov
96% July 25
34% Feb 11
24% Mar 30
10% Mar 26
par
85
4H% conv pre!
Foster-Wheeler'.
290
4%
1434
lOU
28%
75
*32
15
50
4l2
'
*71
25% Jan 15
16% Mar 31
Apr 14
t Follansbee Brothers..No par
Food Machinery Corp
100
2^600
4%
*12%
*95
4i2
10334 10334
2234
2434
100
"
*2%
4%
14%
99l2
*135
*134
2
32%
32%
103% 103%
23%
24?g
2
32%
2%
27%
8
8%
♦95
*1834
19
6,100
29,700
1,200
28
2%
734
81S
0*32
2%
4%
15
1534
94
*1334
15
15l2
94
734
1512
*92%
19
37%
19%
No
Fllntkote Co (The)
No
Florence Stove Co.....No
Florsbeim Shoe class A .No
share
per
$ per share $ per share
41% Mar
16% Oct
$ per share
76
A...100
first National Stores
15
5334
8%
2%
4%
4iz
*1214
37
45
434
28
27%
*218
37
6% preferred series
99%
26l2
26
3434
287g
75
484
*65%
44%
34%
2734
*134
103%
2034
22%
21%
75
2034
1,500
$
Rubber... 10
Firestone Tire <fc
7,800
93%
31
103
103
101
2034
2012
30%
23%
93
37
28%
3684
1934
2
3034
*18%
*184
23%
28
23%
93
34%
29%
22%
9234
33%
Highest
Lowest
Highest
Lowest
Par
Shares
$ per share
$ per share
33%
33
3634
19
2
31
36%
*18%
30
*134
Week
9234
32%
the
Oct. 14
23%
92
Friday
Oct. 13
15, 1938
Range for Previous
Year 1937
EXCHANGE
Thursday
12
9 per share
23%
92
33%
22%
91%
1934
*19
Oct.
$ per share
$ per share
92
32%
2918
3714
91V8
11
Oct.
Oct. 10
$ per share
23
23%
Wednesday
Tuesday
Monday
i
Oct. 8
On Basis of
STOCK
NEW YORK
for
1
100-Share Lots
Range Since Jan.
STOCKS
Sales
PRICES—PER SHARE, NOT PER CENT
Oct.
15%
Oct
66
Aug 15
34% Oct 14
17% Sept 8
67% Oct 13
100
June 28
984 July 20
53% Jan 13
Oct
*3934
Oct
21
Dec
6
Oct
44
Oct
78%
Dec
434
Oct
37
Oct
1%
3%
Oct
Jan 13
4
Oct
6
8
8
3% July 14
9% July 14
33
Oct 14
10
109
Nov
234 Oct
Oct
1% Dec
Oct
14% Oct
26% Oct 10
39% Oct 7
16
Oct
34
Dec
July 25
5
Doc
8
y Ex-rights,
t Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 6
147
HIGH
SALE
PRICES—PER
SHARE,
NOT
PER
Sales
CENT
STOCKS
NEW YORK
for
Saturday
Monday
Tuesday
Oct. 8
Oct. 10
Oct. 11
$ per share
*8
834
2914
29«4
10234 10312
*146
734
10434
*14712
9
*7h
2878
10334 104
104
85
*4i2
5
*4i2
658
2378
85
*434
1234
234
2478
6^8
63s
2378
85
234
24V8
169*2 169l2
6538
64&8
161
88*2
165a
45s
434
13
1234
234
26i4
*84i2
43s
1238
27
27
170
64
6518
161
161
63*8
161
8h
29i4
10434
*147
....
8 per share
*147
89*2
87is
1678
17*2
175g
4*2
*434
634
5
5
7
24-
8534
2334
84*2
67s
2358
89
lSig
5*8
7
24
845s
85
434
1278
47s
4l2
412
1338
13*s
3*8
26«4
314
27
*234
1312
3*8
263^
3
27
171*2
6378
171*2 172
2612
*160*2 163i2
6512
6
634
6*4
65g
65»
4
378
37g
378
7
418
978
978
9*2
9*2
9*2
9*2
9*2
1018
934
5314
54lft
10
10l2
45,
4
4
54
533s
138*4 138*4
10l2
1034
46
44*4
4
4
*334
*44i8
471j
4534
4534
28
27*4
27
35
35
35
2534
26*4
26*i
82
82
82
82
81*4
1U4
1134
ID?.
117S
1034
1138
1058
1414
12
*2012
207*
135
1,500
25,400
2,200
No par
6% preferred
Intercont'l Rubber
1,300
15
Mar 30
29
Mar 31
172
Oct 13
70
Int Nickel of Canada
48
27
2684
27*4
27
27*2
8U4
1078
82
83
83U
10U
11
10U
8314
10i2
1034
1534
153g
153s
15*2
76
77
78
11*8
11*8
11
III4
21
21
15U
No par
100
15
No par
International
No par
28
100
12
Mar 28
100
46t2Mar 30
5l2 Feb 4
100
Shoe
International Silver...
1,600
7%
240
Inter
preierred
Telep & Tel eg...No
par
10,400
60
Foreign share ctfs...No par
Interstate Dept Stores .No par
Preferred
100
6
Feb
*20*2
21
*116l4 119
*11614 119
*116*4 119
*116*4 119
68
68
68
67U
6714
68*8
106*2 108
105*2 106
10512 10914
*129*4
129*4 129*4
♦129V130
65
63 34
64*2
6512
63*2
6334
24
24
*23
24
23*2
235«
*122
*12134
*12134
70
..
63
24
*18
20
*13*2
14
*80
98
834
834
*95
100
2378
*122
1834
20
20
189
Jan
120
Aug
162
;3
167g
Jan
Oct
15*4
Apr
6
Oct
I884
Jan
37
Nov
733s Mar
12778 May
6i4 Dec
2912 Dec
214 Oct
13584 Jan
19*4 Sept
68i2 Sept
10
Feb
34
19i2
Oct
57i2
2884
30
Oct
493s
Feb
Jan
Jan
27io
Oct 1,4
Dec
Oct
8
65
1158 Oct
ll78 Oct
6
4
8
1534 July 19
,
63s
85s
52
Oct
16
8538Sept
6*8 Mar 30
110
Oct
Mar 31
14*2
If
98
*12
12l2
1214
8H
8*2
8i2
8*4
100
100
28
100
4714
1038
28
*95
48
28
3
36*8 Jan
107i2 Apr
Dec
9
Nov
20i2
Oct
Sept
*22
50
*1534
19*2
*65s
1734
*16*2
1978
19*8
6%
1734
1958
71?
1634
1912
1958
30
30
30
175R
17*4
13
15*4
14*3
1534
*21*2
24
24
25
24
14
14
14
14
25*2
14*4
512
5h
103g
99*2
283g
5734
8
9934
17*2
18
33
Holiday
1978
30i8
1734
16
25*2
30
30
17l2
175s
6,500
15*2
970
Laclede Gas Lt Co St Louis 100
25
16*4
26*4
'
1378
14ig
1334
14
*6lS
2:25*4
67s
26
*6*8
678
26l8
9,800
2512
6,500
173s
1534
1134
2434
75g
75«
58i4
784
558
4578
4578
19*4
19
53 *2
5414
5384
T9l2
54*2
434
5*8
59*4
4*2
6034
*10734
53s
59*2
6*2
61*4
412
*4*2
5
145
17
17
17*4
52
515s
78
900
28
9,600
1134
11*4
3414
3414
1178
3458
57
575g
4
7*2
6,000
2,900
15,000
4,500
734
33
33
33
100
*9914 100
400
10034 101
4,600
169
300
*1712
18
300
6,700
*166
169
18
*17*8
33
169
353s
*45*4
1914
36
4734
47*2
4734
48
48
19*2
19
19l2
19*4
19i2
53 3g
54
535s
553g
54i2
55*2
108
*108i4
9
7*g
6OI4
4*2
6*2
60*2
4*2
6158
4*2
18
18*4
100
2012
2058
173g
17*2
1467s
17&S
51i2
5214
*143
preferred
....100
Lorillard (P) Co
10
6%
4,800
150
17»4
183s
5184
7%
2,400
5134
1,300
Ludlum
29
29
29
2878
2878
120
*120
*120
1678
17*4
165s
34l2
35
34*4
2734
4734
17*8
35l2
2
2712
4634
2734
47i8
134
2*g
8
8
15
15
13*8
14
158
5
5i8
120
27*2
50
2884
46is
47
MacAndrews & Forbes
600
*120
29*g
46*2
275g
4678
29
293s
46*2
6%
10
i.No
preferred
6,800
Mack Trucks Inc
8,800
Macy (R H) Co Inc
243s
25
*358
4
591*
59
3078
*161
3234
—.
-
-
50*8
6l2
50*4
25
25
6*2
Mar 29
1934 Mar 30
2314 Mar 31
6
Mar 29
25
Mar 3C
81
Mar 30
29
Mar 25
2i2Mar 28
June 22
1334 Mar 31
125
Apr 1
12i2Mar 31
2978 Apr 20
12i2May 27
22
Mar 29
1165s Mar 30
Mar 29
53fj
5
178
178
51s
178
5*4
5*4
*
134
514
""eoo
Maracalbo Oil
Marine
16,700
Exploration.. 1
95s
884
9*4
9*8
914
884
8%
6%
6%
Midland
Corp
510
"l334 "137;
1334
14
13l2
14
24*4
25*8
24&s
27 lg
35,300
378
334
2534
334
25U
*35g
*2l2
37s
100
58l2
59*4
3H2
60
60
5934
3134
32
25*8
4
597s
245s
*35g
5934
31l2
31
32
'
—
-
—
-
*161
50
50*4
6*2
*6*4
6&S
24*2
24*2
25
*
-
•
51
51
6I4
*2514
65«
26*2
31*«
*161
*161
to
52
6*4
27
5112
63s
*25
61
3,200
MasoniteCorp
27
"moo
800
400
7%
3378 Sept 7
IOOI4 Aug 8
10384 July 25
175
Aug 16
Oct
83i2 Feb
*86*2
*85
97
1334
14
31334
11*4
12
*86*2
*1334
1134
97
133t
115s
14
12l8
83
*76
83
11*2
83
*75
*
*76
97
Bid and asked prices; no sales on
12
11V8
*80
this day.
83
91
*133s
91
12
1378
12ig
83
83
t In receivership,
100
Oct 11
1
June
Oct 11
32
Oct
5»4 July 25
106
Jan 18
2D4 July 25
14012 Oct 14
1838
56i2
21i4
3158
126
Oct 14
Jan 10
Jan 12
July 19
Jan 21
2938 Oct
49*8 Aug
175g Oct
3858 Oct
2i4 July
9
78 Mar
1834 Mar
5i2 Mar
14is Mar
2^May
7
25
Jan 28
30
30
30
30
24
Mar 29
1984 Mar 31
156—Aug 2
28*2 Mar 31
3i2 Mar 26
16
Aug
6
2i4May 11
2978 July 6
100
a Def. delivery,
125
Oct
37s
4314
110
Jan
May
285s Feb
14734 Jan
2884 Jan
99
36
Oct
Jan
Feb
7514 Mar
IO84 Jan
Oct
Oct
123*8 Nov
13is
26»4
Aug
Mar
4184 Mar
Feb
1321a Feb
62i4 Mar
58j4 Mar
153s Jan
63
Mar
4i2
9i2
1*4
5f2
Oct
Oct
Oct
Oct
84 Dec
3
"i67g"jan
39
Jan
16*2
2958
Jan
Jan
684
14*4
Feb
Feb
3i2 Mar
Oct
20
Jan
684 Dec
39
Jan
13s
24
Oct
Dec
714 Dec
I84
Oct
Oct
Oct
67s Mar
5184 Mar
3078 Mar
2914 Apr
137s Jan
74
Feb
8
22
Dec
165
Feb 23
142
May
165
Jan
52
Oct 13
Dec
66
Mar
3234 Oct
3384
4134
Jan
8
4l2
15*2
Jan
28*4 July 26
Apr 22
20U
Dec
44
Jan
Mar 29
21
35
June
45
Jan
Apr 5
884 Mar 31
92
93
Nov
111
Jan
11*4
Dec
36
JaD
784
Oct
163sJune
1
778 Aug
Jan 18
1234 July 26
100
61
Mar 31
83
Cash sale.
Oct
14*2
110
48i2 Nov
20
Mar 23
r
Oct
153g Dec
Oct 14
61
6
n New stock,
Oct
Dec
10
75
6% conv preferred...
2i8
17*8
101
14i2 July 25
27U July 25
458 Jan 24
1
pref
McCrory Stores Corp
Corp
9984 Nov
63
2678 July
8778 Aug
19
No par
No par
cum
McCall
Oct
Dec
Oct 11
$6 1st
1,300
Nov
14
435g
9
20
6,300
33
108
$3 preferred ex-warr.No par
*86*2 105
13*2
13l2
Jan
18U
l^May 12
No par
Jan
3712 July 25
48
July 5
21i2 July 21
56*4 July 18
784May 11
No par
$3 preferred w w
Feb
175
23i2 May
7
10
Aug
114
May
151
29
113*4
Oct
Oct
2
1
No par
..No par
Maytag Co
Oct
Dtc
83i2
15*2
100
May Department Stores
23
82
1688 Mar
Feb 28
x 18
i2May
No par
Jan
Jan
Oct
7i2 Jan 11
Mar 30
Feb
Feb
79
335g Dec
1*4 Mar 31
9
Mar 26
Jan
Mar
58»8
Dec
Oct
10
Jan
Jan
Oct
5
45g Sept 14
....100
preferred...
Jan 10
9
51*2
203
-
Jan
Oct
8
23
3i2 Feb
Mathieson Alkali Wks.No par
--
....
517s
63s
L.) Co
Martin Parry Corp
4,500
31*2
Martin (Glenn
12*s Oct 11
6
100
1
Feb
2458 Mar
384 Jan
18*2 Jan
43i2 June
213s Feb
Oct
278 Dec
22s4 Dec
3458 Oct 14
58*4 Oct 13
100
100
preferred
prior preferred
Marshall Field & Co
8,400
1*8 Jan 12
514 Jan 13
July 25
29
414
3s
10
534 Mar 26
2&s Mar.26
*158
7U July 25
20i2 Jan 13
914 Oct 6
16
July 23
284 Jan 11
t Manhattan Ry 7% guar.100
..100
..25
Oct
Dec
45s Mar 30
Modified 5% guar
Manhattan Shirt...
984
6
No par
300
6
Jan 10
*75s
13l2
4,500
2834 Oct
Oct
8
•
Oct
Dec
Dec
7*2
13>s
87s
.14
134
538
93g Mar
Dec
14
>8*4
18*2
ManatI Sugar Co
83s
4
22
8
25
7,000
13
8
26
13
14
2
*121*
July 13
3158 July 23
De$
17S
8h
1378
Dec
173s
2
1412
15*2
35i2 July
2958 Jan
1578 Jan
14
16
2
'758
Dec
22*4<Juiy 22
1484 Mar 31
92
2
*12
11
6158
2
"1312 "m
4934
Mar 29
18*4 Mar 31
84 Mar 29
134
95s
*161
Mar 26
Mar 30
2478 Mar 30
6% 2d preferred
r
Marlln-Rockwell Corp
"135s "l4"
i2
178
193g
678
10
__1
Market Street Ry
10*4
,
Magma Copper....
85a
71
19i2 Jan 22
4684 Apr
Oct
Oct
Mar 29
3
No par
Madison Square GardenNo par
1334
Dec
Dec
8,500
13*8
20
14
4,500
8
July 23
July 19
338 July 25
97
173s
13
2012 Mar
Oct 11
38&S
*12
Oct
Dec
120
4
171*
884
412
I784
184
x255g Oct 13
Jan
38l2
Bros....
693s Mar
13i2Mar 30
175s
Mandel
Jan
28l4 Nov
95
38
400
Oct
5078 Oct 14
1784 Mar
2778 Mar
1714
87s
Dec
100
Jan
24
3678
-is
Jan
80
19*2
109*2
Dec
173g
*8
Oct
Dec
35Va
8i2
4
Jan
5
1612
14
5*8
9
par
.No par
Feb
110
10*«
3434
46
13*8
83s
112
120
120
*2834
238s
7i2 July 20
8*4
*1212
1*4
*1212
27
29
1
Steel....
Oct
1434 July 25
2
465s
*8
9i«
9
27*2
29
287a
100
preferred
Louisville Gas & El A..No par
100
Louisville & Nashville
Nov
7
812 Mar 31
Mar 31
25
80
3t8May 13
10U Mar 31
Apr 18
84 Mar 26
No par
May 27
1338 Aug 24
9
Aug 24
Jan
Mar
41i2
26
Loose-Wiles Biscuit
85
2714
Oct
No par
Long Beli Lumber A
35
Nov
8
102
40
4478
Oct
13
Jan 12
No par
preferred
Oct
15
30
Mar 31
Inc
Mar
Mar 26
12i8 Mar 31
$6.50
Mar
29
15
33
Lone Star Cement Corp No par
121
Oct
5
47f2
2414
2778
No par
Loft
1,000
146*2 146*2
No par
Jan
115*2 Apr
Oct
liquid Carbonic Corp..No par
Inc
46
6
Loew's
100
2034
20*4
Belt Co
Dec
15*s
Jan 12
2014 Mar 26
Link
Feb
18
par
...100
Jan
136
Mar 29
Lima Locomotive Wks.No par
75s 405,000
61*2 ,12,900
434
1,600
4*2
434
51*2
145
51*2
678
60*2
Mar 26
81l2 Mar 31
157
Apr 9
145s Mar 31
Lily Tulip Cup Corp...No
400
19
19
I8I4
18U
*100*8 105
*10018 105
100*4
207S
*17
52l8
8~"
61
25
Preferred
1,700
17,100
111
*110
"
Series B
Jan
64«4 Nov
8
25
Life Savers Corp
5
Liggett & Myers Tobacco._25
400
Jan
126
1778 Aug
2i2 Mar 26
4 % conv preferred
100
Lehigb Valley RR
50
Lehigh Valley Coal
No par
6% conv preferred
50
Lehman Corp (The)
1
Lehn & Fink Prod Corp
5
Lerner Stores Corp....No par
Libbey Owens Ford Gl.No par
Llbby McNeill & Libby No par
87*8
155
Mar
1978 Oct
Mar 30
123s Mar 31
5
Lehigh Portland Cement
1,500
4
2734
4
2734
1005s 101
17*4
Lee Rubber & Tire
Dec
6512 Nov
lll2 Aug
1518 Mar 31
preferred
100
Lambert Co (The) ....No par
Lane Bryant..
No par
1.
Jan
Apr
Aug
l4l8
30
22
6
30
July 19
30
9
No par
5%
6,400
35
145
17
6
36i4
20l2
5178
60
35
18
21
120
57s
*5g
6
780
2,400
36
108,
181?
*100*4 105
*113
800
100
167*2 168
4734
120
200
7l2
2534
255g
8
207s
*6
6
Sept
20i2
127
15
3
Feb
Jan 10
xll6
1318 July 25
24i2 July 21
2138 July 15
1*4 Mar 29
125s Jan
Kresge (S S) Co...
__..10
Kreage Dept Stores
No par
Kress (S H) & Co
No par
Kroger Grocery & Bak.No par
120
32i2 32l2
32i2 321?
100
100
*99*4 100
IOH4 10134 „100l2 101l2
145
19*2
5714
7i2
17*4
95 prior preferred
1978
7h
3212
168
""176
18
571?
*4478
19*4
21
2034
1435s 144
Day
19
.No par
17i2
Jan
6*2 Mar 31
1
preferred
Mar 26
263sMay 27
......
$8
50
16&8
32
357s
1834
Kinney (O R) Co
32
35
105
100
56l2
345g
1834
400
3
58
177s
*100
28*2
*22
*378
2634
*1712
♦107&8
*27*2
50
32
11*2
3112
56*2
7*2
*166
168
28*2
3
Keystone Steel & W Co No par
Kimberly-Clark.
No par
414
27*4
12*a
78
4I4
277s
1178
1034
3U2
1,700
4*4
2678
1178
534
80
1058
7,400
Apr
3
Kendall Co 56 pt pf A ..No par
Kennecott Copper
No par
10
Mar 29
434 Mar 29
1
...
105g
a;24*8
55g
B
12
cl A. 1
1034
24.3a
24*4
119l2 120
558
534
78
78
34
100U 101
*166
2734
2434
414
2714
33
*31
2838
120
Class
conv
66,400
x30*8
Columbus
67«
*4
2758
31*2
563|
778
*6*8
414
h
4i8
,27
678
24*2
5
Kelsey Hayes Wh'l
25
17*2
13
17*4
13*4
121
8
5i8 Mar 29
63
4,400
100
*234
Mar
Jan 15
24i2 July 20
2
6
5078
*6
Closed—
30
175s
118
•
78
4934 Apr 1
12i2 Mar 25
12i2 Apr
10i2May
1958
Exchange
49
120
100
165g
7*2
30
2784
City Southern
4934
*22
1634
14
"3", 100
9
*95
8
Jan 24
f05s
*234
Stock
17*2
*6
100
Aug
Mar 29
*27i2
278
*6
S78
72
111*2 Oct 14
130" July
7
58
122
Kelth-Albee-Orpheum pf_.100
13
1234
878
9
4% preferred
100
Kaufmann Dept Stores.$12.50
Kayser (J) & Co......
.5
300
98
*82
13
July
par
^10*2
50
30
*114
Kansas
24
120
June
Feb
Feb
Dec
70
8
16
100
483s
103g
27?
*22
50
98
*82
Inc........No par
Jones & Laughlin St'l pref. 100
Kalamazoo Stove & Furn_._10
Kan City P & L pf ser B No par
700
*80
Tea
1
Mar
85s Nov
Oct 13
11314 Apr 30
44U Mar 30
___i
preferred
157s
Oct
1234 July 25
78
Feb 10
8
Jan 21
6
Jan
Oct
178
28l2 Oct 14
3534 Jan 24
4
63
No par
Preferred
2,400
11*8
23*2
*1012
23I2
Corp
Johns-Manvllle.......No
800
1414
28
2434
....
23
*22
28
*122
137S
1034
283s
120
123
900
24
24
24 lg
18*8
*10*8
28*4
*25s
24.
64
627s
6412
870
Jewel
60
23
10*2
2784
6,200
127
14
IOI4
*114
""800
70*2
127
18*4
48*2
,67s
70*2
lioss 111*2
23*2
4758
*6
$6
*20l8
18*4
*1312
14
12
*95
7*2
Island Creek Coal
1H2
4778
3
700
11*2
4638
*212
21
12*4
8*2
*80
12*4
21
98
*23
12*4
Intertype
11
12*8
22*2
18*?
11
400
"
----
12
1134
2213
18*8
*13i2
11U
129*2
1H4
*116I4 119
70
109l2 111
*127
III4
Mar
Apr
63i2 Apr
Nov
•
*10*2
2078
Mar
48i2 Jan 21
■
16,500
Oct
July
138
55i2 Oct 13
July 23
IDs July 20
4738 July 25
June 17
preferred
2
111*2
1112
28i2
9i8
Oct
140
Jan 19
Oct
Jan 11
47s Jan 11
ll78 Jan 21
3678 Mar 31
6
Jan
1384 Jan
0414 Apr
18*4 Oct
127*2 Nov
5312 Nov
734 Jan 12
Mar 25
132
Jan 17
164
9
414 Mar 29
1858Mar31
2i4 Mar 30
2812 Mar 25
19i2Mar 31
5%
73,200
80
*78
Mar
International Salt
1,500
76
May 27
2
1
Preferred
190
34>2
Dec
2i8 Dec
Feb
6
Oct
Oct
92
Mar 26
141
33*8
Oct
Mar 26
100
13114 Mar
Oct
20
2
No par
6I4
37s
li2
July 21
No par
500
34*2
6
Apr 25
55s July 7
1358 Aug 6
37s Jan 17
684 Mar 31
35
Oct
98
678 Mar 30
Internat'l Mining Corp.
700
HI?
207s
July
2,600
28is
15
143
3i8 Mar 31
45
75
Oct
5834 Nov
Int Hydro-EIec Sys class A.25
Int Mercnatlle Marine.No par
28
10U
32
Oct 13
July 14
July 21
9,600
45
11*4
Sept 30
8rh
18i8
5*8
738
26*2
Mar 29
Internat'l Harvester
Preferred
400
27*2
105s
146
Prior preferred
15
100
Int Business Machines.No par zl30
14,100
46
11
8
Feb
56*4June 17
5% conv pref
100
Internat Rys of Cent Am_.100
1034
1434
Feb
June 10
Inter Paper & Power Co
4534
144
3% Apr 1
278Mar26
80
*4
Nov
1
21,200
4334
72
2
Agricultural
Jan
Oct 14
80
Internat
47i2 Apr
105
.100
Iron
share
2214
Dec
Sis
No par
No par
Interlake
per
Oct
15
Mar 25
7i8 Mar 30
t Interboro Rap Transit... 100
Interchemlcal Corp... .No par
800
*26*2
3458
4534
4
20
20,400
IOI4
4534
412
145s
76
*10
100
preferred
4i2
10*8
.
75
15
*72
1134
60
105s
4514
*4
353a
26
Ingersoll Rand
55,200
103s
27
35
27*4
35l8
265s
IOI4 July 13
14,900
4458
4l2
*44
11
Highest
$ per share $
303s Aug 24
545s
553g
54*2
55*2
*13212 138
*13212 138
45*4
*27
700
share
per
Mar 29
7*8
4
10
.
137l2 137*2
10*?
10*8
44
1,000
$
143g Mar 31
6%
3,500
$ per share
...10
Inspiration Cons Copper
Insuranshares Ctfs Inc
170
6638
67s
35«
435,
Year 1937
Lowest
Highest
No par
-..No par
Inland Steel
161
161
378
54ir
Range for Previous
100-Share Lots
Industrial Rayon....
56,600
173
*171
6634
6378
161
Indian Refining
"3" 100
86
4*2
1234
7
Par
i;,'
....
87l2
165a
4
140
400
2,500
2,900
10434 105
6*4
533s
On Basis of
Lowest
Shares
834
293fi
834
28i2
0i8
378
*136
Range Since Jan. 1
STOCK
EXCHANGE
Week
14
87
3*4 ■>:v 3
171
170
Oct.
13
$ per share
293a
*7i2
29
85
16*8
478
Oct.
23*?
88
10i2
13
12
$ per share
235s
873g
16*4
*158
per share
*14734
86l2
16*8
5
412
67«
638
235s *23
86
■:■■■
$
734
2958
2834
Oct.
the
Friday
Thursday
'
$ per share
104
Wednesday
2355
zEx-dlv.
y
16
Sept
9
Aug 11
Ex-rights.
x66
Oct
Oct
24i8 Feb
IO6I4 Mar
1f Called for redemption.
Saturday
Tuesday
Oct. 11
Monday
Oct. 10
\
Oct. 8
97g
1934
10
10
4734
23*8
7U
345s
97«
67«
34%
1918
48
47»4
23U
$ per share
19
19
$ per share
$ per share
19%
19^2
10
10
22%
7l«
33%
48'4
23%
714
3334
ar9®4
97»
48%
22%
9%
*88
94
*88
14
14%
,697e
94
*88
71
53
*50%
5%
53
5%
22%
250%
21
21
*12
.12
I6I4
26U
*106
114
114
69
6%
*65
*65
us
1%
14
:
234
13
13%
*58%
13
„
60%
*106% 109
9%
9%
.
53
*48
103s
16%
10%
16%
1478
1434
1434
3,200
Motor Wheel.
32
32
5,400
Mullins
"42
13%
13%
13
9
25%
24%
164
164
8%
*60%
*108
1678
16%
82%
8,2%
*81%
24%
2478
25
25
*24
27
273s
26%
15
14
1478
934
5%
534
257(5
23
65%
7%
66%
7%
65%
17
17%
17%
2578
25%
69%
69
*67'
*67
3%
3%
3%
470
9%
247(5
10,900
Nat Aviation
National
7%
300
165
*164
164
1334
9
9%
800
Nat Bond & Invest
*83
86
100
2434
2434
*24
25
700
2834
14%
15
1634
Closed—
11
*1078
*22%
11
25
73%
Day
v/v
1734
36
17%
3634
26%
19%
19
1534
16%
16%
16%
26%
27
26%
27%
170
170
Holiday
1 7278
23
734
6684
18
257S
70
...
3%
11
19%
*173
175
*142% 144
6
-
-
20
*18%
National
11
11
1734
17%
17%
37%
37
38
*347g
*106
900
.600
73%
39
39%
*3478
107%
107% *106
mmmmmm
'
m
mmmmm
18"
"17%
"1678
39
2078
17 34
20
19,700
National Tea Co
Natomas Co
N Y Air Brake
37
37%
*36%
*3%
37%
36%
36%
37%
37%
3634
37%
4,400
3%
%
*59
..
178
5%
-*59
64
134
17g
578
5%
*1
1
1
10%
11
61%
60
1078
64
178
57(j
104
104
21%
,55%
9?8
22
•
,
55%
10%
*99
100
84
84
1278
13%
*96
97
*33%
35
3%
*29
9%
26%
3%
31%
978
27
21%
55%
10
*98
*82%
12 84
97
*33%
*3%
*29
9%
26%
8%
25
18
18
109
17%
*104
*104
8%
25%
140
*134
87S
25
136
1%
5%
1%
1
1178
66%
11
62%
34
*%
' 34
,a4
*168
175
*170% 175,
*102
*%
*59
104
23
55%
10%
100
84
13%
65
*%
62
*59
134
1%
5%
1
11%
66
5%
*1
11%
6534
*%
171% 174
*102
22%
55%
104
23%
55%
978
10%
*98% 100
*82%
12%
83%
1278
20
N Y & Harlem
*101
123
'm'm
178
578
1%
12%
17(5
34
104
104
5o%
55%
97S
10%
*98% 100
84
*82%
13%
13
24,900
18%
109
9
2534
136
9%
26
18
108
8%
24%
*136
32
978
26%
18%
27
109
9
25%
140
*32
400
10
33
50
10
33
23,200
11%
*41%
*43%
*19
21
*19
48%
21
*46
52
*46
52
*114%
74
*8
*114%
7434
74%
8%
4%
*4
18
18
preferred....
6%
North Amer Aviation
3
Dec
12%
Jan
Feb
Feb
Sept
140
140
40
48%
48%
200
21
21
*20
21%
100
50
*40
50
*114%
*114%
4%
18
15%
16
*7
9
15%
14
14
28
27%
28
40%
40
41
Bid and asked prices; no sales on this day.
48%
48%
*43
747(5
7%
40%
9,100
52
4%
9
11%
21
74%
7%
*7
11
50
5
27%
Jan 14
32
Jan 18
99% Nov
109
Jan
Nov
37
Mar
Dec
9
3734 July 23
Mar 25
4% Jan 11
29
Oct
4134
Nov
10%
98%
Oct
14
Oct
72
Mar
30% Nov
100
Jan
Oct
3178 Mar
234
Oct
1278
15
5
Oct
Apr 25
110
Oct
135
Jan
Apr 28
113
Nov
137
Mar
1134 Mar
Oct
2
Jan
Jan 18
97
Feb
61
Dec
Oct
7% July 7
1% Jan 15
4%
Oct
1
Oct
4% Mar 29
12% Oct 14
66% Oct 10
1% Jan 11
Mar 31
%June16
30
,
%
6%
Feb
Oct
3
1538
Jan
Oct
"76%
Jan
Oct
Oct
272
Mar 29
10634 Jan 17
102
Apr
114
13% Mar 31
24% Oct 14
5558 Oct 13
Oct
3478
48% June
57%
14%
3
Oct
93
Oct
17%
104%
Jan
100% Sept 27
9334 Jan 13
91
Oct
105
Jan
6% Mar 31
14% July 25
11
41
100
18
7%
*14
27%
41%
18
8
1434
28%
41%
mm
mm
76
7434
10
July 13
v
97S- Oct
mrn'mmmrn
Sept
3% Sept
Sept
2
7
8
Preferred
30
1%
15
Dec
Oct
17
17
80
140
Coast
Def. delivery.
n.New stock,
Oct
140
Jan
Feb
24% Mar
Mar
28
75
Jan
Apr 19
Mar 30
115
114
May
115
June
76
Apr 19
Oct 14
6
No par
r Cash sale,
Nov
97
Mar 30
11%
Jan 17
z9%
Dec
55g Jan 11
20
July 28
2%
Oct
15%
7%
Oct
40
9% July 19
4
Oct
27%
15% July 23
2934 July 1
10% Dec
3234
Jan
22
Oct
38
Jan
23484
Oct
5334
Jan
3% Mar 29
9% Mar 26
z2234 Mar 30
32% Mar 31
41%
6%
Dec
No par
Pacific Ltg Corp
125
Dec
2d
2,600
45%
40
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
25
4134
Feb
19% Mar
Oct
1284 Dec
2% Mar 26
preferred
114
Oct
20%
44
10% Mar 25
100
Oct
Nov
5%
Oct 11
No par
6,000
Jan
2278 Apr
73
Apr
26% Feb
52
1st preferred..
15%
o
Jan 11
Jan
678 Mar
40
22% Aug 25
Mar 30
10
Pacific
2834
f In receivership.
56
115
100
28%
*14
1
10
Owens-Illinois Glass C___12.50
100
Jan 12
6%
90
53%
Oct
39% Apr 28
5
Pacific Amer Fisheries Inc...5
4
12
30% Apr
pref ..No par
1,600
7%
?%
conv 1st
19% July-25
Mar 28
6% Mar 31
Outlet Co..—...... .No par
9,300
7%
4
7%
$5.50
Jan
36% Mar
Oct 10
111% Sept 8
9% July 19
-1334 Mar 25 -28% July 19
140
Sept 6
122
Jan 14
4
No par
Outboard Marine & Mfg
Jan
Jan
Feb
June 21
75
.50
preferred
Jan
4534 Apr 1
578 Mar 30
87%May 3
35
Steel
434 Mar
180
198
May 12
6%
984 Mar
26% Feb
Jan 13
3
Jan
%
2
1
25%
% Jan 10
1% Mar 30
12% Mar 30
Otis
Jan
1
120
54%
June
Jan
Feb
55% Mar
15%
234 Jan 10
June
6434 Mar
111
Mar 30
92% Sept 16
8% preferred A
100
Oppenheim Coll & Co..No par
Otis Elevator-._—..iNo par
8
*14
40
106
Dec
2% Mar 30
% Jan 5
Omnibus Corp(The)vtc No par
7%
9
87
6%
18%
18%
112%
112% *104
884
8%
9%
2578
25%
25% 26%
*4%
15
13%
57%
62
Oct
8
17
Oct
22% Dec
2
Oct
Dec
July 20
Feb 11
Mar 30
Mar 25
80%
70
Nov
52
74%
1258 Aug
26
25
50
Oct
4% Jan 14
l%June 10
50
2,300
30
75
7
12% July 21
19% July 23
40
July 19
21% July 25
22% Jan 10
38% Jan 12
54
Norwalk Tire & Rubber No par
8,600
Jan
Dec
Northwestern
9
Jan
1434
75
North'n States Pow Co $5 pf. 1
*104
6178
Feb 23
9
11%
Apr
July 25
24
140
18%
July
1478 Jan 10
1078
Mar
26% Nov
3278 Feb 23
*136
Mar
Dec
20% Dec
63% Dec
17%
878Sept 14
6,400
Jan
35 '
38
99% Aug
19%May 31
7% Mar 30
83% Apr 1
18
1Q78
Oct
55
Feb 25
97
Preferred
16%. Dec
5
Oct
No par
v
May
24% Mar
75
% Mar 26
1
Telegraph
•'
No par
*19%
74
Oct
Oliver Farm Equip
5
27%
40
m
74%
July
Ohio Oil Co
934
27%
*43
*114%
31
4,200
10
277(5
18%
8
*27%
*39%
1078
4%
1658 Oct 13
Dec
2734
934
4%
*14
*784
1034
Oct
17
1734
112
82
'
1078
11
48%
1078
634July
26% Feb
112% Mar
30
1
110' 'Aug
50
12%
1,800
,
4
Jan
Feb
5% Mar 26
Adjust 4% pref.—-.-.100
3%
12
Oct
106% Dec
Mar 31
101
North American Co....No par
3434
1
Mar 30
100
200
24% 112,800
100
Feb
133
104
3%
3878
16% July 27
Oct 14
Oct
13
30% July 29
2
Northern Central Ry Co.. .50
Northern Pacific
TOO
*97
Jan
Feb
100
600
*32
3334
103%
Norfolk & Western
182
20
3%
Dec
Aug
100
83
97
13
preferred-...—....100
f Norfolk Southern
100
83
33%
Jan
Jan
90
18
No Amer Edison $6 pf.No par
3%
18%
33% Mar
167
6
7
7%
100
33%
Oct
Jan
Mar
Aug
12% Mar 31
fN Y Ontario & Western.. 100
Corp part stk.. 1
1,000
97
6%
Jan
Feb
Mar
July 25
Oct 10
9?8 Mar 31
,20
Mar 26
10
Mar 29
N Y Shipbldg
17,600
3%
164
71
18
58
Co..100
10%
97
1434 Aug
1034 Jan
Mar
25
2%May 24
fN Y NH & Hartford—100
Conv preferred
IOC
9834
34%
31
N Y Lack & West Ry
55%
3%
54
Feb
90
85
5
50
10
*33%
31
...
9834
*96%
Sept
99% Mar
36%
Mar 31
38
740
»4
55
97
30%
978
26%
500
41,600
67
23%
35
3%
2,900
1%
*%
179
m-
12%
1134
104
24
2,700
5%
5%
*1
*62
66
,4,200
64
,
134
61
Sept 28
1
10% preferred..—.50
t N Y Investors Inc
No par
%
May
June
No par
300
175
12%
preferred
5%
9
%
Dec
145
Jan 17
127
No par
113
180
23%
York Dock
9
*59
64
*%
New
*112
%
.
17
Oct 10
Mar 25
3
NYC Omnibus Corp.-No par
20
%
24
June
No par
■mm m*
47% Mar
Oct
4
6% preferred series A--.100
-
24%
Oct
8
17% Mar 29
N Y Chic & St Louis Co—100
123
Oct
10
154
No par
4,700
*101
5
18% Oct 14
6
6
26
Aug 26
11% Apr
1
Newport Industries
New York Central
13,800
123
12% Jan 10
4%June 28
17%
112%
2034
99% Apr 26
26%
*102
Oct
Dec
100
-
16a4
*99% 123
3
44
fNew Orl Texas & Mexico. 100
25%
*99% 123
10% July 27
July 29
Mar 29
Newberry Co (J J)....No par
17%
*3
108%
7% Mar 31
14% June 17
Apr 5
28
Mar 31
2778
9%
Apr
12% Mar 31
No par
27
3%
'15% Aug
Dec
Dec
10%May 27
4% % conv serial pref...100
27%
113
Oct
4%
978
20
Neisner Bros Inc.-1
20%
16%
9
Mar
15%
65
No par
16
*3%
51
Oct 13
102
70
2434
*112
Dec
32
Jan
3
63
17
9
Feb
Aug 26
109
Apr
21
26
3%
Jarf
26
15
Feb
Nov
40
1534
9
38%
.50
100
prior preferred
25
3%
Oct
Oct
12%
8%
Mar
.
Oct 14
prior preferred... 100
preferred—
20
112
66%
23
25%
3%
3%
9
9%
9%
*11Q78 114% *11078 114
46
Dec
12% Sept 24
20%
16%
*9
69
Dec
36%
39% Jan 13
2234 July 25
Oct
21
.-25
Corp
1978
15%
*33S
Oct
30
National Supply (The) Pa. .10
National Steel
24
19%
Nov
6% Mar
4078
6834 Oct 14
38%
20%
1634
2034
12% Mar
Jan
107% Aug
109
Sept
1258 Dec
Oct 13
44% Mar 31
39%
2,700
20% 104,300
38%
Oct
8
3% Jan 11
Jan
5% pref series A
9C\
1%
238 Jan
20
8% Jan 12
6%
25
34% Mar
Mar 29
5}^%
11
934 Mar
Oct
Dec
13% Mar 29
$2
25
Oct
5%
1%
Jan
1,100
*67
11
Dec
2
150
1,700
73%
Apr
16
Jan 12
July
70
24%
11
24%
*67
34
Jan 13
July 21
127
25
1,600
Jan
Mar
1734
3%
11%
,
,44
6834
3
78
5% Mar
6% Jan
171
17%
3%
July 25
Aug
2%
Oct
677(5
3%
Jan 11
84
16% Mar
108
Oct
18
3%
Dec
Dec
Oct
%
18
6734
mm
Dec
50
153
17
3%
1%
1%
1734
3%
11%
Oct
43(j
July 19
8
72% Oct 13
34 Jan 10
7
6684
'■rnm
Mar
178% Oct 14
145% Sept 22
25
July 25
1734
70
124
50
6
1
100
6% preferred B—.....100
17
25
Oct
8% July 26
15% Mar 31
10
Lead—...
66
*67
98%
17% Mar 31
734
«* m «
3
64% Jan 13
15% July 22
150
National Power & Light No par
26
Oct
114
Jan
Mar 30
8% Mar 30
Nat Mall & St'l Cast Co No par
69%
Mar
No par
2,800
*
120
Oct
55,400
69%
Nov
Oct
Oct
8%
25%
53
4
24%
*67
8
5%
778
26
Jan
87% Oct
104%
23%
69
106
9
2678 Oct 11
207o July 26
8
*67
48% Mar.
Oct
July 29
24
*25%
35% Mar
91
1034 July 19
7% preferred A
11,600
14,000
Feb
Oct 13
101
3% Mar 30
Nat Gypsum Co
25,500
Jan
72% Mar
26%
122
3% Mar 29
23%
7%
Oct
10
40,800
40
14
105% Mar 30
preferred
16%
100
Oct
Mar 25
4
Nat Enam & Stamplng.No par
27%
26%
178% 178%
*142% 144
16%
41
Dec
4%
.100
Nat Distillers Prod
400
14
3334 Nov
Oct
113
6%
2,900
21,600
6%
26%
~
25%
Feb
No par
B
Nat Dept Stores
4,500
16%
4734 Mar
Nov
115
7% pr^f class
10
-
10
Oct
15
11% Sept 26
23%
734
66%
23
*23
25
25
*67
73%
73%
*3478
3934
*3478
3934
*347g 40
*105% 107% *105% 107% *105% 107%
*7 '
8
8
8
17%
6%
578
225%
'm
0%
16%
27%
*67
35
*112
10
9%
*22%
*65
113
113
Jan
3
16% Dec
87
106% Mar 30
Nat Dairy
70
86
105
37% Mar 29
6% Mar 30
7% Mar 22
Nat Cash Register
22,000
115
Feb
93% Aug
Dec
6% July 25
No par
Products...No par
17,500
15%
1434
101
Dec
37%
24% Oct 14
16% Jan 13
47%July 25
13% Oct 14
2278 Jan 11
287a July 25
111
July 28
7% pref class A-_.----.100
28%
28
115
Dec
50
*71
95
5% pref series A w w
100
Nat Bond & Share Corp new No
27%
Exchange
1634
86
66%
July 21
57% July 27
117%Sept 22
54% Oct 13
38% Aug 3
9% Apr
34% Mar 26
Co .No par
17%
Jan
112% Jan
3434 Apr
4
...100
pref
cum
*1634
20
19%
Corp...
Biscuit
19
Dec
1C134 Oct 14
Mar 31
Jan
26
1
5
10
N ational Acme.
4,500
6,100
25%
13%
13%
25%
Oct
6
Sept
10
78% Dec
5
11% Mar 29
Co....——1
M.fg Co class B
1
*83
.
142% 142% *142% 144
23
*2538
27,200
18%
164
Stock
207(5
*168
*141% 142%
73g
10%
18
*110% 115
5;%
1578
2634
175
2234
10
9%
26%
*19
16%
27%
*165
9%
5%
19%
1534
*4978
mm
10%
834
Columbus
*113
978
2578
5%
26
19%
10
m'mdim
28% Dec
7
2
10% Mar 31
8
Mar 31
preferred—No par
Munsingwear Inc
No par
Murphy Co (G C)
No par
5% preferred..
100
Murray Corp of America... 10
Myers (F & E) Bros...No par
Nash-Kelvlnator Corp..
5
Nashv Chatt & St Louis. --10Q
5,900
9%
50
18
13%
110% 110% *110%
*112
934
2634
9
42% Jan
42% Mar
16% Mar
47% Jan
Jan
Mar 31
25
$7 conv
"
112
*5,
110
*108
9%
25
27
147g
26%
1434
27%
14%
25%
17
86
2434
400
17
16378 1637S
*16%
700
61
10%
9
16%
13%
61
63
*497g
25%
8134
170
110
878
13%
„
2,300
14
13%
*13%
7%
45%
7
7%
41
40
42
43%
13%
60%
684
634
634
41
Oct
Dec
Oct
May
22%May 27
-.5
...
28%
67
25
share
21
Dec
30%
18%
5%
1534 July 22
72
Jan 25
68
per
Dec
734
11
487S Oct 13
26% Jan 12
8% Jan 10
35% July 25
10% July IS
Oct
Highest
share $
per
Mar 30
111
Mueller Brass
13%
112
120
32
87g
2434
*113%
934
6,900
14
9
164
21%
100
30
13
16%
36
Co
10
No par
Inc. No par
No par
Morris & Essex......
50
Motor Products Corp.-No par
preferred
$4.50
2
22
28
27
26
29
30
25
$
10
Montg Ward & Co
Morrell (J) & Co
14
25
*79
35%
21%
-
10%May
l%Mar
434 Mar
% Mar
1% Mar
Monsanto Chemical
50
30
*87S
*162
4,000
62,300
36
% Mar
5% conv preferred.-..-.100
Mohawk Carpet Mills...—20
54
*35
%June
7% preferred series A -.100
{Missouri Pacific..---.—-100
117
53%
21%
19%
200
2,700
7,200
101% 10134
*116
37
8,300
2%
197(5
Mar 31
% Feb
Mo-Kan-Texas RR—-No par
'
36
*3534
Mission Corp
1,700
1
Mar 26
Apr
4
—...—10
1,500
"
1
1
54%
*35
mm
14
2478
13
116
5284
10
mm
mJmm
1%
2%
10%
2%
100%
116
'mm
137(j
19%
100
137S
60%
60%
61
107% 107% *107% 109
834
9%
9%
9%
*50
53
*49%
53
10
978
10%
10%
18
18
17%
18%
60%'
35
29%
7%
6%
*41
preferred
No par
jMinn St Paul & S S M—100
7% pref erred ......-.--100
4% leased line ctfs.
100
$6.50
3034
2978
7
7
49% Jan 28
100
14%
14
42
*78
Apr
88% Aug 31
4% conv pref series B—100
Minn Moline Power Impl
1
.'mm^rnmm
2%
20
18%
17%
18%
17%
1734
1734
99%
9934
98%
99%
9712
*116
117
*116
117
117
51
52%
51
5178
50%
51
*35
36
36
36
*34l2
38
35
,35
*35
36
3434
3434
19%
19%
19% 20%
20%
2034
1712
7
2%
1034
1%
2%
2
1
13%
1%
14
pref....-.—100
Lt 6% pf—100
Minn-Honeywell Regu.No par
8,600
1,500
%
*s4
Milw El Ry &
4
1
15%June
160
7%
6934
678
67%
*%
1
*1
1
12% Mar 30
76
2,600
115
*114
7
72%
%
9%
2%
42
114
*2%
10%
1%
2%
20
87%
87%
8% cum 1st
_
103
*99
87%
*78
13%
97
30%
*%
*%
~
*116
14%
30%
101
6%
*
10%
2
1438
•
108
*105
108
66
10
2h
Midland Steel Prod
114
2%
534 Mar 31
Mid-Continent Petroleum..
•
14
2634 Mar 30
10
No par
7,500
2,100
June 13
11
par
16%
85%
1%
*78
Miami Copper
4
Jan
1
3% Mar 30
14
May 31
1
50
27%
101
1
2%
32% Apr
16
%
1334
50
par
Co———5
5
Mesta Machine
Apr 12
par
par
share
1934 Oct 10
12% July 27
per
90
634 Mar 26
55
Apr 5
par
27%
■■■
2%
24,400
13%
'--No
56 preferred series A .No
$5.50 pref ser B w w.No
Melville Shoe...-.—-No
Mengel Co (The)
5% conv 1st pref....
Merch & Min Trans Co No
Mead Corp—-
16%
6%
*1
97S
1234
110
2,100
Mar 26
27%
*105
65
*%
1
137s
*1
12%
1,360
14
44%
44%
1234
June 14
5
70
-
2 684
114
6%
65
4,600
27
-1
preferred.—-.100
Stores.
15%
*%
.
*78
14%
.234
10i2
1414
2%
67
*%
*%
1
16
*113
6%
6%
12
*l4
*12
*34
1534
26%
26%
*105
108
,*98
103
8478
87%
87%
86
114
6%
114
12
44%
11%
-
600
6%
24%
*12
12
44
103
*98
87i2
87l2
108
105
104
*98
163s
,27%
27
51%
24
14
20
6%
6%
24
22%
1378
*49%
50%
578
4334
12%
43%
437a
12%
1534
I6I2
27
-108
21%
*12
15
43%
1178
1,600
77
*65
*50is
42»4
12%
1334
*66
70
preferred..—No par
6% conv
170
94
*88
14%
*65
,15
McLellan
70
70
21
42l2
53 conv
5,100
35% Mar 25
13%May 27
5% Mar 29
.5
10
5
McKesson & Bobbins
2,000
10%
1334
13%
6978
*60
*13
7,200
69J8
13%
*66%
72
>
7%
35%
9%
1414
697»
534
22%
7,600
7
35
97(5
*58
6%
Mclntyre Porcupine Mines.
McKeesport Tin Plate
9%
1378
*6612
5'2
5%
6,100
23
22%
51
507g
487(5
23%
714
348.4
7
72
*58
48%
4878
Mar 26
7
McGraw-Hill Pub Co..No par
900
$
$ per share
10
Jan 31
1
MeGraw Elec Co
1078
33%
34
934
94
2,1C0
*10%
11
7%
7
Shares
19
18a4
19%
10%
23%
22
33%
*66
'
19
Par
1938
Lowest
Highest
Lowest
Week
$ per share.
$ per share
10%
48%
10%
47%
90
90
$ per share
100-Share Lots
EXCHANGE
the
FTid(iy
Oct. 14
Thursday
Oct. 13
Wednesday,
Oct. 12
On Basis of
YORK STOCK
NEW
far
15,
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
SALE PRICES—PER SHARE,
HIGH
AND
LOW
Oct.
New York Stock Record—Continued—Page 7
2356
x
Ex-dlv.
4134hOC
y Ex-rights,
14
48
51% Nov
Jan
IO384 Aug
23
Jan
Feb
Mar
Feb
t Called for redemption.
Volume
AND
LOW
SALE
HIGH
PRICES—PER
NOT
SHARE,
PER
NEW
Tuesday
Monday
Oct.
Oct. 8
Oct.
10
Oct.
Oct. 12
Oct.
13
On Basis of
YORK STOCK
Year 1937
Lowest
Highest
Lowest
Week
14
100-Share Lots
EXCHANGE
the
Friday
Thursday
11
Range for Previous
Range Since Jan. 1
STOCKS
Sales
CENT
for
Saturday
2357
New York Stock Record—Continued—Page 8
147
Highest
-
113
111
113
*109
16
16
16i8
16U
111
111% 111% *100
*142l2 147
*142% 146
26i2
25% 25% *2514
lli2
1H2
1134
11%
111
*142% 147
*142l2 147
♦142i2 147
25
25%
25l2
25%
2512 25%
1134
♦1134
12
1134
II84 *1H2
5
5i8
5
*6%
8%
*6l2
i%
*49%
i%
52%
12%
95
12
8%
13g
12%
*23
*23
2%
27S
2%
9634
12
1178
1218
27
24
3
3
1%
•
53%
53l2
*99% 100%
99i2
1134
12%
1134
96
96
117s
*23
28
5
714
U2
5334
100i2
1218
98
7%
52
,
47g
*6i2
13s
5%
*6%
1%
52
*9912 10012
11%
12
9234
95
115s
12
94
12
28
•
52
28
94
95
12
*23
5
5%
*612
13s
8%
1%
1%
*5114
5318
*99% 100%
U78
12%
>99% l0O%
12
434
5%
$ per share
$ per share
$ per share
1578
1534
16
*1o34
1578
15i2
$ per share
$ per share
$ -per share
♦100
234
paT
Shares
1,400
140
Pacific Mills
"l",266
500
26,800
2^600
800
40
36,600
1,500
4,300
4% conv preferred-
3'8
4134
42
42
42
42
18
18
18
18
18%
18
1818
1,500
2
2
2
2i8
600
10
12%
12%'
12
57
57
56
12i8
93g
12 i
56
57
57
12%
1218
121%
9,300
5,400
59%
*5612
5712
""500
84%
84
845g
4,800
10
9%
1178
934
84
84
84l2
2%
47g
"2%
47g
#27
13%
2138
*25%
2
178
434
2712
15
*26l2
*13%
2178
*253s
13
10
28
*112
«112
28
*112
*112
Parke Davis & Co
~37%
37
3*834
514
1534
5
*4
514
*434
.1512
15l2
15l2
*14%
37
37%
37%
36
37
3634
32
*13
36
3034
16
3112
32i2
31
16%
*16
10
*912
I6I4
I6I4
*16
734
40%
41
37
♦35
*62
64
4
Mar 26
Mar 30
Mar 31
3U2
1678
934
8 >
63
63
65
65
200
.
3i2
31*
3%
312
*3%
378
3s
%
%
*3g
h
14012
*%
80
*3i2
3714
~~7~h
24%
24l2
*
534
*6
7
"7"
1,000
*25%
25%
*2518
2538
700
*37
43
*37.
45
*91
115
♦91
115
0%
*578
534
26%
69
6%
6l2
♦22
*6
■m-i
♦65i2
"¥"
7*2
1334
47%
Exchange
"~8%
7«4
13l2
♦6%
*65%
778
h~$~
13i2
1334
1334
47%
*46
1334
48l2
4712
27
*25
29
23
24
39
*37l2
39
37
13%
47i2
*25
*37
37
*%
34
*5
'
®4
*%
*5
8
*13
14
*5
8
13%
%
*12
22
21
217g
20l2
*8
10
*8
10
♦8
10I2
*2i2
11%
1078
1H4
234
234
78
78
9%
23s
978
7)
*%
2
2
2
978
*22
29
39
39
%
%
21%
10%
2034
21
*814
2i2
113s
212
*34
78
2is
214
9%
10
938
934
*8%
11%
234
"
9%
*934
10
10
10
10
10
*9%
10%
287«
2838
2818
28i8
2834
29
55
5434
2834
55i2
1-18
■
117% 11712
313s
305g
118
30%
30%
101
*100
111
111
"123% 130
*142
145
10034 102
55
5534
117l2 117l2
3U4
30i2
5538
'
5578
117% 118
32%
31%
*100% 101
*111
112%
*100i2 101
111
11H2 *llli8 112i2
130
*126
*1235S 130
143
142
142l2 14212
1181s
*116
1181s *116
*126
*140
130
142
*9i2
1018
350
IOII4
11212 112l2
142
89^2
88%
88%,
8534
87
84
8434
14%
82
84
80
81
80%
805g
1334
14
1334
14
14
*1H2
12
11%
10
137s
27g
,
*75
99
*75
63%
6378
633S
27g
234
278
25s
20
20
21%
145s
1434
14%
22
.
21
21
21 lg
17
147g
2134
21i2
20
5
5
5
73
*72
*65
68
23g
23s
2%
238
193s
1978
19%
1978
*10i2
*1012
15%
72
2i4
13,000
500
16l2
1714
100
10,300
62
*6014
1734
18i8
173s
5
5'2
"•MOO
*lll4
13'i2
100
16i2
1658
11,200
300
72
73
75
*72
7478
68
*65
68
*65
2%
2U
193s
*60
60%
6014
18%
1SU
258
20
64
6314
19%
*7i2
*10l2
2l2
1034
11
25s
300
14",i66
6314
185s
20
49,500
64
1912
*60
200
63i2
193S
18
18U
37
*35
40
*34
40
*38
40
*36
40
3612
90
*80
90
*80
90
*80
98
*80
*47l2
60
*47%
60
4838
483s
137S
14
13%
1378
1334
14
1,500
12,200
95
*80
*30
60
1378
*88
.
92
60
*40
1414
14%
*88%
1012
105s
1078
4334
44
44
*53t4
56
*5314
*514
678
*10%
*17%
30
1
455s
"Y%
1034
44U
56
18
1%
1
27s
6
*6%
Bid ftnti
*90
92
92
10%
103s
IOI4
10®4
4334
44
4334
*53i4
56
*5314
4414
56
7
7
"Vis
1012
10i2
738
1834
175s
175g
I8I4
3034
3U2
32
32
33
1%
*H4
H2
4534
47U
465s
47is
78
234
*2i8
*6%
1034
1
*7g
1034
112
48
*7s
25s
1
234
*2l2
234
6
*2i8
6
*218
*6%
*6i2
aafced prices: no sales on
tbla day,
*90
200
60
2,400
92
1034
4334
*5314
:io78
443s
"2",900
12,500
7
"V4
18,100
IH4
900
18l2
1834
32
33
900
3,000
1,500
*U4
48i2
4714
48
5,200
78
1
500
25g
*218
25s
800
6
6
1®4
*6i4
t .to reee^Mp.
-Wo par
— 100
7% preferred—.......100
8% preferred
....100
preferred
6 % preferred
$5
6%
June 25
4i8Mar30
32
Sept 29
100%
Jan
1®4" Dec2% Oct
7%
Feb
4% Jan 12
1
14334
144%
8%
50%
Mar
7
5%
50
Amer...Wo
$5 preferred B...... Wo
$3.50 conv 1st pref..No
fRadio-Kelth-Orpheum Wo
Radio Corp of
par
20%
preferred
-100
6% conv prior pref ser A. 100
Revere Copper & Brass...—5
Class
A
—
preferred
100
5H% preferred.
100
Reynolds Metals Co—Wo par
5 ^ % conv preferred....
Reynolds Spring
Reynolds (R J) Tob
100
class B.10
-10
Elec & Pow.
Richfield Oil Corp
Wo par
Rltter Dental Mfg
No par
Roan Antelope Copper Mines
Ruberoid Co (The)
Wo par
<*Def. JeUvery.
^Rutland RR 7% pref
St Joseph Lead
100
Dec
56
Feb
117
Aug
117
Aug
May
Oct
18%
Jan 17
25
Oct
4
Dec
7612 Jan
14% Aug
4834
Dec
100% Aug
35
5
378 Mar 30
41
Mar 30
69
4%
Oct 14
145
June 21
174
Mar 14
141
8
Oct
43
Mar
32
Dec
122
Mar
9% July 25
7i2Mar 29
2012 Apr 7
lli2 Apr 8
1634 Jan 12
52
Aug 5
30
July 29
23
45
6
30
May 21
I
9
Jan
12
Oct
5
Mar 29
23
38Mar 31
Jan
l2 Oct
158 Mar
434 Mar
4i2 Mar
1334 Mar
39i2 Mar
115
8
30
Dec
45
Dec
4
Jan
Dec
28
Jan
8
Oct
Oct
47% Mar
13
Oct
9
Dec
297s Apr
22% Aug
8%
%
5
3
Jan
Oct
33%
1%
Oct
1178
1% Jan 22
%
Oct
378
Jan
30
25
25
30
31
4% Jan 17
2%
5%
5%
Oct
15%
Oct
Oct
31%
Jan
Feb
31
Feb
20
Oct
86
Feb
43%
Oct
65%
114% Mar
30% Oct
118%
Jan
Jan
86'4 Mar 31
1017s Apr 23
112
Apr. 8
132
Mar 29
Jan 12
7
10% July 21
10% July 25
31% Jan 17
6
122%May 18
35% Jan 13
57% Aug
102
103%
125% Oct
Jan
5234
Jan
Oct
112%
Feb
Oct
128%
Jan
7
117
Oct
140%
Jan
Jan 14
132
Sept
162%
117
Sept 21
110
June
113%
Jan
Jan
72%
24-%
Feb
Feb
25%
834
98%
Jan 18
88% July 19
1434 July 29
June 16
Oct
5%
13%
484
16% Jan 14
8% Oct 7
434 Mar 31
Oct
85
367g Jan 17
13% July 20
Mar 29
9
Feb
143
8UMay 26
7
91
Oct 1.0
112% Oct 14
§1
18
Dec
Dec
3% Jan 13
8
Mar 25
112
Mar
3
Aug
25
July
20
®4 Nov
Jan 13
Jan
Jan
97% Apr
4% Oct
478May 26
i4June
Oct
7% July 25
7% Jan 17
3i4Mar31
20
7
Oct
Oct
Drc
Oct
107
Feb
"2334"
Feb
187S Jan
1234 Mar
80
Oct 1.1
96% Dec
115
Nov
65
Jan 31
Oct 14
44c
Dec
80
Jan
"
10% Apr
2% Oct
19% Dec
37% Aug
24% Jan 11
29% Jan 18
20
Dec
26
26
Dec
29% Dec
22
18%
Dec
47
5% Jan 11
24
Mar 30
103s June 17
July 21
Jan 13
Dec
Mar
Mar 22
30% Jan 15
30
Dec
49
13i4 June 21
27% Jan 25
6% July 19
58
July 26
23
Dec
4334
Oct
13%
Dec
83
Jan
Mar
18
234Mar25
3414 Mar 29
5
Apr 1
5l2Mar 30
9 June 10
3%
39
,
Jan
Jan
Jan
Jan 10
7%
Dec
30
11% July 20
784
Dec
2238
934
Oct
35% Mar
11
13% July 13
17% July 25
95>8 Mar 30
2
40
Apr 28
1 it Mar 30
75
Oct 13
68
Aug 16
Jan 10
49l2May
3
.
8% Oct
61% Nov
69
184
Dec
Oct
Feb
29% Mar
94%
110
Jan
Feb
Feb
47% Mar
9%
lli4May31
207s July 25
12%
39i2 Mar 29
38
May 26
75% Jan 15
65
Dec
124
Jan 13
60
Dec
110% Mar
778 Mar 30
17'4Mar 30
65
Apr 27
483s Oct 14
10
Sept 14
19% Oct 13
9
Oct
49% Apr
73
37
Jan
85
Jan 21
8
94
80
51%
Jan 31
9
12% July 26
46% Jan 8
58% Jan 11
5
Aug 23
Mar 25
8% Jan 7
878 July 30
4% Mar 30
3334 Mar 30
7% April
14% Mar 30
13
Mar 31
1
Sept 13
76-%
64% Jan 21
1734 Jan 7
84% Apr 2;
5
26
60
»
Sept
13% July 21
2034 Jan 19
33
Oct 13
2U
Jan 10
3% July 20
nNew,to<tt.
Jan
36
July 12
1% Mar 25
6% preferred
100
2
Mar 26
JSt Louis Southwestern...100
6
May 28
,5% preferred...
100
b Name changed to Brewing Corp of Am er
Francisco.—100
3338
July
May 10
48% Oct 13
JSt Louis-San
Jan
90
25%May 27
%June13
-10
9%
74% Jan
2034 Apr
52
par
Raybestos Manhattan.Wo par
6 % conv
Oct
July
25
134Sept28
1434June 20
8i8May 26
-100
Rets (Robt) & Co 1st pref. 100
Reliable Stores Corp..-Wo par
Reliance Mfg Co.--10
Remington-Rand.
-—- - ■1
Preferred with warrants..25
Rensselaer & Sar RR Co—100
Reo Motor Car
5
Republic Steel Corp.—Wo par
Oct
4
Jan
64
6
37t4 Mar 31
>
Dec
27
Jan
87%
3
par
-1
preferred..-.-.------25
Reading... ^- ---50
4% 1st preferred..
--50
4% 2d preferred-..-50
Real Silk Hosiery
--5
20
Oct
Oct
90
par
$2
Oct
July 12
39
6OI4
Rayonier Inc.-
Jan
3% Feb
95% Aug
Oct
Nov
30%
1%
378 July 20
July 19
9
July 7
Apr 19
74i2June 18
preferred.-----100
Purity Bakeries
Wo par
Quaker State Oil Ref Corp. .10
14
Oct 10
July 23
43
2158May 27
5% conv
Jan
20i2 Jan
—100
—
64%
Oct
%
65
Oct 10
Mar 9
44-% July 19
Mar 29
4
Feb
62 "Dec
July 12
234 July 26
Mar 31
2
...——No par
-Wo par
preferred
Rhine Westphalia
1%
234
No par
5% pf (ser of Feb 1 *29). 100
Pub Serv Corp of N J..Wo par
Common
56
1034
1
5% conv 2d pref—
7%
*6
*6
1%
30
46
_
1H2
187g
*17
3034
*90
*5i4
"Vis
7
1034
11
1
'*
92
*5%
27«
*2i8
HI4
.5
50
5% conv 1st pref..
Procter & Gamble
Preferred—
55
*4712
1634
65
63
59
:
"2,500
2,700
2,400
16
105g
1214
195s
19
64
64
100
1714
23i2
*11
11
'
68
*65
*58
65
2,000
5,700
23
16
107g
117s
16%
157s
5%
^Postal Tel & Cable 7% pf. 100
1
Pressed Steel Car Co Inc
Pure Oil (The)
1634
55
1034
105s
1312
*4712
*712
7514 Mar 29
114
13%
597s Mar
18% Nov
34% Nov
67
Apr 12
60
Oct 14
12% July 21
Pullman Inc—
5Q0
2178
5
Oct
44
Jan
37% Jan 12
li2Mar26
16400
23
2334
5
3
434 Jan 3
1758 Mar 31
Mar 28
30
5i8 Mar 29
No par
33,600
23
*19
1078
117s
'
68
234
*23
J
*65
65
21
11
72%
■25s
21% Mar
B-._-.Wo par
Class B...
Pub Ser El & Gas pf $5. Wo par
99
2334
*7%
*70
165s
2314
175s
.
6434
*23
11
11
*75
6434
27g
22%
*187s
*8%
16
99
20
f>5
13%
""'120
8ig 107,000
734
2334
*4712
*H78
1578
14i8
125s
*12
*18iji
64
*10%
1334
12i2
8i4
*23
5l2
*5%
11
*8—
-*■17%'
173s
81
231?
*45
64
*45
1734
15,
8034
20
23l2
*18%
2334
*19%
22%
1734
18
177s
*23%
5834
77g
8
6334
*21
2234
1478
*63
*12
115s
15
*21
*21
99
63l2
234
63l2
63%
234
14
1
*75
99
*56%
9%
734
500
*116
3438
93g
8i8
77g
814
8
3314
10 *
934
12
*11
3478
34
345g
934
600
130
*88%
120
33%
*
200
1,800
6,700
118% *115l2 118i8
35
34
34
3478
10
10
934
9%
89
*86i4
86%
86%
*116
10,400
10,300
14,100
*140
Oct
Porto Ric-Am Tob cl A .No par
Poor & Co class
'
200
33
*126
9%
Pond Creek Pocahontas No par
11734 118
101
Jan
11
563g
3214
Jan
25
Mar 28
29
56
87
91
Mar 31
900
48% Mar
Jan
Feb
Mar
Oct
8
"5" 100
17
11
15
Plymouth Oil Co..——
Oct
Oct 14
13% Jan 11
8% July 13
-5
300
Mar
63
Oct
11634
65%
3
16% Jan 10
34 Jan 19
25% July 25
4,300
50% Mar
22
1678
6
'
*28
100
pref 100
Dec
8i2 Mar 29
734 Mar 30
preferred
...... 100
Pittsburgh & West Va.i-.100
Pittston Co (The).....No par
IOI4
11%
27g
7g
2%
11
78
2%
10
lll2
234
78
*58 :
2
238
978
912
28
5434
5s
5g
,
5 H 1st ser conv prior
Oct
27
110% Sept
Oct
Pitts Term Coal Corp..——1
6%
14
13
137s
5% pref class A...
.
20
12% Feb
76% Feb
2934 Feb
Dec
100
8
*5
8
No par
Oct
13% Dec
4
""536
34
*i2
par
7% pref class B_.......100
100
20%
58
21
.
.
13%
234
*%
25
39
*5
1034
*2%
i
160
Pittsburgh Steel Co
160
49%
'-V% £« %
13i2
1338
13%
*%
215j{
135g
Bolt....No
Pitts Screw &
6,000
1,500
48
25
8
10
"8%
.48
47%
Holiday
preferred
Pitts Coke & Iron
100
38%
Day
%
*%
*157i2
8I8
8%
1312
1334
100
100
Corp No par
$5 conv pref erred ....Wo par
Pitts Ft W & Ch 7% gtd pf 100
6%
"""560
'
8
Columbus
634
69
.69
69
Pittsburgh Coal of Pa
200
26l4
6l2
,25
shares"
Pitts C C & St L RR Co... 100
157
157
Closed-
*160
Pirelli Co of Italy "Am
6
6
*21
634
Pillsbury Flour. Mills.
Feb
Oct
Oct
Jan
9
30i4 Jan 18
115
*91
6%
26%
*21
69
69
*65%'
*160
*160
*6
Stock
6I4
26i4
*5l2
26*4
*20
7
*65
634
45
1%
2%
7% Feb
64
10334 Mar
6% Jan
30
...—5
100
...i......
15
Nov
30% Dec
Hosiery.
_
Jan 10
July 25
July 25
6% July 22
27'4 Mar 31
.
57% Nov
1734 July 25
July 25
No par
Pieice Oil 8% conv pref--.100
Oct
37
43
Petroleum
Preferred.:.
25%
7%
—'.w-100
preferred
2%
Aug 25
7% Jan
10% Jan
2378 Mar
38% Jan 15
Phoenix
612
*7
10
Oct
4434 Feb
29% Aug
Mar 23
15
Phillips
27,800
*41
•
22i8 Mar 26
is4 Mar 26
5*2Mar26
173g Mar 26
Oct
8
July 25
112% Feb 9
40% Oct 13
i4 Mar 26
5% conv.pref series A... 100
*24l2
.
'
N° var
Phillips Jones Corp....Wo par
115
*91
*21
*33J2
31
Mar 29
Oct
4
15% Jan 11
24% Jan 15
14i8 Mar 31
19I4 Mar 28
110
50
Philip Morris & Co Ltd
3*
*3
334
Mar 30
10
li4 Apr 25
2'4 Mar 26
preferred.
Phila & Read C & I
7%
38i2
3734
38%
*33%
..No par
700
42
712
*38
115
*9l"
*3
334
50
7%
45
*35
preferred..
*| 500
25
7%
2434
45
*3
*3312
$6
JPhila Rapid Trans Co....50
11,000
14014 *,5,200
139
45
3634
37i2
36l2
384
50
*34
*35
Phelps-Dodge Corp
..25
Philadelphia Co 6% pref....50
38
143i2
143% *139
7i2
*6l2
7%
.V. 7
45
37s
38
140%
*139
7
*3514
39
*3
334
139
142
*612
45
3978
*3
*33%
712
139
*138
7
*614
*3514
;
Pfeiffer Brewing Co ...No par
160
%
141% 14334
14334 144I4
8i8
*13s
2
3%
50
Petroleum Corp of Amer— .5
65
%
*3514
38%
4,400
3,400
400
2i4
7
300
934
38,500
♦1%
143
167s
37
13g
7
Pere Marquette......
Pet Milk.....No par
44
30
•
100
100
5% prior preferred
TOO
5% preferred........-.100
4234
1%
142
People's GL & C (Chic)... 100
210
37 J
*134
50
100
340
37
13g
14234 143
""266
15
8%
43%
*62
RR._
preferred
32
37
8
conv
35i2
42%
8i8
DsJune13
No par
1%
83g Aug 24
58%
85%
2%
5%
2i2 Mai- 30
10i2 Mar 30
Peoria & Eastern...
934
35g
■
*14i8
35%
Oct
55
Peoples Drug Stores ...No par
9,500
Oct
12
Corp..-.10
Pennsylvania
5
28
41
v t c
Jan
Feb
4238 Oct 10
Cement..-No par
Corp
Jan
8%
2034 Feb 23
2% July 19
10% Aug 26
13% July 23
__3
$7 conv pref ser A ...No par
38,900
30
40"I2
*434
16"s
9%
1%
,
Penn-Dixle
Penn GI Sand
4218
3678
367g
37
65
37
*6178
Penn Coal & Coke
2634
34%
Oct
Mar 31
No par
Jan
Mar
Oct
3114 Mar 31
*4 Mar 29
17%
90
Oct
8
1
No par
'.
18%
2984 Apr
12% Feb
Sept ,1097s Mar
2834 Jan
Oct
Oct 200% Jan
3% Jan 10
834 Mar 31
(J C)
8%
80%
30
3i2 Mar 30
Penney
z95
July 19
13% July 20
July 29
Mar 29
Patino Mines & Enterpr No par
Peuick <fc Ford
5
<>2% Nov
13% July 19
100
65s Mar 31
16
1
0H%
40
40%
5%
15%
100% Oct
Mar 26
65
13
1,200
912
77s
81S
734
40
9%
14l4
2214
40%
10
934
'
•734
«934
39
33
32
31%
16
'
8834June2l
534Mar31
2.50
500
2U4
*25i2
37
*4
1,600
478
1
Mar 31
Parmelee Transporta'n.Wo par
Pathe Film Corp.
..No par
Parker Rast Proof Co
*112
^
36%
*412
15i2
36"
35
900
5
28
1312
.13%
22%
28%
^
2i8
28
.
28
13%
215g
*25%
22
2H8
*253g
2258
434
*26
2712
1314
2
2%
47g
*17g
2i8
434
*17g
5
29
5
28%
13%
22%
2778
84
8434
843s
8434
-
10
bPeerless Corp..—
*56%
Sept
No par
4234
18
9%
1
29
li2 Mar 30
41%
2
Oct
1
*178
*178
9%
115s
Oct
...1
18%
2
10%
2
9%
Dec
7
Park Utah C M...
41
Jan
4
Park & Tilford Inc
18%
*17g
Jan
149
11%
Mar 29
12,900
2,400
41
27S
1
100
Jan
44%
152
Apr
9% Feb 25
2
Aug 3
5334 Oct 14
7
100
;>.• 24
234
4214
2%
100
6% 1st preferred
6% 2d preferred....
Oct
Nov
133
1578 Jan 10
5'8July 7
3l4 Mar 30
No par
Paramount Pictures Inc
10%
110
Maris
10
Panhandle Prod & Ref new__l
r
share $ per share
30- June 27
No par
Paraffine Co Inc
per
18UJune18
Pacific Tin Corp(spstk) No par
Pac Western Oil Corp.10
Pan-Amer Petrol & Transp__5
'
$
share
116% Aug 17
147
Aug 11
100 rl32i2 Mar 30
Packard Motor Car
per
19'g July 19
9i4 Mar 30
Apr 1
87
100
preferred."
$
share
per
No par
Pacific Telep & Teleg
6%
S
1% July 20
5% Jan 26
7% July 12
1234
Oct
Dec
98
Dec
139
Nov
Oct
Nov
9534
30%
112
-34%
Apr
Apr
Apr
Jan
Jan
Jan
Jan
5%
Dec
40%
Dec
58
55
Oct
67
Jan
10% Nov
14
Feb
884
Oct
Dec
18%
17%
Dec
Oct
4%
1
Oct
26% Nov
1
1%
3%
10
Oct
6%
Jan
Oct
31%
Feb
19%
Dec
38
984
65
June
Feb
Mar
484 Mar
Oct
11%
O^t
2084 Mar
Nov
37% Mar
Feb
resale. « Ei-dlv. » Ex-right,. H Called forredemptloo^
New York Stock Record—Continued—Page 9
2358
NOT PER CENT
IRE,
Saturday
Monday
Oct. 10
Oct.
Wednesday
Tuesday
Oct. 8
18%
18%
72
72
♦86
90
1912
14%
19%
73
73%
6%
50
68
*5%'
2%
20
3%
78%
3%
*62%
*3%
76%
78%
17
18
2%
19%
16%
16%
10%
27%
11
11%
27%
15%
*6334
27%
14%
91
*90
97
101
102
*97
102
*99% 102
19%
23%
*19%
21
18
18%
12
12
13%
13%
_
91
21%
i8%
11%
13%
13%
*112
*113% 117
117
.
*28,
26
24%
*26
35
3%
3%
42
42
3%
3%
*9%
10%
23
23
28%
15%
35
3%
41%
3%
*39%
3%
9%
3%
3%
9%
*9%
29%
15%
29%
15%
*40
15%
40
30
13%
14
14%
14%
13%
67%
67%
29-%
68
68
*29
29%
7%
8%
106
*102
29%
7%
*102
30
30%
7%
8%
7%
104% *103
104%
4
2
2
2
4%
*1%
4%
8%
4%
8%
19
18
22%
*%
23%
23
29%
30
29
8%
*18%
28%
*32
%
48
2
19%
24%
19
*%
28%
29%"
28%
29
48
52%
53%
51%
29%
69%
29
29
69%
10-%
70
*%
69%
10%
7%
10%
8
10%
8
11
8%
53%
*125
53%
129
8%
11
8%
52%
*125
%
28%
28
28%
28%
*32
53%
*28%
19%
24%
8%
53
18
600
12
2,600
57,800
^
-
5,500
•
5,100
20
137
$6 preferred
11%
29%
31
3%
18%
11%
30%
3%
18%
52%
*125
*29
30
29
*11
12%
*11%
18%
18%
28%
8%
28%
6%
6%
7%
*45%
*4%
7%
3
18
18%
27%
"
27%
8%
6%
7%
8%
6%
7%
*44%
4%
7
48
4%
7%
43%
43
4
4%
33%
33
10
8%
10%
8%
1
23
23%
*21
24
*57%
61
*4%
*43
5
54%
4%
*16»4
*1%
*4
4%
20
2%
3%
3%
4
10%
22%
31%
15%
42
*39%
3%
*9%
22
31%
15%
*40%
30
41%
4
5,700
10
100
22
700
01,300
32%
15%
1,400
10
42
14%
14
14%
67%
67
67
31
30%
7%
8
104%
104
31,700
350
30%
2,400
7%
48,300
104%
200
2
2
4%
9%
4%
9%
20%
20%
21
25
26%
29%
30
%
29%
24%
*%
29%
29%
30
29
48
*32
*32.
53
51%
52%
2
1,000
6,700
4%
10%
22,800
1,900
10,700
%
30,200
14,700
37,600
52%
100
Standard Oil of Indiana....25
12
12%
72.100
Stone & Webster
8%
8
8%
16,700
1,000
Studebaker Corp
17%
18%
29%
30%
13
*10
13
*11
18%
18%
28%
8%
6%
*7%
*45%
4%
18%
28%
8%
*7
7%
41%
4%
7%
41%
4
34
34%
34
7%
9%
8%
23%
24
61
5
5
50
4%.
4%
*16% 20
*1%" 2%
*13%
4%
19%
3%
157
12'4
13%
12%
13
.
93%
93
-
40%
"•
13
6%
7%
47%
*21%
*20%
23%
600
24
*23
23%
23%
*23
23%
61
♦57%
61
*57%
2%
.
*1%
4%
19%
3%
19,
4%
15
15
12%
13%
92
3%
91%
92
15%
53
16%
52%
10%
10%
10%
10%
10%
15%
52%
10%
10%
10
7%
7%
7%
7%
7%
7%
10%
10%
4%
26%
26%
27
7%
10%
4%
10
97%
85
38
35%
27%
35%
4
4
4%
4%
*28
,*35%
4%
5%
*9%
2634
35%
10
4%
85
5%
11
*4
27%
35%
4%
10
4
*80%
5%
*9%
26%
35%
4%
29
29
31
28%
30
31
10%
10%
10%
10%
10%
10%
10%
2%
*57%
3
59%.
3%
60
13%
14%
2%
3
3%
3
16%
*80%
5%
*9%
97%
5%
100
27%
35%
4%
34%
26%
27%
3534
19,500
4%
1,400
34
34
10%
3%
60%
10%
10%
3%
4,300
35
Truax Traer Coal
100
Truscon Steel
"
250
5,000
Ulen & Co..
13%
Union Bag & Pap new. .No par
Union Carbide & Carb .No par
87%
87%
88
89%
88
89%
18,100
20%
20%
20%
96
20%
98%
80%
21%
20%
98%
3,000
95
20%
96%
20%
80%
96%
80%
80
80%
22%
77
77
22%
30%
2219
10
10%
22
22%
96%
80%
22%
29%
3034
30
30%
22%
30%
9%
10%
10
10%
10
30%
10%
....
31%
96%
78%
22%
78%
2234
30% •31%
10%
9%
No par
IS,900
Bid and asked
prices;
no sales on this day.
f In receivership,
a
n
New stock,
16%
72
July 13
Oct 13
8%
Dec
Oct
8% Jan
15% Mar
Feb
28%
10% Jan
Jan
21% Feb
98% Aug
28% Feb
40s4
Oct
79
Feb
Oct
17
Aug
8% July 12
4
Oct
22%
Jan
5% Oct
3% Dec
27%
Jan
11% Aug
6
4% July 19
;
87% July 29
6% Jan 10
<82
10% Jan 11
27%Sept 2
7
38
July 19
6
Jan 13
4%
18%
"25
234
Dec
Oct
Dec
11% Mar
109%
Jan
12
Mar
26% Mar
Oct
40% Mar
Nov
"50 " Mar
Oct
17%
Jan
44
Jan 11
39
Dec
94
Jan
Mar 25
12
July 25
7
Oct
25
Mar
Mar 31
57
Mar 31
17% Mar 31
55% Mar 31
5934 Apr 20
r
3%
66
Oct 10
July 23
15% Aug
6
89% Oct 13
22% July 21
1% Oct
46% Nov
8% Dec
61% Nov
17%
93% Oct 13
80
81% Oct
Oct
Nov
7
78
Oct
23% Jan 12
31% Oct 13
22
Nov
19% Mar 30
6%
Jan
100% Jan
18% Sept
111
Feb
28% Feb
14834 Mar
Mar 30
11% July 19
53s
Oct
.No par
6% Mar 31
14% July 29
7
Oct
31%
American
Bosch Cor p.
United Aircraft Corp
Un Air Lines Transport
Def. delivery,
Oct
Mar 30
7% Mar 30
20
No par
b Name changed to
♦
Dec
9934,
31%
35%
24%
4% preferred
bUnited Amer Bosch
—•
98
Aug
Jan
Feb
Sept
10
100
Union Tank Car
71,100
Oct
4
10
5% July 19
13%
Mar 30
41
25
Union Pacific..
2,100
40
Mar 30
100
Union Oil of California
4,400
1,100
1%
Jan 13
Oct
Sept
36
1% Mar 26
Under Elliott Fisher Co No par
9,200
20%
36
16
100
3,900
96%
2%
Mar 24
6
—
13%
2034
Jan
13% Mar
93%
53% Oct 10
12% Jan 12
16% Mar 29
"25% Mar 25
258 Mar 29
Trans.-No par
59%
87
Mar 31
3% Mar 28
5% Mar 31
10
59
95%
64
Oct
Oct
Nov
Oct
$1.50 preferred—-No par
Twin City Rap
Preferred
2%
Feb
55
Jan 13
5% July 25
20
Jan
48
3%
5% July 13
15
Jan
54% Mar
55
24% July 25
59
July 26
56
Mar
15% Nov
18% Dec
Oct
1
2% Mar 30
77 June 27
No par
14
3%
16%
15%
20th Cen Fox Film CorpN© par
900
85
59%
13%
44
Oct
4% Apr
St'I No par
Tri-Continental Corp. .No par
$6 preferred
No par
800
.
11
4%
Oct
31% Mar 30
Transue & Williams
Jan
Feb
Jan
Oct
Oct
Oct
8
10
Twin Coach Co
11
20%
13%
No par
Jan
Jan
5%
8
1%
4
86%
5%
8%
6%
Transcont'l & West Air Inc. .5
10,800
57%
Oct
13%
8
4%
Dec
4
July 25
2
10%
41
4
Transamerlca Corp
4%
Jan 10
15% July 25
$4.50
17%
5%June 29
47
19
Timken Roller Bearing.No par
10
15%
1% Mar 28
Tlmken
10%
4%
Dec
5% Mar 30
5,800
8%
7%
6%
9
July 25
900
6,100
2,300
7%
Oct
Oct
2334
4%
5%
Mar 30
7,100
pref
434
23%
10% Mar 29
77% Apr 29
Detroit Axle
Jan 11
8%* Jan 11
7% July 25
10%
1
Tide Water Associated Oil—10
conv
Jan
28% Mar
33% Mar
12% Aug 6
11% Feb 10
26
July 22
Mar 31
7,600
91%
16%
53%
10%
20%-
Oct
38
3% Mar 30
8% Mar 28
—
Jan
Oct
Mar 30
300
13%
58%
13%
86%
14%
1
conv
39%
Mar 30
9,600
4,900
3%
16
58%
13%
86%
58%
Thermoid Co...
1%
4% Aug 1
19% Aug 26
32
15% Mar
65% Apr
9% Mar
Mar 31
100
1,800
Jan
Oct
1
5
Oct
20% July
61% Feb
Oct
Oct
Mar 24
100
2
18
125
5%
15
19
Oct
2
preferred
10
Third Avenue Ry_._
-100
Thompson (J R)
25
Thompson Prods Inc.-No par
Thompson-Starrett Co.No par
$3.50 cuM pref erred. No par
2
Aug
9
3434
53%June 23
2% Apr 13
35
Apr 12
2% Mar 31
Preferred._.—.........100
18%
3%
*14%
12%
*89%
Jan
118
14% Mar 10
33
Oct 14
Jan 11
15
The Fair___—_____ —No par
30
*4%
12%
3%
400
4%
12%
*13
5
45
2%
19%
3%
15%
Feb
77%
49% Aug 6
5% July 29
13
Co.-.100
...No par
No par
5
Mar 31
6% Mar 31
1
45
53
5%
10%
No par
22%
19
Jan
20
Oct
7
$3 dlv
33%
Oct
22%
26
2,200
Oct
3
29% Oct 14
Apr 4
4% Mar 31
Texas Pacific Coal & Oil...10
4%
6%
44% Dec
7%
34
5
Texas Pacific Land Trust
20%
Jan
15%
5
25
7,200
4%
17%
15% Aug 9
19% July 19
Texas Gulf Sulphur
Tennessee Corp...
6.000
•
Jan
Feb
Dec
Mar 30
3% Mar 30
32% Mar 30
258 Mar 29
*16%
12% Oct 14
8% July 29
July 20
127
Sept 17
59
75
21
6%
Jan 13
7% Mar
Texas Gulf Produc'g Co No par
4%
11
47% Mar
Texas Corp (The)
22
Sept 15
Oct
8,100
17,500
9%
4%
42
Oct
4% Mar 30
3% May 27
5
35%
*17
Feb
Dec
39,400
$3.60 conv pref
50
35% Jan
Jan
8
15
9
50
(James)
5>3% preferred.....
'
Feb
17%
7%
42%
61
Jan
50
7
27% Dec
26% Oct
34% July 25
Jan
July 20
8% Mar 31
17% Mar 30
6%June 13
1
Without warrants
8%
4%
8
7%
93
5%
119% Feb
Symington-Gould Corp w w.l
34%
9%
20
Mar 29
Telautograph Corp..:
15%
10%
3% Mat 30
600
52
5%
5% Mar 29
45
4%
5%
4
%
22% Mar 30
8%
4%
*16%
*1%
*4%
June 17
47%
45
72%
Dec
Jan 13
1
12% July 26
10%
*5 "/
Oct
70% Oct 14
8%
45
32% Mar
85
14
Mar 29
9%
5%
Oct
Oct
5
9%
50
Oct
10
6' May 28
8%
*412
Oct
5
49
9%
*45
2%
Dec
Swift International Ltd
Mfg
5% Jan 12
11% Jan 12
23
July 2
28
July 7
48% Mar
16% Jan
107% Dec
12% Jan
14% Mar
Mar
8
*45%
4%
15%
10%
2,500
Thatcher
Oct
Oct
Mar
25
Co
Pacific Ry
7%
10.1
212
Jan
48
(The)..50
Swift
Texas &
9% Jan 10
107% Feb 5
* 3%
Jan 10
Jan
Aug
76
32% Apr
47%
53%
10%
*5%
10% Sept 14
13
Mar 29
%June 21
25% Mar 31
24% Mar 30
•
8%
2334
43
8%
*20%
*21%
*57%
Mar31
4% Mar 30
Talcott Inc
15%
*9
l%June 13
2
600
52%
*83
Nov
Mar 18
6,800
93
86%
16
12% Mar 31
6% Mar 31
94
2,500
52%
*83
Apr
9
93%
15%
4%
Feb
95%
6%
15%
4%
28%
100
10
Paper Co..
3,300
10
Jan
Dec
1
Superior Steel
&
Jan
Feb
Nov
100
Sweeta Co of Amer
9%
36
19% Dec
53% Dec
5% Oct
No par,
Sutherland
Mar 14
77% Mar
31
Nov
Superior Oil._...———... 1
8,200
Dec
Dec
49
18,300
2,200
1,800
4%
Oct
Oct
5%
19%
70% July 18
31
July 25
7%
4%
35%
1%
4% July 25
July 19
35
7%
42
Jan 21
46
Oct
: 50
6%
7%
1%
Oct
8%
42%
4%
34%
60% Mar
65% Jan
11% Mar
4
Oct
4
Dec
7%
.
4338 Mar
Oct
Dec
6%
4%
Oct
Dec
10
17% Mar 31
1% Mar 26
13
9
15
27
10
Superheater Co (The) .-No par
18%
29%
Oct 13
39
9
*45%
*412
4
18%
29%
29%
7%
4%
*10
18%
18%
28<%
8%
6%
52
10
3%.
18%
30%
*45
*4%
3
3%
18
30
34
*21%
*57%
3
3%
18
17%
2634 Oct 13
36
Aug 23
32% Oct 14
17% July 25
3,900
33
65% Mar
Jan l2
42% Aug 25
15% July 19
9% Mar 31
32
Oct
22%
Mar 30
10
32%
17
Jan
15% Mar 30
7% Mar 31
.2po par
(The)
Sun Oil
6% preferred
31
11%
30%
32%
.1
Sunshine Mining Co—
10,600
Jan
Oct
29
.
12%
12
Jan
17%
7
42
Stokely Bros & Co Inc.
53%
Feb
155
30% May
1,600
129
Oct
58% July 25
3,600
11%
Oct
June
6%
42%
30% Aug 27
4,600
*52%
July
20%
130
23% Aug
115
Oct
17% Mar 29
8
12
Oct
Mar
1%
Jan 10
140% Mar 26
25
13
110
Jan
Feb
Feb
39% Mar 31
11
*125
4
9%
25
Standard Oil of N J.
70%
129
Jan
19% Mar 31
9% Mar 31
Starrett Co (The)
7%
30
9%
8%
21%
3
4%
.No par
10%
11%
28
16%May 24
128
No par
70%
52%
3% Jan 13
6% Mar 31
8
*125
Apr 14
U2" Mar 29
10% Mar 31
48%May 26
11%
53
29%
--2
70%
8
40%
Oct
preferred-No par
Square D Co class B—
1
8
11%
Dec
24
Standard Oil of Kansas—.10
48
29
10
19% Mar 26
.
Oct
60% Apr
102% Feb
19% Aug 26
13% Jan 15
16% Jan 10
114
Aug 9
Mar 31
Aug
11
Standard Oil of Calif
Nov
88
Mar
4% Apr
26
Mar
Mar 26
10%
*28
1
17% Mar
58
Mar
Mar 25
70
29
*28
17%
54%
Mar 30
No par
tStand Comm Tobacco
1
JStand Gas & El Co—No par
$4 preferred....
No par
$6 cum prior pref
No par
$7 cum prior pref—No par
Stand Investing Corp._No par
105%
91
197
4
$4.50 preferred
Nov
Feb
Feb
120
2
Standard Brands.
Feb
3434
Dec
Oct
29
Conv S4.50
Feb
44
14% Nov
Nov
Spear & Co
Spiegel Inc
Feb
-Jan
17%
June
5% Mar 30
100
No par
1
Spencer Kellogg & Sons No par
Sperry Corp (The) v t c
1
Spicer Mfg Co
—No par
S3 conv preferred A..No par
14
65
Oct
13
8% Mar 30
17%June 17
2% Sept 27
preferred.
Oct
96
Sparks Wlthington
1st
Mar
67
100
5% preferred..
42% Mar
8
No par
Southern Ry.
Feb
34
120
Oct 13
111
Mobile & Ohio stk tr ctfs 100
Southern Pacific Co. ..—100
98% Aug
Dec
3%
26% Dec
Feb
93
54% Apr
11% Mar
Oct 13
8% Mar 29
Spalding (A G) & Bros-No par
18
4%
25
900
30
47%
■-100
200
18%
8%
Sugar—No par
4
42
Mar 31
Apr 1
10
8 % .preferred
Southern Calif Edison
Dec
Jan 13
22
-No par
15
Oct
49% Nov
12% Dec
15
Oct
5% Oct
Oct
2% Nov
15% Dec
24
Solvay Am Corp 5H % pf.100
South Am Gold & Platinum. 1
Jan
Oct
3%
3434 Jan 10
Mar 30
Apr 5
Mar 30
105
Socony Vacuum OH Co Inc.
8%
6%
24%
122
36
3%
30
33
19%
3%
3%
30
43
19%
16
*13
31
7%
41%
4%
4%
19%
11%
x84
Oct
16
106% Oct 7
9% Jan 11
3434 Oct 14
3% Jan 17
4% Mar 31
12%
2%
14%
18%
Jan
1%
44
8
LS.-No par
Sterling Products Inc
10
Stewart-W arner.
5
129
12
Mar 30
Snider Packing Corp—No par
'
11%
Mar 20
93
Jan
2%
60
2
35
3%
1
10
45%
6% Jqly 19
Jan 14
Aug 11
20% Apr
£3%
11% July 25
28% Oct let
18% July 20
Mar 30
6% Mar 12
Feb
Oct
Oct
Jan 14
Apr
34,600
*%
8%
52%
3
36
98% Mar
3% Feb
%
3%
48
45% Mar 31
5134 Mar
Oct
34% Nov
6
3
22
25
14
13
July 19
66
Mar 28
17%
35
18
Dec
%
2034 Jan 11
Mar 26
May
26%
28%
11%
Mar 30
9% Mar 30
10
13
10%
24%
Holiday
47
July
27% Feb
5% Jan
80% Oct
June 16
91
25%
6,200
24%
20%
9%
19%
Day
3
3
45
Smith & Cor Typewr..
So Porto Rico
50% Oct
% Jan
27% Mar
Dec
71
4
Jan
7% Jan 11
Mar 30
<fe Iron. 100
No par
Smith (A O) Corp
8%
7%
129
18
4%
Columbus
%Sept 26
3
Jan
1
10
Sloss Sheffield Steel
160
3,400
;
70%
10%
8%
11%
,
1,630
105
2
Closed-
29
10%
8%
11%
6% preferred
120%
25
100
Skelly Oil Co.
17%
,7%
51%
*28%
69%
10%
3,600
92
26%
*103
48
51
Simonds Saw & Steel--No par
53,400
53,800
30%
Stock
Exchange
9%
,
23%
8/t
*32
4%
9
10
20
67
2
4%
„
9%
No par
Simmons Co
Simms Petroleum
11%
137
No par
No par
$5 conv pref.
Sharpe & Dohme.'.
June 14
34% Mar 28
% Jan 6
1% Mar 29
15% Mar 29
No par
23%
29%
14%
*40%
14%
14%
67%
100
21
*22
15
13% Sept 27
62
1
100
23%
3%
*9%
40
67%
22
500
13%
13%
*112% 117
2
2%
22
22%
22%
3%
*39%
30
■
27% Jan 6
85
Feb 23
par
400
13%
*32
3%
10%
22%
29%
14%
41
Feb
2434
42
*22
23
113
Oct
23
36
3%
.
8,000
14,400
22%
140
Dec
11
20%
10%
25
*26
3%
41%
23
42
*40
23%
25%
60
21
2%
•137
*98
4
1,900
117
22"
„
Feb 11
19
Shat'tuck (Frank G)—No par
Sbeaffer (W A) Pen Co-No par
Sbell Union Oil
No par
5^ % conv preferred
100
Sliver King Coalition Mines. .6
12%
2
105
S3.50conv prefser A.No par
18
12%
2%
2%
2%
2%
21
22% 23%
22%
22%
22%
*137
160
*132% 150
*132% 150
22%
23%
24
23%
23% 23%
20
19%
20%
19%
20%
20%
16%
16%
17%
16%
16% 1/%
24%
120
*100
21%
*112
2
Mar 26
8% Mar 29
Seaboard Oil Co of Del.No par
7,500
1,000
19%
24%
24
105
17%
Jan
79
400
27%
28%
14%
15%
104% 105
8%
8%
34
34%
*2%
2%
*90%
12
113
Sharon Steel Corp
122
"
Dec
Servel Inc..^.------1
105
*19% 21
17%
18
11%
11%
12%
13%
*113% 117
86
2,400
24%
20
July 28
8,900
19%
92
94
27,200
20
23%
*90%
Mar 24
17%
114
102 ,102
2%
34%
2%
19
*90%
92
10 % 115
104%
*19%
; 18%
11%
33%
2%
Mar
68
16%
11%
19%
24
*2%
8%
33%
3
103
17%
*63%
4%
11
14%
Jan
Dec
16%
11%
27%
15
14%
105% 105%
8%
8%
46
70
78%
11%
*27%
Dec
Jan 20
Seagrave Corp.No par:
Sears Roebuck & Co—No par
100
share
18
81
300
1,000
per
23% Jan 12
Mar 29
6,000
67%
4%
41%
Highest
share $
Mar 30
No par
preferred—-
per
12
tSeaboard Air Line——No par
4-2%
$
share
per
58
jSchulte Retail Stores
8% preferred
—
Paper Co.;
$
share
100
100
100
Schenley Distillers Corp
5
5 ^ % preferred
.100
Scott
$ per
par
3%
79%
*40
5
4%
Safeway Stores.—-—No
5% preferred
6% preferred ..A—
7% preferred
Savage Arms Corp
No
300
21
40%
*90
7%
32%
68
:
2%
3%
910
6,300
%
40
4%
106
105% 105% *105
8
8%
8
8%
32%
32%
33%
33%
*2%
3
2%
2%
*19
19% *19%
19%
22%
22%
23%
23%
106% 106%
'
11%
27%
4%
11
15
16
62%
19%
3%
3,600
40
62%
*38%
*27%
17%
17%
V
28,000
7
50
20%
77%
16%
20%
334
80%
16%
2%
350
%
'-•<
%
2%
19%
3%
17
5
%
2%
%
2%
19%
39%
%
7
49
17%
%
68
5
*38%
%
6%
50
49%
%
210
92%
*71
73
%
6%
%
6%
50
*2
5
10%
700
49%
40%
*27%
15%
9,700
73
%
%
6.
16%
*17%
5
20
20%
*71%
50
%
77%
17
18%
40
5,700
19%
15%
19%
15%
14%
15%
%
77%
*62%
16
19%
16%
18
102
16
15%
72
76%
♦2%
92
102
19^2
■
30
88
72
20%
♦3%
'
7,700
100
19%
%
2%
20%
3%
%
'A;'-
18%
70
99
73%
%
17%
70
86
19
6%
$ per share
18%
74%
17%
*65
Par
,
Lowest
Highest
Lowest
Week
Shares
86
73
49%
Oct. 14
$ per share
'
%
%
5%
♦4,9
101%
14%
13
Oct.
u
EXCHANGE
99% 100
86
86
86
100
100% 100%
14%
73
*70
oct.
$ per share
17%
18%
♦67
73
$ per sharet
18
18%
$ per share
11
1938
15,
Range for Previous
Year 1937
100-Share Lots
On Basis of
STOCK
YORK
NEW
the
Friday
Range Since Jan. 1
STOCKS
Sales
for
Thursday
Oct.
.
5
Cash sale,
5
x
Mar 30
Ex-dlv.
v
Ex-rights.
10%
Oct
Jan
Feb
Mar
Jan
Feb
? Called for redemption.
Volume
LOW
AND
New York Stock
147
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Concluded—Page 10
Sales
CENT
STOCKS
NEW
for
Saturday
Monday
Tuesday
Wednesday
Oct. 10
Oct. 11
Oct. 12
$ per share
$ per share
$ per share
Oct. 8
$ per share
*1734
1778
*113
118
17i2
1712
*113
*17
118
118
65*2
6412
67
66
67
*1514
234
32i4
15»4
2%
33
16
17
16%
17
'
27g
3i8
345g
33
5%
57g
*74
79%
8%
8I4
38
66
*74
8
38
67
3712
6534
878
*74
64
■
*34
7%
7
*634
IOI2
11
IOI4
110
112
168
9:
*3ll2
25
347g
6l2
7
10%
80
170
170
9%
*9%
9%
34?g
27%
*31%
347g
2634
27%
67g
>6%
477g
49
5%
48%
49%
47%
5%
534
5%
54
527g
54%
52%
487g
5%
53%
9734
68I2
96
97
68%
97%
69
66
66
46
*40
52
11
75
*65%
62%
34
'
•
4
37g
117g
;
67
67
637g
119
65%
120%
34%
*42%
■
3434
4%
44
43.1
*43
4% June 18
10
4% Mar 29
60
Apr 1
100
United Fruit-..
5
217g Mar 31
6,900
8,900
49%
12,700
6
56
36,400
85,300
27,200
4,200
99
101%
72
7234
*65%
67
65% 124,400
11934
3,600
3434
3434
1,800
10
*42%
44
9
9
2%
*43
50
*43
50
*10%
11
1034
a75%
11%
10%
10%
75%
75
75
155
155
6%
Oct
2%
cl A
20
10
8 % 1st preferred
100
U S Smelting Ref & Min_—50
Preferred-
17
Jan
110% Oct 14
10% Aug 20
101
Oct
1137g
Jan
8
1
July
7
3%
5%
Oct 14
11
6
81
Mar 31
June 20
13%
3%
5%
50
21%
27g
Mar 31
7
3
Mar 31
Mar 31
9134May 31
No par
29% Mar 30
40
Apr 25
Universal Leaf Tob—-No par
3% Mar 30
8% Sept 24
1% Mar 26
16%
334
6%
Oct
3%
20
Oct
Oct
43% Dec
52% Nov
58
Dec
48% Nov
100%
Oct
278
Oct
June 20
47% Sept 9
534 July 21
10% July 29
3
7% June 13
"I
13% Jan 14
Feb
Oct
Oct
Dec
24
121 > Oct 10
36
Oct
65
Oct 13
Oct 13
Mar 5
Oct 13
102%
7234
70%
653g
Oct
Nov
2978 Dec
3% July 25
50
July 21
37
No par
5%
53
Oct 13
Jan
Oct
Oct
154% Nov
534 Dec
July 25
56
38
Universal-Cyclops Steel Corp 1
10% July 19
35% Jan 12
29% Oct 14
Mar 31
x4434Mar 31
United Stockyards Corp——T
Conv pref (70c). ——No par
United Stores class A..No par
2
Mar 31
Mar 29
Mar 30
45%
—25
July
Dec
Nov
43g
11478 Oct 13
172
Oct
34
Oct 11
Oct 13
Aug 24
Oct 13
*55
— .__
56 conv pref A
70
Aug 26
1% Jan 18
7%
12%
70%
49%
Mar 30
Mar 26
50
7% pref.-...
Mar
Oct
...100
U S Tobacco—..
63
9
No par
U S Steel Corp
Preferred
9% Mar
Oct
6
21
,
No par
U S Rubber
,106% Feb
24
113g Jan
4% Mar 29
No.par
100
U S Pipe & Foundry
U S Realty & Imp
Oct
Jan
2634 Apr
8634 Mar
24
No par
conv
Dec
74
,
Jan
Mar
Oct
162% Mar 28
50
Prior preferred
50
50
10%
16
52
55
20
700
2%
467g
Oct
9% July 23
4,000
1,000
4,400
9
2%
Oct
5
12% July 25
900
9
2%
25%
534 Mar 30
U S Industrial Alcohol.No par
Partic &
3634 Oct 14
738 Jan 12
107g July 18
80% Jan 10
87g July 25
39% Oct 14
3% Mar 26
100
U S Leather
Mar
8%
100
pref
Feb
35
Oct
No par
conv
91
2
%May 16
7% preferred
Dec
17% Die
8
62
U S Hoffman Mach Corp.-.5
200
63%
119
100
U S Gypsum
share
Jan
Feb
30%
11734
3634
No par
:
per
Oct
110
67% Aug
4% Apr
May
No par
U S Freight
5^%
19% Jan 11
118% Aug 19
Mar 31
50
10
15 first preferred
Highest
$ per share $
15
Oct
834 Mar 30
No par
U S Distrib Corp
Conv preferred
200
6%
5434
9
Mar 26
3
5
Mar 26
400
234
Mar 31
6
3
18,300
80
*43
22
share
per
67% Oct 10
19% Jan 10
334 Jan 8
United Paperboard
U S& Foreign Secur
100
12%
834
1
Mar 26
Mar 14
1,000
2%
4
2
No par
United Electric Coal Cos
United Eng & Fdy
220
9
Jan
1234 Apr
Sept 17
1,100
4,700
234
*834
2%
39
6
48%
49%
$3 preferred
United Drug Inc
United Dyewood Corp
Preferred
Sept 14
1003g Jan 20
No par
United Carr Fast Corp.Wo par
United Corp
No par
100
7
*66
76
56
99% 102%
68
72%
437g
4%
4
,
14
100
United Carbon
100
1,800
3478
29%
6%
5%
5334
34
437g
7%
12%
48
119%
345g
634
*67
63%
119
27
No par
$
share
per
United Mer & Manu Inc vtc. 1
1,900
9
34%
29%
,
12
69%
67
4578
9
*10%
*73i2
68%
34
2%
23,
0
100
*44%
37g
*85s
7%
34"g
2634
68
.
834
9%
9%
*32
United Biscuit
$
800
170%
112
Par
800
V; 60
170
112
167
Year 1937
Lowest
Highest
United Gas Improvt.—No par
$5 preferred
No par
1%
7
114
111
167
627g
637g
119% 121
1,600
3,300
47,000
107g
114%
68
*4414
334
*34
[f 7
*10
70i8
6414
"9",800
113g
110% 110%
77g
8
7
73g
107g
11
*81
8234
6%
70i2
67
300,
10%
6%
12%
627g
62%
107g
11%
II8I4 11834
34%
3414
900
78,900
18,200
3,700
39%
64
7%
158
'
"2~7o6
797g
8%
8%
39
10%
11%
*65
*74
Range for Previous
100-Share Lots
Lowest
Preferred.:
834
.
*10
6
94
1
On Basis of
EXCHANGE
100
3%
3634
57g
*5
67
68
10%
8234
1
11U
512
52
7%
10%
*80%
1
634
11%
11
8
112i2
26
67g
784
107g
1147g
9%
*3112
-2612
10%
3%
35%
534
*8%
6434
103g
1034
10934 110
6%
80
812
*155
93g
10%
109% 109%
7%
734
*s4
11
111
168
'64
10%
1
797g
8%
39
8%
38%
65
6%
9%
*74
8%
38
Range Since Jan. 1
STOCK
Shares
3%
35%
584
9%
797g
8
10%
10i8
10%
*10834 10912 *10834 109i2
*75s
77g
734
734
7
714
67g
7%
10
10%
10%
10%
*79
85
*8014
83
34%
684
;
YORK
Week
$ per share
$ per share
87g
3734
Oct. 14
13
3
34%
578
534
10%
Oct.
3%
3334
57g
834
797g
83g
38l2
67
9
*834
3
the
*17
17%
*173g
17%
*110% 118
*110% 118
*64
66
66
667g
16%
1634
*16%
1634
1734
*113
65
Friday
Thursday
2359
Oct
46
Oct
"
10%
z75
*152ig 155
46
.
*48
34
J4
*19
24l2
*152% 155
50
4734
20%
37
163g
I6I2
16%
16%
4%
4%
27%
113%
27
113
*3%
12
*9
60
*11714 124
I84
1>4
3i2
*2U
3i2
25g
*75g
4%
37
37
37
"loo
17
17
16%
17
1,500
4,200
114
*3%
12%
4%
12%
*9
*112
*61
778
17%
77g
17%
85
86
Stock
Exchange
637g
4%
4%
2834
27%
*113% 1137g
4%
*3%
*9
Closed-
17
*81
9ia
9%
9%
9%
44%
44%
IOU
19%
15%
*27g
3%
4134
4134
41%
15i2
*38
7?
36l2
*2'
15%
7%
36i8
678
7%
37
3i«
12l2
37
234
*2
36
>
734
734
700
17%
85%
900
*81
85%
*81'
9%
45%
15%
19%
15%
3
3
*193g
41%
4578w 46%
19%
19%
42%
67g
15
42%
7
*36
37
37
*3%
12%
3
12%
3034
25
34
4%
40
35
35
35
35
35
80
80
7934
7934
7934
80
*79
89
89
89
87%
87%
99
99
99
99%
97%
87%
98
9112
92l2
91
92%
93
7934
87%
97%
93%
80
89
*122%
*122%
116% 116% *115
118
17%
18
17%
18
3%
35s
*33g
37S
334
*73g
77g
*7
778
*6%
*34
1
234
234
2912
2412
*
■
384
77g
34
%
*34
2%
30lg
23g
29%
30%
*2%
28%
2%
29
25%
25
25%
24%
25%
115U
114
s'
♦137U 144
114
115
*137% 144
1512
1512
157g
36
36
"
36%
*122%
*115
1
114% 117
♦140
144
*17%
334
*7%
*34
2%
29%
2534
...
117
1734
•
122% 122%
*115
7%
7g
234
30%
25%
118
122
119
*140
144
140
17
36%
19
36%
36%
19%
36%
30
30
,30
*30
30%
82
*40
82
*40
82
*40
*10l2
127g
13i8
13%
*6%
7
*158
134
47%
*117g
13%
12334 Oct 14
Mar 31
144
Oct 14
18% July 23
Class A ..———----Wo par
31% Mar 28
36% Oct 10
20% July 25
30% Sept 13
700
Westvaco Chlor Prod..No par
10
Mar 31
,100
5% cony preferred
30
Wheeling & L E"5K conv pf 100
Wheeling Steel Corp.--Wo par
Preferred-100
20
Mar 31
75
Mar 29
95
Jan
42
May 27
59
65
Apr 12
90
v
Jan
4
Oct
1%
Oct
113
Oct
1034 Oct
31% Nov
1034 Oct
21% Dec
90'
Dec
2734 Jan 12
19
Oct
4
75
Nov
Jan 14
55
Dec
Sept 23
15% July 19
15% July 25
11
Jan 21
8%
Oct
800
White Sewing Mach—Wo par
1% Mar 31
3
Jan 22
1%
Oct
*1%
134
*1%
134
1%
48%
485g
22%
2234
434
20%
i
48
134
17
67g
1*4
1%
17
'
2%
2%
5%
5
5
5%
487g
5
5
49
4834
4834
487g
20%
4834
21
21
48
21%
49%
23%
24%
47g
47g
17%
2%
2%
2%
234
48
21%
4834
24
1,300
700
4,000
2,000
9,700
500
-4,600
21,900
14,200
23%
*75%
44%
45
45
45
45
45
""660
53
54%
55
55%
55%
56
2,100
44
53%
53%
102% 104%
23%
10334 106
72
72
72
72
*717g
3612
37
*3634
19%
37
37
1978
42
*2%
2%
478
1334
67g
90
22%
*72%
19
*107
24%
4234
*85
5%
17
25
*75
90
107
1534
234
2%
24%
90
*72
89%
23
72
37%
19%
108
2034
22%
21%
22%
23%
22%
2384
4234
89%
22%
2234
378,
37g
4
Mar 31
9% Mar 30
1
22% Dec
1734 Oct
87% .Nov
Sept 28
*46
414
103
Mar 31
Jan 11
July 22
July 20
July 21
5
20%
*
50
preferred—....—-.50
Westlnghouse El & Mfg
Mar 31
Jan 10
1%
33g
34%
2S34
6% Mar 31
5%
48%
378
Westingh'se Air Brake.Wo par
Mar 18
9
1,300
20
90
1%
16%
1534
6134
_
4% Jan 10
White Rock Min Spr ctf Wo par
48%
207g
227g
% Mar 23
100
6 % preferred ». ........ 100
Western Union Telegraph. 100
Feb 23
19
White Motor Co.. —.——1
5
205s
2234
Mar 25
3
Oct
110% Apr
14% Dec
2% Oct
5% Oct
"9",300
2%
41U
2% Mar 31
Oct
117%
127g
14%
1338
6%
5%
*85
1234May 31
122% Oct 14
ll8 June 27
*11%
*1178
13%
67g
2334
6
Oct
76
127g
14
127g
25g
2414
42
Mar 31
111% Jan
Oct
88
$5 conv prior pref..-Wo par
White Dent'l Mfg (The 8 S) 20
5%
4%
24%
116
84
""360
634
107
Mar 29
Oct
23% Oct
73% Nov
54
514
20i8
74
82% July 29
102% Jan 3
3
9784 Jan 3
102% Jan
Oct
July
*52
2%
108
8
1
54%
15%
1934
Apr
70
Apr 1
82%May 28
2%
*51
234
*107
71
preferred..-Wo par
7% preferred
4% Oct 13
1% Jan 28
39
July 30
55
16%
103U
20
*50
25g
100
11%
Oct 13
48
13%
52
Oct 13
34
Weston Elec Instrum't. Wo par
"y.eoo
Oct
25
Mar 30
120
......
Oct
Mar 30
17
1,600
19%
30%
T 82
16
11
Webster Eisenlohr—No par
Oct
Nov
1
Wayne Pump Co.
Dec
9
90
*10%
52
*19
2%
—5
Waukesha Motor Co
1st
33
*70
1334
67g
43
*3084 Oct 13
Oct
90
127g
42
16% Mar 31
No par
Oct
2
26% Dec
434 Oct
25
67g
42
20
6
77g
24
*25g
483g
2234
10,800
9,300
14,500
Aug
47g July 15
1634 July 15
Oct
Oct
*61
16%
48i8
2134
Warren Fdy & Pipe
45
Mar 31
Oct
17
90
234
234
*71
Mar 26
134 Mar 31
Dec
32
24
23%
16i2
514
5
Oct
*60
234
2%
514
434
477g
20%2012
20
3%
Oct
90
24%
*14l2
4778
No par
'.No par
$3 convertible pref..Wo par
Western Pacific
"iloo
17%
36%
*30
*40
50
200
144
17%
19%
*29%
*47
2,200
1,300
7%
1934
24
50
17%
*34
*2%
2934
82
*60
20
117
17%
30
90
July 19
100
*19
24
8
95
*2918
24
334 Mar 26
5
100
6% preferred
100
West Penn Power 7 % pref. 100
6% preferred..
100
Western Auto Supply Co—10
Western Maryland
—100
4% 2d preferred
100
*40
*60
July 20
West Penn El class A ..Wo par
26%
12334
19%
July 16
51
100
16
,
4
Mar 31
440
16%
19
Mar 26
97%
*35%
19%
2
87%
*93
7134
23
$3.85 conv pref
conv
86% Aug 27
10% July 22
46% Oct 14
19% Aug 26
19% July 27
..........100
J Warren Bros
$4
18
Mar 26
97%
16
157g
36%
1734 May 18
20% Jan 10
8
87%
334
3034
26
Mar 31
700
34%
1163s 1161a
18%
18i2
4% Mar 30
81
34%
*122
Mar 29
74
25% Mar 31
35%
95
Dec
Wesson Oil & Snowdrift No par
1
*93
6%
900
1
'
Oct
8% July 25
35%
3%
97%
2%
1
3
*3312
Oct
Jan 11
2%
Weils Fargo & Co
3
1%
Feb
2
2%
438 July 23
33g Feb
120
2»4
1
11734
Mar 21
1%
3
1
.:
Oct
*34
*234
Dec
Dec
1% Mar 26
34 Sept 1
32
3
Dec
3,100
8,000
10,200
32
7,400
June
4% Jan 20
8
3334
4
237g
30%
600
Oct
105
50
24%
24%
2934
1
90
3,000
2%"6ct
18%
July 16
113
33%
37g
2412
x29%
24%
32%
3%
*%
,
334
13
3034
5% Jan 21
32% Jan 21
114
1534 Jan 11
3%
12%
29%
2334
_
Oct
65% July 33
118% Mar 21
.30
—No par
Warner Bros Pictures
Oct
3534 Nov
2
r...N° par
18,500
Oct
97
534 Mar 31
1334June 10
No par
...
:
12078 Feb 26
1
.100
Class B
Preferred.
Oct
14%
1% Mar 23
1% Apr 22
Ward Baking class A..No par
700
Oct
9%
Mar 31
116% July 19
Walworth CoNo par
200
3%
Oct
16
Mar 29
5% Mar 26
4H % Pfef with warrants 100
700
Oct
37
—No par
Preferred.
Nov
100
Walk (H) Good & W Ltd No par
500
Mar 30
1% Apr 13
100
200
7
i
634
29%
.
105
-100
100
§% preferred B
45
3
2378
*34
18% Aug
17,900
2,200
15
*43
29U
29
.....
Walgreen Co
28lg
'
13% Sept 28
234 Mar 29
1534 Mar 30
100
Waldorf System
3%
1234
29%
24%
32%
29
Jan 22
No par
5% preferred A
70
17
45
1,100
2%
7%
17
36
3
12%
42
No par
5 % preferred i
2%
*16%
•
^7
3
30% Mar 30
Nov
%
2278 Oct 14
32% Oct 14
June 22
Dec
34
Jan 17
107
Virginia Iron Coal & Coke.100
115
62%
:
*7%
3%
12%
Chem
6% preferred
Va El & Pow $6 pref
30
12%
97
25
June 19
JWabash Railway.
63%
*9%
28%
24%
*10
60
11% Mar 31
14% Mar 31
.100
Victor Chem Works.
Va-Carolina
Mar 26
5
—
"166
1434
634
•
12%
16
Aug
57%
5
7% 1st pref
Vick Chemical Co....
*11734 124
*11734 124
134
134
1%
1%
3%
3%
33g
19%
*3
*38
4
*111
%June 22
Virginia Ry Co 6% pref—.100
Vulcan Detinning.100
Preferred...—.........100
447g
19%
1512
44%
19%
1434
100
155
% Mar 30
Vanadium Corp of Am.No par
Van Itaalte Co In6.
5
3,900
29
May 11
27% Mar 30
No par
Vadsco Sales
135
Oct 14
1% Jan 7
1% Jan 10
78
1
"""80
9%
4414
4%
28%
4
J Utilities Pow & Light A
6
Oct 14
Mar 31
134
.100
62%
61
Columbus
' 77g
17%
85%
7%
4%
28
H37g 1137g
12%
115
*111
115
44
*19
2,200
37
4%
27%
27
114
60
86
9U
110
,
2l",800
1634
16%
115
v
17«4
86
*107
8% preferred
Preferred——100
37
*11734 124
*11734 124
158
15g
*1%
134
Day
3%
3%
*3%
3%
*2
2
2
2%
'Holiday
734
*1712
*106% 110
25
31
110
*36%
4%
*111
60
32
30%
*106
37
115
32
227g
32%
2034
30%
37
12
22%
*20%
21%
37
60
22%
24%
*106
*
2434
34
30%
4%
*20%
84
*19
■
47
48
Universal Pictures 1st pref. 100
800
34
2978
4
%
*%
30
4U
%
3
30
27
2,900
34
20%
4
57%
s4
34
*19
10
460
54%
34
34
21
2634
55
50
%
20U
*11312 114i2
155
*152%
49
34
84
84
24%
21%
*106
76%
76%
*152% 155
46
*«8
34
76
934
4%
41»4
*89
Bid and asked prices; no sales on this day.
105% 109
72
72
37%
19%
108
23%
43%
3734
20%
109
2334
45%
108
71%
37%
19%
107
23%
45%
*82
*82
89%
22
23%
22%
22%
23
4
22
378
37g
t In receivership.
90
3%June 16
No par
3
Mar 24
100
Wilson & Co Inc
32
Mar 30
$6 preferred
150
2,100
55,500
delivery,
6
Oct
Oct
21% Jan 24
3% Aug
11
7
2
Dec
678 Jan 10
4%
Dec
57g July 19
60% Jan 21
2134 July 25
49% Oct 13
24% Oct 13
72% July 19
4%
4934
Dec
3
Jan
134
Oct
Oct
Oct
10% Dec
10 _10% Mar 29
Woolworth (F W) Co.
10
36
Worthington P&M (Del)No par
Preferred A 7%
100
42
Mar
27
Mar 28
45
Oct 11
34
Dec
28% Mar 30
56
Oct 14
3934
Dec
55%
61%
2034
8%
Mar 30
Mar 31
110
Oct 14
38
72
Aug
Jan 31
39
July
71
Mar 30
Zonite Products Corp
38,100
'4%
Woodward Iron Co
7,000
20%
a Def.
10
6% conv preferred
Zenith Radio Corp—-Wo par
1,100
2,000
237g
46%
89%
23%
22%
4%
Willys-Overland Motors——1
1% Mar 30
l%June 16
8,300
37%
107
834 Mar 31
6
13" 900
580
72
11
Wo par
$4 conv preferred
Wilcox Oil & Gas
10
Prior pt 4 y$% conv series. 10
Wright Aeronautical...Wo par
Wrigley (Wm) Jr (Del).No par
Yale & Towne Mfg Co
25
Yellow Truck & Coach cl B..1
Preferred
100
Young Spring & Wire..Wo par
Youngstown S & T
No par
5
preferred
100
Youngst'wn Steel Door. Wo par
110
14% Mar 26
Prior pref 41^% series
n
New stock,
r
Cash sale.
1
Jan
3
11% Mar 29
Jan
9
3
9% Mar 31
'24
-
Mar 30
62% Mar 31
11% Mar 29
9
Mar 31
234 Jan
zEx-dlv.
3
1
5
21% July 25
109
Oct 13
257s Aug 26
46% Oct 14
85
Oct
5
23% Oct 13
2534 July 7
534 Mar 7
y Ex-rights.
34
12
54%
Dec
Oct
Oct
Oct
58% Oct
2134 Dec
7%
68
Oct
Dec
12% Dec
34% Nov
70
Oct
11%
Dec
2%
Oct
^ Called for redemption.
2360
"
Oct. 15, 1938
.
NEW
Bond Record,
NOTICE—Prices
YORK
STOCK
Friday, Weekly and Yearly
"and Interest"—except for Income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the week's range,
unless they are the only transactions of the week, and when
selling outside of the regular weekly range are shown In a footnote In the week In which they
occur.
No account Is taken of such sales In computing the
range for the year.
are
Friday
BONDS
Week Ended Oct.
Week's
Last
Range or
Friday's
Inter st Period
N. Y. STOCK EXCHANGE
14
Sale
Price
Bid
&
Friduy\
Bonds Sold
Asked
N. Y. STOCK EXCHANGE
Jan. 1
Week Ended Oct, 14
Range or
Sale
BONDS
Since
Week's
Last
Range
Friday's
Rid
Price
&
•2
Range
Since
Asked
Jan.
1
|
Low
U. S.
Treasury
Treasury
Treasury
...
-
-
1944 F
High
Low
Treasury 35*8
Treasury 3 5*s
-
„
Treasury 35*8
-
.
-
—
-
-
-
-
-
111.22114.23
24
110.8
105.18
105.23
19
107.4
107.7
104.13106.27
106.16108.2
110.6
116
110.8
113.17
A
97 5*
94
Cordoba (Prov) Argentina 7s. .1942 J
973*
60~
110.5
110
110.2
21
107
110.31
J
D
109
D
108.29 108.27
108.29
87
D
108.9
108.8
108.12
11
105.2
S
107.3
106.30
S
104.17 104.12
15 1942-1947 J
109.1
105.27109.1
External loan 4 5*s ser C—-1949 F
25*8 series B_.Aug
1 1939-1949 F
2Kb series G
......1942-1944 J
45*8 external debt
105.7
ser
107.3
81
108.12
103.26107.3
116
20
103.25106.29
106.25
106.29
105.10
105.10
103.29
104.1
103.8
103.10
108
100.14103.10
102.18
102.23
106
100.6
106.2
1
18
106.6
104.30
66
102.13
102.18
58
107.5
107.5
B_
101
105
102.18
103.28107.7
2
106.20
56
103.4
106.6
24
105.5
105.8
Customs Admins 5 3*s 2d
53*8 1st series
103.22106.18
106.20
102.13105.10
3
103.9
106.23
102.22
78
101.9
103.13
ser. 1961
104.12
58
101.5
104.15
Finland
T948
50
503*
60
8
503* 105
1043*
105
40
101
101
1013*
993*
26
93
1063*
933* 104
26
913* 102
993*
99
*100
25
25
96
Akershug (King of Norway) 4s. 1968 M S
♦Antloqula (Dept) coll 7s A—1945 J
♦External
s
f 7s series B
♦External
s
f 7s scries C
♦External
s
f 7s series D
♦External
s
f 7s 1st series
O
♦External sec
s
f 7s 2d series.1957 A
O
♦External sec
s
f 7s 3d series.1957 A
O
Antwerp (City) external 5s
1958 J
D
Argentine (National Government)—
8 f external 4 5*s
-.1971 M N
8 f extl
conv loan
8 f extl
conv
4s Feb—.1972 F
loan 4s Apr
1972
Australia 30-year 5s
A
1957 M
♦Bavaria (Free State) 6
Ms
s
f 6s
1955 J
...
External 30-year s f 7s
1955 J
♦Berlin (Germany) s f 6 5*s
1950 A
♦External sinking fund 6s...1958 J
♦Brazil (U 8 of) external 8s
1941 J
♦External s f 65*s of 1926—1957 A
♦External s f 6 5*s of 1927—1957 A
♦7s (Central Ry)
Brisbane (City) s f 5s
Sinking fund gold 5s.
20-year sf 6s
...1952 J
8134
82
153
813*-
S
1025*
104
1005*
1013*
♦Secured
s
1133*
10-year 2 5*81.
25-year 35*s..
7-year 25*s
Aug 15
19
100 3*
107
1073*
113*
10234
143*
143*
108
223*
19
1053*
108
102
143*
*
*13
75*
19
15,
9
183*
16
*13
9
17
18
93*
133*
37
593*
323*
43
635*
805*
43
655*
Japanese Govt 30-yr s f 6 3*s—1954 F
A
11
11.3*
98
8
95
1
95
1015*
1025*
1023*
.4
98
103
..
42
343*
355*
95*
85
75*
3
.....
*65
11
785*
65
64
495*
47
705*
705*
-
-
.
1
f 7s.....1947 F
9
53
705*
50
72 5*
365*
53
343*
345*
1
315*
36 5*
355*
353*
2
32 5*
355*
103
106
F
J
985*
88
102
98
J
20
*31
295*
*21
20
345*
295*
3
-
-
-
—
5
275*
293*
N
19
185*
19
11
185*
185*
19
39
183*
185*
183*
185*
19
14
19
31
183* —12
295*
30
14
325*
27
30
O
*21
1105*
1135*
1035*
985* 1045*
975* 102 5*
92 5*
99 5*
16H
62 5*
295*
38
'
J
27
'
Minas Geraes (State)-—
♦Sec extl s f 63*s...
New So Wales
External
20 5*
23
245*
27 5*
195*
15
15
195*
195*
15
-195*
f
15
195*
Oslo
145*
195*
18
12 5*
J
D
IS 5*
♦Panama (Rep) extl 5 3*s
♦Extl s f 5s ser A
17
17
17
4
125*
185*
163*
16 5*
17
21
125*
17
165*
17
13
13
18
185*
15
16
14
115*
165*
23
23
2
18
30
21
185*
18
183*
10
O
25
25
25
2
175*
25
M N
25
25
25
5
165*
255*
F
25
25
25
3
17
255*
1013*
35
1003*
1013*
1073*
1073*
38
A
106 J*
1956 M S
1965 A O
1053*
1033*
106
9
1033*
104
34
A
103
103
1033*
50
1023*
1023*
f 4 3*s
♦Stamped
...1958 M N
543*
463*
O
1023*
.1955 A
1953 J D
1963 MN
1963 MN
♦Pernambuco (State of) 7s
1947 M S
♦Peru (Rep of) external 7s
1959 M S
♦Nat Loan extl s f 6s 1st ser.. 1960 J
D
♦Nat Loan extl s f 6s 2d ser.. 1961
♦Poland (Rep of) gold 6s.
1940
♦Stabilization loan s f 7s
1947
♦External sink fund g 8s
>
1950
4
12
3
203*
"54"
56
"26
54
463*
1013*
503*
33
1023*
67
100
"62"
100
62
62
53
543*
103*
93*
93*
10
93*
93*
50
"55"
45
543*
433*
13
13
1
61'
37
573*
88
1043*
883* 1035*
1035* 1075*
104
1073*
993* 107 3*
983* 1045*
983* 1035*
993* 1033*
18
213*
62 5*
41
57 3*
963* 103 3*
435*
86
104 3*
1
40
62
26
32
545*
16
63*
35*
3
67
383*
1063*
1063*
S
16
205*
205*
7
101
1013*
1013*
41
6.5*
1
1953 M
10
215*
93*
83*
35*
15*
48
"52"
Oriental Devel guar 6s
Extl deb 53*s—....
19
10
_66"
52
A
17
18
"62 H
*83*
83*
623*
D
19
3
25*
15*
J
O
1952 F
163*
37
23*
A
f 5s
183*
185*
185*
1
*1M
J
1970 J
s
3
4
1
O
loan....
45*
1
A
45*s
Municipal Bank extl
s
13*
25*
4v«,
15*
15*
1
♦Nuremburg (City) extl 6s
(City)
5*
15*
1963 F
195*
145*
s f ext
5*
*1.
F
External sink fund 4 3*s
External
11
6
"13*
D
.1944 F
325*
48
10
5*
l
13*
D
—1943 F
265*
s
j
Apr 1958 A
145*
,
45 4
*50
(State) extl 5S..1957
f 5s
s
Norway 20-year extl 6s
20-year external 6s
163*
18
64 5*
30
.1959 M N
♦6s series A
18
*19
93*
3*
*13*
815*
44.
22
D
1952 J
185*
185*
10
615*
33
*2l""
1959 M S
D
S
119
A
1958 M S
♦Sec extl 8 16 3*8
♦Montevideo (City) 7s
MN
23
813*
623*
453*
82
54
15*
1954 J
26
31
59
1125* 1175*
*v$
1945 Q
♦Assenting 4s of !904
1954 J
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small.1
{♦Treas 6s of '13 assent (large) '33 J
{♦Small
X
Milan (City, Italy) extl 6 3*8 -.1952 A
J
------
1954 J
♦4s of 1904
3
66
363*
113
43
♦Mexican Irrlg assenting 43*s_1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q J
6
S
D
D
62 3*
41
363*
*101
D
615*
1125*
19
s
42
M
M
♦Medellln (Colombia) 63*s
79 5*
13
-
1103*
183*
♦Leipzig (Germany)
,
603*
J
B '47
"
60 5*
42
J
A
23
80
-
-----
1093*
------
1951 J
ser
♦Assenting 5s of 1899..
♦Assenting 5s large
♦Assenting 5s small
985*
F
Extl sinking fund 53*8
.1965 MN
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
85
785*
1103*
t
1979
I960 M N
♦Lower Austria (Province) 73*s 1950 J
155*
*65
......
♦Extended at 43*8 to
Irish Free State extl s f 5s.
102.
975*
85
*63 Oct coupon on
J
85
183*
163*
18
5
2365,
*1023*
70
10
110
A
843*
20
19
19
123
42
♦Sinking fund 7s of 1927
27
63
1103*
J
29
193*
81
15
O
A
*793*
*193*
♦7s secured s f g
J
..1946
♦Hungarian Land M Inst 73*8-1961 MN
♦Sinking fund 73*8 ser B
1961 MN
♦Hungary (Kingdom of) 73*s..l944 F A
23
975*
J
J
303*
225*
79
,17
♦Colombia Mtge Bank 6 5*s._.
♦Sinking fund 7s of 1926
23
273*
243*
*233*
243*
29
33
19
763*
1023*
page
1968 FA
Haiti (Republic) s f 6s ser A
1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 73*s '50
Helsingfors (City) ext63*s
I960
Hungarian Cons Municipal Loan—
♦73*s secured s f g..-_..._.1945
1055*
975*
j
J
O
~28~~
28
383*
283*
593*
773*
MN
A
27
*273*
233*
20
245*
295*
22
77
1033*
Oct
"95
783*
1013*
f gold of 1927. Jan 1961
27
28
77
1025*
♦6s of 1928
27
"37K
593*
783*
593*
453*
60 5*
M
353*
273*
295*
26
23
163*
J
1013*
♦Cologne (City) Germany 6 5*s.
Colombia (Republic of)—
6
8
M N
♦Chilean Cons Munlc 7s...._.
M S
♦Chinese (Hukuang Ry) 5s
1951 J D
.
Italy (Kingdom of) extl 7s
O
MN
243*
165*
23
363*
.....1964
993* 107
Italian Public Utility extl 7s...1952 J
605*
♦Guar sink fund 6s
101
*23
273*
.....1968
283*
Italian Cred Consortium 7s
60
O
273*
233*
933* 1023*
1043* 114
19J*
195*
30
D
A
1
195*
27
♦Guar sink fund 6s
4
'
107
99
1083*
23
31
12
O
paid...
♦Sink fund secured 6s
965* 107 5*
41
12
585*
A
112
99
125*
85*
85*
143*
1C15*
983*
♦External sinking fund 6s...
♦External sinking fund 6s.
.
4
24
102J*
♦Chile Mtge Bank 65*s
♦Sink fund 65*s of 1926
112
107
105*
"7
235*
115*
S
21
30
1003*
1155*
145*
J
1073*
1.013*
i
95
1043* 1085*
18
115*
O
5
18
143*
A
1
108
105
595*
A
1003*
16
1
J
see
98
-
5
1023*
15
5
2
J
♦Farm Loan s f 6s. .Oct
22
17
65
20
J
15
62
55
20
595*
615*
♦Chile (Rep)—-Extl s f 7s
M
♦External sinking fund 6s
A
♦Extl sinking fund 6s..Feb 1961 F
♦Ry ref extl s f 6s
Jan 1961 J
♦Extl sinking fund 6s..Sept
M
^or footnotes
1133*
62
51
20
A
♦Cent Agric Bank (Ger) 7s
♦Farm Loan s f 6s.. July
♦6s July coupon on
s
37
J
♦Carlsbad (City) sf8s
♦6s extl
1075*
.....1961 J
30-year 3s.
.
175*
593*
A
1952
17
113*
M N
5s
1
1
34
553*
65
193*
------
A
J
Canada (Dom of) 30-yr 4s
295*
12
A
♦7s part
875* 1065*
,104
65
62
16
D
♦(Cons Agrlc Loan) 6 3*s.—1958
D
s f ser 7s..1964 M N
85 5* 1025*
203*
1065*
1035*
1125*
64
63
.
1977 M S
f 7s
65
100
29
1035*
56
*60
♦Greek Government
965*
78
885*
785*
885*
.88
1065*
203*
------
635*
68
865*
56
O
F
85*
855* 1005*
102
O
A
85*
55*
6,
85*
5
8
67
55
101
♦7s unstamped
...1949
German Prov & Communal Bks
95*
95*
45*
4
20
1023*
D
J
6
100
55
65
61 3*
O
1965 J D
♦53*s unstamped
1965
♦53*8 stamp(Canad'n Holder) '65
♦German Rep extl 7s stamped. 1949 A O
10
6
D
1950 J
45*s-45*S—..1976
External re-adj 45*s-45*s.._1976
External s f 45$s-45*s
...1975
3% external s f $ bonds
1984
Bulgaria (Kingdom of)—
73*
6
1043*
O
A
s f
73*
5
4
11
83
65
*64
♦53*8 of 1930 stamped
10
813*
♦Budapest (City of) 6s
-.1962 J D
♦Buenos Aires (Prov) extl 6s...1961 M S
♦6s stamped....
1961 M S
Refunding
85*
6
1003*
J
1958 F
1961 F
93*
93*
93*
14
102 3*
—1957 M S
♦65*s stamped
External s f 45*-45*s..
965*
91
103
D
D
945*
90
J
1945 F A
-.1949 M S
Belgium 25-yr extl 6 5*s
4
895*
815*
..1956 MN
External g 4 5*s of 1928
255*
96
813*
S
♦Austrian (Govt's) s f 7s——1957 J
External
A
J
External 5s of 1927
175*
♦6s part paid
O
1955 J
1
893*
J
J
93*'
783*
104
65
German Govt International—
255*
965*
95*
95*
93*
95*
83*
83*
83*
975*
--
-
.93*
95*
93*
93*
85*
85*
85*
J
1945 J
1957 A
165*
96
.
J
1945 J
1945 J
623*
65
'
J
....1949 J
1949
7s unstamped....
26
O
106
8
1941
External 7sstamped
Agricultural Mtge Bank (Colombia)
1948 A
11
963* 102
623*
523*
100
67
J
1967
1945 M S
(Republic) ext 6s
73*s unstamped....
♦Gtd sink fund 6s
2
803*
Frankfort (City of) s f 6 5*8—1953 MN
French Republic 7 3*8 stamped.1941 J D
*25
"31
1043*
O
M
.1969 A
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s
A
"553*
663*
1969 A O
♦Dresden (City) external 7s.-.1945 M N
19
...1947 F
24
163*
1013* 1063*
1023* 1103*
203*
75
53*8 2d series....
106.18
♦Gtd sink fund 6s
5
"I
1033*
543*
M S
{♦Stamped extd to Sept 1 1935.
Dominican Rep Cust Ad 53*8.-1942 M S
1st ser 53*8 of 1926
;
1940 A O
2d series sink fund 53*8
1940 A O
99.18102.15
100.4
102.22 102.17
104.11 104.7
J
90
52
1952
106.18 106.15
A
80
75
20-year extl 6s.
1942
External gold 53*s
1955
External g 45*s.....Apr 15 1962 A
Deutsche Bk Am part ctf 6s... 1932
102.23
102.14106.7
6
102.15
ser
80
623*
2
103
103
Denmark
100.26 10 LI
21
104.28
102.9
Sinking fund 8s
100 3*
43
*1003*
'•'663*
833* 1013*
83
101.27105.12
Municipal—
&
High
"l"6
82
103
"543*
1977 J
♦Public wks 53*s
June 30 1945
Czechoslovak (Rep of) 8s
1951
101.24104.17
103
♦
Govt
Low
55
603*
203*
*1043*
,
105.19108.30
8
203*
S
.
106.2
1 1944-1952 MN
1951 M N
1944 M
A
1949 F
104.17
1C6.19 106.18
1 1942-1947 M 8
External 5s of 1914
'
109
J
♦Costa Rica (Rep of) 7s
Cuba (Republic) 5s of 1904
13
15
75
813*
J
Sinking fund 53*8—Jan 15 1953
109.31
106.26108.14
; 983*
963*
60
107.18110.25
3
120
Home Owners' Loan Corp—
Foreign
No
High
943*
*653*
A
1957 F
{♦7s stamped.
F
O
May 15 1944-1949 MN
May
1953 MN
107.2
Jan
3s series A
D
.1952 J
{♦Cordoba (City) 7s uastampedl957
16
3s
.
21
113.17
110.1
....
.-Mar
114.18
107.22
3s-.
25*8...
114.14
113.13
Copenhagen (City) 5s
25 year gold 4 5*s
107.22 107.20
Treasury 2 5*s
....1948 M S 104.30
Treasury 25*s.—.,»——-1949-1953 J
D 102.13
Treasury 2 5*8..
1950-1952 M S 102.17
Federal Farm Mortgage Corp—
35*s
Mar 15 1944-1964 M 8 107.5
-
119.5
109.30 109.28
........
-
116 4
A
*
-
90
A
25*8---.—
1945-1947 M S 106.29
25*8.—.......1948-1951 M S
2 5*8
-1951-1954 J D 104
25*s
1956-1959 M S 103.10
25*s
..1958-1963 J D 102.23
Treasury 2 5*8—....
..... 1945
J
D 106.6
-
119.3
O
..1949-1952 J
....1946-1948 J
.........1951-1955 M
1955-1960 M
3s
3s
25*s
-
-
118.27
A
—1943-1945
...—1944-1946
-1946-1949
Treasury 35*s..
_
Low
Foreign Govt. &Mun, (Cont.)
1947-1952 A O 119.2
D 114.18
4s......
1944-1954 J
35*8.
..1946-1956 M S
35*s..
..1940-1943 J D 105.23
35*8-—1941-1943 M S
35*8
......1943-1947 J D
Treasury 35*8
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
No.
Government
Treasury 45*s
Treasury
Treasury
High
103*
11
93*
93*
523*
115
55*
75*
7
95*
115*
115*
115*
675*
127
7
4
37
11
42
825*
31
62
57
45
14
:
Volume
147
New York Bond Record—Continued—Page 2
BONDS
Y.
N.
STOCK
EXCHANGE
Week Ended Oct.
14
Friday
II
Last
I?
Foreign Govt. &Mun. (Concl.)
♦Porto Alegre (City of) 8
♦Extl loan 7 ks
Range or
Sale
Price
Friday's
Bid
D
1966
J
*.
20
Queensland (State) extl s f 7s. .1941 A O
25-year external 6s._——1947 F A
♦Rhine-Main-Danube 7s A..—1950 M S
♦Extl
s
5k
53
65
'
.
_
20
17
105H
105 k
106k
105k
105 k
106
•;•••••. 7
30
4
28
8
7
7k
8k
m
7H
♦7s municipal loan
1967 J
D
8
20
♦Saarbruecken (City) 6s
Sao Paulo (City of, Brazil)—
1953
*17
1952 MN
♦88 extl secured s f
♦6ks extl secured
i~"j
s
1957 MN
f_
Boston & Maine 1st 5s A C
21
22
7k
5k
2
♦8s external
8H
♦7s extl water loan..
1956 M S
♦6s extl dollar loan...
1968 J
J
Hk
10 H
17
13k
13
Ilk
47k
1940 A
O
Secured
7s
s f
1945 J
-.1946 J
♦Saxon State Mtge Inst 7s
♦Sinking fund
6ks
g
Serbs Croats & Slovenes (Kingdom)
♦8s secured extl..
.1962
♦7s series B
sec
3
6k
8k
8
6k
—i—
28
6
22k
106
71
99 k
24 k
1961 A
1st g 4ks series JJ—
30 H
29 k'
30 k
36
20
35
27 H
26 k
27k
28
lr>k
34 k
98
29k
29 k
29k
5
00
"78 k
1945 MN
106 k
1st lien & ref 5s series B
1957 MN
39 k
•
14
~59~~ "86"
106k
38
100
105
97 k
A
97 k
95
96
15
107
*
-
110k
2
107
111
^
J*'*
V
^
4
80 k
78k
*108k
_
A
D
73k
20
78 k
79k
F
106 k
35k
105
D
J
54
101
75k
105k
1947 MN
1950 J
1957 MN
{ {♦Burl C R & Nor 1st & col 15s 1934 A O
104k 107k
19k
45k
20 k
45
18k
41
5 k
12
yo
A
Buff Roch & Pitts consol 4 ks.
-
30
66k
1950 F
F
1
60
106
64
J
f deb
35
7k
51k
66 k
Debenture gold 5s
s
24 k
105k
1st lien & ref 6s series A
Brown Shoe
99k
96 k
23
:
7k
*49
—~
1941 J
26 k
MN
-
Bklyn Manhat Transit 4ks.—1966 MN
Bklyn Qu Co & Sub con gtd 58.1941 MN
Bklyn Union El 1st g 5s
Bklyn Un Gas 1st cons g 5s
92k
82
26k
24
24 k
-
26 k
14k
......
O
{♦Boston & N Y Air Line 1st 4s 1955 F A
J 'L JBrooklyn City RR 1st 5s
1941 J
Bklyn Edison cons mtge 3kS--1966 MN "l06
1st 5s stamped
102
*26" "91
24 k
26 k
29k
106
333
99k
96k
*105
"25 k
3ks
1950
Buffalo Gen Elec 4ks series B.1981
Buff Niag Elec 3ks series C—1967
1962 MN
extl--.
•
28k
28
D
29k
29 k
105
105 k
MN
.1955
23k
1
25%
*24
19
1967 M S
1st M 5s series II
119k
20
1
23
21
24 k
22 k
25 k
k
D
8
8
7k
D
k
Ilk
7k
8
"8
7%
22
1
ilk
2
26 k
1944 J
Big Sandy 1st 4s'
10k
20 k
8%
Ilk
1950 J
3
26k
26 k
♦Berlin Elec El & Undergr 6 ks 1956
Beth Steel cons M 4ks ser D..1960
13
19
7
J
-.1936
29*
26 k
1955
10H
San Paulo (State of)—
{♦8s extl loan of 1921
"25"
"29".
High
1959
99k
10 k
7
.
125k 129k
| 95 k
38
*7k
115
7
99 k
24k
paid
coupon
8
96k
■
♦February 1937
No.
1952
73k
Low
High
1966
6
Jan. 1
129k
Cons mtge 3ks series E
20k
■
118k
3 ks s f conv debs
45
k;
Since
■
128k
10k
7k
Range
Bonds Sold
118
*
•
'
5k
k-;2
70
65 k
*26 k
»
"l29
12
28 k
8
65 k
1948
♦Deb sinking fund 6 ks
♦Debenture 6s
23
20
Rome (City) extl 6ks
..1952 AO
♦Roumania (Kingdomof) 7s.._1959 FA
&
Low
Bell Telep of Pa 5s series B
6
1
Ask
Friday's
Bid
6k
V
15
7 k
8
Range or
Sale
Price
14
5k
1
7k
•
94k 109 k
25
31
36
8
EXCHANGE
1st & ref 5s series C
1960
10k i
98 H I Belvidere Delaware cons 3ks--1943
22 k i ♦Berlin City Elec Co deb 6 ks--1951
101k 108k
8k ku5
O
D
—1966 M N
STOCK
Week Ended Oct.
Ilk
18k
9
8
..1968 J
f g
♦7s extl loan of 1926
17
2
20
20
O
A
Rio Grande do Sul (State of)—
♦8s extl loan of 1921..1946 A
♦6s extl
7k
1
1953 FA
(City of) 8s.-_1946
6ks
sec
1
7 k
20
Y.
High
Low
7k
7k
—
N.
Since
Jan. 1
No.
Hioh
Last
BONDS
Range
Sol
Bon■ds!d
7%
Prague (Greater City) 7ks——1952 MN
♦Prussia (Free State) extl 6k8-1951 M S
♦External s f 6s
1952 A O
♦Rio de Janeiro
Ask
&
L010
-1961
-
2361
Week's
Friday
Week's
"26 k
25
•«
z
u
-
108k
95k 106k
59 k
80k
78 k
97 k
105k 108k
110
111k
4-
-
107
106
26 k
♦Certificates of deposit
1952 A
{Bush Terminal 1st 4s
16k
8k
2
7k
10
8k
6 k
68k
9
85k
69
*66k
44
D
F
A
Sydney (City)
1955
f 5ks~
s
♦External
s
s
O
f 6s.
1
26
90
60k
33
25
104k
50
51k
42
44
7
37
50
52
52
53
39
42
60 k
50 k
50 k
4
41
54 k
3
38k
54
3
40k
53k
A
1960 MN
.1964 MN
f 6s
♦External
101k
42
Tokyo City 5s loan of 1912.-_.1952 M
1961 a
1946 f
*24
101 %
50
Taiwan Elec Pow s f 5_-1971 J
External s f 5ks guar
♦Uruguay (Republic) extl 8s
40
32 k LZZ102 '
„
19
40
A
"48k
48
48 k
48 k
48 k
41
34
'
.
1979
MN
43 k
AND
94
A
O
92k
12
cons gu
Canadian Nat gold 4ks
Guaranteed gold 5s
45 k
*
J
A
F
Guar gold 4ks.
June 15 1955 J
Guaranteed gold 4 ks—
1956 F
43k
Canadian Pac Ry 4% deb stk perpet
Coll trust 4ks
....1946
38
43 k
50
42 k
11
69
•
«'
20k
41'
51k
D
55 k
'•»
21
41
*
50k
-
69k
100
2
18
1
30
62
43 k
5s equip trust ctfs..
Coll trust gold 5s
{♦Car Cent 1st
guar
J
M
D
69 H
10-year deb 4ks stamped...1946
1952
Ala Gt Sou 1st cons A 5s
Allied
58
78
100
105
';'-t
-
80
i
•
-
102 k
10
50
35
71
75 k
99
105 k
95 k 103 k
35
54
40
72
UH
57
3
70
90
61
64
62 k
33 k
*32'k
"32 k
45
78
8
A
O
A
93 k
S
113 k
2030
Amer I G Chem
Am Internat
conv
Corp
M
..1953 J
g
5s..Nov 1945
1945
♦Consol gold 5s
♦Ref & gen 5ks series B
♦Ref & gen 5s series C
95
8
♦Chatt Div pur .money g
♦Mac & Nor Div 1st g 5s
1943 M N
1961 A O
3ks debentures
Founders
1966 J
D
deb. 1950 J
93 k
112
-
w
-
'
261
♦Mid Ga & At Div pur
ser A.1975 M N
Anaconda Cop Min s f deb 4 Ha 1950 A O
Amer Wat Wks & Elec 6s
1.1967
Jan
1995 Q J
Ark & Mem Bridge & Term 5s. 1964 M 8
Armour & Co (Del) 4s series B.1955 F A
{Ann Arbor 1st g 4s
4s
ser
,
♦Adjustment gold 4s
♦Stamped 4s__
Conv gold 4s of 1909
Central of N J gen g
9
101
9
79
'
109
4s
5s..
gu
40
27
58 k.
"163"
59 k
102
100 k
100 k
1
95
100
63
100 k
~55"
-
"90"
*16
^
"iO
*llk
i'W
*4k
S J
1962
1960
'
.1958 J
M
81
36
35 k
36
33
33
35
96
*92
"98k
'
84
101
102k 107k
5
27
■
25k
37k
23
41
98
151
100
88
99
100 k
33
87
6
.
*97
106k
102
100
M
8
D
56
.
106 k
106 k
5
107
106 k
8
86k
99k
102
101
99
...
issue).....1950
deb 4 ks (1938 issue)
1950
S f
Ches & Ohio 1st
con g
1939
5s.
Craig Valley 1st 5s
R & A Div 1st con g
...1992
1996
E
1996
-May 1940
1989
1989
1941
4s.
2d consol gold 4s.
Warm Spring V 1st g 5s
60
34 k
30k
107
97k
72
74 k
64 k
"55
56
i---
*114k
M
8
84 k
84
M
S
99
98 k
M
S
99 k
35k
■
Z
*■
'**
----
64
54
112 k
—
62
85k
117
49
85 k
99
M
S
99 k
33
102 k
2
101k 106
118
118 k
A
J
J
118k
69
95 k
55
110k 121
85 k
97
95 k
68
109 k
-j.Vv.V-
*--_
....
75 k 103
General
75k 103k
1949
1st & ref 4 k8 series B
1st & ref 5s series A
87 k 106 k
95 k 103 k
100
112 k
98k 112
84 k
m
97
83
12
67
85k
84k
86
29
69
94
70
67 k
71
39
53
77 k
.81
10
104k
•
J
J
"97"
4s.-v. -1958 M 8
1971
A
{{♦Chicago & East 111 1st 6s...1934
A
O
{♦C & E 111 Ry (new Co) gen 5s. 1951
♦Certificates of deposit...—
1982
{♦Chicago Great West 1st 4s...1959
{♦Chic Ind & Loulsv ref 6s._ —1947
♦Refunding g 5s series B
1947
♦Refunding 4s series C—— 1947
♦
1st & gen 5s series A.......1966
♦1st & gen 6s series B..May 1966
Chic Ind & Sou 50-year 4s
1956
1969
Chic L 8 & East 1st 4 ks
63
88
MN
"67k
65k
67 k
38
45
34 k
34 k
36 k
23
14k
36k
32 k
32
32 k
7
14
32 k
♦Gen 4s series A
51k
51k
51k
2
50
60
♦Gen g 3 ks series
10
85
19
k'
97 k
90k 111k
81k 109
8
95 k
"15
'■
90
*52
M.
68
105
75
109k
-V
90
90 k
14k
MN
-
-
7
20 k
"21
7
22
17k
7k-
19
83
8k
102
15
83
-
16
14 k
MN
107 k
29
90
94 k
..
54
.
16k
56 k 108
15k
166
22 k
M
S
J
J
*13k
16 k
J
J
Ilk
Ilk
1
8k
13
J
J
13
13
2
9
14k
MN
*5
J
J
J
5
J
J
5k
3
"
4
5k
D
L.
94
*60
-
9
-.
-
3k
60
....
15
7k
7k
85 k
111k 112
76 k
J
7
97
89k
"94 k
—
Chicago & Erie 1st gold 5s.
26 k
13 k
97 k
102 k
13
96
A
F
104k
97 k
.
"97 k
J
F
loik iis"
109k
—
102 k
O
.1977
97
106
104
104
104
104
8
85 k
106
109 k
*108k
J
M
95 k 106
99 k
97
98 k
102 k
MN
A
♦Chic & Alton RR ref g 3s
.1949
Chic Burl & Q—111 Div 3ks-r1949 J
98k 110k
82 k
80
46
18
MN
1941 M N
Illinois Division 4s
105
.
J
*20 k
*
25
,
~
-
15
30
81 k
■A-
80
..1941
85
{Chic Milwaukee & St Paul—
1
1
1
1
O
47 k
98 k
°6
47
49
D
20 k
20
22
O
49 k
48 k
49 k
84
D
21
170
1941 M N
A
July 1948
5s series A..-.1995 J
A
July 1948
1995 J
J
Southwest Div 1st 3k8-5s
1950
Tol & Cln Div 1st ref 4s A
1959 J
M
F
128
130
102
34k
14k
78k
39k
37
"Z
70
♦Gen 4ks stpd
M N
59k
♦Gen 5s stpd Fed inc tax
M N
J
34 k
34k
35 k
9
17k
46
s
20 k
20
21k
43
13 k
38 k
16
17k
453
21k
106
14
108 k
5
103
102 k
6
■
....
106
108
40
43 k
95
99
104 k
*103
*
103k
48
99k 100
4k
18
19
102 k
lo X3
18k
18k
17k
22
15
34
f
2 k
12k
27 k
39
—
3
19
112k
147
X 174
15
53
Ilk
OO1}
11
15
33 k
20
2
Ik
3k
-1
M N
46
108k
34k
26 k
■
12
22 k
20 k
19k
1UM
7
31
J
35k
15k
42
8
21
15k
20 k
A
42
M N
31
M
26 k
3k
42
J
36
1AI/
3k
J
16
30
20
26
10 k
82 k
45
Fed inc tax—1987
1987
♦4 ks stamped
1987
{♦Secured 6ks———
.1936
♦1st ref g 58.
May 1 2037
♦1st & ref 4ks stpd.May 1 2037
♦1st & ref 4ks ser C.May 1 2037
♦Conv 4ks series A...
1949
35k
19
22
*21 k
-
"26"
{♦Chic Milw St P & Pac 5s A..1975
♦Conv ad.1 .5s
Jan 1 2000
♦Stpd 4s non-p Fed inc tax 1987
19k
—_
27
25
-
23
26
1989
1989
1989
1989
{♦Chic & No West gen g 3ks..l987
♦General 4s...------—...1987
7
26 k
26
26
May 1 1989
B..May
♦Gen 4ks series C.-.May
♦Gen 4 ks series E—May
♦Gen 4ks series F._.May
~
*97 k
Baldwin Loco Works 5s stmpd.1940 MN
109k
89
105k 110
20
99 k
79 k 101
101k
{♦Auburn Auto conv deb 4^8.1939
2365.
107
17
60
{♦Cent RR & Bkg of Ga coll 5s 1937
5s extneded to May 1 1942...... MN
Central Steel IstgsfSs
■
99
98k
Took
1948
For footnotes see page
78
7
Potts Creek Branch 1st 4s... 1946 J
J
1959
1951
10
118
27
/
71k
Ref & inapt M 3ks ser
106
46
106 k
98 k
106 k
S
May 1 1945 MN
.1989
10
8k
95
25
'
75 k
74 k
"57 k
93k
J
Battle Creek & Stur 1st gu 3s.
48
*«.*'«*
107
94 k
*106
J
Beech Creek ext 1st g 3 Ha
9
'
95 k
*77
General unified 4ks A...—1964 J
74 k
"58 k
A
95 k
102
D
F
F
104 k
-.1951
7k
7
J;
1
«
29k
106k
M N
J
4s stamped
T
1
106k
Centra! N Y Power 3ks.
Ref & imp mtge 3 ks ser D..
82
N
.■_
*28 k
General gold 4ks—
101k
81
-.1951
^
101k
*108k
97k 115
100
J
Con ref 4s
3k
6
„
109
99 k 104k
113
*110
25
2000
Conv4ks.
—..—I960
Ref & gen m 5s series F
1996
Bangor & Aroostook 1st 5s
1943
50
9k
100k
71
■103 k
112k 113k
93 k
Ref & gen 5s series D
30k
54
104 k
104 k
too"
J
series C
91
26
13
"
109
101
56
19k
;7
*68
.w
99 k
D
gold 5s_
~
62 k
35
59
-
10
97
D
P L E & W Va Sys ref 4s
47 k
12k
104
74
J
Ref & gen 6s
99
94 k 108
7k
*8
104k
J
1st
104
86 k
35
3 k
104
113 k
1946
Refund & gen
92
13
*6k
-
...
104k
93 k
Bait & Ohio 1st g 4s
103k
5
5k
13
5k
14k '-ZZ
10
5'k
-'i
«
3
30 k
5k
5k
•
24
18k ZzZ
30 k
-/V 9
"
^
91
S
112 k
25
Austin & N W 1st gu g 5s
89
90
Champion Paper & Fibre—
91k
Second mortgage 4s
73
110k 114k
80 k
»-
m.
A
O
4
103k
26
Certain-teed Prod 5ks A..^..1948
101k
92 k
Atl Gulf & W I SS coll tr 5s
102 k
27 k
80
92 k
1948
36
60
25
99 k 105 k
"93 k
Oct 1952
119
93k
26
13
106 k
—
98k
25 k
53
91
L & N coll gold 4s
17
92 k
*43 k
104 k
1944
1st 30-year 5s series B___
1944
Atl Coast Line 1st cons 4s July 1952
10-year coll tr 5s
14
98
98
112k
*10,8
Atl & Dan 1st g 4s.-—
89
96 k
111
"27k
103
99 k
91k
Atl Knox & Nor 1st g 5s
83 k
1987
100 k
102 k
100
38k
98 k
Atl & Charl A L 1st 4 Ha A
12
123
96 k
110 k
Through Short L 1st gu 4s.-.1954 A
105 k
1962
114
95 k
98 k
1965
108k 115k
117k 125k
92 k
Cent Pacific 1st ref gu gold 4s. .1949 F
91
.
21
S
2
J "82 k
96 k
S
J 111
.1987
4s
95
D
.
x*
J
115
D
Cal-Ariz 1st & ref 4 Ha A
108k 116k
A
79
J
Rocky Mtn Div 1st 4s
118 k
ink
6
J
96
10
Trans-Con Short L 1st 4s.
120 k
112
J
12
1960 J
....-1948 J
Conv deb 4ks
116,
1
J
71
,
1955 J
Conv gold 48 of 1910.
A
1941
38
106k
1955
121
1 i.-
116k
114k
113k
122k
81k
114k
113k
Cent Hud G & E 1st & ref 3 ks.1965 M 8
Cent 111 Elec & Gas 1st 5s
1951 F
1961
J
1995 M
Conv 4s of 1905
113
118k
116k
*118
■
M N
M
{♦Cent New Eng 1st
1995 A O
1995 Nov
1957 J
C (Del)
108k 115k
108k H7k
10
M
41k
Atchison Top & Santa Fe—•
General 4s
F
..1941
1966
♦Anglo-Chilean Nitrate—Sf income deb......
35
118k
-1946 J
♦Mobile Div 1st g 5s
Central Foundry mtge 6s
Gen mortgage 5s.—
General
93k
ii3k
i:
*34 k
59k
J
m s f
4s. .1951
1946
m 58.1947
S f deb 4ks (1935
20-year sinking fund 5ks
3ks debentures
1st
1959
16k
'
95
94
8
1949 MN
J
5Ha... 1949 J
conv
3
116k
118k
-1959 A
Cent Illinois Light 3 ks.
Amer Telep & Teleg—
♦Am Type
114 k
115
w.
1948
4s
25
'
104 k,
104
D
5 Ha
conv
M
J
J
M
J
J
J
J
113k
115
A1952 J
67 k
59 k
104 %
M
1955 M
Foreign Pow deb 5s
American Ice a t deb 5s
74 k 109"
113k
Carriers & Gen Corp deb 5s w w 1950 M N
Cart & Adir 1st gu gold 4s.....1981 F A Qi
Celotex Corp deb 4ks w w
1947 J D
J D
♦Cent Branch U P 1st
Guaranteed g 5s
Am &
ser
44
51
34 k
32
*
1952 M
♦Alpine-Montan Steel 7s
;
■
1951 F
4 Ha debentures
1
70 k
72
..1950
Allls-Chalmers Mfg conv 4s
65 k
*38
.1950
Stores Corp deb 4 ks—1950
94
101k
1946
1998
1942
5
*37 k
Alleghany Corp coll trust 5s._.1944
Coll & conv 5s
1949
♦5s stamped......
Allegh & West 1st gu 4s
Allegh Val gen guar g 4s...
104 k
*104 k
102 H
1948
5s
72 H
101k
104 k
A
...1948
6s with warr assented
k
87k 100
*98
65k
F
1943
Alb & Susq 1st guar 3ks_.
37
50
99 k
*98 k
1943
1st cons 4s series B.
Albany Perfor Wrap Pap 6s
72
69 k
S
1947 MD
Adriatic Elec Co extl 7a
conv
1960
1949
4s
Caro Clinch & Ohio 1st 6s
{♦Central of Ga 1st
♦Coll &
1944
Dec 1 1954
Collateral trust 4 ks
g
1948
90
91
65
35
COMPANIES
{{♦Abitibi Pow & Paper 1st 5s. 1953
45
46
1957 J
42 k
45 k
J
July 1969
Guaranteed gold 5s.....Oct 1969
Guaranteed gold 5s._...
1970
40k
INDUSTRIAL
Adams Express coll tr g 4s
Coll trust 4s of 1907
.1962
5s A
Guaranteed gold 4ks—Sept 1951
Canadian Northern deb 6ks---1946
r-'-'.Vf'■
RAILROAD
79
53
.63
—
J
61
7
45 k
♦
6s.-..-.1961
35k
oik
44 k
V
*
1978 J D
..1978 F
--1984 J
Venetian Prov Mtge Bank 7s..1952 A O
♦Vienna (City of) 8s.
1952 M N
♦Warsaw (City) external 7s
1958 F A
Yokohama (City) extl
5
91k
38
1979 M N
external conversion
54
O
5s.
37 k
45
43 k
3k-4-4k%.(8 bonds of *37)
3k-4k-46i«s extl conv
4-4k -4 k % extl read)
3ks extl readjustment--
49k
O
A
Consol
60
3^-4-4^8 (S bonds of *37)
external readjustment
26k
A
46 k
54
9
{Bush Term Bldgs 5s gu
1960
Calif-Oregon Power 4s........1966
Canada Sou
♦Silesia (Prov of) extl 7s—.—1958 J
♦Sllesian Landowners Assn 6s.-1947 F
1955 J
O
26
8k
-
28k
*6k
.
M N
16
*12k
-
-
-
^
13
"
"
•
"l8k
J
D
14k
17
18k
5
*l~7k
1
15
Ilk
42
7
18k
22k
12k
18k
"l7k
11
14k
'
16k
*15
M N
MN
*
17k
10
J
D
10
10
10k
10
7
Ilk
J
D
10
10
10k
17
6k
Ilk
6k
197
3k
7k
M N
5k
5k
New York Bond Record—Continued—Page 3
2362
Oct.
P
BONDS
N.
Week Ended Oct.
tyennett tyros. & Joh nson
Randolph 7711
Cgo. 543
1951 J
Dow Chemical deb 3s
3 Msl962 A
{{♦Dul Sou Shore A Atl g 5s..1937 J
Dul MissabeAIr Range Ry
Week Ended Oct.
Range
O
High
East Ry Minn Nor Dlv 1st
A
4s_.1948
J
J
18%
18M
18M
1934 AO
"w
8M
9
7%
7M
8M
12
M
1960
MN
S
1951 J
1956 MN
D
69
S
18M
50
Gold
Dec 1
5a..
gu
51
54
22M
El Paso A S W 1st 5s
1
•
5M
5
.
29
5M
10
5M
53
19M
Guaranteed 4s
5s
3
3Ms
J
♦
78%
♦Ref A lmpt 5s of 1927
1967 MN
69
♦Ref A lmpt 5s of 1930
1975
1955 J
54M
104M
107M
104M
105
31
99
100 M
90
101
19
S
90 M
O
M
1943 A
75M
{♦Choc Okla A Gulf cons 5s...1952
Cincinnati Gas A EIec-3Ms
F
1966
A
1967 J D
4s...1942 M N
Cln Un Term 1st gu 5s ser C...1957 MN
1st mtge guar 3 Ms series D..1971 MN
106M
*109M
Clearfield A Mah 1st gu 5s
1943
J
59
71
48%
80
"39
107 M
*30
Federal Light A Traction 1st 5s 1942
5s
Ref A lmpt 4 Ms series E
Cairo Dlv 1st gold 4s
15M
,102% 107 M
"59"
1954 J
1946
J
{♦Fia Cent A Pennln 5s
1943 J
J
J
J
D
30-year deb 6s series B
102
107% 110M
102
{♦Florida East Coast 1st 4 Ms..1959
108M
♦
59
88
73 X
90%
92 %
■
57
*66 H
97 M
Fort 8t U D Co 1st g 4 Ms
74M
97M
61
Francisco Sugar coll trust 6s...1956 M N
97 M
78 M
99
87
97M
J
Coal River Ry l6t gu 4s
110
110
73%
102%
{{♦Proof of claim filed by
M N
F
100
J
73
104 M
85%
77
76
76
77 %
71
72M
72
74
64
Columbia GA E deb 5s. ..May 1952 MN
Debenture 5s......Apr
15 1952 A O
Columbia & H V 1st ext g 4s—.1948 A
Columbus A Tol 1st ext 4s....1955 F
J
Columbus Ry Pow & Lt 4s
1965 M N
Commercial Credit deb 3Ms—-1951 A O
1942 J
D
Commercial Invest Tr deb 3 Ms 1951 J
Commonwealth Edison Co—
3 Ms debentures
3 Ms debentures..'
108
105M
105M
106M
104
44
3
♦Debenture 4s
106
103%
102%,
J
J
22M
21 H
,22 M
1951 J
D
103M
103M
..1955 J
104
*10
*10
J
♦Debenture 4s
1955 A
O
3
19
130
91
1956 J
J
J
14
105
110
s
f 5s
Consumers Power 3 MS-May 1 1965
1st mtge 3 Ms
May 1 1965
1st mtge 3 Ms—
1967
1st mtge 3 Ms
1970
1st mtge 3Ms
108%
109M
102M 108M
103M 105%
100
-
MN
MN
Container Corp 1st 6a..
Crane Co s f deb 3 Ms
Crown Cork A Seal s f 4s
Crown Willamette Paper 6s
Cuba Nor Ry 1st 5 Ms—
10%
56
103%
103M
26
104M
104M
2
97 M
27
105M
104M
104M
7
100
7
F
A
105M
Io4M
D
"33M
J
39
7Ms series A extended to 1946... J
D
6s series B extended to 1946
D
104
J
Dayton Pow A Lt 1st A ref 3 Ms 1960 A
104
1943
Del Power A Light 1st 4 Ms
1st & ref 4Ms
1971 J
J
1969 J
J
f 5S...1951
Stamped as to Penna tax
{{^Den A R G 1st cons g 4s
1951
MN
J
1936 J
J
page 2365.
103M
106M
31M
54 M
45^
1
40 M
40
58 M
52
55 M
57 M
106
103M
103%
106
106M
*107
14
14M
13M
14
_
101
28
1
106
7
103
108 M
105
6
106
108
108
13
35
43
105M 109M
108
*107
MN
1936 J
_:29M
107%
59
105% 108%
106M 108 M
105
4
74M
102
104 M
71M
"n"
"71M
94 M
106M
~60M "77~"
20
65
25
49
J
98 %
92 M
99 M
95 M
22
94 M 111H
80
104 '
J
93 M
8M
15
9
16
79
41
71M
1
67
99 X
1
64
90 M
16
68
89 X
74
103 M
J
94
93
94 M
107
J
85
84 M
85M
47
69 M
95
73
73 M
22
60
82
53
53
1
53
60
9
4
7
M N
O
O
*77 M
73
92
106 M
73
90
106 M
107
"77 M
74
"2
1937
M N
115
33
8
30
33
102
34 M
8
"51"
50 M
"~9
71
"52" "52
F
A
O
14M
14 X
16 M
O
110M
110M
110M
ser
A. 1957
1951 J
3Ms
81
103
38 X
99 M
13
*.....
J
106M 110M
85
85
98
85
88
93 M
77 M
75
O
53
53
3
"37X "54"
1952
1955 M N
1952 J
Refunding 5s
1955 M N
58 M
58
58 M
3
39
A
43 X
43 X
45M
154
23
40-year 4 Ms.
Cairo Bridge gold 4s
Aug 1
1953 M
1966
Gold 3 Ms
52
54M
25
49
*48"
*47M
48M
"53
34 M
44 M
31
54 M
47
48M
60
~
45 M
78
84
90
61
63
54
47
72
84
1950
Litchfield Dlv 1st gold 3s
1951
Loulsv Dlv A Term g 3Ms—1953
Omaha Dlv 1st gold 3s
St Louis Dlv A Term g 3s
F
52
J
N
103,
35 X
118M 122
40
61M
24 M
UX
Purchased lines 3 Ms
Collateral trust gold 4s
-
119M
52
77 M
*80
J
1951 A O
1951 MS
A
108
29
*119
M N
95 M
99 M 106M
100M 104M
106M 109
27
31M
107"
71
93
93
76
106M
117M
82
90M
91M
92
70
81
55
•
*20
101M
55
11
166"
*30
117M
A
1949
M
*104 M
A
1944
5s
77
*45
1966 A
10
103M 103M
*45
1961
1946
8%
Refunding 4s.
105M
106M
26
106
55M
99 M
23
....
101H 106M
3
Collateral trust gold 4s.
34 M
45 M
84
99 M
85
*104
..1952 J
cons g
1st gold 3 Ms
Extended 1st gold
1st gold 3s sterling
98
39M
—
107%
J
1969 J
1st mortgage 4Ms..
