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US. ADm
LIPP'sm'
Financial
Thf
ontmtrrialf
RCA. U.
COPYRIGHTED IN 1938 BY WILLIAM
VOL. 147.
B.
DANA COMPANY. NEW YORK.
'••"<dW;r0O3^'YrCo,>y"
RAT. OFFICE
ENTERED AS SECONO-Cl ASS MATTER JUNE 2 J, 1879. AT THE POST OFFICE AT
NEW YORK, OCTOBER
^2^1938
NEW
William
YORK. NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
cor.
BANK
THE CHASE
NATIONAL BANK
Chartered 1866
OF
THE
OF
George V. McLaughlin
NEW YORK
CiTY
The
President
BROOKLYN
N E W
Corporation
OF
NEW YORK
chase is
tra-
ditionally a bankers' bank,
For
Member Federal Deposit Insurance
,
3826."
NO.
Spruco Sts., N.Y.City
BROOKLYN TRUST
COMPANY
OCT 24 1938
many
served
YORK
a
years
it has
large number
of banks and bankers
as
New York
correspondent
and
depository.
reserve
Member Federal
INVESTORS
Deposit Insurance
Corporation
FUNDAMENTAL
Public
INC.
Utility
Bonds
United States
★
Government
Prospectus available from
local dealers
Securities
The
FIRST BOSTON
corporation
Brown Harriman & Co.
Incorporated
#
63 Wall Street, New York
Telephone: BOwling Green 9-5000
NEW YORK
Hallgarten & Co.
BOSTON
CHICAGO
PHILADELPHIA
Established I8S0
Philadelphia
San Francisco
SAN FRANCISCO
AND OTHER
Boston
PRINCIPAL CITIES
Chicago
Washington
Representatives in other leading Cities
'
NEW YORK
London
Chicago
City of
The
Philadelphia
N e vv York Tr u st
Commonwealth of
BEAR, STEARNS & CO.
Ivania
ONE WALL STREET
Bonds
NEW YORK
Capital Funds
.
.
$.37,500,000
Moncure Biddle & Co.
PHILADELPHIA
IOO
40TH
HOMER & CO., INC.
BROADWAY
ST. &
FIFTH
MADISON
AVE.
&
57TH
A VP..
ST.
Service
to
Banks and
NEW YORK
Dealers since
AOExchange Place, New York
European Representative's Office:
8
KING WILLIAM STREET
LONDON,
Carl M. Loeb, Rhoades & Co.
61
C 4
Paris
Amsterdam
HORNBLOWER
&
WEEKS
Established 1888
40
BROADWAY
NEW YORK
London
E!
1888
Wall Street
NEW YORK
Member
Members New York,
of the Federal Reserve System,
Clearing House Association
the New York
and of the Federal Deposit Insurance Corporation
Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
>
Financial
II
Oct.
Chronicle
22,
1938
Notices
COMMISSION
THE STATE BOND
State of Connecticut
Hartford,
for the
State Capitol,
November
21st,
1938,
T., will receive bids
Governor,
the
Conn.,
o'clock
12
at
of
office
the
at
on
S.
E.
noon
purchase of—
$25,000,000
FUNDING AND BUILDING BONDS
It 'tJV'
MaVe
of the
"
v,it
State of Connecticut
Sonny-
V0».»"8Ma,CVt*S,{O=
It
M
eig^y
eight or
Le
onC
any
t°
use
year
{tcr
^nd Y
pr ani
ts better an
of
*ort
the
>«
«,|efll
Bidders
saen«st: >
1st.
ly
Delivery
?<•*»£%'*'*£■
"toT.« *»
for
in¬
named
splittso
the
to
entire
as
Cer¬
2% of the par value of the bonds
all bids.
and
the
to
be
Conn.
General
Attorney
The
of
will
Connecticut
of
State
bonds
the
for
payment
opinion
legal
be
delivered
to the successful bidder free of charge.
The
to
State
reject
Connecticut
of
any
the
reserves
right
and all bids.
Further details will be furnished upon request
by Guy B. Holt, Treasurer, State of Connecticut,
Hartford, Connecticut.
-
rj«/s\
u
as a
MmL
portant
.M*""' °
telephone use
B
The
bid for must accompany
of
M
of
rates
considered.
No bid of less than par can be
tified checks for
The
%<•
or
1%.
or may be
two rates
than
more
rate
of
issue.
made in Hartford,
Syst^
Y
of
be uniform
not
name
the
name
multiples
may
,
.
to
are
in
terest
"ierii""ee„giq{
Hartford,
at
be
to
are
December
d
'"«*««< bec",V
leads m
America
dated December 1st, 1938,
^nd
to
mature
$1,250,000 annually, Decem¬
ber
1st,
1939, to December 1st,
1958, inclu¬
sive.
Interest payable semi-annually June and
Bonds
rates
n»«
of
States
United
the
Connecticut.
telephone^
the setvice
th
fetter-
and interest In lawful money
Payable principal
,yste«
1LSV
"
"
When
"Lunching In" Call
Wall Street Luncheon Service
"FASTEST DELIVERY IN THE STREET"
HAnover 2-2072-2073
J
Downtown's
Exclusive
Telephone Service
Dividends
LOEWS INCORPORATED
EVERYWHERE"
"THEATRES
October 17th, 1938.
THE Board of Directors on October 13th,
1938 declared
quarterly dividend of
a
liiil
$1.62J^
per
share
on
the outstanding $6,50
Cumulative Preferred Stock of this Com¬
the 15th day of November,
1938 to stockholders of record at the close of
business on the 28th day of October, 1938.
pany,
payable
on
Checks will be mailed.
DAVID
BERNSTEIN
Vice-Presidevt b° Treasurer
1.THE BUCKEYE PIPE LINE
'
-
26
COMPANY
Broadway,
1938.
Cents per share has
Stock of this Com¬
pany, payable December 15, 1938 to stockholders
of record at the close of business November 25,
New York, October 8,
TA
dividend of Fifty
(50)
been declared on the Capital
YOUR
GOOD
TELEPHONE
SERVICE
IS MADE POSSIBLE BY THE
1938.
J.
CONSTANT RESEARCH
BELL
OF
R.
Fast, Secretary.
TELEPHONE LABORATORIES
NORTHERN
COMPANY
PIPE LINE
26 Broadway,
Leading Out'of'Town
Investment Bankers & Brokers Investment Bankers & Brokers
Leading Out-of'Town
MILWAUKEE
DETROIT
New York, October 12,
declared
on
value) of this Company, payable December
1938, to stockholders of record at the close
business November 18, 1938.
J.
LISTED
AND
WISCONSIN
UNLISTED
CORPORATION
SECURITIES
Teletype—Milwaukee 92
Members of Detroit Stock Exchange
FAST,
For other dividends see page
Secretary.
vii
Leading Out-of'Town
Brokers
Investment Bankers &
EDGAR, RICKER& CO.
ST.
750
BIRMINGHAM
R.
LOUIS
North Water Street
Milwaukee
Wis.
HARTFORD
MARX & CO.
Specialists in Connecticut
Securities
Stix
i
Co.
saint Laura
oo^ouvc st
BIRMINGHAM, ALABAMA
PUTNAM & CO.
Members New York Stock Exchange
SOUTHERN
MUNICIPAL
AND
CORPORATION BONDS
6 CENTRAL ROW
Tel. 5-0151. A. T. T.
1,
of
SECURITIES
Charles A. Parcel Is &, Co.
PENOBSCOT BUILDING, DETROIT, MICH.
1938.
(15) Cents per share has
the Capital Stock ($10.00 par
A dividend of Fifteen
been
HARTFORD
Teletype—Hartford 564
Members St. Louis Stock Exchange
Ttrf
ommenrial &
Vol. 147
OCTOBER 22, 1938
No. 3826.
CONTENTS
Editorials
page
The Financial Situation.
2435
Fact-Finding in the Railway Wages Dispute.
2447
Armaments and Autarchy.
2449
Comment and Review
The Business Man's Book Shelf..
Week
____2451
the
European Stock Exchanges
Foreign Political and Economic Situation.
on
2439
2440
Foreign Exchange Rates and Comment.
2444 & 2479
Course of the Bond Market
2450
Indications of Business Activity
2452
Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange
2437
.....2478
i
News
Current Events and Discussions
2461
Bank and Trust
Company Items
General Corporation and Investment News.
...
2477
-.2520
Dry Goods Trade
2564
State and Municipal Department
-
2565
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and
2481 & 2487
Sinking Fund Notices
Dividends Declared
2481
...
Auction Sales
New York Stock
2482
.2481
Exchange—Stock Quotations
2488
New York Stock Exchange—Bond Quotations..2488 & 2498
New York Curb
Exchange—Stock Quotations
New York Curb
2504
Exchange—Bond Quotations
Other Exchanges—Stock and Bond Quotations
2510
Canadian Markets—Stock and Bond Quotations
2514
2508
Over-the-Counter Securities—Stock & Bond Quotations _2517»
5
Reports
Foreign Bank Statements
2443
Course of Bank Clearings.,
Federal Reserve Bank
2479
Statements
2461 & 2485
General Corporation and Investment News...
-.2520
Commodities
The Commercial Markets and the
Crops
2554
Cotton
2557
Breadstuf fs
2561
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 Selbert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices; Chicago—In charge 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 post office at New York. N. Y„ under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, S15.00
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, $11.60 for 6 months.
Transient display advertising matter, 45 cents
Contract and card rates on request
NOTE: On account of the fluctuations in tbe rates of exchange, remittances
for foreign subscriptions and advertisements must be made
In New York funds.
per agate line.
Oct.
Financial
VI
This is
an
1938
mentioned.
of an offer to buy the securities herein
The
22,
offer to sell or as a
and is not to be construed as an
announcement
solicitation
Chronicle
offering is made only by the Prospectus.
$80,000,000
Public Service
Company
of Northern Illinois
'
•
First
.
Mortgage Bonds, 3 i^cf0
To be dated October I,
The
and accrued interest
Prospectus may be obtained in any state in
from only such of the
these securities in
which this announcement is circulated
undersigned as are registered dealers and are offering
co?npliance with the Securities law in
HALSEY, STUART &. CO.
HARRIMAN
BROWN
&
THE
CO.
Series due 1968
To be due October 1, 1968
"
1938
Price 103%
•
•'
,
FIRST BOSTON
such state.
INC.
CORPORATION
GLORE, FORGAN &. CO.
INCORPORATED
HARRIS, HALL &.
COMPANY
KIDDER, PEABODY & CO.
LEE HIGGINSON
CORPORATION
(INCORPORATED)
LEHMAN
A. G.
BECKER
&.
INCORPORATED
October
19,19J8
CO.
BROTHERS
BON BRIGHT &
F. S. MOSELEY & CO.
COMPANY
INCORPORATED
CENTRAL REPUBLIC
COMPANY
The Financial Situation
ONCE of good feeling'' isbetween heard about the
being business and an
"era AGAIN much
New Deal.
Dispatches from Washington and Hyde
Park, doubtless duly inspired, have been setting forth
the
possibility, if not the prospect, of
which the
smile
President and his
pleasantly
it from
show
more
chief
lieutenants
The
poration in
vigorous recovery
will
"necessary
re¬
business
go
fully.
The
filing
called integration
of
be
existed
given
a
be
so-
"This leads
of
in
Ex¬
tence" of the
been
"death
news
At another point the Chairman
of
cessation
such
as
it
as
a
of
its
workers and
possibly
most
of
whole, to provide
can
of work available
reduc¬
wage
old
theless,
would
to
amount
ployees
of pay
whole.
previously reduced,
recalling of
men
employment
the
to
order, have served
thentic,
have,
It
au¬
moreover,
ington to the effect that
the President has reached
conclusion
largely
country,
fense
be
that
but
reasons
de¬
also
to
prepared for growth in
demand
for
electric
cur¬
a
seems to
us
of
excess
at the
time
same
that
we
itself
preparing
The
General
to
must have
very
to
■
and
has
executives
accordingly been
discussing with
utility
the
objective in mind.
By
some
this is taken
as
lay¬
ing the basis for hope that, with the New Deal and the
utility industry thus working hand in hand,
better
that business,
be
much
and
of electric
power
forecast
in
see
gestures,
some
ness
of
only
a
some
politicians would have
figment
therefore,
lenium
is
believe
Deal
of
the
that
as
friendly
or
thoughtful ob¬
matter how much
could bring him¬
in
us
destructive-
general has been
overwrought
business
pro¬
ate"
heartily with the
construction during the next
end.
extended
can
naive
kind words,
the
that
measures
doubts and
an
there
so
imaginations,
fears
and
as
believe, and that,
all that is required to usher in
for
gov¬
of practical experi¬
quarters,
seriously
New
we
new
improvement of the kind
an
self
to
a
regard to
one
suffice. No
aside
particularly the heavy industries, will
quite substantially stimulated by
gram
a
mutual) understanding will be reached,
now
desire to
sound
a
hand clasps in public will
ence, no
possibility of joint endeavor by the
utility companies and the Federal Government with
this
no
suppose
server
may
lay
Surely
be left
Corporation
has,
through its Chairman, given excellent expres¬
sion to a policy which all alert and well-managed enterprises normally follow and are now
following whenever conditions seem to per¬
he
pre¬
have
belief that
approaching
ships.
Motors
enlargement of its power-generating facilities,
would
ernment-business relation¬
substan¬
a
a
situation in
to come,
tial
a
during the next
occur
are
feel
to
what
basis for
mit.
rent in the years
community in
few months to
a
business
the
clear idea of
a
cisely
business which
have here
that
is
should formulate for
way
during the winter months,
employment to the
enterprise
proceeding with vigor.
warranted in
desirable
dispassionate and realistic
will
corporation
possible
certainly not be wise
its stabilization of
spring."
every
functioning
this
for
as
straight¬
forward statement of a business-like
policy
which New Deal planners would do well to
study as well as to praise.
Evidently, the
way to induce an increase in employment and
to regularize
employment is to create condi¬
tions, or, better still, to permit conditions to
arise, which lead those responsible for the
been received from Wash¬
the
on
the
the seasonal increase in
occurs
keep the ball rolling.
Reports, apparently
carrying
program,
working force and
for
same
community
is
jump to hasty conclu¬
is
thus giving more hours of
of
more
the
to
it
business
of retail demand
consum¬
demand, and
as
again build substantial inventories in
build up inventories in an¬
er
well
"To assist in
to work to
ticipation of later
as
scrap
sions in the matter. What
beneficial results
tions, restoration of rates
the
to
be different, and it
may
national
that it will produce the
to the individual em¬
so
time
that this time the outcome
much work
and to allocate the
due
the thresh¬
be relegated
heap and forgotten. Never¬
says:
the
as
only to
in
corporation recognizes its responsi¬
bility, not only in its own interest but in the
economy as a
usually during
to appear upon
"The
on
so
things had not been made
in readjusting its general
to a higher level of volume.
are indications as
distinguished
facts, there being no real way of judging
the depth of the better demand now
mani¬
festing itself."
be, seemed
upon
election campaigns, similar
from
having
if
particularly during the past
available
now
idea
few years,
notwithstanding that the circumstances
interest
developments,
program
doubtless
more con¬
many occasions in the past,
volume,
improved
as
Feeling?
us
fidence in the "era of good
feeling"
"Therefore, the corporation feels justified
increasing its current production sched¬
And
but other recent
way,
actu¬
be made to customers in
to
be
substantially
well
of
would have much
cars
that existing during the
past few months.
operating
sen¬
to start the movement
new
utility industry
Most
the belief that the trend
to
us
than
ules by revising upward the
plans made last
graciously received by
the powers that
our
found
summer, as
Holding Com¬
Act, the
be
over
change Commission under
so-called
showings of
the
An Era of Good
accepted.
buying, when retail deliveries of
consumer
will
plans
and
General
well as by the number of retail orders
ally received.
filed with
Securities
by
greater interest
a
such
reasonable opportunity to
do the work expected of it.
This is evidenced by the
year ago.
new cars can
soon
be
The
to
will henceforth be given a
workers
as
utility companies, and
would
adequately.
sequence
hopes is the further hope
attracting wide
re-employment
attendance at the
plans by
word that other such
its
an announcement
There appears to
help¬
would
served
that
Motors during the next two weeks.
"Our new models have been well
men)
forward
meaning
pany
be
Way It Works
"Approximately 35,000 additional
ly misunderstood by well-
the
to
are
attention said in part:
be induced at the same
v
people
The Chairman of the General Motors Cor¬
forms" (heretofore serious¬
the
the
logical
a gen¬
the
of
much
the end that
that
in¬
and
necessarily function, if industry and the rank and file
ready to "cooperate"
time
an
reasons
expect it to function normally and in the way it must
man¬
may
other
or
will
with the New Deal
eral and
that he cannot bait
see
dustry endlessly for political
day to day, and business leaders in turn will
agers to
even per¬
business instead of upbraiding
upon
themselves
Certain groups are
has at length come to
period during
a
two, at least.
year or
mitting themselves to hope that these ideas and plans,
if plans
they are, are an indication that the President
community
henceforth
economic
a
mil-
to
put
"co-oper-
planner to
that
Financial
2436
Oct• 22* 1938
Chronicle
Defense Needs
Our
Washington and Hyde Park
behind closed doors,
but certain possibilities are becoming evident which
need to be clearly understood. One of them has to do
with the relation between national defense and the
going on at
What is
is for the most
part taking place
The President
had found it
necessary to defer definite plans for expenditures
during the year coming to an end June 30, 1940, un¬
til the general survey of the needs of defense had
been completed.
The implication seemed to be that
coming fiscal year.
budget for the
other day
the
he
of
to
told the press that he
enter upon a program
large expenditures in various directions in order
place the country abreast of the other large
might find it necessary to
in
Powers
the
of defensive preparedness.
matter
conjunction with
current reports already referred to concerning elec¬
tric power preparedness and perhaps even more
particularly in the light of the general situation in
This
statement, when considered in
which the President
finds himself in relation to the
of very careful thought on the
public. On June 30 next the
spending-lending program of the Pres¬
budget, is one worthy
part of the general
most recent
largely comes to an end.
pump-priming succeeds in ush¬
ident, on paper at least,
Whether
ering in
not this
or
a
period of pseudo-prosperity, as is
devoutly
that matter, whether
or not a period of much better business is reached
by the middle of next year from any other cause,
it will be no easy task to bring expenditures back
into line with prudence and good sense.
Indeed, not
even
a
respectable beginning of any such reform
has been accomplished at any time by the present
New Deal Administration, in good times or bad.
hoped at Washington, or, for
utmost importance that
the defense situation closely
and clearly in mind.
Naturally the details of our
state of preparedness are not, and in the nature of
the case could not well be, known to the general
keep the facts of
that must of neces- .
There are many matters
public.
judgment of the proper officials.
any excuse for the kind of unpre-
sity be left to the
There is
never
from the ordinary garden
incompetence, or negligence.
average man with the good of his
paredness that arises
variety of inefficiency,
Nor would
the
easily forgive a government
country at heart
which
neglected to keep abreast of the times in matters
that have to do with defense.
At the same time
certain broad aspects of
there are
defense and pre¬
much the business of the
people as a whole, and which cannot, or certainly
ought not to be left to public officials, however con¬
scientious and competent.
The people themselves
should decide the extent to which they wish to divert
their energies to preparing for possible war in the
future.
It is for them to formulate national policy
as to the part to be taken in world affairs, and in
consequence as to the degree in which we should pre¬
pare in the sense that Europe is preparing, and that
decision should be made free of any foolish idea
that may be put forth that such preparation is any¬
thing other than a burden upon industry and the
people. Neither war nor preparation for war ever
produces prosperity in any true sense of the term.
In giving consideration to this question o^ pre¬
paredness, it is probable that sensible people will
start with the assumption, or rather the conviction,
paredness that are very
that it is no
in
Again, The Budget
event it is of the
In any
we
part of our duty to go to war now or
future
the
to
protect boundaries
in Central
ft
This most recent
bulge in Federal expenditures
adds to the difficulties which must
be encountered
when an effort is made to set the coun¬
in any case
try's fiscal affairs in order.
The President and prac¬
advisers are what
spenders"—that is to say,
tically all of his more influential
are
known
"natural
as
their natural inclination
is to spend
public funds
ultimate
They, more perhaps than any
group of public officials now in office anywhere in
the United States, are "liberals" one of whose chief
without
much consideration of the
very
fiscal consequences.
is that
weaknesses
of endangering
their "liberal"
programs
by heading for the rocks of loose fiscal
policies.
Moreover, certain special situations are
the ac¬
cumulating budget difficulties.
The agricultural
program, for one thing, is an obvious failure.... The
already arising which will add further to
has
President
record
to raise the
of
already felt it necessary to go on
being convinced that a way must be found
as
prices of wheat and cotton.
Restriction
production is apparently becoming more and more
unpopular.
Large yields of the more important
next year would tend to throw the whole pro¬
crops
further into
gram
disfavor and discredit in any
Already there is talk at Washington of the
event.
necessity of "buying the farmer off" with further
subsidies.
National
defense, conceivably at least,
could be made to serve as an excellent
in
case
found
sary
another year
"face saver"
of profligate spending were
by the Administration to be politically neces¬
or
desirable.
believe that this
President.
There
are
those who strongly
thought has also occurred to the
the world where we
have virtually no direct interest.
It is probable that
they will also reject the idea that we are called
upon to go to war in defense of "democracy."
Our
interests in various parts of the world are rela¬
Europe, or anywhere else in
tively limited.
that
have
we
no
Our geographical position is such
great reason to fear invasion, and
about danger from
is to be dis¬
word, we of all the major
certainly current alarmist talk
hostile
aeroplanes in the event of war
counted
a
great deal.
In a
for
We are in as
little danger of being drawn into a major war as
any nation could be in the present state of world
Powers
an
probably have the least rqason or excuse
exaggerated rearmament program.
strictly to
emotionalism,
affairs—provided only that we attend
our
own
knitting and do not permit
highly dangerous, to warp
natural indeed but also
our
be
well, indeed it will be
these facts
of
of
policies. It will
essential, for us to keep all
firmly in mind when the current study
judgment or to influence our
our
a
defenses is
defense
completed, and when the matter
program
is brought forward as ap¬
parently it is to be in the early
There
are
certain aspects
which in this connection
It may or may
future.
of the utility situation
require special attention.
not be true that some
construction of
facilities is indicated purely as a matter of
national defense.
For our part, we should doubt it,
power
debatable. Need for con¬
scale
often suggested by some of the powrer fanatics at
Washington is largely a figment of the imagination.
Regular additions to and improvement of existing
but the
question is possibly
struction for peace
time requirements on the
Volume 147
Financial
facilities year after year is of course
desirable, indeed is essential if
It would not be
are
to
keep moving forward,
surprising if during the past few
the utility companies have fallen behind in the
years
rate of such
ties.
to
we
enlargement and improvement of facili-
The essential
point, however, is that the
remedy this situation and to
assure
way
ourselves
on
this
score is not to
plan some grandiose scheme of
"cooperation" with the Federal Government for the
certainly not
purpose,
scheme that calls for
any
further incursion of the Government into the busiof
ness
is
financing construction and the like.
needed
given
is
reasonable chance to do the job that is ex-
a
pected of them.
If this is done, there will be nothing
about which to worry.
be
What
merely that the utility companies be
much
about
If it is not done, there will
which
be
to
concerned
what the rate of construction.
matter
no
Chronicle
having committed itself
mobilization of the
mendous additions to
an eventual total of
let loose
discernible
tendency
a
credit
meantime, it
to
make
loans,
other
no
than
through
means of additions to high-grade bond portThe complete statement of reporting banks
in 101 cities indicated a modest expansion of busi-
loans early this week.
The New York City
reporting member bank statement, published yesterday, reflects a decline of $9,000,000 in such loans,
ness
an
increase here of $19,000,000 in brokers'
security collateral
on
mediate
serve
Federal Reserve Bank Statement
dis-
folios.
matter for great ini-
a
concern.
The condition
,
In
seen.
remains necessary to record that there is still
Nor is
program.
be
to
a
Whether that extraordinary
the
remains
It
tre-
likely, with
$4,000,000,000
flood
loans
definite
than
pressure will burst the dam and
cur-
a
Treasury general
excess reserves are
more
quieting possibility.
fact
rent discussions bear fruit in. the form of
The
circumstances, that further
a
This, too, is
at any recent date to im-
metal.
account with the regional banks remains huge.
is clear, in these
carefully in mind if and when reputed
to bear
2437
*
statement
of
the
banks, combined, shows
certificate
12
Federal
Re¬
increase in gold
an
holdings of $176,998,000 in the week to
SHARP increases of monetary gold stocks in the The regional banks also reported $11,197,209,000.
Oct. 19, raising the aggregate to
weekly reflection of the
increase of
United
official
to
that
note
been
the
States
find
an
banking statistics, and it is
another billion
dollar
now necessary
milestone
has
passed in this extraordinary accumulation.
In
weekly period to Oct. 19, gold in the amount of
$139,000,000
was
creased the
total
more
than
mark
was
to
stocks, and this in-
our
$14,008,000,000.
three months
since the
the United
portance
United
States
to
for
fugitive capital to
safekeeping.
Of lesser im-
The monetary
about
58%
gold
held here
now
of world stocks, and the
problems occasioned by this vast aggregate
creasingly puzzling.
dition
finds
war
the favorable trade position of the
was
States.
amounts
$13,000,000,000-
quite obviously to the European
and the tremendous flow of
scare
It is hardly
passed, with the exceptionally speedy in-
due
crease
added to
its
Needless to
domestic
in
in-
the gold ad-
say,
offset
are
an
enormous
addition
to our credit resources.
The Treasury deposited gold certificates with the 12 Federal Re-
banks not only
serve
in the
Treasury far
made to the
some
Treasury general account with the
idly into member bank
of
reserves
member banks
over
Excess
legal requirements
raised
$220,000,OCX) in the statement week, to
officially estimated total of $3,270,000,000, which
were
an
balances.
reserve
re-
rap-
is only a
little under the all-time high of $3,304,000,000 established in December, 1935.
The
are
potential dangers of the actual credit position
difficult to exaggerate.
much like the
one now
was
in
a
situation
prevalent that the monetary
authorities decided to raise
a
It
reserve
requirements to
degre that finally doubled the stipulated
early last year.
ury
again
current
The inactive gold fund of the Treas-
another expedient to counteract the
was
sible credit
ments
reserves
expansion.
were
before
Last April
reserve
pos-
require-
lowered, although not to the level
restrictions
were
started, and the
Treasury at, the same time "cashed" all its inactive
gold.
As matters
possesses
a
now
stand the Treasury again
large supply of inactive gold, without
$188,095,000
Federal Reserve notes in actual
$164,742,000
creased
to
$9,644,116,000,
with
the
account variations consisting of a gain in member
bank balances of $292,971,000 to $8,693,189,000; a
decline of the Treasury general account balance by
$94,305,000 to $609,102,000; a drop of foreign bank
deposits by $2,090,000 to $197,372,000, and
a
decline
of other deposits by $31,834,000 to $144,453,000.
The reserve ratio improved to 83.1% from 82.8%.
Discounts by the regional banks declined $3,227,000
to $6,072,000.
Industrial advances receded $61,000
to $15,446,000, but commitments to make such ad-
$841,000 to $14,537,000.
vances were up
ket holdings of bankers' bills
were
Open
mar-
motionless at
$541,000, and holdings of United States Government
securities
were
similarly stable at $2,564,015,000.
vie
e
w
ACTIVE markets
than offset the addition thus
gional banks, and the funds continued to flow
reserves moved up
circulation advanced $7,717,000 to $4,288,820,000.
Total deposits with the regional institutions in-
previously
But ordinary expenditures of the
more
to $11,581,186,000.
for the metal actually acquired
weekly period, but also for
purchased gold.
other cash, and total
exchanges
York Stock Market
were
in
New
the rule this week
York,
but
the
on
stock
churning
about left quotations little changed yesterday from
levels prevalent a week earlier.
ously recorded
were
The gains previ-
well maintained, however, and
various groups of stocks managed to forge into
high territory for the
new
A note of optimism
year.
prevailed almost at all times, with sizable purchases
of stocks the obvious result.
lowed regularly
Profit-taking sales fol-
and always brought prices again
into line with former figures.
deal
of
uncertainty
as
There is still
a
good
to the ultimate trends of
business and politics in the United States, which
exercised
Most
nance
a
restraining effect
business
of
reports
consumer
upon
suggest
the stock market,
excellent
mainte-
goods distribution at the best
levels reached so far in 1938.
This, however, still
leaves much to be desired, even in
such spheres,
The equally fundamental problem of an advance in
capital goods industries remains without
solution, despite constant thought.
for the autumn elections
now
a
visible
The campaign
is well advanced and
tends to dampen enthusiasm of the business
com-.
Financial Chionicle
2438
Foreign events, fortunately,
munity, to some degree.
they
than
ominous
immediately
less
are
were
which furnishes at least one
throughout September,
decidedly bright spot.
York Stock Exchange held
2,500,000-inark in the first three sessions
of this week, and dropped Thursday and yesterday
under the 2,000,000-mark.
A fair degree of activity
thus was maintained, which indicates in itself the
Trading on the New
around the
in equities.
mounting public interest
were
the levels of the previ-
yesterday at advances over
The principal motor manufacturers pre-
Friday.
ous
pared for an active
period by heavy additions to
this unmis-
employment rolls and indicated in
their
takable fashion the
the
Heavy steel purchases will
automobile program, and stocks
have to follow the
industries were maintained on this
to the steel stocks were
heavy
beneficial
Also
basis.
growing optimism of the highly
industry.
important
of
Motor stocks
and such shares closed
favorites in the trading,
restorations
Wednesday of regularly posted steel
on
prices, which meant an end to
levels for a time, owing to
blocks, but at depressed
announcement in London that
restrictions
of African and other producers
duction
But shares of the
lifted.
the price-cutting of
Copper stocks were traded in large
recent weeks.
on
pro-
would be
cupric producers rallied
Aviation stocks improved on the ex-
subsequently.
There were also
radio
silk, which occasioned bursts of specu-
pansion programs of all nations.
developments in particular industries, such as
and artificial
Railroad and utility stocks were
lative enthusiasm.
relatively quiet and not greatly changed.
In the listed bond market
,
the tone
was
good in
United States Government and
almost all sessions.
best-grade corporate bonds held at or close to
levels of the year.
appeared
market, in the aggregate
the
on
best
Two large utility bond flotations
sum
of
$135,000,000, but institutional buyers took up the
offerings eagerly and premiums over the announced
soon
were
established in counter trading,
levels
Among speculative railroad bonds small
and there
Foreign dollar issues were
moderately irregular.
neglected,
for a burst of speculation in PeruCommodities tended to work lower in
save
vian bonds.
most
sessions, but the changes were not sweeping
and the declines exercised
securities markets.
In
only
a
modest effect on
foreign exchange dealings
the leading European exchanges were
by
turns,
the
touched
>
Exchange 266 stocks
high levels for the year while three
now
new
low levels.
On the New York
Exchange 160 stocks touched new high levels
and 25
on
Stock
York
New
stocks touched
Curb
firm and weak
movements more
downward
the
with
emphatic.
On
gains here
losses else-
special bond groups likewise were
Other
where.
offset by equally small
were
the
stocks touched
York
New
new
Stock
low levels.
Call loans
Exchange remained un-
changed at 1%.
On
the
the New York
Stock Exchange the sales at
half-day session on Saturday last were 1,468,810
shares; on Monday they were 2,520,660 shares; on
Tuesday, 2,408,280 shares; on Wednesday,
shares;
on
2,433,940
Thursday, 1,616,290 shares, and on Fri-
day, 1,715,070 shares.
On the New York Curb Ex-
change the sales last Saturday were 385,025 shares;
on
Monday,
•
669,075 shares; on
Tuesday, 368,610
Oct. 22, 1938
shares; on Wednesday, 350,060 shares; on Thursday,
213,750 shares, and on Friday, 233,285 shares,
The apparent accord growing between the public
utility industry and the Government has placed the
utility shares in a favorable light marketwise, and
on Saturday last the stock market moved higher on
the strength of an increasing demand for stocks in
this category. A goodly portion of the day's activity
centered around the low-priced issues, and former
market leaders received only passing notice on a
day when the volume of trading achieved the record
of being the second largest for a Saturday this year,
Pronounced strength was reflected at the opening
on Monday, with utility, copper and aviation shares
in the foreground. In the first hour prices were bid
up from one to three points on a turnover of
1,000,000 shares. Aviation stocks were especially
strong, due to Government reports of an intensive
program of aircraft construction for its armed
forces. Heavy pressure was later applied to the
market, and all groups were adversely affected with
the exception of the aviation issues, which held their
gains. The announcement of General Motors late
on Tuesday to the effect that it would reemploy
35,000 men and restore - salary reductions of em*
ployees in the lower brackets turned a day fraught
with discouragement and lower prices into one of
great activity. Under the leadership of the motor
shares, stocks moved two to four points above their
low levels of the day. Uncertainty dominated trading on Wednesday, and the market opened a trifle
higher on the strength of a large accumulation of
overnight buying orders, but with their disposition
stocks turned sharply downward as the day progreased. The announcement of a restoration of former price levels in the steel industry brought temporarily to an end the lower trend, and steel shares,
particularly, made the most of the news. Heavy
liquidation, however, was more than the market
could withstand, and leading issues shed from one
to two and one-half points. Especially noteworthy
were the railroad shares, which proved invulnerable
to selling pressure. General recovery set in 011
Thursday in the form of a modest increase in share
prices. Low-priced issues received favorable attention, and while trading volume decreased, closing
prices in the main were from one to two
points
higher. A discriminating market obtained vesterday in moderately active trading, and equities closed
the day at irregularly higher levels. As compared
with, the close on Friday of last week, final prices
yesterday were in the main higher, although some
market leaders gave ground.
General Electric
closed yesterday at 45% against 47 on Friday of
last week; Consolidated Edison Co. of N. Y. at 31%
against 31%; Columbia Gas & Elec. at 8% against
8%; Public Service of N. J. at 32% against 32% ;
J. I. Case Threshing Machine at 92% against 97;
International Harvester at 62% against 65%; Sears,
Roebuck & Co. at 77 against 78%; Montgomery
Ward & Co. at 52% against 53%; Woolworth at
49% against 48, and American Tel. & Tel. at 146%
against 146%. Western Union closed yesterday at
28 against 29% on Friday of last week; Allied
Chemical & Dye at 191% against 192; E. I. du Pont
de Nemours at 146% against 145%; National Cash
Register at 26% against 28; National Dairy Products at 14% against 14%; National Biscuit at 27
volume
147
Financial
Chronicle
against 24%; Texas Gulf Sulphur at 34^4 against
11414; Continental Can
at 45
ounce the close on Friday of last week, and spot
silver in New York closed yesterday at 42%c., the
close on Friday of last week.
against 45; Eastman
Kodak at 183
against 178%; Standard Brands at
7% against 7%; Westinghouse Elec. & Mfg. at 118%
against
119%;
Lorillard
at
20%
against
20%;
2439
I11
f
the
transfers
matter
of
the
foreign exchanges,
Canada
against $4.73% the close
at
and cable transfers
Dry at 17% against 18; Schenley Distillers
19% against 19%, and National Distillers at 27%
against 25%.
2.66%c.
The steel stocks show mixed
changes for the week,
Friday of last week,
on
Paris
on
closed
against 2.64%c. the close
as
cable
London closed yesterday at $4.76% as
on
yesterday at
Friday of
on
last week.
<
United States Steel closed
yesterday at 63% against
European
C33/4
European Stock Markets
Friday of last week; Inland Steel at 84%
against 87%; Bethlehem Steel at 64 against 63%,
and Youngstown Sheet & Tube at
47% against 45%.
on
In the motor
group,
at
4% against 3%
Auburn Auto closed yesterday
Friday of last week; General
on
Motors at
50% against 50; Chrysler at 82% against
81%, and Hupp Motors at 2% against 2%. In the
rubber group,
Goodyear Tire & Rubber closed yester-
day at 32% against 31%
B. F. Goodrich at
Rubber at
52% against 55.
wise reflect
Friday of last week;
on
25% against 26, and United States
The railroad shares like-
irregular trend this week.
an
vania RR. closed
Pennsyl-
yesterday at 21% against 21%
on
Friday of last week; Atchison Topeka & Santa Fe at
38%
against 39%; New York Central at 20%
against 20%; Union Pacific at 95% against 96%;
Southern
Pacific
at
19% against 20%;
Southern
Railway at 17% against 16%, and Northern Pacific
at 12% against 12%.Among the oil stocks, Standard
Oil
52%
on
of
N. J. closed yesterday at 53%
against
Friday of last week; Shell Union Oil
at 15%
against 14%, and Atlantic Refining at 23% against
23%. In the copper group, Anaconda Copper closed
yesterday at 40 against 40%
on Friday of last week;
Smelting & Refining at 55% against 55%,
Phelps Dodge at 42% against 44.
American
and
Trade
and
industrial
reports
changed from previous weeks.
the week
Iron
ending today
and
Steel
were
Institute
Electric
son
hours
at
aud which
was
Chamberlain
promised by Prime Minister Neville
his return from Munich is a precarithing. It was realized, however, that there will
be 110 immediate world conflict, and small buying
orders for securities were noted at London, Paris
and Berlin. More significant than such tendencies
on
ous
was a steady further flow of fugitive capital from
Europe toward the United States. Funds have beerf
reaching New York in a prodigious stream, and it
was hoped that the Munich "peace" would occasion
at least some return of the unwanted money. Instead, fresh supplies started to move westward
across the Atlantic this week. Somewhat more satisfactory are indications that the waning war scare
in Europe is bringing currency back to the various
central banks from hoards. The reserve ratios of the
British, French and German central banks all
proved slightly
this week,
Trade reports
un¬
from
Europe suggest only moderate changes, with the
eral armaments programs the principal occasion for
whatever optimism can be gained from such ac-
49.4%
a
of
capacity
month ago, and
Production of electric
year.
Institute
week> with changes small but generally in the direction of modest improvement. The foreign markets
sti11 were under the spell of the Munich settlement
and the drastic effects that arrangement obviously
will exercise on all European affairs. The realization steadily was borne in upon all the democratic
-Peoples that the peace which they ardently desire
estimated by American
for the week to Oct. 15
energy
greatly
""PFADING on stock exchanges in the foremost
European financial centers was listless this
at
against 51.4% last week, 47.3%
55.8% at this time last
not
were
Steel operations for
Stock Market*
was
reported by Edi-
2,182,751,000
kilowatt
against 2,154,449,000 kilowatt hours in the
sev-
tivities.
Trading
on
the London Stock Exchange was dull,
Monday, with prices slightly lower in almost all
Gilt-edged issues re-
departments of the market.
industrial stocks showed more, small
preceding week and 2,276,123,000 kilowatt hours in
ceded, and
the
losses than gains. Gold-mining stocks were irregular, but base metal issues improved, Anglo Ameri-
of
corresponding week of last
revenue
726,612
cars,
ouS
an
This
figure,
a
increase of 23,648
week, btit\a drop of 79,483
for the
As
Car loadings
According to the Association
ican Railroads.
represented
year.
freight for the week to Oct. 15 totaled
same
of Amer-
on
good week-end reports
from New York, and this tendency probably was
the previ-
instrumental in fostering the flow of capital toward
cars
from the level
the United States.
After early uncertainty
on
Tues-
day, the London market staged a mild rally late in
,
course
favorites advanced
high for the year,
cars over
week of 1937.
indicating the
can
in the commodity
mar-
-that session.
Gilt-edged issues and industrial stocks
kets, the December option for wheat in Chicago
regained their early losses and in some instances
closed
closed with small net gains.
on
closed
on
as
against 64%c. the close
December
yesterday at 46%c.
as
corn
at Chicago
against 44%c, the close
December oats at Chicago
Friday of last week.
closed
on
yesterday at 66%c.
Friday of last week.
yesterday at 25%c.
as
against 25%c. the close
spot price for cotton here in New York closed
yesterday at 8.75c.
as
stocks advanced more vigorously than other issues,
American
stocks led the international group to
lower levels.
Advancing tendencies were the rule
on
Wednesday, but the movements were mostly small,
Gilt-edged stocks improved fractionally, and changes
Friday of last week.
The
Mining and commodity
against 8.55c. the close
on
in industrial issues were mainly upward.
Copper
shares were in demand, but other issues of the inter-
In
quiet market on
Friday of last week. The spot price for rubber yester-
national section were dull.
day was 16.92c. as against 17.00c. the close
Thursday, gilt-edged issues held to former levels,
Domestic
day of last week.
at
1114c.) the close
In
19%
London the
on
copper
on
closed yesterday
Friday of last week.
against 19 11/16
while British industrial
strength.
price of bar silver yesterday
pence per ounce as
Fri-
was
pence per
a
stocks developed modest
Rhodesian copper stocks advanced, on the
assumption that the securities will benefit from removal production restrictions.
International seeuri-
Financial
2440
in
ties
general
British funds were
firm.
were
Chronicle
steady yesterday, while industrial issues advanced,
Best
however, for base metal
/
inquiry developed,
stocks.
On the Paris Bourse
uncertainty
as
to the fiscal
of the French Treasury was more pro-
policies
nounced than
usual, Monday, and prices Were soft
Rentes drifted lower,
in most sections.
while French
Commodity shares
equities likewise lost ground.
and international securities took an
upward
course,
Official denials that further unfortunate monetary
currently
expedients
Bourse
equities staged
realization
a
the
gave
Rentes and French
Tuesday.
good recovery in that session, while
Bank
the
that
On
receded.
issues
international
contemplated
are
better tone,
a
of
Wednesday the
France
statement
Oct. 22, 1938
tion is not prepared to fight a major war, owing
principally to the lack of modern military equipment. In further explanation of his views, Mr.
Baruch stated last Sunday that special taxation
should be levied to permit hastening of our defense
plan. Washington dispatches of Wednesday de¬
clared that an Atlantic naval squadron will here¬
after be a permanent feature of our defense policy,
Aerial armaments are likely to be increased at a
prodigious rate, if rumors of currently contemplated ideas have any validity,
Great Britain is pushing its armaments program
far faster than was contemplated even in the busy
days before the Munich compact. After a well
merited rest, Prime Minister Neville Chamberlain
returned to London, Tuesday, for the announced
The
of a "vigorous, complete, remorseless and
urgent" survey of the new British position.
Not
overshadowed,
only will armaments be increased vastly, but there
however, by larger gains in the international sec-
is oven talk in Great Britain of introducing compulsory military service in peace-time. Leslie HoreBelisha, the British Secretary for War, asked his
countrymen to "exceed anticipations" of their part
would reflect
improvement occasioned fresh buying
of rentes and domestic stocks on a small scale.
tion.
Dealings
main
the
securities
such
in
advances
Thursday again were small, with
on
Gold-mining stocks
equities likewise weakened,
the favorites, for reasons
were
In
quite obvious.
are
Rentes
tendency toward lower levels.
showed sizable losses and
that
were
generally firm session
a
yesterday rentes advanced fractionally, Avhile other
issues showed
larger gains.
The Berlin Boerse showed
signs of relapsing on
Monday into its usual apathy, for changes were modest and
dealings
occasioned
was
Tuesday,
on
showed
gains of
within
Boerse
small
was
ports that
were
far
so
in the direction of
to
The flurry
variations in
that
it
as
A few stocks
but most issues held
previous levels.
mildly
on
The
Wednesday by
scribed, but the changes in quotations again
held
small
to
steel
and
fractions, in the main.
mining combines reflected
quiet and soft.
Nor
were
more
buying
was
there
relief
any
on
were
Thurs-
day from the dulness of the German market.
indicative industrial and
more
marked
The
banking stocks
slightly higher, but other departments
were
a
quiet opening yesterday, small
recorded
on
the Boerse.
halt in the race in such
Germany's controlled press made it clear
were
After
any
good deal of irritation was provoked in the
were
sluggish.
gains
re-
The great
Fixed-income securities
than, other sections.
a
signs of
Reich by the American decision to increase armaments." Mr. Baruch was denounced particularly, in
the typically obtuse Nazi manner. It was reported
from Berlin, last Saturday that the Reich desires
an aerial limitation treaty with England, whereunder the British forces would be kept to a small
percentage of the German aerial fleet, much as the
German navy now is restricted by treatd to 35%
of the British fleet.
Such views are, of course,
hardly likely to impress London, which must concern itself with world empire defense and not merely
with defense of the British Isles.
discernible, was
was
or so,
of
The
Reich loan would be fully sub-
a new
are no
quarters.
fractions
stimulated
there
either
dull and motionless.
improved prices.
point
a
in the rearmament program. Large purchases of
airplanes are being made by Great Britain in the
United States as part of the scheme. French defenses are again proving so costly as to occasion
rumors that the war debt problem may be settled, so
that Paris might have access to our capital market
for defense loans. German and Italian armaments
have been built up enormously in recent years, and
in German stocks, while
reported
were
fixed-interest issues
trend
insignificant.
Small" fractional
ended.
direction
even more
by the diplomatic victories apparently
purpose
International Appeals
.
.
,
.
...
•
.
Q™AL
international appeals were
p made in recent da£s and
are m/rel{ noted
here
passing, since the advisability of such pracin
World Arms Race
tices is at least open
to question.
The United States
SINCE the Pact of "peace inwas signed to provide Ambassador todeclaration of this sort at a made
Munich
London, Joseph P. Kennedy, Navy
time," not
day; an important
the world with
has
our
a
passed without fresh indications of the height-
ened
armaments
race
world toward conflict.
plentiful in the week
tions
for
the
that
Such signs were
now
United
rapidly is driving the
especially
ending, with the implica-
States
most
perturbing and
thought-provoking.
President Roosevelt disclosed
late last week that
expansion of the American de-
fense forces will be
program
pushed speedily, under a new
that slowly has been developed and that
will
be
that
body assembles in January.
presented to Congress, immediately
and events of recent weeks
study to
a
head, he added.
after
The information
in
mutual
fostering
animosities.
Divergencies
exist which are more fundamental than political
variations, he admitted. "But there is simply no
sense, common or
ences
grow
otherwise, in letting these differ-
into fundamental antagonisms," said
Mr. Kennedy.
"After all," he added, "We have to
live together in the same world, whether we like it
or
not." Far less admirable than these comments
appeal by Winston Churchill, former British
finally have brought the
was an
Bernard M. Baruch, who
Lord of the Admiralty, for a virtual Anglo-American
organized American industries for World War
quirements, declared at the
League gathering in the British capital, Wednesday,
Mr. Kennedy urged, as a theory of his own, that democratic and dictatorial countries display less energy
same
time that the
against
dictatorships.
Mr. Churchill de-
re-,
union
na-
clared, last Sunday, that the United States should
Volume 147
not
Financial
wait "until British
freedom and
succumb, and then take
three-quarters
ruined,
tunately, there
seems
United
States
the
up
when it is
alone."
For¬
to be little tendency
in the
toward
uncritical
an
Effects
independence
cause
yourselves
Chronicle
acceptance of
such statements.
are
2441
of
the
echoing in
many
ways.
by its powerful neighbors, and any indepen¬
dence it may have hereafter will be
sorts arrived in Berlin this
on
sufferance
Czech envoys
of the Reich and Poland.
Central Europe
of various
week, to negotiate politi¬
cal and economic matters.
REARRANGEMENT of the political map of Cen¬
Europe remained in the forefront of dis¬
tion
between
Herr
tral
cussion this
tually
outweigh
may
similarly
week, and economic changes that
in
were
even
Czechoslovakia for
upon
the
point
plainly
of
were
occu¬
pushed to what seemed
But
the larger
countries
position to dictate the readjust¬
a
ment, with Berlin
word.
Hungarian demands
surrender of lands
a
were
warfare.
in
the territorial variations
progress.
pied by Hungarians
even¬
than likely to say the final
more
What remains of Czechoslovakia
integrated rapidly with the German
being
was
and
economy
political system, and it already is rumored in Berlin
that
German-Czech customs and
monetary
will follow.
Poland remained active in the
a
tion, chiefly through endeavors for
to
Hungary of
a
Polish-Hungarian frontier.
situa¬
Czech cession
that would provide
areas
union
a common
If this is arranged, it
quite possibly will involve still other changes of
momentous
nature, for the German and Polish
trolled presses
of
denunciation
most
against Lithuania.
journals
movement
a
of
Wednesday
on
experienced European
American
of
started
campaign
a
Some
of the
in that tendency the start
saw
territory and the
a
large slice
Baltic
of
port
Memel, in exchange for the Polish corridor and the
twin
ports of Danzig and Gdynia.
These
and
other
has made himself the
now
master of Central and Southeastern
arbiter
of
important
Europe, and the
affairs in Western Europe.
Germany looms already
colossus in control of
as a
all the vital communications down the Danube and
toward
Eastern
nomic and
Europe, able to impose her
political will
on
eco¬
the motley nations that
formerly constituted the Austro-Hungarian Empire
the groups
and
around it.
It is only
matter of
a
days since Herr Hitler solemnly assured the world
that he has
but
territorial ambitions in
no more
already changes
his declarations
The British
near
once
are
Europe,
rumored that would prove
again of
no
worth whatsoever.
people, recovering from the shock of
approach to
a
world conflagration, were
a
en¬
gaged this week in taking stock, with doubts-and
uncertainties
that
aerial
an
lines the
Herr
Munich
limitation
reverse
supply food
that
widespread.
are
was
evil
The
to
colonial demands
relinquish
perturbing matters.
to
the
at
In France
spreading that Herr Hitler
may
unhappy Europe that emerged from the
settlement,
many
that
Munich
a
and
for
to be
a
moment
it
fresh start would result
surrender
and
the
proclamation of "peace with honor."
even more
now
even
that
Czechoslovakia
"authoritarian" State.
long
a
the
Foreign
freely
was
will
soon
conversa¬
Czech
pre¬
become
an
On
Thursday, Prague took
long step in that direction by outlawing the com¬
munist party and
suppressing communist publica¬
a
tions.
of
The
half
a
same
day witnessed the arrival in Berlin
dozen
perts, and
Czech
ported probable.
described
was
and
economic
German
"Times,"
dominance
in
striking tribute
as a
Southeastern
That the remark is
geration
indicated
was
Finance
Minister,
already ceded to
mean
a
Europe.
his
on
anything but
he
re¬
an exag¬
Wednesday by the Czech
Joseph
Kalfus.
Germany
reduction
and
Territories
Poland, he said,
by 40% in Czechoslovakian tax
M. Kalfus
revenues.
re¬
by Frederick T. Birchall, correspon¬
There is nowhere else for the Czechs to
go,
marked.
ex¬
was
The journey by these authorities
dent of the New York
to
officials
"final" economic settlement
a
emphasized the dire need of
country for financial aid from Great Britain
and France.
The
problem of Hungarian demands
slovakia illustrates the
regime.
to
the
The Hungarian claims seemed outrageous
Hungary started to mobilize.
called
Some 200,000
reserves
colors, and Hungary thereafter
420,000
men
under
arms,
and ready
fight for the claim to 700,000 Hungarians and
the
territory they
cellor Hitler
in
the
to
said to have
was
tb
Czecho¬
upon
helplessness of the Prague
Czechs, and after negotiations broke down
Munich
occupy
in Czechoslovakia.
last
with
week-end
M.
Chvalkovsky and the former
the
Beck
Over the
Czech-Hungarian talks
newed, but Poland stepped
situation
Chan¬
intervened, and discussed the matter
Hungarian Premier, Koloman Daranyi.
more
were
re¬
firmly into the
Tuesday, when Foreign Minister Joseph
on
journeyed to Rumania, with the reputed aim of
inducing King Carol to support joint Polish-Hun¬
garian demands for
a
Czech cession of Carpathian
Ruthenia, at the eastern tip of Czechoslovakia.
that
Polish-Hungarian
frontier
would
Italy appeared to favor such
Herr
Hitler
an
be
established.
adjustment, but
apparently equivocated,
possibly
order to do
some
The Czechs
obviously had nothing whatever to
about the
dent
for
the
bargaining
on
illustrates
perfectly,
moreover,
say
The inci¬
the jockeying
political and economic advantage that
much of Europe,
in
the Polish corridor.
disposition of their territory.
progress over
If
given to Hungary, the desired joint
area were
now
is in
as a consequence
of
Munich compact.
Fascist Oppression
territory, and possibly for French colonies.
an
Versailles
seemed
from
treaty is desired, along
Anglo-Reich naval treaty,
refused
further
intimations
and
well come around eventually to demands for
Alsatian
It
the
German
for thought.
Hitler
the realization is
very
of
dicted
were
developments make clear that
Chancellor Adolf Hitler
After
Hitler
Minister, Frantisek Chvalkovsky, it
representatives of
press
designed to give Poland
Lithuanian
a
con¬
dismemberment
Now utterly helpless,
country has to submit to any arrangements
the small
made
Czechoslovakian
Chamberlain
But it is
an
uncertain and unstable Europe that seems
developing.
OPPRESSIVEItalian fascists against by German
measures instituted all dissent¬
and
Nazis
ers
make
it
ever
clearer that
these
are
State
re¬
ligions, altogether intolerant of competition and of
independent thought and inquiry.
other
In this,
respects, the two dictatorships bear
a
as
in
remark¬
able resemblance to the communist rule of Russia.
Financial
2442
In
reported daily against the
Germany attacks are
Catholics, especially in the newly-acquired area of
Austria, where the population is overwhelm¬
former
On the slim charge of complicity
demonstrations against the Nazis, many priests
ingly Catholic.
in
arrested in Vienna this
were
persecution of Jews continued, and
The relentless
in
week, and restrictions
placed on the activities of bishops and others.
were
Italy also this highly unfortunate tendency now
The Italian Government replied on Mon¬
prevails.
day to the United States suggestion that discrimina¬
against American Jews domiciled in Italy be
tion
Contents of the communication were not
avoided.
revealed until
Thursday, and it then appeared that
Government merely
Italian
the
Jews of American
of
those
other
nationality
promised to treat
less favorably than
no
countries.
foreign
From
Czecho¬
Oct.
Chronicle
in the
of order has been reestablished
enforced peace
real rulers of Palestine on
Arabs
ordained.
was
that day,
on
an
army com¬
sharp skirmish with
a
the British guards marched intg
These measures were neces¬
Wednesday.
on
Tuesday, and virtual mar¬
After
completed their investment of that
Jerusalem and
point
and
replaced the district commissioners as the
manders
tial law
British
made to prevail.
1938
By this means
unhappy mandated territory.
measure
a
22,
of course, but they can only be preliminary to
sary,
lasting adjustment of the grave problems occa¬
a
sioned
by the effort to set up a Jewish homeland.
Arab resentment
be
against the
immigrants
many
may
suppressed for a time by the British troops, but
present dispensation the Jewish popula¬
under the
will be safe
tion
To
continues.
only so long as the rigid control
large degree the difficulties stem
a
immigration that German policies
slovakia, also, came pitiful reports of the terrible
from the excessive
situation
provoked, and it is somewhat ironical that the Brit¬
confronting thousands of Jews and other
dissenters from Nazi rules who fled before the Ger¬
man
unable
whom
countiy is hard-pressed, financially,
to
are
for the rush of
care
refused admittance.
thus turned away are
are
What remains of
troops in the Sudetenland.
the little
refugees,
and
many
of
Aryan refugees who
accepted by the German
Nazis, and it is better not to inquiry too closely into
The ousted Jews
their harsh fate.
also
turned away
are
by the German troops, and hundreds are* re¬
penniless in the
and
homeless
ported
"no-man's
ish authorities
stimulated the
The
problem
German
signs in Spain pointed this week to indefinite
the
of
military
nal dissension among
London
in
offensives
were
for
several
Mild
months.
reflected
a
State Department declaration, late
week, replying to all the many telegrams and
that
"take
all
United
States would
for the
the
protection of American rights and
necessary
Palestine."
interests in
Sino-Japanese War
sweeping and bloody frays of former movements.
would
of the opinion that both sides
dig in and await further developments in
their
opposing
lines.
trench
The
belief
now
is
widely held that the larger Powers of Europe desire
arrange
of the Spanish question.
settlement
a
Indeed, only the Spanish people
the way
from
the
were
a
to stand in
withdrawn by Premier Mussolini
insurgent
and received
seem
The 10,000 weary Italian
of such decisions.
fighters who
army
reached Italy Thursday
The official
royal welcome.
recep¬
tion
supplied further evidence- of the simple fact
that
Spain suffered
of the civil
war.
an
Italian invasion in the midst
There
were
rumors
that another
contingent of 10,000 Italians might be withdrawn,
and London
reports suggested that the Anglo-Italian
treaty of friendship then would be declared in full
effect.
England and France, in that event, are ex¬
pected to grant belligerent rights to General Fran¬
cisco Franco and his
of
Washington from individuals and
Secretary Cordell Hull made it clear
organizations.
staged by the loyalists and insur¬
Neutral experts were
to
Jews and Arabs is again said
lively concern about the situation is
a
by
gents, but the efforts were feeble in comparison with
the
The
dispatches to be virtually abandoned.
Meanwhile,
measures
already has persisted
It is
incitements
plan to partition the country and thus prevent eter¬
that
stalemate
solution.
deeper, however, and is said to be
letters received in
continuance
a
Italian
disorders, which may be true in part.
goes
Spain
ALL
find
and
occupying the British Cabinet continuously.
last
land" between the German and Czech lines.
must try to
that
rumored
Spaniards
insurgent regime.
regarding
these
The anxiety
portents
was
ex¬
pressed late last week by Premier Juan Negrin, head
of the
loyalist regime.
advance any
have for
Senor Negrin denounced in
plans that E urope's "Big Four" might
dividing Spain and forcing
Even
that basis.
a
indicates that Senor
a
settlement
on
slight familiarity with history
Negrin probably spoke for vir¬
tually all Spaniards when making the statement.
Palestine
WHAT amounts to* complete military control
clamped down this week in Palestine,
was
through
a
heavy augmentation of the British forces
BLACK days plainly are approaching for the Chi¬
which the Japanese militarists
in the
nese
forced upon
war
them under pretext of the incidents near
Peiping in July, last year.
Aided by their superior
artillery, the Japanese attacks on Canton and Han¬
kow
heightened this week, and the fall of both
were
highly important Chinese centers appears-to be only
a
question of weeks, if not of days.
The defense is
being continued bravely, however, and the cost of
the
enormously widespread invasion to the Japa¬
must be
nese
entire
the
severely straitening in its effects upon
Japanese economy.
attracted
Canton
,
The
new
attack on
by far the most attention this
week, owing to the implied defiance of British power
and interests
are
by Japan.
In this move the Japanese
striking at the heart of British prestige and busi¬
ness
in
China, for nothing short of the isolation of
Hongkong
China
from
Canton
against
will
succeeds.
result if
The
the
Japanese
move
stroke
justly has been described as an aftermath of the
Munich suddender
the
by Great Britain.
It is through
Hongkong-Canton gateway that China has been
receiving most of the supplies for resistance to the
Japanese, and the aggressors are trying to close that
Nor is it
avenue.
that
be
success
quite
as
beyond the bounds of possibility
for the
Japanese in this venture will
devastating for China as was the effect
Czechoslovakia of the Munich surrender.
More, cautious than they were in the early days
upon
of the
current
war,
the Japanese militarists obvi¬
with the
Huge armies
ously planned the offense against Canton
greatest
care
and
circumspection.
Volume
147
Financial
landed at Bias
were
and these
aided
Bay, just north of Hongkong,
fully-equipped mechanized forces also
by full artillery complements.
drive against Canton
railroad from
A three-way
Hongkong severed
The Chi¬
large forces
the
near
taking place.
Mar.
4
...
Belgium. T.
said to
are
be
circling around the prepared
dreadful
Hankow, also,
one.
1 1936
ing slowly to the invaders.
well
seems to
may
be
a
Pre¬
Effect
Date
vious
Oct. 21
Established
Rate
Country
Hungary...
4
4~H
India
3
Aug. 24 1936
Nov. 29 1935
3H
4
July
1 1935
May 30 1938
3
Ireland....
3
June 30 1932
3H
May 18 1936
Apr.
6 1936
3.05
Bulgaria...
0
Canada
2H
Mar. 11 1935
4
Jan.
24 1935
4H
Java
3
Colombia..
4
July
18 1933
6
Jugoslavia.
Lithuania..
Aug. 15 1935
vakia
3
Jan.
4
Jan.
7
Italy
Oct.
19 1930
2
June 30 1932
Estonia
5
Finland
France
1 1930
4M
3.29
Japan
--
2 1937
4
England
an
But Japanese col¬
the fate of Canton
4H
5
Jan.
14 1937
5
Feb.
1 1935
6H
5V
July
1 1930
6
4
Germany
.
Morocco
6V
May 28 1936
4H
5
Norway
3V
Jan.
51938
4
3V
Poland
4V
Deo. 17 1937
5
2V,
Portugal
4
Aug. 11 1937
4H
Sept. 25 1934
6H
Rumania
4V
Dec.
6
Dec.
4 1934
4H
South Africa
3V
Sept. 27 1938
2V
Spain
5
May 15 1933
July 10 1935
4H
3
.
3V
4
Denmark
..
7 1934
5
4
Sept. 30 1932
5
Sweden
2V
Doc.
1 1933
3
Greece
6
Jan.
4 1937
7
Switzerland
IV
Nov. 25 1930
2
Holland
2
Dec.
2 1930
._
be succumb¬
Foreign Money Rates
Spokesmen for the Japa¬
militarists made it clear that the invasion of
nese
southern
China
Japan
detracted
not
a
whit
from
the
against Hankow, since fresh troops from
pressure
were
employed for the southern drive.
Mili¬
tary reports unfortunately bear out such claims, as
slow but
is
Rate
Danzig
positions and
a
Batavia
Rate in
vious
Argentina..
city, where
possible, and all reports indicate that
heroic defense is
umns
Date
Established
Czechoslo¬
assembled
retreat is
Pre¬
Effect
Oct. 21
Chile
the last week¬
over
2443
Rate in
Country
are
developed this week, with the
end, owing to the difficulty of defense.
nese
Chronicle
IN bills Friday market discount rates for9-16@
LONDON open 9-16@^%, against short
on
%%
steady advance toward the Wuhan cities
admitted
by the
even
Chinese.
invaders
The
were
as
Friday of last week, and %% for threemonths bills, as against
13-16% on Friday of
last week.
Money on call at London on Friday was
on
At
Paris
the
open
3M% and in Switzerland
at
market rate remains at
1%.
finally have gained control of the Hankowr-Peiping
Bank of
Railway line, and communications with the south
precarious, at liest.
are
The
circle
immense
of
Japanese troops around Hankow is closing in; and
if Chinese
supplies
will become still
curtailed the unfair struggle
are
more
long have prepared for
losses at Hankow and
continue for
may
a
Chinese authorities
unequal.
the terrible blows of
even
Canton, and the bitter fight
long while to
There is
come.
disguising the significance, however, of the devel¬
no
THE STATEMENT for the week ended Oct. 19
showed
£9,990,000 in
circulation, which together with the decline of
£9,403,000
from
Brazilian
a
ago,
year
dictator of the great Latin American
Republic, the fear prevailed that German Nazi ideas
making heavy inroads there.
were
Recent events
suggest, however, that there is actually a good deal
of
diplomatic antagonism between the two dictator¬
ships.
It
$486,391,000. Circulation last
346,172.
As the loss in circulation
Public
objected to the return to
of Dr. Karl Ritter, the Reich Ambassador
the German
Janeiro, who had been taking
a
her Ambassador to
requested to recall
d'affaires, indicating that
the
The affairs of each
a
or
complete rupture in
desired.
The occasion
this situation remains somewhat of
a
mystery,
fairly clear that Dr. Ritter became persona
activities for which he
wrongly.
was
One unpleasant
aspect of the matter is an apparent assumption in
Berlin that the Untied States exercised some influ¬
bring about the situation.
are
latter amount
Such ideas doubt¬
fantastic, although it is not to be denied
that the State
Department wants fascist propaganda
in Latin America
kept to a minimum.
Discount Rates of Foreign
25.7%
£1,553,860
£524,503.
rose
Of the
loss in discounts and
was a
remains
The dis¬
unchanged at 2%.
Below
we
vious years.
BANK
OF ENGLAND'S COMPARATIVE
Oct. 19.
Oct. 20,
1938
Circulation
1937
Oct.
STATEMENT
Oct.
21,
1930
23,
Oct.
1935
24,
,1934
480,391,000 484,340,172 440,100,193 397,014,342 374,703,076
33,762,000 29,774,453
37,597,420 35,324,700 22,357,765
Public deposits
Other deposits
Bankers' accounts.
126,790,292 125,681,130 122,537,511 115,790,179 138,343,527
89,329,419 81,425,151
90,927,941
78,705,751 100,742,604
36,251,711
41,112,360 37,084,428 27,600,923
35,862,351
Govt, securities
99,603,165 79,943,337 86,774,999 81,279,164
104,931,164
Other securities
28,295,629 23,864,753
31,932,043 29,717,845
19,149,859
Dlsc't
advances.
8,000,235
0,467,772
6,744,125
11,385,761
8,240,208
Securities
21,551,504
23,931,808 23,250,073
12,479,0^2 10,903,651
Reserve notes & coin
41,363,000 43,714,388
69,577,059 58,166,296 77,955,185
Coin and bullion
327,754,469 328,060,560 249,677,252 195,180,637 192,658,271
Proportion of reserve
to liabilities.
25.7%
28.1%
43.40%
38.49%
48.50%
2«•/
Bank rate
2%
2%
2%
2%
-
Other accounts
'
Bank of France Statement
THE statement for decline endedcirculation re¬
Oct. 13 of
vealed
further the week
standing down to 113,417,000,490 francs, compared
with 90,624,516,120
rates
Present
rates
at
the leading centers
follows:
a year ago
bills discounted also
000,000 francs,
registered
a
and 85,371,-
French commercial
loss, namely 1,517,-
advances against securities of 91,-
000,000 francs and temporary advances to State of
any
shown in the table which
francs
426,220 francs the year before.
2,000,000,000 francs.
Central Banks
THERE have been noofchanges during the week in
discount
of the foreign central
the
in note
a
4,873,000,000 francs, which brought the total out¬
Bank's
banks.
securities
advances, and £2,078,363 in securities.
held responsible, rightly
obviously takes a different view.
less
rose to
the ratio stood
Berlin circles declared that he did not
overstep the bounds of diplomatic privilege, but Rio
to
liabilities
a year ago
Brazil because of Nazi propaganda
grata in
ence
other
Foreign Office announced that Brazil had
relations is not intended
or
reserves to
week ago;
Government securities decreased £9,600,-
while
holiday
country will be handled for the time being by charge
non
a
With pointed brevity the
capital.
Reich, Jose Moniz de Aragoa.
but it is
28.1%.
000
The latter
accounts," and "other accounts"
furnish the different items with comparisons for pre¬
in
for
19.6%
rose
£5,495,000
counts rate
Rio de
been
at
increased
£3,931,959 and £716,982, respectively.
proportion of
from
reserves
deposits declined £4,647,941.
which fell off
The
deposits
down to
attended by
was
slight decrease in gold of £44,875,
a
ago
aggregated £484,-
year
disclosed in Berlin, last Sunday, that
to
German
brought the total outstanding
authorities
was
the Brazilian
his post
ago
consists of "bankers
SOON after President Getulio Vargas toreand the
up set
Constitution,
himself up as
week
a
high of £505,784,303 two weeks
a
while other
Germany and Brazil
further contraction of
a
note
£9,546,000.
opments at Canton.
England Statement
are
No change
was
shown in the
gold holdings of 55,808,328,520 francs.
The
proportion of gold on hand to sight liabilities rose to
40.41%, compared with 51.28% last
the
year
before.
year
and 64.15%
An increase appeared in credit
Financial
2444
Below we furnish
with comparisons for previous years:
967,000,000 francs.
accounts of
the various items
BANK OF
FRANCE'S COMPARATIVE
STATEMENT
Oct. 14,
1937
Oct. 16, 1936
French commercial
bills discounted., —1,517,000,000 17,048.600,488 10,466,037,895
810,588,195
750,966,509
6,783.657,393
1,476.296,252
Adv. against securs.
—9i,ocb",66o 3,896,089,393 3,768,151.032 3,547,109,987
Note circulation
—4,873.000.000 113417,000490 90,624,516,120 85,371,426,220
Credlt.current acc'ts
+ 967,000,000 24,674,190,287 18.208,532,707 11,832,160,007
b Bills bought abr'd
c
Temp. advs. with¬
a
b Includes bills discounted abroad,
France,
c Au¬
1936, laws of June 23, 1936, convention
by convention of June 18,
Since the statement of June 29, 1937,
gold valuation has been at rate of 43 mg.
that time and subsequent to Sept. 26, 1938,
Sept. 26, 1936, there were 65.5 mg,
gold valuation was 49 mg. per franc; prior to
the franc.
.
Bank of Germany Statement
a
down to
Notes outstanding a year ago
7,203,500,000 marks.
aggregated 4,876,641,000 marks and the year before
4,398,442,000 marks.
A decrease was also shown in
bills of exchange and checks, namely 350,907,000
marks and in other assets of 14,915,000 marks. The
gold holdings showed no change, the total
Bank's
prime commercial
the
week, but
up
been
paper
and
to 90 days
The demand
has been good throughout
has been short and the market
paper
Rates
only moderately active.
un¬
are
changed at %@%% for all maturities.
Bankers' Acceptances
THE market for prime bankers'demand has been
acceptances has
quiet this week. The
been
good but high class bills have been short of the
demand. There has been no change in rates. Dealers'
rates
THE statement for the second quarter of October
showed
further decline in note circulation of
337,300,000 marks, which brought the total
1%%
of
francs have been taken.
of gold to
for
and decree of June 29, 1938.
gold, 0.9 fine, per franc; previous to
reported
previously reported.
%% for four to six months maturities.
The last Increased the June 30, 1937,
20,000,000,000 francs to 30,000,000,000 francs, of which 18,050.000,000
June 30, 1937,
allowance of
1
has
Includes bills purchased In
thorized
only transactions
Rates continued nominal at
64.15%
51.28%
40.41%
+ 1.11%
The
quiet.
market for time money
The
occasional renewals at rates
were
—2,000,000,000 48,133.974,773 26,918,460,497 12,302,602,000
out Int. to State..
Propor'n of gold on
hand to sight llab.
and renewals.
continues
Francs
55,808,328,520 55,805,022,187 62,358.742,140
11,800.767
16,699,379
10,362,239
+2,000,000
No change
Credit, bals. abroad
Money Rates
ruling quotation all through the week for both new
Francs
Francs
Francs
a
1938
Oct. 13,
for Week
22, 1938
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
loans
Changes
Gold holdings
New York
2,000,000 and in creditor current
balances abroad of
Oct.
Chronicle
The reserve ratio
is now at 1.06%, compared with 1.56% last year.
Reserves in foreign currency, silver and other coin,
reported by the Federal Reserve Bank of
as
New York for bills up to
and including 90 days are
%% bid and 7-16% asked; for bills running for four
months, 9-16% bid and %% asked; for five and six
The bill-buying
months, %% bid and 9-16% asked.
rate of the New York Reserve Banks is
Bank's
%% for bills
The Federal Reserve
running from 1 to 90 days.
holdings of acceptances remain unchanged at
$541,000.
;
,
Discount Rates of the Federal Reserve Banks
remaining at 70,773,000 marks.
advances, investments, other daily maturing
obliga¬
recorded increases of 172,000
tions and other liabilities
marks, 7,000
marks, 14,065,000 marks and 3,452,000 marks re¬
marks,' 178,000
45,699,000
marks,
THERE have beenofno changes this week banks.
the Federal Reserve in the
rediscount rates
The
various
classes
of
now
in effect
at the different
paper
Reserve banks:
RATES OF FEDERAL RESERVE BANKS
DISCOUNT
Rate in
Following are the various items with
spectively.
following is the schedule of rates
the
for
Effect on
Dale
Previous
Oct. 21
Federal Reserve Bank
Established
Rate
comparisons for previous years:
IX
Boston
REICHSBANK'S COMPARATIVE STATEMENT
Sept.
2
2, 1937
New York
for Week
Reichsmarks
Assets—
Gold and bullion
Oct. 15,1938
Reichsmarks
Res've in for'n currency
Bills of exch. & checka.
Sllver and other coin
Advances
Investments..,
Other assets...
15, 1937
Reichsmarks
70,773,000
No change
69,998,000
10,601,000
No change
Of which depos. abr'd
Oct.
20.055,000
15, 1936
Reichsmarks
63,400,000
27,629,000
5,257,000
6,071,000
5,853,000
+ 172,000
—350,909,000 6,986,443,000 5,002,803,000 4,568,490,000
167,920,000
173,049,000
137,722,000
+ 45,699,000
44,266,000
19.808.000
32,539,000
+ 178,000
524,136,000
397,404,000
848,271,000
+ 7,000
604,606,000
808,910,000
—14,915,000 1,075,977,000
IX
2
IX
Plcbmond
IX
Sept. 4, 1937
May 11, 1936
Aug. 27. 1937
Atlanta
Oct.
Aug. 27, 1937
IX
RIeveland
Changes
I
Chlladelphla..
IX
Aug. 21. 1937
2
Chicago
IX
Aug. 21, 1937
2
St. Louis
IX
2
Minneapolis
IX
Sept. 2. 1937
Aug. 24, 1937
Kansas City
IX
Dallas
IX
San Francisco
IX
■'
Course of
2
2
2
2
Sept. 3. 1937
Aug. 31, 1937
Sept. 3, 1937
2
2
Sterling Exchange
Liabilities—
Notes In circulation
Oth. dally matur. obllg.
Other liabilities
—337,300,000 7,203,500,000 4,876,641,000 4,398,442,000
693,773,000
674,894,000
902,089,000
+ 14,065,000
262,299,000
296,262,000
374,931,000
+ 3,452,000
Propor'n of gold & for'n
curr. to note clrcul'n.
IN ALL essential respects sterling remains the pound
week.
Any strength in unchanged
from
last
'
"
1.06%
+0.05%
1.56%
1.56%
seems
to be derived
Whether
New York
Money Market
to
HARDLY any business was doneand rates were
this week in
New York money market,
the
day, the undertone is
London.
The
pared with
The total of idle funds
last week.
in New York banks is said to be at record
and this is borne out
reserves
for
mand still is
holds
a
member
But effective de¬
Bankers' bill and
commer¬
dealings were nominal at rates carried
from last week.
The Treasury sold on Monday
$100,000,000 discount bills due in
days, and awards were at 0.018% average, com¬
puted
on
banks.
lacking, and available paper therefore
further issue of
91
by the $3,270,000,000 excess
at small levels.
cial paper
over
all
figures,
on an
the New
time loans
ties to 90
annual bank discount basis. Call loans
York Stock Exchange held to 1%, while
again
were
offered at 1%% for maturi¬
days, and 1%% for four to six months'
datings.
range
easy
and unfavorable to
this week has been between
$4.73 5-16 and $4.78% for bankers' sight bills, com¬
merely continued at the extreme low levels enforced
by the official manipulators.
chiefly from official intervention.
quotations are higher or lower from day
between
a range
of between $4.73 1-16 and $4.78%
The range
of between
$4.73% and $4.78 9-16
The undertone of
ness
for cable transfers has been
$4.73% and $4.78%, compared with
a
week
a range
ago.
sterling is decidedly weak.
and financial interests in
seriously concerned
over
London
seem
Busi¬
to
be
the attrition in sterling.
When due allowance is made for the fact that this is
the
period of seasonal
import
balance
of
pressure
and for the
commercial account
on
the pound
on
mounting adverse
Great Britain, especially with
respect to imports from the United States, it must
be
recognized that
not the
Only
Czech
commercial Considerations
are
dominating factor at this time.
a
short time
crisis,
when
ago,
just before the Germanwas moving down in
sterling
Volume
terms
of
147
Financial
the
Chronicle
dollar, London and foreign exchange
2445
traders generally were satisfied to assert
simply that
the pound pegged at $4.78, but the various exchange
funds have proved themselves powerless to prevent
sterling
radical fluctuations in currency,
dollar
weak in terms of the dollar
was
was
overvalued.
It
was
then
that the
or
Press dispatches from Washington on Oct. 14 stated
that the financial strain which accompanied Europe's
pointed out that
despite the continuous flow of gold from Europe to
the
United
States,
sterling
essentially sound
was
threats had caused Treasury officials to consider
asking Congress to extend its dollar revaluation and
war
and would return to its
customary firmness after the
turn of the year.
Current opinion is that an actual
stabilization fund
flight from sterling is in
The
as
to the
and doubt is felt
progress
resumption of firmness.
Previous to the
September crisis despite the flow
gold and foreign funds to the United States in re-
of
investment
tinued
opportunities,
reach
to
fidence that
funds.
gone
less
London
foreign
in
funds
large
still
volume
safety would be assured for idle
European sentiment
appears
$35.
that at present
as a
sibility of
to have under-
These
anticipate the
pos-
emergency,
year
totaled £198,748,431, compared
:
year.
The money situation in Lombard Street is prac-
flight from sterling,
tically
unchanged
from
last
week.
against bills is in supply at %%.
heavy losses of gold since August and
has failed to stem the
powers
financial
£183,322)860, against £183,773,432 last
exchange equalization fund is known to
have suffered
would enable
power
same period the year before,
The gold exports for the first nine months were
gold taken for arbitrage shipment
In addition to the apparent
50% in
with £258,133,165 }n the
to the United States has diminished.
the British
as
Great Britain's gold imports for the first nine
private deposits to the London and provincial banks
and the volume of
a new
months of this
heavy return flow of British
a
much
It is evident that the Treasury authorities
in seeking to retain these
safe depository, though it is true
there is
The unused devaluation
an ounce.
con-
or uneasy
pronounced change and London is regarded
a
confidently
as
him to increase the gold price to approximately $43.34
con-
in
which will expire on June 30.
January, 1934 he cut the dollar gold value about
41%, raising the price of gold from $20.67 an ounce to
to the high gold price here and the improved
sponse
powers,
revalue the dollar
terms of gold-was given the President in 1933 and in
-»
•
power to
19-32%,
are
rapid decline of the pound,
three-months
bills
Call
money
Two-months bills
25-32%,
four-
months bills 27-32%, and six-months bills 1%.
com-
G°ld on offer in the London open market during
the week was taken for unknown destination, largely
f°r shipment to the United States on arbitrage account. On Saturday last there was on offer £824,000,
011 Monday £287,000, on Tuesday £327,000, on
Wednesday £405,000, on Thursday £1,157,000; and
on Friday £658,000.
At the port of New York the gold movement for
the week ended Oct. 19, as reported by the Federal
Reserve Bank of New York, was as follows:
modity prices continue to rise and if the Anglo-
gold movement at new york, oct. iwct/w, inclusive
American treaty
fulfills expectations, it
$16,725,000from England
sible after
time has
developments, together with the known finan-
cial strain
imposed
accelerated
Great Britain by the greatly
upon
rearmament
Palestine and the Far
by
program,
in
events
East, and by the still unsatis-
factory political conditions
aroused uneasiness in
the Continent, have
on
Europe and have accentuated
distrust of sterling.
In
Amsterdam, bankers, it is said, have already dis-
counted
a
further decline in the
to $4.50.
even
-
covery
There, bankers
some
..
.
that only if
,
a
pos-
general
3,878,000 from Canada
re-
.
of sterling will take place.
or
Exports
be
may
elapsed that
,
.
pound to $4.60
say
devaluation of the
United States
dollar
*21'562'000 total
by the
Washington authorities might help to increase the
nominal value of sterling in terms of the
the
possibility of such
...
we have been notified that
dollar and
development cannot be
a
tirely ignored.
that
the
few
Gold arrivals in the past
days together with shipments
figures to above $14,000,000,000
On
weekly
in the "New York Times" of Oct. 17:
summary
price, though the lowest
1935, compares with a much lower level in 1932,
when the
full effect of England's
gold payments
iii.
D
$3.14%.
But the
•
was
,
the
was
ur
,
far the
in the
not then
measured
devalued.
1
,1
1
V1
.
<t>0
mean London check rate on paris
in our
178.76
178.76
Thursday,
Oct. 20,
Oct. is
178.68
Friday,
v
or
t-^
few weeks
■«
^
ago
f.
—
178.72
178.75
london open market gold price
Saturday, Oct. 15
ues. %y2d.
Wednesday, Oct. 19.— 145s. 8Hd.
146s. 6d.
Thursday,
Monday,
Oct. 17
Tuesday,
Oct. 18—146s. 2d.
Friday,
Oct. 20..-145s. 9yd.
Oct. 21—1468. 2Kd.
price paid for gold by the united states
(federal reserve bank)
it was thought that the
,.
-n
a
•
a
i
-L
British Exchange Equalization Fund aimed to hold
178.66
Oct. 21
Tuesday,
If the
quoted at something like $2.25—by
lowest, except during the crisis of September,
a
Wednesday, Oct. 19
Saturday, Oct. 15
history of England."
Only
,
was
today, sterling's present gold
same
value would be
1932
17-32% and a discount of
15-16%.
The following tables show the mean London check
rate on Paris, the London open market gold price
and the price paid for gold by the United States:
tween a discount of 1
Monday, Oct. 17
a-
irvoo
price in
dollar, which
criterion
•
received
Montreal funds ranged during the week be-
tone.
'
abandonment of
expressed in sterling's fall to
was
•01A/
,
was
com-
Noyes took occasion to point out in his
"It is true that the present
since
In
the prevailing low quotation, Mr. Alex-
on
ander Dana
„
Oct. 19.
Saturday last sterling exchange at $4.73%
menting
__
route carried the
on
the lowest level reached since 1935.
near
old
en
was
The above figures &re 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 $1,885,000
of gold was received from England. . There were no
exports of the metal or change of gold held earmarked for foreign account.
Canadian exchange continues to display a weak
en-
■
was aroused by the
gold holdings of the United States
reached $13,000,000,000.
approximately $170,000 of gold
at San Francisco from china.
Only last July much comment
fact
None
Any unwarranted
change in the nature of inflation, further confiscation,
or
1
,
.
959,000 from Holland
.
.
Saturday, Oct. 15
35.00
Oct. is
35.00
Tuesday,
Wednesday, Oct. 19
--*35.00
Monday, Oct. 17
1
Thursday,
Oct. 20
Friday,
Oct. 21
$35.00
35.00
35.00
Referring to day-to-day rates
Saturday last
sterling exchange on
Bankers'
off from previous close.
was
was
$4.73 5-16@$4.73%; cable transfers were
$4.73%@$4.73%.
On Monday the pound was
sight
trading. The range was
$4.74%@$4.75% for bankers' sight and $4.74%@
slightly firmer in limited
transfers. On Tuesday sterling
short covering and official sup-
for cable
$4.75%
moved up sharply on
Bankers' sight was $4.75@$4.76 9-16; cable
$4.75 1-16@$4.76 11-16.
On Wednesday
port.
transfers
advanced sharply in limited trading,
$4.76 13-16@$4.78% for bankers'
sterling again
The
was
range
15-16@$4.78% for cable transfers,
sight and $4.76
Thursday the pound was steady in a quiet market.
On
bankers'
$4.75%@$4.76% for cable transfers. On
$4.75 1-16@$4.76 7-16 for
The range was
sight and
Friday sterling continued relatively
steady with offi-
The range was $4.75%@$4.76% for
bankers' sight and $4.75%@$4.76% for cable transfers.
Closing quotations were $4.76% for demand
cial
support.
j
CPA
and
bilk
Dills
*7*9/
U1
*
-„i
n
t
4.
•
ki
$4.76% tor cable transfers.
commercial sight
finiqhpd ar M 7fiU
60-dav U111S at $4 753%
nnisnea flt,
fcS./O/g, OU uay bills ab W./Q/g,
(60
bills at $4.75%.
%
i
i
tiais
for payment closed-at $4.76%.
of 40.33, is ruling this week between 16.96 and 17.05.
The Reichsbank continues to carry its gold holdings
at 70.773,000 marks, approximately $30 000 COO.
This figure by no means reveals the true gold holdings
of Germany. Its total gold reserve is believed to be
not less than $2C8;0C0;GC0. The gold of the Austrian National Bank is not accounted for. At the
time Austria was taken over its central bank had
approximately $46,000,000 of gold. The Gold Discount Bank also has approximately $20,000,000 of
gold. A comparison of the German gold imports
and exports over a period of several years indicates
that Germany has a hidden reserve of more than
$100,000,000.
The following table shows the relation of the leading European currencies to the United States dollar:
ou Dollar New Dollar
Range
days) at $4.75%, and seven-day grain
j
.
s
.
and gram
TRENCH francs present no new features from
T those of last week.
The franc is tied to the
pound and is held steady somewhat favoring Paris.
The softness in the franc with respect to tie dollar
merely reflects the sterling fluctuations.
The latest
of the Bank of France discloses an im-
statement
proved
situation in Paris, with funds return-
money
well and this may
Treasury issues are selling
account for the fact that temporary
advances to the State
during the week ended Oct. 13
2,000,000,000 francs. Fears had been
entertained that the' Treasury would exhaust its
decreased by
at the bank.
discount on future francs shows
borrowing
The
power
On Sept. 30
decrease.
marked
after the Munich conference
below
The discount is now-only 1% points. The
30-day francs
spot.
discount
at t
a
on
were
90-day francs has fallen from 13 points
6%
poin s-
Despite the favorable factors French funds condollars and there is no indication
of
French capital from New York.
is
on
..
is
gold
attributed to the fact that the unit
Future belgas also show marked
On Sept. 29 30-day belgas were at
cable rate and are
points discount
The 35-point discount on
improvement.
15
points discount from the basic
at 2
now
90-day belgas recorded on Sept. 29 has been reduced
to 11
'
points.
There is
no
So-called free
currencies
are
fluctuations
linked wjth
from
dogel
gQ
or
gold marks,
commercial
The Holland and
independent firmness and do not
foUow
tbege currencies have been
ag
d gjnce g
detached from the
ment
The Scandinavian
sterling and reflect its
day to day.
an
The gtate.
26
t
of the National Bank of Switzerland for the
Bankerg, g.
at 54 39
trangferg
ht
old holdin
15 shows
0°
and
a
ratio of
of 2 873
old to total gj ht
'
-
Amsterdam finished
on
at
54 39j
ingt
54 44
*
Friday
against 54 43 on Friday of last week
cable
and collimercial
gight bmg at 54 34j agajngt 54 39
gwigg francg
cloged at 2271^ for checkg and at 22.71i^ for cable
transf
against
22.65 and
22 65
Copenhagen
checkg finighed at 2127 and cable trangferg at 2127>
Checks
against 21.14 and 21.14.
at
24
on
Sweden closed
54K and cable transfers at 24M1/
No
a
ingt
finighed at
24 4Q and 24 40
while checkg
23 Q4 and ^
trangferg at 23 g4j againgt 23 7g^
change in the German mark situation.
neighboring currencies.
the countries neutral during the
on
pregentg mjxed trends.
war
on
and 23.79%.
par
40.33,
are
However, the internal mark,
registered mark, also having
♦
the South American countries
1—* is for the most part steady, but the Argentine
peso, especially the free peso, is strongly inclined to
follow the trend of sterling-dollar exchange. The
ruling ' F^XCHANGE on
steady around 40.08, reflecting the easier tone of the
the
,
r»xCHANGE
liabilities of 85 27%
revival of confidence.
finished
,
and industrial
belga continues to display a firmer tone than
guilder
.
Friday at 2.66% against 2^64% on Friday of last
tranfersJ a f.WX, against 2.64%.
Antwerp be gas closed at 16.91 for bankers sight
blllf anAaJ6-9i.for,
®7' T",
and
uFl"al ,quotatl1°as foii
marJf
were 40.06 for bankers sight bills and 40.06 for cable
transfers, in comparison with 40.07% and 40 07%.
Italian
,c]°"se at 5.26% for bankers s^ght bills
and
26% for
trans ers, against 5.26% and
5-26%. Exchange on, Czechoslovakia finished at
3.45 against ,3.44; on Bucharest at 0.74%, against
2,, 011 Fo'arI
18.85, against 18.85; and on
Finland at 211%, against 2.10, Greek exchange
at o.87%, against 0^.87.
European appeasement must proceed
other European currencies except perhaps the
guilder
The firmness in
still
_
on
400 000 gwigg francg
Swiss franc and the Holland
the
a franc*
po"nd' °r 2-79
The London check rate on Pans closed on Friday at
m 7b> againgt 178.84 on Friday of last week.
In
week ended 0ct.
interests will show a
any
22.64 to 22.77
54.32^ to 54.4534
On May 5, 1938 the franc was devalued on a de facto basis of 179 francs
serious
much further before French business
The
c
t0
advent of stable govern-
M. Daladier is still
difficulties and
32.67
68.06
aNew dollar parity as before devaluation of the European currencies
between Sept. from gold and allowed to "float" on June 30. 1937.
30 and Oct. 3, 1936.
b Franc cut
confronted with
Permanent revival awaits the
ment.
£ "S*
19.30
40.20
Swiss units show
tinue to move into
of withdrawal
"fx
Switzerland (franc)
Holland (guilder)
at a discount of 6% points
of Septem er to
e en
Pa0.63*
T2"
New York sight bills on the French center
Continental and Other Foreign Exchange
ing to the French banks.
2.64900^2.68
Paz.$2
be France (franc).
90-day bills at $4.75, documents for payment
Cotton
Oct. 22, 1938
Financial Chronicle
2446
a par
Volume
147
Financial
Bank of Brazil issued instructions last week
giving
United States imports
preference over all others in
allotting exchange.
This purports to be
putting into full effect
provide
mitted before either
party,
clause in the Brazil-Ameri¬
are
the
ample
a
foreign
States import drafts.
exchange
to
According to
cover
United
notice posted
a
by the exchange department at Rio de Janeiro on
Oct. 11, Bank of Brazil drafts in dollars from the
the posting of the notice
tioned and drafts
no
payment date
was men¬
liquidated at will.
were
Drafts in
other currencies than United States dollars
are
to be
liquidated 60 days after receipt by the bank.
Argentine paper pesos closed on Friday at 31.75
for bankers'
sight bills, against 31.59 on Friday of
last
week; cable transfers at 31.75, against 31.59.
The unofficial
or
free market close
against 24.90@24.98.
5.90
Brazilian milreis
5.19
at
(official),
railway companies
tional Mediation Board to
When President
is
»
laid before
at
once
currencies
are
ease
because
sterling, to which the Far Eastern units
27.77, against 27.62
of
the
dis¬
are
allied.
must
checks yesterday
yen
were
on
29%; Shanghai at 16.00@16j/g,
against
15%@16;
Manila at
49.85, against 49.85; Singapore at 55.55,
against 5534; Bombay at 35.62, against 35.44; and
Calcutta at 35.62, against 35.44.
THE following table indicates the amounts of gold
bullion (converted into pounds
sterling at
exchange) in the principal European banks
of
as
respective dates of most recent statements, reported
to us by special cable
yesterday (Friday); comparisons
corresponding dates in the previous
four years:
ing the
its
£
'
■'
1937
>.
England
293,728,209
Germany b.
1936
25,980,000
6,548,000
8,205,000
Nat. Belg_.
6,602,000
6,604,000
92,249,000
114.935.000
Switzerland.
Sweden
25,232,000
107,568,000
J00,068,000
31,936,000
Denmark
_
.
Norway
Total week.
Pre v. week.
79,578,000
46,818,000
192,658,261
659.864,389
3,036,650
90,627,000
67,198,000
99,177,000
-
73,143,000
75,253,000
46,639,000
67,241,000
20,898,000
15,650,000
7,396,000
6,580,000
6,555,000
6,602,000
1,090,671,578 1,063,167,353 1,149,334,939 1,136,856,840 1,258,647,300
1.088.332.453 1,061,589,846 1,150,080,205 1,137,054,833
1,257,258,687
a Amount held Dec. 31,
1936, latest figures available,
b Gold holding of the
Bank of Germany are exclusive of gold held abroad, the amount of
whloh is now
reported at £530,750.
c As of April 30, 1938, latest figure available.
Also first
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. 1936,
when the gold was given a value of 49 millgrams to the franc as
compared with
65 5 mgs. previously.
On the basis of 65.5 mgs., approximately 125 francs
equaled
£1 sterling at par; on basis of 49 mgs., about 165 francs
equaled £1
sterling, and
43 mgs
,
there
are
at
fact-finding board which
on
was
week
should
make
its
wages.
side
Sept. 27, under the Railway
of
a
report.
obviously related to the
,
-
.
it
permissible, to
testimony and arguments what the
even
were
of the board
may
case
be.
On every
the positions of
Neither side is
re¬
man¬
as
wide
From the standpoint of
man¬
while by
difficulties,
indispensable if the
roads that
was
represented
not
are
as
no means
railways' financial
already bankrupt
ill receivers'
or
hands
are
From the standpoint of the employees
not to slide further
roads'
along the bankruptcy
a wage
not
was
only unnecessary to remedy the
financial ills, but was
flatly rejected anyway,
regardless of the condition of the roads,
on
the
gen¬
eral
up
principle that while wages must go up or stay
they must never come down.
At no point did
either
side
show
any
party
inclination to moderate its
was
presented
as
fact by the
frequently rejected by the other.
was
general contentions of the two
presented by their respective
meeting of the board,
counsel
sides
were
the
first
at
Sept. 30, at Washington.
According to J. Carter Fort, representing the Joint
on
Conference Committee of the
level of railroad
wages
railroads, "the general
is unreasonably high in the
light of existing conditions which bear upon the
question of what is a reasonable level of wages."
Among these conditions
were
mentioned
general
economic
conditions, the cost of living and the fi¬
nancial position of the roads.
Evidence showed, ac¬
cording to Mr. Fort, that "the railroad industry is
now
in
a
critical and
business
desperate financial condition,
running about 20% lower than last
the
most
liberal
on
the payrolls "are
wages
because
of
the
year
"partly
inability of the railroads
them," and that railway employees "are
ing higher
average
re¬
in history," that
250,000 employees lost their jobs last
proposed 15% wage cut,
finished its hearings and by
Thursday of next
over
regarding
ex¬
agement a reduction in wages,
sufficient of itself to solve the
ceiving
appointed by
Act, to deal with the threatened strike
railway employees
has
difficult,
year," that employees still
Fact-Finding in the Railway Wages
Dispute
Labor
'
apart as the poles.
about 190 francs to £1.
President Roosevelt
function
agement and employees have seemed to be
with
The
fact-finding board
length, but it has ruled out of
matters not
recommendations
£
195,180,637
575,700,553
2,916,650
90,389,000
45,981,000
498,869,937
6,537,000
Italy
Netherlands
at
wages.
forecast from the
1934
£
249,677,252
2,043,750
88,092,000
42,575,000
47,491,000
107,680,000
75,559,000
24,191,000
6,552,000
c63,667,000
a25,232,000
123,420,000
one
wide range of testimony regard¬
a
case
It would be
The
£
328,060,560
293,710,643
2,497,150
87,323,000
3,007,900
1935
•
£
327,754,469
France
Spain
representations
demands, and what
1938
The
situation, and has allowed each
wages
question of
one
&f
only
railway policy
not to have considered that its
seems
par
Banks
national
apparent
was
deal, it would have to be disposed of before
reduction
shown for the
was
path.
Gold Bullion in European Banks
are
a
It
question
anything else could be done.
important aspect of the
Friday of last week. Hong¬
kong closed at 29.67@29 11-16, against 29 5-16@
of
a
railway manage-'
•
turbed conditions in Asia and of the
general ease of
Closing quotations for
Sept. 20, asked
011
the
wages
of the matters with which
new
inclined to
of
Congress for action.
that, while the
to argue
EXCHANGE on the Far of importance. These
features Eastern countries pre¬
no
an
ments and
consideration
sents
bring the parties to
the brotherhoods to
get together, he sug¬
gested that they should work out a comprehensive
plan for a national railway system which could be
accepted
Peru
findings the last stage
Roosevelt,
of representatives
group
It has
5.19.
between
as
employees, but
agreement, will have been reached.
beyond
against
their
dispute, and the last opportunity for the Na¬
tended
nominally quoted at 2134, against 21.00.
and
with the
presentation of the
quoted at
are
if the recommendations
alter the status quo
may
Chilean exchange is
(official), against 5.90.
quoted
25.00@25.15,
was
rejected,
of the
United States will be
liquidated immediately after
receipt by the Bank, which will state when they shall
be paid.
The ruling is a forward step since prior to
2447
quired by the law to accept the findings of the
board,
and
thirty days must elapse after the report is sub¬
treaty, according to which Brazil must
trade
can
action
an
Chronicle
to
pay
now
receiv¬
earnings than employees
gener¬
ally" and "constitute
a group
which is fortunately
placed in the economic scale" notwithstanding that
industry from which they obtain their living
"the
0ct 22> 1938
has reached
low ebb."
Unless the new kinds of
capitalization." There appeared to be substantial
competition with which the roads were now faced
agreement among the employee representatives
met, they would lose business, more mileage
that the Federal payroll taxes for pensions and unwould be abandoned and fewer men would be ememployment insurance were to be regarded as of
ployed.
"The interest of the men," Mr. Fort debenefit to employees, but no agreement regarding the
clared, "lies in the preservation of their industry."
consideration to be given them in relation to wages.
Charles M. Hay, counsel for the Railway Labor
The only comprehensive proposal of the brother:
Executives Association in which the interests of
hoods for dealing with the financial problems of the
most of the railway brotherhoods are represented,
roads was one submitted by Mr. Harrison on Oct.
not only denied that present railway wages were ex13. As reported by the New York "Times," Mr. Harcessive but insisted that they were "inadequate
rison advocated a unified Federal control of land,
compensation for the services rendered." Referring
water and air transportation; the introduction of
to the wage level in general, he maintained that
"light and high speed equipment" by the railroads
"ability to pay is not a proper element of considera"so that they can run more frequent units of transtion in the fixation of what constitutes a fair wage,"
portation and move when the public wants to move,"
and laid down some propositions whose language
the necessary capital to be furnished temporarily
and purport were strongly reminiscent of deliverby the Federal Government; a rate base that will
from the White House circle.
"In determinenable the roads, "taking good times and bad times
ing what constitutes 'real wages,'" he said, "the'
over several business cycles," to accumulate reserves
items introduced into the social life of the
"to tide them over the cyclical periods;" a corncountry, rather than the mere index of the cost of
pulsory accumulation of liquid reserves, "equivalent
the things heretofore making up the family budget,
to three times annual fixed charges," before diviFinancial Chronicle
2448
a
were
ances
new
must
The modern
considered the chief factor.
be
structure
industrial
tion and
is dependent for its founda-
support upon a
in turn can be
widespread demand, which
of
created only by the maintenance
of twenty years
financial policies which, it
was charged, were largely responsible for the present
plight of the railroads was also presented.
For
none of these "abuses," Mr. Hay declared, were the
wage
standards far above the levels
ago."
A long list of past
workers
their wages
or
would not
responsible, and a wage cut
only "correct no abuses"
reforms" but would
national
"sound
much-needed
and "effect no
of a
transportation
delay the establishment
restriction of dividends
consistent with the na¬
ture of the industry;" prohibition of authorization
by the Interstate Commerce Commission of longterm debt issues in excess of 40% of the value of
the property as determined for. rate-making purposes; voluntary financial reorganization, or cornpulsory reorganization after some fixed period;
consolidations when adjudged by the Interstate
Commerce Commission to be in the public interest,
and Federal short-term loans conditioned upon
dends may be paid, and the
"to some reasonable figure
adoption of the proposed program,
The reply of management to the Harrison pro-
posals was given on Oct. 15 by John J. Pelley, President of the Association of American Railroads,
parties for or against a, wage cut were highly conAfter expressing his approval of some features of
tradictory. Neither in regard to the average wages
the proposals Mr. Pelley told the board that "there
received nor in regard to the relation of present
is no plan, there is none that can be made, there
wage scales to those of previous years was agreeis none that can be put into effect that will meet
ment shown. The attitude of some of the brotherhood
this emergency that we are in now. There is nothrepresentatives, moreover, was more suggestive of a
ing that can be done for this railroad industry that
prosecution than of a fact-finding inquiry. Tom Davis, . would obviate the necessity of prosecuting this wage
policy."
»
The statistics adduced
by spokesmen for the two
now
counsel for the Brotherhood
of Railroad Trainmen,
break down the
diviroads and the alleged raising
charged the roads with trying to
basic wage
dends
of
structure, and made much of the
paid by some
Dr. Julius H. Parmelee, head
official salaries.
of the Bureau of
Railway Economics of the
tion of American
indications
that
Railroads,
the
on
Associa-
the other hand, saw
financial
results
of railway
operations for 1938 would be lower than those
1932 and
for
1933, when the depression was at its worst,
and denied that
railway funded debt and interest
size either
he declared,
ewer a long period they have "decreased,
both actually and relatively." The President of the New
York Central system, Frederick E. Williamson,
charges had increased in relation to the
of
plant or of revenues; on the contrary,
pointed
that
out
"the more than
holders of the New York
60,000 stock-
Central, the overwhelming
majority of whom own comparatively few shares
each, have received no dividends on
more
a
than six
their stock in
years," and remarked that with such
operating expenses
practically nothing to apply tocharges and nothing whatever for re-
property "just barely earning
and
ward
turn
taxes, with
fixed
on
capital stock, it is idle to talk of
excessive
reduction to the last."
.
One or two things may appropriately be said
without trenching upon the prerogatives of the factfinding board. If the ability of the railroads to
pay the wages that their employees demand is to be
given no consideration in determining the wages to
be paid, the operation of the roads in accordance
with apy intelligent economic principles becomes
impossible. With wages a fixed charge upon earnings, to be kept at some agreed level or forced to
some higher one by threats of strikes but on no account to be lowered, no kind or amount of financial
or managerial reorganization is feasible that will
make the railroads going concerns. Further, while
the maintenance of a fair wage level in bad times
as
well as good, as proposed by
Mr. Harrison, has
theoretically something to commend it, it would
take years before such a plan could be formulated
and its. practicability adequately tested. In the
meantime, however, it obviously has nothing to do
with the present wage dispute, nor would it prevent
a repetition of wage controversies in every way as
vexatious as the present one. There is no one cause
of the present plight of the railroads, and only a
comprehensive and far-reaching treatment will ex-
Volume 147
Financial
tricate them from all of their difficulties.
the
weightiest
the
railway
One of
however, is the insistance of
causes,
brotherhoods
that,
notwithstanding
Federal policies which have
prolonged the depression, drawn traffic and revenue away from the railroads and deterred
any
large investment in railway
securities, the incomes of
be
diminished
any way
their members must not
railway trade unionism.
striking illustration of the
presage
a na-
foreign policy is influenced by that of others is
afforded by the present
widespread talk of war and
activity in arming. As long as the armament pro-
Treaty of Versailles
observed, in
were
least, by Germany, and Austria
war
Hitler
long-continued
a
spective countries.
Prime 'Minister
and
of
peace
The talk
wars and rumors of
between
of the
their
moment
There is
are
no
talk and
was an
of
that
war
likelihood that the United States will
geographically
world.
re-
living.
long avoid what other
mg
is
wars, and it is in the shadow
an expected but undated and unlocated
the nations
cannot remain
extent to which
tion's
independent State,
Chancellor
ago,
Chamberlain signed a statement which seemed to
as
dangers to which
Armaments and Autarchy
visions of the
2449
nations
are
it is from the
doing.
centers of
Remote
European
controversy, and protected by nature from
■
.
the main at
two
the exactions of their unions in
or
relaxed.
There is nothing in this attitude
that reflects credit
upon the ideals or methods of
A
Chronicle
many other nations
even
If
nations
must
arm,
same extent but in
insist
certain
exposed, it
relatively unprepared in
other
heavily, it also
are
an arm-
arming
upon
not necessarily to the
essentially the
same manner;
if
other nations feel it
tection for their
necessary to plan special pro¬
civilians or prepare to mobilize
their industries in
of war, the United States
case
Ver-
cannot well avoid following their lead. It will have
t° do these things not merely because of danger from
outside attack, although, with the continued in-
repudiated by Chancellor Hitler,
however, and shortly thereafter the Rhineland had
crease in the speed capacity of ships and airplanes,
tliat danger is greater than it was in the World
war
preparations
in France and Great Britain
pursued their normal
Once
course.
sailles
been
had
the
armament
restrictions
of
been
reoccupied, Great Britain and France
war.
scented
Nobody professed to know exactly when
would break out
or
war
where the first collision would
War,
because of the possibility that the United
or
States
become
may
cause of the
party to the war, but also be-
a
disrupting effect which
great
a
r
be, but there
that
many
who confidently declared
Germany would be the
Hitler
aggressor and that the
plans included Western
Europe.
ern
were
The Hitler offer of
Europe
a
as
well
as
Eastern
for West-
peace pact
disregarded, England sought a naval.
agreement with Germany that would still
give Engwas
land
naval
superiority, France set to work to
complete the Maginot line of fortifications, and even
Belgium considered building a fortified barrier that
would meet that of France.
When Premier Musso-
lini, whose territorial ambitions
ties had not been taken
very
London, launched
and
fighting abiliseriously at Paris and
against Ethiopia and prosecuted it with
vigor, the British hurriedly mobilized
their
fore
on
naval
a war
forces
in
the
long, to withdraw
a
discovering that they
likely to have
foreign
pot, after all, quite
were
safe there in view of Italian air
power.
inating
of
supply for
considerable
a
area as
the change would be of
raw
and
war
access
materials.
is
to
If
very
far as the Black Sea,
little political impor-
tance to the United States, and if it were accomPushed peaceably the United States would have no
choice
save
to accept it and make the best of the
situation; but if in the
new
process
a
waged, markets for American goods
were
American manufactures deprived
of
war
were
closed and
much-needed
raw materials, public opinion would demand pro-
tection of American interests
outcome of the
Nor
are
the acts of
war
an
ones to be considered.
some
Now, with Ethiopia conquered and Italian
sources
international trade
Germany, for example, were to succeed in bringing
four or five smaller Powers into its orbit and dom-
Mediterranean, only, beconsiderable part of them
on
as
long, at least,
as
remained undetermined,
aggressor nation
the
only
German submarines inflicted
important losses
upon
American
commerce
in
im-
the World War, but far the greatest and most ir-
process of general diplomatic
recognition, the independence of Austria ended, Czechoslo-
ritating interference with American trade, Ameri-
perialism in
vakia dismembered and Hitler
war
firmly in the saddle,
again threatenes to become the
overshadowing
national interest.
Reported comments by Colonel
Lindbergh about the inferiority of the Russian air
force and the
superiority of the air force of Germany
set half a dozen nations
by the ears, and led to
some
highly disturbing revelations about the backwardness
can
business and American mails
°f defense the
excuse
for illegal and high-handed
conduct against which the American
It
seems
plain that most of the
in the air.
tions, votes
a
huge addition to its defense budget,
Germany still the reputed
that do not think it well to
enlist, tentatively
implication, under the German
are
not,
with
war
it,
or
by
that
Italy and Japan, already in accord
working eagerly to match or exceed the
are
resources
which the Reich is
supposed to have
air forces, or else, like Switzer-
land, to put themselves in
attacked, they
selves.
standard
or
as are
in its army, navy or
are
enemy, the nations
Nobody
can
position where, if they
give a good account of thema
appears to care
that, only
a
week
or
by war, namely, fighting
war
preparations
are now
which the Powers of Europe
vigor.
With
Government
'repeatedly protested.
*n mind primarily what is
condi-
from Great
Britain, a country which was fighting imperial
Germany and which made the alleged necessities
of the armament
program which Great
Britain has been represented as
pushing with great
France, is spite of perilous internal
came
making have
commonly understood
on
land,
on
the
sea
and
The increasing importance which is be-
ing given to air fighting merely shows how the
methods of
warfare
are
clear, however, that the
so
changing.
It is equally
war preparations have al-
in mind, particularly in the cases of Great Brit-
ain and the United States, the necessity of keeping
open trade channels with which a war would inevitably interfere and insuring
access to raw materi-
als whose supply a war might cut off.
The problems
of markets and raw materials, indeed, already loom
as problems of the near future, and while a war
would accentuate them it would not create them.
Financial
2450
the nations that are
Every one of
or
and the pursuit of that
economic self-sufficiency,
fundamental changes in international
aim involves
well as in the methods and
economic relations as
be sure, can hope for complete
nation, to
independence, for there is none that pos¬
economic
sesses
within its own borders
all the materials which
the ordinary necessities of its peo¬
its industries or
There are great differences among the
respect. All things considered, the
States comes nearest to being, actually or
ple require.
nations in this
United
potentially, economically self-sufficient, but it never¬
lacks important minerals and cannot com¬
theless
basis with most other countries. The
important oil deposits are found in only a few
countries, Canada cannot grow cotton, and the
United Kingdom would be quite unable to produce
its own food.
Italy is seriously lacking in most of
pete on a wage
highly developed industry re¬
minerals that a
the
difficulty can Japan
It
sometimes to be thought,
quires, and only with great
population on a low level of subsistence.
feed its
is not
that
enough, as appears
a
such
nation should be able,
a
great emergency
might produce, to avoid
war
as
in
keep an army in the
situation in which,
starvation and
The aim of autarchy is a
with no important dependence
field.
long-range cruising power. An in¬
creasing proportion of national industry, less for
the moment in the United States than in some other
parent,
imports, a nation will be able to maintain the
industrial activity and standard of living to which
accustomed
it has been
this in
well
war as
as
such
which it desires, and to do.
doubt about the extent to
the
seems
be
The course of Germany,
aim.
ism has become the
already
which economic national¬
movement in Europe,
leader of the
destined to have consequences that
confined
the Continent.
to
Germany of some of the
will not
The acquisition by
richest mineral, timber and
of Czechoslovakia not only
Czechoslovakia as an important producer
manufacturing areas
eliminates
of
materials
raw
or
manufactures for foreign con¬
normal industrial con¬
for war are
financed by borrowing, adding to the national debt
without any corresponding increase of national
wealth upon which taxes may be levied.
It is not a
pleasant prospect, but as long as the nations, funda¬
mentally distrustful one of another, conduct their
relations on the assumption that war is inevitable
and that autarchy is a necessary preparation for
coping with it, no one nation is in a position to
to remain unaffected by the
stand aside and hope
general trend.
The Course of the
having been made in
the
on
to
further its
own
Whatever
ence.
of economic independ¬
program
political
ability of Germany
advantages
Chancellor
Czechoslovak raid which
Britain and
France, its success has unquestionably advanced
Germany farther along the road of autarchy. Simi¬
lar, if lesser, advances may be expected to show
Hitler may
have seen in the
engineered with the aid of Great
he
themselves in Poland and
acquisition of parts of Czechoslovak. ter¬
their
of
ritory.
Hungary as a consequence
Moreover, by so much as Germany and
States under its influence
with the
British
is
gain, the rest of Europe,
possible exception of Italy, stands to lose.
trade, for example,
small in
with Eastern Europe
comparison with its trade with other
European countries, but with most of Europe
for
the
autarchy and foreign markets elsewhere
headed
tending
It
seems
a
safe
prediction,
accordingly,
that
while it is in the process of
development, will make for war rather than peace.
Nations will not
willingly allow
raw
materials, par¬
ticularly those which all of them need, to be monopo¬
lized
or
foreign markets for their surplus products
deliberately closed.
will
encourage
The economic danger, in turn,
armament, especially naval and air
1
mixed.
been
4%s, 2003, dropped 2% to
Other classes of
% at 104%.
'
1
have
117%; Chi¬
1944, have risen % to 105%; Vir¬
ginian 3%s, 1966, are down
89.
Louisville & Nashville
The sale during the week by
Ohio Ry. pref¬
former
company's stock.
As most of the Chesapeake Corp. stock
is pledged as collateral behind the Alleghany bonds, this
move in
the dissolution of the middle holding unit of the
Alleghany Corp. was a factor ii^ moving the Allegheny 5s,
1944, up 10 points to 82; the 5s, 1950 (plain), up 14% points
to 43%; and the stamped 5s, 1950, up 3% points to 36.
of 60,490 Chesapeake &
Chesapeake Corp.
possible a $2.50 dividend on the
shares made
erence
Defaulted railroad bonds as a group
scored fractional gains,
junior issues being much in
the Wabash
demand.
been firm to strong, and
reached new peak levels.
American
High-grade utility "bonds have
issues have
Tel. & Tel.
3%s, 1966, at 104% have gained
%; Illinois Bell
Penn
1970, have risen % to 111%; West
Telephone 3%s,
Demand for this
type of issue has been such that offerings of $55,000,000
Ohio Power 3%s, 1968, and $80,000,000 Public Service Co.
of Northern Illinois 3%s, 1968, were well received.
Lower
3%s, 1966, at 110%
Power
are up
1%.
speculative utilities, were fairly
and particularly
grades,
the early part of the week, but„
buoyant in
quieted down
slightly in the latter part.
and receded
Industrial
bond
have exhibited a firm
prices
tone this
been small for the most part..
risen fractionally, while the Beth¬
week, although gains have
issues have
steel
Most
Steel
lehem
1960, have advanced
4%s,
contrast with other groups,
vanced sharply over a
Certain-teed Products
issues
1947,
rising 2%
The
foreign
recent
limits.
vance
displayed
Italian
some
above
last
strength.
gains.
week's
given in the
Brazilians
have been
softer.
continued irregular, and Germans
have
A late rally carried Japanese issues
closing
Moody's computed
are
points, while among other defaulted
Republic of Peru have
bonds, issues of the
bonds have
shown fractional
sensational flavor
within reasonable
5s, 1963, have extended their ad¬
most issues moved
as
another 5
South American
Among retail trade bonds, the
2% to 79%.
5s, 1952, have advanced
Assented 'Panama
by
Amuse¬
the Paramount conv. 3%s,
market lacked the
bond
weeks,
In
period, have receded moderately, the
5%s, 1948, falling 1% to 83.
86%.
to
United Cigar-Whelan
Oil
building bonds, which have ad¬
have risen further,
ment
% to 106%.
around last week's closing levels.
bonds have remained
of
economic nationalism,
since a week ago.
4%s, 1999, have declined % to
Union Station 4s,
bonds
high-grade railroad bonds
unchanged
virtually
prices
Hocking Valley
than expand, the loss will be felt.
to shrink rather
remained firm.
Conflicting price trends among
left
High
week.
with small gains again this
grades and Governments have
cago
the week a little lower,
lower-grade utilities have continued
but
average,
their recent upturn
Specu¬
either direction this week.
railroad bonds have closed
lative
past few
somewhat sluggish, no great prog¬
weeks and have become
ress
Bond Market
their active role of the
dropped
have
Bonds
numerous
sumption, but adds greatly to the
preparations,
since war and preparations
ditions and,
railroad
objective may be, there can be no
an
expand if present plans are
will be devoted to war
thereby retarding a return to
«
in peace.
distance the complete attain¬
However far in the
ment of
or
upon
countries but certain to
have
upon
1938
22,
is already ap¬
with emphasis, such as
armament,
carried out,
domestic economy.
aims of
No
another, at autarchy
aiming, in one way or
is also
preparing for war
Oct.
Chronicle
prices.
bond prices and bond yield averages
following tables:
Volume 147
Financial
MOODY'S BOND PRICES (REVISED)
(Based
U.
S.
1938
Govt.
Doily
All
Bonds
12(«
on
Chronicle
t
(.Based
120 Domestic
by Ratings
AU
Corporate by Groups *
Oct. 21.. 112.59
99.83
Aaa
Aa
116.64
Baa
RR.
U.
P.
110.83
98.80
80.20
85.65
105.41
108.85
98.80
80.20
85.52
105.22
109.05
98.80
80.33
85.65
105.41
98.62
80.33
85.52
105.22
99.66
99.83
116.64
18— 112.57
99.66
116.64
108.85
116.64
Oct.
on
Individual Closing Prices)
120 Domestic Corporate
Corporate by Groups
tic
Corp.
120 Domestic
by Ratings
Domes
Averages
Indus.
109.05
20.. 112.53
19.. 112.58
17— 112.64
120
1938
Daily
tic
Corp.*
2451
MOODY'S BOND YIELD AVERAGES (REVISED) t
Average Yields)
120
Domes
Averages
~
Aaa
Aa
Baa
RR.
3.51
4.07
5.33
4.92
3.14
3.52
4.07
5.33
4.93
3.71
3.41
3.14
3.51
4.07
5.32
4.92
3.70
3.42
4.02
3.14
3.52
4.08
5.33
4.93
3.71
3.42
21
4.01
3.14
111.03
20
4.02
110.83
19
4.01
110.83
18
A
P.
U.
Indus.
3.70
3.42
99.66
116.64
108.85
98.62
80.08
85.52
105.04
110.83
17
15— 112.65
4.02
99.66
116.64
3.14
108.66
3.52
4.08
98.80
5.34
80.08
105.04
110.83
4.93
85.65
3.72
3.42
14.. 112.58
13- 112.53
15
99.48
116.64
4.02
108.46
3.14
3.53
98.80
4.07
79.95
5.34
85.52
104.85
110.83
4.92
3.72
3.42
14
99.48
116.64
4.03
3.14
108.66
3.54
4.07
5.35
98.62
79.82
104.67
110.83
4.93
85.52
3.73
3.42
13
4.03
3.14
3.53
3.42
4.08
5.36
4.93
3.74
12
11— 112.51
Stock
99.31
116.43
108.46
98.45
79.57
85.38
104.48
110.63
11
10..
4.04
99.48
116.64
108.46
3.15
3.54
4.09
5.38
98.62
79.70
104.48
110.83
4.94
85.38
3.75
10
8— 112.49
4.03
99.48
116.64
98.62
3.14
3.54
108.46
4.08
5.37
79.70
4.94
85.38
104.48
110.83
3.75
3.42
8
7„ 112.53
4.03
99.14
116.43
3.14
3.54
108.27
4.08
5.37
98.45
4.94
79.45
85.10
104.30
3.75
110.83
3.42
7
4.09
3.42
12—
Stock
Exchan ge Clos ed
112.53
Exchan ge
Clos ed
6-
112.46
4.05
99.14
116.43
3.15
3.55
108.27
98.28
79.45
85.10
104.30
110.63
6-
112.39
6---..-..
4.05
98.97
116.21
3.15
3.55
108.27
98.11
79.07
84.69
104.30
110.63
5
4— 112.32
4.06
98.62
115.78
3.16
3.55
108.08
97.95
78.45
84.01
104.11
110.24
4
4.08
3.18
3.56
3„ 112.14
98.28
115.78
108.08
97.45
78.08
83.60
103.93
110.04
1„ 111.83
97.61
114.93
107.69
97.11
77.24
82.93
103.74
.
109.44
5.39
4.96
3.76
4.10
5.39
4.96
3.76
3.43
4.11
5.42
4.99
3.76
3.43
4.12
.
5.47
5.04
3.77
3.46
3
4.10
3.18
3.56
4.15
5.50
5.07
3.78
3.46
1
4.14
3.22
3.58
4.17
5.57
5.12
3.79
3.49
Sept. 30
4.16
3.24
3.60
4.20
5.60
5.18
3.81
23
4.17
3.2l
3.60
4.22
5.66
5.21
3.81
3.49
16
4.19
3.22
3.61
4.22
5.72
5.22
3.84
3.62
9
4.12
3.18
3.58
4.15
5.56
5.09
3.79
3.47
2.
4.11
3.19
3.58
4.14
5.53
5.10
3.78
3.45
4.07
3.17
3.57
4.10
5.45
5.04
3.19
3.58
4.12
5.52
5.11
3.76
3.76
3.42
4.10
4.10
Weekly—
Sept.30— 111.70
97.28
114.51
107.30
96.61
76.88
82.13
103.38
109.24
23„ 111.37
97.11
115.14
107.30
96.28
76.17
81.74
103.38
109.44
16- 110.91
96.78
114.93
107.11
96.28
75.47
81.61
102.84
108.85
9— 111.85
97.95
115.78
107.69
97.45
77.36
83.33
103.74
109.84
2— 112.07
98.11
115.57
107.69
97.61
77.72
83.19
103.93
110.24
Aug. 26— 112.38
19- 112.39
98.80
116.00
107.88
98.28
78.70
84.01
104.30
110.83
Aug. 26
98.28
115.57
107.69
97.95
77.84
83.06
104.30
110.43
19
Weekly—
12— 112.32
115.78
107.69
97.61
77.96
82.93
104.30
112.16
98.45
115.78
108.08
97.61
78.58
83.46
104.30
110.83
July 29— 112.17
98.45
115.57
107.88
97.45
78.82
83.46
104.30
110.83
22— 112.04
97.95
115.35
106.92
97.11
78.08
82.70
104.11
109.84
15— 112.12
96.94
114.72
106.92
96.28
76.17
80.96
103.74
109.44
8- 112.04
96.28
114.51
106.73
95.78
75.12
79.70
103.38
1— 111.96
95.29
114.09
105.98
94.97
73.76
78.20
103.02
114.09
105.22
5-
3.43
98.28
110.63
12
3.50
-
3.44
3.18
3.58
4.14
6.51
5.12
3.76
3.43
4.09
3.18
3.66
4.14
5.46
6.08
3.76
3.42
4.09
3.19
3.57
4.15
5.44
5.08
3.76
22
4.12
3.20
3.62
4.17
5.60
5.13
3.77
3.47
15
4.18
3.23
3.62
4.22
5.66
5.27
3.79
3.49
109.44
8
4.22
3.24
3.63
4.25
5.76
5.37
3.49
109.05
1-
5
July 29..
3.42
June 24—
4.28
3.26
3.67
111.80
4.30
5.87
5.49
93.85
93.21
3.81
3.83
71.36
75.82
102.12
108.46
June 24
4.37
3.26
112.01
3.71
4.41
17-
6.09
5.69
91.35
113.07
3.88
3.54
104.48
91.35
66.99
71.36
101.58
107.69
17
4.53
3.31
3.75
112.05
4.53
6.52
10-
3.91
114.72
6.09
3.58
93.69
106.54
93.37
69.89
3-
3.54
4.51
75.82
101.94
108.46
4.38
3.23
3.64
112.10
4.40
6.23
5.69
114.93
3.89
94.01
106.92
94.01
69.78
76.29
101.76
108.66
3
May 27..
4.36
3.22
3.62
111.77
4.36
6.24
5.65
3.90
93.85
114.72
107.30
93.85
69.37
76.53
101.23
108.46
20-
May 27
4.37
3.23
3.60
4.37
6.28
111.94
5.63
3.54
95.46
115.35
3.93
108.08
95.62
71.68
78.70
102.12
109.44
20
4.27
13-
3.66
111.82
3.20
4.26
6.06
5.45
3.88
96.44
115.14
3.49
108.46
96.44
73.76
81.22
102.12
109.24
13
4.21
6-
3.21
3.54
4.21
5.87
111.54
5.25
3.88
95.29
114.51
3.50
107.69
95.13
72.11
79.07
101.76
108.85
6
Apr. 29..
4.28
3.24
3.58
4.29
6.02
5.42
111.42
3.90
3.52
93.69
114.09
106.92
93.85
69.37
76.76
100.35
108.27
April 29
22-
4.38
3.26
3.62
4.37
6.28
111.48
5.61
3.98
3.55
92.90
113.89
105.79
92.90
68.97
75.82
99.48
108.08
22
4.43
14-
3.27
3.68
4.43
6.32
5.69
110.08
4.03
91.20
112.66
104.30
91.05
66.99
74.21
97.78
106.17
14
4.54
3.33
3.76
4.55
6.62
5.83
4.13
3.66
10—'
3.53
3.56
8-
109.69
91.05
112.66
103.74
91.05
66.89
75.12
96.94
105.04
8
4.55
3.33
3.79
109.58
4.55
6.53
1—
5.75
4.18
112.45
3.72
88.80
102.66
89.10
63.28
71.15
96.11
104.30
1
4.70
3.34
3.85
4.68
6.92
6.11
4.23
3.76
3.63
Mar.25—
110.34
91.97
113.89
92.43
66.03
75.01
98.45
106.73
Mar. 25
4.49
3.27
3.62
4.46
6.62
18..
109.97
5.76
4.09
93.21
114.72
107.11
93.37
68.17
76.76
99.14
107.88
18
4.41
3.23
3.61
11—
4.40
6.40
5.61
110.57
4.05
3.67
94.81
115.35
109.05
95.46
69.78
80.08
99.48
108.46
11
3.20
3.51
4.27
6.24
5.34
4..
4.31
110.70
4.03
96.94
115.78
109.44
97.11
73.65
84.41
.3.54
100.00
108.46
4.18
3.18
3.49
4.17
5.88
5.01
4.00
Feb. 25..
110.50
97.28
106.92
4.
3.54
115.78
109.44
97.11
74.44
85.65
99.48
108.46
25
18-
4.16
3.18
3.49
4.17
5.81
4.92
4.03
3.54
110.21
96.44
115.57
109.24
96.28
73.20
84.65
98.80
108.08
18
4.21
11—
3.19
3.50
4.22
5.92
5.00
4.07
3.56
110.18
96.11
115.78
109.05
95.95
72.43
84.14
98.62
107.69
11
4.23
3.18
3.51
4.24
5.99
5.03
4.08
3.58
3.62
4..
110.16
94.81
114.51
108.27
94.49
71.15
81.61
98.45
106.92
28—
110.07
94.33
114.72
107.49
94.81
69.89
79.70
98.62
107.69
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..
Jan.
109.97
Feb.
4
4.31
3.24
3.55
4.33
6.11
6.22
4.09
28
4.34
3.23
3.59
4.31
6.23
5.37
4.08
3.58
21
4.20
3.17
3.51
4.19
5.91
5.09
3.99
3.51
14
Jan.
4.12
3.14
3.47
4.14
5.72
4.89
3.97
3.50
*
97.61
116.21
110.04
97.28
74.89
86.50
99.66
108.46
High 1938 112.65
99.83
116.64
110.24
98.80
80.33
87.21
105.41
111.03
Low
1938 109.58
High 1938
4.70
88.80
112.45
102.66
89.10
62.76
71.15
96.11
104.30
Low 1938
High 1937 112.78
4.01
106.54
118.16
113.89
104.67
92.43
101.41
106.17
112.45
High 1937—.;
4.31
94.81
109.84
107.30
94.49
71.46
83.60
96.28
104.30
Low
3.64
Low
1937
107.01
1
Yr. Ago
Oct. 21'37 108.37
2
7
1
97.11
113.68
104.67
116.00
108.08
96.28
101.76
1937
4.16
5.77
4.86
4.02
3.54
3.34
3.85
4.68
6.98
6.11
4.23
3.76
3.14
3.45
4.07
5.32
4.81
3.70
3.41
3.47
3.60
4.33
6.08
5.07
4.22
3.76
3.07
3.27
3.74
4.46
3.92
3.66
3.34
3.16
3.46
'
Year Ago—
76.53
88.22
97.78
106.36
Oct. 21, 1937.
4.17
3.28
3.56
4.22
5.63
4.74
4.13
3.65
91.35
99.48
103.74
111.03
2 Years Ago—
Oct. 21, 1936...
3.74
3.17
3.37
3.90
4.53
4.03
3.79
3,41
Yrs.Ago
Oct.21'36 110.90
4.14
1
*
These prices are computed from average yields on the basis of one "typical" bond
(4% coupon, maturing In 30 years), and do not purport to show either the average
level or the average movement of actual
price quotations.
They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market.
t The latest complete list of bonds used In
computing these Indexes was publlsned In the Issue of July 23, 1938, page 488*
Monetary Policies of the United States,
■1932-1938
By James Daniel Paris.
With a Foreword
by Benjamin Haggott Beckhart. 198 pages.
New
York:
Columbia
$2.75.
This book is to be
keen and
University
Press.
;
highly commended
drastic examination of the
the New Deal.
as
an
informative,
monetary policies of
Beginning with the underlying conditions
in 1931-33, the author reviews the "deliberate manipulation
of the gold dollar," the policy of "doing something" for
the
silver,
changes in the character of the Federal Reserve note,
the elimination of the national bank note, and the treatment
of Federal Reserve bank notes and other miscellaneous cur¬
rency.
contain
The text is illustrated by 12 charts, and appendices
chronologies of important events relating to gold,
at
are
not of
a
policies, they "increased our monetary troubles in¬
lessening them," and the silver policies "reacted
harmfully upon the rest of the world and gave us no compen¬
sating benefits."
The present currency situation is summed
up in the statement that "we are on a so-called 'streamlined'
gold standard, that is, a gold standard which can go up, down
or side wise with little if
any friction.
Such a gold standard
is, in reality, a managed currency standard and not a gold
standard
.
.
.
opened too free a way for later monetary manipulation." The
gold embargo of March 6, 1933, "was an emergency measure
and should have remained so," but while the calling in of gold
by the Federal Government was "probably," the author
thinks, "a good thing," he is unable to see that the adjust¬
and readjustment of gold accomplished any of the
ment
objectives that
was
were
sought.
The monetary effects of what
done for silver "have been of little significance."
As for
all.
at
.
.
standard.
are
are
also
also
on
a
on
somewhat
of
we
all."
The author
recommends a "return to an international gold standard,"
stopping the "silver dilution of the currency," and retiring
the greenbacks and revoking the right to reissue them.
are
on
no
currency
standard
a
restricted bimetallic
The real fact of the matter is that
...
fixed
We
.
silver standard" and "we
at
Investment Trusts and Funds from
the
Investor's Point of View
By
104
E.
C.
Harwood
pages.
and
Cambridge,
Robert L. Blair.
Mass.:
American
Institute for Economic Research.
the Treasury Department or the White House.
inherent disabilities and weaknesses of the system,
,
the gold
of
kind to be welcomed
"Each
step in the monetary field," he finds, while "part of the gen¬
eral striving" toward "some rather vague goals connected
with price-raising and with recovery in internal activity and
foreign trade," was also "a result of political prodding by
one or another pressure group."
The wholesale closing of
the banks in 1933, while it "did focus attention upon the
.
stead
silver and other coins and currency, and the texts, in whole
or in part,
of laws relating to the monetary matters with
which the book deals.
The author's conclusions
"
$1.
A
searching examination of the nature of American and
British investment trusts, the principles which they embody
and the methods they illustrate, with criticism of what the
authors regard as questionable or unsound practices in
organization or operation and an indication of the character¬
istics which an ideal investment trust should have.
A
feature of special importance is an alphabetical list of Ameri¬
can investment
trusts, and another of foreign investment
trusts, with references in each case to a list of reasons "for
excluding the trust concerned from the portfolio of the
average investor."
Following these are lists of representa¬
tive American and British investment trusts which are recom¬
a number of these being illustrated by
The authors "believe that there is a field for
specialize in income-
mended, the status of
diagrams.
sound investment trusts which would
Financial
2452
producing securities, and which would be satisfactory invest¬
ment media, during normal times, for the investor of small
means who is dependent on the income from his investments,"
but they "have been unable to find any such investment
trust securities on the American market today."
<►
Overcame the Depression
Sweden
How
By Arthur Montgomery.
91 pages.
holm: Alb. Bonniers Boktryckeri.
Oct.
Chronicle
vival," but that its success was largely due to
Next in importance the author
ends.
same
the fact that
policy followed a similar course and
the British monetary
looked to the
1938
22,
places the international economic trend and its effect upon
exports.
The unemployment policy, on the other hand, is
regarded as of only secondary importance—a significant con¬
clusion for this country because of the large part which gov¬
ernment-aided public works played in the Swedish unemploy¬
ment program.
Stock¬
__—
pamphlet, issued as one of the publications com¬
memorating the tercentenary of the establishment of the
colony of New Sweden in this country, is an interesting study
of the recovery of Sweden from the economic depression of
1930-33.
The author reviews briefly the economic tenden¬
cies in Sweden before the World War, the war and the defla¬
tion crisis of 1920-22, and industrial expansion during the
1920's to the crisis of 1929.
Thereafter he deals chiefly with
This
of a paper money standard in 1931, the unem¬
ployment policy of 1931-33, the turn of the economic tide in
1932-33, the influence of the unemployment policy on the
business revival, and the unemployment policy after 1933
and the growth of business prosperity.
The inquiry supports the conclusion that the monetary
policy "was of fundamental importance to the economic re¬
the adoption
EPITOME
British-American Alliance
Edited
by E. C. Buehler.
Friday Night, Oct. 21, 1938.
Business
becoming
activity
expand,
continues to
of
stronger
in the most conservative quarters, is reflected in
even
and the continued buoyancy of the
the large-scale planning
The automobile industry is playing a domi¬
stock market.
role
nant
in
movement
That optimism is increas¬
business for some time to come.
ing,
indications
with
upward
sustained
a
the business
in
and newspaper or magazine articles by American and English
writers dealing with the arguments pro and con.
There is
also
publications on the sub¬
The book is timely and its scope reasonably compre¬
useful list of books and other
a
ject.
hensive.
the 2,276,123,000 kilowatt hours in the week
1937.
"Automotive News," in its mid-week
survey of activity in the automobile industry, placed the
current
week's
production at 62,727 units against last
week's 45,506 cars, and the 88,315 cars and trucks assembled
this week a year ago.
"The current week saw assembly
operations at Ford get into stride," the publication added,
"with the likelihood that output in the next two weeks will
take a sharp rise in Ford plants.
Assembly operations
were boosted considerably in all divisions of Chrysler and
salary
the
public,
business
did
few
the
recent
events,
has
occurred
which
recovery
This development is all
the
General
since
last
a
that
depression
tion of
had overtaken
1939 model
mobile industry is definitely
Production of
recovery.
the
100,000 units
Now that produc¬
the country.
is getting into full swing, the auto¬
cars
taking
a
leading place in the
and trucks promises to near
cars
week level by the end of this month,
per
year ago,
Mild weather in
sales
for
1937
the
week
were
so
according to reports from Detroit, which would be materi¬
the
ally
The week just closed was
in
of
excess
earlier
threat
apparently
Organized
estimates.
reported to be cooperating
removed,
smooth
during the coming mQnths.
labor
is
sailing
looked
is
fall
for
According to the "Journal
comparative
small
in
of
practically all portions of the country east
week 'of 1937.
figures show
with
pares
and
100.0
climb to
a
a
>
Their latest
continues too
1938 high of 89.2, and com¬
new
for
a
year
All
ago.
1937,
narrowest
stated that
variously
the
percentage
tions
index
spread
this
year.
below
incoming tonnage in the steel industry has been
affected
by
the
recent
price break.
The
of
the
country,
especially in the outheast, while ap¬
maintaining fair
"Iron
relief
rary
by
£o good
showers.
~
Age"
points out
there has been
many consumers
such low
prices
that ingot
a
that in
an
ume
of
only temporary.
were
production is off
new
products that
has
declined
buying,
as
and jobbers recognized the possibility that
decline that has
volume of
such
increased volume of "bargain"
no
This observer states
half point this week to 51%,
significance in view of the increasing
business.
automobile
a
"The importance of a larger vol¬
orders
is
indicated
at
Detroit
where
weather
There
have
Steel
been
Corp. has 15
gains
Youngstowh, which
are
or
16 open hearts in use.
elsewhere, notably
offset by losses in
at
Lorain
some
and
districts,
has
been
mild
rather heavy showers
conditions through some tempo¬
In the New York City area the
clear most of the week, with
and
last night.
Today it was cloudy and
here, with temperatures ranging from 47 to 60 degrees.
The forecast was for partly cloudy tonight.
Increasing
cool
cloudiness
Saturday,
followed by
rain.
Not much change
Sunday fair and somewhat cooler.
Over¬
night at Boston it was 48 to 74 degrees; Baltimore, 46 to
80; Pittsburgh, 36 to 52; Portland, Me., 46 to 66; Chicago,
44 to 58; Cincinnati, 42 to 52; Cleveland, 42 to 50; Detroit,
in temperature.
.
Milwaukee, 44 to 58; Sa¬
vannah, 60 to 88; Dallas, 52 to 68; Kansas City, 44 to 66;
Springfield, Mo., 44 to 60; Oklahoma City, 44 to 68; Salt
Lake City, 34 to 58; Seattle, 44 to 70; Montreal, 42 to 60,
42
Great Lakes
reported as gen¬
Northeast, where some areas have been closed to hunters.
Despite the widespread dry conditions, some local areas are
is
It
dust in anticipation of future
Progress of all late fall crops is
proximately five weeks have been without appreciable rain¬
fall in some north-central sections.
The extremely dry
weather is reflected in increased forest fire hazard in the
with the exception of
year
which, nevertheless, was only 4.1%
output,
the
of
components
of the
erally poor, while late-sown grains have either not germi¬
nated or are making only poor advance.
The drought has
now reached about its fourth week of duration in many por¬
index
revised figure of 86.4 for the previous week,
a
operated af peak levels for the
electric
below the
business
below
In many parts of this area the ground
dry and hard to plow, although in some sec¬
rains.
corresponding
margin
Rocky Mountains.
tions seeding has been done in
only 10.8%
now
that the
•
still estimated at 3% to 12%.
again characterized by high tem¬
the week
15, and is
sections of the
was
Commerce," business activity turned sharply higher during
ended Oct.
many
peratures, abundant sunshine and a general absence of rain¬
fully, and with the labor
more
or
of shoppers in seasonal
merchandise, and retail sales volume slumped 2% to 4%
from that of the previous week, Dun & Bradstreet, Inc., reported today. In comparison with sales volume of the corre¬
sponding week a year ago, trade was off 4% to 14%. Keep¬
ing pace with retail turnover, replacement buying at whole¬
sale slackened its tempo also during _the week.
Buyers'
eagerness to cover future needs became more pronounced,
though, as probabilities of delivery delays and rising prices
spread into additional lines.
The increase in wholesale
its working force, thus making clear that a new
to curtail
9.9%, compared
a
and a decrease of 228,170, or 23.9%, com¬
a
pared with 1930.
that the General Motors Corp. disclosed
ago
year
decrease of 79,483,
«
country this week dulled the interest
sharp decline in automobile sales had compelled it
a
today
preceding week;
spring.
almost
reported
with
of the
impressive because it was
more
The Association of American
week."
726,612 cars of revenue freight
were loaded during the week ending last
Saturday.
This
was an increase of 23,648 cars, or 3.4%, compared with the
and rescind
extent
Motors this
Railroads
will bring home to
reduction of last February
as
with
Oct. 16,
that it will rehire 35,000
additional workers during the next t\vo weeks
the
pared
The announcement by
upswing.
the General Motors Corp. recently
New
This book, although intended primarily for college debat¬
ing organizations, has some interest for the general reader.
In addition to a general discussion of the question of a BritishAmerican alliance, designed to show some of the factual
bases of the issue, i1 contains the texts of a number of speeches
ended
TRADE—COMMERCIAL
OF
STATE
THE
389 pages*
Noble
and
Noble
York:
to
48; Charleston, 66 to 80;
especially Pittsburgh, which is down 2 points." Production
of electricity by the power industry for the week ended
Oct. 15 amounted to 2,182,751,000 kilowatt hours, the highest
and
since the week ended
Moody's Commodity Index rose from 142.8 a week ago to
145.1 this Friday.
Silk, cocoa, hides, wheat, corn, hogs and
cotton were higher, while rubber and steel scrap declined.
There were no net changes for silver, copper, lead, wool,
kilowatt
Sept. 17, when it stood at 2,214,775,000
hours, the Edison Electric Institute reveals.
Out¬
put for the latest week was 28,302,000 kilowatt hours above
the
previous
week's
total
of
2,154,449,000 kilowatt hours,
but declined 93,372,000 kilowatt hours, or 4.1%, when com¬
Winnipeg, 32 to 64.
Moody's Commodity Index Advances
coffee and sugar.
*
Volume
Financial
147
The movement of the index
Oct. 14__
Oct. 15
Oct. 17
Oct. 20
Oct. 21
:*s.,
1937 High—April 5
Low—Nov. 24
143.0
144.1
145.1
*
144.6
143.3
167.2
228.1
7
Month ago, Sept. 21
Year ago, Oct. 21
143.0
142.2
Oct. 18
Oct. 19
.
Two weeks ago, Oct.
142.8
143.3
-
144.6
1938 High—Jan. 10
-152.9
130.1
Low—June 1
Col¥ Leonard P. Ayres Regards Third Quarter of Year
as
Period of Strong Business Recovery with Pro¬
gress
Continuing—Vice-President
of
Cleveland
Trust
Co,
Comments
on
Railroad
Wages and
Decreasing Payments to Capital
Colonel Leonard P. Ayres, Vice-President of the Cleveland
Trust
of
Co., finds the third quarter of this
business
strong
recovery,"
"a period
year
he says
and
"that
is continuing as we enter the final quarter."
progress
Colonel Ayres,
in making this statement in the Oct. 15 issue of the Cleve-
land
Trust
Co.
"Business
2453
Revenue Freight Car Loadings in
follows:
was as
Chronicle
Loadings of
over
the
freight for the week ended Oct. 15,
gain of 23,648 cars, or 3.4%,
revenue
1938, totaled 726,612
cars, a
preceding week,
Industrial
creased
ber.
been
index
in the
was
fine
in
that
is
of
1933.
three-month
one
occasion
.
.
in
when
since
recovery
was
even
.
has
it
far
so
not
deal
great
a
building
new
almost
received very
assured
is
from
currently
October
in
little support from the
construction,
making.
and
despite
the
Continuation
November,
for
of
those
in
months the output of new automobiles will be greatly increased to replenish
the depleted stocks of the dealers.
What may develop
subsequently in that
industry
will
depend
buy the
may
new
the
on
degree of,
Throughout the world there is
averted, and that
national trade,
here.
prise
should
and in
It
the volume of
and
business
to
So
far
capital
which
feeling of relief that
greater flow of
probable
the
public
and
the
that
capital
new
in
degree and
degree
some
duration
this
for
expanding
issues.
good
a
increase in
enterprise,
and
new
the
sustain
the
Missouri Pacific RR.
New York Central Lines...
the volume
considerable
as
of
amount
for
increase in
upward, and has made
that
is
is
their wage
the
payments
if they would only decrease their
The advocates of this course favor
railroads
have
The fact
paid
year
in
about
5%
than
further
1910 and
8,725
8,569
8,308
17,769
2,718
10,821
8,528
11,004
1,343
1,291
1,574
2,216
2,271
2,781
1,920
2,849
2,832
9,894
44,956
4,929
5,776
following
little
It
15,977
18,485
8,892
9,944
45,094
5,197
40,217
40,533
5,513
9,667
9,479
22,626
24,956
4,513
Pennsylvania RR
4,451
4,915
60,781
60,054
70,280
40,244
44,451
5,842
5,245
7,008
5,299
5,862
5,963
6,884
7,341
32,398
5,574
4,979
31,882
39,965
5,595
34,417
8,296
8,958
6,138
5,935
6,183
8,375
8,481
8,515
8,774
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry...
Total.
and
still
10,438
5,990
335,985 326.327 373,485 196,154 200.256 223,983
--
TOTAL LOADINGS AND
RECEIPTS FROM
(Number of Cars)
Oct. 15,
CONNECTIONS
amounts
have
Oct. 8, 1938
the total amounts the railroads
27,634
Illinois Central System
27.856
34,615
35,171
37,703
14,034
14,820
15,807
75.601
77,625
81,366
Total.....
doubled, while the
the
in
LoadiDg of
the
it
the
not be
will
dividend
survive
as
This
cars.
freight for the week ended Oct. 8 totaled 702,964
decrease of 109,294 cars or
13.6% below the correspond¬
revenue
was
a
ing week in 1937 and
week in
6,026
a
cars
it
now
possible
cars
or
and
interest
take
27.6%
7-10ths of
1%
below the
same
-
,
freight for the week of Oct. 8
revenue
was
increase
an
of
above the preceding week.
loading totaled 278,320
below the preceding week,
and
a
cars,
a
decrease of 2,369
decrease of 45,327 cars
below the
corresponding week in 1937.
Loading of merchandise less than carload lot freight totaled 161,573
an
cars,
increase of 2,997 cars above the
preceding week, but a decrease of 11,943
below the corresponding week in 1937.
cars
has fallen to
to
decrease of 268,291 cars or
1930.
Loading of
was
that
investment
reviewing the
week ended Oct. 8 reported as follows:
Meanwhile the amount
although
Oct. 16, 1937
26,952
policy
In 1910 the amount paid to capital
from
them
1938
Chicago Rock Lslanci A Pacific Ry.
Miscellaneous freight
1937
changbd
clear
seems
this
when it is almost im¬
the net investments in the mads, while
on
4%.
3,372
37,207
.
and salaries havfc about
wages
been
has
considerable
roads
the
.
.
worker has been nearly trebled.
per
capital
to
between
is that
each
longer.
any
properties has greatly increased.
less
in
come
possible to follow it
paid
20,648
7,748
18,214
12,381
10,296
9,152
12,697
10,985
22,594
The Association of American Railroads in
been
amount
15,535
10,456
25,846
St. Louis-San Francisco Ry
dispute the argument most frequently put
that the roads could readily find funds to
effect
have paid
33,682
1937
6,153
16,295
16,215
dispute, Colonel Ayres
wage
great many years, and the time has now
a
6,263
Oct. 16,
37,770
5,762
23,999
of
decreasing payments to capital in order to increase the payments to labor.
fact
24,754
Oct. 8,
1938
1938
new
yet any net
income has turned
expenditures for dividends and interest.
The
16, Oct. 15,
N. Y. Chicago A St. Louis Ry..
Norfolk A Western Ry
loans
wage
workers
increase
or
2,734
2,223
4,884
International Great Northern RR
following to say:
by
Received from Connections
Weeks Ended—
1937
21,839
28,178
24,489
17,955
20,999
15,585
2,366
2,240
18,949
Mlssourl-Kfinsaa-Texas RR
Oct.
1938
21,747
16,223
Gulf Coast Lines
issues
bank
3% since last May.
the railroad
on
the present* railroad
forward
Oct. 8,
23,058
29,177
24,840
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw. St. Paul A Pac.Ry
Chicago A North Western Ry
•
Commenting
drop of
depend primarily
a
There has not been
National
little less than
a
a
Week Ended
there has been
year
issues
advance of
In
Own Lines
undertakings.
bank loans to business.
had
15,
j1938
Atchison Topeka A Santa Fe Ry.
Baltimore A Ohio RR
business
of
the expansion of
on
inter¬
into expanding enter¬
capital into business through
new
has been
"war
improvements of
period in this country will
recovery
stocks,
vast
a
Oct.
Pere Marquette Ry
promptly reflected in
the flow-of
refinancing of old
an
be
a
seems
improvement in this
on
of bonds
with
eagerness
from the dealers.
cars
on
Weeks Ended—
Septem¬
period
and
RECEIVED FROM CONNECTION
(Number of Cars)
exceptionally rapid
so
10.0%,
cars, or
ago,
REVENUE FREIGHT LOADED AND
in¬
strength of the current advance is especially noteworthy
industry, and
showing
improvement
The
index,
to that of 91
in three months is
1919.
summer
the fact that
automotive
points
definitely surpassed in only
This exceptional
in view of
14
initiated
was
rapid
more
of
Keserve
year
Oct. 15,1938 loaded a total of
335,985 cars of revenue freight
their own lines, compared with
326,327 cars in the pre¬
ceding week and 373,485 cars in the seven days ended Oct. 16,
1937. A comparative table follows:
Loaded
Federal
the
by 14 points from the level of 77 in June
it has
the
by
a
on
Bulletin," further observes that
measured
as
decrease of 79,483
99,913 cars, or 12.1%, from the total loadings for the cor¬
responding week two years ago. For the week ended Oct. 8,
1938, loadings were 13.5% below those for the like week of
1937, and 14.3% below those for the correspodning week of
1936 Loadings for the week ended Oct.
1, 1938, showed
a loss of
17.3% when compared with 1937, and a drop of
14.8% when comparison is made with the same week of 1936.
The first 18 major railroads to
report for the week ended
He also states, in part:
production,
That advance
that
a
from the total for the like week
"recovery is still in its early stages, but it is making unmis¬
takable progress."
WeekJEnded Oct. 15
Reach 726,612 Cars
still
payments of
Coal loading amounted to 134,537 cars, an increase of
2,748 cars above
the preceding week, but a decrease of 22,990 cars below the
corresponding
week in 1937.
Grain and grain products loading totaled 42,501
cars, an increase of 912
self-supporting enterprises.
cars
above the preceding week, and
ah
increase
of 7.045
cars
above the
corresponding week in 1937.
"Annalist"
Prices
Oct.
Weekly
Index
Declined
0.6
of
Wholesale
of
Commodity
During Week Ended
Point
In the Western Districts alone, grain and grain
products loading for the week of Oct. 8 totaled 27,769 cars, an increase of
601
cars
above the preceding week, and an increase of 3,882 cars above the
corresponding week in 1937,
15
Live stock loading amounted to
Wholesale commodity prices moved lower last
Saturday, Oct. 15, the "Annalist" index
on
contrasted with
80.3 in
according to an
ago,
"Annalist."
Prices
the low for
Oct.
as
on
Aug. 13.
17
year
by the
The announcement
major
buyers
as
crops,
took
to
heavy shipments.
and
an
only $17.40.
lowest
the
a
as
cotton,
wheat and
corn,
were
slightly lower
the sidelines.
Poultry was unusually weak, reflecting
Sellers appeared willing to take whatever was offered,
several
prices dropped
$20.30
from
per
hundredweight to
Lard
years.
was
easier.
,
Finished
steel
at
$7.46,
prices
were
effort to stimulate sales to the automobile industry.
speculative commodities, however, followed in the wake
in
an
higher stock prices.
in
as
Hogs dipped sharply, losing 64c. last week to close
in
reduced again
Certain
such
of fowl
average
the shoe
Copper
Tin and zinc
month.
19,556
cars,
an
increase.of 2,340
was
were
a decrease of 975 cars below the correspond¬
In the Western Districts alone, loading of live stock for
preceding week, but
in
decrease of 1,739
a
cars
below the corresponding week
1937.
Forest products loading totaled 31,799 cars, a decrease of 688 cars below
the preceding week, and a decrease of 2,037 cars below the
corresponding
week in 1937.
preceding week,
and
a
decrease of 29,959
cars
Hides
the
Coke
loading amounted to 6,142
preceding week, and
a
cars,
decrease of 3,108
a
decrease of 266
cars
All districts reported decreases compared with
the corresponding weeks
dealings
1938
COMMODITY
PRICES
Four weeks in January
1937
Four weeks in August
77.1
78.9
94.7
Four weeks in September
2,552,621
72 A
72.9
85*. 1
Week of Oct.
1
697,938
58.9
67.1
Week of Oct. 8
702,964
3,169,421
843,861
812,268
22,848,763
29,958,208
a
Four weeks in February
busy winter.
Four weeks in March
(1926=-100l
'
Five
weeks in April
—
Four weeks in May
Four weeks in June
Oct.
*59.2
Textile products
Oct.
8, 1938
a
Oct.
12, 1937
85 2
-
a85.2
97.0
107.1
b69.0
Buildine materials
b"°0
,87.1
b74.7
Chemicals..
87.1
Miscellaneous
71,4
71.5
77.7
71.7
a80 3
91.9
All commodities
*
Preliminary
a
Revised.
b Rev Ised series.
Five
weeks in July
1930
2,714,449
3,347,717
2,763,457
3,506,236
3,529,907
4,504,284
3,733,385
3,642,357
4,492,300
3,687,319
3,759,533
950,663
2,986,166
3,712,906
3,098,632
2,962,219
3,794,249
3,100,590
971,265
91.3
96.3
Fuels
Metals
15, 1938
below the
in 1937 and 1930.
Food products
prepared for
WEEKLY INDEX OF WHOLESALE
cars
below the corresponding week
Farm products
manufacturers
below the
corresponding
in 1937.
2,256,423
2,155,451
2,222,864
2,649,894
2,185,822
2,170,984
2,861,762
2,392,040
"ANNALIST"
cars
of
in active
rose
below
week in 1937.
boosted to 11 *4 c. for the fifth increase
also better.
cars
preceding week, but
Ore loading amounted to 28,536 cars, a decrease of 648
went on to say:
The
above the
ing week in 1937.
the week of Oct. 8, totaled 15,847 cars, an increase of 2,234 cars above the
a
less than one-half point above
now
1938, established
only 70.7,
and 91.9
issued
announcement
are
was
the previous week
week, and
»
*
39.8
Total
In the following we
36,124,956
undertake! to show also the loadings
roads and systems for the week ended Oct. 8,
1938.
During this period only 22 roads showed increases
when compared with the same week last year.
for separate
°ct- 2Z- 1938
Financial Chronicle
2454
Total Revenue
from Connections
754
579
519
1,110
1,787
8,177
1,803
1,682
9,293
1,655
259
301
12,519
2,033
10,803
2,313
27
27
40
75
A77
1,230
5,892
10,791
1,423
5,964
10,909
1,459
5,793
10,029
2,323
8,027
6,248
1,987
7,898
6,806
629
612
463
129
147
1,227
3,651
15,860
8,782
Bangor A Aroostook
Boston A Maine
Chicago Indianapolis A Louis..
Central Indiana
Central Vermont
.....
Delaware A Hudson
Delaware Lackawanna A
West.
Detroit A Mackinac
1,591
887
247
285
344
12,682
4,288
13,447
5,009
13,189
3,938
3,136
12,989
1,840
1,585
Detroit Toledo A Ironton
Detroit A Toledo Shore Line...
Erie
Grand Trunk Western
159
168
1,590
9,687
2,961
2,018
7,025
2,160
1,021
7,422
Montour...
New York Central Lines......
N. Y. N. H. A Hartford.
New York Ontario A Western.
N. Y. Chicago A St. Louis
Pittsburgh A Lake Erie
1—.
Pittsburgh A Shawmut
Pittsburgh Sbawmut A North-
559
844
917
111,358
111,188
17,819
2,678
20,830
3,965
6,655
20,224
2,976
21,504
4,424
17,218
22,906
2,795
6i3
1,211
6,722
7,239
Northwestern District—
Chicago St. P. Minn. A Omaha.
Dulutb Mlssabe A I. R
27
45
Duluth South Shore A Atlantic-
40,533
11,609
6,953
44,019
11,483
1,868
5,444
7,681
6,431
481
334
363
432
184
256
1,337
1,049
1,445
4,867
6,180
Chicago Mllw. St. P. A Pacific.
—
Elgin Jollet A Eastern
45,743
12,819
1,820
10,513
6,967
6,191
1,746
9,479
5,801
5,595
1,364
689
e95
5,889
4,490
5,892
4,338
8,515
2,736
143,977
160,960
162,747
158,577
439
174
188
25,779
2,719
3,446
735
5*7
561
1,147
2,278
6,176
11,569
2.701
2,894
67
80
2,205
7,326
2,007
2,251
7,693
2,245
13,934
13,737
3,7i6
2,520
2,703
4,267
241
301
320
3 58
399
2,051
1,798
2,599
1,353
1,519
132,071
138,541
44,608
62,843
21,839
3,146
25,933
3,191
22,342
3,196
6,153
2,212
7,588
2,603
373
525
391
61
127
17,955
19,637
19,420
8,569
2,187
12,988
641
10,524
1,018
9,958
Northern Pacific
Spokane International
Spokane Portland A Seattle
Total
Central Western District—
System.
511
897
954
35,155
6,637
16,295
1,552
18,694
2,465
Chicago Burlington A Qulncy..
402
349
6
4
Chicago Rock Island A Pacific.
15
1,538
7,355
1,195
6,412
Central RR. of New Jersey...
1,408
6,895
11,649
11,627
Llgonler Valley
Long Island
882
42
117
346
27
39
Denver A Salt Lake
177
212
36
27
Fort Worth A Denver
14,864
15,837
3,077
2,967
1,636
44,588
17,854
5,833
46
0
1
887
756
748
3,376
1,413
Pennsylvania System
1,204
60,054
1,503
39,965
Co
12,098
1,440
72,570
15,143
70,597
6,007
27
Union (Pittsburgh)
15,210
13,029
70
West Virginia Northern..
3,028
3,541
3,517
5,315
154,612
160,723
99,592
26,888
25,536
4,460
4,665
961
55,473
57,089
16,397
Alabama Tennessee A Northern
217
248
233
241
833
888
856
1,533
•
4,094
2,825
420
480
977
1,397
1,334
1,736
516
537
313
314
the
it
128
94
78
102
St. Louis Southwestern......
9,712
3,892
9,698
3,252
Texas A New Orleans
4,785
7,953
5,946
7,650
Texas A Pacific
5,341
4,656
2,178
3,006
3,774
4,369
3,134
7,616
198
310
255
68
67
36
35
33
43
32
35,384
39,612
1,625
1,567
971
1,081
451
468
461
449
2,029
2,053
25,509
1,070
10,690
1,150
11,840
23,810
25,064
5,317
5,295
215
179
418
457
239
192
301
377
25,736
Wichita Falls A Southern
Wetherford M. W. A N. W...
States
0.1% During Week
Commodity Prices of United
ipdex showed no change from last
unchanged at 71.5.
At
the index is 0.8% lower than it was a month ago
and
the
Taw
materials group remained
wholesale
prices
of
semi-manufactured commodities
sugar,
Advancing
leather, print cloth, cotton and silk yarns,
certain
rosin, and turpentine were largely responsible for
the
last
in the corresponding week of last
8.1% lower than it was
decline,
0.2%,
was
recorded
for finished
in July, 1936.
month ago and a year ago,
the price
in
level
The current index, 81.4, is the lowest since late
with the corresponding weeks of a
80.0,
at the
grains rose 0.6%
poultry
were higher for
oats, wheat, cows, steers, lambs, wethers, live poultry, cotton, eggs, fresh
apples (Seattle), lemons, alfalfa bay, hope, seeds, potatoes, and wool.
Lower prices were reported for barley, corn, rye, calves, hogs, ewes, fresh
apples
(Chicago and New 'York), oranges, tobacco, and dried beans.
The group index, 67.4, is 2.0% lower than it was a month ago and 16.1%
of
other
than
month
ago.
than
farm
«
year ago.
commodity
a
commodities
prices,
farm
ago.
as
measured by the index
for "all com¬
products and foods," advanced 0.1% to equal
This week's index, 81.6, is 4.2% lower than
and
than it was a year ago.
lower
Average
oils.
vegetable
j
as
foods
declined 0.1%, largely because
of
and fresh pork,
Prices were lower for cured
2.4% for meats.
grits, corn meal, prunes, copra, corn starch, and
for fresh fruits' and vegetables averaged
butter, rye flour, hominy
higher
of
wholesale prices
decrease of
most
Average wholesale prices of
declined 1.9%.
Quotations
preceding week.
livestock
and
Prices
did also those for
fresh beef, mess pork, veal,
dressed poultry,
lard, pepper, and sugar.
The current food index,
73.6%, is 1.6% below a month ago and 13.8% below a year ago.
The hides and leather products group index advanced 1.0% because of
coffee, canned
salmon,
skins, and leather.
No changes were
other leather manufactures.
a
result of higher prices for cotton goods, principally muslin, per¬
print cloth, sheeting, and cotton * yarns, together with increased
for raw silk and silk yarns, the textile products group index rose
of hides,
prices
increases in
sharp
reported in prices of shoes and
As
cale,
prices
0.2%.
for the fuel and
The index
at
unchanged
for coal, coke, and petroleum
products
steady.
Lower
prices
for
the metals
caused
tations
were
farm machinery,
metal products
and
higher
for
electrolytic
motor
vehicles,
and
group
index to fall
copper,
quicksilver,
steel sheets
0.3%. Quo¬
pig tin, and
and brass manufactures.
Advancing
accounted
prices
for an
No changes
were
for
the
yellow
increase of
lumber,
rosin,
and
chemicals
and
turpentine largely
0.2% in the building materials group index.
reported in prices of brick and tile,
steel, and plumbing and
In
lighting materials group remained
Average wholesale prices
76.9.
copper
reflects the trend of non-agricultural commodity
It is 0.6% lower than it was a month ago and
Department ot
stated:
index is 2.0% higher than it was at this time
The group
issued Oct. 20 by the
The announcement,
ago.
year
63,136
3,842
Labor, quoting Commissioner Lubin as above, also
The index
for the farm products group remained unchanged
level of the
in the
63,785
56,174
Total
2,676
3.445
* Previous figures.
figures revised.
groups
metals,
year
18,291
160
181
which
declined 0.1%.
a
16,023
10,273
8,883
1.1% and 7.7% respectively.
index for the large group of "all
level
306
4,929
3,178
St. Louis-San Francisco
down
was
315
2,849
8,944
Quanah Acme A Pacific
at
week,
other
178
5,437
18,159
-
Missouri Pacific
77.7% of the 1926 average," Mr. Lubin
index is 0.8% below the level of last
8.8% below a year ago."
The Commissioner
level
Industrial
242
251
6,175
...
117
were
modities
501
612
current
10
a
867
375
181
index for
7.2% below
916
871
101
year.
prices,
499
935
706
1.1% to the highest point reached since early in March.
The
440
394
284
-
Missouri A Arkansas*
a
products,"
292
319
751
Midland Valley
320
393
tionally.
is
1,241
171
307
Texas..
49
week.
These were farm products,
fuel and lighting materials, chemicals and
drugs, housefurnishing goods, and; miscellaneous commodities.
The hides
and leather products, textile products, and building materials groups ad¬
vanced slightly, and foods and metals and metal products declined frac¬
it
1,416
2.444
542
added:
Compared
1,961
1,274
191
311
modity index
minor
189
1,537
54
of Labor, Bureau of Labor
Statistics' index of wholesale commodity prices for the
week ended Oct. 15 declined 0.1%, Commissioner Lubin
announced on Oct. 20.
"The decrease placed the all-com¬
A
313
2,224
2,366
2,240
176
The United States Department
products.
457
1,291
1,920
1,103
1,726
1,097
536
Ended Oct. 15
is
243
2,463
2,532
1,487
2,377
256
246
187
Department of Labor Declined
and
204
Missouri-Kansas-Texas Lines.
1,946
25,144
21,675
Index of Wholesale
month
262
2,219
2,749
35
Note—Previous year's
increase.
301
Litchfield A Madison
434
2,972
1,040
1,901
Mississippi Central
for raw
212
210
Louisiana Arkansas A
Macon Dublin A Savannah
prices
67,234
470
Illinois Central System
Louisville A Nashville
non-ferrous
56,293
Louisiana A Arkansas
962
the
126,146
1,847
1,774
858
<
Gulf Mobile A Northern
During
133,999
Southern...
Kansas City
4,781
Georgia A Florida
rose
11
2,394
Kansas Oklahoma A Gulf
889
Georgia
a
734
2,859
166
4,452
Gainsvllle Midland
11.2% below
629
1,832
294
721
Florida East Coast..
present
734
1,970
Southwestern District—
522
Durham A Southern
The
20,663
1,563
11,650
1.929
Burlington-Rock Island
Fort Smith A Western
8,956
4,363
Columbus A Greenville
its
20,833
4,770
1,282
10,087
5,926
292
118,182
1,206
of the
25,142
352
390
664
Cllnohfleld
Five
0
26,602
16,470
9,616
Charleston A Western Carolina
and
0
-
633
Central of Georgia..
month
323
395
9,215
4,246
Coast Line
"The
475
International-Great Northern.
Atlanta Birmingham A Coast..
said.
132
376
25,660
Total.
1,642
Atlantic
102
1,144
Toledo Peoria A Western
199
Atl. A W. P.—W. RR. of Ala..
i~709
983
Gulf Coast Lines
Southern District-
422
357
605
Utah
17,167
Total.
10
1,337
1,552
146
Southern Pacific (Pacific)
872
51,575
Virginian
4,451
-24
1,090
1,102
1,821
Peoria A Pekln Union
11,850
4,445
10,985
25,591
24,727
5,155
1,234
1,144
2,249
803
North Western Pacific
Pocahontas District—
2,844
1,633
4,46/
3,356
397
Union Pacific System
24,489
22,626
1,972
8,624
2,555
1,339
3,032
1,189
5,040
1,551
Missouri-Illinois
Western Pacific
Norfolk A Western
1,528
1,464
1,326
1.928
Illinois Terminal
113,113
Chesapeake A Ohio
1,117
5,350
781
'
City
Nevada Northern...
6,392
124,788
Maryland
Total.
14,350
3,016
3,999
Denver A Rio Grande Western.
543
278
2,140
,
855
Colorado A Southern
133
Penn-Readlng Seashore Lines.
Western
Chicago A Eastern Illinois
596
Cumberland A Pennsylvania..
1,763
13,919
2,670
Chicago A Illinois Midland
254
Cornwall..
Reading
Bingham A Garfield
558
416
Cambria A Indiana
487
5,843
705
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
Atch. Top. A Santa Fe
15
267
161
372
4,lo3
514
Ishpemlng
Lake Superior A
33,388
5,757
Buffalo Creek A Gauley
4,312
19,393
1,257
7,856
27,791
Green Bay A Western
28,178
3,860
Baltimore A Ohio
Bessemer A Lake Erie
13,418
3,760
9,189
4,196
542
439
Akron Canton A Youngstown.
11,004
3,243
8,528
3,654
22,886
678
Alton
Alleghany District—
67,442
19,144
Moines A South.
Great Northern
174,792
65,161_
102,108
Ft. Dodge Des
33
19
5,935
3,602
.....
812
206
106,160
Total
361
...
...
438
199
Chicago Great Western
1,345
Wheeling A Lake Erie
463
186
Southbound—-
Winston-Salem
Chicago A North Western
584
Total
428
8,606
--
2,041
921
Wabash..
8,770
22,384
8,398
21,987
Southern System
1,678
1,019
8,723
3,463
Pittsburgh A West Virginia...,
400
21,829
Seaboard Air Line
196
10,714
450
396
331
Tennessee Central
2,388
-
2,448
1,235
1,155
3,544
4,289
14,515
410
Richmond Fred. A Potomac—
3,333
4,764
2,461
10,027
1,895
2,279
1,326
1,235
2,942
4,237
16,048
2,239
2,219
3,176
1,216
366
Piedmont Northern
314
Monongahela..
Rutland
Norfolk Southern
1,280
8,173
2,557
4,420
2,449
44,480
2,215
2,988
1,442
1,880
2,837
1,220
A St. L.
Nashville Chattanooga
266
Maine Central
Pere Marquette
195
1,959
9,794
2,660
3,767
2,102
37,207
9,109
1,492
5,513
5,062
5,574
Lehigh A Hudson River.......
Lehigh A New England
Lehigh Valley
District—{Concl.)
Mobile A Ohio
1,258
1,003
7,006
1,763
.....
1937
1938
1936
1937
1938
Southern
Eutern District—
Ann Arbor
from Connections
Freight Loaded
Railroads
1937
1938
1936
1937
1938
Touti Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroads
CARS)—WEEK ENDED OCTOBER 8
CONNECTIONS (NUMBER OF
LOADED AND RECEIVED FROM
REVENUE FREIGHT
cement, structural
heating fixtures.
drugs
group,
minor decreases
in
prices for
fats
tankage were offset by higher prices for copper
sulphate, palm niger oil, and strychnine with the result that the group
index remained unchanged at 76.7.
and
oils,
camphor, and
Volume
Financial
147
Average' wholesale
prices
of
furniture
and
during the week and the housefurnishing goods
Chronicle
group
were
consumption indexes declined more,moderately.
low point of the year, 87.1.
Moderate declines were
highest level
recorded by the adjusted indexes of electric power, automobile and hoot
and shoe production.
The zinc production index was unchanged.
following table shows index numbers for the main groups of com¬
Many observers had looked for a more rapid rise in steel demand than
actually took place, but orders from the automobile industry did not come
Crude
rubber
prices
reached this year.
The
modities
Oct.
2455
index of cotton consumption decreased sharply, while the silk and rayon
steady
index remained at the
furnishings
for
the
2.0%
rose
week
during the
to the
Chttle feed prices declined 1.8%.
five weeks and
past
Oct.
for
17,
1937, Oct.
16,
1936,
up to expectations.
(1926—100)
,
Railroad equipment demand remained at a low level.
For the first time since 1932, no September rail orders were
reported by
"The Railway Age."
Freight car, passenger car and structural steel orders
19, 1935, and Oct. 20, 1934.
showed
Oct.
Oct.
Oct.
Sept.
Sept.
some improvement while locomotive demand slackened.
Of the
major consumers, the construction industry again turned in the best record.
Fabricated structural steel contracts awarded showed a marked gain over
Oct,
Oct.
Oct.
Oct.
20
15
8
1
16
17
19
1938
1938
1938
1938
1938
1937
1936
1935
1934
-77.7
77.8
78.0
78.4
78.3
85.2
81.2
80.7
76.2
Farm products..
67.4
67.4
68.1
70.9
Foods
73.6
Commodity Groups
All commodities
24
17
August and were sharply above the level for September, 1937.
Although
inquiries from automobile producers were increasing toward the end of the
month, the "Iron Age" reported that miscellaneous business was the "back-
68.9
68.8
80.3
84.7
79.5
73.7
74.1
75.0
74.8
85.4
82.5
85.6
74.9
Hides and leather products..
Textile products
93.7
92.8
92.5
92.3
92.4 107.7
95.9
94.4
84.6
65.7
65.6
65.4
65.3
65.3
70.9
72.6
70.0
Fuel and lighting materials..
76.9
76.9
77.2
77.5
77.6
79.2
77.2
74.2
74.8
lines
Metals and metal products..
95.4
95.7
95.7
95.6
95.5
95.9
86.4
85.9
85.6
models.
Building materials
Chemicals and drugs
Housefurnishing goods.!
89.9
89.4
*
72.8
hone of the present demand, orders coming from widely diversified lines of
industry."
Production of automobiles remained at
85.0
89.7
89.5
89.6
95.9
87.2
86.2
76.7
76.7
76.9
77.1
77.1
80.0
81.9
81.1
77.2
87.1
87.1
87.2
87.8
87.8
92.7
83.2
81.8
82.8
72.4
72.4
72.3
72.3
72.1
76.3
71.3
67.6
69.7
71.5
71.5
71.7
72.2
72.1
80.6
72.2
*
Semi-manufactured articles..
75.8
75.0
75.1
74.7
74.3
82.6
76.4
*
Finished products..
81.4
81.6
81.9
82.2
82.3
88.2
81.8
80.0
80.1
80.3
80.5
80.5
86.2
80.5
80.9
77.3
81.6
81.5
81.6
81.6
81.6
85.2
79.9
78.4
77.9
....
Miscellaneous.
Raw materials...
commodities
All
....
other
commodities
other
low level,- as many assembly
a
low point in the middle of
October had increased about 100%
highest level since the early part of April.
that the
Leading automobile
models are being well received and that
new
sub¬
a
*
*
*
stantial backlog of unfilled orders has
reports for September, on the whole, were satisfactory and it has been stated
that
a
been built up.
Preliminary sales
better showing would have been made except for the low level of
dealers' stocks.
than
farm products and foods..
*
the
centers report
♦
than
farm products
All
.
Seasonally adjusted output reached
the month and by the first week in
to
a
shut for much of the month preliminary to the assembly of new
were
The most important factor in the decline of the textile index was
sub¬
a
stantially smaller than seasonal gain in average daily cotton consumption.
Not computed.
The industry's statistical position had been weakened somewhat in the pre¬
ceding two months, when for many weeks production stood above the level
of
new
orders.
At
the beginning of October,
changed considerably by
Wholesale Commodity Prices Further Declined During
Week Ended Oct. 15, According to National Fer¬
tilizer Association
however, the picture
was
revival in the sales market which raised
a
new
orders far above the level of production.
Although the rate of increase in manufacturing activity slackened last
month, the distribution of manufactured goods moved forward at a slightly
the
Continuing
downward
trend
previous
the- three
of
weeks, the wholesale commodity price index of the National
Fertilizer Association again recorded a decline during the
week ended Oct. 15.
Last week the index (based on the
faster pace, as indicated
increased
large
stood at 72.7% as against 73.2%
the preceding week.
A month ago it registered 73.8%,
and a year ago 83.9%.
The Association's announcement,
under date of Oct. 17, went on to say:
the
stuff
group
downturn
Cotton
average.
effect of these
the
by lower quotations
and
the
on
farm
and
livestock
were
the all-commodity
in
primarily
Food¬
index.
drop
A sharp
year.
low
the
for
continued
product group was more
now
at
.
recession.
rise in non-ferrous metals
In
the
two
weeks in
the lowest point reached this
the fuel price index to
in petroleum prices took
current
higher,
than offset
prices were somewhat
grain
With the exception of
for livestock.
August, the farm product index is
new
sheets
petroleum, steel
price trends were mixed, with the net result being a moderate rise
the
but
for
lust week's
metal
the effect of
group
a
a
than offset
by the drop in
steel sheet quotations.
The building material index was off slightly,
reflecting lower lumber prices, and the fertilizer and farm machinery
also
indexes
was
more
to the food group,
indexes representing the
prices of textiles, chemicals and drugs, fertilizer materials, and miscellaneous
commodities. '
registered
took
increases
of
effect
The
place
the
weighted commodities
the
that
fact
33
declines.
small
during
declines
the
in
In
in
week
addition
the
prices of several
important and
the movement of the general index
on
price series included in
heavily
is indicated by
the index advanced during the
week while only 25 declined; in the preceding week there were 19 advance*
and
30
declines;
and
13
declines.
in
preceding week there were 39
the second
advances
(1926-1928=:100)
371—DBPCohsilcatdngep.
•
.
.
Each Group
Bears to the
Week
Week
Ago
Oct. 15,
Oct. 8,
1938
Sept. 17,
Ago
Oct. 16,
1938
1937
Group
1938
Total Index
Month
»
Year
;
_
73.5
83.8
57.5
59.1
68.8
72.9
74.2
76.3
72.4
63.8
Cottonseed oil
72.2
57.0
Fats and oils
64.9
66.0
78.5
year's
OF
BUSINESS
AND
ACTIVITY
'
..
.
.
Aug., 1938
Sept., 1938
July, 1038
74.0
74.4
70.1
86 A
83.1
83.1
96.3
a94.4
78.1
Other..
72.9
67.8
*96.1
a
*78.8
a77.8
69.2
Steel ingot production
63.3
58.2
48.4
Pig iron production
62.9
62.8
42.8
Electric power production
M anuf acturing
*106.1
all6.1
102.6
Cotton consumption..
Wool consumption
109.8
122.1
105.0
Silk consumption_
70,5
115.5"
Textiles
--
71.9
all8.5
123.8
*125.7
128.6
115.3
*29.8
#30.1
40.8
74.9
72.4
58.3
57.5
60.3
58.2
60.6
*
Cement production
Mining
Zinc production..
Lead production
-
78.8
1933
1935
1934
104,2
92.3
87.2
79.6
67.5
78.4
105.7
89.0
86.7
83.2
66.1
77.4
106.9
89.5
84.4
84.6
62.5
1937
1930
1933
74.1
107.1
94.1
82.8
85.9
69.2
73.8
109.0
05.9
81.8
86.4
77.3
74.3
107.8
97.6
82.0
83.8
a78.9
108.9
102.4
82.7
78.0
94.0
a82.7
111.2
102.5
84.9
75.1
.87.5
*83.7
106.5
102.9
86.1
71.4
82.0
—-
98.4
103.3
89.1
74.6
78.6
1
87.8
107.1
92.0
76.0
75.3
81.3
110.5
98.7
82.4
77.5
—
July
—
a82.7
INDEX SINCE JANUARY,
"
—
—-—
-----
November
December—
67.0
67.9
79.5
1938
June
October..
59.6
*83.7
II—THE COMBINED
August.--—
66.0
55.3
59.6
Combined Index..
May----—
97.9
73.2
Automobile production
Lumber production
TABLE
120.3
-
Rayon consumption
Boot and shoe production
September-------—
72.6
Foods
25.3
INDEX;
Freight car loadings
April
Latest
this
All other loadings showed Improvement,
COMPONENT GROUPS
March--.
Per Cent
Preced'g
"ANNALIST"
I—THE
January
February
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertiliser Association.
Despite
manufacturing index.
our
loadings.
largest gain being recorded by coal.
TABLE
.
prices
as
car
loadings index has not
grain and grain product loadings continued to decline by more
crops,
.
Lower
responsible for
in
sharply
as
than the usual seasonal amount.
1920-28 average of 100%)
in
by the trend of miscellaneous freight
For the recovery period, however, the miscellaneous
■
-
87.5
,
Farm products
23.0
Cotton
47.6
47.5
45.0
46.0
Grains
50.0
49.9
51.8
74.0
71.4
73.3
75.3
88.0
Livestock..
—
17.3
Fuels
—
76.2
77.2
73.0
10.8
Miscellaneous commodities..
77.7
77.3
77.0
83.6
8.2
Textiles
59.0
58.9
58.1
68.8
7.1
Metals
89-5
89.8
89.3
102.5
....
85.5
6.1
Building materials
81.2
81.3
80.5
85.2
1.3
Chemicals and
93.6
93.4
94.2
95.6
70.4
.3
drugs
Fertilizer materials
.3
Fertilizers
.3
Farm
All groups combined
100.0
69.5
73.8
77.7
—
machinery
78.1
78.1
80.5
97.2
70.5
97.3
97.3
96.4
72.7
73.2
73.8
83.9
*
Preliminary,
a
Revised.
3% Lower Than Last Year
Bank Debits
Debits
to
accounts, as reported
individual
by banks in
leading cities for the week ended Oct. 12, which included
only five business days in most of the reporting centers,
aggregated $6,854,000,000, or 22% below the total reported
for the preceding week and 3% below the total for the
corresponding week of last year, which also included only
reporting centers.
five business days in most of the
Further
Improvement in Domestic Business Recorded
by "Annalist" Index of Business Activity During
September
Further improvement in domestic business was recorded
by the "Annalist" Index of Business Activity in September,
although the gains were neither as widespread or as pro¬
nounced as in August, according to the monthly review by
H. E. Hansen in the Fourth Quarter Review and Forecast
Number, issued Oct. 19, of the "Annalist" (New York).
The index
to 83.7
(preliminary), from 82.7 in August,
a
1938 low of 73.8 in May, and compares with 106.5 in
September, 1937.
It was further announced
by the
rose
Aggregate debits for the 141 cities for whi<?h a separate
January, 1919, amounted to
total has been maintained since
$6,299,000,000, compared with $8,131,000,000 the preceding
$6,463,000,000 the week ended Oct. 13 of last year.
These figures are as reported on Oct. 17, 1938, by the
Board of Governors of the Federal Reserve System,
week and
SUMMARY BY FEDERAL RESERVE
No
Federal Reserve District
.
17
15
18
The most important single factor in the increase
a
of the general index
was
sharp rise in the seasonally adjusted Index of freight car loadings, which
was
primarily due to a marked increase in miscellaneous shipments.
in importance were
Next
substantial gains in the adjusted indexes of steel ingot
and pig iron production.
Increases were also shown by the adjusted in¬
For the first time since last April,
dexes of lumber and cement production.
seasonally adjusted textile mill activity turned downward.
Our adjusted
4—Cleveland..........-
25
6—^Richmond————
24
6—Atlanta.
"Annalist":
26
......
41
16
8—St. Louis
........
12—San Francisco.......
Total
Oct.
12, 1938
$353, ,298.000
3,218, 721,000
306, 606,000
392, 916,000
275, 777,000
202, 479,000
910, 382,000
205, 528,000
17
144, 979,000
28
9—Minneapolis..—-—
10—Kansas City
*
Week Ended-—
of
Centers
Jncl.
2—New York...........
DISTRICTS
29
219, 862,000
149, 868,000
473, 893,000
274
$6,854,309,000
18
Oct. 5, 1938
Oct. 13, 1937
$489,679,000
$375,122,000
4,072,408,000
2,902,616,000
327,846,000
488,879,000
294,674.000
426,476,000
575,469,000
330,328,000
261,111,000
1,1C0,998,000
243,232,000
162,211,000
273,917,000
192,996,000
215,782,000
1,036,476,000
239,910,000
169,041,000
622,985,000
278,609,000
177,915,000
583,062,000
$8,841,810,000
$7,089,932,000
Financial
2456
1938, 4.1%
for Week Ended Oct. 16,
Electric Output
Below
Year Ago
a
Institute, in its current weekly re¬
production of electricity by the electric
light and power industry of the United States for the week
ended Oct. 15, 1938, was. 2,182,751,000 kwh.
This is a
decrease of 4.1% from
the output of the corresponding
week of 1937, when production totaled 2,276,123,000 kwh.
The output for the week ended Oct. 8, 1938, was estimated
to be 2,154,449,000 kwh., a decrease of 5.5% from the like
Edison Electric
The
port, estimated that
week
year ago.
a
PERCENTAGE DECREASE FROM
Week Ended
Week Ended
Oct.
Oct. 8, 1938
1938
Oct. 15,
Regions
PREVIOUS YEAR
Week Ended
Week Ended
Major Geographic
Sept. 24. 1938
1938
1,
17.2
18.4
Middle Atlantic
0.5
1.5
0.6
x3.6
Central Industrial
9.3
10.4
10.6
9.6
West Central
3.6
4.5
3.3
6.8
New
7.2
0.2
England
4.3
1.3
3.1
3.8
Rocky Mountain
14.5
16.8
22.7
18.6
Pacific Coast
xl.O
x0.4
xO.5
xl.3
4.1
5.5
6.0
4.9
Southern States
Total United States.
i
Increase.
RECENT
FOR
DATA
(THOUSANDS
WEEKS
OF
KILOWATT-HOURS)
Week Ended
1932
1936
1929
1937
2
9
July
-r
July
16
July
23
w —
July 30
mm
6
-
Aug. 13
Aug. 20
-
Aug.