Den Gas & EI 1st & ref
MN
1
83
39
,
O
Del & Hudson 1st A ref 4s
33 M
92
Rllnols Bell Telp 3 Ms ser B..1970 A
Illinois Central 1st gold 4s
1951 J
102 M 106M
1951
1950 M N
104 X
100
84
62 M
4Ms—.1999 J
Hudson Co Gas 1st g 5s
Hudson A Manhat 1st 5s
98% 105M
96
60
34
78 M
142
99
J
Hoaston Oil sink fund 5 Ms A. 1940 M N
Hudson CoaVlst s f 5s ser A...1962 J D
100M 106%
98 M 104
""§7"
100
♦Adjustment Income 5s_Feb 1957 A
10
D
103 M
92
*25
1949 J
cons g
{{♦Housatonlc Ry
.
21
1952 J
40
f 4 Ms..
Hoe (R) A Co 1st mtge
104M 109
101 M 107 M
102 M 106%
1C6%
1942 J
Cuba RR 1st 5s g
see
9
10
12
s
♦Harpen Mining 6s
15M
106 X
D
103 M
M
2,1
25 M
D
A
1952 J
A
Gulf States Util 4s series C
17M
16M
11M
106M
106M
103M
1946 J
1
1946
1940
10-year deb 4 Ms
r
Hackeasack Water 1st 4s
103M
'l06M
J
For footnotes
99 M
M N
M N
31M
25
1946
Stamped
Gulf States Steel
20 M
24 M
92 M 104
107 M
1951 J
{♦Consol gold 4 Ms
49
108%
107M
F
1950 J
Gulf Mob A Nor 1st 5Ms B__.1950 A
1st mtge 5s series C—
1950 A
Gulf A S 11st ref A ter 5s Feb 1952 J
-107% 108%
107M 108M
104 M 10 >
100
108 M
103M 106
97% 104 M
107M
1943 J
15-year deb 5s
s
100M 109%
100% 101
10M
15
48 M
1944
Greenbrier Rylstgu4s
-10
11
108M
1947 J
gu 5s
19M
98
65
13
"I
31 M
,
100M
13M
"19 M
98 M
1956
J
Gen mtge 3Ms series I......1967
Feb
♦Green Bay A West deb ctfs A
Feb
♦Debentures ctfs B
110M
1966 M N
-
98 M
1945
B„_T__.1952
103M
11M
7,
*10
1960 J
116
*10
♦Debenture 4s
♦Consolidation Coal
31M
Hocking Val 1st
deb 4s..l954 J -J
non-conv
109
104%
103%
Wuertemberg 7s...1956
deb 3 Ms
946
104%
1958
♦Consolidated Hydro-Elec Works
"l~9M
(Japan) 7s
101M 106M
101
105M
*16M
Great Northern 4Ms series A..1961
General 5Ms series
105
106M
105M
1956
89
37 M
59 M
61M
80
108
Consol Edison (N Y) deb 3MS.1946
3 Ms debentures
1948
11
74
A
79
*105
1961
51
F
J
*108"
1951
f 3Ms A
51
'39
...1977
100
1951
Stamped guar 4 Ms
39
1
1st A gen s f 0Ms—-
Conv debs 3 Ms (interest
109M
39
7
2
Goodrich (B F) conv deb 6s
1st mtge 4Ms
112M
106M 109%
100
311
101M
51M
104 M
9
107 M
105
85
51
79 M
108%
121
100
51
86
J
121
7
51M
79 M
71
2
20
51
86
105M
109%
2
51
J
105M
2M
X
51M
J
105%
IX
8X
103 M 103 M
34
49 X
47
1973
D
107 X
42M
1976
1958 J
Conn Ry & L 1st A ref 4 Ms
47
General 4 Ms series D
General 4 Ms series E
General mtge 4s series G
Gen mtge 4s series H
64
2H
IX
General 5s series-C
22
8M
2M
2M
99 M
108 M
3M
99 M
95 M 10>%
109M
108M
*1M
*
56
107 %
34
17M
32
108M
40
64 M
3M
100 M
62 M
Gt Coas El Pow
108M*
35 M
49
5
83
100M
Grays Point Term 1st
106 %
8M
8M
100 M
98
109
from Sept 30 1938)....--.1958
Conn & Passump River 1st 4s..1943
*3
5s Oct 1 *45
cons
99
"46
61
8
21
96 M
mx
102M
103M
106%
45
58
61
105 M
86
102 M
89 M
101M
*38
105M
85„
102%
*86 M
101M
101M
91M
95
89 M
99M
89 M 101
75
91M
93 M 101X
99K
101
105 X
19
1C8M
99
100 M
105 M
72
103
104M
89M 100
*99
~99M
80
97
1951
96 M
102%
59
78
104M
100
J
Corp deb 3s 1946
94 M
1968 J
1st mtge 3Ms series H
1st mtge 3 Ms series I_.
Conv debs 3 Ms
99M
19
93 M
1981 M S
1965 A O
1st mtge g 4s series F_
104M
Gotham 811k Hosiery deb 5s w w '46 M 8
Gouv A Oswegatchle 1st 5s
1942 J D
J
Grand R AI ext 1st gu g 4 Ms.. 1941 J
109M
33 M
85
75
101M
88
43
42 M
105
105M
95
J
debentures
4
9M
9M
96
121
Goodyear Tire A Rub 1st 5s_.1957 MN
*110
45
101
65
A
38
102 M
49
1
3
121
30
109
175
100 M
40
109
36 M
21M
137
102 M
95 M 103
O
10M
15
1
15
102 M
5
86
51
'
66
15
100 M
4
71
70 M
53
45
J
46
96 M
17
A
59M
95
96M
96M
10M
77
77
D
59 M
94M
34
99 M
)"j
43
'
15 1961 J
44
18M
18M
104 M
{{♦Ga Caro A Nor 1st ext 6s..1934
92 M
103
23M
45
♦Good Hope Steel A Ir sec 7s__ 1945
1945 J
*100M
103
100 M 103M
....
105 %
{♦Ga A Ala Ry 1st
105M
102 M
.
79 M
95 M
Gen Pub Serv deb 5Ms..:
1939
Gen S*eel Cast 5 Ms with warr.1949
100 %
84 M
43 M
109M
102 M 106
D
15-year 3Ms deb
85M
Colo Fuel A Iron Cogensf 5s--1943 F
♦5s Income mtge
1970 A
Colo & South 4 Ms series A....1980 MN
94 M 108M
106
"4
J
1940
Gen Motors Accept
101M 101M
85
"71
1945 J
♦Sinking fund deb 6 Ms
♦20-year s f deb 6s
106% 108
*84
23
...1948 MN
♦Gen Elec (Germany) 7s
105M 106M
104 M 108
A
108M
*86
M N
Gen Cable 1st s f 5 Ms A
107" 107"
*106"
A
108
68M
90 M
100M 103 M
131M 133
33 M
16
*1
1941
Gas A El of Berg Co cons g 5s..1949 J
Geh Amer Investors deb 5s A—1952 F
1947 J
107M 112M
*105%
J
owner
♦Certificates of deposit
103 M 106 M
O
J
95%
106%
110M
106M
O
A
95
*87
106M
100
"20
107 M
106
*60
{{♦Proof of claim filed by owner. MN
(Amended) 1st cons 2-4s
1982
50
41
61M
82
102 M
16
7M
60
M N
110M
14
1952
*50
J
106
46
13M
.......
J
4s.19.91
.1990
100M 101M
"28
13%
8
*98 M
Cleve Union Term gu 5Ms.-i-.1972 A
1st 8 f series B guar
1973 A
1st s f 4 Ms series C
1977 A
{♦Consol Ry
M
J
1942
1942
Series C 3 Ms guar
1948
Series D 3 Ms guar
1950
Gen 4Ms series A....
1977
Gen A ref mtge 4 Ms series B.1981
Cleve Short Line 1st gu 4 Ms.—1961
conv
1974
J
Series B 3 Ms guar
Series A 4 Ms guar
Consol Oil
1st A ref 5s series A
♦Certificates of deposit
74%
59
"l2
18
110 M
42
13M
O
Flat deb sf 7s
100
1939
Cleve Elec Ilium 1st M 35*8...1965 J
Cleve A Pgh gen gu 4 Ms ser B.1942 A
of Upper
1942 M S
1942 M S
f 5s stamped
1977
Spr A Col Dlv 1st g 4s......1940 M S
W W Val Dlv 1st g 4s
J
1940 J
Cleve-Cllffs Iron 1st mtge 4 Ms. 1950 M N
s
s
1st Hen 6s stamped
Fonda Johns A Giov 4 Ms
*65
D
International series
1st lien
14
65
72
72
1954
;..1956 J
Fairbanks Morse deb 4s
92 M
30
lOlM
109%
107M
109 %
J
D
Cleve Cln Chic A St L geo 4s.-.1993
General 5s series B
1993
Conn Riv Pow
"13 M
J
F A
D
M S
1942 M 8
Ernesto Breda 7s
■
2 Ms
O
106M 109M
*98
109%
143
107 M
75M
104 M
110
109M
77 H
21
90 M
con gu
103
91M
91M
*12
MN
37
109
17
O
..1938 MS
{♦3d mtge 4 Ms
97 M 105M
71
100
Jan
A
♦Erie A Jersey 1st s f 6s
102M 107 M
lOs"
1962
20
102 M 106
19M
17M
18
36
101
Debenture 5s
O
46,
J
series D
112M
88
7
43
18M
45
S
St L Dlv 1st coll tr g 4s
O
50
1951 M
Cln Wabash & M Dlv 1st
A
69
1963 J
Childs Co deb 5s
14
17
J
69
4s series D
M'
105 M
1953 A
1953 A
♦Series B...
conv
107%
*106
1996
4s
♦Conv 4s series A
♦Gen
81M
*100%
108"
1953
1st consol gen lien g
86
1963
90 M
7'2
100 X
§2"
45M
19M
71
1st mtge 3 Ms series E.
J
•••,
37
100
32
101
J
55
1st mtge 4s series D—
Chic A West Indiana con 4s...1952 J
103 M 110M
32
40
*50
86
♦106M
107
44 M
*102"
64 M
47 X
J
17
16
103 M
*14%
109M
104 M
1940
-
{♦Erie RR 1st cons g 4s prior..1996
8M
5M
3 Ms
guaranteed
110M
QQ
1965 A
stamped
80
104 M
4M
42
110M
*50
*51"
104M
3
42
111M 114M
*106%
J
♦Genessee River 1st s f 6s.. 1957 J
♦N Y A Erie RR ext 1st 4s__1947 MN
O
..1944 A
1st mtge 3 Ms
Cln Leb A Nor 1st
-
100
Erie A Pitts g gu 3 Ms ser B...1940 J
J
Series C
10M
9
11
1
Chicago UnlOD Station—
1st A ref M 4 Ms
"37"
1965 A
65
D
1960 M
1
"l6
*133
A
Electric Auto Lite conv 4s
4M
*60 M
4%
8
7M
12
110M
Elgin JoIIet A East 1st g 5s
1941 MN
El Paso Nat Gas 4 Ms ser A—.1951 J D
7M
D
Chic T H & So'eastern let 5s.-I960 J
20
1952 F
High
14M
14M
57
8M
7M
4.
D
3Ms
..June 15 1951 J
Memphis D1V 1st g 4s
1951 J
Ch 8t L & New Orleans 5s
5M
High
109 M
*37
110M
1939 J
Low
41
7M
8M
1952
43
113%
O
East TVaAGa Dlv 1st 5s
Ed El III Bklyn 1st cons 4s
41
A
♦Certificates of deposit..
{♦Refunding gold 4s
♦Certificates of deposit
{♦Secured 4 Ms series A
♦Certificates of deposit
♦Conv g 4 Ms
'
Inc
No
F
♦44
3M
Low
*20 M
iioM
J
Ed EI III (N Y) 1st cons g 53—1995 J
Low
{{♦Chicago Railways 1st 5s stpd
Aug 1938 25% part paid
{♦Chic R I & Pac Ry gen 4s...1988
3M
1
10M
113
D
Since
Ask
A
8
Jan. 1
Friday's
Bid
Price
14
2
I
Range or
Sale
EXCHANGE
STOCK
Y.
No.
5%
4M
10 M
A
MN
Detroit Term A Tunnel 4Ms—1961
Week's
Last
BONDS
N.
High
4%
4M
10 %
Jan. 1
Ask
A
4%
M
F
Duquesne Light 1st M 3 Ms—1965
Friday
O
Since
Friday's
Bid
J
A
Range
Range or
Sale
A
Gen A ref M 4s ser F
..1965 A O
Gen A ref mtge 3 Ms ser G—-1966 M S
♦Detroit A Mac 1st lien g 5s... 1995 J D
♦Second gold 48—..
1995 J D
135 So. La Salle St.
<Dlgby 4-5200
F
{♦Des M A Ft Dodge 4s ctfs...l935
{♦Des Plains Val 1st gu 4 M8—1947
Detroit Edison Co 4 Ms ser D..1961
One Wall Street
9S(. r. 1-761 -<• <Bell System Teletype
Last
Price
Low
Chtcigo, III.
^
14
{♦Den A R G West gen 5s.Aug 1955
♦Assented (subj to plan)—
♦Ref A lmpt 5s ser B—.Apr 1978
^MUNICIPAL 'BONDS
y^ewYork, <2^. Y.
if
EXCHANGE
STOCK
Y.
15, 1938
Week's
Friday
54
1951
57 M
1951
59 X
1951
Springfield Dlv 1st g 3Ms...1951
Western Lines 1st g 4s
1951
55
55
52
55
*50"
*75*
95
60
Volume
New York Bond Record—Continued—Page 4
147
BONDS
Last
Inter st Period
N. Y. STOCK EXCHANGE
Week Ended Oct. 14
Range
Range or
Sale
Friday's
Price
Bid
Asked
&
Bonds Sold
High
No.
52%
189
48%
105%
56
Low
BONDS
;
1
D
J
D
1st & ret 4%s series C
-1963
Illinois Steel deb 4%s__
Ilseder Steel Corp 6s
1940
A
F
A
Ind Bloom & West 1st ext 4s..1940 A
O
49%
O
1948
50%
48
46%
105%
32
*
99
—
-
—
—
—
*5S
86
*8
18
Ind Union
*98
Inland Steel 3%s series I)
1961 F A
J
$ Inter boro Rap Tran 1st 5s.-.1966 J
♦Certificates of deposit
§ ♦ 10-year 6s
-.1932 A O
{♦10-year
1947 A
deb 4s
conv
♦Adjustment 6s
ser
ser
42%
31
33
34
10
A.—.1952
A..July 1952
J
57
23
40
60%
£614
57
4
40
59
87%
88%
41
65
89
102%
1
100
A
1956 J
♦1st 5s series B.
J
19%
4%
O
J
192
6
74
2%
20
23
11%
O
78
..1941 A
O
50
J
94
8
87%
80
80
80
85%
85%
85%
2
72
72
73%
100%
110
♦1st g 5s series C
Int Merc Marine
1956
._
f 6s
s
J
lnternat Paper 5s ser A & B...1947 J
1955 M
Ref s f 6s series A
Int Rys Cent Amer 1st 5s B
J
1972 MN
..1947
4%s__1952
F
A
J
J
1939
1st lien & ref 6 %s
Int Telep & Teleg deb g
Conv deb 4 %s
J
1955 F
Debenture 5s..
{♦Iowa Central Ry 1st & ref 4s. 1951
M
James Frankl & Clear 1st 4s. .1959 J
19%
48%
32
35%
80%
51%
32
80%
32
54
3
77
82
75
94
O
mm mm
A
O
mm
A
O
J
J
8
58%
94%
*67%
95
-
mm
mm mm
'-m
mm
m. m.
110
74
1%
1
58%
1950
Apr 1950
Kansas City Term 1st 4s
.I960 J
1980 J
,
-
—
Kansas Gas & Electric 4%s
D
{♦1st
3%
w w
stmp (par $925)1943
♦Ctfs with
1946
1987
Kentucky Central gold 4s
J
g4s Int
105
*35
41
1949
.1961
Stamped
{ Mo-Ill RR 1st 5s series A
1962
----
*60
*60
92
*155
165
4%s unguaranteed..^....*.1961
Kings County El L & P 6s....1997
Kings County Elev 1st g 4s... 1949
A
O
F
A
1954
...1954
1941
J
J
J
J
------
J
D
------
N
101%
J
------
A
99%
Kings Co Lighting 1st 5s
1st & ref 6 %s
Kinney (G R) 5 Ha ext to
Koppers Co 4s series A...
1951 M
Kresge Foundation coll tr 4s. .1945 J
3%s collateral trust notes.. .1947 F
m
m mm mm m m
81%
81%
95
*96
101%
103%
M
Laclede Gas Light ref & ext 5s. 1939 A
2
25
10
24
A
19%
1934
20%
21
14%
14%
25%
23
5%
♦Certificates of deposit..
♦1st & ref 5s series G.......1978 MN
♦Certificates of deposit
♦Conv gold 5%S_..........1949 MN
♦1st & ref g 5s series H
1980 A O
{♦Mobile & Ohio gen gold 4s...1938
♦Montgomery Div 1st g 58—1947
♦Ref & impt 4J^s._........ 1977
{♦Secured 5% notes
1938
------
21%
19%
21
55
19%
4%
21%
78
1934
*18
19%
5s 1937 extended at
3%. to..1947 J
6s....1941 J
J
Lake Sh & Mich So g 3%s____1997 J
D
2d gold
20%
64%
50
90
34
13%
28%
8%
29%
M
S
32
35
303
9
35
41%
53%
49%
1
75
44
....
1st mtge 4 %s
93
166%
100%
10734
107%
33
..1975
1954 j
C...1954 J
Lehigh & New Eng RR 4s A
1965 A
Lehigh & N Y 1st gu g 4s
1945 M
Lehigh Val Coal 1st & ref s f 5s. 1944 F
Lehigh c & Nav
s f
Cons sink fund
33
70
29
99
98
99
22
85
96%
;;;;
2
4%s A
4%s
ser
J
J
O
S
A
65%
48
71
65
65
4
48
65
85
37%
------
37%
27
95%
97%
96%
47
84
94%
66
97%
1
96
----
26%
2
A
29%
76%
30
6
lst& ref sf 5s.„
Sec 6% notes extend
to.—.1943
1954
__
Leh Val N Y 1st gu g 4%s
4s assented
J
J
F
A
1940 J
1940 J
J
Lehigh Val (Pa) cons g 4s..„—2003 MN
4s assented.1*.
2003 MN
2003
2003
4%s_
4%s assented
5s.
M N
MN
2003 MN
.
2003 MN
5s assented..!.
Leh Val Term Ry 1st gu g
42%
J
Long ,Island unified 4s
Lorillard (P) Co deb 7s
8
M
A
.1951
F
A
O
*%
♦4s
A
O
*%
{♦Assent warr & rets No 4 on *26
♦4s April 1914 coupon on
1951
♦4s April 1914 coupon off... 1951
♦Assent warr & rets No 4 on *51
J
J
A
O
A
O
1965
J
D
*_
75
*108%
128%
123%
109%
109%
......
124%
102
60
......
101%
......
14
105% 118
128
131
31
110
7
63
80
3
127
121
102%
63 %
90
Nat Steel 1st coll 8 f 4s...
3
80
87
{♦Naugatuck RR 1st g 4s
11
73
88%
Newark Consol Gas cons
80
„
50
55
—
81%
-
90
73%
127%
8
•
121%
6
85%
21
106%
104%
126
18
88%
129%
1954
B—........1961
1st g 4Kb series
100
96
91%
89%
91%
60
75
93%
85
85%
7
74
90
{{♦N O Tex & Mex n-c inc 5s.
80
81
6
65
104%
60
■-■85%
1
102
107%
_2003
O
------
81
Paducah & Mem Div 4s
1946 F
A
------
St Louis Dir 2d gold 3s
1980
M
8
mmmmimm
Mob & Montg 1st g 4%s
1945
1952
M
S
------
J
J
South Ry joint Monon 4s
Atl Knox & Cin Div 4s..^.1955 MN
♦
Lower Austria Hydro El 6 %s_ 1944 F
97
80
*89%
57
97% 105
8
100%
83% 102
96
1
97
96
1
80
111
-
--
76
103%
A
73%
1
68
103%
9
98
111%
.....
22
106%
8
103%
104%
40
97% 106%
—
72
72
6
70
91 %
Ref & impt 4%s
45
7
37
55
Ref & impt 5s
35
20
31%
A
♦Second 4s
........2013 J
1
93% 104%
31
30%
48%
31%
29%
29%
30%
20
17%
28
O
♦Certificates of deposit
28
28%
17
16%
34%
32%
10
23%
*14
D
v-;;.
27
"n
20
4%s_1945
10-year 3%s sec s f
series A
series C
Conv secured 3%s
31
126
120% 124
104% 108%
70
2
38
67
48
48
2
34
50
100
69
101%
80
86% 101%
101
101
78
84% 101
68%
70
8
47
23
35
"31"
30
"16
22
38
31
1
24
36
35%
""31"
31
O
31
76
22
37
"36"
29%
30
'16
23
36%
34
33%
35
33
22
40
26%
35%
*30
A
*26
-—♦Certificates of deposit.—..
72
{♦Manhat Ry (N Y) cons 4s..1990
106%
32%
24
120
10134
A
47
s f
123%
76,
107%
*
F
A
1960 J D
Feb 1 1957 MN
4s
123
12334
124
70
1956
Newport & C Bdge gen gu
N Y Cent RR 4s series A
108%
""-48"
D—.....—1956
1954
104
Manati Sugar
■24
6
123%
A
.1935
♦1st 5%s series A
103
116% 121
24%
"l"07%
1st 5s series C
McKesson & Robbins deb 5%s_1950 MN
D
Maine Central RR 4s ser A...1945 J
Gen mtge 4%s series
F
3%
1%
""2%
26
35
98%
105%
McCrory Stores Corp s f deb 5s. 1951 MN
MN
1%
65
D
♦Certificates of deposit..—
80
73%
102%
"25"
J
1954
;
*U9%
24%
108
J
♦1st 4%s series
♦
82
112
*21
------
♦1st 5s series B
108%
*
D
4%s
N J Pow & Light let
85%
107%
109
-
N J Juhetlon RR guar 1st
107%
%
-1%
1%
1%
1
*
2%
<2%
"2%
1%
1%
MN
J
{♦New England RR guar 5s—1945
♦
Consol guar 4s
-.1945 J
New England Tel & Tel 5s A-1952 J
115% 125
101% 106%
1%
%,
2%
.....
%
J
5s.-.1948
96
82%
106
^
*1
Nat RR of Mex prior lien 4%s—
112%
"94%
48
102
75
99
%
♦Assent warr & rets No 5 on *77
121% 126
60
*80
127
110%
129%
125
*60
80
80
.
----
100
E
37
A
1977
April 1914 coupon off.-.1977
J
1st & ref 3 %s series
1
♦4s April 1914 coupon on
107
*%
1914 coupon on...1957
O
O
100% 102%
4Kb July 1914 coupon off...1957
♦
Assent warr & rets No 4 on *57
16%
♦4 %s Jan
1940
O
100
10
♦4%s July 1914 coupon on..1957
2003 A
A
19
19%
33%
18
40
15%
1st & ref 5s series B
A
106
102%
54%
13
1950
National Rys of Mexico—
Unified gold 4s
2003
105%
101%
16%
Nat Gypsum 4Hssf
16%
92% 104%
106
45
32
Louisville & Nashville RR—
2003 A
133
102%
1
8
1st & ref 4s series D
103% *104%
3
83
1st & ref 4%s series C
104%
96% 101
46
106
J
MN
5
19%
J
Louis <fe Jeff Bridge Co gu 4s. .1945 M
39
1
33%
19%
51%
debs
11%
15
4s__ 1986
I960
New Orl Great Nor 5s A.
1983
N O & N E 1st ref & imp 4 %s A 1952
New Orl Pub Serv 1st 5s ser A..1952
1st & ref 5s series B.
1955
New Orleans Term 1st gu 4s—1953
Louisiana Gas & Elec 3%s
68
18
07
32%
*100
17%
1966 M S
Louisiana & Ark 1st 5s ser A..1969 J
50
67
"~32%
19%
51%
......
S
O
115
1
S
M
1944
"
5s
M
112
99%
46
A
1949
1949
...1949
Guar ref gold 4s._._
4s stamped:
115
16%
O
D
103%
115
"U5"
101
17%
O
O
J
4s stpd
1951 J
Nat Acme 4 % extended to.
1946 J D
MN
Nat Dairy Prod deb 3%
w w_. 1951
Nat Distillers Prod deb 4%s..-1945 MN
Nassau Elec gu g
62
55%
34%
50
103%
16%
A
Lombard Elec 7s series A...-.1952 J
48%
103
4
A
♦Long Dock Co 3%s ext to...1950 A
""49"
17
......
Liquid Carbonic 4s conv debs. .1947 J D
Little Miami gen 4s series A...1962 ivl N
Loews Inc s f deb 3%s.-_
1946 F A
71%
34'%
16%
O
50-yr 5s gu__.1965
1944
Nash Chatt & St L 4s ser A
.
47
54
15%
16%
......
5s
--
138
55%
53
A
85
50%
74
54%
54%
MN
62
34
74
15%
O
Ligget & Myers Tobacco 7s
--
Mutual Fuel Gas 1st gu g 5s._. .1947 M N
72
5
72%
"so"
15%
16%
16%
17%
.1951 F
Lex & East 1st
43
D
.1955 M N
Constr M4Hs series B
Mountain States T & T 3Ks- 1968 J D
1978 F
75
69
*.—"I
15%
..1941 A
5s assented.....
19%
96%
101
72%
79
.1995 M N
Mut Un Tel gtd 6s ext at 5%.. .1941
99
69
30
2
....
64
------
A
5s... 1941
76%
39%
♦34
18%
107%
73
75
*
.1955 A
f 5s series B
f 4 %s series C... .1955 A
Constr M fs series A
45
39%
40
29
*
.1955 A
f 5s series A
Gen & ref s f 5s series D
Morris & Essex 1st gu 3%---. 2000 J
99%
.40
Leh Val Harbor Term gu 5s.
•
78%
1
s
.1955 A
95
42%
----
37%
*82
24%
----
29
cons
s
62%
65
♦34
General
Gen & ref
*80
65%
------
A
f 5s
cons
s
34
11
A
General
102
,
Gen & ref
28
1964 F
1974 F
s
95%
78
33%
.
1st & ref s f 5s.1954 F
1st & ref
Montana Power 1st & ref 3 Ms. .1966 J
1941 J
Montreal Train 1st & ref 5s
90%
95%
----
98% 107%
99
1965
67%
50%
59%
10734
1960
6s debentures
Gen & ref
♦1st mtge income reg
23
60%
474
*84
Monongahela West Penn Pub Serv
Ltd—'
Lautaro Nitrate Co
25%
25%
60
,
23
29%
61%
65
15%
14%
14%
60%
24%
2834
47
85
6%
25%
20%
47
85
3
14%
27%
Mohawk & Malone 1st gu g 4s. 1991 M S
Monongahela .Ry 1st M 4s ser A *60 MN
*45
23
15
24%
90%
85
J
7
8
25%
23
25%
14%
14%
14%
S
75
*45
5
"21% "81
Lake Erie & Western RR—
------
11
4
A
18
53
160
'
F
86
*48%
45%
M
31%
49%
A
"20
M S
11%
49%
A
..1942 F
Coll tr 6s series B__
4
MN
30
25
Coll tr 6s series A..........1942 F
1981 FA
16%
57%
'
96% 103%
85% 100
57%
A
19%
~~4M
~~6% *177
*17
{♦Mo Pac 3d 7s ext at 4% .July 1938
99
95% 104
55
F
1934
18%
-
158
8
57%
1953
5%
19%
18%
1934
1934
♦Certificates of deposit
30
1960
F
*18
103%
57
Coll & ref 5 %s series D
1965
100%
A
F
50
42%
81
95
85%"
,
19%
88
O
Coll & ref 5%s series C
28
38%
♦Certificates of deposit..
♦1st & ref 5s series I
15%
84%
53%
S
28%
19
1975 M S
♦ 1st & ref 5s series F_1977 MS
{♦Kreuger & Toll secured 5s
Uniform! ctfs of deposit.....1959
67
84
1834
95
29
99%
48
42%
38
72
95
104
99%
"18% "4B%
9
60
4034
18%
81%
31
5%
70%
38
2
102
6%
1
60%
59%
41
9%
J
71
102%
1
"45% "l5
14%
3
1978 J
♦Certificates of deposit
4s
-----
150
----
3
14
6%
1967 AO
5
95
111%
5%
5%
"14
/:, 5
67
"42%
107
37%
♦General
-----
-
-
8%
634
734
4%
234
36'
—
-
95
----
81%
*102%
-
72
89%
J
234
67
3%
3%
1%
36
{♦Mo Pac 1st & ref 5s ser A
99% 108%
82
*
J
2%
J
8%
1%
Prior lien 4%s series D
94
-
"4
J
27%
-
8
11
♦Cum adjust 5s ser A—Jan
25
80
----
J
4%
52
----
3
7
S
-
20%
23
6
92%
J
J
M
-
J
103% 106%
40
41
105
1961 J
Plain
3%
.1941 MN
J
1959 J
0
27
*
3
F
7%
40-year 4s series B......... 1962
14%
93%
*101%
8
8
*5%
103% 108%
94
8
M
Q
{♦1st cons 5s gu as to int...1938 J
♦1st & ref 6s series A
1946 J
31
40
20
M N
74
105
*20
60
13%
-
7
73
J
107%
■
31%
D
107
----
31%
----
*22
J
44%
*17
----
'38 J
gu
77
77
-
42
J
1990 J
107%
J
19%
50
J
4s
60
35
J
Kentucky & Ind Term 4%s.__1961 J
9
95
16
M-K-T RR pr lien 5s ser A
16%
33
u':
\
16
Mo Kan & Tex 1st gold
29
71
94
89%
12
98% 104%
97
104%
*38
S
{1st Chicago Term s f 4s
70%
S
60
20
103K
104%
M
30%
27%
75%
71%
*22
M
"79% 103"*
1
;*'2
*32
20%
24%
(par $925)..1943
warr
Keith (B F) Corp 1st 6s
J
D
♦25-year 5 %s
70
M N
10334
104 %
1938 J
con
cons 5s
'
♦Ctfs
D
J
♦1st & ref 5%s series B.....1978 J
70%
mm mm
104 %
90
22
mm
J
98%
17
^mm mm
1971 J
88
-
28%
♦Karstadt (Rudolph) 1st 6s
1943 M N
♦Ctfs w w stmp (par $645)..1943
103%
78
9
95
70%
J
14
D
78%
22
♦Certificates of deposit.'
4
96
70%
14
1961 J
mtge 5s
27%
101
94
88
94
70%
O
{{♦M St P & SS M
78
40
'
-
74%
100%
42%
12
3%
28
mm
6%
5%
24
95
1940 A
{{♦Mil& No 1st ext 4 %s(1880) 1934
♦1st ext 4%s.
..1939
♦Con ext 4%s
1939
{♦Mil Spar & N W 1st gu 4s
1947
{♦Milw & State Line 1st 3%s__1941
{♦Minn & St Louis 5s ctfs
1934
♦1st & ref gold 4s
......1949
♦Ref & ext 50-yr os ser A
1962
98
-89%
39%
147
77
3%
M
Kan City Sou 1st gold 3s
Ref & impt 5s
12
42
88%
74%
46
94%
100%
A
A..1961
4s. .1990
{{♦K C Ft 8 & M Ry ref g 4s—1936
19%
74%
Kanawha & Mich 1st gu g
91
104%
103% 110%
99% 103%
1%
70%
{♦Mid of N J 1st ext 5s
1st
78%
100%
Jones & Laughlin Steel 4Mb
110
93%
Mllw El Ry & Lt 1st 5s B
50%
J
D
110
'
A
8
97
103%
J
1951 M S
1952 MN
J
1979 J
Ref & impt 4%s series C
20
lnternat Hydro El deb 6s...-.1944 A
61%
*25
Jack Lans & Sag 3%s
1st gold 3%s
6
17%
17%
77%
49%
93%
87%
13%
95
100 %
100%
*6 -for* 9%
A
80
13%
65
61%
104%
D
♦Miag Mill Mach 1st
102%
11%
21
21
613-6
*1
s f 7s
1956 J
Michigan Central Detroit & Bay
City Air Line 4s.........1940 J
34%
56%
102%.
18%
4%
68
80
80
1977 M S
♦4s (Sept 1914 coupon).....1977 M S
63
57
O
F
75
100
20
*
J
{{♦Met West Side El (Chic) 48.1938
High
70
85
....
♦Mex lnternat 1st 4s asstd
65
42%
59
Low
80
80
103%
No.
High
100
*
J
O
f 6s
Corp 1st 6s with warr..1945 MN
Metrop Ed 1st 4%s series D
1968 M S
Metrop Wat Sew & D 5%s
1950 A O
18
100%
lomios
12
;■
J
1947 A
s
Mead
90
12%
96
—
64
•
1942 MN
Int Agrlc Corp 5s stamped
{♦Int-Grt Nor 1st 6s
mm
MN
1959
Jan. 1
Asked
*90
100
Market St Ry 7s ser A...April 1940 Q
-----
32
M S
♦Certificates of deposit
Interlake Iron
107%
60%
59
*57%
I---
66%
——
mi
107%
59%
—
-
57
7% notes...1932
conv
IVI
s
{♦Man G B & N W 1st 3%s.__1941
Marion Steam Shovel
35
27
—
Ind 111 & Iowa 1st g 4s
J
1950 J
J
{♦Ind & Louisville 1st gu 4s.-.1956 J
Ry 3%s series B..1986 M 8
7
&
Low
52%
28
48%
105% 107%
13
35
Bid
1939 MN
Manila RR (South Lines) 4s
1st ext 4s
29
Since
Friday's
High
Low
Range
Range or
Sale
Price
Nft,
Manila Elec RR & Lt s f 5s...1953
1963 J
Last
SS-2
N. Y. STOCK EXCHANGE
Week Ended Oct. 14
Since
Jan.
HI Cent and Chic St L & N O—
Joint 1st ret 5s series A
2363
Week's
Friday
Week's
Friday
35
-
111%
48%
82
62
91%
110
*107
J
100
1998
F
63
66
1946
2013
2013
A
76
76
77%
A
5834
58%
60
137
38%
65%
A
64%
64%
162
42
73
MN
6834
68%
65%
71%
107
51
84
..1952
70
36
Week's
Last
Range or
Sale
Friday's
Bid
Price
&
Low
N Y Cent & Hud
Debenture 4s
River 3 Ms --1997
J
1942
Ref & impt 4Mb ser A
2013
Lake Shore coll gold 3Ms— 1998
Mich Cent coll gold 3 Ms
1998
St Louis—
5Msseries A—-----1974
N Y Chic &
1978
-.----Oct 1 1938
C.
♦Ref 4 Ms series
3-year 6s
83
*■ «. m »
O
A
58
A
*64
A
65
1st guar
♦N Y &
.1948
gold 4s.:—1949
Purchase money
-
3 Ms
4s ser A
N Y & Harlem gold
N Y Lack & West
84
4Ha series B...
—
Pennsylvania P & L 1st 4Hs... 1981
183
30
87
76 h
,89m
333
17
51h
-
65
68
66 m
*
101m
*95
w
58
53
rn
m
'
105
55
51
102
73 m
102
53
••
•.
107
mmm
10
5
•
Consol sinking fund
General 5s series B
34
106m
70
D
F
123
122 m
115
123
7
121h 125
110
7
112m 116
A
MN
*50
*""—
J
M
50
*
m
mm m
80
75
-----
•
|
13
14m
S
*12
13
13
2
12
13m
13h
3
11
13
13
28
J
12m
12
13m
51
11
18m
1
J
15h
17 m
70
13
23 h
26
O
A
26m
9m
14 m
14m
16 m
58
MN
65 h
55 h
55 m
1
9m
17
6m'
9
J
S
D
4s 1942
A
O
A
9
"~6m
O
M N
J
f 4Ms—1939
Ref mtge 3Ms ser B__
1967
Y Trap Rock 1st 6s
1946
N Y Telep 1st & gen s
m
•# «•*«»
*"
J
J
F
North Amer Co deb
J
D
63
73 h
109 m
•«.
*106 m
93
-
13m
mmmmm
13
n
108 h
10
4
65
6
74 h
5
36
109 h
5
mmmm
11
95
24
100m
mm
70
MN
52
16
104 h
62 '
108m
75
60
3m
82
27
106 m
32
M
S
102 h
103 m
F
A
105m
102 m
104 m
105m
17
102 m
103 m
115
40
M
S
*
-----
*i04m
5
..
85
*27 m
1945
prior lien 4s.——1997 Q
Ms series A
Ref & Impt 6s series B
S
4M
J
15M
14H
M
S
110M
107 H
C
Ref & Impt 5s series D_._
-.1959
1960
C
1962
C——1974
1977
series D__
28
28
71m-
h
20
32
Northwestern Teleg 4Mb ext. .1944 J
J
6
J
Ohio Edison 1st mtge 4s
1st mtge4s
1st mtge 3Ha-
-
*
Oklahoma Gas & Elec 3Ms
4s debentures
1943 M
1965 M
..1967 M
1972 J
1966 J
S
N
104 h
46
S
J
1946 J
D
F
105m
A
Ontario Power N F 1st g 5s
1943
Ontario Transmission 1st 5s
1946
m
J
D
J
J
J
4
3m
1956
Revere Cop & Br 1st mtge 4 Ms. 1956
3 Ms conv
1947 M
debentures
1968
M
1944 A
66
m
2
2
68
70
103
m
106
mm
m
mmmm
11
106 m
*100
63
62 m
96
97m
41M
J
»
-
«
«.
F
Guar 3 Hs trust ctfs D
1944 J
Guar 4s
1952
ser
E trust ctfs
28-year 4s
A
D
MN
1963 F
••
..
.
ft.
—
A
-
-
60
94 h
100
118M
71M
91
93 H
94 H
112
94 M
101
41 M
41 M
28 H
41M
22 H
22 H
20
25
31H
24
H
32
31
31
24 H
32
31
31
24
32M
s
1952
f conv debentures
con
M
S
103M
H
*•
89H 107
104H
,
56 k
97 m
33
81
70
J
{♦Rutland
100
50
"70"
*IoI""
mm
mm
97 m
93 m
118m 121m
60
72
-
95
_
2
24
-
*108 M
:
13M
7M
M
20M
,4H
*5M
8M
12M
6M
,
6M
12H
*20
4 H
4M
"~6M
4
104
103%
6
100 M
104 H
103 M
1947
Saguenay Pow Ltd 1st M 4Ms. 1966
St Lawr & Adir 1st g 5s_.
2d gold 6s
110
*108
12M
J
J
20 M
118M 122
107M 110
*109M
104M
15
12H
106 M
109
"94"
*
1996
16 M
23
10H
99M 104H
103
*106M
j St Jos & Grand Island 1st 4s...1947
78
1966
St Louis Iron Mtn & Southern—
j
I
♦§Riv & G Dlv 1st g 4s
♦Certificates of deposit
1933
J
sptd—.1955 J
J
{♦St L Peor & N W 1st gu 5s...1948
St L Rocky Mt & P 5s
{♦St L-San Fran
pr
lien 4s A. .1950
16 H
"ii'M
10
♦Certificates of deposit
♦Prior Hen 5s series B
H
42 M
64
46
62
Y"j
15
17
57
J
J
57
57 %
64 M
MN
J
103 h
90
103m
88h 104
83
100m
99 m
..
J
97 h 103m
102 m
"97m
4 Ms.. 1941 J
con
Safeway Stores s f deb 4s
104
63
RR 1st.
♦Stamped
92 m
mmmm
S
1949 J
84 h
h
S
M
{♦Rut-Canadian 4s stmp
31h
84
1967 M
41
44 H
12
17M
122
122
S
O
106m
98 h 103
98
15M
S
50
28 H
"42
42
17M
1967 M
105M
35
42
1962 M
{{♦R I Ark & Louis 1st 4MS-. 1934
20 H
21
1977
...
104
104
*35
1949
& coll trust 4s A
Gen mtge 5s series E
Gen mtge 3 Ms series H
Gen mtge 3 Ms series I
102 m
12
*98
97m
103H
31
♦1st
102h 106
63
*100
.
93
84
31
1948 A
75
—
D
93 M
1952 MN
1953 F A
1955 AO
♦Ruhr Chemical s f 6s_.
57
*
1942 J
75
32
82
65 ;
21
103 m
*120m
1941
79 M
*30
1939
{♦Rio Grande West 1st gold 4s. 1939
57
106m illh
102m 108k
98 m 104h
3
S
.
52 H
48M
27
4s
78h
13
S
Guar 3 Hs trust ctfs C._
98
Richfield Oil Corp—
45,
32
M
Penn Co gu 3Hs coll tr ser B_
8
42
92
100 H
J
♦Direct mtge 6s.._...
111m 114m
90
M
mm
85
82 H
14
101
J
♦Cons mtge 6s of 1930..
48
1942
mm
18M
32
42
100
J
f 7s
♦Cons mtge 6s of 1928
89 m
83 %
89 h
mmmmm.
Pat & Passaic G & E cons 5s... 1949
♦Paulista Ry 1st s f 7s
4M
72
....1946 J
s
98 k 106m
96 h 103
48
83 %
•
74 H
92
28
103 %
S
9M
103M 108M
90
59
106
S
....
109M
109
118m
106m
*105m
O
12
♦Rhine-Westphalia El Pr 7s... 1950 M N
I
Pari8-Orleans RR ext 5Hs
Parmelee Trans deb 6s
10
H
90 m
mmmmm
J
91
11 oh
1966 J
6s... 1955 J
109 M
♦Rhine-Ruhr Water Service 6s. 1953 J
♦Rheinelbe Union
91h 100
Paramount Broadway Corp—
Paramount Pictures deb
MN
2
*
A
497
82
117
89 M
46
63
1955 F
1ft"—"'ft.
106m
116
F
M N
102 m
33
1st M s f g 3s loan ctfs..
55
78
56
115m
42
m
105 H
56 H
75
•*
%
mm
76
O
1955
74 m
m
D
A
96
♦Rio Grande June 1st gu 5s...
111
m
{'-m'
97 m
♦Rlma Steel 1st 8 f 7s
107m
S
40
D
J
-
116m
103 m
M
J
*30
96
64
43
101
4
6
*5
109
110 m
1955 J
95
44
17m
16
18
103 m
f g
*41 m
16
115
110m
106 m
s
"62 "
44
*103 M
103
Panhandle Eastern Pipe L 4s_. 1952
104 m
105
46
60 h
61H
105
J
1952
107 m
Paducah & 111 1st
J
Richm Term Ry 1st gen 5s
55
1966 A
D
110
1966 J
C
4Hs
J
-----
113
1961 J
Ref mtge 3Hs series
*98 h
103
1st & ref mtge
1938 J
*98 h
110
55
mm
A
D
13
73 m
m
F
J
107
1st & ref mtge 3Ms ser
m
115M
*106
mmmm
55
1938 F
109M
109
"46 M
46 H
91
1961
5 Ms '54
Roch G & E 4 Ms series D_,
H—.
3 Hs ser I
{fPac RR of Mo 1st ext g 4s..
{♦2d ext gold 5s
Pacific Tel & Tel 3Hs ser B_„
106
O
D
115
73 m
Pacific Gas & El 4s series G.^. 1964
55 M
55 H
102
102 h
1946
Pacific Coast Co 1st g 5s
47
32
115m
114m
115m
J
113m
38
106 m
114 m
106 h
Otis Steel 1st mtge A 4Hs.--.1962 J
17
103
*108
mm'
1961 J
Guar stpd cons 5s
8
113m
m
1946 J
1946 J
Ore-Wash RR & Nav 4s
39
102 m
103
1945 MN
Oregon "RR & Nav con g 4s
Ore Short Line 1st cons g 5s
99 m
106 m
64 M
116
104 m
99 m
A
52
O
A
81h
Gen mtge .4 Ms series B
105
5"m
108
106
A
98
105
71 H 104M
94 M
Republic Steel Corp 4 Ms ser A.1950 M S
24
99 m
D
102
103
105
mmrnmm
101 H
.94
*106
102M
105m
107
_
94
102M
98
108
101H
94 H 112M
90
112M
102M
Remington Rand deb 4Ms w w.1956 M S
Rensselaer & Saratoga 6s gu...1941 MN
55
*105
1
22
110M
101 H
1951
Purch money 1st M conv
7h
4m
117
107
*110M
101 M
67
104 m
4
107M
76
104 m
7h
~Tm
*110
76 H
13
12
108h
105h
J
♦Stamped..
Ohio Connecting Ry 1st 4s
109
104 H 104M
106 m
Gen mtge 4 Ms series C
{♦Og & L Cham 1st gu g 4s.-.1948
105M
100
74 H
100
-----
104
*95
*96
*104
80
102
63
*105M
79
45
105m
104 m
103M 104 M
105 H 105M
*104
74 H
88m
93
109
105
*106
75 H
53 m
A
105
108M
*106
"75 H
40
F
Northern State Power 3 Ms—.1957
77 H
101H 108M
103
110M
108
J
62 m
76
18
111M
89 M
92 M
'
'103M
.1942
_
6H
31
J
93m
41
178
63
105
J
67
74 %
64
,62
20
110M
20
58
42
59 h
m
11
J
"84h "58
58
mm
3
78
40
1960 M S
{♦Radlo-Keith-Orph pt pd ctfs
for deb 6s & com stk (65% pd)
{♦Debenture gold 6s
..1941
Reading Co Jersey Cent coll 4s. 1951
Gen & ref 4Ms series A_.
1997
Geri & ref 4 Ms series B
1997
23
23
59
m
38
95 M
110M
"56"
{♦Providence Sec guar deb 4&..1957 MN
{♦Providence Term 1st 4s
1956 M S
J
Purity Bakeries s f deb 5s
.1948 J
-ft—
J
71h
10
5
*90
105
56
16
4
3Ms. 1966
Pressed Steel Car deb 5s.
78M
72
D
1950 J
6s.. 1942 J
6s stamped.
116m
51m
m
138
109M
14
*80 M
S
J {♦Postal Teleg & Cable coll 5s. 1953
Potomac Elec Pow 1st M
113m
52
J
95 M
110M
12 M
13M
MN
M
'^m
"94""
109 M
94 M
110
96 h 104 H
F
J
D
t
D
1948
.1952
1952
(Italy) conv 7s
Porto Rico Am Tob conv
107
101
53
J
105
M
Port Gen Elec 1st 4Ms.-—
53
119k
106m
99m 104
2047 Q
2047
2047 J
2047 J
2047 J
Gen lien ry & Id g 3s Jan
Ref & Impt 5s series
"84"
J
*27 m
83
97 H 110M
99
J
1st 4Ms
stamped
Apr '33 to Oct '34 coups.-
105 M
4s..i.1937
J
115
104
114M
—
J
1st gen 5s series
97
107
106m
40
105M 110
107 M
J
J
■
99 H 116
109
*108M
A
J
1st gen 5s series B._
101h
110
*27 m
1945
♦Oct 1938 & sub coupons
76
107
116
115
115
M N
Pitts Y & Ash 1st 4s ser A....1948 J
95 m
1
52
118m
105 h
103
75 H
50
8
1st mtge 4 Ms series
6m
107 h 108h
15h
117m
S
49 H
63 M
.
100
104 m 109h
9
105m
M
60 H
62
67
"62"
M
1st mtge 4Hs series B
43 m
111
118"
-—.1974
Gen & tef 4 He series A.'
1974
{♦Northern Ohio Ry 1st guar 5s—
♦Apr 1 1935 & sub coupons.. 1945
60 H
D
Pitts & W Va 1st 4Hs ser A...1958 J
67
8
13
A
Nov 15 1969 M N
80 M
.
11m
5h
8m
40m
52
103 m 107
16m
A
..1957
53 H
—
94 h
8m
65
F
Deb 5s series C
Ref & impt 4
98 m
100 h
4
'
mmmm
104 m
O
North Cent gen & ref 5s.
North Pacific
4
4m
8m
47m
"
1996
B_—_Aug 15 1963
♦Ctfs of deposit
73
'
mm
58
109
105
7
108 h
J
mmmmm
10
7m
67 H
A—1940 A O
Series B 4Hs guar
...1942 A O
Series C 4Hs guar...
1942 M N
Series D 4s guar
-.1945 M N
Series E 3 Hs guar gold
1949 F A
Series F 4s guar gold
...1953 J D
Series G 4s guar
.1957 M N
Series H cons guar 4s.—
1960 F A
Series I cons 4Hs
.1963 F A
Series J cons guar 4 Ms
.1964 MN
Gen mtge 5s series A—
1970 J D
Gen mtge 5s series B
1975 A O
Gen 4Ms series C
:—
1977 J J
Pitts Va & Char 1st 4s guar...1943 M N
uk
106
5
103m
108m
66 M
J
Pitts Coke & Iron conv 4 Hs A.
92
1
48
*35
J
1974 F
Pirelli Co
8M
7
103 H
S
C
60
6
J
;
1st 5s 1935 extended to
4s
A
mmmmm
13 h
104
4
103 H
.1980 M
4s—.1943
113M
40
A
Apr
.1956 J
23
8
49
—
109
53———,196)1
No Am Edison deb 5s ser
Deb 5 Ms series
mm mm
5m
11
A
J
:
4
10m
MN
107
50
50
Pitts CCC&StL 4 Ms
mm
113M 117
113M
113M
113M
89
65 H
79
11m
M N
..April 1990
35
51
86
-
{ {♦Norfolk & South 1st g 5s—1941
Norf & W Ry 1st cons g
5
8
12
S
.
115
*113M
O
.1940 A
{{♦Philippine Ry 1st s f
Phillips Petrol conv 3s
12 h
89 m
"89m
.'1947 M
_
81M
81H
O
A
6s_— .,1943
gold 5s
12
19 h
103 m
A
—.--1946
{{♦N Y WestCh & Bost 1st 4Mb '46 j" J
Niagara Falls Power 3 Ms——1966 M S
Nlag Lock & O Pow 1st 5s A-.1955 A O
Niagara Share (Mo) deb 5MS.1950 MN
Nord Ry ext sink fund 6 Ms—1950 A O
{ {♦Norfolk South 1st & ref 5s. 1961 F A
of deposit.—
109"
mmmm
*100
-
J
F
-
c
74m
54m
-
-
6s stamped..—
♦Certificates
6
-
{N Y Rys prior lien 6s stamp.. 1958
N Y & RIchm Gas 1st 6s A
1951 M N
{{*N Y Susq & West 1st ref 5s 1937
{♦2d gold 4 Ha1937
♦General gold 5s
---.1940
♦Terminal 1st gold 5s
1943
3
*8m
D
MN
J
M
Queens El Lt & Pow 3 Ms 1965
.1952
3 Ms
{♦Phila & Reading C & I ref 5s. 1973
♦Conv deb 6s
1949
17m
J
4s._1993
N Y & Putnam 1st con gu
N Y
11m
11
1955
{♦N Y Providence & Boston
mmmm
MN
1992
4s_:
83 H
deb
1977
General 4 Hs series D
—1981
Phila Co sec 5s series A
-.1967
Phila Electric 1st & ref 3Hs... 1967
20 h
♦General
84 H 101M
General g 4 Ms series
21
{♦N Y Ont & West ref g 4s
75
33
116
Phila Bait & Wash 1st g
19
J
101M
38
93 M
Phelps Dodge conv 3 Ms deb. .1952 J
96 m
O
16
89 M .111M
91
67
-----
A
13h
28
-
J
M
85
93 M
1st 4s series B
»—«
♦Non-conv debenture
3M8--1954
4s
1955
♦Non-conv debenture 4s. .—1956
♦Conv debenture 3 Ms
1956
♦Conv debenture 6s_.
..1948
♦Collateral trust 6s
1940
♦Debenture 4s_
—1957
♦1st & ref 4 Ms ser of 1927 -.1967
{♦Harlem R & Pt Ches let 4s 1954
84
~85~"
92 H
1st g 4 Ms series C
"13" 19h
"i§"
24
92 M
General 5s series B
—
82
105
93 M
♦Income 4s—...
93
85
89m
95
S
M
m
mmmm
61
*50
S
O
A
mmm
106
93
103 H
Peoria & Pekin Un 1st 5Ms._ .1974 F
Pere Marquette 1st ser A 5s.. .1956 J
103
60
70
109M 120M
96
93 H
Peoria & Eastern 1st cons 4s.
:
22
95
.
70
•
*
«-
MN
10
99
*97 m
IVIN
J
18
18
34
95 H
.1984
Refunding
i
I
16
29
17
.1981
D
series E
Peop Gas L & C 1st cons
J
88 M
103 H 111M
95 H
74
117M
86
116M
95 M
.1970
Conv
106m
101h 106m
106 m
105 m
103M 114
111
111
87
103M
103 H 109M
Gen mtge 4Ms
101
106 m
106 h
92 M
628
....
General 4Hs series
53
106m
111
94
94
111
110 M
94
100H 105M
83
104M
19
103M
101M
1
High
77
""2
96
*94
.1968
Debenture g 4Hs
102m 109m
39 m
58
45 h
.1965
Low
NO.
96
*107
117
.1960
General 4Hs series
108"
98
♦Non-conv debenture
N
"
O
1970 A
C
4Hs
A...,
Gen mtge 3 Ms series
89m
105M
95
103 %
Pennsylvania RR cons g 4s
1948 MN
Consol gold 4s
4s sterl stpd dollar.May 1 1948 MN
90
95m
68
O
A
Since
92 H
103M
1943 MN
62
O
26 m
30
High
*89 M
95M
J
1981 J
74
490
MN
{♦N Y & N E (Bost Term) 48—1939
{♦N Y N H & H n-c deb 4s
194.7
♦Non-conv debenture 3 Ms—1947
Pa Ohio & Det 1st
82 m
52 h
1946
2000
1973
RR 5Ms '42
♦NYLE&W Dock & Imp 5s 1943
N Y & Long Branch gen 4s
1941
65 h
53
45 m
IVIN
4 Ms series B
♦N Y L E & W Coal &
38
46
A
& ref 4Hs A.
O
1977 A
58 m
40 m
1973
Greenwood Lake 5s.
2
50
1965
1966
D.—
3Ms ser E
N Y & Erie—See Erie RR
N Y Gas El Lt H & Pow g 5s.
1st Hen & ref
mmtrn m
65
98 h
43 h
1947
N Y Edison 3 Ms ser
138
66 m
Jan.
Bid
Penn-DIxle Cement 1st 6s A... 1941 M S
D
Penn Glass Sand 1st M 4Hs.. 1960 J
94 m
64
Price
""■•a.
Low
High
67
S
1951
gold 4s
ftft
G
1953
5s series B
ft.
A
1946
Ms extended to—1947
Connect 1st gu 4Ms A
1953
Conv 5% notes.
•ft'ftft
M
1st mtge 3
N Y Dock 1st
60
58
F
4s collateral trust
N Y
85
F
Low
19
83
*70
mm.
1
Jan.
No.
High
81m
J
Bonds Sold
Asked
Week Ended Oct. 14
Range
Friday's
&
Asked
Sale
EXCHANGE
N. Y. STOCK
Since
1938
Range or
Last
BONDS
Range
15,
Week's
Friday
Friday
BONDS
STOCK EXCHANGE
Week Ended Oct. 14
N. Y.
Ref
Oct.
New York Bond Record—Continued-Page 5
2364
57
11M
9M
♦Certificates of deposit
♦Con M 4Ms series A
...1978 MS
♦Ctfs of deposit stamped
12
18M
4
50
69
12H
84
8H
15
10
35
7
13M
8M
15M
7
13H
12M
"io"
11M
9M
10 %
10M
11M
9M
1950
14
9H
55%
54 M
10
6
12
14
179
7H
10
71
6M
29
38
67 M
5
20
38
11T4
♦2d 4s inc bond ctfs.—Nov 1989 J
J
33 M
33 M
55M
33 M
{♦1st terminal & unifying 53.1952 J
J
21 M
21 M
22 M
35
13
27 M
1990 J
J
15
14M
15M
75
9
18H
{ St L SW 1st 4s bond ctfs
♦Gen & ref g 5s series A
For footnotes see page
2365.
1989
MN
Volume
New York Bond
147
Friday
N. Y. 8TOGK EXCHANGE
Week Ended Oct.
Range or
Sale
14
Price
con g 4a_.l968 J
{♦8t Paul E GrTrk lat 4 He.-.1947 J
{♦St Paul A K C 8h L gu 4 %s. 1941 F
4
tPacific ext gu 4s (large)
St Paul Un Dep 5
eguar
1940 J
J
„_1972 J
s
116%
110
108
104
*12%
*14%
108%
27%
J
O
A
O
Scioto V & N E 1st gu 4a
1989 M N
If ♦Seaboard Air Line 1st g 4s.. 1950 A O
{♦Gold 4s stamped
1950 A O
Oct 1949 F
O
...
♦Certificates of deposit
♦1st &
cons
27
19
15
16%
*2%
~~6H
8%
8%
20
"§%
{♦Siemens 4 Halske
♦Debenture
s
1951 M
1952 J
1935 J
f 7s
s
S
D
♦Silesia Elec Corp 6 %s
Slleslan-Am Corp coll tr 7s
Simmons Co deb 4s
...
1946 F
76 H
1950
Soutb 4 North Ala RR
gu 58--- 1963
South Bell Tel A Tel
1962
3%s
10%
9%
5%
117
2%
5%
4
41
2H
4%
47
13
22
96% 104%
48
81
24
70%
.
61%
2
76%
98
105%
QQ
103
105%
78
47
103%
106%
39
*108%
'l05%
1961 IVI S
1965 F A
1947 J
J
1946 J
107
"~9
105%
106%
107
109%
99%
109%
21
100
26
93%
"99%
94
4
8
100
100
2
55
54%
56%
56
60
59%
52%
60%
114
83
247
181'
58
52%
52
52
Gold 4%s_
1981 M N
52
52
55%
54%
54%
10-year secured 3%s
1946 J
J
65%
65
66%
San Fran Term 1st 4s
1950 A
O
1969 IVI N
1955 J
1994 J
77%
24
79%
99
90%
104
103% 108
120%
101% 105%
105%" 108%
106%, 109%
87% 100
83
Southern Natural Gas—
1st mtge pipe line 4Ma
1951 A O
8o Pac coll 4s (Cent Pac coll).. 1949 J D
1st 4%s (Oregon Lines) A... 1977 M S
82
20%
64
110
105
D
Southern Ry 1st cons g 5s
Devel 4 gen 4s series A
5%
4
75%
103%
So Pac RR 1st ref guar 4s
1st 4s stamped
8
19
*20
A
99
1968 M
8%
4
60
*80"
1951
Gold 4%a
Gold 4^a
4
846
8%
*54
1941
Southern Calif Gas 4 Ha
1st mtge 4 ref 4s
Southern Colo Power 6a A
Southern Kraft Corp 4#s
9%
17%
4%
2%
3
J
1952
Skelly Oil deb 4s
Socony-Vacuum Oil 3 %b
9
"40
5%
20
11%
104%
104
1951 M S
f 6 Ha
6%
■v.
*60
94%
91
100%
35%
150
49%
54
399
23%
54
49%
♦5s assented.
1946
Western Union g 4%s....... 1950
25- year gold 5s
.1951
30-year 5s
1960
♦Westphalia Un
West Shore 1st 4s guar
Wheeling A L E Ry 4s
"45% "83"
1956 A
65%
65%
69%
134
26
Devel 4 gen 6%s
1956 A
69%
70
69
72%
136
28
Mem Dlv 1st g 5a.
St Louis Dlv 1st g 4s.
64
106% 110
106%
101% 106%
83
84%
87%
103%
23
S
94
tl*
19
26
20
25
70%
73%
23
74%
72%
■
73%
30
39
48%
47%
23%
77%
77
"26
S
.1949 M S
*102%
107%
108%
A
91
.1940 M N
J
J
94%
91% 100%
4
7%
96% 101%
7
101%
94%
71
94%
105% 109%
94%
*101
10%
"n
*8%
"10%
♦Certificates of deposit..
{♦Sup A Dul dlv A term 1st 4s '36 IVI N
♦Certificates of deposit..
Wisconsin Publ'o Service 4s.. .1961 J D
{♦Wor A Conn East 1st 4 %s.. .1943 J
J
10
6
8
7
9%
14%
4%
5%
8%
6%
104
107%
*
15%
6%
6%
*4%
106%
107
105%
110%
79%
100%
6%
101%
J
63
100
91
100
101%
94%
O
75%
105
108%
90
100%
7'
D
60
68%
25
47
45
"59"
18
J
.1949 J
108%
24
*22
J
.1960 J
98%
5
72%
73%
.1947 A
93
68%
,73%
32
24
69%
J
gu 5s. .1942 J
123
98% 104%
120%
....
5
88
107%
96
6%
Youngstown Sheet A Tube—
65
35
110
103%
23%
22%
73
Wilson A Co 1st M 4s series A. .1955 J
72%
1951 J
116
84
D
F
108%
121%
87
J
Wheeling Steel 4%s series A.. .1966
Conv deb 3%s
Winston-Salem SB 1st 4s
{♦Wis Cent 50-yr 1st gen 4s
102% 105%
120
70%
D_. .1966 M
ser
107% 110
103
121%
104%
103%
23%
s
.2361 J
104
109%
119%
IVI N
.2361 J
Registered
81%
48
"
*105
s
IVI
72%
28
122
*109%
J
El Power 6s.. .1953 J
85%
105%
■
.104
104%
120
S
IVI
11
71
82
91
121%
D
.1946 IVI
55%
63%
81
102%
D
O
ser A
11
50
*108
102%
13
108
100
36%
105%
105%
O
{♦Western Pac 1st 5s
13
6%
68%
*
J
.1952 A
7
1
69%
34
J
Western Maryland 1st 4a
119
"82%
*20
D
63
80
36
A
1st A ref 5 %s series A
.1977 J
West N Y A Pa gen gold 4s_._ .1943 A
\3H
108
80%
80%
A
E.. .1963 IVI
14%
6%
11
69
Q IVI
I...... .1966 J
30
78
s
F
11
42"
6%
■41
*77
"82%
A
West Va Pulp A Paper 4
%s... .1952 J
30%
93
69
S
F
30
16
11%
11%
11%
107
108
O
IVI
15%
""42*
35
10
O
.1967 J
ser
{ {♦ Wllkes-Barre A East
"78%
1956 A
Gen mtge 3 %s
West Penn Power 1st 5s
1st mtge 3%s series
"23%
11
81
White Sew Mach deb 6s
52
D
.1939 M
9
High
27%
,
1st 40-year guar
4s..
.1945 F
Wash Water Powers f
5s.._r... .1939 J
Westchester Ltg 5s stpd gtd... .1950 J
76
72%
1955 J
85
Lew
"38" "48"
11
11%
.1941
Warren RR 1st
refgug3%s... 2000
Washington Cent 1st gold 4s... .1948
Wash Term 1st gu
.1945
3%s
63%
63%
71
67%
16%
25
*26"
11%
11%
Certificates of deposit
{♦Warren Bros Co deb 6s
69%
83%
104%
32
*__,
S
.1955 A
41
71
-82
6s debentures
Warner Bros Pict deb 6s
31%
43%
99% 105%
15
o
1941 M
RR 1st consol 4s
77
r
J
1941
Walker (Hiram) GAW deb
4%s; .1945
Walworth Co 1st M 4s
1955
109% 116%
114
20
3%
3%
104%
3
31
24
3%
6%
6%
—
8hell Union Oil deb 3%s
Shinyetsu El Pow 1st 6%s
8
116%
17%
1945 MS
♦Certificates of deposit...
{♦Alt 4 Blrm 1st gu 4s
1933 M S
{♦Seaboard All Fla 6s A ctfs
1935 F A
♦Series B certificates
1935 F A
6
40
24%
...
27
116%
"Ie%
.....
6s aeries A
30
No.
*30"
ref A gen 5%s A. 1975
♦Ref A gen 5s series B
1976
♦Ref A gen 4 %s series C
1978
♦Ref & gen 5s series D
.1980
23
24
High
104%
46%
Jan. 1
44%
{♦Wabasb.Ry
20
12
46%
24%
J
1939
...
Since
Asked
J
1941
Ranae
A
104%
43%
104 %
A
1954
_
g 4s
♦Omaha Dlv 1st g 3 %s
♦Toledo & Chic Dlv g 4s
112%
15
17
26
1939
♦1st lien g term 4a
♦Det AChlcExt 1st 5s
♦Des Molnea Dlv 1st
111%
34
*25
A
1959 A
I ♦Refunding 4a
81%
109% Il3i«i
or
Friday's
Bid
Low
45
109%
J
♦Stamped
60%
IIDjj
Range
Sale
Price
Virginian Ry 3%s series A..*.. 1966 IVI 8
{{♦Wabash RR 1st gold 5s
1939 IVI N
♦2d gold 5s
F
102%
109% 118%
108%
1946 A
♦Adjustment 5s
*52%
*111
9%
11
98
116
Week's
Last
fea
fe
c
►"I ft.
Week Ended Oct. 14
98
6
98
Friday
High
S
1946 J
f 6 Ha series B
Low
J
Santa Fe Pres & Pben 1st 5s... 1942 M
2365
BONDS
Y. STOCK EXCHANGE
N.
1
7H
8%
98
8
♦Stamped
No.
14%
8%
98
A 4 Ar Pass 1st gu g 4a
J
1943
fSan Antonio Pub Serv lat 6s._ 1952
J
San Diego Consol G & E 4s
1965 IVI N
♦Guar
Since
Jan.
High
*7
8H
J
{♦Schulco Co guar 6 %s
^2
88
J
St Paul Minn A Man—
Range
Asked
D
A
6
13
Friday'a
Bid
Low
St Paul A Dulutb lat
Record—Concluded—Page
Week's
Last
BONDS
67
Devel 4 gen 6s.
......
1996 J
*65
"67"
So'western Bell Tel 3 Ha ser B.. 1964 J
3s
1968 J
So'western Gas 4 Elec 4s
ser
75
67
"~4
20
102%
102%
D. 1960 M N
106%
106%
110%
102%
106%
J
18%
18%
19%
13
♦{Spokane Internat 1st g 5s... 1955 J
Staley (A E) Mfg 1st M 4s.... 1946
A
Standard Oil N J deb 3a.
124
9
104%
110%
99% 102%
101
106%
9
19%
101
D
"W3H
105
103%
104%
"33
100
J
101%
101%
101%
244
98
1943
D
104%
101%
102,
1961
♦Studebaker Corp conv deb 6s. 1945
J
Swift 4 Co 1st M 3%s
1950 IVI N
Cop 4 Chem deb 6s B... 1944
Tennessee Corp deb 6s aer C... 1944
Term Assn of St L 1st g
cons
4 Ha... 1939
gold 5s
...
Gen refund sfg4s
80
106%
107%
J
A
D
"95%
97
113
2
103% 106%
109% 114
113
J
102%
102%
*87%
90%
106%
106%
106%
A
J
Texas 4 Pac 1st gold 5a
2000
D
*113%
Gen 4 ref 6a series B
1977
O
85%
...
1960 J
{♦Third Ave RR 1st
g
5s
Tide Water Asso Oil 3 Ha
Tokyo Elec Light Co Ltd—
A
1937 J
*
39
18
70
11
69
85%
34
71%
100
♦85%
105%
53%
by maturity,
the dollar quotation per
200-pound
exchange rate of $4.8484 j{ ".gi g*
*.1942 M
D
87%
O
Trl-Cont Corp 5s conv deb A-.1953 J-
*95
S
J
•
105%
"47
55%
87%
94
5
*106
25
25
Bonds selling flat.
40%
in
s
f 7s
1945
70%
108%
1962
{{♦Union Elev Ry (Chic) 6s...1945
3 Ha
debentures
1952
108%
80
Saturday
\ 1,113,130
$4,304,000
1,663.960
5,948,000
1 ,.534,000
-
6,069,000
97
Friday........
1,954,400
116
-
16
'■70
29
1st lien 4 ref 5s.......June 2008 M
S
114
114
,114%
10
O
93
94%
O
United Cigar-Whelan Sta 5s... 1952 A
O
77
IVI
s
75%
United Drug Co (Del) 5s
U N J RR 4 Canal gen 4a
1953
1944
108
93
7,365,000
,
9,044,000
296,000
7,611,000
$4,339,000
$1,427,000
$35,969,000
14
Jan.
104% 113%
107% 114%
193?
1938
Exchange
Stocks—No. of shares.
14
,
1937
1938-
9,023,665
218.628,508
317,087,393
82,005,000
8,627,010
8113,009,000
8318,578,000
.
Bonds
107%
109% 116
I to Oct.
New York Slock
9%
119
97
7,121,000
211:000
1,215,000
1,051,000
Week Ended Oct.
Sales at
110%
§1,427,000
Government
93%
94%
96
State and foreign.. v i
93%
28
82
95%
Railroad and industrial
107%
108%
3
103
108%
74%
75
*108%
25
{{♦United Rys St L 1st g 4s...1934
Fdy conv deb 3%S-1946
1948
♦Un Steel Works Corp 6%s A..1951
♦Sec s f 6 Ha series C
..1951
17
.506,000
HOLIDAY
80
59%
7
107%
790,000
$30,203,000
4
108
Sales
$130,000
284,000
$4,828,000
889,000
6,264,000
8,627,010
$394,000
96
105
108%
111%
1971 M N
Bond
7,618,000
3
111
1970 A
Total
States
Bonds
2,361,420
14
105%.
1950 A
United
For'n Bonds
Thursday
72
111
35-year 3%s debenture
Slate,
Municipal dc
Bonds
.
110
109
106%
Exchange,
Miscell.
Number of
Shares
1938
Monday..-;.-Tuesday.
Wednesday
70%
:•
Stock
84% 102
108%
117%
York
Railroad <ft
Stocks,
Ended
Oct, 14
18
S
34-year 3 Ha deb
New
20
Union Pac RR 1st 4 Id gr 4s....1947
1st lien 4 ref 4a
..June 2008 M
United Biscuit of Am deb 5s
the
at
103
117
week and not Included
Daily, Weekly and Yearly
103%
117% 120
*8'
Union Oil of Calif 6s series A... 1942
current
the yearly range:
Total
UJigawa Elec Power
Union Electric (Mo) 3%s
No sales transacted during current week.
No sales.
63%
~95
*23
.
\
.
Deferred delivery sales transacted during the
t
105%
"97"
25
f.
90
r
98
50
lii"
'
.
19£5, Nov. 7 at 105.
Friday's bid and asked price.
♦
9
71
Is
payable at
,Sr;
{ Companies reported as being In bankruptcy, receivership, or reorganized under
40
3%
*120%
'
♦Tyrol Hydro-Elec Pow 7%S--1955 IVI N
♦Guar sec s f 7s
.1952 F A
.
Section 77 of the Bankruptcy Act, or securities assumed by such
companies.
Transactions
24%
62%
D
interest
87
S
1949 IVI
t The price represented
Accrued
^ The following Is a list of the New York Stock Exchange bond issues which have
been called in their entirety:
San Antonio Pub. Serv. 6s 1952, Jan. 1, 1939 at 110.
Week
50%
bonds.
88%
50
87%
105
unit, of
104
28
7%
103
No sales.
88%
90
40'
103
Cash sale; only transaction during current week,
a Deferred delivery sale; only
transaction during current week,
n Odd lot sale,
not Included In year's range,
x Ex-Interest.
{Negotiability Impaired
90
104% 116%
86
102
r
108%
70
114 '
7%
J
J
Toronto Ham 4 Buff 1st g 4s. .1946 J
Trenton G 4 El 1st g 5s
97
7%
D
Tol 4 Ohio Cent ref A imp 3%s 1960 J
To! St Louis 4 West lat 4s
1950 A
Tol W V 4 Ohio 4s aer C
84%
100
1952 J
99
103% 107%
81%
81%
86%
85%
.1953 J
1st 6s dollar series
156
"77
95
85%
J
O
103
103
range,
"70% *97"
1
IVI N
.1961
Virginia Elec. A Power 4s
95
113"
Gen 4 ref 5s series C
O
1979
D
Gen 4 ref 5s series D
.1980
Tex Pac Mo Pac Ter 5%s A... .1964 M S
103
97
1943
Jan I960
95
104
D
♦AdJ Income 5s
105% 108
119% 125
A
1944
1953
Third Ave Ry 1st ref 4s..
33
107%
85
46%
104
O
1951
...
"41
s
Texarkana 4 Ft 8 gu 5Ha A... 1950
Texas Corp deb 3 Ha
Tex4 N O con gold 5s
83
95
*103
IVI
106
*120%v
s
1947 J
Tenn Elec Pow 1st 6s ser A
"82%
IVI
Tenn Coal Iron 4 RR gen 5s... 1951 J
TenD
*103%
C
ser
Cash sales transacted during the current week and
not Included in the yearly
e
106%
1953
2%s
Staten Island Ry 1st 4%s
1st
:
66
109%
1st mtge sf 4s
77
39
76%
33
109%
25
U 8 Pipe 4
122
118%
123%
U S Steel Corp 3Ha debs
104
103%
104
41%
*41%
"42%
44
83%
69%
60
107
"~5
19%
77%
81%
109%
Total
107
......
123%
101
104
7
7,106,000
189,704,000
279.619.000
31,394,000
1,085,895,000
1,685,110,000
835.969.000
$40,505,000
81,388,608,000
$2,283,307,000
27
25
245
....
4,339,000
30,203,000
-
27%
Stock and Bond
41
Averages
42%
27%
♦Sink fund deb 6%s ser A—1947
42
42
27%
92
91%
92%
13
88%
94
Utah Lt 4 Trac 1st 4 ref 5a
1944
90%
90%
90%
16
73
92%
Utah Power 4 Light 1st 5a
1944
1947
92%
92%
93%
53
78%
94%
51%
49%
51%
30
45
52
48%
52
40
45
27
77
the
daily closing
averages
of representative
55
95%
are
55%
1959
Below
42
United Stockyards 4%s w W--1951
99%
{♦Util Pow 4 Light 5 Ha
{♦Debenture 5a
42
stocks and bonds listed
as
on
the New York Stock Exchange
compiled by Dow, Jones & Co.:
Bonds
Stocka
A
O
1955 F
A
*105
1957 M N
*102
Vanadium Corp of Am conv 5a_1941
Vandalla
cons g
4s series A
Cons 8 f 4s series B
J
{♦Vera Cruz 4 P 1st gu 4 Ha...1934
J
{♦July coupon off
Va Iron Coal 4 Coke 1st g 5s...1949 IVI
Va 4 Southwest 1st gu 6s—...2003 J
1st
cons
5s
1958 A
94%
108
10
104% 105%
104
10
30
Date
20
15
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trial*
104
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
J
1
J
*1
S
*30
38
J
*75
78%
75
75
Oct.
14.
151.45
31.13
23.50
O
*63
69%
39
63
Oct.
13.
152.46
31.50
22.57
%
35
2%
Total
46
50.18
106.73
93.54
53.05
105.58
89.72
50.32
106.76
93.75
53.69
105.5$
89.94
HOLI DAY
Oct.
12.
Oct.
11.
149.41
30.44
21.80
49.10
106.65
93.21
52.98
105.43
89.56
Oct.
10.
149.55
30.53
21.70
49.14
106.76
93.74
53.48
105.51
89.87
Oct.
8.
149.75
30.91
21.12
49.17
106.71
93.51
53.26
105.18
89.73
Oct.
Exchange—Weekly and Yearly Record
New York Curb
2366
NOTICE—Cash and deferred delivery sales are disregarded
weekly range are shown In a footnote In the week
of the regular
15, 1938
In the week's range unless they are the only transactions of the week, and when selling outside
In which they occur. No account Is taken of such sales in computing the range for the year.
transactions on the New York Curb Exchange for the
last (Oct. 8, 1938) and ending the present Friday (Oct. 14,1938). It is compiled entirely
Curb Exchange itself, and is intended to include every security, whether stock or bond, in
dealings occurred during the week covered;
,
extensive list we furnish a complete record of the
In the following
week beginning on Saturday
from the daily reports of the
which any
Week's Range
Last
Sale
STOCKS
Par
Aero Supply
3%
35%
Class
27%
35
1%
Warrants
6%
Mar
1
600
300
11%
Blauner's
10%
Aug
10%
Sept
1%
Jan
2
Blue
Sept
%
33%
Apr
Oct
Borne Scrymser
70
66%
70
110
70
Oct
—*
Alles & Fisher Inc com...*
Alliance Invest com
*
Allied Internet Invest com*
S3 conv pref
—*
60
64
110
60%
44%
Mar
64
Mar
■64
Oct
9
9
100
preferred
$6
2
%
Feb
Jan
11
Aug
18%
Aug
May
12%
112
105% 108
15
15
Mar
117
Aug
93
Apr
108
Oct
3
135%
127"
136"
108
107
108
14%
"2^866
136
Feb
108
94%
200
Feb
Mar
8
Mar
%
Mar
44
Class A
Jan
1%
10%
700
500
1%
Amer Foreign Pow warr
Aug
3%
Mar
23%
17%
25
17%
15%
18%
Brown Rubber Co
Bruce (E L) Co com
29
July
1%
July
15%
Mar
3%
27%
27%
2
Feb
$5
31%
Oct
Apr
114%
Sept
Bunker Hill A
Burma Corp
Mar
2%
5%
July
Apr
28%
July
Burry
30%
Aug
14%
July
8
Mar
21 V
June
25
Aug
14%
Mar
20
Cables A
Aug
Am
,
Jan
Carnation Co common.—*
22%
Jan
5,lp0
Jan
70
Sept
Mar
,.M
11,400
%
55%
8%
June
Sept
1%
Jan
Mar
400
Mar
1%
76
Mar
19%
July
2%
500
3
Aug
Jan
Carter (J
700
7%
Apr
16%
Feb
Casco Products
Apr
Oct
104%
July
20
104
%
3
3%
3
3%
5%
10
3
3
5%
6
90
*n
700
1,600
'11,400
400
4
2%
2%
Mar
Jan
7%
May
"7% '""7% ""7.%" ""166
1
4%
•
4
4%
2,100
Mar
78
Aug
$7 dlv preferred..
5
Mar
9
July
1st preferred
3%
4%
Mar
Aug
Mar
11%
Jan
1
1
Class A
»16
%
*
preferred
Option warrants
$5
7.
32
H16
1
8%
*32
%
800
10,400
3%
*«i
%
Laundries of Amer.*
.%
*
Common v to.
July
Mar
%
Mar
'l«
Sept
2
07
Mar
89
...
pref 100
Atlantic Coast Fisheries.-*
.....
Atlas Corp warrants..
2%
3
3
Atlantic Coast Line Co..50
3%
24
24%
90
1%
4,400
»ie
1618
"u
500
10
Silver
Mar
30
1%
18%
22%
3,300
0%
Mar
22%
Oct
%
%
2,900
%
Mar
%
Jan
%
0%
Mar
2%
9%
Jan
July
4
Mar
8%
8
.....
6
8%"
900
6%
7%
14%
300
200
14%
25
14%
13
Mar
Axton-Flsher
1
"1%
1%
10,100
2
Mar
-
Chic Rivet A Mach
Babcock A Wilcox Co
*
35%
34
35
-36%
29%
34%
510
7,300
13%
Aug
Purch warrants for
com.
30
18
9,100
5
2%
8%
Bailum Stainless Steel
1%
5%
July
Clark
July
34%
Oct
Basic Dolomite Inc com..I
Bath Iron Works Corp
(L) A Co
900
11%
Apr
18%
July
8%
400
4%
Mar
9%
Jan
Claude Neon Lights
June
1%
Jan
Jan
Cleveland
Jan
Cleveland Tractor
1
.
—
June
5
June
6%
5%
6%
400
7
6%
7%
4,200
12
1
com
2
14%
5%
100
2%
5%
165
500
14%
3,300
5%
900
166%
13%
40
Mar
Jan
Purchase warrants
com
July
%
%
2,000
7i«
Oct
1%
Jan
80
30
05%
23%
8,300
6%
200
4%
18
300
6%
4
2,100
3%
Apr
4
Jan
85
Mar
Jan
80
Sept
32
May
Mar
Jan
7%
Aug
23%
Aug
Apr
50
500
j 3
Jan
25
Apr
1%
4
June
Mar
Oct
83%
Sept
4%
Feb
Feb
75
14
Mar
23%
59%
40
48
Sept
69
Jan
12%
12%
500
Mar
14
May
81
89
7%
20
10%
68%
May
84
Feb
60
75%
Apr
92
June
500
,4%
June
June
88%
78
25
64
Mar
8%
83
2
3,800
1
Mar
2%
1%
Jan
JaD
Sept
%
Jan
Mar
7%
13%
13%
150
6
Mar
17
May
July
100
7
Oct
10
7
7%
"5%
5%
5%
4%
4%
1,000
7%
7%
%
25
4%
200
Apr
3
Mar
7%
Feb
3%
Mar
4%
Aug
8%
Jan
7%.
Jan
June
5
5
Mar
12%
Jan
97
Mar
114%
Oct
650
40
Jan
29%
July
9
100
9%
"it
July
9
46%
Mar
June
Jan
7i#
2,700
%
125
20%
Mar
63
July
3,500
5%
Sept
11
May
21%
Mar
47%
May
47
7%
38
37
5%
8%
%
8
21
450
114%
71
46%
June
74
114
114
1,100
30
500
10
,
2
Mar
5
May
20
Mar
40
May
29
3%
2%
30
Feb
72
67
Feb
"45% "45%
"17%
20
Feb
8
8%
1,900
4
Mar
8%
Aug
4
8%
"""25
4
2%
Mar
4%
June
17%
1%
15%
1%
100
400
700
13
Sept
1
Jan
Feb
20
Jan
2%
Jan
Mar
4
Mar
Feb
39
Aug
35
300
30%
6
300
3%
Mar
0%
Feb
2%
2%
100
1%
June
2
800
1
Mar
3%
2%
Aug
7
Mar
12%
Aug
35
2
Colon Developmen ford
2%
Jan
""2% "2%
i~3o6
1%
June
3%
4%
7%
200
3%
Mar
__4%
Aug
3,000
3%
Mar
7%
June
"*7%
4%
6%
Oct
Colt's Patent Fire Arms.25
58%
56%
58%
Jan
7%
Oct
21%
July
67
67
Jan
Columbia Gas A Elec—
Aug
Conv 5%
preferred..100
Oct
167
Mar
16
260'
82%
75
6% conv pref
£1
Colorado Fuel A Iron warr_
Columbia OH A Gas
50
113%
Feb
Mar
18
Aug
100
14%
Mar
29%
Aug
1,200
%
May
1%
Jan
%
Jan
Mar
11%
Sept
Community P A L $6 pref *
Community Pub Service 25
Mar
37
Oct
3%
3%
3
Community Water Serv-.l
50
4,500
Mar
61
47%
June
67
2%
Sept
13%
67
400
July
45
Commonw Dlstrlbut
«i« May
_
Feb
Oct
4%
16
Jan
Aug
Commonwealth A Southern
29
%
%
500
*
11%
11%
*
37
37
For footnotes see page
24%
Columbia Pictures Corp.
-%
pref
Mar
4
3
*
5%
Berkey A Gay Furniture. 1
conv
Alum Utensil Co
6%
2%
Apr
16
Aug
5%
63%
16
July
Feb
2
Apr
Cockshutt Plow Co com..*
Mar
1%
Jan
%
Jan
Jan
4,100
1,275
*
Club
Mar
July
%
com..
118
117
28%
pref
147
Ilium
July
July
1%
8%
2%
July
Elec
July
12
Jan
1%
10%
5%
Cllnchfleld Coal Corp.. 100
4%
Mar
1
6%
_
4%
3%
Sept
Apr
2%
9%
May
com..
2%
10
Sept
Sept
%
""906
Jan
%
Inc.-l
May
July
3
*
$2.50
4%
51
Bell Tel of Pa 0% % pf.100
Benson A Hedges com
*
Bickfords Inc
Mar
10
20
Corp
Bell Tel of Canada
Conv
7
100
com..
$1.50 conv pref
Bellanca Aircraft
1
200
4%
Beech Aircraft Corp
Bell Aircraft
2,200
Aug
1,000
Clayton A Lambert Mfg.
com
7% 1st pref
1
Controller Co
18%
1%
29
4%
11
5
,
8%
9%
Mar
17%
Cities Serv P A L $7
Mar
36%
1%
Oct
19
.
100
78
1%
*
*
pref.*
$6 preferred
.....*
City Auto Stamping
*
City A Suburban Homes. 10
Mar
9%
1
Barlow A Seellg Mfg A.¬
Beaunlt Mills Inc
...
17%
Bardstown Distill Inc...
Baumann
Preferred B.
%
preferred
Baldwin Rubber Co com.l
21
22%
80%
"89* "
37
Preferred:
July
Baldwin Locomotive—
7%
preferred
100
Cities Service common—10
Jan
2%
June
19
Jan
22
Oct
22%
1
Chllds Co
Preferred BB__
10
12%
4
Chief Consol Mining
Jan
Tobacco-
common
5
""466
4
Strip
Jan
2%
May
1%
Apr
Apr
Charls Corp
17%
Oct
1%
Warrants
Aviation A Trans Corp
Conv pref opt ser
21
Mar
%
%
5
10
Cherry-Burrell com..
5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Jan
%
1%
July
Jan
56
1
preferred
July
22 %
1%
July
Mar
•i«
Chamberlln Metal Weather
1
1%
1%
20%
preflOO
'29.100
Centrifugal Pipe.:.
*
—*
ProductsT
5
Automatic Voting Mach—*
Avery (B F)i
5
0% preferred w w
25
0% pref xw
25
4
1
Steel Prod
Jan
5%
Mar
Sept
Jan
Jan
"I"
7%
—100
7% preferred...
100
Conv pref erred——100
6%
Mar
Corp
Automatic
preflOO
100
Sept
Sept
Mines
Atlas Plywood
82%
15
*
*
Cent States Elec com
Jan
July
3%
3%
17
Cent A South West UtU 50c
»1«
18%
Aug
22%
3%
Cent Pow A Lt 7%
10
Oct
Mar
200
150
"1%
18
Jan
Jan
Mar
5%
Jan
2
Assoc Tel A Tel class A.
Atlanta Gas Lt0%
Mar
10
60
1%
Apr
8,400
2,300
2,000
Jan
22%
104
80
23
1
Aug
Apr
Apr
%
"in "iy<
"3"
4
Cent N Y Pow 5% pref.
Cent Ohio
Elec—
Common
Aug
July
15
Cent Hud G A E com....*
Cent Maine Pw 7%
8%
£1
18%
88
■
Celluloid Corp common.
59
5
5%
15
39
200
29
"T
7% 1st partic pref..-100
.
May
Oct
3,100
Celanese Corp of America
4%
Apr
Jan
Jan
3%
May
7
1
Catalln Corp of Amer
Jan
Elec Industries
Assoc Gas A
Castle (A M) com
Feb
4%
Mar
4%
2%
1%
1%
*
10
7ie
Mar
40
1%
W)Co common. 1
3%
Arkansas P A L S7 pref—
Amer deposit rets
Carrier Corp new conv
July
May
.Oct
28
"2% "T" ""206
29
*
1
$6 preferred
Feb
4
17%
16%
%
19%
Carnegie Metals com
1
Carolina P A L $7 pref.—*
23
Mar
1%
18
Jan
Apr
Apr
Oct
July
8
22
6
Calamba Sugar
Oct
33
Jan
Mar
21
7%
11%
18%
26
Sept
25
shs.£l
Mar
Mar
June
Jan
%
200
.
•l.
3
10
22
Apr
26%
»
Wireless Ltd—
dep 5%% pref
12% V 14%
com—.*
Common class A
*
Ashland Oil A Ref Co
7~2%
Biscuit Corp—12%c
600
%
May
4%
Cable Elec Prods v t c—
Oct
103
Jan
Aug
30
Apr
2%
17%
Sullivan 2.50
Mar
104
*102
Aug
%
9
Mar
300
22%
20%
22
Am dep rets..
23
3%
Arkansas Nat Gas
Art Metal Works com
5%
J4%
100
25
5%
104
*
'.st preferred—
Mar
19%
104
14
25
5%
Aug
3
Mar
Apr
11,500
14
15%
3
Jan
6
500
25
66
Wupperman—1
Apex Elec Mfg Co com—*
Appalachian El Pow pref.*
fArcturus Radio Tube.—1
Jan
:4%
27%
15
100
3%
28%
2%
28
28%
com...1
5
Buckeye Pipe Line
50
Buff Nlag A East Pr pref25
July
12%
350
6%
6%
11%
"i% '""l""% "V" "i'.soo
2%
Apr
14
29%
28
29%
Wire com. 1
47%
lli«
Oct
Mar
July
27%
5%
Mar
%
%
15%
Jan
5
%
Jan
10%
88
Sept
Apr
1,700
Sept
May
June
May
23%
100
21%
21%
Mar
8%
"i",i"6o
Jan
27%
£1
"21%
5
23
%
27%
150
•
50
26%
July
" June
%
4%
6%
28%
30
18%
9%
18%
200
25%
20%
Oct
Apr
Mar
54
27
1%
July
7%
Apr
2
"7~300
18
7
"166
1%
9%
5%
%
67%
26
1,100
11,900
1,100
Mar
70
Estate.-20
Camden Fire Ins Assoc.-.5
Canadian Car A Fdy pfd 25
Canadian Indus Alcohol A*
B nonvoting.
*
Canadian Marconi
1
Capital City Products
.-*
Carlb Syndicate
25c
Carman A Co class A
*
Class B.—*
26
Angostura
Preferred—
"""450
'17%
*
Anchor Post Fence
T3%
23%
1,7%
I'ioo
'""% """"%
rets ord bearer£l
25
"l2%
"0% "0%
"1%
Jan
10%
Mar
13%
Mar
Sept
14
3
8.300
Class A pref
July
Mar
50
6%
25
Jan
30%
%
900
7%
800
6%
-*
Brown Forman Distillery. 1
$6 preferred
*
Apr
8%
25
4%
0
4%
reg-.lOs
Co 0% pref
100
I Brown
300
25
Co—50
Amer Invest of III com—*
Amer Laundry Mach
-20
Amer Lt A Trac com
25
0% preferred
26
Amer Mfg Co common 100
Preferred
,——.—100
Amer Maracalbo Co.——1
Amer Meter Co
--*
Amer Potash A Chemical,*
American Republics
10
Amer 8eal~Kap com
2
Am Superpower Corp com *
1st $6 preferred
—*
S6 series preferred-—--*
American Thread pref
6
Class A
70%
500
5%
Amer Hard Rubber
Associated
Apr
1%
682
4
Jan
2%
1,000
12%
4
Feb
July
1%
""406
""3%
dep rcte ord
Sept
1%
25
34,100
1%
17
Jan
Amer Tobacco—
Am dep
Am
4,000
35%
Sept
Mar
July
Amer dep rets reg
700
28
5
Apr
%
300
1%
British Celanese Ltd—
29
111% 113%
5%
5%
Aug
27%
Apr
"{MOO
35
13
Mar
July
2%
113%
Mar
22%
24%
10
12
July
June
Mar
600
1%
Jan
17%
21
Mar
29
12
2%
Mar
21%
Aug
"25% "27%
......
com—_*
Amer Gas A Elec com——*
$6 preferred
—*
American General Corp 10c
S2 preferred
—-1
S2.50 preferred
—1
July
Mar
Apr
4%
%
27
Amer Fork <fc Hoe
12%
Apr
Mar
27%
2%
July
July
42
Apr
18
July
Brown Fence &
29
—————25
29
Class A with warrants.25
2%
Class B—
1
Amer Cyanamld cL*ss A. 10
Class B n-v
10 "26%
Mar
1
1%
June
10%
25
120
--*
12%
A Lt—
Class A
;
2
17
11%
11%
Oll coupon..*
64
60
1%
%
4%
34
19%
AmVr
Registered
British
Oct
11
2,800
———*
Mar
%
10%
S3 preferred
-~*
S5.60 prior pref
-*
Amer Centrifugal Corp—1
Am Cities Power
—
Mar
British
10c
10c
A common
____
4%
400
"3"
""3%
100
7% preferred—.
2
64
10
700
10%
Brllio Mfg Co common. — *
July
6%
20
64
Aug
Jan
—_'——*
Class A
Oct
15%
21%
75
Mar
7
*
*
Brill Corp class B
Oct
Mar
3,000
2%
—100
Preferred
Bright Star Elec cl B
Mar
6%
June
,
07
1,600
14%
14%
16%
Sept
14%
300
15
Mar
68
3,550
1,650
116%
114%
108
Co com.l
Common class B
Austin
July
Feb
Mar
12%
41%
1%
1%
com..*
100
2d preferred-———*
Brazilian Tr Lt & Pow—*
Breeze Corp
1
Brewster Aeronautical...1
Bridgeport Gas Light Co.*
Bridgeport Machine
*
Capital—
American
Assoc
%
10%
6
10
Class A conv com
25
Aluminum Co common..*
6% preference
100
Aluminum Goods Mfg—*
Aluminum Industries com *
Aluminium Ltd common.*
6% preferred
100
American Airlines Inc.*.10
American Beverage com—1
American Book Co
100
Class
Apr
Aug
Aug
11
10
1st preferred
7%
Jan
2%
1%
%
8%
100
i%
i%
Allied Products com
Amer Box Board
Mar
9
Mar
11%
20
1%
2
Bourjois Inc.
Bowman-Blltmore
"54% ~54%
"5.4 %
Gt Southern—50
$7 pref
,—*
Sept
10
Co——25
"225
Ala Power
Alabama
6
25
15
17
1st preferred.—100
7%
Jan
54%
1%
Co com—*
Bohack (H C)
July
400
6%
11
10
20
High
Low
40
common
$3 opt. conv pref-——*
Blumenthal (8) <fc Co
*
Jan
16%
Mar
Week
10%
19%
1%
11%
1
com....5
Iildge Corp com
1
Bliss (E W)
Bliss A Laughlln
/
6
11
com
July
37
Oct
'it
----
Jan
6%
*
Machine Co com
Sept
4%
Mar
1%
15%
15
Shares
Price
Birdsboro Steel Foundry a
Feb
19%
Mar
7%
%
700
1%
1%
15
23
300
%
for
of Prices
Low
High
Par
34
Apr
Jan
1,500
8H
8%
8
•
Corp
2%
500
36
Week's Range
Sale
High
17%' June14%
Feb 1
50
""700
8
om——1
Air Investors common—*
Conv preferred
*
Air Devices
Low
Shares
"zX ~~3%
27
20
Mfg class A
B———————*
Agfa Ansco Corp com
1
Alnsworth Mfg common—5
Air Associates Inc com—1
Acme wire v t o com
hast
(Continued)
Week
of Prices
High
Range Since Jan. 1,1938
STOCKS
Range Since Jan. 1, 1938
for
Low
Price
Sales
Friday
Sales
Friday
100
50
9%
30
July
119%
Ji«
12,500
%
Warrants
%
26
30%
23%
31
26
r -i
Feb
1
Jan
July
16
Mar
32%
825
17%
%
Sept
26
Oct
Oct
Apr
1
Jan
300
2371.
%
Aug
100
Volume
New York Curb Exchange—Continued—Page 2
147
Friday
STOCKS
Last
Week's Range
Sale
(iContinued)
Par
of Prices
High
Price
Low
Par
1
16
.-1
15%
7%
Consul Copper Mines
5
Consol G E L P Bait com *
8
6%
6%
69%
8%
73
900
39,100
1,600
'it
Consol Mln & Smelt Ltd.6
65
1
59%
4%
8% preferred....-..100
85
Consol Royalty Oil
10
Consol Steel Corp com—*
4
"~4 %
Cont G & E 7% prior pf 100
Continental Oil of Mex
1
Apr
65
Oct
Mar
5
July
July
85
"Oct
:4N
76
300
June
700
IN
2N
400
67N
Apr
Mar
Jan
Mar
8N
Conv partio pref
Aug
15
Jan
1%
5%
Mar
July
Jan
80
Jan
33
conv
4%
5%
—*
*
S3 prior preference
*
Copper Range Co
*
Copperweld Steel com.. 10
10%
8%
10%
19
7
%
10%
July
Mar
11%
Sept
Arp
54%
Mar
10%
Oct
Mar
20%
July
4N
May
8
July
June
30
Aug
IN
Mar
14
1,200
*
2%
100
2%
1%
T
"1%
Jan
May
%
4%
June
2N
Jan
2,300
7%
23%
150
18
43
43
50
28
400
36
30
89
1%
14%
15%
•«
600
Warrants
13%
Jan
Sept
12
Jan
May
1%
20 %
19%
21%
4,900
Mar
27%
*
7%
6%
7%
5,200
3%
Mar
8%
Jan
1,500
•u
Mar
*18
July
Jan
5
Jan
Sept
5
Jan
3
Jan
(Md)_5
Crown Cork Internat A._*
2%
2%
2%
'""loo
8
Sept
11%
July
Co com..25c
Preferred-————.—25
"Ik"
1%
18%
1%
18%
900
1
Mar
1%
Jan
75
14
♦
-.10
"%
%
300
Crown Cent Petrol
Crown Drug
Crystal Oil Ref com
6% preferred
Cuban Tobacco com v t c_*
16
4:5%
3%
45%
400
"8% "9%
""600
44
15%
Oct
%
July
Sept
50
l«i
May
Feb
80
30
Mar
53
•
100
6% % preferred
"s%
12%
12%
"13% "l4%
corn.*
15%
15%
35
24%
24%
Class A
—1
Dennison Mfg 7% pref. 100
Derby Oil & Ref Corp com*
A conv preferred
--*
17
25
6% pref ww
■"""so
1%
2%
500
2%
1
Products—*
2%
June
June
2%
Mar
July
Sept
Jan
9
24%
59%
60
22%
100
1%
1%
62
60
3
3
3%
Feb
5
4%
5%
7
Jan
Hartford
Hartford Rayon v t C.
Mar
64%
July
Hartman Tobacco Co
Mar
23
July
Harvard
June
110
Mar
%
Sept
2
Feb
Mar
66
Jan
Jan
4
Oct
Apr
6%
May
54
'
100
"\V%
11%
14%
17,900
2%
2%
2%
1,200
27%
27%
28%
1,000
15
14%
15%
900
Iron_25
Malleable
Jan
Feb
Helena
13%
3%
Jan
21%
Sept
Sept
52
10
Sept
31
Jan
Apr
12
July
6%
Corp
"i%
$7 preferred series
23%
*
A...*
$6 preferred series B—*
Easy Washing Mach B—*
Economy Grocery Stores.*
Edison Bros Stores
.2
Elsler Electric Corp
.1
Eastern
States
1
Hat Corp of Am cl B com. 1
Hazeltlne Corp
—
Hearn Dept Store com...6
Jan
Elec Bond & Share com..5
IN
23
3%
"i'% "1% """306
%
3%
3%
23
13
800
;
1%
10%
"l5"
1
700
16
1%
8%
800
10 %> 125,200
:
4%
2%
20%
6%
Hoe
Hollinger Consol G M—
6%
Mar
8%
May
Sept
14%
Mar
46%
17*265
%
600
6,800
33
1.6 N
Oct
Horn (A
Jan
Horn
Mar
1%
10%
Oct
5%
62
Oct
Hubbell
68
Oct
C) Co common.. 1
Hardart.'.
*
100
preferred
5,900
42
Mar
4%
4
4%
1,100
2
Mar
4%
Oct
4%
3%
4%
2,600
2
Mar
4%
Oct
Hussmann-Llgonler Co.
Jan
72
Feb
90
81
Jan
100
5
June
7%
Oct
1%
Mar
3N
July
Mar
12
50
Apr
64
Apr
Sept
2N
Mar
IN
900
25
N
%
2N
13%
400
IN
5
1,000
200
21
52%
67%
56%
62
2,100
68
36
35
2,500
15%
2%
Mar
4%
Mar
5%
July
2
2%
3,900
1%
2%
July
72%
125
1,000
$6 conv pref ww
*
pref--*
Electrog'raphlc Corp
— 1
_
.
2%
20
Mar
21
Oct
May
9
Jan
30
Jan
69
Electrol Inc
v
10
July
Hygrade Food Prod——5
6
Jan
13
Jan
Hygrade Sylvanla .Corp..*
Illinois Iowa Power Co.
*
IN
10,700
6%
2%
May
Mar
S
Jan
50
8
Sept
8%
100
5%
5%
Sept
8%
Mar
8%
Oct
18
Mar
21%
June
"300
6
Mar
11%
Sept
200
27
50
40
38
""8%
55
38%
55
Mar
13%
July
11%
Mar
.15%
16%
Aug
July
6%
Sept
7%
14%
8%
14%
300
14%
200
9
May
5%
18
Mar
June
'34%
103
104
22
Oct
Sept
4
Feb
325
21%
Jan
36
Oct
20
35
105
98%
8
24
Jan
Jan
55
May
Illinois
28
Jan
56
May
Imperial Chern Indus..£1
Imperial Oil (Can) coup..*
Registered—l*
Feb
Empire Gas A Fuel Co—
6% preferred
Emsco Derrick A Equip.
.5
Equity Corp com...
10c
Esquire-Coronet. j.
1
Eureka Pipe Line com—50
European Electric
28
42
48
55%
May
28
Jan
57%
May
32
Jan
58
May
May
22
Feb
6%
Mar
11%
Oct
'""800
uia
11%
"i«
10%
11%
4,600
"11%
10%
%
11%
.
'
Feb
50
150
17%
42
,47
48
Mar
May
Sept
»ii
Jan
13
Jan
31
Jan
1
5%
*
5
7%
Fanny Parmer CaDdy coml
21%
"5%
Fedders Mfg Co.
5
Ferro Enamel
1
"20"
1
f ire Association (PhUa).lO
4%
%
Corp
6%
Flsk Rubber Corp
1
J6 preferred..
63%
Ford Hotels Co Inc.
•h
July
5%
July
2
Mar
100
6%
Mar
10
100
16%
300
400
7
Apr
Mar
21%
Oct
4
Mar
6N
July
4%
Mar
10
Indiana Service 6% pf.100
7% preferred
.100
IndplsPA L6%% pf-100
Mar
105%
11%
July
56
Mar
72 H
July
Jan
4%
500
•
4%
6%
150
7
2%
Mar
11%
4%
Sept
%
4%
Mar
3
"i'% "i%
1,26b
6%
12
Jan
July
N
Mar
Mar
Oct
Jan
9
July
5%
July
"l"7%
"15%
3%
16
4%
9%
"l7"
17%
15%
June
2%
Jan
300
15
June
2,500
2
Mar
33%
4%
July
18
20
3%
3,000
12
Mar
18%
July
4%
11%
1,600
3
Sept
2,650
5%
Mar
14%
15%
Oct
Sept
Sept
13%
32
3%
22%
7%
1%
22%
"17%
s'eoo
17%
15%
400
800
1%
10%
12%
10%
12%
30
12%
30
Jan
13%
8%
Jan
19%
Mar
19
Mar
Mar
15%
July
Mar
6N
9
6
Jan
37%
Jan
9%
16
Sept
5
Oct
19%
Apr
8%
82
98
Jan
Jan
Aug
Mar
May
Aug
14%
11%
Sept
23
Mar
14%
Mar
1,400
'it
Sept
'11
Jan
62
110
39%
Apr
64
64
Oct
11%
9,300
4%
Mar
11%
Oct
175
48%
Mar
77
Oct
26
Mar
69%
Oct
x8%
~67~'
10
Sept
x8%
Sept
77
62%
69%
2,800
*
B
V t
7%
common
%
%
12%
%
3%
3%
22%
22%
*
23%
23%
4%
23%
23%
1,400
1,200
'
25
66%
67%
650
100
Internat
50
A stock
Jan
Feb
%
Mar
%
July
Feb
13
Mar
69
22%
22
22%
300
Mar
22%
Aug
20%
18%
20%
2,500
8%
7
cl A *
Internat Paper A Pow warr
International Petroleum..*
6
Registered
— —
3%
26%
———-*
"_3%
1
10%
3%
Sept
5N
Jan
14N
15
Mar
23%
Oct
Internat Safety Razor
Mar
23%
Oct
Mar
2%
Apr
Class B————
3%
5,800
5,100
27
"3% "3%
T300
10%
10
1,400
%
Class
A
2,100
International
Interstate
%
B—*
*
1
--*
*
7%
8
Equip..1
20%
Aug
N
May
8%
Aug
Mar
Sept
3%
31%
July
5
%
Mar
Mar
31_vll Mar
4%
Feb
UN
Sept
Jan
%
June
Sept
Mar
6
34
3%
3%
4%
200
24%
ht
Apr
Feb
2%
32
Mar
May
200
34
%
7%
%
%
Vitamin... 1
Home
200
Apr
Feb
Mar
22%
2%
100
l8n
1%
21
International Utility-
1%
2%
26
Mar
2%
June
T66o
Oct
Oct
Apr
%
purch warrants.
53.50 prior pref..
Warrants series of 1940—
75
Internat Metal Indus
51.75 preferred...
Fort ootnotes see page 2371.
1%
1%
Hydro-Elec—
Pref 33.50 series
Internat Radio Corp
Motor of France—
100 frcs
Oct
Sept
48%
16%
300
13
"67%
1
preferred
c
International Products...*
reg._£l
%
%
300
Non-voting class A—.*
Class
Industrial Finance—
International Cigar Mach *
2,300
._*
B_
8*365
Indiana Pipe Line
Jan
%
%
Ford Motor of Can cl A__*
Amer dep rets
Imperial Tobaccd of Can.5
Imperial Tobacco of Great
Britain A Ireland
£1
Jan
8%
Ltd—
Am dep rets ord
*
Zinc
Insurance Co of No Am. 10
21%
20
74%
U%
100
Florida P A L $7 pref_.._*
Mar
200
2,000
7%
21%
5%
Flat Amer dep rights
Fldello Brewery...
>11
618
5%
6I«
1
Class
7
19
Option warrants
Metallurgical
"65*"
Indian Ter Ilium Oil—
falstaff Brewing
Motor Co
%
3,400
Corp—
Fairchild Aviation
Fans tee 1
'
"63% "61"
4%
10%
Oct
June
Oct
2%
35
17%
IS16
16%
31 %
Oct
Mar
Mar
5%
14
50
2,300
"""50
Oct
900
38%
55
Dlv arrear ctfs—.......
5% conv preferred
IN
.1
Elgin Nat Watch Co..-.15
Empire Dlst El 6% pf-100
100
6%% preferred
100
7% preferred
100
8% preferred...
.100
Empire Power part stock.*
—
"51% "51%
—-1
t c.
76
Sept
Mar
60
2%
Elec Shovel Coal $4
Jan
7
-1
Common
Oct
6
"16% "n"
7% pref stamped..-.100
1
Common.
Jan
'
June
11
Hydro Elefctric Securities.*
69
Apr
Apr
33
30
Aug
7
*
4
32
Option warrants
Electric Shareholding-
July
10
"10%
(Harvey)
..
Jan
•
Apr
4%
1,400
6%
Oct
1%
fHuylers of Del Inc—
60
July
Oct
30
.
Humble Oil A Ref
A
Oct
N June
160
Co cl A.
Apr
Jan
1,050
7%
2%
Hormel (Geo A) A Co com*
Mar
Oct
Aug
3
100
Holophane Co common..*
Holt (Henry) A
Aug
Mar
35%,
8%
28
14%
Jan
14
July
Apr
28
Hires (Chas E) Co cl
Jan
65
J 25
Apr
25%
4%
•300
60
IN
4N
38
A...*
(R) A Co class A—10
Mar
Mar
117%
200
Chemical.. 1—10
Heyden
1
Elec P A L 2d pref A—..*
Ford
Jan
Oct
150
90
60
11
Power Assoc com—1
$6 preferred..
Class A
Ford
Jan
Jan
9%
10%
36
25
w w
Inc.—5
•'
Hummel-Ross Fibre Corp 5
*
*
$5 preferred
Elec
20%
1%
Mar
1
*""2%
common..,.—-2
Preferred
Mar
10%
N
July
225
98% 100
6%
Hewitt Rubber common—5
Jan
4%
Aug
24
9
100
.
Jan
24
37%
90
%
A...
Jan
13
"16*"
Mar
June
Jan
3
Apr
Mar
Rubenstein
Class
Jan
26
Mar
2N
May
1%
Mar
14
325
20%
20%
575
23%
Feb
June
95
Feb
Mar
175
35%
7%
14%
*16
40%
12%
14%
Brewing Co
Heller Co
*_♦
17%
%
5%
3%
4,400
*
9%
6
1;
Sept
Sept
13%
—
Mar
3N
■>
Jan
N
25
1
Elec Light
6% conv preferred—-.50
Hecla Mining Co
...25c
%
July
May
—.5
Haloid Co...
Jan
11%
103
175
62
7
35
100
10%
34%
7%
35%
90
preferred
July
East Gas & Fuel Assoc—
4*$% prior preferrd-100
6% preferred..100
pref
*
Gypsum Lime A Alabast.*
Hall Lamp Co
*
36
16%
1,300
7
Eastern
Gulf States Utll 35.50
13
200
Duro-Test Corp com
*
1
*
.10
Jan
May
100
19%
ht
58% 60
121% 122%
25 '"40""
Gulf Oil Corp
Mar
'100
100
Common.....
10
10%
1
Guardian Investors
Sept
Sept
3N
9%
100
Greenfield Tap A
47
290
22%
—
19%
ht
122
9
200
Feb
6%
2
7% 1st preferred
100
Gt Northern Paper.....25
2N
12%
Durham Hosiery cl B com
Eagle Plcher Lead
16%
Oct
July
Oct
35
Mar
May
"166
100
Duval Texas Sulphur.
Jan
Grumman Aircraft Engr__ 1
May
""800
'
stock
Jan
IN
"Is""
Jan
41
Mar
4%
88
60
com
July
14
Apr
"1,566
♦
Non-vot
July
900
'4~806
June
Great Atl A Pac Tea—
3%
3%
200
June
6%
Gorham
2%
35
Aug
62
16
Mar
2%
77
Mar
30
30
*
May
15
Apr
May
4%
preferred.—.
8%
1%
"6% "7*"
T3%
1%
12%
59 %
100
Mines.. 1
10%
IN
22 N
Dubilier Condenser Corp. 1
Duke Power Co.
33
June
31%
58
325
6%
33%
*
preferred
500
"3% "3%
10
7% preferred...
37
500
1
—*
6%
Class B-_.....
2
9%
June
26
2%
2%
33
Dominion Steel & Coal B 25
Draper Corp
Driver Harris Co
_*
2
com..l
Dobeckmun Co com
1
Coal
Aid en
Gray Telep Pay Station..*
Feb
58
75%
6%
33%
Godchaux Sugars class A
Mar
£1
Dlvco-Twln Truck
Glen
Jan
Jan
3%
Jan
6
Oct
Sept
57
73%
75
Die——*
Grocery Sts Prod com..25c
11
35
com.*
Liquors Corp—5
Distillers Co Ltd
Sept
IN
37%
Diamond Shoe Corp
Distilled
7%
40
Mar
25
88
Apr
Mar
5
Oct
17
25
July
4%
400
5%
*
preferred
1%
20
Fdy—1
Detroit Paper Prod
Apr
5%
1%
•
Det Mich Stove Co com__l
Detroit Steel
~30%
~30~
1
Detroit Gasket & Mfg
Detroit Gray Iron
"30""
35
Gilbert (A C) common...*
Oct
Aug
Mar
Mar
3%
Jan
14%
48
26%
Mfg Co—
1
'
V t c agreement extend.*
fGrand Nation'l Films Ino 1
Grand Rapids Varnish...*
Aug
10%
13%
Apr
17
450
1%
Aug
Mar
72
5%
Georgia Power 36 pref.—*
,
Mar
5%
2,100
Dejay Stores
108%
Aug
July
July
Mar
40
._*
Gorham Inc class A
Oct
hi
8%
""700
100
preferred
Goldfleid Consol
May
5%
10 '
300
13
33
July
5%
45%
Jan
102
Darby Petroleum com—5
Davenport Hosiery Mills.*
Dayton Rubber Mfg
Mar
Mar
%
"l4"
Gen Water G A E com.-.l
Aug
24
May
25
July
1%
Jan
Jan
2N
200
Sept
20
June
N
7
100
3%
*
Cuneo Press Iuc
%
16
Jan
19%
Gilchrist Co.
——1
Crowley, Mllner & Co—*
Croft Brewing Co
July
65
Preferred
2%
Crocker Wheeler Elec
Feb
2N
Apr
*
6% preferred A._
June
N
17%
6%
Oct
Mar
General Tire A Rubber—
6%
50
89
Oct
Jan
Aug
Mar
""*16
51
51
51
General Telephone com.20
£1
6% conv preferred
12
Mar
9
1,000
...
Cramp (Wm) & Sons com. 1
Creole Petroleum
5
Courtaulds Ltd
Mar
40%
%
Gen Outdoor Adv 6% pflOO
Gen Pub Serv 36 pref
*
33 conv preferred
Sept
87 ;
%
16%
15%
*
preferred
1%
1,600
25%
43
Aug
Anr
75
200
Sept
Mar
"
7%
1%
Jan
11
Mar
80
88
Oct
t18
19%
Mar
6%
Gen Rayon Co A stock...*
July
3%
72
53%
Cosden Petroleum com—1
21%
General Investment com.l
Corroon <fc Reynolds—
1
100
43
Amer dep rets ord reg.£l
Gen Fireproofing com....*
Mar
4N
100
7%
18
.*
May
6,300
19
6%
18
100
preferred
May
; 18%
19
-
300
21%
preferred
100
Gamewell Co Sfi honv pf__*
Gatineau Power Co com..*
10%
18
conv
General Alloys Co
Gen Electric Co Ltd—
14%
5%
10%
*
preferred
200
xl7% xl8
1
4N
l',400
14 preferred..
Cooper Bessemer com
$6 preferred A
6%
»z«
"8% "9"
*
Common
July
1
....
6N
61
"m
Cont Roll & Steel Fdy—*
Cook Paint & Varnish
Common
1%
Apr
•i«
60
June
5%
Franklin Rayon Corp
Froedtert Grain A Malt—
Fuller (Geo A) Co com...l
2%
70
85
xl%
4%
10N
1
Jan
Apr
May
48%
High
Low
7%
2%
Fruehauf Trailer Co
700
Range Since Jan. 1, 1938
for
Week
Shares
5
June
1,900
80
1%
July
74
Range
of Prices
High
Low
Price
Brew Co
116%
750
%
65
4%
82%
Oct
8
Mar
Aug
Sept
7%
Mar
55
Oct
16
Jan
3%
3%
113
72%
6% pref class A.-...-100
Consol Gas Utilities
-1
Consol Retail Stores
7%
Mar
11
400
16
(Peter)
Week's
Sale
(Continued)
High
Low
Fox
V t c ext to 1946
Last
STOCKS
Range Since Jan. 1,1938
for
Week
Shares
Compo Shoe Mach—
Consol Biscuit Co
2367
Sales
Friday
Sales
9
Jan
1
Jan
9%
Jan
Oct
34
4%
Jan
July
5
Julv
%
Week's Range
for
Sale
of Prices
Low
High
Week
Par
price
5%
5%
300
2%
Mar
7%
he
he
300
he
May
%
Jan
1
Italian Superpower A
*
Jacobs (F L) Co.—
1
Jeannette Glass Co——*
Jersey Central Pow <fc Lt—
5%% preferred
100
6% preferred..——100
14%
Mar
19
7%
Mar
14%
7ie
400
4%
4,600
2%
800
1%
Sept
50
52%
Apr
84
69
75
85%
32
34
2
.68%
73%
preferred..
100
Steel. 100
Julian & Kokenge com-.."'
Kansas G & E 7% pref. 100
33
Oct
%
May
7%
3%
Jan
National Refining
2,300
21
Mar
43%
Jan
Nat Rubber Mach
50
200
70
24
Aug
May
Mar
7%
D%
Jan
Sept
106
Feb
%
28%
Mar
22
Aug
Aug
Oct
Navarro Oil Co
1%
June
3%
Jan
Nebel (Oscar) Co
2%
Sept
5
Feb
13
z5%
Sept
13%
13%
13%
12%
com..*
ColO
1
Koppers Co 6% pref... 100
(D Emll) Co
12%
12%
200
1%
Oct
Mar
15%
8%
14%
July
69%
Sept
37%
June
102%
Jan
J
11%
5%
5%
400
5%
49%
Lakey Foundry & Mach—1
2%
50%
4,100
2%
2%
600
1
12%
Deyelop.—25
1
Line Material Co
5
Lion Oil Refining
*
1%
he
.
he
■
27
11%
68%
Lockheed Aircraft
1
17%
10%
Lone Star Gas Corp.:....*
*
—100
100
1%
■32%
27%
._*
1%
7%
Louisiana Land & Explor. 1
Louisiana P & L 16 pref..*
Mar
3%
85%
May
200
14
Apr
1%
Jan
$5 conv preferred...
5%
Mar
50
11%
"2%
"loo
•he'
29
1
6%
8,900
6%
10%
Mar
%
Sept
270
28%
Aug
42
75Q
1,100
23%
Aug
Sept
34%
1%
7,300
6%
Mar
1%
Jan
1%
1%
100
19%
19%
19%
1,500
25c
1%
1%
%
Michigan Bumper Corp.,1
Michigan Gas & Oil
1
!
Jan
I
Jan
'
9%
Oct
90
39
July
%
Mar
1%
July
Sept
%
July
Apr
3%
Jan
Feb
June
45
May
19%
Michigan Steel Tube__2.50
2%
%
3
7%
Aug
24
10
Mar
t c.._...
Mar
5
7%
1,100
950
Class B opt warr
Class A pref
7%
Mar
3
Mar
Midwest Oil Co..10
40
"38"
$2.50
4%
Common
13%
11%
5%
Class B
Jan
1%
1%
1,300
%
Apr
1%
June
3%
July
5,200
Mar
7%
25
79%
Oct
89%
2,200
24%
1%
Apr
50
Mar
2%
5%
%
Mar
200
31
Mar
53
300
12%
Mar
29
11%
I'M
Mar
27%
5%
Sept
*
.100
4
Mar
7% preferred
com
4%
""28"
12%
37
101%
%
Jan
1%
Apr
5
97%
100
May
112
10
93%
June
104%
85
-
$1.30 1st preferred
.
"5"706
6%
350
21%
Jan
75
1%
Sept
2%
June
Mar
10
Mar
31
Apr
30%
Mar
108%
27%
30%
550
27%
25%
107% 108%
30
1,000
100
98%
46
6%
18%
300
6%
18%
100
*
15%
14%
4%
4%
Oct
15%
5
2,600
13,000
Sept
July
Sept
1
June
*
7%
June
*14%
Mar
59%
May
80%
Jan
%
June
Jan
,
Mar
7%
11%
Apr
19
June
96
Sept
3%
Sept
June
:
4%
100
16
14
Feb
16
12
Sept
19
May
23
Mar
36
16%
700
8%
7%
8%
2,000
26%
27%
•
150
111% 111%
■
40
2%
21
Mar
Jan
107%
Apr
8%
27%
112
Penn Edison Co—
*
24
Mar
26%
_-._...*
45
July
50
$2.80 preferred
$5 preferred
1,300
6%
Mar
Aug
Penn Gas & Elec cl A....*
100
8%
1%
Mar
13%
July
Penn Mex Fuel Co
Mar
2%
Oct
Penn Traffic Co
24%
Feb
Oct
Pennroad
40
65
13
16
15%
-.100
1%
9%
""750
4%
18
16
Patchogue-PlymouthMllls*
Pender (D) Grocery A...*
100
3%
15%
3%
16%
Parkersburg Rig & ReeL.l
2%
Apr
87
Pantepec Oil of Venez..._1
600
101%
300
Page-Heraey Tubes com..*
Peninsular Telph com
May
30%
Paramount Motors Corp.l
Parker Pen Co.
10
Feb
12%
38
400
1%
3%
100
July
10
89
30
1%
7%
Apr
10%
Mar
4%
1%
*
Pan-Amer Airways
95
Apr
Mar
100% 101%
Feb
Jan
112%
113%
70
33
36
34%
Apr
-w«* -
95
"16% "12%
29
Mar
109%
350
-
103% 103%
3%
Pacific Public Service n-v.*
Jan
Sept
%
May
1%
*
5%
6
June
87
150
*
Sept
9
20%
3%
*
7ie June
May
400
1,800
94%
112%
8%
6% conv prior pref. .100
Oldetyme Distillers
1
pref
Zl8%
29
95
50
Pacific Can Co com
14%
Mar
30
92%
-
Oklahoma Nat Gas com. 15
Overseas Securities
6
Mar
25
15
'l03%
$3 preferred
1,000
11%
17%
100
.5
com
10,400
6%
8%
18
13%
*
6% 1st preferred
Oilbtocks Ltd
300
4%
14%
zl8%
28%
cl A..100
Pacific P & L 7%
-5
he
80
Pacific Ltg $6 pref
Sept
he June
74
Jan
%
4%
500
Apr
"11
1%
1,800
2,800
1
2%
300
1%
1%
2.50
Corp vtc
1
Penn Cent Airlines com__l
1%
7%
1%
2%
11.200
7%
Apr
1
Aug
1%
1%
1%
Sept
2%
Mar
2%
8%
4%
May
8%
114%
Sept
Pa Pr <k Lt $7 pref
*
92%
87%
7%
92%
700
May
650
79%
Mar
93%
Mar
4%
June
$6 preferred
Penn Salt Mfg Co
*
85
84
85
130
74
Mar
85
150
150
May
160
Jan
13%
Oct
50
Pennsylvania Sugar com20
150
6%
3%
19
Aug
Mar
6%
July
Pa Water & Power Co
*
68
66
68
350
59
Mtr
79
81%
600
54%
26
27
150
24
June
78
Aug
Mar
20
Aug
1,300
1%
Sept
3%
July
100
1%
June
2%
4%
1%
Apr
6
159%
Sept
Aug
Sept
156%
122
Mar
30%
40
26
Sept
May
28%
30%
""116
20%
154
May
*
100
%
7
5%
5%
%
7%
5%
31
Feb
2371.
9%
9%
Apr
5%
7
1,100
4%
Sept
7%
Feb
117%
25
112%
29%
Mar
31%
Phila Elec Co $5 pref
*
Phila Elec Pow 8% pref 25
Mar
Phillips Packing Co
Oct
30
2
Common
*
3%
3%
3%
500
2%
Sept
1
5%
4%
6%
1%
10%
Mar
26%
26,700
1,400
Mar
27
400
*10%
Mar
21 %
%
Sept
1%
Jan
2%
Sept
3%
Jan
Jan
Conv S3 pref series A..10
Sept
24,900
May
9%
Jan
4%
Mar
5%
July
Mar
121
Jan
6
Mar
12
July
June
12%
Jan
Sept
10%
Aug
June
9%
Oct
7
•
Pines Winterfront Co
24
27
20
Pierce Governor common.*
100
30
8%
Phoenix Securities—
Oct
6
9%
3%
7
4%
500
28
1,100
*
com
Feb
*
Mar
8%
Philadelphia Co
June
Muskegon Piston Ring. 2%
86
8
%
1,600
19
72%
Apr
8
38%
162
10
9%
"27"
121%
1
3%
3%
100
8%
100
*
400
1
Pharis Tire & Rubber
600
Mountain Sts Tel & Tel 100
9%
Pepperell Mfg Co
Perfect Circle Co
29%
Jan
145
jMoore (Tom) Distillery. 1
Mtge Bank of Col Ams hs—,
Oct
1%
Mar
Apr
May
700
lid
3%
50
85
500
200
Mar
47
Ohio P S 7% 1st pref... 100
700
6
Feb
46
Apr
Nor Ind Pub Ser 6% pf-100
Pacific G & E 6% 1st pf.25
May,
3%
1
European Oil com
'Feb
74%
3%
h*
5
N01
3
3,300
%
Mar
Jan
50
700
-'2%
42
112%
Oct
,5%
6% prior preferred
50
No Am Utility Securities.*
29%
4%
%
13%
Jan
Oct
2%
200
53
Apr
Moody Investors part pf..*
he
25%
Feb
4,500
2
30%
For footnotes see page
Sept
53
July
7%
1%
Pow._»
*
he
25%
1%
Mar
2
156%
Nachman-Sprlng filled.
1,100
"25%
Jan
12%
*
July
%
com...
%
%
1%
*
com
July
70
5%
2%
Montgomery Ward A
Murray Ohio Mfg Co
89%
May
*
A..*
$6 preferred...
North Amer Rayon cl
100
800
2
Mountain City Cop com 5cl
Mountain Producers
10
July
Mar
60
1%
July
10
Conv pref A..
9%
70
100
2%
%
69
Montana Dakota Util
Moore Corp Ltd com
Mar
975
1
.....
%
Monarch Machine Tool.
com,
18,890
65
6%
79%
Ohio Oil 6% pref
100
Ohio Power 6% pref...100
July
20
•
Apr
103
5%
Monroe Loan Soc A
9%
81%
50
Oct
Voehringer—
Corp
Jan
7%
1%
Mar
Miss River Power pref. 100
Missouri Pub Serv com...
Common
Mar
5%
93%
Aug
900
"46""
Oct
79%
:•
5
Mar
Mining Corp of Canada..*
Minnesota Mining & Mfg.*
Minnesota P & L 7% pf 100
10%
44%
*
July
4%
l3ie
8%
11%
July
Sept
Mar
11%
4%
20%
Ohio Edison $6 pref
5
May
8%
Midwest Piping <fc Sup..
Oct
Jan
70
1
Ohio Brass Co cl B com..*
28'
*16
1 %
10%
Jan
Mar
3%
12%
Mar
5
July
20%
Mar
100
70
5
N1 pissing Mines
Northwest Engineering.
125
Sept
13%
1,000
%
4,300
79%
Aug
3%
Mar
90
%
1
10%
9
6%
*
65
Mar
3%
69
102%
100
Novadel-Agene Corp
1%
300
12%
1%
Apr
"49%
5
Class B common
Nlles-Bement Pond
Preferred.
70
81
1%
16%
Feb
47
3,%
*
10
Jan
Niagara Share—
Nor St- Pow
Midland Steel Products—
50c
102% 102%
%
Class B
div shs=
Aug
105
July
65
%
1,300
Co
106
Northern Pipe Line.. —10
Mar
900
Midland Oil Corp—
$2 conv pref
Mid-West Abrasive
Apr
V
July
10
11%
2,700
Warrants
91%
80%!
100
100
July
Mar
8%
%
6%
Jan
20
-.10
July
Mar
8%
%
4
10
5%
20
4
2%
Sept
1%
4%
1,400
Jan
Middle States Petrol—
*
Apr
"20~"l""l9% ~20"~
8%
3
3%
Michigan*Sugar Co
30
6%
10%!
Nor Central Texas Oil
June
~3O6
,200
%
%
2%
8%
Mar
200
102%
5%% 1st preferred...25
83
20%
197
7%
5
5% 2d preferred.
Jan
Metropolitan Edison—
83
Mar
9%
105
—1
5% 1st pref
2%
1%
25
*
Oct
Jan
2
Mar
9
9%
10
Common....
.
"loo
15
__...*
1%
7%
.....
1,100
1%
42
Y City Omnibus—
30%
Metal Textile Corp
Muskogee Co
1%
Mar
%
Montreal Lt Ht <k
*
24
325
%
Monogram Pictures
86%
New York Transit Co
Jan
Mar
..1
Jud,
Mar
z 10
Nor Amer Lt & Pow—
Warrants
Molybdenum
2,700
Noma Electric
6%% A preferred... 100
Mock,
86%
Oct
500
4%
Mesabi Iron Co...
non-cum
78%
Jan
Participating preferred.*
$2
Jan
"86"
%
July
3
Merritt Chapman & Scott *
Mid vale
Jan
Mining Corp. 10
Founders shares.
July
600
3%
19%
July
2%
3%
5,500
3%
July
Oct
14
Mar
2%
18%
Jan
11
72%
July
20%
3%
62
108
Mar
Mar
1
50
19%
4%
Mar
88
400
»
Mar
86
3,700
July
Sept
100
125
11
7
Apr
July
12%
Mar
36
20
97
5%
51
1%
100
53%
2%
5
com
Mar
45%
1,100
Merchants <fe Mfg ci A...1
Corp
Jan
%
200
46%
Class A opt warr.
3,800
16%
Memphis Nat Gas com
Middle West
7 Pi
Aug
Niagara Hudson Power-
17%
16%
Mercantile Stores
v
7%
June
600
N Y Water Serv 6% pf-100
Mar
6
17
Class B
June
400
Jan
5%
53%
2%
Oct
3%
4%
1,200
July
44,100
~
16%
Jan
1%
pref-100
$6 preferred
;——...*
N Y Shipbuilding Corp—
Aug
Oct
"7% "7%
121
t c
1,500
300
95
N Y Pr & Lt 7%
May
3%
5%
7%
20%
v
July
12%
3
16
124%
Class A
79
70%
2
25
16%
1
*
Preferred
July
12
Mar
22%
36
Dredging...*
Oil
July
111
69%
Sept
6%
*
$6 pref
Mar
50%
Feb
May
12%
Sept
Mar
90
2%
Mead Johnson <fe Co
Mexico-Ohio
1,200
44
10%
1
15
McCord Rad <fc Mfg B...»
Partlclpat preferred
%
Mar
7u
105
70%
Jan
29%
1
com
70
*
Feb
May Hosiery Mills Inc—
McWilliams
*
Warrants....
July
27%
1-
*
$4 preferred-.
43
97
14
Mar
"_2% ""2%
Massey Harris common. _*
Master Electric Co
110
41
29%
500
%
110
46%
25%
7%
1%
7%
July
July
17
Apr
Mar
1%
34
1%
1%
Aug
10
10%
32%
25%
Jan
Jan
3
June
N Y Merchandise
Jan
700
15
.l
—
May
5
N Y «fe Honduras Rosario 10
July
17%
14%
15%
9%
—*
Mass Util Assoc v t c.
12%
"""460
10
N
Aug
14
June
15%
Communica'ns ord reg £1
Marion Steam Shovel
Mar
9%
Jan
45
N Y Auction Co com
July
Marconi Intl Marine
Margay Oil Corp
1%
%
100
*
100
Newmont
May
%
Mapes Consol Mfg Co
Jan
6%
2,700
7%
2%
7%
2
2o
New Mex & Ariz Land—1
July
15
Sept
*i8
13
5,700
1,000
36
1
*
*
Stores
18%
300
May
Sept
%
New Jersey Zinc
May
5%
Feb
May
2%
Manatl Sugar opt warr
Mangel
10%
7
New Haven Clock Co
Jan
%
3%
6
1
Majestic Radio <fe Tel
1,600
7%
New Idea Inc com
Jan
July
Sept
13%
22%
11%
13%
19%
11%
89
Lucky Tiger Comb G M.10
*
Ludlow Valve Mfg Co
Lynch Corp common
16
7
6% preferred
long Island Lighting—
Packing
Aug
79
New England Tel <fc Tel 100
Feb
1%
2,000
27
~~2~
*
15
Loudon
65%
5%
Jan
Feb
Aug
Mar
43
19
A...1
25
5
preferred
6% pref class B
Feb
2
1
%
19
19%
Locke Steel Chain
7%
he
32
7
7% preferred..
Aug
200
l6~606
Loblaw Groceterias cl A__*
Common
7%
Mar
25
6%
New Engl Pow Assoc
Feb
11
49
44%
12%
Oil
preferred
1
*T% ""5"
1%
Le Tourneau (R G) Inc..
6%
Mar
he
400
Neptune Meter class A,— *
Ji.n
Sept
3
*
-.*
Lit Brothers common
Jan
Aug
2%
Nestle Le Mur Co cl A..
Sept
May
14
*
Lipton (Thos J) class
39
63%
49
7% pref.. 100
Langendorf United Bak—
Class
A
—*
Lane Bryant
Leonard
June
4%
38
100
Mines Ltd...1
Lackawanna ItR (N J).
Conv preferred
4%~
Nevada Calif Elec com.100
100
Kress (S H) special pref. 10
Kreuger Brewing Co
1
4% conv 1st pref
Lehigh Coal & Nav
Sept
68
"
60
pref..Nelson (Herman) Corp..5;
Kresge Dept Stores
Sept
July
Oct
38
Mar
Mar
300
1st
n
Mar
38%
"moo
%
.1%
110
..*
Nehi Corp common
July
Mar
%
Knott Corp common
"7%
Nebraska Pow 7% pref-100
400
2
15
Jan
60
com—..*
30
100
41
1,450
"14% "iiy8
800
Mar
%
1%
2%
3%
Feb
14%
3%
14%
*
Corp—1
*
3
Jan
9
Sept
*60 ""
Nat Tunnel & Mines
Nat Union Radio
37
Sept
%
Oct
Apr
5%
100
Jan
Jan
11%
11%
400
July
Apr
21,000
"6% "T% "6%
.*
Jan
J
59
1
2%
Cpuv part preferred—*
National Steel Car Ltd—*
National Sugar Refining.*
National Transit
12.50
July
7%
Sept
"moo
3%
Nat Service common.... 1
Mar
Apr
5%
32%
111
July
June
12%
Co...25
41
Klelnert (1B) Rubber
Lefcourt Realty common.
68
Oct
10
%
6%
"""6% "7"
4
5%
3%
B
3%
34%
62,%.
Aug
59
2%
3%
2%
Class
32
68
75
85%
*200
38
1
Klrby Petroleum
1
Klrkl'd Lake G M Co Ltd 1
Lake Shores
com...*
National P & L $6 pref...*
Apr
H
'
12%
National Oil Products
High
1
Mar
3%
25
6%
Apr
11%
:
300
.10
12%
68
104
47
9
*
61
4
Kimberly-Clark 6% pf-100
Kingsbury Breweries
1
Kings Co Ltg 7% Pf B 100
6% preferre
D
100
%
4,200
%
National Fuel Gas
Jan
Jan
110
28
11%
%
$3 conv pref
50
National Container (Del)-l
Oct
69
Low
600
4
1
National City Lines com
Oct
106
28
A *
Products..'
Aug
.20
6
Kennedy's Inc
%
2
Range Since Jan. 1, 1938
for
National Baking Co com.l
Nat Bellaa Hess com
1938
Week
Shares
9
9
Nat Mfg & Stores
he
7%
Klein
11%
1,800
19
4%
Jones & Laughlin
Kingston
600
18%
13
of Prices
High
Low
Price
1
Nat Auto Fibre com
July
14
Par
High
&1*
Irving Aur Chute
Ken-Rad Tube & Lamp
Low
5%
17 pref—*
Investors Royalty
1
Iron fireman Mfg v t c—*
Interstate Power
Sale
(Continued)
Shares
Week's Range
Last
STOCKS
Range Since Jan. 1, 1938
Last
Continued)
25,
Sales
Friday
Sales
Friday
STOCKS
.
Oct.
New York Curb Exchange-Co tinued—Page_3
2368
20%
1
Pioneer Gold Mines Ltd—1
2%
2%
3
1,900
6%
Oct
Oct
Aug
Volume
New York Curb Exchange—Continued—Page 4
147
Friday
Friday
Sales
STOCKS
Last
Week's Range
for
Continued)
Sale
of Prices
Low
High
Week
Par
Pltney-Bowea
Price
*
Meter
Pittsburgh
m
5%
1,400
-50
1
Pittsburgh & Lake Erie. SO
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Plough Inc
*
Forglngs
Polaris Mining Co
25c
Potrero Sugar common...5
Powdrell & Alexander....5
9k
53
"T
*
July
Mar
10
53 %
580
34 %
Mar
62 k
Jan
714
110 k 114%
14
14
100
4%
Mar
8k
Aug
51
k
2%■
H
4k
Mar
114k
Oct
June
8%
2%
400
6
June
lk
8k
Jan
Aug
200
3k
Mar
1,000
2%
24
Feb
"«
4%
Sept
900
2H
Mar
lk
5k
23 H
2%
400
55
2,100
200
%
2214
214
"mi "mi
"l"% "1%
"TOO
16k
July
June,
July
2k
Mar
Aug
Aug
40
June
22 k
Aug
Apr
9%
•ie
Jan
6k
Mar
324
.*
6 k
6%
200
6%
Mar
7 k
614
7
2,400
3%
Mar
7k
89
100
85
83
98
Aug
Jan
Jan
July
Jan
95
100
100
10714 10714
20
Mar
103 %
Jan
July
103
108 k
Oct
Public Service of Indiana—
57 prior preferred.
16
*
preferred
Pyrene Manufacturing
.
.
Railway & util Invest A..1
Raymond Concrete Pile—
Common
*
.
...
53
:.*
preferred
conv
325
23 H
575
10%
Mar
47k
23 k
614
100
4%
May
7k
7
May
9
June
4%
Sept
7
Jan
2124
20
22
40
40
40
3
"1%
*
5
4k
Reiter-Foster Oil---—50c
3k
he
%
5
A 24
3k
314
he
5
Rome Cable Corp com...5
5i«
he
8
May
Jan
;
Oct
Oct
36 k
Oci-
May
Sk
Aug
450
1414
1314
lVs
%
11k
1%
124
2
100
—*
*
2k
Royalite Oil Co Ltd
Royal Typewriter
Russeks Fifth Ave
Rustless Iron & Steel
1
52.50 conv pref..
*
Ryan Consol Petrol....
Ryerson & Hay nee com.. 1
Safety Car Heat & Lt
*
St Lawrence Corp Ltd...*
52 conv pref A.
50
St Regis Paper com......5
7% pref erred
100
Samson United Corp com
Savoy Oil Co...
5
43
.....25
Scranton Elec $6 pref
*
150
72
1,000
7
7:;.;
7;:-:
814
824
9%
37 %
4,200
3%
400
1
70
250
70
68
314
3%
"2%
63%
214
4
300
150
J 3,200
63k
251
2%
200.
"l2k "1314
24 24
2614
21
26
21P
""360!
4,000;
10
*
23
*
1014
23
914
1
1%
Securities Corp general...*
Seeman Bros Inc
*
23
10%
4,500
Segal Lock & Hardware. .1
"i%
%
Feb
Sept
46 k
72
July
8k
July
Aur
Mar
Mar
4k
1,300
...*
Feb
9k
Oct
Oct
15%
I
uu
15%
1
100
Amer dep rets reg
Serrick Corp (The)
Seversky Aircraft Corp.—1
Shattuck Denn Mining..5
Shawlnlgan Wat & Pow__*
com..25
July
Aug
Jan
29 k
113 k
June
25
Sept
Feb
26k
10 k
5% cum pref ser AAA 100
Sherwin-Williams Of Can.*
common
Oqt
35
June
Mar
lk
Jan
Mar
4k
Oct
17
June
Jan
lk
Mar
June
2
H
324
Simplicity Pattern com... 1
Singer Mfg Co.
100
30
106
" 106
7% preferred A..
100
Tonopab Belmont Devel 10c
Tonopah Mining of Nev.l
Series B pref
Sept
Mar
Oct
Apr
J 17
k
July
Oct
114k
Aug
Oct
he May
Jan
6k
1 k
Jan
Mar
Mar
5k
20
2k
212
100
4k
Julv
Mar
254
Oct
13
Mar
Mar
16
4k
Mfg. Co
.1
3%
1%
1,300
Sonotone Corn
1
1%
1%
6%
500
lk
Mar
lk
400
3 k
Mar
7
3
400
6
.1
South Coast Corp com... 1
Southern Calif Edison—
....
5% original preferred-25
6% preferred B......25
5k % Pref series C
25
Southern Colo Pow cl A.25
3
2k
Sept
„
3k
39
39
27%
25%
2%
2%
28
26%
2%
28
preferred—....100
-
-
39
Warrants
.
.
^
_
United Lt & Pow com A.*
Common class B
$6
k
Aug
Jan"
600
k
Sept
lk
1,700
lk
Oct
3k
600
4k
k
June
7k
Jan
Jan
June
lk
June
600
7k
Ilk
3,500
Mar
12k
Aug
1,300
18
June
35k
Aug
600
2
Mar
3k
July
500
4k
lk
3k
7k
'
3k
7k
300
5
1,800
4
400
13 k
lk
13k
600
13
13k
1~700
Ilk
14
13
•
Oct
Aug
Jan
July
Jan
Jan
dep rets ord
716
>16
4
3k
88 k
90
preferred.
10
United Shipyards cl A... 1
Class B
j.l
69
3
4
IN
Mar
6k
14k
July
14 k
July
4k
Aug
Jan
Oct
2;400
Mar
k
Jan
2k
Mar
5k
ik
lk
Mar
3k
Jan
900
lk
13k
Apr
4k
29k
Jan
2%
29 k
10
16,000
United Verde Exten
Universal Consol Oil
......
1
Insurance
Jan
24
Aug
Apr
70
May
k
%
200
lk
5,400
2k
k
1,575
50 k
1,200
290
6k
Sept
July
Sept
1
Mar
Sept
Oct
Feb
3
May
81k
43
Jan
39
Jan
8k
10k
July
Jan
Jan
Jan
230
July
Aug
400
2%
July
6k
Jan
2,600
3%
June
8k
July
%
14
600
k
Mar
lk
Jan
63
lk
250
42
Mar
200
1
Mar
22
Feb
2
Mar
6 24
Aug
lk
Mar
Sept
314
k
Aug
*16
Feb
6k
Aug
Feb
*16
Mar
k
lk
lk
5
5k
1,800
3k
3k
100
'16
3k
*******
k
500
3
*»
716
700
k
1,200
3k
13,600
14
1%
*16
k
50c
Universal Corp vtc
Oct
17k
5k
*
2
10
Mar
Ok
-5
*
*
Jan
77
Apr
80 k
43
lk
5k
...1
$7 conv 1st pref
62
lk
62 k
5.24
U S and Int'l Securities..*
U S Stores Corp com
Jan
15,100
,3k
"iok ""924 "l0%
42
U S Radiator 00m
Jan
Jan
100
Mar
8k
6
1*
*
—10
Mar
*ie
4k
42
with warr
U S Lines pref
U S Playing Card
69
212
Preferred- 25
1st pref
Feb
34
lk
600
k
———
United Specialties com... 1
U S Foil Co class B—— 1
United Wall Paper
3k
3
1
7
"~5k
3k
5k
8,500
8
Universal Pictures com—.1
Aug
Universal Products Co...*
15k
15k
20 k
Aug
Utah-Idaho Sugar
5
Utah Pow & Lt $7 pref. ..*
lk
53
lk
47k
7
16k
lk
53
500
Oct
63
lk
31
3k
Mar
Jan
Aug
lk
Sept
_Jan
19
~
Jan
Aug
Oct
Aug
Oct
lk
June
5k
8k June
7
"~6%
28 k
May
Jan
65
79
Jan
Aug
July
Oct
16
Mar
Jan
Mar
14
.....
Apr
2 k
Mar
24
k
800
90
69
2k
2k
23 k
80 k
United Shoe Mach com.25
United Stores vtc—
May
Oct
4
18,600
*16
k
k
Mar
45
k
32~206
reg—.
Aug
Oct
Jan
Oct
5
Mar
Sept
100
32,400
"""'16 "ik
Mar
Mar
>s
3k
"13 k
Aug
8
Apr
10
2
8
Mar
11
34k
June
0 July
7
5%
3k
lk
13 k
25k
23 k
lk
Jan
35
10
30
'i6
preferred
10%
Oct
Aug
200
1
1,500
600
200
July
102
Feb
107 k
3k
$3 cum & part pref
Universal
2614
03
Apr
Transport
U S Rubber Reclaiming—*
5 k
88
2
Jan
Sept
Mar
lk
44
4k
Feb
Jan
1 k
*
June
14k
2k
4%
3k
k
14
16k
Mar
*
United Molasses Co—....
2*22 k
Oct
Oct
15
Aug
85k
98k
com..*
Investment
United Profit Sharing—25c
Sept
5k
7k
10 k
31k
11
35
10
Union Premier Foods Sts.l
Am
Feb
62k
Mar
lsie
_.--.*
Apr
12
4%
»:
2k
5k
2k
5
10
Aug
11
5
Apr
Mar
2k
10
*
k
2k
1
Aug
107
239
lk
»16
29k
v
Oct
July
Oct
Screen
Plct
Common
7k
85
7%
250
3k
Smith (H) Paper Mills-
Soss Mfg com.
4,300
61
102
Jan
Sioux City G & E 7 % pf 100
Solar
2
68
100
lk
..*
June
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
600
61
Mar
50
700
15
102
Aircraft
5k
•
Jan
Jan
102
Oct
Jan
3
Def registered 5s
Union
Mar
50
United N J RR A Canal 100
100
800
June
Todd Shipyards Corp. ... *
Toledo Edison 6% pref. 100
July
1,700
2%
4%
239%
70k
15
4
113% 116%
3%
Mar
£1
Aug
17
2
July
6,200
124
Sept
k
Simmons H'ware & Paint.*
Mar
5k
4k
1st preferred...
*
United Milk Products...*
75 k
*i« May
1
4k
2k
Mar
700
k
14k
k
lk
26k
Mar
49 k
14%
June
Mar
Mar
100
13
July
31k
k
Mar
70
25
._*
6k
Feb
100
4k
Shreveport El Dorado Pipe
Line stamped....
"16
2
Aug
14
2k
26k
Mar
1,100
"l,700
31k
V
30
10
14
30 k
*
Un Cigar-Whelan Sts.-lOc
United Corp warrants
United Gas Corp com
1
1st $7 pref non-voting.*
Option warrants.,
United G & E 7% pref. 100
k May
■
"5k *~6
85
Tobacco Prod Exports...*
Tobacco Secur Tr—
Lux
Oct
Jan
Tlshman Realty & Constr*
Tobacco Allied Stocks
*
Trans
Jan
Sept
United Chemicals com.*
Jan
66
40 k
Oct
Aug
lk
100
Oct
Feb
Aug
8
2,300
Union Gas of Canada....*
lk
14,300
39
11
14k
Jan
Mar
21%
A pf
Apr
14
Unexcelled Mfg Co
Mar
100
3k
May
14 k
Jan
15
Mar
1,600
Mar
8
1
Tung-Sol Lamp Works.-.1
80c div. preferred
*
Ulen & Co ser A pref
.*
2k
2%
11
Aug
i3k
600
11
17
Jan
75k
8%
21%
:
16 k
4k
3k
6%
July
Ilk
39
17
18k
65k
2%
13
Jan
Mar
400
5
Ordinary reg..'
Oct
7
300
2
com
Tubize Chatlllon Corp...1
Class A..
1
Mm
lllk'lllk
10%
115"
39
Jan
8.
50
37 k
40
1
Trunz Pork Stores Inc...*
Mar
lk
5k
36
r-
2k
29k
Thew Shovel Co
Jan
Sept
4
7k
50
700
Texon Oil & Land Co
July
July
6
ik
6%
,
2%
Mar
lk
ik
"16
_
$3
Seton Leather common...*
Feb
200
3*.800
Jan
2
lk
"2k "2 k
Oct
Jan
Mar
11
Jan
Aug
5k
11
Sept
Sept
7k
4k
3%
9k
Apr
125
5,900
July
5k
5k
Mar
1
Mar
8
11
31k
2%
3
Aug
2
100
3
3k
■
Taggart Corp com.....
Tampa Electric Co com.
92 V
800
June
3k
2k
1,500
7k
11
Superior Ptld Cement B—*
Swan Finch Oil Corp—.15
Mar
Mar
£1
Mar
2k
10 k
5k % conv pref
-.50
Superior Oil Co ^Calif) —25
Sept
Apr
5
Apr
7
k
Jan
12k
4k
30k
10k
Apr
3
3
37 k
40
Oil
48
Mar
1
-.1
7k
3
Oct
69
June
2k
24k
6
Trl-Contlnental warrants—
Selfridge Prov Stores—
Sentry Safety Control
62
2k
Sunray Drug Co.L
Transwestern Oil Co
48 k
1,050
300
*
Jan
600
9%
Apr
4k
.*
..*
1
Jan
70
714
5k
4k
5
Stroock (S) Co......
Sullivan Machinery-
lk
70
914
Jan
2,200
lk
4
k
2k
4k
7
Mar
11
July
4k
*
Mar
66
stock_____5
55,50 prior stock
^25
Allotment certificates...
Sllex Co
Stetson (J B) Co com
Stinnes (Hugo) Corp
%
2,100
4k
4k
6% 1st preferred
50
5% 2d preferred
.20
Sterling Aluminum Prod.l
Sterling Brewers Ino.-.-.l
Sterling Inc.......
1
2%
Fet
Selected Industries Inc—
1
Oct
Apr
10 k
38
2
24 k
4k
*
Mar
"1% "5~, 300
Selberling Rubber com...*
Mar
15
Jan
H
6k
Mar
Jan
1
7,300
7k
Oct
Ti«
5,500
1v%
22k
Jan
Jan
Oct
11
21
9 k
Jan
"16
*16
33
Mar
314
Mar
114
Mar
17k June
3k Mar
Mar
3k
3k
'16
400
6k
Mar
16 k
400
10k
%
19%
3k
Mar
29 k
1
%
21k
83
June
25
1,000
%
2
1
1
120
'
2,100
1
33
10k
22 k
*
lk
lk
500
Oct
July
June
1,200
July
15
k
5k
2k
June
400
Oct
13k
8
lk
Jan
July
6
Jan
15k
Sept
44
Mar
42
Oct
104
k
225
Aug
5,
June
90
70 k
86 k
Aug
4%
22k June
Mar
16k
25
4,900
69
k
35
'""406
lk
70 k
96 k
17
30%
104
Jan
July
Aug
1
Tenn El Pow 7% 1st pf 100
Texas P &L7% pref...100
Apr
110
4
......
104
"lk
2,600
Apr
35
Mar
Feb
July
1
1
Pref erred..... .1
United
com.
"21k "21"% "22k
-.100
Standard Products Co
Standard Silver Lead.
Sunray
Mar
23 k
1
Scullin Steel Co
Sherwin-Williams
preferred-
12k
14
Lace common..*
Convertible
5%
Standard Pow & Lt
4
3
Scranton Spring Brook
Water Service pref
Common.
Standard Oil (Ohio) com 25
'
6k
21k
Mar
300
3514
1
"l:2 %
Scovlll Mfg
44
65
65
.......
Schiff Co common
15
14
23
134
314
500
""166
2k
14 k
i4k
18k
8k
Technicolor Inc common.*
1
\
Aug
Apr
1,500
2k
Jan
4
3,700
Aug
23 k
12
Tilo Roofing Inc
k
11%
18k
Jan
lk
Mar
•90
Mar
4%
Mar
'
12%
2
Jan
July
®i«
June
1./)'
100
400
Jan
Aug
Tasty east Inc class A
1
Taylor Distilling Co._.._l
13
Mar
4
20
pref
Selby Shoe Co...
July
May
200
96
Ross la International.....*
Warrants
5
2%
6,700
1414
"l%
Root Petroleum Co
Scranton
40
*ie June
1,300
k
23
Mar
1,200
96
5
Roosevelt Field Inc
.
Feb
814
300
3k
%
Feb
2%
100
4%
k
12 k
Mar
3%
300
1014
Oct
Feb
19
500
200
Oct
Sept
Oct
Co-
Voting trust ctfs
.1
Rochester G&E6%pfD 100
Roeser & Pendleton Inc..*
conv
5
;
17k
Feb
1%
900
5
152
Jan
Mar
29
1,000
109 k
July
July
Mar
10 H
50
35%
%
1014
314
Reliance Elec & Eng'g...5
51.20
Mar
May
13%
7%.
350
3 24
35
Radiator...-.1
90
136
%
*
Rio Grande Valley Gas
20
225
Reed Roller Bit Co..
Richmond
Mar
130
12 24
18
16k
23
Stein (A) <fc Co common.
4414
18%
12
12 k
100
5
"24
17 %
Sterchl Bros Stores.
6k
12 H
100
%
Mar
17%
Apr
16k
25
July
16k'
■
17k
Aug
k
42 %
Reeves (Daniel) common.*
_.l
1
*
95
18k
Red Bank Oil Co....
Rice Stix Dry Goods
86
July
42k
17%
Jan
k
100
23
16k
Standard Oil (Ky)..—.10
Standard Oil (Neb)-—.25
July
Apr
May
87
%
Raytheon Mfg com....50c
Reybarn Co Inc....
Reynolds Investing
%
3
%
%
Starrett (The) Corp v-t c.l
Steel Co of Can Ltd
*
148
June
Apr
Oct
17k
Jan
k
Mar
24 k
146
22k
5
Jan
109H 10914
Jan
Mar
Feb
11
1114
17k
Oct
7k
39
May
k
50
100
75 %
*
Quaker Oats common
6% preferred.100
Quebec Power Co
Ry & Light Secur com...*
19
950
24 M
*600
Apr
100
Standard Steel Spring
5
Standard Tube cl B—1U
"614
Mar
14
July
"~~6~
5k
28k
10 k
23
10
2,000
500
6k
35
"ilk
39 k
10
17
11.60 conv preferred..20
Standard Invest $5k pref*
Jan
91k
Apr
July
2k
22
91k
Jan
3
Oct
2k
310
6% prior lien pref.._100
Sept
6k
Mar
3k
100
l
38
Public Service of Okla—
56 preferred
*
Puget Sound Pulp & Tim. *
Pyle-Natlonal Co com...5
Common
3614
38
,..*
7% prior lien pref___100
fPub Util Secur $7 pt pf..*
Puget Sound P & D—
$5 preferred-—._....*
5k
32
Common class B
Public Service of Colorado-
6% 1st preferred
7% 1st preferred
151%
Standard Dredging Corp—
he
*
6
32
dep rets ord reg
£1
Am dep rets ord bearer £1
Spencer Shoe Co
*
24
Prudential Investors._._.*
...
3k
Am
97
Mar
preferred
High
June
Spanish «fc Gen Corp—
Feb
Producers
5%
Low
135
10
Southland Royalty Co...5
South Penn Oil
.....25
So West Pa Pipe Line..50
June
124
"166
20
2
3k
Standard Brewing Co
*
Standard Cat a Seal com. 1
Conv preferred
10
17
1,000
143
143
Range Since Jan. 1, 1938
for
Week
Shares
°5
Aug
Aug
33
Pressed Metals of Amer... *
Providence Gas
Preferred A.
10
"23 k"
Premier Gold Mining..._1
*
Prentice-Hall Inc com
Corp.......25c
Prosperity Co class B
Jan
of Prices
High
Low
Price
South New Engl Tel... 100
Southern Pipe Line
10
Southern Union Gas
*
95
"Hi
Corp of Canada...*
6% 1st preferred..-.100
Pratt & Lambert Co
July
SePt
4%
7%
2
7k
40 k
"406
7%
114"
Jan
Mar
"9k"
Power
$6
Par
High
Low
37%
6%
Sale
Contimied)
Shares
Week's Range
Last
STOCKS
Range Since Jan. 1,1938
Postage
Pitts Bess ALE RR
2369
Sales
May
3
Mar
8
Jan
9
May
1
Mar
i6k
lk
Feb
500
550
'31
Mar
53
Oct
100
Jan
■«.
Week's Range
for
(Concluded)
Hale
of Prices
Low
High
Week
Par
Price
1
Utah Radio Products
43
$5.50 priority stock
July
Oct
June
3*
Jan
Mar
23*
Jan
%
he
700
3*
Mar
»!•
34
600
3*
Sept
12 A
600
100
2*
A
10
12 3*
234
23*
234
1,400
%
Sept
Oct
Oct
36
July
Eastern Gaa & Fuel 4s. 1956
Mar
25
Aug
59
7%
300
7
200
6
Oct
July
Jan
Jan
73*
Sept
Erie Lighting 5s
Apr
1
July
13*
July
Finland
Mar
93*
Oct
Apr
Sept
8
Mar
Sept
6
100
334
600
H
33*
1,100
43*
33*
13*
33*
700
13*
80
47
125
—
334
Aug
Florida Power 4s Ber C 1960
43*
Jan
Mar
75
Sept
223*
Oct
8
Jan
8
Mar
Oct
"813*
Sept
73*
Jan
Georgia Power ref 5s.. 1967
912*
Apr
634
Aug
Georgia Pow 4 Lt 5s__1978
62 3*
Apr
53*
63*
June
May
103*
934
July
July
Apr
Mar
70
33*
♦Gesfurel
943*
Oct
92?*
47,000
78
Apr
952*
Aug
1042*
23,000
992*
Sept
1042*
1965
Glen Alden Coal 4s
July
(Adolf) 4348—1941
Grand Trunk West 48.1950
Jan
"72"
"87"
Mar
103*
Jan
52 34
Hackensack Water 6s_1977
102 34
1947
1935
983*
Mar
83*
Feb
♦Hamburg Elec 7s
23*
Jan
104
$2,000
100
Jan
102
104
101
Oct
ex-warrants—1943
102 3*
102 34
3,000
96
108
10734 108
12,000
103
Apr
Apr
0 34 a
1234
May
15
*3:666
43
Mar
e*68
3,000
43
Mar
1063* 1063*
1,000
100
June
982*
993*
41,000
852*
Apr
1012*
July
963*
9534
963*
31,000
79
Apr
982*
Aug
"9934
25,000
1043*
106
Sept
1073*
1092*
Apr
1st 4 ref 534s ser B.1954
108
Sept
Aug
0 34s series
1183*
Apr
103
Aug
July
973*
99
68,000
80
Jan
43
45
45,000
30
Mar
46
Oct
72,000
76
Mar
94
July
15,000
68
Mar
8634
July
943*
943*
4,000
70
Mar
95 A
983*
97 34
94?*
9 8 3*
B
6,000
84
Apr
983*
83
82
13,000
64
Apr
80
10534
^ Indiana Gen Serv 5s. 1948
Indiana Hydro Elec 5s 1958
100
100
1,000
043*
Jan
100
Oct
Indiana Service 5s
1,000
203*
Mar
34
July
1st lien 4 ref 5s
203*
Mar
322*
July
1950
343*
32
353*
2134
Mar
353*
Oct
Debenture 5s
1908
353*
313*
21
Mar
3534
Oct
1977
38
37
353* 107.000
38
6,000
23
Apr
41
July
763*
78
3,000
02
Apr
8034
Jan
3,000
92 34 'Feb
1013*
10234
Sept
1003*
102
1023*
102
3$
24,000
963*
Apr
Oct
90
90
6s without warrant8l947
182
85
Oct
95
823*
1,000
893*
Oct
823*
Mar
Oct
1950
86
903*
93
74,000
67
Mar
93
Oct
873*
743*
June
5,000
129
May
140
863*
87
27,000
70
Apr
733*
743*
29,000
5534
Jan
90
34,000
7134
Mar
3,000
1013*
Mar
1042*
Mar
1023* 103
5,000
100
Sept
10834
Jan
94,000
73
Mar
1113*
Sept
13,000
110
15,000
Apr
1173*
8734
76
103
963*
Cedar Rapids M A P 5s *63
1950
1043*
1st & ret 43*8 ser F.1907
993*
953*
963*
1113
1143*
1043* 105
983*
5s series G
1908
1033*
43*s series H
1981
993*
98
Cent Ohio Lt A Pr 5S..1950
993*
111
D..1957
873*
87
Cent Pow A Lt 1st 58.1950
943*
Cent States P A L5Hs '53
Chic Dlst Elec Gen 43*8'70
1023* 1033*
993*
7s series E
..1957
58
58
9,000
46 3*
Mar
June
1952
55
55
5,000
453*
Sept
Sept
6534
7s series F
0034
June
1093*
Oct
International Salt 5S..1951
Interstate Power
5s—1957
1952
0s
5s,series D
1956
1958
Iowa-Neb L4P 6s—1957
1901
434s..1958
1957
Isarco Hydro Eleo 7s_1952
Fraschlnl
7s.-.1942
Isotta
July
Sept
Italian Superpower
08.1963
Sept
CO
60
Oct
1834
Mar
39
Oct
8*2*
35,000
64
Mar
83
July
7734
1002*
100
101
100
9934 100
*106 34 108
1043* 104 34
5934 5934
5934
*60
'80
31,000
57 34
Mar
25,000
90
Mar
1,01
Oct
'7,000
91
June
100
Oct
Mar
108
Aug
July
3834
812*!
7734
79
76
105 34
......
45
46
4234
45
"4:660
Oct
lfLOOO
Jan
105
40
Sept
03
76
2,000
'
9834
7734
Sept
85
Feb
36
Sept
53
July
Jan
98
1153*
4334
37,000
32
Feb
50
July
26,000
100
Apr
106
Jan
1961
Kansas Elec Pow 3 34s. 1966
1042* 105
20,000
Oct
119
July
Kansas Power 58-.. —1947
Kentucky Utilities Co—
Jan
May
12,000
943*
39,000
Apr
993*
Aug
5s series B_«
____1942
...1947
1032*
18,000
85 34
92
Apr
10334
July
29,000
85
Mar
034s series D
Apr
993*
993*
Oct
88
634 s series F
1st mtge 5s ser
Apr
1052*,
3,000
97
Mar
1033*
119
1,000
112
Mar
119
10134 102
43*8 series C.
.6,000
952*
65
1023* 1033*
84J*
Apr
1002*
Aug
1,000
78
Mar
902*
July
1969
"84
Oct
Jan
94
9534
Aug
Lake Sup Dlst Pow 3 34s '00
1003*
99
78,000
Mar
41
Jan
Lehigh Pow Secur 0S..2O26
10534
104
2334
Sept
41
Jan
♦Leonard Tletz 73*8.-1940
56
3234
Mar
573*
July
Lexington Utilities 5s. 1952
Oct
1073*
May
Llbby McN 4 Llbby 5s '42
Aug
Long Island Ltg 0s.-.1945
Louisiana Pow 4 Lt 5s 1957
105
5,000
84
963*
963*
Apr
97
Oct
4,000
90
Mar
30,000
85
10,000
100
90
23 k*
1053*
Mar
85
99
353* 130,000
105
Oct
84
79 34
47,000
Oct
July
99
06 34
543*
102 34
85
14,000
553*
Apr
H—1961
1948
1955
67,000
32
982*
"
943*
353*
1053*
105
5s stamped
6s series I
34
84
84 34
1003*
1053*
*19
97-
65
Mar
843*
93
Jan
1003*
75,000
84
Apr
1053*
25
Mar
84
Apr
~
"9734
1043* 1042*
85
11,000
27.000
88
1042*
10434 104?*
1033*
1033* 103 34
«:566
101
28
982*
Oct
Oct
Aug
Sept
Sept
Apr
105
8,Q00
76
Apr
100
Feb
45.000
100
Mar
100
July
3,000
15,000
Mansfield Mln 4 Smelt—
1043* 1043*
443*
443*
453*
70
1,000
36.000
70
72
-
72
1673*
Apr
68
-1,000
71
Jan
-
-
Jan
Marlon Res Pow 434s.
87
Jan
9134
Feb
Mar
70
July
1954
45
1952
Memphis P 4 L 5s A..1948
Mengel Co conv 43*8.1947
Metropolitan Ed 4s E.1971
653*
293*666
43 34
Mar
073*
July
63
643*
29,000
4234
Mar
07
July
63
64 3*
31.000
43
Mar
6734
July
25,000
863*
Apr
102 34
July
6,000
913*
Mar
1033*
Oct
Midland Valley RR 5s
236,000
40
Mar
67
Oct
Milw
81,000
40
Mar
67
~ Oct
Minn
46,000
52
1013* 1013*
1023*
102 3* 1023*
Cities Serv P<feL53*8.1952
66 3*
4s series G
1965
Middle States Pet 03*8 *45
663*
76
100
623*
633*
75?*
100
67
67
1943
Gas Light 434s_.1967
P4L43*8—1978
6,000
1st 4 raf 5s
1955
Mar
763*
Oct
94 34
Jan
1003*
Aug
Mississippi Power 58..1955
125 34
1003*
11273* 1.31
Apr
129
July
Miss Power 4 Lt 5s
1033*
Jan
110
Aug
Consol Gas El Lt A Power
108
Consul Gas (Bait City)—
6s
1939
108
1083*
7,000
Apr
83
95
87
Apr
9534
"86 34
1082*
Pub Serv 5s. 1960
99
Q?
1063* 1062*
1092*
*109
87
"87 34
8734
68
*62
96 34
952*
"963*
95
963*
952*
102
103 3*
102 34
83
792*
1957
Missouri
982*
92
99
1062*
Miss River Pow 1st 5s_1951
Conn Lt A Pr 7s A. —1951
104
55
*94
Deb 4 34s
633*
1013*
283*
Jan
823*
June
July
Memphis Comml Appeal
473*
64
.....1943
Apr
97
*723*
McCord Rad 4 Mfg 0s
Oct
243*
*19
♦7s without warr'ts.1941
523*
Oct
41
70
1003*
July
10134
1.000
64
69
86
86 34
61,000
6734
Feb
100
Jan
Aug
Oct
7,000
70
June
11,000
100
Apr
1072*
July
Mar
10&34
July
1013*
"2:660
93
Jan
75 34
Jan
95
50
Apr
643*
Aug
26:666
8834
Jan
993*
July
32,000
83
July
Apr
Apr
9734
26,000
872*
Apr
103 2*
17,000
012*
Mar
83
Aug
Oct
22,000
70
Mar
89
May
1082* 10934
9,000
683*
7034
34,000
54
98
9834
11,000
80
434
3,000
82 34
7,000
1073*
Aug
1103*
Apr
Apr
74
Aug
Apr
100
July
Montana Dakota Power-
1033*
11033* 105
1954
123
1233*
7,000
Sept
1203*
Feb
106J*
1243*
Jan
Sept
Consol Gas Utll Co—
53*8
=.•
1944
♦Munson S3 63*8 ctfs.1937
Nassau 4 Suffolk Ltg 5s *45
1943
62
603*
62
Cont'l Gas A El 5s...1958
84
82
843* 146,000
Cuban Telephone 7 3*s 1941
Cuban Tobacco 5s..-.1944
Cudahy Packing 32*8.1955
Mar
Jersey Central Pow 4 Lt—
653*
0s ser A stamped...
Jan
35
Gas—
Jacksonville
1958
Gen mtge 4 Ha
107
5934v
1032* 1043*
Oct
1909
N...1971
1,000
1093* 1093*
157,000
58
60
22,000
38
39
1093*
Interstate Publl c Service—
1950
1900
July
5834
Debenture 5s
53*s
.........1949
Community Pr A Lt 5s '57
May
74
Jan
Sept
Debenture 5s
Community P S 5s
May
0134
88
353*
1940
Cities Service Gas 53*s '42
Cities
Service
9as Pipe
03 34
Mar
Oct
Aug
353*
1900
Conv deb 6s
Mar
43
4,000
40
Iowa Pub Serv 5s
Chic Jet Ry A Union Stock
Cities Service 5s
45 34
57
562*
55
8,000
993*
32
1950
.....
12,000
5534
56
*51
Feb
Chicago A Illinois Midland
{♦Chic Rys 5s ctfs
1927
Cincinnati St Ry 53*8 A '52
0s series B
1955
Jan
-r.1955
034s series C
Mar
Mar
993*
63*s ex-warrants... 1954
Jan
11134
International Power Sec—
Iowa Pow 4 Lt
Central III Public Service—
Cent States Elec 5s...1948
Oct
1072*
Kansas Gas 4 Elec 0s.2022
Broad River Pow 5s. .1954
Canada Northern Pr 5s '53
Carolina IT A Lt 5s... 1950
12234
1222*
140
1033* 104
1998
Canadian Pac Ry 0s..1942
Sept
111
' 1193* 120
..1900
Birmingham Elec 43*81968
Birmingham Gas 5s.-.1959
11434
118
85
120
5,000
140
1113*
1957
Jan
1223* 1223*
1955
883*
Apr
Apr
75
493*
6s series B
Bell Telep of Canada—
Mar
1042*
1093*
68
434 s series F
Works—
3,000
*653*
♦Indianapolis Gas 5s A 1952
Debenture
Avery A Hons (B F)—
68 with warrants —.1947
Oct
Mar
2,000
l,0u0
10934 109 34
1963
66.000
1092*
883*
88
.1950
a29
Sept
Aug
July
1053* 1053*
1957
6s
Jan
100
029
1949
Feb
93
Registered..........
Conv deb 43*s
Conv deb 5s
Aug
823*
Indiana 4 Mich Eleo 6s '55
02
July
110
812*
5s series C
Feb
90 34
June
91
1957
Indiana Electric Corp—
0s series A
—1947
July
10734
.
6734
922*
8 f deb 53*8...May
10,000
Sept
1951
July
10,000
Aug
1082*
1953
1st 4 ref 5s ser
90
Oct
Oct
10434
103 34
82
C—1956
Aug
Mar
Apr
5834
.
Conv deb 43*s C...1948
Atlantic City Elec 43*s '04
20
*12
1953
99
100
Aug
102 3*
III Pr 4 Lt 1st 0s ser A
Associated Gas A El Co—
Atlanta Gas Lt 4 3*s._1955
June
97
Apr
July
10034
3*b_A'55
28
Feb
97 34
Jan
43.000
Sept
833*
65
Jan
32 3*
Oct
May
20
903*
832*
79
29
9834
3434
1,000
Apr
8,000
32
Jan
Sept
1,000
34
703*
21,000
Mar
76 34
29,000
92
63
29,000
1023*
Feb
July
92 34
26
26
62 34
1003* 100 3*
993* 100
Jan
•
1032* 104 3*
w w
62 34
Amer Seating 0s stp..l940
1938
59
July
1032*
1938
..1946
534s
E) 4s
62 34
Aug
Associated Elec 43*8.-1953
05
1072*
62 3*
104
Arkansas Pr A Lt 5s. .1950
Mar
93 34
108
Apr
Sept
"62 34
10,000
102 3*
June
Jan
503*
July
2734
Hygrade Food 6s A—1949
0s series B___
1949
111 Northern Utll 5s.-.1957
1053*
1173* 118
813*
Feb
,
13,000
♦Hungarian Ita) Bk 734s'63
105
102
60
35
May
July
Jan
.
Amer Radiator 43*8.-19475
118
Apr
9834
98
*28
May
62,000
1023*
983*
443*
53
Jan
July
422*
May
82 3* 101,000
Appalac Power Deb 0s 2024
75
Mar
94
813*
Ark-Loulslana Gas 4s. 1951
33 34
Feb
June
10,000
873*
08
Sept
29
69,000
1053* 1053*
1073* 108
June
62
51
90 34
1967s
893*
492*
8,000
10,000
Apr
1st A ref 434s
1053*
May
3,000
Apr
88
1073*
94
52 34
7034
88
2028
Mar
July
4034
102 34 102 34
78
1908
08—2O10f
78
107
89
1st A ref 5s
Aluminium Ltd debt 5sl 948
July
14,000
35,000
93
82 3*
Apr
80
"2:666
14,000
1003*
77
Apr
6s..1943
Heller (W
Houston Gulf Gas
Houston Lt 4 IT 3 3*8.1966
J003*
83
052*
7534
♦Hamburg El Underground
Sold
104
Apr
Mar
Sept
112
39
Sept
Aug
11,000
87
86
*1072*
"403*
1
July
15:666
63
53
03*
81
02
"1*0:666
"72"
53
Print 0s stpd
Feb
Apr
90
923* 106,000
62>4 64,000
"53"
08.1945
,
30
71
Gobel
03
72 34
86
60
Gt Nor Pow 5s stpd..1950
Jan
3,000
77
57
Guantanamo 4 West 0s '58
95
17,000
1963*
993*
683*
98
For footnotes see page 2371,
Mar
*25
1953
6s
Grocery Store Prod
92
ser
74
9134
43*
43*
July
94
(BAlt) 33*s
Oct
9 4 3* 154,000
913*
Hall
1940
Line 6s
Jan
89
Gen Wat Wks A El 58.1943
Jan
July
.1951
1950
Yards 5s
95
Apr
5.000
234
I
Ry 43*8 A
Jan
Sept
50,000
Mar
143*
1942V
ser
1013*
52
Guardian Investors 5s. 1948
Alabama Power Co—
Cent Power 5s
Oct
Feb
70
76
4 St Ry
6s series E
4,000
82
73*
1
Bethlehem Steel 0s
Aug
31*000
88
3*
Bonds'
BONDS
1st M 6s series B
Feb
50
89
52
7834
73*
300
5s series C.
10534
July
93 34
,94
♦General Rayon 6s A. 1948
Mar
7,300
ser tea A...
July
98
86
86
Gen
May
13*
1st M 6s
105
*72
842*
A. 1956
Pub Utll 0 34s
Mar
July
53*
73*
♦Convertible 6s
Sept
*
General Pub Serv 5S-.1953
93*
813*
33*
13*
locom
98
103
75
1,600
73*
Baldwin
7$ A
3,000
Oct
1072*
Apr
104
2,500
1%
Conv deb 53*8
Feb
58
77
7
73*
Assoc TAT deb 5
Sept
102J*
9,000
92
73*
Co.5
Conv deb 53*s
38
51,000
104
6
,7
0% preferred....
£1
Wright Hargreaves Ltd..*
Am Pow A Lt deb
10134
7834
1940
63*
.2
Petroleum.
1
Woolworth (F W) Ltd—
Arner dep rets
5c
Amei G A El debt 5s.
Aug
Mar
stamped-1944
5s ex-warr
General Bronze 6s
Oct
2
WoodJey
1st A ref 5s.
Oct
107
Mar
1022* 10234
1022*
"882*
Florida Power & Lt 5s. 1954
Mar
683*
pf 100
Wolverine Portl Cement.10
let A ref 5s.
Apr
98
103
6
900
10
83*
Wlllson Products Inc.-.-l
1st A ref 5s
9734
8334
103
23*
A
...*
A bolt's Dairy 0s
July
Mar
3,000
77
First Bohemian Glass 7s '57
303*
500
13*
13*
Oll-O-Mat Ht..*
Yukon-Pacific Mining
May
1103*
792*
53 34
35,000
78
Firestone Cot Mills 5s. 1948
83*
673*
*
com
8134
Apr
106
*50
56
1053* 106 34
1063*
stpd—1961
Jan
1334
40
47
Weyenberg Shoe Mfg
1
Williams (R C) & Co.—*
Tube
Apr
Residential Mtge
Banks 0s- 5s
Aug
63*
May
June
05
134
13*
972*
963*
972*
1953
;1907
634s series A
1134
Feb
5
104 3* 104 34
1950
Paso Elec 5s A
Gatlneau Power 1st 5s. 1950
West Va Coal & Coke
Wolverine
Ei
Empire Dlst El 5s
1952
Ercoie Mareill Elec Mfg—
0
pref..*
Wisconsin P A L 7%
772*
Elmlra Wat Lt & RR 5s '56
Apr
Hn June
71
112,000
'6834
1092* 1103* 30,000
772* 108,000
743*
1,000
1063* 1063*
70 A
110
05
200
Westmoreland Coal Co—*
Wilson-Jones Co
Edison El III (Bost) 3 34a
Elec Power <fe Light 5s.2030
Federal Wat Serv 534s 1954
100
*
Vot tr ctfs com
Williams
3
♦Deb 7s
Aug
Gary Electric <fc Gas—
100
7% 1st preferred
West Texas Utll $0
Oct
34
Western Tab & Stat—
Westmoreland Inc..
22*
2*
Ry—
Western Maryland
3,000
Mar
J"uhe
13*
33*
3 3*
334
22*
11
3
—
33*
4,000
Jan
92*
—1
Wentwortb Mfg
...1.25
Western Air Express
1
1 1952
♦Certificates of deposit
5.000
July
33*
Bros-Brower__l
Wellington Oil Co
July
Aug
4,000
103*
33*
0
Wayne Knitting Mills—5
Oct
52*
♦034s
2*
7734
1,600
1052*
2*
Apr
H
Mar
33*
13*
1H
93*
91
2*
6
%
11,000
2*
Mar
134
Th
1002*
Aug 1 1952
43* June
13* Mar
53* Mar
♦
1
Mar
♦Certificates of deposit
734
7
110
93
1072*
Jan
7
*
July
May
Aug
i2~6o5
1052* 1052*
f Get City Gas 0s ser A 19471
H5» 1st series B—.1950
Detroit Internat Bridge—
Jan
Mar
*
A....*
104
July
2
3*
70
Mar
33*
2 3*
100
High
Low
97 34
*7 34
500
74
9H
10,000
*108
109
1052* 1052*
58.1949'
Denver Gas & Elec
Range Since Jan. 1. 1938
Sold
104
104
Delaware El Pow 5 34s. 1959
Jan
1,200
6
1
52*
A
7034
52*
1938
Bonds
Mar
7
203*
100
23
23
9%
—
334
473*
3*
13*
74
Class B
June
300
pref—100
Walker Mining Co
Apr
June
2
VA
23
Waltt & Bond class
June
12*
Tool_5
Venezuela Mex Oil Co-.IO
Venezuelan Petroleum... 1
Wagner Baking v t c
13*
13*
313*
of Prices
High
Low
Price
High
he
..100
1
—5
Vogt Manufacturing—
Waco Aircraft Co
100
750
2*
Van Norman Mach
Va Pub Herv 7%
Low
13*
1
Class B
7% preferred
Valspar Corp com
$4 conv pref—.
2%
46J*
22*
*
*
Utility & Ind Corp com..6
Conv preferred
7
JUtll Pow <fc Lt common.. 1
Utility Equities Corp
Sale
Continued)
Shares
Week's Range
Last
BONDS
Range Since Jan. 1, 1938
Last
IS,
Friday
Sales
riday
STOCKS
Welsbaum
Oct.
New York Curb Exchange—Continued—Page 5
2370
683*
5*666
78
983*
44,000
~
533*
633*
8734
Sept
6534
Jan
Mar
843*
Oct
47
Mar
7234
July
903*
Mar
99
Sept
Apr
100
Jan
434
82
13*
June
8134 May
53*
95
Feb
Jan
Volume
New York Curb
147
Exchange—Concluded—Page
6
2371
...
Friday
BONDS
Last
(Continued)
Week's Range
Sale
of Prices
High
Price
Nat Pow A Lt 08 A___2O20
Deb 5s series B
2030
86
{♦Nat Pub Serv 5e ctfs 1978
Nebraska Power 4%s_1981
93
37
0s series A
116
New Eng Power 3%b.1961
New Eng Pow Assn 5s_1948
Oct
Twin
37
Sept
44%
Jan
108
Mar
110%
May
3,000
111
Apr
120
June
9,000
82%
121
60
54%
56%
58%
80%
9,000
«:
^
.
il.
69
115%
»
63,000
40
57%
5,000
40
54
56%
105% 106%
76,000
86
18,000
38,000
102
85-
86%
87%
34,000
39%
87
Apr
96%
Apr
85%
118%
July
Sept
61%
July
Apr
59%
July
6 Ms
60
July
5 Ms
Mar
95
84%
83
-----
96
Feb
103%
Mar
89%
July
74
Mar
91%
July
6s series A
:
*103
86
17,000
86 M
*66
N Y P A L Corp 1st 4 %h'67
N Y State E&G4H8 1980
"l07"
N Y A Westch'r Ltg 4s 2004
Debenture 5s
1954
105
63%
93
.....
72
45
106% 107% 72,666
98%
99% 120,000
105
71,000
*112% 113%
55
55
5,000
99
Mar
86%
103%
Sept
......
May
6s
Apr
108%
92
90
92
Apr
Oct
103%
Jan
99%
105%
112%
Jan
114
1909
47%
Mar
Aug
62%
70
Apr
92
Oct
49%
30
31,000
2,000
Mar
54
July
109%
Apr
Penn Elec 5s...2030
West Penn Traction 5s '60
West Texas Utll 5s A 1957
West
Aug
105%
Oct
105
Oct
86%
Apr
102%
Oct
Feb
105%
Sept
Wise Pow A Lt 48
1966
Yadkin River Power 5s '41
95%
July
♦York Rys Co 5s
107%
July
23,000
103%
Jan
8,000
102%
Sept
4,000
102%
7,000
2,000
8,000
106%
103%
102% 102%
103% 104%
27,000
98% 101%
55,000
84
104
16,000
—
7,000
86%
*102
......
103
114
114
115
90
90
90
Pacific Ltg A Pow 5S..1942
114
Pacific Pow A Ltg 5s..1955
113% 114
7.6%
78%
78%
30
...
Penn Cent L A P 4 Ms. 1977
,
102
80%
Apr
87
30
84
87
94%
90%
92
1950
94%
92%
97
Deb 6Ms series B..1959
Penn Pub Serv 0s C..1947
D._
99%
89%
92
105% 106
92
......
1954
104
104
...1908
104
105
Penn Water A Pow 6s. 1940
4s series B
105%
107% 108
1981
92%
4s series D
1901
Phlla Eleo Pow 5 Ms..1972
Pblla Rapid Transit 0s 1902
112%
Pledm't Hydro El 0Ms '60
70
••
......
6s..1949
94
Portland Gas A Coke 6s '40
64
36%
141%
Aug
92
■* July
87
July
84
1,000
65
Apr
86%
July
24
24,0Ju
105
16,000
23
~93%
105M 105M
12~666
102 % 103
16 000
97
90
93
94
47,000
58%
26.000
105%
15,000
55%
105
90 M
74%
32
97%
"1:660
100
Sept
Aug
95
58%
105%
Jan
May
107%
June
Oct
July
108
Apr
105%
Jan
Sept
108%
Mar
106
Aug
July
103
June
103
July
107%
109
Mar
106 M 106 M
j.1947
26
Feb
1,000
*106
98 M
12% Mar
103% Apr
106% June
Apr
99%
July
98%
46.000
86%
Apr
98%
Oct
103%
103
26,000
90
Feb
105%
Feb
Apr
17%
20
*23
*23
30
24
Aug
30
*23
30
AND
Apr
86%
Oct
100
Mar
103%
Aug
114
Mar
116%
Feb
Oct
91
Oct
90%
Oct
Jan
25%
Sept
Jan
25%
Sept
24
Aug
May
5,000
79
Apr
94
Apr
115
Mar
9,000
59,000
28
Mar
74%
Mar
90%
July
3,000
43,000
78
Mar
98
76
Apr
'47
♦6s ctfs of dep...Aug '47
♦6s ctfs of dep. I Apr '48
Oct
78%
34%
Jan 1947
♦7s ctfs of dep. Jan
May
55
♦20-year 7s
Sept
113
GOVERNMENT
MUNICIPALITIES—
July
July
.
Antloquia
Jap
(Dept
1,000
of) Co¬
lumbia—
94%
♦78
32,000
82
Apr
99%
A ctfs of dep. 1945
♦7s ser B ctfs of dep. 1945
*7
ser
ser
C ctfs of dep. 1945
D ctfs of dep. 1945
*7
♦78
Oct
ser
♦7s 1st ser ctfs of dep.'57
♦7b 2d ser ctfs of dep.'57
,*7
*7
*7
May
*20
Jan
Bogota (City) 8s ctfs.. 1945
*6
105
Sept
Sept
108%
30,000
Apr
Feb
109
50,000
16,000
78%
Mar
94%
Aug
82%
Mar
96%
113%
Mar
62,000
111
Jan
31
108
36%
15,000
11,000
1,000
36,000
48
105%
107
Jan
Apr
Apr
69%
21,000
23
Sept
65
June
103
Jan
Apr
80%
Jan
10
11
6%
Apr
11%
Aug
1948
*8
*8
HM
11%
Apr
Sept
130
Jan
7s_
1948
deb
......
102%
102% 102%
102% 102%
102% 103
103% 104
3,000
2,000
18,000
6,000
: Sept
101% Apr
101
Sept
101
Jan
*23
35
22%
35
24
*15%
*15%
20%
20%
♦6s
dep..July *61
ctfs of dep..Oct '61
Cundinamarcat (Dept of)
6Ms ctfs of Sep
1959
Danish 5Ms—...
103%
Sept
July
105
108
♦German Con Munlo 7s '47
Feb
♦Secured 6s..
Puget Sound P A L 6Ms '49
105%
35,000
81%
78
40,000
61,000
59
Apr
78
Oct
♦Maranhao
77%
83,000
53
Jan
77%
Oct
79
12,000
69
June
93 M
Jan
Feb
29 M
81
78
76%
76%
74%
60%
Mar
Oct
105%
81%
Oct
Queens Boro Gas 4 Eleo—
■79
1952
75 M
♦Ruhr Gas Corp 6%s.l953
♦Ruhr Housing 0 Ms..1958
♦Saxon Pub Wks 6s.-.1937
*27
♦Schulte Real Est 6s..1951
*27
Scripp (E W) Co 5M8-1943
29
July
1948
21%
Jan
102M
15,000
90 M
Apr
59
02%
62 M
22,000
38 K
67
lol%
107 M 107%
104
104%
1908
104%
104% 104%
104%
103% 104 %
62 %
70
•
131M
101
101
1951
110 M
15
Feb
24 M
"28~~
Apr
67%
81
93%
~95%
82
96
104% 104%
107
1st A ref mtge 4s._.1960
110
106%
106%
109M
104%
107
"52"
S*western Assoc Tel 6s 1901
50
99
S'western Lt A Pow 5s 1957
103
So'west Pow A Lt 6s..2022
107 %
110%
104 %
52
99
100 %
101% 103
.
So'west Pub Serv 0s.. 1945
107 %
86 %
83 M
104 M
*104
23
19
Jan
Mar
10
10
22%
13%
*8%
10
10 M
9%
25
♦78 ctfs of dep.Oct '47
July
♦Mtge Bk of Chile 0s. 1931
Aug
0s stamped
Aug
1,06 M
100
13,000
5,000
5,000
103,000
99
53 %
Sept
70
Oct
70
Mar
84
July
♦Rio
71%
Mar
97M
JuJv
101M
102 M
102M
106 %
103%
35M
Apr
Sept
Sept
Apr
Apr
May
Mar
Apr
107
Feb
10%
Aug
Sept
10
Aug
04
Feb
80%
21
Feb
25
Aug
25%
Sept
"i"66o "16%" Jan
June
30
17
20
*22
*22
30
♦Russian Govt 0MS...1919
12,000
54,000
15,000
18,000
10,000
10,000
6,000
12,000
18%
Jan
Apr
2,000
25
*14
♦7s ctfs of dep.....1946
34,000
105
Sept
12,000
12%
17% June
Apr
Mtge Bank of Columbia—
28,000
4,000
105%
Jan
9%
9%
7%
26
*23
16%
17
1931
Oct
107 %
105%
20,000
7,000
25
25
Issue of Oct 1927
Apr
Apr
Sept
Sept
Sept
100
Oct
7%
8,000
10%
18
*23
♦7s ctfs of dep. May '47
♦
♦7s ctfs of dep..
1947
♦6M8 ctfs of dep.-.1947
Mtge Bk of Denmark 5s '72
May
Mar
Jan
%
Mar
%
%
42,000
♦5%s
'
1921
106 M
Mar
♦7s
%
%
%
56
56
56
*15
1961
87,000
%
16,000
1,000
45
1
Jan
Jan
Jan
Mar
%
Feb
65
Mar
Jan
11%
Jan
16%
July
11%
16%
19
*15
%
%
%
Jan
10%
June
Oct
Aug
86%
Jan
10%
%
18.000
♦Santiago 7Si-.-.—..1949
Mar
10%
Apr
Sept
%
%
Aug
56%
Mar
6
%
111
103%
7
20.000
7%
♦5Ms certificates...1921
100%
Feb
26.000
9%
7%
♦Santa Fe 7s stamped.1945
Feb
Sept
102%
9%
July
Apr
"*24%"
Apr
(State) 7s... 1958
July
Apr
Sept
"96""
de Janeiro 6MS-1959
108M
85
""24%"
*98%
108M
93
......
30.
99%
♦Parana
.
30
*22
♦6Ms certificates...1919
104%
Oct
*20
♦Issue of May 1927
'
31M
Sou Calif Edison Ltd—
Ref M 3 Ms-May 1 1960
Ref M 3%s B.July 1 '60
25%
9
Mar
62 M
Sept
Sept
Sept
23%
18
80
.
28
103
23
Jan
18%
79%
Mar
May
July
9M
128M
12,000
Mar
Mtge Bk of Bogota 78.1947
June
16,000
59%
19%
Aug
107
15
June
2,000
May
28 %
15
Jan
39
Aug
2,000
1,000
*7%
Mar
107% 108%
5
102
23
*7%
21
*130
100%
20%
1951
+22
"108 %
Sept
Sept
21
1954
25 M
{♦St L Gas A Coke 08.1947
90%
Aug
23
1958
♦7s ctfs of dep.
*6 Ms ctfs of dep
18%
14%
90%
49%
♦Mendoza 4s stamped.1951
*26
San Joaquin L A P 0s B '52
7s
July
21
23
♦Medellln 7s stamped. 1951
81%
1st A ref 5s ser C...1950
1st A ref 4Mb ser D.1950
Mar
July
Aug
14%
20%
1947
(City) 7s...1939
♦Hanover (Prov) 0Ms.l949
♦Lima (City) Peru 6Ms '58
105
98%
Jan
Mar
13
49%
♦Hanover
I960
27
28
18%
......
*98% 101
*96
100
1953
May
106%
*7
1955
Danzig Port A Waterways
External 0 Mb
1952
July
104%
24,000
*23
♦6s ctfs of
Aug
105
11
♦6s series A......1952
May
145
Valley
Columbia (Republic of)-
Apr
22%
Feb
May
65
14
♦Prov Banks 0s B..1951
July
20%
70
68
75
Sept
98%
......
Feb
80
July
108%
21%
*7
♦7s ctfs of
Apr
109
Aug
July
♦7Ms ctfs of dep.__1946
Cent Bk of German State A
Jan
22
Sept
7
*69
*70
Feb
100
18
Aug
7
»
1947
108
18%
Aug
July
1952
June
Aug
Sept
86
7
Aug
7
♦7 Ms stamped
♦Cauca
104%
7
6
♦7s stamped.
Feb
8,000
Aug
♦Cahlas 7Ms ctfs of dep.'46
Aug
61
22
8%
16
107%
Mar
104%
106%
Aug
Bogota (see Mtge Bank of)
Buenos Aires (Provlnoe)-
Mar
93
96
8%
35
Mar
99
1,000
Sept
95
*7
♦7s 3d ser ctfs of dep.'57
♦Baden 7s
1951
June
75
11,000
10,000
11%
11%
11%
11%
10%
10%
10%
*7
'
27,000
40
140% 142%
I960
Sou Counties Gas 4Mb 1968
Sou Indiana Ry 4s..-.1951
90
Apr
Apr
•
26
105%
101%
Aug
Apr
Pub Serv of Oklahoma—
1945
Feb
75
75
2,000
108% 108%
103 M
91
5s
1st A ret 4 Ms ser F.1981
Debenture 3%s
105%
102%
75
4,000
30
Jan
83
69
8,000
3,000
108
0% perpetual certificates
2025
Aug
25
96
Pub Berv of Nor Illinois—
Southeast PAL 6s
July
82%
25
FOREIGN
14,000
Public Service of N J—
1st 4 Ms series D
1970
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 6s. 1957
80
Feb
*25
Jan
56
24
1st 4 Mb series B
Jan
64
*23
106%
08,000
102
Servel Inc 5s
Oct
53%
Agricultural Mtge Bk (Col)
♦20-year 7s....Apr 1946
Oct
55
*18
Shawlnigan W A P 4Mb
111
72
Feb
*100
Scullln Steel 3s
Feb
27,000
79
'59
Safe Harbor Water 4 Ms '79
Oct
96
90%
May
63%
64%
107% 108
107%
Potrero Bug 7b stmpd.1947
5 Ms series A
83%
38,000
*107 M 108
1937
Stamped 5s
65
♦Prussian Electric 6s.. 1954
4%8serlesD___..__1978
4 Ms series E...
1980
July
Aug
Feb
7,000
Jan
2,000
94
1901
PowerCorp(Can)4MsB
Feb
82%
105%
27,000
91M
86
105
105
July
Apr
58%
70
*20
Potomac Edison 5s E.1950
4Mb series I
89
86
84
23M
Mar
57%
94%
04%
81
90%
,
June
28
80%
Jan
Mar
72
89
......
27%
23
56
48,000
70
106% 106%
Pittsburgh Steel 6s.-.1948
4Mb series F
92%
93
94%
96
112% 112%
96
♦Pomeranian Elec 6s..1953
4s series A..
72
Feb
1,000
l,f 00
8,000
110% 111
80
24
Oct
Apr
4,000
75
91
107
Peoples Gas L A Coke—
CJoal
111
62
*
.......
1971
6s series A
Pittsburgh
83%
Apr
Sept
89 M
89
Penn Ohio Edison—
4Msserle8 B
104 M
42
25,000
21.00C
26%
76 %
'103 M 105
80
83%
♦7s
Penn Electric 4s F
5s series
74
Wtsc-Mlnn Lt A Pow 5s '44
44,000
A.1948
....1979
Feb
Apr
106
101%
86%
Pacific Gas A Eleo Co—
1st 0s series B
1941
.
79
58 M
93%
103
...
1940
Lexington 3s.__.1904
26 M
26M
71%
26 M
75
105 %
93
48,000
102%
105% 105%
95
95%
103%
102%
Okla Power A Water 6s '48
1st 5s
Sept
112%
1,000
1,000
♦78ctf8ofdep.Apr '46
1945
1st A ret 4 Ms ser D.1950
Okia Nat Gas 4 Ms
1951
ser
3,000
58
Newspaper Un 0s *44
West United G A E 5Ms'55
Wheeling Elec Co 5s..1941
101
95%
Ohio Power 1st 5s B..1952
Park
105%
105% 105%
104% 105
104%
102%
4 Ms series E
1970
N'western Elec 0s stmpd'45
N*western Pub Serv 5s 1957
Pacific Invest 5s
July
48%
116%
.1946
Wash Gas A Light 58.1958
Wash Ry A Elec 4s...1951
Wash Water Power 5s 1960
Apr
Sept
45
10,000
108% 108%
49%
108%
...I960
Pacific Coast Power 5s '40
65%
Mar
58
Waldorf-ABtoria Hotel—
♦5s Income deb
1954
Aug
88
Indiana P S—
5s conv debs..
Mar
30
"91M
West
5 Mis series A
...1950
Nor Cont'l Utll 5%s..l948
No Indiana G A E 0s..1952
Ogden Gas 5s
44
8,000
"81""
Feb
84
No Amer Lt A Power—
C
31,000
4Ms
1944
Va Pub Serv 5 Ms A..1948
Oct
June
105
105
Nippon El Pow 0 %s._1953
58 series D
59
48 M
..1973
Utah Pow A Lt 0s A..2022
Oct,
96
Feb
1st ref 5s series B...1950
♦Ext 4%s stamped. 1950
6s series
1952
58
46
115% 115%
1974
1959
Un Lt A Rys (Del) 5 Ms '52
United Lt A Rys (Me)—
Oct
70
15,000
High
47 M
6s series A
1942
Low
Sold
58 %
♦United Industrial 6 Mb '41
♦1st 8 f 6s
1945
United Lt A Pow 0S...1975
Jan
Mar
New York Penn A Ohio—
Northern
City Rap Tr 5 Mb '52
Conv 0s 4th stamp. 1950
United Elec N J 4s
1949
United El Serv 7s
1956
Sept
Apr
Range Since Jan. 1, 1938
Bonds
High
Ulen Co—
1,000
57
85%
87%
of Prices
Low
Tletz (L) see Leonard
3,000
115% 116%
93%
93%
......
Week's Range
Sale
Oct
95
77,000
57%
Debenture 5%s..:.1954
♦Income 0s series A.1949
N Y Central Elec 6 %s 1950
Mar
37
New Orleans Pub Serv—
5b stamped
62%
87
82
•
Last
Price
109
*117
1948
1950
15,000
60
N IS Gas A El Asstn 5s 1947
Conv deb 5s.-
BONDS
High
v
37
85%
Nelsner Bros Realty 0s '48
Nevada-Calif Elec 58.1956
New Amsterdam Gas 5s '48
*
Low,
94
Friday
(Concluded)
Sold
109
2022
5s
1938
Range Since Jan. 1,
Bonds
Low
94
|
Jan
Oct
8,000
55 M
93
Mar
105%
46 M
60%
Oct
47
Sept
Sept
61
Oct
the
37 %
Mar
60
Oct
range,
36 M
Mar
60%
Oct
53 %
Oct
Apr
60%
80 M
Oct
_
Jan
{Standard Gas A Elec—
6s
(stpd)
.1948
Conv 6s (stpd)
Debenture 6s
1948
1951
Debenture 0s. Deo 11960
6s gold debs
1957
Standard Investg 5 Ms 1939
54%
54%
60%
61
90,000
65,000
60
55
60
129,000
59%
60%
60%
59.0CO
58
60%
3,000
80 M
79
80%
*60%
z60 %
55%
{Standard Pow A Lt 681957
60%
53%
♦Starrett Corp Inc 5s. 1950
36 %
36
16,000
60% 171,000
37
50,000
57
59
Stinnes
(Hugo)
1970
Tennessee Elec Pow 5s 1956
Ternl Hydro-Ei 6MS..1953
Oct
28,000
40
59
July
36
105
105
106
3~7~666
104
Apr
106%
Deferred delivery sales not Included in year's range,
Included in year's range,
107
17,000
103 M
Apr
107M
Aug
93 % 127,000
65 M
Feb
93%
61
Feb
93 %
55 M
94 M
Tide Water Potfer 6s..1979
90
55
M
93
53 M
57 %
3,000
94 M
52,000
35M
82 M
Sept
Mar
100M
Jan
39,000
94
Mar
104 M
101%
80 %
—
Detroit City Gas 5s ser. B
96 %
98
6,000
90 M
Mar
84
85
5,000
75 M
Apr
No sales were transacted during current week.
—
Indiana General Service 5s 1948, Jan.
e
-
-
—-—-
-
■-
—
1947, Dec. 9 at 105.
1950, Dec. 9 at 105.
1, 1939 at 105.
Cash sales transacted during the current week and not Included In
weekly or
yearly range:
No salee.
May
Aug
101M 102
n Under
sales not Included In year's
H The following Is a list of the New York Curb bond Issues which have been called
Oct
*50 %
r Cash
receivership.
In
in their entirety:
Oct
106
101M
98
2022
a
not
Ex-divldend.
{ Reported
Oct
55
x
* Friday's bid and asked price.
Bonds being traded flat.
Oct
37 M
106
Texas Elec Service 5b. 1960
A
60M
Mar
Sept
Sept
Texas Power A Lt 5S..1950
series
Mar
18 %
rule sales
Detroit City Gas 6s ser. A
1940
2d stamped 4s
1946
Super Power of HI 4Mb 68
0s
36
No par value,
*
Oct
Corp—
2d stamped 4s
1st 4 Mb
54
*
y
f
;•■
•
''
•
Under-the-rule sales transacted during the current week and not Included In
or yearly range:
weekly
No sales.
z
Jan
n
Deferred delivery
sales transacted during the current week and not Included
weekly or yearly range:
gfLlCSv
Abbreviations
Used
Above—"cod," certificates of deposit; •'cons,"
consolidated
•cum," cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting stoc>•v t c," voting trust cert.f«"ates; "W l," when Issued; "w w," with warrants"x-w"
without warrants.
-
Financial
2372
Oct.
Chronicle
IS. 1938
Other Stock Exchanges
Estate Securities Exchange
Real
New York
Closing bid and asked quotations,
SECURITIES
CHICAGO
Friday, Oct. 14
Listed and Unlisted
Bid
Unlisted Bonds
22
1945
38
Bryant Park Bldg 6%s
11 West 42d St Bldg—
6%s unstamped
Paal R Davis & Go.
Park Place Dodge Corp—
75
7s 1945
'45
B'way 38th 8t Bldg
Ask
Bid
Unlisted Bonds
Ask
6
Income 5s 1952 v t c
10 East 40th St Bldg 5s '53
—
—
83
250 West 39th St Bldg 6s'37
9
Members
Internat Commerce Bldg—
1943
6%s
New York Curb (Associate)
.
4
10 S. La Salle
Baltimore Stock
Oct. 8
Friday
Last
Sale
St., CHICAGO
Exchange
compiled from official sales lists
Oct. 14, both inclusive,
to
Chicago Stock Exchange
Chicago Board of Trade
Exchange
New York Stock
Chicago Stock Exchange
.SaUS
Week's Range
Range Since Jan. 1, 1938
for
Oct.
8
to
Friday
Week
of Prices
compiled from official sales lists
Oct. 14, both inclusive,
Price
Low
' High
(Conn)..50
18%
24%
Bait Transit Co com v t c. *
%
19%
*
Arundel Corp
Atl Coast Line
Low
Shares
Sales
.
704
19%
24%
9
%
2%
12%
Range Since Jan. 1, 1938
Last
High
Mar
July
19%
June
15
1,017
17
%
%
28
1
Jan
Apr
2%
20%
1%
19%
Mar
2%
Black <fe Decker com
20%
398
9%
Mar
20%
Oct
Consol Gas E L &
72
70
72
132
55%
Mar
73%
July
113% 114
110
*
1st pref v t c
*
Pow_._*
Week
Abbott Laboratories—
55
com..—25
46%
9
z9
Adams ( T D) Mfg com—*
56%
46%
55%
*
Common (new)
Acme Steel Co
Apr
39%
Sept
40%
Oct
7%
Jan
10%
Mar
4%
Sept
1
20
Apr
*
10%
10%
9%
13
7%
Sept
9%
Oct
Advanced Alum Castings.5
3%
3%
1
50
4%
Mar
10%
July
Aetna Ball Bearing com__l
5%
6%
350
Preferred
_
_
Guilford Realty Co com._l
Mar
114
Oct
Allied Products com
9%
May
11
Oct
1%
100
1%
May
1%
Oct
17%
420
11%
Mar
18%
July
Allied .Laboratories conv.
% ;
%
"io"
15
734
10
9%
%
6
10
Aro Equip Corp com
1
Asbestos Mfg
%
Associates Invest com
1
*
3
_
i.
...
com
%
1%
700
% May
1% Sept
3
Jan
Athey Truss Wheel cap—4
1%
300
1%
2%
Jan
Automatic Products com. 5
26%
187
26%
'
18%
Sept
Sept
Oct
10
Mai
16%
Jan
MononWPennPS7% pf25
Preferred...
100
25
25%
42
21
Apr
25%
Sept
67
35
June
47%
Jan
38%'
39
New Amsterdam Casualty 5
11%
11%
12
1
1%
1%
5% preferred
25
...
U 8 Fidelity A Guar
Mar
12%
Aug
1
June
1%
Jan
Mar
13
6% June
8% Mar
13
Jan
24%
Aug
1
.1
8%
Mar
17%
e
29%
Sept
33
7%
"26"
July
Jan
(New)
5
common
Brach A Sons (E J)
cap..*
A
5s flat....
197r
5s flat
1975
21% 834,500
80%
161"
80%
.1941
500
101
101
7,000
101
2,000
Boston Stock
Oct.
2,500
101
Finance Co of Amer 4% '42
4.14%
24
Sale
Par
Stocks—
Price
6% pf50
1st pref.
50
100
Amer Tel A Tel
1%
11
146%
of Prices
Low
High
13%
15%
170
10
6%
100
5
20
100
14
Apr
14%
250
6
May-
22%
15%
7%
60
6%
June
10
3%
400
May
2,550
2%
5%
6
6
Class A
*
20
20
15%
Bruce Co (EL) com
5
14%
78
Mar
85
Feb
Bunte Bros com........ 10
7%
7%
Feb
101
Aug
Burd Piston
3%
Oct
101
Oct
Ring com...!
10
3%
Low
1
1%
Apr
Mar
1%
Apr
Chain Belt' Co com
.
May
Mar
342
108
94
Sept
Apr
134
Jan
Jan
July
Oct
58%
May
20%
Jan
Chicago Rys pt ctfs 2..100
Chic Rivet A Mach cap..4
130
5%
Cl A 1st pref std
100
•2.
Cl A 1st pref
100
Jan
2%
209
1
4%
July
Chicago Yellow Cab Inc..*
1%
1%
80
1
Mar
3%
July
2
42
1
Sept
3%
July
Chrysler Corp com
Cities Service Co—
Sept
4
10
1%
Apr
3
'
Feb
200
Sept
5%
July
95
2%
1%
May
3%
Feb
26
Copper Range
25
12%
50
8%
Apr
12%
9%
1,542
5%
Mar
10%
7%
1,640
4%
May
7%
7%
100
100
27%
2
3%
2
Boston Per Prop Trust
Calumet A Hecla
2
12
*
9%
5
2%
2
8%
6%
1%
July
Eastern Mass StRy—
Common
..100
Adjustment
100
27
343
28
52
Common..
*
General Capital Corp
Gillette Safety Razor
*
*
(New) com
10
Club Aluminum Utensil..*
Cudahy Packing pref.. 100
Cunningham Drug com2%
%
Oct
2%
July
107
9%
174
23%
6%
Preferred
_
32
2%
Loe w's Theatres (Boston) 2"
Maine Central com
100
5% cum pref
6%
Inc..
1
26
3%
North Butte
Old Colony RR
2.50
100
Pacific Mills Co
*
Pennsylvania RR
60
Qulucy
25
Mining Co
10
■
20c
30
35
6%
%
10
4%
600
25%
Mar
35%
Oct
38%
Jan
80%
July
1%
Jan
July
May
70
June
10%
200
82%
2,144
63%
5%
1%
8%
7%
8%
2
2
2
300
2
Sept
28
May
17%
400
12
May
7%
1,050
Jan
25
"
'
4
Mar
7%
AUg
Feb
3%
400
11
8
11%
July
3%
4%
170
Oct
17%
515
1%
11%
4%
16%
18%
Sept
17%
July
18%
50
10
Mar
18%
July
62%
48
Jar
65
60
73
July
15
15
100
11%
Apr
16%
July
*
2
2
10
1%
June
3%
Jan
16
17%
95C
5%
Mar
Jan
Dayton Rubbei Mfg com. *
Cumul class A pref...35
24%
100
Mar
Decker (Alf) A Cohn com 10
2%
20%
50
515
10
Curtis Lighting I nc com
.
.
15
5%
5%
*
12%
12%
Dodge Mfg Corp com....*
Eddy Paper Corp (The)..*
Elec Household Utll cap. 5
10%
10%
20 %
20%
37%
38%
Aug
July,,
Feb
Jan
Common
4%
'» '
24%
Oct
Ma--
3%
July
Sept
21%
Oct
6%
Jan
16
9%
Sept
7% Mar
10% Mar
*
.
2%
Mar
'
Elgin Natl Watch Co... 15
Oct
17%
Jan
1%
100
1,750
,
.3% June
50
4%
18%
4%
July
May
20
50
18%
9
Sept
May
Jan
*
22
Oct
10%
Mar
5
Sept
82%
22
Deere A Co com
Sept
12%
Sept
25,400
Dexter Co (The) com
1'8
June
8
350
Jan
Mar
10
78%
Oct
3%
June
Oct
%
57%
Feb
40
Sept
30
24%
2%
19%
60c
Sept
%
'
Jan
65%
65
11
Mar
19
925
2%
15
3%
1%
20
15
5
1%
101.
27%
200
95%
New River 6% cum pf.100
100
1%
26
"95%
National Tunnel & Mines. *
N YNH AHRR
400
26c
32
JuDe
50
15
Mar
Jan
16%
14%
Jan
21
Feb
Aug
5%
56
4%
120
2%
11
1%
18%
3%
1%
48c
1%
16
22%
4
1%
Jan
24
Oct
42c
1%
15
21%
2
55
Sept
1
June
300
1%
254
990
9%
13%
May
280
1%
June
13%
10%
11
25%
24%
26
785
17
Apr
20
20
21
65
15
A pr
Torrlngton Co (The)
*
12%
30
895
2,574
12%
8
5%
79c
5
-
10%
*
2%
Mar
12%
*
fltone A Webster
68
Sept
Mar
10%
13%
Shawmut Assn T C
38%
300
4%
Apr
9%
Four-Wheel Drive Auto. 10
4
4
4
150
3%
Sept
6%
Mar
9%
9
10
450
8
Mar
11%
June
2%
Jan
July
July
Jan
1,385
4
Oct
9%
July
1%
22%
37%
9
2%
3%
13%
Reece Button Hole MachlO
500
9%
109%
3'
37o
Fairb'ksM'seACo6% pf 100
Fltz Sim A Con D A D cm*
Jan
48c
16
6
Jan
Jan
Mar
81
413
56
28
Mar
682
"
"~1%
2%
Mar
Aug
Fox
14
100
New England Tel A Tel 100
2%
15
Mass Utilities Ass vtc^.J
Mergenthaler Linotype..*
Narragansett Racing Ass'n
32
21%
2%
31%
Apr
June
26 c
*
*
......
Isle Royal Copper Co...15
July
Mar
10%
Dixie-Vortex Co-
Hathaway Bakeries cl B.
16%
June
Jar,
4%
17%
238
31%
Mar
12%
1%
Ma;
Common pt sh A v t c.50
Container Corp of Amer.20
1%
8%
12
300
%
May
1%
31%
July
5%
6*%
1%
3%
5%
If
17%
Jan
20
Sept
120
7%
Feb
8%
2%
150
h
,
11
1%
Apr
Apr
July
9
%
17%
1
com
30%
2%
1
9
Compressed Ind Gases cap*
July
15%
Jan
50
12,900
t,
1
,
Consumers Co pt pf v t c 50
%
175
97
June
60
9
Jan
Apr
25%
750
Consol Biscuit
9%
335
2%
70
74
Jan
9
3%
July
Mar
90
71
Jan
148
14) %
July
2(
170
34
Jan
57c
3%
xl8%
15%
27%
57c
3%
1%
7%
1
■1
z27%
New capital.
13%
*
Aug
June
Commonwealth Edison-
57c
1
%
6,100
4%
26%
East Steams'p Lines—
Employers Group
Jan
Jan
3%
•
150
13%
2%
35%
'10%
14%
;
41%
1,450
•
/.
45
1%
2
Continental Steel com...*
21
95
13
13
5
Sept
Sept
15
June
25
East Gas A Fuel Assn—
4%% prior pref
6% preferred
57%
1%
41
*
Chicago Towel com...
2
100
...
12
"Mar
Sept
2%
Mar
%
4
Chic A N West Ry com 100
Mar
8%
3
230
73
Chic Flexible Shaft com..5
13%
8
3%
55
35%
*
Preferred
47%
100
CI B 1st pref
„_..i00
Class C 1st pref (stpd) 100
14
15%
192
,
~45~"
*
Cherry Burrell Corp com..5
Chicago Corp common..*
633
15
Prior pref
Cl D 1st pref
.
108%
.
Class C 1st pref
100
Cl D 1st pref (Stpd)..100
*
Preferred
June
60
50
Mar
6%
93
*
Prior lien preferred
%
62
14%
9
1%
1%
115
85
48
30
.
,
—1
Cent States Pow A Lt pf. *
534
14%
25
%
Jan
84
50
Apr
6%
16
80
100
Aug
14
13
1
Common
149%
75
Boston A Maine—
July
150
52%
Mar
80%
Boston Herald Traveler..*
July
20
13
Mar
11
84
Boston Elevated
10
24%
Sept
24%
1,554
125% 128%
Mar
Sept
23%
Central 8 "W—
High
80
126%
Oct
Jan
5%
14%
Central Cold Stor com..20
.100
100
Jan
Aug
17%
18%
55
Mar
40
8%
21%
18%
Cent 111 Pub Ser S6 pref..*
-
•
265
8%
110%
,50
%
•
20%
Butler Brothers
$1% conv pref.
100
146% 148%
July
8
Sept
Central 111 Sec—
Shares
11
•
5% conv pref
30
CampbellWyantACan cap*
Castle A Co (A M) com. .10
101
Boston A Albany.... ..100
Boston Edison Co
17
15%
Aug
•
,
14%
Blgelow-Sanford Carp—
Preferred
Mai
Jan
36
1,500
Jan
'
1%
%
Mar
35%
Jan
Range Since Jan. 1,1938
for
Assoc. Gas & El Co cl A.'.l
16%
33%
27
Week
11
Jan
12%
35
23%
Sales
Week's Range
1%
May
6%
22%
Mar
20%
1
Common
Am Pneumatic Ser
8%
Mar
19%
Mar
14, both inclusive, compiled from official sales lists
Last
Mar
4
750
Mar
Exchange
Friday
5%
100
5
15
ft 6%
Jan
550
8
5
8
Common...
B
to
June
8
9
Borg Warner Corp—
Bonds—
20%
22%
July
7%
250
2
Berghoff Brewing Co
Jan
31
21 %
11%
1%
200
11%
2,510
Brown Fence A Wire—
Bait Transit 4s flat---1975
July
22%
4,571
16%
July
21%
37
35
15%
Jan
1%
21%
Bliss A Laughlln lnc com.5
202
31
4%
2%
5
Aug
Jan
Mar
Bendix Aviation com
3
Jan
Mar
400
Jan
1%
36%
1
12%
75
Oct
Mar
2% June
12%
Blnks Mfg Co cap
Jan
10%
Mar
27
900
12%
Apr
68
31
.
10
Beiden Mfg Co com
59%
34%
67%
16%
2
Western National Bank.20
.7%
35
68
Penna Water & Power com*
795
700
1%
1%
8%
*
Bastlan-Biessing com
6%
Apr
100
3
1%
Aviation A Trans C cap.l
65
Oct
Mar
150
3
Barlow A Seelig Mfg A com 5
13%
214
150
150
Aug
July
11
July
214
13%
214
12%
148%
5%
%
1
Jan
July
Oct
62
Apr
.3%
50
1%
June
26%
220
4
Merch * Miners Trarwp.. *
June
45
Sept
36
34%
13
130%
10
1
1
June
4,510
6%
10
36
Co
%
Mercantile Trust Co....50
North Amer Oil com
5%
...
10
Oct
Jan
1%
1'%
24%
1
Martin (Glen L) Co com..
'T
8
755
146% 147%
Jan
10
90
61
4%
6
150
9%
9%
59
60
%
Apr
June
1
-.1
Common class A
Oct, 8
*
10
100
Amer Tel A Tel Co cap. 100
Armour A Co common...5
*
preferred..
Mar Tex Oil
10%
Amer Pub Serv pref....
11
16%
*
-.27
1st pref
Second
'*16%
100
Mfrs Ilnance com v t
20
75%
63
114
9%
1%
12%
Mar
Mar
7
...i
500
13
J
114
20
Finance Co of Amer com.5
Houston Oil pref......
Mar
218
20
111
50
Oct
Adams Oil A Gas com
*
20
1
_
Fidelity <fe Deposit
11
June
116
Mar
4
50
8%
.
2
100
112%
9%
8%
113%
-.100
5% preferred
Oct
56%
30%
1,600
9
Davison Chemical com...l
Eastern Sugar Assoc com.
High
Low
Shares
Jan
Apr
for
of Prices
Low
High
Price
Par
Stocks—
Week's Range
Sale
Par
Stocks—
Sept
Feb
Jan
(Peter) Brewing com.5
Fuller MfgCocom
..1
■
•
100
1%
Mar
16
Oct
com
Jan
12%
250
3%
3
3%
550
2%
June
4%
Jan
1
Gardner-Denver
1
1
3,400
%
Sept
2%
Jan
12%
*
General Finance Corp coml
Gen Household Utll—
Common
Jan
Goodyear T A Rub com..*
Gossard Co (H W) com
*
Jan
Great Lakes DAD com..*
4%
Jan
Hall Printing Co com...10
Jan
Hamilton Mfg cl A pt pf. 10
"~4%
"~6%
May
11%
Aug
Mar
12%
Oct
Harnlschfeger Corp com. 10
Helleraan Brew Co G cap.l
28
July
Hein-Werner Motor Parts 3
22%
July
25
23%
Sept
31%
Oct
Mar
9%
Aug
Mar
25%
Oct
5
Mar
10%
July
3
Mar
6%
Jan
320
5
Sept
5%
8%
7%
June
450
Hlbb Spenc Bart com...25
600
25%
7,350
9%
313
3%
4U
190
6%
6%
6%
8%
200
-
Jan
June
735
9%
22
Mar
13
15
31%
8%
6
9
30%
9
*31%
July
10
22%
50
15
Goldblatt Bros lnc com..*
Jan
19%
24%
20
2
2
,
6
12%
Jan
Apr
80
79%
80%
974
50
Mar
81
Oct
25
42%
42
43
237
38%
Jan
43
May
Utah Metal A Tunnel Co.l
80c
920
55c
Mar
Preferred
Waldorf System
.*
Warren Bros
7%
*
76c
80c
1%
Jan
7%
7%
20
5%
Mar
8%
Jan
2%
2%
20
2
Sept
3%
Aug
Bonds—
Eastern Mass St Ry—
Series A 4%s_
1948
8%
Oct
80
34%
Sept
45%
Feb
12
20
11
May
14
Jan
21%
21%
50
16%
Jan
21%
Oct
16%
17%
2.400
5%
Mar
17%
Oct
2%
2%
2%
4,900
%
June
2%
Oct
8
6%
8%
2,150
5
Mar
8%
Jan
13%
14%
350
6%
Mar
14%
110%
110%
Mar
110%
71
72
S6.C00
49
'"Mar
72
Aug
8%
12
Horders lnc com..
Hormel A Co (Geo) com A*
Houdallle-Hershey cl B
Hupp Motors
com
Illinois Brick Co...
*
1
10
Inland Steel Co cap
17"
22%
Indep Pneum Tool v t c.
...
For footnotes see page 2375.
Mar
38
12
Illinois Central RR comlOO
Unlted Shoe Mach Corp.25
38
Jllinois Nor Utll pref...100
Union Twist Drill Co...
*
86%
70
4
100
Oct
Oct
23
300
14%
Mar
2^
Jan
89%
242
60%
Julv
89%
Oct
Volume
147
Financial
Friday
Week's
Range
of Prices
Low
High
Sale
(Concluded)
Par
Price
International Harvest com*
19%
Kentucky Utll Jr
6% preferred
54 %
Sept
2%
May
250
12%
10%
May
19
Oct
1,550
June
19%
Oct
Cln Street
150
15%
3%
7%
July
11%
400
30
32
130
71%
70
72
....; 150
9%
4
200
Mar
3%
Feb
Mar
2
300
13A
_*
•
*
5
Oct
6
Mar
10%
13A
390
7
12
27%
28
5% May
Kroeger
*
Mar
13 A
9%
Aug
12%
75
22%
Apr
28
July
17
Jau
11
July
9
Jan
National Pumps
Procter & Gamble
50
14%
24
110
23%
July
15
30
Mar
34
17%
17?4
382
12
Mar
10A
17A
75
10
Jan
^*
10 A
Apr
A
10 A
2
10K
4%
Aug
U S
Playing Card
Mar
U S
Printing pref
400
1%
Sept
2%
:•:< %
1 %
435
39A
28%
28 %
32
21%
4%
50
2
Oct
Jan
Oct
Aug
Oct
5
Jau
Mar
57 A
Aug
Jan
31%
Aug
July
Mkr
2
.50
Mar
31%
25%
July
16%
56
4%
10
24%
500
72
54 A
28%
Apr
30
22%
2
56
30
Oct
Feb
28
34
'
*
_■
_
16%
24
17 A
July
A
10
34
"24"
5
...—.I.,..*
Manisch e witz
4
,
^
21%
21%
20
13%
Oct
21A
Oct
13 A
13%
14
3,900
5%
Mar
14%
July
30
30
20
"~5A
5%
100
5A
:
24
Apr
31
Mar
Sept
7
Feb
Jan
6
Ohio Listed and Unlisted Securities
Jan
.
2,800
2A
28%
70
19%
Mar
28%
Aug
4%
2,550
1%
Mar
4%
Oct
7%
27
4
Aug
21H
Mer & Mfrs Sec cl A com.l
Prior preferred..
*
July
16
110
16%
Preferred
July
""%
*
85
5
12
Hilton-Davis
32
1A
%
_*
Jan
Jan
75
5
9%
"
Hobart A
Oct
Jan
Sept
2%
7%
100%
9%
27%
Aug
Apr
90
12
1A
Manhattan-Dearborn com*
Mapes Cons Mfg cap....*
19,700
4A
Mar
7%
Oct
%
4,200
%
Sept
2
Jan
A
July
A
750
Feb
6%
Mlckelberry's Food Prod—
Oct
1
4A
4%
Corp cap
5
purchase warrants
7A
A
6%
5%
5%
%
6%
A
A
1%
90
A
Oct
2
200
%
Sept
2
Jan
3
Sept
7
June
6%
Aug
June
42%
Aug
Sept
54%
Oct
.
July
2%
Members Cleveland Stock Exchange
May
1A
Middle West
Stock
102
82%
Jan
6%
10
5
20^
*
Common
84 A
10
Mar
6
84 A
9%
May
6%
136
30
21
com.
Mar
1%
May
1,150
Oct
5
1%
10
7A
3%
Gibson Art
550
9%
7%
3A
7%
3A
*
Oct
2%
16
208
High
Feb
6%
100
7%
98%
3
*
32
.-72
7%
Low
85
97
Formica Insulation
Feb
10
50
Jan
Apr
9%
Range Since Jan. 1, 1938
Shares
"98%
Cln Telephone
July
June
10
Cohen (Dan)
Crosley Radio
Eagle Plcher
12
%
3A
Week
._50
Mar
53
60
*
*
_
81
350
31
;
Feb
20
200
July
Churngold
Mar
5%
3%
A
31
*
com
65
f
2%
2%
31
*
com
20
%
5
com
McQuay-Norris Mfg
Jan
8%
75
Lion Oil Ref Co com.
Marshall Field
5A
Mar
11
Libby McNeill & Llbby.. *
Loudon Packing
23%
Mar
5%
75
Lawbeck 6% cum pref.100
Le Roi Co com..
.110
Printing
S3H preferred
Mar
3
11
3%
5%
500
75
_.1C0
Oct
July
750
32
Kerlyn OH Co com A
16
Kingsbury Breweries cap.l
Lincoln
19
19%
23%
3%
7%
67%
for
of Prices
ow
High
Price
Cln Advertising Prod
*
Cln Gas & Elect pref...100
50
La Salle Ext Univ com
Par
60
A*
com
(Concluded)
1,137
com. *
cum p!
Stocks
High
Low
4%
23
...100
Ken-RadTube&T'p
Shares
Veek's Range
Sale
65A
18%
Sales
Last
3%
18%
Jarvla (W B) Co cap
1
Jefferson Electric Co com. *
Katz Drug Co com
1
Pxeferred
Friday
Range Since Jan. 1, 1938
for
Week
63 %
Interstate Power S6 pref.*
Iron Fireman Mfg v t c
*
Kellogg Switchboard
2373
Sales
Last
Stocks
Chronicle
%
.
Midland United Co—
Common
*
Conv preferred A
*
A
Midland Utll 6% prllenlOO
7% prior lien..
Miller & Hart Inc
100
3"0
pf. *
3%
3%
3%
6%
6%
6%
-
3
50
Minneapolis Brew Co com 1
Monroe Chemical pref...*
.
200
conv
41%
41%
20
51
54 %
35
900
RUSSELL co.
Jan
July
Union Commerce
...*
....
53 %
*
155
Nachman SpringfiUed com*
National Battery pref
*
Nat Rep Inv Tr
9
-
1
Noblltt-Sparks Ind com..5
25%
North Arner Car com...20
160
Apr
7
20
9%
29%
Apr
.
Mat
1
Oct
6%
Mar
26%
July
200
1 %
Apr
100
10
6%
Sept
11
Stocks—
5
Mar
8%
Jan
10
8%
Mar
19 A
May
43
90
18%
Apr
7%
.
1,150
46
17%
14%
Sept
Parker Pen Co com
10
Penn Elec Switch com A. 10
Penn Gas & Elec A com..*
19%
16
50
13
July
17
100
11
Apr
Pennsylvania RR cap...50
Peoples G Lt&Coke
cap
504
14%
510
300
24%' Mar
22
' May
4
4
1%
9%
1A
108% 109%
109
k"
100
147
Rath Packing Co com... 10
"24"
Raytheon Mfg com v t c 50c
6% preferred v t c
5
Reliance Mfg Co corn...l0
3
3
%
Mar
129
Mar
26%
26%
150
15%
10%
11%
700
76 A
79
6%
47%
1,218
3%
3%
15%
16%
18%
102
102
82
82
80
■
350
14%
July
13%
Jan
com. *
Otis Steel..
Patterson-Sargont...
Mar
Mar
17%
19%
Aug
Apr
104%
Aug
Jan
82
Oct
Jan
80
Oct
Sterling Brewers Inc
com.l
3 A
7%
Mar
2%
950
1%
Mar
3%
2%
Mar
5A
3%
8%
June
3%
100
3%
2%
Sept
8A
Sept
7%
22%
Apr
Mar
15
Mar
Stewart-Warner..... .5
10%
11
Sunstrand Mach Tool
Swift International
10
10
200
27%
29A
700
25
18%
ISA
1,500
19%
4A
4A
100
3%
Mar
5%
800
13%
Sept
17%
294
63%
11%
16%
Jan
Jan
76
12
Sept
20
13
June
18%
Mar
6%
160
3%
22%
Apr
145
13
11
4
June
20%
12%
Sept
Sept
1% June
Jan
Jan
July
Sept
Jan
4%
60
Feb
3% June
.
20
June
33
Jan
15
June
19%
Feb
175
Apr
13
July
575
30
Mar
39
July
35
2
Mar
158
46
18%
19%
"7%
8%
2%
Jan
31
108
250
A
44
8%
Apr
3
8
June
July
4%
AUg
130
10
12
210
4
3%
9%
Mar
40
130
50
38
3%
9%
46
Oct
100
5A
July
11
Jan
2%
2%
345
1% June
3 A
Apr
7
7
100
5
7%
July
Mar
15%
15%
16%
50
13
Oct
20
Jan
55
Weinberger Drug Inc
*
Wst Rs Inv Crp 8% pf.100
July
44%
55
50
45
May
60
Jan
July
16%
Oct
Oct
July
Thompson <J R) com...25
Trane Co (The) common.2
Union Carb & Carbon cap *
United Air Lines Tr cap..5
31%
Mar
26
4%
Van Dorn Iron Works...*
Vlchek Tool.
Oct
Sept
27
3
2%
11
.....
25 A
30
37 A
..100
cum pref
25%
135
*
Thompson Products Inc..*
Trexel Mfg
__1
Union Metal Mfg._.....*
Jan
14%
"37"
Oct
135
13A
16
16%
Jan
25%
July
48
10%
.*
Feb
2%
97%
.3%
26
*
.....
Sciberliug Rubber
Jan
300
i.
Reliance Electric & Eng..5
Richman Bros
Jan
4%
...
July
Jan
2
Apr
3%
2%
July
75
21 %
88
13%
..*
Oct
Jan
4%
4%
19%
2%
117%
Jan
40
19
48
Jan
Sept
15^8
25
31
19%
*
—
5A
2%
Standard Gas & Elec
60
90
4A
30
1
National Tile
Ohio Brass B
79
109
17
31
25
.100
....
58
60
13%
27%
Mar
8A
13%
20
80
Mar
May
2
110
Pow pref.*
Preferred
72
100
Stkyds cap.. *
Standard Dredge comv pf20
Common..
.1
Aug
90
200
'18%
2A
Mar
250
St Louis Nat
13
McKee (A G) B____.
*
Medusa Portland Cement-*
National Acme
11H
15
20
145
Oct
10
17
4%
National Refining
14
Mar
July
.
34%
13%
Lamson & Sessions.
Aug
Jan
Mar
Jan
21
95
■
33%
33%
Kelley Is Lime & Tran—*
July
%
7%
%
100
2,150
26 X
Southwest Lt
Aug
1%
A
Schwitzer Cummins cap..l
Sears Roebuck <k Go com. *
So Bend Lathe Wks cap..5
S'westGas & Elec 7% pf 100
*
Aug
Aug
2%
32
Mar
95
July
12%
112
Sept
11
535
4%
2
Jan
18%
31A
24 %
12
107 %
1,392
2,115
30%
"ie"
Jan
1
21%
20
19%
116% 116H
116%
64%
452
Jan
IA
110
June
*
Mar
*
Jan
June
41%
17
2%
25%
1%
1
Jan
14
433
16%
2%
25%
16%
100
July
Aug
AUg
12%
20%
62
250
l
8%
Sept
16
1,150
com
~~3%
July
110
151
Mar
7%
62
24%
com..
]
3
4
139
•
19 %
19%
,
85
60
Rollins Hos Mills
Signode Steel Strap—
Common
;.;,.*
July
Mar
Hk
3%
.
Sangamo Electric
Serrick Corp cl B com
Sept
200
148
24
H
1A
10 A
62
110
61%.
High
80
390
Hanna (M A) $5 cum pfd.*
Interlake Steamship.. ...»
Jaeger Machine.-.
*
Jan
Sept
15 A
60
SA
Low
70
6%
9A
17 A
1
Fostoria Pressed Steel
Goodrich (B F)
July
May
6
100
4%
12%
70
Goodyear Tire & Rubber.*
Jan
.
Range Since Jan. 1,1938
Shares
"
6%
Elect Controller & Mfg..
Faultless Rubber....
Oct
29
Sept
A
350
.10
Jan
40%
Mar
7A
100
1A
Quaker Oats Co common.*
3
65
1A
m
100
UA
Jan
A
24%
70
Cleve Railway........100
Cliffs Corp v t c
._*
Dow Chemical pref
100
Aug
9
Mar
22%
26%
11%
Pressed Steel Car....
1
Process Corp com.......*
16%
Sept
40%
1
Preferred
2%
21A
_.
com
50
.
34A
'26H
*
Pictorial Paper Pkge com.5
Poor & Co class B
.____*
Potter Co
4
26
100
Perfect Circle Co..:—
185
Price
*
Clark Controller
June
14
18%
4
Week
Cleve Cliffs Iron pref
*
Cleve Elect 111 $4.50 pref.*
July
16
14
4
for
of Prices
Low
High
100
City Ice & Fuel.......
Aug
Omnibus Corp vtccom..*
Par
Apex Elec Mfg pref
Brew Corp
Oct
15
7
Week's Range
Sale
July
3%
Sales
Last
Mar
12
40
"43""
Friday
Oct
210
Exchange
14, both inclusive, compiled from official sales lists
Nov
15
.
NorthwUtll 7% pref—100
Pi lor lien preferred.. 1C0
Oct. 8 to Oct.
Sept
1,350
2%
10
7
150
1%
2%
xlO
126
290
26
25%
2A
North.Ill finance com...*
Northwest Bancorp com.. *
10
9%
29%
.28%
pref *
conv
155
39%
A. T. & T. CLEV. 565 & 566
Cleveland Stock
Montgomery Ward—
Common
Class A
Building, Cleveland
Telephone:CHerry 5050
com
15
Swift & Co
U S Gypsum Co
29%
16"
85%
.
11%
Oct
13
Jan
Oct
29%
Mar
87A
10%
90
7A
Sept
10%
Oct
114%
233
June
114%
Oct
*
2%
2%
1,200
77A
A
Mar
3%
July
%
June
com
Conv preferred
Wahl Co com.:
10
H
1A
*
250
1%
.
A
Jan
800
A
1A
.
__*
common
Vs
1%
1%
7
1%
Mar
2
1
Mar
1A
16%
17%
32 A
29%
30 A
270
114% 119%
13%
June
20%
Sept
Oct
Sept
32 A
30 A
■
Sept
119%
9
50
8%
Sept
12%
4
2()0
■2%
Mar
4%
4%
300
4%
WisconsinBankshares com*
216
25%
22%
93 A
4
Williams Oii-O-Matic com*
4%
300
3A
4%
Kenith Radio Corp com..*
22
22
23
3,350
109% 109 A
108% 110
.
Mar
$2,000
9%
May
36:000
106
108 %
Jan.
25%
Oct
Detroit Stock
Oct. 8
to
Oct.
14, both inclusive, compiled from official sales lists
July
110
Oct
Last
Par
Stocks—
of Prices
Low
High
Price
1
.
W. D. GRADISON & CO.
.._
DIXIE
TERMINAL
—
7%
8 A
26%
2,268
26%
35
36 A
1,180
19%
2 A
19A
1,180
36
....*
.12)^
Consumers Steel....
CINCINNATI, O.
Detroit Edison com ...100
Teletype: CIN 68
Det Gray Iron com......5
Det Paper Prod com
Eureka Vacuum com
Cincinnati Stock Exchange
8
to
Oct.
1
Sales
Last
Par
Ldy Mach.
.....
•For footnotes
Price
Low
High
3 %
75
3%
3%
Mar
17
_
_
_
17%
4
27%
27%
30
18%
May
95
_
see page
—
—
—
2%
2%
3
1
General Motors com.... 10
A
2%
5
5
13
5
""l%
90c
965
100
300
1,450
500
510
5%
Feb
95
16
94
June
15
Mar
19%
31
Aug
Jan
'
2375.
105%
Mar
4%
12%
13%
15%
lA
Oct
Mar
9%
Jan
Mar
Oct
June
26%
37%
21%
July
June
l
-
3H
July
5%
36
2
July
Mat
May
Sept
Mar
70c
May
80c
Sept
19k
2
300
1%
Mar
4,850
1A
May
.
2%
2A
5
13%
5%
1,325
77
Mat
1%
June
100
2%
Mar
830
6
Mar
400
2%
Mar
7%
82%
Aug
Oct
Oct
1.50 June
1A
110
Jan
Oct
2%
3%
July
3 A
July
5
14%
5H
Jan
Jan
Aug
Aug
1A
1%
1
Mar
2
July
10%
7A
10%
10C
5%
Mar
11
July
7%
7A
2.715
4%
Mar
7A
Oct
June
4%
50%
Jan
3%
49
700
3%
300
50%
3,818
2%
2 A
965
Graham-Paige com
1A
IA
125
1
High
1%
Jan
110
2
1
Gar Wood Ind com
General Finance com
Shares
■
*
.100
Range Since Jan. 1, 1938
1
391
Goebel Brewing com.__.. 1
3 A
..20
Champ Paper & Fibre
Preferred
Week
*
Aluminum Industries.
Amer
of Prices
Low
High
Fruehauf Trailer
for
Sale
Stocks—
Week's Range
81c
105
2
:
Fed Motor Truck com.... *
Frankenmuth Brew com.. ]
Friday
81c
110
13
f
Federal Mogul com
14, both inclusive, compiled from official sales lists
1A
7%
82%
1A
1A
7%
Det <k Cleve Nav com... 10
BUILDING,
3
82%
1A
-.5
Det-Mlch Stove com..... 1
Oct.
"2 A
Brown McClaren
New York Stock Exchange
Low
600
1
Chrysler Corp com
Range Since Jan. 1, 1938
Shares
1%
Chamb Met Weath com._S
Members
for
Week
1%
....
Burroughs Add Mach....*
Burry Biscuit com
Range
v5
com..
Briggs Mfg com..
Week's
Sale
Bower Roller.....
Cincinnati Listed and Unlisted Securities
Sales
Friday
July-
Baldwin Rubber com
Telephone: Main 4884
Exchange
July
110
July
,
Randolph 5530
Oct
July
Allen Electric
Cincinnati Stock Exchange
DETROIT
Telephone:
-t
Jan
5
Bonds—
Commonw Edison 3%B '58
Stamned. ..1._. j.. ...:-i
Chicago Stock Exchange
Buhl Building
Aug
5%
5%
May-
2%
•
'
.2
New York Curb Associate
Detroit Stock Exchange
Jan
170
.
Members
Exchange
Feb
385
9
'
1
s
New York Stock
July
»
100
30
z
Wayne Pump Co cap
1
Western Un Teleg com. 100
W'bouse El & Mfg com..50
Wleboldt Stores Inc com..*
Woodall Ind Inc com
Watling, Lerchen & Hayes
Oct
-
110%
Utility & Ind Corp com...5
Walgreen Co
16
210
»
...20
com
LTtah Radio Products
5
2
25%
2%
Mar
Sept
70c June
Grand Valley Brew com.. 1
31c
40 c
150
31c
Hall Lamp com..
2%
2%
730
2
Mar
Home Dairy class A...... *
7
7
93
7
Oct
Oct
Oct
Jan
3%
1A
Jan
70c
Feb
Jan
3%
7% June
Financial
2374
Oct.
Chronicle
9
Hoover
Par
for
Sale
(Concluded)
Week's Range
of Prices
Low
High
Mich Steel
17%
Aug
Mar
17%
Sept
17%
2,623
9%
9%
320
5%
Apr
9%
Jan
55c
58c
2,300
37c
Api
75c
Jan
'
*
'm
f
-
57c
48c
1%
1 %
20
40c
Mar
3,400
8%
100
Jan
Oct
20
Jan
1%
80c June
1,600
33c
8%
8%
Tube Prod.2.50
1%
29C
..1
Jan
75c
Mar
15%
3%
Mar
200
400
48c
48c
19%
1%
6
1,992
3
2%
2%
19%
..1
.
Sept
16%
1
..
14%
380
.10
Prod com
Jan
15%
Kingston Prod com
McClanahan Oil com
12%
15
Hurd Lock & Mfg corn. -.1
..1
Masco Screw
Mar
17
Hudson Motor
Kresge (S 8) com
6%
10%
*
Kirrnel Drug com
Stocks
High
350
15
*
HoudalUe-Hershey B ..
Car com
Low
Shares
10%
Ball & Bear com. 10
Hoskins Mfg com
Mar
55c
Apr
5
May
8%
Aug
25c
50.
50c
60c
700
32c
Sept
75c
Jan
Mich Sugar com
Micromatic Hone com. ..1
3%
3%
3%
100
2%
Mar
4%
Feb
Mid-West Abrasive corn50c
Motor Wheel com..... —6
.10
1%
1%
*
Murray Corp com.....
Packard Motor Car com
Parke Davis com
Parker Rust-Proof corn
5
4%
June
15
Aug
4%
Mar
10%
July
1,681
3%
Mar
31%
Mar
41
42
42
2,230
18
*
18
177
Parker Wolverine corn.
Penln Metal Prod com. ..1
Prudential Investing com. 1
mmm
1%
May
3%
8%
2%
1%
2%
2%
400
1% May
1 %
Mar
3%
3%
100
2%
Mar
„
1C0
2
Mar
2%
1,466
1%
Apr
4%
4%
8%
Mar
16%
June
4%
Mar
3
3%
1,286
2%
3%
3%
2%
Apr
5
550
1%
Sept
3%
—
20%
400
10%
10%
10
10%
1,200
24%
24%
24%
100
Oct
Mar
Mar
21%
July
6
Mar
11
July
15
Mar
Oct
Oct
100
3%
Mar
5%
July
8
7%
24%
5
5
8
Oct
53%
11%
Sept
300
5
Mar
8
Aug
Jan
19%
20
500
13
June
May
5%
20
20%
July
16%
16%
17%
500
14
Oct
17%
8
8
"
3
3%
9%
Jan
Apr
6%
8%
Aug
5
8%
12%
500
10%
100
24%
Apr
13%
30%
July
30%
3%
1,100
2%
June
3%
July
June
.
55
55
55
100
25%
64%
63
64%
200
38%
3%
Oct
Oct
55
Mar
100
Mar
7
7
7
Oct
Sept
Mar
100
600
.
12%
30%
12%
30%
1%
8
8
8
100
2%
2%
2%
Oct
64%
July
8
& Townsend
16%
16%
2%
16%
165
10%
Apr
16%
Oct
3
4,400
1%
Apr
75c
80c
1,125
53c
Sept
Members
Jan
*
Walker <fe Co B
5%
20%
Jan
10
Feb
5%
47
New York Stock Exchange
Jan
1%
3%
1%
200
1%
—
Warner Aircraft com
11%
200
20%
Oct
*
Universal Prod com
100
July
1,210
2%
*
Universal Cooler B_
100
DeHaven
Jan
3%
3%
16%
10
53%
Established 1874
Jan
*
United Shirt Dist com._
100
10
53%
10%
5
45%
Mar
28
44%
10
53%
10%
44%
44%
*
General Foods Corp
*
Intl Nickel Co of Canada.*
International Tel & Tel..*
New York Central RR—*
Nor American Aviation..1
North Arnexican Co
*
Packard Motor Car Co—*
Radio Corp of Amer
*
Radio-Keith-Orpheum... *
Republic Steel Corp
*
Southern Ry Co
*
Standard Brands Inc
*
Studebaker Corp
1
Tide Water Assoc Oil Co 10
United Aircraft Corp
5
United Corp (The) (Del).*
US Rubber Co
10
U S Steel Corp.
—-*
Warner Bros Pictures
5
Jan
4
16%
2%
3%
High
Low
Price
Par
(Concluded)
General Electric Co
High
Low
Shares
July
16
„
..1
Tlvoll Brewing com
Week
July
539
*
River Raisin Paper corn
Standard Tube B corn._ ..1
Timken-Det Axle corn.. .10
for
of Prices
Jan
Mar
1%
~
m
Jan
4%
8
2%
m
12
1,075
2%
7%
mum*.**.
5
Rickel (H W) corn.... ..2
Jan
•1,950
2%
m
„
Oct
20%
Apr
370
2%
-
42
6%
8%
*
July
5%
14% June
8%
*
Reo Motor corn
2.00
8%
2,245
5%
9
87c June
1,511
9%
9%
2.50
Jan
4,140
14%
1%
14
*
Pfelffer Brewing com...
Week's Range
Sale
Week
Price
1, 1938
Range Since Jan.
Last
Range Since Jan. 1, 1938
Last
Stocks
Sales
Friday
Sales
i
Friday
15, 1938
3
..1
Philadelphia Stock Exchange
New York Curb Exchange
Jan
1%
NEW YORK
1513 Walnut Street
July
3
(Associate)
PHILADELPHIA
30 Broad Street
Philadelphia Stock Exchange
Octe 8 to Oct.
Wm.Cavalier & Co.
»
Chicago Board of Trade
American Stores
—
.
Los Angeles
Week's Range
Last
Sale
Par
Stocks-
of Prices
High
Low
Price
4%
Bandlnl Petroleum Co. —1
official sales lists
4%
5%
2%
48y
Mar
Mar
May
1.10
6%
June
12%
"
2c
May
3c
Apr
3c
3c
Central Invest Corp... 100
19 %
11
19%
20
30
10%
11
600
6%
9
200
7%
1,400
7%
200
3%
2,400
6%
Claude Neon Elec Prods.. *
Consolidated Oil Corp
Consol Steel Corp pref
9
9
*
*
3%
Emsco Derrick A Equip..5
11%
1
,
85c
1,000
1,000
9
8%
9
Creameries of Amer v t c. _'l
Exeter Oil Co A com
3c
3c
3c
3c
_
4
3%
11%
11
80c 87 %c
10
1,800
52c
July
5c
Jan
5c
Feb
Phila Elec of Pa $5 pref.
Oct
General Paint Corp com.. *
9%
9%
9%
200
6%
Sept
9%
11%
11%
11%
20Q
7
5%
30 %
5%
30%
5%
30%
200
3%
Jan
12
July
Mar
7
July
200
17
Apr
43%
42%
43%
400
25
May
Holly Development Co—.l
1.05
1.05
1.05
1,700
Hupp Motor Car Corp.-.l
Intercoast Pete Corp......
2%
2%
2%
500
35(
40c
35c
30%
8%
1,150
8%
Oct
2%
4,029
1%
Mar
2%
Jan
22%
3,572
14%
Mar
30%
Jan
Mar
4%
150
150
25
123
Apr
117%
126
112
Feb
118
30%
390
3%
152
Oct
154
117
30%.
3%
5%
32%
Feb
Mar
2
4%
Jan
7%
Jan
4%
200
6
Oct
Apr
29%
Apr
27% May
10%
Jan
Mar
Transit Invest Corp.—...
%
%
%
%
363
%
May
1%
July
%
108
%
Oct
2%
Mar
2%
2%
869
i%
Jan
3
3%
2,936
i%
Preferred........ .......
'
Oct
51
50
2%
3%
Mar
*
3%
36%
Mar
3%
Jan
32%
36%
363
22%
Mar
36%
11%
10
11%
15,902
8%
Mar
11%
Jan
252
97%
Mar
29
6%
Apr
110%
10%
Aug
Mar
10%
May
*
Preferred
*
United Gas imp com..
108% 110%
8%
8%
110
*
Preferred
...*
Westmoreland Inc
129
8%
8%
5%
*
Westmoreland Coal
8
6% $25,000
Oct
Jan
Oct
Mar
1.30
Sept
50c June
2%
35c. Aug
57 %c
'
Bonds—
Elec & Peoples
itr ctfs 4s '45
Apr
.....
Jan
Apr
Oct
65c
100
July
35%
Oct
44
July
7%
286
July
Gladding-McBean & Co..*
Globe Grain & Milling..25
5%
Mar
i%
117%
.
United Corp com..
60%
May
3
1,190
Union Traction
Mar
3
517
50%
Oct
25%
1,119
49
Jan
1,200
Oct
5
6
49%
July
50%
Oct
......*
_—^
11%
48%
21%
125
s
Oct
36
18%
4%
11%
50%
51%
Feb
17%
July
Aug
Mar
17%
10%
General Motors com....10
Goodyear Tire & Rub Co.*
Hancock OH Co A com
*
.
25%
Oct
Aug
21%
pref
Phiia Elec Pow
Mar
2,806
35
7y
Mar
Mar
Sept
Aug
Mar
21%
Scott Paper.—
Jan
4%
4%
21%
1%
*
Oct
45c
Mar
25
221
Jan
5%
50
11
Apr
1%
Mar
36
4%
"4 y
Lehigh Coal & Navigat'n.*
.
Mar
2%
82%
8%
34%
817
7
34
Mar
3%
330
•
51
Oct
25c
100
Aug
50%
20
500
600
10
6%
5%
524
5%
...10
General Motors
Apr
25c
3%
10
Jan
34%
50
*
.25
Phila Rapid Trans 7% pf50
Philadelphia Traction. __50
Salt Dome Oil Corp
1
25c
3%
10
119%
7
Penna Salt Mfg
25c
3%
J
Buckeye Union OH com._l
Buckeye Union Oil v t c_ 1
July
32%
c——-1
Pennsylvania RR.
50
Cons..l
Broadway Dept Store
112%
33%
Oct
5%
May
256
100
Pennroad Corp V t
4,600
U7y
5%
*
Natl Power & Light..
High
Bolsa-Chlca Oil A com. >10
Barnhart-Morrow
July
82%
Lehigh Valley
Week
Low
Jan
23%
5%
5
Horn & Hard (N Y) com..*
Shares
149%
Mar
4y
Electric Storage Battery
Range Since Jan. 1, 1938
for
U%
Mar
12%
78%
Curtis Pub Co com
Sales
Friday
Aug
111%
75
•
Angeles Stock Exchange
14, both inclusive, compiled from
5
357
81%
*
Jan
243
116
5%
*
5
Chrysler Corp
Oct. 8 to Oct.
22%
117
'
Budd Wheel Co
Los
146%
Co
Budd (E G) Mfg
High
Low
Shares
8%
146% 147%
22%
21%
*
Bell Tel Co of Pa pref. .100
Teletype L.A.' 290
Week
10
Barber Co
523 W. 6th St.
for
of Prices
Low
High
Price
American Tel & Tel..-.100
San Francisco Stock Exchange
Week's Range
Sale
Par
1,1938
Range Since Jan.
Last
Stocks—
Exchange
Stock Exchange
Lot Angeles
Sales
Friday
MEMBERS
New York Stock
compiled from official sales lists
14, both inclusive,
Pittsburgh Stock Exchange
Jan
Lincoln Petroleum Co.. 10c
11c
10c
11c
5,000
•
7c
Sept
18c
Lockheed Aircraft Corp._l
17%
15%
17%
3,500
5%
Mar
17%
Oct
Los Ang Industries Inc.-.2
3%
2%
3%
2,500
2
3%
Mar
1
60f
Mascot Oil Co
60c
56c
1,200
3%
30c
200
25c
Aug
5Cc
375
25c
Oct
25c
Oct
52 %c
55c
1,100
49c
Sept
70c
90c
600
75c May
1.20
Jan
8%
9
300
5
9%
July
27c
28c.
500
14%
14%
800
27%
27%
100
24%
25%
40%
40%
4%
4%
900
2 %
30c
25c
25c
Mt Diablo Oil M & Dev.. 1
55c
Oceanic Oil Co
1
90c
Pacific Clay Products
*
9
Pacific Distillers Inc
1
28c
Pacific Finance Corp com 10
Pacific Gas & Elec com..25
14 J*
27 %
Pacific Indemnity Co...10
25 %
Pacific Lighting Corp com*
40%
4%
2%
2%
30c
Republic Petroleum com.l
5% % pref
36
50
i%
Ryan Aeronautical Co...l
San J L & P 7 % pr
H6% prior pref
pref. 100
100
Sierra Trading Corp
7%
2
2
2
49c
Jan
9%
Mar
15%
July
Mar
Mar
28%
July
300
23%
18%
26%
Aug
100
32%
Mar
41
July
1,800
2%
20
my
108% 108%
15
30%
30
13c
116
17c
Signal Oil & Gas Co A
35
35
36
600
*
10
10
10
500
So Calif Edison Co Ltd-.25
24
23%
24
July
700
4
5c
18
Aue
Sept
108%
Mar
17c
May
31
Aug
July
39
Oct
Oct
Jan
38%
July
200
25%
Apr
28%
600
23%
Apr
26%
July
Oct
Southern Pacific Co
100
20 y
20
21
1,700
9%
Mar
21%
Jan
25%
Mar
34%
July
2% June
3%
Jan
500
600
40
Oct
75c
70c
"80c
1,188
1,822
50c May
1%
Jan
9%
Jan
8%
10
Devonian Oil Co
Follansbee Bros pref
Fort Pitt Brewing....
90c
McKinney Mfg Co
*
Mountain Fuel Supply.. 10
Natl Fireproofing Corp
5
Pittsburgh Brewing Co.._*
46
40
300
10
10
10%
900
8%
Mar
12%
Jan
20%
29%
21
500
17%
Mar
22%
San Toy Mining
1
30%
mm
-
-
-
5
90c
630
70c
32%
250
"~5%
86
116
mm
mm*.
21%
mmmm
5%
6
3%
2%
2%
110% 112%
11% June
Feb
Mar
Jan
11%
Sept
95c
July
32%
July
12%
Apr
Jan
105
6%
Mar
10%
July
90c
Apr
1.50
Feb
4%
Apr
6%
Jan
1%
Mar
3%
July
120
2
Mar
3
111
56
1,031
,
Jan
Apr
112%
Oct
8%
120
4% May
9%
July
Mar
25%
July
22%
80
lc
lc
1,000
2%
2%
200
20%
20
300
1.00
m~
2%
1
15%
70
3,511
10%
7%
8
Feb
Sept
1,104
9%
3
3
m~mmm-
50
12%
81
Oct
July
Mar
16%
160
1.00
10%
15%
Jan
Apr
4
Jan
Oct
70
Mar
50
39%
200
22
Mar
50
37%
3c June
lc
1%
10
50
..100
Preferred
200
12
12
.
5
Co
Shamrock Oil & Gas
85c
32%
100
8%
18
Mar
5
8%
.8
*
Harb-Walker Refrac
7%
17%
100
1
Plymouth Oil Co—..,
32
27%
2
13%
July
26%
25
Mar
24%
38
Union Oil of Calif
6%
Mar
25%
Transamerlca Corp
90
Pittsburgh Plate Glass. .25
Pittsburgh Screw & Bolt..*
Aug
27%
2%
13%
10%
26%
29%
12%
Jan
38
2%
17%
13%
Byers (A M) com
7%
27%
28%
17%
*
Carnegie Metals Co
1
Columbia Gas & Electric.*
Blaw-Knox Co..
Aug
25
2%
*
19%
July
.25
29 y
48
Mar
3
......25
.1
Superior OH Co (The)...25
Mar
10%
120
Original pref
Sunray Oil Corp
24%
Koppers G & Coke pref 100
Lone Star Gas Co..
*
ff6% pref B
W5%% pref C
Standard OH Co of Calif..*
27
202
Home Joseph com
19%
>'35
38
46%
17
Aug
23
Jan
46%
July
104%
21%
46%
2%
,
Mar
*
Armstrong Cork Co
8%
Jan
11%
19%
Mar
Mar
30
18%
Mar
1.05
High
Low
Shares
19%
Mar
112
Week
of Prices
High
Low
Allegheny Ludlum Steel. .*
5
1.10
17,400
Sontag Chain Stores.
40
July
Sale.
Price
Par
Stocks—
30
•
1,100
25c
*
..
6H
Mar
3
100
118% 118%
13c
Jan
27c
131
7
Mar
Oct
118%
30
Security Co units ben Int. *
•
36
35
7%
*
....
Range Since Jan. 1, 1938
for
Jan
87 %c
Week's Range
Last
.
Aug
25c
;
Sales
Friday
■
1
July
*
Richfield OH Corp com
Warrants
.
Jan
80c
Mills Alloy IncB
1
75c
49c May
200
official sales lists
14, both inclusive, compiled from
Oct. 8 to Oct.
.
Merchants Petroleum Co. 1
Menasco MfgCo
•
Jan
Oct
39%
United Engine & Foundry 5
Victor Brewing Co
1
"~39%
45c
40c
45c
700
35c
Sept
65c
Feb
Westinghouse Air Brake.. *
25%
24%
26%
706
15%
Mar
28%
July
Westlnghouse El & Mfg.50
123%
114% 123%
266
62%
Mar
123%
Oct
111% 111%
300
Apr
112
Jan
1% June
3
Jan
July
39%
26
Mar
July
Wellington Oil Co of Del—1
3 y
3%
3%
400
3%
Sept
6%
Jan
Yosemlte Ptld Cement pf 10
3y
3%
3%
100
2%
Mar
3%
July
Blk Mammoth Cons MIOc
20c
20c
23c
Mar
39c
Aug
Mines.. 10c
9c
9c
10c
%c May
16%c
Aug
1
9c
9c.
9c
4,800
1,600
1,000
12c
300
1%
Sept
4%
160
20c
Mar
Unlisted—
25c May
Lone Star Gas
6% % pf 100
1
2
Pennroad Corp vtc
2
108
354
Mining—
Calumet
Gold
Cardinal Gold
Cons Chollar G & S Mng.l
Tom Reed Gold
Zenda Gold
2
2
2
1
15c
15c
lbc
.1
4c
4c
4c
6c June
3c
5,000
22c i'Jan
9c
Mar
Apr
St. Louis Stock Exchange
Oct. 8 to Oct. 14, both
inclusive, compiled from
Last
jJan
Sale
Unlisted—
Stocks—
18%
18
18%
300
50
40%
39%
40%
200
Aviation Corp (The) (Del) 3
4y
3
*
8 y
4%
8%
100
Columbia Gas & Elec
4%
7%
500
Commonwealth & Sou
Amer Rad & Std Sanitary *
Anaconda Copper
18%
40%
Oct
Mar
4%
Aug
Brown Shoe
6% June
8%
July
Burkart Mfg com
9%
*
i%
1%
1%
1,700
Curtiss-Wright Corp A
1
25%
3%
24%
24%
Oct
3%
25%
3%
200
1
100
3%
Mar
Electric Bond & Share
5
12%
11%
12%
500
8
Sept
1
Sept
1% May
25%
6
13%
Price
Week's Range
of Prices
Low
High
Range Since Jan.
for
1,1938
Week
Shares
High
Low
Oct
Mar
21% May
Curtiss-Wright Corp...,
For footnotes see page 2375.
Par
official sales lists
Sales
Friday
Oct
American Invest
com
Century Electric Co
1
10
July
Chicago &/Sou Air L pref 10
Coca-Cola Bottling com._l
July
Columbia Brew
com
5
23%
35%
173
35%
22
22%
230
4%
215
23%
*
*
com
22
4%
7
31%
3%
10
7
25
32
60
3%
500
20
June
27%
May
10% June
4
Oct
3%
Apr
26
2%
25%
40%
25%
5
Aug
Jan
Aug
Mar
7% June
Jan
35%
Aug
Jan
4%
July
Volant* 147
Financial
Chionicle
2375
-
Friday
Sales
Last
ST. LOUIS MARKETS
Stocks
National Auto Fibres
Natomas Co
I. M. SIMON &CO.
V
■
:
New York Curb
(Associate)
Chicago Board of Trade
Chicago Stock Exchange
.
Telephone Central 3350
•
$6 dividend
Friday
Week's Range
Sale
Stocks
(Concluded)
Par
of Prices
Low
High
Price
Dr Pepper com^
28%
Grieseaieck-W Brew com.*
Ham-Brown Shoe
com.
48
com..
Hussman-Llgonier
Preiser 1936-
Huttig S & D
—
7%
.—_
50
50
23 X
103
27%
52
11
Oct
14%
45
50
171
9H
International Shoe
35
35
14 £
10 %
10%
Knapp Monarch com——*
Laclede-Christy Clay com*
National Candy com.—
Mar
Aug
May
100
100
OX
May
200
8%
Feb
13%
167
9
June
13%
8
Mar
11
Jan
8%
17 X
115
5
Mar
10
21
15
Mar
19
4%
10
4
Apr
2
2
100
2
Oct
3
90c.
Scruggs-V-B Inc
Scullin Steel
*
90c
5
75c June
5
ox
ex
190
4
___*
9%
9%
155
com
com
'.Warrants_..j'i.........
Sterling Alum com...... .1
95c
1.00
330
7%
7 X
7%
460
4%
Stix Baer <fc Fuller com.. 10
/
6%
6
6%
35
236
i
;
1.23
7%
Jan
8%
Feb
36%
Mar
10%
2.00
2.10
1,320
Aug
Sept
27%
28%
2,342
Mar
29%
July
30%
2,714
27
Mar
30%
July
27%
27%
270
25%
Mar
28
40%
41%
107
108 f
1,726
32%
Mar
99
Mar
6%
80
6%
18%
17%
23
1,289
3%
515
13%
87%
131%
29%
150
53
52
53
*
6%
l
6%
July
Mar
19%
July
Apr
119%
Apr
146
Mar
53
Jan
Aug
Oct
6%
300
14%
17%
2,234
May
25
23%
975
17%
June
29%
Jan
4%
810
2%
Mar
6%
July
4%
4%
38
36
12%
38
3% June
7
7
100
100
13%
5
5
35
35
30
390
7%
7%
July
June
41
Mar
July
Jan
14%
8%
Mar
4%
10
Aug
June
125
12
June
17
Jan
26
110
Sept
122
May
10
5
87
101%
Sept
108%
Oct
100
Oct
150
3
Apr
645
18
May
6%
38%
July
35%
22%
1,595
22%
21
87
87
30%
30%
30%
20
19%
21
'
Oct
11%
Mar
25%
Aug
10
60
Mar
93
Aug
100
28
87
27c.
30%
9%
Mar
22%
305
IOC
July
70c
Aug
30
4%
Sept
Feb
3,367
25%
Mar
6%
34%
July
13
Mar
23%
June
27c
4%
29%
Apr
4,660
27c
4%
4%
29%
28%
22
22
58c
58c
13
12%
13%
843
10
9%
10%
5,128
58c
Mar
9%
2,105
100
13%
13%
118% 118%
108% 108%
118%
108%
8
100
13
12%
*
A...100
*
7%
23
17
*
Oct
July
1
23
l
432
,
Jan
41%
108
Mar
100
_.
Oct
2.35
30
145
.
9%
Jan
27%
41%
113
_
Oct
Jan
1.40
30%
145
com
ser
6
Feb
July
28%
Super Mold Corp cap... 10
Jan
June
4%
100
Texas Consolidated Oil
1
TideWater Ass'd Oil com 10
Transamerica Corp
2
Oct
0
Oct
16% June
760
8%
Spring Valley Co Ltd....*
Standard OH Co of Calif..*
Aug
■
10%
8%
com_.l
So Pac Gold Gate Co A.
Oct
90c
9%
10%
Southern Pacific Co...100
Jan
7
\Sept
3 J*
Apr
45c June
13%
7%
8oundvlew Pulp com
5
Soundview Pulp Co pfd 100
m July
St Louis P S pre! A
Mar
So Cal Gas Co pref ser A.25
Aug
m
17 %
com...
9%
3%
110
Signal Oil & Gas Co A
July
17 X
Rice-Stix Dry Gds com...*
St L Bank Bldg Equip cm. *
National Oats Co
557
8%
2.10
San J L & P 7%
pr pref. 100
San J L & P 6 % prior pf 100
Schlesineei B F 7% pfd.2(
July
11%
Oct
com
Aug
Feb
5%
25
Richfield Oil Corp
Jan
200
5%
110
com
Roos Bros pref
Roos Bros com
July
36
12
43
July
July
10%
Republic Pet 5% % pfd A50
Rheem MfgCo
1
Oct
12
8%
11%
7%
50
50X
Jan
11%
12 y8
11
*
27
28 X
10 X
8%
Midwest Piping & Spl com*
Mo Ptld Cement com
25
Oct
May
7X
2i
12
23
8
5%
145
Preferred
Jan
45
12
*
Republic Petrol Co
Oct
9%
*
Sept
8%
48
_
Rayonler Inc
May
50
Apr
48
_
33%
Jan
1
Hyde Park Brew com...10
com.
Jan
835
120
100
com
Puget Sound P & T
High
11%
45
£
com,...
Low
8%
11
_
Shares
28%
47
47
Week
37%
12%
Mar
3%
100
Parafflne Co's
Mar
Mar
30
10
Mai
775
36
High
Mar
3%
7%
7%
7%
6%
17%
com
11
Low
1,620
37%
..*
Preferred
Range Since Jan. 1,1938
for
Range Since Jan. 1, 1938
Shares
9
11
7%
107%
Pac Tel & Tel
Sales
Last
11
.*
1st pref.......
High
8%
non-v com..*
Pac Pub Ser
Low
9
l
com
6% 1st pref
25
Pac G & E 5% % 1st
pfd 25
Pac Light Corp com.....*
315 North Fourth
St., St. Louis, Mo.
/
Price
ConslO
Oliver Utd Filters B
*
Pacific Can Co com
*
Pacific Clay Pi oducts
cap. *
Pacific Coast Aggregates 10
Pacific Gas & Elec com..25
MEMBERS
Exchange
Exchange
for
Week
N. Amer Invest 6%
preflOO
North American Oil
Enquiries Invited on all
Mid-Western and Southern Securities
St. Louis Stock
Par
of Prices
N American Invest com
100
Business Established 1874
New York Stock
(Concluded)
Week's Range
Sale
•
22
35
100
50c
Aug
Jan
Sept
Mar
July
12%
Jan
Feb
83c
June
Mar
8
15%
Mar
10%
22%
July
22%
Mar
1.20
Jan
com....
1£
35
34 X
620
Bonds—
t Scullin Steel 3s.....1951
S'western Bell 3s
58
1968
102%
58
$1,000
102X
4%
2,000
6
Mar
100% Sept
19% June
65c
65c
800
45c
20%
20%
372
17%
9%
9%
200
7%
Aug
1,255
Jan
20%
Aug
Mar
4%
July
May
10%
295%
23%
July
July
Universal Consol Oil.
July
102%
65c
20%
Unfon Sugar com......25
Wagner Electric
Treadwell Yuk Corp Ltd.l
Union Oil Co of Calif...25
10
Vlctpr Equip Co com
Victor Equip Co pref
Oct
9
16
1
15%
4%
16
4%
150
9%
4%
6%
2%
23 X
t 4s c-d's—
24
24
23%
3,000
24
19
5,000
28
420
6
Jan
27
June
5
Wells Fargo Bnk & U T 100
Western Pipe & Steel Co. 10
Jan
282
282
282
25
257%
Apr
20
20
20
165
Yel Checker Cab Co ser 1 50
t T*nited Railways 4s. 1934
14%
Mar
30
30
30
50
9%
9%
22
May
Jan
32
Jan
Unlisted—
Orders
solicited
Pacific
on
until 5:30 P. M.
open
Coast
Stock
Exchanges,
Eastern Standard Time
which
Alleghany Corp
are
Am Rad & St Sntry
(2 P. M. Saturdays)
Broadway, New York
own
offices in San Francisco and Los Angeles
Oct. 8 to Ocf;.
Francisco Stock
Friday
Last
i
i' J-\.'
'-.y-r '•
Stocks—
Par
Alaska Juneau Gold Min 10
Sale
Price
Week's
Range
of Prices
Low
High
10
Anglo Amer Mln Corp—1
10
35c
35c
10
35c
220
9
725
Mar
16c June
Aieoc Insur Fund Inc..-10
5
5
5%
760
2%
Jan
Atlas Imp Diesel Engine..5
7%
7%
7%
4%
220
4%
Jan
400
3%
Mar
Bishop Oil Corp...
..5
Calamba Sugar com
20
Calaveras Cement Co
4%
*
21
5
com *
Calif Art Tile A
4%
21
4%
14
14
21%
5
14
200
12
360
17
3
564
30
Mar
Sept
8
"
Calif Packing Com com..*
20%
20
20%
562
15%
Calif Packing Corp pref. 50
49%
49%
49%
10
45%
Carson Hill Gold Min cap. 1
38c
35c
38c
700
15c
21%
Oct
6%
July
14%
July
Mar
24
Apr
Apr
52
106%
Oct
1.65
Mar
3%
Oct
2,690
427
80%
475
37%
Mar
10
38
38
38
243
30
Mar
105
105
106
50
101
106%
—
Cons Chem Ind A..
Cream of Amer Inc
Crown Zellerbacb
Preferred
*
26%
1,053
22%
33
July
100
3%
Mar
7%
Mar
4%
14%
July
50
Mar
85%
3
Mar
13%
13
13%
*
85%
84
85%
240
Di Giorg Fruit Corp com 10
Corp pf 100
Dorado Oil Works
*
3%
20
4
♦
17%
Emporium Capwell Corp.*
13%
4
3%
20
3%
4
3%
105
20
190
4
200
5%
Feb
Jan
Mar
28
Jan
3%
Oct
5
Jan
Emsco Derrick & Equip..5
11%
17%
13%
10%
11%
2,850
Mar
11%
Firemen's I und Ins Co..25
84
84
84%
160
62
Mar
88
Gen Metals Corp cap..2%
General Motors com.—10
11
11
11
100
6
Mar
11%
50
49
51
2,886
17%
13%
125
15%
Mar
20
July
100
9%
Mar
14%
July
6%
Oct
June
Mar
51
Oct
9%
9%
1,620
6
Sept
10
28%
28%
25
Mar
29
July
Oct
11%
28%
11%
333
11%
5%
12%
July
6%
Oct
Hancock Oil Co of Cal A.*
44
Hawaiian Pin Co Ltd
*
22%
Holly Develop Co
1
General
Paint
pref......*
Gladding McBean & Co
*
Golden State Co Ltd
*
1.05
350
25%
6% June
6
2,280
2%
Apr
44
44
200
Mar
44
22%
22%
183
25%
18%
1.10
750
5%
1.05
Honolulu Oil Corp cap...*
24
24
24
Honolulu Plantation Co.20
18
18
18
115
10
Oct
Sept
29%
Jan
66c June
1.30
Sept
Mar
24%
Oct
Aug
28
13%
15
Feb
Hunt Brothers com
10
65c
65c
65c
210
60c
Oct
Hunt Brothers pref
10
1.65
1.65
2.20
310
1.50
Sept
com...
Langendorf Utd Bk A uns *
16%
"16%
17%
782
17%
9%
10%
250
46%
46%
666
85
79
85
510
22
20%
22
530
20
32%
32%
32%
175
26% May
5
5
7%
7%
,7%
10%
10%
1.50
•
1
19c
1
18c
19c
Oct
7%
10%
10%
23
Aug
Feb
Mar
8
Aug
11%
Oct
Aug
Mar
50c
Jan
3%
Jan
May
50%
Oct
Mar
38c
Jan
June
53%
9%
Jan
15c
6%
7%
6%
50
.7%
8%
631
2%
2%
2%
100
2
24
6%
pref.
..
.25
24
26%
27%
31
15,252
3%
347
•
24
80
Feb
9
6% Mar
4% June
4% Mar
51
35%
Oct
Oct
Feb
28%
826
Oct
Aug
6
400
53%
7%
85
7%
May
June
Apr
7%
26%
26%
198
24
.27%
27%
388
25%
Oct
11
July
8
Jan
8%
Oct
3%
July
Sept
24
Apr
26%
Aug
Mar
28%
Aug
June
8%
Jan
8%
Aug
8
8
8
170
7%
7%
7%
210
4
Mar
30
34
June
7
42
42
42
United Aircraft Corp cap.5
United Corp of Del...9...*
31%
31%
3%
31%
413
31%
Oct
3%
100
19%
2%,
Mar
3%
Apr
3%
Jan
75c
75 c
90c
1,100
75c
Mar
1.55
Jan
64%
62%
64%
U S Petroleum Co
1
»
United States Steel com..*
1,029
40
7"
8
♦No par value
a
r Cash sale—Not
t
Listed,
2nd
Llq
7
•
Div.
7
275
8
50
■
8
Pay
Endorsed.
included in range for year
*
42
Oct
May
4
6%
64%
Oct
Mar
'
Warner Bros Pictures....5
West Coast Life Insur.... 5
7%
11%
July
June
Feb
b Ex-stock dividend,
Ex-dlvldend
v
Ex-rlghts
t In default,
New York Quotation Company Announces
Board of Directors and Officers
Jan
reorganiza¬
of
its
Board
Directors
and
officers.
Edward
Dassau,
Treasurer, have been elected to the same office in the
Quotation Co.
S. S. Auchincloss, formerly Operating Man¬
ager, has been elected Vice-President,
Officers reelected
Arthur
are:
A.
Harris, Secretary, and Walter C. Kelly,
Edward E. Bartlett Jr., John A. Cole¬
Eugene Lokey, William McC. Martin Jr. and Robert L.
Assistant Secretary.
man,
Stott
were
serve
until
10%
Aug
Apr
40
Aug
Exchange;
LeTourneau (R G) Inc—1
27%
1,545
Mar
29%
Aug
Public
Lockheed Aircraft Corp_.l
17%
15
17%
6,418
Mar
17%
Oct
Aug
of
E,
Bartlett Jr., Chairman of the Board of the Stock
Exchange;
William McC.
Martin Jr.,
President, and John
Apr
Aug
Changes in
The New York Quotation Co., an "'affiliate
company of the
New York Stock Exchange, announced Oct. 8 the
3%
Mr.
Stott
elected
the
are
members
annual
next
members
Mr.
Lokey
of
is
of
the
Board
the
Board of
Director
of
of
Mr.
meeting.
Directors
Coleman
to
and
Governors of the
the
Department
of
Relations.
The changes
made by the New York Quotation Co. com¬
plete the reorganization of the affiliate companies of the
Magna vox Co Ltd.. ...2%
60c
65c
842
50C
Jan
1.13
Jan
Magnln A Co (I) com—:—*
12%
12
12%
925
7
June
13%
March Calcul Machine...5
16
15%
16%
7,738
8%
Mar
16%
July
July
Exchange, which
Menasco Mfg Co com
2.70
2.55
2.70
656
80c
Mar
3%
July
tion of the Exchange last
Apr
10%
■
Jan
July
Feb
Mar
4.95
577
.
July
50c
.6
44%
10%
46%
July
5
50%
35%
41
Apr
53%
32%
1
57
50%
135
60c
5
50%
495
5%
*
39%
5%
32%
44%
300
'
Copper Corp com..*
9%
13
50
23c
39%
30
10%
46%
44
1.50
9%
40
44
Aug
'
700
39%
26%
40
44
Aug
24%
18
Jan
*
Oct
5%
•
Mar
865
9%
40
28c
3%
1,023
39%
26%
.......—50
180
778
36c
*
—
35c
5%
2.60
10
Preferred
Leslie Salt Co
465
35c
Oct
40%
Mar
5%
Jan
6
June
3
5%
*
17
13% June
10% Mar
11%
Apr
May
Langendorf class B
17%
31%
35c
com....
2.90 June
12
310
2.50
tion
July
9%
General Paint Corn com..*
2,055
Oct
40%
'
Jan
18%
-
.100
4%
22%
17%
35c
Oct
5
4
Oct
Oct
3,842
c_.l
Doernbecher Mfg Co
'
25%
v t
........
Di Giorgio Fruit
26%
80%
38
Apr
May
com
40%
4
22%
16%
Oct
Sup Port Cement pref A..*
,
Coast Cos G & E 1st pf.100
Clorox Chemical Co
40%
4
Studebaker Corp com..—.1
July
3%
3%
40%
May
6
.
So Cal Ed 5% % pref
July
Jan
3
Mar
Jan
1%
Apr
2
22%
South Cal Ed 6% pref...25
Standard Brands Inc
*
Jan
Mar
3
11
697
Schumach Wall Bd
Mar
1.65
3%
21
40
6
Olaa Sugar Co
20
Radio Corp of America...*
Radio Keith Orpheum...*
May
99%
105
3
79%
5%
40
105
3
80%
10
8,930
105
1,142
14
5%
North American Aviation. 1
Aug
July
Caterpillar Tractor pref 100
40%
14
Montgomery Ward & Co
Mountain City Copper..5c
Sept
Central Eureka Mining...1
38%
35c
....
M J & M & M Cons
Jan
Jan
40c
55
5
5%
Feb
57%
55
Chrysler Corp com
45c
Mar
55
,.1
Jan
13%
19
30
Caterpillar Trac Co com..*
Preferred..
Mar
Jan
2,50
Italo Pet of Amer
High
15
70c
Kenn
Low
15
Jan
42c June
1,300
6
Mines..1
Inter Tel & Tel Co
140%
Italo Pet Corp of Amer pfdl
Week
Shares
Anglo Calif Nat Bank...20
15
Idaho-Maryland
RangelSince Jan. 1,1938
Apr
55c
.
for
18%
111%
14
Hawaiian Sugar Co.....20
Honokaa Sugar Co
..20
Sales
Mar
200
40%
Gt West Elec Chem com..:*
Gt West Elec Chem pref. 20
14, both inclusive, compiled from official sales lists
350
%
10%
Sept
18%
18%
146% 147%
50c
1
Elec Bond & Share
General Electric Co
Exchange
1%
100
50c
Coen Co's Inc A com...
Curtiss-Wright Corp
Domlnguez Oil Co....
San
1%
147
Bendix Aviation Corp. —.£
Bunker Hill & Sullivan2.50
Cortlandt 7-4150
Private Wire to
*
Anglo Nat Corp A com...*
Argonaut Mining Co
5
Atch Top & Santa Fe-.100
Bancamerlca-Biair Corp.. 1
Members New York Stock Exchange
111
1%
18%
American Tel & Tel Co. 100
Amer Toll Bridge (Del)_.l
Anaconda Copper Min._ 50
Schwabacher & Co.
*
com....
was
undertaken following the reorganiza¬
May.
Financial
2376
15, 1938
Oct.
Chronicle
Canadian Markets
UNLISTED
LISTED AND
Montreal Stock Exchange
Provincial and Municipal Issues
asked quotations, Friday, Oct. 14
62
fo 7%
Oct
1 1956
Prov of British Columbia—
58.,
July 12 1949
4%s
Oct
1 1953
Province of Manitoba—
4%s
Aug
1 1941
5s
June 15 1954
68....
Dec
2 i960
Prov of New Brunswick—
4%s
Apr 16 1960
4%s
.Apr 15 1961
Province of Nova Scotia—
4 %s
Sept 15 1952
6s
Mar
1 1960
4%S
5b
Oct
i 1942
50
60
1 1948
Jan
6a
Sept 15 1943
115
May
4fl
4%s
June 1 1962
Jan 15 1965
Province of Ontario—
99% 100%
95%
97
1 1959
111
Stocks
116
119%
121
107
114
108%
115 %
98
4%s_
Mar
2 1950
108% 109%
4b....
Feb
1 1958
108% 109%
4%s
May
1 1961
110
•
96
111%
106%
105
McColl-Frontenac Oil...
10%
*
Montreal Tramways—.100
30%
30%
77
108%
117%
86
P Consol
Mont L H A
*42%
4%s
86
88
81
83
Bid
4%s
perpetual debentures.
Sept 15 1942
Dec 15 1944
5s....
July
1 1944
4s
103
102
6b
6s..
..Dec
July
4%s
96%
94%
4 %8
92
■
93
4%s._
July
—Oct
Feb
5s
6s
5s—
25
38
Mtar
43
63
4,192
31
Mar
67
28
20
24
June
34
80
8,560
48
Mar
80
30
682
23
Mar
31
50
150
Mar
36
78
Jan"
,3s
Sept
86
Jan
Oct
45
Sept
9
Sept
20
21%
7,805
Mar
21%
62
62
63
210
34
Mar
58%
17%
260
14
Mar
19
85
10%
Sept
17%
Feb
15
99
Apr
102%
Feb
100
95
Feb
103
17
14
15
99
99
107% 107%
-.100
„.*
50
3,152
19%
18
Ju)y
Aug
19
260
17
51%
53
1,090
24
21%
1,554
16
Sept
14%
285
10
10
108
14%
109
58%
July
23
July
Mar
17
June
Aug
109
Oct
Mar
78
12
12
June
10
Sept
15
7%
June
74
72%
74%
911
56
Mar
69%
68%
69%
324
54%
Mar
69%
._»
5%
5%
*
Winnipeg Electric A
B
7
July
3
Jan
2%
458
1.50
Apr
2%
2%
2%
516
1.25
Mar
41
2%
32
161
161
175
177%
119
159 '
Sept
178
Jan
197
Mar
223
July
Aug
Jan
Banks—
100
100
177%
5
Aug
163
Jan
160
Montreal
Oct. 14, both
Sales
Friday
Week's Range
Last
Sale
Par
Stocks—
Agnew-Surpa8s Shoe
Price
—
Bruck Silk Mills
■
Building Products
12
30%
15
181
9%
10%
67
4
14%
33%
5%
4%
38
60
Apr
665
7
87
June
257
16
Oct
(new).*
Preferred.
50
Canadian Bronze..
*
Canadian Canners pref—20
Canadian Car A Foundry. *
Preferred
25
3
3
177
2
Mar
9%
9%
95
13%
463
7
Mar
115
30
Mar
41
17%
15%
28%
17%
16%
50
16%
29%
,
.
July
17%
Oct
7%
Mar
17%
18%
29%
3,020
1,455
Mar
30
20
Jan
14%
89
275
88
Sept
106
HANSON BROS., Inc.
Established 1883
255 St. James St.,
16
100
16
Sept
20
Jan
99%
99%
70
99
Aug
108
Jan
29
106
Oct
106
Oct
89
—-
106
106
100
2%
.....
*
8
6%
6%
9%
9%
69%
,19
4
6% cum pref.
Dominion Coal
*
JaD
Asbestos Corp Ltd...
Jan
Beauharnois Pow Corp
Jan
35%
36%
18%
'l50"
Dominion Steel & Coal B 25
July
16
Mar
19%
11
Mar
21
150
Preferred
12%
7%
7%
*
Dom Tar A Chemical
Mar
39
July
Jan
Sept
20
96% June
108
Jan
Feb
150
May
15
76
145
*
Paper....i.
8%
Sept
16%
625
4%
Sept
10
Jan
84
Feb
80
40
75
June
65
88
58
May
70
Jan
50
140
Sept
150
Feb
8
350
4
Mar
.
7%
14%
1
Electrolux Corp...
14%
"
180
11%
Mar
Prod..*
2
2
15
1%
Apr
...*
8
8%
36
7
Jan
English Electric B
Foundation Co of Can
14
"*4%
*
100
Preferred
Goodyear T pref inc '27 50
Gurd (Charles)
*
Gypsum Lime A Alabas..*
July
3%
July
15
165
8%
Mar
16
14
1,690
7%
Mar
14
July
Oct
89
353
75
Mar
89
Oct
*
Hudson Bay Mining
Imperial OH Ltd
*
Imperial Tobacco of Can.6
Preferred..
£1
-
18%
Commercial
*
Alcohols
10
5
Preferred
m
60
8%
mm
9%
21,012
10%
25
1.05
Apr
615
10
Aug
90c
Mar
1.85
July
4
Mar
4%
Jan
3%
Mar
9%
Oct
Apr
10%
7
*8%
Consol Paper Corp Ltd.—*
*
David & Frere Ltee A
1
*
B
*
Dom Eng Works Ltd
00
45
6
6
1.05
Oct
48%
July
4% June
8%
Jan
3%
Mar
8%
July
3
21
75
2,415
Mar
7%
5%
Apr
7%
7%
7%
30
6
Apr
8
5%
6
1,020
3
Mar
6%
150
5
Mar
8% June
6%
7%
4,596
4
Mar
8%
Jan
Donnacona Paper B
10
Euiopean Elec Corp
Falrchlld Aircraft Ltd
rnmmmmrn
6
5
7%
15
7%
65
15
1,549
16%
17
358
98
98
307
33%
31%
18
17%
15%
15%
33%
18
3,403
5,940
15%
7%
4,834
35c
June
Feb
20%
14%
13%
Sept
19%
Feb
Jan
15%
July
7%
Oct
Lake St John P&P
15
15
17
Jan
MacLaren Pow A Paper._*
31%
15%
Massey-Har 5% cum pf 100
58%
57%
59
1,405
32%
Apr
03
July
101
212
87%
Jan
101
July
25
1.35
Oct
Oct
Oct
9,671
37
Mar
56
170
24
Apr
30
Oct
100
11
Oct
11
Oct
Internet Pet Co Ltd
*
26%
27%
2,659
22
Sept
2%
Sept
31%
5%
Mar
Aug
80%
80
50
74
May
84
Feb
35
35a
25
32
Mar
36
Aug
7%
1,035
50
54
8
2,175
Oct
Feb
33%
Oct
2%
July
98
38
16
50c
18
32
62
23%
Oct
Mar
Oct
2%
Mar
35c
Mar
Apr
14%
4%
14%
105
Sept
May
62
1,198
9
7
145
1.910
35c
90
Aug
23
5%
11%
23%
July
38
5%
11
22%
Jin
July
9%
15%
Mar
1
860
15
11
July
June
Mar
5
11%
20
7%
Jan
8%
23%
*
Fleet Aircraft Ltd
•
Oct
Oct
May
1.00
155
44%
_
3
3%
11
■4%
10%
-
55
30
i
820
4%
Aug
615
57
""7%
100
1.50
52
5%
56
Massey-Harrls
10
1.40
•+ +
July
7%
Mar
*16**
52
52
..
mm mm
July
50,
25
8
Mar
*
Jan
11%
7%
38
*
July
Jan
6%
32
100
•
Mar
7
11
_
8%
Mar
1.00
75
52
Oct
June
2.00
7%
26
MacKinnon Steel pref.
•
Jan
1.65
'
*
53%
MacKinnon Steel Corp
8%
Oct
3
103
1.00
8%
9.5c
Feb
Aug
Oct
Mar
Apr
8
25
1.25
1.00
*
*
Cndn Westinghouse Co
*
Catelll Food Prods 5%cml5
„
Can Vtckers Ltd
125
8
8
1.25
1
22
*
*
Lake of the Woods
Apr
.*
EasternDairies7%cm pflOO
53
Jamaica Public Serv Ltd.. *
14%
Donnacona Paper A
45
"80%
35
'
20
Oct
Jan
Feb
2% June
Sept
Dominion Stores Ltd
743
*
1.00
Aug
July
Oct
38
100
625
1.80
July
Intl Paper & Power
Preferred
1.75
«.
28%
5%
Intl Bronze Powder pref 25
International Power
112
Mar
355
"27%
36
Jan
103
June
57-
55%
Sept
125
342
5
32
*
Sept
1,168
32%
14%
3
*
Intercolonial Coal
Intl Nickel of Canada
23
27%
28%
112
22
1,565
100
Industrial Accept Corp
Jan
4,776
84%
100
Preferred
Mar
10
4%
56%
6%
*
Howard Smith Paper
17
46
31%
*
Cndn Power & Pap Inv.
7%
Sept
5
3,290
10%
79
6
Holnnger Gold Mines
4%
133
5
112
Cndn General Invests....*
Cndn Marconi Co
5%
Sept
Oct
130
9%
57
*
51
13
■27
28
112
Ford Motor Co of Can A.*
Hamilton Bridge
2%
2,370
3%
84%
"7%
3%
102
6
10%
80
10
Aug
Mar
47
6,259
22
5
------
*
Preferred
Oct
1.27
13
Ltd—*
pf.100
Can Breweries Ltd
32%
Apr
July
11
13
87
—.100
Rights
General Steel Wares
Jan
8%
17
15
*
._*
Gatlneau
Preferred...
July
7,638
8
140
80
Can Nor P 7% cum
4%
Mar
00 CO $ O
20%
5
21%
*
Brit Amer OH Co Ltd
Mar
9%
10
130
130
July
1.00
8,749
'
10
"
»
140
80
100
Preferred
Enamel A Heating
13%
Oct
65
100
:
Dominion Textile..
Dryaen
235
18
"
3%
3%
Canada & Dom Bug (new) *
Sept
102
150
12%
1938
High
Low
10,319
4%
1.31
93 % 102
British Columbia Packers *
45%
65
18%
102
100
100
Preferred
1,
Week
Shares
32
1.31
100
Brewers A Distill of Van. .5
July
Oct
3%
30
31
~-mm
*
*
8%
Mar
250
19
18%
pref...-.25
Dominion Glass
Low
4
Co..*
100
Ltd
Abltlbl Pow & Paper
Aluminium
S3%
Mar
6%
-19%
16%
35%
..*
of Prices
High
Sale
Price
Par
Range Since Jan.
for
Week's Range
Last
Stocks—
official sales lists
Sales
Friday
Canada Malting Co
Dominion Bridge
Montreal
330 Bay Street, Toronto
14, both inclusive, compiled from
Belding-Corti 7%,cm pflOO
5
9,859
65%
18%
.*
Distillers Seagrams
«
Montreal Curb Market
Oct. 8 to Oct.
Mar
10%
Mar
1,845
1,020
9%
Crown Cork & 8eal Co...*
Mar
6
5,040
1,050
.6%
Cockshutt Plow
64%
Sept
1.50
4%
65
•
Canadian Pacific Ry
25
*
Con Mln A Smelt new—25
1,50
50
2%
8
*
435
2%
2%
2%
Canadian Indus Alcohol..*
Sparks St., Ottawa
Jan
16
*
100
100
and Industrial Bonds
Public Utility
Oct
June
9
18%
Municipal
Canadian Government
"
July
July
124
Rights..
Canadian I-o'comotive
191%
Jan
110
40%
Preferred 7%
Class B
,
12%
14
_
10%
40%
....
.
Mar
Jan
19% June
4% June
16% July
Canada Steamship
Cndn Fairbanks pref.
170
Aug
12%
Sept
377
•_
746
July
17
Cndn Cottons oref
187% 190%
July
2% June
96
Celanese
190
Feb
Sept
17
Canadian
100
56
*
.100
,
310%
July
Mar
Sept
3
95
Preferred-
Can North Power
June
Oct
Mar
Corp.. _ *
Canada Cement
295
July
Sept
7%
140
57
56
50
July
2%
Sept
25%
90
3%
11%
166%
6%
147
3,107
2,544
1,851
30%
3%
308
July
Apr
1.00
384
3%
220
308
July
16
11%
1,450
30
107%
Aug
106
875
1.50
165% 166
12
12%
3%
*
A
20
1.50
*
*
218
308
High
Low
105
10
166*
100
Brazilian Tr Lt A Power. *
British Col Power Corp A. *
Bell Telephone
219
100
rV
Shares
15
pf 100
Associated
B
of Prices
High
Low
100
Nova Scotia
Range Since Jan. 1, 1938
for
105
Breweries—*
Bathurst Power A Paper A*
Bawlf (N) Grain
*
sales lists
203
Royal.
inclusive, compiled from official
June
July
50
Oct
32
32
32
...100
Commerce
Oct
Mar
3
585
6
2%
2%
*
*
„
Woods Mfg pref
Oct
74%
25
Canada
Preferred
United Steel Corp
Jan
10%
10
9%
9%
_*
Feb
20
Apr
22
14
Oct
6%
21
109
Oct
20%
19
100
Oct
July
Mar
53
18
Jan
10%
Mar
2%
8%
3,085
6
5%
5%
18%
8%
100
Canadienne.
Oct. 8 to
Aug
42
•
preferred
Steel Co of
Montreal Stock Exchange
Oct
Feb
155%
45
Southern Canada Power..*
1 1962
11962
Jan
48....
Aug
945
100
Simon (H) & Sous.
1 1946
July
6%s
Aug
15%
Shawinigan W & Power..*
Grand Trunk Pacific Ry—
July
.
43
Sherwin Williams of Can
Guaranteed Bonds
Canadian Northern Ry—
Ry—
1 1951
16 1955
1 1956
1 1957
1 1969
1 1969
1 1970
..Sept
June
Feb
July
4%s
42
78
17%
Preferred..
4%s
Aug
St Lawrence Flour Mills..*
110% 111%
Dominion Government
4%s
43
14%
Power
St Lawrence Paper pref
Canadian National
Sept
34
21
...100
Rolland Paper pref
A
Feb
78
15
of Canada...*
Ltd
Sagueuay Power pref.
fct Lawrence Corp
98
97
89
42%
155% 155%
Rolland Paper vt.
96%
Jan
Aug
29%
29%
Ask
96
1 1946
1 1954
1 1960
Sept
31
74%
43
Power Corp
Canadian Pacific Ry—
83
82 %
4,119
Feb
25%
76
*78%
Mines
5% pieferred
Bid
Ask
|
Canadian Pacific Ry—
17
28
Price Bros A Co
Quebec
78
59%
Penmaas
Railway Bonds
31
14
Sept
Sept
9
41%
*59%
Niagara Wire Weaving..
Noranda
High
Low
1,935
5,856
42
Preferred——;.——25
National Steel Car Corp.
100
Ottawa L H A Power.._ 100
8°
16 1946
1 1951
.Nov
Oct
5%s
116
Week
11
'
June 15 1943
5b
107
Share*
Price
Par
(Concluded)
Ogilvie Flour Mills
Preferred
Prov of Saskatchewan—
102% 104 %
for
of Prices
Low
High
10%
Province of Quebec—
98%
Week's Range
Sale
'
National Breweries
97
96
.
Range Since Jan. 1,1938
Last
Ask
Bid
110
5b
Province of Alberta—
6e
~Ask
Hid
Sales
Friday
Closing bid and
10
2%
60
4%
Sept
Oct
17%
July
2%
Oct
July
62
Mar
10%
Foreign Power Sec Corp..*
Fraser Companies Ltd
*
19
20%
458
20
20
Intl Paints
International UtiUties B_
_
Ltd—*
100
mm
mmmm
6
Page-Hereey Tubes Ltd—*
.Power Corp of Canada
6% cum 1st pref
.100
6 % n c partlc 2d pref. 50
.
75c
30
100
1.50
5%
75c
1.50
1.25
400 1.70
.
July
Sept
Mar
Mar
Oct
1.00
34
2%
Aug
Jan
June
Feb
Jan
5
Sept
7%
Mar
21
Aug
93
Oct
93
Oct
89
78
Apr
99
Oct
101
64
92
Mar
101
Sept
44
27
44
June
4.5
Aug
6
306
1,325
18%
93
30
99
99
44
Sept
7
440
17%
98%
Oct
2%
4%
13
370
'
*99
21%
Oct
Mar
50c
1,150
93
mm—m—-
*
N S Light & Pow Co.
•No par value.
1,225
3%
30
*
Melchers Distillers Ltd pf*
Mitchell (Robt) Co
1.95
3%
75c
1
McCoU-Fron6% cm pf_100
Melchers Distilleries
*
3,913
1.25
3%
20
Mar
10
21%
1.25
*
Prodi
(Can) Ltd A—*
Voting trust etfs
Mar
9
Home A Indust Bldg
Oct
July
20%
6%
'
Volume
Financial
147
Chronicle
2377
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Last
Week's Range
Sale
Stocks (Concluded)
of Prices
High
Price
Par
Low
Provincial Transport Co. *
Quebec Tel & Pow Corp A*
8ou Can Pow 6% cm pf 100
5%
10
4%
25
7%
4%
Sept
May
104
July
Aug
106
June
80c
Stocks (Continued)
High
Low
75
Aug
1.15
Oct
Jan
230
*47
1.10
Apr
2
July
821
1.70
1.60
45
Walker Good A Worts®)*
$1 cum pre!
*
Shares
80c
32%
Mar
47
315
19%
17%
19%
May
Oct
Aidermac
1
6%c
5%c
7c
11,500
*
64c
53c
64c
1
lc
lc
lc
26,200
1,500
45c
45c
*
40%c 40%c
1
16 %c 16%c
Copper Corp
Alexandria Gold.
^
Bankfield Cons Mines....1
Base Metals Mining
Beaufor Gold
Big Missouri Mines
Bear
3%
& Rad—1
3%
25c
33c
1.19
1.29
73,000
4,850
10%
215
Beattle Gold
Beatty Bros A
9
1st preferred
"1%
Bell Tel Co of Canada. 100
165%
1
29c
8
*
9.25
12c
Sept
Sept
33c
Feb
Traction
.*
11%
11%
Jan
Brewers <&
Oct
British American Oil
Feb
Brit Col Power A
30
Jan
Brown Oil
9%C
Jan
57c
Distillers
6
5
8c
25c
26c
4,100
18c
2.56
2.56
2.56
200
1.P0
Sept
Sept
3.20
Mar
4%
20%
5
22
30%
29c
25c
30c
6,100
20c
Mar
4lc
Feb
38c
Building Products
62c May
33%
32%
33%
2,670
27%
June
35
Aug
Bunker
4c
4%c
13,500
3c
Sept
6 Me
Aug
Burlington Steel
"2 .id
2.10
2.25
4,700
1.05
Jan
2.37
Aug
Eldorado Gold M Ltd—..1
2.30
2.17
2.35
7,800
1.40
Sept
3,.25
Mar
Calgary & Edmonton
Faiconbridge Nickel
6.50
5.90
6.50
690
4.25
6.95
Jan
25c
27c
20C
Sept
Sept
55 %c
Feb
7c
Sept
Hill
10c
2,800
2,458
l5%c
May
13 %c
15c
2,300
6%c
Aug
27c
1.28
500
99c
Mar
1.50
Jan
51%
1,795
Sept
58 H
Feb
3c
500
3c
May
5c
1,000
36 %c
Oct
62c
Aug
1.000
5c
Sept
14c
Jan
2,515
3.50
Mar
5.50
Mar
49
8c
8r
4.85
5.50
1,400
1.20
1.24
6c
Nipissing Mines
600
1.58
1.58
1.58
90c
90c
100
3.00
3.15
1,995
2.10
46c
46c
1.000
46c
__*
July
20c
Jan
1.58
1.14
Jan
5.40
Jan
80c
July
4 65
4.50
4.50
4.60
4,350
2.90
19c
21c
18,400
14c
Sept
2.10
2.15
2~ 2 5
2.03
2.34
1.36
1.40
2,300
1.1
5.10
5.10
5.25
850
50
50%
115
10%
195
7
Mar
13
5
89
June
108
Jan
*
33
32
33
461
27
Sept
36
Jan
*
'71
70
71
101
58
Mar
72
Jan
Canada Permanent---.100
133
133
134
90
128
May
150
2
Mar
4%
June
Apr
16%
July
Ventures Ltd
*
_
Cad
Aug
65c
Jan
2.60
Aug
5c
Sept
A pr
_*
»
17c
45c
1.000
53c
Mar
5.50
350
3.95
7.50
425
6"c
2.60
4.30
Central Porcupine
1
•8%c
8%c
9c
2,338
98
98
Jan
3.40
1.39
Chemical Research
1
-
104
98
65c
75c
1.30
Chesterville-Larder Lake 1
Chromium Mining
*
1.23
Mar
3.60
Feb
Cockshutt Plow
Jan
1.25
41,200
63c
63c
Commoll Ltd.....
5.60
13c
Sept
43c
Jan
Consol
Mar
8.10
Jan
Cons
58%c
3.10
70c
Jan
88c
1.00
Sept
28c
Apr
1.45
Apr
2.20
49
Sept
Jan
July
gladly furnished
on
Sept
43c
1.60
100
1.25 June
2.25
Jan
1.40
,701
1.00
Sept
1.84
Jan
Bakeries.
15%
'240
11%
Mar
16
Aug
28c
30c
2,900
59%
65%
7,360
175% 179%
175
173
Sept
199
Jau
40
16
June
24
Aug
20
,29
*
.
.
Chibougama
25c
15
25c
15
1
5
64%
100
175%
22
v
Crows Nest Coal
Dark water..
21
22
31
30
100
7c
40c
21,800
10,500
_•
34c
34c
1
Dalies Petroleum
18%c
17 %C
18%
16%
19
80
82
Preferred.....
32%
33%
100
*
(new)
"33%
20c
3,505
27
9c
6,500
6c
Sept
20c
20c
600
3%
3%
3%
15
17c
600
66 %c204,067
*
*
A P Consolidated Oil
1
Aidermac Copper
*
"64c
52c
17c
7cl26,500
189
Apr
100
16
Sept
19%
Feb
2%c Sept
7C
Mar
13%
5,265
8%
Sept
16%
July
6
6%
342
4%
June
8%
Jan
325
4%
Mar
102,400
5c
Aug
26c
8
7%
8
1
lie
10c
12c
*
8%c
...*
."
2.14
2.28
2.15
6
25
Sept
15c
Mar
2,39
Aug
1.38
Sept
3.25
Mar
5%
Ma»
«i
"rw
5.50
30%
19c
17c
19c
11,900
1
7%c
7c
8%c
40,500
1
20c
18c 25 %c
98,100
1,000
A...
*
12c
6.75
22
12c
5,530
3,800
H)
22%
23%
4,477
4%
33
July
Oct
14c May
l%c June
Sept
53c
1,207
7
Apr
Mar
14%
14
7c
Oct
Preferred.
10c
12%
14%
87
87
90
4%
Rights...
General Steel Wares
*
10
270
Sept
9%
10%
2,326
31,000
5
Mar
4%
10%
Sept
32c
12c 13%c
1
12 %c
32c
Apr
Glenora
;*
2%c
2%c
3%c
Aug
God's Lake
*
39c
39c
42c
11,916
12 %c
Sept
36%c
Jan
Goidale Mines....
1
24c
23 %c
25c
28c
Sept
Sept
70c
Feb
Gold Eagle
Goodflsh Mining
lie
13c
9,200
6,800
5,500
-
.1
1
3%c
70
10
Anglo-Huronian
*
3.35
3.25
3.40
2,625
2.90 June
4.15
JaD
55
57
139
1,200
12,600
33c
Mar
Goodyear Tire pref.....50
Graham-Bousquet
1
Bankfield
Cons
35%c
29c
14c
1
36c
I
36c
2,500
41c341,900
17c
6,850
45c 24,700
11c
6c
2c
170
12c
32c
Sept
Mar
Sept
Sept
Sept
33c June
13%c Sept
7c
44c
1.03
Feb
222%
July
219
218
220
36
195
Mar
310
310
310
16
285
June
310
237
238
68
227
May
249
Base Metals Corp
,100
*<
~~37c
35c
40c
17,300
20c
Mar
45c
1,700
9%c
12c
6c
6c
12,150
14,500
Great Lakes Paper pref..*
Great Lakes Paper voting. *
6 %c
21
"*9%
Feb
Sept
Bank of Nova Scotia... 100
4%c
9%c
*
Grandom Mines
Jan
Oct
4 %c
21
10
15
1
,66c
65c
66c
1,257
2,640
2,400
Gypsutn Lime A Alabas—•
7%
6%
7%
5,100
Voting pref....
Gunnar
Gold.......
Feb
Julv
3%c
...1
Granada Mines
Aug
270
Bank of Montreal. .—100
Bank of Toronto
5c
9,500
5%
5c
Apr
leb
*
No par value.
....*
24
19
24
2c June
30c
14c
Mar
Sept
3c Sept
52
Apr
51%
5c
Mar
Julv
Oct
A pr
Mar
68c
Sept
Pc
Oct
Oct
3
Apr
Glides Lake Gold.....
P0
610
3 %c
12c
74%
4%
70
15 %c
Aug
3%
*
15c
22c
20c
Goodyear Tire
10c
8c
5,300
Jan
4%c
Oct
6,800
1.65
11c
23
16c
Mar
4%c
Apr
Sept
Mar
15c
95c
1
May
14%
25c 25 %c
15C Sept
7c
Jan
41
15c
2
17cl36,200
Aug
July
25c
3,650
1
30c
25o
Sept
Feb
Jan
Oct
'26C
14c
*
1.30
.1
1
11c
8
6 95
22
*
1.25
Mines
Auglte-Porcupine Gold
Bagamac Mines
Sept
Sept
13c Sept
3%c May
8c Sept
Foundation Petroluem
14 %c
Gold..
4.25
14%
35
40
"23%
Jan
5c
1.05
6~30
12c
Jan
Mar
2,900
21%
25c
10
29,325
59,215
2.35
....*
Firestone Pete
i
2 25
2.07
.1
50
Jan
8%c
8c
_.l
"
1.27
Ashley
Oct
12%
6%
16 %c
Astoria Quebec
Sept
12%
*
Arntfleld Gold
216
.*
Stores
—1
Gold Mines
Aug
500
Anglo-Can Hold Dev
Aram
Oct
34%
High
Mar
1
Oct
82
Francoeur
Low
Mar
Alton Mines Ltd
AJax Oil & Gas
Alberta Pacific Grain
66%
Jan
27% June
25%
Falcon bridge—
Range Since Jan. 1,193$
8%
7%c
5%c
Jan
19
3,200
Ford
1.00
8%c
6%c
Mar
460
Mar
50
Fernland Gold....
9,210
3,606
*
11
4c
Federal- Klrkland
32%
Acme Gas & Oil
Feb
Feb
23 %C
73
42%
*
Gatlneau Power
4%
.
18%
207
•
Low
3%
Oct
49
East Crest Oil
Sales
30
Feb
4c
Fleury-Bissell pref..... 100
3%
38
Apr
Jan
•18%
205
..100
East Malartlc....
Exchange
30%
65%
Sept
20
Sept
10c Sept
60
„*
Eldorado...
14, both inclusive, compiled from official sales lists
100
42c
Mar
Sept
5c
5,415
Denlson Nickel Mines
Distillers Seagrams
Fanny Farmer.
1
Faulkenham Lr»ke Gold.. 1
preferred
20c
45%
*3,700
7c
_.i
.
Equitable Life.
6%
Aug
July
85c May
1.P0
Smelters
Dominion
Canada Permanent Building, 320 Bay St., TORONTO
Abitlbl
190
2,800
13%
Dominion Steel Coal B..26
McCarthy
Range
for
Week
OfP rices
High Shares
Mar
Sept
1.30
Dominion Foundry
Exchange, Montreal Curb Market,
Week's
7
50c
1.60
Dominion Coal pref.....25
Dominion Explorers
1
Canadian Commodity Exchange
Sale
80c
35c June
370
3,850
1.37
*
Dominion Tar
Last
Oct
July
f
Dorval Siscoe—....
Price
96c
1.73
Sept
Jan
.Oct
Sept
35c
CANADIAN STOCKS
Par
Feb
Feb
May
..*
6.55
Sept
Sept
63c
.
7,750
60c
56c
Conlaurum Mines
Consolidated
68c
10
»
Dominion Bank..
Stocks—
Sept
25c May
2,950
1.11
«•
15c
100
95
6
Mar
May
700
45%
104
Chartered Trust....... 100
10,050
32%
July
Aug
Sept
100
July
2.60
July
7 80
1,250
Jan
3%
Jan
1.19
Sept
1.30
5
8%
Apr
3.20
3.85
1.21
o
165
100
Jan
Feb
Aug
104%
Commonwealth Pete
1.30
5
4,623
135
2.40
1.28
123
Sept
Mar
•Jan
Coniagas M ines.....
1.20
3
65c
110
Mar
Aug
1.67
6%
6%
3
50
4%
1,85 Sept
6%C Sept
...
Sept
22 %e
Friday
Jan
11,685
120
2.40
100
—
Jan
700
Toronto Stock
35
Sept
Sept
98%
.
Oct. 8 to Oct.
Sept
1.60
250
84c
119
6%
1
Feb
4,850
1,025
.2,445
120
*
38c
52c
Toronto Stock
15
65
2%
2%
2%
25
60 %c
6.40
2.45
'22
64c
29c
78c
28%
4,816
1,43
Mara &
July
July
2,350
14,930
7,700
£0c
O P R
Canadian Wineries
Caribou Gold
Dome Mines
Members:
30
Apr
1.12
20,704
1,785
1,200
Statistical Information
18%
Mar
2.58
1.69
44
Mar
1.02
Jan
52c
1.30
Jan
6%
7%
18%
2.50
Mar
2.30
"1I2O
Okalta Oils Ltd........ _*
•
Royallte OU Co—
9
Jan
Aug
July
1.05
33c
19c 20 %c
2.35
99
19
2.60
1.78
......
Apr
6.
i
Sept
May
Sept
Sept
Sept
Sept
Sept
Sept
Sept
3A Up 3« Up
*
_
16
625
80c
Cosmos...
Calgary & Edmonton Cp
Aug
177
Mar
1
3%c
7.65
21%
Mar
Mar
Carnation pref
91 %c
7.50
May
Sept
1,585
29%
Sept
2.60
Central Patricia
3,"250
300
7%
30
4
2,426
16%
67
Gastle-Trethewey
48,460
5.00
14%
■
Jan
Jan
OilBrown Oil.......
Jan
Oct
Sept
157
208
15%
Malartlc
Consumers Gas
Dalhousle Oil Co
Home Oil Co....
50%
Jan
42c'
1.75
6.90
■
_*
Jan
July
Oct
Feb
4.50
6%c
5%c
20c
Wright Hargreaves
29%
Cndn Industrial Alcohol A*
1.93
1.00
17
21
Mar
3.35
ah
17%
7%
16%
Sent
27c 35 %c 121,820
7l05
"i7%
25
40c
5.50
Walte-Amulet.
..%
2d preferred..
Aug
3%c
4.90
-
62c
7
July
90c
45
232
5.25
41c
—
19
177
72c
3.25
25
19
1,300
3,525
71c
47
16
300
173
4,000
45c
6%
30
1.70
19
57c
70c
25
177
1.48
42c
51
1.70
*
Canadian Canners....
*
Canadian Canners 1st pf 20
Canadian
.
71
679
Cndn Bk of Commerce. 100
Mar
1.60
4.90
1.70
Canadian Dredge
500
35%c
Preferred
3%
13%
3
12%
60%
25
51
......*
Canadian Bakeries preflOO
Breweries
Canadian Oil pref.....100
95c
.1
Teck-Hughes Gold
.1
Thompson Cad
Towagamac Exploration. 1
Canada Wire A
12%
Canadian
Jan
1.37
3~25
50
Jan
5c
.1
Jan
3.10
19 %c Sept
3
May
40
June
Feb
4,300
■
3
Preferred
1.77
5c
70c
Sylvanite Gold
96%
Canada 8teamshlps
2.70
8c
t .1
45c
2.49
9%
100
2.65
8c
1.61
*
Preferred
Feb
3.65
Siscoe Gold Mines Ltd— .1
Canada Cement
Canada Malting.....
Canada Packers
A iv
3.40
Stadacona (new)
Sullivan Consolidated... A
—50
Apr
1.55
4%c
8c
Bladen Mai
July
Aug
60%
B..
3-50
57c
"
1.65
Jan
14%
25
May
1.55 Sept
230
Can Car <fe Foundry
Preferred
Jan
62c
'
_i
Mar
15
20,710
12,950
17%
1.40
Bherrltt-Gordon
22o
Sept
9%
Aug
35c
Mar
1.40
Shawkey Gold
7%o
Feb
6%c May
60
Apr
5%
Sept
16
3.46
585
37
5
2.70
2.75
16
It
80
22
*
13%
2.75
16
Red Crest Gold
3,800
21
10c
*
50
2.75
Placer Development Ltd.l
Preston-East Dome
1
Reward Mining Co.
lie
13
22
...1
530
Pioneer Gold Mines of B CI
.1
Quebec Gold....
Read Authler Mine..... A
355
31c
Oils.,
3.90
6,950
1.37
~
17%c
2,270
10,889
*
,26
1.37 May
1.00 Sept
200
Pend-Orellle M A M Co.. 1
Perron Gold Mines Ltd... 1
Pickle Crow Gd M Ltd
»
Sept
Mar
20 %c
Pato Consol Gd Dredging 1
10%c Sept
l%o Sept
2%c
57%
2.25
July
*
...
Cad
15
14%
2%c
32c
Oct
1.58
Oct
Sept
60c May
1
Pamour-Porcuplne
Wood
1.27
Aug
50
100
Oct
June
73o
3 00
.....f
Oro-Plata Mining
35%
600
6c
Montague Gold
Pandora
49
48%
L24
Normetal Mining
'
O'Brien Gold——...1
Apr
5
Jan
8'
~
Jan
72c
Feb
36%c 37% c
Mclntyre-Porcupine..... 5
68 %0
Mar
56%
...
Canada Bread
Feb
1.28
Mackenzie-Red Lake...
Jan
Sept
46c
2.29
CaJmont
5.30
Feb
20o
13
Burt (FN)
1
July
50
14%
J
Mines
34
34,550
57
1
Macassa
22
4
July
70
30c
65
*
East Malartlc Mines
Lebel-Oro Mines
Mar
Sept
Mar
Feb
15c
Duparquet Mining Co
45
Sept
16%
26
199
.1
10.25 June
14%
7%
7%
5,597
30
Oct
22 %o
Mar
7,75 Sept
60
21%
30%
Buffaio-Ankerite
Buffalo-Canadian.
Cons Cliibougamau Gilds. 1
Dome Mines Ltd
*
Jan
Preferred
7c
4,238
*
—
30c
"26c
6c
13
_*
Central Cadillac Gold....l
Central Patricia Gold
1
3c
Jan
Mines
24% June
2%c Aug
Lamaque Contact Gold.
Lapa-Cadillac Gold
34
Braiorne
1,106
27,500
4,000
50
Sept*
Oct
3%c
50%
Jan
25
40 %C
26%
1
5
83
Jan
21c
Mar
3
Sept
July
11%
50'
37c
3%c
Lake Shore Mines.
6%
Jan
280
2,000
300
28
_5(
13%c
Feb
68c
4
13c 22 %c 259,000
9.15
9.30
6,210
Sept
Jan
50c
Sept
8%
18%c
25c
166%
Feb
21c
Jan
6%
28
]
5%C
Jan
Mar
20o
Jan
106
4
Bobio Mines
Brazil
jan
15
Apr
Mar
28
Apr
25%
9%c
2,210
90c
25%
3%c
13 %c
15,300
36c
A
;
1.45
146%
31c
30c
Oct
5
.
Sept
6%. Sept
95c
352
28 %C
*
Ribbon.,
Mrpi
2
45c
7%c May
Klrkland Gold Rand Ltd
166
July
36c
986
1,000
1,000
Kirk land Lake Cold—
164
5
95
Blue
7,000
8,600
Francoeur Gold M Ltd—.*
J-M Consol Gold(New) —
3%
July
11%
Sept
16c
■
25
Blue Ribbon pref
21c
6%C
3%
..1
Biltmore Hats
103
Jan
10c
Car tier- Malartlc G M Ltd 1
9
102
100
High
6% June
2% May
5
"25c
1.20
Exploration
Low
220
Jan
35c
1
10%
3%C
8c
Capitol-Rouyn Gold.
9%
*
Range Since Jan. 1,1938
Shares
67C
14c
35c
l
High
Mar
10c
1
Bouscadlilac Gold
Bulolo Gold Dredging
Low
lc
_.l
Bob jo Mines...
Oct
7c
l%c June
34c Sept
Week
9%
B
Bldgood Klrkland
Big Missouri
Afton Mines
for
of Prices
Bathurst Power A..
Oct
Mines—
Week's Range
Price
Par
Beauharnols.....
19%
Sales
Last
Sale
100
80c
46 %
Range Since Jan. 1,1938
for
Week
108%
106
United Distillers of Can.. *
Exchange
Friday
6%
4%
6%
4%
_
Walkervflle Brewery
*
(H) Walk-Gooder A Worts*
Toronto Stock
Sales
Friday
40
Jan
%c
July
40c
Feb
12c
Jan
72%
58
Jan
June
2%c Sept
9%c
1 eb
Mar
14c
Aug
4%c Sept
20
Sept
4% Sept
11c
5c
Jan
21
Oct
13
July
14
33
48c
Sept
Sept
4
Sept
Jan
1.09
Ma*
8%
Jan
Financial
2378
Oct.
Chronicle
15, 1938
Canadian Markets—Listed and Unlisted
Last
Price
Par
(Continued)
of Prices
Low
High
Halcro w-B wayze........1
High wood-Sarcee.
Hlnde & Dauch
9A C
28c
& 8m..*
33%
33 A
'31%
Imperial Bank......—100
Imperial Oil
*
208
Preferred
37o
20M
57
Jan
33c
Sept
Mar
Jan
33 M
Oct
Apr
75
Aug
May
6M
10
Oct
Mar
190
Sept
215
17%
18
5,361
14%
Sept
19%
715
13%
Mar
15%
July
7A
200
6M
35c
35c
7
8
77
80
75
77 A
"77 A
879
49c June
•81
26%
Jan
Sept
98
37
Mar
56
4,735
22
Mar
31M
27%
%
70c
75c
3,800
40c
35c 44 ViC
7,200
3,766
27c
18c
16c
10c
4,964
15 A
84
9 Ac
10c
Sept
Oct
Mar
Kerr-Addison -—... .
...
Kirkland Lake
1.90
1.87
2.05
1.28
1.25
1.34
Preferred.
Sudbury Basin
17c
Oct
Sept
3c
3c
7,000
35c
39c
40c
16,400
54
80c
97c
"8%c
7c
8%c
I Ac
lMc
lAc
500
lc
75c
75c
80c
27,070
50c
3.20
4,125
2.10
655
19%
Mar
566
18
3.50
23
22
21
22
5.55
15.294
5.20
3.50
3.50
3.80
17,600
1
47c
47c
50c
5,100
Feb
0.00
3.20
*
12
12 M
4.90
4.85
5.00
1.34
1.46
Tamblyns
Hughes
1.30
Texas Canadian
Tip Top
*
-
-
-
»
2 '»0
Jan
35
i
Sept
18M
July
5
73
Mar
87
108
93
107
Oct
122
38c
52c
1.47
1.80
14
*
13c
5%
*
5.75
Walkers
55c
Sept
4c
7M
5&
10A
49
49%
48 A
1.24
1.15
4M
3%
■
Mar
28
July
6
12c 14 Mc
70c
77c
68C
Mar
10%
63
22c
____25c
II Ac
1.36
8%
Sept
14
ioi
July
4,726
12,270
35 M
Mar
49%
Mar
July
Sept
24c
Mar
14,100
17,800
2.000
1,000
_.l
69c
9c
•
.100
158
4Mc
Aug
20c
Sept
38c
Jim
10c
Sept
1.00
20c
Apr
Sept
2.56
Mar
25
Apr
38M
Oct
165
144
143
Apr
12,800
;
2%c May
596
6.000
1.52
1.36
38
32c.
38
UAc 11 Ac
♦
158
.
Oct
172
1
8C
8c
835
5c
Aug
15b
July
1 """2c
2c
2%c
1,500
lMc
July
3Mc
July
*
5M
4%
5A
305
3%
Sept
7M
Feb
.1
*
45c
45c
53c
13Mc
Apr
79c
July
6c
4%c
6 Ac
75,300
15,600
2c
May
11 Mc
1
18c
18c
18c
1,000
11c
Sept
38c
1.40
Sept
1.60
....5
79
.'
900
1,75
1.55
76 A
.
80
8,695
1,500
10c
10c
10c
4c
4 Ac
80c
91c
17,610
1
*
Mar
48
3.00
3.15
Okalta Oils..——
*
1.28
1.27
1.39
Olga Gas
*
3 Ac
3 Ac
4c
3.00
1
62c
1
Sent
1.25
Jan
Mar
8.50
46 M
44%
47
30%
Mar
47
19 %
19%
19 %
4,071
1,720
July
Oct
Mar
19%
13c
3,100
3%
40
2
75
28
12c
12c
1
W
«
•
»
—
-
3
M
''
*
""~40c
•
*
98 A
Pamour
68c
62c
2,865
6,700
28,300
52,468
*
4.40
1
20c
Partanen-Malartlc..
1
Aug
5.500
5c
Sent
34c
11c
23.500
7%c
Sept
14 Mc
Apr
Mar
13M
July
Apr
90
•Sept
12%
12%
13
85
85
100
,
*
White Eagle.
1,495
9
5
74
lc
lc
...
..
»
*
1,000
%c
,
SeDt
2
2
11M
.100
I.
40
1%
13
50
Jan
Apr
3Mc
7A
20c
7.40
7.75
12c
11c
12c
43c
♦
13,080
6.50
Mar
2,500
9c
Sept
Jan
8.20
"
.
Jan
16
May
13c Sept
3,200
22c
7.75
1
,
Feb
Feb
30c
Mar.
Jan
2.15
Oct
80
Sale
Canada Vinegars.r
Canadian
Coast Copper
6
*
.
Consolidated Paper
Bridge...I_
1---..1
Malrobic.
Sept
5%
July
1.45
Mar
Mar
•
53c
3,570
67 A
69 A
36 A
110
65
June
71
July
410
21%
Mar
39
July
60c
940
35c
Sept
7A
35
5
5
29
40
12
Mar
20 A
7A
4.65
15c
Aug
63c
6Mc
Sept
24MC
22c
69c
Mar
Sept
1.30
Mar
1,100
l%c
July
*
Supertest ordinary.
21 A
*
39
Feb
Bid
1.76
Feb
Alberta Pac Grain 6s. .1946
Aug
Beauharnols Pr Corp 5s '73
Bell Tel Co of Can 5s. 1955
111
15
95U;
Mar
99%
1.40
Burns & Co 5s
Mar
Abitlbl P & Pap ctfs 5s 1953
70 A
69 A
89
87
97
111%
.1958
76
58
Calgary Power Co 58—1960
100
101
Canada Bread 6s
105
1
2.30
2.29
2.43
18,230
1.37
Mar
2.65
Sept
July
*
15%
15%
15%
125
Apr
16%
July
24c
24c
26c
4,500
9M
20Mc
52c
Apr
2.52
Aug
Canadian Inter Pap 6s 1949
98
99
1.90
Aug
Canadian Lt & Pow 5s 1949
99
101
Canadian Vlckers Co 6s '47
94 M
2.34
2,225
1.75
1.36
1.50
75,218
67c
May
__
*
1%
37c
Gold
1
6e
10c
192
Sept
33
Sept
48 %
20c
Sept
Jan
Eastern Dairies 6s
1949
50
103
96M
103%
12c
7Mc
Sept
Mar
Gatlneau Power 5e.._1956
1.38
4,632
1.00
Sept
1.55
Jan
Gt Lakes Pap Co 1st 5s '55
22c
10,800
13 Mc
Sept
25c
Oct
Int Pr & Pap of Nfld 5s '68
4 Ac
5c
6,500
3%c
Sept
Mar
Lake St John Pr & Pap Co
1.67
1.35
1.75 180,06C
90c
Sept
1.80
Jan
5 Ms
1.60
1.75
105
1.00
Sept
1.75
Oct
6s
3A
3 A
21
1 %
May
3%
84
81
84
165
70
Sept
95
Jan
-
No par value.
3s
par value)
3 Ms
-
3Ms
40%
95%
97
96%
98 H
100M
101 A
1957
101
102 M
Price Brothers 1st 5s. .1957
95
97
96
1957
Provincial Pap Ltd 5 Ms '47
100
Saguenay Power 4%8 A '66
103% 103%
2nd conv deb
104
4%s series B
90
89
100 M
101M
1
93
Sept
*
pref
34c
99 H
104M
Montreal LH&P ($50
52
95M
5c
100
Montreal Island Pr 5 Ms '57
37
66
Jan 1 1950
Fraser Co 6s
19c
Gold
98
f39%
Dec
1.28
Sand River Gold
35
Massey-Harrls Co 5S..1947
Minn & Ont Paper 68.1945
5s
9 Ac
1.33
1
Maple Leaf MUllng—
2%s to '38-5Ms to '49...
Power
95M
114%
113
Co—
1,060
3,000
St Anthony
San Antonio
103%
1952
B
5 Ms series
Ask
102M
98
Donnacona Paper
4s
Mar
165
Bid
101
75
Aug
24c
90
Oct. 14
MacLaren-Que Pr 5 Ms '61
Manitoba Power 5 Ms. 1951
94
Feb
27
Sept
45
Bonds
73
64c
Sept
190
July
1956
Sept
44
45
July
East Kootenay Pow 7s 1942
30c
185
100
Royal ite Oil
2.50
Sept
105
Dom Gas & Elec 6 Ms. 1945
1,500
"43
Apr
1.00
104
Feb
6c
30
'70
Corp. of Can 4Ms'59
2%
18
150
Ottawa Valley Pow 5 Ms
Aug
5,050
25
155
1.65
Jan
88 M
1M
37c 38Ac
39 A
Jan
Aug
25c
Sept
87
Consol Pap Corp 5 Ms 1961
5 As ex-stock
1961
54 M
Jan
200
6 He
1,000
55 M
Jan
45c
1%
July
38
50
4.55
1%
10c
75c
Oct
Apr
101
Aug
8,085
1,000
23
Sept
Aug
Aug
99
Sept
12c
4%
49
6c
3.65
115
1956
1973
Montreal Tramway 5s 1941
2.60
3.40
Feb
1939
Cedar Rapids M & P 5s '53
36c
10c
103%
July
2,000
25
*
Canada North Pow 5s. 1953
70c
60c
11c
3.40
Read Authler
1941
Sept
57c
Quebec Mining
A
10c
31
Ask
95
Mar
2.25
16
160
200
Closing bid and asked quotations, Friday,
3.30
1.40
July
Sept
Industrial and Public Utility
5.30
23c
20c
37
9c
1.65
June
2
Jan
3c
'
10c
37
100
—
105
165
22
20
20c
37
Temlskamlng Mines..'... 1
Waterloo Mfg A
150
3%
3
2.62
2%c
-
lc June
390
112% 115
100
Mar
2.25
July
-
Sept
1
Jan
2c
3,000
Sept
1
16c
Sept
26,900
2.20
E Dome
Mar
lc
2.33
3.80
25c
5c
1 Ac
1,150
Sept
Sept
900
lc
5.25
.
10c
..1
2.90
Prairie Royalties
Premier
Aug
l%c
1.35
98
Mar
67
2%c
2.80
96
31
Mar
2.00
1%c
5.05
..100
Sept
32
2%c
2.23
1.35
Porto Rico pref
26
1
1
Jan
325
1
«,
Feb
.
'3,983
Pend Oreille
Pawnee-Kirkland
5.15
98c
24c
July
2c
10c June
500
1
1.40
%c June
8,900
10c
]
1
16,000
1
83,261
17,500
1,850
5,275
Gold..
Feb
20c
63
Mar
8c
July
1%C
30%
July
Sept
38c
9A
50%
lc
59
Osisko Lake Mines
Apr
Mar
Sept
18c
Hp
30 A
Feb
3,500
1,500
17
16
1
59
July
12,338
3,000
2.90
20c
9 Ac
"6c
35
35
90c
Oct
20c
4c
75c
35 A
30%
United Fuel pref
Feb
17c
99
Jan
Sept
12
69%
*
*
Apr
July
69c
3 A
*
*
78
9%
9,702
*
Shawl nlgan.
652
Jan
Mar
40c June
9%
Montreal LH&P
Stop & Shop
Feb
July
99
July
8%
Mandy.
Oct
72c
2.00
98
Feb
1.65
4.00
920
*
Sept
17 H
Sept
1,006
Ritchie Gold.
107
Jan
2.00 June
35
1.30
National Steel Car
Rogers Majestic
Sept
Aug
9
3.25
*
Humberstone
Robt Simpson pref
31c
4%
Sept
15 A
*
Oct
4%c
May
1.15
100
Preferred
Jan
500
Jan
2 A
3 A
60c
2.30
8,940
•
5
3.00
Foothills
5%c
4
12c
25
80
3 A
52c
Sept
Mar
Sept
3.25
9
High
Low
1 Ac
4,000
35 A
100
Dominion Bridge...-
Sept
31c
Ac
Week
Shares
15
DalhousleOil..
DeHavllland pref-..
Hamilton
2
official sales lists
j* «l
wlw
Range Since Jan. I, 1938
for
15A
1
June
55c
1
_
...
§5c
'2c
6 Ac
14c
..*
Marconi
2.10
40c
65c
■4%
Canada Bud
Robb-Montbray...
25
11c
3 A
Jan
5%
58c
2%c
2%c
BruckSllk.
5.45
Jan
60c
of Prices
High
Low
Price
.-..1
Brett-Trethewey
Jan
Mar
12 Ac
Par
Stocks—
July
1.00
1
Week's Range
Last
1.14
103%
4.60
Sales
Friday
7Mc
5
4.40
14, both inclusive, compiled from
Oct.
Mar
29
.
Exchange—Curb Section
Toronto Stock
Oct. 8 to
Sept
5 Ac
1
37
9%C
*
...
2c
1.75
107
July
8 Ac
Porcupine
Pandora-Cadillac..
pref
Aug
30
West Turner Petroleum 60c
_
5
Mar
May
Oct
20c June
June
8c
9%c
10% c
Preferred
17
30
*
45c
6%c
•
Page-Hersey
Simpsons
6,587
5.75
8 Mc
100
Preferred
West flank Oil_.
July
5%
1.75
*
•
....
Jsd
Sept
47e
1.02
19c
1.75
107
107
50
Oils
Silver woods
7.40
3,95
Sept
6c
2,500
'89%c
1
Silver woods
Jan
July
1,350
5.10
*
Western Canada Flour
Oct
1.29
4c
Corp
S herrltt-Gordon
7
48,474
Feb
JaD
22c
37
Sbawkey
26c
Mar
78c
July
86%
4c
1
Bank
Sept
7.60
July
237
22c
*
Royal
9c
3
2,935
6
75c
Mav
19 Mc
328
10%
101
99
101
Model Oils.
Long Lac
1
Jan
Mlnto Gold...
Roche
Jan
Sept
Apr
Corp.—,j——--.*
Riverside Silk
15%
6.90
*
Preferred
Wendlgo
Ymlr Yankee Girl
Sept
Jan
Reno
Sept
♦
Amulet
Walte
Aug
23c
5
Apr
Relnhardt Brew
10H
75c
Wright Hargreaves...
Aug
Red Crest
Aug
7.05
1
Wood-Cadillac
82C
Preston
2.45
*
Vulcan Oils
Aug
2.49
Rouyn
Jan
Jan
3,900
13c 13 Mc
5%
Jan
66c
90c
1,253
*
Oct
Sept
25c
31,569
13 A
Sept
1.'.
9,373
13 M
♦
Gas
July
"8c
Power Corp
300
2.20
49c
1
.
Aug
108
JUIH
16
1.50
Towagmac
100
Jan
87
2.20
..
.50
Toronto Mortgage...
57c
JaD
Powell
July
15M
15M
Toronto General Trusts 100
4.45
Mar
...
Jan
1.68
107
1
Toronto Elevators
Jan
Sept
Crow
5.70
June
87
2.20
Toburn
5
105
105
Tailors pref- .100
Mar
25o
4c
Perron Gold
Sept
1.05
5,300
*
Jan
1.45
Payore Gold
16
July
500
Cons
Feb
Sept
4.15
9,690
1.34
3.60
11
176
*
Sept
2%
15,295
Pickle
12%
Aug
Mar
2.50
4,310
Mar
6c
Pioneer
3.30
Preferred.,
2.25
Paymaster
3.20
Supersllk pref
Sylvanlte Gold
Mar
1.25
79%
Jan
6c
Gold
19c
Sept
Sept
70
5.55
2.10
Paulore
Sept
68c
35
21%
6c
Plata-..-..
8%C
2,800
75
Mar
2.17
Pacalta
17,000
98c
95c
74
Jan
*
Oro
10Mc ll%c
3M
»
Orange Crush pref—
Jan
May
Merland Gil
r.
3.80
1M
McWatters Gold
....
Sept
125
l%c
1.21
Orange Crush
1.65
2 A
16,500
13 Ac
Ontario Loan
7,315
2M
16,100
-.1
Omega Gold
3.10
2 A
2c
...5
Gold
2.65
Oct
48c
Mc Vtttle-Graham....... 1
O'Brien
Jan
3.05
Mar
45c
10%
i.
15%C
July
lAc
100
Normetal
Sept
8c
45c
McColl Frontenac
Norgold Mines
5c
18c
*
Mines
30,100
Apr
lMc
100
—
12c
Sept
8
5814
Nordon OH
10c
98c
Teck
Oct
70
3c
7%
Nlplsslng
Apr
3c
VA
58%
Noranda
54
Aug
1.12
Sept
Mar
New Golden Rose
95
12,100
7,000
7%c
Newbec Mines
70
6Mc
5,300
2,275
1,150
Naybob Gold
68
8%c
10c
National Grocers
Oct
69 A
Jan
5c
9c
.1
Oct
75%
8C
9c
Morrls-Klrkiand
28
Mar
8c
.1
Murphy Gold
Ma-
56
10Me
Westons
Jan
15c
Sept
A
12
545
6Mc
Sept
Moore
105
75 M
1
2%
Oils
28
71
1
1.25
Moneta Porcupine
27
74
Jan
4%
Whitewater
177
Monarch
Sept
Wlltsey-Coghlan
Winnipeg Electric A..
4 A
Mining
2
105
Jan
6%
2A
McKenzle Red Lake
3
Feb
6%
2%
Mines
3
m.
Jan
May
77c
24
"4 A
Mclntyre
Sept
1
Feb
3%c
Jum
4%
Preferred
28c
1
Oct
1.13
Sept
23 A
3.10
3.10
23%
Mar
71
Sept
4c
Feb
5c
74c
Sept
1,300
41,666
Feb
July
17
Sept
97c
Mar
69c
58%
Sept
Sept
24o-
221
71
64%
71
Oct
15M
Sept
2c Sept
'2%
Preferred
19,250
Sudbury Contact
United Steel
Jan
*
Massey Harris.-.
45c
Jan
10 c
United Oil.......
Aug
Maple Leaf Gardens preflO
Maple Leaf Milling.
Mines..
42c
Sullivan
Mar
1.50
130
Maralgo
25c
«
Mar
*
Preferred
70c
Oct
24c
May
1
Manitoba & Eastern
Sept
3c
Straw Lake Beach
16c
40c
10A
4.85
—
Gold...
Malarttc
25c
1,200
-
m
*
82c
2.50
44%
-1
Madsen Red Lake
700
3c
-
-
-
44% c
25
Union
Sept
88c
.1
Mines...
Macassa
40c
3c
«.
-
100
Preferred.
B
MacLeod Cockshutt
40c
27A
-
Ucbl Gold.....
25c June
50
15%
15
-
SeDt
m.
Steel of Canada
July
60c
June
3,770
49 A
50
1
Lakeof the Woods.——*
Lamaque Contact
*
La pa Cadillac
1
Laura Secord
—t>*
Lkva Cap Gold.—
1
Lebel Oro
1
Lee Gold
1
Leltch Gold.
1
Little Long Lac
*
Loblaw A
*
B
*
Lake Shore------
10
37,942
51,245
25,433
17c 23 Ac
17c
1
Gold—
Laguna
15
*
-1
1
Sept
6c
-
Standard Paving
Ventures
Kelvlnator
12,100
1,700
4"c
7%c
-
•
Sept
1.00
Sept
Sept
10c Sept
20c Sept
7c Sept
32c 190,530
23 Ac
Oct
77 A
104
May
75c
24 Kc
Aug
65
60
20
13,271
56
Jan
9%
30
■
40c
Intl UtilitiesB..—
Oct
Sept
4
Apr
50
53%
27%
8
Mar
>
35c
.5,900
102 A 102 A
"55%
1
Jack Waite
-—1
Jacola Mines
1
Jelllcoe Cons
1
J M Consol (New stock). 1
77c
8Mc
*
Stadacona.
Mar
68c
69c
_25c
Royalties...
Hill
Spy
Jan
1.38
Sept
May
15%
35c
*
International Pete-.
14o
23
8
-100
*
International Nickel
Apr
7A
.100
Intl Milling prcf
June
15%
—...
Preferred A
July
15%
15%
£1
.1
---'*
100
Inspiration Mining
Inter. Metals A
17M
..1.47
Apr
18
5
Tobacco—
Preferred-——-
210
Jan
Mar
80c
10
9
9
20c
Sept
Sept
13%
9
72 A
70
- —
-
Imperial
20c
20c
Mar
17c
Sept
8,360
2,790
18c
Southwest Petroleum.
3.40
1.40
1
Lake
Slave
July
2.93
Sept
5c
11
27c
100
-100
20%
7c
2,145
6,294
2,500
1
Hudson Bay Mln
Jau
High
Low
23,974
1.60
—.1
July
4
Sept
1.23
20c
Huron & Erie—...
Sladen Malartlc
2M
15
27c
Howey Gold
Feb
1.10
75
1.15
1.15
34
■
Shares
1.70
Slscoe Gold
27
15
:14 7A
15
Consolidated—-6
Home 011 Co--——*
Homestead Oil
1
12c
15
.
Hollinger
10c
12c
*
-
Aug
20
2.25
Week
1.61
4%c
24,545
5,400
1,200
3
3
2.02
2.04
——
Range Since Jan. 1, 1938
for
of Prices
Low
High
Price
Par
(Concluded)
Sept
2c
25
Stocks
High
Mar
500
31
31
pref..30
Harding Carpets
*
Hard Rock
1
Harker...
——.—1
Hamilton Cottons
Low
Week's Range
Sale
Shares
3c
3c
Sales
Last
Range Since Jan. 1, 1938
for
Week
Week's Range
Sale
Exchange
Friday
Sales
Friday
Stocks
Toronto Stock
Exchange
Toronto Stock
4s
1966
-
~
—
104 M
100
102
88
90
60 A
61M
1961
89
91
United Grain Grow 5s.1948
60
62
lUnlted Secure Ltd 5 Ms '52
»
-
104
1951 1
Flat price.
102M
Shawinlgan W & P 4 Ms '67
Smith H Pa Mills 4Ms '51
Nominal.
Volume
a3s
147
19650
Jan
Financial
New York
Bid
1977
o3%s July
a3%s May
City Bonds
101
1954
104%
Bid.
Ask
fl4%8 Apr 15 1972
117% 118%
a4%s June 1 1974
118
119 %
Bensonhurst National... 50
a4%s Feb 15 1976
118% 119%
Chase
a4%s Jan
118% 1.20
Commercial National..100
119% 120%
Fifth Avenue
a4%s Apr
1 1966
a3%s Jan 15 1976..
104%
a3 %s July
a4s
May
1975
107
108%
1957
109% 110%
109% 110%
a4%s May
1957
a4%s Nov
1957
11734
116% 11734
110
a4%s Mar
1963
118%
1954
a4s
Nov
a4s
a4s
May
May
a4s
Oct
104%
1960
a3%s Mar
104%
1958
1977
1 1977
a4%s Nov
111
15 78———
1981
Mar
a 4Kb
121%
120 %
116 %
1962...
a4%s Mar
1964
a4%s June
1965
16%
17%
National Bronx Bank—.50
35
40
40
48
National City
12%
25%
26%
75
100
National Safety Bank. 12%
Penn Exchange
10
11%
10%
13%
12%
Peoples National
50
48
52
25
Ask
32%
34%
Par
Bid
Ask
137
143
100
710
First National of N Y..100 1660
750
1700
Sterling Nat Bank & Tr 25
27%
24%
Merchants Bank
26%
103
Trade
15%
18%
100
97
Public National
Bank
--12%
29
119% 120 %
a4%s July
1967
120% 12134
114
a4%s Mar
13.55
Bid
120
113% 114%
114% 115%
1980
a4%s Sept
New York Bank Stocks
Par
Bank of Manhattan Co. 10
Bank of Yorktown..66 2-3
117
116
102%
105%
105%
105%
105%
a3%s Nov
2379
I
Ask
99% 100%
1975
Chronicle
a4%sDecl5 1971
115
114% 115%
115% 116%
122
Par
American National Bank
& Trust
100
Bid
Ask
Par
Bid
Harris Trust & Savings. 100
202
As*
310
Northern Trust Co
220
510
100
330
530
.
Continental Illinois Natl.
New York State Bonds
Bid
Chicago &,San Francisco Banks
123%
124% 125%
1 1979
a4%sDec
Bank & Trust
First National
Ask
Bid
3s 1974
52.45 less
1
52.50 less
1
Canal & Highway—
5s Jan & Mar 1964 to 71
4%s April 1940 to 1949..
Highway Improvement—
52.65
76
78
100
227
232
SAN
FRANCISCO—
Bkof AmerNT&SA 12%
47%
49%
World War Bonus—
3s 1981
33 1-3
Ask
4s Mar &
51.60
Sept 1958 to '67
129
137
Barge CT 4s Jan '42 & '46.
112
134%
Barge C T 4%s Jan 1 1945.
Insurance Companies
129
Canal Imp 4s J&J '60 to '67
mmmm
115
Highway Imp 4%s Sept '63
Canal Imp 4%s Jan 1964—
137
Can & High Imp 4%s 1965
....
....
Par
.
Bid
Ask
Par
Aetna Cas & Surety
Aetna
10
94
98
10
47%
49%
Aetna
.....
10
23%
25%
76%
Importers & Exporters
5
Lincoln Fire
5
Life
Agricultural..
Bid
107
108
Gen & ref 2d ser 3%s '65
Gen & ref 3d ser 3%s 76
105
106
As k
102% 103%
Gen & ref 4th ser 3s 1976
Gen & ref 3%s
-.1977
98
99
99% 100%
1942-1900———.M&S
1942-1960..
4%s ser B 1940-53.MAN
M&S 60.50 to
22%
29%
American Home
10
American of Newark...2%
6%
12%
14
..M&S
109
108
Bid
100
4%s Oct
1959
104% 105%
U S Panama 3s
1952........
Apr
1955
104% 105%
100% 102
58
Feb
1952
5%s Aug
1941
3.00
106
....
108
Hawaii 4%s Oct 1956.
110%
121
110
114
5s
108,
119
4%s July 1952
,
111% 113
June 1 1961
July 1948 opt 1243.
115% 117%
|108
Conversion 3s 1947
..25
50%
52%
.10
American Surety
Automobile
29%
31%
Fire
6%
7%
90
95
625
5
£19%
.10
23%
20%
10
104 %
104%
3%s 1955 opt 1945—M&N
12%
New Brunswick
33%
22%
31%
45%
104%
104%
4s 1946 opt 1944
111% 111%
3s 1956 opt 1946......M&N
104%
104%
4%s 1958 opt 1938—M&N
J&J
100
2%
3%
50
5
100%
Atlantic
3s
Burlington 5s
/27
/27
4%s—
32
32
114%
/30
...
Chicago 4%s and 5s
33
5
f3 %
100% 101%
99% 100%
Dallas 3s
Denver 5s.
First Carollnas 5s
97
100
First of Fort Wayne 4%s._
First of Montgomery 5s.
99
102
99
..
First of New Orleans 5s...
100%
Bid
Lafayette 5s
86
....
58
99% 100%
99% 100%
42
138
Ohio-Pennsylvania 5s
Oregon-Washington 5s
Pacific Coast of Portland 5s
Phoenix
100
Reinsurance Corp (N Y)_2
Republic (Texas)
30%
4%s
3s
' 108
106
32
/30
100% 101%
San Antonio 3s.
...
79
Southwest
80
Southern Minnesota 5s
99% 100%
5s.
69
73
/10%
12
100
99
'
5s.
99% 100%
j
Midwest 5s
90
93
Virginian 6s
Iowa of Sioux City 4%s...
93
96
Virglnla-Oarollna 3s......
38
39%
Rhode Island
23
Rossia
42%
43%
St Paul Fire & Marine...25
Seaboard Fire & Marine..5
preferred..
.15
5
101
100
99% 101
Atlantic
Bid
40
...
•"
-
,
.
New York
North
Des * Moines
39
First Carollnas
100
—
45
100
38
Potomac.
50
100
60
San Antonio
•
4
.—
Bid
10
Carolina
100
Stuyvesant
26
32%
122% 125%
4%
5%
6
9%
Sun Life Assurance
100
480
530
24%
Travelers
100
446
456
33%
U S
77
80
U
51%
54
U 8 Guarantee
29%
31%
Westchester
1
..10
t__.
5
Fidelity & Guar Co..2
S Fire
17%
16%
4
53%
55%
10
52%
32%
54%
2.50
Fire
34%
Bid
Ask
85
Arundel Bond Corp 2-5s *53
1
1953
Bid
79
Arundel Deb Corp 3-6s '53
56
»
IIII
I
l
1
l
3-6s
1953
56
80
58%
1954
80
(all
Issues) 2-5s
78
1953
Potomac Cons Deb
75~"
68
Empire Properties Corp—
2-3s
Series B 2-5s
Potomac Bond Corp
Cont'l Inv Bd Corp 2-52 '63
Cont'I Inv DebCorp3-6s '53
Corp—
3-6s
1953
55%
52
Interstate Deb Corp 2-5s'55
47
58%
51
Potomac Deb Corp 3-6s '53
.'.....1945
Ask
67
«
Associated Mtge Cos Inc—
Debenture
Nat Union Mtge Corp—
Series A 3-6s
1954
53
.
Potomac Franklin Deb Co
--
--
3 6s
1953
56
Mortgage Bond Co of Md
Inc 2-58
1953
85
—
Nat Bondholders part ctfs
Central Funding
ture
Corp 3-6s
1953
90
Potomac Realty Atlantic
Deb Corp 3-6s
/26%
J 22
..
Potomac Maryland Deben¬
78
56%
Realty Bond & Mortgage
deb
•
53%
53%
1953
55%
3-6s
.....1953
60
Unified Deben Corp 5s 1955
47
49"
Miscellaneous Bonds
25
90
100
60
65
100
2%
26
10
24
30%
10
8%
70
20
80
V Irglnia-Carollna
1
24%
Surety.
22%
1
60
..5
4
Springfield Fire & Mar..25
31%
14
..100
Virginia..
.—.100
:
iy2
75
Bid
85
Ask
Bid
Ask
New York City Park¬
Bear-Mountain-Hudson
104
;i%
6
Lincoln.
Seaboard
Security New Haven
69
5%
Ask
.^.100
Pennsylvania.."
8
100
—
Par
100
.
50
95
100
Denver
Fremont—
Ask
34
100
Dallas
15
33%
7
10
...
Nat Cons Bd Corp 2-5b '53
Nat Deben Corp 3-6s.l953
Joint Stock Land Bank Stocks
100
13%
30%
66
5
4%
211% 215%
6%
8%
10
series A & D
Par
24%
5
24
25%
23
5
25
!
9%
24%
10
23
series B & C
Atlanta
33%
8
..10
(Paul) Fire
Corp 5
All series 2-5s
104% 106%
Union of Detroit 4%s
Illinois
10
.