Aug. 27
_
m
mm
8
Oct
mm
mm
1
Oct.
mm.
mm
3
Sept. 10
Sept. 17
Sept. 24
Sept.
Oct.
mm
..
mm
mm
16-.-...
mm
2,014,702
1.881.298
2,084,457
2,084,763
2,093,907
2,115,847
2,133,641
2,138,517
2,134,057
2,148,954
2.048,360
2,214,775
2,154,218
2,139,142
2,1.54,449
2,182,751
2,265,748
2,275.724
2,280,065
—6.0
—5.5
2,276,123
—4.1
1,456,961
1,341,730
2.168,487
—10.0
—10.3
—9.3
—7.7
—7.2
—6.4
—7.3
—7.2
—7.0
,
—7.4
—4.9
—2.9
4.9
213,280,000 feet.
1.415,704
1,433,993
1,440,386
1,426,986
1,415,122
1,431,910
1,436,440
1,464.700
1,423,977
1,476,442
1,490,863
1,499,459
1,506,219
1.507.603
1,723,428
1,692,075
1,711,625
1,727,225
1,723,031
1,724,728
1,729,667
1,733,110
1,750,056
1.761,594
1.674,588
1,806,259
1,792,131
1,777,854
1,819,276
Northern Pine and Northern
8, 1938.
reported
but Western Pine, Northern Pine,
new
All regions
above output.
reported orders above those of
but Southern Pine reported ship¬
Hardwood and Northern Hardwood
Southern
corresponding week of 1937; all regions
Southern
except
all
and
ments,
Hemlock regions
orders above production in the week ended Oct.
Pine, Northern Pine and Northern Hardwood regions
reported
shipments
2,029.639
1,956,230
2,029,704
2,099,712
2,088,284
2,079,137
2,079,149
2,093,928
2,125,502
2,135,598
2,098,924
2,028,563
2,170,807
2,157,278
2,169,442
2,238,268
2,096,266
2,298,005
2,268,776
2,256,335
2,261,725
2,300,547
2,304,032
2,294,713
2,320.982
2,154,276
2,280,792
hardwood
production
was about the same and shipments slightly less than in the
preceding week.
New business was slightly above the pre¬
ceding week and was not only greater than that booked in
any of the preceding eight wreeks, but in better relationship
to output than in any of those weeks.
For the first week
since late July softwood orders were above those of corre¬
sponding week of 1937.
The increase was 10%.
Total
lumber orders were 9% above last year.
New business was
2% below output in the week ended Oct. 8; shipments were
7% below production.
Reported production and shipments
(hardwoods and softwoods) were, respectively, 7% and 3%
lower than during corresponding week of 1937.
Total pro¬
duction reported for the week ended Oct. 8 by 7% fewer
mills was 2%
below the output (revised figure)
of the
preceding week; shipments were 6% below that week's ship¬
ments; new orders were 1% above the orders of the previ¬
ous week.
The Association further reported:
During the week ended Oct. 8, 1938, 504 mills produced 220,333,000 feet
of softwoods and hardwoods combined;
shipped 204,825,000 feet; booked
orders of 215,388,000 feet.
Revised figures for the preceding week were:
Mills, 544; production, 224,138,000 feet; shipments, 217,683,000 feet;,
Southern
from
July
ering the operations of important softwood and
mills.
In the week ended Oct. 8, 1938, reported
Southern Pine, West Coast,
Change
1938
1937
1938
1938
22,
Association from regional associations cov¬
Manufacturers
orders,
Percent
f
Oct.
Chronicle
Qypress reported production
below the
week.
1937
8, 1938, by 425 soft¬
3% below the production of the
Shipments as reported for the same week were 196,961,000
feet, or 7% below production.
Production was 212,427,000 feet.
Reports from 97 hardwood mills give new business as 8,319,000 feet,
or
5% above production.
Shipments as reported for the same week were
7,864,000 feet, or 1% below production.
Production was 7,906,000 feet.
reported for the week ended Oct.
orders
Lumber
207,069,000
totaled
wood
mills
same
feet,
mills.
Identical
or
Mill Reports
1.806.403
production of 405 identical softwood
week's
Last
feet, and a year ago it was
September Business Activity in California Held Even
With August, Reports Wells Fargo Bank & Union
Trust Co., San Francisco
September business activity in California held virtually
with August levels, according to the current "Business
Outlook" released by Wells Fargo Bank & Union Trust Co.,
San Francisco.
The index of California business compiled
and
feet
reported production last week and a year ago
feet and
respectively,
7,327,000 feet and 11,646,000
orders, 7,425,000
7,276,000 feet and 8,867,000 feet, and
shipments,
feet;
mills was 209,592,000
221,751,000 feet; shipments were,
and 200,070,000 feet, and orders received, 203,969,000
186,168,000 feet.
In the case of hardwoods, 91 identical mills
feet
194,394,000
7,939,000 feet.
*
even
Newsprint Production During September
Reached
Highest Monthly Figure for Current
Canadian
by the bank stood at a preliminary figure of 94.2% of the
1923-25 average in September, as compared with 94.7% in
Year—Output
August and 108.6% in September last year. Of the four fac¬
tors of the Index, the greatest decline from August to
Below
September occurred in Department-Store sales, affected by
strike conditions in San Francisco; bank debits also showed
a small decline, while industrial production and freight carloadings registered slight increases.
5.4% Above August, But
25.7%
Ago—United States Production
Last September
12.2%
was
Below Year
September
newsprint production in
Canada
high level for the current year amounting
During
reached
new
a
220,303 tons, it was announced Oct. 12 by the Newsprint
Association of Canada. However, as compared with Septem¬
ber, 1937, when production
Factory
Employment and Payrolls in
Pennsylvania Increased 3% from August—Dela¬
ware
Factories Report Losses
September
Pennsylvania
increased about 3% from August to September, according
to figures released Oct. 20 by the Federal Reserve Bank of
Philadelphia.
The gain in employment from 72% to 74%
of the 1923-25 average was about in line with seasonal
expectations, while the increase in payrolls from 67% to
69% was somewhat larger than usual.
In comparison to
September, 1937, employment continued 20% and payrolls
Factory employment and wage payments in
The Bank further says;
29% smaller.
pronounced
improvement as compared with August, reflecting primarily greater activity
at railroad repair shops and at plants turning out automobile parts and
bodies.
Both employment and payrolls at textile
and clothing mills,
Manufacturers of
transportation equipment reported the most
July and August,
showed smaller gains in September than were to be expected.
In
durable goods industries the index of employment advanced from
58% of the 1923-25 average in August to 59% in September, and that of
wage disbursements increased from 56 to 57.
At establishments making
consumers' goods, the employment index rose from 90 to 92, and that of
however, after maintaining better than seasonal levels in
payrolls advanced from 87 to 89.
The total number of employee-hours
over
3%
hourly
year
in
September, and
earnings
ago
was
approximated
worked showed
further gain of
Average
as in August.
A
a
68c.,
or
about the same
the average was 7lc. and two years ago 59c.
conditions in Delaware, the Bank says;
The number of workers employed by Delaware factories was 5% less in
September than in August.
Wage payments showed a fractional decrease
and working time registered a reduction of 3%.
These declines were due
largely to lower operations of the food products group.
Compared with a
year ago, employment and total employee-hours worked declined about 22%
wage
totaled 312,220 tons, the Septem¬
output registered a decrease of 25.7%.
Output in
States was also above the previous month
ber
United
below
a
ago;
year
the month's production being
disbursements contracted nearly 27%.
Report
of
Lumber
Oct.
1937, decrease in the latter comparison being 12.2%.
"Gazette" of Oct. 13 it was stated:
'
Movement,
Week
Ended
totaled
Shipments
300,815
tons
23.4%.
a
year
September the Canadian industry operated at 68.1% of
60.0% in August.
The September rate was the highest
During
capacity against
the
for
current
230,346 tons against 204,668 tons in August and
ago, the reduction on the latter comparison being
year.
.
Total North American production
for September was 322,553 tons against
for the
406,834
year ago.
Canadian output, it will be noted, was slightly in excess
shipments, whereas shipments from Newfoundland and United States
300,716 tons in August and 421,104 tons a year ago.
Shipments
month totaled 332,470 tons against 291,487 tons in August and
tons
of
a
mills
were
well
ahead
of
the gain
ago,
overseas shipments, at
August and 42,336 tons a year
Canadian
production.
45,617 tons, compared with 29,654 tons in
the latter comparison being
on
February.
'
7.7% and the first since
•
271,892 tons at the
31 and a "normal" of
279,530 tons.
Total stocks in Northern American at Aug. 31 are given
at 719,252 tons against 702,121 tons at the end of July and a "normal"
of 620,594 tons, stocks being thus 15.9% in excess of "normal."
Manufacturers'
end
of
stocks
September
in
against
North America stood at
281,809
tons at Aug.
Improvement Expected in Domestic Demand for Farm
Products, According to Bureau of Agricultural
Economics
domestic demand for
Oct. 15 by the Bureau of
Agricultural Economics, United States Department of Agri¬
culture, which notes that industrial activity has expanded
Improved conditions affecting the
farm
products were reported on
consumer
incomes
have
better demand for farm
increased
in
recent
months.
should be reflected soon in a
products.
In its announcement the
department went on to say:
8, 1938
Oct. 8, 1938,
of the 1929 weekly average of production and
63% of average 1929 shipments. Production was about 70%
of the corresponding week of 1929; shipments, about 67%
of that week's shipments; new orders, about 71% of that
week's orders, according to reports to the National Lumber
In the
Montreal
and
The lumber industry during the week ended
stood at 66%
68,315 tons
and 77,847 tons in September,
against 67,436 tons in August,
The Bureau indicated that this
Weekly
the
but
the largest reported this year.
As to employment
and
August figure of
231,940 tons, or about 5.4% above the
to
net change in prices
Prices of cotton, fruits, eggs and
dairy products advanced, but prices of hogs, cattle, corn and poultry
declined.
The index of prices on Sept. 15 was 95% of pre-war.
Improvement was noted in the domestic cotton textile situation, and the
Bureau said the improved European political situation is favorable to a
revival of the cotton textile export business of European countries.
The
During
received
the last month
there was practically no
by farmers, the Bureau said.
Volume 147
Financial
estimate of world wheat production for 1938-39
bushels,
an
was
Chronicle
raised to 4,375,000,000
increase of about 50,000,000 bushels compared with
The farm supply
per
was
of feed grains—about 99,000,000 bushels
memorable decision which
month ago.
a
reported to be the largest for this time of year since 1932.
The supply
grain-consuming animal unit is slightly smaller than a year ago,
same as in 1932, and the
largest for any other year since 1925,
about the
The
Bureau
said
that
milk
production is
price,
in
and
feed
supplies
production of fall
per
and
animal
winter
unit
are
large.
was
broilers
but
declining seasonally,
likely to continue comparatively large during the winter.
noted
A
as
Feeds
are
marked
is
low in
increase
the
feature of
a
poultry situation.
Other
highlights of the Bureau's report included prospects for "a further
in hog marketings during the next few months," "some¬
what smaller production of beef and veal in 1939 compared with 1938,"
seasonal increase
and "some further improvement in the domestic wool situation."
The Bureau expects some improvement in the domestic demand for all
fruits this fall and winter, and a somewhat better foreign demand for
fruits
this season
compared with last.
Production of
most
of
the
important late truck
reported to be "substantially larger this year
crops
than last."
Sugar
Production
in
Java
to
Sept.
1
Above
Same
Period Last Year
Sugar production in Java since the start of the campaign
April to Sept. 1 amounted to 1,050,980 long tons as com¬
pared with 1,021,438 tons during the corresponding period
in 1937, an increase
of 29,542 tons, according to advices
received by Lamborn & Co., New,York.
The firm added:
in
k.
decline in production, output there dipping 2,300 barrels
daily total of 268,350 barrels.
Oklahoma production
rose 6,650 barrels to a
daily average of 457,05Q barrels while
Texas showed a gain of 6,550 barrels to 1,248,700 barrels./
Kansas was up 600 barrels to 155,300 barrels, with a gain of
16,400 for California lifting production there to 677,800
barrels daily, the sharpest gain.
The Kansas Corporation Commission has set Oct. *27 as
the hearing date for the November allowables, at which
time nominations Will be filed by producers and the estimate
of the United States Bureau of Mines for the average daily
market demand for Kansas made public.
November daily
market demand for crude oil was set at 3,391,000 barrels by
the Bureau of Mines, 1% above October but 5% under
actual demand in November, 1937.
The following price changes were posted:
any
to
Last year's production, also restricted to 1,400,000 tons, outturned
1,392,146 tons.
Exports during the current April-August period amounted to 546,712
tons as
an
compared with 486,135 tons in the corresponding period last year,
increase of 60,577 tons.
year
totaled 687,504 tons
last
Sugar stocks
on
hand in Java
on
Sept. 1 this
year,
FSCC
to
as
against 648,936 tons
Purchase
Surplus
on
hand
Cane
on
the same date
Sirup
The Federal Surplus Commodities Corporation has been
authorized to buy surplus cane sirup in five Southern States
under a purchase program announced Oct, 13 by the Agri¬
•
cultural Adjustment Administration.
the Corporation will be distributed
agencies for relief
use,
b The States in which
than 90%
The sirup bought by
through State welfare
said the AAA; it also said:
purchases of sirup are authorized are: Louisiana,
Mississippi, Alabama, Georgia and Florida.
,
These States produce
a
Oct. 18—South Penn Oil cut Corning crude 10 cents to 97 cents a
more
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa
Total production of sirup in 1938 is expected to equal that in 1937 of
$1.80
Lima (Ohio Oil
years
Caret Creek..—.——
1.09
1.25
Central Field, Mich
1.20
Sunburst. Mont..........—.....
1.42
1.22
1928-32.
Mid-Cont't, Okla., 40 and above.. 1.02
♦
Ark., 40 and above......
Smackover. Ark., 24 and over....
Rodessa,
Petroleum and Its Products—Corning Crude
Five-Year
Low—Self-Regulation
Price Cut
of Industry
Urged by Phillips—Monopoly Investigating Board
to Probe Oil Industry—Daily Average Crude Oil
Output Up
A cut pf 10 cents a barrel in the price of Corning grade
crude oil, posted on Oct. 18 by the South Penn Oil Co.,
lowered the quotation to 97 cents a barrel, the lowest level
REFINED
FUEL
Although there
was no
price change posted during the current
The reduction
posted by the South Penn Oil Co. was the
Corning grade.crude in two months, a similar
having been posted in the first week of September. The
97-cent figure, mcidentally, is the first time that Corning
grade crude oil has been below $1 a barrel since Sept, 6,1933,
when it was 95 cents a barrel.
Corning grade crude has been
steady despite weakness in other Pennsylvania grade crude
oils until the beginning of September when prices started
their decline.
The new price compare? with the 1933-38
high of $1.42 a barrel.
Self-regulation of the petroleum industry, under Federal
supervision, was suggested ias the cure for the current evils
of the industry by Frank Phillips, chairman of the Phillips
Petroleum Co., in an address delivered at Wellesley Hills,
Mass., during the week. One of the major changes in the
present picture suggested by Mr. Phillips was that the
Interstate Oil Compact Commission, which now merely
recommends production quotas for its 6-State membership,
be given the legal right to set allowable production for the
cut
country as a whole #and also that it be given control over
imports of petroleum.
In his address, Mr. Phillips contended that unless the oil
producing States do exercise full control over all production
in the country on a cooperative basis with the Federal Gov¬
ernment, there is a definite possibility that the industry will
face the threat of complete Federal control.
Commenting
control of refining and marketing, he suggested that a
similar group to that instituted under the NIRA Oil Code
be set up which would have full control over refining and
marketing operations.
Col. Thompson, of the Texas Rail¬
road Commission, issued a statement late in the week at
Hyde Park in which he said that President Roosevelt had
voiced approval of such a plan.
The records of the Department of Justice covering the
results of its investigations of the petroleum industry which
have been in almost uninterrupted sequence since the
upon
Huntington, Calif., 30 and over... 1.22
Kettleman Hills, 39 and over...... 1.42
Petrolla, Canada................ 2.15
PRODUCTS—GASOLINE
INVENTORIES
OIL
STOCKS
AND
LOWER—GAS
SPURT—REFINERY
AGAIN
OP¬
petroleum industry during the week, as meaningless price
changes provided the sole fluctuations in the basic markets.
Inventories* of gasoline were off 280,000 barrels to a total
of 68,426,000 barrels, according to the American Petroleum
Institute.
This is only about 2,500,000 barrels in excess of
the storage figures for the corresponding period a year ago
and is far lower than oil men anticipated at the outset of the
on
second for
.75
GENERALLY DULL
A contra-seasonal decline in stocks of finished and un¬
finished motor fuel during the week of Oct. 15 held the
center of attention in the refined products division of the
the West Coast, oil men looked for some sort'of a
revision there to bring prices into line with the new levels for
mid-continent crudes.
•
1.25
ERATIONS SPURT—MARKETS
for five years, as the full effects of the recent price cuts for
crude in the mid-continent fields hit other producing areas.
week
1.02
Rusk, Texas, 40 and over......*.
Illinois.. A
and
increase of 7,335,000 gallons over the average annual production during
to
Eldorado, Ark., 40..—...........$1.05
Co.)—.*
.*
1.25
Corning, Pa.....................
.97
Western Kentucky...............
25,135,000 gallons, which was the second largest supply in recent
an
barrel.
Prices of Typical Crudes per Barrel at Wells
of the annual output of sugarcane sirup produced in the United
States.
.
the old Standard oil group
than the market demand estimate of the Federal agency.
Louisiana was the only member of the "Big Five" to show
jThis year's Java sugar crop is limited to 1,400,000 tons by government
decree.
saw
broken up some 25 years ago will form the base of the joint
Congressional-Administration monopoly group in its study
of the petrouem industry.
Reports from Washington in¬
dicated that Thurman Arnold, head of the
Department's
Anti-Trust division, will investigate production, refining,
oil station operations and
transportation and marketing.
Responsibility for the recent price cuts in Texas^was laid
upon the producers and the State Regulatory "bodies of
Louisiana, Arkansas and Illinois in large at the monthly
proration meeting of the Texas Railroad Commission in
Austin on Oct. 15.
It was pointed out that heavy exports
of oil from other producing areas into Texas unsettled a
market that was none too steady and thus brought about
the reductions in posted prices.
The Bureau of Mines
market demand estimate for Texas for November, it was
disclosed, was 1,371,000 barrels daily, against current
maximum output of 1,270,000 barrels daily.
Daily average production of crude oil in the United States
during the week ended Oct. 15 gained 22,250 barres to a
total of 3,310,000 barrels,
against the Bureau of Mines
market demand estimate of 3,366,800 barrels, according to
the report of the American Petroleum Institute.
Produc¬
tion, at the current rate, is approximately 85,000 barrels less
of Oct, 1—
as
2457
season.
Refinery stocks of gasoline were off 378,000 barrels to
37,638,000 barrels while bulk terminal holdings rose 18,000
barrels to 24,624,000 barrels.
Stocks of unfinished gasoline
were up 80,000 barrels to 6,164,000.barrels,
A continuation
of the steady rise in holdings of gas and fuel saw another peak
established at 152,648,000 barrels, up 373,000 barrels.
The decline in motor fuel stocks
was
all the
more
note¬
worthy in the face of a sharp advance in refinery operations
that lifted them to 83.3% of capacity, a new 1938 high, and
a gain of 3.0 points.
Daily average runs of crude to stills of
3,310,000 barrels were up 105,000 barrels. Production of
gasoline during the Oct. 15 period of 9,768,000 barrels was
off 67,000 barrels.
With the exception of seasonal firming in prices of heating
oils, the price list of the various refined petroleum products
showed little changes of any significance.
The" nation's
gasoline markets were dull following the sharp slump last
week in Texas where prices were cut 2 cents a gallon in a
State-wide cut.
65 Octane), Tank Gar Lots, F.O.B. Refinery
U. S. Gasoline (Above
Other Ctiies-
New York—
New York
Stand. Oil N. J..$.07*
Gulf
.06
Orleans.
08*
Shell Eastern
New
07*
....
Gulf ports...
Tulsa....
-.05*
*-.07
.05*
04*-.04*
$.05
Chlcago
$.07 *
Texas
Socony-Vacuum. _ .07*
Tide Water Oil Co .OS*
Richfield Oil (Cal.) .07*
.07*
Warner-Qulnlan..
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
1 North Texas
New York—
$ 04*
(Bayonne)—
$ 04
j Los Angeles.. .03*-.05
Fuel OH, F.O.B. Refinery or
I California
Y. (Bayonne)—
N
$0.951
Bunker C
Diesel.
—-
.
|New Orleans.$.05 *-.05*
jTulsa
.03*-.04
Terminal
24 plus D
1 New Orleans C—...$0.90
$1.00-1.25 Phlla., Bunker C—0.95
'
1 75'
Gas Oil, F.O.B. Refinery or Terminal
Y. (Bayonne)—
N
I
27plus.-'--..-—$.04*
!
Chicago—
28-30 D.
i
$.053
Tulsa
$.02*-.03
I
Gasoline, Service Station, Tax Included
*
-New York...
x
Brooklyn.
a
...
$.1951Newark...
.1951 Boston
Not Including 2% city
sales tax
.......
$.169i Bu falo
*.—..$.17
.185» Phlladelpbl......... .17
,
Financial
2458
estimates
Institute
Petroleum
American
Week
1938, Placed «at 3,271,600 Barrels
Ended Oct. 16,
The
During
Production
Oil
Crude
Average
Daily
that
the
production for the week ended
barrels. This was a gain of
22,250 barrels from the output of the previous week, and
daily average gross crude oil
Oct. 15, 1938, was 3,271,600
the 2,366,800 barrels
States Department of the Interior
the total of the restrictions imposed by the various
week's figure was below
the current
calculated by the United
be
to
States during October.
Daily average pro¬
Oct. 15, 1938, is estimated
oil-producing
duction for the four weeks ended
3,250,950 barrels. The daily average output for the week
16, 1937, totaled 3,602,150 barrels.
Further de¬
tails, as reported by the Institute, follow:
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended Oct. 15 totaled 1,272,000 barrels,
a daily average of 181,714 barrels, compared with a daily average of 175,143
at
report stated that the estimated production of Pennsylvania
anthracite for the week ended Oct. 8 amounted to 1,147,000
weekly record since that of May 28, when
1,288,000 tons was produced. The increase over the week of
Oct. 1 was 249,000 tons, or 28%. Compared with the week
of Oct. 9, 1937, however, there was a decrease of 20,000
tons, or approximately 2%.
tons, the highest
Oct.
There
were
ended
California oil
of
receipts
at Atlantic
that
basis,
Coats t
barrels
12,821
and
8
daily
potential
daily
85.5% of the 4,183,000-
capacity
refining
whole
the
of
States
United
to stills, on a Bureau of Mines
ran
3,310,000 barrels of crude oil daily during the week, and that all
in storage at refineries, bulk terminals,
in transit and in
end of the week, 68,426,000 barrels of finished and
unfinished gasoline and 152,648,000 barrels of gas and fuel oil.
Total
gasoline production by companies owning 84.6% of the total
pipe lines as of the
daily refinery capacity of the country amounted to
DAILY
Oct.
'
'
Oct, 1,
Oct. 9,
1938
8,
1937
1938
1929
1937
1938 d
a
5,177
weekly output.
Includes for purposes of historical comparison
production of lignite, semi-anthracite and anthracite outside of Pennsylvania, b Total
during the week converted to equivalent coal assuming 6,000,000
barrel of oil and 13,100 B.t.u. per pound of coal, c Subject to revision,
revision, e Sum of 40 full weeks ended Oct. 1,
d Total for 1938 is subject to current
and 1929.
1938, and corresponding 40 weeks ol 1937
OF
PRODUCTION
ESTIMATED
NET
IN
Calendar Year to Date
Oct. 1,
Oct. 9,
1938
Penn.
Four
of AT.,
Slate
Week
Allowable
Ended
Change
from
Calcu¬
Oct. I
Oct. 15,
Previous
1938
1937
1937
Week
1937
1938
1929
c
c
Anthracite
Total, incl. colliery
Weeks
Week
Ended
Ended
Oct.
AND
TONS
Week Ended
Oct. 8,
(Figures In Barrels)
Interior
ANTHRACITE
PENNSYLVANIA
BEEHIVE COKE
9,768,000 barrels.
Dept. of
5,733 212,340 223,352 176,709
and statistical convenience the
barrels produced
B.t.u. per
a
lations
1,321
5,205
9,648 242,894 338,762 400,262
1,433
1,691
1,608
1,028
7,923
1,318
Crude Petroleum b—
AVERAGE CRUDE OIL PRODUCTION
B.
7,910
Total, Including mine fuel
Dally average
Coal equivalent of
the industry as a
companies had
Calendar Year to Date
Week Ended
v
in the four
15.
Oct.
estimated
indicate
Gulf
and
compared with a daily average of 32,429
Reports received from refining companies owning
barrel
OF CRUDE PETROLEUM
Bituminous Coal a—
ports for the week ended Oct. 15
barrels for the week ended Oct.
weeks
ON PRODUCTION
ANDS OF NET TONS WITH COMPARABLE DATA
15.
no
COAL, IN THOUS¬
ESTIMATED UNITED STATES PRODUCTION OF SOFT
8 and 156,000 barrels daily for the four
ended Oct.
for the week
ended
weeks
1938
22,
Cumulative production of soft coal in 1938 to date is
28.3% below 1937; cumulative production of anthracite,
14.0% below 1937.
The United States Bureau of Mines in its current weekly
ended Oct.
barrels
Oct.
Chronicle
Oct. 16,
1937
15,
1938
fuel
1,147,000
a
Dally average.
191,200
-
15,200
2,533
United States total
{Oct.)
Daily average_.
Oklahoma.
523,600
428.00G
457,050
+6,650
452,450
695,450
Kansas—
163,400
163.400
155,300
+ 600
157,600
191,700
69,150
—1,500
63,850
898,000 1,167,000 33,865,000 38,996,000 54,880,000
165,600
233,000
143,800
194,500
149,700
Beehive Coke—
51,500
670,900
2,795
5,287,600
22,032
2,683,000
8,583
14,300
2,383
11,179
shipped by truck from authorized
Includes washery and dredge coal, and coal
78,750
a
operations,
b Excludes colliery fuel,
three years.
Adjusted to make comparable the number
c
of working days in the
Panhandle Texas...
74,360
+ 3,150
30,100
+ 1,200
29,100
West Central Texas.
West Texas
+ 750
193,450
214.000
89,700
109,050
71,850
90,150
East Central Texas.
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
34,400
189,100
North Texas
74.6C0
East Texas
369,750
"+450
369,250
Southwest Texas
224,000
+ 1,600
219,850
481,500
259,800
Coastal Texas
203,100
+ 900
200,850
(In Thousands of Net Tons)
[The current weekly estimates are based on railroad carloadings and river ship¬
revision on receipt of monthly tonnage reports from district,
and State sources or of final annual returns from the operators.]
ments and are subject to
208,700
We.'k Ended—
Sept.
Stale
+6,550 1,237,900 1,460.800
1,359,000 bl687619 1,248,700
Total Texas.
Oct. 1,
'
North Louisiana
—4,350
Coastal Louisiana
77,100
189,150
248,400
266,250
—2,300
268,350
260,470
Oct. 3.
Sept. 28
1938
1937
1936
1929
246,850
2
54,100
57,450
58,350
+ 2,100
43,000
2
3
3
209
195
257
251
"
Alabama—-
Colorado
97
96
171
242
1
1
182.900
129,700
Michigan
53,900
54,600
+ 1,000
63,050
53,600
Illinois
900
Wyoming
69,700
50,050
+ 100
53,400
56,300
Indiana
312
Montana
13,800
13,750
—250
13,550
17,550
Iowa.
4,300
3,400
—50
3,450
104,700
4,350
109,200
New Mexico.
103,800
103,550
103,850
Georgia and North Carolina
2,593,800
2,747,800
619,000
c615,000
+ 5,850 2,583,600 2,903,150
667,35C
699.000
677,800 + 16,400
3.271.600 + 22,250 3,250.950 3,602,150
3.366.800
These
are
Bureau of Mines* calculations of the demand for domestic crude oil
based upon certain premises outlined In Its detailed 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 estimate of
demand to determine the amount of new crude oil to be produced.
b Base
through
allowable
Oct. 23.
effective
Oct.
1.
Saturday
Calculated net seven-day
and
Sunday
allowable for
shutdowns effective
ended Saturday
week
morning, Oct. 15, approximately 1,252,104 barrels dally,
Note—The figures Indicated above do not Include any estimate of any
oil which
1,152
1,095
1,285
1,363
396
353
387
440
71
94
75
95
147
137
144
157
145
783
921
803
1,042
765
184
—
992
330
795
—
184
197
180
—
28
34
*
308
100
217
55
44
14
12
16
9
18
21
57
83
66
88
•
Michigan
-
50
Maryland
32
50
New Mexico
25
25
34
30
50
49
North and South Dakota
41
49
57
64
•83
820
423
-
Tennesee
402
538
488
540
871
1,665
1,616
2,357
2,362
2,989
3,734
113
Ohio
Pennsylvania bituminous
103
119
121
107
118
Texas
19
18
18
15
22
Utah
70
69
83
82
122
83
310
306
316
265
274
248
Virginia
-
24
29
36
47
40
60
47
1,721
1,632
1,914
1,942
2,269
1,515
486
Washington
Northern, b
might have been surreptitiously produced.
81
173
8
28
Kentucky—Eastern
West Virginia—Southern a
Recommendation of Central Committee of California Oil Producers.
c
8
129
Missouri
Kansas and
Montana
a
*
♦
74
Western..
Total east of Calif..
California
397
143
164
—8,550
_..,
377
85
134
181,600
Colorado
e
8
93
148,400
Eastern
8
123
Arkansas and Oklahoma
Arkansas
Avge.
1923
173,600
Alaska
Total Louisiana
Oct. 2.
1938
73.250
+ 2,050
77,200
191,150
»
Sept. 24
498
634
515
777
875
107
139
154
106
Wyoming
134
167
1
1
85
s4
9,808
9.337
11,662
*
1
Other Western States.c
-
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE
AND
GAS
AND
FUEL OIL WEEK ENDED
OCT. 15,1938
(Figures In Thousands of Barrels of 42 Gallons Each)
Crude Runs
to Stills
Pennsylvania anthraclte.d
Stocks of
Finished and
Unfinished Gasoline
of
Poten¬
Reporting
Aver¬
tial
Rate
Total
P. C.
P.
Oper¬
At Re¬
age
ated
fineries
Gas
in
Daily
and
C.
Terms., Nap'tha
<kc.
Distil.
Fuel
Oil
total
615
615 100.0
Appalachian.
149
128
546
419
Ind., ill., Ky
Okla., Kan..
Mo
898
816
1,155
1,297
1,980
8.698
10.963
10.634
13.642
13.464
In ludes operations on
560
91.1
5,299
12,010
1,118
published records of the Bureau of Mines, e Average weekly rate for entire month,
p Preliminary,
r Revised.
* Alaska, Georgia, North Carolina, and South Dakota
included with "other Western States." * Less than 1,000 tons.
99
71.Z
887
1,704
256
89.0
436
89.7
5,225
4,534
509
9,352
342
81.6
263
76.9
3,278
2,325
403
4,670
'
870
486
.A
•
16,322
85.9
d Data for Pennsylvania anthracite Irom
California, Idaho, Nevada and Oregon,
1
East Coast..
•-
11,538
1,926
7,923
the N. & W.; C. & O.; Virginian; K. <fc M.; B. C. & G.,
and on the B. & O. in Kanawha, Mason and Clay counties, b Rest of State, Including
the Panhandle District and Grant, Mineral and Tucker counties, c Includes Arizona,
a
Stocks
Unfin'd
Finished
District
—
»
Grand
Daily Refining
Capacuty
r7,882
8,821
Total bituminous coal
Inland Texas
316
159
50.3
105
66.0
1,242
91
270
1,999
Texas Gulf..
943
838
88.9
773
92.2
7,484
324
1,754
14,514
La. Gulf...:
149
145
97.3
121
83.4
1,259
519
425
3,322
No. La.-Ark.
100
65
55.0
51
92.7
241
162
68
814
Rocky
118
64
54.2
52
81.3
1,00'3
99
828
90.0
519
69.7
8.900
1,162
85.5
83.3
34,818
24,004
606
2,979
333
2,820
620
of the world,
refinery
on
basis, in
thousands of fine ounces, according to the American Bureau
96,674
3,577
production
761
745
Silver Production of the World
Silver
Mtn.
California...
2", 335
of Metal Statistics
was as
follows:
Est. unreptd.
May
June
July
Aug.
Aug.
6.064 149,298
100
3,350
5,044
United States
4,813
4,679
4,530
5,596
2,112
2,528
40,719
1,430
Mexico
-
Oct. 15 '38
4,183
4,183
3,310
37,638
24,624
6,164 152,648
Peru
Oct. 8 '38.
4,183
4,183
3,205
38,016
24,606
6.084 152,275
Other America
z3,388
36,313
23.226
7,127 118,086
1,509
1,603
7,153
6,244
1,525
1,500
8,417
1,300
1,900
1,775
12,081
cl,425
Canada
xEst.tot.U.S.
cl,400
1,470
1,500
11,560
1,350
a
a
14,268
a
1,600
1,675
1,675
1,700
1,700
Australia, refined
720
610
771
861
862
13,255
5,989
Other Australia and New Zealand
450
525
590
500
500
3,940
Europe
U.S. B. of M.
xOct. 15 '37
x
Jan.-
•
April
Reported
Estimated Bureau of Mines'
basis,
z
October, 1937, dally average.
+.
Japan, b
840
840
845
845
845
6,675
Burma, refined
500
495
495
490
490
3,980
Other Asia
290
300
325
300
300
2,345
95
99
95
94
95
756
225
225
210
210
210
1,830
75
80
85
85
90
640
21,197
14,044
20,440
22,490
14,196
14,073
South Africa
Weekly Coal Production Statistics
The National Bituminous Coal Commission in its
weekly
report states that the total production of soft coal in the week
ended Oct. 8 is estimated at 7,910,000 net tons, as against
7,923,000 tons in the preceding week.
Production in the
corresponding week of 1937 amounted to 9,648,000 tons.
Belgian Congo
Other Africa
Total
Total ex-Mexico
—
15,097
^6,491 118,039
*
a
Not
b Owing to governmental interdiction the accounting for
necessarily on the assumption that It Is being maintained about the
yet reported,
Japan Is now
prior rate,
c
Conjectural.
Volume 147
Financial
Australian Gold Production for Year Ended J
1938 Exceeds 1936-37 by
179,366 Ounces
Copper
Following the upward
exceeding production in
1936-37 by 179,356 ounces,
according to a report to the
Department of Commerce from the office of the American
Trade
Commissioner at Sydney, and made known by the
Commerce Department Oct. 7.
The Department said:
Production in the fiscal year
was
1938 was greater than in any year since
only one-third the record production of 3,989,000 fine ounces
in 1903, the report states.
Since gold production began to expand
following a long period of stagna¬
tion, the quantity produced has nearly trebled.
U%c.
duced
Portland
cement
industry
in
much of the available supply, and, as soon as conditions
revert to
normal, the London market, it is hoped, will
quiet down again, particularly
up
in reference to
speculative operations.
Monday
to lift all restrictions
on
Following is
and
a summary
of the figures of the Copper Institute for August
September:
Aug.
Sept.
36,420
41,051
Aug..
Production, blister:
U. S.
mine
ifec...
Foreign mine
Foreign scrap, Ac.
refined:
8,138
8,695
89,544
83,095
U. S. export
16,291
14,615
Foreign
150,393
147,456
38,053
110,855
45,808
108,057
148,908
Totals
153,865
8.
duty-free...
Foreign
pro¬
Totals
mills, and had in stock at the end of the month 21,322,000
Sept.
Deliveries to customers,
...
U. S. scrap,
U.
Production and
The quick action by the Cartel on
output was favorably received by con¬
sumers.
10,562,000 barrels, shipped 11*716,000 barrels from the
barrels, according to the Bureau of Mines.
Oct. 13, to 11c., Valley, and He. on Oct. 14,
were highly favorable and
inspired buyers
large tonnage, particularly in the foreign field.
Offerings
abroad of near-by metal have been
light ever since the war scare cleaned
a
U.S. domestic
Buying abroad increased in
48,071
14,761
53,637
14,282
114,748
123,016
177,580
Totals
Production, refined:
1938,
September,
on
September statistics
to come in for
„
September Portland Cement Statistics
The
trend in London, producers advanced the domestic
quotation for copper %c.
to
Due to the increase in the
price of gold the value of production has increased about five times, accord¬
ing to the report.
.
2459
30,
une
Gold production in Australia for the
year ended June 30,
1938 totaled 1,476,438 fine ounces,
1917, but
Chronicle
190,935
315,191
293,080
Stock at end, refined:
United States
Foreign.
179,333
164,374
Totals
494,524
457,454
volume early in the week as fears of
a
run¬
away market spread.
The higher rate of output by the foreign group is
expected to add between 20,000 and 25,000 tons to
monthly output.
The
shipments of Portland cement in
news
decreases of
prices.
September,
September, 1938, showed
5.9% and 8.3%, respectively, as compared with
1937.
0.3% lower than
Portland
a
year
cement
stocks
mills
at
were
brought
will be
ago.
out general profit taking in London and a
sharp reaction in
Domestic sales for the last week amounted to
21,721 tons, bringing the
total for the month to date to
68,442 tons.
Domestic deliveries for October
larger than those of September, from present indications.
The total production for the nine months
ending Sept. 30,
1938, amounts to 75,744,000 barrels, compared with 88,809,000 barrels in the same period of 1937, and the total
shipments for the nine months ending Sept. 30, 1938,
amount
to
79,288,000 barrels compared with 89,839,000
barrels in the
period of 1937.
same
The statistics here given are compiled from
reports for
September received by the Bureau of Mines from all manu¬
facturing plants except one, for which estimates have been
included
in
lieu
of
actual
returns.-
In the following statement of relation of
production to
capacity the total output of finished cement is compared
with
the
estimated
September,
ber, 1938:
1937,
capacity of 160 plants at the close of
plants at the close of Septem¬
and 161
*
RATIO OF PRODUCTION
TO
Lead
Lead transactions
during the last week involved 17,300 tons, the largest
volume sold during any
seven-day period so far this year.
Buying was
well
diversified, and the optimistic statement by Mr. Sloan, chairman of
General Motors, prompted some lead consumers
supplying the automobile
industry
to
specify
metal
structure continues firm.
taking
a
conservative
delivery sooner than anticipated.
The price
Meanwhile, leading interests of the industry are
view
toward higher prices, because a clearer out¬
look and higher market abroad is first
desired, and, as well, they wish to
avoid the creation of an
opportunity for speculation in the domestic market.
Another factor is, a leading
producer desires to
liquidate
lated tonnage to
the future.
a certain accumu¬
steady and improved employment at its mines in
assure
Statistics for
September are expected to show another sharp
decline in stocks, and October
shipments may exceed any so far this year.
The strike at the East Helena smelter has not
yet been settled.
Quotations closed firm at 5.10c., New York, which was the contract
settling basis of the American Smelting & Refining Co., and 4.95c., St. LquIs.
CAPACITY
•
Zinc
Sept., 1937 Sept., 1938 Aug., 1938 July,
1938 June, 1938
The strength in zinc abroad early in the
week, .and the excitement in
The month
53.1%
The 12 months ended
PRODUCTION.
49.9%
40.2%
47.1%
_
SHIPMENTS.
CEMENT
AND
BY
50.4%
STOCKS
DISTRICTS
IN
50.2%
49.8%
40.4%
40.8%
41
OF
FINISHED
0%
PORTLAND
SEPTEMBER
level.
Slocks at End
Production
1937
Shipments
1938
to
following day, however, the price became firmly established at the top
(In Thousands of Barrels)
District
brought out some good buying here. On Oct. 13 the price advanced
5.05c., St. Louis, for Prime Western.
As a fair tonnage sold at both
4.95c. and 5.05c., we show a range in our
quotation for that day.
On the
copper,
1937
ended
Oct.
15 totaled
Unfilled
.Tin
1938
Trading in tin
sumers
Eastern Pa., N. J. and Md
New York and Maine
grades for the week
common
of Month
1938
1937
Sales of the
9,514 tons, which compares with 2,961 tons in the week previous.
orders increased to 45,651 tons.
1,779
1,919
2,254
2,038
4,455
4,217
718
516
808
713
1,694
1,561
Ohio, Western Pa., and W. Va..
Michigan.
1,059
1,119
1,256
1,031
2,739
874
753
1,116
958
1,920
2,950
1,899
Wis., 111.. Ind. and Ky
Va., Tenn., Ala., Ga., Fla. & LaEastern Mo., Ia., Minn. & S. Dak
1,423
1,104
1,051
1,416
1,946
1,850
1.004
1,517
1,140
1,193
1,686
1,196
1,142
1,382
1,343
2,166
1,532
2,192
811
865
826
1,596
1,723
624
581
601
745
312
305
449
during the last
week.
Sellers
believe
con¬
862
259
quiet
was
ready to enter the market, but became hesitant when prices
in London dropped on
Tuesday.
As industrial activity broadens in the
463
were
W.
...
Mo., Neb., Kan., Okla. & Ark
807
Texas
574
Colo., Mont., Utah, Wyo. & Ida.
321
*
'
California
882
993
938
966
1,345
486
326
604
326
647
10.562
12,773
11,716
21.388
Chinese tin, 99%
,
was
are
of capacity.
nominally
as
follows:
Oct. 13th, 43.725c.; 14th,
43.975c.; 15th, 44.000c.; 17th, 43.750c.; 18th, 43.750c.; 19th, 44.200c.
DAILY PRICES OF
METALS
("E. & M. J."
QUOTATIONS)
785
11.223
Tin-plate operations
estimated to be about 30%
1,288
Oregon and Washington
automobile and other industries, demand should
improve, and sellers look
for more interest in tin buying in the near future.
21.322
Electrolytic Copper
Straits
Tin
Lead
Zinc
•
Total
Dom.,ReJy. Exp., Refy.
PRODUCTION,
SHIPMENTS,
AND STOCKS OF
CEMENT BY MONTHS
FINISHED
New York
New York
St. Louis
St. Louis
4.95
4.95@5.05
PORTLAND
Oct. 13-.--.
Month
Production
1937
1938
1937
1938
1937
45.225
5.10
11.025
45.475
5.10
4.95
11.125
45.500
5.10
4.95
11.025
11.125
45.250
5.10
4.95
5.05
Oct. 18
Stock at End of
Month
Shipments
10.825
11.025
11.025
Oct. 17
(In Thousands of Barrels)
.
10.775
Oct. 14
Oct. 15
*
•
11.025
10.800
45.250
5.10
4.95
5.05
Oct. 19
1938
11.025
4,534
4,689
4,390
25,023
Export
5,837
3,916
5,163
4,575
25,059
24,361
Oct. 12th
5,879
7,879
7,259
25,622
22,979
7,983
10,272
May
11,634
10,361
11,890
9,752
25,493
22,875
June
11,163
10,535
12,645
10.932
24,011
22.467
February
March
April
-
July
8,678
24,393
25,747
22,262
11,597
10,967
12,237
10,163
11,894.
^
August
11,007
12.291
11,823
22,940
11,223
10,562
12,773
11,716
21,388"
23.370
23,286
a22.476
~
September
—
October
11,374
November
-*
9,248
December
to
7,047
Total
—
—
116,478
11,190
8,188
4,792
114,010
*
*
21,565
22.634
21,322
m
*
-
-
to
5.10
4.95
5.05
5.10
4.95
5.042
copper,
f.o.b.
refinery,
refinery,
12th,
10.700c.;
1Q.775C.; export
copper,
Oct.
15
average
for
Domestic
are:
week
ended
copper
f.o.b.
10.829c.; Straits tin, 45.190c.; New York lead,
5.100c.; St. Louis lead, 4,950c.; St. Louis zinc, 5.000c.; and silver, 42.750c,
The above quotations are "M. & M, M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
the basis of cash, New York or St. Louis, as noted.
They
are reduced
to
All prices are in cents per pound.
are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
-
trade, domestic copper prices are quoted on a delivered basis; that is,
delivered at consumers* plants.
a
Oct.
10.538c.
was
Average prices for calendar week ended
In the
-
45.700
45.400
Copper, lead and zIdc quotations
24,939
-
10.900
10.967
to
•
5.05
10.983
Average..
8,443
10,402
6,616
January
5.05
*
Revised
As delivery charges vary with the destination, the
figures shown above are net prices at refineries
on the
Atlantic seaboard.
Delivered
prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries
Non-Ferrous
Metals—Domestic
Copper
11 ^c.,
Valley
seaboard.
the Atlantio
On foreign business in copper sellers usually name a c.i.f. price—Ham¬
burg, Havre, and Liverpool.
—Output Lifted Abroad to Curb London Market
on
The c.i.f. basis commands
a premium of 0.325c. per
pound above f.o.b. refinery quotation.
"Metal
and
Mineral
Markets"
in
its
issue
of
Oct.
20
DAILY LONDON PRICES
reported that the feature in non-ferrous metals in the last
week
was
the continued
activity in
prices sharply there and
domestic
was
copper
quotation to 11 i^c., Valley, a net gain for the
period of one-half cent. Not until output restrictions were
removed by foreign producers did London traders lose a
little of their bullishness.
Lead was active here, and the
market closed strong.
Zinc advanced 10 points to 5.05c.,
St. Louis.
Tin was moderately higher.
Refined platinum
declined $2 per ounce*.
The publication further reported:
Copper,
abroad that raised
Std.
Copper
Tin, Std.
Lead
Zinc
Electro.
responsible for advancing the
Spot
(Bid)
Spot
45i*i«
Oct. 12
3M
46*16
51%
205%
20643
Spot
3M
Spot
16*16
16*16
14**16
164
3M
154
46i*i6
52
207%
2084
154
15*16
47'ie
471*16
53
209
210 4
16**16
16**18
15*16
15**16
48*16
48*i«
210%
2114
16**18
16**16
15**16
15**16
207
208
164
16*16
15*16
15*16
210*4
2114
16*16
16*16
15*,,
15*4
46"ia
Oct. 13
Oct. 14
Oct. 18
451*16
46*16
53%
504
Oct. 19
46i*i6
47*16
51%
Oct. 17
3M
-
16*18
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*
prices.
All are in pounds sterling per-long-ton (2,240 lb.).
Steel Operations at
The
received indi¬
cated that the operating rate of steel companies having 98%
of the steel capacity of the industry will be 49.4% of capacity
for the week beginning Oct. 17, compared with 51.4% one
in prices of hot and cold rolled
strip, enameling sheets and long ternes has
top of the $4 a ton break early last week, mak¬
sheets, hot rolled
developed
ing
of
on
week ago,
cated rates of steel
down $6, and to gal¬
products affected are components
ton below the
rolled products at a
-
by any company toward stabilization
31.0%
Feb.
28
6
30.4% June
29.3% June 13
29.6%
27.5%
27.4%
Mar. 14
Mar. 21
33.7% July
6
13
markets,
strip producers in a quandary.
will have any repercussions on steel wages
-
,
The "Iron Age" scrap composite
One year ago
2.236c.i
2.286c. i
2.512c. {
the increase in
1937
last week.
Cleveland up 3
to 54%
Detroit up 5 to 77%
New England up 5 to 70% , Cincinnati up
27 to 70% and St. Louis up 3 to 48.5%
Youngstown slipped 4 points to
51%
Buffao was down 4.5 to 46.5% and eastern Pennsylvania dropped
1 to, 32 %
Birmingham and Wheeling were unchanged at 57 and 54% ,
Most
1.953c.
1933
1932
1.916c.
1930
2.1920.
2.402c.
1927.....
One year ago.
.
respectively.
23.25
Mar. 9
Nov. 24
Nov. 5
May
1
19.73
_
i
-
18.84
17.90
16.90
14.81
1932
1930
1927
__
Steel
Oct. 18, 1938,
Dec.
5
Jan.
5
18.21
1933
One year ago
Jan.
7
19.71
Jan.
4
1937
1936
1935
1934
1933....
1932
1930
1927
engineering construction, as
bar orders and inquiries.
railroad
of
30
buying are
locomotives
have been approved
equip¬
Outstanding in
2,400 freight cars for the Southern and a
for the Union Pacific.
Operations of farm
below normal.
equipment builders are moderately heavier.
Oct.
8
Mar.
2
2.0560.
Jan.
8
composite is unchanged at the preceding week's higher level
1.9450.
Jan.
2
ductions in sheets and strip prices cut
1.792c.
May
1.870O.
Mar. 15
1.962c.
Oct.
2.212c.
Nov.
2
29
1
production and the
of $14.04. Re¬
80 cents
to $56.40, lower since the last week of Febuary, 1937.
Weakness in flat
rolled steel also caused a drop of 48 cents in the (iron) and steel composite
Scrap prices
to
July
Feb.
Aug.
May
Jan.
Jan.
Deo.
Dec.
Nov.
$19.61
20.25
18.73
17.83
16.90
13.56
13.56
15.90
17.54
are
steady in the face of rising steel
the finished steel composite
$36.16.
17 is
"Wall Street
with 49% in the
the week ended Oct.
ingot production for
placed at 52% of capacity according to the
of
Journal"
Oct.
This
20.
compares
The
previous week and 47Yi% two weeks ago.
6
16
11
14
27
3
6
16
1
further
U.
S.
Steel's subsidiaries
week before, and 42%
with
553-3%
,
are
estimated at 47 33%
two weeks ago.
the
,
(Based on No. 1 heavy melting steel
...—$14,251
quotations at Pittsburgh, Philadelphia
14.25
and Chicago.
15.581
$14.83
21.92
Low
9
Mar. 30
Aug.
$11.00
June
7
12.92
Nov. 16
12.67
June
10.33
Apr. 23
9.50
Sept. 25
8.75
Jan.
3
6.43
9
17.75
13.42
13.00
Dec. 21
Dec. 10
Mar. 13
12.25
8.50
15.00
15.25
Aug.
8
Jan. 12
Feb. 18
July
5
11.25
Deo.
9
17
13.08
Nov. 22
Jan.
against 45% in the
Leading independents are credited
compared with 52>3% in the two preceding
The foUowing table gives a comparison
with
"Journal''
reported:
nearest
corresponding
week
of
previous years, together with
in points, from the week
the approximate changes,
immediately preceding:
U. S. Steel
Industry
1938
52
+3
4733
1937
61
—4
49
1936
75
1935
53
1934
24
1933
373-3
1932
20
1931
28
1930
5233
33
-
+
33
weeks.
of the percentage of production
Scrap
High
1938
and
Railroad purchases of steel and
Chicago's $39,000,000 subway.
$14.25 a Gross Ton
One week ago
One month ago
building
in
Mar. 10
Low
June 21
J...,
1935
continues
by structural shape and reinforcing
2.016c.
Southern iron at Cincinnati.
„
1936
activitiy
Steel
$23.25
.
2.249c.
2.2110.
Valley
furnace and foundry irons at Chicago,
Philadelphia,
Buffalo,
Valley,
and
High
1938
operations
in
.
pending
Based on average of basic iron at
$20.61
19.61
23.25
One month ago
gains
Chicago up 1 to 45.5%
,
,
,
maximum
Pld Iron
Oct. 18, 1938. $20.61 a Gross Ton
reported
districts
3 points to 40%
was up
ment, while expanding slowly, still are far
Low
May 17
Mar. 9
Dec. 28
Oct.
1
Apr. 24
Oct.
3
Sept. 6
Jan.
7
Jan.
4
2.118c.
1934
One week ago
steelmaking
Pittsburgh
Among the larger of new projects for which PWA funds
2.062c.
—
while sheet
finished
of the total output of all
in 1937 was 30%
is
2.249c.
;
1935
of light operations,
match the
Sheet and strip mills today
of all finishing mill capacity,
represent slightly more than 30%
created
done little more than
producing facilities has
and stip production
while
in recent years, to a
steel bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
rolled strips.
These products represent
85% of the United States output.
2.512c.
2.512c.
1938
.
capacity for rolling sheets and strip,
While the country's huge
,
than in half.
through the building of numerous continuous mills
indicated
on
High
1936
production of about 40%
to be selling at a
estimated
today are
the automotive
flat-rolled steel for at least $9 a ton
Compared with 1929, most automotive sheets
Steel
(Based
;
and strip prices mean that
reductions in sheet
since 1923 the price has been cut more
Fair
COMPOSITE PRICES,
2.211c. a Lb.
One month ago
weakness in some other products
,
Pittsburgh, based on a mill purchase,
Finished
1934
largely to sheets
has induced con¬
to be more cautious in their purchases until the situation clarifies.
inventories of users generally are moderate, however, no prolonged
break in steel prices has been confined
reported
strip,
below the market last May.
price is 8c. a ton lower at $14.17.
"IRON AGE"
7,940,
products.
the Southern
freight cars. There is
for 3,000 tons ordered by the Mobile & Ohio.
are gaining moderately. The largest order was 10,000
Chicago.
with
practically unchanged at 11,000;
while all others turned out
4,075 from 2,115;
to
against 37,665
compared
27,525,
assembled
Motors
growth in consumption of flat rolled steel.
the week, while new
Refinforcing steel awards were
builders have had an informal inquiry from
.
touching the best level
Output was 50,540 units,
buyer at Detroit now is able to buy
other building require¬
export to Italy.
1937
increased
Latest
orders is indicated at Detroit,
Ry., which is considering the purchase of 2,400'
One week ago
requirements of leading users the
large extent is responsible for price weakness in times
Steel scrap is 50c. a ton lower at
peak for the
lapse In buying is anticipated.
awards, which amounted only to 12,000 tons in
Oct. 18, 1938,
a new
,
Automobile builders are cheered by
bright.
General
While the open
II,000 tons and new projects call for 10,000 tons.
but has strengthened 25c. at
51.5%
production spurted again last week,
before.
week
and
result of recent lettlngs, there has been a lull in
17,000 tons.
steel con¬
translated last week into a
was
sumers
Braddock, pa.
THE
industry, the tendency in finished
against 7,320.
There
have been gains elsewhere, notably at Lorain and Youngstown, which are
offset by losses in some districts, especially Pittsburgh, which is down two
points. Pig iron production is headed toward a further gain as the CarnegieIllinois Steel Corp. blows in two blast furnaces this week, one at Youngs¬
Pig iron shipments
markets, despite price weakness
hesitation in buying.
17,330 the previous week; Chrysler was
So far there is no intimation of a reduction
Corp. has 15 of its 16 open hearths in use.
projects totaled less than
49.4%
of the iron and steel
assemblies for November.
the
placing non-integrated sheet and
Though mill specifications for structural steel and
47.9%
3
and in some instances are
Since
rail buying except
17
since the second week of May.
$34 a net ton, which is identi¬
week to 51% , a decline that has
significance in view of the increasing volume of new business. ' The
car
Oct.
Oct.
Oct. 17 stated:
on
60 days are regarded as
Ford
as a
10.-.-. 51.4%
22.4%
reported to have revised upward contemplated
Ingot production is off a half point this
gaining
Oct.
5
relatively brisk retail demand for new models,
operating rates.
town and one at
Sept.
date.
year to
hot rolled sheets at 1.85c. a lb. become
importance of a larger volume of automobile
Sept.
Sept.
3-point rise in the national steel making rate to
is an
open question, but a wage cut appears to be as far away as it was before
the price break, notwithstanding the fact that steel companies' losses in
fourth quarter may be larger than in the third quarter even with higher
Whether the price decline
Sept.
29.9% June 20
32.1% June 27
7
Headed by the automotive
next
Aug.
Aug.
26.2%
sumption remains upward slightly and
the remainder of
39.4%
40.4%
22—...42.8%
29
44.0%
8
39.9%
12
45.3%
19
47.3%
26
46.7%
27.1%
28.0%
28.7%
which has been reflected In some
in semi-finished steel.
where Great Lakes Steel
Mar.
7
Favorable factors still predominate steel
of the low prices business into the
cal with the gross ton price of sheet bars,
tons for
31.0% May 31
21
Motorcar
An odd situation is the fact that
no
14
Feb.
Feb.
39.8%
1
8
Aug.
Aug.
Aug. 15
"Steel" of Cleveland, in its summary
completion of shipments by Dec. 31, it being
I.70c. with the 150-ton quantity deduction, or
Railroad
Feb.
Dec.
first quarter.
new
1——48.6%
41.0%
36.4%
July
30.7%
30.4%
30.7%
29.0%
26.1%
30.7% May 23
Nov. 29,
stipulating that all specifications
quarter at the new prices, but are
13
25
16
18
25
2
32.3%
36.4%
37.0%
11
July
9
30.5% May
Prospects for steady or heavier steel
protecting their regular customers over
must be received in time for
ments are
.32.7% May
31
Dec.
small
July
32.6%
32.7%
32.4%
—32.0%
11
Nov. 22
of flat
higher level than the one prevailing, though one
their determination not to carry over any
no
24
Jan.
8
has shut down its mill and withdrawn
Some mills are
Jan.
Jan.
27
1938—
25
Nov.
improvement at Chicago.
the
63.6%
29.8% May
Dec.
Nov. 15
from the market.
Incoming tonnage has been variously affected by the price break.
In
those products that have declined there has been an increased volume of
"bargain" buying as many consumers and jobbers recognize the possibility
that such low prices may not be long available, but there has been hesitant
buying of other products that have not been affected beyond the occasional
irregularities prevalent for some weeks. Aggregate bookings of many mills
have increased during the past week and are running ahead of those of
September.
Automobile tonnage in larger volume is an important factor,
but miscellaneous business has also been better. There has been substantial
sheet producer
27.8% Apr.
17
Nov.
peak level of 1937.
highly competitive situation exists in wire
No move has been made
10
Jan.
18——55.8%
52.1%
Oct.
nails, on which there have
been sharp concessions.
Some mills have withdrawn quotations below
$2.45 per keg, but the results are still in doubt.
A
3
Jan.
11
Oct.
Oct.
35.7%
4
66.1%
Sept. 27
Oct.
4
of the "Iron Age" finished
lb., which is $6.02 a
1938—
1938—
23.5% Mar. 28
19.2% Apr.
Apr.
25.6% Apr.
Sept. 13
Sept. 20
price, which has declined to 2.211c. a
operations since Sept. 7, 1937, follow:
Dec. 20
71.6%
80.4%
78.1%
74.4%
7
Sept.
quotations, they are generally recognized as the
The publication further stated:
Two of the
and 55.8% one year ago.
ago,
1937—
1937—
going prices.
steel composite
month
one
decrease of 2.0 points, or 3.9% from the
for the week ended Oct. 10, 1938.
Weekly indi¬
estimate
vanized sheets, which are $4 a ton lower. Though none of
the steel companies has made public announcement of the
current
47.3%
This represents a
total reduction of $6 a ton from the published prices
two weeks ago.
The weakness in sheets and strip has
a
extended to cold rolled strip, which is
telegraphic reports which it had
nounced that
51%
in its issue of Oct. 20 reported that a
"Iron Age"
further decline of $2 a ton
17 an¬
Steel Institute on Oct.
Iron and
American
The
Products Down $2 More, Total of $6—
Flat Rolled Steel
1938
22,
Oct.
Chronicle
Financial
2460
70
42
+
233
Independents
5533
71
—7
33
+
79
33
—
6233
+3
—1
—
33
+
33
+
33
2133
2533
33
33
35
40
33
31
—1
27
—1
-233
58
—2
49
—233
83
+ 1
—
+
—
1929
SO
+ 1
1928
86
—133
1927
6433
-
33
1933
+
33
+
1,.
7733
+
86
87
6633
2033
—2
62
33
Volume
Financial
147
The Week with the Federal Reserve Banks
During the week ended Oct. 19 member bank
ances
increased $293,000,000.
arose from
decreases
district
bal¬
reserve
Additions to member bank
reserves
of
$42,000,000 in Treasury
cash, $94,000,000 in Treasury deposits with Federal Reserve
banks and $33,000,000 in non-member
deposits and other
Federal Reserve accounts and increases of $139,000,000 in
gold stock and $2,000,000 in Treasury currency, offset in
part by a decrease of $16,000,000 in Reserve bank credit.
Excess
be
to
of member banks
reserves
Oct. 19
on
approximately $3,270,000,000,
estimated
were
increase of $220,-
an
000,000 for the week.
The statement in full for the week ended Oct. 19 will be
found
2486 and 2487.
Changes in the amount of Reserve bank credit outstanding
on
were
follows:
as
Increase
(+)
Decrease
or
(—)
Since
Oct.
19, 1938
Oct. 12, 1938
$
Bills discounted
Bills bought
U. 8. Government securities
advances
—1,000,000
—14,000,000
2,000,000
Demand
deposits-adjusted increased in nearly all districts, the principal
being $131,000,000 in New York City, $19,000,000 in the Kansas
City district, $16,000,000 in the Boston district, and $15,000,000 in the
increases
San
Francisco
Time
Treasury currency
Member bank
2,589,000.000
2,746,000,000
balances
reserve
—16,000,000
+139,000,000
+ 2,000,000
14,008,000,000
...
8,693,000,000
+ 293,000,000
Money In circulation
6,668,000,000
Treasury cash
2,770,000,000
Treasury deposits with F. R. bank..
609,000,000
+1,000,000
—42,000,000
-
...
increase
aggregate
New
York
Weekly reporting member banks reported
A
being
City,
no
borrowings
Assets—
(+)
$
21,295,000,000
$
*
Commercial, industrial and agri¬
cultural loans *
3,924,000,000
+28,000,000
345,000,000
—6,000,000
—944,000,000
—133,000,000
653,000,000
+22,000,000
'—508,000,000
580,000,000
1,161,000,000
+2,000,000
—93,000,000
—13,000,000
—1,000,000
—2,000,000
—6,000,000
+13,000,000
—51,000,000
+136,000,000
paper
Loans to brokers and dealers in
securities
Other
loans for purchasing
carrying securities
or
Real estate loans
Loans to banks
107,000,000
1,502,000,000*
Other loans*
—884,000.000
U. S. Govt, direct obligations
8,053,000,000
Obligations
fully guaranteed
United States Government
Other securities
by
1,678,000,000
3,292,000,000
—1,000,000
+ 545,000,000
+77,000,000
+337,000,000
+73,000,000 +1,531,000,000
+19,000,000
+82,000,000
+32 000,000
+583,000,000
6,870,000,000
429,000,000
Balances with domestic banks
City and
(—)
Oct. 13, 1937
+106,000,000
—704,000,000
+32,000,000 —1,722,000,000
8,272,000.000
Reserve with Fed. Res. banks
Cash in vault
York
12.
or Decrease
Since
Oct. 5. 1938
$
Loans and Investments—total
Loans—total
+1,754,000,000
+122,000.000
—140,000,000
Oct.
on
summary
Oct. 12, 1938
+141,000,000
—33,000,000
$208,000,000.
$6,000,000 in the
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Oct.
12, 1938, follows:
+1,215,000,000
+527,000,000
New
the
being $11,000,000 in the Chicago district and $9,000,000 in the San Fran¬
cisco district, and the
aggregate net increase being $35,000,000.
+ 24,000,000
.
Returns of Member Banks in
and
$4,000,000 in
district, and $12,000,000 at all reporting member banks.
Govern¬
deposits declined $9,000,000 in New York City.
Deposits credited to domestic banks declined $14,000,000 in New York
City and increased in most of the other districts, the principal increases
+ 4,000,000
—94,000,000
603,000,000
declined
ment
—4,000,000
Non-member deposits and other Federal Reserve accounts
district,
deposits
Boston
Open market
Total Reserve bank credit
Gold stock
of
Increase
+38,000,000
..
15,000.000
-
Chicago district, all reporting member banks
$2,000,000 for the week.
Holdings of "other
increased $59,000,000 in New York
City and $77,000,000 at all
decrease
reporting member banks.
—12,000,000
—2,000,000
1,000,000
2,564,000,000
-
$7,000,000 in
net
$
—3,000,000
(not
including
$15,000,000 commitrn'ts—Oct. 19)
Other Reserve bank credit
a
securities"
2461
Oct. 20, 1937
$
6,000,000
and
showing
pages
and related items
Industrial
Chronicle
2,411,000,000
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Federal Reserve
System for the New York City member
banks and also for the Chicago member banks for the current
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
ASSETS AND
New York City
Oct.
1938
1937
3
$
7,799
8,075
Loans—total
2,932
2,925
1,445
141
Industrial
*
Loans to brokers and dealers.
700
1,922
339
339
476
142
187
21
20
30
513
929
30
32
46
loans.
198
240
67
68
-119
135
11
11
88
86
66
74
14
"
411
413
424
49
51
58
2,891
2,799
932
929
899
Obligations fully guaranteed by
United States Government.—
+899,000,000
—72,000,000
—4,000,000
Including both loans "on securities" and "otherwise secured and unsecured."
Capture
of
with
Canton—All
Communication
Hongkong Cut Off
virtual control of large areas of South China, was effected
yesterday (Oct. 21), following the surprise landing of Japa¬
nese
troops near Canton on Oct. 12 and the subsequent
advance of large bodies of Japanese on that city, including
of rail and other communications with Hongkong.
801.
800
389
128
127
Associated Press advices from Canton last night said:
The
2
2,887
—
U. S. Gov't direct obligations
469,000,000
severance
119
t.
+35,000,000
+1,000,000
—8,000,000
Capture of the key city of Canton, giving the Japanese
521
"
Loans to banks
*
$
1,955
3,903
196
Real estate loans
6,041,000,000
+803,000,000
—107,000,000
—25,000,000
—12,000,000
1937
§ *
1,900
532
carrying securities
Other
1938
1,898
517
1,454
Other loans for purchasing or
+208,000,000
Domestic banks
Oct. 20,
and
ioane.
paper
Oct. 12,
$
7,795
agricultural
Oct. 19,
1938
^
Loans and Investments—total..
Commercial
15,604,000,000
5,163,000,000
670,000,000
Foreign banks
Borrowings
Japanese
Chicago
19, Oct. 12, Oct. 20,
1938
Assets
deposits—adjusted
United States Government deposits
Inter-bank deposits:
CITIES
(In Millions of Dollars)
11
Demand
Time deposits
LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE
Open market
Liabilities—
rich
resistance
China
South
Chinese troops
to
metropolis,
defending Hankow
source
of
vital
military supplies for
the Central Front, today fell Without
on
invading Japanese force.
an
Japanese troops entered the city this afternoon after a 10-day offensive
started from Bias Bay, 125 miles southeast of Canton.
It was the
100
Other securities
1,175
1,183
984
321
323
256
that
Reserve with Fed. Res. banks..
3,871
3,651
2,578
58
892
852
595
most
34
211
Cash in vault
61
61
34
79
69
208
139
455
463
50
52
61
6,657
6,597
5,947
1,485
622
734
1,599
464
1,578
619
463
453
136
148
279
62
62
52
2,613
2,478
1,942
681
663
517
Other assets—net
Liabilities—
Demand deposits—adjusted
Time
deposits,
United States Govt, deposits
Inter-bank deposits:
'
Domestic banks...
.
Foreign banks
Borrowings.,..
432
Other liabilities
312
306
384
17
17
28
1,483
1,483
1,478
253
253
244
411
3
Capital account
astounding victory of the- Sino-Japanese
25
78
450
*
Balances with domestic banks..
476
9
3
—.
——
——
of Oct. 12 to the New York "Times" reported the beginning
of the latest Japanese drive as follows:
A
Japanese
force
of
Member
of
Banks
the
of
Federal
at
any
It
explained above, the statements of the New York and
taneously
selves
with
and
the
are
figures
covering the
given out
for
same
the
week,
on
Thursday, simul¬
Reserve
banks
them¬
instead of being held
cities cannot be
to
the
In the following will be found the comments of the Board
System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
statement
of
$77,000,000
ances
with
in holdings of
Federal
"other securities,"
Reserve
$73,000,000 in
banks, and $208,000,000
in
bal¬
reserve
industrial
and
agricultural
loans
increased
in
nearly
all
the principal increases being $8,000,000 in New York City and
$7,000,000 in the St. Louis district, and the aggregate net increase being
$28,000,000.
Loans to brokers and dealers in securities increased $16,000,000 in New York City and $22,000,000 at all reporting member banks.
districts,
Holdings of United
000,000
the
success
number
will
be
of
transports
followed
by
in
New
York
States Government direct obligations declined
City
and
increased
$11,000,000
in
the
$19,-
Richmond
a
between
60
bigger landing
a
border
of
was
effected after the shore and islands in
shelled by the
warships.
of the Middlesex Regiment, stationed here,
the
British-leased
territories
in
keeping order and to deal
refugees.
on
with
a
the
were
mainland
possible vast
ordered
to
assist
influx
of
proclamation issued by the commander-in-chief of the Japanese expe¬
compelled
\
.
the
China sooner."
The
be
not
that
proclamation
spared,
warns
the populace that
all
but those who do not resist will
offering resistance
not
be
harmed.
It
will
adds
operations will continue until the 'Japanese Government's purpose has
fully accomplished.
Associated Press advices of Oct. 12 from London said:
With
Japanese forces landed in South China for
a
drive
on
Canton, the
British Government let it be known today that Japan had been "reminded"
that
for
A
damage to British interests in South China might involve "risks
Anglo-Japanese relations."
any
source
close to
the
Government
said
Sir
Robert
Leslie
bassador to Japan, had delivered "a reminder" to the Tokio
Commercial,
by
Japanese Government to dispatch large forces
to operate In Kwangtung Province for the purpose of
bringing disillusionment to
demand deposits-
adjusted.
Bay,
ditionary forces in South China states:
weekly reporting member banks in 101 lead¬
ing cities shows the following principal changes for the week ended Oct. 12:
Increases for the week of $28,000,000 in commercial, industrial and agri¬
cultural loans, $22,000,000 in loans to brokers and dealers in securities,
initial
put
said the first landing
police
been
12:
Bias
on
Canton.
moment, if it has not been done.
was
Chinese
A
in
,
leports
neighborhood had been
the
of Governors of the Federal Reserve
The condition
the
"Circumstances
compiled.
close of business Oct.
Thus
Hachung,
it is reliably reported
Japanese fleet in Bias Bay was reported by captains
steamers.
One observer counted 25 transports and
reliable
Two companies
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
a
coastal
latest
70.
the
Chicago member banks
30,000,
of
presence
incoming
Reserve System for the Preceding Week
As
at
warships last night.
and
Returns
landing has been effected at
estimated
The
The
Complete
war.
the
Sino-Japanese conflict was made in the
"Chronicle" of Oct. 8, pages 2167-68.
A Hongkong dispatch
6
10
.
Reference to
this
on
subject
within
the
last
few
Craigie,
Am¬
Foreign Office
days.
Other reminders, this informant said, had been given to Japan concern¬
ing the extensive British interests in the Crown colony of Hongkong and
South China generally, and "the risks to Anglo-Japanese relations which
in
any
incident might cause."
Informed
Bias
persons
said
it
was
felt that
Bay, northeast of Hongkong, with the
the
Japanese troop landings at
object cf cutting the
apparent
Financial
2462
might seriously affect
Canton-Kowloon Railway,
trade
its
for
Hongkong, which depends
hinterland.
the Chinese
on
deposits having been made at
to
and Hongkong were
interrupted on Oct. 15 as Japanese troops widened their
attack on the South China coast, destroying railroad and
highway bridges.
This advance was described in the fol¬
lowing Associated Press advices of Oct. 15 from Hongkong:
communications between Canton
All
the Pearl River to guard the
A Japanese landing on the west shore of
been placed in
Booms had
assault.
naval
city from direct
the river delta
existing cordoba
parity with the dollar
of the full value of the claims,
to 27 V2%
of from 25%
1938
22.
Oct.
Chronicle
rates ranging from
10% premium.
claims
which
cordobas were deposited in banks or banking institutions in
Nicaragua on or before Aug. 2, 1937. Acceptances must be
The agreement covers only commercial indebtedness
arising out of imports into Nicaragua in respect of
Foreign Trade Council, Inc., 26
York City, by Nov. 12, 1938.
National
the
filed with
Beaver St., New
between Canton and the Portuguese-owned island
Hongkong at the river mouth.
The Japanese were reported to have struck on the west delta shore—
apparently the second major landing operation of the week—under cover
of an intense aerial bombardment.
The highway was cut before provincial
defenses in that sector could be organized.
a
part of the "model army" of 40,000 which landed
Bias Bay, was thrusting westward from the captured
and ruined village of Tamshui.
One report placed this spearhead within
12 miles of the Canton-Kowloon Railroad.
This railroad is a life-line link between Hongkong and Canton.
The
redemption at par on Dec. 1, 1938, under the redemption
plan.
The bonds are payable in the United States at the
New York office of Brown Brothers Harriman & Co.
cut
highway connection
a
Macao, opposite
of
Japanese column,
A
at
Wednesday
on
reported shoving its way through numerically greater
disorganized Kwangtung and Kwangsi provincial troops.
part of the invasion was taking place within 25 miles of the Hongkong
(Penmark) Calls for Redemption
43^% External Loan of 1930
City of Copenhagen
Dec. 1 Portion of
on
Municipality of Copenhagen announced Oct. 17 that
City of Copenhagen 43^%
The
certain number of bonds of
have been drawn by lot for
external loan of 1930, due 1970,
Japanese column was
still
but
This
largely
The
Foreign Office that severe fighting was expected
around Canton and within a 60-mile radius
by the Tokio
within a radius of 125
miles
about 225 miles east of Canton.
Province port
travel
to
these
in
unsafe and that Japan could not
was
zones
war
for foreigners.
capture of Waichow, north of Bias Bay.
Waichow was in the path of a separate offensive either directly on Canton, 80
air miles away, or against the Canton-Hankow Railroad and other connec¬
tions with the interior to Canton's north.
Chinese would not admit that Waichow had fallen, insisting that the
protection
guarantee
Japanese reported
The
armies, several hundreds thousand men strong, were
resolute defense of the river metropolis.
provincial
stiffening
their resistance for a
air raid on the Japanese fleet at
Bias Bay, leading to speculation on whether Soviet Russian-made planes
might be operating from some deep interior base in defense of South
China.
The reports lacked official confirmation.
There was another report
that six Japanese submarines had joined the Bias Bay naval force.
There was a large naval concentration in
South China water—repre¬
There
were
reports
of a mysterious
warships and aircraft carriers were strung
China.
Hongkong harbor, base of the British China squadron,, there was a
senting not only Japan, whose
along the coast,
out
In
Manila.
A
cruisers,
French
six
frmn
but also other Powers with interests in
States submarine
United
flotilla with two destroyers which had come from
also
cruiser
destroyers and
Singapore, as well as
present.
There
were
four
British
mine-laying submarines recently arrived
numerous auxiliary craft.
two
Hankow Associated Press advices
(Oct. 10)
A week ago
was
stated:
Generalissimo Chiang
full
three-day battle near
official
The
plete
men
Kai-shek's headquarters announced today that two
totaling 20,000 men, had been annihilated in a
Teian, 130 miles southeast of Hankow.
brigades,
Japanese
announcement
described
the
The
engagement
and overwhelming Chinese victory of the war,
of the two brigades left the battlefield alive.
as
the
most com¬
and said only 200
Week Ended Oct. 1
Exchange during the week ended
except odd-lot
by members for their own account,
1,
dealers
the Stock Exchange, was lower
on
New York
of trading in stocks on the
percentage
Stock and New York Curb
Oct.
requested to notify their nationals
Representatives of foreign Powers were
that
of Swatow, Kwangtung
York
New York Stock and New
on
Curb Exchanges During
at Hongkong was notified
Consul General
Japanese
Trading
Member
*
frontier.
than in the pre¬
Sept. 24, it was announced yesterday
Securities and Exchange Commission.
Member trading on the Stock Exchange during the week
ended Oct. 1 amounted to 3,699,090 shares in 100-share
transactions, the Commission noted, or 21.75% of total
transaction on the Exchange of 8,502,180 shares.
This
by
21)
(Oct.
the
with 2,218,935 shares of stock bought and sold
the account of members during the
compares
Exchange for
the
on
ended
week
ceding
which
week,
previous
19.84% of total transactions
was
that week of
5,591,500 shares.
On the New York Curb Exchange members traded for
their
the
during
account
own
ended Oct.
week
1 to the
transactions of
898,885 shares, a percentage of 21.38%.
In the preceding
week ended Sept. 24 member trading on the Curb Exchange
was 20.04% of total trading of 570,430 shares, the member
trading having amounted to 228,650 shares.
The data issued by the Commission is in the series of
current figures being published weekly in accordance with
its program 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 weeks ended Sept. 17 and Sept. 24 were
given in these columns of Oct. 15, page 2320.
The i SEC, in
making available the figures for the week ended Oct. 1,
of
amount
384,305
shares,
against
total
said:
The
data
published
Stock
Exchange
are
based
upon
weekly reports filed with the New
.
»
^
York
Italyln Answer to Note of United States Respecting
Decrees Against American Jews in Italy Says They
Will Not Be Treated Less Favorably than Other
Foreign
Office
Oct.
on
17,
1938.
handed the American
Government's
note on Oct. 4, 1938, in regard to the status of American Jews in Italy.
The Italian Government points out in Its reply that Royal Decree LawAmbassador, Mr. "William Phillips, a note in reply to this
No. 136 of Sept.
are
Curb
York
7, 1938, relates to foreign Jews in general and not only to
Jews of American citizenship,
York
New
their
re¬
New
York
Stock
Curb
Exchange
Exchange
829
104
56
Reports showing other transactions Initiated on the
3.
1,082
220
304
Reports showing transactions as specialists*
2.
Reports showing other transactions Initiated off the
l..
floor
1
318
78
Reports showing no transactions
459
613
floor
4.
*
Note—On the New York Curb Exchange the round-lot transactions of specialists
"In stocks
In
registered"
which
are
not
strictly
data similarly
comparable with
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the
dealer
as
The
New York Stock Exchange odd-lot
well as those of the specialist.
number
of
number
the
than
reports
of
entries in
may carry
in
reports
more
the
various
received
classifications
because,
at
total
may
times,
single
a-
than one classification.
more
report
'
STOCK TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE FOR
(SHARES)
ACCOUNT OF MEMBERS*
and it gives assurances that in the application
of the mesaures under discussion American
by
Exchange
classified as follows:
1.
reply made by Italy to the recent
note of the United States to Premier Mussolini for recon¬
sideration of his decrees against American Jews in Italy was
made public by the State Department at Washington on
Oct. 20.
The note of this Government was referred to in
these columns Oct. 8, page 2176.
The summary of the reply
as given out by the State Department follows:
Italian
These reports
New
Total number of reports received
Foreign Jews
The substance of the
The
spective members.
the
and
Week Ended Oct. 1, 1938
Jews will not be treated less
Total for
favorably than other foreign Jews.
,
Per
Week
1
^ The note furthermore draws attention to the fact that among the pro¬
visions adopted by the Fascist Grand Council on Oct. 7, 1938, important
Total round lot volume
exceptions for foreign Jews were decided upon.
Cent a
Round-lot transactions for account of members (except trans¬
actions for the odd-lot accounts of specialists
Finally, the note points out that a special commission has been set up
at
the
Ministry of the
Interior for the examination of individual cases
and
British
Creditors
2.
provides three optional methods
(a)
3.
Other transactions Initiated on the floor—Bought...—.
Recognition of the full dollar or sterling amount of each creditor's
4
5%
of their claims in cash and for the balance,
11.39
623,400
577,190
Other transactions Initiated off the floor—Bought
Total
7.06
277,075
284,005
561,080
.
3.30
1,892,645
Total—Bought
1,806,445
Sold
3,699,090
Total
Transactions for the odd-lot accounts of specialists and
21.75
odd-
lot dealers:
Smaller creditors are to be paid in cash in full; larger
creditors are to receive
r,
992,170
1,200,590
Sold
Delivery of deposited cordobas to the order of the creditor.
(b)
s
945,250
Total
by National Foreign Trade Council, Inc., acting on behalf
of such creditors as may accept the agreement.
The agree¬
ment, announced Oct. 18,
of settlement as follows:
:
1,937,420
Sold
creditors has been executed with the Republic of Nicaragua
total eligible claim.
...
.
Total
Reached
An agreement for liquidation of commercial indebtedness
of debtors in Nicaragua to America, Canadian and British
:
they are
registered—Bought
Commercial Debt of Nicaragua
Canadian
American,
s
and odd-lot
Transactions of specialists In stocks In which
Sold
to
i
dealers):
1.
involving Jews of foreign as well as Italian citizenship.
Plan for Settlement of
8,502,180
g
1.
172,920
In round lots—Bought
268,900
Sold
quarterly serial notes of the Republic maturing over 8 years, increased by
interest at 2% per annum.
dollars or pounds sterling for the equivalent of the
irrespective of amount, at the rate of exchange of
United States SI, or the equivalent in pounds sterling at
441,820
Total
(c) Cash settlement in
existing cordoba deposit,
4 cordobas per
the
corresponding rate.
This would represent a cash settlement on a basis
2.
In odd lots—Bought
1,200,131
-
1,145,186
Sold
Total.
-
2,345,317
2.60
Volume
147
Financial
STOCK TRANSACTIONS
ON
THE
NEW
YORK
CURB
Chronicle
EXCHANGE FOR
ACCOUNT OF MEMBERS* (SHARES)
have
Per
Week
Cent
riot
tions
Week Ended Oct. 1, 1938
Total for
or
Act,
a
898,885
Round-lot transactions for account of members:
1. Transactions of specialists in stocks in
wblch
heretofore
registration
will
The
Total round-lot volume
and
130,785
141,570
the
opinion
Total
272,355
the floor—Bought
15.15
counel
included
in
53,150
the
34,510
24,290
—
4.
Sold—
3.27
—
112,364
both
purchases
and
sales
while
the
transfer
the
agents,
validity
applied
supporting
the
issuer
issue
for
the
are
are
papers
which
registrars,
of the
such
Stock
trustees,
and
upon
&c.,
statement
a
customarily
of
filed.
an
tfee
Also
other
List
special reports or
Committee may require
Stock Exchange Firms Advised
Wage and Hour Law Which Goes
to
Comply
into Effect
24
Association, states that
as
"in response to the
many
to the status of Stock
Exchange firms
can
law, this office
give
no
non-appoint¬
of an
industry committee for Stock Exchange firms
(or otherwise) but the preponderance of
opinion seems to
ment
be that
such firms come within the
scope of the Act." "This
law," it is pointed out "requires that during the first
year
from the effective
date, Oct. 24, ail employes to whom the
Act applies be paid a minimum
wage of not less than 25
total round-lot volume
In calculating these percentages the total of
members' transactions is compared with
twice the total round-lot volume on the
Exchange for the reason that the total of
includes
depend
can only advise its members that
conclusive opinion until the Administrator
indicates his attitude
by the appointment or
we
their firms and their
Exchange
volume includes only sales.
of
securities
inquiries received
21.38
66,427
45,937
*
transactions
required
York
under the
Odd-lot transactions for account of
specialists—Bought
Sold.
members'
Exchange
T
papers
light of particular circumstances.
the
Total
inspection.
supporting
which
listing applica¬
Securities
regarding the Fair Labor Standards
Act, 1938 (wage and hour law) William W.
Peake, Secretary
of
384,305
—
The term "members" includes all
Exchange members,
partners, including special partners.
a Shares in members'
transactions as per cent of twice
either
the
In a letter sent on Oct. 19 to
members of the Association
of Stock
Exchange Firms
195,195
189,110
—
-
Total
the
the
from
with
58,800
—
Total—Bought
public
of
with
pursuant to
In addition to copies of the
corporation's
to
as
the
among
Oct.
Total
extent
available
filed
and other papers
2.96
New
Other transactions initiated off the
floor—Bought
Sold..—
of
agreements
29,900
23,250
Total
3.
application itself,
generally
for
open
and
the
statements
appointment
of
distribution
on
been
the type of application.
they are
registered—Bought
Other transactions initiated
Sold
be
now
nature
in
charter,
by-laws, trust indentures, resolutions
authorizing the issuance of securities
Sold.
2.
2463
usually only summarized
cents hn hour and
work not more than 44 hours
per week
with provision for overtime at one and
one-half times the
regular rate. The letter went on to say, in part:
Odd-Lot Trading on New York Stock
Exchange During
Weeks Ended Oct. 8 and Oct. 15
It should be added,
however, that in undertaking to obtain
a representative of one of our member
houses,
On Oct. 14 the Securities and Exchange Commission made
public
a
corrected
dealers
for the week ended Oct. 8, 1938,
summary
figures
and
odd-lot
on
specialists
stock
transactions
the New
on
York
of
Stock
expression,
of the
of the
odd-lot
Association,
Labor
Exchange,
Standards
was told
by
one
Administration
definitely
come under
the Act.
It is
Washington that according to
of course possible
Counsel's office subsequently
may revise
given in our issue of Oct. 8, page 2170.
We also in¬
corporate the figures for the week ended Oct. 15, which were
opinion.
released Oct. 20.
A release from Administrator Andrews
dated Oct.
statute does not confer upon the
Administrator
.
.
given temporary
"
.
12, 1938, states: "the
any general power to issue
rules
da,ta published
including industries within the
based upon reports filed with the
Commission by odd-lot dealers and specialists.
statute itself
ODD-LOT TRANSACTIONS
coverage of the Act
administrative action."
are
Under the Act employments are included
OF ODD-LOT DEALERS AND SPECIALISTS
IN STOCKS, RIGHTS AND WARRANTS ON THE NEW YORK STOCK
EXCHANGE—WEEKS ENDED
OCT.
8
AND
OCT.
SALES
15,
We
1938
to
Buy)
(Customers' Orders
to
Shares
Value
No. Ord.
Shares
21,996
25,843
28,471
673,513 $22,465,099
751,178 24,591,578
1,245,734 $45,103,173
54,314
excluding them.
member houses
our
.
are
any
.
arranging to meet
immediately by paying for overtime when and
if it
occurs,
be in doubt will keep accurate
and perhaps set up a reserve to
meet overtime payments
to give
Value
617,389 $22,503,107
22,600,066
1,424,691 $47,056,677
628,345
•
of
some
on,
Sell)
can
21,835
or
excluded by the terms of the
interpreted by the Courts and not by the force of
advised that
the situation
Trade Date
No. Ord.
are
as
or
and it is to be assumed that others who
may
related records from the 24th inst.
PURCHASES
(.Customers' Orders
Oct. 3, 4 and 5
Oct. 6, 7 and 8
brokerage firms
that the General
or even reverse a
were
The
official
of the higher legal attaches of the Fair
office in
the "present" opinion if the General
Counsel's office stock
continuing a series of current figures being published weekly
by the Commission. The figures for the week ended Oct. 1
an
acting in behalf
eventually.
In this connection, it would be well
thought to the point of whether or not merely setting up a reserve
be regarded as compliance with the law
which, according to the opinion
of some of
our
members, requires that payment be actually made.
4.
Total for week..
43,831
Oct. 10 and 11
15.086
Oct. 13, 14 and 15.
23,037
427,694 $14,805,259
676,999
23,311,286
30,228
435,478 $13,656,555
797,472
24,475,513
Total for week.;.
38.123
1,104,693 $38,116,545
46.861
New York
1,232,950 $38,132,068
Oct.
16,633
Schedule
Adopts Amendments
to
The text of the Commission's action follows:
Amendment
and
conferred upon it by
to
Rules of Practice
the Securities Act of
Section
19(a)
thereof,
the
23(a)
thereof,
the Public
Securities
1933,
Exchange
as
amended,
Act of
particularly
particularly
1934,
Utility Holding Company Act of 1935,
Section 20(a) thereof, and finding that.it is necessary to
the provisions of .the Securities Act of 1933, as amended, and
the Public
for
Utility Holding Company Act of 1935, and that it is necessary
of the functions vested in the Commission by the Securi¬
Exchange Act of 1934, hereby amends Rule IX (e) of the Rules of
the execution
ties
Practice of
the
Commission
by striking the first sentence of said rule and
Exchange and its affiliates
considerably in excess of the minimum wages established
by that Act, the Exchange said. The decision to establish
schedule of maximum hours and overtime
pay similar to
established in the Act has been made
regardless of
whether or not the Exchange and its affiliates are
that
legally
subject to the Act.
if promptly at the conclusion of the hearing he has ordered a copy
Although the Act provides initially for
as
the
Exchange
announced
further the availability of information
securities the Committee on Stock List
to
listed
mined
as
a
matter
of general
regard
to
each
of 40.
is
listing,
designed
certain
to
set
paid time and one-half
*
week and will be
on
the basis of 44 work hours per
paid time and one-half for all hours of work in
Questionnaire
excess
of 44.
by
Haskins & Sells to Members of
Exchange Visions Stock Control
Depository—Indicates Plan for Change in BrokerBanker Relationship
New
York Stock
Members of the New York
Chairman
15
deter¬
policy to make available for
printed listing application
with
excess
has
Oct.
material is to be made available immediately following the
adoption of applications submitted in the future.
The Ex¬
change's announcement'in the matter went on to say:
information
of 44
relating to
on
public inspection documents and other papers which corpo¬
applying for listing are required to file with the
Exchange in support of their listing applications.
This
the
week
Stock Exchange were recently
by Haskins & Sells, Certified Public Account¬
ants representing the Exchange, incident to plans for the
establishment of a central depository for the Exchange.
The plan is one which was suggested by William O. Douglas,
rations
While
work
The employees of the New York Curb Exchange
Realty Associates, Inc.
*
Exchange to Make Stock Listing Data
Available for Public Inspection
Stock
maximum
the basis of 40 work hours per week and will be
will, commencing Oct. 24, be employed
person
New York Stock
York
a
Employees of the New York Curb Exchange and the New York Curb
Exchange Securities Clearing Corp. will, commencing Oct. 24, be employed
on
brief In support thereof."
New
further announced:
,
testimony,
thereof, or if he
submitted, to the officer designated in paragraph (a) of this Ruie
The
was
hours, it has been decided to place the employees of the Exchange and the
Clearing Corporation on the ultimate 40-hour basis at once.
with whom transcripts of testimony are to be filed, a statement In writing In terse
outline setting forth such party's request for specific findings, which may be accom¬
that
It
.
has not ordered a copy, within five days after the filing of the transcript of the
testimony with the duly designated officer of the Commission, any party or counsel
to the Commission may submit to the presiding officer, or, in the case of a hearing
before a trial examiner in respect of which no trial examiner's report is required
a
Pay
Hours Act
are
"Within five days after the receipt of a copy of the transcript of the
panied by
Establish
vided in Sec. 7 of the Fair Labor Standards Act
(Wages and
Hours Act), it was announced
yesterday (Oct. 21).
The
minimum wages now paid by the
for all hours of work in
substituting the following sentence:
to be
to
Overtime
Exchange,
Exchange
Realty Associates, Inc. and the Executive Committee of the
New York Curb Exchange Securities
Clearing Corp. have
decided to adopt the maximum hours of work schedule
pro¬
particularly
out
and
a
Exchange Commission, acting pursuant to authority
Section
carry
Hours
The Finance Committee of the New York Curb
Board of Directors of the New York Curb
Rules of Practice
change Commission's rules of practice relating to the filing
of requests for specific findings by all
parties to a pro¬
ceeding before the Commission was announced on Oct. 14.
Securities
Maximum
the
The adoption of an amendment to the Securities and Ex¬
The
of
Exchange and Affiliates
Provided in Wages and
12, Exchange closed.
SEC
Curb
forth
documents
circularized
of the Securities and Exchange Commission in
May of this year, and reference thereto was made in these
columns May
had been
are
The fact that Haskins & Sells
a study
issue of Sept. 24, page 1907.
The questionnaire just made public foreshadows a material
of the
plan
was
noted in
our
change in the relationship of broker to banker.
In address¬
ing the members of the Exchange the accountants state:
essential
which
21, page 3278.
engaged by the Stock Exchange to aid in
Although the details of
be
determined
in
a
specific plan "for
advance of the assembly
a
central
depository cannot
of all pertinent facts, the
com-
Financial
2464
will enable you to
by you of the information herein requested
an
opinion as to the general effect of a
piJation
operations.
return
sets of
two
files.
The information requested will serve two
purposes, viz.: to provide a sound basis for estimating probable economies
to member firms should a central depository be instituted, and to indicate
the probable volume of transactions which might have to be handled by
such an institution, thereby creating a
factual basis for predetermining
the organization and equipment which it will require.
in
retain
may
your
accompanying the ques¬
in their letter
Ilaskins & Sells,
tionnaire, also state:
-
be
would
and
balance of
require the physical handling of securities in or out
be counted as receipts and deliveries.
Also, items
not
the
on
blotters
the
as
fails
of
settlements
which are indicated
having been failed on should not be included, but
which required the handling of securities in or out of
Form
2:
J
possible economies in
estimating the
expected to result from the operation of a
following
should
operating costs which may be
central security depository, the
be assumed:
That all securities
now
office would be held by
held by your New York City
depository for your account, with the exception of securities tor which the
individual identity Is to be maintained, I.e., safekeeping securities In customers'
name or identified to the customer by certificate number; callable, bonds, &c.
That deliveries between yourself and customers, branch olfices, and brokers not
the
Stock Exchange, would be handled by you.
be delivered to, and received lrom, the
members of the New York
That bank loan collateral would
for your account.
would accept securities in negotiable form
lenders
by the central depository
That the depository
nominee's name.
That transfers to customers' names would be effected
and effect transfers
to Its own or its
by you after obtaining
120
7-16
150
A
A
7-16
180-
A
90....
be compared by a central agency.
correcting tickets which the agency was unable
to compare.
*
That clearing sheets would be prepared by the central comparison agency and
Each member would provide for
»
rendered to the broker.
consideration to the foregoing assumptions you will doubt¬
be a reduction in work because of the elimination
less find that there would
delivery
between member
and (c)
with respect, to transfers to and from "Street" names.
There should be a
further reduction in work resulting from the elimination of the need for
making comparisons.
Because less space will be required, there should be a
the cage and by runners of (a) securities for
firms, (b) in connection with loan collateral,
reduction
be
economies
It
will
shown
naturally
on
to
this
Form
2
furnishes a record
bankers' acceptances outstanding at the
close of each month since Aug. 31, 1936:
to ask you
May 29
J385.795.967
Mar. 31
$292,742,315
June 30
$308,112,141
315,000,590
364,203,843
351,556.950
343,881,754
344,419,113
346,246,657
348.026.993
343.065.947
Apr. 30
278.707,940
May 31
268,048,573
30
264,222,590
30
Aug. 31
264,748.032
258.319,612
261,430.941
31
July
Nov. 30
330.205.152
349,053.490
31
372,816,963
Sept. 30
31
Dec.
Aug. 31
30
Oct.
1937—
Jan.
30....,
27
387,227.280
401.107,760
Nov. 30
Feb.
Dec.
31
Mar. 31
396.471,668
Jan.
June
July
Sept. 30
31.T —. 325,804,396
307.115,312
395.031.279'Feb. 28
30
Apr.
in New York State Mutual Savings Banks
Substantial Gain During Third Quarter,
Deposits
Show
Banks Association
Reports Savings
Deposits in the mutual savings banks of New York State
showed a substantial gain for the quarter ending Sept. 30,
the Savings
The total
the end of the quarter was
at
depositors
due
amount
by
15
Oct.
according to figures - released
Banks Association of the State
of New York.
$5,361,704,941 and represented a three months' gain Of
$25,472,435. The increase for the six months' period ending
Sept. 30 was $32,348,431, while for the year ending the
the gain
date
same
$70,532,700, the Association said;
was
it added:
number
The
Sept. 30 was 5,907,013, showing very
accounts on
of open
the last quarter.
Allowing for bookkeeping adjust¬
ment, the net decline in open accounts for the quarter was 3,998.
For
the six months' period ending the same date the decline in the number
of accounts
was
40,870, and for the year 177,263.
These latter two
little
during
change
modified by the fact that in December of 1937
had been inactive for 22 years were turned over
in accordance with the law to the Comptroller of the State, and at the
end of March, 1938, 21,270 individual school savings accounts were elimi¬
nated /by conformance
of certain banks with the Association's method
of
reporting.
Taking these modifications into consideration, the net
however,
are,
accounts which
120,894
for the year was 29,986.
decline in accounts
In commenting on
the figures, Andrew Mills
Jr., President
Banks Association of the State of New York
and President of the Dry Dock Savings Institution, New
of the Savings
York City, said:
The
small decline in the number of accounts in savings banks and
increase in the number of dollars on deposit coincides with
very
the substantial
should be certain savings in
Data in regard
being gathered from' other sources so that it is not
to compile any information.
that there
the operation of a central depository.
question are
1938—
1937—
1936—
Aug. 31
of the possible
the indicated places.
at
to you
occur
insurance costs from
necessary
It is desired that your estimates
vault rental.
in
9-16
volume of
the
the handling in
of
-
table, compiled by us,
following
The
of
figures
the required securities from the depositpry.
That comparison tickets prepared by you would
After giving
7-16
A
of the cage) should
should be counted.
cage
In
Pairdid not
(which
ex-clearing blotters
the
on
9-16
A
60
500 shares were
it should be counted as two transactions.
appearing
crosses
the same
but if
transaction;
one
from two brokers
received
offs
receipts and deliveries of
reporting
Dealers'
Dealers'
Buying Rates Selling Rates
30
Oct.
securities (Forms 1A and IB,
respectively), "number of transactions," as shown in the heading of each
form, is intended to mean the number of items of securities which were
handled in or out of the cage—not the individual number of stock certifi¬
cates and
bonds.
For example, under this interpretation a balance to
receive of 500 "shares of an issue which was received from another broker
In
BANKERS' ACCEPTANCES
Days—
Buying Rates Selling Rale*
Days—
Sept. 30
1.4 and IB:
Forma
PRIME
17, 1938
Dealers'
Dealers'
forms, one of which we aBk that you
with the indicated information supplied thereon, and the other you
submitting
are
ON
OCT.
RATES
MARKET
CURRENT
1938
22,
depository on your
formulate
We
Oct.
Chronicle
the
modest
but
gradual
improvement in
business activity.
Savings bank
useful source of ready cash in times of stress,
encouraging to note that with business improvement the rate of
withdrawal had declined very rapidly and thrifty people once again are
have
accounts
it
and
proved
a
is
starting
set aside
to
a
their earnings to take care of future
portion of
demands.
Outstanding Increased $3,111,329
September—Total Sept. 30 Reported ' at
$261,430,941—$82,988,172 Below Year Ago
Bankers' Acceptances
During
During September tlie volume of
total
$82,988,172 below that of Sept. 30, 1937, when the
is
acceptances outstanding amounted to $344,419,113.
The increase during September was due to gain§ in credits
drawn
for
imports,
domestic warehouse credits and dollar
The loss from
exchange.
a
year
ago is attributed to de¬
except dollar exchange,
creased credits in all classifications
with
therein
ber
of
ACCEPTANCES OUTSTANDING—UNITED
FEDERAL RESERVE DISTRICTS
STATES
said
definite
that
Sept. 30s 1938
Federal Reserve District
2.
187,8837436
$31,780,378
250,898.534
9,133,807
14 H0,355
2,949,723
2,680,144
3,154.699
225,226
203,003
196,547
1.582,258
1,432,923
6,654,517
7,742,530
1,944,461
14,023,420
544,095
332,366
2,098,057
3,221,176
19,447,730
277,777
19,140,308
3,334,480
20,512,792
$261,430,941
$258,319,612
$344,419,113
i
'
5. Richmond
6. Atlanta
.
7. Chicago
8. St. Louis
9.
1,785.468
Minneapolis
Dallas
San Francisco
742,071
Kansas City
12.
Sept. 30, 1937
9,866,624
New York
11.
1938
$27,395,361
3. Philadelphia
4. Cleveland
10.
Aug. 31,
$27,018,937
190,438,444
917,919
_
Grand total
Increase for month,
$3,111,329.
ACCORDING
A num¬
applied for permission to issue policies,
statement
and
The
they
were
as
that five savings
made
was
names
large
the
of
as
banks, four in Greater
made application
have
up-State,
one
service.
banks
the 24
were
not
for
permission
given,
but it
to
was
in Massachusetts which are now
attended the meeting were:
Savings Bank of New York
City and President of the Savings Banks Association of the State of New
York; Edward A. Richards, President of the East New York Savings
Bank of Brooklyn ; William G. Green, President of the New York Savings
Bank, Manhattan, and Smith Sheldon, Trustee of the Monroe County
issuing
policies
Andrew
1. Boston
announcement
in every walk of life, it is
this
—BY
an
requests for insurance have been
many
York
DOLLAR
to
State Insurance Department.
received from
stated. Regarding the
organization meeting, on Oct. 12, of the trustees of the
General Insurance Guaranty Fund of, Savings Bank Life
Insurance, held in the office of Louis H. Pink, Superin¬
tendent of Insurance, the department's announcement said.
and
persons
A
b
according
shown,
banks have
offer
.
been
has
issued Oct. 13 by the
New
Oct. 17:
State Savings Bank
Effective Jan. 1
Despite the fact that savings bank insurance will not be
effect until Jan. 1 in New York State, much interest
of over $37,-
by the New York Federal Reserve Bank on
BANKERS
in
The following is the report for Sept. 30 as issued
import bills showing the greatest decline
000,000.
York
New
in
Insurance Plans to Become
bankers' acceptances in¬
$3,111,329 to $261,430,941 Sept. 30 from $258,319,612
Aug. 31, according to the monthly report of the Acceptance
Analysis Unit of the Federal Reserve Bank of New York,
issued Oct. 17.
As compared with a year ago, the Sept. 30
creased
Shown
Interest
Mill
Those
successfully.
so
who
President of the Dry Dock
Jr.,
Savings Bank of Rochester.
Taylor [Deputy Superintendent of Insur¬
had been made in preparing forms
making arrangements that the important work can go forward without
interruption beginning the new year.
Policies may be had from $250
to $1,000 in any one bank, with a total limitation of $3,000 on one life.
The applicant does not need to be a depositor in the savings bank which
issues the policies.
Adults must submit to a health examination.
Those
Following
ance]
meeting,
the
explained
that
Paul
much
progress
and
of
15
years
or
younger
need not.
Decrease for year, $82,988,172.
TO
NATURE
The appointment
OF CREDIT
by Governor Lehman of the four trustees
Fund was noted in our
of the General Insurance Guaranty
Sept. 30, 1938
$83,364,329
57,141,719
Exports
57,894,003
Sept. 30. 1937
76.537.035
9,407,717
Domestic warehouse credits
9,763,809
11,377,560
45,362.629
61.913.036
2,183,601
Dollar exchange
goods stored In or shipped
between foreign countries
issue of Aug. 20, page
1,660,751
1,328,703
57.267,297
60,274,091
66.403.727
on
Home
Owners'
Own bills
Bills of others.
Total
Increase for month.
HELD
BY ACCEPTING BANKS
$129,392,539
91,805,748
$221,198,287
5,536,629
Borrowings
from
and Loan Associations During
Savings, Building
August Are Largest
This Year
The
United
States
announced Oct.
BILLS
1134.
$126,859,052
46,475,887
Domestic shipments
Based
Aug. 31, 1938
$88,954,720
Imports
tions disbursed
League, Chicago,
and loan associa¬
to home owners in August than
Building
and
more
money
during any month this year, and a
went into
months.
Loan
15 that savings, building
larger percentage of it
of the preceding
building new homes than in any
These data are
judged by E. C. Baltz, Washington,
Volume
D.
C.,
Financial
147
President
of
the
United
States
Chronicle
The
Building and Loan
:
of their loan
disbursements going directly for construction,
August they put $1.00 out of
with
increase
an
Federal
the
of
18.2%
in
surpassed
Dollar
the
those
for
9%
preceding
research
better
two
than
Board,
like
the
and this
month
The
the
Con¬
ference
represented
sum
of
1937,
Mr.
of
10.4%
the
is
directly
summer.
of
analysis
total
the
August
the
for
decline
a
index
the
of
loan
of
loaned
related
loans,
according
to
of
5,528,000
Other purposes
to
to
7.4
19.6
10.8
Reserve
the
Branch
Bank
In accordance with the action taken
in
by the Board of Direc¬
in
against
country's
of
excess
bership in
said.
bank
the
institutions
with
The
has
system
total
reached
of
assets
System is described
credit pool in the world.
gage
reserved
as
Mr.
turned
the greatest
than
home-mort¬
while
1.
the
Bank
by all savings and loan
System
associations
loaned
members
are
Bank
System members
associations
constitute
the United' States and
in
member
the
As
now
hold
institutions
41%
its
all
savings
and
loan
and
grown
prospered,
Mr. Webb pointed out, so have the 12 Federal Home Loan
banks
The
with
banks
them.
Aug. 31 had total
on
He
assets of
$256,877,295 at the beginning of this
months'
period,
$7,235,619, and
solidated
surplus
cash
and
undivided
investments
from
added:
$278,210,644
profits
as
compared
During the
year.
$55,823,229
same eight
$5,204,417 to
from
rose
to
$87,496,631.
Con¬
iricorhe of the 12 banks from January to August, 1938,
compared with $3,660,526 for the same period last year.
as
Outstanding
at
advances
$189,871,172
to member
as
institutions
compared
on
Sept.
$179,000,313
with
24
on
of
the
was
this
year
game
date
Webb
reported that the banks advanced to members
during their six
had been repaid.
years
$459,752,025, of which
States
United
End
$700,000,000
of
Monetary
Between
Middle
$269,883,573
Gold
of
Stock
August
of
and
of
Federal
Reserve
System on
Gold and
Capital Movements—Currency Fluctuations Prior
to and Following Munich Conference
of
System, "between the middle of August and the end
September the monetary gold stock of the United States
by $700,000,000."
"This gold inflow," says the
increased
Board
flected
began
the
in
its
Federal
largely
a
in August
result
Europe."
take
gold
from
the
in
was
July,
with
merchandise
funds.
reduced
the
Although the
volume.
outflow
exports
of
resulted
move¬
During
foreign
in
the
funds
inflow
an
out
money
continuous
was
of
the
United
the
States
was
European selling of American
intensified
was
of
as
whole
a
by the following month's
In August
and September, for the first
the international, flow of funds increased rather
year,
the
of
surplus
of
merchandise
exports
gold
on
States.
of
Bank
August and
increased
by
Reserves
in
the
increased
reserves
securities
by
with
September
renewed
member bank
heavy
by $170,000,000,
Sept.
on
totaled
14
and
gold
reserves
inflow.
Total
$380,000,000,
reflecting
growth
a
$3,130,000,000,
which
in
was.
the
to
quarterly
income tax collections, and excess
Subsequently Treasury payments from
$390,000,000.
Federal
expenditures
reserves
Reserve
in
banks
of
excess
$2,890,000,000
down
the
middle of
principally
the
August and
,
amounted to about
for
gold acquisitions and
receipts
resulted
in
a
for
growth
of
Sept. 28.
on
the
July and the middle of August,
by payments
first
half
of
$350,000,000
following week they
for gold
September.
imports in
On
Sept.
14
latter
part
these, deposits
compared with $840,000,000
increased to $920,000,000.
as
were
some¬
rapidly
were
the
on
Aug. 10.
The principal factor accounting for the sharp increase in the week
ending
the receipt of $540,000,000 for cash purchases of new Treas¬
bonds and notes issued on Sept. 15.
The September Treasury financing
Sept. 21
ury
was
of sales of $460,000,000 of 2%%
12-14-year bonds and $340,000,000 of 1%% notes maturing in June, 1943.
In addition, notes due to
mature
and
,
in December of this year
$30,000,000
of
notes.
exchanged for $400,000,000 of bonds
were
Although
bank
subscribers
the
to
issues
new
granted the customary privilege of making payment by book credit,
only $260,000,000 of the total allotments were paid for by book credit,
while cash payments amounted to $540,000,000.
In addition to receipts from securities sales; the
Treasury also received
were
in
week
the
ending Sept. 21 about $380,000,000 of income taxes.
that
in
week
$170,000,000
its balances
made
with
banks
declined
the
Reserve
fund of these
the
in
for
Sept.
$130,000,000
for the purchase of
gold certificate
gold
of
interest
gold.
banks
banks.
following week,
On
by
a
on
Sept.
21
It
paid
debts
und
the
Treasury added
transfer of $90,000,000 to the
Additional
and,
outstanding
transfers
notwithstanding
of
this
nature
substantial
pay¬
and other expenditures, Treasury deposits with -the Reserve
in
the
week
by little
over
$50,000,000 to
$860,000,000
on
28.
Tenders of $320,338,000
Received to Offering of $100,000,000 of 91-Day Treasury Bills Dated Oct. 19—
$100,028,000 Accepted at Average Rate of 0.018%
According to the Board of Governors of the Federal Re¬
of
to
as
September—Comment by Board of Gover¬
nors
serve
part
declined
between
were
in
such
level of the year.
In the week ending Sept. 21
sharply reduced by payments to the Treasury for cash pur¬
ments
of
scale
withdrawals of foreign
1937.
For five
in October,
of European
it
movement
reserves
new
current
drawn
to
^
Increase
early
Treasury Financial Operations
out
year.
Mr.
to
over
consisted
gross
$5,055,769
stood
last
behind
stand
which
12
moved
exports
Treasury deposits, with Federal Reserve banks, which had increased
In
65% of their total assets.
have
had
highest
were
balances
what
States.
of
a
of
They financed fully 40% of all home purchases, construction, repairs
and refinancing loans by all lending institutions of every class in that
year.
gold
merchandise
than offset by
a
on
short-term
United
Excess
of
other
85% of the funds advanced
in the United
of
influence
the
to
the
to
reserves
2.
3.
close
excess
Loan
Home
the
required
reserves
Their position in this, field is indi¬
1937 the savings and loan associations that
During
of
balances increased in the five weeks ending Sept. 14
by
chases
follows:
Federal
movement
excess
scale, the net movement of foreign funds
This
latter
deposits.
membership of the System now includes the majority
American savings and home-financing institu¬
as
small
a
substantially
reserve
of the larger
cated
European
period in
the
were.
mem¬
"
tions, Mr. Webb said.
the
ship¬
with
more
Member
tions, 38 life insurance companies, and nine mutual savings
The
through
although there
on
offset
In
■
...
of
movements
was
banks.
was
were
resumed,
surplus
inwards.
extended
made up as follows: 3,913 savings, building
apd
loan associations, cooperative banks and homestead associa¬
bership
BLCiillig
for
was
political developments in Europe.
Webb
As of last Aug. 31, the
an
large proportions
of 3,960
peak
a
$4,325,000,000,
London
August this surplus amounted
import surplus of nearly $50,000,000 in
previous year.
This extensive shift in
an
the repatriation
March
the
and,
securities
Mem¬
Bank Board.
from
movement
according to T. D. Webb, ViceLoan
in
gold to the United States at the rate of about $40,000,000 a month.
Early in August, as a consequence of various developments abroad,
Oct. 15, that it had reached
membership and resources.
The 12
Federal Home Loan banks opened their doors for business
in
October, 1932, and the System now includes member
thrift and hoihe-financing establishments in nearly 2,000
Home
exports
withdrawals
thereafter
was
diminished,
in
Federal
current
ending
the
of
balance
assumed
these
period
Marking the end of six years of growth, the Federal Home
of the
gold
States
notwithstanding the surplus of merchandise exports.
In
however, tension in Europe in connection with the German-Austrian
ment
Loan Bank System announced,
Chairman
ViJC
.induced partly by increased
agricultural
States, which resulted in larger exports and cmaller
agricultural commodities, and partly by a sharp reduction
raw materials owing to
industrial recession.
At first, how¬
situation checked
and cities,
Ui
Nevertheless, at
years.
of
22.5412
iioc
United
which
March,
Membership and Resources Reached by
FHLBS—-3,960 Institutions with Total Assets of
$4,325,000,000 as of Aug. 31
American towns
«.
some
imports of
United
period
trade
in the
the
the
to
as
corresponding
funds,
in
prior
largely because of
$1,100,000,000
Wash.,
record
recent
purchase
yjj
became
months
ever,
Board of Governors, the branch of the
months
In
imports of
Spokane,
dicsontinued effective Oct. 1, it is learned from
all-time
States
11
the
the October issue of the Federal Reserve "Bulletin."
an
for
private
the
months
Record
levels
rates,
United
several
Federal Reserve Bank of San Francisco located in
was
high
new
United States
output
Federal Reserve Bank of San Francisco, with the
approval of the
to
the
imports.
Spokane, Wash.
tors of the
gold
2.6405
16.9700
53.9633
actual
For
to
Federal
471.2777
the month.
of
the
of
Sept. 28, 1938
profitable.
Shifting insurance rates
September, however, which at times created uncertainty
shipping costs, and a lack of adequate shipping facilities,
interfered with gold
arbitrage operations in London during the latter half
$74,709,000
Discontinuance
to
two
alter the middle of
31.9
8,072,000
—.
15, 1938
22.9872
sterling-dollar
ment
of
30.2
14,701,000
fell
the
55.5300
..
the
Total
23,833,000
.
June
.
2.7881
lower
$22,575,000
_
-
v*
United States
sterling
17.0227
Swiss franc
Percent
day,
Subsequently
Unit of Foreign Currency]
per
Belgian belga
Netherlands guilder
as
Repair and modernization
Home purchase
Refinancing
2.57c.
follows:
by All Associations in
the
following
497.5277
price
New construction
at
on
British pound
French franc.
Estimated Loans Made
Purpose
the
about
on
quoted
Currency
the
and
purpose
Munich
and
[In Cents
>
each account,
in
was
sharply,
up
business
...
August
on
held
franc
rose
FOREIGN EXCHANGE RATES FOR LEADING
CURRENCIES
over
In
in
this
Sept. 30, following the signature of the
four-Power accord, they were
quoted at about $4.83 and 2.69c., respectively.
The advance in
foreign exchange rates was widespread.
associations
improvement
to
be
the
currencies
Baltz
shows
year.
of
volume
and
prepared
performance
rest
in
gain
a
adjusted
would
$4.61,
leading the League President to the conclusion that
development
League's
seasonally
a
average
was
achieved
purposes
In
dating from late
sentiment
percent
all
department,
there
years
July to August,
year's
for
loans
to $74,709,000.
League's
about
this
building.
new
over
volume
volume of
mounting
from
Bank
out.
points
July,
by
into
$22,575,000, it is estimated from reports
Loan
to
leading currencies since June 15, which
marked the recent
high level of most of these currencies.
The rates shown
for Sept. 28 do not in most cases
represent the lowest quotations reached
on
that day.
In London, before announcement that an international con¬
pro¬
and in
July construction loans and of 7% over August
This is the first month of 1938 in which construction loans
of last year.
have
Home
$3.30 loaned
every
loans that month totaled
struction
filed
funds
shows the extent of the declines in
Every month since April the associations have been increasing the
portion
of
country was so great that, notwith¬
standing extensive sales of foreign gold to the United States, sterling and
other European currencies declined
sharply against the dollar.
The table
League, said the announcement of the League, which con¬
tinued
2465
movement
of
Reserve
"Bulletin"
movement of capital
and became
increasing
In part, the Board goes
from
intensified
tension
over
on
for
October, "re¬
abroad which
in September
developments
to say:
A
of
Oct.
19
and
$320,338,000
was tendered to the offering of
thereabouts, of 91-day Treasury bills dated
maturing Jan. 18, 1939, it was announced
or
Oct. 17 by
Secretary of the Treasury Morgenthau.
Of this
said, $100,028,000 was accepted
average rate of 0.018%.
amount,
at
an
Mr; Morgenthau
The tenders to the offering of
as
in
total
$100,000,000,
at the
to
2
p.
Treasury bills
Federal Reserve banks and
m.,
were
received
the branches thereof
up
Eastern Standard Time, Oct. 17.
Reference to
Financial
2466
Oct. 15, page 2323.
bids to the offering
is from Secretary Morgenthau's announcement of Oct. 17:
Total applied for. $320,338,000
Total accepted. $100,028,000
appeared in our issue of
regarding the accepted
offering
the
Orleans, Expresses Faith that Spirit
of Sermon on Mount Would Assure Peace—Letter
Read by Postmaster General Farley
a
100.000.
High,
99.994; equivalent rate
Low,
approximately 0.024%
of $100,000,000 of 91-Day Treasury
To Be Dated Oct. 26, 1938
Bills—
were
(maturity value).
000
for
tender
No
pressed
,
multiples
with not more than three decimal places,
the basis of 100,
on
be considered. Each
offered must be ex¬
less than $1,000 will
of $1,000.
The price
amount
an
be in
must
Fractions must not be used.
will be accepted without cash deposit from incorporated
99.125.
e.g.,
Tenders
and
and
companies
trust
from responsible and recognized dealers
from others must be accompanied
Tenders
securities.
vestment
banks
in in¬
by a
face amount of Treasury bills applied for,
unless the tenders are accompanied by an express guaranty of payment
by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on Oct. 24,
1938, all tenders received at the Federal banks or branches thereof up
to the closing hour will be opened and public announcement of the ac¬
ceptable prices will follow as soon as possible thereafter, probably on the
following morning.
The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less
than the amount applied for, and his action in any such respect shall be
final.
Those submitting tenders
will be advised of the acceptance or
rejection thereof.
Payment at the price offered for Treasury bills allotted
must be made at the Federal Reserve banks in cash or other immediately
10 per cent of the
deposit of
available funds
The
invited
except
taxation,
all
from
Treasury
to
the
from the
lein of Chicago,
Pope
My Dear Archbishop
hospitable borders of the
the
will
new
«
Government
by
Securities Purchased
Treasury During December
in
Market transactions
Government securities for Treas¬
resulted in net pur¬
$38,481,000, Secretary of the Treasury Henry
Morgenthau Jr. announced on Oct. 15.
This compares with
net sales of $3,905,650 during August
The following tabulation shows the Treasury's transac¬
tions in Government securities, by months, since the be¬
investment accounts in September
of
ginning of 1937:
1937—
1937—
_-_$14,363.300 purchased
5.701,800 purchased
119,553,000 purchased
January
February
March..,
11,856,500
3,853,550
24,370,400
4,812,050
12,510,000
8.900,000
April
May
June—,—
July
August..
September
purchased
purchased
purchased
purchased
purchased
purchased
February...'.
March
April
May
June
July
November
2,000,050 purchased
September
Roosevelt
President at
to
Broadcast
Campaign Address
Confers with
Lehman of New York
Hyde Park ,N. Y. on Nov. 4, a few days in ad¬
of election day Nov. 8—was made known in a White
House announcement
a
on
York
voter of the State of
the
New York, the President probably on Friday,
President's remarks primarily will
State,
concern
Park.
the voters of New
they will be sufficiently extensive in range
to interest the
nation as a whole.
It
was
noted in press advices from Washington
dent has taken occasion to commend the
Light, and the
the Presi¬
Annual Mobilization for
Must Supple¬
ment Government 'Aid—There
Is "Enough Work
for Both," He Declares—Rehabilitation Work in
New England Incident to Hurricane
held
fourth term
Hyde Park on Oct. 18 and to newspaper corres¬
pondents the Governor stated that the campaign "in all its
phases" had been discussed.
An address by President Roosevelt will feature the forum
on
current events sponsored by the New York "Herald
Tribune" to be held next week.
Opens
Needs—Says Private Charity
Human
People in the United States were urged on Oct.
Roosevelt to continue private charitable
President
14 by
opera¬
the expansion of governmental relief and
Speaking in a radio broadcast from Washington
despite
tions
opened the 1938 Mobilization for Human Needs, the
said that what he termed the pioneer agencies
which
President
problems which must
forward with the
coordination that is its basic aim."
He added that Govern¬
ment relief work made private community effort no less
necessary, since "there is more than enough work for both."
The Government social security program, he said, should
not take the place of private agencies, for if local and
private help decreased no improvement in former conditions
would
ever
have
been made.
The President's address
be
essential to meet the "concrete
if
met
whole program is to go
our
one
,
women.
breaking point
the
to
very
and women have been strained
have been in danger of losing sight of
days when the nerves of men
troubled
almost
we
important faqt—the all-pervading human kindness of men and
This human kindness cannot be created artificially out of speeches
appeals—it is part of life itself.
with this thought, I am not this year
and
making a speech or
Mobilization for Human Needs, but I am
calling your attention to the past and present generosity of the people of
America.
That generosity never has failed and please God it never will
fail.
In full faith and confidence, therefore, I present to -you the news
that local community chest drives will shortly be undertaken in all parts
In accordance
an
appeal in behalf of the 1938
are
some
persons
who say that the need
for voluntary private
and
agencies has decreased.
They say that the government—Federal, State
local—has moved in and taken over part of the jurisdiction of the private
Such
agencies.
persons
talk as if the scope of
eliminated.
voluntary action and of
principle to government
national. All of these are needed to make
up
the partnership upon which our Nation is founded.
The scope of
voluntary action cannot be limited, because the very desire to help the
less fortunate is
a
basic and spontaneous human urge that knows no
boundary lines.
It is an urge that advances civilization.
I like to think
Private community
effort is not contradictory in
efforts, whether local, State or
it
is
a
characteristic.
national
New
Let
as
at
Roosevelt
President
who
Governor.
A conference between the President and Gov. Lehman was
a
Truth.
Democratic State
ticket in New York, headed by Herbert H. Lehman,
seeks
that no
mutilal aid had been limited, or even
Oct. 14 which said:
evening, Nov. 4, will deliver a radio address from his home in Hyde
While
solemn Eucharistic Congress
could come to our land today than a revival of the spirit
religion. I doubt if there is any problem in the world today, social,
political or economic, that would not find happy solution if approached in
the spirit of the Sermon on the Mount.
May your prayers hasten the day when both men and nations will bring
their lives into conformity with the teachings of Him, who is the Way, the
There
ad¬
dress from
As
I repeat to this
I have said and
of
of the country.
Hyde Park
The intention of President Roosevelt to broadcast an
vance
the government of men.
greater blessing
In
12,033,500 sold
3,001,000 sold
23,348,500 purchased
2,480,250 purchased
4,899,250 sold
783,500 purchased
1,151,600 purchased
3,905,650 sold
38,481,000 purchased
August
4—Gov.
upholders of the ideal of
We believe with heart and soul
that in the long struggle of the human race to attain an orderly government
the democratic form of government is the highest achievement. All of our
hopes have their basis in the democratic ideals.
„
Even before the adoption of our Declaration of Independence George
Mason in the Virginia Declaration of Rights, voiced what has become
one of the deepest convictions of the American people: 'That religion or
the duty which we owe to our Creator, and the manner of discharging
it, can be directed only by reason and conviction, not by force or violence,
and, therefore, all men are equally entitled to the free exercise of religion,
according to the dictates of conscience; and that it is the mutual duty of aU
to practice Christian forbearance, love and charity towards each other."
We still remain true to the faith of our fathers who established religious
liberty when the Nation began. We must remember, too, that our fore¬
bears in every generation, and wherever they established their homes,
made prompt and generous provisions for the institutions of religion.
We
must continue their steadfast reliance upon the providence of God.
1938—
January
3,716.000 purchased
Nov.
of the adoption of our
of conscience as the corner¬
We in this country are
follows:
115,351,100 sold
December
October
President
inspire them with
the 150th anniversary
which guarantees freedom
all our liberties.
democracy in
were
chases
just celebrated
We have
Federal Constitution,
stone of
social aid.
*
ury
I trust that the deliberations
quicken the spiritual life of all who participate and
zeal for the work of the Master whom we all serve.
gift tax.)
of
through you to all who gather within
archdiocese of New Orleans on the occasion
National Eucharistic Congress.
of the eighth
4550, ruling that Treasury bills are not ex¬
Decision
their issue.
$38,481,000
Rummel:
greetings to you and
I send hearty
bills shall be
Treasury
Mumcipal Auditorium to Cardinal Mundewho attended the Congress as the legate of
Pius XI. The text of the message follows:
reception in the
-
principal and interest, and
other disposition thereof will also be exempt,
estate and inheritance taxes.
(Attention is
No loss from the sale or other disposition of
allowed as a deduction, or otherwise recog¬
nized, for the purposes of any tax now or hereafter imposed by the United
States or any of its possessions.
"
Treasury Department Circular No. 418, as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of
empt
eighth National Eucharistic Congress which opened in
Orleans Oct. 17.
The President expressed his faith
problem in the world today, "social, political
or economic, that would not find happy solution if approached
in the sjiirit of the Sermon on the Mount." Mr. Roosevelt's
letter, addressed to Archbishop Rummel of New Orleans,
was read on Oct. 17 by Postmaster General Farley at a civic
be exempt, as to
bills will
the sale or
gain from
any
Oct. 26, 1938.
on
Treasury
than
letter to
that there is no
Treasury Henry
tender
President Roosevelt said in a
New
invited on Oct. 20 by Secretary of the
Morgenthau Jr. to a new offering of $100,000,000, or thereabouts, of 91-day Treasury bills, to be sold
on a discount basis to the highest bidders.
The bids will be
received at the Federal Reserve banks, or the branches
thereof, up to 2 p. m., Eastern Standard Time, Oct. 24, but
not at the Treasury Department, Washington.
The new bills will be dated Oct. 26, 1938, and will mature
on Jan. 25, 1939; on the maturity date the face amount of
the bills will be payable without interest.
There is a matu¬
rity of similar securities on Oct. 26 in amount of $100,224,000.
In his announcement of Oct. 20, bearing on the new offering
of Treasury bills, Secretary Morgenthau said:
They (the bills) will be issued in bearer form only, and in amounts or
denominations
of
$1,000,
$10,000, $100,000, $500,000, and $1,000,Tenders
revival of rebgion,
the
.
99.995; equivalent rate approximately 0.018% .
(Nine percent of the amount bid for at the low price was accepted.)
Average price,
New Offering
could come to the United States
greater blessing
No
accepted bids:
Range of
1938
at New
gress
l
k
22,
Eucharistic Con¬
Roosevelt, in Message to
President
following
The
Oct.
Chronicle
of
our
and
of
me
country,
tidal
wave.
property
one
England Tragedy and
were
consolation
in
subsided when all
destroyed.
this
say.
How many
The extent
New
This was indeed a tragedy.
But there was
England tragedy.
Hardly had the hurricane
government, assisting and cooperating with
the forces of
private agencies, were
homeless.
Rehabilitation Work
example of successful working-together. One section
New England, has recently been devastated by hurricane
Hundreds of lives were lost and millions of dollars worth
give you an
rushed to the aid of the injured,
lives were 6aved because
to which
the sick and the
of these efforts no one can
human suffering was alleviated is
beyond all
Volume
estimate.
of
this
Financial
147
And
we
can
Youth
Administration,
the
Administration, the
working
with the local
those stricken
areas
conflict
been
has been
no
the victims
spared to aid
was
work for
Nation
both
to
comfort
and
is
of
Through
that
the
ing
new
our
CCC
to
lift up
We
social
has
security
program
we
than
more
fault of their
no
increased
assumed
giving work to
are
opportunities for
are
own,
But
cooperation
than
more
NYA programs;
and
with
We
caring
in
are
provid¬
half million boys and girls through
a
and in many other ways the Federal Govern¬
the
State
and
local
governments,
aiding
is
social
that
now
security.
because
Government
our
I would
answer
has
that
and
if
local
help
and
provided
the
Government help was intended
conditions,
need
and
is
our
just
as
voluntary agencies, because it is expended
met
is
its
if
not
are
program
great
as
decrease
as
today
is to
program
forward with
go
as
It is
•
of
the
of
before,
will
we
oil production to include refining regulations.
United Press advices from Washington on Oct. 20 in report¬
Regulation of refining,
suggested by Mr. Roosevelt, would be handled
Mr.
Thompson told the President that in spite of action through the
Compact Commission in bringing oil stocks down to the "proper level" big
companies, led by Humble, last week cut the price of crude throughout the
Midcontinent field.
He said that Mr. Roosevelt told him that if the six States would extend
must
their compact to include regulation of refining it would have his blessing
the coordination that
and
Congress would be asked to
approve
the new pact.
leaders have met the challenge of changing conditions.
looking backward with resentment against the Government.
and
men
move
social conscience.
forward
whom
women
I call upon
I
on
as
liberation of their
a
the front of social progress.
salute.
They
the shock troops
are
sible enactment of regulatory measures.
Mr.
which permits the States jointly to regulate production under
permission of Congress, must be accomplished through State action and not
by Congress.
Mr.
the American people to fall in behind
Thompson told the President the price cut
brought about by
was
refiners
2,000,000-barrel supply of heating oil for winter use.
thoroughly convinced that no matter how much the Government
does, the private agencies of America still have much to do before any of
can
rest
on
our
oars
bur
on
or
laurels.
I
that the
American
the endeavor to make this country the best
people want to participate
on
thoroughly
am
basis in
convinced
"In
possible place in which
confident
as
successful
that
this
year's
community
it has been successful in the past and
for
long
to
years
chest
drive
will
be
suc¬
it will continue to be
as
to
get
oil through their plants in
that much
duction is stabilized "is
Mr.
feel
cessful,
order
much
too
ran
order to obtain a
.
"they
heating oil," he said
He charged that for the big companies to slash prices at a
voluntary and individual
a
who
through
ran
enough oil to produce 20,000,000 barrels of unwanted gasoline."
live.
I
1 J
'
Roosevelt told Mr. Thompson that the extension of the interstate
oil treaty,
leadership and to widen the social horizon.
I
to
as
by the six States which have permission of Congress to regulate production.
am
such
us
governing
Mr. Thompson visited the President's Hyde Park home to discuss pos¬
opportunity to
an
these
in discussing the oil situation at
Oct. 20 with E. O. Thompson, Chair¬
on
Six-State
local
concrete problems which
on
They have welcomed the acts of their Government
efforts,
Roosevelt,
the
Oil Compact Commission is said to
have indicated that he favored the extension of regulations
aim.
Community
They
whole
our
basic
of
man
great as
intended to improve the old
help
private
national
a
is
is
nullify the improvement and return to just where we were before.
Very definitely we need the effort of the pioneer agencies, the
be
President
Hyde Park, N. Y.
ing this from Hyde Park said:
well ask if the need for community action
may
you
of Oil Production Regulations to Include
Refining Reported Favored by President Roosevelt
—Discusses Subject with E. O. Thompson of Six
State Oil Compact Commission
and
men
WPA program.
the States
aiding
some
These, he said, included the American Water Works
so.
Extension
responsibilities
our
on
He expressed the hope
had done.
and Columbia Gas & Electric Co.
our
underprivileged citizens.
before,
already had done
and
decency
3,000,000
aged, for widows and children, and for the blind.
in
than enough
with
conform
Bond & Share
agencies—there
more
the lower one-third of
will
Electric
as
Certainly, there
private
And there is
which
Government
our
welfare.
our
for
effort
living
unemployed through
women,
ment,
national
our
need.
in
and
Government
other companies would follow the lead of this corporation and added
self-respect.
true
social
in
enough work for both.
Federal agencies are
public, to rehabilitate
and
are
National
the
Corps,
other
private
those who
Government
the Works
Cross,
Red
Conservation
both
assist
between
standard
a
The
on.
engineers and
army
to
going
Civilian
agencies,
and
than
more
still
is
work
has
for
effort
no
The President reiterated what had been attributed to him last week—thae
business would be helped by sitting down to work out problems with tht
rehabilitation
Progress
It
that
say
disaster.
The
2467
Chronicle
Thompson went
time when pro¬
blow below the belt."
a
to
on
that in the last year oil stocks above
say
That
ground had been reduced from 310,000,000 to 280,000,000 barrels.
situation, he said,
was
about right to balance supply with demand.
The present six-State oil pact includes the States of
come.
Texas, New Mexico,
Oklahoma, Illinois, Kansas and Colorado, which have agreed to regulate
crude oil production to prevent oversupply.
President
Roosevelt Asks Spirit of Justice and Fair
Dealing Between American Republics—Says United
States
Will
Aid
Arbitration of
Review
Boundary Dispute
The hope that "pacific solutions based on
justice and fair
dealing" may be found to end existing controversies between
some
American Republics was expressed on Oct. 17
by
President Roosevelt, in replying to Dr. Manuel Maria
Rorrero, President of Ecuador, who had asked the United
States to serve in the proposed arbitration of his
country's
boundary dispute with Peru. Dr. Borrero said that relations
between
the
two
countries
had
been
strained
when
Peru
broke off negotiations of the dispute, and he appealed to
President
Roosevelt
the
as
Chaco peace agreement.
I
acknowledge the
receipt
"most noble
artificer"
of
the
In reply, Mr. Roosevelt said:
of
Your
Excellency's
telegram
suggesting
lending their friendly
services in the successful solution of the ChaCo dispute, should now like¬
assist
in
furthering the solution
of the
regrettable
boundary
con¬
troversy between the Governments of Ecuador and Peru.
and confidence thus demonstrated
warmly appreciated.
The friendship
by Your Excellency's Government are
The Government of the United States, in
harmony, I feel sure, with the
spirit which animates the peoples and governments of every other American
which
between
Governments
of the
American
republics.
Should
the
peaceful and equitable solution of their boundary dispute, the Govern¬
to
on
Oct. 17 denied the
of New York for a
upholding the
Co.
decision
interpretation of the brokerage
Act.
The section
Robinson-Patman
the
receive,
or
anyone
a
Associated Press accounts from Washington,
have
to
Oct. 17, said:
violated
the
Commission
said the Biddle company,
which sells a market information and purchasing service to wholesalers,
contracted with sellers of commodities to dispose of their products.
Sales were made to wholesalers and commissions received by Biddle from
the sellers
Their petition,
provision.
credited
were
against its regular
charge to Wholesalers for the
service.
information
"
the
to
New
York
general
upon
Department offered
Justice
Government
out
won
the
in
"Journal of Commerce"
from
no
lower
objection to
a
review, although the
courts, but pointed
out
that
questions
should
be passed
presented in the case was * whether Section 2(c)
is violated
importance
were
raised in
the
case
which
by the court.
The question
by
'
participating in the merchandising plan under which a buyer
goods through a third company pursuant to an understanding that
persons
such
will act
company
is (1) credited
other American republics of whom the Governments of Ecuador and
Peru might jointly request this assistance.
any
sellers
as
purchasing agent for the buyer and the buyer
a
with the amount of commissions paid to the company by the
filling the order, the credit being applied toward the
subscription
(2) given outright
price of the company's market information service, and
assurances
any
highest consideration.
Pur¬
commission "except for services ren¬
dered in connection with the sale or purchase of goods."
pay,
orders
of the United States would be most happy to
participate in such
procedure, and to be associated in such endeavor with the governments of
Excellency the
of
Court
Circuit
makes it unlawful under certain circumstances for
of
of
ment
I avail myself of this occasion to extend to Your
Second
a
provision
The
still exist
Ecuador and Peru both desire the friendly and disinterested
assistance of
of their American neighbors in their effort to agree upon a method for
of my
of
Federal Trade Commission's
fee
some
the
Supreme Court
of the Biddle Purchasing
review
Biddle
of
Washington Oct. 17 said, in part:
justice and fair
dealing may promptly be found for those controversies
some
Involving Patman Price Discrim¬
by United States Supreme
Denied
United States
The
petition
Advices
on
Act
Court—-Rules
Against Petition
chasing Co. of New York
'
republic, earnestly hopes that pacific solutions based
Decision
Companies challenging the section were found by the Trade
that this government, together with the governments of
Argentina, Brazil,
Chile and Uruguay, all of which had the privilege of
wise
of
ination
Between Peru and Ecuador
excess
of such commissions over the subscription price.
.
In the same advices it was also stated:
Advices
from
Washington
Oct.
"Times" said:
and
between
the
to
New
York
Uruguay,
Bolivia and
the
same
group
Paraguay.
by Ecuador
that
According to the Department of Justice substantially identical questions
with
..
The other governments approached
Chile
17
are
Argentina, Brazil,
mediated the
It is understood
Chaco
dispute
that their attitude is
Oliver
in
the
tions
Decision of Electric Bond & Share Co. to File
Plan
Integra¬
Utility Holding Company
by President Roosevelt—Sees Gain to
Under
Praised
Court of Appeals
Circuit
involved in
are
2(c)
are
involved in the case
Inc., against the Federal Trade Commission, now pending
for the Fourth Circuit,
Great Atlantic &
Pacific Tea Co.
and similar ques¬
against the Trade
Public
based
adopted in the Biddle
case,
and
one or more of these cases will
eventually find their way to the courts for decision.
Refusal of the court, although not unusual, came as a surprise in view of
upon
Act
Bros.,
Commission, pending in the Circuit Court for the Third Circuit.
In addition the Commission has issued a number of complaints
the same as that of President Roosevelt.
tion
respect to the construction of Section
of
Section 2(c)
it is believed probable that
construction
the
attitude of
the
the
of
which
it
Government toward the petition for the writ.
Business in General
President Roosevelt said at his press conference on Oct. 14
that the action of the Electric Bond & Share Co. in
announc¬
ing through its Chairman, C. E. Groesbeck, that it would
file with the Securities and Exchange Commission a plan to
comply with the so-called "death sentence" provisions of the
Public Utility Holding Company Act was most gratifying.
The President was reported as saying that section 11 of
the Holding Company Act should be known as the health
sentence rather than the
death sentence.
Associated Press
advices from Washington Oct. 14 in indicating this added:
Clement
M.
President of the Biddle
Biddle,
Purchasing
reported as saying on Oct. 17 that the refusal of
the Supreme Court to review the decision of the lower
court ended the interest of his company in the case.
He is
Co.,
was
also
quoted as saying:
The.^Supreme Court today
to
it.
We
were
surprised,
as
this was the first case under the Act to reach
The Circuit Court judges were
favoring
for
denied our petition for a writ of certiorari
2(c) of the Robinson-Patman
interpret the obscure meaning of Section
Act.
a
our
petition,
and
the
writ of certiorari stated it
divided, with
a
strong dissenting opinion
Federal Trade Commission,
"believes that the
case
in
a
petition
merits review."
Financial
2468
Trade Commission
Federal
the
When
order was first issued we took the
precaution of revamping our methods to comply
event it should ultimately be upheld by the court.
of the Federal Trade Commission was
issue of June 19, 1937, page 4101.
to in our
Hearings
of
Conclusion
Wag*
Railroad
on
referred
Dispute
Fact-Finding Board — Benefits
Through Wage Cut Cited by J. H. Parmelee—
Opposition by Charles M. Hay
The hearings in Washington on arguments for and against
the 15% wage cut proposed by the railroads, was concluded
on Oct.
17 and President Roosevelt's Fact-Finding Board,
before whom the hearings have been held, are required to
present their report to the President by Oct. 27.
Various
items regarding the testimony presented at the hearing have
appeared in these columns, and a reference thereto was
made on page 2326 of our issue of a week ago.
On Oct. 15
Dr. J. H. Parmelee, chief statistician for the Association of
Railway Executives, challenged statistics of railroad labor
which the uiions presented to show that wage reduction was
unjustifiable.
In reporting this united Press advices from
President's
by
Washington, added:
its
Commerce Com¬
by Joseph B. Eastman, Interstate
He cited a speech
missioner, in Chicago last April, warning
railroad labor to be cautious in
demands.
wage
from a wage reduction, Dr. Parmellee
These benefits might accrue
It would permit railroads to call back
reduce rail labor unemployment.
Kailroads could "emarge their building
said:
furloughed employees and thus
of the order of the National
the Consolidated Edison Co.
of New York to abrogate a collective bargaining contract
were heard by the United States Supreme Court on Oct. 17.
Linked with the dispute is the controversy between the
American Federation of Labor and the Committee for In¬
dustrial Organization. As to this Associated Press advices
Oct. 14 from Washington noted that the Board's order was
issued as a result of a complaint by the United Electrical and
Radio Workers of America, a C. I. O. affiliate.
Consoli¬
dated Edison was directed to cease recognition of the Inter¬
national Brotherhood of Electrical Workers, a Federation
affiliate.
#
"stimulated by the purchases of materials
and machinery which the railroads would be in a position to make."
Credit of some railroads would be improved so they comd pay bills
and
acquire new credits for maintanance and other improvements.
17 Charles Fahy,
Supreme Court hearing on Oct.
At the
presented the Government's
case in asking the Court to uphold a Second Circuit Court
ruling ordering enforcement of the Board's order which
required the company to discontinue certain labor practices
and invalidated the labor contract with the International
Brotherhood of Electrical Workers. The company is appeal¬
ing from that order.
From United Press accounts from
General Counsel of the NLRB,
Washington Oct. 17 we quote:
the high tribunal.
Consolidated Edison
employees favored the
mitted that "at the time the coercion
to be
written
of the
brotherhood, Mr. Fahy sub¬
made by the company in
To the contention that 80%
Mr.Fahy sought to answer arguments
briefs filed with
began" none of the employees desired
represented by the union.
Straus, Baltimore, attorney for
of Electrical Workers, told the
be main¬
the International Brotherhood
Consolidated
the union as
Court that the order against
Board had failed to notify
Edison was invalid because the
party to the labor contracts which the Board ordered abrogated.
Mr. Straus asserted that if the Wagner Act gives the Board authority
making the union party to
construed is unconstitutional."
Joseph A. Padway, counsel for the A. F. of L., told the Court that the
NLRB had revealed a tendency to hinder the Federation in its efforts to
abrogation of the contracts without
to order
proceedings, "then the Act as so
the
Railroads, said
the rail problem.
the industry
through this period," Mr. Pelley said, adding that any legislative program
to help the rails "could not possibly avoid the necessity of the proposed
meet labor contracts
wage cut.
into
Pelley, President of the Association of American
J. J.
proposed wage reduction is the only possible solution of
the
,
"Immediate relief is absolutely essential in order to carry
...
Mr. Pelley discussed the testimony yesterday
K. Wheeler,
Democrat, of Montana.
"I take it his purpose
not
well informed.
very
and many roads carry on
fail to carry on research, and he is
information here.
high prices
too
coal.
The
we
so we
buying traffic by purchases of materials at
were
could
Commission
Coal
Bituminous
those companies' goods, and he spoke
carry
of
20 cents a ton.
raised prices
Apparently the railroads had been buying coal at a price below what
Federal agency thought to
this
be a fair price."
Regarding Senator Wheeler's charge of wastefulness in effecting reorgani¬
for
reorganizing "must by approved by the Interstate Commerce Commission
making stock purchases, Mr. Pelley said any money spent
zation and in
Now, we do not believe that it was
making contracts.
Mr. Padway
Oct. 17 representatives of
both rail labor and management were heard.
Stating that
neither side showed any signs of compromise, a Washington
dispatch Oct. 17 to the New York "Times" said in part:
on
Charles M. Hay of St. Louis, Chief Counsel for the 18
hoods, asserted that wage cuts were
as
whole, but of only about 9%
a
The
bankruptcy.
wage cut,
railroad brother¬
he asserted, would postpone the correction of
transportation
"We oppose
our
the successful
a
comprehensive national
the proper
social, industrial and
governmental policy.
The
leadership of this country has discarded the philosophy of low wages, based
the theory
on
that low wages encourage more employment, more
distributed buying power, and, through that, increased production,
-
committed
to
the
philosophy of higher wage standards resting upon the
theory that the maintenance of such standards is essential not only to the
realization by workers of the American ideal of a decent and
comfortable
living, but also to the creation of wide markets for the products of our
modern
J.
and
industry.
Carter
Fort,
...
167-page brief
Chief Counsel for the railroads, filed a
and charts.
maps
One part of the brief
was
"factual," the other
offered "arguments."
Public Interest Put to Fore
For the railroads it
<
was
contended that there
was no
"essential conflict"
as to the facts in the case. There was, it was declared, no dispute concern¬
ing the "desperate financial condition of the railroads." And it was argued
that
"no
long-range program
for the transportation
of broad legislation
system can give the necessary immediate relief."
"The
tion
reasons
are,"
upon
which
rely
we
the carriers asserted,
as
justifying and demanding a reduc¬
"reasons of applications to the industry
generally and to the employees generally.
comes
down in last analysis to
interest.
it
of
in
best in the public
Jan.,
when
1932,
from their pay.
the
have been piled
on
employees
even
more
desperate
voluntarily accepted a
And yet since that
wage
time the entire
increases of approxi¬
top of the restored, pre-depression wages.
The evidence, it was asserted by counsel for the roads, showed that the
drive of the railway labor organizations for higher pay had
to
the point
where they
were
out
of balance with
pushed wages
"all other controlling
factors, not only in the railroad industry but in the general business and
life of the
It
and
was
missed all charges
declared that the carriers had exercised every possible economy,
it
that,
was
despite the
existing financial situation,
improvements of the
Average compensation in the industry had,
contended, steadily increased and rail wage income exceeded the
average for all industries.
Constitutional guarantees for free speech.
Consolidated Edison case the
the
Board had dis¬
that the company has sought to coerce or
intimidate its
affiliate.
counsel for the United Electrical and Radio Workers of
employees into joining the A. F. of L.
Louis B. Boudin,
America, told the Court that the I. B. E.
tracts are between
involved
W. had no proper standing to
law labor con¬
Board's order because under New York State
contest the
were
the employer and local unions
rather than the parent
contended, the only organizations
the brotherhood's locals which held the contracts.
Therefore,
he
directly
Court the Consolidated
subject to the National
Labor Relations Act because it was entirely intrastate in
In
brief filed with the Supreme
a
Edison Co. contended it should not be
character.
In
answer
business
was
to
company's contention that all of its
and therefore
the
within the State of New York
not in interstate commerce,
Associated Press,
the
the Board's brief, according to
said:
petitioner's operations are such that their cessation by reason of
would block interstate transportation to and from New
industrial strife
York City on several main interstate
railroads, and communications by
telegraph, telephone and radio would be
brief also said
The
seriously affected.
the company was
engaged in inter¬
"by reason of the purchase in other States
large quantities of coal and oil."
With the opening of the arguments on Oct. 14 William L.
Ransom, counsel for the Edison Co., declared that every
public utility in the United States could be brought under
Federal regulation, and State control laws would be rendered
futile, if the Supreme Court supported the Board in its con¬
troversy with the company. Regarding Mr. Ransom's argu¬
ments a dispatch Oct. 14 to the New York "Times" said:
state commerce
of
Co., which, with
with power,
and which is declared by the NLRB to be engaged in interstate business
because it supplies power also to concerns such as railroads, Mr. Ransom
Denying the jurisdiction of the NLRB over the Edison
its
subsidiaries,
New York City and Westchester
supplies
declared:
"If the
know
of
theory is that
no
the supplier goes
under Federal jurisdiction,
I
left."
boundaries
His argument
constituted an attack on
the order of the NLRB
that
A. F. of L. union
Board charge that there had been coercion of workers
in a fight, in which the C. I. O. sought to organize the Edison employees.
"Our position is that we were haled to a tribunal where there was no
jurisdiction and where we received an unfair and arbitrary trial," Mr.
under the
abrogate its contracts with an
Labor
Ransom asserted.
In
and
his
argument,
paramountly"
emphasized what he called the
he
intrastate
often to questions from
character
"predominantly
responding
Butler, Brandeis
of the corporation,
Chief Justice Hughes and Justices
and Stone.
Mr.
country."
railway plant must continue.
that in
the Edison company
financial position of the railways is
10%
has been restored and, further, the 1937
mately 8%
what is
>7
was
deduction
10%
query as to
.
"The present
than
the
After all, the whole question
Mr. Padway declared,
permit expression of such preferences,
He asserted
widely
and is
and to bargain with the
bargaining agency.
would amount to violation of
The
program.
the wage cut," he continued, "because it is inconsistent with
national,
present
development of
preference
preferred union,
preference is expressed without coercion, until Labor Board pro¬
ceedings shall result in valid findings that some other union organization is
the problem not of the railroad industry
of the roads, which were facing possible
"shocking abuses, wastes and extravagances" in railroad management and
operate against
Labor Act
if the
organization.
days hearing
the intention that the
asserted that employers have a right to express
for one labor union over another,
and the Federal court,"
At the final
reach
as we
have in the past.
Refusal to
"The Senator said
Court," Mr. Padway said:
We (the A. F. of L.) see a tendency on the part of the Board to
the fields of contracts and to hinder us in making contracts
would restrict us in
existed and there is
"That is not the fact."
apparently
Our association is always engaged in research
their own work.
There is an apparent lack of
"He (Mr. Wheeler) said we
with employers.
Arguing as a "friend of the
to indicate that waste
was
necessity for a wage cut,'' Mr. Pelley said.
no
(Oct. 14) of Senator Burton
in
Supreme Court Hears Arguments
Consolidated Edison Co. against NLRB
Arguments as to the validity
Labor Relations Board directing
Isaac L.
maintenance forces.
The aggregate purchasing power of railroad employees might
tained or even increased through recall of employees without jobs.
Industry as a whole would oe
Case of
programs."
The carriers would be able to increase their
1938
22,
States
United
with the order in the
The ruling
Oct.
Chronicle
Ransom pointed out
New York for 30 years,
that there had been 8tate
labor legislation in
not "essential or
and said that therefore it was
appropriate" that the jurisdiction of the Labor
Board should be extended
to cover the Edison Company.
"The words 'essential and
appropriate' are delicate; d,o you not mean
'power'?" Justice Brandeis inquired* and Mr. Ransom
assented.
Volume
Financial
147
"Is it correct to say that the Federal Act would
of the State Act?" Chief Justice
"I have
tion
to
these
utilities," Mr.
supplant the operation
Hughes asked.
doubt that the State Act would in
no
Ransom
"This
would
Farm
Products
Said
to
Have
Indorsement
of
President Roosevelt—Views Presented to Senator
bring every
Lee
utility operating anywhere in the country under Federal regulation to the
exclusion of State regulation."
While Mr.
Ransom
which he called the
discussing the present State labor legislation,
was
"Little Wagner Act," he
was
interrupted by Justice
Butler, who remarked:
The Board's order was issued in
November, 1937; the
action of the Supreme Court in granting the
request of the
for
company
review of the Board's order
a
issue of May 21,
noted in
was
our
1938,. page 3274.
Corn
Belt
Commends
"Ever-Normal
Plan—Also Favors "Ever-Normal Debt"
At
Springfield, 111. on Oct. 14 Secretary of Agriculture
spoke before two gatherings,—one a meeting of
farmers, farm leaders and Agricultural Adjustment Ad¬
Committeemen, while the other address
delivered before
A program
said
dumping of such commodities abroad
to
have
at low prices
by President Roosevelt at
been expressed
Hyde Park, N. Y., in a talk on Oct. 19 with Senator Lee
(Democrat.) of Oklahoma. According to Associated Press
advices Senator Lee so defined the President's views before
leaving Hyde Park Oct. 20 for Albany.
From the Associated
also quote:
we
should be allotted to the American farmer at
felt that
agree
a fair price, but Mr. Roosevelt
day it would be necessary for the major exporting nations to
some
on
an
equitable distribution
their surpluses and
Wallace
Wallace in
the
over
Press
Springfield, 111. Secretary Wallace Before
of
Granary"
Program
ministration
an international
agreement to divide the
market for surplus products like wheat and cotton
world
He said he found the President in
agreement that the domestic market
In Address at
Farmers
Preference for
is
"Would you mind if you called that the
Wagner Little Act?"
2469
International Agreement
to^Divide^World Market for
wise function with rela¬
no
replied.
Chronicle
was.
The Oklahoma Senator said he himself favored
under which each farmer would
get a
let any surplus seek its own level.
a
of
dumping
domestic allotment plan
specific share of the home market and
.
Senator Lee predicted that the next
Congress would work out a bill that
"will afford, first, a fair price for home
consumption; second, an allotment
based upon bushels and pounds rather than
acres; and third, fair treatment
luncheon group.
a
of world markets instead
having the world price set the domestic price.
of
of "Ever Normal Debt"
proposed by Mr.
was
family farms."
As
for guaranteeing
a
profitable domestic price,
of his addresses, to supplement the
Agricul¬
tural Adjustment Administrators "Ever Normal
Granary"
payment from
plan according to United
Senator Lee said this
that he favored the third.
one
which also
"We
at
need
times
quoted him
to
make
advices from
Springfield,
follows:
as
be
done either
the
by straight-out price fixing,
Treasury,
of power.
"That
However,
may
democracy
mean
is
not
to passage
last session, and
crat, of California, lost
a
Federal loans to
or
Senator Lee pointed out that his
democracy efficient," he said.
centralization
greater
Press
could
subsidy
or
domestic allotment bill
own
equalizing
He added
prices.
peg
came near
similar proposal by Senator McAdoo, Demo¬
a
by only
a
few votes.
threatened by centralization of power as long as we have freedom of
speech,
freedom of the press and freedom of vote."
"We
solve only half the farm problem by agricultural
adjustment,
can
Secretary Wallace Studying "Two-Price" Plan of Food
because half the farm problem is caused by
unemployment in the cities,"
Subsidies
Secretary Wallace said.
Secretary of Treaury Morgenthau Reported Favor¬
ing Proposal
He said there
was
■
•
great increase in the volume of debt in the United
a
States during the 1920's.
But that the volume had declined during the
present decade.
"Government
dried up,"
debt
he said.
has
gone
up
$20,000,000,000,
but
private capital
"The Government debt would have had
to increase
$60,000,000,000 to keep the total volume of debt from decreasing."
He said 3% of the debt structure would need be renewed each
year to
keep the amount stable.
"A greater increase
brings trouble," he said,
if the amount doesn't reach
certain
a
"but
speaking before the County Committemen and farmers
of the Corn Belt States
Secretary Wallace expressed the
belief that the "Ever Normal
tion, "is the best farm
and the Nation have
Act
it
as
With
applies to
the
will be
in
only 9%
which
Step No. 2 is the
loan
as
farm
cash
income
In the face of
You have had
50 cents
was
a
plan.
bushel.
.
.
a corn
loan of
borrow up to 57 cents
Summer, in view of the
had in storage.
Now
the
bushel
a
is
approaching
on your
1937
another
will
The rate is
no
be
the
supply the higher the loan
corn
be at least 57 cents.
be.
can
Apparently, in
rate on 1938 corn will
.
,
..
impound surplus corn.
marketed
That is
price.
Of
or
fed to
It is intended to keep the surplues from being
livestock as rapidly as would otherwise be the case.
why the loan at times
»
.
course
can and should
\
.
be made above the market
are
the farm program is under fire.
cutting down
increases in their
this
year
was
corn
on
farmers
corn,
The facts
acreage.
less than it
was
in
or
for
petition faced by corn and lard.
The
great
substitutes
merit of this
&outh
are
that
are
making great
corn acreage
before the
AAA
in the South
programs
were
are
proposed.
popular panacea.
in cooking,
program
worksheets,
Now I
workable
am
not
stands
out
The proposed substitutes
Well, the first
We are told that if
of production, or parity, or some higher
ments,
really lessened the
compliance
and
we
one
most
are
usually
can
be
done
away
with.
opposed to price-fixing in itself, provided it is done in
a
a
No business organization anywhere has
price' while exercising
no
control
whatever
Farm implements haven't done
over
i'i.
ever
been able to
production.
Steel
Automobiles haven't
Council
Bluffs, Iowa, on Oct. 17, Secretary Wallace
addresses a Democratic rally; on that occasion,
answering
charges that the AAA was shifting cotton acres into corn
in competition with Midwestern farmers, the Secretary said:
The reduction in cotton acreage in the South from 1932 to 1938
brought
a reduction in cotton seed production
equal to terms of lard and
about
feeding value to around 75,000,000 bushels of
quoted
saying:
as
our
people rather than foreign countries.
estimate of the
no
more
money
than
now
derived from customs receipts.
fiscal year was about
current
of the
cost
consumer
subsidy, Mr.
available would be needed.
being used to buy surplus farm products for distribution to relief
are
They
may amount to
between
The amount available for the
year.
$79,000,000.
Cotton and cotton products so distributed, Mr. Wallace explained, could
be taken from stocks pledged in 1934 and 1935
"ample" for the
by
growers as
collateral for
Such stocks total about 1,600,000 bales, described
labor
and
the
of
cotton
will be
leaders
loan
cotton
would
textile
invited
the proposals now being drafted.
Government
as
new program.
Representatives
tries
and
cotton
to
soon
a
distributing
conference
to
indus¬
consider
Officials said that under present plans.
be sold
to
cooperating textile mills at a
reduced price so
that they might make it up into cloth for sale to low in¬
come
at
consumers
considerably reduced figures/
Indorsement of the "two-price" proposal was said to have
been given by Secretary of the Treasury Morgenthau on
Oct.
13, at which time
At
his press conference,
in favor of doing away
a
dispatch from Washington to the
done away
with.
Secretary Morgenthau said first that
he
was
with all subsidies, if any single subsidy was to be
He was asked if that applied to farm subsidies and in
particular to the subsidy on wheat to feed the lower third of the population
which
the
President
has
described
as
"ill-fed,
ill-clad
ill-housed."
and
"That will be the best money they have ever spent," the Treasury head
"I'd be glad to be on record on that."
quickly replied.
Again he said that "if they are going to spend the money, to give it
I'd say that
the undernourished,
ment of
he
was
would
be the best
use
the
Depart¬
Agriculture ever made of the money."
"You think it would be more
profitable to do that than to ship it abroad?"
asked.
"It isn't a question
Mr. Morgenthau
of being profitable—it's
a
question of being humane,"
replied.
He added that he was "delighted to see Mr. Wallace do that—the quicker,
the better."
Asked if he had discussed the matter with Secretary Wallace, the Treasury
number of meetings in
which Dr. Parran, the Surgeon General, participated
from the standpoint of
public health.
I don't know where they
from the
corn.
If they are going to spend the money,
could spend it to better advantage
or more
usefully
standpoint of the social well-being of the country."
As outlined
done it.
At
fruits,
Secretary answered: "We had a lot of meetings around May and June—a
The proposition that a fixed price should be paid on an unlimited
quantity
hasn't done it.
was
$100,000,000 and $140,000,000 next
will just fix farm prices at cost
figure, all the bother about allot¬
payments
sell dirt cheap, or give away?
fix
Losses would be
vegetables,
cotton,
are
,
making
now
families
to
This is
that
false.
affected
of Mr. Wallace's observations the Associated
panaceas.
is priced-fixing.
But when you
of goods is
be
help the lower third of
some
Wallace indicated that
Funds
clearly when
will result in good rather than harm to agriculture.
ask for price-fixing, stop and think what part of the
crop
you could expect to sell at the high price.
What part would you have to
way
While
com¬
These charges won't stand the light of day.
farm
What about the substitutes?
a
use
,As to
while farmers of the Corn
launched, and that the cotton program, by reducing the amount of cotton¬
seed oil available for feed
might
,
...
of the
1933,
which
New York "Herald Tribune" stated:
.
One type of attack consists of charges that,
Belt
manufac¬
.
Unlike the cotton and wheat loans, the corn loan is
definitely intended
to
"two-price"
a
their
the Government.
at home to
longer optional
words,
supply situation that will exist, the loan
and
prices below those prevailing in the markets.
government loans.
and
with the Department of Agriculture, but will be set
according to the formula
in the Act.
That formula is a sliding scale—in other
view of the
products
•
made,
contained
the smaller
agricultural
If there is to be any dumping of surplus farm products it will be done
were
they still
corn
,
loan
corn
supply
corn
■
when
wondering what the rate will be.
you are
the
on
„
time
certain
Press stated:
in cribs
Incomes—
dairy products and meats.
plan.
situation and in accordance with the provisions of the
Act, farmers
permitted to
which
Commodities
to
kind every
some
corn
,
.
corn
A year ago this Fall the rate of the
This last
at
borne by
year
30%
over
know, is Step No. 1 in the AAA
security for it have sealed your
corn
comes
business situation
a
real achievement.
a
this
and farm buying power
year,
The Agricultural Adjustment Act of 1938 gears the loan mechanism
closely into the
more
loan.
corn
1933, and
year since
you
new
Low
being studied, Mr. Wallace said, call for
now
under
Secretary Wallace
farm
program,
nearly steady is
as
opera¬
of
tured products would be offered to relief families and others with low in¬
and said:
corn,
under that of last year.
so
in
now
He outlined the
below the peak of last
Acreage adjustment,
Proposal
system
that the farmers
.
factory employment and payrolls have been down
hold farm income
farms.
.
had."
ever
help of the farmers'
will be only about 12%
Granary" plan,
program
Those
to
indicated also said:
quantity, there is also trouble."
In
Behalf
A "two price" system of farm
subsidy is being considered
by Secretary of Agriculture Wallace, it was reported on Oct.
12, at which time Associated Press accounts from Washington
stated that the plan is designed primarily to reduce surpluses
and thus lift prices received
by farmers.
The press advices
the other hand,
on
in
very
briefly by Secretary Wallace at his press
conference
yesterday, the plan is modeled on Mayor F. H. LaGuardia's 8-cent-milk
Agricultural products for which there is an elastic
project in New York.
demand, such as meat, fruits, dairy products and green vegetables, would
be sold at an off-price
consumer
in the lower income brackets getting the advantage instead of the
foreign consumer, who
The
figure on the domestic market, with the domestic
Federal
would benefit under a dumping arrangement.
Commodity Corporation already is engaged
Surplus
i»
purchasing surplus farm goods for free distribution to persons on relief
Financial
2470
accumulated huge amounts of cotton, dairy product® and
It recently has
foods on which it has made loans
those on relief.
nomic level midway above
On the same date
He was reminded of this
for a further
price paid by the Treasury for newly mined domestic silver.
with a report that plans were under way
about 22 cents over the world
now
retained government aid.
of the Chinese mission
pow
Kong and China which some
export subsidy
issue of
to a
as
3
Kansas
of
for
City
already
1,120,000
$760,000, close to 68c. a
of Feb. 26,
bushels of hard wheat at
as
subsidy—one
Mexican
quantities of hard wheat for mixing pur¬
purchase indicates her own production is short
Further purchases over the 3,000,000 bushels may be,
normally buys small
Mexico
poses,
again
the
but
this
current
year.
The
announced Oct.
17
Corporation
Credit
their
will
made
be
through
the
be made without
will
and
mature June
1939.
1,
1,043
hops
be
pooled and held as
delivered
Excluding
1,043 increase,
have been a decline of
The current
of
the
None of the FHLB
Producers may obtain the release
period of last year.
Little
Rock
Investors,
contained three outstanding features of
Inc.,
Chicago,
Store
the American
amount
of
to
taxes
only
a
little
more
these
tabulation
carefully
United States
150
companies,
but 41%%.
compiled tabulation
received
companies
(3) A
of
Senator
important proposals
how every renominated
and Representative voted on a number of the more
showing
coming before the Seventy-fifth Congress.
"general
Director of the Bureau
and Domestic Commerce, told delegates on
a conference celebrating
the dedication of the
Foreign
Oct.
14
new
home of the School
at
of Business Administration of the
University of Minnesota in
and dividends.
showing that Federal and State
taxes in 1937 took approximately 47%% of their earnings, whereas 6%
million middle-class citizens owning the preferred and common
stock of
(2) A
the retail field have again swung
public toward the old concept of the
store," Nathaniel H. Engle, Assistant
of
salaries of 1,721 executive officers
corporations average $30,010 a year and
than 1%% of total earnings before payment
business
from 42.1% in
Merchandising Discussed by
Changes in Retail
Forces now operating in
widespread interest,
analysis revealing that the
representative
Among the districts, declines ranged
in Indianapolis.
Engle of Department of Commerce at Dedi¬
cation of Building of University of Minnesota—
Finds Trends Pointing Toward Return of General
.
146
6.0%
States showed more
months' period of this year than in the same
H.
N.
are
namely:
to
...
districts and only eight scattered
in. the first eight
foreclosures
"Investor America," published by
of
reported similar rises.
other States also
1939.'
the same month of last year. How¬
in these two district, 13
besides the three States showing increases
ever,
at the
months of this
with their respective corresponding months of 1937.
New York and Indian¬
Federal Home L6an Bank districts, only
12
apolis disclosed August advances over
47%% of Earnings While Preferred and Common
Stockholders Received 41%%
Federation
month,
comparison
in
year
Recent
American
by 26
for two States, and increases aggregating
for the remaining 20 States and the District rof
New York State, which accounted for 463, or 44%,
the net July-to-August change for the country would
135 cases instead of the actual rise of 328.
.
.
.
with its 15.1% decline in foreclosures from August
showed less improvement than did the earlier
last year,
Analysis of 150 Companies by American Federation of
Investors Reveals Federal and State Taxes Took
In the October issue of
reported
were
the
of
After such date all hops will
security to all indebtedness.
prior to June 1,
of
and will bear interest
four-year averages.
■
July totaling 715 cases were reported for August
from
Columbia.
Pacific
recourse
Winston-Salem, Cincinnati and Des Moines
which compared unfavorably with
States, whilq no change was shown
Of
(1) An
1929."
July-to-August changes
respective
Decreases
Coast Hop Stabilization
California, Oregon and Wash¬
ington, and will be available until Jan. 31, 1939, upon the security of hops
represented by warehouse receipts issued by approved warehouses.
of
in July to 49.0 in
below the average month of
however, the Boston,
showed
districts
of
Corporation, Oakland, Calif., to producers in
the
(1934 equals 100)
Only the New York, Indianapolis, Portland and Los Angeles bank districts
an actual increase in
the number of foreclosure cases.
In addition to
said:
4%
Statistics of the Federal
"This 3.6% rise, which brought
Bank Board.
Fergus further reported:
these four,
$2,300,000 had been made available for loans to pro¬
on hops grown in 1938 at the rate of 23c. per pound
for prime grade hops; 21c. per pound for medium grade
hops, and 19c. per pound for common grade hops. From the
foregoing amounts 3c. per pound will be withheld to provide
additional security for COC.
Regarding the loans, the CCC
of
Foreclosures During August
July, According to FHLBB
foreclosures
estate
real
closures have remained
that
rate
Estate
from 47.3
index
the
ducers
The loans
^
August," said Mr, Fergus, "did not compare at all well with
the 4.1% decline shown by the four-year average for this
period.
Despite this current advance, August went on
record as the eleventh consecutive month for which fore¬
noted in our Sept. 3 issue,
$2,300,000 Made Available to Producers
Hops Grown in 1938 by CCC
loans
Real
Loan
Home
—:—
Commodity
The
$693 801.566.0
had
1422.
of
1,353 ,712.01
165
—
ing to an
tor of the Division of Research and
Mr.
The wheat export program was
Loan
1337.
page
Non-farm
necessary.
page
1,375 525.00
August, or 328 more than in the
negotiations
of
result
particularly interesting, since Washington is paying a double
on
wheat and the second on the silver from which the
Government obtained the money for the purchase.
regarded
100 000.00
4,708 800.00
8
:
numbered 9,454 in
preceding month, accord¬
announcement issued by Corwin A. Fergus, Direc¬
cost of about
a
bushel.
the
is
arrangement
1
31
PVVA..........
Increased 3.6% Above
Grain Co.
between the. Mexican
Export and Import Bank and the Agricultural Adjustment Administration,
Mexico paying with money obtained from the new general export tax, of
which United States mining companies bear the brunt.
The purchase is
The
30,000 ,000.00
....
of RFC lending activities, authorized by
noted in these columns
The resumption
Non-Farm
signed with the Continental
been
has
36,300 487.79
2,455 749.01
1
and irrigation districts.
Administration ....
President Roosevelt on Feb. 18, was
"Times," which further said:
contract
30,210 000.00
2
4.286
to purchase from
3,000,000 bushels of wheat
under the new American export subsidy plan, according to
cable advices from Mexico City, Oct. 12, to the New York
The
212,250,000.00
....
Subscriptions for preferred stock of banks
Purchases of debentures of banks.......
than
more
128,778,591.81
5
preferred stock of an insurance company..
Loan on
125,000.00
1
78
Company
Loan to Rural Electrification
lias agreed
Government
States
United
201-a,
91
Livestock
Loans to The RFC Mortgage
Wheat from United States Under Export
Subsidy Program
Mexican
The
12,969 131.67
1,555 000.00
public bodies under Section 5-d, as amended
Commitments to Commodity Credit Corporation.
Other loans for financing of agricultural commodities or
Purchases of securities from
the
128,994 669.36
10
10
Loans to
a week ago, page 2328, the views of Secretary
subsidy for cotton were referred to.
Mexico to Buy
3,793
—
.r
loan companies
Loans for mining, milling or smelting of ores
Loan
to
self-liquidating project,
under Section
Emergency Relief and Construction Act of 1932
Loans to drainage, levee
our
25,000 ,000.00
64,854 690.35
Loans to mortgage
competitive conditions in the
2,013 ,786.45
1
10
Loans to business
which fixes the subsidies on a day-
1,032 891.91
I
4
stock land banks
Federal National Mortgage Association
Loans to railroads
Pacific.
In
5
associations
Loan to an insurance company
elsewhere.
8,526 ,263.77
1,294 ,766.90
61
Loans to building and loan
on
Department of Agriculture,
closed
,
Loans to Joint
Subsidy
by-day basis, said the change was due to
„
;
banks
Loan to
Pacific ports destined
Wallace
Authorized
$402,500.00
banks
in the reorganization of liquidation of
Loans to aid
flour was announced as 80 cents a
barrel from all ports except Pacific ports, where the subsidy was 50 cents.
This week the subsidy from Pacific ports was changed to 80 cents for
flour destined for Hong Kong or China, and retained at 50 cents for flour
The
Amount
Loans
Loans to open
in this city, but said he knew nothing of a
flour exports to Hong
observers viewed as a preferential measure in
Flour Export
from
INCLUSIVE
1938 TO OCT. 17, 1938,
No. of
behalf of China.
Originally the
large-scale housing loans aggregating
10
FEB. 19,
AUTHORIZATIONS FROM
week in the government subsidy on
change this
14,819 Federal
$2,759,000.
subsidies might go, but
eliminate their subsidy
agricultural experts had taken part in the negotiations
that
He said
authorized
has
It
473,653.54.
has bought
mortgages, aggregating $58,570,560.70,
2,937 additional mortgages aggregating $14,-
insured
fair to the silver producers to
he did not think it
while other groups
Mortgage Association
Administration
commitments to buy
has
price.
reiterated that he thought all
Secretary
The
and
National
Federal
The
Housing
opposed to all subsidies, generally.
reduction in the
It is
statement continued:
Congressional committee about a year ago
told a
Morgenthau
that he was
assertion in connection
22, 1938
$3,969,762.66 later taken up by banks. Banks participated
in 915 business loans to the extent of $28,043,397.73, making
a
total of $153,068,304.43 loans to business.
Mr. Jones's
(Oct. 13) the Associated Press reported
Washington:
the following from
Mr.
The bureau
distributions to persons on an eco¬
expected to augment its work by
is
now
totaling nearly $500,000,000.
Oct.
Chronicle
Minneapolis.
Mr. Engle, speak¬
ing at the "Round Table on Marketing of Consumer Goods,"
discussed "Trends in Size and Type of Retail Outlets."
He
emphasized the importance of specialization in retail trade,
and said that this, in merchandise, as well as in production,
"tends
for
more
efficient methods and for lower
costs of
operation."
In commenting on
recent changes in store sizes,
Mr. Engle
said:
RFC Authorized 4,286
Loans Aggregating $693,801,566
Chairman Jones Reports—
from Feb. 19 to Oct. 17,
3,793 Loans Totaling $128,994,669 Were to Business
$28,043,398
-—Banks Loaned Additional Amount of
Jesse Jones, Chairman of the
Reconstruction Finance Cor¬
comprehensive data dealing with size, the average
worth of goods in 1929.
Depression sales aver¬
aged $16,406 per 6tore, while the 1935 recovery carried the figure up to
better than $20,000.
These are overall figures which need modification
at a number of points in the interest of clarity.
Returning to the more
retail
aggregating
$128,994,669.36
were
to
business,
including
sold
$31,827
Price
poration, on Oct. 18 announced that since the RFC resumed
lending, at the end of February, this year, it has authorized
4,286 loans aggregating $693,801,566.03; 3,793 of these loans
store
First
of all,
ing change
of
the
in
Changes
sales do not represent a correspond¬
physical volume of goods handled because part
price changes.
Existing retail price indexes
these changes in dollar
the actual
difference
was
due to
Volume
Financial
147
cannot be used to determine the exact amount of
•with
change due to that factor
degree of accuracy, but we know that it was significant.
For
decline in retail personnel was much less than in sales,
any
example,
Chronicle
,
the
which fact in itself is evidence that the
physical
job of retailing remained
we know that wholesale
prices usually follow sooner or later.
To illustrate, wholesale grocery dollar sales fell off
by 44% between 1929
and 1933.
Price declines were responsible for. three-quarters of the loss,
as
physical volume fell off by, only 11%.
larger than the sales drop indicated.
prices
declined
and
that
In
the second
ferent
of the
At
total
included
group
sales, with average sales per store of
only those stores
of
with
sales
of
$300,000
or
more
27% of all stores but accounted for only 2% of the total volume
The average sales of these little fellows—the really small
of the country—was but $2,342 per year.
us take a quick look at the trends in size since 1929.
By 1933 the
large stores, those with sales of $300,000 or more, made up but onethird of 1% of the total number of stores and accounted for less than 18%
of all sales, a drop of more than seven
points from 1929.
Average sales,
larger stores in this
the other hand,
on
group
Thus there
were
27%
stores and
45% of the
percentage of business done by small-scale retailers and to
percentage of business for larger-scale
With
stores.
average
the exception of the very large stores above noted,
sales per store remained fairly constant for each size group.
What
happened
after
1933?
The very
large stores recovered
accounted
for
that
was
#
T.
M.
slightly
Girdler
of
Speaking before the Metals Section of the National Safety
on Oct. 11, T. M. Girdler, Chairman of
Council in Chicago
the Republic Steel Corp. and President of the American Iron
& Steel Institute declared that "the great human and
economic task which needs to be undertaken in this country
11% of all retail sales, while 60% of all stores fell
in 1935. While this was a reduction from the corresponding
figures of nearly 14% of sales and over 64% of stores in 1933, these
small stores remained substantially more important than in 1929, when
they did less than 6% of the business with less than 44% of all stores.
today has to dp with the employment of
quoted as saying:
Hand in hand with
SHeppard
and
Secretary
Morgenthau in
Exchange of Letters on Campaign Contributions
by Government Employees—Treasury Head Con¬
tends He is in Agreement with Senate Committee
on
Proper Federal Conduct
the outlook.
to
your
first question, the committee is of the opinion that
are
busy
men are
and confusions In
employed.
"I think it is
possible," said Mr. Gircller "to see signs of
prospect over the months ahead, but
serious obstacles to genuine and sound industrial prosperity
in
remain in the
path."
Chicago bureau the "Wall Street Journal"
ported Mr. Girdler as follows:
From its
letter from Senator Morris
answer
When dollars
improvement
Secretary of the Treasury Morgenthau
In
unemployment for men and women is imemployment
It is estimated that fully a third of the nation's capital la idle,
and its idleness is caused by uncertainties of the present
Senator
on Oct. 10 replied
Shepard, Chairman of the
Special Committee of the Senate to Investigate Campaign
Expenditures, saying that, in his opinion, Senator Sheppard
in correspondence with the Treasury agreed with the po¬
sition taken by that department of the Government in con¬
nection with regulations concerning campaign contributions
by Government employees.
Senator Sheppard, in his letter,,
said, in part:
and dollars."
men
Mr. Girdler is
for dollars.
a
Republic Steel Corp. Finds Present
Employment of
Great Economic Task Is to Further
Idle Men and Dollars
in this
group
to
revolution had been taking place for
a result of this, he stated, we are now
new set of price relationships to which we
a
As
the
by 1935; from one-third to %% of 1% of all stores falling in the group
with sales of $300,000 or more.
Average sales for this group, however,
had dropped to slightly below the 1929 level.
The very small stores lost
some
ground, but still comprised nearly 42% of all stores with nearly
4%% of all sales.
Retail stores with sales of $10,000 annually or less
still
Oct. 20, Dr.
operating under a
adjusted our thinking.
After discussing several of the factors influencing price
changes, Dr. Copeland concluded by saying that we shall
need to visualize that the really effective way to meet this
raw
commodity revolution, for example, is not by futile and
costly restriction schemes, but by the genuine encourage¬
ment of private business activity.
total, with sales volume rising from 2% to nearly 6% of all retail sales.
In general, the incidence of the depression was to increase both
percentage
reduce the percentage of stores and
on
have not yet
The very small
to over
Hotel, New York City
reached; as
study of price movements for basic com¬
the past 20 years.
the
fewer but, on
in 1933 than in 1929.
had increased from
of his
modities,
Let
of
result
a
men
average,
dinner meeting of the Commodity Club of New York
Melvin T. Copeland , Professor of Marketing in the Graduate
School of Business Administration, Harvard University,
stated that one of the, major conclusions he had
each.
very
stores,
a
at the Park Central
This
$815,492.
stores with sales of .less than $5,000 each per year
however, had increased to $862,720.
Copeland Urges Encouragement of Private
Activity
to
Meet
Raw
Commodity
"Revolution"
At
business.
business
T.
Business
In 1929 nearly 1% of the retail stores accounted for
the other extreme,
made up
M.
Dr.
by Size Groups
place, average sales conceal the variation within the dif¬
size groups.
25%
"2. To prevent any such employee from
voluntarily contributing to the eamp&lgn
fund of the Party of his
choice, if such contribution is made freely and without
coercion or improper solicitation and is not made to a
person in the service of the
United States."
Then, too,
retail
Variation
2471
partment stated to all its employees on Sept. 10, 1934, in the underlined
portion of paragraph 2 of the Treasury's regulations of that date:
"The instruction contained in said circular should not be construed:...
If out of the event which
stopped another world war, there should come
period of peace, the way should be opened for the revival of world com¬
a
merce, and in
that the United States should share.
there Is great need for goods and an era of
,
re¬
Throughout the world
peaceful development of trade
would be a most constructive development.
But meanwhile the problem of unemployment
only js
a cure
remains upon us.
Not
lacking for the disease, but there is wide divergence of views
A great many people believe it is due to
to its causes.
as
technological
the
Treasury regulations are not repugnant to the letter or* spirit of the
but that they do not cover the subject.
Those regulations do not
call attention to Section 211, Title 18, United States Code (Criminal Code,
improvements in "industry.
law,
improvements have been tremendous, and as they appeared one by one,
Section.
these displacements have been more than
121), which specifically forbids every officer, clerk, or other
person in the service of the United States, "directly or Indirectly, to give
or hand over
to any other officer, clerk, or person in the service of the
United States, or to any Senator, or Member of, or Delegate to Congress,
Resident
or
Commissioner,
political purpose.
It is
specifically prohibits any
contribution, directly* or
any
money,
or
other
valuable
thing"
for
a
the opinion
of the committee that this section
employee of the United States from making any
indirectly, to any Senator, or Member of, or
Delegate to Congress, or Resident Commissioner, for any political purpose.
In
.
answer
that it is
the second question,
to
not,
a
it is the opinion of the committee
violation of the Taw for a Federal employee to make a
voluntary contribution to
to which
allusion
to
individual
in
the opinion
to
any
In
answer
a
a
of
Senate
the
relates to voluntary contributions
made,
of the committee,
committees,
The prohibition of Section 211,
political party.
just been
members
special
campaign of
has
House
or
of
this prohibition
organized
the
for
Representatives,
includes
purpose
of
and,
contributions
promoting
the
Senator or Representative.
to
Federal
the
third
question,
it is the opinion
no
In
employee may
legally
replying, Secretary Morgenthau said:
Referring to your answer, to my first question, I am gratified to learn
that your
committee is of the opinion that the Treasury regulations
are
either the letter of the spirit of the law.
Concerning
further suggestion in this connection that the department's regula¬
tions should make specific reference to Section 211, Title 18, United States
Code, I may say that United States Civil Service Commission Form No.
1982, warning against political activities, contains a specific reference to,
not
repugnant to
your
and
a
paraphrase of, Section 211.
June 5,
.
.
.
The Treasury Department
on
1934, and Aug. 23, 1938, circulated this form to all the employees
of the department.
I
am
further gratified to note that your views in response to my second
question coincide with the opinion in the Treasury Department that it is
not a violation of the law for a Federal employee to make a voluntary
contribution to a political party.
Concerning your further observation
that contributions
you
will agree with me that your reference to such special
is
reference to but
a
one
committee
of many possible devices prohibited by the term
The instructions given to Treasury
of Form 1982 mentioned above were not
"directly or indirectly" in Section 211.
employees by the circulation
limited to any single device.
Again
third
and
I am pleased to observe that your committee's response to my
final question, merely states what, in effect, the Treasury De¬
utterly false diagnosis. These
displacement of workers often has resulted.-
But almost invariably
compensated by the creation of
There is, of course, unemployment in the
steel industry today due to the
depressed state of operations, but at no time has the decline in em¬
current
ployment been anything near so sharp as the drop in demand and produc¬
tion.
At the beginning of
the top in
49%
this year, when operations had fallen 65% from
1937, employment had declined only 21%
and payrolls only
Thus the steel industry has done its utmost to cushion the blow of
.
unemployment, and demonstrated its sense of social obligation in present
emergencies.
f
• •
'
„
Rulings by Administrator Andrews on Wage-Hour
Law—Clerks, Maintenance Men and Watchmen
Engaged in Interstate Commerce Within Scope of
Law—Employment at Less Than Minimum Rates
Allowed in Cases of Learners, &c.