Surety Guaranteed Mortgage Bonds and Debentures
101
5s.
77
Greensboro
18%
35%
82%
Allied Mtge Cos Inc—
101
ni" 100
Pennsylvania 5s
76
5s
17
Accident
Providence-Washing ton
9%
91
St Louis 58
100%
Fremont 4%s—
84
5
Preferred
99% 100%
99% 100%
102
124
80
Home
90
87
Lincoln 4%s
New York 5a
Potomac 3s
100
126
120
10
64
28%
Hartford Fire
101
99% 100%
101
First Trust of Chicago 4%s
Fletcher 3%s
121
25
Hartford Steamboller___10
Ask
100
99% 100%
First Texas of Houston 5s.
National.25
63
5
Great Amer Indemnity
North Carolina 5s
Central Illinois 5s
28%
Halifax
Bank Bonds
Ask
99% 100%
99% 100%
95-
27
Pacific Fire
5
Globe & Republic
5
Globe & Rutgers FIre...l5
18%
16%
92%
2.50
River
Hanover...
Joint Stock Land
Bid
...12.50
47
Phoenix
42
84%
10%
Great American
...
North
Northwestern
6
40
2d
Atlanta 3s
...10
Georgia Home..
10
Gibraltar Fire & Marlne.10
Glens Falls Fire
5
105% 105%
J&J
126
25
48
General Reinsurance
Ask
7%
121
11%
Northern
Fireman's) Fd of San Fr.25
Federal Land Bank Bonds
3s 1956 opt 1946.-
2
20
New Amsterdam Cas....2
Revere
Bid
63%
25%
65%
8%
21%
Franklin Fire......
Ask
10
25
10
6
23%
34
Fire Assn of Phlla
9%
4
10
National Liberty
National Union Fire
4%
8%
Merchants (Providence)..5
32%
5
3%
Merch & Mfrs Fire New'k 5
National Casualty
National Fire
23%
Fidelity & Dep of Md—20 £112
108% 110%
3s 1955 opt 1945— .-..J&J
5
com
New Hampshire Fire... 10
New York Fire...
5
„
110
2%
49
Firemen's of Newark
Bid
13
45
Excess
U S conversion 3s 1946
43%
11%
2%
Connecticut Gen Life... 10
Continental Casualty...r6
Eagle Fire
2 %
Ask
Govt of Puerto Rico—
5s
40%
Employers Re-Insurance 10
Bid
53.50
4%s July
66
Jersey Insurance of N Y
Knickerbocker
Merch Fire Assur
City of New York..
Honolulu 5s
Ins Co of North Amer...10
19%
8%
67%
30%.
613
Ask
101%
8
57%
Carolina
4s 1946.
5
28%
Camden
Philippine Government—
3%
17%
55
108% 109%
United States Insular Bonds
As*
2%
10
38
Baltimore American...2%
Bankers & Shippers
.25
1.75%
8
Bid
__10
Maryland Casualty
1
Mass Bonding & Ins..12%
1.20%
110% 111%
Inland Terminal 4%s ser D
1939-1941
M&S 60.75 to
George Washington Bridge
21
28%
Equitable
4%s ser E
1939-1941.—
73%
5
36
Bid
Holland Tunnel
Gen & ref 4s Mar 1 1975.
10
American
Authority Bonds
Ask
Port of New J York—
25
American Alliance
Port of New York
Home Fire Security
Homestead Fire
way Authority 3 %s '68
116
105
...
3%s revenue.....1944 5
% % notes Nov 2 1939.
100.17
2.40
less
1
3%s revenue.....1949 b
Commodity Credit Corp
2.85
less
1
100.19
Reconstruction Finance
'
Federal Intermediate Credit Bank Debentures
Bid
Ask
Bid
Ask
Federal Farm Mtge
l%s_— Sept
Is
F I C 1 %8_ -_Oct
15 1938 5 .20%
15 1938 5 .20%
FIC l%s. ..Mar
15 1939
F I C 1 %s. ..Apr
15 1939
F I C
15 1939
.30%
F I C 1 %s. ..Jan
F I C 1 %8. -Feb
15 1939 5
2s
.25%
15 1938 5 .25%
16 1939 5 .25%
F I C 1 %s. ..Nov
FIC1%S. ..Dec
1%
F I C 1
F I C
..June
.25%
15 1939
15 1939
1%. ..Sept
......Dec
Apr
_
.
New York Trust
Par
Bank of New York
100
Bankers
.10
Bronx
Bid
45%
375
47%
-.7
5
100
County..
Brooklyn
Par
Fulton
365
77
82
85%
2s May 16
.100
...
10
Irving..
Kings
.
.25
44%
46%
55
65
8%
12%
10
New York
14%
Title Guarantee & Tr. -.20
.25
Continental Bank
& Tr.10
Manufacturers
20
Preferred
Corn Exch Bk & Tr
20
52
53
10
16%
17%
United States
For footnotes see
page
2381.
J 1943
101.20 101.23
58
54
Reynolds Invest'g 6s 1948
'
1943.opt'39
101.20 101.22
Triborough Bridge—
June 1 1939
'77 A&O
110
109
4s serial revenue..1942 b
10C .28
100.30
2.10
less
1
4s serial revenue..1968 b
3.50
less
H2
10%
32
Par
;
11%
1550
28
Am Dlst Teleg (N J) com.*
Preferred
......100
Canada... 100
Bell Telep of Pa pref—100
Cuban Telep 7% pref.,100
Bell Telep of
39
41
52%
84
Bid
94
Ask
Par
17
167
Pac & Atl Telegraph
15
118
Peninsular Telep com
114
'
----
119
162
Ask
Bid
New York Mutual Tel. 100
98
115%
Preferred A
32
25
*
-.100
26%
111
18
28%
113
87
5%
95
—
Telephone and Telegraph Stocks
244
50%
-.25
Under writers
Empire
—
102.12 102.15
Ask
205
1
Clinton Trust
Colonial Trust
Bid
239
100 1525
County
Lawyers..
Chemical Bank & Trust. 10
50
1940
4s s f revenue
185
Guaranty
88%
Central Hanover.......20
6%
100.16 100.18
100.16 100.18
Home Owners' L'n Corp
.35%
100.4
Dec 15 1938
% % notes July 201941
Companies
Ask
-
1%%
Natl. Mtge Assn
1 %s
Banca Comm Italiana.-lOO
101.6
.35%
15 1939
101.4
1939
July
2s
Federal
.30%
—Aug
%.. ..July
F I C 1 %
.25%
—
Corp—
Corp
1 1939
Fed'l Home Loan Banks
100 1555
'
6%
Emp & Bay State Tel..100
100
105
Franklin Telegraph
1605
45
55
27
32
Gen Telep
Rochester
Telephone—
86.50 1st pref
So & Atl Telegraph
Allied Corp—
$6 preferred
—*
Int Ocean Telegraph... 100
89
92
64
114
118
25
110
15
20
69
Mtn States Tel & Tel-.100
100
Sou New Eng Telep.-.100
143% 147
Wisconsin Telep 7% pf. 100
116
119
Financial
2380
1938
15,
Oct.
Chronicle
Oct. 14—Continued
Quotations on Over-the-Counter Securities—Friday
Railroad Bonds
Asted
Bid
Guaranteed Railroad Stocks
Akron Canton
—
Baltimore & Ohio 4*s—
3oscpb CUalker $
Boston & Albany
Boston & Maine
Stock Excbomg*
Mtmkorj tirw York
4*8
5s
....
4*-".
Dealers in
120 Broadway
STOCKS
43
42
70
28
30
24
1955
96~"
93
63
Cambria & Clearfield 4s...
2-6600
95*
65
—1944
-
32
32
93
Chicago Indiana & Southern 4s......... .............. i.1956
Chicago St. Louis & New Orleans 5s
1951
Chicago Stock Yards 5s
1961
Cleveland Terminal & Valley 4s
......
....1995
Connecting Railway of Philadelphia 4s
1951
Duluth Mlssabe A Iron Range 1st 3*S ——
1962
Tel. RE ctor
GUARANTEED
NEW YORK
1945
1939
1939
1943
1940
6s—
Atlantic Coast Line 4s
/28
/28
..1945
and Youngstown 5*s
——...
'•M
\
80~
70
96
97*
41
45
,
Since IS55
\
4
Guaranteed Railroad Stocks
Louisville Div. &
70
Terminal 3*s
......1953
—
64
Albany A Susquehanna
Boston A Albany
10.50
(Delaware A Hudson)..—.100
6.00
stock..
(Pennsylvania)
Delaware
Preferred
Preferred
83*
65*
70
71
73*
3.50
2.00
42
40*
53*
50*
9.00
150*
4.00
44
50.00
600
47*
Washingto
County Ry 3*8—
West Virginia A Pittsburgh 4s
800
35*
3.875
58
82*
85
38*
42*
1.50
39
79
83
7.00
150*
163""
136
141
6~.82
..100
St Louis
100
Second preferred
—
100
Tunnel RR St Louis (Terminal RR).
100
United New Jersey RR A Canal (Pennsylvania)-..-100
Utlca Chenango & Susquehanna (D L A W)_
;..100
Valley (Delaware Lackawanna A Western)
100
Vicksburg Shreveport & Pacific (Illinois Central)—100
125
121
3.00
50
6.00
5a
121
Gas A
222*
59*
216*
10.00
5.00
63
5.00
54
58
5.00
56*
61
3.50
27*
29*
3.00
48*
4.00
2.50
62.25
1.25
65.75
4.75
66.00
5.00
66.00
5.00
66.00
5.00
66.00
5.00
Northern Pacific 4*8
62.50
1.75
Pennsylvania RR 4*s
62.00
1.25
1936-1944...
71*
Mississippi Power $6 pref
81
57
4*
*
Mississippi P & L $6 pref.*
Miss Rlv Pow 6% pref. 100
7*
Missouri Kan Pipe Line..5
$7 preferred
—
53.10
West
Monongahela
Pub Serv 7%
63.00
2.25
65.75
5.00
66
63*
113* 115*
6*
5*
68
78*
22*
80*
...100
Nassau A Suf Ltg 7% pf 100
Nebraska Pow 7% pref-100
62.50
4*s
109*
70
72
Newark Consol Gas....100
61.50
29
83*
87
73*
76
•70*
79
48
98
100
80*
23*
24*
►
preferred.
*
$7 cum preferred
50*
...*
*
$7 preferred
!
*
Ohio Power 6% pref-..100
Ohio Pub Serv 6% pf__ 100
7% preferred...
100
Okla G A E 7% pref..100
25*
26*
26*
$6 cum preferred....
Power—
48
97
98
92*
94
7%
Ohio Edison
195
)
States
86*
102*
106* 108*
pref.
(Minn) 5% pref
28"
23
85*
100
*
preferred...100
100
(Del)
82*
115*
$6.50 cum
cum
orthern
Continental Gas A El—
1
29*
$6 pref
101
$6 preferred.
112
——
5.25
-
94
98
62.00
Great Northern 4*s
103
21
Interstate Power $7 pref.
►
5
7
1C
Water Supply'—
)
33
33
preferred
3
52
Republic Natural Gas
26
3*
1
4.25
2.25
62.50
3.75
64.50
3.75
63.25
....
1.50
64.50
5s—.
2.75
63.25
2.75
1.25
1.00
4*3—
—
62.25
64.50
Internat Great Nor 4*8—
65.00
4.00
Long Island 4*s
64.00
3.00
Virginia Ry 4*8
64.00
3.00
Wabash Ry 4*a
1.50
61.25
0.50
3.50
5S.:
'
—
.... —
Union Pacific 4*s_
.
5*s
5*s
3.50
— -
85
70
6s
85
70
85
85
4.00
Western Maryland 4*s
64.75
4.00
Western Pacific 53
66.00
5.00
5*s
64.75
4.00
66.00
5.00
5*s—
Bid
4*
Utility Bonds
'53
38*
39
Serv 6s. 1964
Araer Utility
71*
73*
Dallas Ry A Term
Federated Utll 5*8—.1957
08.1951
62
69*
Havana E'eo Ry 5s...1952
Appalacblan'Elec Power—
1st mtge 4s
1963
s fdebenture 4*s._1948
Associated Electric os.1961
Bid
Ast
108
108*
/36
1907
107
Idaho Power 3*s
95*
88*
Sioux City G & E $7 pf. 100
97
104* 10*5
Mortgage 3*3-..;.. 1908
43
49
Income deb 3*s
1978
3*8—.1978
25*
26*
Kan City Pub Serv 4s. 1957
Income deb
91*
26*
26*
Kan Pow A Lt 1st
Income deb 4s—a—1978
28*
29*
32*
Lehigh Valley Transit 53'0O
Lexington Water Pow 5s '68
Inland Gas Corp 0*8.1938
Assoc Gas A Elec Corp—
Southern Calif Edison—
27*
29
44
24
85
112
113*
68*
70*
Income deb 4*s
1978
31*
58
60*
Texas Pow & Lt 7% pf. 100
87
88
Conv deb 4s
1973
51
Lone Star Gas 3*s
„■
27*
28*
Toledo Edison 7% pf A. 100
105
107
1973
52*
53*
Missouri Pr A Lt 3*s. l966
92
United Gas A El
58
Mtn States Pow 1st 6s. 1938
33*
1973
59
32
71
73
63
Narragansett Elec 3*s '66
105
24
26
1973
8-year 8s with warr.1940
65
93
95
N Y. Pa A N J Utll 5s 1950
68*
70*
—.100
Utah Pow A- Lt $7 pref
*
Virginian Ry
100
8s without warrants. 1940
93*
*
195
65
66*
Conv
deb
4*s
Conv deb 5s
(Conn)
7% preferred-
5% conv partic pref..E 9
Conv deb 5*3
53*
52*
136* 143
Cons ref
Sink
inc
Par
Ast
Bid
Ast
.1953
70*
72*
106*
102* 103
106
94
105*
1965
4s
59*
...
95*
96*
3*s_l963
100* 100*
28*
N Y Steam Corp
1983
25
North Boston Ltg Prop's—
27
Secured notes 3*8—1947
1983
29
Ohio Pub Service 4s..1962
56*
58*
80*
4s
Sink fund lnc 5s
Bid
-
'
109* 110*
35*
34*
4*3—1983
deb.4*s—1958
fund
Sink fund lnc
4*8 '65
N Y State Elec A Gas Corp
Assoc Gas A Elec Co—
Chain Store Stocks
Par
39
22
1
Memphis Pr A Lt $7 pref.
71*
107*
/42
)
Mass Utilities Assoclates-
63
105* 106*
25
E1.100
Teon Elec Pow 6% pf-100
7% preferred
..100
6% pref series B
South Jersey Gas &
87" r
Ast
Indianapolis Pow A Lt—
J
Jer
1.50
64.75
62.50
9
-.1
Cent P A L 7% pf—1C
7*%
1.00
70
70
3.50
64.50
—v,
61.70
5s—
64.50
Maine Central 5s
—
3
Jamaica
'
4.25
,
100
6% preferred D
1.50
95
64.75
64.75
63.10
.....
5s—
Amer Gas A Power 3-5s
22*
Rochester Gas A Elec—
Iowa Southern Utilities—
5*s—
94
92
4*s
5s
61.80
Public
Queens Borough G A E—
6% preferred
100
113"
2.00
90
Southern Pacific 4*s
61.75
5s
Hocking Valley 5s
93*
24
2.00
62.50
-
St Louis Southwestern 5s..
95
70*
92
110
7% preferred
5.25
90
—-
'
4*s
5.25
66.25
5*S
66.25
66.25
105
102
67*
*
2.65
Reading Co 4*s._
58
4*s__
Erie RR 6s
113*
*
1
Natural
2.00
63.25
96*
98*
101* 104
Penn Pow A Lt $7 pref
Gas..
Interstate
62.60
62.75
4*8——.
85
82
5s
103
Pacific Pr & Lt 7% pf—100
Idaho Power—
6.00
Dec 1 1937-50
5s
195
►
6.00
Missouri Pacific 4*s
130
)
67.00
2*s series G non-call
Pere Marquette
Illinois Central 4*3
39
37
$6 cum preferred
7%
2.10
Texas Pacific-4s
13*
New York Power & Light—
5*
44
7% preferred
5.25
67.00
Denver A R G West
111
12*
E 5*% pf.*
New Eng Pub Serv Co—
$7 prior lien pref
*
New Orl Pub Serv $7 pf—*
7
31*
16*
14*
New Eng G A
1(
7% preferred.
5.25
65.75
1937-49
Jan A July
1.00
65.75
130
Central Maine Power—
2.00
Southern Ry 4*s
7% preferred
21*
1.10
62.75
4s series E due
Chesapeake A Ohio—
Mountain States Power-
66
6% preferred
26*
24*
25
61.75
5s„
St Louis-San Fran 4s
Penn
pref
5s—
N Y N H A Ilartf 4*8
2.50
Chicago R I A PacificTrustees' Ctfs 3*8
60
N Y Chic A St L 4*8
2.50
Canadian National 4*s_.
5S
6*
Carolina Pr A Lt $7 pref..
4.50
5s
4.75
65.50
Chic Milw A St Paul 4*s.
57
Ast
63.50
5s
Ast
54
Bid
New York Central 4*s—.
5s
Bid
Bonds
6.00
53.10
51*
Par
7
48
5s-
68
50
112* 115
42
45
6.00
Cent RR New Jersey 4*s.
55
3*
$7 preferred...
37
57.25
Canadian Pacific 4*s
6.00
Ast
Electr
97*
65
Ast
55.75
3*s Dec 1
79
Original preferred
$6.50 preferred
106"
94
104*
64.75
5s
69*
Associated
88
104
New Orl Tex A Mex 4*s..
Maine 4*s—.
A
BostOD
*
Utility Stocks
Bid
85
102~~
100
1.75
5s
Par
115*
70
&2.50
Chicago A Nor West 4*s.
Public
103*
82*
57.25
4*8—
Baltimore A Ohio 4*s
Atlantic Coast Line
68*
65*
6.00
Bid
.—.100
.50
i
...*
Warren RR of N J (Del Lack A Western)
West Jersey A Seashore (Penn-Readlng)
103
114
..1990
Railroad Equipment
-
Preferred
62"
140
7.00
(Delaware A Hudson)
Bridge 1st pref (Terminal RR)-—
91
75
58
1939
1941
1947
42
3.00
Rensselaer A Saratoga
99*
99*
89
62
4.00
5.00
100
96
97
.1954
——
110
37*
4.50
•
......
91*
108
1961
1947
1942
1967
Toledo Terminal 4*s —;
1957
Torento Hamilton A Buffalo 4s
1946
United New Jersey Railroad A Canal 3*s.
.1951
Vermont Valley 4*8—- .—. - - ... ...—-—-—-———.1940
44
38*
5.50
100
—
-
(Penn)
80
2.00
A Chicago (Pennsylvania).. 100
Pgh Ygtn & Ashtabula pref
25
47*
5.00
—...50
......
Pittsburgh Fort Wayne
Pennsylvania A New York Canal 5s
Philadelphia A Reading Terminal 5s. s
Pittsburgh Bessemer A Lake Erie 5s
Portland Terminal 4s
Providence A Worcester 4s —
Terre Haute A Pecorla 5s
Toledo Peoria A Western 4s
—
85
20
44
5.00
pref (N Y Central)...
Georgia RR A Banking (L A N-A C L)
—100
Lackawanna RR of N J (Del Lack & Western)
100
Michigan Central (New York Central):
...100
Morris & Essex (Del Lack & Western)
_■
50
New York Lackawanna A Western (D L A W) ——100
Northern Central (Pennsylvania)*—
50
Oswego & Syracuse (Del Lack & Western).
50
Pittsburgh Bessemer A Lake Erie (U S Steel)
50
Fort Wayne A Jackson
82
8.50
50
25
100
—
51
32*
2.85
(New Haven)
—.100
Canada Southern (New York Central)
100
Carolina Cllnchfleld A Ohio com (L A N-A CL)
100
Cleve Cinn Chicago & St Louis pref (N Y Central).. 100
Cleveland & Pittsburgh (Pennsylvania)
50
Boston A Providence
Betterment
47
30
8.75
50
—100
(New York Central)
120
114*
2.00
...100
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central).—
72
67
6.00
100
(Illinois Central)...-
Alabama A Vicksburg
70
89
Iowa 4s.
...1950
Kansas Oklahoma & Gulf 5s
.................—.1978
Memphis Union Station 5s
—....
-.1959
New London Northern 4s.
.
1940
New York A Harlem 3*s
".
2000
New York Philadelphia A Norfolk 4s
1948
Norwich A Worcester 4*8
— — ....——
.—1947
Asked
Bid
Par in Dollars
60
54
Indiana Illinois &
Dividend
104*
103*
...1945
Florida Southern 4s
Illinois Central—
(Guarantor in Parentheses)
107
105*
106*
104
104*
8
7% preferred
100
B/G Foods Inc common *
80
1*
2*
Kress (S H) 6% pref
*
2
3
Miller (I) Sons common._*
3
6*% preferred
100
Murphy (G C) $5 pref .100
17
23
105
109
Bohack (H C) common
-
-
100
16
18
100
101
106
Fishman (M H) Co Inc..*
7
7% preferred
-
7% preferred
-
Diamond Shoe pref
Reeves <Daniel) pref
100
68
75
12
100
12*
98
$5 preferred
*
29
Portland Elec Power 0s '50
/13*
31
Pub Serv El A Gas 3 *s '68
105* 105*
4*3-5*3...1986
S f Inc 5*3-6*3...1986
Blacks tone V G A E 4s 1965
83
90
Central G A E5*S—1946
72
74
1st lien coll trust 63.1946
78
80
Cent Maine Pr 4s
26*
28*
ser
G *60
5*s with stk '52
Cltlee Service deb 5s. .1903
Ast
58-.
Par
1
Bid
Ast
_
Consol E A G 69 A
68
Eastern Sugar Assoc
Preferred
For
1
1
10*
7*
Savannah Sug Ref com
1
32
35
8*1
18*1 20*1
footnotes see page 2381.
11*
West Indies Suear Corp.. 1
3*
4*
series
B_
San Antonio
14*
72
75
68
69*
105
Pub Serv—
Sioux City G A E
1963
4s..1966
Sou Cities Utll 5s A„1958
101* 101*
100* 100*
41*
41*
63*
65
1962
78
79
Texas Public Serv 53—1961
1962
43
44
Toledo Edison 3*s
42*
44
Utica Gas A
41*
Virginia Elec Pow 3 *s 1968
Western Pub Serv 5*8 '60
104* 105*
38*
101*
102*
Wisconsin G A E 3 *8-1966
105
Tel Bond A Share 5s_. 1958
*
Cuoan Atlantic Sugar... 10
2*
1948
Republic Service coll 5a '51
St Joseph Ry Lt Heat A Pow
4*8
1947
1st mtge 4s
/l*
Cons Cities Lt Pow A Trac
Sugar Stocks
Bid
105* 100*
Central Public Utility—
Income
Par
Pub UtH Cons 5*s...
109*
Cent Ark Pub Serv 53.1948
--
United Cigar-Whelan Stores
9*
78*
Sink fund lnc 5-6s._ 1986
5
-
27
Peoples Light A Power
1st lien 3-6s—
1901
Sink fund lnc 5*8..
Kobacker Stores
10
25
S f lnc
*
31
Sink fund lnc 4-5s—19S6
Berland Shoe 8tores
1983
Old Dominion par 5s..1951
..1962
Crescent Public Service—
Coll lnc 6s (w-s)
1954
Cumberl'd Co PAL 3*s'66
Dallas Pow A Lt 3*8.1967
108
Wis
67*
89*
1968
103
El Co 5s. 1957
69*
91*
103*
123
Mich Pow 3*s—1961
81
•
-
83
-
--
106* 105*
Financial
Quotations
on
Chronicle
Over-the-Counter Securities—Friday Oct. 14—Continued
Water Bonds
Bid.
Alabama Wat Serv 68.1957
99
Ashtabula Wat Wks 5s '68
Atlantic County Wat 5s '58
98 ?■'
99
1957
rH
6s series B_—
1954
<*-i
1954
1957
—4
5%s series A——
Butler Wat** Co 5s
Muncle Water Works 5s '65
•82
93%
New York Wat Serv 5s *51
106 ""
103% 104%
104
105
Chester Wat Serv 4 He '58
Citizens Wat Co (Wash)—
5s
93
—4
5%s series A......1951
City of New Castle Water
rH
Newport Water Co 5s 1953
Ohio Cities Water 5%s *53
77
American Mfg. 5% pref 100
62%
68%
AndlaD National Corp...*
Art Metal Construction. 10
40%
43
21
23
97%
98%
Belmont Radio
1st mtge 5s
101
100
99
109
99
64%
Pittsburgh Sub Wat 5s '58
102
104
Plainfleld Union Wat 5s *61
107
Richmond W W Co 5S.1957
105
100%
99
101
1952
98
1977
107
Huntington Water—
5s series B._
....1954
101
—
75
Draper Corp
1967
77
South Bay Cons Wat 5s *50
South
72%
Pittsburgh Water
....1955
77
5s
.1954
103%
5s series A
5s series B
—..I960
101% 103%
102%
99% 100 %
Terre Haute Water 5s B '56
Indianapolis Wate*
1st mtge 3%s—
104% 105%
Texarkana Wat 1st 5s. 1958
6s series A....
—
1966
Indianapolis W W Secure
5s.——
91
1958
96
101
103 %
1949
102%
101% 103
Union Water Serv 5%s '51
W Va Water Serv 4s..1961
100% 102
Western N Y Water Co—
Joplln W W Co 68—1957
,
...
103
Middlesex Wat Co 5%s *67
Monmouth Consoi W 5s *56
105""
107
Monongabela Valley Water
5%s_„—— ——1950
Morgan town Water 5s 1965
92
...I960
.1951
.1950
1st mtge 5%s—
104%
Long Island Wat 6 %s. 1955
6s series B.
1st mtge 5s
104%
Kokomo W W Co 58..1958
96*4
96*4
101
100% 102 %
Westmoreland Water 5s '52
5s series B
3%
Federal Bake Shops.—*
Preferred
...—.30
Fohs Oil Co.
i*
5
17%
.
3
♦Amerex Holding
Corp..*
4.76
24
23%
Am Insurance Stock
11.70
12.47
26.29
28.79
4.09
Series B-2
22.69
24.84
63c
Series B-3
14.46
15.90
4%
5*4
6%
Series K-i
14.80
15.26
Series K-2
Tl .49
12.76
15.57
17.21
13.94
15.47
Cprp*
Assoc. Stand OH Shares..2
Invest
1
Keystone Custodian Funds
Series B-l.
56c
Equities inc 25c
Bankers Nat
Investors Fund C.
3.71
Amer Business Shares
Amer Gen
14.38
4.30
Corp
Series 8-2
♦Class A new
6*4
Basic Industry Shares.-10
Boston Fund Inc.
British Type Invest A..."1
Broad St Invest Co Inc..5
7%
Series S-3
„
Series S-4
3.75
16.94
18.12
26c
41c
25.86
27.66
1
1514
4.05
4.40
*
23.13
4.87
1
10.24
11.08
Commonwealth Invest--.1
*3.71
4.04
5.32
Maryland Fund Inc.—10c
5.96
6.05
6.63
1
22.21
Century Shares Trust-
—
♦Continental Shares pflOO
Corporate Trust Shares—1
Series A A
1
:
8
8%
Mutual Invest Fund.—.10
12.32
1.43
Bank stock
♦8% preferred
100
23%
♦7% preferred
100
Cumulative Trust Shares. *
;
8.78
8.32
Building supplies.
9.16
9.90
8.88
9.60
9.69
10.47'
Insurance stock
32%
6.45
8.i2
Electrical equipment...
25%
115
♦Crum A Forster Insurance
♦Common B share.-.10
...
9.56
5.95
7.69
Aviation
2.92
8.84
Automobile
♦Cruin A Forstef com—10
6.54,
15.23
14.16
Agriculture
2.40
2.92
1
34%
Machinery.
—
....
Metals
110
—
8.88
9.60
10.15
10.97
16.61
......
Deposited Bank Shs ser A1
Deposited lnsur Shs A
1
Deposited lnsur Shs ser B*
..3.50
D
8.03
8.69
8.41
9.10
No Amer Bond Trust ctts.
51%
No Amer Tr Shares 1953.*
2.30
——1
2.85
1
2.80
17.96
1.47
3.02
Series 1955
2.69
Diversified Trustee Shares
C.
8.42
Railroad equipment....
Delaware Fund.
Oils..—
4.98
Series 1956—
3.95
6.00
1.50
Eaton A Howard Manage¬
ment Fund series A-l„.
17.87
19.14
Eqult Inv Corp (Mass)—5
Equity Corp S3 conv pref)
*
Fidelity Fund inc......
29.05
30.90
29%
32%
20,86
22.43
I*und—
7.70
8.36
First Mutual Trust
Fiscal Fund Inc—
Bank stock
10c
2.49
49c
55c
15.24
16.30
Quarterly Ihc Shares..10c
5 % deb series A..—....
Representative TrustShslO
Republic Invest Fund_26c
Selected Amer Shares—2%
Selected Income Shares...
11.75
99
10.68
12.87
103%
11.18
33c
37c
10.18
11.10
26%
2.68
Sovereign
Investors......
76c
84 c
3.73
Spencer Trask Fund
.*
Standard UtUlttes Inc,50c
16.94
17.97
59c
64c
Corp... *
80%
Super Corp of Am Tr ShsA
3.40
10
7.95
7.04
♦State St Invest
7.64
Foundation Trust Shs A.I
4.30
4.60
Fundamental Invest Inc.2
18.64
20.15
Fundamental Tr Shares A2
5.27
6.00
*
4.75
B——
—
AA
B
—
—
—
Harrisburg Steel Corp..—5
6%
23%
34%
Interstate Bakeries $5 pref.
Klldun Mining Corp
1
%
8%
27%
16%
King Seeley Corp com...1
2%
34.78
5,10
Supervised Shares
.3
10.65
Series C
1
Series D—
1
11.58
Aviation shares
1.31
1.43
Trustee Stand 011 Shs A.l
6.08
1.67
1.81
1.37
1.49
85c
93c
83c
Casket..
9%
Mining shares...
1.49
1.62
Petroleum shares
1.01
1.11
86c
95c
Steel shares
1.28
1.39
Tobacco shares
1.05
1.15
RR equipment shares
♦Huron Holding Corp__.l
41c
71c
Investors..*
Institutional Securities Ltd
18.98
20.41
Incorporated
Series B
1
1.05
1.16
Insurance Group Shares.
1.33
1.47
39
1st
conv s
Fdy—
f 6s
Ohio Match Co
93
1948
Nat Radiator 5s.....1946
96 /
96%
94%
/70.
95%
,
75
13%
/11%
80
73
/20%
27%
ScovUl Mfg 5%s—1945
107
Witherbee Sherman 6s 1963
Woodward Iron—
23
90
19
25%
50
35%
Preferred 6%%.—.100
Norwich Pharmacal—.6
98
90
N Y ShlpbuUdlng 5s.. 1946
3 *4
16%
5% preferred..
100
New Britain Machine-i—*
New Haven Clock—
95%
.
Crown Cork & Seal 4%s *48
Crucible Steel of America
4%s
93
89
60
2
*
108
—1940
Couv. deb 691—..1948
108
103
Preferred.—.—....*—*
Nat Paper & Type com
-
38%
9%
8
—*
1st 5s
2d
conv
———1962
income 5s—1962
39%
109
42%
103
102% 106
Trusteed Amer Bank Shs B
59c
Trusteed Industry Shares.
1.03
U S El Lt A Pr Shares A—
B
65c
1.15
6s
13.78
15.11
—
—
1.1
92
96
65
67
24
26
.1944
31%
34%
63%
Ghanln Bldg inc 4s... 1945
51%
85%
55%
N Y Majestic
Chesebrough Bldg 1st 6s '48
48%
52
Colonade Constr'n 4s. 1948
34%
37%
1st 3s.—
N Y Athletic Club—
-".
32
29
1950
25%
Dorset 1st A fixed 2s.. 1957
k""""
Eastern Ambassador
Hotel units
8
........
9%
50%
53
Eqult Off Bldg deb 5s. 1952
Deb 6s 1952 legended—
45
.1,946
Corp—
4s with stock stmp.. 1956
N Y Title A Mtge Co—
/6%
8
/48
/32%
50
34
5%s series F-l.
5%s series Q
/49%
/38 H
39%
1st 6s—.....July 7 1939
29
51%
19th A Walnut Sts (PhUa)
/19
50
26
2a
5%s series BK_—_.—
5%s series C-2
..j.
Court A Remsen St Off Bid
lst3%s
Ask
1947
Broadway Motors Bldg
4-6s
1948
Oliver,Cromwell (The)—
1st 6s......Nov 15 1939
29
34
37
40%
.38
40 Wall St Corp 6s.
42 Bway 1st 68—
1400
6 %s
,
.1958
.
—
46
.1939
68%
39
stam ped.. 1948
....1957
/14
Fuller Bldg deb 6»—-1944
32
1949
1946
(w-s)
Graybar Bldg 5s
165 Bway Bldg, 1st 5%s '51
77%
42%
5%8t!stamped-..—1961
Realty Assoc Sec Corp—
-
15%)
37
69%
71%
29%
31
35
37%
52
units
....1950
Income 5%s
w-s...
Loew's Theatre
1963
65
income... ......1943
49%
63
49
/46%
Roxy Theatre—
60%
1957
58%
1956
/27%
.1956
17%
19%
1st 48———
Savoy Plaza Corp—
3s with stock
Sherneth Corp—
2s with stock
29
lst fee A leasehold
59%
40
43%
3%8 with stock
1950
Syracuse Hotel (Syracuse)
39%
41
1955
67%
72%
1958
41%
1939
51%
52%
3%s
—.1947
-
61 Broadway Bldg—
36
---
1st 3s
68%
70%
92%
94
Textile Bldg—
40%
43%
Trinity Bldgs Corp—
Rlty Corp
1947
1st 5s (L I)
1952
1st 4s (w-s)..
1st 5%s.
1947
.1951
54%
62%
—
--
-1948
2 Park Ave Bldg 1st 4s 1946
i
32
1st 3s 1957 w-s
—
20
60 Park Place (Newark)-
49
Madison Ave Apt Hotel—
68
17%
47%
"
35
Hearst Brisbane Prop 6s '42
Lexington
41%
Prudence Co—
Harrlman Bldg 1st 6s. 1951
Hotel
mtge 6s
.1951
103 E 57th St 1st 6s—.1941
5s
Fox Theatre A Off Bldg—
Income 3s
2d
49"
Bldg—
Broadway
1st
.
/6
1 Park Avenue—
---
6
8
-4 4 4 A
53%
54
i
Walbrldge Bldg (Buffalo)—
3s with stock......1950
14%
19
22
23%
Wall A Beaver St Corp—
1st, 4%s
w-s.
——
1951
Wcstlngiioase Bldg—
Metropolitan Chain Prop—
95c
1
Bid
23
Metropolitan Corp (Can)
Metropol Playhouses Inc—
S f deb 5s——1945
Majestic Apt Inc—
14s w-s 1948 stamped....
2.05
Voting shares..
/20%
34%
B'way & 41st Street—
1st 5s (Bklyn)
13%
Wellington Fund—
31%
B'way Barclay 1st 2s_.1956
Mortgage Certificates
Ask
Bid
Ludwlg Baumann—
5.41
91
94
1st fee A leasehold 4s
'48
69%
In vestm't
Banking Corp
♦Bancamerlca-Blalr Corpl
♦Central Nat
Corp cl A..*
♦Class B—
...»
♦First Boston Corp
Bank Group shares
11
32%
*
1st A gen 3s w-s
91c
1.24
Cont'I Roll & Steel
Deep Rock Oil 7s—1937
Muskegon PLston Rlng.2%
65%
101% 101%
Chicago Stock Yds 5s_1961
Haytlan Corp 8s
1938
Kelsey Hayes Wheel Co-
London Terrace Apts—
2.52
1.14
31
Lincoln Building—;;
2.58
1.19
Investing shares
Merchandise shares....
18%
14%
45%
4%
95
National
48%
9%
Bonds—
Atlantic Refining 3s._ 1953
29
33%
23%
21%
,
8% !
Am Wire Fabrics 7s—1942
113
1st 63—
1.33
1.09
Food shares..
13
52
American Tobacco 4s.l951
31%
.......
1st 4s...
Trustee Stand Invest Shs—
1.22
Chemical shares
8
10
100
Mock Judson A Voehrlnger
7 % preferred
100
1st 4-5s extended to 1948
6.23
-
Agricultural shares
...
2
18%
7
.100
preferred
9%
Lewis Morris Apt Bldg—
6.23
Automobhe shares.....
Building shares
**
15%
95
8
Lefcourt Manhattan Bldg
2.30
5.55
Group Securities—
1
25%
%
27
*
Hotel St George 4s...1950
2.30
C
32.35
84
3.54
—
BB
D—
General Capital Corp
•
General Investors Trust.*
100
com v t c
28%
36%
1st 2%-4s
4.42
3.36
—
13%
92%
1%
16%
43
7%
Film Center Bldg 1st 4s '43
—1
2.42
—
Preferred
104
York Ice Machinery.....*
1st leasehold 3s. Jan 1 '52
10.11
B
*
preferred
100
West Va Pulp A Pap com.*
Worcester Salt...
64
52d A Madison Off Bldg
Insurance stk series. 10c
Foreign Bd Associates Inc.
preferred
7%
7%
60
500 Fifth Avenue 6 %s. 1949
Fixed Trust Shares A... 10
series
15%
(Northam)—
conv
6%
Preferred.......
100
Great Lakes SS Co com..*
Great Northern Paper..25
Good Humor Corp......1
Graton A Knight com
*
50 Bway Bldg 1st 3s Inc '46
6.76
1.38
9.11
Plymouth Fund Inc.—10c
♦Putnam (Geo) Fund
Series 1958—
l
Dividend Shares.....-25c
47
14
13
*
21
14%
1.56
6.14
National Investors Corp.l
New England Fund
1
2.40
Series ACC mod
43
100
com
$3 cum preferred
41
3.57
Voting shares...
Series A A mod....
1
2%
%
3%
49%
Real Estate Bonds and Title Co.
25c
Common.
Accumulative series.-.1
_
81
1%
%
2%
47%
13.47
Nation Wide Securities-
N Y Stocks Inc—
2.43
74
United Artists Theat com. *
United Piece Dye Works.*
Wick wire Spencer Steel.-*
Wilcox & Glbbs com..—50
WJR The GoodwlH Sta...5
13%
4%
5%
.
Chemical Fund.
32%
23.56
Mass Investors Trust
16%
Canadian Inv Fund Ltd—1
B uliock Fund Ltd
4
14
Ask
135
30%
West Dairies Inc
3
44%
Bid
2%
130
6% preferred....... 100
Par
Ask
13.52
18%
2
Long Bell Lumber.......*
Investing Companies
Adminls'd Fund 2nd Inc. *
Affiliated Fund Inc.. 1%
6%
24
55 preferred........100
Macladden Pub common. ♦
102 X 104
8%
Trlco Products Corp
*
Tublze ChatlUon cum pf.10
Warren
5
61%
39
Preferred
Bid
f
104
1949
W'msport Water 5s—1952
*
Preferred
18
Garlock Packing com....*
Gen Fire Extinguisher...*
18%
7%
1%
..*
Welch Grape Juice com..5
Marlln Rockwell Corp... 1
Merck Co Inc common..1
Par
35
104
1960
6s series A
--
3,5%
59%
Lawrence Portl Cement 100
101
1956
—
common
Veeder-Root Inc
Landers Frary A Clark..25
5a series C.
101%
105
92%
92%
98
Wichita Water—
97""
32
105
Springf City Wat 4s A '56
Illinois Water Serv 5s A *52
1%
37
30%
.*
1960
105
-.—1962
—
17%
9%
59
Foundation Co For shs...*
American shares—....*
102%
1st mtge 5s
—
Steel
79"
100% 102%
33%
42%
Taylor Wharton Iron A
Time Inc
.
Shenango Val 4s ser B 1961
4%
8%
30%
40%
7%
Stromberg-Carieon Tel Mfg
Sylvania Indus Corp....-*
Tennessee Products
33
.*
243
■3%
25
30
56
.....*
99% 100%
'
6s_.
Dictaphone Corp
27%
25%
238
Skenandoa Rayon Corp..*
Standard Screw
20
15%
H
Dentist's Supply com...10
Devoe A Raynolds B com *
10%
3%
2%
Scovill Manufacturing..25
Singer Manufacturing..100
Singer Mfg Ltd
28
Dixon
Scranton-Sprlng Brook
1st A ret 5s A:
102
---
Co
—1958
—
3%
7
5
Dennison Mfg class A—.10
Water Service 5s. 1961
100
5%
*9
*
com.
Stanley Works mc
54
«»
--
5
11%
.
48
2%
Crowell Publishing com..*
...
Remington Arms
13%
.*
(Jos) Crucible—.100
Douglas (W L) Shoe—
Conv prior pref
4%s
1952
5s series B..
Hackensack Wat Co 6a. *77
106%
St Joseph Wat 4s ser A.'
4%
45
*
51 cum preferred
•» —
m
1
Columbia Baking com
101%
5s series A
52%
Chic Burl A Qulncy—.100
Chilton Co common..
10
102
Scranton Gas & Water
5 %s series B—
mmm
107
Prior lien 5s.
Greenwich Water & Gas
2%
6
5
102
1948
1948
101%
----
*
Burdlnes Inc common
103
1948
Roch & L Ont Wat 59.1938
..1958
..1958
.
1950
63%
68%
98
101
Connelis vlile Water 5s 1939
Corp
Beneficial Indus Loan pf.*
Phtla Suburb Wat 4s. .1965
...
Consoi Water of Utlca—
4%s
Bankers Indus Service A.*
4%8—1966
103
59%
...1946
6s series A
;
%
4
11
18
87
Pinellas Water Co 5%s_ '59
1946
31%
16
101
1st consoi 4s—
105
92%
29%
*
12%'
102
%
Exploration.—1
PoUak Manufacturing...*
99
*
99
Pilgrim
pref....—.100
Maize Products
11%
Petroleum Heat A Power.*
12
84
105%
1st consoi 6s
1957
5 Mi 8 series B
Amer
81
Peoria Water Works Co—
Community Water Service
11%
Ore-Wash Wat Serv 5s 1957
101
101
cum
American Hardware....25
99
Jst & ref 5s
1941
City Water (Chattanooga)
58series B..._
1954
1st 58 series C.
8%
Ask
Bid
Pan Amer Match Corp. .25
Pathe Film 7% pref
*
Petroleum Conversion—.1
4%
31
Ohio Water Service 5s. 1958
1st coll trust
OO <-ieo
3%
27
5% conv pref....—10
American Hard Rubber—
96
Penna State Water—
1951
5s........
86
88%
—.1951
5%s
Par
Ask
Bid
American Cynamld—
RocheJJe
f Ngw series B Water—
5s
..1951
Ohio Valley Water 5s. 1954
C*uf Water Service 4s 1961
Par
Alabama MUls Inc......*
American Arch—
*
101
to
oo
Ask
105
New Jersey Water 5s 1950
101
Birmingham Water Wks—
5s series C
Industrial Stocks and Bonds
Bid
Ask
101
2381
10
♦Schoelkopf. Hutton A
Pomeroy Inc com... 10c
3%
32
J%
2o%
4%
3.5
5
21%
*
No
/Flat
value,
par
t Now
.
Interchangeable,
b Basis price,
d Coupon,
t Ex-Interest-
y
t Quotations per
*
a
n Nominal quotation,
w i When Jiasued.
w-s With stock,
z ExNow selling on New York Curb Exchange,
z Ex-Uauldatlng dividendlisted on New York Stock Exchange.
price,
dividend
100 gold rouble bond, equivalent to 77.4234 grams of pure gold.
Quotation not furnished by sponser or issuer.
.
Financial
2382
Chronicle
Oct.
IS, 1938
Quotations on Over-the-Counter Securities—Friday Oct. 14—Concluded
Foreign Unlisted Dollar Bonds
Foreign Stocks, Bonds and Coupons
July 1933 to Dec 1933..
Jan 1934 to June 1934..
July 1934 to Dec 1936..
Jan 1937 to Dec 1937..
Jan 1938 to Oct 1938...
& CO., INC.
BRAUNL
52
Oberpfals Elec 7s—.1946
Panama City 6 Mb
1952
Panama 5% scrip...
/50
/30
/22
/20
fl9
1948
Guatemala 8s
30
/24
..194u
Anhalt 7b to...
bid
Ask
Bid
fl9
f3l
f24M
J24M
/20 •
f!9M
City Savings Bank
mmm
Cordoba 7s stamped..1937
Costa Rica funding 5s. '61
•
—
Costa Rica Pac Ry 7 Mb '49
5s
1949
—
Cundlnamarca 6K8...1959
53
19""
19
19
fie
fl2M
13M
Dortmund Mun Utll 6s '48
f 12
.
13K
Duesseldorf 7s to
/4K
f*M
4M
45*
Duisburg 7% to..—.1945
East Prussian Pow 6S.1953
4%
Electric Pr (Ger'y) SMb '60
/21M
7
.1953
European Mortgage & In¬
vestment 7 Ms
.1966
7Mb Income. .1.. 1966
f-21M
/6
/20
Brandenburg Elec 6s..1953
Brazil funding 5s..1931-51
---
-
-
/l 7
7 Ms..
v
AO
...
50
/46
Burmelster & Wain 6s. 1940
AOS
fUM
German Building A Landbank 6«S
....1948
...
V2M
/18
(Peru) 7 Mb
Cauca Valley 7 Mb
1944
f5M
1946
fllM
Ceara
1947
S2
German Conversion
7s assented...
1968
sm
fiOH
f20
65
oi
deposit. 1948
Santa Catharlna (Brazil)
8%—
1945
1947
-
6s..1943
63
63
Oct 1932 to April 1935
...
/75
/52
f 20
/68
/56
Oct 1935 to April 1937
...
-.1962
National Hungarian A Ind
Mtge 7s
1948
North German Lloyd 6s '47
Stlnnes 7s unstamped. 1936
Certificates 4s
1936
1946
Certificates 4s—1946
/8
Toho Electric 7s
1947
/66
/54
1955
Tolima 7s
...
7M
Coupons—
Stettin Pub Utll 7s.—1946
Hungary7Hs
65
/ 10M
UM
1943 186.52
91.12
Union of Soviet Soc Repub
7% gold ruble..
Uruguay
fS
f98M
62%
Conversion scrip
64^
Unterelbe Electric 6s. .1953
Vesten Elec Ry 7s
Oldenburg-Free State
1945
17M
1956
2d series 5b....
45?
7s unstamped—
7s to—
61
State Mtge Bk Jugoslavia
5s
1956
1951
Saxon State Mtge 6s—1947
6^8--.
/9.6
-1947
/13
Slem A Halske deb 6s_2930
...
/96
!
10
f6M
S21M
!2\M
f23M
f550
Saxon Pub Works 7s—1945
f20M
6^8.1946-1947
4s
June 1 *35 to June '38.—
/6 3M
6M
rm
/13M
Young coupons:
Dec 1 '35 stamped......
...
8s ctfs
11
flO
/5
/19
/16
Santa Fe 7s stamped. 1942
Santander (Colom) 7s. 1948
/45
/23
(C & D) 6 Ks. 1948-1949
Nat Central Savings Bk of
erman
...
AS
Chilean Nitrate 6s_
35J4
•
Dec 1934 stamped
/26
Chile Govt 6s assented.... ,/15
(A & B)
run
foM
1948
8s
Nat Bank Panama
Apr 15 '35 to Apr 15 '38.
1934
Madgeburg 6s
f20
JV2
1933
Salvador 7%
..1957
78 ctfs of deposit-1957
/68
/20H
J27
f2 6
Funding 3s........1946
Central German Power
56
Municipal Gas A Elec Corp
Recklldghausen 7S..1947
Nassau Landbank 6 Mb *38
Montevideo scrip
Office
German scrip...
erman Dawes coupons:
Central Agric Bank
see German Central Bk
54M
Munic Bk Hessen 7s to '45
Merldionale Elec 7s—1957
/20
Agricultural 6s.-_-.1938
ey2
12M
3M
22 M
56
f2 0 '
/20
63M
/38
A9
/19
1948
Water 7s-
German Central Bank
...
23
Sao Paulo (Brazil)
/38
'
/23
54 M
/6 8
Munich 7s to..
Farmers Natl Mtge 7s. '63
Frankfurt 7s to...... 1945
—
/20
Leipzig O'land Pr 6 Mb '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
7M
/6M
f'21
J2OH
Saarbruecken M Bk 6s '47
/8
-1943
Land M Bk Warsaw 8s '41
7M
R C Church Welfare 7s '46
Nov 1935 to May 1937
/19
98M 103
—
■
»
Caldas (Colombia) 7 Mb '46
Call (Colombia) 7S...1947
(Brazil) 8s.
Coupons—
Nov 1932 to May 1935
Mannheim & Palat 78.1941
..1967
7s Income..
Rio de Janeiro 6%
f6M
/20 :
/25 •
f25
/IS
/60
/20
Rom Cath Church 6 Mb '46
—
/92
/20
/8
/8
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
Koholyt6Hs
flSM
.1967
7s........
1941
.
4s scrip..
f7M
fl6M
/8
/8
mmm
British Hungarian Bank
Callao
Hungarian Ital Bk 7 Mb '32
Hungarian Discount A Ex
change Bank 7s
1936
German Atl Cable 7s.-1945
•
f 19
1940
.....1962
Brown Coal Ind Corp—
6Hs
1953
Buenos Aires scrip
/19
Housing A Real Imp 7s '46
French Nat Mall S3 6s '52
scrip
Bremen (Germany) 7s. 1935
6s
...1945
QMb
19
fl7M
f33
Brazil funding
11M
WM
/21
/19
fl9
/20
7s
6s.*
67
Hungarian Cent Mut 7s '37
/8
/51
/65
/18
m
/18
1946
Colombia 4s...
Bavarian Palatlnlte Cons
Cities 7s to--.—-.1941
.1953
Budapest 7s..
---
»
Ask
1968
(Ger¬
Westphalia 6s '36
5s
1953
Haiti 6s....
37
Rhine Weetph Eleo 7% '36
6s
1941
fl9
Hamburg Electric 6s .1938
Hansa S3 6s
.1939
Foreign Unlisted Dollar Bonds
35
/35
many) 7s.
1946
Prov Bk Westphalia 6s '33
Prov Bk
...1957
6s...
/27
Porto Alegre 7s
Harz Water Wks
Hanover
45
1956
Protestant Church
103 M 105
1960-1990
4s
f30
/41
...
Coupons
.
A8k
f20M
1930-1937
Poland 3s
•
Great Britain A Ireland—
Tel. HAnover 2-5422
William St., N. Y.
Bid
Ask
Bid
German defaulted coupons:
Inactive Exchanges
fl9
...
1947
1945
Wurtemberg 7s to
45
/38
/21
/21
22""
flOM
/ Flat price.
For
footnotes see page 2381.
General
Corporation and Investment News
RAILROAD—PUBLIC
NOTE—For mechanical
reasons
However, they
FILING
OF
REGISTRATION
UTILITY—INDUSTRIAL—MISCELLANEOUS
it is not always
are
always
STATEMENTS
as
possible to arrange companies in exact alphabetical order*
near alphabetical
position as possible/
Adams Express
UNDER
9 Mos.
SECURITIES ACT
Co.—Earnings-
End. Sept. 30—
on securities
1938
$507,471
The
to
following additional registration statements (Nos. 3833
3837, inclusive, and 3622 and 3789, refilings) have been
the Securities and Exchange Commission under
Interest
35,045
6,746
$550,070
302,330
x20,542
$1,104,065
187,049
344,012
x33,189
$52,866
3,852,972
$539,815
3,841,829
$3,905,838
$4,381,644
Miscellaneous income-
filed with
the Securities Act of
1933.
The total involved is
approxi¬
mately $61,403,333.
Total income
a
(2-3833, Form A-2), of Chicago, 111., has
registration statement covering 75,000 shares of common stock, par
value $1.
41,667 shares are unissued arid are to be sold by the company
while the remaining 33,333 shares are issued and outstanding and are to
be sold by certain stockholders of the company.
■
Proceeds to be received by the company will be used for redemption of
all outstanding $100 par, 6% cumulative preferred stock for working capital.
Bacon Whipple & Co., et al named underwriters.
of the company.
Filed Oct. 7, 1938.
R. W. Glasner is President
G. E. Employees Securities Corp. (2-3834, Form A-2), of Jersey City,
N. J., has filed a registration statement covering $50,000,000 4% voting
debenture bonds due 1951 to 1959 of which1 approximately $39,000,000
principal amount of new bonds are to be exchanged for like amount of out¬
standing 5% voting debenture bonds.
All new: bonds not taken by ex¬
change will be offered to employees of General Electric Co. and Affiliated
Cos. at $100.
Proceeds will be used for retirement of $39,000,000 principal
amount 5% voting debenture bonds and for working capital.
No under¬
writer named.
W. O. Hay Jr. is President of the company.
Filed Oct. 8,
1938.Pettit Bry ait & Kalbach, Inc. (2-3835, Form C-l), of Jersey City,
N. J., has filed a registration statement covering 1,000,000 shares of
beneficial interest in the Knickerbocker
Fund
for the Diversification
Supervision and Safekeeping of Investments, to be offered first at $7.67 a
share and then at the market.
The proceeds will be used for investment.
Karl D. Pettit is President of the company.
Filed Oct. 7, 1938.
Richmond Radiator Co. (2-3836, Form A-2), of Uniontown, Pa., has
filed
a registration statement covering $600,000 of 5%, 10 year convertible
debentures, due 1948, and purchase warrants for debentures and also an
undetermined number of shares of common stock, par $1, to be reserved
for conversion.
Unsubscribed debentures may be offred to others at not
less than par.
named.
G. A.
Proceeds for debt and working capital.
No underwriter
Robertshaw is President of the company.
Filed Oct. 11,
1938.
Platte Valley
Telephone Corp, (2-3837, Form A-2) of Scottsbluff, Neb.,
a registration statement
covering $450,000 4%% 1st mtge. serial
bonds, due 1958. $70,000 due serially 1939 to 1948 the remaining $380,000
1, 1958.
Proceeds will be used toward redemption of 6% 1st
mtge. bonds, due 1947. Kirkpatrick-Pettis Co. named underwriter. William
J. Walsh is President of the company. Filed Oct. 12, 1938.
Consolidated Oil Co. (2-3622, Form A-l refiling) of Wichita Falls,
Texas has filed a registration statement covering 100,000 shares of $10 par
value common stock to be offered at $11.50 a share.
Proceeds will be used
for payment of debt and for working capital.
Jack M. Jeffus was named
underwriter. W. T. Knight is President of the company. Filed Oct. 7,1938.
Golden west Mining Corp. (2-3789, Form AO-1 refiling) of Deadwood,
S. Dak. has filed a registration statement covering 1,500,000 shares of one
mill par common stock to be offered at $1 per share.
Proceeds to be usedfor mill, land, equipment, development and working capital.
Daniel E.
has filed
of the company.
our
E.
Knowles
is
President
Filed Oct. 10, 1938.
The last
in
Daniel
previous list of registration statements
issue of Oct. 8, page 2234.
Net income.
given
1935
$842,143
6,749
145,939
357,772
xl5,943
149^984
Div. paid on com stock.!
x
No
allowance
$665,068
112,522
293,130
10,612'
$331,423
3,758,691
$248,803
3,775,559
$4,090,114
,
$4,025,001
197,538
639
Total surplus. _. _■
Div. paid on pref. stock.
Earned surp., Sept.
$641,171
23,897
2,184
$851,077
—
30-.
has
$3,755,853
been
47L132
167^232
$3,910,511
$3,922,881
■
made for
Federal surtaxes
profits.
on
$3,827,462
undistributed
;
The net asset value of the common stock increased to $14.92 per share
of Oct. 8, as compared with $13.48 per share on
$11.61 per share as of Dec. 31, 1937.—V. 147, p. 560.
as
'
Sept. 30, 1938 and
o,
■
Adams Millis Corp .-—Preferred
Stock Called—
Corporation has called for retirement on Nov. 1, at 110 plus accrued
dividend of $1.75, the 5,000 shares of its 7% preferred stock now out¬
standing.
Funds were borrowed at a low rate of interest to provide money
for the retirement of the preferred, which is expected to result in 'ian annual
saving of approximately $25,000.—V. 147, P. 1180.
*d,
Advance-Rumely Corp.—Delisting—
The"' Securities and Exchange Commission after public hearings has
issued orders granting the application of the New York Stock Exchange to
strike from listing and registration the no par value common stock of
corporation, effective at the close of the trading session on Oct. 18. Delist¬
ing of this security was sought for the reason that the shareholders of the
company on Oct. 28,1935 voted that the corporation be dissolved according
to the laws of Indiana and that the Board of Governors proceed to dis¬
tribute the corporation's assets to the shareholders after making provision
for the payment of debts.
According to the application the Board of
Governors was duly authorized at the meeting held on July 11, 1938 to
permanently close the stock transfer books on
1326.
Gold Mining
Alaska Juneau
Period End. Sept.
Gross income.
Profits
•
x
x
July 27, 1938.—V. 147, p.
Co.—Earnings—
30— 1938—Month—1937
$422,000
$413,500
170,400
166,100
-
After operating expenses & development
depreciation and Federal taxes.—V. 147, p.
1938—9 Mos.—1937
$3,886,500
$4,174,000
1,539,100
2,020,300
charges, but before depletion,
1915.
Alleghany CorpTenders—
New York will, starting Oct. 22, receive bids
collateral trustconv. 5% bonds, series
April 1,1950, to exhaust the sum of $150,000.—V. 147, p. 2077.
The Guaranty Trust Co. of
for the sale to it of sufficient 20-year
of 1930, due
Alliance
was
.
174,332
Bal., surplus, Dec. 31
Sundry credits.
due Nov.
Knowles named probable underwriter.
...
General expenses
Int. on col. trust 4% bds
Provision for taxes.
Clearing Machine Corp.
filed
securities.
on
1936
1937
$1,062,274
41,823
775
Inc.—divds
Investment
on
record Oct. 13.
Corp.—Accufnulated Dividend—
a dividend of $6 per share on account of ac¬
preferred stock, payable Oct. 14 to holders of
Like amount was paid on July 1,1937.—-V.147, p. 1181.
Directors have declared
cumulations
the
6%
Volume 147
Financial
Ambassador
Hotel
Co.
of
Los
Chronicle.
Angeles—Earnings—
Earnings for Six Months Ended July 31, 1938
Income:
July 31—
1938
1937
subsidiary companies
(after eliminating inter-company
transfers)
$40,531,314 $40,375,049
General operating
expenses
22,094,102
21,791,666
Maintenance...
2,407,972
2,171,911
Provision for retirement of
general plant
2,526,416
2,400,509
General taxes and estimated Federal
income taxes
4,962,778
4,949,617
Gross operating
earnings of
SI,072,562
57,023
9,327
.
Total income
_
SI,138,912
___
Expenses: Departmental costs and expenses
Expenses not appointed to department
Taxes..
696,545
179,039
64,794
....
Net earnings from
operations of subsidiary
Non-operating income
Profit
^
Gam
on
$198,535
41,730
retirement of bonds
$240,264
Liabilities—
hand
on
$176,011
*
„
Inventories.
Guests' & sundry credit bals*.
Taxes payable or accrued
Other liabilities.............
Prepaid
123,737
y5,191,365
& defd. charges.
277,965
exps.
After
x
118,322
_
Total....
After
American
$.•
1938
$300,958
$329,338
99,601
104,065
_
Miscell. interest
Divs. rec. in securities..
;
;-."l
■
w
•'
-
$4,980,912
1,567,787
_
..
1,547,803
i' —
.
$6,528,715
223,914
191,313
207,427
226,029
Holding company interest deductions.
$5,012,555
143,146
$6,095,258
140,750
Balance transferred to consolidated
surplus..__
Dividends on preferred stock.
;_
$4,869,409
804,486
$5,954,508
804,486
$4,064,923
$5,150,022
$ 1.47
$1.86
Balance.
1935
____________
;
common
American Piano
$214,841
85,074
95,364
V.
r.
782
Balance...
Earnings per share of
—V. 147, p.,881.
$267,305
stock
■
Corp.—Earnings—
Earnings for the Period July 1, 1937 to June SO, 1938
335
—
'
Expenses of American Light & Traction Co"II—
Taxes of American
Light & Traction Co
.....$6,012,260
1936
$3,859,995
_
_
Total.$5,427
reserves for
1937
_
■
European Securities Co.- -Earnings-
9 Mos .End. Sept. 30—
Inc.—Cash divs. rec'd-Interest rec'd or accr'd.
.
10,660
in
_
depreciation of
$480,280.
z Represented by
57,954 no par shares after deducting 246
shares reacquired and held by co-trustee.—V. 143,
p. 573.
y
4,227,971
$4,991,572
minority
Income of American Light & Traction Co.
(exclu¬
sive of income received from
subsidiaries)
26,290
mtge. sink, fund bonds, , 0
due Feb. 1, 1950.
5,615,360
Capital stock
z5,795
Earned surplus
144,876
$6,012,2601
-
to
stock
earnings of subsidiary companies
wages..-J.':• 24,220.
2,496
for losses of $6,433.
reserve
$9,219,543
$3,868,887
__________
Equity of American Light & Traction Co.
incl. salaries &
Inc.
Total.....
$9,061,346
Crl58,197
8,892
_____
,
$74,900
Accrd. liabs.,
*
___r;
common
'
Accounts payable
Cash held by co-frustee189,190
Accounts & notes receivable...
**3.992
Fixed assets
Balance
Proportion of earnings, attributable
July 31, 1938
Assets—
Cash in bank &
__j
_______
_
Balance Sheet
$8,540,046
Dr158,558
cos..
of subsidiary companies.
Total income of
subsidiary companies$8,381,488
Interest, amortization and preferred divs. of sub¬
sidiary companies.
4,512,601
Profit, before bond interest, depreciation, amortization and
Federal income tax
(& Subs.)—Earnings—
12 Months Ended
Departments
Store rents and concessions
Miscellaneous
2383
American Light & Traction Co
Net sales of pianos,
radios, music rolls, &c
Cost of sales.
5,963
630
$410,985
$429,569
$363,004
27,992
41,736
113.363
22,446
113,363
$274,470
prof 1 ,£>38
$227,195
2,279
$171,566
1,990,112
lot
3S$1,720,256
$276,309
$224,916
$111,646
150,000
100,000
75,000
$126,309
$124,916
$36,646
$708,941
370,715
,__
Total
—
Expenses,
incl.
Net income.
Net loss
_
.-
.
_
113,138
.
.
Total profit...
Pref. stock dividend
quirements .*
$269,856
__.
sold
on sec,
$299,914
Gross profit
miscel¬
laneous taxes
Interest paid or accrued
_v-
on
sales
113,363
$338,226
425,298
.
Selling and administrative
14,986
.
expenses
Operating loss on sales
Interest, rentals, income (net)
59,921
Net
loss
from
$87,073
38,5b5
operations..
Dividend income, Aeolian American
Cprp
$48,507
50,000
__
re¬
150,000
-- -
Net
profit, July 1, 1937 to June 30, 1938-
$1,493
Balance Sheet June 30
Balance, surplus.._def$l,870,257
Assets—
,
'
1938
1937
Liabilities—
I
1-938
Cash_
1937
$
rec.
16,550,026
1,719,834
for
c
1,652,404
d Option
615
615
3,017,000
3,023,000
warrants
Funded debt
89.096
purchased
Int.
on
25,163
bonds..
21,000
on
fund. debt.
General
50,212
Deficit*..
8,948
10,456
Prepaid
2,704
expenses &
2,455,621
18,319.732
Total
option warrants entitling the holders to purchase at any time without limit,
20,500 shares of common stock at a price of $12.50 per share,
e At cost,
—V. 147, p. 2u78.
.:•
t, .■.:
a-.v.'
'
t
■'o. ;■
•r'-r,'--;"""-.;! -yl '•>/,
A ssels—
and affil. cos.;
Long term debt;.**........$10,432,000
Subsidiaries:
Certificates of indebtedness &
Com. stks. (100% owned).$13,370,000
Preferred stock
Notes rec.
thereon
1.
on
736,323
*
Affiliated companies....—
2,096,758
Other Investment
Special
2,436
with
deposit
Total...—...—-
.
3,283,153
int.
840,966
Current and accrued liabilities
Common stock, $1 par
189,637
1,002,592
424,200
750
816,427,159
..-.
American
Corp.—Earnings—
-.,—-$2,274,356
1,539,506
-
_
—
.
....
—_
_
_T_ - —
profit on sales—
_**•—....
Selling, administrative & general expenses
Income charges & credits,, net
Federal, State & foreign taxes
Depreciation
$734,850
639,531
86.123
»
_
...
6,845
—
.
.
Net loss
--
To Omit Interest
on
-
-
.-
-
_
$25,773.
-
'
on
Week Ended—
Oct.
as
of April 16,
1936,
no in¬
1__
8
147,
1938
Comptroller—
has
been appointed
p.
Telephone & Telegraph Co.—Earnings—
52,599
44,455
Operating revenues.
Operating expenses..—
$8,425,905
6,481,788
$8,685,093
6,478,410
$67,651,580 $71,598,827
52,511,323 '51,677,084
Net oper. revenues—_
$1,944,117
1,049,411
$2,206,683
761,009
$15,140,257 $19,921,743
8,573,245
6,579,883
rev.
_
_
Operating taxes
Net oper.
-
income
Net income.
$894,706
$1,445,674
166,866
575,396
482,014
376,245
$6,567,012 $13,341,860
76,048,038
88,483,963
Dividends received from subsidiary and other companies, which con¬
major part of the company's income, are not accrued in the
stitute the
accounts monthly but are included therein usually in the third month of the
calendar quarter, i. e., March, June, September and December.
These
dividends are included in "other income" in the mouth in which they are
taken into the accounts and accordingly,the amount reported for any month
for net income does not reflect the rate of earnings of the company for that
month.—V.
49,985,000
49,408,000
48,908,000
49,429,000
Co., Inc.— Weekly
' '
* '
1936
1935
1934
46,010,000 41,051,000 32,158,000
49,046,000 40,380,000 32,470,000
49,010,000 37,100,000 33,077,000
49,573,000 41,187,000 32,904,00,0
V;";
y
The
147, p. 2235.
South
African
Land
Declared
135,500
145,000
155,000
89,000
Costs
Profit
£252,750
£290,438
£309,539
£131,303
£146,725
£149,909
£156,023
£84,602
£153,516
£46,701
£85,922
£63,781
£22,141
£106,025
£140,529
&
44,800
Exploration Co., Ltd
Note—Revenue has been calculated
fine.
on
the basis of £7 3s. 6d. per ounce
■'
Each of which is incorporated in the Union of South Africa.—V.
x
1767.
p.
.
Value of
Gold
Tons
Milled
:
v-f'f :V'!; ;'V■./
147,
:
(& Subs.)~~^arn'ln9s'—
Consolidated Income Account
American Window Glass Co., American Photo Glass & Export Co., and
Western Pennsylvania Natural Gas Co.]
""
profit
Aug. 31, '38 Aug. 31, '37 Aug. 28r'36 Aug. 30, *35
from
oper.
before prov. for depr.
Other income,
interest,
$813,392
$2,290,339
$820,035
$534,132
6,324
31,995
20,728
16.501
$819,716
$2,322,334
$840,764
384,783
124,560
359,057
166,704
$550,633
152,040
505,195
705,707
66,289
648,288
619,962
68,020
„Ioss$262,843
1,718,005
$1,005,173
1,524,738
_
royalties, &c
1938—Month—1937
1938—8 Mos.—1937
revenues..$8,478,504
$8,729,548 $68,133,594 $71,975,072
.
1937
43,170,000
..42,460,000
42,999,000
43,683,000
2235.
Years Ended—
Period End. Aug. 31—
Uncollectible oper
Electric
,"
energy
x
Companies—
Brakpan Mines, Ltd.
Daggafontein Mines, Ltd
Springs Mines, Ltd——,
West Springs, Ltd
Oct. 16, 1938.—V. 146, p. 2523.
Frank J. Carr. formerly assistant to the President,
Comptroller of the company.—V. 96, 1231.
American
&
$l,gl8,850 $1,820,375
deducting mortgage outstanding
240,000 no par shares,
d Par $5.
Anglo American Corp. of South Africa, Ltd.—Results
of Operations for the Month of September, 1938—
Net
Operating
'
..
c
American Window Glass Co.
American Steel & Wire Co,—New
x
Water Works
■
Sept. 17
Sept. 24
Income Notes-
for issue of 20 year income notes, dated
paid
Total
b After
,
28.124
—
The board of directors of the corporation at a meeting held Sept. 20, 1938
determined that in accordance with provisions contained in trust
agree¬
terest shall be
'
(In South African Currency)
Gross
x
reserves.
of the electric properties of American Water
Works & Electric Co. for the week ended Oct. 8, 1938, totaled 43.683.000
kilowatt hours, a decrease of 11.6% under the output of 49,429,000 kilowatt
hours for the corresponding week of 1937.
Comparative table of weekly output of electric energy for the last five
years follows:.
;f>!'
A;'*
■
'
•
■
France-Foamite
Consolidated Income Statement for Six Months Ended June 30, 1938
ment
deducting
Output—
—V.
Sales.
Cost of sales.
103,209
14,957
1,200,000
371,345
101,716
1
147, p.. 1328.
American-La
371,355
$1,818,850 $1,820,3751
After
a
Oct.
56,560
Total.—
d Class B stock
of $4,500 in 1938 and $5,500 in 1937.
V. 145, p. 2061.
254,610
„
Capital surplus
....$16,427,159
1,200,000
-
secured debentures
141,646
—
Sundry prepaid expenses*.;.
:
conditional
Earned surplus
trustee
under debenture issues....
Current assets
-V.
accrued interest thereon
Cumulative
int.
accrued
&
22,685
B
229
14,099
Class A stock
299,500
1
Output of electric
Liabilities—
Invest, in sub.
credits.
Reserves
30,777
300,500
impts—
Total
;''••• V.'.0.
American Gas & Power Co.—Balance Sheet June 30, 1938
;
88,000
1,100
18,319,732
b Represented by 354,500 shares of no par value,
c Represented by
50,000 shares of no par $6 cum. stock,
d There are issued and outstanding
•
2,862
88,000
..
Surplus
1,000,000
$18,929
21,465
be
to
sold
496,435
...16,455,173
...
Leasehold
Total..-16.455,173
Deferred
Corp
1,000,000
Furn. and fixtures,
stores
±
22,176
b Factories
26,406
292
current.
c
*
'
$15,260
unpaid.
deferred charges
Invest. In Aeolian
50,338
600,000
13,575
taxes.—_
1
_
Amer.
600,0C0
•
reserve
Accrued
Notes payable, not
1
1937
Divs. declared but
21,550
$52,035! Accounts payable*
330,239' Accrued liabilities.
finance
Other investment.
89,881
.....
75,815
25,165
from
companies
5,000,000
10.139,510
Accts. pay. for sec.
sec.
sold
Accrued interest
10,139,510
_
100,104
Due
$
5,000,000
254,879
Inventories
1937
$
Preferred stock..
b Common stock.
«
Bonds
.
1938
Liabilities—
96,301
Stocks-.....-..14,390.190
Accts,
i
$
230,890
Invest, securities:
e
'
1938
.
Assets—
Cash
$107,075
aAccts.& notes rec.
Comparative Balance Sheet Sept. 30
■
Total income
—
Prov. for depreciation..
Extraordinary repairs._
xAdminis.,sell., develop.
& shut-down, strike &
flood expenses—____
Social security taxes..
Fed.
surtax
on
undist,
10,379
profits...------.---Profit for year
Previous surplus
.*
—
Net cr.'s applic. to
Total
Loss
on
*
sale
$1,455,162
x
$1,524,737
—■.
112,780
699,125
.....l
$1,455,162
$1,718,005
$1,524,737
dividends.—
Surp. at end of year..
.
Includes taxes $99,470 in
$76,786 in 1935.
$2,529,911
------
$1,485,666
aban¬
doned property--.—
Preferred
13,300
■-
— „
-----
of
$25,772 loss$221,370
1,485,665
1,707,035
prior
year's operations.
>
175,729
-
;
$1,485,666
1938; $329,707 in 1937; $88,389 in 1936 and
.Financial
2384
1938
$
Cash
142,158
49,858
—
doubtful accts..
Inventories
and accrued llab
for
reserve
333,831
Other assets.**..-
254,326
-
class
-.19,021.059
to be
95,189
19,390,123
3,995,000
6,991,500
6,991,500
5,995,615
Common stock..
5,995,615
1,718,005
1,455,162
...19.021,059 19,390,123
Total
Represented by 129,905 no par shares. \
accumulated on the pref. stock from March 1,
1932, and on class A capital stock from Oct. 1, 1927.—V. 145, p. 2686
x
V
Note—Dividends have
Appleton Co .-—Dividend
ifalved—
share
Directors have declared a dividend of 50 cents per
the common
on
Oct. 28 to holders of record Oct. 20.
Previously regular
quarterly dividends of SI per share were distributed.—V. 145, p. 2380.
stock payable
'
of the debentures of American to be
Co.—Official Resigns—
8.
Burroughs has resigned as Vice-President and director of this
will relinquish his directorships with other companies in the
Associated system, he disclosed on Sept. 29 before a hearing of the Securities
and Exchange Commission.
The SEC ordered the hearings to discover what relationship, if any,
exists between Utilities Employees Securities Co. and Associated Gas
if
system.
"V
90,061,770 units (kwh.). This is a decrease of £,213,881
3.4% below; production foiM,he_comparable week a year ago.
Gross "output^ including sales to other utilities, amounted to 96,918,9*31
electric output of
or
units for the current week.
September Electric Output Off 2.0%—
For the month of September,
net
electric
Associated Gas & Electric System reports
of .389,484,321 units (kwh.).
This is a decline of
2% below production for September of last year. This
output
8,102,211 units
or
is^the best percentage showing of any month this year in comparison with
For the 12 months ended Sept. 30, output was 4,494,174,867 units or
3.7% below production for the previous comparable 12 months.
Gas sendout for
September was up 4.2% to 1,764,617,300 subic feet, an
increase of 71,128,400 cubic feet.
For the 12 months to Sept. 30, sendout
increased 1,378,755,800 cubic feet to 23,249,261,900 cubic feet, an increase
of 6.3%.—V. 147, p. 2235.
Atchison
Topeka & Santa Fe Ry.—Abandonment—
The Interstate Commerce Commission on Sept. 29 issued a certificate
permitting abandonment by the Company of a branch line of railroad
extending from Havana westerly to Cedar Vale, approximately 38.73 miles,
all in Montgomery and Chautauqua counties, Kans.—V. 147, p. 2080.
Aviation Corp.
x
Period End. Sept.
Net profit.
of Del. (& Subs.)—Earnings•—
1938—3 Mas.—1937
30—
$13,069
$0,006
Earns, per sh. on cap. stk
After depreciation,
x
loss$60,475
Nil
1938—9 Mos—1937
$402,062 loss$82,681
$0.14
Federal income taxes, &c., but
Nil
before surtax
on
undistributed profits.
The income account for the nine months ended Aug. 31, 1938, follows:
Net sales, $5,215,145; cost; of sales, $4,337,541; depreciation, $106,227;
administrative, engineering and experimental
selling,
expense,
$769,563;
Erofit, $1,814;$20,624;income, $420,872; total income,p.$422,686; Federal
other net profit, $402,062.—V. 147,
taxes,
2080.
icome
(N.) Bawlf Grain Co., Ltd —Earnings—
Years End. July 31—
1938
Operating profit
lossx$133,727
Bond interest
U.
S.
1
A. exch.
int. &
bond}
on
1937
lossx$73,348
1936
1935
x$119,222
$97,482
•
17,498
14,743
22,071
19.824i
bondredemp...]
Depreciaiion
1
98,667
98,667'
500
72,330
#1,750
267
$90,847
378,012
prof$231
383,415
prof $1,063
416,551
$287,165
53,789
$383,646
1,485
$417,615
17,140
.......
Directors'fees
Prov. for inc. tax (jest.)..
------
Net loss
$148,470
Previous surplus.------
230,909
Total surplus
$82,439
Property adjustments.Income tax adjustments
for prior years
4,149
Adjustment to surplus.
Loss
on
y4,433
After
deducting all
2,467
$78,007
Profit and loss surplus
x
17,060
'
_
investments
$230,909
expenses,
fees of $30,057 in 1938, $29,854 in
sale of property.
$378,012
including executive salaries
1937 and $30,747 in 1936.
$383,415
and
y
formula and proposes to
in 1938.
Similarly it is
1938
1937
-
x
183,047
Bank loan
Inventories of grain
lnsur.,
23,476
,
203,501
cash
20,889
4,440
expenses..
18,460
4,850
Invest. & member¬
ships
....
60,000
Accounts payable.
76.926
129,808
248,656
Accrd. taxes, partly
surrender value-
Prepaid
60,000
80,000
Due to correspond
and coal
Life
1937
1/938
stock...$1,995,50C $1,995,500
Common stock..
1,36,786
42,628
_
estimated
Special
reserve
9,697
11,745
40,000
40,000
205,000
265,000
296.425
296,425
78,007
230,909
1st mtge. bonds of
166,172
-
156,460
Bawlf
Operating surplus.
$2,841,554 $3,278,043
Total
no par
$2,841,554 $3,278,043
value.—V. 145, p. 2835.
Birmingham Gas Co.—Amended Reorganization Plan—
Under date of Feb. 1, 1938, American Gas & Power Co. transmitted to
a plan of
recapitalization of Birmingham
Gas Co., one of the principal subsidiaries of American,
involving certain
action to be taken by American, and solicited consents and
holders of its secured debentures
approvals of
a
modification of American's debenture agreement required by the plan
•
At the same time Birmingham Gas Co. transmitted to its security holders
copies
bank
charge. If such
to be deducted
as set
forth above would be distributable as follows: 1-3 as conditional
interest on American's debentures; 1-3 for sinking fund for the retirement
of such debentures; and 1-3 for interest and principal payments on the
certificates of indebtedness held by Birmingham, Minneapolis Gas Light
Co. and Jacksonville Gas Co. No net earnings of American win be available
for such three-way distribution While the bank loan provided for in the plan
is outstanding, but all such net earnings will be applied in reduction of the
or
be repaid in two years.
shares of $6 first preferred stock
accumulated and unpaid dividends amounted to $1,146,701 as
at June 30,
1938, or $38.50 per share.
Birmingham's management is of
the opinion that the present or prospective earnings of the company will
not be sufficient to pay the accumulated dividends or, so long as Birming¬
ham's present debt structure exists, to pay any dividends for several years,
and the plan is therefore presented as a solution of this problem.
Upon
consummation of the plan, it is'the opinion of the management that the
earnings of Birmingham will be sufficient to pay dividends on the new
$3.5(J prior preferred stock created by the plan.
As shown by Birmingham's balance sheet, Birmingham is presently carry¬
ing its property, plant and equipment on its books at $15,465,193, with a
retirement reserve of $1,323,665.
Birmingham's management is of the
opinion that this value canno.t reasonably be supported under present-day
conditions and that it should be written down to $10,091,291, with a re¬
tirement reserve of the amount mentioned above, or a net value of $8,767,026, as shown by the pro forma balance sheet. It is intended that such
write-down will be charged first to earned surplus, if any, and then to
capital surplus.
Birmingham's operations during the past five years, after making- pro¬
vision for retirements but before accruing interest on the certificate of in¬
debtedness of American described above, have resulted in deficits in each
year except 1937, when a profit of $63,198 was earned.
Birmingham has been setting up a reserve for retirements on the basis of
4 cents per thousand cubic feet of gas sold.
This has resulted in an average
reserve for. the years 1932 to and including 1937 of $151,072 per year, but
for the year 1937 amounted to $220,897.
The management of Birmingham
is of the opinion that this provision, on the basis of current operations, is
somewhat high and has been authorized by the Alabama P. S. Commission
to set up a reserve equal to 6.88% of gross operating revenue or a minimum
of $150,000 per year, whichever is greater.
....
Under Birmingham's present financial condition, and, assuming the net
value of its property, plant and equipment to be $8,767,626, as above set
forth, there is no present book equity for its outstanding common stock.
After consummation of the plan, and assuming 100% acceptance, there
will be a book equity for Birmingham's common stock of approximately
$3.14 per share, as shown by the pro forma balance sheet.
On a similar basis for the net value of the property, plant and equipment
and on the basis of a value of $200,000 for the certificate of indebtedness,
the book equity as of June 30, 1938, for the outstanding $6 first preferred
stock is $48.60 per share.
Under the plan, each share of such preferred
stock wrill receive one new share of $3.50 prior preferred stock with a par
value of $50 per share and three shares of common stock having a book
value on the basis of the pro forma balance sheet as at June 30, 1938, of
$3.14 per share, or new securities having an aggregate book yaLue of $59.42
loan, which, oy its terms, is to
Birmingham has outstanding 29,784
upon which
per
share.
Summary of the Plan and Amendments Thereto
The
plan,
dated Feb.
1,
1938
(as amended),
may
be summarized as
(1) As a separate proposal, the security holders and creditors mentioned
in paragraph 11 below will be requested to approve and consent to the
deduction by American of $260,000 repaid on bank loans as a prior charge
in the determination of its net earnings available for the three-way dis¬
tribution described in the plan.
(2) As a separate proposal, said security holders and creditors will be
requested to approve and Consent to payments of principal and interest
to be mads by American on the $600,000 bank loan provided for in the
pian being deducted as a prior chargs in the determination of its net earnings
available for the three-way distribution on the understanding that no further
amount, for repayment of bank loans or other obligations of American will
be
Terminal
Elevator Co
Capital surplus
Represented by 60,000 shares of
bank loan provided for in the plan on
amounts repaid by American on
other obligations will be deducted as such prior
deductions were not made, the amounts so deducted or
loans
on
Liabilities—
Preferred
18,860
Accts. receivable
deduct similar.y the $160,000 balance of said amount
proposed to deduct as a prior charge principal and
interest payments on the $600,000
the understanding that no further
follows:
$2,565,089 $2,574,939
Cash
<
legal
Loss
Comparative Consolidated Balance Sheet July 31
Assets—
Fixed assets
..
#
Weekly Output—
For the week ended Oct. 7, Associated Gas & Electric System reports net
of Birmingham, to be not in excess of
the market value as at Aug. 1, 1938,
surrendered for retirement, under the
Birmingham holds a certificate of indebtedness of American in the unpaid
principal amount of $1,086,744, the accrued interest on which at June 30,
1938, amounted to $208,044.
Principal and interest on such certificate
is payable out of approximately 40% of 33 1-3% of the available net earn¬
ings of American under a formula described in the plan. Similar certificates
of indebtedness are held by other subsidiaries of American.
The earnings
of American available for application on the certificate of indebtedness held
by Birmingham, as computed by American, amounted to $2,784 in 1935,
$20,308 in 1936 and $22,489 in 1937. Such certificate of indebtedness has
been estimated by Birmingham's and American's officers to have a value
to Birmingham of approximately $150,000 to $250,000.
As set forth in the plan, American repaid bank loans in the amount of
$260,000 in 1937 and 1938 and in 1937 deducted $100,000 of said amount
as a prior charge in the determination of its available net earnings under the
company and
units,
if they could
plan.
stock, payable Nov. 25 to holders of record Oct. 31.
Like amount was
paid on May 16, last, and compares with regular semi-annual dividend of
10 cents per share paid on Nov. 15, 1937.
in addition, an extra dividend
of 15 cents was paid on Nov. 15, 1937, and an extra of 10 cents was paid
on May 20, 1937.—V. 146, p. 2355.
-
Associated Gas & Electric
even
recapitalized.
160,000, being somewhat less than
§ ether with ail of the common stock
Argo Oil Co.—20-Cent Dividend—
Directors have declared a dividend of 20 cents per share on the common
Fred
that
maturities and to improve the capital structure
A
stock-_»«...i,„.
r
The management of Birmingham is of the opinion
be extended, Birmingham would still have
This plan is, therefore, presented in order to meet these
of Birmingham. An of the
above-mentioned notes were issued in exchange for notes which matured
in 193,5, which, in turn, were issued for notes or obligations maturing or
existing in 1932.
The publicly held notes have been reduced since 1932
from $1,250,000 to $578,000 (including a $1,000 note which matured in
1932 and was not exchanged), and the remaining notes have been reduced
from $446,208 to $257,059.
In addition to the notes, Birmingham has outstanding a $405,000 noninterest-bearing note, maturing Oct. 1, 1938 (but renewable and convertible
under certain contingencies), which is owned by American and is pledged
as security lor American's outstanding debentures.
This note was issued
by Birmingham in 1932 in connection with the acquisition of the property
of Industrial Gas Corp., a gas distributing company operating in Birming¬
ham, an of the common stock of which was at the time owned by American
and pledged by American as security for its debentures. A certificate of a
firm of independent engineers, dated Jan. 28, 1938, filed with the trustee
under American's debenture agreement shows the value of such note, todate and
Earned surplus
Total
272,332
&
29,865
repairs
7% cum. pref. stk. 3,995,000
7%. cum.
17,480,629 17 ,507,411
35,512
38,336
obsolescence
28,966
Fecl'l
1
Birmingham cannot pay or refund these notes at or prior to their maturity.
Furthermore, it is doubtful that these notes can be extended at this iate
322,482
States taxes
g'dwill, less res.
for deprec'n and
Deferred ch arges
purchases its gas.
199.950
Res. for extraord'y
40.308
real est. &
Plants,
for
Prov.
410,407
1,085,537
32,868
„
:,A
I
325,000
payable
Accounts
Notes & aeets. rec,
less
1937
$
Liabilities—
Notes payable
1938
the notes held
banks
1938
1937
$
IS,
by the Birmingham banks in the unpaid principa
amount of $154,704.90 are endorsed by American I in Birmingham and by
two companies
(called Coke-Oven companies) from whom Birmingham
Comparative Consolidated Balance Sheet Aug. 31
Assets—
Oct.
Chronicle
of the plan.
Solicitation in favor of the plan was terminated March 28, 1938, in view
decision of the U. S. Supreme Court on that date
upholding the
constitutionality of the registration provisions of the Public Utility Holding
Company Act of 1935.
American became a registered holding company
under that Act on March 31, 1938, and on May 11, 1938, a
of the
joint applica¬
so
deducted.
(3) Subject to the consent and approval of holders of 66 2-3% of its
outstanding debentures, American's debenture agreement will be modified
so as to (i)
prohibit the deduction as a prior charge of any amounts paid
or accrued by American after Oct.
1, 1938, on bank loans or other obliga¬
tions in the determination of its net earnings available for the three-way
oistribution with ^the exception of payments on the $600,000 bank loan
provided for in the plan and (ii) permit the release to American of 199,995
shares, being all of the shares of common stock (except five directors'
qualifying shares), and the $405,000 non-interest-bearing note of Birming¬
ham pledged thereunder, against surrender to the trustee for cancellation
and retirement, of $400,000 principal amount of American's reacquired
debentures.
Birmingham's charter will be amended so as to increase its authorized
stock from 200,000 to 230,000 shares.
(5) American will borrow not in excess of $600,000 (including $40,000
presently owed!* to be repaid in instalments over a period of approximately
two years, to bear interest at not in excess of 6% per annum and to be
secured as set forth in the plan.
(6) American wiL pay to Birmingham $550,000 in cash and will deliver
(4)
common
to
of
Birmingham the $405,000 note and 60,000 shares of the common stock
Birmingham against delivery by Birmingham to Ameiican of American's
tion and declaration in connection with the plan was filed by both companies
with the Securities and Exchange Commission in accordance with the re¬
certificate of indebtedness—and certain changes will be made in Birming¬
ham's preferred stock hereinafter referred to.
quirements of the Act.
Birmingham has outstanding $834,059 6% notes maturing on Oct. 1,
1938, of which $577,000 are publicly held and the balance are held by
(7) The holder of each $1,000 of Birmingham's publicly held notes
($577,000 outstanding) is to accept in payment of and exchangctherefor
$500 in cash and a new note in the principal amount of $500.
The new
Volume
147
Financial
notes are to be dated as of Oct.
1, 1938,
Oct. 1, 1944, are to
bear interest at rate of 4^% per annum, payable semi-annually, are to be
red. at any time in whole or in part on 30 days' notice at their principal
amount and accrued int., and the note indenture will provide, among
other things, for a sinking fund of $50,000 per annum.
(8) The Birmingham banks are to accept in payment and exchange for
the notes held by them ($154,705 unpaid principal amount) 50% in cash
and new 3M% notes in respect of the balance, maturing 90 days after date
with an option to Birmingham to renew any unpaid balance for two addi¬
tional 90-day periods.
(9) The notes held by the Coke-Oven companies ($102,354 unpaid prin¬
cipal amount) are to be canceled, extended in whole or in part, or otherwise
disposed of. One such company has agreed to cancel its note in the amount
of $51,752, and the other to extend for one year.
Birmingham will use its
best efforts to obtain cancellation of the remaining note,.
(10) The holder of each share of $5 first preferred stock is to accept in
exchange therefor (including unpaid accumulated and accrued dividends
thereon) one share of new $3.50 cumulative prior preferred stock ($50 par—
$70 redemption price) and three shares of common stock ($2vpar per share).
are to mature
Under Birmingham's charter provisions and
the statutes of Alabama, in
be neces¬
amend Birmingham's charter at a special meeting of stockholders
called for that purpose and such amendment will require the affirmative
vote of holders of at least 66 2-3 % of the $6 first preferred stock and of the
common stock.
The new $3.50 cumulative prior preferred stock so to be
created will take precedence over the $6 first preferred stock with respect
to dividends and payment in event of liquidation.
Chronicle
V.
(11) The plan will not be declared effective unless all of the separate
proposals shall have been favorably voted upon and unless the plan shall
have been accepted by the holders of at least 66 2-3 % of American's deben¬
tures, 80% of Birmingham's publicly held 6% notes, 95% of Birmingham's
$6 first preferred stock and by Minneapolis Gas Light Co. and Jacksonville
Gets Co. acting through their respective boards of directors, on or prior to
Feb. 28, 1939.
The more important amendments may be summarized as follows: (a)
total number of authorized shares of Birmingham's common stock increased
6 Months Ended June 30—
*
an1'c„harges
2219.
'
p.
29,821
34,827
'*
Years End. Dec. 31—
Sales
(net)
j
1937
1936
$8,532,429
—
$7,579,639
6,082,076
Cost of sales.
Sales &adm. expenses—
Net oper. income
1,046,406
$489,748
.
Other income..-
$592,939
58,689
35,123
Net profit
$524,870
1934
»
$5,803,908
4.522,869
824,822
$465,459
v
$456,218
41,066
58,045
$651,628
141,772
x89,215
$523,504
131,626
52,001
$497,284
$346,450
309,941
$420,642
356,222
$339,877
220,650
$316,534
$36,509
$1.89
$64,420
$2.33
$119,227
$140,699
$1.79
Depreciation
Federal taxes
114,720
x63,700
Net
income..
Dividends paid.
on
1935
$6,465,082
5,190,087
904,624'
809,536
6.996,275
com
;'
Including $3,150 ($7,690 in 1936) surtax
on
121,750
59,000
175,835
$1.92
undistributed profits.
Consolidated Balance Sheet Dec. 31. 1937
cost) and accr. int.,
(less res've for doubtful of $75,000), $214.803; inventories, $859,045; investments and other assets, $87,129; prop.,
plant & equip, (less reserve for depreciation of $1,764,531), $1,827,958"
construction work in process, $6,159; appreciation based on
independent
appraisal Jan. 1, 1926, less depreciation. $203,907; prepaid insurance,
supplies, taxes, &c., $18,708: total, $4,679,609.
Liabilities—Accounts payable, $182,923; accrued local and capital stock
preferred stockholders as a class have a right to elect two out of
directors; (f) the allowable maximum of American's bank loan re¬
$700,000 to $600,000; (g) upon repayment of the Continental
Bank loan in full by American and the ensuing release of Birmingham
stock pledged thereunder, American will vote same in favor of a further
amendment to Birmingham's charter providing that Avhen three successive,
or a total of four (whether successive or not)
quarterly dividends shall be
in default, new preferred stock shall be entitled to elect four out of the
seven directors;
(h) consent of security holders and creditors required to
the deduction as a prior charge under American's earning formula of $260,000 heretofore repaid and $600,000 to be hereafter paid-on bank loans; and
(i) American's said earnings formula to be amended so as to prohibit the
deduction as a prior charge of any further amounts paid on bank loans or
obligations, other than payments to be made on the $600,000 loan. Upon payment by American of the bank loan called for by the plan and
the release of the collateral to be pledged thereunder, American will repledge the 140,000 shares of Birmingham's common stock (less directors'
qualifying shares) retained by American under the plan, with the trustee
prior
taxes, &c.,
$77,140; Federal taxes
on
income
(est.), $63,700;
reserve
for
contingencies, $54,489; common stock, no par value—stated value $15 per
share—authorized and issued 200,000 shares (less in treasury, 17,326 shares
10,319 shares are reserved for exercise of option to purchase by
officers and employees, none of whom are directors], $259,890),
$2,740,110;
capital surplus, $149,922; surplus arising from revaluation of properties,
$203,907; earned surplus, $1,207,417-.total, $4,679,609.—V. 145, p. 3967.
'
Bralorne Mines, Ltd.—Earnings-—
Years Ended Dec. 31—
from bullion and
1937
1936
1935
1934
$2,894,209
934,548
68,218
$2,231,420
862,519
68,919
$1,616,158
554,090
63,333
$1,580,324
361,047
53,598
$1,891,443
7,658
$1,299,982
^ 5,597
$998,735
31,130
$1,165,679
53,163
$1,899,100
$1,305,579
$1,029,865
$1,218,842
35,727
30,306
29,853
1,622
3,764
100,000
y290,000
-
Rev.
concentrates
sold
and
in process of realization
Cost of production
Shipping and delivery
under American's debenture agreement.
Gross profit
income Statement for the Year Ended June 30, 1938
v
145,-
•
(E. J.) Brach & Sons (& Subs.)—Earnings—
trade accts. receivable
duced from
;
^
v
1937
$1,600,212
-Assets—Cash, $521,439; marketable securities (at
seven
•
1938
si ,242,682
TSS wf.vr---vr-v:
x
200,000 to 230,000 shares; (b) number of shares of common stock
offered in exchange for each share of $6 first preferred stock (in addition
to one share of new $3.50 cumulative prior preferred stock) increased from
two to three; (c) redemption price of new $3.50 cumulative prior preferred
stock increased from $52.50 to $70 per share; (d) voluntary liquidation
value of said stock increased from $50 to $70 per share; (e) $3.50 cumulative
Gross operating revenue:—
1769.
Earn, per sh.
from
:
147, p.
(S. F.) Bowser & Co., Inc. (& Subs .)—Earnings—
order to create the new $3.50 cumulative preferred stock, it will
sary .to
2385
$3,957; Commodore Biltmore Co., Inc., $94,001; 7% cumulative preferred
stock (par $100),
$6,602,400; non-cum. 2d pref. stock (no par vaiue; out¬
standing or issuable, 135,944 shares; declared capital per share, $5), $679,7JU: common stock
(no par value: outstanding 400,819 shares, declared
capital per share $5), $2,004,095; deficit. $9,182,022; total, $3,973,007.—
Miscellaneous income.
..
$2,116,984
:
Gross income..
1,448,539
Operating expenses-.^-i..»-^—---i--..
Administration, office &
$668,445
]N"et operating income.---...^.--Non-operating income
—
general expenses
.
19,156
—
Net losses
Community
Welfare Dept.Depreciation..
Depletion, development
"
'Gross income-.-—- -
Interest deductions—
- .
-
-
.
$687,600
382,346
200,728
-
-—--—-——
—
Other deductions-—
■
Net profita
—
..t..-...—-
Interest on indebtedness of American Gas & Power
crued but not received
,
r
on
and exploration
Dominion & Provincial
,$104,526
income
325,000
169,731
178,707
i
equipment,
intangibles)—._a$10,091,291
plant,
300,000
6,020
4M % sink. fd. notes, 1944.
Consumers' meter deposits--
1S1.236
12,166
Current & accrued liabilities^
689,219
416,260
1,354
—
Merchandise, &C-
— -
-- -- -
92,599
4,404
-
Insurance deposits
136,388
Deferred charges
a
at
———iff
(par $50)
—.
Common stock (par
$2)
surplus-..-
1,489,222
June
Total- ——$10,992,323
1938
loss$22,414
Legal fees
Net profit-..--
147,
p.
4i3.'.
1184.
1937
Calendar Years—
from room rentals.
restaurant sales,
Bond interest, first mortgage
Provision for
deprec. &
interest
prov.
—
for int. on 1st mtge. in¬
and fixed interest bonds
payable June 1,—
Balance to be carried forward
$4,688,325
$4,240,178
$3,615,424
$5,847,144
265,230
164,739
144,777
loss612,261
429,812
137,747
24,241
236,610
167,455
$379,825
$1,374,811
paid
loss
interest
Transferred to reserve for int. on income bonds:
Interest
133,557
-
Prov. for Fed. inc. taxes
Net
Minority interest's share of profit..
Provision for income taxes—
7—
332,738
7,000
prof$40,754
$17,295
Balance Sheet Dec. 31,
1937
Assets—Cash, $313,813; accounts receivable (guests, &c., after allowance
for doubtful accounts, &c.), $94,792; inventories (food, beverages, operating
supplies, &c.), $77,492; other assets, $54,953; investment in subsidiary and
affiliated companies, $13: building leasehold and other expenditures de¬
ferred, $3,352,935; prepaid and deferred charges (insurance premiums, &c.),
$77,655; trade advertising unused, $1,354; total, $3,973,007.
Liabilities—Accounts payable (inci. $18,375 due Collector of Internal
Revenue and $156,316 due for taxes, interest, steam, current, &c.), $342,108; subscription payable (New York World's Fair, 1939,,Inc.), $38,500;
note payable, Collector of Internal Revenue, due June 1, 1940, $18,267;
security deposits on leases, $2,000; notes payable (issued per plan of reor¬
ganization) and accrued interest, $3,369,981;
trade advertising due bills,
-
—
388
Consolidated Balance Sheet Dec. 31, 1937
for
Prov. for aepr. & amort-
Interest
8,250
45", 660
Net profit for year before providing for
on income bonds and income taxes.
come
,
amort, and
paid
$8,638
16,500
1,127
2,000
28,080
bonds (old issue)
depreciation
Amortization of reorganization expenses.-.
Net income available
1934
346,051
—
before
1935
1936
priv¬
ileges, «&c
Profit
$11,795
1,207
1,950
$17,627
-
—...
—
.
Bowman-Biltmore Hotels Corp.-—EarningsInc.
$20,256
1,630
1,000
-
Directors' fees....
Bond Stores, Inc.—Sales—
Period End '. Sept. 30—
1938—Month—1937
.
1938—9 Mos.—1937
Sales
$lt782,607
$1,732,653 $12,677,055 $13,229,001
147. P.
3,865
2,000
25,945
5,553
45,000
2,000
with
.
_
—V.
$486,490
230,776
127,339
1,740
30,475
2,000
...
2,356
$533,157
257,554
142,912
1,100
22,626
participation agreement
Interest and discount._
$484,134
.11,626
,
Executive officer's remuneration in accordance
1935
x$643,203
x$449,817
$282,159
Earns.per sh.on com.stk.
Nil
$3.60
y$2.81
$1.82
x 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 22, 1936, date of issuance, to Sept. 30, 1936.
z Revised.—V.
a
—■
Executive officers* salaries
zl936
1937
1936
•
$532,492
665
Selling and shipping expenses
Administrative and general expenses
Laughlin, Inc.—Earnings—
Bliss &
1937
-
Total income.
1938.
sold—-per contra.—V. 147, p. 2237.
W9 Mas. End. Sept. 30—
certified by responsible
Years Ended Dec. 31—
Income from operations.
Revenue from investments
write-down of $5,373,903 from the amount shown
b Pledged jas collateral to liability for merchandise
30,
as
Brandram-Henderson, Ltd. (& Subs.)—Earnings—
458,707
.264,009
This amount reflects a
accounts
&c.,
$3.50 cum. prior pref. stock
Capital
Total iii----------------$10,992,323
.,
,
depreciation of $1,541,577), $1,447,715; total, $3,321,435.
Liabilities—Accounts payable, $80,537; wages and salaries payable, $19,100; dividend payable, $249,400; reserve for income and other taxes, $320,869; capital stock issued (1,247,000 shares of no par value), $1,700,750;
earned surplus, $950,780; total, $3,321,435.—Y. 147, p. 1634.
135,157
1,559,775
Deferred credits
Reserves.
$25,614
Including depletion.
sold, on hand or in transit, at approximate net realizable value, $277,961;
cash in bank and on hand, $1,500,057; investment In and advances to sub¬
sidiary company, $19,395; capital assets, (less reserves for depletion and
.
$5,915,000
1st mtge. 5s, 1959-
231,841
Notes receivable
y
company, $53,892;unexpired insurance and prepaid items, $17,452; accounts
receivable, $2,744; due from employees, $2,219; bullion and concentrates,
Long term debt:
Misc. investments—at cost..
deposit
Accounts receivable
jDepletion only,
Assets—Inventories of stores, supplies,
Cash in banks and on hand-b Special
$800,614
775,000
officials of the company and valued on the basis of laid down cost to the
Liabilities—
Assets—
$350,012
165,000
'
Balance Sheet Dec. 31, 1937
Pro-Forma Balance Sheet as at June 30, 1938
&c. Unci,
$3,309
Balance, surplus
x
Gas & Power Co. during year ended
[Giving effect to proposed plan of recapitalization, as amended, assuming
100% acceptance!
Property,
$500,012
150,000
divi¬
$6 first preferred stock
Payment received from American
June 30, 1938, amounted to $22,452.
150,000
$751,509
748,200
$239,151
Dividends paid.
a
230,000
$1,236,751
997,600
65,205
preferred stock--
Annual dividend requirements on
50" 000
180,000
Co.—ac¬
—
Net income before provision for Federal income taxes and
dends on
130*.666
x220,000
*200,000
taxes
23,229
Assets—Cash on hand and in bank, $12,975; accounts receivable (less:
for doubtful accounts and for discounts of $47,414), $198,768;
reserve
inventories, $323,810;
sundry investments, $2,863; real estate,
plant and equipment (less reserve for depreciation
deferred charges, $56,220; total, $1,523,088.
of $254,333)
,
buildings,
$928,451;
Liabilities—Bank loan, $230,000; accounts payable and accrued charges,
$10,353; reserve for interest on income bonds,
$104,835: taxes payable,
deferred liability (municipal taxes), $7,162; mortgage payable,
20-year 1st mtge. income and fixed interest bonds, due June 1,
minorityinterest, $5,168; capital stock (50,000 shares no
par^value), $315,214; deficit, $1,975; total, $1,523,088.— * . 144, p. 4l70.
$18,530;
$8 800- 6%
1956,
$82.1000;
Buckeye Pipe Line
Co.—oO-Cent Dividend—
have declared a dividend of 50 cents per share on the
stock, par $50, payable Dec. 15 to holders of record Nov. 25.
This compares with 25 cents paid on Sept. 15, last; 50 cents paid on June
15 last- 75 cents paid on March 15, last, and on Dec. 15, 1937, $1 paid in
each of the four preceding quarters, 75 cents per share paid each three
months from Sept. 15, 1932 to and incl. Sept. 15, 1936, and $1 per share
distributed quarterly previously.—V. 147, p. 884.
The
directors
common
Oct. IS, 1938
Financial Chronicle
2386
Liabilities—Accounts payable, $95,278;
Newspapers
Brush-Moore
$3,080,058
and other
Newsprint, ink
feature
service &
337,933
1,174,757
262,556
.
920,029
414.342
91,805
384,721
$847,632
$780,213
$692,615
161,756
107.159
294.058
60,883
230,157
64,394
$578,717
$425,270
$398,064
195,585
106,817
$564,068
Balance Sheet Dec.
31, 1937
94,293
(newsprint, ink, &c.), $102,452; investment
$935,722; cash value of $1,275,000 pledged life insurance
properties not used in operations,
$4,694; land, buildings, machinery, &c. (after
circulation (goodwill, &c.), $3,580,735;
inventories
policies, $320,067;
$75,602; sundrylivable.
depreciation), $1,266,194,
unamortized bond discount and
expenses on 5% bonds, $109,263; prepaid insurance premiums and sundry
expenses, $44,498; total $6,990,849.
■
,
.
moo
Liabilities—Accounts payable, $82,543; dividends paid in January, 1938,
955- accrued 1937 taxes, interest and expenses. $158,905; 10-year col;
lateral tVS^.5% "inking fund bonds, $2,145,500; prepaid advertising and
subscriptions, $17,016; reserves for contingencies, $164,751; 1st pref shares
(outstanding)
$1 185,300; 2d pref. shares (outstanding), $926,400; com¬
shar
(W0 outstanding), $802,995; earned surplus, $.1,420,485;
$86
mon
total,
2837.
$6,990,849.—V. 145, p.
Inc.—Earnings
Burdines,
[Including Burdine
Properties and Burdine
Earnings Years
Ended July 31
Realty Corp.]
$6,012,162
4,077.526
-----
goods Void::::::
—
$6,352,955 $5,609,503
4.294,038 3,770,530
$1,934,636
Cost of
$2,058,916
116,100
142,889
142,360
$2,077,526
$2,201,277
1,645,929
$1,955,073
1,402,291
95,140
85,878
Purchase discounts
profit
Operating expense,
$1,838,973
Gross
— —
—
1.704,101
100,754
excluding deprec-
„
1938,
Co.—Earnings—
California Oregon Power
1938
1937
$4,627,599
2,023,312
$4,670,273
1,874,546
res.) $2,604,288
569
Dr60,312
$2,795,727
Year Ended Aug. 31—
Operating revenues
Operating expenses, maintenance
and taxes
Net oper. revenue (beforeapprop. for retire,
Interest on notes <fe accounts receivable, &c
Merchandise and jobbing
Net operating revenue and other income (before
appropriation for retirement reserve)..,
Appropriation for retirement reserve
Net income.---
1,606
Dr45,308
$2,544,545
300,000
$2,752,024
$2,244,545
J
Rent for leme of electric properties.
Interest charges (net)
Amortization of debt discount and expense
Amortiz. of preliminary costs of projects abandoned
Amortization of limited-term investment
Other income deductions
-----
$2,452,024
238,042
300,000
238,210
844,313
203,220
45,047
7,270
18,624
842,856
203,077
45,047
4,847
13,007
$1,105,148
$887,860
—
Notes—(1) The revenues and expenses subsequent to Jan. 1, 1937,
in accordance with the classifications of accounts prescribed
are
by
shown
regulatory co nm issions effective Jan. 1, 1937, which differ in certain respects
from the classifications previously followed by the company.
In certain
instances the figures prior to Jan. 1, 1937, have been adjusted in accordance
with the new classifications of accounts.
(2) No provision was made for Federal income taxes or surtax on un¬
distributed profits for 1936 as the company claimed as a deduction in its
final income tax return for that year the unamortized discount and expense
and redemption premium and expense on bonds and debentures redeemed
in 1936 which resulted in no taxable income for 1936.—V. 147, p. 2082.
1936
1937
1938
Net sales
dividends payable, Jan. 3,
$33,312; reserve for Federal income taxes, $45,925; 7% cum. conv. prefer¬
ence stock (par $100), $56,800; common stock (par $25), $2,693,200; sur¬
plus, $790,015; total, $3,714.531.—V. 145, p. 3812.
Gross income
receivable net, $295,1597
in other company,
accounts and notes
Assets—Cash, $261,463;
$2,354,216
454,558
80,835
$866,470
-
1934
301,284
1,019,254
512,582
85,847
Operating profit
Net other deductions—
jFTov. for Fed. inc. taxes
profit. _
$2,606,899
1,238,506
departmental expenses
Depreciation
Net
1935
$2,895,714
376,653
materials
Payroll and commissions
Press
association, wire
news,
1936
1937
Calendar Years—
Total revenue
Inc.—Earnings—
,
Campbell, Wyant & Cannon Foundry Co.
Period Ended June 30,
12 Mos.
$173,042
52,979
$1,026,797
•
63,600
$226,021
$1,090,397
226,980
545,630
-
profit-
Total gross
(& Subs.)—
6 Mos.
1938—
profit from sale of castings—
Otheroperatingincome.net—
Gross
—
Administrative & selling expenses, incl. administra¬
tive salaries, development and other expense
$959prof$544,767
$272,671
$460,207
49,526
Operating profit.
78,469
Other income—
tax)
(incl. normal income
$538,676
Undistributed profits tax
profits after all taxes-.
$159,900.
Consolidated Balance Sheet July
1937
1938
Assets—
Value life insur'ce.
$677,218
10,000
336,442
478,152
12,736
$48*,695
10,292
418,727
437,560
11,222
bonds,
&C-_
25,565
$516,868
89,432
43,570
79,928
$405,673
$164,494
151,814
Mortgages payable
7C0.000
Reserves
.—a
19,310
x Capital & surplus
3,482.942
payable-
$160,116
278,521
174,500
82,930
2,475,579
84,083
Cash
Govt. & mun. sees.
Accts. <fc notes rec.
Merchandise.---.
Stocks,
expenses.
—
34,749
3.361.202
(net). 2,839.442
139,005
.'--$4,518,559 $4,009,087
Total-
Consolidated Balance Sheet
chln-y &
-
$4,518,559 $4,009,087
—
stock out¬
(92,780 in 1937)
3003.
Burns &
Co., Ltd.—Earnings—
49,008
$733,198
.....-
$943,118
320,742
80,000
22,000
(estimated).
and other
(net)
c$506,470
55,199
$905,159
313,154
66,000
$561,669
307,121
25,000
,
353,257
purch. contr.
Deferred charges..
1,192,749
Prov. for returned
52,809
101,058
5,000
Unclaimed wages &
shares,
2,825
731.
x
39,463
y
Canada Northern Power
31—
12 Months Ended Aug.
2,244,953
$125,241)»
$1,721,937; inventories,
$3,235,737; due from subsidiary companies,
$49,549; prepaid expenses, $161,757; mortgages and agreements for sale
receivable, $49,117; cash in hands of sinking fund trustee, $241; investments
in subsidiary companies, $925,202; other investments, at value determined
by the directors as at Dec. 31, 1934, plus additions (net) since at cost, and
less reserves, $309,715; fixed assets (deduct reserve for depreciation, includ¬
ing $1,982,976 as at Dec. 31,1933, provided through capital reorganization,
$4,351,500), $6,271,523; total, $12,932,301.
Liabilities—Due to bank, secured, $1,397,851;
trade bills and accounts
payable, $613,292; wages accrued, $17,343; sales taxes, $9,278; due to
sidiary companies, $51,558; interest accrued on obligatory bonds and
sub¬
cou¬
outstanding, $89,708; provision for interest on income bonds, payable
April 1, 1938, $166,693; Dominion and Provincial income taxes, est.,
$43,641; agreement for purchase of real estate (due 1938, $10,000), $80,000;
1st mtge. 5% sinking fund bonds, series A, due July 1, 1958, $6,668,300;
reserve arising through reorganization, after deduction of reorganization
expenses and losses (net) on realization of capital assets, $433,821; capital
stock—issued, 33,789 H class A shares, 5 management shares and 109,554
class B shares, all of no par value (less 205 class A shares redeemed, $1,025),
$2,723,275; capital surplus, $40,047; earned surplus, $597,496; total,
$12,93^,301.—V. 144, p. 4171.
pons
Rys.—Earnings—
Earnings of System for Week
1938
>■
profit
dividends
dividends
Preference
Common
*
Deficit
1936
$367,390
146,410
26,700
x$401,556
163,718
26,500
iH 2240.
$194,280
4,116
215,296
$211,337
4,117
215,294
$128,017
4,277
215,112
$25,132
812,180
$8,074
837,312
$91,372
845,386
790,015
Profit & loss surplus
Shares of common stock
outstanding ($25 par)
Earnings per share
x
Including profit of
107,728
107,648
$1.59
_
$1.77
107,648
$1.92
182,428
15,000
$1.15
Earnings for Week
$3,714,531..
$553,000
Ltd.—Earnings—
Earnings for the
12 Months Ended June 30,
Operating revenue
Operating expenses
Provision for depreciation
1938
...
,
Net operating revenue
Non-operating revenue
$1,159,310
657,317
115,931
$386,062
Dr522
,
$385,540
250,584
Total revenue
Interest and other
deductions
$134,956
Net income
Balance Sheet June 30, 1938
Liabilities—
Assets—
$700,000
$5,203,919 6% non-cum. preferred stock.
850,.500
347 Common stock ($5 par)
2,705,426
i
20,563 Funded debt
1,000,000
Notes pay. to affiliated cos...
Investments
15,149
81,970
Current receivables
150,193 Consumers' depos. & accf. Int.
41,514
Deferred liabilities
Mdse., oper. & constr. supplies
131,472
147,789
Fixed assets (net)
Cash in hands of trustees
Cash
...
-
Current liabilities
Miscellaneous reserves..
22,070
90,611 Capital surplus.__
Deferred charges
15,678
31,028
60,420
Earned surplus
$5,634,325
Total
$5,634,325
Total
p.3530.
Capital Transit
Period End. June 30—
Co.
(& Subs.)—Earnings—
1938—6
Mos.—1937
1938—21 Mos.—1937
$5,620,609 $11,204,813 $10,977,999
$5,734,839
Operating revenue
4,124,257
Operating expenses
492,177
Taxes incl. Fed. inc. Tax
Net oper. revenue—
4,203,222
8,262,113
412,490
551,212
1,205,056
8,427,494
733,808
1,070,433
19,505
Provision for deprecia'n.
$453,684
18,026
$848,421
35,713
$746,263
40,837
$527,819
347,026
$471,711
327,751
$884,134
689,171
$787,099
650,581
610,090
$508,314
-
-
$207,465; accounts and bills
paid in advance, $84,482; total,
1937
$3,376,000
2240.
Canadian Utilities,
889.223
s.
3,604
6,564
able, after providing for doubtful accounts,
chandise and supplies, $996,398; investment in
and expenses
Increase
1938
$29,573 on disposal of Drake Department.
31, 1937
receiv¬
$306,601; inventories of mer¬
Moore Corp., Ltd., $443,878;
land, buildings, machinery and equipment, (less reserve for depreciation of
$2,520,103), $1,675,706; goodwill and patents, $1; insurance deposits, &c.,
Ended Oct. 7
$3,929,000
Consolidated Balance Sheet Dec.
Assets—Cash in banks and on hand,
$187,427
Ry.—Earnings—
Canadian Pacific
V
—V. 141,
107,644
Increase
$4,308,844
.
$325,445
$22,165
depreciation
Reserve for Fed. taxes._
Reserve for
1937
$364,943
143,226
46,000
$175,717
4,006
193,876
Calendar Years—
Profits for year
Net
1935
1934
Ended Oct. 7
1937
$4,496,271
;
Gross revenues
under lien
contracts (non-current)
Subs.)—Earnings—
$2,863,249
2082.
Accounts receivable
(F. N.) Burt Co., Ltd. (&
1,969,992
$2,858,298
—
Canadian National
—V. 1471
shares.—V. 147•
,
Net earnings
—V. 147, p.
Assets—Cash on hand, in banks and in transit, $207,523; customers
receivable, &c. (less reserve for bad and doubtful debts of
$6,315,199 $6,780,654
Total..
Corp., Ltd.—Earnings—
1938
1937
$5,103,251 $4,833,242
Traffic earnings
accounts
4,487
2,225,352
Dr25,319
Operating and maintenance---
—V. 147, p.
27,875
1,970,587
stock. Dr25,319
by 348,000 no par
Represented
Gross earnings
deducting directors,
of $33,955 and legal
Co.'s own
x
„
23,787
Earned surplus
a
period from Dec. 31, 1936 to Dec. 30,'1937.
g After
fees and expenses and salaries of executive officers (net)
fees of $835.
Balance Sheet Dec. 30,1937
26,724
unadjusted cred.
•
-$6,315,199 $6,780,6541
Total
90,115
•
346,992
Net profit
—^
$27,843
$195,385
$234,835
$139,433
For the period from Dec. 26,1935 to Dec. 31,1936.
b After deducting
$8,238 for directors' fees; $32,398 for salaries of executive officers and legal
fees of $216.
c After deducting $5,143 for directors' fees and expenses,
d After deducting $6,500 for directors' fees, $34,500 for salaries of executive
officers and legal fees of $257.
e Year ended Dec. 26, 1935.
f For the
indebtedness
212,486
5,000
35,202
1934
d$866,993
38,166
291,171
al936
b$896,851
46,267
330,097
Total income
Income tax
el 935
f 1937
■
DepreciationInt. on funded
.
g$684,189
Calendar Years—
Operating profit-Other income & divs
payable.
Taxes accrued-.-.
99,688
p.
116,766
321,470
Accounts
505,368
Payroll accrued...
castings
Investments
Total
59,803
31,462
25,251
44,987
2d mtges. rec'le.
Represented by 16,201 (16,186 in 1937) shares preference
standing ($45 per share, callable value), and 278,340
shares common stock outstanding (par $1 per share).—V. 145, p.
$4,050,220
765,640
1,220,318
195,635
718,581
'37
Capital stock...$4,050,220
v
equip..$3,995,788 $4,118,567
Cash
Accts. receivable--
June 30 '38 Dec. 31
Liabilities—
'37
bldgs., ma-
Land contracts and
x
$68,869
months
months
tax
$168,471
—
—
June 30 '38 Dec. 31
Assets—
Land,
Stock
Deferred charges-.
..
This
Inventories
mortgages,
Fixed assets
Accrued
and profits taxes
—
1937
1988
Liabilities—
Accounts
$436,940
period
figure includes provision for income taxes for the six
ended June 30, 1938 of $1,200 provision for income taxes for the six
ended Dec. 31, 1937 of $56,000 and provision for undistributed profits
for the six months ended Dec. 31, 1937 of $59,500.
x
31
$471 prof $556,77^
166,800
371,203
1,200
xl 16,700
~
Provision for depreciation
Net loss for
12,005
488
profit from sales of securities .
.
Provision for Federal income
136,264
26,032
—
Net
Investment income &
Loss—
$.322,196;
Other deductions
$466,903
49,964
-
—V. 146, p.
1704
3,182
7,843
10,688
5,297
d2,767
$170,625
$132,935
$175,462
$118,455
8,813
Volume
147
Financial Chronicle
Carriers & General
'
use
Earnings for the 9 Months Ended Sept. 30, 1938
Income—Cash dividends
Interest
$133,358
23,364
bonds
on
Miscellaneous
income
103
Total income
Expenses
Interest
$156,825
43,560
1111111111111111
on
5% debentures and amortization of debenture dis¬
and
count
83,063
Net income, before
deducting net loss on sales of investments
and provision for Federal income tax
;
Net loss on sales of
investments, computed on the basis of
average cost
Net loss for period.
tax
806,978
425
$777,201
_____
^ Surplus Account Sept. 30,
1938—Capital surplus, Dec. 31, 1937, before
dividends paid, $14,453,104; deficit, Dec. 31, 1937
including dividends paid, $8,058,246; add net loss for nine months ended
deducting deficit
1938,
$5,532,511.
provision
excess
for
prior
year's
declared, $90,318; balance of capital
Assets—
1938
1937
a$7,390,625 $8,863,972
Cash In banks
648,762
taxes,
29,924
int.
bds.
21,521
44,622
Deferred charges..
135,276
149.749
Liabilities—
'
bCap stk. (par$1)
1938
1937
'
$602,120
$602,120
2,000.000
29,915
sec. pur..
9,130
Dividend payable.
Aect.
29,924
29,915
pay. & accr.
expenses
56,194
54,637
c5,358
5.532.511
6,702
Prov. for Fed. inc.
buration.
The company has
already acquired the fuel pump division of the Evans
an Evans Products affiliate, and will manufacture a com¬
plete line of aircraft and Diesel fuel
pumps.
This fuel pump is already in
production and the company numbers among its customers General Motors
Corp., several of the Diesel engine manufacturers, and is also
beginning
to work on a
large contract for the U. S. Government.
Appliance Co.,
Capital surplus
,.$8,220,107 $9,193,040
Cincinnati Union Terminal Co.—Balance Sheet—
.1297.31,'38 Dec.31,'37
V
Assets—
§
•
§
Total..
6,490,536
.$8,226,107 $9,193,040
Market value at Sept. 30, 1938, $4,572,912.
b Warrant attached to
$1,000 debenture entitles the holder, subject to and as
provided in
the indenture, to purchase 50 shares of
common stock of the corporation at
any time prior to Jan. 1, 1939, at the price of
$12.50 per share and at
a
-Note—At Sept.
$648,762
or
30,
3.500,000
Preferred stock
3,000,000
3,000,000
Funded debt
Time
Audited accts. and
drafts
and
deposits..
Special deposits.
100,000
J
23,452
109
1,044,394
Total def'd assets~
894,033
523
84,619
214,365
222,736
Oth.. unadj. debits
147,668
Mat'I & supplies.
185,775
152,913
237,740
fund. dt.
on
j
1, 1950, at prices ranging from $15 to
capital stock and other taxes.,
1938, the portfolio contained 47 common stocks,
Cash in banks
1.195
Other curr. assets.
The Interstate Commerce Commission on
Sept. 30 issued a certificate
permitting abandonment by H. D. Polard, receiver, of a portion of a
branch line of railroad
extending from Metter to Brewton, approximately
47.4 miles, all in Candler, Emanuel, Laurens, and
Johnson counties, Ga.
The line proposed to be abandoned is the
western end of the
applicant's
branch which extends from Dover, Ga., in a
westerly direction to Brewton,"
approximately 77 miles.
At Brewton it connects with the
Wrightsville &
Tepmlle RR.
The applicant proposes to continue
operation of that portion
of the branch between Metter
and Dover,
approximately 30 miles.—V. 147.
2084.
p.
'
.
Central Paper
Co., Inc.—■Earnings—
Years Ended June 30—
Net sales
1936
$1,959,202
1,427,846
942
expenses
$2,611,225
1,779,839
$528,761
281,574
......
1937
$2,132,329
1,603,568
$831,386
260,303
3,393
$531,356
208,515
4,462
$246,244
Gross profit.
Selling, general & admin,
$567,690
$318,380
Canadian timber expense
Operating profit..
Other income (other than discount
treasury bonds purchased)..
13,662 "
_.
~
1,338
,
_
_
1938
Clearing Machine Corp.—Registers with SEC—
given
on
Cohasset
>
first page of this department.
Water
Co.—Bonds
Sold
Privately—The
com¬
in September, 1938, sold privately to an insurance
company $100,000 1st mtge. 4% bonds, series A, dated
July 1, 1938, and due July 1, 1963.—V. 143, p. 581. ■
pany
Colon Development Co., Ltd.—To Redeem
Pref. Stock-—
The company,
will redeem on and after Nov, 15, 1938, £18,787 principal
6% redeemable convertible preference stock at its principal
amount plus accrued and unpaid 6% interest to Nov. 15.
The stock to be
redeemed was selected by lot from among the stockholders of record on
Sept. 30, 1938.
Payment will be made at the offices of Guaranty Trust Co., 140 Broad¬
way, New York, on the basis of $5 for each pound sterling principal amount
to be redeemed, upon presentation of certificates of representing the stock
amount of its
to be redeemed.
All interest
rights of "its holders will
cease
on
the called stock will
cease to accrue
and all
after Nov. 15.
Holders of the stock cailed for redemption may, at their option at any
time up to five days before the redemption date, convert such preference
stock into ordinary shares of the company at the rate of £2 principal
of preference stock for each ordinary share.—V. 147, p. 2242.
amount
Colorado Fuel & Iron Corp.—New Chairman,
61,685
2,220
6,204
41,233
3,270
37,050
3,124
$178,689
$474,480
2,497
$230,526
42,644
operating officer.
Mr. Roeder has been President of the corporation or its
predecessor, since 1929.
N. H. Orr, S. G, Pierson and L. F. Quigg have been namec. Vice-Presi¬
dents.
Under the nevv set-up of the corporation there are now three vicepresidents—sales, financial and operating.
T. Auralius has been diesgnated
manager of railroad sales.
The executive committee of the corporation has been increased to rive
members from three. Cyril J. O. Quinn and Mr. Maxwell have been added.
Other members are Mr. Roeder, Bertram Cutler and Carl J. Schmidlapp.
—V. 147, p. 1921.
$182,397
110,391
$476,977
109,146
$273,170
107,735
9,582
41,522
24,133
$326,309
$141,303
„
board of directors with
1937
1938
(cust.).
224,602
263.270
Accrd. liabilities.*.
815
2,650
683
1,097
441,333
359,933
compensation 7.
Non-con v. cumul.
1937
$71,201
89,035
$46,335
153,717
651,759
752,334
Res. foi workmen's
.....-
Long-term
53,671
89,005
tr. subs
35,227
127.262
62,122
Inv. in & advs. to
sub. companies.
Fixed assets.
Deferred charges..
Total
j...
pref.
$10)
Cone,
liabils.
stock
50,983
321,300
321,300
381,275
389,275
145.578
c145,578
b894.234
780,837
pref.
(par $10).
Com. stk, (par $
10.021
1;510,372
3,432
(par
......
cum-
stock
1j
1.519.652
50,022
i
Surplus....
52,391
$2,557,814 $2,589,376'
Total
..,..$2,557,814 $2,589,376
After
reserve for depreciation of
$2,274,836 in 1938 and $2,169,143 in
b Comprised as follows: Capital surplus
arising from reorganiza¬
tion, $265,007; capital surplus arising from treasury stock
acquired at no
cost, $8,200; earned surplus appropriated for sinking fund
reseiVe, $71 135earned surplus available for dividends',
$549,892.
c Includes,17,464 shares
bonus stock authorized and
subsequently issued, par $1.—V. 146, p. 2843.
1937;
Chandler-Evans
Commercial Credit Co.—Acquisition-—
purchase of the entire capital stock of Manufacturers.' Finance Co.,
for the
Baltimore, subject to assent within 30 days by 90% of each class of its
outstanding stock, by Commercial Credit Co., which reserves the right to
acquire a lesser amount should it so desire.
Liabilities—•
ac¬
Corp^, Detroit,-Mich.—Organized—
The corporation, recently formed to manufacture and
develop aircraft
carburetors, fuel pumps for all purposes and a general business in aircraft
accessories, has moved into quarters at 2200 Eighth Street,
Detroit, Mich
Charles W. Deeds has resigned as Vice-President and
director of United
Aircraft Corp. and General Manager of the Pratt &
Whitney Aircraft
Division, to become President of the Chandler-Evans
Corp.
This new corporation brings together several men with
long experience in
various phases of the aviation industry.
Its officers are Charles W. Deeds
President; M. E. Chandler, Vice-President in charge of
engineering; W. B.
Groves, Vice-President in charge of sales; M. E. Stover, Treasurer; Prewitt
Sommes, Secretary; E. J. Hill, Vice-President in charge of the fuel
pump
department.
Its board of directors is as follows; E. 8. Evans, Sr.,
Chairman, President
of the Evans Products Co.; E. S. Evans, Jr., Vice-President of the
Evans
Products Co.; Frank Russell, Vice-President of National Aviation
Corp.;
E. O. McDonneu, President of National Aviation
Corp.; H. R. Powell of
G. M.-P. Murphy & Co.; George M. Gilles, Jr., Adams
Express Co., and
Charles W. Deeds, M. E. Chandler and W. B. Groves.
The capitalization of the corporation is at present $200,000.
Stated,
briefly,
the
plan contemplates
Co.
initia, cash payment of $7 per share, second preferred
an
preferred stockholders will receive up to an additional $5.50 per share
of any excess will.be distributed to first preferred stockholders,
to second preferred stockholders and 15% to common stockholders.
As the present cash realizable value of such assets is not immediately de¬
terminable, the management of the Manufacturers' Finance Co. states that
it is impossible at this time to predict what the additional payments may
amount to or when they may be made.
Manufacturers' Finance Co. was organized in December, 1909, being
the first company of its kind in the East.
It purchases current open accounts
and notes receivable from manufacturers and wholesalers without notice
to their customers, doing a volume in 1937 in excess of $50,000,000 upon
the so-called "Non-Notification" Plan.
Of the volume of over $933,000,000
hanaled by Commercial Credit Co. in. 1937, $116,000,000 was current open
accounts factored for milk, and manufacturers and $120,000,000 represented
the same general character of business done by Manufacturers' Finance Co.
Commercial Credit Co. will take over and continue business with the
desirable customers of Manufacturers' Finance Co., which may or may not
be liquidated under the plan.' Mr. V. G. Dunnington, President of Manu¬
facturers' Finance Co., will become a Vice-I resident of Commercial Credit
Co
in charge of the production of new business in its Open Accounts Re¬
ceivable Department,
No peisonnel changes in the field force of Manu¬
facturers' Finance Co. are contemplated and as many of its organization
as can be usea to advantage will be retained.
Through this acquisition Commercial Credit Co. should further diversify
its business and substantially increase its volume of receivables handled
20%
the "Non-Notification" Plan, which has always been satisfactory and
profitable to it.—V. 147, p. 886.
upon
Commonwealth Edison Co.—Weekly Output—
The
electricity output of the Commonwealth Edison Co. group
kilowatt-hours
t
1
tively, General Manager and
Sept
In
'
1934 they resigned to
(inter¬
sales deducted) for the week ended Oct. 8, 1938 was 135,344,000
compared with 141,788,000 kilowatt-hours in the corre¬
sponding period last year, a decrease of 4.5%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year;
company
-Kilowatt-Hour
1
<
stockholders
and 65%
Oct
.
,
first
S
Sales Manager.
'V
■
preferred stock¬
,
the first
$1 per share, and common stockholders $1 per share.
The plan further
contemplates that, upon the liquidation of certain assets,of Manufacturers
Finance Co., assenting stockholders will receive their share of such proceeds,
after the making of certain deductions, by way of additional payments from
Commercial Crec it Co. on the following basis: out of the first proceeds, the
Oct
Co.
„
that
holders of Manufacturers' Finance Co. will receive from Commercial Credit
All of the
within the board of directors and the National Aviation
Corp.
Mr. Chandler and Mr. Groves started in the carburetor business more
than
15 years ago with the Stromberg Co. of Chicago and later, when this com¬
pany was absorbed by Bendix Aviation Co., they were appointed, respec¬
stock is held
Chandler-Groves
,
Official announcement was made on Oct. 8 of the consummation of plan
Notes & accts. pay
trade
.
,
,
5188.380
contracts.......
the
..43,548,188 43.281,564
97,878
•5103.698
Other assets......
form
Total
-V. 146, p. 2684.
1,730
37,495
3,270
-
Ad vs. & wood pur.
„
...'.43,548.188 43,281,564
Total.
~
laxwell Jr., heretofore Vice-President, has been made President
feneral supervision of the business ad policies of the organization. and chief
W. A.
'1
cept. recelvable.
Mlscef. receivables
a
235,217
20,210
Balance Sheet, June 30
Assets—
Cash
*
1,265
191,365
credits.
$338,590
ex¬
Net profit.....
a
900
.
profits tax
rec.
240,000
9,444
48,721
_
.1
Provision for Federal income and
Accts.
480,000
Miscel. accts. pay.
51,391
Net profit before depreciation and
Inventories
15,000
$619,081
and
Fed. inc. & excess profits taxes.
Provision for depreciation.
rec.
;
11,000
$269,906
3,707
Notes &
60,000
unpaid........
Unmat'd Int. accr.
,
......
on
Balance
Accts.
dlvs.
declared....
Funded debt mat'd
_
_
funded debt
Amort, of bond discount & expense.
cess
7,327
90,000
•
$62,424
bond discount
bank loans,
notes
miscellaneous
Interest
Unmatured
Arthur Roeder has been elected Chairman of the
i
Non-oper. deductions, other than int¬
on
4,216
on
Total income
erest and
V*
1938
Cost of sales (excl. of depreciation)...
Interest
:
88
Unad j ust
See list
Georgia Ry.-r—Abandonment—
3,420
Deferred liabilities
192,753
287.755
Int. inat'd unpaid.
Other curr. liabil..
_
Int. & dlvs. receiv.
that date amounted
on
.36,000.000 36.000,000
wages payable..
Divs. rnat'd unpd.
15,245
..
Net bal.rec.fr .agts.
Miscell. accts. rec.
approximately 12% of total assets.—V. 147, p. 884.
Central of
$
$
equipment, &c.41,147,565 41,072,779
Cash............
691,348
591,853
any
time thereafter and
prior to Nov.
$20 per share,
c Includes
12 pref. stocks and 21 bond issues.
Dec.31,'37
Aug.SI,'AH
3,500,000
each
to
•
Liabilities—•
Common stock
Disc,
tax.
Total
Chandler-Evans Corp. has acquired
ownership of all patents
carburetor and is in a position to start delivery with even
by the end of this month.
An initial order has been
Wright Aeronautical Corp.
Several development projects
well under way,
representing even further advances in the art of car¬
Invest in road and
Pay. foi
paying agent..
Cash divs. rec. and
on
new
net,
5%- debentures... 2,000,000
104,782
Cash dep. with div.
accr.
—
The
further improvements
received from the
surplus, Sept. 30,
Balance Sheet Sept. 30
Investments
newer type planes in the U. S. Navy.
It was
by Howard Hughes in his spectacular
flight around the world.
This'
carburetor has met with
outstanding success and is the only non-icing car¬
buretor in service.
It has been a definite factor in
eliminating the hazard
of ice formation which is
said to be an inherent defect in former types of
carburation.
and
J9?8- $777,201;
info
Wnght Cyclone engines, used
the carburetor now in general
on air lines throughout the world,
an£> more recently, by the
used
are
$30,202
ZIZZ.
„
on
manufactured
covering this
expense
Provision for Federal income
2387:'
The Chandler-Groves
Co.
Corp.—Earnings—
1038
Week Euded—
Sent
V
24
17
147.
*
~
n.
— -
-----
2242.
Output1937
135,344,000 141,788,000
.131,175,000 140,576,000
129,385,000 139,582,000
133.379,000 136,071.000
Decrease
4.5%
6.7%
7.3%
2.0%
,
Financial
2388
Oct.
Chronicle
31
Consolidaled Balance Sheet Dec.
Light Co. (& Subs.)—Earnings
Community Power &
31-
WPeriod End. Aug.
$435,155
$414,974
179.519
18,539
41,444
Operating revenues
$4,589,506
1,999,362
244,769
475,552
169.139
24,832
35,034
Operation--
Maintenance
Taxes
$4,177,222
1,887,214
258,403
387,822
Fixed capital—-.18 ,353,491
^Net
oper. revenues._«
$195,653
1,611
$1,869,823
10,013
$185,970
(net).
DrlOS
Non-oper. income
3,446
24,625
•'
$1,647,228
244,714
,
57,057
377,112
288.287
1,343
70,536
public
Interest to
Interest to parent co
$1,489,527
30,775
843,085
$161,237
$151,762
2,368
70,110
,
Amortization of debt dis¬
$1,402,514
26,722
834,405
1,025
1,790
15,360
290
count and expense
948
787
21,477
3,861
$86,022
preferred stock:
$599,519
Treasury securities
73,297
77,272
155,598
accrued on
Dividends paid and
To
public
103,004
3,349
Notes receivable
628,979
Accts. receivable--
246,670
294,625
Instalments paid
6,000
6,210
147,290
6% 1st coll. mtge.
—
_
Sinking fund
196,284
Special deposits...
Deferred charges—
269,212
7,684
"Prepaid items...
Debt discount and
_
$493,165
493,165
830,860
.
consolidated.
Other income
$1,532,032
895,986
Total.
Expenses, taxes and deductions from gross
income
dividends and surplus—
with SECQ—
Consolidated Oil Co .—Registers
given on first page of this
87,290
87,527
Earnings for Year Ended Dec. 31,
profits from operations, exchange and misceil.
1937
revenues__x$4,593,525
75,467
478,771
$4,190,221
before depreciation
securities"—
488,999
—
$4,679,220
depreciation..
reserve for depreciation
Net income before
—
4,679,220
of executive officers, $169,866: legal fees and
$28,920; directors' fees, $1,840, and expenses of $58,160 in con¬
nection with the modification and alteration of bondholders' rgihts.
After deducting salaries
expenses,
Consolidated Balance Sheet Dec.
Assets—
1936
$
Segregated surplus 1
7,604,777
2, 608,973
140,870 Special bank loans
(secured). i
5,382,617
3,770,485
Inventories
9 273,048
5,839,734
1, 166,381
1,326,244
accrued charges-
137,259
....
.
Investment secure.
hands
_
..
.24,034,249 22,551,787
Total.
Consolidated Textile Corp.—Delisting—
Commission after public hearings has issued
The Securities and Exchange
Exchange to strike
of the corpora¬
orders granting the application of the Baltimore Stock
from listing and registratioh the po par value capital stock
of the trading session Oct. 18.
Delisting of this
security was sought, among other reasons, ecause new warrants to be issued
under plan of reorganization of the company approved by the court June 10 ,
1938, will not be listed.—V. 147, p. 1636.
tion, effective at the close
HQ-Cent Dividend—
Continental Can Co., Inc.—"To Pay
The board of directors on Oct.
share
on
13 declared a
the common stock, payable Nov.
final dividend of 50 cents
15 to holders of record
1,979,666
quarterly dividends of
226", 606
322,945
bond
Accrued
874,671
4,308
1
1
companies..
Capital assets....53 189,864 56,615,306
Montreal
loan
Tr.
and
Co.
283,995
deben.
513,334
stock of subs...
for
conting.
1,537,002
1,605,440
'2,309,299
surplus...
111,130
2,30), 299
& doubtful accts.
x
Capital stock
Earned
Total..
.......66,754,470 67.924,752'
Total.....
$11,642,119 $12,259,272
111,130
66,751.470 67,924,752
Represented by 2,308,789 shares of an authorized issue of
no par value common stock.—Y.
145, p. 275.
preferred dividends of
Interest, amortization and
4,662,540
4,755,321
$6,979,579
$7,503,951
16,085
17,426
$6,963 -,494
Balance.
$7,486,525
minority
Proportion of earnings, attributable to
stock--.
...
Equity of Contihental Gas & Electric Corp. in
earnings of subsidiary companies
& Electric Corp. (ex¬
clusive of income received from subsidiaries) —
Income of Continental Gas
Total
52,854
64,868
$7,016,349
- - - -
-------
$7,551,393
Balance ___*
22,824
$6,867,891
$7,436,562
2,584,257
.
.
Holding company deductions—
Interest on 5% debentures, due 1958-.Amortization of debenture discount and expense
Taxes on debenture interest
-__ i__.
2,600,000
164,172
38,969
$4,079,582
$4,633,420
1,320,Q53
"$3,313,367
■
,
to consolidated surplus
1,320,053
prior prefernece stock—
on
3,500,000
Balance
shares of
163,094
40,958
$2,759,529
Balance .transferred
Dividends
—V., 147, p. 1189.
Copley Press, Inc. (& Subs.)-
x
Net profit
Earnings
per
share
xAfter interest,
end. adjustments.
1938—3 Mos—1937
1938—9 Mos.—1937
$16,145
$426,462 loss$104,106
$1,745,756
$0.02
••
$0.55»
loss$0.13
$2.23
depreciation,
Federal
income
tax/reserve
for
year
"Due
to
2,241,746
2»,036,284
$476,738
2.365,834
$616,215
807
$488,890
111,933
124,208
84,102
76,553
76,855
12,480
13,859
13,108
surplus$508,748
$533,596
12,152
57,014
—
-
5,527
taxes-.
deductions
(debt,
disct. and exp. amort.)
Balance to
$709,639
15,775
$593,981
22,234
-
Int., bank loans, &c
on bonds
Reserved for Federal in¬
come
.
$725,414
1,554
99,550
Interest
Other
the third quarter results, Walter P. Paepcke, President
and operating volume July was the worst
With lower costs and better volume, August resulted
inla modest profit and September became the best month of the year so
far.
The outlook for October is encouraging.
During the last few months,
there has been a rather stady, though gradual, improvement in volume.
However, price levels are still unsatisfactorily low."
Since the first of the year, there has been a reduction of working capital
of $13,614, present current ratio is 4.12 to 1.
During the last nine months,
funded debt has been decreased by $270,000 par value.—V. 147, p. 567.
In.commenting
$2,513,022
$687,411
...
Total income
► For the 12 months ended Sept. 30, 1938 net loss amounted to $65,757,
compared with a profit of $2,174,866 for the ,12 months anded Sept. 30,
1937 or $2.78 per share on the outstanding,common stock.
said:
1934
$2,835,726
$668,109
19,302
Net oper. income
Period End. Sept. 30—
1935
$3,075,473
.
Other income.
of America & Subs.)—Earnings—
Annual Report-
1936
1937
Sales & misc. oper. inc.. $3,249,630
Oper. exps., deprec. and
2,581,521
taxes
Calendar Years—
—V. 147, p.1637.
Container Corp.
$15.45
$12.87
Earnings per share
Consolidated Rendering Co.—Pays 30-Cent Dividend —
Company paid a dividend of 30 cents per share on the common stock of
no
par value, on Sept. 26.
Previous distributions were as follows: 70
cents on Aug. 22, last; $1 on Nov. 1, Oct. 4 and Sept. 7, 1937; 50 cents on
June 7 and March 1, 1937; $12-on Dec. 21, 1936; $1.50 on Nov. 16, 1936;
$1 on Oct. 12 and Aug. 10, 1936; $1.50 paid on Sept. 14, 1936 and 25 cents
distributed on June 1 and March 2, 1936 and Dec. 2, 1935, this last being
thetfirst dividend paid since Jan. 6, 1930 when $1 per share was distributed.
111,241
3,590
125,633
Expenses of Continental Gas & Electric Corp
Taxes of Continental Gas & Electric Corp...
689,274
54-2 % 1st M. bds..51,406.900 51,406,900
Res.
$12,042,660 $11,636,699
0622,573
Dr400,540
Net earnings from operations of sub. cos
Non-operating income of subsidiary companies
5.788
(secured)..
Bonds
1937
1938
operating earnings of subsidiary companies
(after eliminating inter-company transfers)
$37,467,502 $36,587,471
General operating expenses
—
13,994,798 14,071,517
1,856,229
Maintenance.:
■
1,867,875
4,897,138
Provision for retirement
—
4,980,977
4,125,886
General taxes and estimated Federal income taxes^
4,581,192
Gross
Int.
of subsidiaries-.
associated
Subs.)- -Earnings
12 Months Ended July 31—
1,481,478
1,000,215
dues....-
Oct. 25.
Feb. 16, last.
was paid on Aug. 15, May 14 and on
During the year 1937 the company paid four
75 cents per share each.:—V. 147, p. 1335.
Like amount
common
accrd-.stumpage
5,507
56,000
rec.
Deferred charges...
x
24,034,249 22,551,7871
Total
Prov. for taxes and
of
trustee....—
Deferred accts.
in
984,109
1,404,483
—V. 144, p. 2648.
Accts. payable and
Shs.
106,875
1 459,015
Earned surplus'
1,552,000
Accts. & bills rec..
in
160,876
subsidiary companies
$
2,510,000
Liabilities—
Bank loans secured
hand and
in banks
35,985
1,303,868
156,322
•
Total income of subsidiary companies
1937
$
$
.
173,132
155,293
1 376,527
Contrib. to extens.
31
1936
1937
212",379
115,848
Continental Gas & Electric Corp. (&
total—
Profit from sales of ''investment
Transferred to
8,191
240,131
.
Reserves
$4,668,992
Net operating income
134,940
133,055
payable.
Deprec. reserve...
subsidiary companies' bond
carrying and other charges
properties not operated, $166,310;
Cash
32,000
823,129
182,468
Accrued interest.
a
Total
Bank and other interest, $283,190
and debenture interest, $29,271:
on
32,000
195,774
230,690
Coupons
Subs.)—Earnings—
Income from investments.
Cash
notes—sub.
Gold
Accounts payable.
V
x
10,491,250
department.—V. 146, p. 3332.
Consolidated Paper Corp., Ltd. (&
on
798,000
companies. ....11 ,002,250
596,206
companies..
279
$1,331,598
893,459
a$636,946
$438,139
a Includes
$186,443 representing amount assigned to 14,623 shares of
common stock of general Public Utilities, Inc., received as a dividend, in
lieu of cash in December, 1937.—V. 147, p. 2242.
Amount available for
Gross
798,000
Bonded debt—sub.
562,303
expenses..
411,014
12,225
3,349
6,577
al86,449
306
Other
>
Con. Water Co.
Other accruals..
Interest not earned
Common div. from subsidiary—not
500,000
500,000
Water Co..-—_
5H % gold notes—
7,784
827,418
6,987
5,831
6.952
73,117
deducted in arriving at above:
Preferred dividends.
2,200
-
bonds—Consum.
134,940
C.
$411,014
Interest earned—
See list
2,200
Dividends payable
Balance applicable to parent company
Balance of earns, applicable to parent company.Earns, from sub. cos.
stock—
Preferred
261.380
133,055
99,203
5,831
— - —
-—
462,100
2,697,084
stock—
Preferred
247,983
581,648
Notes pay able..1
•
To parent company
462,100
subsidiary cos.. 2 897,084
694,700
Materials & supp.
Unbilled water ser.
$78,567
Net income
1,945,500
Pref.
$516,048
Misceil. inc. deduct'ns--
1 ,945,500
subsidiary cos._
stock—7%
Con. Water Co.
57,727
securities.
Dividends receiv.
Gross income
212,838
stock—
Common
2,178,249
185,518
investments
Cash-;
$1,879,836
390,309
$185,862
$196,815
45,053
Balance
Retirement accruals
212,838
Con. Water Co.
iary companies.
Other
Invest,
$1,643,782
17,584,658
5
stock—
Common
subsid¬
in
Invest,
1936
$
Liabilities—
$
$
Assets—
1937
1936
1937
1938—12 Mos.—1937
1938—Month—1937
1938
15,
.
52,284
11,693
,
$433,353
,
960
•
$299,744
on
Consumers
Water
Co.
Total revenue
Other income
1937
$1,776,348
88,292
Plants,
Notes, accts. pay
equip.,
stocks
of
.
of
par
Gross income--
Operat ing expenses and all taxes
Int. & amortization charges (subs.)..
1936
1935
$1,757,295
149,813
$1,715,924
113,709
Balance
Dividends on subsidiaries.
1,864,640
.,907,108
979,423
629,504
921,676
644,296
$255,713
100,727
$341,135
94,989
J,
—
funded debt-...
value
investments
320,556
272,811
80,907
31C.994
100,151
101,342
34,146
40,792
142,861
129,669
1,490,000
1,780.000
73,436
Bonds—Serial coll.
225,453
224,352
72,367
106,807
Reserves..
Other
Deferred charges.
-
int. receivable.-
Fed. income tax
5H% gold bonds
Deferred items
»
_.
cNotes, accounts &
Inventories
91,804
74,155
$1,829,634
914,708
629,588
$285,338
$120,807
$90,299
Taxes accrued, incl
1.433,016
244,956
1.433,016
thereof
Cash
.
&C
Interest accrued on
subs, in excess of
the
.,
accrued payrolls,
$6,095,574
prop.&eoodwill $6,171,890
Cost
1936
1937
Liabilities—
1936
1937
Assets—
b
Special deposits--.
(& Subs.)— Earnings—
Years End. Dec. 31—
31
Consolidated Balance Sheet Dec.
low shipment
month of the year.
67,991
6% cum. pref.stk.
1,000,000
1,000,000
Common stock
1,000,000
1,000,000
2,275.250
2.012,577
2,362,946
2,362,946
Earned
—
.$8,670,593 $8,588,217
,
72,954
surplus...
Capital surplus
Total.-...-
202,137
Total-....
$8,670,593 $8,588,217
b After depreciation of $1,047,086 in 1937 and $999,140 in 1936.
of $81,020 in 1937 and $87,235 in 1936.—V. 147, p. 567.
c
After
reserves
Balance.
Interest on funded debt
Other interest and amortization
'.J
Minority stockholders' interest
Balance
Balance to
surplus
$154,986
73,890
9,867
$246,145
73,890
16,675
$183,995
73,890
16,859
$71,229
$155,579
$93,246
Dr50
Dr 26
Cr2S
$71,179
$155,553
$93,274
Crane Co.—Stock
announced that
Offered—Clark, Dodge & Co. on Oct. 13
they have released an
offering, through a
of dealers, of 130,000 common shares for the accounts
of the trustees and of the executors under the will of Richard
group
T. Crane
Jr., deceased, at an
offering price of $39 M per share.
Volume
147
Financial
Chronicle
It is understood that consolidated
operations of Crane Co. and its subs,
for the first seven months of
1938, after
losses, showed
loss, which
a
was
to a loss of
sub.
$508,797; mines, real est., bldgs., plant & equipment (net),
$2,763,433; prepaid expenses, $2,731; total, $5,304,106.
Liabilities—Accounts payable (incl. accrued wages, $34,370; accrued taxes
&
assessments, $1,920; prov. for Dom. of Canada inc. tax, $24,784; div.
checks issued &
outstanding (contra), $87,240; deferred credit, $784;
cap
stock (par $100>, $6,212,667;
deficit, $1,057,659; total, $5,304,106.
—v.
providing for estimated inventory
reduced by an estimated profit for August
approximately $327,000 for the eight months ended Aug. 31*
Results for September have not
yet been determined. As of June 30,
1938, the company's records reflected consolidated inventories in the amount
of $26,645,389; consolidated cash and cash
items in the amount of $13,209,987; total consolidated current assets in the amount of $49,716,820:
and total consolidated current liabilities in the
amount of $6,468,676.
The
above figures are before
1938.
independent audit.—V. 147,
i4b, p. 106.
1937
1936
$232,614
$190,631
93,801
83,042
73,858
77,268
70,050
64,229
59,554
60,441
$61,583
Cr6,422
16,197
$85,343
$57,218
$58,424
Crl 0,669
Crl3,140
2,937
Crl 5,094
$90,792
28,806
$67,422
28,184
$68,014
27.495
13,320
12,592
6,157
4,224
$38,487
40,853
$49,394
$33,081
21,565
$36,295
General, administrative,
Operation profit..
...v-'',
with the Securities and Exchange Commission a
(43-158) covering the issue of 7,500 shares (no par) common
The stock is to be issued as a stock dividend to New
England Public
declaration
stock.
Service Co., sole
owner
of the
...
5,220
$51,807
.
Prov. for depreciation..
Provison for est. Federal
income tax..
See
Net profit....
Dividend
^
Cusi Mexicana
Mining Co.-
5,504
x
40.387
Total loss.
Creole Petroleum Corp. (&
Canceled &
"
xl,542,219
4,709,681
*
,
851,084
4,587,729
...
3,152",050
3,335,826
leases.
surr.
I^Net operating income.$l 1,148,149
69,406
1,196
$8,556,267
38,861
1,320
$5,488,661
19,058
1,347
$5,290,687
24,406
161
$11,218,752
$8,596,448
$5,509,067
$5,315,254
6,974,356
6,974,356
$1.23
$0.79
Profit for period
•
Shares capita] stock out¬
standing (no par)....
Earnings per share^.
x
Includes surtax
6,975,356
$1.61
'
$141,817
78,488
$135,378
63,074
$208,412
$220,305
$198,452
Crl11,640
77,572
92,186
112",263
122", 469
62",652
$320,417
$320,674
$342,774
$149,463
Note—The operating income and operating expenses for 1934 shown above
are for the eight months ended Dec.
31, 1934.
Depreciation on buildings,
plant and equipment was charged for the eight months operating period
only.
The consolidated income account includes under the respective
headings the transactions
1937.
year
of Cia. Minera Cusi-Promontorio,
This company was dissolved in Dec., 1937.
S. A. for the
Consolidated Balance Sheet Dec. 31, 1937
Assets—Mines, mining claims, lands and development, $2; buildings;
plant and equipment, $45,000; investment in Cia. Minera Cibola, S. A.,
60% interest in capital stock, $50,704; supplies, $15,000; accounts receivable.
$2,442; cash, $3,291; deferred charges, $3,281; total, $119,720.
Liabilities—Notes payable and interest accrued thereon (for advances
by officers, &c.), $216,728; accounts and salaries payable and taxes accrued,
$33,276; capital stock (3,300,000 shares), $1,650,000; deficit, $1,780,284;
total, $119,720.—V. 146, p. 3010.
.
Dayton Rubber Mfg. Co.—50-Cent Dividend—
Directors have declared a'dividend of 50 cents per share on the common
This will be the first
distribution made by the company since 1929.—V. 147, p.
stock, payable Oct. 27 to holders of record Oct. 17.
undistributed profits of $4,500.
on
$169,364
39,047
$150,660
__
Consol. net loss for yr.
.
$0.76
Loss applic. to min. int.
58,965
$69,965
65,413
at
Cusihuiriaehic, Mex
Depletion
6,974.356
Non-oper. income (net).
91,832
$141,817
$99,463
51,197
Total operating loss..
on bonds sold.
Exps. in connection with
cessation of operations
1934
$20,044,553 $14,831,960
6,335,934
4,948,856
172,768
160,270
3,549,306
2,734,511
1,871 /'
18,886
4,496,0131
1,678,749
98,832
$169,364
to
Premium
Subs.) —Earnings—
1935
1934
$182,512
193,512
84,061
_
Duluth office expenses
Assets—Cash, $93,593.; marketable securities, $96,125; trade accounts
$30,538; inventory, $10,226; investments and other assets,
$6,039; property, plant and equipment (net), $305,225; deferred charges,
$8,518; total, $550,264.
Calendar Years—
1937
1936
Gross oper. income.....$30,830,143
$24,205,143
Costs, oper. & gen. exp. 10,094,268
7,058,011
1935
$390,184
440,169
suspension of produc'n
receivable (net),
Liabilities—Accounts payable, $9,684; accrued Federal and State capital
stock taxes, estimated, $2,260; provision for Federal and State taxes on
income, estimated, $13,300: capital stock (50,000 no par shares), $50,000;
paid-in surplus, $483,149; earned surplus,
$55,661; treasury stock (9,783
shares, at cost}, Dr.$36,789; total, $550,264.—V.
145, p. 433.
1936
$288,926
359,458
$99,463
...
Expenditures incident
5,511
.
1937
Deprec. on bldgs., plant
and equipment..
Operating loss.
-Earnings-
$258,765
274,167
Operating income.
Operating expenses
Balance Sheet Dec. 31,1937
Deprec., depl. & amort.
Interest paid..........
Retirements
The declarant said the issue
financial structure by transferring
$750,000, and crediting the same to common
capital stock liability.—V. 147, p. 1922.
4,• •
x Provision for
depreciation for the year 1937, charged against income,
aggregated $29,343.
Taxes...
stock.
common
for the purpose of
strengthening its
Irom earned
surplus the sum of
Years Ended Dec. 31
Profit
common
Balance Sheet Dec. 31
1937
1936
Tot. fixed assets.52,162,880 51,302,567
7,735,247
4,369,430
Accts. receivable.. 14,707,969 12,024,490
Cash............
781,514
1,085,843
Prepd. & def. chgs.
772,328
796,705
Other assets
4,879
2,114
Long-term
notes,
•
x
Inventories _«
Total
512,236
3,523,088
Assets—
U.
1,147,288
of thrift fund
339,667
Total..
Govt,
$1,177,934
securities
bought under resale
......76,677,053
*
agree-
Sundry debits.•••_—
..
„—.v.
NN.}-:]
...—»V $5,000,000
5,000.000
Undivided profits
2.786,387
75,992,140
173,519
21,110
.
Cash and due from banks
Reserve for dividends
75,000
Sundry reserves for discounts,
; taxes. &c
Loans
3,375,105
payable
and
due
272,217
to
banks and customers.....
49,996,708
..
U. S. Govt, securities repur¬
chase agreements.. ■..— i'i.
Unearned discount——
17,550,000
i,325
Sundry credits...
70,080,253
Represented by 6,974,356 shares of no par value,
y After deducting
depreciation, depletion, and amortization of $29 ,439,103 in 1937 and $25391,074 in 1936.—V. 146, p. 3180.
Capital
Surplus ............1......
and
Interest receivable accrued__
of minority ints.
15,290
16,486
Capital surplus...23,262,913 23,262,913
Approp. surplus._
478,664
478,664
Unap.sur. (earned) 11,897,246
8,727,850
76,677,053 70,080,253
S.
ments
Capital and surplus
»
Liabilities—
Acceptances discounted
Depos. by trustees
499,104
1032.^
Discount Corp. of New York—Bal. Sheet Sept. 30,1938—
1936
Liabilities—
$
$
Capital stock...34,871,780 34,871,780
2,288,404
1,575,271
Accrued liabilities-
,
,
receivable
1937
Accounts payable.
,
mtges. and def'd
' v-
.
y
accts.
-
.
is
expense.
Other income
Other deductions.
•,
Company has filed
$196,133
Sell., collection, delivery,
&c., expense
&c.,
Stock Dividend—
1934
1935
$225,434
.
County Power & Light Co., Portland,
Me.—Seeks Exemption for Stock to Be Issued to Parent as
1335.
p.
'
.
Cumberland
Crandall-McKenzie & Henderson, Inc.—Earnings-
Years End. Dec. 31
Gross profit from opers
2389
cos.,
58,171
x
.
Croft Brewing Co.-
.
Selling
revenue
Distilled
'
......
expense
Administrative
1937
stamps.
expense..
Delivery
...
___
'
expense
Adjustment of inventories
to market value
Net operating profit.....
vOther income.
,
-
Net profit.
-
J...
provision for Federal normal tax or Federal surtax on
undistributed profits is made in the above statement since the
computations
show that no such taxes are payable in either
year.
(2) Included in-cost of goods sold or distributed to other expenses de¬
preciation totaling $54,524 in 1937 and $152,031 in 1936 has been provided.
Balance Sheet Dec. 31, 1937
,
*
.
:
Assets—Cash, $84,306; accounts and notes receivable, $241,170; in¬
$107,846; U. S. Treasury certificates, $29,823; barrels, cases,
bottles (net), $307,290; fixed assets (net),
$1,551,624; deferred charges,
$46,531; total, $2,368,590.
ventories,
Liabilities—Note'payable, $1,840;
accounts payable,
$112,558; accrued
accounts, $11,716; provision for outstanding containers, $68,202; accrued
Federal and State taxes, $16,976; funded
t(ebt, $283,000; deferred credits,
$12,824; capital stock (par $1), $1,751,800; paid-in surplus, $2,850; earned
surplus, $106,824; total., $2,368,590.—V. 145, pi 1096.
i
,
Crow's Nest Pass Coal
Calendar Years—
Profit
on
coal
and
operations__
1936
$336,547
34,820
2,756
4,000
49,496
Directors' fees.
$467,572
30,993
2,340
4,000
•119,290
51,416
$125,116
34,996
Executive officers' sals..
Counsel & legal fern....
Depreciation.
Depletion
Co., Ltd.- -Eamino s-
1937
1934
$259,146
62,563
120,359
_
Bad dts. written-off (net)
$381,038
30,341
2,293
4,000
112,858
44,479
$354,664
$187,066
55,367
$197,516
61,563
2,660
3,200
110,982
42,967
387
Liquors Corp.—Earnings—
Earnings
per
share
Other income
Prof,
on securs.
mat'd..
:
Prof, before inc. tax..
Non-recurring charges.
_
Prov. for income tax
Profit for year.
$160,112
11,520
38,797
$109,795
279,531
Dividends
$321,709
$242,433
24,301
Domestic &
$218,131
248,472
General expenses _
_
— .
1938
Interest paid on loans—
on debentures.
1936
1935
402
$17,258
2,815
2,841
$10,555
1,263
1,208
$8,083
1,690,466
35,181
......
2,657
56,025
,$1,392
1,478,271
Interest
loss$48,986
968,313
$11,602
1,052,439
22,070
a43,624
y/)r203,983
x287,676
$1,520,502
$1,221,282
$731,091
_
Net profit
Deficit, June 30--.
1937
$10,098
2,091
357
,
—
Profits on securs. sold—
Increase in market valu,e
of securities..
154,138
-
Miscellaneous credits.
_
.
Bal., deficit, Sept. 30-
.
Consists of excess of reserve provided at
x
Juhe 30, 1936,
$1,493,063
on securities
held at that date and sold during the period ended Sept. 30,,1936, $87,282;
decrease in reserve heretofore established to reduce book value of invest¬
to
their aggregate quoted market value where available, or in the
absence thereof, to estimated values of $102,448, and net unrealized appre¬
ciation on securities of $97,944.
y Additional reserve required to reduce
investments to quoted market value at Sept. 30, 1937, $209,846 lass excess
of reserve provided at June 30,1937, on securities held at that date and sold
during the period ended Sept. 30,1937, $6,869 balance (as above), $203,982.
z Dividends received
only,
a Includes additional reserve required to re¬
duce investments to quoted market value at Sept. 30, 1938 of $42,521 and
loss in excess of reserve provided at June 30, 1938 on securities held at that
date and sold during the period ended Sept. 30, 1938 of $1,103.
"•
1938
Assets—
Cash
on
deposit—
Investments.
$42,208
1,092,290
Balance Sheet
Sept. 30
Liabilities—
1937
$45,387
Loans
1938
1937
$65,000
$70,000
sec.
pay.,
by collateral
1,409,216
...
Int. pay. on debs,
not
presented...
x
$6 cum. pref .stk.
y
...
T3eficit.....
x
Represented by 5,000
$1,454,603
no par
Total
shares,
y
-
...
25,000
2.490,000
25,000
Com.stk., no par
value
Total-....— -.$1,134,498
15,885
......
20-yr. 5l/4 % debs.
due Aug. 1. 1947 2,490,000
Balance Sheet Dec. 31, 1937
$ 16,404
$0.12
z$3,841
_
$239,845
372,708
Assets—Cash, $637,587; accounts receivable, $145,285; coal and mine
supplies, $154,872; bonds and shares (market value $945,063) at cost,
$890,706; bonds & shares (no established market value) at cost, less amts.
written off, $751; Imperial Bank of Canada. Fernie, div. acct. to provide for
issued & outstanding div. checks (contra), $87,240; suspense acct., $89,963;
accts. receivable (sub.), wholly owned cos., $22,741; shares of
wholly owned
—
Foreign Investors Corp.—JWarnings
'3 Ms. End. Sept. 30—
Divs. & int. received—
21,893
$278,130
434,826
—
Dividend Shares, Inc.-^-Dividend—
$261,739
43,579
148,750 capital shares
The directors have declared a dividend of 1.5 cents per share on the
capital stock, payable Oct. 24 to holders of record Oct. 15.
A dividend
of 1.3 cents was paid on Aug. 1, last; one of 0.0222 cent was paid on Feb:
1 last; one of six cents was paid on Oct. 23, 1937, and previously quarterly
dividends of three cents per share were distributed. In addition, a year-end
dividend of five cents per share was paid on Oct. 20, 1936.—V. 147, p. 418.
1
-Gross profit
on
—V. 146, p. 1873.
ments
1935
coke
$80,739,808
Earnings for 7 Months Ended Marph 31, 1938
$57,114 loss$223,913
No
Total
Net income after all charges
11,625
$84,582 loss$ 169,915
27,467
53,998
.....
Deductions from income
Notes—(1)
1936
$1,145,435
609,542
381,157
181,850
150,458
$1,193,741
685,447
159,379
171, 829
100,9 48
13,697
$62,440 loss$189,197
22,142
19,282
.
Total income....
-$80,739,80S
—V. 147, p.418.
-Earnings-
Years Ended Dec. 31—
Gross profit from operations.
Federal
Total
75,000
1,520,502
75,000
1,221,282
—..$1,134,498 $1,454,603
Represented by 75,000
no par
shares, of which 25,000 shares are held in the company's treasury to be
delivered to holders of warrants attached to the 20-year 5H% debentures.
—V.
147,
v.
1337.
,
Financial
2390
Months Ended June
Earnings for 6
30. 1938
$83,731
$0.42
W
:
after ail charges
Net income
200,000 capital shares
Earnings per share on
2087.
—V. 147, p.
Bo.
Dominion Gas
Months Ended June 30, 1938
Earnings for 12
f.
--
and amortization
Total income—
of subsidiariesof Dominion Gas
<Sp Electric Co
Interest charges
:
...
credited) or to reserve
—-
provided therefrom.
Consolidatea Balance Sheet June 30, 1938
Cash.
—
——
systems—one in the Northwest, one
third centering around Pennsylvania.
ments
20,125
maturing currently.
prefer¬
ence shares of subsidiaries.
Accrued interest on funded
Accrued dividends on
22.070
(non-current) -—
—
Prepaid insur., taxes, &c
Unamortized debt discount &
expense of subsidiaries : —
Other deferred charges
-
104,167
debt.
—
J.
-
Mr.
-v
-------
crued interest...
36,909
a careful,
worked out with the
stockholders.
- — -
—
..
Deferred liabilities-
17,844
56,706
-
539,082
41,514
211,287
-..
...
—
Miscellaneous reserves
Minority interest in subs.
Preferred stock
printed in pamphlet form,
Groesbeck's statement,
follows:
stockholders' meeting this company
Since our iast
Public Utility Holding
April 4 of this year
the
4,016,098
—.
2,500,000
156,428
....
Common stock ($1 par)
1.283,710
2,724,825
781,841
Paid-in surplus
Capital surplus..
Earned surplus.
first step was
and documents
the administration
report for the
under the
' •
Douglas of the
Chairman
SEC has addressed a
communication to a
by Section 11
companies—presumably ail those affected
Commission
be tentative,
was among
• ,
controversial
problem affecting the interests of millions of consumers and investors.
It would appear to us here that this matter should now pass from the emo¬
tional stage, and it is to be hoped from the political arena as well, into a
practical stage where the SEC, as administrators of the Act, and the affected
companies, as representing the investors, can proceed with an orderly and
dispassionate examination of the technical, legal and business phases of
Act—requesting them by Dec. 1 next to present to the
suggestions, plans and programs, even though they may
looking towards compliance with Section 11.
This company
those so addressed.
....
This would seem a realistic approach to a difficult and highly
of the
the
subject.
Total--*
Total...
$21,815,075
—r ———
—-
$21,815,075
2534.
Duquesne Light
Co.—Earnings—
Year Ended Aug. 31—
Operating revenues
Operating expenses, maintenance
193S
1937
...$29,400,779 $30,691,825
15,028,153 14,731,343
.
and taxes
operating revenue
Other income (net)
$14,372,626 $15,960,482
338,312
550,327
Net operating revenue
—$14,710,938 $16,510,809
2,352,062
2,455,346
Net
x
-
x
and other income
Appropriation for retirement reserve:
—
.
-
Gross income
of electric properties
Iients for lease
debt
Amortization of debt discount and expense.—....
Other interest (net)
1
Appropriation for special reserve
*
Interest on funded
$12,358,876 $14,055,463
179,960
181,474
2,450,000
2.450,000
315,949
315,941
Net income
x Before appropriation
1,209
Cr110,372
500,000
500,000
113,875
130,795
Other income deductions
$8,892,544 $10,492,964
jhm
for retirement reserve.
Notes—(1) The revenues and expenses subsequent to Jan. 1, 1937
in accordance with the classifications of accounts prescribed
are
by
shown
effective Jan. 1,1937 which differ in certain respects
from the classifications previously followed by the companies.
(2) The above income account for the year ended Aug. 31, 1937 has
been adjusted to reflect $160 ,236 of additional taxes applicable to the period
of 1936 included therein paid in 1937 and charged to surplus.^—V. 147,
under which we hope
1
intricate
suggested.
how¬
and inter¬
careful, practical approach, a construc¬
with the SEC that will meet the approval
that, with a
tive program can be worked out
of the Commission and our stockholders.
Income
& Share Co.
for the 12 months
of Electric Bond
ended Sept. 30,
September, 1937,
Services
Inc.
services to
the operating companies in the United States have been rendered at costsince April 1, in accordance with the regulations of the SEC under the
Public Utility Holding Company Act.
The loss of only six months revenues
from these services is reflected in the earnings for the 12 months ended
September, 1938, and will not be fully reflected in 12 months' statements
until March of 1939.
In addition to this, our earnings and the value of our
income of the company
The reduced
below) as compared with the 12 months ended
accounted for by the decline in revenues of Ebasco
As pointed out in the letter to stockholders of April 14,
1938 (see
is more than
holdings already have
been affected
adversely and are further
current assets were
$19,100,000,
$3,500,000.
miscellaneous short-term
$17,900,000. Total
compared with total current liabilities of
Results
of the holding
Eastern Sugar
Associates (& Subs, )—Earnings—
,
$6,634,646
525,126
Income from
operations
Compensation receivable...*..
Cost of production,
Interest paid.
—
Balance, profit
on
1937
an
$7,255,446
164,640
. —
prior year's crop (incl. in
adjustment of shipping &
selling expenses of $41,130)
-
Total
Provision for income taxes.
Net profit..
$555,651
$265,407
$1,266,144
loss40,560
59,370
26,896
$324,777
$1,293,040
34,266
Total Operating
Retenue
Deductions
373,458
522,160
Govt,
pensation
&
$290,511
$1,130,749
Sugar &
207.767
30,754
29,875
molasses,
3,876,985
3,495,513
Materials & 8 uppl.
380,761
412,159
Growing cane....
815,654
1.045,113
&
145,
281,268
60.874
122.942
3,313
3,425
128.213
257,534
Claims
partially
contested
Mtges.pay. (atest.
113,764
value of secur.).
Res. for conting..
Shares of beneficial
525,784
5,181,567
37,224
251,253
251,253
Capital surplus... 7,122,718
3,784,702
1,849,448
int. at $1 each..
Earned
surplus...
Total.
2,304,539
.14,719,487 11,142,206
Ebasco Services,
Inc.—Weekly Iwput—
1938, the kilowatt-hour system input
of the
Increase
Operating Subsidiaries of—
1938
1937
American Power & Light Co..109,357,000 116.379,000
Electric Power & Light Corp.. 56,287,000
59,158,000
National Power & Light Co.79,226,000
80,691,000
Decrease.—Y. 147,
p.
2243.
operation decreased 7%.
regulation,'and therefore net revenues decreased as stated.
output of the operating companies for the 12 months
decreased 4% from that of the 12 months ended June, 1937.
Roughly, 200,000 new customers were added during the year. •
Operating Companies'
the group.
I want to
Position Strengthened
securities this company owns
analysis the value of the
pendent on the progress
of the operating
-
impress on the
stockholders
long-term poliqes of this company which,
numbers - rr ore than 790 individuals, are
the
be
operating cbmpanies in
directed towards<
order that the position
advanced.
failure of any long-Jerm
is de¬
basis of
that the day-to-day efforts and
including the service companies,
companies which form the
,
strengthening
of this whole group may
by dayperiod of years. I,
which, I believe,
policy is not determined
to-day changes but by the results achieved over a
therefore, call your attention to some facts and figures
*
figures cover the 514-year period since Jan. 1,
panies have had to meet new difficulties
Demands for service, which must be met, have increased
indicate progress.
1933, one in which
and new problems.
sharply. Pressure
for rate reductions, some justified, some not justified, has been insistent.
New and extremely serious competitive threats have appeared; heavier
burdens of taxation have been imposed and the difficulties of doing business
These
utility
cou
have increased
In the face of all
additions to and replacements of the
companies in this group in the United States have
these difficulties,
properties of the operating
amounted to approximately $270,000,000, as
have been able to meet the growing demands
result of which the properties
on them for service.
construction expen¬
companies have
the con panies
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 1937, was as follows:
*
Operating revenue
increased less than 1 %.
and net revenues from
During the same period, and in spite of these heavy
ditures, the interest-bearing obligations of the operating
been reduced by approximately $33,000,000.
.In addition,
have increased their cash by more than $13,000,000.
2692.
For the week ended Oct. 6,
Inc.
Inc.
ended June
The success or
2,760,011
255,103
14.425
14,719.487 11,142,2061
p.
1,717,859'
2,592,564
192,780
-.
Total
2,000,911
1939
37,975
equip¬
545,879
ment, net
Prop. & plant, net 8,208,141
57,345
Deferred charges
—V.
$
Other current liab.
70,869
Deposits
Invest., less res
Animals
1.937
$
'
Def. prop, taxes-.
695,124
less reserves
1938
Liabilities—
Loans due June 30,
ac¬
accounts
Inc.
Only by the most energetic and continuous
and new uses of electricity and gas has it been
In the last
Loans sec. by sugar
counts receiv
Planters'
S
com¬
Inc.
1%
3%
2%
Kilowatt-hour
1937
$
Assets—
Cash,
1%
1%
Net Revs,
from Oper.
Dec.
6%
Dec.
5%
Dec. 12%
Dec.
1%
Dec. 10%
mental
Consolidated Balance Sheet-June 30
1938
5%
2%
5%
5%
2%
Inc.
campaigning for increased
possible, considering the1
generally poor business conditions prevailing and in the light of rate reduc¬
tions made, to hold gross revenues to the level reported.
Operating expenses increased—chiefly those beyond the control of man¬
agement, such as taxes, labor and added costs due to increasing govern¬
162,292
5,966,258
264,408
$455,091
_
Consolidated gross revenues
deductions increased 4%
$7,420,086
5,266,597
365,185
$515,091
60,000
manufacturing,&c
Depreciation
t
105,166
$6,258,804
5,215,893
251,366
526,138
$7,159,773
Total income
Profit
91,929
$6,211,874
46,929
Co—:—Inc.
'..Dec.
.Dec.
Inc.
Dec.
Electric Co
Light Corp
National Power & Light Co.
Amer. & For. Power Co., Inc
American Gas &
Electric Power &
118,253
weight)
American Power & Light
1936
1937
1938
produced (factory
.
companies, in
months ended August, 1938.
August. 1.937, as follows:
Gross
Years Ended June 30—
'
,
,
,
Operating Companies
of the operating subsidiaries
which we have large investments, for the 12
compare with those for the 12 mohths ended
The earnings
r.Revenues
Total tons of sugar
threatened
by Federally financed competitiop.
At Sept. 30, 1938, cash, U. S. Government and
securities of Electric Bond & Share Co. alone were
o
•
2243.
...
presented will not prove
the problems
difficulties insuperable, and therefore we propose by Dec.
to comply with the request of the Commission.
The Subject is an
one and the plans as first filed will of necessity be tentative as
I am aware of the fact that some of our stockholders are apprehensive
as to the outcome of such a move on our part.
Let me assure you,
ever, that we shall have at ad times clearly in mind the rights
ests of the stockholders and our duty to them.
.
I should not be recommending this step unless we had in mind a plan
regulatory commissions
p.
*
,
approach I hope that
With such an
insoluble nor the
-V. 146, p.
under
has registered
Company Act of 1935. The
and by July 29 the final papers
provisions of the Act.
number of holding
deposits and ac¬
Consumers'
267,116
said.
such action
consideration and is not contemplated, Mr. Groesbeck
Groesbeck declared that he would not be recommending
"we had in mind a plan under which we hope that, with
practical approach, a constructive program can be
SEC that will meet the approval of the Commission and our
under
unless
required were filed with the SEC, which is charged with
of the Act.
As reported to the stockholders in the quarterly
three months ended March, 1938, company is now operating
instal¬
debenture
Rearrangement
of the
130,253
113,948
•
Municipal
25,053
338,392
Inventories... - Instalment accounts recelv,
will be com¬
These, he disclosed,
interconnected to meet the requirements of the Act.
corporate structures of the underlying holding companies is also
projected.
Dissolution of the parent concern, however, has never been
pletely
taken on
Dominion Income
Other accrued taxes
Appliances installed on lental
or approval (less reserve)..
of stock¬
interconnection
nucleus of
and
with the
the
integrated
surrounding the Texas area and the
Board, at the annual meeting
155,506
-.
tax.__
443,692
receivable.;—-
for
Prov.
428,513
Marketable securities
Accounts
expenses
Three Systems—
13, announced that a plan for the physical
in the Electric Bond & Share System to form the
three xarge, integrated systems is to be submitted to the Securities
Exchange Commission before Dec. 1.
This plan is in compliance
request of W. O. Douglas, Chairman of the SEC.
Mr. Groesbeck revealed that the management intends to present to
Commission a pian looking toward the creation of three major
Mr.
$9,010,601
subsidiaries 1
to bank.
55,307
Accounts payable & accrued
Notes payable by
117,499
& Share Co .— To Offer Integration Plan
Shortly—Proposal Calls for Interconnection of Properties
of properties
Liabilities—
Funded debt.
(net)
u.$19, 819,867
203,921
Investments and advancesCash and sinking and bond
7,875
redemption fundsFixed capital
1638.
Groesbeck, Chairman of the
C. E.
a
had been
SEC
to Form
$341,078
Note—Net income Is stated exclusive of net loss on sales of securities by
subsidiary, amounting to $68,339.
This amount has been charged to
capital surpius (to which net profits on sales of securities in prior years
Net income
-
1938—Manth—1937
1938—9 Mox —1937
$2,360,769 $2,486,223 $17,542,709 $17,433,302
holders held Oct.
$1,338,555
25,285
$1,363,840
743,009
279,752
Other income————.—
30—
Electric Bond
to
$4,442,113
2,665,901
437,657
operating income
Prior charges
Sales
—V. 147, p.
Subs.)—Earnings—
^Electric Co. (&
Operating revenue
Operating expenses
Provision for depreciation
Net
Period End. Sept.
Inc.—Sales—
Stores,
Edison Brothers
Stores—-Earnings—
Dixie-Home
1938
15,
Oct.
Chronicle
Amount
*7,022,000
*2,871,000
*1,465,000
been raised steadily.
than $43,0^0,000
increase of almost
Property retirement reserve appropriations have
For the year ended June 30, last, they aggregated more
compared with $24,000,000 for the calendar year 1932, an
80%.
have been increased, the total for
$23,000,000
compared witn $13,000,000
and maintenance expenditures,
thjan 18% of gross, as compared to about
Maintenance expenditures, too,
group aggregating almost
as
in 1932.
Retirement reserve appropriations
the
combined, amounted to more
13% in the year 1932.
During the last three years low- money rates have
sopie of the operating companies to refund senior
made it possible for
securities on an advan-
Volume
tageous
147
basis.
Financial
Almost
$230,000,000 of mortgage bonds have been
Chronicle
re¬
2391
Summary of Surplus for
financed within the last three
years, assuring savings in money costs to the
companies involved for a number of years to come.
This financing pro¬
$8,000,000 of new money.
considering the record of the operating companies, I want to point
also that they have fulfilled their
obligation to consumers to render first-
out
class service
at
the lowest cost justified by sound business
practice.
The
average cost of electric service to residential customers of this
group, due
to rate reductions and increased
use, has been reduced since 1932 by more
than 23%.
The reductions made
uation of
during this period were merely a contin¬
long-term policy to reduce rates as rapidly as conditions war¬
a
ranted.
•
V':-1'
As to the American & Foreign Power
Co., since Dec. 31, 1932, its bank
loans have been reduced
by $21,500,000 and its subsidiaries have retired
debt of approximately $29,500,000, of which
$13,700,000 was in dollar
obligations and $15,800,000 equivalent in foreign currency obligations,
On the other hand, the funded debt of the
system represented by foreign
currency obligations has been increased by the equivalent of
approximately
$27,700,000.
Thus, the decrease in the total debt of the system during
this period has
aggregated, in U. S. dollars and in the equivalent foreign in
currencies, approximately $23,300,000.
This substitution of foreign cur-,
rency obligations for dollar debt is in furtherance of our
polic'y of financing
the operating companies, as
opportunity offers, in the moneys of the coun¬
tries served.
During this same period, expenditures of more than $35,200,000 for property improvements have been made and cash has increased
by $7,000,000.
Charges for retirement reserve in the latest 12 months
were
62% more than for the year 1932.
The changes I have enumerated are all in the direction of
fortifying the
operating companies.
They all have contributed to strengthening the posi¬
tion of the security holders and to
building up this group from the base.
prior
year.
_
_
Total.
x
...
for
are
construct
transmission lines and competing distribution facilities in
cities
towns which are centers of
power demand, the Federal Government
brought about situations where the private companies are faced with
either selling out at sacrifice prices
practically dictated by the purchaser,
or the alternative, destructive
competition.
As you undoubtedly know, the electric
properties of the Tennessee Public
Service Co., Memphis Power & Light Co. and Holston
River Electric
Co., operating subsidiaries of National Power & Light Co., in which this
company has a large investment, already have been sold at
heavy sacrifice,
and negotiations are
underway for the sale of West Tennessee Power & Light
has
Co.
Light Co., another subsidiary of the National
company, built its Waterville hydro-electric plant, costing about
$14,000,000, to supply power to its Western District and to the much
larger load
of the Tennessee
company.
The loss of the Tennessee
company's load to
Valley Authority has entailed heavy financial loss to the Caro¬
Uhder the most favorable circumstances, considerable"
time must elapse before the Carolina
company can dispose of the power
elsewhere, if at all.
•
In Texas, Federally-financed construction of a series of
dams on the lower
Colorado River, coupled with offers to
municipalities of Federal funds to
build competing distribution facilities, forced the Texas Power &
Light Co.,
a subsidiary of tn'e American Power &
Light Co., in which this company
has a large investment, to offer to sell at the actual
investment therein to
the Lower Colorado River Authority
practically all its electric properties
in 16-counties of the State,
Notwithstanding the company's offer to sell,
the Tennessee
line
12 months
..
190
119
309
60,769,598 314,167,891
374,937,489
.......
„
The amount of dividend
appropriations of earned surplus includes a full
requirement and $702,827 applicable to the month of
October, 1938.
^hange in method of recording
preferred stock dividends from
an
ac¬
public utility holding companies promulgated
by the SEG
adopted by the company as of April 1, 1938.
Notes-—Net excess of ledger value over amount realized for
investment
securities disposed of
during the three months ended June 30, 1938 ($190)
has been
applied to earned surplus.
Net excess of amount realized over
ledger value of investment securities disposed of
during the three months
ended Sept. 30, 1937
($14,173) and the 12 months ended Sept. 30, 1937
($24,304), and excess of ledger value over amount realized for investment
securities disposed of
during the six months ended March 31, 1938 ($118),
have been applied to capital
surplus.
For the three months ended Sept. 30,
1938, there were no gains or losses from the disposal of investment securities.
The interest rate on Cuban Electric Co.
6% debentures was reduced by
agreement for the period from
May 1, 1935 to Oct. 31, 1937, to a rate of
4% per annum and for the period from Nov. 1, 1937 to Oct.
rate of
31, 1939 to
4^%
per annum.
a
V
.
,
1938
$
Assets—
•
•
Investment securities & advances (ledger
value):
Notes receivable from:
•
American & Foreign Power Co. Inc. (1)
American & Foreign Power Co. Inc, (2).
United Gas Corp
Bonds:
.:?r::
'
-
~
5,700,000
35,000,000
28,925,000
6,700,000
35,000,000
28,925,000
950,000
~
1,070,000
Northern Texas Utilities Co. 6% 1st
mtge.,
due Nov. 1, 1940 (entireissue).
Texas Power & Light Co. 4% % 1st
mtge., due
Eft
1937
Sept. 1, 1965 ($4,800,000 principal amount)
5,037,120
5,037,120
Miscellaneous companies (3)
3,965,551
4,217,415
United Gas Public Service Co. 6 %
debentures,
due July 1, 1953 (4)
25,000,000
25,000,000
Cuban El. Co. 6% debs., due May 1,1948
(5). 20,000,000
20,000,000
Stocks and option warrants (6)
408,809,052 408,809,027
Stocks of wholly-owned subsidiaries...
2,60(),O0O
2,610,000
•
Total investmenTsecurities and advances.
on demand
U. S. Government securities
(7)
...
Miscellaneous short-term securities.
Accrued interest receivable
Other current assets....
Deferred charges—
1
535,986,724 537,368,563
10,083,999
10,178,436
2,605,000
2,900.095
5,182,550
2,197,317
1,258,197
1,107,115
Cash in banks,
300
;
148,871
Total-..,-—
856,862
.....555,265,640 554,608,589
4
Liabilities—
Capital stock (8;
Accounts payable..Dividends
200
.
1938
L1937
"
.
$
171,901,234 171,901,234
declared
25,716
2,108,483
;
Accrued taxes
Reserves (appropriated from capital surplus).
Capital surplus
Earned surplus
17,912
2,108,483
„1,398,737
2,038.577
4,893,982
4,901,741
314,167,891 314.152,236
60,769,598
59,488,407
....
.
company;
,
several towns in the affected area have held elections and
voted bonds to
be used to secure PWA loans and
grants.
In
•
the Pacific Northwest and in
Nebraska, where large new sources ,of
being developed by expenditures of Federal funds, similar prob¬
lems are confronting the private
companies.
Subsidiaries of the American
company operate in both areas.
power are
With the exception of the TVA, none of the.
major Federally-financed
projects are yet in full operation.
The private utilities are still being re¬
quired to expend large amounts of money for new facilities in order to
serve the public in districts where
Federally-financed competition already
exists or is in the making.
This is true in our case.
In 1937 the combined
construction expenditures of the operating
companies in our group alone
in this country aggregated
$88,000,000, while the corresponding figure for
1938 will be about $70,000,000.
This represents the continuation, under
great present difficulties and uncertianty, of a policy of response to
public
need which has been adnered to by our
company for nearly 35 years and
which has been responsible for the development of the
properties in this
group.
It is a policy which, if the public is to be adequately served, must
continue, so that even where we are most threatened we must continue to
expand our facilities and expend our cash revenues with no assurance of
either return on, or even return of, these new
capital expenditures.
*
.
_
Conclusions
:
.
This competition is a matter of vital concern to
utility management and
utility security holders, and, because of its implications to private business
generally, it is today pernaps the issue of greatest importance between
government and the utilities.
It
s
-
crual basis to a declared basis
was made to conform to the uniform
system
of accounts for
and
competitive with
and
&
9,136,758
;
■
year s
More than half of
Power
,
-..'v-:-;
Comparative Balance Sheet Sept. 30
the Government's investment in the
power field is in
these new generating plants, constructed in areas
where an ample power
supply already exists.
The large markets in these areas
already are served
adequately by existing utilities.
By building these new power plants and by giving and loaning money to
Carolina
amount
securities
over
investment
Balance, Sept. 30, 1938
the private industry number
approximately 140.
The ultimate capaity of
the Government-financed
plants is estimated at almost 7,000,000 kilowatts,
equal to more than 20% of the capacity of all the private company plants
iu the country.
The
7
9,136,758
_
disposed of during the
ended Sept. 30,1938
x
527,699
24,014
_
15,775
of earned
.
ledger value
realized
1938
30,
69,906,546 314,168,010 384,074,556
appropriations
surplus
Excess of
527,699
8,239
.......
..
Dividend
Sept.
Earned
Total
Capital
$
$
59,488,407 314,152,236 373,640,642
9,882,200
9,882,200
............
Miscellaneous
Ended
-
.......
Adjustment of income tax accrual for
Government Financed Competition
Now I want again to bring to
your attention the subject of Federally
financed competition with the privately owned utilities.
The Government stake in the
power business has increased many fold
in the last 5M years.
'
Aside from the Sheffield and Wilson
plants, the Government-financed
projects in operation prior to 1933 were limited largely to reclamation pro¬
jects, as a by-product of which relatively small amounts of power were pro¬
duced.
Generally this power was used in irrigation operations, was sold to
operating utilities or was distributed direct to nearby farmers.
Neither
the reclamation projects nor Sheffield and
Wilson, competed with existing
companies for their markets.
At the present true projects which in our
opinion
,
......
........
.
taken into consideration when further rate
cuts are contemplated.
The record of the
industry in reducing costs of electric service to its cus-,
tomers is noteworthy.
The average cost of residential electric service now
is
approximately 50% below the cost of such service in 1913, when the cost
of living is 45% above the 1913 level.
v-;
«•
:
Balance, Oct. 1, 1937....
Net income..
There
is, however, a limit to the possibility of rate reductions.
The
higher costs of doing business, the heavier burden of taxation and the pos¬
sibility that rate cuts may so reduce earnings as to impair the ability of the
industry to raise capital needed for expansion are factors which must be
Months
'
duced only
In
12
seems
with
to me there must be a
government can
in which it and the other problems
be settled, fairly to all concerned.
way
In my opinion such a settlement can be achieved
only through coopera¬
tion—cooperation between this industry and government—and we here, for
our group of
companies, are prepared to join realistically and constructively
in this or any other practical approach to the
subject.
The nistory of the accomplishments of the electric
industry in this coun¬
try and of our part therein justifies, I feel, the hope tnat a dispassionate
approach by the interested parties to the problems presented offers
possi¬
bilities of great significance.
If, as a result, there could be developed a
definite government policy as to this
industry, under which, for further
expansion, adequate amounts of private capital, including
equity capital,r
as distinguished from
refunding capital, could again be obtained, something
of great and lasting good would nave been
accomplished alike for the indus¬
try and for the nation.
We
believe in the fundamental soundness of this
industry and in its future
capacity for service to the public.
We believe that the people of the coun¬
try are still preponderantly in favor of growth through private
enterprise
and that with a solution of out difficulties the
industry will go forward,
rendering an essential service to the public and affording
opportunity for
the beneficial employment of both labor and
capital.
Period End.
Sept 30—
Expenses, incl. taxes—
1938—3 Mos .—1937
$2,787,351
$3,044,761
447,415
473,160
Net income balance..
Pref. stock dividends...
$2,339,936
2,108,483
$2,571,601
2,108,483
$231,453
$463,118
.
Balance
Notes—(1)
By agreement payable simultaneously with the bank loans
Foreign Power Co. Inc., in amount of $22,800,000, which
26, 1939.
(2) Presently subordinated to other indebtedness of American & Foreign
Power Co., Inc., consisting of bank loans of $22,800,000, the
$5,700,000
similar debt due this company and debentures of
$50,000,000, until the
bank loans,are paid.
'
(3) Valuation at market quotations of miscellaneous bonds owned at
Sept. 30, 1938, was at that date $5,165,100, and of those owned at Sept.
30, 1937, was at that date $5,324,700.
(4) Payment of principal and interest assumed by United Gas Corp.
on Nov. 5, 1937.
(5) The interest rate on Cuban Eiectric Co. 6% debentures was reduced
bjr agreement for the period from May 1, 1935 to Oct. 31, 1937 to a rate of
4% per annum, and for the period from Nov. 1, 1937 to Oct. 31, 1939 to a
rate of 4>£% per annum.
(6) Valuation at market quotations of stocks and option warrants owned
at Sept. 30, 1938 was at that date $106,722,200, and of those owned at
Sept. 30, 1937 was at that date $144,418,900.
(7) Valuation at market quotations of U. S. Government securities owned
at Sept. 30, 1938 was at that date $2,672,300, and of those owned at
Sept.
30, 1937, was at that date $2,888,600.
(8) Represented by $5 preferred, no par value, cumulative (entitled upon
liquidation to $100 a share); pari passu with $6 preferred; authorized, 1,000,000 shares; outstanding, 300,000 shares.
$6 preferred, no par value, cumu¬
lative (entitled upon liquidation to $100 a share); pari passu with $5 pref.;
authorized, 2,500,000 shares; outstanding, 1,155,655 shares); and common
stock, $5 par value, authorized, 20,000,000 shares;, outstanding, 5,267,756
shares.—V. 147, p. 1337.
r
of American &
have been
extended to Oct.
,
Erie RR.—Trustees Ask
.
Authority to Pay
on
Equipments—
Trustees of the road have filed a petition in Federal Court, Cleveland,
seeking
authority
series KK.
•
to
'
'
pay
final instalment
under
Erie
equipment
trust
>•
Final payment due Oct. 15 amounts to $50,000 and dividends of $1,500.
Under this series, trust certificates totaling $1,500,000 in principal amount
were issued, of which $1,450,000 have been paid.
Hearing on this petition will be held.—V. 147, p. 2244.
El Paso Electric Co.
(Del.) (& Subs.)—Earnings—
*
Earnings of El Paso Electric Co. (Texas)
Period End. Aug. 31—
1938—12 Mos.—1937
$242,541
104,422
10,510
28,270
$2,892,310
1,196,992
178,773
333,899
$2,805,793
1,218,102
187,904
315,303
$94,882
Dr4,115
$99,338
51
$1,182,646
X>r54,780
$1,084,484
Dr5,642
$90,767
36,270
$99,389
36,353
$1,127,865
436,628
$1,078,842
436,519
$54,496
$63,036
$691,237
$642,323
2,083
2,083
25,000
25,000
$52,413
$60,952
$666,237
333,795
$617,323
323,180
$332,443
46,710
$294,143
46,710
$285,733
$247,433
16,661
29,232
Maintenance
Taxes
Net oper. revenues.__
Non-oper. income—net.
Balance
Int. & amort,
1938—Month—1937
$238,349
97,574
Operating revenues
Operation
(public)..
Balance
Co., Del.)
1938—12 Mos.—1937
$11,857,001 $12,033,950
1,974,801
1,876,411
$9,882,200 $10,157,539
8,433,930
8,433,930
$1,448,270
.—.—555,265,640 554,608.589
Interest (El Paso Electric
Comparative Income Statement
Gross income
Total..,..
$1,723,609
Balance
-
—
--
Appropriations for retirement reserveBalance.
-
Preferred dividend requirements (public)
Bal. applic. to
El Paso Electric Co. (Del.)
Financial
2392
Paso Electric Co.
Earnings of El
Earnings of other
Co. (Del.)---
1943fciLMos-~~1937
$247,433
25,000
$285,733
Co. (Texas)
Earnings of El Paso Electric
Note interest deducted from
above earnings _ _ _
sub. cos. applic. to El Paso
taxes
Less—Ad justment of prior year Federal income
Net loss from sale or invest. on basis of specific
(.Del.)
31—
Period Ended Aug.
<
25,000
81,709
14
80,963
$392,456
28,997
$363,459
Balance, Sept. 30, 1938Undistributed net income (exclusive
.
Total
---■
-
$330,188
182,972
and interest—
.
Balance.
Preferred
-•
-------- — -
$147,216
adopted the new
Commission, hence the
comparative.—V. 147, p. 2243.
vision for costs of
(net).
85,022
133,251
—
— — —
deductions
Other income
Other
debt—
int. (notes* loans,
&c)
—
Other deductions
_
093,556
Cr38,546
Crl9,058
struction——
public
applic. to min.
Cost of sales
equity of Electric
in
$625,432
inco meofsubsidiaries
Electric Pow. &Lt. Corp.-
$2,360,057
205,290
32,581
V
-
1,279,944
sales
$15,664
3,994
in income of
$19,659
5,288
x2,012
$12,359
$75,855
$2,360,057
$625,886
-
—
264,789
1,640,543
397,244
414,418
deductions*.
x
778
191,165
1,588,974
Maintenance.
_
v_
.
— _
3,350
Balance carried to con¬
representing non-recurring charges during the quarter
31, 1937 for reorganization expenses of certain subsidiaries.
Statement of Income (Company Only)
Includes $418,505
a
ended Dec.
Period End. Aug. 31—
subs--..
Gross inc. from
Other.
;-_■■■
Total
1938—3 Mos.—1937
$511,306
$453,101
454
-
and
387,500
V
bonds,
coll. trust gold
American 6% series..
and
.
$1,856,967
1,550,000
■
and
Prem.
.
$108,428
$216,424
$11,383
—V. 147, p. 2088.
Oil
Empire
Trading—
Unlisted
--v-iX
Co .—Removed, from
Refining
&
$47,711
Employees Securities Corp.—Registers with SEC—
first page of this department.—V. 143, p. 3316.
G. E.
General
9 Months Ended
Corp.—Stock Of¬
Transportation
American
block of 10,000 shares
fered—Blyth & Co. is distributing a
of common stock.—V. 147, p. 1035.
Net income..
loss$6,979
Net income..
$54,963
$5,487
Corp.—Earnings1937
$181,552
36,483
1938
Sept. 30—
x.$83,977
22,934
—
v
- -P — - — ~
i
-
—. _ ._
- -.
i.ft
.
•
,,
493
7
,
$5,005
$49,247
1,536
1338.
Expenses and taxes-
bonds retired
433
$5,699
Income cash dividends. _;
Securities Corp.
Pow.
535
$6,234
General Capital
on
expense
4,434
'
$59,740
4,777
equip, notes
147, p.
—V.
38,974
38,974
9,744
9,744
gold debs.
on
Net income
51,076
Amort, of debt disc,
expense on
$44,812
'
$1,697,402
1,550,000.
17,167
.
$50,521
,
9,219
Balance
Int.
191,165
387,500
gold debs., 5%
series, due 2030.
Int. on Pow. Secur. Corp.
$5,437
Non-roper, income (net).
$1,888,567
264,789
$408,627
$407,439
other deductions.
on
!, 121,756
Net oper. revenues
$281,656
176,152
27,391
7,2.54
26,045
See list given on
int.
before
inc.
Net
1938—12 Mos.—1937
$2,120,691 $1,887,789
1,065
778
$453,101
44,474
$511,760
104,321
--------
Expenses, incl. taxes J _.
Int.
$1,918,339 $5,620,369 $9,596,885
$107,147
solidated earn, surplus
1,980
1,531
2,921
1
---.
.
Mos.—1937
$325,642
189,265
28,682
20,975
36,199
$27,353
15,483
$6,234
_
-
Retirement accruals.
Taxes
$34,175
$46,678
572.
1938—12
-1937
$29,629
15,293
2,351
2,401
-
-
$44,587
4,911
5,502
Co.- -Earnings-
Period End. Aug. 31—
Operating revenues
Operation - ------ — _
$40,388
4,199
$71,848
10,135
15,036
7,803
X34.080
profits tax.-—V. 147, p.
Includes unaistributed
Galveston Electric
11,376.246
$7,525,701 $11,377,024
44,474
104,321
Expenses, incl. taxes
Int. & other
7,524,636
1,065
2,360,057
454
Other income
Total.-.
$7,524,636 $11,376,246
5,194
•
V
$67,902
3,947
$117,737
Miscell. deductions.
Total profit for period
625,432
subsidiaries
210,014
105,099
122,112
$112,543
Federal income tax.
Pow. & Lt. Corp.
$355,503
239,292
152,232"
123.960
Other income
Net
Net equity
277,990
-
$429,306
$579,502
314,727*
$417,614
1935
19.36
19.37
1938
30—
------
Total income
45,387
interests
$1,255,333
Inc.—New President—
Shares Corp., below.—Y. 147, p. 1924.
Fyr-Fyter Co.—Earnings—
Netsales---
Net profit on
Pref. divs. to
2,000,665
-------
See Transcontinent
0115,018
$4,375,240 $15,619,794 $20,589,673
7,933.483
7,889,868
1,982,602
$2,642,437
1,971,618
Balance.
Portion
2,104,675
705,828
—
Selling & admin, exps
charged to con¬
Interest
1,991,126
al,575,266
S'HnnS
-
-
-
738.
9 Mos. End. Sept.
519,486
205,409
500,329
277,714
$8,801,343
30, 1938 there was a decrease
of investments, without pro¬
-
-
-
Fiscal Fund,
$8,256,610 $31,637,203 $36,203,158
12,918,000
12,544,573
3,195,021
$6,494,341
3,092,919
Gross income..
Int. on long-term
investments at market
(improvement)
Decrease
—V. 147, p.
i,194,912 $31,915,531 $36,197,628
243,710
533,788
898,420.
182,012
812,116
892,890
$6,542,570
Operating income
Other income--
1937—
Sept. 30. 1938
At
Dr6,975
4,594
Dr 1,511
basis of carrying
■
___
2,QUO, boo
—
_
Note—During the nine months ended Sept.
in the indicated unrealized net depreciation
vision for costs of realization, as follows:
At Dec. 31,
$94,077
$10,802,008
-
.
'
without pro-
realization
Total surplus on the
$8,196,423 $31,910,937 $36,204,603
$0,542,570
--—
depreciation of investments
Less, unrealized net
depiejt. res. approp—
of plants
—
capital and earned
Total surplus,
quotations_
--
-
—
30, 1938
Earned surplus, Sept.
& Light Corp, (& Subs.)-—Earnings—
Period End. Aug. 31—
1938—3 Mos.—1937
1938-—12 Afos.—1937
Operating revenues
$24,510,775 $26,180,209 $106133,206 $106876,081
Oper. exps., incl. taxes._ 14,086,060
14.324,885 58.3.54,924 56,455,2.54
Property retirement and
3.882,145
3,658,901
15,867,345 14,216,224
Net oper. revenues
30, 1938
Balance, Sept.
Electric Power
127,777
declared
Less, cash dividends
jVole—Effective Jan. 1, 1937 the subsidiary companies
system of accounts prescribed by the Federal Power
above 12 months' figures are not exactly
Rent from lease
121,077
$127,777
Total
$180,487
divs. & surplus... — __——
$94,077
Is1'
6,700
of profits and losses from
investments)—Balance, Dec. 31, 1937
Adjustment of prior year Federal capital stock tax
_
Net income from the nine months ended Sept. 30, 1938------
dividend requiremtns
Bal. for common
42,660
40,017
sales of
Miscellaneous revenue
Expenses, taxes
187
--
certificate costs
declared.
Cash dividends
$353,396
23.208
.
El.
-
-
1938
15,
Oct.
Chronicle
'\.
Net
-
-
...
$61,043
profit from transactions in securities—
income.
$145,069
loss 171,504
121,884
1,426
iYov. for Federal tax on
$111,887 prof$266953
Net loss.
Dividends
;
132,577
74,323.
—
and collateral trust
bonds. ,
Note—Provision has been made in the above statement for 19.38 for esti¬
mated Federal income tax on realized taxable income for the nine months
from unlisted
ended Sept. 30,
,
Curb Exchange has removed the company's 1st mortgage
5H% gold bonds, series of 1927, due April 1, 1942,
trading.—V. 147, p. 419.
The New York
'
Erie Rys. Co.—Reorganizations—
A plan of reorganization has been approved by Penna. Public Utility
Commission and is now before the U. S. Federal Court for approval.—Y. 145,
p.
2390.;
Corp.-—Unfilled Orders—
Corporation (navigation instruments, aerial cameras, aerial surveys),
announced that unfilled orders as of Aug. 31, 1938, were $1,353,225, as
compared with $1,245,251 a year ago, and $1,363,739 as of Dec. 31, 1937.
—V,. 147, p. 1192.
/
-
Fox & Illinois Union
Interstate
Ry.—Abandonment^—
Commerce
(Del.)
Fundamental Investors, Inc.
Expenses
1938
$172,093
66,309
x$189,152
30—
i
Net income
Does not include income from
Surplus
1935
1936
$255,461
51,016
-Earnings—
1937
$121,077
9 Mos. End. Sept.
Total income—
•
$102,349
47,544
$50,815
16,951
x$54,806
$33,864
Account for Nine Months
Balance, Dec. 31,1937—
Excess of amounts received upon issuance
Ended Sept. 30,
reacquired capital stock
30, 1938.-
Arising from saies of investments
$10,260,253
439,772
of 24,739
7,906
-----
$10,707,931
—
receiv.
$302,282
$902,917
not
.
sees,
receiv.
_
at
quoted
118,600
26,204
9,754
24,081
&
3,838
accrd.
lor
Federal &
State
payable
19.892
Oct..11, 1937.-i
mar-J
4,254.419
3,143,851
8,116
7,408
taxes
Dividend
secur.
ket value.....
'";V
unpaid.
Prov.
Capihfl
Marketable
ac¬
(on per-
didm basis)
lor
Corp.
sold, not del'v'd
Cash divs. receiv.
exps.
crued
53,741
delivered
Accts.
Estd.
$9,068
$9,028
& other exps j..
lor
sold,
Management lee
Capital stock...x2,457.708
-■
51,258
3,445,346
Shares sold but un¬
issued.
Surplus
...$4,175,122 $4,660,727
Total
Total
118,600
25,515
1,562,486
T, 117.585
1.
.....
$4,175,122 $4,660,727
Represented by 137,833 (181,334 in 1937) shares issued, including
5,221 (53,903 in 1937) 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, 1938, represents in part stock so redeemed
and in part stock purchased in the open markets.
Note—The marketable securities at Sept. 30, 1938, are carried on the
x
$4,528,799.—V. 147, p. 1925.
—
-
I
pany on
Corp.—September Car Sales—The com¬
Oct. 8 released the
following statement:
United States
September saies of General Motors cars to dealers in the
and Canada, together with shipments overseas, totaled 36,335, compared
with 82,317 in September a year ago.
Sales in August were 55,431. Sales
1938 totaled
of 1937.
for the first nine months of
for the same nine months
40,796 in September,
795,749,-compared with 1,594,378
in the United States totaled
compared with 88,564 in September a year ago. Sales
Sales of General Motors cars
to consumers
August were 64,925.
Sales for the first nine months of 1938 totaled
682,599, compared with 1(279,930 for the same nine months of 1937.
Sales of General Motors cars to dealers in the United States totaled
in
computed on the basis of
specific certificate costs:
Balance, Dec. 31,1937
«...
Refund of stamp taxes illegally collected in 1936----------
Accounts payable:
General Motors
Surpius:
Total
mand deposit...
Accts,
1937
1938
Liabilities—
1937
corporation's books at cost,
of capital stock over
value thereofExcess over cost of amounts received from sales
Balance, Sept.
30
Balance Sheet Sept.
1938
Cash in bank, de¬
1938
par
Earned
unrealized net
of marketable
securities.
securities sold.
Capital Surplus:
shares of
1938.
During the nine months ended Sept. 30, 1938, there was
appreciation amounting to $554,259 in quoted market value
stock ol General
Commission on Oct. 3 issued a certificate
permitting abandonment, as to interstate and foreign commerce, by the
receiver of the company, of the entire line of railroad extending from Morris,
on the Illinois River, in.a northly direction to Yorkville, approximately
20 miles, all in GrUndy and Kendall counties, 111.
Formerly the line was operated as an electric interurban railroad with
overhead trolley, and handled both passengers and freight.
Passenger
service was discontinued about 10 years ago.
The overhead conductors
were removed
and sold.
Present motive power consists of a car upon
which is mounted an electric generator driven by a gasoline engine.
This
car was purchased in
1912, but was remodeled to its present use about
1929.
The company has no other equipment!
x
•
Assets-
'
Fairchild Aviation
The
Includes $122 interest on
x
$174,426
2,516
$176,942
16,469
in
September,
Sales in August were
compared with 58,181 in September a year ago.
34,752.wSales for the first nine months of
1,2 2.238 for the same nine months
532,695, compared with
1938 totaled
of 1937.
Volume
147
Financial
Total Sales to Dealers in
1938
June
July
August
September..
...
1936
158,572
144,874
82,317
98.268
121,146
169,302
184,059
134,597
181,188
167,790
124,680
39,152
127,054
188.010
October
166,939
195,136
160,444
November..
December..
_
„
196,721
229,467
222,603
217,931
204,693
121,943
19,288
... ......
upon
reserved
n
snares,
1,715,688
1937
1936
102,034
96,134
June
76,071
July
August.
September.
78,758
64,925
40,796
October
19357
March
April
May
June-................
July
August
September.
October.
......
November
December_C^i
Total
.
.
.
-
_
.
Unit sales of
and
passenger
1936
131,134
116,762
162,418
187,119
194,695
186,146
177,436
99,775
cars
included
are
in
the
above
Sales of General Motors
,
totaled
lb
The
total of 456,242 company-
Genessee Valley Gas Co., Inc.—Reorganization—
22.986
97,746
,
V
—Week Ended Sept. 30—
1938
$29,297
.
Gilchrist
—Jan 1 to
-
1937
$23,350
Operating revenues
—V, 147, p. 2089.'
148,849
150,010
Sept. 30
1938
• **
■
1937
$835,642
$1,026,515
Co*—Earnings—
Earnings for 6 Months Ended July 31, 1938, "
Net
-
figures.
sales-$2],951,917
Net loss after charges and taxes
Overseas Sales—
during September
company).
a
Georgia & Florida RR.—Earnings—
103,098
4,669
69,334
156,041
197,065
'
a
Federal Judge Francis G. Caffey has referred the
reorganization pro¬
ceedings to Federal Bankruptcy Referee Oscar W. Ehrhorn.
The referee
will conduct hearings and report back to the court.
Among the matters
referred is a debtor's mortion for an injunction to restrain the Bank of
Manhattan Co., as trustee, from declaring due and
payable the principal
of debtor's first lien gold bonds
pending the termination of reorganization
proceedings.—V. 147, p. 1035.
\-Vr,
v':'..
1935
75.727
92,907
132,622
105,159
152,946
150,863
139,121
......
commercial
per share, $1,155;
month of September, 1938,
subsidiary companies now have in operation
owned telephones.—V. 147,
p. 1777.
1,680,024
1,682,594
1,370,934
Chevrolet, Pontiac, Oldsmobile, Buick, La Salle and Cadillac
.........
on
1938;!$6
Telephone Corp.—Gain in Phones-r-
r
Go.
•
1937
1.
^
122.198
70,901
49,674
216,606
199,532
180,085
162,390
187.869
157,000
58,181
136,370
153,184
108,232
dividends
Nov.
new
1,278,996
1938
on
General Telephone Corp. subsidiaries now include the
subsidiaries of the
General Telephone Tri Corp. (successor to Indiana Central
Telephone
pursuant to the reorganization plan of the latter
68.566
136,589
1,720,213
56,938
63,771
76,142
78,525
71,676
72,596
61,826
34,752
16,469
cumulati/e
gain of 1,977 company-owned
as compared with a gain of
3,090 telephones for the month of
September, 1937.
The gain for the
first nine months of 1938 totals
10,821 .(exclusive of purchases) or 2.44%
as compared with a
gain of 23,555 telephones or 5.74% for the corresponding
period of 1937.
•
Sales to Dealers in United States
January
February.
undeclared
Corporation reports for its subsidiaries
•ww,11,68
108,645
127,346
66,547
85,201
41,274
1.594.215
-
General
126,692
143,905
109.059
137.781
181,782
89,682
Total.
5H%ide-
for
Note—The unrealized net depreciation of investment at
Sept. 30, 1938,
on the market
value, as per investment list, was $1,150,371 less than
that shown at Dec.
31, 1937.—V. 147, p. 420.
jjm
m
77,291
155,552
173,472
December.!
provision
including those normally payable
toffri^S 075Gr share' $133,920; $5.50 preferred, $5.50
54,10
200,117
195,628
189,756
163,459
133,804
107,216
117,387
November.
Before
i
stuck,
based
92,998
51.600
196,095
198,146
178,521
153,866
163,818
156,322
88,564
103.534
92,593
oi
preferred
1938
April
May..
of 5% debentures.
Junior preferred stocklauno par value, of which no shares have been issued,
by 669,886 shares of no par value.
Authorized 900,000
which 26,310 shares are reserved for conversion of
oentures.
185,698
63,069
62,831
100,022
March
conversion
10,000 shares of
Represented
182,754
Sales to Consumers in United States
January
February._
for
tnorized
2.037.690
2,116.897
_
g Represented by 22,320 shares $6 dividend preferred and 210
preferred, of no par value (entitled to $110 per share
redemption or voluntary liquidation, or $100 per share
upon in¬
voluntary liquidation, plus accrued dividends).
Total preferred stock
4''010 shares, of which 23,690 shares of $5.50 preferredlare
snares $5.o0 dividend
90,764
191,720
239,114
;;
2393
X®ftible debentures, 5H%. due July 1, 1939, reacquired, f
Represents
inoT
v' *• 1937 dividends, payable to stockholders of record Oct. 15,
if37. on which payment was postponed Oct. 28, 1937 by the Board of
1935
103,668
74,567
260.965
238.377
216,654
203,139
226.681
36,335
March
April
May
1937
94,267
94,449
109,555
109,659
104,115
101,908
90.030
55,431
January
February..,
Total...
Chronicle
United States and Canada Plus Overseas
Shipment
74,476
The balance sheet as of July 31, 1938, shows current assets of
$2,361,307,
including cash of $264,615; current liabilities, $909,793; and net working
capital, $1,451,514.
This compares with working capital of $1,515,458 on
Jan. 31, 1938. Inventories of $505,427 compare with $572,356 at the end of
the 1937-1938 fiscal year.—V. 147, p. 112.
and trucks to dealers in the overseas markets
27,608 units, representing a decline of 8.3%
cars
from sales in September of last year.
In the first nine months of
1938,
sales of 273,599 units represented a
1.1% from sales in the first nine months of 1937.
lor the 12 months through
Sept., 1938, sales totaled 360,583 units—an
increase of 2.0% over the volume in the 12 months
ended
decline of
Goldblatt Brothers, Inc.—-Stock Dividend—
Directors have declared
Sept. 30, 1937.
stock for each
These figures include the products of the
Corporation's American, Can¬
adian, English and German factories sold outside of the United States and
Canada.
•
Oct.
Cadillac-La Salle Prices Reduced-—
General Public Service
per
Corp.-
Interest on bonds
Revenue from option contracts
.....
See list
Taxes
Debenture Interest
and
Federal
and
State
$212,640
51,499
5,585
distributed.—V, 147, p. 1683.
given
on
first
page
$130,592
$44,956
Earned surplus (accumulated from Jan. 1,1932):
Income surplus: Balance at beginning of period.
Net loss, as above
j
...
surp.: Bal. at beginning of period,
sales of securities
...
on
Balance at end of
130,592
$117,346
44,956
$72,390
$1,143,966
c886,004
$195,180
Security profit
Dividends declared
$2,029,970
478,377
preferred stock.
period
$195,180
\
.
c
$1,551,593
$211,785
Earned surplus at end of period
b Seie footnote below, balance sheet.
$1,623,983
See footnote below, balance sheet.
Comparative Balance Sheet Sept. 30
Assets—
1938
1937
d Investments:
Pref ei red
Liabilities—
1938
Accts. payable
Commo n stocks
$2, 549,328 $7,526,439
-
stocks
1937
$13,305
515,963
637,455
accrued........
33,769
Debenture Interest
947,382
'$127,179
33,769
f Pref. divs, pay..
786,936
Bonds...
564,656
15,000
21,256
11,042
Accrued Int. rec...
10,126
Treas. securities.
1,000
c
65,789
2,823
68,112
2,369,000
2,369,000
g Pref. stock.
4,227,470
Dlvs. receivable.
a
65,775
631,COO
C84.143
2,084,143
h Common stock..
Cash..
Aects. receivable..
669,886
669.886
Taxes accrued
Convert, debentures:
5%, due Jan.
11,050
1,
1953.
5lA%.
It
was
stated that
no
new
Capital
surplus
...
2,631,000
35,378
35,378
211,785
1,623.983
Earned surp. (from
Jan. 1,
$8,116,865 $9,708,239"
1932)..v
Total.
$8,116,865 $9,768,239
a Since Jan.
1, 1938 dividends on stocks owned have been included in
income on the dates the right to receive them accrued instead of on the
dates received, which was the former practice.
If the present practice had
in effect during the 9 months ended Sept. 30, 1937, dividends on
would have been $170,111.
b Profits or losses on securities sold
determined on the basis of the average book values, which were the
been
stocks
were
written-down
va»ues
established Dec.
31, 1931
or
subsequent cost,
c
Net
on saies of securities less provision for Federal income taxes of $65,068.
d Investments are carried on books at written-down values established
Dec. 31, 1931 or subsequent cost.
The total of investments, at market
profit
value
30,
as per
1937
investment list, at Sept. 30, 1938 was $2,892,404 and at Sept.
$7,964,611.
e Represented
by $1,000 principal amount
was
financing was contemplated, involving use'of
but unissued shares.—V. 147, p._572.
(H. W.) Gossard Co.—Earnings-—
Earnings for the 9 Months Ended Aug. 31, 1938
.
Gross profit from sales
$1,359,176
—
1,118,721
31,533
.
Social security & old age benefit insurance._
—
$208,921
Operating profit
realized, bad debts-recovered and miscell.)
59,044
—
Net profit (before deprec. & prov.
for income taxes)
Depreciation
~ -
— r
Earnings
per
.
$267,965
..''33,290.''.'
35,977
-
$19§«698
1
$0.91
shareon common.-- —
Co.—Report, &c.—
formed to take over the assets fo the
Corp. as a result of a reorganization of the latter
under 77-B of the Bankruptcy Act.
The new company assumed the bonds
of the Great Lakes Utilities Corp., and no change was made in the status
of those bonds.
«
*
All of the stock of the new company is deposited under a voting trust,
under which the following are voting trustees; William L. Adams, William
W. Battles, Francis M. Brooke, Howard Buffett, N. Henry Gellert, Edward
W. Hughes, H. T. Landeryou, George J. Schmitz and C. T. Williams Jr.
These trustees also constitute the board of directors of the new company.
Since May 1, 1937, Day & Zimmermann, Inc., have been employed to
manage the properties of the subsidiary companies.
The-new company was immediately raced with a very serious problem of
gas shortage in the Mount Pleasant plant of the Gas Corpr. of Michigan,
one of its principal subsidiaries.
By an arrangement with the Consumers
Power Co., the management was able to bqrrow an amount up to 100,000,000 cubic feeet of gas to help it through the winter, with the result that
there was no shortage during the winter, and no homes went cold. This has
The Great Lakes Utilities Co. was
Great
Lakes
Utilities
,
,
,,
.
,
sentiment for the company .
approximately 13 miies long, was run to a new field
greatly increased the public
A line,
in the Broom-
being purchased, and a portion of
in the operations of the company.
The contract for such gas was a favorable one, and provides the company
with an amount up to 800,000 cubic feet of gas per day. The company has
just signed a contract for 2,000,000,000 cubic feet of gas, which, with its
present supplies, ought to take care of the company during the next five
field area, where casing head gas is now
it reformed so that this gas can be used
due July
1, 1939.
Total..
authorized
Following
remainder of the newly authorized
Great Lakes Utilities
1937
1938
$147,198
$16,606
$1,055,997
860,817
Balance at end of period
on
of this department.—V. 147, p. 1193.
—V. 147, p. 1926.
of balance sheet.
Comparative Earned Surplus Statement Sept. 30
b Net loss
,
Co.—Capital Increased—Stock Dividend
Net profit
a
•
Mining Corp.—Registers with SEC—
Prov. for Federal income taxes on current earnings
Net loss
See footnote
1 to holders of record
On April 2 last an op¬
200,512
taxes
payable under debenture indentures...
a
payable Nov.
Aug. 1, last.
Income credits (discount on purchases, profit on foreign exchange
$123,890
48,835
4.647
...
on
Stockholders at their annual meeting on Oct. 11 increased
capital stock of the company from 75,000 to 100,000 shares.
1937
$172,246
40,394
201,000
;
paid
the stockholders' meeting, directors declared a stock dividend of 10% which
will increase outstanding stock from 72,647 shares to 79,912 shares.
\
Total
were
Goodall Worsted
4,162
Expenses
stock dividend of l-60th of a share of common
for bad debts & taxes
$81,818
37,909
...
was
Selling, adver. & adminis. exps. incl. discounts on sales, prov.
1938
»
stocks
on
share
Goldenwest
Earnings—
9 Months Ended Sept . 30—
Dividends
a
a
share held,
common
Like amount
tional dividend of 25 cents per share in cash or l-60th of a share of common
vStock was paid and previously regular quarterly cash dividends of 60 cents
Reduction on 1939 models ranging from $25 to $77 on LaSalles, $45 to
$100 on Cadillac 61s and of $85 on the Cadillac Fleetwood four-door sedan
have been made by Cad iliac-La SaJle division of General Motors
Corp.
Remainder of the Fleetwood series, which has 12
body types, is unchanged in price, as are the 12 models in the Cadillac V-16 line.
The
Cadillac 60 special, made only in one body
type, the four-door sedan, is also
unchanged, its 1939 price being $2,090 delivered, Detroit.
New prices and changes from 1938 follow:
La Salle—Coupe, $1,240 off $57; two-door
sedan, $1,280 off $67; fourdoor sedan, $1,320 off $77: convertible
coupe, $1,393 off $25, and con¬
vertible sedan, $1,800 off $25.
Cadillac 61—coupe, $1,610 off $85; four-door sedan, $1,680 off $100;
convertible.coupe, $1,770 off $45; and convertible sedan, $2,170, off $45.
It is pointed out that the 193 models of the 61s are
larger than the 38s.
Cadillac Fleetwood four-door sedan, $2,995, off $85—V. 147,
p. 2245.
17.
yeThe
in Paxton, 111., and of the Inde¬
Independence, Iowa, expired during the year. New
in both of these communities.
Considerable improvement was made to the plant of the Independence
Gas Co. The plant of the Rochelle Gas Co. was put in good repair. Changes
are being made to the manufacturing set and to one of the boners.
During the year, $28,000 was paid out by the new company for trustees ,
lawyers' and other fees, in connection with the reorganization of the Great
Lakes Utilities Corp., this payment being made upon order of the court.
The new company had to borrow certain sums in order to make these pay¬
ments
An amount equal to $15,000, which represents a payment made to
the trustee of the Great Lakes Utilities Corp. and his counsel, was charged
into the expenses of the company for the current year, being a non-recurring
expense which decreased the earnings by that amount.
In addition, pro¬
vision for Federal income taxes of the Gas Corp. ot Michigan was greater
bv $3,634 than last year, further decreasing the income.
■
With funds in the hands of the Bank of the Manhattan Co., which funds
were secured through the sale of property, the company purchased $76,000
of its first lien collateral trust bonds for $44,180, thus reducing its bonded
franchises of the Paxton Gas Co.
pendence Gas Co. in
franchises have been secured
,
indebtedness to that extent.
\.
.
,
Consolidated Income
Total
Oct.
Financial Chronicle
2394
Statement Adjusted for
in the event of
the Full Year Ended Dec. 31.1937
Non-operating income
changing the number or class
Total
--
and general taxes, but
$622,806
Loss before
provision for 1937 Federal income taxes
Net loss year
Sale of
ended Dec. 31, 1937
$7,186
, —
assets,
($1 par), $151,431; first lien collateral trust
bonds due May 1, 1942, $1,600,500; notes payable, $56,401;
Liabilities—Common stock
payable,
$40,454; accrued interest—funded and unfunded, debt,
1937 (est.), $5,607; other
accruals, taxes, &c., $23,794; deferred liabilities, $28,336; depreciation and
amortization reserve, $340,865; reserve for cuncolleetible accounts, $19,869;
reserve for cash in ciosed banks, $3,107; reserve for maintenance of benches
and generators, $2,576; reserve for adjustment of assets acquired in re¬
organization, $2,330,177; surplus since April 30, 1937, $660; total, $4.$14 671;
accrued Federal income taxes, year
618.452.~V. 144. p. 1786.
Gulf Natural Gas
■
Corp.—Stocks Offered—Public financ¬
corporation was undertaken Oct. 13 with the
G. L. Ohrstrom & Co., Inc., New York, of
45,000 shares of cum. cony. pref. stock and 45,000 shares
of common stock of the company.
The stock, which is
being offered in units of one share of pref. and one share of
.common by means of a prospectus at $10 per unit, will be
ing of the
offering by
issued in interim receipt
form.
represented by the interim receipts will
until the initial system is completed and serving gas.
be placed in escrow
March,
Company—Corporation was Incorporated under Louisiana laws in
1938, for the purpose of constructing and operating a natural gas trans¬
line system.
The initial system will serve the plant of The
South Coast Corp. at Mathews, La, A contract for the construction of the
mission pipe
been signed and it is expected that construction work will
shortly. With the construction of a proposed extension to Marrero, which lies opposite New Orleans on the Mississippi River, the system
will serve The Celotex Corp. which has entered a 10-year contract for the
fuel requirements of its plant. The company will purchase the gas to fill its
service requirements from the Fohs Oil Co. under a 15-year contract and
expects to sell its gas to other concerns and at wholesale to distributors
supplying communities in the vicinity.
initial system has
be started
Capitalization—The capitalization of the company as of June 30, 1938,
adjusted to reflect the issuance and sale of 45,000 shares of cumulative
preferred stock and 121,667 shares of common stock, is as
convertible
1
follows:
Authorized
Outstanding
:
" 50,000 shs.
45,000 shs.
—;
x297,000 shs. yl98,667 shs.
x 90,000 shares of the authorized and unissued common stock are reserved
for conversion of the 45,000 shares of cumulative convertible preferred stock.
y 77,000 shares of common stock were sold heretofore by the company
upon organization, for an aggregate cash consideration of $1,540, in trans¬
actions not involving any public offering.
O. L. Ohrstrom & Co., Inc.,
Fohs Oil Co. and Pilgrim Exploration Co. have agreed to purchase, under
certain conditions, up to a maximum of 51,111, 12,778, 12,778 shares of
common stock, respectively, at a price of $1.50 Per share, or an aggregate
cash consideration of $115,000.
a No stated value per share has been assigned to the preferred stock and
the common stock.
Company received two cents per share or a total of.
$1,540 for the 77,000 shares of outstanding common stock, all of which has
been determined to be capital by the board of directors.
The directors
determined that out of the aggregate proceeds to be received by the com¬
pany from the sale of the 45,000 shares of preferred stock and 45,000 shares
of common stock and from the sale of up to 76,667 shares of common stock
to be sold privately, there will be allocated to capital $10 for each share of
one preferred stock, being the liquidating value thereof, and two cents for
each share of common stock, and that the balance of such proceeds will be
a
a
Cumulative conv. pref, stock
Common stock
allocated to surplus.
present has no funded debt. However,
obtain funds ^n addition to the proceeds from the sale of shares
Bank Loans Ac.—Company at
proposes to
it
fun4 provisions as the company deems advisable) and will bear interest at a
rate not in excess of 6% per annum.
'«
In order to complete the initial pipe line system and the extension to
Marrero, at the cost of $579,770 as estimated,, the minimum amount of such
financing required by the company will be $128,230 based upon the sale of.
45,000 shares of preferred stock and 45.000 shares of common stock.
If
fewer shares of such stock are sold, the minimum amount of such financing
will be correspondingly increased.
All or any part of such funds or credits
or financing may be secured by lien or mortgage on the pipe line system or
other property of the company.
The preferred stock, common stock and
interim receipts are being issued in contemplation of the placing of such
mortgages or liens on the company's property. All or any part of the fore¬
going financing may be effected by or through subsidiaries of the company
and all or any portion of the property of any subsidiary may be so mortgaged
or placed under lien.
Preferred Stock—The cumulative convertible preferred stock is entitled
to receive, when declared by directors, dividends at the rate of 60 cents per
share per annum payable semi-annually (J-J).
Such dividends on the
cumulative convertible preferred stock are cumulative from the date of
issue thereof.
When full cumulative dividends on the cumulative con¬
vertible preferred stock for all previous dividend periods and for the current
dividend period shall have been paid or declared and a sum sufficient for
payment thereof set apart for payment, the board may declare dividends
on the common stock of surplus remaining therefor.
Each holder of cumulative convertible preferred stock or common^ stock
shall be entitled to one vote for each share of such stock standing. Tne ypc.e
of a majority of each class is required to adopt an amendment to the articles
of incorporation in changing the rights of any class and two-thirds vote of
each class is required for certain other amendments. Preferred stock may be
redeemed at any time, upon not less than 30 days' notice, at $11 per share,
plus dividends. Upon liquidation, dissolution, or sale of all assets, preferred
stock is entitled to $10 per share, plus dividends before any distribution on
the common stock and thereafter the common stock alone is entitled to
participate in the assets of the company.
Common stock alone has preemptive rights upon any allotment for cash
*
,
Preferred Conversion Rights—Each share of cumulative convertible pref.
stock is convertible, at the option of the holder, into two shares of common
s tock at any time prior to Jan. 1, 1944, unless such stock shall have been
ailed for redemption.
Provision is made to protect conversion privileges
Inc.,
said
parties of a maximum aggregate of 76.667 shares of common stock.
The agreement with G. L. Ohstrom & Co., Inc., provides that G. L.
Ohrstrom & Co., Inc., will purchase such number of shares of common
stock of corporation, not exceeding 11,111 shares, at (rash price of $1.50
per share, as may be required to cover two-thirds of such costs as may be
incurred in the organization of Gulf Natural Gas Corp., the registration of
45,000 shares of cumulative convertible preferred stock and 139,500 shares
of common stock under the Securities Act of 1933 and tne qualification of
such stock for sale in such States as may be selected by G. L. Ohrstrom
of
vl-i.
eight-ninths
L. Ohrstrom & Co., Inc.* agrees to purchase
of common stock of Gulf Natural Gas Corp., at
share
a
the price of
of one share of cumulative convertible pref.
stock sold to the public. Under this pro¬
vision G. L. Ohrstrom & Co., Inc., shall not be required to purchase more
than 40,000 additional shares, making the total maximum commitment
$1.50 per share for each unit
stock and one share of common
hereunder 51,111 shares.
stock by G. L. Ohrstrom & Co., Inc., will be made as
exchangeable for units of one share of
share of common stock, have been issued
by Manufacturers Trust Co. pursuant to interim receipts agreement dated
June 22, 1938. At that time G. L. Ornstrom & Co., inc., will purchase such
number of shares of common stock as may be necessary to cover two-tnirds
of organization, registration and qualification costs then incurred, and will
also purchase an additional 6,222 shares of common stock.
Thereafter, as
additional organization, registration and qualification expenses are in¬
curred or additional units are sold, Gulf Natural Gas Corp. may from time
to time call upon G. L. Ohrstrom & Co., Inc., to purchase, and G. L.
Ohrstrom & Co., Inc., will purchase additional shares of common stock to
Initial purchase of
soon
as
$/0,000 of interim receipts,
cumulative preferred stock and one
the extent of its commitment.
The commitment of G.
L. Ohrstrom & Co., Inc., to purchase stock may
be participated in by its designated associates not exceeding six in
G. L. Ohrstrom & Co., Inc., may, if it so desires, purchase the stock
number.
required
be purchased by it under this agreement from time to time prior to the
times above set forth.
Gulf Natural Gas Corp. agrees to sell to G. L. Ohr¬
to
Co., Inc., tne stock tvhich it undertakes to purchase.
'
Gulf Natural Gas Corp. agrees to cause to be registered, pursuant
strom &
to the
stock purchased by G. L. Ohrstrom &
under this agreement at its expense and at such time within three
years as may be designated by G. L. Ohrstrom & Co., Inc., it being under¬
stood that G. L. Ohrstrom & Co., Inc., shall only request one such regis¬
tration.
'
This agreement supersedes and cancels an agreement of April 8, 1938,
Co ./Inc.,
between the parties hereto witn respect to
the purchase by G. L. Ohrstrom
Co., Inc., of.8,000 cumulative convertible preferred stock.
between the company and Fohs Oil Co. and between the
company and Pilgrim Exploration Co. are identical and provide that each
will purchase such number of shares of common stock of Gulf Natural Gas
Corp., not exceeding 2,778 shares, at the cash price of $1.59 per share, as
may be required to cover one-sixtn of such costs as may be incurred in the
organization of Gulf Natural Gas Corp., the registration of 45,000 shares
of cumulative convertible preferred stock and 139,500 shares of common
stock, under the Securities Act of 1933, and the qualification of such stock,
for sale in such States as may be selected by G. L. Ohrstrom & Co., Inc.
In addition, Fohs Oil Co. agrees to purchase two-ninths of a share of com¬
mon stock of Gulf Natural Gas Corp. at $1.50 per share for each unit of one
share of preferred stock and one share of common stock sold to tne public.
Under this provision, P^ohs Oil Co. snail not be required to,purchase more
than 10,000 additional shares, making the total maximum commitment
hereunder 12,778 shares.
Initial purchase of stock by Fohs Oil Co. will be made as soon as $70,000
of interim receipts, exchangeable for units of one share of cumulative con¬
vertible preferred stock and one share of common stock, have been issued
by Manufacturers Trust Co.', pursuant to interim receipts agreement dated
June 22, 1938.
At that time, Fohs Oil Co. will purchase such number of
shares of common stock as may be necessary to cover one-sixth of organi¬
zation, registration and qualification costs then incurred, and will also
purchase an additional 1,556 shares of common stock.
Thereafter, as
additional organization, registration and qualification expenses are incurred
or additional units are sold, Gulf Natural Gas Corp. may from time to time'
&
The agreements
Fohs Gil Co. to purchase, and Fohs Oil Co. will purchase, addi¬
commitment. Fohs Oil
call upon
tional shares of common stock to the extent of its
if it so desires, purchase the stock required to be purchased by it
at any time and from time to time prior to the times above set forth.
Gulf Natural Gas Corp. agrees to sell to Fohs Oil Co. the stock which it
undertakes to purchase..
This agreement supersedes and cancels an agreement of April 8, 1938,
between the parties hereto with respect to the purchase by Fohs Oil Co. of
2,000 shares of the cumulative convertible preferred stock 6f Gulf Natural
Gas Corp.—V. 146, p. 3015.
'<
Co. may,
Harnischfeger Corp .—Preferred Dividends Omitted—
of
preferred stock and common stock through bank loans, or other sources, or
obtain credit or ooher financing, from any contractor to be engaged to
construct a pipe line system, or from the suppliers of material used in the
construction of the pipe line, or from others, in an amount which will not
exceed 70% of the total cost of building the pipe line system, and any
addition or improvement thereto.
No definite arrangements have been
entered into for this financing at this time.
The agreement between the
company and Manufacturers Triist Co. with respect to the release of the
proceeds of the interim receipts provides in substance that before such
funds may be released a certificate must be furnished in which it is stated
that such senior financing will not exceed 70% of the cost of the pipe line
system, and any addition or improvement thereto, will have a maturity
of not less than three years from the date of issue (subject to such sinking
of common stock.
has entered into three
Securities Act of 1933, the common
The funds
as
public by the company.
In addition, G.
payments—insurance premiums, taxes, &c., $6,871; miscellaneous
$9,401; deferred charges and sundry, $491; total, $4,618,452.
514%' gold
such shares to be offered to the
76,667 Shares of Common Stock—Company
& Co.,.Inc.
Sheet Dec. 31, 1937
Assets—Piant and franchises, $4,366,474; cash, $38,063; notes receivable.
$746- accounts receivable, $144,229; materials and supplies, $.52,177; pre¬
accounts
The underwriter will act as agent
agreements, each dated June 22, 1938, wht G. L. Ohrstrom & Co.,
Fohs Oil Co., and Pilgrim Exploration Co., relating to the purchase by
$1,579
5,607
—
1937 (estimated)
Condensed Consolidated Balance
stock.
common
writer to sell any of
-
Federal income taxes year
in the
company
485,371
$137,435
Provision for depreciation-----'
,
36,150
Amortization of natural gas facilities
13,848
Interest on funded debt
88,028
Interest on unfunded debt—978
Amortization of debt discount and expense—
9
Net income
of stock into which the pref.
York, is the under¬
and 45,000 shares
for the
sale of 45,000 shares of preferred stock and 45,000 shares of
There will be no commitment on the part of the under¬
being offered.
of common stock
Operating expenses, incl. maintenance
before provision for depreciation
1938
stock is convertible.
Terms of Offering—G. L. Ohrstrom & Co., Inc., New
writer with respect to the 45,000 shares of preferred stock
$621,110
1,696
operating revenue
IS.
quarterly dividends ordinarily
preferred and 5% non-cumulative
of $1.25 per
Directors announced the omission of tne
due at this time
on
the 5% cumulative
preferred stocks, both of $100 par value.
Regular dividends
share were paid on July 15, last.-;—V. 147, p. 1928.
Hat
Corp. of America—EarningsEarnings for 6 Months Ended April 30, 1938
Loss after providing
for depreciation and taxes
__ ___
Note—A write down of $243,468 representing a reduction to
$129,961
market as
1938 of hatters fur and fur content in inventory was made, of
which $106,462 Was charged against reserves previously set up, and the
balance of $137,007 being charged against earnings.
'
-
April 30,
Consolidated Balance Sheet April 30
1938
$ 634,775
1,162,502
.
1937
$674,401
Assets—
Cash...
1,333,986
Notes & accounts
x
receivable—.
—
„
surance
122.302
Mdse. inventory.
y
112,591
1,622,214
policies.
1,998,957
1,420,908
taxes,
surance.
Goodwill,
1,442,352
19,490
16,545
1,565,100
mach'y & equip.
Prepaid
1,565,100
cum.
stock
151,725
Fed'l
other
taxes.....
6H%
Land, buildings,
$319,314
86,447
for
and
State
1937
$143,618
and com¬
wages
Reserve
of officer's life in¬
'
1938
missions.
Cash surrender val'
•
Liabilities•—
Accounts payable.
Accrued
salaries,'
—
...
140,558
188,933
3X06,800
3,052,713
359,660
359,660
pref.
(par $100)
Class A com. stock
in¬
&c
(voting, par $1).
Class B
trade¬
marks. &c._
com.
stock
(non-voting, par
109,660
109,660
Capital surplus
1,703,925
Earned
1,036,249
1,693,723
1,228,579
$1)
S6,5S6,918
Total
$7,104,306'
.......
surplus...
-$6,586,917 $7,104,306
Total
and allowances of $367,530 in
1937.
y After reserve for depreciation of $649,476
1938 and $522,103 in 1937—V. 146, p. 3806.
x
After
reserve
for bad debts, discounts
1938 and $338,625 in
in
Haverhill Electric
Co.—Dividend—
The directors have declared a
dividend of 50 cents per share on tne com¬
stock, par $25, payable Oct. 14 to holders of record
with 62 cents paid on July 14, last; 63 cents on
62 cents on Jn. 14, last; a dividend of $1 paid on Oct. 14, 1937,
mon
compares
regular quarterly dividends of 50 cents per
p. 2537.
Hawaiian
The
directors
share were distributed.—V. 146,
,
Pineapple Co., Ltd.—To Pay
have
Oct. 8. This
April 14, last;
and previously
25-Cent Div.—
declared a dividend of 25 cents per
share on the
stock, par $5, payable Oct. 31 to holders of record Oct. 21.
This
compares with $1 on May 23, last; 50 cents paid on April 30 and Feb. 5,
last, and on Oct. 30, and on July 31, 1937, a dividend of 25 cents was paid
on May 24, 1937, and dividends of 50 cents per share were paid on April 30
common
/
Volume
and
on
147
Financial
Chronicle
Jan.
30, 1937; previously regular quarterly dividends of 25 cents
per share were distributed.—V. 147,
p. 1489.
Hein-Werner Motor Parts
Period End. Sept. 30—
Net mcon.e.
x
Earnings
y
share.__
per
After all charges,
x
$0.20
1938—9 Mos —1937
$88,665
$70,990
$0.71
$0.19
On 100,000 shares.—V. 147,
y
Indiana General Service Co.—Bonds Called
This company, a subsidiary of American Gas & Electric
Co., has called for
redemption on Jan. 1, 1939, at 105 all of its 5% 30-year first mortgage gold
bonds (American series), due 1948.
Provision has been made by the com¬
pany with Guaranty Trust Co. for immediate payment in full on the issue
at the redemption
price.
At the close of 1937 there was $3,745,900 of the
issue
outstanding.—V. 147, p. 2246.
vyy, y
.
y
Corp.—Earnings-
1938—3 Mos.—1937
$20,432
$19,161
p.
$0.89
1780.
Industrial Acceptance Corp., Ltd.—Earnings—
Calendar Years—
1937
1936
1935
1934
(Walter E.) Heller & Co.—Earnings—
1938
charges
Shares
per
Before
x
stock..-,
share
.
_
Federal surtax
capitalization.—V. 147,
1937
$356,664
245,473
$1.11
common
Earnings
,
_
9 Mos. End. Sept. 30—
Net profit after taxes &
$359,942
245,108
x$258,862
24 ),218
•'$0.72
1780.
Admin. & gen. expenses.
Int. on borrow,
money..
$191,814
240,218
$1.12
y$.).44
j.,
undistributed
on
p.
Gross vol. of pur. finan.. $36,021,109
x Gross
income
v.
1,534,466
1935
1936
profits,
y
Based
on
Insurance.premiums
-.
_
544,456
379,972
'
Holland Furnace Co.—To Reorganize—
,
$21,888,989
1,081,814
414,826
292,542
$15,555,490 $12,302,950
1,009,131
733,327
381,926
361,338
245,270
167,974
64,649
153,270
106,144
15,940
13,909
12,070
29,125'
30,931
4,286
3,765
5,460
4,980
2,195
88,676
_
Provision for depreciat'n
Executive salaries
Legal fees
present
'
2395
20,339
45,733
5,167
5,515
Directors' fees & salaries
.
Stockholders
at a special meeting on Oct.
17 will consider adopting a
of reorganization providing for changing the state of incorporation
from that of a Michigan
corporation to a Delaware corporation apd changing
the par value of the preferred stock from no
par value, to $98 par value,
and the common stock from no
par to $10 par value, each outstanding share
Balance, income.
plan
Div.
common stock to be exchanged for one new share; also
amending the articles of incorporation to provide that the corporate term
of the corporation shall
expire on Dec. 31, 1938, in order to effect its dis¬
solution on that date.—V. 147, p. 1639.
each
share
See V. 144, p.
held
Operating
Depreciation,
1935
$1,249,451
$1,328,119
769,486
75,180
Amts.
b
Development and
39,472
136,752
135,705
107,190
105,706
96,993
96,351
$318,661
$45,409
5,708
5,872
$155,470
25,000
$56,990
50,000
30,000
real
36,530
...
'
y;
$501,321
$293,661
;
$105,470
$ 26,990
1937
amounts due
by affiliated
less amount written
company,
and
securities
acquired in settlement of debts,
$1;
goodwill,
$1; total,
$17,044,315.
Liabilities—Bank
$99,937
100,000
$197,426
200,000
$211,282
250,000
$63
$2,574
$38,718
$53,568
Balance Sheet Dec. 31, 1937
hand and
on
deposit, $707,764; receivable for bullion
hand and en route, $61,842; accounts and interest receivable, $11,363;
Dominion of Canada 4 %% bonds due 1940 at par, on deposit with Ontario
Hydro-Electric Commission (market value $10,650), $10,000; marketable
securities at cost less reserve (market value $213,682), $211,802; shares
on
for and receivable under agreement, per contra,
$120,000;
buildings, machinery and equipment at cost, &c. (less reserve for deprecia¬
tion of $958,015), $414,647; inventory of materials and
supplies as deter¬
mined and certified by the management and valued at cost,
$256,020;
development, pre-operating and financing charges, &c., $58,766; prepaid
insurance, $15,637; deferred charges, $8,305; shares in other mining com-
loans
(secured by cash and notes receivable), $10,200,000; accounts payable, $52,250; reserve for Dominion and Provincial
taxes, $77,800; dealers' credit balances (withheld as security for payment
of acceptances and notes receivable), $822,489; letters of credit
outstanding,
$74,500; reserves for deferred income and credit contingencies, $824,674;
4% convertible 15-year notes, due Jan. 2, 1952, $1,970,000; 5% cumulative
redeemable preferred shares of the par value of $100 (10,000 shares beating
stock purchase warrants), $1,500,000; 60,548 class A shares and 25,000
clhss B shares (both no par), $1,021,281; earned surplus, $501,321; total,
$17,044.315 —V. 145, "p. 2550.
$446,432
500,000
Deficit...............
on
55,196
off, $5,000; cost of redemption of debentures and issue of additional share
capital and note.4, less amounts written off, $189,259; real estate, mortgages
a Of which $1,084,591 was
recovery from ore in 1937; $1,239,134 in 1936;
$1,319,764 in 1935, and $1,594,222 in 1934.
bAt rate of 20 cents a ton
Assets—Cash
,
12,270
on
investment in and
,
y
_______
$244,190
293,661
53,471
deposit, $1,231,818; acceptances and notes receivable,
$15,420,199; accounts rec., $43,763; letters of credit outstanding, $74,500;
deferred charges and prepaid insurance premiums, $6,013; office
equipment
and automobiles (a cost)
(less, reserves for depreciation, $63,776), $73,762;
9,187
Net profit..
26,990
1,143
_
Balance Sheet Dec. 31,
132,750
_
Dividends paid..
off
Assets—Cash
pre-
operatmg expenses
on outside
Expenditures
exploration
63,539
29,274
,
plant, equipment
written
estate, &c........
1934
13,560
building,
$127,336
105,470
"
74,811
75.000
90,708
-
$1,601,579
812,473
70,318
0
43,253
716,755
$213,191
84,899
$83,605
'
1936
$1,107,782
666,731
74,058
_
$100,605
::
Bal. at credit Dec. 31-
1937
137,119
expenses
$193,078
Total income.
$537,851
Additional provision for
credit contingencies..
yy;
Howey Gold Mines, Ltd.—Earnings—
Admin. <fc gen. expenses.
Reserve for taxes
17,000
$314,984
45,974
32,800
23,018
^
Prof.on redempt.of debs.
paid to stockholders of record March 25, 1937.fi
454, for detailed record of previous cash distributions.—V. 147,
.
18,000
.
Balance
Previous surplus.______
,
was
Calendar Years—
aGrossincome
$175,078
$569,608
_
$254,984
60,000
Prov. for income taxes..
422.
p.
debentures.
on
Preferred dividends
Divs. on class A shares.
The directors have declared an extra dividend of 15 cents
per share in
addition to the regular quarterly dividend of 25 cents per share on the
comn on stock, both
payable Nov. 1 to holders of record Oct. 15.
Similar
distributions were n ade on Aug. 1, May 2 and Feb. 1, last: Nov. 1, Aug. 2
and on May 1, 1937.
A stock,dividend of 1.29 of a share of comm on stock
for
co.
Net oper. profit.__
Interest
of preferred and
Home Insurance Co.—-Extra Dividend—
from affil.
rec.
$444,608
125,000
—
Industrial Brownhoist
.
Corp.-*—Earnings-—
Period End. Sept. 30, 1938—
Loss from operations
%
3 Months
9 Months
$24,225 prof$64,815
37,616
113,539
Provisions for depreciation and idle plant expense.
subscribed
Ijanies, the properties of whichproperties and licenses incl. discount less
are in process of development, at cost or
$50,001; mining claims,
ess,
premium on shares, $3,275,445; total, $5,201,594.
Liabilities—Accounts and wages payable and accrued charges, $25,280;
reserve for taxes,
$14,500; dividends unclaimed, $3,233; payable under
agreement for shares subscribed for, per contra, $120,000; capital stock
(par $1), $5,000,000; surplus, $38,581; total, $5,201,594.—V. 145, p. 2549.
Hutchinson Sugar
Calendar Years—
Gross profits
.
....
Sundry other profits
Plantation Co.—-Earnings—
1937
$1,017,204
165,792
1936
Total
profits.
$1,182,996
Cost of prod., dep.&depl.
990,715
Other expenses, &c
15,666
Federal income tax
Territorial income tax..
Net Income..
Dividends paid..
x
$1,282,963
991,328
31,340
36,405
11,629
z26,513
6,053
»
$144,049
120,000
Agriculture,
net,
$1,245,698
854,979
59,895
47,924
220,000
of
y
1934
$818,328
76,128
,v
$894,456
769,738
44,194
11,145
$282,900
120,000
$69,379
90,000
"
$212,263
After processing tax paid of $116.
Secretary of
.profits tax.
1935
x$995,652
y250,046
$1,196,898
86,065
•
Including amount received from
$180,791.
z Includes
undistributed
; *yy
V
'
.
Operating revenues.
Operating expenses...
Net oper. revenues.
$7; 198,648
4,961,946
and
common
$2,236,702
1,186,949
no participation in the stock of the reorganized company.
The Middle West Corp. owns 24.27% of the bonds and 29.24% of the
debentures of Inland and 93.5% of the bonds of Commonwealth and has
against Commonwealth and $1,032 against
effected., it would receive 128,615.4 shares
about 38%.
The applicants proposing the reorganization are Arthur E.
Swanson,
Kellogg Logsdon and Gary Barthell, a bondholders' protective committee
for collateral trust 6% sinking fund gold bonds, series A. B. and C of Inland
Power & Light Corp. and the Middle West Corp.—V. i45, p. 2695; V. 146,
p. 2538.
: ■
.y..y
y.Vyyy
■,
V»'y yyy.1,
general
If the reorganization is
new
company, or
.
.
Insuranshares Certificates,
$1,093,003
944,369
897,104
$7,880,842
6,627,223
$9,503,758
8,219,036
—V. 147, p. 1038.
Expenses
.
L
-:-y >w-'»y
-
-
Interest expenses
Dividends paid
Net
profit,
1937
$95,045
16,613
earned
Dividends
Indiana Harbor Belt
$130,918
17,268
2,151
127,500
excl.
$106,403
762,387
loss$16,001
687,941
130
572
of
losses on sales of se¬
curities
charged(to
$78,272
729,644
16,891
74^200
surplus
Previous oper. surplus.
Income debits..
Dividends.
■Undistrib,
oper.
inc.,
.
y
y
.
81,280
170,000/
■
$726,825
Sept. 30--~
Earnings per share
•
10.74c.
$799,140
$698,659
$671,368
14.36c.
12.51c,
13.11c.
y
Comparative Balance Sheet Sept. 30
1938
Assets—
—
Due from brokers.
Divs.
$92,194
16,732
1937
$12,981
....
Liabilities—
1938
see'd by collat..
23,773
$140,000
Accrued expenses.
Social Security tax
reserve......_.
—-y
1937
Notes, pay., banks,
..
4.952,656 yo,285,071
receivable..
value)
RR.—Earnings-
1938—Month—1937
$758,739
$852,122
477,443
555,354
1935
$129,630
21,544
1,684
$113,286
767,135
161
...
1936
$134,386
19,668
1,432
—
Investm'ts (market
Period End. Aug. 31—
Railway oper. revenues.
Railway oper. expenses.
Inc.—Earnings-
for 9 Months Ended Sept. 30
1938'
Cash...
Net oper. income
Net income
$53,848
of
claims
Inland.
of the
$2,178,432 $17,333,654 $18,590,030
1,085,429
9,452,812
9,086,272
$1,049,753
Operating taxes
stocks of Inland and common stock of Commonwealth would
receive
capital
7,192,822 $57,435,809 $57,714,296
5,014,390
40,102,155
39,124,266
SEC Sets Hearing
on Plan
The Securities and Exchange Commission has set a hearing for Oct. 31 on
applications for a report by it on a plan of reorganization of the Inland,,
Power & Light Corp. and the Commonwealth Light & Power Co. which
contemplates the dissolution of the latter and the formation of a reorganized
company, as successor to both companies.
The reorganized company would have only cqmmon stock outstanding,
which would be distributed to the prasent companies.
Holders of preferred
Telephone Co.—Earnings—-
1938—Month—1937
1938—8 Mos.—1937
Operating revenues
$7,219,907
$7,209,852 $57,582,648 $57,850,597
Uncollectible oper. rev._ f
21,259
17,030
146,839
136,301
$48,724
taken from the corporation records and
Inland Power & Light Corp.—
Income Account
31—
are
subject to adjustment in the annual closing and audit of the accounts.
All accumulated interest to Dec. 31, 1937, on the outstanding general
mortgage 20-year convertible 6% income bonds was paid April 1, 1938.
—v.-147, p. 423.
; '
y/y-. y' y y,/'^ i'r^y/^y^y ,y' :
.
y \
Balance Sheet Dec. 31, 1937
Assets—Cash, $32,431; accounts receivable,'$5,006; sales in suspense,
$58,616; advances, $18,262; store account, $54,462; inventories, $113,298;
estimated accrual under Sugar Act of 1937, $74,347; soil
conservation,
$9,281; investments; $34,528; growing crops, $286,942; land,
buildings,
equipment, &c. (less reserve for depreciation of $852,667), $1,922,050; de¬
ferred assets, $7,444; total, $2,616,667.
Liabilities-*-Notes payable—American Trust Co., $50,000; accounts pay¬
able, $157,726; capital stock (par $15), $1,500,000; surplus, $908,942;
total, $2,616,667.—V. 145, p. 2550.
Illinois Bestl
$61,850
Notes—Interim statements
• y.;1
.
Period End. Aug.
JTet loss.______
are
...
228
15
Due to brokers
1,374
7,790
Common stock..
731,600
838,700
Surplus paid In...
1938—8 Mos.—1937
$5,547,477
$7,075,762
3,959,662
4,512,889
3,615,225
726,825
£>rl3,457
3,788,690
799,140
x
Surplus
z
earned
Treasury stock;
_
7>r252,722
Net revenue from rail¬
operations
Railway tax 'accruals
Eqpt. & jt. facil. rents
$281,296
77,316
70,432
$296,768
82,188
110,213
$1,587,815
Net ry.oper. income.
Other income.
$133,548
1,943
$104,367
$567,909
20,739
$1,140,541
1,434
$135,491
$105,801
$588,648
$1,156,033
3,365
36,920
3,378
37,354
25,344
297,350
25,901
299,792
$65,069
$265,954
$0.86
$3.50
$830,340
$10.92
way
Total income.
Miscell.
deducts,
487,385
532,521
$2,562,873
693,715
728,617
Total fixed charges
charges
—V.
147,
p.
1781.
...$5,061,582 $5,321,825
Cost of 2,900 shares
Total..
—$5,061,582 $5,321,825
(50,300 in
1937).—V. 147,
p.
574.
International Match Realization Co., Ltd.—Liquidat¬
ing Dividend—ry
The board of directors
Net income after fixed
Net inc. per sh. of stock
—
x Represented
by shares having a par value of $1.
y After reserve for
depreciation of $1,215,907 (after deducting appreciation cost of $186,937).
z
15,492
from
income
Total
has declared a third liquidating dividend of $7.50
share on company's capital shares and the voting trustees of the voting
for said capital shares have directed the company to pay the said
dividend on Nov. 16, 1938 to holders of voting trust certificates of record
per
trust
of business Oct. 14. 1938.
Unexchanged certificates of deposit
protective committee for debentures of International Match Corp.
at the close
$95,206
$1.25
-
of either
entitle the bearers thereof to receive this dividend at the time such
certificates are exchanged for voting trust certificates for capital shares of
will
Financial
2396
the dividend will not be paid until the exchange is made.
unexchanged certificates of deposit should, therefore, surrender
the respective depositaries to insure prompt payment of this as
this company, but
Oct.
Chronicle
Oil Co J and director of
of Socony-Vacuum
Jr.
L.
Pratt
St
John Smith, New
1938
IS,
The Thrift, and
York capitalist.
Holders of
them
well
to
the other two
as
liquidating
dividends.—V. 146, p. 442.
International Metal Industries, Ltd.—Accum. Div.—
declared a dividend of $1.50 per share on account of ac¬
6% con v. pref. stock and on the 6% con v. cumul. pref.
stock, series A, both payable Nov. 1 to holders of record Oct. 15.
Like
amounts were paid Aug. 1, May 2 and Feb. 1, last.—V. 147, p. 423.
Directors have
cumulations on the
Interstate
Department
30—
Period End. Sept.
Sales
At
Stores—Sales—
Koloa Sugar
1938—Month—1937
1938—8 Mos.—1937
$2,008,600 $2,227,533 $14,485,416 $17,595,597
.Y.-;-V>
>.
Corp.—New Chairman, etc.—
Intertype
was
::r
1931.
—V. 147, p.
a meeting of the Board of
elected Chair/nan of the
deceased.
Knudsen Creamery Co.—Accumulated Dividend—
declared a dividend of 37 V2 cents per share on account
the $1.50 class A cumul. and partic. shares, no par
value, payable Nov. 25 to holders of record Nov. 15.
A similar payment
was made on Aug. 25, May 25 and Feb. 25, last, Dec. 23, Nov. 25, Aug. 25
and Feb. 25, 1937, and on Nov. 25, Sept. 10, May 5 and Jan. 27, 1936, this
latter being the first payment made on the issue since Aug. 1, 1934, when a
regular quarterly dividend of like amount was distributed.—V. 147, p. 1039.
The directors have
of accumulations on
Directors held on Oct. 6, Paul Appenzellar
Board to succeed Richard 11. Swartwout,
director
147,
of the
Executor of the Estate of Erskine Hewitt, was elected
corporation to succeed Erskine Hewitt, deceased.—V.
894.
p.
Electric Co.—Redemption & Change of Name—
Corporation redeemed all its outstanding $100 par value 6% cumulative
preferred stock (2,500 shares) on June 30, 1938 at $110 a share and ac¬
crued dividends.
The company was formally known as Keokuk Electric
Co. and changed its name to Union Electric Co. of Iowa, which was later
changed to Iowa Union Electric Co.—V. 145, p. 3831.
Key West
Electric Co.—Earnings—
31-
Period End. Aug.
Operating revenues—
Operation- _
Maintenance—.
1937—
amortization.
Balance
$78,445
$64,748
23,951
25,619
$3,373
$54,493
19,685
$34,809
24,374
$19,129
24,374
$10,435
.
dividends and surplus....
Includes $5,574 Federal income taxes, of which $1,984 is Federal surtax
undistributed profits applying to the year ended Dec. 31,
Note—On .Jan. 1, 1937 changes were made in accounting
hence the above 12 months' figures are not exactly comparative.—V. 147,
1937.
procedure,'
Kirkham
Engineering & Mfg. Corp.—Stock Offered—•
of 25,000 shares of common stock was made
of a prospectus by Robinson, Miller
Co., Inc., and Parrish & Co.
The shares were offered
13 by means
Oct.
$7.50 each.
.
.
;
proceeds from the sale of this issue, $75,000 will be
in full the corporation's only funded debt, consisting of a 5%
Of the net
repay
&
at
used to
collateral
be used as additional working
material purchases, labor and general operating
in the corporation's business.
The company was incorporated in New York Nov. 14, 1932, to engage
in the manufacture, development and designing of aircraft parts and equip¬
ment and the development of the business has followed the general expan¬
sion of the aircraft industry.
Its plant is located at Farmingdale, Long
island, the center of a number of aviation enterprises, and consists of two
modern steel and concrete buildings having a floor area of about 38,000
square feet.
The greatest part of its business consists of precision work
upon alloys of steel and aluminum and includes engineering and develop¬
ment of new products, such as improved shock struts, propeller hubs and
various other aircraft parts; machine work in all its branches, and the con¬
struction of wings, pontoons, stabilizers, rudders, elevators and fins.
About
90% of its work is done in accordance with standards and specifications of
that amount,
note for
and the remainder will
capital, to finance increased
expenses due to the increase
has been spent
$250,000
plant,
Army and Navy Departments.
Approximately
by the corporation since the beginning of
on
the United States
1936
property and equipment.
The management of the company is headed by
President, who has been engaged in the aircraft industry
and was formerly chief engineer for Curtiss Aeroplane &
Simon, formerly general manager of the Lawrence Sperry
is Vice-President.
Charles B. Kirkham,
for over 30 years
Motor Co. Robert
Aircraft Corp.,
outstanding capitalization will
stock (par $100) and
authorized issue of 200,000
reserved to the man¬
agement, are exercisable only in the event that earnings on the stock now
outstanding and to be outstanding after the exercise of these options, are
share.
Earnings—The sales and net
1935, 1936, and 1937, and six
Sales and
the years,
following summary:
*.
»
1
Sales
-
,
$158,912
Net Income
Z
$576
-----
a
a
1937.■'
Business on hand for the balance of the year 1938 indicates that the
corporation's gross sales for the second six months Of the calendar year
.will substantially exceed the gross sales for the first six months.
Underwriting—Parrish & Co., New York, and Robinson, Miller & Co.,
Inc., New York, are the principal underwriters under an underwriting agree¬
ment with the corporation dated Sept. 30, 1938.
The underwriting agree¬
ment provides for the purchase by the underwriters of 25,000 shares of
provides that
Miller & Co.,
stock at $6 per share.
The underwriting agreement
obligations and rights of Parrish & Co. and Robinson,
common
the
all of such shares are 50% as to
joint.—V. 147, p. 1783.
Inc., with respect to
and not
Knickerbocker
Fund—Firm
each, and are several
$2,217,335.
payable (store),
ber, 1937, $13,862; accounts payable, $12,301; accounts
$1,918; coupons outstanding (store), $734; American Factors, Ltd. (current
account), $29,373; tool, bango and meter deposits, $2,270; 1937
charges, unaccounted sugar, $81; 1937 marketing charges,
molasses, $538; interest accrued on notes, $1,667; territorial gross income
tax, $1,130; territorial consumer's tax, $27; territorial gross income tax
consumer's tax (store), $168; territorial unemployment relief tax, $133;
Hawaii unemployment compensation tax, $843; Federal excise tax on em¬
ployers accrued (Title IX), $367; Federal excise tax on employers
(Title VIII), $120; Federal excise tax on employers accrued (Title
(store), $15; Federal capital stock tax accrued, $3,635; Federal
energy tax, $9; notes payable, $250,000; 50,000 shares of common
no
par value, $1,000,000; undivided profits, $895,525; total,
—V. 145, p. 2396.
'
marketing
unaccounted
and
accrued
VIII)
electric
stock,
$2,217,335.
*
(S. H.) Kress &
Sales for the month of
Formed to
Sponsor New
organized to act as
the Knickerbocker Fund for the Diversifica¬
Pettit, Bryan &
Kalbach, Inc. has been
and distributors for
Supervision and Safe-keeping of Investments, a new mutual
fund.
The new firm has filed a registration statement with the
\ Securities and Exchange Commission in Washington covering
shares of beneficial interest in the Knickerbocker Fund, such shares to be
offered publicly when the registration has become effective.
Officers of the new firm, which is located at 26 Journal Square, Jersey
City, N. J., include Karl D. Pettit, managing partner of Karl
& Co., as President; C. Ellwood Kalback, Investment Trust
as
Executive Vice-President; James T. Bryan, former partner of the New
York Stock Exchange firm of Logan & Bryan, as Vice-President; George
Edlich of Karl D. Pettit & Co., as Treasurer, and John G. Turnbull,
partner in the law firm of Turnbull & Bergh, as Secretary.
decrease of $752,942,
v'v-
1938—Month—19.37
30—
$1,201,256
$1,070,037
—V. 147, p.
$54,318,518, a
ending Sept. 30, were
7.5%.—V.-147, p. 1639.
Inc.—Sales-—
Lane Bryant,
Period End. Sept.
Sales--.
1938—9 Aids.—1937
$9,457,242 $10,658,567
1639.
Corp.—Delisting—
afterJTpublic hearings,r has
granting the application of corporation to withdraw from
La Salle-Wacker
and
Securities
The
issued
orders
Exchange Commission,
(5% income) due
first (closed)
1957
listing
effective
listing and registration its first (closed) mortgage bonds
Aug. 1, 1957; debentures (5% income) due Aug. 1A1962, and
mortgage bonds (5% fixed interest bearing) due Aug. 1,
from
and registration on the Board of Trade of the City of Chicago,
at
the close of the trading session Oct. 18.
Delisting was sought, among other
reasons, because from April 21,
1936, the effective date of listing
registration on the Exchange, there have been no purchases,
or trans¬
actions of any kind, all trading in the securities having taken place in the
over-the-counter market.—V. 147, p. 1492.
and
sales
Co.—-Earnings—
Lehigh Portland Cement
30—
profit after taxes,
deprec., deplet., &c_.
Shs. com. stk. (par $251
Earnings per share
12 Mos, End. Sept.
i936]
«*"
U937
1938
Net
E 1935
-
**
$487,232 x$l,289,928 x$2,207,863
$265,712
754,434 ,
754,430
495,628 >< 495,628
$0.34
y$L34
$3.47
Nil
xNo provision has been made for Federal surtaxes on undistributed
profits,
y Based on 12 months' dividend requirements on 56,752 shares of
4% preferred stock outstanding at close of the period, balance of earnings
for the 12 months ended Sept. 30, 1937,Hs equal to $1.41 a common share.
—V. 147, p. 576.
•
Lehman
'
Corp.—Earnings—
for the three months
"Chronicle," page 2249.
The income statement
in last week's
Statement
Excess of
' 1937
1938
30-._--..$83,673,396 $81,739,884
x542,256
proceeds
Balance, Sept.
25,528,217
2,654,505
1,059,581
V
•
2,301,686
74,890
$17,252,646 $12,810,517
416,316
1,040,790
Dividends declared
$81,316,403
17,819,375
15,112,203
17.327,536
state¬
30 (per
above)
ment
1935
1936
$81,338,740 $81,294,067
yl9,707
y22,337
30---b$83,673,396b$82,282,140 x$81358,448
Profit & Loss Account- ■
Balance, loss, June 30Prof, for the 3 mos. end.
Sept.
ended Sept. 30 was published
Months Ended Sept. 30
of Surplus 3
Capital Surplus—
Balance June
$15,164,870 $24,468,636
1,196,356
409,620
_Bal.,loss, Sept.
30-a$17,668,962 $13,851,307 $16,361,226
1,000,000
D. Pettit
Consultant,
and Walter A. DeLamater are also
vice-presidents and directors.
the new firm as
becoming associated
.
President
Bank for
of Toledo;
Herbert
of the new company are:
Herbert L. Bodman,
of Milmine, Bodman & Co., Inc. and a trustee of the Seamen's
Savings; James E. Martin, President of the Martin-Webb Co.
Hon. A. Dayton Oliphant, Judge of the New Jersey Circuit Court;
Other directors
$24,878,256
applied to the purchase of 3,268 shares of
proceeds over cost of shares of treasury
thereon, z Excess of proceeds over
$1,66 2-3 per share (the value assigned to capital stock) with respect to
16,515 shares of previously unissued share*, delivered under the manage¬
ment agreement,
a The balance (debit) at Sept. 30, 1938 is made up as
"He
Of which
$162,125 has been
treasury stock in 1936.
y Excess pf
stock delivered upon exercise of options
Dividends declared by
follows:
date of organization to
accumulated income and profit and loss
the corporation from
1938, $25,862,399, less
Sept. 30,
organization to Sept. 30,
$17,668,962.
b Of which $87,710 is
(profit) from date of
above)
1938, $8,193,437; balance (as
applicable to 5,304 shares of
,
stock).
treasury
Comparative Balance Sheet Sept.
<
a.1 sscts
3
S
*
.
30
1938.
1937
1938
Securities
$
Liabilities—
'
owned57,446,288 64,215,376
2,273,917
Cash
1,165,716
5,628,938
x U. S. Govt, secur
8,753,513
2,509,036
x Invest
in real est 1,025,688
x
Capital stock--.
Dividend payable-
y
"193?
$
1,999,174
3,390,430
416,316
1,040,790
Payable for secur.
168,397
purchased
,
estate
loans
Res. for accr, exps.
and taxes...---
1
and
equities....
1
Misc.
investments
1,875
131,560
19.058
316,943
377,140
Divs.
rec.
253.263
1,993,718
accrued
manage, compen
------
Capital surplus. ..83.673,396
Profit & loss defd. 17,668,962
176,070
82,282,140
13,851,307
.68,841,584 75,031,840
Total-.
Represented by 2,086,884 no par shares in 1938 (2,081,580
1937), exclusing 5,304 shares held in treasury, at cost, of $87,710—V. 147,
x
p.
Res've for
68.841,584 75,031.840
Total
in
8,375
and int.
acciued-...
invest¬
tion,
}
September were $6,178,519, a
the nine months
$4,425,587, or
decrease of
ment
H. G. Carpenter
for
sales
The
Rec. for secur. sold
sponsors
with
Co.—Sales—
10.9%.
or
Real
Mutual Fund—
The firm of
program
income of the
259,154
,
508
'
372,123
16,560
1938 (6 months ended June 30)
;
a285,838
b46,961
Compared with $143,273 for the corresponding period of 1937.
b After
provision of $10,000 for Federal income taxes.
This figure compares
with $12,923 before Federal income taxes for the corresponding period of
1936—
delivered, unaccounted, $2,731; 1937 molasses delivered, un¬
conditional payments accrued 1937, $35,656; soil con¬
income accrued 1937, $9,600; merchandise in store,
sugar
,
Calendar Years—
1935
corporation during
months of 1938 are shown in the
31, 1937
$51,075; growing crops, $301,464; inventories of supplies, $54,525; deferred
prepaid assets, $33,843; investments (at cost), $200,540; real estate,
plant and permanent improvements, $1,492,748; total,
Liabilities—Drafts outstanding, $2,619; wages payable account, Decem¬
Upon completion of this financing, the
of 120 shares of 7% cumulative preferred
equivalent to $1.25 per
81,216
and
consist
126,532 shares ($1 par) common stock, out of an
shares.
Options on 30,000 shares of common stock,
$36,211
$3.62
$929; cash on hand and in banks (store), $2,128;
receivable, $6,967; accounts and bills receivable (store), $21,901;
servation
I). 2248.
Public offering
$86,768
$8.67
accounted, $3,226;
a
on
$198,978
81,551
Assets—Cash on hand,
accounts
def$5,245
—
$2.56,656
81,801
88,087
$58,084
$5.80
Balance Sheet Dec.
.... .
requirements..
Balance for common
a
60,716
79,361
loss$54,191
Nil
Net profit
Earnsjiersh.oncap. stk.
$39,129
20,000
—
—
Preferred dividend
$61,738
3,009
1,999
$3,889
Appropriation for retirement reserve.
•
Dr4,028
$5,373
-
^
Balance.;
$82,473
Dr2 77
$5,797
1,907
Balance
Interest &
21,562
$5,650
.
Dr415
income—net.
8,732
19,685
1,347
$6,213
Net oper. revenues.
11,464
846
1,111
2,104
,
Taxes-.
Non-oper.
1938—12 Mos,—1937
$148,919
$168,783
56,888
55,161
1938—Month-—1937
$12,203
$14,276
4,3611
4,848
71,823
83,533
Operating expenses
Depreciation
1937
-
■
Iowa Union
1936
$198,161
1937
1934
1935
$101,166
Total income-
Norvin 11. Green,
a
Co.—Earnings—
Calendar Years—
At cost,
y
2249.
Lehn & Fink Products
Period End. Sept. 30—
xNetprofit__
Corp .—Earnings—
1938—9 Mos.—1937
1938—3 Mos.-—1937
$201,671
$83,890
Earnings per share
$0.50
x After charges and
Federal income
stock ($5 par).—V. 147, p. 1197.
y
Lerner Stores
_-
—V. 147,
P.1641.
y
$356,467
$0.89
$.322,020
$0.80
On 400,000 shares capital
Corp.—Sales—
1938—Month—1937
1938—8 Mos.—1937
$2,740,474 $2,969,968 $23,467,197 $25,181,816
Period End. Sept. 30—
Sales
$0.21
taxes,
Volume
Financial
147
Chronicle
naisance
(Fred T.) Ley & Co., Inc.—Earnings—-
costing approximately $18,000,000.
Addition of the
amount of money involved in the British
$21,900,000 and raises the company's backlog of unfilled
a new peak of
approximately $24,000,000.
Robert E. Gross, in
making the announcement of the spare parts order,
stated that a part of the order was
included but not publicly announced in
the backlog figure as of June 30 last.
Orders to be filled during the balance of the
year and in 1939 include the
order from the British Air
Ministry, a fleet of 13 twin-engined personnel
transports for the U. S. Army Air Corps, and a $690,000 order for the
Netherlands East Indian Government.
The U. S. Navy, Aeropout Airlines
of Jugoslavia, British
Airways, Ltd., and several unannounced individuals
spare parts order
Earnings for the Year Ended Feb. 28, 1938
Profit from contracting and equipment rentals
Real estate management fees-...
Real estate rentals_
expenses
business to
.—.$150,807
.
42,354
5,415
_
2,742
4,831
-
—
Total income
Operating
__$206,149
153,962
...
Real estate taxes and property expenses
Interest expense
17,043
Depreciation of equipment and fixtures
Depreciation of real estate owned
11,311
1,765
11,087
and corporations also have orders with the
Lockheed company.
A.
Net income from operations
'•
v
■■
•
5,682
_—
-V-:
•••••;
Net income.
____
'%L-: ■
-Vv'
■
•-,J
•«
Balance Sheet Feb. 28,
,
$5,298
[Including Thomas J. Lipton Ltd., Canada]
—■
$57,500; investments in and advances to other com¬
panies, $163,488; real estate equities, $191,867; contracting equipment,
$49,287; office equipment, $5,083; supply inventory and prepaid expenses,
$5,602; goodwill, $1; total, $971,377.
Liabilities—Accounts payable, $67,673; note payable, $500; taxes, State
and social security, $6,131; accrued interest, 75 Central Park West Corp.
note, $142; note payable, 75 Central Park West Corp., due Feb. 5, 1946,
$55,597; 5% income notes, $287,248; reserves, $96,302; capital stock,
{$1 par), $227,558; surplus, $230,224; total, $971,377.—V. 142, p. 1125.
&
Heel
,
■'
Assets
O
122,968
Acer, int., wages,
Inventories
157,834
First mortgage on
mortgage
in
—
banks.
__
—
Investments.
9.590
...
127,547
10,841
Property, plant and equipment.
Reserves
.
for
Total
Lincoln Stores,
__________.$526,267
11,599
_
-----$537,865
gi 000
35^000
$421 865
Consolidated Balance, Sheet
38,616
12,119
$433,984
78,000
200,000
133,690
$472,637
Total
1937
1936
$5,488,263.
$4,736,121
$3,570,871
5,257,208
82,402
4,493,121
76,410
..
Liabilities—Trade accounts payable, $138,796; accrued expenses,
taxes,
&c., $127,356; reserve for Federal taxes on income, $116,000; reserve for
contingencies, $19,276; 6% cumulative * referred stock (par $2,5,, $1,300,000:
class Astock (par $1), $200,000; class B stock (200,000 shares of no
par
value), $200,000: caoital surplus, $1,804,235: earned surplus, $1,582,599:
total, $5,488,263.—V. 147, p. 1932.
*
1935
$5,614,436
Dec. 31, 1937
Assets—Cash, $123,374; trade accounts receivable
(net), $389,391;
sundry debtors, including advancas to salesmen, $32,721; inventories,
$1,715,804; investments, $5,208; deferred charges, $89,656; fixed assets
(net), $318,109; goodwill, trade-marks and copyrights, $2,814,000; total,
112,600
period Jan. 1 to Aug. 31, 1938, was pub¬
" 1938
$5,559,065
_
_
Inc.—Earnings—
31—
Sales.
1
Net profit to earned surplus
Dividend paid on 6% cumulative preferred stock
Dividend paid on class A stock
lished in V. 147, p. 2248.
Years End. Jan.
_
Net profit
protection
patent
and losses
Capital stock
$472,637
The income statement for the
_
Liptoa, Ltd. (Canada) included above for
portion of year prior to acquisition of stock thereof
payable—-.$129,646
&c.
royalties, &cf 44,367
factory site.
site13,719
Earned surplus
Prepaid ins., int., supplies, &e.
255,442
41,524
Net loss of Thomas J.
Liabilities-
..
Notes and accounts receivable..
and
_
Net profit before Federal taxes on income
Provision for Federal income tax.
;
Surtax on undistributed profits._1
Notes and accounts
hand
erating profit;
Other lncopae
Corp.—General Balance Sheet
$43,858
on
$823,233
_
Depreciation
Aug.'SI, 1938—
Cash
:
—
.
Sole
Earnings for Year Ended Dec. 31, 1937
„
Net profit from operations, after all
selling expenses,
General and administrative
expenses.
real estate mortgage,
Cord
Lockheed to complete and deliver
(Thomas J.) Lipton, Inc.—Earnings—
1938
Assets—-Cash, $44,236; accounts receivable (net), $101,773; notes re¬
ceivable,
$13,829;
unbilled work-in-process,
$29,963; pledged
assets'
$55,784; accounts receivable (non cur.), $248,464; note receivable, $4,500;
Lima
will enable
average
—•
.....
....
year
of one plane per working day during 1939.
This will be the
greatest production program ever attempted
by the company, according
to Mr. Gross.—V.
147, p. 2092.
$10,980
Non-recurring charges
expected that improvement of factory facilities and production
j
methods effected this
an
.•••. :•
brings the total
contract to about
_
Income from services to foreign subsidiaries.
Interest income
2397
Bombers
3,345,136
58,461
Cost- of
goods sold, sell¬
ing & general exps
Depreciation.
5,288,125
86,969
_
Accrued Fed.
State
and
-
'
31,459
51,650
23,000
23,000
$152,511
$223,176
$143,589
$144,275
'
taxes
Louisville Gas & Electric Co.
appropriation for retirement
Net
profit.
59,962
.
$2.20
(including dividends on pref. stock of Louisville
(Ky.) held by public)
$196,456; accounts receivable (trade)
(net), $37,7271
(others), $10,988; advance payments on purchases, &C.,
$1,781; merchandise, $536,368; cash Surrender value of life insurance,
$49,021; notes and accounts receiveable due from .employees (secured by
1,030 shares of the company 's common stock), $6,435; advances to employees
and others, $2,257; advances to lessors under agreement, $23,000; preferred
charges, $24,511; capital assets (net), $933,669; total, $1,822,214.
Liabilities—Accounts payable, $87,886; accrued expenses, interest, &c.,
$12,659; Federal and State taxes accrued (estimated), $51,768; real estate
mortgages payable within one year, $15,500; real estate mortgages payable
(non current), $252,000; preferrd stock, $412,500; common stock (61,548
no par shares), $989,900; total, $1,822,214.—V. 146, p. 3958.
Assets—Cash,
Louisiana Land &
Exploration Co.—Earnings—
Years Ended Dec. 31—
1937
Interest income
Total
(net)
income..
Feb. 28, '37
Feb. 29, '36
$4,267
45.344
$33,525
45,533
$98,725
Net profit
Bond interest
Res. for
$65,259
18,000
cial income taxes
>
5,445
20,507
433,030
264,793
194,627
218,000
148,875
Land and lease expenses
Operating expenses
42,301
General and administrative expenses.
Provision for Federal income tax
■_
$12,008 loss$56,424
25,683
38,535
14,713
14,184
500
500
14,214 1
500
13,877
•,
500
depreciation—
Frov. for floating insur__
Prov. for Fed. & Provin¬
•
$41,077
18,493
$3,204,722
384,197
45,701'
11,421
377,369
"
58,030
8,447
Depreciation
Feb. 28, '35
prof $22,710
42,549
$1,830,252
53,127
739
Leases canceled and surrendered.
.
Feb. 28, '38
_
1935
$3,142,877
59,901
$3,343,824
328,209
Other income
1936
$3-,285,184
52,031
5,329
1,281
Oil and gas net revenue
Fur trapping revenue.
Depletion
Years Ended—
Provision for contingencies
Net profit for the year.
Dividends paid
_•
$27,437
_______
Earnings
1,850
loss$28,359
$6,019
per
share on capital stock..
Assets—Cash, $20,440; call loan, $60,000; investment securities, $39,908;
on investments, $600; accounts receivable (trade including
Cost of
—
-
$7,970,701
5,589,825
—
...
$2,380,876
1,185,568
....
$259,227
149,073
29,223
193
—
loss$29,238
61,785
profit.
1936 '
Selling, gen. & adipin. expenses
Bad debts charged off
$5,793,914
"4,180,338
$1,613 ;576.
1,010,137
$1,195,308
151,093
Other income
Net profit carried to
a
_
$698,069
50,943
146,121
(Fed., State & Domin.)
$952,049
$501,005
earned-surplus account
'-J_"
•.
■
■
-
*
-
$80,738
32,735
$503,692
234,463
26,662
,
$242,567
33,865.
1,284
a5,611
458
a4,824
$67,631
19,064
$217,276
30,834
loss$37,555
$48,567
107,300
$186,442
i
$32,547
40,098
$113,473
39,765
795
United States
,
.
Consolidated Balance Sheet Dec. 31, 1937
Assets—Cash, $37,006; marketable securities, $331,451; receivables.
$1,113,036; inventories, $2,258,7J7; prepaid expenses, $35,711; investments,
advances, &c., $108,684; land, buildings, machinery and equipment, office
equipment and automobile^ (net), $1,136,048; dies, jigs, patterns and tools
(less reserve for depreciation), $160,335; buildings and equipment under
construction, $24,909; leasehold improvements (less amortization), $5,527;
patents and patent rights (less amortization). $4,651; total, $5,216,157.
Liabilities—Notes payable—banks, $275,000; accounts payable, $409,924;
accrued liabilities, $95,044; provision for income taxes, $369,799. final
maturities of long-term notes payable to banks, $198,000; resrve for con¬
tingencies, $100,000; capital stock (214,704 no par shs.), $2,147,040;
capital surplus, $4,967; earned surplus, $1,629,284; treasury stock (1,600
shares, at cost), Dr.$12,901; total, $5,216,157—V. 146, p. 4122.
Corp.—Large British Order—
Corporation on Oct. 11 signed a contract with the British Air Ministry
for the largest spare parts order ever received by the company.
The con¬
tract, calling for $3,900,000 of extra equipment, will complement the order
received by Lockheed last June from the British Government for 200 Recon-
,
-
$276,432
40,548
10,492
666
7,449
-
Income deductions
"
Net income before minority interest
Includes $1 891 surtax on undistributed profits.
Lockheed Aircraft
'
Provision for taxes—Mexican
State
Net profit before other charges & income taxes.
Other charges.
Provision for income taxes
434,656
in earnings of a subsidiary
loss$14,445
Net income applic. to min. interests23,110
$603,440
94,629
$1,346,401
56,529
a.337,823
v
—
BalanceNet profit from operations
Other income
_
$28,686
31,735
26,189
$927,482
423,790
$693,883
•
Gross
1935
1936
$514,901
486,215
_•
Balance
Gross profit on slles.
Selling, administrative and general expenses—
1937
.
-
goods sold
Other operating expenses
1937
„
—
_
1937
Lucky Tiger-Combination Gold Mining Co. (& Subs.)
Calendar Years—
Sales.
Subs.)—Earnings—
Calendar Years—
$973,135
299,900
$0.32
.
Liabilities—Accounts payable and accruals, $27,074; bond interest payable
$9,000; provision for income taxes, $5,445; 1st rntge. 6% sinking fund gold
bonds, $300,000; reserves, $147,416; 6lA% cumul. redeemable preferred
stock, $481,200; common stock (33,008 no par shares), $829,134; surplus,
$113,342; total, $1,912,612.—V. 146, p. 2697.
Net sales
—
$1,901,298
1,497.750
$0.63
Liabilities—Accounts payable, $480,547; accrued taxes, $435,244; reserve
for contingencies, $160,000; capital stock ($1 par), $3,000,000; capital sur¬
plus, $6,059,419; earned surplus, $1,055,224; treasury stock (22,551 shares,
at cost), Dr.$224,975; total, $10,965,460147, p. 1346.
interest) (net), $597,643; other accounts receivable, $1,265; in¬
ventory, $133,267; land and buildings, $1,052,725; furniture, fixtures and
automobiles (less reserve for depreciation), $2,756; sundry real estate, $1;
Cost of sales.
112,790
75,000
181,372
charges, $56,128; total, $10,965,460.
accrued interest
Line Material Co. .(&
170,334
$940,602; accounts and notes receivable, $1,219,346;
due from Louisiana Geophysical Exploration Co., in liquidation, $91,020;
fee lands and leases, $8,496,171; fixed assets
(net), $162,192; deferred
accrued
$1,912,612.
$1,884,118
354,373
43,819
8,068
391,931
Assets—Cash,
loss$110172
Balance Sheet Feb. 28,1938
deferred charges, $4,006; total,
238
1,706
$1,727,336
1,493,551
$0.57
Balance Sheet JJec. 31,
Net profit:
1,652,312
The
taxes
"
Net operating loss
Interest and discount..
1,324.442
1937 figures have been adjusted to reflect $24,769 of additional
applicable to the period of 1936 included therein, paid by Louisville
Gas & Electric Co. (Ky.) in 1937 and charged to surplus.—V. 147, p. 2093.
x
accounts receivable
(C. W.) Lindsay & Co., Ltd.—Earnings-
5,558,020
*
Gas & Electric Co.
Balance Sheet Jan. 31,1938
xl937
5,534,445
*
Net income after deductions for interest charges,
amortiz.
of debt, discount and
expense,
&c
49,483
$2.24
49,858
$3.18
61,548
$1.99
reserve
1938
$11,030,033 $10,381,440
before
and after
taxes
Shs. com. stk. outstand¬
ing (no par)
Earnings per share
(Del.) (& Subs.)—Earns.
12 Months Ended Aug. 31—
»
Gross operating revenue.
Net operating revenue and other income,
,
Net income for the year
Dividends paid.
Earns, per sh. on
stock (par $10)
a
157,374
715,337 shs. capital
Nil
$0.0/
$0.26
No surtax liability recognized.
Consolidated Balance Sheet, Dec. 31,1937
Assets—Cash, $57,499; marketable securities, $813,240; accrued interest
marketable securities, $8,180; accounts receivable, $19,378; inventories,
on
$49,788;
reserves
investments, $31,601; property
depreciation, depletion and
for
.plant and equipment (after
amortization of $2,364,831),
$373,762; Unrealized appreciation of Tigre Mining Co., S. A. properties,
(after deducting portion of earned surplus of $474,805), $1,014,591; de¬
ferred charges, $31,012; other assets, $53,757; total, $2,452,809.
Liabilities—Accounts
payable,
$15,829; accrued liabilities, $18,437;
other current liabilities, $118,000; other liabilities, $73,008; minority interest
$7,153,370; dividends
earned surplus (after
Tigre Mining Co., S. A., transferred
$474,805), Dr. $27,874; total, $2,452,809.
$70,745; reserves, $2,287; capital stock ($10 par),
paid, representing return of capital, Dr.$4,970,994;
deducting portion of earned surplus of
to
unrelaized appreaciation,
2540.
—V. 146, p.
'
(& Subs.)—EarningsJan. 2, '37 Dec. 28, '37 Dec. 29, '34
$12,847,833 $11,432,236 $10,236,305 $8,042,189
91,192
148,536
179,625
Ludlow Mfg. Associates
Jan. 1, '38
Years Ended—
Net sales
Interest
Not
$12,939,026 $11,580,773 $10,415,930
Total
Cost of sales, incl. taxes
&
conting.,
deprec.,
sell.
'infg..
admin.
-
,■
exi^:.
11,453,195
9,661,928
$1,485,831
profit.
—
Earnings persh. on 178,771 shs. cap. stk. (no
Net
par)-.-
$1,918,845
available
8,906,886
-
$1,141,285
$1,509,044
v
.
"'
''■
'•
:
r
$10.73
$8.31
--
—
$6.38
$8.44
Consolidated Balance Sheet
$
1,916,716
3,667,998
21,395
$
Assets—
1,631.045
U. 8. Govt, securs. 2,009,927
Int. accr. on inv_.
5,718
Cash
Accts. & notesrec.,
973,147
8,773,271
499,953
..11,516,872
less reserves—-
Inventories....
Jan. 1,'38
Jan. 2,'37
Jan. 1,'38
Liabilities—
>
receiv. on
properties sold..-
Mtges,
contingencies—
Total
Res. for pensions..
y
Capital stock
—
1,470,631
171,534
1,437,866
177,446
.23,801,814 23,746,125
y
$936
1935
1934
$32,556
23,957
1937
$53,229
23,957
$86,604
11,978
Net
$32,263
22,429
—
Advs. to officers
1936
$12,455
156,122
Accounts payable.
693,300
Receivables
Inventories
711,857
Reserve for taxes..
&
3,648
2,040
employees
12,900
Life insurance....
4,460
Due from aff 11. cos.
Plant <fe equipt—
579,842
Capital surplus
surplus
138,944
Dr27,787
$276,753
314,460
z
Assets—Cash, $41,146;
$480,833
371,634
$463,582
343,047
$478,580
$109,199
$120,535
$129,326
Treasury stock..
44,375
$1,142,546; patents and copyrights, less reserve for
total, $4,831,412.
$120,000; accounts payable—trade creditors,
expenses, &c., $136,961; accrued wagas, expenses, local and other taxes,
&c., $65,616; dividends payable, $57,174; provision for Federal and State
income taxes and surtax on undistributed earnings, $62,991; reserve for
contingencies, $27,500; liability insurance reserve, $5,713; common stock
(114,349
surpius,
no par shs.), $2,225,083; earned surplus,
$276,632; total, $4,831.412.—V. 147, p. 1784.
1937
x$379,045
Gross profits
from contr.
Depr., repairs. & maint.
of idle equip.,
1937
profit on sales
1936
1935
$1,360,879
$1,205,027
ship¬
202,702
185,960
$179,721
$738,519
5,608
$1,058,360
10,667
$704,441
8,201
$744,128
$1,069,027
$712,641
y31,708
zl65,900
yl95,285
140,741
$157,397
240,875
$578,228
385,400
$873,743
289,050
$571,901
144,525
$83,478
$192,828
$584,693
$427,376
828,046
684,540
616,757
$520,487
Drl,179
$192,814
21,479
Balance, surplus
cap.
stock outstanding (no par)——
Earns, per share
$297,447
112,288
124,959
$532,833
103,064
118,359
108,892
$519,307
108,822
129,805
$214,293
110,422
surtax on
31,700
38,400
30,000
—
2,000
Provision for surtax
Prov. for market
Assets—Cash,
$160,907;
trade
$250,680
$0.72
$132,417
$0.21
loss$27,509
Nil
and
notes receivable
$192,408; property, plant and equipment (net),
and other assets,
$2,045,560; developed products, patents, &c, $83,988; deferred charges,
$293,818; total, $4,535,007.
Liabilities—Loans from bank, $171,600; accounts payable, $827,419;
accrued interest, taxes, royalties and insurance, $69,142: United States and
Canadian taxes on income (estimated), $2,000; funded debt, $1,488,000;
$187,243; class A common stock (27,325 no par shares), $136,625;
funding stock (13;663 no par shares), $266,419; class B common stock
(234,435 no par shares), $234,435; capital surplus, $1,040,553; earned surpius
$111,572, total, $4,535,007.—V. 147, p. 273; V. 146, p. 3501.
reserves,
(Arthur G.) McKee & Co.
Net
xl936
profit on construc'n
Other deductions—net..
Total
profit-—-
Prov. for est. Fed. taxes.
$328,485
12,527
$167,009
01,838
loss$79,217
7,174
$510,114
y99,500
$315,957
y43,000
$168,847
loss$86,391
23,500
Net loss of Puiaski Engi¬
Net
8,737
25,499
15,785
$401,877
349,635
($4.25)
profit
Divs.—class B stock
Rate
$247,459
($2.00)
$129,562
102,834
($1.25)
$4.88
$3.01
$1.57
Earns, per sh. on 82,267
shs. cl. B stk. (no par)
164,534
Nil
Balance Sheet Dec. 31, 1937
(net), $141,446; contracts in
process, $620,354; Inventories, $28,531; other assets, $59,901; property,
plant and equipment (.net), $89,229; deferred charges, $12,805; total,
Assets—Cash, $492,183; trade receivables
$1,444,450.
creditors, &c., $607,002; dividend
local, &c.—estimated, $41,304;
income—estimated, $99,500; reserve for
contingencies, $25,000; capital stock (84,410 no par shares), $84,410;
surpius, $578,780; treasury stock (2,143 shares at cost), Dr$73,813; total,
$1,444,450.—V. 147, p. 1641.
for
Federal
taxes
on
Elevated Purchased
$12,500,000 by Bondholders' Committee at Foreclosure—
Manhattan
Ry.—Sixth
Ave.
for
together with all easements and fran¬
chise rights incidental to its operation, watf sold at foreclosure Oct. 13 for
$12,500,000, under a decree signed by Federal Judge Robert P. Patterson
on Aug. 8,
1938.
The purchaser and only bidder was a protective com¬
The Sixth Avenue elevated line,
,
1938—3 Mos —1937
1938—9 Mos.—1937
$905,477 $1,013,689 $2,550,168 $2,864,576
$0.15
$0.17
$0.43
$0.49
adjusted minority interests.—V. 147, p. 1041.
x
sh. on cap.stk.
After taxes and
Masonite
Corp.—Earnings—
1938
"
1937
1936
1935
$1,144,274 $1,728,091 $1,429,649 $1,004,271
538,842
536,740
266,689
266,689
Earnings per share—
$1,96
$3.03
$5.01
$3.41
x After
depreciation, interest. Federal and State income taxes, &c.
y Figured after deducting $98,270 dividend requirements on the presently
outstanding preferred stock.—V. 147, p. 745.
31—
Net profit
Shares common stock.
x
—
Period End. Sept. 30—
earns, from opers.
Prov. for depr. & deplet.
distributed profits.
Liabilities—Accounts payable—trade
Net oper. earnings
Total
Including subsidiary company, Pulaski Engineering Works, Inc. y In¬
cluding $11,500 in 193/ and $6,000 in 1936, provision for surtax on un¬
payable, $82,267; accrued taxes—State,
pending disposition of an appli¬
for unlisted trading in the same
Corp. (& Subs.)—Earnings-—
Mathieson Alkali Works
loss$86,391
x
Provision
Marine Midland
Years End. Aug.
$489,856
.020,258
neering Works, Inc
Postponement of the delisting was requested
Francisco Stock Exchange
security.—V. 147, p. 2249.
Earns, per
$94,485
650,834
Cr477,132
from oper__
Ry.—Delisting Delayef,—
cation by the San
x
1934
$542,622
$488,404
$284,689
1,834,611
1,371,456
1,308,757
Itemsappl'doncontr'ts.Crl,781,845 Crl,211,537 Crl,191,076
^
Net profit
Market Street
<
At the request of tne San Francisco Stock Exchange the Securities and
Exchange Commission has further postponed the effective date of its order
granting the application of company to delist its 6% cumul. prior pref.
stock (par $100) from the Exchange.
The order will become effective at
the close of the trading session on Nov. 15, 1938, instead Of on Oct. 11, 1938.
Period End. Sept. 30—
xl935
contracts, &c
Expense
work in
See Commercial Credit
-Earnings—
xl937
Calendar Years—
$372,631; construction
billing prices, $613,284; clearing costs, bond premiums, instala&c., applicable to future work, $34,414; deferred charges,
expenses,
Manufacturers Finance Co.—To Be Sold—
Co., above.—V. 147, p.; 119.
(net),
$517,096; advances to manufacturers, consisting principally of materials
for manufacture of products, $101,721; inventories, $1,119,509; invest¬
state taxes and
prepaid expenses, &c., $37,723; investments, $27,107; dredges, draglines
and other equipment,
(after reserve for depreciation of $1,062,715),
$1,990,458; total, $3,617,768.
Liabilities—Accounts payable,
$192,762; accrued liabilities, $94,988;
reserve for contingencies, $50,000; common stock (192,700 no par shares),
$1,582,133; earned sqrplus, $1,697,884; total, $3,617.768.—V. 147, p. 1346.
31', 1937
accounts
$542,150; receivables,
Assets—Cash,
33,000
Balance Sheet Dec.
Federal and State income taxes only,
z Includes
undistributed profits amounting to $29,902.
Balance Sheet Dec. 31, 1937
„
tion
decline
Net prof, to sur. acct.loss$20,845
Earns.per sh.on ei.B stk.
Nil
y
process, at
commit¬
purchase
ments
■
192,700
192,700
96,350
96,350
$0.82 .
$3.00
$9.06
$5.93
$193,785 for depreciation in 1936 and $155,386 in
deducting
After
1935.
131,379
income
Fed.
(estimate)
'■
Shares
46,044
Other expenses
ments
profits
dividends
Net
Common
$532,833
Interest charges
in
9,384
Interest,
Federal taxes
and special charges..
x
Depreciation
for
profit from oper_.
) 935,729
—
Other income.
tax
218,371
159,879
199,324
$189,105
Net
$265,388
32,058
ping expenses
Prov.
$1,082,692
&c
Other income..
1934
$809,571
1934
1936
1935
x$941,221 x$1,244,320
Earnings-
$1,201,118
Calendar Years—
Selling, admin, and
Mfg. Co. (& Subs.)-
$1,853,741; capital
McWilliams Dredging Co.- -Annual Report—
Calendar Years—
Admin. & general exps—
Gross
receivable,
and equipment (net),
amortization, $19,705;
Dr8,530
$1,527,592) Total
$1,457,999 $1,527,593
x Represented by 49,705 shares class A stock and 60,000 shares class B
stock at net paid in value of $1,119,881 and 60,000 shares of special stock
at $60,000.
y After reserve for depreciation and amortization of $680,897
in 1937 and $628,210 in 1936.
z Represented by 4,846 shares of class A,
at cost, in 1937 and 1,790 shares of class A at cost in 1936.—V. 145, p. 4120.
McCord Radiator &
Co.
31, 1937
customers' notes and trade acceptances
.$1,457,999
Total
349,254
traveling
$41,577;
25,710
Def. charges..
131,422
87,162
76,346
$53,493; customers' accounts receivable (net), $479,705; salesmen's
advances, $9,695; miscellaneous notes and accounts receivable,
inventories, $2,120,689; customers' accounts receivable—deferred, less
reserve for discounts, $516,508; prepaid expenses, $34,624; investments in
and advances to Canadian subsidiaries, $337,494; other investments—
bank stocks, life insurance, &c., (less reserve of $17,840), $34,230; plant
129,110
4,650
18,557
.
595,846
28,774
1,179,881
4,593
y
119,428
Consolidated Balance Sheet Dec.
4,460
470
$159,548
1,179,881
44,375
Capital stock
Earned
Deposit on product
purchase contr—
$94,874
5,958
21,754
Accrued expenses.
x
1936
1937
Liabilities—
1937
$18,557
130,557
Assets-^-
136,090
91,716
Reserve for taxes
Liabilities—Notes payable,
Condensed Balance Sheet Dec. 31
Cash..—
146,672
61,490
Deprec. of plant & equip.
& amort, of patents—
Note—At the end of 1936 two subsidiaries—McQuay-Norris Mfg.
Inc., and McQuay-Norris Bearings Co.—were liquidated.
I nc.—Earnings—
31—
profit (after deprec.,
amortiz. & taxes)
Divs. on class A stock
$697,164
of Indiana,
25,746,943 25,768,0471
Total
25,746,943 25,768.947
of $12,110,634 at Jan. 1, 1938 and $11,720,048 at Jan. 2,
liepresented by 178,771 no par shares.—V. 147, p. 1198.
.
Lyons-Magnus,
$659,357
Net income
9,791,115 10,163,414
Years End. Dec.
$708,638
Dividends paid
After reserves
x
1937.
1934
1935
1936
1937.
$484,916
31—
Net income
99,559
76,055
Subs.)—Earnings—
McQuay-Norris Mfg. Co. (&
Years End. Dec.
380,656
329,817
Res*vc for taxes &
Land, hides.,ma-
chln'y & equip..
protective
The
def$37,706
Accounts payable-
153,447
' • ,
216,257
<fe other expenses
4% first mortgage bonds of the Man¬
of the property.
committee negotiated with Mayor La Guardia last
Summer an agreement to sell the property to the city for $12,500,000.
This transaction would wipe out the city's lien of nearly $9,000,000 against
the Manhattan system for unpaid taxes, and at the same time leave the
way ciear for the city to demolish the Sixth Avenue structure.
Edwards H. Chiids, special master, conducted the foreclosure sale.
The sale was held on the steps of the County Court House in Foley
Square at 2 p. m., soon after the U. S. Circuit Court of Appeals had heard
argument and reserved decision on the appeal of the Manhattan Ry. from
Judge Patterson's foreclosure decree of last August.
During the argument
the court declined to stay the sale.
This fact was noted by Special Master
Chiids when he was asked by S. G. Salomon of Edgemere, L. I., who said
he represented $60,000 in Manhattan bonds and stock, to postpone action.
A reversal of Judge Patterson's ruling, Mr. Salomon warned, would make
the sale ineffective.—V. 147, p. 2249.
hattan Ry., owner
$
\
1938
IS,
representing holders of the
mittee
Jan. 2.'37
Prepaid Ins. prenis.
x
Oct.
Financial Chronicle
2398
(Inc.)—Earnings—
1938—3 Mos.—1937
$873,277
$1,036,734
443,323
437,252
1938—9 Mos.—1937
$2,240,107 $3,138,209
1,323,912
1,306,483
earns,
from opers.
Income charges
Fed. inc., undist.
$429,954
11,417
$599,482
11,507
$916,195
29,293
$1,831,725
$441,371
Net
Income credits
$610,988
33,392
$945,489
80,048
$1,865,945
98,615
30,085
profits
34,220
73,877
100,998
162,479
296,954
$337,408
&
828,171
$476,598
830,428
$702,961
828,171
$1,470,376
830,428
$0.36
$052
$0.70
$1.62
capital stock taxes—
No. of shs. of com. stock
Earns,
per
sh.
on
com.
stock
—V.
147,
p.
424.
Merchants & Manufacturers
Fire Insurance Co.— To
Pay 10-Cent Dividend—
the common
20. A dividend of 7>4 cents
paid in each of the five
preceding quarters, and previously, regular quarterly dividends of 10 cents
per share were distributed.
In addition, an extra dividend of 10 cents was
Directors have declared a
dividend of 10 cents per share on
stock, payable Oct. 31 to holders of record Oct.
was paid on July 30, last; dividends of 15 cents
paid
on
Oct. 30, 1936.—V.
146, p. 2541.
were
Volume
Financial
147
Merchants Refrigerating
Co.—Earnings—
Calendar Years—
Gross earnings from all sources
Operating
1936
$1,589,261
1,263,073
$481,024
35,523
$326,189
55,163
$445,501
226,338
80,000
$271,026
Operating income
Income deductions
Net income before Federal taxes
Preferred dividends
Common
dividends
2399
Montgomery Ward & Co.—Sales—
\
V
1937
$1,993,668
1,512,644
expenses
Chronicle
206,367
Period End.
Sept. 30—
Sales..
—V.
1938—Month—1937
1938—8 Mos.—1937
$37,458,815$261,998,101$270,963,615
..$38,555,611
147,
1933.
p.
(Philip) Morris & Co., Ltd., Inc.—Listing—
The New York Stock Exchange has authorized the listing of 298,512
shares of common stock (par $10) upon official notice of issuance as a stock
dividend, payable Nov. 15 to holders of record Nov. 1, or, as to any part
of 38,894 shares thereof not issued in
payment of the stock dividend, upon
conversion of
5% convertible cumulative preferred stock, series A, making
the total amount applied for to date 895,536 snares.—V. 147, p. 1934.
Balance Sheet Dec. 31, 1937
Assets—Plant and property (after reserve for depreciation of $832,128),
$6,647,860; securities owned, $9,949; bond and 1st mtge. on real estate,
company's own preferred stock (935 shares), $85,811; cash,
$71,825; receivables (net); $837,798; deferred charges, $32,898; cash fund
for retirement of preferred stock, $13,151; total, $7,719,294.
Liabilities—-7% cum. preferred stock, $2,756,300; common (80,000 shs.,
no par)
stock, $2,000,000; long-term serial notes, $698,400; instalment
4M% serial notes, $77,600; accounts payable, $50,364; accrued Federal
and State taxes, $104,944; employees' investments,
$18,445; dividends
payable, $46,599; customers' storage billed, unearned, $6,318; reserve for
contingencies, $35,000; reserve for retirement of preferred stock, $13,151;
special surplus (resulting from plant appraisal), $480,266; earned surplus,
$1.431,907; total, $7,719.294.—V. 145, p. 3823.
$200,000;
Motor Transit Co. (& Subs.)-
-Earnings—
Period Ended Sept. 30, 1938
Operating
Expense
Month
9 Mos.
$68,654
59,727
i
$620,742
$8,927
revenue.
Balance..
555,251
Income....
195
$65,491
13,454
Balance.,
$9,123
14,576
$78,945
132,782
$5,454
$53,837
Income deductions.
Net loss..;
..
,
Consolidated Balance Sheet Sept. 30, 1938
Mexican Light & Power Co.,
Ltd.—Earnings—
TCanadian Currency]
Aug. 31— 1938—Month—1937
Gross earns, from opers.
$618,847
$759,583
Oper. expenses & deprec
483,995
575,339
Period End.
,
Net earnings
—V. 147, p. 1784.
$134,852
$184,244
Assefs—
,
1938— 8Mos.—1937
$5,550,975
$5,885,158
4,120,599
4,311,527
revenues...
—
Net oper. revenues.-.
Operating taxes
$3,353,227
2,074,193
$1,279,034
465,545
Net operating incomeNet income
$3,421,530 $26,314,693 $26,700,458
2,154,020
17,012,608
16,583,972
$1,267,510
415,575
$813,489
$851,935
755,046
806,961
—
—V. 147, p. 1494.
3,357,526
3,463,339
$5,838,746
5.435,250
$6,758,960
6,510,109
■.%
and accrued interest to Dec. 9 (the redemption date) in full.
after Dec. 9 interest on these bonds will cease to accrue.
Mutual
$2,374,637
$11.34 per
1937.—V. 147, p. 578.
National Baking Co.
147,
Gross profits on sales be¬
fore depreciation
746.
.
:
.
-
Milwauke Electric Ry. & Transport Co.—To Acquire
Transportation Properties from Railway Company—'
The Securities
rail lines.
The properties to be acquired coasist of (a) the local transportation
sys¬
tem in the City of Milwaukee, Wis., and surrounding suburbs, and iriterurban railways and motor bus business in the surrounding district;
(5) the
local transportation system in the City of Racine, Wis.; (c) 8,876 shares
capital stock (no par) of Motor Transport Co. of Wis., which conducts a
motor freight transportation business; and
(d) 800 shares capital stock
(par $50) of Badger Auto Service Co. of Wis., which operates parking and
gasoline filling stations in Milwaukee.
The shares of stock constitute all
of the issued and outstanding stock of each such corporation.
The transportation properties will bd received in exchange for the issue
by applicant to the Milwaukee Electric Ry. & Light Co. of $10,000,000
of 4% mortgage bonds of the applicant and 250,000 shares of capital stock
(par $100).
The bonds and shares of stock will constitute all of applicant's
outstanding securities.
$2,374,637
Value—
1937
1936
1935
$3,645,575
$2,641,181
3,516,492
3,120,568
271,433
244,670
2,245,785
197,971
52,060,453
1,759,558
171,918
$304,938
$280,336
$197,425
$128,976
78,033
85,694
43,154
Oper. and general exp.n
deprec
Provision for
from
(& Subs.)—Earnings—
oper.
57,046
Other income
Net profits before int.
and other deductions
and
provision
for
.
$361,984
29,281
Fed. income taxes..
Bond interest..
Other
bond disct.
and expenses, &c
int.,
assets
r__
on
pref.
loss
12,401
.
stock
of
.
•
/(
7,103
b,bo2
6,330
sub. in hands of public
vestment in affiliates.
9,308
z.95,200
42,900
23,550
18,000
*152,376
yS210.068
$151,125
$62,270
In addition
x
ferred
a
-
-
82,972
101,586
38,836
x/,
,672
stock dividend of $310,700 was paid (1-50 shjire of pre¬
of common stock),
y Exclusive of profit on
each share
for
stock
-----
3,537
NeStu)p°u?aic™nted.!!,'
in prior years, less lederal income taxes and
profits applicable thereto, credited direct to earned
Dividends paid during the year were in excess of the net income
and the entire provision made for undistributed profits tax has been con¬
sidered by the company to be applicable to the profit on marketable se¬
marketable securities acquired
surtax on undistributed
surplus.
curities,
z
Federal
for
$35,000
approximately
Includes
Sheet June 30
CansoHdaied
Asset#—
Cash
$276',490
250,000
432,796
355,968
418,8,67
776,363
receivable
745,659
73,738
63,074
dep. with
trustee
Marketable securs.
Other assets
f Plant &
V
51,714
1
117,634
Salesmen's
guar¬
Funded
Oct. 5 authorized the company
79,137
83,409
anty deposits—
Other curr. llabil-.
113,510
30,937
84.390
105,027
14,070
current
1,086
266,918
equip— 2,842,866
Goodwill
......
121,367
Def. notes payable,
•
1,818
221,418
75,164
2,800,675
Deferred charges..
payable..
accts.
Accrued liabilities.
life insurance...
on
1937
$193,806
bank
Equipment notes &
Notes pay. to
Cash surr. value of
Cash
1938
Accounts payable-
d Accts. and notes
86,500
49,500
368,000
4 54,500
122,323
247,271
43,774
120,911
,31,142
debt
21,339
Res've for Federal
income taxes...
Deferred notes and
payable..
accts.
Insurance
Res.
reserves
undeter¬
for
liabil. for
mined
Federal taxes..
87,054
79.375
88,800
94,150
2,060,575
166,290
2,060,575
_■
Pref. stock of sub¬
sidiary company
Preferred stock.
a
hCommon
stock.
surplus..-
c
.Treasury
1,026,121
T)r 16$,110
stock
at cost
$4,929,345 $5,468,150
Total........
a
166,290
338.388
342,270
1,038,075
Drl68,ll0
surplus—
Earned
Boston
on
un-
$401,475 $1,038,606
•
.■
authority to
RR.—Bonds Authorized—
on
Balance
Liabilities—
1937
1938
•
.....
Inventories
entire issue to two insurance companies at
The Interstate Commerce Commission
surtax
distributed profits.
issue $2,100,000 of first mortgage bonds, 4% series, due 1963, dated Nov. 1,
1938 and due Nov. 1, 1963.
Missouri Southern
7,763
Misc. deductions (net)..
lTov. for Fed. inc. taxes
Mississippi Valley Public Service Co.—Seeks Approval
of Bond Issue—To Be Placed Privately—
Corp., New York City, has negotiated the sale of the
101H plus accrued interest, the
application to the Commission said.
Expenses on the issue, including
compensation to the First Boston Corp., are estimated at $37,200, or
1.771% of the par value of the issue, making the net proceeds to the ap¬
plicant $2,094,300.
Purpose of proposed issue is to redeem and refund $2,000,000 par value
of the company's presently outstanding 5% bonds due 1954.—V.
146,
p.1080.
.
in¬
on
Paid-in
The First
$172,130
38,102
15,056
30,937
22,94/
30,937
33,419
30,937
This matter is related to a series of transactions now before the Commis¬
sion for its approval in Files No. 32-106, 46-114 and 46-115, which included
an application of the Milwaukee
Railway & Light Co. to acquire the securi¬
ties of the Milwaukee Electric Railway & Transport Co.
The company has asked the Federal Power Commission for
.
disposal of fixed
on
Divs.
$283,118
35,055
•
„
35,016
30,936
Amortiz. of goodwill
Loss
$358,369
32,529
•
and
Exchange Commission announced Oct. 11 that the
Milwaukee Electric Railway & Transport Co. has filed an application
(File 46-116) under the Holding Company Act for approval of the acquisi¬
tion by the applicant from the Milwaukee Electric Railway & Light Co.
(name to be changed to Wisconsin Electric Power Co.) of all of the latter
company's traasportation properties excepting certain rights-of-way and
776,074
-
$4,092,863
Preferred dividends
p.
—...—-
.
.
Total
1938
Years End. June 30—
Michigan Gas & Electric Co.—Accumulated Dividends—
—V.
J
Sept. 30, 1938, after all expenses and
share, compared with $9.98 per share on Dec. 3K
Common dividends
Directors nave declared dividends of 87 Vi cents per share on the 7% prior
lien stock and 75 cents per share on the $6 prior lien stock as
payment on
arrears.
These dividends will be paid on Nov. 1 to holders of record Oct. 15.
30,670
688,320
Fund—Asset
Investment
was
Pro vision for
2250.
...
The company's net asset value on
reserves
on
office of the Chase National Bank, trustee.
Holders are advised that they
may surrender their bonds at any time prior to Dec. 9 and receive the full
redemption price and accrued interest to the redemption date.—V. 147,
23,251
..
Reserves...
-V. 147, p. 1785,
From and
Dec. 9, 1938, all of the out¬
standing Washtenaw Gas Co. 1st mtge. bonds, 5% series, due 1953, at
102 M.
Payment will be made upon surrender of the bonds at tbe New York
p.
Deferred credits
15,164
Deficit-
bond issues aggregating $31,000,000 principal amount on Dec. 9,
1938, it
was announced on Oct.
10 by William G. Woolfolk, President.
The issues comprise the 1st mtge. 6% gold bonds, series A, due
July 1.
1947, of which $13,500,000 principal amount are outstanding, and the 1st
mtge.,5% gold bonds, series, B, due Oct. 1,1959, of wnich $17,5)0.000 are
outstanding.
Both issues will be redeemed at 105% and accrued interest
to redemption date.
Payment will be made at the principal office of The
National City Bank of New York, 55 Wall St.
■■ w?.Bondholders, at their option, may surrender any of these bonds, with
unmatured
interest coupons attached, for
cancellation at any time prior
to the redemption date and receive the full redemption
price of such bonds
2,330,246
gations—
Com. stock ($10 par).......-.
Net profits
Michigan Consolidated Gas Co.—Bonds Called—
Company (formerly Detroit City Gas Co.) has called for redemption two
$78,224
u.
*
Eqpt. & other long-term obli¬
1,334,194
66,920
Investments & advances.....
Other assets
$9,302,085 $10,116,486
)!■*>.•■
Company has also called for redemption
796,654
Total............
Michigan Bell Telephone Co.—Earnings—
Operating
Current liabilities.
$161,704
$1,573,631
$1,430,376
Period End. Aug. 31—
1938—Month—1937
1938—8 Mas.—1937
Operating revenues.$3,391,546
$3,424,968 $26,525,487 $26,742,132
Uncollectible oper. rev_„
38,319
3,438
210,794
41,674
Operating expenses—
Liabilities—
Current assets...u...........
Tangible property (net)...
Intangible property (net)
$4,929,345 $5,468,150
Total
bKepr^ented^by shares ofjl par.
Represented by shares of $100 par.^
at
reserve
for
depreciation of
$1,834,548 in 1938 and $1,633,743 in 1937.
—V. 146, p. 3194.
National Bond & Share Corp.—Earnings—
9 Months
1'938
Ended Sept. 30—
Cash dividends
—
99'ecu;
zz.oyo
Interest on bonds
Other income
9,270
875
—
-
—
1937
$245,675
to issue not
exceeding $125,000 of 1st mtge. gold bonds, bearing interest
from Aug. 15, 1938, at the reduced rate of 3% per annum, to be deli vered to
certain guarantors at approximately 85.27% of par, in connection with the
discharge of matured and maturing obligations totaling $lt6,592.—V. 145,
p.
Total income-
—
^*99'c79
Federal, State & other taxes.
15,168
—
Provision for miscell.
2232.
x
Mobile & Ohio
The
proposed
RR.—Merger Plan Discussed—
of the Mobile & Ohio and the Gulf Mobile & North¬
ern RR. was advanced Oct. 13 at a meeting in New York of the directors
of the tatter company.
I. B. Tigrett, President of the G. M. & N.f said
after the meeting that his directors would meet again on Oct. 26, by which
time it was though that ail interests would be in agreement.
The management of the G. M. & N. management is in favor of the
merger on the grounds that it wouid promote efficiency and reduce com¬
petitive wastes.—Y. 147, p. 2095.
Net income—
—
:
qnrn1ns
ShSSitaTw^k
$154,800
144,000
—
—
Divid ends d eclared
merger
~~
.'I
(nopar)----
Earnings per share
-
—
$255,820
23,561
22,093
$210,166
135,000
$10,800
$75,166
360 000
180 000
.ts>u.u«j
*1.11
been made for any surtax on undistributed profits.
*
Notes
(a) Realized net loss from sales of securities (computed on the
basis of average costs) has been charged to capital surplus account in the
amount of $453,559.
x
No deduction has
Financial
2400
(b) Aggregate
unrealized depreciation or
appreciation n value of securities
compared with cost:
as
Depreciation, Dec. 31,1937
Appreciation from Dec. 31,1937
$443,821
822,935
to Sept. 30,1938
$379,115
Appreciation, Sept. 30, 1938
- — - - - - - - - - - -—- - Esti. taxes payable on apprec. as at Sept. 30,1938, if realized..
73,000
Appreciation, Sept. 30.1938, less esti. taxes applicable thereto.$306,114
Statement of Capital Surplus as of Sept. 30, 1938
comprising surplus (created by reduction
of capital and discount on retirement of cap. stock) amounting
to $5,025,291, less
(1) $1,107, representing net losses from
sales of securities from March 1, 1931 to Dec. 31, 1937 and
taxes applicable to security profits and
(2) special dividends
aggregating $1,080,000 paid from security profits..
....$3,944,184
Additional Federal transfer taxes paid, $9,919: Less—Reserve
for prior year's taxes, restored to surplus, ,$9,873
—...
'
47
Balance, Dec. 31, 1937
Total
$3,944,137
-
Net loss from sales of securities
during the nine months ended
basis of average costs)
453,559
Sept. 30, 193$ (computed on the
$3,490,578
1938—
Capital surplus balance, Sept. 30,
.
—V. 147,1934.
National Manufacture & Stores Corp.—Mock Div.—
Tne directors have declared a dividend of one-half share of common
stock for each share of $5.50 convertible prior.preferred stock held, payable
Nov. 15 to holders of record Nov, 1.
Similar payment was made on April
15, last.
•
•
1938
$3,511,660
3,483,158
5,000
Net income before
$285,965
12,500
$34,747
88,574
J,
carrying charges)
Income from operations. :
Other income—net (includes
$83,537
202,428
$39,747
Costofsales, selling, admins., & general expenses..
1937
$4,125,031
4,041,494
$28,502
11,245
Years Ended June 30—
Net sales
$273,465
88,803
—
deducting pro v. for Fed. &
State income taxes
Pro v. for Fed. & State income
Net income for the
DiVs.
taxes—estimated..
year.!
prior conv. $5.50 cum. pref. stock
on
Condensed Balance Sheet June 30
Cash
$103,746
-
$113,864
1,774,627
.
Instalment accts
8,948
18.040
626,667
818.851
89,690
85,744
Misceli, receivables
at cost
i...-
Other assets-.-.-.
Accounts
to
271,663
payable.
equip.,
(lessres.)...'
58,860
98,957
cum.
$555,601
413,346
113,783
112,742
officers ■&
employees
Accrued accounts/
34,181
pref
4,366
4,615
798,567
Divs. payable. ..
Prior conv.
$5.50
delivery
<fec.
$303,510
x
fixtures,
&
Furn.
accepts.
payable
Due
inventories
Mdse.
&
Notes
2.011,880
1937
1938
Liabilities—
1937
1938
Assets—.
-
807,300
Class A $2.50 non-
Leasehold improve¬
261,300
261,300
cum_...
ments—unamor¬
43,643
Com. stk. (no par)
377,680
341,228
29,743
32,849
Capital surplus...
298,962
y274,263
1
1
Earned surplus...
302,449
Z379.156
Total... .......... $2,732,279
$3,183,732
tized portion....
Deferred charges..
Goodwill....
Fed. income taxes
par)
payable in common stock in 1938 and $3,173 in 1937.
y After
z June 1,1935toJune30,1937.—V. 146,
deducting deficit at May 31,1935.
p.
2214.
oo
».o
,
$3,88
Nil
$0.3o
Nil
undistributed profits.—V. 147, p. 426.
New York Chicago
& St. Louis
RR .—Plan Operative—
Deposits Urged—
Further
G. D. Brooke, President,
extend the 6% notes
in
,
a
relating to the plan to
plan has been declared oper-
letter dated Oct. 8
and to the fact that the
*
St3it6S*
3,tlV6
x$92,257 loss$271,558 x$l,007,051
loss$51,286
......
Before surtax on
x
1938—9 Mos.—1937
1938-^3 Mos.—1937
Earns. per share on-259,120 shs. cap. stk. (no
the capital stock
by the Securities
Co.—Earnings—
New York Air Brake
Period End. Sept. 30—
"and
IS, 1938
Listing and Registration—
Stricken from
Application of the New York Stock Exchange to strike
(par $100) from listing and registration has been granted
and Exchange Commission.—V. 147, p. 2252.
There having been deposited with, and being, on Oct. 4,1938, in the hands
of, Manufacturers Trust Co.. agent and depositary, under the plan and
deposit agreement of July 23, 1938, $12,456,250 of the three-year 6% notes,
and this being sufficient in the judgment of the company to warrant
to
justify it in declaring the plan operative, the company on Oct.
declared the plan operative.
and
4, duly
Approximately $2,400,000, aggregate prmcipal amount, of the notes
undeposited.
Consistent with the statement in the letter of
still remains
July 23, 1938 and in subsequent
letters to all noteholders, to
the effect that
substantially all of the notes must be deposited if the road is to be assured
of avoiding reorganization under Section 77 of the Bankruptcy Act, we are
continuing to urge all holders of undeposited notes to surrender them in
exchange for the new notes under the plan.
.
•
The current forecast of the company's cash resources indicates that funds
for purchase of this $2,400,000 principal amount of undeposited notes
cannot be provided therefrom after meeting operating requirements.
Upon surrender Of deposit receipts to Manufacturers Trust Co., agent and
depositary, 45 Beaver St., New York, accompanied by letter of transmittal
and endorsed in blank with the signature witnessed and guaranteed by a
bank (other than a savings bank) or trust company having an office or
correspondent in the City of New York, or by a firm of brokers having
membership in the New York Stock Exchange or Clearing House of the
New York Curb Exchange, each holder will receive in respect of the notes
represented thereby an equal principal amount of the new three-year 6%
notes dated Oct. 1, 1938 and due Oct. 1, 1941.
Checks for the interest due Oct. 1,1938 on the deposited notes have been
mailed to the holders of deposit receipts of record Oct. 6, 1938.
Upon surrender of undeposited notes (with interest coupons due Oct. 1,
1938 attached) to Manufacturers Trust Co., agent and depositary, 45
Beaver St., New York, N, Y., accompanied by the letter of transmittal,
together with a Federal income tax ownership certificate properly executed,
each holder will receive in respect of his notes the following:
(a) An equal principal amount of the new three-year 6% notes dated
Oct. 1, 1938 and due Oct. 1, 1941; and
.
(b) Payment in cash of the interest due Oct. 1,1938Holders of deposit receipts or of undeposited notes are requested to
forward the same immediately to Manufacturers Trust Co., agent and
depositary. 45 Beaver St., New York, N. Y.
Application to list the new notes on the New York Stock Exchange was
made Oct. 10.—V. 147, p. 2252.
"
Gas Corp.—Court Denies
State Electric &
York
New
$3,183,7321
$2,732,279
Total
Oct.
Chronicle
Injunction to Corporation—
C.
quash sub¬
Supreme Court Justice Bergan denied on Oct. 12 the application of H,
llopson, Frederick S. Burroughs, J. 1. Mange and others to
issued by the P. S. Commission in a proposed investigation.
He
dismissed also tne complaint of the corporation against the Commission
poenas
Nevada-California Electric Co. (&
Operating
1938—12 Mos.—x 1937
Depreciation
Net oper. revenues...
_.
Gross income
Interest.
591,678
$1,947,790
66,739
$176,325
113,445
7,050
1,337
$43,115
...
Taxes...
$171,362
4,963
2,069
Other oper. expenses...
47,329
47,802
7,029
_
$485,516
$165,656
2,650
_
$5,582,059
$5f695,358
284,031
2,277,213
$472,442
25,629
193,054
38,251
49,852
$168,306
116,092
revenues.. :
Maintenance
Other income.
Subs.)—Earnings-
1938—Month—1937
Period End, Aug. 31—
$54,493
22,990
196,033
228,276
2,187,212
550,067
563,713
594,646
"
'
$2,052,791
108,789
1,394,738
$2,161,580
1,336,090
83,993
15,292
85.020
14,294
$520,505
$726,176
$2,014,529
r
Amort/of debt disct. &
expenses.........
Miscellaneous
Net income
Profits
...
retirement of
on
On June 22,
credits to surp. (net).
the respondents herein define the
Justice Bergan pointed out that
Dr25,106
Cr23,449
p.
$54,051
$528,547
$781,983
Operating revenues
14o,
4122.
"
major items)
1938—Month—1937
1938—8 Mos.—1937
$6,308,635
$6,262,818 $49,251,324 $49,596,510
30,086
20,542
215,008
132,380
56,242,276 $49,036,316 $49,464,130
4,636,367
35,188,136
35,474,734
Net oper. revenues
$1,723,941
630,470
$1,605,909 $13,848,180 $13,989,396
664,808
5,017,391
5,417,894
704,507
$941,101
542,545
—V. 147, p. 1786.
$8,830,789
5,678,164
$8,571,502
5,351,631
.
New York Central
RR.—Earnings—
revenue
from rail¬
operations
Net ry. oper. income.
Other income
Total
income
Misc. deduct'ns from inc
Total fixed
Net
charges
def'd
after
inc.
$5,935,180
2,611,918
1,015,291
56,773,012 $34,163,936 $60,854,463
2,387,684
22,784,567
22,056,688
1,175,527
7,992,327
9,808,354
$2,307,971
1,069,415
$3,209,801
1,499,674
$3,377,386
148,600
4,107,429
$4,709,475 $13,078,986 $43,803,244
159,577
1,133,560
1,168,828
4,287,229
32,460,575
35,623,118
$3,387,042 $28,989,421
9,691,944
14,813,823
fixed
charges.
per sh. of stock.
—V. 147, p. 2096.
Net
<
.
$16,509,911 $134951,649 $136285,410
11,844,644 92,665,928 92,303,536
$4,829,824
2,617,908
$4,665,267 $42,285,721 $43,981,874
2,511,254 20,741,838 1§,5d4,570
$2,211,916
$2,154,013 $21,543,883 $24,427,304
1,786,340 18,869,748 22,937,300
Net oper. revenues
taxes
Net oper.
$878,643 prof$262,669 $20,515,149 pf$7,011,298
Nil
$0.04
Nil
$1.09
income
1,786,501
Net income
147,
—.
p.
2252.
North American
President J.
Co.—Electric Output—
F, Fogarty of
this company made the
report of electric output of subsidiaries:
Electric output of the four groups of subsidiaries
Co. in the third quarter
In
of 1938 showed the
\
.
smallest percentage decrease of
corresponding period of 1937.
decrease was smaller
most favorable comparison
quarter this year compared with the
month of the third quarter the percentage
each
-
_
just ended, output
1938 and the two preceding years were:
—Millions of K. W.H.— 1938 Under 1938 Over
corresponding periods of
1938
First quarter
Second quarter
Third quarter
9 months to Sept
"30..:.....
12 months to Sept.
—V.
following quarterly
of the North American
than in any month of 1938 except February, the
of monthly output occurring in September.
,
On the basis of preliminary figures for the quarter
totals for
Period End. Aug. 31—
1938—Month—1937
1938—8 Mos.—1937
Railway oper. revenues.$25,074,978 $30,248,956$186,908,727$247,801,482
Railway oper. expenses. 19,139,798
23,475,944 152,744,791 186,947,019
way
'
■
Operating revenues...$16;560,222
Operating expenses.
11,730,398
any
Net operating income. $1,093,471
Net income
Net
;
Telephone Co —Earnings—
1938—Month—1937
1938—8 Mos.-—-1937
$16,668,624 $16,594,263 $135674,183 $136855,430
Uncollectible oper. rev._
108,402
84,352
722,534
5/0,020
classification
.
56,278,549
4,554,608
Railway tax accruals
Equip.& joint facil.rents
/
,
New York
Operating revenues
Operating expenses. .
^
.
and other
Operating
Operating taxes.
required to conduct
subpoenas, and that it has no
The reorganization plan of this company, relating only to its Rochester
properties, was put into effect Aug. 3, 1938, when the properties
transferred, in accordance with the terms of the plan, to a new
corporation, Rochester Transit Corp. The issue and exchange of securities
awaits approval of the New York Public Service Commission.
V.
England Telephone & Telegraph Co.—Earnings—
revenues
of the investigation.''
the Commission is
Rys.—Plan Effected-—
New York State
Dr4,367
properly omits -extraordinary debits to surplus
arising from amortization of pension funds, &c.
Details have appeared in
annual reports.—V. 147, p. 1934.
Period End. Aug. 31—
scope
the subjects cited in the
discretion in the matter.—V. 147, p; 1786.
examinations upon
32,357
In order to make proper comparison 1936 figures (as to
revised to conform with Federal- Power Commission
Uncollectible oper. rev._
on
records,
corporation's business.
33,148
were
Operating
of the
Period End. Aug. 31—-
&c.._
effective Jan. 1, 1937.
Note—This statement
,
»
.
...
property, practices, and transaction 6f the
The executives who were called to testify instituted a proceeding against
the Commission to relieve them of compliance with the subpoena
"until
Dr 1,552
_
the corporation until it had speci¬
Commission instituted its investigation
corporation. It issued subpoenas directing several witnesses to appear
Sept. 7 at its office in New York to testify as to the accounts,
3,926
Dr 6,858
Earned surp. avail, for
red. of bonds, divs.,
New
last, the State
assets were
'
■
injunction to prevent the Commission
from proceeding with an investigation of
fied just what information was desired.
$34 ,*705
bonds & debs. (net)_
Other misceil. debits &
x
the company sought an"
which
in
30
1937
1936
1,489
1,445
1,534
4,468
6,079
1,621
1,596
1,620
4,837
6,455
1,447
1,433
1,489
4.369
5,825
1936
1937
—8.13%
—9.48%
—5.30%
—7.63%
5.82%
+2.93%
+6.82%
+3.06%
+2.28%
+4.36%
147, p. 1786.
Northern
The
directors
Pipe Line
have
Co.—-Hi-Cent Dividend
declared a dividend
of 15 cents per share on the
18. This
capital stock, par $10 payable Dec. 1 to holders of record Nov.
compares with 20 cents paid on June 1 last; 25 cents paid on Dec. 1 last:
40 cents paid on June 1, 1937; 35 cents paid on Jan. 2, 1937; 15 cents
on July 1, 1936, and semi-annuai dividends of 25 cents per share distributed
from July 1, 1932 to and including Jan. 2. 1936. The July 1. 1932 dividend
was the initial payment on this ciass of stock.—V. 146, p. 2703.
paid
Northern Securities
Co.—Final Distribution
-
including
Company informs us that a final distribution to stockholders
value of fractional share interests in Chicago Burlington & Quincy
RR. and Crow's Nest Pass Coal Co. stocks and of the cash remaining in
the hands of the trustees after expenses was made on Aug. 30, last.
The
cash was distributed at $2.5529-4 per share of Northern Securities Co. stock
cash
New Orleans Texas & Mexico
Ry.—Committee—
The Interstate Commerce Commission has approved an application of
G. H. Walker, Alexander Berger, Willard V. King, B. A. Tompkins and
George E. Warren to act as a protective committee for holders of first mort¬
gage bonds and income mortgage bonds of the company under certain con¬
ditions.
The road is being reorganized as a part of the plan of reorganiza¬
tion
of the Missouri Pacific RR.
formerly held.
The first
Nov. 26, 1937 included pro rata distri¬
and cash of $2.50 per share on shares of
stock.—V. 147, p. 580.
distribution made on
bution of the two stocks as above,
Northern Securities Co.
Volume
147
Northern
Financial
States
Power
Chronicle
Co.
(Del.)—Recapitalization
Proposed—To Effect Readjustment of Intercompany Debt—
Period End. Sept. 30—
announced Oct. 7 that Northern
declaration (File No. 43-156) under
Earns, per share
y
Subs.)—Earnings—
1938—3 Mos.—1937
$114,215
$229,303
$0.26
$0.53
xNetprofit
-.The Securities and Exchange Commission
States Power Co.
2401
Parker Rust-Proof Co.
(&
1938—9 Mos.—1937
$325,777
$901,656
$0.75
$2.09
After deprec., Fed. income
tax, &c., but without pro v. for surtax on
undistributed profits, y On 429,498 common shares.—V.
147, p. 900.
(Del.), has filed a
the Holding
Company Act, proposing a recapitalization which was stated
to be necessary in order to
effect a readjustment of its intercompany debt
x
and a restatement of the value of
its assets.
An application was aiso filed as an
amendment to the declaration for a
report on the plan, to effect the recapitalization.
In addition, amendments
were filed to
previous applications of the Delaware company and its sub¬
sidiary, Northern States Power Co. (Minn.) (File Nos. 56-4 and 46-102).
Northern States Power Co.
(Wis.) application (File No. 32-94) remains
......
Pennsylvania Co. for Insurances
Annuities—Balance Sheet—
Both the Delaware
company and the Minnesota company are registered
holding companies and are members of the holding company
system of
Standard Gas & Electric
Co., a registered holding company.
16e salient details of the
proposed transactions are as follows:
Loans upon collateral
note, which
are
to
be sold to the Minnesota company.
These securities
Total
Delaware company
proposes
to
$7,291,663 to $1
write-down
value
the
Liabilities—
$16,980,000.
In compliance with orders of the P. S.
j-'jwninission Gf Wisconsin the Minnesota company proposes to cancel $8,980,000 of such open account indebtedness and to take in lieu of the remain¬
ing $8,000,000, 80,000 newly issued shares of
($100 par) common stock.
(5) It is also proposed that the Minnesota company, as soon as practicable
after consummation of the transactions
outlined above, will exchange its
holdings of the preferred stock of the Wisconsin company into common
stock and will use its best efforts to
negotiate a readjustment involving a
reduction in the dividend rate on the
publicly held preferred stock of the
Wisconsin company.
A joint
hearing
—V.
time the Commission will take testimony on the
applicat.ons and
declarations as now filed, and also
upon any amendments thereto which
may be filed prior to said date.
Weekly Output—
Electric output of the Northern States Power Co. system for the week
8, 1938, totaled 26,253,987 kilowatt-hours, a decrease of 0.5%
compared with the corresponding week last year.—-V. 147, p. 2252.
"1938—Month—1937
revenues
1938=l2lVfos.—1937
$70,725
$790,081
529,584
135,927
$754,716
47,981
11,023
$11,721
2,794
$124,570
27,583
$146,030
31,309
$16,860
3,950
-;V:
33
$14,515
3,950
$152,153
109
47,400
1,790
11,567
$177,339
47,400
1,495
602
Other income.
$10,370
$91,396
$128,603
6,657
77,897
80,051
3.291
_
_.
Interest on funded debtOther interest
.
Other deductions.
86
■
$12,275
.
accrued
471,385
137,301
CV159
on
pref. stock!
6,372
'
^Balance.
$5,903
$3,713
$13,499
$48,552
a
Excluding depreciation of transportation, shop, stores and laboratory
equipment and depreciation of non-operating property, such depreciation
being distributed among the various operating property, operating expense
or other accounts
applicable.^—V. 147, p. 1499.
Co.—Earnings—
Period End. July 31—
1938—12 Mos,—1937
$3,718,834
$7,403,659
2,214,175
2,419.216
4,977,016
$1,074,928
$1,299,618
21,870
25,124
$2,426,043
43,591
_;
60,647
66,953
12L874
132,473
Total gross profit--.-
$1,157,445
$1,391,695
Expenses.
Depree. & amortization.
996,250
55,515
1,022,178
52,361
$2,591,508
2,132,885
$2,956,565
2',091,352
106,168
Cost of goods sold
Inc. from leased
depts.
Broadcasting net profit,
_
after depreciation
-
...
.
.
_
_.
_
Operating profit
$105,680
108,313
__
_
22,000
$343,652
45,500
$401,137
61,600
$107,279
$298,152
$339,537
$683,632
$0.86
$2.78
$2.98
$6.43
$129,279
profits
Net profit
Earns, per sh. on 99,420
shares common stock.
49,491
$350,310
50;827 ;
Federal income taxes.-.
Surtax on undist.
$2,774,601
$317,156'
26,496
23,599
'
$8,019,118
5,244,517
"
..
Profit before taxes
$759,045
i
.
49,387
$808,432
120,000
4,800
147, p. 2253.
Pacific Coast
Aggregates, Inc. (& Subs.)—Earnings—
Earnings for 8 Months Ended Aug. 31, 1938
Net loss
146,
$53,980
_____________
p.
Pacific
1,981,735
4,556,523
175,525
199,826
57,095,913 252,074.804
.
■,
8,400,000
>
8,400,000
12,000,000
_____________
12,000,000
2,798,949
336,000
2,548,595
336,000
508,466
305,790
144,869
.....
.........
_________
•
451,268
374,379
148,052
175,525
199,826
229,078,999 224,403,782
3,332,742
3,227,474
257,095,913 252,074,804
147, p. 429.
This is
a
decrtease of
.976%.
or
Total sales from Jan.
1
to
Sept. 30, 1938, incl. were $165,005,886 as
compared with $180,282,930 for the same period in 1937.
This is a decrease
of $15,277,045 or
8.47%.—V. 147,
p.
1643.
Peoples Drug Stores, Inc.—Sales—
Period End. Sept. 30—
Sales
—V.
3674.
Telephone & Telegraph Co.—Earnings—-
Period End. Aug. 31—
Operating
1644.
1938—Month—1937
1938—9 Mos—1937
$1,710,975
$1,774,769 $15,589,201 $16,286,237
"
Pettibone-Mulliken
Corp.—To Terminate Voting Trust—
'
"
Voting trust for shares of the corporation will be terminated Oct. 13,
voting trustees have determined after a referendum which showed 83% of
the votes in favor of termination of the trust.
Prior to termination of the
trust, the by-laws of the company were amended to increase the number
of directors to nine from seven.
Thereafter the following new directors
were elected: Robert Congdon, Howard Hall, Laurence It. Lunden,
Harvey
C. Fleming and Joseph Rice.—V. 145, p. 3506.
Pettit, Bryan & Kalbach, Inc.—Registers with SEC—on
first page of this department.
[Excluding Pittsburgh Rys. Co. and subsidiary and affiliated street railway
and transportation Companies]
Year Ended Aug. 31—
Operating
Operating
v
)■
:
1938
1937
$40,578,422 $42,926,421
22,058,008
21,882,755
revenues.
expenses,
maintenance and. taxes
Net operating revenue.
...
_
Other income (net)
_
_
_...
...
.->$18,520,413 $21,043,666
60,638
4.43,293
—.
x Net operating revenue and other income
$18,581,051 $21,486,959
Appropriation for retirement and depletion reserves
5,175,518
5,363,083
Gross income
$13,405,534 $16,123,876
170,200
170,200
5,471,912
5,477,812
Amortization of debt discount and expense.;......
509,857
509,628
Other interest charges (net)
C'rl20,246 '
Crll6
Rents for lease of properties—_
on funded debt
*_
Interest
Guaranteed dividends
on.
_
Consolidated Gas Co. of
,
the City of Pittsburgh preferred capital stcck...
69,192
Appropriation for special reserve.__..
....500,000
Other income deductions
—■>»_:.
272,728
69.192
500,000
—
Consolidated net income
$6,531,891
________
256,871
$9,140,289
Before
appropriation for retirement and depletion reserves,
y For
preferred and common stocks held by public and minority
subsidiary companies and dividends on preferred and common
stock of Philadelphia Co.
■
Note—The above income account for the year ended Aug. 31, 1937 has
been adjusted to reflect $160,236 of additional taxes applicable to the
period of 1936 included therein, paid by Duquesne Light Co. in 1937 and
charged to surplus.—V. 147, p. 2253.
x
dividends
on
interest of
.
_
^
Philadelphia
Plan■—•
;.
Rapid
■,
The Pennsylvania P.
Co.—Commission Rejects
Transit
i-;-.
v va,U. Commission rejected finally Oct. 11 the second
revised plan to merge the Philadelphia Rapid Transit Co. and its underliers
in one corporation.
Instead, it virtually offered a compromise plan with a
capitalization of about $80,000,000 and gave the company 30 days in which
to file an amended plan.
It said that "the findings and recommendaitons
depend upon prompt initiation of a plan."
The order prepared by Commissioner Donald M. Livingstone, read in part:
"It appears that the fair value of applicant's assets is approximately
$84 860,000, from which should be deducted $2,000,000 representing
payments to lessor companies ordered by the District Court.
A further
reduction of $500,000 should be made to anticipate the expenses of reorgan¬
ization.
This leaves a net amount of $82,360,000, and it is clear that we
cannot approve any plan for reorgzniaztion in which the capitalization
exceeds that amount.
'
The Commission's plan cuts the value of 3 and 6% consolidated mortgage
from $40 000,000 to $20,000,000 and provides for $10,000,000 of preferred
stock of a par value of $15 a share instead of $30.
The stated value of the
common shares would be reduced from $20 to $10.—V. 147, p. 1935.
made in this order
.
of Stock Interest Proposed in
24,800
OA cnn
1938—8 Mos.—1937
$5,773,788 $45,216,867 $44,403,544
23,696
oq con
ior, onn
ita rrno
195,200
170,798
$5,893,639
4,118,777
$5,750,092 $45,021,667 $44,232,746
4,038,451
32,324,798
30,915,983
disposal of surplus properties so as to immediately reduce the real estate
tax burden of the reorganized company to approximately $1,000,000 per
$1,774,862
$1,711,641
$5,918,439
Operating revenues.
Operating expenses
Amendments to Reorganization Plan
the present company in order to
affairs of the company in the bondholders,
Elimination of the stock interest in
place
_
P.
Philadelphia & Reading Coal & Iron Co.—Elimination
1938—Month—1937
revenues....
Uncollectible oper. rev._
_
147,
Directorate Increased—
y
•
1938—6 Mos.—1937
Sales, after disc., &c—_ $3,289,103
—V.
870,850
5,21.7,511
2
_
..........
$2,421,996
x
Gross income.
—V.
.
6,574,117
1,799,517
Philadelphia Co. (& Subs.)—Earnings—
$74,271
49,081
11,621
_
Operating income
Other income
6,141,664
2,221,026
1,006,336
1,993,978
-' ..-.v
*
See list given
$13,569
Oper. exps., incl. taxes.
a
Depreciation.,
.
...
36,029,965
30,320,541
6,350,000
28,462,172
7,093,959
(J. C.) Penney Co.—Sales—
Orange & Rockland Electric Co.—Earnings—
Period End. Aug. 31
■
31,348,549
6,356,800
compared with $24,803,483 for September, 1937.
ended Oct.
Outlet
24,092,736
3,253,000
_
_
Sales ot the company for the month of September, 1938, were $22,381,487
as
.
of the above matters has been set for Oct. 26, 1938,
on all
at which
__
.
86,150,314
41,685,284
of
extent
Balance.
Dividends
_
Total
(4) The Minnesota
Operating
_.
..
Reserve for contingencies
company as a result of the transactions outlined in
above wiJl1 become the owner of 100% of -the common stock and of
88.14% of the preferred stock of the Wisconsin company,
The Minnesota
company is also the creditor on open account of the Wisconsin company
«
.
Deposits
W
the
_
customers
between the
to
...
_.
as
cost to the Delaware
company and the present value of the
pledged securities to be sold to the Minnesota company, $12,677,650
representing a reduction in the value at which the common stock of the
Minnesota, company is
presently Carried on the books of the Delaware
company to the underlying book value of those shares, and $9,383,058 of
unamortized discount and expense on sales of
preferred and common
stocks.
After these deductions, a balance of
$2,140,956 will remain in
paid-in surplus account.
\
'
•
_
Reserve for dividends.
>
Unearned interest..