On Oct. 12 Elmer F. Andrews,
ruled
that
maintenance
Wage-Hour Administrator,
workers,
watchmen,
clerks,
sten¬
ographers and messengers employed in interstate commerce
industries would be subject to the new,wage-hour law when
it becomes effective on Oct. 24.
In his first interpretative
ruling, said the United ,Press, Mr, Andrews held that work¬
in these categories were engaged in capacities "necessary
ers
production" of goods and therefore came under the law,
for a minimum 25c. hourly wage the first
year and a maximum work week of 44 hours.
From the
United Press advices from Washington we quote:
to
which provides
The ruling,
prepared by Calvert Magruder, Mr. Andrews's general counsel,
held that the Act did pot
prescribe where employees must work, and hence
entitled to its benefits whether they perform their work at
home, in the factory or elsewhere."
It said that Mr. Andrews, as Administrator, "should properly lean toward
they
a
"are
broad
interpretation of the key words, 'engaged in commerce or in the
production of goods/" in making determination of workers
coming within
the scope
of the Act.
Mr. Andrews pointed out that the Act covered employees
by Federal employees to any special committee promot¬
ing the campaign of a Senator or Representative would violate Section 211,
that; also has been the position of the Treasury,
In addition, I am sure
an
additional jobs.
of the committee
contribute, voluntarily or other¬
wise, directly or indirectly, to the campaign of any Senator, or Member
of, or Delegate to Congress, or Resident Commissioner, whether in the
primary or in the general election.
that
some
I think that is
(interstate)
"engaged in
commerce" industries, such as telephone, telegraph, radio and
transportation firms,
interstate commerce
and workers engaged in "production of goods" for
distribution such as manufacturing, processing or dis¬
tributing plants, if the goods move out of State.
"Since these industries serve as the actual instrumentality and channels
of interstate commerce, employees
of
interstate
copimerce are
who are an essential part of the stream
also included in the phase 'engaged in com¬
employees of a warehouse whose storage facilities are
used in the interstate distribution of goods," Mr. Andrews said.
merce's—for example,
Financial
2472
other
working
manner
is
engaged in processes or occupations 'neces¬
goods," he 6aid.
cannot operate without employees of this kind.
If they
work 'necessary to the production of the goods' they would
must be considered as
whom
"Enterprises
not doing
were
be
not
the payroll."
on
.
.
than
25c.
which
on
not
piecework
States
which
denied
this
be paid on
cannot
employees
are
a
the employment of learners,
ap¬
speaker at the annual banquet
a
hour law, he had the following to
Transcript" :
Standards
Labor
Fair
"The
as
not
1938
of
Act
be
make
Basis
by Robert M. Hanes,
lation, in
dated Oct. 15.
letter to the membership
qf the Wachovia
a
He also advised
of
employees
them
records of wages and hours
to keep
prescribed by the regulations of the Ad¬
as
to obtain
endeavor
the Act
under
The
only safe
course
and
these
and
to
necessary
25c.
"administrative" Officer^ are
Act
requires
any
as
prescribed by regulations of
keep such records as would substantially
should
Banks
should also be of value
in
supplying accurate data in the event action should be taken subsequently
comply with
against
The
which
and
Such
the requirements.
records
bank claiming it had violated the Act.
a
Association
desires to be
arise in
may
helpful to its members in meeting problems
should
be
sent
the
to
of the Act
developments.
Inquiries
seeking to comply with the requirements
plans to advise them from time to time of
office
the
of
new
General
Counsel,
604
Washington
Wage-Hour Law Discussed by Administrator Andrews
Before A. F, of L.—Adjustment of Differences with
of
National
between
Federation
the
on
and
Oct. 13, that the differences
Committee
the
for
Industrial
Organization be adjusted, Elmer F. Andrews, Administrator
of the wage and hour law, said:
"I have good friends on
both
sides
of
these
arguments,
I want to be able to
and
ask the advice of both of them without each fellow
I'm
that
the
law,
new
thinking
At the same time Mr.
going to get the wrong idea."
Andrews sought to quiet fears which
pressed
which
he said had been ex¬
becomes
effective
on
give its Administrator "dictatorial" powers.
As
quote
this
we
the
following from
Associated Press
advices from Houston, Oct. 13:
He
he
replied
directly to John
a
P.
an
Frey,
a
high A.
F. of L.
official, who,
industry committee, would be like
a
recom¬
judge not accepting
"The
essential
a
difference,"
case
back
or
he
in
said
impanels
a
explanation,
new
jury,
the
"is
that
when
of
deterioration
our
.
National
former
minimum pay levels in the
February before
or
the
recommend a
committee could
"
there
might be
many
as
as
six different wage levels
recommended to Elmer F. Andrews, Administrator of the law,
Proposal
by
F.
A.
a
defendant remains
official
Administration
Recovery
[on the Textile Industry], estimated it
25c.
indicated
also
few
as
Perkins
Secretary
L.
of
C.
That
I.
Committee
Mediation
Name
but expressed
possible.
as
O.
to
and
Settle
Differences—Suggestion Made in Addressing Rail¬
road Union at Columbus,
A
Ohio
proposal whereby "a fair and workable adjustment" of
and
Committee
the
the American
Labor
Federation of
Industrial
for
Organization might be
brought about was made by Secretary of Labor Perkins in
addressing an unaffiliated railroad union in Columbia, Ohio,
on
Oct. 15, at which time she declared that "cooperation
within
the
achieve
divided movement
now
its
is needed if labor
is to
place of responsibility in the United
States."
In submitting her proposal, Miss Perkins said:
"Let each side in the A. F. of L. and the C. I. O. appoint five
proper
trusted and
mittee
experienced representatives to a mediation com¬
give them authority to bind their respective
and
Let these
organizations in any agreement they may reach.
and
agree
of
upon
the
two
three additional members chosen
groups in conflict."
In further
explaining her proposal, Secretary Perkins stated:
Let
them
be
disinterested
and sympathetic
well
persons,
to labor,organization.
informed
about
labor
Let them be persons of
a
matters
concilia¬
if possible with some experience in the art
committee, under the chairmanship of one of the
tory, dispassionate disposition,
mediation.
The
of
this
Let
disinterested
members,
them.
groups
That
members
to
proceed
advantage of this
both
form
is brought
find
a
settlement.
is that the moral and intellectual capacity
into play and
the real adjustment is made by
The public or outside
always gives permanence and strength.
will
conciliation,
principally to keep alive the spirit of mediation and
serve
to solve
minor and
immediate points of conflict between the
solutions for old problems.
public interest in the effective settle¬
partisan members and to suggest new and varied
They also will
ment
I
of this
the
serve
to represent the
quarrel in labor's house.
have great
faith in the capacity of people on both sides of this contro¬
to make a
fair and workable adjustment, and
the desire for it from
membership and from the public is intense.
If
the
person
more
can't
10
can
agree
on
the public members, then some outside trusted
be asked to select and appoint them.
to be desired so that organized groups will
effective in
public.
is to
As
jury verdict if it did not please him.
judge sends
continued
Labor accord is much
eaid, complained that the Administrator, if he chose to disregard
mendations of
January
above
versy
Oct. 24, would
to
Nelson,
hope there would be
of
urging at the convention of the American Federation
Labor, in Houston, Tex.,
the
against
rof the committee
outside either
^
In
be
would
10 meet
Building, Washington, D. C.
C. L O. Urged—Comments on Act Before
Association of Cotton Manufacturers
week without payment of time and a half for
line
the differences between
exempt, and it is expected
employer, subject to it, to keep records of wages
employment of his employees
Administrator.
M.
Chairman
wage
the
minimum wage.
hour
an
within
bring them
will be issued at an early date defining and delimiting
regulation
hours of
the
where
carried
plants.
Donald
and
doubtful that the Administrator will make a
terms.
The
and
salaries
being
committee is
It was noted in Associated Press advices
from Washington that it was the first industry committee
chosen under the new law.
The same advices, Oct. 11, said:
to pursue for the present, therefore, is compliance
24 banks should endeavor to adjust their hours
work-week
44-hour
"Executive" and
a
textile
Before Oct.
employment
that
the effective date of the wage and hour
24,
appears
the
committee appointed to discuss
prior to 6uch date.
the Act.
maximum
to Oct.
It now
determination
with
an
prior
requirements.
of
Hour Division and his staff in an
administrative determination of the status of banks
the Administrator of the Wage and
with
a
He
by representatives of the Association
Conferences have been held recently
These wage orders must be based on
to stand the test of application, com¬
and hour structure."
wage
The letter follows:
ministrator.
.
are
Under date of Oct. 11 Mr. Andrews called to Washington
minimum wage.
44-hour maximum week and a 25c. an hour
they
44 hours per
than
overtime—will "hold
Mr.
Bank & Trust Co.,
Winston-Salem, N. C.
Mr. Hanes advised the banks that
the "safe course" to pursue would be that of compliance
with the Act and adjustment of working hours and salaries
before Oct. 24 to bring them within the requirements of a
President
is
Hanes
other industries.
slowly, the basic standards of the Act—not less than 25c. an hour
more
nor
American
the
order for the cotton, rayon, silk textile industry and
wage
enforcement and court action.
this careful work of the industry
pliance,
which
get a reasonable basis on
striving only to
reasonableness if
and
facts
forward
Bankers Association and
Chairman of the Association's Committee on Federal Legis¬
of
Vice-President
a
be
"While
and hour requirements, banks
throughout the country are informed
will
subsequently for
the Wages and Hour
Act of 1938 before Oct. 24,
under the Fair Labor Standards
the effective date of the wage
establish
to
determination of the status of banks
a
can."
protected.
"Committees
Wage-Hour Act
will
be
textile industry, he said
that "we propose to avoid the slightest suggestion of a circus atmosphere.
Nobody is on trial for anything.
Employers who cooperate with industry
committees in submitting vital facts about the operations in their industry
Banks' Status Under
It is doubtful if the Administrator of
will
Asking for the cooperation of employers in the
Reasonable
Division
and
designed
propose
to go slowly, cautiously and as surely as we
propose
will
Doubtful of
was
and not temporary legislation," Mr. Andrews
to surround it with panic psychology but
permanent
do
"We
said.
basis.
Determination
(Oct. 6), of the National
which time, in dis¬
the month
according to the Boston "Evening
administered
applications for certificates may
individual
an
also
earlier in
Boston,
say,
be filed by an employer,
or
a
worker, or groups of either, but preferential consideration will be
given to applications' by groups, or organizations,"deemed to be repre¬
sentative of the interests of a whole industry or branch thereof."
Mr.
Andrews said such requests would be considered on the basis of
the needs of employers and workers in the industry as a whole rather than
on
American
the
work week in this country
why the standard
reason
cussing the wage and
employment opportunities."
learners,
of
Association of Cotton Manufacturers, at
employment at such lower rate is necessary to
For
the
is
Andrews was
Mr.
in
Andrews said, may be made "when¬
prevent curtailment of
Applications for the exemptions, Mr.
productivity
the
in
increase
•
shortened."
be
must
this, added:
ever
tremendous
during recent years,
demand,
to
and it is stated that
employment of su<lh persons at lower rates will be permitted
only under special certificates which he will issue.
Associ¬
ated Press accounts from Washington, Oct. 14, reporting
by Administrator Andrews,
Oct. 14
share.
the
labor has a right to demand an increase in
its real wages; that is, in its purchasing power.
"That increase in productivity, together with the influx of women work¬
ers
and other factors which have increased our labor supply in proportion
prentices, handicapped persons and messengers at rates less
than the 25c. an hour required under the Act were issued
on
in
asking for more than its share
fact, labor asks nothing more
"With
workers
hourly rate."
governing
think that
might
was
matter of
least the equivalent of the minimum
piecework basis, they must receive at
Regulations
raised it
told the
if hours are shortened and wages
must be lowered, Mr. Andrews
"It merely means that whatever the basis
paid, whether it be monthly, weekly or on a
"One
paid at the rate of not less
he said.
workers
the
standards
living
demanding higher wages and shorter hours,
in the goods it produces.
As a
and the Government of the United
asks for labor nothing more than a just proportion of the wealth
it
has helped create.
Throughout recent years, labor has been
that
mean
24,"
after Oct.
basis
that
criticism
to
that
convention:
labor
hour."
an
does
"This
He cannot
recommendation.
Turning
limited to employees working on an hourly
because "employees must be
simply
issue a wage
Administrator cannot
follows
.
He said that the Act was not
wage
order.
wage
by itself."
to the production' of
sary
differs
order except as the result of a
change a committee recommenda¬
tion.
Neither the Administrator nor the committee can act without the
consent of the other, just as neither houses of Congress can enact a law
benefits of the statute are extended to such employees
workers, watchmen, clerks, stenographers, messengers, all
maintenance
as
1938
the plaintiff must wait for his money, but when the adminis¬
with an industry committee and appoints a new one, there
or
committee
"Therefore, the
of
no
"The
such goods."
on
jail
tration
in actual "physical" work on
capacity
any
in
employees even it they did not
the product if they were engaged in
in "producing, manufacturing, mining, handling or in any
explained that the law applied to
He
engage
Oct. 22.
Chronicle
Cooperation
become
management and the general
within the now divided movement is needed
if labor
place of responsibility in the United States.
have said before, dissension and division inevitably lead to loss, of
achieve
I
the interest of wage earners,
influence
and
the public
its proper
prestige of all those
interest
may
involved, particularly in matters where
be .concerned.
Volume
147
Financial
Miss Perkins's proposal was made at a
joint celebration
of tbe seventieth
anniversary of the unaffiliated Order of
Railway
Conductors
women's
auxiliary, and, it
vices
from
Columbus,
House approval.
It
the
followed
F.
A.
address
Andrews
the
fiftieth
apparently,
L.
in
made
was
by
personal
and by only a
Wage-Hour
One obstacle
the
in
Perkins
plan
suggestion that the A.
of L. and
I.
C.
0.
appeal to
an
Elmer
F.
dispute.
vention
peace
adjourned
last
Thursday
[Oct.
13]
believe that
men
address
bargaining,
announcement was
a
prompted by increased buying of auto¬
favorable outlook.
In his statement,
more
Mr. Sloan said:
Approximately
35,000 additional workers will be
given
by General Motors during the next two
weeks.
Our
new
new
any
the
Secretary Perkins stated that "collective
which
employers
generally
recognizing
are
ment with resultant benefits to wave earners."
as
reemployment
There appears to be
a greater
evidenced by the attendance at
showings of
move¬
bargaining becomes the accepted practice," she added,
It will pro¬
orderly and sound method of adjusting differences
with fairness, justice and honor."
Miss Perkins also stated:
an
The Department of Labor stands
ready to carry its responsibilities in
enlarging the opportunities for labor, to enjoy a fair share of the hoped-for
national well-being.
It has a large 6hare of responsibility in informing the
Nation of the needs of millions of
individual wage earners.
the necessity for providing fuPy and equitably
but it must be ready to provide information, service
for
the wage
help to labor in labor's
earners,
for
own
of solving problems and improving
program
be
our new cars as
well
by the the number of retail orders
as
workers.
us to
the belief that the trend of
new cars can
consumer
buying when retail
be made to customers in volume will be
found to
substantially improved over that existing during the past few months.
Therefore, the corporation feels justified in
increasing its current produc¬
tion schedules by
revising upward the plans made last summer, as well as
in
readjusting its general operating program to a
higher level of volume.
notwithstanding that the circumstances now available are indications
And
as
distinguished from facts, there being
of the better demand
now
no
real way of judging the depth
manifesting itself.
The salary readjustment will take the
form of restoring the
compensation
of those
receiving $300 a month or less to the level existing on Feb. 28,1938,
when the reduction became effective.
Those receiving more than $300 a
month will be adjusted
effective
Not only must
it make employers aware of
and
This leads
deliveries of
the
as
"When col¬
"there will be few strikes in the United States.
conditions
pay cuts for salaried
con¬
annual
The
without authorizing
the fair and right progress in their own as well
public interest, will be furthered by a united labor
vide
Salaried
actually received.
her
lective
Workers
February's Pay
Employees—Better
Outlook
models have been well
accepted.
interest than existed a
year ago.
This is
moves.
In
35,000
Rescind
workers within two weeks and rescind the
10 to 30%
employees made last February.
The
more
mobiles and
be given
mediators
to bind their respective organizations.
Most labor
an A.
F. of L. convention could give this power.
power
only
Reemploy
Alfred P. Sloan Jr., Chairman of
General Motors Corp*,
on Oct. 18 that his
company will reemploy 35,000
particularly noted by labor lead¬
was
F.
to
to
and
Prompts Announcement
White
From Washington, Oct. 15, United Press accounts stated:
ers—the
Cuts
its
few days
Administrator
prompt settlement of the A. F. of L.-C. I. 0.
a
Motors
Corp.
Within Fortnight
Press ad¬
with
2473
General
announced
Roosevelt's
Houston, Tex.,
convention
same
urging
United
These advices added:
convention
the
of
anniversary
stated in
was
by less than two weeks Mr.
of
to
and
Chronicle
as
on
an
individual
merit basis.
This will be made
of Nov. 1 and
applies to domestic operations only.
now being
reemployed is the maximum number
felt adequate employment can be
given during the year as
The number of workers
to whom it is
judged by today's outlook.
not
only in its
The corporation recognizes its
responsibility,
interest but in
own
the interest of its workers and of the
national economy as a whole, to
provide as much work as it possibly can and
the amount of work available so that it
will produce the most
to allocate
A.
F.
L.
of
Creates
New
Seamen's
Union
Oppose
Group—Convention
Adjourns
After
William Green Accepts Re-election to Presidency
C.
I.
An international seamen's union
by
Executive
the
to
O.
Council
of
chartered
was
American
the
Oct. 14
on
Federation
of
the
Federation
had
voted
adjournment.
conven¬
The
which
is
headed
by
Joseph
Curran
of New York,
Action toward establishing the new group was taken by the
Executive Council of the A. F. of L. at its meeting at At¬
lantic
City
Aug. 23; this was indicated in our Aug. 27
issue, page 1277.
The Houston convention adjourned after
voting to meet in San Francisco in 1939, and after William
Green
on
for the fifteenth
time
had
F. of L.
accepted the A.
In describing the final actions of the delegates,
presidency.
Associated
Press
Houston
advices
Oct.
of
14
said:
"I promise to you,"
Mr. Green said, "that I shall make every contribu¬
tion that lies within my power toward the
promotion of peace in the labor
movement; I shall do what I can to heal the wounds and close the breach
and
unite the
His
forces of
avowal
seek
to
labor."
for
extensive
secession
unity with
organizing
the
C.
0.
I.
followed
convention
chest special assessment levied
war
and
purposes,
the
adoption
of
tentative
Tobin, leader of 350,000 members of the International Brother¬
formula
Daniel W.
Workers,
March
for
with the O.
peace
had
I.
O., broken off last December, after
been
reached.
a
...
Tracy, President of the International Brotherhood of Electrical
who
with
disclosed
a
he
suggestion
had
approached
Mr.
Roopevelt
the President intervene
as
a
indirectly
mediator
last
labor's
in
still
believe President Roosevelt could
organizations
The
together."
be very helpful
charfered by the A. F.
has been
the title of the
in bringing the
'
,
seamen's union
new
of L„ under
Seafarers International Union
of North America.
Houston,
Mr.
Regarding it, United Press advices from
Oct. 14, had the following to say:
on
Green
charter
said
the
as
that
first
the
Federation's
international
move
Executive
to
Council
granted
the
organize 125,0000 maritime fire¬
enginemen, stewards, fishermen and all
unlicensed ship personnel.
The
temporary presidency was handed to Harry Lundeberg, head of the
Sailors Union of Pacific, whose jurisdiction will include the
Atlantic, Pacific, Gulf and Canadian coasts and the Great Lakes.
Federation's
Mr.
Lundeberg will also have jurisdiction
Green
later
The
and
Asked
the
mates,
Federation
pilots,
radiomen—all
then
union
metal
that
said
include
to
teamsters
the
would
be
over
longshoremen,
who
man
made
into
workers
planned to
the
a
dock
merchant
Federation
inland waters.
on
expand
the
clerks
new
and
union
checkers,
marine.
department similar to
trades.
if
the
new
union
would challenge the organization
of Harry
Bridges, Pacific Coast longshore leader and C. I. 0. director, Mr. Lundeberg
said:
"This will follow naturally."
Mr. Lundeberg said 35,000 seamen
were already
organized on the Pacific and that a new drive would aim
for
the
vast
"There
with
the
Mr.
both
and
body of unorganized
thousands
are
old
Green
union
who
under
announced
the
are
seamen.
unorganized because they were disgusted
Mr. Lundeberg said.
Federation,"
that the
financially and morally.
A.
F.
The first
of
L.
move
would
assist in organization,
will be to establish districts
At present the number of General Motors
employees is about 200,000.
according to unofficial estimated.
With the reemployment of 35,000 addi¬
tional workers the force of 235,000, including clerical
workers, will compare
with an averagb of 261,977 for 1937.
In his report for the second quarter, Mr. Sloan
gave the first inkling of
the extent of the
had resulted in
a
February
pay cut
when th informed stockholders that it
saving equivalent to about 20 cents
a
share.
On the basis
of the 43,000,000 shares outstanding, his figure would
respresent an aggre¬
was
The cut amounted
to
10% for those receiving
$10,000
a year. 20%
for those receiving from $10,000 to $50,000
for those receiving more than $50,000.
At the time of the cut it
estimated that about 50,000
employees and executives
were
involved.
Republic Steel Corp, Ordered by NLRB to Rehire 5,000
Strikers—Holds Corporation Violated Wagner Act
established
probably will be divided into two districts and
on
in
The
Oct.
19
the Atlantic Coaet, the Great
made in
to
the
our
Steel"
Labor
Strike
in
Relations
1937
Board
in
a
decision
on
held the
Republic Steel Corp. to have engaged in
unfair labor practices in violation of the Wagner Labor
Relations
Act
and
ordered
the
to rehire
5,000
May,
in a 100,000-word ruling, directed the
company to discontinue interfering with the formation of any
labor organization, discouraging membership in the Amal¬
gamated Association of Iron, Steel and Tin Workers or the
Steel Workers Organizing Committee, an affiliate of the
Committee for Industrial Organization.
This is the second
order issued by the Board against Republic Steel.
On April 9
1938 the Board issued a similar order directing the company
to reinstate the 5,000 strikers (as was noted in our
April 16
issue, page 2472), but this order was withdrawn by the Board
as the result of a United States
Supreme Court ruling in the
Kansas City Stockyards case, in which the court condemned
the procedure followed by the Department of Agriculture in
establishing commission rates.
The United States Circuit
Court of Appeals at Philadelphia on May 3 refused to allow
the Board to withdraw its order but the Board appealed its
decision.
On May 31 the United States Supreme Court
reversed the Circuit Court's decision.
The ruling of the
Circuit Court was referred to in our May 14 issue, page 3112
and the Supreme Court's action in our June 6 issue, page 3602.
According to Associated Press accounts from Washington
Oct. 19, the corporation was specifically instructed as follows:
workers who
1.
upon
were
The Board,
Pay remedial wages to
a
company
involved in the "little steel" strike of
any
striker who Is not given
a
job,
or
placed
preferential rehiring list, within five days after he applies for re¬
employment.
Lakes and in
several
(The company
regions
Canada.
2.
Houston
issue of
a
convention
week
ago,
of
page
the
Federation
2332.
Reinstate
was
ordered to dismiss employees hired after the strike,
12 employees with back pay and award back wages to
14
otherp.
3.
Reference
"Little
National
if necessary to make places for reinstated strikers.)
temporary offices.
The Gulf
was
the
mated, with the result that General Motors payrolls in plants in 38 cities
14 States might stand to gain about $115,000,000.
1937.
dispute, said:
Mr.
on
in
and
the unity negotiations
men,
19 commented
$55,000,000.
A change from part to full-time employment
conceivably might boost the payroll an additional $60,000,000, they esti¬
of
"I
Oct.
raise the total to
less than
on
of
was estimated that the addition of
35,000 workers
by General Motors would increase the yearly payroll probably
$47,500,000 and that the pay restorations—probably $7,500,000—would
and 30%
year
Teamsters, and the lone outstanding advocate of immediate peace
action by the leadership, said it might take a month or a
year to reopen
two
"Times"
follows:
on
Daniel J.
hood
as
In financial circles it
action
report
a
to the community
to be taken on
a
dualism, recommending that~the Council be authorized to
the battle and at the same time stand ready to respond to any
genuine appeal for peace."
"carry
announcement
gate pay cut of $8,600,000.
approving the continuation of the
ago
The New York
new
body will compete for members with the National Maritime
Union, an affiliate of the Committee for Industrial Organ¬
ization
as
To assist in carrying on its stabilization of
employment program, the cor¬
poration will again build substantial inventories in excess of retail
demand
during the winter months, thus giving more hours of
employment to the
working force and at the same time preparing for the seasonal increase in
business which occurs
every spring.
Labor, meeting at Houston, Tex., after the annual
tion
of
beneficial results to the individual
employes as well
a whole.
as
Pay employees for earnings lost
as a
result of what the Board called
"lockouts" at the Canton Tin Plate Mill and Mass!lion Works May 5-20,
1937, and May 20-23, 1937.
Financial
2474
collective bargaining
4. Disestablish as
the plants at
tation plans in
agencies the employee represen¬
Massillon, Canton, Youngstown,Warren
and
Cleveland.
Associated Press advices it was also stated:
excepted only 11 men in its sweeping order for reinstatement
of the strikers.
Those excluded, the Board said, were men who had
pleaded guilty to possessing and using explosives and, in one case, to the
malicious destruction of property to the value of $300.
In the
The Board
^
for the company
Cleveland on Oct. 19 a spokesman
issued the following statement:
At
received a copy of the new Labor Board order only
135 closely tyepwritten pages. Until officials
had time to study and examine the order the company
Republic Steel Corp.
The order contains
today.
have
of the company
comment to make.
will have no
An appeal from the Board's ruling was filed by the Corporation in the Circuit Court of Appeals at Philadelphia on
Strike of Tugboat
Truce Ends
Workers Which Crippled
Liners Dock
Shipping in New York Harbor—Huge
Without Usual Aid—Union Accepts
Proposals of Mayor
Shipping in New York harbor was crippled this week,
the arrivals of incoming liners were delayed as the
during the strike was cleaned up by 2,000
returned to their jobs on Oct. 15. The striking
workers, who walked out on Oct. 6, were paid $73,000 for
the period from Sept. 15 to Sept. 25, and later were given
another $29,000 for the time between Sept. "25 and Oct. 1.
It was stated in the Philadelphia "Inquirer" of Oct. 14 that
the City Council in moving on Oct. 13 to end the strike left
accumulated
workers who
determination to Mayor
its
McLaughlin.
Martin J.
tor
of
strike of 2,000 tugboat
a
workers, affecting 225
The walkout, which lasted five days, was ended on
Oct. 19 when members of the United Marine Division of the
Longshoremen's Association voted to accept
compromise suggestions made by Mayor LaGuardia as a
basis for settlement of the dispute.
The strike was called
to seek to force a $1 daily increase in wages.
Before the
International
large passenger steamships, including
Mary, docked at New York City without
several
settlement
the
liner Queen
the
aid
of
although the operation
tugs,
was
admittedly
hazardous.
settlement the
the
describing
New York "Sun" of
Oct. 19 said:
crew of workers will resume work tomorrow, more than
decided last night at a meeting at Mercantile Hall, at which
they voted approval of the settlement terms.
About 900 highway workers,
who walked out in sympathy, will resume their regular jobs Monday.
. .
Heads of the union, which received an American Federation of Labor
charter during the strike, agreed to outlaw strikes in the future, and to
submit any differences to arbitration.
Council's action in transferring $54,613 to the Works Department ended
over a week of sporadic violence.
In many sections of the city no collec¬
tions of ashes and garbage had been made since the strike started.
The
ordinance passed yesterday,
and signed almost immediately by
regular
The
2,000 of them
Mayor Wilson,
be reinstated.
provided that the 267 men who were laid off Sept. 26 should
It was in protest against the dismissal of these men that
called.
the afternoon, after a
Late in
Service Commission
Beethoven
Ryan, head of the I. L. A., said after the meeting today at
Hall on East Fifth Street, that the 2,000 striking workers would
return
work
to
midnight tonight.
Mr. Ryan also
James G. Conway, President of the
at
had been informed by
announced that he
New York Tugboat
had also agreed at a meeting this morning to
accept the Mayor's proposals for a resumption of negotiations.
The Mayor's suggestions for a termination of the strike, made to the
operators and the union at City Hall last night, called for the appoint¬
ment of committees by both sides, with authority to negotiate an agree¬
Settlement
Retroactive
Mayor's proposal any settlement
the date of the men returning to work.
Under the terms of the
to
as
No-Strike Agreement
The
negotiations,
$7.50
increase
by the union."
Mr.
officials
Qpposition
stick
from
its
to
licensed
lor
officers.
Boston
of
ferences
ter
at
a
organization, however, was named bargaining agent for
in the general plant of the three newspapers*
operated by the New England Publishing Co.
In reporting the details of the election, a Washington
and other union
There was some
floor with certain members insisting that the union
for a $10 increase for unlicensed employees and $5
However, when a rising vote was taken approval
patch of Oct. 6 to the New
Guild, an affiliate of the C. I. O.
held on Aug. 12 under the auspices of the
ists, Bookkeepers and Assistants
time
and
a
half
for all
Since the owners
taken
as
a
L.
that
a
comment:
Up until
"The strike is
longer
now,
Ryan, President of
exchange, making the terse
still on."
with the exception of delays due to tidal conditions
time needed
and
for docking,
port have been able to dock or
Philadelphia Refuse Collectors Return to Work After
Eight-Day Strike—City Council Votes Pay for
Dismissed
An
Workers
unit."
eight-day strike of ash and garbage collectors in Phila¬
of
Rubbish
special meeting, appropriated money to pay the salaries
men
whose
dismissal precipitated
'
editorial departments voted for a ''craft"
bringing part of the "general plant"
in with them under collective bargaining arrangements.
The American Newspaper Guild,' at its St. Louis convention in 1937,
voted to
extend membership to other unorganized employees of news¬
the
Thus
union
of
the
of
Afterward, the A. F. of L. started the
papers.
,
employees
against the proposition of
as
Newspaper Writers, Reporters and
Excluded from the Boston election
formation of its Federation
Editorial Workers.
were employees whose organizations
with the newspapers. These included
drivers, pressmen, photodistributors and helpers, and electrical
already had obtained labor contracts
the
mailers,
engravers,
typographers,
stereotypers,
machinists,-' truck
chauffeurs,
'
Strike of Yellow Cab Co. Drivers
The
two
months'
strike
of
950
in Philadelphia Ends
taxicab drivers of
the
Philadelphia, was ended on Oct. 16 when
the drivers voted to accept a compromise agreement.
The
contract calls for an $18 weekly guarantee with 45% com¬
mission on fares, which is the same as the wage rates in
the expired contract, and a week's vacation with pay.
The
Philadelphia "Inquirer" of Oct. 17 said:
Although given a week's vacation with pay, the workers will lose their
five-day week during the summer months.
Instead, they will work a
Yellow Cab Co.,
nine-hour
day, six day a week the year
'round.
who were called out on strike Aug. 15 by the
Taxicab Drivers Union Local 156 of the American Federa¬
The drivers,
4
delphia was settled on Oct. 14 when the City Council, at a
the
together with the other
majority by the employees in the
it had been
all seagoing vessels moving in the
undock without mishap. This has possibly
been
aided
by weather conditions over the week-end, although it was
pointed out by some ship operators that some of these same ships often
are called upon to dock in ports where there are no tugboat facilities.
the
in the editorial departments
bargaining unit. II the Boston Guild is accorded
editorial departments, but not by the other
employees, the employees in the editorial departments shall constitute a separate
a
workers.
A., came out of a conference at the
by the Board:
employees shall constitute a single
settlement would be reached early
However, late in the afternoon Joseph P.
yesterday.
the I.
Sunday work.
held under the following stipulation
a
the general plant, the employees
evening.
and the union appeared so close together,
affiliate.
the Election
majority of the employees in the editorial departments select the Newspaper
constitute a separate bargaining unit. If the Boston Guild
is accorded a majority by such employees and also by a majority of the employees in
"II
call for increases of $5
foregone conclusion
for the Stenographers, Typ¬
Writers' Unon, they will
New York Tugboat
per month for licensed
Some of the larger owners
previously had indicated their willingness to grant increases of $5 and
$7.60, respectively, while the smaller owners would not go beyond a flat $5
a month advance.
In addition, the union is insisting upon a closed shop,
which virtually existed under the agreement which expired Sept. 30, and
was
Board, 112
in favor ©f the News¬
Union of Boston, an A. F. of L.
Stipulation for
late hour no settlement had been reached.
The con¬
called to consider new union proposals which were set up
would
by employees of the general plant
Guild hs their bargaining agent and 22
paper
a
proposals
cast
The election
personnel and $10 per month for unlicensed.
163 votes in favor of
for the News¬
their bargaining agent and 28
this election,
were
dis¬
York "Times" said:
excluding executives, cast
workers,
of L. affiliate as
F.
A.
paper
Proposed Increases
These
editorial
The
the
At
meeting held by the membership on Sunday
departments of the Boston
employees
\
Approval Is Unanimous
.
several
were
Board on Oct. 6 certified
Record," the Boston "Evening American" and the
Boston "Sunday Advertiser."
The Federation union polled
162 votes to 28 for the Newspaper Guild of Boston, an affili¬
ate of the Committee for Industrial Organization.
The lat¬
to work on the
and the committee representing the
Affiliate
National Labor Relations
"Daily
request, a conference between both
The meeting will be
only by committees for both groups and will not be participated
Association,
provisions of the ordinance
Department of Public Works."
employees of the editorial
for
conferences were held between the Wage Committee
United Marine Division, Local 333, of the International Longshore¬
the
Cleaning,- Highway and Water
Federation of Newspaper Writers, Reporters
and Editorial Workers, an affiliate of the American Fed¬
eration of Labor, as the only collective bargaining agency
arranged for 10 o'clock this morning.
Exchange, but at
It
tbe American
by the Mayor's advisers.
men's
office.
Unit Wins Bargaining Rights in Three
Newspapers—Takes Large Lead in Election
Over C. I. O.
The
Apparently responding to the Mayor's
Yesterday
the Street
to work under the
be put back
L.
of
F.
A.
proposal as follows:
in
will
transferring $54,000 to the
votes
attended
in Mayor Wilson's
A
Federal, State and local laws.
"The former employees of
Oct. 17 issued a statement urging
both sides to settle their differences by immediate negotia¬
tions.
The New York "Journal of Commerce" discussed this
was
up
Local 222, A. F. S. C. and M. E. will
commitment to be approved by Emmett B.
Freeman, general representative; John J1
Lorden, representative of the
A. F. of L.; James L. McDevitt, President of the Pennsylvania Federation
of Labor, and Director McLaughlin of the Department of Public Works,
that all city employees shall not strike or stop work, and that all differ¬
ences
shall be settled by arbitration in all matters not prohibited by
Mayor LaGuardia on
factions
drawn
"Stipulated and agreed that
unanimously.
voiced
was
the
demand
was
immediately enter into a written
Captain William Bradley of Local 333,
strongly urged acceptance of the proposal today.
Ryan,
agreement
follows:
negotiations, which are expected to start tonight, and
tions are to be continued until a satisfactory settlement
of
demanded
no-strike
The
resumption
that the negotia¬
is reached.
the Mayor's proposal set forth, "will be limited between
suggested by the employers' committee and the $10
stipulated that the men were to return
It also
would be retro¬
McLaughlin, the Civil
strike.
the
Exchange, that the owners
ment.
conference with Mr.
ordered him to reinstate the strikers and the 267 who
400 men hired as substitutes during
and to dismiss over
off,
laid
were
Bureaus
Joseph P.
the
Wilson and Public Works Direc¬
The same paper in its Oct 15
issue said:
.tugs.
active
1938
the strike was
Compromise
LaGuardia
and
In
22,
•
Oct. 20.
result
Oct.
Chronicle
a
walk-out.
tion
of
mated
Labor, returned to work on Oct. 17.
It was esti¬
strike cost the drivers nearly $150,000 in
that the
last wages.
An item regarding the end
of the independent
Financial
Volume 147
taxicab
drivers'
strike
The general session will be addressed by well-known per¬
appeared in our issue of Oct. 15,
sonages, including the following:
2332.
page
Jesse
S,
M.
Elected
Waters
Association
F.
of
America
Clausen
H.
President of
at
Annual
Convention—-
and
Condition
S. M. Waters
elected President of the Mortgage Bank¬
was
Association of America at its annual
Chicago, on Oct. 14, held after the close of the Association's
twenty-fifth annual "Silver Jubilee" Convention.
Mr. Waters was the unanimous choice of the delegates.
He
is
President
of
Minneapolis mortgage firm of M.
the
It.
Waters & Sons, Inc., and succeeds A. D. Fraser, President
of A. D. Fraser, Inc., of Cleveland.
At the closing session, Walter Chandler, Congressman
from
Ninth District
the
of
Tennessee
and
author
of the
Bankruptcy Act of 1938 (Chandler Act), addressed the
delegates on the legislation, explaining why economic events
of the depression period made necessary the first complete
revision of the bankruptcy laws in the past 40 years.
Fol¬
lowing his address Fred H. Clausen, Chairman of the Fed¬
eral
United States Chamber of
Finance Committee of the
Commerce and President of the Van Brunt Manufacturing
Co. of Moricon, Wis., spoke on "How Much Government Can
We Pay For?"
Responsibility for the country's present eco¬
nomic condition was laid at the door of the Federal Govern¬
ment
"If you are seeking
for the cause of the resistance to economic recovery look to
the expenditures of government and the tax load productive
enterprise is required to carry." He said that for the ninth
consecutive year the Federal Treasury is confronted with a
deficit, this year four billion dollars.
For the fiscal year
ending June 30 the Government will spend nine billion dol¬
lars, the largest peace-time expenditure. He added :
by Mr. Clausen when he said:
As business men,
endowed with
some
degree of common sense, developed
Jones,
Chairman
you
are
dealing with is "going down-hill," and
this cannot be allowed to go on indefinitely if
that
convinced
disaster
is
to
Isn't
it
high time that
take
be avoided.
and
active
some
institution that
government
charged with business management should
men
detailed
interest, in
can
Bennion, Assistant to the President of the Utah Power &
Light Co. of Salt Lake City, Utah.
J. Reuben Clark Jr., Chairman of the Foreign Bondholders Protective
Council, Inc., of New York City.
Dr. Karl T. Compton, President Massachusetts Institute of Technology,
Cambridge, Mass.
Bishop James T. Freeman, Episcopal Bishop of Washington, D. 0.
While addresses of moment will feature the programs of
all the various
divisions, it is to be noted that the subject
Savings Bank and the Railroads" will be discussed
by Fairman R. Dick, of Dick & Merle-Smith, before the
Savings Division.
of "The
New York Superintendent of Banking William R.
will also be
11
Mr. Clausen said that he had
desire for
common
ment,
I
but
insist
social
declared that:
that
the obligation
impose such burdens
the
financial
condition
of
a
'^
no
quarrel with the great
improvement and social better¬
-
to pay for and maintain them should nqt
those called upon to support them as will restrict
on
this week
follows:
as
General Convention Sessions
First
W.
J.
General
Session,
,
Address, "Constitutional Liberties," by J. Reuben Clark Jr., Chairman
Foreign Bondholders Protective Council, Inc., New York City, and former
Ambassador
Third
to
Mexico,
General
Profits,"
by
<
17—-Address, "Science Employment and
Compton, President Massachusetts Institute of
Session,
Karl
Dr.
Nov.
T.
Technology, Cambridge, Mass. c
Address, "Maintaining Spiritual Values in American Life,"
James T, Freeman, Episcopal Bishop of Washington, D, C.
.
Inaugural
of
Walter
Co.,
any
R.
Jenkins.
New York City.
State Bank
some
of the other addresses at the conven¬
issue of Oct. 15, page 2330.
Mr.
Waters, the new President of the Association, joined the
Mortgage Bankers Association of America in 1930; he has
served on its Board of Governors since 1933 and has been
made in
were
Address, "An Examination of the New Economics," by William A. Irwin,
Assistant Educational Director, American Institute of Banking, New York
City.
National Bank Division, Nov. 14
Address, "Bank Taxation," by J. N. Quinn, Cashier First National
Bank, Hugo, Colo,
Address, "The Banker in the Business Life of the Community,"'' by
Dunlap C.
Address,
Clark,
Address,
James V.
Mortgage Bankers Association's
Board pf Governors were:
Guy T. 0. Hollyday of Balti¬
more and Frank J. Mills of Fort Wayne, Ind. - Mr. Hollyday
fills the vacancy created by Mr. Waters's election to the
presidency and Mr. Mills will fill a vacancy expiring in
"1942.
Mr. Hollyday Is with the mortgage firm of Randall
H. Hagner & Co., Inc., Baltimore, and is a former President
of the Real Estate Board of Baltimore.
Mr. Mills is Cashier
of the Fort Wayne National Bank of Fort Wayne, and has
been engaged in banking for more than 30. years.
He is a
member of the Board of Trustees of the College Endowment
Fund for St. Mary's-of-the-Woods at Terre Haute, Ind.;
Vice-President of the Fort Wayne Clearing House Associa¬
tion, and Chairman of the Public Education Committee of
chapter of
the American
F,
Kalamazoo,
Cadman,
,
Division, Nov.
Mich.
consulting
-
,
15
and
Trustee,"
by
Address, "Phases of the Trust Business," by Lindsay Bradford, President
City Bank Farmers Trust Co. of New York,
Savings Division, Nov. 1§
Address, "The Savings Bank and the Railroads," by Fairman R. Dick,
Dick & Merle-Smith, investments, New York City,
"Savings Deposits
Address,
Growing Responsibility," by William R.
a
White,
Superintendent of Banks, New York City.
Address, "Something for Nothing," by Philip A. Benson, Vice-President
American Bankers Association and President of the Dime Savings Bank,
Brooklyn, N. Y.
*'
„
State Secretaries
'
Section, Nov. 15
Reports of committees; "Investment Portfolios," by Don E. Warrick,
Secretary Indiana Bankers Association, Indianapolis, Ind.; "State Bankers
Association
Management," by David M. Auch, Secretary Ohio Bankers
Columbus, Ohio; "State Legislation," by 0. C. Wattam,
Secretary North Dakota Bankers Association, Fargo, N. D., and "Pension
Association,
Bankers Association,"
Plans—State
by M. A. Graettinger, Executive ViceChicago, 111.
Bankers Associations," by Milton
President Illinois Bankers Association,
Addresses—"A.
F.
Barlow,
Citizens
I.
B.
President
Bank,
the
and
American
Mpnkato,
State
Institute ; of
Banking,
Cashier
National
Minn., and
"Recent Federal Legislation,"
D. J. Needham, General Counsel American Bankers Association.
by
1
Institute
future it will have only one Vice-President instead of
four,
and the one for the coming year is Frank C. Waples'of
Cedar Rapids,
Iowa.
G. C. Bowie of Washington,, D. C.;
Byron T. Shutz of Kansas City, Mo., and Reade M. Ireland
Portland, Ore., former Vice-Presidents,
were
Bank Management
"Intermediate
Credit' for
President National
"Real
President
St.
elected to
the Board of Governors.
Estate
American
Louis, Mo.
"Instalment
'
Round Table Conference, Nov. 17
Industry,"
by E.
N.
Dekker, Assistant Vice-
City Bank, Cleveland, Ohid.
Loans—Values
Society
and
of
Appraisals,"
Farm Managers
*
■
■
by
and
D. Howard Doahe,
Rural Appraisers,
,
Financing and Personal Loans," by Elmo Thompson, ViceCo., Tulsa, Okla.
President First National Bank & Trust
Constructive
Details of
Paul
Dr.
Calif.
"Advantages of the Corporate Executor
Allred, Governor of the State of Texas.
of Banking.
The Association has changed its roster of officers.
In the
of
by
Preferred,"
Francisco,
our
New members elected to the
local
National Bank,
American
President
"Pensions
San
economist,
prominent for many years in various Association activities.
the
Division, Nov. 14
Address, "What State Banks Can Do," by C. B. Axford, editor "American
Banker," New York City.
other single cause."
References to
tion
depression than
by Bishop
17—Houston Glee dub, under the direction
Mario Chamlee, leading tenor, Metropolitan Opera
Ceremony, Nov.
Trust
to do with creating the present
by
by Jesse H. Jones, Chairman Reconstruction Finance Corp.
Second General
Session, Nov. 16—Address, "When Two Generations
Meet," by Dr. Adam S. Bennion, Assistant to the President, Utah Power &
Light Co., Salt Lake City, Utah.
He stated that he felt that the Federal Tax Law of 1936
more
Freedom,"
"Industrial
Nov. 15—Address,
Cameron, Ford Motor Co.
Address
employment by private industry and capital.
"had
White
speaker before the same Division, at which
time he will talk on "Savings Deposits a Growing Responsi¬
bility."
The details of the program for the general con¬
vention, and those for the several divisions, were announced
a
break the enterprises committed to their
■•charge?
Motor Co.
S.
through long years of practical experience, you are certain in your own
minds that the institution you are
Corporation.
the Reconstruction Finance
of
Cameron of the Ford
Dr. Adam
business session
in
H.
W, J.
MortgageJBankers
Representative
Chandler
Address Closing Session-—Former Views Govern¬
ment
Expenditures
Responsible for Economic
ers
2475
Chronicle
Program of Annual Convention of American
Series
Bankers Association to Be Held in
tional
Nov.
of
interviews
Customer Relations
conducted
Institute of Banking on
Irwin, Assistant Educa¬
tomer
14
to
17—Speakers
Houston, Texas,
Scheduled to Address
General Sessions and Various Divisions
Details of the program for the sixty-fourth annual con¬
vention of the American Bankers
Association, to be held at
Houston, Tex., Nov. 14 to 17, were announced in New York,
Oct. 17, by Orval W. Adams, President of the Association
agement round table conference at which intermediate credit
will
be discussed, a public relations clinic, and a
public
relation^ laboratory.
The election of officers will be held
at the* second
ceremony
for
general
new
session, Nov. 16, and the inaugural
officers will be held Nov. 17.
Public Education,
Cus¬
Relations, Institute Work, with B. J. Sehwoeffermann, President the
Citizens National Bank, Chicago Heights, 111.; Claude L. Stout, Executive
Vice-President
F.
Barlow,
Poudre
President
National Citizens
Valley National Bank, Fort Collins, Colo.; Milton
American
Institute
of
Banking
and
Cashier
the
Bank, Mankato, Minn.
Address, "Another Step in Customer Relations," by Dr. Harold Stonier,
Executive
Motion
and
Executive Vice-President of the Utah State National
Bank of Salt Lake City, Utah.
The convention will have
three general sessions, five divisional sessions, a bank man¬
Director American
Clinic, Nov. 15
by William A.
Manager American
Bankers Association.
picture, with George E. Forman, commentator.
The public relations features of the program will include
laboratory in which will be shown to the delegates what
the Association is doing in the field of advertising, pub¬
a
licity and radio, and what the Association and banks
doing in the field of moving pictures.
Previous
gram was
reference to the
are
plans for the convention pro¬
made in these columns Oct, 8, page 2186.
Financial
2476
^Marked Rise in Number of Women Workers Complicates
Unemployment Problem—John D. Biggers, Re¬
signing, in Final Census Report to President
Oct.
Chronicle
1938
22,
and importance from a small commercial bureau to an
creased in prestige
effective permanent
international organization.
„
Roosevelt,
,
Gain
Notes
1930
Since
Beyond
Basis
of Population Increase
John D. Biggers on Oct. 8 resigned as Administrator upon
completing the unemployment census.
In his final report,
transmitted to President Roosevelt, it was pointed out that
t
2,740,000 more women workers had entered the country's
labor market since 1930 than would have been expected,
based
growth in population, and he said that this was a
problem. This fact, Mr.
on
central factor in the unemployment
social trend
worthy of consideration by the Temporary National Eco¬
Biggers added, constituted "an economic and
Mr. Biggers will resign effective Oct. 31.
nomic Committee."
his resignation, President Roosevelt congratu¬
the successful completion of a fine piece
In accepting
him "upon
lated
He added:
of work."
'
When
.
ployed I realized that I was giving you a formidable task.
It Was neces¬
for you to blaze new trails, for there was nothing in our national
experience to serve as a guide or xpodel.
With a real genius for organization you marshalled your forces in a
surprisingly short time and carried out the actual work of the count with
equal dispatch.
The results of this work in their final form will be a
gold mine of information to all who desire to go to the bottom of the
pressing question of unemployment in all of its diverse and complex phases.
Mr.
Biggers's report estimated that in November, 1937,
39,978,000 men and 14,496,000 women in the labor
market.
In summarizing the report, a Washington dispatch
of Oct. 8 to the New York "Times" also stated, in part:
there were
$1*896,695.46, whereas
had
$5,000,000
been
■'
The
Biggers
probably
flood
the
of
women
over
emphasized that the
excess
workers
of 2,740,000
the number expected
by adjustment of the 1930 figures does
would
adequate employment were available
work," it stated.
prediction of the actual extent to which persons
represent a
withdraw
from
the
for all who wish to
labor
market
if
"Technical
bring
dollars.
Admiral Dewey in the Philippines,
American claims involving several million
After serving as diplomatic adviser to
Commercial Commissioner in several Far Eastern countries and Australia
and
United States delegate to the second
as
Pan-American conference in
American Minister to Argentina in
President Roosevelt later said that "he began a new Argentine-
Mexico City, Dr. Barrett was named
1903.
United States era."
The following year
from Colombia.
he
was
sent to Panama, which had just broken away
Panama Canal
The United 8tates was negotiating for the
rights, and relations between the three countries were extremely complex.
Dr. Barrett so won the confidence of Colombian officials that In 1905 he
was
appointed Minister to Bogota, where he helped settle Colombian claims
Canal Zone.
At the time Mr. Barrett became Director General ofthe Pan American Union
in
1907, the union had existed for 20 years as the Bureau of American
Republics, but had achieved little importance.
million-dollar
In his tenure, the present
headquarters was erected through the generosity of Andrew
Carnegie.
William O, Douglas to Receive 1938 Award of National
Association of Accredited Publicity Directors
William O. Douglas, Chairman of the
Securities and Ex¬
change Commission, has been chosen to receive the 1938
award of the National Association of Accredited Publicity
will
and
Directors
be
annual dinner to be held at the Lotus Club, Nov. 21.
Mr.
Douglas, it 4s announced, was selected for the 1938
his efforts and rulings this year
he has given more prominence to the value of adequate and
accurate publicity than any other public official or private
person.
He has interpreted publicity in the sense of its
good to the public, which is an aspiration we all profess"
The award presentation will be made by Fred E. Baer of
the Ghostwriters Bureau, who will preside at the dinner.
award because "through
should be clearly
1937
in
not
was
cratic Committee,
was
of time.
"It
solidarity."
born in Grafton, Vt. A dispatch Oct. 17
from. Bellows Falls to the Washington "Post" said in part;
"During Dr, Barrett's four years in Bangkok, he settled by arbitration
Dr. Barrett
workers
Permanent
a*
forth that
set
report
Viewed
permanent trend which might be accentuated with the passing
a
best efforts toward the
appropriated
for the purpose.
Trend
unique position in inter-American relations and
officially presented with it at the
The
award, instituted last year, is in recognition of outstanding
service in publicity.
The recipient of the 1937 award was
Charles Michelson, publicity director of the National Demo¬
Biggers also stated that his census had been accomplished by the
expenditure of
a
development of a true inter-American friendship and
Unem¬
sary
Mr.
occupied
he will be missed by all of us who are devoting our
arising from the secession of Panama and establishment of the
appointed yon as Administrator of the Census of the
I
Mr. Barrett
new
and cultural changes, as. well as economic necessity, may
classes of the population into the worker group and take other
classes out of this group.
"The transfer of functions from the home to the
and
the
already
them
introduction of
released
with
mechanical
women
leisure
from
domestic
many
outside the home.
laundry and the bakery
the housewife have
assist
to
an" opportunity
with
or
servants
duties
and
to obtain
other
employment
„
"Changing attitudes toward the employment of women and of children,
or the
provision of pensions for the aged, also have their effect on the
composition of the worker group."
The enumerative check showed that of
women
over
16
old in the
years
country 25.8% were gainfully employed in 1930 and 31.7% in 1937.
The figure for 1930 was broken down to show that 0.9% were employed
unpaid family and farm workers and 24.4% for pay or profit.
as
An analysis of the
pay or
profit, 1.1%
worked in
of
an
temporary
trend
M.
1937 figure showed that 31.6% were employed for
workers, and 0.9% were persons who usually
were new
unpaid capacity but
all of this increase of
"If
entrants into
were not
included in the total.
female workers represents permanent
the labor market
it makes
compared with the past two decades," the report went
as
instead
change
a
in the
on.
Collins Appointed Assistant to Director of Budget
—W. T. Heffelfinger Made Assistant Commissioner
of Accounts and Deposits, Secretary Morgenthau
.i.
New York Curb Exchange Sets
Dates for Meetings of
Nominating Committee
provided
have
Meetings of the Nominating Committee of the New York
Curb Exchange will be held on Oct, 25 and 28 and on Nov. 7,
10, 15, 18, 22, 25 and 29, it was announced on Oct. 20.
Regular and associate members and their partners are in¬
vited to attend such meetings for the purpose of suggesting
nominees for offices which
election
on
are
Feb. 14, 1939.
be filled
to
at
the annual
The Curb announcement says
that out-of-town 'members who are unable to attend these
meetings may, if they so "desire, make any suggestions in
writing to William H. Hassinger, Chairman, Nominating
Committee.
Other members of the Nominating Committee
are
H. Leonard Rothschild, Viee-Chairman; George J.
Bernhardt, John J. Murphy and James R. Dyer.
Congress of American Industry to Meet in New York
Dec, 5-9—-Comprises Annual Meeting of National
Industrial
National
Announces
Council
and
Association
of
Annual
of
Convention
Manufacturers—Senator
O'Mahoney and Elmer Andrews, Wage and Hour
Administrator, to Speak
Maurice Collins, who has been Assistant Commissioner of
Accounts and Deposits since December, 1934, has accepted
as Assistant to the
Budget, it was announced on Oct. 20, by
Secretary of the Treasury Morgenthau. Mr. Morgenthau
also announced the promotion of William T.
Heffelfinger
from the position of Executive Assistant to the Commissioner
of Accounts and Deposits to Assistant Commissioner, effec¬
tive Oct. 17.
The following regarding their careers with the
Government is from the Treasury Department's announce¬
The call for the 1938 meeting of the Congress of American
Industry, annual gathering of the Nation's manufacturers,
was issued in New York, Oct. 16, by Charles R. Hook, Presi¬
ment of Oct. 20:
congress, the largest of such
a
position in the Bureau of the Budget
Director of the
Mr. Collins originally entered the Government Service
as
an
employee
of the
Treasury about 25 years ago and after many years in the service of
Treasury, was employed in the Veterans' Administration when the
the
War Bisk Insurance Bureau
an
was separated from the
Treasury and' made*
Mr, Collins left the position of Director of
independent agency.
Finance of the Veterans' Administration
December,
Assistant Commissioner
Deposits.
of Accounts and
Mr. Heffelfinger entered the
Treasury
on
1934,
Aug. 1, 1917,
to
become
as a messenger
in the office of the
Register of the Treasury. In Feb., 1931, he was ap¬
pointed Chief Insurance Examiner in charge of the Section of Surety Bonds
and since Nov, 1,1931, has been Assistant to the Commissioner of Accounts
and Deposits.
..
Death of John
Four
to
—
dent
of
Pan
American
of
Regret by Secretary Hull
Dr. John Barrett/former United States Minister to
Argen¬
tina, Panama, Colombia and Siam and Director General of
the Pan American Union from 1907 to 1920, died of
pneu¬
monia on Oct.-17 in Rockingham
Hospital, Bellows
Falls,
of Dr.
"I
71 years
old. In expressing regret at the death
Barrett, Secretary of State Cordell Hull said:,
am
was
grieved to learn of the passing of the Honorable John Barrett, who
so many years for the promotion of better
inter-American rela¬
labored for
tions.
It
was
under his wise direction that the Pan American Union in¬
of
Manufacturers.
Mr. Andrews will speak on the wage and hour
Act,
will then have been in effect more than a month.
The
The
which
comprises the annual meeting of the Na¬
Council, a federation of national, State
and local industrial associations, which will be held Dec. 5
and 6, and the annual convention of the National Associa¬
tional
congress
Industrial
Others who
Countries—Ex-Head
Association
Among those who have accepted invitations to address the
gatherings held in the United
States, are Senator .Joseph C. O'Mahoney of Wyoming,
Chairman of the Temporary Economic Committee, who Will
speak on "Regulation of Business Competition," and Elmer
Andrews, Administrator of the Fair Labor Standards Act.
tion of Manufacturers
♦
Barrett, Former United States Minister
Union—Expressions
He
National
through Dec. 9.
are
on
on
Dec, 7, 8 and 9.
the list of
speakers for the congress
include:
Dr.
George Gallup, Director of the American Institute of Public OpinionL. Lund, Executive Vice-President of the Lambert Phannacal
Robert
4
Vt.
of the
Association annually sponsors the sessions of the congress,
which will be held this year in New York from Dec. 5
Co., St. Louis.
H. L.
Derby, President American Qpanamid Co., New York.
D. Fuller, President Curtis Publishing Co., Philadelphia.
Cadman, President American Research Foundation.
Walter
Dr.
Paul
H. Boardman
W.
W.
Spalding, Director A. G. Spalding & Bros., New York.
Shoemaker, First Vice-President Armour & Co., Chicago.
Dr. Victor G.
Healthful
Heiser, Chief Consultant of the N. A. M.'s Committee
Working
Conditions
and
author
of
"An
American
on
Doctor's
Odyssey."
Roy W. Moore, President Canada Dry Ginger Ale, Inc., New York.
Volume
As
147
Financial
Chronicle
is
customary, the final day of the congress will be
designated as "Labor Day," and the problems of building
sound employment relations will be the chief
topic of dis¬
those previously indicated, it was made known on Oct.
17 that Dr. Roscoe
Pound, former Dean of Harvard Law
School, and J. P. Wenchel, chief counsel for the Bureau of
Internal Revenue, will also be
among the speakers.
Mr.
Wenchel is to discuss recent
proposals for eliminating the
tax exempt feature of
government and municipal
bonds.
cussion.
Three
New
Deputy Superintendents of Insurance of
Appointed by Louis H. Pink
New York
Announcement
made
was
Oct.
on
David
the staff of the Insurance
on
Mr.
Pink
also
Department for
announced
that
accepted the resignation of Lester Weil
Bureau of
as
are
of the
Pink.
divisions
of
liquidation
work
this
consolidation
that
to
of
practicable,
and Superintendent
effect the amalgamation
by Nov. 1.
Canada
Pink
Inter-American
Pan
American
Union
announces
referred to in
our
issue of
that
Canada
has
week ago, page
a
2334.
The
completes the
Dominion's acceptance, it is
announced,
Governmental participation list for the
Congress, which will
take place April 14 to 21 next
year, and will bring together
the 22 nations of the Western
ternational conference devoted
Hemisphere in the first in¬
exclusively to travel problems.
under the joint sponsorship of the
The
gathering will
Pan
American Union and
be
the
Exposition, and will be held
the San Francisco Fair.
In its announcement the
following to
International
the Treasure Island site of
Pan
American Union had the
and
private
industry will seek
new
delegates
representing
every
phase of the
methods to stimulate inter-American tourism
and its resultant benefits to all nations
involved.
with the travel industry—such as the
the
Government's
outstanding authority
this currently heated issue.
the first day's session of
on
on
point
of
municipal
Both speakers are to
the
on
convention.
Dr.
^
W. M. Summers Nominated for
Willis M.
has
Private interests affiliated
steamship, railway, aviation, auto¬
mobile, rubber, hotel, banking and advertising industries, as well as
travel
and agencies—have
accepted invitations to participate in the dis¬
concerns
been
Summers, of Hoit, Rose & Troster, New York,
nominated
for
the
Presidency
of
the
National
Security Traders Association for the 1938-39 term, according
to an announcement
by James J. Lynch, Chairman of the
Nominating Committee. It was further announced:
Thomas A. 'Akin, of Akin-Lambert
Co., Los Angeles, was nominated First
Vice-President; Henry J. Richter, of
Scherck,
Richter,
Vice-President;
Mitchell,
Herrick
Secretary,
Corwin
and
L.
Edward
Liston,
J.
of
Knight,
of
Wells-Dickey
Louis,
St.
&
Co.,
Co.,
Second
Cleveland,
Minneapolis,
Treasurer.
The
elections
scheduled
are
be
to
held
at
the
convention which is being held this
year at Miami,
The local affiliate of the National
Association's
Security Traders
Security
Traders
Association
of
New
York,
of
annual
Fla., Nov. 15 to 19.
which
Association
Mr.
is
Summers
the
is
a
director.
ITEMS
"
regarding the object of the Congress:
say
Governmental
travel
Golden Gate
on
was pre¬
Presidency of National
Security Traders Association
officially accepted the invitation to participate in the First
Inter-American Travel Congress, at San Francisco.
The
invitation to Canada, extended
by Secretary of State Hull,
was
Thomson,
markets.
to
Francisco, April 14-21
The
of
subject, it
now
expects
to
Participate in
Congress
at
San
Travel
law firm
same
discuss recent trends in
legislation from the stand¬
point of the student of political science.
As heretofore stated a full session
is to be devoted to
the Maloney Act; four
speakers will address the one session,
one of whom
will be George C.
Mathews, the member of
the Securities and
Exchange Commission who has direct
supervision of the administration of the over-the-counter
Accepts Invitation of U. S.
First
the
both
get
an
,
appears
York
will
and Rehabilitations,
Plans for consolidation of the
liquidation
some
the
New
Pound, appearing at the closing session of the
convention,
attorney for the
Insurance Department also
For
and
appear
regretfully
are announced by
time, it is stated, the desirability of
consolidating the Liquidation Bureau, the National Surety
Co. in Liquidation, and the Title and
Mortgage Bureau has
been recognized.
Because of the progress made in various
Mr.
of the
undertaking
view
law
number of
a
has
Wood,
Hoffman, is to discuss
viously announced, indicating that the investment bankers
Liquidations, Conservations
effective Oct. 31.
work
he
M.
Wood &
18
by Louis H. Pink,
Superintendent of Insurance of New York, of the appoint¬
ments of George H.
Jamison, Raymond Harris and J. Don¬
ald Whelehan as
Deputy Superintendents. Each has served
years.
2477
to
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
William C.
Potter, Chairman of the Board of the Guaranty
Trust Co. of New York, announced
yesterday (Oct. 21)
the election of Morris W.
Kellogg as a Director of the bank.
Mr. Kellogg is President and Director of the M. W.
Kellogg
Co., New York, President and Director of the Canadian
Kellogg Co. Ltd., a Director of the Gasoline Products Co.
Inc., and
a
member of the Executive Committee and
a
Direc¬
tor of the American Can Co.
cussions.
Major problems to be attacked at the conference include
questions of
passport and immigration regulations, coordination of
transportation ser¬
vices, improvement of hotel facilities, advertising and
publicity campaigns,
promotion and development of inter-American
sports, and similar matters.
Papers
on
these and other travel topics are
by delegates before the Congress
400
now
being prepared for study
convenes.
•
*
Delegates
to 45th Annual Convention of
Savings
Banks Association of New York State Sail for
Six-
Day Cruise Convention
More than 400
convention of the
to
Nassau, Bahamas
delegates and guests to the 45th annual
Savings Banks Association of New York
six-day cruise convention.
Klinck, Vice-President of the Manufacturers
charge of the branch office at 707 Fifth Ave.,
New York City, died at his home in
Brooklyn, N. Y. on
Oct. 17.
He was 61 years old.
A native of Brooklyn, Mr.
Klinck began his banking career in the Wall Street office of
the Metropolitan Trust Co.
Later he was made Manager
of the bank's uptown branch at 716 Fifth Ave. and soon
afterward was appointed a Vice-President.
He retained this
position when the bank
was
Phenix National Bank and
State sailed last night (Oct.
21) on the motorship "Kungsholm" of the Swedish American Line to
Nassau, Bahamas,
on a
Clarence
Trust Co. in
Andrew Mills Jr., President
merged with the Manufacturers Trust Co. Mr. Klinck
during the World War in the Liberty Loan drives.
a
Trustee of the Kings County Savings Bank,
Brooklyn, N. Y., of which his brother, Jacob C. Klinck, is
was
active
He
was
President.
of the Association and President of the
Dry Dock Savings
Institution, New York City, will open the Convention this
morning. In view of the number and importance of the sub¬
jects to be considered by the delegates, this will be a dis¬
cussion convention and
listed in the program.
President Mills is the only speaker
Among the subjects which will be
discussed by the Convention, and which have been
reported
on
fully prior to the cruise by the various committees of the
Association so that each delegate
might be fully informed T
+-■—
Howell T. Manson, President of the Dollar Savings Bank
of the City of New York, announced Oct. 20 that at a meet¬
ing of the Board of Trustees of the bank, Robert M. Cather¬
ine, who has heretofore served the bank as Comptroller and
Trustee, was unanimously elected Executive Vice-PresideDt,
new post in the bank.
The bank reports that it has
130,000 depositors and assets of over $118,000,000.
a
over
♦
are:
James H.
Determination of a savings bank life insurance
plan which would bring
the greatest benefit to the
people of the state; consideration of a joint pen¬
sion
merged with the Chatham and
Trust Co. and when the latter
was
plan in which all mutual savings banks within the state,
including
those which do not have sufficient
employees to set up individual plans of
their own, might participate to assure their
employees of definite retirement
benefits; the state-wide radio campaign; new services which
savings banks
might offer for the benefit of their depositors; and the recommendation of
several committees
for the establishment of
proper facilities for research
fully projects already initiated by the committees and to
instigate
to cover
New
Sharp, Vice-President of Grace National Bank,
York, on Oct. 13 was elected a director of the bank.
Harry E. Robinson, a partner in the New York Stock
Exchange firm of E. C. Benedict & Co., died on Oct. 16 at
his country home
in Setauket, Long Island, N. Y.
He was
A native of New York, Mr. Robinson entered
the employ of E. C. Benedict & Co. at the age of 16, and
has been a partner in the firm since 1910.
68 years old.
new ones.
-
■
♦——
+
New
The
Opening
of Annual Convention Next Week of the
Investment Bankers Association at White
Sulphur
Springs, W. Va.—Further Announcement as to
Speakers—Dr. Roscoe Pound and J. P. Wenchel
Address
to
Meeting along with Others, Including
George C. Mathews of SEC
On
Wednesday of next week
Bankers' Association
vention
tion
at
will
been
made in
of
the
the
Sulphur Springs, W.
four-day meeting, the concluding session
for Saturday Oct. 29.
Mention has already
a
these
columns
subjects
(in
featured
our
on
issue of Oct.
the
program,
speakers scheduled to address the gathering.
of the par
shares
value of $100
current
increase
of
$100
from $15,000
par
In
8,
and
page
on
Oct.
8
a
share)
to $15,000
(con¬
to $75,000
(made
up
of 750
«
The
Baldwinsville State Bank, Baldswinville, N. Y., was
granted permission on Oct. 8 by the New York State Bank¬
ing Department to increase its capital stock from $50,000
(consisting of 5,000 shares of the par value of $10 each) to
$83,000, to consist of the following:
the
addition
Department
value each).
Investment
its annual Con¬
Va.
The Associa¬
Banking
sisting of 150 shares of the par value of $100), and a con¬
open
White
hold
being slated
2186)
(Oct. 26)
State
approved a reduction in the capital stock of the Northville
Bank, Northville, N. Y., from $60,000 (consisting of 600
shares
of America will
York
(1) $30,000 par
of
a
par
value of preferred stock A divided into 10,000
value of $30 each; and
<
shares
1,000 shares of a
and
value of common stock divided into 5,000 shares of a
value of preferred stock B divided into
(2) $3,000 par
value of $3 each;
par
(3) $50,000 par
value of $10 each.
par
♦
|T At a special meeting of the Directors of the Savings In¬
vestment & Trust Co. of East Orange, N. J., on Oct. 18,
Stephen P. Robinson Jr., was elected President of the institu¬
succeed Herman E. Wilier who resigned to become
Chairman of the Board of Directors of White Laboratories,
Inc.
He will continue with the bank as a Director.
Mr.
Robinson, who was a Vice-President of the trust company,
tion to
to joining the institution was associated
banking firm of Hathaway & Co. of New York.
with the
prior
#
As of Sept.
28 the Centrai-Penn National Bank of Phila¬
total assets of $65,720,880 as against
on June 30 last, the principal
items in the latest statement being:
Cash on hand, in Fed¬
eral Reserve Bank and due from banks, $19,424,776 (against
$20,951,264 on the previous date); time loans and discounts,
$20,063,064 (comparing with $19,529,348) ; United States
Government securities, $8,574,822 (against $8,379,822), and
demand loans, $8,264,656 (compared with $8,236,257).
De¬
posits are shown as $53,695,001 (contrasting with $54,145,593
on June 30),
while capital and surplus remain the same
at $3,040,000 and $5,000,000* respectively.
Archie D. Swift
delphia, Pa., reports
$66,016,284
total resources of
1
is President.
of condition as at the close of business
Mellon National Bank of Pittsburgh, Pa.,
shows total assets of $341,961,455, which compares with
$330,892,917 at the close of business June 30 last.' In the
statement
The
Sept. 28 of the
chief items comprising the assets are:
current statement the
$208,946,642
obligations,
States
United
as
$193,-
against
919,234 on the previous date; cash and due from banks,
$68,654,825 against $67,750,557, and loans and discounts,
$43,470,454, comparing with $48,726,927.
On the liabilities
side of the report, deposits are given as $298,093,412 as com¬
Capital and surplus are the same,
$7,500,000 and $22,500,000, but undivided profits
stand at $2,466,642 against $2,064,971.
pared with $287,532,974.
$125,373,255 and $141,177,229, respectively,
The principal items comprising the assets
in the current report are:
Cash on hand and due from
banks, $49,001,980 (against $52,423,858 on June 30) ; loans
and discounts, $46,671,083 (against $48,387,098), and United
States
Government securities, $31,819,087
(against $31,831,218 on the earlier date).
The bank's capital and sur¬
plus, at $6,000,000 each, remains as heretofore, but undivided
profits have risen to $1,615,609 from $1,370,450.
Richard
compared with
June 30 last.
on
C. Lilly is
4
reported in the condition
Bank & Trust Co. of
Minneapolis, Minneapolis, Minn., as of Sept. 28 (comparing
with total resources of $156,062,224 on June 30 last), of
which the principal items are:
Cash and due from banks,
$55,021,566 (down from $61,767,971 on June 30) ; United
States Government securities
(direct or fully guaranteed
obligations), $55,766,347 (against $52,708,947), and loans
statement
5% dividend, the first to be paid to depositors of the
Bankers' Trust Co. of Philadelphia, Pa., since the
defunct
assumed office almost four years ago,
Earle Administration
placed in the mails on Oct. 10, according to an an¬
nouncement on that date by Irland McK. Beckman, State
was
The Philadelphia
Pennsylvania.
Secretary of Banking for
"Inquirer" of Oct. 11, from which this is
in
learned, added,
part:
bank closed
The
1934,
December,
its doors three
took office,
tration
a
and by
Adminis¬
days before Christmas in 1930,
month before? the Democratic State
total of 50% had been paid all depositors.
jess than
of
the
First
National
$30,728,743 on the
$138,600,618
(compared with $140,908,629 on June 30) ; capital and sur¬
plus are unchanged at $6,000,000 each, while undivided
profits are $1,627,808, having increased from $1,458,578
discounts,
and
earlier date).
(up
$32,559,241
from
Total deposits are reported as
three months ago.
4
condition as of Sept. 28, the Mercan¬
tile-Commerce Bank & Trust Co. of St. Louis, Mo., reports
total assets of $180,992,566 (comparing with $177,245,655 on
In its statement of
1938), of which the chief items are: Cash and due
$56,487,371 as compared with $63,922,138 on
30; United States Government obligations, direct and
June 30,
from
June
banks,
guaranteed,.
(contrasting
$59,987,332
with
$51,995,557) ;
(unpledged), $26,603,591 (increas¬
ing from $24,707,961), and time loans, $11,651,774 (against
other bonds and securities
$10,194,717). Total deposits are shown at $163,575,998 (com¬
paring with $160,042,261 on June 30).
Capital stock and
surplus are unchanged at $10,000,000 and $3,000,000, re¬
spectively, but undivided profits have risen to $3,000,366
from $2,587,241 on the earlier date.
♦
,
In
its. condition
statement
as
at
the
close
of
business'
N. A., San Francisco, Calif,
(including its branches in San Francisco, Portland, Seattle
and Tacoma), reports total,resources of $131,487,367 (com¬
paring with $130,112,256 as of June 30 last), the chief items
of which
are:
Loans and discounts, less reserve, $58,449,035 (against $54,801,397) ; cash and exchange, $38,746,784 (against $41,628,132), and United States securities,
$22,616,431
(comparing with $21,916,431).
The bank's
capital remains unchanged at $6,800,000, but surplus and
undivided
profits at $8,264,794 compare with $8,317,688
three months ago, and total deposits have risen to $112,026,517 from $110,890,871 on the earlier date.
Sept. 28, the Bank of California
4
A
President
Total assets of $153,968,569 are
namely,
now
Oct. 22, 1938
Financial Chronicle
2478
a
«
4
Anglo California National Bank of San Francisco,
San Francisco, Calif., in its condition
statement as of
Sept. 28, reports total assets of $230,791,771 (comparing
with $230,907,035 on June 30 last),
of which the chief
items are:
Loans and discounts, $88,940,986 (against $92,370,468 on June 30) ; cash and due from banks, $58,599,304
(compared with $66,878,550) ; United States Government
securities, $51,955,829 (having risen from $43,843,173), and
State, municipal bonds, other securities, $22,027,246 (against
$18,912,504 on the earlier date).
In the Sept. 28 statement
total deposits are shown at $204,226,417
(against $204,842,101).
The institution's capital and surplus remain un¬
changed at $15,400,000 and $3,650,000, respectively, but
undivided profits are nowT $1,976,324, having risen from
The
Newell B.
Long, heretofore a Vice-President of
institution at
the
a
the First
named President of
recent meeting of the directors.
Mr.
National Bank of Bellefonte, Pa.,
was
Long, who succeeds the late Charles M. McCurdy, has been
connected with the bank since 1931.
A Bellefonte dispatch,
appearing in "Money and Commerce" of Oct. 15, from which
this is learned, added, in part:
During the World War he entered the service and after training was
selected to be sent to the Central Officers' Training School at Camp Lee,
Va;
After
the
war
he
recalled
was
to
the First
Rational Bank
at State
the organization of the Karthaus State
Karthaus, Pa.
There he was named first Cashier and continued
in the position until offered a position with the Snow Shoe Bank, Snow
Shoe, Pa.
He remained there for seven years until he was elected Cashier
and Vice-President of the First National
Bank at Emporium, Pa.
,He
until
College where he remained
Bank
at
remained
in
called
until
Emporium
$1,948,600 three months ago.
to Bellefonte,
4
The
4
The National Bank of Toledo,
into voluntary
liquidation.
Toledo, Ohio, recently went
The institution, which was capi¬
consolidated with the Commerce
Guardian Bank of the same city.
Dbtails of the plans for
talized
at
$710,000,
consolidation
the
page
was
were
given
in
our
Sept.
of
issue
3,
1432.
:
♦
The Cleveland Trust Co., Cleveland,
statement of condition as of
Ohio, in its condensed
Sept. 30, reports total deposits
of $334,095,097 and total resources of $372,418,181, as against
$327,394,381 and $365,037,442 on June 30, 1938.
Cash on
hand and in banks on Sept. 30 totaled $113,749,950 (up from
$100,172,975 on the previous date); United States Govern¬
ment obligations, direct and fully guaranteed, $99,082,807
(down from $102,100,524), and loans, discounts and ad¬
vances, less reserves, $124,411,366 (down from $129,288,931).
The
company's
capital
is
structure
given
as
$32,588,153
Harris
(against $32,243,699 at the close of the half-year).
Creech heads the institution.
4
At the regular monthly meeting of the Board of
of
the
Continental
Illinois
National
Chicago, held last week, W. B. Allen,
dent,
was
elected
a
Bank
a
&
Directors
Trust
Co.
of
Second Vice-Presi¬
Vice-President of the bank.
4
The
St.
condition
Paul,
posits
of
statement
St. Paul, Minn.,
$120,034,385
and
of
as
the
of
total
First
National
Bank
of
Sept. 28, shows total de¬
assets
of
$136,248,853,
as
condensed
statement
of. condition
of
the
Crocker
First National Bank of San Francisco, San Francisco, Calif.,
Sept. 28, shows total deposits of $132,117,936 and total
of $147,108,930, comparing with $129,031,100 and
$144,640,523, respectively, on June 30 last.
In the present
statement the principal items comprising the resources are:
Cash and sight exchange, $33,371,923 (contrasting with $29,837,532 on June 30) ; securities (unpledged), $64,218,652
(compared with $64,869,935), and loans and discounts, $27,783,862 against $28,475,048. The bank's capital and surplus
continue
the same,
namely, at $6,000,000, but undivided
profits have increased to $2,111,441 from $1,996,647 on
as
of
resources
June 30.
THE
CURB
EXCHANGE
Curb stocks moved briskly forward during the early part
of the week but the market turned reactionary on Wednesday
due to
profit taking and
a
number of the
more
active issues
the trading favorites slipped back from 2 to 4 or more
points.
As the week progressed the trend again pointed
upward but the volume of sales was considerably smaller.
Public utilities and aircraft shares attracted a goodly part
of the speculative attention but there was also some buying
among the industrial specialties and mining and metal stocks.
Oil shares were quiet.
Speculative interest continued to center around the public
utilities during the two hour session on Saturday, and while
practically all members of the group were active at higher
prices, Electric Bond & Share and American Gas & Electric
among
Volume
147
Financial
Chronicle
2479
were
particularly noteworthy as they forged ahead into new
high ground for the year. Mining and metal stocks were in
excellent demand ana there was a
fairly good turnover in the
industrial specialties, many of which moved to
higher levels.
We
The volume of sales reached
with 374 issues traded in.
approximately 385,000 shares
Outstanding among the gains
Aluminium, Ltd.,
points to 141; Standard Power
& Light pref., 4 points to
37; American Superpower pref., 3
points to21M; and Babcock & Wilcox, 3 points to 37.
New tops were registered
by the aviation issues and public
utility shares on Monday.
The utilities again led the ad¬
vance and
many low priced " stocks followed with substantial
the heaviest in
nearly
shares.
irregularity
the transfers totaling 668,575
apparent during the early
trading due largely to a brief period of selling. Colt's Patent
Fire Arms jumped 5 points to
65; Mead Johnson, 1 % points
to 126; Carolina Power &
Light $6 pref., 3% points to 72;
and Indianapolis Power &
Light pref., 2lA points to 100
Some
a year,
55
scale, there
dealings, and
were a
number of
modest gains apparent in these
groups as the market closed.
Mining and metal stocks continued quiet, oil shares showed
little change and industrial
specialties failed to participate
to any great extent in the last hour
advances.
The gains
included among others Aluminum Co. of
America, 3}4
points
to 121; Montgomery Ward
A, 2 points to 155; New Jersey
Zinc, 134 points to 7034; Sherwin-Williams, 1 point to 116
and American Gas &
Electric, 1.34 points to 3534- '
Reactionary tendencies due largely to continued profit
taking were apparent on Wednesday. Aviation issues and
public utilities which had steadily pushed ahead during the
previous days lost a goodly part of their gains and many high
class industrials
dropped from 2 to 4 points of the gains
registered earlier in the week. Prominent on the side of the
decline
were
up
to
the session progressed and a number of the
favorites finished the day with moderate
extent
some
as
trading
gains. The
improvement did not, however, extend to all active stocks
as
there was a fairly
large number of declines scattered
through the list. Oil shares were slightly stronger and indus¬
trial specialties registered a number
of substantial gains,
particularly Pepperell Manufacturing Co. which climbed to
7824 at its top for the day.
Public utdities and aircraft
issues lost some of the advances
registered during the fore¬
part of the week and metal stocks were quiet.
Higher prices prevailed during the greater part of the
dealings on Friday. The gains were not particularly note¬
worthy at any time during the session, but the upward
movement was fairly
steady and many of the more active
stocks moved to higher levels.
Low priced issues were in
demand but the best gains were
among the industrial special¬
ties.
United Shoe
Machinery was one of the strong spots as
it moved up to 82 with an advance of
224 points. As com¬
pared with Friday of last week prices were
generally higher,
Aluminum Co. of America
closing last night at 118 against
11424 on Friday a week ago; Aluminium Ltd. at 138 against
13524; Cities Service at 9 against 8; Electric Bond & Share at
13 against 1034; Fairchild Aviation
at 5J4 against 534;
Humble Oil (new) at
6434 against 6334; Lake Shore Mines
at 5024 against
4934 and United Shoe Machinery at 82
against 8034DAILY
TRANSACTIONS
THE
NEW
YORK
CURB
EXCHANGE
Stocks
Member Federal
Week Ended
give below
FOREIGN
Oct.
21, 1938
Foreign
Shares)
Domestic
EXCHANGE
TO
Corporate
OCT.
RATES
CERTIFIED
15,
1938, TO OCT. 21,
385,025
$9,000
669,075
'
$1,840,000
Total
2,203,000
33,000
$9,000
$1,858,000
19,000
2,255,000
368,610
2,037,000
67,000
14,000
350,060
2,118,000
1,733,000
59,000
213,750
233,285
1,510,000
24,000
26,000
46,000
1,816,000
1,582,000
1,773,000
16,000
54,000
1,843.000
2,219.805 $11,096,000
Tuesday
$175,000
.
Wednesday
Thursday
Friday
...
Total
Sale*, at
New
York
Week Ended Oct. 21
$201,000 $11,472,000
Jan.
1 to Oct. 21
Curb
Exchange
1938
Stocks— No. of shares.
1937
2,219,805
4,596,625
1938
36,415,158
Bonds
Domestic..
1937
91,014,092
$11,096,000
$12,692,000
Foreign government...
175,000
292,000
5,772,000
Foreign corporate
201,000
401,000
5,400,000
8,607,000
$11,472,000
$13,385,000
$282,772,000
$370,377,000
Total
_
$271,600,000
$351,285,000
10,485,000
Pursuant to the
EXCHANGE
RATES
requirements of Section 522 of the Tariff
1930? the Federal Reserve Bank is now
certifying
daily to the Secretary of the Treasury the buying rate for
Act of
BY
RESERvT
FEDERAL
1930
1938, INCLUSIVE
York
Unit
Oct.
15
Europe—
Belgium, belga
Bulgaria, lev
$
.169013
.012325*
Czechoslov'la, koruna
.034352
.211296
Denmark, krone
Engl'd, pound sterl'g 4.733125
.020928
Finland, markka
.026477
France, franc
Oct. 17
Oct. 18
Oct. 19
Oct. 20
$
$
$
S
.169033
$
.169052
.168969
.168988
.169027
.012325*
.012325*
.012325*
.012325*
.012325*
.034372
.034356
.034369
.034418
Oct. 21
.034418
.211712
.212071
.212962
.212211
.212556
4.743194
4.752013
4.771458
4.754722
4.762500
.020912
.020935
.021041
.020983
.020980
.026591
.026707
Germany, relchsmark
Greece, drachma
Hungary, pengo
.400533
.400533
.400494
.400656
.400388
.400444
.008678*
.008694*
.008707*
.008717*
.008708*
.008710*
.196375*
.196375*
.196500*
.196375*
.196375*
.196375*
Italy,
.052603
.052600
.052603
.052603
.052600
.052607
.544200
.544094
.544194
.544216
.544061
.543538
.238888
lira
Netherlands, guilder.
Norway, krone.
.026541
.026600
.026637
.237806
.238275
.238725
.239700
Poland, zloty
.187833
.188000
.187975
.188050
.187975
.187975
Portugal, escudo
Rumania, leu
.042993
.042979
.043034
.043250
.043150
.043100
.007300*
.007300*
.007300*
.007300*
.007257*
.007257*
Spain,
.051000*
.050833*
.239287
.050833*
.050833*
.051000*
.051000*
Sweden, krona
.243764
.244312
.244762
.245750
.244975
.245300
Switzerland, franc
.226377
.226600
.226894
.227322
.226944
.227016
Yugoslavia, dinar...
.022820
.022840
.022800
.0^2800
.022900
.022980
.161041*
peseta
Aala—
China—
Chefoo (yuan) dol'r
Hankow (yuan) do!
.157750*
.158333*
.161083*
.161833*
.161250*
.157750*
.158333*
.161083*
.161833*
.161250*
Shanghai (yuan) dol
Tientsin (yuan) dol.
.156437*
.157187*
.157687*
.158250*
.157500*
.157343*
.157062*
.158125*
.160500*
.1.51062*
.160000*
.160468*
Hongkong,
dollar.
.292937
.293500
.294687
.296875
.296000
.295093
British India, rupee..
.353763
.354650
.454936
.356566
.255062
Japan, yen
.275868
.276583
.276993
.278002
.277196
.277471
.551000
.552187
.553250
.555562
.553875
.5533312
3.792500
Str Its
...
Settlem'ts, dol
.161041*
.355625
Australasia—
Australia, pound
3.771953'
3.779375
3.785468
3.801093
3.787343
New Zealand, pound
Africa—
3.801250
3.809437
3.815250
3.832343
3,818592
3.822656
South Africa, pound. 4.685125
4.696250
4.704875
4.723125
4.707875
4.714625
North America—
Canada, dollar
Cuba, peso
.985156
.984531
.985585
.989648
.988457
.990332
.999000
.999000
.999000
.999000
.999000
.999000
Mexico,
.196200*
.196833*
.197980*
.197183*
.197533*
.197400*
.982500
.982343
.983125
.985859 '
.987916
peso
s
Newfoundl'd,
dollar.
.987265
.
South America—
Argentina,
Brazil,
Chile,
.315375*
"
"
Uruguay,
♦
.316805*
.318060*
.317300*
.316330*
.058550*
.058440*
.058440*
.058440*
.058440*
.051766*
.051766*
.051766*
.051766*
.051833*
.051766*
.040000*
.040000*
.040000*
.040000*
.570600*
.571500*
.572300*
.573100*
.573100*
.622725*
peso
peso.....
.040000*
.570600*
export-
Colombia,
.316270*
.058440*
peso
mllrels
peso—official.
.623585*
.624975*
.527785*
.626275*
.625942*
.040000*
Nominal rate.
COURSE OF
BANK
CLEARINGS
Bank
clearings this week will show a decrease compared
with a year ago.
Preliminary figures compiled by us based
upon telegraphic advices from the chief, cities of the country
indicate that for the week ended today (Saturday, Oct. 22)
bank clearings from all cities of the United States from which
it is possible to obtain weekly clearings will be 8.6% below
those for the corresponding week last year.
Our preliminary
total stands at $5,945,317,706, against $6,501,669,431 for
the
same
week in 1937.
week ended
At this center there is
Friday of 8.6%.
a
loss for the
Our comparative
summary
for the week follows:
Clearings—Returns by Telegraph
Week Ending Oct. 22
Per
1938
1937
$2,816,084,127
246,056,836
$2,901,319,228
298,548,837
342,000,000
345,000,000
203,76^254
206,708,460
93,573,693
89,400,000
143,238,000
118,149,057
91,651,626
—15.5
90,060,333
—9.4
65,035,656
—9.3
$4,442,684,890
-5.4
Other cities, five days....—.
$4,202,737,552
751,693,870
891,616,480
-15.7
Total all cities, five days
$4,954,431,422
-7.1
990,886,284
$5,334,301,370
1,167,368,061
$5,945,317,706
$6,501,669,431
-8.6
Chicago..,,
—
City
79,001,388
...—
.
82,700,000
San Francisco
119,664,000
...
Detroit
Cleveland
95,455,446
77,424,523
............
81,595,721
58,988,257
*
Baltimore
Eleven cities, five days
All cities, one day—
—
Total all cities for week
'
Cent
—2.9
—17.6
0.9
1.4
—15.6
—7.5
—16.5
—19.2
-15.1
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly in the above the last day of
furnish
the week in all
cases
In the elaborate
FOREIGN
We
'
Noon Buying Rate for Cable Transfers in New
Value in
United States Money
Country and Monetary
Pittsburgh....
Saturday
Monday
the|world
TREASURY UNDER TARIFF ACT OF
St. Louis...
Foreign
Government
System
Clearing House Association
Deposit Insurance Corporation
record for the week just passed :][J
a
BANKS
Kansas
0/
COMPANY
DEPARTMENT
cable transfers in the different countries of
Boston....
Bonds (Par Value)
TRUST
Member Federal Reserve
Member New York
Philadelphia
(Number
foreign countries.
STREET, NEW YORK
New York
AT
of the
European Representative Office: 1, Cornhill, London, E.C.3
such active
stocks as Aluminum Co. of
America,
234 points to 118M, American Superpower pref., 2%
points
to 2034; Brown Co.
pref., 334 points to 26; Pepperell Manu¬
facturing Co., 4 points to 76; Pittsburgh Plate Glass, 2%
points to 112; Safety Car Heating & Lighting, 3 points to"
6534; and United Light & Power pref., 234 points to 29.
Price, movements were generally irregular during the
morning dealings on Thursday but the market firmed
BROAD
clean
or
part
any
on
PRINCIPAL OFFICE AND FOREIGN
turned
and aircraft issues continued to
dominate the
while trading was on a smaller
on
MANUFACTURERS
was
Following early weakness due to profit taking the curb list
briskly upward on Tuesday and in a number of in¬
stances the morning losses were
canceled.
Public utilities
documentary
drawn
United States and
were
gains.
In the aircraft section Bell Aircraft reached 173^ at
its top for the day and Lockheed moved
up to 20 but slipped
back to 1914 as the market closed.
The volume of sales was
collect
drafts
has to be estimated.
detailed
state&ent, however, which
we
present further below, we are able to give final and complete
results for the week previous—the week ended Oct. 15.
For that week there
was a decrease of 2.5%, the
aggreagte
clearings for the whole country having amounted to
$5,715,711,726, against $5,862,117,998 in the same week in
of
Outside of this city there was a
1937.
decrease of 11.0%,
Week Ended Oct.
recorded a gain of
4.6%.
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 register an increase of 3.7%, but in the
Boston Reserve District the totals record a decrease of
5.1% and in the Philadelphia Reserve District of 7.2%.
In the Cleveland Reserve District the totals are smaller
by 19.6%, in the Richmond Reserve District by 6.1%, and
in the Atlanta Reserve District by 9.6%.
The Chicago
the bank clearings at
this center having
District shows a loss of 8.3%, the St. Louis
District of 7.8%, and the Minneapolis Reserve
serve
Clearings at—
15
Inc. or
1936
Dec.
1937
1938
%
ago—
Seventh Feder al Reserve D i8trict—Chic
—23.3
488,544
374,855
109,593.803 —17.2
473,000
Mich.—Ann Arbor
90,788,259
2.788.245
Detroit
Rapids.
Grand
3,241,035
2,963,235
1,344,378
1,250,146
17,759,000
1,438,109
5,382,742
22,540,019
994,383
—17.1
1,209,251
110,659,602
—14.0
1,580,378
1,309,616
Lansing
—21,1
Wayne
953,547
Indianapolis—
18,899,000
19,411,000
—2.6
Bend..
1,499,797
1.697,455
—11.6
Terre Haute..
4,792,929
19,752,386
5,345,097
21,676.243
—10.3
1,162,109
1,323,632
8.093.882
3,432,446
—12.2
8,337,537
3.410,668
322,811
322,243
+0.2
376,238
Chicago
298,764,176
318,246,445
-—6.1
338,184,531
Decatur
2,324,656
1,008,307 + 130.6
766,197
Peoria
3.954.246
4,346,538
—9.0
4,506,500
1,526,085
1,126,457
Ind.—Ft.
South
Wis.—Milwaukee
Re¬
Dis¬
Reserve
la.—Ced. Rapids
Des Moines
Sioux City
15.2%.
In the Kansas City Reserve District there
is a falling off of 12.0%, in the Dallas Reserve District of
12.2 %, and in the San Francisco Reserve District of 15.2%.
In the following we furnish a summary by Federal Reserve
trict of
111.—Bloomlngton
—8.9
8,550,952
3,579.687
+ 3.0
—O.i
Rock ford
1,687,736
1,459,751
1,423,774
+ 25.9
+ 18.5
462,204,071
503,899.824
-8.3
523,421,261
trict—St Lo uis—
Eighth Federa I Reserve Dis
-10.5
95,600,000
85,600,000
—7.0
35,286,762
32,807,257
CLEARING8
1,081,498
Springfield
districts:
SUMMARY OF BANK
1938
22,
Oct.
Chronicle
Financial
2480
97,800,000
—1.0
38,560,490
Total (18 cities)
f
Inc.or
1938
2nd
New
it
10
7th
Chicago ...18
8th St. Louis... 4
9th
Minneapolis 7
10th Kansas City 10
11th Dallas
6
Atlanta
•1
We
523,421,261
163,496,730
+ 5.4
594,000
150,727,091
163,496,730
-7.8
172,330,596
477,392,173
149,858,181
Total (4 cities).
—7.8
172,330,596
149,341,330
—15.2
115,141,346
114,143,182
Minn.—Duluth..
—12.0
136,259,478
153,794,682
Reserve Dis trict—Minn ea polls
3,543,318 —21.4
Ninth Federal
125,415,164
142,549,770
2,924,251
Minneapolis...
78,120,588
—12.2
79,418,678
80,090,573
274,823,460
—15.2
271,417,867
273,773,527
6,862,117,998
—2.5
5,747,583,242
2,784,263
69,797,852
—16.4
74,411,375
26,736,709
30,838,854
—13.3
30,218.828
2,531,305
766,034
Paul
St.
83,479,338
2,847,320
—11.1
2,637,034
N. D.—Fargo...
6,665,503,881
2,377,318,455
2,671,942,728
—11.0
2,660,833,130
2,697,091,168
325,583,279
303,969,670
+ 7.1
365,050,548
356,937,126
5,715,711,726
32 cities
now
—8.3
606,000
8. D.—Aberdeen-
Outside N. Y. City.
add
our
857,707
3,065,230
—6.6
3,385,183
106,362,879
Total (7 cities).
125,415,164
-15.2
115,141,346
Reserve Dis trict
Tenth Federal
$
$
First Federal
St.
—12.7
764,089
1,892,158
Mass.—Boston
607,383
119,648
2,660,826
2,930,736
33,815,644
—16.9
32.750,668
2,075,614
203.117,342
—8.8
2,109,476
220,914,798
772,814
—13.2
193,069,227
671,085
Fall Kiver
—T-4.fi
+0.7
343,446
725,03i>
745,577
817,4.78
—6.0
3,420,680
—12.8
2,028,021
9,678,726
3,232,291
2,116.400
10,644,607
—9.1
4,131,839
10,960,700
—7.2
R.I.—Providence
3,833,880
11,025,000
9,428,733
4,170,003
N.H.—Manches'r
454,881
451,488
+0.8
1,810,066
3,363,710
Joseph
3,073,320
90,975,725
3,020,336
678.685
+ 11.4
3,020,756
+0.4
849,053
673,905
—1.4
603,390
142,549,770
-12.0
136,259,478
681,183
664,366
125,445,025
Total (10 cities)
902,994
3,037,804
.
—6.8
—11.8
415,765
—2.8
—2.5
3,083,536
Pueblo
827,407
623,258
363,168
2,068,678
96.292,495
Colo.—Col. Sprgs
597,282
1,697,094
268,376,193
126,116
—2.3
84,903,598
Mo.—Kan. City.
$
$
%
530,108
City
—0.9
—13.7
2,873,846
Wichita
Reserve- Dist rlct—Boston
Portland—
—
Kan.—Topeka..
1935
1936
as
155,350
2,599,075
Omaha
Inc. or
Kan 8
100,312
28,109,241
2,016,518
Lincoln.
Clearings at—
—
99,416
134,072
Hastings
Week Ended Oct. 15
Dec.
812,290
883,445
.
Helena..
Neb.—Fremont..
1937
+3.0
-
week's
detailed statement showing last
1938
752,385
—2.2
783,397
2,863,271
Mont.—Billings
figures for each city separately for the four years:
Me.—Bangor
x
639,000
...
163,663,871
503,899,824
68,576.115
112 cities
Canada
164,716,847
233,069,889
«•
44
Total
150,392,706
—9.6
Quincy
125,445,025
II
Fran.. 11
12th San
297,766,915
—6.1
174,914,485
x
111.— Jacksonville
106,362,879
♦4
35,376,106
x
x
285,733,213
—19.6
154,041,357
150,727,091
6
.
317,706,082
462,204,071
44
Richmond
370,077,323
416,711,369
32,003,968
31.680,834
Tenn.—Memphis
4,095,304,846
377,179,752
144,568,790
Cleveland.. 5
6th
3,202,479,421
—7.2
158,106,012
M
4th
+3.7
255,305,784
PhiladelphialO
6th
Ky.—Louisville..
305,696,934
257,058,375
—5.1
239,219,223
t
3,317,853,992
3,440,667,510
M
3rd
%
343,519,077
4«
York. 13
1935
1936
%
227,129,483
12 cities
Boston
Dec.
$
Mo.—St. Louis..
Federal Reserve Dists.
1st
1937
f
15, 1938
Week End. Oct.
365,696
Lowell
New Bedford..
Springfield
1,845,983
Worcester
Conn.—Hartford
New Haven...
Feder alReserve D istrlct—New
560,646
6,770,80/
885,704
Bingham ton...
Buffalo
30,000,000
657,260
768,193
Elmira
Jamestown
—26.8
Westchester Co.
3,888,603
3,987,306
Conn.—Stamford
3,688,776
J.—Montclair
336,569
Syracuse
N.
Newark...
16,270,649
26,591.267
Northern N. J.
699,401
Worth
7,024,291
7,494,767
3,701,000
902,249
4,567,000
-19.0
928,635
—2.8
1,059,969
La.—Shr eve port.
3,799,454
4,151,762
—8.5
3,764,170
68,576,115
78,120,588
-12.2
79.418,678
722,802
7,566,103
4,845,815
3,267,029
3,965,318
374,834
18,632,028
—19.8
3,978,265
2,999,324
27,908.212
+ 22.0
2,837,221
400,000
Chester
Lancaster _i
Philadelphia...
Reading
Scranton
Wilkes-Barre..
York
N. J.—Trenton..
1,609,395
29,741,387
1,423.012
36,233.085
—12.0
—17.9
Utah—8. L. City
14,706,506
17,103.355
—14.0
37,033,085
17,376,692
Calif.—L'g Beach
4,071,593
4,169,693
3,551,004
—12.7
20,651,641
—8.3
31,189,112
22,214,580
35,245,639
—27.«
627,242
—44.2
487,981
1,325,909
331,000,000
327,845
+ 48.8
415,921
1,485,074
1,529,014
1,315,977
357,000,000
—7.3
364,000,000
399,000,000
1,391,444
2,355,446
+ 1.8
—14.8
935,553
+ 98.6
1,556,524
2.568,299
965.201
1,526,269
—3.8
1,516,551
1,426,198
—15.3
1,629,099
1,885,740
2,337,042
—19.3
2,458,397
403,024
476,242
233,069,889
274,823,460
-15.2
271,417,867
406,613
420,000
Francisco
.
132,970,000
.
(112
Grand total
5,715,711,726 5,862,117,998
cities)
2,377,318,455 2,671,942,728
Outside NewYork
3,732,000
—7.2
377,179,752
Clearings at—
1,731,433
Inc. or
7,526,000
X
X
»,
X
"
X
85,376,056
59,034,992
Montreal
Cincinnati
51,972,414
63,506,280
—18.2
59,051,011
61,000,881
Winnipeg
Cleveland
92,076,552
10,944,500
1,153,834
108,487,988
—15.1
91.848,637
Vancouver
12,808,200
—14.6
12,321,800
86,678,477
15,799,700
1,840,438
—37.3
Cjlumbus
Mansfield
Youngstown
X
Pa.—Pittsburgh.
99,158,484
X
X
131,063,176
—24.3
317,706,082
—19.6
1,550,696
X
1,330,505
X
132,994,771
120,923,650
297,766,915
285,733,213
16,106,355
15,583.745
4,393,940
2,154,600
4,105,830
12,827,633
1,441,076
Ottawa
Quebec
1
Halifax
Hamilton
Colgary
Total (5
cities).
255,305,784
John
St.
Edmondon..
1,456,569
2,199,456
4,369,962
Reglna
5,669,553
Victoria
Fifth Federal
London
Reserve Dist rlct—Richm ond—
332,057
214,895
331,34/
346,160
—4.3
2,307,000
2,459,000
51,066,664
—6.2
2,573,000
2,808,000
48.026.698
—6.0
45.798,414
1,157,312
1,460,392
—20.8
1,574,194
72,904,496
—4.8
74,877,691
50,118,208
1,448,329
73,556,663
21,712.086
W.Va.—Hunt'ton
S
$
97,451,386
Toronto
x
1937
1938
.
416,711,369
Feder al Reserve D istrlct—Clev eland—
Ohio—Canton...
5,747,583,242 6,665,503,881
Week Ended Oct. 13
1,257,047
Canada—
Fourth
-2.5
-11.0 2,660,833,130 2,697,091,168
1,388,848
3,323,672
-
V
370,077,323
3,218,097
3.089,666
Stockton......
358.755
—10.7
343,549,077
—3.1
San Jose
.
Total (10 cities)
4,247,963
3,755,761
149,344.772
Santa Barbara.
San
a—
—16.7
—2.4
—11.0
—14.1
Total (11 cities)
delphi
495,450
3,933,000
12,027,000
—40.6
3,988,909
154,759,000
3,189,898
1,683,466
Pasadena
+ 3.7 3,202,479,421 4.095,304,846
Reserve Dis trict—Phlla
1.417,070
2,007,963
1,858,148
1,467,902
3,274,400
1,251,618
Yakima
350,000
,
38,717,606
—13.6
6,098,000
Ore.—Portland..
3,221,556
—10.2
Franc isco—
39,667,000
10,269,000
34,278,177
Spokane
4,667,565
3,156,793
360,07*
Bethlehem
Twelfth Feder al Reserve D i8trict—San
Wash.—Seattle..
8,895,3i>0
—7.0
4,352,000
1,334,937
359j63b
Third Federal
Pa.—Altoona
62,129,921
6,577.233
Galveston.....
Ft.
36,200,000
664,575
676,020
+ 13.3
3,440,667,510 3,317,853,992
1,535,385
-13.9
—6.3
+ 4.6 3,086,750,112 3,968,412,713
New York.... 3,338,393,271 3,190,175,270
Rochester.....
8,327,704
9,439,217
-33.7
Total (6 cities).
—18.4
930,210
1,397,456
59,580,968
10.365,118
+ 17.2
—18.5
N. Y—Albany..
1,868,945
Wichita Falls..
305,696,934
5,469,111
1,126,329
38,100,000
—59.7
227,129,483
District—Da Has—
Reserve
51,280,175
Dallas
York-
16,781,018
1,085,908
41,000,000
Eleventh Fede ral
Texas—Austin...
4,560,705
11,436,000
449.667
257,058,376
—5.1
Total (12 cities)
Second
11,759,300
679,094
+0.6
239,219,223
3,196,518
1,783,869
11,453,450
93,995,047
93,218,474
41,793,913
15,110,118
14,284,512
4,701,384
2,412,081
4,773,742
Dec.
%
1935
1936
5
S
+ 3.7
98,493,930
102,875,764
—8.4
'88,916,081
+41.3
130,214,990
65.259,699
66,407,690
+6.6
15,392,205
14,859,244
+ 9.1
14,697,786
33,065,969
—6.5
3,730,059
—10.7
+ 89.7
1,990,960
3,872,756
5.668.230
—5.3
1,-497.996
1,525,028
—6.8
2,543,314
-14.0
4,005,650
.
2,227,548
3,875,711
9,707,624
6,760.579
1,520,966
1,562,275
2,624,486
—16.2
1,523.287
2,163,275
3,677,776
+ 18.8
3,767,750
4,030,096
3,073.958
7,276,862
1,498,605
Richmond
.
8. C.—Charleston
Md.—BaltimoreD.
C.—Wash'g'n
69,416 716
23,329,717
25,804,639
—9.6
4,153,256
384,008
—1.1
316,358
720,017
600.412
+ 19.9
489,520
597,334
1,344,001
1,306,797
+ 2.8
1.767,010
2,217,135
852,041
655,468
+ 30.0
741,507
839,530
787,537
850,128
—7.4
800.232
851,345
609,714
697,190
—12.5
556,913
603.792
581,237
651,537
—10.8
563,577
536.036
Medicine Hat
25,237,450
+ 84.4
379,830
New Westminster
Va.—Norfolk
336 214
235,935
+42.5
231,926
381,692
+ 2.6
564,324
Brandon..
Lethbrldge
Saskatoon
Moose Jaw
Brantford
Total (6
cities).
Sixth Federal
Tenn.—Knoxvtlle
Nashville
4,052,712
21,412,971
57,600,000
1,143,550
1,141.636
Ga.—Atlanta
Augusta.
Macon
Fla.—Jack'nvllle.
Ala.—Blrm'ham.
10,083,000
19.419,211
1,736.900
Mobile
Miss.—Jackson
144,568,790
X
__
—6.1
150,392,706
149,858,181
a—
—5.2
4,274,640
21,288,959
64,200,000
—10.3
1,378,428
—17.0
+ 0.6
4,062,094
19,795,464
61,300,000
■
William
556.663
16,520,818
Sherbrooke
668,032
649,632
+2.8
507,824
556,038
63,900,000
Kitchener
870,002
913,568
—4.8
837.422
1.075,9+*
2,099,713
2,177,403
3,707,274
—14.4
1,008,475
1,761,415
1,282,348
395.003
—24.2
11,907,000
12,332,000
Moncton
700,123
+3.7
369,746
626.216
399,252
—23.8
2,210,443
299,244
726,321
2,815,068
1,333,147
13,229,000
22,863,772
Kingston
542,857
524,624
+ 3.5
544,686
21,863,287
519,976
22,437,652
—13.5
1,645,571
Chatham
498,337
1,029.820
—51.6
428,816
380,968
412.323
1,713,090
X
226,405
186.886
44,872,683
+ 1.4
X
+ 21.1
—8.0
1,586,364
1,549,203
Windsor
Prince Albert
X
X
269,631
423,062
Sudbury
41,375,329
158,106,012
174,914,485
—9.6
396,618
+ 6.7
334,584
1.111,754
—9.5
868.705
850.522
325,583,279
303,969,570
+ 7.1
365,050,548
356.937,126
39,449,931
164.716,847
163,663,871
*
Estimated,
721,458
1,006,574
Sarnia.
200,742
-Total (32 cities)
Total (10 cities)
654,037
Peterborough
542.574
—21.5
41,289,627
Vlcksburg
La.—New Orleans
154,041 357
Reserve Dist rlct—Atlant
Fort
322,544
x
No figures
available.
Volume
THE
We
147
reprint
Samuel
Financial
ENGLISH
GOLD
the
AND
SILVER
following from
the
Chronicle
MARKETS
weekly circular
Montagu & Co. of London, written under
2481
THE
of
LONDON
date of
Oct. 5. 1938.
England gold reserve against notes amounted to £326,414,273
Sept. 28 showing no change as compared with the
previous Wednesday.
With the passing of the
political crisis, business in the open market,
though still active, has not been on so large a scale as
during last week.
During the week under review, the amount disposed of at the
daily fixing
was about
£5,300,000; this included resales by Continental holders made in
the early part of the
week, but subsequently there was a movement to
replace some of the gold sold.
However, the main proportion of the offer¬
ings was taken for shipment to New York.
Ounce
Oct.
10d.
Oct.
4
144s.
Id.
Oct.
5
De
lMd.
Average
144s.
Imports
9.75d.
5.909
8.814
Union of South Africa.
Switzerland
...
Sweden
Netherlands.
Belgium
France
Switzerland
Sweden
Morocco
19,672
11,507
4,263
Germany.
Other countries
:
Other countries.
93/-
from
value
101 /3
101/3
£375*
£38
£38
£4%
35/6
19 /6
Oct. 1 carries gold to the
purposes.
Imports
Exports
$5,652
2,939
8,052
7,300
1,579
*21,900
*3,302
2,731
Peru
Saudi Arabia
Iran.
Other countries
United States of America.
£30,385
1,065
9,240
5,232
3,035
4,340
Canada.
Germany
Netherlands.
Denmark
Sweden.
Aden and
£45*
£75*
£75*
£67,287
Quotations during the week:
IN LONDON
IN NEW YORK
Oz. Std.
Sept. 29.
Sept. 30
19Kd.
19 3-16d.
19 1-16d.
Oct.
1
19 5-16d.
19 3-16d.
Oct.
Sept. 28
Sept. 29
Sept. 30-.
3
4
195*d.
19Hd.
195*d.
Oct.
1..
43 cents
Oct.
3..
Oct.
4
19 6Ad.
5
...19 9-16d.
Average
19.427d.
The highest ratq
43 cents
43 cents
19.292d.
was
20/6
23/45*
£75*
stock,"
'
following securities
were
sold at auction
Wednesday
on
of the current week:
By R. L. Day & Co., Boston:
Shares
Stocks
25 Berkshire Fine Spinning Associates,
$ per Share
common
7
1 North American Refractories Co. class B
1
6 Noth American Refractories Co. class A....../
65c
per
19 ll-16d.
19 7-16d.
147s.
185*d.
185*d.
19.0889d.
143s.Hd.
144s. 5.83d.
Bar Gold
Oz. Fine
5 units Reed-Prentice
165*
33
Corp
2 International Match Realization
275*
Co., Ltd
49
11 Massachusetts Real Estate Co.,
par $50
30 Detroit Aircraft Corp., par $1
$8 lot
By Crockett & Co., Boston:
Slocks
$ per Share
63 Farr Alpaca Co., par $50
55 Farr Alpaca Co., par $50
17 Saco Lowell Shops preferred A, par $20
7 Old South Building Association, par $75
Confectionery Co.,
par
35*
35*
...
.1
14
...1.25 lot
......
$100
1105*
j
5 Butlers Point Associates preferred: 1 common
1 Columbian National Life Insurance Co.,
par $100-...'.
225 North Texas Co., par $10
....$1 lot
70 "
...1 3-16
Bonds—
*
Percent
$5,625 North Texas Co. 3-6s, July, 1957
53
£ int
By Barnes & Lofland, Philadelphia:
"
Stocks
$ per Share
225 Glen Willow Ice Mfg. Co., par $10
100 Mono Service Co. common, par $100
15*
85
660
10 Central-Penn National Bank, par $10..
2 Tradesmen's National Bank A Trust Co., par $100.
10 Ninth Bank A Trust Co., par $10
70 The
FINANCIAL MARKET—PER CABLE
20
*
Southern
Marylan Agrlculturald Association
par $50
-
31 '
...
T.I
128
10
(Bowie Rrace Track),
2 at 66 and 68 at
665*
..200
-
5 American Academy of Music, par $100
16 Schuylkill Navigation A Railroad Co., par $50.
315*
i.
Bonds—
ENGLISH
3
......
1 North American Refractories Co.
65* conv. preferred, par $100
1 Regal Shoe Co. preferred,
par $100
10 Gilbert Paper Co. capital, par $500—.....
—Bar Silver per Oz. Std.—
Cash
2 Mos.
19.3005d.
Amount
Common
AUCTION SALES
The
Shares
on New York recorded during the period
$4.86 and the lowest $4.72.
Statistics for the month of September:
Highest price
Lowest price
Average
35/6
LIQUIDATION
Ohio.
43 cents
of exchange
from Sept. 29 to Oct. 5
£45*
$200,000; preferred stock, $155,000
$355,000
Effective Oct. 1, 1938. Liquidating committee:
James Bentley,
Forrest Jeffries and William E.
Watson, care of the liquidating
bank. Absorbed by: The Commerce Guardian
Bank, Toledo,
43 cents
Oct.
£145*
19/6
101/3
£385*
£75*
Oct. 12—National Bank of
Toledo, Toledo, Ohio.
43 cents
19 7-16d.
Oct.
74/£95*
Department:
1 New England
(Per Ounce .999 Fine)
2 Mos.
19 5-16d.
411/3
25/135/£125*
following information regarding National banks is
the office of the
Comptroller of the Currency, Treasury
Shares
Cash
16/9
35/6
21/22/6
£75*
11/6
£45*
35/6
20/6
22/75*
92/6
NATIONAL BANKS
3,633
Coin not of legal tender in the United
Kingdom.
-Bar Silver per
25/133/£125*
74/-
35/3
20/3
21/9
Areas
dependencies._*10,357
Other countires
£53,455
x
3/6
1/3
£4>u
VOLUNTARY
The tendency is still rather uncertain and for
the immediate future the
market may be influenced
mainly by movements in the dollar exchange.
The following were the United
Kingdom imports and exports of silver,
registered from mid-day on the 26th ult. to mid-day on the 3d inst.:
France
'
21/—
21/9
Wltwatersrand
from
on
during the week was due largely to small offerings, as
Eastern sales were not so much in
evidence; there were, however, resales
by speculators and the Indian bazaars although the latter were
buyers on
occasion.
Consistent support was provided by purchases for American
Belgium
75/28/£9
£385*
18/-
74/6
£143*
seen
Argentina
£435*
4/£235*
£9
10/6
£12
£9 u
Vlckers
yesterday; at this level, however, the market
proved rather overstrained and there was a reaction
today to 19 9-16d.
and 195*d. for the respective deliveries.
British South Africa
/3
101/6
75 /28/6
£85*
91/6
£95*
£145*
19/-
£125*
73 /g
Transport
£20,564,105
Bombay
The market responded to the
brighter political outlook and prices made a
sharp recovery from the low level recorded at the end of last week.
Com¬
mencing with a rise of 9-16d. on the 29th ult., the advance continued, ex¬
cept for one minor setback, until ]92*d., for cash and
195*d. for two
months' delivery were reached
trade
40
£23 5*
£95*
£145*
18/9
100/-
134 /g
SILVER
The advance
Oct. 21
92/6
10/6
16/3
4/1/6
25/135/£125*
75/£95*
£145*
19/6
101/3
Unilever Ltd
United Molasses
West
Fri.,
Oct. 20
40/6
101/£435*
4/~
74/45*
28/6
92/9
10/3
17/3/9
1/5*
25/134/6
10 /6
17/3
3/9
1 /24 /6
Royal Dutch Co..,
Shell
Thurs.,
40/6
100/£445*
4/£235*
£9
by cable
The
£10,664,732
The SS. Chitral which saled
of about £99.000.
DAY
Roan Antelope Cop M_
Rolls Royce
3,192,214
117,899
1,990,530
508,197
3,500
24,271
838,288
836,994
16,285
11,562
.
Eire
932,649
6,331,066
2,115,839
935,739
France
£9 5*
Rio Tlnto
United States of America £13,024,365
Canada
36,456
66,332
Belgium
HOLICo
Metal Box
Rand Mines
Exports
£191,721
4,765
Netherlands
4/6
£235*
75 /28/6
Hudsons Bay Co
Imp Tob of G B & I...
London Midland Ry..
144s. 8Md.
Peru
?
A
following were the United Kingdom imports and exports of gold,
registered from mid-day on the 26th ult. to
mid-day on the 3d inst.:
Venezuela.
102/6
Gaumont Pictures ord.
145s. 3Hd.
144s. lOd.
40/3
101/£435*
4/6
£235*
74/45*
28/15*
£44
Beers
Distillers
The
British South Africa
British East Africa
Australia
New Zealand
Oct. 19
Courtaulds 8 & Co
Ounce
145s.
3
Wed.,
Oct. 18
40 /9
Canadian Marconi
Central Mln A Invest.
Cons Goldflelds of 8 A.
Per Fine
144s.
Tues.,
Oct. 17
Boots Pure Drugs
Electrlc A Musical Ind.
Ford Ltd
Per Fine
.
Mon.,
British Amer Tobacco.
Cable & W ordinary...
Quotations during the week:
1
received
as
Oct. 15
GOLD
The Bank of
Oct.
EXCHANGE
Sat.,
on
Sept. 29
Sept. 30
STOCK
Quotations of representative stocks
each day of the
past week:
Percent
$1,000 Eagle and Fairvlew Roads (St. Davids) 1st 6s, 1941.......
75 A lnt
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
OcX. 15
Oct. 18
Oct. 19
Oct. 20
Oct. 21
Silver, per oz^. 19 9-16di,
19 9-16d.
Gold, p. fine oz.146s.85*d. 146s. 6d.
Consols, 25*%- Holiday
£715*
British 354 %
War Loan...
CURRENT
Fri.,
Oct. 17
Holiday
£993*
Holiday
19 ll-16d.
146s. 2d.
19 13-16d.
19 ll-l6d.
145s.85*d. 145s.95*d.
195*d.
146s.25*d.
£72 5*
£1005*
£1005*
£1005*
£1005*
£1085*
£108 5*
-
£715*
£1085*
£1085*
£1085*
£72
—Fuller,
& Redmond
NOTICES
that
announce
expert, will become associated with them
on
Bernard W.
Nov. 1
as
Snow, crop
head of their Crop
News and Estimate Division.
Mr.
£72
British 4%
Rodney
Snow
held
similar
a
position
for many
years
with
the
Bartlett
Frazier Co. and Is regarded as one of the outstanding private crop experts.
—Amott, Baker & Co., Inc., have announced the following additions to
1960-90.
The
price of silver per ounce (in cents)
States on the same days has been:
Bar N.Y. (for.)
Closed
425*
425*
425*
in the United
64.64
64.64
64.64
64.64
in the New York office; Andrew A.
H.
and
M.
Co.,
Shearer, formerly with Hecker & Co.
Byllesby & Co. in their
Philadelphia office and Edward L.
Kellner, formerly with Bloren & Co., in their Philadelphia office.
425*
425*
U. S. Treasury
(newly rained)
their sales staff: George D. Baxter, formerly with J. Arthur Warner &
64.64
""^-Pollard
64.64
that
& Co., members of the New York Stock
Edward Necarsulmer, Jr.,
Exchange,
announce
for the past five years in the Investment
department of L. F. Rothschild & Co., has been admitted to general partCURRENT
nership in their firm.
NOTICES
—Swart,
—Announcement is being made of the formation of the New York Stock
Exchange firm of R. H. Johnson & Co. to
transact
a
general investment
business, with offices at 70 Wall St., New York, by Rupert H. Johnson,
Joseph H. Amy, member New York Stock Exchange, Joseph D. Euler,
member
Philadelphia
Stock Exchange, Armon D. A. Crawford and T.
In addition to its membership on the New York Stock Ex¬
Reid Rankin.
change, the firm will have membership on the New York Curb Exchange
and the Philadelphia Stock Exchange.
—Jackson
&
Mr. Willcox
was
Co.
are
announcing the forn-ation
of
a
selective
with F. J. Bradley & Co., and C.
LeRoy Wleland, formerly of Wieland & Co.
:—William H. Combs & Co., 61 Broadway. New York City, members of
New York Stock Exchange,
have prepared
an
analysis of the outlook for
residential building and principal companies in that industry.
—W.
L.
Morgan
&
Co., general
distributors
of Wellington
Fund,
a
mutual investment fund, announce the appointment of Edward J. Kelly &
Co.
as
Middle-West distributors for the Fund.
as a
Exchange,
an¬
general partner
Prior to that he
was
Vice-President of
Federal Water Service Corp., a utility holding company, and before that
was associated with Dillon, Read & Co. from 1919 to 1932.
—J. W. Davis & Co. announce that Harris B. Fisher Jr., is now associated
them.
**
—Arnold*T.
Main waring, formerly with Robinson, Miller & Co., is
now
associated with Bristol & Willett.
Vice-President of Blyth & Co., Inc., from
January, 1936 to July of this year.
with
&
____
Curtis, members of the New York Stock
nounced that Westmore "Willcox, Jr., has been admitted
in the firm.
Duntze
securities service under the management of John C. McDermott, formerly
°
REDEMPTION CALLS AND SINKING FUND
NOTICES
Below will be found
stocks of
a 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":
Date
Company and Issue—
Nov. 1
Dec. 15
7% preferred stock
Adams Millis Corp.,
Addressograph-Multigraph Corp., serial debentures
*
Alleghany Corp., 20-year 5s, 1930--Aluminum, Ltd., 5% sinking fund debentures
Jan.
1
* Aluminum Co. of Canada, Ltd., 3H% debentures
Nov. 10
Baltimore Mortgage 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
——
Oct. 22
$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
Consolidated Water Co. of Utica—
1st mtge. 5s
Nov. 1
Ref. mtge. 4 Ms
Nov. 1
Council Bluffs Gas Co. 1st 5s, 1928
—Nov. 1
Crown Cork & Seal Co.. Inc., 15-year 4% bonds
—Nov. 1
Denver Gas & Electric Light Co. 1st <fe ref. mtge. bonds. - -Nov.
1
Detroit City Gas Co. (Michigan Consolidated Gas Co.):—
1st mtge. 6s, srries A
Dec. 9
1st mtge. 5s, series B
Dec. 9
Dominion Gas Co., 5% coll. trust bonds,
Jan. 1, '39
East 8t. Louis & Interurban Water Co.—
*
1977
4s, 1955
Illinois Northern Utilities Co.—
$7 junior cumulative preferred stock
Indiana General Service Co., 5% 30-year 1st mtge.
International Salt Co. 1st & consol coll. trust mtge.
Lone Star Gas Corp. 6M% preferred stock
Mead Corp., 1st mtge. 6s, 1945
Michigan Consolidated Gas Co
First mortgage
Morgan Engineering Co., 1st mtge. 8s, 1941
National Dairy Products Corp., 3%% debs.,
New York Steam Corp.—
1921
1921
2387
1922
2085
1772
1772
1485
2086
2243
2399
2399
1034
2395
2246
1641
2093
2399
2539
Pec. 9
Nov. 1
Nov.
1951
2095
1
"
1349
1349
1349
2096
Nov. 1
Nov. 1
Nov. 1
1952 --Nov. 1
— .Nov.
1
Ltd.. 20-year 1st mtge. 5Ms
Nov. 1
of Colorado 1st & ref. mtge. bonds
Nov. 1
of Northern Illinois—
refunding 5s, series C, 1966
refunding 4Ms. series I, 1960
1498
1349
2254
Public Service Co.
1st lien &
Rochester &
Oct. 22
--Oct. 22
1938
1938
1
2254
Pittsburgh Coal & Iron Co. purchase money
mtge. bonds
Roman Catholic Bishop of
Nov.
-
Portland (Me.)—
sinking fund 4Ms, 1956—
Nov. 4
San Antonio Public Service Co., 1st mtge. 6s——-_—Jan. 1
39
Spang C half ant & Co., Inc., 1st mtge. 5s-_
Dec. 10
(James) Talcott, Inc., 5M% partic. pref. stock
Nov. 10
United Wall Paper Factories, Inc., 1st mtge. 6s
Nov. 1
*
United States Trucking Corp., 1st mtge. bonds
.-Oct. 26
Virginia Elec. & Power Co., 1st & ref. mtge. bonds
—Mar. 7
Washtenaw Gas Co., 1st mtge. 5s, 1953
Dec. 9
First mortgage
*
Announcements this week
x
2254
x3679
2404
1505
2257
2551
2406
2406
146.
Page In Vol
DIVIDENDS
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
The dividends announced this week are:
Dividends
are
Share
of Company
50c
Aloe (A. S.) Co. (quar.)'__~
American Book Co
81
IX %
Co., 7% pref. (quar.)
American Distilling Co., pref. (s.-a.)__
American Fidelity Co. (quar.)American I. G. Chemical Corp., com. A__
American Box Board
—
Central Kansas Telephone (initial)
Chartered Investors, Inc., $5pref.
(quar.)
Chesapeake Corp
Chicago Yellow Cab Co. (quar.)
Coast Breweries, Ltd. (quar.)
Commercial Acceptance Co. (Boston)
Commonwealth International Corp., Ltd. (qu.)_
Consolidated Diversified Standard Securities—
82M non-cum. preferred (semi-ann.)
Continental American Life Insurance
Crown Drug Co., pref. (quar.)
Cumberland County Pow. & Lt. 6% pref. (qu.)_
5M% preferred (quar.)
Dallas Power & Light, $7 pref. (quar.)
86 preferred (quar.)
De Met's, Inc., 82M preferred
-
.
—
7% preferred (quar.)__
t—
Deposited Insurance Shares, series B
Optional stock div. or cash to the amount of
80.0703625 per trust-share held.
Diamond Ice & Coal Co. pref. (quar.)
Preferred
Ltd. (quar.)
(quar.)
«
Eastern Township Telep
gtd. (qu.).
Empire Power Corp., partic. stock (quar.)
Empire & Bay State Teleg. 4%
Fire Assoc. of Phila.
Extra
31
31
Nov. 15 Oct.
31
(semi-annual)
Nov.
Oct.
Nov.
Nov.
1 Oct.
15
83 M
Nov.
1
Oct.
22
32c
Nov.
1 Oct.
20
4
Nov.
4
Nov. 15 Nov.
12Mc
Nov. 30 Nov.
1
Nov. 30
71
68 He
81X
181X
81X
81M
Nov. 15 Nov.
Nov.
Nov.
12 Mc
1 Oct.
1
20
Sept. 30 Sept. 30
Sept. 30 Sept. 30
Nov.
1 Oct. 19
Nov. 15 Nov .*5
Dec.
1 Nov. 18
Nov. 15 Oct. 29
Nov. 15 Oct. 29
Nov. 15 Nov.
1 Oct.
19
Nov. 15 Nov. -1
Warehouse Co
Electro-Chemical
Gurd (Chas.) & Co., pref. (quar.)
4 Oct.
21
Nov.
Oct.
21
Nov.
Oct.
22
Nov.
Oct.
15
Nov.
Oct.
15
Nov.
Oct.
18
Nov.
Oct.
Nov.
Extra
(Joseph) Co., preferred (quar.)_
__
87 pref. (qaur.)
86 preferred (quar.) —
Humberstone Shoe Co., Ltd. (reduced) — _____
Idaho Power Co., 7% preferred (quar.)
86 preferred (quar.)
__
Illuminating & Power Securities Corp. (quar.)__
7% preferred (quar.)
'__
International Harvester, preferred (quar.)
Investors Syndicate (Minn.)-..
Oct.
15
15
Nov. 10 Oct.
31
Nov. 15 Oct.
31
Oct.
10 Oct.
1
Nov.
1 Oct.
20
Nov.
1 Oct.
20
25
pref. (quar.)
_
Royalty (semi-ann.)
820
Kings County Trust Co. (quar.)
25c
Lansing Co. (quar,)__
62 Mc
Leath & Co., preferred (quar.)
2c
Leitch Gold Mines (initial)
81
Liggett & Myers Tobacco A & B (quart)
81
Class A & B (extra)
30c
Lincoln National Life Insurance Co. (quar.)mx
Loblaw Groceterais, Inc., 87 preferred
81M
Lord & Taylor, 1st preferred (quar.)
SIM
Louisiana Power & Lighting, $6 preferred (qu.).
83
Lynchburg & Abingdon Teleg. Co. (s.-a.)
50c
Lynch Corp
50c
Macy (R. H.) Co__
30c
Marine Bancorporation fully partic. (quar.)
30c
Initial stock (quar.)
;
87 Mc
Massachusetts Bonding & Insurance Co. (qu.)__
Meadville Telep. Co. (quar.)_
6% preferred (semi-ann.)
15c
Merchants & Mfrs. Security A & B (quar.)
26c
Participating preferred (participating)
SIM
Michigan Consol. Gas Co., 6% pref. (quar.).___
50c
Minneapolis-Honeywell Regulator
81M
Mississippi Power & Light, $6 preferred (qu.)
15c
Mode O'Day Corp. (irregular)
82
Montreal Light Heat & Power Co. (quar.)
83
Moore Drop Forge Co., class A (increased)
25c
Munsing Paper Co., 5% 1st preferred (quar.)__
81M
Muskogee Co., preferred (quar.)
83 M
Nashua & Lowell RR. Corp. (semi-ann.)
40c
National Biscuit Co.
81X
Preferred (quar.)
'
75c
National City Lines, 83 preferred (quar.)
_
lXc
National Credit Co. (Md.), class A (quar.)
10c
National Cylinder Gas (quar.)
2Mc
National Electric. Welding Machines
i.
10c
National Money Corp., class A
15c
National Power & Light (quar.)
3c
Nation-Wide Securities Co.; series B
782
Neptune Meter Co., 8% preferred
8c
New England Fund
New England Water Light & Power Assoc.—
81M
6% preferred (quar.)_
50c
New Process Co
—j.—c_
Preferred (quar.)
15c
New York Fire Insurance (quar.)
81
Northeastern Water & Electric, pref. (quar.)___
40c
North American Aviation
Northern States Power of Delaware—
7% preferred dividend action deferred.
6% preferred dividend action deferred.
22Mc
Noyes (C. F.) Co., 6% preferred (quar.)_
;
10c
Oahu Sugar Co. (monthly)
1.57 M
Oklahoma-Interstate Mining, preferred A
$
83
Ontario & Quebec Ry. (semi-ann.)
2M%
Debenture (semi-ann.).'
10c
Oswego Falls Corp. (quar.)
81
Ottawa Car Mfg. Co', (interim)
50c
Owens-Illinois Glass Co
i
37Mc
Pacific Gas & Electric, 6% pref. (quar.)
34 Mc
5 M % preferred (quar.)
81X
Pacific Power & Light, 7% preferred
86 preferred
:
Peerless Woolen Mills, 6M% 1st Pref (s.-a.)____
Nov. 10 Nov. 10
Dec.
15
15
Nov.
1 Oct.
25
Dec.
1 Nov.
1
Nov.
4 Nov.
1
Dec.
1 Nov. 18
13
1 Oct.
82
Oct.
15 Oct.
13
4c
Nov. 15 Oct.
15
15 Nov. 30
28 Oct. J8
Nov. 15 Nov. 10
15
Nov.
1 Oct.
37Mc
Dec.
37 Mc
43 He
Oct.
SIM
81 %
81X
SIM
t55c
Nov.
1 Oct.
15
Nov.
1 Oct.
17
Nov.
1 Oct.
17
Nov.
25c
Oct.
17 Mc
Oct.
2M%
Nov.
81X
730c
75c
1X%
1 /<
36c
81
25c
81
50c
1 Oct. 24
15 Sept. 30
15 Sent. 30
1 Sept.
Nov. 10 Oct.
Nov.
1 Oct.
15
31
25
Nov. 15 Oct. 31
1
Nov. 15 Nov.
Nov. 15 Nov.
Oct.
15 Oct.
1
12
1 Nov. 19
1
Nov. 10 Nov.
Nov. 15 Oct. 21
Dec.
Nov. 15 Oct.
1 Oct.
31 Oct.
Nov.
Jan.
3 Dec.
21
1 Nov.
Nov.
1 Oct.
20
Nov.
1 Oct.
20
Nov.
5 Oct.
27
4
Nov. 1 50ct.
31
1 Oct.
Nov.
15
Nov. 15 Nov.
9
Nov. 15 Nov.
9
1 Aug. 25
Sept.
3
Nov. 19 Nov,
Oct.
15
1 Oct.
Nov.
31 Sept. 30,
Nov. 15 Oct.
31
Nov.
1 Oct.
19
Nov.
1 Oct.
20
Dec.
1 Nov. 15
1 Oct.
Nov.
15
15 Nov. 15
Dec.
Nov. 30 Nov. 15
15
1 Oct.
Nov.
1
Nov. 15 Nov.
5 Oct.
20
Oct.
29 Oct.
22
Oct.
15 Oct.
Nov.
Dec.
1 Oct.
1
1
1 Nov.
Nov.
.
15
26 Oct,' 21
Nov.
1 Oct. 22
Oct
Nov.
1 Oct.
18
Nov.
1 Oct.
21
Nov.
1 Oct.
21
31 Oct.
24
Oct.
Dec.
1 Nov. 10
Dec.
1 Nov. 15
1 Oct.
Nov.
25
5
Nov. 15 Nov.
1
Dec.
10 Dec.
Dec.
1 Nov.
1
Dec.
1 Nov.
1
Nov.
l.Oct.
Oct.
29 Oct.
Nov.
22
22
Oct.. 29
Shawinigan Water & Power
31
31
Oct.
18
Nov.
Oct.
Dec.
Nov. 15
Nov.
Oct.
18
25
Oct.
Oct.
18
Nov.
Oct.
21
Nov.
Oct.
25
38c
Nov.
Oct.
29
81X
Oct.
Oct.
22
81
Oct.
Oct.
20
83
Oct.
Oct.
20
Nov.
Oct.
25
Oct.
Oct.
17
40c
Nov.
Oct.
31
20c
Nov.
Oct.
26
62Mc
Nov.
Oct.
31
781X
83
;_
Nov.
Oct.
25
Nov.
Oct.
17
8/j
—
(quar.)
Signode Steel Strapping preferred (quar.)
Simpson's Ltd., preferred
Simpson (R.) Co., Ltd., 6% preferred (s.-a.)
Skelly Oil Co
'
Squibb (E. R.) & Sons 1st 86 pref. (quar.)
Stamford Water Co. (quar.)
—
(A.) & Co_
Sterling Aluminum Products
Stouffer Corp., class A (quar.)
_
Class B (quar.)
Strawbridge & Clothier, pref. A (quar.)
Tennessee Electric Power Co.—
Stein
5% preferred (quar.)
6% preferred (quar.)
7% preferred (quar.)
7.2% preferred (quar.)
6% preferred (monthly)
6% preferred (monthly) —
6% preferred (monthly).
7.2% preferred (monthly)
7.2% preferred (monthly)
7-2% preferred (monthly)
Texas Power & Light, 7% pref. (quar.)
(quar.)
Triumph Explosives, Inc. (quar.)
:
Trunz Pork Stores
Union Gas of Canada (quar.)
Union Oil Co. of California (quar.)
United Gas & Electric Corp., common
—
United States & Foreign Securities, 1st pref.(qu.)
International Securities, 1st pref._
(monthly)
& Co. 8% preferred (quar.)
Universal Commodity Corp.
Oct.
Nov.
25c
preferred
(quar.)
Oct.
Nov.
15c
(quar.)__— —
Quebec Power Co. (quar.)
Roan Antelope Copper Mines, Amer. shares
St. Louis Car Co., 7% preferred (quar.)
St. Louis Refrigerating & Cold Storage
6% participating preferred (s.-a.)
Nov.
725c
Co. (special)..
Public Electric Light Co.
Walton (Chas.)
5
Dec.
30c
Pneumatic Scale Corp
United States
15
Nov. 15 Nov.
__
86 preferred
26
1
1 Nov. 17
5 Oct. 17
Dec.
,
Nov. 15 Oct.
Nov.
1 Nov. 15
Dec.
Nov.
Oct.
7
31
1 Nov. 15
Dec.
____
Seaboard Surety Co
3c
22 Dec.
Nov. 15 Oct.
37!£
31
31
25c
1 Oct.
Nov.
—
Nov. 10 Oct.
1 Oct.
1
10 Oct.
Johnson Ranch
St. Paul Fire & Marine Insurance
1 Oct.
4
Oct.
Ironrite Ironer Co. 8%
20
82 M
1 Nov.
Dec.
A
1 Oct.
Nov.
1
Nov.
Horne
1 Nov. 15
Nov.
27
Nov. 15 Nov.
Co. (quar.)
Hollinger Consol. Gold Mines (monthly)
Dec.
'ift
1 Oct.
Nov.
Stores, pref. (quar.)
Heileman (G.) Brewing
St. Louis Screw & Bolt,
j
5
1
Nov. 15 Nov.
Dec.
1 Nov. 15
Hale Bros. Stores (quar.)__
Nov.
28
2
24
Nov. 15 Nov.
Great Western
5 Oct.
$1X
81M
1 Oct.
Nov.
Great Lakes Terminal
Dec.
10c
2
Nov. 15 Nov.
Extra
Pollok Mfg.
14
1 Nov. 15
Nov. 15 Oct. 31
Dec. 22 Dec. 15
Dec.
Inc., preferred
General Metals Corp. (quar.)
General Outdoor Advertising, class A
Preferred (quar.)
Globe-Democratic Publishing Co. 7% pref.(qu.)
Graton & Knight Co. 7% pref. (quar.)
81.80 prior preferred (s.-a.)
Great Lakes Dredge & Dock (quar.)
Hearn Dept.
20
15
T
68Mc
25c
Detroit Steel Products
6% preferred (quar.)
General Cigar Co.,
75c
pref. (quar.).
-—
Nov.
7 Oct.
7 Oct.
737 Mc
125c
_,
1 Oct.
24 Oct.
Oct.
Nov.
25c
;
Castle (A. M.) & Co. (quar.)
Cedar Rapids Mfg. & Power (quar.)__
Central Arizona Light & Power $7
14
20c
Extra
Dominion Bridge,
Dow Chemical Co
20
40c
Burroughs Adding Machine Co
Canada & Dominion Sugar Co. (new)_
(irregular)
1 Oct.
18
$2
Anglo-Canadian Telep. 5M% pref. (quar.)
Atlantic Steel Co. 7% pref. (s.-a.)-,.
Atlas Plywood Corp., pref. (quar.)
Belding Heminway Co
Belding-Heminway
—
Blauners, Inc. (quar.)
___
Bourjois, Inc., 82 M preferred (quar.)
—
Broadway Dept. Stores, pref. (quar.)i
Buckerfield's, Ltd., 7% preferred
,
7% preferred (quar.)
—
Buckeye Steel Castings, 6% pref. (quar.) — —
6 M % preferred (quar.)
Buck Hills Falls Co. (quar.)
De Vilbiss Co.
Nov.
18
Oct. 22 Oct.
8
Nov. 22 Nov.
15 Oct.
5oc
Common B
—
Payable of Record
1 Oct.
25c
American Re-Insurance Co
$6 preferred (quar.)
Holders
When
Per
Name
Oct.
-
Inc
.
6s, 1947
5s, 1951
1st mtge. 5s. 1956
—Northern Indiana Gas & Electric Co., 1st mtge. 6s,
Northwestern Electric Co. 1st mtge. bonds, 1945
1st lien &
Payable of Record
Houston Lighting & Power,
1929
Oct. 22
Dds. -Jan.
1
bds—Oct. 17
Nov. 1
Nov. 1
1st mtge.
1st mtge.
Provincial Paper,
1332
Fiduciary Corp. (quar.)
Fisher (Henry) Packing Co.,
Holders
When
Per
Share
Name of Company
Class
*
Public Service Co.
2521
2521
2236
Jan. 1, 39
268
Nov. 15
1775
Dec. 15
2533
Apr. 26 *39 2533
bonds, series A & B
First mortgage
Fairbanks, Morse & Co. preferred stock
*
Hackensack Water Co., ref. mtge. 5s,
Page
2382
2520
2382
1938
Oct. 22,
Financial Chronicle
2482
Dec.
Nov. 15
81M
Nov.
Oct.
40c
Nov.
Nov.
15c
Nov.
Oct.
50c
Dec.
Nov.
56 Mc
Nov.
Oct.
22
25c
Nov.
Oct.
22
SIM
Dec.
Nov. 15
81X
81M
%IX
81-80
Jan.
Dec.
15
Jan.
Dec.
15
Jan.
Dec.
15
Jan.
Dec.
50c
Nov.
Oct.
15
18
50c
Dec.
Nov. 15
50c
Jan.
Dec.
15
60c
Nov.
Oct.
18
60c
Dec.
Nov. 15
60c
Jan.
3iNov. 15
1 Oct.
15
1 Oct. 15
50c
81X
SIM
5c
50c
720c
Nov.
Nov.
Nov.
1 Oct.
Nov. 10 Nov.
Dec.
15
5
31
1
20
1
15 Nov. 21
30c
Nov. lOlOct.
30c
Nov.
5 Nov.
81M
Nov.
1 Oct.
28
81X
Nov.
1 Oct.
28
27 Oct.
15
1 Oct.
15
5c
Oct.
82
Nov.
24
1
Volume
147
Financial
Per
Name of Company
Washington Loan & Trust (D. C.) (quar.)
Correction—Previously announced incorrectly
as
Washington Light & Traction.
Went worth Mfg. Co
$1 convertible preferred (quar.)
West Virginia Pulp &
Paper, pref. (quar.)_
Wheeling & Lake Erie, 5H% preferred
Prior lien (quar.)
Whitaker Paper Co. T% pref. (quar.)
White (S. S.) Dental Mfg.
(quar.)
Wood, Alexander & James 7% 1st pref
Yellow & Checker Cab
Consol., class A—
Yuba Consolidated Gold Fields
Nov.
$2
1 Oct.
22
10c
Oct.
25c
Nov. 15 Nov.
28 Oct.
22
1
SI M
SIX
Nov.
1 Oct.
28
Nov.
1
Oct.
28
SIX
Jan.
1 Dec,
15c
tsix
Nov. 15 Nov.
17
Crown Cork & Seal Co., Ltd.
Crum & Forster
pref. (quar.)
Cuneo Press, Inc.
1 Oct.
19
26
Oct.
13
1 Oct.
15
Nov.
1
37Hc
Nov.
Per
Polders
When
Share
Abraham & Straus, Inc
Adams (J. D.) Mfg. (quar.)
Payable of Recora
Oct.
25 Oct.
14
Nov.
1
Oct.
15
Nov.
1
Oct.
22
Nov.
1 Oct.
22
Nov.
1 Oct.
20
Adams-Millis Corp., com.
(irregular)
7% preferred (quar.)
„•
Alabama Power Co. $5 pref. (quar.)
Alaska Juneau Gold
Extra
Nov.
1 Oct.
4
Nov.
1 Oct.
4
Mining (quar.)
Alaska Packers (quar.)
Allied Kid Co. (quar.)____
Nov. 10 Oct.
Nov.
50c
_
Envelope Co., 7% pref. A (qu.)
1
15
15
17
Oct.
Oct.
25*
11
Dec.
SIX
25c
$1H
31 Oct. 14*
1 Nov. 26
Oct.
25 Oct.
Nov.
1
15
7
Oct.
20c
Nov.
1 Oct.
14*
30c
Nov.
1 Oct.
37 He
Nov.
1 Oct.
2uc
Nov.
1 Oct.
15
15
15
1 Oct.
15
American Light & Traction (quar.)
Preferred (quar.)
AmericanMaenine & Foundry Co
American Shipbu IdingCo
American Smelting & Refining Co. (quar.)
Preferred quar.)..
—
60c
Nov.
50c
Nov. 30 Nov.
4
Oct.
31 Oct.
7
six
American Thermos Bottle
Extra
25c
50c
87 He
Preferred
(quar A
Appieton Co., pref. (quar.)
SIX
(reduced)
50c
;
Archer-Daniels-Midland Co., pref. (qu.)
Argo-Oil (irregular).
Associated Tel. & Tel., 7% 1st pref
$6 1st preferred
Atlantic City Electric Co., $6 pref. (quar.)
Atlantic Coast Line RR. 5% pref. (s.-a.)_.
Atlantic Macaroni, Inc. (quar.)
Atlantic Refining Co., 4H% pref. A (quar.)
Atlas Powder, 5% preferred (quar.)
Badger Paper Mills
Bangor Hydro-Electric
:
Bank of America (Los
Angeles) (quar.)
Barasdall Oil Co. (quar.)
Bartgis Bros. Co
Beaty Bros., Ltd., 1st preferred (quar.)
%IH
Nov.
1 Oct.
20
Nov.
1 Oct.
20
Jan.
Oct.
2
28
Oct.
28 Oct.
20
Nov.
8ec. 20
20
ct.
1 Oct.
21
20c
Nov. 25 Oct.
31
49c
Nov. 15 Nov.
42c
Nov. 15 Nov.
1
Nov.
1 Oct.
7
Nov. 10 Oct.
25
Nov.
1 Oct.
25
Nov.
1 Oct.
1 Oct.
25 Oct.
21
SIX
£._
$1.25
Nov.
50c
Oct.
30c
Nov.
60c
25c
Dec. 31 Dec.
10c
$1H
Nov.
Oct.
1 Oct.
1 Oct.
31 Oct.
Nov.
40c
Nov.
2oc
87 He
(irregular)
Birtman Electric, common (quar.)
Preferred (quar.)
Bloomingdale Bros., Inc
Blue Ridge Corp., preferred
1 Oct.
16 Dec.
30 Oct.
Nov. 15 Oct.
25c
Bellows & Co. class A (quar.)
Beneficial Industrial Loan Corp. pref. ser A (qu.)
SIX
i8r£
Opt., l-32nd sh. of com. for each pref. or cash.
Bon Ami Co., class A (quar.)
Class B (quar.)
Boston Edison Co. (quar.)„
i.
Brentano's Book Stores, Inc., $1.60 cl:A (quar.)
Brewster Aeronautical Corp
Oct.
4
15
10
15
Dec.
25
1 Oct.
25
25 Oct.
15
1 Nov.
5
Oct.
SIX
Nov. 15 Nov.
1
Nov.
1 Oct.
10c
Nov.
1 Oct.
15
Nov.
1 Oct.
11
Jan.
1 Dec.
15
35c
_
Jan.
2 Dec.
Nov.
1 Oct.
15
15
SIX
25c
62Hc
Camden Fire Insurance Association (s.-a.)
Canada Northern Power Corp. common (quar.).
Canadian Bronze Co.* Ltd. (quar.)
—
Preferred (quar.)
1
;
Canadian Industries, Ltd. A & B
Canadian Investment Fund (ord. shares)
5uc
t30c
tsix
13c
—
Special shares
Nov. 15 Oct.
Nov. 15 Oct.
31
Nov.
31
25
Oct.
30
1 Oct.
25 Sept.
Nov.
1 Oct.
Nov.
1 Oct.
Oct. 31 Sept.
30
Nov. 13 Oct.
15
20
20
J3c
Nov.
1 Oct.
tlOc
Canadian Investors Corp. (quar.)
Case (J. I.) Co. (year-end)
Nov.
1 Oct.
18
24 Oct.
11
Oct.
i
Celotex Corp. stk.div. of 1 sh. com,for ea.sh.held
Preferred (quar.)
Central Hudson Gas & Electric (quar.)
Central New York Power, preferred (quar.)
Central Power & Light Co. 7% cum. pref. (qu.)_
6% cum. preferred (quarA
Central Tube Co
Nov.
4 Oct.
24
Nov.
1 Oct.
22
20c
Nov.
1
Nov.
Nov.
1 Oct.
1 Oct.
10
15
Nov.
1 Oct.
15
25 Oct.
15
P
3c
—
_
preferred
Corp.—
6% cumulative preferred series A (quar.)
5% cumulative preferred (quar.)
5% cumulative preference (quar.)
Columbia Pictures preferred (quar.)
Columbus & Southern Ohio Electric—
6H% preferred (quar.)
Commonwealth Edison
Commonwealth Utilities $6H pref. C (quar.)—
Community Public Service (irregular)
Confederation Life Assoc. (Toronto)* (quar.)
Connecticut River Power Co., 6% pref. (quar.)_
Consolidated Chemical Industries, cl. A (qu.)
10c
v.
Oct.
Sept. 30
Nov. 15 Nov.
5
Dec.
1 Nov. 18
Nov.
SIX
SIX
1 Oct.
Nov.
1 Oct.
Jan.
1 Dec.
18
15
15
Oct.
——
Extra
15
SIX
+$1H
Centrifugal Pipe Corp. (quar.)
Century Ribbon Mills, pref. (quar.)
Cerro de Pasco Copper Corp
Chain Stores Investment Corp. $6Mi prefChampion Paper & Fibre pref. (quar.)
Cherry-Burrell Corp..
Preferred (quar.)-Cincinnati Union Terminal 5% pref. (qu.)
City Baking Co., 7% pref. (quar.)
City Water of Chattanooga, 6% pref. (quar.)—
Civic Finance Corp., cum. pref. (quar.)
Cleve. Cin. Chicago & St. Louis, pref. (quar.)—
Cleveiand & Pittsb. RR. Co., reg. guar, (quar.)
Special (guaranteed) (quarterly)
Colgate-Palmolive-Peet
Colon Development, 6%
1 Nov. 25
40c
.
Calgary Power Co., 6% pref. (quar.)
California Packing Corp. (quar.)
6% preferred (quar.)
Columbia Gas & Electric
Dec.
15
SIM
SIX
SIX
six
20c
$u
87 He
50c
25 Oct.
20
Oct.
25 Oct.
20
Jan.
Nov.
Oct.
Dec.
preferred (quar.)
Nov.
1 Oct. 12
Oct. 25 Oct. 10
Oct. 25 Oct. 10
Dec. 31 Dec. 20
3-31-39 3-20-39
6-30-39 6—20—39
Nov.
1 Oct.
7
Nov.
1 Oct.
7
—
—
——
—
Extra
l()c
Froedtert Grain & Malting
General Electric Co
General Foods Corp.
15
Nov.
Oct.
25
20
Oct.
Sept. 23
Nov.
Oct.
Oct.
Nov.
Oct.
10*
Nov.
Oct.
10
Nov.
Oct.
15
20c
IIS
Georgia RR. & Banking Co. (quar.)
Gillette Safety Razor pref. (quar.)
Gimbel Bros., pref. (quar.)
Globe & Republic Insurance (quar.)
Goldblatt Brothers (stock dividend)
One share for each 60 shares held.
Gotham Credit Corp. (quar.)
Nov.
Oct.
Nov.
$1H
;
$1H
Nov. 15 Oct.
Nov. 15 Oct.
21
Nov. 15 Oct.
21
68Hc
18
18
Sept. 30
Nov. 15 Nov.
21
1
Jnl5
Nov.
Jan 1'39
SIX
six
12Mc
Oct.
Oct. 10
Oct.
Oct.
20
Oct.
17
Oct.
Nov.
-
Nov.
40c
Nov.
1 Oct.
1 Oct.
tsi
SIX
37 He
Dec.
Preferred
(quar.)
Oct.
14
Oct.
24
Nov.
Oct.
SIX
6HXc
:
Nov.
Oct.
14
Nov.
Oct,
15
25c
15c
*
-
Bearing Co
Horder's, Inc. (quar.)
1
Horn (A. C.) Co.
7% non-cum. prior partic. preferred (quar.)
6% non-cum. 2d partic. preferred (quar.)
Horn & Hardart (N. Y.) (quar.)
Houston Oil Fields Material Co., Inc
Hussman-Li^onier Co. (quar.)
Imperial Life Assurance Co. (Canada) (quarAxIncorporated Investors (special)
Indiana Pipe Line Co
Interchemical Corp., preferred (quar.)
'_
International Cigar Machinery Co. (quar.)
International Match Realization Co., Ltd.—
Third liquidating payment
International Metal Indus., Ltd.—
—
—
-
—
iNov.
—
Oct.
Nov.
20c
Dec,
50c
SIX
Dec.
Nov.
25c
Nov.
—
Nov. 15
Oct. 15
Oct. 15
Nov.
Oct.
Nov.
Oct.
25c
Nov.
8Xc
$1.45
50c
12 He
25c
tS3X
15c
20c
Dec.
Dec.
Nov.
Oct.
15
15
Oc t.20
1 Nov. 15
1 Nov. 15
1 Oc I. 11
30 Sep
15
1 Oct
20
3 Dec. 31
Oct. 31 Oct.
5
Nov. 15 Oct. 21
Nov.
Jan.
SIX
Nov.
1 Oct.
50c
Nov.
1 Oct.
15
Nov. 16 Oct.
14
$7.50
20
Nov.
1 Oct.
15
Nov.
1 Oct.
15
Nov.
1 Oct.
4
Nov.
Oct.
21
37&c
12 He
25c
15c
Oct.
21
Oct.
18
Nov.
Nov.
1
Nov. 10
Dec.
Dec.
Dec.
Nov. 25
Nov.
Oct.
21
Oct.
Oct.
Oct.
10
Oct.
10
10c
Oct.
Dec.
Nov.
10c
Nov.
tig
-
4c
Dec.
2c
;
Dec,
Jan.
25c
(D. Emil) (quar.)
Preferred (quar.).
Preferred (quar
\).
Knickerbocker Insurance (N. Y.).
Dec.
6
Oct.
10
Nov. 21
Oct. 13
Oct. 15
Oct. 31
Oct. 31
Dec. 20
62 He
62 He
pref. (quar.)
Nov.
Oct.
20
Feb.
Jan.
20
12He
SIX
--•
-
Oct. 18
Nov. 15
Dec. 20
30c
six
$1
(quar.)
-
Special preferred (quar.)
Nov.
15c
Nov.
Furnace Co
Kaufmann Dept. Stores, Inc—
Kellogg Switchboard & Supply
Preferred (quarA
Kemper-Thomas. 7% special pref. (quar.)
Keystone Steel Wire
King Oil Co. (quar.)-— — Kirkland Lake Gold Mining Co. (s.-a.) —
H.) & Co
21
Oct. 10
4
Nov.
Oct. 25
Oct. 25
Nov.
Kalamazoo Stove &
Kress (S.
Oct.
Nov.
SIX
—
Jewel Tea Co., Inc. (quar.)—
Kokomo Water Works, 6%
Oct.
15
tsix
preferred series A—
International Nickel Co. pref
International Utilities Corp.—
Jantzen Knitting Mills pref.
31
mx
tsix
6% cum. conv. preferred—-———
conv.
14
Oct.
Nov.
$1
15c
15c
—
Hoover Ball &
6%
Oct.
Oct.
Nov.
Hershey Chocolate (quar.)
Preferred (quar.)
Hibbard, Spencer, Bartlett & Co. (monthly)——
Monthly
Monthly
Hires (Chas. E.) Co., class A com. (quar.)
Holly Sugar Corp., pref. (quar.) —i
Home Insurance Co. (quar.)
Extra
Nov.
Nov.
68Xc
—
Hecker Products Corp. (quar.)
Hercules Powder Co., pref. (quar.)
14
Nov.
— —
Havana Electric & Utilities Co. pref—
Hawaiian Pineapple Co., Ltd. (final)
14
1 Nov. 15
1 Oct. 15
31 Oct. 26
Nov.
Nov.
Hartford Electric Light Co
Hartford Times, Inc., 5H% pref. (quar.).
Hat Corp. of American preferred (quar.)
Klein
1 Nov. 15
Nov. 15 Oct. 25
Dec. 31 Dec. 25
1
40c
L.) Co. (quar.)
15
Dec.
Oct.
Gotham Silk Hosiery Co., Inc.—
Extra
$1.63
25
11
9Hc
——
6
Nov. 10
15
75c
Preferred (quar.)
31 Oct.
1 Nov. 10
20
Oct,
Oct.
50c
Investors Corp. of R. I., $6 preferred fquar.)
Iron Fireman Mfg. v. t. c. conv. (quar.)
1
Oct.
Nov.
Nov.
124c
__
(quar.)
20
Dec.
Dec.
Nov.
10c
30c
;
Preferred (quar.)
Fuller Brush Co., common A
(quar.)
Gardner-Denver Co. pref. (quar.)
1 Oct.
Nov. 15 Oct.
Nov. 15 Oct.
1 Nov. 15
1
Debenture stock (quar.)
Early & Daniel Co., pref. (quar.)
Preferred (quar,).
Preferred (quar
:.).
Elec. Bond & Share Co.,
$6 pref. (quar.)
$5 preferred (quar.)
Elmira & Williamsport RR.
Nov.
1 Oct. 20
(semi-annual)
Empire Casualty (Dallas) (quar.)
Nov.
1
Employers Group Assoc. (quar.)
Oct. 31 Oct" 17
Emporium Capwell 4H% Pref. A (quar.)
3-3-39 Dec. 24
Eureka Pipe Line Co
Nov.
1 Oct. 15*
Faber, Coe & Gregg, Inc. (quar.)
Dec.
1 Nov. 15
7% preferred (quar.)
Nov.
1 Oct. 26
Federated Dept. Stores, Inc
Oct. 31 Oct. 21
4M% conv. pref
Oct. 31 Oct. 21
Fidelity & Deposit Co. (Md.) quar.)Oct. 31 Oct. 18
Fidelity Fund, Inc__
15c
Nov.
1 Oct. 20
Filene's (Wm.) Sons
Oct. 25 Oct. 14
25c
Preferred (quar.)
$1.18H Oct. 25 Oct. 14
Firemen's Insurance Co. (Newark, N.
15c
Nov. 15 Oct. 20
J.) (s-a)First National Bank of
Dec. 31 Dec. 24
Jersey City (quar.)
1%
First National Bank (Toms River, N.
3 Dec. 28
J.) (quar.) 87 He Jan.
Franklin Rayon Corp., $2H
Nov.
1 Oct. 25
62Hc
prior pref. (quar.)
Franklin Teleg. Co.—
2H% guaranteed (semi-annual)
Nov.
Oct. 15
£
Franklin Fire Insurance (quar .)
Nov.
Oct. 20
'_
Nov.
12Mc
12Hc
1H%
Nov. 18
1 Oct. 27
Dec.
Dominion Tar & Chemical preferred (quar.)
Du Pont de Nemours
(E. I.),
Nov.
Oct.
21
15
Nov.
--
$7 prior preferred (quar.) —
$3.50 prior preferred (quar.)
Interstate Dept. Stores., pref. (quar.)
Nov.
2-10-39
1 Oct.
24 Oct.
Corp., Ltd.—
Dec. 19
1 Oct. 27
1 Oct. 20
1
1 Sept. 15
3-1-39
—
5% preferred (accumulated)
10
15
Nov. 10 Nov.
1
Dec. 15 Nov. 25
17
5 Dec. 20
1 Nov. 10
Dec.
________
1 Oct.
1 Oct.
SIX
SIX
(quar.)
...
17
20
Jan.
Ltd., pref. (quar.)
Dividend Shares, Inc.
Dr. Pepper Co.
(quar.)
Domestic Finance Corp., pref. (quar.)
Dominion & Anglo Investment
..
3
20
Nov.
(semi-annual)
Green (H.
10c
t25c
15
15
18
31
Dec.
1 Nov. 19
Dec. 23 Dec. 23
Diamond Match Company
(quar.)----------Partic. preferred-—-.
Distillers Corp. Seagrams,
16
Nov.
1 Oct.
Jan. 15 Jan.
Nov.
1 Oct.
Oct
27 Oct,
Oct
27 Oct.
Nov.
1 Oct.
Great Lakes Engineering Works (quar.)
Nov.
1 Oct.
Dec. 24 Dec. 14
1 Oct. 20
Dec. 1
Dec.
1
__
(semi-annual)
15
$2
Bullock Fund, Ltd—
Calamba Sugar Estates (quar.)
7 % preferred (quar.) —
__
Dennison Mfg. Co., debenture stock
(quar.)
Dentist's Supply Co. of N. Y.
(quar.)
7% preferred (quar.)
Deposited Insurance Shares A (stk. div.)
Detroit Gray Iron Foundry
31 Oct.
31 Oct.
40c
/
50c
Bullock's Inc., pref. (quar.)
6H% preferred (quar.)
Darby Petroleum Corp. (semi-annual)
Davenport Water Co., 6% preferred (quar.)
Dayton Rubber Mfg. Co. (resumed)
7% cumulative preferred (quar.)
62 He
25*
1 Oct.
15
Nov.
General Telep. Allied Corp., $6 pref.
(quar.)
1
16
14
Nov. 15 Oct.
-
11
15
Sept. 30
1 Oct.
Nov. 15 Oct.
(quar.)
20
15
1
Nov. 15 Oct.
Oct. 25 Oct.
(quar.)
conv,
Holders
1 Nov. 15
1 Oct. 15
Nov.
Nov.
Nov.
General Mills, Inc., com. (quar.)
General Motors Corp., $5 preferred
1 Oct. «15
Nov.
Oct.
Oct.
Buckeye Pipe Line (irregular).'
Buffalo Ankerite Gold Mines (quar.)
Buffalo Niagara & Eastern Power, 1st pref.(qr.)
1
Dec.
$i
_
5% pref
1 Nov. 15
Nov. 15 Oct.
Nov.
1 Oct.
American Equitable Assurance Co. (quar.)
American Gas & Electric Co. pref. (quar.)
American Home Products Corp. (monthly).
Bunte Bros.,
24
Dec.
...
Best & Co.
1 Oct.
Dec. 31 Dec.
Dec. 31 Dec.
American Cities Power & Light $3 class A
l-64th of a sh. of cl. B stk. or opt.div. of cash
Amerada Corp. (quar.)
Common
31
Nov.
____
Aluminium, Ltd., pref. (quar.)
Aluminum Mfrs., Inc. (quar.)
7% preferred .(quarterly)
Amalgamated Sugar preferred (quar.)
American Can Co. (quar.)
American
Dec.
Nov.
Nov.
(quar.)
(quar.)_
Exchange Bank Trust (quar.)
Class A
When
Payable of Record
Nov.
Coon (W. B.) Co.
7 % preferred
Corn
28 Oct.
Oct.
10c
Company
Share
Consolidated Cigar Corp., preferred
(quar.)
Prior preferred
(quar.).
Consol. Edison Co of N.
Y., Inc., pref. (quar.)_
Consolidated Laundries Corp. $7Mpref. (qu.)__
Consolidated Oil Corp. (quar.)
Consolidated Royaity Oil (quar.)
Continental Can Co. (year-end div.)
31
Nov. 15 Oct.
Nov.
1
and not yet paid.
The list does not include dividends an¬
nounced this week, these being
given in the preceding table.
Name of
Per
Name of Company
-----
give the dividends announced in previous weeks
we
2483
Holders
Payable of Record
t$2
Zeller's, Ltd., 6% preferred (quar.)
Below
When
Share
Chronicle
Oct.
Oct.
18
Nov.
Oct.
20
Nov.
Nov.
'.Oct.
14
Oct.
14
40c
15c
Financial
2484
Kroehler Mfg.
7% pref. quar.,
A (quar.)
$1.50 cumulative classs
Landis Machine
—
SIX
25c
$1
13
1 Oct.
21
30c
1 Oct.
26
Nov.
1 Oct.
21
Dec.
1 Nov.
$l*/s
Dec.
Dec.
15c
*
SIX
$1.62
(quar.)
Republic Investors Fund 6% pref. A
6% preferred B (quarterly),
Reynolds (R. J.) Tobacco Co
Jan.
1 Dec.
Nov.
1 Oct.
17
Nov.
1 Oct.
Lumbermen's Insurance
SIX
Nov. 15 Oct.
SIX
Jan.
1 Dec.
McCall
25c
Corp. (quar.)_.
43 He
MeClatchy Newspapers 7% pref. (quar.)
McCrory Stores Corp., conv. 6% pref
McGraw Electric Co. (quar.)
Mclntyre Porcupine Mines
SIX
25c
(quar.)
*50c
—
75c
20c
(quar.).
McKesson & Bobbins, $3 pref.
McLellan Stores Co
Preferred (quar.)
SIX
SIX
Magnln (1.) & Co. 6% pref. (quar.)
Manufactures Trading Corp., common
—
18
Preferred-
A (quar.)
Maytag Co., 1st pref. (quar.)
$3 preferred (quar.)
Melville Shoe Corp. (quar.)
Preferred (quar.)
Merchants & Mfrs. Fire Ins. (irregular)
Mich. Gas & Electric 7% prior lien (irregular)
1 Oct.
Nov.
1 Oct.
Dec.
1 Nov.
Dec. 15 Dec.
1 Oct.
Nov.
1 Oct.
Nov.
29 Oct.
He
Oct.
29 Oct.
15c
1
1
11
11
5
25
25
15 Sept. 30
1 Oct.
15
Nov.
Oct.
75c
Nov.
1 Oct.
15
50c
Nov.
1 Oct.
14
7Xc
Nov,
10c
-
6% prior lien (irregular)
Michigan Public Service, 7% preferred
6% preferred
Milwaukee Electric Ry. & Light Co.—
6% preferred (quar.)
Minneapolis-Moline Power Implement, pref—
Monsanto Chemical Co., $4H class A pref. (qu.)
Montana Power Co. $6 preferred (quar.)
Montreal Light, Heat & Power Consol. (quar.)..
Moody's Investment 8ervicepref. (quar.)
Moore (W. R.) Dry Goods (quar.)
Morrell (John) & Co. (quar.)..Morris & Essex Ext. RR. (s.-a.)
Morris Plan insurance Society (quar.)
Mortgage Corp. of Nova Scotia (quar.)
MutuafChemfcal Co. of Am. 6% pref. (quar.)..
87 He
75c
SIX
SIX
Nov.
1 Oct.
1 Oct.
15
15
Nov.
1 Oct.
15
31 Oct.
12
27 Oct.
25
Dec.
1 Nov. 10
Nov.
1 Oct.
31 Sept. 30
1
Nov. 15 Nov.
2 Jan.
2
Jan.
Oct.
75c
$1H
50c
$2
Oct.
24 Sept. 26
Nov.
Dec.
$1H
1 Oct. 14
1 Nov. 26
1 Oct. 24
Nov.
Dec. 28 Dec. 15
Nov. 15 Oct.
National Casket Co
50c
(quar.)
Electric Welding Machines
Nationa 1 Distillers Products
31
Nov.
15
1 Oct.
Oct. 29 Oct.
2Xc
1 Oct.
Nov.
SIX
(quar.)
Nat. Manufacture & Stores Corp.—
Nov.
1 Nov.
$5.50 conv. preferred (stock dividend)
One-half sn. for each sh. held.
Payable in
lieu of regular $2.75 semi-annual div.
Nov.
Sept.
National Power & Light Co., $6 pref. (quar.) —
Oct.
Sl.lM Nov.
Neisner Bros., Inc., 4H% conv. pref
Oct.
+$1 Nov.
Nevada-Calif. Electric Corp., 7% pref
National
National Lead Co. pref. B
Newberry (J. J.) Co. 5% preferred A
New York City Omnibus.
New York Merchandise Co. (quar.)
Trade
Oct.
19
SIX
six
Nov.
Oct.
15
Nov.
Oct.
15
50c
Nov.
$1
Nov.
six
Dec.
3c
25c
Northwestern Yeast (liquidating)
Nunn-Bush Shoe Co
1
1
Oct.
Oct.
17
Nov.
Oct.
15
15
37 He
75c
Nov.
Oct.
Oct.
Oct.
Sept.30
Sept. 30
15c
Dec.
Nov. 18
Oct.
Nov.
Oct.
13
15
25c
...—. —
$2
Oct.
Dec.
Outlet Co. 1st pref. (quar.)
2d preferred (quar.)
-
...
Nov.
Oct.
15
Nov.
Oct.
15
United States Hoffman Machine, pref.
Nov.
Oct.
15
Nov.
Oct.
21
—
(qu.)
United States Pipe & Foundry Co.. com. (quar.)
United States Sugar Corp. (quar.)
Preferred
Preferred
Preferred
Oct.
19
(quar.)_J
Oct.
Nov.
Oct.
20
Nov.
Oct.
20
Nov.
Oct.
15
Nov.
Oct.
15
-.
5% preferred (quar.)
Pacific Lighting Corp. (quar.)
Pacific Public Service. $1.30 1st pref.
Pan American Airways
(quar.)..
Passaic & Delaware Ext. RR. (s.-a.)
Pearson Co., Inc.. 5% pref. A (quar.)
Oct.
15
Oct.
18
32 He
25c
Nov.
Oct.
14
Walgreen Co._
Nov.
Oct.
20
Nov.
Nov.
Oct.
14
Oct.
20
Dec.
Nov. 15
Jan.
Dec.
4H% preferred ww (quar.) —
& Pipe Corp
Washington Gas Light Co. (quar.)
$4H cum. conv. preferred (quar.)
Washington Railway & Electric Co.—
5% preferred (quar.)
....
5% preferred (s.-a.)
West Penn Electric Co., 7% pref. (quar.)
6% preferred (quar.)
West Penn Power Co., 6% pref. (quar.)
7% preferred (quar.)
Westinghouse Air Brake Co . quarterly
Westminster Paper Co., Ltd
31 Xc
Peerless Woolen Mills 6H% pref. (s.-a.)
Peninsular Telephone Co. common (quar.)
$3H
7% A preferredPenmans, Ltd. (quar.)
SIX
40c
Nov.
Nov
15
6
75c
Oct.
Dec.
Nov.
Nov. 21
Oct. 20
55c
Dec.
Nov. 21
25c
(quar.)
Nov.
nB
__
Nov.
$1H
Preferred, (quar.)
Pennsylvania Power Co. $6 preferred (quar.)
$6.60 preferred (monthly)
$6.60 preferred (monthly)
Petroleum Corp. of America (irregular)
Nov.
Jan.
Jan.
3
Oct.
Oct.
15c
15c
—
Philadelphia Co., 6% preferred (semi-an.).....
Philadelphia Electric Co., $5 pref. (quar.)
Philip Morris & Co—
Stk. div. of X shs. of com. for ea. sh. held..
5% conv. cum. pref. (quar.)
Philippine Long Distance Telephone Co
Pitts
Ft
W. & Chicago Ry. 7% pref. (quar.)..
7% preferred (quar.)..
7% preferred (quar.)
„
7% preferred (quar.)
....
...
...
...
7% preferred (quar )
Pittsburgh Youngs town & Ashtabula Ry.—
7% preferred (quarterly)
...
$1H
SIX
5
21
Oct.
Oct.
10
10
Nov.
Oct.
1
Nov.
Oct.
10
Universal
.
Westvaco Chlorine,
Extra...
SIX
42c
iig
11X
k
six
1
Nov. 15 Nov.
Dec.
1 Nov. 15
Oct.
31 Oct.
1-3-39
4-1-39
7-1-39
10-1-39
1-2-40
Dec
20
12-10-38
3-10-39
6-10-39
0-10-39
12-10-39
1 Nov
21
Nov.
1 Oct.
21
Jan.
3 Dec.
Nov.
1 Oct.
18
Nov. 10 Oct.
31
Nov. 10 Oct.
1 Oct.
Nov.
31
87m
5c
Nov.
Nov.
1
5
17
24
1 Oct.
$1
4
Nov.
1
S1H
Nov. 15 Oct.
15
37 He
Nov. 15 Oct.
20
Nov. 15 Oct.
31
1 Oct.
15
-six
75c
31 He
43 He
Nov.
Dec.
Dec.
15 Dec.
15 Dec.
2
1
23 Oct. 19
4
Nov. 15 Nov.
Oct.
Nov.
Nov.
1 Oct.
7
7
1 Oct.
22
Nov.
1 Oct.
22
Nov.
1 Oct.
Nov.
1 Oct.
20
15
1 Octl
15
25 Oct.
1 Oct.
18
1 Oct.
1 Oct.
1 Oct.
1 Oct.
1 Oct.
Nov.
1 Oct.
15 Dec
Dec.
Dec.
Dec.
Nov.
Nov.
14
1 Sept. 17
1 Oct. 17
1 Oct.
15 Dec.
15 Dec.
1
24
1
15
15
15
20
18
1
1
1
1 Oct.» 19
Oct.
14
9
Jan.
Dec.
Nov.
Oct.
Dec.
Tan.
Nov. 15
Dec.
15
15
1 Oct. 15
1 Nov. 15
2 Dec.
1 Oct.
1 Nov. 15
Nov.
15
15
2 Dec. 15
1-10-39 Dec. 20
Jan.
Oct.
Nov.
Nov.
31 Sept. 30
1 Oct. 20
1 Oct.
21
Oct.
20 Nov. 30*
5*
25 Oct.
16 Jan.
15 Apr.
15 July
5
5
1 Oct.
11
Dec.
-
1
Feb.
5
1
Nov.
Dec.
Nov.
1 Oct.
10 Dec.
1 Oct.
14
1
18
1 Oct. 14
15 Nov. 25
1 Oct. 14
Nov. 10 Oct.
31
31
Dec.
Nov. 15
Dec.
Nov. 15
Nov.
Oct.
21
Oct.
21
Oct.
5
5
Nov.
Nov.
Nov.
Oct.
Oct.
Sept. 30
Nov.
Nov.
...
--
7% pref. (quar.)..
(quar.)
Wrigley (Wm.) Jr. Co. (monthly)
Wisconsin Telephone Co.
Monthly
Monthly
Oct.
Oct.
(irregular)
(quarterly)—...
...
Nov.
Nov. 15 Oct.
preferred (quar.)
■
Nov.
Dec.
•Woolworth (F. W.) Co.
*
21
Nov.
Warren Foundry
Wilson Line (Del.)
Winsted Hosier Co
20
1 Oct.
Nov.
Nov.
Nov.
Leaf Tobacco Co., Inc
Upper Michigan Power & Light Co.
6% preferred (quar.).
*.)6% preferred (quar
Utica Chenango & Susq. Vail. RR. (s.-a.)
Vapor Car Heating Co
Inc., 7% pref (quar.)
Virginian Railway pref. (quar.)
$2
(quar.)
1 Oct.
Nov.
Jan.
(quar.)
25
Nov.
Apr.
July
(quar.)
16
Oct.
75c
-
Pacific Finance Corp., series A pref.
Series C preferred (quar.)
75c
SIX
SIX
Six
Dec.
United Profit-Sharing, preferred (semi-ann.)
United States Fire Insurance Co. (quar.)
Nov. 19
15 Nov. 30
5
Nov. 15 Nov.
Nov.
15
Oct.'
Dec.
Nov. 15 Nov.
40c
Jan.
SIX
Otis Co.-
75c
20
Dec.
15
Dec.
14
20
Nov.
1 Oct.
1 Oct.
Nov.
—
Oct.
Nov.
15
1 Oct.
Nov.
Nov.
Oct.
Nov.
25 Oct.
Nov.
Nov.
Nov.
10c
$4
SIX
SIX
Oct.
Nov.
(monthly). —
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
United New Jersey RR. & Canal (quar.)
20c
-
20
Nov. 15 Nov.
(resumed)
,
Troy & Green bush RR. Assoc. (s.-a.):
Truax-Traer Coal Co. 6% pref. (quar.)
5H% preferred (quar.)
Tung-Sol Lamp Works, 80c conv. pref. (quar.)
United Biscuit Co. of Amer., pref. (quar.)
fTnited Dyewood Corp. pref. (quar
United Light & Railways 7% prior pref (mo.) ..
7% prior preferred (monthly).
7% prior preferred (monthly).
16Hc
Ontario Mfg. (resumed)
Orange Crush, Ltd.. 70c. conv. pref. (s.-a.)
Orange & Rockland Elec. Co
1 Oct.
Nov.
25c
35c
(quar.).:
Nov.
Nov. 15 Nov.
50c
7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
15
Nov.
Oct.
25c
15
1 Oct.
Nov.
SIX
(quar.)
1 Oct.
Nov.
Nov.
581-3c
50c
412-3c
Ohio Public Service, 5H% pref.
Nov.
Nov.
1 Nov. 15
14
Nov.
Oct.
Trans Lux Corp.
20
SIX
:
—
pref. (quar.).
(monthly)
preferred (monthly)
Bank (New York) (quar.)
Nov. 16
1 Oct.
Nov.
6% preferred
Oct.
Dec.
1 Oct.
1 Oct.
t$lH
.
Corp
Toledo Edison Co. 7% pref.
Nov.
SIX
31
31
Nov.
Nov.
urn
Thatcher Mfg. Co., pref. (quar.).....
Tobacco & Allied Stocks (irregular)
5%
Nov.
t20c
Super Mold Corp. of California (quar.)
Syracuse Bing. & N. Y. RR. (quar.)
Tacony-Palmyra Bridge pref. (quar.)...
15*
20
SIX
— - —
Sun Ray Drug
—
Preferred (quar.)
15
1 Oct.
Nov.
Briquette Co., Inc., $2 conv.
Tobacco Products Export
27
25
Nov.
25c
(quar.)_
Technicolor, Inc—
15
SIX
6% preferred (quar.)..
Extra
14
Nov. 15 Oct.
SIX
- --
Oct.
Northern Pipe Line Co. (irregular)..
Northern RR. of N. H. (quar.)
Northwest Engineering Co. (resumed)
Oliver United Filters, class A
22
15
25
$1H
4.8% preferred (quar.)
Spiegel, Inc., 5H% preferred (quar.)
Standard Brands, Inc. pref. (quar.)
Standard Fire Insurance of N. J. (quar.)
Stanley Works 5% pref. (quar.)
Steel Co. of Canada (quar.)
Preferred (quar.)
Sterling Inc. common (quar.)
$1.50 preferred (quar.)
Stott
15
1 Oct.
Nov.
Nov. 15 Oct.
33 l~3c
(Quarerly)
10C
(quar.)-.
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 Oil Co. (quar.
Northern Illinois Finance Co. (quar.)
Preferred (quar.)
Northern Ontario Power Co. (quar.)...
Pharis Tire & Rubber
11
22
1 Oct.
20c
Co., Ltd. (quar
Southern Indiana Gas & Electric Co.—
Oct.
14
1 Oct.
Nov.
17c
Simmons Co. (interim)
Skelly Oil .preferred (quar.)
Smith (S. Morgan) Co. (quar.)
Solvay American Corp. 5H % preferred
Southern California Edison Co., Ltd.—
Oct.
Nov. 10 Oct.
Nov.
$l6/s
—
Southern Canada Power
SIX
f$6X
S2X
20
50c
14
20
15
1 Oct.
$3
Extra
1 Oct.
Nov.
Nov.
SIX
(extra)
31 Oct.
1 Oct.
Nov.
Oct.
20
$2.50
—
Saguenay Power, preferred (quar.)
St. Lawrence Flour Mills (quar.)
Preferred (quar.)—
8an Francisco Remedial Loan Assn
(quar.).,—
Schumacher Wall Board Corp. $2 pref
8cotten, Dillon Co. (irregular)
Scott Paper Co., $4H cum. pref. (initial)
Securities Corp. General, $7 pref. (quar.)
$6 preferred (quar.)
—
Serve], Inc., pref. (quar.) —
Sharp & Dohme $3.50 pref. A (quar.)
—
SilexCo. (quar.)
—
25
Nov. 15 Nov.
Oct.
Roth Packing Co.
18
15
1 Oct.
50c
pref. (quar.)
Rockland Light & Power Co. (quar.)
Roos Bros., preferred (quar.)
Rose's 5-10-25C. Stores, Inc
14
15
Nov.
Potomac RR.—.
7% guaranteed (s.-a.)
Nov. 30 Nov. 29
Nov.
6c
■.
Market Street Investing
1 Oct.
Nov.
20
1 Oct.
50c
—
...
Riverside Cement Co. $6 1st
21
1 Oct.
25 Oct.
Nov.
50c
—
6% guaranteed (s.-a.)
Louisiana Ice & Electric
Nov.
15c
(quar.)
Class B
Rich's, Inc. (quar.)
19
15
15c
(111.)
Richmond Fredericksburg &
20
21
14
1 Oct.
75c
25c
—
28
18
1
1 Oct.
Nov.
lUc
(quar.)
Preferred (quarterly)
Nov. 21
Nov. 30 Nov.
Nov.
25c
Nov. 15 Oct.
1 Oct.
15
15 Nov. 15
1 Oct. 14
Dec.
Nov.
$2H
Reliance Mfg.
1
15 Nov. 15
15 Nov. 15
50c
Reading Co. (quar.)
1 Nov. 21
Dec.
33 l-3c Oct.
24
Dec.
Dec.
Dec.
Nov. 15 Oct.
25c
24
$1
Co., Inc
(semi-ann.)
Lunkenueimer Co. 6 H % pref. (quar.)
15
15
1 Oct. 15
41 2-3c Nov.
15 Sept.15
Oct.
50c
$2 Dec. 15 Nov. 15
3bc
1 Oct.
Nov.
jpref. (quar.)
25
1 Oct.
75c
3
25c
20
1 Oct.
$1H
5% preferre d (s.-a.)
Raymond Concrete Pile
1
15
20
50c
Nov.
Nov.
15 Dec.
1 Oct.
1 Oct.
Nov.
Nov.
50c
Jan.
25c
SIX
(quar.)
Loose-Wiles Biscuit
Preferred (quar.)
Second
Dec.
20
Nov.
Nov. 15 Oct.
50c
SIX
SIX
Rath Packing (extra)—,
31 Oct. 21
Nov. 30 Nov. 19
Dec. 31 Dec. 21
27 Oct.
Dec.
Oct.
58 l-3c Nov.
7% preferred (quar.)
$5 preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
Public Service of Northern Illinois
Quarterly Income Shares (quar.)
Randall Co. class A (quar.)
15
10 Nov. 25
10 Nov. 25
Oct.
—
6H % conv. pref
8
3 Dec.
Jan.
50c
$1.10
Extra
Lord & Taylor
14
2 Dec.
25c
50c
pref. (mthly.)
Quaker Oats Co., pref. (quar.)
Quaker State Oil Refining. .
15*
Nov.
—
Longhorn Portland Cement Co.—
5% refunding participating pref
20
Nov.
67c
67c
66c
$2
Co. (quar.)
Loew's, Inc.. $6H pref.
Lone Star Gas Corp.
15
1 Oct.
Jan.