Reserve for building, taxes and
expenses.........
Miscellaneous liabilities.
Letters of credit and acceptances executed for
of its
the aggregate value for all
outstanding shares of this class, and will write-down the aggregate
value of its class A common stock from
$34,155,100 to $8,538,775.
The
class A stock will be
changed from a par value of $100 per share into stock
without par value.
A paid-in surplus of $32,907,987 will thus be created.
Against this surplus will be charged $8,706,323,
representing the difference
,
...........
Capital...
Surpius——
Undivided profits
cash"y certain unpledged securities of the Wisconsin company for $64,736
The
........
building, vaults and equipment
Other real estate
_____
Customers liability account letters of credit issued
and accepted, executed_>_
The Minnesota company also
proposes to purchase from the Delaware
(3)
......
Bank
companies.
in
.
Interest accrued
The remaining balance of
$8,706, 323 will be represented by open ac¬
count indebtedness owed to the Minnesota
company, and payable at any
time at the
option of the Minnesota company.
This indebtedness will bear
interest at the rate of 3
% per, annum. The Delaware company undertakes,
in
addition, to make payment on the principal amount of the debt at the
rate of not less than
5% per annum.
class B common stock from
of the
.
Miscellaneous assets...
$2,091,500 of bonds of the Wisconsin company, 44,071 shares of
preferred stock (88.14%), and 25,000 shares of its common stock
(100%),
and m addition stocks of certain
small related
its
(2)
i
.
First mortgages owned
Reserve fund for protection of "cash balances in
trust accounts"...
$2,402,488 being the proposed present value assigned to
now pledged
as collateral to the Delaware company's
consist of
......
Investment securities
Call loans to brokers.
Commercial paper
The present debt of the Delaware
company to the Minnesota company, represented by a note for $11,108,811, will be reduced to $8,706,323,
securities
Granting
77,826,695
54,361,952
7,846,604
35,253,537
State, county and municipal securities
(1)
■he difference of
Lives &
Sept.z 0,'38 Dec. 31,'37
Cash and amt. of
deposit with Fed. Res. Bank....
U. S. Government securities...
unchanged.
certain
on
the
control
of the
is proposed in amendments to plan of reorganization of the com¬
which is in 77-B proceedings.
amendments, which constitute practically a new plan, were filed
with Special Master Howard Benton Lewis by Percival E. Jackson, New
York
and David Bortin, Philadelphia, as counsel for the New York pro¬
tective committee for debenture bondholders of which Jacques Cohen is
annum
Net oper. revenues...
$12,696,869 $13,316,763
Rent from lease of oper.
Net
operating income
Net income.
—V.
—
..
,
,
The
70
813,178
property
Operating taxes, _>
pany
71
563
758,293
6,171,165
5,901,338
$961,754
$953,419
1,563,396
1,619,859
$6,526,267
11,581,525
$7,416,011
12,722,549
147, p. 2253.
586
Chairman.
Tne plan
ration to be
>
■
.
provides for the organization in Pennsylvania of a new corpo¬
known as Philadelphia & Reading Coal Co.
The new com-
Financial
2402
consisting of 375,000 shares of
the latter subject
shall acquire
which are
shall have an authorized capital stock
preferred (par $100) and 100,000 shares (no par) common,
to increase when required by conversions.
The new company
all the assets of the company except surplus unleased coal lands
pany
1)0 sold
t/O
be feasible even if present business
of the anthracite industry do not
formulate a plan that will
the existing conditions
In order to
conditions and
proposed to limit the funded indebtedness of the reorganized
company to $20,000,000.
This amount, it is explained, is fixed in view
of the estimated annual earning capacity of $1,400,000 of the reorganized
improve, it is
of
the
in business in general
and in order to afford reasonable expectation
earnings to
preferred stock upon any improvement in conditions
and of the anthracite industry in particular.
Under tne plan, holders of the $24,411,867 of refunding mortgage bonds
will receive 60% in new first mortgage bonds, 40% in preferred stock, and
for accrued and unpaid interest, common stock at the rate of one share for
each $100 of interest unpaid.
t
„
Holders of $29,148,000 20-year convertible 6% debenture bonds will
company
first mortgage bonds, 83% in preferred stock, and one
stock for each $100 of interest unpaid.
will receive one share of preferred stock for each $100
of principal claim.
The amount of general claims filed, including claims in
dispute and claims arising on abandoned leases, is estimated at $1,123,274.
No provision is made for the common stockholders "by reason of the
receive 17% in new
share of common
General creditors
insolvency of the company."
After outlining the proposals
devised by a reorganization committee in
effect internal economies the com¬
mittee says: "This plan of reorganization is based upon the approval,
adoption and effectuation of such proposals and is designed to readjust
the external debt of the company to meet such changed internal conditions."
witn the management to
conjunction
Reorganization Referred to Special
Intervene in
Petitions to
Master—
Philadelphia & Heading Coal & Iron
of tne
Petitions
Corp., holding
and those of the four protective committees for bondholders, for
leave to intervene in the reorganization proceedings of the company, have
been referred by Judge Dickinson to Special Master Howard Benton
Lewis.
The Coal corporation owns all of the 160,000 shares of the Reading
Coal Co., wnich is the operating company.
The four protective committees, consisting of separate Philadelphia and
New York committees for both the refunding mortgage and debenture
bond issues, filed requests to intervene in the reorganization proceedings on
the strengtn of a recent decision by the U.S. Circuit Court of Appeals in
the Baldwin Locomotive Works case.
In that case, the Circuit Court, in
directing that the fees of the committees and their, counsel which were
drastically cut by Judge Dickinsoh be paid in full, ruled that Section 77-B
accorded to protective committees the right to intervene.
The corporation
taken similar action to protect its rights, although it nad formally filed its
claim with the special master last year in accordance with the call of the
latter for all interests to file their claims.—V. 147, p. 1787.
Oct.
Chronicle
of reorganization.
complicated that even
whether or not it if
fair upon the information furnished to the bondholders.
In the opinion of
the advisory group, the plan is so complicated and it is so difficult to ascer¬
tain whether or not it is fair that Percival E. Jackson, as counsel, sougnt to
invite the Securities and Exchange Commission in to investigate the fair¬
of the plan so that it might independently advise the bondholders, but
this effort was opposed by the major committees and denied by the Court.
In consequence, the advisory group points out that since the major com¬
mittees are sponsoring the plan, the bondholders must act independently
to make their own investigation.
Since no individual bondnolder can
analyze this complicated plan for himself, the advisory group, on behalf of
of the new companies in the guise of a plan
It also points out that the plan of reorganiza tion is so
statistical services cannot advise Postal bondholders
in securities
ness
bondholders, has undertaken
The advisory group states
to do so.
that it will report to
the bondholders whether
find it
opinion, the plan is fair or unfair and states that "if we
to be unfair, we propose to make a fight to compel a fair plan."
The advisory group is undertaking to render a report of its investigation
to bondholders who communicate with it.—V. 147, p. 2100.
or
not, in its
Land Lines System—Earnings—
19SS—Month—1937
1938—8 Mos —1937
$1,722,520 $1,862,976 $13,794,153 $15,746,540
1,069,135
914.716
108,876
110,646
1,185,043
1,265,464
171,366
892,277
155,966
800,457
121,412
Postal Telegraph
31—
Period End. Aug.
Tel. & cable oper. revs._
Repairs
Deprec. and amortiz
An other maintenance. .,
Conducting operations.
Relief depts. & pensions.
All
38,036
36,755
expenses
cable operating loss
Net tel. &
Taxes
assignable to opers
o.OOO
90,264
.
305,811
299,052
704,876
$103,052
$830,356
21,546
$199,536
248,113
$808,810
2,012,366
$170,783
1,962,477
$347,221
$2,821,176
$2,133,260
Co,—Plans to
Telephone
Distance
Long
Philippine
Earnings for Six
Net income from
$123,444
86,276
-
$67,303
Accounts receiv...
Inventories......
37,727
109.818
37,500
Properties,plant
equipment..
Deferred charges..
After
x
446,553
13,943
520.897
852
$5,137 in
Accrued
31/37
social
$13,383
tax
25,416
$10,000
21
81
454,000
454.000
surplus.._
919,978
919,978
Deficit..........
344,589
271,626
Paid-in
Total.......-.$1,039,470 $1,141,172
reserve for depreciation and depletion of $18,513 in
1938 and
1937.—V. 147, p. 901.
Pillsbury Flour Mills Co.—Trustee—
The City Bank Farmers Trust Co. has been appointed trustee and paying
agent for $6,000,000 first mortgage 3%% bonds due Oct. 1, 1953 of this
company.—V. 147, p. 1644.
.
Pioneer Gold Mines of
'
Month of September—
.
x
Net after
x
Before
-Earns.
1935
1936
1937
$275,000
209,000
$188,000
expenses
93,000
111,00ft
depreciation, depletion and taxes.—V. 147, p. 1644.
$160,000
Gross
<
British Columbia, Ltd.
1938
$85,977
66,180
66,180
$31,202
$19,797
$57,587
June 30
6%
preferred stock SI ,103,000
85,703
46,994
Accounts
1,209
1,675
30,082
Notes
162,807
damage—.....
618,292
bds.lMs 2 ,000,000
68,728
payable.,
1st mtge.
49,002
1.550,000
23,139
...
Contingencies
$183,000
103,000
2,352
Total.
.$4,723,099 $4,137,826
Net revenue from rail
way
operations....
$494,078
$255,650
173,407
940,942
Crl87,218 Crl,367,590
$3,102,808
1,414,628
Crl ,409,039
Public Service Co.
of Northern
Illinois—Removed from
The New
has removed the companys'
gold bonds, due Oct. 1, 1956, from listing
York Curb Exchange
ing mortgage 5%
tion.—V. 147, p.
Puget Sound Power & Light Co.
""Period'EndTAug~. 31— 1938—Month—1937
Operating revenues—$1,307,644
Operation....
452,872
Maintenance
railway oper. inc.
$682,298
107,907
$3,097,219
260,740
Other income.
_
_i
.
Total income
Misc. .deduct'ns from inc
Total fixed charges
$266,629
12,630
$507,889
$279,259
52,284
3,559
$521,276
57,279
$790,205
$3,357,959
145,551
3,381
28,715
365,302
39,938
$223,416
$0.26
$460,616
$0.53
$615,939
$2,952,719
$0.71
$3.42
13,387
Net income after fixed
charges
Net
sh. of stock
—V. 147, p. 2099.
inc. per
Pittston
A
94,860
178,132
....
Taxes
capital readjustment plan for the company was
(& Subs.)—Earnings
1938—1 2 Mos.—-193"A_0
$1,502,283 $16,131,991
539,142
5.696,582
0,220,618
116,522
1,179,090
168.135
2,248,35o
1.918,176
$7,007,963
Drl68,774
$6,957,223
;. 133,02o
319,673
$485,990
321,251
$6,839,189
3,848,815
$7,090,248
3,854.241
Balance..$249,608
$164,740
$2,990,374
1,471.602
$3,236,007
$1,518,772
550,000
$1,7.38,493
$968,772
1,583,970
$1,188,493
.1.583,970
$615,198
$395,477
of
in
$581,780
/ rlz,499
$569,280
Balance
Interest and amortiz.
_.
Appropriations for retirement reserve
Piior preference
—
...
'
dividend, requirements
''
Balance
meeting Oct. 10.
2099.
Platte
Postal
The plan was outlined in V. 147,
Valley Telephone Corp.—Registers with SEC—
See list given on
first page of this departmentV. 125, p. 519.
Telegraph & Cable Corp.—Bondholders' Advisory
Group Advised Against Accepting Plan—
which Alfred W. Kleinbaum,
of corpora¬
tion's 5% gold bonds, due July 1, 1953, that it has prepared a preliminary
analysis of the proposed Postal plan and the existing situation in connection
with the proposed reorganization of the company , and suggests that bond¬
holders refrain from depositing their securities or accepting the plan until
The Postal bondholders' advisory group, of
of 120 Broadway,
is Secretary, is notifying independent holders
they have sent for the analysis.
.The advisory group points out that the major committees who own only
$353,000 par value of bonds, have sought to negotiate for all the bondholders
a sale of control of the cable and radio branches of the Postal system and all
other Postal assets to International Tel. & Tel., for a consideration payable
Balance, deficit.
1,497,514
550,000
1, 1937. the company - adopted the new system
prescribed by the Federal Power Commission, which differs
certain respects from the system the company previously followed, hence
}'
the above 12 months' figures are not exactly comparative.—V. 147. p. 2254.
Note—Effective Jan.
accounts
R. C. A.
Communications, Inc.— ■Earnings—
Period End. Aug. 31—
ing
approved by stock-
and registra¬
$678,484
2?rl92,493
Net orer. revenues.__
1938—Month—1937
Teleg. and cable operat¬
Co.—Readjustment Approved-
hoi™£ at a
p.
.
1st & refund"
2254.
Preferred dividend requirements.
Net
$4.137,826
Listing—
Balance*....
$251,801
148,558
Crl63,386
5,515
83,550
$4,723,099
.
.
5,575
87,348
145, p. 2556.
Period End. Aug.
Railway tax .accruals
Equip.& joint facil.rents
17,000
641
5,515
Pief. div. accrued.
Surplus.'-..-..---:
17,162
suspense...
Non-oper. income (net).
Pittsburgh & Lake Erie RR.—Earnings—
31—
1938—Month—1937
1938—8 Mas.—1937
Railway oper. revenues. $1,302,029
$1,997,948 $8,229,686 $16,574,741
Railway oper. expenses.
1,050,228
1,503,870
7,974,036
13,471,933
12.000
res.
34,250
522,505
Miscell. reserve—
3,400
175,000
51,559
538.946
Retirement reserve
life insurance
Total........
237,068
payable....
Aeciued items
32,947
$1,103,000
618,292
Common stock
83,673
183,507
1937
1938
Liabilities
^.*,1937
1938
Prepaid items.....
Umamort. bd. disc.
Unamortized flood
—V.
$123,767
$64,292
33,090
se¬
curity taxes....
Com. stk. ($1 par)
.58,054
49,164
17,000
Cr2,253
$11,756
& notes lec.
Misc.
78,295
56,829
3,000
Crl5,084
33,090
Cash surr. value-
(Fohs
$1,141,1721
...$1,039,470
Total
pay.
Oil Co.).
$526,205
7,063 Accrd.cap.stk.
109,138
Investments.....
June 30,'3% Dec.
Liabilities—
31.'37
Accts.
$35.1,868
18,986
&
«
.
$262,215
2.-663
13,820
CY2.253
account.—$4 ,314,712 S3,703,664
40,350
101,685
Cash
8.410
13:652
$44,846
Balance Sheet
Accts
$424,187
3.000
Cr90
*
dividend- Preferred dividend accrd
Inventories
June 30,*38 Dec,
31,531
-1937
121,613
40,359
66,542
2,558
6,436
30,429
24,437
4,324
2,412
40,977
—
975
(on
$231,079
$127,002
Interest on bonds
—
Depreciation
Reserved for contings —
Interest during construct
Assets
„..i.
demand).'
x
35,402
.
Operating revenue...
Plant
Comparative Balance Sheet
In banks
All taxes
157,490
$125,899
57.336
Operating expenses
$38,787
105,115
Total income
Assets—
$207,934
'
?L53o
30,499
$219,740
earnings
Gross
Profit.
Intangible drilling costs. .
Costs of investigations...
Cash
Light Co.—Earnings1938—6 Mos.—1937
1938—12 Mos.
Public Electric
Period End. June 30—
1,619
.....
....
0
28,753
147, p. 1645.
—V.
$37,168
operations...
....
$99,108
$346,261
Net deficit
Balance for
Months Ended June 30, 1938
Gross operating income.
Operating charges
Other income
Commission for authority to
and improve present services, the
12.—V. 147, p. 278.
Co.—Earnings— •'
Pilgrim Exploration
Loss
$95,756
Amortiz. and adjusts
the Public Service
$5,000,000 bond issue to expand
Department of Commerce reported Oct.
a
3,944.
250,505
inc.
interest on loans
Company has applied to
float
2,805
Gross deficit.
Deducts, from gross
40,000
626,290
40,000
77,046
$98,561
Operating deficit.
Non-operating income:.
386,186
$85,480prof$466,754
$22,006
4,000
S3,297
Uncoh. oper. revs
10,242,635
350,550
11,448,093
44,147
1,401,145
47,647
misc.
general
other
98,578
1,276,225
company,
Issue Bonds—
1938
15,
revenues
Deprec. and amortiz
Relief departments and
pensions
,'j.
All
other
general
and
and
teleg.
operating revenues .
oper.
expenses
Uncoil, oper. revenues __
Taxes
assignable to oper.
Operating loss
Non-operating income.
.
Gross income
Deduct'ns from gross inc.
1
Net income
x
Profit.—V.
147,
$3,024,121
$3,492,654
63,009
432,231
503,436
2,900
2,900
23,200
23,200
p.
302,262
301,815
2,395.252
2.283.097
$15,147
$95,509
$173,437
$682,921
29,379
37,321
1,000
23,644
31,948
242,696
314,927
8,000
194,680
258,471
301,314
18,000
279,548
$101,474
x$342,530
63,635
x$41,977
71,054
493,020
607,712
$46,196
22,716
$113,031
28,540
$391,546
188,236
$950,242
$23,480
cable
Other oper, revenues
Other
$463,233
$17,439
miscellaneous expenses
Net
1938—8 Mos.—1937
$372,194
51,885
$84,491
$203,310
$722,028
1787.
I
36.864
6,000
42,616
228.214
Volume
147
Financial
Chronicle
Rainbow Luminous
Products, Inc.—Order Withdrawing
Registration of Stocks from N. Y. Curb Exchange—
The
Securities
and
Exchange Commission
withdrawing the registration
the
on
common
stock, class A, no par, and
of the
company effective as of Nov.
The conui ission found, based
upon
that the issuer has failed to
comply
of said Act, as
amended, and rule
New
Oct.
on
York
6
Curb
issued
Period End.
Sept. 30—
class B,
no
par,
Gross profit
KA1
Selling
Research,
prescribed under said section.
9 Mos. End. Sept. 30—
on bonds & notes___
1938
Int.
Cash
&
other
1936
1935
_
$162,719
216,795
$180,542
150.027
$.380,913
58,222
$379,514
54,887
$330,569
132,000
charges
$132,435
248,478
$291,122
48,092
132,000
132,000
150,803
include
unrealized profit and loss
Based upon market
$215.86
219.27
and
15.24
provision
1938, but before dividends
for
bad
debt
and
preferred stock,
on
shown below:
Earnings—
have
declared
common
Oct. 25.
Net
.....
of
50
1937
£3,549,042
£1,879,903
1,194,053
130,008
2,063,461
£3,421,707
£3,549,042
£1,752,289
£1,879,903
41,312
36,373
72,638
31,382
89,947
St.
175,P00
150,000
150,000
3,884
Total
London administration &
___
3,067
CY17.481
514,487
103,500
OT0.295
330,220
65,500
other expenses.-_____
Debenture interest, &q_
Replacements and obso¬
______
reserve
Cr20,3i2
_
'
Leave pay (mine
etnpls.)
Cr 14,742
1,575,068
512,000
17,255
1,790,308
account
456,500
250", 665
200",000
757,089
261,844
998,133
263,120
1937
£1
£1
devel.
Copper stocks
June
4,963.095
322,824
1938
1937
ohsoles.
848.929
3,896,882
__
_
.
and
reserve.
126,605
514,179
Debenture interest
1
1
393,437
314,918
(at
.
Cash.....
903,773
10,964
,
12,838
1.789,874
1,710,163
Totali j_.£7,950,044. £7,904,789
-V. 147, p. 1047.
610,701
100,065
216,338
8,647
725,347
$2,855,078
Joseph Congregation of Green Bay—Bonds Offered
Ziegler & Co., West Bend, Wis., are offering $70,000
and 33^%-4% 1st mtge. serial bonds at
par and int.
and incl. the semi-annual interest
payment on
■
Sept. 1, 1942, and 4%
>:■"-'l
■
proximately $33,400 principally from money borrowed
Joseph Congregation.
and
convent
on
unsecured notes
■
'
v.
St. Louis-San Francisco Ry.--—Bankers Exonerated—
Oct.
oh
in favor ol the defendants
13 rendered judgment
in the conspiracy and accounting suit
brought
by the trustees of the road against the partners of J. & W.
Seiigman, Speyer
& Co. and Edward N. Brown, Chairman of the Frisco.
;
<
The plaintiffs also sought to have the Court rescind the
purchase by the
directors of the road of 183,000 shares of Rock Island stock,
claiming waste!
and conspiracy to defraud the Frisco.
In his decision Judge Yalente held
Res. for taxation.
Earnings for 7 Months Ended July 30, 1938
Net loss after taxes, depreciation, depletion, loss on sale of lease¬
holds abandoned and other deductions
T-V. 146, p..3969.
Savannah Electric & Power Co.—
570,731
339,230
349,056
20,000
Prov. for dividend
30,000
395,235
623,886
261,844
£7,904,789
Prov. for mine pen¬
sion & benefit fd.
Total
..
...
_
$183,523
73,455
$79,476
Dr387
$80,377
$79,089
31,395
10,314
19,377
$2,228,576
852,321
121,984
•271,815
$2,103,925
805,701
116,030
219,612
'
$982,456
Dr.3,440
$962,581
14,041
$80,242
31,586
$979,016
378,633
$976,622
379,109
$48,655
$600,383
248,167
$597,514
241,167
Debenture"dividend requirements._____________
$352,217
149,115
$356,347
Balance
Preferred dividend
$203,102
60,000
$207,232
60,000
$143,102
$147,232
—
263,120
-2- .£7,950,014
Net oper. revenues
1938—12 Mos.—1937
$182,173
69,159
9,481
24,056
Maintenance
$14,035
Earnings—
i938—Month—1937
Period End. Aug. 31
Operating revenues
Operation.
3,615
957,116
.
Corp.—Earnings—
Taxes
unclaimed.__x,.-
Sundry credits....
592,013
.
$4,516,177
expense amortized
—
Profit & loss acct.
cost)
$4,255,018
261,159
and the balance from money in the corporation's
treasury.
These bonds have been authorized with the permission of Most
Reverend
Paul E. Rhode, Bishop of the Diocese of Green
Bay ahd President of St.
•
Capital stock...:. £4,991 ,C85 £1,663,320
Replacements
5,1(53,754
Sundry debtors, &c
•
3 3 33
...
-28,300
241",481
30
General reserve.__
Investments (nom-,
inal, value)
Materials & suppi.
_
<
29,900
200,000
356,466
147,445
Liabilities—
<fe equip. of prop¬
erties, at cost-..
.
Salt Dome Oil
*
Balance Sheet
,
3
building, now being erected by St. Joseph Congregation, to pay the cost of
this financing, and for other corporate
purposes.
The new building is being erected at a total cost of
slightly over $100,000.
Prior to the disbursement of
any of the proceeds of these bonds, the cor¬
poration will have paid construction bills in tne aggregate amount of
ap¬
20,000
1938
on
_
that the bankers were under no fiducial obligation to the railroad
and that
Mr. Brown did not dominate or control the board of directors
as charged.
—V. 147, p. 2255.
10,000
______
(nominal).
_
.
V
Carry forward-________
Prop'y
95,328
590,522
30,000
Conting. res. for mine
pension & benefit fund
Deb. stock red. reserve-
..
.
Supreme Court Justice Louis A. Valente
200,000
against holding
in Government securs.
Interest receivable
Net profit
Reserve for taxation.__
New issue expsenses
3
Dated Sept. 1, 1938; due
serially Sept. 1, 1941 to Sept. 1, 1950, incl.
First National Bank of West
Bend, Wis., trustee and registrar.
The first
mortgage serial bonds bear interest from Sept. 1, 1938.
The bonds maturing
on or before
Sept. 1, 1942, bear interest at 3
% per annum, and all the
bonds maturing on and after
Sept. 1, 1943, bear int. at 3p&% per annum
29,048
91,549
-
_
-
_.
I" 33
.
900,968
79,919
771,402
1,355,573
_
Tne proceeds of these bonds will be used to
complete
payment of the cost of constructing a new church, school
£1,752,289
1,492,379
133,290
1,796,038
.
Net income
to
1935
£3,421,707
_
on
thereafter.
1936
expenses at mine_
"I
-V. 147, P. 1352.
per share on the
15 to holders of record
.
$72,507,224
1,067,503
3,863,082
3.559,398
5,714,891
86,991
53,758,052
202,289
_
—B. C.
Antelope Copper Mines, Ltd.—Earnings—
1938
_
_
fixtures sold or abandoned
'
Loss on advance to affiliate, not consolidated
Provision for Federal and Canadian income tax
1937
Co.—Registers with SEC—
account..-
__
_
_
_
..
Loss
See list given on first
page of this department.—V. 146, p. 3967.
Year Ended June 30—
_______
and repairs..
.3 —1_;
and amortization
than Federal and Canadian income
taxes.__.
Interest.
Debenture discount and
,
Richmond Radiator
3,324
operating profit
cents
stocks payable Nov.
3,198
_________
-
dividend
a
120,100
Total income
Current dividend makes the fifth
payment on each of the issues'during
1938 60 cents having been
paid on Aug. 15, May 16, Feb. 15 and Jan. 3.
in the preceding
year the company j aid $3.—V. 146, p. 447.
Expend,
$574,841
Other income
(R. J.) Reynolds Tobacco Co.—50-Cent Dividend—
Assets—
loss$77,354
$199,920
Ihmvision for doubtful accounts.
__
General reserve
Dividends
$699,706
4,765
41,700
Rents_!■.______„___
Royalties
$11,819
$226,678
165,523
1,088,306
Federal surtaxes on undistributed profits have not been deducted
from
the profits shown above.
Such taxes for the fuJ year 1937 amounted
to
$26,889.47.
xVh figures for 1938 are
subject to audit and adjustment at
„the end of the calendar year.—V. 147, p. 430.
reserve
loss$74,467
2,887
Other selling, general and administrative
expense
repossession losses for
follows for the periods
1938
3 months ended Sept. 30-...
12 months ended
Sept. 30.
lescence
$241,620
1,701
1938—4 Weeks—1937
1938—40 Weeks—1937
$28,840,185 $31,683,983$281,067,3C6$293,288,700
Gross profit
was as
v
Reserve
$20,685
Co.—Sales—
operation
Depreciation
Taxes, other
1938
1937
3 months ended Sept. 30-...
$1,769,717 $2,248,819
12 months ended Sept. 30
:
7,632,744
9,870,103
Consolidated net profit (exclusive of the
company's share of the earnings
of Frank Corp.), after
making provision for Federal normal income taxes
-
$683,453
16,253
Earnings for the 12 Months Ended June 30, 1938
Gross sales, less
discounts, returns and allowances (after
elimination of inter-company
sales)
$375,275,213
Cost of sales..
302,767,990
Consolidated net sales for the quarter and for the
12-month period ended
1938, compared with the same periods ended
Sept. 30, 1937,
follow:
Oper.
in
Maintenance
Realization expenses
Operating surplus
loss$92,998
18,531
,
Sept. 30,
Roan
$236,253
5,367
$18,984
Sales....
$236.41
258.15
20.49
217.64
Reliable Stores Corp. (& Subs.)—Sales and
Copper sales
1,151
—
Safeway Stores
$215.00
-
15.45
V. 147, p. 1645.
and class B
26,745
54,364
_
Period End. Oct. 1—
realized
Sept. 30, '38 June 30, '38 Sept. 30, '37
common
40,237
89.274
$135,950
Stores
_
directors
11,881
19,077
$19,534
_
Net profit—V. 147, p. 754.
securities.
on
Per $100 of collateral trust bonds.___
Per share of preferred stock
Per share of common stock
The
—
_
quotations, the following summary shows the aggre¬
gate of assets available for each class of
security of the company outstanding
as of the dates shown:
■
estimated
11,131
30,058
Total income—
Interest, &c.
Prov. for Fed'l income &
;
excess profit taxes
43,815
Net
income.
$111,030
$190,691
$192,627
Preferred dividends
<
95,112
95,112
Common dividends-..-- •
48,942
Note—The above statement of income does not
after
$1,023,725
139,600
119,562
.
on
funded debt
and
$315,331
145,843
132,975
______
.Total int. & cash divs.
Expenses and taxes.
Int.
1937
41.884
;
Net operating profit.
Miscellaneous income.
$150,740
140,381
dividends
$364,349
55,254
44,741
49,547
development.
patent expense.
—Earnings—
1938—9 Mos.—1937
$1,380,880
$3,375,976
1,065,549
2,352,251
$1,213,614
849,265
$155,010
_
Depreciation
.
Co
sales.
expenses
Gen'l and administrative
'
Railway & Light Securities
on
,
—V. 134, p. 4508.
$582,464
427,454
Cost of goods sold
the evidence introduced at a hearing,
with the provisions of section 13 (a)
Corn.—Earnings—
1938—3 Mos.—1937
Netsalas
order
Exchange of the
the common stock,
5.
an
2403
Rustless Iron & Steel
Non-oper. income (net)
-
Balance.
Interest and ainortizat'n
_
Balance.
_
•
...
_
-
-
-
-
-
$47,695,
-
Appropriations for retirement
Drl35
■
*
reserve._.
_
.
.
Russeks Fifth
33d/'l<inC0 !
Ave., Inc.—No Dividend Action—
Directors at their recent
meeting took no action with regard to payment of
dividend on the common stock,
par $2.50, at this time.
A dividend of
12 Yi cents per share was paid on
April 1, last.
The company had
previously
announced that dividends will hereafter be
paid semi-annually instead of
'mi
•*-
~
im
—
'*m
mm
mi
m
m
m*'mm-
149,115
a
quarterly.—V.
Rutland
146,
p.
Railway
Railway
Net
re v.
from
1938—8 Mos.—1937
Net ry. oper. incomeOther income
—
$307,705
270,316
$1,915,962
2,085,789
$2,404,041
2,178,472
$33,427
28,189
Dr3,271
$37,389
24,222
C'r2,207
x$ 169,827
J>9,906
$225,569
187,103
Cr 10,369
$1,967
3,751
$15,374
3,949
x$409,757
$48,835
34,135
30,272
$19,323
x$375,622
$79,107
Miscell. deductions from
333
—
Total fixed charges.
.
33,894
469
33,901
230,024
3,063
271,207
3,142
272,496
r
Net deficit after fixed
charges.
x
p.
$280,791
247,364
railway
operations
Total income.
1938—Month—1937
i,
A.
l-'
$28,509
Deficit.—V,. 147, p. 2101.
$15,047
$649,892
—
_
—
requirements—
common
dividends and surplus..—
jv0te—On Jan. 1, 1937, changes were made in accounting procedure,
hence the above 12 months' figures are not exactly comparative.—V.147,
$5,718
expenses.
Railway tax accruals.
Equip. & joint fac. rents
income.
Balance for
RR.—Earnings-
oper. revenues.
oper.
"
2547.
Period End. Aug. 31—
—
.
••
$196,531
2255.
Schenectady Ry.—Bankruptcy—
On March 31, 1938, Abram V. Louer was appointed trustee in bank¬
ruptcy.
Previously Mr. Louer and also J. C. Cooper had been receivers.
The receivership went into effect Feb. 4, 1931.—V. 136, p. 4267.
Schiff Co .—Sales—
Sales for the month of September, 1938 were $1,370,469. as compared
with sates for September, 1937 of $1,499,432.
This was a loss of
Sales for nine months'
w„th last year
8.60%.
period this year were $8,864,444, as compared
This was a ioss of 9.49% —V. 147, p. 1788.
of $9,793,517.
Seaboard Air Line Ry.—Receivers'
Equipment Trust Ctfs—
The interstate Commerce Commission on Oct. 7 authorized the
company
obligation and liability in respect of not exceeding $163,500 of
class B equipment-trust 4% certificates, series GG, to be issued
to assume
Guaranty Trust Co. of New York,
by the
as trustee, and sold or delivered at par
and accrued dividends to the Electro-Motive
procurement of certain equipment.
Corp. in connection with the
;
.
Financial
2404
Balance Sheet
Comparative
Commissioner Porter,
dissenting says:
this report appears
Sept. 17,
relatively unimportant, yet it
does involve a very important principle and if the precedent here established
should be followed would result in untold injury to equipment trust railroad
While
the face of it
on
securities.
,
,
.
of decline in
railroad earning power there m
single class of railroad securities out of the
able and that is the so-called equipment trusts,
receivable..
3,275
117,867
6,902
Fixed assets..
—
7,546
71,553
3,558
4,140
76,086
Accrued int.
3,620
107,999
.........
66,707
Deferred charges
x
—
Other assets .....
Investments,......-.
Goodwill
i
unemployment &
oldagetaxes
;—
Total--.- —.$336,378
Djng term debts
76,086
Reserves
Earned surplus.
Southern Canada
12 Months
"""
Taxes
85,930
Depreciation
Interest
on
$93,489
26,392
24,962
63,888
——-
s.__.
1st mtge. 4s
income 3s
$21,753
Net loss.
31, 1938
Balance Sheet Aug.
Liabilities—
$5,309,135
Current assets.....-.— 208,758
Miscellaneous assets..
83,238
capital.......
bonds held
Co.'s own 1st mtge.
———32,185
(at cost)..
Funded debt.
Reserves
Capital surplus
Earned surplus.
dividends, depreciation,
bad debts
$28,235
$56,595
Surplus
147,p. 1939.
V.
Railway—Directors Reelected—
Southern
Richmond Oct. 11,
1938 were re¬
annual meeting of the stockholders, held in
of the board of directors whose terms expire in
elected for a further term of three years, viz.: John Stewart Bryan
mond, Va.; Oliver Iselin and Gerrish H. Milliken of New
At the
those members
of Rich¬
York, N. Y.,
Jqhn K. Ottley of Atlanta, Oa.
The annual report of the President and board of directors for the year
ended Dec. 31, 1937, was formally ratified and a statement showing re¬
sults of operations for the first eight months of the current calendar year,
compared with the corresponding period of the previous year, was
mitted to the stockholders.
,
On motion of Dr. John Stewart Bryan of Richmond, the
by a rising vote, unanimously adopted a tribute to the memory
Fairfax Harrison, who had been President of Southern Ry.
a
quarter of a century.
'
First Week of Oct.
Jan. 1 to Oct. 7
Total..
—
;.1_
—— —
— —
.
..$5,583,315
debt
unfunded debt—
Int. on funded
1935
1936
$105,710
20,037
$105,710
11,300
$105,710
11,438
20,270
20,270
20,270
2,100
2,100
2,100
1,160
1,159
260
29,0
279
.
disc,
of
funded debt
at the
""123
$67,954
—
$85,968
65,978
Total surplus
$87,463
,
69,450
'
'.r.—.
1,305
bonds.
Surplus, Dec. 31
$93,890
69,450
23,427
$18,684
—
$25,581
$18,013
Fund, Inc.—Earnings— ;■
Income Account for 6
cash dividends.— —.
Income,
Operating expenses ...
$24,440
f Assets—
Inv. in rd. &
Cash-...
31
1936
1937
1936
Common stock...$1,389,dOO $1,389,000
qqulp$l,789,849 $1,789,849
414,000
414,000
33,505
32,525 Long-term debt...
1937
Liabilities—
Rents receivable..
Deferred assets...
7,120 Current liabilities.
7,807 Unadjusted credits
Corporate surplus.
15,400
6,766
.$1,845,521 $1,837,301
TotaL
-V. 146, p.
8,547
15,289
18,684
228
16,060
18,013
$1,845,521 $1,837,301
fetal
37,590
$9,968
73,140
5,514
1938.
—
— — — .
— — —
—
_
the period..
,—-
$88,622
31,475
$57,146
Undistributed balance of income at end of period . — _ —
profit on securities sold during the period
on
34,785
identified costs )amounted to—1— — _ — —
Unrealized deprec. (corp.'s securs. (approximate) lis at beginning 1,780,400
(computed
783,500
period
As at end of
;—
— — — —
— — — —
_
—-V^JL47, p. 1504.
Standard Gas & Electric Co.—Weekly Output-—
the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended Oct. 8, 1938, totaled 106,•
Electric output of
kilowatt-hours, a decrease
565,121
2221.
$47,558
:—.
Net
Balance Sheet Dec.
301938
—
_ —— —
Distributions madeduring
.
Months Ended Sept.
Net income for tne period
1___. ——..
— -«—.
Undistributed balance of income at March 31, 1938- — - - —
Excess Federal capital stock tax for year ended March 31,
Total
of mtge,
Exp. of exten.
$70,463
$ 95,031
69,450
25,581
Previous surplus
Dividends
$70,591
24,440
$61,882
18,013
Net income
of $163,000 1st mtge.
Spencer Trask
on
.*
Miscell. income charges.
Called—
& Co., Inc.—Bonds
5% s. s. gold bonds has been called for
103 and accrued interest. Payment will be made
Peoples-Pittsburgh Trust Co., Pittsburgh, Pa.—V. 147, p. 905.
total
redemption on Dec. 10 at
IS
2,100
...
Spang, Chalfant
A
$88,602,350 $103.048266
$2,612,890 ,$2,575*850
(est.)...
2256.
193/T
1938
1937
1938
V'
Maint, of invest, organ¬
ization
of the late
for nearly
V. 147, p.
1934
1,159
rd.
Taxes
sub¬
stockholders
Gross earnings
1937
$102,000
15,244
16,560
Years—
Income from lease of
Amortiz.
50,000
687,805
289,270
Capital stock
Ry.—Earnings-
Sharon
Calendar
.$3,284,700
152,177
1,119,364
— .
Current liabilities
$5,583,315
Total
Int. on
.
—
and
1
Fixed
1937^
$2,292,400
673,080
279,550
$1,369,864 $1,339,770
1,313,269
l,311,53o
$2,359,551
710,262
279,425
Net earnings
Interest,
'
1938
Ended Aug 31—
—
..
Ltd.—Earnings—
Power Co.,
Gross earnings
202,
85,943
5s
increase
September, 1937 aggre¬
rate for
President.—Y. 147,
Saies of electrical condensers in September totaled $165,568, an
17% over August and 39% over July.
Sales in
gated $220,974.
Unfilled orders on the company's books assure a high production
the balance of the year, according to Otto Paschkes,
p. 2407.
. :
$1,314,181
845,882
84o, 937
Gross earnings
on
.vv>:Wy
of
Taxes..
31, 1938
1938, and $24,559
for Sept. 17,
Corp.—Sales—
Solar Mfg.
•
Months Ended Aug.
Net earnings
depreciation reserve of $24,648
1938.—V. 147, p. 1788.
After
x
Operating and maintenance expense.
Operating expenses .'
Maintenance expenditures
Interest
$336,378 $312,526
for Aug. 20,
on
Interest on 1st mtge.
($1 par)
stock
Paidinsurpius——.
beginning until very
Co.—Earnings—
$312,526
3,000
Other accr. taxes pay.
interest shall be paid semi-annually and
payment of the interest a reasonable instalment is also
Earnings for 12
10,875
135,353
21,493
8,816
55,200
3,805
6,251
232
2,138
7,472
132,918
19,058
8,816
45,212
Acer. Fed. inc.
Premium on cap.
Total
—
7,500
8,740
199
854
5,233
6,251
292
3,178
taxes..
3,558
the rule that the
Scranton Transit
1,249
—
Acer,
Common stk.
recently it has universally been
at the time of
payable on the
principal, thus, amortizing the entire debt within a reasonable period and,
thereby, rapidly enlarging the equity over and above the debt.
>
For the first time IB the issuance of such securities the majority here
propose to permit tne issuance of equipment trust certificates for the entire
purchase price. Every dollar of value of the property is thus represented
by debt and there is no equity over and above the amount of the debt.
Heretofore, in this case, we have gone entirely t6o far perhaps, in authorizing
90% of the value of the property purchased to be represented oy trust
certificates, and now the majority would authorize the issuance of trust
certificates for the remaining 10%.
While it is true these certificates are
to be taken by the manufacturer of the property, yet tnere is nothing to
prevent these certificates from finding their way into the general market
and should disaster come to this railroad company, a cloud will be c;eated
all of this present high-class of railroad securities, to the injury of every
railroad in the country.
Tnis is to be permitted for a company already in
receivership and heavily overburdened with debt.—V. 147, p. 2102.
Secondly, from the
pay..
Acer, insurance
equipment trust.
face of tne
payable._
payable..
payable—bank.
Notes
Salaries & wages pay
stock— employees
Inventories.
Acceptances
805
capital
to
Subscribers
a
31,743
759
rec.—employees
Accts.
many that
Accts.
$40,081
29,251
26,323
1,993
10,000
7,001
174
pay.—other
$1,595
$8,942
53,164
1938
1938
mat'l $42,947
Liabilities—
Accts. pay.—raw
......—.
Accounts
only
remains market¬
whicn continue to command
premium in the market and to be readily marketable at low rates of in¬
terest.
It is the sole security by which the railroads may obtain funds from
private sources and without resort to the Reconstruction Finance Cor¬
poration,
Now, why istnisso? Manifestly, it is because of two outstanding
characteristics of this kind of paper.
In the first place, it has been the
general rule from the beginning of the issuance of these securities that at
least 25% of the purchase price of the equipment shall be paid for in cash;
thus, in the very beginning leaving an equity of 25% over and above tlje
During the recent years
one
1938
hand and in
on
bank
Aug. 20,
Sept. 17,
Aug. 20,
1938
Assets—
Cash
1938
Oct. IS,
Chronicle
of 3.3% coihpared
with the corre¬
sponding week last year.
Silex Co.-
-Earnings—
Admitted to Unlisted
9 Months Ended Sept. 30—
Netprofit
_
Earns, per share on 215,000 capital
1938
-
-$239,849
$1.11
—
shares
Extra Dividend—
After
^
1937
The
$242,268
$1.12
.
depreciation, Federal income taxes and in 1938 after surtax on un¬
before surtax on undistributed income.
dividend of 5 cents per share in addition
distributed earnings, and in 1937
Directors have declared an extra
to the
regular quarterly dividend of 25 cents per
value, both payable Nov. 10 to holders
no
par
p.
584.
,
Sloss-Shef field Steel & Iron Co.
Period Ended Sept.
share on the common stock,
of record Oct. 31.—V. 147,
•
30, 1938—
Federal income taxes
Preferred dividends paid
Common dividends.
—V. 147, p. 584; V. 146, p. 3522.
Net income after
Aircraft
Solar
3 Mos.
9 Mos.
$42,615
89,960
$387,051
270,973
99,318
Total sales
Discounts
allowed.
Net sales
Cost of sales
Selling expeases
Administrative and general expense-
Operating profit.
Other deductions 2
Provision for
Federal income taxes.
Earned income to suprlus
20 Weeks
$57,301
$2 82,318
256
420
$282,738
1,690
250
a
meeting of directors
'
'
Co.—President Resigns—
held Oct. 7, resignation
accepted.
Preston
147, p. 906.
of Henry S. Beal as
Upham, a director, was'elected
Chairman
Sun
Ray Drug
Periocl End.
Co.-—Sales-
Sept. 30—
Sales
Stores in
1938—Monlh- -1937,
$493,573
$534,144
operation
2103.
1938—9 Mos.—1937
$4,573,556
$4,339,588
38
'35
Corp.—Bond Plan Voted—-
bond indebtedness
of a new issue
and improve¬
ments.
They authorized the company's directors to fix terms for a new
issue, including, if any, provisions for conversion of the bonds into stockStockholders on Oct. 10 approved a plan whereby
be increased to not more than $2,000,000 in the form
to be secured by a mortgage lien on all real estate, plants
can
The issue
would be 1st mtge.,
sinking fund bonds.
retire $963,000 present 1st mtge. bonds, due on
liquidate $.500,000 notes due to Union Trust Co. of
Pittsburgh, of which $200,000 matured on Oct. 3 and the balance matures
on Nov.
28.
The residue would be added to working capital.
See also
Proceeds win be used to
$57,307
36,160
2,186
5,933
$281,048
$13,027
$42,024
200,277
10,048
28,700
148
389
$13,175
$42,412
715
3,112
2,471
7,723
Dec.
V.
15,
147,
1938, and to
p.
2103.
Telautograph Corp.—Earnings—
Period End. June 30—
1938—3 Mos.—1937
Net
profit after charges
Earns.per sh. on
$9,989
$31,577
1938—6 Mos.—1937
$35,423
$65,398
cap.stk.
$0.14
$0.16
of June 30. 1938, including
$0.29
$30,733
and taxes
$69,315
$0.30
$109,037 cash, amounted
to $155,141 and current liabilities were $26,016 comparing with cash of
$119,230, current assets of $164,555 and current liabilities of $25,848 on
June 30, 1937.
Inventories?>at cost, amounted to $3,748 against$3,542.
Total assets as of June 30, last, were $2,498,400 comparing with $2,561,623
on June 30, 1937: earned surplus was $363,825 against $414,841 and capital
surplus remained unchanged at $941,792.—V. 147, p. 586.
Current assets as
~Note—Net profit after Federal income taxes of $9,988 for the four-week
periop is equal to 7.5 cents per share on 132,650 shares outstanding.
Net profit after Federal income taxes of $31,577 for the LO-week period
is equal to 23.8 cents per share on 132,650 shares outstanding and is at
the rate of 61.9 cents per share for the full 52-week period.
At
President was
Superior Steel
4 Weeks
Other income.....
Total income
Sullivan Machinery
& Electric Co.) in accordance with
Gas & Electric Co. dated Nov. 1,
—V. 147, p.
$57,557
Manufactured sales
Miscellaneous sales
gold debentures
debentures were issued to
1957, of Standard Power &
has admitted the 6%
Light Corp. (assumed by Standard Gas
the plan of reorganizztion of Standard
1937.—V. 147, p. 2256.
Earnings—»
Co.-—Earnings—
1938—
Trading—
York Curb Exchange
of the Board.—V.
....
Period Ended Sept. 17,
New
Feb. 1, 1957, to unlisted trading.
These
holders of 6% gold debentures due Feb. 1,
due
Volume
147
Financial
Third Avenue Ry.—Extension
of
Chronicle
The
Bonds—
the following reductions were
made:
Cancellation of 1,424 bonds held in
treasury, $1,424,000, deposit covering payment of 15% of principal of all
bonds held by public on
July 1, 1937, $536,400, purchase and caclellationn
Proceeds went to redeem
$16,000,000 of 15-year 3J4% sinking fund
due on July 1, 1950, which were sold
privately to Prudential
Insurance Co. in 1935, and to establish a
$24,000,000 fund for general
of additional 485 bonds of
par of $850 each, $412,250, total reductions, $2,a balance of $3,091 bonds on June 30, 1938 or
$2,627,350.
corporate purposes.
T£e debentures
payments, and make annual payments of $350,000
bonds outstanding.—V. 147, p. 2104.
Thompson Products, Inq.Assets—
1938
Cash
Liabilities—
accepts. & accts.
Mtge. note of sub.
1,444,420
1,931,104
not
100,000
100,000
50,000
109,379
Prov.for inc.taxes
61,366
Res. for workmen's
compensation ins
& acc'ts rec.,Ac.
74,389
I/d, bldgs., machin'y. eq., Ac_. 2,925,726
orders
73,733
x
In
process..
33,930
Goodwill,
patent
rights, Ac
Prepaid exp., Ac..
z
399,198
263.106
286,825
prior pref. stock
911,300
Common stock.
2,932,900
911,865
2,928,900
$5
cum.
72,808
333,143
surplus
2,605,492
United Aircraft
2,605,848
Simultaneously, it
the
—
Tne income account for the three and six months ended June
30,
company.—V. 147,
was
Aug. 3. 1936; $4
paid
on Dec. 31, 1935; $1.50 on July 10, 1935; $2 on Dec. 31, 1934; $1 on
Nov. 1 and July 16, 1934, and 50 cents
per share paid on March 1, 1934,
and on July 15, 1933.—V. 146, p. 3822.
1936
1935
1934
$297,145
$306,612
$312,348
$314,866
Total surplus
176,127
$128,970
121,616
183,317
$128,651
100,693
$250,586
118,380
$239,996
118,380
$229,344
118,380
$134,845
Balance, surplus
Trust Co. and the Chase National Bank
of New York
The loan will be in
United Fruit Co.-
$132,206
$121,616
$110,964
Balance Sheet Dec. 31,1937
Earnings
per share
2,585,000
2,996,000
$0.45
$0.89
-
Estimated figures.—V. 147,
United Gas Corp.
securities
or
bonds,
the United
$12,500;
Kingdom, the Dominion of Canada and its Prov¬
inces, $438,330; securities guaranteed by the Dominion of Canada
or by
its Provinces, $122,922; debentures of Canadian
municipalities, $122,237;
other bonds and debentures, $74,386; stocks
fully paid up, $195,724; cash
in chartered banks, $112,247; cash in office,
$4,904;
total, $5,325,335.
Liabilities—Debentures sterling (£419,280), $2,040,496; accrued interest
thereon, $12,790; currency debentures, $767,968; accrued interest
thereon,
$12,927; deposits, savings accounts, $150,212; reserved for accrued
taxes,
$25,000; capital stock fully paid, $986,500; reserve fund,
$1,165,002; divi¬
dend declared and unpaid, due Jan.
2,1938, $29,595; profit and loss account,
balance, $134,845; total, $5,325,335.—V. 145, p. 2560.
Period End. Aug. 31
Operating
434.
p.
$8,936,913
-_
Net oper. revenues-.- $1,650,936
Other income
59,805
Other income deductions
115,295
Calendar Years—
Rev. from investments..
1937
Operating
$10,384
expenses
Net loss
------
1936
'
$9,212
Balance
to
„
.
$10,941
hand and in bank, $2,485; accounts
receivable, $861; loan
$18,368; investments
at cost,
$1,389,300; plant account,»
(unsecured),
$127; total, $1,411,141.
Liabilities—Bank loan (115,000 shares Aldermac
Copper Corp., Ltd.,
deposited as collateral), $18,000; accounts payable, $96; unclaimed
wages,
$46; capital stock (par $1), $1,376,666; capital surplus,
$299,975; deficit.
$283,641; total, $1,411,141.—V. 145, p. 2408.
"
specifically designed to operate as a mutual investment
company of the
restricted management type. Fiscal Fund, Inc. issues two series
of shares—
bank stock series and insurance stock series.—V.
145, p. 3360.
Common'Dividend—
The executive committee at a meeting held Oct. 10 declared a
dividend
of 10 cents per share on the $1 par capital stock, payable Nov. 1
to holders
Oct. 18.
A special dividend of 10 cents was
paid on Dec. 24,
1937 and previously reguiar sepai-annual dividends of 10
cents were paid
on Dee. 24, 1937 and previously
regular semi-annual dividends of 10 cents
were paid on Sept. 1 and on March
1, 1937.—V. 147, p. 757.
of record
Transue & Williams Steel Forging
1938—3 Mos.—1937
$12,422
$66,070
32,336
30,128
$48,535
97,014
97,280
141,166
$178,487
pf$115,438
400
812
Loss
Drl85
3,656
$3,341
$178,672
pf$119,094
$3,341
$178,672 prof$95.094
Trenton-Princeton Traction Co.—Bonds—
Union Carbide & Carbon
Corp.—$40,000,000 Issue of
Debentures Placed Privately—It became known Oct. 13
that
three insurance companies on
Sept. 1 bought $40,000,000
of 15-year 3% sinking fund debentures, due in 1953.
This
Commission
$11,540,042 $15,962,039
144,493
446,467
612,715
54,956
200,000
226,894
405,062
1,620,250
1,620,404
474,466
6,658
1,944,426
b508,915
1,925,427
28,597
Cr 5,783
Cr 30,835
Cr 59,711
$2,216,249
in
and
a
report to the Securities and Exchange
made public by the New York Stock
Exchange.
1,850,819 $11,607,713
212
11,196
4,242
47,856
8,153
72,275
39,780
$537,443
b
$2,196,900
$6,774,302 $11,520,077
Operating revenues
include a
charge of $386,063 and operating
include a credit of $56,304 made by a subsidiary in August, 1938,
resulting in a net charge against income of $329,759.
This adjustment
results from the loss of a title suit involving mineral leases and
represents
the computation of the net proceeds from
50% of the crude oil, casinghead
gas and natural gasoline procuded from the tract of land involved,
d In¬
cludes $418,505 representing non-recurring
charges during the quarter
ended Dec. 31, 1937 for reorganization expenses of subsidiaries.
Note— Figures previously published for prior periods have in certain
cases been rearranged in the above statement.
a
_
Statement of Income (Company Only)
Period End. Aug. 31—
Oper. revenues:—natural
gas
Oper. exps., incl. taxes..
Property retirement res.
appropriations
1938^-3 Mos.—1937
x$428,7l4
x429,530
$8,415,810
6,696,753
x$428,714
' 102,500
x30,000
611,400
x30,000
—
Net operating revs.—
*
natural gas
loss$24,800 xloss$30,816
Total other income
2,018,264
1,706,858
Other income deductions
Gross income—
Interest
on
Interest
on notes
debehtures--& loans
1938—12 Mos.—1937
$1,329,977
1,252,277
•
85,115
104,907
$1,908,349
501,525
443,517
$1,571,135
„
Other interest...
443,517
2,676
7,601
Other deductions
1,181
x429,530
$1,107,657 xloss$30,816
6,581,284
6,429,270
555,711
717,838
$7,133,230
yl .643,888
1,759,604
34,743
3,944
$5,680,616
1,75~9~604
2,966
Interest charged to con¬
struction
Cr95
Net income
—
-
$954,525
$1,124,942
$3,691,146
$3,918,046
Represent operations of natural gas distribution properties acquired
on
and subsequent to July 28, 1937.
y Represents interest on United Gas
Public Service Co. 6% debentures from Nov. 5, 1937, on which date said
debentures were assumed by this company.
Summary of Surplus for the 12 Months Ended Aug. 31, 1938
24,000
$48,535
147, p. 433.
revealed
.
1,296,101
18,068
Balance carried to con¬
solidated earn. surp.
x
i The 1st
mtge. bonds of this company outstanding in amount of
$398,000,
maturing May 1,1943, were satisfied as of March 30,1938.—V.
134, p. 2149.
was
.
Total
Net ioss
8,106,622
90,523
'
Est. Fed. inc. tax, &c—
—V.
1938—9 Mos.—1937
$15,807
$347,127
$3,741
$49,347
income
Corp.—Earnings—
39,683
29,433
Loss
Other
8,840,713
public-
Transcontinental Shares Corp.—New President—
H. Clifford Shallcross has been elected President and
director of this
corporation and President and director of Fiscal Fund,
Inc., it was an¬
nounced on Oct. 14.
Transcontinent Shares Corp. is sponsor of Fiscal Fund,
Inc., which was
Depreciation
Expenses
1,912,460
$3,226,783 $11,776,948 $15,960,252
224,893
419,655
811,660
155,575
656,561
809,873
expenses
on
Period End. Sept. 30—
Gross profit
1938—12 Mos.—1937 ^
$10,682,256 $42,676,925 $45,866,059
5,543,013 a22,059,264
21,799,185
'
$10,384
Trans-Lux Corp.— To Pay
10,177,000
2,906.000
$3.50
0
$555,723
applicable
to
minority interests—..
$25
10,966
Balance Sheet Dec. 31, 1937
Assets—Cash
.
.
1934
$15
9,226
$6,930
$1,595,446
Interest on mtge. bonds.
93,964
Int. on collateral tr. bds.
50,000
Interest on debentures.
405,062
Other int. (notes, loans,
&C.)
488,755
Other deductions
5,537
Interest charged to con¬
struction.
Cr 3,595
divs.
6,859,000
2,896,600
$2.36
Portion
1935
$6,930
.
Gros income
Pref.
1938—9 Mos.—1937
1938—3 Mos—1937
-
revenues
Oper. exps., incl. taxes
a5,289,386
Property retirement &
depletion res. approp_
1,996,591
subsidiaries
Towagmac Exploration Co., Ltd.—Earnings—
be the lenders.
(& Subs.)—Earnings—
_
Assets—Office premises in Toronto St.
unencumbered, $45,000; real
for sale, $113,967; mortgages at face value, less
provision for
possible depreciation, $4,083,118; loans on stocks and
estate held
are to
Earnings—
1938—3 Mos.—1937
$1,309,000
2,896,600
Shs.com.stk.out.(nopar)
186,215
$129,031
110,964
•
$253,225
118,380
Dividends paid
1507.
Approved—-
the form of three promissory notes of
$700,000 each,
payable by Dec. 31, 1941, and bearing interest of
4>$%.—V. 147, p. 2105.
y
177,641
$121,019
132,206
.
Stockholders of the company approved on Oct. 7
proposed loans aggre¬
gating $2,100,000 with which to pay creditors and increase funds for
mining development.
The First National Bank of Chicago, the New York
Period End. Sept. 30—
y Net earns, before taxes
Co.—Earnings—
1937
Previous surplus
p.
^
United Electric Coal Cos.—Loans
$1 paid on July 15, last; $3 paid on Dec.
24, 1937; $1 paid on June 15, 1937;
$1.25 paid on Dec. 28, 1936; $1 paid on Nov. 16, and on
Cost of mgt., incl. taxes,
int. & ail other charges
i
Lester
The directors have declared a dividend of $2
per share on the common
stock, payable Nov. 1 to holders of record Oct. 24.
This compares with
Calendar Years—
Gross earnings
Whitney Aircraft Division.
was announced that Mr. Deeds had been made President
of Detroit (see
G. Ott, Vice-President and General
Operating Manager, and
Robert H. Hadley, Vice-President in
Charge of Sales and Merchandising,
have been elected directors of this
Tobacco & Allied Stocks, Inc.—$2 Dividend—
Toronto Mortgage
Corp.—Official Resigns—
United Cigar-Whelan Stores
Corp.—New Directors—
for depreciation of $1,429,178 in 1938 and
$1,176,659 in 1937.
sented by 293,290 (292,890 in
1937) no-par shares,
a Notes
banks only.
•
published in V. 147, p. 1209.
$9,982,807
■
.
.
Chandler-Evans Corp., carburetor manufacturers
that company).—V.
147, p. 1052.
$8,228,727 $9,461,666'
Total.........-$8,228,727 $9,461,666
Represented by 9,113 (9,600 in 1937) no-par shares,
y After reserve
z Repre¬
payable to
x
1938—40 Wks —1937
$1,169,789 $13,379,786
Donald L. Brown, President of this
corporation, announced on Oct. 13,
resignation of Charles W. Deeds as Vice-President and
director of the
corporation and General Manager of the Pratt &
374,339
113,904
Earned
Wks.—1937
31,597,000
,
or
Total
1938—4
-
r—
«
—V. 147, p. 1789.
conv.
_
828,999
i^v.v
794,509
Capital surplus...
826,795
Union Premier Food
Stores, Inc.—Sales—
Period Ended Oct. 8—
19,681
Accounts payable.
Accrued accounts,
2,792,021
on or
150,000
13,907
3,102,108
61,366
Pers. A misc. notes
Plant
1937
$1,200,000
current....
val.) 2,321,476
Investments
y
the
Mtge. note of sub.
Inventory (lower of
cost or mkt.
1938
A trade creditors a$600,000
interest to the date of
M|
before Sept. 1, 1941; at 2 H%
Sept. 1, 1944; at 2% after Sept. 1, 1944, and on
?«h?fore,Sept* L 1947; at 1% after Sept. 1, 1947, and on or before Sept. 1,
1949; at J^% after Sept. 1, 1949, and on or before
Sept. 1, 1951, and withOUm,Prem^uln
redeemed after Sept. 1, 1951, and prior to maturity.
The new debentures are
entitled to the benefit of a sinking fund calling
for semi-annual
payments to the trustee, commencing not later than
Aug.
31, 1941, sufficient to
redeem, on the most respective succeeding interest
payment date, at least
$900,000 of the issue. The company may from time
to time at ios
option, exercised
by notice to the trustee, increase the sinking
f^d payment, sufficient to redeem an aggregate amount not exceeding
31.800.000.—V. 147, p. 1356. "
Thei issue can be redeemed
at 3%
from S0Pt. 1, 1941 to
Notes pay. to bks.
$524,500
Cust'ts notes, trade
receivable
accrued
redemption.
Consol. Bal, Sheet June 30—
1937
$501,745
to reduce
are subject to redemption at any time, prior to maturity,
upon at least 60
at the option of the
company, either in whole or in part,
days notice at the principal amount and
provision of the mortgage authorizing them to do so, the holders
of over 60% in amount of the
bonds originally outstanding have directed
trustee of the
mortgage securing this issue of bonds to waive payment of
principal until July 1, 1943 (upon condition that the
company surrender
and cancel the 1,424 bonds in its
treasury on June 30, 1937), continue in¬
a
amount of
Co.
debentures,
372,650, leaving
terest
Insurance
of America, the Metropolitan Life In¬
surance Co. and the Sun Life
Assurance Co. of Canada are named as the
buyers, but no purchase price is given.
The $5,000,000 Third Avenue RR.
1st mtge. bonds due July 1, 1937, are
being extended to July 1,1943.
During the 12 months ended June 30, 1938
Under
2405
Prudential
Capital
Surplus, Sept. 1, 1937-.--$22,476,688 $13,440,391
Adjustment upon liquidation of sub¬
sidiaries (net)
15,287,080
1,012,695
Miscellaneous
15,065
14,732
37,778,833
Deduct miscellaneous.
net
income
for
the
12
23,311,014
14,868
14,467,819
23,296,146
44,467,819
26,987,292
3,148,754
months
3,691,146
41,455:111
Dividends
on
$7 preferred stock.-.
Surplus, Aug. 31. 1938--—V. 147, p. 2105.
14,274,385
332
14,467,819
14,868
37,763,965
Add
Earned
$9,036,297
8,148,754
3,691,146
-$38,3Q6,357 $14,467,819 $23,838,538
.
;
1938
15,
Oct.
Financial~ Chronicle
2406
redemption date, holders may
price including accrued
surrender of their bonds at
the principal trust office of the Chase National Bank of New York.
In¬
terest on the bonds wid cease from and after the redemption date.
Nov. 1,
1938 coupons may be detached and presented for collection in the usual
manner, or the bonds with the Nov. 1, 1938 coupon and all subsequent
appurtenant coupons may be surrendered for the full redemption price at
do not become payable until the
payment immediately of the full redemption
Nov. 7, 1938, upon presentation and
the bonds
Improvement
United Gas
Week Ended—
of system
2257.
Electric output
147, p.
—V.
Co.—Weekly Output-—
obtain
interest to
Oct. 9, '37
Oct. 8, '38
Oct. 1, '38
(kwh.)---- 92,160,498 89,845,560
92,575,956
(& Subs.)—Earnings—
1938
1937
(after eliminating
inter company transfers)
- —_
$88,646,131 $87,730,399
General operating expenses
—- 40,800,390 40,833,125
Maintenance-.----4,753,445 4,541,911
Provision for retirement.
8,709,941 8,529,420
General taxes and estimated Federal income taxes- 10,856,249
10,273,595
Net earnings from opers. of sub. companies
.$23,526,105 $23,552,347
& Power Co.
United Light
Ended July 31—
earnings of sub. cos.
12 Months
Gross oper.
—
of subsidiary companies
amortiz. & pref. divs. of sub. companies
Total income
Int.,
Balance
Prop, of
earnings,
$8,955,583
-
-
Equity of United Light &
of subsidiary companies.
1,880,824
stock.
attributable to min. com.
Power Co. in earns.
1935
1934
$3,875,472
2,801,349
$3,629,968
2,511,659
$3,186,204
2,531,492
$457,410
$1,074,123
$1,118,309
$654,712
511,910
208,970
197,918
151,415
$969,320
18,371
$1,283,093
11,125
$1,316,226
8,919
$806,127
64,454
$950,950
1,089,443
$1,271,968
$1,307,307
346,940
$741,673
184,118
3,176,493
prod. & market'g
"
profit on sugar
Gross
and molasses.
operating income-
Other
Total income.------
Operating charges—
2,375,148
29,427
—
Earning s-
1936
operating profit
Gross
Financial inc., divs.,
Profit
&c_
sale of real
and securities..
on
696,758
V
3,317
,1
Total
184
$1,971,933
$1,657,564
13,145
8,743
5,711
$925,791
7,982
$1,963,190
$1,651,853
$917,809
299,553
369,504
334,322
219,982
$1,727,879
1,389,375
--------------
3,207
$2,040,577
$2,027,432
estate
$1,593,686
y2,148,265
$1,317,531
x4,420,000
$697,827
Income charges.—
— - -
—
„
Cost of
$To,228,463
74,638
Total.
- --"$7,104,187
$7,927,953
Expenses & taxes of United Light & Power Co
405,958
190,911
$6,698,229 $7,737,041
funded debt, bond discount & exp., &c. of
holding company.
r— —
2,463,152 2,520,896
Balance transferred to consolidated surplus
$4,235,077 $5,216,145
-
-
Agricultural Co., Ltd.
1937
Calendar Years—
Gross receipts from sugar
$3,633,903
and molasses
____
$7,074,759 $7,853,315
—
Co. (excl. of inc.
of United Light & Power
received from subsidiaries)**
Income
aforesaid.—V. 147, p. 2257.
Waialua
1,480,919 2,499,069
$25,007,024 $26,051,415
16,051,441 15,822,952
of sub. companies
Nonoperating income
time as
any
r
Income
and excise taxes
(estimated)
Balance
Int. on
Earnings of Company
Ended July 31—
12 Months
Expenses
Int.,
1938
1937
$3,290,473 $2,414,531
405,958
190,911
2,422,945 2,480,164
40,207
40,732
$421,363 loss$297,277
V'-'"''
'v
-----
and taxes.
_________
—
amortiz. of disct.
deductions--
funded debt
& exp. on
Other
Net income
1210-
—V. 147, p.
United Light
pany
transfers)_
_ — _
'
from operations
Net earnings
of subsidiary and
controlled companies..
Non-operating income of
companies
_ . . —
subsidiary and controlled
35,875,617
4,028,482
7,524,165
9,091,942
subsidiary and
Balance
earnings,
Proportion of
common
attributable to minority
stock
13,177,188
13,415,957
$9,751,568
$8,221,200
- -.
1,880,824
—- —
received from
$7,372,552
Income
Expenses of United Light & Rys. Co
Taxes of United Light & Rys. Co
Balance
deductions—
-----—
profit from oil apd gas production—-_* - —
Miscellaneous income.— — - - _ _ - —
Balance..
1,375,000
42,988
16,952
1,217,323
$6,231,870
1,230,136
$5,001,734
$5,584,790
1210.
Co.—Dividend—
United States Oil & Royalties
declared a dividend of five cents per share on
15 to holders of record Sept. 30.
This
Directors have
stock, payable Oct.
dividend paid by the
company
since it was
the common
is the third
incorporated in 1932.—V.
147,
Net
Steel Corp.—September Shipments—
"Indications of Business Activity" on a preceding page.
United States
under
—V. 147, p.
Provision
in Court—.
A
plan for
& Electric Co.-
-Plan to
Refinance UP
.
reorganization of the company under
the National
Bankruptcy
Oct. 10. >
chartered in Kansas.
known as
presented to Judge John P. Nields in Federal Court
It provides for creation of a holding company, to be
The reorganization would be carried out by a committee of five,
reorganization managers, representing the various types of
in the company.
„'
.
Act
for
was
security holders
Counsel for the company,
in presenting the plan,
—- - .
said it had been ap¬
stockholders.
hearing closed
147, p. 908.
Virginia Electric & Power Co.—Earnings—
Period End.. Aug. 31— 1938—Month—1937
1938—12 Mos —1937
Operating revenues
$1,557,136 $1,531,726 $17,997,804 $17,394,461
Operation
592,257
593,887
6,9.35,522
6,598,235
proved by the Securities and Exchange Commission and the
Judge Nields took the plan under .advisement and the
subject to submission of additional memoranda.
See also V
_
118,838
194,909
Maintenance
Taxes.
Federal normal income
Net income.-------
Dividends paid
(net).
Balance
Interest and amortiz
138,232
184,424
1,444,620
2,282,348
1,392,899
2,167,102
$651,133
Dr7,863
$615,183
Drl3,377
$7,335,313
Dr 138,644
$601,806
144,725
$497,673
Appropriations for retirement reserve
$457,081
Balance
Preferred dividend requirements
in excess of cost
'
dividends and surplus
Includes $6,667 interest on
$7,196,669
1,745,927
$4,540,748
$7,140,870
1,755,912
$5,384,957
2,054,438
Assets—Cash in banks,
$3,358,290
1.171,620
2,224,880
$2,186,670
funds for construction purposes.
Bonds Called—
in
$189,054; accounts
receivable, $133,598; crude
payment
storage,
stock,
and
$1,469,830.
Liabilities—Accounts payable, $56,595; due to joint lessees for oil and
sales, &c., $12,703; ad valorem taxes payable, $11,574; provision for
Federal income taxes—year 1937, $9,777; accrued Federal excise taxes, &c.,
$10,569; unclaimed dividends payable, $554;'advances by others for joint
development of properties, $25,000; account payable in oil—contingent
upon future oil production, $2,780; capital stock (par $1), $850,000; paid-in
surplus, $255,000; acquired surplus, $114,653; earned surplus, $120,625;
gas
$1,469,830—V. 145, p.
total,
Years End.
20,981
assets..
Crl3,917
Balance,
x
of bds.
deficit_
_
providing
After
1,075
T266
010,400
Cash
1938
of
$515,975
paying agents__
9,324
14,172
Notes & accts. rec.
2,689
8,955
39,409
y
17,639
38,066
Common stock _
Deficit....
61,380
90.476
2.978,400
1,900,000
2,815,200
1,900.000
775,229
775,229
615,679
173,831
.
209,378
11,696
18,679
grain
and coal
18.337
customers'
margin accounts
Preferred stock
Prepaid expenses..
Sundry loans,mtges
&
(est.)
payable, ac¬
crued
liabilities
and
16,369
1937
$55,980
18,114
Accts.
Bonds
accrd.
storage & other
charges on grain
1938
$31,902
&c
Accrd. taxes
by
Com¬
Adv. freight,
Inventory of
sur$85,057
Cash ticket orders,
84,288
due
Sask .Relief
mission
Ltd.]
Liabilities—
•
hands
sur$5Q,563
July 31
Mutual Grain Co.,
1937
S497.293
in
$34,493
85,057,
$173,831
Consolidated Balance Sheet
Assets—
,450
$60,806
136,782
9,080
— _
[Including
Cash
Ol
-
$615,679
for depreciation.
.
164,396
$224,394
50.563
loss.$441,847
surplus..:
defl73,831
Previous
Surplus from red.
166,266
C'r65,806
825
Divs. on investments.-.
Net
163,901
116,368
1,050
116,229
Directors' fees
Loss on disposal of fixed
1935
1936
$8,881profxl22,448profxl03,340
$154,529
163,200
—__
Earnings—
Subs.)
1937
1938
July 31—
Depreciation
3985.
Co., Ltd. (&
Netlossafter oper. exp._
agreements of
4,158
5,597
159,851
168,134
Memberships & in¬
Funds in hands of
trustees of bond¬
holders
x
Fixed assets
Total
105 and accrued
series A 4%,
$37,488,000. While
Company has called for redemption on Nov. 7, 1938, at
redemption date, all its 1st & ref. mtge. bonds,
due Nov. 1, 1955 and outstanding in the amount of
statutory
Dec.-31, 1937
$2,269; accounts receivable—proceeds from oil
impounded, $1,004; investment in bond and corporate
$512; property and equipment (net), $1,122,313; prepaid expenses
deferred charges, $21,073; accounts receivable in oil—contingent upon
future production and sale thereof—nominal value, $6; total,
oil
vestments
of
differs in
hence
1, 1937, the company adopted the new system
prescribed by the Federal Power Commission, which
certain respects from the system the company previously followed,
the above 12 months'figures are not exactly comparative.
Note—Effective Jan.
$151,849
42,500
$0.18
receivable
2,026,667
$3,396,304
1,171,424
accounts
interest to said
9,777
depletion.
Balance Sheet
"
sale
Balance for common
x
■_
850,000 shares capital stock (par $1)_.—
for Federal taxes is computed after deducting
in storage
Balance
profits
& undistributed
-_
depletion which is
$7,236,225
xDr95,355
$643,270
145,596
—
Earnings per share on
Balance
Net oper. revenues
Non-oper. income
-
— —
—
Bondinterest
1789.
United Telephone
$280,380
17,793
$298,174
Other expenses
Western Grain
p.1356.
See
$474,118
106,469
43,345
, ;43,924
...
—•-
admin, exps.
i.
.
18,706
.
31, 1937
Year Ended Dec.
oil and gas production. _—
materials, supplies, taxes and proportion of
Depletion——•
Depreciation — - - - - —
- —: - w - - ~V-:- —
Labor,
Note—Provision
1- $4,367,467
transferred to consolidated surplus.
preferred stock dividends
...
—V. 147, p.
73,610
$7,666,811
1,360,643
42,576
due 1952..
discount and expense
Balance
Prior
117,017
$7,006,715
bAA% debentures,
Amortization of debenture
Tax on debenture interest
243,756
122,094
'
r-._- — ---------
Holding company
Interest on
—_
Del.—Earnings—
Account for the
Income from
•
$7,984,176
$7,245,826
-
-
Co. of
Wellington Oil
.
Total____
146, p. 4133.
Co.—-Bonds Called—
Consolidated Gas Co., above.—Y. 125, p. 1054.
principal amount.—V.
611,624
905,450
subsidiaries)
the issue and sale of
1963. The applicant pro¬
principal amount to six insurance
applicant's outstanding
1958, at 4>^% o24
136,548
United Light & Rys. Co. in earnings of
subsidiary andcontrolled companies
— $6,340,376
Income of United Light & Rys. Co. (exclusive of
Equity of
income
2,379,016
.
Exchange Commission an
Act, for exemption from
Washtenaw Gas
■
— -
___
their
See Michigan
preferred dividends of
controlled companies—--.*-—
______ _ __
Jssue—To Be Placed
Company has filed with the Securities and
application (32-108) under the Holding Company
the requirement for filing
a declaration covering
$8,500,000 of ref. mtge. bonds, 4% series, due
poses to sell the bonds at 101% of the
companies, and to use the proceeds to redeem
$8,500,000 of ref. mtge. gold bonds, 5% series, sur
$21,014,704 $21,015,450
amortization and
Co.;—Seeks Exemption
Privately—
y
(D. C.) Gas Light
Washington
for Bond
622,454
1,913,306
Total income of subsidiary and controlled cos—$21,637,157 $22,928,756
Interest,
$210,327
paid:
Ltd.,
book
Pine¬
dividend paid (50%) Of $3,250,000.
y Dividends
Cash (9%), $877,500; stock of Hawaiian Pineapple Co.,
at
value, $1,236,005, and cash in lieu of fractional shares of.Hawaiian
apple Co., Ltd., stock, $34,760.—V. 147, p. 1210.
'
$77,535,656
4,276,227
Provision for retirement-—
7,672,623
General taxes and estimated Federal income taxes.
9,559,427
>— -_-
— —
— -...
487,500
def$554,579df$3,102,469
$338,504
surplus
Including stock
x
1937
1938
-----: $78,625,735
—' — 36,102,753
-_--
General operating expenses
-
Balance,
Subs.)—Earnings—
& Rys. Co. (&
Ended July 31—-*
Gross operating earnings of subsidiary and con¬
trolled companies (after eliminating inter-com12 Months
Maintenance.
ried to surplus acct.
Di vidends
Only
°
Gross income.
profit for year car¬
Net
...—
500
500
4,370,215
4,437,851
$5,149 571
$5,481.168[
Total.
$5,149,571, $5,481,168
$887,817 in 1937. y Repre¬
depreciation of $996,082 in 1938 and
sented by 200,000 no-par shares.—V, 145, p. 2562.
x
Less
Volume
147
Financial
Chronicle
Western Public Service Co.
(& Subs.)—EarningsPeriod End. Aua. 31—
Operating
1938—Month—1937
revenues
Operation
Maintenance
Taxes.
8202,068
87,905
11,808
16,200
:
Net oper. revenues.__
Non-oper. income (net)
$86,155
Dr5,537
.
Week Ended Oct. 7
1938—12 Mos.—1937
8204,665
92,068
12,693
15,813
$2,226,153
1,055,626
137,672
190,340
$2,164,190
1,091,475
144,959
198,188
$84,091
>
$842,515
Dr68,779
$729,568
Dr20,604
Dr4,708
1938
Gross earnings
(est.)..
—V. 147, p. 2258.
...
$80,618
28,821
$79,383
28,819
$773,735
349,074
$50,564
$424,662
223,844
$200,818
119,452
$132,505
119,451
for retirement reserve
other than their
own should
promptly cause such stock to be trans¬
ferred or, if that is not
practicable, should notify the corporation of their
addresses and holdings,
names,
dividend
Balance for
requirements.
_
including the name in which the stock is
Prompt cooperation is asked on the grounds that
expenses are
increased by delay.—V. 147, p. 1055.
Williamette Valley Ry.-
dividends and surplus
$81,366
$13,054
Note—Effective Jan. 1, 1937, the
companies adopted the new system of
accounts prescribed
by the Federal Power Commission which differs in
certain respects from the
system the companies previously followed, hence
the above 12 months'
figures are not exactly comparative.—;V, 147, p. 2258
common
37,665,017
1,401,793
173,661
miscellaneous
186,350
expenses
176,315
Sundry
$970,169. $ 1,228,417
31,186
33,654
493,771
457,468
3,945,055
Operating income.
$445,212
88,541
$737,296
90,768
$1,892,822
952,238
Non-operating
$533,753
593.437
$828,064
610,997
$2,845,060
4,753,685
$7,330,581
4,908,616
$59,684
1790.
x$217,067
$1,908,625
...
income..
Gross income
Deduct, from
gross inc.
Net loss
Profit.
—V.
147,
p.
.
gen. &
_
1938
$4.425,000
.
Profit.....-.2.
$751,487
048,896
119,902
$592,577
034,383
106,532
$35,302
2,750
$680,480
$520,428
68,570
Loss
on
to
15,000
9,076
59,269
22,555
52,858
x39,899
80,123
20,975
$201,537
26,516
$460,874
26,568
222,695
$130,779
capital assets
$32,552
418,484
$574,588
$451,858
139,607
2,371
$328,267
defl8,485
170,175
Net inc. for the
year..
sale of treas.stk
.
.
_
.
.
204",600 3;
_
Shs. common stock out¬
no par...
477",400
272,540
$418,484
$321,296
$139,607
272,800
$0.11
272,800
$2.10
136,400
$3,31
/;
stock..
.
Assets—
1938
'
hand.
Accts. & notes
Assets—
.
Cash
on
1937
'
185,428
5,038
219,273
1,207,633
Receivables
Inventories
y Fixed assets
Liabilities—
5,232
-
Unclaimed
cost).
1,324,125
Deferred charges..
35,213
res.
1937
& sundry pay'les
508
263
480
875
Accrued
$2.41
$341,983
589,629
848,092
Invest'ts, less
1,097,926
15.001
1,624,940
9,910
Idle
deprec.
104,234
Capital stock...
3,000,000
3,000,000
478,285
478,285
Reserves
...
15.001
Aug. 31, 1932..
246.436
90,420
50,000
33,491
115,000
-......
.
stk
.
165,000
378,806
(par $2).
792,244
402,147
538,910
Earned surplus...
1,169,733
1
*209,360
$3,104,543 $3,061,1451
Total
88,232
244,043
39,237
9,831
10,935
Yukon Gold Co. (&.
Total
.$3,870,260 $4,344,094
After reserve for
depreciation of $1,765,789 in 1938 and
$1,688,163 in
1937.
Represented by 272,800
Wico Electric
no
par shares.—V.
146, p. 4134.
Co.—Earnings—
______
_
_
_
_
„
State & local taxes.
Federal capital stock tax
Social security taxes
...
_
.
.
... .
.
-
-
-
i
•
Painting and rearrangement of plant.
Obsolete portion ofrebuilt
assembly building written off
Normal tax
;
Surtax on undistributed profits
...
Operating income
$1,515,378
Non-operating income.7,977
.
.$88,601
35,045
6,550
.
-
-
*
-
-
Net income for the year ended
June 30,1938
Dividends on preference stocks
;
2,000
11,503
5,609
2,984
3,200
1,500
-$20,210
11,850
Subs.)—Earnings—
1936
$2,445,016
V 929,638
_
..
—
int.
876,664
153,873
f
1934
$1,265,630
557,515
$1,209,813
$1,256,195
6,343
$708,115
13,273.
$711,648
19,052
$1,262,539
$721,388
128,968
67,241
$730,699
162,352
,
145,529
1938
1937
$68,412
$29,783
Mktle. invs., listed
1938
insur.,
8,246
17,551
.Social sec. taxes.MLscell. accts. pay.
95,955
123,152
208,279
3,367
3,556
6,268
notes re-
Accrued expenses.
Res. for contings.
celv., trade, less
.
reserve.....—-
Inventories
Accts. & notes
ceivable,
re¬
other.
Plant & equipment,
less reserves
.
CI.
...
340,577
x
A
$45,000
-
19,651
cash
1937
'
179,868
secure., at mkt.
surrender value.
Accts. &
Liabilities—
Bank loams
Accts. pay. trade.
Fed. income taxes.
$17,967
52,859
9,349
14,274
6,123
4,317
300
14,195,
-
^
W
-
*
—
for
$ 1,108,803
$862,854
$471,937
$437,431
24,149
17,820
12,890
$1,076,412
735,000
$838,704
455,000
$454,117
$424,541
654,334
270,629
defl83,488
def608,029
$995,746
$654,334
53,242,
of
year
applicable to Yukon
Gold Co.
—
—
Distrib. to stockholders.
Previous capital and con¬
solidated surplus
6%
cum.
(par
$20)..........
Surplus.....
245,000
431,939
5.0C0
150.000
424,205
313,154
Tools in process
4,837
Deferred charges..
5,940
"4,711
$724,875
$708,434
Pats.,
pat.
rights,
experimental de¬
velop. & goodw.
Total
x
Represented by 40,000 shares
/
Total
common
Capital
and
consol.
surplus, Dec. 31—
Earns, per share on 3,~
500,000 shs. cap. stock
(par $5)
— —
$724,875
$708,434
stock, without par value.
$0.31
$0.24
$270,630 def$183,488
$10.13
Note—No provision has been made for Federal surtax
profits, because no such tax is believed to be payable.
12*. 778
pref. stock,
176,823
68,245
48,200
91,803
-
Comparative Balance Sheet June 30
•
498,165
-
32,392
-
•
income
$1,523,354
•
187,626
i
73,052
income
subsidiaries
Net
-
—
—
in
_
-
Net income
Min.
-
-
expense.
1935
$2,132,859
■
Total income!
Net income, before
deprec., taxes & extraordinary charges...
•
1937
Operating revenue...
Operating costs.....
Non-operating
Depreciation
Depletion
Earnings for the Year Ended June 30,1938.
Life
402,147
521,737
$3,104,543 $3,061,145
467 in 1936—V. 147, p. 910.
243,301
.
x
Assets—
378,800
792,244
in 1936.
Calendar Years—
Cash..
25,000
After allowances for doubtful accounts of
$23,025 in 1937 and $20,788
y After allowance for depreciation of
$728,624 in 1937 and $701,-
x
res.
amort.
Depreciation
_
Capital surplus
Total...!
$3,870,260 $4,344,094|
y
05,221
taxes
notes-
7% cum. pref. stk.
(par $100).....
Corn
418.484
and
Total
1,259
following
1st mtge. notes.
Earned surp., since
•
loss on disposal.
Deferred charges._
Pat'ts, less
sec.
mtge.
year
$343,090
2,750
Federal
&
plant,'less
for
1st
1937
$142,789
for
Capital surplus
•notes & accts...
equip't
(excl. idle plant)
1,350
10.504
y
Officers' & employ.
Plant
1,256
3,471
Insurance
Accrued Fed., city,
State, county &
due in
accruals
or
res.
:
taxes on income,
Prov.
Inventories at the
market........
1938
56,243
46,573
wages
Em pi. savings dep.
Acer.
mtge.
note
social
Liabilities—
$646,697
low^r of cost
3,551
13,602
27,961
6,165
Accts. paya ble and
on
$192,907
386,009
1,163,572
21,733
..
579,401
Accrued payroll &
salaries
815,587
1936
$126,460
and advances.
447,658
(at
Other assets
1937
Accts. pay.,trade.
$305,895 Metal contr. pay'le
289,077 Gust, credit bal'ces
$106,102
...
U. S. Govt, secur.
Other mktle. secur
x
1936
hand & in
banks
interest:.......
re¬
ceivable, less
158,449
...
Balance Sheet Dec. 31
Comparative Balance Sheet Aug. 31
Cash in banks and
49.893
Federal income tax only.
136,140
.
share-
per
321,296
44,442
$246,436
_
_
_
_
105,892
on com.
"8*,776
on un¬
preferred stock—
Cash divs. paid
$413,598
073,177
fw 114,067
$237,399
13,567
10,750
2.658
1935
8,042
6,500
4,064
7,100
2,722c
Net profit to surplus..
Cash divs. paid on
$372,708
Previous earned surplus.
_
$3,817,013
3,403,415
$121,967
030,844
117,509
_
Net inc.bef. Fed.taxes
Prov. for Federal taxes.
...
$4,402,165
3,809,588
$ 635,017
$339,909
5,306
...
Interest on funded debt
Bad debt provision
Other income deductions
Red. of metal
pur.
commitments
market value
x
Other deductions
Earned surplus
1935
■
$226,345
11,054
$325,623
14,286
Total income.
x$2,421,965
1936
$5,526,375
4,774,888
4,303,033
Net profit from oper.
Other income !
Dividends paid
:
$ 500,667
274,322
$625,713
9,304
413,945
—.a
Federal normal tax and surtax
distributed income
1937
1936
$1,019,454
393,741
1937
$739,568
administrative expenses.
Other income......
Co.—Earnings-
Years End. Aug. 31Net salts?
$480,467
period
Depreciation
Wilson-Jones
423,365
10,179
beginning of period.
Calendar Years—
Gross profit (before depreciation)
$6,315,967
1,014,614
240.077
.
$46,923
surplus debits, net
Sell.,
321,638
3,640,054
.
2,028
$53,701
480,467
Crl,598
*
$6,077,954 $10,277,659
.
2,065
Wolverine Tube
Co.—Earnings—
Net
teleg. and cable
operating revenues
Uncoil, oper. revenues..
i
$532,570
at
at end of
$9,999
34,896
34,896
......
'
Net loss
Deficit
Deficit
1937
$28,487
38,486
$16,740
Net loss before income
deductions
on funded debt
Other income deductions.
1,526,659
165,055
and
Taxes assignable to
oper
1938
$21,834
38,574
Interest
.1,395,180
1,501,531
_
general
^
$67,678,746
4,713,038
4,060,931
3,598,660
42,106,619
con-
Earnings for 12 Months Ended June 30
Gross revenues (inci. net
non-operating)
exps., maint. and taxes (incl. depr.)
1938—8 Mos.—1937
$60,019,165
4,188,601
5,489,885
3,694,384
Company is
trolled by Portland Electric Power
Co.
Telegraph Co., Inc.—Earnings-—
Period End. Aug. 31—
1938—Month —1937
Teleg. and cable operatv
ing revenues
$7,796,298
% 18,413,234
Repairs
536,806
577,928
Deprec. and amortiz
685,970
440,552
All other maintenance.
467,363
500,094
Conducting operations..
4,775,979
5,324,873
Relief departments and
pensions
All
other
Operations Suspended—
Company suspended operations in September, 1938.
Operating
Western Union
x
7
1Q37
registered.
Balance
Preferred
standing,
Oct.
assents to the plan of
recapitalization of this corporation
have been received from
the holders of more than
69% of the preference
and 44% of the common
stock of the company, it was
officially
announced on Oct. 13.
In order tnat the plan
may be consummated tno
company urges it as extremely important that holders of
stock registered in
names
Appropriations
Earnings
to
3,048,756 $13,944,426
White Sewing Machine
Corp.—Proxies—
$358,693
226,188
_
Balance
on
1
1Q38
$357,006
Proxies and
$708,964
350,270
$51,797
_
Interest & amortization.
Profit
-Jan.
1937
$276,403
..
stock
Balance
x
2407
Western Maryland
Ry.—Earnings—
on
$0.12
undistributed
Consolidated Balance Sheet Dec. 31, 1937
Assets—Cash,
demand deposits in banks,
$947,152; United States
Government securities, at cost (at market quotations
$197,681), $197,498;
accounts receivable, $31,280; tin concentrates, at
cost, $109,669; material
and
supplies, at cost, $249,280; deferred charges, $38,992; construction and
equipment, at cost (less, reserve for depreciation of $2,290,091),
$1,248,189;
mining properties (leaseholds)—at cost to consolidated
group (less reserve
for depletion of $1,520,983), $1,157,957; total,
$3,980,017.
Liabilities—Accounts payable,
$91,675; provision for taxes accrued,
$125,330; note payable to Pacific Tin Corp., due Feb. 1, 1939%
$275,000;
unpaid interest accruals on notes (payable to Pacific Tin
Corp.), $2,252,533; reserve for repairs, $78,564; minority interest in
subsidiaries, par
value of stock held by minority stockholders, less deficit
allocable thereto,
$161,169; capital stock outstanding, Yukon Gold Co. 3,500,000
shares,
par value $5 per share, $17,500,000; consolidated
deficit, after depletion
and depreciation charges, $995,746;
total, $3,980,017.—V. 146, p. 3534
Financial
L 2408
The Commercial
Oct.
Chronicle
15, 1938
Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS-RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
some
COMMERCIAL EPITOME
Friday Night, Oct. 14,
4
Coffee—On
the 8th inst. futures
1938
closed 5 to 7 points
further
speculative
Local closing:
March 4.93; May 5.03;
Oct.
closed unchanged to 1
point
pressure.
4.73; Dec. 4.77; Jan. 4.82;
5.13; Sept. 5.23.
On the 13th inst. futures
July
down.
Sales totaled 254 contracts.
Hedge selling, at¬
with sales totaling 33 lots.
tributed to both Brazilian and African interests, caused
The Rio contract closed 3 to 4 points net lower, with sales
cocoa futures to sag further in absence of outside demand. .
of 2 lots.
The market had a substantial rise during the past
Wall Street was apathetic.
During early afternoon the
two weeks and prices on Friday night were, based on July,
market was 3 to 4 points net lower.
Manufacturers were
about 65 points higher.
During that period the setbacks
buyers on a scale down.
Warehouse stocks showed an in¬
have been slight.
Thus some traders were cautious in car¬
crease of 3,700 bags.
They now total 958,083 bags, against
rying new commitments over the week-end since the market
1,385,275 bags a year ago.
Local closing: Dec., 4.77; Jan.,
is not far from the recent highs.
There were no new fea¬
4.81; March, 4.93; May, 5.03; July, 5.13; Sept., 5.23.
tures in the picture to influence the trend.
Havre closed
Today futures closed 4 points net lower to 7 points higher.
l/i franc lower to H franc higher.
On the 10th inst. futures
Transactions totaled 161 contracts.
Cocoa futures were dull
closed 4 to 6 points net lower in the Santos contract, with
and
irregular.
Belated liquidation in October options
sales totaling 26 lots.
The Rio contract closed 5 to 8 points
caused that position to fall 8 points to 4.65c. on small sales.
lower, with sales of only nine lots.
The action of futures
On the other hand later positions were 4 to 5 points higher,
was opposite to the
trend of actuals. Milds were strong
with December at 4.81c., up 4 points.
Sales to early after¬
both in the spot and shipment markets, but presumably
noon totaled only 100 lots.
Brazil's exports of cocoa during
futures did nothing about it because the situation is con¬
the first half of 1938 are estimated at 47,347 bags, a large
sidered only temporary.
The undertone of Brazils, which
increase over the 17,816 bags shipped the first half of 1937,
is the contract base, was firmer because of the action of
which was a bad year.
Two years ago shipments in the first
milds.
Brazilian spot quotations were unchanged, but in
half were 29,748 bags.
Local closing: Oct., 4.69; Dec., 4.81;
the Havre market prices were y to 1 franc higher.
On the
March, 4.99; May, 5.10; July, 5.20; Sept., 5.29.
11th inst, futures closed 1 to 4 points lower in the Santos
contract, with sales totaling 24 lots.
The Rio contract
Sugar—On the 8th inst. futures closed 12 points net
closed unchanged to 3 points lower,, with only one sale.
higher on the November option, while the balance of the
While a fair amount of business passed in actuals, Ihe market
list was unchanged compared with previous final quota¬
was too thin in futures to affect business.
Outside specu¬
tions.
The rise of 12 points in the November position on
lative interest was lacking, and the business that.passed
safes of only six lots, featured an otherwise dull domestic
was mostly for the
account of operators.
Opening prices
futures market in today's short session.
This advance to
were'irregular, March advancing 3 points and September
2.25c. found trade houses with Cuban connections on both
was off 3 points.
After the opening the widest price vari¬
sides.
The raw market was unchanged from the close of
ation was 3 points.
Havre closed Y± franc either way/
Friday, when a fairly heavy turnover wras effected at 3.15c.
Prices in Brazil were unchanged.
'
!
The world contract closed y point higher to iy point lower,
On the 13th inst. futures closed 6 to 10 points down in the
with only 5 lots traded.
London futures were iyd. lower
Santos contract, with sales totaling 150 contracts.
The Rio
to yd. higher/with raws there unchanged.
On the 10th
contract closed 11 to 9 points off, with sales totaling 23 con¬
inst. futures closed 1 to 2 points net higher.
Domestic
tracts.
Liquidation and trade selling caused coffee futures
sugar futures were firmer in dull trading today.
New buy¬
to decline in the absence of concerted buying.
In the early
ing for the account of trade houses was in evidence.
Prices
afternoon Santos contracts we,re 7 to 10 points lower, with
at the start were unchanged, and the market drifted quietly
May at 6.82c.
Rios were 7 to 9 points lower with March at
during the early session.
There was nothing in the news to
4.37c., off 7 points.
Cost and'freight offers from Brazil
influence the market either way.
Raws were quiet and un¬
were a shade lower, with Santos 4s at 7.10 to 7.40, while mild
changed.
It is estimated that less- than 25,000 tons of
coffees were
% higher, with Manizales at 12 ye.
The
quota sugar are available for sale, and asking prices on this
strength of nearby Colombian coffees reflected a scarcity of
quantity are held at 3.15c. to 3.20c., but for the time be¬
supplies rather than heavy buying. - In Havre futures were
ing refiners seem to have satisfied their needs.
Excess
M to y francs higher.
Today futures closed 4 to 5 points
quota Cuba for January shipment were available at 2.13c.,
net higher in the Santos contract, with sales totaling 41
and it was believed that duty frees for November and Decem¬
contracts.
The Rio contract closed 3 points net higher, with
ber arrival were available at the same basis.
The world
sales totaling only 3 contracts.
After an irregular opening,
sugar contract closed 1 to 2 points net lower.
Sales totaled
coffee futures established gains of 8 points on light buying.
only 56 lots.
London futures were unchanged to Id. lower,
During early afternoon July Santos contracts were selling at
and raws were offered at 5s. 5yd., equal to .97c. f. o.b.
in the Santos contract,
lower
6.90c., while December Rios were 4.30c.
Cost and freight,
offers from Brazil were steady, with Santos 4s at 7.10 to
Mild coffees
7.40c.
were
firm with Manizales for
12 ye. or nearly 5c. above
futures were 2 y to 3 y francs higher.
coffee prices closed as follows:
shipment held at
Havre
Rio
December
March_>
May
Santos coffee
December
March
May
4.27 July.
-...4.36 September
-
A
prompt
Santos 4s.
4.47
4.51
—-I—4.42
prices closed as follows:
6.66 July...
___6.80 September
6.88
6.90
6.87
Cocoa—On the 8th inst. futures
closed unchanged to 2
points higher.
Transactions totaled 77 lots, or 1,032 tons.
Trading was relatively quiet, with the undertone firm. The
opening range was 3 to 6 points off.
London outside prices
ruled unchanged, while futures on the Terminal Cocoa
Market ranged 3d. to 7yd. easier, with 120 tons changing
hands.
Local closing: Oct. 4.90; Dec. 4.96; Jan. 5.03;
May 5.23; July 5.33; Sept. 5.42; Dec. 4.96.
On the 10th
inst. futures closed 10 to 14 points net lower.
Transac¬
tions totaled 350 lots or 4,690 tons.
Cocoa prices broke
quite sharply late in the session when some fairly concerted
selling developed.
London noted little change on the out¬
side but found futures barely steady on the Terminal Cocoa
Market, with 530 tons trading.
Local closing: Oct. 4.80;
Dec. 4.84; Jan. 4.90; March 5.01; May 5.10; July 5.19;
Sept. 5.28.
On the 11th inst. futures closed 4 to 8 points
net lower.
The market experienced considerable pressure
to-day (Tuesday), but gave ground slowly under this pres¬
sure.
Opening sales had been at 3 to 5 point losses.
At
one time prices went a shade
above Monday's finals, but
the strength did not last. 'Transactions totaled 539 lots,
or 7,223 tons.
London outside prices ran 9d. lower, while
futures on the Terminal Cocoa Market lost 3d. to 6d. ,with
870 tons trading.
Liquidation and hedge selling seemed to
play the chief part in the local market, although there was
On
Cuba.
the
11th inst.
futures closed
unchanged to 1
point higher, with the exception of November, which closed
5 points lower.
Sugar futures in the pre-holiday session
were firm on new buying for trade account.
Sales totaled
366 lots, ot 18300 tons.Expansion in the volume was the
result of increased switching activity.
Some of the trading
.
against excess quota raws in which sales were
but details were withheld.
There were 68 lots of
in one block exchanged for May at 5 points, 20
was
effected,
January
May for
May at 5 points.
sale was 550 tons
of Philippines and Cubas, ex store at 3.15c. to an operator.
There were reports, current that additional quantities both
of quota and excess quotas had sold.
Price and other de¬
July at 2, and 8 additional January for
In the market for raws the only reported
tails could not be
learned.
The world sugar contract
unchanged to ly point off, with sales totaling 52 lots.
don futures were yd. higher to yd. lower.
Raws
closed
Lon¬
there
quoted at 5s. 3d., equal to 95ye. f. o.b. Cuba, "with
freight at 15s.
Refined there was advanced 3d.
On the 13th inst. futures closed 3 points up to unchanged
in the domestic contract, with sales totaling 70 contracts.
were
Buying, believed to have been hedge lifting, advanced prices
of domestic sugar contracts 1 to 3 points.
Trading was only
moderately active.
It was believed that hedges against
next year's quota sugars were being lifted.
No raw sales
were reported,
but sellers were asking 3.15c. for prompt
Cubas.
New crop
Cubas were believed
being traded at 4 to
points over March futures, or say 2.12 to 2.13c. before
duty.
Demand for refined sugar continued brisk.
The
world sugar contract closed y, point up to unchanged, with
sales totaling 82 contracts.
The London market was active,
with 12,000 tons traded.
Prices were yd. lower to yd,
higher.
Raws there were offered at about 0.95 of a cent
f. o. b. Cuba.
Today futures qlosed unchanged to 1 point
5
up.
Transactions totaled 270 contracts.
Sugar futures
firm. The domestic market was more active
Were steady to
Volume
147
Financial
•
f
than
unau
it
was
it,
yesierciay
yesterday
aespite
despite
lack
a
or
of
business
business
in
in
Chronicle
It stood unchanged to 1
point higher this afternoon
with March
selling at 2.08c., up 1 point, after one lot had
sold at 2.09c.
Prompt raws were offered at 3.15c., but re¬
finers indicated interest at
3.10c., the price at which the last
lot was sold.
January Cubas were offered at 2.15c., equiva¬
lent to 3.05c.
duty paid. Refiners are
insisting that old
Lard—On the 8th
inst. futures closed unchanged to 2
points higher.
Trading "was light and without particular
^
feature.
shipments from the Port of New York on
were light and totaled
44,800 pounds, destined for
London and Helsingfors.
Liverpool lard futures were also
very quiet, and prices on the close
were unchanged to 3d.
lower.
Hog prices at
market, after opening un¬
changed to Yi point lower, futures were
unchanged during
early afternoon session. London futures were
steady.
Prices
Chicago remained steady in spite of
fairly heavy marketings today.
(Saturday).
Scattered
were reported at
prices ranging from $7.50 to $8.25.
Western hog
marketings totaled 12,600 head, against 6,300
head for the same
day last year.
On the 10th inst. futures
the
sales
follows:
were as
January (new)
2.08
2.08
March (new)
May
Ju!y__
September.
.2.13
.2.15
.2.11
4,128,675
Short
Tons
of
Sugar
closed 8 to 10
points net lower.
5 points
lower, but later declined
market displayed
Received
by United
States from Off-Shore Areas
During Nine Months
°f 1938
.v-
The report
Oct.
on
includes sugar from all
before Oct.
Cuba also
include
1,
1,
1938.
The
figures
for
quota for the continental
months
The
of
this year.
quantities
months
of
the
sugar,
Data
are
for
the
certified
or
in
was
change after
than
transit
final
outturn
available.
are
value, charged against the
746,346 short tons, raw value,
beet
sugar
September
against
which
sugar
raw
sugarcane areas and
charged
year
of
all importations
against the quota for the continental
entered
as
foreign countries .other
subject to
are
data for
for
entry
166,944 short tons of
were
recorded
areas
Statistics
certifications
weight and polarization
There
1938.
during the first eight
not yet available.
area
are
offshore
areas
during the first nine
Opening prices were 2 to
substantially lower. The
,
little rallying
and prices closed
power,
about the lows of the
day.
Export shipments of lard from
the Port of New York
today totaled 208,500 pounds, destined
for Hamburg.
Liverpool lard futures were quiet and un¬
changed.
Hog receipts at Chicago
were
far above trade
ex¬
pectations and totaled
about 17,000 hogs.
22,000 head.
The trade expected
Receipts of hogs at the principal West¬
ern markets were
also heavy and totaled
82,900 head against
60,300 head for the same day last
year.
Hog prices at
Chicago closed 25c. lower, with sales
ranging from $7.50
to $8.35.
On the 11th inst. futures closed 7
to 10 points net
lower.
Continued heavy hog
marketings were a depressing
influence on lard values
today (Tuesday).
Western hog re¬
ceipts totaled 81,600 head, against 60,400 head for the same
day last year.
Lard futures opened 2 to 12
points lower,
but later declined 7 to 15
points below the previous finals.
Export shipments of lard from the Port
taled 192,750
pounds,
Liverpool lard futures
hog prices
were
to $18.15.
follows:
as
very
at
The Sugar Section of the
Agricultural Adjustment Admin¬
istration on Oct. 7 issued its ninth
monthly report on the
status of the 1938 sugar
quotas.
The report shows that the
quantity of sugar charged against the
quotas for all offshore areas,
including the full-duty countries,' during the
period January-September, amounted to
4,128,675 short tons,
raw value.
For the
corresponding period last year charges
against the off-shore areas totaled
4,332,415 short tons, raw
value, said an announcement by the
AAA, which continued:
for entry
Lard
Saturday
con¬
the basis of 4.30c. be
specified not later than
In the world
sugar
on
tomorrow.
from
Germany, and 231 pounds from Costa Rica,
but, under the
provisions of this section of the
Act, these Importations have not been
charged against
the quota for
foreign countries other than Cuba.
sugars.
tracts made
2409
France, 98 pounds
raw
.
10c.
of New York to¬
destined for Liverpool and Antwerp.
were quiet and
unchanged.
Chicago
lower, with sales ranging from $7.65
.
On the 13th inst. futures closed 2
points higher to 2
This market was again
(Tons of 2,000 Pounds—96
Degrees)
points
depressed by the bearish
hogs at Chicago were 15c. lower, due
to the continued
heavy marketings.
Opening lard prices
were
unchanged to 2 points higher on scattered covering.
Prices later declined 5 to 7
points below previous closings.
In the afternoon there was a
rally, and most of the losses
were recovered.
Lard exports from the Port of New York
today totaled only 22,400 pounds, destined for Antwerp.
Liverpool lard prices were unchanged to 6d. lower.
Sales
of hogs ranged from $7.40 to
$8.00.
Western hog receipts
totaled 58,300 against 48,100 head for the same
day a year
ago.
Today futures closed 2 to 8 points net lower.
In¬
fluenced by heavy grain markets and
increasingly large hog
receipts, lard futures sagged, with very little rallying ten¬
dency shown during ihe session.
lower.
1938 Sugar
Area
Quotas
Charged
the Latest
Cuba
Established Under
Against
Regulations
Quotas
1,939,546
....
Philippines-
June 9
on
1,696,260
53,883
991,020
Puerto Rico
892,733
-
809,649
Hawaii_ A AA-.
j
Virgin Islands.,.
Foreign countries other than Cuba
753,142
AA- 744,762
80,683
_...
951,753
9,046
37,813
4,781,697
.
Total
A
,
1,044,903
_—
Less amount reallotted
hog
Amounts
4,128.675
_
A
3,965
.
Direct Consumption Sugars
Direct
consumption
against the
included
in
various
the
is
6Ugar
quotas,
total
included
since
the
for each
quota
in
the
direct
above
amounts
consumption
charged
quota
sugar
is
The
last
column
shows
the
balance
available
entry during
The separation of sugars into polarization groups
weight and polarization for each cargo
consumption 6iigar entered against the quotas. r
of
on
direct
reports of the outturn
(In Short Tons—96 Degrees Equivalent)
Quantity Ch'g'd Against
1938
Area
A
Polarizing
Sugar
Quota
and Above
Cuba
1
N
«'
Balance
Charges
Remaining
Less Than
99.8 Degrees
375,000
126,033
347,938
25,658
x373,596
1,404
111,562
8,624
29,616
Puerto Rico..
7,240
2,161
xl20„186
*9,401
20,215
Hawaii
Philippines
.
5,847
80.214
56,212
3,832
xfi0,044
20,170
610,863
Total
x
A)
Total
Polarizing
99.8 Degrees '
ft.
.'
uola
Sugar
522,952
40.275
563,227
nine
37,813 short "tons,
other
months
countries.
than
the
of
The
countries,
the
September
of
raw
Cuba
year
is
against, the
and
charged
quotas
the
against
amounts
the
for
the
which
quotas
individual
may
be
full-duty
quotas for those
during
the
admitted
January-
during
the
the year:
Charged
Area
1938 Quota
Against
Quota
IPounds)
3,019,051
Haiti
969,750
12,336,500
1,731,233
2,142,224
26,183
1,084,794
0
6,533,026
244,814
2,921,018
220.777
0
244,814
—
Netherlands
January
May......
FUTURES
7.52
7.57
7.65
—.
8.12
8.02
Tues.
IN
CHICAGO
Wed.
Thurs.
7.45
H
7.45
7.50
O
'7.57
L
'
Fri.
7.50
7.60
7.42
7.52
7.92
8.00
.
Pork—(Export), mess, $26.87^ per barrel (per 200
pounds); family, $21.25 (40-50 pieces to barrel), nominal,
per barrel.
Beef: (export), steady.
Family, (export), $22
per barrel (200 pounds), nominal.
Cut meats; pickled hams:
picnic, loose, c. a. f.—4 to 6 lbs., 14 %c.; 6 to 8 lbs., 13%c.;
8 to 10 lbs., 12}4c.
Skinned, loose, c. a. f—14 to 16dbs.,
2234c.; 18 to 20 lbs., 19c. Bellies: clear, f. o. b. New York—
6 to 8 lbs., 16%c.; 8 to 10 lbs.,
1634c.; 10 to 12 lbs., 1634c.*
Bellies: clear, dry salted, boxed, N. Y.—16 to 18
lbs., 1234c.;
18 to 20 lbs., 1234c.; 20 to 25 lbs.,
1134c.; 25 to 30 lbs., 1134c.
Butter: creamery, firsts to
higher than extra and premium
marks: 26 to 2634c.
Cheese: State, held 137, 20 to 22c.
Eggs: mixed colors, checks to Special packs: 2034 to 3034c.
10.910,101
0
37,7.57,753
76,2,52,189
1,210.177
0
3,597,193
1,148,129
2,449,064
394,155
0
394,155
161.366,000
75.626.071
85,739.929
..
reserve
—
-
In accordance with Sec. 212 of the Sugar Act of 1937 the first
10 short tons of
value, Imported from any foreign country other than Cuba^have not
been charged against the quota for that
country.
Six hundred twenty-eight pounds
have been imported from Canada, 1,138 pounds from
Barbados, 2,358 pounds from
deliveries
Cottonseed Oil sales,
Crude, S. E. 6%c.
October
have
slackened
this
week,
including switches, 462 contracts.
Prices closed
November
7.58@
7.55©
December
7.63----
unij,——*iigjn "
as
follows:
February
"lira"""V
i
7.65@
n
March
n
7.66 @
January
.
1,210,177
-
oil
according to reports, and the seed markets are rather easy.
Tank cars are quoted—7.9 to 8.1c per
pound. Quotations:
China wood: tanks, nearby—11.8; drums, L. C. L.—12.5.
Ooconut: crude, tanks, nearby—334.to 334c.; Pacific coast—
234 to 234c.
Corn: crude, west, tanks, nearby;—.0634
nominal bid.
Olive: Denatured, spot, drums—90 to
9234Soy bean: crude, tanks, west—.05 to .0534; L. C. L.—7.0
bid.
Edible: coconut,
76 degrees—934 offered.
Lard:
Prime—9c. offered.
Extra winter strained—834c. offered.
Cod: crude, Norwegian, light filtered—no quotation.
Tur¬
pentine: 2734 t° 29)4. Rosins: $5.30 to $8.00.
0
114,009,942
Nicaragua
Salvador.
raw
0
220,777
10,910,101
Peru.
Total
0
9,454,044
Guatemala
Unallotted
1,966,087
15,062
2,700,983
Dominican Republic
Dutch East Indies
United Kingdom
LARD
Mon.
8.20
December
{Pounds)
1,052,964
15.062
—
—
CPounds)
1,084,794
Czechoslovakia
sugar,
Balance
Remaining
2,168,407
China and Hongkong
x
x
12,336,500
Belgium.
Mexico
OF
Sat.
7.65
7.65
7.72
Oils—Linseed
value, charged against the quota for
foreign
the total of charges made
during the first
following table shows, in pounds, the 1938
amounts
period,
remainder
PRICES
.
47,636
Quotas for Full-Duty Countries
The
CLOSING
on
October
Does not include sugars certified for arrival
after Sept. 30,1938.
countries
Prices
for
the remainder of the
year.
is, based
DAILY
The
area.
following tabulation indi¬
cates the 1938 direct
consumption sugar quotas and charges against 6uch
quotas during the period
January-September, showing separately sugar
polarizing 99.8 degrees and above and sugar polarising less than 99.8
degrees.
news.
7.75 @
7.75(a)
n
April
May
i
i
7.79©
""
*~"
ii
Rubber—On the 9th inst. futures closed 11 to 29 points
net higher.
Transactions totaled 2,090 tons.
Spot standard
No. 1 in the outside market also hit a new 1938 high when
traders quoted 1734c., a gain of 5-16c.
The principal source
buying came from commission houses with foreign con¬
After opening 7 to 13 points up, the market con¬
tinued to move up slowly during the two hour session.
The
trade on the floor sold against shipment offerings in the
actual market.
Local closing: Oct. 17.24; Dec. 17.30; Jan.
of
nections.
Financial
2410
17.30; March 17.34;
inst. futures
July 17.36; Sept. 17.40.
On the 10th
totaled
closed 11 points net higher on the October de¬
livery, while the balance of the list was 4 points down to
points up.
Transactions totaled 2,610 tons, of which 80
tons were exchanges for actual rubber.
Spot standard No. 1
ribbed smoked sheets in the trade declined Kc. to 17j4c.
2
Activity in the
outside market was generally quiet.
The
spot position outside declined Kc., while December remained
unchanged at 17%c.M and the other trading months were
1-16c. easier.
The London Rubber Traders' Association
decided today that the. minimum price of 7Kd. per pound
fixed for dealings in crude rubber on September 28th, be
withdrawn.
Local closing: Oct. 17.13; Dec. 17.29; Jan.
;
'
17.28; March 17.30; May
17.36; July 17.37.
On the 11th
16 points net lower.
Transactions
totaled 3,180 tons, which included 1,200 tons exchanged
for actual rubber.
Spot standard No. 1 ribbed smoked
sheets in the trade followed the trend of the futures market
to close pgc. lower to 17 Ko.
The pressure in the market for
futures came mostly in the form of profit taking and dealer
selling
.Activity in the outside market was again generally
quiet.
Local closing: Oct. 17.05; Dec. 17.18; Jan. 17.20;
March 17.20; May 17.19; July 17.21.
On the 13th inst. futures closed 17 to 12 points net lower.
Absence of aggressive buying was reflected in the crude rub¬
ber futures market.
After opening unchanged to 6 points
inst. futures closed 8 to
higher, the market turned easy with the result that early
prices were 1 to 5 points lower.
December
stood 17.15c., March at 17.16 and May at 17.18.
Sales to
net
afternoon
"
early afternoon totaled 2,590 tons.
London closed quiet
and unchanged to %d. lower.
Singapore also was about
unchanged.
Exports of dry rubber from Malaya under the
restriction qdan during September
totaled 20,352 tons.
Local closing: Dec., 17.01; March, 17.04; May, 17.07; July,
17.08; Sept., 17.11.
Today futures closed 9 points up to
unchanged.
Transactions totaled 468 contracts.
Rubber
futures opened 8 to 14 points higher and held steady through¬
out the forenoon showing net advances of 10 to 13 jxhnts in
the early afternoon.
The trade predicted bullish statistics
on September consumption.
December this afternoon stood
17.11c.
at
and
March
17.15c.
at
Transactions
to
the
early afternoon amounted to 1,560 tons, of'which 200 tons
were exchanged for actual rubber.
London closed unchanged
to l-16d. higher, but Singapore closed 3-32 to Y%d. lower.Local closing: Oct., 16.96; Dec., 17.10; Jan., 17.10; March,
17.09; May, 17.10; July, 17.11; Sept., 17.11.
Hides—On the 9th inst. futures closed 39 to 53
points net
higher in the old contract and 29 to 44 points net higher in
the new contract.
Transactions in the old contract totaled
2,880,000 pounds, while in the new, transactions were 5,240,-
pounds. The strength of the stock market together with
improved hide situation the past two weeks did
much to influence higher pices.
Local closing: Old contract:
Dec., 12.45; March, 12.80; June, 13.10. New contract: Dec.,
13.95; March, 13.57; June, 13.86; Sept., 14.13. On the 10th'
inst. futures closed 16 to 30 points net lower on the old
contract, while the new contract closed 2 to 22 points off.
Reports current in the local trade indicated t^at packers
will soon ask 14c. for native steers, 13 Ke., for butt brands
and 13c. for light native cow hides.
Buyers are reported
following the market closely but no fresh sales Were reported
and packers appeared reluctant to offer.
Transactions in
futures totaled 2,360,000 pounds in the old contract, while
trading in the new contract totaled 3,840,000 pounds. Local
closing: Old contract: Dec., 12.29; March, 12.60; June,
12.80.
New contract:
Dec., 13.03; March, 13.36; June,
13.65; Sept., 13.95.
Qn the 11th inst. futures closed 1 to 3
points higher in the old contract, while the new contract
closed 5 points lower to 5 points higher.
Hide futures were
weak at the start of today's (Tuesday's) session.
Buying
power increased during the later dealings, however, and when
the final bell sounded most of the initial losses were wiped
out.
Trading was fairly active, the turnover in the old
contract totaling 2,560,060 pounds while business in the new
contract amounted to 4,080,000 pounds.
Local closing: Old
contract: Dec., 12.30; March, 12.61; June, 12.83; New con¬
tract: Dec., 13.05; March, 13,41; June, 13.65; Sept., 13.90.
On the 13th inst. futures closed 10 to 9 points net higher
in the old contract, with sales totaling 29 contracts.
The
new
contract closed 8 to 12 points net higher, with sales
totaling 161 contracts.
Steadiness characterized the market
in raw hide futures after a sharp initial advance.
During
~~early afternoon old contracts were 16 to 21 points higher and
new, 14 to 16 points higher.
Sales to early afternoon totaled
4,800,000 pounds.
It was reported that 35,000 spot hides
had been sold to tanners yesterday at 12
for light native
cows and 13for native steers.
Local closing: Old Con¬
tract—Dec., 12.38; March, 12.71; June, 12.92.
New Con¬
tract—Dec., 13.13; March, 13.50; June, 13.77; Sept., 14.02.
Today futures closed 9 to 10 points net higher in the old
contract.
The new contract closed 8 to 10 points net higher,
with sales totaling 123 contracts.
Trading in raw hide
000
the much
,
,
was active, with Wall Street showing continued
interest in the market.
After an irregular opening, prices
futures
advanced
on
news
of
a
further rise
in
spot
hides
on
the
market.
This afternoon December old stood at
12.53c., up 15 points; March at 12.85, up 14, and June at
13, up 8 points.
December new was quoted at 13.25, up
12 and March new at 13.64, up 14.
Sales to early afternoon
Chicago
Oct.
Chronicle
15,
1938
Local closing: Old Contract—
12.80; June, 13.02.
New ContractDec., 13.21; March, 13.60; June, 13.85; Sept., 14.10.
2,960,(XX) pounds.
Dec., 12.48; March,
Freights—Relatively quiet conditions prevailed
market during the past week, with the de¬
mand for tonnage slow.
Charters included: Grain Booked:
Ten loads, New York to Liverpool, October, 2s. 6d.
Three
loads, New York to London, October, 2s. 6d.
Grain: St.
Lawrence to Antwerp or Rotterdam, picked ports, United
Kingdom,
October 24—November 5, basis 2s. 9d.
St.
Lawrence to Antwerp or Rotterdam, picked ports, United
Kingdom, November 10-20, basis, 2s. 9d. St. Lawrence to
Antwerp or Rotterdam, October 17-25; basis, 2s. 9d.
Al¬
bany to Scandinavia, October, 17c.
St. Lawrence to Ant¬
werp or Rotterdam, picked ports United Kingdom, Novem¬
ber 5-12, basis, 2s. 9d.
Trip: Trip across, Atlantic range
to United Kingdom, Ocotber, $1.75.
Trip across, delivery
Havana, October, $1.50. Trip out to South Africa, October,
$1.35.
Trip across, via the Gulf, October, $1.60.
Scrap:
Gulf to Japan, October-November, $4.
North of Hatteras
to Rotterdam, October, no rate given.
Northern Range to
Far East, November 1-15, $3.90.
Atlantic Range to West
Italy, October, $5.05.
Ocean
in the charter
Coal—It is
reported that the demand for both retail and
around the New York City
wholesale anthracite coal in and
good in the past week or ten days, and
spile of the recent spell of warm weather. Wholesale
yards and mines are reported pressed in order to keep up
with the great demand that has devehyped.
The current
rise in sales volume is attributed largely to the advance in
retail prices and the cold snap that prevailed several days
ago.
Many consumers have been caught without stocks on
hand and have had to rush out and order coal for immediate
area
has been very
this in
Trade members expect that the present rush for
have
delivery.
coal
will
at least
continue for several weeks until consumers
enough to heat their homes for two or three months.
No announcement
as
to any
advance in wholesale quotations
The production of Pennsylvania anthracite for
the week ended October 1, estimated at 898,000 tons, showed
was
made.
10% over the output in the
September 24. In comparison with the correspond¬
ing week of 1937, however, there was a decrease of 22%.
increase of 82,000 tons, or
an
week of
Metals—The report of Copper, Tin, Lead, Zinc, Steel and
Pig Iron, usually appearing here, will be found in the articles
appearing at the end of the department, headed "Indications
of Business Activity," where they are covered more fully.
Wool—The wool situation presents
quite a change from
previous week. Raw wools are in broader demand, with
prices showing a marked upward tendency, the price of 70c.
for. fine wool being already made on choice 12 months Texas.
Orders now being placed by manufacturers are fairly diver¬
sified, though the fine materials take the lead.
In common
with many other commodities, domestic wools have taken
on new activity at higher prices.
Manufacturers are taking
a decided interest in the raw material and the volume sold
the
during the past few days has been larger than in any single
period for a long time past. A definite change in sentiment
is noted, and the idea of lower prices on domestic wool is
no
longer given serious consideration.
Grower interests
command"the situation from the price standpoint, and the
better market in Boston has led to higher asking prices on
the part of those who have wool to sell.
In line With a
for the better in the raw material, the wool top
change
futures
perhaps the most sensitive barometer of general
for wool and its products, has had an upward
spurt and is now at the highest point since last March.' The
rapid movement of wool into consumption is another
market,
conditions
encouraging feature.
Silk—On the 10th inst. futures closed
lower
on
"
unchanged to l%c.
134>c.
the No. 1 contract, while No. 2 contract was
Higher. Japanese and new long buying were again in evidence,
selling represented profit taking. , Sales were light,
including 180 bales in the old contract,
280 bales on No. 1 contract and 10 bales in No. 2 contract.
while the
with 470 bales sold,
opening ruled unchanged to lc. lower. Yoko¬
through 2 yen higher to 2 yen lower, while Kobe
was unchanged to 3 yen better.
Grade D advanced 5 yen to
820 yen in both centers.
Spot sales totaled 725 bales, while
futures transactions totaled 8,025 bales.
Local closing: No.
Pricks at the
hama
came
No. 2
April, 1.71H>; May, 1.713^.
On
the 11th inst. futures closed Kc. down to lc. higher. Transac¬
tions totaled 730 bales, including 370 bales on the old con¬
tract, 360 bales on No. 1 contract and none on contract No. 2.
The market ruled steadier today (Tuesday), influenced
March, 1.75K; April, 1.75; May, 1.76.
1 contract:
contract:
March, 1.71
largely by the report of a 20.1% decrease in the estimate on
the summer autumn cocoon crop, after the trade here had
reduction of only about 14%. The crop is
pounds, as compared with the
last year of 334,459,843 pounds. After opening
unchanged to lc. lower, the news of the lower crop estimate
brought out trade and new long buying. Yokohama was 1
to 4 yen off, while Kobe was 1 to 5 yen lower.
Grade D
declined 10 yen to 820 yen at Yokohama and remained un¬
changed at 830 yen in Kobe.
Spot sales in both centers
amounted to 1,050 bales, while futures transactions totaled
4,575 bales.
Local closing: No. 1 contract: March, 1.76;
been
figuring
estimated
at
actual crop
a
267,368,037
Volume
Financial
147
April, 1.76; May, 1.76.
April, 1.71; May, 1.71.
No.
contract: March,
2
Week Ended
all deliveries.
on
Sales in the old contract totaled
15 contracts, while in the No. 1 transactions,
tracts.
in the
2411
1.71;
On the 13th inst. futures closed unchanged to 3^c. lower
in the old contract, while the No. 1 contract closed un¬
changed
Chronicle
totaled 30
con¬
Buying by trade interests absorbed small offerings
raw silk market and held
prices steady. During early
afternoon the market
was
actions of 180 bales.
The
H to 1 cent net higher on trans¬
price of crack double extra silk in
the New York spot market remained
unchanged at SI.85.
The Yokohama Bourse closed 4 to 6
yen higher.
Grade D
silk was quoted at.8273^
yen a bale.
Local closing: Old
Contract: Oct., 1.79; Nov., 1.78; Dec., 1.77M; Jan., 1.77;
Feb., 1.763^.
No. 1 Contract: March, 1.76; April, 1.76;
May, 1.76. Today futures closed 2 to 2 Ac. net lower in the
old contract, with sales
totaling 45 contracts.
The No. 1
Contract closed 23^c. net lower, with sales totaling 50 con¬
tracts.
Weak cables took the edge off the raw silk futures
market, prices losing Afi- to lc. on light trading.
Novem¬
ber old sold at $1.77, and April new No. 1 at $1.75 ASales totaled only seventy bales to early afternoon.
The
price of crack double extra silk declined lAc. in the uptown
spot market.
Prices on the Yokohama Bourse closed 5 to
9 yen lower.
Grade D silk was 2A yen higher at 830 yen a
bale.
Yen exchange was l/% lower.
Local closing: Old Con¬
tract: October, 1.77; Nov., 1.76; Dec., 1.75H; Jan., 1.74^5
Feb., 1.743^.
No. 1 Contract:
March,
1.73K; April,
1.73H; May, 1.73**.
Exported to—
Oct. 14, 1938
Exports from,—
Great
Britain
Galveston
grams
the
Crop,
indicated by
as
7,691
9,228
1,336
14,906
85
8,876
5,397
1.019
1,185
666
5.426
4", 374
17,335
1,400
2.427
1,994
4,778
Lake
2,556
from the South tonight, is given below.
our
tele¬
For the week
ending this evening the total receipts have reached 205,107
Cnarles...
1,726
Savannah......
150
Los Angeles..
San Francisco..
2,683
315
394
184
5,425
5,425
2
.
Total.
2
13,722
16,847
29,725
3,636
53,284
Total 1937.....
Total 1936.....
35,846
22,632
41,731
18,482
2,600
34,760 186.703
19,749
8.256
44,563
18.679 148.787
34,908
From
33,291
1,442
Great
Exports from—
Britain
Galveston
Ger¬
France
7,694
Houston
26,518
27,744
Corpus Christi
17,176
47,141
Brownsville..
2,214
Italy
many
30,401
19,486
China
Japan
41,928
55,475
41,027
23,489
43,585
22,627
9.157
1
16,118
200
Orleans.
27,331
20,854
10,822
3,973
2,027
942
4,733
271
51,793
335
30,622
14,191
1,335
39,547
_
2,867
Jacksonville-.
190
Pensacola, Ac.
1,538
Savannah
1,650
Charleston...
M
5,976
-
i
-
-
¥
.
'288
\
2,576
-
33
5,738
-
~
500
-
1,932
151
-*
18
-
3,048
595
18
,
29
-MM'-'
29
1,229
57,384
■
Mi
1,150
A.'/"
■
^
Y
49,657
^
181
15.949
156,794
74,606
Total 1937.—
343,947 214,764
223,412 123,222
Total 1936...
262.564 214.990
165,177
Canada—It has
50
15,999
197,097
.
to
1,588
146
595
98,814 149,243
NOTE—Exports
11,904
8,732
257
700
468
1,000
•
Francisco
37,033
103.052
4,079
_
5,167
.
185,602
....
90
M
»
201,528
■
24,329
604
2,774
-
-
_
m
200
50
198
York
8,728
190,524
98
432
Norfolk
Total
37,231
883
Mobile
Other
1,677
10,788
Lake Charles.
Boston
20,728 119,391
Exported to—
Aug. 1, 1938 to
Oct. 14, 1938
New
40,637
169
3,728 144,712
824,994
55.901
52.975
10,983 191,211 1163,440
282.296
been
1,485 134,296 1103,783
to Include In the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is Impossible to give
bales, against 183,369 bales last week and 221,656 bales the
previous week, making the total receipts since Aug. 1, 1938,
however, of the
concerning the same from
districts
say
bales.
42,664
1,314
79
Norfolk
New
1,055
1,027
r,2i9
Mobile..
returns
1,644,760 bales, against 3,176,028 bales for the same period
of 1937, showing a decrease since Aug. 1, 1938, of 1,531,268
172
2,214
5,402
,
Friday Night, Oct. 14, 1938
X
11,939
2,214
Total
of
Total
Other
1,245
New Orleans....
San
y
China
Japan
16.973
Houston.......
COTTON
Movement
Italy
many
2,577
Corpus Christ!..
Brownsville
Los Angeles.
,
France
882
Philadelphia..
The
Ger¬
on
the Canadian border
numerous
never
our
practice
week
are
Inquiries
to week, while reports from the customs
always very slow in coming to hand.
In view
receiving regarding the matter, we will
that for the month of June the exports to the Dominion the present sea on,
been 16,632 bales.
In the corresponding month of the preceding season
we are
have
the exports
were 22,903 bales.
For the 11 months ended June 30. 1938, there
228.366 bales exported as against 262.709 bales for the 11 months of 1936-37.
were
In addition to above exports,
Mon.
Tues.
9,528
27,038
7,494
1,412
6,394
11,481
6,891
2,882
11,830
281
233
236
Sat,
Receipts at—
Wed.
total
Fri.
Thurs.
our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
,
.
Galveston
14,652
4,830
Houston
493
Corpus Christi-.
New Orleans
Mobile
Jacksonville
4,587
4,652
7,755
33,617
466
11,784
4,477
163
73,893
61,948
6,809
52,895
1,594
164
8,380
4,464
1,415
8,882
164
319
1,966
1,356
141
681
,
Savannah
69
1,226
95
206
51
"
Charleston
46
4
Lake Charles....
47
.
.
,
Wilmington
356
257
Norfolk
39
67
137
Baltimore
95
1,259
2,362
2,362
263
■
50
1,162
141
On Shipboard Not Cleared for—
Oct. 14 at—
Galvestpn__.„_
Houston
New Orleans
_
M.
83
»
----
469
489
__
31,145
43,063
33,924
,21,679
24,204
5,600
2,379
1,725
Other
Coast¬
Foreign
wise
756
3,000
3,264
3,253
6,900
291
22,700
10,239
1,125
Stock
Total
40,200
17,824
797,536
885,156
8,470
738,242
156,652
38,793
2,309
2,000
1,186
2,076
71,723
28,538
189,811
Charleston
51,092 205,107
"220
2",089
Mobile
Totals this week.
Ger¬
many
France
Savannah
489
143
'
Leaving
Great
Britain
"Norfolk
Other ports
The following
total since Aug.
table shows the week's total receipts, the
1, 1938, and the stocks tonight, compared,
with last year:
1937
This
Since Aug
This
Since Aug
1, 1938
Week
1, 1937
73,89^
Galveston
Houston
460,852 121,097
520,866 106,798
240,622
4,298
7,949
310,657 114,115
23.436
10,818
17
2,405
61,948
Corpus Christi.
6,809
Beaumont
52",895
New Orleans.....
Mobile
1,594
____
Pensacola, &c__
Jacksonville
164
1,035
230
1,966
__
18,430
10,757
31,099
4,210
11,618
3,687
4,173
3,946
1,518
Charleston_
1,356
Lake Charles
2,362
1,162
Wilmington.
Norfolk
469
365
1938
859,688
837,736
877,700
902,980
372,822
4,465
635,173
87,476
28,497
2,271
93,433
130,659
62,169
2,738
12,286
109,076
24,267
746,712
74,032
5,960
2,473
156,652
38,793
29,456
14,963
28,538
100
Boston
,
Baltimore
489
Totals.
295
8,533
6,651
2,641
875
878,815
806,681
125,952
16,082
678,806
81,431
19,924
3,325
167,020
87,170
51,282
9,066
20,879
100
,
3,215
975
205,107 1,644.760 379,066 3,176,028 2,975,254 2,950,723
be made with other years,
give below the totals at leading ports for six seasons:
1938
■
Galveston
73,893
61,948
52,895
1,594
1,966
Orleans.
____
Brunswick
1936
121,097
1935
•
106,798
114,115
10,818
4,210
120,298
88,635
110,135
24,296
3,142
108,216
104,506
76,600
22,849
11,618
"7",666
17"416
17,997
1934
1933
50,343
67,548
40,302
10,234
4,605
116,546
137,641
68,418
9,716
5,493
7,419
"4,511
"
Charleston
Wilmington
1937
l",356
Houston
Mobile
Savannah
1,162
365
900
1,619
669
961
469
__
Norfolk
1,518
2,089
2,289
3,431
2,493
Newport News
"9",824
"¥,527
13", 562
21,453
24,412
31". 080
205,107
379,066
370,723
372,945
208,963
376,859
All others
Total this week
5,262 68,803 2,906,451
5,966 186,131 2,764,592
4,315 138,596 2,187,281
34,284
55,524
62,533
was moderately
with fluctuations confined to
limits.
With the statistical position decidedly bear¬
especially in view of the recent Government crop esti¬
mate of 12,212,000 bales, there appears little incentive to
those friendly to the up-side of the market.
Loan opera¬
tions appear to
Aug. 1__ 1,644,76) 3,176,028 2,4.53,680 2,476,383 1,807,471 2,919,172
have a steadying effect oil values.
Current
opinion in responsible trade quarters is that
some
2,000,000
bales
loan,
although
the
not
have
now
Commodity
into
gone
Credit
reflect this for
On the 8th inst.
The
10
the Government
Corporation
days
or
figures
probably
will
two weeks.
prices closed 9 to 14 points net lower.
market received
a
setback
as
a
result of the
bearish
issued by the Government,. The report indicates
a yield of
12,212,000 ba'es, or a gain of 387,000 over the
September figures, which was a considerable surprise'to ^he
trade. Traders had been anticipating a reduction owing to
private advices and reports that there was little or no top
crop. After an early rise of 2 to 5 points, the market reacted
and closed at the lows of the day, with net declines of 9 to
14 points. The increased yield intensified an already unfavor¬
able statistical position, and it was feared might serve to
check the recent improvement in the demand for textiles
and for spot cotton from domestic mills and from abroad.
It was pointed out, however, that the Government still
stands ready to make loans to producers at an average of
8.30 c. for middling %-inch.
The Commodity Credit Cor¬
poration reported that 484,418 bales of the new crop had
already gone into the loan up to Thursday night. On this
crop report
the Government had loaned
of
Since
6,555
31,982
12,794
narrow
1937
In order that comparison may
New
10,909
37,485
36,438
ish.
New York
Receipts at—
.
11,793
54,674
22,516
Speculation in cotton for future delivery
Stock
Week
we
1936.
_
..
active during the past week,
Oct. 14
Savannah
1937
Total
1938
1938.
Total
.
Receipts to
.
"
Total
$22,472,249.
The
average
price
declined
spot cotton at the 10 designated spot markets
for the week ending this evening reach a total
of 119,391 bales, of which 13,722 were to Great Britain,
16,847 to France, 29,725 to Germany, 3,636 to Italy, 33,291
to Japan, 1,442 to China, and 20,728 to other destinations.
In the -corresponding wreek last year total exports were
On the 10th inst. prices closed 8 to 12
The market today regained most of the
previous session's losses, with prices closing at the top levels
of the day.
The opening range was 4 points lower to 3
points higher. Traders appeared particularly anxious to see
if the crop figures had changed the attitude of Southern
186,703 bales.
holders.
The exports
For
the
have been 824,994
season
to
date aggregate exports
bales, against 1,163,440 bales in the same
period of the previous season.
Below are the exports for
the week:
9
points to 8.42c.
points net higher.
became evident that hedge selling
light
There¬
after the market gradually hardened and while volume was
not large, the undertone was steady.
Early near month
It
soon
was
and that the holding movement was undisturbed.
,
Financial
2412
October notices and selling of
declines in these positions of
2 to 4 points.
Subsequently trade houses became active
buyers of near months and December at the high of the daywas
1 point above the final of Friday.
Spot demand con¬
tinued light as mills were inclined to await developments in
the textile trade. The average price of spot cotton at the 10
designated spot markets advanced 9 points to 8.52c.
On the 11th inst. prices closed 2 points net higher to 2
points lower. Increased pressure on the near positions, in¬
duced largely by the wide premiums, took the edge off the
cotton market today, and after early advances of 7 to 10
points, closing levels.showed these gains about wiped out.
The market displayed considerable firmness the first part
of the day.
Liverpool cables were steadier than expected,
with contracts scarce owing to an absence of hedge pressure.
The market moved forward easily on further trade buying
of the near months and foreign buying of the distant positions.
When the foreign markets closed and the demand from that
source tapered off, prices began to sag and toward the close
were on the down grade with final quotations at the lows of
liquidation
against eight
December resulted in initial
Underlying conditions were not materially changed,
day's price moves were attributed more to technical
conditions and trade operations than to any change in the
general outlook. Reports from the South were that producers
still showed strong preference for the Government loan over
actual sales.
Average price of middling at the 10 designated
spot markets was unchanged from the previous day at 8.52c.
On the 13th inst. prices closed 2 points up to 3 points
down.
The market developed a mixed tone, with trading
During the early afternoon the list was unchanged
Price changes were mixed on the
opening, with futures registering a loss of 5 points to a
gain of 1 point from the last quotations of the preceding
day.
Trade buying and price-fixing in the near options and
foreign buying—principally from Bombay and Liverpool—
in the distant positions was the feature of the early trading.
Contracts were supplied by hedge selling and liquidation in
the December delivery.
Higher Egyptian markets and the
Nov. 1938.
10
8.35 Oct.
11
7.70 May 31 1938
9.48
Feb.
23 1938
8.16 Oct.
10
8.39
Oct.
11
7.73
9.50 Feb.
23 1938
Oct.
8
8.32
Oct.
11
7.74 May 31 1938
9.51
Feb.
23 1938
8.18 June
8.74
June 28 1938
.
Dec. 1938—
Jan.
8.12
1939—
Feb.
1939—
8.12 Oct.
8
8.30 Oct.
8
8.20 Oct.
11
Oct.
14
8.15 Oct.
11
7.90 Oct.
14
8.01
Oct.
7.77
11
8.03 Oct.
Mar. 1938—
14
3 1938
7 1938
9.25 July
May 31 1938
July
Oct.
4 1938
8.11
Oct.
4 1938
Sept.
9 1938
9.05 July
Oct.
3 1938
8.12
Oct.
22 1938
3 1938
8.03
Volume of Sales for Future
9.27
8.12
7.9*4"
Aug. 23 1938
May 31 1938
7.93
_
1939—
Anp\ 1939
Sept. 1939—
July
8.37
7.81
8.11
May 1939—
June 1939.
May 31 1938
8.34 May 25 1938
1939—
Apr.
Oct.
1 1938
8.07
Sept. 30 1938
7 1938
Delivery—The Commodity
Exchange Administration of the United States Department
of
Agriculture makes public each day the volume of sales
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.
for future
Open
Contracts
October
900
46,100
27,800
31,500
3,900
10,500
16,300
24,300
HOLI¬
DAY
*4,400
49,700
6,600
618,800
121,900
36,500
20,100
23,700
18,100
16,000
27,200
26,300
21,400
29,600
41,400
—
630,900
22,800
17,500
34,700
.j—:—————
25.7Q0
541,600
496,400
300
—————
—
July
Oct. 13
2,300
44,500
8,400
January (1939)
March
Oct. 13
Oct. 12
Oct. 11
1,200
2,300
(1938)
December.
May
Oct. 10
Oct. 8
Oct. 7
New York
.
600
Inactive months—
Aug.
June,
Sept.
&
(1939)
124,900 2,414,600
Total all futures- 144,200 100,400 100,700 167,400
points net higher.
Liverpool Exchange were
11 points higher to 4 points lower.
Today prices closed unchanged to 7 points net lower.
Closing prices for futures on the
developed an easier tone today
moderate volume of sales.
A short time before the
Prices
a
for
futures
cotton
positions showed no change to a
decline of 14 points from the closing levels of the previous
of
close
active
business
Most of the contracts displayed small changes
day.
from
previous close, with the exception of the September
delivery, which fell more than 50c. a bale.
October sold
at 8.28c., unchanged, while December was 1 point lower
at 8.27c.
Trading was moderately active on the opening,
their
below to 1 point above yesterday's
A moderate amount of price-fixing and
buying by Liverpool cooperative brokers and the Continent
was in evidence during the early dealings.
New Orleans,
the South and spot houses figured in the selling.
In subse¬
quent trading the near contracts continued to show rela¬
tively greater strength than the distant deliveries.
Spot
houses Were the principal sellers of the distant months.
Today was the last notice day on the October option.
Fif¬
teen notices were issued in the local market during the
with
3
futures
points
last- quotations.
morning.
quotation'for middling upland cotton in the
market each day for the past week has been:
—
The official
isfew York
Sat.
Middling upland.
Futures—The
.
Mon.
8.50
Oct. 8 to Oct. 14—
8.50
highest,
New York for the past
lowest
8.55
and
Fri.
Wed. Thurs.
Tues.
Open
Contracts
October
prices
550
January
700
150
-----L
(1939)
3,750
9,950
11,650
750
>
100
250
3,450
5,750
7,700
100
750
128,500
8,150
86,250
4,800
3,600
4"200
6,750
11,650
6,150
7,800
3,000
4,000
4,750
5,950
4,650
6,950
6,800
250
300
9,500
3,050
3,900
350
—
300
2,450
96,150
72,350
12,500
24,700
27.700
39,450
19,750
28,650
407,350
October
Total all futures—
23,400
—
Includes 1,200 bales against
contracts of 3,200
which notices have been issued, leaving net open
bales.
The Visible
Supply of Cotton tonight, as made up by
telegraph, is as follows.
Foreign stocks as well
are this week's returns, and consequently all foreign
cable and
as
afloat
figures
are
brought down to Thursday evening.
*
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only.
■
•
i
,
1938
bales. 1,032,000
110,000
1937
617,000
109,000
Total Great Britain.——.—1,142,000
239,000
270,000
15,000
726,000
110,000
159,000
10,000
60,000
21,000
15,000
27,000
8,000
3,000
620,000
"317,000
Oct. 14—
Stock at Liverpool
Stock at Manchester.
Stock at Bremen
Stock at Havre
Stock at Rotterdam.
Stock at Barcelona
Stock at Venice and Mestre——
Stock at Trieste
Total Continental stocks...—
Total European stocks
1,762,000
India cotton afloat for Europe—
38,000
.
369,000
58,000
740,000
148,000
147,000
14,000
< 38,000
25,000
8,000
5,000
427,000
185,000
65,000
12,000
22,000
54,000
10,000
4,000
385,000
352,000
779,000
50,000
35,000
358,000
337,000
148,000
203,000
159,000
244,000
667,000
433,000
2,325,877 2,399,771
2,098,733 2,132,345
33,148
3,535
1,043,000 1,125.000
Europe
284,000
32,000
468,000
Egypt, Brazil,&c.,afl't for Europe
Stock in Alexandria, Egypt
Stock in Bombay, India
175,000
160,000
265,000
182,000
764,000
631,000
Stock in U. S. ports
2,975,254 2,950.723
Stock in U. S. interior towns—3,110,218 1,904,035
U. S. exports today
—
18,972
36,387
—
9,392,444 7,407,145 7,068,758 6,462,651
Total visible supply
Of the above, totals of American and
at
1935
71,000
__
.
Stock at Genoa
American cotton afloat for
1936
669,000
other descriptions
American—
are
as
follows:
.
213,000
week have been
as
U. S. exports today
follows:
98,000
21,000
108,000
43,000
50,000
358,000
2,975,254 2,950,723 2,325.877 2,399,771
3,110,218 1,904,035 2,0981733 2,132,345
3,535
18,972
36,387
33,148
"Total American..
Saturday
Oct. 8
.7,344,444 5,840,145 5,254,758 5,213,651
bales-
Liverpool stock
Monday
Oct.
10
Tuesday
Oct.
lli
Wednesday
Oct.
12
Thursday
13
Oct.
Bremen stock
Havre stock.
Friday
Oct. 14
—
Other Continental stock
American afloat for Europe
(1938)
U. S.
8.12- 8.22
8.26- 8.35
8.21- 8.29
8.16ra
8.24n
8.26
8.28
8.17 n
8.267J
8.2774
•Range..
.
.
400
4,600
——————
May
July
Manchester stock
Closing
Oct. 11
7,150
March
*
Oct. 11
2,700
300
5,200
(1938)
December
Oct. 10
Oct. 8
Oct. 7
Oct. 6
Oct. 5
New Orleans
8.55
8.55
Hoi.
closing
.
8.12 Oct.
1938—
Oct.
strength in the dollar offset easier prices in Bombay.
Near
months were firm on trade calling and short covering.
Oct.
ending
each option:
Range Since Beginning of Option
Range for Week
Option for—
light.
in
IS, 1938
Range for future prices at New York for week
Oct. 14, 1938, and since trading began on
the day.
and the
to 4
Oct.
Chronicle
—
8.23- 8.29
port stock
U. S. interior stock..
495,000
70,000
145,000
186,000
60,000
284,000
45,000
72,000
123,000
28,000
468,000
201,000
36,000
95,000
107,000
21,000
337,000
Nov.—
Range
—
Closing
Dec.—
Range.
Closing
•
Ja«.
.
8.2874
8.3074
"
.
.
8.19- 8.34
8.16- 8.30
8.28- 8.39
8.28- 8.33
8.23- 8.32
Manchester stock
_
8.19
8.29- 8.30
8.28- 8:29
8.28- 8.29
8.27
Bremen stock-
—
(1939)
8.12- 8.27
8.13- 8.24
8.22- 8.32
8.20- 8.26
8.17- 8.23
Closing
8.12
8.24
8.22
8.20
8.20
_
—
Feb.—
1
Range..
HOLI¬
8.1974
8.12 n
8.2274
8.2174
Range..
8.12- 8.28
8.12- 8.21
8.20- 8.30
8.19- 8.24
Closing
8.12- 8.13
8.21
8.20- 8.21
8.19-
8.07 n
8.1674
8.1574
8.1474
Range..
8.03- 8.18
8.04- 8.12
8.11- 8.20
8.09-
Closing.
8.03
8.11
8.11
8.09
8.01/1
8.0974
8.0874
8.0674
8.00- 8.14
8.02- 8.09
8.06- 8.15
8.02-
8.00- 8.01
8.08-8.09
8.06
8.03
8.06 n
8.1374
8.1074
.
....
Havre stock
Range..
Closing
East Indian, Brazil, &c.—
Liverpool stock
8.1974
Other Continental stock...
Indian afloat for Europe.
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt...
Stock in Bombay, India
...
537,000
40,000
94,000
84,000
51,000
38,000
175,000
265,000
764,000
404,000
64,000
38,000
36,000
20,000
32,000
160,000
182,000
631,000
468,000
35,000
53,000
40,000
69,000
35,000
203,000
244,000
667,000
271,000
37,000
77,000
22,000
52,000
50,000
148,000
159,000.
433,000
DAY.
Mar.—1
.
8.20
8.14- 8.23
Total East India, &c
Total American.
8.19
.2,048,000 1,567,000 1,814,000 1,249,000
.7,344,444 5,840,145 5,254,758 5,213,651
April—
Range..
Closing
.
8.1374
May—
8.14
-r—
8.03- 8.13
8.07
June—
Range—
Closing
.
8.0174
July—
Range
Continental imports for past week have been 71,000 bales.
The above figures for 1938 shows an increase over last
week of 322,064 bales, a gain of 1,985,299 over 1937, an
increase of 2,323,686 bales over 1936, and an increase of
2,929,793 bales over 1935.
,
._
Closing
.
—
8.09
7.94- 8.05
7.96
Aug.—
Range..
Closing
.
8.0674
7.8674
Sept.—
7.90- 8.01
Range..
Closing
n
Total visible supply.
9,392,444 7,407,145 7,068,758 6,462,651
6.40d.
4.82d.
6.99d.
5.24d.
Middling uplands, Liverpool
11.25c.
8.56c.
12.45c.
8.55c.
Middling uplands, New York
9.62d.
11.20d.
9.23d.
9.65d.
Egypt, good Sakel, Liverpool
5.77d.
4.04d.
5.79d.
4.00d.
Broach, fine, Liverpool
6.02d.
7.99d.
Peruvian Tanguis, g'd fair, L'pool
5.94d.
4.19d.
5.80d.
C.P.Oomra No.l staple, s'fine.Liv
3.95d.
_
8.0471
Nominal.
8.1174
8.0874
8.0474
7.8674
At
the
Interior
Towns
the
movement/—that
is,
the
receipts for the week and since Aug. 1, the shipments for
Volume
147
Financial
Chronicle
the week and the stock
tonight, and the same items for the
of the previous year—is set out in
corresponding period
detail below:
s
•
'
Y /
Movement to Oct. 14, 1938
Receipts
Week
Oct.
Week
18,518
8,156
E ufa ula
14
630
Selma
18,947
1,962
71
1,217
9,107
47,987
447
9,760
480
83,567
4,209
7,270
30,222
35,144
405
84,917
6,588
47.726
965
53,550
17,302
79,596
24,919
2,425
149,737
47,288
64,207
44,780
34,716
141,112
35,079
10,567
58,566
5,176
80,738
City
4,690
9,812
5,183
41,614
1,746
26,420
1,726
Jonesboro—
1,639
219
11,504
13,079
69,376
4,732
22,269
14,829
69,337
3,050
2,407
3,752
7,994
31,967
1,057
3,683
5,578
5,629
8,587
9,656
27,483
•
Rock
Newport
Bluff.
Walnut Rge
Ga., Albany—
Athens
Atlanta
Augusta
Columbus—
1,733
Rome
1,145
La., Shrevep't
Miss., Clarksd
Columbus.
_
Greenwood-
7,165
13,387
2,430
17,397
Jackson
3,971
Natchez
18,276
689
19,373
6,412
39,748
3,684
8,669
36,587
5,528
35,680
21,545
2,963
10,972
1,292
16,360
3,514
10,925
56,128
4,877
4,465
20.378
2,286
66,954
18,901
114,535
13,553
58,501
4,218
53,389
3,985
49,665
4,192
21,957
207
18,487
29,713
1,397
12,276
707
25,862
18,869
840
1,840
21,238
1,010
24,625
3,251
127,899
8,000
32,310
5,000
89,478
4,304
155,745
34,500
39,777
23,620
101,226
•92,026
35,119
148,001
7,030
7,163
568
58,034
3,100
18,762
2,818
61,480
64,048
13,658
121,935
24,279
500
Macon
665
41,711
400
955
500
3,655
4,685
479
880
3,476
Vicksburg..
3,356
14,878
1,434
Yazoo City.
5,377
39,411
780
*
Mo., St. Louis
3,364
29,706
3,309
N.C., Gr'boro
158
851
80
1,408
87,935
4,951
124,937
1,200
9,600
1,000
34,100
3,110
29.069
34,073
1,897
2,050
6,541
1.150
84,098
6.550
16,104
94,441
8,001
28.616
90
130,946
37,562
9,417
102,065
2,430
29,130
51,766
2,891
Tenn., Mem's 134,481
Texas, Abilene
3,001
12,501
1,685
72,783
2,328
166,596
549,769
Austin
21,717
14,178
787
12,333
9,786
3,397
30,389
8,505
75
44,016
6,409
Marcos
600
10,989
5,180
1,889
Texarkana.
3,994
Waco
3,378
17,828
42,694
San
Total, 56 towns 383,977
♦
3,432
4,717
Y
1931
—
.
8.36
8.24
8.32
8.32
8.14
8.23
8.23
8.10- 8.11
8196- 820a
8.16
793fr- 795a
8026- 805a
7.94
April
81,829
460,295
25,608
4,416
3,699
September
13,487
362
1,493
October
707
13,703
10,377
58.929
9,822
19,323
9
15,627
224
a6,741
a84
a632
4,346
20,104
4,010
12,857
5,274
68,215
3,821
18,564
261
-
-13.70c.
1925—- _23.45c.
.21.65c.
1924
43,042
2,755
3,437
32,865
28,528
408,547 2029,746 220.205 1904.035
on
a
same
August-
..
-29.70c.
1922-.
22.50c.
1921-.
19.55c.
1920.. --.20.50c.
1919.. ---34.90c.
1918..
_32.60c.
1917-. ---27.65c.
1916.. -.-17.55c.
Steady.
Steady.
Steady.
Steady.
Census
Report on Cottonseed Oil Production—On
Oct. 13 the Bureau of the Census issued the
following state¬
ment
showing cottonseed received, crushed, and on hand,
products manufactured, shipped out, on
hand, and exported for the month of September, 1938 and
cottonseed
'
COTTONSEED
.--13.50c.
...
9.40c.
...
...
__
Nominal
Nominal-
.
Contr'ct
Spot
Total
181,852
111,319
185,157
197,275
64,117
136,108
23,234
Georgia
Louisiana
"500
"900
200
200
200
t
Since Aug. 1
7,00
47,200
Overland Movement for the Week and Since Aug. 1—
The results for the week and since
Aug., 1 in the last two years are as follows:
reports Friday night.
4938^YY.Y/r
•'
:
'
/
.•
:
-A''1.
Aug. 1
22,197
25,695
4,747
6,250
417
.260
752
2,767
"76
1,032
4,066
15,320
42,875
3,599
18,598
40,731
106,955
211,781
33,270
147,907
57,992
•
136,042
47,931
124,901
19,306
Oklahoma
48,595
52,005
56,733
10,959
30,057
57,962
33,726
48,447
232,547
36,768
9,577
21,844
44,882
326,176
93,652
386,368
27,730
39,021
49,820
335,708
25,194
979,107 1,068.788
991,832
South Carolina
41,751
129,489
436,842
94,289
639,012
46,860
55,434
..
United States
.
deducted"--'
.
8,824
295
6,651
2,259
46,517
•
193
.
Inland* &c., from South
46,174
1,535,359 1.928,545
799,189
72,129
197,177
29,182
27,178
6,625
41,306
Includes seed destroyed at mills but not 337,118 tons anf
42,394 tons on hand
9,264 tons and 22,330 tons reshipped for 1938 and 1937, respectively.
nor
COTTONSEED
PRODUCTS
MANUFACTURED, SHIPPED OUT AND ON
Produced
2,238
91,140
8,335
218
5,977
102,202
9,017
On Hand
Season
1938-39
1937-38
Refined oil,
Cake
lbs-^
meal.
and
6,490
55,427
26,780
1938-39
1937-38
1938-39
---1 1937-38
tons!
Hulls, tons
(
1938-39
Sept. 30
*33,833,717
11,141,266
0487,927,952
441,052,343
214,611
41,952
133,153
1937-38
1938-39
Aug. 1 to.
Sept. 30
246,234,617
284,265,534
228,108,818
61,547
*111,707,846
108,122,429
a.397,381,707
312,012,181
160,311,426
356,274
311,226
425,431
207,257
259,742
•
On Hand
Sept. 30
187,184,990
5146,348,551
43,422
457,464
1937-38
KQ1p(I
Shipped Out
Aug. 1 io
Aug. 1
363,483
219,058
183,915
175,41*5
259,659
103,903
194,697
145,713
■
97,568
465,964.
169,373
30,534
219,244
7,296
111,418
1938-39
1937-38
1,828
9,786
1,943
9,671
500-lb.
1938-39
36,592
8,612
33,666
bales.-—--—
1937-38
7,379
10.479
11,538
4,310
Hull
fiber," 600-
lb. bales—
4,161
33,669
Grabbots, motes,
&cl,
*
"
13,548
Includes 11,339,523 and 17,440,115 pounds held by refining and
manufacturing
and 12,855,220 and 25,579,130 pounds in transit to refiners and
establishments
consumers
Total gross overland-.27,818
Deduct Shipments—
Overland to N. Y., Boston, &c—
489
Total to be
Since
Week
Aug. 1
29,046
29,721
3,309
4.250
121
Between interior towns
74,799
325,000
Linters, running
-1937-
Since
Week
i-
50,839
107,962
v
18,136
1,600
58,543
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
Via Virginia points
Via other routes, &c
122,195
44,001
62,797
212,160
104,846
Crude oil, lbs...
i—
77,579
124,804
295,263
,
Mississippi
Item
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
79,879
82,612
300
9,00
11,343
Oct. 14—
51,086
200
"300
Total week.
Shipped—
1937
87,652
HAND
Steady
Steady
Nominal.
72,707
North Carolina
HOLI DAY.
Nominal
1938
138,210
Aug. 1
"400
Sept. 30
1937
111,832
All other States
SALES
.
1938
Arkansas
Market
Barely steady..
Steady
Barely steady.
1937
...12.00c.
Tennessee-
Nominal
Aug. 1 to Sept. 30
1938
Alabama
Futures
(TONS)
On Hand at Mills
State
*
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
Crushed
9.20c.
Texas.'-
Closed
AND ON HAND
Aug. 1 to Sept. 30
13.95c.
glance how the market for spot and futures
*
CRUSHED,
Received at Mills*
...14.90c.
1909.
1908.
1907.
days.
Closed
RECEIVED,
.--10.90c.
on
Spot Market
Steady.
Steady.
1937:
1914.
1913.
1912.
1911.
1910.
1915-. ---12.40c.
—
Tone—
Spot..
Options
and
San Antonio.
a
the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at
July
1,770
a93
June
3,272
8,019
The total sales of cotton
HOLI¬
DAY.
58,253
Quotations for 32 Years
1923
Steady.
Steady.
8.42
8.34
1,789
Market and Sales at New York
closed
8.40
8.23
137,351
-19.40c.
6.25c.
Oct. 14
Steady.
Steady.
8.32
7
600
Friday
Oct. 13
.
2,035
1926
.
8.12
Thursday
Oct. 12
(1939)
February
20,894
1927-.-- -20.95c.
6.55c.
8.12
November
25,724
495,689
-10,45c.
.
8.45
8.32
8.35
closing quotations
Wednesday
11
December.
144,411
_18.35c.
.
Oct.
Jan.
March
11,473
1928
9.02
8366- 838a
1,660
57,841
1930
Tuesday
8.35
4,747
«•
89
Oct. 10
8276- 829a
36,745
156
.12.55c.
9.40c.
1933—.
1932-..
(1938)
2,154
633
,11.20c.
1935-..
1934...
Oct.
5.052
5,019
1929
8.52
9.03
8.50
8.32
8.40
8.13
8.13
follows:
as
Monday
Oct. 8
3,131
1919,211 157,845 3110,218
New York
1936--.
Saturday
14,484
5,480
8.55c.
8.75
8.29
8.37
8.72
Orleans cotton market for
the past week have been
262
4,766
41,970
8.58c.
,12.45c.
.
.
8.14
DAY.
8.49
8.73
8.75
8.55
HOLI¬
9.03
8.50
8.32
8.40
8.13
8.13
8.14
Friday
8.29
8.52
8.38
8.38
8.74
8.75
8.55
9.04
8.14
8.29
8.52
8.50
8.32
8.40
on—
Wed'day Thursday
New Orleans Contract Market—The
for leading contracts in the New
1,236
975
/
8.94
8.40
8.20
8.30
8.14
Little Rodk
Dallas
Fort Worth
5,793
Includes tiie combined totals of ,15 towns In Oklahoma,
1938...
1937...
8.64
Augusta
Memphis...
Houston..
44,168
1,116
3,738
—
Robstown..
>;
8.45
17,257
41,024
21,313
4,011
762,646 134,019
12,145
4,919
355
..
8.29
8.45
8.39
8.75
8.75
8.55
8.65
Montgomery
67,939
2,640
1,911
1,274
Paris
Mobile
Savannah
Norfolk
261,332
612
Dallas..
8.19
8.37
8.29
Tuesday
36.409
21,783
Galveston
69,016
16,201
Saturday Monday
New Orleans
May_._-.
lS towns *_
Brenham
Oct. 14
55,956
OklahomaS. C., Gr'ville
Other Markets
at
18,103
15,649
13,408
24,155
59,345
3,924
1,553
w
Bales
4,773,395
—-4,510,481
3,177,250
Closing Quotations for Middling Cotton
Week Ended
26,886
2,873
Hope......
Quotations for Middling Cotton
15
Week
6,154
9,052
-
in previous years:
Since Aug. 1—
Bales
655,448 1936
634,671 1935
396,323 1924
Oct.
49,054
Helena
Pine
Season
sight
Stocks
596
Ark.,Blythev.
Little
Week
33,741
Ship¬
ments
6,599
2,982
Montgom'y
Forest
Season
Stocks
ments
Ala., Birm'arn
Ship¬
into
1936—Oct. 16
1935—Oct. 18
1934—Oct. 19
Movement to Oct. 15, 1937
Receipts
■
Towns
2413
Movement
^—
a
Atig. l, 1938, and Sept. 30, 1938, respectively.
5,199,739 and 2,323,721 pounds held by refiners,
Includes
brokers,
agents,
and warehousemen at places other than refineries and
manufacturing establishments
and 7,696,711 and 4,014,673 pounds in transit to manufacturers of
shortening,
oleomargarine,, soap, &c., Aug. 1, 1938, and Sept. 30, 1938, respectively.
b Produced from 159,698,049 pounds of crude oil.
EXPORTS
AND
IMPORTS
OF
COTTONSEED
PRODUCTS
FOR
ONE
92,480
MONTH
ENDED AUG.
31
n
Leaving total net overland*.
*
.18,801
109,579 "
Item
Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 18,801 bales, against 26,780 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits
an
increase
over a year ago
of 17,099 bales.
'
1938In Sight and
Spinners'
Week
Takings
Receipts at ports to Oct. 14
Net overland to Oct. 14
205,107
18,801
Southern consumption to Oct. 14.115,000
Total marketed
Interior stocks in
Excess
over
excess.
338,908
—229,132
of Southern mill takings
consumption to Oct. 1
m
Came into sight during week
Total in sight Oct. 15
r
1937
Since
Week
379,066
26,780
125,000
2,994,339
1,156,095
530,846
188,342
a*185,015
568,040
Aug. 1
3,176,028
92,480
1,280,000
4,5-48,508
1,054,062
*253,838
719,188
3,965,419
5,348,732
•
North, spinn's' takings to Oct. 15 30,519
*
Decrease,
a
To September.
225,281
45,905
250.660
Amounts
for
September
42,249
238,107
137,443
1,727
155
14,740
24,779
None
None
*7,929,788
Imports—Oil, crude, pounds
Oil, refined, pounds
Cake and meal, tons of 2.000 pounds
*
1937
80,162
...
11,494,182
25
not
Included
above
350
530
Linters, bales of 600 pounds
Since
Aug. 1
1,644,760
109,579
1,240,000
1938
Exports—Oil, crude, pounds
OIL refined, pounds.
Cake and meal, tons of 2,000 pounds
Linters, running bales
1,120
6,802,753
pounds refined
"entered direct for consumption," 1,518,455 refined "withdrawn from warehouse
for consumption," and 4,341,524 refined "entered direct into warehouse."
are
Agricultural Department's Report on Cotton Acre¬
Condition and Production—The Agricultural De¬
partment at Washington on Saturday (Oct. 8) issued its
report on cotton acreage, condition and production as of
Oct. 1.
None of the figures take any account of linters.
Comments on the report will be found in the editorial pages.
Below is the report in full:
age,
A United States cotton crop
Reporting Board of the U. S.
of 12,212,000 bales is forecast by the Crop
Dept. of Agriculture, based on conditions
Financial
2414
This is an increase
of Oct. 1, 1938.
as
of Sept.
of 387,000 bales from the forecast
bales in 1937, 12,399,000 bales
with 18,946,000
1, and compares
and 13,201,000 bales the 10-year (1927-36) average.
The indi¬
cated yield per acre for the United States of 221.1 pounds compares with
266.9 pounds in 1937 and 179.8 pounds the 10-year (1027-36) average.
During the month of September weather was generally favorable in all
parts of the cotton belt except in Oklahoma and northwest Texas, where
drought conditions continued.
The bolls opened rapidly and a larger
proportion of the crop than usual was Picked by Oct. 1.
in 19.36,
Texas there was
In
change from the
no
Sept. 1 indicated production,
Oklahoma,
Mississippi
Oklahoma there was a further decrease.
The loss in
however, was much more than offset by marked increases in the
River States and in Alabama.
In South Carolina there was
but
in
■
.
In other
_
Bureau of Agricultural Economics
makes the 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
less favorable than usual.
of the season are more or
during the remainder
COTTON
REPORT AS OF OCT.
f
erage 1937 1938
erage
84
77
65
392
1937
Crop
1927
Crop
Indi¬
cated
to
"
427
346
296
.
223
404
43
42
67
76
53
277
312
205
65
74
54
274
338
238
710
780
231
289
247
798
1,023
58
,
Telegraph-—Telegraphic advices to us this
by
Returns
In
tions.
general the week has been unusually
Days
61
75
56
203
270
197
1,1.52
1,500
866
67
75
68
139
162
149
31
40
27
4
Austin
_
_
Brenham
_
_
90
52
62
76
90
60
94
dry
62
75
78
77
809
62
80
296
436
661
500
—
68
194
290
238
1,159
1,631
1,085
Brownsville
66
82
88
62
0.46
207
372
303
1,462
2,692
1,700
Corpus Christi-
0.08
70
86
69
86
62
298
265
1,182
1,904
1,3.50
Dallas—
76
56
193
62
73
90
81
0.02
86
199
337
271
655
1,104
700
0.01
88
54
72
46
71
68
96
90
54
75
....
2,180
2,685
2,442
1,238
1,846
9,711
111
90
56
73
212
90
92
54
72
Alabama..:—
Mississippi
Arkansas —/—>
Louisiana.
,
-
Oklahoma
Texas
New Mexico
Arizona
_
.
_
-
_
4.
—_
58
74
320
222
62
143
903
773
550
79
63
140
197
158
3,997
5,154
3,20)
94
81
391
490
444
89
163
103
86
85
90
355
.501
451
127
.313
200
568
225
738
420
Palestine
355
12
23
18
468
25
70
85
77
254
361
..
79
50
65
55
87
87
14.8 '■'■'m-m
'
bf)0
41
2.5
46
77.
22
0.08
Mississippi—Meridian
California
88
83
87
94
Mexico)-c.
44
52
46
224
179
219
of seed cotton for ginning, a In¬
cluded In State and United States totals,
b Short-time average,
c Not included
in California figures, nor In United States total..
Allowances made for
.
Vicksburg
Alabama—Mobile
-
_
-
-
Birmingham
Interstate movement
report issued on Oct. 8, combined from the
individual returns of the ginners, shows 6,578,313 running
The
Pensacola.,
Tampa
Oct. 1—
Ginned from Crop of 1938 Prior to
census
(counting round as half bales and excluding
linters) ginned from the crop of 1938 prior to Oct. 1, com¬
pared with 8,260,071 bales from the crop of 1937 and 6,031,950 bales from the crop of 1936.
Below is the report in full:
Number of Bales of Cotton Ginned
and Comparative Statistics to
GINNING
from the Growth of 1938 Prior to Oct. 1, 1938'
the Corresponding Date in 1937 and 1936
i.
_
715,581
34,616
31,662
California:
-
732,188'
787,759
»
10,769
_————- -—- -
629,759
-
54,622
40,441
19,956
28,359
23,429
570,318
Florida
881,667
645,973
— —
——
Georgia
514,633
667,917
54.5,368
1,073,346
1,214,088
100,061
1,178,452
168,072
11,066
17,444
74,697
217,862
9,894
119,093
Louisiana -————_
Mississippi-.
Missouri
New Mexico—
North Carolina.
131,169
•
244,358
232,937
358,914
414,598,
278,347
------
169,175
151,710
147,559
•1,909,498
2,649,355
1,396,855
South Carolina.
Tennessee
-
-
Texas
All other States-
—
United States.
5,278
9,837
9,179
*6,578,313
8,260,071
54
71
82
56
69
82
76
79
90
84
60
75
60
85
49
__
72
67
88
46
88
44
66
88
44
66
80
60
78
38
58
86
44
65
80
52
61
dry
dry
dry
__
Macon
.
Carolina—Charleston.
North Carolina—Asheville
0.01
_
dry
dry
dry
dry
dry
dry
dry
Charlotte-,—
Raleigh
—
Wilmington
Tennessee—Memphis
Chattanooga _______ ______
Nashville..
——
.
a.
m.
of the dates
157,866 bales of the crop of 1937 ginned prior to Aug.
counted in the supply for the season of 1937-38,
bales of the crops of
Memphis.
82
1937 and 1936.
^
1 which was
77,802 round bales for 1938, 130,672
for 1937, and 71,912 for 1936.
Included in the above are 4,896 bales of
American-Egyptian for 1938, 1,784 for 1937, and 2,200 for 1936; also
1,686 bales Sea-Island for 19o8, 1,140 for 1937, and 402 for 1936.
The statistics for 1938 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 3,636,564
1 -
■
•
4 -■
UNITED
hand
bales.
Loans
of
CCC
Aggregated
$22,472,250
on
484,418 Bales Through Oct. 6—The Commodity Credit
Corporation announced on Oct. 7 that "Advices of Cotton
Loans" received by it through Oct. 6 showed loans disbursed
by the Corporation and lending agencies of $22,472,249.70
484,418 bales of cotton.
The loans average 8.91 cents
on
pound.
Figures showing the number of bales on which loans
been made by States are given below:
per
State—
Alabama—
Arkansas
,___
Bales
31,070
103,898
91
1,032
North Carolina-
33,184 Oklahoma..-
Mississippi-
67,420
23.160
4,193
South CarolinaTennessee...Texas
have
Bales
Stale—
New Mexico
Georgia
Louisiana
Missouri
65
Oct. 15, 1937
Feet
3.5
7.7
2.2
■
■
.
Above zero of gauge.Above zero of gauge-
v:\y-v
■
4.2
9.0
9.2
7.4
2.1
1.7
09
v
Receipts from the Plantations—The following, table
indicates the actual movement each week from the planta¬
tions.
The
figures do
not
include overland receipts nor
Southern consumption; they are simply a statement
of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
10,039
4.969
24,015
..'.181,347
-----
-.--
—
Receipts at Ports
Stocks at Interior Towns
Receipts from
Plantations
En d.
1938
1937
1936
1938
1937
1938
1936
1936
1937
July
15.
32,676
17,371
16,973
2024.282
873,772 1301,765
Nil
Nil,
22.
43,924
,28,601
28,419
1997,556
848,935 1255,364
17,198
3,764
Nil
29.
53,593
55.199
39,742
1978.400
828,147 1206,417
44,437
34,411
Nil
5.
49.379
68,215
38,915 1951,616
61,885
94,093
52,891
22,595
33,753
39,236
12.
811,182 1167,401
796,150 1144,650
788.408 1132,176
806,649 1140,781
63,862
67,385 141,468
83.722 239.811 149,970
1949,655 836,739 1219,831
918,178 1339,682
9. 195.347 309,808 271,456 2044.616
16. 227.732 347,270 340.815 2198.739 1059.914 1499,275
23. 236.651 411,538 314,287 2390,140 1245,539 1677,862
30. 221.656 479,801 319.754 2633.565 1490,564 1832,026
171,494 330,292 280,892
290,308 361.614 391,307
3,438
Aug.
1933,484
19.
during'the month of August, 1938, amounted to 561,406
in consuming establishments on Aug. 31 was
1,052,631 bales, and in public storages and at compresses 9,825,616 bales.
The :umber of active consuming cotton spindles for die month was 22,152,526.
The ootal imports for the month of August, 1938, were 18,271
bales and the exports of domestic cotton, excluding linters, were 200,851
Cotton
67
73.033 149,210
76.336
1927.836
78,102 221,570 141,365
1922,216
79,061
Nil
30,140
Sept.
STATES
Cotton consumed
on
73
46
Above zero of gauge-
ShreveportVicksburg..
2.
Cotton
62
57
48
given:
26.
.»
..
CONSUMPTION, STOCKS, IMPORTS, AND EXPORTS-
bales.
42
84
Above zero of gauge-
_„_
Nashville
compared with 142,983 and 41,130
'
The statistics in this report include
bales.
70
89
86
___.Above zero of gauge-
New Orleans
Week
Includes
67
6,031,950
..
—
71
1
_____
South
115,008
——
Oklahoma
73
52
90
88
Feet
866,991
47,561
—-
75
53
Oct. 14, 1938
612,913
Arkansas
6?
62
0.01
i--: _
Augusta-
8
Arizona
77
50
88
'
Alabama
77
64
88
dry
;
Atlanta
1936
1937
66
90
has also been received by tele¬
graph, showing the height of rivers at the points named at
Running Bales (Counting Round as Half Bales
and Excluding Linters)
1938
88
88
The following statement
State
v
73
72
56
4.10
_
v
REPORT ON COTTON
75
65
■
1.92
— ____
_
Georgia-—Savannah
bales of cotton
58
'
0.90
Montgomery
Florida—Jacksonville
Miami
Cotton
76
73
88
dry
dry
dry
dry
dry
dry
— .
62
54
90
0.14
Orleans.....
Shreveport—
73
54
92
dry
dry
Little Rock
Louisiana—New
76
62
90
dry
„
•
78
92
0.06
1
...
Arkansas—Fort Smith
1.4
.
12
20
257
269
233
1.0
0.7
41
90
■
(Old
Antonio__
Taylor
179.8 266.9 221.1 13,201 18,946 12,212
55
dry
dry
dry
—
Weatherford
11.9
Egyptian.a.-
66
0.10
Paris
San
59
—
'
Lampasas
90
dry
dry
Luling
Nacogdoches
156
131
89
United States.-. 26,449
Lower
Kerrville
64
89
Fla. Sea Island.a..
—:
El Paso—
83
88
Ga. Sea Island.a__
__.
57
570
All other..--
____
48
354
California.---
*
79
68
71
'84
0.99
_
Mean
Low
87
3.06,
dry
_
1
Abilene
■
favorable.
■Thermometer-
High
0.04
Amarillo
2,104
Rainfall
Inches
Rain
.
Texas—Galveston
88
Tennessee
*
and in all
evening denote that the cotton belt has had a warm, sunny
week except in the extreme east, where temperatures have
been subnormal.
Picking has been practically completed
in much of the belt, being well advanced in northern sec¬
450
67
Florida
his or its affiliations, at
for delivery in October, 1938,
to and including September, 1939.
bales
675
■
59
South Carolina.-— .1,308
Georgia—-.——
member, firm, or corporation, and
18
902
North Carolina
Exchange voted Oct. 11 to set the maximum limit of interest
future contracts for delivery in any one month by any
on
350
40
Virginia--.——
1
Oct.
1936
1936
1936
Missouri
erage
1938
to
to
Acres
1938
Av¬
cated
1937
1927
1927
1,000
Ariz.
■
Indi¬
Av¬
(Prelim¬ Av¬
inary),
of
York Cotton
Limitation
Fixes
Exchange
Cotton
(Ginnings)*
(Thousand Bales)
1938
State
York
New
Interest—The Board of Managers of the New
250,000
:
The loans
jiounds of wool, the remainder being in process.
17.57 cents per grease pound.
average
months up
V
Harvest
91,518,944 Pounds of Wool Appraised by CCC for
of $16,083,080 Through Oct. 1—The Commodity
Credit Corporation announced Oct. 7 that through Oct. 1
91,518,944 net grease pounds of wool had been appraised
for loans aggregating $16,083,080.15.
Of this amount,
loans of $11,582,549.06 have been completed on 63,969,564
500-lb. Or. Wt. Bales
(.Pounds)
(Per Cent)'
\
Produc'n
Yield per Acre
Acreage Oct. 1 Condition
for
1, 1938
1938
15,
Loans
a recovery
sustained during August.
during September of part of the loss
State? only minor changes occurred.
The Crop Reporting Board of the
Oct.
Chronicle
144.055 300,222 201,842
381,855 480,006 500,408
428.052 606.163 492,874
465'081 724,826 500 519
Oct.
183,369 441,721 330,033 2881.086 1715,693 1980,336 430,890
15. 205,107 379,066 370,723 3110,218 1904,03 5 2098,733 434,239
7.
The above statement shows:
666,850 478,343
596,889 489,120
(1) That the total receipts
2,800,580 bales;
were 3,352,834
bales.
(2) That, although the receipts at the outports the
past week were 205,107 bales, the actual movement from
plantations was 434,239 bales, stock at interior towns
having increased 229,132 bales during the week.
from the plantations since Aug. 1, 1938, are
in 1937 were 4,259,571 bales and in 1936
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
obtainable; also the takings or amounts gone
sight for the like period:
are
out of
\
Volume
Financial
147
Chronicle
2415
Bales
Cotton
Takings,
1938
GALVESTON—To Gdynia, Oct. 6, Virgid, 2,118; Oct. 8, Trolle-
1937
holm, 585
To Ghent, Oct. 11, Boschdijk, 457; Oct. 8, Ethan Allen, 105—
To Rotterdam, Oct. 11, Boschdijk,
1,955; Oct. 8, Ethan Allen,
Week and Season
Week
Visible supply Oct. 7
Visible supply Aug. 1
164
6,957,716
4,339",022
7,858",941
568,640
3,965,419
719", 188
20.000
8,000
197,000
102,000
224,800
93,000
15,000
3,000
86,000
12,000
Other India ship'ts to Oct. 13Alexandria receipts to Oct. 12
Other supply to Oct. 12.*b
76,000
12,000
Total supply
Deduct—
5,348,732
95,000
73,000
397,200
83,000
9,754,420 12,441,160
7,792,904 10,335,954
9,392,444
9,392,444
7,407,145
7,407,145
361,976
250,976
111,000
Visible supply Oct. 14
19376
Season
Week
Season
9,070,380
r
American in sight to Oct. 14__
Bombay receipts to Oct. 13__
Total
3,048,716
2,085,116
385,759
284,759
963,600
101,000
2,928.809
1,926,009
1,002,800
takings to Oct. 14.a
Of which American
Of which other
*
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since
Aug. 1 the total estimated consumption by
Southern mills, 1,240,000 bales in 1938 and 1,280,000 bales in 1937—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 1,808,716 bales in 1938 and 1,648,809 bales in 1937,
of Avhich 845,116 bales and 646,009 bales American,
b Estimated.
India Cotton Movement from All
Ports—-The
receipts
Bombay and the shipments from all India
ports for the week and for the
from Aug. 1 as cabled,
season
for three years, have been as follows:
To
Bremen, Oct. 11, Karpfanger, 6,986; Oct. 10, Winston
Salem, 7,832; Oct. 8, Bockenheim, 2,121
16,939
Hamburg, Oct. 11, Karpfanger, 16; Oct. 10, Winston
Salem, 18
•
34
To Genoa, Oct. 11, Marina O, 1,245-1,245
To Antwerp, Oct. 8, Ethan Allen, 223-223
To Copenhagen, Oct. 8, Trolleholm, 520
520
To Havre, Oct. 8, Ethan Aden, 2,577
2,577
To Oslo, Oct. 8, Trolleholm, 95
95
To Gothenburg, Oct. 8, Trolleholm, 2,654
2,654
To Japan, Oct. 9, Asuka Maru, 1,994; Oct. 8, Rhein, 4,361;
Oct. 12, Komaki Maru, 5,584
11,939
To China, Oct. 9, Asuka Maru, 172--172
882
To Liverpool, Oct. 6, Colonial, 882_.
HOUSTON—To Ghent, Oct. 8, Boschdijk, 168; Oct. 11, Ethan
Allen, 511; Belgique, 239; Oct. 13, Louisiane, 368
1,286
To Bremen, Oct. 7, Karpfanger,
1,645; Bockenheim, 1,650;
Oct. 6, Winston Salem, 5,548
8,843
To Rotterdam,
Oct. 8, Boschdijk, 1,132; Oct. 11, Ethan
Allen, 246
i.
1,378
To Oporto, Oct. 8, Boschdijk, 22
22
To Antwerp, Oct. 11, Ethan Allen, 227; Oct.
247
13, Louisiane, 20—
To Havre, Oct. 11, Ethan Allen, 3,042;
Belgique, 882; Oct. 13,
Louisiane, 2,258
6,182
To Dunkirk, Oct. 11,
Belgique, 224; Oct. 13, Louisiane, 453
677
To Japan, Oct. 11, Motor
Norden, 6,922; Oct. 10, Komaki
Maru, 5,560; Oct. 7, Asuka Maru, 2,424
14,906
Jo China, Oct. 11, Motor Norden, 85
85
To Marseilles, Oct. 8, Marina O, 47
47
To Genoa, Oct. 8, Marina O, 1,336
1,336
To Hamburg, Oct. 7,
Bockenhgjm, 385
385
To Gdynia, Oct. 7, Vigrid, 2,037—
L—,-—
2,057
To Oporto, Oct. 6, Winston Salem, 307
307
To Tallin, Oct. 6, Winston Salem, 100
100
To Liverpool, Oct. 13, Lachdon, l,772i
1,772
To Manchester, Oct.
13, Lochdon, 222
222
To Bordeaux, Oct. 13, Louisiane, 785
785
1SEW ORLEANS—To
Liverpool, Oct. 8, Western Queen, 2,685
2,685
To Manchester Oct. 8, Western Queen, 2,093
2,093
To Copenhagen, Oct. 10,
Kentucky, 400
400
To Vejle, Oct 10,
Kentucky, 100
100
To Bremen, Oct. 10,Duquesne, 1,726
1,726
To Gdynia, Oct. 11, Tabor, 1,125
1,125
To Stockholm, Oct. 11, Tabor, 25
25
To Varburg, Oct. 11, Tabor, 500
500
To Gothenburg, Oct. 11, Tabor, 930930
To Abo, Oct. 11, Tabor, 450450
To Arica, Oct. 11,
Contessa, 400-.
400
To Antwerp, Oct. 10,
Arica, 444
444
To Havre
Oct. 10, Arica 3,526; Oct. 8, Belgique, 376
3,902
To Dunkirk, Oct. 10, Arica,
1,500
1,500
To Venice, Oct. 10,
Ida, 705
705
To Trieste, Oct. 10, Ida, 350___
350
NORFOLK—To Antwerp, Oct. 13, Blackgull, 15
15
To Hamburg, Oct. 14, Capulin, 169—
169
SAVANNAH—To Liverpool, Oct. 6, Shickshinny, 62
62
To Manchester, Oct. 6, Shickshinny, 17
17
To Hamburg, Oct. 6, Shickshinny, 315
3i5
MOBILE—To Liverpool, Oct. 2, Jean Lafitte, 670
670
To Manchester, Oct. 2, Jean Lafitte, 549
549
To Havre, Sept. 30, Wacosta, -50
150
To Bremen, Sept. 30, Wacosta, 1,314
1,314
LOS ANGELES—To Japan, Oct. 6, Arimazan Maru, 511; Gamabiko Maru, 4,9145,425
SAN FRANCISCO—To Jajpan, (?),(?)
2
To
-
-
Tr
—
_
_
-
-
-
—
-
•
1937
1936.
13/
Receipts—
Since
Week
20,000
Since
Since
Week
Aug. 1
Week
Aug. 1
15,000
197.00C
562
2,119
,
_■
1938
Oct.
Bombay
Aug. 1
126,000
11,000
95,000
-
.
—
For the Week
Since Aug.
1
Great
Conti¬
Jap'n&
nent
China
—
_
Exports
from—
Great
Conti¬
Japan &
Britain
nent
China
.
Britain
Total
Total
-
-
Bombay
1938—-
28,000
30,000
11,000
30,000
223,000
264,000
8,000
11,000
4,000
45,000
101,000
150,000
14,000
2,000
1937
15,000
6,000
27,000
127,000
160,000
3,000
l'.OOO
Other India1938.
■
_
of Indian cotton at
2,703
-
5,000
3,000
8,000
3°,000
63,000
3,000
—
_
3,000
20,000
53,000
102,000
73,000
2,000
41,000
50,000
91,000
28,000
38,000
50,0)00
93,000
223,000 .366,000
8,000
14,000
24,000
98,000
101,000
223,000
14,000
17,000
47,000
77,000
127,000
251,000
2"6OO
1936
-
-
—
Total all—
1938
5,000
5,000
1937
6,000
3~O6O
1936—
Alexandria
Receipts and Shipments—We now re¬
weekly a cable of the movements of cotton at Alexan¬
dria, Egypt."
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
ceive
,
-
-
-
i937
1938
Alexandria, Egypt,
Oct. 12
Receipts (centars)—
This week
430,000
1,986,351
380,000
1,125,858
Since Aug. 1
450,000
2,145,534
•/
This
Since
This
Since
This
Since
Exports (Bales)—
Week
Aug. 1
Week
Aug. 1
Week
Aug. 1
To Liverpool
To Manchester, &c
To Continent and India
3,000
16,742
3,000 25,242
17,000 115,848
1,000
3,225
To America
6,000 20,476
10,000 27,355
21,000 113,015
2,000
4,195
18,655
26,964
80,932
4,411
7",000
20,000
2,000
24,000 161,057
Note—A cantar is 99 lbs.
39,000 165,041
29,000 130,962
119,391
Liverpool:—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Sept. 23
Sept. 30
Oct. 7
Oct. 14
38,000
44,000
43,000
49,000
-1,167,000 1,157,000.1,140,000 1,142,000
609,000
599,000
'581,000
565,000
45,000
43,000
28,000
55,000
5,000
11,000
5,000
6,000
121,000
123,000
137,000
143,000
25,000
34,000
37,000
46,000
Forwarded-.,
Total stocks
Of which American..
Total imports._____
Of which American
Amount afloat
Of which American.
The tone of the
Liverpool market for spots and futures
day of the past week and. the daily closing prices of
each
Total exports
:
Total--
1936
spot cotton have been
as
follows:
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending Oct. 12 were
380,000 cantars and the foreign shipments
were
Spot
24,000 bales.
Market—Our report
Manchester
received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for foreign markets is im¬
proving.
We give prices today below and leave those for
previous weeks of this and last year for comparison:
Saturday
12:15
Moderate
Moderate
[
demand
demand
Market
814 Lbs. Shirt¬
32s Cop
ings, Common
to .Finest
Upl'ds
Twist
to Finest
d.
(
Middl'g
Upl'ds
d.
f
P. M.
Cotton
Middl'g
Twist
6.
d.
(1.
s.
1)4@
1J4@
9
4
4.88'
9
4
5.06
13^@14^ 10
13X@14X 10
s.
d.
's.
d.
15—
9K@10K
9
9
9
@10
414@10
9
714
6.20
6
5.93*
6
5.78
6
9^@10K
9
1K@
9
4>4
4.99
12H@14X 10
9
ltf®
9
4^
4.89
12—
9
@10
9
@
9
3
4.78
19—
9
@10
9
@9
3
4.78
10
1234 @14
1234@13^ 10
12ya@13H 10
26-
9
@10
9
@
9
3
4.74
IVA&13X 10
414 @10
3
@10
3
@10
1J4@10
4.85
1J4@10
10
1)4 @10
114® 10
10
11M@13
@10
9 10H@10
1114 @ 1254
7)4
6.85
2—
9—
8%@ 9%
89H
9
@
9
3
9
@
9
3
4.71
ll»4©13
UK@13
10
9»A
9
@
9
3
4.81
11 J4@13
10
8%@
advance
decline
St'y, 3 pts.
2
[Joints
23—
8H@
9H
9
@
9
3
4.76
30--
89%
9
@
9
3
4.80
9*4
9y8
9
@
5.00
@
9
9
3
9
3
5.24
Quiet at
Steady at
Steady at
6 to 8 pts.
1 to 4 pts.
2 to 5 pts.
adv.
decline
advance
advance
pts.
5.24d.
1 to 2 pts.
1
to
advance
3
pts.
advance.
to 5
Steady at
Steady,
2 to 11 pts. 3
advance
decl.
day
are
4
to
pts.
advance.
-
given below:
414
5.63
4X
5.56
4)4
5.46
414
5.33
3
5.08
1)4
4.89
0
Tues.
Thurs.
Wed.,
Fri.
1938—
-
-
-
d.
4.69
4.72
d.
4.72
4
'
*
~
-
— .
October
—
4.70
4.74
4.74
4.77
4.78
4.77
4.77
4.79
4.78
4.78
4.80
4.81
4.79
4.79
4.80
4.81
4.76
4.75
4.82
-
-
-
»
—'
-
4.78
4.78
4.81
d.
4.86
-
-
d.
d.
4.88
4.85
-
4.89
_
_
_
_
4.92
4.89
-
-
-
-V
-
-
-
«.
-
-
-
4.84
4.85
4.87
4.89
4.79
■
4.79
4.79
d.
4.77
4.77
4.80
4.75
4.77
December
m--
4.76
4.76
-----
d.
d.
4.74
4.73
1939.__
March--
May
July
d.
4.69
4.65
4.68
December
January
d.
d.
New Contract
October
4.84
4.85
4.87
4.89
4.79
4.81
4.83
4.85
4.86
4.78
4.79
4.78
4.73
4.74
.
-
-
«
-
-
4.80
4.72
4.72
4.82
-
±
-
«
-
-
-
4.84
4.75
4.75
4.75
114
M.on.
Sat.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Oct. 14
6.12
bept.
16—
1 to 3 pts.
advance
5.21d.
Quiet, st'y, Q't but st'y
to
6.60
•
Aug.
5—
1 to 2 pts.
Oct. 8
@10
6
9K@10H
29—
at
d.
July
22—
d6lng.
5.lid.
Quiet
Prices Of futures at Liverpool for each
'
d.
5.02d.
Steady at
1 pt. adv.
(
business
doing
unch'd to
j
Market,
Cotton
ings, Common
Cop
4.99d.
A fair
business
Quiet
demand
Quiet, st'y, Quiet, st'y,
(
Good
.
Friday
fair
1937
'8H Lbs. Shirt¬
32s
5.Old.
Mid. upl'ds
Futures
Thursday
Wednesday
A
P. M.
opened
1938
Tuesday
Monday
f
1
Market,
January
1940—
4.78
---
---
4.73
4.76
4.76
A-i,
uct.
8—
14—
8X@
8Vs @
Shipping
News—As
shown
11J4@1234
1114 @12*4
on
9
9
9
@10
10J4@10
previous
a
page,
Friday Night, Oct. 14, 1938
the
exports of cotton from the United States the past week have
reached 119,391 bales.
The shipments in detail, as made
up
BREADSTUFFS
from mail and telegraphic reports, are as follows:
Flour—The
The local market
sales
'
flour
To Havre,
Oct. 12, West Gambo, 1,027
12, West Gambo, 500
To Rotterdam, Oct.
900
—
—
CORPUS CHRISTI—To Liverpool, Oct. 10, West Cobalt, 2,166-To Manchester, Oct. 10, West Cobalt. 390
To Japan,
Oct. 10, Rhein, 1,019Rhein, 1,185
To China—Oct. 10,
Canada, Oct. 10, Quistconck, 666
BROWNSVILLE—To Liverpool, Oct. 9, West Cobait, 1,913
To Manchester, Oct. 9, West Cobalt, 301
-
To
900
are
few.
1,027
500
2,166
390
1,019
1,185
666
1,913
301
presents very
is currently a
The
Bales
LAKE CHARLES—To Ghent, Oct. 12, West Gambo
situation
opinion
dull affair.
prevails that
little change.
Even odd lot
bakers covered
quite extensively during the recent war scare, and there¬
fore have enough flour to take care of their needs for
a
time.
Wheat—On the 8th inst.
prices closed J£c. to Lfc. net
fairly active, with setbacks of prices at
the last of the session in the Chicago wheat market more
than eclipsing earlier fractional gains.
Unfavorable crop
lower.
Trading
was
reports from the Southern
a
appeared not to have been too optimistic.
■CVV.
On the l()th inst. prices closed. He. off to He. up.
The
market held fairly steady throughout most of the session,
despite the downturns of the Liverpool market. Helping to
stabilize values in Chicago was 892,000 bushels decrease of
the United States wheat visible supply total, sharply con¬
trasting with an increase of an equal amount a week ago.
Southern Hemisphere reports of better weather for crops had
only a transient depressing influence here. During the last
half of the day Chicago wheat prices achieved net gains of
He. a bushel much of the time, whereas earlier the market
was down an equal fraction.
Traders here noted that Aus¬
tralia's estimated yield had been reduced to 130,OCX),000
bushels, indicating an exportable surplus of but 78,000,000
bushels.
Last year the Australian harvest was 188,000,000
bushels.
Late upturns of Chicago came despite word of
Argentine rains where most needed and of cooler tempera¬
tures for Australia.
Talk that the Washington Administra¬
tion would hoist to 16 cents a bushel the subsidy payment
on wheat exports was unconfirmed.
On the 11th inst. prices closed unchanged to %c. net lower.
With the holiday just ahead, the Chicago wheat market
fluctuated nervously up and down within narrow limits to¬
day and ended slightly lower. Helping to depress the market
was the fact that fresh export purchasing of North American
wheat totaled 300,000 bushels, all of it Canadian. A further
weight oh values was the news of continued favorable crop
conditions in Argentina.
According to a trade authority,
countries bordering on the Black Sea have been pressing sales
of wheat abroad, competing sharply with offerings from
Sudeten
which
the
of
to
Sat.
to sell wheat at a
PRICES
CLOSING
DAILY
61%
Mon.
Sat.
December
May
July—
—
44%
H
O
44%
44%
48%
49%'
48
L
49% 'Ky
48
49%
48
49%
60%
-47%
23, 1938 May
19381 July
Sept. 24,
-55%,
-
Oct.
Made
13, 1938
8,1938
5,1938
48%
Oct.
5,1938
When
Made
|
Season's Low and
13, 1938 (December
44%
28, 1938 (March
47
When
July
July
July
56
March
45
-r-
— -
Hioh and
63%
Fri.
Thurs.
48%
49%
-
Season's
CHICAGO
IN
45%
47
December-—
March-
May
July-.
60%
60%
Wed.
Tues.
Fri.
Thurs.
HOL.
61%
FUTURES
CORN
OF
Wed.
Tues.
Mon.
62%
_
NEW YORK
CORN IN
OF
DAILY CLOSING PRICES
—
Oct.
Oct.
Oats—On the 8th inst. prices closed unchanged to
This market was quiet and without any particular
H<L up.
feature.
On the 10th inst. prices closed y$c. to He. net lower.
This
market ruled heavy during most of the session.
On the 11th
inst. prices closed H to He. net lower.
The heaviness of the
other grains naturally depressed oat values.
13th inst. prices closed unchanged to He. higher.
On the
less routine, with the undertone fairly
Trading
was more or
steady.
Today prices closed unchanged to %c. higher.
market
ruled
DAILY
dull,
CLOSING
This
though the undertone was steady.
PRICES
OF
CHICAGO
IN
FUTURES
OATS
'
Mon.
Sat.
December
% to lc. net higher. Wheat
Season's
December
DAILY
Hesitancy of many trad¬
time when the Government is taking
CLOSING
PRICES
OF
"
OATS
Sat.
FUTURES
Mon.
28
May
opening the wheat market was able to stage an
amounted to lc. a bushel at times today, but buying was
confined to small lots and was met by selling, some of
H
27%
28%
December
accounted'
After the
upturn that
Fri.
25%
25%
25%
25%
,25%
25%
When
October
strengthen the domestic price
largely for the lack of pressure on the market.
Thurs.,
H
O
L
25
25%
25%
Made
I
Season's Low and" When Made
July 13,1938 December— 23
Aug. 16, 1938
July 23, 1938 May
Sept.
6, 1938
23%
Oct.
4, 1938
Sept. 26, 1938 July
24%
High and
28%
28
27%
.
25%
—
-
Wed.
Tues.
25%
25%
25%
26
.,-—
-
May....
July
quota¬
efforts
—*25%
_
May
July—.
to bolster farm commodity values.
ers
up.
No. 2 yellow———
Chicago Board rose lc. a bushel today on the
strong showing of the security markets, higher grain
abroad the past two days, and Government
corn,
There was very little of interest in the corn
trading being light and without particular feature.
He.
market,
added that the settle¬
tions
December
cars.
chasing associated with the latest information on the Gov¬
ernment's new loan program.
Today prices closed %c. off
problem has released
On the 13th inst. prices closed
values on the
740
around
dropping 44% at one stage, reached a new low unequaled
in almost five years, but the market was steadied by pur¬
sellers.
:
estimated
were
of receipts,
accumulation
largely by two days'
depressed
much wheat
previously held as an emergency reserve supply. The up¬
ward swing at Winnipeg was chiefly in October contracts
and appeared to be due to buying for previous speculative
ment
fact
farm stocks is scheduled for
On the 10th inst. prices closed
Monday afternoon.
He. to He. net lower. This market was heavy during most
of the session.
The export takings of 150,000 bushels of
corn had virtually no effect on traders.
Indications of a
decided falling off in rural offerings of corn also appeared to
be ignored. On the 11th inst. prices closed unchanged to He.
lower.
Corn values dropped to the season's record lows, in¬
fluenced largely by the persistent liberal receipts, 356 cars
arriving in Chicago today. There is little in the outlook to
encourage those friendly to the upside of the market.
>
;
On the 13th inst. prices closed %e. up to %c. off.
The
corn
market failed to follow the upturn in wheat, being
western areas of the Argentine wheat belt were develop¬
yellow tinge because of persistent lack of moisture. It
also asserted the latest Argentine official crop estimate
was
selling by professional traders
Some of this selling was associated with the
feature.
issuance
a
It
He.- net
Y&. to
that the government report on
many
Canada and the United States.
1938
75,
market, weak from the outset, extended its
corn
losses in the late trading, with
operations on crop damage talk at this time.
Export takings of Canadian wheat totaled about a million
bushels, but failed to have any stimulating effect on Chicago
values. For a while trade attention focused on a cable from
Melbourne, Australia, saying that heat was causing serious
deterioration of crop prospects and that rain was urgently
needed. In addition, advices at hand declared that a great
wise to base
was
The
lower.
prices closed
the 8th inst.
Corn—On
Hemisphere were largely respon¬
sible for transient upturns of He. a bushel on the Chicago
Board. Most traders, however, apparently deemed it un¬
ing
Oct.
Chronicle
Financial
2416
WINNIPEG
Thurs. Fri.
IN
Wed.
Tues.
O
27%
27%
28%
27%
28%
28%
28%
27%
29%
28%
27%
L
29
session in this
various
which
steps to
in
no
credited
was
securities
Northwest
to
Strength
interests.
Rye-y-On the 8th inst. prices closed He. net lower.
in
higher prices at Liverpool were responsible
small measure for the buying.
Developments in the
futures.
Government's farm program were watched closely,
and most
traders placed bullish interpretations on recent -activities.
These included the subsidized sales of 3,000,000 bushels to
On
DAILY
" v
tional
values
wheat
net
losses
A dearth of
at
for the late downturns.
tations
counted
also
on
as
weight
a
May
July
CLOSING
PRICES
Chicago
the
—
December
May
July
Board
RYE
OF
Sat.
This
higher.
net
DAILY
FUTURES
Mon.
43
43%
44%
44
Season's
at the last.
Liverpool closing quo¬
on
%c.
Today prices closed %c. off.
December
advances was responsible
Weakness of
closed
fairly active and strong in response largely to
,
times, but rallies ensued
follow-up buying
prices
_
Late set¬
the Chicago Board led to frac¬
on
was
inst.
Trad¬
ing in rye appeared to be at a standstill, with prices show¬
ing very little change from previous final quotations.
certain com¬
of the low-income
Today prices closed unchanged to %c. higher.
of
13th
the firmness of wheat.
Nebraska and Colorado, and the plan to make
backs
„
the
market
Mexico, extension of the wheat buying program into Kansas,
modities available to domestic consumers
The
grain was rather a dull featureless affair.
On
the 10th inst. prices closed He. net higher.
Trading was
light and without special feature. On the 11th inst. prices
closed He* to He. net lower.
Speculative selling together
with some hedge pressure influenced lower values in rye
and
class at less than cost.
,
Tues.
High and
56%
53%
CLOSING
1
Season's
RYE
OF
and
When
39%
41%
Sept.
Sept.
Low
14. 1938 December
25, 1938 May
July
PRICES
43%
44%
Fri.
43
44
L
When Made
July
July
Thurs.
H
O
*---*-
„—
CHICAGO
IN
Wed.
42%
43%
Made
7. 1938
7. 1938
'■>
FUTURES
IN
WINNIPEG
'
prices. Despite scattered showers, urgent need of immediate
general rain in Australia was reported as necessary ~ to
10 bushels
14,000,000
acres.
Some Australian
sectors were > already
reporting
outright crop failure, with others in a critical condition.
Cool temperatures prevailing, however, were asserted to be
prolonging a period of possible recovery. Disturbing politi¬
cal developments in Europe also received some notice from
assure
even
acre
an
yield
,
OF WHEAT IN NEW YORK
Sat. Mon.
Tues.
Wed. Thurs.
DAILY CLOSING PRICES
.
CLOSING
PRICES
OF
80
80
79%
March
.
Smson's
-
High and
December.
84%
When
73%
May
74%
July-.-™-.. 69%
July
July
June
80%'
Fri.
80%
FUTURES IN CHICAGO
Mon.
Tuei..
Wed. Thurs. Fri.
64%
65%
December
HOL.
WHEAT
Sat.
March
O
L
41%
43%
—
May-..--*------
42
43%
Wed.
42%
42
44%
DAILY CLOSING PRICES OF BARLEY FUTURES IN
•
'
'
Sat.
October.
May—
_
—
Closing quotations
Mon.
37
H
36%
37%
-
December
O
L
were as
Tues.
37%
35%
37
Wed.
37%
36%
37%
Thurs.
Fri.
43%
42
41%
44%
43%,
WINNIPEG
Thurs.
38%
36%
37%
Fri.
37%
36%
38
follows:
FLOUR
No. 2 red_.
May
July
Tues.
H
traders.
DAILY
Mon.
—
December
about
on
Sat.
_
October
64%
65%
64%
65%
64%
Made
15,1938
23, 1938
23, 19.-»8
1
Season's
64%
65
65%
64%
Low
65%
66%
62%
62%
62%
When
Sept.
Sept.
Sept.
Oct.
Made
7, 1938
8, 1938
7, 1938
5, 1938
rDAlLY CLOSING PRICES OF BONDED WHEAT IN WINNIPEG
October—..
December-.
May
.
59%
59%
63
H
O
L
Wed.
60
59%
63
1.90
Barley goods—
Coarse
Thurs.
60%
59%
63%
3.25
Fancy pearl. (New) Nos.
4.50 @5.00
GRAIN
~
w
March
Tues.
Nom.
2.45
Corn flour
1,2-0,3-0,2
L
Decern oer
Sat. Mon.
Hard winter clears—
Rye flour patents
3.50 @3.65
Seminola, bbl.. Nos. 1-3—5.15@5.25
Oats good
O
and
61%
May
.Sept. 24,1938 July
65%
H
Spring oats, high protein.4.90@5.10
Spring patents
4.45@4.65
Clears, first spring
3.90@4.25
Soft winter straights
3.40@4.10
Hard winter straights.—_4.25@4.50
Hard winter patents
4.45@4.70
Fri.
60%. 61%
60%
60%
63%
63%
Wheat, New YorkNo. 2 red, c.i.f., domestic
Manitoba No. l.f.o.b.N.Y.
80%
74%
Oorn, New York—
No. 2 yellow all rail.
60%
Oats, New York-
All the statements below
No. 2 white
36%
Rye. No. 2 f.o.b. bond N. Y— 60%
Barley, New York—
47% lbs. malting-.
55%
Chicago, cash
_45-6sJ
regarding the movement of grain
—receipts, exports, visible supply, &e.—are prepared by us
from figures collected by the New York Produce Exchange.
Volume
First
Financial
147
give the receipts at Western lake and river ports
Saturday and since Aug. 1 for each
we
for the week ended last
of the last three years:
Chronicle
2417
Note—Bonded grain not included above:
Oats—On Lakes, 462,000; total, 462,000
bushels, against 105,000 bushels in 1937.
Barley—Buffalo, 107,000; Duluth, 10,000;
Lakes, 987,000; total, 1,104,000 bushels, against 1,060,000 bushels in 1937.
B heat
New York, 296,000 bushels; New York
afloat, 14,000; Buffalo, 1,755,000;
Buffalo afloat, 95,000; Erie, 240.000; on
Lakes, 8,123,000; on Canal, 558,000;
Albany, 340,000; total, 11,421,000 bushels, against 6,647,000 bushels in 1937.
Flour
Receipts at—
Wheat
Oats
Corn
Barley
Rye
Wheat
bbls. 196 lbs bush. 60 bibs bush. 56 lbs. bush. 32 lbs. bush.SGlbs. buh.48lbs.
Chicago
257,000
Duluth
582,000
171,000
149.000
1,394,000
503,000
672,000
2,000
1,000
39,000
779,000
1,000
8,000
20,000
48,000
89,000
15,000
78,000
58,000
546,000
102,000
128*666
298,000
98,000
43,000
21,000
201,000
718,000
42,000
1,250,000
161,000
Louis--
325,000
94,000
28,000
59,000
16,000
124,000
Peoria
Kansas City
Omaha
20,000
------
Joseph.
Wichita
5^i —-----
83,000
1,044,000
10,619,000
471,000
435,000
424,000
Same wk'37
Same wk'36
8,645,000
2,397,000
2,146,000
8,096,000
5,147,000
Tota. Oct. 8,1938
Total Oct. 1, 1938
Total Oct. 9, 1937
6,853,000
5,728,000
5,710,000
1,828,000
9,510,000
1,935,000
9,000,000
1,278,000 11,520,000
124,269,000 11,521,000 21,884,000
153,992,000
6,853,000
8,079,000 11,798,000
1,828,000
9,510,000
Total Oct. 8,1938
Total Oct. 1,1938
Total Oct. 9,1937
278,261,000 11,521,000 28,737,000
267,156,000 11,318,000 27,079,000
196,834,000
4,146,000 32,978,000
9,907,000 21,308,000
9,943,000 20,573,000
7,682,000 21,951,000
..
«•
—
*4,000
38,000
227,000
694,000
3,227,000
989,000
1,108,000
716,000
3,430,000
2,718,000
3,297,000
41,823,000 12,227,000 35,383,000
46,443,000 14,336,000 30,663,000
32,293,000 5,943,000 38,222,000
20,610,000
1936
37,419,000
994,000
153,992,000
141,995,000
67,488,000
Corn
Wheat
Flour
The world's shipment of wheat and corn, as furnished
by
Broomhall to the New York Produce Exchange, for the week
Oct. 7, and
since July 1, 1938, and July 1,1937,
shown in the following:
Oats
bush. 56 lbs.
bblsAW lbs bush. 60 lbs
ports for
bush. 32 lbs. bush.mbs. bushAKlbs.
170,000
193,000
173,000
60,000
13,000
5,000
81,000
558,000
3,000
12,000
13,000
16,000
3,000
4,000
42,000
20,000
25,000
22*666
'
.
NewOrl'ns*
Galveston-.
Montreal
90*606
__
2,000
61,000
1,699,000
540,000
Sorel
—
July 1,
1938
1937
Oct. 7,
1938
Bushels
Bushels
Bushels
countries
*4*666
ib'666
212,000
272,000
Total
*5*666
899*666
427,000
293,000
914,000
30,000
386,000
4,602,000
758,000
116,000
Jan. 1 '38 10,889,000
92,496,000
82,690,000
5,134,000
504,000
305,000
3,190,000
57,000
62,000
237,000
1,031,000
10,707,000
66,824,000
27,931,000
4,226,000
4,372,000
5,983,000
2,816,000 16,329,000
Since
Jan. 1 '37
42,490,000
23,976,000
13,080,000
18,609,000
8,128,000
4,616,000
6,976,000
19,074,000
29,314,000
10,754,000 158,510,000 113,259,000
Since
'
852,000
197,000
4,524,000
Since
July 1,
July 1,
1938
1937
Bushels
*
Bushels
47,406,000
366.000
1,508,000
2,757,000
48,514,000 110,435,000
883,000
14,477,000
29,287,000
6,456,000 111,905,000 142,845,000
Corn Loans of CCC Through Oct.
6 Aggregated
$22,870,908 on 47,117,lb5 Bushels—Announcement was
made on Oct. 7 by the Commodity Credit Corporation that
"Advices
Week 1937-
62,882,000
35,424,000
7,200,000
.
India
Since
on
July 1,
5,469,000
2,968,000
839,000
974,000
Black Sea.
Argentina.
Australia
moo
Three Riv's
*
Week
614*666
"
Halifax
Total wk'38
Since
Bushels
No. Amer.
Since
Other
73,000
*3*1*666
Boston..
Churchill
28,000
125,000
Corn
Week
Barley
Rye
York-
Baltimore.
Exports
are
'
Oct. 7,
1938
Philadelphia
New
3,123,000
1,926,000
4,461,000
Summary—
Wheat
Total receipts of flour and grain at the seaboard
the week ended Saturday, Oct. 8, 1938, follow:
Receipts at-
195,000
719,000
914,000
'mmmm+rn
2,233,000
49,651,000
3,926,000 128,421,000
4,589,000 85,888,000
Barley
Bushels
5,190|000
ended
4,334,000 133,523,000
1937
Rye
Bushels
Ft. William &Pt. Arthur 27,127,000
Other Can. & other elev.114,047,000
American..
Since Aug. 1
1938
Oats
Bushels
669,000
84,000
a»
m
.
23,000
2,918,000
Sioux City.
Buffalo
Total wk'38
478,000
53,000
430,000
63,000
406,000
177,000
-
Indianapolis
St.
381,000
259,000
Corn
Bushels
Bushels
Canadian
300,000
22*600
Milwaukee.
St.
467,000
204,000
1,967,000
2,108.000
Minneapolis
Toledo
4,219,000
355,000
642,000
Canadian—
Lake, bay, river & seab'd 12,818,000
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
The exports from the several seaboard ports
ended Saturday, Oct. 8, 1938, are shown in
for the week
the annexed
statement:
of
Corn
in this
loans
manner
disbursed
thus far
Bushels
Bushels
Bushels
Bushels
Barrels
Barley
.Rye
Bushels
as
been 48.54 cents.
Figures showing the number of bushels
have been made by States are given below:
State—
Oats
Flour
Corn
Wheat
Exports from—
Loans"
received by it through Oct. 6
by the Corporation and held by,
lending agencies on 47,117,105 bushels of corn.
Such loans
aggregated $22,870,907.95, based on loan rate of 50 cents
per bushel, of 2cubic feet of ear corn testing up to 14^%
moisture; the average amount loaned per bushel determined
showed
Bushels
Colorado
2,327
Illinois
7,942,295
1,061,146
Indiana
Iowa..
New York
121,000
315,000
Albany
216,000
614,000
35,000
52,000
105*666
"fo'666
73,000
61,000
90*666
*1*0^666
26,237
which loans
Stale—
Bushels
Missouri
1,527,728
Nebraska.
Ohio
:.
3,586,417
99,612
...
South Dakota
1,263,650
28*666
540,000
1,699,000
27,824,965
Kansas
on
Churchill
.
New Orleans
Sorel
Montreal
49,832
_
lie'ooo
241*666
Minnesota
27*2*666
*4*666
22,000
8,000
Halifax..
Houston.
98*666
—
899,000
Total week 1938..
Same week 1937
42*7*666
2*93*666
4,222,000
3,066,000
899,000
99,000
Three Rivers
157,832
98,478
38,000
10,000
245,000 1,027,000
144,000
951,000
July 1. 1938, is as below:
Corn
Wheal
Flour
Exports for Week
and Since
Week
Since
Week
Since
Week
Since
July 1 to—
oa. 8,
July 1,
Oct. 8,
July 1,
1938
1938
1938
Oct. 8,
1938
July 1,
1938
Bushels
Bushels
Bushels
So. & Cent. Amer.
Brit.No.Am. Cols.
Other countries.-.
.
582,911
152,667
26,440,000
19,771,000
2,351,000
154.000
91,820
8,482
14,500
28,500
6,000
8,530
Continent--
Bushels
Barrels
Barrels
United Kingdom.
7,000
1,864,000
103,000
14,000
352,000
21.0C0
46,939
1938
346,000 23,123,000
553,000 21,725,000
3,000
i6"o",666
-
Wisconsin...
...
4,203
3,778,525
Agricultural Department's Official Report on Cereals,
Crop Reporting Board of the United States
Department of Agriculture made public late Monday after-:
noon, 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
cooperating State Boards (or Departments) of Agriculture.
This report shows that the production of winter wheat is
now placed at 688,458,000 bushels, the same as the Depart¬
ment's estimate a month ago, and comparing with a harvest
of 685,102,000 bushels in 1937 and a 10-year (1927-36) aver¬
&c.—The
age production of 546,396,000 bushels.
The production of
spring wheat is estimated as of Oct. 1 to be 251,771,000
bushels, which compares with a production of only 188,891,000 bushels in 1937 and a 10-year (1927-36) average produc¬
tion of 206,494,000 bushels.
Comments concerning the
report will be found in our editorial department.
We give
below the report:
Crops are turning out about as expected and good yields of nearly all crops
157,832
1,309,517
98,478
Total 1938
Total 1937
1,370,390
—
46,328,000
4,222,000
3,066,000
33,741,000
899,000 44,951,000
99,000
422,000
appear assured.
While crop yields per acre will average about 8%
below thope secured last year they are expected to be above those of any
now
season since 1920, and 8.6% above the 1923-32 or predrought average.
During September the northeastern storm caused extensive local damage to
potatoes and fruits and to tabacco already housed.
Dry weatheir in the cotton belt helped cotton and peanuts, but hurt sweetpotatoes and pastures. Warm weather in all sections, except the Northeast,
was markedly favorable for maturing corn and other late crops and limited
the extent of frost injury in northern States, but accentuated the drought
conditions in the lower Mississippi Basin and in the Far Northwest. Heavy
rains from Wisconsin westward to Colorado,, western Kansas and New
Mexico helped sorghum and a few other late crops and improved prospects
for the winter grains being planted.
t
The net result of September weather was to improve crop prospects
other
The
comprising the stocks in
at principal points of accumulation at lake and
ports Saturday, Oct. 8, were as follows:
visible
granary
seaboard
supply of grain,
GRAIN
Wheat
Bushels
United States—
Boston
i-
v
25,000
afloat
—
999,000
Philadelphia
Baltimore.------------
New Orleans
Galveston
Oats
Bushels
-
Fort Worth
Wichita.-Hutchinson.------
1,326,000
654,000
2,304,000
7,539,000
2,275,000
5,768,000
58*666
32,000
4,000
"*4*666
3*4*666
15*666
*2*666
6,000
95,000
"21,000
22,000
1,000
134,000
*3*7",000
413,000
*4*666
5,000
237,000
Sioux City
-
-
4,546,000
1,145,000
5*0*2*666
84*660
2*0*2,6*0*0
1,039,000
Peoria
Chicago
"
afloat--
1,295,000
---
521,000
1,761,000
On Lakes
1,160,000
325,000
160,000
857,000
43,000
Minneapolis
11,716,000
108,000
Duluth
17,15lJ)00
350,000
2,000
396,000
5.138,000
6,703,000
6,000
1,531,000
1,033,000
Milwaukee.---
Detroit..-----
------
Buffalo
—
afloat-
195,000
6,271,000
953,000
On Canal
------
Total Oct
Total Oct
Total
8,000
5,434,000
1,369,000
1
Oct* 9!
8.1938
1938
1937
286,000
173,000
110,000
19,000
114,000
357,000
204,000
7,000
4% for sweetpotatoes and pecans, 3%
for buckwheat, 2% for apples, and
sugarbeets, flax, peaches, pears and grapes.
Considering the crops being harvested and supplies on hand there appears
to be a generally ample to abundant supply of food crops, feed and forage,
as well as of cotton and tobacco.
A number of the less important crops
show marked expansion in production.
crop, estimated at 940,229,000 bushels will be the third
Total stocks of wheat on farms, including all of the new crop that
are estimated at 407,000,000 bushels which indicates that an
unusually large amount was disposed of between July 1 and Oct. 1.
Rice
The
wheat
largest.
4F660
468,000
1,711,000
5,760,000
2,068,000
2,388,000
215,000
502,000
4,000
443,000
remains,
ittle less than 54,000,000 second
slightly per acre, the high record at a
{moduction, boosted by the bushels,best yield exceeding is now estimated pro¬
18,000
3,510,000
ioo~666
124,269,000 11,521,000 21,884,000
125,161,000 11,318,000 21,351,00 0
129,346,000 4,146,000 27,268,000
As compared with prospects a month ago, October indications
nominal changes of less than 1 % for corn, wheat, oats, rice, hay,
beans, and sugarcane. The principal increases, aside from the 3 % in cotton,
are soybeans in commercial States, 4%; grain sorghum and peanuts, 2%;
and tobacco and barley, about 1%.
Decreases during the month include
nearly 1%.
show only
about 1 % for potatoes,
161,000
96°,000
121,000
53,000
147,000
258,000
319,000
685,000
3,000
3,312,000
31,377,000
6,673,000
987,000
5,724,000
-
Indianapolis
12,000
2,000
207,000
Kansas City
Omaha.-------------St. Louis
Barley
Bushels
137,000
5,000
14,000
13,867,000
St. Joseph
"
Rye
Bushels
2,000-
New York
"
STOCKS
Corn
Bushels
unharvested beans,
8,079,000 11,798,000
8,008,000 11,573,000
6,404.000 10,431,000
and 1937. Beans, while somewhat damaged by heavy
and far below last year's exceptional record in both yield
and production, are giving excellent yields and probably the third
largest production on record.
Potatoes were hurt by wet weather in the Northeast, but show excellent
yield prospects as a whole. Production is estimated at 373,000,000 bushels,
which would be about 5% below production last year and 1% over the
average during the previous 10 years.
Sweetpotatoes suffered from lack of
rainfall during September and will give only about an aveaage yield per
acre
but a total crop about 10% above average. Sugar beets are showing
duction set in 1920
rains in New York
per acre
a
slightly above average
yield per acre and near-record production.
Sugar-
Financial
2418
grown for sugar, gives promise of an outstanding high record for both
yield and production. Peanuts are expected to give a good yield and pro¬
bably a new record of production.
,
Some fruit crops also show prospects for new high production records.
The new grapefruit crop, harvesting of which is now beginning, is indicated
to be close to 41,000,000 boxes or nearly 10,000,000 boxes above the previous
high figure.
Oranges for the 1938-39 marketing season seem likely to run
over last season's record crop.
Pears also show new high figures. Grapes,
however, are 10% below last year's record crop, peaches were only average,
and apples are 14% below average. The quantity of dried prunes from the
1938 crop will be above average; the commercial pack of canned prunes
probably will be less than last year, but well above average. The cranberry
crop is expected to be only about one-half as large as the record production
of 1937 and nearly one-fifth below average.
The combined 1938 tonnage
of apples, peaches, pears,
grapes, cherries, plums, prunes, apricots, and
cranberries, is 21 % smaller than the production in 1937, but is 2% above the
10-year (1927-36) average.
Prospects for this group of crops declined
slightly during September largely because of storm damage to unharvested
fruit in the eastern States and damage to the apple crop from late-brood
codling moth activity.
Tobacco is slightly above earlier indications and is expected to show the
third highest yield her acre on record, but production, estimated at 1,485,0,00,000 pounds of all types combined, will probably fall 5% below last year's
cane
„
..
Oct.
Chronicle
is reported as generally good. Harvesting of the crop is now unde
There is a substantial increase in the acreage of hybrid corn over thaL
of last year.
The 1938
„
of extensive drought. During the 10 years prior,
drought of 1933 production averaged a little over 100 million tons
p0]« JT03,I*
1
'
i
In addition to the corn and grain sorghum crops being harvested, supplies
of feed grain on farms on Oct. 1 included 352,000,000 bushels of old corn
and 845,000,000 bushels of oats remaining from this year's crop.
Making
rough allowance for barley and grain sorghum on hand, the total supply of
feed grain available on farms from Oct. 1 was about 100,000,000 tons com¬
pared with some 97,000,000 tons last year when the carryover on farms was
exceedingly low, and an average of about 90,000,000 tons on the same date
during the previous 10 years.
The present farm supply of these grains is
average during predrought years, but livestock numbers were reduced as a
result of recent droughts and are not back to normal.
The supply of grain
,
„
.
..
,
.
,
yield per acre of 26.7 bushels compares with 26.6
1, 28.2 bushels in 1937 and the 10-year (1927-36)
average of 22.9 bushels. Yields are above average in all of the north central
(corn belt) States except South Dakota and Nebraska where prospects were
reduced by adverse hot, dry weather and grasshoppers.
These estimates represent the amount or corn to be harvested for all
purposes—grain, silage, hogging and grazing.
Farm Corn Stocks—Stocks of old corn on farms Oct. 1, 1938 estimated
at 352,134,000 bushels are the highest for that date in the 13 years of record.
These record high stocks compare with the Oct. 1, 1937, record low stocks of
60,571.000 bushels and the 10-year (1927-36) Oct. 1 average of 180,358,000
bushels.
The farm stocks on Oct. 1 amounted to 15% of the 1937 corn
production for grain.
This compares with 4.8% on Oct. 1, 1937 and the
10-year (1927-36) Oct. 1 average of 8.6%.
average
bushels estimated Sept.
durum wheat
Production (Thousand Bushels)
(Bushels)
Yield per Acre
Prelim¬
Prelim¬
Stole
inary
1927-36
1937
Average
1938
1937
A verage
,
feed
1938
the quality
way.
,
fairly large crop.
,■
With slightly above average corn and barley crops of 2,459,316,000 and
253,000,000 bushels, a near average oat crop of 1,042,000,000 bushels, and a
large grain sorghum crop of 111,000,000 bushels the total production of
grains will be about 95 million tons compared with 100 million tons last
year and an average of 89 million during the preceding 10 years, a period
IS,
inary
1927-36
,
1938
15.5
2,148
1,348
1,395
31,404
12.8
14.5
North Dakota—.—
9.7
11.0
12.0
29,420
23,023
South Dakota-——
8.8
6.0
n.o
8,516
3,420
8,811
9.8
10.1
11.9
40,085
27,791
41,610
Minnesota
which includes four years
3 States..
to the
{)er unit a year ago—and slightly largertherefore any other year since 1925.
arge as of livestock to be wintered is
than in unusually large—about as
The hay crop is also large and supplies of hay per animal unit appear to be
larger than in any recent year except 1927.
With abundant supplies of
both hay and grain on farms the cost of feed is exceedingly low in com¬
parison with prices of beef cattle and hogs and unusually low in comparison
with prices of dairy and poultry products. In mid-September relative prices
appeared more favorable for feeding livestock than in any previous Septem^
ber in more than 25 years with the possible exception of 1932.
the poorest on record in portions of the Far Northwest,
in North Dakota, and poor compared with predrought standards
of the Graet Plains area aiid in the cotton belt.
However, they
Farm pastures are
very poor
in most
favorably with the short pastures
compare
of recent drought years, are
sections from Iowa to New England and for the
country as a whole the Oct. 1 condition was the highest reported since
1928. There is also a good supply of cured feed on most western ranges.
Egg production on Och. 1 was about the same as it was at that time last
year, but laying flocks show more than the usual seasonal increase in num¬
bers as ah exceptionally large crop of pullets has begun to come into pro¬
WHEAT
SPRING
...-j.'v*;'
(OTHER THAN DURUM)
(Bushels)
Yield per Acre
Average
19.0
20.4
....
Average
1938
1927-36
16.8
—~~
Pennsylvania..
Ohioi--
18.5
19.5
19.0
19.0
197
duction.
With pastures
better than in most recent years
and grain selling at low
prices, milk production has continued heavy although, on a per capita basis,
only slightly above past high records for this season of the year.
The production of commercial vegetable crops now available for market
is 20%, greater.than the harvested production for these crops in 1937. The
most significant increase is in late cabbage.
Supplies of lima beans, carrots
celery, cucumbers, onions, peas and tomatoes are heavier than a year ago.
On the other hand, last crops of wax beans, beets, cauliflower, lettuce,
and spinach are in smaller quantity than
peppers,
Miciiigan.
16.0
185
18.0
1,789
574
232
259
16.0
15.5
80
630
;
208
Wisconsin
17.3
13.0
17.5
1,296
819
980
Minnesota
12.1
16.0
14.5
14,336
28,224
31,465
Iowa.
14.0
16.0
14.5
Missouri..
12.4
11.0
11.0
111
110
77
8.7
6.9
8.2
51,970
34,990
50,028
8.6
5.2
9.0
16,870
10,676
24,597
10.5
4.5
10.0
North Dakota
South Dakota..-
Nebraska.
_i
.—.
.
.
.
—
i.'
288
607
•
2,355
319
1,530
6.0
7.0
12
42
7.6
13.2
31,940
15,527
48,866
Idaho..
25.2
28.0
27.5
12,381
13,972
13,585
Wyoming
11.8
11.5
12.0
1,721
1,668
1,920
Colorado
13.5
13:0
14.0
4,162
4,706
4,928
New Mexico..
13.0
13.5
12.0
362
310
276
28.2
29.0
29.0
2,099
2,610
2,349
Nevada
24.6
25.0
24.0
294
325
384
Washington
Oregon.
15.9
20.0
18.5
17,732
32,100
18,408
20.0
21.0
22.0
5,041
11,844
7,436
11.3
10.9
11.9
166,410
161,100
210,161
Montana..
.
~
_.
_
_
—
l
'
....
United States
FOR THE UNITED STATES
(PRODUCTION BY CLASSES)
WHEAT
•> ■;
■
corn, all
''
/;,■?l-'£y
:.7VV';v;:\v :'.\c
(Thousand Bushels)
(Bushels)
Production
Average 1927-36.
313,347
375,164
386,460
..
1937
(Thousand Bushels)
a
cated
1937
Average
1938
1927-36
_.
.
.
... .
„
.
.
Indi¬
Indi¬
•
_
39.0
37.0
38.7
40.0
42.0
Average
1927:36
333
594
2,761
2,960
1,627
40.0'
Massachusetts
41.2
39.0
Rhode Island...
39.3
40.0
38.0
338
400
1,560
342
Connecticut
38.4
39.0
35.0
1,985
1,989
1,750
New York
33.6
35.5
37.5
20,808
23,856
'25,688
New Jersey
38.2
41.0
38.0
7,049
Pennsylvania
38.2
46.0
44.0
49,431
Ohio
35.6
43.0
44.0
127,177
Indiana...:.
32.2
45.0
40.5
143,334
Illinois
32.2
47.0
43.0
289,731
Michigan..
28.2
35.0
36.0
40,852
8,528
62,928
163,228
211,770
444,197
55,630
31,4
31.5
37.0
68,843
28.6
36.0
34.0
131,370
34.5
*.
43.5
381,704
27.0
24.5
117,242
.14.3
19.0
16.5
10.0
16,593
64,920
12.5
180,280
.14.0
Nebraska...
14.0
18.9
South Dakota
10.5
.
_
_
Virginia.
West Virginia
19.0
28.0
94,639
3,838
36.0
36.0
15,477
21.7
Georgia..!
^
26.0
19.5
18.5
13.3
_
23.0
27.5
18.0
j
25.5
24.6
".
North Carolina
South Carolina
11.5
29.0
30.6
_
....
14.7
27.3
-
-
Delaware
Maryland
45.0
20.0
Missouri
North Dakota..
15.0
14.5
9.8
11.5
11.5
'32,199
12,104
40,787
21,161
38,453
6,587
76,356
172,368
503,505
115,020
17,252
.44,170
82,992
28,244
4,147
18,576
37,740
14,245
20.7
24.0
24.0
60,058
''66,528
12.6
14.5
14.0
46,792
14.5
17.5
16.0
38,654
34,920
14.4
20.0
17.5
29,649
14.2
17.5
16.5
19,467
40,123
13.8
18.0
19.5
16.0
16.0
17.5
9.8
Idaho.
9.0
15.0
34.3
Montana.
37.0
37.0
Wyoming
11.3
9.5
12.0
Colorado
11.4
8.0
11.0
New Mexico..
13.7
13.5
12.5
_
'■
■
78,002
1,362
1,256
2,112
State
(Bushels)
Production (Thousand Bushels)
Average
y:/v-
"inary
1937
Average
1938
1937
1927-36
-jy^\"•'
Prelim¬
Prelim-
'
,
1927-36
inary
1938
•
95
Maine
20.4
19.0
19.0
94
76
New York
19.6
23.9
24.4
4,996
8,276
7,393
21.8
22.5
22.0
1,192
1,462
1,408
New Jersey..
22.0
21.0
17,917
23,573
22,599
19.0
19.5
34,796
46,136
46,616
16.0
16.0
27,879
34,718
.
31,824
33,377
45,724
42,426
57,240
87,9,12
151,402
442,917
Michigan.
15,941
18,658
2,043
2,187
35,784
36,472
102,900
17,424
33,720
97,812
.47,139
3,976
18,216
33,350
12,116
73,294
Alabama.
Oklahoma
v^.1 ^v
all wheat
16.8
33,164
Tennessee....
Texas
940,229
shown separately,
18.3
7,890
75,556
Kentucky
....._
873,993
19.2
48,334
11.0
26.0
Louisiana
43,162
Indiana
27,014
10.0
Mississippi
167,721
'
Total
752,891
163,904
361,673
43,475
26.0
Arkansas
240,161
86,052
111,120
102,725
Ohio
24,945
9.4
61,768,
7,600
60,808
153,648
45,357
21.3
Florida
41,972
28,749
Preliminary.'' ■
.k-vw
2,960
1,640
40.0
Iowa
256,552
(Winter &
Spring)
Includes durum wheat in States for which estimates are not
600
41.0
Wisconsin
a
390
630
41.0
...
Durum
129,332
102,408
182,188
Yield per Acre
503
39.8
•
Red
1938
Vermont
•
Hard
Soft Red
cated
1937
New Hampshire
.......
Red
Hard
b
State"
White
Spring
Year
1938. b
Yield per Acre
225 /v.
3,130
8.3
10.6
Kansas
they were at this time last
for canning were
year.
Consider¬
ing all vegetables, production in 1938 was about 4% below the high record
of last year, but aoout 15% above the average during the preceding 10 years.
Early reports in acreages of vegetables for the early part of 1939 show
further increases in prospect.
-
70
126
14.0
16.5
_•
117
171
80
14.0
16.8
Illinois
95
PUS
209
'
15.4
Indiana..........---
year.
The planted acreage and production of vegetables
each about io% below the exceptionally high totals of last
Kansas
•
212
17.5
10.0
18.2
—
92
158
17.0
New York
1938
76
94
19.0
inary
1,937
Utah....
excellent in the main dairy
Maine
.Prelim¬
inary
1937
1927-36
Maine
Production (Thousand Bushels)
Prelim¬
State
8,679
65,208
48,342
45,378
46,464
40,640
24,885
30,960
72,048
37,695
1,251
1,332
2,480
2,700
26,400
33,208
82,740
1,184
17,039
2,909
8,536
3,132
11,737
2,740
2,412
Pennsylvania
...
•
16.8
17.4
18.0
20.1
18.5
21.9
17.5
15.6
17.2
1,888
Minnesota
12.8
16.6
14.5
19,410
Iowa
17.8
18.4
15.9
6,814
15,976
10,095
13.4
32,252
81,432
Illinois
.....
Wisconsin......
.
.
u
7
19,788
13.3
12.5
21,687
41,207
North Dakota
9.0
8.1
9.3
81,391
58,013
South Dakota
8.8
5.6
9.6
15,201
14.7
13:1
12.8
,26,801
48,755
12.4
12.0
10.5
17.8
16.0
19.5
133,688
1,655
1,376
1,618
18.6
19.0
20.0
8,372
9,044
9,420
14.1
15.0
14.0
8,598
8,624
Missouri
...
Nebraska
.
"
Kansas
:
Delaware.
...
_.
Maryland.
.
_.....
.
14.4
16.0
15.5
1,855
...
10.4
11.8
11.5
4,275
5,817
....
9.6
9.5
11.0
974
1,416
West Virginia
South Carolina
35,268
59,589
149,394
9,720
2,736
VirginiaNorth Carolina
47,184
158,052
"
:
2,464
5,554
1,837
1,700
'8.7
8.5
10.0
934
1,445
Kentucky
12.7
18.5
14.5
3,869
10,212
Tennessee.
10.3
12.5
10.5
3,588
6,750
9.9
11.0
12.0
46
77
9.1
10.5
8.5
406
1,050
638
11.2
14.2
11.0
44,015
65,462
58,993
35,397
Georgia.
.
_
Alabama
Arkansas.
_____
Oklahoma
8,482
5,271
60
9.0
29,984
41,690
Montana..
11.2
8.4
15.1
41,197
21,918
70,916
Idaho..
22.1
24.6
25.1
24,742
28,360
Wyoming.
11.6
11.5
12.0
2,994
3,060
31,257
3,960
18,494
Texas
10.1
10.6
14.0
13,834
15,857
9.8
11.7
10.2
2,640
3,139
Arizona..
21.8
23.0
22.0
733
1,035
1,100
Utah
20.2
19.5
23.2
5,101
5,430
6,738
Nevada
24.7
25.6
24.6
368
409
Colorado..
New Mexico
12.0
13.3
2,656
492
16.4
15.0
15.0
533
495
525
Washington
20.1
21.5
23.2
43,913
48,725
51,618
Arizona
24.6
27.0
27.0
431
594
594
Oregon
20.2
20.6
20.7
Utah
19,966
20,424
20,536
25.6
30.0
29.0
48
60
58
18.0
21.0
17.0
12,194
16,758
13,566
34.6
37.0
33.0
1,161
1,872
2,405
1,184
924
2,178
1,624
13.5
13.6
13.2
752,891
873,993
940,229
2,108
1,696
Nevada
W ash ington
_____
Oregon
30.2
33.0
29.0
California
31.8
34.0
32.0
22.9
28.2
26.7
United States
2,306,157 2,644,995 2,459,316
Corn—The Oct. 1 estimate of the 1938 corn crop of 2,459,316,000 bushels
no material change from the 2,454,526,000 bushels indicated as of
It is about 7% smaller than the 1937 crop of 2,644,995,000 bushels
7% larger than the 10-year (1927-36) average of 2,306,157,000 bushels.
Rains in early September came too late to benefit corn in many areas, but
the warm, dry weather during the remainder of the month was favorable
for maturing and improving the quality of the crop. There has been practi¬
cally no frost damage.
Except where dry weather resulted in cahffiness,
shows
Sept. 1.
and
California
United States
All Wheat—The preliminary estimate of 1938 production of all wheat is
940,229,000 bushels, of which 688,458,000 bushels is winter, 41,610,000
bushels is durum, and 210,161,000 bushels is other spring wheat.
This
year's production is about 8% above the 1937 production of 873,993,000
bushels, and nearly 25% above the 10-year (1927-36) average of 752,891,000
bushels. The increase in production of all wheat over 1937 is almost entirely
in durum and other spring wheat.
The preliminary production of spring wheat other than durum of 210,161
000 bushels, shows pra'ctically no change from last month's prospective
production of 209,503,000 bushels. The 1938 crop is, however, 30% larger
than the crop of 161,100,000 bushels in 1937 and is 26% above the 10-year
Volume
(1927-36)
147
Financial
Chronicle
2419
average of
166,410,000 bushels. The average yield per acre, as of
Oct. 1, was 11.9
bushels, compared with 10.9 bushels for 1937, and the
10-year (1927-36) average of 11.3 bushels.
The durum wheat crop of
41,610,000 bushels is slightly below the Septem¬
ber indicated production of
42,011,000 bushels due to a slight decrease in
The production is, however, about
above the 10-year (1927-36)
average acre yield in South Dakota.
UNITED
Yield per Acre
the
2%
Crop
Total Production {In Thousands)
In¬
average of 40,085,000 bushels.
The average
of 11.9 bushels is 1.8 bushels above the 1937
yield of 10.1
bushels and 2.1 bushels above the
10-year
yield per
STATES
Indicated
dicated
acre
Average
1937
Oct. 1,
1938a
1927-36
(1927-36) average of 9.8 bushels.
Wheat Stocks on Farms Oct.
1—-Stocks of wheat remaining on farms
Oct. 1 this year were
408,989,000 bushels, or 43.3% of this year's pro¬
duction.
Stocks on Oct. 1, 1937 were
333,746,000 bushels, (in table this
figure is given as 326,503,000 bushels—Ed.) and 1927-36
average stocks
were 344,589,000 bushels.
The disappearance of wheat from farms during
the July 1-Oct. 1 quarter
year was the largest for the 13 years for which
reports have been prepared.
vv/:
"V--:
OATS
''
V;
.Z-
Corn, all, bush-.
Wheat, all, bush.
Winter, bush..
Average
1927-36
22.9
28.2
26.7
13.5
13.6
13.2
14.5
14.6
11.1
10.8
11.9
9.8
10.1
11.9
11.3
10.9
Other spring,
bush
•
Oct. 1,
1938
1938
1937
2,306,157 2,644,995 2,454,526 2,459,316
752,891
873,993
939,972
940/229
546,396
685,102
688,458
688,458
206,494
188,891
251,514
251,771
40,085
27,791
42,011
41,610
13.8
spring, bush
Durum, bush
All
Sept. 1,
11.9
166,410
161,100
209,503
210,161
1,042,461 1,146,258 1,034,347 1,041,577
234,895
219,635
250,360
252,578
36,454
49,449
52,500
52,500
Oats, bush
Barley, bush
Yield per Acre (Bushels)
State
Prelim¬
Average
1937
inary
1927-36
Average
1938/
1937
inary
1927-36
23.7
11.3
12.9
13.4
15.9
15.9
6.0
7.5
8.0
Rice, bush..
/
29.3
22.1
Buckwheat, bush.
Flaxseed, bush..
Prelim¬
32.7
Rye, bush..
Production (Thousand Bushels)
27.1
21.0
13,751
6,974
46.8
48.5
7,&92
49.9
42,304
53,004
54,018
6,997
7,936
53.87S
Grain
1938
:
36.8
35.0
36.0
New HampshireVermont..
37.6
35.0
37.0
31.3
28.0
Massachusetts
.
•
:V
4,387
289
3,955
333
31.0
1,906
1,540
30.0
34.0
172
150
170
31.9
30.0
30.0
64
60
60
Connecticut-
29.0
29.0
30.0
206
174
210
—
_
New York_-__-.
New Jersey
28.2
25.0
29.6
30.0
26.5
1,322
1,530
28.2
27.0
33.5
26,702
24,705
30.8
28.5
33.0
26.0
45,973
36,634
29.1
45.5
31.0
162,208
110,515
29.2
28.0
35.5
40,642
34,272
31.8
32.0
31.0
79,360
42,600
76,880
Minnesota
78,558
29.7
39.0
32.5
129,211
Iowa
165,321
125,352
30.8
45.0
'32.0
186,336
258,975
Missouri..
186,016
20.0
28.0
24.0
32,757
43,400
43,152
22.5
22.0
31,996
29,902
31,269
35,637
109,265
111,278
73,785
81,750
.90
81', 786
9,302
10,4.90
10,490
.81
1.25
I.30
28,333
24,335
I.97
I.96
28,424
2.14
23,948
27,056
29,628
28,424
29,235
c699
-
c920
C843
12,053
15,839
14,209
14,262
.50,660
56,086
35,376
97,097
69,754
9,979
32,032
45,786
52,829
31,597
89,331
.79
timothy.b
36,999
31.0- "
51,072
49,379
118,709
35,511
26.8
13.7
"1.42
1.11
Alfalfa.
30,652
Indiana
13.2
1.35
Clover and
1,298
Pennsylvania
Ohio
7,194
1.25
tameT.___
Wild.
1,705
32.4
Rhode Island
All
6,777
12.4
Hay, tons—
3,852
280
8,569
sorghums,
bush
Maine
16.4
33,235
—
Illinois
Michigan.
Wiscousin
...
North Dakota.
18.6
South Dakota
21.8
34.5
24,060
18,800
Beans, dry edible,
26,979
100-lb. bag
Peanuts (for nuts)
lb,-.*
694
781
747
110.6
123.8
122,1
86.1
89.4
86.6
792
897
883
sugar,ton.....
dl6.0
21.5
23.2
Sugar beets, ton.
Hops, lb
d3,355
II.0
II.6
II.6
1,195
1,302
1,099
8,383
e32,753
-
Potatoes, bush...
Sweetpotatoes, bu
Tobacco, lb
Sugarcane for
30.5
22.5
21.0
29.0
22.1
24,0
23.0
Delaware
29.8
20.0
32.0
90
87
Maryland
28.0
28.5
32.0
1,083
Virginia.-.
West Virginia.—
19.2
21.0
21.5
19.9
20.0
.21.0
North Carolina-.
South Carolina-_
18.1
21.0
22.0
21.1
22.0
22.8
.18.6
>19.5
22.5
1,407
2,389
2,366
3,682
8,316
6,025
14.2
14.5
15.5
110
130
155
15.6
21.0
19.5
1,848
1,306
18.5
19.0
1,480
1,615
21,0
2,646
3,197
1,540
Pecans, lb
47
53
1,428
Pasture.
66
66
2,565
1,350
Soybeans
Cowpeas
75
81
67
70
-J
Florida.
Kentucky...
10,076
838
19.0
Louisiana
22.8
31.0
27.0
596
20.2
20.5
21.5
24,442
27,347
Texas.
23.2
24.0
2,456
3,300
"
:
25.0
34,971
30,432
24.0
36.0
4,296
40.0
38.0
25.5
26.5
4,433
600
1,140
22.0
596
Arizona
27.7
26.0
28.0
301
-
_
...
Utah——_
130,100
82,187
77,155
52,498
59,724
52,780
52,028
31,779
31,512
2,500
48,737
f68
f60
bush.___
63
68
72
e24,326
e29,548
70
86
79
e2,197
61,274
e5>277
2,521
76,893
50,832
e
crop,
35
76
84
•
66
For certain crops, figures are not based oh
current indications, but are carried
forward from previous reports,
b Excludes sweetclover and lespedeza.
c Pounds,
d Short-time average,
e Includes some quantities not harvested,
f Production in
percentage of a full crop,
g Production Includes all grapes for fresh
fruit, Juice,
wine and raisins.
a
.1,140
30.0
25.0
_
132,231
115,501
280
31.0
22.9
Colorado
48
.
f57
528
234
27.5
Wyoming
76
Grapes, ton.g
10,224
4,788
2,888
4,800
New Mexico--
-----
e210,673
Ct.
crop
crop, bush
34,875
23.6
35.1
7,275
4,804
3,004
4,609
Idaho
52
Pears, total
28,100
24.7
Montana—--
el50,728
1
Ct. Per
Peaches,total
9,585
,
1,395
Oklahoma
7,156
10,675
35,815
bush
10,648
8,658
27.5
"
.
10,823
37,805
crop
bush-
Apples,coin'l
1,596
23.0
20.6
...
Apples, total
5,060
28.0
17.8
--
Ct. Per
1,892
1,520
22.0
—
Mississippi...
Arkansas
Condition Oct
1,248
1,680
18.5
Alabama.
-
4,960
2,652
/
•
36.1
38.0
38.0
Nevada
35.4
35.0
40.0
92
105
48.4
52.0
42.0
7,728
8,060
6,300
31.4
37.0
25.0
10,360
California-
26.3
28.0
27.0
8,519
2,851
7,000
3,267
27.1
32.7
29.3
.
UNITED
STATES
102
Washington
Oregon.--—.
1,451
3,080
(
Har vested
Oats'—Production of
oats is estimated at
For
1,041,577,000 bushels, which is
the
north central States, which have almost
80% of the Nation's oats crop this
season, production is now estimated at but
0.6% more than on Sept. 1.
"
The
preliminary estimate of yield per acre is now 29.3 bushels compared
with 32.7 bushels in 1937 and the 10-year
(1927-36) average of 27.1 bushels.
Oats stocks on farms are placed at 844,966,000
bushels, 81.1% of the
1938 production.
Farm stocks on Oct. 1, 1937 were 904,790,000 bushels,
which were 78.9% of the 1937 crop. The 10-year
(1927-36) average stocks on
farms Oct. 1 are 825,620,000 bushels, dr 79.9% of the
production. Stocks
are appreciably lower than on Oct.
1, 1937 in the three most important
oats States of Illinois, Iowa and Minnesota.
Barley—The Oct. 1 indicated barley production of 252,578,000 bushels
is slightly larger than last month and
15% above the 1937 crop of 219,635,000 bushels.
Average production for the 10-year period (1927-36) is 234,895,000 bushels.
This year's yield is placed at 23.7 bushels per acre
compared with 22.1 for
last year and 21.0 for the
10-year (1927-36)
uniformly good in all parts of the country.
Yields per acre are
Shifts in acreage have resulted
average.
in much lower than average production in North
average
Dakota and much above
production in Nebraska.
Buckwheat—A buckwheat crop of 6,997,000 bushels is indicated
condition and yield reports as of Oct. 1. This is an increase of
1937
by
3% over the
less than the 10-year
In Pennsylvania, one
of 6,777,000 bushels,
but is about 18%
production of 8,569,000 bushels.
of the most important buckwheat States, the hot weather
which prevailed
when the crop was in bloom resulted in
poorly filled heads and lowered the
yields..
^
■. ■!
Yield per acre is now indicated to be 16.4 bushels
compared with 15.9
bushels in 1937 and the 10-year (1927-36) average of 15.9 bushels.
Flaxseed—There was a slight reduction in the indicated
production of
flaxseed on Oct. 1 compared with the September forecast due to a further
decline in North Dakota where grasshopper damage was reported to be
crop
(1927-36)
average
....
.
Corn, all
Wheat/all.
true of the
All
spring
Durum....
.
—
—
Rye..Buckwheat
-—
-
-
-
-
-
.
Grain sorghums...*..
Cotton.
Hay
_
-v--
..
-
-
...
92,146,000
98.2
71,069,000
110.3
106.3
18,044,000
17,514,000
49,915,000
21,154,000
3,508,000
17,646,000
35,540,000
127.3
10,668,000
107.1
3,914,000
426,000
102.0
995,000
107.7
L080.000
98.8
a
—
Soybeans .b
->
----- ....
Cowpeas .b
Peanuts (for nuts)
Velvetbeans.b.Potato es
-i
-
.
S weetpotatoes.
-
12,462,000
25,189,000
12,197,000
—.
Beans, dry edible
—
-
--------
Tobacco——.—.
Sorgo for sirupSugarcane for sugar..
Sugarcane for sirup
Sugar beets
Hops
-
-
-—
_
.
—
------
2,756,000
14,758,000
35,079,000
9,959,000
3,839,000
V 427,000
924,000
1,093,000
7,379,000
34,001,000
54,792,000
11,552,000
19,481,000
2,223,000
1,497,000
94,000
3,343,000
824,000
1,681,000
213,000
c206,000
126,000
760,000
Cr,pp
•.
8,097,000
109.7
77.8
105.1
11,676,000
101.1
21,870,000
112.3
13,675,000
1,691,000
6,743,000
3,333,000
99.2
98.3
109.8
96.7
1,806,000
128,000
3,056,000
3,177,000
843,000
1,732,000
891,000
1,681,000
193,000
109.3
106.7
96.2
105.7
97.1
.
198,000
308,000
143,000
918,000
33,000
273,000
146,000
752,000
34,000
FARMS
ON OCT.
102.6
112.8
97.9
122.1
95.6
1937
100.8
I
1938
.
YYY'Y
1,000
Cent
Per
Wheat
a
99.8
57,576,000
3,448,000
1,653,000
120,000
Average 1927-36
•
101.3
333,162,000 330,139,000 332,825,000
GRAIN STOCKS ON
V-'' Y'.
120.8
119.6
26,449,000
13,787,000
1,721,000
6,139,000
1,731,000
3,834,000
28,000
(exclud)ng dupl.)-—
45.8
time average.
a
93,810,000
46,946,000
55,815,000
Hay, wild._.........
Hay, clover and timothy
Hay, alfalfa-
Total
>1937
64,460,000
7,246,000
35,496,000
------
------
of 4,600,000 bushels from the production indicated on
Sept. 1.
Yield prospects have declined somewhat in the eastern States
as
-
-
all tame
79.9
a
*
-i
Corn (old crop)_d.--._
8.6
Bushels
Per
344,589
825,620
180,358
Excludes sweetclover and lespedeza.
d Data based
1,000
on corn
Cent
Bushels
1,000
Per
Cent
Bushels
37.4
326,503
43.3
406,989
78.9
904,790
60,571
81.1
844,966
352,134
4.8:
15.0
b Grown alone for all purposes,
c
Short-
for grain.
result
of the heavy rains in September.
In the Aroostook County section of Maine,
blight killed top growth by early September and has been followed by a
general development of late blight rot.
This condition is prevalent in all
parts of New England and, to some extent, in New York and Pennsylvania.
Prospective production in the five important central States is slightly
larger than the estimate of Sept. 1. Michigan growers expect an unusually
good crop. In Wisconsin and Minnesota, indicated yields remain on fairly
high levels, although heavy rains in September have resulted in some re¬
duction of crop prospects. Frost damage, which
usually is a limiting factor
in this group of States had not been reported by Oct. 1.
Insect damage and disease have sharply curtailed
yields in some western
States.
In Idaho, blight is reported to be prevalent in
many sections.
Insect damage in Colorado has reduced tuber development and, in some
sections, has resulted in acreage abandonment.
Yield prospects have
declined sharply in Montana and Wyoming as a result of disease.
The
Oregon crop, on the other hand, has improved somewhat since a month ago.
late
GENERAL CROP REPORT AS OF OCT.
1, 1938
Crop Reporting Board of the Bureau of Agricultural Economics
makes the following report from data furnished by crop
correspondents, field
statisticians and cooperating State agencies:
-
-—-
-—-
total potato production of 373,275,000 bushels, compared with 393,289,000 bushels harvested in 1937, and
the 1927-36 average of 369,693,000 bushels. The Oct. 1 estimate is a
decrease
The
-
Flaxseed..
-
1938
Per Cent
1938
3,620,000
14,424,000
37,961,000
10,967,000
3,140,000
542,000
2,218,000
905,000
Other spring
Oats.
Rice W
;
.
Harvest,
55,325,000
37,281,000
Y-
I
Minnesota crop.
Potatoes—Oct. 1 conditions indicate
1937
100,259,000
----
Wintef
somewhat heavier than anticipated.
Total production of flaxseed is now
indicated at 7,936,000 bushels, compared with the September forecast of
7,992,000 bushels, and the 10-year (1927-36) average of 13,751,000 bushels.
The indicated yield per acre in Minnesota remained the same as
last
month, while the prospective yield per acre increased 1.5 bushels in South
Dakota and 0.7 of a bushel in Montana. North Dakota
prospects declined
about half a bushel per acre.
Loss from frost damage this year has been
negligible and the crop, as a whole, will be of good quality. This is
especially
'
1927-36
1,042.461 1,146,258 1,041,577
7,230,000 bushels, or 0.7%, more than was forecast on Sept. 1.
Except
for the south central States, where the estimates are carried
forward from
last month, all grand divisions of the country show some increase.
In
Acreage
'
Crop
Average
United States.
7,156
8,749
'
96
v
4,830
2,164
1,598
1,806
Tennessee-
5,874
e44,399
92,821
21.0
Nebraska
Kansas
Georgia.
1,039,469 1,291,655 1,321;050 1,34*8,500
369,693
393,289
377,875
373,275
70,274
75,393
80,055
77,179
1,325,243 1,553,405 1,470,224 1,484,690
Weather
general
Report for the Week Ended Oct. 11—The
of the weather bulletin issued by the
summary
Department of Agriculture, indicating the influence of
weather for the week ended Oct.
There
was
a
stagnation of
pressure
the
11, follows:
conditions during the entire week,
with an extensive "high" persisting over the eastern States and
relatively
low pressure over the West.
This resulted in rather uniform temperatures
without marked day to day changes, but with
abnormally low readings
in the East where high pressure obtained and unseasonable
warmth in
the Midwest.
Fair weather was the rule in most sections of the
country,
though there were some cloudy, showery conditions in the Northeast and
fairly extensive rains in the western States the latter half of the week.
The weekly averages of temperature were quite similar to
those for the
preceding week, with subnormal warmtn in the more eastern
States, par¬
ticularly the Northeast, and above normal rather generally from the mississippi Valley westward.
From the Virginias northward the week was
mostly from four degrees to 10 degrees cooler than normal, while over a
large interior area, extending from the central Mississippi Valley westward
to the Rocky Mountains, the plus departures of
temperature ranged from
Oct.
Chronicle
Financial
2420
IS, 1938
ginia in Appalachian
benefit,
harvesting feed
about over
generally
delaying seeding; progress and condition of early planted poor and some
dying; some armyworm damage in northwest. Livestock fair, but pastures
of New
poor
much as 16 degrees. A
below-normal temperatures, ranging
four degrees to as
what
Oklahoma—Oklanoma City: Hot; light rain near
far southwestern area had some¬
from two degrees to five degrees
subnormal.
In the East freezing
weather extended as far south as southwestern Vir¬
Mountain sections, with a fairly hard freeze in parts
However, west of the Appalachians
the extreme northern portion of th
country.
Some marked contrasts in minimum temperatures again were
recorded, the lowest in western Iowa, for example, being 52 degrees to
58 degrees while freezing weather occurred as far south as Wythevflle, Va.
There was some local freezing in the Rocky Mountains and in considerable
portions of the Great Basin of the West.
Reports show that very little rain occurred east of the Rocky Mountains.
There were some light to moderate showers in the Lake Region, the North¬
east and locally in the South, but nearly all stations reported no rain of
consequence. Moderate to heavy showers occurred in parts of the South¬
west, Including northwestern Texas and eastern New Mexico, and also in
some northern Rocky Mountain districts and along the north Pacific Coast,
with some good rains in north-central and western Montana. Except in the
Northeast and parts of the more western area, the week generally was
characterized by its sunny weather.
,, ,
In the more eastern States, while rainfall was light, the condition of the
soil with regard to moisture is still mostly favorable due to heavy rainfall
England and New York.
freezing weather was confined to
where small percent
done, except in east lowlands
remains. Favorable for harvesting
gathering early corn and feed crops.
rapidly. Unfavorable for growth of
crop.
THE DRY GOODS TRADE
New York,
tively
appear
,
most
Har¬
California
damaged
needed gen¬
planting fall truck, from Texas eastward.
Northwest where
accelerated
and
feed is scarce, and.
portions of the northern Great
north-central districts where range
noted in many localities in Okla¬
homa and Wyoming.
West of the Rocky Mountains rains improved ranges
and livestock are in generally good condition.
following resume of
conditions in the different States:
1
.
•
North Carolina—Raleigh:
Favorable for harvesting corn and hay crops,
digging sweet potatoes and peanuts, gathering apples, marketing tobacco,
and seeding wheat and otner small grains. Cotton picking good to excellent
progress.
Some frost; mostly light and no material damage. Too dry in
mountain area; soil becoming hard and pastures failing.
''
South Carolina—Columbia: Cool; scattered light frosts in north interior;
dry; abundant sunshine. Favorable for cotton picking in north, and ginning.
Coastal truck and pastures good progress, but mostly poor elsewhere
account drought. Soil too dry in most of interior for fall plowing and proper
germination of small grains. Harvesting corn, sweet potatoes, and peanuts.
Georgia—Atlanta: Dry; normal warmth.
Cotton picking excellent ad¬
vance; nearly finished.
Harvesting corn; fair to good condition.
Dry
weather delaying preparation of ground for grain sowing.
Truck and
vegetables very poor. Pastures drying up. Cane fair to good. All growing
urgently need moisture.
•
,
Florida—Jacksonville:
Cool; light rains.
Cotton season about over.
Harvesting good sweet potato crop. Truck planting continues; early doing
well and some being marketed.
Citrus good; cool weather coloring and
maturing fruit; fine crop avocadoes being gathered.
crops
warmth. Picking
north with work well advanced; crop, as a whole, good to very
good. Dry weather favorable for maturing crops and harvesting/ but
needed for truck, potatoes, pastures, and to permit planting vegetables,
cotton in
rain
,
Mississippi—Vicksburg: Warm; occasional light, local rains; gener¬
ally abundant sunshine.
Progress of cotton picking and ginning excel¬
lent; only scrapping crop left unhoused in south and on northern upland.
Housing corn fair progress.
Harvesting miscellaneous crops excellent
advance. Rain generally needed for plowing, seeding, and germination.
Louisiana—New Orleans:
Warm; abundant sunshine; few, scattered
light rains. Cotton picking and ginning excellent advance; picking nearly
over.
Excellent progress harvesting rice, corn, and sweet potatoes, making
hay, and planting fall crops, Rain needed for gardens, pastures, and germin¬
ation.
Condition of cane good to excellent; cutting and grinding begun
grains, and legumes.
locally.
Warm; good rains in northwest near close, but light
elsewhere and rain badly needed. Preparing land for winter
progressed slowly; some dry seeded, but most farmers awaiting
rain as ground too dry for proper germination; rain of last few days should
be helpful in northwest where winter wheat coming up in rather poor to
only fair condition.
Cotton picking and ginning advanced rapidly; mostly
done in south, except scrapping; nearly over in north where average con¬
dition early planted fair to good and late planted poor to fair.
Truck de¬
teriorated and ranges dried rapidly in most localities. Cattle generally good.
Rice harvest favorable progress.
Texas—Houston:
and scattered
wheat seeding
districts.
Trading in the wholesale dry goods markets showed a
moderate seasonal expansion, as retail merchants purchased
holiday goods on an increasing scale, and rather numerous
orders were received from New England stores to replace
stocks damaged or destroyed during the recent storm.
Delivery difficulties continued to be encountered in a number
of important items, notably in sheets and sheetings.
Busi¬
ness in silk goods continued quiet, with prices holding fairly
steady.
Trading in rayon yarns slowed down somewhat,
although current shipments remained in excess of output,
with the. result that surplus stocks in producer's hands
showed further declines. With rayon loom activities showing
an
improvement, the outlook for yarn sales during next
month is believed to be promising.
Atlanta and Minneapolis
week, except that tem¬
east. The weather was unusually
ginning progressed uninterruptedly,
Scattered, light rains; normal
For the
depart¬
decline
was registered in the strike-infested San Francisco area, with
15%, while the smallest losses—3%—were shown in the
and potatoes made good progress. Picking lemons, grape¬
fruit, and valencias is under way in California and cooler weather
ripening and coloring of citrus in Arizona and Florida.
Dry weather again favored late haying operations, but pastures
meadows are drying up in many central and western States.
Yard feeding
Alabama—Montgomery:
reached 15.1%.
month of September, country-wide sales of
ment stores were 9% below last year.
The largest
had a warm, sunny
Bureau furnished the
Department store sales for the
entire
completed in much
sections. In general, the
The Weather
sharp rebound, once brisk fall weather
establishments the loss in volume
germinating properly. This
showers
in some
a
week
Board, were
15% below the corresponding week of 1937. In New York
and Brooklyn stores sales declined 13%, while in Newark
improved conditions there.
the rainfall of the week was helpful, especially
in Utah, Idaho, Washington, and Oregon.
In Washington the outiook has
improved materially and much seeding is now in progress.
Rice harvest
made good advance in the areas.where grown.
Corn—Warm, fair," and sunshiny weather prevailed throughout-the
corn belt and the crop dried out rapidly.
Corn is generally safe from frost,
with husking and cribbing started in nearly all sections.
However, in the
upper Mississippi Valley, ears are still too moist to place in large piles or in
cribs; a good freeze would be helpful in that area.
.
V
heavy livestock shipments are reported from
Plains. Serious shortage of stock water is
experience
ending Oct. 1, according to the Federal Reserve
in central Montana have
In the more western States,
for
beneficial in the Far West and
unduly depressed as little doubt was held that, in
generally improved industrial activities, retail
makes its appearance.
fourth of Texas
other¬
harvesting fruit
greatly im¬
outlook for general
sales will
belt, urgently
but
good rain
in
Mississippi
seeded
erally for minor crops, and
The weather was mostly
showing,
security markets continued to reflect a
view of the
Small Grains—Rain is needed in nearly the entire wheat
most western portions.
In the Ohio Valley much wheat has been
sown and the eany crop has come up generally to good stands,
ger¬
mination of that recently seeded is being retarded by dry soil; a
is needed throughout the area.
West of the Mississippi River, except
limited areas, there is an urgent need for moisture. In the upper
Valley early wheat is mostly up with fair to good stands, but late
needs rain. Moisture is markedly deficient in the lower Missouri Valley.
In parts of the Southwest, especially the northwestern
and eastern New Mexico, very beneficial rains have occurred, but
wise, throughout the Plains, there is an urgent need for moisture. In Kansas
much wheat, especially the late seeded, is deteriorating and the volunteer
crop is dying, while late-sown fields are not
unfavorable condition is general from Texas to North Dakota, but
Miscellaneous—The weather of the week favored potato digging in
northern districts; this work is nearing completion in several States.
vesting sugar beets is well under way from Washington and
eastward, with generally good yields indicated.
Killing frosts
late garden truck in some northeastern sections, and rain is
1938.
prevailing in
made a rela¬
notwithstanding the fact that the rise
trade.
Men's and women's
apparel lines were especially adversely affected, whereas
children's wear items and home furnishings fared somewhat
better.
Sentiment among merchants, however, did not
proved
Mountains
Cotton—The cotton belt
poor
in the
northwestward to the Rocky Mountains there is a general
unusually extensive area to experience such conditions.
Great Plains most sections received beneficial moisture
during the week.
This includes the Rocky Mountain States, in general,
parts of Montana, the northern portions of Nevada and California, and
the Pacific Northwest.
Rains were expeciaily timely in the latter area/
The far Southwest, including Arizona, received but little moisture and
rain is needed.
Except that dryness was unfavorable for plowing in most
of the principal agricultural sections, weather conditions were unusually
favorable for fall work and seasonal operations made excellent progress.
peratures were subnormal in the extreme
favorable for field work and picking and
with excellent progress.
Picking has been practically
of the belt,- being well advanced even in northern
week was unusually favorable.
J ;
Friday Night, Oct. 14,
Hampered by unseasonably warm weather
many sections of the country, retail business
need of rain, an
West of the
so over
ginning well
good
seed.
ground
good
acute as in the trans-Mississippi States. Generally, from
the Mississippi River westward to the Rocky Mountains, except in local
areas,
widespread, severe drought prevails and the need of moisture is
urgent. In fact, throughout the South and from the Appalachian
►
Cotton picking excellent progress;
Tennessee—Nashville:
situation is not as
westward and
and river bottoms
and threshing rice,
Too dry for late corn which is maturing
fall crops and planting winter crops.
advanced; condition mostly good.
Corn maturing well; harvesting
progress; rain needed for some very late.
Much lespedeza cut for
Stripping tobacco, but rather dry.
Seeding grains continues, but
too dry in large areas.
Pastures drying. Potatoes mostly harvested;
Cool weather
September.
stock water low many areas.
cellent progress; nearly
and frosts were general in northern
entire Appalachian area, but damage
is necessary
and much lot feeding necessary;
Arkansas—Little Rock: Progress of cotton excellent, due to little rain,
sunshine, and low humidity; nearly all bolls open; picking ex¬
abundant
retarded the growth of late crops in this area
sections, extending southward over the
was slight because of advance maturity
of vegetation.
There were also some frosts in the upper Ohio Valley, es¬
pecially northern Ohio, but little harm resulted.
An extensive area between the Appalachian and Rocky Mountains ex¬
perienced another warm, dry week, which intensified droughty conditions
generally. In the Ohio Valley, while a general rain is needed, the moisture
in
close; too lignt to
except locally, and more urgently needed.
Favorable for
and other crops. Cotton picking very good to excellent advance;
in most sections. Some winter wheat planted in dust, but drought
.
.
Goods—Trading in the gray cloths
perceptibly, although largely 6 wing to
the holiday interruption during the week.
Sentiment, how¬
ever, remained cheerful as finished goods continued to move
in good volume, and raw cotton values added to their pre¬
vious gains. Other constructive factors were the rising trend
in the security markets based on a generally improved indus¬
trial and business outlook, as well as the fact that mill stocks
have been reduced materially resulting in. a firmer price
attitude on the part of producers.
Sheetings sold in fairsized lots, and a better tone was noted in Osnaburgs. Busi¬
ness in fine goods remained quiet, although late* in the week
mills reported growing inquiries for herring bone weaves.
Continued active interest existed in voiles, and combed
Domestic
Cotton
markets slowed down
poplins as well as hopsackings moved in fair volume. Closing
prices in print cloths were as follows: 39-inch 80's, 6% to
6Kc.; 39-inch 72-76's, 6c.; 39-inch 68-72's, 5Mc.; 38M-meh
64-60's, 43^c.; 383^-inch 60-48's, 3%To 4c. •
Goods;—Trading in men's wear fabrics remained
'largely owing to between-season influences and
Woolen
inactive
holiday interruptions.; Numerous spot delivery orders on
wanted materials, such as coverts, came into the market,
and premiums on such orders were again reported to have
been paid.
Retail stores showed more interest in covering
Spring requirements although reports from retail clothing
centers during the week were anything but cheerful, reflecting
the adverse effect of unseasonably high temperatures, which
interfered with the flow of goods in consuming
Business in women's wear goods continued quiet
as retail
sales made a rather poor shoving, and garment
manufacturers were disposed to await the opening of the
new Spring lines before adding to their coommitments.
greatly
channels.
Goods—Trading in linens gave indications
merchants started to place orders
for post-holiday promotions.
An unsettling influence were
the uncertainties created by the Central European political
readjustments, affecting as they did, some major linen pro¬
ducing districts.
Business in burlap expanded moderately,
and prices ruled fairly steady as the bearish effect of the
decline in sterling was offset, in part, by slightly higher quo¬
tations in the Calcutta market.
Domestically lightweights
were quoted at 3.85c., heavies at 5.05c.
Foreign Dry
of
a
seasonal pickup as
Volume
147
Financial
Chronicle
2421
The Supreme Court denied today the plea
yew York Authority for a rehearing of the
XT
aecision
Specialists in
last
because the
New Jersey.
spring
held
Authority
that
they
were
was not essential to the
Recently Solicitor General
Jackson
nad power to
Illinois & Missouri Bonds
of employees of the Port of
Gerhardt case, in which a
subject to Federal income tax
existence of New York and
conceded
that the
Supreme Court
limit the retroactive effect of this
ruling, but contended that
case was not the
proper one for a true test.
Today's order
Authority employees, as well as thousands of others in
category.over the country.
Gerhardt
artects hundreds of
the same
United
States—Changes in Tax Structure Since
A shift from customs
levies to income
taxes, as the
source of
revenue, and new revenue
STIFEL, NICOLAUS & CO., Inc.
measures
105 W. Adams St.
DIRECT
CHICAGO
WIRE
LOUIS
showed
Problems
to
Be
on
Oct. 12.
Considered
by
Regional
Assembly to members of State cooperation commissions throughout the
Middle West, to aid in formulating State legislative
programs for 1939
sessions.
In most cases the interstate commissions of the
37 States include
representation from the upper and lower legislative houses and individuals
appointed by the Governors.
Reported
of
Voters—Approximately one-sixth of
Minor
Interest
a
determine
A recent study of citizen participation in elections in Flint
showed the
Michigan city's potential voters to be divided into three groups: 30,000
active voters; 40,000 registered but not active; and 20,000
non-active,
non-registered citizens who were eligible to vote.
"Since a simple majority
of those participating in elections is
usually sufficient to decide issues and
elect officials, approximately one-sixth of Flint's
eligible voters cast the
political opinions of the other five-sixths," the I. C. M. A. pointed out.
Flint
voters
portance
were
found
to
take
an
active interest
when
issues
of im¬
and
prominent candidates were subjects for consideration.
In
involving Federal officials held since and including 1932, an
average of 61 % of the registered voters participated.
Elections on strictly
local or State issues during the same period interested
only 32% of the
total.
On Nov. 8, 1932, top was reached, when
85% of the registered
voters went to the polls.
The lowest percentage dropped below 11%, in
State and local elections of March 1935.
The average participating in
the 16 elections of the period was about
43%.
According to an I. C. M. A. analysis of votes cast in council elections in
807 cities, an increased vote may be counted on when municipal and
presidential elections are hedl on the same day.
Seventy-eight per cent of
the registered voters went to the polls in those cities
holding elections in
November, 1936„ along with the presidential election, as compared with
67% in the cities which held their municipal elections at other times during
elections
that
year.
*
The number of registered voters actually voting in the 807 cities increased
in 1936 over 1935 by nearly
2% for the communities over 500,000 and for
those between 30,000 and 100,000, but decreased
slightly for all the cities.
Compared with Flint, 63.6% of the population over 21 in cities of its
.population class registered for voting in 1936, while only 40.7% of the
eligible voters exercised their franchise in an ordinary council election.
liquor taxes yielded
and
regulatory taxes
on
such articles
as
oleomargarine and
cocoanut
oil,
Report on Special Sessions Held in 1938—With only one
State Legislature—Pennsylvania—still in extra
session as
the end of the year
approaches, the Council of State Govern¬
ments has found 1938 with the lowest
number of special
sessions credited to an off-session
year's calendar since 1930.
to
city's citizens may
municipal matters put to vote, if findings of
Flint, Mich are typical of the country, the International
City Managers' Association noted on Oct. 13.
and
with 99% of the total Federal collections
coming from four general sources.
In that year customs
levies brought in
54% and liquor taxes 33% of the total tax
revenue.
The tobacco tax
furnished 9% of the
total, and the income tax, levied as an excise tax on
corporations, produced 3 %.
In 1937, the income tax
brought in 44% of the total Federal tax revenue.
I he other Federal
revenue sources in
1937 and their percentages were:
Tobacco. 12%; liquor, 12%; estate and gift
taxes, 6%; gasoline, 4%;
customs, 10%; miscellaneous taxes,
including excise levies on "luxuries"
The importance of the levies in
terms of dollars is shown
by the 1937
figures on taxes collected for the first time in
1932 or later.
Gasoline taxes
in 1937 amounted to
$196,533,000, while liquor tax revenues, revived
with the repeal of
prohibition in 1933. brought in
$594,245,000.
The income tax showed the
"greatest elasticity" to periods of economic
depression and prosperity, the Federation's
figures point out.
Income tax
collections in 1931 accounted for
66%, or $1,860,040,000, of total Federal
tax revenue, as
compared with 69%, or $3,956,936,000 of the record
1920
collections totaling $5,736,213,000.
This was after the wartime
regulatory
taxes had been repealed and
personal income rates slashed in revenue acts
of the 1920'8.
The decline in customs revenues after
1925 is attributed to restrictive
tariff rates and a general
slipping of international trade.
-
One, and District Two, comprising the States of Delaware, New
Jersey,
New York and Pennsylvania, will be represented at the
Assembly.
Reports will be heard on proposals for interstate action toward eliminating
trade barriers caused by various State
taxes; regulating motor vehicles; and
establishing uniform assessment procedure.
■
Progress of the various special committees will be reported through the
Affairs
'y."
that in 1910 customs
tax revenue,
"
'
Delegates to the meeting will represent 10 of the Commissions on Inter¬
state Cooperation
established, in all, by 37 States.
The November As¬
sembly is called especially for Districts Five and Seven of the Council,
which include Illinois, Indiana, Iowa,
Kentucky, Michigan, Minnesota,
Ohio, Tennessee, West Virginia and Wisconsin.
New England, District
Municipal
Oct. 4:
87% of all Federal
Assembly—Interstate and regional problems ranging from
river pollution to trade barriers will be considered at the
1938 Regional
Assembly called by the Council of State
Governments in Chicago Nov. 21-22, Council
headquarters
announced
on
ow£he^an,^sis disclosed
News Items
Interstate
enacted since
1932, have almost completely transformed the
Federal tax
structure, an analysis of Federal collections over a
period
of the past 27
years by the Federation of Tax Administrators
314 N. Broadway
ST.
1910—
leading
Record of the current year shows that in
addition to nine regular legisla¬
tive sessions 15 specials were
called, plus two that began their work late
1937.
Social security measures
in
.
pressing for passage caused an all-time
high of 46 special sessions in 1936, and a near-top ot 38, in
1934.
Extra
sessions in 1932 totaled 20.
was 11.
In 1930 there were 10, and in
.1928, the total
V- -':.v
Notable for absence of Acts
the 26 sessions of 1938,
levying new taxes, the list of laws passed in
according to the Council, stressed labor provisions;
low-rent housing; planning; social desease
control; social security and public
welfare measures; and relief financing.
These laws were passed by regular
sessions of Kentucky, Louisiana,
Massachusetts, Mississippi, New York,
Rhode Island, South Carolina, Virginia and New
Jersey, which has not yet
finally adjourned.
And by special sessions of Arizona,
Arkansas, Cali¬
fornia, Georgia, Illinois, Indiana, Kansas,
Kentucky, Michigan, Missis¬
sippi, New Mexico, North Carolina, Ohio, and
Pennsylvania, three States—
Ohio, Kentucky and Illinois—holding two apiece.
Labor provisions enacted included
^minimum wage laws in Kentucky,
applicable to women and minors.
A minimum hours law was
passed in
South Carolina, for textile workers only, and similar
measures were enacted
in Virginia and New York,
applicable to women only.
Louisiana created
an Industrial Welfare Commission to fix
minimum wages except for mu¬
nicipalities under 10,900.
Massachusetts closed loopholes in a
mandatory
minimum wage law already in practice.
Kentucky outlawed companypaid deputy sheriffs, while New York regulated private detective
agencies
and prohibited their use in labor disputes.
Legislation enacted to permit establishment of local housing authorities
in California, Virginia and Mississippi
brought to 33 the number of States
with this provision.
New York, Louisiana, Massachusetts, New
Jersey
and Michigan expanded previous Acts to authorize wider
participation by
their municipalities in the United States
Housing Act.
Ohio's Legislature
approved investment of public as well as private funds in housing
authority
bonds.
Virginia occupied the center of attention in social security legislation when
48th State it approved plans for assistance to the
aged, the blind and
children.
Kentucky Legislators referred to popular vote a
constitutional proposal requiring continuous provision for
public assistance.
Under unemployment compensation, New York and
Kentucky extended
their laws to include ail workers earning $3,000 a year or
less, regardless of
occupation; while Massachusetts reduced the waiting period for benefits
from three to two weeks and suspended for a year the 1
% contribution of
employees.
Mississippi liberalized eligibility requirements for old age as¬
sistance.
Other States passing social security legislation; much of which
dealt with financing, were Georgia, California, Kansas and Ohio.
At least four States acted on planning or
zoning provisions." Kentucky
set up a Capitol Planning Commission and
empowered cities of the third
through the sixth class to establish their own planning agencies.
Mississippi
extended municipal zoning privileges to towns df 1,500
population. Virginia,
besides setting up a State Planning Board, authorized counties to
adopt
zoning regulations.
Georgia authorized county planning andj zoning in the
'
larger counties.
'
Four States—Kentucky, New Jersey, New York and Rhode
Islandpassed laws relating to premarital physical examinations and blood-tests
of expectant mothers.
All but Kentucky's law went into effect during the
as the
New York State—Future Debt Ban to Aid Tax Reduction
Urged—If the local, county and State governments of New
adopt a program of "no new bond issues,"
taxpayers of the State would be "in pocket" to the extent
of $72,000,000 over the next five years, according to a
report
just released by the Citizens Public Expenditure Survey of
New York.
This would be due to savings coming with de¬
creased debt service requirements.
<
York would
,
"A program of 'no new bond issues' if started immediately," said
Walter
M. Franklin, Secretary of the group, "means that beginning in 1939 there
would be a gradual decline in the annual payments of interest and
principal
on
the aggregate bonded debt of local, county and State government.
added together would total $72,000,000 in five
years' time.
If the policy were adhered to for a period of 10 years, the
taxpayers of New York would be in pocket a total sum of $327,O0O,OO0, an
amount which exceeds the total 1936 New York State tax levy.
"Such savings in debt service could be applied to reduce taxes, and
proper
guards could be created to see that they were so applied and not to increasing
public payrolls and expanding the operations of various governmental units.
Thus, a program of 'no more bonded debt' would be a sure way to reduce
the tax burden that increasingly staggers the citizens of the State.
"Of the $1,211,000,000 raised by New York State and local taxation
in
1936, an estimated $237,000,000 goes to meet the required principal and
interest payments on the aggregate bonded indebtedness of the various
governmental units.
Thus about 20 cents of every New York tax dollar
goes for debt service.
"This means that every family, including the 1,700,000 persons
dependent
on State assistance in some form, must pay approximately $75 each
year in
taxes to meet the debt service requirements alone.
These annual reductions,
_
"If the State Government alone issued no more bonds, annual debt
service appropriations would decrease rapidly in amount so that by 1949
the annual debt service requirements instead of being $55,000,000 would
be only $24,000,000—a reduction of
Port
of
New
York
...
.
.
year. "
■■■•".
"■
In the tax field, Mississippi, after extending homestead tax
exemption to
homes evaluated up to $5,000, increased taxes on cigarets, beer and
income,
and added to the State ad valorem rate, to reimburse political
subdivisions.
Louisiana replaced its 2% luxury tax with a general 1% sales tax.
Illinois
extended
a 3% sales tax on utilities for another year.
New York continued
taxes.
Among miscellaneous laws enacted by the various States were the follow¬
ing: Louisiana and Kentucky raised their Governors' salaries beginning
in 1940.
Illinois passed a drivers' license bill.
New Mexico approved the
ail so-called emergency
46th direct
law
primary law.
Massachusetts passed a permanent registration
applicable throughout the State by 1940, and abolished breach of
New York created a Division of Savings Bank Life In¬
promise suits.
surance
which permits savings banks to sell life insurance after Jan. 1, 1939.
$31,000,000."
Authority—U. 8. Supreme Court
Denies Rehearing in Salary Levy Case—A special dispatch
from Washington as of Oct. 10 to the New York "Times,"
reported as follows no the high court's refusal to rehear the
case of Helvering vs. Gerhardt, in which it
recently upheld
the levy of a Federal income tax on the salaries of officers
.connected with the above Authority:
dependent
Bond
Proposals and Negotiations
ALABAMA
TARRANT
CITY, Ala.—BOND TENDERS INVITED—It is stated
by Z
D. McCuen, City Clerk, that he will receive sealed tenders until
Nov. 1, at noon, for the purchase of public improvement refunding bonds,
dated April 1, 1937, to mature as of April 1, 1967.
The city has available
for the purchase of these bonds the sum of $7,900.
Tenders must specify
the numbers of the bonds so tendered or offered for sale to the city, and the
price at which the same are
tendered or offered.
OBISPO COUNTY (P. O. San Luis Obispo;, Calif.—
$5,500 issue of Choice Valley School District bonds
Oct. 10—V. 147, p. 2118—was awarded to Howell,
Douglass & Co. of San Francisco, according to the County Clerk.
Dated
Oct. 1, 1938. Due from Oct. 1, 1942 to 1944.
SOLD—It is reported that
recently by Kaiser & Co.
$25.
COLORADO
SCHOOL DISTRICT NO. 11 (P. O. Colorado
Springs), Colo.—BONDS SOLD—It is reported that $275,000 building
bonds were purchased by a group composed of the First National Bank, the
Colorado Savings Bank, and the Colorado Springs National Bank, all of
Cplorado Springs, as 2s at par.
EL PASO COUNTY
SCHOOL DISTRICT NO. 2 (P. O. Williams),
OFFERING—Sealed bids will be received until 10 a. m. on
Geo. A. Fleming, Clerk of the Board of County Supervisors, for
the purchase of a $54,000 issue of scnool bonds.
Interest rate is not
to exceed 4%, payable semi-annually.
Denom. $1,000. Dated Nov. 1,
1938.
Due on Nov. 1 as follows: $10,060, 1946 to 1950, and $4,000 in
1951.
Prin. and int. payable at the office of the County Treasurer.
The
district will furnish the bonds and the approving opinion of Myles P.
Tallrnadge of Denver.
No conditional bids will be considered.
A certi¬
fied check for 5% of the par value of the bonds must accompany the bid.
HIGH SCHOOL DISTRICT (P. O.
issues of coupon school bonds
Ariz.—BOND SALE—The three
SCHOOL DISTRICT NO. 2 (P. O. Loveland),
stated by Marie M. Curtis, District Clerk,
sealed bids until 7:30 p. m. on Oct. 19, for the pur¬
chase of an issue of $160,000 school bonds.
Interest rate is not to exceed
2% %', payable A-O.
Dated Oct. 1, 1938.
Denom. $1,000. Due Oct. 1,
as follows:
$10,000 in 1939 to 1943 and $11,000 in 1944 to 1953.
The'
approving opinion of Myles P. Tallrnadge of Denver, will be furnished.
Enclose a certified check, for $3,200 payable to the district.
LARIMER COUNTY
Colo.—BOND OFFERING—It is
that she will receive
Phoenix),
aggregating
follows:
as
was
bids
group
,
1, 1941 to 1958.
1, 1941 to 1958.
1, 1941 to 1958.
of Supervisors that no other quali¬
were received.
He lists the other members of the purchasing
follows: Boettcher & Co., Denver, Stranahan, Harris & Co.,
as
Chicago, John Nuveen & Co.,.Chicago;
C. F. Childs & Co., Chicago; Pressprich &
& Christensen, Inc., Denver.
to
yield from 2% to 2.90%,
Chanute, Loughridge & Co. of Denver,
according to maturity.
SCHOOL DISTRICT (P. O. Montrose)
INVESTMENT—An issue of $137,500
MONTROSE COUNTY HIGH
OFFERED FOR
Colo.—BONDS
Wells-Dickey Co., Minneapolis;
Co., Chicago, and Peters, Writer
building bonds is being offered by Amos
2%% semi-ann. high school
Co.
of Denver, for public subscription, at
1.00% to 2.70%,,according to
County & Town Issues
Assessed valuation. 1937
Total bonded indebtedness (including
BUILDING, ST. LOUIS, MO.
Tax
__
Report
Percentage
68.3%
——
Overlapping indebtedness of the District is conservative, consisting of
$54,000 County Court House bonds, approximately $71,000 Common
School District bonds and $267,500 city bonds. Of this latter amount ,$219,000
and are supported by the Montrose
The district has never defaulted in the payment of
for water purposes
are
ment.
and the county and city have a similar
terest on its bonds,
payment.
-
Water Depart¬
principal or in¬
record of prompt
•
.
$9,915.67.
WITT, Ark .—BOND SALE—The $30,000 issue of 5% semi-annpaving bonds offered for sale on Oct. 7—V. 147, p. 1953—was awarded to
the First National Bank of De Witt, paying a price of 104.86, according to
Mayor J. W. Lorick.
Dated Oct. 1, 1938: Due from 1941 to 1961.
CONNECTICUT
DE
'
.
RUSSELLVILLE, Ark.—BOND ELECTION CANCELLED—We are
informed by the City Clerk that the election which had been scheduled for
Oct. 11 on the issuance of $176,000 electric system revenue bonds—V. 147,*
p. 1663—was postponed until next year.
EAST
Conn.—LEGAL OPINION ON BOND ISSUE— The
HAVEN,
$50,000 2lA% fire house construction bonds sold to F. W.
Hartford—V. 147, p. 2274—were approved as to legality
& Williams of Hartford.
"
Financial Statement
(As of June 20, 1938)
value—
- —
-$16,999,131
707,795
4.1%
— -
__
Debt ratio
CALIFORNIA
BERKELEY, Calif.—BONDS
Horne & Co.'of
by Gross, Hyde
,
Total property
Netdirect debt_____
.
Population (1930), 7,815.
SOLD—An issue of $197,500
municipa1
Tax
Collections
■
(As officially reported)
for sale oil Oct. 11 and was awarded to the
Francisco, according to Florence E. Turner,
Due on Dec. 1 as follows: $37,500 in 1939, and $40,000 in
building bonds was offered
American Trust Co. of San
City Clerk.
1940 to 1943.
1936
42,867.00
91.8%
30,972.00
Collected to Oct. 5, 1938
ARKANSAS
•
$46,731.00
$45,351.00
Levy...
ARKANSAS,
State
of—REPORT ON CONTEMPLATED BOND
PURCHASES—It is reported that the State Refunding Board had available
a total of $603,699.05 in funds on Oct.
13 when tenders on highway debt
were
received.
Larger gasoline tax collections in September increased
redemption account balances.
Allocations made to conform to Act 11
of 1934 will be: Highway refunding bonds, $380,036.79; road district re¬
funding bonds, $202,294.67; municipal paving aid certificates, $11,451.92,
'
.
1937
"s
Year—
and notes of contractors,
--$8,293,240
164,500
-
this issue)
Registered warrants outstanding-----—
None
Population, 1930 census, 11,742; present population,(est.)-12,500
The above statement does not include the debt of other political sub¬
divisions which have power to levy taxes upon the same property.
SCHERCK, R1CHTER COMPANY
LANDRETH
C.
prices to yield from
maturity. Dated Nov. 1, 1938 Denoms.
$1,000 and $500. Due Nov. 1, as follows: $5,500 in 1939 and 1940. $6,000
in 1941 to 1944, $6,500 in 1945 to 1947. $7,000 in 1948 to 1950, $7,500 in
1951 to 1954 and $8,000 in 1955 to 1958.
Prin. and int. payable at the
County Treasurer's office. Legality to be approved by Myles P. Tallrnadge,
of Denver.
These bonds, in the opinion of counsel, are direct and general
obligations of the entire High School District, payable from unlimited ad
valorem taxes levied against all of the taxable property therein.
Financial Statement as of Oct. 5,. 1938
Sudler &
ARKANSAS BONDS
Markets in all State,
purchased recently by Bosworth,
paying par for 3s.
Denom. $1,000.
Dated Oct. 1, 1938. Due $1,000 on
April and Oct. 1, from April 1, 1941 to Oct. 1, 1953.
Prin. and int. (A-O)
payable at the office of the City Treasurer.
Legality to be approved by
Myles P. Tallrnadge of Denver.
The purchaser reoffered the above bonds for public subscription at prices
$448,000 school bonds.
Due from Oct.
338,000 school bonds.
Due from Oct.
134,000 school bonds.
Due from Oct.
It is stated by the Clerk of the Board
fied
Colo.—BONDS SOLD—A $26,000 issue of funding bonds
LAS ANIMAS,
Oct. 10—V. 147, p. 1962—were awarded to a
syndicate headed by Refsnes, Ely, Beck & Co. of Phoenix, as 32£s, paying
a premium of $13,868, equal to 101.507, a basis of about 3.60%.
The issues
$920,000, offered for sale on
are
(P. O. Redwood City), Calif.—NOTES
$500,000 tax anticipation notes were purchased
of San Francisco, at 0.75%, plus a premium of
Dated Oct. 1, 1938.
Due on Dec. 31, 1938.
COUNTY
MATEO
SAN
SOLD—A $257,000 issue of refunding bonds was
Oct. 17 by
UNION
LUIS
SAN
BOND SALE—The
offered for sale on
ARIZONA
PHOENIX
par
and state separately if any premium offered on
Principal and interest payable at the County Treasurer's
offers
the bonds bid for.
12 and was awarded jointly to Marx & Co. of Bir¬
mingham, and Watkins, Morrow &- Co., also of Birmingham, as 4s, paying
a price of 101.517, a basis of about 3.81%, according to Mayor Seth Copeland.
Dated Nov. 1, 1938.
Due from Nov. 1, 1939 to 1955 incl. Prin.
and int. (M-N) payable at the Guaranty Trust Co., New York.
COCONINO COUNTY
15, 1938
office.
offered for sale on Oct.
Ariz.—BOND
bidder
the
Bidders or offerers of
stipulate, if desired , that their tenders are for the purchase
of all or none of the bonds tendered.
Bidders snail state in their tenders
that the bonds tendered, if purchased by tne city, will be delivered at the
office of the City Bank Farmers Trust Co., New York, on Nov. 15.
No
tenders shall lie received after the date and hour stated above.
The city
reserves the right to reject any and all tenders, but will not reject any
tender at a lower price than the price of any tender accepted.
Enclose a
certified check for 1 % of the amount of bonds offered, payable to the city.
such bonds may
TROY, Ala.—BONDS
Oct.
Chronicle
Financial
2422
*Uncollected to
Total Tax
1936------
CALIFORNIA, State of —WARRANT SALE—A $3,000,000 issue of
unemployment relief registered warrants,was offered for sale on Oct. 10
and was awarded to Weeden & Co., Heller, Bruce & Co., and Kaiser & Co.,
all of San Francisco, jointly, at 2^%, plus a premium of $3,000.
Dated
Oct. 13, 1938.
They win be called for retirement on or about Feb. 27,
1935---
-
—
-----
-
1934---*
—.
$312,442
312,074
310,189
320,301
$20.50
20.50
20.50
20-50
March 15; Yi Aug. 15.
Taxes due Yi
Sept. A, 1938
Levy
Tax Rate
;■/,(
Year—
1937-----
.•
$72,573
38,197
12,443
8,977
'• .,v-
-
1939.
WARRANT SALE—An issue of $3,652,450
registered warrants was offered for sale on Oct.
Bankamerica Co. of San Francisco, at 3%,
ADDITIONAL
revolving fund
Was
awarded to the
premium of
$6,901.30.
for retirement
Dated Oct. 15, 1938.
about Feb. 27, 1939.
general
COUNTY (P. 6. Los Angeles), Calif.—SCHOOL
OFFERING—We are informed by L. E. Lampton, County Clerk,
receive sealed bids until 2 p. m. on Oct. 18, for the purchase of
a $400,000 issue of Alhambra City School District Bonds.
Interest rate is
not to exceed 5%, payable J-J.
Dated July 1, 1938.
Denom. $1,000.
Due July 1 as follows: $19,000 in 1940 to 1943 and $18,000 in 1944 to 1961.
Prin. and int. payable at the County Treasurer's office or at the fiscal
agency of the County in New York.
The bonds will be sold for cash only
and at not less than par and accrued interest.
Each bid must stat:e that
the bidder offers par and accrued interest to the date of delivery, and state
separately the premium, if any, and the rate of interest offered for the
bonds bid for.
Bids will be received for all or any portion of said bonds. In
the event that the bidder submits a proposal to purchase a portion of said
bonds, the bid shall designate specifically the bonds bid-for.
All bonds sold
to a bidder bidding for a portion of said bonds shall bear the same rate of
interest, and bids for varying rates of interest for the same block or portion
of said bonds will be rejected.
Enclose a certified check for 3% of the
bonds bid for, payable to the Chairman Board of Supervisors.
Alhambra City High School District has been acting as a High School
District under the laAvs of the State of California continuously since July
LOS
Clyde C. Pierce Corporation
ANGELES
Barnett National Bank
BOND
that he will
1,1900.
The assessed
valuation of the taxable property in
said school district for
1938 is $42,791,770 and the amount of bonds previously issued and
now outstanding is $521,000.
Alhambra City High School District includes an area of approximately
the year
19.97 square miles,
and the estimated population of
said school district is
69,470.
SACRAMENTO COUNTY
(P. O. Sacramento), Calif.—SCHOOL
OFFERING—Sealed bids will be received until 10 a. m. on Oct. 17,
BOND
by F. F. Patterson, County Clerk, for the
Del Paso Heights School District bonds.
purchase of a $5,500 issue of
Interest rate is not to exceed
Oct. 1,
5%, payable A-O.
Dated Oct. 1, 1938. Denom. $500. Due $500
1940 to 1950.
No bid for less than par and accrued interest.
Prin. and
payable at the County Treasurer's office.
Enclose a certified check
10% of bonds bid for, payable to the Chairman Board of Supervisors.
int.
for
COUNTY (P. O. San Luis Obispo), Calif.—
BOND OFFERING—It is stated by Gewn Marshall, County Clerk, that
she will receive sealed bids until 2 p. m. on Oct. 17, for the purchase of an
issue of $110,000 4% semi-ann. court house bonds.
A certified check for
3% of the bid, payable to the Chairman of the Board of Supervisors, is
required.
Dated Jan. 1, 1939.
Denom. $1,000. Due Jan. 1, as follows:
$35,000 in 1941 and 1942. and $40,000 in 1943.
Each bid must state that
SAN
LUIS OBISPO
BONDS
FLORIDA
11 and
plus a
These notes will be called
JACKSONVILLE
-
-
National
First
Bank
Building
T.
Building
FLORIDA
-
-
-
Branch. Office:
TAMPA
S.
,
Pierce, Resident Manager
FLORIDA
SPECIAL TAX SCHOOL DISTRICT NO, 14 (P. O.
Miami), Fla.—BOND SALE—The $33,000 issue of 4% coupon semi-annual
site and building bonds offered for sale on Oct. 10—V. 147, p. 180$—was
awarded jointly to John Nuveen' & Co. of Chicago, and the Miami Beach
First National Bank, less a discount of $191.40, equal to 99.42, a basis
of about 4.045%
Dated Sept. 1, 1934.
Due on Sept. 1 in 1957 and 1958.
The only other bid received was an offer of 97.62, submitted by the
Natco Corp. of Miami, according to the Superintendent of Public In¬
DADE COUNTY
'
.
struction.
FLORIDA
Board
(State
of)—BOND
of Administration
TENDERS
will receive until
10 a.
INVITED—'The
m.
on
Oct. 28,
State
at the
Governor's office in Tallahassee, sealed offerings of matured or unmatured
original or refunding road and bridge, or highway bonds, time warrants,
certificates of indebtedness and negotiable notes of the Florida Couhties,
and Special Road and Bridge Districts tnerein, as follows:
Brevard, Broward, Charlotte (except McCall S. R. & B. Dist.), Desoto,
Glades, Hardee, Hernando, Indian River (except Atlantic-Gulf. Fellsmere
and Vero Bridge Dists.), Jensen R. & B. Dist., Levy Dist. 7, Martin,
Monroe, Okaloosa, Okeechobee,
Nos.
8,
17, 21, and Cross State
Osceola and Palm Beach S. R. & B. Dists.
Highway Bridge District.
submitted must be firm for 10 days subsequent to tne date
of opening, i. e., through Nov. 7, and must state full name, description
and serial numbers of bonds, interest rate, date of issue, date of maturity
and price asked.
The offer must specifically state exactly what coupons
are attached and will be delivered with the bonds for the price asked. Bonds
that are in default of interest must be offered at a flat price, wftich price
shall be understood to be the price asked for such bonds wTitn all maturities
of pa&t due defaulted or unpaid coupons attached, and notice is hereby
All offerings
fiven that if any such coupons have been detached prior to deliverymissing
onds accepted and (or) purchased hereunder, the face value of such
of any
coupons
will
submitted
on
be
deducted
this basis.
from purchase
price,
and offerings must be
Volume
147
Financial
CORAL GABLES, Fla.—BONDS SOLD TO
PWA—It is stated by C. A.
Shaw, City Clerk, that $30,000 issue of
4% incinerator bonds was purchased
at par by the Public Works
Administration.
Denom. $500.
Dated Oct.
$20,000
1,
LAKE COUNTY (P. O.
Tavares), Fla.—BOND TENDERS INVITED
—It is stated by Geo. J,
Dykes, Clerk of the Board of County Commis¬
sioners, that he will, on Oct. 24, at 10 a. m.,
open and consider sealed offer¬
ings of the following bonds:
Road and bridge
refunding bonds, dated July 1, 1935, of the following
issues: ■ Countywide (series A and B).
Special road and bridge districts as follows:
Leesburg, South Lake
County, No. 3, No. 5, East Lake County, No. 7, No. 8, No. 9, No. 10,
No. 14, and Lady Lake.
•
$500, Jan.
purchase
3M % interest series B construction bonds of 1938.
Dated Oct. 15, 1938.
One bond for $500, others $1,000 each.
Due Jan. 1
follows: $3,000 from 1940 to 1947,
incl., and $3,500 in 1948.
Bidder to
name one rate of interest
in a multiple of M of 1%.
Interest J-J.
A
certified check for $1,000,
payable to the order of the
of $27,500 not to exceed
,
city, must accompany
each proposal.
The bonds are direct obligations of the
city, payable out
of general taxes.
Legality to be approved'by Matson, Ross. McCord &
Cluiord of Indianapolis.
GEORGIA
Ga.-—BONDS OFFERED—Sealed bids were received until
noon on Oct. 12, by Mayor A. G.
Dudley, for the purchase of the following
bonds aggregating $160,000: $100,800
sewer;
$34,200
paving;
$20,000
school, and $5,000 playground bonds.
These bonds were approved by
the voters at an election held on
Sept. 27.
GARY, Ind.—BOND SALE—The City Securities Corp. of
Indianapolis
purchased on Oct. 5 an issue of $25,000 4% street improvement
bonds at
plus $1,750.30, equal to 107, a basis of about
3.18%.
Dated Aug. 15,
1938, and due Oct. 15, 1948.
Interest F-A.
Legality to be approved by
Matson, Ross, McCord & Clifford of Indianapolis.
par
ATLANTA, Ga.—BOND ELECTION—It is stated by L. A. James,
Assistant City Comptroller, that at an election to be held
on Nov. 2 the
voters will pass on the proposed issuance of
$4,000,000 in 2H% various
purpose bonds, to mature from 1942 to 1968.
$20,000
issue
of
GERMAN
8—
O.
Bremen,
R.
F.
D.),
Ind.—BOND
from 1940 to 1950, inol.
Ail of the bonds will be dated Oct. 1, 1938.
Denom. $1,000.
Bidder to
single rate of interest, expressed in a multiple of M of 1
%.
Interest
J-J.
The bonds are payable from unlimited ad valorem
taxes.
•
HAWAII
name a
Legal
opinion of Matson, Ross, McCord & Clifford of Indianapolis will be furnished
HONOLULU
(City
and
County),
Hawaii—BOND
OFFERING
DEFERRED—It is officially stated that the offering of the
$700,000 water
revenue bonds originally scheduled for Oct., 18, as
reported in detail in our
issue of Oct. 8—V. 147, p. 2274—has been
postponed to Oct. 28.
Denom.
$1,000.
Dated Oct. 15, 1938.
Due $28,000 from Oct. 15, 1943 to 1967,
inclusive.
(P.
4%:
$b9,000 school township building bonds.
Due $3,000 July 1, 1939, and
$3,000 Jan. 1 and July 1 from 1940 to 1950, incl.
55,000 Civil Township community building bonds.
Due $5,000 on Jan. 1
3M%
;
TOWNSHIP
OFFERING—Roy Kauffman, Township Trustee, will receive seated bids
until 2:30 p. m. on Oct. 28 for purchase of the
following bonds aggregating
$124,000 and to bear interest at not more than
paying a
Dated Nov.
premium of $1,220, equal to 106.10, a basis of about
2.93%.
1,1938.
Due $1,000 from Jan. 1, 1942 to 1961, incl.
7
' J
,
,
as
ATHENS,
SALE—The
Bank, Lowed.
a
aggre¬
Ga .—BOND
Due as follows: $500, July 1, 1939;
1942 incl.; $500, Jan. 1 and $1,000,
Prin. and int. (J-J) payable at
EAST CHICAGO, Ind .—BOND OFFERING—M. A.
McCormick, City
Controller, will receive sealed bids until 2 p.m. on Oct. 17 for the
'
HOGANSVILLE,
Denom. $500.
and $1.500,.Jan..'1, 1944.
Lowell National
VOLUSIA COUNTY SCHOOL DISTRICTS
(P. O. De Land), Fla.—
BONDS VOTED—It is reported that at
the election held on Sept. 27 the
voters approved the issuance of two
separate district bond issues
semi-ann. school bonds offered for sale on Oct.
V. 147. p. 2274—was awarded to
Wayne Martin & Co. of Atlanta,
1938.
1 and July 1 from 1940 to
y
t
(P. O. Lowell), Ind.—BOND OFFER—
ea^ed bid® addressed to Trustee Vivien Hay den will be received
on Oct. 17 for the purchase of $6,500 5 % coupon funding bonds.
vTTT
:
coupon or registered
2423
exceed
CEDAR CREEK TOWNSHIP
r
Countywide general refunding bonds, dated July 1,1935 (series A and B).
'
V'Uv,
The amount of bonds to be purchased will be
determined by the above
Clerk.
Offerings must be firm for at least 10 days or the same will not
gating $163,000.
to
^afrl 2 p. m.
Pro,? T8ept-
(Series must be specified.)
■■'be considered.
not
4% interest Boone School Township improvement
bonds.
Denom. $1,000 and $500.
Due $500 July 1, 1940; $1,000
ko r\r\f\ Ja?-i and 5500 Ju]y 1 fr°m
1941 to 1953, incl.
Interest J-J.
oU.UOO not to exceed
4% interest Boone Civil Township improvement
bonds.
Denoms. $1,000 and $500.
Due $2,500 on Dec. 30 from
.1939 to 1958, incl.
Interest J-D 30.
Each issue will be dated
Sept. 1, 1938.
Bidder to name a single rate of
interest in a
multiple of M of 1 %.
The bonds are payable from unlimited
**
^jem taxes and will be approved as to legality by Matson, Ross,
McCord & Clifford of
Indianapolis.
19'l8»^Due on °ct- 1 as follows: $500, 1941 to 1952: $1,000, 1953 to 1958;
and $2,000, 1959 to 1967.
Prin. and int. (A-O) payable in Coral Gables,
or at the Central Hanover Bank &
Trust Co., New York.
,
Chronicle
the successful
bidder.
.r-.
,
GOSHEN
SCHOOL CITY,
Ind,—BOND OFFERING—William D.
Champion, Secretary of Board of School Trustees, will receive sealed bids
until 8
m. on Oct. 25, for the purchase of $97,000 not to exceed
4%
bonds.
Dated Oct. 15, 1938.
Denom. $1,000.
Due as
$3,000 July 1, 1940; $3,000 Jan. 1 and July 1 from 1941 to 1954,
incl.; $3,000 Jan. l'and $4,000 July 1, 1955 and $4,000 Jan.
1, 1956.
Bidder to name one rate of interest in a multiple of
^ of 1 %. Interest
J-J.
A certified check for $2,000, payable to order of the school
city,
required.
The bonds are payable from unlimited ad valorem taxes and
will be approved as to legality by Matson, Ross, McCord & Clifford
of
Indianapolis.
■
:
'
"JJ:
.
p.
interest school
follows:
IDAHO
COEUR
d'ALENE, Idaho—BOND OFFERING-—Sealed
bid will be
re¬
ceived until 7:30 p. m. on Oct. 21, by P. N.
Panabaker, City Clerk, for the
$77,178.19 issue of coupon sewage disposal bonds.
Interest
6%, payable semi-annually.
These bonds were ap¬
proved by the voters on Sept. 27.
A certified check for 5% of the bid, pay¬
able to the city, is required.
V
purchase of
a
rate is not to exceed
-
BELLEVILLE SCHOOL DISTRICT, 111.—
An issue of
was sold to the Belleville National Bank.
BUSHNELL, 111.— BONDS APPROVED—On
an
Sept.
29
the
voters
issue of $215,000 light plant bonds in connection with
a
au¬
Public
Works Administration grant.
CHICAGO, 111.—OBTAINS PWA GRANT FOR SUBWAY CONS¬
TRUCTION—The Public Works Administration has
approved a grant of
$18,000,000 to the city for construction of a subway, total cost of which is
estimated at $40,000,000.
City is required to furnish the balance of the
funds,
PWA participation in the project is predicated on the
fulfillment of
certain assurances already given by the
city, including passage at an early
date of
a
unification ordinance which will
will press to a
District Court.
INDIANAPOLIS SCHOOL CITY, IND.—BOND
SALE—The$100,000
bldg. bonds offered Oct. 11—V. 147, p. 2275—-Were awarded to Hempnill,
Noyes & Co. of Indianapolis, as 2s, at a price of 101.298, a basis of about
1.87%.
Dated Oct. 17, 1938 and uue from" 1941 to 1960 incl. as previously
detailed
these columns.
in
Other
bids:
Bidder—
all of the
cover
surface, elevated
It is also understood that the city
conclusion the traction proceedings now
pending in P'ederal
and bus services in the
CIVIL
TOWNSHIP
(P.
O.
Plainfield), Ind.-—BOND
$38,500 community bldg. bohds offered Oct. 7—V. 147,
1955—were awarded to the Union Trust Co. of Indianapolis as 2Ms,
at par plus $636 premium, equal to 101.65, a basis of about.2.51
%.
Dated
Aug. 1, 1938 and due $2,750 on Jan. 1 from 1910 to 1953 incl.
Second
high bidder was Kenneth S. Johnson of Indianapolis who offered a premium
of $335.10 for 2%s.
A group consisting of Indianapolis Bond & Share
Corp., City Securities Corp. and Fletcher Trust Co., all of Indianapolis,
were third high, offering a premium of $313 for 2 Ms.
p.
$40,000 2M% school bonds
thorized
GUILFORD
SALE—The
ILLINOIS
Int. Rote
Mercantile-Commerce
municipality.
Bank
&
Trust
Co.,
—
DECATUR
SANITARY
-
—
—
Other Bids—
sewer
revenue
Chicago, at
bonds
par.
was
Due
as
of $42,000
A. S.
$36,308,044
-
"
'v'-
205,
Due
as
Indianapolis), Ind.—BOND OFFERING—
County Auditor, will receive sealed bids until 10 a.m.
4% interest advance¬
bonds, series B of 1938.
follows:
Dated Oct. 15, 1938.
Denom. $1,000.
$36,000, June 1 and Dec. 1, 1940; $37,000 on June 1 and
incl.
Bidder to name a single rate of interest in a
1 from 1941 to 1949
of
$500, July 1, 1940 and $500, Jan. 1 and July 1 from 1941 to 1953
follows:
inch
.
•'
"
MILLGROVE TOWNSHIP (P. O. Orland), Ind.—BOND SALE—
The $23,000 3% bonds offered Oct. 7—V. 147, p. 1955—were awarded as
follows:
$14 000 school township (two issues of $7,000 each) were purchased by the
Fletcher Trust Co. of Indianapolis at 101.61, a basis of about
'
Due $1,000 on Juiy 1 from 1940 to 1953 incl.
(two issues of $4,500 each) were taken by the First
a basis of about 2.99%.
Due
$250 on Jan. 1 and July 1 from 1940 to 1957 incl.
of the bonds are dated Nov. 1, 1938.
2.77%.
9 000 civil township
Nicolaus & Co. and Stix & Co., both of St. Louis, in joint account.
National Bank of Fremont at 100.07,
SANDWICH, 111.—BOND SALE DETAILS—The $50,000 sewer and
water works bonds described in V. 147, p. 2275 were purchased
by the
Municipal Bond Corp. of Chicago, as 3 Ms, at par plus $280.50, equal to
100.56, a basis of about 3.16%.
Ali
PORTAGE TOWNSHIP SCHOOL TOWNSHIP (P. O. East Gary),
BOND OFFERING—Sealed bids addressed to Trustee Carl Hamsbe received until 8 p. m. on Nov. 1, for the purchase of $29,000
not to exceed 4 M% interest school building bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due $1,000 July 1, 1939; $1,000 Jan. 1 and July 1 from
1940 to 1953, incl.
Bidder to name one rate of interest in a multiple of
M of 1%
Interest J-J.
The bonds are payable from unlimited ad valorem
taxes
A certified check for $1,000, payable to order of school township,
Ind
trorn will
ZION, III.—BOND SALE DETAILS—The $32,500 sewer bonds sold to
Barcus, Kindred & Co. of Chicago—Y. 147, p. 2275—bear 5% interest and
brought a price of par.
Dated May 1, 1938, and due in 20 years.
Denom.
$1,000.
Interest M-D.
Coupon in form.
INDIANA
required.
Legality to be approved by Matson, Ross, McCord & Clifford
of Indianapolis.
Center), Ind.^-BOND
OFFERING—Wiuiam J.
177.50
MARTINSVILLE,SCHOOL CITY, Ind.—BOND SALE—The issue
SALE
..
?01.75
3%
$13 500 school bonds offered Oct. 10—V. 147, p. 2275—was awarded to
McNurlen & Huncilman of Indianapolis.
Dated Oct. 1, 1938.and due as
Belleville), III.—BOND SALE—An Issue
$375,000 2M% hospital bonds is reported to have been sold to
Stifel,
,
-------
24 for the purchase of $738,000 not to exceed
ment fund
ST. CLAIR COUNTY (P. O.
(P. O. Royal
—
$42.50
-furnished the successful bidder.
DATE—Sealed bids for purchase of the $1,650,000 not to exceed
3% interest
p. 1955, will be received until $ p. m.
Oct. 20.
Goodrich, township Trustee, will receive sealed
bids until 2 p. m. (Central Standard Time) on Nov. 1 for purchase of the
following:
-
direct obligation of the county, payable from unlimited ad valorem taxes
all of its taxable property.
A certified check for 3 % of the bonds bid for,
payable to the order of the Board of County Commissioners, is required.
Legal opinion of Matson, Ross, McCord & Clifford of Indianapolis will be
on
BOONE SCHOOL TOWNSHIP
„
Premium
2M%
2M%
2M%
3%
on
building bonds described in V. 147,
of
—„
multiple of M of 1%. payable J-D.
Proceeds of the issue will be turned
over to townships in the county for poor relief purposes.
The bonds are a
.
111.-—BOND
*
...
—
Huyck & Co-------Jasper..
Oct
Dec
4% water and
RIDGWAY TOWNSHIP (P. O. Ridgway), III.—BONDS
SOLD—'The
Municipal Bond Corp. of Chicago purchased an issue of $10,000 road
bonds as 4Ms, at par.
Due $2,000 on Dec. 30 from 1940 to 1944 Jncl.
•'/
(Above supersedes the report given in V. 147, p. 2275.)
NO.
101.03
vs';'":
100.41
MARION COUNTY (P. O.
Williams & Co*. Inc.,
$1,000, 1942 to 1948 incl.; $2,000 from
DISTRICT
101.86
101.20
Int. Rate
Charles A. Grossart,
on
$3,000, 1951; $2,000, 1952; $3,00Q, 1953; $2,000, 1954, and $3,000
SCHOOL
■
German American Bank,
from 1955 to 1957, incl.
ROCKFORD
102.19
'
-
Kenneth S. Johnson.
NEW ATHENS SCHOOL DISTRICT NO.
68, III.—BOND SALE DETAILS—'The $19,000 (not $20,000) school bonds sold to Lewis,
Williams &
Co., Inc., Chicago, as 3s, at. 101.35—V. 147, p. 2275—mature
Aug. 1 as.
follows:
'
■
Fletcher Trust Co
sold in August to Lewis,
follows:
1949 to 1958 incl. and $3,000 from 1959 to 1963 ipcl.
.
„
1, 1941; $13,000 May 1 and Nov. 1,
1, from 1943 to 1953, incl.
Bidder to name the rate of interest and
bid a price of not less than par and accrued interest.
Principal and interest
(M-N) payable at District Treasurer's office.
Bonds were authorized at an
election on Sept. 2.
Legal opinion of Chapman & Cutler of Chicago will be
furnished the successful bidder.
Purchaser will be obliged to pay the cost
of printing and furnishing bond forms.
A certified check for 3 % of the issue
HILLSBORO, 111.—BONDS SOLD—An issue
—
Bidder—
Indianapolis Bond & Share Corp
$12,000 May 1 and
1942, and $15,000 May 1 and
is required.
District reports an assessed valuation for 1937 of
and bonded debt in amount of $90,000.
100.39
100.18
100.06
,
JASPER
CIVIL CITY,
Ind.—BOND SALE—The $25,000 school
building bonds offered Oct. 10—V. 147, p. 1955—were awarded to the
Dubois County State Bank of Jasper as 2 Ms, at 100.06, a basis of about
2.49%.
Dated Oct. 1, 1938 and due $2,500 on April 1 from 1941 to 1950
incl.. Second high bid of 100.31 for 2MS was made by the City Securities
Corp., Indianapolis.
V.
DISTRICT, III.—BOND OFFERING-?-J. D.
Nov.
—
-
Johnson, District Clerk, will receive sealed bids until 10 a. m. on Oct. 18
for the purchase of $380,000 storm water, relief and sewer
general obligation
bonds.Dated Nov. 1, 1938.
Denom. $1,000.
Due
Nov.
2%
2%
2%
_2 M %
2M %
-_-2M%
2M%
Halsey, Stuart & Co., Inc.,Chicago.*..
The Northern Trust Co.,Cnicago. Brown Harriman & Co., Chicago
F. S. Moseley & Co., Chicago—_
Blyth & Co.,Inc.,Chicago
Fletcher Trust Co.; Indianapolis Bond & Share
Corp.; City Securities Corp.' and Union Trust
Co., Indianapolis
2M %
DECATUR, 111.—BOND OFFERING—Jerome J. Heger, City Clerk,
will receive sealed bids until 10 a. m. on Oct. 18 for the
purchase of $500,000
3% storm water sewer and water relief sewer bonds.
Dated Sept. 1, 1938.
Denom. $1,000.
Due Sept. 1 as follows:
$18,000, 1939 to 1941 incl.;
$20,000, 1942 and 1943; $22,000, 1944 to 1946 incl.; $23,000, 1947 and 1948;
$25,000, 1949 and 1950; $27,000, 1951; $28,000, 1952; $30,000 from 1953 to
1955 incl. and $33,000 from 1956 to 1958 jncl.
Prin. and int. (M-S) payable
at City Treasurer's office.
A certified check for 3% of the bonds must
accompany each proposal.
Successful bidder will be furnished, and bids
should be conditioned solely upon
receipt of, approving legal opinion Of
Chapman & Cutler of Chicago.
Bids should contemplate payment by the
successful bidder of the cost of furnishing and
printing the bond forms.
Rule Bid
St.
Louis and Almstedt Brothers, Louisville--.
Harris Trust & Savings Bank, Cnicago—_—
COUNTY (P. O. Valparaiso), Ind.—BOND SALE—The
hospital bonds offered Oct. 7—V. 147, p. 1955—were awarded
PORTER
<
$120 000
to
Harris Trust & Savings Bank of Chicago as 2 Ms, for a premium of $77,
Oct.
Chronicle
Financial
2424
IS. 1938
OFFERING—It is reported that
Nov. 7, by the Town Clerk, for the
works revenue bonds.
MANNING, Iowa —BOND
100.064, a basis of about 2.24%. Dated Sept. 1, 1938 and due
follows: $5,000, 1940 to 1943, incl.; $6,000, 1944 to 1953, incl.:
$8,000 from 1954 to 1958, incl.
Second high bid of 101.022 for 2 Ms
made by John Nuveen & Co. of Chicago.
equal to
received until 10 a. m. on
Jan. 1 as
an
and
was
MASON
DISTRICT (P. O. Arthur)
building bonds offered for sale
8—V. 147, p.
100.776,
1939 to
OFFERING—
Oct. 18, by P A
issue of court
approved by the voters at an
bonds,
MISSOURI VALLEY INDEPENDENT SCHOOL DISTRICT
Valley), Iowa—BOND SALE—The $35,000 issue of
Missouri
BLOOMFIELD
Iowa—BOND
BOONE,
Secretary.
1949.
"Nov. 1, 1939 to 1944 incl. Prin. and int. payable at the
City Treasurer. The city will furnish the approving opinion
& Cutler of Chicago, or of Stipp, Parry, Bannister & Starzinber of Des Moines.
These bonds are optional after one year from date
of issuance.
No certified check is required with bid.
Financial Statement, Jan. 1, 1938—Municipal Water Works
$5,000 from
Cash on
hand
Investment securities on hand
Gross income, 1937
'.
Operating &
maintenance costs,
—
—
----
1937—
earnings, 1937
annual surplus last 5 years
Cost improvements & betterments, 1937
Average annual costs imp. & bet. last 5 years
Miles distribution mains
Surplus
Average
Number service connections.
Total city bonded indebtedness
pany
NEWTON, Iowa—BOND SALE—The two issues of bonds aggregating
$75,000, offered for sale on Oct. 10—V. 147, p. 2276—were
to
Carleton D. Beh Co. of Des Moines as 2M®. at a price of 102.08,
to the City Clerk.
The issues are as follows: $60,000 improvement
and $15,000 sewer bonds.
awarded
the
according
None
45,635.34
'10,000.00
74,237.29
fund
34,098.86
40,138.43
33,976.81
23,780.69
17,299.00
44.56
3080
152,000.00
(general obligation)
BUCHANAN COUNTY (P. O. Independence), Iowa—BOND OFFER¬
ING—It is stated by John Corcoran, Jr., County Treasurer, that he will
receive bids until 10 a. m. on Oct. 22, for the purchase of an issue of $110,000
court house bonds.
Due $11,000 from Nov. 1, 1939 to 1943 incl.' A
certified check for $2,200, payable to tije County Treasurer, must accom¬
NORA SPRINGS
l5,
to 1957.
An offer of
,
by the First
National Bank of Mason
Dated Oct. 1, 1938.
at any
City, at 1 M%. according to the
Due on Dec. 31, 1939; redeemable
time.
OAKLAND TOWNSHIP SCHOOL DISTRICT
Iowa—MATURITY—It is stated by the District
for tne
May 1 as follows: $1,000 in 1939, and
approved these bonds at an election on
on
$2,000, 1940 to 1943.
Sept. 9.
The voters
INDEPENDENT SCHOOL DISTRICT (P. O. Daven¬
port), Iowa—BOND OFFERING—It is stated by J. E. Baumgartner,
Secretary of the Board of Directors, that he will receive sealed and auction,
bids until Oct. 17, at 9:30 a. m., for the purchase of an issue of $1,800,000
DAVENPORT
registered semi-ann. building bonds. Dated Oct. 1, 1938.
Due Nov. 1 as follows: $85,000 in 1942, $74,000 in 1943,
$94,000 in 1945, $96,000 in 1946, $99,000 in 1947, $101,000
in 1948, $104,000 in 1949, $106,000 in 1950, $109,000 in 1951, $112,000 in
1952, $114,000 in 1953, $117,000 in 1954, $120,000 in 1955, $123,000 in
1956, $126,000 in 1957, and $129,000 in 1958.
The Board of Directors
reserves the right to accept bids only on $1,346,000 of the bonds maturing
Nov. 1, as follows:
$63,000 in 1942, $53,000 in 1943, $68,000 in 1944,
$70,000 in 1945, $72,000 in 1946, $74,000 in 1947, $76,000 in 1948, $78,000
in 1949, $79,000 in 1950, $81,000 in 1951, $84,000 in 1952, $86,000 in 1953,
$88,000 in 1954, $90,000 in 1955, $92,000 in 1956, $95,000 in 1957, and
$97,000 in 1958.
The approving opinion of Chapman & Cutler of Chicago,
will be furnished.
Principal and interest payable at the District Treasurer
office.
These are the bonds authorized at the election held, on Sept. 26.
Enclose a certified check for 3% of the bonds finally offered, payable to
the District Treasurer.
"
3%
coupon or
Denom.
$1,000.
$91,000 in 1944,
Iowa—BOND OFFERING— It is stated by W. C.
Clerk, that he will receive sealed and open bids until
the purchase of an issue of $165,000 electric plant
bonds.
Dated Oct. 1, 1938.
Due $4,000, May and Nov. 1, 1940; $4,000,
May and $5,000, Nov. 1, 1941; $5,000, May and $6,000, Nov. 1, 1942;
$6,000, May and $7,000, Nov. 1, 1943; $7,000, May and $8,000, Nov. 1,
1944; $8,000, May and Nov. 1, 1945, $8,000, May and $9,00a, Nov. 1,1946;
$9,000, May and Nov. 1, 1947, and 1948, and $10,000, May and Nov. 1,
1949 and 1950.
All or any part of the bonds are callable on any interest
CITY,
FOREST
Haugland, City
Oct. 20, at
9 a. m., for
and accrued interest. All
all other things being
for the lowest rate of
interest bid upon will be given preference.
The bonds may be registered
to principal only.
Prin. and int. (M-N) payable at the City Treasurer's
office.
The bonds are not general obligations of the city but are payable
solely and only out of future earnings of the municipal electric light and
Eower plantbe sold subject to the opinion of Stipp, Perry, Bannister &
onds will
and distribution system and the net earnings therefrom. The
Starzinger, of Des Moines, whose opinion will be furnished the purchaser.
paying date on and after May 1, 1943, at par,
bids must specify the rate of interest bid upon, and
equal, the bid of par and accrued interest or better
as
payable to the city.
FREMONT, Iowa—MA TURITY—It is stated by the Town Clerk
that the $13,500 water works bonds purchased by Jackley & Co. of Des
Moines, as 3M8. at a price of 100.185, as noted here—V. 147, p. 2276—
mature on Nov. 1 from 1940 to 1955, giving a basis of, about 3.48%. •
GALVA CONSOLIDATED SCHOOL DISTRICT (P. O. Galva),
Iowa—BOND SALE DETAILS—It is reported by the District Secretray
Enclose a
certified check for $2,500,
State
sold as
Oct. 1
of
$16,500 school building bonds purchased by the Holstein
Bank of Holstein, as noted here on Oct. 1—V. 147, p. 2120—were
2%s, paying a premium of $12.50, equal to 100.07, and mature on
as follows:
$3,000 from 1945 to 1949, and $1,500 in 1950, giving a basis
about 2.74%.
Interest payable A-O.
that the
GRAETTINGER
INDEPENDENT
SCHOOL
DISTRICT (P. O.
Iowa—BOND SALE DETAILS—We are informed by the
District Secretary that the $15,000 gymnasium construction bonds sold
on Sept. 20, as noted here—V. 147, p. 227fr—were purchased by the WhitePhillips Corp. of Davenport, as 3s at par.
Coupon bonds dated Oct. 1,
Graettinger),
1938.
terest
Denominations $500 and
$1,000.
Due from 1944 to 1956.
In¬
payable M-N.
HARCOURT, Iowa—BOND OFFERING—It is reported that sealed
bids will be received by Ray Elg, Town Clerk, until Oct.
for the purchase of a $12,000 issue of water worics bonds.
21,
Due
and open
at 10 a. m.,
in 20 years,
optional after five years.
HARRISON
$22,600 issue of
awarded
to
COUNTY (P. O. Logan), Iowa—BONDS SOLD—A
refunding bonds was offered for sale on Oct. 11 and was
Vieth, Duncan &
Wood of Davenport, reports the
County
Treasurer.
Iowa—BONDS SOLD—It is stated that $22,000 building
bonds were purchased on Oct. 3 by the White-Phillips Corp. of Davenport,
as 3 Ms, paying a premium of $185, equal to 100.84, a basis of about 3.16%.
Dated Sept. 1, 1938,
Denom. $500.
Due as follows: $1,000 Nov. 1,
1940 to 1952, $1,500 Nov. 1, 1953 te 1957, and $1,500 Sept. 1; 1958.
LAKE VIEW,
and interest payable
Chapman & Cutler of Chicago.
Principal
in Lake View.
Legality approved by
Wood
(P. O. Popejoy),
Secretary that the
of Daven¬
2276—are
1947
$25,300 building bonds purchased by Veith, Duncan & Wood
port, as 3 Ms, at a price of 100.217, as noted here—V.
p.
due on Nov. 1 as follows: $800 in 1939; $1,000, 1940 to 1946; $1,500,
to 1955, and $2,000 in 1956 and 1957, giving a basis of about 3.48% .
147,
REMSEN,
Iowa—BOND SALE— The $30,800 issue
of coupon electric
bonds offered for sale on Oct. 10—V- 147, p. 2120—was awarded
Jackley & Co. of Des Moines, as 2Ms, paying a premium of $285, eq
to 100.925, a basis of about 2.53%.
Dated Oct. 1, 1938. Due on Oct. 1
from 1939 to 1946.
The other bids were as follows:
'
revenue
ual
to
Premium
$20.00
255.00
3M%
20.00
3%
170.00
3%
141.00
2M%
105.00
2M%
191.00
2M%
160.00
SHELDON, Iowa—BONDS SOLD—It is reported that $44,000 3%
semi-ann. municipal building bonds were purchased recently by Vieth,
Int. Rate
Bidder—
COUNTY (P. O. Spencer), Iowa—BOND OFFERING— Bids
received by C. R. Howe, County Auditor, until Oct. 18, at 2 p. m.,
purchase of a $9,000 issue of jail bonds.
Dated Oct. 1, 1938. Due
CLAY
will be
submitted by Vieth, Duncan &
the second best bid.
$66 premium on 2 Ms,
of Davenport, was
GORDO COUNTY (P. O. Mason City), Iowa—CERTIF¬
SALE—The $25,000 issue of road construction anticipation
offered for sale on Oct. 10—V. 147, p. 2276—was purchased
County Treasurer.
Springs), Iowa
for sale on Oct.
tne bid.
certificates
SCHOOL DISTRICT (P. O. Nora
$18,500 issue of coupon gymnasium bonds offered
8—V. 147, p. 2276—was awarded to the First National
Bank of Mason City, as 2 Ms, paying a premium of $70, equal to 100.378,
a basis of about 2.46%.
Dated Oct. 15, 1938.
Due from Oct.
1939
—BOND SALE—The
CERRO
ICATE
•
,
HAMPTON
for $1,000.
—---—-—$558,846.95
indebtedness
,
SCHOOL DISTRICT (P. O'. New Hampton),
Iowa—BOND OFFERING—Bids will be received until 2 p. m. on Oct. 17,
by Alfred Kelson, District Secretary, for the purchase of an $82-000 issue
of building bonds.
Dated Oct. 1, 1938.
Denom. $1,000. Due Nov. 1,
as follows: $3,000 in 1940 to 1943, $4,000 in 1944 to 1948, $5,000 in 1949 to
1952, and $6,000 in 1953 to 1957.
Bidders to name the rate of interest.
The District will furnish the legal opinion and the blank bonds.
The bonds
were authorized at the election held on Sept. 28.
Enclose a certified check
NEW
office of the
of Chapman
Bonded
(P. O.
coupon
Oct. 11—V. 124, p. 2276—was awarded
Moines, as 3s at par, reports the District
Due from Oct. 1, 1940 to 1958; callable on and after Oct. 1,
bunding bonds offered for sale on
to the Polk-Peterson Corp. of Des
OFFERING—Sealed bids will be received until
Valuation
Due from Nov. 1,
Dated Sept. 15,1938.
2.16%.
DISTRICT (P. O. Minden), Iowa—BOND SALE—
The $26,500 issue of building bonds offered for sale on Oct. 10—V. 147,
p. 2276—was awarded to the White-Phillips Corp. of Davenport, as 3 Ms,
paying a premium of $10, equal to 100.037, a basis of about 3.495%
Dated Oct. 15, 1938.
Due from 1940 to 1958.
election on Sept. 8.
INDEPENDENT SCHOOL DISTRICT (P. O. Bloomfield). Iowa—BONDS SOLD—Iu is reported by the District Secretary that
$50,000 building bonds were offered on Oct. 12 and were awarded to the
Iowa-Des Moines National Bank & Trust Co. of Des Moines.
house
a basis of about
1957 incl.
MINDEN SCHOOL
AUDUBON COUNTY (JP. O. Audubon), Iowa—BOND
reported that bids will be received until 10 a. m. on
County Treasurer, for the purchase of a $73,000
It is
Johnson,
issue of library
Iowa—BOND SALE—The $169,400
2276—was awarded to the First
to the City Auditor.
Dated
Oct. 15, 1938.
Due from Oct. 15, 1940 to 1958.
MASON CITY INDEPENDENT SCHOOL DISTRICT (P. O. Mason
City), Iowa—BOND SALE—The $190,000 issue of building bonds offered
for sale on Oct. 6—V. 147, p. 2120—was awarded to the Harris Trust &
Savings Bank of Chicago, as 2Ms, paying a premium of $1,475, equal to
2276—was awarded to the Carleton D. Beh Co. of
Des Moines, according to official report.
The District Secretary states that the bonds were sold at 3%, pins a
premium of $1 and they are described as follows, Coupon bonds, dated
Oct. 1, 1938.
Denoms. $500 and $1,000. Due as follows: $500, 1940
to 1949, and $1,000, 1950 to 1956.
Interest payable M-N.
Oct.
on
CITY,
bids will be
purchase of
bonds offered for sale on Oct. 12—V. 147, p.
National Bank of Mason City, according
IOWA
ARTHUR INDEPENDENT SCHOOL
Iowa—BOND SALE—The $12,000 issue of
$8,000 issue of water
Farmers Savings
Bank, Remsen—
Savings Bank, Remsen—
__
Veith, Duncan & Wood, Davenport
Polk Peterson Corp., Des Moines. ____
...
__1
W. D. Ilanna & Co., Burlington (Sioux City)
White, Phillips, Davenport...
Carlton D. Beh Co., Des Moines
...
Shaw, McDermot & Sparks, Des Moines...—_____
First Trust &
Duncan &
2M%
2M%
Wood of Davenport, at par.
.
SCHOOL DISTRICT (P. O. Shipley),
will be received until 2 p. m. on Oct. 18,
District Secretary, for the purchase of a $10,000 issue of building
approved by the voters at an election on March 14.
SHIPLEY CONSOLIDATED
Iowa—BOND OFFERING—Bids
by the
bonds,
INDEPENDENT SCHOOL DISTRICT (P. O. Silver
Iowa—PURCHASERS—It is now reported that the $15,000 4M%
school bonds sold at a price of 104.00, a basis of about 3.90%
noted in these columns on Oct. 1—V. 147, p. 2120—were purchased jointly
by the Pyper Co., Inc. of Council Bluffs, and tne Council Bluffs Savings
Bank.
Due $1,000 on Sept. 15 from 1939 to 1953, inclusive.
SILVER CITY
City),
semi-ann.
WASHINGTON SCHOOL
DISTRICT (P. O. Washington), Iowa—
reported that $127,000 school bonds were purchased
Moines National Bank & Trust Co. of Des Moines, as 2 Ms.
BONDS SOLD—It is
by the Iowa-Des
WYOMING INDEPENDENT
SCHOOL DISTRICT (P. O.
Wyoming),
Iowa—BOND SALE—The $19,800 issue of coupon gymnasium-auditorium
bonds offered for sale on Oct. 11—V. 147, p. 2276—was awarded to
Carleton D. Beh Co. of Des Moines, as 3Ms, paying a premium of $80,
the
equal to 100.404. a basis of
Nov. 1, 1943 to 1956 incl.
about 3.21%.
Dated Nov. 1, 1938.
Due from
KANSAS
SCHOOL DISTRICT (P. O. Chanute), Kan.—BOND
SALE DETAILS—We are now informed by the Superintendent of Schools
that the $55,000 building bonds purchased on Sept. 29 by the State School
Fund Commission, as noted here—V. 147, p. 2120—were sold at par as
follows: $27,500 as 2s, maturing $2,750 from 1939 to 1948; the remaining
$27,500 as 2Ms, maturing $2,750 from 1949 to 1958.
CHANUTE
COTTONWOOD FALLS, Kan.—BOND
be received until 7:30 p. m. on
OFFERING—Sealed bids will
Clerk, for the
Oct. 17, by D. J. Fisk, City
rate
purchase of a $10,000 issue of internal improvement bonds.
Interest
is not to exceed 3 M %, payable A-O.
Dated Oct. 1, 1938. Denom. $1,000.
Due $1,000 Oct. 1, 1941„to 1950.
Rate of interest to be in multiples of
or l-10th of 1 % and must be the same for all of the bonds.
No bid for less
than par and accrued interest.
Enclose a certified check for 2% of
M
bid.
SHAWNEE
are
COUNTY (P. 6. Topeka), Kan.—BONDS SOLD—We
E. Holman, Clerk of the Board of County Com¬
informed by Charles
missioners, that $25,000 coupon public work relief bonds were
Oct. 7 to Stern Bros. & Co. of Kansas City, as 1 Ms, paying a price
Cole & Co. of
101.621 for the same rate of
Beecroft,
sold on
of 102.13.
offering
Topeka was the second best bidder,
interest.
KENTUCKY
KENTUCKY, State of—BOND SALE— The $513,000 issue of bridge
revenue, Project No. 15 bonds offered for sale on Oct. 11—V.
p. 1956
—was awarded to Blyth & Co., Inc., and associates, as 3s, paying a price
of 100.11, according to report.
The unsuccessful bids were as follows:
Names of Other Bidders—
Price Bid
Rate
Stranahan Harris & Co., Inc. & others
$99.67
3%
The Weil, Roth & Irving Co. & others
99.08
3%
Charles A. Hinsch & Co., Inc. & others
100.01
3M%
The firms of J. J. B. Billiard & Son, Almstedt Bros., the Bankers Bond
Co., all of Louisville, the Security & Bond Co. of Lexington, and Stein Bros.
& Boyce of Baltimore, all were in joint account with Blyth & Co. in the
147,
successful bid.
*
sealed
LOUISVILLE, Ky.—BONDS OFFERED—It is reported that
bids were ceived until 10 a. m. on Oct. 15 by John R. Lindsay, Director
of Finance, for the purchase of $1,280.79 4% semi-annual street improve¬
ment, series A H, bonds.
,
LOUISVILLE, Ky.—BONDS
disposal plant revenue
Louisville.
SOLD—It is reported that $41,000 sewage
bonds were purchased by
W. L. Lyons & Co. of
Volume
147
Financial
Chronicle
2425
MARYLAND
Louisiana
BALTIMORE, Md—TO
Municipal Bonds
PROFIT BY ERROR IN PENSION FUND—
IIbe city will
profit to the extent of $584,800 due to the recent
of an error in the
matter of contributing to the
Bought and Sold
System
discovery
Municipal Retirement
pension fund.
otate for
A payment of $594,503
will
the same reason.' The
money represents
also
be made to the
the excess payments
which were made
by both governments into the school teachers' fund since
its inception in
1926.
The discrepancy was uncovered
by
Whitney National Bank
George
B.
ituck, actuary for the system.
The sum to be paid over to the city govern¬
yield obtained by 5 cents in the municipal tax rate,
according to report.
ment is more than the
of New Orleans
H?WARD COUNTY (P. o. Ellicott City), Md.—BOND SALE DEi7,STT.he $104,000 3 % public works bonds awarded to syndicate headed
by Mackubin, Legg & Co. of Baltimore at 107.899, a basis of about
2.43%
—V. 147, p. 2277—are
payable with J-J interest at the County Treasurer's
office.
County's full faith and credit is pledged for payment of the debt.
rn
v
LOUISIANA
BEAUREGARD PARISH SCHOOL DISTRICTS
(P. O. De Ridder),
La.—BOND OFFERING—Sealed bids will be received until 10 a. m. on
Nov. 2, by K. R. Hanchey,
Secretary of the Parish School Board, for the
purchase of two issues of not to exceed 6% semi-ann. school bonds aggre¬
gating $160,000, divided as follows:
$100,000 School District No. 3 bonds.
incl.
A certified check for
Due from Oct. 15.
1939 to 1953,
$1,500, payable to the School Board,
must accompany the bid.
60,000 School District No. 1 bonds.
Duefrom Oct. 15,1939, to 1958, incl.
A
certified check for $800, payable to the School Board, must
accompany this bid.
Denoms. $1,000 and $500.
Dated Oct. 15, 1938.
No bid is to be for less
than par and accrued interest.
The approving opinion of Chapman &
Cutler of Chicago, will be furnished.
BIENVILLE PARISH SCHOOL DISTRICT NO. 2
(P. O. Arcadia),
La.—BOND OFFERING—Sealed bids will be received until 11 a. m. on
Oct. 26, by J. A. Shelby, Secretary of the Parish School
Board, for the
purchase of a $30,000 issue of 5% semi-annual school bonds.
Dated
Dec. 1, 1938.
Denom. $500.
Due Dec. 1, as follows: $1,000 in 1939 and
194Q, $1,500 in 1941 to 1943, $2,000 in 1944 to 1947, $2,500 in 1948 to
1952, and $3,000 in 1953.
These bonds were authorized at an election held
on Sept. 13.
The approving opinion of Charles & Trauernicht of St. Louis,
will
be furnished.
Enclose a certified check for $1,500,
President Parish School Board.
payable to the
CADDO PARISH SCHOOL DISTRICT NO. 5
(P. O. Rodessa), La.
—BOND SALE—The $125,000 issue of school
improvement bonds offered
for sale on Oct. 12—V.
147, p. 1808—was awarded to Barrow, Leary & ,Co.
of Shreveport.
Dated Sept. 1, 1938,
Due from Sept. 1, 19o9 to 1942 incl.
CONCORDIA PARISH SCHOOL DISTRICTS
(P. O. Vidalia), La.—
BOND SALE—The two issues of bonds
aggregating $17,500, offered for
sale
on Oct. 5-—V.
147, p. 1808—were purchased by the Concordia Bank &
Trust Co. of Vidalia, as 5s at par.
The issues are as follows:
$2,000 School District No. 1 bonds.
15,500 School District No. 4 bonds.
MARYLAND (State of),—PWA APPROVES GRANT FOR
BRIDGE
CONSTRUCTION—The Public Works Administration has agreed to furnish
grant of $1,766,700 toward cost of construction a
$3,826,000 bridge across
the Potomac River from
a point in Charles
County, Md., at or near Ludlow's
berry to a point approximately opposite in the State of
Virginia near
Dahlgren.
The State has assured the PWA of its ability to
put the balance
or 55% of the
projected expenditure.
The proposed structure is part of
the program submitted
bridges,
by the State'which calls for construction of three
Baltimore, one at Navre de Grace and the Morgantown span.
OFFERING—Chairman T. Howard Duckett
announces
that the Sanitary
Commission will receive sealed bids at its office in the Tower
Bldg., Wash¬
ington, D. C., until 3 p. m. on Oct. 19 for the purchase of
$110,000 3%
bonds.
Dated Oct. 1, 1938 and due Oct. 1 as follows:
$4,000, 1940 to
1943 incl.; $5,000, 1944 to 1948 incl.; $6,000, 1949 to 1952
incl.; $7,000
from 1953 to 1955 incl. and $8,000 from 1956 to
1958 incl.
Interest pay¬
able semi-annually.
A certified check for $1,000 is required.
The bonds
carry all the exemptions as to taxes of Maryland municipal bonds and are
guaranteed unconditionally as to both
principal and interest by Mont¬
gomery and Prince George's counties by endorsement on each bond.
Pay¬
ment of principal and interest is to be made
primarily from receipts from
water consumption and service
charge under the provisions of Section 4,
Chapter 389 of the Maryland Assembly Acts of 1937.
Proceeds of issue
will be used for the erection of a 2,500,000 gallon steel
standpipe at Bradley
Hills and one of 4,000,000 at Wheaton, with concrete foundations.
MASSACHUSETTS
BROCKTON, Mass.—BOND SALE—The $125,000 coupon municipa
relief bonds offered Oct, 11—V. 147, p. 2277—were awarded to
Newton,
Abbe & Co. of Boston as l^s, at 100.76, a basis of about
1.60%.
Dated
as follows:
$13,000 from 1939 to 1943, incl.
$12,000 from 1944 to 1948, incl.
Second high bid of 100.567 for
was entered jointly
by Bond, Judge & Co. and C. F. Childs & Co.,
Oct. 1, 1938 and due Oct. 1
and
Due within 7 years.
Due within 15 years.
one at
WASHINGTON SUBURBAN SANITARY DISTRICT, Md.—BOND
both of Boston.
•
EUNICE, La.—BONDS SOLD—It
is now reported by W. H. Kessler,
Clerk, that the $75,000 street improvement bonds offered for sale
without success on June 14, when all bids were
rejected, were purchased
on Aug. 5 by L. E. French & Co. of
Alexandria, as 4j^s, at a price of par.
Town
MADISON PARISH SCHOOL DISTRICT NO. 2
(P. O. Tallulah),
La.—BOND SALE—The $50,000 issue of 4% semi-ann. school bonds offered
for sale
on Oct. 6—V. 147, p. 1809—was awarded
jointly to Scharff & Jones
Orleans, and the Tallulah State Bank & Trust Co., paying a premium
$1,801.36, equal to 103.602, a basis of about 3.18%.
Dated Sept. 1,
1938.
Due from Sept. 1, 1939 to 1946.
of New
of
The other bids received
were
as
follows:
V
^Bidder—
Premium
$1,095.00
White Dunbar & Co__
Woolfolk, Huggins & Shober
Leonard J. Daniels & Co.
Barrow Leary & Co__
Brown Corrigan & Co_
Weil & Co., Inc
Ernest M. Loeb Co., Ltd
837.50
>
760.00
•
„
—
—
-—>-
1,571.90
1,582.00
1,531.61
1,025.00
MADISON PARISH (P. O. Tallulah), La .—BOND SALE— The $60,000
issue of 4% semi-ann. court house and jail bonds offered for sale on Oct. 10
—V.
147, p. 1956—was'awarded to Weil & Co. of New Orleans, paying a
premium of $2,585.40, equal to 104.309, a basis of about 3.30%.
Dated
Sept. 1, 1938.
Due from Sept. 1, 1939 to 1950 incl.
Other bids bids were as follows:
Bidder—
Premium
White, Dunbar & Co., Inc., New Orleans
Scharff & Jones, New Orleans
Woolfolk, Huggins - Schaber, New Orleans
Barrow, Leary & Co., Shreveport
:
—$1,686.75
2,200.00
1,787.40
2,175.10
OPELOUSAS, La .—BOND OFFERING—It is stated by R. L. Fields,
City Clerk, that he will receive sealed bids until 11 a. m. on Nov. 7 for the
a $75,000 issue of public improvement bonds.
Interest rate
is not to exceed 6%,
payable M-N. Denom. $1,000. Dated Nov. 1, 1938.
Due from Nov. 1, 1939 to 1953.
The approving opinion of B. A. Campbell
of New Orleans will be furnished.
A certified check for $1,500, payable to
the city, must accompany the bid.
purchase of
ST.
MARTINVILLE, La.—BOND OFFERING—It is reported that
bids will be received by Mayor Robert J. Guirard, until 5
p. m.
Oet. 25, for the purchase of the following issues of not to exceed 6%
semi-ann. bonds, aggregating $75,000, divided as follows:
sealed
on
«
$50,000
bonds.
Due from Oct.
1, 1939 to 1978.
A certified check
$1,000 must accompany the bid.
25,000 Sewerage District No. 1 bonds.
Due from Oct. 1, 1939 to 1968.
A certified check for $500 is required with this bid.
Denom. $500.. Dated Oct. 1, 1938.
The approving opinion of Chapman
& Cutler of Chicago, will be furnished.
sewer
for
VIVIAN, La.—BOND SALE—The two issues of bonds aggregating
$30,000, offered for sale on Oct. 10—V. 147, p. 2121—were awarded jointly
to Scharff & Jones of New Orleans and Barrow,
Leary & Co. of Shreveport,
as 5s, paying a price of 100.083.
The issues are divided as follows: $15,000
city hall and $15,000 swimming pool bonds. Dated Nov. 1, 1938. Due in
from one to 20 years.
CAMBRIDGE,
Mass.—BOND SALE—The $1,188,000 coupon bond
offered Oct. 14 were awarded to a group
consisting of Halsey, Stuart &
Co., Inc., Goldman, Sachs & Co., First of Michigan Corp., all of New York
H. C. Wainwright & Co. and Bond, Jqdge & Co., Inc., both of
Boston,
on a bid of 101.168 for 2s, a basis of about
1.86%.
Sale consisted of:
$510,000 building loJn (alterations and additions—high and Latin schools)
bonds.
Due Oct.. 1 as follows: $26,000 from 1939 to 1948 incl.
and $25,000 from 1949 to 1958 incl.
213,000 school bonds.
Due Oct. 1 as follows: $11,000 from 1939 to 1951
*
incl. and $10,000 from 1952 to 1958 incl.
30,000 building (library) bonds. 'Due Oct. 1 as follows: $2,000 from
1939 to 1948 incl. and $1,000 from 1949 to 1958 incl. 105,000 building (municipal garage) bonds.
Due Oct. 1 as follows: $6,000
from 1939 to 1943 incl. and $5,000 from 1944 to 1958 incl.
180,000 hospital bonds.
Due $9,000 on Oct. 1 from 1939 to 1958 incl.
150,000 building (municipal incinerator) bonds.
Due Oct. 1 as follows:
$8,000 from 1939 to 1948 incl. and $7,000 from 1949 to 1958 incl.
All of the bonds will be dated Oct. 1, 1938.
Denom. $1,000.
Principal
and interest (A-O) payable at the First National Bank of Boston.
The
bonds are unlimited tax obligations and have been approved as to legality
by Storey, Thorndike, Palmer & Dodge of Boston.