Monthly
8% preferred (quarterly)
Loews Boston Theatres
25 Oct.
26 Oct.
1 Oct.
Nov.
Oct.
87 He
guaranteed (quar.)
-
Oct.
SIX
six
six
(quar.)—
6% preferred (monthly)
5% preferred (monthly)
——Public Service of New Jersey 6% pref. (monthly)
Public Service of N. J. 8% pref. (quar.)
SIX
-—-----
-
-
6
14
1 Oct.
Nov.
VI
(quar.)
Preferred (quar.)
6% preferred (quar.)
Procter & Gamble Co. (quar.)
Public Service Co. of Colorado 7%
5
16 Dec.
6c
Co
Pollock Paper
Holders
Payable oj Record
Share
Company
& Box Co 7% preferred
Potomac Edison Co. 7% pref. (quar.)
20
Nov. 30 Nov. 18
12Hc
Lehigh Portland Cement Co. (quar.)---—
4% preferred (quar.)
Lerner 8toresCorp. 4 H % pref. (quar.)
—
Lincoln National Life Insurance (Ft. Wayne)—
Lincoln Printing Co., preferred (quar.)
Original capital
Lock Joint Pipe (monthly)
Monthly
Dec.
Nov.
IX
Name of
Pleasant Valley Wine
1 Oct.
Nov. 15 Nov.
(quar.)
Little Miami EE. special
Dec. 31
Nov.
Nov. 25 Nov. 15
7% preferred (quar.)
Lane Bryant, Inc., 1% pref. (quar.)
Lanston Monotype Machine
Lazarus (F. & R.) Co
Law heck Corp., 6% preferred (quar.)
Lee Rubber & Tire Corp
Link-Belt Co.
of Record
SIX
$1X
Co. 6% class A pref. (quar.)
Kroger Grocery & Baking Co..
Kundsen Creamery Co.—
Holders
Share
Company
1938
22,
When
Per
Per
Name of
Oct.
Chronicle
Oct.
11
15
Nov.
Oct.
16
Nov.
Oct.
Oct.
Oct.
15
20
Dec.
Nov. 10
20
Nov.
Oct.
Dec.
Nov. 19
Jan.
Dec.
20
Transfer books not closed for this dividend,
t On occount of accumulated dividends.
1 Payable in Oanadian funds, and in the case of non-residents of Canada
a tax of 5% of the amount of such dividend will be made.
deduction of
Volume
147
Financial
Chronicle
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
NEW
ENDED
*
New
Condition of the Federal Reserve Bank of
New
CLEARING
Surplus and
1938
Net Demand
Deposits
Deposits,
Average
New York at the close of
of the Federal Reserve
business Oct. 19, 1938,
Time
Undivided
Capital
Members
York
following shows the condition
in comparison with the
previous week and the corresponding
date last year:
HOUSE
SATURDAY, OCT. 15,
Profits
Clearing House
The
City
York
Bank of
YORK
2485
Average
Oct. 19, 1938
Oct.
11,
$
S
Bank of New York
$
6,000,000
Assets—
S
National City Bank
77,500,000
Chem Bank A Trust Co.
163 ,138,000
13,552, 100
449 ,029,000
26,107, 900
59,145, 000 al,553 ,766,000
20,000,000
55,282 700
503 ,264,000
Guaranty Trust Co
90,000,000
182,041, 200
Manufacturers TruRt Co
1,405 ,556,000
42,305,000
45,129, 400
Cent Hanover BkATr Co
Corn Exch Bank Tr Co.
482 ,647,000
21,000,000
71,133, 600
18,549, 700
108,404 000
c780 .419,000
Gold certificates
on hand and due from
United States Treasury.*
Redemption fund—F. R. notes
Other cash t
5,988,000
51,784,000
98,553,000
44,962,000
Bank of Manhattan Co
20,000,000
15,000,000
Flret National Bank
10,000,000
Irving Trust Co
50,000,000
Continental Bk A Tr Co.
Chase National Bank...
100,270,000
Fifth Avenue Bank
500,000
Bank ere Trust Co
Totals
As per official reports:
New
of
returns
York
80 ,921,000
2,799,000
81 ,342,000
52,047,000
631,344.000
following
a
NOT
BUSINESS
IN
FOR
NATIONAL
CLEARING
THE
AND
WEEK
STATE
1,016,000
4,680,000
250,391,000
370,360,000
194,671,000
211,831,000
332,269,000
194,671,000
815,422,000
815,422,000
725,029,000
820,574,000
823,809,000
739,730,000
68,000
4,835,000
192,337,000
9,824,000
Total U. S. Government securities..
68,000
5,008,000
135,445,000
9,824,000
15,198,000
8,540,000
177,752,000
10,005,000
11,761,000
6,367,000
180,929,000
$263,282,000; & $87,752,000;
regularly each week
HOUSE
9,005,000
212,000
3,637,000
250,391,000
370,360,000
T
Due from foreign banks
Federal Reserve notes of other banks...
Uncollected Items
Bank premises.....
...
the figures for the week ended Oct. 14:
are
4,538,000
3,633,000
Treasury notes
Treasury bills
which
Clearing House.
The
INSTITUTIONS
2,638,000
212,000
Total bills and securities
publishes
3,750,000
788,000
1,307,000
United States Government securities:
Bonds
National, Sept. 30, 1938; State, Sept. 30, 1938; trust
a
1,527,000
74,523,000
1,072,000
235,000
Industrial advances..
6,185,000
22,769,000
number of banks and trust
companies
not members of the New York
are
U. 8. Govt, obligations,
fully guaranteed
Bills bought In open market.
913,814,700 10,276,270,000
"Times"
by
or
35,103,000
2,258,000
99 ,987,000
companies, Sept. 30, 1938.
Includes deposits In foreign branches as
follows:
C$6,684,000; d $113,004,000; C$35,767,000.
The
direct
Other bills discounted
46 ,629,000
8,229 500
9,238 000
523,075,000
Secured
Total bills discounted..
317 .464,000
1,316,000
109,269,000
4,884,247,000 4,713,513,000 3,638,018,000
47,272,000
3,620,000
27,938, 900
7,000,000
1,316,000
112,391,000
Total reserves
€819 ,408,000
13 ,241,000
"00
1,055 600
9,088 100
7,000,000
Public Nat Bk A Tr Co.
*
78,313,
4,770,540,000 4,602,928,000 3,561,968,000
Bills discounted:
24,762,000
2,328,000
5,533,000
6,593,000
496 ,838,000
3,679 600
25,000,000
10,000,000
5,000,000
12,500,000
New York Trust Co....
Comm'l Nat Bk A Tr Co
169.821,000
504 ,862,000
61,239, 800
44 ,925,000
4,279, 200
131,406 300 d2,176 ,685,000
4,000,000
Title Guar A Trust Co..
Marlne Midland Tr Co..
9,032,000
39,935,000
256 ,149,000
1938 Oct. 20,1937
$
WITH
THE
All other assets
CLOSING
OF
14,806,000
Total assets.
56,000
5,926,691,000 5,702,865,000 4,585,862,000
ENDED
FRIDAY, OCT. 14, 1938
BANKS—AVERAGE FIGURES
Liabilities—
Loans.
"
Disc,
Other Cash,
and
Res
$
Dep. Other
Banks and
Gross
Elsewhere
Including
Investments Bank Notes
Manhattan—
F. R. notes in actual circulation
Dep.,
N. Y. and
Trust Cos.
Deposits
$
Grace National
22,837,300
129,700
7,070,200
Sterling National
22,626,000
525,000
8,744,000
2,610,800
931,000
5,334,084
337,225
1,967,716
113,237
Trade Bank of N. Y.
„
Other deposits
28,614,600
Total deposits
29,135,000
6,594,562
6,561,400
318,800
2,085,500
410,500
8,514,900
People's National.
5,101,900
106.800
623,900
847,300
6,033,300
,
TRUST COMPANIES—AVERAGE
Loans,
Dep. Other
Banks and
Trust Cos.
Deposits
Investments
Empire
%
Fiduciary..
Fulton
$
54,432,700
9,555,274
12,516,434
.....
Federation
*4,740,100
9,132,800
223,040
*1,976,162
1,460,636
19,794,80
...
Lawyers
27,984,000
United States
-
62,834,943
$
of total
Ratio
$
$
2,871,900
1,134,159
1,283,517
22,213
443,200
*5,602,300
*9,493,400
reserve
to
deposit
300,900
10,326,064
13,496,439
21,639,600
79,914,000
3,583,000
Kings Countv.
Commitments
32,812,021
87.0%
to
make
Industrial
1,611,556
86.5%
84.8%
56,000
670,000
3,612.000
4,952,000
ad¬
vances
4,595,000
t "Other cash" does not Include Federal Reserve notes
or a
Reserve bank notes.
Includes amount with Federal Reserve
as
41,556,000
43,000 117,219,000
12,354,564
41,133,097
follows:
x
These
over
100
Empire, $2,786,400; Fidu¬
ciary, $1,340,235; Fulton, $5,283,800; Lawyers, $8,756,400; United States, $34,577,753.
are
1,768,000
121,000
36,135,000
85,379,280
7,744,000
9,117,000
and
62,027,400
447,200
51,474,000
51,079,000
5,926,691,000 5,702,865,000 4,585,862,000
Contingent liability on bills purchased
for foreign correspondents..
j.
*51,914.880
Brooklyn—
Brooklyn
*
Total liabilities
F. R. note liabilities combined
Manhattan—■
176,034,000
51,943,000
7,744,000
8,210,000
3.314,000
3,251,000
Gross
N.
130,266,000
50,902,000
50,903,000
51,943,000
7,744,000
8,210,000
u
Reserve for contingencies.....
All other liabilities
Res. Dep.,
Y. and
Cash
189,251,000
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
FIGURES
Elsewhere
Disc, and
4,642,773,000 4,481,286,000 3,335,654,000
Deferred availability Items....
Brooklyn—
Lafayette National..
_
972,616,000
969,200,000
952,992,000
4,397,508,000 4,161,874,000 3,072,842,000
86,420,000
168,215,000
23,158,000
70,908,000
71,479,000
98,278,000
87,937,000
79,718,000
141,376,000
bank reserve acc't..
U. S. Treasurer—General account
Foreign bank
?
S
$
Deposits—Member
bank's own Federa
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
to 59.06 cents, these
certificates being worth less to the extent of the
cents
difference, the difference Itself having been
appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of
1934.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System,
giving the principal
items of the resources and liabilities of the
reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board
of Governors of
the Federal Reserve System
upon the figures for the latest week appears in our department of "Current Events and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks for 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:
The changes in the report form are confined to the classification of loans and discounts.
This classification has been changed
primarily to show the
amounts of (1) commercial, industrial and
agricultural loans, and C2) loans (other than to brokers and dealers) for the purpose of
purchasing or carrying
securities., The revised form also eliminates the distinction between loans to brokers and dealers in securities located in
New York 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 commercialpaper bought in open market" under the revised caption "open market paper," instead of in' all other
loans," as formerly.
Subsequent to the above announcement. It was made known that the new Items "commercial. Industrial
andl&gricultural loans" and "other loansl
would each be segregated as "on securities" and "otherwise secured and unsecured
described in
A
more
detailed explanation of the revisions was published in the
May
29,1937, Issue of the "Chronicle,"
page 3690*
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS
ON OCT. 12,1938 (In Millions of
Federal
Reserve
Districts—
Total
$
ASSETS
Boston
$
New York
Phila.
Cleveland Richmond
*
Atlanta
Chicago
St. Louis Minneap. Kan. City
Dallas
Dollars)
San Fran.
$
%
S
21,295
1,136
8,660
1,138
1,837
660
579
2,935
674
370
639
516
Loans—total
8,272
582
3,316
418
658
238
293
825
303
161
247
240
991
Commercial, Indus, and agrlcul. loans
Loans and investments—total......
$
$
$
$
$
I
$
2,151
3.924
267
1,569
185
244
108
161
468
193
79
149
156
345
Open market paper
345
65
151
22
11
11
2
34
4
4
18
1
22
Loans to brokers and dealers In secure.
653
23
519
17
24
3
7
36
6
1
4
3
Other loans for purchasing or carrying
securities
10
580
32
266
34
36
16
15
79
13
8
12
14
55
32
28
20
380
Real estate loans
1,161
Loans to banks
Other loans
United States Government obligations
Obligations fully
Other
82
222
58
171
92
48
6
1
22
107
guar,
by U. S. Govt
securities
2
87
2
2
1
2
4
5
1
......
1,502
■
111
502
100
170
67
78
112
34
63
41
46
178
8,053
389
3,139
342
801
319
159
1,405
210
156
219
181
733
1,678
31
858
94
3,292
Reserve with Federal Reserve Banks.
Cash In vault
134
1,347
284
6.870
341
3,776
254
98
38
42
235
1
63
12
49
40
181
280
65
85
470
98
41
124
55
309
349
147
103
1,053
165
75
166
112
329
'
429
132
79
17
39
20
12
67
11
7
13
11
21
Balances with domestic banks
2,411
148
153
170
271
145
139
410
129
111
280
209
246
Other assets—net
1,244
72
529
83
103
34
42
84
23
17
22
26
209
15,604
1,046
7,129
768
1,089
428
341
2,283
424
269
494
410
923
5,163
250
1,018
294
746
199
186
876
186
119
143
132
1,014
570
10
161
38
29
21
35
100
18
2
20
31
105
6,041
245
2,548
310
353
241
216
876
277
125
364
212
274
LIABILITIES
Demand deposits—adjusted
....
Time deposits
United States Government deposits.
Inter-bank deposit
Domest)«banks
Foreign banks
469
16
413
10
1
1
11
1
15
"740
"21
"317
"l~6
19
"24
6
21
6
7
3
5
295
3,662
241
1,611
226
362
93
90
382
91
57
96
83
330
1
Borrowings
liabilities
Other
Caplt
.-
account
.
•
Oct.
Chronicle
Financial
2486
1938
22,
the Board of Governors of the Federal Reserve System
the Federal Reserve System on Thursday afternoon, Oct. 20,
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."
COMBINED RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS OCT. 19. 1938
Weekly Return of
The following was
Three Ciphers
issued by the Board of Governors of
Oct.
19,
Oct.
(000) Omitted
1938
1937
$
%
3
*
Oct. 26,
Aug. 24,
1938
Aug. 31,
1938
.
1938
$
S
$
%
$
%
Sept. 7,
Sept. 14,
1938
Sept. 21,
Sept. 28,
1938
Oct. 5,
1938
12,
1938
1938
9,126,389
11,020,211
9,669
10,967,213
10,863,222
10,719,741
10,629,733
10,630,919
10,632,413
10.632,411
9.138
8.921
355,870
385,675
9,112
396,893
9,438
303,903
383,339
9,432
379,412
7,421
367,418
9,611
382,521
8.690
363,211
11.343,769
11,255,354
11,111,770
11,018,577
10,995,710
11,038,416
9,439,730
11,393,091
11,025,509
11,581,186
3,897
6,008
3,033
5,506
2,706
3,826
3,128
3,640
3,428
3,699
3,042
13,193
5,291
3,448
3,103
2,602
6,106
3,193
4,041
3,470
9,041
8,212
6,954
7,068
18,484
7,345
6,741
9,299
7,144
6,072
537
2,830
15,852
19,478
ASSETS
Gold ctfs on hand and due from
11,197,209
U. S. Treas. x_
Redemption fund (Federal Reserve
Other cash *
9,665
374,312
notes)—
Total reserves—..
Bills discounted:
Secured
by
U. 8. Government
direct or fully
obligations,
•
guaranteed
Other bills discounted
Total bills discounted
541
541
540
540
537
541
541
537
15.446
15,507
15,455
15,677
15,683
15,847
15,824
15,899
789,327
1,196,188
623,722
1,196,188
623,722
1,196,188
623,722
1,157,713
608,623
788,655
1,165,205
610,155
744.105
1,166,065
744,105
1,196,188
623,722
738,073
787,327
1,164,565
612,123
744,105
787,327
1,164,565
612,123
744,105
787,327
1,164,565
612,123
2,564,015
2,564,015
2.564,015
2,564,015
2,564,015
2,526,190
2,564,015
2,564,015
2,564,015
2,564,015
2,589,274
2,588,450
2,587,356
2,587,444
2,566,982
2,587,356
2,587,145
2,589,362
2,587,595
2,586,074
180
181
181
""184
""184
180
"""180
184
"""180
24,375
718,302
44,305
47,732
22,532
23,569
632,117
44,304
27,031
610,821
44,405
46,715
27,292
739,744
44,407
57,002
25,701
617,394
44,305
48,849
26,494
560,579
44,348
47,607
534,057
44,404
53,291
25,617
525.303
44,410
52,639
24,955
501.237
44,462
51.950
14,261,157
14.248,349
market
Bills bought In open
Industrial advances
United States Government securities—Bonds..
Treasury notes
s.
Treasury bills.
Total U. S. Government
Other
securities
securities
—
—
Total bills and
securities
Gold held abroad....
—
Due from foreign banks
Federal Reserve notes
—
of other banks
—
Uncollected Items
Bank
'
—
premises
All other assets
—
47,853
,
"""l73
28,431
714,261
45,455
39,679
12,834,711
15,002,154
14,715,713
14,679,148
14,523,836
14,429,373
14,474,559
14,240,791
4,281,103
4,262,860
4,219,484
4,201,169
4.200,829
4.212,348
4,169,262
4,144,760
4,288,820
Total assets
8,013,636
8.425,336
346,305
8,269,124
8,178,851
6,938,802
166,660
249,328
561,364
136,737
179,803
720,248
125,940
187,322
8,156,037
770,784
119,166
195,662
9.187,629
9,147,028
9,212,361
9,241,649
7,498,933
730,948
133,991
147,739
27,683
32,775
12,965
629,345
133,998
147,739
27,683
32,776
9,874
527,766
133,994
147,739
27,683
32,776
9,576
509,855
133,991
147,739
27,683
32,775
9.897
716,041
LIABILITIES
Federal Reserve notes In
actual circulation....
United States
Treasurer—General account..
Foreign banks
>
Total deposits...
...
Deferred availability Items...
——
8,400,218
703,407
199,462
176,287
8,320,636
609,102
197,372
144,453
770,086
864,481
183,225
153,686
917,078
195,499
146,010
9,479,374
9,436,702
9,398,880
9,272,123
601,672
133,954
147,739
27,683
32,741
11,447
626,685
133,985
147,739
27,682
32,741
10,754
552,626
133,998
147,739
27,683
32,741
10.685
8,693,189
account
716,050
133,983
147,739
27,683
32,707
11,056
—
Capital paid In..
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies..
All other liabilities
Total liabilities....
Ratio of total reserves to
Reserve note
purchased
Maturity Distribution of
7,597
14,240.791
14,261.157
14,248.349
82.6%
82.5%
82.3%
82.3%
82.4%
80.2%
82.8%
82.5%
82.8%
157
157
234
284
385
470
604
1,855
157
13,696
13,599
4,535
7,663
5,818
596
369
546
722
427
278
261
13,539
13,543
13,684
6,858
5,477
5.337
5,546
4,980
16,604
533
537
605
262
418
456
824
612
478
450
496
13,481
14,554
7,610
346
13,553
13,597
405
Bills and
Short-Term Securities—
discounted.....—
16-30 days bills discounted...
31-60 days bills discounted—.—....
81-90 days bills discounted
—
Over 90 days bills discounted
—
435
—
216
260
175
428
665
225
374
339
373
128
149
593
837
265
'
122
87
160
146
334
6,954
7,068
7,144
6,741
18,484
6,072
market..
open market
open market
open market
in open market
In
81-60 days bills bought In
61-90 days bills bought in
bought
7,345
9,041
8,212
165
94
94
......
197
83
166
166
85
199
281
281
94
94
541
i—
9,299
165
Total bills discounted
1-16 days bills bought in open
Over 90 days bills
35,769
14,474,559
14,537
1*15 days bills
4.6-30 days bills bought
145,854
27,615
14,429,373
r
industrial advances—-
-
132,679
14,523,836
338
—
«
202,130
14,379,148
83.1%
for
603,701
133,998
147,739
27,683
32,741
10,219
81,557
276,444
12,834,711
deposits and Federal
liabilities combined
liability on bills
correspondents
Contingent
Commitments to make
195,056
150,924
14,715,713
15,002,154
-
4,270,223
1
8,197,488
9,644,116
Deposits—Member banks' reserve
foreign
630,404
market
541
297
313
248
212
""212
118
222
116
198
325
208
282
2,285
540
540
537
537
537
2,830
1,311
1,241
1,057
*
Total bills bought In open
26
137
117
94
541
541
1,361
1,110
1,131
1,250
1,104
1,262
108
158
395
132
356
453
162
226
355
16-30 days industrial advances
573
584
547
565
591
718
757
576
81-60 days Industrial advances
743
702
891
663
830
advances
Over 90 days Industrial advances
847
762
12,451
12,860
13.133
16,612
1-15 days industrial advances...
61-90 days industrial
12,603
12,439
1,303
653
473
505
12,865
i
624
13,339
13,097
13,211
15,446
Total Industrial advances
15,507
15,455
15,677
70,178
105,835
101,409
70,178
106,500
105,370
101,409
15,824
15,899
15,852
19,478
110,650
131,150
105,370
83,330
131,150
30,190
157,187
192,785
1,977,523
103,830
110,650
186,757
176,385
1,986,393
'
Government securities
Government securities
31-60 days U. S. Government securities......
61-90 days U. S. Government securities..
Over op days U. S. Government securities
1-15 days U. S.
16-30 days U. S.
Total U. S. Government securities
1-15 days other
.
193,573
'
,
,
204,078
1,999,960
1,991,650
106,500
170,432
198,040
1,978,393
79,757
191,385
186,413
174,113
191,473
818
15,847
15,683
128,887
97,675
206,333
179,228
161
,
'
..
29,539
63,358
207,279
159,113
1,983,143
2,351,335
2,526,190
51,768
188,358
2,006,071
1,951,892
177,688
2,010,662
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2.564,015
2,564,015
2,564,015
4,580,026
291,206
4,575,270
294,167
4,545,148
282,288
4,515,397
295,913
4,514,13?
4,507,813
4,443,342
306,984
4,491,457
279,109
4,449.156
312,96f
279,894
298,582
348,756
4,201,16£
4,200,829
4,212,348
4,169,262
4.144,760
4,270,223
4,641,132
securities
16-30 day8 other securities
31-60 days other securities
61-90 days other securities
Over 90 dayt other securities
Total other securities.
Federal Reserve Notes—
Issued to Federal Reserve
Held by
Bank by F. R. Agent
Federal Reserve Bank
4,288,820
4,281,103
4,262,860
4,663,000
4,648,000
8,446
4,639,000
4,604,00(
7,372
4,558,635
4,544,632
4,544,632
6,526
4,604,000
8,267
4,585,000
6,061:
6,174
6,166
5,727
5,308
4,668,308
In actual circulation
4,219,484
4,656,446
4,645,526
4,612,267
4,611,37?
4,591.062
4,618,979
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs. on hand aud due from
U. S. Treas..
By eligible paper
United States Government securities
Total
collateral
•
These are certificates given by the United States
4,564.80f
4,550,798
4.550.355
4,691,408
"Other cash" does not include Federal Reserve notee.
x
18,276
32,000
cents on Jan. 31,
Treasury for the gold taken over from the
1934, these certificates being worthless
provisions ol the Gold Reserve Act of 1934,
to the extent
devalued from 100 cents to 59.00
been appropriated as profit tby the Treasury under
Reserve banks when the dollar was
of the difference, the difference Itself having
Volume
Financial
147
Chronicle
2487
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL
RESERVE BANKS AT
CLOSE OF BUSINESS OCT. 19, 1938
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Boston
New Yorl
$
Cleveland Richmond
Phila.
%
Total
ASSETS
$
$
$
Atlanta
Chicago
St. Louis
%
%
I
%
Gold
certificates on hand and
from United States
Treasury
Redemption fund—Fed. Res.
11,197,209
9,665
374,312
notes..
Other cash *
Total reserves
Bills discounted:
11,581,186
Secured by U. S. Govt,
obligations.
direct and (or) fully guaranteed..
Other bills discounted
248,275 2,062,522
339,290
240,161
San Fran.
Dallas
9
$
I
203,475
310,385
730,238
652
763
966
301
638
948
677
603
256
32,422
23,172
21,425
12,859
51,269
15,437
8,264
16,288
10,912
1,930
31,241
543,217
733,348
377,493
261,435 2,114,429
355,675
249,102
327,276
214,643
763,409
350
338
112,391
756,912 4,884,247
72
1,072
561
109
208
225
205
132
104
94
2,602
15
235
544
228
215
452
86
50
90
384
170
133
6,072
Bills bought In open market..
Industrial advances
U. 8. Government securities—Bonds
87
1,307
1,105
578
324
660
311
255
222
488
264
471
212
55
50
541
38
3,633
3,157
650
1,461
178
433
43
1,088
412
819
250,391
68,403
79,168
32,096
84,870
32,792
1,278
62,242
370,360
101,177
117,101
47,473
125,535
48,504
34,774
51,438
28,943
87,647
17,446
25,805
46,069
194,671
53,181
61,551
36,947
54,649
28,725
24,953
65,984
26,495
13,564
27,036
22,503
92,064
48,391
23
19
2
67
2
16
42,812
2,564,015
II.II"
All other assets
222,761
257,820
120,321
104,522
276,389
106,791
56,815
113,248
94,258
202,697
820,574
227,078
259,098
122,129
105,379
277,220
107,091
58,127
114,164
95,357
204,484
13
68
18
17
8
6
22
3
2
5
5
13
24,375
718,302
44,305
.....
premises
815,422
195,393
180
Fed. Res. notes of other banks
192,971
2,586,074
Total bills and securities
Due from foreign banks
Items......
16
2,294
59,255
612,123
Total U. 8. Govt, securities
41
15,446
787,327
1,164,565
Treasury notes
Treasury bills
Bank
355,102
$
3,470
.
Total bills discounted.
Uncollected
38,632
709,413
510,143
717,665 4,770,540
615
1,316
Minneap. Kan. City
1,468
4,835
1,862
1,369
1,235
561
90,191
31,649
20,682
36,014
28,987
2,387
33,494
2,959
3,080
9,824
6,067
59,454
2,641
4,507
2,306
1,541
3,103
1,270
3,269
14,806
4,507
5,323
2,776
2,094
26,922
2,087
2,169
3,796
192,337
1,324
74,585
2,207
70,957
1,237
53,030
4,731
4,528
1,771
1,249
1,936
1,692
3,895
833,818 1,079,762
566,708
400,092 2,494,673
500,357
332,072
483,733
47,732
Total assets
15,002,154 1,030,782 5,926,691
342,515 1,010,951
LIABILITIES
F. R. notes In actual circulation
Deposits:
Member bank
U. 8.
Other
371,616
972,616
306,249
411,694
208,861
147,106
966,271
180,470
134,622
166,075
79,832
343,408
8,693,189
461,769 4,397,508
83,534
86,420
14,205
70,909
5,013
87,936
391,831
470,123
220,208
230,843
116,164
229,855
172,098
544,068
27,704
19,334
66,813
54,086
164,971 1,293,751
73,590
37,753
33,495
43.293
34,413
30,504
197,372
144,453
18,151
8,483
6,905
23,478
5,919
4,538
5,721
5,721
31,497
14,008
2,563
8,959
2,381
5,867
1,508
6,077
2,566
802
3,069
17,712
9,644,116
Treasurer—General
Foreign
4,288,820
564,521 4,642,773
441,432
584,046
285,158
215,496 1,392,327
276,334
166,501
270,791
217,392
607,285
32,807
reserve account.
account-.
609,102
bank
deposits
Total deposits
Deferred availability Items
Capital paid In
Surplus
716,050
±
"""
Total liabilities
57,512
24,353
4,991
4,470
13,293
3,920
21,254
2,907
36,553
13,388
13,466
14,323
4,964
5,626
22,387
4,667
3,153
3,613
34,107
3,947
3,892
2,874
1,448
7,744
4,411
1,007
3,409
730
1,270
3,176
1,401
1,603
1,215
1,001
1,880
1,142
2,000
1,429
7,063
545
8,210
935
1,776
35,114
10,344
9,805
2,121
2,000
11,056
.
...
53,130
12,214
51,943
27,683
Reserve for contingencies
189,251
50,903
71,169
9,411
9,900
32,707
Surplus (Section 13-B)
All other liabilities
763
3,251
916
959
412
708
1,352
399
694
429
299
874
833,818 1,079,762
560,708
400,092 2,494,673
500,357
332,072
483,733
15,002,154 1,030,782 5,926.691
Contingent liability on bills purchased
for foreign correspondents
q
338
ommltments to make Indus, advs
*
70,249
133,983
147,739
(Section 7).
24
14,537
"Other cash" does not Include
121
1,332
,
4,595
90,551
4,195
342,515 1,010,951
33
31
15
12
40
10
8
10
10
2
265
1,475
1,737
175
15
624
227
529
51
3,51
'
Federal Reserve notes.
FEDERAL RESERVE NOTE
STATEMENT
Three Ciphers (000) Omitted
Federal Reserve Bant of—
_
Federal Reserve
Total
notes:
Issued to F. R. Bank by F. R.
Agent
Held by Federal Reserve Bank
%
4,580,026
Cleveland Richmond
Phila.
$
%
•
Atlanta
$
Chicago
$
San Fran.
S
$
433,605
219,623
159,044
389,984
11,938
22,632
139,169
4,547
88,188
10,762
192,319
11,849
175,680
21,911
9,605
8,356
46,576
4,288.820
371,616
972,616
306,249
411,694
208,861
147,106
966,271
180,470
134,622
166,075
79,832
343.408
4,663,000
400,000 1,092,000
72
1,277
327,000
438,000
225,000
161,000 1,010,000
729
403
324
4,668,308
400,072 1,093,277
327,729
438,403
225,324
United
Treasury Bills—Friday, Oct. 21
26 1 938
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
2 1938
9 1938
NOV. 16 1938
23 1938
Nov. 30 1938
7 1938
988,903
-
190,000
141,500
180,000
88,500
404,000
311
254
165
473
250
470
161,580 1,010,311
196,254
141,665
180,473
88,750
404,470
>580
States
York Stock
Asked
Bid
Dec.
14 1938
0.05%
Dec. 21 1938
Dec.
Jan.
•
4 1939
18 1939
the
York
New
page
Averages—See
the
New
Stock
Exchange
2503.
page
2503.
0.05%
1939..
11
Jan
at
on
page.
0.05%
.
.
I11
1 I ! f li t 1
0.05%
.
1 1 1
0.05%
--
1 »
1
Securities
Daily, Weekly and Yearly—See
Stock and Bond
0.05%
28 1938
Jan
11 I I t• I !
Asked
Government
Exchange—See following
Transactions
Bid
Dec.
$
5,308
United States
Nov.
$
due
Total collateral
Oct.
Dallas
Minneap. Kan. City
15,984
Eligible paper
Nov.
$
322,233
circulation..
held by Agent as security
for notes Issued to banks:
Gold certificates on hand and
from United States
Treasury
Nov.
St. Louis
$
-
390,346 1,080,932
18,730
108,316
291,206
In actual
Collateral
New Yorl
Boston
$
1
1
•
THE
1
PARIS
BOURSE
Quotations of representative stocks as received by cable
each
day of the past week:
Quotations for United States Treasury Notes—Friday,
a
Oct. 15
Bank of France
Figures after decimal point represent
point.
one
32ds of
more
or
Oct. 18
Oct. 19
Oct
20
Oct. 21
Francs
Francs
Francs
Francs
Francs
6,400
6,500
Banque de Parte et Des Pays Bas
1,139
Banque de l'Unlon Parlslenne..
410
1,157
420
Canadian
I.
...
.
6,500
1,163
6,500
1,152
419
413
6,600
244
246
243
245
20,400
20,300
20,200
20,500
606
.........
Cle Dlstr d'Electrlclte.
243
20,200
Pacific
Canal de Suez cap
Int.
Oct.]17
Francs
Oct. 21
609
607
1,280
—
June
15 1943...
Dec.
15 1938...
Dec.
15 1941...
Sept. 15 1939...
Dec.
15 1939...
June
15 1941
Mar. 15 1939...
Mar. 15 1941...
Bid
1 H%
101.11
Asked
101.13
June
15 1940...
Dec.
1,260
1,270
1,260
31
29
27
30
475
482
495
495
754
180
758
180
760
755
180
180
223
226
226
224
428
435
442
437
1,480
1,250
279
1,510
1,270
1,510
1,280
1,620
1,300
280
284
278
Cle Generate d'Electrlclte..
Rate
Maturity
1,240
30
Citroen B
Int.
Rate
Maturity
15 1940...
102.12
Asked
,
.
Cle Generate Transatlantlque..
1J4%
1H%
102.22
Comptolr Natlonale d'Esoompte
Coty 8 A
102.15
102.17
Mar. 15 1940...
1X%
102.11
102.13
Courrlere
1
K%
1H%
102
102.2
Mar. 15 1942...
103.23
103.25
Credit Commercial de France...
102
102.2
Dec.
1H%
1X%
1H%
102.20
102.22
8ept. 15 1942...
101.22
101.24
June 15 1939
1H%
1H%
2%
2X%
102.23
102.25
100.5
1H%
Bid
102.20
15 1942...
102.14
-
104.3
104.5
Credit
105.1
105.3
Eaux dee Lyonnatee cap
102.12
102.14
Energle Electrique du Nord
Lyonnatee
....
498
491
494
606
616
619
616
1,160
778
727
384
32
1,515
78.60
73.60
72.00
79.80
77.90
95.40
6,830
1,915
1,170
773
732
386
32
1,539
78.60
74.75
73.40
81.20
79.25
96.30
6,740
1,957
1,190
1,180
785
773
742
730
1,025
1,038
56
70
54
67
67
67
1,298
L'Alr
BERLIN
Closing prices of representative stocks
as
LIqulde
;
Lyon (P L M)
Nord Ry
Orleans Ry 6%
STOCK EXCHANGE
Pathe Capital
received by cable
each, day of the past week:
Pechlney
Rentes Perpetual 3%
Rentes 4%, 1917
Oct.
15
Oct.
17
Oct.
18
Oct.
Oct.
19
20
Oct.
21
-Per Cent of Par
Allgemelne Elektrlzitaets-Geseltechaft (4%) 120
Berliner Kraft u. Licht (8%)
161
120
120
120
Rentee4%. 1918
Rentes 4«%.
Rentes
1932, A
4H%. 1932. B
Rentes, 5%. 1920
121
122
Royal Dutch
..............
161
162
162
102
162
Saint Gobaln C & C
117
117
118
118
118
118
Schneider &
Deutsche RelcJisbahn (German Rys.pf.7%) .126
111
Dresdner Bank (5%)
126
126
126
120
126
Societe Francalse Ford
111
111
112
112
112
Soclete Generale Fonclere
Farbenlndustrle I. G.
152
152
152
153
154
Deutsche Bank (0%)
Mannesmann
(7%)
Roehren (5%)
152
110
110
112
113
115
Societe
—
Cle
Lyonnatee-
—
393
32
78.90
78.40
74.30
74.90
73.20
74.00
81.50
80.80
81.30
79.60
78.90
79.30
96.40
96.25
96.10
6,810
6,790
6,900
1,958
1,939
1,028
1,038
65
54
580
118
402
582
120
119
407
402
77
78
78
7fl
Soclete Marseilles
187
189
191
191
Tublze Artificial Silk preferred..
202
203
200
200
Union d'Electrlclte
Verelnlgte StaJhlwerke (5%)
105
105
107
109
111
111
Wagon-Llta
—....
78.90
74.80
73.70
578
120
395
114
188
393
31
1,275
200
1,190
1,522
1,260
188
386
1,545
.....
201
—
Holtday
1,276
Siemens A Halake (8%)...
Reichsbanks (8%)
1,530
1,310
492
Energle Electrlque du Littoral..
Kuhlmann
THE
180
584
56
Oct.
19SS
22,
2488
Exchange
Stock and Bond Sales —New York Stock
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery
account is taken of
sales are disregarded in the day's range, unless they are the
United States Government Securities
Below
furnish
we
a
the New York Stock Exchange
on
Prices
Oct. 19
Oct. 18
Oct. 17
Oct. 15
Oct. 20
week.
Daily Record of U. S.
Oct. 21
119.1
119
118.28
118.28
Hign
118.31
119
118.31
118.28
119.3
119.1
118.31
118.28
29
12
Total sales in $1,000 units..
2
—
sales in $1,000 units...
Tota
— —
105.10
105.10
105.13
105.10
105.10
1
I Close
1
1
—
....
High
114.18
114.17
Low.
114.17
114.18
114.14
114.17
114.18
114.16
5
7
,
1944-54...
9
104.3
*
High
1946-50.,
113.18
113.14
Low.
113.18
113.14
Close
3 Hb.
113.18
113.14
103.12
103.16
103.12
103.16
103.14
103.11
103.14
103.12
103.16
103.16
103.11
103.14
103.12
103.16
103.15
112
52
3
16
9
102.26
102.27
102.22
102.26
102.24
102.27
Low.
102.24
102.25
102.22
102.25
102.21
102.26
102.25
102.22
102.26
102.24
102.26
5
41
105.21
105.19
(Close
102.26
105.21
105.19
Total sales in $1,000 units...
86
Close
105.21
105.19
Total sales in $1,000 units...
7
(High
j Low.
(Close
3Hs. 1941-43.
2Ms, 1945
1
'
——
106.8
106.4
107.2.
(High
105.2
-j Low.
105.2
105.2
—
106.5
— -
1
----
----
-
105.3
2Mb. 1948
107.4
— —
110.7
110.8
110.6
110.6
110.5
(High
iLow.
(Close
24
102.21
110.5
110.4
110.8
110.6
110.4
110.7
1
Total sales in $1,000 units...
2 Ms. 1949-53
110.5
11
....
—
—
-
—
4.
4.
—
—
—
—— —
102". 16
102". 15
102.12
102.13
102.12
102.13
4
40
102.22
102.20
102.20
102.18
102.21
102.20
102.17
102.16
J02.19
102.20
102.16
.
—
—
—
102.16
•
—
-
-
-
-
102.16
4
High
107.19
107.19
Low.
102.19
102.19
107.19
107.19
Close
102.21
102.19
102.20
102.18
102.17
Low.
107.19
107.19
Total sales in $1,000 units...
12
121
1
6
12
3
2
Total sales in $1,000 units...
2Ms, 1950-52
Federal Farm Mortgage
(High
107.6
107.7
-
-
—-
107.8
107.6
107.7
-
-
——
107.8
High
109.30
110.1
109.27
109.28
109.25
109.27
i Low.
(Close
Low.
109.30
109.29
109.26
109.27
109.24
109.27
Total sales in $1,000 units...
3M
1943-45
3
■
102.16
-
-
102.16
—'
— -
'V-
Close
3Ms. 1941...
——————
40
*1
(High
110.4
110.7
—
-
102.20
Total sales in $1,000 units...
110.9
Low.
Close
—
1
105.3
(Close
106.5
----
....
27
105.3
107.5
...
11
106.5
106.4
Total sales in $1,000 units—
High
....
106.4
10
106.4
----
Total sales in $1,000 units...
1943-47.
106.8
107.4
Total sales in $1,000 units...
3 Ms.
——
*4r
107.5
Close
10
53
—
107.5
Low.
•
37
1
103.16
Low.
....
104.4
104
-
103.16
High
High
--
High
2mb. 1958-63
3H«. 1940-43..
-
-
104.3
104
--
-
6
Total sales in $1,000 units...
3
4
Total sales in $1,000 units...
104
104
10
103.15
f High
} Low.
(Close
2 Ms. 1950-59
10
5
Total sales in $1,000 units...
1
104.3
104.3
104.3
(Close
114.19
Total sales in $1,000 units—
1 Low.
2Ms, 1951-54
114.19
Close
4
104.3
104.3
104.3
(High
114.19
104.4
104
'
114.18
105.10
105.13
j Low.
2Ms. 1948-51
105.10
105.13
(High
118.28
Oct. 21
Oct. 20
Oct. 19
Oct. 18
Oct. 17
Oct. 15
Bond Prices
Treasury
118.28
Close
4ks. 1947-52
119.3
Low.
Treasury
Owners' Loan and Federal Farm Mortgage
daily record of the transactions in Treasury, Home
Corporation bonds on the New York Stock Exchange during the current
Quotations after decimal point represent one or more 32ds of a point.
Daily Record of U. S. Bond
No
only transaction of the day.
such sales in computing the range for the year
.
1944-64
107.7
107.6
—
-
-
-
—
-
107.8
-
—
-
32
107.10
4.-4.4.
--
107.8
-
107.8
----
2
2
1
106.19
106.20
4
---1
109.30
109.29
109.27
109.28
109.25
109.27
6
7
8
11
3
109.31
109.28
109.30
109.29
109.28
109.26
109.30
109.31
109.31
109.31
Low.
3Ms. 1944-46...
109.31
109.28
109.30
2
19
1
25
Total sales in $1,000 units...
109.5
109.29
109.29
106.17
106.20
106.10
106.19
106.19
106.16
106.19
1
Mortgage
109.3
Low.
109.5
109.1
109.2
109.3
109.5
109.1
109.4
109.3
2MB. 1942-47....
109.3
109.5
,
109.3
3
1
2
105.8
-
105.8
--
--
------
105.8
105.11
1A
2
106.16
106.18
106.16
106.16
Low.
106.19
106.19
106.14
106.15
106.16
100.15
106.19
106.20
106.14
106.18
106.16
106.16
5
8
31
28
5
5
(High
102.20
102.22
102.22
102.22
102.21
102.21
102.19
102.21
3s, series A, 1944-52
108.25
108.26
108.25
Total sales in $1,000 units...
1
2
Home Owners'Loan
Low.
102.20
102.21
102.18
102.22
102.19
Hign
108.11
108.10
Close
102.20
102.21
102.22
102.22
102.21
108.11
108.10
Total sales in $1,000 units...
2
5
5
I Close
108.11
108.10
(High
104.12
104.10
104.12
4.
Low.
104.12
104.10
104.8
-
(Close|
104.12
104.10
104.12
4*4*
*3
*1
38
2Mb, series B, 1939-49..
'
3
Home Owners' Loan
2Mb. 1942-44
1
-
Total sales in $1,000 units...
High
107.7
107.7
107.4
107
107
107.5
Low.
107.5
107.4
107.1
107
107
107.2
Close
107.7
107.5
107.4
107
107
8
13
(High
104.20
104.21
104.19
104.18
104.17
104.18
Low.
104.18
104.18
104.17
104.16
104.15
104.16
3
Treas.3Ms, 1943-45..
Close
104.20
104.19
104.19
104.18
104.15
104.18
2
Treas. 3Ms, 1944-46..
24
19
39
13
39
1
Treas. 3s, 1951-55
High
106.31
106.28
106.29
106.27
...i.-jLow.
106.31
106.27
106.28
106.27
106.29
106.31
106.27
106.29
106.27
106.29
6
2
1
1
Total sales in $1,000 units...
2MB. 1955-60
Total sales in $1,000 units...
2MB. 1945-47.
11
3
8
-
—
-
104.12
104.12
-
—
-
104.11
104.10
-
104.12
104.12
—
2
1
6
107.2
3s. 1951-55
*
—
106.20
108.26
Total sales in $1,000 units.
-
106.19
•{Low.
3s. 1946-48
— -
(High
108.29
2
106.2
106.2
106.6
1
105.11
Close
Total sales in $1,000 units..
106.2
105.11
108.29
Low.
1949-52..
3 Ms.
106.2
106.6
(Close
108.25
108.26
108.29
106.2
106.3
2
(High
j Low.
Home Owners' Loan
High
106.5
Total sales in $1,000 units...
25
12
106.6
106.6
106.8
«
9
9
106.6
106.8
(Close
3s. 1942-47
Federal Farm Mortgage
109.3
109.1
Total sales in $1,000 units...
(High
7
3
1
106.8
Total sales in $1,000 units...
Low.
1946-49
106.16
1
Close
3 Ms.
106.18
Federal Farm
109.29
4
109.4
109.1
109.6
106.19
106.19
Mortgage
3s. 1944-49
h
High
,106.17
106.10
Total sales in $1 000 units...
109.29
110
106.20
106.20
Federal Farm
1
High
(High
j Low.
(Close
Close
Total sales in $1 000 units...
106.10
37<H
Close
Total sales in $1,000 units..
h
1
*
Odd lot sales,
t Deferred delivery sale
Note—The
bonds.
of
includes only sales
registered bonds were:
table
above
Transactions in
...109.28 to 109.28
109.30 to 109.30
107.2 to 107.2
—
......—
-
-
-
__
coupon
106.29
United States Treasury
United States Treasury
Bills—See previous page.
Notes, &c.—See previous page.
New York Stock Record
LOW
AND
HIGH
SALE PRICES—PER
SHARE, NOT PER
Monday
Tuesday
NEW
Oct. 15
Oct. 17
Oct. 18
$ per share
56
56
$ per share
Wednesday
Thursday
Week
Oct. 21
Oct. 20
Shares
$ per share
$ per share
$ per share
56
56
5578 56
700
*56
56
5618
56k
56k
5614
1333a *110
1333a *120
1333s *110
1333g *110
13338
1333s *110
45
45
43
43
20
*3514
43
*3618
45
*3612
45
*3514
45
*44
46
*44l2 47
45
400
46
*44l2
46
45
45
*44
45
123a
12l2
123g
125s
12ig
12l2
1214
1212
7,600
12k
1238
I2la
12U
*22
23
23
23
23
23
*23
400
2334
2334
2334
*2284
2334
29U 29k
29*8 29M
800
2912
2912
28k 2834 *28
285g
27k
27k
66
06k 67
67k
64
6434
8,400
66l2
6612
64I2
66
6334
6514
13s
138
lh
lk
lk
1®8
lk
6,100
15g
lk
1»4
*ll4
1%
*68k
*62
10
*68k
70
*62
70
68i2
68k
*62
70
934
978
9«4 10
95g
984
912
978
9&g
97g 10,800
9k
97g
*110
...
*117
1«8
lk
12i4
12
*934
105s
10
10
*13
14
183s
*13
19
'
13k
*192
194
103s
10i2
1314
II84
13U
12
68i2
54l2
68k
1934
20
3
55U
3k
*22
1
lia4
10k
lk
1078
1*8
lll2
105s
97g
1018
12
934
125s
18k
12i2
194
13
13
19
I8I4
1212
197
10k
125,
IH4
*67
5134
1834
3
10k
1312
117S
1214
189
*10
1234
IH4
iu4
1018
1334
1834
1312
19418
1078
1318
12
"Ik " Tf4
1234
11
11
14i4
183g
133g
189
*10
1234
11«4
69
67l2
68
68
65«4
51
5234
51'4
18U
278
1934
3M
183g
3
183s
3M
1H4
IH4
1*4
1412
13
12i2
15
I6I4
18
185g
1*8
127g
1334
1112
m2
15
19
1378
1314
195
190
*10
1012
13
12U
6812
535g
19
3
1234
Ilk
67k
5U4
«1734
*278
Par
Abbott Laboratories
4M%
conv
100
Abraham A Straus
Acme Steel Co..
13U
192
lk
15'4
lk
Adams Express
Address-Multlgr
Corp
10
Air Way El Appliance. Vo par
Alabama A Vlcksb'g Ry Co 100
Alaska Juneau Gold Mln
10
100
No par
2,200
8,500
13k
2,300
4,300
Allied Chemical A Dye.No par
124
Mar 31
5
7
Mar 31
13k
13k
*163g
185g
13k
192
3,900
3,400
600
10k
13k
13k
2.400
Ilk
*67k
13k
54,300
69k
600
51k
52»4
24,200
1,700
3,500
18k
18k
3
27g
3k
25
*22k
24k
200
Allen Industries Inc
•55
*
5
Allied Mills Co Inc
5% preferred
Alpha Portland Cem
22
6534
66I4
6512
67
647g
6784
67k
69
4,000
Amerada
26
26
26
26
2534
26
2,100
Am
2OI4
21
2612
203g
2012
2114
26*2
2134
21
1934
20
20
American Bank Note......10
55
5512
56
55
56
56
57
*56
20k
597g
5,800
55
27M
2112
66k
*26
24
Bid and asked prices; no sales on tnis day.
*21
t
In receivership,
a
260
Def. delivery,
6% conv preferred...
Corp
6% preferred..
n
New stock,
r Cash
share
36
Nov
55
Mar
45
Oct 15
37
Nov
09
Mar
52
Jan 14
43k Deo
77g Nov
85
Aug
12k July 19
23k Oct 21
30
Aug 30
17k
16k
Oct 17
ikJ"iy 11
68k Oct 18
13k Fob 2
44k Nov
67k
115
197
Oct
28k
Feb
Oct
36
Jan
80k
5k
Jan
Oct
Oct
Aug 27
146
Oct
7
12
12
1
Oct
11
Oct
11
Oct
59
Feb
10
Oct
58k
10k
Oct
62k
Feb
Feb
Jan
Jan
Jan
Jan
12
12
Aug 26
Aug 20
Oct 17
~~0k
145
Oct
Nov
7k Dec
15k
237g Apr
258k Mar
17k Aug
33k Jan
217g Mar
69
13k Oct 21
Oct 14
49
Dec
85
55k Oct 17
34
Oct
83k
24
Jan 12
78
July 13
10
May 27
Oct
3
Mar 30
46k Apr 27
x
Ex-dlv.
10
0ig
Oct
Oct
Oct 15
8k
Oct
3k Oct 17
lk
Oct
20
Jan
Feb
166
Aug
5k Feb
59k Feb
8
lk Jan
177s
17k
17k
17k
19k
14k
k
22k Mar
Ilk July 20
147§ July 25
26
50
sale,
per
56k Oct 11
123«4 Oct 6
55
1
50
No par
Agrio Chem (Del) new No pr
22
66k
Highest
34k Mar 31
Ilk Apr 1
lk Mar 26
10
Mar 30
Amalgam Leather Co Ino
22
6534
$ per share $
share
4k Mar 26
Mar 31
No par
No par
22
per
8k Mar 28
No par
100
Allls-Chalmera Mfg
$
38
No par
Allied Stores Corp
Mar 30
5i2June 17
7»4June 18
14k Sept 26
4k Mar 30
1
Allied Kid Co
67
*21
3
19
13
24
60k
26i2
21l2
June
6k Mar 30
14k Mar 31
16k Mar 31
40 May
2
k Mar 30
67
Aug 3
8B4 Mar 31
96
Apr 16
7g Mar 31
6k June 17
Air Reduction Inc.....No par
27.500
13
523g
183g
28
No par
Allegheny Corp
103s
67k
119k July 19
30k Mar 23
No par
Adams-MUIls
18"206
10k
127g
No par
25
share
36k Feb *
per
5M% pf A with $30 war. 100
5 M % pf A with $40 war. 100
5M% pf A without war.100
$2.50 prior conv pref.No par
Alghny Lud Stl Corp ..No par
12k
Year 1937
Lowest
Highest
17
15
191
$
No par
pref
Albany & Susq RR
♦110
1*4
1278
Range for Previous
100-Share Lots
Lowest
f per share
Oct. 19
On Basis of
STOCK
YORK
EXCHANGE
the
Friday
Range Since Jan. 1
STOCKS
Sales
CENT
for
Saturday
19
Oct
51k Nov
Mar
Jan
39k Jan
87s Mar
52k Mar
11478 Mar
28k Oct 10
23k July 19
10
Oct
41k
Jan
GOkJuly
50
Dec
75k
Feb
y Ex-rights.
5
1 Called for redemption.
New York Stock Record—Continued—Page 2
Volume 147
LOW
AND
HIGH
PRICES—PER
SHARE,
NOT PER
Sales
CENT
Monday
Oct. 15
Oct.
$ per share
9i2
.
Oct. 18
I
,
$ per share
11
Tuesday
.
17
$ per share
8
10
Wednesday
Thursday
,
Oct. 19
Oct. 20
104
*17012
293j
*48
23
*105
|
$ per share
$ per share
$
per
*100
120
125
119
*834
9
1312
125,
13%
119i8
11912 12018
834
1234
125
8%
13%~
*100
125
*100
115
11034 11034
119
119
*118
122
122
9'4
13
"
14
87s
*85s
878
8%
14i8
1384
1384
1334
12is
1234
12
12%
12
12l8
75
*72
7312
512
*7is
73i2
534
73
73
72
73
5%
*6%
5%
10
5l2
5%
*7
10
*167
500
*167
778
500
514
*6i4
*167
5i2
10
500
412
47,
45g
5
2334
23s4
2212
24
11
1134
1812
12
5ig
11
12l8
183s
12
29
30
29
30
42*8
1%
42%
1*8
16i4
4234
4234
ll2
*15%
ll2
16
16
1*4
16U
8
8'
8
8*8
1812
*1134
434
16i4
18U
1112
434
8'8
*167
412
21i2
5
22i2
lb%
11
17
17
12
478
2912
43
500
21
*1134
484
2914
42l2
112
125
878
13i2
11%
458
43g
12
12*8
*73
75
514
10
*7
*167
500
*167
4%
4%
20U
20%
1014
1034
17
10t8
*1684
10%
17
17*4
12
12
12
434
12
5
293s
4278
134
16X2
24%
8I4
2312
2434
23
2334
2214
24U
23
69
70
70
7012
70
70
69i8
70
1514
4%
155s
4'3g
153s
155s
153s
1578
15i4
1578
4i8
4%
4i8
4U
4U
412
43l4
3,900
484
*29
8,700
100
800
4234
*n2
*15*2
75s
23%
7134
15U
*438
42l2
10%
12
2434
2484
1,800
1,400
4%
30
19,100
4234
2,100
1,200
1%
1,500
17
8
8X4
5,300
2584
12,300
71
71%
15%
15
1512
5,300
4%
2,900
17,800
4%
1634
19l2
17l4
1634
1714
1634 17
19i2
19l2
19l2
185s
1912
35
35
33
3534
35l2
5534
5634
5614
58j8
5414
56%
*130
1323s *130
1323s
132l2 132l2
*60 .* 613s
*60
60
60
605g
*14512 14714
148
147>4 14712 *143
32
33i4
33%
33l2 3334
3312
8
8is
8i4
8%
83«
Si8
1678 17
I884
19i2
34I8 3434
5334 5714
13234 13234
*60
6018
145
145
3284
8i8
*18
*16
26
83S
*80
85
6'4
39
85
6I4
39
40
878
9i2
3978
397g
41
42
56
5712
20
20
*110% 114
20
20
*234
28
*1217s
*103
6
85
|
89
6
89i2
6I4
38
3812
6'4
3912
85s
401$
•
85s
40i4
40
9
4H2
38% 40%
4218
54
66l2
56i2
20
2018
1984
1934
*110l2 114
*110l2 113l2
20
20
19%
20l2
3934
54l2
3
3
3
3
3
28
27
*28
28i8
28i8
*12218
*122l8
104
10418 *103
103l2 *103
6
6%
6lg
57g
6
8%
23.200
200
5,200
*106% 108
*19%
20%
146% 147
8612 87i8
8918 89%
14812 148*2
149
143s
*38
35
9%
90
87
89
7*4
13t4
*85
6X4
38*2
6% preferred.....
6% non-cum pref
6%
38
87s
8%
42
*37
38i2
5514
40*8
5514
*53
19
1978
19
38%
107
108
400
20
20
400
146% 147%
87%
87%
88
2,200
13%
63
Oct
101#
Oct
Mar 30
45
24% Nov
99% Mar 30
119
Amer Power A Light
42
3934
55
No par
No par
Preferred..
100
25
conv pref
,100
Amer Steel Foundries..No par
American Stores
...No par
American Stove Co
4034
8%
34,000
42
39%
*53
Am Sumatra Tobacco.-No par
Amer Telep A Teleg Co... 100
American Tobacco
25
Common class B
20%
9,600
130
1934
25
6% preferred
Am Type Founders Inc
100
$5 prior conv pref
*70
74
74
*70
7934
*55
79*4
*55
36
*35
35i2
35
*85
*85
89
*86
89
*86
*85
■
74
*70
7934
*55
35
89
*86
3412
85
*86
43%
45
12%
12%
1234
6%
6%
11%
11%
74
10%
*70%
74
*72
*62
7934
*60
*34%
35
3978
37'2
39
37
38i2
377s
40
*60l2
61l2
2434
7
59l2
2414
*634
60l2
2434
5914
58
61
24
5984
25l8
12i2
*658
12l2
73«
1212
24
23
2314
24
*6i2
*12
13
24
*11
23i2
2414
108
*107
7
*1067jj 10734
*43%
8%
44
43
87s
43i2
10734 108
8h
85s
4234 4234
*62
64
60
60
*60
62
*11514 118
118
118
118
118
83s
8i2
'
*6i2
8
*65s
4
4
37S
4
25g
25s
2%
2012
3
*19
20i2
IH4
484
11*4
818
83s
9%
912
*3212
33l2
45s
478
1118
8i8
9U
*6l2
37g
2%
22
558
21
II84
11
8i2
9%
5%
F
2H4
1178
3312
*32
93
*
92
92
*91
2112
2078
117s
2158
1178
32
*31
*31
712
*31
12i2
31%
712
4ig
3ig
21
534
123s
83s
93S
3312
93
2084
12%
2258
1234
31
3ll2
*85
89
*86
...
38%
*85
21,900
38%
60
59%
60
24%
7*4,
25
26
13
Mar 31
par
2
Mar 31
7% preferred
96
Feb
24% Mar 26
2% Mar 30
6
12% Oct 21
7*g July 13
1
4
Mar 29
12%
75
Aug
9
58
Dec
73% Sept
8
83
Nov
Mar 30
36% Aug 10
33
Dec
20
6% pref with warrants.. 100
55 pref without warrants 100
72
Mar 29
89%
72
Jan 22
30", 500
Atch Topeka A Santa Fe..l00
71%
Dec
87% Oct 13
70
Dec
22% Mar 31
42
Jan 12
32% Nov
100
40
May 27
71
Jan 14
66ij Deo
100
14
Mar 31
27*8
Jan 12
18
5% preferred
700
33
*91
21%
*31
18%
30%
114l2
8
74i8
253s
18*2
53
64%
1734
107
114
534
75,100
55 prior A
...No par
Aviation Corp of Del (The) ..3
80,100
Baldwin Loco Works v t C..13
5
Mar 30
13l2
23,000
Baltimore A Ohio........100
4
Mar 31
11
8,800
4% preferred..s
100
Bangor A Aroostook.......50
Conv 6% preferred.
100
Barber Asphalt Corp
10
6% Mar 29
33%
93
20%'
18
22%
92
10%
3234
92
21%
13X2
*32%
13%
3,800
31,300
21,600
17%
18
19
19%
120
30% *-..-
8%|
31
114% 114%
23%
24%
2334
8%
1,300
500
1,900
64
52,800
16%
20
17%
2034
16%
17%
2,100
2834
1,800
20%
2,200
17%
9,500
♦19
22%
*48
54
*48
5412
*48
54l2
*48
*48
54%
*48
54%
2984
29*8
27
54%
29%
30 j
27
28%
29%
29%
29%
27%
29%
28%
29%
71,100
3,100
Bid and asked prices: no sales on this day.
J In receivership,
a Def.
20
delivery,
Oct
7
30
Oct
98
89
Dec
10ig
Oct
July 19
23*8 July 25
Oct 19
26
Apr
Oct
13% Jan 11
36
July 21
Oct 20
Mar 30
10
Oct
21*8 July 19
19l2
Oct 19
Jan 31
19%
7% Dec
20
Nov
10
Oct
9l4
108
Oct
Oct 19
1314
Oct 19
92
Apr
9
30% Mar 12
94i2 Apr
2
115% July 18
Oct
Oct
Nov
29l2 Dec
90% Oct
9
July 19
7%
Oct
83
Jan 11
82 lg
Dec
8% Mar 29
25*8
Oct 19
8I4
16% Mar 31
26% Mar 31
No par
20
Black A Decker Mfg Co No par
No par
BloomIngdale Brothers.No par
Blumentbal A Co pref.....100
Boeing Airplane Co
5
Bohn Aluminum A Brass
Cash sals.
39*4May 27
12*4 June 14
76
Mar 31
17%June 3
9*4 Mar 30
10% Mar 31
13% Apr 4
May 10
19
8ept 14
37
16% Mar 31
6
American
changed from United
r
Oct
8ig
July
5
5% preferred.....
New stock,
5
14
9
Dec
2i4
32
10% Mar 30
15
Oct 21
Mar 23
109
Oct
2
Dec
Sept
Oct 19
21% Mar 29
67
7% preferred
100
Blgelow-8anf Carp Inc. No par
n
5
Dec
3ig
6% Mar 31
Sept 26
No par
Bethlehem Steel (Del).No par
b Name
Jan 21
12% Mar 30
Nov
4X5
Oct 21
102
Bendix Aviation.....
Biaw-Knox Co...
Mar 31
86
101
6
90% Apr 29
Beech-Nut Packing Co
2,600
107%
29
38
3
22%
26
50
Beneficial Indus Loan..No par
62%
12% Mar 30
2% Mar 29
No par
Beech Creek RR
Belding-Hemtnway
Mar 25
116
Beatrice Creamery—
55 preferred w w
2
9
11% Mar 30
Best A Co
53%
64%
20
preferred..
2,000
18%
53%
63%
28%
1st
5
No par
100
Bayuk Cigars Inc
4,500
18l2
53%
107
Barnsdali Oil Co......
135". 900
18%
*17%
50
Belgian Nat Rys part pref
74%
52
17%
No par
5H% preferred..
300
10
-No par
Barker Brothers
30
24%
1834
107%
2834
Austin Nichols
50
*113% 114%
18%
*17%
18%
114%i
20
33
17%
*99
200
13,600
19%
101
680
22%
114
8
*70%
17%
2
101*8 Sept
7*a Dec
3914 Oct
Oct 14
Mar
7% Oct 11
6i2 Jan 12
3% July 13
13%
75%
28
2i2June
119
22%
8%
♦70%
107
28*4
1
5%
14
100
3
13%
8%
9%
32«4
32
19U
Jan
4ig Apr
2134
13%
32
106
13%
32
102
preferred
100
Corp
No par
J Auburn Automobile. -No par
5% conv
Atlas Tack
9% Jan 10
48i2 Aug
62
22%
5«4
32
19
70
60
3,500
13
17%
Mar 29
Atlas Powder
10914 Aug 11
3%
32
114
700
Oct
3%
21%
177s
36
6% preferred.
900
Oct
18
3%
23
135g
1912
11434
.....No par
4% conv pref series A...100
Atlas Corp..
.'
5
Oct
27*8 July 20
"2,100
934
*92
Mar 31
Apr 12
Mar 30
Mar 26
9
4%
9%
93
17*4
101%
8*4
38*4
Oct
6
14i2 Jan 10
4
103s
33-
15,200
—100
25
Oct 10
8% July
4
8%
Dec
July
108% 108% *108
10834
8i2
85s
8%
8%
8%
44
4314 4312 *43
43%
4334
60
60
59
59
60%
5934
118
II8X4 *117%
♦117% 119
*634
714
*7
*7%
♦7%
7%
8%
Oct
6
Oct 21
Oct
May 12
10,600
834
Oct
4%
2%
■i
56
24%
5i2
30
Oct
27
23%
12
Oct
*52
24%
6
93
100
100
23
13
,
48% Oct
5% Mar 25
612 Mar 26
22%
JaD 31
5% preferred
Atlantic Refining...
*19
•
94 %
Mar 19
1,400
223g
2884
60
14
♦19
28i2
Dec
14
22
30*8
30
4%
57
14%
*19
29ig
Jan 12
14
22
287g
7
72
4% Mar 25
5%
31% Aug
2i2 Dec
22
Dec
116% May
3% Mar 26
Atl G A W I SS Lines.-No par
I2I4
8>4
9i2
7
5
Associated Dry Goods
Oct
28% Mar 28
Atlantic Coast Line RR
*19
29l2
No par
Corp
Oct
10
Oct
4% July
No par
Constable
Artloom Corp
39
8
Oct 19
Oet If
July 19
1,500
223s
28%
Armstrong Cork Co
Arnold
x2712 Oct
24i2 Nov
Oct
103%
100
Oct
7
122%
No par
314
Oct 17
Mar 30
pref
Oct
25% Dec
Oct 17
Oct 15
20%
July 14
conv
Oct
Oct
3i2
96
82
6% 1st preferred
7% 2d preferred
39%
*18i2
27ig
1
Apr
8
82
1
21% Aug 5
113% Oct 19
116
9,300
21
Dec
128% May
414 Oct
July 25
100
3,900
1612
1678
16*8
1612
17i8
1634l 16i2
183g
19
183s
1734
1884
1834!
185s
114
*114
114
11434
*112l2 11484 *114
19
187s
19i8
*1812
19
1918
19*4
*102
102
10358 *102
1035s *102
1035g
*
*29
32
*30 lg
32l2 *28
32l2
*112
120
*112
120
*11312 115
114i2
8
8
734
8
784
734
77g
*70i2 74i8
*70i2 74i8
*7012
76
*7012
23
25
215g
23l2
2Ug 223g
2334
18%
18i2
1818
18'g
18i4
I8I4
183s
50
52
5014
513g
5012 50i2
52%
63 lg
62l2
65
6334
647s
645s
62%
175g
17l2
1778
173s
1738
17%
17l2
105
106
106
106
106
107l2 105
29
28
2934
*28'2
2934
28l2
29
21
21
2012 2012
20% 21i4
20%
173g
18
173s
18
173s
175g
1634
29l2
20
43
Armour&Co (Del) pf7 % gtd 100
Armour & Co of Illinois. —.5
8
3%
21%
Dec
68%
6
June 29
10
_
61%
4
67
Aug
9% Oct 17
20
Apr
26%
414
3*4
2II4
Oct
Aug
Andes
10*4 Mar 31
8
414
3I4
140
7*8 July 19
97
25%
8%
Oct
Jan 10
8% July 27
14% Oct 17
AncborHockGlass Corp No par
$6.50 conv preferred.No par
8%
26*2
8*4
1334
2312 24I4
108
IO8I4
Oct
14
Assoc Investments Co ..No par
400
89
38%
Mar 30
Dec
104%
57%
*86
37%
Dec
Mar 14
42%
69
*34%
35
12%
3% Mar 28
Mar 26
74
7934
3434
85*2
1,100
Oct
7%
Aug 29
Mar 29
Archer Daniels Midl'd.No par
12,000
221jg
91% Aug 26
May 26
70
7,500
7
Oct
Nov
July 21
150
21
7% preferred
44%
1
29
75
11%
634
Apr
25
*52
*70
Mar 30
25
75
*35
68
68*4 Mar 31
130
Anaconda Copper Mining..60
Anaconda W A Cable.-No par
♦52
*60
Mar 30
43
75
11
111
4% Mar 30
*52
43%
Dec
125
Oct 13
117%
20%
149%
88%
23% Mar 31
75
115g
2
12% Mar 30
100
Preferred...
900
15,500
Nov
46
11% Jan 18
Amer Zlno Lead <fc Smelt....1
800
300
41
122
91
*52
107s
99l2Sept
10
Copper Mining
A P W Paper Co
No
1,100
Oct 17
35
Oct
1514 Dec
7i2 Oct
24l2 Dec
136% Aug 31
60% Oct 21
14812 Aug 30
Apr 16
3% Mar 31
75
1H8
6% Mar 31
20% Jan 12
20% Oct 3
35% Jan 11
58%
Oct
15X2 Oct
63is Dec
24
*52
10%
15% Mar 31
9i4
140
Jan 11
600
40% 137,800
113I2 1131? *110% 113
112% 113
*19
20
1912 20
*19
21
234
234
*234
3
2%
2%
*27
28
27l2 27*2
27%
27X2
122i8 122I8 xl 20% 120% *120%
104
103
103
10314 103*4 *103
6
5%
6i8
534
5%
534
684
ll7s
Jan 17
6
1,500
4414
12i2
130
7
pr
68
55%
43*4
1134
65g
Mar 29
45*4 A
Oct 13
165i2 Jan 12
22% Jan 15
80% July 20
Oct 11
75
1H2
103
Oct
19
*52
4414
14*4 Sept 28
7% Mar 26
22*4 Apr 1
28% Mar 31
Oct
26
31
56
6i2
Mar 29
Oct
31
Sept 14
47
11
68
3
Oct 17
Oct 17
June 10
*45
435s
30
Dec
Oct 17
12
48
III4
658
ar
Nov
26
Jan 18
29X2
7%
44%
3934
19%
Oct
100
Sept
20
*45
4412
M
Oct 17
No par
48
612
9
148*4 July
1
13% Mar 30
3
American Sugar Refining.. 100
Preferred
100
*46
105s
Mar 31
16% Mar 31
Am Water Wks A Eleo.No par
*41
20%
Mar 29
314 Mar 29
19
Am Rad A Stand San'y.No par
American Rolling Mill
49
427g
20
No par
$6 preferred
$6 preferred
*46
10%
67S
11
23
$6 1st preferred
No par
American Woolen.....No par
8%
Oct
5% Dec
14l2 Oct
17% July 25
5X4 Jan 12
400
39
8%
1%
14
74% Jan 17
91,200
4,100
2,200
23
20
19
21
Oct
Oct
Oct
Oct
Oct
Mar 31
14%
6%
2x2
20ia
3214
Oct
Deo
June 17
2% Mar 31
8,800
90
5%
14%
7%
10
400
6%
I7i2 Deo
44
5,400
13%
Oct
100
90%
*85
6%
38
12% Mar 29
150%
734
7%
*149
7%
90
10,900
90
90%
149
5,000
4% Mar 30
2X4 June
20% July
8% July
2£84 Oct
Oot
Oct
212
Oct
Amer Mach A Metals_.No par
Amer Metal Co Ltd
No par
6% conv preferred
.100
American News Co new No par
49
46
44
30>4 Mar 26
1% Oct 4
13*4 Mar 28
Oct
6
Oct 15
'
Oct
No par
Amer Mach A Fdy Co
*47
*612
1078
30
..100
Preferred
50
10%
Mar 29
Mar 29
Amer Internat Corp
No par
American Locomotive..No par
*48
455g
2
12
American Home Products...1
American Ice
No par
100
1734
1338
l
50
American Hide A Leather
6% preferred..
28%
146'4 14678
618
3812
8%
*139X2 145
9%
90
May 26
25
*16%
27«4
8
9
American Snuff..
9
734
.10
Amer Hawaiian SS Co
Oct
175
12% July 20
20% July 2
12% Oct 14
6% July 19
Amer Smelting A lletg.No par
Preferred
100
18
20
Mar 26
300
36,400
27%
107
5% Mar 80
140
60%
18
20
Oct
10
500
134
26%
107
Nov
2
No par
No par
American Seating Co..No par
Amer Ship Building Co.No par
18
«
80
514
8X4
5X4 July 2
25X4 Feb 26
American Safety Razor.. 18.50
2714
27
18
18
*17
18
18l2
2612
26i2
2634
26l2 27l8
*10534 108
*1055s 107i2 *10558 107
*19
19l2
1914
19i2
197s
19I4
147
147l2 14634 14778 145l2 14612
86
8612
86'2
8634
87
8612
88i2
89i4
89i4
90is
8834
89i8
*14578 I47i2 *14478 14634
147i2 I47i2
7
7%
712
714
7i2
77s
13
1378
13%
13is
1334
14%j
Jan 18
Jan 22
420
34
12i2
83
Mar 29
1,100
33%
Sept 28
2% Mar 25
4
2,700
32%
8I4 Mar 30
68
Oot
9*4 July 19
14% July 20
16% J&n12
2% Mar 30
13% Mar 29
19%
5434
Mar 29
177
16%
*139% 145
34i8
90
32%
5584
60%
Oct
Oct 21
1684
134
Oct
Oct
125
9
100
4H%
Oct
11%
4% Mar 29
No par
No par
1,400
Oct
36
88% Mar 3]
32%
60
9i2 Mar 29
32X4 July 25
63
July 25
23% Oct 13
Deo
No par
*18%
55
Mar 31
31%
Deo
69
151%
1514
Oct 21
CoJortype Co
10
Corp. .20
1934
134
27
109
Aug 24
86
16%
60
175
105% Oct 13
Oct 21
34
53%
136
110*4
*1834
134
Apr 21
70% Jan 3
89% Feb 18
*32
1634
114
100
172 d preferred A
56 preferred
per share
Oct
No par
700
7184
4%
28
Araer A For'n Power
$7 preferred
700
8
Oct
6% July 25
6% July 7
177
Jan 22
5,700
17%
4414
43I8
45
4112 4278
43l2 4412
43%
4334
43%
*118
129
*120
129
*120
129
12518 *120
*120
125
125
*120
27
26% 27
27i2
2714 27l2
27i8 27i2
2714
27%
*25l2
27% """760
7
63s
7
7i2
634
7lg
6%
7
6%
6%
634
119,100
42
41
41
433s
42is
44 i4
4214
4214
41
40% 41
41%
5,100
3778 387s
37«4 3934
36'2 38
36% 3712
36% 36%
7,900
36%
36%
18
18l2
1878
18
185s
1734
1812
1812
18
1734
18i2
18%
55,000
*153
*153
158
*153
158
158
158
60
*15414 158
160
160
160
19is
193s
I884
1912
183s
19'8
1834
197S
19
1834
19%
19% 27,000
67
67
68i2 68l2 *6712
67
69
67
67
6712
67
67
1,000
*33
American
$ per share $
7
160% Mar 30
12% Mar 30
Am Chain A Cable
In..No par
5% preferred
American Chicle
share
Oct 21
43% Oct 19
2i2
Amer European Sees
Amer Express Co
18,700
*15%
.No par
100
Preferred
per
14% July 29
2314 Mar 81
American Crystal Sugar
10
6% 1st preferred..
100
American Encaustic Tiling.. 1
II84
134
17
American Car A Fdy
5
1% Oct 18
25
joo
6,700
5,300
17%
4234
ion
_
share
per
Am Comm'l Alcohol
4%
20%
484
29%
4234
*1%
Year 1937
Lowest
Highest
684 Mar 31
5,500
10%
478
conv pref
Preferred
1,000
19%
29%
5
1
American Can
400
5,300
Corp
Rights
5H %
"5". 000
500
4*8
Par
b American Bosch
10
4%
42l2
134
16%
784
5%
Range for Previous
of 100-Share Lots
Lowest
Am Brake Shoe A Fdy.No
par
90
75
*7
21*4
29
12%
.
5%
On Basis
3,200
5.400
1,500
8%
14
12%
*73
53s
Range Since Jan. 1
STOCK
Shares
share
9
*100
YORK
2489
EXCHANGE
Week
8i2
85«
8»4
9
9
9*4
0
9
214
2
2i8
2i4
2%
42
4212
4214. 4234
425g
41i2 4314
41
42%' 42i8 4234
138
*13312 138
*133l2 138
*133i2 138
*13312 138
*133l2 138
10412 10334 104i2 102
IO284
100i2 102X4
10034 IOI84
102
103
175
*170l2 175
17212 173
172i2 172i2 *172i2 175
175
175
29%
2814 29
27l2 2934
2812 295S
28
2884
29%
29%
50
48
48
47
4784
485s 49
49
49
49i2
49i2
2314
22
21% 23
213s 2314
2234
22
22i2
22%
22%
125
*119
NEW
the
Fiiday
Oct. 21
1*8
42%
*13312
STOCKS
for
Saturday
*103s
SALE
*
Ex-dlv,
Oct
2
15
Oct
54
Oct 11
29
Dec
65%
Jan 11
41
Oct
19
Mar
17% Oct 17
108X2 Oct 14
29% Oct 17
2'% Oct lo
19% July 25
Aug 31
July 25
35% Jan 17
3012 Oct 11
14
.
Oct
8512 Nov
22X4 Dec
13*4 Nov
9
Oct
20
15*8
Dec
65
50
Dec
16
Oct
21
Oct
B osch Co
y
Ex-rights.
5 Called for redemption.
Feb
LOW AND
HIGH SALE PRICES—PER SHARE,
•
Saturday
Oct.
Oct. 15
9834
98
98%
98
49%
49
49
48%
Week
Shares
*13%
137s
*13%
137s
*133g
137g
17
17%
35%
17
17%
16%
35
16%
34%
1678
3334
3584
34%
47«4
16%
36%
26
6
1278
13%
34%
36
6
12%
12%
35%
12%
*25%
584
12%
3634
35
367g
34%
3%
38
♦38
3878
38
38
*36
40
40%
40
40
40
*3
39
40
40
8
30%
22%
11%
10%
31%
31%
33
3,100
19%
20%
20
6,700
35
35
35%
*32
20%
35%
13%
12%
*33
35%
1134
12%
11
5
6%
6
45%
44
35
34
2334
22%
14%
14%
14
19
1834
19%
19
2234
14%
1934
284
2%
2%
*2
2%
•8%
934
*8%
10
*8%
10
*12%
14
12%
1284
22
*2034
13%
5
13
*37
39%
19
2034
20%
51
18%
21
51
10%
18%
18%
*42%
6%
6%
034
36%
36%
8%
42%
82%
17%
*8
*40
81
*16%
378
97%
4
334
56
22%
93
2784
69%
*67
2434
24
18%
4%
18
18
0
6
5
99
*88
99
*89
x55
59
53
1134
*42%
59%
1178
44%
11%
12
43%
44
*94%
05
95
96
28%
27%
*88
5734
23%
69%
24
24
*6
5%
634
6%
0%
6%
684
1,000
*4%
584
*4%
684
300
99
*90
99
5484
11%
12%
43
44
'
*95% 100
2734
28%
43
*96
27
33%
34%
32%
34%
80%
80%
80%
7g
*2%
*2%
3%
%
37g
%
*3%
4
%
%
334
%
13%
3%
1278
%
334
13%
*%
%
•
1%
1%
4%
17%
37%
42%
1%
1%
*4
17%
1%
*1%
1%
2784
10%
*11%
4434
45
34%
35%
3534
36%
80
80%
80
80%
*%
1%
1
1
4
*3%
1634
16%
37%
17%
37%
3%
%
%
4,200
3%
400
1%
1
17%
17
37%
37
37
13%
17
17
37%
40%
40%
h
h
1S4
*1%
h
1%
*134
2
*1%
*9%
16%
134
1%
1%
1%
1%
*184
10%
2
*1%
134
10%
1634
9%
51
50%
*10
10%
10
10
16
16%
16%
87g
50%
9%
50%
81%
78%
8384
834
66%
68
68
62
*49
*45
16
9
9%
51
82%
834
7934
834
9
*07
68
66%
67
*49
62
81%
8%
26% 26%
*111% 11134
2784 2784
*62
-
47%
22%
93
*49
62
*49
5
434
47„
434
478
26% 2678
ill34 IIIS4
*27%
2784
*62
49%
2234
125
125
132
*60
61
*60
*1000
-
-
-
-
♦
105
*
105
26%
*5%
26%
17%
6%
*5%
6
*784
8%
*7%
8
684
17%
*16%
684
634
*17%
*96
14%
*32%
8%
8234
I784
18%
97%
14%
3384
9%
"17%
17%
634
8%
9
9
69
69
70
*49
62
*49
62
4%
4%
27%
73
*62
*26
73
49
61
13%
61
*60
*1000
14%
60%
27
14%
14%
13%
*102%
*
----
26%
"17"
5%
7%
*0%
17%
5%
734
8
39
37
3984
*102%
*
"17%
6
•
mkmm
26%
18%
6%
37%
70
*62
50%
73
51%
60
60
*1000
~1~4~"
3784
6
7%
7%
8
*6%
7%
*638
8
784
-
L.
-
3,100
82
300
11,900
200
Jan
41b4
4
Oct
2434
Jan
Jan
Aug 26
26I4 Mar 29
4i2 Mar 30
59% Oct 15
1238 Oct 6
26%
7,000
18%
*534
7
150
8%
8%
3U Mar 31
88
8%
18%
3,800
17
17
17
17%
17%
18
94
93%
93%
95
9584
14%
3384
14%
1434
14
14%
14%
14%
1,100
1,200
2,800
3434
200
32%
9
978
*28
884
3484
9%
14
*30%
8%
3434
9%
*30%
8%
3434
884
83
80
80
78
80
*75
80%
*67
75
68
68
*67
75
*69
75
54%
55%
54%
*10484
55%
5984
59%
27%
*105
58%
*110
1034
2%
51
28
984
5434
55%
*103% 106
59%
59%
59%
*111
10%
10%
57%
111
10%
10%
55
106
59%
111
10%
*31
75
54%
58%
*107
10%
2
1%
48%
50%
47%
49%
48%
27%
28
2734
28
27%
27%
27%
2
1%
J In receivership.
55
9,800
105
500
59
8,700
111
100
11%
2
49%
27%
32,400
207,800
10,200
45,400
cDef. delivery,
Commercial
I8I4 Mar
32
Jan
1
5
%
Dec
3U Mar
178 Jan 10
Oct
Dec
714 Mar
184 Jan 10
514 July 22
Ds
78
Mar 31
9
1
1U Jan 20
July 7
3
Mar 25
12
2i2 Jan 12
1234 Jan 12
19% July 26
105s Aug 6
Mar 28
8
Mar 29
314 Mar 30
25
5
Mar 24
105s Mar 26
Apr 7
1514 Mar 26
67U July 2
32l2 Mar 29
10i2 Mar 31
106
111
Jan
3
105i2 Mar 30
57i2 July 8
976 May 5
9
884 Mar
27i2 Jan
22% Jan
1578 Mar
12
Oct
3
Oct
36
Oct
Feb
Feb
57
Dec
92
Feb
Feb 28
58
Dec
74
July
2
Oct
125
Aug 31
Jan 27
Sept 29
14234 Aug
61
976
3
Oct 14
May
103
3984
1714 Dec
10284 June
19i2 Dec
82
Oct
105s Mar
48
Aug
Jan
113
48% Aug
90
Jan
•
24i2 Nov
41
1314 Dec
2978 July
110i2 Dec
9384
56i2
Jan
8i2
Oct
Oct
Dec
13278 June
170% Apr
59
June
5
8
95
Dec
Oct 18
18
Dec
2484 Mar
104% Jan
0234 Feb
9884 Nov
11284 Mar
145s Oct 11
Oct
10534 Oct 14
26
Jan
Jan 15
IU4
884 Jan 12
514
Oct
Dec
Apr
5178 Feb
27% Mar
8
8
45
Dec
30
Jan
758 Dec
29
Jan
19
19
I684 Dec
105s Dec
32
25
19
65
Nov
10
Oct
39%
Jan
19
17
2584 Dec
46%
207*
Jan
Jan
83
Oct 15
08
Oct 18
168% Oct
04i2 Dec
30% Dec
II84 Jan 10
10
June 30
2234 July
223s July
98% July
16i2 July
353s July
978 Oct
1
-
23
Mar 30
84
Mar 38
106
31i2 Mar 31
90
Jan 31
III
55% Oct 14
*4%
Oct
Oct 20
80
Dec
5978 Oct 19
Aug 26
12% July 29
2% Oct 17
34
Dec
86
Dec
5
Oct
1
34
Mar 31
51
Oct 17
22% Mar 30
28
Aug
31% Aug
12584 Apr
108
Jan
"
101
Jan
69%
114
80i
120
Jan
Jan
Jan
Jan
21%
Jan
Oct
4%
Jan
Oct
75%
Jan
May 11
25
s
Oct
Mar
51% Oct 21
2534 July 22
Mar 30
578 Mar 30
1
Mar 29
6i2
80
76
Mar 29
2712 Apr 1
Sis Mar 30
57 May 3
50 May 16
10%
Oct
135%
213s
28i2 Aug 24
13i2 Mar 29
13
Feb
Oct
1
Oct
Oct 15
27% Oct 19
May 31
5334 Apr
35s Mar
1®8
11
115
7i8 Mar 30
20
Feb
Aug
40i8 Deo
60
Mar 22
2
Feb
45
63s Oct 21
784 Sept 26
54
% Dec
03s Mar
19i2
33
74i2 July 19
May 31
Jan
2!% Dec
684 Oct
2834 Dec
8334 Oct 18
13% Jan 12
51
353s Mar 31
59
Jan
17% Oct 15
37i2 Oct 18
44
July 27
Mar 30
12 Sept 15
$0 preferred series
Cash sale,
Mar
Oct
Dec
li8 Mar 28
Common with A Sou..No par
r
4
3
10
375sJune
pf ser '35.No par
Commercial Sol vents.. No par
n New stock,
Oct
li4 Jan 10
078 Mar 31
conv
No par
Commonwealth Edison Co..25
c Change of name from Peerle
13i2 Mar
53s Jan 10
22
4 M % conv preferred
100
Com mi Invest Trust ..No par
$4.25
1
484 Mar
Oct
34 Mar 29
10
Credit
Mar
100
Oct
15% July 19
2
0% preferred series A... 100
5% preferred...
100
10
Dec
84
2
i2 Mar 28
Columbia Gas A Elec.-No par
*68
7
Feb
48
84 Mar 26
preferred.No par
1,700
50
1%
conv
164,500
1%
2
$2.75
9
105
July
63U June
14 Aug 17
No par
v t c
80
8%
4
Feb
Feb
82
111
214 Sept 28
87S Mar 31
2.60
Class B
Columbia Plot
80
48%
•Bid and asked prices; no sales on this day,
54%
106
1784
89
1% Feb 23
i2Mar 18
li2 Mar 23
Columbian Carbon v t c No par
14%
17%
5
Jan
89
Apr 26
70
100
100
A.2.60
*91
17
687g Mar
3i4Mar31
414 Mar 29
4
Apr 1
17%
18%
90i2 Mar
Oct
100
96%
14%
17%
Oct
Nov
31
20
17
18
5
i40
June 18
22
9i8 Mar 30
94
1784
1234 July 20
48% Mar 2
38i2 Jan 17
May
6
Colo Fuel A Iron Corp.No par
18%
18%
30% Jan 12
June 14
18
Feb
98
18
4
25% Nov
27% Mar 30
No par
96
*1784
6
29
2d preferred
Jan
868s Mar
235s Feb
4
June 24
4%
115
Oct
8734June 29
4% 1st preferred
3484 Deo
14i2 Mar
Mar
100
20
95
Oct
Sept
46
1314 Mar 31
Colorado A Southern
3%
Jan
106
17i2 Mar 31
June
1
94
78
6% conv preferred..
Jan
3% Oct
18% Oct
103% Dec
No par
200
*6%
Mar 29
4
Collins A Alkman
Colonial Beacon Oil
Jan
Oct
28
8
Colgate-Palmollve-Peet No par
6% preferred
100
30
18%
No par
Coca-Cola Inter Corp. .No par
82i2
8
Climax Molybdenum ..No par
No par
Oct
Jan
Co (The).l
Co 7% gtd.50
Preferred
June
48% Mar
52
June
Clev Graph Bronze
Coca-Cola Co (The)
Class A..
115
19% Dec
96
100
...100
5
No par
No par
100
Dec
1
2n% Oct 14
72% July 21
108% Aug 17
14
July 25
8% Jan 10
678 July 25
104
Apr 2
25
5
Cluett Peabody A Co
90
Sept
96
5
Feb
9934 April
7
Mar 26
No par
Clev A Pitts RR
41U May
100
125s
10714
10
Clark Equipment
Clev El Ilium $4.50 pf.No par
IO514 Aug
Dec
39U
.....No par
6M% preferred
City Investing Co
City Stores
Dec
13
Oct
preferred
100
Chicago Yellow Cab.—No par
City Ice A Fuel
97
Oct
Oct
0%
Co
5
2534 Aug 24
1063s
2
dlv No par
{Chic Rock Isl A Pacific... 100
7% preferred
100
Corp
Nov
24
Pr pf ($2.50) cum
Chrysler
Dec
40
3
Chicago Pneumat Tool .No par
$3 conv preferred
No par
Chile Copper
97
55s July 25
100
Childs Co
19184 Aug
12984 Jan
80
4
Aug
Mar 20
2
{Chic A East 111 Ry Co
100
6% preferred
100
{Chicago Great Western..100
4% preferred
100
Chicago Mall Order Co
5
{Chic Mil St P A Pac.-No par
5% preferred..
100
{Chicago A North West'n.100
Chlckasha Cotton Oil
9i2 Apr
July 25
58
Nov
Feb
353s June
120
Mar 28
1912 Aug
6
Preferred
102
1Q7i2 July 25
4
July
Nov
Oct
Jan
17i2 Mar
6U2 Jan
18i2 Mar
5214 Jan
Oct
1312 Nov
278 Oct
1812 Oct 18
4i2 Jan 12
12i2 Mar 26
46
July 25
Feb
61
Dec
678
884 Aug
Mar 30
9
Corp..
No par
Chesapeake A Ohio Ry
25
Preferred series A
100
30
600
18,300
♦
6
-
_
*102%
18
-
15,506
14%
14
*
20%
•
102% 102%
3834
37%
*102%
~18
2,800
1,800
60%
*840
"MOO
28
28
51
83
2784
27
5%
350
*111% 112
28
*62
50%
48%
27
*111% 112
27
4%
5%
83
55%
82
200
10%
3,100
17%
5,100
9%
50
48%
83% 102,700
9%
3,700
*68%
102% 102% *100% 102% *10138 102%
36%
100% Jan
Chesapeake
Columb Br'd Sys Inc cl
59
59%
*112
*110% 115
10%
10%
10%
2
1%
1%
4934
47% 50%
55%
*103%
*40
8234
75
*67
27
80%
49
200
22
*1000
14%
14%
1378
zl3%
*101% 102% *101
102%
36% 37
36%
36%
*102%
9
1%
21
2I84
21%
21%
22%
21%
129% *129
129% *125% 129% *125% 129%
133
133
13234 13284
*131% 134
131% 132
132
61
16%
9
1,600
800
*125
125
132
*10
17%
*45
600
84
2
62
22
125
*59
72%
50%
*1%
9
28
2634
10%
1%
16%
9
4%
47g
*10
«4
%
600
42
42
41%
6,600
68%
834
112
48%
*131
*1000
884
49%
83%
*26
2278
2234
80%
*4
9
112
*62
93
*45
10%
17%
28
4984
4884
16%
834
25% 27
111% 112
27
90
No par
Cab
0i8
20i8 Jan
3738 Feb
3814 Mar
48s Dec
37% Dec
Jan 17
Co 6% pf.100
Common
Checker
100
37%
%
1%
9
4,200
10,400
4%
17
2%
41%
1%
1%
1
*3%
37
*34
*184
40
1,900
17
78
78
1,600
%
1%
%
4%
2%
42
13%
%
1%
%
*3%
4%
17%
3%
13%
34
*34
*41%
*,
3%
3%
*184
*41%
37%
1,500
..
%
*5;,
1%
%
4
%
49,300
3%
13%
%
1%
1%
4%
100
1,800
%
13
1
*3g
%
*35%
*4034
*37
3
Oct 17
89
May 2
4i2Mar31
100
6% prior preferred
Cham Pap A Fib
2,300
11%
*3%
%
*4
28%
"""206
*2%
%
4
.
13
»
40
2734
*27%
3
%
470
44%
*%
13%
%
%
16,300
10%
*%
*3%
11%
43%
3
%
13%
13
4214
Mar 30
Feb
52% Sept
Oct
21
Certain-Teed Products....-.1
100
9%
34U Mar 28
63lz Apr 14
12%June 13
Copper.No par
Cerro de Pasco
%
80%
*%
1
3
*96
100
Preferred
17,400
43%
4234
43%
100
497s Dec
8
Aug
28
Central Foundry Co
^
54
36%
81%
*1014
4334
*%
99
53%
1134
12
34%
42
*90
45
27%
34%
12
*41
50
100
53%
11%
11%
44
15,000
10
*8%
99
53
100
42%
*96
34
*1034
*90
5534
12%
53%
11%
Central Agulrre
106% 107
10
*8%
5
4814
42
Century Ribbon Mills.-No par
42
*2%
100
preferred
434
28%
10%
*77
.No par
684
*9%
%
3%
5%
10
1,300
100
prior preferred
Celotex Co
434
42
*38
7%
100
2,900
5%
11
*75
7,400
_
18,800
69%
4%
106%
*105
10%
10%
10%
43%
*6%
100
Caterpillar Tractor
No par
5% preferred
100
Celanese Corp of Amer.No par
23%
"23%
5
484
106
106
106%
*834
5
434
*41
28%
100
Assoc..No par
1
Central 111 Lt 4H% pref-100
Central RR of New Jersey. 100
Central Vloleta Sugar Co...19
5
3488 Mar
44
2i2 Mar 25
62% Mar 31
9814 Jan 3
295s Mar 31
Case (J I) Co
Preferred
110
7
*106
5
68%
*22%
69%
Oct
Dec
45l2 Aug 23
8% Jan 10
Corp.—_.l
Carriers A General
1,800
29
12i8 Mar 30
3712 Apr 29
3,300
,
95
28%
*
12i8
18%
51
8% May 27
5
Jan
July 25
24i2 Jan 11
15i8 Mar 30
—100
Canadian Pacific Ry
25
Cannon Mills
No par
Capital Admin class A
1
$3 preferred A
10
Carolina Clinch A Ohio Ry 100
Carpenter Steel Co—
5
18",300
94
*85
28%
28%
50
preferred
Canada Sou Ry Co
900
24%
22
91
Dec
117%
23%
95
*85
24%
434
7
*67
95
29%
69%
28%
23%
5%
7
*5%
28%
95
23
22%
Mar 30
Oct
10
53%
54%
106% *105
106%
23%
13
Feb
914
3334 Mar
24
June 30
Oct
48,800
54
22%
*87%
23%
41
Oct
Oct
400
4%
3%
Mar 31
214
6
135g Aug 26
20
Feb
39
Oct
30
92%
Mar 31
1
8%
*116
6
10
4
18
Feb
355g Feb
ID4 Jan
134 Oct
6% Dec
2% Jan 10
82%
Jan
13
0514 Mar
4514 Jan
183s July
Oct
15
Jan 17
1()84 Oct 17
20l2 Aug 24
2112 July 22
*78
92
II
Mar 31
*17%
118
54%
53
53%
106% *105
106% *105
*68
10%
92
*116
No par
Packing
534 Oct 19
July 25
Mar 31
50
4
*3%
97
118
93%
*116
54
2734
5%
4%
96%
117
98
Oct
514 Mar 30
40
40
35
1
37
*8
8%
*7%
18%
107
*9
*35%
*35%
8%
*7%
Oct
45
9,800
30%
36
36
117i8 Mar
143a Jan
Dec
2%
Cop..5
Campbell W A C Fdy..No par
Canada Dry Ginger Ale
5
17%
6%
2412 Jan
25U Feb
Oct
70
2
Calumet A Hecla Cons
45%
6%
Sept
684 July 21
5478 Jan 11
3i4 Mar 31
Callahan Zinc Lead
5,700
6%
6%
Oct 13
1318
97
Apr 18
3 3" 500
18%
18%
4%
*85
California
9%
82%
22%
1,800
18%
6%
Oct
36I4 Mar
Copper A Zinc
5%
6%
6
Oct
2,700
17%
Jan
133s Oct 21
578 Mar 31
Byers Co (A M)
51
*42%
6%
50
16%
Butte
70
17%
Dec
Oct 17
5% conv preferred
—5
No par
Participating preferred-.100
Byron Jackson Co
No par
9%
*78
4%
2,900
18%
83%
10678 *100
*9
10%
*106
19
*7334
24
478
478
18%
21
82%
117
29%
69%
24%
478
38
18
93
29
4,900
40
53%
95
23%
13%
*35
24
*2834
*67%
13%
42%
106% *105
*85
13%
*35
56
*104
*1234
39
13%
3934
8%
94%
24
1234
*7384
11678
55
107
55%
11,100
45%
34
July 19
400
4%
40
40
97
96
116
21%
4%
36
*"734
8%
18
8%
21%
678
36
30
42%
83%
18%
4%
*80
97%
*104
6%
42%
8%
4%
*42%
Jan
Jan 24
5
160
21%
18
5234
24
13%
45%
15% Dec
165s Mar 30
23s Mar 30
1234
17
Oct 14
30
—100
*37%
102U
41
512 Mar 26
Dec
18U Mar
Debentures
2%
9%
Jan
21
233s
10i« Mar 29
27*4May 27
Jan 13
4514 Feb
100
1734
Jan
37
z1634 Mar 31
Oct
8
45%
53
Oct
No par
8%
I&84
Dec
5i8
J Bush Terminal
4%
984
Jan
7
July 19
1
Burroughs Add Mach—No par
*2D4
1934
38!2
10
*7%
1234
8%
12%
Co
600
2
Jan
512 Dec
17%June 30
2%
21%
Jan
8
5%May 31
2%
*47
47
Oct
034 Mar 30
33,600
*2%
8%
20%
2%
2%
Dec
1
{Bush Term Bldg gu pf ctfs 100
Butler Bros
10
1984
51
Feb
28
10% Oct
584 Dec
1934
2%
0%
18%
17%
5312
103s Aug 6
2214 July 25
3% Jan 15
19%
20%
Dec
2334 Oct 17
Burlington Mills Corp
*47
Feb
5978 Feb
034 Mar 29
14i2Mar31
U2 Mar 28
4i2 Mar 26
Bullard
2,800
2%
9%
1934
Feb
2314
Oct
1314 Mar 31
Bulova Watch
2.100
51
5% Mar 30
73s
Oct
22
Oct 21
Oct
7
234 Jan 13
103s July 8
133s Jan 13
3% Mar 20
75
2%
18
15i2 Mar 20
4,000
14%
21%
157s Dec
1584 Mar
34
Aug
Oct
34%
8%
*49
Oct 14
505s Aug
Oct
Dec
23
1834
Jan
3
2i2
14%
22
28
2234 Dec
24%
23
1834
Dec
Jan 12
Oct 19
Jan 10
39
34%
38
10
Mar 26
14%
19
Aug
41
_
3
23%
21%
Feb
118 Mar 25
No par
...No par
No par
34%
39
28
Mar 26
14
18%
25
40U Aug 26
25
34%
*33
18
100
2234
8%
53s Mar 31
..No par
Budd Wheel
4%
2%
9%
*42%
6%
45%
*34%
*734
11678
*116
18
1634
45%
1734
*42
23,700
21%
9%
100
preferred
7%
4%
„8'8
2%
No par
Co...
5%
5%
Dec
Mar 30
Budd (E G) Mfg
21%
17%
1634
10»4
18%
9%
18
5%
11
12*4 Mar 30
1434
*1234
61
2%
2%
2%
53s
July 19
838 Aug 24
13% Oct 13
373s Aug 26
38,000
1,450
6%
40i2 Apr
27
preferred
7%
50
93
Oct
Mar 29
44%
6%
44
44
6,000
21%
*47
*47
0%
44
10i2 Mar 31
2
Mar 23
Bruns-Balke-Collender.No par
Bucyrus-Erle Co
5
8,300
100
187g
21
2%
6%
12%
12%
*90
13%
39%
*35%
18%
18%
12%
Oct
39
1414
195s
363s
484
May 31
15
Jan
7084
Oct 14
Mar 26
10
14%
19%
2%
*8%
21
4%
12%
13%
39%
92%
11%
34%
23%
1434
20%
2%
34%
23%
8%
21
22
4%
12%
92%
June
Oct 11
52
4
Brown Shoe
100
4%
8%
8%
8%
8%
434
12%
6%
46%
534
5%
5%
3434
23
14
11%
12%
12
*93%
5%
39%
478
*92% 100
534
5%
41
42%
12%
93%
*32
98
11%
1134
12%
93%
34%
10
17,600
3084
1478
18%
10%
11%
8%
11
32%
23%
1%
8%
11
9
share
per
100
6
Jan
14
Co—No par
Briggs Manufacturing. _No par
Brlggs A Stratton
No par
Bristol-Myers Co
5
Brooklyn A Queens Tr.No par
$6 preferred
No par
Bklyn-Manh Transit—No par
$6 preferred series A.No par
Brooklyn Union Gas—No par
1,900
1,600
21%
3434
*47
8%
2%
834
2%
100
Apr
40
Bridgeport Brass
1,400
2%
5
82
Highest
$ per share $
$ per share
share
America.-3
cBrewlng Corp of
200
41
1934
3434
*18%
20%
38
41
32%
23%
13%
*36%
*36
32%
478
4%
38
40%
21%
35%
*1434
18%
*2%
*21
26,700
32
5
*11%
8%
36
20%
12%
5%
4234
5
8%
17,000
35%
3534
2
11%
13%
32
11%
100
5%
4234
10%
8
12%
23
*33
1234
*94
8
11
11
3,800
(The)
per
Roller Bearing Co.. 17
Bower
1,500
5%
21%
36%
11%
12%
734
*1%
1,000
26%
534
12%
4O84
3
20
6
*36
2
3
3%
26
31
2278
•34
1%
9
-
IO84
IO84
31%
10%
17g
2
♦8
Borg-Warner Corp
Boston A Maine RR
26%
40
8
Borden Co
6
38
17s
12*, 300
22,200
3%
25%
3584
17s
13%
16%
35%
6
35
1%
16%
3434
12%
13%
Bond Stores Inc
16%
3
$
No par
No par
1
15
Ami class A
Class B
353g
2534
6%
12%
13%
Bon
160
640
4734
16%
6
20
6%
3
100
4784
*13%
35
25%
3
2678
6%
234
*13%
3
3
2678
100
4734
Par
Lowest
Highest
Lowest
Oct. 21
*98% 100
*13%
35
EXCHANGE
$ per share
49%
13%
Range for Previous
Year 1937
100-Share Lots
On Basis of
STOCK
NEW YORK
the
Oct. 20
100
98%
Friday
$ per share
$ per share
$ per share
49%
50%
Thursday
19
Oct.
Oct. 18
17
$ per share
$ per share
•955s 99
Wednesday
Tuesday
Monday
Range Since Jan. 1
8TOCK8
Sales
NOT PER CENT
for
50
Oct. 22, 1938
New York Stock Record—Continued—Page 3
2490
Corp
x Ex-dlv.
y Ex-rights.
5 Called for redemption.
New York Stock
Volume 147
LOW
AND
HIGH
SALE PRICES—PER
Saturday
Oct. 17
$
share
per
*684
28%
28
*678
27%
*734
10%
17%
9%
*784
*10%
10
11
16%
17%
10%
10%
*67%
80
*81
84
1%
32
33
102% 102%
6%
18%
8%
334
384
*3%
4
4%
1634
18%
97g
10%
70%
81
*70
31%
2%
1%
2%
95
97
2%
967g
45%
46
44%
4534
44
*110
*112%
10
10
*34%
2634
1734
35%
1%
27%
1734
52
52
69
70
1%
-
-
34%
10
35%
16%
2134
2%
33%
1%
1%
1%
27%
2884
5034
27%
17%
50%
68%
68
51%
6934
*170
116
9%
35%
37
34%
13%
34%
I384
86%
38%
8612
87
39%
37%
85
*79
%
4%
4134
35%
41
*34
834
3584
5%
76
77
17%
17%
7%
50%
*16%
5%
6
25%
*70%
26
28
*15
6%
9%
*108
24%
15i8
114%
83%
*797g
83%
83%
*%
7%
83%
*%
81
7%
18%
15
20%
19%
7%
7
7%
1%
138
1%
*3%
*6
35
*105
*108%
1984
*24%
14%
19%
7%
*1%
20%
15
21%
8
35
3434
*29%
40%
10%
19%
18%
1878
18
18%
18
8.1
82
82
82
82
*1134
12l2
*11%
23 %
24
32i2
*534
33l8
5312
56%
6%
9%
*15
20%
1%
1%
400
110
3%
40
20
3434
*29%
*39%
10%
20%
a-83%
83%
85
*6
*11%
12
*307g
31
23%
32%
23%
3134
23%
32%
6%
58%
6
7
7
*10%
6%
1134
58%
133%
22
11%
22
♦1084
6%
7
11%
6%
56
58%
132%
2134
*1034
6%
134
57%
"1:626
300
211
23%
32%
7%
56%
10
40%
10%
31
131
400
36%
29%
85
12
22
800
9%
31
136
*11%
500
3,100
29,100
600
11%
100
31
390
23%
3234
700
58%
57%
8,100
7%
1,100
64,100
133
22
133
133
133
21
21
22
22
2,600
1,100
1034
6%
1034
11
11
300
„
11
6%
634
684
2,400
*11
1134
11% *11
11%
*11%
*11%
11%
11%
115
115
*110% 115
*110% 120
*110% 120
*110% 120
*110% 120
147
146% 148
144
14934
149% 145% 149
145% 147
14534 147
*135
136% *135% 136
136
136
135
136% 137
*135% 136
13534
*116
117% 116% 116% *116
117 I 116% 117
117
117
*118
118%
116
11512 115l2 115
116% 116% *116
*116%
*116%
6
6%
6
6%
6
6%
6
6%
57g
6
6%
100
*11
12
6%
~
178
178
'
178
179
179
*160
171
*160
170
*160
22
22
4I4
33%
4%
32%
1034
2%
33%
11%
278
1278
43%
3978
46%
41%
33
33
21%
418
«
32i2
IOI4
27g
1278
4412
39%
33%
1%
27
*4334
*108%
11
27g
1312
46
41%
33%
134
27%
45%
17984
180
183
170
169
169
168
23
22
22%
21%
2234
21%
4%
3%
32%
4
4
34%
3334
10%
2%
12%
40%
1034
14
*134
178
2634 2734
*42%
45%
108% 108%
'
2%
12%
42%
38%
33
1%
27%
*43%
109
11%
284
13%
4334
39%
33%
I84
27%
45%
109
38
33%
*180% 181%
4
35
11%
2%
168
22%
37g.
378
33%
34%
10%
107g
2S4
3
13%
44%
12%
4034
38%
3434
38
34%
12%
42%
38%
34%
1%
1%
*1%
134
27%
27%
27%
27%
43
43
*43
45%
*109
5
Mar 26
40
Apr
x5S
Apr
182
183
168% 168%
22%
334
33%
10%
2234
4
10
12,700
1,100
Apr 12
284 Mar 26
19
Jan 31
85
Mar 31
21% Apr
5% Mar 31
2,700
39,100
10%
64,900
12%
41%
3%
13%
42%
6,800
98,000
38
3834
5,100
34
1,500
1%
27%
5,200
4334
800
3
*33%
1%
27%
4334
11,800
800
37% Dec
Jan 12
Oct
6
170% Sept 14
5% July 25
42% Oct 8
116% Oct 18
27
Oct 21
3
Mar 29
58%May 31
May 25
4% Mar 31
June
18
Mar 31
13% Mar 31
9
Mar 31
2% Sept
Dec
4
Oct
Mar 30
43
Mar
20% Feb
109% Jan
2
Oct
8% Mar
8%
54%
Oct
Deo
23«4 Mar
86
Jan
Nov
62
Feb
18% Nov
27
6
Oct
18%
Jan
16
12%
Oct
24
Feb
Oct 13
11% July 29
109
Oct
1
25% Feb 25
25
Jan 20
96% Oct
19% Nov
20% Nov
Oct 21
110
I84
784 July
6
39% Feb 28
30
Oct
5
Oct
12% Oot
29% Dec
18% Oct
41
Oct
Mar 30
11
Oct 19
Mar 18
21%
Oct 21
10
8
Oct
88% Dec
4% Jan 24
5
30
Oct
684 Dec
Oct
65%June 17
85
Oct 21
60%
Oct
8% Sept 26
2884June 2
17
Jan 12
15
Oct
34
Jan 12
27
Oct
31
87% Jan 27
12
Mar 30
5
2
4%June
15
Mar 30
Mar 26
..No par
6% Mar 25
1
184May 6
8% Mar 28
No par
25% Oct 6
34% Aug 16
16%
8% Jan 20
58%
Oct 17
140% July 7
24% July 19
5
Oct
Dec
26%
Oct
79% Nov
21
14
July 19
7% Oct 14
8%
1%
Dec
Dec
Oct
12
Oct 10
10
Oct
102
115
Jan 27
106
Nov
98
Nov
13084Mar 31
14984 Oct 17
137% Mario
130
Oct
109% Apr
11184 Jan
1
118% Sept
3
116% Oct 18
107%
109%
7% Jan 12
2%
Oct
Oct
Oct
par
3% Mar 31
121% Mar 31
183
100
157
171
..100
Du P de Nem
(E I) <fe Co..20
6% non-voting deb
100
Eastern Rolling Mills
6
Eaton Manufacturing Co
4
No par
6
Apr 23
90% Mar 31
Jan
5
10% Mar 30
2
Mar 23
13% Mar 30
3
6
Elec & Mus Ind Am shares
Electric Power & Light .No par
$7 preferred
No par
Mar 30
2% Sept 14
6% Mar 29
6
Oct 19
144
Apr 20
23% Aug 25
5% July 25
150
Oct 19
35
11% Oct 17
4
Jan 11
14
Oct 17
22% Mar 31
46%
Oct 17
18
$6 preferred
No par
Elec Storage Battery..No par
Elk Horn Coal Corp
No par
4184 July
Mar 31
2184Mar 31
% Mar 26
3
17
50
Gas,
Corp.
Jan
24
4% June 11
No par
El Paso Natural
12
39% Deo
Jan
127
48
Aug 20
2884 July 25
884 July 20
7
No par
Eltingon Schlld
Dec
Oct
76
Dow Chemical Co
Electric Auto-Lite (The)
Electric Boat
Mar
Oct
Douglas Aircraft..
J).No
8I84 Mar
135
Jan
2% Jan 10
27% July
preferred
Jan
Jan
% Aug 23
Doehler Die Casting Co No par
Dome Mines Ltd
..No par
Dominion Stores Ltd..No par
cum
Jan
28«4
Oct
5
preferred
37
100% Feb
56% Jan
47% Jan
25% Apr
IO884 Apr
Oct
11
Dunhlll International
Feb
71% Jan
171% Jan
10% Mar
56% Feb
116
Aug
284
8
31% Jan
conv ANo par
77
3
2
5% pref with warrants..100
Dixie-Vortex Co
.No par
Class A
No par
July
35% Mar
17«s
148a
par
Diamond T Motor Car Co
49
Oct
5
25
6%
Oct
5% Jan
IO984 Feb
69% Jan
108% Deo
25% Jan
4284 Jan
3% Feb
3
70
26% Oct 17
Jan
Dec
13
3
Eastman Kodak (N
Nov!
%
15% Jan 11
2084 Jan
8%
Oct
80
23% Aug 8
8% Feb 25
25
Duplan Silk
21
Mar 31
No par
Class B
57% Dec
Oct 19
7
Deo
Mar 30
5% preferred
100
Devoe & Raynolds A..No par
Corp-Seagr's Ltd.No
Nov
6%
7% Mar 29
4
Diamond Match
Dresser(SR)Mfg
Jan 17l
Jan 7
Feb
July 14
21% July 18
8% Aug 11
Aug 10
80
Det & Mackinac Ry Co... 100
Distil
Oct 17
Jan
87
3% Mar 30
12% Mar 30
48% Jan 11
10
6% partlcp referred
4
56
..100
100
21
14% July 19
8
Delaware Lack & Western..50
JDenv & R G West 6% pf.100
Detroit Edison
Oot
Oct
35
Diesel-Wemmer-Gllbert
3
22% Nov
88% Dec
Deo
Curtis Pub Co (The)..No par
Preferred
.No par
Delaware & Hudson
Apr
8%
Mar 29
12
Chemical
153
30%
1
7% Mar 29
50
Cutler-Hammer Inc....No par
Davega Stores Corp..
...6
9% Oct
4684 Nov
50% Oot
Dec
10
1
Oct
Oct
34
Apr 13
5% Mar 31
1
Oct
h
29
preferred.. .100
Class A
23
24
28% Nov
94%
1%
13%
6%
Curtiss-Wrlght.
Oct
10% July 7
39% Jan 17
Apr
%June 30
.......
Oot
65
106% Dec
5% Oct
70
100
Oct
1
22% Mar 30
No par
_
Oct
7%
June 30
44% Jan 11
Preferred
IO84
113% Sept 30
11% July 26
19% Mar 31
$4.50 pref erred......No par
34%
7984 Dec
Oct 14
Duquesne Light 5% 1st pf.100
60
Oct 19
87%
Cudahy Packing
Jan
93
1784 Oct 14
26% July 27
36
Cuba RR 6%
3784
Oct
58
Cuban-American Sugar
Apr
Apr
Aug
Apr
Oct
Crucible Steel of America.. 100
100
Apr
Oot
Jan
Preferred
Feb
17%
10%
13%
5284
92%
37%
2%
37
Cuba Co (The)
13%
Oct
3
25% Apr
210
5,800
7
36
July 25
I84 Jan 15
3584 July 25
19% July 25
Jan
Oct
16
49
Jan
108
7
Jan 12
284 July 16
103% July 25
Jan
Jan
3%
5% Jan 12
$2.25 conv pref w w__No par
Pref ex-warrants
No par
Crown Zellerbach Corp
5
$5 conv pref erred. ..No
par
700
3,000
4,400
7% Jan
Nov
22
7084
162
25
par
738 Oct 13
56
102% Jan 3
1384May 27
1984 Mar 29
1%
31
22 *
Co
Jan
June 17
92
IO84 July 13
Mar 31
Dayton Pow & Lt 4 M % pf. 100
Deere & Co
No par
Preferred
20
1,000
15,900
16,800
*11
133
22%
11%
7%
Crane
34% Oct 17
103% Oct 20
Mar 30
28~600
15
97g
23%
4% Oct
21% Dec
4% Mar 29
13% Mar 29
6%June 4
21%
8%
35%
29%
40%
10%
20%
24%
32%
634
II84 Oct 21
Mar 31
.25
Co (The)_l
734
12
2334
31%
Mar
584
I884
49%
21% Mar 30
l
Conv 5% preferred
15
40%
6
Mar
95
%May 26
21% Mar 30
10
Jan
87
Davison
20%
31
23%
32%
800
734|
12
'
6,900
15%
20%
31
32
100
Cushman's Sons 7% pref._100
"18 preferred
No par
24%
12%
57
5
July
18%
Oct
20%
2434
19%
*6
10%
__l
26
Oct
Oct
5% conv preferred
100
Cream of Wheat ctfs... No
par
Crosley Radio Corp
No par
Crown Cork & Seal
No
54,600
25
35
11
700
i.._ *108%
29%
83
Motors
Oil of Del
Jan
Oot
484
Oot
~2~406
30
2034
Insurance...$2.60
Coty Ino
18%
9%
31
31
136
*11
10
27%
7%
*22%
32%
31
22l2
*39%
6
22
8
1
107
Steel Corp .No par
Corn Exch Bank Trust Co..20
Corn Products
Refining
26
450
1,200
3,300
....
*7
*6
31
136
41
26%
27%
109% .110
*3
3%
*3
5,200
81
978
3434
83
9%
29
109
4
*6
2534
*71
*42%
7%
*1%
1%
*3
81
*38i2
29%
*39%
9%
*24%
15%
197g
108% 108%
35%
29%
40%
10%
—
19%
*29l2
19%
24%
"""126
6% 363,600
267g
9%
108%
3%
3%
*6
97g
378
978
35%
29%
*15
18%
50
6%
7%
18%
7
9%
634
81
*42%
2634
7
*108
20%
24%
15%
20%
26
*71
28
*49
50
25%
26%
*15
7
49%
6%
7
2684
634
9%
*108
1934
35s8
2978
40i2
81
9%
15
7
*43
2784
*15
15^
*35
*71
15
180
7%
5%
77%
15
6%
5%
77%
1434
634
79
15
4934
...
*634
00
CO
7
5%
*77
79%
16%
7%
*4834
6%
25%
26%
8
5%
7
*43%
25%
*7
8%
79%
16%
67g
*71
27%
6%
*%
8
8%
5%
193s
4
*79%
*86
No par
Diamond Fibre. .5
5% Dec
65
1% Mar 29
65% Mar 31
36% Mar 30
.20
$4.50 preferred
Continental
Continental
Continental
Continental
Continental
19% Feb
45% Mar
19% Jan
63
Apr 18
9%May 27
8% Mar 26
100
Dec
Oct 18
78
......No par
Oct
Deo
7%
70%
2% Sept 14
2% Mar 19
10
No par
8% preferred
Continental Can Ino
100
84
24%
978
21,200
11,700
21
*6
14
14
400
87
24%
*3l8
35%
14%
*34%
38%
6%
25%
26%
111
13%
3434
36
300
8634
24%
*105
*34%
7,600
9,200
34
38%
50
*13g
36
34
87
49
7%
7
*33
1,100
1,300
38%
20
21%
24l2
16i8
2012
734
1%
36
5,000
32,700
37%
16%
*108
2034
320
6,000
87
16%
678
9%
700
3834
1734
*15
18%
9%
29,400
31,000
87
79
81
25%
7%
*634
4,700
7
6% pf.100
20
86% Aug 17
2% Oct 21
Mar 26
4% Mar 26
Consol Coal Co (Del) v t C..25
Oct 14
Jan
1
5% preferred v t c
100
Consumers P Co$4.50 pfNo par
Container Corp of America.20
Class B
29
Apr
71
88% Apr 16
2% Mar 30
100
800
37
77
*45
27%
9%
34%
14%
6,700
14% July 6
19% Jan 17
10% Oct 17
65
Corp
6
Consol Oil Corp
...No par
Consol RR of Cuba
4%
8% July 13
17
Continental Bak cl A
1,000
Mar 29
4% Mar 30
10% Sept 17
4% Mar 29
No par
$ per share $ per share
3
9% Aug
Mar 29
6
par
13,100
87
*8%
5%
6%
*71
.
47g
9%
*34%
1334
8,800
3% Apr
Lowest
15
$5 preferred
Consol Laundries
Preferred
478
33%
*%
49
25%
81
*42
47g
Highest
$ per share
Consol Film Industries
l
$2 partlc pref.
No par
Consol Edison of N Y..No
*170
4%
39%
39%
39%
3934
11678 11678 *116% H67g
26
27
27
26%
9%
10%
10%
10%
3234
33
32%
3334
34%
14%
*7978
5%
6%
*170
*33
78%
49
30,600
38%
%
6
77
17%
2234
1634
22%
23%
""306
87
8
5%
167g
93
36%
84
*%
5084
334
2%
2%
2%
*95
967g
96%
45
447g
45%
*110
112% *110
112%
*934
10%
10%
10%
34
34%
3434
35
1%
1%
1%
1%
27% 29%
29% 30%
17
17
19
19%
50
" 50
50%
50%
69
68%
69%
69%
4%
484
39% 407g
116% 1167g
26% 26%
41
34%
13%
14%
87%
38%
a8
834
4%
39%
40%
116% 1167g
26%
26%
8%
9%
32%
34
27
17%
*169
434
11634
*26%
8%
32%
*34%
3534
13%
37
7
3434
1%
35%
*49
34
2684
*16%
5034
6734
4%
39%
26
*%
834
5%
44%
45
112% 112%
10%
10%
1%
*170
434
4034 41%
1163g 116%
*79
95
26%
18%
18
80%
2
11%
2%
96%
44%
2%
95
1%
4%
9
10%
34%
*91
17%
24%
26%
18%
z51%
6934
*170
26
44%
*112%
-
10"
10
2%
97
1784
93
16%
4
22%
20
70%
9%
*91
22
16%
2,000
3%
1784
22%
95
l; 95
9
384
*16
20%
70
38,500
884
678
4
1778
9234
17%
2334
1784
70%
31%
32%
103% 103%
6%
6%
103
93
4%
*92
20%
10
120
80%
2
3,000
2%
11%
1134 10,600
3134
32% 101,100
103% 103%
4,700
634
7
2,300
9%
9% 48,700
300
3%
3%
4
*3%
1,200
*15
1734
9234
4
*16
2
17%
10
84
134
11
*3%
334
*15%
18%
17%
11
17
9%
Range for Previo
Year 1937
100-Share Lots
$ per share
Congress Cigar
..No par
Conn Ry & Ltg 4 ^
% pref. 100
Consol Aircraft Corp..
i
Consolidated Cigar
No par
7% preferred
100
6J4% prior prel w w
100
11
*80
8%
100
*7%
*9%
80
*3%
8%
277g
*70%
6%
28%
Conde Naat Pub Inc___No
par
Congoleum-Nairn Inc. .No par
17
*9%
16%
9%
Par
1,500
6,300
77g
734
On Basis of
Lowest
Shares
77g
80%
17g
11%
3234
103
334
7%
28%
80
80%
IS4
107g
178
lli8
3278
9284
17%
20%
*105
277g
734
11
*16
*91%
1634
*112
28%
10
11
91%
91%
7%
27%
*734
21
*16
20%
7%
*314
4
$ per share
7%
934
32
384
$ per share
67g
1023s 10234
6%
8i2
834
9
8%
$ per share
183g
*9%
70%
*80%
*134
10%
7
EXCHANGE
Week
11
*734
*9%
17i8
10%
the
2491
Range Since Jan. 1
NEW YORK STOCK
Friday
Oct. 21
6%
28
2778
10
10%
4
STOCKS
Oct. 20
t
10
28
6%
*334
6%
79
6%
8%
Sales
Thursday
Wednesday
18
$ per share
81
80%
1%
1%
10%
10%
32% 34%
102% 102%
1%
10
9%
Oct.
7%
*70
CENT
Oct. 19
Tuesday
$ per share
7%
NOT PER
for
Monday
Oct. 15
SHARE.
Record—Continued—Page
33
27
Oct
2
24
Oct
3134 Oct 1<>
22
Oct
2
July 20
3
27% Oct 18
Oct 13
33
Nov
110% Oct 20
100
Nov
.1
Apr 6
94% Apr 5
2% Mar 29
.No par
Endlcott-Johnson
.Feb
Nov
Apr
15% Dec
284 Dec
14% Dec
384 Oct
3% Oct
6% Oct
45
14%
Oct
69
*64%
70
*66
70
*65
69
69
69
*67
72
*67
72
110% 110% *110
77g
8%
734
*647g
68
*64%
*67
*67
70%
70
70
72
72
*73
80
*73
78%
*73
78
*73
75
200
2
2
2
2%
2
2
2
2
2
2
2
2
4,200
Equitable Office Bldg..No
par
2% Jan 11
1%
278
27g
234
2%
2%
2%
2%
2%
2%
2%
2%
2%
100
5%
3%
47g
5
4%
5
5%
4%
5
434
5
184June 21
5%
3,300
5,900
JErie Railroad
478
6% Jan
3
4%
3
...100
3
*234
3%
3
3%
*2%
284 Mar 30
884 Jan
6
8%
Oct
Oct
2
June
6% Jan
6
5
Oct
62
Oct
8
7
8
64
64
*3
*6478
9
7%
8%
7%
"8%
3%
*234
50
"
8%
92,400
5% preferred
Engineers Public Service
70
100
$5
72
100
%5\i preferred
2%
300
conv
$6
100
9
Oct 17
38% Mar 31
64
Oct 15
41
Oct
w w..No par
40
Mar 31
69
Oct 17
45
Nov
No par
46
Mar 29
72
Oct 17
51
Nov
preferred
preferred
4%
1st preferred
4%
2d
preferred.......100
Erie & Pitts RR Co
5%
5
13%
1534
5%
1378
17%
*17g
*7%
38%
2
13%
17%
*1%
734
38%
38%
7%
5%
13%
18%
17
2
734
39
*106
*106
33
3234
33%
16%
15
81
122
15%
8134
81
*112
*95
*112
"5
1%
3%
1%
29
29
90%
90%
33%
16
82
122
7%
*
7%
39
33%
14%
*81%
*112
434
"5"
3%
3%
1%
2
28%
*88%
534
14
33%
15%
*6%
37%
7%
38%
37
*32
15%
83
81
122
110
5%
2834
1%
27
334
17g
90
88%
88%
34
35
*20
24
33%
*20
3234
16%
81%
110
*97
3%
1%
27%
24
34%
24
27%
*89
337g
*19
734
1434
*81
*110
5%
14%
18%
19
2
734
2
7
38
734
39
*106
*15
82%
*81%
115
5,800
11,500
22,600
400
190
2,500
100
33%
1434
33%
34%
4,200
16
~5%
lh
1^4
28
2*28%
28%
90
z8934
8934
34%
34
34%
24
24
25
4
62
-
5
2% Mar 26
5
5% Mar 31
Ex-Cell-O Corp
3
Exchange Buffet Corp .No par
10% Apr 9
1% Mar 31
3% Mar 30
Fairbanks Co 8% pref
100
Fairbanks Morse & Co.No par
16%
conv.
pref
19%May 27
..100
106
Fajardo Sug Co of Pr Rico..20
Oct 19
22%May 31
2,600
Federal Light & Traction... 15
83
6% Mar 30
150
200
$6 preferred
100
Federal Mln & Smelting Co 100
Preferred
100
Federal Motor Truck..No par
67
April
52% Apr 5
96% Feb 2
2% Mar 30
1% Mar 30
"6:200
5%
5%
4
4
1,600
1%
2,500
28%
1,900
*134
27%
*86
90
343.1
34%
30
*19
$ In receivership,
£0
Eureka Vacuum Cleaner
Evans Products Co..
115
115
*97
5%
*3%
5%
4
17g
534
2
*106
32%
14
37%
*97
Bid and asked prices; no sales on this day.
14%
19
18%
*1%
106
6
14
19%
17g
"5%
5
3%
5%
6
15
18%
1%
106
*97
35
35
*19%
2
*1%
38%
*
*3li
6
14%
18%
*106
*97
5
5
13%
1% Mar 29
a
300
3,200
30
Def. delivery.
Federal Screw Works..No par
Federal Water Serv A.No par
1
Sept 14
12% Mar 30
67% Jan 4
Federated Dept Stores.No par
Dept Stores 4 M % pf. 100
Fed
r
Cash sale
7
2% July
11% Jan
3984 Oct
106% Sept
34% Oct
16% Oct
82
July
117
1%
7%
1
t
y
Oct
150
Mar
26
Oct
7%
Oct
7234 Dec
Nov
99%May 17
5% Aug 10
4% July 25
2% July 1
90
Oct
2
Oct
2%
Oct
29
I484 Dec
,
Oct 14
25
Ex-dlv.
Oct
Oct
60
15
1
Oct
Oct 14
90% Oct 15
3584 July 25
June
3
23%
15
Dec
6% Dec
13
16
21
Oct
75% May
19
12
22% Mar 30
.
Fidel Phen Fire Ins N Y..2.50
Fllene's (Win) Sons Co.No par
» New stock,
Oct
Oct 18
6
15% Sept 13
19% Oct 17
3
Oct 20
Ex-rights.
1%
z65
Oct
Oct
22%
Oct
20
Dec
T Called for redemption.
Oct
New York Stock Record—Continued—Page 5
2492
AND
LOW
$ per share
23
23%
92%
22%
92%
34%
27%
38%
*18%
*2
34%
235a
93
34t2
28
28%
34%
27%
38
39
23*8
19^2
3712
*1814
2
*18%
92%
34%
28%
39%
19%
2
92%
2
2
4%
27%
2%
4%
4%
4%
4*8
15
15
14%
17
18
17
94
7%
94
94
*92%
7%
7%
16%
16%
10%
*97
*90
16%
32.%
17%
16%
35
34
*80
*75
90
*26%
28
123
125
125
49%
50%
121%
121% 122
10%
2
10
22%
*87
94%
178
15%
*
99%
8%
*50
14%
♦45%
*27«
46
3
2%
278
*2%
*76'
*76
90
26%
61%
31%
♦62
64
1%
8%
1%
10%
1%
8%
1%
10%
17
'
27%
23%
13%
'
•
23
297s
*138
49
25%
45
4%
64
8%
8%
*1%
1%
11
27%
*23
13%
22%
29%
139
139
*37%
25%
484
*60%
1%
*16%
17
27%
23%
13%
23%
30
*37%
24%
46
45
63%
32%
99%
1%
56%
13
*61
24
*45
2%
234
01
30%
9834
4%
♦00%
1%
7%
1%
*138
49
25%
*37%
48
*40
24%
12%
1%
11%
12%
12
5%
5%
21%
28
34
34
'
9
20
*19
*96%
*95
97%
100
32%
*130
33
140
*6%
*65
6%
70
4%
6%
102
*96
8%
*5
*20%
28
'
*8%
.1%
8%
*33%
8%
*19
97%
*95
31%
*130
1%
23%
5%
21%
28
34
878
19%
97%
100
32%
140
6%
67
6%
67
6%
4%
100% 100%
8%
8%
139
49
1%
1%
23
5%
20
20
19
*95
31%
*130%
6%
*65
434
100
8%
29%
34
8%
75
584
100
8%
100
100
100
155
150
150
*131
133
56%
57
101%
*17
19%
50%
50
117
*110
11%
11%
18%
18%
9
11,000
Gillette Safety Razor. .No par
18%
9
14%
6134
20
3
234
13%
61%
24%
45%
2%
234
*78
90
3
2'4
90
25%
7,500
47%
47%
500
3
234
1,800
2%
6134
61
3134
3234
9934100
4%
*62
4%
64
32%
32%
100
100
484
16%
67%
07%
68
68
99%
99%
99%
99%
♦13s
I684
1%
11%
10%
1634
1634
16%
16%
27%
27%
27%
27%
28
28
24
23%
13%
23%
1384
*10%
*23
24
11
*23
1134
13
1334
13%
13%
22%
25
2934
23
23%
29%
2934
29%
*138
*3714
139
50
19%
*19
5%
21
*28%
33
♦138
*37%
2434
*40
19%
139
50
25%
49
1934
*11
Greene Cananea Copper... 100
Greyhound Corp (The).No par
♦20
20%
29%
3334
20%
*28%
*33
34
7%
7%
7%
7%
49%
50%
49%
50%
47%
2%
2%
2%
2%
2%
*5%
33%
7%
33%
*6%
7%
33%
33%
*684
32%
9
9%
2
2%
14
24%
13%
24
7,200
500
5%
101
8%
*96%
*150
68
6%
101
8%
99
154
*131% 133
*50
99%
99
19%
*17
59«4
99
19%
*65
5%
*100
8%
*97%
*150
68
5%
102
9
300
*20%
5%
22
*28%
29%
100
3878
39
6%
7
9
60
1,400
5%
534
98%
*17
98
60
98%
68%
*66%
7%
8%
*98% 100
8
884
49
47»4
4934
234
7
33%
93^
2%
1434
47%
9%
2%
14%
9%
2%
984
2%
1334
14%
26
38%
7%
24
24
25
15
25%
38%
39
40
40
9%
9%
2%
13%
2%
14
2%
13%
24
24
24%
*37%
6%
39
38%
7
634
684
9%
2%
*684
70
48%
2%
684
33
7%
*99% 100
Mar 29
24
Apr 28
7% preferred class A.....25
30
10
5
Hamilton Watch Co ...No par
12
800
7
7
33%
33
7%
a
8%
300
51% Jan 19
3% July 18
3% Jan 11
Jan 17
80
26% Oct 17
63% Oct 17
$4
conv
100
5
Holly Sugar Corp
No par
...100
12.60
par
No par
stk.No par
100
C..25
Howe Sound Co
5
Hudson A Manhattan
5%
..100
100
preferred
Hupp Motor Car Corp
Illinois
Central
Leased lines 4%
RR See ctfs series A
n New stock,
1
100
0% preferred series A
100
100
1000
r Cash sale.
Feb
2
Oct
8%
Feb
*83% Dec
12%
Dec
46
Dec
115
Jan
Feb
50% Mar
87% Mar
47% Mar
Oct
3
Oct
15
Oct
5%
27%
Oct
55
141
Mar
13%
Jan
96
4%
Jan
Feb
Jan
10
13
Dec
48%
Feb
Feb
22
Dec
47%
Jan
19%
Dec
22% Dec
28% Mar
56% May
15% Jan 12
26% Jan 12
Jan 14
Sept
7
Jan 22
25% Oct
50
3% Dec
Oct 15
July 19
Jan 11
8%
2%
13%
18%
6
June 30
Jan 12
28
35
Mar 11
June
1
%
Oct
Oct
10
20%
23%
129
Dec
Oct
Dec
50% Sept
15%
Oct
Nov
60
Jan
42%
Jan
145% Mar
64% Mar
39% Mar
98
Mar
Feb
6
12
3%
12
23%
Jan
4%
Oct
59
Oct
17% Mar
59% Mar
Oct
Dec
20% Apr
4% Oct
17% Dec
Jan
Feb
34%
36
Jan
20%
Feb
31
Feb
Feb
Nov
108
Oct
105
34% July 25
Oct
121
Dec
Mar 29
130
102
Oct 21
P%
100%
15212
19%
Oct 21
Apr
Jan
8
Mar 20
42% Mar 31
126% Jan 19
Aug
8
5% Mar 26
ll%June
102
1
Marl6
48% Apr 1
17% Mar 31
6
Mar 30
46% Jan 4
83% Jan 26
5
Mar 31
23% Mar 30
6
Oct
17%
Jan
55%
Dec
100%
Feb
1%
Oct
8
Jan
81
5%
Nov
Dec
5
86
Dec
Nov
166
11
Oct
69% Oct 13
50
Nov
125
May
135
Oct
4
58% Aug 11
Sept 14
39%
2
6
Aug 31
Mar
52% Oct
118
13% July 19
25% Jan 12
108 May 27
60
Aug 15
Dec
Jan
37
June
93
Nov
7%
Dec
15%
Oct
109
Oct
*39%
.21
Oct
Dec
41
Jan
18%
Oct 19
6
Oct
27%
Feb
Oct 17
44
Oct
73
Jan
100
June 28
78%
Dec
94
Mar
9% July 20
53% Jan 13
4%
Oct
17%
Oct
90% Mar
5% Jan
37
Oct
*Ex-dlv.
*
v
2
52% Feb
120% Jan
30% Mar
43i2 Jan
114% Mar
5384 Dec
68
34% Oct 15
Oct
3% Apr
Jan
Oct
4
Mar 30
Feb
67%
Dec
3%
23
135%
15%
9% July 14
%June15
6% Mar 30
Apr 0
Dec
10%
337g Oct 17
12
Feb
64
111
20% Mar 30
Mar 30
Jan
39%
Nov
83
Oct
5
Feb
126
129
6
Oct
1%
3
117% Aug
157g Jan
Feb 17
Aug
3% July 14
May
Feb
140
Oct 19
6%
7
Mar 29
1
Jan
58% Mar
*7% Jan 19
71% Aug 12
20
v t
07g
1%
100
com
Jan
Oct
Jan 12
2
Mar 28
5% preferred
58%
1%
Oct
Mar 19
Houston Oil of Texas
51%
Oct
Dec
80
Household Fin
90% Mar
Dec
10%
40
Class B
Oct
19%
43
72%
No par
Houdaille-Hershey cl A-No
49%
33% Oct 19
preferred...No par
Homestake Mining
Feb
29% Mar
18
76% June
...1
25
Preferred
Feb
Dec
6%
100% Oct 14
5% July 19
06
Oct 21
1
5% Mar 25
81
May 5
25
Hecker Prod Corp
Helme (O W)
28,600
Def. delivery,
15% July 19
07
July 20
27% Jan 11
7
4%June 3
60% Mar 31
l%June14
45,900
1,250
88%
92
15
Hudson Bay Mln A 8m Ltd 100
Hudson Motor Car
No par
310
Oct
95
120
10,800
17,300
1,500
60
Jan 18
0% preferred
100
Hat Corp of Amer class A..1
0)4% preferred w w
100
Hayes Body Corp
2
7% preferred
6,400
Feb 26
01
July 21
Jan 10
2%
Aug
207g
98
98
8%
48%
8%
Nov
24
Oct
100
5% conv preferred...No par
*2%
95
Oct
8
June 23
83
Hollander A Sons (A)
47%
Nov
8
21% Jan 15
l",300
500
95
Mar 31
Jan 31
600
8
10% July 20
Sept 28
21,700
June
Jan
19% Oct 19
11% Feb 20
88% June 30
100
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
Hazel-Atlas Glass Co
1
Apr
17
300
33%
437g
Mar 25
15
32,900
t In receivership,
8
25
No par
12",000
Feb
Dec
9%
Oct
Hlnde A Dauche Paper Co. 10
2,500
Jan
Oct
16
40
Holland Furnace
"
88
6
0
4,200
19%
49%
Oct
%
6% cum preferred
Hershey Chocolate
*17
13%
Jan
1% Jan 10
No par
20
Feb
11% Mar
Hercules Powder
900
Jan
70%
107g
2,400
300
487g
Oct
Oct
68
58
Oct
Dec
10
98%
Oct
7%
140
98%
1
18
4
% Mar 31
100
preferred
Jan
Feb
Jan
14
6% July 7
22
July 25
6%
Jan
5%
14
21
10
20
28
Printing
Nov
Jan
Feb
Mar
Oct 14
100
58
85
Mar 25
Hall
110
Oct
Feb
65%
117%
5%
Mar 28
Water
Dec
1% Dec
3
preferred
19
17
12
0%
Oct
*99
7
100
Hackensack
Oct
15%
Dec
Jan
32
7% Feb
10
No par
preferred
60%
8%
26% Jan 15
95
July 21
2% July 25
26% Oct
39% Oct
28% Jan
16% July
Feb
Oct
3%
Oct 20
2% July
Feb
70t2
122%
21%
9% July 23
12% July 22
108
124
Oct
111
13
.No par
*131% 133
May
28%
Oct 19
7%
Motors
49
19%
40
117
3
Aug
Gulf Mobile A Northern...100
8%
Jan
Jan
Jan
20% Oct 18
Hercules
*66%
32»4
300
5)4% preferred
Guantanamo Sugar
3%
64%
657g
Oct
140
13% Mar 30
34% Mar 29
7% Mar 31
1
3,500
99%
*2%
400
17,000
Green (H L) Co lnc
Oct
%
Nov
8
July
18%
67%
*634
3234
10
45,800
150
67
7%
"2",800
100
150
99%
2%
"4", 700
9%
8%
68
2%
20
102
102
99
*131% 133
*50
100
68
*65
99%
7%
♦Bid and asked prices: no sales on this day.
300
34
*33
154
49
49
33
10
23
*5%
8%
*06
35
Jan
Feb
48
Apr 12
23% Apr
122
100
3
9% Mar 30
12% Mar 31
100
Green Bay A West RR
1%
Mar 30
100
Preferred
"2,800
213s
534
5%
Great Western Sugar..No par
6478
44%
33
Aug 30
2,100
12%
Mar 31
Jan
Jan
Oct
28% Nov
Jan 10
July 18
25
12
152
34
24
20% 116,800
*1%
120% Mar
52% Jan
Dec
30
49
19%
Dec
10%May 20
19
Apr 6
25
213g
29%
1
8
Gt Nor Iron Ore Prop..No par
Great Northern pref
...100
50
Oct
22
20
5,500
45,800
30
00
*99
10
preferred
5%
Mar
Oct 13
20
Grant (W T)
*40
21%
21
500
139
♦37%
13s
*5
800
2,200
..J
29%
29%
,*1%
12
700
»
Motors
24%
23%
*138
20%
12%
1%
12
700
1%
11%
1034
17%
99%
7%
...100
Preferred
Granby-Consol M 8 A P
.6
Grand Union (The) Co
1
$3 conv pref series...No par
Granite City Steel
No par
*113% 117
*67
No par
15,500
49%
48%
49%
*113i2 115
*113% 115
*113% 117
11
11
1034
II84
10%
10%
1034
16%
17%
16%
17
17%
17%
17%
*105
*105
*104%.... *104%
61%
61%
61
61
62
64'4
63% 65
65%
33
33
*33%
35
34
34
34%
*3312 35%
16
17%
17%
17
17%
17%
1634
18%
16%
4734
15% Mar 31
69%June 17
2% Mar 30
62% Mar 30
>4 Mar 29
2% Mar 31
preferred...No par
conv
19,000
60
11
18%
$5
Gotham Silk Hose
I84
133
49%
Mar 31
June 18
8
*55
117
10
32
1%
133
10%
17%
2% Sept 26
60% Apr 20
5% preferred
..No par
Goodyear Tire A Rubb.No par
734
*1%
Apr
No par
Goodrich Co (B F)_
8
1%
Mar 30
1
1% Mar 20
1
1
1%
*131% 133
48%
37
7»4
66%
*110
13
50
1%
I884
*17
180
Mar 29
37%June 18
No par
4M% conv preferred
Gobel (Adolf)
Goebel Brewing Co
1%
07%
19%
$6 preferred
Glidden Co. (The)....No par
8%
67
*17
6%June 13
Sept 28
...No par
Glmbel Brothers
Mar 29
5
Feb
65
100
1
June
Feb
14
32% Mar
20
50
8
*18
99%
2,800
5%
Mar 31
No par
preferred
1%
19%
60
conv
Graham-Paige
67%
99% 100
$5
Gold A Stock Telegraph ColOO
38,700
4,700
61,800
2,100
66
64
18
*55
2,200
90
*78
01
33%
500
63
25
61
32
32,700
03
25%
2434
400
2%
25%
45%
25%
26%
61%
64
58
15
2534
2434
01%
9934100
434
5
8%
Corp. No par
preferred
0%
99%
67%
17%
7%
98
General Tire A Rubber Co..6
♦
19
16%
39
100
"V.ioo
17%
18%
99%
67%
*64%
*33%
*24%
*37%
*7%
8% Mar 23
14%May 23
1634
05%
9%
2%
14
26
18%
Gen Time Instru Corp.No par
65
34%
9%
Gen Theatre Eq
700
17%
65
2%
13%
15%
1,100
1,400
Gen Steel Cast $0 pref.No par
15
*
45%
1%
Mar 25
13% Mar 29
15% Mar 31
No par
No par
26
*56%
14%
*62
8ept 15
1
1
S6 preferred
General Refractories
153
Oct 15
52
15%
9
57%
14%
62
234
400
Oct
Oct
Oct
Feb 23
123% Aug 27
45
July 22
*85
100
Oct
2%
6%
14%
Oct 15
126
4
l%May 21
12% Mar 30
No par
0% preferred....
Gen Realty A Utilities
117
6
1% Oct 17
Aug 2
2534
8%
2%
9,200
No par
No par
Feb
Jan
70% Oct 21
15%
*17%
56%
*45
"9,900
$6 preferred
19%
37
25%
56
1334
3,300
Gen Railway Signal
Oct
114% Aug 26
0% Mar 29
101% Apr 9
1
5
47% Oct 17
39% Oct 21
Mar 31
4
......No par
Jan
96%
82
21% Mar 30
Common
105%
28
No par
General Printing Ink
15% Mar
Nov
125
13
38
56
0134
24%
35
Gen Outdoor Adv A...No pur
preferred
Oct
Oct
5%
31% Nov
91
6% July 25
25% Mar 31
$5
Feb
17% Oct 15
3
Jan
19%
18% Oct 21
Sept 29
130
111% Apr 25
Gen Public Service
1%
25%
I84
38%
118
100
Jan
Oct
8% Oct 19
July 12
Mar 25
50% Jan
Jan
106%
4
56% Oct 13
11% July 27
3934
27%
37%
67
66
34%
'
*24
25
33
Nov
100
Mar 29
Mar 29
10
9334
18%
*105
*105
1%
24%
No par
*39% June
88
Aug
52
108%June 28
% Mar 30
No par
0% preferred
2,700
8%
8%
8%
8%
8%
*18
*18%
19%
19
J9
*18%
20
98
98
*96%
98
*96%
98
98
*95% 100
100
*95% 100
*95% 100
30%
30%
30
3134
32
31%
32
*131
140
*131
140
140
*131% 140
6%
7
*6
6%
6%
6%
638
*90
*100
134
*23
*87
Sept 27
7
2
Oct 10
8
June 15
11% Dec
10% Oct
July 20
94
Mar 30
General Motors Corp
July
18
Mar 10
20% Mar 31
108% Apr 1
27% Mar 31
22% Mar 30
$6 conv pref series A.No par
No par
4,100
2334
23%
23
9334
18
Mar 30
0% Mar 31
115
Apr 12
2% Mar 31
5% Mar 31
General Mills
10
18%
1%
*5
*90%
*87
Dec
29
No par
2
2
3
7% Mar
15% July
35
Gen Gas A Elec A..
Jan
Oct
100
preferred
Jan
1%
2% July 2
5% July 19
82
No par
10%
*107
2
18%
12%
*150
*16%
$4.50
Jan
83
32%
4% Mar 31
No par
100
Electrlo
Jan
18%
Oct
Mar 30
General Foods
2,000
8
10%
10%
108
*22%
46
*18%
*8%
9%
108
25%
20%
7%
734
18%
12%
*28%
*33%
734
100
42
*40
1934
9%
25
150
67
99%
46
100
17%
General
Feb
135
Oct
18
11
7% preferred
90
Dec
2%
3
No par
Class A
00
Sept
13
No par
7% cum preferred
General Cigar lnc
100
1,000
130
18%
8%
49
♦98
67
Cable
54%
32
48
5
Bronze....
General
Oct
Dec
4% Mar 29
preferred—..No par
General
20
*124
42
*1%
24%
150
*17
20
130
*40
2
25%
39
26%
1534
18%
*76
23%
1384
23%
29%
12%
*27
284
20%
6134
33%
99
4%
04
134
8
1%
23%
13%
22%
29%
197g
*20
25%
45%
2%
11
18%
*19
15%
$8 1st
20
1,000
18,200
2,100
Sept
11%
40
912 Mar 29
5
5%
15%
Apr
98
6
10
5
Baking
General
15%
5
5%
*123
23%
9334
*
1034
27%
19%
23
17,300
32
;
1%
*23%
37%
25%
15%
*17%
90
25
19%
*1%
3,000
10%
15%
2
23
38%
99%
19
*19
54%
10
5%
....
2
11
139
41
*87
1634
27%
1378
2334
30
53
10%
135% 135% *135
124
2
2%
2234
17
24
5212
58
Oct
Oct
85
50
Gen Am Transportation
Oct
45
2% Mar 31
No par
$6 preferred
200
99
27
80
5% Jan 12
1% Mar 29
Gen Amcr Investors ...No par
preferred
58% Feb
39% Mar
9% Feb
19% Mar 30
Gaylord Container Corp....5
conv
c
Oct
Apr 13
25
1,400
10%
5%
16%
32%
10%
10%
11
27%
99
99%
82
5H%
8%
52
7%
10%
94
*70
2678
61%
31%
98%
*99% 100
*4%
5
2%
90
25
26%
02
31%
*96
Mar 29
"4", 100
18%
55
*8%
50
Gameweil Co (The)
30
D<
1%
Oct 17
Oct 21
20%
1,900
7%
*50
8%
Mar 31
No par
Gannet Co conv $0 pf_.No par
Gar Wood Industries Inc.—3
94
18%
18
55
8%
99%
734
8%
50%
13%
63%
45%
3
18
*107%
*
14%
64%
2478
7%
*50
8«4
32
784
8%
24%
45%
2%
*92%
7%
18
41
878
58%
14
25
93%
7%
....
42
8%
14%
63%
93%
55
6%
15%
19%
*01%
63%
25
630
45
44
96,600
45%
4434
44%
45%
45%
38
39%
39%
15,700
39%
37%
38
37%
100
112
112
*112% 113
112% *11034 112%
1%
1% 29,700
1%
1%
1%
1%
1%
*34
49%
49%
49% *34
49% *36
68
68
69
69
69%
70% T.ioo
68%
80
124
124
124
122% 122% 122% *123
50%
51% 215,000
4934
5034
4934
52
5184
123
123
122
1,800
122
122%
121% 122%
1784
*5678
1,400
1634
124
19%
59%
14%
1634
89%
*17%
99%
14
17
27%
2%
32
187g
19%
9
18%
18
18
18%
18%
*....
4%
14%
17
5434
10%
2534
15%
18%
27
15%
4%
14%
2%
4%
*31
25%
15%
26
15%
*4%
10%
24%
27
4%
14%
17%
94
7%
27%
2%
11
No par
No par
F'k'n SlmonACo lnc 7% of. 100
Free port Sulphur Co.......10
Gabriel Co (The) cl A..No par
Galr Co lnc (Robert)
1
*3 preferred
10
6,300
1,000
4,000
27%
*80
1%
15%
27%
*2%
......-.10
106
2% Mar 31
Dec
15
per share
41% Mar
107% Feb
52% Mar
46% Feb
Oct 21
Mar 29
Mar 25
preferred
Francisco Sugar Co
22
33% Jan 10
18
$7 conv
Nov
26% Dec
11% Oct
6
Jan
Oct
10%
90
Jan 10
3
85
Foster-Wheeler
900
27%
2%
21
100
4)4% conv pre!
45
share
per
Highest
% per share %
25% Jan 15
96% July 25
36% Oct 19
2*% Oct 13
39% Oct 17
1% Mar 26
t Follansbee Brothers..No par
Machinery Corp
100
Food
17,600
4%
*40
82
24%
36%
27
4%
4%
45
25«4
25%
39
39%
4%
*40
No par
No par
Florshelm Shoe class A.No par
Florence Stove Co
70
32
2
2
4%
45
share
10% Mar 31
Apr 14
24% Mar 30
10% Mar 26
1934June 13
15
Apr 7
0% preferred series A—100
Fllntkote Co (The)
per
S
70
First National Stores ..No par
260
82
82
21%
39
20%
82
2.534
*87
25%
37%
*25%
82
*70
20
9%
22
25%
90
7%
94
1%
2
122
2%
2434
26
*107
2134
22%
*87
68
10
2%
2%
80
24%
14,200
2,000
,
122%
48%
7%
24
*75
*41
♦107
*107
*36
42
7%
7%
10%
7%
1%
1%
49%
69%
123%
50%
122
*36
43
♦35
112% *109%
*68%
123%
69%
*122% 124
50
37
*30
49%
69
37%
1%
1%
1%
*36
44%
37%
113
*107
2%
105%
123
123
47%
*111
2
32%
105
27
2634
45%
47%
37%
40%
37%
1,700
2
96
90
31%
*75
27%
123%
2,800
3134
32%
10584 106
*135%
15
90
27%
2%
*3134
52%
5%
10%
3284
*434
" 5%
17%
34%
47g
5
2%
32%
*96
*13434
*134%
■,
4%
200
8%
99%
54%
10%
10
19%
*50
8%
64
10%
9%
10
9%
*134%
65
55
55
*54
*19
17%
17%
*96
*19
7%
55
8%
1,600
27%
2%
4%
14%
17%
*92%
7%'
*50
8%
99%
39%
4%
94
17
17%
8%
8%
99%
8%
55
♦50
55
*50
7%
39
1934
39
19%
*33
18
*92%
*7%
38%
80
15
17%
39
2
4%
10
20,300
25%
Rubber...10
Firestone Tire &
6,100
2 884
32
2%
17
*14
36%
28%
104% 105
24
25%
27%
2%
4%
30
28%
19%
45
27
27%
2%
27%
*2%
28
*2%
45
*32
48
*32
95%
35%
2734
36
28%
39
2%
*32
95
24%
95%
24
23%
$
Par
Lowest
Highest
Lowest
Shares
28
33
33
32%
32%
107%
♦104% 107% *105
25
26%
24%
25%
2512
*80
82%
*81
85%
80
484
47g
4%
4%
4%
79
$ per share
92%
34%
104
24%
Week
24
9434
36%
23%
23%
92%
35
28%
39
19%
32%
32%
104
the
Oct. 21
$ per share
$ per share
$ per share
S per 8hare
Friday
Oct. 20
19
Oct.
100-/Share Lots
EXCHANGE
Thursday
Wednesday
18
Oct.
17
Oct.
15
Oct.
Tuesday
Monday
Saturday
On BasU of
STOCK
YORK
NEW
for
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
HIGH SALE PRICES—PER
Oct. 22, i93s
10
Jan 13
2% Oct
6
1%
Dec
15%
Jan
Jan
~23% "Fob
4% Aug
Oct 21
8
Oct
38
26% Oct 10
16
Oct
67% Mar
Oct 21
34
Dec
72
Oct 21
5
Doc
25% Mar
15
40
8%
Ex-rlghts.
1 Called for redemption.
Mar
Jan
Volume 147
LOW
AND
HIGH
Saturday
Oct.
j
9 per share
9 per share
28
*8ig
28%
108
278s
28%
1093g
*148
♦87
88*4
87
19
175g
24
24
514
*4*4
6%
634
86%
4l2
*84
5
13%
♦27g
514
7%
24
22i2
86l2
87
414
4%
13*8
1312
127g
3
27
*26
26
26
172
172
3%
*171
171%
64%
65*4
161i2 16H2
7%
63
65*4
7ig
3*4
97g
10U
27*4
108
86%
177g
$ per share
8»4
28*8
27
109l2
9%
109
9i2
27
27*8
108
*148
_.
9 per share
93g
28*4
*109
110
2,300
857g
84l2
86
3,400
17*4
1734
173g
18
64,700
5
4*4
5
*434
5*4
73s
6*2
6*2
23*4
23
23*8
5,300
1,700
88*2
23*4
*8634
883s
883s
883s
170
4%
*412
47g
4%
12i2
*284
12*4
412
13
1,040
21,500
27g
800
4^8
12%
13*4
27g
2*4
2*4
25
26%
25
172lg 172*4 172
173
61
62*4 637g
64
I6U4 161% *16212 164
678
12i2
27g
3
*24
24
26*2
173
173
617g
627g
162
162
173*4 176
623g 63
163
7
7%
7
7*4
6%
67s
3%
9*8
3*4
9*4
3%
334
*3*2
9
934
9*4
334
9%
5478
24l2
*10
*20%
*187g
107g
24
21
*14
15
*81
98
13
8*4
*95
2,200
16,100
Internat! Mining Corp
l
Int Nickel of Canada
No par
Preferred
ioo
100
43
37g
45
*43*8
28
28
34l2
2534
34
84
84
97g
97g
15%
43*2
28
28
34
*34*8
26
26
*84
85
84
10*4
97g
167g
80
10
978
10%
978
16
15*2
*77*4
11*2
20%
79
10*8
17
107g
13%
9
51
*22
50
10t2
1U2
♦20
23
23
23
22
20*4
14%
20*4
♦14*4
15i8
*82
98
*82
14i4
98
1278
878
12*4
8*2
9
100
507g
10%
28*8
27«
50
17
47*4
10%
19%
20
6l2
13*2
9*4
10%
100
*95
140
700
1,800
860
400
1,200
10
600
7,600
630
3,100
11*2
2312
2112
23l2
*19*4
23
200
14l2
.
*14
1484
300
98
*82
98
13*2
13l2
91?
9
98
*95
200
~~6~506
1334
97g
98
27
27
27
27
600
Kimberly-Clark.......No
3
200
10
*6
17
*16
17
7
*16*2
197g
20*4
7
7
*6*2
.
20
*27g
17
16*2
1612
2078
22
2078
7*2
30
30
30
19*8
197g
*684
14,800
200
7*2
30%
29*4
29*4
18*8
18*4
18*2
29*4
18*s
29*4
187g
1878
19
16*8
1512
16
*14
16
14
14
25
24
19*2
147g
15
320
23
23
*13*4
23
23%
23
23
*21
24
137g
26%
1414
24
1478
320
67g
2514
67g
*6
14%
67g
*6
14*8
67g
*6
2514
25
25*4
25
25
24*4
24l2
♦113
25i2
119
24
24*4
♦113
119
29
18*8
14
24
24*2
*116
119
24
119
57g
57g
6%
57g
5*2
534
7g
7g
78
7g
4lg
28%
11
34l2
56*4
7%
34%
57*4
283g
10*4
34i2
57*8
714
4%
27*8
10a4
33*2
54*4
7*4
4ig
28'8
10%
4%
27%
10*8
33%
55*4
714
78
4%
%
*3*4
27l2
34
34
34
33
33
7i2
*9914100
100*4 101
*166
175
17l2
17l2
34*4
*477g
*1812
547g
♦110
♦33
*9914100
100*8 100*4
169
169
35%
1714
35%
17*2
35%
48*4
48*4
48*4
19*8
65%
19
19
53*4 55%
*108l4 111%
7*8
6%
67g
61
62
61*4
....
67g
61*4
4%
4%
19l2
*19%
4%
*19
105
*101
20%
*143
14612
18%
19%
20%
50
50
29
29
*120*8
105
4%
19%
105
20
20*g
145
14612
19
195s
48
51
28*4
*120'g
29
11
27
*2778
463g
44
17*4
17*4
*1634
38*2
39
37*2
3834
36
*17g
2
1%
8*4
8
14
8*s
8*8
*12*2
137g
1«4
1*4
5*4
53g
14
7*4
12*2
134
5*8
1%
87g
29*2
45*2
1334
24l4
*23*4
24i4
24*4
1197g 11978 *118
119
6
5%
57s
7i
27is
4*s
28
11*8
334
27*4
107g
34
35
35
57
56
*4
*10i2
57*2
7
73g
*32*2
100
100
29
28
45*4
700
4
28*4
13,100
1,600
13,400
7*4
3,100
♦32*2 34
*99*4 1007s
10ll2 101%
200
7*8
2,000
200
29
297b
46*8
*120*8
2778
17*8
17*4
363g
38
36l2
.8*2
14*4
*13
1%
8
13
8*8
7*8
8
7*4
,12*2
12*2
13
13*4
1®4
178
1%
5*8
5*4
1®4
1*4
5*8
8*4
53g
*13
7*2
13*4
'
178
5*8
*28%
*120*8
28*8
46*2
18*4
18*2
37
37*2
29*2
Lehigh Valley RR
Lehigh Valley Coal...-No
1®4
8*4
14*4
7%
1334
1%
1*4
8*2
1414
8*
*13*4
1 78
5*4
19
7,600
6,000
2*8
8*2
4,100
600
15
190
884
1334
.4,100
900
2
1,700
16,400
53s
9
9
9*4
9
9*4
9*4
9
9*2
91?
9*2
920
*25*8
5984
3184
1384
29
284
59«4
3134
13*2
28%
*3%
59
31*2
137g
30*4
3i2
60i2
32%
*161
*161
515g
5178
534
534
*24*2
*25
27
*85
91
*85
*1384
137g
12*4
12*8
*83
*
85
13
11*2
*78
137g
13%
14
3034
28%
3%
30%
3*2
58*4
311?
*161
51*4
5134
6%
27
*5
13*4
2912
3l2
5784
31%
50*4
57*2
32
3%
59
32%
*161
51
6
6
*25*2
27
*20
26%
97"
*85
91
*85
91
13*2
12*8
*12%
13*2
1134
85
*78
11*2
85
Bid and asked prices; no sales
1278
11%
*78
on
137g
30
3%
13%
29%
3%
31
58
58*2
32%
59
59
32
*161
51
6
13*8
28*2
3%
51%
6
1278
117g
85
this day,
50%
32%
14
4*2
6
800
26
100
91
*86
91
13
13
11%
*78
13
1,400
12%
12%
6,000
85
85
85
Jin receivership,
a
113*4 Apr 30
44*4 Mar 30
120
July
9
72
Aug
8
100
Def. delivery,
Mar
8
5*8 Mar 29
12
Mar 29
6
Jan 15
3
80
111*2 Oct 14
Mar 20
Jan
July
7
Jan 10
24*2 July 20
123
Oct 18
13*8 July 25
24*2 July 21
21*2 Oct 20
15
85
Apr
484 Mar 29
July 19
May 27
Feb
8% Nov
70
Dec
9
Nov
36ig Jan
107*2 Apr
26*x Jan
20*2
Oct
Sept
30
Apr
*110
127
Aug
49
Dec
65*2 Nov
120
87*8
Jan
155
Jan
Mar
126
Jan
64*4 Nov
15*8 Dec
115*8 Apr
136
Feb
46
Jan
121
Mar
6
Oct
29
Mar
I4lg
Oct
447g
15
Oct
35
13
Nov
80
Nov
7
Oct
238g
Feb
4
Oct
19*2
Jan
80
Dec
14*8 Oct 19
10*8 Oct 19
Jan
Mar
27*4
Jan
110
Jan
8
July 13
4
Oct
22
311*8 July 23
197a Oct 21
22
Dec
47*2
Jan
123gMar 31
14
Dec
Oct
24*4
277g
Jan
6
9
Feb
Mar 30
Mar 28
Oct
6
Oct 15
11*2 Aug
6
July 19
8
Mar 29
18
Mar 26
30
28*4 Nov
41? Oct
1784 Dec
I84 Oct
Jan 12
15
Jan 12
8*2 Mar 31
3*gMay 13
10*4 Mar 31
1484 July 25
71? July 20
2884 Oct 6
8
Oct
10*8 Dec
5
Dec
884
Oct
13i2Mar 30
z25% Oct 13
14
Oct
95
120
97
Dec
50
3
Jan
Mar 29
Oct 11
7*4 July 25
1*8 Jan 12
6*4 Jan 13
29
July 25
12*8 Oct 11
3f% Oct 21
58*4 Oct 13
4*4
Oct
Dec
109i2 Jan
698s Mar
20*2 Mar
4084 Apr
98g Mar
Feb
Jan
41i2
24
Jan
Mar
1784 Mar
277a Mar
51*2
203
Feb
Feb
24% Mar
Llbby McNeill A Llbby No
Life Savers Corp
par
6
Mar 29
9
Jan 10
5
Oct
153g Mar
6
25
Mar 30
34
Oct If
23
Oct
29
81
Aug
Mar 30
Dec
113*4
Feb
Oct
114
Jan
May
175
Jan
par
Liggett A Myers Tobacco..25
Series B
25
j
Preferred...
100
Lily Tulip Cup Corp...No par
Lima Locomotive Wks.No par
Link Belt Co..
...No par
Liquid Carbonic Corp..No par
Loew's Inc
$6.50
Loft
Apr 9
14% Mar 31
20*4 Mar 26
29
Mar 25
12*8 Mar 31
No par
Mar 31
No par
..No par
preferred
Inc
33
102
Apr 18
84 Mar 26
20
Mar 31
Lone Star Cement Corp No
Long Bell Lumber A ...No
par
5%
preferred
Lorillard (P) Co
25
100
i0
7% preferred
.100
Louisville Gas A El A ..No par
Louisville A Nashville
100
1
10
preferred...—.No par
No par
—
1
No par
t Manhattan Ry 7% guar. 100
Modified 5% guar
Manhattan Shirt
100
25
June 22
1384 Mar 31
125
Apr
1
12i2Mar 31
297g Apr 20
12i2May 27
Mar 29
1161*8 Mar 30
10
Mar 29
247g Mar 30
10
100
3i2 Feb
100
7
7
Jan 28
25
Mar 29
1934 Mar 31
Aug 2
28*2 Mar 31
3*2 Mar 26
16%June 1
166
Oct
108
Oct 11
9
Oct 11
1
June
62l2 Oct 21
684 July 25
32
Oct
22*4 July 22
106
Jan 18
2U4 July
146*2 Oct
195s Oct
60*2 Jan
2114 Jan
311*8 July
126
25
2*8
Oct
17*8 Dec
101
Oct
168g Dec
79
207g July
877g Aug
110
37g
IO84
Jan
43*4
Jan
May
110
28%
126
Oct
14784
14*2 Oct
48*2 Nov
13*8 Oct
2684 Oct
123*8 Nov
1788 Dec
2884
25
Dec
Oct
Oct
Jan
Feb
75*4 Mar
17
10
12
19
Jan 21
Jan
23*2 May
83i2 Feb
63
Aug
14
2978 Oct 19
49*8 Aug 26
Jan
Jan
99
Feb
jan
Jan
Mar
4I84 Mar
30
Feb
1321? Feb
62*4 Mar
58*4 Mar
168g Jan
63
Mar
214 July 19
9
Jan 10
0
Dec
107a
Jan
20i2 Jan 13
914 Oct 6
10
Oct
39
Jan
16*2
29%
Jan
16
July 23
284 Jan
7*2 Jan
l*4May
784May
10
11
11
12
11
6
Aug
2%May 11
297g July 0
14i2 July 25
31
Oct 2
41*8 Jan 24
61
Oct 14
33*s Oct 21
106
Feb 23
52
Oct 13
4*2 Oct
9*2 Oct
1 *4
Oct
6*2 Oct
84 Dec
3
684
1%
24
Oct
20
Jan
Dec
39
Jan
Oct
67g Mar
Dec
5184 Mar
307g Mar
7*4 Dec
10
184
20
Jan
684 Fel>
14*4 Feb
3i2 Mar
Oct
Oct
29*4 Apr
1378 Jan
Oct
74
Feb
22
Dec
142
May
165
Jan
00
Mar
4184
Jan
28*4 July 26
3384 Dec
4*2 Oct
20*4 Dec
Mar 29
21
35
June
45
Jan
92
93
Nov
111
Jan
11*4
Dec
36
Jan
6
Mar 23
1284 July 26
784
Oct
61
Mar 31
85
No par
13 preferred w w
No par
S3 preferred ex-warr.No par
20
75
pref.....No par
McCall Corp
No par
McCrory Stores Corp
I
cum
100
Cash sale,
Nov
14
384
18*2
43*2 June
218g Feb
58% Jan
Apr 5
8*4 Mar 31
Maytag Co
r
Oct
43% Dec
99«4 Nov
8*4
Mar 30
Oct
33
18*2
1884Mar30
6*2 Mar 30
14*8 Mar 30
2i4May 24
New stock,
161?
18*4
Oct 21
Martin-Rockwell Corp
1
Marshall Field A Co...No par
1
n
87*2 July 25
497g Oct 18
2U2 July 21
60i2 Oct 21
82
83*2
151
Oct 16
7gMar 30
conv preferred..
xl8
Oct
19
100
6%
8
Aug 10
Feb 28
Oct
39
4% Sept 14
*2May 2
preferred
100
May Department Stores.-.10
176
8
23
331*8 Dec
Mar 26
1*4 Mar 31
Martin (Glenn L.) Co..
100*4 Aug
10384 July 25
%
278 Dec
2284 Dec
18*4 Mar 31
84 Mar 29
41*8 Mar 30
534 Mar 20
2% Mar 26
9
Maracalbo Oil Exploration..]
Marine Midland Corp
5
preferred
prior preferred
1434 Mar 31
92
22
Macy (R H) Co Inc....No par
Madison Bquare GardenNo par
Magma Copper
10
Manatl Sugar Co
Mandel Bros
2*2 Mar 28
par
Loose-Wiles Biscuit
6%
811? Mar 31
157
$6 1st
"
1284
12*2
15
24
118
08g Oct
8<*g Dec
25
8
June
.
15i2 Dec
7%
*86
0
Oct
6
8
21
Jan
Oct 21
Mathleson Alkali Wks.No par
"5; 000
Feb
4
110
1578
22
Martin-Parry Corp....No par
Masonlte Corp
..No par
52
Oct
15*8 Mar 31
2% Mar 26
4,600
33*8
26
♦5%
2,600
05
71
2,500
*101
51%
51%
*5%
*25*2
26
11,900
123,300
21
Jan
3512 July
29% Jan
1578 Jan
50
6% 2d preferred
13*2
27H
Mar
*2 Mar 26
l7sMar29
193s Mar 30
G7a Mar 29
1934 Mar 30
23i4Mar31
6%
*8*2
52
Dec
Market Street Ry........100
8*2
Oct
1
Lehn A Fink Prod Corp
5
Lerner Stores Corp
No par
Llbbey Owens Ford Gl. No par
Mack Trucks Inc
38*8
10
Dec
6% conv preferred
Lehman Corp (The)
Mac Andrews A Forbes
11,300
21
100
8,400
467g
493g
11
.5
1,600
29
46*8
Oct
20
..No par
4% conv preferred
6%
28*2
*1%
8
14*4
778
13*4
178
29
30
1912 Jan 22
io
Bryant
24
Dec
33s July 25
July 23
Laclede Gas Lt Co St Louis 100
6% preferred
100
Lambert Co (The)
No par
Lane
Oct
67*2
2884
Feb
19*2
30
No par
Kress (8 H) A Co
.No
Kroger Grocery A Bak.No
Feb
34
30
Lehigh Portland Cement--.25
6,600
1,700
Feb 10
Mar 31
10
21
20
3
Ludlum Steel.-7..
29
17*4
134
Kresge (SS)Co
Kresge Dept Stores
170
34
63
Jan 21
48*s Jan
28*4 Oct
3584 Jan
28*4 Oct
87*4 Oct
1H>8 Oct
ll7S Oct
17*2 Oct
80*2 Oct
1284 July
1*4 Mar 29
12% Jan
l
preferred
..No par
15 prior pref erred... No par
2,400
6
4
6
Jan
738a Mar
13584 Jan
19*4 Sept
68i2 Sept
19
24*2
....
Fob
6*8 Mar 30
1H*8 July 20
473g July 25
12778 May
0*4 Dec
29i2 Dec
214 Oct
51
Lee Rubber A Tire.
800
6
July 23
100
4,000
107g
35%
573g
7*8
34
2,500
46*2 Mar 30
5*2 Ft I. 4
56*2 Oct 21
140
6
14*8
634
24
684
%
54*4
4*8
283g
11
34*4
34
♦99*4 100
100i2 101
6*8
237g
24
78
37
*7%
5*g
13*4
678
24
6*4
*23*4
45*8
17*8
134
14
13*2
67g
*1201g
27
45*2
1634
14
55*4
7*8
*32i2
29
*28*4
*120*8
46l2
17%
'
*34
7*4
14*8
25*4
700
14,200
101*4
101
10H2
6,100
169*4 169*4 *170
175
*170
175
*171
175
400
17*2
17*2
17*4
18
*17*2
17*4
1734
1734
1,300
343g
34l2
35
36
3412
36
*37
37*4
3,100
49l2 497g
49*4
49%
*48*2
49*2
700
49*2 49*2
18
18*2
18
18*4
19
18*4
18*2
19
4,900
537g 56
55
55*8
56
56*4
56*8
56*2
13,900
*108*4 111*4
108% 111*4 *109
111*4 *109
IIII4
6*2
7*4
7*8
8*8
784
834
7%
8*8 220,800
60
61
61*4
61
623g
6134
62*4
62l2 33,700
4*8
4*2
4*4
434
43g
43g
4*2
4*2
3,000
18
*18*4
19*4
18*2
I8S4
19
19*4
900
19l2
*102lg 105
*102*8 105
♦100*4 105
*100*4 105
30
19*4 20
1934
20*8
203g
20*8
20*4 20*8
3,600
141
1421g
142*2 142l2
142% 145
170
144*2 144*2
19
19
18*8
19
*18*8
19
*18*8
18*2
2,900
47*g
48*2
49*4
4984
47*2
48*2
49*4 4978
2,600
28%
♦8
2778
10*4
567g
101
28*4
*
65g
78
4*8
34
*99l4 100
46*4
-
13*4
Nov
Jan 19
26%May 27
6*2 Mar 31
$8
160
17%
29
37
367gMar 31
par
Kinney (G R) Co
50
20lg
I884
par
27
*24
1678 Jan
15*4 Apr
Oct
Oct
Oct
par
27
Keystone Steel A W Co No
3
Oct
0
6
2
par
2,600
50
Oct
178
ll7a Jan 21
132
i
~6~2~806
*27g
784 Jan 12
47s Jan 11
3
Mar 25
2
63
1034
*24
Jan
3*8 Mar 31
cl A.l
4878
3
162
Keith-Albee-Orpheum pf-.lOO
48*4
108g
25%
Nov
12*2 Apr
10*2May
49*8
10*8
*234
25*8
Jan
Aug
138
63« Mar 31
Southern...^100
48*8
10*4
27g
189
120
5
78
Kendall Co (6 pt pf A ..No
par
Kennecott Copper
.No par
11*2 Mar
28*2 Mar
9*8 Apr
03i2 Apr
Oct
Jan 17
164
49'4 Apr 1
121? Mar 25
conv
Jan
18*4 Oct
127*2 Nov
53% Nov
130
Class B
2ig Dec
Jan
Oct 21
preferred
100
Kaufmann Dept 8tores.J12.50
Kayser (J) A Co
6
Kelsey Hayes Wh!
6
1384
Jan 11
9
Jan 24
4%
6
70
Mar
Mar 29
10%
25*8
Deo
58
50*g
27g
92
Oct
Apr 25
51*8 July 7
122
10i2
.
98
64*4 Apr
111*2 July
100
48*2
27
Oct
7«8
No par
Preferred
Kansas City
20
5*8 July 21
176
8
Johns-Manviile
26*j July 21
Mar 31
16
l
July
May 27
__i
Tea Inc........ No
par
Feb
143
131*4 Mar
33*8 Feb
29
..No par
Jones A Laughlin St! pref. 100
Kalamazoo Stove A Furn... io
Kan City P A L pf ser B No
par
14,200
15*4
1378
Jewel
110
700
ioo
Corp
island Creek Coal...
$6 preferred
Oct
Mar 26
Mar 28
Preferred...
Inter type
32
Sept 30
22*4 Jan
47i2 Apr
144
131*8 Aug 0
37g Jan 17
12
Foreign share ctfs...No par
Interstate Dept Stores. No par
60
Oct
Deo
Nov
6884 Nov
6*4 Oct
37g Oct
1*2 Oct
Mar 29
..100
6,900
12,700
5*8
16
72
Mar 26
June 17
7% prei erred
100
Inter Telep & Teleg...No
par
Highest
9 per share 9 per share
*2 Oct 13
I98g Oct 17
67g Mar 30
28
68,000
10
11*8
2
share
8
June 10
No par
ioo
140
Mar 30
No par
5% preferred
International Salt
International Shoe
International Silver
10%
I6I4
19*2
6%
30
113s
23l2
2112
14*8
9%
*95
*1034
♦213s
15
4*4 Mar 29
188s Mar 31
214 Mar 30
28*2 Mar 25
19i2Mar 31
49*4
*22
17
197g
13
100
27
27g
*22
1378
97g
*95
10%
*27
14*4
*83
13
7%
*30
*122
*14
98
3
*6
♦122
*19
18
19%
11%
....
23%
4S12
107g
105g
*122
20
*95
28%
123
*20
14ig
"*28%
*2*4
*17
107g
123
270
1,200
3412
28*4
87*4
10%
10%
17i2
80i2
11%
218s
27
10*8
♦77*4
*11*2
4314
28*4
28
34*2
25*4
45
Inter Paper A Power
Co.... 15
5% conv pref
.100
Internat Rys of Cent Am.. 100
38,800
25,700
8
80
par
67,400
Feb
per
Lowest
10*4 July 13
303g Aug 24
10984 Oct 18
7*s Mar 30
3% Apr 1
27g Mar 26
No par
No par
4,700
Mar 29
56*4 June 17
Int Hydro-Elec Sys class
A.25
Int Mercnatile Marine.No
3*2
9*2
9
Mar 25
135
Internat Agricultural.-No
2
par
Prior preferred
100
15
Int Business Machines.No
par *130
Internat! Harvester...No
48
par
Preferred
ioo
141
25,000
1,800
5478
56
55*4 56i2
*132*2 136l2 *132l2 136*2
10
1034
10*2
103g
113g
4478
42l2
4312
43l2 46
4
4
4
*37a
4
*43
Intercom! Rubber
Interiake Iron
7
6*4
3*2
93g
56
10*4
loo
No par
500
137
137
*19
♦81
100
50%
10%
123
400
preferred..
Inland Steel....
4
Year 1937
Highest
1438 Mar 31
60
Range for Previous
of 100-Share Lots
9 per share
Inspiration Cons Copper
20
Insuranshares Ctfs Inc
1
% Interboro Rap Transit... 100
Intercbemlcal Corp....No par
6% preferred
100
163
*77*4
*10
12
*10
12
*1012 12
12
11*2
11*2
21
21
*20*4 21 ig
*20% 21
?20% 21
21
2034
119
119
*11614 119
*114*4 119*2 *114*4 119*2 ♦114*4 119
*114*4 119
71
71
71
711g
71 lg
71
71*4
71*4
*6778
71
70
70
110
110*4 105i2 109
105
10512 107
103
104
IO684
10412 105*2
127
127% ♦126U 128
12614 128
*126*4 127*2 *126*4 128
*126*4 128
63
64
61
62
62
6212
61
61
62l2
60
61*2
61*2
*23
24
23
23i2 23%
*21
23%
23
22
22
*21%
21*4
*122
2,200
6*2
23*2
47g
13ig
Indian Refining......
io
Induetrlal Rayon
No par
Ingersoll Rand
No par
6%
84
86
557g
5478
56
5378 5578
*132% 138
*136
*13212 138
138
10
IOI4
10*8
10*4
10% 10l2
4312 44l2
4312 453g
43*8 44*4
*4
'
4i2
37fi
4
37g
4
44
44
*44% 4534
*4112 45
28
27
2734 27*4
27*4 28
34% 343g
34i2 3412
34% 34%
27% 2714
26
27% 27%
26
83%
83%
83
83l2 84*4
83*4
10%
10*8
9*4
10%
9%
10*8
10%
10%
9*4
10%
9*4
10*8
15
15
153g
153g
145g 1512
80
*79
79
80%
79
80%
123
Par
2,300
3,100
*23
55
*122
Shares
183g
5
On Basis
Lowest
86*2
6*2
YORK 8TOCK
EXCHANGE
*148
...
2493
Range Since Jan. 1
Week
2*4
7*4
37g
10%
NEW
the
Oct. 21
17*4
86
4%
123g
Friday
Oct. 20
6
STOCKS
84
5%
67g
23
22%
*83*4
Thursday
8*4
*148
1678
*4*4
6l2
Sales
,
*25
161
37g
3*4
3%
161
7i2
10
28
85
8814
19%
8*4
109*4
*148
18%
♦4*4
*6%
CENT
|
19
9 per share
8%
2714
108
NOT PER
Record—Continued—Page
for
Oct.
9 per share
8ig
SHARE,
Wednesday
Oct. 18
834
108
*147%
PRICES—PER
Tuesday
I
Oct. 17
8
106
SALE
Monday
15
8
New York Stock
z
Ex-div.
77g Aug
10
8
Apr 22
Sept
9
Jan 18
Oct 21
y Ex-rlghts.
*00
Oct
15*2
44
Jan
Jan
24*8 Feb
106*4 Mar
1 Called for redemption.
Saturday
1834
107g
48%
22
7
35
7%
35
347g
10
10%
934
107g
48%
207g
35
10%
10*2
90
90
*10%
48!*
22
078
35
7
16%
265g
13%
77
80
80
*66%
80
*66«4
51
51
*49
534
12%
447g
44%
6934
*ig
*%
1
*13%
2%
9%
2%
9%
2
102% 103%
101% 102
53%
*35%
50%
35
36%
35%
20
22
14%
32
14
14%
1334
31%
6%
32
7
29%
714
47
45
46
46i2
14i4
01
4514
497g
10
*1712
133g
9%
247g
165
*164
16%
*16ig
86
86
24l2
24%
28
28%
1434
147g
*113
....
116
*113
6ig
6%
25%
257g
20
*1812
16%
2714
157g
267g
*13%
14%
*13%
62
*61
109
110
110
*108
14
45
11%
10%
18
18%
18%
*46
1034
1834
10%
18%
13%
1034
27
168%
17%
90%
600
60
934
46%
11%
*140%
142% 142% *140% 142%. *140% 142%
21%
21
21%
2134
22%
21
21%
834
8%
8%
8%
9
834
9%
70
68%
71
6734
6934
67%
69
17%
16%
17%
16%
17%
1534
1634
2334
*2334
24%
22%
24
22%
23
*67
*67
*25
27
*67
73%
*67
37
37
37
107
107
*107
11
3%
*10%
25
*68
25%
73%
*68
*35%
3634
37
108%
107
71
17%
24
200
200
3,600
13,700
12,100
10
10
9,700
3%
3%
3%
11%
*11%
43,100
28,000
25
*25
*68
90% Oct 21
Oct 3
53
Nov
120
Mar
Oct
Oct
124
Mar
1
8
Apr
7%
cum
Mar 31
*4 Jan 10
1% Jan 11
% Dec
2%
34 Dec
5% Mar
1% July 25
%
6%
3% Jan 12
Oct 19
a:71
Nov
Oct
30
Oct
69
Mar
3
21
Dec
46
Feb
3618
Dec
66%
38%
Jan
26
Feb
51
Mar
Mar 31
25
38% Aug
22% May 27
39% Jan 13
Mar 31
25
22*4 July 25
11% Mar 29
23*400
16%
17%
16%
1734
16%
17%
17%
16%
17
17
16%
37
38
37
38
38%
40
39
39%
40
38%
20%
3,200
20% 126,000
42
Oct 13
15%
Dec
Nov
Apr
108%
10% July 27
July 29
3
Oct
20*4
44
Dec
12% Jan 10
19
Oct 21
5
Oct
24%
10
Oct
47% Mar
6
8
Oct
24
14*4 Aug
17
Dec
145
May
27%
Dec
33*4
Jan
103%
Feb
Sept 28
12% Mar 31
11% Sept 20
106% Mar 30
105% Mar 30
13
Oct
12
Oct
115
Oct 14
106% Dec
113%
Oct 18
Oct
Mar 31
27*4 Oct 19
17
Oct
35
Mar
1
20% July 26
17*4
Dec
38
Mar
4%
Oct
Apr
June
44
Mar
Oct 14
Oct
171
Jan
145% Sept 22
25
July 25
127
July
150
Jan
16%
Dec
61%
Jan
Oct 17
5
Oct
1434
Jan
178%
1
13% Mar 29
5
Mar 29
9%
44*4 Mar 31
71
Oct 21
55
Oct
99% Aug
12% Sept 24
23
Feb 25
17% Dec
20% Dec
26% Nov
63 %
Dec
80%
75
Dec
75
3
Dec
Oct
12%
13%
22% Dec
57%
7
4
30
July
Mar 31
82
July 25
Feb 23
Jan
21
Feb
75
1
2%May 24
7% Mar 31
14%Junfe17
58
Apr
12% Aug
2
70
Feb 11
62
Dec
40
5
July 20
Jan 14
32
Dec
107*4 Oct 20
99% Apr 26
100
9% Mar 31
Mar 26
Mar 29
7
Mar 25
6% preferred series A...100
12% Mar 31
Oct 21
20
42
10
21% July 25
16%
17%
16%
16%
16%
17%
26%
25%
28
2534
26%
26
27
25%
243g
3,000
9,800
N Y Chic & St Louis
1534
19%
16%
2034
16%
3634
3%
*8%
35
6,700
37*4 July 23
34%
36%
Mar 30
34
3534
18
33%
33%
NYC Omnibus Corp..No par
35
3534
37
.No par
2
Mar 25
4*4 Jan 11
3%
9
*112
*101
59.