-
,
BONDS PUBLICLY OFFERED—Halsey, Stuart & Co., Inc., New York
and associates.re-offered the bonds to yield from 0.25% to 2.10%, accord¬
ing to maturity.
Total assessed valuation of the city for 1937 is $177,928,700, and the net bonded indebtedness, including these issues, is reported
as $8,005,762.
More than 90% of taxes for 1937 and prior years are re¬
ported collected.
DEDHAM, Mass.—NOTE OFFERING—John Gaynor, Town Treasurer,
will receive sealed bids until 11a.m. on Oct. 17 for the purchase of a $20,000
municipal relief note, dated Oct. 15, 1938, and due Oct. 15, 1939. Issue
authorized in accordance with Chapter 58 of Acts of 1938, and approved
by the Emergency Finance Board. Bidder to name rate of interest in mul¬
tiples of % or 1 %. Interest A-O 15. Note will be in coupon form and certi¬
fied by the State.
FALL RIVER, Mass.—BOND SALE—The $75,000 water bonds offered
were awarded to Tyler & Co. of Boston as 2 M, at 101.099, a basis
Oct. 14
of about 2.10%.
Dated Oct. 1, 1938 and due $5,000 on Oct. 1 from 1939
to 1953 incl.
Prin. and int. A-O payable at National Shawmut Bank of
Boston.
Legality approved by Ropes, Gray, Boyden & Perkins of Boston.
GLOUCESTER, Mass.—BOND SALE—The issue of $600,000 coupon
high school bonds offered Oct. 14 was awarded to a group composed of
First Boston Corp., Hornblower & Weeks and Newton, Abbe & Co., Boston
as l%s, at 100.219, a basis of about 1.73%.
Dated Oct. 1, 1938 and due
$30,000 on Oct. 1 from 1939 to 1958 incl.
Prin. and int. payable at the
Merchants National Bank of Boston." Legality approved by Storey,
Thorndike, Palmer & Dodge of Boston.
<•
LEXINGTON, Mass.—NOTE SALE—The $100,000 notes offered Oct. 11
awarded to the Boston Safe Deposit & Trust Co. of Boston at 0.177%
Due Oct. 6, 1939.
The Second Natinal Bank of Boston, next
best bidder, named a rate of 0.239%.
were
discount.
LYNN, Mass.—BOND OFFERING—Joseph Cole, City Treasurer, will
Oct. 18 for the purchase of $800,000
registered bonds, divided as follows:
receive sealed bids until 11 a. m. on
coupon or
MAINE
KENNEBUNK,
Me.—TO
ISSUE BONDS—Cecelia H. Burr, Town
Treasurer, reports that an issue of $95,000 high school bonds will be offered
for sale in the near future. Loan was approved at an election last April.
MAINE
(State
of)—OTHER BIDS—The following other bids were
submitted for the $1,000,000 2% highway bonds awarded jointly to the
First National Bank of New York and Salomon Bros. & Hutzler at 102.189,
a basis of about 1.65%—V. 147, p. 2121:
Bidder—
Lazard Freres & Co., B. J. Van
facturers & Traders Trust Co
RateBid
Ingen & Co., Inc., and Manu¬
Blyth & Co., Inc., and Nathan C. Fay & Co
The Chase National Bank, Harris Trust & Savings Bank, R. L.
Day & Co. and Whiting, Weeks & Knowles, Inc
First Boston Corp., Managers Northern Trust Co. and Mercan¬
tile Commerce Bank & Trust Co
1
Halsey, Stuart & Co., Inc., Bancamerica-Blair Corp., Marine
Trust Co. and Francis I. du Pont & Co_
101.769
Financial Statement Oct. 1, 1938
101.453
Lyons & Co
1937 assessed valuation (incl. motor
Tax levy
Tax levy
101.20
368,500.00
74,952.67
5,194,947.33
uncollected Oct. 1, 1938. $6,267.38.
Mass.—NOTE SALE—The $90,000 schoolhouse notes of¬
Estabrook & Co. of Boston as 1
at 100.02,
1.74%.
Dated Oct. 1, 1938 and due Oct. 1 as follows:
$5 000 from 1939 to 1948 incl. and $4,000 from 1949 to 1958 incl.
Prin.
and int
(A-O) payable at Second National Bank of Boston or, at holder's
option at the Cape Cod Trust Co., Harwich.
Certified as to genuineness
a
*
-
1937 $4 354,896.81; uncollected Oct. 1, 1938, $9,174.32.
1938, $4,725,840.04; uncollected Oct. 1, 1938, $4,063,904.47.
ORLEANS,
fered Oct
101.0725
100.229
-
-
—
-
Tari^yT9360,2$34J77,054.62;
101.60,
101.29
included)
Sinking funds, other than water
Net debt
$137,391,727.00
5,638,400.00
vehicle excise)
Total bonded debt (present loans not
Water debt, included in total debt
Fenn & Co.,
Shields & Co., Burr & Co., Inc., Chase, Whiteside & Co., Inc.,
Edward Lowber Stokes & Co. and Kennedy, Spence & Co
Bankers Trust Co., New York
These bonds will be valid general obligations
funds.
C. F. Childs & Co., Safford, Biddulph & Co., R. D. White & Co.
and
holder's option, at the City Treasurer's office.
of the city of Lynn, exempt
and ail taxable property in the city will be
subject to the levy of unlimited ad valorem taxes to pay both principal and
interest. They will be engraved under the supervision of and authenticated
as to genuineness by the First National Bank of Boston.
The favorable
opinion of Storey, Thorndike, Palmer & Dodge approving the legality of
these issues will be furnished without charge to the purchaser.
Bonds will
be delivered to the purchaser on or about Oct. 27,1938, at the First National
Bank of Boston, 67 Milk St. office, Boston, against payment in Boston
Bank of Boston, or at the
from taxation in Massachusetts,
101.29
Newton, Abbe & Co. and H. M. Payson & Co
Denom. $1,000. Bidders to
of interest in multiples of H of 1 %, and bids must be for all of
Principal and interest (A-O) payable at First National
All of the bonds will be dated Oct. 1, 1938.
name rates
the bonds offered.
101.64
101.636
Goldman, Sachs & Co., R. W. Pressprich & Co., Washburn &
Co., Inc., and First of Michigan Corp
Bacon, Stevenson & Co., Equitable Securities Corp., Geo. B.
Gibbons & Co., Inc., Gregory & Son, Inc., and Roosevelt,
& Weigold, Inc..
National City Bank of New York, L. F. Rothschild & Co.,
Charles Clark & Co. and Bartlett & Clark Co
Estabrook & Co., F. S. Moseley & Co., Phelps,
102.0589
101.8365
$600,000 school bonds. Due $40,000 on Oct. 1 from 1939' to* 1953 incl.
200,000 municipal relief bonds.
Due $40,000 on Oct. 1 from 1939 to
1943 incl.
.■
V. 'V
■'
14 were awarded to
basis of about
Financial
2426
Muskegon, R. F. D. No. 4),
monwealth of Massachusetts.
bonds offered Aug. 24—V.
Gibson & Co. of Muskegon as 4s,
school
fire station
ROCKLAND, Mass.—NOTE SALE—The $34,500 coupon
offered Oct. 7 were awarded to Estabrook & Co. of Boston
101.05, a basis of about 2.11%. Dated Oct. 1.
notes
June
as 2^s,
1938. One note for
$500, others $1,000 each.
Due Oct. 1 as follows: $2,500, 1939; $2,000
from 1940 to 1952 incl. and $1,000 from 1953 to 1958 incl.
Principal and
interest (A-O) payable at Merchants National Bank of Boston.
Genuine¬
certified to by the Director of Accounts, Department of Corporations
and Taxation, Commonwealth
of Massachusetts. Second high bid of
100.09 for 2j^s was made by the Merchants National Bank of Boston.
ROCKPORT, Mass.—NOTE OFFERINGS. Harry Mills, Town Treas¬
urer, will receive sealed bids until 11 a. m. on Oct, 18 for the purchase of
at
in 10 years.
ROYAL OAK
inci.
Merchants National Bank
by the Director of
Commonwealth
'
'
;
Financial Statement
'
;
Uncollected Oct. 1, 1938
Assessed valuation, 1938,
Financial
Year—
Assessed val'n (inci. motor
Tax rate
Tax
.
' None
*
1938
1936
$12,285,402
$37.50
$440,940° $421,199
$469,070
207,225
22,426
1,360
1938
1937
vehicles).-$13,019,845 $12,623,961
$35.40 ,
$34.70
-
.Uncollected taxes
held, $8,286; no tax
;Totai bonded
+
fax rate, 1938,
Information, Oct. 10,
levy-.-I"
Tax titles
1.985.10
$5,666;300.
title loans.
.
J.-_--.-.-^--$164,000
debt.....
80,000
Present issue. J
.
Less water
debt
$244,000
None
—
$244,000
Net debt
Population, 1935
WEBSTER,
15,786
Mas a'.—NOTE
SALE—The $20,000 coupon water
stand-
Co. of Boston as
1, 1938. Denom.
offered Oct. 13 were awarded to Estabrook &
100.14, a basis of about 2.48%.
Dated Oct.
Due $1,000 on Oct. 1 from 1939 to 1958 incl.
interest payable at the Merchants National Bank of Boston.
be certified as to genuineness by the Director of Accounts, Department
Corporations and Taxation, Commonwealth of Massachusetts.
high bid of 101.234 for 2^s was made by the Webster
2y2a, at
$1,000.
Principal and
Notes will
ot
Second
Five Cent Savings
<
Bank.
MICHIGAN
Mich!—BOND SALE—The $192,500 bridge construction
bonds offered Oct. 10 were awarded jointly to First of Michigan Corp. of
Detroit and Paine, Webber & Co., Chicago.
Dated Aug. 15, 1938. Denoms. $1,900 s^nd $25u.
Due Aug. 15 as follows: $s,uo0 from 1939 to
1948 incl. and *11,350 from 1949 to 1958 inch
Principal and interest
(F-A 15) payable at City Treasurer's office.
The bonds are payable from
unlimited ad valorem taxes.
Bids were conditioned upon the legal opinion
of Donald K. Gillard, City Attorney.
City to furnish opinion and pay
ALPENA,
tne cost
of printing the
BLOOMFIELD AND
SCHOOL DISTRICT
DETAILS—The
of Michigan Corp. of
premium, equal to
Clerk will
$40,000 water
SCHOOL DISTRICT,
Mich.—BONDS VOTED—
$350,000 junior high
the millage rate to
allotted a grant of
election the voters approved an issue of
building bonds and authorized an increase in
service the deot.
The Public Works Administration
a
recent
school
$395,100 toward cost
of the project.
$70,000
4%.
HARRISVILLE, Mich.—TQ OFFER BONDS—Charles B. Olds, City
Clerk, states that the $lo,uoU 4% general obligation water works and
$^u,uu0 revenue water bonds offered without success on June 13 will again
The bonds
on
will be issued sometime in December and will mature
1940 to 1944 incl.
Interest rate not to exceed
Jan. 1 from
come up
for sale in the near
future.—V. 14/, p. 156.
NO. 5 (P. O. Holton),
HOLTON TOWNSHIP SCHOOL DISTRICT
Mich,—BOND OFFERING— Frank Noble* District Secretary,
sealed bids until 6 p. m. on Oct. 17 for the purchase of
will receive
$10,000 not to exceed.
building bonds. Dated Oct. 1, 1938. Denom. $1,000. Due
$2,000 on Oct. 1 from 1939 to 1943 incl. Principal and interest (annually
on Oct. 1) payable at Old State Bank, Fremont.
A certified check for 2%,
payable to order of District Treasurer, is required.
Successful bidder to
pay the cost of printing the bonds and the legal opinion. Bonds are
trom ad vaiorem taxes within the limit prescribed by State Constitution.
An additional 11-mill levy has been voted for the five years 1938-1942 incl.
4% interest
payable
HUDSONVILLE, Mich.—BOND OFFERING—Fred F. McEachron,
Village President, announces that sealed bids will be received at the
Clerks office until 10 a. m. on Oct. 17 for the purchase of $24,000 not to
exceed 4% interest water revenue bonds.
Dated Sept. 1, 1938. Coupon,
in denoms. of $250.
Due Sept. 1 as follows:
$750, 1941 to 1946
$1,000, 1947 to 1955 incl.; $1,500 from 1956 to 1962 incl.
Prin.
(M-S) payable at Village Treasurer's office. The bonds will be
from revenues of the proposed water works system, part of the cost of which
will be furnished as a grant by the Public Works Administration.
A. cer¬
tified check for 2% of bonds bid for, payable to order of the Village Treasurer,
Village
incl.,;
and int.
payable solely
required.
Successful
printing of the bonds.
is
ZEELAND, Mich.—BOND SALE—The $30,000 coupon general obliga¬
bonds offered Oct. 10—V. 147, p. 2278—were awarded
& Co. of Detroit.
Dated Oct. 1, 1938 and due $1,500 on April 1
and Oct. 1 from 1941 to 1950 incl.
tion electric plant
to Crouse
purchasers took the bonds as
bidder to bear the expense
of the legal opinion and
ISSUE—It is reported that the
city, presently free of bonded debt, may issue $90,000 paving bonds in
connection with a Federal grant.
The loan, however, would be purchased
KALAMAZOO, Mich.—PLANS BOND
by the city.
MIDLAND SCHOOL
DISTRICT, Mich.—BOND
OFFERING—Sealed
received by E. Brown, Secretary of Board of Education, until
Oct. 17 for the purchase of $190,000 not to exceed 3% interest
coupon school bonds.
Dated Oct. 1, 1938. Denom. $1,000. Due Sept. 1
as follows:
$63,000 in 1941 and 1942, and $64,000 in 1943.
Rate of in¬
terest to be expressed in a multiple of M of 1 %.
Prin. and int.(M-S)payable
at the Chemical State Savings Bank, Midland.
Thr bonds are payable from
ad valorem taxes within limit prescribed by the State Constitution.
Voters
have authorized the levying of additional taxes on all taxable property, for
years 1939-1943 incl., in an amount of not more than 5% of the
valuation.
A certified check for 2 % of the issue, payable to order of District
Treasurer, is required.
Successful bidder to pay for printing of the bonds
bids will be
1 p. m. on
assessed
MINNESOTA
SCHOOL DISTRICT NO. 1 (P. O. Aitkin), Minn.—
BONDS SOLD—It is reported by L. C. Murray, Superintendent of Schools,
that the $68,750 gymnasium-auditorium bonds approved by the voters on
Sept. 9, have been purchased by the State of Minnesota.
BAGLEY, Minn.—BONDS TO BE SOLD—It is reported
3% semi-ann. sewerage system bonds approved by the voters
will be purchased by the State of Minnesota.
legal opinion.
(.This issue was authorized at the Sept. 27
intended to be sold on Oct. 18, as reported in V.
election and was originally
147, p. 2278.)
MUNISING, Mich.—BONDS VOTED—An issue of $40,000 municipal
ock construction bonds was approved by the voters on Sef t. 29.
that $35,000
on Sept. 26,
COTTONSEED COUNTY INDEPENDENT SCHOOL DISTRICT
NO. 57 (P. O. Westbrook), Minn.—BONDS SOLD—It is stated by the
Superintendent of Schools that $50,000 3% semi-ann. additioJ and equip¬
ment bonds approved by the voters last June, have been sold to the State
of Minnesota.
Minn.—CERTIFICATE SALE PROPOSAL DEFEATED—
$900,000 '6Vi% semi-ann. sewer revenue
Allison-Williams Co. of Minneapolis, as noted here on
July 30—V. 147, p. 778—it is stated by A. C. Gilbert, City Secretary, that
the award was made subject to the outcome of an election held on Sept. 26.
at which time it was rejected by the voters.He states that the said
company
has renewed the contract for the purchase up to Nov. 8, at which time it
DULUTH,
with the sale of the
In connection
certificates to the
will be submitted to
another vote.
FARIBAULT SCHOOL
DISTRICT NO. 1 (P. O. Fairbault), Minn.
$150,000 issue of building bonds offered for sale at
10—V. 147, p. 2122—was awarded to the Northwestern
National Bank & Trust Co. of Minneapolis, and the Security National
Bank of Faribault, jointly, as l%s, paying a premium of $1,220, equal
to 100.813, a basis of about 1.55%.
Dated Oct. 1, 1938. Due from Jan. 1,
1940 to 1947; subject to redemption on and after Jan. 1, 1944.
BOND SALE—The
Oct.
MEADOW, Minn.—BOND SALE—The $22,400 issue of 3%
bonds offered for sale on Oct. 7—V. 147, p. 2122—was
GRAND
semi-ann.
sewer
purchased by a local investor, the only bidder, according
Clerk.
Due from 1941 to 1958; redeemable on any interest
to the Village
payment date.
GLENWOOD, Minn.—BOND SALE DETAILS—The following details
are now furnished in connection with the sale of the $45,000 hospital bonds
to the First National Bank & Trust Co. of Minneapolis, and associates, as
2%s, at 100.50, a basis of about 2.69%—V. 147, p. 2278:
Principal and interest payable at the First National Bank & Trust Co.,
Minneapolis.
Legality to be approved by Junell, Fletcher, Dorsey, Barker
& Colman of Minneapolis.
These bonds, issued for the construction and
equipment of a municipal hospital, are direct and general obligations of
city, payable from taxes levied against all the taxable property within
prescribed by law.
.
Financial Statement as of Sept. 29, 1938
the
the
limits
'
bonded debt
Total
$896,819
114,700
—
(including this issue)-.
Population, 1930 United States census, 2,500.
The above financial statement does not include the debts of
subdivisions having the power to levy taxes on all or any part
property
within the city.
'
other political
of the taxable
■
INDEPENDENT
COUNTY
SCHOOL
DISTRICT
(P. O. Raymond), Minn —BOND SALE CANCELLED—BONDS
RESOLD—It is stated by A. G. Stob, District Clerk, that the sale of the
NO. 49
$35,000 public improvement bonds to the Allison-Williams
neapolis, as 2Ms. at a price of 102.002, as noted here last July,
and the bonds nave bpen sold to the State of Minnesota, as 3s.
LA
Co. of Min¬
cancelled
was
Minn.—BONDS OFFERED—Sealed bids were re¬
14, by Ed Hurley, Village Clerk, for the pur¬
CRESCENT,
ceived until 8 p.» m. on Oct.
$27,500 water works bonds.
Dated Oct. 1, 1938. Due Oct. 1 as
follows:
$500 in 1941, and $1,000 in 1942 to 1968.
Any bonds maturing
after Oct. 1, 1943, will be subject to be called for payment at par and
accrued interest and with certain other provisions particularly set out in a
chase of
resolution adopted by the Village Council on Sept. 19.
Bidders to name the
rate of interest.
The bonds will not be sold for less than par and accrubd
interest.
The approving opinion of Junell, Fletcher, Dorsey, Barker &
Colman, of Minneapolis, will be furnished.
Enclose a certified check for
$500, payable to the village.
(This notice supplements the offering report given in our issue of Oct. 8
—V. 147, p. 2278.)
.
LAKE CITY,
Minn.—BOND OFFERING—Sealed and open bids will be
8 p. m., by G. V. Erickson, City Clerk, for the
received until Oct. 21, at
purchase of a $45,000 issue of hospital bonds.
Dated Dec. 15, 1938.
Denom. $1,000.
Due Dec. 15, as follows: $2,000 in 1939 to 1960, and
$1,000 in 1961.
Bidders to name the rate of interest.
The approving
opinion of Junell, Fletcher, Dorsey, Barker & Colman of Minneapolis,
will be furnished.
Enclose a certified check for $2,000, payable to the City.
(This notice supplements
8—V. 147,
p.,2278).
the offering report given in our
'
issue of Oct.
INDEPENDENT SCHOOL DISTRICT NO. 1
Minn.—BOND OFFERING— Both sealed and oral
8.30 p. m. on Oct. 25, by Mrs. Alice E. Harty,
District Clerk, for the purchase of a $50,000 issue of not to exceed 3%
semi-annual school bonds.
Dated Jan. 3, 1939.
Denom. $1,000.' Due
Jan. 3, as follows: $1,000 in 1944 to 1946, $2,000 in 1947 to 1949, $3,000
in 1950 to 1952, $4,000 in 1953 and 1954, $5,000 in 1955 and 1956. $6,000
in 1957, and $8,000 in 1958.
The bonds are subject to redemption on
the date and any interest payment date thereafter at par and accrued
interest.
Principal and interest payable at any suitable bank or trust
company designated
by the purchaser.
A certified check for $1,000,
payable to the District, is required.
MURRAY COUNTY INDEPENDENT SCHOOL DISTRICT NO. 18
MAHNOMEN COUNTY
O. Mahnomen),
(P.
bids w.11 be received until
Minn.—BONDS OFFERED—It is stated that sealed and
until Oct. 14, at 2 p.m., by Curtis Milier, District
of a $38,000 issue of not to exceed 3% semi-annual
building bonds.
Dated^Oct. 15, 1938.
Due $2,000 from Oct. 15, 1940 to
1958 inch; optional on any interest payment date at par and accrued interest .
(P. O. Fulda),
oral bids were received
Clerk, for the purchase
Mabel, R. F. D.), Minn.—BOND SALE—The
and bridge bonds offered for saie on Oct. 10—
awarded to the First National Bank of St. Paul as
2Ks, paying a premium of $240, equal to 100.96, a basis of about 2.36%.
Dated Oct. 1, 1938.
Due $2,500 from Oct. 1, 1941, to 1950, incl.
NEWBURG
O.
(P.
$25,000 issue of coupon road
147, p. 1958—was
V.
'
NEW
the
RICHLAND, Minn.—BONDS
Village
TO BE SOLD—It is reported by
Recorder that $30,000 sewer and sewage disposal system
the voters on Sept. 19, will be pin-chased by the State
bonds approved by
of Minnesota.
and
2Ks, at par.
AITKIN
KANDIYOHI
TrANKENMUTH, Mich.—BOND OFFERING—The Village
receive sealed bids until 8 p. m. on Oct. 24 for the purchase of
system bonds.
GROSSE POINTE
2278.
STURGIS, Mich.—BONDS VOTED—An issue of $150,000 electric
plant bonds was authorized by a vote of almost five to one at a recent elec¬
tion.
Proceeds will be supplemented by Public Works Administration
grant of $123,000.
Assessed valuation, 1938
bonds.
COMMERCE, FARMINGTON, NOVI, WEST
WHITE LAKE TOWNSHIPS FRACTIONAL
NO.
1
(P. O. Walled Lake), Mich.—BOND SALE
$45,000 school bonds were purchased by the First
Detroit—V. 147, p. 2277—-as 2Ms, at par and $76.60
100.17, a basis of about 2.70%.
At
p.
auction on
pipe notes
TOWNSHIP (P. O. Royal Oak), Mich.—BONDS NOT
submitted for the $160,000 not to exceed 6% interest
self-liquidating revenue bonds offered Oct. 8—V. 147.
supply system
The
$181,824.08 $172,426.92
12,232 62
85 847 17
$30.00. Tax
titles, Oct. 10,1938, $13,221.09.
Borrowed against tax titles, none. Funded
debt, Oct. 10, 1938, including present issue, $290,875.
Population, 3,634.
SOUTHBRIDGE, Mass.—BONDS OFFERED—Norbert C. Benoit,
Town Treasurer, received sealed bids until 8 p. m. on Oct. 14 for the pur¬
chase of $80,000 not to exceed 3H% interest school bonds.
Dated Oct. lo,
1938.
Denom. $1,000.
Due $4,000 on Oct. 15 from 1939 to 1958 incl.
Principal and interest (A-O 15) payable at the Second National Bank of
Boston.
Legality approved by Ropes, Gray, Boyden & 1 erkms of Boston.
$204,819.75 $186,586.72
Tax levy
water
1938
1937
1936
1935
(P. O. Flat Rock), Mich.—BONDS VOTED— An issue
main and hydrant bonds was authorized by the voters
according to S. Woodruff, Village Clerk.
They will mature
water
Sept. 2,
SOLD—No bids were
alteration notes. Due $2,000 on Oct. 1 from
Each issue is dated Oct. 1, 1938.
Denom.
the rate of interest in multiples of }i of 1%.
Year—
$700
follows:
ROCKWOOD
on
30,000 school addition and
1939 to 1953, incl.
of Massachusetts.
as
of $30,000
follows: $3,000 from
$1,000.
Bidder to name
Principal and semi-annual interest payable at the
of Boston.
Notes will be certified as to genuineness
Accounts, Department of Corporations and Taxation,
1
1943.
ness
$75,000 coupon notes, divided as follows:
$45,000 fire and police station notes.
Due Oct. 1 as
1939 to 1943. incl.. and $2,000 from 1944 to 1958,
SCHOOL DISTRICT NO. 8 (P. O.
Mich.—BOND SALE—The $3,800 coupon
147, p. 1230—were awarded to C. H.
at par.
Dated June 1, 1938 and due
from 1939 to J941, incl. and $850 in 1942 and
TOWNSHIP
MUSKEGON
and Taxation, Com¬
Department of Corporations
by Director of Accounts,
15. 1938
Oct.
Chronicle
PRINCETON,
Minn.—BONDS
NOT SOLD—It
is
stated
by Ben
semi-
Whitney, Village Clerk, that the $89,000 issue of not to exceed 4%
aim. light and power plant bonds offered on Oct. 6—V. 147, p. 2278—was
not sold as all the bids were rejected.
Volume
Financial
147
BONDS REOFFEBED—Sealed bids were again received by the above
Clerk for the purchase of the said bonds, this time until 8 p. m. on Oct. 10.
Dated Oct. 15,1938.
Due from Oct. 15, 1941 to 1957; optional on and after
Oct. 15, 1948.
VIRGINIA, Minn.—BOND OFFERING— It is stated by J. G. Milroy
Jr., City Clerk, that he will receive sealed bids until 8 p. m. on Oct. 18,
for the purchase of the following not to exceed 4% semi-ann. bonds,
aggregating $515,000:
$450,000 community building bonds.
Due on Jan. 1 as follows:
$20,000,
1940 to 1944, and $25,000, 1945 to 1958.
A certified check for
$10,000 must accompany this bid. ».
65,000 municipal hospital bonds.
Due on Jan. 1 as follows:
$8,000,
1940 to 1946, and $9,000 in 1947.
A certified check for $2,500
is required with this bid.
Dated Oct. 1, 1938.
No bid is to be for less than par and accrued int.
Bidders are to pay for approving legal opinion, if any is desired.
Prin. and
int. (J-J) payable at the City Treasurer's office.
All checks are to be made
payable to Henry W. S. Tillman, City Treasurer.
,
2427
Chronicle
delivery and all bidders
will
purchase the bonds at par.
The council reserves
any and all bids and to sell the bonds at private sale.
refunding bonds
no
V.
bids
were
MISSISSIPPI
election held
on
Sept. 27.
HUMPHREYS
COUNTY (P. O. Belzoni), Miss.—BOND TENDERS
INVITED—It is stated by A. A. Gore, Clerk of the Board of Supervisors,
that he will receive sealed tenders until noon on Nov. 7, of 4% refunding
bonds and he will purchase up to $60,000 of said bonds.
MADISON COUNTY (P. O. Canton),
Miss.—BONDS SOLD—In
con¬
nection with the report given here that the $75,000 refunding bonds offered
Oct. 4 were not sold as all bids were rejected—V. 146, p. 2278—we are
on
informed
tiow
as
follows by A.
C. Alsworth, Chancery Clerk, in
a
letter
dated Oct. 8:
In reply to your letter of Sept. 26, as you know, we had advertised the
sale of $75,000 worth of bonds for 1.30 p. m., Oct. 4, the Board reserving
the
right to reject any and all bids.
The following bond firms had repre¬
sentatives here:
Scharff & Jones, New Orleans
White, Dunbar & Co., New Orleans
A.M. Saunders, Memphis
Max T. Allen Co., Hazlehurst, Miss.
Jack P. Ducanman, New Orleans
J.G. Hickman, Inc.,Vicksburg,Miss.
Geo. T. Carter, Meridian, Miss.
J. S. Love Co., Jackson, Miss.
Walton & Jones, Jackson
Lewis & Thomas, Jackson
John S. Miller, Jackson
Leland Speed Co., Jackson
The two best bids offered
were Walton & Jones; last $15,000 advertised
H. the balance at 3 H and pay for the printing.
Leland Speed offering
best bid of the last $20,000 at 3 34 and the balance at 3)4, paying for the
printing.
The Board promptly rejected all bids with the statement that
anyone wishing to buy the bonds at 334 could do so, holding this bid open
and instructing the clerk to readvertise the bonds if not sold before, for the
regular meeting in November.
Since that time the bonds have been sold
to J. S. Love Co., Jackson, Miss., on a rate of 334, they to pay for the
printing and the county to furnish the opinion plus one point.
at 3
the
NATCHEZ, Miss .—CONFIRMATION OF RFC LOAN— Lemuel P.
Conner, City Cxerk, confirms the report given in our issue of Oct. 8 that a
$1,925,000 for ton bridge construction had been authorized by the
Reconstruction Finance Corporation—V. 147, p. 2273-—in a letter which
loan of
reads
as
follows:
"The plan for a bridge across the Mississippi River at this point has
been up with us for a matter of two years.
Last year B. J. Van Ingen &
Co. obtained from us our agreement to sell to them the bonds proposed
to be issued which were to be strictly revenue bonds, to bear 5% interest
and to
run
for
a
period of 30
years
in
an
amount estimated to be in the
neighborhood of $2,000,000.
Last month Van Ingen & Co. advised us
that they would not purchase the bonds unless the city gave at guarantee
up to a maximum of $50,000 a year if toll revenues should be insufficient
to meet ail demands.
The amount of this guarantee was later reduced by
them, but the city rejected any proposal on that line.
The Public Works
Administration had already made us a grant of about $1,850,000 with the
usual time limit for acceptance. With Van Ingen out of the picture we then
made application to the Reconstruction Finance Corporation and on Sept.
30 that Dody agreed to lend us $1,925,000 on revenue bonds to be issued in
that amount, to bear 4% interest and to run for 30 years, without obligation
on the part of the city except a contingent liability of $15,000 in any one
year if the cost of upkeep and operation shall exceed $25,000 in any year.
"We immediately took steps and ordered ah election to decide upon the
issuance of these revenue bonds, which election will be held on the 26th of
this month, and I will promptly advise you of the result of same."
WARREN COUNTY (P. O. Vicksburg1), Miss.—BONDS SOLD—It is
reported that a total of $436,000 bonds was purchased on Oct. 6 by J. G.
Hickman, Inc., the First National Bank & Trust Co., and the Merchants
National Bank & Trust Co., all of Vicksburg, jointly, at par.
The bonds
are divided as follows:
$280,000 court house, $91,0u0 bridge and approaches,
and $65,uuO road bonds.
Dated Oct. 1, 1938.
Due from Oct. 1, 1939 to
1954.
It is stated that the first maturing $200,000 will bear 3% interest,
and the remainder 3 34 % interest.
WALNUT
MANOR
SEWER
Enclose
a
certified
offered for sale on May 3, and
received.
(We had previously reported this offering in our issue of Sept.
147, p. 1959—but some changes in maturity were made.)
MISSOULA, Mont.—BOND OFFERING— Sealed bids will be
untii 10
a.
m.
24—
received*
Oct. 31, by J. I. McDonald, City Clerk, for the purchase
on
of
a $82,500 issue of not to exceed
4% semi-annuai city hall bonds.
Dated
Jan. 2, 1939.
Amortization bonds will be the first choice and serial bonds
will be the second choice of the Council.
If amortization bonds are sold and issued the entire issue may be put
into
one single bond or divided into several bonds, as the Councii may
determine upon at the time of sale, both principal and interest to be pay¬
able in semi-annual instalments during a
period of 20 years from the date
of issue.
If serial bonds are issued and soid
they will be in the amount of $100, or
and interest, of said serial bonds,
of January, 1940, and a like
until all such bonds are paid.
The bonds, whether amortization or serial bonds, will be redeemable in
full, at the option of the City on any interest payment date from and after
10 years from the date of issue.
Enclose a certified check for $500, payable
to the City Clerk.
of $4,125,
sum
MONTANA,
State
DISTRICT
(P.
O.
Clayton); Mo.—BOND OFFERING—We are informed by Vincent P.
Wieck, Secretary of the Board of Directors, that he will receive sealed bids
of—VOTERS
PASS
TO
ISSU¬
PROPOSED
ON
ANCE OF HIGHWAY DEBENTURES—At the general election to be held
on Nov. 8 the voters will be asked to
pass on a proposal calling for the
issuance of $3,000,000 in State highway debentures.
The following is the
title of the initiative measure:
1
A bill to enact by the initiative a law to be known as The State Highway
Treasury Anticipation Debentures Act of 1938; authorizing the issuance of
debentures of the State of Montana in the principal sum of three million
dollars ($3,000,000) at such times and in such amounts up to the said
principal sum, as shall from time to time be required for the purpose herein¬
after set forth; and providing for the sale thereof for the use of the State
Highway Fund in matching Federal highway grants and assuring the
ability of the State of Montana to secure moneys made available by acts of
Congress in reference to highways; providing for a tax on gasoline or motor
fuels and anticipating revenues therefrom; prescribing the form and condi¬
tions of said debentures and interest thereon at a rate not exceeding four
percentum (4%); providing the date of their maturity and of caking or
payment thereof; providing a method by which the State Treasurer may
purchase such debentures and providing that such debentures may be
accepted as security for the repayment of public moneys; prescribing the
conditions under which the sale of such debentures may be made and the
use of the funds to be derived from the sale of such debentures; providing
for the repayment of both principal and interest of such debentures and.
for the pledging and setting aside of a sufficient amount of said excise tax
on gasoline or motor fuel to pay the same from the State highway treasury
redemption fund herein created; providing for the creation of a liability
binding the State of Montana not to reduce the license tax on gasoline or
motor fuel as the same now exists, being now live cents (5c.) per gallon of
gasoline purchased for use in propelling motor vehicles upon the highways
of the State of Montana, until after the accrual of a sufficient amount of
money in such highway treasury redemption fund to pay in full the prin¬
cipal anu interest of such debentures lawfully issued under the authority
hereof; and providing that no part of the gasoline excise tax mentioned
be diverted to any otner purpose than use for highway construction,
F.WHorne&C-
.
betterment and maintenance.
ALLIANCE
NEBRASKA
SCHOOL
DISTRICT (P. O. Alliance), Neb.—BONDS
E. Seward, Secretary of the Board of Edu¬
addition bonds offered on Oct. 7—
2123—were not sold, as all bids were rejected, because the
Public Works Administration grant is uncertain.
NOT SOLD—It is stated by C.
cation, that the $27,500 high school
—V.
147, p.
approval of a
NORTH PLATTE, Neb.—BONDS TO
BE SOLD—It is reported that the
refund¬
City Council has voted to issue a total of $365,000 334 % semi-ann.
ing bonds to the Kirkpatrick-Pettis Co. of Omaha.
O'NEILL SCHOOL DISTRICT (P. O. O'Neill) Neb.—BOND OFFER¬
is stated by Anna L. O'Donnell,
District Secretary, that she
public auction on Oct. 25, at 8 p, m„ a $30,000 issue
of building bonds.
Dated Dec. 15, 1938. Denom. $1,000. Due Dec. 15, as
follows: $1,000 in 1940 to 1942, $2,00o in 1943 to 1948, and $3,000 in 1949
to 1953, optional on or after Dec. 15, 1943.
The District will furnish the
printed, bonds. If the purchaser desires a legal opinion, he shall provide the
same at his own expense.
These are the bonds authorized at the election
held on Aug. 23. A certified check for $1,000 is required.
ING— It
will offer for sale at
COUNTY
RICHARDSON
(P.
O.
Falls City), Neb.—BONDS OF¬
& Schweser, Inc. of Lincoln are
FERED FOR INVESTMENT— Steinauer
offering for public subscription, priced at par and accrued interest, a
000 issue of 4 )4% coupon bridge revenue bonds.
Denom. $1 J/00.
$435,Dated
Due on Oct. 1, 1958; optional on Oct. 1, 1943, and any inter¬
est payment date thereafter.
Principal and interest (A-O) payable at the
office of the County Treasurer.
Legality to be approved by Chapman &
Oct. X,
1938.
Cutler
MISSOURI
JENNINGS-WEST
was
will become due and
payable on the first day
amount on the same day each
year thereafter
CENTERVILLE, Miss.—BONDS SOLD TO PWA—It is reported by
Florence Clifford, Town Clerk, that $21,000 gas transmission bonds were
purchased by the Public Works Administration, prior to their approval by
an
the right to reject
check for $1,000, payable to the City Clerk.
An issue of $120,000
multiples thereof; the
the voters at
must state the lowest rate of interest at which they
of Chicago.
Assessed valuation,
Tax bonded debt
'
■
,
Financial Statement
$29,268,218
-----—
-
Revenue bonded debt (this issue).
Population 1930
bridge, 250,000.
until 8 p. m. on Oct. 20, for the purchase of an issue of $162,000 sewer bonds.
Dated Nov. 1, 1938.
Denom. $1,000.
Due Feb. 15, as fodows: $5,000
in 1941 to 1943, $7,000 in 1944 and 1945, $8,000 in 1946,,and 1947, $9,000
(county only),
-
~
435,000
19,826; population 40 miles radius of
—.- -
-
_ —
-
-
for the
in
'
1937--
River at Rulo, Neb.
1948 to 1950, $10,000 in 1951, $11,000 in 1952 to 1955, and $12,000 in
1956 to 1958.
Bidders to name the rate of interest in multiples of 34 of 1%
and must be the same for all of the bonds.
No bid for less than par and
accrued interest.
Prin. and int. F-A payable at a place designated by the
purchaser and approved by the Board of Trustees.
The approving opinion
of Charles & Trauernicht of St. Louis, will be furnished.
Enclose a certified
check for $2,500, payable to the District.
Ail bids to be on forms furnished
by the above Secretary.
The Jennings-West Walnut Manor Sewer District was organized as a
body corporate and political subdivision of the State under the provisions
of an Act of the General Assembly of Missouri, approved on the 13th day
of January-, 1934, and by decree of the Circuit Court of St. Louis County.
Pursuant to said decree the voters of the District on July 26, 1938, elected
trustees and by a vote of 81,9 to 265, authorized the issuance of $162,000
of bonds of the District for the purpose of constructing a system of sewers.
The validity of the law under which the District was organized was sustained
by the Supreme Court of Missouri on the 7th day of October, 1935.
TROY, Mo.—BONDS VOTED—At the election held on Sept. 30—V,
147, p. 1959—the voters approved the issuance of the $45,000 water system
purchase bonds by a count of 400 to 39.
Security—These bonds are to be issued for the purpose of providing funds
county's portion of the cost of 3, bridge to be built across the Missouri
The total cost of the bridge is estimated at $725,W00,
toward which the Public Works Administration has allotted a grant of 45%.
A first mortgage on a new modern steel bridge is to be assigned to a trustee
for the benefit of the bondholders.
The bonds are issued by Richardson
County and signed by the Chairman of the
Clerk, with the seal of the county attached.
NEW
Mo.—BONDS SOLD—A
offered for sale
on
Oct. 10 and
Bank & Trust Co. of St.
Louis,
$45,000 issue of water works bonds
purchased by the Mississippi Valley
4s, at a price of 104.50, according to
was
as
report.
MONTANA
BAKER, Mont.—BOND OFFERING—Sealed bids will be received until
8:30 p. m. on Nov. 1, by L. W. Busch, City Clerk, for the purchase of an
issue of $110,000 sewerage refunding and funding bonds.
Interest rate is
not to exceed 6%, payable J-J.
Dated Jan. 1, 1939.
Denom. $1,000.
Amortization boads will be the first choice and serial bonds will be the
second choice of the council.
If amortization bonds are sold and issued
the entire issue may be put into one single bond, or divided into several
as the council may determine upon at the time of sale, both principal
payable in semi-annual instalments during a period of 20
from the date of issue.
If serial bonds are issued, the sum of $5,500
of said serial bonds will become due and payable on the first day of Jan.
1940,'and a like amount each year thereafter until all of such bonds are
paid for.
The bonds, whether amortization or serial bonds will be re¬
deemable on any interest bearing date after Jan. 1, 1946.
The bonds
will be sold for not less than their par value with accrued interest to date of
bonds,
and interest to be
years
HAMPSHIRE
CONCORD, N. H.—NOTE SALE—The $100,000 notes offered Oct.10
—V
147, p. 2279—were awarded to the Boston Safe Deposit & Trust Co.
of Boston at 0.14% discount, plus $7 premium.
Dated Oct. 13, 1938 and
due on Feb. 13, 1939.
Second high bid of 0.197% was submitted by
Ballou, Adams & Whittemore.
HAMPTON SCHOOL DISTRICT, N. H.—BONDS
of $65,000 high
VOTED—An issue
school building bonds was recently authorized by the voters.
H.—BOND SALE—The $20,000 coupon paving
Whiteside & Co. of Boston as
of about 1.63%.
Dated Aug. 1, 1938., Denom.
$1,000. Due $2,000 on Aug. 1 from 1939 to 1948, incl.
Principal and int.
(F-A) payable at Merchants National Bank of Boston.
Legality tome
approved by Storey, Thorndike, Palmer & Dodge of Boston.
Second high
bid of 100.557 for 124s was made by Goldman, Sachs & Co. of New York.
PORTSMOUTH,
TROY,
was
County Board and the County
While the credit of the county
pledged, the bonds are secured by a pledge of the net revenues
of the bridge herein described and said first mortgage on bridge and ap¬
proaches.
is in no way
N.
bonds offered Oct. 7 were awarded to Chace,
124s, at 100.597, a basis
TILTON AND NORTHFIELD UNION SCHOOL DISTRICT (P. O.
Tilton), N. H.—BOND SALE—The $85,000 junior-senior high school
building bonds offered Oct. 7 were awarded to Frederick M. Swan & Co.
of Boston as 234s, at 100.137, a basis of about 2.24.
Purchaser to pay
legal and bond issuing expenses.
Due $4,000 from 1939 to
$5,000 from 1949 to 1953, incl. and $4,000 from 1954 to 1958,
has furnished a grant of $70,020 in connection with the project.
1948, incl.;
incl. PWA
Other bids
for the issue were:
InL Rate
2)4%
Bidder—
First National Bank of Boston--
Sons, Inc_
Citizens National Bank of Tilton
Ballou, Adams & Whittemore
—
E. H. Rollins &
Lyons & Co..
—
-
234%
100.077
Inf'?!
\9X IZ
£32%
,
2f4%
--
Rate Bid
—
224%
101.445
100.51
NEW
ATTICA, N. Y.—BONDS VOTED—An issue of
JERSEY
N. J.—SEEKS RELEASE FROM JURISDICTION
COMMISSION—The city has petitioned the New Jersey
letter,
of the plan.
■■■■■■■
TOWNSHIP (P. O. Clarksboro), N. J.—BOND
A. Shute, Township Cierk, will receive sealed bids
Oct. 17 for the purchase of $80,000 not to exceed 4%
interest coupon or registered water refunding bonds.
Dated Nov. 1, 1938.
Denom. $1,000.
Due $4,000 on Nov. 1 from 1939 to 1958, incl.
Rate of
interest to be expressed in a multiple of M of 1%.
Principal and interest
(M-N) payable at First National Bank & Trust Co., Paulsboro. A certified
check for 2% of bonds bid for, payable to order of the township, required.
Legality, to be approved by Caldwell & Raymond of New York City.
quote as follows: "The Black River Regulating
subdivision of the State of New York, created
we
SCHOOL DISTRICT, N.
SCHOOL DISTRICT (P. O.
BREWSTER, N. Y.—RESULT OF BALLOTING
3.—BOND SALE—A group
BROOKHAVEN (P. O. Patchogue), N. Y .—SALE OF STONY BROOK
DISTRICT BONDS—The $120,000 coupon or registered_ water
WATER
system district bonds offered Oct. 11—V.,
to Sherwood & Reichard, and George B.
TOWNSHIP
(P.
O. Livingston),
N. 3.—BOND
Zahn, Township Clerk, will receive sealed bids
Bidder—
Inc
OFFERING—Chanes G.
Roosevelt & Weigold,
Bacon, Stevenson & Co. and
Manufacturers & Traders
not to exceed 6%
t
NUTLEY, N. 3.—BONDS PUBLICLY OFFERED—A
of MacBride,
group
consisting
Miller & Co., Van Deventer, Spear & Co., Inc. and Julius
of a'hew issue
of $277,000 3% refunding bonds.
They were issued privately to provide
for redemption of a similar amount of outstanding optional 4Ms which were
called for payment.
New bonds are dated Nov. 15, 1938.
Due Nov. 15
as follows: $15,000, 1939 to 1943 incl.; $20,000 from 1944 to 1952 incl. and
$22,000 in 1953.
Legality to be approved by Hawkins, Delafield & Long¬
A. Rippel, Inc., all of Newark, made public offering on Oct. 14
2.75%
Co_„ 2.80%
Peekskill), N. Y.—CERTIFICATE SALE—
obtained the award on Oct. 11 of $100,000
plus $1 prfemium. Dated Oct. 1, 1938
and due Sept. 1, 1939.
Other bids: Eastman, Dillon & Co., 0.85%; Lockwood, Sims & Co., 0.875%, plus $3; Lee Higginson Corp., 0.88%; Leavitt
(P.
O.
R. D. Wnite & Co. of New York
&
.
Co., 0.92%.
COXSACKIE, N. Y.—BONDS DEFEATED—An issue of $50,000 water
defeated by the voters on Sept. 28.
system bonds was
DURHAM,
CAIRO,
GREENVILLE,
AND
RENSSELAERVILLE
(P. O. Oak Hill),
will receive sealed
bids untii 2 p. m. on Oct. 18 for the purchase of $63,250 not to exceed 6%
interest coupon or registered school bonds.
Dated Nov. 1, 1938.
One
bond for $250, others $1,000 each.
Due Nov. 1 as follows: $2,250, 1939;
$2,000 from 1940 to 1965, incl., and $3,000 from 1966 to 1968, incl.
Bidder
to name a single rate of interest, expressed in a multiple of M or 1-10th of
1 %.
Principal and interest (M-N) payable at National Bank of Windham.
A certified check for $1,265, payable to the order of Alton D. Gibson,
District Treasurer, is required.
The bonds are unlimited tax obligations
and will be approved as to legality by Reed, Hoyt, Washburn & Clay of
CONESVILLE CENTRAL SCHOOL DISTRICT NO. 1
N. Y.—BOND OFFERING—John Huyck, District Clerk,
New York City.
Poughkeepsie), N. Y.—CERTIFICATE
of $92,000 certificates
SALE—On Oct. 5 the county sold as 0.50s an Issue
of indebtedness, of which
of Poughkeepsie
$52,000 were taken by the First National Bank
and $42,000 by the Poughkeepsie Trust Co.
Y.—BOND SALE—
road and bridge bonds offered
Adams, McEntee & Co., Inc.,
New York, as lMs, at a price of 100.09, a basis of about 1.235%.
Dated
Oct. 1, 1938 and due March 1 as follows:
$30,000, 1939 to 1941, incl.;
$45,000 from 1942 to 1947, incl. and $40,000 in 1948.
.
ELMIRA
HEIGHTS,
N.
Y.—BONDS DEFEATED—An issue of
$247,500 sewer system bonds was turned down by the voters on Sept. 29.
EVANS UNION FREE SCHOOL DISTRICT NO. 1 (P. O. Evans),
DUTCHESS COUNTY (P. O. Poughkeepsie), N.
The $400,000 coupon or registered county
Oct. 14—-V. 147, p. 2280—were awarded to
.
All of the bonds will be dated Oct. 1, 1938 and the combined maturities,
with payments due each Oct. 1, are as follows:
$10,000, 1939; $20,000,
1940 to 1948, incl.; $12,000 from 1949 to 1977, incl. and $10,000 in 1978.
Bidder to name a single rate of interest, expressed in a multiple of % of 1 %.
Principal and interest (A-O) payable at Paterson National Bank, Paterson
or at holder's option, at the Central Hanover Bank & Trust Co., New York
City.
Sum required to be obtained at the sale of the bonds is $548,000.
A certified check for 2% of the offering payable to the order of the city,
required.
The bonds are unlimited tax obligations and will be approved as
to legality by Hawkins, Delafield & Longfellow of New York City.
N.
bonds was defeated by
a
vote of 825 to
Buffalo
NEW
MEXICO
SANTA FE COUNTY (P. O. Santa Fe), N. Mex.—BOND OFFERING—
Sealed bids will be received until 10 a. m. on Nov. 1 by Margaret D. Ortiz'
County Clerk, for the purchase of
an issue of $100,000 court house bonds.
to exceed 4%, payable J-D.
Dated Dec. 1, 1938.
Due $5,000 Dec. 1, 1939 to 1958.
All bids submitted
shall specify (a) the lowest rate of interest and premium, if any, above par
at which such bidder will purchase said bonds, and (b) the lowest rate of
interest at which bidder will purchase said bonds at par.
None of said
bonds will be sold at less than par and accrued interest to date of delivery
and the bids are to be made on interest rates in multiples of M of 1% per
annum.
The purchaser will be required to furnish the printed bonds and
procure their own final approving opinion.
Only unconditional bids will
be considered and the right is reserved to reject any and all bids.
Prin.
and int. payable at the State Treasurer's office, or at the First National
Bank, Santa Fe. 1 Enclose a certified check for 5% of amount bid, payable
Interest rate is not
Denoip. $1,000.
to the county.
Rate Bid
100.48
SCHOOL DISTRICT NO. 1 (P. O.
Falls), N. Y.—BONDS DEFEATED—An issue of $263,450 high
defeated by the voters on Sept. '29.
FORT EDWARD UNION FREE
Glens
school building'bonds was
HEMPSTEAD, N. Y.—OFFERING OF GREEN ACRES SEWER DIS¬
ISSUE—A. Holly Patterson, 'Presiding Supervisor, will receive
Oct. 18 for the purchase of $88,000 not to exceed
6% interest coupon or registered Green Acres Sewer District bonds.
Dated
Oct. 1, 1938.
Denom. $1,000.
Due Oct. 1 as follows: $5,000 from 1939
to 1955, incl.; and $3,000 in 1956.
Bidder to name a single rate of interest,
expressed in a multiple of H or l-10th of 1 %.
Prin. and int. (A-O) payable
at Second National Bank & Trust Co., Hempstead, or at the Chase National
Bank, N. Y. City.
Bonds will be valid and legally binding obligations of the
town, pavable in the first instance from a levy upon property in the sewer
district, but if not paid from that source, then all of the town's taxable
property will be subject to
a levy of unlimited ad valorem taxes in order
to provide for principal and interest requirements.
A certified check for
,$1,760, payable to the order of the town, is required.
Legality to be ap¬
proved by Hawkins, Delafield & Longfellow of N. Y. City.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 2
(P. O.
TRICT
sealed bids until 10 a. m. on
'
Uniondale), N. Y.—BONDS DEFEATED—On Sept. 29
proposed issue of $150,000 construction bonds.
the voters turned
down the
FALLS, N. Y.—BOND SALE— The $100,000 coupon or regis¬
tered bonds offered Oct. 11—V. 147, p. 2124—were awarded to the Manu¬
facturers & Traders Trust Co. of Buffalo as l%s, at 100.195, a basis of
about 1.97 %.
Sale consisted of:
LITTLE
$40,000 bridge bonds.
Due Oct. 1 as follows: $1,000, 1939 to 1942, incl.
$2,000, 1943 to 1945, incl.; $5,000 in 1946 nad 1947, and $10,000
'in 1948 and 1949.
^
^
10,000 public welfare bonds.
Due $1,000 on Oct. 1 from 1939 to 1948,
incl.
YORK
ALEXANDER, N. Y—BONDS DEFEATED—At the election on Oct. 7
rejected the proposed issue of $22,000 water system bonds.
voters
50,000 public works bonds.
Due Oct. 1 as follows: $4,000 in 1940 and
1941, and $6,000 from 1942 to 1948, incl.
All of the bonds will be dated Oct. 1, 1938.
Second high bid, of 100.189
for 1.90s, was submitted by A. O. Allyn & Co., Inc., and B. J. Van Ingen
& Co., Inc., in joint account.
Other bids:
Bidder—
ALMOND,
2.70%
.
—
0lGCtor3/t0
-
NEW
Int. Rate
2.80%
100.28
FILLMORE, ROSSBURG, CENTERVILLE, HUME, HOUGHTON,
WISCOY AND SHORT
TRACT CENTRAL SCHOOL DISTRICT
(P. O. Fillmore), N. Y.—BONDS VOTED—At an election held on Sept. 23
the proposal to issue $170,500 school building bonds „was approved by the
,
,
2.58%.
Dated Oct. 1, 1938.
Due Oct. 1 as follows: $2,000 from
payable at
by Dillon,
Bidder—►
A. C. Allyn & Co., Inc
WEST
.
others $1,000 each.
Marine Trust Co. of Buffalo—:
TOTAWA, WEST PATERSON AND LITTLE FALLS REGIONAL
~v
$41,250 coupon or registered school bonds
Manufacturers & Traders Trust Co. of
1959, incl., and $1,250 in 1960,
Prin. and int. (A-O)
the aforementioned trust company.
Legality to be approved
Vandewater & Moore of N. Y. City.
Other bids:
167 at
WILDWOOD, N. 3.—BOND OFFERING—Herbert J. Tidd,
Borough Clerk, will receive sealed bids until 8 p. m. on Oct. 15 for the'pur¬
chase of $35,000 not to exceed 6% interest coupon or registered sewer bonds
of 1938.
Dated Sept. 1, 1938.
Denom. $1,000.
Due $1,000 on Sept. 1
from 1939 to 1973, incl.
Bidder to name a single rate of interest, expressed
m a multiple of M of 1
%;
Prin. and int. (M-N) payable at Marine National
Bank, Wildwood.
The sum required to be obtained at the sale of the bonds
is $35,000.
A certified check for 2% of the bonds offered, payable to the
order of the borough, required.
The bonds are payable from unlimited
ad valorem taxes and will be approved as to legality
by Hawkins, Dela¬
field & Longfellow of N. Y. City.
•
.
(The above issue was previously offered Sept. 24, the sale having been
pqstponed.)
SALE—The
2.60s at 100.229, a basis of about
1940 to
HIGH SCHOOL DISTRICT (P. O. Paterson), N. 3.—BONDS VOTED—
The proposal to issue $330,000 building bonds was authorized by the
Sept. 30.
as
One bond for $250,
.
h
Y.—BOND
offered Oct. 7 were awarded to the
ROCKAWAY, N. J.—BONDS DEFEATED—'The proposed issue of
$125,000 school building
the Sept. 27 election.
HORNELLSVILLE,
MARTSVILLE
AND
WARD CENTRAL SCHOOL DISTRICT (P. O. Alfred), N. Y.—BONDS
VOTED—An issue of $230,000 school building bonds was authorized at the
election on Sept. 26.
100.432
certificates of indebtedness as 0.70s,
follows:
ALFRED,
'
SEWER
CORTLANDT
$100,000 genera improvement bonds. Due annually from 1939 to 1948, incl.
388,000 school bonds, being part of authorized issue of $399,546.
Due
annually from 1940 to 1978, inclusive.
60,000 school bonds of 1938.
Due annually from 1940 to 1971, incl.
voters on
Oct.
on
purchase of $548,000 not to exceed 4M % interest coupon or registered bonds,
^
100.56
100.555
100.444
AUTHORITY (P. O. Buffalo), N. Y.—BOND
sealed bids will be received until 11 a. m.
17 for the purchase of $1,000,000 sewer bonds.
BUFFALO
DUTCHESS COUNTY (P. O.
PATERSON, N. 3.—BOND OFFERING—Howard L. Bristow, Clerk of
Rate Bid
OFFERING—It is reported that
Board of Finance, Will receive sealed bids until 11a.m. on Oct. 20, for the
as
2.75%
A. C. Allyn & Co., Inc. and B. J. Van Ingen & Co.,Inc.
Marine Trust Co.fof Buffalo and R. D. White &
fellow of New York City.
divided
Int. Rate
"
G. M.-P. Murphy & Co__ 2/75%
Trust Co. and Adams, "
McEntee & Co.,
bonds, due annually from 1939 to 1978 incl.
66,825 sewer assessment bonds, due annually from 1940 to 1949 incl.
All of the bonds will be dated Nov. 1, 1938.
Denom. $1,000, except
two in amounts of $825 and $725.
Combined maturities, with payments
due each Nov. 1, are as follows:
$2,675, 1939; $9,825, 1940; $9,000, 1941 to 1945 incl.; $8,000, 1946 to 1949
incl.; $2,000, 1950 to 1977 incl. and $3,000 in 1978.
Bidder to name a
single rate of interest in a multiple of M of 1%.
Principal and interest
(M-N) payable at Livingston National Bank, Livingston, or at the Chase
National Bank, New York City.
The sum required to be obtained at
sale of the bonds is $148,500.
The bonds are unlimited tax obligations and
will be approved as to legality by Hawkins, Delafield & Longfellow of New
York City.
A certified check for 2% of the offering, payable to order of
the township, is required.
sewer
Rippel & Co. of Newark.
147, p. 2279—were sold jointly
Gibbons & Co., Inc., both of
2.60s, for a premium of $264, equal to 100.22, a basis of about
2.59%.
Dated Oct. 1, 1938 and due Oct. 1 as follows: $3,000 from 1941 to
1960 incl. and $4,000 from 1961 to 1975 incl.
Bankers reoffered the bonds
to yield from 1.20% to 2.60%, according to maturity.
Other bids were:
New York, as
until 8:30 p. m. on Oct. 21 for the purchase of $148,500
interest coupon or registered bonds, divided as follows:
N. 3.—BOND SALE—The $20,000 water bonds offered
Oct. 11—V. 147, p. 2123—were awarded to the Matawan Bank as 3Ms, for
a premium of $87.50, equal to 100.437, a basis of about 3.20%.
Dated
Oct. 1, 1938 and due $1,000 on Oct. 1 from 1939 to 1958 incl.
Second high
bid of par for 3.30s was made by the Farmers & Merchants National Bank of
Matawan. This was followed by an offer of 101.08 for 3M», made by J. S.
ON BOND ISSUES—
the system.
of par.
MATAWAN,
of $248,000 building bonds.
W. Boynton Towner, Village Clerk, informs as that at the election on
Sept. 27 the voters authorized an issue of $83,232 sewerage system bonds
and rejected the proposed $17,000 fire house loan.
The sewerage bonds,
according to Mr. Towner, will not issue unless a grant of some $68,000 is
actually furnished by the Public Works Administration and the City of
New York agrees to erect and maintain a disposal plant in connection with
HARRINGTON PARK, N. J.—BOND SALE—An issue of $6,000 3 M %
fire truck bonds was sold to Julius A. Rippel, Inc. of Newark at a price
$81,675
KORTRIGHT CENTRAL
South Kortright), N. Y.—BONDS VOTED
22 the voters authorized an issue
—On Sept.
composed of Kean, Taylor & Co., New York; Van Deventer, Spear & Co.,
Inc., Newark, and Buckley Bros., Inc., Philadelphia, was successful bidder
at the offering of $261,000 coupon or registered school bonds on Oct. 13—
V. 147, p. 2279.
Bankers bid for $237,000 bonds as 3 Ms, paying a price
of $261,095.80, equal to 110.16, a basis of about 2.86%.
Bankers reoffered the bonds to yield from 0.75% to 2.85%, according to maturity.
Dated Sept. 1, 1938 and due Sept. 1 as follows: $8,000, 1939 to 1948, incl.;
$10,000, 1949 to 1958, incl.; $12,000, 1959 to 1962 incl.; $9,000 in 1963.
LIVINGSTON
which
BLOOMVILLE, HOBART AND SOUTH
on
ROCK
from
District is an administrative
EAST GREENWICH
GLEN
will be done
May 7, 1919, pursuant to Article VII of the Conservation Law. The duties
of the district are the construction and operation of river-regulating reser¬
voirs, the cost of which are apportioned upon the public corporations and
properties benefited in proportion to the benefit received by each.
The
assessed valuation of the benefited properties have no bearing upon the
amounts apportioned upon the respective properties."
OFFERING—Frank
8 p. m.
under date of Oct. 10 that nothing
with respect to a sale of reservoir construction bonds until assurance is
received of a grant from the Public Works Administration in connection
with the proposed project.
Although a grant has already been applied for,
no decision had been made by the PWA up to the date of Mr. Cullings's
TOWNSHIP, N. 3.—BOND SALE—'The State Funding
Commission has approved a sale of $63,000 general refunding bonds to
M. M. Freeman & Co., Inc., of Philadelphia, at a price of $62,012, equal to
untii
RIVER REGULATING DISTRICT (P. O. Watertown),
Y.—REPORT ON PROPOSED BOND ISSUE—Edwin S. Cullings,
District Secretary, reports
DELANCO
98.43.
$170,420 sanitary sewer
BLACK
N.
Supreme Court for an order discharging the municipality from the "control,
jurisdiction and supervision" of the Municipal Finance Commission.
A
public hearing in the matter will be held before the court on Oct. 29.
In
support of its petition, the city has advised the court that the plan of re¬
funding has been approved by more than 85% of affected creditors and they
have exchanged their holdings for the new securities being issued in accor¬
dance with the terms
1938
IS,
construction bonds was authorized at an election on Sept. 30.
The Public
Works Administration wil Ifurnish a grant in connection with the project.
ASBURY PARK,
OF FINANCE
Oct.
Chronicle
Financial
2428
,
Sherwood & Reichard and G. M.-P. Murphy & Co_
H. C. Wainwright & Co. and Safford, Biddulph
& Co
-T_
Bancamerica-Blair Corp
2%
Rate Bid
100.44
2%
100.21
2.10%
100.08
Int. Rate
Financial
Volume 147
HERKIMER
coupon or
were
(P.
O.
N. Y.—BOND SALE—The $30,000
Herkimer),
registered home relief bonds offered Oct. 10—V. 147, p. 2280—
to the Manufacturers & Traders Trust Co. of Buffalo as
awarded
1.70s, at par plus a premium of $57.70, equal to 100.192, a basis of about
1.66%.
Dated Oct. 1. 1938, and due $3,000 on Oct. 1 from 1939 to 1948,
incl.
Second high bid of 100.15 for lMs was made by the Ilion National
Bank & Trust Co.
LeROY, N. Y.—BONDS DEFEATED—An issue of $16,000 swimming
pool and bath house bonds was defeated by the voters on Sept. 26.
CONESUS, AVON, LIMA AND GENESEO CENTRAL
(P. O. Livonia), N. Y.—BONDS VOTED—At a
school con¬
LIVONIA,
SCHOOL
DISTRICT
election the voters authorized the issuance of $122,000
struction bonds.
ing bonds was
sewer
MEXICO, PARISH, PALERMO, HASTINGS, NEW HAVEN, VOLNEY AND RICHLAND CENTRAL SCHOOL DISTRICT NO. 1 (P. O.
coupon or registered school
bonds offered Oct. 10—V. 147, p. 2124—were awarded to Tilney & Co. of
York as 2.40s, at par plus a premium of $162, equal to 100.45, a
basis of about 2.46%.
Dated Oct. 1, 1938, and due $2,000 on Oct. 1 from
Mexico), N. Y.—BOND SALE-^—The $36,000
New
1941 to 1958, incl.
Second high bid of 100.43 for 2.40s was made by
Lincoln National Bank & Trust Co. of Syracuse.
the
N.
Allotments were as follows:
$3,400,000—Chase National Bank, National City Bank, Bank of the
Manhattan Co., Bankers Trust Co., Central Hanover Bank & Trust
Co., First National Bank, Guaranty Trust Co., Manufacturers & Traders
Trust Co., Buffalo: Marine Trust Co., Buffalo, and J. P. Morgan & Co.
$2,400,000—Empire Trust Co.
$2,200,000—-Barr Bros. & Co., Bancamerica-Blair Corp., Brown Harriman
& Co., First Boston Corp., Lehman Bros., W, W. Pressprich & Co.,
Salomon Bros. & Hutzler, and Smith, Barney & Co.
$1,800,000—Chemical Bank & Trust Co., City Bank Farmers Trust Co.,
,
$1,400,000—Blyth & Co., C. J. Devine & Co., Goldman", Sachs & Co.,
Halsey, Stuart & Co., Ladenburg, Thalmann & Co., Lazard Freres &
Co., Speyer & Co., Stone & Webster and Blodgett, Inc.
$1,000,000—Bank of New York, Brooklyn Trust Co., Commercial National
Bank & Trust Co. of Albany, New York Hanseatic Corp., J. Henry
Schroder Trust Co., and State Bank of Albany.
1
NIAGARA
FALLS,
N.
Y.—BOND SALE— The $525,000
coupon
or
registered bonds offered Oct. 10—V. 147, p. 2280—were awarded to C. J.
Devine & Co., Inc., New York, as 1.40s at 100.159, a basis of about 1.37%.
They were reoffered by the bankers to yield from 0.15% to 1.60%, according
to maturity.
Sale consisted of: < ■
r
$250,000 series A public works bonds.
Due Jan. 1 as follows:
$20,000
in 1940 and 1941, and $30,000 from 1942 to 1948 incl.
275,000 series B public works bonds.
Due Jan. 1 as follows:
$30,000,
1939 to 1943 incl.; $45,000 in 1944 and 1945, and $35,000 in 1946.
All of the bonds will be dated Oct. 1, 1938.
A large number of other
bids were submitted at the sale, among them being the following: '
:
'
.
Bidder—
and
&
Bank
Rate Bid
Int. Rale
•
Mercantile-Commerce
Trust Co.,
St. Louis,
Washburn & Co
1.40%
100.069
Burr & Co., Inc.; J. N. Hynson &
Co., and Schlater,
Noyes & Gardner, Inc—
Brown Harriman & Co., Inc., and Smith, Barney & Co.
Shields & Co.; Sherwood & Reichard; Morse Bros. &
Co., Inc., and E. Lowber Stokes & Co
Harris Trust & Savings Bank and First Boston Corp_
Adams, McEntee & Co., Inc--—--
1.40%
NISKAYUNA,
'-I.-i,
Hutzler
100.32
100.30
100.29
100.17
1.50%
•
—•
100.051
1.50%
1.50%
1.50%
1.50%
.
Lehman Bros.; Phelps,
Hutton & Pomeroy
J: 100.051
1.40%
.___
__
Salomon Bros. &
-
100.15
Fenn & Co., and Schoellkopf,
_
City.
NORTH HEMPSTEAD (P. O. Manhasset), N. Y.—SALE OF GREAT
NECK SEWER DISTRICT BONDS—The $19,000 coupon or registered
sewer
bonds offered Oct.
district
11—Y.
147,
p.
2124—were awarded to
Adams, McEntee'& Co., Inc., New York, as 2.70s, at 100.56, a basis of
Dated Oct. 1, 1938 and due $1,000 on Oct. 1 from 1939
Second high bid of 100.45 for 2.70s was made by Roosevelt
&Weigold, Inc., New York.
to 1957 incl.
N.
Y.—BOND SALE— The $2,000,000
coupon or reg¬
tax revenue bonds of 1938 offered Oct. 11—V. 147, p. 2280—were
awarded to C. J. Devine & Co., of New York, as 0.90s, at 100.221, a basis
of about 0.83%.
Dated Nov. 1, 1938 and due $400,000 on Nov. ,1 from
1939 to 1943 incl.
Reoffered to yield from 0.25% to 1%, according to
istered
maturity.
The sale attracted a considerable number of other bids, all
of either 1 % or 1.10%.
Some of the offers
of which specified coupon rates
at the former coupon were as
,
™
„
Int. Rate
Bidder—
_____
Wood, StFuthers & Co__ri___________j_____^—___
Bank of the Manhattan Co
_____
-___
Co., and associates-..Salomon Bros. & Hutzler; R. W. Pressprich & Co., and
Adams, McEntee & Co., Inc—
_____
Chemical Bank & Trust Co.; F. S. Moseley & Co., et al
Chase National Bank; Barr Bros. & Co., Inc., and
Lehman Bros.; Phelps, Fenn &
Marine Trust Co. of Buffalo
All of the
100.304
1%
1%
100.13
100.20
100.17
100.159
100.099
1%
100.078
GORHAM AND POTTER CENTRAL SCHOOL DIS¬
1 (P. O. Gorharn), N. Y.—BOND SALE—The $35,000
registered school bonds offered Oct. 10—V. 147, p. 2124:—were
awarded to Manufacturers & Traders Trust Co. of Buffalo as 2.40s at
NO.
coupon or
par plus $139.65 premium, equal to 100.399,
Dated Nov. 1, 1938 and due June 1 asfollows:
a
basis of about 2.36%.
$1,500, 1941 to 1951 incl.;
$2,000 from 1952 to 1959 incl., and $1,000 in 1960.
Other bids included
the following:
Bidder—
Int. Rate
Prem.
Sherwood
&
Reichard
Kidder, Peabody & Co—
Co., Inc
Tilney & Co
Marine Trust Co. of Buffalo.
Adams, McEntee & Co., Inc
A. C. Allyn &
Halsey, Stuart & Co., Inc., the successful syndicate in¬
cluded the Bancamerica-Blair Corp., Kidder, Peabody & Co., Goldman,
Sachs & Co., Hallgarten & Co., Darby & Co., Inc., G. M.-P. Murphy &
Co., R. H. Moulton & Co., Spencer, Trask & Co., all of New York; Ballou,
Adams & Whittemore, Inc. and Newton, Abbe & Co.* both of Boston;
Otis & Co., Cleveland; II. C. Wainwright & Co., Schlater, Noyes & Gardner,
Inc., Francis I. duPont & Co., all of New York; Mohawk Valley Investing
Co., Utica; Burr & Co., Inc., New York; E. Lowber Stokes & Co., Phil¬
adelphia; Watling, Lerchen & Hayes, Detroit; Gregory & Son, New York,
and Charles K. Morris & Co., of Chicago.
A syndicate headed by Lazard Freres & Co. bid 101> for combination of
$738,000 4s and $7,162, 2.70s, an interest cost of about 2.676%; Lehman
Bros, of New York, as group manager, offered 101 for $4,207,000 3s and
$3,693,000 2Ms, a basis of about 2.78%.
Under the terms of the offering,
bidders were required to name a flat price of 101 for the issue.
BONDS PUBLICLY OFFERED—In tne reoffering of the bonds,
page VII.
The bonds will, in the opinion of counsel, constitute valid and
legally binding obligations of the City of Utica, payable solely from revenues
to be derived from the operation or the city's water supply system.
The
city, in their opinion, will have power and be obligated to fix rates and
collect charges for the services, facilities and commodities furnished by the
municipal water supply system so as to provide revenues sufficient to pay,
as they
become due, the principal and interest on the bonds in addition
to paying as due the necessary expenses of operating and maintaining the
system.
:
v':;■ .('r.
VICTOR
CENTRAL SCHOOL
WALTON,
WEST
O. Victor), N. Y,-bonds was authorized
N. Y.—BONDS DEFEA TED—An issue of $201,000 sewer
COMMON
SENECA
SCHOOL
Sept. 27.
DISTRICT
GardenviHe), N. Y.—BOND OFFERING—Georgia E.
NO. 8 (P. O.
Parmele, District
Clerk, will receive sealed bids until 3 p. m. on Oct. 20 for the purchase of
$99,000 not to exceed 6% interest coupon or registered, school bonds.
Dated Oct. 15, 1938.
Denom. $1,000.
Due Oct. 15 as follows: $5,000
from 1939 to 1957, incl., and $4,000 in 1958.
Bidder to name a single rate
of interest, expressed in a multiple of M or l-10th of 1%.
Prin. and int.
(A-O) payable at the Marine Trust Co., Buffalo, witn New York exchange,
or at the Marine Midland Trust Co., N. Y. City.
Bonds are direct obliga¬
tions of the district, payable from unlimited taxes.
A certified check for
$1,980, payable to the order of Charles Zimpfer, District
required.
Legality to be approved by Dillon, Vandewater
Treasurer, is
& Moore of
New York City.
YONKERS,
N.
Y.—BOND SALE—The $1,861,000 coupon or
regis¬
tered bonds offered Oct. 14 and fully described in V. 147, p. 2281—were
awarded to a syndicate composed of Lehman Bros., Phelps, Fenn & Co.,
Estabrook & Co., Ladenburg, Thalmann
& Co., Bancamerica-Blair Corp.,
Eastman, Dillon & Co., Manufacturers & Traders Trust Co., Buffalo,
Kean, Taylor & Co., Campbell, Phelps & Co., Inc., Morse Bros & Co.,
Inc. and Charles Clark & Co.
The bankers paid a price of 100.10 for a
combination of $1,061,000 3.408 and $800,000 3s.
The award consisted of
five issues
one
totaling $1,061,000 which mature from 1939 to
$800,000 due annually from 1943 tp 1961 incl.
1948 incl. and
issue of
CAROLINA
NORTH
NORTHAMPTON COUNTY (P. O. Jack.on), N. C.—BOND SALE
—The $40,000 issue of coupon court house bonds, offered for sale on Oct. 11—
V. 147, P- 2281—was awarded to Kirchofer & Arnold of Raleigh, paying
2,000, 1941 to
remaining $14,000 as Ms, maturing on Nov. 1,
far for the bonds1953;
divided as follows: $26,000 as 33s, maturing $2,000 from
1956, and $4,000 in 1957 and 1958.
following is an official list of the bids received;
1954 to
The
/tale
Price
/For the first $20,000 3M%1
(For the balance. ___ 3M%J $40,020.00
Chas. A. Hinsch & Co., Middendorf & Co. and Seasoneood & Maver
3M%
40,122.85
Provident Savings Bank & Trust Co
3g%
40,068.00
R. S. Dickson & Co
/For the first $28,000 3M%1
(For the balance
3M%J
40,004,41
Wm. B. Greene Co_
-/For the first $4,000. 3M%1
Bidder
Farmers Bank,
Woodland
J..nn.e
W. Craigie &
40,000.00
40,054.30
Co
2.70%
2.70%
2.70%
185.50
100.80
63.00
59.50
45.50
McAlister, Smith & Pate
Lewis & Hall, Inc
Equitable Securities Corp
Kirchofer & Arnold, Inc.*
For the balance
Successful bid.
3 M %
3M%
and/For the first $20,000 3M % I
(For the balance
3M %/
3M%
40,078.80
3M%\
/For the first $26,0Q0 3 M %1
40,064.00
/
40,000.00
-—
1 For the balance
*
_
i
Hardin, Inc—-For the first $30,000 3M%
(For the balance
3M%/
|
Vance, Young &
— _
i/——i-—2.70%
(P.
by the voters on Sept. 23.
system bonds was defeated by the voters on
Wachovia Bank & Trust Co.
"
DISTRICT
BONDS VOTED—An issue of $275,000 construction
F
"
Halsey,
Stuart & Co., Inc. and associates priced the 2Ms, due from 1940 to 1966
incl., to yield from 0.80% to 2.60%, according to maturity; in the case of
the 2.60s the 1967 to 1969 maturities are priced at par and the
1970 to
1973 bonds at 99.
Official announcement of the reoffering appears on
$98.00
2.70%
and $15,000 in 1947
interest.
In addition to
250.00
129.50
_____
1946 incl.,
denoms,
$5,640,000 2Ms, due annually on Oct. 1: $144,000, 1940; $148,000, 1941;
$152,000, 1942; $156,000, 1943; $160,000, 1944; $164,000. 1945;
$169,000, 1946; $174,000, 1947; $178,000, 1948; $183,000, 1949;
$188,000, 1950; $193,000, 1951; $199,000, 1952; $204,000, 1953;
$210,000, 1954; $216,000, 1955; $221,000, 1956; $228,000, 1957;
$234,000, 1958; $240,000, 1959; $247,000, 1960; $254,000, 1961;
$261,000, 1962; $268,000,1963; $275,000, 1964; $283,000,1965,
and $291,000 in 1966.
2,260,000 2.60s are due Oct. 1: $299,000, 1967; $306,000, 1968; $314,000,
1969; $323,000, 1970; $331,000, 1971; $339,000, 1972, and
$348,000 in 1973.
Bonds due from 1970 tp 1973 are callable
at city's option in their inverse numerical order on Oct. 1, 1948
or on any
subsequent interest date at a price of 102 and accrued
2.60%
2.60%
___________
Interest A-O.
UTICA, N. Y.—$7,900,000 WATER REVENUE BONDS SOLD—The
$7,900,000 water revenue bonds offered for sale by the Reconstruction
Finance Corporation on Oct. 11—V. 147, p. 2125—-were awarded to a
syndicate headed by Halsey, Stuart & Co., Inc., New York, at a price of
101 (as stipulated by the RFC) for a combination of $5,640,000 2 Ms, due
annually from 1940 to 1966 incl., and $2,260,000 2.60s, due from 1967
to 1973 incl.
Terms reflected a net interest cost of about 2.637%.
The
issue, dated Oct. 1, 1938, is divided as follows:
--
_____________
$137,500
UPPER NYACK (P. O. Nyack), N. Y—BONDS VOTED—An issue of
$64,000 sanitary sewer and plant bonds was authorized at a recent elec¬
Project provides for Public Works Administration grant.
2.50%
J. & W. Seligman & Co__________-___-_E. H. Rollins & Sons, Inc...
of
issue
Ronan,
Bidder to name a single
rate of
interest, expressed in a multiple of M or l-10th of 1%.
Principal
and semi-annual interest
payable at the City Treasurer's office,
Hme
$10,000 water refundings are payable in the first instance from taxes
upon such taxable property of the city which was within limits of the
former Village of Lansingburgh.
All of said bonds will be general obliga¬
tions of the
city, payable from unlimited taxes.
A certified check for
$7,600, payable to the order of the city, must accompany each proposal.
Legality to be approved by Dillon, Vandewater & Moore of New York City.
100.104
SENECA,
TRICT
J.
Dated Oct. 1, 1938 and due $15,000
$10,000 from 1940 to
1948.
Intereest J-D.
bonds will be in $1,000
Rate Bid
1%
1%
1%
1%
1%
—
Halsey, Stuart & Co., Inc.; Spencer, Trask & Co., et al
OFFERING—Edward
equalization bonds, series of 1938.
Dated Oct. 1, 1938
and due $40,000 on Oct. 1 from 1944 to 1946 incl.
Interest A-O.
10,000 Lansingburgh water refunding bonds.
Dated Oct. 1, 1938 and
due $1,000 on Oct. 1 from 1939 to 1948 incl.
Interest A-O.
100,000 public works bonds.
Dated June 1, 1938 and due June 1 as
follows:
Dick & Merle-Smith
Sept. 26.
1 from 1939 to 1948 incl.
on
120,000 debt
about 2.64%.
ROCHESTER,
Y.—BOND
$150,000 home relief bonds, series A.
Dated Oct.
1, 1938.
Denom. $500, except one bond for
$190.66. Due Oct. 1 as follows: $500 from 1939 to 1958 incl. and $190.66
in 1959. Bidder to name a single rate of interest, expressed in a multiple of
M or l-10tn of 1%. Principal and interest (A-O) payable at the Schenectady
Trust Co., Schenectady, with New York exchange.
The bonds are general
obligations of the town, payable primarily from taxes against taxable pro¬
perty in Water District No. 2, but if not paid therefrom all taxable property
in the town is subject to the levy of unlimited ad Valorem taxes to pay the
same.
A certified check for $200, payable to the order of the town, is re¬
quired. Legality to be approved by Dillon, Vandewater & Mopre of New
York
on
DEFEATED—An
defeated by the voters on Sept. 26.
City Comp
troller, will receive sealed bids until 11 a. m. (Eastern Standard Time)
on Oct. 18 for the
purchase of $380,000 not to ecxeed 5% interest coupon
or registered
bonds, divided as follows:
N." Y.—BOND
OFFERING— Roy E. Whamer, Town
Supervisor, will receive sealed bids at the law offices of Roy W. Peters, 514
State St., Schenectady, until 11 a. m. on Oct. 25 for the purchase of $10,190.66 noo to exceed 6% interest coupon or registered Water District No. 2
extension bonds.
Y.—BONDS
was
tion.
NEW YORK (State of)—BORROWS $100,000,000 ON NOTES—Morris S.
Tremaine, State Comptroller, sold on Oct.10 an issue of $100,000,000 0.25%
notes, dated Oct. 11, 1938 and due May 11, 1939.
As in previous in¬
stances, the Comptroller allotted the notes among various banks and
investment banking houses throughout the State at a price of par.
The
interest rate equals the record low cost at wnich the State has ever borrowed
money in the public market.
Pointing out that the transaction was a
routine financial operation, Mr. Tremaine stated that the proceeds would
be used to meet heavy regular expenses pending collection of taxes already
levied.
The State Constitution provides that the notes must be paid
and Public National Bank & Trust Co.
N.
system bonds
and
SCHOOL DISTRICT,
N. Y.—BONDS VOTED—
An issue of $96,250 school building bonds was authorized by the voters on
Sept. 28.'
\
maturity.
rejected by the voters
RHINEBECK,
follows:
HMASSAPEQUA
in cash at
2429
RAMAPO UNION FREE SCHOOL DISTRICT NO. 3 (P. O. Suffern),
N. Y.—BONDS DEFEATED—The
proposed issue of $440,000 school build¬
TROY,
u HUDSON FALLS, N. Y.—BONDS VOTED—An issue of $139,590 sewage
system bonds was approved by the voters on Sept. 12.
Bids will be asked
soon and the bonds will mature in 30
years, according to City Clerk.
recent
Chronicle
3%
40,042.00
40,055.00
Financial
2430
(State of)—B0ND OFFERING—Sealed bids will
Standard Time), on Oct. 27, by Chas. M.
purchase of a $4,020,000 issue of coupon
permanent improvement bonds.
Interest rate is not to exceed 4%, paya¬
Oct.
Chronicle
NORTH CAROLINA
Johnson, State Treasurer, for the
ble J. & J.
Dated July 1, 1938.
Denom. $1,000.
Due July 1 as follows: $270,000
in 1941 to 1943, $300,000 in 1944, $500,000 in 1945 and
1946, $1,250,000 in 1948 and $1,200,000 in 1949.
Bidders are requested
to name the interest rate or rates in multiples of M of 1%.
Each bid may
in 1940, $200,000
of the bonds (ha ving the earliest maturities) and an¬
bid may name more than two rates, and
bid the amount of bonds of each rate.
bidder offering to purchase the bonds at
the lowest interest cost to the State, such cost to be determined by deduct¬
ing 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.
Principal and
interest payable at the Htate Treasurer's office or in New York City.
Gen¬
eral obligations; the full faith and credit of the State are pledged to the pay¬
ment of the principal and interest of the bonds.
The bonds are registerable as to principal alone and as to both principal and interest,
The ap¬
proving opinion of Masslich & Mitchell of New York will be furnished.
Bids are required on forms to be furnished by the above Treasurer.
Deliv¬
ery on or about Nov. 8, at place of purchaser's choice.
Enclose a certified
check for 2% of the par value of bonds bid for, payable to the State Treasrate for part
name one
other rate for the balance, but no
must specify in his
The bonds will be awarded to the
bidder
each
urer.
••
*
DAKOTA
NORTH
be received until noon (Eastern
1938
15,
Dak .—BOND OFFERING—Sealed bids will be received
Oct. 24, by A. M. Haykel, City Auditor, for the purchase
of a $21,000 issue of 4% semi-ann. water system revenue bonds.
Due on
Nov. 1 as follows: $800, 1939 to 1942; $900, 1943 to 1946; $1,000, 1947 and
1948; $1,100, 1919 to 1952: $1,200, 1953 and 1954; $1,300, 1955 and 1956,
and $1,400 in 1957 and 1958.
N.
DRAKE,
until 8 p. m. on
GRAFTON SPECIAL SCHOOL DISTRICT NO. 3 (P. O. Grafton),
of coupon school bonds offered
10—V. 147, p. 2125—was awarded to the Walsh County
State Bank of Grafton, as 3 Ms. paying a premium of $150, equal to 100.75.
a basis of about 3.16%.
Dated Sept. 1, 1938.
Due $1,000 from Jan. 1,
N. Dak:—BOND SALE—The $20,000 issue
for sale on Oct.
1940 to 1959 incl.
DAKOTA,
NORTH
of—CERTIFICATE OFFERING—It is re¬
State
ported that James Mulloy, Secretary of the State Industrial Commission,
will receive sealed bids until 10 a. m. on Oct. 24 for the purchase of a $425,000 issue of State certificates of indebtedness.
Interest rate is not to exceed
4%, payable A-O.
Dated Oct. 24, 1938:
Denoms. $5,000 and $1,000.
Due Oct. 24, 1939.
Bids for less than par and accrued interest will not be
considered.
Enclose a certified check for at least 2% of the amount bid,
payable to the State Treasurer.
>
tbat were originally scheduled for sale on Sept. 27,
bids received were rejected, as noted here on Oct 1—
(These are the bonds
at which time all the
V. 147, p.
PASQUOTANK COUNTY (P.
O. Elizabeth City), N.
SALE—The $25,ou0 issue of coupon airport
C.—BOND
bonds offered for sale on Oct. 11
MITCHELL, HERRICK & CO.
147, p. 2281—was awarded to K. 8. Dickson & Co. of Charlotte, as
3^s, paying a premium of $63, equal to 100.2.52, a basis of about 3.45%.
Dated Nov. 1, 1938.
Due Irom Nov. 1, 1939 to 1948 incl.
The following is an official list of the bids submitted:
—V.
PH Bidder—
'
First & Citizens National Bank, Elizabeth City,
(successful bid)._
Guaranty/ For the
[For the
Vance, Young & Hardin, Inc.F, W. Craigie & Co.---—:
McAlister, Hmith & Pate.--./For the
(For the
Equitable Securities Corp.
R. S.
Dickson & Co.
Wm. B. Greene Co. and
"
Bank & Trust Co
issues
Fenn
2,5,013.00
25,047.25
3M%/
25,032.50
—3%%
of bonds aggregating $555,000, to a group headed
of New YPrk, as reported in detail in our issue
ALLEN TOWNSHIP RURAL SCHOOL
25,065.00
by Phelps,
of Oct. 8—
BREWSTER SCHOOL DISTRICT, Ohio—BOND
J.
1954,
Financial Statement, Sept. 1, 1938
Outstanding debt—Bonds for purposes other than water
Water bonds (including $385,000 now offered)
Sinking funds—Cash
Investments (bonds, real est. & real est. 1st mtgs.),
$5,424,000.00
20,215.99
157,634.56
Estimated present
—
—
...
$177,850.55
561,782.58
Uncollected special assessments.
Taxes—
Levy-
1935-36
1936-37
1937-38
-..-$43,711,016.00 $43,404,375.00 $48,086,228.00
.
1.40
616,700.23
..
—
-
612,346.22
23,756.35
$100-
—
35,171.62
Uncollected
Estimated actual property
1.40
valuation
i.
—
110,055.74
$75,000,000.00
Due to circumstances beyond its control, the city defaulted, Jan. 1, 1933,
of principal and interest on its bonds.
Funds were made
available within 30 days to pay defaulted interest.
In 1934 a refunding
plan involving the exchange of $690,000 bonds was presented to bond¬
holders. No water bonds were included in default, not has city ever defaulted
in the payment of
of 1934 plan, all
BURKETTSVILLE
VOTED—An
voters on
principal or interest on water bonds. Since consummation
refunding bonds issued in exchange for defaulted bonds
paid. A refunding plan over a period of years for the
purpose of leveling peak loads of debt service has been adopted, with the
approval of the Local Government Commission, and refunding bonds
offered thereunder have been sold as follows: $200,000 at 4% and $435,000
at 3lA% on Nov. 1, 1936; $80,000 at 3M% on Dec. 1, 1937.
The $170,000
refunding bonds offered for present sale are to refund $50,000 4M% street
improvement bonds dated Oct. 1, 1927; $50,000 4 lA% street improvement
bonds dated Jan. 1, 1925; $50,000 4%% street improvement bonds dated
Jan. 1, 1926; $20,000 6% public improvement and funding bonds dated
June 1, 1921, all maturing within the present fiscal year.
Water bonds
offered for present sale are for the purpose of enlarging and extending the
water supply system.
Present profits from the water system are estimated
to provide ample funds for payment of principal and interest, without
No water bonds have
appears probable, due to inadequate sinking
will have to be included in the general plan
to
1945.
Rapid
ever
been refunded.
It
funds, that some water bonds
of refunding during the years
increase tin water consumption and extension of
by that time sufficiently for annual earnings
system should increase profits
to
Ohio—BOND ELECTION—A
bonds will be considered by the voters
DISTRICT,
RURAL SCHOOL
construction
of $18,000
issue
DISTRICT, Ohio—BONDS
bonds was approved by the
Sept. 27.
CLYDE, Ohio—BOND OFFERING—Joe V. Wilson, Village Clerk, will
31 for the purchase of $85,000 not to
5% interest first mortgage electric plant revenue bonds.
Dated
Sept. 1, 1938.
Denom. $1,000.
Due $2,000 March 1 and $3,0 ,0 Sept. 1,
from 1940 to 1944, incl., and $3,000 March 1 and Sept. 1 from 1945 to 1954.
incl.
Callable after 10 years from date of issue.- Interest M-S.
A certL
fied check for $1,000, payable to the order of the village, is required.
receive sealed bids until noon on Oct.
exceed
COLERAIN TOWNSHIP
RURAL SCHOOL DISTRICT, Ohio—
DEFEATED—An issue of $160,000 construction bonds was de¬
BONDS
feated by the voters on Sept.
r
DELAWARE
Sept. 30 the voters
recreation hall bonds.
ELM WOOD
27.
Delaware), Ohio—BONDS VOTED—
authorized an issue of $75,000 county bldg. and
COUNTY (P. O.
On
V
.«
ELECTION—At the November
asked to approve an issue of $150,000
Ohio—BOND
PLACE,
general election the voters will be
grade crossing elimination bonds.
have been called and
increase in the water rate.
SCHOOL
proposal to issue $45,000 construction
November general election.
at the
1.40
677,975.17
,
in the payment
1942
incl.
BRILLIANT
37,379
45,000
$3,388,000.00
2,036,000.00
Population—1930 U. S. census—
Rate per
OFFERING—Harry
until noon on Oct. 29 for the
Dated Sept. 1,
1 from 1940 to
Rate of interest to be expressed in multiples of M of 1%
M-S.
A certified check for 1% is required.
Ryan, District Clerk, will receive sealed bids
purchase of $12,000 not to exceed 6% interest school bonds.
1938.
Denom. $400.
Due $400 on March 1 and Sept.
.
„
Assessed valuation
bonds.
issue of $82,500 construction
and payable
2281:
DISTRICT (P. O. Genoa),
Ohio—BONDS DEFEATED—On Sept. 29 the voters defeated a proposed
the sale on Oct. 4 of the
Co.
&
V. 147, p.
OHIO
25,006.51
3%%
—
3%%
first $13,000 4M%1
cial information is furnished in connection with
SPRINGFIELD
COLUMBUS
25,063.00
C.—FINANCIAL STATEMENT—'The following offi¬
N.
CINCINNATI
AKRON
$25,050.00
3lA%
balance..--
CUYAHOGA BUILDING, CLEVELAND
700
CANTON
Price
Rate
Nj'C... 4%
-
—
two
.
first $16,000 4%
\
balance
3% % I
•
RALEIGH,
-
MUNICIPALS
OHIO
2125.)
,
GENEVA, Ohio—BOND OFFERING—W. B. Stocking, Village Clerk,
Oct. 24 for purchase of $20,000 3A%
will receive sealed bids until noon on
disposal works bonds.
Dated Sept. 1, 1938.
Denom. $1,000.
1939 to 1948, incl.
Callable in whole or in part,
Oct. 1, 1940 or any later interest date.
Bidder may name a
rate other than 3A% provided that fractional rates are expressed in mul¬
tiple of M of 1%.
Interest A-O.
A certified check for $200, payable to
order of the village, required.
1
sewerage
Due $2,000 on Oct. 1 from
at
par,
on
,
SCHOOL DISTRICT (P. O. Massillon),
recent election the voters approved an
LAWRENCE TOWNSHIP
VOTED—At
issue of $30,000 school bonds.
Ohio—BONDS
a
LEBANON, Ohio—BOND SALE—The Board of Sinking Fund Trustees
purchased an issue of $12,500 3% incinerator bonds.
Dated Oct. 1, 1938.
Denom. $500.
Due $500 on Oct. 1 from 1940 to 1964 incl.
Principal and
nterest (A-O) payable at Lebanon-Citizens National Bank, Lebanon.
Ayres, City Auditor, will re¬
i for purchase of $40,000 not to exceed
Dated Nov. 1, 1938.. Denom. $1,000.
1940 to 1949 incl.
Rate of interest to be
expressed; in a multiple of M of 1 %.
Purpose of the issue, according to
report, is to provide for taking up of a similar amount of bonds which came
due on Sept. 15, 1938.
Principal and interest (M-S) payable at office of
the Sinking Fund Trustees.
A certified check for 2% must accompany
each proposal.
Legal opinion of Squire, Sanders & Dmpsey of Cleveland
LORAIN, Ohio—SOND OFFERING—Frank
ceive sealed bids until noon on Nov.
amply justify the refunding.
interest refunding bonds.
Due $4,000 on Sept. 15 from
3%
UNIVERSITY OF NORTH CAROLINA—BOND OFFERING—Sealed
bids will be received until noon on Oct. 21, by Charles
M. Johnson, State
Treasurer, at his office in Raleigh, for the purchase of two issues of not to
exceed
4%
semi-ann.
coupon
bonds,
aggregating
$444,000,
divided
as
follows:
$178,000 dormitory
buildings
revenue
bonds.
Due
Oct.
1,
as
follows:
$6,000 in 1940 to 1942, $7,000 in 1943 and 1944, $8,000 in 1945
to
1948, $9,000 in 1949 to 1952, $10,000 in 1953 and 1954,
$11,000 in 1955 and ,1956 and $12,000 in 1957 to 1959:
The bonds
apd interest thereon are payable solely and exclusively from the
revenues
and receipts derived from the operation of the two
dormitory buildings on the campus of State College at Raleigh,
including the necessary equipment and appurtenances, to be con¬
structed from the proceeds of the bonds.
266,000 dormitory and dinning hall revenue bonds.
Due Oct.
1, as
follows,:
$9,000 in 1940 and 1941, $10,000 in 1942 and 1943,
$11,000 in 1944 and 1945, $12,000 in 1946 and 1947, $13,000 in
1948 to 1950, $14,000 in 1951 and 1952, $15,000 in 1953 and 1954,
$16,000 in 1955 and 1956, $17,000 in 1957 and $18,000 in 1958
and
1959.
The
bonds
and
interest
thereon
payable solely
and exclusively from the revenues and receipts derived from the
operation of the dining hall and two dormitory buildings on the
campus of the Woman's College of the University at Greensboro,
including the necessary equipment and appurtenances, to be con¬
structed from the proceeds
are
of the bonds.
purchaser's expense.
will be furnished at
'
MARYSVILLE,
Ohio—BOND
OFFERING—George P.
Scheiderer,
Village Clerk, will receive sealed bids until noon on Oct. 24 for purchase of
$27,500
5% sewerage system bonds.
Dated Oct. 1, 1938.
Denom.
$1,375.
Due as follows: $1,375 Oct. 1, 1940; $1,375 on April 1 and Oct. 1
from 1941 to 1949, incl., and $1,375 April 1, 1950.
Int. A-O.
Bidder
may name a different rate of interest provided that fractional rates are ex¬
pressed in a multiple of M of 1%.
These are mortgage revenue bonds,
secured by the sewerage system and revenues thereof.
A certified check
for $275, payable to the order of the village, required.
"~MASSiLLONSCHOOL
"DrSTRlCT,"" Ohio—BONDS
PUBLICLY
OFFERED—Halsey, Stuart & Co., Inc., made public offering this past
week of $473,000 2 XA % building bonds at prices to yield from 1 % to 2.60%,
according to maturity.
Due semi-annually on April 1 and Oct. 1 from 1940
to 1961, incl.
The bonds are unlimited tax obligations.
V. 147, p. 1815.
Oxford),
2,
RURAL SCHOOL
DISTRICT (P. O.
Ohio—BONDS DEFEATED—An issue of $35,000
defeated at the election held on Sept. 27.
TOWNSHIP
MILFORD
Route
school building bonds was
Dated Oct.
1, 1938.
Denom. $1,000.
Bidders are requested to name
multiplas of M of 1 %. Each bid may name one
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
the interest rate or rates in
rate for
must
specify in his bid the amount of bonds of each
rate.
The bontls will
be awarded to the bidder offering to purchase the bonds at the lowest
interest cost to the University, such cost to be determined by deducting the
total amount of the premium bid from the aggregate amount of interest
all of the bonds until their respective maturities.
No bid of less than
and accrued interest will be entertained.
Principal and interest
payable in lawful money at the State Treasurer's office, or at the Chemical
Bank & Trust Co., New York.
The bonds are registerable as to principal,
and will be issued pursuant to Chapter 479 of the Public Laws of 1935. as
amended.
The approving opinion of Reed, Hoyt, Washburn & Clay of
New York, will be furnished.
Enclose a certified check for 2% of the par
value of bonds bid for, payable to the State Treasurer.
upon
par
WILSQN,
N.
C.—NOTES SOLD—It
is
reported that $85,000 bond
anticipation notes were purchased recently by the National Bank of Wilson,
at 3%, plus a premium of $477.
Due in three months.
MOUNT
On Sept.
NEW
ING—L.
VERNON
SCHOOL DISTRICT,
Ohio—BONDS VOTED—
27 the voters approved an issue of $198,000 building bonds.
HAVEN
E.
RURAL SCHOOL
DISTRICT, Ohio—BOND OFFER¬
sealed bids until noon on
exceed 5% interest school bonds.
Due $1,000 April 1 and Oct. 1
A certified check for $100, payable to order of the
Snyder, District Clerk, will receive
Oct. 27 for the purchase of $6,000 not to
Dated Oct. 1, 1938.
Dendpi. $1,000.
from 1940 to 1942, incl.
district, is required.
NEW
LEXINGTON,
Ohio—BONDS
AUTHORIZED—An
issue
of
$20,000 4% swimming pool construction bonds was Authorized for sale by
the Village Council.
Dated Oct; 1, 1938.
Denom. $1,000.
Due $1,000
on Oct. 1 from 1940 to 1959, incl.
Prin. and int. (A-O) payable at Village
TrsssiirGr's offic©
NORTHWEST
TOWNSHIP
RURAL
SCHOOL DISTRICT
Edon), Ohio—BONDS VOTED—An issue of $25,000
authorized by thefvoters on Sept. 28.
(P.
O.
construction bonds
was
NORWALK
—Arthur E.
CITY
Elmer.
SCHOOL
DISTRICT,
Ohio—BOND OFFERING
sealed bids until noon on
District Clerk, will receive
Volume
OXFORD, Ohio—BONDS VOTED—An issue of $35,750 town hall bond8
was
authorized at the election
Sept. 26.
on
v
SHAWNEE RURAL SCHOOL DISTRICT, Ohio—BONDS
An issue of $46,000 construction bonds was approved by the
Sept. 30.
CITY
voters on
SCHOOL
ZANESVILLE
SCHOOL
DISTRICT
(P.
O.
Zanesville),
Ohio—BOND OFFERING—C. P. Mason, District Clerk, will receive sealed
bids until noon on Oct. 27 for the purchase of $5,000 4% school bonds.
Dated Nov. 1, 1938.
Denoms. $333 and $334.
Due Nov. 1 as follows:
$333 from 1939 to 1948, incl., and $334 from 1949 to 1953, incl.
Int. M-N.
A certified check for $100, payable to the order of the district, required.
SPRINGFIELD
TOWNSHIP
SCHOOL DISTRICT
RURAL
•
agreeing to
The bonds carried at the election held
certified check for 2%.
interest.
on
VICI, Okla.—BOND OFFERING—Seaied bids
8 p. m. on Oct. 18, by V. B. Belew, Town Clerk,
aay
par
and accrued
Enclose a
3ept. 28.
will be received until
for the purchase of two
^uesof bonds aggregating $9,500,
as follows:
$3,000 community building bonds.
Due $1,000 from 1941 to 1943.
6,500 water system bonds.
Due as follows: $1,000, 1941 to 1946,
and
f*"The bonds willfbe sold to the bidder bidding the lowest rate of
thj bonds shall bear and agreeing to pay par and accrued interest.
bonds carried at the election held on Sept. 20.
DISTRICT, Ohio—BOND OFFERING—
Cora C. Boyle3, Clerk of Board of Education, will receive sealed bids until
noon on Oct, 25 for purchase of $8,127 33^% school bonds.
Dated Nov. 1,
1938.
One bond for $327, others $500 and $325 each.
Due Nov. 1 as
follows: $800, 1940; $825, 1941; $800, 1942: $825, 194.3; $800, 1944; $825,
1945; $800,1946; $825,1947; $800 in 1948 and $827 in 1949.
Interest M-N.
A certified check for $100, payable to the order of the district, required.
SOUTH
rate of interest the bonds shall bear and
$500 in 1947.
VOTED—
SHELBY, Ohio—BOND SALE—The $55,000 water works extension and
improvement bonds offered Oct. 7—V. 147, p. 2126—were awarded to
Merrill, Turben & Co. of Cleveland as 2^s at par plus $357.50 premium,
equal to 100.65, a basis of about 2.90%.
Dated Oct. 1, 1938 and due
$5,000 on Oct. 1 from 1940 to 1950, incl.
Second high bid of 101.209 for
2%s was made by Johnson, Kase & Co. of Cleveland.
SHELBY
2431
Chronicle
Financial
147
Oct. 25 for the purchase of $148,500 not to exceed. 5% int. school building
bonds.
Dated Oct. 1, 1938,
Denom. $500.
Due as follows:
$3,00u
April 1 and $3,500 on Oct. 1 from 1940 to 1961, incl.; $2,500 April 1 and
$3,000 Oct. 1, 1962.
Rate of interest to be expressed in a multiple of Y\ of
1%.
Interest A-O.
A certified check for $1,500, payable to order of the
Treasurer of the Board of Education, is required.
(P. O.
R. F. D. No. 2), Ohio-—BONDS DEFEATED—The proposed issue of
$22,000 construction bonds was defeated at the Sept. 26 election as it did
not receive the required 65% majority vote.
STRUTHERS, Ohio—BOND OFFERING— John F. Pearce, City Audi!
purchase of $33,
tor, will receive sealed bids until noon on Oct. 22 for the
lor
2%.
interes
These
certified check
Enclose a
:
v.
^
#;
OREGON
BEND, Ore.—BOND SALE—The $16,000 issue of city hall bonds offered
for sale
on Oct. 5—V. 147, p. 2282—was purchased by the Baker, Fordyce
Co. of Portland, as 33^s, paying a price of 100.08, a basis of about 3.47%.
Dated Nov. 1, 1938.
Due $2,000 from Nov. 1, 1939 to 1946; optional
in 1941.VN :-
.
It is stated that Atkinson, Jones & Co., and Tripp & McClearey,
Portland,
-were associated
both of
with the above named firm in the purchase.
COLUMBIA COUNTY SCHOOL DISTRICT
NO. 7
(P. O. Warren,
Route 1),
Ore.—BONDS OFFERED—It is reported that seated bids were
Harris, District Clerk, for the
a $3,000 issue of school bonds.
Due $500 from Nov. 1, 1939
1944, incl.
:
received until 8 p. m. on Oct. 14, by Stella M.
purchase of
to
..
.
•
ESTACADA, Ore.—BONDS SOLD—It is stated by the City Recorder
that an $8,500 issue of city hall bonds was offered for sale on Oct. 3 and was
awarded to E. M. Adams & Co. of Portland.
Dated Oct. 1, 1938. Due on
Oct. 1 as follows: $1,500, 1943 to 1947 and $1,000 in 1948.
He reports that the successful bid was an offer of 1UU.36, a basis of about
3.45% on the specified 3A% interest rate.
The next highest bid was an
offer of 100.27 on 3 As, put forward by the Atkinson-Jones Co. of Portland.
It is also reported that $3,500 414% semi-ann. fire truck bonds were
purchased at par by Tripp & McClearey of Portland.
Due on Sept. 15,
1946.,
..
y
,,
711.85 3% special assessment street improvement bonds.
Dated July 1,
1938.
One bond for $711.85 others $1,000 each.
Due as follows: $4,000
to
April 1 and Oct. 1 from 1940 to 1942, incl.; $5,000 April 1 and $4,711.85
Oct. 1, 1943.
Bidder may name a different rate of interest provided that
fractional rates are expressed in a multiple of
of 1%.
Int. A-O.
Al¬
though issued in anticipation of collection of certain special assessments,
the bonds, in accordance with ordinance of the city passed Sept. 21, 1938,
and pursuant to vote of the electors, are payable from taxes unlimited as
to rate or amount.
A certified check for $350, payable to the order of the
Oct. 17, by H. G. Bond, City
Recorder, for the purchase of a $48,000 issue of refunding bonds.
Interest
rate is not to exceed 4 A %» payable M-N.
Dated Nov. 5, 1938.
Denom.
$500.
Due May 5 as follows: $2,500 in 1939 to 1945; $3,000 in 1946 to
1951; $3,500 in 1952 to 1954, and $2,000 in 1955.
No bid. for less than par.
The approving opinion of Teal, Winfree, McCulloch, Shuler & Kelley of
Portland, will be furnished.
Enclose a certified check for 2%.
city, required.
Legal opinion of Squire, Sanders & Dempsey of
will be furnished the successful bidder.
TOWNSEND
TOWNSHIP
RURAL
SCHOOL
Cleveland
DISTRICT
O.
Collins), Ohio—BOND SALE—The $35,000 school bonds offered Oct. 8
147, p. 2126—were awarded to Fullerton & Co. of Columbus as 334s,
par plus $381.50 premium, equal to 101.09, a basis of about $3..14%.
Dated Oct. 1, 1938 and due $750 April 1 and Oct. 1, from 1940 to 1962,
at
and
$500 April
of
$65,000 construction bonds was authorized by the voters on Sept.
27.
Waldo),
bonds was
WALDO TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Ohio—BONDS
authorized by
a
VOTED—An
issue
of $31,000
vote of 274 to 129 at the Sept.
improvement
27 election.
RURAL
SCHOOL
DISTRICT
BOND OFFERING—Sealed bids will
(P.
R. J. EDWARDS, Inc.
Porter, District Clerk, for the purchase of the above
approved by the voters on Sept. 14.
>
bonds.
K.
They were
Ore.—BOND OFFERING— Sealed bids will be
received
Nov. 2, by J. E. Stearns, City Recorder, for the purchase
$97,000 issue of water, general obligation bonds.
Interest rate i$ not
to exceed 4%, payable A-O. Dated Oct. 1, 1938.
Denom. $1,000.
Due
Oct. 1 as follows: $3,000 in 1939 to 1945; $20,000 in 1946 to 1948, and
of
a
$16,000 in 1949.
bonds
to
The City Commission reserves the right to limit
sum not less than $75,000.
Principal and
the sale
interest
The approving opinion of
Portland will be furnished.
any
payable at the office of the City Treasurer.
Teal, Winfree, McCulloch, Shuler & Kelley of
Enclose a certified check for $2,000.
y
,
4 (P. O. Adrian),
District Clerk, that
147, p. 2282—were
bids will be received until 10:30 a. m. on
named Clerk, for the purchase of the said bonds.
WBONDS REOFFERED—Sealed
Oct.
Municipal Bonds Since 1892
28, by the above
1, 1940 to 1954, inclusive.
■
SCHOOL DISTRICT NO. 39 (P. O. Nyssa),
Ore.—BONDS OFFERED—Sealed bids were received until 2 p. m. on
Oct. 15, by W. Smith, District Clerk, for the purchase of a $5,500 issue of
not to exceed 6% coupon semi-annual building bonds.
Dated Oct. 15,
1938.
Due $500 from Oct. 15, 1943 to 1953 incl.
MALHEUR COUNTY
Oklahoma
Long Distance 787
*
2126
until 7:30 p. m. on
Due $2,000 from Oct.
Oklahoma City,
Klamath Falls)'
exceed 4% semi-
be received until Oct. 24, by Jean
MALHEUR COUNTY SCHOOL DISTRICT NO.
Ore.—BONDS NOT SOLD—It is stated by J. E. Holly,
the $30,000 coupon school bonds offered on Oct. 8—V.
not sold as ail bids were rejected.,
AT&T Ok Cy 19
reported that sealed
on
construction and equipment bonds offered on Oct. 11—V. 147, p.
—was not sold.
Dated Nov. 1, 1938.
Due from 1943 to 1948.
of the
O.
Fort Recovery), Ohio—BONDS DEFEATED—An issue of $55,000 con¬
struction bonds was rejected by the voters at the election on Sept. 27.
WASHINGTON LIBERTY
m.
KLAMATH COUNTY SCHOOL DISTRICT (P. O.
LaGRANDE,
Ohio—BONDS VOTED—An issue
VERMILION SCHOOL DISTRICT,
7:30 r.
ann.
1963.
1,
will be received until
Ore.—BONDS NOT SOLD—The $150,000 issue of not to
(P.
—V.
incl.
FOREST GROVE, Ore.—BOND OFFERING—It is
bids
COUNTY SCHOOL DISTRICT NO. 4 (P. O. Silverton),
issue of coupon school bonds offered for
11—V. 147, p. 2282—was purchased by Conrad, Bruce & Co.
of Portland, as 2 As at par.^Dated Oct. 10, 1938.
Due from Oct. 10,
MARION
Ore.—BOND SALE—The $74,000
sale on Oct.
OKLAHOMA
BARTLESVILLE SCHOOL DISTRICT (P. O. Bartlesville), Ok la.—
BOND SALE—The $134,100 issue of school bonds offered for sale on Oct. 10
-—V. 147, p. 2282—-was awarded to C. Edgar Honnold of Oklahoma City,
as 3.20s, according to the District Clerk.
Due $8,000 from 1942 to 1957,
and $6,100 in 1958.
.
CLEVELAND COUNTY (P. O. Norman), Ok la.—BOND OFFERING—
bids will be received until 2 p. m. on Oct. 18, by Virgil Young,
County Clerk, for the purchase of an issue of $115,000 court house and jail
bonds.
Due as follows: $14,000 in 1941 to 1947, and $17,000 in 1948.
The bonds will be sold to the bidders bidding the lowest rate of interest
the bonds shall bear and agreeing to pay par and accrued interest.
These
are the bonds authorized at the election neld oh .Sept. 27, by a vote of 1,637
to 714.
Enclose a certified check for 2%.
Sealed
Okla.—BOND OFFERING—Sealed bids will be received
Oct. 17, by Loren Crook, City Clerk, for the purchase of
a $44,000 issue of public library bonds.
Due as follows: $3,666.66 from
1941 to 1951, and $3,667.74 in 1952.
These bonds were approved by the
voters on Sept. 29.
\
CUSHING,
until 7:30 p. m. on
ERICK, Okla.—BOND OFFERING—Sealed bids will be received until
Oct. 18, by Frank Vise;, City Clerk, for the purchase of a $60,000
of electric light bonds.
Interest rate to be stated by the bidder.
Due $4,000 from 1943 to 1957, incl,
A certified check for 2% of the bid
9
a.m. on
issue
is
'■ V
required.
FAIRVIEW, Okla.—BOND OFFERING—Sealed bids will be received
17, by J. C. Nicholson, City Clerk, for the purchase
convention hall bonds.
Dated Oct. 1, 1938.
Due
$20,000 Oct. 1, 1942 and 1943, callable on any'interest payment date.
The bonds will be sold to the highest bidder bidding the lowest rate of interest
the bonds shall bear and agreeing to pay par and accrued interest.
Prin.
and int. (A-O) payaole at the City Treasurer's office.— The bonds are to be
delivered in lots of $5,000, a; such times as money is needed for the project.
a
certified check for 2%.
HOLLIS, Okla.—BOAT) OFFERING—Sealed bids will be received until
on Oct. 18, according to report, by Mayor Harry Hicks, for the
purchase of an $8,000 Issue of city hall bonds approved by the voters on
8 p. m.
Oct. 4.
SCHOOL
LAVERNE
DISTRICT
(P.
O.
Laverne).
Okla.—BOND
OFFERING—Sealed bids will be received until 8 p. m. on Oct. 17, by C. E.
Delhotal. Clerk of the Board of Education, for the purchase of a $15,000
issue
bonds.
Due as follows: $5,000 in 1943, and $1,000 in
The bonds will be sold to the bidder bidding the lowest
of building
1944 to
1953.
rate of interest
the bonds shall bear and agreeing to pay par and accrued
These bonds carried at the election held on Sept. 23.
certified check for 2%.
interest.
a
MEEKER,
Enclose
Okla.—BONDS SOLD— It is reported that $16,500 water
Meeker.
bonds were sold recently to the Bank of
DISTRICT (P. O. Okay), Okla.—BOND SALE—
The $12,500 issue of school building bonds offered for sale on Oct. 4—V.
147, p. 2126—was purchased by the Taylor-Stuart Co. of Oklahoma City,
according to report.
Due from 1941 to 1946, incl.
OKAY SCHOOL
,
SUPPLY, Okla.—BOND OFFERING— Sealed bids will be received until
8 p. m. on Oct. 17, by C. J. Pratt. Town Cierk, for the purchase of a $12,500
ssue of water works system bonds.
Due as follows: $750 in 1941 to 1956,
and $500 in 1957.
The bonds shall be sold to the bidder bidding the lowest
,,y
y;
.
v;
,y
v;y
„
SCHOOL DISTRICT NO. 2 (P. O. Dallas), Ore.
—BOND OFFERING—Sealed bids will be received until Bp.m.on Oct. 21,
by Tracy Staats, District Clerk for the purchase of $26,430 issue of not
to
exceed 6% semi-annual school bonds,
Dated Oct. 15; 1938.
Due
Oct. 15, as follows: $900 in 1939 to 1941, $1,000 in 1942, $1,100 int 1943
to 1945
$1,200 in 1946, $1,300 in 1947 to 1949, $1,400 in 1950j. $1,500 in
1951 to 1953, $1,600 in 1954, $1,700 in 1955 to 1957 and $1,730 in 1958.
Principal and interest payable at the County Treasurer s office, or at the
fiscal agency of the State in New York City.
No bid for less than par and
accrued interest.
Enclose a certified check for 5% of bid, payable to the
POLK COUNTY
district.
SCHOOL DISTRICT NO. 12 (P. O. The Dalles),
OFFERING—It is stated by Prudence Patterson, District
receive sealed bids until 8 p. m. on Oct. 24, for the
purchase of a $60,000 issue of not to exceed 6% semi-ann. gymnasium bonds.
Dated Nov. 1, 1938.
Denom. $500.
Due Nov. 1, as follows: $5,000 in
1943 and 1944 and $10,000 in 1945 to 1949.
No bid wilt be accepted for
less than par and accrued interest.
Principal and interest payable at the
County Treasurer's office or at the Fiscal Agency of the State m New
York City.
The approving opinion of Teal, Winfree, McCulloch, Shuler &
Kelley of Portland, will be furnished the purchaser.
Enclose a certified
WASCO COUNTY
Ore.—BOND
Clerk, that she will
check for
1'
*'
'
SCHOOL DISTRICT NO. 140 (P. O. McMinn—ville), Ore.—BONDS OFFERED—Sealed bids were received until 8 p.m.
on Oct. 14, by P. P. Olds, District.Clerk, for the purchase of
a $50,000
issue of not to exceed 4% semi-annual school bonds.
Dated Oct. 1, 1938.
Due on Oct. 1 as follows; $2,000 from 1942 to 1947; $2,500, 1948 to 1953;
$3,000, 1954 to 1961, and $1,000 in 1962.
YAMHILL COUNTY
until 8 p. m. on Oct.
of a $40,000 issue of
Enclose
1941 to 1953.
PENNSYLVANIA
AMBLER, Pa.—BOND OFFERING—Charles H. Finkbeiner, Borough
Secretary, will receive sealed bids until 5 p.m. (to be opened at 9 p. m.)
on Oct. 31 for the purchase of $25,000 2, 2%, 2Ai, 2%, 3, 3M or,3 3-1%
coupon, registerable as to principal only, water works improvement bonds.
Dated Nov
1, 1938.
Denom. $1,000.
Due Nov. 1 as follows: $2,000,
103T $3,000, 1940; $2,000, 1941; $3,000, 1942; $2,000, 1943; $3,000
1944;
$2,000, 1945; $3,000, 1946;
$2,000 in 1947 and $3,000 in 1948.
Bidder to
2%,
issued
1 hila.
a single rate of interest, payable M-N,
A certified check for
payable to order of Borough Treasurer, is required.
Bonds will be
subject to approving legal opinion of ToWnsend, Elliott & Munson of
name
DISTRICT, Pa.-BOND OFFERING-Leon E
will receive sealed bids until Oct. 25 for the
purchase of $25,000 3H% coupon school bonds.
Dated Sept. 1, 1938.
Denom. $1,000.
Interest M-N.
ATHENS
Loo mis,
SCHOOL
District Secretary,
SCHOOL DISTRICT (P. O. Pittsburgh),
OFFERING—Eouis Peach. District Secretary. will receve
m. on Nov. 1 for the purchase of $300,000 coupon
school construction bonds.
Dated Nov. 1, 1938.
Denom. $1,000. Due
5 000 on Nov. 1 from 1941 to 1969, incl.
Bidder to name a single rate of
interest in a multiple of 14 of 1%.
Bonds will be sold subject to approval
of proceedings by the Pennsylvania Department of Internal Affairs.
A
certified cneck for $6,000, payable to the order of the District Treasurer,
is required.
Purchaser will be furnished with legal opinion of Burgwin,
Scully & Churchill of Pittsburgh, and the district will print the bonds.
BALDWIN TOWNSHIP
Pa
.—BOND
scaled
bids until 8 p.
Financial
2432
Chronicle
A-O.
Oct.
15,
A certified check for 2%, payable to order of Borough
1938
Treasurer,
required.
Bonds will be sold subject to approving legal opinionlof
Townsend, Elliott & Munson of Philadelphia.
(The Borough originally intended to sell the above issue on March 7.)
-is
COMMONWEALTH OF PENNSYLVANIA
BONDS
TURNPIKE
LEWISTOWN,
SOLD
BOUGHT
QUOTED
Pa .—BOND
ELECTION—At
be asked to authorize
election the voters will
an
the
November
general
issue of $192,500 sewer
bonds.
johnson a Mclean
LIBERTY (P. O. McKeesport), Pa.—BOND OFFERING—John Weisreceive sealed bids until 8 p. m. on Nov. 1 for
sert, Borough Secretary, will
Incorporated
the
purchase of $15,000 coupon bonds.
Dated Dec. 1, 1938.
Denom.
$1,000.
Due Dec. 1 as follows: $5,000 in 1940 and 1941, and $1,000 from
1942 to 1946, incl.
Bidder to name a single rate of interest in a multiple
PENNSYLVANIA
PITTSBURGH
A. T. T.
Telephone-Atlantic 8333
Teletype-PITB 289
of M of 1%.
A certified check for $500, payable to order of Borough
Treasurer, is required.
Sale is subject to approval of proceedings by the
Pennsylvania Departmnet of Internal Affairs, and approving legal opinion
of Burgwin, Scully & Churchill of Pittsburgh.
The borough will furnish
the opinion and pay for printing of the bonds.
CITY OF PHILADELPHIA BONDS
LOWER BURRELL TOWNSHIP SCHOOL DISTRICT (P. O. New
Kensington), Pa.—BONDS OFFERED—W. G. Dugan, District Secre¬
tary, received sealed bids until 8 p. m. on Oct. 14 for the purchase of $28,000
not to exceed 4% interest school bonds.
Dated Oct. 14, 1938.
Denom.
$1,000.
Due Oct. 14 as follows: $1,000 from 1941 to 1954, incl., and $2,000
from 1955 to 1961, incl.
Bidder was required to name a single rate of
interest.
Principal and interest (A-O) payable at the Logan National
Bank & Trust Co., New Kensington.
Issue was authorized at the Aug. 30
election.
Legality to be approved by Burgwin, Scully & Churchill of
BOUGHT—SOLD—QUOTED
YARNALL & CO.
Phila. 22
A. T. &, T. Teletype
1528 Walnut St.
Philadelphia
Pittsburgh.
,
MEADVILLE SCHOOL
PENNSYLVANIA
CAMP
-
HILL, ft.—BOND ELECTION—On Nov. 8 toe voters will be
asked to authorize an issue of $75,000 sewer bonds.
SCHOOL DISTRICT, Pa .—BOND OFFERING—Thomas
will receive sealed bids until
(Eastern Standard Time) on Oct. 27 for the purchase of $133,000
1M, 1&. 2. 2^,2^, 2%, 3. 3H or 314% coupon, registerable as to princi¬
pal only, funding and improvement bonds.
Dated Nov. I, 1938.
Denom.
$137,006
DISTRICT, Pa .—BOND SALE—The
building bonds offered Oct. 11—V. 147, p. 1964—were awarded to Bancamerica-Blair Corp. of New York as 2Mb, at par and $2,171.86 premium,
equal to 101.58, a basis of about 2.12%.
Dated Oct. 1,1938 and due Oct.
as follows: $5,000 from 1939 to 1951 incl. and $6,000 from 1952 to 1963 incl.
CARLISLE
MILLVILLE, Pa.—BONDS AUTHORIZED—Borough Council recently
E. Vale, Secretary of Board of School Disectors,
noon
$1,000.
Due Nov. 1
as
follows: $5,000, from 1939 to 1955. Incl., and $6,000
from 1956 to 1963, incl.
Bidder to name a single rate of interest, payable
M-N.
Bonds and interest are payable without deduction for any tax or
taxes, except succession or inheritance taxes, now or hereafter levied or
assessed thereon under any present or future law of the Commonwealth of
Pennsylvania: all of whicn taxes the district assumes and agrees to pay.
certified check for 2% of bonds bid for, payable to order of District
Treasurer, requred.
Bonds are issued subject to favorable opinion of
Townsend, Elliott & Munson of Philadelphia.
autnorized the following bond issues aggregating $95,000:
$70,000 for refinancing certificates of indebtedness.
8,250 street improvement.
1,980 fire and police alarm signal system.
2,200 traffic signal installation.
12,500 creek wall and bridge construction.
They will be issued in connection with Public Works Administration an 1
Works Progress Administration grants.
* "
,
MONONGAHELA TOWNSHIP SCHOOL DISTRICT
A
COALDALE, Pa.—AUTHORIZES REFUNDING ISSUE—Borough
for an issue of $35,000 refunding
Council passed an ordinance providing
bonds.
19365
town), Pa.—BOND SALE—The $60,000 coupon high school addition bonds
awarded to Glover & MacGregor,
Inc., of Pittsburgh, as 2Ms, at par and $348 premium, equal to 100.58,
a basis of about 2.68%.
Dated Oct. 15, 1938 and due $4,000 on Oct. 15
from 1940 to 1954, incl.
The First National Bank of Carmichaels was
second high bidder, offering 101.55 for 3s.
offered Oct. 10—V. 147, p. 2127—were
CRESSON TOWNSHIP
(P. O. Cresson), Pa —BOND OFFERING—
Bradley, Township Secretary, will receive sealed bids until 7 p. m.
1 for the purchase of $3,500 4% coupon bonds.
Dated Nov. 1,
1938.
Denom. $500.
Due $500 on Nov. 1 from 1943 to 1949, incl.
Int.
M-N.
Bonds will be issued subject to approval of proceedings by the
Pennsylvania Department of Internal Affairs.
A certified check for
$250, payable to tne Township Treasurer, is required.
Nov.
EAST
GREENVILLE, Pa.—BOND OFFERING—Claude Harley, Bor¬
ough Secretary, will receive sealed bids until 8 p. m. on Oct. 26 for the
purchase of $35,000 2, 2M, 2XA, 2% or 3% coupon, registerable as to
principal only, water works Improvement bonds.
Dated Nov. 1, 1938.
Denom. $1,000.
Due Nov. 1 as follows: $1,000, 1944 and 1945; $2,000,
1946 $1,000, 1947; $2,000, 1948; $1,000, 1949; $2,000. 1950 $1,000, 1951;
$2,000, 1952, 1953 and 1954; $1,000, 1955, $2,000 in 1956. 1957 and 1958;
$3,000, 1959; $2,000 in 1960 and $6,000 in 1961.
Interest M-N.
Bonds
and interest thereon will be payable without deduction for any tax or taxes,
except succession or inheritance taxes, now or hereafter levied or assessed
thereon under any present or future law of Commonwealth of Pennsylvania;
all of which taxes the borough assumes and agrees to pay.
A certified
check for 2% of bonds bid for, payable to order of Borough Treasurer,
required.
The bonds are ssued subject to the favorable opinion of Townsend, Elliott & Munson of Philadelphia.
'■
Financial Statement
of Sept. 30, 1938
as
Assessed valuation, realty only
Total assessed valuation--..
Total actual value (estimated)
Total bonded debt
$908,635
1,032,935
2,271,588
None
Floating debt—
Tax rate per $1,000-...l...
Population (estimated), 1,800.
None
$8.00
FRANKLIN TOWNSHIP SCHOOL DISTRICT (P. O. Waynesburg),
Pa.—NEl\ SALE DATE—The $20,000 not to exceed 3% interest blag,
bonds fully described in V. 147, p. 2282—will be sold oh Oct. 29 and not
Oct. 31 as previously reported.
GLADE
TOWNSHIP
SCHOOL
DISTRICT
(P. O.
Warren).
Pa.—
BOND SALE—The $20,000 coupon land purchase bonds offered Oct. 6—
V. 147, p. 1964—were awarded to Warren National Bank as 3 %s, at par plus
$583 prem'um, equal to 102.91, a basis of about 3.46%.
1938 and due $1,U00 on Oct. 15 from 1941 to 1960 incl.
callable.
Other bids:
Bidder—
E. H. Rollins & Sons, Inc..
x
Phillips Schmertz & Co
"
s.
Warren Bank & Trust Co.....
x
STATE¬
$12,641,961.00
$225,000.00
423,000.00
Total of bonds
nn
Cash held
648,000.00
A <?<?*>/*
sinking fund (as of July 1,1938).
65,049.00
Uncollected taxes on real estate for year 1937 and
prior years (as of July 1. 1-38)
274,442.82
Uncollected tuition
4,337.67
in
Total offsetting assets.
343,829.49
Net indebtedness
$304,170.51
Tax Collection
Total Levy
(Tax Duplicate)
Fiscal Year—
,
Jl
1937—
—
$244,014.76
239,611.34
244,808.50
Collected at
End of Year
$166,325.19
174,904.62
198,047.12
Total uncollected for all years prior to 1933
Grand total
Uncollected
as
of
July 1, 1938
$39,125.74
48,442.43
46,761.38
72,430.15
$274,442.82
Population, estimated, 21,000.
KINGSTON,
Pa.—BOND
OFFERING—Charles
A.
Blochberger,
Borough Secretary, will receive sealed bids until 7:30 p. m. on Nov. 9 for
the purchase of $150,000 2, 22^, 2%, 3, 3K, 3H, 3% or
4% coupon,
registeraole as to principal only, improvement bonds.
Dated April 1,1938.
Denom. $1,000.
Due April 1 as follows: $10,000, 1940; $5,000, 1941 and
1942; *$10,000, 1943; $15,000, 1944 and 1945: $25,000 from 1946 to 1948
incl. and $15,000 in 1949.
Bidder to name a single rate of interest, payable
COMMISSION (P. O.
Harrisburg),
14, as per their advertisement on page VI, of $10,000,000 3H% coupon
registered turnpike revenue bonds at a price of par and accrued interest.
They are part of the total authorized issue of $35,000,000 which was sold
by the Turnpike Commission co the Reconstruction Finance Corporation
on a 4M% yield basis.
The RFC in turn, sold the bonds making up the
present offering to the banking group at a price of 95.50 and interest.
Pro¬
ceeds of the entire $35,000,000 bonds, together with a Public Works Ad¬
or
ministration grant
of not to exceed $26,000,000 (45% of the construction
cost), will be used by the Commission to construct a 162-mile, low grade,
all-weather toll highway piercing the Alleghany Mountains between Harris-
burg and Pittsburgh.
The Commission wras created as an instrumentality
General Assembly Act No. 211,
of the Commonwealth of Pennsylvania by
approved May 21, 1937, and is charged with the duty and responsibility
of constructing, operating and maintaining the projected highway.
The $10,000,000 bonds currently offered are dated Aug. 1, 1938.
They
are coupon in form in $1,000 denoms., registerable as to principal alone, and
also as to both principal and interest, and, if fully registered, are reconvertible into coupon bonds.
Due Aug. 1, 1968 and redeemable in whole,
or in part by lot, at the Commission's option, on Aug. 1,
1947 or on any
any subsequent interest date prior to maturity, upon 30 days' notice,
at 104 and accrued interest if redeemed on or prior to Feb. 1, 1952; at 3%
premium if redeemed thereafter and on or prior to Feb. 1, 1957; 2% there¬
after to and incl. Feb. 1, 1961; 1% thereafter to and incl. Feb. 1, 1965,
and subsequently at par and interest.
Principal and interest (F-A) payable
at the
at
Fidelity-Philadelphia Trust Co., Philadelphia, or, at holder's option,
Trust Co., New York City.
In the opinion
principal office of the Bankers
taxes.
(real estate only)
_
PENNSYLVANIA TURNPIKE
Pa.—$10,000,000
BONDS
PUBLICLY OFFERED—A
comprehensive
banking group headed jointly by B. J. Van Ingen & Co., Inc.; New York,
and E. H. Rollins & Sons, Inc., Philadelphia, made public offering on Oct.
taxation in the Commonwealth except for gift, astate and inheritance taxes.
101.07
101.03
100.25
Pa.—FINANCIAL
-
100.35
Rate Bid
3%%
3%%
--3%%
Financial Statement (July 1, 1938)
Electoral
Board
100.619
3%%
l
KENSINGTON, Pa.—PLAINTS' BOND ELECTION—An election
is expected to be held in the near future on the question of issuing $200,000
bonds for various new capital purposes.
NEW
of counsel interest on the bonds is exempt from all present Federal income
MENT—The following i s given in connection witn the recent award of
$250,000 school bonds to Hemphill, Noyes & Co. and associates as 3s,
at 101.82, a basis of about
2.84%—V. 147, p. 2282:
Assessed valuation of taxable property
Bonded Debt—
100.845
3J4 %
—
15,
HARRISON TOWNSHIP (P. O. Natrona), Pa .—BOND ELECTION
—At the Nov. 8 general election the voters will be asked to authorize an
$25,000 street improvement bonds.
DISTRICT,
3%
Singer, Deane & Scribner
Burr & Co., Inc
Leach Bros., Inc..
are
issue of
SCHOOL
Rale Bid
100.96
-3%
The bonds
Bid did not provide for call feature.
HOMESTEAD
.
Int. Rate
Bidder—
Johnson & McLean, Inc
Dated Oct.
Int. Rate
;
,
bids:
Other
Ira P.
on
(P. O. Maple-
Under the
Laws
of Pennsylvania
the bonds
are
exempt
from all
incident to the issuance and sale of the bonds are sub¬
ject to the approval of Masslich & Mitchell, New York, Townsend, Elliott
& Munson, Philadelphia, and Hon. John D. Faller, Deputy Attorney Gen¬
eral of the Commonwealth of Pennsylvania.
The bonds will be payable solely out of revenues from the turnpike and
under provisions of the Act authorizing their issuance, shall not be deemed
to be a debt or a pledge of the faith and credit, of the Commonwealth of
Pennsylvania.
Based on the report of the Traffic Engineers, Parsons.
Klapp, Brinckerhoff & Douglas, of New York, the revenues from the Turn¬
pike will be sufficient to cover interest on the bonds 4.4 times and complete
debt service 1.8 times over the life of the loan, and continual application of
revenues to the retirement of bonds will, it is estimated, retire the entire
issue by 1954.
The engineers estimate that the annual cost of operation
and maintenance will range from $400,000 in the early years to $650,000
after the fifth year.
This includes a reserve for repaving the Turnpike.
The schedule of tolls ranges from an average of $1.25 for passenger cars to
an average of $4.75 for trucks.
In the opinion of the Traffic Engineers,
approximately 1,300,000 vehicles will use the Turnpike during the first
year of its operation, this figure increasing to approximately 2,000,000 in
the fifth year and thereafter.
In commenting on the Turnpike, Walter A. Jones, Chairman of the Penn¬
sylvania Turnpike Commission, said: "The consummation of our agreement
with the two government agencies and the public offering of part of these
bonds marks the conclusion of many months of effort by the Pennsylvania
Turnpike Commission.
We are planning to begin construction just as soon
as the contracts can be let.
During the past year the tunnels have been
cleared out and much of the engineering of the right of way has been pre¬
pared by the State Department of Highways.
We believe that the con¬
struction of this modern, level, all-weather 'highway of tomorrow* will be a
milestone in the history of transportation development in our country."
Members of the underwriting, syndicate include:
All legal proceedings
B. J. Van Ingen & Co., Inc.. New
E. H. Rollins & Sons, Inc.,
Bancamerica-Blair
York.
Phila.
New York.
Eastman, Dillon & Co., New York.
Corp.,
E. Lowber Stokes &
Co., Phila.
Mackey, Dunn & Co., Inc., New York.
Roth & Irving Co., Cincinnati.
Weil,
Johnson &
McLean, Inc., Pittsburgh.
Darby & Co., Inc., New York.
Paine, Webber & Co., New York.
Alex Brown <fe Sons, Baltimoie, Md.
Thomas & Co., Pittsburgh.
Graham, Parsons & Co., Phila.
S.
Yarnall & Co., Phila.
Stroud &
Otis
&
Co., Inc., Phila.
Co., New York.
Singer, Deane & Scribner, Pitts.
Moore, Leonard & Lynch. Pittsburgh.
Glover
& MacGregor, Inc., Pittsburgh.
K. Cunningham & Co., Pittsburgh.
Grubbs, Scott & Co., Pittsburgh.
Adams & Mueller, Newark.
Schlater, Noyes & Gardner, Inc., New
York.
George E. Synder & Co., Phila.
C. A. Prelm & Co., Newark.
A. C. Allyn &
MacBride, Miller & Co., Newark.
John Nueveen & Co., Chicago.
Walter Stokes & Co., Phila.
Charles P. Dunning <fc Co., Newark.
J.Tl. Drass & Co., Sunbury.
George G. Applegate, Pittsburgh.
Co., Inc., Chicago.
Stlfel, Nicolaus & Co., Inc., Chicago.
,
Volume
Financial
147
PENNSYLVANIA (State of)—LOCAL ISSUES APPROVED—Depart¬
ment of Internal Affairs has
approved following local bond issues.
Details
are name of
municipality, amount and purpose of issue and date approved:
Date
Name and Purpose of Issue—
Approved
Brownsville Borough School District, Fayette County
—Playgrounds
South
Amount
Sept. 19
c
Bethlehem Borough, Armstrong County—Improving streets
East Pittsburgh Borough School District—Allegheny
$20,000
Sept. 20
struction
2.000
Sept. 20
County—School building and equipment
Brockway Borough School District, Jefferson County
—Purchase of school site and school building con¬
75,000
Sept. 21
20,000
partment building and equipment
1.
Hazleton City School District. Luzerne County—Re¬
Sept. 22
Sept. 22
Marion
Center
Borough,
Indiana County—Fire de-
CERTIFICATES OFFERED TO PUBLIC—The successful syndicate reprices to yield from
1% to 2.25%, according to maturity.
They constitute, in the opinion of
counsel, valid, direct and general obligations of the State, for the payment
or which the full faith and credit and
taxing power of the State will be
pledged, and there is no limitation contained in the South Carolina Consti¬
tution upon the rate of property taxes which may be levied
by the State.
Other members of the offering group are Smith, Barney & Co., Brown,
Harriman & Co., Inc., the First Boston Corp., Hannahs, Ballin & Lee,
Eldredge & Co., Inc., First National Bank & Trust Co. of Minneapolis,
Khlman & Co., Inc., St. Paul; Trust Co. of Georgia, Atlanta; MasonHagan, Inc., Richmond; Wachovia Bank & Trust Co., Winston-Salem;
A, M. Law & Co., Spartanburg; South Carolina National Bank, Charles¬
ton; James Conner & Co., Inc., Charleston, and Seabrook & Karow,
Charleston.
>
>
75,000
j
Sept. 23
28,000
Sept. 24
15,000
PLUM TOWNSHIP SCHOOL DISTRICT (P. O. New Kensington,
R. D. 2), Pa.—BOND OFFERING—C. W.
Christy District Secretary, will
receive sealed bids until 8 p. m. on Oct. 18 for the purchase of $150,000
coupon, registerabJe as to principal only, building bonds.
Dated Nov. 1,
1938.
Denom. $1,000.
Due Nov. 1 as follows: $6,000 from 1941 to 1951,
incl., and $7,000 from 1952 to 1963, incl.
Bidder to name a single rate of
interest in
multiple of K of 1%„
Principal and interest (M-N) payable
Peoples Bank of Unity.
Sale of bonds will be subject to approval of
proceedings by the Pennsylvania Department of Internal Affairs.
A certi¬
fied check for $3,000, payable to the order of the District Treasurer, is
required.
Legal opinion of Burgwin, Scully & Churchill of Pittsburgh will
a
at the
be furnished the successful bidder.
SHARPSBURG, Pa .—BOND
bond issue intended for sale
on
BIDS UNOPENED—Bids for the $85,000
Oct. 10—V.
147, p. 1964—were returned
unopened, according to Henry J. Hohman, Borough Secretary.
Dated
Oct. 1, 1938, and due $5,000 on Oct. 1 from 1939 to 1955, incl.
Optional
on
Oct. 1. 1943, or any subsequent interest date.
SPRINGFIELD
TOWNSHIP
SCHOOL
2433
onered the above certificates for
general investment at
3,250
funding
Plains Township School District, Luzerne County—
School building construction
Punxsutawney Borough, Jefferson County—Sewer
improvements
Chronicle
DISTRICT
(P. O.
Erden-
heim). Pa .—BOND
SALE—The $55,000 building bonds offered Oct. 11—
147, p. 2127—were awarded to the Bancamerica Blair Corp., New York,
as 2s, at
101.388, a basis of about 1.86%.
Dated Nov. 1, 1938 and due
Nov. 1 as follows:
$3,000 from 1941 to 1957 incl. and $4,000 in 1958.
Second high bid of 100.649 for 2s was made by W. H. Newbold's Son & Co.
Other bids for the bonds
,
follows:
were as
Bidder—
** Int. Rate
Lehman Brothers and associates
2%
Citizens & Southern Bank of South Carolina.2%
Lazard Freres and associates
2K%
Chemical Bank & Trust Co. and associates.
2K%.
Halsey, Stuart & Co. and associates—
2K%
Premium
$2,320.00
100.00
10,991.00
7,627.00
5,150.40
V
TENNESSEE
ANDERSON COUNTY (P. O.
Clinton), Tenn.—BONDS SOLD—It is
reported that $45,000 refunding bonds were purchased jointly by Booker &
Davidson and the Fidelity-Bankers Trust Co., both of Knoxville.
?
.
GALLATIN, Tenn.—BOND OFFERING—Sealed bids will be received
until 11 a. m. on Oct. 22 by H. H. Anderson, City Recorder, for the pur¬
chase of an $83,000 issue of sewer improvement bonds.
Interest rate is
not to exceed 4%, payable F-A.
Dated Aug. 1, 1938.
Denom. $1,000.
Due Aug. 1 as follows: $1,000 in 1941 and 1942, $2,000 in 1943 to 1948,
$3,000 in 1949 to 1953, $4,000 in 1954 to 1959, and $5,000 in 1960 to 1965.
Rate of interest to be in multiples of K of 1 %.
The bonds will be awarded
to the bidder offering to take them at the lowest rate of interest at a price
not less than par and accrued interest to date of delivery from Aug. 1.
The bonds are payable from the proceeds of the. sewer system and the full
faith and credit and unlimited taxing power of the city arepiedged to secure
the payment of the interest and principal of said bonds.
Enclose a certified
check for 2% of the face value of the bonds.
V.
of
Philadelphia.
TARENTUM, Pa .—BOND ELECTION—An issue of $110,000 viaduct
b,°nds will be submitted for consideration of the voters at the Nov. 8
election.
>
WASHINGTON
R. D.
TOWNSHIP SCHOOL DISTRICT (P. O. Apollo,
1), Pa.—BOND SALE—The $25,000 bonds, consisting of $14,500
Oct. 10—Y. 147, p. 2283—were
a/warded to E. H. Rollins & Sons, Inc. and Singer, Deane, & Scribner of
Pittsburgh, jointly, as 3s, at 100.764, a basis of about 2.89%. Dated Oct.
1938 and due Oct. 15 as follows:
$2,000 from 1940 to 1951 incl. and
funding and $10,500 building, offered
$1,000 in 1952.
WEST ELIZABETH,
Pa;—BOND
WHITELEY TOWNSHIP SCHOOL DISTRICT (P. O. Waynesburg,
R. D.
No. 2), Pa.—BOND OFFERING—Ray Mason, District Secretary,
purchase of $27,000
1H, IK*2, 2>£,2^,2%or3% coupon or registered school bonds.
Dated
Nov. 15,1938.
Due Nov. 15 as follows: $1,000,1939 to 1945 incl.: $1,500
from 1946 «o 1957 incl. and $2,000 in 1958.
Principal and interest (M-N)
payable at the First National Bank & Trust Co., Waynesburg.
A certified
check for $500. payable to the oraer of the district," is required.
Legality
to be approved by Reed, Smith, Shaw & McClay of Pittsburgh.
will receive sealed bids until 7.30 p. m. on Nov. 1 for the
$40,000
STATE OF SOUTH CAROLINA
Due
p.
PUTNAM COUNTY (P. O.
Hwy. 2s
County Judge, for the purchase of a $55,000 issue of 4%
semi-ann. school bonds.
Dated Oct. 1, 1938.
Due $5,000 from Oct. 1,
Huddleston,
1940 to 1950, inclusive.
of Nashville at par less expenses,
Aug. 1, 1938.
TEXAS
Texas—BOND SALE—The $275,000 issue of water works
improvement and extension bonds offered for sale on Oct. 11—V. 147.
p. 2283—was awarded jointly to Blyth & Co., Inc. of Chicago, and Garrett
& Co. of Dallas, as 3 Kb, paying a premium of $1,325, equal to 100.48, a basis
of about 3.71%.
Due from 1939 to 1968; callable on and after Oct. 15,
1959.
•;
'.v;yv..' .v
xi;
EL
PASO,
Texas—BOND
BIDS REJECTED—NEW
TENDERS
RECEIVED—At the offering on Oct. 13 of the three issues of coupon bonds,
aggregating $491,000—V. 147, p. 2283—all the tenders received were
rejected because the city officials could not satisfy the delivery demands
specified by the highest bidders, Halsey, Stuart & Co., Inc., and the
Bancamerica-Blair Corp.
New bids were called for and it is understood
that a group headed by Lehman Bros, of New York submitted the best
offer, an interest cost basis to the city of about 3.05%, while the second
best tender, submitted by Halsey, Stuart and its associate, would mean
an interest cost basis of about 3.06%
It is said that no definite action on
the award would be announced until Oct. 15. The bonds are divided as
'
CAROLINA
SOLD
awarded to a syndicate composed of Halsey, Stuart & Co., Inc., the Peoples
National Bank of Rock Hill, Hamilton & Co. of Chester, and Kinloch &
price of 100.04, a net interest cost of about 2.68%,
on the bonds divided as follows: $120,000 as 2>£s, maturing $30,000 from
Oct. 15, 1943 to 1946; the remaining $180,000 as 2Kb, maturing $30,000
from Oct. 15, 1947 to 1952 incl.
a
SCHOOL
COUNTY
DISTRICT
NO.
10
(P. O.
Charleston), S. C.—BONDS SOLD—A $16,000 issue of school bonds was
offered for sale on Oct. 11 and was awarded to Kinloch & Huger of Charles¬
ton, as 33^s, paying a price of 100.17, reports the Secretary of the Board
of Trustees.
•.
#
MYRTLE BEACH, S. C.—BOND OFFERING— Sealed bids will be
a. m. on Oct. 17. by R. P. Hollinshead, Town Clerk and
Treasurer, for the purchase of a $200,000 issue of sewerage bonds.
Dated
Oct. 15, 1938.
Denom. $1,000.
Due $5,000 Oct. 15, 1940 to 1979.
The
town reserves the privilege to cab for redemption on any interest date on
or after Oct. 15, 1958, any bond of the issue maturing on or after Oct. 15,
1958, upon 30 days' notice.
Bidders are invited to name the rate of interest
which the bonds are to bear and they will be awarded to the bidder offering
to take them at the lowest rate of interest at a price not less than par and
accrued interest to the date of delivery.
Principal and interest. (A-O)
received until 11
payable at the Chase National Bank, New York. The cost of printing the
bonds is to be borne by the purchaser but the purchaser will be furnished
with the opinion of Nathans & Sinkler of Charleston, that the bonds are
valid and legal obligations of the town.
Enclose a certified check for
$2,000, payable to the Town Clerk and Treasurer.
SOUTH
CAROLINA,
State
of—CERTIFICATES OFFERED FOR
INVESTMENT—The $150,000 State certificates of indebtedness that were
purchased on Oct. 4 by R. S. Dickson & Co. of Charlotte, and Hamilton
& Co. of Chester, as 2Kb, at 100.55, a basis of about 2.67%, as noted
here—V. 147, p. 2283—were offered by the successful bidders for. general
subscription at prices to yield from 1% to 2.75%, according to maturity.
Due $10,000 from 1939 to 1953, incl.
The other bids for the issue were as follows:
For 2K%
public'library "bonds.
Due Nov. 1, as follows: $1,000 in 1939 to
1952 to 1958.
The entire issue matures Nov. 1,
as follows:
$16,000 in
in 1940 and 1941, $18,000 in 1942,
$19 000 in 1943 $20,000 in 1944, $21,000 in 1945, $22,000 in 1946 and 1947,
$23 000 in 1948, $24,000 in 1949, $25,000 in 1950, $26,000 in 1951, $28 000
in 1952, $29,000 in 1953, $30,000 in 1954, $31,000 in 1955, $32,000 in 1956,
$34,000 in 1957 and $37,000 in 1958.
42 000
4z,UUu
Charleston), S. C
1944 tQ 1951 and w 000 in
Dated Nov
100.38
Halsey, Stuart & Co. and Peoples National Bank, Rock Hill, jointlylOO.196
Equitable Securities Corp., and Seabrook & Karow, jointly
100.15
jointly
Robinson-Humphrey Co. and G. H. Crawford & Co., jointly
100.92
100.83
100.71
CAROLINA, State of—CERTIFICATE SALE—'The $2,900,-
000 issue of State highway certificates of indebtedness offered for sale on
Oct. 11—V. 147, p. 2127—was awarded to a syndicate headed by the Chase
National Bank of New York, as 2s, paying a premium of $8,671, equal to
100.299, a basis of about 1,93%.
Dated Oct. 1, 1938.
follows: $500,000, 194Q to 1944, and $400,000 in 1945.
1938.
Denom. $1,000.
1939"$17,000
BONDS A WARDED AND
late on
RE-OFFERED TO PUBLIC—It was announced
described bonds had been awarded to a
14 that the above
Oct.
banking group comprising Lehman Brothers, Charles Cldrk & Co., both of
New York
and John M. Wyatt & Co. of El Paso.
The winning syndicate
paid
100.23for
aCombination
9f $244,000 as 3 Kb, and $247,000 as
Due on April 1
as
3s,
representing an interest cost to the city of 3.054% .
The 3 A % J?°n
maturing from 1939 to 1950, are being offered to yield 0.75 to 2.90%, and
the 3% bonds, maturing from 1951 to 1958, are offered at prices to yield
from 2.90 to 3.10%.
LUFKIN, Texas—BOND SALE DETAILS—The following^information
in connection with the sale of the $150,000 4% semi-ann.
and sewer revenue bonds to Moroney & Co. of Houston, and
Mahan
Dittmar & Co. of San Antonio, at a price of 101.843, noted in our
is furnished
water works
issue ofSept
Due Oct.
15,
24—V. 147, p. 1965.
as follows;
$5,000 in
Dated Oct. 15, 1938.
Denom. $1,000.
1939 to 1943, $6,000 in 1044 to 1947,
$7 000 in 1948 to 1951, $8,000 in 1952 to 1954, $9,000 in 1955 to. 1957,
$10,000 in 1958, and $12,000 in 1959.
Prin. and int. payable at the Lufkln
National Bank.
Legality to be approved by Chapman & Cutler of Chicago.
The bonds
in the opinion of counsel, constitute valid and legally binding
special obligations of the city, secured by a closed first lien on, and pledge
of the revenues of the city's water works and sewer system, after deducting
expenses for operation, maintenance and extensions.
At an
election held on Sept. 12, 1938, the voters authorized the bonds by a
majority of 6 to 1.
reasonable
SCHOOL DISTRICT (P. O. Palestine), Texas—PRE¬
stated by the District Secretary that the Browncontracted to purchase, subject to an election on
Oct. 8, a $40,000 issue of 3 Y% and 4% building bonds.
Due serially in 20
years; optional in 10 years.
PALESTINE
ELECTION SALE—It is
Crummer Co. of Wichita
SCHOOL DISTRICT (P. O. Stamford)
Texas—BOND OFFERING—It is stated by L. W
Johnson, Secretary of
that sealed bids will be received until Oct. 25, for the
purchase of a $49,500 issue of school house bonds.
Due serially in 20 years.
These bonds were approved by the voters on Sept. 13.
the School Board,
For 3 % Certificates
Johnson, Lane, Space & Co
SOUTH
1
STAMFORD INDEPENDENT
Certificates
Citizens & Southern Bank of South Carolina, Columbia
C. W. Haynes & Co., and F. W. Craigie & Co.,
ino.
,,
'
$8,000 in 1940 to 1942, $9,000 in 1943 to 1945, $10,000 in 1946 to
1948, $11,000 in 1949 and 1950, $12,000 in 1951 and 1952, $13,000
in 1953 and 1954, $14,000 in 1955 and'1956, $15,000 in 1957 and
—'-An issue of $300,000 road bonds was offered for saie on Oct. 12 and was
CHARLESTON
Dated
BIG SPRING,
A. T. T. Tel. Rich.Va. 83
Huger of Charleston, at
according to the County Chairman.
Due from Aug. 1,1942 to 1952.
„
Richmond, Va.
SOUTH
Jonesboro), Tenn.—BOND SALE—
public schools bonds.
Due Nov. 1, as follows: $8,000 in 1939 to
1941, $9,000 in 1942 to 1944, $10,000 in 1945 to 1947, -111,000 in
1948 and 1949, $12,000 in 1950 and 1951, $13,000 in 1952 and
1953, $14,000 in 1954 and 1955, $15,000 In 1956, $16,000 in 1957
and $17,000 in 1958.
220 000 drainage system bonds.
Due Nov. 1, as follows: $7,000 in 1939,
F. W. CRAIGIE & COMPANY
CHARLESTON COUNTY (P. O.
"
WASHINGTON COUNTY (P. O.
The $250,000 issue of 3K% semi-annual school bonds offered for sale on
Oct. 7—V. 147, p. 1671—was awarded to the Nashville Securities Corp.
$229^000
April 1, 1945 (w i) at 2.10% basis
Phone 3-9137
Cookeville), Tenn.—BOND OFFERING—
Oct. 28, by B. C.
It is stated that sealed bids will be received until noon on
SALE—The $9,000 coupon bonds
offered Oct. 10—V. 147, p. 1964—were awarded to Singer, Deane & Scribner
of Pittsburgh, as 3
Dated Oct. 1,1938 and due Oct. 1 as follows: $2,000
in 1941 and 1942 and $1,000 from 1943 to 1947 incl.
_
PLEASANT, Tenn.—BOND SALE—The $30,000 issue of
main, general obligation bonds offered for sale on Oct. 7—V. 147,
1965—was purchased by Estes & Co. of Nashville as 3K&, paying a
premium of $395, equal to 101.31, according to report.
MOUNT
water
THREE
RIVERS
Three Rivers),
INDEPENDENT
SCHOOL DISTRICT
(P. O.
Texas—BOND OFFERING—It is stated by E. H. Stendethat he will receive sealed bids until
refunding bonds. Bidders are to name
in 25 years.
Superintendent of Schools,
Oct 27 for the purchase of $50,000
the rate of interest.
Due serially
bach
TYLER, Texas—BOND OFFERING—We are informed by
City Manager, that he will receive sealed bids until
20, for the purchase of the following issues of bonds,
$485,000:
„
trace
Oct
G. W. Fair1Q a. m. on
aggregating
*
Financial
2434
$96,000 fire station bonds.
Due $1,000 in 1939 and 1940. $4,000 in 1941
to 1948, $6,000 in 1949 to 1956, and $7,000 in 1957 and 1958.
30,000 First St. improvement bonds.
Due $1,000 in 1939 to 1948, and
$2,000 in 1949 to 1958.
47,000 swimming pool bonds.
Due $1,000 in 1939 to 1943, $2,000 in 1944
to 1948, $4,000 in 1949 and 1950, and $3,000 in 1951 to 1958.
150,000 school bonds.
Due $1,000 in 1939, $3,000 in 1940, $7,000 in 1941
to 1948, $8,000 in 1949 to 1958, and $1,000 in 1959 and I96069,000 city halt bonds.
Due $1,000 in 1939 and 1940, $2,000 in 1941 and
1942, $3,000 in 1943 to 1948, $4,000 in 1949 to 1953, and $5,000 in
8t.°
30,000 Second
improvement bonds.
and $2,000 in 1949 to 1958.
Due $1,000 in
1939 to 1948,
63,000 water works bonds. Due $1,000 in 1939 and 1940, $6,000 in 1941,
$7,000 in 1942, and $8,000 in 1943 to 1948.
Denom. $1,000.
Dated Dec. 1, 1938.
The entire issue matures: $7,000
in 1939, $9,000 in 1940, $22,000 in 1941, $23,000 in 1942, $25,000 in 1943,
$26,000 in 1944 to 1950, $25,000 in 1951 to 1953, $26,000 in 1954 to 1956,
$27,000 in 1957 and 1958, and $1,000 in 1959 to 1968.
The expense of the
approving opinion of Chapman & Cutler of Chicago, will be borne by the
purchaser, also the cost of printing bonds. These bonds are to be issued in
connection with applications to the Public Works Administration for grants,
and the PWA has approved grant on the City Hall, water works improve¬
ments, and the First St. improvements.
These bonds can be delivered to
the purchaser promptly.
The baiance of bonds designated make sale
subject to approval of PWA grant.
Purchaser will not be obligated to
accept any bonds after Dec. 1, 193$.
Enclose a certified or cashier's check
in the amount of 5% of total bid.
Oct.
Chronicle
15, 1938
disposal system bonds. Dated May 1, 1938. Denom. $1,000. Due $2o,000
May 1, 1939 to 1958. The bonds may be registered as to principal. Prm.
and int. payable at the Union National Bank, Eau Claire.
Authority:
Chapter 67 of the 1937 Statutes of Wisconsin, as amended. Successful bidder
will be required to furnish legal opinion and also furnish blank forms and
printed bonds. Enclose a certified check for 2%.
EDGERTON SCHOOL DISTRICT
BOND OFFERING— Sealed bids will be
NO. 8 (P. O. Edgerton) Wis.—
received until 8 p. m. on Oct 24,
by F. W. Southworth, District Clerk, for the purchase of an $88,000 issue of
building bonds.
Interest rate is not to exceed 3%, payable A-O.
Dated
Oct. 1, 1938. Denoms. $1,000 and $500. Due April 1, as follows: $1,500 in
1939, $4,000 in 1940 and 1941, $4,500 in 1942 and 1943. $5,000 in 1944,
$6,000 in 1945, $6,500 in 1946. $7,000 in 1947 to 1949, $7,500 in 1950 and
1951. and $8,000 in 1952 and 1953.
Rate of interest to be in multiples of
The basis of determination of the best bid will be the lowest
district. Prin. and int. payable
bonds are issued subject to the
favorable opinion of Chapman & Cutler, of Chicago, which will be furnished
the purchaser.
Enclose a certified check for not less than 2% of the par
value of the bonds, payable to the District Treasurer.
M of 1%.
interest rate bid and (or) interest cost to the
at the office of the District Treasurer.
The
ELKHORN, Wis.—BOND SALE—The $67,000 issue of coupon
building, series 1938 A bonds offered for saie on Oct. 10—V.
school
6aydon & Co. awarded to John Nuveen & Co. of Chicago, and
2128^—was of Madison, joiintly, as 2Ms, paying a premium of
equal to 101.86, a basis of about 2.02%.
Sept. 1, 1941 to 1953 incl.
Dated Sept. 1, 1938.
high
147,
Harley,
$1,250.,
Due from
(P. O. Fort Atkinson)
Klassy, District
of a $69,000 issue of not to
FORT ATKINSON SCHOOL DISTRICT NO. 6
Wis.—BONDS OFFERED—Bids were received by E. R.
VERMONT
BARRE, Vt.—BONDS VOTED—The proposed issue of
munity center bonds was approved by the voters on
$250,000 com¬
Clerk, until 1 p. m. on Oct. 14, for the purchase
exceed 3% coupon semi-ann. building bonds.
from March 1, 1940 to 1946 incl.
Sept. 29.
VIRGINIA
HERNDON, Va.—BONDS SOLD—It is stated that $16,000 3 M % coupon
town hall and office building bonds were purchased on Oct. 10 by Scott?
Horner & Mason of Lynchburg.
Denom. $500 Dated Sept. 1, 1938.
Due as follows: $500, 1942 and 1943, and $1,000, 1944 to 1958.
Prin.
and int. (M-S) payable at the Citizens National Bank of Herndon. Legality
approved by Hawkins, Delafield & Longfellow of New York.
PHOEBUS, Va .—BOND OFFERING—It Is stated by F. C. Larrabee,
receive sealed bids until 8 p. m. on Oct. 24, for the
purchase of a $40,000 issue of coupon fire station, municipal building,
sewer and street paving bonds.
Interest rate is not to exceed 4%, payable
semi-annually. Bids are requested on $25,000 of the bonds which are to be
retired $1,000 each year; these bonds are to be issued immediately.
In
addition, optional bids are requested at the same time for the balance of
$15,000, which are to be retired serially $1,000 beginning in 1949 and $1,000
each year thereafter; which latter bonds will be ready for delivery not less
than 90 days from date of saie.
PARK
WYTHEVILLE, Va .—BOND SALE—The $30,000 issue of coupon or
registered town bonds offered for sale on Oct. 7—V. 147, p. 1965—was
as 3s, paying a
premium of $164, equal to 100.55, a basis of about
2.88%, to optional date.
Dated July 1, 1938.
Due in 30 years after
date; optional from and after five years from date of issue.
sold
1Q41 to 1958.
i
•
"
FALLS, Wis.—BOND OFFERING—It is stated by W.
Windus,
City Clerk, that he will receive sealed bids until 8 p. m. on Oct. 18 for
the purchase of a $50,000 issue of not to exceed 3 % semi-annual sewerage,
general obligation bonds.
Dated Nov. 1, 1938.
Due Nov. 1 as follows:
$5,000 in 1942 to 1946, $4,000 in 1947 to 1950, and $3,000 in 1951 to 1953.
These are the bonds authorized at the election held on Sept. 20.
Enclose
a
certified check for 5%
*
Town Clerk, that he will
water
Uno/mrn not
of Chica
Due
•
Wis —BONDS SOLD— It is reported that $40,000 4%
revenue bonds were purchased by A. S. Huyck & Co.
MUSCODA,
semi-annual
Dated Oct. 1, 1938.
PORT
of bid.
Wis.—BOND SALE—The $15,000
EDWARDS,
issue of 3M%
disposal plant bonds offered for sale on Oct. 8—V. 147,
p. 2284—was awarded to Paine, Webber & Co. of Chicago, paying a premium
of $530, equal to 113.53, a basis of about 2.28%. Dated Sept. 1, 1938. Due
$3,000 from Sept. 1, 1939 to 1943 incl.
seini-ann.
sewage
SPARTA, Wig .—BOND OFFERING—Sea led bids will be received until
a. m. on Oct. 17. by Harry L. Beckman, City Clerk, for the purchase of
$85,000 issue of 2M % semi-annual sewage disposal plant, general obliga¬
tion bonds.
Dated Oct. 1, 1938.
Denom. $500.
Due $8,500 April 1,
1939 to 1948.
Purchaser to bear expense of attorney's opinion.
Principal
and interest payable at the Bank of Sparta, Monroe County Bank or at
10
an
the Farmers
Enclose a certified check for
Bank, all of Sparta.
National
5%, payable to the City Clerk.
WALWORTH
(P. O. Elkhorn), Wis.—BOND OFFERING
Nov. 3, by Leo. D. Dunlap,
COUNTY
—Sealed bids will be received until 1.30 p.m. on
WASHINGTON
CONSOLIDATED
CUSTER
SCHOOL
DISTRICT
NO.
332
(P.
O.
Bellinghamj, WaBh.—BONju SALE—The $10,0bu issue of school bonds
on Oct. 11
V. 14/, p. 1965—was purchased by the tttate of
Washington, as is at par.
Dated Oct. 1,1938.
Due in from 2 to zl years;
callable after five years from date of issue.
offereu for sale
EDMONDS, Wash.—BOND OFFERING—Sealed bids will be received
until 7:30 p. m. on Oct. 18, by Geo. M. Leyda, City Clerk, for the purchase
of a $9,000 issue of not to exceed 5% semi-ann. coupon improvement bonds.
A certified check for 5% of the bid is required.
GRAYS
HARBOR
COUNTY
O.
(P.
Monetsano),
Wash .—BOND
County Clerk, for the purchase of an issue of $190,000 2% coupon semi¬
annual
highway bonds.
Dated June 1, 1938.
Denom. $1,000.
Due
June 1 as follows: $100,000 in 1945 and $90,000 in 1946.
All bonds are
registerable.
The bonds cannot be sold for less than par.
The county
will not pay for legal opinion, but will furnish blank bonds.
Prin. and int.
payable at the County Treasurer's office.
Authority: 67.13, Wisconsin
Statutes.
Enclose a certified check for 5% of bid.
WILTON, Wig.—BOND SALE—The $18,000 issue of 2M% semi-annual
and disposal plant bonds offered for sale on Oct. 8—V. 147,
2284—was awarded to Bell & Farrell of Madison paying a price of 96.52,
giving a basis of about 2.92%.- Dated Oct. 1, 1938.
Due $1,000 from
April 1, 1940 to 1957, incl.
•
sewage system
p.
OFFERING—It is stated by Stepnen Trask, County Treasurer, tnat he will
receive sealed bids until 10 a. m. on Oct. 22 for the purchase of a $38,000
issue of Aberdeen School District coupon bonds.
Interest rate is not to
WYOMING
6%, payable M-N.
Dated Nov. 22, 1938.
Due one-twentieth
each year beginning with the tnird year.
A certified check for 5% must
accompany tne bid.
Wyo.—BOND SALE—1The $79,000 issue of city hall and
fire station bonds offered for sale on Oct. 12—V. 147, p. 2128—was awarded
jointly to the First National Bank of Laramie, and the Stockgrowers
National Bank of Cheyenne, as 2Ms, paying a price of 101.11.
exceed
WEST
VIRGINIA
CHARLESTON, W. Va.—BOND OFFERING—Sealed bids will be re¬
ceived until 11 a; in. on Nov. 7 by Mayor D. Boone Dawson
chase of three issues of not to exceed 2M % semi-annual bonds
$2,040,100,
divided
as
for the pur¬
aggregating
follows:
$1,629,100 street and fire station bonds.
Dated Oct. 1, 1938.
Denom.
$1,000, one for $100.
Due Oct. 1, as follows: $30,100 in 1940;
$31,000 in 1941 and 1942; $32,000 in 1943, $33,000,,in 1944,
$35,000 in 1945, $36,000 in 1946 and 1947, $37,000 in 1948,
$38,000 in 1949, $39,000 in 1950, $41,000 in 1951, $43,000
in 1952, $44,000 in 1953, $45,000 in 1954, $46,000 in 1955,
$48,000 in 1956, $50,000 in 1957, $51,000 in 1958, $52,000 in
1959 and 1960, $54,000 in 1961, $56,000 in 1962, $58,000 in
1963, $61,000 in 1964, $62,000 in 1965, $64,000 in 1966, $66,000
in 1967, $68,000 in 1968, $69,000 in 1969, $72,000 in 1970,
$74,000 in 1971 and $75,000 in 1972.
251,500 bridge bonds.
Dated Oct.
1,
1938.
Denom.
$1,000,
one
for $500.
Due Oct. 1 afe follows: $3,500 in 1940, $4,000 in
1941 and 1942, $5,000 in 1943. and 1944, $6,000 in 1945 to
1950,"$7,000 in 1951 to 1955, $8,000 in 1956 to 1960, $9,000 in
1961 to 1966, $10,000 in 1967 to 1969, $11,000 in 1970 and
$12,000 in 1971 and 1972.
159,500 sewer bonds.
Dated Dec. 1, 1938.'
Denom. $1,000, one for
LARAMIE,
SHERIDAN, Wyo.—BOND SALE DETAILS—It is now reported that
plant bonds sold on Oct. 5 as 3Ms, at a price
147, p. 2284—were awarded to a group com¬
posed of Geo. W. Vallery & Co. of Denver, the Stockgrowers National Bank
of Cheyenne, the American National Bank of Cheyenne, and the Bank of
Commerce, of Sheridan.
The second highest bid was an offer of $1,325
premium on 3Ms, submitted by Bosworth, Chanute, Loughridge & Co. of
Denver.
Due serially in from one to 30 years.
the $160,000 sewage disposal
of 100.84, as noted here—V.
CANADA
•
$500.
Due Dec. 1 as follows: $3,500 in 1939, $3,000 in 1940 to
1947, $4,000 in 1948 to 1955, $5,000 in 1956 to 1962, $6,000 in
1963 to 1967, and $7,000 in 1968 to 1972.
Prin. and int. payable at the office of the State Treasurer in Charleston,
£tajlsomAe hank in N. Y. City.
or 1
Rate of interest to be in multiples of M
/0.
A part of the issue may bear tone rate and part a different
not more than two rates will be considered in
any one bid.
The
rate, but
purchaser
or
purchasers will be furnished with
a
final approving opinion of
&
Raymond of New York, but will be required to
Enclose a certified check for 2% of
issue or issues bid for, payable to the city.
the bonds.
Caldwell
pay
total amount of the
WISCONSIN
Claire), Wis .—BOND OFFERING
by John H. Nygaard, County Clerk, that he will receive sealed
bids until 10 a. m. (Central Standard Time) on Oct. 25 for the purchase of
two issues of not to exceed 3% semi-annual highway improvement bonds,
aggregating $294,000, divided as follows:
$150,000 series E bonds.
Due on Nov. 1 as follows: $90,000 in 1944 and
$60,000 in 1945.
144,000 series F bonds.
Due on Nov. 1 as follows: $30,000 in 1945,
$90,000 in 1946 and $24,000 in 1947.
Denom. $1,000.
Bidders to
name a
single rate of
interest for all the bnods, in a multiple of % of 1 %.
The basis of determina¬
tion of the best bid will be the lowest interest rate bid and (or) interest cost
the county.
Prin. and int. payable at the County Treasurer's office.
are authorized under the provisions of Section 67.13 of the State
Statutes, and will be sold to the highest responsible bidder at not less than
par and accrued interest.
The opinion of the Attorney General of the
State as to the legality of the issue will be furnished the purchases, and
any additional legal opinion to be secured shall be furnished at the expense
of the purchaser.
The expense of furnishing, printing and delivery of bonds
shall be paid for by the. purchaser.
Enclose a certified check for 2%,
payable to the County Treasurer.
to
The bonds
_____
EAU CLAIRE, Wis.—BOND OFFERING—We are informed by O. E.
Oien, City Clerk, that he will receive sealed bids until 10 a. m. on Oct. 26,
for the purchase of a $500,000 issue of
2M% coupon semi-ann. sewage
period of five years.
CANADA
(Dominion
of),—TREASURY BILLS SOLD—An issue of
$30,000,000 Treasury bills was sold on Oct. 13 at an average
Dated Oct. 14, 1938 and due Jan. 13, 1939.
CARLETON COUNTY
Sealed
bids
addressed to
yield of 0.747%.
(P. O. Ottawa), Ont.—BOND OFFERING—
R. Washington, County Clerk, will be
20 for the purchase of $36,000 3M% county
and due in 10 equal annual installments of
Henry
received until 2 p. m. on Oct.
bonds.
Dated July 2, 1938
principal and interest.
CANADA
(Dominion
of)—CANADIAN
GOVERNMENT
AND
MUNICIPAL FINANCIAL STATISTICS—Wood, Gundy
Co., New
York and Canada, are distributing the 1938* edition of their Canadian
Government
and
Municipal Financial Statistics Booklet, showing in
concise form information regarding the financial position and progress bf
the Dominion, the provinces and leading cities in Canada.
The pub¬
lication includes:
Financial statements of the Dominion of
Canada and the nine provinces,
including lQ-year comparisons of principal items.
Financial statements
of 10 leading cities, with similar 10-year comparisons.
Charts showing
the relative change in provincial debts.
Charts showing comparative
position of the cities as regards debt and tax collections.
DRUMMONDVILLE, Que.—BOND OFFERING—Gaston Ringuet,
EAU CLAIRE COUNTY (P. O. Eau
—It is stated
Dated Nov. 1, 1938.
over a
the fee for approving
the
Ont.—CONSIDERS
DEBT REFUNDING—The
Chairman of the Finance Coriunittee was recently instructed to inquire into
the advisability of a plan for refinancing the municipal debenture debt
AMHERTSBURG,
retary, is receiving bids for the purchase of
bonds.
Dated July 1,
inclusive.
Sec¬
$50,000 3M% and 4% school
1939 to 1963
1938 and due serially on July 1 from
LaTUQUE, Que.—ADDITIONAL ISSUE SOLD—An additional issue
$13,500 public works bonds was included in the award of $18,000 4M%
same description to Credit Anglo-Francais, Ltd. of Montreal.
V. 147, p. 2284.
Both issues were sold at the same price of 98.56.
of
bonds of the
NORTH
YORK
TOWNSHIP,
Ont.—BOND SALE—An
$25,000 414% sewer and other improvement bonds was sold
Due serially in 15 years.
PORT ARTHUR,
issue
o
privately*
Ont.—TO ISSUE BONDS—Arthur H. Evans, City
$200,000 bonds will be offered in
Treasurer, informs us that an issue of
about
ST.
a
month.
HYACINTHE, Que.—BOND SALE DETAILS—Savard, Hodgson
Co. of Toronto were associated with
& Co. of Montreal and Mills, Spence &
Banque Ganadienne Nationale,, of Montre 1 in purchasing on Oct. 3 an
issue of $248,000 3M % public works bonds at 97.28, a basis of about 3.75%
—V. 147, p. 2284.
ST. THOMAS, Ont.—BOND SALE—Wood, Gundy & Co. of Toronto
purchased on Oct. 4 an issue of $51,000 3% coupon impt. bonds at a price
of 99.88.
Dated Oct. 15, 1938.
Due serially from 1939 to 1948 incl.
Interest
A-O
15.
@FedFRASER