64
*59
64
*59
%
%
%
%
%
134
5%
1%
1%
1%
1%
134
1%
5%
5%
5
5%
5%
1
1
1
1
1%
5%
*1
1
12lg
12%
12
12%
1134
14%
65
65
66%
67
67
3
*5g
20
%
*3g
20
JNYNH & Hartford
2,500
1,400
{N Y Ontario & Western.. 100
13%
32,400
13%
67
180
180
182
182
105%
106
106
*105
106
24
2434
23%
24%
23%
24%
23
26%
56%
56
56
55%
55%
55%
55%
55%
56%
13%
14
99%
99%
25%
55
10%
IH4
100
100
*83
12%
84%
12%
24%
*55%
12%
100
*83
12
13%
100
84%
12%
13
*99
*83
14%
100
84%
13%
*99
*83
11%
1234
12%
13%
14%
*99
100
84
♦
__
14
100
92
13%
"12%
12%
105
*82
12%
24% 112,100
1,300
205,800
400
27%
10
27%
31%
97g
257«
10
2634
*31
9%
2534
34
31
33%
*29
*834
9
2534
257g
140
140
11
11%
49%
49%
9
9
25
141
1034
*47
26%
49
50,900
Ohio Oil Co
16,200
14,700
Oliver Farm Equip
1034
113g
11%
11%
18,400
50
*46
49%
*46%
4934
600
20
20
*19%
2034
*20
20%
100
*40
50
*40
50
*40
50
*19%
50
*40
50
7*5%
7U
7%
'
4U
*1612
4%
18
73
"75%
73%
74%
7%
*7%
7%
4%
4
16%
16%
7%
*4
16%
*7
73%
74%
7%
73g
4%
*4
16%
17
8%
7
4%
17
7
74%
73%
74%
73g
7%
7%
7%
8,000
1,300
4%
4%
4%
200
18
7
18
7
9
7
15%
14%
14%
*14%
15%
14%
14%
29%
29%
29
29%
28
29%
2834
29%
287g
29
42%
241
42%
41
41%
40%
41%
41%
42
42
*7%
*14%
„
Bid and asked prices; no
sales on this day.
*14
15%
18
*6%
18
8
60
160
15%
300
29%
29%
10,200
42
42
*14%
{ In receivership,
8% preferred A.
100
Oppenheim Coll & Co..No par
Otis Elevator
No par
6%
Otis
a Def.
2,900
100
preferred
No par
Steel
$5.50 conv 1st pref.-No par
Outboard Marine & Mfg
5
No par
100
Preferred
73%
*4
Omnibus
No par
Corp(The)vtc No par
Outlet Co
*144%
*114%
*114%
*114
7%
170
49%
21
74%
7,900
11%
*40
*114U
2"500
49
*19%
*114
"
*47
50
97
Feb
Oct
4%
Oct
1
Oct
6%
Feb
Feb
3
Oct
15%
Jan
Oct
76%
Jan
7% July 7
1% Jan 15
14% Oct 18
Oct 19
72
30
%
Jan 11
1%
%June 16
133 June 3
Oct
Owens-Ill inois Glass C
12.50
Pacific Amer Fisheries Inc—5
Oct
272
Mar 29
106*4
Jan 17
102
Apr
114
13*4 Mar 31
26%
Oct 17
14%
Oct
34%
Jan
56
Oct 18
48% June
57%
Feb
100
45*4 Apr
1
Corp
No par
Jan
14% Oct 19
3
Oct
17%
Jan
3
100% Sept 27
93*4 Jan 13
14% July 25
93
Oct
104%
Jan
91
Oct
105
Jan
June 21
6% Mar 31
35
4
Sept
2
3% Sept
7
Sept
8
19% July 25
13*4 Mar 25
Oct 17
6% Mar 31
12
Jan 12
56
Jan 11
10
1
22% Aug 25
Mar 30
.
6%
125
141
30% Apr
1*8
15
90
Jan 14
122
30
111%Sept 8
9*4 Oct 20
28% July 19
Mar 28
Oct
36% Mar
Dec
9%
53%
Oct 19
98%
92% Sept 16
May 12
25
5%
20%
6%
Oct
Oct
Oct
Nov
26% Feb
114
19% Mar
Oct
45%
Nov
Oct
140
97
28
Dec
75
Jan
May
115
June
Oct 11
Apr 19
114
40
76
Oct 14
51% Nov
6
Mar 30
11% Jan 17
z9% Dec
2% Oct
23
7%
Oct
40
4
3*4 Mar 29
32% Mar 31
delivery, n New stock, r Cash sale, x Ex-div. v
9% July 19
15% July 23
29%
Oct 17
42% Oct 15
Mar
Dec
12*4 Dec
48
52
9% Mar 26
3:22*4 Mar 30
Jan
Feb
24% Mar
115
5% Jan 11
July 28
Feb
Oct
Apr 19
Mar 30
20
Jan
22% Apr
73
Apr
39% Apr 28
115
Jan
67g Mar
40
44
2% Mar 26
Pacific Ltg
Jan
5% Mar 30
10% Mar 25
1st preferred
434 Mar
180
No par
2d preferred
No par
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric.25
Coast
26%
Jan 13
10
Pacific
9*4 Mar
198
Nov
11
27
21
Dec
2
\\ Oct
10%
26%
*40
Jan
54%
61
1
9
1034
26%
*1912
2
24
9%
2534
11%
Oct
14% Jan 10
10%
26%
10%
Jan
*8
Jan 10
Jan 18
%
32% Feb 23
No par
10
Jan
Mar
19%May 31
7% Mar 30
83% Apr 1
Preferred
25%
135
2*4 Jan 10
75
26
20%
Oct
5
31,% Mar
12% Jan
137
l%June 10
87% May
26%
18%
17%
18%
17%
18%
112%
112% *105
112% *105
934
9%
934
834
9
93g
834
834
26%
25%
25%
25
26
25%
25%
24%
141
140
140%
140
145
*140% 145
*140%
10%
11%
141
Oct
234
Oct
2% Mar 30
% Jan 5
4*4 Mar 29
38
Mar 31
No Amer Edison $6 pf.No par
10
18
I884
18
1734
17%
18%
112% *105
112% *105
112% *104
18
*104
Jan
Oct
15
33%
200
34
34
Mar
41
*31
97g
72
100
12% Mar 30
87g Sept 14
34
40,600
98%
*31
*32
Oct
50
98%
32
33g
14
30% Nov
60
*96%
32
3%
3%j
31
I *29
Feb
55% Mar
Oct
1% Mar 30
98%
34
3%
98%
15%
Norwalk Tire & Rubber No par
98%
*32
3%
1
Jan
Nov
29
10
*97%
34
3%
50
preferred
6%
North Amer Aviation—:
Mar
41*4
1,500
98
98%
*97
98
*32
3%
31%
100
No par
Jan
37
Oct
Nov
9
June
,Sept
64*4 Mar
109
113
III
% Mar 26
54
Jan
Feb
Feb
110
120
Aug
87
Oct
Dec
Apr 28
Mar 30
110
Nov
Oct
30
11*4 Mar 1
Apr 25
5% Mar 26
101
Jan 12
38%
9
10%
3%
13%
98
3%
-..100
Adjust 4% pref
North American Co
22% Jan 10
99% Nov
Co—50
Northern Pacific
100
North'n States Pow Co $5 pf. 1
Northwestern Telegraph—50
35
3%
100
100
Northern Central Ry
84
*3212
314
Norfolk & Western
290
105
*97
3%
Corp partstk—1
800
183% 183%
183
105
N Y Shipbldg
7% preferred
{Norfolk Southern
880
182
Conv preferred
1,400
h
%
105
55
100
100
4,000
1%
183
2434
10% preferred
...50
{N Y Investors Inc.—No par
N Y Lack & West Ry Co.-100
5%
07
105_
50
1%
105
105
—No par
1%
13%
*182% 185
preferred
5%
N Y & Harlem
5%
*1
183
.
""466
63
*55
%
%
1
1,440
71
*65
72
*%
%
1%
12%
14%
1234
1%
5%
*1
1%
70
63
5%
1%
5%
1
.
770
9%
*99% 123
%
*%
*55
63
4%
115
*112
114
*99% 123
%
*%
*58
59
9%
103g
10
*112
*99% 123
*99% 123
4%
4%
4%
4%
114
*112
114
10%
9%
9%
8%
*112
3%
3%
3%
3%
1127g 1127g 113
123
*101
123
6%
26
Mar 31
28
Jan 14
4%
1934
*8%
18% Apr
Oct
26
9
Jan
18
1834
16%
3%
10%
153
31
No par
York Dock
24% Mar
16% Oct 13
July 7
Mar 30
17% Mar 29
154 June 3
New York Central—..No par
New
May
Oct
Oct
4
25
233%
112
104%
5%
6*4 July
Mar 30
12% July 21
.
38% Feb
2618 Feb
112% Mar
9
10*4 July 19
Mar 29
,19% July 23
_
Jan
Aug
4%June 28
Co.
18%
33% Mar
Jan
167
13
17
19%
Jan
Mar
90
26
18%
Jan
Feb
Mar
6
88%
Mar 31
20
71
Oct 19
25% Oct 21
30% July 29
16% July 27
Aug
.18
10%May 27
17
1934
Oct
6%
11*4 Oct 18
Oct 21
168% Oct 21
Jan 17
65
No par
No par
N Y Air Brake
Feb
Mar
90
50
102
54
15% Mar 31
4
99% Mar
36%
Oct 18
110
8% Mar 30
6
Mar 25
3%
3%
17%
11%
9%
62% Oct 21
6
Mar 29
150
Dec
Dec
50
Jan 13
Jan
15% Aug
Oct
4%
8% July 26
6*4 Mar 30
4 M % conv
16
Oct
Oct
15% July 22
Apr
4
Newberry Co (J J)
*37
8%
64%
9% Apr
34*4 Mar 26
100
100
Aug 26
32
Mar 31
8
12%
15
10% Mar 31
Neisner Bros Inc
100
Jan
105
1
serial pref—100
No par
5% pref series A—
100
{New Orl Texas & Mexico. 100
Newport Industries
1
500
600
12% Mar
40%
107% Aug
109
Sept
117% Sept 22
54% Oct 13
1
10
Natomaa Co.-
34% Mar
6% Mar
Oct
12% Dec
1*8
Oct 13
70
200
Oct
Dec
2% Jan 8
3% Jan 11
20
63
.
5%
1%
11% July 21
5
100
"V, 500
9*4 Mar
2
Corp new No
No par
Products..-No par
7% pref class A--100
7% pref class B
100
Nat Dept Stores
No par
6% preferred...10
Nat Distillers Prod
No par
Nat Enam & Stamping.No par
prior preferred
National Tea Co
Oct
Jan
Nat Dairy
6%
Dec
2
May
100
Lead
15
67
Invest Co-No par
Gypsum Co
Jan
Apr
17*4 Jan 13
111
Nat Cash Register
National
34
Jan
1C5
Nat Bond & Share
Nat
Oct
Mar 30
10
10
-100
pref
Dec
50
16% Mar
108
Aug
% Feb 2
%June22
% Mar 28
10%May 27
1% Mar 26
4*4 Mar 29
*4 Mar 30
1% Mar 25
Nashv Chatt & St
5% pref series A w w
4*8
48% Mar
72% Oct 13
preferred
100
of America—10
Nat Bond &
35*8 Mar
Oct
98%
July 19
Jan
72% Mar
26% Feb
Oct
4%
114
Mar 26
5Prior preferred--.100
107% 107%
20
Jan
102
2,200
76,200
14,500
20,400
3,200
37
20%
106
preferred B
Nat Mall & St'l Cast Co No par
National Power & Light No par
National Steel Corp
25
National Supply (The) Pa. .10
$2 preferred
40
75
37
19%
Oct
127
25%
75
37%
107% 10734
Jan
Oct 19
91
95
7% preferred A
12%
*35%
122
Mar 25
6%
25
...
1,300
32,900
70
*68
107
*107
...
25%
8%
3%
37
'3%
Nov
7% Mar 22
*67
...
Oct
87
500
23
11%
3%
11%
25%
11
*3%
37
*11%
*10%
2534
3
12%
2534
73%
33g
3%
12%
*67
*67
*67
...
15
Louis... 100
National Acme
1
Nat Aviation Corp..
5
142% ""26
*69
70
*69
67%
67%
68%
68%
14
41
Dec
14
14*4 Oct 17
1,200
85,800
1,500
Feb
28% July 25
111
July28
Mar 30
Biscuit
Jan
16*8
47*4 Mar
22% Jan 11
4
National
86
33*4 Nov
37% Mar 29
5,900
37,500
43,900
93% Aug
Oct
24% Oct 14
16% Jan 13
35
$7 conv
5%
Dec
3
47% July 25
June 13
26
Co class B
34*4 Apr
101
Feb
Dec
16% Dec
Myers (F & E) Bros.—No par
Nash-Kelvinator Corp
5
176
*167
177
*170
177
*170
177
*168
177
*168
50
66% Dec
6% July 25
preferred—No par
Munslngwear Inc
No par
Murphy Co (G C)
No par
Mullins Mfg
Jan
37% Dec
4
5
1
1
Co
69*4 Oct 19
57% July 27
Murray Corp
310
13%
14%
13%
13
13%
13%
13%
13
13%
11%
11%
10%
10%
11%
10%
1134
10%
11%
26%
27%
25%
25% 26%
24% 25%
24%
25%
168% 168%
*164
*164%
168%
170
164% 164% *164
17%
1734
17%
17%
17%
1634
17
*1634
17
*88% 90%
*87%
*86
88%
88%
88%
*86
88%
25
25%
25
25
25
25%
24%
25
24%
24%
26%
2034
2634
27%
2634
27%
2634
27%
27
28%
14%
1434
14%
14%
14%
15
14%
15
14%
15
*113
117
115
115
115%
*113
115% *115
*113
*113% 113% *113% 113%
113% 113% *113% 116
*113% 116
10%
1034
10
10%
934
10%
934
9%
9%
984
6%
6%
6%
*6%
6%
6%
6%
6%
6%
6%
27%
27%
27%
27
2634 2734
25%
27%
25%
26
*18
19%
19%
*18
*18
20
*18
19%
*18% 20
16%
16%
15%
16%
1534
16%
15%
16
15%
16%
1
26%
27%
26%
27%
26%
27%
2534
26%
26%
27%
Mueller Brass
4
100
50
Wheel
Motor
Jan
88% Aug 31
49% Jan 28
Products Corp.-No par
Motor
5
24,400
19
9%
46%
45
47
10%
18
18
18
500
110
109
984
9%
10%
840
14%
62%
14%
61%
1034
934
10%
934
18
48
47
52
*47
*142% 143
♦14212 143
22
23%
23% 23%
9
9%
812
9
69
70
68I4
68%
163g
17
17U 17%
23%
25
247g 25%
69%
70
70
70
3%
1334
115
9%
10%
9,600
3,500
4,700
11,600
46
*43
61%
62
*108
110
62
05,600
7%
44%
14
*61
8%
7%
14%
44
13%
9%
7%
21%
44
44
47%
61
9
53
38
36%
21%
14%
31%
7%
61
177
♦175
29%
36%
21%
1434
30
52%
*34%
35%
20%
14%
30%
Jan
10
12% Mar 30
15%June 4
76
Apr 1
Morris & Essex
130
*116
52%
38
50%
*34%
Apr
15*4 July 22
80
Oct 20
11
230
7,500
Jan
19
Oct
0
78% Dec
7
20*4 Mar 30
5*4 Mar 31
Machine Co
100
1,800
•
97g
934
—
6,800
18%
Oct
32% Apr 1
3% Mar 30
14 May 31
7% preferred series A -.100
{Missouri Pacific
100
5% conv preferred
100
Mohawk Carpet Mills
20
Monsanto Chemical Co
10
$4.50 preferred
No par
Montg Ward & Co Inc.No par
Morrell (J) & Co
No par
103% 104%
103%
8
109
9ig
497g
10%
18i2
1312
IOI4
25
103
31%
7%
2
18%
*116
13%
110
9ig
14%
30%
7%
6%
2
2
18%
1%
18%
30
22%
400
*1
*35%
*34%
*35%
21%
35%
2134
21
1%
2,000
3,600
8,600
1%
9%
1
14%
234
10%
14%
2%
9%
14%
35
70
*7«
13%
2%
53%
38
36%
22%
14%
51%
53%
35%
51%
*35
100
9%
117
116
117
*116
117
*116
2
71
2%
1%
2%
7,900
1,200
6%
*%
1
*%
13%
18%
19%
103% 105
19
19
19
*1
1%
2%
*1
1%
2%
1
120
*%
%
1
*%
1334
234
10%
13%
2%
9%
13%
2%
9%
*13
97g
36
*108
1
*%
7g
137g
2%
*%
i"
3,400
70
72
72
70%
*%
*%
%
30
90%
6%
6%
6%
140
115
♦113
115
8,500
4,700
90
50
Co No par
6
Miami Copper
-5
Mid-Continent Petroleum. .10
Midland Steel Prod
No par
8% cum 1st pref
100
Miiw El Ry & Lt 6% Pf—100
Minn-Honeywell Regu.No par
4% conv pref series B—100
Minn MoIIne Power Impl
1
$6.50 preferred
No par
{Minn St Paul ASS M—-100
7% preferred
100
4 % leased line ctfs
100
Mission Corp
*
-10
Mo-Kan-Texas RR
No par
Mesta
Oct 21
Apr
55
Merch A Mln Trans
110
2,500
28,200
10334
87%
86
85%
*113
6%
70
14
*101
102
102
86
1
23
47%
112%
28% Dec
II
12
6% Mar 26
-1
50
pref
5% conv 1st
690
23
*12
14
Oct
18% Dec
5*g Oct
Mar 26
Sept
28% Jan
42% Jan
42% Mar
16% Mar
30%
June 14
share
per
21
Dec
7*4 Dec
5
70
100
Mengel Co (The)
3,500
42%
43
43
1234
13
12%
12%
17%
17%
16%
17%
27
26
27%
26%
110
108
108% *108
11334 114
%
6%
120
700
4234
13%May 27
5% Mar 29
per
27
No par
$6 preferred series A. No par
$5.60 pref serBw w-No par
Melville Shoe
No par
200
Mar 26
7
35% Mar 25
-
6% conv preferred
Mead Corp
3,700
75%
52%
6
6%
Stores.—
McLelian
95
2234
22%
*12
102
85
86
114
6%
69%
35%
*60ig
*107
6%
0934
%
*%
7g
54%
*13%
26%
%
1912
7
12%
16%
102
86
*113
86%
114
6%
102
14%
4334
*
6
5%
22%
14
45
13%
17
27%
10984
22%
*12%
102
*101
101
2
317g
0
1434
15%
16
2434
25%
27%
*105% 110
108
108
13%
1534
1
21*4
48%
6
2334
12%
44%
13%
16%
27
5%
2234
12%
44%
12%
2334
12%
117
14%
13%
49%
6%
1334
234
97g
36
20
69«4
I12
*35
90
77
1%
53%
11
1,700
9,700
*88
1334
1384
13%
10«4
90
*88
90
*88
90
69%
116
10%
35
49
6*4
1912
35%
10
7%
35
09«4
70
101
22
7%
77
68
114
2
49%
21%
48%
*85
1
49
10
49%
22
784
34%
10%
21%
7%
34%
9%
68
101
934
48%
21%
7%
77
87
♦23g
11%
77
115
*%
♦7g
13%
11
50%
6%
87
•%
11
70%
*99l2 103
6%
11
35
11%
483g
22%
7%
35%
11%
48%
Jan 31
10
Co—
1
McGraw-Hill Pub Co..No par
Mclntyre Porcupine Minee._5
McKeesport Tin Plate
10
McKesson <fc Robbins
5
$3 conv preferred ....No par
McGraw Elec
2,700
1,600
4,300
10,000
18,900
18%
13%
♦114
70
18%
1334
23
106
106
18%
13»4
49%
27%
57g
24
18%
*71
51 ig
6ig
24l4
14
4412
1334
16*4
*12%
44*2
19
share $
per
11
share
19*4 Oct 10
12% July 27
49% Oct 20
26% Jan 12
8% Jan 10
35% July 25
$
Highest
Lowest
Highest
Lowest
$ per share
Par
Shares
9 per share
$ per share
share
*60
77
70%
»4934
Week
14%
13%
137g
*71
the
Oct. 21
734
*88
90
*88
*1334
♦60
1934
Friday
Oct. 20
$ per
19
187g
11
48%
22
18%
1034
48%
18*4
19
11
49
22
7
18%
Thursday
Oct. 19
9 per share
$ per share
$ per share
Wednesday
Tuesday
Oct. 18
Monday
Oct. 17
.
Oct. 15
Lots
of 100-Share
On Basis
YORK STOCK
EXCHANGE
NEW
for
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
Sales
PRICES—PER SHARE, NOT PER CENT
HIGH SALE
AND
jjQyp
1938
22,
Oct.
New York Stock Record—Continued—Page 7
2494
Jan
103*4 Aug
15%
Jan
Feb
Mar
Oct
27%
Feb
10% Dec
32*4
Jan
22
Oct
38
Jan
234*4
Oct
53*4
Jan
Ex-rlghts. T Called for redemption.
Volume
LOW
AND
New York Stock
147
HIGH
SALE
PRICES—PER
SHARE, NOT PER CENT
Record—Continued—Page
Sales
Saturday
Monday
for
Tuesday
STOCKS
NEW YORK STOCK
Oct. 15
Wednesday
Thursday
the
Oct. 17
Friday
Oct. 19
Oct. 20
Oct. 21
Week
$ per share
$ per share
Shares
$ per share
*15%
$ per share
16
16
$ per share
16
15%
11H2 im2 111% 110
*142i2 147
*144
*142i2 147
*25
26i2
*1H2
1 ia4
*612
1%
1%
59
102
15
112
112
147
*144
12
4%
*6%
7%
1%
54
*99% 102
11
97
94
12%
13
13
7%
12%
4%
*7%
13
5%
7%
1%
1178
11%
*100
95
115s
11%
27%
3%
24%
■
11%
97
12
3%
24%
*53%
12
314
25
1%
99l2
3
*24%
5
55
*24
24%
12
5%
2%
11%
95%
11%
*24
3%
2%
102
5%
7%
7%
600
1%
1%
6,700
54%
54%
55%
*100
12%
11«4
95%
11%
97
12%
26%
3%
*24
234
102
12%
97
12%
98%
12%
99
12%
12%
24
24
22,900
42
42
42
42
42
42
42
42
19%
20%
2%
20%
21
20%
20%
56%
56%
84%
2%
84
*2
5
83
2%
5
*26
40%
14%
37%
177g
9%
1%
434
39
4O84
33
33
*15%
84
1%
4%
2034
25%
*112%
31
36
33
83%
*134
4%
82%
1%
*4%
84%
4%
28%
14%
3634
*35
84
2
434
2134
15%
4
*15%
9%
*3%
*14
2%
5
26
*25
13
14%
21%
22%
2034
*25
2834
25%
112% 112% *112%
39
38%
36%
*3
434
15%
38
*3
15%
15
26
13%
21%
*25%
*112%
22%
28%
42,600
25%
37%
37
484
*3
15
*14%
37%
3034
39
*37%
38%
38%
*30
32%
*31
32
32
32
*16
17
*16
17
*16
500
934
9%
9%
9%
9%
10%
9%
7%
778
7»4
784
7%
7%
7%
45%
39%
*734
4234
*37%
8
44%
*37%
45
4034
43%
41%
4234
41%
43
4234
39%
37
37
36%
37
3634
3634
69
36%
*63
7%
10%
"7", 100
7%
43%
37%
34,900
1,000
1,300
*1%
2%
*1%
*3%
3%
3%
3%
3%
3%
*3%
3%
*3%
3%
%
%
%
%
%
%
%
140
142
*6%
7%
*36
7%
45
38%
*36
38%
334
*3
115
*534
6%
26%
*24
"
7
*65%
7%
75
*158
8%
13%
384
*
*6%
25%
115
6%
25
7%
734
48%
24%
h
26%
*7%
*23
6%
74
*68
160
25
Phelps-Dodge Corp
*5
7
*5
29
13
9%
28%
56
5634
56%
117% 118
11784
33% 35
33%
10134 10134 102%
114% 114% *113%
*113
114%
*126
130
*126
130
*126
142
145
*146
147
146
9%
86%
88
807S
81'
*1334
12%
14
734
12%
8%
99
*75
33%
*86
9%
89
8034
13%
12%
734
*75
'
13
*%
*2%
116%
32
9%
13
%
97g
28%
57%
*2%
2%
*2%
%
2%
934
2%
10%
10%
30%
5634
h
*2%
a4
2%
*%
2%
10«4
10%
10
*9%
11%
12%
2%
2%
11%
IO84
10
11
15,900
22
16%
16%
*23
*23
2334
*19
22
*19
21%
434
53%
17
21%
16%
22%
19%
*4%
*40
10%
10%
11%
*10
*7%
11
23
19%
5
54%
11
10%
11
62%
65%
2%
234
23%
*20%
22
16%
22%
*22%
16%
16%
1534
22%
*22%
19%
24
19%
22%
19%
*4%
5
*4%
5
16%
*40
*712
10%
*11%
16%
54%
*40,
11
2%
23
800
19%
54%
*40
2334
400
20
500
5
1,100
9
*834
11
10%
10%
10%
10%
*11%
16%
11%
100
16%
16%
16%
15,100
74
*74%
75
75
75
*65
68
*65
68
*65
68
*65
68
*65
67
*65
67
2%
18%
2%
20
284
19
3
234
12
2%
*11%
20%
19
64
64
*60
63
*60
63
*60
62%
*55
62
61
62%
64
64
63
63
*62%
65
63
63
*60
19%
19%
18
19%
I684
18
17
18%
17%
1734
19%
19
500
*35
38
*33
38
*35
38
*35
38
88
80%
*52%
80%
*78
90
*78
90
*78
90
60
58
*53
55
*50
55
*50
60
14
14
92
*90
14%
92
14%
*91
10%
10%
9%
10%
10
44
44%
44%
44%
56
56
56
44%
♦53%
*53%
*5%
*5%
7%
"7%
14%
92
11
6%
11%
11%
44%
45
56
56
56%
*5%
"7
6%
10%
1834
31%
*1%
*10%
11
*10%
11
*1034
11
*18%
19%
19
19
*18%
3234
*1%
3234
32
19%
3234
134
*1%
48
48%
47%
49
46%
%
1
%
2%
%
2%
*2%
4%
%
*6%
32
134
31%
*1%
1«4
48%
%
2%
2%
2%
2%
*2%
4%
*2%
*6%
4%
*6%
14%
92
4434
*5%
7
14%
*91
14%
*91
14%
92
11%
11%
-44%
44%
*56
58
15%
44%
45%
11,600
58
"7%
7%
734
7%
10%
*10%
18%
1884
32
32
11
1834
32
134
*1%
4634
1
1
2%
*2%
.%
*2%
%
2%
4
*2%
*6%
3%
2%
*7
134
48
"SJOO
"8"666
*5%
30
7
*1%
Bid and aaked prices; no sales on this day.
25
Mar 25
20
Feb
86
Feb
32% Oct 21
57% Aug 6
122% May 18
35% Jan 13
102% Oct 19
43% Oct
114% Mar
30% Oct
Oct
Jan
110
June
21%May 27,
367g Jan 17
25%
Oct
13% July 20
Jan 18
884
Oct
85
Oct
107
No par
6%
.^..No
8%May 26
Apr 19
par
81
100
No
$3.50 conv
Rayonler
$2
7
Mar 29
9
June 16
"
434 Mar 31
60% Jan 31
37% Mar 31
184 Sept 28
1434June 20
44
Dec
26
Dec
29%
Dec
47
Mar
30%
Jan 15
30
Dec
49
Jan
27% Jan 25
6% July 19
23
Dec
4334
Jan
Oct
1338
58
July 26
39
11
Jan 1C
11% July 20
13% July 13
Mar 22
June 10
17% July 25
75
Oct 13
68
Aug 16
3
Jan 10
2
Apr 28
3%
Jan
7%
Dec
30
Mar
784
Dec
22%
934
Oct
8% Oct
61% Nov
69
35% Mar
29% Mar
94%
110
Jan
Feb
12%
Oct
75% Jan 15
65
Dec
124
73
Jan 13
60
Dec
110% Mar
19% Oct 16
9
Oct
49% Apr
7% Mar 30
17% Mar 30
37
Jan
85
Jan 21
8
26
98
139
1734 Jan
7
12%
9
80
4% Mar 30
3334 Mar 30
61% Jan 31
5
Aug 23
.10
Pow
Copper Mines.
Ruberoid Co (The)
No par
5
No par
No par
Mar 25
7% April
Sept
12% July 26
46% Jan
8
58i2 Jan 11
8% Jan 7
87g July 30
13% July 21
2084 Jan 19
Roan Antelope
14% Mar 30
^Rutland RR 7% pref-..-100
Lead..
10
25%May 27
%June13
1% July 20
13
Sept 13
tSt Louis-San Francisco—100
6% preferred
100
jSt Louis Southwestern... 100
5% preierrea. ... ......100
0% preferred
1w
Mar 31
1
St Joseph
33
Oct 13
2% Jan 10
49
Oct 17
1% Mar 25
3% July 20
2
Mar 26
6
o
May 28
5% Jan 26
7% July 12
9% Feb
47% Mar
Dec
94
Apr 37
Oct
7684 Dec
84% Apr 25
»
Dec
Feb
207g July 25
May 26
la4
64% Jan 21
3,500
Jan
83
65
2%
Dec
" Dec
48% Oct 14
10
Sept 14
3,600
Dec
39% Mar 29
10
1,100
Jan
38
preferred
100
% preferred
—100
Reynolds Metals Co ...No par
5*4^% conv preferred
100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
"7*766
80
10% Apr
37% Aug
1% Mar 30
ll%May 31
& Brass.....5
Ritter Dental Mfg
Nov
18%
40
pref ser A. 100
700
Jan
116
26
49%May
5
Common
Dec
2% Oct
19% Dec
Feb
12s4 Mar
20
9% Mar 30
A
July 21
Feb
Feb
Jan 13
9
10
Preferred with warrants..25
Revere Copper
5% Jan 11
24
Jan
Feb
22
Mar 30
13%June21
100
Motor Car
6572 Oct 21
18%
Jan
Jan
18
5
Reis (Robt) & Co 1st
Oct 11
2334
Jan
24% Jan 11
18
.-25
.60
50
50
Hosiery
80
684 Oct
13% Dec
434 Oct
96% Dec
Feb
29% Jan 18
8%May 26
4% 1st preferred....,
4% 2d preferred
16% Jan 14
9% Oct 21
Jan
10% June 17
Inc
preferred...
Silk
88%«July 19
1434 July 29
par
No par
1st pref..No par
Reading
Real
98%
74%June 18
...100
preferred..
5% conv preferred
Oct
Jan
Jan
Jan 12
91
Feb
65%
112
300
Def. delivery.
Feb
31
Oct
Oct
Pub Ser El & Gas pf $5. No par
Richfield Oil Corp
3%
a
115
Oct 21
15%
31%
Sept
Rhine Westphalia Elec &
*6%
t In receivership,
11
Jan
Oct
132
b
*
11% Oct 21
Mar 25
Mar 30
Mar 31
Aug 8
Jan
3%
146% Oct '8
117
Sept 21
1
%
2%
*2%
2%
6%
5%
11%
132
1%
48%
3184
4% Jan 17
33%
Oct
Oct
100
19%
31»4
47%
84
Mar 25
434
4%
1384
39%
Jan
Oct
1%
1% Jan 22
Oct
11
IO84
*18%
7
3% Jan 13
Oct
29", 300
7%
12% July 21
3
117
Class
12%
*56
Dec
5H
11%
7%
9
Jan
7%
92
*5%
48%
47
15
*91
5
29% Apr
22% Aug
103%
6% conv preferred.._—100
40
47% Mar
Oct
8%
%
Oct 20
6 % conv prior
*80%
Oct
Oct
13
114% Oct 17
Rensselaer & Sar RR Co—100
9,800
Jan 10
127
Republic Steel Corp...No par
*51%
5% Mar 29
1% Mar 26
% Oct
l%Mar 30
8
8
Mar 29
200
51
Mar 29
Jan
Apr
600
90
12
86% Mar 31
70,600
40
Oct
Jan 13
112
61
*80
1
101% Apr 23
Reo
18
%June
Jan
100
63%
17%
May 21
100
36", 800
*37
1334
Mar
par
No
3
*50%
*90
Mar
43
preferred
preferred
preferred
'6%
19%
2%
62%
*35
July
20
Oct
Reliance Mfg Co—
Remington-Rand
12%
1634
20
141
Oct
8
5% Mar 30
16%
19%
Apr
4%
Reliable Stores Corp—No par
74
20%
97%
800
1634
1978
Mar 14
9% July 25
I684 Jan 12
pref. 100
"""166
74
2%
174
preferred..
$5
■
Preferred...
74
2%
June 21
2% Mar 25
34% Mar 29
5
Apr 1
54%
9
10%
5,100
,16%
2%
145
118%
6234
112%
128%
140%
162%
113%
72%
24%
fRadio-Kelth-Orpheum No par
16%
2%
100% Aug
....50
Raybestos Manhattan. No par
2,100
14% Aug
Dec
No par
5% pf (ser of Feb 1 '29).100
Pub Serv Corp of N J..No par
300
74%
..
5% conv
Procter & Gamble
39,500
17
76%
Dec
4884
1
."¥,666
23
Oct
4
Oct 14
5
3%
*74
16%
pref
2d pref
conv 1st
65%
75
1634
5%
3
16«4
*22%
*19%
484
Jan
25
11
$5 preferred B
16%
Jan
Jan 17
7% Oct 17
Mar 28
Pressed Steel Car Co Inc
Pure Oil (The)
23
16%
Feb
Aug
18%
69
J Postal Tel & Cable 7% pf.100
73,700
16%
56
117
Oct
Mar 30
No par
Pullman Inc
23
Dec
4%
41
Ric-Am Tob cl A .No par
Class B
15,400
*72
16%
Porto
8%
23%
16%
Jan
Aug
8
*21
65
Oct
36
16%
84 Jan 19
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer...No par
64%
20%
Jan
2034 Apr
33% Jan
117
25% July 25
Purity Bakeries.
2%
Oct
Jan
July 12
Mar 31
14
63
Oct
4
9%
74%
Jan
July
May 10
7% Jan 17
% Mar 31
14
*22
27
64
90
35
May
3% Mar 30
Pond Creek Pocahontas No par
Poor & Co class B
No par
100
99
1% Dec
87%
52
15
14
94
.
No par
5
Pittston Co (The)
Plymouth Oil Co
1334
*75
July
Oct
Jan
14
99
July 19
Nov
Jan
14%
*75
July 20
6
13%
99
30%
100
Pittsburgh & West Va
14
*75
60
July 19
Deo
7%
12,800
1,100
9% 290,600
20
Jan
28
8%
884
*78
Oct
5%
Mar
5
14
884
3% Feb
95% Aug
Oct 10
July 23
100
14%
7%
Oct
65
Feb
Dec
preferred
734
m
Oct 10
7%
Deo
14%
13%
88
14
Oct
4
14%
12%
8%
12%
7%
*86
Oct
84 Nov
100
300
Dec
%
Mar
600
200
134
2%
45
34,900
1,500
1,200
320
59% Mar
54% Jan
100% Jan
Dec
400
3,300
Dec
30
4,600
10
62
45
100
10
Oct
18% Nov
34% Nov
23
6,300
%
3
21% Mar
13% Feb
30
100
"
Oct
Dec
200
10%
11%
9%
23
8,600
11
Jan
July 29
14
22
*11
2%
*84
%
22%
25
30
14%
12%
17%
23%
1634
2334
12
2%
*%
21%
9
Jan
Oct
11% Apr
200
1634
*8%
Oct
July 12
3% Mar 31
20
43
Jan
91
11
Mar
14384
144%
8%
50%
44%
3%
87
30% Dec
5% pref class A
100
5*4 1st ser conv prior pref 100
Pitts Term Coal Corp..
1
~U70
a4
Jan
Feb
Mar
122
6%
21%
Mar
Dec
3,200
234
22%
16%
21%
16%
10%
11%
*%
2084
*9%
11%
63
11634
32 '
8184
64%
11
84
1384
Jan
12% Feb
76% Feb
2984 Feb
60% Mar
Aug
7
13%
6%
52
87%
2%
1034
14
Jan
10384 Mar
20% Apr
81%
22%
*7%
13
*5
64
Jan
Feb
.100
81%
63%
*10%
*1078
100
7% pref class B
80%
234
2234
434
Pitts Coke & Iron Corp No par
$5 conv preferred.-__No par
Pitts Ft W & Ch 7 % gtd pf 100
85%
64%
*40
100
1
25% Oct 21
90
82%
64
5%
39
Pittsburgh Coal of Pa...-.100
6% preferred
100
2,000
IVlar 29
20% Jan
Pitts C C & St L RR Co... 100
300
85
2%
2234
16%
54
4
25
81%
64%
5
Plllsbury Flour Mills
Mar 31
30% Jan 18
100
87
99
2
.100
81%!
*85%
234
23%
*44
Preferred
81
8
27% Mar 31
..5
81%
64%
1634
Hosiery
June 25
4% Mar 30
Sept 29
32
No par
Pieice Oil 8% conv pref
1,300
900
10
29%
32
29%
3034
32%
5634
56%
57%
57
56%
118
118% 118% *118%
119
119
34
33%
3234
3234
33%
3234
33%
102% 102% 102% *103 / 104
*103% 107
114% *112% 114% *112% 114%
114
114
*126
127
127
1,30
127
*127
130
146% *142
144
146% *142
144
146%
116% *115% 11634 *114
11634 *116% 11634
34
33%
33%
34%
34
35
3334
10
10%
9%
10%
11%
11%
11%
2%
23%
*22
7
13
28
9%
Petroleum
Phoenix
%
0
934
33
Phillips
114
100
*35
9
97g
30,000
preferred
39%
2%
34%
7%
*34
2%
9%
10%
34
5% conv pref series A
100
Phillips Jones Corp
No par
39%
7
115% 115%
% Mar 26
75% Mar 29
350
11
*115% 118%
2% Mar 26
24
2%
%
2%
101% 10134
1% Apr 25
50
No par
Philip Morris & Co Ltd
10
24
11
56%
preferred
2434
*%
34
7%
Phila & Read C & I
*22%
10%
118
Apr 12
preferred
24
%
56
60
37% Jan 12
67
July 12
234 July 26
4% Jan 12
610
11%
2%
33
45% Oct 15
Mar 28
50
21%
10%
118
3
Jan
42
No par
tPhila Rapid Trans Co
50
70
h
Oct
110% Sept
17% Mar 31
49%
*%
112% Feb
30
48
*9%
'
484
25
48
%
Feb
pref....56
Philadelphia Co 6%
49
*%
July 25
Nov
57% Nov
1% Oct
2% Oct
7%
13% Jan 11
8% July 13
48%
8<
Oct
Jan
734 Mar 30
7% Mar 29
*5
2%
7%
Petroleum Corp of Amer..__5
Pfeiffer Brewing Co...No par
4%May 26
7
23% Mar
1678 Oct 14
30
80
Oct
8% Mar 29
100
39%
10%
8
48% Mar
No par
24
Oct
No par
....
No par
*34
Oct
Oct
Pitts Screw & Bolt
24%
29% Aug
1%
4
Dec
5% Mar 26
Pittsburgh Steel Co
39%
Feb
9
preferred......
1,700
23%
Feb
4484
Oct
30
22% Mar 26
184 Mar 26
8,500
8%
8%
Oct
12
Oct
13%
*%
20%
10
74
Oct
28
Oct 19
21
Dec
Mar 29
"8%
10
29
*69
*161
Jan
1
4238 Oct 10
13% Dec
13
21
*9%
7%
34%
27
13%
10
*27%
68
*23
Oct
20
Pirelli Co of Italy * Am shares"
6%
25%
7%
18%
Mar 23
115
*6
2634
17
45
*9l"
584
25%
734
Oct
15% Jan 11
110
Jan
8
31
"8%
20%
9
*____
115
Jan
Jan
13% July 20
30
July 29
3% Oct 17
24% Jan 15
8%
10%
2%
25%
200%
Mar 30
13%
21
9%
7%
2884
Oct
Oct
50
7%
25%
100
109% Mar
Oct
3
384
*35
preferred
Jan
Mar
8%
80%
14% Mar 31
19% Mar 28
8%
20%
*9%
10%
2%
*34
2%
9%
*9%
2%
25%
39%
*3
7%
conv
10
50
No par
1334
8
10%
%
50
39%
RR
13%
21
234
384
2% Mar 30
10% Mar 30
8%
13%
*8
11%
39%
784
50
July 19
15
Mar 31
l%June13
17%
90
6% July 22
1734 July 25
43
July 25
38% Jan 15
300
*6%
*30
5
13% July 19
30
Mar 30
65
49
7%
21
*34
142
"
Oct
32% Nov
x95
Sept
37
41
13%
1334
*2%
*137
734
50
100% Oct
Oct
7
65%
3,500
142
55% Oct 21
100
4
3
58% Aug 25
85% July 25
2% Jan 10
5% July 25
No par
48
*35%
*%
%
139
*161
12%
%
*11
*7%
68
74
160
13%
*%
*22
7%
161
*%
*5
5%
26%
7%
138
Aug
2934 Apr
12% Feb
Oct
50
139
2
8% Aug 24
4
$6
45
*9l"
115
*534
734
25%
*
45
*9l"
39%
*35
7
*22
6%
7%
25%
*68
8%
*%
115
*534
*35
7%
161
13%
4834
24
45
*9l"
*2434
*3
43
6%
»
37%
384
75
8%
38
*35
*6%
*30
39
161
*67%
13%
23
♦
734
50
*3
25%
*5%
25
37%
6%
25%
45
*9l"
*30
50
"7%
25%
139% 136
139% *137
*6%
3734
*3
13%
38
12%
37
"8%
49
*5
38%
*35
*160
*48
784
334
*7
25%
45
~
*6%
36
*3
"7
7
139
139
35
*35
*25%
*91
7%
138
139
45
37%
*33%
138% 140
142
Jan
1184 Dec
22
68
2%
Jan
June 27
Mar 26
3
Jan
149
Oct 15
'
140% 143
1417g *139
Mar 31
44%
152
Apr
284 Oct 21
10% Aug 26
13% July 23
People's G L & C (Chic)... 100
Peoria & Eastern
100
Pere Marquette..
100
2,900
*141
13
Oct
Nov
1% Mar 29
6*4%
120
%
%
1% Mar 30
31% Mar 31
Mar 29
10%
133
3% Mar 30
834 Mar 31
Pet Milk
378
%
*65%
16
l
15
*3%
68
1
17% Mar 26
2
*65
6% Mar 31
100
*65
2
10
100
2
70
Mar 26
65
5%
69
2
8884June21
534 Mar 31
1
5% prior preferred
*1%
*65
Mar 31
250
2
2
1
990
*1%
68%
100
Peoples Drug Stores
17
7%
*66
100
100
.
Sept
29
conv preferred....
Pennsylvania
300
6,400
1
$7 conv pref ser A ...No par
Penn Gl Sand Corp v t c No
par
20
37%
434
1534
6% Oct 17
Penney (J C)
No par
Penn Coal & Coke
Corp
10
Penn-Dixle Cement
No par
900
21%
3% Mar 30
No par
bPeerless Corp
Penick & Ford
300
13
1578 Jan 10
5% July 7
9% Feb 25
Mar 18
Highest
share $ per share
110
par
2,000
26
13
10
10
per
Pathe Film Corp
No par
Patlno Mines <fe
Enterpr No par
400
26
*13
Sfl
1%
•4 84
17
*16
9%
26
27%
14%
21%
25%
1534
36%
30
17
9%
5,300
*55%
83
2
21
*14%
700
7,900
12,800
19% July 19
116% Aug 17
147
Aug 11
30
Parke Davis & Co
..No par
Parker Rust Proof Co
2.50
Parmelee Transporta'n.No
5,600
234
10%
57
*26
4
12
934
57%
*13%
5
1JL%
56
1334
*4
2%
11%
57%
28
*112%
~42 ~
39%
2%
9%
11%
57%
*27
28%
2%
934
12%
12
$
18%June 18
Park & Tilford Inc
Park Utah CM.
7,200
share
par
Corp
6% 2d preferred
1,400
2084
56%
83%
1334
22
21%
*25%
*112
8434
434
42
2O84
2%
2%
9%
9%
12
56
*2
14
56%
84
28
14
9%
12
56%
5
28
2%
978
1278
•'
2,800
1
Apr
per
*132% Mar 30
Paramount Pictures Inc
6% 1st preferred
200
3
*234
20%
2%
'
4%
8,400
2%
87
Year 1937
Lowest
100
Paraffine Co Inc
76,200
12%
27%
42
2%
9%
73,000
$
9% Mar 30
100
Packard Motor Car
No par
Pan-Amer Petrol & Transp._5
Panhandle Prod & Ref new_.i
50
9934100
19
12
Pac Western Oil
Range for Previous
Highest
$ per share
No par
Corp(spstk) No
900
55
18l2
2i8
9%
2,200
734
1%
42
12i2
"""406
5
1812
2%
Pacific Telep & Teleg
6% preferred
Pacific Tin
5%
42
9l2
12i4
Pacific Milla
1%
1%
55
Par
700
147
Range Since Jan. 1
On Basis of IQQ-Share Lots
Lowest
120
15%
112
*144
*11%
28
15%
112
147
24
12
*23
15%
111
*144
25%
115s
27i2
*14%
110
147
9634
*23
15%
111
*24%
1178
47g
5
6l2
6i2
1%
112
5434 55
*99% 102
11% 1178
7%
*54%
25l2
117g
5
4%
*98
*25
$ per share
15%
*100
.
2495
EXCHANGE
Oct. 18
8
60
Nov
Oct
Nov
9534
30%
112
Apr
Apr
Apr
Jan
Jan
Jan
5%
Dec
40%
Dec
58
55
Oct
67
Jan
10% Nov
14
Feb
34%
Jan
Jan
4%
884
Oct
Dec
31%
Feb
18%
17%
Dec
19%
Dec
Oct
38
1
Oct
26% Nov
1
Oct
1%
Oct
3% Oct
10, Nov
6%
984
65
Oct
June
Feb
Mar
484 Mar
11% Feb
2084 Mar
37% Mar
Name changed to Brewing I Corp of Am er
New stock,
r
Cash sale,
t
Ex-div.
y
Ex-rlghts.
f Galled for redemption.
New York Stock Record—Continued—Page 9
2496
*88
17%
17
176g
18%
20ig
20
*71
7212
h
634
72%
%
6
6%
6%
a4
34
%
*2%
208g
»312
78i4
165g
2l2
2%
2034
37g
79'4
167g
20
18
18
17%
47g
24
18%
117g
*627g
*434
40
*40
41%
1034
107g
107g
107g
28
28
107g
*27%
11
28
llig
*62
6334
5%
478
103
8%
3414
27g
22i2
24
91i4
24
92%
23%
*91%
116
*112
116
104
24
*34
39i2
1384
67
67l2
30l4
3034
734
37g
*9l4
22i2
3214
15ig
*4034
7i2
42
3%
384
914
912
22l2
35
*22
33%
14%
417g
14
14
13%
65
67
6334
28l2
305g
7%
28%
1314
73g
*2
2ig
*104
105
106
104%
2
2ig
300
100
3,500
15
15%
9,800
1,000
20
103% 103%
7%
7%
32%
3278
27g
27g
21% 21%
26
26%
92%
92%
17%
26%
24%
2634
*32
37%
37%
334
4
384
3934
4%
934
22%
34%
16%
3934
37g
*884
3934
Corp.
No
$5 conv pref
No
Sharpe & Dohme
No
13.50 conv pref ser A.No
4,300
42
3,900
8,200
300
1,300
8,600
2*666
900
3,200
64,700
"7*866
2,000
80
9,400
20%
18%
74,000
74,000
273g
39,200
37g
42
"moo
*3984
4
30
34%
3434
87,900
16%
16%
3,300
*40
42
41%
41% *40
14
14%
13%
14%
14%
64
65
64%
65%
64%
65
27%
28%
27% 27%
28%
287g
7%
734
7%
784
7%
734
*104
104% *103% 104%
104% *103
17%
16%
*22
41%
13%
9
2
4%
434
4%
9%
10%
9%
21%
26%
*19%
9
2
O
O
4%
300
23,700
Conv $4.50
2834
29%
298g
28%
28%
29%
29%
2834
287g
2878
45
45
45
45
45
45
45
45
52i4
53
52%
53
52%
53%
52%
53%
53%
29
29
29l2
28%
29%
30
31
30
30
30%
53%
30%
7012
10%
70i4
7084
70
70%
69
6934
69
69%
70
70
HU
1034
11%
11%
II84
11%
II84
778
13%
11%
11%
1,700
2,800
11,400
7%
7%
600
1234
Stone A Webster
8?g
13%
9%
76,900
8%
73,300
Studebaker Corp (The)
10%
21l4
2134
21l2
2612
12
29ig
2714
%
29i2
Bg
Bg
*%
28«4
29 ig
48
5234
5
10%
21%
261z
1138
2214
277g
5
*32
5214
*28
7012
10%
2884
lOf*
4%
10
8
*52i2
*125
-
13%
13i2
8ig
53I4
33i2
27g
*50
52
*51
52
*127
129
*127
129
29U
*10
18is
18i2
2934
2834
834
8%
734
8i2
47
4l2
634
4l2
7%
42lg
43g
3434
97g
7ig
417g
418
34l2
934
9
914
*20
23i2
6U
9U
*4534
49
412
*4l2
19
388
13
*90
163s
•
412
1634
5334
10
4%
9514
53j
11
26l2
47g
37
10
10i8
3l4
33g
59
59
13ig
8834
20i4
13l2
90
205s
96
96
*78ig
80
23
23
3114
10
47
323g
IOI4
*45%
47
684
*8%
*46
47
*%
297S
a4
30%
29%
30%
*45
11%
II84
1134
117g
*34%
35
3%
34%
3%
35
18
177g
*29%
2934
29%
*10
12%
*10%
18%
3%
18
18%
28%
87S
678
9%
18%
28%
834
6%
*8%
48
*46
29
3%
18
30
12%
18%
29
87g
9%
67S
7%
9
9
*46
Mar 25
par
Oct
10
Dec
35
Mar 30
42% Aug 25
15% July 19
39
Dec
50
Dec
2 884
Feb
70% July 18
49
Nov
95%
Apr
July-25
Jan 10
5
3% Jan 10
5% Jan 12
16
Nov
101
11% Jan 12
July 2
28
July 7
1
4% Mar 30
par
10% Sept 14
13
Mar 29
23
1
*45
438
*22
23%
*60
61
*60
5
50
43g
18
.
.
478
45
4%
1634
2
*434
5
45
5%
17
2%
*4%
434
*18
2
47g
1934
*45
3
3%
3
153g
15%
15%
13%
12%
1278
19l4-1978
12i2
90s4
91
*90%
1534
165g
16
5234
978
63l2
10
51%
934
8I4
10
45g
*84
*412
934
97g
434
85
5
4%
85
4%
10%
*8%
263f
3434
5
25%
33%
3
97g
10%
*8%
2568
10
5134
9%
34ig
4%
37l2
91
17%
8%
38
1014
3
4%
36
10%
3
58
9%
10
4%
4%
85
4%
10
26%
36
4%
36%
11%
3%
59
50
5%
197g
2
47g
3%
15%
13%
90%
1784
5234
97g
5278
914
5
22%
3%
15%
1234
90%
1634
10%
61
21
217g
3%
*14
*4%
23%
*85
.
5
*8%
2578
*35%
4%
34
10%
3%
59%
5
10
26%
37
434
34
87%
89%
20%
95
96
94
95%
96
96
3234
10
80
225g
3412
116g
79%
79%
22%
3284
1078
23
*7834
23
34%
33%
lia4
10%
13%
*4%
*17%
2%
22
3%
*13
13%
*90%
17%
17
63
10
*8%
10%
10
4%
86%
5
10
26
27%
35
35%
*86%
*484
*4%
*34
434
35%
86%
Jan 13
6%
5% Mar 29
14%
Oct 12
6%
3% Mat 30
9% Oct 21
59
July 20
..5
4% Mar 31
5
25
378 Mar 30
32% Mar 30
258 Mar 29
3434
11%
Transamerica Corp
10%
Transcont'l A West Air Inc..5
4
9%
4%
1,300
15,400
Transue A Williams St'l No par
478 Apr
3234
IO84
33%
11%
No par
pref
$6 preferred
10
$1.50 preferred
2,600
11%
14,200
37«
59%
8,700
3,200
13,900
16,600
Ulen A Co..
Bid and asked prices; no sales on this day.
t In receivership,
a
Oct
20%
Jan
Oct
484
Jan
Jan
Jan 10
41
Dec
57%
Feb
5% June 29
4
Oct
8%
Jan
Jan 11
5%
6
3434
Oct
Oct
65%
2
Oct
2334
Oct
5%
Oct
47
8
49% Aug
5% July 29
38
Oct
1
12% Aug 6
11% Feb 10
July 22
26
24% July 25
59
July 26
578 July 13
55
5% July 25
Oct 20
36
2%
Jan 13
2%
Mar
16%
Jan
15%
Jan
54% Mar
48
Feb
64
Oct
3%
Jan
13»4 Mar
Oct
55
Apr
9% Mar
44
5% Oct
15% Nov
18% Dec
Jan 13
Nov
Oct
Sept
40
Jan
93%
1%
Oct
5% July 19
4
Dec
Oct 21
10
Oct
227g
15% Mar
Feb
13%
'
Sept
8%
Jan
15% Mar
287g
Feb
4
July 25
1%
Oct
10%
19
July 25
6%
Jan
13%
Oct
Oct
4034
1534 July 25
98
July 13
21%
Feb
72
Dec
98% Aug
1734 Oct 19
547g Oct 21
1234 Jan 12
10% Oct 21
11% Aug 6
47g July 19
Oct
287g
36
Oct
79
Feb
10
Oct
17
Aug
4
Oct
22%
Jan
Oct
Dec
27%
Jan
Dec
109%
Jan
12
Mar
884
5%
3%
87% July 29
6% Jan 10
82
10% Jan 11
27% Sept 2
38
July 19
7
Jan 13
Jan
4%
18%
25
234
Oct
Feb
11% Mar
Dec
26% Mar
Oct
407g Mar
Nov
Oct
50
17%
Mar
Jan
Mar 30
44
Jan 11
39
Dec
94
Jan
6
Mar 25
12
July 25
7
Oct
25
Mar
1% Mar 26
Mar 31
..No par
41
7% Mar 30
57
Mar 31
37g Oct 21
1%
Oct
July 23
46% Nov
15% Aug 6
90
Oct 15
87g Dec
61% Nov
66
67a
Jan
100% Jan
18% Sept
111
28%
Feb
Feb
25
22% July 21
17%
55% Mar 31
Nov
5934 Apr 20
20
Mar 3C
98% Oct 13
8134 Oct 7
23% Jan 12
3434 Oct 19
II84 Oct 18
14% July 29
80
10C
4% preferred
Union Tank Car
17% Mar 31
10C
Union Pacific
78
Oct
9984
Jan
22
Nov
31%
Feb
No par
United Aircraft Corp
Un Air Lines Transport.;
19% Mar 30
£
5
changed to American
New stock,
7«4
15%
22%
2% Mar 29
Union Bag A Pap new
No par
Union Carbide A Carb .No par
n
Jan
9
19% July 19
15% Aug
1
Union Oil of California
Def. delivery,
397g
16
5
r Cash sale,
Mar 30
6% Mar 31
bUnited Amer Bosch..No par
*
47% Mar
6
Under Elliott Fisher Co No par
b Name
784 Mar
Oct
Dec
1%
100
Preferred
Twin Coach Co
79,500
25% Mar 25
No par
Twin City Rap Trans..No par
280
1
3% Mar 28
5% Mar 31
16% Mar 29
No par
20th Cen Fox Film CorpNo par
2,800
Mar 30
2% Mar 30
77
June 27
No par
Truax Traer Coal
Mar 31
31% Mar 30
8
Mar 30
.2
Truscon Steel
1*9*766
8
10
Detroit Axle
Tri-Contlnental Corp..No par
300
2,000
conv
Oct
8
Mar 31
5,200
11%
23
Feb
17%
4% Aug 1
1978 Aug 26
July 20
32
1
3% Mar 30
56,500
11
80
227g
Third Avenue Ry..
97g
33%
80
6184
18
Timken Roller Bearing.No par
5,900
1,600
1,500
8034
23
2,.500
34% 134,800
80
Oct
Mar 24
Tlmken
95%
•18
15
'
6,900
95
20% July
56
12,800
137g
Jan
Oct
27g Apr 13
Apr 12
23s Mar 31
35
54 78
89
227g
10
100
25
Mar 30
63% June 23
1
Co
$3 div conv preferred
Thompson (J R)
20%
96
80
15
92
173.1
88%
23
Mar 30
$4.50
20%
94
Thermold
300
7
684 Mar 31
Mar 31
700
20%
13
100
Preferred
Mar 30
13
No par
..No par
The Fair
50
26
1% Mar 28
534 Mar 30
10% Mar 29
77% Apr 29
58%
£20
No par
Texas Gulf Sulphur
No par
Texas Pacific Coal A Oil—10
Texas Pacific Land Trust...1
Texas A Pacific Ry Co—100
Thatcher Mfg
No par
22,000
69%
13
8778
3%
Texas Corp (The)
$3.60 conv pref
"""eoo
4
13%
3%
Jan
9
Jan
Apr
8% Mar 28
58%
12%
86%
77%
125
118
34
$3.50 cum pref erred. No par
Tide Water Associated Oil.. 10
11
44% Dec
Aug
Oct 21
9
5H% preferred
Telautograph Corp
Thompson-Starrett Co .No par
11%
3%
Feb
50
(James)
Talcott Inc
Thompson Prods Inc. .No par
34
Jan
20
1534
200
34
Jan
33%
Oct
3
17%
3,000
10
27%
35%
43^
17%
Dec
Oct
14% MarlC
128
8
14*706
35%
434
*8%
267g
Mar 29
3%
15%
5%
Jan
Feb
11
227g
87
75
21
19%
2384
600
5
53% Dec
5% Oct
Oct
2%
478
9%
4%
Dec
Mar
Dec
7,100
984
Mar
48
6%
434
20%
*4%
53%
978
9%
50
76
Oct 17
61
2%
478
21 S4
3%
15%
1334
92
17
59%
20
78l2
91%
18
*45
Dec
Nov
9%
22%
47g
43
42
Mar 31
400
50
30% May
5
23%
5%
Feb
Oct
23%
*5%
50
Oct
500
*60
Oct
4%
22
5%
Feb
Jan 11
22
61
Jan
50
June 17
45
Jan
Dec
27%
26%
6
119% Feb
Jan
4
8%
22
52%
1034
89
*22
2
*4%
2034
3%
*12%
1234
11%
3%
20%
13
18
9%
87
13%
484
*9%
4%
20%
12S4
*45
10%
4%
86%
20ig
881 z
5%
10%
59
1384
8934
2012
5858
13ig
22%
*60
Oct 17
2934 Oct 15
10% Jan 11
13,300
61
72%
% Dec
378May27
9%
"2314
Oct
14
434 Mar 30
22
5
65
12% July 26
22% Mar 30
22
*22
32% Mar
Oct
1
Without warrants
34%
10%
*21
14% Mar
Oct
Symington-Gould Corp w w.l
34%
22
Oct
5
9,000
6,200
1,800
34
22
2%
10
Mar 29
Texas Gulf Produc'g Co
23
Dec
Jan
28% Mar
337g Mar
20,400
9,400
9,000
*22
12%
May 28
Mar 30
434
9
Oct
15
48
34%
978
Jan
2%
6
(The)-.50
25
Swift International Ltd.
4%
9%
16%
107%
49
7084
48% Mar
Oct
Swift A Co
Tennessee Corp
10%
58% July 25
31
Oct 19
Jan
Oct
7%
Jan 13
7
Jan
Aug
Sweets Co of Amer
100
3,000
56,800
9
8%
Jan
2334
6,800
2,500
"moo
9%
9%
Mar 31
2
par
par
Co...,,...10
4%
8%
31
107% Feb
Mar 18
1% June 13
par
,
36% Oct 17
7
4334
9%
Feb
10
100
67g
34
36
17% Mar 31
134 Mar 26
884 Mar 31
177g Mar 30
6%June 13
Superior Steel
Sutherland Paper
4%
8%
31
17% July 25
Superheater Co (The). .No par
Superior Oil
1
43%
9%
Oct
Dec
35% Oct 19
10
4%
3378
1%
5%
Mar 14
978 Mar 31
7
43%
4%
9ig
Jan
1178 Mar
77% Mar
9% Jan
11
94
par
—100
4%
10
60% Mar
65%
Oct
Oct
24
29
No par
1
No par
6%
41%
4%
3438
43% Mar
Oct
19% Dec
4% July 25
July 19
Jan
Mar 26
Oct 17
4%
3384
912
87g
Oct
Dec
1%
35%
4
45
7%
43
4%
34%
10%
9%
43g
65% Mar
9
32% Apr 8
3934 Mar 31
17% Mar 29
4%
4
Oct
15
Jan 21
46
Mar 30
32%
27
Kansas—.10
25
Starrett Co (The) LS..No par
Sterling Products Inc
10
Stewart-W arner
5
Stokely Bros A Co Inc
1
7%
413s
4
Oct
Oct
17
22% Jan 12
4
Jan
1784
7
15% Mar 30
734 Mar 31
Standard Oil of N J
434
4
Jan
July
155
1934 Mar 26
Standard Oil of
7%
4184
4%
34%
9%
878
,
June
Feb
Oct
130
14,200
8,300
3,600
35,400
2,600
1,200
23% Aug
115
6%
Jan
6% preferred
Feb
42%
35%
Sun Oil
2934
Oct
2434 Mar 30
Sunshine Mining Co
Feb
Oct
20%
25
110
40%
Jan 10
Standard Oil of Indiana
600
Jan
Dec
Oct
3478 July 25
52
Mar
54%
Oct
25% Mar 31
128
5134
125
Mar
120
Mar
par
30.000
197
Oct
984
Standard Oil of Calif. .No par
600
48
Nov
June
10
31,200
300
102%
13
18% Oct 21
4
Oct
Feb
Nov
96
3s June 21
7%
5
36
35
9
2%
83g
*812
2614
9
*4%
10
*35
9l2
*2
1314
91l2
5
6%
*1684
16
*137g
28%
834
684
5
1914
3i2
*2
29
8%
9%
7
20ig
2ig
*1634
29
8,800
*4%
*5714
43g
18%
18%
3,100
405g
*21
*45l2
f*10%
18%
21
25%
4%
61
5
10
29%
2984
10
21
24%
734
42
23
5
2934
29U
12i2
18ia
2934
878
3
27,500
7i2
23
8
1734
1134
35%
3%
18%
30
12%
18%
29%
9
7
9%
10
978
412
4H4
*57i4
97g
4I4
*8014
1784
33%
3's
175g
834
6%
10
35
3
17
36i2
3
17
30
127g
11%
11%
36
3%
35
*4534
8%
52
127
3
177g
183g
8%
52
127
11%
293g
1234
834
*7%
12%
77g
1 378
9
*7%
52
II84
*7i2
53
7%
28 84
127
lll2
*28l2
*%
a4
29%
29%
52
1134
35
177g
25
*125
129
11%
*%
13%
784
8l4
784
25
84
7%
12%
14%
21
21%
26%
25
8I4
8
12i2
,
60% Apr
Dec
67
27% Oct 21
36
Aug 23
2
4% Apr
26
26%
1%
25
12% Mar 31
6% Mar 31
4%
10
21
25%
84
30
30
514
1034
4l2
Oct
13
8% Mar 30
17%June 17
2% Sept 27
29
1778 Mar
58
Mar
2% Nov
1534 Dec
140% Mar 26
48%May 26
No
$4.50 preferred
No
J Stand Comm Tobacco
{Stand Gas A El Co—No
$4 preferred
No
$6 cum prior pref...No
$7 cum prior pref—No
Stand Investing Corp ..No
17%
110
5% Mar 30
1
Square D Co class B
Standard Brands
Feb
Feb
105%
Oct
9
Aug
28
4
preferred-No par
2,700
51,200
3484
Nov
5%
3% Jan 13
6% Mar 31
-
Feb
Jan 10
16%
2
Spiegel Inc.
900
4%
53 conv preferred
Feb
91
1378 Jan 15
19% Mar 31
9% Mar 31
No par
A..No par
Spicer Mfg Co...
Aug
114
Apr 14
16%May 24
Spencer Kellogg A Sons No par
Sperry Corp (The) v t c
1
24,400
1,010
100
24
Sparks WlthingtonJ-.-No par
Spear A Co—
1
90
16
33
*884
17%
44
19% Aug 26
105
1% Mar 29
Spalding (A G) A Bros .No par
1st preferred..
100
3578
Jan
Oct
Dec
1478 Nov
6%
24%
8
122
8
Mar 31
Feb
14
65
Oct 13
Oct 13
1
Mar
Oct
88
2
Apr
42% Mar
120
Dec
384
1
Mar 28
Feb
34
Dec
44
Oct 14
18% July 20
106% Oct 7
9% Jan 11
3434 Oct 14
3% Jan 17
22% Oct 17
3434 Jan 10
8% Mar 29
100
...No par
98% Aug
3%
1234
11% July 25
1034 Mar 31
5% preferred
100
Mobile A Ohio stk tr ctfs 100
Oct
4984 Nov
Dec
Feb
Jan
Jan
Jan
54% Apr
11% Mar
Oct
16
60
13
Edison—...26
8%
Jan 14
May
Jan
Oct
Oct
91
128
1%
15
46
111
Feb
Oct
23%
45%
2%
Jan 11
93
10
Feb
Oct
84
28%
Mar 20
Apr
3%
3%
34% Nov
6
3
22
25
14
13
48
Mar 30
r84
100
A Iron. 100
No par
Smith (A O) Corp.. — -..-10
Smith A Cor Typewr...No par
Snider Packing Corp ...No par
Socony Vacuum Oil Co Inc. 15
Solvay Am Corp 6 M% Pf-100
South Am Gold A Platinum. 1
So Porto Rico Sugar...No par
8% preferred
..100
Southern Pacific Co
Aug 11
18% Mar 31
Sloss Sheffield Steel
98% Mar
Oct
6% July 19
Jan 14
Mar 30
484 Mar 31
12% Mar 30
2% Apr 5
1478 Mar 30
No par
10
Slmonds Saw & Steel..No par
Skelly Oil Co
25
Simms Petroleum
5134 Mar
Dec
66
10
Simmons Co
Dec
2034
93
17%
200
*22
Co.No par
No par
1984
14,000
22%
3278
3
27% Mar
%
4
July 19
18
Mar 26
36
26%
378
80% Oct
9% Mar 30
6H% conv. preferred
100
Silver King Coalition Mines. .5
Southern Ry
July
Mar 30
684 Mar 12
20% Apr 1
Southern Calif
Oct
June 16
Shattuck (Frank G) —No par
6% preferred
71
3
par
par
par
Shell Union Oil
22
27% Feb
5% Jan
10
Feb
6
Jan
3
par
Jan
113
Feb 23
47
par
113
Oct
78 Jan
15% Mar 29
par
Dec
Dec
5078
% Jan 6
1% Mar 29
par
Mar
86
784 Jan 11
Mar 30
par
Jan
103
27% Jan
3484 Mar 28
100
46
Dec
11
1
3
Dec
70
r98
85
share
per
18
4
June 14
par
2434
4%
4%
1
100
share $
per
Jan
%Sept 26
62
45% Mar 31
8beaffer (W A) Pen
per
19
1384 Sept 27
5
100
24%
*32
Mar 26
884 Mar 29
$6 preferred
~
Mar 24
79
100
100
Mar 29
68
par
.
Sharon Steel
200
260
58
$
share
23% Jan 12
81
Jan 20
94
July 28
105
Feb 11
Mar 30
12
Highest
Lowest
Highest
$
share
per
1
Servel Inc
11%
28
20%
1678
10
22%
35%
2
478
10
.
64%
28%
784
7%
19%
18
{Schulte Retail Stores
8% preferred
Scott Paper Co
No
{Seaboard Air Line
No
4-2% preferred
Seaboard Oil Co of Del.No
Seagrave Corp
N0
Sears Roebuck & Co...No
1,700
65%
4?g
484
*40
5%
8,100
10
22%
35%
16%
41%
7%
207g
3934
37g
*834
22
33%
15%
*627g
247g
*384
9
22
17
*27%
23%
2334
*33
4%
*8%
15%
42
*417g
*10312 105
*2
334
*3934
334
17
....
24%
2584
38%
4
42
*26%
4
*3984
42
4
912
22i2
3414
15ig
42
14l4
*3934
38%
4
4
4
23
25t2
*34
26
25
20,700
3234
33% 2-32%
*284
27g
27g
2134 *20% 21%
2434
2534
26%
92% *91% 92%
112
112
H584
11584 *112
*100
104
104
*100% 104
217g
217g
2I84
2I84
22
*17%
18
18%
18%
*17%
11
11
11
11%
117g
137g
13%
14
14%
1334
*112% 117
♦112% 117
117
2
2%
2%
2%
2%
21%
22%
2134
2134
2184
*131%
*131%
16%
17%
15%
1634
1534
17
400
77%
16%
11%
103
*7%
9,800
334
16
;
15%
14%
103
8
8
3234
*234
2134
24%
*91%
22
*21
5
2784
2734
14%
15%
10234 103
14%
103%
784
734
32%
33%
*234
27g
14%
147g
66%
4%
13l2
*112%
*112% 117
*11212 117
*11212 117
2%
2%
2%
2ig
2%
2l4
23g
*21
22
2178
21%
2214
22
22l2
♦1313s
*131%
1313g 134
*132
137
23%
24
22%
*24%
25
24l4 25
19
18%
19«4
18%
1934
19% 20%
1612
22%
3%
75%
40
1734
*100
*100% 104
21
223g
21%
2I84
2134
18
*17%
18%
1734
18
113g
12
* 12
11%
117g
13%
13
13%
1338
1312
117g
21
41
63«4
117
*102
13i4
2%
22
3%
2,800
16
2H2
2314
18ig
3,400
*16
91%
18
34
2%
23
16%
287g
116
*10314 10484
22
2234
%
2%
22%
*3%
76%
16
*234
118
118
%
163g
*40
preferred
.
6% preferred
7% preferred—
Savage Arms Corp
No
Scbenley Distillers Corp
5M % preferred
630
$
No par
100
Safeway Stores
1,500
2%
15%
1784
Par
7,200
%
3%
76%
16%
17%
66%
47g
17
600
49%
4834
4934
410
6,900
17,200
2%
79%
77g
33
92
*907g
%
77
1418
2414
1984
783g
10384 103»4
34i2
278
2034
16%
*71%
2034
3%
41
*28
3334
*2i2
1934
95
76
3%
80
102
2%
20%
3%
1034
100
h
%
2ig
18,100
102
2ig
20%
1634
17%
637g
5
*40
29
*28
%
21%
7334
*92
3%
793g
16ig
1434
1434
*1037g 10512
83g
8%
49
4812
%
*71
20%
312
77%
1H4
6
48%
2%
6334
lll4
'4
%
%
7384
100
100
49
49
19%
20i2
73
92l2
Range for Previous
Year 1937
of 100-Share Lot*
Lowest
*90%
95
*100% 100%
17%
17%
177g
1978
19%
20
74
73% *72
%
34
84
6%
*6%
6%
49
%
534
67
7334
6
49%
20%
75
1934
7212
72%
4'4
41%
21%
20
17
48*4
434
Shares
92i2
92
101
1678
*6334
$ per share
18%
*90
197g
72
*4
7
49
*40ig
$ per share
$ per share
*70i2
100
16
*4
Week
*92%
100%
16%
72
1912
72
67g
the
Oct. 21
18U
18i2
72
101
*100
Friday
Oct. 20
207g
7334
95
101
17
20%
73
34
18%
70%
92
69
Thursday
Oct. 19
f per share
$ per share
t per share
18
1834
Wednesday
Oct. 18
17
Oct.
Oct. 15
On Basis
YORK STOCK
EXCHANGE
NEW
lor
Tuesday
Monday
Saturday
NOT PER CENT
SALE PRICES—PER SHARE,
AND HIGH
LOW
Oct. 22, 1938
Range Since Jan. 1
STOCKS
Sales
Oct
148»4 Mar
1034
Oct
35% Mar
5%
Oct
24%
Jan
7
Oct
31%
Feb
Bosch Cor p
x
Ex-dlv.
v
Ex-rights.
T Called for redemption.
«
Volume
LOW
AND
HIGH
SALE
$ per share
17
17
8%
*39
for
NEW YORK STOCK
Friday
the
EXCHANGE
Oct. 20
Oct. 21
Week
$ per share
$ per share
$ per share
Shares
*110
118
6534
66
1678
17
37%
578
36i2
534
414
*74
79i2
8%
10%
*81%
39
64
63
63l2
12%
7
10%
10
♦.
*34
9
834
*33x2
12%
27
7
80
49
64%
80
171
*66
9
11
♦73
76
161
156
1
2434
23i2
31%
21
22%
31%
76
*66
48
54%
5238
54l2
96
69
99l2
69i8
67
67
6434
62%
878
9
2i2
50
*4314
25g
50
11%
75%
IH4
a75l2
11%
75i2
1%
84
2434
22%
31
110
418
*3%
63
63
63
63
*318
13
4%
*1%
*81
*3%
*2%
85
9%
47
1984
9%
47%
*19%
1534
*2%
44%
3%
44x4
684
6%
-
3%
*1234
29%
23x2
33l2
4
ha
35i2
*75%
90
97%
93
*115
17%
384
♦6%
15%
2%
44
684
*37
38%
3%
3%
3%
*2
7%
16%
7%
17x2
*83%
834
4534
19%
16%
3%
45x2
*44
85
9%
4784
19%
3
7
684
38%
29
29x2
2334
33i2
23%
34
33
4%
1%
384
.
"Y%
II734
1%
3%
3%
1*8
35%
35x2
80
80
9184
98%
9184
99l2
94
3
85
9%
85
878
46%
•195s
17
9%
47i2
197s
175s
3%
45i2
17
3%
45x2
3i8
♦45
7
678
73g
12
*10
12
29
29
30
24i2
2478
384
245g
32%
384
Us
*84
.
35
38
35%
*80
16%
3i2
35
9934
9984
*90
92
117
17
7%
*684
7%
♦684
7I2
%
a4
%
%
%
2%
30x2
30
25%
26
120
12234
140
140
17
*36x4
17%
36%
2
29
2x2
30%
24x2
26
119% 12184
*137% 147
17%
*36i4
36i2
*30
19l2
30%
*30
30%
*40
82
*50
82
2484
23x2
*71%
52%
*1134
2334
13%
*18%
24%
*71
90
*52%
5412
12%
*11
13%
*7
1%
1334
7%
2
*18%
18%
5%
49
48
21%
48%
23%
24
♦76
90
*43
45l2
*55%
55x2
112
110
*71
24
*71%
*72
90
*50
52
*11%
1334
47%
23%
48%
*76
45i8
5434
110
24%
90
45%
55%
115
4%
*45x4
19%
47%
23
*76
4484
85i2
834
85X2
9
9
4784
5014
48%
*1958
1978
16X2
3i8
195s
3
45
714
75s
234
7%
17
900
*80
86
200
*16
9%
50%
19&S
23,700
16%
2,500
2,200
3
3
45l2
45l2
7%
7%
38
39
37
37
150
3
3
3
3
3,000
12
*10
*10
29
28%
*2334
32X2
28l2
243s
32S4
24%
37s
334
li8
35
*84
81
33
34%
12
29%
24%
33l2
3%
1%
35
180
100% 102
190
90i2
91
123% 123%
117
*113
5s
17%
117
17%
384
4
7%
58
7%
4,900
9,200
10,700
14,600
20
7.700
24%
8934
53i2
78
Aug
No par
234 Mar 29
1584 Mar 30
105
1% Apr 13
514 Mar 26
5% preferred
100
Virginia Ry Co 6% pref.-.100
Vulcan Detinning
100
100
Mar 29
37
100
tWabash Railway
5% preferred A..
5% preferred B...
Mar 30
Mar 31
116% July 19
1
100
.100
Mar 21
l%Mar 23
100
1% Apr 22
Waldorf System
No par
584 Mar 31
Walgreen Co
No par
1334June 10
1)4 % pref with warrants 100
Walworth Co..
74
..No par
4X2Mar 30
Walk (H) Good & W Ltd No par
Preferred
„No par
30
$3.85 conv pref
17
pref. 100
6% preferred
100
Western Auto Supply Co
10
Western Maryland
4% 2d pref erred
.......
Oct 20
Oct 19
Oct 14
Jan 21
86
Jan
Nov
164
Jan
Oct
108
Jan
Oct
Oct
16
Oct
4%
2%
5812
914
1414
Oct
39% Mar
Oct
4458
97
Oct
115
Mar
3584 Nov
47
May
2%
18i2
Oct
Oct
105
June
Jan
113
Dec
135
Mar
50
Dec
98
Mar
118% Mar 21
2% Jan 11
II734
Feb
2
Oct
10i8 Mar
438 July 23
338 Feb 4
2%
Oct
1838 Mar
2%
Oct
8i2
20%
86%
IOI4
50%
July 25
Jan 10
Aug 27
July 22
Oct 20
1984 Oct 16
19% July 27
July 16
July 20
July 19
45
Aug 6
4% July 15
1634 July 15
*3084 Oct 13
6% Dec
18
Oct
7184 Dec
3x4 Oct
32
Oct
17
Oct
7%
Oct
2
Oct
2612 Dec
434 Oct
33
2%
18
Jan
Jan
1214
35X4
Jan
5034 Aug
984 Feb
214 Jan
4%
Oct 15
39
July 30
82% July 29
102% Jan 3
102x2 Jan 3
Apr
8
9784 Jan
118
June 27
19
Feb 23
4i2
Mar 25
3
3
123% Oct 21
Jan, 10
9
Jan 10
6% preferred
100
1% Oct 18
16% Mar 31
1584 Mar 31
61«4Mar31
3% July 22
34% July 20
103
2834 July 21
9i2 Mar 30
3118 Mar 28
14% Mar 26
12384
Oct 14
144
Mar 31
Oct 14
2%
1
Oct
July
23%' Oct
73is Nov
Oct
109
Feb
76
Oct
103
Aug
117% Oct
110i2 Apr
14x2 Dec
2% Oct
6x2 Oct
1
434 Mar
11% Mar
83i2 Jan
5784 Mar
16758 Jan
113
Oct
1084
31i2 Nov
1034 Oct
21 x8 Dec
Oct
11,100
1,600
16,500
9,800
5,300
2%
234
2%
234
3
2l2
5i8
5%
5%
6%
2%
2
5!
5
47
21
3
AS,
5
4%
*4414
47
46%
46%
1912
20
20
20
4878
48i8
23
49»4
23X2
49%
24
50%
23%
2312
5
400
3,200
24,400
7,600
45
"""766
58
1,500
1,080
2,400
2,200
5312
107
53l2
113X2
54U
73
5414
108
107
'
36
74
36
10734 IO884
23X2 24
4534
4784
21%
108
108X2
23l2 2334
45%
47
*82
20%
*82
87
2384
22%
24
25
24i2
21i2
22X2
22
4%
4
414
Bid and asked prices; no sales on this day.
3%
87
25%
23X2
3%
55%
108
72i2
*35
2034
107
108
7212
36
2312
23%
46
47%
*82
25%
22%
4
t In receivership,
4,000
70,400
87
26%
23%
4
a Def.
il",700
22.100
4,400
delivery,
»19
Oct
65
Mar
Dec
126X4 Aug
9084 Aug
1412
Oct
23i2 May
15x4 July 25
8
Oct
333s
Feb
11
Jan 21
Oct
18%
Jan
3
Jan 22
8X2
1%
834 Mar 31
1% Mar 30
U4June16
3%June 16
2484 Oct 19
3i2 Aug 6
No par
3
Mar 24
100
32
Mar 30
-
White Rock Min Spr ctf No par
White Sewing Mach...No par
No par
$4 conv preferred
Wilcox Oil & Gas
5
1
Willys-Overland Motors
6% conv preferred
Wilson 6c Co Inc
$6 preferred
10
Woodward Iron Co
10
10igMar29
Wool worth (F W) Co
10
36
Mar
27
Mar 28
100
71
Young Spring A Wire..No par
Youngstown S A T
No par
24
3
Jan
6%
Jan 10
5%
6OI4
2134
5038
24%
72i2
July 19
Jan 21
July 25
7
Oct 21
Oct 13
July 19
45X2 Oct 17
11
1«4
2
Oct
Oct
Oct
Dec
4% Dec
4% Oct
4934 Dec
10x2 Dec
34
12
54i2
34
Dec
Oct
Oct
Dec
684 Mar
46i8
Jan
6x4 Jan
6i2 Sept
12
Sept
12% Feb
9134 Mar
1384 Dec
65% Jan
47
Jan
112% Mar
4034 Dec
Oct 21
3984 Dec
54
Nov
Mar 30
115
Oct 17
38
Oct
128
.Mar
Mar 31
74
Oct 20
58t2
Oct
76
Jan 31
39
5
21 a4
Dec
62x2
Jan
Oct 19
7x2
Oct
378g
Feb
Jan
3
Mar 30
58
2184
109
July
Oct 13
68
Dec
142
Jan
Jan
25% Aug 26
12x2 Dec
Mar 30
48
Oct 17
34% Nov
101% Mar
62% Mar 31
11% Mar 29
85
Oct
70
Oct
115
11%
2x8
Dec
9% Mar 31
5*4% preferred
100
Youngst'wn Steel Door-No par
Zenith Radio Corp
No par
Zonite Products Corp
1
Cash sale,
9
28% Mar 30
55%
61%
2O84
8%
Yellow Truck & Coach cl B..1
r
3
42
100
Prior pref 4 )4 % series
10
Prior pf 4 H % conv series. 10
Wright Aeronautical..-No par
Wrigley (Wm) Jr (Del).No par
Yale & Towne Mfg Co
25
Preferred
Jan
11% Mar 29
Worthington P&M (Del)No par
New stock,
Jan
2784 Jan 12
15i2 July 19
White Motor Co
n
Feb
Aug
Sept 23
6is Mar 31
5
Sept 28
1% Mar 31
Preferred A 7%
2184 176,400
870
107%
2714
34%
Jan
Jan
May
126
14l2
23
39
Dec
1414
21*4
303g
90
15
2312
170
4
Nov
23
123i2 Mar
115i2 Jan
29i2 July
1134 Mar
23i2 Mar
Oct
55
6,000
Aug
U2 Oct
22% Dec
1784 Oct
87% Nov
75
2
Feb
88
4
2
Mar
108
36l2 Oct 10
20% July 25
30% Sept 13
Jan
84i2
Feb
Oct
19l2 Oct 19
90
56
Jan
Nov
84
Jan 14
2i8
Mar
July
Jan
Feb
Feb
Mar
69i2
Jan
2i8
Feb
Feb
Aug
Oct
59
33,000
2,200
92i2
I884
51%
19%
5038
1034
9918
Mar
Dec
95
7
16
19%
49
Jan
Oct
Apr 12
15
122i2
Jan
20
Mar 31
6%
1234
Oct 13
Mar 31
14%
Feb
Oct 21
67
1% Jan 28
10
7
1284 Apr
743s Apr
115
34
65
634
Jan
Jan
37
Mar 29
7%
2U
Jan
Oct
1% Jan 11
Preferred
Jan
46
2% Mar 31
.....No par
Nov
38%
111% Jan 6
l234May 31
Weston Elec Instrum't.No pat
Jan
May
Dec
x2Mar 23
50
Feb
21
8
...100
preferred
84X2
Oct
934 Dec
%
Western Pacific
1st
46
Feb
Oct
Mar 31
Westingh'se Air Brake-No par
9%
"8%
Oct
Mar 29
Westinghouse El & Mfg....50
Oct
"l""6ct
Jan
Nov
74
Western Union Telegraph. 100
2%
150
9
116
.100
Jan
126% Mar
16
Apr 1
82%May 28
100
7538
11%
70
West Penn Power 7 %
4812 Nov
100% Oct
Jan 10
25% Mar 31
100
100
Mar
84
1
71
7% preferred.6% preferred
Feb
105
Dec
Oct 13
84 Sept
No par
$4 conv preferred
118
68
25
1% Mar 26
Wesson Oil 6c Snowdrift No par
Dec
62i2 Nov
Mar 30
11
West Penn El class A..No par
Mar
72x4 Mar
193s Jan
7289 Mar
Mar 30
16% Mar 31
-.1
Oct
112
3
8
Mar 31
Oct
Oct
Mar
Jan 20
4
6
Wayne Pump Co
4x2
51
5
No par
43%
Dec
Feb
23x2 Mar
1534 Jan 11
120% Feb 26
384 Mar 26
$3 convertible pref..No par
Warren Fdy 6c Pipe
Waukesha Motor Co
32%
Mar 31
Mar 26
20
Jan
114i2 Oct 20
Mar 26
184Mar31
314
29
Mar 26
20
65
24
135
2
No par
43% Feb
15is Mar
2238 Mar
Oct 16
59%
1%
1%
2884
24l2
32%
8
No par
Oct
Oct
156% Oct 17
23
-.5
$ Warren Bros
Mar 31
1734May 18
Ward Baking class A..No par
Class B
No par
Preferred.
100
Warner Bros Pictures
Mar 29
Oct
384
6%
47
Jan 22
Chem
16%
6
June 22
6% preferred
100
Va El & Pow $6 pref
No par
Virginia Iron Coal 6c Coke. 100
70
Feb
June 20
18i2 Aug 2
6% Jan 21
20
45
87
36
47% Sept
684 July 21
10% July 29
42
Westvaco Chlor Prod. .No par
45
*82
Oct 10
107
5% conv preferred
30
Wheeling&LE5H convpf 100
Wheeling Steel Corp..-No par
"s.Ioo
653s Oct 13
121
June 19
97
300
45
89%
Mar 26
T.600
82
5
13x2Sept 28
Class A
45
48
/
24i8
7,500
*43
23x2
22%
2378
200
Oct 13
70% Mar
172
29% Dec
May 27
108
20i2
3%
23l2
*73
110
1,800
1,200
56
1021s Oct 13
7284 Oct 13
Jan
Jan
154i8 Nov
684 Dec
15
24
13
Jan
137
11
26
Feb
Nov
11
108
22%
82
10
7i8 Oct
12% Oct
70i2 Aug
49% Oct
7
July
53
42
2184
23%
*73
340
34%
30i2 Mar 30
100
1
200
Oct
._5
..No par
1,700
6i2
...5
Webster Elsenlohr
90
12% July 25
114% Oct 13
172
July 2
7% 1st pref
Vlck Chemical Co
Wells Fargo & Co
81
20 x2
13% Jan 14
16
...
70
90
100x2
3%
Oct
11% Mar 31
14% Mar 31
11,200
*79
9014
a:99i2 10012
a;90i2 90i2
1
100
3,800
2,100
3,400
Oct
3
27% Mar 30
i2 Mar 30
x2June 22
Nov
a4
438
7i2June 13
Feb
70
16% Feb
2434 Mar
Jan 18
75
203s
22l2
81,900
Oct 19
Mar
9% July 23
...100
36
21is
3%
1,000
81X2
II4
3% Oct
5% Dec
Oct 14
$6 conv prior pref..-No par
36
22l2
300
Jan
11
White Dent'l Mfg (The S S) 20
35
23
8,300
113%
300
20
2234
1,300
17
Oct
Oct 17
IOI4 Aug 20
8
July 7
""360
37%
4
7%
600
Jan
101
111
Vanadium Corp of Am.No par
Van Raalte Co Inc.
5
Preferred..
""266
17
13
19
*82
*2
60
Oct
13
3634
21%
50
60
9
3% July 25
50
July 21
37
.100
Va-Carolina
4484
46
8X4 Sept 24
1% Mar 26
No par
Preferred
2,700
1,100
90
2234
3% Mar 30
par
Stockyards Corp
Conv pref (70c)
No
Victor Chem Works
70
12% Oct 17
*72
73
365s
23%
47%
1
No par
7% pref
9x2 Mar
63
8684 Mar
*50
7234
23
25
U 8 Tobacco
Jan
Jan
Mar
2684 Apr
106% Feb
Oct
13
72l2
108%
40
800
*76
21%
10734 10834
22x2
2384
48
45%
Mar 31
9134May 31
29% Mar 30
40
Apr 25
United
2,600
90
1912
38
100
Oct
Dec
2%
53l2
72%
*107
24,000
1,000
*76
54
No par
Corp...
Preferred
Vadsco Sales..
90
113
Mar 31
May 11
*76
54
x55
134
90
110
50
Preferred-
6i2
90
72
19%
4
4%
47
20%
48x2
23%
2:4484 Mar 31
8% preferred.
100
Universal Pictures 1st pref. 100
J Utilities Pow & Light A....1
20
....
134
3i2
Mar 31
45i2 Jan
50
16
13
22%
21
234
5%
100
Oct
*50
48
5
48l2
7%
17
16%
21
10
8% 1st preferred
5
*72i4
2434
5
U 8 Smelting Ref & Min
8i2
46%
1278
225g
25g
25s
514
484
*44t4
1984
4%
234
7i8
1634
45
21% Mar 30
2% Mar 31
Oct
5312
2334
2%
21%
2l2
2i2
20
No par
Mar
Oct
1278
218
37x2
*
2434
2%
19%
4
23i2
2
37%
87
82
2%
x71%
*82
*60
1414
634
71%
45%
82
90
12%
20
*2
h
1&8
6%
*46%
3%
♦11734
'4
6%
5
*112
338
7
13%
5
134
*3i8
7
7
5
*11734
*114
17i2
37s
23%
52i2
21%
2%
2%
5i8
67
2
.1%
1«4
1%
15s
1%
29
2834 29%
2978
28
2834 29
29%
25
25
24x2
26i4
25
25
2534
26%
116% 119% 116% 118% 11578 118
118
119
*137% 146
'137X4 147
*13714 147
*137% 147
17%
19%
1812
19t2
18%
193s
18%
19
*36%
36i2 *3614 36l2 *36i4 36i2 *3614 36%
19% 20
1934 20%
19X4
1914
1912
19%
30
30
30%
30%
*2918 30l4
30%
30%
*60
U 8 Pipe & Foundry
U S Realty <fe Imp
U 8 Rubber
Mar 29
24,800
115
67
6678
*3X2
6%
19%
*2%
2%
*111
66%
17i2
2
19%
2%
2%
5
90
*11178 115
*113
52i2
12%
1434
17%
2%
2x2
*46i2
20x2
19%
4%
16
17%
h
2%
X2
1%
*3%
*8
378
778
.
384
*67s
17
13
*122x2
116% *
3%
*10
*3314
*75%
90i4
80
90
*
17
334
37s
25i2 2534
11412 11412
*3i8
4U
37%
1734
3%
4
26%
26%
114% 114%
*37%
*34
80
93
17
334
33
90
91%
*98*4 101
115
3%
3334
81
90
92
38
3
33
116% *115
116%
17%
17%
17%
3x2
3x2
334
—
714
17
85
47%
19%
*122%
~
7%
*16i2
3734
3i2
*122%
«...
1%
3i2
234
*2
7%
17%
2812
2334
3234
3%
*84
4
*84
93
35%
80%
90%
97%
*
66i2
*35%
3i2
12
2934
2334
*62
♦11
3i2
12
13
115
63
-
14
93
*122%
3
9
47%
1984
*14%
38
*60i2
*11734
134
1%
*8
50
35
2
Oct
29l2 Oct 14
100
Feb
25%
74
Jan
Feb
91
Oct
3% Mar 30
6% Mar 26
11734
24
13% Mar 31
24
Mar 31
340
115
162% Mar 28
4% Mar 29
48
12,400
32
Mar 31
No par
1%
414
55
30i4
Oct
52
par
Universal Leaf Tob
29«4
24%
27
conv cl A
600
1
114
62
Universal-Cyclops Steel Corp 1
109
1
Oct
36'4 Dec
17% Die
8
No par
No par
Industrial Alcohol.No
400
109
Mar 26
July 25
Oct 14
10% July 19
35X4 Jan 12
50
*25
26i2
3
July 18
Jan 10
June 20
12
23%
3112
Sept 17
4i2 Apr
20
*45
U8
*16i2
6
534 Mar 30
*1114
1
17
884 Mar 30
100
Mar 14
No par
III4
7512
1
114
4%
13
17
a75%
Mar 31
May 6
%May 16
3% Mar 26
50
III4
67% Aug
Mar 26
15
110
7% Jan 12
60
United Stores class A ..No par
$6 conv pref A
No par
He
4lg
27
♦111
7%
16%
*83%
900
Oct 17
Highest
$ per share 9 per share
4% Oct 17
21% Mar 31
3
7% preferred
100
U S Hoffman Mach
Corp...6
5*4% conv pref
50
U 8 Steel
1914 Jan 10
38
10%
80i2
8%
39%
60
100
9,400
1
17
114%
13
7%
2%
90
Us
%
24
115
17%
9
*8i2
1,500
2613 27i2
2884 2834
23i8 24l2
2278
23%
3U8
31i8 *3U2 32l2
LO8I4 110
*108
109
37U 3712 *3714 37l2
2684
13
7%
2,800
150
*111
*2%
34U
4578
414
1
115
*16%
4*8
56
31
334
3414
2,700
161
*111
134
384
*47
643s 114,000
11714
*4414
234
500
1
27
27% 27%
114% 114% *114
3
Q
234
6314
117
69U
56
17
*1%
Q
23g
*6734
*156
37i2
*3%
68i2
62i2
6414
116
116i2
3414
34U
*4414 4578
4
4%
2,400
56
4
-
68
56
1634
*11734
67
525s
58
1
1
3714
*11734
9712
6834
53i8
*67
*55
1%
*109
3%
97
35,100
5378 100,300
98
13,300
57
*52
17
4%
~7~4o6
6%
75
37
13%
48i4
75
17
13%
6
161
37
*3%
47i8
6I4
4i2 Mar 29
Apr 1
Oct 10
67
Range for Previous
Year 1937
Lowest
share
19% Jan 11
118i2 Aug 19
4% June 18
10
Prior preferred
76
*156
17
3
*66
100
161
37
28i2
70
1,000
'156
37
114
265s
9X4
37
27i8
161
*16%
28
3414
8%
2%
110
114
118
3312
6
5I84
9584
67i2
6478
117
♦884
2x2
4l8
48
63s
8%
*108
4%
76
47
49%
6
117
110
43s
*66
49%
6%
*108
4%
76
*83s
*33i2
5
U S Gypsum
171i2 17H2
1
per
Mar 26
Mar 31
.100
U S Freight
Partic &
414
31%
1,200
7,100
U S
8i2
35U
2612
1234 Apr
..No par
U S Leather
4578
24
10
1,100
8l2
*33i2
4
No par
Corp
108l2
10
107
Jan
2
Conv preferred
6,300
4
84
90
6,300
*43
21
100
100
7
4%
lis
H4
7
US & Foreign Secur
$5 first preferred.
U S Distrib
1234
34%
%
83
*34
7
2,200
*634
44
57
1
34
*8112
4,300
12X4
9i8
4%
156% *156
66
59%
10
$
22
$5 preferred
No par
United Mer & Manu Inc vtc.l
United Paperboard
.10
7
44
75
778
10
1%
7i2
*9%
97s
10578 107
*171
17H2
37
4%
75
*154
600
7
12is
44
iix4
75%
8
778
II84
34
*43
111
111
3,400
71,200
1,000
*6i2
35
11%
IIS4
3834
2534
67
11%
65
lli2
6i2
99
2%
1178
11078 1107s
734
784
684
634
10
*9i2
83
*8112
39
100
United Electric Coal Cos
5
United Eng & Fdy
6
United Fruit.
No par
United Gas Improvt
No par
12%
70
50
38i4
6384
64
11%
700
283s
69
*43
8,600
1H2
*65%
62%
8i2
2%
2i2
50
40
8
Highest
share
No par
United Drug Inc
United Dyewood Corp...
Preferred...
6%
67
4
75
8
per
par
12%
72
44
74
8!8
No par
13 preferred
9
5134
96l4
*34%
9
900
l?x2
4i8 250,600
3 684
18,600
6i8
11,300
900
9x4
100-Share Lots
14
Sept 14
100% Jan 20
100
United Carbon
*3312
26i2
6i2
48
117
37s
$
No par
United Carr Fast Corp.No
par
United Corp
No
9
6%
54%
99i2
5%
1714
36i8
Par
United Biscuit
♦Preferred
"2", 400
On Basis of
Lowest
34%
2734
49
6434
117% 118
4%
*20%
2284
31%
171
8%
63 x8
44
%
171
67
1,100
118
6
74
39
♦5s
110
34%
26%
*6x2
11%
*70
7%
*37i2
6314
17%
65
6I4
9
*684
10
107
418
3638
*8i2
%
8
110
71
119%
3434
%
*7i8
10
*65%
67
i
10
52%
96%
55%
99% 10134
72
72%
%
85
1%
884
6%
48i4
5%
6%
55
*10%
10U
81i2
7
34%
12%
*66
934
81l2
171
28
6x2
8*4
39
63
63i2
11%
ll7s
11034 11034
7%
712
10%
9%
11%
8
7
*84
4
6
8%
74
7
7
6334
17i2
3558
17i8
*112
118
6314
612
107
107l2 112%
170% 170%
38
43s
373s
7
*81%
10
9i2
27%
56
84
1%
7%'
7%
1714
*17
3878
734
684
10l2
*81%
10%
10%
113% 114x2
*170
170%
8i4
12
115s
11034 11034
734
1%
*43
8%
1
111
17
6%
85s
17
*112
64i2
74
3878
8
4%
*8%
2%
75
83g
111
83
*34
*7%
34x2
*42%
*74
79i2
387s
12
10%
119
8l2
118
36
812
17U
4
3714
8%
7
64
4l4
365s
578
6
6%
7
684
12%
4
4%
38
3878
62i2
6378
11%
H78
IIOI4 11034
8%
8%
*884
*33i2
27%
1634
17
1678
♦112
*110i4 118
63
6314
64
17
♦165s
17
83s
63%
67
$ per share
17%
2497
Range Since Jan. 1
Thursday
*1634
3934
*66%
48x2
6%
STOCKS
Oct. 19
9
*74
Sales
Wednesday
1634
9
CENT
Oct. 18
66
5«4
NOT PER
Tuesday
17
$ per share
*110% 118
3%
365s
SHARE,
Record—Concluded—Pagelo
Oct.
Oct. 15
16%
PRICES—PER
Monday
Saturday
*65
New York Stock
147
9
Mar 31
234 Jan
x
Ex-div.
3
y
5
46%
Feb
Jan
25% Oct 20
2584 July
534 Mar
Ex-rights.
7
7
Oct
43% Aug
9X4 Jan
1 Called for redemption.
Oct.
22,
193S
2498
STOCK EXCHANGE
YORK
NEW
Weekly and Yearly
Record,Friday,
Bond
NOTICE—Prices are "and Interest"—except for Income and defaulted bonds.
are the only transactions of the week, and when selling outside of the
No account Is taken of such sales In computing the range for the year.
unless they
Cash and deferred delivery sales are disregarded In the
regular weekly range are shown In a footnote In the week
week's range,
In which they
occur.
Friday t
Friaay
Range or
*
Sale
Friday'8
c-
N
Y. STOCK
EXCHANGE
Week Ended Oct.
Week's
Last
Range or
Sale
Friday's
Week's
Last
BONOS
Trice
21
Bid
«
©
Asked
&
BONDS
Range
©
«3
N. Y
Since
^
Week Ended Oct.
1
Jan.
EXCHANGE
STOCK
21
a.
•n
Bid
Price
&
High
Low
1947-1952 A O 118.28 118.28
Treasury 4s
i
1944-1954 J D 11449 114.14
113.14
Treasury 3?*s
1946-1956 M S
105.19
Treasury 3?*s
1940-1943 J D
M S
107.2
Treasury 3 2*8
1941-1943
110.4
110.5
Treasury 3?*s
1943-1947 J
102.19
Treasury 33*8
1941 F
109.27 109.24
Treasury 314s
.1943-1945 A
A
109.29 109.26
Treasury 3 Ms1944-1946
y>9.3 109.1
Treasury 3Hs
1946-1949 J
108.15
Treasury 3 Ha
1949-1952 J
J
10840 108.10
Treasury 3s
1946-1948
107
107.2
Treasury 3s
..1951-1955 M
M S 104.18 104.15
Treasury 2 Hs.—
1955-1960
Treasury 2?*s
1945-1947 M S 106.29 106.27
M S 105.10 105.10
Treasury 2?*8.__ ———1948-1,951
J
D 104.4
104
Treasury 2?*s——....1951-1954
M S 103.16 103.11
Treasury 2?*s.
—1956-1959
J D 102.26 102.21
Treasury 2Hs
1958-1963
Treasury 2Hs
1945 J D 106.5 106.4
105.2
Treasury 2 Ha—
1948 M S
102.12
Treasury 2 Ha
1949-1953 J D 10246
102.16
Treasury 2 Hs
1950-1952 M S 102.20
119.3
48
116 4
114.19
22
111.22114.23
113.18
7
110.8
105.21
8
104.13106.27
—1952
1953
{♦Cordoba (City) 7s unstamped 1957
{♦7s stamped
1957
107.5
5
108.16108.2
Cordoba (Prov)
110.9
19
110.1
36
106.26108.14
107.2 110.5
110
52
107
109.6
53
105.27109.6
-
Corp¬
Mar 15 1944-1964
3s
May 15 1944-1949
3s
Jan
15 1942-1947
2?*s
Mar
1 1942-1947
Home Owners' Loan Corp—
3s series A
May
1 1944-1952
2 H a series B
Aug
1 1939-1949
2?*S series G
..1942-1944
.
Foreign
107.8
S
M
ses
105.19108.30
108.11
4
105.2
107.7
106.2
J
M
108.12
103.26107.7
101.24104.21
37
509
11
103.25106.31
105.13
12
59
100.26101.4
103.16
200
100.14103.16
102.27
206
100.6
102.27
106.8
29
102.14106.8
105.3
41
101
102.20
72
102.22
184
105.3
99.18102.20
100.4
102.22
107.10
106.20
103.28107.10
9
30
103.4
106.20
105.11
32
103.22106.18
102.13105.11
106.8
106.2
9
MN
106.16 106.14
106.20
82
103.9
106.23
F
A
102.21 102.18
102.22
34
101.9
103.13
J
J
104.12 104.8
104.12
50
101.5
104.15
of) 7s
1951
(Republic) 5s of 1904
1944
External 5s of 1914 ser A
1949
External loan 4Hs ser C
1949
4 Hs external debt
1977
Sinking fund 5Hs-—Jan 15 1953
♦Public wks 5Hs
June 30 1945
Czechoslovak (Rep of) 8s
1951
Sinking fund 8s ser B
1952
Cuba
♦Antioqula (Dept) coll 7s A—1945
♦External s f 7s series B_.—1945
♦External
s
s
f 7s series D
♦External at 7s 1st
25?*
253*
series
1972
1972
1955
1957
1956
1957
4s Feb
coriv loan 4s Apr
Australia 30-year 5s
External 5s of 1927
External g 4 Ha of 1928
♦Austrian (Govt's) b f 7s
8 f extl
6Ha— -.1945
♦Bavaria (Free State)
10
9M
9H
6
93*
6
♦9 3*
9H
6
8
4
83*
5
8H
83*
5h
8H
8
8
*7H
,
9H
9H
8H
J*
85H 100H
95
95
—1942
1955
External g 4H8
Apr 15 1962
Deutsche Bk Am part ctf 6s—1932
{♦Stamped extd to Sept 1 1935.
Dominican Rep Cust Ad 5Hs—1942
1st ser 5Hs of 1926
-.-.1940
90
89 ?*
903*
865*
182
64
65
1969
*.—1969
external 7s—1945
A
O
*60
M N
*19
5Hs 1st series
5Hs 2d series
♦Dresden (City)
♦El Salvador 8s ctfs
1941
.
1949
1949
stamped
♦Buenos Aires
59
88
1033*
56
87 H 106 H
MN
100H
100 H
100H
80
85 H 102 H
Hungarian Cons
29H
29H
1
103H
103
103H
1123*
F
D
J
D
1962
1961
1961
1961
1977
1976
1976
External s f 4Hs-4?*8— ...1975
3% external s f $ bonds
1984
Bulgaria (Kingdom of)—
♦Secured s f 7s
1967
♦Stabilization loan 7Hs
1968
4?*s-4?*8
12
42
11*
85*
195*
11H
23
9H
983*
983*
1023*
7
95
19H
102
11
95
101H
3
98
103
58 H
S
58 H
A
59
M N
495*
705*
18
47
72 H
♦4s of 1904
36 H
63
♦Assenting 4s of 1904..
343*
343*
M N
35H
35H
1103*
52
103
110H
1113*
48
109 Jf
111?*
102H
111
106
113H
102
102 H
17
98
1035*
103
1023*
103H
49
101H
1013*
8
985* 1045*
975* 102 H
15 1960
20
138
2
92 H
99 H
165*
625*
29 H
99
20
""98?*
38
♦Assenting 4s of 1910
—
♦Sec extl
s
f 6H8
♦Montevideo (City)
MN
*11H
17
F
A
*101
59 H
32 H
43
112?* 117?*
113
77 H
80
S
80
79
82
54
67
77
D
M
External
8
5
63H
80 H
43
65 H
J
J
60?*
59?*
60?*
26
F
A
80?*
77 H
80?*
127
61 H
81?*
62
59
62
123
44
64 ?*
45 H
46
8
30
MN
A
O
46
20 H
A
D
"26"
25H
D
9H
9?*
*?*
26
m
23
24?*
*19
F
J
.1954
27 H
11
6
43
X
1?*
*1H
1H
1H
1H
1X
1?*
*1
*1H
2H
62?*
*64~~
3
IX
3?*
27H
32 H
27
27
295*
26
325*
20-year external 6s
External sink fund 4 Hs
22
15
195*
20
15
21
15
183*
16
15
183*
18
163*
163*
12
F
A
18?*
18?*
195*
183*
183*
18?*
145*
183*
183*
18?*
18?*
25
183*
183*
O
J
4s
183*
183*
A
S
External
195*
183*
18H
J
26 5*
16
18?*
M
18
183*
MN
MN
18?*
J
D
16?*
185*
165*
J
D
A
O
"ie ii
163*
163*
-
O
Municipal Bank extl s f 5s
M
M
J
♦Nuremberg (City) extl 6s
Oriental Devel guar
Oslo
145*
125*
195*
♦Panama (Rep) extl
12H
185*
125*
1H
63 h
*8
S
52
16
13
185*
16
20
115*
165*
D
23
23
1
18
30
S
20
20
1
18
215*
10
(City)
s
f 4Hs
5Hs
7
;
♦Stamped
61
37
57 H
88
104?*
*50
55
101H
101
102
32
O
101H
100?*
101?*
19
F
A
106 H
106 H
106?*
8
106 H
107 H
7
S
105H
105 H
106 H
20
88 H 103 H
103?* 107?*
107 H
104
99 H 107H
O
103 H
103
103?*
62
98 H 104?*
102 H
102 H
103
14
98 H 103?*
102 H
102 H
4
99 X 103?*
21 H
18
A
F
A
J
D
F
A
*19
A
"li
50?*
25
41
102 H
72
96 H 103 H
*93
107
62
62
"2
40
62
55
59
28
32
59
53
60 H
O
J
54 H
48
102
S
M N
20 H
D
43?*
80
1963
MN
MN
57 H
M
S
6H
6H
6H
9
5H
M
S
12 H
HH
12?*
12?*
62
7H
497
12?*
of) 7s
1947
♦Peru (Rep of) external 7s..-.1959
♦Nat Loan extl s f 6s 1st ser.-I960
♦Nat Loan extl s f 6s 2d ser.. 1961
♦Pernambuco (State
gold 6s
18H
183*
183*
80
205*
♦Stabilization loan s f 7s.
J
J
18H
18H
183*
46
10
205*
♦External sink fund g 8s
A
O
25 K
25
25H
8
175*
M N
253*
253*
1
16H
25H
255*
F
25H
25H
1
17
25 H
1940
1947
1950
J
13
38?*
A
M
13
11?*
1963
♦Extl 8 f 5s ser A
♦Poland (Rep of)
6?*
9H
3H
3
67
52
F
F
41
52
A
18
185*
6s...
Extl deb 5 Hs
61
*8H
S
D
M N
M
1970
1952
..1953
1958
1955
1953
1?*
J
A
A
1963
J
J
1965
_
7
I
J
1956
f 4?*s
195*
17
S
s
f ext loan
195*
195*
.
163*
153*
MN
s
5
17
1943
1944
Norway 20-year extl 6s
14H
31
*24
1960
2?*
(State) extl 5s. .1957
Apr 1958
30
2?*
4
4H
4
3
*1
i S
f 5s
30
293*
13?*
37
36 H
35
35
18
m
40
39
39
A
F
1959
♦6s series A
New So Wales
*25
A
18H
*11H
9
..1952
7s
*29
O
19
9
15
1958
1959
-
J
A
7H
15
13
13 H
1954
♦Sec extl s f 6Hs
O
M
13
13H
13
{♦Treas 6s of *13 assent (large) '33
{♦Small
extl 6 Ha —1952
Minas Geraes (State)—
A
J
20
105?*
102
103 H
MN
Milan (City, Italy)
J
M
16H
small
S
O
18H
20
1?*
.
35
A
85
22?*
19 H
18
♦Assenting 5s small
*30 H
1960
1960
♦Extl sinking fund 6s..Feb 1961
♦Ry ref extl s f 6s
Jan 1961
♦Extl sinking fund 6s.-Sept 1961
♦External sinking fund 6s
1962
♦External sinking fund 6s
1963
♦Chile Mtge Bank 6Hs
1957
♦Sink fund 6Hs of 1926
1961
♦Guar sink fund 6s
1961
>Guar sink fund 6s
1962
♦Chilean Cons Munlc 7s
1960
♦Chinese (Hukuang Ry) 5s
1951
♦Cologne (City) Germany 6 Hs. 1950
Colombia (Republic of)—
♦6s of 1928
Oct 1961
♦6s extl s f gold of 1927. Jan 1961
♦Colombia Mtge Bank 6Hs —1947
♦Sinking fund 7s of 1926
1946
♦Sinking fund 7s of 1927
1947
36 H
355*
110H
J
1942
315*
32 H
O
M
70
♦Assenting 4s of 1910 large
MN
A
27
84
IH
50
J
29
22 H
19X
♦Assenting 5s large
61H
J
30 H
19?*
J
43
33
19
22?*
J
(Colombia) 6Hs
1954
M N
assenting 4HS.1943
J
♦Mexico (US) extl 5s of 1899 £.1945 Q
♦Assenting 5s of 1899
1945 Q J
705*
70 H
J
29
27?*
J
B '47
Italian Public Utility extl 7s—1952
Japanese Govt 30-yr s f 6Hs
1954
Extl slDking fund 6Hs
1965
♦Jugoslavia (State Mtge Bk) 7s 1957
♦Leipzig (Germany) s f 7s._—.1947
♦Lower Austria (Province) 7Hs 1950
53
J
33 H
28 H
24?*
29?*
27 H
103 H
J
60
42
27
19H
♦Mexican Irrlg
47
38?*
20
20
♦Medellln
693*
6
27?*
1951
79 H
26
23
23 J*
27 H
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s ser
785*
*59H
26 H
*31
A
MN
64
59
"34 H
27
1960
23
85
75*
29?*
16?*
"22
33 H
Irish Free State extl s f 5s
65
78
4
*80
♦Sinking fund 7Hs ser
785*
143*
*57 H
15 1960
195*
85*
106
*57 H
J
31
O
M
J
2503.
123*
A
J
t
11?*
F
J
For footnotes see page
23
*65
J
♦6s Oct coupon on...
12H
A
J
♦Chile (Rep)—Extl s f 7s
♦External sinking fund 6s
47
F
J
coupon on
143*
14
...1961
7-year 2?*s
1944
30-year 3s
1967
♦Carlsbad (City) s f 8s
1954
♦Cent Agrlc Bank (Ger) 7s
1950
July
13H
*65
25-year 3?*s
♦6s
23 H
24
*85 H
A
♦Farm Loan s f 6s.-Oct
18
S
F
♦Farm Loan s f 6s.. July
1155*
18
6
S
..Aug 15 1945
10-year 2Hs
105
2
M
1952
5s
5
100
1946
107 H
203*
M
I960
Canada (Dom of) 30-yr 4s.
100
1945
96 H
H
16?*
143
22
22?*
B__—1961
♦Hungary (Kingdom of) 7Hs—1944
Extended at 4Hs to
v
1979
20 H
97 3*
A
J
Refunding s f 4?*s-4Hs
External re-adj
S
M
Municipal Loan
secured s f g
27 J*
J*
26
O
F
♦Hungarian Land M Inst 7 Hs-1961
113H
98 H
♦7 Hs
23
20
11H
stamped
stamped
External s f 4H-4?*s
A
(Republic) s f 6s ser
108
20
14H
11 %
Haiti
98
14
104 H 114
99?* 107
23
,.
♦Hamburg (State) 6s
♦7s secured s f g
J
93 H 102?*
26
26 H
1968
paid
1033*
11H
♦6 Hs
D
108 H
99
22 H
j
22
19?*
20
108
*105
1968
♦Sink fund secured 6s
102H
5
104 H 108?*
*no"
"d
j
1964
paid
♦7s part
102?*
1063*
107H
1949
German Prov & Communal Bks
J D
♦(Cons Agrlc Loan) 6Hs. — .1958
♦Greek Government s f ser 7s„1964 M n
103H
103?*
1063*
107?*
107H
20
30
100?*
95
108
♦7s unstamped
S
1952
1957
1958
1950
♦68
108
D
22
15?*
17
100 H
MN
62
19
German Govt
J
1927—1957
(Prov) extl 6s
International—
♦5Hs of 1930 stamped
1965
♦5Hs unstamped
1965
♦5Hs stamp(Canad'n Holder) '65
♦German Rep extl 7s stamped.1949
51
100H
100 H
M S
62 H
55?*
15
65
15?*
1948
of dep
(Republic of) 7s
.—1967
Finland (Republic) ext 6s._—1945
♦Frankfort (City of) s f 6Hs—-1953
French Republic 7 Hs stamped. 1941
62 H
62
62 H
Estonia
M
106?*
65
*65
J
175*
67
S
A—1952
1946
♦Heidelberg (German) extl 7 Hs '50
Helslngfors (City) ext 6Hs
1960
22
100
55
55
O
785*
*19
83
65?*
65
M
78
A
H
A
54
7s
1955
(Germany) s f 6 Ha
4950
♦External sinking fund 6s—1958
♦Brazil (U 8 of) external 8s
1941
* Externals f 6 Ha of 1926. ..1957
♦Budapest (City of) 6s
65
104
91?* 102
99 H
*100
S
106?*
93 H
101H
M S
M
93
104 H
55
83
F
104 H
101
70
82 H
1055*
50?* 105
104 H
99 5*
104
50
79?*
70
101
O
A
78 H
62 H
fund 5Hs
1940
Customs Admins 5 Hs 2d ser.1961
823*
17
*11
56
813*
External 30-year s f
20-year s f 6s
79 H
*46
62?*
106
100
68
813*
J
67
47
65
81H
.
5s
Sinking fund gold 5s
66
52?*
103
*65
81H
J
~55
*102
*64
O
♦Berlin
Brisbane (City) s f
54
O
A
88 5*
1065*
96 H 102
♦100 H
,
1
J
965*
885*
103
.
F
O
F
M S
♦7s (Central Ry).__
F
106 H
A
A
Belgium 25-yr extl 6 Hs
1949
External s f 6s
........1955 J
♦External s f 6Hs of
106
S
24
16H
101H 106 H
102 H 110?*
20H
20 %
20?*
102H
M
80
90
A
♦6s part
Argentine (National Government)—
8 f external 4 Ha—.
-—1971 M N
8 f extl conv loan
10
♦93*
1958
external 5s
6
9H
9H
♦External sec s f 7s 2d series.1957
♦External sec s f 7s 3d series. 1957
Antwerp (City)
175*
94 H
*96
J
25H
255*
96 H
16H
253*
•253*
1945
1945
1957
f 7s series C
♦External
A
O
J
M N
External gold 5Hs
7s unstamped
M S
82
Denmark 20-year extl 6s
7Hs unstamped.
Bank (Colombia)
♦Gtd sink fund 6s
1947
♦Gtd sink fund 6s
1948
Akershus (King of Norway) 4s. 1968
63
81 %
62?*
80
61H
82
A
55
43
"63"
F
83H 101?*
83
100H
95?*
75
J
♦Costa Rica (Rep
External 7s
Agricultural Mtge
High
Low
No
97 H
♦65 H
A
2d series sink
Municipal—
&
Argentina 7s. .1942
97 J*
94 H
97 H
94 H
F
101.27105.13
104.4
106.31
105.8
8
_
Govt
104.21
106.19 106.10
J
110.3
5
107.6
MN
Copenhagen (City) 5s
25 year gold 4 5*8
113.18
108.29
—
Federal Farm Mortgage
119.5
D
MN
J
107.18110.25
5
102.19
1
Jan.
& Mun. (Conl.)
Foreign Govt.
Government
Treasury 4 ?*s.
(§
High
Low
No
Since
.
High
Low
0. S.
Range
Asked
D
11H
11?*
9H
7
62?*
57 H
104 H
9?*
12?*
12?*
210
7
12?*
51
60?*
51
3
37
67?*
52
52
52
7
42
82?*
43?*
43 H
2
31
62
9H
Volume
147
New York Bond Record—Continued—Page 2
Friday
BONDS
N.
Y.
STOCK
Last
EXCHANGE
Week Ended Oct. 21
II
Foreign Govt. &Mun. (Concl.)
♦Porto Alegre (City of) 8
1961 J
♦Extl loan 7#s
Hioh
No.
7H
1
7H
11H
7#
6
5H
10H
53
98 H
Bell Telep of Pa 5s series B
17
22#
75
——————
*19"
"
105
26 H
20 H
106#
A
105H
105
— —
——
—
— —
—
20
O
1953 F
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
1946 A
30
A
O
1967 J
D
1952 A
♦8s extl secured
♦6 #8 extl secured s f_
23
108#
P4H 109 H
24
31
25
1
30
7H
22
6H
7 H
48
5H
.10H
8H
12
7H
13
7H
29
6
—
—-
10H
Big Sandy 1st 4s
6
10 #
4k
73 H
Boston A Maine 1st 5s A C
1st M 5s series II
20 H
20
14
20 H
38
19
20 H
21
22
19
--
-
5H
1950 J
♦7s extl water loan
-
24 H
3
8
7H
7H
11H
23
5#
10#
"13
11H
7H
10
6#
7H
20 #
26
23
20 #
25#
25H
2
23 H
26 H
20
35
l'H
34 H
26
60 H
9
7H
8H
1968 J
J
1940 A
O
20 #
D
26 #
1946 J
8
8
D
6 Ha
6H
1«H
5
8H
8H
Secured
g
52
26 H
9
S
♦Saxon State Mtge Inst 7s._._1945 J
♦Sinking fund
23 H
J
♦6s extl dollar loan
f 7s
17
13H
13
11#
47 H
16
*10#
...1956 M
1
8
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl
1962
27 H
♦Silesia (Prov of) extl 7s
4#s asse ted
l'V8
♦Slleslan Landowners Assn 6s. .1947
28
40 H
1958 J
26#
40 H
*33 H
50
30#
26 #
-.1962 M N
♦7s series B sec extl
129
15
125# 129#
29
1
25
29#
26#
26#
29#
9
20
4
19
29#
28 H
7
22#
26
------
29
107
118
99H
100#
374
95#
106H
96#
324
105H
100
140
1
40 H
96 H
D
.1944 J
1967 M
*105
S
29#
99# 107
92# 100#
82
96#
4Ha series JJ
1961 A O
{♦Boston A N Y Air Line 1st 4s 1955 F A
J
Brooklyn City RR 1st 5s
1941 J
Bklyn Edison cons mtge 3H8--1966 MN
Bklyn Manhat Transit 4 Ha...1966 MN
Bklyn Qu Co A Sub con gtd 68.1941 MN
1941 J
8 tamped
,
24 #
Debenture gold 5s
..I960 J
1st Hen A ref 5s series B
1957
Brown Shoes f deb 3Ha
.1950
Buffalo Gen Elec 4H8 series B.1981
Buff Nlag Elec 3 Ha series C
1967
106
64 H
64#
F
2
30
101
108
-
-
-
-
-
-
-
D
80#
61
99
51
106#
2
111#
7
25#
28
27
*8
10
-
—
-
-
59#
80#
78#
99
105# 108#
110
111#
16#
7#
6#
6#
86
108#
95# 106#
106
*109#
26
39#
100
6
78 H
97
98 H
20
-
59
106
54
106#
73#
65
106#
45#
45
41
12
35#
2
106#
HI#
79H
5#
3
76
106
------
19#
20#
18#
86
95
105#
106
A
J
38#
75
------
19
50#
*35
76
9
106#i
66#
*30
----- -
D
A
93
8#
48#
Buff Roch A Pitts consol 4H8--1957 MN
{{♦Burl C R A Nor 1st A coll 5s 1934 A O
♦Certificates of deposit
{BUsh Terminal 1st 4s
8
------
------
MN
F
26#
24#
23#
J
1947 MN
27
25#
Bklyn Union El 1st g 5s
1950 F A
Bklyn Un Gas 1st cons g 5s....1945 MN
1st lien A ref 6s series A
104# 107#
25
20%
1955 MN
1st g
1st 5s
♦8s external
16
26H
1952
8
7H
7H
48
118#
------
1966
39
*17"
1936 J
High
99# 100
115
119#
29
♦Berlin Elec El A Undergr 6 Ha 1956
Beth Steel cons M 4Haser D..1960
7H
8
——————
1957 MN
40
129
1955
67 H
*
{♦8s extl loan of 1921
Low
3Hs__1943
7H
) "j
__
Since
10H
7%
—
67
No.
42#
Range
Jan. 1
117#
118#
1960
cons
26
—
High
*
♦Berlin City Elec Co deb 0 Ha. .1951
♦Deb sinking fund 6 Ha
1959
Cons mtge 3H8 series E
3 Ha a f conv debs
San Paulo (State of)—
s
1st A ref 5s series C
Belvidere Delaware
Bonds Sold
A
__
1948
♦Debenture 6s
12
Ask
Friday's
Bid
Low
63 #
7 H
—
1952 MN
f
s
18H
101 H
7H
A
♦February 1937 coupon paid
♦Saarbruecken (City) 6s
1953
Sao Paulo (City of, Brazil)—
-
8#
~~~7K
O
1959 F
—
12
40
7
7H
1968 J D
♦7s extl loan of 1920.1966 M N
♦7s municipal loan
—
7%
f g
Rome (City) extl 6#s
♦Roumanla (Kingdom of) 7s
—
Range or
Sale
Price
High
Low
——-
105H
m
—
—
S
1946 A
8
-
105
1950 M
Last
ft.
Battle Creek A Stur 1st gu 3s..1989
Beech Creek ext 1st g 3
Ha
1951
♦
Week's
Friday
I?
•5
7#
O
♦Rio de Janeiro (City of) 8s
♦Extl sec 6#s
EXCHANGE
7%
Low
a f 78..1941 A
25-year external 6s
STOCK
Week Ended Oct. 21
7#
1952 MN
♦Rhine-Main-Danube 7s A
Y.
1
7H
1947 F
Queensland (State) extl
BONDS
N.
Since
Jan.
J
♦Prussia (Free State) extl 6#s_1951 M S
♦External s f 6s
1952 A O
♦6s extl
Ask
A
Range
Bonds Sold
Friday's
Bid
D
1966 J
Prague (Greater City) 7 #s
«T3
Range or
Sale
Price
2499
Week's
2
6#
1952
69
74#
2
68#
1955
46
46#
5
26#
107
44
8ydney (City)
f 5 Ha
s
Taiwan Elec Pow
s
29H
1955
A
10
9
15
90
51
21
41
60
43
43 H
11
37
A
91 H
92#
22
79
94
1902
90
90#
20
74# 109
j
{Bush Term Bldgs 5s
50
53 H
35#
1966
Canada Sou
Consol 5s
33
43 H
O
1946 F
25
2
29#
101#
-----
49 H
101
1952 M S
f 5Hs guar
-----
-
51
J
f 5H8-__._1971 J
Tokyo City 5s loan of 1912
External
"29 #
---
-----
85#
49#
61
Calif-Oregon Power 4s
—
104H
'
cons gu
56
42
60 H
Canadian Nat gold 4 Ha
50 H
51
3
41
54 H
♦External
s
f 6s
1960 M N
48
49
4
38 H
54
Guaranteed gold 5s
Guaranteed gold 5s
♦External
a
f 6s
1964
MN
49
49
1
40 H
53 M
s
1961
♦Uruguay (Republic) extl 8s
53
51
------
3#-4-4#s ($ bonds of '37)
1979 MN
external readjustment
44
43
43
37 H
53
3#-4-4#% (S bonds of '37)
1979 MN
external conversion.
3 Hs extl readjustment
1984 J
*
A
,
J
45
------
lfir8 F
RAILROAD
AND
1961
41
~65~~
*40
♦33 H
-
J
55 H
—
-
1
42 H
50 H
69 H
—
—
18
100
-
—
—
30
62
-
--
-
-
—
"42"
53
50
38
65
—
-
43#
H
38
—
—
43H
42
"~3
45
*
♦22
--
40 H
44 H
45
Venetian Prov Mtge Bank 78..1952 A O
♦Vienna (City of) 6s
1952 M N
♦Warsaw (City) external 7s
1958 F A
4Hs assented
Yokohama (City) ext;l 6s
44
*
D
1978 J
.1978 F
3#-4#-4*i«s extl conv
4-4#-4#% extl read)
-
-
-
-----
27
55 H
43 H
{{♦Abltibi Pow & Paper 1st 56.1953
10-year deb 4Ha stamped
68 H
99
1947
99
1st
cons
4s series B
"l05H
1946
102H
1948
-
87 H
81
-
— — —
3
2
105H
79
—
102#
103
♦37 H
40
38
-
94
99
105H
r8
-
78
105
21
---
72H
100
100
-----
♦104#
95H 103H
35
54
35
-
2
1948 J
57
{♦Central of Ga 1st g 6s.-Nov 1945 F
♦Consol gold 5s
1945 M
♦Ref A gen 5 Ha series B
♦Ref A gen 5s series C
1959
A
23
101
96#
112
97 H
17
--
9
70
90
101
45
84
44
72
Cent Illinois Light 3 Ha
43 H
D
36
43 H
{♦Cent New Eng 1st
38
9H
6
8
2
7#
3#
20
3#
----
5#
1
12
13
104
----
10
—
— -
—
-
-
*109
------
28
-
-
30 H
1942
103 %
104#
18
101
Allied Stores Corp deb 4 Ha
1950
94 H
13
79
4 Ha debentures
Allis-Chalmere Mfg conv 4s
1951
94 H
93 H
95 H
94 H
23
79
95
Cent Pacific 1st ref gu gold 4s..l949 F
A
74 H
1952
111H
110#
113H
157
96
115
Through Short L 1st gu 4s...1954 A
O
68
1960 F
A
57
56#
58#
....
~~95H
35
1955
Am A Foreign Pow deb 5s..^._2030
American Ice
s
f deb 5s
Amer IG Chem
conv
5Ha..
Am Internat Corp conv
"57 #
1953 J
1949 MN
5Ha.,.1949
J
1
35
57H
-----
214
59#
♦100H
D
--
--
103M
102#
103H
100
100
5
112H
112#
104#
113
77
104 H
131
104H
207
J
134
3 H a debentures
..1966 J
♦Am Type Founders conv deb. 1950 J
Amer Wat Wks A Elec 6s
104#
D
J
Anaconda Cop Min s f deb 4 Ha 1950 A
103 H
112
112
2
100#
100 #
101
24
106
105H
106#
94
104#
-
ser A. 1975 MN
O
-
-
-
-
-
27
100
38 H
63 •
100H
1967
4s
Jan
1995 Q
36
36
32 H
J
36H
32
33
♦94
96
9
11
78
107
89
109#
102
105# 110
25
27#
9
20
25#
0
18
106#
20
101
71#
74#
128
60
65
68
106#
...
—
5s extended to May 1
H
46
34#
30#
107
80
64#
35#
97#
72
74#
54
64
*45
46
115
115
9
83
,
1941 M N
99 H 105 H
2
05
MN
MN
1942
85
37
Champion Paper A Fibre—
101H
112H 113H
99H 104H
99 H 104H
97 H 115
84
101
102H 107H
1948 M
25 H
23
37 H
41
1950 M S
1950 M S
Ohlp 1st con g 5s
1939 MN
General gold 4 Ha
1992 M S
Ref A Imp mtge 3Ha ser D..1996 M N
Ref A lmpt M 3 Ha ser E
1996 F A
Craig Valley 1st 5s
May 1940
8
R A A DIv 1st
con g
4s
Armour A Co (Del) 4s series B.1955 F
1st m s f 4s ser C (Del)
1957 J
A
97 H
97 #
88
97H
186
80 H
99 H
105H
106 H
85
99#
99#
91
102#
13
101# 106
119
118
119
30
90
95
96
42
110# 121
85#
97
95 H
94#
95#
74
*106
109#
♦
------
105
-
-
-
109
------
109
1
104
4
*
85#
106
-
104
109
1989
95# 106
97
99#
---
97
106
-----
101# 115
104
104#
99H
98#
98 #
98 H
238
J
99#
99#
102#
99H
------
1989
5
112# 117
49
85#
102H
S f deb 4Ha (1935 issue)
S f deb 4Ha (1938 issue)
Ches A
2d consol gold 4s
Ark A Mem Bridge A Term 5s. 1964 M
83
S
Potts Creek Branch 1st 4s... 1946
8 f Income deb
g
{♦Cent RR A Bkg of Ga coll 5s 1937
Central Steel lstgsf8s-_
Certain-teed Prod 5H8 A
95
♦Anglo-Chilean Nitrate—
{Ann Arbor 1st
-
118
54
95 H
Amer Telep A Teleg—
20-year sinking fund 6H8...1943 M N
3 Ha debentures
1961 A O
-
10
95
22
1962
Guaranteed g 5s
♦Alplne-Montan Steel 7s
12
10
27
27
1987
Central N Y Power 3Ha
7
25
33
59#
-
----
---
29
109
-
91
101#
*103#
■
-
--
101
101H
------
12#
7
7#
6
8#
3
105
*70
50
----
9#
*32
— —- ——
50
54
6
1998
— —
30#
10
1950
'
20
60
12
------
1961 J
1987
4s
92
19#
18#
5#
5#
N
92#
35
59
*31#
9#
A
S
80#
1
18
♦5s stamped...
10#
47#
104
94# 108
*16
O
1960 A
Central of N J gen g 5s
General 4s
gu
92
Allegh A West 1st gu 4s
Allegh Val gen guar g 4s
—
99
35
47#
91
*0#
134
—
86#
-
92#
47#
105
73H
--
92
-
27
103#
*6#
12
479
89
103#
30
92#
*4#
84
--
73
90
110# 114#
20
98#
46
*89#
12
70
25
97#
92
♦Mid Ga A At DIv pur m 5s. 1947
♦Mobile DIv 1st g 5s
.j
1946
Central Foundry mtge 6s
1941
61H
36
35
112
92
------
♦Chatt Div pur money g 4s._1951
♦Mac A Nor DIv 1st g 5s
1946
70%
43 H
111#
...1959
71
34H
108# 115#
117# 125#
83
103
1950
♦Coll A conv 5s
108# 116#
41
123
A 1952 J
82
"~73#
118#
25
96
*45
Gen mortgage 5s
1941 M
Cent Hud G A E 1st A ref 3 Ha.1965 M
Cent 111 Elec A Gas 1st 5s.
1951 F
38 H
121
120#
112
82
1949 J
ser
113
116
1
96 %
Coll trust gold 5s
Dec 1 1954 J
Collateral trust 4 #s__,
1960 J
Caro Clinch A Ohio 1st 6s
108# 117#
2
82
J
J
1949
5s
conv
—
1948
Alb A Susq 1st guar 3#s.
,...1946
Alleghany Corp coll trust 6s
1944
Coll A
104#
♦65H
------
1943
assented
warr
37H
5
99
1943
6s with
11
69H
99H
,.1952
Albany Perfor Wrap Pap 6s
68 H
1948
113#
------
1944 J
♦Cent Branch U P 1st g 4s
Adriatic Elec Co extl 7s
121#
------
Carriers A Gen Corp deb 5s w w 1950 M N
Cart A Adlr 1st gu gold 4s
1981 F A
Celotex Corp deb 4 Ha w w_
D
1947 J
COMPANIES
Ala Gt Sou 1st cons A 5s
113
118#
116#
108# 115#
8
65
INDUSTRIAL
Adams Express coll tr g 4s:
Coll trust 4s of 1907
113#
13
26
114#
115#
118#
118#
116#
114#
114#
115
117#
------
..1940 M
4s
6
55
123
Oct 1969 A
Coll trust 4Ha-5s equip trust ctfs
113#
115H
July 1969 J
Canadian Northern deb 6 Ha.-.1940
Canadian Pac Ry 4% deb stk perpet
guar
114
1957 J
J
J
O
Guaranteed gold 5s
1970 F A
Guar gold 4H8
June 15 1955 J D
Guaranteed gold 4H8
..1956 F
*
Guaranteed gold 4#s__Sept 1951 M
{♦Car Cent 1st
-----
54#
1960
gu
5s A
------
-
—
-
-
98
100
Warm Spring V 1st g 5s
Atchison Top A Santa Fe—
.1995 A
General 4s
D
92
------
93H
5
92 H
93H
41
90 H
91
4
92
13
90 H
1960 J
------
♦85
D
100#
100
.1965 J
J
98 H
1958 J
Cal-Ariz 1st A ref 4 Ha A
Atl Knox A Nor 1st g 5s
D
..1948 J
Trans-Con Short L 1st 4s
J
------
1962 M S
100
106
106
D
1944 J
J
84 H
82 #
4s July 1952 M S
84#
69
General unified 4 Ha A
1964 J
------
J
--
-
61
98 H
1
106#
11
:
107
18
96#
89
89#
94 H
94#
94#
{{♦Chicago A East 111 1st 6s... 1934
A
O
81
104H
79H 101
-87 H 100 H
95 H 103 H
100
112H
98# 112
101
22
53
77 H
81H
81 H
11
63
88
65 H
65H
67
27
45
33 H
3
14H
29H
9
14
36 H
32 H
1959
------
31#
51 H
2
50
60
15
30
81H
85
4s
{♦C A E 111 Ry (new Co)
25
70
70
----
1
Refund A gen 5s series A.
1st gold 5s
Ref A gen 6s
1995 J
{♦Chicago Great West 1st 4s
{♦Chic Ind A Louisv ref 6s....1947
♦Refunding g 5s series B
1947
♦Refunding 4s series C
1947
♦1st A gen 5s series A__
1960
♦1st A gen 6s series B..May I960
Chic Ind A Sou 50-year 4s
Chic L 8 A East 1st 4 Ha.
-.July 1948 A
1995 J
13H
38 H
Conv 4 Ha
1960 F
A
16
15H
16H
223
11H
34
1996 M
1943 J
S
#
20 H
J
J
J
1951 J
J
19H
♦109
—
———
"104
—
20 H
-----
101 #
101H
104
104
78
—
—
—
—
14
103
H
39
112H
12
95
106
1
99
108
23#
20#
30
21
35#
May 1 1989
25
25
25#
10
19#
34#
{♦Chic Milw St P A Pac 5s A.. 1975
♦Conv adj 5s
Jan 1 2000
{♦Chic A No West gen g 3 Ha-1987
10
10#
262
F
59
58
102
H
7#
111# 112
27
46
14
20 H
7#
85#
25
19
35
19
3#
60
24
17H
35
9
24#
1989
M N
32#
6
94
35#
♦Gen 4H» stpd Fed inc tax.. 1987 M N
20
3
19
70
J
8
19#
15
2000 M S
13
14#
20
27 H
Ref A gen 5s series D
16#
9
8
♦General
Tol A Cin DIv 1st ref 4s A... 1959 J
9
8#
1
----
14#
81
82 H
45
22
16#
,22#
20
37
157
3
15#
24#
20#
25#
152
32
127
24
50
20 H
17#
56# 108
24 H
47 H
43 H
5#
*60
24 H
49 #
19H
7#
6
5
------
------
O
30 H
34
90#
8#
D
78H
41#
For footnotes see page 2503.
J
15#
14#
J
39 H
20 H
109#
90
90
16#
*11
14#
J
J
14H
43 H
1951
J
34 H
J
4s stamped.
MN
108
D
105
75
3
21#
15
16#
272
1950 J
68
109
14
20
------
J
{Chic Milwaukee A St Paul—
♦Gen 4s series A.....May 1 1989
♦Geng3Hs8erlesB__May 1 1989
♦Gen 4 Hs series C
May 1 1989
♦Gen 4 Ha series E—May 1
102
9
24
----
15#
*80#
20 %
J
20 H
96
14#
-
J
19
1941 M N
Con ref 4s
1969
-
J
46 H
Southwest Div 1st 3 Hs-5s
Ref A gen m 5s series F
Bangor A Aroostook 1st 6s
t
-
J
20 H
P L E A W Va 8ys ref 4s
series C
1956
-
J
48#
37
90
'
1982 MN
1959 M S
D
97 H
14#
5s.1951 MN
98 #
49 H
98#
*52
------
14
gen
Chicago A Erie 1st gold 5s
♦Gen 4Ha series
Baldwin Loco Works 6s stmpd.1940 MN
Bait A Ohio 1st g 4s
July 1948 A O
------
♦Certificates of deposit
76 H
32 H
29 #
51 H
51
97#
S9H
A
25
♦20
107#
90# 111#
81# 109
A
86
deb 4Ha. 1939
Austin A N W 1st gu g 5s
1941
26#
85
11
F
69
conv
10
53
F
------
J
42
1977
67 H
—
13#
98#
103
1971
84#
-
97#
102#
103
1st A ref 5s series A
23
—
S
12 H
12#
------
J
1st A ref 4 Ha series B
84 H
—
J
General
84 H
97
67
104H
69
94
—
1958 M
O
75 H 103H
82
102
105
-----
♦Chic A Alton RR ref g 3s
1949 A
Chic Burl A Q—111 Div 3 Ha. —1949 J
Illinois Division 4s...
1949 J
75H 103
1948
1948 J
Atl Gulf A W I SS coll tr 6s
-
101#
98 H 110H
81H
D
..Oct 1952 MN
;
♦108
♦77
May 1 1945 MN
Atl A Dan 1st g 4s..
Second mortgage 4s
-----
98H
1946 J
1944 J
Atl A Charl A L 1st 4 Ha A
1st 30-year 5s series B
{♦Auburn Auto
D
1955 J
Rocky Mtn DIv 1st 4s
LAN coll gold 4s
93#
1955 J
Conv gold 4s of 1910...
Conv deb 4Ha
10-year coll tr 5s
93
..1995 M N
Conv gold 4s of 1909
Conv 4s Of 1905
cons
106
1996 Nov
♦Adjustment gold 4s
♦Stamped 4s...
Atl Coast Line 1st
O
109#
1941
4s
♦Gen 5s stpd
Fed inc tax
stamped
7
13#
3#
M N
3#
3#
311
------
13#
14#
25
12
18
14#
15
23
12#
18#
18#
17#
22
1987 M N
♦Stpd 4s non-p Fed inc tax 1987 M N
1987
1987 M N
{♦Secured 6 Ha
1936 MN
♦1st ref g 5s
May 1 2037 J D
♦1st A ref 4Hs stpd.May 1 2037 J D
♦
1st A ref 4 Ha ser C.May 1 2037 J D
♦Conv 4Hs series A...
1949 M N
♦4 Hs
9#
30
*14#
------
*
-
-
-
--
---
15#
37
-
16#
16#
m, --«
-
17#
-
---
-----
23
2#
13
14#
14#
4#
16#
18#
17#
27
15
22#
11
25
7
7
12#
11#
6#
11#
----
-
17#
16#
9#
9#
9H
9#
15
9#
5#
9#
9#
21
5
5#
3#
7#
108
Oct.
New York Bond Record—Continued—Page 3
2500
I*
BONDS
N.
Y.
STOCK
Apr 1978
♦Ref A impt 5s ser B
{♦Des M A Ft Dodge 4s ctfs.—1935
One Wall Street
3 Ms ser G
1966
5s...1995
♦Second gold 4s
1995
Detroit Term A Tunnel 4 Ms. .1961
♦Detroit A Mac 1st lien g
Randolph 7711
<DIgby 4-5200
r. 1-761 -<• Well System
O
Last
BONDS
STOCK
Price
Week Ended Oct. 21
F
A
J
J
A
A
High
O
17M
MS
J
111
111M
5
109M
*40 M
110
5
103 M 110M
J
D
*26
D
Inc
gu
M S
Dec 1 1960
5s...
Low
High
A
1963
1963
3 Ms guaranteed
1951
Chic A West Indiana con 4s... 1952
1st Aref M 4Ms series D_.._ 1962
1st mtge 4s series D
1st mtge 3Ms series
J
J
{♦Choc Okla A Gulf cons 5s...1952
1966
1st mtge 3 Ms.
1967
Cln Leb A Nor 1st con gu 4s—1942
Cln Un Term 1st gu 6s ser C...1957
1st mtge guar 3 Ms series D..1971
Clearfield A Mah 1st gu 5s
1943
Cincinnati Gas A Elec 3Ms
Elgin Jollet A East 1st g 5s
El Paso Nat Gas 4Ms ser A... 1951 J
14M
14 M
5M
53
11
51
22 M
19 M
El Paso A 8 W 1st 5s
10M
Erie A Pitts g gu
5s
86
86
♦Gen
45
78 M
46
70 M
1967 MN
♦Ref A Impt, 5s of 1927
♦Ref A impt 5s of 1930..... 1975 A O
J
1955 J
♦Erie A Jersey 1st s f 6s
J
♦Genessee River 1st s f 6a_. 1957 J
♦60
70
50
59
70 M
60
9
Series C 3 Ms...
107M
104 M
100 H
89 M
106 M
M
♦12
111
12
103
70
99
101M
90M
18
41
97 M 105M
100
71
26
71
76
17
48
107 M
"39
109M
101M
1
109 M
107 M
"~6
♦98
109
MN
107M
J
*30
92 M
70
*65
D
J
*
68 M
98
109M
1
106
105 M
6
102 M 106
103
100 M 103 M
70 M
33 M
....
9
19M
20 M
61
16
17 H
16M
18
32
10M
51
18M
31
10M
36 M
15
21M
*
1954 F
24
53
9M
13M
12 H
14
119
13M
12M
13M
146
46
46 H
2
38
46
46
2
33 M
*86
88
*60
43
96
......
9M
85
101M
75
....
42 M
105
1956 J
D
•
90 M
59
"30
41
73 M
95
50
102 M
57
73 M
92
M
St L Div 1st coll tr g 4s
M N
*66 M
74 M
61
78M
Spr A Col Div 1st g 4s..
M S
J
J
M N
J
J
A O
A O
J
J
M N
F A
F A
*97 M
*87
98
97 M
87
97 M
97
99M
14
89 M 100M
M
S
M
101
3
89 M 100
2
89M 1015^
75
91M
2
88 M
D
88
J
*103
J
*38
45
D
61
61
93 M 101M
....
35 M
1
{{♦Proof of claim filed by owner.
(Amended) 1st cons 2-4s
1982
{{♦Proof of claim filed by owner
♦Certificates of deposit
*3
:
M N
8M
2M
2M
1H
17M
2M
2
2%
*1M
*1M
*97
J
1941
Francisco Sugar coll trust 6s—.1956 MN
Fort StUDCo 1st g 4Ms
46 M
46 M
8M
3M
8
1952
—
64 M
3M
....
8%
7H
160
5
7M
8
MN
40
49
....
8M
1974 M S
1st A ref 6s series A.
95
100
101M
J
1943 J
J
{♦Florida East Coast 1st 4 Ms—1959
105M
91M
99 M
8
100
1946 J
30-year deb 6s series B
Fiat deb s f 7s
♦
77
M
2%
103 M 103 M
34
49 M
99M
5
47M
99
95 %
13
Federal Light A Traction 1st 5s 1942
5s Internationa series
1942 M 8
♦Certificates of deposit
12
59
105M
100M
77
105M
M S
...1942
1942
..1954
80
9
104M
A
Fairbanks Morse deb 4s
{♦Fla Cent A Pennin 5s
108M
102
2
94 M 109
63
106M
95 M
.
Ernesto Breda 7s
1st lien 6s stamped
107M 110M
60
131M 133
.
109
45
{♦3d mtge 4 Ms
1st lien s f 5s stamped
102
100
88
57 M
98
68
90 M|
103 M
100 H
42 X
♦N Y A Erie RR ext 1st 4s_. 1947 MN
1938 M S
80
65
70
108
68 M
....
18
1953
4s series D
15M
M
102M 107M
106M 109M
13
84
110
109 M
14
21
conv
99
4
99
102 M
79 M
1953
♦Series B
105M
109M
MN
Cin Wabash A M Dlv 1st 48.1991 J
23
106
20 M
♦Conv 4s series A
105M
107 M
106 M
'l06M
D
D
Cairo Div 1st gold 4s
14
*102
1st consol gen lien g 4s—.. 1996
1953
♦
102M 107M
6
108M
106M
105M
;
42 H
8M
54M
36
,24
*133
109
{♦Erie RR 1st cons g 4s prior.. ,1996
11
90M
104 M
M N
J
J
100M 104M
25
18
111
99
1940
5M
5M
65
*51M
68 M
48 M
MN
1993 J
29
104M
101
71
73
1977 J
1939 J
E
109
102 M 106
.....
*50
3
90
4s...1993 J
General 6s series B
Ref A impt 4 Ms series
100
33
88
24
3Ms ser B... 1940
55
1
9
Fonda Johns A Glov 4 Ms
Cleve Cln Chic A St L gen
20
59
*79
1965
stamped
5
73 M
J
110
40
32
45
*50
38
90 H
A
113M
«.
1965
66 %
4
66 M
"90"
J
-
D
5M
J
F
-
MN
20
A
O
«
♦100M
4s....
7M
M S
J
«.
O
8M
7M
4M
M S
1943
Chiids Co deb 5s
A
8M
J
J
E
^
110
8M
O
1944
99
East T Va A Ga Dlv 1st 5s.—. 1956 MN
J
1939 J
Ed El 111 Bklyn 1st cons 4s
J
Ed El 111 (N Y) 1st cons g 5s.. 1995 J
1952 F A
Electric Auto Lite conv
41
1
Chicago Union Station—
Guaranteed 4a—
♦112M
♦105M
104 M
104M
*14M
-
-
-
5
D
D
i-
-
-
MN
41
D
June 15 1951
4M
42
HIM
135
D
Memphis Dlv 1st g 4s
1951 J
Chic T H A So'eastern let 6S..1960 J
3 Ms
17
7M
1951
3
42
110
8H
MN
J
4
D
7M
7M
8M
-
I960
4M
9M
3M
7M
12
J
7M
♦Certificates of deposit-
Gold
43M
18M
43 M
43 M
18
♦Certificates of depoelt—
{♦Secured 4#s series A.....1952
♦Conv g 4 Ms
Ch St L A New Orleans 6s
NO
4s_. 1948
East Ry Minn Nor Div 1st
Since
Jan. 1
Ask
16M
1934
5M
*20 M
M S
1941
♦Certificates of deposit...
{♦Refunding gold 4s
Range
Friday's
Bid
Low
{{♦Chicago Railways 1st 5s stpd
Aug 1938 25% part paid
{♦Chic RIAPac Ry gen 4s... 1988
32
10
Msl962
Dul MIssabeAIr Range Ry 3
Range or
Sale
EXCHANGE
3M
10 M
8
3M
68
Week's
Friday
Y.
11
5M
HIM H4M
107
112M
{{♦Dul 8ou Shore A Atl g 58—1937
Duquesne Light 1st M 3 Ms—1965
N,
5H
4
J
1951 J
Dow Chemical deb 3s
Teletype •»- Cgo. 543
High
Low
No.
High
4M
M 8
Chicago, III.
135J0' ha,Sl}l^St'
Y,
York,
A
A
{♦Des Plains Val 1st gu 4 Ms—1947
F A
Detroit Edison Co 4 Ms ser D__ 1961
Gen A ref M 4s ser F
1965 A O
Gen A ref mtge
*New
F
4M
5M
1955
{♦Den A R G West gen 5s. Aug
♦Assented (subj to plan)
MUNICIPAL 'BONDS
Since
Jan. 1
Bid
Low
Bennett Urns. & Johnson
Range
Friday's
A
Ask
Sale
Price
Week Ended Oct. 21
Is
Range or
Last
EXCHANGE
1938
22,
Week's
Friday
1990
1940
4s
1940
Cleve-Cllffs Iron 1st mtge 4 Ms. 1950
Cleve Elec Ilium 1st M 3Ms—1965
Cleve A Pgh gen gu 4 Ms ser B.1942
Series B 3Ms guar...
1942
Series A 4 Ms guar
1942
Series C 3 Ms guar
....1948
Series D 3 Ms guar
1950
Gen 4 Ms series A
1977
Gen A ref mtge 4 Ms series B.1981
Cleve Short Line 1st gu 4 Ms.-.1961
Cleve Union Term gu 5 Ms
1972
1st s f series B guar
1973
1st s f 4 Ms series C
1977
Coal River Ry 1st gu 4s
1945
Cdlo Fuel A Iron Co gen s f 5s.-1943
W W Val Div 1st g
J
106 H
106 M
7
103 M 106M
110
110
Gas A El of Berg Co cons g 5s—1949 J D
Gen Amer Investors deb 5s A..1952 F A
110M
21
107 M 112M
Gen Cable 1st
1947 J
f 5 Ms A
♦Gen Elec (Germany) 7s.
*105M
107" 107"
105M 106 M
104 M 108
*107
1945
1940
♦Sinking fund deb 6 Ms
♦20-year s f deb 6s
1948
J
103
102
103
102 M
100
102 M
J
J
39
51M
J
D
*50 M
....
39
51
MN
51M
51 M
1
39
51M
55
35
51
105%
105M
105M
Gen Pub Serv deb 5 Ms
J
100
100
100 M
12
89
Gen 8feel Cast 5 Ms with warr.1949
J
61M
60 M
61M
90
37 M
J
18
18
18
2
13 M
21
13
25
25M
34
73
13
104 M
86 M
85 M
86 M
26
77
105M
76 M
72
78
63
71
9
64
102 M
92 M
o
78
o
72
72 M
D
A
100 %
O
*54
101
96
97
95 M 103
26
Gen Motors Accept Corp deb 3s 1946
15-year 3Ms deb
F
A
{♦Ga A Ala Ry 1st cons 5s Oct 1 '45
J
{{♦Ga Caro A Nor 1st ?xt 6s_.1934
O
♦Good Hope Steel A Ir sec 7s.. 1945
D
Goodrich (B F) conv deb 6s
1945
D
1st mtge 4 Ms
1956
MN
Goodyear Tire A Rub 1st 6s. .1957
40
65
Gotham Silk Hosiery deb 5s w w '46
M
"l6
30
49
Gouv A
J
99
86
99
*13
15 1961 J
96
J
"94 M
97 M
94 M
O
95
A
O
1955 F
Columbus A Tol 1st ext 4s
A
10
141
*110
Columbus Ry Pow A Lt 4s
M N
Commercial Credit deb 3
A
O
J
D
1965
MS—.1951
2Mb debentures
1942
Commercial Invest Tr deb 3 Ms 1951
J
109 M
102 M
J
109M
102 M
"102%
103 M
105M
86
98
85
.
96 M
104 M 112M
106 M 109 H
*109
103
15
126
105
95 M
110
103
99 M 103M
106M
106 M
100
109 M
60
105
21
102M 10>M
105
Commonwealth Edison Co—
1981
1st mtge 3Ms series H
1st mtge 3 Ms series 1
1965
Conv debs 3Ms--..-
S
108M
A
O
108 M
J
1st mtge g 4s series F
D
M
1968
1958 J
J
108M
108 M
100
103
91M
S
109M
Sept301938)....... 1958 J
4s..1943 A
1951 J
Stamped guar 4Mb
1951 J
Conn Riv Pow s f 3Ms A
1961 F
Consol Edison (N Y) deb 3Ms. 1946 A
3 Ms debentures
1948 A
3 Ms debentures1956 A
3 Ms debentures
.1958 J
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7S...1956 J
Consol Oil conv deb 3 Ms.
1951 J
100
109M
*
*108
*107 M
109
109
109
14
31
105M
106 M
106
101
105
105M
104 M
105
41
104 M
103 X
104 M
89
'105M
22 M
22 M
103
103
22 M
5
103 M
85
20 M
24 M
92 M 104
{♦Consol Ry non-conv deb 4s..1954 J
*9
12
10
17M
1955 J
10
10 M
10
16M
HM
♦Debenture 4s
....1955 A
♦Debenture 4s
♦Consolidation Coal
s
f 6s
*9
"
1960 J
Consumers Power 3Ms.May 1 1965 MN
1st mtge 3 Ms
May 1 1965 MN
1st mtge 3 Ms
1967 M N
1970 M N
..—1966 M N
1946 J D
1943 J D
1951 F A
1st mtge 3 Ms
1st mtge 3Ms
Container Corp 1st 6s
15-year deb 5s
Crane Cos f deb 3Ms
Crown Cork A Seal
s
f 4s......1950 M N
Crown Willamette Paper 6s
Cuba Nor Ry 1st 6Ms
104 M
33 M
Dayton Pow A Lt 1st A ref 3 Ms 1960 A
O
Den Gas A EI 1st A ref s f 5s...1951
Stamped
as to
Penna tax
{{♦Den A R G 1st cons g 4s
{♦Consol gold 4 Ms
For footnotes see page 2503.
J
J
J
99
J
93 M
J
.1976
1977
1946
1946
J
79 M
75 X
79 X
12
64
J
80 M
80%
20
68
89 M
J
95
79 M
93 M
74
103 M
J
85
84
85 M
33 M
"16
24
10
104 M
27
33 M
12
38 M
39
45 H
45 M
99 M 105 M
106 M
100
102 M 106M
29 M
43
17
31M
1
40 M
54 M
58 M
35
52
40
54M
77
28
106 M
103
106 M
1
106
108 M
"l03
103M
106 M
24
103
105
107
107 M
16
*107
107 M
106 M
12M
13M
*12M
15M
ser
A. 1957 F
3
105M 109 M
106
59
108
105M 108M
106M 108 M
"93
8M
15
9
16
3
55
81
8
55
82
90 M
93
91M
93
76
95 M
106M
104M
106M
106 M
106M
117
>
121
110M
gold 4s
*57 M
*
Louisv Div A Term g 3
St Louis Div A Term g
Gold 3 Ms
Springfield Div 1st
Ms.-1953
1951
3s...1951
1951
3 Ms—1951
Western Lines 1st g 4s
1951
g
81
29
38 M
62
51M
50 %
*
51M
11M
24 M
106 M
85
110M
5
98
88
-
-
93 M
77 M
85
53
53 M
48 M
77 M
16
"37M "34"
103
34 M
58
44 M
31
54 M
47
48M
5
39
60
171
23
45M
78
84
90
61
63
65
47
72
58
45 M
H
118M 122
40
61M
2
85
»
99 M 103
35
13
134
15
111M
58
41M
58
56
49
46 M
48M
2
121
119M
75
45 M
*
84
..
*
Litchfield Div 1st gold 3s_—1951
Omaha Dlv 1st gold 3s
52
33 M
*57 M
53 M
Cairo Bridge
108
22
23
85
85
52 M
1953
1955
1966
1950
9
101M
14M
14M
1952
106 M 109
27
31M
35
50
1955
15
»ie
31
50
Purchased lines 3 Ms
Collateral trust gold 4s
100M 104 M
117M
71
101M
99M 107
1
30
121
Refunding 4s
4
104M
68
33 M
A
-
60
107
*23
68
101M
MM
92 M
*30
......
Collateral trust gold 4s
Aug 1
....
100
92
1951
1951
1951
1952
Refunding 5s
40-year 4 Ms
73
71
B..1970
1st gold 3 Ms
10
~78M
♦Adjustment income Ss.Feb 1957
Extended 1st gold 3 Ms
1st gold 3s sterling
82
60
8%
A
1949 J
1999 J
A
1944
{{♦Housatonic Ry cons g 5s... 1937 MN
N
Houston Oil sink fund SMs A.1940
Hudson Coal 1st s f 5s ser A...1962 J D
MN
Hudson Co Gas 1st g 5s.......1949
95
60
79 M
*45
♦Harpen Mining 6s
Hocking Val 1st cons g 4 Ms
Hoe (R) A Co 1st mtge
69 M
53
5
73
60
*45
.1946 A
..1952 J
10-year deb 4 Ms
f Hackensack Water 1st 4s
35
3
73
1966 A
Gulf States Utll 4s series C
128
99 H
90 M
103 U 103 M
1952 J
1961
67
8M
A
f 4 Ms
94 M HIM
104
80
18
95
72
1st mtge 5s series C
1950
Gulf A 8 11st ref A ter 5s Feb 1952 J
Stamped.
49
50
87
*53 M
71M
19
H
94
93
*
Illinois Central 1st gold 4s....1951
105M
104 M
71M
J
102 M 106 M
56M
13M
98
100 M 107
56
"I07M
70
98M
Gen mtge 4s series H
Hudson A Manhat 1st 5s
106 M
"60M "77"
J
General 4 M8 series D
General 4 Ms series E__
General mtge 4s series G
s
102
10
A..1961
1952
14
"29
J
General SMs series B...
General 5s series C
1
Gulf States Steel
~71M
1973
Great Northern 4M8 series
24
"98"
85
104M
64
Illinois Bell Telp 3 Ms ser
98 M 105M
98
83
100
70
104 M 109
101M 107 M
6
108 H
J
J
107 M
107 M
1951 MN
1936
1936
98 M 104
*
D
MN
21
104
45 H
J
103 M
97
J
1971 J
1969 J
-.1969 J
107
104
38 M
4M8
106 M
105
104 M
J
1st Aref 4Ms—
1st mortgage 4Ms
4
18
49
*104 M
D
Del Power A Light 1st
49
109
103 M
103 M
D
40
15 M
56
106 M
107
J
1943 MN
10M
106 M
'l06M
Cuba RR 1st 5s g
1952 J
7 Ms series A extended to 1946—. J
J
6s series B extended to 1946
Del A Hudson 1st A ref 4s
"15"
108 M
107M
108 M
1951 J
...1942
11M
*9
1956 J
♦Debenture 4s
1
91M
78 M 100
84
101M 106M
94 M
74 M
"71M
100M 101
107M 108 H
107M 108M
104 H 10)
100
106M
103 M 106
97 M 104M
99 M 104M
668
123
J
100M HIM
111M
54
104
65
A
100
108 M
109 M
from
*104
111M 1263
109 M
103M 105 M
Conv debs 3 Ms (Interest
Conn Ry A L 1st A ref 4 Ms
*25
J
59
100
100M
D
1942
Greenbrier Ry 1st gu 4s
1940 MN
Gulf Mob A Nor 1st 5 Ms B._.1950 A O
105 M
Conn A Passump River 1st
D
1947 J
Gt Cons El Pow (Japan) 7s... 1944 F
let A gen s f 6 Ms
.1950 J
Oswegatchle 1st 5s
Grays Point Term 1st gu 5s
11 I'M
105 M
2
32
98 M
98 H
99M
99 M
103 M
Gen mtge 3Ms series I
..1967
Feb
♦Green Bay A West deb ctfs A
Feb
♦Debentures ctfs B
109M
105 M
19M
3l'M
Grand R A I ext 1st gu g 4 Ms—1941 J
15 1952 A
101M 106 M
101
105M
105M
O
43
Apr
1
51
105 %
84
97
.Jan
102M
A
83 M
44M
lfjt ext g 4s...1948
105
85
1951
1939
84
Colo A South 4Ms series A....1980 MN
Debenture 6s
121
100
101M 101M
J
Columbia G A E deb 5s...May 1952 MN
Debenture 5s
•
106M 108
100
106M
57 M
44 H
Columbia A H V
121
14
77
.
105M
O
...1970
♦6s income mtge
s
*120
*54
*
57 M
*
58 M
*
60
*
95
*
60
......
52
...
55
"SO"
"75"
.
Volume
New York Bond
147
Friday
BONDS
Sale
Week Ended Oct. 21
Price
&
Low
3
N. Y. STOCK EXCHANGE
Week Ended Oct. 21
2
Asked
05^
High
No.
Jan.
Low
1
1963
1st & ret 4*8 series C
1963
1940
1948
)
Ind Bloom A West 1st ext 48—1940
)
Ind 111 A Iowa 1st g 4s
l
52*
168
47
48*
105*
33*
49
105*
33*
1950
{♦Ind A Louisville 1st gu 4s—1956
Ind Union
48
52*
48*
♦
•
Inland Steel 3*s series D
1961
{Interboro Rap Tran 1st 5s
1966
♦Certificates of deposit
{♦10-year 6s
1932
{♦10-year conv 7% notes.-.1932
♦Certificates of deposit
♦8*
1947
>
stamped....1942
12m
18
I
....
107*
107 M
18
56*
59 M
46
57
58
2
33
31
33
56
55
55*
55*
58*
96
18
100m
101* 108
42 m
65
63
14
10
34 m
56*
19
40
60 m
55*
2
40
59
88*
89*
35
65
89 m
102*
>
42 m
102*
19*
1
100
32
5
42
s
1953
Manila RR (South Lines) 4a.-.1939 mn
1st ext 4s
1959 mn
__
deb 4s
{♦Int-Grt Nor iBt 6s
♦Adjustment 6s
1952
A__ July 1952
A
ser
ser
♦1st 5s series B
89*
18*
)
5
......1956
♦1st g 5s series C
lnternat Hydro El deb 6s
Int Merc Marine s f 6s
17*
4*
18
17
15
18
1956
1
18
17
18
1944
)
76*
78 M
122
1941
>
77*
50
49*
93*
50*
30
94
21
88*
89*
31
lnternat Paper 5s ser A A B_. .1947
Ref s f 6s series A
1955
J
94
3
88*
Int Ry8 Cent Amer 1st 5s B
1972
1
1st lien A ref 6 Ms
1947
Int Telep & Teieg deb g 4*s—1952
Conv deb 4 *a
1939
L
1
*80
84
{♦Man G B A N W 1st 3 Ma...1941 J
Marion Steam Shovel s f 6s
1947 A
Market St Ry 7s ser A...April 1940 q
J
♦Mex lnternat 1st 4s asstd
♦4s (Sept 1914 coupon)
m
1955
1
73*
{♦Iowa Central Ry 1st & ref 4s. 1951
5
84*
69
69*
100*
72
3
100*
72
174
89
100*
A
♦Mlag Mill Mach 1st s f 7s
1956 J
Michigan Central Detroit A Bay
City Air Line 4s
1940 J
)
Jones A
3
94*
)
*78
*
28*
426
78
28*
21*
26
*70
69*
70
71
69*
70
*107*
104*
106*
104*
Kan City Sou 1st gold 3s
Ref A lmpt 5s
1950
Kansas City Term 1st 4s
)
Apr 1950
1960
I
Kansas Gas A Electric 4 Ms
♦Karstadt (Rudolph)
1
1980
)
A
stmp (par $645)-.1943
♦Ctfs
w w
stmp (par $925)__1943 M N
warr
(par $925).-1943
Corp 1st 6s
1946
Kentucky Central gold 4s
1987
Kentucky A Ind Term 4*3—.1961
Stamped
1961
Plain
94
3
*101*
*--.
J
*
r
30
60
27*
75*
18
44 m
74
49
103m 108 m
105*
23
103m 106 m
94*
7
105
19
20 m
25
27
2
41
14m
27 m
80
94 m
99 m 108m
92*
*155
81
~72~" "72"
82
97*
1951
Kresge Foundation coll tr 4s.-1945
3Ms collateral trust notes.-.1947
Coll A ref 5 Ma series C..
Coll A ref 5 Ma series D
Coll tr 6s series A_.
Coll tr 6s series B
s
f 4s
{♦ Mo-Ill RR 1st 5s series A...1959 J
D
1962 J
J
1962 J
J
40-year 4s series B
{♦Mo Pac 1st A ref 5s
95
100M
103m
99*
•
102*
67
96 m
104
28
95 m 104
100
20
85 m 100
11
15*
84*
84*
55*
55*
57*
55*
*49*
57
19
49*
-
1942
1942
49*
20
8*
1*
3*
3*
1*
5*
6*
6*
6M
8*
4*
14
9*
14*
6*
1978 M N
♦1st A ref 5s series G
5*
70*
60*
"18* "45*
13
28*
15
28
50
42*
38*
17*
4
25
45*
46
10
24
19*
19
14*
14*
25*
23
35
18*
18m
...1977 m
♦1st A ref 5s series F
1
2*
65
34
s
1975
3
57
"Y*
4s.
18*
17*
5*
18*
17*
19m
18*
40
19
10
14
18*
*17*
18*
18*
19
♦Certificates of deposit
18*
{♦Mo Pac 3d 78 ext at 4% .July 1938 MN
67
■
4
8
209
18*
17
14*
14*
19*
79
14*
99
25*
23
25*
15
"4* "l55
4
48
6*
19*
♦17*
{{♦Mobile A Ohio gen gold 4s—1938
♦Montgomery Div 1st
g
M
5s..1947 F
19
6*
1
25*
14*
14*
25*
23
60*
50
*19* "47
18*
23
3
14*
15*
60*
30
64*
S
4*8...
{♦Secured 5% notes
9
75
90 m
Mohawk A Malone 1st gu g
36
47
Monongahela Ry 1st M 4s ser A '60 mn
Monongahela West Penn Pub Serv
41m
61m
6q
63*
44
49*
70
90 m
Montana Power 1st A ref
95m
Montreal Tram 1st A ref 5s
1st mtge 4 Ma
1960 A
1965
24*
23
24*
6
30
26*
30 M
433
36*
,
S
1977
1938 M S
M S
4s.J991
6s debentures
93
A
M
31*
1
13*
"4
8m
3*
40 M
35 M
39
18
m's
♦Certificates of deposit
♦General
11m
55
60
90
13*
8*
28*
30*
23
103 m
47
49*
1960
31*
50
19m
1981 FA
95
52
32*
37*
A
♦1st A ref 5s series I—
88
77
31*
39*
A—1965 F
ser
64 m
17*
82
5
104*
77
39
J
71
5
97
50
37 m
66
O
21
2
28
89*
40 m
35 m
1978 J
Jan 1967 A
Prior lien 4 Ms series D
♦Cum adjust 5s ser A
158
84*
1953
"64 m
J
1990 J
Mo Kan A Tex 1st gold 4s
M-K-T RR pr lien 5s ser A
150
98
12
19*
98* 104*
1941 M N
♦25-year 5 Ms
3*
*1*
1949 MN
1980 A O
14*
3
8
♦Certificates of deposit
99*
60
9
8m
*5*
s
♦Conv gold 6Ma—
♦1st A ref g 6s series H
♦Certificates of deposit
103 M
"79* 103"
3
8
8m
'"§*
J
1
5
4
17*
*2
J
1978 J
15m
103*
104*
73
8*
2*
J
{1st Chicago Term
72
*16 M
J
♦1st A ref 6 Ms series B
94*
*22
8
1946 J
1949 m
♦Ref A lmpt
1959
Laclede Gas Light ref A ext 58.1939
32*
J
28
101
95
*38*
F
95
95
{♦Rreuger A Toll secured 58
Uniform ctfs of deposit..
103*
104*
*
♦Certificates of deposit
165
99*
102* *101 *
103* X103*
99*
99*
{ §»M St P A SS M con g4s Int gu '38 J
{♦1st cons 5s
.1938 J
{♦1st cons 5s gu as to Int—.1938 J
30*
19
15
1934 M N
♦1st A ref gold 4s
1949 m
♦Ref A ext 50-yr 5s ser A...1962 Q
24
80
10
88
1939
—
90
99* 103*
6*
5*
80
71*
{ {♦Mil A No 1st ext 4 *s(l880) 1934 D J
♦1st ext 4 Ma
D
1939 J
78
82
103
J
94
92
103
1971 J
103 *
104 m
♦1st A ref 6s series A
89*
>
D
75
20M
16m
104*
103* 110*
101
"28"
"94*
.
107 M
*60
1954
1961 J
{♦Minn A St Louis 5s ctfs
3m
91
110
8*
*
{♦Ml! Spar A N W 1st gu 4s_ .1947 m's
J
{♦Milw A State Line 1st 3Ms—1941 J
32
*60
1941
Milw El Ry A Lt 1st 5s B
1st mtge 5s..-
78 m
98 m
46
*
1961
1st A ref 6*8—__
Kinney (G R) 5*8 ext to
Koppers Co 4s series A
15m
88
1
4*s unguaranteed
---1961
Kings County El L A P 6s
1997
Kings County Elev 1st g 4s.-.1949
Kings Co Lighting 1st 5s.i
1954
.
O
40
*22
Keith (B F)
1940 A
3
96
*17
19
{♦Mid of N J 1st ext 58
S
82
40
w w
J
22
58*
1st 6s.-.1943
♦Ctfs
1951 M
89*
78
97
80
1979 J
98
1*
95
58*
1 *
1952 mn
80 m
54
74 m
39 m
74
100m
13*
65
"28"
1st gold 3 Ma
♦Con ext 4 Ma
13*
82*
*7M
Ref A lmpt 4 Ma series C
19m
51m
84
60 M
104
*
J
80 M
42 m
78
25*
>
♦Certificates of deposit
58*
94*
20
100
20
100*
D
12
18
3*
James FrankI & Clear 1st 4s..1959
Laughlln Steel 4*s A..1961
Kanawha A Mich 1st gu g 4s._1990
{{♦K C Ft S A M Ry ref g 4s..l936
11m
6
75
85
68
1977 M S
48 m
35 m
123
75
3*
2m
70
103 m
110
S
1
High
82*
s
F
Low
58 m
59 m
O
1977 M
No.
84
*13 *
"82 *
j
A
High
80
Mead Corp 1st 6s with warr—1945 mn
Metrop Ed 1st 4 Ma series D
1968
Metrop Wat Sew A D 5 Ma
1950
{{♦Met West Side El (Chic) 4s_1938
Jan.
Asked
*97*
O
77
83
84
I
Debenture 5s
11
102 M
21
11*
A
*81
84
Jack Lans A Sag 3 Ma
conv
Int Agrlc Corp 5s
♦Ctfs with
35
27
"66 m ~90""
70
*98*
1
Interlake Iron
1
99
♦67
1
1
Ry 3*s series B—1986
4
52m
48*
105* 107m
28
Since
Friday's
Rid
Low
m
Range
Range or
Sale
Price
sa.
High
29
Week's
Lam
Manila Elec RR A Lt s f 5s.
Joint 1st rel 5s series A
2501
BONDS
Since
•3
Friday's
Bid
Range
HI Cent and Chic St L & N
Illinois Steel deb 4*8
♦Ilseder Steel Corp 6s
4
Friday
Range or
N. Y. STOCK EXCHANGE
Record—Continued—Page
Week's
Last
31
36 M
225
K
"162"
36*
50*
67*
98* 107*
59*
102"
9
102
107*
107*
15
99
99
98*
99*
35
85
99*
97
96*
97*
97*
97*
140
84
97*
107*
A
107*
Lake Erie A Western RR—
5s 1937 extended at
*45
3% to. .1947
2d gold 5s
*45
-.1941
Lake Sh A Mich So g 3 Ma
86
75
55
-
m
05m
-
19
85*
86
78
♦1st mtge income reg.
1976
Lehigh C A Nav s f 4 Ma A
1954
Cons sink fund 4 Ma aer C
1954
Lehigh A New Eng RR 4s A—.1965
Lehigh A N Y 1st gu g 4s
1945
Lehigh Val Coal 1st A ref s f 58.1944
1st A ref s f 5s
1954
132*
r
s
f 5s
4.66
A65
4.83*
75
73
1955 A
79
72*
31
75
27
24 m
48
72*
34
Gen A ref
s
66*
69
69
75
Gen A ref
s
80
74
74
71
29
48
84
10
47
71*
71
78 m
95
27
42m
94*
66
♦34*
------
39
26 M
99 m
45
29*
......
*27*
5
29*
35
-
«.
.
-
75*
,35
78*
5
34*
78*
1943
1954
33
♦85
......
1974
Sec 6% notes extend to..
Leh Val Harbor Team gu 5s
35
7
18m
19m
39m
72
85
30
f 5s series B
f 4 Ma series C.—1955 A
f 5s series D
1955 A
Leh Val N Y 1st gu g 4 Ma
4 Ma assented
1940
Lehigh Val (Pa)
2003
cons
cons
16
4 Ms
Constr M 4M8 series B
1955 M N
Mountain States TAT 3*8—1968 J D
Mut Un Tel gtd 6s ext at 5%-.1941
71
15*
32
62
17
80
2003
15*
16
17*
20*
19
19
1
55
55
10
5s assented
2003
Leh Val Term Ry 1st gu g 5S--.1941
5s assented
*
1941
Lex A
East 1st 60-yr 5s gu
1965
Llgget A Myers Tobacco 7s.-.1944
6s
128*
1951
conv
124*
debs.-1947
Little Miami gen 4s series A
Loews Inc s f deb 3 Ma
Nash Chatt A St L 4s
Nassau Elec gu g 4s
110
102
1946
Lombard Elec 7s series A.. —.1952
101*
60
......
no*
6
15
110
2
102
61*
*80
81
a
81
57
•
1949
5s
1944
1951 F
—
ser
27
80*
80*
5
J
stpd
1951
1946 J
90*
1st A ref 4 Ms series C
2003
1st A ref 3 Ma series E
2003
Paducah A Mem Div 4s
89
2003
1st A ref 4s series D
1946
82
8
104*
4
100*
90*
94
90*
35
13
85*
si*
118"
128
131
121* 120
99
112*
94* 102*
63*
90
97*
4
97*
1
60
129*
85 M
101* 106*
102
107*
97* 105
83* 102
75
93*
65
96
90
85*
107*
76
82
112
♦102*
A
coupon
**
A
7
103*
68
80
98
5
111*
22
19
97m 106m
N Y Cent RR 4s series A
93 m 104m
70
91m
Ref A lmpt 4 Ms series
2013 J
♦Second 4s
D
32
43*
47
3
37
55
Ref A lmpt 5s series
29*
72
20
Conv secured 3*s
28*
27*
29
*15
20
a
For footnotes see page
2503.
10-year 3*s sec s f
72
29
*
107*
J
107*
"""* "1*
1
I
D
108*
35
121"
116*
"25"
24
23*
t
24
31
120
126
123 *
123
124*
107*
108*
"27
72*
21
(
124
35
8
-
32*
120* 124
70
69
51
108*
6§
*119*
22*
107 M
72
103
•*
50
51
3
104* 108*
38
72*
51
34
101*
100*
101*
44
86* 101*
101
100*
101*
81
84* J01*
69
'32"
*23*
*30
47
70
32
67*
I
23
35
32
22
38
09
6
24
35
6
31*
33*
32
32*
28*
31*
36
22
31
29*
28*
37
23
36*
27
22
40
10
20*
35*
98*
39
{♦Manhat Ry (N Y) cons 4s._1990 A O
♦Certificates of deposit
D
A
1956 A F
1954 O A
1
106
34*
31*
**4
3*
1*
*
1*
1*
1
♦Certificates of deposit...
104*
31
**
*M
..'.1956 F
series D
♦1st 5 Ms series A
72
33*
O
♦Certificates of deposit
♦1st 5s series C
103*
Manati Sugar 4s s f
2*
2*
""* "y*
1*
3
O
..1954 M N
♦1st 4 Ms
105*
1960 J D
Feb 1 1957 M N
*1*
{{♦N O Tex A Mex n-c inc 5s.. 1935 A
♦1st 5s series B
1954 A
106
Gen mtge 4 Ms series A
"I *
1*
1965 J
Nat Steel 1st ooll s f 4s.
104
D
107
*
2*
1*
♦*
J
♦AsseDt warr A rets No 5 on '77
{♦Assent warr A rets No 4 on '20
♦48 April 1914 coupon on
1951 A
♦4s April 1914 coupon off... 1951 A
♦Assent warr A rets No 4 on '51
McKesson A Robblns deb 5M8.1950
MN
100* 103*
88
Nat RR of Mex prior Hen 4 Ms—
McCroryStore8Corpsfdeb5s.l951 MN
1945 J
100
103 M
O
J
Newport A C Bdge gen gu 4 Ms. 1945
Maine Central RR 4s ser A
92* 104*
104*1 152
100*
40"
*1
AO
{♦New England RR guar 5s...1945 J
J
♦Consol guar 4s
1945 J
J
New England Tel A Tel 5s A—1952 J D
1st g 4 Ms series B
1961 MN
N J Junction RR guar 1st 4s.. 1986 F A
N J Pow A Light lBt 4 Ms
I960 A O
New Orl Great Nor 5s A
1983 J
J
N O A N E 1st ref A Imp 4 Ms A 1952 J
New Orl Pub Serv 1st 5s ser A.. 1952 A
1st A ref 5s series B
...1955 J
New Orleans Term 1st gu 4s...1953 J
109
72
—..1977
off...1977
J
1914
88*
74
82
26
♦4s April 1914 coupon on
73*
96
26
103*
105*
102*
Assent warr A rets No 4 on '57
{♦Naugatuck RR 1st g 4s
111
69
♦
Newark Consol Gas cons 58—1948
♦80
1955 M N
103*
Ms..w 1945
87
*108
Lower Austria Hydro El 6 Ms. 1944 F
106*
8
88*
Atl Knox A CIn Div 4s
♦
MN
f debs..-.1950 MN
4mb
96* 101
National Rys of Mexico—
73
1980
1945 M S
South Ry Joint Monon 4s.-.1952 J
J
8t Louis Div 2d gold 3s
Mob A Montg 1st g 4 Ma
104*
55
45
83*
106*
88*
Prod deb 3*- w w—1951 MN
Nat Gypsum
34
*100
45
115* 125
*
O
33*
J
D
70
*1
9
96*
39
*65*
19m
121*
100
100*
68
18
99*
A
16m
126
81*
1940
50
55*
*1
1
104*
...2003
-
116
J
Louisville A Nashville RR—
Unified gold 4s
1st A ref 5e series B
112
J
127
106*
Louis A Jeff Bridge Co gu 4s..1945
5
J
121
1966 M
Louisiana Gas A Elec 3 Ma
116
MN
1978 F
A
80
«>
83*
Louisiana A Ark 1st 5s ser A.. 1969 J
116
♦4M8 July 1914 coupon on..1957 J
♦4mb July 1914 coupon off.. 1957 J
55
80
121*
103*
♦4Ma Jan 1914 coupon on...1957 J
127
A
101
50
A
A
116
18
JBWNI
Lorillard (P) Co deb 7s
103*
33m
1
A
1949
34*
40
2
.
60
62
34*
103*
103 m
2
34
13
105*
129
i 60
Nat Dairy
♦4s April
124*
28
51*
50*
15m
16 m
--....
♦Long Dock Co 3Ma ext to—1950
Long Island unified 4s
1949
Guar ref gold 4s.__
4s stamped
3
22
16m
75
*108*
128*
124*
------
1962
50 m
"llm "32"
14
55
51*
49*
"56"
Mutual Fuel Gas 1st gu g 5s... 1947 M N
Nat Distillers Prod deb 4
16*
14
17
2003
34
"53*
55
1995 M N
Constr M 5s series A
60*
75
40
64
13*
...2003
5s
Liquid Carbonic 4s
2
43
14
2003
4 Ma assented
General
42
*
1940
4s
4s assented
General
43
^
Morris A Essex 1st gu 3M-—-2000 J
Nat Acme 4* > extended to
cons g
101
90
1955 A
s
>102
39
*
1964
f 68
8
70
>
-
1st A ref
1941 J
Gen A ref s f 5s series A
Gen A ref
1997
Lautaro Nitrate Co Ltd—
1st A ref
3*8.1966 J
103
17m
3t*
34 m
13
16m
32m
10
23m
C
A
1998
1946
2013
2013
—1952
110
*107
111*
82
A
64*
64*
48*
O
78*
77
66
78*
53
A
79
62
A
O
58 m
56
58*
106
38*
65*
A
O
64
61*
04*
132
42
73
MN
07
66* 168*
63
51
84
-
91 *
New York Bond Record—Continued—Page 5
Friday
Last
BONDS
Sale
N. Y. STOCK EXCHANGE
Week Ended Oct. 21
Price
Asked
A
Ref & lmpt
4
BONDS
Last
Since
N. Y. STOCK EXCHANGE
Week Ended Oct. 21
Price
Jan.
Low
High
81%
83
89
1
64
58%
65%
38
65%
53
82%
67%
ser A
2013
gold 3%s— 1998
gold 3%s
1998
Lake Shore coll
68%
84
4%s series B
1981
Pennsylvania PAL 1st 4%s—1981
Pennsylvania RR cons g 4s
Consul gold 4s
Ref 5%s
N
N
110%
1960
1965
117
116%
117
95%
95%
96
1968
103%
103%
1940
67%
08
51%
90
Consol sinking fund 4%s
73%
65
95%
General 4%s series
98
105
105
58
107%
106%
Conv deb
N Y Gas El Lt H & Pow g
Purchase money gold 4s
General 4%s series
123%
124
121% 125
115
58-1948
1949
116
112% 116
1946
2000
*17
A—-1973
*50
♦N Y A Greenwood Lake 5s..
gold 3%s
ser
1984
1952
3%s
18%
22
98
95
103
70
60
80
70
97%
16
75
93
*
1973
'42
♦NYLE4W Dock A Imp 5s 1943
N Y A Long Branch gen 4s
1941
{♦N Y A N E (Bost Term) 48-1939
J»N Y N H A H n-c deb 4s
1947
♦Non-conv debenture 3%s—1947
♦Non-conv debenture 3%s—1954
4%s series B
60
♦N Y L E A W Coal A RR 5^s
4s
1st g 4 %s series C
Phelps Dodge
conv
87%
109% 120%
82
106
89% 111%
104%
85%
93%
91
67
101%
84% 101%
75
93%
82%
05%
89
114%
113% 117
113%
113%
114
107
48%
48%
6%
6
*103%
'71%
A 5s—1956
1956
115%
66
60%
60%
1980
3%s deb..1952
62
64
114%
48%
114
60
40
6%
4
100
104
8%
107
71%
60%
49%
80%
75%
64
50
76
53%
99% 116
115%
61
General 5s series B
95
15
13
19%
14%
11%
17%
1974 F
1977 J
--—.1981 J
J
D
1967 J
D
95
Wl 8
{♦Phila A Reading C A I ref 58.1973 J
J
♦Conv deb 6s
—1949 Wl 8
110
12
13%
12
19
1955
15
15
11
21
Phlla Electric 1st A ref 3%s._. 1967
13
11
♦Conv debenture 3%s
1956
12
13%
13%
♦Conv debenture 6s—
1948
14%
16
13
24%
*19%
1940
19%
9%
8%
--—1957
20%
18%
23%
11
5
35
12
-.1907
14%
15
12%
23
{♦Harlem R A Pt Ches let 4s 1954
55%
55%
51
1937 J
1948 M S
{{♦Philippine Ry 1st s f 4s
Phillips Petrol conv 38;
Pirelli Co (Italy) conv 7s
Pitts Coke A Iron conv 4 %s
105% 110
114%
104%
104
105
A
General g 4%s series C._
1956
*11%
109
103%
105
94%
109%
12%
110
108%
*107%
Phi la Bait A Wash 1st g 4s—1943 M N
89%
15
♦Non-conv debenture 4a
-
103% 109%
103% 114
103% 111%
74
95%
114%
Peoria A Pekin Un 1st 5%s—1974
Pere Marquette 1st ser
1st 4s series B
81
81%
1940
♦Non-conv debenture 4s
♦Debenture 4s
92%
April 1990
Refunding gold 5s
Peoria A Eastern 1st cons 4s
General 4 %s series D
Phi la Co sec 5s series A
♦Collateral trust 6s
92
1943
1947
Peop Gas L A C 1st cons 6s
♦Income
N Y Lack A West 4s
19811A
D
Gen mtge 4%s series E
84%
84%
92%
93%
1970 A
Debenture g 4%s
101
107%
101% 106%
63
106%
106%
General 5s series B
102% 109%
39%
58%
45%
53
58%
51
108
92% 103%
111%
110%
86%
94
94
94
110%
89%
A
100% 105%
83
104%
96
87
62
30
N Y A Erie—See Erie RR
N Y A Harlem
94
103%
High
94
77
90%
105%
95
110%
74
26%
87
102
89%
104%
'110%
30
44%
101%
90%
105%
1
Lore
High
107
50%
*70
Since
103%
76
extended to—1947
Y Connect 1st gu4%s A
1953
1st guar 6s series B
— 1953
Y Dock 1st gold 4s—
1951
Conv 5% notes
1947
Y Edison 3%s ser D
1965
1st lien & ref 3%s ser E
1966
Range
Jan.
Asked
107
47
1st mtge 3%s
A
103%
40%
1974
6s..
4s collateral trust
N
Pa
1978
Oct 1 1938
series A
C
♦Ref 4 %s series
♦3-year
Penn Glass Sand 1st M
1943
1948
4s sterl stpd dollar.May 1 1948
Gen mtge 3%s series C
1970
N Y Chic & St Louis—
♦
A—1941 |M S
4%s._1960
Ohio A Det 1st A ref 4%s A. 1977
Penn-Dixle Cement 1st 6s
1938
Friday's
Bid
Low
94%
98%
65%
22,
Range or
Sale
High
67
*80%
66%
River 3 %s —1997
1042
Debenture 4s——
Mich Cent coll
Range
Range or
Friday's
Bid
Low
N Y Cent A Hud
Oct.
Week's
Friday
Week's
105
13%
4
4%
17%
110
1952 WIN
A.1952 Wl 8
14%
108%
80%
92%
115
97% 110%
109%
78% 90
105
110%
99
96
13%
4%
11
110%
105
20
10
17%
3
-
6%
31
111%
80%
80%
80%
93
77%
93
79
♦1st A ref 4 %s ser of 1927
1992
♦General
4s...-
8%
9
5%
1955
{♦N Y Ont A West ref g 4s
6
6%
4
11%
8
74%
{♦N Y Providence A Boston 4s 1942
~49~~ ~58~
Pitts C C C A St L 4%s A
Series B 4%s guar
106
109
Series E 3%s guar gold
Series F 4s guar gold
103
104
92
105
Scries G 4s guar
N Y A Richm Gas 1st 6s A
*93
98
70
1951 Wl N
{{♦N Y Susq A West 1st ref 5s 1937 "
{♦2d gold 4 Ms
.1937
♦General gold 5s
-.1940
N Y Telep 1st A gen s f
Ref mtge 3%s ser B
F
11
J
"
M N
6s stamped
J
J
104
D
108%
"94%
*05%
73%
4%
108%
107%
92%
"is"
100%
13%
1946
{{♦N Y Westch A Bost 1st 4%s '40
Niagara Falls Power 3%s
1966
Nlag Lock A O Pow 1st 5s A--1955
Niagara Share (Mo) deb 5%s.l950
4%
108%
6%s._.1950
{{♦Norfolk South 1st A ref 5s_1961
♦Certificates of deposit
104% 108%
47%
108
1940 J
16
10
11%
5%
8%
52
40%
103% 107
8
zl04
4%S—.1939
1967
94%
7
10
7%
A
*35
N Y Trap Rock 1st 6s_
Nord Ry ext sink fund
11%
10
A
------1943 WIN
♦Terminal 1st gold 5s
64%
*109%
80
62
74
67
75
60
3%
4%
109%
6%
104% 109%
107% 108%
107%
82
94%
101
85
8%
13
13
9
*48
13
15
54
95%
101%
16%
15%
Series H
Series I
cons
Series J
cons
4 %s
1963 F
guar 4
Gen 4%s series C.._
Pitts Va A Char 1st 4s
1975 A
guar.—1943 M N
D
O
O
Pitts AW Va 1st 4 %s ser A—1958 J
1st mtge 4%s series B
.1959 A
1st mtge 4%s series C_
1960 A
Pitts Y A Ash 1st 4s
ser
A
1st gen 5s series B
1st gen 5s series C
1st 4%s scries D
Port Gen Elec 1st 4%s
North Amer Co deb 5s
No Am Edison deb 6s
1961 F
ser
JDeb 5 %s series B
A
1962
1974
1977
1960
1950U
A
Deb 5s series C
Nov 15 1909 M N
North Cent gen A ref 5s
1974 IVI 8
Gen A ref 4%s series A
105%
102%
103%
103%
1957 F
Northwestern Teleg 4%s ext—1944 J
28
67
93%
51
52
41
62%
J
58%
67
59%
40
J
71
68
72%
53%
88%
J
60%
Ohio
Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s
1st mtge 4s
1948 J
J
J
4s
J
1943 M S
1965 M N
1967 M
S
1972 J
J
Oklahoma Gas A Elec 3%s..-.1966 J
4s
3%s
debentures......
1946 J
D
46
79
60%
45
80
105%
102
5%
105
99%
103%
113%
Ontario Power N F 1st g 5s
A
1943
Ontario Transmission 1st 5s—.1945 WIN
110%
Oregon RR A Nav
100%
107
—
63
98
108%
105%
105
25
98
105
99%
99%
105%
103%
113%
65
91% 100
18
43
98% 106%
96% 103%
19
111% 114%
100
110%
106%
14
103
J
114%
116%
10
109
J
116
116%
5
Ore-Wash RR A Nav 4s..—1961
J
102%
102%
33
Otis Steel 1st mtge A
4%s
1962
J
Pacific Coast Co 1st
1946
D
Pacific Gas A El 4s series G—.1904
D
1st A ref mtge 3%s ser H.—1961
1st A ref mtge 3%s ser I——1966
{♦Pac RR of Mo 1st ext g 4s.-1938 F
D
g
5s
{♦2d ext gold 6a
..1938 J
Parmelee Trans deb 6s
1944
Pat A Passaic G A E cons 5s.-.1949
♦Paullsta Ry 1st s f 7s
1942
Penn Co gu 3%s coll tr ser B—1941
Guar 3%s trust, ctfs C
Guar 3%s trust ctfs D
Guar 4s ser E trust ctfs
28-year 4s
-
55%
110%
106%
106%
D
103%
65
A
*..
J
Pacific Tel A Tel 3%s ser B—1966
O
Ref mtge 3%s series C
D
1966
Paducah A 111 1st s f g 4 %s
1955 J
Panhandle Eastern Pipe L 4s._1952 Wl S
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
1955
Paramount Pictures deb 6s. -.1955
3%s conv debentures
1947
Paris-Orleans RR ext 5%s-r--1968
110%
106"
106%
.
74
55%
103%
*45
106%
15
106%
*83%
97
-
10
*4%
48
91%
67%
101
1944
*98%
96%
94%
18%
85
8
32
42
82%
98
77
74
78%
57%
76%
76%
52%
48%
79%
58
93%
74%
1997
76%
75
Remington Rand deb 4%s w w.1956
Rensselaer A Saratoga 6s gu... 1941
Republic Steel Corp 4 %s ser A.1950
Gen mtge 4%s series B
1961
102%
s
101%
67
75
117"
117"
...
90%
108%
91
101
41%
1946
f 7s__
59
93
92
84
103%
100
103
118%
.
46
109%
44
92%
46
93%
94% 112
71%
72
94%
101
6
41%
92
8
101
28%
41%
♦Rhine-Ruhr Water Service 68.1953
*22
23
20
25
♦Rhlne-Westphalla El Pr 7s.—1950
*30
32
27
31%
32
32
1955
*30%
30%
30%
32%
Richfield Oil Corp—
4s s f conv debentures
1952
102
103
Rlchm Term Ry 1st gen 5s
1952
103%
103%
♦Direct mtge 6s.
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
1952
1953
30%
1
24%
24%
30%
1
24%
103%
109%
*108%
109%
*108
•
-
27
32
89% 107
1
103% 105%
no"
57
{♦Rutland
RR
1st
con
6
43
41
28%
44%
20%
12
118% 122
{{♦R I Ark A Louis 1st 4%s„1934
♦Ruhr Chemical s f 6s
1948
{♦Rut-Canadian 4s stmp
50
35
1977
Gen mtge 5s series E
1962
Gen mtge 3%s series H.—.1967
Gen mtge 3%s series I_
1967
70
20%
18%
1949
82
11%
12%
*23
*4%
*5%
1949
4%S—1941
♦Stamped
7%
20%
"5%
^%
8%
12%
7%
7%
107% 110
6
16%
23
10%
15
12%
98% 103
98
104
56%
81
57
63
100
87
75
92%
50
31%
118% 121%
"68
97% 103%
99% 103%
90
103%
88% 104
95%
4%
6%
18%
101%
97%
74%
97%
17%
60
100%
84
42
56
00
2
,
89%
47%
55
103% 108%
106%
♦1st con A coll trust 4s A
Roch G A E 4 %s series D
106%
*120%
9%
17
42
102% 100%
87
64
105%
"47%
41
102% 106%
83%
40
{♦Rio Grande West 1st gold 4s. 1939
9
62%
101
*35"
21
100
43
62%
104%
55%
96
*35
Safeway Stores
s
f deb 4s
83
St Jos A Grand Island 1st 4s
St Lawr A Adir 1st g 5s
104%
104%
100% 106%
103%
107
1947
107
103
103%
104%
1947
*
2d
gold 6s
1966
St Louis Iron Mtn A Southern—
99% 104%
109
94
*
1996
88%
56%
1933
42%
64
62
♦{Rlv A G Div 1st g 4s
♦Certificates of deposit
46
62
72
100%
16%
4s A..1950 j
♦Certificates of deposit
—-
{♦St L-San Fran
pr lien
J
1950
♦Prior lien 5s series B
j"j
1978
m's
{ St L SW 1st 4s bond ctfs
♦2d 4s inc bond ctfs
16%
12
18%
57
{♦St L Peor A N W 1st gu 53—1948
St L Rocky Mt A P 5s sptd—1955
♦Certificates of deposit
57
50
69
11%
13%
8%
15
10
11
7
13%
11%
9%
10%
14
8%
11
7
15%
13%
11%
10%
7%
9
1989 MN
Nov 1989 j
{♦1st terminal A unifying 5s.1952 J
♦Gen A ref g 5s series A
1990 j
61%
104%
56%
♦Con M 4%s series A
♦Ctfs of deposit stamped
For footnotes see page
115%
♦Rima Steel 1st s f 7s
1955
♦Rio Grande June 1st gu 5s—1939
100%
*100%
1963
109
Saguenay Pow Ltd 1st M 4%s.l966
62%
1942
1952
109%
*106
76%
65
81
-
110
106% 111%
102% 108%
98% 104%
65
68
»
45
2
103%
55%
106
52
'
90% 106%
59
78%
53
*100
103%
32
116%
110% 118%
24
111%
107%
104%
70
47
45
113
110
3
D
73
38
1997
♦Rhelnelbe Union
4s_—1946
102%
40
64%
16%
1941
Gen A ref 4%s series A
Gen A ref 4%s series B
12
105%
110%
"46"
1948
13
Ore Short Line 1st cons g 5s.—1946
Guar stpd cons 5s
—.1946
con g
f deb 5s..
s
3%
"43
108
113
108
46
*43
Purch money 1st M conv 5%s '54
Gen mtge 4%s series C
.1956
Revere Cop A Br 1st mtge 4%s. 1956
104%
104%
105%
102%
106
*105%
{♦Providence Sec guar deb 4s._1957
{♦Providence Term 1st 4s
1956
5%
7%
4%
*105
105
105%
100
*4%
D
1st mtge
63
60%
105%
5%
94% 112%
90
112%
71% 104%
93%
•76
*59
A| 105%
J
101%
*41%
Reading Co Jersey Cent coll 4s. 1951
28
2047 J
2047 J
101%
"46"
1951
{♦Debenture gold 6s
2047 J
2047 J
101
100%
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk (65% pd)
84%
Ref A
*108
101%
101%
J
3%s.l966
Pressed Steel Car deb 5s
23
81%
50%
F
gu g
113%
23
*30
1945
Gen lien ry A Id g 3s Jan.—2047 Q
♦Og A "L Cham 1st
♦Stamped
104% 116%
*30
83%
5s series C
Potomac Elec Pow 1st M
109
107% 117
107
110%
96% 104%
110
105
*30
J
5s series D.
Northern State Power 3%s
107
Purity Bakeries
1997 Q
08 series B
101
115
104%
1945
Apr *33 to Oct'38 coups.North Pacific prior lien 4s
4 %s series A
119%
107%
99% 104
100
104% 104%
*110
*98%
*98%
{{♦Postal Teleg A Cable coll 5s. 1953
43%
104
{♦Northern Ohio Ry 1st guar 5s—
♦Apr 1 1935 A sub couponS—1945
lmpt
Ref A lmpt
Ref A lmpt
Ref A lmpt
97
105
1974 IVI S
♦Oct 1938 A sub coupons
♦Ctfs of deposit stamped
111
105
—1957 IVI 8
Aug 15 1963 F
118%
103%
106%
104
*104
1948! J D
107%
117%
100%
103%
A
109
103% 104%
105% 105%
104
105%
109
*105%
Porto Rico Am Tob conv 6s. .1942
6s stamped
1942
53
110%
105
*104
93
1977
1st 5s 1935 extended to
{{♦Norfolk A South 1st g 5s—.1941 Wl N
Norf A W Ry 1st eons g 4s
1996 O A
O
103
*106
*106
A
A
1964 Wl N
1970 J D
%s
Gen mtge 5s series A
Gen mtge 5s series B
101% 108%
103%
.1*103
1960 F
4s
cons guar
J
1957 M N
Series C 4%s guar
Series D 4s guar
{N Y Rys prior lien 6s etamp—1958
*50%
N Y A Putnam 1st con gu 4s. .1993
N Y Queens El Lt A Pow 3%s 1965
103%
A O
A O
M N
M N
F A
1953 J D
1940
1942
1942
1945
1949
6%
14
11%
56
57
38
33
33
20
38
19%
21%
14%
13
27%
9
18%
14%
2503
4
67%
Volume
New York Bond Record—concluded—Page 6
147
Friday
BONDS
it
N. Y. STOCK EXCHANGE
Week Ended Oct. 21
fi
Last
A
Low
con g 4s..1968 J D
{♦St Paul E Gr Trk 1st 4Ms
J
1947 J
{♦St Paul A K C Sh L gu 4 Ms—1941 F A
8M
St Paul Un Dep 5s guar
J
*
98
7M
14M
8M
♦2d
gold 5s
1939 f
♦1st lien g term 4s...
.1954 j
♦Det A Chic Ext 1st 5s.....1941 J
♦Dec Moines Div 1st g 4s...1939 j
J
♦IIIm
J
58 M
59 M
45
81M
J 110*® as
110*»u
San Diego Consol G & E 4a
1965 MN
U0M
Santa Fe Pres A Phen 1st 5s.._1942 M S
110*®«
109
M 1131,1
108
111M
112M
J
110M
107M
27M
104
{♦Schulco Co guar 6M{f
♦Stamped
"l07M
♦Guar
...1946
J
J
J
107M
♦15M
14M
"IB"
f 6Ms series B......1946 A
O
A
O
*28
.1989 MN
5 J ♦Seaboard Air Line 1st g 4a..1950 A O
{♦Gold 4s stamped..
1950 A O
♦Adjustment 5s........ Oct 1949 F A
109M H8M
15
♦Stamped
........
*28
15
12
24
30
Scioto V & N E 1st gu 4s
{♦Refunding 4s
......1959
♦Certificates of deposit
♦1st cons 6s series A
A
O
19M
17
15
*2M
5M
"~6M
6
.
1945 M S
♦Certificates of deposit...
{♦Atl A Birm 1st gu 4s
1933
{♦Seaboard All Fla 6s A ctfs...l935
MS
F
A
.1935 F
♦Series B certificates...
9M
8M
8M
8
20 M
X8M
A
Shell Union Oil deb 3 Ms
1951 M S
Shlnyetsu El Pow 1st 6 Ms—
1952 J
1935 J
{♦Siemens & Halske s f 7s
D
1951 J
109 M 116 M
4
17M
3M
64
HM
7
"25
4
6
2
4
8
9M
8M
20M
296
109
7
6M
5M
105
181
96
58
3
48
78
4
10M
9M
22
13
4
56
20
4M
8M
104 M
56
J
Socony-Vacuum Oil3Ms
-.1950 A O
South A North Ala RR gu 5s..1963 A O
South Bell Tel A Tel 3Ms—1962 A O
Southern Calif Gas 4Ms...
1961 M S
80
80
♦21M
80
81
5
98M
103M
105M
99
60
2M
2M
5M
4M
M 105
70M
82
106M
106" "29
106 M
107M
109
109 M
98
Southern Kraft Corp 4 Ms.—.1946 J
D
93
93
100
93M
6
6
17
12
100M
100M
13
54 M
53
55 M
41
60
57
60M
54M
117
Gold 4Ms
53 M
...1969 MN
1981 M N
1946
Gold 4 Ms—
10-year secured 3Ms
San Fran Term 1st 4s
54 M
60M
49M
49M
64M
53 M
66M
1950
"IBm ~~75M
63
91
35M
100M
69M
76
31M
30
293
66 M
135
30 M
43 M
71M
j
65 M
84 M
55
72
33M
36M
14
28
48
------
----
106 M
109 M
106M
*108
63M
-----
102 M
122 M
1
104 M
104 M
41
{♦Western Pao 1st 5a
ser A—.1946
♦58 assented
...
116
i09M
110M
14
106 M 110M
106 M
106 M
1
101M 106M
85M
M
83 M
88
----
80
85M
88 M
68 M
93
73M 98M
97 M108M
9
103 M
23
41
86 M
103 M .103
16
16
26
22
23
23
------
69
71M
20
15M
51M
25
74M
------
69
73
38
72 M
39
22
*22M
*22M
48Mj 77M
70 M
69
47M
77
J
22 M
22 M
23
2
18
25
j
J
57M
59
7
47
75M
.....2361 j
J
57M
50 M
Registered
Wheeling A L E Ry 4s
2361
D...1966 M s
ser
51
White Sew Mach deb 6s
5a.l942 j
gu
d
83 M
{♦Wis Cent 50-yr 1st
J
91M
j
105M
105
110M
21
101
---
79MF94M
91M100M
4
7M
96M 1Q1M
71
94 M
105M 109 M
8
15 M
6M 14M
4M
8M
5M
6M
104
107M
5
5M
-
25
7
6M
101M
——————
100
1
92
91X
*100
------
93
69
104M
gen
4s...1949
♦Certificates of deposit—.
53 M
48 M
53 M
674
.1956
66 M
63 M
67
114
26
.1956
70M
66M
71M
135
28
M
72 %
Mem Div 1st g 5s
.1996
*60
75
64
.1951
63
64
35
129
94M
45
10
11
*8M
6M
10
11
------
3
7
♦4M
------
j"d
24
----
6M
107 M
107
15
65
St Louis Div 1st g 4s
101M
92
101M
------
{♦Sup A Dul div A term 1st 4s '36 MN
♦Certificates of deposit..
Wisconsin Public Service 4s...1961
Devel A gen 6s
Devel A gen 6 Ms
j
63
----
108* "
108
A
f
1940 M n
{{♦Wllkes-Barre A East
45
6
61
*102 M
------
.....1949 M s
Wheeling Steel 4 Ms series A...1966
M
j
83
120M
♦119M
o
45M
23%
—
West Shore 1st 4s guar..
Wilson A Co 1st M 4s series A.1955 J
Conv deb 3Ms
.1947 a
52
—
♦Westphalia Un El Power 0S..1953 j
Winston-Salem S B 1st 4s...—1960 J
77
—
------
j
63
3
—
------
J
Western Union g 4Ms—..—.1950 mn
d
25-year gold 5s...
...—1951 J
30-year 5s.
..........—I960 M S
120
-
108M
107M 110
102 M 105M
121M 123
98M 104M
5
M
.122 M
1943
84M
48
104
2
----
122 M
102
87
M
----
90
*20
——————
71
82
68 M
82
------
13
108
100
25
104 M
d
13
113
d
1st mtge 3 Ms series 1
1966 j
West Va Pulp A Paper 4Ms...1952 J
14M
13 M
6M
----
Gen mtge 3 Ms...
1967 J d
West Penn Power 1st 5s ser E.1963 M S
63M
63 M
91
"79" "l05
6
69 M
42
7
*87"
82 M
*
S
41
68
30
-----
6M
6M
28
*78 M
•»
33M
S
224
89
A
m
54
69
70M
Southern By 1st cons g 5s..... .1994
Devel A gen 4s series A.
.1956
9
1st 40-year guar 4s
.....1945 f
Wash Water Power s f 5s
...1939 J
Westchester Ltg 5s stpd gtd—1950 J
1946 m
53 M
89
So Pac BR 1st ref guar 4s..... .1955
1st 4s stamped.
........ .1955
Warren RR 1st ref gu g 3 Ms—2000 F a
Washington Cent ,1st gold 4s—1948
m
Wash Term 1st gu 3 Ms.——1945
A
RR 1st consol 4s
1st 4 Ms (Oregon Lines) A...1977 M S
Gold 4M3-——
1968 M S
+
91
62
107M
84M
1941 m S
99
87M 100
83
94M
—
15M
42
147
12 M
48
-----
—
12 M
107
86 M
Certificates of deposit
{♦Warren Bros Co deb 6s
79 M
110
120M
101M 106
105 M 108 M
106 M 109 M
HIM
illM
11M
UM
%
68
—
—
1939 m s
o
Southern Natural Gas—
1st mtge pipe line 4 Ms..
1951 A O
So Pac coll 4s (Cent Pac coll)..1949 J D
Warner Bros Pict deb 6s
90M 104
♦108M
—-
107
O
103 M 108
——-
—
91M
12 M
12M
35
-----
38
--- —
-
12
a
74
"99"
o
West N Y & Pa gen gold 4s
40
J
.1980 a
Walker (Hiram)'G&W deb 4Ms 1945 J d
Walworth Co 1st M 4s—
1955 a o
k 6s debentures
.—1955 A O
-----
—
23
12
11
——
27 M
------
a
Western Maryland 1st 4s—...1952 A
1st A ref 5 Ms series A
1977 J
103M
A
------
o
-
♦Ill-.
*26*
------
16 M
----
60
High
99 M 106 H
32
67 H
20
26
44 M
*-.—
------
1978 a
81
106
23 M
*--
Low
76
40
47
*30*"
1976 F
24
105M
1st mtge A ret 4s._.........1965 F
Southern Colo Power 6s A
1947 J
5Ms A. 1975 M S
64
103
105
J
61M
20M
24
76
99
26
------
j
1941 A O
1941 m S
♦Ref A gen 5s series B
♦Ref A gen 4 Ms series C
♦Ref A gen 5s series D
17M
9
2M
3M
*3M
105
31
24
29M
"l"9M
J
♦Debenture s f 6 Ms........1951 M S
♦Silesia Elec Corp 6 Ms
1946 F A
Silesian-Am Corp coll tr 7s....1941 F A
Simmons Co deb 4s..
.....1952 A O
Skelly Oil deb 4s
4
gen
J
Since
Jan. 1
No.
High
104 M
45 H
Range
ll
Ask
A
104 H
46
23
34
{♦Wabash Ry ref A
20
*116
a
♦Omaha Div 1st g 3Ms
♦Toledo & Chic Div g 4s
104 M
A
>3
or
Friday's
Bid
Low
102M
1972 J
lie
Range
Sale
Price
Virginian Ry 3Ms series A.
1966 m s
{{♦Wabash RR 1st gold 5s....1939 mn
11
6
08
Qft
9M
.1943 1
*5San Antonio Pub Serv 1st 6s..1952 J
S A A Ar Pass 1st gu g 4s
STOCK EXCHANGE
Week Ended Oct. 21
High
88
*7
St Paul Minn A Man—
tPacific ext gu 4s (large)....1940 J
No.
Low
Week's
Last
Y.
N.
Jan. 1
Asked
High
St Paul A Duluth 1st
bonds
Since
Friday's
Bid
Friday
Range
Range or
Sale
Price
2503.
Week's
67
So'western Bell Tei 3 Ms ser B.. .1964
.1968
3s
109 M
♦{Spokane Internat 1st g 5s... .1955 J
Staley (A E) Mfg 1st M 4s_... .1946 F
.1961 J
2Mb————..... .1953
J
J
109M
3
102M
106M
102 M
106 M
58
106 M
99 M 102 M
106 M
101
17M
105M
18M
105M
6
9
1
101
103M
101M
104 M
61
100
101M
184
18
A
D
103 M
J
101M
.1943 J D
Ms
♦Studebaker Corp conv deb 6s. .1945 J
J
.1950 MN
Swift A Co 1st M 3Ms
Staten Island By 1st 4
*103 M
*~86M
3
87 M
*168
107'
107 M
23
103"
79
J
Term Assn of St L 1st g 4 Ms.., .1939 A
1st cons gold 5s
........ .1944
D
~96M
98M
*113
.1953
102 M
88 M
....
'1I4"
1980 J
D
Third Ave Ry 1st ref 4s...
J
40 M
A
O
7M
J
J
J
J
105M
1953 J
D
55 M
.Jan 1960
1937
5s.
Tide Water Asso Oil 3 Ms
1952
Tokyo Elec Light Co Ltd—
♦Adj Income 6s
{♦Third Ave RR 1st
g
1st 6s dollar series
.
Tol A Ohio Cent ref A imp 3Ms 1960 i D
Tol St Louis A West 1st 4s.... 1950 A O
1952 F
f 7s..—...
1945
Union Electric (Mo) 3Ms
1962 J
2
86
25
85M
33
2
39M
41
46 M
87 M
105M 108
119M 125
103
105M
105M
87 M
25
70
108 M
94
O
107 M
79M
debjSs
1950
A
75
50
4s
1944 M S
J
{{♦United Rys St L 1st g 4s—1934 J
U S Pipe A Fdy conv deb 3MS-1946
U S Steel Corp 3Ms debs
1948
♦Un Steel Works Corp 6Ms A—1951
♦Sec s f 6 Ms series C_
.1951
♦Sink fund deb 6 Ms ser A
1947
United Stockyards 4M» w w—1951
4
Utah Power & Light 1st
69 M
23
24
116
58
Monday
81H
19
107
101
8
92M
91M
93M
19M
~~3
5,562,000
767,000
955,000
1,002,000
941,000
971,000
5,718,000
6,424,000
5,276,000
7,502,000
256,000
147.000
.
1938
A
Vandalla cons g 4s series A—1955
Cons s f 4s series B
—1957 MN
*
1937
12,163,050
21,936,541
230,791,558
339,023,934
$1,889.000.
Stocks—No, of shares.
$5,839,000
$324,417,000
1,752,875,000
$2,365,401,000
Bonds
5,002,000
8.490,000
34,150,000
67,765,000
$114,898,000
194,706,000
1,120,045,000
$41,041,000
$82,094,000
$1,429,649,000
Government--------State and foreign
Railroad and industrial
Total.:
Stock and Bond
42 M
41
88 M
94
69
73
92 H
46
94M
51M
57
60
78 M
45
52M
57 M
92
45
18
77
are
the
288,109,000
Averages
daily closing averages of representative
stocks and bonds listed on the New York Stock
Exchange
compiled by Dow, Jones & Co.:
57M
97
Below
99 M
57
as
Bonds
Stocks
O
8,671,000
Jan. 1 to Oct. 21
21
1937
1938
Exchange
42
57
Vanadium Corp of Am conv 58.1941
6,364,000
: 198,000
New York Stock
123 M
104M
27M
27M
27 M
1
41M
Sales
34,697,000
6,721,000
6,906,000
7,682,000
3663,000
392,000
233:000
109 M
27
189
"II
3366,000
Wiek Ended Oct
Sales at
9M
60
41M
40M
24
...
33,668,000
80
57
1947
1959
1,468,810
2,520,660
2,408,280
2.433.940
1,616,290
1,715,070
110M
107
123
H
Bonds
80
104M
92
Bond
For'n Bonds
119
55
40 M
92~"
103M
104M 113M
107M 114M
97
107M
109M 116
83M 96
82
95 M
103
108M
121
90
Total
States
Bonds
Friday—.—
103 M
92
State,
Municipal &
United
Mis cell.
Shares
Thursday
104M
93M
{♦Util Pow A Light 5 Ms
{♦Debenture 5s
45
80
76 M
90 M
Railroad <ft
Number of
96
7
109 M
1944
Stocks,
Week Ended
97
105
"*64
Exchange,
Oct. 21,1938
Tuesday
12
108
73M
the New York Stock
at
Daily, Weekly and Yearly
Wednesday
23M
fis—-1944
Utah Lt A Trac 1st A ref 5s
Telephone 4Mb 1939, Oct, 20 at 103M.
110
13
60
40K
♦——
New York
20
1
94%
94M
transacted during the current week and not Included In
the yearly range:
103
"24"
41
Deferred delivery sales
,
*
80
"BB"
12
*108 M
U N J RR A Canal gen
z
No sales transacted during current week,
90
63M
102
109
94
Friday's bid and asked price.
Bonds selling flat.
Transactions
84 M
117
107M
76 M
♦
♦
87
40M
108M
93M
-
104
1
109
..1970 A O
..1971 MN
105..
{ Companies reported as being in bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
105 M
115
United Cigar-Whelan Sts 5s...1952 A O
United Drug Co (Del) 5s
—1953 M 6
Hackensack Water 4s 1952, April 26, 1939 at
San Antonio Pub. Serv. 6s 1952, Jan. 1,1939 at 110.
Virginia Elec. A Power 4s 1965, Nov. 7 at 105.
88 M
71M
98
108M
9M
111M
United Biscuit of Am
§ Negotiability impaired by maturity,
t The price represented is
unit of bonds. Accrued interest payable at
f The following Is a list of the New York Stock Exchange bond Issues which have
,
18
107
34-year 3Ms deb—
35-year 3 Ms debenture
69
90
71
*41
25
111
■
,
been called in their entirety:
117M 120
105M
106 M
Ex-interest.
x
9
99
•113M
1UM
....June 2008 M S
''
•'
•
41
106M
9M
"
the dollar quotation per 200-pound
Saturday.—
1st lien A ref 5s..—..June 2008 MS
1st Hen A ref 4s
104 M 116M
70
88M
3M
62M
70M
-
'
r
90
24 M
117
109
•
•
No sales.
108M
70
80
*23
Union Oil of Calif 6s series A...1942
..—.1952
Union Pac RR 1st & Id gr 4s—.1947
99
103 M 107 M
81M 81M
69
52 M
*95
{{♦Union Elev Ry (Chic) 5s...1945
3Ms debentures
*70M "«8M
26
87 M
106 M
A
J
*18
86
•120M
MS
Ujlgawa Elec Power s f 7s
63
114
7M
Cash sales transacted during the current week and not included In the yearly
e
range:
exchange rate of 34.8484.
*99
1949 M S
Trenton G A El 1st g 5s.
Tri-Cont Corp 5s conv deb A— 1953 J
J
♦Tyrol Hydro-EIec Pow 7Ms— 1955 MN
sec e
12
99 M
7
103M
102
109 M 114
26
88M
106 H
84
87 M
*—
Tol W V A Ohio 4s series C— 1942 M S
Toronto Ham A Buff 1st g 4s.. 1946 J D
♦Guar
114
103
*85 M
96
101
98
103 M 106 M
95
U3M
85M
85M
84M
Tex Pac Mo Pac Ter 5Ms A... 1964 M S
1960 J
73
99M
Gen A ref 5s series C.—... ,1979 AO
....
105M
*
.1977 A O
Gen A ref 5s series D
88
106M
Texas A N O con gold 5s...... .1943
Texas A Pacific 1st gold 5s..., 2000
Gen &ref 5s series B
102 M
103 H
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,
95
*103 M «104
O
Texarkana & Ft S gu 5 Ms A... .1950
Texas Corp deb 3 Ms
.1951
Gen refund s f g 4s
"98M
9M
102 M
19M
105M
104 M
101M
Tennessee Corp deb 6s ser C... .1944 M S
ls1| 6s ser A..., .1947
*——
103
95
106
*120M
102 M
107
Tenn Coal Iron A RB gen 5s... .1951 J
J
Tenn Cop A Chem deb 6s B... .1944 M S
Tenn Elec Pow
J
{♦Wor A Conn East 1st 4 Ms—1943 ■»
Youngstown Sheet A Tube—
1st mtge s f 4s ser C........1961 mn
.106 M 110M
102 M
So'western Gas A El 4s ser Dl. .1960 MN
Standard Oil N J deb 3s
....
54
95M
*105M
10
104M 105M
104
104
Date
30
20%>
15
Indus¬
Rail¬
UtUin
trials
roads
ties
Total
65
10
10
First
Second
10
Indus¬
Grade
Grade
Utili¬
Total
"40
trials
Rails
Rails
ties
Bonds
{♦Vera Cruz A P 1st gu 4Ms—1934 J
J
{♦July coupon off
J
Va Iron Coal A Coke 1st g 5s... 1949 M
S
*30"
38
35
45
J
*65
102
75
75
Oct. 21-
152.15
31.13
23.53
50.35
106.65
93.38
53.30
105.74
89.76
...1958 A O
*61
67
39
63
Oct. 20.
151.52
30.99
23.84
50.23
106.76
93.23
52.66
105.73
89.59
Oct. 19.
150.02
30.71
23.45
49.71
106.78
93.15
52.61
105.79
89.58
30.63
24.36
.50.38
106.79
93.10
52.15
105.76
89.45
Va A Southwest 1st gu
1st cons 5s
5s...—2003
J
*1
M
2M
J
Slocks
Oct.
18-
152.10
Oct.
17-
150.81
30.33
24.35
49.99
106.73
93.05
52.20
105.69
89.42
Oct.
15.
151.96
30.86
24.63
50.48
106.79
93.53
53.09
105.63
89.76
r
New York Curb
2504
Exchange—Weekly and Yearly Record
Oct.
1938
22.
the only transactions of the week and when selling outside
No account is taken of such sales in computing the range for the year.
NOTICE—Cash and deferred delivery sales are disregarded in the week's range unless they are
of the regular weekly range are
shown in a footnote in the week in which they occur.
following extensive list
In the
furnish
we
a
Sales
Friday
Week's Range
for
Sale
Par
of Prices
Low
High
Week
Price
com—20
29
*
Class B
3%
1
3X
"VA
Ainsworth Mfg common.t
Air Associates Inc com—1
"A
Air Investors common...*
1%
preferred
X
IX
Southern..60
Gt
pref
Invest
2,400
%
IX
900
Co
11%
'11
Ltd
Borne Scrymser Co
67
50
44%
Mar
07
Oct
Bourjois Inc
h»
122
115
108 A
107
4,700
108%
1,600
14%
100
'l35% 142~"
4",700
14%
108
American Airlines Inc.. 10
com..!
American Book Co
"l6H
'
IX
108
14%
1
50
17
1
4%
X
Mar
Jan
Aug
Breeze
18%
Aug
Brewster
10%
11%
108%
Oct
Sept
16%
Mar
5%
June
Feb
Mar
142
Oct
Brill Corp class B
Feb
108
Oct
Mar
17
94%
8
%
Mar
Oct
1%
Jan
64
Mar
12%
July
1%
1,000
30%
30
400
British
Mar
4%
Aug
%
Mar
%
Mar
24%
Apr
July
Apr
70%
•
Sept
3%
Apr
1%
Aug
Mar
1
30%
Oct
900
16%
Apr
30%
Oct
3%
8,000
1%
Mar
Jan
Oct
25
July
3%
27%
27
2%
9,500
15%
Mar
27%
2
900
%
Mar
Amer Cyanamld class A. 10
10
n-v
26%
Amer Foreign Pow warr...
Amer Fork & Hoe com..*
Amer Gas & Elec
*
com
$6 preferred
10c
25
1%
12
33 X
*
American General Corp
"~5%
12
33
37%
21,300
112% 114%
5%
"5%
575
100
1,200
1
25%
200
14
150
Amer Invest of 111 com
*
Macy.__20
Amer Lt & Trac com...25
6%
preferred
18
700
.
Amer Maracaibo Co.
Jan
2%
*
$6
Brown Rubber Co
L) Co com
Buckeye Pipe Line
Oct
Sept
Mar
5%
Oct
Bunker Hill & Sullivan 2.50
Apr
28%
30%
July
Mar
Aug
Mar
14%
July
June
25
Aug
Cables & Wireless Ltd—
Mar
20
Aug
X
%
4,600
29%
1,200
16
47
150
Mar
Jan
1
Apr
29%
%
1%
%
76,700
Mar
55% June
Oct
B
9,600
8%
Mar
3%
100
Sept
4
1%
1%
200
3%
1%
2%
Mar
2%
7%
Apr
200
3
400
200
13%
107
40
si#
3,500
96
Oct
Apr
Aug
23%
Capital City Products...*
July
Jan
4
10%
2%
Feb
Co
Jan
3%
1,300
1%
Mar
3%
July
**!•
500
*i«
Jan
Apr
Oct
Jan
Castle (A M) common.. 10
Catalln Corp of Amer
1
Jan
7% May
6,500
7% 1st partic pref...100
Celluloid Corp common. 15
$7 div preferred
*
1st preferred
*
Mar
78
Aug
5
Mar
9
July
3%
Mar
4%
Aug
Mar
11%
Jan
400
1%
3%
Jan
60
Mar
80
Jan
7,300
16
Sept
32
"22%
22%
23%
17
18
82%
3%
84%
150
21%
21%
12%
4
13%
800
%
3%
Mar
11%
Oct
Cent & South West Util 50c
2
1ie
5,000
Jan
>i«
Jan
Cent States Elec
1
%
%
Jan
6%
preferred
100
5%
5%
Mar
Sept
>.6
Mar
7%
pre.erred
100
2%
Sept
Mar
Conv preferred
...100
Conv pref opt ser '29.100
Mar
Mar
»i»
6%
%
Sept
89
5%
July
Jan
30
Sept
1%
Jan
Mar
Mar
25%
Oct
%
Jan
2%
9%
Jan
July
8%
Jan
X
Mar
Avery (B F)
5
6
6
100
4
Mar
iJar
20
20
50
15
Apr
13
Mar
25
Jan
21
27,500
17%
Aug
1% May
2%
2%
Jan
1%
2%
Oct
Mar
Centrifugal
1
com
Pipe
36
36%
32
31%
37
310
10,500
13%
19
Mar
June
36%
July
Oct
37
18%
1,100
4%
Mar
300
8%
1
1%
2%
11%
%
June
18,500
20
8
1
"li
Mar
700
6%
1%
Apr
3,200
"~5% "6% ""566
8%
7
8%
11,700
1
Mar
7
Barlow A Seelig Mfg A
5
Basic Dolomite Inc com__l
June
6%
9%
1%
Jan
2%
Jan
11
12
.
200
2%
2%
2%
1
17%
14%
17%
2,000
13,400
5%
7%
13,000
1
118
118
15%
325
15%
100
*
Berkey A Gay Furniture .1
warrants..
com
pref
For footnotes see page 2509.
%
1
%
11%
Apr
Apr
25
Jan
4
Oct
Oct
Feb
Feb
June
3
Mar
4%
25
14
Mar
23%
Sept
69
Jan
10%
Mar
14
May
08% May
75%
Apr
84
Feb
92
June
500
4% June
25
2%
7
64
Mar
12,900
13,100
3,750
1
Mar
%
84%
8%
2%
Oct
%
Jan
Sept
3
Mar
6
7% May
Mar
7
50
7
Oct
10
5
6%
950
3
Mar
4%
4%
700
3%
Mar
7%
300
6
100
July
17
7
12%
14%
550
Jan
June
83
Apr
7%
4%
Aug
8%
Jan
7%
Jan
Feb
Strip
Co
5
Corp
,
10
Cherry-Burrell common..5
Chesebrough Mfg
25
7%
7%
Chicago Flexible Shaft Co 5
Chicago Rivet & Mach
4
Chief Consol Mining
Childs Co preferred
114%
Preferred
*
June
5
Mar
Jan
21
7%
75
114%
114
71%
72
5
12% June
13%
700
97
Mar
114%
Oct
72%
8%
550
40
Jan
79%
July
5% Mar
% June
9%
July
400
1
100
Cities Service common..10
Preferred
6
13%
"45"
9%
8%
37%
37%
Jan
""275
9%
39
20%
Mar
53
July
10,000
5%
Sept
11
May
2,000
"47
21%
Mar
47% May
2
BB
5
May
Mar
46
May
50%
City Auto Stamping
*
City & Suburban Homes 10
Clark Controller Co
Claude Neon Lights Inc..l
Clayton & Lambert Mfg.
Cleveland Elec Ilium
*
125
29
Feb
52
125
20
Feb
67
7%
8
1,900
4
Mar
4%
2%
Mar
Feb
72
4%
*
53
47%
Cities Serv P & L $7 pref
preferred
Mar
20
...
7%
"20
Feb
Aug
Oct
Jan
400
13
Sept
1%
3,100
1
Jan
Mar
4
Mar
38%
250
30%
leb
39
Aug
3%
Mar
6%
20
18
1%
1%
300
8%
4%
2%
36
20
2%
Jan
Feb
June
6%
July
9%
July
Clinchfield Coal Corp__100
2%
5%
2%
100
1% June
3%
Jan
July
Club Alum Utensil Co..
1%
2
300
1
Mar
2%
Aug
Mar
Cockshutt Plow Co com..*
Colon Development ord
9%
9%
2%
100
7
Mar
12%
Aug
900
Jan
"_0% "7%
3~666
5
July
4%
Mar
63%
May
Oct
11
1%
Mar
8%
2%
Mar
Mar
Apr
6% June
July
12
com
6% conv preferred
Colorado Fuel & Iron
*
5%
9%
Oct
17%
Oct
Colt's Patent Fire Arms.25
Oct
Oct
Conv 5%
7
Feb
Columbia Oil & Gas
18
Aug
Mar
29%
Aug
265%
May
1%
Jan
%
70
3%
175
19,400
4%
Mar
Aug
7% June
119%
1
3%
Warrants
•
3%
Commonw Distrlbut
12
Oct
Mar
37
Oct
Community P & L $6 pref *
Community Pub Service 25
Community Water Serv__l
70
Oct
70
Oct
"33
25%
Sept
July
4%
16
Jan
Aug
%
Jan
Feb
1%
33%
250
16
Mar
32%
Oct
Oct
25%
27
675
17%
Sept
27
Oct
900
%
Apr
*1
Jan
1it
%
1
1
1
2%
32
%
Jan
Mar
*16 May
Mar
47% June
45
13%
Columbia Pictures Corp..*
Commonwealth & Southern
%
3,400
70
59
68%
preferred ..100
Mar
30
3%
Mar
3%
Columbia Gas & Elec—
7%
167
warr.
July
9%
1% June
3%
2%
£1
2%
113%
5%
900
200
1%
4% May
1,500
7
12
7%
80
1%
Charts
14%
117
Aug
200
147
100
Jan
Jan
10
3
11
1
Aug
Cleveland Tractor
4%
.10
Oct
Oct
20
51
.100
Jan
7%
23%
Chamberlin Metal Weather
$6
Baldwin Locomotive—
7%
80
4%
Preferred B
Axton-Fisher Tobacco—
36%
Jan
50
40
%
Mar
2%
July
200
4
89
88
6,800
16
4% May
6% Mar
%
48
84%
*
com
I" 100
80
6%
8%
300
"3% "3%
7% pfd 100
120
300
17
3%
Cent Pow & Lt
300
19%
1,300
July
fApr
Oct
40
Cent Ohio Steel Prod
800
4%
lii«
4%
24%
72
Oct
1,700
1%
10
71%
Jan
4,700
Jan
Feb
Aug
1
1
4
%
2
85
1%
8%
6
300
Oct
Apr
1%
2
4%
22%
Apr
Aug
25
7
Mar
%
2%
50
1,800
17%
2
3%
Jan
July
Jan
65%
67
24
3%
1%
10%
10
%
1i«
Jan
Sept
Sept
Apr
%
81
"is
1%
9
4%
81
22%
81
3,900
28,400
1
Sept
15
%
1%
9%
10%
1%
10%
11%
%
Oct
Aug
1%
3,000
1
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Cent Hud G & E
1
Jan
•
Celanese Corp of America
4%
200
....
*
8%
25
Jan
5
1%
3%
common. 1
Products
Feb
8
Carter (J W)
*
1
lit
1%
conv
preferred
Carrier Corp new conv
4%
Automatic Voting Mach__ *
$2.60
3%
1
'fx
1
com
$6
Casco
Mar
6,400
Purchase
Aug
2%
3%
*
B
Mar
%
1%
Blckfords Inc
Class
Oct
107
Mar
X
Conv pref
2%
*
Carolina P & L $7 pref...*
4%
%
Bell Tel of Pa 6 X % pf_ 100
Benson A Hedges com..
400
4%
25c
Carnegie Metals
2%
1
com
2%
2%
%
59
5
Oct
104
3
Carnation Co common—*
3,100
Austin Silver Mines
com
July
2%
1
Marconi
Oct
23,500
4
9,900
Corp
18%
'
Oct
200
3%
25%
Bell Aircraft
Mar
*
non-voting
Canadian
Jan
23%
22%
Bell Tel of Canada
10
18
Feb
75
72
20
'24%
Bellanca Aircraft
2,900
Canadian Indus Alcohol A*
*
20
18
17%
Sept
1
com.
Apr
70
*16
25
Mar
22%
Apr
88
1,400
Apr
Corp
Beaunit Mills Inc
Oct
18%
550
22%
Apr
3%
3%
Atlas Corp warrants
$1.50 conv pref
Beech Aircraft Corp
24%
Jan
11%
100
18%
__*
7% 1st prferred
July
29
Assoc Tel & Tel class A..*
Atlanta Gas Lt 6% pref 100
Bath Iron Works Corp
1
Baumann (L) Co com...*
15
39
22
»i«
4%
Oct
May
6
21
3X
3X
Jan
May
6%
Oct
lit
1
Apr
Apr
2%
Option warrants
Assoc Laundries of Amer.*
Barium Stainless Steel
650
26
2%
Jan
40
Mar
13%
*
7% preferred
30
Baldwin Rubber Co com.l
Bardstown Distill Inc...
100
Oct
19
105
..1
com.
17,600
28
3%
21
...1
Purch warrants for
20
1% May
6
4%
*
Mar
100
3%
Camden Fire Ins Assoc
4%
10
July
8
22
Canadian Car <fe Fdy pfd 25
£1
Class A common
Babcock A Wilcox Co
24%
21%
33
Jan
Apr
Oct
3%
3
Jan
5
Jan
72
"1%
Apr
Sept
Oct
Industries
1
July
27%
26%
18%
7
Aviation A Trans Corp
21
23
7
xw
21% June
26
Arkansas P & L $7 pref..*
Art Metal Works com
5
w w
Apr
Mar
6
6% preferred
18
June
10
0% preferred
Warrants
Oct
May
10
IX
Appalachian El Pow pref *
{Arcuturus Radio Tube..l
Automatic Products
11
30
22
1%
Atlas Plywood
Oct
30
Mar
Mar
100
Oct
American Thread pref...5
Oct
6%
5,60o
Carib Syndicate
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..50
Jan
]
Carman & Co class A_-
t c
Jan
4%
15
pref shs £1
Calamba Sugar Estate..20
Aug
v
%
2%
14
50
Am dep 5%%
'•Jan
Common
Mar
88
103% 104
Cable Elec Prods vtc...*
7%
__
"26~"
Burma
11%
$5 preferred
Oct
Jan
100
14
14
17%
8
45
*21*"
Oct
10%
300
6%
6%
5
6%
Bruce (E
47%
Class A
300
23%
30
30
1
com
Jan
Common...
1,100
20
3%
*
preferred
Mar
1
21%
20
20
Brown Forman Distillery .1
Mar
Elec
20%
26
Corp Am dep rets..
Burry Biscuit Corp.. 12%c
26%
29
Jan
7%
33
Apr
Apr
Mar
5
Amer deposit rets
Assoc Gas & Elec—
400
6 X
23
14%
7%
Mar
%
2
15%
Class A pref
37%
Feb
550
11
Brown Fence & Wire com.l
114%
12%
July
July
14
July
Mar
Mar
1,100
1,300
30
23%
Apr
8%
19%
104
July
Sept
May
4%
28%
5
..50
Buff Nlag & East Pr pref 25
$5 1st preferred
*
2
1%
4%
ord reg--10s
3
Associated
4%
X
Am dep rets
30
Ashland Oil A Ref Co
Apr
Sept
900
*
2,200
Mar
23%
11,100
Preferred
7
2%
25
17
British Celanese Ltd—
5%
Common class A..
25
Mar
Sept
Apr
10%
*
22,400
7%
3
Mar
9%
com
200
Jan
Jan
19%
4%
Arkansas Nat Gas
Feb
July
Mar
22%
5%
Angostura Wupperman__l
Apex Elec Mfg Co com...*
1%
1%
*
"16"
*
Sept
Tobacco—
Amer
10
Anchor Post Fence
5
18%
X
*
Apr
54
Amer Potash A Chemical. *
$6 series preferred
Aug
dep rets ord bearer£l
Amer dep rets reg
£1
Amer Seal-Kap com
2
Am Superpower Corp com*
1st $6 preferred
...*
American Republics
13
25%
18%
1
_*
Mar
17
100
Amer Meter Co
Oct
10
25%
17X
25
Amer Mfg Co common 100
Preferred.
18%
31
7*
Am
21
25
14
25%
$2.60 preferred
Mar
100
2,800
Oct
5%
10%
300
9%
20%
25
$2 preferred
Amer Hard Rubber Co..50
Amer Laundry
16
30%
28
Mar
1,700
24%
30
British Amer Oil coupon.
Oct
July
Mar
1
2%
*
A—
{Brown Co 6% pref...100
25
Class A with warrants.25
Class B
1%
3%
Brillo Mfg Co common...*
Class
12%
Apr
4%
Oct
% June
1%
4%
...100
preferred
7%
42
July
July
76
*
6%
50
1%
6%
*
A...
Mar
Am Cities Power & Lt—
Class B
Class
1%
34
Bright Star Elec class B__*
67
Jan
% June
1%
5
7%
Feb
14%
21%
3%
12
Mar
11
Mar
4%
11
200
33
33
Bridgeport Machine—.
Preferred.
-—100
10%
*
*
Amer Centrifugal Corp__l
3%
7
Bridgeport Gas Light Co.*
Registered
"loo
11%
9
Mar
Mar
15%
1%
15
3%
Aeronautical.-.1
Oct
122
Apr
14%
1,600
10c
Class A
Corp
2
11%
$3 preferred
$5.60 prior pref
15%
Mar
American Capital—
Class A common....10c
Common class B
1%
1st preferred
100
preferred
.*
Brazilian Tr Lt & Pow...*
50
5
5
2d
11
350
10%
*
7%
800
31
10%
Bowman-Biltmore com—*
10%
93
2%
18
29
Oct
Feb
Aug
500
100
1,825
Jan
Aug
May
44
Amer Box Board Co com
400
5%
1%
58
4,400
1%
41%
10%
10
25
3
138
100
41%
"1%
2 %
%
100
High
Sept
6
7,600
1%
Apr
8%
400
8X
125
1%
Mar
%
15,500
19%
41%
pref...:—*
(£) & Co
*
com—*
7% 1st preferred
100
Bohack (H C) Co
Oct
14%
"i%
Blumentnal
Jan
11%
19
13%
$3 opt conv
Oct
%
Oct
12%
118
common.*
American Beverage
Jan
18
76
6
100
preferred
2
Mar
Sept
54%
Aluminum Industries com*
6%
Blue Ridge Corp com
Apr
Mar
*it
Aluminum Goods Mfg—*
Aluminum
Jan
50%
26
6% preference
1%
1
1
33%
100
Low
10
1
Bliss & Laughlin com
10% Aug
25
10
com
Bliss (E W) common
Sept
r
600
6%
6
10%
Ma
Oct
Mar
Shares
*
260
2
common.
*
& Machine Co com
Blauner's common
76
8X
Class A conv
1
100
200
IX
Price
Mar
5%
Week
Birdsboro Steel Foundry
54.X
IX
pref
conv
Jan
July
63
com
Allied Products com
Sept
72
74
Allied Internat Invest com *
Aluminum
*i«
%
4%
37
54%
-*
$6 preferred
Alles & Fisher Inc com...*
$3
7%
X
Ala Power $7
Alliance
9%
300
18
18
Warrants
Alabama
2,300
'
19%
Apr
for
of Prices
Low.
High
Feb
34
Jan
100
8X
7%
8%
1
Air Devices Corp com
2%
23
34 X
34
Week's Range
Sale
STOCKS
High
17% June
14%
Feb
"9;966
Mfg class A.*
Aero Supply
Agfa Ansco Corp com
Conv
100
4
28
Range Since Jan. 1, 1938
Last
Low
Shares
Par
Acme wire v t c
Sales
Friday
Range Since Jan. 1, 1938
Last
STOCKS
for the
compiled entirely
stock or bond, in
complete record of the transactions on the New York Curb Exchange
week beginning on Saturday last (Oct. 15, 1938) and ending the present Friday (Oct. 21, 1938).
It is
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether
which any dealings occurred during the week covered.
X
16i«
Aug
13,500
400
%
New York Curb Exchange—Continued-
Volume 147
Friday
STOCKS
Last
Week's
Sale
(Continued)
Par
Range
of Prices
High
Price
Low
1946-_.— 1
t c ext to
16
15K
Cusol Biscuit Co
7
Conujl Copper Mines
Consol G E L P Bait
5
Range Since Jan. 1, 1938
for
72 54
com
71%
11
1.000
8%
72%
7 54
30,700
2,000
10
113
700
Consol Mln & Smelt Ltd.5
Consol Retail Stores
6354
1
6554
85
1,500
85
May
Mar
5
70
July
85
Apr
1H
100
IN
2%
Mar
525
67%
Apr
4%
May
May
9H
6%
714
9%
82
8%
"l'ioo
10%
400
9%
*
20 54
9%
19%
10%
2,700
20%
300
154
5%
82
Sept
Mar
Mar
10%
Oct
Mar
4%
14
July
U%
64%
20%
Oct
6%
7%
1,000
4%
May
8
25%
27%
200
18%
June
30
3
1
200
70%
1%
Mar
100
1%
53%
May
2,500
%
June
254
June
1354
354
Oct
154
Feb
21%
4,600
17%
Mar
2754
Jan
3%
Mar
854
Jan
11«
Mar
•ie
July
55 preferred
Gilbert (A C) common
Preferred.:
Gilchrist Co...
20
7%
8
3,800
ht
ht
1,700
4%
100
3
3
100
2%
Sept
9%
1%
9%
400
8
Sept
1%
19%
900
1
Mar
18%
50
14
June
%
%
200
Mar
554
July
43% 45
10854 108 %
8%
8%
300
25
May
Oct
10
102
Jan
4554
10854
"lli
3
10
7
254
43 54
6% % preferred
100
Darby Petroleum com...5
108%
5%
1,200
Davenport Hosiery Mills.*
10
Dayton Rubber Mfg oom.*
Class A
35
"l5%
16~~
"300
24
24%
5%
31%
150
31
2
15%
2%
400
1
5%
Dennlson Mfg 7% pref. 100
Derby Oil A Ref Corp oom*
A conv preferred
..*
2%
Jan
Mar
I
8%
9%
3%
25
Detroit Gray Iron Fdy.-.l
Det Mich Stove Co com._l
1%\
1%
114
2%
2%
15
15
34%
Diamond Shoe Corp com.*
Mar
Mar
July
Aug
Aug
954
S3 preferred
Gorham Mfg Co—
Oct
Jan
July
July
254
July
July
Oct
Mar
11
May
1654
Oct
22%
2%
56
Jan
Mar
2454
Feb
354
Jan
Haloid Co
13
Hartford Elec Light
23
July
June
110
Mar
Sept
2
Feb
Mar
65
Jan
2%
2%
200
4%
5
800
%
3%
7
200
6
13%
12%
64
14
4
Oct
Apr
654
Jan
May
7
12,600
Jan
July
Jan
954
Feb
Mar
14
Sept
Sept
Sept
52
31
Jan
12
July
East Gas A Fuel Assoc—
2,000
1%
26
600
21%
6% preferred
16
1,500
100
Iron.25
8%
10
25
*
$7 preferred series A-..*
6%
Apr
1,600
Eastern States Corp
%
Mar
14
1,050
*
775
Easy Washing Mach B
*
Economy Grocery Stores.*
400
200
1%
13
15J4 383,600
00%
*
.*
65
65%
Elec Power Assoc com...l
70
2,700
8,500
,
1
Oct
June
354
154
26
2554
454
Jan
May
2054
20
20
50
50
72
July
Apr
Mar
3154
June
Apr
7954
Oct
454
58
1554
7
1754
88
li« May
Feb
3
16
Apr
24
Mar
54
Mar
Mar
5754
6054
275
125
7
1454
3854
July
Aug
900
454
Mar
Mar
23,800
%
854
16
May
54
Sept
{
300
7,800
33
Feb
90
Oct
110
81
Jan
101
Oct
5
June
3
900
12
Jan
Apr
64
July
».
Apr
Sept
154
1,100
454
2354
454
2954
200
54
254
June
1,200
1354
Mar
2954
654
3054
454
May
Apr
May
3054
1,400
350
12
20
11,000
654
100
254
554
554
354
.
654
100
854
200
Jan
6
Jan
Mar
9
Oct
Jan
Sept
8
Sept
Mar
854
38
100
27
Mar
56
56
50
40
58
554
Mar
1354
July
1,400
1154
Mar
Aug
14
1,100
1554
1654
.
1554
854
".35 ~
Mar
Jan
700
5%
4,500
2%
Mar
654
July
2,900
1%
Apr
Apr
254
22
200
9
554
18
250
35
104
10
64%
6254
7\9()6
6554
454
Mar
8%
July
Oct
June
2154
9854
22
Oct
Sept
4
Feb
Jan
30
Oct
10554
Oct
1154
July
Mar
50
Jan
Mar
8
"
May
Oct
7% pref stamped
100
Hydro Electric Securities.*
Hygrade Food Prod
6
Mar
7254
654
July
254
1154
Sept
12
July
(Huylere of Del Ino—
2%
3454
104
Hummel-Ross Fibre Corp 5
H ussmann-LIgonler Co
*
15%
2154
254
100
1,200
Oct
Mar
700
8
Ino...5
Humble OU A Ref...
*
34%
Oct
Oct
Sept
9
854
1454 £1454
*
Oct
Oct
7
38
10
Oct
Jan
Mar
1154
3854
554
35
Oct
Oct
12
24
554
Aug
154
154
Mar
Mar
2%
70
72
300
J*
10
1%
76
Sept
6
Jan
Jan
Oct
24
Jan
65
May
56
154
Feb
40
175
28
Jan
44
100
28
Feb
44
4554
350
28
Jan
48
48
200
32
Jan
21
22
1054
~45%
43
43
12
»ii
115*
1054
;
'
May
5554 May
6754 May
68
May
Registered
1754
May
22
6%
Mar
12
Oct
Indiana Pipe Line.
%
Mar
uu
13
Jan
Indiana Service
31
Jan
Eureka Pipe Line com...50
7
May
Sept
19
Jan
European Electric Corp—
154
June
250
15
June
4,800
2
Mar
1654
3,800
12
Mar
454
4 54
454
1854
554
11 54
4,300
1,750
3
Sept
"1754 "l754
4~400
9 54
Jan
54
Oct
5J4
254
3354
4 54
1854
July
9
July
6
Jan
Jan
Oct
Oct
Jan
1754
Sept
1554
Sept
19
Mar
1354
1754
554
754
1454
Mar
1554
July
Oct
3754
Mar
Oct
1
200
1754
1354
854
Jan
Jan
1954
Mar
Imperial Tobacco of Great
500
5,300
1,100
23 54
Imperial Tobacco of Can.5
7.000
Feb
i"i«
Mar
354
1654
...*
700
%
11%
"1%
Indus..£1
Imperial Oil (Can) coup..*
Mar
Mar
22
*
Imperial Chem
43
6
154
"354
.
Zinc
54
454
5% conv preferred....50
Dlv arrear ctfs
Illinois
800
3
Illinois Iowa Power Co...*
Jan
300
1,700
54
54
Hygrade Sylvanla Corp..*
13
June
1%
354
1
Mar
60
2
Common
July
July
1J16
Britain
7%
A
Ireland
£1
3254
10
754
preferred
400
3154
754
1,100
654
1154
00
14
100
3254
7
11
6% pf.100
14
3154
50
10054 10054
Indpls PAL 654% Pf-100
50
5
Jan
Sept
954
10
Jan
Aug
Mar
Oct
1954
Apr
854
82
10054
Oct
Jan
May
Indian Ter Ilium Oil—
*u
Mar
2
Mar
6%
Mar
10
16%
Mar
2154
....
1
514
1
Fanny Farmer Candy coml
Fansteel Metallurgical
Fedders Mfg Co
5
Ferro Enamel
1
*
5%
5%
7,700
7
Falstaff Brewing
7%
200
5%
6%
20%
6%
20
300
4
5%
6%
20%
300
4%
Mar
1,300
14%
Sept
Mar
11%
%
63
Flsk Rubber
10 %
1
100
Florida P A L 37 pref
*
Ford Hotels Co Inc..
Mar
%
2,400
•u
39%
Apr
6,400
4%
Mar
50
48%
66
69
1,000
»i»
July
554
July
%
62%
9%
Apr
Non-voting class A
Class
B
*
%
%
V t
8 54
Jan
Insurance Co of No Am. 10
Jan
International Cigar Mach *
1454
Mar
ru
Jan
7%
1
c common—
preferred
54
11
6554
50
Pref $3.50 series
Oct
6654
2254
1,250
1954
22 54
25
100
Oct
20
Internat Metal Indus cl A *
3,400
A stock purch warrants.
1154
3%
July
Feb
13
4854
1654
Mar
69
Mar
2254
Aug
854
Apr
Feb
2254
Oct
54
854
354
May
7
Oct
Internat Paper A Pow warr
354
254
3 54
9^200
6954
Oct
International Petroleum..*
2654
2654
2654
4,000
*854
Sept
554
Registered
54
6
Mar
Apr
154
4
700
3%
Sept
Jan
Internat Radio Corp
23
24
2,100
Mar
24
Oct
3
Internat Safety Razor B__*
23
24
325
14 H
15
Mar
24
Oct
1%
Mar
1
3154
Mar
31
Mar
1254
454
1254
354
1,100
2 54
Mar
1254
10
%
5,400
5
Mar
1
600
54
Jan
May
*
54
754
2454
*i«
Apr
Feb
Mar
Class
254
Apr
*
1
A
Class
B
$1.75 preferred
$3.50 prior pref..
International
Vitamin—1
Interstate Home Equip.-1
Forf ootnotes see page 2509.
Oct
Mar
Sept
Sept
Feb
International Utility—
Motor of France—
Amer dep rets... 100 frcs
Aug
21
Warrants series of 1940--
*
Oct
Oct
2254
—
International Products...*
3%
Ford Motor of Can el A..*
Feb
%
100
'
Sept
7754
154
Mar
Internat Hydro-Elec—
64
Ltd—
dep rets ord reg..£l
11
6354
26
Mar
Sept
54
100
22 54
100
54
x8%
"68"
*
1%
_....*
654
23
Oct
Industrial Finance—
Oct
July
Sept
63%
11
7754
340
7754
1
Fire Association (Phila).lO
Ford
254
54
1
454
2854
1
100
700
Mar
Mar
1654
B
July
Mar
Mar
6
5% preferred..
Hubbell (Harvey)
81%
Class
Oct
354
1%
18
154
Oct
754
50
Hardart
Oct
July
275
200
A
Jan
June
11
Horn
Oct
Aug
754
Horn (A C) Co common.. 1
70
16
40
24
Oct
Mar
3
11
Jan
Oct
Mar
3554
854
24
1654
Jan
65
101
854
Apr
Jan
Jan
Oct
125
Apr
25
Mar
Oct
2054
154
9 54
1154
Jan
Aug
July
Apr
30
50
15
1554
"ii
Mar
41
654
854
H
4%
Feb
June
11754
2554
54
"22"
65
Jan
95
50
3554
754
2
Holt (Henry) A Co cl A..*
Hormel (Geo A) A Co com*
Mar
July
Hewitt Rubber common..5
Hey den Chemical
10
Hires (Chas E) Co cl A
*
w w__
Jan
9
Jan
Mar
Mar
Jan
Feb
054
35
554
354
Oct
June
654
41
Mar
1354
Oct
254
Hollinger Consol G M...5
Holophane Co common..*
Oct
62
Mar
Sept
Sept
954
72
Jan
Jan
7
7
...2
common
90
May
454
26
4,900
si«
*40
♦
Preferred
May
454
900
1154
354
14
42
Sept
1,100
3,200
1054
7%
*
Jan
36
Oct
48
'
954
Jan
15
Mar
200
7i«
54
8
654
A
154
Mar
4,000
93
3554
Hoe (R) A Co class A
15
Motor Co
654
1354
122 54 F23 54
5754
Jan
Empire Dlst El 6% pf.100
Empire Gas A Fuel Co—
36 preferred
Class
Aug
Aug
July
July
40
"l"66
31
2754
1054
354
2
1
Corp
475
654
654
2
1
6% preferred
..100
% preferred
100
7% preferred
100
8% preferred
100
Empire Power part stock. *
Emsco Derrick A Equip..5
Equity Corp com
10c
Esquire-Coronet
1
79J4
1354
1154
1054
'
7554
30 54
4,300
1
Electrographlc Corp
Flat Amer dep rights
Fldelio Brewery
100
50
4,500
*
Corp
10
7
25c
6% conv preferred
5%
4%
Falrchlld Aviation.
90
7i«
Corp
*
Hearn Dept Store oom...5
5%
Elec Shovel Coal 34 pref..*
Option warrants
100
%
854
900
1
32
.
Elgin Nat Watch Co
15
46
1
5
*
t c
1454
*
5
1
Electrol Inc
Mar
2H
13
1,500
2
Mar
13
150
Elsler Electric Corp
1
Elec Bond A Share com..5
ww
80
63
25
Heel a Mining Co
Helena Rubens teln
Mar
*M
Feb
Mar
18
20
Hazeltlne
Heller Co
*
454% prior preferrd. 100
May
50
2
Hat Corp of Am cl B com. 1
%
l«4
5
Mar
""700
Sept
30
u*
11%
1%
64%
July
65
*
100
103
Oct
54
70
100
Hall Lamp Co
Mar
J&Q
1554
Apr
2,800
preferred
Gypsum Lime A Alabast.
9
Oct
July
Mar
50
pulf States Utll 15.50 pref *
Sept
14
22
10
19*4
Oct
54
1,000
32
2054
Grumman Aircraft Engr..l
Guardian Investors
1
Gulf Oil Corp
25
Jan
22
7
Mar
9
Grocery Sts Prod com._25c
...10
7
1054
1,000
7154
93
Non-vot com stock....,*
7% 1st preferred
100
Gt Northern Paper
25
Greenfield Tap A Die
*
Jan
Feb
Mar
50
575
254
53,
31
Great Atl A Pac Tea—
Hartford Rayon v t c
Hartman Tobacco Co
Harvard Brewing Co
63
89
Mar
70
614
'1354"
Gray Telep Pay Station..*
Jan
July
1%
A or
154
57
«
1654
6454
4%
pref
1554
Goldfield Consol Mines.. 1
Gorham Inc class A
...*
May
May
1H
400
Aug
""6%
1154
15
Jan
12
800
18
1454
954
1,000
3
7954
V t c agreement extend.*
58
87
2654
(Grand Nation'1 Films Ino 1
Grand Rapids Varnish...*
754
43
Aug
7
Oct
354
Mar
90
90
Aug
40
Mar
Oct
Jan
Sept
Sept
Mar
46
Mar
354
354
3554
100
Option warrants
1454
*
Mar
Durham Hosiery cl B com *
Duro-Test Corp com
J
Duval Texas Sulphur
*
Am
preferred
Sept
Sept
1%
Ford
$7
9
12
Dubiller Condenser Corp. 1
Duke Power Co
...100
v
Jan
1%
8%
2%
July
Sept
18
28
Apr
47
Electric ShareholdingCommon..
125
5
60
Class A
200
43
*
""600
Elec P A L 2d pref A
23
43
50
Glen Alden Coal
;._*
Godchaux Sugars class A.*
Class B
*
12%
$5 preferred
1954
2554
June
62
36 preferred
Mar
400
30
12
Edison Bros Stores
654
18
*
61
16 preferred series B
11
*
1%
1
Common
xl8
*
»
Malleable
7054
1054
June
2%
Dominion Steel A Coal B 25
Eagle Plcher Lead
Jan
Mar
4054
1354
25
5%
10 M
Distilled Liquors Corp...6
Distillers Co Ltd
£1
Divco-Twin Truck com..l
24
Mar
June
""300
34
2%
35%
154
Sept
3,300
Detroit Paper Prod
...1
Detroit Steel Products...*
154
20
17
lH
300
Jan
Apr
37%
1
20
6
1154
Apr
17
30
Jan
Jan
May
5%
100
5
Jan
%
com v t c
*
conv
Jan
Jan
12
4%
4%
*
7% preferred
14 54
1,
Georgia Power $6 pref...*
~20%
25
Driver Harris Co
150
17
Gen Water G A E oom...l
S3 preferred
.♦
Draper Corp
Aug
17%
1,100
General Tire A Rubber—
6% preferred A
100
May
Dobeckmun Co com
854
18
15
Rayon Co A stock...*
General Telephone com.20
$3 conv preferred
*
54
Co com..25c
ww
Mar
100
Warrants
Gen Outdoor Adv 6% pf 100
Gen Pub Serv |6
pref
•
6%
Delay Stores
654
754
75
General Investment com.l
$6 preferred
*
4%
Cuneo Press Inc
900
100
100
com
July
854
...*
800
*
Detroit Gasket A Mfg
43
Gen Electric Co Ltd—
Amer dep rets ord reg.£l
Gen Fireproofing com.
*
200
1
Preferred
554
oom.
7%
Croft Brewing Co
Apr
80
6%
%
Crowley, Mllner A Co
2%
2154
*
6%
%
Crown Cent Petrol (Md)-5
Crown Cork Internat A..*
36
Jan
June
200
pf.
6%
*
Eastern
July
Jan
72
1054
454
1754
18
754
Crocker Wheeler Elec
>
Gatlneau Power Co
5% preferred..
General Alloys Co
High
Jan
8
conv pref erred.. .100
conv
Low
454
.15
654
6
6% pref
4%
Range Since Jan. 1, 1938
5%
pref
50
Creole Petroleum
Cuban Tobacco
I
Fruehauf Trailer Co
Fuller (Geo A) Co com
S3 conv preferred
Gamewell Co $6
for
Week
Shares
7%
Froedtert Grain A MaltCommon
l
Conv parti o
Range
5
£1
-
Crown Drug
3
70%
1
Cramp (Wm) A Sons com.l
Crystal Oil Ref
6% preferred
July
Aug
Fox (Peteri Brew Co
Franklin Rayou Corp
IFeeJF*
of Prices
Low
High
Price
Gen
*
5% conv preferred
Courtaulds Ltd
Jan
Mar
*
com
Jan
July
Oct
%
10%
Copperweld Steel com..10
Corroon & Reynolds—
Common
1
$6 preferred A
Cosden Petroleum
Oct
July
Oct
Arp
61
com
65%
June
1,100
$4 preferred
Copper Range Co
June
1 %
48%
2%
10
July
11654
Apr
•u
Cook Paint & Varnish...
74
Aug
4%
81
714
prior preference
Oct
1%
Cont G & E 7% prior pf 100
$3
Sept
4%
4%
Continental OU of Mex—1
Cont Roll & Steel Fdy
*
Cooper Bessemer
754
8%
Mar
•n
550
4%
3%
8% preferred
100
Consol Royalty Oil
10
Consol Steel Corp com...*
Jan
Mar
55
11354 113%
100
iMst
Par
Oct
16
Sates
Sale
High
Mar
3%
3%
16ie
5% pref class A
Consol Gas Utilities
STOCKS
{Continued)
Low
200
7%
754
Fritl'iy
Week
Shares
Compo Shoe Macn—
v
2505
Sales
8
54
954
854
54
954
954
800
3,200
100
6
1
Mar
Jan
Jan
Mar
454
454
900
254
4
454
600
254 June
Oct
June
9J4
Oct
Oct
34
54
Jan
454
July
5
Julv
New York Curb Exchange—Co tinued—Page
2506
Week's Range
for
Continued)
Sale
of Prices
Week
Par
Mfg v
Chute
Iron Fireman
Irving Aur
Jacobs (F L)
Co
7%
Oct
Apr
76
Oct
Apr
86*
Oct
21
Mar
43 *
Jan
Aug
106
May
32*
113*
Aug
Oct
700
86*
33
113* 113*
4*
5*
10 X
10*
4H
72
61
68
"""16
76
85
4
Mar
7*
Mar
52*
60
5*
*
2*
3*
3*
3*
200
13*
13
41
13
5*
Mar
15*
8*
Jm
100
xb *
Mar
14*
July
83
09*
Sept
102*
Jan
25
Oct
"so*
2%
5*
6*
"49* "50k
5~,500
2*
1,100
2*
14
May
3
Apr
1*
12*
4*
H
1*
12*
200
*
100
4*
1
*
*
Leonard Oil Develop--.25
Le Tourneau (R G) Inc.,1
preferred
5*
*
9,200
12*
2*
Jan
Feb
May
6,400
hi
Sept
hi
13
22*
4,800
15*
25*
Jan
12*
200
10
Mar
Sept
14
Feb
19
Sept
25
Jan
T100
1
Long Island
1*
7*
Mar
10*
Mar
20*
Oct
Lynch Corp common
5
Majestic Radio A Tel.—-1
34*
*
28*
1*
6*
29*
1*
7*
200
"7*
A—1'
Participating preferred.*
Merrltt Chapman A Scott *
3*
34*
34*
1*
1
Metal Textile Corp
725
5,000
4*
Mar
*
*
39
Mar
1*
*
19*
Aug
7*
20
3*
Jan
I
Mar
10
Mar
16*
Nor St
Oct
Feb
Jan
20*
Oct
350
90
Mar
129*
Sept
4*
19*
100
800
3
Mar
25
21
Mar
28
2
Mar
5
13*
Mar
50
*
30*
Mar
2,200
50
ht
9
*
20
5*
Apr
50
*
2*
2*
1*
Feb
85
Sept
"n
Jan
Jan
1*
Sept
5*
May
9
*u
May
6
1,700
1,300
1*
Apr
5
*
Mar
1*
4,600
4*
*
Sept
Sept
8*
100
3*
90
1*
8*
59* May
* June
1,425
1*
9*
300
1,900
0*
38
38*
78
38*
78
500
Mar
8*
1*
Mar
Mar
24*
10
Feb
69
June
103
May
200
2*
Mar
13*
14*
4,400
Jan
5*
5*
2,400
0*
3*
"'I* "2"
1
10
xl4*
2",200
90
Conv pref A._
5*!
2
2
2
.
153"
30*
31*
30
30
"446
950
25
*
*
5
5
7*
9*
*
!
7*;
5*
5*
117
9*
Murray Ohio Mfg Co....*
108
Oct
103
10
81
Apr
103
Oct
5
Mar
100.
Jan
4*
Jan
21*
"""80
10*
Mat
21*
Oct
9
10*
40,500
1,950
5*
70
Mar
Mar
10*
89*
00
May
Oct
July
July
81*
80*
81*
70
68
70
July
2509.
hi Sept
*
Apr
5,000
2,600
June
Jan
Oct
6*
7*
Oct
Jan
Oct
6,700,
3*
Mar
|
6*
7*
49*
51
48
79*
24*
7*
Oct
89*
8*
Apr
Mar
Sept
9*
2*
Feb
1*
3
Mar
5*
Oct
*
Mar
2*
2,000
100.
200,
1,400 '
.
51
Feb
2
■IX
52*
2*
7,600
Oct
Oct
"47"
100
31
Mar
53*
24*
25*
300
12*
Mar
29
Aug
25
"24*
53*
25
11*
Mar
27*
47
47
Aug
Oct
100
50
42
1*
Apr
47
*
Mar
1*
Oct
3*
1*
Mar
4*
July
hi June
hi
Jan
800
""600
ht
Apr
74
20
50
Apr
84
5*
300
4
Mar
6
47
83
5
84
"29"
m*
7,400
17*
300
27
400
28*
30
92
*
14*
16*
26
12
95
12*
111* 111*
111* 113*
102* 103
July
Mar
14*
Mar
*18*
0*
8*
18
Mar
29
34*
20*
June
375
87
May
97*
400
100
May
120
109*
Apr
112*
113*
Aug
50
93*
June
104*
July
675
85
Apr
95
July
Oct
Oct
July
Oct
Jan
May
104*
Oct
14*
15,900
50
38
37
39*
700
21*
104
104
104*
75
1*
1*
1,300
1.H
Sept
2*
Jan
4
4
200
2*
June
4*
July
12*
1*
*
"12""
31
12*
1
89
39*
Oct
12
12
100
4*
Mar
12
Oct
30*
31
28
3,300
27*
25*
Mar
31
July
.27*
107
500
107
25
7
2,900
19
100
98*
46
6*
Apr
30*
Oct
Mar
108*
July
July
Apr
3*
15*
Mar
05
7*
July
14*
4*
14
4*
15*
5
Apr
19
July
87
19
June
96
Aug
3,600
11*
19*
13,900
3*
Sept
Sept
June
3*
Motors Corp.l
15*
15*
15
10
16
50
14
Feb
Jan
7*
Feb
4*
Sept
16
Parkensburg Rig A Reel-.l
12
Sept
Patehogue-Plymouth Mills*
13
May
18
Mar
36
Feb
July
23
Pender (D) Grocery A.—*
Class B
*
300
100
2*
Mar
19
8*
Jan
21
107*
28
Apr
112
24
40
Oct
Penn Traffic Co
78
Aug
*
35 preferred
Penn Gas A Elec cl A
...
*
—
4*
1
1*
Pa Pr A Lt 37 pref
*
*
Penn Salt Mfg Co
Oct
1,400
July
50
Pennsylvania Sugar co m20
Aug
Pa Water A Power Co
July
Sept
Pepperel! Mfg Co
Perfect Circle Co
*
100
2
"92*
1*
7*
92*
84*
2
8*
93
85*
26*
July
July
50 "
July
2*
Apr
8*
Feb
Aug
1*
June
Sept
3,700
4*
May
79*
Mar
2*
2*
8*
93*
85*
Mar
5,800
1*
1*
100
2.50
Pennroad Corp vtc
1
Penn Cent Airlines com..1
114* Sept
4* June
5*
1*
Mar
45
32.80 preferred
Penn Mex Fuel Co....
6
8
28
100
Oct
575
100
1
74
Mar
Mar
Jan
July
July
"73"
79
151
154
175
Oct
70
74
""650
76
80
675
May
160
July
19
152
Aug
19
Aug
69
Mtr
74
Oct
54*
Apr
Mar
86
July
28
Aug
121*
24
*
8*
Pharls Tire A Rubber
Sept
1
7*
8*
1,600
3*
Apr
Philadelphia
Aug
159*
7*
28
900
Penn Edison Co—
Oct
Jan
Apr
7*i
*
Preferred
Mar
July
3*
2*
*11
1*
Oct
*
7
8
2,300
4*
Sept
8
Feb
117*
July
100
112*
29*
Mar
31*
Feb
July
Co
com
31*
Oct
Phila Elec Co 35 pref
30
Oct
Phila Elec Pow 8% pref 25
*
30
30
30*
*
3*
3*
3*
500
2*
Sept
4*
1
6
5*
6*
16,300
1*
Mar
6*
Sept
Conv $3 pref series A.. 10
26
Jan
Pierce Governor common.*
Oct j
Pines Winterfront Co
Oct
PbUllps
Jan
162
Oct
*
2
Jan
3*
3*
Feb
4*
May
9*
July
Oct
Phoenix Securities—
June
May
38*
Mar
5
10
100
Mar
121
6
Mar
12
July j
11
1,500
6
June
4*
Jan
Jan
Sept
12*
10*
Aug
June
9*
Oct
Packing Co
Common
400
7
10
ht
1*
14*
Parker Pen Co.
11
1,800
70
June
10
10*
*
150
10*
Paramount
Oct
117
5*
Oct
11*
21
Mar
2*
20
Sept
26
1,700
36,200'
11*
2,300
Mar
13*
Mar
20* May
28*
Mountain Sts Tel A Tel 100
see page
Apr
31.30 1st preferred
Feb
Mar
122
145
-
For footnotes
I55"
*
Muskegon Piston Ring.2 *
Muskogee Co com
*
1*
4*
155"
tMoore (Tom) Distillery. 1,
Mtge Bank of Col Am j hs J
Nachman-Springfilled
91*
6*
Aug
14*
6*
Sept
100
100
Mountain City Cop com 5c
Mountain Producers
10
80
July
8*
1*
9*
Ma>*
14*
Pow__»
Moore Corp Ltd com
Jan
108
9*
Page-Hersey Tubes com__*
Pan-Amer Airways
*
Jan
*
71
89*
Moody Investors part pf..*
*
Apr
7* June
Montana Dakota Utll... 10
Lt Ht A
Jan
10
Pacific Public Service n-V-*
Sept
*
Mar
3*
4*
Jan
30
5*
4
pf-25
5*% 1st preferred
25
Pacific Ltg 36 pref--.- — *
Pacific P A L 7% pref.100
Jan
*
5
*
8*
Oct
2
20*
9*
Pacific Can Co com
May
May
"766
*
8
Mar
5
com
Overseas Securities
Feb
29*
*
1,500
"* ""*
Mar
42
6% conv prior pref—100
Oldetyme Distillers
—1
July
'u June
2,900
7*
Jan
Apr
Engineering--*
33 preferred
Jan
*
Jan
300
9u
*
Jan
2*
Mar
21
Pacific G A E 6% 1st
4
72*
Mar
Oklahoma Nat Gas com. 15
July
Apr
3*
Oct
Mar
1*
Mar
103
Pow com cl A..100
Ollstocks Ltd
Aug
July
*
Mar
100
*
2*
14*
45*
zlO
900
0*
108
*
Ohio OH 0% pref
100
Ohio Power 6% pref--.100
Ohio P 8 7% 1st pref—100
6% 1st preferred
100
Mar
July
Oct
1,200
50
Sept
3,650
2r,000
3,800
1,000
Ohio Edison 36 pref
Oct
3
4*
*
3*
Mar
300
3*
"4*
Monogram Pictures com.l
Montreal
July
Oct
20
Novadel-Agene Corp
*
Ohio Brass Co cl B com..*
July
55
Mar
7*
5,000
Monarch Machine Tool..*
*
11
'"166
7% preferred
30 preferred
I
Mar
4*
1,400
Nor Ind Pub Ser 0%
July
July
Voehrlnger—
Montgomery Ward A
Jan
108
19*
17*
com—1
pf-100
100
Northern Pipe Line.--..10
Noj
July
2*
24
26*
Missouri Pub Serv com...*
Monroe Loan Soo A
62
Mar
""7* "7*
European OH
Mar
8*
Miss River Power pref. 100
1
Mar
85
No* Central Texas OH—5
Jan
Mar
*
Corp
36
100
1*
Securities.*
Sept
Mining Corp of Canada..*
Molybdenum
1*
83*
*
Peninsular Telph com
12.50
67*
88
50
6% prior preferred
No Am UtHlty
5.X
5
10
Common
12*
2
*
A--*
Class B com
Feb
Mar
June
1*
4*
11*
Midwest Piping A Sup—_*
Mock, Jud,
14*
68*
1
——
36 preferred
North Amer Rayon cl
3
20*
4*
Minnesota Mining A Mfg.*
Minnesota P A L 7% pf 100
July
Apr
775
90*
10*
14*
71*
2
88
95*
9*
*
10
650
19*
6*
50c
Midwest OH Co
~"9*
1*
100
125* 129*
3*
4
(
129*
$2 conv pref
Midland Steel Products
*
12*
10
49
46
47*
*
Common
July
1*
*
shs
Apr
July
Aug
June
Nor Amer Lt A Pow—
July
Sept
45
47
5
Co
Oct
5*
51
Class A pref
July
Apr
1,200
non-cum dlv
Jan
*
5
Class B common-
Midland Oil Corp—
$2
Oct
7*
45
100
100
1,300
Warrants
Mid vale
8*
Aug
5*
1,800
18
July
June
*
1*
Northwest
19
Jan
July
79
*
5*
24
Mar
50*
4*
5*
May
10*
*
3*
1
4
June
16*
July
17
111
400
Noma Electric
July
July
500
Oct
*
1*
8*
1*
200
8*
1*
9*
90
Mar
29*
7*
Jan
Jan
July
June
1*
Mar
10
6*
Mar
Jan
9*
3
*
7
10
5% 2d preferred
Feb
Feb
29*
600
2
Jan
Oct
July
Oct
8*
7*
7*
*
May
May
79
"T*
100
*
Mid-West Abrasive
44*
43
Mar
hi
100
106
19
Pantepec Oil of Venez
v t c
ht
Jan
12*
200
15
ht
Class B opt warr
Middle States Petrol—
Class B
1,800
Jan
.10
Middle West Corp com
1*
1*
*
July
300
2*
33*
18
18
4*
*
v t c
6*
5
100
NUes-Bement Pond
*
Nineteen Hundred CorpB 1
N1 pissing Mines
5
2,500
Michigan Steel Tube—2.50
Class A
400
4,100
Jan
Jan
Jan
Oct
2*
74*
Preferred
15
7*
34 *
1
300
*
Michigan Sugar Co
1*
Aug
2*
Aug
Sept
10 pref
Oil
10*
Jan
600
4
34*
1*
25c
Michigan Bumper Corp..l
Michigan Gas A Oil
..1
Aug
18*
32
800
42
Partlclpat preferred__ 15
Metropolitan Edison—
Mexico-Ohio
65*
1
25
16
1*
Aug
15
2*
33*
0*% A preferred... 100
1
Mar
May
Sept
300
60
14*
7*
2*
1*
14*
14*
Niagara Share—
Warrants
Meeabl Iron Co
1*
5,000
60
"T*
Oct
*
Memphis Nat Gas com.—5
Mercantile Stores com...*
Merchants A Mfg cl
Feb
Jan
*
Mead Johnson A Co
hi
1*
McCord Rad A Mfg B.._*
Dredging.—*
Mar
10*
May Hosiery Mills Inc—
$4 preferred
Aug
hi
23*
1*
0*
780
Massey Harris common. .♦
Master Electric Co
1
McWllllams
Jan
7*
7,100
Mar
0*
*
1
Mass Utll Assoc v t o
4*
*
88
32
—*
Marlon Steam Shovel
71
Mar
Sept
Communlca'ns ord reg £1
Margay Oil Corp
Mar
Sept
2*
Cla« A opt warr
1
*
*
Stores
$5 conv preferred
38*
Teoo
71
*
28*
Manati Sugar opt warr.—
Mapes Consol Mfg Co
Marconi Intl Marine
14*
3*
38
6*
5,100
10,40o'
28*
*
Louisiana Land A Explor.l
Louisiana P A L $0 pref..*
Lucky Tiger Comb G M-10
Ludlow Valve Mfg Co. — *
Mar
Mar
Rosarlo 10
5% 1st pref..
'
Feb
2
*
,
Common
Aug
5*
32
Packing
July
May
600
(
100
100
preferred
6% pref class B
3
22*
74,700
14*
20*
10*
1*
1*
9*
Lighting—
Common
7%
14*
17*
'9*
Mar
Mar
Jan
9
2*
10
NYPrALt 7% pref-100
36 preferred
*
N Y Shipbuilding Corp—
Founders shares
1
New York Transit Co
5
N Y Water Serv 6% pf-100
Niagara Hudson Power—
Aug
37
16
68
N Y Merchandise
Oct
Id
18*
Warrants
Jan
11*
Apr
""'5* "l*
69
"5*
Zinc
N Y A Honduras
July
*hi
29
16
"W* "~2* "2*
*
Lone Star Gas Corp
July
July
5*
June
LoblawGroceterias cl A..*
-5
1
♦
1*
15
11*
12*
—*
May
Jan
Apr
Sept
Sept
5*
11*
3o0
13*
3*
35*
3*
com———*
2o
Land—1
Newmont Mining Corp. 10
N Y Auction Co com
*
N Y City Omnibus—
May
5*
""350
20
21*
A.1
25
Mar
14
Jan
1,150
1.100
34
13*
"35*
New Idea Inc
New Jersey
July
1
25
6% preferred
100
New England Tel A Tel 100
New Haven Clock Co
*
Jan
"Is* 16~"
"10"
5
*
Locke Steel Chain
Aug
Jan
1,600
*
Assoc
Oct
7*
6*
100
8
10*
Sept
*
2,500
9
6*
12*
8
New Mex A Ariz
Lehigh Coal A Nav
Lockheed Aircraft
49
Feb
•
Lit Brothers common
New Engl Pow
Jan
3*
85*
*
preferred
7% preferred
Feb
58*
Mar
July
*
*
9
Mar
June
3*
2,800
100
Sept
12*
11
39
1*
03*
1,200
5*
Oct
June
11* June
4* Sept
38
May
44* Sept
37*
Mach-.l
Llpton (Thoe J) class
Jan
700
7% pref.-100
Langendorf United Bak—
Lion Oil Refining
Feb
1*
8*
Lane Bryant
Line Material Co—
5
83
pref
100
special pref-10
Co
1
Lackawanna RR (N J) -100
Lake Shores Mines Ltd. — 1
Lefoourt Realty common.
Jan
13*
8*
4% conv 1st
-
Oct
3*
12
12*
Kreuger Brewing
A
Oct
59
Mar
1* June
2* Sept
* Sept
Kress (S H)
Mangel
Jan
Mar
3,700
1,000
Jan
Aug
1
22
2*
Co com..*
Rubber ColO
B
U*
100
Feb
28*
2*
Koppers
Kresge Dept Stores
Loudon
Apr
Sept
104
1
Co 6% pref—100
0%
Apr
""*
1
com.l
50
(Del)-l
National Fuel Gas
*
Nat Mfg & Stores com—.*
National Oil Products
4
National P A L 36 pref—.*
National Refining Co—25
Nat Rubber Macb
*
Nat Service common
1
Conv part preferred—*
National Steel Car Ltd.--*
National Sugar Refining.*
National Transit
12.50
Nat Tunnel A Mines
*
Nat Union Radio Corp— I
Navarro Oil Co
*
Nebel (Oscar) Co com
*
Nebraska Pow 7% pref. 100
Nehi Corp common
*
1st pref
*
Nelson (Herman) Corp..5
Neptune Meter class A—*
Nestle Le Mur Co cl A—*
Nevada Calif Elec com .100
High
Low
4
Nat Bellas Hees com
Jan
24
Knott Corp common
Conv
7*
3*
1,800
72
76
Klein (D Emll)
Class
Sept
Week
National Baking Co 00m
Oct
130
25
72
30
Klrby Petroleum
1
Klrkl'd Lake Q M Co Ltd 1
Class
May
33 conv pref._
National Container
.
10*
8*
9*
National City Lines
Jan
Jan
60
72
Steel-100
Julian A Kokenge com.-.*|
Kansas Q A E 7% pref-100
Kennedy's Inc
5|
Ken-Rad Tube A Lamp A *(
Kimberly-Clark 6% pf-100
Kingsbury B rewerles
1
Kings Co Ltg 7% pf B 100
6% preferre
D
100
Kingston Products
1
Lakey Foundry A
Oct
*
1*
600
80 *
1001
Jones A LaughHn
Kleinert (I B)
15*
Oct
2
9,800
2*
76
1001
100
preferred
preferred.—
preferred
5*
2
Central Pow A Lt—
6*%
0%
Mar
*
4*
4*
Co—---
Jeannette Glass
Jersey
*
1
A
Mar
11*
7*
600
300
Price
1
Nat Auto Fibre 00m
Jan
2,000
*
Par
High
July
*
14
Shares
*
19*
200
18*
for
of Prices
Low
High
*11 May
*
19*
16*
*A
Week's Range
Sale
7*
320
*
*14 *
Last
Mar
6*
H
—*
Italian Superpower
2*
5*
1
t c— ♦
Investors Royalty
High Shares
Low
Price
17 pref—*
Interstate Power
Low
1, 1938
Range Since Jan.
stocks
(Continued)
Range Since Jan. 1,1938
Last
Sales
Friday
Sales
Friday
stocks
1938
22.
Oct.
3
:
Oct
27
650
10*
Mar
27
19*
19*
500
*10*
Mar
21*
Aug
*
Sept
1*
Jan
2*
Sept
3*
Jan
1
Pioneer Gold Mines Ltd.. 1
Oct
26
*"2*
"2* "2*
_4"66O
•4
Volume
New York Curb
147
Friday
STOCKS
Last
Week's Range
for
Continued)
Sale
of Prices
Low
High
Par
Price
*
Pitts Bess ALE RR
Pittsburgh
Range Since Jan. 1, 1938
Shares
Low
654
50
1
Pittsburgh A Lake Erie.50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass—25
Pleasant Valley Wine Co. 1
Plough Inc..
*
Polaris Mining Co
25c
Potrero Sugar common.—5
Forglngs
6
Powdrell A Alexander
54
1154
54
754
113 34
754
11554
54
1
111
9
254
~ly<
10
254
X
454
37 X
454
34X
2,700
200
X
200
454
X
900
Pratt A Lambert Co
Premier Gold Mining
23
Providence
23
254
20
25c
100
2X
*
334
154
Jan
Spencer Shoe Co
554
Aug
Stahl-Meyer Inc
1654
Aug
Feb
June
Mar
97
24
July
July
254
Mar
X
5
Aug
40
Aug
200
9X
Mar
2254
Aug
X
5H
1,100
he
Apr
*11
Jan
600
334
654
Mar
634
Mar
334
Mar
7X
500
preferred
83
100
100
95
jo
*
*
preferred
July
103
July
Jan
10854
Oct
July
Oct
38 54
3754
39 H
370
22
Jan
3954
23 X
2554
890
1154
Jan
2554
91
91
7554
Apr
May
Public Service of Okla—
preferred
Aug
Apr
54
July
34
43 X
19 X
475
Mar
4734
400
2334
1034
7
454
Mar
May
2334
200
7
May
9
June
454
Sept
7
Jan
654
7
.....
Pyrene Manufacturing.. 10
*
Oct
95
"ioo
17 X
Quaker Oats common
91
"~54 ~~~X
41X
Puget Sound Pulp A Tim.
Pyle-Natlonal Co com—6
10
87
Puget Sound I' A L—
$5 preferred
"0"
'nix
"ioo
July
July
754
110
112
120
90
Mar
150
125
136
May
Jan
112
150
6% preferred
100
Quebec Power Co
~
Ry A Light Secur com...
Railway A Util Invest A.. 1
152
1334
Oct
Oct
14
734
75
Mar
14
Feb
Sept
1754
54
13
Mar
Oct
54
Feb
Raymond Concrete Pile—
Common
20
21>*
4v»
40
200
*
*
29
Reed Roller Bit Co
Reeves (Daniel) common .
Relter-Foster Oil
50c
Reliance Eleo A Eng'g—5
"IOO
19
Reynolds Investing...—1
Rloe Stlx Dry Goods
Radiator
he
3X
X
12X
4
1,700
X
he
4,400
12
"~X
600
2354
40
Oct
Mar
5
July
8
May
Jan
Mar
254
X
12X
1
Reybarn Co Inc
154
354
Feb
Feb
1034
50
60c
Red Bank Oil Co
3654
634
May
'11 June
3X
354
Oct
Aug
•1#
Jan
Mar
454
July
Oct
54 June
200
154
854
254
13
May
4
3X
Oct
Mar
1
Mar
354
Root Petroleum Co
'~2X
12
Rustless Iron A Steel.... 1
pref
Ryan Consol Petrol.
*
Ryerson A Hay nee com—1
conv
Safety Car Heat A Lt
*
St Lawrence Corp Ltd—*
"2~X ~~2X
2,000
700
"65"
954
39
654
8X
38
254
"ix
68
—5
1
65X
6554
7
'""ioo
254
July
Mar
354
Jan
IX
934
Jan
June
he
Feb
Sept
4634
July
3054
Apr
Mar
72
600
9X
iH
3,300
400
3
IX
69
500
700
150
3X
454
35
Oct
IX
«H
Mar
92
6
1754
11
234
734
154
1154
1154
Sunray Drug Co
OU
*
254
254
2,300
Oct
25
Feb
2654
Aug
Mar
234
Oct
June
54
May
2
250
11
*
15
15
.
Oct
35
Mar
IX
454
Mar
Technicolor Inc common.*
Texon Oil & Land Co
6
Convertible stock
S5.50 prior stock.
—
3,900
1034
850
70
25
Allotment certificates.
154
7154
350
72
5
1
9
IX
7234
150
June
34
17
6
Mar
X
500
3X
1154
19,700
200
654
2%
954
21X
com..25
10
Tublze ChatUlon Corp...1
Class A
9,800
Union
ser
A pref
Investment
June
United
Aircraft
$3
-1
...
Un Cigar-Wlielan Sts.. 10c
Sonotone Corp
1
Boss Mfg com.
Option warrants
United G A E 7% pref. 100
United Lt & Pow com A.*
75 X
Aug
Common class B
7534
Aug
$6
*
Sept
134
Feb
1st
June
$3
preferred.
MUk
4H
754
Oct
Jan
354
Oct
Mar
1154
Oct
Sept
*2254
July
11734
Oct
Jan
11454
Aug
100
1,200
3X
900
236
238
.70
54
534
154
234
212
Mar
dep rets ord
10%
Class
Julv
reg...
B
"3"
91
25
com .25
25
Preferred
Oct
Mar
73
Oct
83
Oct
102
Jan
16
16
1334
1434
Aug
534
Jan
254
July
1st pref with warr
U s Lines pref
U S Playing Card
63
com
1
63
6054
104
654
754
U S Rubber Reclaiming.
Oct
Jan
Aug
United WaU Paper
IX
400
Mar
7
400
254
Sept
354
20
3454
154
Mar
Mar
454
154
Jan
Calif Edison—
28 X
27X
28X
2,000
554 % Pref series C
26 X
2654
26X
800
2554
2334
3
600
154
45
20
30
Apr
Mar
Mar
39
2854
2654
Mar
554
May
Aug
$7
July
Oot
5
3,700
21
15
Oct
Apr
5
Feb
50
75
Mar
Mar
63
Oct
254
154
65
104
100
44
10
Mar
554
Oct
Oct
134
250
July
1654
Jan
Feb
2
Mar
8554
9854
Sept
05
Apr
104
Mar
Oct
Oct
10754
Aug
'""206
hi
Jan
54
Aug
34
1,100
54
Sept
154
Jan
234
234
1,700
134
5
1,700
1
1,500
334
Oct
454 June
54 June
7
July
354
Jan
734
Jan
154 June
100
1,900
554
8
1234
Aug
Aug
Oct
600
2
Mar
354
Oct
754
454
754
100
434
8
Oct
654
1,300
134
Apr
Mar
4
434
1,700
2
654
434
Oct
Oct
i354 "l"§54
"""ioo
134
Mar
11
Mar
J4
1334
1354
1754
1354
354
354
"1334
"""900
Mar
Sept
15
Jan
654
Jan
Jan
10
Mar
1434
July
19
33,300
354
454
100
"l54
Mar
19
454
34
Oct
Aug
Feb
1
154
34,600
13,200
34
54
Mar
54
Mar
154
54
Oct
4 54
46,700
234
Mar
554
Jan
90
94
54
73
*2934
Mar
34
334
334
3
Mar
2
30
500
154
73
254
2 54
28 54
09
4,300
334
Mar
he
10
62
Mar
Apr
154
134
Mar
3 34
24,000
2,200
32 54
18,600
1354
100
154
77
Oct
Jan
Jan
Jan
334
Jan
Apr
454
Jan
Mar
3234
Oct
1754
Jan
24
Aug
65
454
454
220
Apr
70
May
4 54
220
100
10
434
212
82
4254
230
1
154
7954
4254
82
975
5054
4354
280
39
1,300
1,500
Mar
Jan
Jan
Jan
834
1054
3
Sept
Oct
Feb
82
Oct
Jan
4354
Oct
5
5
554
400
254
July
634
Jan
654
534
654
5,800
354
June
854
July
"16
1,700
154
Jan
42
Mar
154
1,600
1
Mar
250
22
Feb
2,200
2
Mar
he
28
29
5
534
554
3
3
54
4
Mat
54
United Verde Exten...50c
354
54
3
10
17
17
Aug
34
654
Aug
Feb
•11
Mar
Sept
Mar
Sept
Universal Corp v t c
Universal Insurance
1
5
5
200
1
1,200
354
6,200
17
554
100
7
4,100
8
154
•
"754
"*754 "754
Jan
Aug
Feb
134
3
'
Universal Consol OU
31
034
354
he
he
Oct
154
54
154
50
he
03
54
400
4
conv
2
654
July
1054
134
Sept
54 Sept
854 July
Jan
254
34 May
1054
1st pref.....—*
United Stores v t c
*
154
Mar
Jan
Mar
U S Stores Corp com...
Aug
Oct
554
Mar
34
3
Jan
16
2X
45
400
1,800
15
10
£1
IX
2%
354
1*
Oct
'2"906
38
900
63
—•
Mar
"3%
38
»g
Mar
3
U 8 and Infl Securities—*
234
85
6% original preferred.25
0% preferred B
25
44
10
1434
—1
United Shoe Macb
1454
'
3 54
For footnotes see page 2509.
475
90
preferred
May
he
Jan
Mar
Oct
Am
United Specialties com... 1
US FoU Co class B——.1
Jan
Mar
'
2X
"45"
4,900
73
434
1754
10
United Shipyards cl A...1
July
Apr
1
100
2 3 54
United Profit Sharing..25c
454
Southern Colo Pow cl A.25
22 54
454
United NJRR4 Canal 100
14
Jan
700
Molasses Co—
United
Aug
17
Oct
54
134
2654
200
*
Mar
134
554
3254
lh«
154
Products..^*
preferred
4
8ept
254
1,600
Mar
Feb
Oot
69 54
90
"2254
*
Mar
he May
3254
lht
1
34
Mar
60
1354
91
South Coast Corp com—1
25
3154
Corp warrants
U S Radiator
354
IX
July
2~406
& part pref— .*
cum
13
Smith (H) Paper Mills.
Solar Mfg. Co
654
~~5~X *654
Aug
Transport
Warrants
United Chemicals com...*
4934
107
254
354
238
Sept
354
4854
Oct
10
1354
Simmons H'ware A Paint. *
Simplicity Pattern com— 1
Singer Mfg Co
100
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
Sioux City G A E 7% Pf 100
8
com.
United
1,700
Sherwin-Williams of Can.1'
Shreveport El Dorado Pip
Line stamped
..2
Sllex Co common
—*
Oct
May
554
234
2634
34
.....
Tung-Sol Lamp Works... 1
80c div. preferred
*
United Gas Corp com
1
1st $7 pref non-voting.*
12
AAA 100
12
39
234
1.....
Common
1034
1,400
7X
21X
115
11754
1113$ 11134
954
Shawlnlgan Wat A Pow—*
4054
Apr
Mar
Apr
Screen-
Plot
3
354
Oct
8
100
To no pah Belmont Devel 10c
United
Seversky Aircraft Corp— 1
Shattuck Denn Mining..5
39
50
7% preferred A
Mar
1
7
200
12
154
Oct
Jan
134
Selfridge Prov Stores—
Amer dep rets reg
£1
Sentry Safety Control.—. 1
Serrick Corp (The)
1
Seton Leather common— *
200
40
Def registered 5s.
Lux
Oct,
3754
454
Todd Shipyards Corp
Toledo Edison 0% pref. 100
Jan
12
£1
reg
Feb
354
3654
Tobacco Prod Exports..
Tobacco Secur Tr—
Ordinary
Mar
1154
1354
254
2954
2
com
Jan
Aug
40
*i2~~
16
Taggart Corp com
1
Tampa Electric Co com..*
Tasty east Inc class A...1
Taylor DlstlUlng Co
1
7
8
254
554% conv pref
.50
Superior Oil Co (Calif)—25
Jan
Selected Industries I no—
1
Feb
Jin/
3654
Jan
2934
2
13
Mar
June
154
1,300
Jan
Mar
18
Mar
4,300
Mar
Oct
500
Mar
154
Oct
3654
354
34
434
J an
854
934
36
354
1
8
454
554
100
Apr
Aug
Mar
*8
50
*
Oct
Oct
Sept
Sept
2
100
1154
1154
July
454
3C34
105*
334
234
300
154
»
14
Apt
Mar
June
1054
June
354
....
7
734
5
Apr
754
1154
15
IX
3 54
534
69
54
Jan
2,400
1054
254
2454
2,000
1,100
2,700
Stroock (S) Co..
SulUvan Machinery
454
154
July
Apr
Jan
754
1054
Sept
11
454
Apr
June
434
2954
1
Oct
454
11354
1,000
Jan
Trunz Pork Stores Inc—*
July
3X
Selby Shoe Co
254
254
Oct
'»
2454
2
400
8
11
Mar
234
200
4
40
Jan
Jan
Oot
Mar
Tri-Contlnental warrants..
June
2,000
600
454
Oct
134
154
654
3,600
14
104
he
6
Series B pref
*
Unexcelled Mfg Co
10
Union Gas of Canada...
154
300
'454
Mar
34 Sept
34 June
1754 June
354 Mar
2,700
2,300
9,000
3
Jan
11
June
25
334
454
654
1
90
"""800
734
*
954
July
854 Aug
2234 June
11
14
Ulen & Co
Jan
1834
Mar
62
Jan
16 54
Mar
654
1654
40
454
Union Premier Foods Sts. 1
*
*
15
900
354
254
70
1,400
134
3
Sept
"21"
Jan
1754
15,200
454
1
"26"
July
1454
154
3
400
15
Feb
1454
Mar
"2154 "2254
Starrett (The) Corp v t o.l
Steel Co of Can Ltd
*
Stein (A) & Co common.
IX
Mar
234
Apr
5
2254
Swan Finch OH Corp
Oct
500
2054
1
8
Aug
Aug
Transweetern OU Co
Oct
1554
1854
2334
Jan
1834
100
Mar
"11*54"
2154
Aug
2,300
Jan
"""600
Aug
Jan
5
354
12 X
34
154
Mar
28
Mar
July
134
54
1254
154
Mar
12X
5
154
Apr
10354 10354
134
25X
Mar
100
2
Standard Steel Spring
Standard Tube cl B
Superior Ptld Cement B.
Jan
54 June
54
Jan
18
54
1
2254
Feb
Jan
Jan
Mar
Jan
u
Apr
42
May
Oct
754
700
54
*
39
600
10
Stetson (J B) Co com
Stinnes (Hugo) Corp
Apr
Jan
234
22
35
6% 1st preferred...—50
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
1
17
July
July
134
Mar
Sept
Mar
Segal Lock A Hardware—1
preferred
~ii"
Tonopah Mining of Nev.l
254
Selberiing Rubber com—*
7%
"2254
500
275
12 X
Warrants
Southern
1734
2%
70
27.54
"2l"
pref
cum pref ser
~ii%
234
1054
54
1
Apr
July
Mar
11
254
2X
67
Securities Corp general...*
Seeman Bros Inc
*
6%
2 1 54
"i654
35
Trans
Brook
Sherwln-Williams
"ie"
1
Oct
Jon
534
2854
1,300
54
1
Oct
4
"600
Sept
3
Oot
3
134
Standard Products Co
Standard Silver Lead
July
Mar
3254
*
934
39
110
Scullln Steel Co com
Common
3154
*134
454
70
*
Scran ton Lace common.
Water Service
Preferred
854
Mar
Mar
254
31,700
Scranton Eleo S6 pref—
Scranton Spring
Jan
100
39
25
Schlff Co common
Scovill Mfg
17
1234
3X
Samson United Corp com 1
Savoy Oil Co
Apr
1334
4
-.100
preferred
"554 "554"
15154
534
Mar
54
5% preferred
100
Standard Pow & Lt......1
Common class B
*
TUo Roofing Inc
1
Tlshman Realty & Constr*
Tobacco AUled Stocks
*
Mar
Mar
he
60
pref A
St Regis Paper com......6
9654
35
254
Russeks Fifth Ave.
13 X
he
*
*
Royal Typewriter
54
Apr
1
12 X
SI.20 conv pref
20
Rossla International—--
Royalite Oil Co Ltd
Mar
4
1154
Rome Cable Corp com—5
Roosevelt Field Inc
6
7%
2
19
Tenn El Pow 7% 1st pf. 100
Texas P & L 7% pref.—100
Aug
Feb
Aug
Oct
»*
Roeser A Pendleton Inc.
conv
(Neb)—25
Standard OU (Ohio) com 25
Thew Shovel Co
2,000
Gas CoVoting trust ctfs
Rochester GAE6%pfD 100
S2
354
200
High
June
135
OU
Jan
July
Oct
6
Rio Grande Valley
S2.50
100
2 54
10
10
Sunray
—
S3 conv preferred
Raytheon Mfg com
Richmond
4
SterchI Bros Stores......*
6% prior Hen pref—100
7% prior lien pref...100
fPub Util Secur $7 pt pf—*
<6
preferred
Standard
Jan
25
Conv
Standard Dredging Corp—
Common
1
11.60 conv preferred-.20
Standard Invest $554 pref*
Standard OU (Ky)
10
Public Service of Indiana—
$7 prior preferred
4
*
Jan
?8
Mar
10334
Low
40
*
.
Jan
08
Aug
Shares
2 34
Standard Brewing Co
*
Standard Cap £ Seal com. 1
June
June
High
145
Am dep rets ord reg—£1
Am dep rets urd bearer £1
Feb
134
Low
1
Range Since Jan. 1, 1938
for
Week
145
West Pa Pipe Line..60
Spanish 4 Gen Corp—
Mar
Public Service of Colorado-
1st preferred
7% 1st preferred
Oct
20 X
x
Prudential Investors
6%
Jan
10
Sept
17
200
*
Gas
3254
So
X
234
33
Pressed Metals of Amer—*
Prosperity Co class B
554
25
Range
of Prices
*
254
*
Corp
6
South Penn Oil
Week's
*>5
10
1
eom
Preferred A
Southland Royalty Co
95
*
Prentlce-Hali Inc
Southern Union Gas
Oct
Jan
Aug
Oct
June
June
6
1,300
1,000
*
100
6% 1st preferred
Mar
July
Sept
134
Mar
55
Price
South New Engl Tel—100
Southern Pipe Line
10
6254
854
11554
Mar
454
100
Power Corp of Canada—
Producers
Par
754
Mar
254
2507
Sales
Sale
4054
1154
Mar
2,500
230
40
854
5154
5X
25
654
40
1054
Last
High
Jan
900
STOCKS
Continued)
Postage
Meter
4
Friday
Week
Pltney-Bowea
$6
Exchange—Continued—Page
Sales
7
Mar
Jan
June
May
134
334
19
Aug
Jan
Aug
Oct
Aug
554
Oct
854 June
"260
3
Mar
Aug
Universal Products Co.—*
1654
1654
150
9
May
1654
Oct
Utah-Idaho Sugar.
5
Utah Pow A Lt $7 pref..
154
154
700
1
Mar
134
Jan
5354
400
31
Mar
5354
Oct
Mar
3
Oct
June
45
May
Universal Pictures com—1
50
8
Jan
Last
(Concluded)
of Prices
Low
High
Price
*
*
Utility A Ind Corp com..5
Conv preferred
7
Corp
$5.50 priority stock
Utility Equities
lUtll Pow A Lt common. _1
Tool.5
Venezuela Mex Oil Co.-10
Venezuelan Petroleum—1
Va Pub Serv 7% pref.-100
Vogt Manufacturing
*
Waco Aircraft Co———*
Wagner Baking y t c
*
Waltt A Bond class A
*
Class B__*
Walker Mining Co
1
Wayne Knitting
2,600
2
va
**
**
15,000
*4
1,100
13
13**
700
2**
30**
2**
30**
22**
6**
Mw
600
22**
5**
0**
*4
60
100
3,100
•it
Jan
7
15* Mar
205* June
17*4
3**
July
♦Certificates of deposit
38
July
Eastern Gas A Fuel 4s. 1956
11
25
Aug
Edison El 111 (Bost) 3 Mb
Mar
Mar
2**
Mar
5*
Mar
Apr
45* June
15* Mar
3**
800
7**
800
5**
7
7m
400
0
va
9m
"300
65*
15*
77**
10**
4**
3**
33*
sm
Erie Lighting 6s
July
154
July
10
800
-
10
70
70
Oct
May
68)*
Apr
Oct
8
Mar
July
9**
81*4
2*4
Jan
Jan
Aug
5**
10**
July
♦Gesfurel 0s
July
Jan
70
July
35*
Mar
6**
200
65*
May
7**
July
14**
Mar
16**
Jan
Mar
Jan
Oct
1**
6,500
75*
1**
200
1
Sept
Feb
Jan
2*4
Bonds
1946
1st A ret 5s
1951
1st A ref 58
1956
1st A ref 5s
1968
1st A ref 4Mb
1967
Aluminium Ltd debt 5sl948
Amer Q A El debt 6S..2028
Am Pow A Lt deb 6S..2016
Amer Radiator 4*4s--1947
Amer Seating 6s stp..l946
1st A ret 6s
Appalac Power Deb 8s 2024
Ark-Loulslana Gas 4s. 1951
Arkansas Pr A Lt 5s.. 1956
101
95*4
$40,000
100** 101
945* 95** 21,000
12,000
925* 94
83
9,000
57,000
91** 116,000
1045* 105**
104
104**
100**
117**
102**
98**
44**
101**
108
89
106
92
93*4
77,000
78
955*
103*4 10454
14,000
995*
Apr
Sept
82*4
2,000
63
Apr
81
July
12,000
75*4
Apr
90
Aug
81*4
"87*4
79
88
83
18,000
02
Mar
83
July
72*4
655*
Sept
77
Apr
i6~oo6
Apr
80*4
78
Mar
94**
Oct
495*
June
68
Jan
Sept
33*4
Feb
76
$72
"86"
——1953
85
86*4
94**
91*4
61*4
61
94** 301,000
10,000
62
31**
2,000
30
72
73**
61*4
86*4
87 J*
86,000
1,000
5,000
62
61*4
31**
"73"
(Adolf) 4*48.-1941
Grand Trunk West 4s.1950
Gt Nor Pow 6s stpd.,1950
Gobel
"87**
53
1947
1935
♦Hamburg El Underground
A St Ry 6*4s
1938
Heller (W E) 4s w w -1940
Houston Gulf Gas 6s..1943
0*4s ex-warrants.- .1943
98*4
94
Hygrade Food 6s A—1949
0s series B
1949
111 Northern Utll 5s—1957
26,000
58*4
104
Sept
Apr
Mar
Aug
Oct
Sept
91**
108
62
62
1st
925*
82
Indiana
Jan
101 **
Oct
0s series A
1947
119
Oct
6 *4s series B
1953
103
63,000
96*4
Apr
103
July
6s series C
1951
Conv deb 6a _.——1950
1968
Debenture 5s
1977
Assoc TAT deb 5 *4b.A'55
Atlanta Gas Lt 4*4s—1955
Atlantic City Elec 4Mb *64
"85*4
Oct
21*4
37**
34
33**
36**
80,000
21
Mar
36**
Oct
Oct
♦Indianapolis Gas 5s A 1952
International Power Sec—
65**
34**
59,000
66
35**
26
Mar
Oct
-.1955
53
1,000
35
53
35
53
38**
40
6,000
23
41
1 July
«69
38**
4,000
02
80*4
Jan
101*4
Sept
1025*
Oct
21,000
92*4
33,000
965*
Apr
fis with warrants.--1947
$90
5s without warrantsl947
$82
89**
82 J*
93
85
Works—
♦Convertible 6s
1950
Oct
Oct
95
82**
Mar
Oct
Iocom
100** 334,000
90
100
57
Mar
100*4
110
Sept
Oct
114*4
Bell Telep of Canada—
120
120
.1960
122
122
122
24,000
1,000
4,000
118
Sept
Jan
122*4
Feb
1225* June
Bethlehem Steel 6s.-..1998
140
140
140
1,000
129
May
140
Birmingham Elec 4*4sl968
88
87
88**
69,000
70
1959
73
73
74**
88**
88
89
A._* 1955
J
1957
1st M 5s series B
5s series C_.
111**
Birmingham Gas 5s
Broad River Pow 5s._1954
111
1115*
Canadian Pac Ry 6s..1942
"103"
Carolina Pr A Lt 5s-_.195fl
975*
96**
...1950
1st A ref 4Mb ser F.1907
6s series G
--—1968
4 His series H
104**
100
103**
99
103
985*
1981
Cent Ohio Lt A Pr 5s..1950
"ioo**
Cent Power 5s ser D._1957
88**
87**
Cent Pow A Lt 1st 68.1956
95
36**
945*
355*
36
35**
Cent States Elec 6s.—1948
6Mb ex-warrants.-.1954
Cent States P A L 5*4s '53
Chlo Dlst Elec Gen 4*4s'70
55**
105
100
73
Mar
3,000
111
Sept
115*4 May
Mar
Apr
105
July
100
Oct
545*
105
94**
85*4
1035*
38,000
92
Apr
995*
22,000
85
Mar
98
88
103**
995*
July
965*
0s series B
Cities Service 5s
Registered..
685*
7,000
47 M
68
1,000
68
67
449,000
66**
66**
Debenture 5s
1958
65**
64**
Debenture 6s
1969
64
Line 6s
1943
43*4
70
Oct
68
July
Oct
67**
July
6s ser A stamped...
1943
Cudahy Packing 35*s.l965
97**
For footnotes see page 2509.
45
Memphis Comml Appeal—
Deb 4 *4s
1952
Memphis P A L 5s A__ 1948
Mengel Co conv 4*48.1947
Metropolitan Ed 4s E.1971
July
67*4
July
July
Middle 8tates Pet 0*4s '45
Midland Valley RR 5s 1943
91**
Mar
103**
Oct
40
Mar
67**
Milw Gas Light 4*48-1967
Minn P A L4*4s
1978
68 *41 26,000
77**
44,000
40
Mar
68*4
Oct
Oct
52
Mar
77**
Oct
Oct
4s series G
1st A ref 58
1965
-.1955
Mississippi Power 6s._ 1955
Miss Power A Lt 6s.—1957
9,000
94*4
Jan
101 **
129
2,000
125*4
Apr
129
July
16,000
1035*
Jan
110
Aug
67*4
Mar
80**
42,000
90
Mar
102*4
28,000
91
June
100
Mar
108
Aug
Jan
105
July
105
20*066
5,000
103*4
Sept
106*4
1205*
Feb
124**
Jan
Sept
1944
ctfs.1937
Nassau A Suffolk Ltg 6s '45
65*4
Jan
104
19.000
535*
Sept
85** 374.000
63 H
Mar
98
87*4
Apr
61**
83**
975*
63
$64
97**
67
47
Mar
72*4
July
98** 113,000
905*
Mar,
99
Sept
|
6.000
85**
100
Oct
Jan
105*4
98*4
Oct
Jan
1,000
40
Sept
03
76
Sept
85
Feb
30
Sept
53
July
104
103
103
$10254 103**
101** 101*4
5,000
Apr
105*4
97
Mar
103*4
112
53,000
Mar
119
985*
Apr
102*4
Mar
87*4
1005*
i3~666
955*
41,000
15,000
65
Mar
Mar
84**
Apr
91
90
91
22,000
78
"80*4
84*4
86*4
45,000
65
100
99*4 100**
14,000
93
Jan
86*4
100**
78,000
84
Apr
106
28
104**
104
106
July
Oct
Aug
July
Oct
Oct
Oct
Aug
105*4
25
Mar
20^666
84
Apr
103*4 104*4
"97"
6,000
101
Apr
105
$87*4 90
10454 105*4
76
Apr
100
Feb
I36~6OO
100
Mar
106
July
$23
96*4
30
97**
25
25
2,000
$75
Apr
28**
104
Apr
83
87
95
Jan
56
80*4
$94*4
24**
98*4
97
$1025* 1035*
Apr
95*4
67*4
Feb
100
109**
88
"98"
96
98*4
99**
33,000
GO
98*4
93
11,000
70
June
10654 1065*
109*4 10954
14,000
100
Apr
10754
Mar
109*4
89*4
2,000
88
$63
96*4
6,000
98
96
9554
102*4 103*4
"82
82
4*4
83
Aug
99*4
July
97*4
July
Mar
83
Oct
70
Mar
89
22,000
995*
Apr
64*4
1035*
108*4 109*4
70*4
67
$3*4
95
Jan
77,000
99
Oct
Jan
Apr
Apr
88*4
995*
Oct
Jan
July
Apr
83
♦Munson SS 0*4s
Jan
Aug
875*
0154
86
70
July
83
82
109
June
88*4
88*4
Pub Serv 5s. 1960
Sept
98.000
83
Miss River Pow 1st 6s. 1951
93
Sept
48*666
53,000
21,000
103*4
101**
75*4
60
67**
Aug
32,000
54
Apr
74
May
Apr
Aug
15,000
86
Apr
109
July
1**
June
17,666
81*4
May
Montana Dakota Power—
$123** 124
84
68,000
♦7s without warr ta.1941
5*48
61**
80**
100*4
07
Consol Gas Utll Co—
Confl Gas A El 5s.—1958
77
10054 102*4
995* 100
$106*4.108
104*4 105
79
100
102*4
104
Cuban Telephone 7 Mb 1941
Cuban Tobacco 5s
1944
Mar
100*4
6 *4 s series D
5 *48 series F
Missouri
Gen mtge 4*4s.——1954
Oct
Oct
04
87*4
1085* 109
1939
Oct
83*4
40,000
85
Apr
Consol Gas El Lt A Power
5s
Oct
84
84
87*4
Mar
128
Oct
39
101*4
Mar
76,000
1005* 101**
(BMt) 3**sser N—1971
Consol Gas (Bait City)—
60
Mar
1947
42 M
Conn Lt A Pr 7s A... 1951
Mar
18*4
Kentucky Utilities Co—
1st mtge 5s ser H
1961
43
70
35
Oct
Oct
Oct
Feb
Mar
Oct
Jan
io~666
815*
Kansas Elec Pow 3 *4s. 1966
91*4
Mar
109**
107
60
Jan
805*
655*
58*4
105*4 105*4
19,000
1949
Community Pr A Lt 5s '57
Community P S 5s.—1900
6*4s
65*4 June
60*4 June
1055*
61,000
101** 102
Cities Serv PALS Mb. 1952
Sept
Sept
104**
102** 103
5,000
655*
67*4 111,000
Cities Service Gas 5His '42
Cities
Service
Gas
Pipe
46*4
45**
1947
Oct
70
68
...
3,000
Jan
39
McCord Rad A Mfg 0s
1,000
68
...1966
Conv deb 6s.——I960
Mar
3,000
55
1901
Jan
74**
63*4 May
01*4 May
n69
54*4
4 *4s series C
87
74**
1955
Mar
July
68 series B
Oct
68
43
49**
37*4
Marlon Res Pow 4*4s.l954
1,000
45*4
68*4
Mansfield Mln A Smelt—
71
Jan
July
Jan
Jan
71
Jan
111*4
50
62**
100*4
Oct
1075*
Apr
Mar
106
Oct
Apr
July
88**
Apr
10454
109**
Apr
Louisiana Pow A Lt 5s 1957
41
Oct
Mar
38
Libby McN A LIbby 6s *42
Long Island Ltg 6s.-.1945
101*4
10954
Mar
75
~4~666
6,000
Sept
Feb
May
1,000
Oct
July
32
107**
21,000
96
100
Mar
Oct
44}*
July
Mar
22,000
Lexington Utilities 5s. 1952
43**
July
86*4
47,000
♦Leonard Tletz 7 *4s—1940
98
94
Mar
19*666
Jan
Apr
Mar
68
61,000
July
84
76
45*4
575*
16,000
Aug
45
41
98
9854
44
Sept
32*4
Apr
44
23**
105
79
44*4
235*
13,000
Feb
July
105*4
131666
Aug
10154
74
104
Kansas Power 5s
07*4
110
Apr
44*4
90,000
25,000
June
855*
1942
222.000
55**
1055*
Mar
106
08.1903
41
Aug
43
27,000
Gas—
5s stamped
Jan
Oct
94
1045* 1045*
{♦Chic Rys 6s ctfs
1927
Cincinnati St Ry 5*4s A '52
Italian Superpower
Oct
101
July
Sept
59
95*4
Apr
June
68
40
80
39
79*4
15
Mar
2,000
59
39
60 *4
May
43
10,000
$76
1948
1P55
5s series I
1969
Lake Sup Dlst Pow 3 *4s '66
Lehigh Pow Secur 6s..2026
Oct
Chicago A Illinois Midland
Ry 4Ks A
1956
Chic Jet Ry A Union Stock
Yards 58
1940
1957
Jan
Mar
Mar
89** 44,000
955* 139,000
5654
$109** 111
"58*4
Kansas Gas A Eleo 6s.2022
6,000
57
7s... 1942
Fraschlnl
Jan
Jan
100
12*4
4~6oo
10,000
56
56
Isarco Hydro Eleo 7s. 1952
108*4
14,000
78,000
62,000
87**
$106**. 108
109*4 110
Jersey Central Pow A Lt—
1015*
12,000
Iowa Pub Serv 5s
Mar
90
975*
101
"54*4
Iowa Pow A Lt 4*48—1958
1045*
76
Mar
Mar
Sept
100
4*4s series F
1968
Iowa-Neb LAP 58—1957
6s series B
1901
Jacksonville
88*4
Jan
71*4
1.000
104** 1045*
1950
5s series D
Oct
Sept
Oct
Apr
55*4
Central 111 Public Service—
5s series E
56
Oct
103
Interstate Publl c Service—
Isotta
1035*
103
1952
5s.—1957
1952
Mar
9,000
113** 114
Cedar Rapids M A P 5s "53
Apr
67,000
103 J* 103**
Canada Northern Pr 5s *53
11754
"56*4
1957
7s series F
Debenture 6s
Avery A Sons (B F)—
"86**
International Salt 5s—1951
Interstate Power
Aug
108*4
10,000
86**
Oct
77**
1015*
103*4
1,000
85*4
83
$85**
85*4
July
76**
Apr
Apr
86
34**
102 J* 102?*
Oct
90
98*4
34
101
Aug
104*4
Apr
100
102**
June
97
Apr
Apr
Jan
6*4s series C
7s series E
28
Feb
97*4
64
Mar
Mar
ioi
Sept
83 M
84
Mar
Apr
Apr
Feb
20
1,000
5,000
65,000
4,000
34*4 May
7,000
17,000
20**
Registered
Conv deb 6Mb
Sept
46,000
205*
62
Oct
27*4
96
2,000
11,000
Mar
9854
98 m
71,000
47**
99?*, 100
Conv deb 4*48—1949
Oct
Oct
99*4
Mar
1075*
Jan
94**
34**
37**
Jan
30
Oct
70*4
98
96
34
86
Oct
102
79
32
99 %
99** 233,000
60*4
Corp—
Electric
Feb
47** 129,000
Mar
61,000
35,000
975*
93*4 178,000
57,000
835*
92*4
82
107*4
79
62*4
96*4
8 f
28~o6O
29
"
106*4 106*4
995* 100*4
97**
10,000
6,000
20
62*4
100**
119
101**
103
1st A ref 5*4a ser
A.1953
B.1954
A ref 5s ser C—1950
deb 6 *4s.—May 1957
59
60**
1,000
26*4
III Pr A Lt 1st 6s ser
Jan
Feb
Apr
33
94
106*4
July
108
16,000
98**
26*4
103**
Mar
Jan
June
102
33
♦Hamburg Elec 7s
July
July
93*4
2,000
50*4
42
102
60
June
51
55
Hackensack Water 5s.l977
75
Apr
81*4
65
~2~d66
53
$53
Grocery Store Prod 08.1945
Guantanamo A West 6s '58
Oct
Feb
63
107
$108** 112
96*4 May
94
May
90 J* July
835* July
107*4
Apr
10954 Aug
100
Feb
1045*
77
Apr
104 J*
Oct
Aug
87
flndiana Gen Serv 5s. 1948
Indiana Hydro Elec 6s 1958
Indiana A Mich Eleo 6s '55
5s
—1957
Indiana Service 5s
1950
1st lien A ref 5s
1903
99
47
Conv deb 4 His C—1948
1st M 5s series
95
35
Associated Elec 4*4s_.1953
Associated Gas A El Co—
Conv deb 5*4s
1938
Baldwin
Mar
78*4
Jan
107
74
78
65
107 Hi
91
342,000
$11
92,000
104*4
Oct
95
♦Hungarian Ital Bk 7*4s'63
835*
Jan
935*
May
Apr
Apr
105*4
Jan
101
70**
July
101**
Oct
Feb
95
Jan
18,000
105
90
89
895*
Sept
Aug
Apr
Oct
88**
79*4
Sept
104
82**
"89 %
1075*
Apr
76
Jan
Alabama Power Co—
Feb
58
102*4
52
Houston Lt A Pr 3 *4s. 1960
104**;
$104
1942
11,000
10354
102** 103
108*4 108*4
Sold
Oct
39~ 000
102
BONDS
Abott's Dairy 6s
10,000
Guardian Investor* 6s_1948
"65*"Maf "~85*"
105
52
90
104
Georgia Pow A Lt 5s..1978
Hall Print 0« stpd
7**
7h
July
Oct
93*4
Glen Alden Coal 4s—1905
9*4
Oct
795*
108
94*4
Georgia Power ref 5s.. 1967
0,100
2
1940
General Pub Serv 6s..1953
Gen Pub Utll 6**s A. 1956
♦General Rayon 6s A. 1948
Gen Wat Wks A El 5s. 1943
110*4
88*4
General Bronze 6s
75*
0*4
25*
85*
dep rets
20,000
79*4
Jan
Mar
6
m
106*4
78
5sstpd—1901
Apr
98
106
106*4
Gary Electric A Gas—
6s ex-warr stamped. 1944
2**
75*
2%
Feb
Florida Power A Lt 5s. 1954
35*
85*
100
56
Oct
Oct
Mar
Mar
Sept
Apr
Apr
6 HI June
6
Sept
Jan
07*4
5*
4**
4**
25*
95*
Oct
38
55
4**
8**
200
99**
$50
Gatlneau Power 1st 6s.l950
5
Mar
Sept
225*
5
Mar
83*4
99**
97*4
Mar
75
600
98
72,000
104*4 105
99
$
Mar
1**
Apr
Florida Power 4s ser C 1960
Sept
15*
Mar
97*4
$103
105
10254 10254
Banks 6s-
May
1*4
Apr
81*4 May
1,000
13,000
First Bohemian Glass 7s '57
Oct
June
1*4
108
Firestone Cot Mills 5s. 1948
8
"I'm
100
Feb
5
53*4
Jan
30 J*
20
05
23,000
Oct
108,000
Aug
9**
100
61 "666
71
110*4
6**
35*
8
8 J*
805*
Oct
Finland Residential Mtge
Mar
8**
805*
Sept
*4
*4
79
Federal Wat Serv 5 **s 1954
135*
8m
254
76
104*4
1953
1967
A
Jan
Sept
July
Oct
Eroole Marelil Elec Mfg—
0 **s series
Oct
55*
25*
Aug
108
1952
Jan
1055*
77 H
1950
Empire Diet El 6s
1
15*
30
El Paso Elec 5s A
Mar
110
Elmlra Wat Lt A RR 6s '50
Jan
July
May
10654
7,000
1
$*4
69
July
110
69*4
110*4
65
Elec Power A Light 6s.2030
7*4
Apr
Sept
3**
15*
5*
Aug 1 1952
115*
0
1,600
52
48
July
3*4
♦Certificates of deposit
♦Deb 7s
104
Mar
97*<
1075*
8,000
3,000
354
3*4
5*
3**
3*4
Aug 1 1952
♦0*48
Apr
June
3,200
35*
' 3*4
Oct
35*
4**
600
Jan
Apr
1,600
~~3H "~4**
IM
Jan
Mar
H
va
9%
2
3,000
Mar
Aug
91
Detroit Internet Bridge—
7
7m
100
5c
-£1
Ltd..*
Yukon-Pacific Mining Co.6
Jan
2*4
Woolworth (F W) Ltd—
Amer
2**
High
Low
93
16,000
IDet City Oae 6s ser A 1947
15s 1st series B
1960
100
Vot tr etfs com
8% preferred
Wright Hargreaves
Oct
Jan
1,200
Stat—
*
Westmoreland Inc
—*
Westmoreland Coal Co—*
West Texas Utll $6 pref--*
West Va Coal A Coke
*
Weyenberg Shoe Mfg
1
Williams (RCjACo
*
Williams Oll-O-Mat Ht—*
Wilson-Jones Co
—*
Wlllson Products Inc
1
Wisconsin P A L 7% pf 100
Wolverine Portl Cement-10
Wolverine Tube com
2
Woodley Petroleum
1
5*
O
Ry—
7% 1st preferred
June
June
1** Mar
M Mar
5* Sept
47**
**
69
Welsbaum
Western Maryland
315*
Q
Mills—5
Bros-Brower_-l
Wellington Oil Co
1
Wentwortb Mfg.——-1.25
Western Air Express
1
47**
*4
1,1938
Range Since Jan.
Sold
103?* 104
108
109
Denver Gas A Elec 6s.1949
2
22, 1938
Bonds
Low
Delaware El Pow 5*4s.l959
July
1M
275
2M
46
-.100
1
—6
$4 cony pref
Van Norman Mach
June
35*
15* June
Apr
1,000
600
2**
25*
47 **
m
VA
**
1
Class B
7% preferred
Valspar Corp com
Shares
1
Utah Radio Products
Price
High
Low
of Prices
High
Sale
Continued)
Week
Week's Range
Last
BONOS
Range Since Jan. 1,1938
Week's Range
Sale
Par
Friday
Sales
Friday
STOCKS
Western Tab A
Oct.
New York Curb Exchange—Continued—Page 5
2508
107**
Aug
110**
5**
Feb
Jan
Volume
New York Curb
147
Exchange—Concluded—Page
Friday
BONDS
Last
(Continued)
Sale
Price
Nat Pow A Lt 68 A
2026
Deb 6s series B
2030
Nelsner Bros Realty 6s *48
Nevada-Calif Elec 6s. 1956
New Amsterdam Gas 6s '48
~82%
N ES Gas A El Assn 6s 1947
"58%
deb
Debenture 5 hie
55 H
62%
58%
109
109 H
118
H
58
""86%
87H
H
1942
♦Income 6s series A.1949
85
1,000
Oct
Mar
111
Apr
80%
69
2,000
115%
120
June
Apr
Apr
96%
85%
118%
Sept
July
Sept
61%
59%
Oct
July
60
40
Mar
58
40
Apr
68 %
106 H
41,000
39%
102
30,000
Mar
106%
Feb
86%
52,000
70,
Mar
89%
July
88 %
37,000
74
Mar
91%
*96%
84%
98H
85%
19,000
86%
63%
Mar
96
Feb
86%
103%
June
93
N Y P A L
N Y State
Corp 1st 4%s'67
E&G4H8 1980
72
107 H
99 H
N Y & Westch'r Ltg 4s 2004
Debenture 6s
1954
72
6 Hs series A
1956
Apr
108%
Aug
Jan
Oct
Apr
Jan
114
54
105
5.000
113H
H 54 H
49
93 H
51
45
23,000
20,000
1966
105
104% 105 %
1969
104 %
104 % 105
30
36,000
101% 102H
105 % 105 H
94 %
95 H
106 % 107
102 % 102 %
102 % 102 H
103 H 104 H
33,000
Ogden Gas 5s
1945
Ohio Power 1st 5s B..1952
1st A ref 4%s ser D.1956
OklaNat Gas4%s
1951
5g conv debs
1946
Okla Power A Water 5s '48
95
107
102 %
102 %
104
Penn Cent L A P
Oct
105
Sept
Apr
Jan
107%
July
Oct
Oct
107
106%
105%
Jan
Apr
106
Apr
8,000
100
Mar
88%
103%
Aug
5,000
114
Mar
116%
88 %
Penn Water A Pow 68.1940
4 Hs series B
Oct
Oct
114
78%
90
1,000
79
Apr
113
55
28
Mar
93%
6,000
♦68 ctfs of
98
July
♦7s
ser
1981
4s series D
1961
Phila Elec Pow 5Hs—1972
Pblla Rapid Transit 6s 1962
93 %
96
July
♦7s
ser
ser
♦7s
112
%
Piedm't Hydro E! 6H« '60
Pittsburgh Coal 68..1949
Pittsburgh Steel 6s. ..1948
96
♦Pomeranian Elec 6S..1953
Portland Gas A Coke 6s '40
96
Mar
Mar
107%
93
Mar
105
104%
Sept
Apr
4 Hs series F
1961
Potrero Bug 7s stmpd.1947
PowerCorp(Can)4%sB
39H
22
63% 64%
107% 107%
108
108%
36% 39%
78%
Mar
'69
101
101
♦Prussian Electric 6s.. 1954
*17
144
6% perpetual certificates
4 Ha series D
Feb
Aug
100
Sept
105%
2,000
107
19,000
102%
104 H
1966
102%
102%
102%
104%
102%
102%
102%
104%
80
%
76 %
74%
Queens Boro Gas A Eleo—
5 Hs series A
1952
♦Ruhr Gas
105%
80%
82%
76%
78
73
77%
*77
Corp 6H8.1953
28%
♦Ruhr Housing 6%s..l958
130
108
|»st L Gas A Coke 68.1947
♦Saxon Pub Wks 6s
15%
27%
♦Schulte Real Est 6s..1951
26
Scrlpp (E W) Co 5HS.1943
Scullln Steel 3s
1948
Shawlnigan W A P 4Hs '67
1st 4 Ha series B....1968
1st 4 Hs series D
1970
I65"
Jan
145
101%
Southeast PAL 6s
104%
2025
95 %
1945
Ref M 3 Hs. May 1 1960
108%
16
27
S'western Assoc Tel 6s 1961
100
S'western Lt A Pow 5s 1957
102 %
So'west Pow A Lt 6s..2022
"104%
87
65
Apr
86%
July
Feb
Mar
105%
82%
Oct
44,000
69
Apr
78
Oct
♦Maranhao
32,000
53
Jan
77%
Oct
69
June
Jan
93%
29% May
Aug
28%
110% Mar
25%
July
Mar
19*000
107
June
18,000
9%
128%
Apr
24%
16
Feb
131%
67
97
105
53
99% 100
102% 103%
86% 87
104
104%
Oct
Oct
July
1951
♦6%s ctfs of dep
1954
7,000
23,000
14.000
11,000
11,000
4,000
23,000
Mar
July
Aug
Jan
Oct
105%
July
108
May
107%
Apr
Oct
Oct
99
Feb
Apr
91
Oct
May
91
Oct
72
105%
Feb
17%
Jan
25%
Oct
20
Jan
25%
Oct
24
Aug
7
Oct
7%
Oct
7%
------
Oct
8%
Aug
24
Aug
7%
5,000
3,000
8
11%
7%
Oct
7%
1,000
7%
Oct
7
Aug
7
Aug
10%
7
Aug
7
Aug
7
July
10%
6
Sept
68
May
65
•80
July
18
35
Apr
Oct
80%
9%
Oct
Apr
11%
Aug
21%
Feb
76
Feb
16
75
9%
9%
9
9%
6%
1,000
10
2,000
Jan
13
13
55
25
22%
20%
27
Jan
Sept
28
Mar
18%
14%
20%
Apr
24
*1,666
Aug
18%
Aug
July
14%
July
13
99%
96%
96%
49
•-
Sept
102
Sept
100%
Jan
39
3,000
100
30
June
59%
Mar
Aug
10%
7%
Sept
Jan
Feb
1,000
21
Feb
25%
Oct
2,000
24
Oct
24%
Sept
2,000
16%
Jan
25%
Sept
♦7s ctfs of dep. Oct '47
♦Mtge Bk of Chile 6S.1931
6s stamped
*23
16%
*14
1931
11,000
12%
Apr
17%
June
Feb
30
16%
20
Mtge Bank of Columbia—
1946
*22
30
*22
30
*22
99%
30
99%
6,000
96
Apr
102%
9%
7
5,000
20,000
7
Mar
10%
6
Apr
10%
Jan
%
%
22,000
4,000
9,000
11,000
Sept
%
Mar
97%
Julv
♦Russian Govt 6%s...l919
6%
%
♦5%s
56%
Jan
Apr
25
Janeiro 6%s.l959
106%
Sept
24
♦Rio de
Apr
Aug
9%
9%
7%
m
Oct
Oct
25%
25
July
Apr
Apr
Mar
10
Aug
80% June
24
84
July
Jan
Feb
9%
May
July
19
Sept
23%
25%
22%
13%
18%
64
25%
(State) 7s...1958
108%
Sept
Sept
7,000
4,000
♦7s ctfs of dep. May '47
♦Issue of Oct 1927.
♦Parana
108%
23
18
2,000
8%
♦Issue of May 1927.....
Oct
107
Jan
19%
18%
»„
Mtge Bk of Bogota 7s_1947
Apr
Sept
5,000
5,000
2,000
13
8%
70
%
1921
♦Santa Fe 7s
%
stamped. 1945
*58"
1949
15%
♦Santiago 7s
....1961
♦7s
56
15%
*15%
58
15%
19
%
%
45
Jan
1
Mar
65
Jan
Mar
Jan
11%
Jan
16%
July
11%
Jan
16%
June
Aug
Mar
Jan
85
Feb
100%
Oct
93
»
Apr
June
10%
105
111
June
30
1947
♦6%s ctfs of dep...1947
Mtge Bk of Denmark 5s '72
Apr
Sept
,
Oct
58%
4,000
80
♦7s ctfs of dep
101%
102%
102%
106%
103%
35%
96%
66%
30
*7%
80
♦7s ctfs of dep
*7,000
30
78%
Aug
15,000
Mar
96
10,000
+
Mar
34.000
25%
25%
10
May
Mar
Sept
30
10
105%
71%
25%
*23
25%
*23
12%
107%
105%
166*660
91
9%
Apr
'
Oct
108%
105%
86%
15,000
22,000
24,000
*8%
Oct
28
31%
Sept
103%
103
14,000
20,000
1958
7s
62%
Mar
90
Jan
106
Feb
32
83,000
15,000
♦Medellln 7s stamped. 1951
Apr
70
91
July
Mar
106
107% 107%
99
98%
103
103%
Aug
109
74%
96% 190,000
59% 66%
104% 105%
July
107%
97
5,000
22,000
38%
99
94%
26
96
20%
14,000
53%
44,000
20%
10%
Apr
1,000
102% 103%
*109% 112
20%
July
Jan
26,000
30,000
20%
21%
82
105%
20%
96 %
Sept
Sept
5,000
108
49
1947
2,000
106%
105
105%
12% Mar
Apr
103%
106% June
Apr
99%
a
(City) 7s...1939
♦Hanover (Prov) 6%s.l949
♦Lima (City) Peru 6%s *58
2.000
103
51,000
20%
*22
♦Secured 6s
♦7s ctfs of dep
Feb
1,000
23
*8
♦Mendoza 4s stamped. 1951
1,000
Mar
83
22%
*96
External 6%s
1952
♦German Con Munlo 7s '47
98%
60%
105
Sept
62
May
Apr
103%
Aug
55%
Mar
87
Oct
93
Mar
105%
Jan
62% 165,000
62%
65,000
46%
Sept
Oct
the rule
47
Sept
Oct
range,
62% 136,000
62%
62%
62%
•
58 H
58 H
1948
(stpd)
Apr
Aug
Danzig Port A Waterways
4,000
85,000
100
*81%
95%
July
{Standard Gas A Elec—
68
75
99
1953
106%
100
105
110%
12,000
July
July
*16%
*1,6%
6%8 ctfs of dep....1959
5%8-i
1955
Sept
6,000
107% 108%
107% 108
110% 110%
104% 104%
"~52%"
92
25
Danish
101
~27% "i"666
107 %
108 ■<
Sou Counties Gas 4Hs 1968
Sou Indiana Ry 4s
1951
So'west Pub Serv 6s..1945
Aug
103%
21
105
Ref M 3%s B. July 1 '60
1st A ref mtge 4s...I960
Apr
*25
1952
5,000
21,000
Sou Calif Edison Ltd—
Debenture 3%s
♦6s series A
Apr
Sept
li'ooo
67
Carolina Pow 5s. 1957
75
*8%
*8%
♦68 ctfs of dep..Oct '61
Cundlnamarca (Dept of)
2,000
165"
104%
10
♦Prov Banks 6s B..1951
Jan
105
104% 104%
104% 104%
Sheridan Wyo Coal 6s 1947
Sou
Aug
42,000
91%
86%
*69
*70
9%
1948
Apr
May
Sept
80
28%
101% 101%
60 H
59% 60%
*107%
1951
Servel Inc 5s
♦7s ctfs of dep
65
101
*130
1937
90
*6
Columbia (Republic of)♦6s ctfs of dep..July '61
6,000
*22
Safe Harbor Water 4Hs '79
San Joaquin L A P 6s B '52
82%
*7
♦Hanover
105
Puget Sound P A L 5 Hs '49
1st A ref 5s ser C
1950
1st A ref 4Hs ser D.1950
80
Feb
*18%
...1952
103
Pub Serv of Oklahoma—
4s series A
Jan
Feb
75
7%
1947
♦Caldas 7%s ctfs of dep. '46
♦Cauca Valley 7s
1948
Sept
22%
July
Oct
*7
♦7%s ctfs of dep—1946
Cent Bk of German State A
July
Oct
(Province) -
Apr
109
98% June
20%
Jan
22,000
Jan
112
*7
♦7%s stamped
July
69%
108%
Apr
Apr
Sept
23
1,000
22
Jan
Feb
64
7
1951
♦7s stamped
Feb
18%
83%
53%
7%
*7
ctfs of dep.:'57
58
1980
1st A ref 4Hs ser F.1981
4%s series I
I960
61
108
i
..1978
4 Hs series E
144
Feb
Sept
4,000
ser
Buenos Aires
Aug
Mar
June
48
Public Service ol N J—
Pub Serv of Nor Illinois—
79
Aug
Feb
5,000
*23
Bogota (City) 8s ctfs.. 1945
Bogota (see Mtge Bank of)
86
8*666
♦7s 3d
Sept
Aug
105%
4,000
*23
ctfs of dep_'57
♦Baden 7s
94%
96%
113%
Jan
104%
ser
108% May
May
40
♦7s 2d
109
Mar
65
24
141
82%
111
"
25%
D ctfs of dep. 1945
♦7s 1st ser ctfs of dep.'57
Feb
Jan
FSb
Mar
lumbia—
June
75
99
106%
Antioquia
Oct
2,000
*17
Potomac Edison 6s E.1956
"96""
ser
100
July
28
74
91
B ctfs of dep. 1945
C ctfs of dep. 1945
4,000
92% 93% 105,000
95% 96% 29,000
112% 112% 45,000
72
*68
55
33*666
56%
106
14,000
107%
94
97%
15,000
98%
A ctfs of dep. 1945
94%
43,000
8,000
i07%
*47
Apr
Apr
82%
90
*106
dep...Aug '47
dep...Apr '48
(Dept of) Co¬
Mar
Peoples Gas L A Coke—
4s series B
♦7s ctfs of dep. Jan
Mar
82
...
65%
♦6s ctfs of
Oct
104% 104%
104% 104%
*108
*94%
Jan 1947
78
.74%
27,000
103
dep. Apr '46
♦20-year 7s
76
89% 115,000
94%
11,000
105%
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
Sept
91% 93%
106% 106%
1968
43,000
July
Apr
96
9,000
80%
57%
94%
64%
7,000
Mar
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
82%
34%
90%
Jan
July
27% June
Jan
56
80
*107%
103%
May
*
Feb
Apr
6,000
8,000
105
Yadkin River Power 5s *41
♦York Rys Co 5s
1937
Stamped 5s
1947
94
Mar
1,000
99% 100
104 %
104 %
80
62
23
9,000
36,000
78%
83
22%
105
115
Apr
84*666
82%
29%
42
24
26%
86
West United G A E 5%s'55
Wheeling Eleo Co 6s..1941
Wiso-Mtnn Lt A Pow 5s *44
Wise Pow A Lt 4s
1966
♦78
Deb 5 Ha series B..1969
1964
West Penn Traction 5s *60
West Texas Uttl 6s A 1957
West Newspaper Un 6s '44
112%
1,000
29
89%
1946
Wash Water Power 6s 1960
West Penn Eleo 5s.._2030
Feb
92%
Penn Pub Serv 6s C..1947
D
Jan
Aug
96
89%
100
Sept
Jan
69
106
Penn Ohio Edison—
58 series
July
83
29%
87%
94%
1979
1971
1960
Oct
36,000
93%
4%s.l977
6s series A.
Oct
102%
105%
95%
Feb
55,000
87
90
82 H
29 %
1964
1st 6s
105%
120,000
102
*113% 114%
1955
Penn Electric 4s F
Aug
6s—
♦7s ctfs of
Pacific Ltg A Pow 58..1942
Park Lexington 3s
July
114
1941
Pacific Invest 5s ser A. 1948
Pacific Pow A Ltg 5s
Oct
102 % 103
104%
88 H
Pacific Coast Power 5s '40
Pacific Gas A Eleo Co—
1st 6s series B
17,000
Mar
109%
Apr
Apr
80%
103%
102%
102%
36,000
Sept
Feb
93%
86%
17,000
54
Feb
Apr
102
12,000
93%
Mar
93
7.000
62%
Apr
105%
33,000
5s series
Aug
70
11,000
84
May
103%
112%
*2*666
108 % 109 %
1970
116%
5,000
58%
July
79%
♦5s Income deb
1954
Wash Gas A Light Ss.1958
Wash Ry A Eleo 4s...1951
58 series C
4 He series E
Oct
Apr
Sept
116
Waldorf-Astoria Hotel—
100%
105%
65%
55%
72
Va Pub Serv
5%s A..1946
1st ref 5s series B...1950
Apr
Mar
Mar
90
1944
88
109
N" western Elec 6s stmpd'45
N'western Pub Serv 5s 1957
4%s
44
111% 112
6s series A
1973
Utah Pow A Lt 6s A—2022
105
Northern Indiana P 8—
D
1952
1,000
92 H
49
Oct
Sept
6s series A
High
30
104% 105
82%
83%
(Del) 5%s *62
United Lt & Rys (Me)—
Low
53,000
59%
79
1959
59,000
107%
No Amer Lt A Power—
Nor Contl Util 5%s..l948
No Indiana CAE 6s..1952
C%8
Sold
55% 115,000
26%
74%
Un Lt A Rys
1938
JD 071(1$
High
*24
1945
99H 100% 122,000
107
*112
54 H
Oct
f 6s...
s
United Lt & Pow 6s. ..1975
6%s_.
1974
1 | S? a
of Prices
47%
115%
58%
♦United Industrial 6%s '41
♦1st
Week's Range
Low
58%
Conv 6s 4th
stamp.1950
United Elec N J 4s.
1949
United El Serv 7s
1956
45
105
Nippon El Pow 6%s..l953
Rap Tr 5%e '52
Ulen Co—
July
*103
72
Oct
86
New York Penn A Ohio—
♦Ext 4%s stamped.1950
Tlets (L) see Leonard
Twin City
July
Jan
61% 100,000
20,000
Oct
90%
Oct
44%
Jan
110% May
Apr
108
42,000
Sale
Price
87 H
New Orleans Pub Serv¬
N Y Central Elec 5 %s 1950
H
118
%
57 %
55
94
82 %
82
98
Mar
35
8,000
106
1954
es stamped
52,000
90H 144,000
35
118
67 %
5s"I""l950
New Eng Power 3%s.l961
New Eng Pow Assn 6s. 1948
98
Last
High
fjOW
2509
Friday
(Concluded)
Sold
1,000
8,000
94
1Q4R
ConV
H
BONDS
Bonds
116
109""
2022
£■
fc
86
35
I
Range Since Jan. 1, 1938
of Prices
High
95
90
{♦Nat Pub Serv 6s ctfs 1978
Nebraska Power 4%s.l981
6s series A
Week's Range
Low
6
No par value,
60%
58%
68%
68%
Debenture 6s. Dec 11966
61
59
62% 103,000
37%
36%
Mar
Mar
62%
Oct
68 %
58%
58%
18,000
53%
Oct
60%
Oct
{ Reported
80
81%
17,000
64
Apr
81%
Oct
57%
35%
62% 152,000
36
Mar
62%
Oct
18%
Mar
37%
Oct
40
59
Oct
36
Sept
Sept
55
July
a Deferred
delivery sales not Included in year's
range.
« Under
sales not Included In year's
♦
68
Conv 6a (stpd).;
1948
Debenture 6s
1951
gold deb*.
1957
Standard Investg 5Hs 1939
{Standard Pow A Lt 6sl957
♦Starrett Corp Inc 5s. 1950
Stmnes
(Hugo)
2d stamped
35%
36%
36,000
Corp—
2d stamped 4s
4s
*55
50%
60
50%
5,000
104%
104% 105
19 000
104
Apr
106
106
106
12,000
103%
Apr
Tennessee Elec Pow 5s 1956
94
94
95
135,000
65%
Feb
95
55%
2.000
55% 55%
95% 129,000
94%
101% 102% 60,000
35%
Sept
61
Feb
Texas Power A Lt 5s..1956
6s
series
A
H
95%
102
2022
Tide Water Power 58—1979
99
99
5.000
84%
86
27,000
82%
Mar
94
Mar
90%
75%
Mar
Apr
100%
104%
101%
86%
Oct
Jan
•
A 1947, Dec. 9 at 105.
City Gas 5s ser. B 1950, Dec, 9 at 105.
1, 1939 at 105,
Detroit City Gas 6s ser.
Indiana Genera! Service 5s 1948, Jan.
e
Cash sales transacted during the current week and not Included in weekly or
yearly range:
No sales.
y
under-the-rule sales transacted during the current week and not Included In
weekly or yearly range:
No sales.
May
Jan
"s
j The following is a list of the New York Curb bond Issues which have been called
Aug
Aug
No sales were transacted during current week.
In receivership.
in their entirety:
Oct
Terni Hydro-El 6 Hs—1953
Texas Flee Service 5s. 1960
106%
107%
r Cash
Ex-dlvidend.
* Friday's bid and asked price.
Bonds being traded flat.
Detroit
1940
1946
Super Power of 111 4 Hs 68
lst4Hs
1970
Oct
sales not Included in year's range,
x
e
Deferred delivery sales transacted during the current week and
not included
in weekly or yearly range:
No sales.
Abbreviations
Used Above—"cod." certificates of
deposit; "cons,"
consolidated;
"cum " cumulative; "conv," convertible; "M." mortgage; "n-v," non-voting stoe*;
"v t
c," voting trust certificates; "w i." when Issued; "w w," with warrants:
without warrants.
*'x-w"
Financial
2510
Chronicle
Oct. 22, 1938
Other Stock Exchanges
Estate Securities Exchange
Real
New York
Closing bid and asked quotations,
1946
83
11
6X8 unstamped
27 X
6Xe stamped..
Taui H.Davis &
40
10 East 40th St Bldg 5s *53
250 West 39th St Bldg 68*37
Bryant Park Bldg—
6X» unstamped..
Ask
11 West 42d St Bldg—
62 X
7s 1945
B'way 38th St Bldg
Listed and Unlisted
Bid
Unlisted Bonds
Ask
Bid
Unlisted Bonds
22
...
SECURITIES
CHICAGO
Friday, Oct. 21
Members
...
New York
Chicago Stock Exchange
Chicago Board of Trade
Exchange
New York Stock
Curb (Associate)
10 S. La Salle St., CHICAGO
Baltimore Stock
Oct. 15 to Oct.
Exchange
21, both inclusive, compiled from official sales
Range Since Jan. 1, 1938
Last
Week's Range
for
Sale
of Prices
Chicago Stock Exchange
both inclusive, compiled from official sales lists
Oct. 15 to Oct. 21,
Week
Price
Par
Stocks—
lists
Sales
Friday
High
Low
Sales
Friday
Low
Shares
High
Week's
Last
Sale
Arundel Corp
Bait Transit Co com
Oct
1,841
12N
Mar
X
292
Mar
2X
Apr
9X
Mar
2\X
Oct
55 X
Mar
73X
July
Par
X
X
*
IX
IX
*
*
20 X
20 X
21%
227
72
71X
73
186
114
65
112X
Apr
100
7X
Sept
9X
Oct
Adams Oil 4 Gas
110
76 X
Mar
114X
Oct
2
Oct
Consol Gas E L 4 Pow—
114
5% preferred
100
Davison Chemical Co com 1
114
Fidelity 4 Deposit
20
Guilford Realty Co com—1
114
9X
9X
114
9X
U4X
2
2
pref——100
50
Apr
116
IX May
17X
1,000
11X
X
16
17X
95
X
Mar
June
18X
July
Stocks—
Low
Price
X
"
Oct
X
Apr
25
8X
8X
9X
72
preferred...—-*
Mar Tex Oil
—1
Common class A
1
Martin (Glen L) Co com.;. 1
Mt Vern-Woob Mills pf 100
X
X
X
175
X
May
IX
IX
18N
3
Jan
Oct
2X
Jan
Sept
30 X
Oct
June
47 X
Jan
1st
pref
Second
IX
IX
1H
IX
1,200
28 X
30 x
462
......
38 X
38 X
June
6
2,065
IX
30 X
5
35
National Marine
40
40
New Amsterdam Casualty
11N
12H
1,935
IX
200
Oct
1
229
59 X
112 \A
Bank..30
6 "~12~X
North Amer Oil com
1
Penna Water 4 Power com *
Preferred.......
*
13 X
Seaboard Comm'l com.. 10
16 X
U S Fidelity 4 Guar
2
IX
68 X
......
2
73
112 X 112X
Oct
X
Oct
7X
4,533
Oct
10
44 X
May
Mar
12X
Oct
IX
Jan
40
2
13X
17X
13%
16 X
-
June
Apr
75
Jan
Oct
112X
Oct
12H June
8X Mar
100
13X
17 X
Oct
Oct
55 X
56?*
512
36?*
45
45
100
39?*
9
9
50
com....*
11
11
100
7?*
4?*
Advanced Alum Castings. 6
3
3?*
450
2
6X
6?*
50
4
12 X
12?*
100
Common (new)
2
Acme Steel Co com
Adams (J D)
•
Mfg com—*
Aetna Ball Bearing
com__l
*
10
_2!
Amer Pub Serv pref
100
Amer Tel 4 Tel Co cap. 100
Armour 4 Co common...5
Asbestos Mfg Co com..—1
Associates Invest com
*
Automatic Products com.f
Automatic Washer com..3
Aviation 4 Trans C cap.l
Backstay Welt Co com—*
Barlow & Seellg Mfg A com I
Bastlan-Blesslng com....*
Belden M fg Co com
10
Bendix Aviation com
6
Berghoff Brewing Co...
Allied Laboratories conv.
8
Bliss 4 Laughlln
15
Mar
23X
Jan
15H
Mai
27
Jan
85
78
Mar
85
Feb
Brach 4 Sons (E J)
Feb
101
Aug
500
96%
Borg Warner
Last
Week's Range
for
Sale
1st pref
of Prices
Low
High
Week
Range Since Jan. I, 1938
Shares
Low
High
pf50
IX
740
1
Apr
50
u
11X
75
11
Mar
145X 147 H
2,233
146 X
100
Amer Tel 4 Tel
1
Assoc. Gas & El Co cl A_. 1
(New)
......
IX
IX
16
Mar
May
Mar
149 X
Jan
X June
IX
Apr
110X
235
Boston Edison Co
Boston Elevated
Boston Herald
80
125?*
49
80
62
Sept
86
396
60
Mar
125 X 127
49
50
852
108
Apr
14?*
15
Traveler-."1
81
85
86
100
100
100
94
108 X
Prior pref
8?*
8X
Cl A 1st pref std
2
IX
IX
IX
2X
IX
Aug
12?*
Aug
19?*
Mar
62
Apr
148?*
July
Oct
130?*
3?*
Sept
6N
Jan
X
Mar
IN
Jan
Mar
36 X
Jan
Mar
IX
July
Mar
27
1
1?*
60
X
100
2%
8,650
8
20
Oc
Oct
2X
Mar
1?*
8
Jan
2X
X June
Jan
10
t
9X
9?*
100
7?* June
nx
11?*
250
8
Mar
13
"nx
nx
12?*
650
24 X
2ix
25?*
8
July
Jan
13
8X
Mar
25?*
Oct
350
6?*
Mar
8N
May
5?*
5X
6?* June
17,250
8
7X
100
4
Mar
Jan
18 X
20
35
34X
36?*
16
16
6X
Jan
800
18X
cap..*
1
12?*
Mar
22 N
Jan
4,650
16?*
Mar
36?*
10
Mai
17
July
8
Mar
134
58X
May
20X
Jan
IX
IX
2X
8X
2
IX
2X
IX
SX
12
11
30
9
Mar
14
Jan
61
500
Mar
61
41?*
50
Jan
Oct
Jan
10
July
24 X
July
20
Aug
25
Jan
Oct
X Aug
3?* June
IN
July
7N
July
1
Mar
2N
Apr
100 X
450
preferred
100
100 X
210
90
47
48 X
110
25?*
5X
330
2?*
4?*
1
Mar
Chicago Rys pt ctfs 2.. 100
Sept
3%
4X
July
IX
1
Sept
July
Chicago Towel com. ._...*
Oct
Chicago Yellow Cab Inc..*
Jan
Chrysler Corp com
Part ctfs ser 3
.
5N
150
16?*
July
2X
6,450
1?*
Mar
2N
June
300
25?*
35N
Oct
750
38?*
Mar
Jan
SON
July
245
X
Sept
Jan
73
1?*
1
12
Mar
X
X
60
X
Jan
IN
X
X
63 X
X
100
X
Oct
X
65
50
57?*
May
X
..100
Oct
July
34?*
2
34 X
70
72
Oct
July
50
June
Sept
15X
15
*
Chicago Corp oommon..*
Preferred..
*
23
12X
13
23,950
Chic 4 N West Ry com 100
Apr
Apr
2%
Chic Flexible Shaft com..6
Apr
Sept
14
6X
Jan
IX
14J*
1%
July
8X
120
400
6%
4X
60
300
19 X
*
Sept
30
21X
24X
1
*
*
%\X conv pref
Central BW —
Mar
3X
3X
2,100
X
1
14
5%
8X
2% May
5?* Mar
17?* Sept
Sept
X
5X
July
100
.
334
576
3%
55 X
~6l
297
12
15 X
13
Chain Belt Co com
Oct
22?*
May
24
24 X
Cent States Pow 4 Lt pf. *
Mar
Apr
6
8X
20X
17X
July
13 X
5
14
250
3%
1
Common
Preferred
47X
100
250
14 X
Central 111 Sec-
Prior lien
1,60
6
Oct
20 X
6
—
5% conv pref
30
CamphellWyantACan cap*
Jan
612
15
100
20X
14%
1
*
5
Burd Piston Ring com—1
Butler Brothers
10
Jan
Boston 4 Maine—
100
100
Cl A 1st pref
-.100
Class B 1st pref std. .100
Cl B 1st pref.:
100
Class C 1st pref
100
Boston Per Prop Trust—*
June
12?*
45
Jan
July
Oct
nx
9X
6
oommon
Common.
100
Preferred
13
100
8
Central Cold Stor com..20
BIgelow-Sanford Carp—
Boston 4 Albany
June
750
2
CastleA Co (A M) com..10
1
—
8
1,550
X
Cent 111 Pub Ser $6 pref..*
Am Pneumatic Ser 6 %
Sept
4?*
Mar
1
IX
Bruce Co (EL) com
Seues
Friday
Stocks—
12?*
Mar
6
X
35
Class A
Exchange
inclusive, compiled from official sales lists
Price
Mar
Corp—
Common
Boston Stock
Par
Mar
35
5%
%
842
Oct
10?*
Brown Fence 4 Wire-
1,000
100 x 100 x
Oct. 15 to Oct. 21, both
"Ix
1
21X $26,500
24 X
2,850
85
......
50
160
145?* 147?*
lnc com.5
20 X
23
20 X
1975
A 5s flat
1975
B 5s flat
1975
Finance Co of Amer 4% '42
19
60
46?*
Jan
6
250
9
H
19
60
Oct
56?*
Apr
Sept
7
60
Class A
Blnks Mfg Co cap..T
Bonds—
Bait Transit 4s flat...
High
Low
High
Abbott Laboratories-
Allied Products 00m
*
Mfrs Finance com v t
Range Since Jan. 1,1938
for
Week
Jan
604
X
X
1
2X
20
19X
1st pref v t 0
Black 4 Decker com
Houston Oil
20
*
vtc.*
19X
Range
of Prices
70
Oct
Oct
June
Jan
350
Mar
12?*
82 X
9%
79X
10 x
5
83 X
1,343
63?*
Sept
83?*
Oct
10
9X
8X
9X
1,300
5X
Sept
10N
May
8
Cities Service Co—
Mar
10X
Oct
1,170
May
7X
Jan
208
IX
Sept
3
Jan
Sept
52
May
Sept
30X
1,979
6X
7X
IX
2X
9
7
r-25
Copper Range
X
4X
10 H
9X
Calumet 4 Hecla ......25
6
*
Common
26
26
27 X
192
15X
100
.100
14X
16
340
21
9X
Jan
100
IX
IX
245
IX
Oct
2X
July
*
3X
3X
30
2?*
Apr
3%
Jan
East Steams'p Lines—
Common.
14
14
55
*
18X
18X
19
405
*
20
82 X
32 X
32 X
Economy Grocery Stores
Employers Group
Georgian C A pref.
*
Hathaway Bakeries cl A..*
Gillette Safety Razor
.
Class
com
25c
15
2%
2X
"16X
16 X
5
100
5% cum pref
100
Mass Utilities Ass v t c... 1
12
Feb
14
Oct
15X
Apr
20
Mar
3X
30
95
52
573
40
26c
205
30?*
70
3
5
16 X
•
23%
Apr
IX July
4% June
6X June
1%
Feb
20c
Sept
19
337
17
76
Mar
X June
Oct
IX
7X
Feb
5%
Aug
Deere 4 Co
60c
July
3X
Aug
"lX
100
IX
July
9
Jan
Elec Household Util oap.5
22
Jan
Elgin Natl Watch Co... 15
18 N
Mar
28
July
3X
2X
1,665
3X
Oct
6
July
350
1%
Jan
2%
Jan
95
96 X
848
81
Mar
109 X
July
56
8
55
" Sept
1
June
37o
Mar
79C
Jan
5
Jan
Goodyear T 4 Rub com..*
Gossard Co (H W) com
IX
IX
68
2X
Feb
Jan
Gardner-Denver
21X
Sept
Sept
3%
Jan
Mar
July
20 X
22
4X
1,106
May
19%
24 X
Jan
4X
Oct
Harnlschfeger Corp
"15"
15
15
11X
10 X
nx
480
*
12X
12X
14X
3,438
Torrlngton Co (The)
*
26
27
1,655
230
12%
8
5%
l"
Great Lakes D 4 D
July.
20
i65
lo
Apr
83
1,198
50
Mar
83
Oct
42 X
42X
42X
302
38 N
Jan
43
May
85c
1.00
3,000
55c
Mar
IX
7X
3X
182
5%
Mar
8X
Jan
125
2
Sept
3%
Aug
22 %
July
Jan
Bonds—
Eastern Mass St Ry—
6,000
49
7X
15
15
31X
-
Mar
'
Oct
3?*
July
20
Feb
Sept
21N
Oct
16?*
Jan
7X
Mar
Mar
14?*
Jan
5N
Aug
Mar
24
10
73
Oct
2?*
15
,
4?*
Apr
3?*
Sept
250
8
Mar
550
1?*
Mar
6?*
Jan
Oct
Mar
11X June
2N
Jan
Mar
10
8?*
3?*
1,050
2?*
1
1,750
X
16
Jan
May
11
Oct
June
4X
Jan
Sept
2X
Jan
Houdallle-Hershey cl B
*
Hubbell Harvey Inc com
Illinois Brick Co
100
Indep Pneum Tool vtc..*
Indiana Steel Prod
.
*
..1
Jefferson Electric Co com. *
22?*
Sept
9?*
Aug
9
300
8,950
Mar
6
12?*
Mar
27
8?*
125
5
Mar
10N
5?*
100
5
Sept
16X
i
17X
10X
7
8?*
17X
10?*
2?*
6X
100
4
Mar
8N
5?*
17N
8?*
Mar
Mar
?*
June
2N
5
Mar
8N
6?*
Mar
14?*
Oct
Mar
111?*
Oct
10C
7?*
8?*
13?*
14?*
993
111?*
180
23?*
40C
Ill
.
22?*
-
100
14?*
4
Jan
12
Oct
Oct
July
Oct
Oct
Mar
July
29
Jan
7
Jan
4X
35C
84X
87 X
27S
69?*
July
89N
61?*
65X
345
54?*
Sept
67N
Oct
18?*
19
150
19
Oct
19
21?*
1.80C
12?* May
10?* June
21X
Oct
23?*
23?*
5C
Mar
23X
July
4
-
-
-
*
21X
.
Oct
July
June
Apr
7N
750
3,582
4,150
1.20C
2
*
14X
Oct
8N
8
1
*
Jan
32?*
23X
32 N
27
6%
.
com...
Inland Steel Co cap
June
7?*
5X
10
Illinois Nor Util pref.
Oct
13
15
8X
-
*
Illinois Central RR com 100
7%
250
371
7?*
9
-
com
Oct
15
25
10
com.
Iron Fireman Mfg vtc
Jarvte (W B) Co cap..
73
3X
26 X
i
International Harvest com*
72
6
*
com
14%
18X
1948
Jan
Sept
2X
9X
-
Hetn-Werner Motor Parts 3
79 X
For footnotes see page 2513.
Oct
July
9?*
150
150
Oct
19
7
Mar
July
17?*
Mar
June
200
150
Jan
83
3X
Apr
4?*
9?*
11
Aug
28
10
450
1,500
600
13
11X
5
*
16
10 X
20
United Shoe Maoh Corp. 25
Preferred
25
Warren Bros
1?*
13
12 X
Sept
Hupp Motors
Utah Metal 4 Tunnel Co.l
5?*
10
11
May
Apr
100
13
10
Helleman Brew Co G cap. 1
Mar
July
*
Hall Printing Co com
IX June
*
Series A 4?*s
9%
4
General Outdoor Adv com*
X
Stone 4 Webster
4?*
22
X
IX
Shawmut Assn T C
Reece Button Hole MachlO
12
4%
Common
9%
13 X
1,356
July
16?*
11?*
2
Gen Household Util—
6
4
73
450
21X
-
General Finance Corp com)
50
1
May
16?*
2?*
2
15X
1
48
500
f
com
General Candy class A
15?*
*
60
26
4] 6
22
Fox (Peter) Brewing com.5
Goidblatt Bros Inc com..*
Ctfs of dep.
50
15?*
10 x
12
Dodge Mfg Corp com—
Sept
89
747
98
250
26 X
6,450
Aug
605
Four-Wheel Drive Auto. 10
69c
Mar
95
12
Fitz Sim 4 Con 1) 4 D cm*
50c
10
20
21?*
Jan
219
20
17N
18N
nx
Aug
IX
Sept
19?*
26c
IX
Jan
Feb
11?*
73
13
Oct
1?*
X
4?*
60
*
56
100
2.50
10
525
98
2X
Fuller M fg Co com
New River 6% cum pf_100
4
1?*
17?*
18?*
-
2%
96 X
July
*
Jan
25
Aug
11?*
*
com...
Common
Sept
4X
11
7N
Feb
13
13
Jan
Mar
4,
Dixie-Vortex Co—
40
Mar
New England Tel 4 Tel 100
Waldorf System
25
3?*
120
15X
Decker (Alf) 4 Cohn com 10
Deep Rock Oil conv pref.. *
10c
2X
Union Twist Drill Co
May
650
69
i
Jan
Feb
IX
3X
Pennsylvania RR
12
7X
98
.
Dayton Rubber Mfg com. •
11
100
2X
Qulncy Mining Co
500
1?*
nx
18 X
-
98
Cunningham Drug com2?*
206
3%
Pacific Mills Co
17
15
100
Preferred
25c
1
Old Colony RR
May
4
2
National Tunnel & Mines. *
North Butte
28
IX
16?*
-
Continental Steel com...*
32 x
Narragansett Racing Ass'n
N Y N H 4 H RR
Sept
Mar
7
25c
Linotype..*
Inc
2
22
10X
pf v t c 50
Common pt 8h A v t c_50
Com ptshs B vtc
*
.Container Corp of Amer. 20
IX
Mayflower-Old Col Cop.25
Mergenthaler
9
30
*
Isle Royal Copper Co
IX
7X
8X
3X
*
B
Preferred
Maine Central
8X
IX
6
IX
*
Gilchrist Co
Jan
33,850
17
17
1
Consol Biscuit com
Cudahy Packing pref. .100
General Capital Corp
450
28
IX
25
Compressed lnd Gases cap*
New capital..
Consumers Co pt
Eastern Mass 8tRy—
Adjustment
2
27
Club Aluminum Utensil..*
Commonwealth Edison-
East Gas 4 Fuel Assn—
4?*% prior pref
6% preferred
(New) com
*
15?*
Oct
Volume
Financial
147
Friday
Kati Drug Co com
Week's Range
of Prices
Low
High
Week
Price
1
Kellogg 8witchboard
com. *
Preferred
3N
"~8N
..100
Ken-RadTubeAT'p com A*
Kentucky Utll Jr cum pf 50
7N
74
11
0% preferred
Kerlyn Oil Co
6
Kingsbury Breweries
Low
500
50
Mar
5N
1,850
74
Mar
—
m
'
~
Jan
Oct
100
170
20
75 N
160
Hatfield prior pref
Hobart A
3N
200
3N
July
Mar
12
Jan
Oct
Kroger
Oct
75N
Apr
5
Mar
1
N
N
2N
N
150
N
Feb
IN
Mar
2N
2N
500
IN
May
3N
Feb
Lawbeck 6% cum pref. 100
Leath & Co com
*
30 N
30 N
30 N
10
3N
3N
3N
7N
250
2N
Mar
4N
251
6
Mar
9
3N
4
400
2
20 N
22
Llbby McNeill A Llbby.
*
Lincoln Printing com
Lion Oil Ref Co com
*
7
*
Loudon Packing com
22
*
IN
IN
*
13 N
13 N
McCord Rad A Mfg A...*
9N
Manhattan-Dearborn com*
Marshall Field
Mc Williams
com
9N
20
1
com.
Prior preferred
5N
*
2N
IN
14N
July
14N
Oct
Common
1
Stock purchase warrants
Midland United Co-
40
56 H
18
11
91
Oct
Mar
19
2*
Jan
1
Oct
5
39N
20
Mar
8
98
May
98 N
98 H
29
24
1
1
300
1
4N
4N
125
5N
5N
7N
8
2
Oct
Jan
Jan
100
Jan
21N
Feb
H
57 N
18
June
28
28
Oct
100
12H
408
57 H
18
Mar
36
18
2
Jan
5H
Mar
Aug
Oct
19N
July
31N
50
10
Aug
_.10
3
Jan
4
Sept
Sept
7
Feb
60
5H
July
7
Jan
200
7N
Mar
10 H
July
Ohio Listed and Unlisted Securities
Oct
6
Mar
*
Jan
Oct
CM 00 £
Aug
4N
7N
N
6
X
30
July
20
Mar
Jan
Members Cleveland Stock Exchange
Mick el berry's Food ProdMiddle West Corp cap
938
Apr
3N
26
7
Jan
Mar
10
10
Wurlitzer...
Mar
2N
1,200
~56N
100
Western Bank
Mar
20
50
5N
28
28
Aug
5N
100
9N
Sabin Bobbins pref
U 8 Playing Card
Aug
Sept
20
5N
Aug
19N
2H
.*
4N
IN
N
6N
3,650
July
*
91
4N
High
Mar
5
7
36
17N
N
Randall A
Low
12
6N
91
"im
2.50
Magnavox.^
Range Since Jan. 1, 1938
Shares
4N
35N
30
100
National Pumps
Procter A Gamble
25N
16N
350
N
Price
*
Apr
Mar
400
IN
14
32
*
U 8 Printing
Preferred
1,100
N
Dredging com*
Mer A Mfrs See cl A
Mar
16
Week
10
Kahn 1st pref
32
June
for
of Prices
Low
High
6N
81
53
3N
5N
Par
Week's Range
Goldsmith
La Salle Ext Univ com—5
cap
(Concluded)
Mar
11
31N
70 N
—
6N
8N
Feb
65
11
74 N
-
Stocks
High
3
Last
Sale
31
1C0
com A
74
Range Since Jan. 1, 1938
Shares
3N
8N
Sales
Friday
for
Sale
Par
2511
Sales
Last
Stocks (Concluded)
Chronicle
4N
4N
2,750
IN
Mar
4N
Oct
7N
8N
23,300
4N
Mar
8N
Oct
Jan
N
N
6,150
N
Sept
2
Common
*
N
N
N
550
N
July
Conv preferred A
•
5N
5N
6N
850
Feb
N
0N
July
1
IN
120
Oct
2
May
Midland Utll 6% pr llenlOO
7% prior lien...._
3
N
100
IN
IN
100
6% preferred A
100
Miller A Hart Inc conv pf. *
N
3N
N
4N
620
3
Sept
18
Apr
27N
Sept
Modine Mfg com
*
N
74
150
24
24
50
54
1,586
IN
Mar
7
Aug
Union Commerce
Jan
2
Sept
N
GILLIS 1<J RUSSELLco.
Jan
July
Common
*
52 K
50N
9N
9N
9N
7
7
National Standard
com.
_
10
Natl Union Radio com—1
19
'mm
Noblltt-Sparks Ind com..5
mm
19
North Amer Car com...20
2N
North 111 Finance com...*
11
Northwest Banoorp com..*
7N
50
Peoples G LtACoke
Preferred
4
10N
Aug
12
Sept
City Ice & Fuel
17
June
Clark Controller
1
40
Apr
Jan
10
May
5N
950
2N
Sept
22 N
330
14N
Mar
9N
24N
41
725
Mar
41
Oct
27
40
22
May
29
Jan
50
3
4
Mar
4N
Jan
N
100
N
M&r
IN
Jan
IN
600
N
May
IN
Sept
un
IN
2,110
6
50
July
112
Oct
120
129
Mar
151
IN
12 N
N
40
IN
100
2N
26 N
.300
11N
12
75 N
Mar
Leland Electric
July
July
McKee (A G) B t
Medusa Portland Cement-*
.
2N
Aug
27 N
July
Murray Ohio Mfg...
*
13N
79N
Jan
National Acme
Oct
National Tile
3N
2
Mar
6N
Jan
30
22
23N
30
20
June
Jan
S'westGas A Elec 7% pflOO
Southwest Lt A Pow pref. *
103
40
90
Apr
28 n
104 N
40
72
Jan
3N
Slgnode Steel Strap—
86
82 H
86
13 N
13 N
2N
2N
2N
850
mmmmm
4N
5N
500
Standard Dredge com v pf20
Common
1
Standard Gas A Elec
com. *
Stein A Co (A) com.
-
•
com
5
3N
3N
100
10N
2N
Sept
11n
1,020
8N
Sept
mmmmmm
9N
9N
450
7N
Apr
700
22 N
Mar
15
100
15
28N
29 N
Swift A Co
25
18
18
Trane Co (The) common. 2
16
16
18N
16N
87 N
15
Mar
Sept
29N
19N
17N
579
63 N
Mar
90
800
7N
Sept
Conv preferred
Cumul prior pref
*
July
21N
25N
31N
Sept
16 N
25
567
25
33 N
32
520
25N
110
26
38
96
31N
32 N
61
27
5N
155
3N
85
,
Packer Corp
*
Patterson-Sargent
8
31
150
22
20
60
13
Mar
60
10
60
.2
17
80
11
11
255
12N
13N
161
50
50
16N
11
29
2N
10
2N
100
N
28N
N
N
560
28 N
21
11N
275
10
17
17
100
12N
12 N
50
30N
36 N
235
18N
Sept
40
2
1,150
IN
Mar
2
1
500
1
Mar
IN
IN June
N Mar
20
16
July
17N
30 N
13N
June
20 N
22N
93N
Sept
Sept
30N
122N
12N
79 N
5N
5N
Aug
13
July
Mar
39
July
8N
2
Mar
Apr
Oct
4N
46
21N
July
12
21
875
IN June
3N
Apr
7N
July
30
36
6N
2N
25N
July
10
600
8N
Sept
76
30
73 N
Mar
2N
2N
2N
23 N
150
IN
May
20 N
11,550
9H
May
43
43
43
43
110
Jan
Buhl
Feb
Cincinnati Stock Exchange
DETROIT
Telephone: Randolph 5530
43
Oct
43
Oct
43
Oct
48
Detroit Stock
110
100
106
July
110
July
110
1,600
Oct
110
Oct
Exchange
Jan
Oct. 15 to Oct. 21, both inclusive, compiled from official sales lists
108N
Sales
Friday
Last
Par
Allen Electriccom.....
u.
1
Baldwin RUbber com
1
Brlggs Mfg com
".....*
Burroughs Add Mach
Burry Biscuit com
for
of Prices
Low
High
Week
Price
IN
8 H
Chrysler Corp com
.
"35 N
20
3N
IN
Consolidated Paper com
Teletype: CIN 68
Continental Motors
Det & Cleve Nav
Exchange
.
10
13 X
1
1N
com..
...
10
3,033
25N
210
1,785
35H
19N
2N
IX
7N
100
IN
-8 N
20
3N
1,520
2,370
1
2,400
N
7N
100
83
13 H
13 N
200
1,555
Friday
83c
Range
of Prices
High
Range Sinde Jan. 1, 1938
1
May
5N
Sept
36
124
111
Aug
May
80c
IN
100
2N
1
2N
2H
6N
2N
1,400
1,280
.6
"19"
111
6
226
425
77
IN
Sept
Mar
Jan
July
*
5
2N
Mar
275
15
Mar
19 N
Aug
4
94
June
105N
Mar
Gar Wood Ind
60
Aug
General Finance
99N
99 N 100
160
3
Crosley Radio
*
8N
10
Frankenmuih Brew
com..
1%
7X
com
1
Apr
100 N
Jan
General Motors com
10
Sept
6
Jan
Goebel Brewing com
1
1
51N
3N
49
3N
51N
5 207
2N
1
3
com
*N
IN
050
1
Oct
Jan
Mar
51N
Oct
1.000
2N
Sept
3N
IX
1.211
70c June
IN
Jan
Oct
70c
Feb
Mar
3N
Mar
12N
Jan
Sept
17N
33 N
17N
Aug
Graham-Paige com
14H
245
10
Apr
16
Sept
Grand Valley Brew com._l
32c
82c
100
31c
10
400
6
Mar
July
Hall Lamp com
IV*
2N
250
2
450
7N
Mar
10N
13N
Oct
Hoover Ball A Bear
31
9N
Aug
13
Oct
Hoskins Mfg com
*
77
Oct
77
Oct
Houdallle-Hershey A
*
22 N
Apr
28
July
13N
13
Gallaher Drug new pref...
77
77
2
Gibson Art
27N
28
163
B
-
com.
11
10
16
July
25N
July
12
Oct
Aug
7N
85
*
2
Oct
Aug
4N
2
Jan
"in
19N
14H
5N
Mar
4N
100
75
2N
Mar
6
June
700
334
12N
For footnotes see page 2513.
90
Feb
422
13
*
6N
3N
85
13N
Mar
18N
*
—
Mar
0
10
Cln Union Stock Yard
1.
9
1,195
96
84 N
14
*
3,390
14
18
85
10
I»N
10
Oct
July
3N
13
416
111
3N
18N
5N
IN
7N
Oct
Jan
2N
*
com..
IN
Mar
Federal Mogul com
High
96
50
Formica Insulation
Low
10
Cln Telephone
Eagle-Pic her
Shares
IN
1.50 June
1N May
IN June
2% Mar
Fed Motor Truck com
Low
Oct
Oct
Feb
200
IN
July
15N
85c
2N
7N
July
83
83c
108
2
Aug
July
Mar
1
"~2 N
.3
Jan
Oct
70c May
1
Ex-Cell-O Aircraft
Week
0N
26N
37N
21N
3N
100
6
Eureka Vacuum com
Mar
Mar
13N Mar
15N June
IN June
500
100
Det Paper Prod com
for
4N
12 N
IN
Det Gray Iron com
Oct
IN
1.15
Detroit Edison com
Sales
Week's
High
Jan
it
IN
Det-Mich Stove com
inclusive, compiled from official sales lists
Low
11
1.15
—
com
8
Range Since Jan. 1,1938
Shares
79 H
5
._
IN
25N
Chamb Met Weath com..5
BUILDING, CINCINNATI, O.
Cincinnati Stock
*
12N
Brown McLaren
New York Stock Exchange
Week's Range
5
...
Consumers Steel
3
Oct
July
$1,000
1,000
Telephone: Main 4884
50
Jan
85
Chicago Stock Exchange
Building
Jan
Members
Cln Gas A Elect pref—100
20
.
New York Curb Associate
Detroit Stock Exchange
Oct
W. D. GRADISON & CO.
Cin Street..
Oct
Oct
July
656
New York Stock Exchange
Bower Roller
*
Feb
ION
Apr
30
Members
Jan
249
Mar
20
Jan
WATLING, LERCHEN 8i HAYES
Feb
850
'
May
100
Jan
11N
9N May
Jan
33
June
June
N
Oct
Cincinnati Listed and Unlisted Securities
Champ Paper pref
Churngold
Feb
3N
Oct
Stocks—
Am Ldy Mach
Sept
60
Sept
3N
6
July
2N
Price
July
12N
July
110
Par
12
60
Sale
Stocks—
Mar
Oct
June
3N
Sale
Apr
5N Mar
8N June
Oct
N
850
Last
Aug
Mai*
3N
22 N
Oct. 15 to Oct. 21, both
Jan
July
Sept
Jan
750
DIXIE TERMINAL
Oct
20 N
65
638
4N
45
3
*
Jan
31
4
Mar
4N
_.
Apr
21N
4N
42 N
21
*
Jan
16
30
9N
43
July
Jan
N
Oct
Feb
44N
6N
Mar
789
Feb
39
Apr
Mar
16
Jan
35
Apr
60
*
Bonds—
Stamped
Oct
Sept
20
*
Vlchek Tool
Sept
30
30N
Reliance Electric A Eng..6
Richman Bros
;..*
Seiberling Rubber.
15N
13
June
4N
Commonw Edison 3Ns '58
75
85
N
4N
mm-
Jan
14
H
4N
Chicago City Rys 5s__1927
Ctfs of dep
60
100
77 N
9N
Yates-Araer Mach cap
f
Eenlth Radio Corp com..*
10
16
321
76
4N
July
85
1,200
116N 122 N
..2
com
21
16
1,300
16 N
WlsconslnBanksharee com*
Woodall Ind Inc
Mai
85
n
28 N
~x76
11
».*
2N
28 N
*
oommon
Jau
2,365
Weinberger Drug Inc
UN
114N
17
Western Un Teleg com. 100
W'house El A Mfg com ..50
Wleboldt Stores Inc com.,.*
Jan
32
Ygstwn 8 A T 5N % Df-100
IN
IN
*
Jan
64N
July
1
7
com
61
12N
20 N
July
2N
N
2N
6
com
90
Oct
20
Aug
Sept
14
*
Van Dorn Iron Works
13H
666
8N
June
7N
14
5N
Otis Steel
13
Jan
22
Jan
July
41N June
18N Sept
10N
Ohio Brass B
8 % cum pref
.100
Thompson Products Inc..*
650
1,349
10N
UN
105 N 114N
U 8 Gypsum Co com
20
Utah Radio Products com *
UtUlty A Ind Corp
Oct
Oct
Jan
92
38
*
3N June
Oct
11n
'
Union Carb A Carbon cap *
United Air Lines Tr cap..5
Walgreen Co
Apr
Jan
15
Mar
Oct
14N
3N
5N
Mar
15
Aug
86
Mar
IN
2N
10N
Swift International
Wahl Co
7N
*
11n
5
Sunstrand Mach Tool
250
15
*
Sterling Brewers Inc com.l
Stewart-Warner
104
321
640
62
32
32
..*
Nestle LeMurA
Preferred...
9
20
16N
National Refining pref. 100
200
Mar
31
1
1,263
4
25
Metro Pv Bk 7% cm pf-100
Monarch Machine Tool.
Mar
79N
mmmmmm
1
80
61
*
15N Mar
6N May
47 N Mar
650
UN
Aug
146
6N
Mar
32N
Greif Bros Cooperage A.
Halle Bros pref
.100
July
8
70
19N
*
Goodyear Tire & Rubber.*
High
13
Apr
6
20 N
"l9 H
Low
4N
60
8N
18N
19 X
Goodrich (B F)
Aug
Aug
10N
70
5N
*
3
Berrlck Corp cl B com
Cliffs Corp vtc
*
Elect Controller & Mfg—*
Faultless Rubber
_.*
Interlake Steamship
Lamson & Sessions
14
280
10N
100
IN
Jan
7N
H
4,350
26 N
m m m — —
N
Shares
62
Cleve Cliffs Iron pref
Cleve Railway
4N
Mar
Range Since Jan. 1, 1938
for
Week
8
70
—
3
Mar
3N
IN
2
Oct
11N
Mar
85
300
3N
Sept
410
112
148N 149
2N
24 N
Jan
Range
6
*
July
Sept
mmrnmrnm
m
Price
Amer Coach A Body
Apex Elect Mfg pref___100
Brewing Corp of Amer...3
13
109
IN
1
*
May
30
12N
6
of Prices
Low
High
100
6
_
30
IN
112
10
com
8N
19N
46
Airway Elect pref.
20
9N
mmmmmm
3N
Schwltzer Cummins cap._l
Sears Roebuck A Co 00m. *
Apr
Oct
Jan
50
N
com vtc 50c
Sangamo Electric
Mar
18N
3N.
11
12
1
148 N
6% preferred vtc
Reliance Mfg Co com
Rollins Hon Mills com
8N
60
Par
16 N
4
100
Raytheon Mfg
530
Stocks—
Week's
Sale
Oct
26
1
Corp com
*
Quaker Oats Co common.*
Mar
Sales
Last
July
36 N
rl
Process
Apr
Sept
Friday
July
July
30
4
Pictorial Paper Pkge com. 6
Pressed Steel Car
IN
6
3,250
20 N
~mmmm~
*
com..
Mar
6N
43 N
Tines Winterfront com___l
Potter Co
Mar
16 N
cap 100
Perfect Circle Co
25
IN
26N
Apr
N
Exchange
Oct. 15 to Oct. 21, both inclusive, compiled from official sales lists
30
mrnm.mmm
Penn Gas A Elec A com..*
cap
13N
100
15N
Peabody Coal 6% pref. 100
Pennsylvania RR
July
700
3N
7H
16N
12
Nov
7N
12
1,600
43 N
NortbwUtU 7% pref.-lOO
Pxlor lien preferred..ICO
Nunn-Bush Shoe com._2N
Parker Pen Co com
10
26
11
7
9N
Mar
Cleveland Stock
Oct
Apr
4
400
IN
24 N
,
450
19N
1
mm
25
50
54 N
7
39N
100
A. T. & T. OLEV. 565 & 566
Jan
Montgomery Ward—
Nachman Springfllled com*
Natl Pressure Cooker Co.2
Building, Cleveland
Telephone:CHerry 5050
11
346
15
16
584
33 H
33 N
100
16 N
17N
3,813
6N
14N
22N
6
Mar
Mar
Jan
Jan
Oct
Ott
Financial
2512
Par
Stocks (Concluded)
Week's Range
of Prices
IJOW
High
Week
Price
♦
Low
Shares
9
9%
9%
2,W
5%
Stocks (Concluded)
High
for
of Prices
Low
High
5%
22%
Aviation Corp (The) (Del)3
Hurd Lock A Mfg com. ..I
59c
50c
59c
1,545
37c
Apr
75c
Jan
Bendix Aviation Corp
1
2%
2%
2%
595
1%
Mar
3%
Jan
Columbia Gas A Elec—.*
Klngston Prod com
47c
.10
50c
700
40c
Mar
21%
1,875
15%
Mar
21%
*
17
Mar
Mahon (R C) A pref—
McClanalian Ref com
1%
..1
.
•
»
Mich Steel Tube Prod. 2.50
1%
30c
3,750
9
3,100
13%
200
8
*
5%
41%
Parke Davis com
Parker Rust-Proof com 2.50
41%
-
-
*
Parker Wolverine com.
«.
25%
25%
25%
10%
Mar
9%
9%
100
5%
Oct
4%
Feb
New York Central RR
20%
19%
400
10%
Mar
Mar
11%
Mar
9%
20%
21%
July
2.00
Jan
Nor American Avlatlon..l
14
10%
14%
7,400
6
Mar
14%
*
5
Reo Motor com
.
-
-
B
•
Walker & Co B
15
100
10 %
4%
Mar
10%
July
Packard MotorCar Co—*
5%
6%
June
11
Aug
Paramount Pictures Inc..!
12%
U%
7%
12%
Mar
31% Mar
14% June
6%
Apr
1% May
1% Mar
2
July
5%
Radio-Kelth-Orpheum
*
3%
3%
Republic Steel Corp.
*
19%
19%
3%
19H
42
Oct
20%
12
22%
22%
100
19%
Mar
13%
13%
17%
13%
17%
100
12%
Apr
15%
17%
100
14
Oct
17%
7%
9%
300
*
4%
Jan
July
Tide Water Assoc Oil Co 10
13%
40c June
4%
1%
Mar
1,675
Jan
United Aircraft Corp
5
34
3%
6%
Jan
United Corp (The)
(Del).1*
4
5
Jan
U S Rubber Co
5%
Jan
U S Steel Corp..
3%
16%
Jan
3%
100
Apr
6%
9%
8%
Jan
Oct
May
46%
Aug
13%
July
Oct
Oct
Sept
Oct
2% June
865
4
100
3%
'
950
685
1%
1%
16%
126
3%
350
3
-
Sept
2%
Apr
2% June
1% Sept
10%
Apr
1,000
,
16%
1%
♦
1%
53c
Apr
Oct
7%
9%
*
Standard Brands Ine
Studebaker Corp
1
7%
8
200
12%
13%
600
10%
33%
34
4%
53%
300
24 %
Apr
900
2%
June
64
10
53 %
3%
53%
*
5
63%
63%
Warner Bros Pictures
5
34%
43
42
42
25
Texas Corp (The)
7%
100
38%
3%
34
4%
Oct
55
25% June
600
1,000
7%
7
Mar
Oct
64%
Mar
Mar
July
8
Oct
1%
Jan
80c
1,295
18c
18c
18c
300
%
July
%
Jan
8%
8%
8%
150
May
22%
23%
465
8%
23%
Oct
23%
3%
13%
73c
Young Spring A Wire..
July
July
Oct
22%
Southern Ry Co
4%
17%
4
—
26%
Seaboard Oil Co of Del...*
Soncony-Vacuum Oil Co. 15
Oct
Apr
..1
Warner Aircraft com
July
Jan
Mar
3%
52c
-
Jan
20%
Jan
Mar
45c
•
600
5%
3%
1%
3
-
Oct
Aug
8
1% June
13
May
200
3
8%
3%
A*
5%
Mar
5
3,000
9
July
July
Oct
850
3%
WolverlDe Brew com— ..1
2
Wolverine Tube com
3%
5%
5
8%
1,005
4
'«
12%
100
11
2,025
4
*
Universal Prod com
Apr
25%
11
3%
*
*
6%
25%
11
3%
*
United Shirt Dist com..
Universal Cooler A
300
25%
*
17%
*
Union Investment com.
3
52c
3%
..1
.
.
10
«
..1
Tivoll Brewing com
400
*
Ohio Oil Co
3%
Standard Tube B com.. ..1
Tlmken-Det Axle com. .10
12%
North American Co
Aug
*
Oct
Oct
25%
July
15
Mar
16%
3%
*
River Raisin Paper com
Tom Moore Dist com
2%
2%
Mar
May
3%
Mar
22%
1,000
3,678
2,550
1,512
20%
2%
2%
2%
2%
July
Aug
International Tel A Tel..*
8% June
1,426
19%
8%
..
9%
Penin Metal Prod com.
42
13%
Goodrich (B F) Co.—*
11
3,620
5%
Oct
Sept
100
10%
4%
13
Aug
Oct
6%
Jan
•
Radio Corp of Amer
Packard Motor Car com
13
5,585
10
10%
3%
87c June
597
......
3,500
Oct
2%
707
.10
Murray Corp com
Muskegon Piston Ring. .50
5%
Jan
100
14%
6%
75c
Sept
22%
1
1%
Sept
May
32c
14
26 %
9
60c
5
21%
_.5
Motor Wheel com
32%
Oct
Mar
24%
100
*
Motor Products com
Mar
24 %
100
900
Mid-West Abrasive cora60c
22%
100
Electric Power A Light...*
300
3%
100
26%
6%
Apr
58c
1.75
..
2%
26%
26%
55c
65c
3%
-
2%
Sept
1%
26%
26%
Mar
9
1.75
Mlcromatic Hone com. ..1
1
1%
26%
5
Curtlss-Wright Corp
50c
58c
23%
9%
6% June
Commonwealth A Sou—*
Jan
65c
^
1,200
Oct
Oct
Oct
Oct
5%
Jan
14%
600
Curtlss-Wright Corp A
July
1%
25c
700
Continental Oil Co (Del)_£
75c
80c June
760
8%
u-
^
M
-
*
Mich Sugar corn
1%
28c
Masco Screw Prod com. _.l
McCianahan Oil com.. ..1
Mar
3
600
Jan
23
59
5%
23%
9
9
Oct
21%
22
1
Kresge (8 8) com
19%
22
Kinsel Drug com
L
High
Low
Shares
9%
5%
23%
Jan
1,1938
Week
Price
Par
9%
Apr
Week's Range
Sale
for
Sale
Range Since Jan.
Last
Range Since Jan. 1. 1938
Last
22, 1938
Sales
Friday
Sales
Friday
Hudson Motor Car com
Oct.
Chronicle
Sept
Jan
Established 1874
DeHaven & Townsend
Oct
Members
New York Stock Exchange
Philadelphia Stock Exchange
New York Curb Exchange (Associate)
Wm-Cavalier & Co.
PHILADELPHIA
«
NEW YORK
.
30 Broad Street
1513 Walnut Street
MEMBERS
Chicago Board of Trade
New York Stock Exchange
L.o*
Philadelphia Stock Exchange
San Franciaco Stock Exchange
Angeles Stock Exchange
Oct. 10 to Oct. 21.
both inclusive, compiled from official sales
Teletype L.A. 290
Los Angeles
523 W. 6th St.
Week's Range
Last
Sale
Los Angeles
Oct* IS to Oct. 21. both
inclusive, compiled from official sales lists
Sales
Friday
Week's Range
Last
Sale
Par
Stocks—
Bandlnl Petroleum Co—1
Low
Range Since Jan. 1, 1938
for
Shares
5
1,300
2%
May
13
13
200
5
Mar
24
4%
July
4%
Aug
12%
4c
May
5c
Feb
200
1.00
Sept
1.45
Mar
600
6%
7%
7%
Mar
Mar
Sept
3%
4%
Mar
Jan
9
3%
500
Broadway Dept Store
9%
9%
9%
100
4c
4c
4c
1,000
17
20
281
20
*
1.10
1.10
10%
10%
1.10
11
Consolidated Oil Corp
*
Consol Steel Corp pref—.*
9%
8%
9%
9
Creameries of Amer v t c.. 1
3%
3%
25
5%
5%
5%
1,100
9%
3%
District Bond Co
Exeter OH Co A com
"..1
General Motors com
10
60
11%
11%
11%
'80c
10%
10%
5%
5%
43%
43%
1.10
1.00
10c
Mar
20
3%
25
Oct
11
Oct
10%
July
11%
July
4%
Jan
5%
63%
11%
Oct
July
1.10
Aug
50%
Oct
Jan
7
400
1.10
Mar
52c May
25%
600
5%
44
Apr
6%
100
1
Hupp Motor Car Corp_..l
Intercoast Pete Corp
12
Mar
May
44
Oct
July
7
July
Oct
Mar
1.30
Sept
50c June
2%
Oct
65c
2%
2
2%
1,400
1,600
35c
35c
35c
100
35c
Aug
57 %c
Apr
4c
4c
4c
1,000
4c
Oct
8c
Aug
10c
2,100
3,800
1,400
7c
Sept
18c
5%
Mar
19%
Oct
3%
Mar
Lincoln Petroleum Co__10c
9c
Lockheed Aircraft Corp._l
18%
..2
Los Angeles Investment-10
2%
Menasco Mfg Co
3%
1.1
500
1,600
-
49%
*
Los Ang Industries Inc.
'
_
Apr
43
800
10%
Jade Oil Co
352
51%
Gladding-McBean & Co..*
Globe Grain & Milling..25
Holly Development Co
.
60
50
Hancock Oil Co A com
300
200
60
80c
*
Emsco Derrick A Equip..5
Douglas Aircraft Co
10
500
9%
4%
9c
18
19%
2%
4%
2%
3%
5
146%
117%
6
*
-5
Chrysler Corp
83%
Curtis Pub Co com
2
700
3%
2,200
Jan
July
80c Mar
6%
3%
3% June
,
Jan
July
NordonCorp Ltd.
1
11c
10c
11c
4,000
6c May
21c
July
Occidental Petroleum
1
24c
24c
24c
2,500
18c June
30c
Jan
Oceanic Oil Co
1
72 %c
72 %c 87%c
4,700
72%c
Oct
1.20
1
28c
28c
29c
900
27c
Oct
49c
9%
Mar
15%
July
823
133
175
5%
83%
79%
1,031
40
34%
48%
1
4%
6
.50
'8%
Nat'l Power A Light..
Pennroad Corp vtc— "1
,50
Pennsylvania RR
.50
Penna Salt Mfg
787
62
256
2,660
Jan
11%
111%
Mar
149%
Jan
12%
Mar
23%
July
112%
3%
July
119%
Jan
4%
21%
25%
21%
6%
Jan
Mar
5%
Aug
Mar
2%
36
83%
Oct
Mar
Mar
8%
Aug
Mar
34%
Oct
Mar
52
Oct
Feb
36
Oct
^35%
Lehigh Coal A Navgtn.
Lehigh VaUey
1,200
7
6%
Horn A Hrdrt (N Y) cm
2
21%
*
m,
•»«
pref
— —
"
'.25
Phila Rapid Transit
35%
100
4%
5%
8%
5%
2,110
3
May
5%
July
300
3
Mar
7%
July
Mar
9%
Oct
Mar
2%
Jan
30%
Jan
1%
*
Phila Elec Pow pref
-50
30%
20%
•
6%
9%
2
22%
1,885
5,266
3,260
4%
1%
14%
Mar
50
123
Apr
134
112
Feb
116% 117
30
30%
Oct
154
118
153
150
F,202
280
2
2%
3%
5%
.50
7% preferred
Philadelphia Traction.. .50
4
162
6
200
29%
1%
Oct
Apr
32%
Feb
Sept
2%
July
Jan
Mar
4%
Apr
7%
Jan
2,220
4%
10%
Jan
27%
May
215
35%
Mar
51
Mar
36
2
1
17
16%
18
*
49%
48%
49%
Tacony-Palmyra Bridge ._*
35%
35%
5
20%
Tonopah-Beimont Devel.l
ht
ht
2,200
.he
Jan
%
1
%
%
100
%
May
1%
Jan
1
585
%
Oct
2%
Mar
812
1%
Jan
3%
Mar
1%
22%
Mar
3%
Jan
Mar
37%
Oct
Mar
12%
Apr
10%
Jan
Mar
10%
May
Salt Dome Oil Corp
Scott Paper
Tnnonah
Mlninc
Transit Invest Corp pref..
%
%
-
Preferred
United Gas Imp com..
"ii%
"
*
Preferred
111%
*
Westmoreland Inc
2%
4%
8,164
37%
459
11%
12%
24.654
109% 111%
8%
8%
418
8%
97%
60
6%
93
8
2%
"~3%
United Corp com
3%
35%
.50
Union Traction
Jan
Pacific Finance Corp com 10
145% 147%
22%
21%
Aug
5
Mar
Oct
July
Feb
Oct
Oct
111
Jan
Pacific Distillers Inc
1,848
33
Elect Storege Battery .. 100
.10
General Motors. 1
Phi la Elect of Pa 85
9%
5
High
Low
Shares
116% 117%
6%
5%
22%
BeH Tel Co of Pa pref— 100
High
7%
July
31%
3%
Claude Neon Elec Prods..*
Oct
Oct
30%
31%
3%
Chapman's Ice Cream
5%
13
Apr
31%
Buckeye Union Oil pf v t cl
Central Invest Corp... 100
100
American Tel A Tel
Budd Wheel Co
1% Mar
6% June
50
Bolsa-Chlca Oil A com..10
5%% Pref
9%
Budd (E G) Mfg Co—
High
l>ow
13
4%
Barker Bros Corp com—*
High
*
American Stores
Range Since Jan. 1, 1938
for
Week
of Prices
Low
Price
Barber Co
Week
of Prices
Price
Par
Stocks—
Stock Exchange
lists
Sales
Friday
14%
14%
14%
1,000
10
9%
9%
9%
60
Pacific Gas A Elec com..25
29%
29%
29%
100
Preferred C
—.
9
Jan
23%
Mar
5%% pref
Richfield Oil Corp com
50
*
Warrants
Roberts Public Markets..2
Ryan Aeronautical Co
1
Security Co units ben Int.*
Sierra Trading Corp
25c
*
Signal Oil A Gas Co A
Sontag Chain Stores
*
So Calif Edison Co Ltd..25
30%
100
28
Mar
4%
4%
4%
700
3
Mar
37%
37%
6%
37%
50
30
Mar
7%
5,700
5
Mar
2%
6% 1st pref....
.25
Republic Petroleum com.l
1%
2%
700
1.10
3%
2%
3%
2%
3%
400
2%
30%
7%
30
30%
2%
11,100
151
30
30
10c
9o
13c
Mar
29%
July
8%
2%
3%
3
Sept
31
23
5c
18
35
35
35
100
10%
10%
100
24%
10%
23%
24%
1,000
19%
Mar
May
7%
Jan
Last
July
July
Aug
Oct
100
110
.
*
3%
July
Armstrong Cork Co..
*
*
"W
1
75c
10%
Mar
24%
Oct
Blaw-Knox Co
Carnegie Metals Co
,
Oct
10
18
285
16%
Sept
20
Feb
13
12%
13%
909
8
Apr
14
18
18
520
5
Mar
18
100
70c
Apr
28%
Apr
26%
Oct
30%
Aug
Southern Pacific Co
20%
19
1,500
9%
Mar
21%
Jan
Duquesne Brewing Co
5
Follansbee Bros pref... 100
Fort Pitt Brewing
—1
Koppers Gas & Coke pf 100
Mar
34%
July
Mar
46
July
Mar
12%
8%
Jan
25
20%
20
20%
1,000
17%
Mar
22%
July
Universal Consol Oil
10
17%
15%
17%
1,300
Jan
20%
Mar
9
Sept
6%
Jan
Mar
3%
July
Pittsburgh Brewing com..*
%c May
16%c
Aug
Pittsburgh Screw A Bolt.*
VandeKamp'sH D Bakers *
9
9
9
200
4%
3%
4%
300
3%
3%
3%
100
2%
7c
7c
5c
5,000
July
Pittsburgh Forglngs
Mining—
Calumet Gold
7c
400
22c
Jan
Cons Chollar GAS Mng. l,
2
2
2
200
1%
Sept
4%
Apr
Prince Consol Mining.. 10c
Tom Reed Gold
1
50c
50c
50c
1,000
50c
Get
50c
Oct
15c
15c
15c
1,000
15c
Oct
25c May
1
4c
4c
4c
2,000
3c
Mar
9c
Jan
Amer Smelting A Refining*
55%
300
49%
Oct
56%
146%
41%
Plymouth Oil Co..
Ruud Mfg Co
Shamrock Oil & Gas
10%
Sept
Oct
Jan
105
6%
Mar
10%
July
1
300
90c
Apr
1.50
Feb
6
3,322
4%
Apr
6%
Jan
3
200
1%
Mar
3%
July
2%
9
"8%
21%
1,456
Jan
1,500
200
2
Mar
3
Jan
200
4%
Mar
11
Oct
11
50
113% 114%
8
8%
310
22%
120
20%
5c
2c May
2c
2%
2c
2%
1
5
5
70
July
5%
25c
Pittsburgh Plate Glass. .25
Mines.. 10c
87
Jan
95c
3
5%
Nat FireproofIng Corp...5
Phoenlx^Oll common
85
83%
Feb
1
Aug
WeUlngton OH Co of Del._l
85c
10
2
Yosemite Ptld Cement pflO
8
85c
"83%
Lone Star Gas Co
McKinneyjMfg Co
Mountain Fuel Supply..10
Transamerica Corp
Union OH of Calif
6%
5%
3%
Jan
17
Sept
25%
Oct
July
18
23%
27%
26
1%
Aug
25%
300
19%
9%
July
600
48
Mar
50c May
30%
100
1,700
Mar
10%
Mar
200
10
24%
2,350
June
400
40%
1
85c
5
30%
20%
30
18
19
26%
9%
44%
17
35
28%
40%
Jan
2,530
30%
29
4
9%
26%
9%
Sept
Oct
27%
28
40%
110
2%
8%
30%
30
Jan
Feb
35
25%
26%
Standard Oil Co of Calif..*
21%
8%
Copperweld Steel
28%
Superior OH Co (The)...25
Mar
25%
Columbia Gas & Electric.*
Devonian Oil
High
Low
11%
10
Aug
July
323
418
3%
75c
Shares
122 xl05
110
3%
44%
Arkansas Natural Gas
Oct
39
18%
110
Preferred
July
17c
High
18
Range Since Jan. 1, 1938
for
Week
of Prices
Low
18
...25
25
100
Price
Week's Range
Allegheny Ludlura Steel--*
So Calif Gas 6% pref A..25
6% pref B
5%% pref O
.
Sale
Par
Stocks—
official sales list
Sales
Friday
July
6%
40
9
both inclusive, compiled from
Oct
30%
8%
Pittsburgh Stock Exchange
Oct. 15 to Oct. 21,
9% May
Apr
1.05 Mar
22,500
*
Westmoreland Coal
114%
Oct
4% May
9%
July
Mar
25%
July
14%
Jan
56
15%
Apr
Oct
Cardinal Gold
7c
1
ZendaGold
7c
6c June
1
Westlnghouse Air Brake.. *
Westinghouse El & Mfg_50
Unlisted—
0
American Tel A Tel Co. 100
Anaconda Cobner
For footnotes
..50
see
page
146%
38%
2513.
56%
54%
146% 146%
41%
38%
100
400
112
Mar
21% May
Oct
Oct
9
9
"26%
2%
1,300
38%
39%
185
45o
"38%
50c
1
9
1%
Sept
Apr
4
Jan
Mar
39%
Oct
1,300
35c Sept
650
Feb
26%
24%
116% 122%
543
Mar
28%
123%
July
2%
86
Unlisted—
Pennroad Corp vtc
25
2%
United Eng A Foundry—5
VictoriBrewlng Co
9
1%
219
22
15%
62%
Mar
1% June
Oct
Jan
Volume
147
Financial
Chronicle
2513
Friday
Sales
Last
ST.
Stocks (Concluded)
Holly Develop Co
I. M. SIMON & CO.
1
Home F A M Ins cap
Honolulu Oil Corp cap
10
*
Honolulu Plantation Co.20
Hunt Brothers com
10
Hunt Brothers pre!
10
Business Established 1874
Enquiries Invited on all
Mid-Western and Southern Securities
Langendorf Utd Bk A
Preferred
*
uns
New York Curb (Associate)
Chicago Board of Trade
Chicago Stock Exchange
A S Aloe Co com
33 %
100
Griesedleck-West Brew
Hussmann-Ligonler
Huttig SAD
210
65
4
45
Key Co
Laclede Steel
20
com
McQuay-Norrls
12
1st preferred
954
954
3954
27
2654
19
1754
*
13
5
16
2%
4
St Louis Pub Serv com
Sterling Alum
1
25
Wagner Electric
7%
com
435
7%
Mar
10%
12%
120
354
Mai
1154
36
12
1254
26
Oliver United Filters A_.
Oliver Utd Filters B
2154
22c
22c
Jan
21
400
554
654
Aug
36
6
Mar
Oct
14
Apr
654
9
Rayonler Ino
1
16
25
Preferred
Oct
1654
2354
23
com
Jan
Rheem Mfg Co
8X
Aug
13 X
Feb
June
30
5
Mar
10
July
95
June
107
Mar
91
6
7c
35
530
open
Pacific
on
until 5:30 P. M.
Coast
Stock
May
3554
35
3554
350
2154
2154
22J4
1,190
87
87
87
1954
Jan
5
7X
Oct
30
2854
30
4,923
Oct
8X
Feb
22
22
22
497
lex June
36 X
Aug
'("*
inriiiiii
-
Members New York Stock
111
Par
Alaska Juneau Gold Min 10
Anglo Amer Min Corp.._l
of Prices
Low
Price
ox
High
OX
25c
25c
Exchange
22%
Jan
6%
34%
July
13
Mar
23% June
Range Since Jan. 1, 1938
385
175
9
Mar
16c June
13%
Bancamerica-Biair Corp.. 1
Assoc Insur Fund Inc.—10
5
5
5
1,110
2%
Jan
Atlas Imp Diesel Engine*.5
8
7X
8
885
4%
Jan
10
Aug
May
Bank of California N A. _80
195
Mar
200
194
-
195
Bishop Oil Corp
5
4%
*
18%
18X
19
21
21
21
21X
21X
21%
*
6
4
X
6
Calif Art Tile A
*
Callf-Engels Mining
1
21c
21c
Calif Packing Corn com..*
20 X
20 X
14
14
4%
6
14
21c
21
25
350
171
635
3%
13 X
710
17
50
19%
36
340
22
233
33c
105 X
3 H
3X
83
39
Coast Cos G <fc E 1st pf.100
104X
Cons Aircraft Corp coin.-l
17 X
25 X
Preferred
*
D1 Giorg Fruit
14X
87
Corp com 10
Di Giorgio Fruit Corp pf 100
20
Emporium Capwell Corp.*
14X
Preferred
(ww)
50
Emsco Derrick A Equip—5
Fireman's
Fund
Indem.10
Firemen's Fund Ins Co..25
Food Mach Corp com—10
Foster A Klelser com...2%
354
18
18
3X
34 X
Mar
Mar
19
45c
14
84
50c
5%
1454
250
5
554
554
1,291
754
754
145
5%
21%
21%
Oct
General Electric Co
8ept
24
Jan
Apr
52
July
Mar
98
40c
106%
3X
3X
Aug
Sept
July
3%
6,673
1,65
Jan
3%
Oct
3%
1,360
1.65
Mar
83%
749
37%
Mar
3%
83%
39
39
150
30
Mar
10
101
Apr
200
11
780
11,301
Sept
22% May
39
106%
18
Idaho-Maryland
Mines.. 1
Inter Tel A Tel Co com—*
Italo Pet of Amer
Italo Pet
33
4
182
854
9
642
554
6
42
July
Oct
Mar
14%
56
Mar
87
100
3
Mar
1354
5%
10
9%
Mar
14%
Mar
37
July
Mar
11%
20
11%
100
40
90
33
Mar
40
82 X
32
84
140
62
Mar
88
June
32
123
17
Mar
33
Jan
1.25
Mai
2.60
July
14
14
10
12
Apr
18
22
100
19
Apr
25%
Apr
11
535
6
Mar
11%
July
51
49%
11%
51%
3,462
9%
570
6
Sept
10
120
25
Mar
29
July
Oct
12%
25%
30
10%
10%
10%
802
ex
5%
6%
8,786
2%
381
Mar
6% June
51%
Apr
Apr
15
Oct
1454
Gate6% pf 100
23
870
20
Oct
23
Aug
50
30c
100
30c
Oct
754
1,655
4.95
Mar
1054
420
954
Jan
Jan
385
2854
May
50%
15c
Mar
1
7,200
3,658
16
100
570
20
654 Aug
354 May
656
Mar
15
July
July
11
20
3%
July
350
5
Apr
10%
5%
Oct
5
310
60
754
884
1954
2
Feb
2654
783
24
2854
484
2554
Mar
854
50
854
Oct
954
1.995
*
32
32
32
34
3154
3454
90c
85c
6254
454
454
4
10
54
90c
64
754
*
13
14%
43%
500
11%
25%
Mar
44
Oct
r
24
846
18%
Sept
29%
Jan
t
July
754
754
9
9
285
952
400
30
No par value
Cash sale—Not included In range for year
Listed,
t In dpfauJr.
809
1,271
9
43%
5%
June
28
6354
Oct
Mar
2854
854
*
Jan
35
Apr
Mar
Apr
1
9%
14%
1954 May
1154 June
354 Mar
2354
2454
2654
United States Stee! com..*
Oct
2
10
U S Petroleum Co
Jan
330
3
954
854
Oct
38c
7%
May
Mar
254
854
"
454
2,706
454
Oct
50c
9
23
11%
3%
20,793
23
Aug
Aug
854
1454
2954
1454
554
23
Feb
Feb
8
Mar
60
1554
Feb
50c
23c
19c
5
35%
1.50
754
1554
2654 May
6
Oct
Oct
1,974
16c
1054
2954
1454
14%
46%
1,620
'
Corp cap-f
22%
Mar
3254
Title Guaranty Co pref
United Aircraft
Oct
7
2054
754
754
9
Jan
3254
United Corp of Del
43 x
14X
July
Mar
Oct
4654
1
22 x
*
Feb
10%
754
May
Apr
Studebaker Corp com
*
Hawaiian Pin Co Ltd
6.00
2654
South Cal Ed 6% pref...25
So Pac Gold
Hancock Oil Co of Cal A.*
Hale Bros Stores Inc
10%
2%
1
Feb
Oct
*
9%
30
Sept
2.25 June
102
2454
July
6%
Golden 8tate Co Ltd
0%
30
Aug
1.10 May
7
Sept
Apr
554
1554
Oct
82 X
32
5%
24%
Oct
18%
1.50 <Jan
Mar
50c
18c
454
Mar
1354 June
July
1454
Oct
Oct
July
Aug
Aug
44%
5054
Schumach Wall Bd pref..*
3
11
Oct
5054
July
26%
6%
34%
11%
454 June
1054
Jan
5% f Oct
Apr
7 54
Radio Corp of America...*
6
Mar
5054
754
17
May
25c
39c
1354
2954
Apr
Mar
2
354
354
2.60
Oahu Sugar Co cap...
11
3954
35c
North American Aviation. 1
Jan
110
2.50
1
Jan
70c
2,368
1,682
3.5c
M J AM AM Cons
Oct
149%
6,802
2.60
Kenn Copper Corp com.
18%
Apr
42c June
11154
554
3254
3
22
*
Gladding McBean A Co..*
Aug
4454
10
1,165
28
11
10
Oct
4
759
Jan
Mar
14
Paint pref
Jan
36
1,439
Jan
18%
22
General
Jan
25c
754
25
General Paint Corn com..*
July
102
4454
85
9
25G
100
10%
41%
295%
43 %
25c
1
com
July
39
2
354
Corp of Amer pfdl
Jan
215
7%
Oct
11%
2
325
4454
10154
Oct
Feb
40
2
483
154
1354
,
Gt West Elec Chem com..
Oct
81
34%
854
7
Mar
510
854
154
754
15%
Apr
14%
99
30c
Mar
13
1.20
30c
15c
20
1.20
23
99 X
20
1,645
3254
90
3%
3,240
Jan
200
3X
454
2454
1854
25c
Mar
33c
104% 104%
17%
17%
26
25%
13%
14%
87
85%
354
2254
1754
42
Elec Bond A Share
105%
3?C
105
4
654
Mar
July
Gen Metals Corp cap..2%
General Metore com
100
9
Curtlss-Wrlght Corp....
22
Galland Merc Laundry... *
Preferred
2,300
554
154
Jan
Mar
Mar
25
25754
Oct
Aug
July
314
14554 147
July
87
Crown Zellerbach com—5
60
Mar
11
2.75 June
354
July
10
Caterpillar Tractor pref 100
May
May
Apr
May
33
38c
95
Carson Hill Gold Min cap. 1
6
71
July
20%
4%
Mar
33
6%
95
..*
475
14%
95
Cons Chem Ind A
800
954
4
,
454
954
Jan
Calif Water Serv pref.. 100
10
Jan
4
Jan
83c June
Mar
15c June
45%
Clorox Chemical Co
554
654
254
393
July
22%
22%
Aug
528
2,777
8
403
30
1
754
1054
90
285
50%
5
1054
Sept
40X
Preferred
Mar
1754
July
12%
Feb
1754
954
3
50
Chrysler Corp com
45c
1,635
Jan
15%
97
Mar
8
3,150
1054
1554
•
200
Calif Packing Corp pref. 50
Central Eureka Mining... 1
8,106
60c
2054
4
Sept
»
Byron Jackson Co
Calamba Sugar com
20
Feb
854
Jan
100
20
7654
554
Feb
45c
15
com
10
280
18
15
Preferred
91
10
F'eb
1.50
Mar
554
High
15
12
30%
75c May
1054
55c
20
10
513
24
Low
Anglo Call! Nat Bank__.20
Calaveras Cement Co
1
1354
Apr
33
14
Week
25c
Oct
2554
754
Shares
9%
Aug
Oct
277
146 54
45c
for
Aug
93
Mar
1.20
Sale,
Stocks—
25%
Mar
354
Sales
Week's Range
July
5%
38%
Mar
May
18
18
Apr
Unllsted-
inclusive, compiled from official salea liata
Last
ex
Apr
4%
35
18
Friday
10
277
Cortlandt 7-4150
Oct. IS to Oct. 21, both
July
July
Sept
954
Broadway, New York
Francisco Stock
July
2
954
454
Private Wire to own offices In San Francisco and Los Angeles
San
3
454
55c
33
Jan
Apr
80c May
3
Apr
60
954
1754
Exchange
Jan
Aug
17
240
91
Schwabacher & Co.
14%
8%
4,763
5
1
954
Universal Consol Otl_.
Mar
Mar
Jan
3054
1254
1054
a
July
Feb
2054
5
91
(2 P. M. Saturdays)
»irwnfavufc.,,,:-,,
July
41
Feb
June
19
20
Iinm'
Mar
29%
6%
25
3054
1
are
June
28
.3054
Oct
which
July
6%
56%
Mar
Sept
Preferred.
7%
Sept
1154
1.23
Jan
July
60
10M
27
2.75
10
30
June
Sept
Mar
Apr
19
Oct
Sept
June
1.05
400
Apr
Exchanges,
Eastern Standard Time
^
rj—--
6
954
454
12
278
12c June
Tread well Yuk Corp Ltd.l
solicited
1,260
2
9X
Corp A....
Jan
99%
Mar
254
30
10
954
Orders
300
295
Thomas Allec
July
55
Sept
May
1754
810
6,736
2.80
1354
24X 823,000
4%
950
554
Bonds—
23%
864
1554
Oct
19%
119%
354 June
8
5 54
90c
July
June
1.00
1,445
754
2
Oct
July
7%
Apr
Mar
89
27
45c June
6
87%
29>4
20
554
1654
4X June
34%
180
554
Oct
19
80
t United Ry 4s c-ds
20
15
2.40
Jan
42%
"
100
2.80
28
108
Mar
354
1,070
12
654
Jan
Mar
5,978
1554
75c June
500
ex
Mar
10
Aug
3%
6X
Mar
Mar
99
7%
Mar
32>4
July
160
10
27
2554
ex
116
7X
30%
July
July
Sept
6
13
29%
Apr
77X
4
1
Mar
23
100
1154
6
Sept
709
38
2
Oct
2.35
547
14
Schleslnger Co (B F) com.
11%
Jan
5
15
Sept
12
Mar
817
3654
17 54
2354
454
38
754
July
June
30
454
12
July
13X
May
454
38
Jan
Aug
July
May
654
5
3654
Oct
4X
6 56
5
24
454
2,227
1.75
3654
30c
Mar
454
80
1.65
R E & R Co Ltd com
Jan
17c June
Jan
1.40
422
1.75
Feb
100
9954
com..
Jan
13%
28%
Mar
55
9954
40
Mar
15
Oct
Aug
July
354
112
9954
Apr
Oct
1,366
1,913
4,557
3054
3054
2754
2754
4154
4254
10754 10754
654
754
19
1854
•
8
Mar
9%
849
10754
Mar
17
23
500
2154
554
42
$6 dividend.
Jan
45
10X
22c
2954
Oct
OX
210
2854
May
6
20
1,361
654
654
32
15
com..
Mar
2954
3054
2754
50 X
Jan
28 X
215
1
3%
26
20 X
25
9%
10,910
36
June
7X
com
Stix Baer A Fuller
27
33
1
1054
1154
754
11
1254
June
90c
1034
854
10
26
14
90c
25
July
36
Puget Sound PAT
500
*
3%
Occidental Insurance Co. 10
Occidental Petroleum
.1
25
7c
Wan ants
Mar
7
50
7c
Scruggs-V-B Inc pref.__ 100
80c
7
122
*
Scullln Steel com
Aug
7,905
100
com
Republic Petrol Co com..l
Republic Pet 5%% pfc
___*
Preferred A
16%
10%
354
July
12
May
7%
200
Oct
Mar
2.75
$5
5X
9
354
111
8
Jan
July
July
7%
55
90
X
1.13
13%
16%
631
112
7 X
Oct
19%
Jan
Mar
8%
50
Aug
June
7
800
9
Aug
1054
Oct
106
7
9
Aug
40
Mar
954
Sept
9
90
1554
10%
29%
Mar
50c
Aug
Aug
41
Apr
5%
485
1,190
4X
8X
14X
18
*
N American Invest
5 %% preferred
33X May
50
25
10
com
65c
16
2.10
Jan
150
9,641
654
1154
Oct
246
100
2d preferred
Rice-Stlx D Gds
St Louis Car com
20
2.00
Apr
12 X
13
10J4
1
12
855
2.05
11
27%
25
Apr
27
Jan
17%
May
3%
32%
1354
7
160
35%
60c
19
•
70
200
Feb
1.50
2.90 June
Apr
250
13
Apr
UX
7%
65c
Sept
OX
500
7
106
40
10
340
20 X
"7H
12
81
29
100
271
1154
1
13X
12
1654
Sept
60
25
11%
Natl Bearing Metals com.*
National Candy com
*
1654
4054
May
25
20 X
Midwest Piping & Sply cm*
Mo Ptld Cement com___25
Sept
Oct
25
29
*
com
Oct
1.50
Sept
6
7
60c
150
21
67
34 X
13%
220
102
75
28
110
70c
1.80
121
525
Aug
1854
July
16 H
30
39% June
Oct
24%
70c
July
48
*
-
15
Apr
1.80
June
9X
34
*
com
com
18
Sept
1.30
Mar
70c
95
135
High
1.80
107
80
6
1854
47
179
48
34
32%
13%
Aug
Jan
25
7X
80
*
573
100
11
9X
170
23
Mar
5
Jan
45
7%
11
Hyde Park Brew com.-.10
International Shoe com—*
Johnson-S-S Shoe
2%
7X
45
.....
38
23
Aug
25X
Jan
23 X
75
7%
3754
23
35X
Oct
3X
155
100
74
10X June
26
537
28 X
100
5
com
Aug
4
100
Johansen Shoe
Aug
25X
33
*
com
Preferred
109 X
June
17 X
17 X
119% 121
*
_
Aug
20
21X
28
cm *
cm
com.
103
4
1
Hamilton-Brown Shoe
10
3%
1st preferred
100
2d preferred
100
Emerson Electric pref..100
Oct
65
32
Ely & Walker D Gds com25
33X
300
32 %
*
High
June
30
21
10
Falstaff Brew com
30
21%
Coca-Cola Bottling com._l
Columbia Brew com
5
Dr Peppercorn
Low
24 %
24
1
Century Electric Co
33 %
107% 107 %
*
com
Burkart Mfg com
Shafes
High
Low
66c June
2,900
38
100
North American Oil Cons 10
of Prices
20
Preferred
American Invest
Range Since Jan. 1, 1938
for
1.10
3954
Menasco Mfg Co com
1
National Auto Fibres com 1
Natomas Co
*
Sales
Week's Range
Range Since Jan. 1, 1938
Shares
1054
Exchange
Friday
Low
1.05
9
St. Louis Stock
Sale
1.10
High
*
March Calcul Machine
Price
Low
...10
Leslie Salt Co
LeTourneau (R G) Inc.-.l
Telephone Central 3350
Par
Price
1654
4054
954
39)4
50
Langendorf class B
315 North Fourth St., St.
Louis, Mo.
Stacks—
Week
Magnavox Co Ltd
Magnln A Co (I) com
Exchange
St. Louis Stock Exchange
Last
for
of Prices
Lockheed Aircraft Corp-.l
MEMBERS
New York Stock
Par
Week's Range
Sale
LOUIS MARKETS
4
Mar
2554 June
1954 Mar
254
75c
Apr
July
Oct
Oct
24
Sept
24%
26%
July
28%
Aug
18
Feb
Oct
9%
Oct
36%
Mar
34%
4%
Oct
Jan
Oct
Mar
1.55
40
May
64%
Oct
4
Mar
7%
July
654 June
11%
Feb
ft Ex-stock
x
9
Ex-dlvldend
dividend.
V Ex-riehts"
Financial
2514
Oct. 22,
Chronicle
1938
Canadian Markets
LISTED
AND
UNLISTED
Montreal Stock Exchange
Issues
Provincial and Municipal
Province ol Alberta—
4s
424s
Jan
6024
62
/5724
Jan
1 1948
Oct
1 1956
Columbia—
6b
July 12 1949
424s
Oct
1 1953
Province of Manitoba—
4)4 8
Aug
1 1941
58
June 16 1954
68
Dec
2 J 959
Prov of New Brunswick—
5h
4^8
1942
1943
1959
1902
15 1905
I
Sept 15
May
1
June
1
59
.Oct
6s
6s
5s
Prov of British
9924 101
95
9624
11024
Week's Range
for
Sale
Week
11124
Price
of Prices
Low
High
Stocks
(Concluded!)
120
Montreal
59
58 24
59
Jan
62
7324
7324
7424
65
7424
Aug
89
Feb
*
41
41
4224
2,309
34
Sept
43
Aug
44
44
25
38
Mar
43
July
59
62
2,915
31
Mai
67
Aug
76
79
4,781
48
Mar
80
255
23
Mar
31
4
150
Mar
Montreal
114
National Breweries..
116
25
Corp.." "6024
Preferred
National Steel Car
9524
9724
96
98
4s
Feb
1 1968
10824 110
108
10924
4248
May
1 1901
11024 11124
104
10524
103
Apr 16 1960
4248_._...Apr 15 1961
Province of Nova Scotia—
4J4s
Sept 15 1952
6s
Mar
1 1960
414s
104 J4
2 1950
Prov of Saskatchewan—
June 15 1943
5s
107 24
109
117
15 1940
1 1951
Nov
Oct
5248
11524
4248
8824
8624
87
89
80
8224
Railway Bonds
Ask
Bid
Ask
Bid
Canadian Pacific Ry—
Canadian Pacific Ry—
10224
Mills..
9624
9724
98
July
1 1960
92 24
9224
Saguenay Power pref—100
St Lawrence Corp
*
50
preferred
Mills.. *
pref 100
Shawlnlgan W & Power..*
Ask
Bid
Ask
Bid
Canadian Northern Ry—
Canadian National Ry—
11424 11424
114
11424
11624 11524
11824 11824
11824 119
1 1946
July
624s
11324 11424
11624 11624
4>4s
Sept
1 1961
4 lis
June 15 1955
4148.—...Feb
1 1956
4148
July
1 1957
6a
.July
1 1969
6s
Oct
1 1969
6s
Feb
1 1970
12224 12324
1 1902
Jan
3s
108
106
97
97 24
Friday
for
of Prices
Week
Sale
Par
Stocks—
Acme Glove
Price
Low
.»•.*
100
A.,*
324
25
1524
*
114
114
Bathurst Power a Paper A *
894
824
*
Preferred
100
Bell Telephone
100
Brazilian Tr Lt & Power.*
British Col Power Corp A. *
1.25
1.25
Bawlf (N) Grain
*
Jan
16
513
1124
Apr
IH
July
10
10924
11124
1,080
1124
15
1.00
Sept
294
50
15
Mar
512
147
Mar
2,221
424
324
1,887
67
924
30
Canada Forglngs class
10024
2524
3
Sept
624
224
June
424
38
Apr
7
Sept
A.. *
12
25
9
June
Oct
17
*
234
12
12
50
Preferred
224
60
1294
110
1694
3
267
2
Mar
12
497
7
Mar
18
18
50
1624
Aug
18
Oct
4024
4024
45
30
Mar
41
July
1824
340
1724
Oct
Oct
1,765
724
Mar
1824
July
340
1824
Mar
30
July
1324
1424
175
9
91
50
88
16
50
16
7
100
Rights
1624
29 24
16
Preferred 7%
Canadian Converters.. 100
1524
91
"1394
*
Canadian Celanese
7
30
7
Sept
Mar
100
65
65
50
65
Cndn Fairbanks pref... 100
105
105
5
106
Canadian Cottons
3
*
3
Class B
24
Canadian Locomotive—
224
324
3
8
Canadian Indus Alcohol—*
8
224
4,225
1,680
10
20
Sept
106
Jan
Sept
20
Jan
1024
6824
Jan
Oct
1.50
Sept
1.50
Mar
6
Jan
June
Mar
106
424
4
1024
July
Oct
Jan
Jan
Mar
25
"~694
624
624
2,740
824
Jan
*
Canadian Pacific Ry
Cockshutt Plow.
924
924
1024
1,742
024
Mar
1324
7,324
4524
Sept
0694
July
Oct
Crown Cork & Seal Co...*
*
Distillers Seagrams
Dominion Bridge
25
Dominion Coal pref
Dominion Glass
.
Dominion Textile
64
6624
19
19
21
1824
3324
2124
3524
"u94
*
_*
"65"
18
105
1124
724
12 24
724
64
65
135
100
Preferred.
18
105
18
100
Dominion Steel & Coal B 25
Dom Tar A Chemical
65 94
19
33 24
Con Mln & Smelt new...25
Dryaen
1824
29
"1524
25
Preferred
135
15
Sept
20
9694
June
103
894
575
424
Sept
Sept
10
Jan
Jan
July
Jan
68
May
70
Jan
1
140
Sept
150
Feb
140
4
Mai
115
14
2924
1694
292
1424
30
14*4
juiy
70
380
4
29%
39
9,262
75c
1
Mar
11
21
55c
*
July
Oct
673
724
Electrolux Corp
Mar
1994
2124
4,720
724
English Electric A_.
Mar
Mar
*
Eastern Dairies
5
16
20
*
Paper
824
1.35
55c
Apr
415
1194
Mar
17
105
24
Jan
Jan
July
Mar
33
Aug
894
Mar
10
724
14 J4
Foundation Co of Can
100
Preferred
14
14
1424
865
Mar
14
July,
Oct
8724
87
88
628
75
Mar
89
Oct
1324
*
Gatlneau
General Steel Wares
*
10
100
Preferred
Goodyear T pref lnc *27 50
Gurd (Charles)
*
424
424
1,145
3
June
524
Aug
924
8524
1024
8824
4,601
5
Mar
1024
1,437
45
Mar
8824
July
Oct
57
424
Rights
58
156
53
Mar
6824
Oct
180
5
Mar
4
Mar
6
624
624
724
3,635
824 June
JaD
894
Gypsum Lime A Alabas..*
Holnnger Gold Mines
b
Howard Smith Paper...
15
100
98
98
90
Mar
*
33
2,285
2024
Mar
3,539
1424
Sept
1994
Feb
5,191
1324
Jan
1594
July
Apr
32
Preferred
1524
15
1524
Imperial Oil Ltd
*
Imperial Tobacco of Can. 5
Industrial Accept Corp...
1724
3424
18
1524
1524
32
32
Intl Nickel of Canada
5424
5624
Hudson Bay Mining
*
Internat Pet Co Ltd
*
2624
International Power
*
100
7924
Preferred
5
2724
2,135
390
35
1124
9
1524
Sept
18
June
98
Feb
3424
Oct
9,253
2,247
37
Mar
5694
Oct
22
Sept
3124
Mar
594
Aug
5
15
64
224
Sept
74
May
84
Feb
10
125
Oct
130
Jan
3,685
10
Sept
125
100
105
105
15
100
June
105
Lindsay (C W)
Massey-Harris
*
•
4
4
50
3
Mar
5
MoColl-Frontenac Oil
*
*
Preferred
,
Mont LH&P Consol
Mont Loan A Mtge
25
8H
7 24
1824
Oct
25
JamaicaP S Ltd pref...100
Lake of the W oods
*
16
Aug
Mar
23
80
125
Sept
594
2,912
1,720
1894
Feb
25
Jan
1724
Feb
Oct
103
294
Mar
694
July
824
Mar
Aug
2024
17
June
24
Apr
5824
July
2,304
16
Sept
23
July
50
2194
385
951
22
2024
2024
.
50
724
Mar
8324
July
45
Sept
15
50
Mar
7424
5424
Mar
6924
12
7524
880
6924
70
594
694
2 24
...
56
Oct
Oct
3
Mar
7
July
124
Mar
3
May
Mar
45
45
25
45
Apr
50
1594
5
12
Sept
20
224
150
1.50
Apr
3
2 24
336
1.25
Mar
2
2
Oct
June
1524
2 24
""224
Jan
8524
10
Oct
1024
25
9
8524
74
14
12
61
Mar
7
Jan
Jan
294
June
17
June
July
30
30
40
32
Oct
50
162
162
15
160
Jan
103
Aug
176
17724
222
159
Sept
178
Jan
212
212
218
94
197
Mar
223
July
307
310
310
144
295
June
31024
Aug
190
188
190
313
170
Mar
19194
Jan
176"
Municipal
Public Utility and
*
Montreal
255 St. James St.,
56
Industrial Bonds
330 Bay St, Toronto
Sparks SI, Ottawa
Montreal Curb Market
both inclusive, compiled from official sales lists
Oct. 15 to Oct. 21,
1924 June
494 June
1694 July
18
Canadian Car A Foundry. *
Aug
1024
95
INCORPORATED
Jan
4024
18
22
10
42
ESTABLISHED 1883
Jan
Feb
Canadian Bronze
pref..20
45
14
Aug
Can Wire & Cable cl B...*
Canadian Canners
22
Jan
994
c
85
16
17
3
July
137
770
12
.
65
HANSON BROl 1 Canadian Government
July
June
_
Royal
July
Feb
87
(new).
Canada Steamship
Commerce
Oct
1424
3394
80
Can North Power Corp.
Sept
105
Aug
Mar
96
924
20
Sept
95
Preferred
July
July
724
*
100
Canada Cement
19
100
Canadienne
July
3,622
Oct
Mar
<,
July
1224
63
5
1724
224
Oct
Mar
12
624
Jan
M
6894
— —
Sept
155
14
8524
45
il00
100
100
-.100
100
Banks—
Aug
624
Apr
Sept
1.25
61
Mar
July
114
3024
56
57
£
5
30
16
Bruck Silk Mills
t-i O
Mar
Sept
166
424
324
Auv
2
10
1624
2194
4,721
Jan
July
3324
Jan
25
16
30
Feb
11
30
166
30
106
7
Apr
20
324
16
1124
5
June
Mar
19
100
Woods Mfg pref.
Nova Scotia
25
166
B
Building Products A
924
*
100
Preferred
5
10
108
108
3 24
Amal Electric Corp pref-50
AsMoclated Breweries
10
10
Sept
894
49
......
*
Montreal
High
Low
Shares
5
924
Agnev-Surpass Shoe pf
Alberta Pacific Grain
High
5
Works Ltd..*
Agnew-Surpaas Shoe
Range Since Jan. 1, 1933
Week's Range
Last
Oct
9
2124
524
1824
.
nmmm,
*
100
*
*
Vlau Biscuit
Preferred
Sales
42
15
9
•
United Steel Corp
Preferred
compiled from official sales lists
55
353
8
4394
22
*
B
21, both inclusive,
Oct
5
"8524
25
Wabasso Cotton
Montreal Stock Exchange
100
8
1724
21
Winnipeg Electrio A
Oct. 15 to Oct.
100
60
*
Simon (H) A 8ons
Preferred
1 1902
Jan
4s
86
Aug
1924
50
Simpsons pref
100
Southern Canada Power..*
Steel Co of Canada
Grand Trunk Paelflc Ry—
Sept
99
8
22
St Lawrence Flour
St Lawrence Paper
Guaranteed Bonds
May
78
25
724
14
1894
Dominion Government
July
5
6
98
4324
""594
A
1194
80
80
6
Rolland Paper vt
4248
96
9624
1 1954
Aug
9724
14
1 1946
Dec
Oct
Feb
15524
78
10124 10124
Sept
11224
154
154
56
100
2994
2994
2994
*
100
Ontario Steel Products.__* ""724
Ottfl wa L H & Power... 100
Preferred
100 "9724
Ottawa Electric Ry
"__*
Penmaas
*
Power Corp of Canada...* "11'
2094
Price Bros A Co Ltd
*
5% preferred..
100
Quebec Power
* "1724
Regent Knitting
*
Preferred
25
Ogilvie Flour
Preferred.
.
6s
10324
9424
11124
77
*
Mines
424s
8024
80
perpetual debentures.
6s-__
Sept 16 1942
424s—
Dec 15 1944
5s
July
1 1944
4s
Noranda
Jan
Telegraph_„._40
Tram ways.—lUu
10724 10824
424s
Mar
Par
High
Low
Shares
11524 117
Province ol Quebec—
99
97
1, 1938
Range Since Jan.
Last
Atk
Bid
Province of Ontario—
Ask
bid
Sales
Friday
,
quotations, Friday, Oct. 21
Closing bid and asked
16,451
10
10
824
1024
30
30
31
1,392
8,321
27
27
21
1824
494
Mar
1024
9
Sept
14
Oct
May
Jan
July
Feb
2594
Sept
31
Jan
27
July
28
May
Sales
Friday
Week's Range
Last
Sale
6% cum pref
7% cum pref
2124
12 24
13
688
90
90
3
-
-
-
"
2,494
33
85
112
97
,
33
Apr
June
4J4 June
Sept
594
Oct
.130
424
Oct
Mar
17
Jan
10
8494
June
103
794
22
Feb
Feb
Oct
1424
Aug
88
Aug
Jan
Oct
8
30
Oct
36
Jan
112
Apr
8
20
133
Jan
Sept
Sept
Sept
20
103
Jan
494
23
2794
1.00
8
Oct
Mar
2
14)4
220
Oct
Aug
224
105
8
1.27
July
July
47
115
220
178
Apr
Apr
Oct
224 June
22
824
220
June
Mar
Oct
1.25
1.25
125
95c
Mar
1.65
July
1.00
1.25
1
1.00
93
1.00
Jan
2.00
Jan
7
*
7
824
8
8
40
40
40
*
52
53
9
May
324
Sept
700
3
Mar
1124
July
175
18
Mar
45
50
July
53
July
Oct
50
50
..
32J4
1.75
*
Co.
Mar
19
100
pref
8324c
494
1.75
*
B_r_*
Can Vickers Ltd
924
27
Mar
Sept
1.00
1894
1894
*
Cndn Westlnghouse
30
03
112
Cndn Power & Pap Inv---*
cum
100
12824
Cndn General Invests
7%
4 24
424
-
-
29
»
*
5% cum pref.
4,841
2124
Ltd..*
Nor P 7% cum pf.100
Cndn Marconi Co..
13
355
12 24
Canada Malting Co
Cndn Industries Ltd
16
4,057
2194
Calgary Pow 6% cm pf_100
Preferred
3,727
324
4
13094 131
494
424
494
Canada Bud Breweries...*
Can Breweries Ltd
15
103
324
354
394
Beldlng-Cortl 7 % cm pf 100
Brewers A Distill ol Van—5
Brit Amer Oil Co Ltd
*
British Columbia Packers *
Can
.
10
97
102
Ltd
Bathurst Pow & Paper
Canada A Dom Bug (new)
7,373
43
138138
*
B_*
Beauharnois Pow Corp...*
Asbestos Corp
3124
43
------
.._*
Ltd
Aluminium
5,707
27
3024
—100
100
High
Low
Shares
394
324
394
Co—*
Abltlbl Pow A Paper
of Prices
High
Low
Price
Par
Stocks—
Range Since Jan. 1, 1938
for
Week
Claude Neon Gen Adv...*
15c
15c
15c
1.000
Sept
35c
Jan
*
5
1.40
1.30
1.40
2,180
90c
Mar
1.85
July
424
424
75
4
Mar
424
Jan
1594
1594
100
13
May
1594
Oct
Mar
9)4
Oct
Commercial
Alcohols
Preferred
Consol Bakeries of
Can.,.. *
Consol Paper Corp Ltd... *
David A Frere Ltee A
B_.__
Dom Eng Works Ltd
------
1.50
*
*
Dominion Stores Ltd
*
Donnacona Paper B
-
1.50
650
^
—
-
794
6
55
4
7
724
1,535
624
143
594
4
624
21
1,750
*
1124
11
2394
2324
2424
18
19
19
2094
3724
3724
77
1.50
275
Fraser Companies
*
Hydro-Elec Securities
Intl Paints (Can) Ltd A..*
Intl Utilities Corp A
1924
1.00
Lake Sulphite Pulp Co
*
No par value
Mar
794
July
7)4
824
July
324
3
424
1494
Apr
Mar
Jan
15
Jin
July
Oct
2124
3724
Oct
37 24
Oct
1.00
Oct
224
Sept
324 June
June
90c
500
51
324
15
85c
1,500
15
3
20
20
1424
July
2424
75
80c
"15"
8)4
Mar
20
*
Jan
Mar
Mar
85c
Mackenzie Air Service...*
894
324
Mar
8
3
Aug
June
9
4
28
32
94
10
324
28
48)4
Sept
Oct
Oct
July
4,485
4
*
1.50
226
8
-
*
MaoL&ren Pow A Paper._*
1,640
3
-
International Utilities B..1
Lake St JohnP&P
1,865
Oct
13
May
30
710
32
Ford Motor Co of Can A.*
Ltd
*
Voting trust ctfs
*
Freiman (A J)6%cm pf.100
Home A Indust Bldg Prodi
1.00
724
43
4
524
Apr
21
12
Fleet Aircraft Ltd
3
624
—
*
5
1.25
394
624
—
EasternDalries7%cm pflOO
Fair child Aircraft Ltd
566
32
*
Donnacona Paper A
13
43
*
Dom Oilcloth & Lino
824
13,320
1024
894
13
*
9
10c
210
Mar
324
494
6
Mar
924
50c
Sept
1.00
1.70
13
224
Aug
Oct
July
Aug
Jan
June
Mar
34
Sept
1224
Jan
1.45
July
40c
Mar
7
Mar
17
Jan
Volume
Financial
147
Chronicle
2515
=r
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Last
Stocks (Concluded)
Par
Massey-Har 6% cum pf 100
Price
Low
58
*
Melchers Distiller* Ltd pf*
Mitchell (Robt) Co Ltd—*
Hi i
2,420
32%
Apr
63
July
Bank of
140
87%
Jan
101
July
10
1.35
Oct
1.35
5
560
7%
1.00
Jan
6%
318
17%
17
*
N S Light & Pow Co
*
96
96
10
93
6% pref cum
100
Page-Hereey Tubes Ltd—*
106
106
5
104
99
85
78
Aug
Apr
101
44
43%
40
4}
80c
110
6
Walkervllle Brewery
•
(H) Walk-Gooder <fe Worts*
235
1.10
3,112
32%
50 X
47
19 %
45
1.15
Jan
Sept
15
Mar
Apr
Mar
2
July
628
6(
Oct
50%
17% May
1,000
52,250
1%C June
34c Sept
20
Oct
109
Oct
Bidgood Kirkland
Big Missouri
Oct
20
1
6c
e
Copper Corp— *
60c
Alexandria Gold
1
lc
lc
1
40,000
lc
1
15c
15c
ie
4,500
12c
Bob jo Mines
Bouscadlllao Gold
19c
25
3,000
1
9c
1C
8,900
6c
*
1
9%c
Brazil Gold «fc Diamond-.1
Brownlee Mines (1936)
1
Bulolo Gold Dredging...5
Cndn Malartic Gold
*
4c
Bralorne Mines.........*
Brantford Cordage pref.25
*
July
July
Oct
1.25
1.20
4,467
95c
Sept
1.45
165
166
2.20Q
8%
3%
390
3c May
8c
Feb
10c
Feb
Buffalo-Ankerite
24% June
Jan
Buffalo-Canadian
Feb
Building Products—*
1.27
2%c
1
2%c
31,000
Jan
1
25c
24c
8,500
18c
Aug
Sept
9%C
Central Cadillac Gold
62c
May
Central Patricia Gold
1
2.40
2.40
1,260
1.90
Sept
3.20
Mar
20c
Mar
28c
Clilbougamau Glfds. 1
Dome Mines Ltd
28c
3,000
33 %
East Malartic Mines
Aug
Canada Bread
5,100
4,750
1.05
Jan
2.37
1.40
3.25
Mar
2.15
Falconbrldge Nickel
*
6.10
6.10
630
4.25
Francoeur Gold M Ltd
*
24c
24c
2,200
20c
Sept
Sept
Sept
Granada Gold Mines
1
9c
500
9c
Oct
Sept
6%c
6.95
Feb
9c
Oct
9%c
2,428
7c
13c
1,750
6%c
Aug
27c
Feb
1.25
Gold(New)..
200
99c
Mar
1.50
Jan
Sept
58%
Feb
Oct
62c
Aug
Klrkiand Gold Rand Ltd. 1
Kirkland Lake Cold
Lake Shore Mines.—
.1
35c
Lebel-Oro Mines
1
Mines
Mclntyre-Porcuplne
5
Mackenzie-Red
1
Lake
49%
5c
Sept
14c
Mar
6.50
Jan
35%
Mar
49%
June
1.40
Oct
Aug
2,900
73o
*
7,800
30 %c
Jan
82c
2.52
200
1.55
Mar
2.52
700
5c
Aug
20c
Jan
74c
Mining Corp of Canada..*
Montague Gold
1.62
150
1.58
Oct
1.62
Oct
—1
3.00
3.00
5,480
2.10
Sept
5.40
Jan
Pamour-Porcuplne ..---_*
4.60
4.50
2,845
July
Nipissing Mines
O'Brien Gold
5
Cad
..1
..60
Canada Permanent..
Canada 8teams hips
2.20
1.35
2.36
1.35
Pickle Crow Gd M Ltd—1
50
Canada Wire A
Canadian Bakeries preflOO
Canadian Breweries.—.
1.37 May
1.00 Sept
2.66
Jan
Cndn Industrial Alcohol A*
1.77
Feb
5.25
17%
Mar
2,39 June
72c
Mar
1.93
Aug
Feb
Mar
72c
Apr
17%0
Mar
Oct
Feb
6%o May
60
Aug
22o
Jan
9%
2
May
14%
3%
July
10
20
15
May
25
Aug
1.55
Sept
3.10
11,345
9,300
29o
Preferred
B
3
May
7
July
5
80
Mar
93
Oct
35
40
June
*
*
Canadian Oil pref..
61%
Oct
265
7
Mar
13
Jan
7
89
June
108
Jan
231
-
27
Sept
36
17
17
10
17
Oct
20
Mar
70
76
68
Mar
72
Jan
131
134
14
128
May
150
Jan
60
2
Mar
-
Jan
4% June
2%
11%
50
10
47
July
67
17%
19)
97
15
June
22
Jan
28
28
12)
50
12
28
40
25
Oct
30
Sept
2.60
May
Aug
1.65
1.75
17%
7%
15%
18
7%
15%
1.1
29%
19
177'
18
3!
3
82c
82c
81
11
11
120
11
265
Sept
14%
60
16%
Apr
90o
July
Mar
Mar
21%
'110
157
Mar
177%
1,133
16
Apr
19
July
6%
7%
18%
Apr
9
Jan
Mar
18%
July
July
15
Mar
Sept
30
116
8,325
1.60
Sept
4%
250
2%
Aug
4
8,400
65c
Sept
1,690
22
3
100
»
6%
216
29
21%
2%
3%
917
365
175
176
2%
3
Canadian Malartic..
Canadian Oil
Jan
200
70
33%
"70""
21%
25
62c
19%o Sept
5
50%
50%
Jan
Jan
93
19
Canadian Dredge
Mar
Jan
25
4%
PT6f6IT6(i
Cndn Bk of Commerce, ioo
Canadian Canners 1st pf 20
2d preferred
——»
Can Car A Foundry.....*
Jan
Mar
60 %c
68 %c
3
22
93
93
*19%
2.70
1.70
Jan
Oct
Sept
12
2.15
*
B
4.65
3.90
15c
10%o Sept
l%c Sept
37
Apr
7%c Sept
3,100
Sept
53c
165
22
*
62c
13%
July
Feb
3
,
100
Apr
25
5
Oct
20o
890
33)
Mar
800
Jan
2% June
39,900
56
32%
Sept
15
15
34
46c
95
14c
550
5.05
Placer Development Ltd.l
Sept
50
70
9
1.55
1,400
July
26
30,160
12,450
95
2.90
3,600
22
6c
*
Preferred
Jan
July
Mar
7%
4
25
100
600
2.35
Pend-Orellle MAM Co..1
Perron Gold Mines Ltd
1
—
78,700
22c 24 He
23c
Pato Consol Gd Dredging 1
.
Canada Malting
Canada Northern Power.*
Canada Packers
*
Oct
5c
McWatters Gold..
3c
29c
..—
Oct
14%
7%
16%
53c
*
—
24
600
70
14%
2%c
Oct
Apr
Mar
Sept
80
2.20
100
Canada Cement...—
Preferred
Jan
3.50
350
49%
1.17
~~79c
15%c May
875
2,500
5.25
49%
36 %C
2,300
9c
1
Macassa
45
364
51
51
Lapa-Cadlllac Gold
B
10.25 June
226
25
A
Jan
55 %o
«
Sept
30%
Calmont Oils
Aug
81,300
2.13
7.75
21
4,713
100
Calgary A Edmonton..-.
4%c
*2~18
22%o
12
Burt (FN)
5%c
1
Eldorado Gold M Ltd—1
27% June
3c Sept
1,303
Jan
Jan
7c
211
66
Mar
5
34
4,991
*
11%
July
4%
12 %c
Feb
33
Sept
Jan
Sept
Mar
11%
Hill
Burlington Steel
Burry Biscuit
Aug
41c
35
33%
Duparquet Mining Co—1
Bunker
6%
355
24
28c
...
Feb
58c
3
21%
.
Jan
60c
Sept
25
"l2"
Preferred
Mar
21c
166,300
3,100
9.25
23%
68c
Jan
9
18o
Brown Oil
Jan
6%
166%
215
28
9.50
jan
106
Feb
20o
15,700
29%
Broulan-Porcuplne
Sept
146%
28c
3%
Oct
70c
Mar
32c
*
Feb
100
Apr
2
406
166
95
32c
_
British Dominion Oil
22c
85c
75
3%
3%
•
607
101
101
*
13%c
30
June
July
38c
50
*21%
Traction
British American OH
Brit Col Power A
5%c Sept
3c June
6%
120
10
Oct
Feb
45c
5
21c
B
Mar
11%
*
.60
7%c May
-
Capltol-Rouyn Gold
Pandora
Biltmore Hats
Jan
20c
22,950
28c
2,200
1,356
26 %
26
Feb
41
July
Sept
Blue Ribbon
Brazil
249
16c
1
1,700
3%c
26 %
Oct
3%c
33c
Sept
Oct
69c
Mar
Beauior Gold---
7c
310
May
2% May
_
—
Blue Ribbon pref
Bobio Mines
June
227
132,150
Brewers A Distillers...-.5
Mines—,
Afton Mines
J-M Consol
100
Bell Tel Co of Canada. 100
Aug
285
17
25o
-
Aug
4%
June
104
175
50
101
Oct
United Securities Ltd. .100
Walker-Good A Worts (H) *
tl cum pref
*
Sept
Mar
4% May
78
109
109
92 '
58
44
4%
Sou Can Pow 6% cm pf 100
United Distillers of Can.. *
55
101
43%
8%
3%
*
Beaubarnols
6% cum 1st pref
100
6% n c partlc 2d pref„50
Quebec Tel <fc Pow Corp A*
9
237
222%
35c
Beattle Gold
Beatty Bros 1st pref
310
35o
B
Bear Exploration A Rad.
Oct
99
Mar
236
*
High
195
216
305
305
Low
Shares
46
212
35%c
...
Oct
106%
Price
100
Oct
96
Power Corp of Canada
Cons
100
Week
of Prices
Low
Hit
Montreal. .... 100
Base Metals Corp
Bathurst Power A
Jan
1.00
May
99
Jan
21
Oct
75c
Feb
6%
Mar
10
2%
Sept
6
Montreal Isld Pow Co
Aidermac
Par
Bank of Nova Scotia
Bank of Toronto
101
101
T.35
Stocks (Continued)
High
Low
Range Since Jan. 1, 1938
for
Sale
Shares
58%
Sales
Last
Week
of Prices
McColl-Fron 6% cm pf_100
Melchere Distilleries
Range Since Jan. 1, 1938
for
Sale
Exchange
Friday
Sales
Friday
120
100
10
10
110
3,404
6
35
1.28
Oct
Jan
Jan
Feb
Feb
Sept
16
Jan
Sept
123
Aug
Powell-Rouyn Gold
1
2.31
2.31
2.35
Preston-East Dome
1
1.35
1.35
1.40
Read Authler Mine
1
3.40
3.75
5,000
12,335
1,000
21,500
2,600
Sept
42,008
91 %c
May
1.89
Oct
Castle-Tretbewey
1
"l'io
1.01
5,220
64c
3.40
Jan
Central Patricia
1
2.40
2.40
8,480
1
8c
8c
9,400
1,550
25c May
95c
Oct
Sept
1.73
July
35c June
80c
Aug
Red Crest Gold
*
Reward Mining Co
1
7c
10c
4%
5%
5%
5
Aug
Jan
Canadian Wineries
Sept
42c
Jan
6%c
Feb
Caribou Gold
Carnation pref
1
T.60
1.52
1.89
1.64
1.60
1.64
*5,130
1,43
66c
*"4,100
•50c
50c
[35.423
33c
Sept
45c
4.50
Sept
65c
1
45c
*
•
Sullivan Consolidated
1
98c
1.00
1
3.20
3.20
635
Teck-Hughes Gold
Thompson Cad
1
4.75
4.75
4.90
1
33 He
29c
42c 166,835
52c
52c
5.70
7.35
"
Towagamac
Exploration. 1
Ventures Ltd
.*
Waite-A mulet
*
Cad.
1
Wright Hargreavee
7.70
*
Wood
450
Mar
1.39
78c
Sept
65o Sept
2.60 Sept
4.30 Sept
17c Sept
29o
5,925
Sylvanite Gold
Mar
May
1.23
Mar
3.60
Feb
5.60
Jan
42c
Oct
500
41c
Oct
60%c
Feb
5.70
1.50
3.95
Sept
6.40
Aug
8.00
6,939
3.85
Sept
8 00
Oct
19c
21c
27,300
13c
Sept
43c
Jan
7.70
7.80
625
6.55
Mar
8.10
Jan
20c
30c
30c
500
22 %c
Sept
58 %c
Apr
2.25
2.25
500
1.67
Sept
3.10
Jan
Brown Oil
_*
Home
39c
38c
41c
5,050
35c
Oct
70c
Jan
*
Dalhousle Oil Co
1.13
1.05
1.15
3,065
88c
Sept
1.45
Apr
Oil Co
Okalta Oils Ltd
Paealta
Oils
*
1.20
1.20
'*
Ltd..
Royallte Oil Co
*
43
1.00
1.20
400
2.20
Jan
6c
1.000
6c
Oct
17
Feb
610
32%
Sept
49
60
"43"
44
Sept
July
*
—-1
gladly furnished
CANADIAN STOCKS
2
17
1.65
Jan
2.60
500
98%
Jan
104%
Aug
Mar
1.19
July
1,85 Sept
6%c Sept
3.20
Feb
15o
Feb
104
104
690
"1M
1.18
60c
680
9%
9%
54c
1,900
10%
Sale
Par
3%
Abltibl
6%
Price
of Prices
High
for
preferred
100
30
3%
3%
27%
31%
2.25
Jan
Sept
1.84
Jan
Bakeries...*
16%
14%
250
463
11%
Mar
16
Consolidated
Consol
Chlbougama——
Smelters
6
"65%
15%
28c
1,230
66%
64
4,943
Mar
1
Ajax Oil A Gas
8c
8c
600
4c
6%c
66,600
21c
21c
500
150
3%
3%
135
2
*
Afton Mines Ltd
4%c
3%
Acme Gas & Oil
*
Alberta Pacific Grain.—
6c Sept
l%o June
4%
33
July
Oct
14c
May
7c
Oct
Sept
32c
Apr
Apr
6%
Aug
100
10%
61 %c
60c
68c
213,861
28c
Bept
70c
1
15%c
15c
17c
58,700
7o
Sept
33c June
Anglo-Can Hold Dev..—*
Anglo-Huronlan
*
1.20
1.20
1.28
2,250
3.40
3.40
3.40
120
Preferred
Aidermac Copper
Aram
Gold Mines
100
*
Arntfleld Gold
1
Astoria Quebec Mines
A
ugite-Porcupine tkrtd
Bagamac Mines.—
Bankfield Cons
"~14c
1
"~33c
25
15c
10 %c 16%c
3 He
—1
1
.1
25
12c
1
Ashley Gold
25
4%c
8,150
1.65
Jan
Jan
11c
6c
2c
170
40c
Feb
4.15
12c
35c
Aug
Mar
2,500
23,618
15c
29
2.90 June
95c
"32c 36 He 116,600
14 %C
~~40c
3,000
21,400
Jan
32c
Sept
Mar
Sept
Sept
Sept
Sept
20o
45%
Aug
42o
Mar
66%
Sept
Feb
Oct
100
175
175
177
102
173
Sept
199
Jan
*
22
22
22
57
16
June
24
Aug
1,900
12,800
106,300
20
Consumers ,Gas
Cosmos
Dark water
..1
8c
•
30c
30c
Denlson Nickel Mines....1
19c
180
Distillers Seagrams..—..*
20%
Davles Petroleum.;
Preferred
18%
*
__
100
83
32
"33'
21%
83
100
Dome Mines (new)
Dominion Bank
33%
212
212
5o
23%c
Sept
46o
Mar
21%
11
10,150
73
189
60
Apr
Sepl
16
4c
2,000
48
50
25%
11%
11%
6%
12%
2,004
4,997
8%
1,780
4%
216
7%
Sept
Feb
7c
Mar
16%
8%
June
3c
Oct
Aug
19%
Sept
7%
3c
Jan
Oct
34%
July
2%c Sept
48
Feb
Mar
83
66%
Jan
27% June
3,230
15
212
Sept
Sept
10c
15
17% -18
25
60
Jan
Oct
Jan
7%
125
4%
Msr
10
1
n%c
11c
144,905
5c
Aug
26c
Mar
...»
6%c
6%c
500
5c
Sept
15c
Jan
..1
2.20
*
_T
.
1
...»
29,075
2.14
33c
Mar
16%c
Oct
7o
Aug
44o
Feb
27c
Jan
1.03
Feb
1.05
2.16
29%
June
17
2.30
17,697
1.38
Sept
3.25
29%
185
26%
Sept
5%
Mar
Sept
Sept
Sept
May
Sept
Oct
28%
25
6%
75
*
"6~20
6.00
6.70
1
20%
20%
21%
18c
16c
21c
8%C
8C
9%c
5,850
1,667
10,600
63,050
22,000
1,500
Fernland Gold
1
1
6
18c
*6%c
•
A..
18c
21c
10%c ll%c
25c
1
FontanaGold
23%
3%c
23
4.26
14%
13c
3%c
8c
10%c
3c
6%c
24%
4,000
5,600
Jan
14%
8c
15c
5,800
*
23c
24c
5,798
375
Rights
General Steel Wares.
...
Oct
Sept
32c
2%c
45c
Goi dale
*
1
Granada Mines
1
"16c
Orandom Mines
*
6%c
Great Lakes Paper
*
No par
value.
3,000
46,580
17c
5,800
28,975
74%
6c
3%c
73%
58
5%c
8%c 10 %c
85
228
90
68c
Jan
Mar
40 %C
July
40c
Feb
14«
Po
Sept
3c Sept
52
12e
72%
Apr
51%
68
Mar
2%c Sept
4%c Sept
6c
7%c
75,100
9%
65
Apr
SO
Sept
3,925
15,500
9%
Oct
2c June
30o
2,100
3%e
56
4%c
Graham-Bousquet
♦
22%c 24%c
70
3%c
56
123
16c 225,300
12c
39c
Goodyear Tire
Oct
10%
2%c
Goodyear Tire pref——50
7
F*h
Mar
39c
11c
53c
Sept
2%c
14c
Sept
5
13 %c
22 %c
20o
Apr
1,065
*
1
1
Feb
Oct
22c
10%
1
1
23
July
*
Mines
30c May
25c
Anr
20c
4%
Glenora
Gold Eagle
Goodflflh Mining
Jan
14%
God's Lake
Gillies Lake Gold
14c
Aug
Apr
Mar
14%
88
4%
Jan
Oct
26c
3
14
87%
4%
9%
*
Feb
570
14%
87%
^-;*
8
6.95
4%
*
10o
Preferred
Oct
Aug
22
Aug
13c
Aug
Mar
32
Sept
Mar
*
Gatlneau Power
2.39
17
2.15
40
12'
Mar
17
*
Ford
Mar
Jan
1.25 June
Foundation Petroluem
High
8%
July
1.00
Firestone Pete...
1.00
13%
200
Federal-Kirkland
Week
8,568
4,335
43c
Mar
4,974
Faulkenhara Leke Gold—1
Low
85o May
Sept
1.30
Equitable Life
Falconbrldge
Range Since Jan. 1, 1938
Shares
Sept
19c
1.60
English Electric A
Sales
Low
50c
7
1.36
Francoeur
Stocks—
63c
'
Exchange
Week's Range
Aug
•
East Malartic
both inclusive, compiled from official sales lists
Last
July
July
6
Fanny Farmer
Friday
20
Oct
Conlaurum Mines
Eldorado
Canada Permanent Building, 320 Bay St., TORONTO
Oct. 15 to Oct. 21,
3%
Apr
Coniagas Mines
Eastern Steel
Curb Market,
Canadian Commodity Exchange
Toronto Stock
Jan
50
24c
East Crest Oil
McCarthy
Toronto Stock Exchange, Montreal
8%
600
Commonwealth Pete
Dominion Tar
Mara &
Mar
460
3
Commoll Ltd
Dorval Siscoe
Members:
.
2.27
48,300
6,276
1,493
2,100
Chesterville-Larder Lake 1
Chromium Mining...
Cockahutt Plow
»
Dominion Explorers.—.
Dominion Foundry
Dominion Steel Coal B—25
Dominion Stores
*
on
6%
19%
3
2.27
...1
Dominion Coal pref J
Statistical Information
6%
2%
—.100
Central Porcupine
Chemical Research
Cons
Oil-
Calgary & Edmonton Cp. *
"~6%
Cndn Wirebound Box....*
Apr
1
(new)
26
5c
Blscoe Gold Mines Ltd—1
Stadacona
P R
2.50
feberrltt-Gordon.
Bladen Mai
C
3%c
3%c
Shawkey Gold
4%
Aug
5c
7
Jan
Oct
June
9%c
Aug
11c
-
Feb
14C
Mar
Sept
Mar
Jan
9%
Oct
Financial
2516
Oct.
Chronicle
1938
22,
Canadian Markets—Listed and Unlisted
Toronto Stock
Sales
Par
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Shares
Low
40
20
High
1
23X
Sept
9H
441
Sept
13
1,033
14
Sept
33
Jan
4X
3c
1,000
2 Ho
Jan
67Hc
64e
71c
15,350
4«c
Sept
Sept
10c
)
1.09
Gypeum Lime A Alabas—•
OH
7 X
4
Sept
8X
2c
2c
Sept
4Xc
Aug
Halerow-Swayze
15
2H
Sept
Hard Rock
1
2.00
2.00
2.14
25,845
1.10
J at)
Harker
J
9Hc
9Xc
10c
18,600
7c
Sept
1.15
1.20
500
1.00
10c
12c
4,600
6c
Harding Carpets.
3
*
—
1
Hedley-Mascot Mines
High wood-Sarcee
3
Htnde & Dauch
16
15X
16
Holiinger Consolidated—.6
Home Oil Co
*
15
Homestead Oil.—.-—
3 H
60
2
Sept
-
1.40
Feb
Straw Lake Beach
20c
Jan
Sudbury Basin
»
1
20c
24c
20,000
36,300
14c
Sept
17 X
17 X
18
15H
15X
15X
.£1
8
7
Inter. Metals A
—•
7
7
Preferred A
100
Intl Milling pref
100
5,367
33c
34
Oct
Mar
215
Sept
100
375
Sept
19H
13 X
Mar
15X
60
Sept
80
Oct
98X
May
104
Sept
104"
102 X
104
230
*
56X
54 X
57
21,943
37
Mar
57
*
26 H
20X
27X
2,746
22
Mar
31 H
Intl Utilities A.
*
55
5
May
9X
Aug
Union
1.00
Sept
United OH
40c
Sept
27c
Sept
60c
July
Mines
1
14c
15c
12,300
10c
Sept
40c
Mar
Ventures
Cons
1
Sept
Walte
28c 100,020
10c
20
82c
Mar
Sept
16c
May
June
15H
Oct
20c
4,828
15H
7c
10
.1
1.90
1.90
2.08
91,867
25c June
2.50
1
50c
50c
1.50
1
1.34
1.34
1
16Hc
15c
18c
J
61X
50 X
51X
3,423
44H
Sept
58 X
17 X
16
17H
28
10H
Sept
17X
1.05
108
13,000
33c 39 Xc
38,900
68
76
3,947
90c
85c
6,045
12c 191,924
8Xc
2c
Sept
5c
*
Lebel
35c
76
.....1
Oro
"Tic
1
Sept
Sept
76
80c
Sept
4c
Feb
15c
1.12
60o
Sept
2.80
3.15
7,420
2.10
Sept
23 X
21 X
23 X
563
19X
Mar
24
*
21X
21X
22
741
18
Mar
22
Oct
B
5.55
4.45
43
Mar
67c
3.50
1.30
Madsen Red Lake
1
49c
45c
49c
50,000
Malartlc
I
42c
41c
45c
10,400
23c
Sept
13Hc 13Xc
1 Xc
lXc
2
IX
2,000
13,300
12c
Sept
lXc Sept
4c
Maple Leaf Milling
_*
Maralgo Mines
Massey Harris
1
*
Preferred
100
McColl Frontenac—...»
Preferred
100
Mclntyre
IX)
3X
Mines..
5
McKenzle Red Lake
•
Merland OH...
Mining
3X
54c
13 X
13 Jf
9c
0
9Hc
7,605
Sept
19Hc
Corp
8H
9,355
Mar
10X
Mar
03
1,830
iox
1,215
.8 X
Sept
14
♦
....
Moore Corp B
100
100
118
86H
Jan
101
.2,950
35H
Mar
101
48 X
49 X
1.14
1.43
97,675
14c
80c
37,100
6c
6c
2.20
2.65 108,282
3
38
He1
1,000
1.40
38
220
13,360
38H
1.33
486
12
220
Oct
24c
Mar
82c
Aug
4c
Sept
8c
Apr
1.45
Mar
2.65
2Xc May
1.00 Sept
4Hc
Aug
2.50
Mar
25
Apr
179H
Mar
7c
2,300
6c
Aug
15c
July
2c
9,500
lHc
July
3 He
July
126 H
10
9
115
Sept
12 X
12X
9
12
Sept
42c
46c
72,850
*
42c
116
.*
5c
5c
OXc
25,500
1
17c
17c
21c
3,000
New Golden Rose
Nlplsslng
5
Noranda
Mines
1.56
1.55
1.60
1,627
*
...
Oct
Oct
6c
NatlonalGrocers pref..100
Newbec Mines
38H
220
Oct
lHc
lXc
77 X
75X
79 X
11,203
19
Jan
June
Apr
79c
July
2c
May
llHc
July
11c
Sept
38c
Mar
1.40
Sept
13 He
Mar
48
2.15
Jan
Oct
80
10c
10c
1,500
6c
Sept
19c
July
Norgold Mines
1
4Hc
3 Xc
5 He
Mar
7Hc
July
*
90c
80c
90c
10,000
30,773
2c
Normetal
45c
Sept
1.14
Jan
Nordon OH
]
Northern Empire
O'Brien Gold
.1
8.40
*
Olga Gas
1
7.00
Sept
8.95
Aug
1,615
2.10
Sept
5.45
Jan
1.26
8,275
85c
Sept
2.30
Jan
3o
3Xc
9,000
2c June
5Xc
Oct
61c
67c
45,382
72c
Oct
*
Omega Gold
750
3.05
1.10
——1
Oh alt a Oils
8.50
2.95
8.40
Ontario Loan
50
Orange Crush.
*
Orange Crush pref
Oro
._._*
Plata.,
»
1.21
64c
107
107
*
Page-Hersey
.
Pamour Porcupine
Pandora-Cadillac
1.50
5X
5X
40 Xc
40c
I*
99
*
4.60
.1
22Hc
i
Partanen-Malartlo
1
47A
7Xc
Gold
Paymaster
1
1.50
28
45c
6,300
6c
100
4.40
Mar
103H
Jan
1.00
Mar
Feb
107
2.00
July
4
Sept
57A
July
31c
Sept
1.45
Mar
4Xc
78,
2.90
Sept
Apr
Mar
17c
Feb
4.65
15,191
16,600
4 7A
1,000
3,000
6 He
Sept
24Hc
5,000
33,120
4c
Sept
220
Mar
690
F'eb
5Xc
62c
PayoreGold....
1
10c
10c
12c
1
1.33
1.33
1.40
*
Mar
Mar
51
July
Oct
Mar
20
Oct
12Xc
11 He
Jan
879
1H
3H
Jan
2%
July
2
2
50
IX
Mar
13 H
20
7H
20c
20c
21c
8,900
13c
May
Sept
•
7.75
7.65
7.80
13,762
0.50
Mar
12c
12c
500
9c
Sept
4
4
*
1.55
.100
...
-
*
*
13
Par
Stocks-
Brett-Trethewey
—
Week's
of Prices
Low
High
Price
Canada Bud
j
*
Canadian
4X
...*
Canada Vinegars
15X
15,800
4,000
8c
98c
15
Aug
63c
Sept
15c
4
7X
Sept
8ept
Sept
1.10
1.20
900
Consolidated Press
Consolidated Paper.....
*
Dai ho usle Oil
..*
80
July
Oct
20 X
July
Mar
9X
July
74
12
Mar
20 X
Feb
23C
Jan
July
*
13 X
Kirkland Townslte
1
lie 13Hc
lHc
lXc
7,500
Sept
5,000
He June
2c
28c
10,700
June
28C
Malroblc
>-1
M and jr..
20c
*
—*
30X
30
31
1,340
26
Sept
31
Mar
*
60 X
59
02X
3,846
32
Mar
67
Aug
Oil Selections——
*
2%
2c
July
Pend Oreille
2.17
2.15
?.38
31,568
1.30
Mar
2.62
Jan
Robt Simpson pref
100
Rogers Majestic.—
*
United Fuel pref
100
23e
Mar
1.76
Feb
Feb
19
.
.
1953
1946
Beauharnols Pr Corp 5s '73
Bell Tel Co of Can 6s. 1955
Sept
88
90
89 H
90 X
111H
113X
6c
Sept
25c
Sept
55c
Jan
1H
2 7A
Feb
5Xb ex-stock
1961
Dom Gas A Elec 6 H8-1945
Reno
1
35c
36c
6,475
30c
Aug
Sept
Feb
103H 104
98 X
98
100
98
94
H
95 X
113H 114X
54 X
53 H
Donnacona Paper Co—
5
1.20
1.40
6,370
20c
18c
20c
6,600
Sllverwoods
Simpsons
pref
Sept
Sept
1.55
2.5c
34c
Jan
May
3X
Sept
85
157
Sept
95
Jan
5Xb
1961
68
1951
MacLaren-Que Pr 5Hs '61
No par value.
45
2nd conv
104K
87 H
88H
99H
40
103
105
49 X
50
100
101
96
97
96 H
102
99
106
_
_
101
100
4Ha series B
1966
Shawinlgan W A P 4Hs '67
Smith H Pa MUls 4Hs '51
95
103H
97
104
103
104H 105
97 H
98 H
88
90
United Securs Ltd 5Hs '52
64
65
Winnipeg Elec 4Hs—1960
4~5s series A
1965
102
63
64
1965
43
44
United Grain Grow 5s. 1948
101
90
92
58
60
101?* 102 H
Flat price,
n
Nominal.
_
100
5Hs '47
_
103
98
109
♦
----
5s„1957
deb 4s—1957
Saguenay Power 4Xb A '66
Lake St John Pr A Pap Co
IX
70
98 H
Pow 5 Hs *70
Provincial Pap Ltd
Int Pr A Pap of Nfld 5s '68
Oct
43
Corp. of Can 4Hs'59
Dec 1 1957
50
Oct
Feb
5s
78
Fraser Co 6s
Ask
f39
105
Ottawa VaUey
96X
Jan
1.21
Montreal Tramway 5s 1941
48
98
1.90
1939
1956
1973
96
104
Sept
200
89X
3s
77
.
Jan 11950
Sept
par value)
3 Ha
3 Ha
.1956
.
Gt Lakes Pap Co 1st 5s '55
Sept
'38-5 Hs to '49—
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
Gatineau Power 5s...1956
Mar
2 Ha to
Minn A Ont
Price Brothers 1st
Mar
75c
1-75
4s
1952
B
80
80
Maple Leaf Milling—
Power
65
87H
July
90c
1.75
2H
X
6H
3Hc
1.75
83 X
20c
1,475
*
85
48
Sept
16,100
1.53
_
Sept
7Hc
5c
1.60
I 1100
33
1.00
Mar
Sept
85tf
......I
pref
24c
1.90 233,539
4 Xc
85c
Aug
27
192
13Hc Sept
Jan
Montreal L H A P (550
25
Sept
5 Hs series
103
1941
Canadian Inter Pap 6s 1949
Canadian Lt A Pow 5s 1949
1,400
64c
Manitoba Power 5 Ha-1951
100H 101X
Aug
23
69 X
Paper 68-1945
Montreal Lsland Pr 5 Hs '57
1%
1.20
Aug
25C
Bid
Ask
6)
Massey-Harris Co 5s—1947
40c
1
July
Sept
1.00
59
Jan
1
July
2.50
1.25
205
42
45c
Sand River Gold
July
2.15
300
1.75
57
Cedar Rapids M A P 5s *53
Consol Pap Corp 5X8 1961
San Antonio
43
30
1.40
1.55
40
Canadian Vlckers Co 6s '47
25
Jan
Apr
140
1.40
1946
Jan
849
Aug
75c
38
0Xo
39
Aug
July
Apr
Sept
31
700
1
1958
Aug
78,350
4X
23
Oct
100
35
1:65
Bid
A1 berta Pac Grain 6s
1H
15c
10c
-
9c
9c
39
117
Sept
Closing bid and asked quotations, Friday, Oct. 21
A bitlbl P A Pap ctfs 5s
40c
43
150
16X
Industrial and Public Utility Bonds
Feb
Feb
*
10c
25c
June
Sept
2
565
38
38
*
*
X\
21
20c
Stop & Shop
-*
Supertest ordinary
*
Temlskamlng Mines.....1
Waterloo Mfg A..
20 X
105
160
3X
3
"21"
240
117
117
117
*
Shawinlgan
*
5
Oct
Sept
Reinhardt Brew
42
Apr
lc
1.90
Sept
4X
19
Aug
5,000
4.55
Sept
Sept
lHc
Aug
6c
15
19
lXc
May
18
2
5
19
lXc\
100
...
67c
165
500
2%
2X
19
1
1
Ontario Silknit pref
Pawnee-Klrkland
2.60
12
Jan
Montreal L H & P
43,095
10,223
2,000
95
"
10c
National Steel Car
Canada Nortb Pow 58.1953
11,600
15
21X
Humberstone
Canada Bread 6s
10c
Mar
5
Apr
Aug
26
367
8
July
191
July
10
52c
9c
71
21
2.52
25 X
June
OX
1 OH
190
65
19 X
Sept
9c
95
.
36
Apr
Sept
7c 10 He
80
OX
1.75
*
Aug
19X
9 7A
20He
1.40
Jan
14X
33 X
1,300
3.75
69c
Mar
39c
ox
4,530
1.32
Jan
June
5
4,700
19 X
24c
3.40
82
July
*
*
2.32
3.60
Jan
Jan
H
*
Bridge...
15
"V.37
9
Hamilton
24c
j
45
Mar
Fraser voting trust
2.25
Mar
July
4.00
15
10
70
14
10
20
42c
11
100
DeHaviiland pref
Dominion Rridee
1.65
Sept
Oct
3 X
Jan
Jan
Feb
Oct
9
6,107
45
38c
11
14
200
"~38c
*
Calgary Power Co 6s..1960
21
8X
8X
45
Corrugated Box pref...100
DeHavilland
July
20
"~8X
75c
2.00 Juno
25
10
10
*
9
17X
Sept
12
775
3.55
12c
Sept
100
235
3.00
2.65
"
Mar
High
Sept
3X
4H
10 X
4X
15
1.15
Ma;
4Xc
4H
Low
lXc
7.500
3.00
1.37
75
2c
1
6,150
]
Feb
30c
Week
Shares
6
Marconi
Coast Copper,.
17,312
50c
Feb
Range Since Jan. I, 1938
for
Range\
2c
2c
1
2.40
1
Sherrltt-Gordon
Jan
8.20
Sales
Last
2.27
Read Authier
Shawkey Gold
Sheep Creek
Jan
43c
compiled from official sales lists
Sale
2.37
*
16
Oct
4
20
Friday,
Brown Co lst5Hs
Burns A Co 5s
Preston E Dome
Corp
1.95
Exchange—Curb Section
Toronto Stock
Oct. 15 to Oct. 21, both inclusive,
Aug
15c
Xc Sept
3,000
...1
__
Mar
"43"
Apr
3Hc
2 H
5.30
*
Sept
July
3.30
1
July
8c
Mar
Royallte Oil
Apr
13X
90
Apr
18c
Sept
*
St Lawrence
14Hc
Mar
Apr
May
2.20
St Anthony
Sept
9
74
25
Sept
3.80
26
7Xo
12 7A
90
3c
5
1
10,300
1,410
12H
90
3c
5,170
*
10c
9c
12 7A
Jan
13,000
2.81
—100
34c
39,850
5.20
Pressed Metals
Royal Bank
Sept
10c
16H
1
Roche Long Lac
Aug
5c
lXc
*
Riverside Silk
37
May
6,000
OXc
2.56
35c
28
8c
6c
lXc
5.10
Premier..
Gold
45
30
30
5Xc
iox
.
20o June
8c June
10,000
7Xc
1
Reeves-Macdonald
13c
90
5.10
Red Crest.
8.50
1.02
17
2.63
2.26
JaD
30H
1
25c
Jan
7.40
Sept
2,710
_]
Prairie Royalties..
3,95
18,599
Mar
38c
5c
57c
Rouyn
Power Corp
9,895
lXc
July
9c
5c
Powell
11,860
6.00
Jan
July
5Xc
July
4.60
57c
Gold
7
Oct
100
21c 24 Xc
1
Photo Engravers
Pickle Crow
26c
Mar
8.00 123,435
♦
Walkerville Brew...
47A
OXc
...1
Cons
6,900
390
Perron Gold
Pioneer
9
5X
5Xc
5Xc
100
Pantepec Oil
Paulore
107
1.50
31c
'
Pacalta Oils
15X
Sept
-
3
51
York Knitting
Oct
1.43
Mar
National Sewerpipe
Nay bob Gold
...1
49 X
JaD
9c
32c
1,200
3Xc
2.45
.
,
Sept
69c
6,500
05c
1
1
OH
5.50
*
Wright Hargreaves...
July
100
Morrls-Klrkland
Murphy Gold
5X
5.60
Feb
"l~35
12c
July
60 7A
*
1
Sept
9c
2,810
2,400
14
7Xc
B
July
28
12 Xc
»
...
Aug
20
Mar
10
""78c
Jan
2.45
90c
7.05
Mav
58
49 X
66c
Jan
10 H
22,710
10Hc
Sept
25c
12,005
1.60
Feb
19 X
July
Sept
*
Mlnto Gold
Moneta Porcupine
Moore Corp
Sept
2%
7Hc
4H
10
1
McWatters Gold
1.25
340
58 X
1.34
1
McVittle-Graham
484
4X
7X
■
3 X
8X0
*
Preferred
48
49c
100
Preferred.
Jan
Manitoba A Pastern..—.*
June
1.50
Jan
4,865
20,552
25c
40
*
Aug
5.35
3.70
*
220
Aug
65c
27c
5.15
3.40
Gold
44
July
5.25
3.45
McDougall-Segur.
July
46 X
...I
Wood-Cadillac
Jan
Jan
1
.1
„
Jan
18H
7.65
Ymlr Yankee Girl
Mar
Mines....
MacLeod Cockshutt
Macassa
2 90
Sept
1.50
...1
Wlltsey-Coghlan
*
Winnipeg Electric A..
Jan
75c
Sept
11
Whitewater
Feb
11,600
2.81
*
78c
Aug
605
200
19 7A
White Eagle
Feb
0.00
78c
*
1
A
ION
2.20
16
49X
Preferred
Jan
Loblaw
Gold
June
2.10
*
Westons
Feb
Little Long Lac
Leitch
100
Feb
15H
16
West Turner Petroleum 50c
Oct
1.13
Sept
15
108
Jan
13X
Sept
♦
Mar
74o
54
24c
9
July
*
...
Preferred
Feb
1
Cap Gold
446
Jan
68
+
Amulet
Westflank Oil
Oct
2Xc
Laura Secord
1
6,798
Western Canada Flour—
Jan
2%c
3c
June
10,851
1.36
6H
Wendigo
Mar
•
Lamaque Contact...
Lapa Cadillac
Lava
1.50
59c
—*
Lake Shore
Lake of the Woods
5.70
1.25
*
Preferred..
Jan
Lag una
1,325
26,030
43,204
45e
Kirkland Lake
47 He
1.25
Gold
16
Sept
1.27
*
Walkers
Aug
Kirkland-Hudson
Sept
88c Sept
15c
Oct
Feb
Sept
4.75
United 8teel
Jacola
23c
3.00
4.15
♦
Gas
1,975
15,400
15 X
Sept
11
110
1.57
95c
9 He
Aug
Mar
2.50
5.00
13
Mar
1.25
79 H
12 X
11
19c
Sept
Sept
4.25
1
45c
.
Sept
68c
70
12 X
To wag rri af.
75c
10c
8Xc
20
12 H
Uchl Gold
38C
23c
2,400
3,751
98c
75
Oct
Mar
1
15H
11c
Jan
3.80
2,452
60
1
*
Sept
3.20
*
Preferred
Intl Utilities B
J M Consol (New stock) .1
1.65
3.10
—.1
Jack Walte
14c
Sept
3,685
3.15
Tailors pref. .100
Toronto Elevators
International Nickel
8
Tip Top
Toburn
9X
International Pete
8
Tip Top Tailors
Oct
38,800
3.20
Jan
15Xc
98c
*
Oct
70
5c
*
Hughes
Jan
Mar
Sept
Apr
*
Apr
4
54
*
8
200
800
1
Texas Canadian
July
0H
Teck
70
75
.
Tamblyns
May
45
80
Supersilk pref
Sylvanlte Gold
Jan
Mar
14X
1,405
7X
80
Sept
5,552
8
H
20
20c
20H
75 H
9*Ac 10Xc
1
Jan
28
Mar
10Hc
Sudbury Contact
Sullivan
Apr
31c
Mar
56
10 He
July
June
1.47
34
12
1,175
2.80
17H
Jan
Oct
15
75
69
-
Jan
May
4X
26 X
10c
15X
2.12
Kerr-Addison
—
Jan
25c
77c
74
2.80
Apr
Jan
,
*
Sept
2.10
Kel vlna tor
m
*
Mar
2.10
Jelllcoe
*
Aug
25
..25
Preferred
80c
100
5
-r
75
Steel of Canada
22c
—
-
ion
Preferred
Mar
46c
«•
...
5,360
32%
—
46c
10c
Oct
3
Mar
24c
Sept
4,546
27Hc
Tobacco
3c
28C
1.13
31c
Preferred
2c
1,000
38,064
15X
33 H
Imperial
1,000
50c
1.05
1
Imperial Oil
3c
3 He
14 X
Hudson Bay Mln A Sm—•
Imperial Bank
3c
Standard Paving
July
37o
Sept
Jan
1.38
Sept
6c
3.40
Sept
14,950
4,500
4f'c
8Hc
3 He
Sept
13H
1.40
68c
7c
7 He
#
South End Petroleum.
Sept
11
20,950
63c
66c
1
Spy Hill Royalties... .25c
*
Stadacona
|
July
17c
1.05
1.61
1.10
J
Howey Gold
512
4
2.93
High
Low
Shares
High
Low
1
Lake
Slave
Jan
29
2,520
1,000
3c
Gold
Gunnar
Week
1.62
Sladen Malartlc
Mar
7x
Grull-Wlhksne
for
of Prices
8tecoe Gold
July
23 X
1, 1938
Range Since Jan.
Week's Range
Price
Par
(Concluded)
Stocks
Oct
8
23
Voting pref
Sales
Last
Sale
22
8H
voting. *
Great Lakes Paper
23 X
22
Great Lakes Paper pref—*
Exchange
Friday
Range Since Jan. 1, 1938
Last
Stocks (Continued)
Toronto Stock
Exchange
Friday
4-5s series B
Volume
147
Financial
New York
Bid
03s
1 1977
Jan
a3Ha Mar
101
Par
116H
117H
118H
a4 Ha
105H
115H
118
119
June 1 1974
104K 105H
104H 105H
04Ha Feb 15 1976.
a4HaJan
1 1977
a4Ha Nov 15 '78
107
1 1960
Ask
1 1966
o4Hs Apr 15 1972
J04H 105H
a3Hs Jan 15 1970—
New York Bank Stocks
Bid
o4H8 Apr
102
104 H
2517
City Bonds
Ask
99H I00H
a3Hs July 1 1975...
a3Hs May 1 1954
03 Ha Nov 1 1954
Chronicle
Bid
Ask
Par
Bank of Manhattan Co. 10
Bank of Yorktown..66 2-3
16
17H
40
48
Bensonhurst National. ..50
75
100
118H 119H
Chase
118H 119H
Commercial National—100
139
119
120
13.56
32 K
34 K
38
27
11H
10
10H
13H
12H
50
48
52
28
29 H
26
Penn
Exchange
Peoples National
1 1981
120
120H
109 H
Avenue
First National of N Y
a4 Ha May
1 1957
100
720
100 1695
760
May 1 1957
108H
110H
<J4Ha Mar
o4a
116
117H
1735
Nov
Merchants Bank
Sterling Nat Bank A Tr 25
o4s
110
ill
100
a4Hs Nov
1 1957
103
Trade
a4 Ha Mar
1 1963
a3Ha July
1 1975
1 1958
o4s
May 1 1959
o4a
May
o4s
Oct
116H
118H 119H
119H 120H
lion ill H
113H 114H
114H 115H
1 1980
a4Hs June 1 1965
114
1 1977
04 Ha Dec 15 1971
122H
a4 Ha Dec
124H 125H
o4H8 Sept
1 1960
o4M8 Mar
1 1962
o4H8Mar
1 1964
11SH
o4 Ha July
114H 115H
<
115
1 1979
123 H
Bid
Bid
3s 1981
62.30 less
1
Canal A Highway—
5s Jan A Mar 1964 to '71
4Ha April 1940 to 1949—
Canal Imp 4Ha Jan 1964..
138
Can A High Imp 4Ha 1965
135H
-
224
Bid
,215
18
Banks
A sk
Par
Harris Trust A Savings. 100
Northern Trust Co
100
215
79 H
77H
229
8AN
Bid
Ask
315
330
615
535
FRANCISCO—
Bk of Amer N T A S A 12 H
Ask
—-
61.60
47 H
49H
mmmm
Improvement—
4s Mar A Sept 1958 to *67
Canal Imp 4s JAJ '60 to '67
----
138
24
12H
World War Bonus—
Highway
62.65
Highway Imp 4Ha Sept '63
200
Continental Illinois Natl
Bank A Trust.--.33 1-3
First National
100
Ask
1
25
Bank..
Chicago & San Francisco
Par
American National Bank
A Trust
100
New York State Bonds
62.25 less
Public National
120H 121H
1 1967
116H
3s 1974
97
117H
Ask
33
25H
National Safety Bank.l2H
145
Fifth
Bid
National Bronx Bank...50
National City
12H
Barge C T 4s Jan '42 A '46.
Barge CT4H8 Jan 1 1945.
130
Insurance Companies
—
130
Par
m-mm
112
Aetna Cas A
m-m
Aetna
Bid
Ask
Par
Surety--.-10
96 H
100H
10
4 oH
47 H
Home Fire Security
Homestead Fire
Aetna
115
Life
Bid
10
Ask
2H
17H
10
3H
19
Port of New York
Bid
Ask
Holland Tunnel 4Ha ser E
Gen A ref 4s Mar 1 1975.
107H 108H
1939-1941....
MAS 60.50 to
Gen & ref 2d ser 3Ha *65
Gen & ref 3d ser 3 Hs '76
105
1942-1960
MAS
Gen & ref 4th
ser
103 H
3s 1976
Gen A ref 3Ha
106
98
1977
104H
Ins Co of North Amer.—10
65H
66
10
21H
22 H
Jersey Insurance of N Y—
40H
43 H
27
28 H
Knickerbocker
10H
12H
10
1939-1941.
MAS 60.75 to 1.75%
....MAS
108
109H
1942-1960
108H 109H
13H
35 H
37H
American Reserve
4s 1946
100
4 Ha Oct
1959
Bid
101H
Honolulu
4 Ha July
1952
5s
Apr
1955-
100H 102
5s
Feb
1952
106
108
1941.
108
110H
5HaAug
A sk
63.50
5s._
U 8 Panama 3s June 1 1961
104H 105H
104 H 105H
3.00
120
122
110
114
Govt of Puerto Rico—
5s
July 1948 opt 1243-
111H
113
108
U 8 conversion 3s 1946
110
115H 117H
Conversion 3s 1947
108 H
110H
Federal Land Bank Bonds
Bid
38 1955 opt 1945
38 1956 opt 1946
JAJ
3a 1956 opt 1946
MAN
JAJ
Bid
3 Ha 1955 opt 1945—MAN
4s 1946 opt 1944
JAJ
Joint Stock Land
Bid
Atlanta 3s
Burlington 5s
1
Nov
100
100H
Bid
Lafayette 5s
Ask
100
101
84
-
88
/27
32
/27
32
New York 5s
/30
33
/4
4Ha
5
Ohio-Pennsylvania 5s
Oregon-Washington 5s
/38
10
30
32
100
Fire
6H
91
7H
94 H
630
643
Chicago 4 H 8 and 5s
Dallas 3s
Pacific Coast of Portland 5s
100
101"
100H 101H
99 H 100H
Denver 5s
First Carollnas 5s
98
First of Fort Wayne 4 Hs—
99
85
-
100
102
-.5
19H
10
24 H
City of New York
10
Connecticut Gen Life.-.10
Continental Casualty
5
21H
21H
25H
22 H
23H
25 H
31K
33H
Northern
2H
3H
Eagle Fire
_2H
Employers Re-Insurance 10
5
——
Federal..
10
v
Fidelity A Dep of Md—20
Fire Assn of Phil a
10
48 H
41H
112
99
99 H 100 H
first Texas of Houston 5s.
Chicago 4 Ha
Fletcher 3Ha
'
100 H
99 H 100 H
101
100
100 H
Fremont 4Ha
99 H
99 H
4 Ha
5s
106
Potomac 3s
99 H
3s
/30
100H 101K
79
Southwest
80
Southern Minnesota 5a
99 H
100
93
H
96
93
108
100H
St Louis 5s
77
Iowa of Sioux City 4 Ha
100 H
San Antonio 3s.
102
Illinois Midwest 5s
100 H
100 H
99H 100 K
101H 106H
76
5s
96
5s
69
/10H
Union of Detroit 4 Ha
5s.
99
99 H
Virginian 5s
100
Virginia-Carolina 3s
32
Bid
45
Atlantic
Ask
North
45
102
38
Potomac_.i
50
60
San Antonio
4
8
Virginia-Carolina
100
Carolina
Pennsylvania
Fremont
1
2H
Lincoln
4
63
Fireman's Fd of San Fr.25
82 H
Bid
5
9H
10H
5
28 H
29 K
125 K
83 H
17H
19H
33H
35 H
Reinsurance Corp (N Y).2
Republic (Texas)
10
Revere (Paul) Fire
10
24 H
26 H
23H
25H
39
41
Rhode Island
23
Russia
5
23H
25H
St Paul Fire A Marine...25
Glens Falls Fire
42 H
44 H
FIClHa. ..Jan
Seaboard Fire A Marine. .5
Seaboard Surety
10
——5
Globe A Republic
5
Globe A Rutgers Fire...15
H
13H
29
H
14H
31H
Security New Haven
66
69
.*..5
24 H
25 K
Stuyvesant
Great Amer Indemnity—. 1
10
Hanover
10
22H
31
33
Hartford Fire
10
Hartford Steamboller.—10
Home
__5
75 H
78
53
55
20H
31
16
8H
100H
101
10
Arundel Bond Corp 2~5s '53
6H
25
30 H
F I
Bid
5H
Sun Life Assurance
100
470
520
100
452
462
H
U 8 Fidelity A Guar Co..2
U 8 Fire
4
52 H
U 8 Guarantee
10
53 H
55 H
2.50
32 H
34 H
H
Westchester
-.100
65
Debenture
3-6s
1953
88
95
60
65
1H
Bid
Nat Union Mtge Corp— *
Series A 3-6s
1954
Series B 2-5s56
Cont'l Inv Bd Corp 2-52 '63
17H
54H
68
2-3s
C1%. ..Sept
—Oct
370
383
45
47
7
5
6
IK
85
A8k
75"
1954
80
Corp (all
Issues) 2-5s
--.1953
Potomac Cons Deb Corp—
3-68.
1953
55 H
58 H
51
53
78
—
Inc 2-58—
1953
3 -6s
85
56
1953
—
Potomac
Nat Bondholders part ctfs
Central Funding
ture
Maryland Deben¬
Corp 3-6s
1953
/26H
Corp 3-68.1953
r22
90
Potomac Realty Atlantic
Deb Corp 3-08
1953
Realty Bond A Mortgage
78
53 H
deb
5"H
3-6s-_-
53 H
1953
Unified Deben Corp 5s 1955
47
--—100
77
82
Bid
A sk
Bear-M ou ntaln-H u dson
River Bridge 78—1953
20
86
42
Clinton Trust
50
55
Bid
way Authority 3 Hs
68
105H
revenue
1944 b
2.40
less
1
3 Ha
revenue
1949 b
2.85
less
1
100.16 100.18
Federal Farm Mtge Corp
1
Sept
Ha
1 1939
Colonial Trust
25
44
101.6
1939
1940
102.13 102.16
1 1943
Par
101.22 101.25
Apr
16 1943.opt'39
Corp
June 1 1939
lHs
Bid
54
58
101.21
101.24
Trl borough
s
Bridge—
f revenue '77 AAO
109
110
4s serial revenue. .1942 b
100.27 100.29
2.10
less
1
4s serial revenue.-1908 b
3.50
less
lijg
Ask
185
Telephone and Telegraph Stocks
205
239
Irving
King8 County..
Lawyers
10H
1530
Par
11H
1560
Bid
Ask
par
(N J) com.»
98
103
100
116
Canada—100
of Pa pref—100
162
167
Pac A Atl
Bell Telep
116
118
Peninsular Telep com
Preferred
32
39 H
41K
51
Manufacturers..
Preferred
53
Cuban Telep 7% pref.-100
10H
New York
12H
14
Title Guarantee A Tr. -.20
50
51
Underwriters
Empire--
10
16
17
United States
25
85
5H
80
1575
35
New York Mutual Tel-100
Bid
Ask
119
Am Dlst Teleg
28
20
17
25
*
15
18
27
28 H
100
111
100
Telegraph
Preferred A—
111
88
6H
90
1625
Emp A Bay State Tel—100
Franklin Telegraph
100
Gen Telep
52
27
32
Allied Corp¬
preferred
—*
Int Ocean Telegraph—100
91
93 H
70
Mtn 8tates Tel A Tel..100
115
118
Rochester
Telephone—
$6.50 1st pref
So A Atl Telegraph
Sou New Eng Telep
25
15
100
145
pf. 100
116
75
se
100.16 100.18
Natl. Mtge Assn
Bell Telepof
65
100.8
Reynolds Invest'g 6s 1948
4s
234
Corn Exch Bk A Tr
2519.
Dec 15 1938
H % notes July 20 1941
100.15 100.18
Dec
1H%
Companies
Continental Bank'A Tr.10
8H
July
Home Owners' L'n
Fulton
H
,
Corp—
101.4
Fed'l Home Loan Banks
2s May
15 1939 6 .35%
Ask
100 H
3H8
2s
89
H
49"
New York City Park¬
104
Commodity Credit Corp
Federal
16 1939 6 .40%
-
Chemical Bank A Trust. 10
56 H
60
Miscellaneous Bonds
2s
15 1939 6
Guaranty
H
Ask
67
58 H
80
Cont'l Inv DebCorp3-6s "53
Empire Properties Corp—
25
75
Ask
Potomac Bond
70
20
100
Fire
16H
A 8k
100
Ask
10
page
32 H
4H
Travelers
56
—
100
For footnotes see
27
127
124
5
8H
H
9H
24
79
Arundel Deb Corp 3-6s '53
Associated Mtge Cos Ino—
14
Bid
New York Trust
Central Hanover
5H
218
Surety Guaranteed Mortgage Bonds and Debentures
Nat Deben
Bid
5
F I C Is
Brooklyn
7
5
4H
10
Mortgage Bond Co of Md
.25%
F I C 1%
June 15 1939 6 .30%
FIC1%.. —July 15 1939 6 .30%
F I C 1%_« —Aug 15 1939 6
.35%
15 1939 6 .25%
15 1939 6 .25%
County
9H
214
Springfield Hre A Mar..25
2d preferred
Great American
100
-.100
FI C1 Ha- ..Apr
16 1939 6 .25%
FIC 1 Ha. —Feb
Bronx
8
6
21
aeries A A D
Nat Cons Bd Corp 2-5s '53
Ask
15 1938 6 .20%
15 1938 6 .25%
Bankers
18
92 H
95H
26 H
28
121
126
79 H
Georgia Home..
10
Gibraltar Fire A
Mprine.10
Is
Bank of New York
34 K
46 K
121H
Potomac Deb Corp 3-0s '58
Federal Intermediate Credit Bank Debentures
Par
32H
44 K
xl6H
5
Reconstruction Finance
FIClHa. ..Mar
13
84 H
H % notes Nov 2 1939.
FIClHs. —Dec
11H
Potomac Franklin Deb Co
6
Nov
8H
127
10
Accident
52
99 H 101
Virginia
FIClHa-
7H
25
Preferred
47
100
39
94
34
Moines
64 H
62H
Pacific Fire
1945
100
New York
Denver
Des
National.25
25 H
Phoenix
Interstate Deb Corp 2-5s'55
Par
52
Dallas
First Carollnas
2.50
12
73
Joint Stock Land Bank Stocks
Par
..12.50
River
K
6
123
10
5
9
4
Providence-Washington. 10
62
series BAC
Atlanta...
8H
Hampshire Fire.—10
Northwestern
6H
H4H
t
New
North
50
5H
39H
New Brunswick
4H
23 H
10
New York Fire
...
Bid
Phoenix
First of Montgomery 5a
89
99 H
Pennsylvania 5s
First of New Orleans 5s
First Trust of
National Fire
National Liberty
2
National Union Fire
20
New Amsterdam Cas.—.2
2H
42
5s
North Carolina 5s
Central Illinois 5s
Greensboro
11.1 K 112
Bank Bonds
Lincoln 4 Ha
50
6
com
Halifax
1938
Ask
99 H 100H
99 H 100 H
Atlantic 3s
Ask
105H 105H
4 H a 1958
Called
46
Merch Fire Assur
Merch A Mfrs Fire New'k 5
Merchants (Providence)..6
National Casualty
10
General Reinsurance Corp 5
Ask
104H 104H
104H 104H
104H 104 H
57
54
Firemen's of Newark
Franklin Fire
•
Hawaii 4Hs Oct 1956
54
30
Baltimore American
2H
Bankers A Shlppers._-_.25
Excess
4 Ha July 1952
2H
3H
52
Carolina
Ask
5
...
28H
Boston
United States Insular Bonds
Bid
10
9
Maryland Casualty
1
Mass Bonding A Ins._12H
-—.25
American Surety
8
5
Lincoln Fire
8
6H
12
Camden
Philippine Government—
5
American of Newark.__2H
American Re-Insurance. 10
Inland Terminal 4H8 ser D
100H
George Washington Bridge
4 Ha ser B 1940-53.MAN
Importers A Exporters...5
77
Automobile
99
99H
1.20%
110H 112
~
25H
74
American Home
Bid
23H
25
American Alliance
American Equitable
Authority Bonds
Ask
Port of New York—
10
Agricultural
Wisconsin Telep 7 %
20
147 H
Financial
2518
Oct.
Chronicle
1938
22,
Quotations on Over-the-Counter Securities—Friday Oct. 21—Continued
Railroad Bonds
A sled
Bid
Guaranteed Railroad Stocks
Chicago Stock Yards 5s.
Cleveland Terminal A Valley 4s
1995
5Xs
...
6a
-
Atlantic Coast Line 4s
3oscpb CUalkcr $ Sons
Boston A Maine 5s
Tel. RE
120 Broadway
4X
Cambria A Clearfield 4s
ctor
Chicago Indiana A Southern 4s
2-6600
NEW YORK
.....
Baltimore A Ohio 4)4s
Boston A Albany 4>4s
Mxmhrrt ]\[ru> York Stock Exchange
Chicago St. Louis A New Orleans 5s
A sled
Bid
6.00
10.60
6.00
50
Central)
—--50
Boston & Albany (New York Central)
100
Boston & Providence (New Haven)
-100
Canada Southern (New York Central)
100
Carolina Cllnchlleld A Ohio com (L & N-A C L)
100
Cleve Clnn Chicago & St Louis pre! (N Y Central).. 100
Cleveland A Pittsburgh (Pennsylvania)
.50
Betterment stock
50
Delaware (Pennsylvania)
—25
Fort Wayne A Jackson pre! (N Y Central)..
100
Georgia RR A Banking (L A N-A C L)
100
Lackawanna RR of N J (Del Lack A Western)——100
2.00
29
8.75
84 X
86 X
8.50
20
25
Beech Creek (New York
100
(D L A W)
67X
71X
120)4
115
54
31 X
X
44
2.85
54
69
Memphis Union Station 5s
New London Northern 4s
—
79
X
82)4
5.00
65 X
70 X
71
73 X
2.00
42
44
2.00
3856
41
3.50
5.50
52 X
9.00
150)4
4.00
mmmm
48X
45X
—
Norwich A Worcester 4)48
Pennsylvania A New York Canal 5s........
Philadelphia A Reading Terminal 5s
Providence A Worcester 4s
...
Terre Haute A Pecoria 5s
Toledo Peoria A Western 4s
Toledo Terminal 4)4s—
5656
800
600
60.00
Philadelphia A Norfolk 4s
3.876
35 X
37)4
5.00
58 X
4s
United New Jersey Railroad A Canal 3)4s
Toronto Hamilton A Buffalo
Vermont Valley 4)48
---
—-
...
-
-
County Ry 3Xs
Washlngto
05
90
92
108
110
West Virginia A Pittsburgh 4s
99 X
96
1940
2000
1948
1947
..1939
1941
1947
1961
1947
1942
1967
1957
1946
1951
1940
1954
1990
New York A Harlem 3>4a
New York
70
1950
1978
1959
;
Kansas Oklahoma A Gulf 5s
Pittsburgh Bessemer A Lake Erie 5s
Portland Terminal 4s
...
47
5.00
50
100
50
New York Lackawanna A Western
108 X
104 X
1953
3)4a__
—
100
Hudson)......100
Western (Bull Roch & Pitta)
100
Albany & Susquehanna (Delaware A
Michigan Central (New York Central)
71
43_"
65
Indiana Illinois A Iowa 4s
Dividend
Par in Dollars
Morris A Essex (Del Lack A Western)
96
66
104
1951
1902
1945
Louisville Div. A Terminal
Allegheny &
73
Illinois Central—
(Guarantor in Parentbeaea)
(Illinois Central)
42
31
107X
Duluth Missabe A Iron Range 1st 3)4s
Connecting Railway of Philadelphia 4s
Alabama A Vlcfcsburg
32
40
Florida Southern 4s
Guaranteed Railroad Stocks
32
1945 J/30
1945 /30
93 X
1939
40 X
1939
08
1943
28
1940
21
1944
93
1955
02
1950
67
1951
90 X
1961
Akron Canton and Youngstown
98
100
90
92
78
65~~
61
103
104
114
115)4
85
83
65
l52"
100
89
104
10fT"
94
97 X
104X
00
35
41
47
50
61X
4.00
82 X
85
—..50
Pittsburgh Bessemer A Lake Erie (U 8 Steel)..
.60
4.50
39 X
43
1.50
39
43
Northern
Central
(Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Railroad
83
50
3.00
79
Pittsburgh Fort Wayne A Chicago (Pennsylvania).. 100
7.00
140
100
7.00
100
105
135X
141)4
65 X
68)4
Equipment Bonds
Preferred
Preferred
—
...
^
100
Pgh Ygtn A Ashtabula pref (Penn)—
Rensselaer A Saratoga (Delaware A Hudson)..
St Louis Bridge 1st pref (Terminal RR)
100
100
<-100
100
6.82
(Pennsylvania).
100
Utlca Chenango A Susquehanna (D L A W)
100
Valley (Delaware Lackawanna A Western)
100
Vlcksburg Shreveport A Pacific (Illinois Central)... 100
10.00
Second
preferred
Tunnel RR St Louis (Terminal RR)
New Orl Tex A Mex 4)4s—
64.50
3.50
Baltimore A Ohio 4)4s—
67.25
6.00
New York Central 4)4s—.
63.25
2.50
67.25
6.00
65.75
4.75
65.75
4.75
3X& Dec 1 1936-1944—
65.50
4.50
N Y N H A Hartf 4X9
63.00
2.00
Northern Pacific 4)4s—
62.50
1.75
63,00
2.00
63.00
2.00
Pennsylvania RR 4)4s
62.00
1 25
65.75
5.00
62,40
1.75
5s
121
BostoD
mmmrn
222
217)4
6.00
50
5.00
63
55
59
A
Maine 4)48...
Canadian National 4)4s_
5s
Canadian Pacific 4)4a...
5.00
57
62
3.50
27 X
29 X
50
3.00
48X
61.50
5s
51
Cent RR New Jersey 4X3
1.00
60.00
5s
5.00
66.00
N Y Chic A St L 4)48
5.00
60.00
5.00
66.00
5s
68
5.00
X
60
..60
...
(Penn-Readlng)
Ast
1.75
59
6.00
...100
Preferred
Warren RR of N J (Del Lack A Western)
West Jersey A Seashore
121
3.00
Bid
Ast
62.50
5s
125
0.00
United New Jersey RR A Canal
Bid
Atlantic Coast Line 4)48.
5.00
61.50
1.00
62.60
2.00
62.60
5s
2.00
4s series E due
Chesapeake A Ohio—
4X3
Jan
A
July
1937-49
61.50
Public
Par
Ast
Bid
Par
•
Bid
Ast
|
J.
Alabama Power 17 pref..*
73X
74)4
Arkansas Pr A Lt 7 % pref *
81
83
Associated
Gas A
Original preferred
4X
*
*
*
10.50 preferred
$7 preferred
7X
8
60
Mississippi Power $6 pref
$7 preferred
*
Mississippi P A L $6 pref
Miss Rlv Pow 6% pref-100
Electric
5X
Missouri Kan Pipe Line..5
9X
9X
Monongahela
West
60
64)4
Penn
24 X
26)4
28
15
17
25
21X
22 X
Nassau A Suf Ltg
Carolina Pr A Lt 17 pref.. *
80 X
82)4
Nebraska Pow 7% pref. 100
111)4 113)4
Newark Consol Gas
130
11.60
preferred
6% preferred
71)4
88 X
7% pf 100
100
New Eng
Central Maine Power—
7% preferred
100
$0 preferred..
100
Cent Pr A Lt 7% pref-100
75 X
G A E 5X % Pf-»
Co—
17 prior lien pref..
*
New Orl Pub Serv 17 pf..*
New York Power A Light—
81
6X
8)4
44 X
48)4
Consumers Power $5 pref*
99
$0
100
cum
7%
Continental Gas A El—
cum
Northern
80 X
7% preferred
100
Dallas Pr A Lt 7% pref. 100
Derby Gas A El $7 pref.. *
114
Essex Hudson Gas
195
—
24
100
83)4
"
mo
23
*
22
2354
$7 cum preferred
*
Gas A Elec of Bergen.. 100
Hudson County Gas... 100
26
28
$0.50 cum preferred
130
*
Ohio Power 0% pref
100
Ohio Pub Serv 0% pf__100
21)4
7% preferred...
100
Okla G A E 7% pref..100
15
30
37
89 X
92X
195
102
*
100
110
Gas..*
25
27
Interstate Power $7 pref_*
Iowa Southern Utilities—
5
7
7% preferred
107
109
98 X
93
94)4
101 X 103 X
7% preferred
100
7)4% preferred
50
Jer Cent P A L 7% pf._100
Kan Gas A El 7% pref. 100
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pr.100
7% preferred
100
.
30
33
21 X
20
3X
4H
53
no
85X
100
98)4
88 X
99 H
91)4
27)4
28X
0% pref series B
25
South Jersey Gas A El.100
no
87 X
Tenn Elec Pow 0%
111)4 11354
60 X
62X
7% preferred
pf.100
100
28
29)4
Texas Pow A Lt 7% pf.100
Toledo Edison 7% pf A. 100
31
33
195
6654
65
69 X
71X
89 X
91H
United Gas A El (Conn)—
7% preferred
..100
24
26
Utah Pow A Lt 17 pref
65
68
Virginian Ry
*
100
62.00
72
8
Bohack (H C) common
7% preferred
*
100
Diamond Shoe pref
10
49 X
51
m
3)4
100
101
Bid
100
Ast
68
Inc..*,
Kress (S H) 6% pref.
Miller (I) Sons common..*
3
6
6)4% preferred
100
Murphy (G C) $5 pref.100
17
23
107
115
7
Reeves (Dantel) pref
12
100
12X
9)4
$5 preferred
*
Cuoan Atlantic Sugar
Preferred
10
1
1
! Savannah Sug Ref
30X
Bid
.
32X
3X
com
90
94
92
95
64.75
.
4.25
64.75
Southern Pacific 4)4s
4.25
63 10
5Xs
2.25
62.50
1.50
64.25
3.50
64.25
—
Southern Ry 4)4s
3.50
1.50
1.50
Union Pacific 4)4s
61.25
0.50
Long Island 4)4s
64.00
3.00
Virginia Ry4)4s
64.00
3.00
Wabash Ry 4)4s
—
1.25
Texas Pacific 4s
—
61.70
5X9
85
70
85
70
85
70
85
3.50
3.50
Western Maryland 4)4s—
62.50
1.50
3.50
Western Pacific 5s..
66.00
5.00
64.50
-
3.50
64.50
61.50
64.50
..
I
5s
1.00
70
64.50
,
Missouri Pacific 4)4s
3.50
60.00
5.00
5Xs
6s
-
5X8
Bid
Utility Bonds
Bid
Ast
Amer Gas A Power 3-58 *53
38
39
Havana E'ec Ry 5s...1952
/37
Utility Serv 08.1904
71
73
Idaho
1967
107
Amer
Power 3?4s
Ast
1
X
mmmm
1963
1948
108
108 X
104)4
105
Inland Gas Corp 0)4s.l938
f45X
Associated Electric 58.1961
51)4
52 X
Kan City Pub Serv 4s, 1957
20 X
22)4
109)4 110
4978
Income deb 354s—.1978
27
28 X
Lehigh Valley Transit 5s *60
28
28 X
Lexington Water Pow 6s *68
1978
1978
30
30 X
Lone Star Gas 3)4a
32)4
33 X
Mich Consol Gas 4s 1963—
1973
55 X
mmm
Missouri Pr A Lt 3543-1966
1st mtge 4s
s
f debenture 4)4s._
Assoc Gas A Elec
Income deb 4s
Income deb 4)4a
Conv deb 4s
Conv
deb
10554 106
47)4
Kan Pow A Lt 1st 4)4s '65
Corp—
Income deb 3X9
X
3454
1973
56
57
61
Narragansett Elec 3)4s
.1973
65
67
92
94
N Y State Elec A Gas Corp
91)5
94 X
29
32
105
'66
NY. PaANJUtll 5s 1950
Conv deb 5)4s
N Y Steam Corp 3)4s_1963
Elec Co—
4)4s..l983
1965
4s
76 X
102)4 10354
92 X
94
Mtn States Pow 1st 6s. 1938
60
35)4
74 X
106)4 107)4
96
96 X
..1953
..1973
4)4s
Conv deb 5s
105 X
62 X
64)4
96)4
97)4
,
10354 101)6
North Boston Ltg Prop's—
24
mm
26
mmm
no
Secured notes 3X8.. 1947
Ohio Power 3)4s 1968
104
28
5)4a__1983
30
Old Dominion par 6s.. 1951
58 X
104)4
60 X
Sink fund lnc 4-5a..l986
24
Peoples Light A Power
1st Uen 3-6s
1961
7654
8054
Portland Elec Power 0s *50
/15)4
28
30
109 X
88 X
1946
75X
78)4
G *00
Ohio
-
26
S f lnc 5)4»-6)4s- —1986
Blacks tone V G A E 4s 1965
ser
mm
106 X
——
•
mmm
Income 5)4s with stk '52
...1962
6s series
B
..1962
Federated Util 5)4s
1957
Pub Serv El A Gas 3 V4« '68
1st mtge 3Xs
1968
103)4 104 H
mm
Pub Util Cons 5)4s... 194*
73 X
75
80)4
Republic Service coll 5a '51
63
6954
«•
St Joseph Ry Lt Heat A Pow
107
1947
4X8
f2
16)6
10654 107
Pub Serv of Northern 111—
.
89)4
2X
64X
65X
79
80
43 X
44
43
44
San
1963
Sou Cities Util 5s A.. 1958
X
103)4 104)4
Antonio Pub 8erv—
1st mtge 4s
Sioux City G A E 4s. .1966
Tel Bond A Share 5s__ 1958
Texas Public Serv 5s..1961
101)4 10154
10054 101)4
42
4154
68)4
88
70 X
90
Toledo Edison 3 4s.—1968
43
102 X
108)4
63)4
6854
10254
•
-
-
103 X
Utlca Gas A El Cn 5s. 1957
Crescent Public Service—
Dallas Pow A Lt 3)43-1967
Dallas Ry A Term 08.1951
Pub Service 4s..1902
10554 105)4
10254 103
1983
Coll lnc 6s (w-s)
1954
Cumberl'd Co PAL 3)4s'66
CO
Ast
107)4
Indianapolis Pow A Lt—
Mortgage 354s
1968
Appalachian Elec Power—
Central Public Utility—
1
8X\
2.65
4.00
Cent Maine Pr 4s
2854
20541 West Indies Sugar Corp-.l
7X
For footnotes see page 2519.
11
10
19
1
65.00
1st lien coll trust 6s. 1946
98
I
Eastern Sugar Assoc
1
2.75
Consol E A G 6s A...1902
Par
1
2.75
5s
I
1
62.25
Central G A E 5X9
Sugar Stocks
Ast
1
St Louis Southwestern 5s.
53
Cons Cities Lt Pow A Trac
Bid
1
63.25
Cities Service deb 5s..1963
Par
«
63.25
Cent Ark Pub Serv 5s_1948
United Cigar-Whelan Stores
Fish man (M H) Co
•
5s
Sink fund inc 5-03.. 1986
75
4X
106
1
4X8
Cons ref deb 4)48.. 1958
Sink fund lnc 4s
1983
2X
32
30
I
1.00
Assoc Gas A
140
Kobacker Stores
7% preferred
1
8s without warrants. 1940
74
Par
80
1
3.50
...
S f Inc 4)49-5)43- —1986
»
preferred..
100
B/G Foods Inc common *
7%
1
64.50
Sink fund Inc
Berland Shoe Stores..
1
61.75
61.80
5s
Sink fund inc 5a
Ast
1
5s
Sink fund inc
Bid
1
8-year 8s with warr.1940
107 X 109)4
Chain Store Stocks
Par
95
Public
Southern Calif Edison—
Mass Utilities Associates—
5% conv partlc pref. .50
Memphis Pr A Lt $7 pref. *
.1
98
90
-
104
Sioux City G A E $7 pf.100
Jamaica Water Supply—
94
Erie RR 6s
104)4
Rochester Gas A Elec—
0% preferred D
5.25
99
97
102
102
93X
100
>
112)4 11354
92h
Republic Natural Gas
"
66.25
Maine Central 5s
49 X
47)4
97 H
71)4
0% preferred
mmm
1
5s
Queens Borough G A E—
$6 preferred
5.25
5s
69)4
*
3
1937-50
St Louis-San Fran 4s
101
Penn Pow A Lt $7 pref
mmm
Idaho Power—
85
66.25
X
Pacific Pr A Lt 7% pf. .100
,
2.00
5a
5)4s
100
*
*
17 preferred
mm
Federal Water Serv Corp—
...
100
62.50
Dec 1
4X3
Hocking Valley 5s
Illinois Central 4)4s
Power—
7% pref
(Minn) 5% pref
Ohio Edison $6 pref
m
29
preferred
States
(Del)
2.00
6.00
254s series G non-call
Internat Great Nor 4)4s_.
14
99
preferred.....
62.75
82
4)4s.
Great Northern 4)48
New Eng Pub Serv
79
79 X
Consol Elec A Gas $6 pref *
Consol Traction (N J). 100
Interstate Natural
100
Reading Co 4 >43
5.25
4X9
Mountain States Power—.
73 X
86
*
$6 cum prefefred
25
pref
63.25
6.00
66.25
Denver A R G West
30 X
09)4
7% preferred
Pere Marquette 4X9
5)48
113)4 115%
7
6)4
Birmingham Elec 17 pref.*
Buffalo Niagara A Electern
71X
^
06)4
Atlantic City El 0% pref.*
Pub Serv 7%
mm
-M
Chicago R I A Pacific—
Trustees' ctfs 3)48
63
63
113)4
m
IIU
5.25
67.00
Chic Milw A St Paul 4X9
5.25
67.00
4~Xs
58."
1.00
65.75
65.75
Chicago A Nor West
Utility Stocks
122)4
Virginia Elec Pow 3 Xs 1968
10454 105)6
Western Pub Serv 6548 '60
64)4
Wisconsin G A E 3Vjs.l966
7054
Wis
Mich
Pow
.1061
86 X
103
103)6
-
-
-
87)4
106)4
103)4 10354
Volume
147
Financial
Quotations
Over-the-Counter
on
Chronicle
Securities—Friday Oct. 21—Continued
Water Bonds
Bid
99 %
Ashtabula Wat Wks 5s '58
Atlantic County Wat 6s '58
Birmingham Water Wks—
Bid
101%
100%
Muncle Water Works 5s '65
New Jersey Water 6s 1950
ioo"
97.
1957
105
6s series B
1954
mo.
1954
104
1957
,
105%
104%
106"
mm*.
1951
83
88
91
96
93
96
Newport Water Co 6s 1953
99
Ohio Cities Water 5%s *53
Ohio Valley Water 5s. 1954
78
104
105%
Ohio Water Service 5s. 1958
Ore-Wash Wat Serv 5s 1957
«
85
102
103
1st oo 11 trust 4%S--1960
"t
1941
1st A ref 5s
100
102
1st consol 4s
1948
100
1st consol 5s
1948
99
Prior lien 5s
1948
103
1957
105
i
Phlla Suburb Wat 4S..1965
1946
63
63
6s series A
Plnelias Water Co 5 %s_ '59
Pittsburgh Sub Wat 5s '58
102
1946
65%
70%
Plalnfleld Union Wat 5s '61
107
ConnelJsvllle Water 5s 1939
100
Consol Water of Utlca—
4%s
1958
109
$1 cum preferred
104
1st mtge 5s
1958
Richmond W W Co 5s_1957
100%
St Joseph Wat 4s ser A-'66
Scranton Gas A Water Co
106%
Greenwich Water A Gas—
5s series A
1952
5s series B
1952
4%s
99% 101%
98% 100%
1958
South
..,.1954
101
mm-
1954
103%
mmm
5s
1962
105
m
Illinois Water Serv 5s A *52
Indianapolis Water
ser B
1st mtge 5s
102
1966
1958
102
-mm
105
102%
UDion Water Serv 6%s *51
W Va Water Serv 4s. .1961
101% 103%
100% 102
96
1949
103%
1957
105
Kokomo W W Co 5s..1958
Long Island Wat 6 %s_1955
Middlesex Wat Co 5%s '67
105
Monmouth Consol W 5s '56
5s series B
..I960
95
1951
94
1950
Westmoreland Water 5s '52
99
101
103
107
Wichita Water—
m
1st mtge 5s
1st mtge 5%s
96
"
5%s
....1950
Morgantown Water 5s 1965
m
1956
101
1960
105
1949
104
1952
102% 104%
6s series A
105
Far
W'msport Water 5s
♦Amerex Holding
Amer
Corp..*1
Business Shares
—
Nat
♦Class A
Investors Fund C
14.27
4.29
4.75
23%
mm
Invest
...
1
4.07
11.74
64c
25.08
"5%
16.10
15.00
16.48
Series K-2
"6%
14.63
Series K-l
11.64
12.93
...
Series S-2.
27.69
15%
16%
4.05
4.40
Century Shares Trust...*
22.99
24.72
Common
Chemical Fund
10.30
11.14
...
Voting shares
3.75
4.08
8
8%
2.46
2.93
10
23%
♦8% preferred
100
♦Crum A Forster Insurance
♦Common B share
10
10
12.45
6.49
$5 preferred..
1.48
;
8.97
9.70
10.09
10.90
8.85
9.57
8.20
8.87
8.45
9.14
feteel
No Amer Bond Trust ctfs.
2.30
32
m
mm
49c
55c
16.12
Quarterly Idc Shares., 10c
11.63
12.73
'
6% deb series A
99
Representative Trust8hsl0i
3.73
—
mmm
—
m
-
-
7.84
4.30
20.22
5.37
6.00
Investors
Utilities
*
Inc.60C
Corp
*
Super Corp of Am Tr ShsA
11.17
33c
37c
10.18
11.09
4.42
•
32.43
34.87
Investors Trust.•
5.12
-
m
16.82
17.85
67c
81
72c
84%
BB__
2.41
6.53
D
Group Securities—
mm
—
Agricultural shares
1.19
Automobile shares.....
1.09
1.19
1.42
1.54
6.53
Supervised Shares
3
,
11.55
1.36
Series C
1
2.61
1
2.55
Trustee Stand Oil Shs A.l
6.16
Series D.
.
mm
mm
Building shares
1.65
1.79
1.38
1.50
Trusteed Amer Bank Shs B
59c
65c
86c
95c
Trusteed Industry Shares.
1.03
1.15
U 8 El Lt & Pr Shares A..
14
1.14
1.24
1.49
1.62
1.04
Incorporated
1.14
89c
98c
1.27
1.38
1.05
1.15
1
40c
70c
Investors..*
18.94
20.37
,
Corp
Series B
Institutional Securities Ltd
B
5.54
Bank Group shares
1.05
1.16
Insurance Group Shares.
1.32
1.46
2.08
Voting shares
Wellington Fund
Inveatm't Banking
♦Bancamerlca-Blalr
96c
1
Corp
Corpl
♦Central Nat Corp el A..*
♦Class B
♦First Boston
i
—
mm
—
90c
Merchandise shares
Mining shares
Steel shares
38%
1st 5s
1962
8
9%
2d
conv
.
Alden 1st 3s
bid
32 %
1957
/22
Income 5s..1962
23%
103
—
35
23%
104%
Mortgage Certificates
Auk
Bid
Ask
Metropolitan Corp (Can)—
.1947
oa
92
96
66
68»
25
27
Metropol Playhouses Inc—
S f deb 5s
N Y Athletic Club—
1945
1st 3%s
1950
Dorset 1st A fixed 2s.. 1967
1945
2s
1946
30%
33%
25%
28%
8%
5%a series BK
Eastern Ambassador
f 6%
/47%
49%
5%a series C-2
J32 %
33%
5%s series F-l
f49%
f39%
40%
f!9
20%
6%s series Q...
Hotel units
8
Equit Off Bldg deb 5s. 1952
49%
45
26
9%
51%
28""
Oliver Cromwell
1st 6s
...July 7 1939
*
Corp
30
34
36%
40%
37 %
40%
103 E 67th St 1st 6s... 1941
18
40 Wall St
46%
69%
48%
105 Bway Bldg 1st 5%a *61
48
77%
Prudence Co—
Corp 6s
42 Bway 1st 68
1400 Broadway
1st
6%s
1958
1939
1st 6s
(The)—
52d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
Nov 15 1939
13.87
4%
32
2%
10
21
♦Schoelkopf. Hutton A
Pomeroy Ine oom—10c
1
mm
—
m
mm
m
15.21
5%
35
5
22%
2
J6
1 Park Avenue—
Bldg—
2d
mtge 6s
1951
5%s stamped
stamped..1948
39%
Fox Theatre A Off Bldg—
Income 3s
1957
fl3%
6s
Fuller Bldg deb 6s
1944
33%
1st 2%-4s (w-s)
Graybar Bldg 5s
1949
69
50
59%
income..
...1943
/47%
49%
Roxy Theatre—
36 %
1946
1961
44%
Realty Assoc Sec Corp—
15%
1957
1st 4s..
71
68
f27
29
18
20
Harrtman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s'42
32
Savoy Plaza Corp—
38 with stock......1956
37%
40%
53%
56%
60
Sherneth Corp—
Hotel
Lexington units....
30
49
51
69
2s
62
with stock
1956
60 Park Place (Newark)lst fee A leasehold
1947
41
43%
1950
40
42
1955
66%
69%
1958
41
43%
..1939
Ave Bldg 1st 4s 1946
53
3%s
61 Broadway Bldg—
36
3 %b
with stock
Syracuse Hotel (Syracuse)
Income 5%a w-s...1963
68%
70 %
92%
94%
TextUe Bldg—
41
44
Trinity Bldgs Corp—
London Terrace Apts—
1st A gen 3s w-s
1952
Ludwlg Baumann—
1st 5s (Bklyn)
1947
1st 6s (LI)
1951
Madison Ave Apt Hotel—
1st 3s 1957 w-fl.
4s w-s 1948
1st 4s (w-fl)
2 Park
64%
62%
*
No
30 >4
t Now
6
33%
8
3s
1st
with stock
4%s
w-s
1950
1951
16%
22
23%
Wfstinghouse Bldg—
91
94
1st fee A leasehold 4s '48
69%
a Interchangeable.
6 Basis price,
d Coupon,
e Ex-Interest.
n Nominal quotation,
w i When Issued,
w-g With stock,
t EnNow gelling on New York Curb Exchange,
t Ex-Mouldatlng dividend,
value,
par
price,
dividend.
53
Walbrldge Bldg (Buffalo)—
Wall A Beaver St Corp—
stamped....
Metropolitan Chain Prop—
6s
:...1948
/Flat
1st 3s
1st 5%a...
Majestic Apt Inc—
—
51
19th A Walnut Sts (Phlla)
Loew'g Theatre Rlty Corp
1st 6s
1947
10.63
Chemical shares
Tobacco shares
35%
*
Lewis Morris Apt Bldg—
1st 4s
1950
Lincoln Building—
Trustee Stand Invest Shs—
Aviation shares
♦Huron Holding
45
Woodward Iron—
Hotel St George 4s... 1950
3.67
5.58
..
109
42
60
3%
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
3.49
2.41
B
C
4.76
mm
84c
AA.
.
103%
10.67
-
76c
Spencer Trask Fund
Standard
♦State St Invest
4.60
18.71
•
Petroleum shares
107
50
..5
50 Bway Bldg 1st 3s inc '46
500 Fifth A venue 6 %B. 1949
15.07
Sovereign
RR equipment shares.
91
Scovlll Mfg 5^s
1945
Wltberbee Sherman 6s 1963
100
..100
Film Center Bldg 1st 4s '43
Plymouth Fund Inc.,,10c
2.68
82c
/20
28
New Britain Machine...
New Haven Clock-
N Y
19
preferred
Deb 6s 1952 legended...
52
No Amer Tr Shares I953_*
30.82
29%
Fiscal Fund Inc—
Id vesting shares
1946
Shipbuilding 5S..1946
1%
16%
6%
N Y Title A Mtge Co—
2.42
19.14
13%
83
26%
Nat Paper A Type com..
37%
Selected Amer Shares..234
Selected Income Shares...
Food shares
Nat Radiator 5s
104
78
34
8.33
Corp
1948
Court A Remsen St Oil Bid
7.68
General
deb 6s
Colonade Constr'n 48.1948
Republic Invest Fund.25c
General Capital
/II %
Conv.
9.43
22.25
B
Haytlan Corp 8s
1938
Kelsey Hayes Wheel Co—
10.44
20.65
Fundamental Tr Shares A2
11%
37
9.66
28.97
7.23
10%
31%
8.72
Equit Inv Corp (Mass)..5
Foundation Trust Shs A.!1
72
N Y Majestic Corp—
4s with stock stmp_.1956
Equity Corp 13 conv pref 1
Fidelity Fund Inc
*
Foreign Bd Associates Inc.
/69%
60%
17.88
Fundamental Invest Inc.2
95
1937
48%
♦Putnam (Geo) Fund....
7.97
94%
Chesebrough Bldg 1st 6s '48
6.65
1.36
3.36
100
Preferred
96%
...
1948
Deep Rock Oil 7s
National
*
96
4%s
9.77
Eaton & Howard Manage¬
ment Fund series A-l
10.11
100
113
93
9.04
mmm-
10
6% preferred
100
Mock Judson A Voehrlnger
90
51'
m
...1
Crown Cork A Seal 4 %s *48
Crucible Steel of America
96%
66%
2.50
B...
37%
24%
22%
93
Cont'l Roll A Steel Fdy—
1st conv s f 6s
1940
51
2.81
Insurance stk series. 10c
30
36%
89
Chicago Stock Yds 5s. 1961
63%
2.86
Fixed Trust Shares A... 10
26
14
Broadway Motors Bldg—
4-6s
..1948
1
10c
108
2%
Casket
9%
53%
10154 102
Chanln Bldg Inc 4s
1
5.95
48%
Atlantic Refining 3s__1953
26%
16%
44 %
"
7%
50%
Bonds—
8.33
I
1
7%
12
28%
18%
14%
45%
3%
%
9%
9.55
Series 1956-.
25c
8
American Tobacco 4s. 1951
Am Wire Fabrics 7S..1942
%
8%
100
7% preferred
7%
25%
6.61
Series 1958
»
2%
19%
36
6%
23%
7.70
Series 1955
Bank stock series
34
100
8.83
3.95
First Mutual Trust Fund.
..100
preferred
6.10
2.67
m
95%
■
29
34%
B1
D
27
7%
31 %
Diversified Trustee Shares
C
3.50
Dividend Shares
43
York Ice Machinery.....*
B'way A 41st Street—
1st 3s
1944
1.45
ser
6%
Worcester Salt.
64
B'way Barclay 1st 2s..1956
3.00
mmm
17%
93
1%
9.24
Metals
—
16%
15%
17%
8.54
Machinery
18.11
46%
14%
7%
6
61
15.09
Oils..
16.75
43%
104
*
Building supplies.,
34%
50
21
*
,
1.57
1
Deposited lnsur Shs
100
v t c
Bank stock..i
5.00
%
2%
48
6
4
]
2%
2%
1
Real Estate Bonds and Title Co.
1.44
A1
ser
Deposited lnsur Shs A
Preferred
West Dairies Inc com
53 cum preferred
Electrical equipment
Insurance stock
32%
81
1%
%
(Northam)—
7% preferred
100
West Va Pulp & Pap com.*
3.54
__
Railroad equipment
Deposited Bank Shs
♦
Aviation
25%
33%
100
com
Automobile
110
Delaware Fund
Preferred
Agriculture
„
31%
74
13.61
25c
8%
2%
142
23.52
National Investors Corp. I
6.10
New England Fund
1 114.03
N Y Stocks Inc—
115
♦7% preferred
100
Cumulative Trust Shares. ♦
6.61
22.17
Mutual Invest Fund
2.93
1
6.03
1
Nation Wide Securities—
2.41
1
Series ACC mod...
♦Crum A Forster com
10c
Mass Investors Trust
2.41
1
Maryland Fund Inc
7%
Wilcox A Gibbs com
50
WJR The Goodwill 8ta.__5
100
com
Ohio Match Co
25.89
Series A A mod
15
6.11
Canadian Inv Fund Ltd-.l
Accumulative series
14
Extinguisher...*
5.46
40c
1
41
Preferred 6 %%
Norwich Pharmacal
18.24
Series A A
39
15.47
25c
Corporate Trust Shares..1
5%
17.03
17.05
Commonwealth Invest
1
♦Continental Shares pflOO
3
15.41
British Type Invest A...1
1
18%
13-94
Broad St Invest Co Inc..6
Bullock Fund Ltd
1
6%
2
Series S-3
8
5%
4%
Series S-4
7
3.74
8%
18%
1%
137
United Artists Theat com. *
United Piece Dye Works.*
$3 conv preferred
*
Welch Grape Juice com..5
18
12.51
29.06
22.91
Series B-3
5
63
Muskegon Piston Ring. 2%
Series B-2
56c
3%
60%
Macfadden Pub commonPreferred
•
Ask
26.59
Series B-I
Corp
new
Basic Industry Shares..10
Boston Fund Inc
Hid
7%
17
*
Trlco Products Corp
*
Tublze Chatillon cum pf.10
Warren
*
-mm
Keystone Custodian Funds
25
Corp*1
Assoc. Stand Oil Shares..2
Bankers
13.41
Par
*
Taylor Wharton Iron A
Veeder-Root Inc
Marlln Rockwell Corp
1
Merck Co Inc common.. 1
Ask
3.69
Amer Gen Equities Inc 25c
Am Insurance Stock
bid
36%
35%
31%
Lawrence Portl Cement 100
Long Bell Lumber
mmm
Investing Companies
Admlnls'd Fund 2nd Inc.*
Affiliated Fund Inc
1%
36
33%
Landers Frary A Clark..25
58 series B
101%
32
Harrisburg Steel Corp
6
Interstate Bakeries $5 pref.
Klldun Mining Corp
1
King Seeley Corp com...]
-m
6s series C
100
Monongabela Valley Water
1%
Great Lakes 88 Co com..*
Great Northern Paper..26
102
103% 105%
+
mmm
Strom berg-Car tson Tel Mfg
59
*
Preferred
99
m
1
56
*
Corp
9%
43
*
»
Knight
4%
8%
41%
*
24
Graton &
-mm
28%
240
3%
25
Stanley Works inc
Tennessee Products
19
Good Humor
mmm
Western N Y Water Co—
Joplln W W Co 5s
26%
235
33
Time Inc.
30
Fire
11%
3%
2%
Wick wire Spencer Steel..*
101
4%
30
Steel common
7
Gen
Texarkana Wat 1st Ss.1958
11%
4
20
16
Garlock Packing com....*
99% 101%
104% 105%
%
10%
9%
Corp..*
30%
mmm
Terre Haute Water 5s B '50
91
Bake Shops..
Skenandoa Rayon
standard Screw
14
.*
;
Manufacturing..25
Singer Manufacturing.. 100
Singer Mfg Ltd.
1
28%
Foundation Co For shs
American shares
mmm
1960
..I960
6s series A
1st mtge 3%s
Federal
Preferred..
101% 103%
Indianapolis W W Secure—
5
*
Fohs Oil Co
Bprlngf City Wat 4s A '56
—
5s
Draper Corp
79
74
..1955
5s series B.
3%
82
100% 102%
Pittsburgh Water—
5s series A
mm
1961
5%
2%
Dictaphone Corp
*
Dixon (Jos) Crucible...100
Douglas (W L) Shoe-
mm
m*im
79
South Bay Cons Wat 6s '50
Huntington Water—
5s series B
77
1967
107
6s
m
99% 100%
Water Service 5s. 1961
Sbenango Val 4s
54%
Manufacturing...*
Remington Arms com
*
Scovlll
Sylvanla Indus Corp
Con v prior pref..
102
6%
4%
Dentist's Supply com...10
Devoe A Raynolds B oom *
mmm
1
12%
102
%
Petroleum Heat & Power. *
Exploration
A*k
11%
99
44
Dennlson Mfg class A...10
mmm
ScraDton-Spring Brook
1st A ref 5s A
Hackensack Wat Co 6s. '77
6 Hs series B
1977
~5%
53
...
105
Roch A L Ont Wat 5s. 1938
102
21%
Crowell Publishing com..*
102
102
Corp...*
Columbia Baking com...*
99% 101%
30%
18%
65%
42%
23%
2%
Bid
Conversion...!
Pollak
60 %
40
Chic Burl A Qulncy._.100
Chilton Co common
10
mmm
107
5%s series B
Community Water Service
25
102
101
1954
12%
92%
29%
16%
Bankers Indus Service A.*
Belmont Radio Corp
*
Beneficial Indus Loan pf .*
Bur dines Inc common
I
99%
..1950
101
City Water (Chattanooga)
1st 6s series C
98%
Par
Pan Amer Match Corp..25
Pathe Him 7% pref
*
Pilgrim
100
Art Metal Construction. 10
90
Peoria Water Works Co—
City of New Castle Water
5s series B
Andlan National
102%
4%
31%
11 %
Amer Maize
Products
*
American Mfg. 5% pref 100
.
Penna State Water—
1951
5a
-
Auk
3%
27%
Petroleum
8% cum pref
American Hardware
82
101
104% 105%
1951
Bid
*
...II*
5% oonv prel...
10
American Hard Rubber—
mmm
105%
Chester Wat Serv 4%s '68
Citizens Wat Co (Wash)—
5%s series A
PaT
^
American Cynamld—
Cailf Water Service 4a 1961
5s
,
Alabama Mills Inc
American Arch..
mmm
101
5%s
1951
New York Wat Serv 5s '51
101
Butler Wat*" Co 5e
Ask
New Rochelle Water—
5s series B
6s series C._
6 %s series A
Industrial Stocks and Bonds
Ask
Alabama Wat Serv 66.1957
2519
v
listed
on
New
York
Stock
Exchange.
X Quotations per 100 gold rouble bond, equivalent to 77.4234 grams of pure gold.
Quotations on Over-the-Counter
193s
Chronicle
Financial
2520
Securities—Friday Oct. 21—Concluded
Bonds
Foreign Unlisted Dollar
Bonds and Coupons
Foreign Stocks,
Inactive Exchanges
BRAUNL & CO., INC.
II-
Protestant Church
/2 5
Prov Bk Westphalia 6s
29
1
i
Ask
Bid
194i
fi9M
Antloqula 8s
194(
/32
---
7s
"
M
/20
/20
21M
Cons
Bavarian Palatinlte
/20
/12
/12
8s.
13
13
5%
/5
PM
pm
ollv
7s.
7s.
1940
/ft
/20M
/16
Brandenburg Elec 6s __ 1953
6s.-1931-61
Brazil funding scrip
Bremen (Germany) 78.1936
Brazil funding
bX
bX
17
f 17
...
no
1902
7HB
...
Brown Coal Ind Corp—
6HS-.-
f23M
1953
.
Buenos Aires scrip
/48
/105
'46
Call (Colombia) 7s...1947
Callao (Peru) 73^8
1944
Cauca Valley 7 Mb
.1946
Ceara (Brazil) 8s
.1947
Central Agric Bank
see German Central Bk
51
fUX
PSM
....
Burmeister & Wain 6s. 1940
Caldas (Colombia) 7^s
1907
7s income...
1967
Farmers Natl Mtge 7s. '03
Frankfurt 7s to
1945
French Nat Mall 88 6s '52
German Atl Cable 7s.-1945
German Building A Landbank 034 s
1948
German Central Bank
12 H
•
p
n ix
/2
•
Agricultural 0s
Conversion
German
Funding 3s
12X
2
-
-
-
June 1 '35 to June
/15
fQ3M
1908
For footnotes see page
19
3
50
57
19
3
56
57
3
Coupons—
—
1948
deposit. 1948
Santa Catharina (Brazil)
8s
/73
11m
8s ctfs of
1947
8%
/48
—
.
Santa Fe 7s stamped. 1942
Santander (Colom) 7s. 1948
/20
08—1943
78—1945
1951
Saxon State Mtge 08—1947
Siem A Halske deb 0S.293O
State Mtge Bk Jugoslavia
5s
1956
2d series 5s.,
1956
Sao Paulo (Brazil)
23 H
/50
/23
f2lX
23M
nsM
pm
m
fS
541
f21H
POX
Coupons—
Oct 1932 to April 1935
45
/ 37
nm
-
67"
65
Saxon Pub Works
034s
Luneberg Power Light A
/8
/20
>
102
Oct 1935 to April
P9M
1937
78—1946
unstamped.1936
Stettin Pub Utll
/40
Stlnnes 7s
oo
/20
1936
Certificates 4s
1946
7s unstamped
Nat Bank Panama
f3 4
'38—
Certificates 4s... 1940
/96
/96
1955
1947
Toho Electric 7s
Tollma 7s
34 X
/8
—
Union of Soviet Soc Repub
rm
/13H
Uruguay
/8
f9SM
—
Unterelbe Electric 6s.
62X
4s.
sm
pox
/20
Conversion scrip
Vesten Elec Ry 7s
Oldenburg-Free State
Wurtemberg 7s to
f 19M
7s to
.1953
1947
1945
f Flat price.
2519.
Corporation and Investment News
RAILROAD—PUBLIC
NOTE—For mechanical
REGISTRATION
SECURITIES
UTILITY—INDUSTRIAL—MISCELLANEOUS
possible to arrange companies
always as near alphabetical position as
it Is not always
reasons
However,
OF
1957
7s ctfs of deposit. 1957
4s scrip..
m
65
General
FILING
Bk 6s '47
Saarbruecken M
7% gold ruble.....1943
/15
7s assented
19""
/22
1938
Apr 15 '35 to Apr 15 '38.
ierman Young coupons:
Dec 1 '35 stamped
/26
Chile Govt 6s assented
*
Salvador 7%
6m
'
Chilean Nitrate 5s
/8
0s
58
/18
/18
/18
/ 10H
P1M
/ 19H
WM
/20
/22
Office
1940
Dec 1934 8tamped
1934
/92
/20
fS
/8
3
fS
JbbM
/05
4
Central German Power
Madgeburg 0s
1966
7s
Hungarian Bank
British
1953
..1946
Cordoba 7s stamped..1937
Costa Rica funding 6s. '51
Costa Rica Pac Ry 7 Mb '49
6s
1949
Cundlnamarca 0^8—1959
Dortmund Mun Utll 6s '48
Duesseldorf 7s to.—..1945
Duisburg 7% to
1945
East Prussian Pow 08.1953
Electric Pr (Ger'y) 6 Mb '50
6MB
1953
European Mortgage A In
vestment 7Ma_....1966
7^s income
/33
!22
r—1940
6s
.»•
f 19
1
7
City Savings Bank
Budapest 7s
Colombia 4s..
f'24%
f2tX
-1947
67
)
Anhalt 7s to
1941
Elec 7% '30
1941
Rio de Janeiro 0%
1933
Rom Cath Church 0Hs '40
R C Church Welfare 7s *40
Rhine Westph
fl9
3
Ask
Westphalia 6s '36
5s
8
Bonds
1946
'33
many) 7s
103X 104X
3
Bid
1968
(Ger¬
Porto AJegre 7s
Prov Bk
Foreign Unlisted Dollar
1956
1936-1937
Coupons
)
6s.
Bank of Colombia 7 %
5% scrip
Panama
Poland 3s
/27
J27
/27
Great Britain A
Tel. HAnover 2-5422
William St., N. Y.
Oberpfals Elec 7s
1946
Panama City 6 Mb—.1952
/52
/32
.
.
52
Ast
Bid
they
are
Abitibi Power &
STATEMENTS UNDER
Month of
ACT
September—
in exact alphabetical order.
possible.
Paper Co., Ltd.—Earnings—
■
1938
but before bond in¬
income taxes
1937
Profit after general expenses,
following additional registration statements (Nos. 3838
3841, inclusive, and 3769, a refiling) have been filed with
the Securities and Exchange Commission under the Securities
The
terest, depreciation and
—V. 147, p. 1914.
$417,269
$300,225
to
Act of 1933.
The total involved is
approximately $7,128,870
Newport Industries, Inc. (2-3838, Form A-2) of Pensacola, Fla., has
a registration statement covering
103,870 shares of capital stock,
$1, and warrants to purchase the shares.
Holders of outstanding
capital shares of record Nov. 5 will be given the right to subscribe to
additional stock at the rate of one-fifth share for each share held.
Upon
expiration of the warrants, the company may (1) give holders of its 5%
subordinated 10-year notes, series A, and 5% subordinated notes, due
1947, the right to exchange tne notes for unsubscribed shares of capital
stock, or (2) offer such shares to underwriters.
Exchange basis or under¬
writing details will be filed by amendinent.
proceeds will be applied
toward retirement of a $400,000 promissory note.
Balance will be used to
install new boilers.
If more toan 60,000 but less than 90,000 shares are
subscribed througn warrants, the unsubscribed portion may be offered in
exchange for 5% notes, if less than 60,000 shares are subscribed, the unsub¬
scribed portion may be taken through underwriters, the terms regarding
the unsubscribed shares to be stated by post effective amendment.
No
underwriter named.
A. A. Schlesinger is President of the company.
Filed
riled
par
Oct. 13, 1938.
Acme Steel Co.
Period End.
y
(& Subs.)—Earnings—
1
Net profit
Shares capital
stock outstanding (par $25)-—
Earnings per share
328,108
328,108
328,108
$0.34
$0.93
$0.54
x After deducting undistributed profits taxes,
y After interest,
tion, Federal taxes, &c.—V. 147, p. 1024.
Adams
Truax Traer Coal Co.
statement
(2-3839, Form A-2) of Chicago, 111., has
covering 50,000 shares (no par) common
$
3,900,653
8,106,330
52,949
Cash
27,090
dividends
rec.
for se¬
364,677
declivered
Collateral
which remains unsubscribed
through underwriters at $4
Securities at cost38,889,604
65,377
36,258,754
share.
11,393
12,971
capital.
J.
M.
President of the company.
filed a
stock.
par common
Amount
purchased
stock to be offered at 50 cents per snare.
Pro¬
1938.
Oil Co. (2-3769, Form A-l,
a
refiling) of Oil City,
Pa., has filed a registration statement covering 70,000 shares of no par
stock.
Of the issue 65,000 snares are to be offered to the public
common
share and the remaining 5,000 shares are to be reserved for
employees as compensation or bonuses.
Proceeds are to be used for pay¬
ment of mortgages, drilling, buildings, equipment and working capital.
No underwriter named.
M. Martens is President of the company.
Filed
per
17,
1938.
The last
in
our
.
.
previous list of registration statements was given
issue of Oct. 15, page 2382.
449,370
496,142
con¬
capital surplus
Earned
...43,219,276 44,470,521
Total
surplus
y29,112,790 30,205,606
3,852,972
3,755,853
Total
43,219.276 44,470,521
Sept. 30, 1938, $26,243,901 and Dec. 31, 1937, $19,Represented by 1,500,000 no par shares.
Note—The excess of cost over market value of the companies' invest¬
x
Market value
622,879.
at Dec.
Oct.
144",801
taxes,
res.
tingencies, &c_.
ments
17, 1938.
Funds, Inc. (2-3841. Form C-l) of New York,
N.
Y., has filed a registration statement covering 557,114 Lexington
Trust Fund Shares certificates to be offered first to Lexington Foundation
certificate holders in exchange for Trusteed Industry shares at current
issue price and then for cash at market.
If any shares are unsubscribed
they will be offered to the public at market price.
Proceeds for investment.
Sponsored by depositor.
T. P. Heider is President of the company.
$5
94,387
„
and
Common stock and
Truax is
American Trusteed
at
5,218,500
for
140,869
for
Filed Oct.
North Pennsylvania
2,318,500
pay.
Accruals
ceeds are to be used for development, buildings, mill and working capital.
No underwriter named.
Wm.M. Cochenour is President of the company.
Filed Oct. 19,
2,272,500
1,1946 5,218,500
1. 1948
10-yr. 4\i% debs.
Filed Oct. 14, 1038.
Cochenour Willans Gold Mines, Ltd. (2-3840, Form A-l) of Toronto,
Ontario, Canada, has filed a registration statement covering 1,000,000
shares of $1
2,234,000
—not received..
and working
H.
2,175,000
—
Accrued interest—
stockholders
1,144 shares will be sold
Proceeds will be used for purchase
of Central Barge Co. and for equipment
Dain & Co. are named underwriters.
A.
31,'37
$
4%
1, 1947
Collateral trust 4%
due Aug.
Property & equip.
and the remaining
per
of common stock
tr.
Sec.
bonds, due Mar.
curities sold—not
x
Liabilities—
bonds, due June
Accrued Interest &
Amount
Any of the offering to the stockholders
4.a shai!e througn warrants.
Sept. 30,'38
$
Sept. 30, '38 Dec. 31,*37
$
$2.97
deprecia¬
Balance Sheet—
Express Ctf.—Consolidated
Assets—
—less deprec—.
Of the issue 48,856 shares are to be offered first to common
328,108
'
secur.
registration
'1938—9 Mos.—1937
x$l73,146
x$975,304
1938—3 Mos.—1937
x$110,007
x$305,863
Sept. 30—
y
Sept. 30, 1938 was $12,645,702, as compared with
31, 1937.
the 9 months ended Sept. 30 was
at
The income statement for
L-147 •
•
2382 •
$16,635,874
published in
sssfb-
Addressograph-Multigraph Corp.—Debentures Called—
Corporation has called for redemption Dec. 15 $1,550,000 serial deben¬
April 1, 1935, and maturing 1938 to 1945.
After redemption of these debentures company will have no funded debt
or preferred stock.
There were 753,813 shares ($10 par) of common stock
outstanding on Dec. 31.—V. 147, p. 1024.
tures dated
Affiliated Fund, Inc.—Asset Value—
Lord, Abbett group of investment funds, reports
1938 of $14,017,582.
This compares with assets
of $8,982,682 on June 30 and $4,210,008 on Dec. 31, 1937.
During the quarter ended Sept. 30, shares outstanding increased from
1,934,005 to 2,460,709 and debentures increased from $2,454,000 to
Company, one of the
total assets at Sept. 30,
$5,054,000.
Asset value on Sept.
had increased to
assets
—V.
147, p. 1915.
30, was $3.82 par share.
By Oct. 13, 1938, total
$15,746,407, and asset value per share to $4.30.
Volume
147
Financial
Administered Fund Second,
Chronicle
3 Months Ended Sept. 30—
Income—Cash dividends
Management fee
out that once either the 5s, 1944, or 1949, has col¬
lateral value in excess of
150% of the par amount of bonds outstanding,
cash received as
earnings can be shifted from one issue to another.
The
possibility is that additional collateral would be placed under the 5s, 1950,
since this bond issue
has the lowest ratio of the three issues of collateral
value to par amount of bonds
outstanding.
'1 he price the trustee
can
1937
1938
$48,176
14,479
$14,220
6,866
State franchise, Federal capital stock and
original
issue taxes
2521
However, it is pointed
Inc.—Earnings—
588
1,522
$6,766
$32,175
791
237
for the 5s, 1950, is computed by a compli¬
upon the asset value of the collateral unaer-
pay
Net income
Balance, June 30.1937
Adjust, of
prov.
for capital stock tax.
cated formula which
*7^8
5s, 1944 and 1949, that
3,500
Total
Amts. incl. in price paid for shs of cap. stk. sur¬
rendered for purch. at liquidating value equal to
the per share portion of distribution account at
time of purchase
Amts. allocated from the proceeds of the issuance &
on
then
9°™Pany has notified
t
July
1948,
the trustee for its 5% sinking-fund debentures, due
that it
will redeem $3,000,000 principal amount of these
1 next.
They are callable now on 60 days' notice at 103
146,
3944.
p.
Aluminum Co. of Canada, Ltd.—Debentures Called—
outstanding shares
Crlll
31,884
$103
The registered holders of 3
% % debentures of this company have been
advised that the
company will redeem on Nov. 10, next, $1,500,000 prin¬
cipal amount out of a total of $12,500,000 issued.
These debentures were issued as of
April 1, 1937, and were
Cr582
10,797
.
$144
Balance
Hearing—
The Railroad Credit Corporation has filed with a Federal District Court
Ohio objections to the plan of
reorganization approved by the Inter¬
state Commerce Commission for the toad.
Hearing on objections to the
Aluminum Co. of
operating subsidiary of Aluminium, Ltd.—V. 145,
p. 595.
Akron Canton & Youngstown
RR.—Reorg.
privately sold
to a group of
important insurance companies in Canada.
Canada is the principal
-V. 147, p.2076.
American Agricultural Chemical Co.
(Del.) (& Subs.)
in
3 Months Ended—
Sept. 29, *38 Sept. 30, '37
Gross profit from oper—
plan will be held Nov. 28.
$235,064
215,138
Gen. oper. & adm. exps_
for losses on time
sales on ship'ts made
The railroad owes the Railroad Credit Corporation about
$200,000, and
the corporation protests strongly against the treatment accorded this
obligation in the plan.—V. 147, p. 2076.
Alabama Power
1,
securities on Jan.
and interest.—V.
966
268
It is believed that in the case of the
similar formula would be used.—V. 147,
p. 2382.
a
Aluminium, Ltd.—Debentures Called—
$32,412
$11,057
reissuance of shares of capital stock to equalize
the per share amount available for distribution
Dividends declared
depends
fach of the three bond issues.
;t. 3,1935
Oct. 1,1936 Oct. o, iyoo
$386,542
$275,744
175,191
187,818
$403,074
198,534
Prov.
during period
Deprec. of pl'ts & deple.
Co.—Earnings—
of mines
Period End. Sept. 30—
1938—Month—1937
1938—12 Mos.—1937
Gross revenue
$1,812,418
$1,769,383 $19,745,069 $20,280,803
Oper. exps. and taxes—
819,352
763,966
x8,691,742
x9,014,720
Prov. for depreciation—
217,690
228,105
2,643,975
2,431,291
21,705
22,113
24,372
23,012
153,201
7,360
154,178
7,796
156,278
7,543
162,561
11,954
$162,339 prof$20,453
prof$23,158
$0.11
;
Reserve for self-insur'ce.
_
Gross income
$775,376
405,498
Net
$8,409,352
4,832,330
$8,834,793
4,822,046
$369,754
195,178
$3,577,022
2,342,138
$174,699
$174,576
$1,234,884
$1,670,609
preferred stock-
Balance—
—
No provision was made in
x
profits
as
loss
charged to
earnedsurp.acct—_
$4,012,747
195,178
income
on
$777,312
407.559
$369,878
Int. & other fixed chgs„
Divs.
Net
Earns, per sh. on cap. stk
all taxable income
1936 for Federal surtax
was
distributed.
on
2,342,138
undistributed
company.—V. 146,
American Bosch
Holders
stock of record, Oct. 25, will be offered the right
$5 per share for 417,598 shares of capital stock ($1 par)
at
to the extent
expire
of 1H
After depreciation. Federal income taxes, &c., but before
provision for
Federal surtaxes on undistributed profits.—V.
147, p. 560.
Allied Chemical & Dye
vealed for the first time the nature of its miscellaneous investments, in¬
cluding, among other securities, 10.4% of the voting strengtn in the Ameri¬
can Light & Traction Co.
Other holdings shown for the first time are 30,713 common shares of
the Libbey-Owens-Ford Glass Co., wnich cost $831,133, and 178,682 com¬
mon
shares of the Owens-Illinois Glass Co., which cost $4,192,614.
These
worth $1,689,215 and $12,865,104, respectively, at current
market prices.
The American Light & Traction interest consists of 234,912 preferred
shares,
shares,
The rights to subscribe
American Box Board Co.—Advances Date
of
Pref. Div.—
At a special meeting of the board of directors on Oct.
17, a dividend of
1M% was declared on the 7% cumulative preferred stock of the company,
payable Nov. 22, 1938 to holders of record as at the close of business on
Nov. 8.
Corp.—Lists Securities—
The company in a report filed with the Securities and
Exchange Com¬
mission and made public Oct. 4 at the New York Stock
Exchange has re¬
holdings
shares for each share held.
147, p. 2234.
Nov. 15.—V.
on
Net income
x
Corp.—Rights to Subscribe—
of capital
to subscribe
Industries, Inc.—Earnings—
Nil
1864.
p.
No provision was made in
Period End. Sept. 30—
1938—3 Mos.—1937
1938—9 Mos—1937
loss $24,991
$72,329 loss $67,628
$403,821
Shs. com. stock (par $1)254,400
254,400
254,400
254,400
Earnings per share
Nil
$0.28
Nil
$1.58
x
$109,600
or surtax
American Bantam Car Co.—Gets RFC Loan—
2076.
Allen
$0.09
Francis H. Fenn, Vice-President and General
Manager, announced on
Oct. 19 approval of a loan of $275,000
by the Reconstruction Finance Cor¬
poration to improve the working capital position of the
1937 except for a small amount provided by a
subsidiary company.—V. 147,
p.
Nil
Note—No deduction necessary for normal Federal income taxes
on undistributed profits.—V.
147, p. 2077.
are
43.8% of the total issue outstanding, and 119,200 common
4.3% of the total amount.
Since all shares have voting rights,
Allied Chemical's interest amounts to 10.4% of the voting power.
The cost to Allied Chemical of the American Light & Traction preferred
stock is put at $7,098,620 in the report, and the cost of the common stock
is given as $5,134,308.
Investments previously revealed by Allied Chemical were 54,500 common
shares of the Sloss-Sheffield Steel & Iron Co., 43,502 preferred and 3,416
common shares of the Virginia Carolina Chemical Corp.,.
13,520 common
shares of the Interlake Iron Corp., 150,500 common shares of the United
States Steel Corp. and 270,000 common shares of the Air Reduction Co.—
V. 146, p. 1863.
or
or
This is the Dec. 1, 1938 dividend, but is being paid in advance in order
this disbursement might be used as a credit in
that
computing the un¬
which ends
distributed profts of the company for the current fiscal
year,
on Nov. 26. 1938.—V. 146, p. 1229
American
Brake
Shoe
&
Foundry Co.
(& Subs.)—
Earnings—
3 Mos. End. Sept. 30—
1938
Operating profit
Net income
Preferred dividends.
Common dividends.
.
Surplus
—
Shares commoi stock (no par)
share
per
Before surtax
x
$926,589
45,194
$1320,379
372,266
118,464
$971,783
255,489
112,132
$272,921
71,706
192,273
$829,649
72,086
569.022
$604,162
123,316
244,685
$8,943
769,092
Depreciation
$1,271,343
49,036
56,000
cons.
Federal & foreign income tax.
Earnings
1936
$648,974
7,173
$656,147
327,226
Divi'nds received from subs not
x
1937
$188,541
758,696
$1.00
$236,161
611,712
$0.78
$0.26
„
on
undistributed profits.
Consolidated Balance Sheet
Allied Mills, Inc. (&
12
Subs.)—Earnings—
Months Ended Sept. 30—
1938 $803,744
Net profit
Shares capital stock
x
946,000
$0.85
Earnings per share
x
Sept.30'38 Dec.31'37
1937
$1,753,201
946,000
$1.85
$2,784,266
886,888
$3.13
After depreciation, depletion. Federal income taxes and surtax
distributed profits.—V.
147, p.
Assets—
1936
on
un¬
1327.
Cash
on
on
Mark,
The
no
company's application to list 2,125,590 shares of common stock,
Chicago Stock Exchange has been approved.—V. 147, p. 1631.
1938
$5,807,972
1937
$6,723,653
5,232,622
1936
$6,487,991
4,712,296
1,146,862
1935
$4,840,051
3,813,497
1,450,968
$2,930prof$329,867prof$628,833
Operating loss
1,161,164
96,589
100,358
$93,659
Cr 16,207
$430,225
77,041
Other income (net)
Other
or
xl 10,547
-
profit.
$109,866
Deficit
Shares common stock
139
!405
Cr2,917
$353,184 loss$645,646 loss$269.181
58,334
644,600
644,600
644,600
Preferred dividends
Common dividends
97
CY3
Minority interest
Net
$739,380 loss$272,098
263,883
113,519
2,724,646
5,506,386
102,577
3,871,366
4,007,291
cost
bldgs.
530,916
628,937
1,272,666
1,127,214
1,139,396
Notes
paya'e—not
290,237
Reserves.
Conv. pref., 6M %
cum. ($100 par).
5,483,300
5,463,300
Common stock.. 12,544,800 12,544,800
Capital surplus... 6,557,863
6,569,434
Earned surplus
4,612,906
4,154,765
x
and
equip.—less
655,461
current
assets
less.—
$
257,082
Accounts payable.
re-
(less res.). 2,498,512
4,143,034
Invest's—at
de-
deprec'n
Patents & goodwill
12,469,137 13,201,490
1,342,418
1,350,995
Insur. & other pre¬
396,417
paid items..
Total
—
383,796
.31.422,576 32,680,738
31,422,576 32,680,738
Total
Represented by 769,092 no par shares.
x
Total profit
Federal income tax
200,685
quoted market).
424,414
xl52,316
5,056,882
754,020
Operating expenses
Depreciation
(at
secur's
Dec.31*37
$
290,237
payable
Accrued accounts.
6,387,488 $5,139,674
Notes & acc'ts
Land,
Alpha Portland Cement Co.—Earnings—
12 Mos. End. Sept. 30—
Net sales
Notes
Inventories.
par, on the
Sept.30'38
Liabilities—
$
deposit &
hand
,ceiv.
Allis-Chalmers Mfg. Co.—Listing—
$
*
Note—American Brake Shoe & Foundry Co. of California, not consoli¬
dated in 1937 because less than 95% controlled, became wholly owned in
1938 and is therefore,, included in the 1938 consolidation.
This change
must be recognized in comparing the financial statements fox* the two periods.
—V. 147, p.
727.
-
641,000
$531,134
639,500
Earnings pet share
$0.17
$291,416
_
644,600
$0.55
sur$l,046
644,600
$1.00
$972,115
644,600
x
Includes $29,915 in 1936 ($23,521 in 1935) net profit on sale of se*
curities, and $35,743 adjustment of marketable securities to lower of cost
or market at close of 1934.
Note—Above statement includes operations of Alpha Sand Co., a former
subsidiary of Alpha Portland Cement Co. of March 31, 1936, as the com¬
pany disposed of its interests therein on April 24, 1936.—V. 147, p. 561.
American Chicle
Co.—Earnings—
1938—3 Mos.—1937
$930,085
$1,022,665
Period End. Sept. 30—
Net profit-—
Shares com. stock
x
437,300
standing (no par)....
Earnings per share
x
After
1938—9 Mos.—1937
$2,551,668
$2,808,038
out¬
438,000
$2.33
$2.13
437,300
$5.84
438,000
.41
depreciation, interest and Federal taxes.—V. 147, p. 561.
American
Colortype Co.—Sales—
Sales for the third quarter of 1938 are $1,973,080 as compared with
$2,201,512 for the same quarter of 1937.
Sales for the first nine months of 1938 are $6,479,585 as compared with
,
Alleghany Corp.—Plans Bond Repurchase—
A committee of directors has been holding conversations with
Trust Co., trustee for the corporation's bonds, as
Guaranty
to the possibility of having
the indentures of the collateral trust 5s, 1944, and 5s, 1949, amended to
permit purchase by the trustee of these issues on the same terms as the 5s,
American I. G. Chemical
Directors on Oct.
About a year ago the indenture of the 5s, 1950, was altered upon assent
of 60% of the bondholders to permit the trustee to purchase the bonds with
were
pledged undesr the issue upon authorization from the company.
The
trustee so far has used $100,000 to purchase $277,000 bonds and $50,000 to
tible debentures
acquire $158,000 par of the issue.
On Oct. 22 another $150,000 was avail¬
able for the trustee to make further purchases.
The bonds so acquired
are retired.
Even though the directors obtain the necessary authority from bond¬
holders to alter the indentures, there is a possibility that no purchases
will be made until after the dissolution of Chesapeake Corp.
It is antici¬
pated that Alleghany, through its holdings of 71 % of the outstanding Chesa¬
peake capital stock, will receive a large amount of cash through the liquida¬
tion of the intermediate holding company.
,
Corp.—Dividend—
18 declared dividend of $2 per share on the no par
the $1 par common
A stock and an interim dividend of 20 cents on
B stock both payable Nov. 7 to holders of record Oct.
common
cash
,
$7,116,864 for the first nine months of 1937.—V. 147, p. 561.
31. Like amounts
and on Dec. 28, 1937.
American I. G. Chemical Corp. 5H % conver¬
due May 1,1949, expires on Dec. 31,1938.—V. 147, p. 101.
paid on June 30, last,
Conversion privilege for
American General
The statements of the
Corp.—Sept. 30 Statement—
corporation for the nine months ended Sept. 30
indicate net assets as of that date equivalent to $116.34 per preferred, share
and $7 65 Der common share.
Comparable figures for June 30 were $113.09
preferred share and $7.26 per common share; for Dec. 31, 1937, $101.54
preferred share and $6.09 per common share.
in First York Corp., a subsidiary,
was taken at net underlying asset amount.
per
per
In these calculations the investment
Financial
2522
1938
1937
$420,819
$819,760
9,260
8,667
911
—
724
—-
$421,543
Total income
Operating expenses
Net income before interest expense-.
Interest expense
holders & taxes paid at source
Taxes ref'ded to deb.
nine-month period,
348,010
$136,016
14,990
xl ,800
-
showed somewhat more than the usual seasonal gain.
For the
however, the total number of such conversations was
under the corresponding period of last year.
Earnings of American Telephone & Telegraph Co.
Period End. Sept. 30—
al938-3 Mos.-1937
a 1938-12 Mos.-1937
$
$
$
$
quarter
about 2 Yi %
$838,598
285,527
-
$490,588
317,548
8,814
(without giving
trans.), carried to sur.
Net oper.
exps.
oper.
over
effect to results of secur.
$164,226
3,922,533
43,268.659
1,808,929
39,871,459
4,164,218
49,193,927 176,171,693 212,897,399
4,452,069
16,945,733
20,587,292
35,707,241
42,045,287
Other income (net)
44,741,858 159.225,960 192,310,107
42,045,287 168.181,146 168.173,974
155,291.620 181,839,352
9,335,456
6,473,042
715,501
433.319
193,806
Provision for Federal taxes.
x
Total income
salaries, taxes, rent, postage
and net expenses incidental to the consolidation by wnich American General
Corp. was formed, amounting to $2,518, charged to "reserve for taxes,
extraordinary legal, accounting and other expenses and other contingencies.'»
Consolidated Balance Sheet Sept. 30
Note—In addition to the above there were
1938
1937
1938
Liabilities—
$
$
Assets—
702,353
422.934
Cash in banks
sold—not deliv->
38,683
39,573
74,068
Other accts.
119,522
accr'd
ouotations20,344,803 28,236,112
mkt.
Res.
Incl.
308,667
308,667
exps.
5,500,000
[Consolidates the accounts of the American Tel. & Tel. Co. and its principal
telephone subsidiaries]
Period Ended
1938—3 Mos.—1937
1938—12 Months—1937
Aug. 31—
$
$
$
$
Operating revenues.260,211,687 261,940,157 1,048,711,288 1,037,099,160
a Oper.
expenses—.177.343,669 179,897,814
716,488,388
688 950 942
Taxes
36.418,058
33,637,491
141.585,489
127,757,092
legal,
other
182,860
conting
Invest. In 1st York
Corp., com. stk.
381,714
Uurealized deprec.
owned),at
(net)of gen. mar¬
<37%
underlying
net
in
3,652,461
owned/>rl,418,727 Dr4098,476
vest. in 1st York
bOtherinc. (net)_._
amount
-
Drll39.824
Pref. stk. ($1 par)
Com. stk.(10c par)
Surplus
-
-
Total--.
...24,385,382 33,099,261
190,637,411
17,499,789
220 391,126
33,420,645
48,916,961
54,318.401
10,534,477
10,831,981
208.137,200
41,786,958
253 .811,771
45.922,024
Total net Income.
38,382,484
43,486,420
166,350,242
207.889,747
Interest
Net inc. applic. to
stocks of subs, con¬
24,385,382 33,099,261
solidated, held by
2.433,217
2,628,686
9,608,951
12,385,543
35,949.267
40,857,734
156,741.291
195,504,204
$1.92
$2.19
$8 39
$10.46
public
Net
Light & Traction Co. (& Subs.)—Earnings-
12 Months Ended Aug.
Maintenance
2,554,383
4,960,594
Net earnings from oper. of sub.
$8,447,673
Drl69,549
Total income of subsidiary companies
$8,278,124
4,521,385
$3,756,739
Includes current maintenance, depreciation, traffic, commercial, gen_
eral and miscellaneous expenses and operating rents,
b Includes propor"
tionate interest in earnings or deficits of Western Electric Co. and all o^h'*"
$9,206,395
4,241,093
$4,965,301
Int., amort. & pref. divs. of sub. companies
controlled companies not consolidated (partly
American Trusteed
See list given on
American
'
8,310
Loss
10,984
Equity of Am. Lt. & Tr. Co. in earns, ofsub.cos, $3,748,429
Income of Am. Lt. & Trac. Co. (exclusive of income
received from subsidiaries)
—
1,567,071
$4,954,317
Propor. of earns, attrib. to minority common stock
first
estimated).—V. 147
2383
of this department.—V. 147,
page
p.
1767.
Writing Paper Corp.—Earnings-—
Sept. 30—
4>———————
After expenses,
x
p,
Funds, Inc.—Registers with SEC—
9 Months
3 Months
Period Ended
_
»
T. & T. Co. stock.
$9,086,439
Crll9,956
companies
Non-operating income of sub. companies
to
a
2,398,789
4,975,354
General taxes and estimated Federal income taxes.
applic.
Per share—American
(after eliminating
$40,405,541 $40,563,204
22,033,477 21,902,374
2,409,414
2,200,247
Provision for retirement of general plant
inc.
A. T. & T. Co.stk.
1937
1938
31
Gross oper. earns, of sub. cos.
inter-company transfers) —
General operating expenses
Balance
48,404,852
5,913,549
deductions.
Total income
Dr697,538
184.750
198.130
159,784
163,438
23,709,169 31.456,971
—V. 147, P. 561.
American
46,449,960
2.467,001
carrying
over
1
1
Net oper. income.
Corp. com. stk.
Corp.
(100% owned)..
Total
-
Exc's of cost of in¬
50
The
St.
Pine
ket sees.
i_,
3,162,326
asset amount
Invest,
$10.29
profits or deficits of subsidiary companies.
Bell System Consolidated Earnings Report
tax., ex-
&
18,685,997
$8.52
Subject to minor changes when final figures for Sept. are available,
b Does not include the company's proportionate interest in the undivided
account'g & oth.
int.
'37..
to July 29.
for
traord.
24,136,133
18,686,794
$2.39
s
a
188,162
2,500,000
(secured)
40,570
33,901
Acct. recelv. under
contr.
142,618
Notes pay. to bks,
Partin.in intermed¬
iate credits
12,860
&
taxes
Gen. mkt. sees, at
2,696,571 def8,955,186
of
ock ou.st'g— 18,686,794
Earnings of Amer. Tel. &
Tel. Co. per share
$1.91
capital
pay.,
exps.
number of shs.
Aver,
18,686.794
def6,338,046
Balance...
$
64,753
purch.—not rec.
Accts. & divs. recv
b Net income.
Dividends
1937
$
-
Interest deductions
Accts. pay .for sees.
Accts. rece. for sec,
.
23.869,504
11,111,298
2,428,993
35,417,700
1,915.142
109,624
income
Interest income
$119,226
26.023,380 103.147,878 108.317,693
22,100,847 92,036,580 84,448,189
Operating revenues
25,131,169
Opor-exps., inci. taxes— 22,702,176
Dividends income
Excess of inc.
1938
22,
quarter was 112,000, reflecting some improvement in the rate of browth.
For the third quarter of last year the gain was 177,000.
The number of toll and long-distance conversations during the third
for 9 Months Ended Sept. 30 (& Subs.)
Income Account
Income—Cash dividends on stocks
Interest earned on bonds
Interest earned on account receivable
Miscellaneous income
Oct.
Chronicle
—
1938
1937
x$46,030
r——
but before interest of $630
on
1938
z$127,116
y$31,050
Federal Reserve Bank
loan commitment and interest on general mortgage bonds, y Before interest
of $3,781 on secured notes payable and interest on general mortgage bonds.
x
1,547,894
After expenses, but before interest of $4,301 on Federal Reserve Bank loan,
and before providing for interest on general mortgage
bonds.
Note—Recent flood losses, not included in the 1938 figures, are estimated
'
$5,315,501
Total
Expenses of Amer. Light & Traction Co
Taxes of Amer. Light & Traction Co.
Balance
212,968
$6,061,622
139,563
Balance transferred to consolidated surplus
on
224,826
$4,911,676
-
_
preferred stock.
A. P. W. Paper
142,042
$4,772,113
804,486
$5,919,580
$3,967,627
Earnings per share of common stock
147, p. 2383.
$1.43
9 Months Ended Sept. 30—
$5,115,094
Net income
30—
—V.
$1.85
Associated Gas & Electric Co.—Weekly Output—
1938—Month—1937
1938—9 Mos.—1937
$8,612,999 $81,589,744 $85,656,237
For the week ended Oct.
524,115
Operating
revenues
Operating
expenses,
units
1.6%
or
year ago.
Co.—Earnings—
1938—Month—1937
$863,440
$794,539
Gross output, including sales to other utilities, amounted to
1938—12 Mos.—-1937
$9,159,645
4,766,732
units for the week under review.—V.
4,793,585
Associated
443,166
435,074
147,
p.
99,845,825
2384.
$8,784,806
incl.
taxes
Property retirement re¬
serve appropriations.
14, Associated Gas & Electric System reports
(kwh.).
This is a decrease of 1,below production of 92,415,320 units reported a
electric output of 90,891 >205 units
net
147, p. 1916.
Arkansas Power & Light
1936
$3,718,312
After depletion, depreciation, interest, amortization, Federal income
taxes and reserve for possible liability for surtax on undistributed profits,
b Revised.—V. 147, p. 102.
$8,160,347
Period End. Sept. 30—
(& Subs.)—Earnings—
1938
1937
$1,844,989 b$3,252,340
-
a
American Stores Co.—Sales—
Period End. Sept.
Co.—Meeting A djourned—
Arkansas Natural Gas Corp.
804,486
—Y.
Sales...
882.
p.
Stockholders at their annual meeting held Oct. 19 in Albany discussed
voluntary readjustment of the company's funded debt and decided to con¬
sider it further at an adjourned meeting, on Nov. 17.—V. 147, p. 2235.
a
Balance
147,
$8,500—V.
at
215,763
190,857
Holding company interest deductions
Dividends
$6,502,21i
Telephone & Telegraph Co.—Dividends—
The Board of Directors at
a
meeting held Oct. 13 authorized payment of
dividends of 49 cents per share on
110,377
102,700
1,209,579
758.200
$309,897
$256,765
$3,183,334
Dr64,730
105,944
$309,897
914
$252,850
322
$3,118,604
11,483
$3,338,965
16,644
on mortgage bonds.
Other interest & deduct.
$310,811
146,385
10,119
$253,172
150,991
9,711
$3,130,087
1,786,865
116,045
$3,355,609
1,812,710
102,995
Interest charged to con¬
struction
Cr461
CY5.801
Crl8,600
$1,232,978
the 7% first preferred stock and 42 cents
.Nov, 15,1938 to holders
$3,233,021
Dr3,915
$1,458,504
_
Net oper. revenues
per share on the $6 first preferred stock payable on
of record on Nov. 1.—V. 147, p. 1330.
Atlantic
Rent from lease of plant
(pet)
Operating income
Other income (net)
Gross income
...
Int.
Cr94 6
Gulf
&
West
,
$154,768
$93,416
Net oper. revenup
Dividends
accumulated
949,265
949,265
and
$624,737
56,118
333,455
423,544
$194,964
$213,899
$291,282
$1,193,817
5,609
American Water Works & Electric Co.,
Inc.—Weekly
Net income..
147,
p.
3.305
37,785
35,577
$200,573
103,145
.
Int., rentals, &c
—V.
$217,204
109,128
$329,066
849,468
$1,229,394
889,111
$108,075 loss$520.402
$340,283
$97,428
1767.
Atlas Powder Co.
(& Subs.)—Earnings—
9 Months Ended Sept. 30—
1938
Net
1937
1936
$11,311,934 $13,560,145 $11,784,531
Net sales
x
$1,617,361
$270,017
26,216
Operating income
$509,239
unpaid to Sept. 30, 1938, amounted to
$1,186,581, after giving effect to dividends of $1.75 a share on $7 preferred
stock and $1.50 a share on $6 preferred stock, declared for payment on
Oct. 1, 1938.
Dividends on these stocks are cumulative.—V. 147, p. 2080.
x
(&
$221,180
Taxes.
Gross income.
$283,713
Balance
Lines
1938—Month—1937
1938—8 Mos.—1937
Operating revenues—— $2,263,137
$2,339,761 $16,357,297 $18,708,232
Oper. exps. (incl. depr.).
2,041,957
2,069,744
15.732,560
17,090,871
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
Steamship
Period End. Aug. 31—
Other income
Net income
x
Indies
Subs.)—Earnings—
745,736
profit
Preferred dividend
*
1,264,310
1,113,737
257,238
257.238
297,254
$488,498
$1.96
$1,007,072
$4.03
$816,483
$3.28
Output—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Oct. 15, 1938, totaled 43,681,000
kilowatt hours, a decrease of 10.2% under the output of 48,623,000 kilowatt
hours for the corresponding week of 1937.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended—
19.38
1937
1936
1935
1934
Sept. 24...
42,460,000 49,408,000 49,046,000 40,380,000 32,470,000
Oct.
I...
42,999,000 48,908,000 49,010,000 37,100,000 33,077,000
Oct.
8
43,683,000 49,429,000 49,573,000 41,187,000 32,904,000
Oct. 15
43,681,000 48,623.000 49,473,000 41,682,000 33,001,000
—V. 147, P. 2383.
American
Surplus for common
Earnings per share on common stockx
After depreciation,
Federal income taxes, &c.—V. 147, p. 728.
Australasian Petroleum
Co.—Organized—
The Vacuum Oil Co., a subsidiary of the Socony-Vacuum Co. in the
United States, in cooperation with the Anglo-Iranian Oil Co. of London,
has formed the Australasian Petroleum Co. with capital of £1,000,000 to
explore the oil-bearing possibilities of Papua and the mandated territory of
New Guinea.
The new company represents Australian, English and American interests
which have taken great interest in the search for oil in Australia.
Since
1937 Vacuum Oil has aided substantially in the examination of large areas
Telephone & Telegraph Co.—Quarterly Report
Walter S. Gifford, President, in letter to stockholders says:
During the iirst nine months of this year the Bell System had a net gain
of about 245,000 telephones as compared with a gain of 706.000 during the
corresponding period of la*>t year.
The gain i r. te epb<nu fcr ihe thi
in
Papua and New Guinea.
The new company acquires interests held in Papua and New Guinea
by two companies.
Each group subscribed £135,000 as initial working
capital.
Vacuum Oil has the right to introduce another company sub¬
scribing £135,000.
Volume
147
Financial
Chronicle
Baldwin Locomotive Works (&
Subs.)—Bookings—
The dollar value of orders taken in
September by the Baldwin Locomo¬
Works and subsidiary
companies, including the Midvale Co., was
on
Oct. 17 as $1,946,689, as
compared with $1,673,241 for
September, 1937.
The month's bookings brought the total for
Sept. 30
tive
Operating
announced
the
first
nine
905,527 in the
months
same
of
1938
to
$20,611,079,
as
compared
with
1938—Month—1937
$630,942
$657,486
469,636
477,455
revenues
Oper. exps., incl. taxes.
Amort, of limited-term
the consolidated group for
period last
2523
Birmingham Electric Co.—Earnings—
Period End.
investments
$27-
311
3,734
3,752
50,000
40,000
690,000
480,000
$110,995
$139,720
264
853
$1,132,761
4,290
$1,443,738
7,065
$111,259
45,750
$140,573
45,750
4,300
$1,137,051
549,000
52,378
$1,450,803
549.000
51,450
$90,523
$535,673
$850,353
Net operating revenues
Other income
which performance has been
suspended, amounted to
$15,400,891 as compared with $23,757,714 on Jan. 1, 1938, and with
$28,796,386 on Sept. 30, 1937.
All figures are without
intercompany eliminations.—V. 147, p. 2081.
Other interest &
deduct.
(net)
Gross income
on
Interest
Period End. Sept. 30—
Other income
$206,344 loss$139,892
28,409
51,964
Total income
Federal income taxes
$76,258
$234,753
33,998
$589,294
83,432
loss$87,928
Bohn Aluminum & Brass
Period End. Sept. 30—
Net profit
Earns, per sh. on 352,418
shs. cap. stk. (par
x
—
$200,755
loss$87,928
$505,862
were
$2,107,937 against $2,631,793.
Total assets
as
Boston Personal
$0.85
Comm's,
but before provision for
14/, p. 563.
1938
1937
Net
$229,557
y229,557
Income
$162,992
166,950
Deficit
$6,378
Nil
sur$21,028
$3,959
Includes $1,900 transferred from
surplus income accumulated prior
y Includes extra dividend
amounting to $62,606.—V. 147,p 413.
*
to
1936.
Balance Sheet Sept. 30, 1938
Bayuk Cigars, Inc.—Earnings—
Assets—
,
Consolidated Income Account for 9 Months Ended
Sept. 30, 1938
Gross profit
$3,090,816
Selling, general and administrative expenses
1,838,047
Prov. for deprec. of bldgs., equip. & automobiles
137,833
Amortiz. of cost of cigar machine licenses and
patent rights
34,456
Uabilities-
Cash in bank
$56,951
Dividends receivable.
Investments In securities
21,795
4,211,224
Prepaid expenses and deferred
charges.^
1,125
Dlv. payable Oct. 15, 1938--.
Total income
on
notes
on
income
Net profit
Divs. on 7% first pref. stock
Dividends on common stock.
Earnings
per
$1,140,397
19,693
212,666
payable (net)
Provision for taxes
5,394
Capital shares
x3,953,025
Paid-in surplusLoss on sale of securities
239,890
(net)
share
$908,038
(outstanding, 16,910 shares)
on common
Total
x
Represented by 260,860
Beattie Gold
ore
Mines, Ltd."—Earnings-
Sept. 30—
1938
151,700
\
Marketing charges
1937
1936
589,216
102,142
$477,350
299,728
$177,622
$197,266
1
Not
J Reported/
Metal production (net)
Operating costs
-
.
_
"Operating profit for period
$4,291,095
par shares.—V.
147,
p.
413.
The Interstate Commerce Commission has
ratified the appointment of
as trustees for the corporation.
Botany Worsted Mills—RFC Loan—
A new Reconstruction Finance
Corporation loan of $1,500,000 has been
granted the company.
The money will be used to pay off the corporation's
ODligation to the Textile Banking Co., and thus relieve it of
warehousing
at the same time provide a comfortable
working capital. borrowed about $4,000,000 from the Government,
the amount
originally asked for by President Charles E. H. Johnson.
Previous loans included $1,000,000 from the Textile
Industry Credit Corp.,
and two totaling $1,670,000 from the RFC.
The latter's new mortgage Is
a
prior lien to the three previous ones, and is secured
by the companys,
factory and property in Passaic and Clifton, and also nine parcels of land
and
inventory arrangements, and
$602,085
.,
-.
139,520
be used
amount to
$487,074
289,809
$274,336
(gross)
154,330
587,227
109,878
327,748
,
milled
Metal production
no
378,670
Total
Bentley W. Warren and Charles W. Mulcahy
147, p. 1329.
The
3 Months Ended
$4,291,095
Boston & Providence RR.
Corp.—Trustees—
88,918
221,105
$2.08
stock
Note—The equity of Bayuk Cigars, Inc. in undistributed
earnings for the
in
Botany has
as
now
Wallington.—V. 147,
p.
2239.
Bowman Biltmore Hotels
9 Months Ended Sept. 30—•
Gross income
Corp.—Earnings—
1938
1937
$2,969,172
786,906
$3,373,697
985,840
146,781
31,071
prof 124',764
Note-rln the above figures no allowance has been made for
taxes, deprecia¬
tion or deferred development.
Gross operating profit
Net profit before Int., amort., gross
earnings rental
The difference between the estimated net
profit for this quarter and that
corresponding one in 1937 is mainly due to the reduction in market?
ing expense, together with slightly higher extraction.
The ore grade was
Net loss before amortization and income taxes
for the
practically identical.
Marketing costs in 1937 were $109,877, while the corresponding figure
for 1938 was $8,773.
There was, of course, added expense at the nine due
to the roasting operation.
While the ore grade was slightly below the
average of the ore reserves,
the quarter may be taken as fairly normal.—V.
147, p. 883.
Beech-Nut
Packing Co.—Earnings—
Period End. Sept. 30—
x
Profit
y
Balance
7
Earns, per share
After
charges,
1938—3 Mos.—1937
$774,307
$879,249
635.754
762,991
$1.45
$1.74
but
Federal income taxes
mon
327,621
-
—V.
—
nine months of controlled
company (not consolidated) is not included in the
above statement of consolidated profit and loss.—-V.
147, p. 563.
x
$41,738
Accrued liabilities
Surplus Income
Profit
-$1,080,480Discount, rental, divs. & misceil. inc. (incl. divs. of $10,500 from
controlled company not consolidated)
59,917
Tons
1935
$188,735
12,844
12,900
$187,978
166,950
16,740
5,752
Dividends
accrued and
unpaid taxes, except Federal income and excess profits taxes.
Transfer of the properties took place Oct. 20.—V.
147, p. 2236.
before Federal taxes,
and preferred dividends,
stock (par $20).—V. 147, p.
Belmont Metals
1938—9 Mos.—1937
$2,117,169
$2,319,341
1.747,563
1,973.121
$3.99
$4.51
y
z
After allowing for est.
On 437,524 shares com¬
1184.
Corp.—Hearing
Sept. 30—
Operating profit
Depreciation
Interest--
Corp, (& Subs.)-
Net profit
445,356
$279,207 loss$406,205
$0.04
$0.13
Nil
765,553
$564,677
$11,176
229,486
101,432
217,216
59,347
227,188
$216,012
747,421
366,605
1,559
1,057,736
$0.91
1938
-
Federal taxes
1937
$1,509,914
1,049,381
$4,454,910
1,024,405
109,983
13,298
617,418
412,810
1936
1935
1,015,792
784,527
225
686
Adj. prior years' deprec.
Profit on retire, of stock
Red.
in
income
taxes,
1,310
15,554
Total surplus
Dividends
on
$739,590
96,229
paid
$1,481,614
400,715
23,161
$1,073,326
Ts",291
15,044
$643,361
$1,057,736
$1,015,792
$784,527
past due divs
42,243
Income tax prior years—
Surplus end of
year—.
$899,574
100,002
Balance Sheet Aug. 31.
Assets—
1938
1937
Plant...
......$3,836,369 $3,964,092
Cash
•
225,202
141,919
Accts. receivable..
325,808
226,941
Inventories2,150,518
1,854,234
Investments.
Unavailable
on
8,403
Earnings for 12 Months Ended Sept. 30
Operating profit
Depreciation
Interest.
1937
$850,725
69,765
$319,456prof$450,043prof$288,l 13
Previous surplus
Net
788
Corp.—Earnings-
Net loss
$1,911,168
4,090
102,829
$89,794
1938—9 Mos.—1937
$686,459
$3,130,480
oko
2385.
Brandon
x
810,62.3
99,078
182,963
60,898
Earns, per sh. on 2,097,663 shares capital stk.
147, p.
Years Ended Aug. 31—
1938
Operating profits
loss$83,338
Painting mills & cottages
Dividends received
Cr8,394
Loss on mach. scrapped
7,127
Depreciation
237,384
Income taxes
thereunder by
1937 and other
-Earnings—
1938—3 Mos.—1937
$481,860
$646,631
269,399
260,505
61,769
-
Federal taxes.
—V.
Delisting—
on
failure to file its annual report for the year ended Dec.
1,
required information and documents.
Bendix Aviation
and Income taxes
prior years
The Securities and Exchange Commission has ordered
,a public hearing
for Nov. 1, in the Commission's San Francisco
Regional Office to determine
whether the 25c. par value non-assessable common
capital stock of the
corporation should be suspended or withdrawn from registration on the
San Francisco Mining Exchange.
The Commission's order stated that there
is reason to believe that the company has failed to
comply with Section 13A
of the Securities Exchange Act and the rules and
regulations
Period End.
on
$212,618
15,428
9,212
" x$252,049
2,808
1,219
to
1936
•
$39,387
int.—
Taxes
a special
meeting held Oct. 18 approved sale of this com¬
General Seafoods Corp., a General Foods Corp.
subsidiary, for
$1,260,345 in cash plus an amount estimated to be sufficient to meet all
$4.94
Federal surtax
Property Trust—Earnings—
$35,360
41,738
exps. &
$1,742,850
Nil
year
Bay State Fishing Co.—Sale Voted—
1938—9 Mos.—1937
loss$42,057
Af^r taxes and charges
12 Mos. End. Sept. 15Income received for
of Sqpt.
Stockholders at
Interest
429,174
$421,179
Corp.—Earnings—
$0.19
Undistributed profits.—V.
30,
last, were $9,098,515 comparing with $10,165,003 on
Sept. 30, 1937, and
surplus was $419,206 against $839,289.—V. 147, p. 563.
pany
429,174
1938—3 Mos—1937
$70,012
$301,778
$5)
*
$0.17
$0.87
Nil
$2.08
Current assets as of Sept. 30, 1938, amounted to
$6,842,800 and current
liabilities were $2,042,440 comparing with
$7,916,464 and $2,630,270,
respectively, on Sept. 30, 1937.
Cash was $550,577 against $5j3,389 and
inventories
for
$106,499
_
$76,258
stocks
unpaid..
*/^iyidends accumulated and unpaid to Sept. 30, 1938, amounted to
$214,587, after giving effect to dividends of $1.75 a share on
$7 preferred
;50 a share on $6 preferred stock declared for payment on Oct. 1,
1938.
Dividends on these stocks are
cumulative.—V. 147, p. 2237.
$494,528
94,766
Earnings per share on
178.200 shs. com. stk.
~
preferred
or
Balance
$8,494,761 $10,558,019
5,258,776
6,348,795
3,375,877
3,714,696
$53,197
23,C61
Net profit
$61,193
to
paid
1938—9 Mos.—1937
____
Operating profit
4,316
*"
Net Income
Subs.)—Earnings—
1938—3 Mos —1937
Net sales
$3,035,660
$3,930,513
Costofsales1,847,683
2,383,228
Expenses and deprec—
1,134,780
1,340.941
mtge. bonds
Dividends
applicable
the period, whether
x
Barker Bros. Corp. (&
on
$7,477,467
5,549,977
reserve
appropriations
Consolidated shipments, including Midvale, in
September aggregated
$1,954,85:1, as compared with $2,397,298 in September of last
year.
Con¬
solidated shipments for the first nine months of
1938 were $29,103,841 as
compared with $29,190,436 for the first nine months of 1937.
On Sept. 30, 1938, consolidated unfilled
orders including Midvale, but
exclusive of orders
$7,519,569
5,693,074
311
Property retire,
year.
1938—12 Mos.—1937
9,191
Deferred charges66,356
Total
y
y
Common A stock 3,342,900
3,342,900
120,696
66,860
13,561
72,053
$6,651,969 $6,329,6591
Notes payable
970,400
Accounts payableAccruals
126,660
119,012
127,709
218,577
Res. for contings—
38,524
cash
deposit-....
Liabilities—
1938
1937
Preferred stock...$1,365,000 $1,394,900
75,939
75,939
643,361
1,057,736
Surplus
Total
$6,651,969 $6,329,659
x After depreciation reserve of $4,976,120 In 1938 and
$4,742,439 in 1937.
Represented by 33,429 shares.—V. 145, p. 2836.
M
Breakers Hotel
(Long Beach, Calif.)—Sale of Property—
The committee for the
1st mtge.
bonds
(H. H. Cotton, chairman) In
a
letter dated, Oct. 8, stated In part:
The committee previously called attention to the large tax delinquencies
with respect to the Breakers Hotel property and to the fact that the tax
situation
Net loss
Earnings per share
on
2,097,663 shs. capital stock
$62,240 pf$2799,789
Nil
$1.33
Reduces Debt—
Effective Oct. 1 the company retired $2,000,000 of the
$5,000,000 3 K %
10-year debentures, which were placed privately last April,
leaving $3,000,000 outstanding.—V. 147, p. 1028.
Blauner's
(Philadelphia)—Dividend Omitted—
Directors at their recent meeting took no action on the dividend
ordinarily
due at this time on the common shares.
A regular quarterly dividend o
25 cents was paid on Aug. 15 last.—V. 144, p. 272.
recently became increasingly acute.
Immediate action on tne
part of the committee became imperative, by reason of insistence by the
Los Angeles County tax authorties that personal property taxes be paid at
once, and notification by Long Beach City tax authorities that the sale of
the city's tax title would not be further continued but that bids would be
called for on Sept. 21, 1938.
The committee and Its representatives had been conducting negotiatons
,
with several
tion
for
the
prospective purchasers with
bondholders.
a
,
view to obtaining a cash realiza¬
The commitment
from
C.
N.
Hilton
to
bid
pay $10,000 additional to cover the com¬
had expired by reason of the fact that the Los Angeles
County Board of Supervisors did not, within the time required under such
commitment, adopt the necessary resolution providing for the sale of the
$125,000 at trustee's sale and to
mittee's expenses,
y
Financial
2524
the new corporation at the trustee's sale.
Mr. Hilton on Sept. 21, 1938 bid for and
acquired tne Long Beach City tax title to the Breakers Hotel real property
and 200 East Ocean Boulevard Co. on Oct. 5, 1938 acquired the right, title
and interest In the Breakers Hotel real and personal property sold at
trustee's sale.
Before tne new corporation will be entitled to receive the
above mentioned sum of $110,000, it will be necessary, among other things,
for Mr. Hilton to acquire the tax title now held by the State of California
and thereafter to obtain a policy of title insurance as contemplated under
the agreement, and the committee understands that such policy will be
obtainable only after a quiet title action has been successfully prosecuted
personal property acquired by
contract,
such
to
judgment.
The committee therefore cannot state
to final
,,
on
,.
.
,
,
,
sh.
$111,995
15,324
affiliate, &c
$127,319
20,948
22,461
-
Taxes—other than Federal income taxes
and
to provision for Federal taxes on income
adjustment for minority interest
$83,911
—
93
applicable to min. int.—m
$84,004
provision for Federal taxes on income..—
Consolidated Balance Sheet June 30, 1938
Net profit prior to
Cash in restricted account
Deposits
,
Special deposits
Notes & accts. receivable (net)
Creditors debit balances
Inventories
*
Fixed assets (net)
3,825
,
1,307
2,418
150
Dividend unclaimed
2
51,491
23,000
12,244
80,590
Deferred income
Other assets
17,266
Res. for Fed'l taxes on income
Prepaid items & def. charges..
71,410
M inority interest
Common stock ($1 par)..-...
842
318,200
Capital surplus
Earned surplus
994,855
153,459
Total
$1,922,379
Total
Note—There
with respect to which restricted cash and
special deposit
all
of
457
532
808
1,551
786
$153,980
y225,375
$51,845
50.297
$54,520
48,830
expenses-
crual of cap. stk
& Federal income taxes
Net
Cr2,380
Divs.
$121,353
126,806
Income
capital stock.-
on
ail cash received or receivable from the sources specified,
payable from earnings or otherwise, except amounts expressly
be liquidating distributions.
In an economic sense, therefore,
the amount shown is not in whole to be considered true income.
y Includes $66,073 special dividends on capital stock.—V. 147, p. 1769.
Includes
x
whether
stated to
Statement of Surplus Sept. 30, 1938
Capital surplus. Balance Dec. 31, 1937
Excess of proceeds of capital stock sold over par value
thereof (after giving effect to allocations to ordinary distribu¬
tion account), less cost of issuance
1
Files Suit Against Brokerage Houses and Stockholders—
A $250,000 damage suit was filed in U. S. District Court at Philadelphia
corporation against four brokerage houses, eight brokers and
31 stockholders charging alleged conspiracy to wrest control of the business
management.
present
The claim, which was made by Joseph
the combination
of "Wall Street
that
$675,694
with registration of capital
amended
1,931
connection
in
966,770
$7,986,727
Total
Excess of cost of capital stock repqrch. over par value
thereof (after giving effect to allocations to ordinary
677,624
stock under Securities Act of 1933, as
$7,309,102
Ordinary distribution account from Jan. 1,1936:
Balance, Dec. 31, 1937
$4,747
Net income, as per statement
121,353
Net amount allocated to this account in respect of
sales and repurchases of capital stock.
873
$126,973
126,806
168
$7,309,270
Investment
profit
and
account from Jan.
loss
special
and
distribution
1, 1936:
Balance, Dec. 31, 1937 (deficit)
$483,933
-
54,360
Net loss on sales of investments
x
(Deficit)
538,293
Surplus, Sept. 30, 1938
$6,770,977
x The "average cost" method was followed in determiiing cost of securi¬
ties sold.
This method and the amount shown are not applicable for
Federal income tax purposes.
The unrealized depreciation
of investments
•
Assets—
Investm'ts at cost.$7,668,954
$7,947,276
209*293
*20,186
receivable--
496,835
18,295
96,089
41,614„
43,554
Due for sec. purch.
y
20,564
&c
22,732
Common stock ... 1,471,740
1,373,995
6,770,976
7,055,460
Surplus-
$8,352,047 $8,600,421
Total
$8,352,047 $8,600,421
Total
52,146
for exps.,
Reserve
taxes,
dividends.—.--
3,598
retirement
41,927
sold.
Cash In banks
Divs.
1937
$96,089
for
repurchased
412,000
securities
sec.
1938
$41,6X4
Dividends payable
Due for cap. stock
Inv. in U.S. Govt.
Rec'd for
*4
1938 was
30
Liabilities—
1937
1938
30,
Sept.
on
1937.
$1,143,028, or $844,868 less than on Dec. 31,
receivable, &c.
y Par $5.
on market quotations as of Sept. 30, 1938,
amounted to $6,937,925, or $1,143,029 less than cost.—V. 147, p. 1769.
Interest and dividends
x
Note—Investments
based
California Petroleum
Corp.—Dissolved—
dissolved Sept. 9, 1938 and its assets acquired by The
which owned 99.9% of the stock.
A liquidating dividend
paid to minority stockholders.—V. 147, p. 2679.
This company was
was
Canada & Dominion Sugar Co.,
Ltd.- -Extra and Larger
officers and applying for a
of 25 cents per share in addi¬
quarterly dividend of 37 H cents per share on the new common
outstanding.
The extra dividend will be paid on Nov. 1 to
holders of record Oct. 20 and the quarterly dividend will be distributed on
Dec. 1 to holders of record Nov. 15.—V. 147, p. 1919.
Directors have declared an extra dividend
tion to
shares
J. Mascuch, President, charges
and stockholders'
stockbrokers
groups" pianned to seize control of the company by spreading false
of its financial condition and accusation of mismanagement against
receiver in the New Jersey courts
certain
Suit—
Fund, Ltd.—Dividend—
special share, pay¬
A dividend of four cents was paid
Directors have declared a dividend of three cents per
able Nov. 1 to holders of record Oct. 15.
on
Mascuch, President, says in a letter to stockholders that it was
intended to call a special meeting of stockholders to present the situation
with respect to the filing of a suit against the company, but that upon,ad vice
of counsel it was deemed inadvisable to do so until the alleged charges are
determined by the Court of Chancery of New Jersey.—V. 147, p. 1769.
a
now
Canadian Investment
reports
recently.
Defers Meeting Awaiting Court Ruling on Recent
p.
Jan. 15, last.—V. 147,
Aug. 1, last, and one of five cents was paid on
1029.
J.
Bridgeport Machine Co.—Earnings—
" ,
9 Months Ended Sept. 30—
Sales & rentals (incl. receipts from
Cost of sales & rentals (incl. oper.
1938
oil & gas oper.). $3,406,946
expense)
3,391,869
Net profit (after all deductions, including deple¬
tion and depreciation)
1937
$6,056,939
5,470,447
$15,076
$586,492
Comparative Balance Sheet Sept. 30
1938
Assets—
$257,032
Cash
1,644,333
(less reserve)-.-
77,404
307,710
59,024
1,728,298
reserve)
2,095,573
784,634
656,012
1,000,000
650,000
Pref.
308,876
392,803
22,874
15,777
Metal production
—-
(net)__-_
Operating costs..
—
Administrative and
($100
x
711,550
499,250
2,713,846
3,091,490
par)
Common stock
$269,918
3,590
1936
32,948
$206,866
2,823
$305,805
155,193
$266,328
147,126
$204,043
120,652
6,132
6,952
1937
60,406
general expense—
6,079
Toronto office
'
$144,534
$113,069
$76,438
Capital expenditure
— 39,215
37,176
92,370
Note—In the above figures, no allowance has been made for taxes
depreciation or deferred development.—V. 147, p. 731.
Operating profit for period
Canadian National
Ry.—Earnings—
Earnings of the System for Week Ended Oct. 14
31,059
$4,285,704
Gross revenues
—V. 147, p.
1 937
$4,013,150
Canadian Pacific
Represented by
563.
x
Total
-.$4,761,824 $5,832,669
—
270,00() (260,000 in 1937)
no
par
shares.—V. 147-
British Columbia Power Corp., Ltd. —Earnings—
1938—3 Mos.—1937
1938—Month—1937
$3,685,148
$3,715,750
$1,235,736
$1,234,222
2,701,693
2,634,592
Operating expenses
889,319
867,409
570,402
581,702
Int.,pref. divs., taxes,&c
188,100
193,900
Bal. for class A stock.
$158,317
$172,913
$443,655
$468,854
Period End. Sept. 30—
Gross earnings
—V. 147, p.
2239.
$272,554
Ry.—Earnings—
Earnings for Week Ended Oct. 14
1938
$4,761,824 $5,832,669
Total
Increase
2386.
27,243
(less
Other assets
—
Ltd.—Earnings—
1938
60,732
$309,824
4,019
1938
7%
stock,
cum.
assets
reserves)--
Metal production (gross)
Marketing charges
Notes payable (not
current)
Deferred assets—
Canadian Malartic Gold Mines,
3 Months Ended Sept. 30—
Tons ore milled
34,218
Miscellaneous
Producing oil prop.
(at cost)
Permanent
pay.,
not due
2,408,612
1937
$200,000 $1,250,000
Notes payable
Trade accts.
Accts. & notes rec.
1938
Liabilities—
1937
$221,367
Inventories (less
p.
$7,019,958
Add:
Dividend—
Oct. 20 by the
J.
462
Prior years' net over-ac¬
expiring
$25,000.
'
1,550
2,110
Miscellaneous
have been separately shown on balance sheet.
Counsel advises that
litigation now pending Involves a possible contingency not in excess
its
550
705
1,171
Texas Corp.,
Jan. 1, 1942.
Suits pending,
from
712
967
1,910
statements
....$1,922,379
-
outstanding options covering 101,000.shares,
are
2,285
2,008
1,530
7.331
Special deposit for
miscellaneous taxes
35,836
Intangibles.
498
5.247
5,703
2,135
12,107
Balance Sheet Sept.
$125,000
154,997
3,825
486,872 Customers credit balances
6,457 Due aifiliate company
745,696 Salaries, wages, commission,&c
273,480 Compensation Insurance and
Goodwill
906
Salaries
Cost of disbursing divs
Liabilities—
$252,661 Notes payable (bank)
18,000 Accts. payable (trade)
10,875 Contract payable.
hand and In banks
585
2,673
8,892
Ordinary dividends on capital stock.
Depreciation
on
$71,255
545
shs.
$1,521,991
1,068,652
341,345
Gross income
Assets—
$83,323
'
Ended June 30, 1938
and allowances. __
Cost of goods sold—exclusive of depreciation and taxes
General, selling, administrative and other expenses
Net profit prior
$209,495
1,346
Stockholders' meetings &
Expenses
Earnings for Six Months
Portion of loss of subsidiary for period
$69,829
1,426
Inc.. and Essex Tool & Die
Gross sales—less discounts, returns
Other income from subsidiaries,
6,001
2,020
31,055
-
Service fee
shs.
Corp., Inc.—Earnings—
(Including subsidiaries Federal Laboratories
Co., Inc.] ;;
Cash
Directors' fees
$83,323
284
m
Registrar and transfer
agent services
Cap. stk. & other taxesLegal & auditing exps—
distribution account)
original principal amount of $1,000 with appur¬
maturing on Nov. 1,1931. and subsequently------ 10
For each bond in the original principal amount of $500 with appur¬
tenant coupons maturing on Nov. 1,1931, and subsequently
5
For each bond in the original principal amount of $100 with appur¬
tenant coupons maturing on Nov. 1, 1931, and subsequently—-1
See also V. 147, p. 883.
tenant coupons
Total Income...
1,925
8,019
4,042
2,080
24,311
income
Total
x
Custodian fees
the following basis:
For each bond in tne
Breeze
$164,672
1,912
Interest
1935
1936
1937
$209,211
,
exactly when such money will be
ready for distribution nor the exact amount distributable per bond.
It is
hoped, however, that distribution may be made within a comparatively
short period and that the amount distributed will be at the rate of approxi¬
mately $70 per $1,000 bond.
In order that bondholders may be able to receive the cash distribution
when it is available, their certificates of deposit must be exchanged, as
contemplated in the plan of reorganization, for shares of stock of 200 East
Ocean Boulevard Co.
The reason for tnis is that the payment of the above
mentioned sum of $110,000 is to be made to the new corporation rather than
to the committee, and the net proceeds will be distributed by the neew
corporation upon its dissolution, which is expected to occur shortly after
receipt of such sum of $110,000.
Certificates evidencing shares of stock of
the new corporation are in the hands of American National Bank & Trust
Co. of Chicago, depositary of the committee, and title Insurance & Trust
Co., subdepositary of the committee, for distribution.
Bondholders are
entitled to shares of stock of the new corporation in exchange for deposited
bonds
,,
1938
$137,436
27,237
9 Mos. End. Sept. 30—
Cash dividends on stock
1938
22,
Inc.— Earnings—
vesting Co.
Thereafter Mr. Hilton offered to enter into a contract
State's tax title.
providing for this purchase of the bondholders' interests for $110,000.
No better offer having been received from any other source, the committee
on
8ept. 20, 1938 approved the acceptance of Mr. Hilton's proposal.
Accordingly, 200 East Ocean Boulevard Co. (the new corporation referred
to in the plan of reorganization dated July 18, 1938) and C. N. Hilton
entered into an agreement dated Sept. 20, 1938 whereunder C. N. Hilton
is to pay the new corporation $110,000, plus amounts to cover advances
for certain taxes and interest, and receive in return a bill of sale and quitclaim
deed covering all right, title and interest in the Breakers Hotel real and
Pursuant
Oct.
Chronicle
1937
$3,769,000
Traffic earnings
—V. 147, p.
$3,256,000
Increase
$513,000
2386.
Campbell, Wyant & Cannon Foundry Co. (& Subs.)—
Period End. Sept.
30—
1938—3 Mos.—1937
1938—9 Mos.—1937
$258,079 pr'f$849,490
Nil
$2.46
Ac.
As of Sept. 30, 1938, current assets of the company were $2,155,624 of
which cash amounted to $991,365, against current liabilities of $378,532.
xNet loss-.
—
$89,607 pr'f$l80,828
Earn, per sh. or cap. stkNil
x After depreciation, Federal taxes,
—V. 147, p. 2386.
$0.52
Volume
147
Financial
Chronicle
Capital Administration Co., Ltd.— ■Earnings—
9 Mos. End. Sept. 30—
1938
$21,280
102,716
Income—Interest
Cash dividends
Total income
$88,948
180.825
$30,244
204,622
Period End. Sept. 30—
Operating revenues
Operating expenses
State & municipal taxes.
Social security taxes
Fed. taxes (incl. Income)
y$234,865
57,105
$269,773
128,137
1,496
1,914
1,273
2,394
5,863
3,638
1,695
7,268
3,163
2,398
9,403
4,944
2,508
9,778
7,115
2,718
2,334
11,695
3,086
878
of discount
expense on
y$235,736
25,981
1.287
1,169
1,177
295
681
848
748
20.249
2,560
1,484
25", 317
27",740
2,180
1,444
2,200
2,185
and
debentures
Custodian fee
Registrar
and
agent service
transfer
►
Taxes
Legal & auditing
exps
Trustee's fees
1
Stockholders' meetings &
statements
Cost of disbursing divs__
SEC registration
Service fee
Directors' fees
Miscellaneous expense.
Unamort.
discounts
&
_
debs, called
for redemption
Prior years over-accrual
of cap stock tax
exps.
1935
1936
$28,000
207,736
$123,996
24,076
Interest
Amort,
1937
2525
Central Maine Power
2,345
26,926
2,140
1,341
on
38,480
Divs.
$62,342
97,650
pref. stock
on
Balance, deficit
,
Profit
on secure,
sold
$160,185
97,650
$79,351
97,650
.$80,342
97,650
$35,308
loss43,101
sur.
sur$62,535
x218,556
$18,299
465,433
$17,308
183,451
After provision for normal Federal income tax of $21,670.
y Includes
all cash received or receivable from the sources specified, whether payable
from earnings or otherwise, except amounts expressly stated to be liquidating
$§.§95,419
$6,856,084
2,399,230
686,665
33,886
272,017
27,087
operating income.
Non-oper.income (net).
$296,487
4,005
$264,019
3,544
$3,197,660
43,166
$3,464,286
38,160
Gross incom
Bond interest
$300,492
110,200
$3,240,826
1,296,453
34,444
228,801
$3,502,446
1,300,990
65,236
15,433
$267,563
107,142
5,346
10,875
$175,212
108,099
$144,200
108,099
$1,681,128
1,297,182
$1,860,870
1,297,182
34,905M
Net
Other interest Cnet)
Other deductions
Cr353
Net income
Pref. div. requirements-
-
275.350
Note—Preferred dividends have been paid at one-half the
regular rate
1934, and arrearages for the quarters ending Sept. 30, 1934;
since Oct. 1,
P,60- £1A,1934'^¥arch 31» 1935; June 30,1935;
Sept. 30,1935; Dec. 31, 1935;
31, 1936; and June 30, 1936, were paid on Jan. 1, 1937; April 1,
1937; July 1 1937; Oct. 1,1937; Jan. 1,1938; April 1,1938; July
1,1938 and
Oct. 1, 1938 respectively.—V. 147, p. 2084.
March
Central Vermont Public Service
Crl,509
1938—12 Mos.—1937
2,389,650
76,154
40,310
361,645
Period End. Sept. 30—
Net inc. carried to
Co.—Earnings-
1938—Mo nth—1937
$605,913
$573,708
209,763
220,824
60,254
58,105
4,504
3,673
Corp.—Earnings—
1938—Month—1937
$193,965
$195,717
113,312
120,308
13,862
13,377
1,331
1,064
9,871
9,018
Operating revenues
Operating expenses
State & municipal taxes.
Social security taxes
Fed. taxes (incl. income)
1938—12 Mos.—1937
$2,149,167
1,263,801
151,247
15,319
98,104
$2,142,319
1,154,352
161,139
9,100
97,574
$620,696
3,588
$720,154
4,109
$624,284
245,000
11,876
22,319
$724,263
245.000
$345,089
$437,822
227,136
x
Statement of Surplus Sept. 30 1938
Capital surplus, balance, Dec. 31, 1937
Income and profit and loss account from Jan. 1, 1936:
Balance, Dec. 31, 1937
*
$432,623
Net income
$62,342
x Net loss on sales of securities
43,101
19,241
Dividends
reserve
as
354,214
Sept.
on
30,
loan
of
was
1938,
Invest,
Res.
618,297
Govt, securities-
389,193
Rec. for
sec.
421,021
8,091
23,493
sec.
for
$35,147
1,103
$35,933
'
44,933
$24,134
34,920
x$162,603
313,148
$549,312
332,156
x$68,158
1,373
x$10,785
1,971
x$475,751
20,331
$217,155
20,713
x$66,785
106,801
x$8,814
107,433
x$455,420
962,267
$237,868
$173,586
$116,247
$1,417,687
$736,800
avail,
for
fixed
Balance, deficit
z
1,600,000
434,000
1,600,000
due
Sept. 30, 1941..
31,887
35,147
35,933
b Class A stock
143,405
143,405
Class B stock
2,400
2,400
3,031,868
3,212,806
Surplus...
...
434,000
Trust—Earnings—
3 Months Ended Sept. 30—
Dividends
1938
$1,236
Interest
$5,260,584 $5,480,2081
Total...
Total.....
$5,260,584 $5,480,208
$5,053,368 (or $244,766 in excess of cost) after deducting provision of
$74,000 for Federal income tax on the urnrealized appreciation of invest¬
the cost of such investments for tax purposes.—V. 147,
p. 415.
'
ments based upon
....
.......
x
Shares
common
stock...
240,000
240,000
$0.13
$156,706
x
per
$1.01
share
After depreciation and Federal taxes,
provision for surtax on
$1,431
50
128
240,000
38
131
57
122
69
$1,094
388
$1,296
1,237
$1,192
$1,483
1,029
Net income
Balance of earned surplus, July 1
Tax raserve canceled..
...
$2,532
1,902
$1,352
$454
$630
$493
Balance of earned surplus, Sept. 30
Balance Sheet
Assets—
1937
1938
Cash
59
119
40
______
Dividend payable Oct. 15
$1,311
403
460
115,975
112,915
189
23
891
$115,640
1938
Dividend payableRes, for accr. exps.
1937
932
$127,546
859
Sept., 1937
Liabilities—
$10,088
Dividends receiv..
Def.
y$887,234
Capital
(rep.
by
6,858 shares)--.
Earned
$1,029
214
$1,902
1,225
125,849
111,883
454
630
$127,546
$115,640
surplus...
exps—regis,
expense
240,000
*
Earnings
73
$1,525
50
bond invest
1938—9 Mos.—1937
1938—3 Mos.—1937
$31,573
y$242,547
$1,358
$1,332
Trustees' fees (estimated accrued)...
Miscellaneous expense
Accrued Interest on
(A. M.) Castle & Co.—Earnings-
1936
$1,496
30
Custodian fee
Investments at cost*
Period End. Sept. 30—
Net profit—
1937
96
Total
a Par value
1 cent,
b Represented by shares of $1 par value,
c In¬
vestments, based on market quotations as at Sept. 30, 1938 amounted to
974,669
Loss.—V. 147, p. 1770.
Total
Preferred stock
a
x$31,025
37,133
6,730
19,551
Spec. dep. for divs.
$746,810
197,498
oper.
Fixed charges
'
expenses
loan
Bank
1937
12,662
purch.
&c
taxes,
7,212
curr
soldi..
Int. & divs. receiv.
1938
payable
Due for
Cash
Dep. in for'n
Divs.
S.
$84,950
247,554
Chain Store Investors
Liabilities—
C$4,290,305 $4,960,662
U.
in
from ry.oper.
$41,994
17,859
Inc.
after
Balance Sheet Sept. 30
Invest, at cost
rev.
1938—9 Mos.—1937
$3,599,218
$4,853,100
3,514,268
4,106.290
Net ry. oper. Income.
2% per annum.
1937
227,136
376
41,065
Inc.—Earnings—
1938—Month—1937
$401,422
$472,981
402,495
430,987
Other income
on
1938
1,849
x$l,073
29,952
Ry.
Sept. 30, 1938. for a period of three years.
This
extended upon original terms, with interest continued at the rate
Assets—
.
income
;
Hire of equip., rehts,&c.
,
deducting provision for Federal income tax was $244,766, this compares
with unrealized depreciation on Dec. 31, 1937 of $130,254.
The corporation has exercised its option to extend the $1,600,000 bank
loan, which matured
$29,353
18,928
Net
292.920
of investments
$31,715
18,928
Ry. tax accruals..
$2,738,948
was followed in determining cost
of
This method and the amount shown are not applicable for
Federal income tax purposes.
The unrealized appreciation
$52,294
20,417
675
Period End. Sept. 30—
Ry. operating revenues.
Ry. oper. expenses,....
Surplus, Sept. 30, 1938__.
x The
"average cost" method
securities sold.
$55,745
20,417
1,084
2,529 ;■
Other interest (net)
Other deductions
Central Vermont Ry.,
$291,602
1,318
Reserve for nine months ended Sept. 30, 1938
344
Net income
required by charter:
Balance, Dec. 31,1937
$51,950
156
Pref. div. requirements,
$3,031,868
Provision for
$55,589
—Y. 147, p. 1921.
$451,864
97,650
$3 cumulative preferred stock.
on
$2,677,654
Net operating income,
Non-oper. income (net).
Gross income
Bond interest.
distributions.
In an economic sense, therefore, the amount shown is not
in whole to be considered true income.
$0.65
"
$3.70
After excess profits tax and
undistributed profits.-—V. 147, p. 564.
y
Total
Total
-V. 147, p. 1769; V. 146, p. 3949.
Chemical Fund, Inc.—Asset Value—
Total assets of
Caterpillar Tractor Co.—Earnings-—
12 Months Ended Sept. 30—
Net sales,
1938
1937
1936
$46,239,005 $66,398,366 $50,945,441
Cost of sales, oper. exp., &c., less
miscellaneou income.:
Depreciation....
,
Profit
40,177,490
2,352,093
50,212,799
2,112,322
39,071,154
1,867,753
$3,709,422 $14,073,245 $10,006,534
446,187
496,713
518,158
9,851
5,870
6,449
Interest earned
Interest paid
Net profit before Federal taxes
Provision for Federal taxes
Net profit.....
$4,145,759 $14,564,0871$10,518,242
1,040,903
2,611,028
1,848,109
$3,104,855 x$ll,953059
$8,670,133
Before
deducting provision for any amount which may become due
for surtaxes on undistributed earnings—carried to surplus.
x
1937
$
Assets—
Cash
6,294,688
1938
Liabilities—
$
3,164,618
reserves....10,170,528 13,725,022
15,800,642 19,663,388
trade-mks.
and goodwill
1
1
$
Accounts payable.
Accrued
Notes & accts. rec.,
less
payroll <fc
expenses
Res. for Fed. tax
551,448
1,218,429
z
Pat'ts,
Pref. stk. (par $100)11,515,200
—
Land, buildings,
equipment,
&c.20,348,890 19,266,628
746,056
2,285,041
6,014,776
y Common stock.. 9,411,200
9,411,200
Capital surplus...13,733,577 13,733,577
Earned surplus... 14,309,549 21,121,026
Prepaid insurance,
taxes,
x
After
49,387
52,655,582 55,869,0451
Total
in 1937.
40,835
&c
Total
.52,655,582 55,869,045
for depreciation of $12,602,878 in 1938 and $12,043,569
y Represented by 1,882,240 no par shares,
z Does not include
reserve
any amount
dividend of 25 cents was paid on Oct. 25, 1937.
See
2540 for record of previous dividend payments.—V. 147, p. 416.
In addition, an extra
2,557,367
V. 145, p.
•
Inventories
x
1937
$
1,916,180
^
Cherry-Burrell Corp.—15-Cer^ Dividend—
Directors have declared a dividend of 15 cents per share on the common
stock, par $5, payable Oct. 25 to holders of record Oct. 20.
This com¬
pares with 10 cents paid on July 30, last, and 20 cents on April 30, last, and
dividends of 35 cents per share previously distributed each three months.
Balance Sheet Sept. 30
1938
.
$1,032,491 and net assets of $969,610 are revealed in the
report, covering the period from the commencement of business,
July 7, 1938 , to Sept. 30, 1938,
The net assets as of Sept. 30 were equi¬
valent to $9.80 per share on 98,897 shares outstanding.
Since the end of
the period, the net asset value has increased to $10.27 per share as of
Oct. 13, 1938.
Approximately 75.2% of the company's net assets on Sept. 30 were
invested in common stocks, 8.5% in preferred stocks and 16.3% were in
cash, United States Government bonds and accounts receivable, after
allowing for all accounts payable.
Investments in preferred and common
stocks at cost of $812,250 had a market value on Sept. 30 of $811,514.
As of Oct. 13, 1938, investments at cost of $976,003 had a market value of
$1,023,829.
The largest investments were in common shares of Abbott
Laboratories, Dow Chemical Co., duPont and Union Carbide & Carbon.
—V. 147, p. 2240.
first
for Federal surtaxes on undistributed earnings.—V. 147,
p.
1920.
Chesapeake Corp.—To Pay $2.50 Dividend—
Directors have declared a dividend of $2.50 per share on the capital
stock, payable Nov. 4 to holders of record Nov. 1. This compares with
35 cents paid on Oct. 3, and on July 15, last, and previously regular quar¬
terly dividendsof 75 cents per share were distributed.
Sells
Chesapeake & Ohio Ry. Preferred Stock—
Directors of the corporation, meeting Oct. 18, took what is viewed as
the first step toward dissolution of the middle holding company of the
former Van Sweringen interests when they approved the sale of the 60,490
shares of Chesapeake & Ohio Ry. 4% series A preference stock owned by
Ch6SEp6ftl£0 Oorp*
It was reported that the dividend just declared would be paid from the
stock.—V. 147, p. 1770.
sale of the O. & O.
Ry.—Preference Stock Offered—
preference stock was
Kidder, Peabody &
Co., The First Boston Corp., and Lazard Freres & Co. at
$79.50 per share.
Other members of the group include
Blyth & Co., Inc.; Bancamerica-Blair Corp.; Dick & MerleChesapeake
Celotex Corp.—Sells 3,100 Shares
of Common Stock—
Corporation in the period from July 25 to Sept. 7, last, sold 3,100 shares
of common stock for a consideration of $61,937, according to information
filed with the Securities and Exchange Commission.
The purchaser was
Hugo Kaufman & Co.'s Bank of N. v., Amsterdam, which, according to
held
an option to purchase an additional 1,900 shares up to
Sept. 29. last.—V. 147, p. 2240.
the report,
&
Ohio
Public offering of 60,490 shares of 4%
made Oct. 19 by a group headed by
Financial
2526
Smith; Alex Brown & Sons; Clark, Dodge & Co.; Graham,
Parsons & Co.; Hayden, Miller & Co.; W. E. Button &
Co.; Lee Higginson Corp., and Mitchum, Tully & Co.
of The Chesapeake Corp., •which acquired the stock
as a stock dividend in 1937, accepted the bid of the group at a meeting held
Oct. 18 In Cleveland.
The 4% preference stock of the Chesapeake & Ohio
Ry. is listed on the New York Stock Exchange.—V. 147, p. 1921.
Indianapolis
RR.—Objections
Louisville
&
See list given on
plan of reorganization of the Chicago Indianapolis & Louisville
would wipe out their claims.
Exceptions .to the examiner's
made in briefs filed with the Commission.
RR., which
report were
y
Net avail, for divs—_
z
Net available for corn-
Prior
stockholders.
"We think it clear
surtax on
to
undistributed profits,
x
Consolidated net Income
operations available for consolidated interest and discount charges,
charging off or providing reserves for doubtful items„
y Net inco ne fro n
operations available for dividends, after deducting minority interests and
providing for all Federal and other taxes.
After payment of dividend s on
from
the
proposal of the examiner that tne Commission should find that
Ry. and Louisville & Nashville RR. with respect to
notes held by them, the claims of general creditors, and the equities of the
debtor's preferred and common stock are without value, and that the
holders of these claims and interests should not be permitted to partici¬
pate in the distribution of the new securities is based upon unsound and
erroneous
premises and should not be approved by the Commission,"
Southern and L. & N. said.
"The conclusion of the examiner as to lack of value in the interests just
mentioned follows from his proposed finding and recommendation that
the capitalization of the reorganized company should be limited to approxi¬
mately $34,000,000.
If so limited, and if strict priorities are observed as
he recommends," the carriers said, "just as if this were a strict foreclosure
rather than a proceeding under Section 77, then of necessity the claims and
interests of general creditors and stockholders 'go out the window,' for
mathematically alone, a total capitalization of $34,000,000 will afford no
opportunity for any recognition of the interests of general creditors and
-Earnings—
1938—9 Mos.—1937
1938—3 Mos.—1937
$5,506,803 $11,347,391 $15,742,083
7,234,589 al0,750,726
a3,654,462
2,086,393
6.845.880
1 0.361,543
3,524,880
1.956,824
$3.71
$5.62
$1.91
$1.06
$3,228,388
Earn. per sh. on common
outstanding.—V. 147,
4^% cumulative convertible preferred stock
"The
the claims of Southern
first page of this department.
Period End. Sept. 30—
Consol. net Income—
x
a
RR. have objected to
H. Brinkley'sj)roposed
Southern Ry. and Louisville & Nashville
Interstate Commerce Commission Examiner Milo
Mines, Ltd.—Registers with
Commercial Credit Co. (& Subs.)
to Plan—
The
Gold
Cochenour Willans
1938
22,
SEC—
The board or directors
Chicago
Oct.
Chronicle
Commercial Investment Trust Corp.—Options—
This corporation has notified the New York Stock Exchange that the
following options evidencing the right to purchase 24,891 shares of the com¬
mon stock of the corporation were in existence as of Sept. 30, 1938:
200---.
-
-
835.
—
-
—
-
-
16.
45.00
,
45.00
-
5,400
Expiration Date
June 30, 1939
Dec. 31,1941
Dec. 31,1939
Dec. 31, 1941
Dec. 31,1939
Dec. 31. 1940
At will of co.
Price
$35.00
33.33
33.33
No. of Shares—
6,000--1,440
11,000-
45.00
-
-
45.00
—V. 147, P. 887.
Edison Co.—Weekly Output—
Commonwealth
of the Commonwealth Edison Co. group (inter¬
sales deducted) for the week ended Oct. 15, 1938 was 137,480,000
kilowatt-hours compared with 140,722,000 kilowatt-hours in the corre¬
The electricity output
that serious consideration should be given to the
long record of good earnings of this property in the periotfr prior to the
current depression, covering as it did years of good business as well as years
of depression, thougn not of the serious nature of the present one.
It may
be that earnings in the future will never return to the levels of the past,
but In view of this demonstrated earning power in former years certainly
there exists the possibility of a return to those levels or something approxi-^
that possibility creates a real element of value in
the present equity," the carriers said.
The examiner also erred in ignoring the uncontradicted evidence of the
essential traffic support furnished to tne debtor by the Southern and Louis¬
ville & Nashville, and in recommending elimination of their interest in the
mating those levels, and
debtor, they added.
Protective committee for the
company
sponding period last year, a decrease of 2.3%.
■
The following are the output and percentage comparisons
four weeks and the corresponding periods last year:
-Kilowatt-Hour OutputWeek Ended—
1938
1937
Oct.
8
Oct.
1
Sept.24._-_
Commonwealth & Southern Corp. (&
giving to the holders thereof first mortgage fixed interest-bearing securities
of equal value and vested with similar or equal security, rights and priorities.
Other objections included the examiner not giving tne I. & L. bonds,
preferred treatment over the refunding mortgage bonds of the debtor and
providing for raising new capital through the sale of senior securities only.
Briefs were also filed by the Guaranty Trust Co. of New York, the Rail¬
road Credit Corporation and the Cincinnati Chamber of Commerce taking
issue with the examiner's recommendations.—V. 147, p. 2084.
6.7
7.3
$146840,827
$12,445,193 $12,554,590 $145672,441
Gross revenue.
6,589,643 x77,l31,495 x76,578,814
6,486,923
Oper. expenses & taxes.
Pro v.
for deprec.
and
retirement
Subs.)—Earns.
1938—12 Mos.—1937
1938—Month—1937
Period End. Sept. 30—
rights and priorities of the I. & L. bonds without
destroy lieij, security
4.5
2387.
—V. 147, p.
debtor's refunding mortgage bonds, taking
exceptions to the examiner's proposed plan, said that it erred in recom¬
mending tnat the new first mortgage bonds of tne reorganized company
be limited in aggregate principal amount to $10,000,000.
A committee representing Indianapolis & Louisville Ry. first mortgage
bonds attacked the ICC examiner's report on the ground that it would
2.3
139,582.000
129,385,000
•„
——
%
Decrease
140,722,000
141,788,000
140,576,000
137,480,000
135,344,000
131,175,000
Oct. 15—
for the last
16,316,105
14,703,378
$4,618,864 $52,224,841
$55,558,634
1,346,083
1,339,682
reserve
Gross income..
$4,618,587
...
Interest and other fixed
$1,281,995
749,789
Divs. on pref. stock—
39,561,793
$1,334,138 $12,242,221 $15,996,841
8,997,301
749,699
8,997,439
$3,24*1,781
$584,439
$532,205
Balance
39,982,620
3,284,726
3,336,592
charges
Net income.--.
y
$6,999,539
for Federal surtax on undistributed profits for 1936
1937.
y Reflects deduction for full preferred stock dividend require¬
ment at the rate of $6 per share per annum.
Dividends were paid in full
Includes provision
x
and
Chrysler Corp.—Dodge. Prices Reduced—
of the Dodge division of Chrysler Corp. show
Prices of passenger cars
to Jan.
1, 1935, and at the rate of $3 per
reductions ranging up to $55 for 1939.
The new models have 117-inch
wheelbases against 115 for the 1938.
Including Federal excise taxes, but excluding State and local taxes, the
prices follow:
Coupe, $756 against $808; 2-door sedan, $815 against $870; 4-door sedan,
$855 against $910, and 7-passenger sedan, $1,095, unchanged.
New models
added to the line for 1939 are a deluxe coupe at $803; opera coupe, $860;
Period End. Sept.
share per annum since that date.
—V. 147, p. 2085.
new
deluxe 2-door sedan,
$865, and deluxe 4-door sedan, $905.—V.
147, p. 1770.
De Soto Announces Prices for 1939—Prices on the new deluxe and custom model De Sotos for 1939 were
announced on Oct. 18 by L. G. Peed, Vice-President of De Soto Division
of Chrysler Corp.
Detroit delivered prices are:
Deluxe Business Coupe, $870; Deluxe
Coupe with inside auxiliary seats, $925; Deluxe 2-door Touring Sedan,
$930; Deluxe 4-door Touring Sedan, $970; Custom Coupe, $923; Custom
Coupe with inside auxiliary seats, $978; Custom 2-door Touring Sedan,
$983 and Custom 4-door Touring Sedan, $1,023.
The Detroit delivered prices on the deluxe line include Federal excise
taxes; two windshield wipers; special deluxe steering wheel with full remote
control horn ring; chrome plated frames around ventilating windows,
front and rear; chrome plated moulding along running boards; safety glass
all around; fenders and sheet metal in color to match standard body colors;
bumpers and bumper guards; and spare wheel with tire and tube.
The Detroit delivered prices on the Custom line include not only the
above items but also the following others as standard equipment:
Extra
quality blue or tan broadcloth upholstery with' matching carpet, front and
rear; dual tail lights; dual sun visors; dual horns; front
aoor armrests;
chromium fender welts, front and rear, and four chromium wheel discs.
Prices on tne 7-Passenger and Limousine models will be announced later.
—V. 147, P. 1770.
Withered, who has served in various executive capacities
since 1923, has been elected President of the company to succeed Otto
Kolstad, who died recently.
Dudley S. Warth, Vice-President and New York manager, is advanced to
the office of Vice-President-general manager of sales, with headquarters in
A.
Richard
Holyoke.
been made
William Whitaker Baer, manager of the Chicago
Vice-President of the company.—V. 135, p. 1496.
office, has
a
Cincinnati & Lake
Erie
Traction
RR.—To Discontinue
Service—
Company has been granted an order in the U. S.
ton, Ohio, permitting it to cease traction operations
District Court at Day¬
between Columus and
cities, via Spring¬
Dayton, effective Oct. 29.
Bus service between the two
field, will start at once.—V. 147, p. 1770.
Cincinnati Street Ry.—Earnings—
1938—Month—1937
1 938—9 Months—1937
$52,228
$168,787
Period End. Sept. 30—
$7,105
$4,140
x
Net income
y
Earnings per share
x
interest, Federal income taxes, &c.
capital stock.—V. 147, p. 1921.
Cleveland Ry.—Balance Sheet
The
$33,892,470
209,500
investments
Trust
Cleveland
On 475,239
M.d.&r. fund—Cash..
Receivable
Sepclal deposits
vouchers
banks)
Interest and lents receivable,
billing..
Bond disoount
Other unadjusted
M. d. & r. reserve
Miscel. current liabilities..-.
floats
deposits
Operating expense reserve
Other unadjusted
credits
Interest fund 'fare control)..
594,641
5,378
24,877
65,182
17,370
429,543
113,666
381,170
2.409,572
debits
Advanced to car riders.
Total
-
638,330
450,263
Coniaurum Mines,
Ltd.- -Earnings-
Estimated operating profit—
Non-operating revenue, including profit from
Estimated total profit
$144,382
$65,751
18,565
$151,473
;
-
Note—In the above figures no allowance has
293,514
$84,316
sale
of securities,-
been made for taxes, depre¬
deferred development.
Whittingham, Secretary, says:
ciation
or
.
experienced in the 1938 quarter were due to somewhat
greater tonnage, better grade and lower costs.
The lower costs were due to
the fact that no high cost development such as winzing or shaft sinking was
in progress during the period.—V. 147, p. 1484.
"The better results
Light & Power Co.—Earnings—
12 Months Ended Sept. 30—
Net income after expenses, taxes,
1938
charges
$3,533,603
1,148,000
$3.08
Continental Gas & Electric Corp. (&
31—
of sub. cos.
intercompany transfers)
General operating expenses.
1937
$3,898,524
1,148,000
$3.39
Subs.)—Earnings
1938
12 M mths Ended Aug.
Gross oper. earns,
'
and
preferred dividends
Avge. no. of shares of common stock outstanding. _
Earnings per share on common stock
—V. 147, p. 2085.
1937
(after eliminating
Maintenance.
— -
1-
Provision for retirement
Gen. taxes &-estimated Federal income taxes.
Net earns, from opers. of sub. companies
Nonoper. income of sub. companies
$37,330,746 $36,772,908
13,910,094 .14,125,076
,,1.867,370
1,871,705
4,973 231
"4.915,868
4,577,402
4,220,307
^-$12,002,648 $11,639,951
Dr431,105
Cr614,894
$11,571,543 $12,254,845
Total income of subsidiary companies
4,734,278
$7,520,567
16,194
companies
4,658,166
$6,913,377
Int., amortiz. & pref. divs. of sub.
17,7-18
$6,897,182
$7,502,820
min. com.
Equity of Continental Gas & Electric Corp. in
earnings of sub. companies
Income of Continental Gas & Electric Corp. (excl.
of income received from subsidiaries)
Total
-
-
Expenses of Continental Gas & Electric Corp
Taxes of Continental Gas & Electric Corpi.
Dividends
$40,367,800
65,329
$7,568,149
128 845
111,629
debenture interest-
on
Earnings per share
—V. 147, p. 2388.
3,784
$7,452,735
2,581,616
2,600.000
164,172
162.920
40,697
39,839
$4,012,930
1,320,053
surplas
prior preference stock
-
22,837
$6,798,164
Balance.
on
52,663
$6,949,845
-
Bal. transf. to consol.
Total
43,155
$359,265
273.177
produced-_
Development and operating costs. _
W.
1937
1938
"47,180
$417,559
7,091
Net Income from metals
Taxon
3,675
317,715
3,209,572
$40,367,800
61,170
3 Months Ended Sept. 30—
Tons of ore milled
Balance
-V. 147, P. 733.
62,554
surplus of Community
Power & Light Co
2388.
—V. 147, p.
Holding company deductions—
Interest on 5% debentures, due 1958
Amortization of debenture discount and expense.
60,186
391,518
864
114,846
20,930
accounts
Deferred
Accrued liabilities
(closed
Material and supplies
Prepaid
128,125
1,160,171
370,307
59,236
28,725
381,332
Bills receivable
Accounts receivable
$4,189,218
1,409,163
avail, for divs. and
Proportion of earns., attributable to
4,500,000
Returnable
$4,623,905
1,493,979
stock.
Bonds...
Ticket and pass
$397,320
145,451
$31,826,400
18,626
Cash
receivable
Gross income, sub. cos..
$431,719
149,903
Balance
Aug. 31, 1938—
Capital stock
Audited
Co.,
trustee
Accounts
y
Liabiltttes-
4ssets—
Road and equipment-.
Other
$0.36
$0.11
After depreciation,
shares of
Oper. revs., sub. cos
Bal.
1938—12 Mos.—1937
1938—Month—1937
30—
Connecticut
Co.—New President—
Church Mfg.
Subs.)-—Earningt.
Community Power & Light Co. (&
-
$4,648,72-5
$2,692 877
$3,328,672
$12.55
$15.52
1.320,053
Volume 147
Financial
Chronicle
2527
Consolidated Water Co. of
Utica—City Buys Plant—
Consolidated Balance Sheet Sept. 30, 1937
The^City of Utica acquired title
Assets—
on Oct. 19 to this company the transfer
Federal Reserve Bank in New York on payment of
were filed in Oneida, Herkimer and Madison counties.
Purchase was financed through the Reconstruction Finance Corpora¬
tion and came after more than a
year of negotiations.
The company was
a
subsidiary of the General Water Works & Electric Corp. which went into
receivership.—V. 147, p. 1922.
t-fae
/nu
Demand
Consumers Power
Period End. Sept. 30—
Gross revenue
■
&
cash
receivable (trade)
y339,005
Inventories
Other
568,799
current assets..
113,244
y230,032
$1,138,589
386,066
income..
$752,523
$825,707
285,428
285,424
65,278
65,278
$401,817
_
Insurance
1937 for Federal surtax
or
Subscriptions to
1,203 shares
Paid-in surplus
-.$1,707,6031
doubtful
—
dividends and rents.
,
...
Increase in market value of stocks and bonds (net)
.
(net)
Net surplus June 30, 1938
the
Assets—
$
$
Bonds & stocks...79,811,664
Ileal estate..
1,684,688
collection......
Accrued Int., «fcc._
237,422
244,882
3,276,577
2, 418,849
reserve..
Net
-V.
89,130,552 99,873,114
146,
1,600,000
5,000,000
5, obo'doo
53, 506,553 66,788,766
capital
surplus
Total...
89,130,552 99,873,114
The Securities and Exchange Commission has issued an order terminating
stock ($100 par) and the ($5 par) common stock of the corporation because
the company has failed to file an annual report for 1937 as required by the
rules.
The
securities
have
been
registered
since
Aug.
6,
1935.—V. 147, p. 1032.
Net
1938—3 Mos—1937
Sept.SO—
profit...
$192,360
1938—9 Mos.—1937
$403,660
$793,512
$258,890
x
$0.75
$1.08
After all charges and Federal taxes.—V. 147,
com.
$126,455
$99,854
5,296
$1,278,968
56,502
$1,475,238
61,664
Gross income
Bond interest
$133,075
32,749
$105,150
33,682
$1,335,470
395,790
Cr270
186
Cr20,844
Other interest
stock
$1.38
p.
$3.31
567.
13,979
Corn Products Refining
Sept. 30—
1938
Profit from operation...
$8,970,737
Other income....
1937
$3,978,232
1936
•
1935
$9,784,676 y$3,794,362
2,270,597
3,063,708
1,475,050
3,755,282
$10,445,787
Total income
$7,733,514
$12,055,273
$6,858,070
1,470,474
1,260.000
2,366,081
1,350,000
$5,003,040 x$8,339,192
1,290,125
1,290,124
5,692,500
5,692,500
$5,373,070
1,288,374
5,692,500
2,162,676
1,170,000
_
$7,113,111
....
1,290,125
5,692,500
Common dividends.,*
$130,486 def$1979585
15,334,491
21,805,983
..
.
1
—
Total surplus..
Surplus Sept. 30
$850,428»
on
.
i,679,144
3,516,503
$6,403,592
3,337,653
93,762
86,896
541,666
5,451
644,233
$220,077
$215,631
$2,615,524
9
67
517
$2,421,706
1,059
$220,086
46,667
39,883
$215,698
46,667
32,186
$2,616,041
446,762
$2,422,765
726,500
137,587
$133,536
.
$586,015
283,488
$136,845
$1,609,279
$1,558,678
$638,321
324,482
"
approp.
(net)
—
—
mtge. bonds
Other interest & deduc.
Net income
.....
Dividends applicable to preferred
560,000
stocks for the
507,386
507,386
$1,101,893
$1,051,292
period, whether paid or unpaid
See y
Balance—
.........
Includes amount required to
amortize debt discount and expense
over
the life of the outstanding debt plus an additional amortization of $34,500
and $27,000 foi* the respective one month periods and $379,500 and $81,000
for the respective 12 month periods covered by this statement.—V. 147,
2087.
$1,356,568 def$1607804
22,268,051
Dallas Ry. &
25,228,560
$15,464,977 $19,826,398 $23,624,619 $23,620,756
Special div. Allied Mills,
Inc., stock
.:
income
Interest
x
p.
Surplus..'..
Surplus Dec. 31
reserve
Net oper. revenues
Other
x
Net profit..
Preferred dividends
-290,381
147, p. 2389.
Operating revenues
Oper. exps., incl. taxes.
Property retirement reserve appropriations
1,485,000
1
....
$786,308
329,063
Dallas Power & Light Co.—Earnings—
Period End. Sept. 30—
1938—Month—1937
1938—12 Max.—1937
Federal income and State
Depreciation
$59,203
24,580
respect to the issuance of 7,500 shares (no par) common stock as a stock
dividend to New England Public Service Co., sole owner of the common
Gross income
Co.—Earnings—
174,216
$86,617
29,164
A hearing has been set for Nov. 8 in the Security and Exchange Com¬
mission's Washington offices on the declaration (43-158) of company with
.
9 Mos. End.
12,079
$1,536,902
413,095
1,866
271,513
(net)
Stock Dividend—
Accident
Copper Range RR.—Trustee Discharged—
G. H. Westcott was discharged as bankruptcy trustee by the U. S. Dis¬
trict Court as of June 30, 1938.
Company has been reorganized per plan
in V. 142, p. 3338.—V. 146, p. 2533.
taxes.
6,620
Pref. div. requirements.
Corp.—Earnings—
Earns, per sh. on 200,561
shs.
Net operating income.
Non-oper. income (net).
Social security taxes....
Fed. taxes (incl. income)
stock.—V.
Continental Steel
Period End.
x
$4,751,010
2,710,351
362,370
27,728
175,323
Net income
Canceled—
the registration on the Boston Stock Exchange, effective on Oct. 28, of
the 5% debentures, series A, due May 1, 1942, the $5 cumulative preferred
Commission's
$4,590,561
2,605,911
367,021
37,677
300,984
Other deductions-
909.
p.
Continental Securities Cor p.-^-Registry
1938—12 Mos.—1937
$422,583
262,102
30,339
2,907
27,381
1,800,000
Res. for dividends
Cash
1938—Month—1937
$415,401
225,833
30,614
3,548
28,951
1 600,000
1, 800,000
Conting
Sept. 30—
Operating revenues
Operating expenses
State & municipal taxes.
1,271,225
1 264,895
expenses
Reserve for divs..
All other claims.
Total
Period End.
Res. tor taxes and
4,259,387
Cash.....
(Including Cumberland Securities Corp. and Berwick & Salmon Falls
Electric Co. for all periods)
$
3,153,739
3,137,391
larger declines experienced from August to date in pork valuations.
Cumberland County Power & Light Co .—Earnings—
prems..20,621,371 20,450,094
Loss In process of
adjustment
2,918,884
2,963,029
of
course
In
because of illness.—V. 146, p. 748.
Unearned
1,684,688
.....
Prexn. in
$
ending Oct. 31, 1938.
New Vice-President—
1937
Liabilities—
91,513,227
net loss for the fiscal year
L. C. Steele of Fredonia, N. Y.f was on Oct. 20 elected a Vice-President
and director of this company.
He succeeds C. G. Marhoff, who resigned
Balance Sheet June 30
1938
a
year there was a net losses of $1,776,100 after all charges
and taxes, reflecting largely heavy loss on stocks of pork, hides and wools.
Recent gains this month in hide values have been but small offsets to
$53,506,553
1937
of $6,611.
2086.
preceding fiscal
$55,237,616
131,467
1,599,596
.
1938
p.
by profits on the companys' Old Dutch Cleanser, amount to
$120,000 on the 6% and $458,535 on the 7% stock, an aggregate of $578,535.
Cudahy. suffering substantially from low volume as an aftermath of
recent drought years and from inventory markdowns, all
along has been
$2,386,280
51,759,597
20,701
1,071,038
__
Loss on sales of stocks and bonds
Cash dividends declared
discounts
earned
expected to show
_
Net surplus, Dec. 31, 1937
Decrease in special reserves
cash
industry.
Dividends on these two issues were omitted on Sept. 20, 1937,
prior to which the 7% stock received $3.50 semi-annually and the 6%
$3 semi-annually.
The 6% preferred and 7% preferred, both $100 par, will be in arrears on
Nov. 1, 1938, in amount of $9
and $10 a share respectively.
Annual
dividend requirements, which under normal conditions are reputedly
1,428,748
Balance
and
Cudahy Packing Co.—No Dividend Action—
$1,609,004
180,256
—
_
193,101
$1,707,603
Directors, who announced last week they would meet Oct. 20 to consider
the 6% and 7% preferred dividends, decided to take no action
there on in view of the unsatisfactory business conditions in the
packing
$957,531
Investment—Interest
Expenses
10,286
801,920
surplus
Total.
accounts
•
action on
$9,984,433
4,459,984
4,610,064
Cr43,147
-
.
stock,
.
Crocker-Wheeler Electric Mfg. Co.—New Director—
Co.—Earnings—
Expenses
Underwriting profit and loss items_
com.
263,588
R. A. Stinson of Toronto, President of Commonwealth Electric Corp.,
Ltd., has been elected a director of this company.
His company is the
sole licensee for Crocker-Wheeler in Canada.—V.
147, p. 1923.
Income and Profit and Loss Account Six Months Ended June 30, 1938
Underwriting—Premiuir s written
$10,083,098
Increase in unearned premium reserve
98,665
Premiums earned.
Losses
_
depreciation of $374,050.—V. 147,
undis¬
on
2,000
52,500
Long-term debt
Common stock (par $1)
184,181
x After reserves for
6 After reserves for
distributed.—V. 147, p. 2086.
was
due
one year..
(lncl. earned
surplus of predecessor co.)._
$5,803,385
$4,898,728
Instalments
mtge.
within
Earned
$9,095,446 $10,204,262
3,413,379
4,009,207
783,339
391,670
$475,004
x No
provision was made in 1936
tributed profits as all taxable income
Continental
First
129,681
Total
37,013
Sundry accounts payable.....
Deferred chgs. <fe prepd. exps.
$1,183,868 $13,652,109 $14,500,131
358,161
4,556,663
4,295,869
Divs. on preferred stock.
Amort, of pref. stk.exp.
Balance
180,076
Trade names,
tr.-mks., pats.,
pat. licenses & goodwill
_
Net
161,121
11,569
Investment in real estate
Fixed assets (at cost)
Co.—Earnings—
$5,998
Accounts payable (trade).....
Accrued liabilities
$131,092
■
Gross income
Int. & other fixed chgs..
,
Notes payable tfrade)
on
Notes, trade accepts. & accts.
1938—Month—1937
1938—12 Mos.—1937
$3,057,421
$3,149,292 $36,943,927 $36,731,401
1,583,333
1,629,924 xl9,265,818 xl8.574,270
335,500
335,500
4,026,000
3,657,000
Oper. exps. and taxes
Provision for deprecia'n.
Liabilities—
deposits
hand
Deeds
'
,
2,745,050
......
$15,464,977 $19,826,398 $20,879,569 $23,620,756
Terminal Co.- -Earnings1937
1938—Month
$251,403
$257,100
192,885
, 193,177
$3,008,029
2,314,861
22,981
15,868
203,748
$40,942
15,505
$42,650
15,505
$489,420
186,063
$618,538
186,063
$25,437
1,722
$27,145
1.042
$303,357
22,701
$432,475
12,500
$27,159
23.515
1,971
$28,187
23,852
2,013
$326,058
25,803
$444,975
286,230
25,271
$1,673
$2,322
$16,328
$133,474
preferred stock for the
period, whether paid or unpaid—
103,901
103,901
def87,573
$29,573
Period End. Sept, 30—
Operating revenues
Opera ting exps., incx. tax
Property retirement re¬
serve appropriations.
.
1938—12 Mos.—1937
$3,013,901
2,262,049
,
133,314
Earns,
,
per sh. on 2,530,000 shs. common stock
(par $25)----
-
•
.$2-30
—--—
x
Exclusive
of
surtaxes
on
Cream of Wheat Corp. (&
Period End.
Sept. 30—
profit.
Earns, per sh. on 600,000
shs. cap. stk. (no par).
x
Net
x
$2.78
$1.47
undistributed
estimated Federal income taxes.—V.
profits,
147, p. 567.
y
$1.61
After
deducting
Subs.)—Earnings—
1938—3 Mos.—1937
$227,319
$264,557
$0.38
1938—9 Mos.—1937
$646,893
$848,760
$0.44
$1.08
After charges and Federal taxes but before provision for
on undistributed profits.
sur¬
Sept. 30, 1938, was $920,509, equal
share, comparing with $1,234,863 or $2.06 a share for the 12
months ended Sept. 30, 1937.—V. 147, p. 568.
a
Cornell-Dubilier Electric Corp. (&
Gross income—
Interest on mtge.
Subs.)—Earnings—
Earnings for the 11 Months Ended Sept. 30, 1937
Gross sales, less discounts, returns and allowances
bonds.
deductions.
Other
$1.41
Federal
Net profit for the 12 months ended
$1.53
Operating income
Other income....
taxes
to
Net oper. revenues ...
Rent for lease of plant.".
Net income
x
-
2,084,426
'414,279
35,174
Selling, general and administrative expenses
Provisionfor Federal income taxes
...
Combined net income before exp. of training new employees...
Expense of training new employees
Dividends applicable to
Balanc
—
Dividends accumulated and
x
...
Preferred dividends
x
$214,687
30,000
:
$184,687
2,574
x 166,487
$94,000 at the rate of $470 a share on the old common stock (payable
earned prior to Oct. 31, 1936).
unpaid to Sept.
30,
1938, amounted to
Latest dividend amounting to $1.75 a share on 7% preferred
paid on Nov. 1, 1933.
Dividends on this stock are cumulative.
—V. 147, p. 2087.
$510 847.
stock
was
De
Met's, Inc.—Accumulated Dividends—
dividend of 55 cents per share on account
$2.20 cumulative preferred stock, no par value,
The directors have declared a
of accumulations on the
made in 1 to holders
preceding quarters. -V. 147, p. 418.
gayable Nov, each of the 20of record Oct. 24. Silmilar distributions have
een
Detroit City Gas
Combined net income..
Common dividends
283,927
$2,748,566
Cost of sales
out of Income
.
The company's
Co.- -Suspended from Dealings—
mnds, series A,
1st mtge. gold bonds, series A, 6% due July 1, 1947 and
bonds, series B, 5% due Oct. 1, 1950 have been sus¬
pended from dealings on the New York Curb Exchange.
Both these series
of bonds were called Oct. 10, 1938 for redemption on Dec. 9, 1938 at 105%
plus accrued interest.—V. 147, p. 1485.
the
1st mtge. gold
Financial
2528
Book Value Mkt. Value
$143,856
$143,856
86,311
86,311
810
810
1,006
1,006
Prepaid expense
Accrued assets
Furniture and fixtures.
310
1
339,301
349,800
$571,596
Loss
on
short currency
24,174
718
294
—
$36,910
517,406
Profit and loss.
$554,316
9,105
545,211
$554,390
$571,596
Total
(& Subs.)—Earnings—
1938
^1937
$54,902,450 $58,647,634
42 030,706 41.898 683
12 Months Ended Sept. 30—
operations-,--
Utility expenses
-
$12,871,744 $16,748,951
128,108
Drl'S 694
Balance income from utility operations
Other miscellaneous income
Gross corporate income
on funded and unfunded debt
Interest
Interest charged to construction
;
Araortizat ion of debt discount and expense
- _
$12,858,049 $16,877,059
5,734,386
5,844,288
Cr93,148
270 040
274 335
$6,832,574 $10,872,633
Net income
—V. 147, p. 1772.
a
from
Income from
102,847
232,045
169,900
225,000
659,815
53,916
475,000
730,040
2,834
464,605
1,634,597
280,264
855,853
2,359,799
loss288,024
9,779,138
not
cos.
wholly owned
Profit on securities
(net)
Income received from in¬
General
in
vestment
Interest
on
39,562
42,562
2,640,000
3,750,000
9,540,000
$22,963,289 $31,288,318
1,639,396
4,918,164
$62,799,523
outstanding
13,187
Fed.
for
taxes
on
(incl. in 1937,
prov.
for surtax on
undistributed profits)
Oct. 31. This will
147, p. 570.
Net income
Dividends
1,670,000
.$12,350,713
deb. stock
1,639,371
on
pref. stock—
$4.50 cumulative
562,500
on
to
Balance applic.
mon
de
com-
■
Nemours
Co.'s
&
"
owned, amount earned
Ltd.—Reorg. Approved—
$21,170,467 $25,597,999 $58,802,062
stock is„$10,526,685
Shares of common stock '
on
Company has notified the New York Stock Exchange that the option
granted to W. W. Wachtel, President of Calvert Distillers Corp., a sub.,
for the purchase of 5,000 shares of common stock of the parent company,
has been extended from June 30, 1938 to July 31, 1940.—V. 147, p. 2243.
common
outst'd'g during period
excl.
held
shares
treasury
Amount earned
special meeting of the stockholders held Oct. 10, the stockholders
ratified the action of the directors in entering into an "agreement respecting
an adjustment plan of the Dollar Lines," dated Aug. 15, and the subsequent
"supplemental agreement respecting an adjustment plan of the lines,"
a
11,026,596
share.
11,043,734
11,036,490
$1.92
11,047,195
$0.95
$2.31
$5.33
Net income..
dated Aug. 19.
a
.
in
a
Prior to the special meeting, the board of directors held another meeting,
course of which Joseph R. Sheehan. of New York, newly appointed
in the
board.
The
of State and
the Republic of China of the amounts proposed by the Department of
State to be paid to the company in settlement of the diversion and subse¬
quent bombing of the liner President Hoover as an incident of the SinoJapanese hostilities.
The amount of settlement proposed was about
$279,000.—V. 147, p. 2087.,
Dome
Mines, Ltd.—Earnings—
9 Mos. End.
Sept.'SO—
,
$24,682,654 $57,20b,334
$10,148,842 $20,648,893
stock
equity
in
undivided
profits or losses of con¬
trolled cos.not wholly
elected a
Ltd.—Option Extended—
President of Dollar Lines, was elected to fill a vacancy on the
directors also voted to accept payment from the Department
675,000
1,687,500
675,000
Including E. I. du Pont
Dictaphone Co.—New Director—
At the October meeting of directors C. King Woodbridge was
director of the corporation and its subsidiaries.—V. 147, p. 1034.
At
4,918,189
Divs.
Directors have declared a dividend of $1 per share on the non-cumulative
preferred stock payable Oct. 20 to holders or record Oct. 10.
This dividend
will be paid 30 cents in cash and 70 cents in $1 par class A stock.—V. 146,
p. 3801.
Dollar Steamship Lines,
22.002,195
14,187
--$14,033,900
$72,382,085
2,436,987
Total income
7,310,963
$25,617,476 $35,077,880
Motors Corp
income
(W. S.) Dickey Clay Mfg. Co .—Dividend—
Distillers Corp.-Seagrams,
29,659,139
12,108,774
23,987,234
13,498,432
49,659
Income from misc. in vs.
be the first dividend paid since Dec. 22, 1937, when 50 cents per share was
distributed. See also V. 146, p. 2039, for detailed record of previous divi¬
dend payments.—V.
106,381,096 136,012,286
investment
controlled
in
$168932,168 $225062,561
$14,527,617 $25,155,406 $47,282,362
oper___$10,608,523
Income from marketable
securities
dividend of 25 cents per share on the common
stock, no par value, payable Nov. 10 to holders of record
Subs.)—Earnings
1938—9 Mos.—\937
1938—3 Mos.—1937
bonds
Directors have declared
to Oct. 1.
and con¬
al¬
lowances, outward
freight, &c.) and other
operating revenues
$63,540,013 $70,938,942
Cost of goods sold and
operating charges
40,099,473
42,993,944
Selling, gen. & adminis¬
trative expenses
8,130,884
9,308,840
Prov. for deprec. & obsol.
4,701,133
4,108,541
Prov.
Products Co.—Dividends Resumed—
Detroit Steel
of this company by Donald
(E. I.) du Pont de Nemours & Co. (&
Period End. Sept. 30—
Sales (net of returns,
Income
Gross earnings from utility
than $300,000 annually were
of production had made the increases possible.
One factor, he
added, was the delivery of 353 planes in nine months, against 224 a year
before.
The company's unfilled orders now amount to $25,638,330—V. 147, p. 1337.
-V. 147, p. 1190.
Detroit Edison Co.
more
tinuity
$2,211
Accounts payable
Loss on long commodities.
Capital stock
amounting to
wages
W. Douglas, President.
They are 2H cents an hour, retroactive
Mr. Douglas said industrial peace and increased efficiency
Liabilities—
Reserve lor taxes
Paid-in surplus,
of
Increases
announced on Oct. 20 to the 5,500 employees
$581,786
$2,211
24,174
Investments
Total
1938
22,
Douglas Aircraft Co., Inc.—Wages Increased—
Inc.- -Balance Sheet Sept. 30, 1938—
Delaware Fund,
Assets—
Cash
Accounts receivable.
Oct.
Chronicle
Surplus Account Sept. 30
Adjustment
1937
$5,636,735
1936
$5,240,352
2,122,233
540,211
3,336
1,832,874
571,538
19,933
1,668,728
425,231
13,312
$2,937,972
earnings245,333
$2,970,955
305,844
$2,816,006
279,821
$3,047,370
291,976
x
Total income.$3,183,305
$3,276,799
$3,095,827
Before depreciation and depletion.
of
"
6,000,000
8,500,000
$282,060,795
$296,286,118
4,918,164
4,918,189
1,687,500
19,333,523
675,000
46,913,359
$256,121,608
$243,779,570
Dr.1,250,000
stock—$4.50 cumulative for $48,750,000—
Total
Dividends
debenture stock ($1.50
on
—$4.50)
Divs.
quarterly
-
pref. stock—$4.50
$3,375; 1937—$1.35)
cumul.
on
on com.
stock
(1938—
-----
(1938—$1.75; 1937—$4.25)
$3,339,347
x
revaluation
62,799,523
General Motors Corp
investment in
1935
$5,154,641
1,968,701
545,907
*18,249
from
resulting
$226,236,595
31,288,318
Transfer to capital stock account in connection
with issue and sale of 500,000 shares pref.
Divs.
1938
$5,470,830
1937
1938
$244,772,477
Surplus at beginning of year
Total recovery
Development, oper. and
general costs
Dominion inc. tax (est.)
Outside exploration exp_
Net income
Miscellaneous
The number of tons milled for the nine months ended
Sept. 30, 1938, was
450,000; 1937, 429,500; 1936,415.100, and 1935, 411,400.—V. 147, p. 2243.
Dominion
page
Engineering
Ltd.—Earnings—See
-
-
on the books of the company in March, 1937, to $184,500,000 ($18.45 a
share) and in March, 1938, to $190,500,000 ($19.05 a share), which closely
corresponded to the equity indicated by the consolidated balance sheets of
Dec. 31, 1936, and Dec. 31, 1937, respectively.
General Motors Corp. at
—V.
147, p. 2243.
Duquesne Mining Co., Ltd., Toronto—Stock Offered—offering of 408,239 sharOs ($1 par) capital stock was
made Oct. 18 at 25 cents per share by the D. Gleich Co. of
New York.
The stock, which is offered by means of a
Public
prospectus, is part of an issue of 556,689 shares
Dominion
Period End.
Oct. 8—
1938—4 Weeks—1937
$1,451,111
147,
with the Securities and Exchange
Stores, Ltd.—Sales—
Sales—Y.
Works,
2553.
Surplus at Sept. 30
a In accordance with past custom, the amount at which du Pont Co.'s
investment in General Motors Corp. common stock is carried was adjusted
1938—10 Weeks—1937
$1,519,101 $14,422,594 $14,915,507
work
1923
Dow Chemical
in
Co.—Earnings—
*
$838,703
$0 81
_
"
Dubilier Condenser Corp. (&
Subs.)—Earnings—-
Years Ended June 30—
"
Income—Divs. received on investment in CornellDubilier Electric Corp
Int. on and profit from sales—U. S. Govt. securs.
Int. on note receivable
Income from royalties and licenses.
Miscellaneous income.
_
1937
1938
$28,267
_
805
,
.
$48,275
1,560
940
_
"3,860
_
April,
1938,
It
and is
was
to do business in Quebec and Ontario
behalf of Duquesne Mines, Ltd., to acquire
qualified
formed
on
and continue developing the latter's properties in
Consolidated income after interest, est. deprec. & income tax__
Earnings per share
V. 147, p. 1190.
its properties.
on
Company was incorporated under the Quebec Mining Companies' Act
Provinces.
Earnings for 3 Months Ended Aug. 31, 1938
to
Total income
50,000
$50,775
14,512
50,000
$39,135
$13,738
$33 753
22 889
_
Net loss
Consolidated Balance Sheet June 30
with Beattie Gold Mines. Ltd.,
according to supplemental data filed with the SEC, under which contract
the Beattie company will furnish engineering services and technical super¬
vision for drilling operations and general exploration on the Duquesne
properties, in consideration of an option covering 1,000,000 shares of
Duquesne company capital stock.
The company has an authorized capitalization of $5,000,000 ($1 par)
of which 2,168,756 shares will be outstanding upon completion of the
present financing.
There are no bonds or funded debt.—V. 147, p. 111.
East Coast Public Service Co.
Period Ended Sept. 30—
Total operating revenue
1938
1937
$32,046
$420
20,836
U.S. Govt,
24,805
securs.
at cost
Accts.
Accrued int. on:
U.S. Govt,
Liabilities—
184
secs.
Noterec., affll__
219
940
'~15
Accts. receivable..
1938
Note pay., sec'd..
payable--.
Acer. int.
on
Purchased power
Cornell-Dubilier
Def. from opers
Elec.Corp
$590
325,029
16,087
904
61,378
$83,734
3,502
$238,372
8,108
$89,770
$87,237
1,645
224
$246,481
3,536
$88,125
Non-operating income (net)
Gross
304,140
304,150
1,703,894
887,735
$87,013
$242,944
22,831
22,823
91,324
$65,294
$64,190
$151,620
46,531
income
1,749,544
850,370
Total fixed charges of subsidiaries
Balance
Total
fixed
Public
776,039
Prepd. & del. Items
16,506
571
charges
Service
of
East
Coast
Co
16,087
726,164
16,899
(excl. of Fed. income taxes of
East Coast Public Service Co.)
Income from operations
76
361,279
Pats. & pat. rts.,
book value
101,998
292,837
426
47,000
Investments
Land
25,422
84,384
14,889
7,283
375
_
_
31,037
80,912
15,412
$87,318
2,452
Operations (incl. uncollectible accts.)
Maintenance
Taxes
note
payable
Miscell. taxes pay.
Com. stk. ($1 par
value)
Capital surplus
Note receivable—
1937
$16,250
(& Subs.)—Earnings—
1938—3 Mos.—1937
12 Mos. 1938
$224,936
$741,116
$231,578
_
Cash
Ontario, and primarily
acquire, develop and operate mining properties in Quebec Province.
The company has entered into a contract
822
.
General expenses, including patent license """I
Prov. for obsolescence of patents & patent rights-
Assets—
registered
Commission.
Net proceeds from this financing will be used by the company for surface
work and diamond drLling in 'connection with exploratory and development
x
Total
i
x
$1,121,264 $1,227,359
x
~
•
t
Before provision for renewals, replacements and retirements and Fed¬
eral income taxes of East Coast Public
Total
$1,121,264 $1,227,359
Q?7Aftv reserve AA4U«obsolescence of $775,000 In 1938 and $725,000 in
for
V
147
Pi
1«70«
Balance
Sqrvice Co.
Note—It is the policy of subsidiaries to make appropriation for renewals,
replacements and retirements at the end of each calendar year; therefore,
the above interim statement shows results before deducting such appro-
priation.—rV. 147, p. 1191.
Volume 147
Financial
Eastern Malleable Iron
Balance Sheet Dec. 31,1937
Jan. 3,
Dec. 29, '35
'37
„™s?€ts:
counts
profit—operating divisions
'38 Jan. 2, '37
$68,749 loss$25,857
f44,070
39,555
:38,591
( 3,347
__
on sale of seucirites..,.
Income from investments
I
Other income
j
Restoration
of portion of reserve
compensation contingency.
for
workmen's
$109,476
26,820
deferredf assets and charges,
692
$36,177
...
loss$7,408
Other expenses
Net profit for period
64,668
2,199
Equity Corp.—Earnings—
9 Mos. Ended Sept. 30—
Income- Cash dividends on
and
as of Jan. 1, 1938
$220,609; marketable securities, $31,175; accounts re¬
ceivable and sundry notes (net), $318,891; inventories, $911,343; securities
deposited against possible liability under workmen's compensation laws,
$70,351; property, plant and equipment, $2,520,708; patents, $1,998;
goodwill, $1; deferred charges, $15,108; other assets, $25,408; total,
$4,115,592.
Liabilities—Accounts payable, $71,175; advances from customers and
other credits to accounts receivable,
$3,916; salaries/wages, commissions,
accrued, $19,699; Federal, State and property
taxes, estimated, including employees' contributions to Federal old age
benefit tax accrued, $25,335; reserves, $154,265; common stock ($25 par),
$1,970,450; capital surplus, $1,834,573; earned surplus, $36,177; total,
$4,115,592.—V. 145, p. 110.
rent
Eastern
Michigan
Rys.—Consolidated
June 30, 1938—
164,052
Accounts and wages payable..
Other current liabilities
T—
115,849
Deferred liabilities
$3,572,582
Cash
:
Accts. & notes receiv. (net)...
Materials & supplies (net)
38,422
48,933
61,282
....
Interest earned
161,501
1st mtge. bds.
7,975
1,430
u
Total
Operating
125,625
on debentures.
refunded to debenture
paid at
holders
„
and
....
Total
.....
....
over oper.
$27,847
589,489
(without giving effect to results of security transactions)
_
Balance Sheel
_
1938
on
hand
securities
in
of
associated
and
$608,542
7,267,976
9,754,732
-356,297
6,893,866
394,740
9,347,224
1,800,857
1,800,857
472,531
545,770
sidiary companies:
1,524,250
200,000
American General Corp.:
7,382,387
Common stock at net asset amount—
General Reinsurance Corp. capital stock (36.94%
$4,001,120
outstanding), at book cost
Corp. common stock (13% owned)
underlying asset amount
Ileal Estate Equities, Inc. (100% owned) capital
capital stock and advances, at cost
on
Total.
Preferred stock at market quotations.
..
of
First York
Paper Cor p.-r~-Earnings1937
Profit for year
$15,134
bonds
tax
Net profit
a
$82,989
36,000
33.547
a2,100
1,811
$11,342
$22,350
$15,246
$94,601
36,000
34,440
36,000
34.440
Total
loss$55,194
Condensed Balance Sheet Dec. 31,1937
Assets—Cash, $75,725; trade notes and accounts receivable (less reserve
of $29,000), $209,075; inventories, $516,247; sundry investments, $18,606;
notes and accounts receivable from employees, $3,042; cash in sinking fund,
$605; land, buildings, machinery, equipment, &c. (less reserves for de¬
preciation and revaluation), $345,616; deferred charges, $2,786; total,
$ ,171,703.
Liabilities—Notes payable to banks, $100,000; accounts payable, $83,687;
accrued discount, interest, taxes, &c., $14,623; provision for Federal tax on
income, $3,400; 1st mortgage bonds, $597,000; x capital stock, (no par),
$362,116; surplus, $11,220; treasury stock, Dr$342; total, $1,171,703.
x Preferred—$3.50 dividend
(cumulative after July 1, 1936) redeemable
at $55 per share, authorized and issued—11,675 shares
(including 20.7
shares in treasury at Dec. 31, 1937).
Common—Authorized and issued—
38,074 shares (including 3,981 shares in treasury).—V. 145, p. 110.
„
Liabilities—
Accounts payable
Increase
i
1937
Amer. Power &Lt. Co.....110,638,000
Electric Pow. & Lt. Corp._
National Power & Light Co.
*
56,234,000
79,167,000
116,235,000
58,676,000
80,414,000
——■
*5,597,000
*2,442,000
*1,247,000
*4.8
*4.2
*1.6
Decrease.—V. 147, p. 2390.
Edwards Mfg.
52 Wks.End. 53 Wks.End.
Jan. 1, '38
$3,774,361
3.637,158
Net sales........
Cost of sales
Profit from operations
$137,203
$256,394
$146,651
Other income
$153,166
Total income.
$256,394
22,973
3,000
127,738
$146,651
27,482
11,853
5,552
$154,764
45,599
16,072
$94,180
$102,683
$101,763
$93,094
1,313,236
1,265.591
1,170,313
1,079,210
$137,203
16,750
17,000
9,273
_
Miscell. deductions
Net profit for year...
Surplus at beginning of
year
Charges, applic. against
prior periods. . ^
Charges on account of
disposal of fixed assets
Dividends paid
Cr279
Dr22,272
3,404
55,000
Surplus at end of year $1,326,740
38
common
Unrealized
,
stock
Surplus
$1,265,590
629,031
;
J...
......
Total
147,
p.
570.
Y^ar Ended
Period Ended—
Less cost—
Gross profits on sales
$4,247,546
Other income, &c_._
1936
income
....
Dividends paid— i
Balance, surplus
Shs. cap. stock (no par).
Earnings per share.,
__
x
$856,852
665,465
$653,674
542,595
$4,237,534
4,197,326
4,031,719
$214,173
120,000
$274,895
$205,815
30,000
_
$353,899
207,772
$277,124
155,303
$191,387
120,104
$111,079
79,965
Net prof, on operation
Other income
$146,127
24,426
$121,820
20,975
$71,282
15,981
$31,114
13,116
$170,553
28,765
18,000
$142,795
15,795
$87,263
Prov. for doubtful accts.
Sundry other deduct'ns
$19,562
319,777
$0.06
•
$175,815
$182,169
120.000
120,000
$2.29
120.000
120,000
$1.71
$1.52
$1.78
share amounting to $15,000.
Balance Sheet
July 2 '38 July 3 '37
$1,857,125 $1,780,132
Assets—
x
Fixed assets
on
Liabilities—
July 2 '38 July 3 '37
Capital stock...$1,350 ,000 $1,350,000.
631,185
459,970
43,159
1,320,844
Investments
Inventories
i38,289
Trade creditors...
1,542,477
218,786
Accept. under let¬
211,521
Accts. receivable..
Restricted
y
Notes pay. (bank)
Instalm't contract
hand and
150,000
44
4,549
4,631
3 ,763
1,878
14,149
Cash bonds of store
118,821
48,439
674,621
23 ,844
ters of credit..;.
131,526
^920
778 ,001
Other accts. pay._
balan's
Federal and excise
in closed banks.
9 ,944
15,102
54 ,099
54,584
128, 837
173,756
38 ,055
22,977
Other accrd. exps.
17, 248
17,568
Res. for self ins.&c
19 543
,
managers
taxes, &c
Notes .payable (not
current)
Social security con¬
tributions
Mass. excise taxes
13,065
12,549
7,290
1,711,299
1,617,127
(estimated)
Int.
on
purchase
money obllgat'ns
Surplus..
After
1937.
p.
y
.....
10,358
$4,199,908 $4,163,106
Total
deducting depreciation of $1,032,780 in 1938 and $879,984 in
Represented by 120,000 shares of no par value stock.—V. 147,
1337.
(& Subs.)—Earnings—
1937
Calendar Years—
Net profit
1936
$353,758
$138,833
29,227
before depreciation and income taxes—
Depreciation
~1~920
$51,461
319,777
$0.16
f
$139,895
Income taxes
.
*
-
—
28,979
20,856
47,996
$276,535
Gross income
Interest and discount—
$182,169
9,175
12,400
2,255
8,859
xl35,000
4,001,325
$94,173
$44,229
12,287
,
'
El Dorado Oil Works
Gross profit on sales.
Sell., admin. & gen exps.
$4,183,494
$4,472,222
$1,170,313
$1,138,972
861,848
$4,093,447
90,045
Includes extra dividend of 12H cents per
operation......
$1,476,584
1,122,685
Net sales
Cost of sales.
$4,132,214
105,320
.
4,210,200
Deferred charges to
1934
Years Ended
•
x
1935
Weeks
$4,284,087
188,135
176.827
$4,424,373
Net
53
July 2, '38 July 3, '37 June 27, '36 June 29, '35
$19,583,933 $19,442,830 $18,485,092 $17,519,611
15,336,387
15.158,743
14,352,878
13,426,164
Sales
Corp.—Earnings—
1937
14,917,479
Economy Grcoery Stores Corp.—Earnings—
Total........-$4.199,908 $4,163,106
Eisler Electric
Dr368,928
265,618
479,129
260,838
479,129
12,063,308
$17,687,931 $22,553,135
Balance Sheet Jan. 1,1938
.
.
Assets—Cash, $65,108; accounts receivable (net), $307,311; inventories,
$587,153; investments, $1,225; fixed assets (after reserve for depreciation
of $1,203,512), $1,953,987; prepaid expenses, $28,135; margin deposited on
raw material contracts, $1,124; total, $2,944,043.
Liabilities—Bank loans, $325,000; accounts payable $28,729; accrued
liabilities, $15,053; reserve for markdown of raw material contracts, $847;
provision for taxes, $122,675; reserve for extraordinary repairs to canal,
$25,000; capital stock (par $100), $1,100,000; surplus, $1,326,740: total,
$2,944,043.—V. 145, p. 3972.
Calendar Years—
3,445,547.
Drl04,230
market
—
55,000
$1,313,236
932,117
securities owned
In hanks.:—...
6,765
46,474
3,350,000
D/*l70,319
carrying amount
depreciation (net) of general
over
$3 convertible preferred stock, tne first series—__
Common stock (10-cent par)
Cash
Drl,995
5,100
—— ...
any Federal taxes if realized
Excess of cost of investment in First York Corp.
1,598
Interest expense
Prov. for Federal taxes.
$32,700
143,370
27,917
326,593
38,541
3,350,000
American General Corp. preferred and common
are carried herein over book cost, without
52 Weeks Ended—-
Jan. 2, *37 Dec. 28, '35 Dec. 29, *34
$3,873,413
$2,773,740
$2,896,764
3,617,019
2,627,089
2,743,598
outstanding
provision for
Deduct oper. exps. (incl.
Fed. taxes & deprec.)
Co.—Earnings—
$15,390
48,947
27,917
stocks
%
Amount
debentures
Debentures assumed by the corporation
1_.
Excess of amounts (net) at which investments in
—Y.
of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1937, was as follows:
on
1937
purchased—not
Reserve for Federal income taxes
Reserve for contingencies
>.
Inc.—Weekly Input-w
1938
1938
securities
for
Other accounts payable, accrued expenses and taxes
Accrued interest
For the week ended Oct. 13, 1938 the kilowatt-hour system input
Operating Subs, of—
$17,687,931 $22,553,735
_
received..
No provision has been made for Federal surtax on undistributed profits
Ebagco Services,
62,134
.....
1934
1935
1936
$88,323
36,000
32,899
a4,289
Depreciation
on
39,736
sub¬
Capital stock
-.-....$4,001,120
Calendar Years-
Federal income
1937
$852,982
15,181
28,240
Accounts receivable for securities sold
Accounts and dividends receivable
General market securities, at market quotations
Investments
605,928
Sept. 30
at net
Interest
$113,198
exps.
Preferred dividends
-V. 147, P. 570.
Eaton
1,990
taxes
source
Excess of income
1,208,472
$425,662
184,849
125,625
1,897
;
expenses
Interest
Taxes
9,986
$268,654
113,285
Deficit
Prepayments
110,323
275,973
7,700
126,666
_
bonds
on
5. Miscellaneous income
8,205,950
Funded debt
Matured int.
$83,334
$21,679
$21,759
110,823
_
Underwriting profit
Assets—
Cash in banks and
Liabilities—
associated
_
•
Assets—
Road & equipment (net)
Other investments
Corp...
Sheet
Balance
of
General Reinsurance Corp
Cash dividends on stocks of other
corporations.
Condensed Balance Sheet
1937
1938
stocks
subsidiary companies;
American General
Additional provision for fluctuation in value of securities.
Assets—Cash,
water
$8,578; total. $1,510,005.
Liabilities: Notes payable to bank and for
merchandise, $25,905; notes
payable—to officers of company, $25,900; accounts
payable—trade, $127,960; expenses accrued, $16,393; customers'
deposits, $6,500; Federal in¬
come, capital stock, franchise and social
security taxes accrued, $7,943;
$60,152
x46,479
Carrying charges, closed plants..
Reorganization expenses
and
notes and ac¬
1,172
Profit.
bonuses
$116,199; marketable securities, $19,000;
receivable, $210,642; merchandise inventory, $430,423: fixed assets
(net) ,$473,629; patents (after amortization
charge of $370,886) $251,533;
Jan!°\,
Profit
x
2529
Co.—Earnings—
Period—
Net
Chronicle
5,600
60
208
102
_
Prov. for Fed. inc. taxes
19,174
Depreciation
42,549
$1,559
393,251
Nil
$59,655
392,871
$0.15
$1,071,914
$993,600
226,720
13,571
42,362
Net income to surplus
$88,997
904,603
226,720
Cr28,498
CY5.155
79,518
Amortization of patents.
795,379
No. shs. of cap. stk.out g
Earnings per
share
Surplus at Dec. 31
-
$850,349
$795,379
Condensed Balance Sheet Dec. 31, 1937
A ssets' Cash,
$126,490; accounts receivable, $287,837; advances on copra,
$575,214; advances on
flaxseed, $73,480; inventories, $1,788,877: invest-
Financial
2530
depreciation), $1,352,160; land,
$4,438,175.
notes payable, $1,620,000;
for taxes, $54,856; capital stock (14i,700 no par shares), $1,688.-*
surplus (including $10,143 contingent profit on stock), $850,349;
menta, $6,346; plant and equipment (lees
$196,428; deferred charges, $31,341; total,
Liabilities: Accounts
payable, $224,379;
reserve
592;
total, $4,438,175.—V.
145, p. 1097.
Plan Filed by Institutional
Charges—Owners of Common Would
Erie RR.—New
Fixed
Holders—Halves
Be Permitted to
Purchase New Slocks—
halve fixed charges
committee
bonds.
participate in
stock. Proceeds
existing debt
A reorganization plan for the road which would nearly
filed Oct. 18 with the Interstate Commerce Commission by a
representing large institutional holders of the road's
Owners of the present common stock would be permitted to
the recapitalized company through the purchase of new
from sales of this stock would be used to retire some of the
in the hands of bondholders and the Reconstruction Finance Corporation.
The management of the road, which is working on its plan for
the company's financial structure, recently obtained an
or
time within which to file a plan to Dec. 19.
The Court extension was
granted over objection of the institutional bondholders' group
was
revamping
extension
the
which filed
Originally the filing date was July 17.
Insurance Co., is head of the institu¬
tional group and Henry S. Sturgis, Vice-President of the First National
Bank of Nevy York, is Vice-President of the group's executive committee.
D, C. Borden, Vice-President of the First National Bank, Is the third
member.
Counsel: Alexander & Green and Edward W. Bourne, 120
Broadway, N. Y. City, and Garfield, Cross, Daoust, Baldwin & Vrooman,
Cleveland.
The group began preparations of its recapitalization plan on
Feb. 18, Just a month after the road filed under Section 77 of the Bank¬
its own
plan Tuesday last.
Wilfred Kurth,
Chairman of Home
ruptcy Act.
Details of the plan provide that the capital structure
would comprise equipment trust certificates,
of the new company
undisturbed mortgages, new
10-year notes, first consolidated mortgage bonds, series A
and B, new general mortgage bonds, on which interest would be contingent,
and new preferred and common stock.
Summary of the Plan of Reorganization
A summary of the reorganization follows:
The plan, while offered by the group representing holders of refunding and
improvement bonds, is in fact a plan devised as a result of consultation with
collateral trust
of Erie bonds.
security holders of the
the larger holders of the more important issues
The plan is intended to deal with all of the
in absolute fairness.
company, including the stockholders,
The poor credit of the Erie RR. for
many years
present
has been due largely to
of 1896,
financing through
believed that the present
which financing
should be possible
unwieldly financial structure erected in the reorganization
when no adequate means of financing was provided, and
equity securities has never been possible.
It is
plan avoids this error and sets up a new structure under
should be possible at low cost, and in good times financing
with equity securities.
It is obvious that to deal with all the priorities of present Erie
with exactness would lead to another complicated financial structi
Since securities forming a part of a sound structure are worth more
those in bad one, only five new issues of securities have been
the
securities
re.
than
provided in the
plan, and priorities have
been dealt with as
this
maturities
nearly as possible within
limitation.
given as of Dec. 31, 1938, after deduction of
during 1938 on equipment trusts and miscellaneous obligations:
»
Securities Left Undisturbed—The plan provides that all equipment
shall be left undisturbed.
These amount to $21,263,000.
It is proposed to pay in cash $4,616,000 New York & Erie
4J^s which maturea March 1, 1938, and also $2,135,000 New
second 5s which mature Sept. 1, 1939.
In addition, the following under¬
lying bonds are to be left undisturbed:
New York & Erie first 4s, 1947
Chicago & Erie first 5s, 1982
Chicago & Erie income 5s, 1982
Long Dock 3Ms, 1950
N. Y. Lake Erie & W. C. & R. R. 5Hs, 1942.
All figures are
'
trusts
third mortgage
York & Erie
$2,482,000
12,000,000
98,000
7,500,000
N. Y. Lake Erie & Western
New York
755,000
3,396,000
8,000,000
docks & imp. 5s, 1943
Pennsylvania & Ohio prior hen
4%s, 1950—
$2,071,134.
The obligations, including equipment trusts, to be assumed thus total
$57,565,134, of which $19,651,000 are obligations of lessor subsidiaries,
be assumed are
Miscellaneous obligations to
included in rents payable.
Mtge.—There is then erected a new
interest on which is
New
which
1st Consol.
will
be a first mortgage on
about 660 miles,
1st consol. mtge.
and, subject to only
446
discharged either b
of the securities to whic"
collateral which they
hold; the reorganization managers will have the power to decide, as to each
bank, which alternative should be followed.
The figures in the plan are
calculated on the assumption that the claims will be paid in cash.
Common Stock•—The common stock provided for in the plan will be dis¬
tributed only to the holders of refunding and i mprovement bonds and un¬
secured claims.
It will total approximately $77,000,000 to be issued at a
par or stated value of $36.25 a share, 2,000,000 shares going to the holders
of refunding and improvement bonds for 72 H % of their claims at one share
for each $36.25 of the claims, and the balance going to the holders of un¬
secured claims, including claims as allowed as the result of the rejection of
will be paid in full in cash.
The banks' claims will be
payment In cash or by distribution to the banks
they would be entitled under the plan as owners of the
leases, at one
share for each $40 of their claims.
approximately 375,000 shares will
be issued and reserved
addition,
In
retire the retire the
proceeds to be used to
bonds given to the RFC.
for sale, the
general mortgage
Stockholders—The entire issue is to be placed
in escrow for five years from Jan. 1, 1939, under option to the present Erie
stockholders at the stated value of $36.25 a share, plus interest at 4H%If there be any equity in the property for the present stockholders, it is
obvious that it can exist only after tbe indebtedness of the company is
satisfied.
By this method of dealing with the present stockholders the
equity, if any, is available to them purely through their payment of debts
Their interests are not adversely affected.
In fact, should they take up
their options, they then have an equity in a company with a sound financial
Five-Year
Option to Present
much improved credit.
structure and
Reduced—This plan, as outlined, reduced fixed interest
lines which is serviced through the payment
Changes
Fixed
debt, other than debt of leased
of rentals, from $275,477,402
to
$139,185,679, and fixed charges from
been earned every
earned. The total re¬
capital expenditures
bonds, and preferred divi¬
period 1933-1937
income bonds
simplicity.
bank loans,
aggregating $270,477,402 and stock in the amount of $214,868,100, or a
total of $485,345,502, there will be substituted a debt of $190,937,024 and
stock amounting to $109,760,185, a total new capitalization of $300,697,209.
The fixed interest debt, exclusive of that serviced through rentals, would,
therefore, be reduced by 49%, the total debt by 31%, and the total capitali¬
$14,238,002 to $7,670,108.
The new fixed charges have
year up to 1938, when they probably will not be
quirements for fixed charges, contingent interest, the
fund, the sinking fund on the general mortgage
dends, would have been earned on the average during the
In these figures, interest on the small issue of Chicago & Erie
has been included in the fixed charges for the purpose of
For
all
the
existing long-term debt, RFC, RCC and
zation by 38%.
The reorganization managers
represent the largest
have been selected to
holdings of the important issues being readjusted under
Group Which Presents the Plan
The
group
Aetna
the plan.
bonds,
Life Insurance Co.,
Bank, Manchester,
& Traders
Life Assurance
Co. of Canada, Montreal; First National Bank of the City of New York;
Home Insurance Co., New York; National City Bank of New York; Public
National Bank & Trust Co. of New York; Travelers Insurance Co., Hart¬
Brooklyn Trust Co., Brooklyn; Manchester Savings
N. H.; Manufacturers Trust Co., New York; Manufacturers
Trust Co., Buffalo; Mellon National Bank of Pittsburgh; Sun
ford; Yale University, New Haven.
Their holdings of refunding and
this
the re¬
represents
although
improvement mortgage bonds at
none of which were acquired since the commencement of
organization proceeding, total $11,359,000.
The group, as such,
only holdings of refunding and improvement mortgage bonds,
members of the group have other bonds or claims.
The group acts largely through an executive committee, whose names
given above.
■, .
New Money
time,
$22,500,000 of new collateral trust 10-year notes
applied subject to the provisions of the plan:
(1) To pay on consummation of plan:
New York & Erie RR. 3d mtge. bonds
.
Railroad Credit Corporation
—
will be sold, the proceeds
to be
—
...
(2) To pay at maturity, Sept. 1, 1939:
New York & Erie RR. 2d mtge. bonds
To pay interest accruals provided
penses of reorganization; to provide
meet contingencies
.
(3)
The amount to be
,
bonds will be issued to
$12,609,120—
$6,964,010 to Erie & Jersey 6s, 1955 (109%).
5,645,110 to Genesee River 6s, 1957 (109%).
creditors:
amount stated above is not required.
banks and their collateral are understood
Security
'
$66,162,425—
$37,100,000 to present prior lien 4s, 1996 (106%).
8,871,250 to present general lien 4s, 1996 (25%).
5,331,175 to present convertible 4s, 1953 (25%).
7,500,000 to present refunding 5s, 1967 and 1975 (7ki%).
7,360,000 to Reconstruction Finance Corporation.
Total fixed charges including rentals, $7,670,108.
overstates the
leases may be reduced
This figure
New General Mortgage—The next
there will be authorized
of which
issue proposed is the
$75,000,000, but of
general mortgage,
which only $51,-
plan..
charges, $9,998,919.
Capital
Expenditure Fund—A capital
expenditures fund is
473,472
1,895,000
'
$262,000
261,000
545,000
311,996
1,191,000
458,000
$5,365,000
$1,526,000
Reorganization Managers, as originally constituted, shall be: Frederick
Walker, Yice-Pres., Northwestern Mutual Life Insurance Co. (prior
bonds); Harry C. Hagerty, Treas., Metropolitan Life Insurance Co.
(general lien bonds); John W. Stedman, Vice-Pres., Prudential Insurance
Co. of America (convertible bonds); Henry 8. Sturgis, Vice-Pres., First
National Bank, New York (ref. & impr. mtge. bonds); a manager to be
designated by RFC.
TABLE
less any retirements
OF
EXCHANGE—NEW FOR OLD
—1st Consol. Bonds—
a Series B
Outstanding, Series A
•
Securities—
$
Equip oblig..
N Y & E 1st 48
SECURITIES
Will Receive-
—
—
Existing
Cen.Mtge.
Bonds
S
$
•
——
Preferred
Stock
•
Common
Stock
?
21,263,000)
2,482,000
Chic &E i nc 5s
Will remain undisturbed
12,000,000
98,000
Miscell oblig.
x2.071,134
Chic &E 1st 5s
N Y & E 2d 5s
2,135,000'
NY&E3d4Hs
4,616,000
686,928
1,564,640,
RCC oblig...
Bank loans
4s
z
Will be paid in
37,100,000
35,000,000'
Accrued int.
cash
2,100,000
Erie pr Hen
......
106%
Each $1,000
8.871,250
11.000,350
50%
5.331,175
35,485,0001
17,742,500
25%
llen4s
Accrued int.
5,331.175
31%
11.72S.585
2,129,100;
Erie gen
provided, be¬
fund payments and preferred dividends, equal to 2% of gross,
of property other than equipment chargeable to operat¬
ing expenses, and less any depreciation whicn may be subsequently charged
against way and structures.
The f und may be used for additions and better¬
ments which may not later be capitalized.
Preferred Stock—Preferred stock is provided for in the plan, issuable in
series.
Series A is to be presently issued, dividend rate 5%, cumulative
fore sinking
$680,000
681,000
1,418,000
lien
Those to be presently issued will
carry a coupon rate of 4j^%, will be due in 2014, and will be convertible
into 5% preferred stock.
Interest on those issued under the plan will be
payable only if earned, will be cumulative after Jan. 1, 1941, but total
accumulations shall not exceed 13K%A sinking fund of H% is to be
used for their retirement if earned after interest and provision for the capital
expenditures fund.
The bonds are to be issued for the following purposes:
$17,742,500 to general lien 4s, 1996 (50%).
5,331,175 to convertible 4s, 1953 (25%).
15,000,000 to refunding 5s, 1967 and 1975 (15%).
13,677,670 to Reconstruction Finance Corporation,
Total contingent charges,
$2,328,811.
Total fixed and contingent
751,345 will be issued under the
Bonds
Lien Bonds
$187,725
197,734
393,710
York
Chemical Bank & Trust Co
First National Bank, New York
Guaranty Trust Co.
Manufacturers Trust Co..
fixed charges to the extent that
by action of the reorganization
managers.
Convertible
General
of
Loan
W.
'
rentals on present
Amount
$1,564,640
Series A 4iks, 1956,
Series B 4s, 1996,
13,497,431
„
if in the judgment of the re¬
sold may be decreased,
organization managers the total
The respective claims of the
2,135,000
_
for under plan and ex¬
working capital, and to
Cash National Bank, New
First Consolidated mortgage
$4,616,000
6c6,928
1,554,640
i—
Banks
fixed.
$22,500,000 collateral trust 10-year notes,
secured by the pledge of 125% in 1st consol. mtge. bonds, will be
raise new money.
are
"
Erie
Interest
4%,
sold to
Co., New York;
Hartford; Bank of Manhattan
to be as follows:
this mortgage is
,
of holders or refunding and improvement mortgage
dated as of Feb. 18, 1938, consists of the following:
acting under agreement
$2,482,000 New York & Erie 4s due 1947, will be a second mortgage on
miles.
In addition, there will be pledged under this mortgage all
leasehold interests and its coal properties.
It will be an open end mortgage
with additional issues to be made only under severe restrictions.
on
1938
22.
Oct.
Chronicle
Each $1,000
Erie conv 4s..
Accrued int.
21,324,700)
1,066,235
25%
Each $1,000
E & J 1st 6s_.
109%
Each $1,000
Genessee River
general mortgage bonds.
Series A is to be issued under the plan for the following purposes:
$11,000,350 to the general lien 4s, 1996 (31%).
11,728,585 to the convertible 4s, 1953 (55%).
10,000,000 to the refunding 5s, 196^ and 1975 (10%).
Total preferred dividend requirements, $1,636,446.
Total fixed and
contingent charges, and preferred dividends, $11,635,365.
Payments into
the capital expenditures fund and sinking fund have not been included in
calculating this amount, altnough they are deductible before preferred
E ref & imp
55%
575,010;
Accrued int.
earned, cumulative in any event beginning Jan. 1, 1943, but
total accumulations shall not exceed 15%; earnings to be calculated after
deduction of amounts payable to capital expenditures fund and sinking fund.
Series B shall be fully cumulative from the date of its issue and is reserved
25'
6,389,00016,964,010
to the extent
in the amount of
$51,751,345 for the conversion of
dividends.
Amounts will vary.
Leases—As to leases, the plan proposes
firmed
by the Court shall be
the case of leases, which are
that all leases which
shall be af¬
adopted by the reorganized company. In
by the Court, the reorganization
disaffirmed
given power to negotiate new leases or to buy the properties
with new securities, providing the new rental or the charges on the new
securities, as the case may be, do not exceed the rentals under the old leases.
Claim of RCC and Banks—The claim of the Railroad Credit Corporation
managers are
1st
5,179,000 5,964,010
6s
466.110,
Accrued int.
109%
Each $1,000
7,500,000 15,000,000
56100,000,000)
Accrued int.
5,000,000/
7 H%
Each $1,000
RFC loans...
20,183,0001
.......
15%
10,000,000 72,500,000
10%
854.670J
Accrued Int.
Unsec. claims,
lease
llabil.
72 H%
7,360,000 13,677,670
4,531,250
y5,000,000
obligations:
State of New York grade crossing, $1,176,788; City
crossing, $133,737; National City Bank, Cleveland, $209,299;
Rayen Terminals Co., $551,310.
y Estimated,
z The plan
the case of all obligations "To be paid in cash" or "undisturbed" all principal pay¬
ments becoming due during 1938, and all interest accruing during that year, will be
Miscellaneous
x
of
Buffalo
grade
contemplates that in
the extent that such payments may not be made
provided for with cash raised pursuant to the plan,
paid In due course; to
1939, they will be
given In this column $28,125,000 are to
collateral trust 10-year notes which are to be sold
to the bonds
147, p. 2391.
prior to Jan. 1,
a In addition
be issued to secure $22,500,000
to supply the new money.—V.
Volume
Financial
147
Chronicle
Electric Bond & Share Co.—New Director—
Henry L. Hollis
was, on Oct.
13, elected
a
Company Continued Expansion During the Depression—
director of this company.—
V. 147, p. 2390.
Empire Power Corp.—Accumulated Dividend—
The directors have declared
a
the $2.25
dividend of 25 cents per share on
partic. stock, no par value, payable Nov. 10 to holders of record
Nov. 1.
This compares with 50 cents paid on Sept. 10, June 10, and on
March 10 last, 75 cents paid on Dec. 15 and Nov. 10, 1937, 50 cents paid
cum.
Sept. 15, June 15 and March 15, 1937, and Dec. j.5 and Oct.
dividend of 40 cents was paid on July 1 and March 16, 1936; 75
Nov. 9, 1935, and 50 cents on May 20, 1935, and Nov. 10, 1934.
on
a
145,
p.
2545, for detailed dividend record.—V.
Emsco Derrick &
147,
1, 1936;
cents on
See V.
1191.
p.
Equipment Co.—Contract—
a contract for construction of some 13 H miles
by the Los Angeles metropolitan water district.
a bid of $1,091,735.—V. 146, p. 3012.
Company has been awarded
of distribution pipe lines
Contract
was awarded on
■Balance Sheet—
Faber, Coe & Gregg, Inc.
Assets—
Feb. 28. '38 Feb. 28,'37
Cash in banks and
hand
on
Feb. 28/38 Feb.
Liabilities—
Notes
payable
28/37
to
$250,000
$211,333
471,433
Inventories
481,871
840,725
808,230
848.936
882,426
223,244
Dividend payable .
Investments
$200,000
216,735
banks
$223,480
Res've for collision
Accts. & notes rec.,
Accts.
less reserve
Fund lor redem. of
Federal
&
taxes
payable—
15,000
6,911
Insurance
7,005
stock,
76,405
98,322
Preferred stock—
526,600
Life insur. policies,
60,254
55,692
r
Common stock..
30,000
556,600
30,000
Prepaid ins., taxes,
interest, &c.
1,532,016
1,533,343
22,294
26,734
8,294
11,017
preferred
Surplus
......
Goodwill &
trade¬
1
marks,^
Total...
x
.$2,562,261 $2,565,193
Represented by 30,000 shares
Fall River Gas Works
Period End. Sept. 30—
Operating
.....$2,562,261 $2,565,193
Total.
no par
V. 146, p.
stock.
3012.
Co.—Earnings—
1938—12 Mos.—1937
1938—Month—1937
$67,174
$70,413
revenues.....
$880,463
$869,907
108,312
95,766
120,886
108,954
Gross income after retire¬
ment
Net
accruals
6,619
2,618
1,793
income..
5,688
—V. 147, p. 2088.
Fidelity-Phenix Fire Insurance Co.—Earnings-—
;Income and
Continued expansion of the American rubber industry throughout the
depression under the impetus of well-sustained demand for tires and tubes
and the development of a wider range of mechanical goods is depicted in
the data supplied
by the company in the registration statement filed with
the SEC covering the $50,000,000 debentures.
The company has, for example, in the last five years acquired or con¬
structed and put into operation plants at Memphis, Tenn., for the manufac¬
ture of tires and tubes and mechanical rubber goods; at Noblesville, Ind.,
for the manufacture of mechanical rubber goods; at Fall River, Mass., for
the manufacture of mechanical rubber goods, latex products and plastic
products; at Gastonia, N. C., and Woodstock, Ont., for the manufacture
of tire cord; at Port Elizabeth, South Africa, for the manufacture of tires,
tubes and mechanical rubber goods; and at Wyandotte, Mich., for the manu¬
facture of steel products and plastic products.
As of July 31, 1938 the
aggregate depreciated value at which these plants were carried on the com¬
pany's books was $17,546,475, out of the total book value of $74,929,991
at which the total fixed assets were carried after depreciation reserves.
Most important of these new plants is that at Memphis, where tire pro¬
duction was started in February, 1937, following acquisition of site and
building from General Motors Corp. in December, 1936.
Subsequent
development and additions to this plant have given it a capacity of 14,000
tires and tubes a day.
The plant is strategically located to serve the grow¬
ing markets of the South and Southwest.
While tires and tubes for passenger cars, trucks and buses continue
ment.
$7,637,239
3,649,474
.
Z
■
as required by these additions to manufacturing facilities, and
by the need for additional working capital imposed by the rising scale of
operations and increased value of receivables and inventories.
Firestone
will have, on completion of this financing, net working capital of approxi¬
mately $75,000,000, or roughly 50% of its estimated normal sales volume,
a ratio
comparing favorably with other major units in the industry,
The basis in earnings for the expansion undertaken by the company,
which is now to be capitalized is indicated in the sales and earnings figures
for the last cen years furnished by the company in its registration statement.
Net sales in the fiscal year ended Oct. 31, 1937, reached a total of $156,823,095, the highest point In Firestone's 38-year history, and net income
after all charges and taxes was $9,269,177.
Net after depreciation but
before interest, discount and income taxe3, was $12,434,781.
In the fiscal
years ended Oct. 31,1935 and 1936, net before interest, discount and income
taxes was, respectively, $8,105,959 and $12,050,831; while the lowest total
for such net earnings in any year of the ten, that for the year ended Oct. 31,
1930, was $3,196,375.
The maximum annual interest requirement on
the debenture issue is $1,750,000.—V. 147, P. 2244.
$345,315
$1,190,728
Investment: Interest, dividends and rents
Directors have declared
$1,033,777
.
$1,379,092
r
Florida Portland Cement
Increase in market value of stocks and bonds (net)
on
sales of stocks and bonds
$42,578,263
39,104
1,199,718
(net)
Cash dividends declared.
....
Net surplus June 30,1938
$41,339,441
:
x
on
1938
Assets—
Real
1938
$
72,648,613
1937
$
1937
S
$
Liabilities—
Unearned prems.
.16,829,403 15,474,626
1,654,688
1,654,688
Losses in process
2,271,510
2,291,139
Other claims
1,600,000
1,600,000
168,593
180,208
Reserve for divs..
1,200,000
2,532,633
Res. for tax & exp.
944,195
Net profit before
adjustment
Int. A rents accurd
Cash
of
2,582,501
2,629,588
....
taxes
$234,565
2,155,665
3,750,000
3,750,000
..41,339,441 53,731,054
Net surplus
non-operating periods (less miscellaneous
1776.
'
79,307,282
69,448,291
Total
"""in
Co.j;—Reorganization Progressing—
the
at
tion.
.
The Court ordered confirmation of plan
Fonda Johnstown & Gloversville
1938—Month
$34,875
31,220
Period End. Sept. 30—
a
further period
Net
revs,
RR.—Earnings1938—9 Mos.—1937
-1937
39,037
$322,979
315.052
$424,157
362,703
$3,655
4,616
$3,681
4,200
$7,927
38,303
$61,454
36,642
x$960
1,244
x$519
Drl80
x$30,376
10,379
$24,812
14,365
$284
13,248
x$699
15,552
x$19,997
125,944
$39,177
128,801
$12,964
Operating revenues
Operating expenses.....
79,307,282
from oper..
-J
accruals..
to
Brown Harriman A Co.
Operating income
Other income
$16,251
$145,941
$89,624
the registration statement relating to
the proposed
issue of $50,000,000 10-year 3H % debentures due 1948 has been filed with
the Securities and Exchange Commission, naming the underwriters of the
proposed issue and showing their respective participations, as follows:
amendment
continued for
complete arrangements for the necessary commitments ordering the
company to file a report on Nov. 14 and fixing Nov. 21 as date for a hearing
thereon;—V. 147. p. 2089.
to
B
Firestone Tire & Rubber Co.— Underwriters Named—
An
,■
reorganization proceedings at a hearing in the U. 8. District
Pittsburgh counsel produced evidence of definite progress in
negotiations for the necessary financing required by the plan of reorganiza¬
Tax
146, p. 750.
v
"
'
Total... ......69,448,291
—V.
$113,987
*
income, Ac.).—V. 147, p.
Conting. reserve..
Cash capital
14,008
provision for Federal income
Includes expense applicable to
x
969,100
_
collection
39,847
1,513
—
expenses
bonds
Bond expense
1,200,000
2,352,961
estate..
Prems. in course of
$397,645
229,802
1,195
Gross profit on sales
Selling and administrative
1937
$1,151,880
754,236
$504,585
267,312
;
Cost of goods sold
Court
Balance Sheet June 30
Bonds & stocks...63,000,539
1938
$1,333,404
828,819
,
sales
FoIIansbee'Bros.
;
in addi¬
Co.—Earnings—
12 Months Ended Sept. 30—
Net amount realized pn
40,351,755
22,493
824,923
Net surplus Dec. 31,1937
Decrease in special reserves.'
Loss
extra dividend of 59 cents per share
of $1 per share on the common
stock, both payable Nov. 15 to holders of record Oct. 21.
Like amounts
were paid on Nov. 15, 1937.—V. 147, p. 1338.
Interest
Balance...........
an
tion to the regular semi-annual dividend
156,951
;
/
Philadelphia—Extra Dividend—
""
3,659,969
G'rl7,519
...
',
Expenses
pioneer in the development of this agricultural
a
The major part of the proceeds of the new financing is to be used for
retirement of bank loans incurred since 1933 to increase general funds of the
Fire Association of
$8,098,645
461,405
Increase in unearned premium reserve
Expenses
Underwriting profit and loss items.
Firestone has been
market.
Profit and Loss Account 6 Months Ended June 30
Underwriting; Premiums written.
Premiums earned
Losses
the
bulwark of the demand, an important additional market for tire manufac¬
turers, which has developed rapidly in recent years, is represented by the
adaption of tires to tractors and farm implements.
This classification also
includes tires for larger earth-moving and other mobile industrial equip¬
company,
Automobiles, furn.
and fixtures
2531
Paine, Webber & Co..—....
L. F. Rothschild & Co
200,000
Net deficit.
200,000
5,000,000
Inc..$5,000,000
Otis A Co..
Gross income
\y Deduc'ns fr. gross inc.
200,000
Blyth&Co., Inc....
3,000,000
Starkweather A Co
First Boston Corp.
3,000,000
Stlfel, Nicolaus & Co., Inc-.i.
3,000,000
Wertheim A Co—
200.000
3,000,000
Denotes
x
Whiting, Weeks & Knowles,
deficit
loss,
or
y
Includes interest accruals on outstanding
200,000
Halsey, Stuart & Co., Inc
Lehman
Brothers...
.
Lazard Freres & Co
3,000,000
Glore, Forgan & Co..
1,750,000
—
funded debt.—V.
150,000
1,000,000
Hawley, Huller & Co...
Merrill, Turben A Co
150,000
150,000
Hayden, Stone & Co...,
1,000,000
G.H. Walker & Co
150,000
Kidder, Peabody A Co...
1,000,000
Bacon, Whipple & Go
Baker, Watts & Co..
Cost of sales
100,000
100,000
100,000
100,000
Bonbrlght & Co., Inc
Goldman, Sachs A Co
Lee Higginson
1,000,000
•_
Corp
1,000,000
Baker, Weeks & Harden
Stone A Webster and Blodget,
1,000.000
Blair, Bonner & Co
Haydenj Miller & Co
W.E.HuttonACo
500,OCp
Bodell A Co-.-...
500,000
Burr & Co., Inc..
F. 8. Moseley A Co
500,000
Wm. Cavalier & Co
White, Weld & Co
Bancamerlca-BIalr Corp
500,000
400,000
400,000
Curtlss, House & Co
Inc
......
—
...
100,000
Emanuel & Co
100,000
350,000
350,000
Illinois Co. of Chicago
300,000
Mitchum, Tully A Co
Central Republic Co
250,000
The Milwaukee Co
250,000
Maynard H. Murch & Co
Graham, Parsons A Co.
Jackson A Curtis
250,000
G. M.-P. Murphy & Co
100,000
100.000
250,000
Pacific Co. of California
100,000
Laurence M. Marks A Co
250.000
Arthur Perry A
100,000
Mitchell, Herrick & Co
i
100,000
100.000
Depreciation
for Fed. inc.
exc. profit taxes..
Prov.
100,000
350,000
Janney A Co
Riter A Co
Alex. Brown & Sons
300,000
McDonald-CooIldge & Co
Ladenburg, Tlialmann A Co..
300,000
Minsch, Monell & Co., Inc...
Co., Inc
250,000
Schwabacher & Co
E. H. Rollins A Sons, Inc....
250,000
Sills, Troxell A Mlnton, Inc—
Securities Co. of Milw., Inc—
250,000
Co
200,000
Singer, Deane & Scribner
Stein Bros. & Boyce._.—,—
Bankamerlca Co
200,000
Stroud & Co., Inc
200,000
A. C. Allyn &
Co., Ltd..
Dick & Merle-Smith
Dominion
200,000
Tucker, Anthony A Co. ——
Washburn & Co., Inc—...—
200,000
Brown Harriman &
J. G. White & Co., Inc
200,000
200,000
Yarnall A Co
Wells-Dickey Co
Securities Corp.,
Ltd
Eastman, Dillon & Co
First of Michigan
Corp
Mackubln, Legg & Co
200,000
Kuhn, Loeb & Co
88,848
$179,862
$173,319
$124,736
10,700
2,195
2,461
$190,562
$175,514
$127,198
42,413
•
,
*
100,000
100.000
100,000
100,000
100.000
100,003
100,000
3,500,000
$286,485
57,280
!
x
33,617
Dividend paid.
28,459
27,427
$162,102
124,600
$148,086
68,750
$84,784
25,000
$37,502
$79,336
$59,784
def$13,649
Balance
x
See
&
$195,588
209,237
100,000
Coffin A Burr, Inc....
Merrill, Lynch A Co., Inc
100,894
expenses.
100,000
Equitable Securities Corp
Field, Richards & Shepard.Inc.
First Cleveland Corp
400,000
278,013
profit..
100,000
Union Securities Corp
Co., Inc
Hemphill, Noyes & Co
Dean Witter A Co
1935
$1,070,394
723,468
168,233
53,955
100,000
...
100,000
100.000
100,000
100,000
100,000
100,000
100,000
100,000
A. G. Becker &
1936
$1,823,648
1,262,399
314,106
73.825
1938
$2,187,417
1,541,493
Sales expense. .
Total admin, expense...
Net operating
1937
19,468
Sales.!
$1,985,523
1,466,509
250,304
$267,017
Years Ended June 30—
200.000
Inc.:...
BancOhio Securities Co......
147, p. 2089.
(Peter) Fox Brewing Co.- -Earnings-
Cost of sales includes depreciation
charges of $45,446.
Balance Sheet June 30
1938
37,544
6,704
Accts. receivable
$42,258
52,216
8,053
110,904
Cash
1937
$19,155
Assets—
175,489
_.
Liabilities—
Accounts payable.
Accrued
Est.
Rev. stamps A tax
warrants
Inventories
on
expenses.
cust'rs
Fed. Income tax..
Ld.,bldgs.,mach.
Capital stock
Capital surplus...
Earned surplus...
827,406
749,019
48,596
25,000
37,152
19,565
663,715
157,285
169,422
28,459
677,110
143,890
183,072
48,596
35,197
1937
$51,064
deps.
containers
bbls., cases, fur¬
niture A fixtures
x
1938
$30,375
17,228
42,202
Organiz. exps. and
trade marks
Defd.
charges and
prepaid
exps—
Total...
x
$1,100,178 $1,103,161
After reserve for
Total
depreciation.—V. 146, p. 3802.
$1,100,178 $1,103,161
Financial
2532
Ford Motor Co.,
General Cable Corp.-
Detroit—Lincolrv-Zephyr Prices Changed—
popular Lincoln-Zephyr body types in the 1939
under prices on 1938 models, while two other
body types remain unchanged and a fifth type is increased $25.
The new
four-door sedan will sell at $1,360 against $1,375 for the old model, while
the two-door coupe-sedan will sell at $1,330 against $1,355.
These two
body types account for more than 80% of the Lincoln-Zephyr sales.—
Period Ended
-Earnings—
P The directors have declared an
addition to the regular quarterly dividend of 25 cents per share on the
common stock, par $5, both payable Nov. 1 to holders of record Oct. 20.
Similar amounts were paid in each of the seven preceding quarters.—V.
147, p. 419.
sales realized
Assets—
10,027
1
1
Goodwill
7,107
34,719
Securities
Dlvs.
21,876
201,931
$878,788
$927,395
2392.
7,375
75,330
12,399
11,692
$878,788
$927,395
4,610
ful accounts
Total
.
8,528,625
8,318,275
28,613
36,293
23,213
receivable..
Rec. ior sec. sold..
3
3,061
3,117
Scrip red. fund
Rec. on subscrip.
4,680
stock
4,000
10,475
4,200
fees
Res. for taxes
900
900
3,117
Capital stock— 1,156,144
18,801,343
Paid-in surplus
y
ended Sept. 30 was published in
Gamewell Co. (& Subs.)— -Earnings$5,166,085
3,501,552
Cost of sales bef. depr
$1,664,533
Gross profit
Sell. & gen. a dm. exp
1,209,580
Operating profit
36,453
$491,406
121,644
y62,985
on
y
x$143,926
110,498
x$10,052
102,828
12,504
""721
x$255,145
32,967
x$125,385
$56,882 def$125,385 def$288,112
$1.65
Loss,
x$229,237
85,311
58,435
com.
stock
x
Nil
Nil
$1.03
Consolidated Balance Sheet May 31
Assets—
$144,378
div.
U.
hands
Gov.,
accrued
Divs.
27,441
at cost
A
Res.
5,949,651
Profit avail. for dlvs..
17,548,256
39,663,931
26,533,667
17,205,332
Shs. common stock out¬
rec., less reserve
7,25,094
1,649,747
on
x
and provision for all taxes.
Orders received during the nine
months ended Sept. 30, 1938 amounted
$188,756,958, compared with $305,276,556 for the corresponding period
to
■jlyi JQ371 Qi d6CT6d>S6 o£ 38 %
U.
S.
6,489
6,683
43,163
being no real way of juding the depth of the better
itself.
the form of restoring the compensation
less to the level existing on Feb. 28,
1938 when the reduction became effective.
Those receiving more than
$300 a month will be adjusted on an individual merit basis.
This will be
made effective as of November first and applies to domestic operations only.
"The number of workers now being re-employed is the maximum number
to whom it is felt adequate employment can be given during the year as
judged by today's outlook.
The corporation recognizes its responsibility,
not
only in its own interest but in the interest of its workers and of the
national economy as a whole, to provide as much work as it possibly can
and to allocate the amount of work available so that it will produce the most
beneficial results to the individual employees as well as to the community
a
49,150
140,411
53,345
4,772
accts.
x
z
tract (not curr.)
Expenses.....
481,748
receivable
Common stock..
97,884
1,734,387
3,549,294
85,362
1,916,295
3,549,294
255,066
Treasury stock.
_
310,333
Dr72,156
606,739
77,911
138,413
Capital assets.. 1,767,710
1,804,886.
Pats. & franchises.
$1,389,278
73,434
$1,435,235
63,449
$615,871
257,325
3,588
$684,963
250,180
1,494
$1,462,712
772,299
10,464
$1,498,684
727,718
5,104
$433,290
$679,949
$765,863
To
accumulations
Dec. 15.
1
1
Total.........$5,908,865
$6,245,9561
$5,908,865 $6,245,956
Total...
119,304 no par shares,
-
y
Cost of goods sold, incl.
184,210
...
$3,479,864
Issuance exp.—pref. stk
Prov. for income taxes..
Net profit
22,308,444
67,319,224
63,306,606
7,287,741
23,413,327
23,705,227
$4,766,998 $11,080,171 $12,001,016
193,377
593,926
724,949
$4,960,375 $11,674,097 $12,725,965
85,012
923,545
1,882,823
2,313,045
_
557,513
$2,922,351
Prov. for div.on pref.stk
_
__
$4,036,830
168,754
$9,791,274 $10,327,908
$3,868,076
$9,791,274 $10,061,654
266,254
$0,737
$1,864
of operations
$1,916
of controlled
disbursed.—Y. 147,
p.
payment
dividend
1777.
Period End.
Gross
Austin S. Igleheart has been appointed Executive
Vice-President,
Francis, President of the organization announced.
Acquisition—
See Bay State Fishing Co. above—V. 147, p. 2245.
Sept. 30—
Prov. for
Grossincome—
Int. & other fixed charges
Divs.
on
$2,490,861 $28,588,736 $28,754,147
1;290,935 xl4,664,192 xl4,702,617
230,000
2,763,750
2,500,000
$
969,926 $11,160,794 $11,561,530
550,453
6,530,779
6,454,431
$419,473
$4,530,015
$5,097,099
245,862
No provision was
245,862
2,950,350
2,949,749
$226,326
pref. stock
Balance..
x
$1,023,631
551,443
$472,188
Net income
1938—12 Mos.—1937
1938—Month—1937
$2,544,527
1,289,647
depreciation..
231,250
revenue
Oper. expenses & taxes._
$173,611
$1,579,665
$2,147,350
made in 1936 or 1937 for Federal surtax on undis¬
distributed.—y. 147, p. 2090.
tributed profits as all taxable income was
General Steel Wares,
Ltd.—Refunding—
Company plans refunding of its 7% preferred stock of
standing, according to John C. Newman, President.—Y.
Realty
$4,500,000 out¬
146, p. 1398.
& Utilities Corp.—City Investing
Co.
Seeks to Foreclose 40 Broad St. Building—
The City Investing Co. instituted suit Oct. 18 in New York Supreme
Court to foreclose a $1,050,000 mortgage on the building at 40 Broad St.
which it
holds.
In
Its complaint it alleged that the General Realty A
to pay a $10,500 Instalment
Utilities Corp., owner of the building, had failed
on account of interest due on Aug. 1 last.
New Vice-President—
share was
General
Amt.
a'Including proportionate share in results
companies.—V. 147, p. 2245.
Aug. 15, last, and a dividend of $1.50
share was paid on Dec. 24, 1937,,this latter being the first
on tbis issue since May 15, 1931, when a regular quarterly
of $1 per
Net
profit applicable
to common stwk
$2,922,351
per sh. (5,251,440
common shares).__
$0,556
dividend of $1 per share on account of
payable Dec. 22 to holders of record
Georgia Power Co.—Earnings—
.
income.
a
the class A stock,
After depreciation reserves
General Foods Corp. (& Subs.)—Earnings—
Period End. Sept. 30—
1937—3 Mos —1938
1937—9 Mos.—1938
Net sales.
$33,436,281 $33,363,183-$101,812722 $99,012,849
Profit from operations $3,295,654
on
Like amount was paid on
made
of $1,186,714 in 1938 and $1,155,872 in 1937.—V. 147, p. 725.
provision for deprecia¬
tion & freight charges. 22,963,640
Selling, admmis. & gen.
exps. & other charges.
7,176,987
Pay Class A Dividends—
The directors have declared
per
ence
$669,599
15,364
Note—No mention made of taxes.
593,844
Deferred charges..
Total income.
Deprec. & amortiz., Ac
Interest, <fcc._
487,373
Other Investments
.
1938—9 Mos.—1937
$3,861,791 $10,459,173 $10,221,745
3,192,193
9,069,895
8,786,510
$571,285
44,586
Operating profit
Other income.-
Def. receivables A
Total income..
Inc.—Earnings—
1938—3 Mos.—1937
$3,654,541
3,083,257
revenue
$354,958
on
Surplus
under lease con¬
_
yrhich occurs every spring."—V. 147, p. 2392.
Period End. Sept. 30—
145,175
Eq. sold to munic.
Other
whole.
"To assist in carrying out its stabilization of employment program, the
corporation will again build substantial inventories in excess of retai
demand during the winter months, thus giving more hours of employment
to the working force and at the same time preparing for the seasonal
Gross
81,874
demand now manifesting
'
"The salary readjustment will take
of those receiving $300 a month or
General Outdoor Advertising Co.,
A
Preferred stock
ed contracts
a
buying, when retail deliveries of new cars can be made to
be substantially improved over that
existing during the past few months.
Therefore the Corporation feels
justified in increasing its current production schedules by revising upward
the plans made last summer, as well as in readjusting its general operating
program to a higher level of volume.
And notwithstanding that the cir¬
cumstances now available are indications as distinguished from facts—there
instal. notes and
tracts
y
Corp.—To Rehire 35,000 Workers—
$381,821
27,441
for
•
Sept. 23, 1938 the number of stockholders was 208,805, compared
September last year, an increase of 5.9%.—V. 147, p. 2244.
"Approximately 35,000 additional workers will be given re-employment
by General Motors during the next two weeks," Alfred P. Sloan Jr., Chair¬
man, announced on Oct. 18.
At the same time, Mr. Sloan announced that there will be a restoration
of the salary level existing previous to the reduction made last Frebruary.
"Our new models have been well accepted," Mr. Sloan said.
"There
pref. cap.
contracts
810,167
1,790,188 Unrealized inc.
Cost of uncomplet¬
...
28,845,927 28,845,927 28,845,927
$1.38
$0.92
$0.60
Including operating, maintenance and depreciation charges, reserves
28,845.927
$0.61
standing (no par)
Earnings per share
Adv. payments on
Munic. rental con¬
other assets
7,074,707
increase in business
$179,810
....—
Canadian tatfes.
234,934
238,034
accounts
Inventories
■
&
stock.
State
& munlo. secure.
Notes
payable
Acc'ts
of
agent.
S.
$179,140
1937
1938
Liabilities—
1937
1938
Cash
in
19,458,960
7,704,332
as
($767, in 1937) on. undis¬
Including Federal tax of $4,650
tributed earnings.
Cash
31,959,599
5,640,213
customers, in volume will be found to
932,940|
x$68,487J
$288,542
231,660
$48,177
Surplus for year
sh.
Available
$400,252
107,181
y43,331
$306,877
228,874
29,826
Net income
Common dividends
per
11,908,043
trend of consumer
Not
$864,452
Cr38,801
Preferred dividends
11,255,681
Net inc. from sales.__
Sundry inc., less int. pd.
and sundry charges
of retail
2,273,486]
$1,392,521
1,050,447
$342,074
58.178
Other income—
Earns,
x
be a greater interest than existed a year ago.
This is evidenced
by the attendance at the showings of our new cars as well as by the number
orders actually received.
This leads us to the belief that the
$3,137,9381
$4,657,170
3,264,649
$454,953
Depreciation
Fed. & Canadian taxes..
Loss on inv. & cap.assets
Adj. for items charged to
capital surplus
$
$
$
$
192,501,173 260,773,533 189,263,156 149,173,275
Cost of sales billed..:. 180,593,130 228,813,934 169,804,196 137,917,594
appears to
1935
1936
1937
1938
Years End. May 31—
1935
1936
•
General Motors
V. 147, p. 2392.
Net sales
$614,327
1035.
with 197,104 in
$9,653,358 $9,877,062
Total
The income account for the nine months
186,352
Cr266,277
Net sales billed..
382
253
Fed. inc. tax, con¬
$288,097prof$919,999
147, P.
On
surplus—/
Treas. stock
Dr342,038
20,151 shares capital stock.
y
$186,252
416,279
11,797
4,092
3.924
General Electric Co.-—Earnings—
30—
1938
1937
13,809
3,061
1,017,306
8,836,413
x
$9,653,358 $9,877,062
Total
Par $2.
$1,372
manage't
Accrued
for normal
9 Mos. End. Sept.
Earned
Deferred charges..
x
$19,417
Accounts payable-
Unredeemed scrip.
...
to cap.
1937
Accrued legal exps.
Funda¬
Group
Corp
_____
1938
Liabilities—
$1,093,470 $1,490,436
Securities owned..
—V.
Inc.—Balance Sheet Sept. 30—
1937
1938
■
^
Fundamental Investors,
Assets—
from
$234,901
48,649
bond int_.
Net loss
33,044
x Represented by 20,000 shares class A stock and 40,000 shares class B
stock, all of no par value.
The income statement for the nine months ended Sept. 30 was published
mental
233,266
744,242
tingencies and (or) surtax on un¬
distributed profits
Metal loss charged to inventory res've
A
class
on
stock
134,691
172,519
Rec.
266,278
252,271
$147,900prof$995,544
136.274
151,378
income—net.
Prov.
Reserve for doubt¬
103,180
Inventories
Total...
179,853
Surplus
Accruals, Ac
Notes A accts. rec.
-
173,553
188,733
27,212
Accounts payable.
126,516
34,685
110,120
Cash
ciation...,
22,476
2,888
22,468
Treasury stock...
Deferred charges..
$443,500
183,506
Reserve for depre¬
$393,920
10,287
$418,645
Ac.
Patents
Other
Fed. & State taxes paid on
$443,500
Capital stock
x
Bldgs., machinery,
Divs.
$742,606
$156,887prof $985,834
9,710
8,988
market prices
Provision for depreciation
Interest on first mortgage bonds
1937
1938
Liabilities—
1937
1938
Cash
$1,504,383
through decreases in
Loss
Fyr-Fyter Co.—Balance Sheet Sept. 30—
p.
395,441
27,007
$1,932,517
1,167,499
22,412
188,087
247,563
Selling, admin. & general expense
charges—net
Other operating
$1,926,831
t
Co.—Extra Dividend—
extra dividend of 10 cents per share in
147,
1938
$661,975
367,584
15,628
$278,763
Gross profit on
Franklin Fire Insurance
in V.
9 Months
1937
1938
Sept. 30—
safes, before deprec'n.
V. 146. p. 2244.
equipment,
1938
22,
-3 Months-
Prices on the two most
models will be $15 and $25
Oct.
Chronicle
According to the complaint, the mortgage was originally for $4,500,000
covered both 30 Broad St. and 40 Broad St.
It was reduced by
Clar¬
and
instalment payments and later was
so
that
apportioned between the two buildings
Broad St. and $1,000,000 from 30
$1,050,000 was due from 40
Broad St.
«
Volume
The
147
Financial
building at 30 Broad St. is
by the foreclosure proceedings.
The complaint says the General
Realty & Utilities Corp. became the
owner of the mortgaged
building on Aug. 9 last, acquiring it from the
40 Broad Street Corp., of which it is
controlling stockholder.—V. 147,
p. 1193.
Georgia & Florida RR.—Earnings—
Week End.
Oct.
1938
Operating
7
1— -Jan.
Glidden
1
to
7
1937
$1,049,115
$852,892
Co.—Acquisition—
Company has purchased going business of the Billings-Chapin Co., Cleve¬
land, including inventories, accounts receivable, trade-marks, brands,
formulae, goodwill and right to use the Billings-Chapin^name.—V. 146,
P. 3805.
Hackensack Water Co.—Bonds Called—
All of the outstanding general and
refunding mortgage 5% gold bonds,
A, due June 15, 1977 have been called for redemption on Dec. 15 at
101 >3 and accrued interest.
series
All of the
outstanding first mortgage 4%
1952 have been called for
redemption on
Oct.
1938
$22,600 1
—V. 147, p. 2393.
Payment
both of the above issues will be made at the New York Trust
on
Co.
The company has filed with the
County Register in Jersey City, N. J.,
a
mortgage covering all its water works and other properties as security
for an issue of bonds.
In connection with the
redemption of the above issues company sold
a few insurance
companies $14,350,000 first mortgage 3M%
bonds due 1968.
See V. 147, p. 1194.
privately to
Hamburg Electric Co.—Extension Confirmed—
_
Inc.—Proposed Delisting—
Company has made application for the withdrawal of
its common stock,
$1 par, from listing and registration on the New York Curb Exchange.
A hearing on the application will be held before Robert P.
Reeder, an
officer of the Securities and Exchange Commission, Oct. 25 at Washington,
The Bank of the Manhattan
Co., agent for this company, under its
extension offer dated July 15, 1938 which terminated
Sept. 30, 1938, has
received cable confirmation of the extension of this offer
to Dec. 31, 1938.
—V. 147, p. 1037.
Harbison-Walker Refractories Co. (& Subs.)—Earns.
D. C.—V. 147, p. 1194.
Grand Rapid Motor Coach Co.—Successor—
Period End. Sept. 30—
Net inc. after
deprec.,
x
Shares
Grand Rapids
RR.—Reorganized—
The company was reorganized under Section 77-B of the Bankruptcy Act,
new company (Grand Rapids Motor Coach
Co.), starting operations as
1938.
x
No provision
was
principal amount and accrued interest received $150 of debentures and 15
shares of capital stock of the new company.
*
Grand Rapids Motor Coach Co. was organized in Michigan.
All of the
assets of Grand Rapids RR. consisting
principally of cash, real estate,
buses, materials and supplies, and the franchise granted to Grand Rapids
Ry. under the franchise ordinance approved by the electors of the City of
Grand Rapids, Sept. 12, 1922 have been transferred to the new company.
The office of the company is 15 Hall St.> S. E., Grand Rapids, Mich.
Board of Directors consts of: Jpseph H. Brewer, Louis J. DeLamarter,
Carl J. Easterberg, Grover C. Good and Clay H. Hollister
Officers are: Louis J. DeLamarter, Pres.-Clay H. Hollister, Vice-Pros.;
Simon Glerum, Sec. and Treas., and R. A. Poteracke, Asst. Sec. and Asst.
Treas.
The capitalization of Grand Rapids Motor Coach Co. is as follows:
Authorized
Outstanding
25-yr. income registered debenture bonds
$834,450
*
$834,450
Capital stock (par $1 per share)
■
1100,795 shs.
95,795 shs.
f 5,000 shares have been authorized to be issued in accordance with the
terms of an agreement entered into between the company and its
manage¬
ment.
All of the 95,795 shares issued, have been deposited under the stock trust
agreement created in accordance with the provisions of the plan of reorganiza¬
The voting trustees are Carl J. Easterberg, Louis J. DeLamarter,
Joseph H. Brewer, Grover C. Good and Clay H. Hollister.—V. 134, p. 3271.
Gray Telephone Pay Station Co.—Acquisition—
made for
Great Atlantic & Pacific Tea
Co.—Obituary—
of 72.—V. 147,
Great Consolidated Electric Power Co.,
p.
Havana Electric & Utilities Co.—Accumulated Div.—
The directors have declared a dividend of 75 cents
per share on account
on the 6% cum. 1st
pref. stock, par $100, payable Nov. 15
to holders of record Oct.
31.
Similar payments were made in each of the
preceding quarters, on Aug. 15 and May 15, 1935; Aug. 15, May 15
and Feb. 15, 1933, and on Nov.
15, 1932. The last regular quarterly pay¬
ment of $1.50 per share was made on
May 16, 1932.—V. 147, p. 422.
Haverhill Gas Light
Period End. Sept. 30—
Co.—Earnings—
1938— Month—1937
Operating revenues
1938—12 Mos.—1937
$46,230
$46,948
$566,465
$562,314
4,511
4,462
5,514
5,404
48,725
46,765
52,478
50,288
Gross income after retirement
Net
accruals
income
—V. 147, p. 1928.
Hewitt Rubber
Corp.—Earnings—
Period Ended Sept. 30, 1938—
Net
reserves
for de¬
preciation & Federal taxes
Earnings
per
share
on
9 Months
3 Months
earnings after all charges &
$53,911
$0.32
$32,124
$0.19
-
capital stock
—V. 147, p. 1195.
Holland Furnace
Co.—Reorganization Changes Voted—
Stockholders at
a special meeting held Oct.
18 approved the plan for
changing the state of incorporation to Delaware from Michigan and fixed
Dec. 31 as the expiration date for the life of the present Michigan cor¬
poration. They also approved change in the capital stock to $10 par value
from no par value.—V. 147, P. 2395.
Hollinger Consolidated Gold Mines, Ltd.—Usual Extra
Dividend—
.
Directors have declared
an extra dividend of 5 cents per share in addition
regular monthly dividend of 5 cents per share on the capital stock,
both payable Nov. 14 to holders of record Oct. 21.
Similar amounts were
distributed in preceding months.
See also V. 147, p. 113 for record of
previous dividend payments.—V. 147, p. 1929.
1778.
Ltd. (Daido
Holly Development Co.—Earnings—
9 Mos. End. Sept. 30—
Net
Electric Power Co., Ltd.), first mortgage 7% gold bonds, series A, due
Aug. 1, 1944, and first and general mortgage 6H % gold bonds, due July 1,
1938
Dividends paid
earnings
Total
7% gold bonds, series A, due March 15, 1955. (4) Tokyo Dento Kabushiki
Kaisha (Tokyo Electric Light Co., Ltd.), first mortgage 6% gold bonds, due
June 15,1953, and (5) Ujigawa Denki Kabushiki Kaisha (Ujigawa Electric
Power Co., Ltd.), closed first mortgage 7% gold bonds, due March 15,
Japan for the purpose of giving the
Japanese Government a greater measure of control over the Japanese electric
power industry.
According to these laws a new company of semi-official
character will be formed entitled the Japan Electric Power Generation &
Transmission Co., Ltd.
This company will be authorized to take over
certain generation and transmission properties of existing electric power
companies including the companies above mentioned, in exchange for its
own shares.
It is the intention of the laws to respect fully the interests of
existing bondholders of companies, any of whose mortgaged properties willbe taken ova*, and
mortgages securing bonds will remain valid even after
the properties, on which they are registered, have been transferred to the
new company.
Payment of principal and interest of bonds will remain an
obligation of the existing companies, but, to ensure that the position of
foreign bondholders remains unaffected by the new legislation, payments of
both principal and interest of the above issues will, if any mortgaged prop¬
erties are taken over, be unconditionally guaranteed by the Japan Electric
Power Generation & Transmission Co., Ltd., and by the Imperial Japanese
Government itself.—V. 147, p. 112.
'
,
Great Lakes Dredge & Dock Co.—$1 Extra Dividend—
The directors have declared
an extra dividend of $1 per share in addition
regular quarterly dividend of 25 cents per share on the common stock,
value, both payable Nov. 15 to holders of record Nov. 2.
Extras
of 25 cents were paid on Feb. 15 last and on Nov. 15 and Feb.
15, 1937,
and on Dec. 15, 1936, and an extra dividend of 50 cents per share was
paid
on Feb. 15,
1936 and on Nov. 15, 1935.—V. 147, p. 1339.
a
$37,218
$40,679
27,000
138,350
27",666
27~,005
$45,344
86,806
$133,982
$13,679
90,698
$10,218
128,638
surplus
$272,332
Sept. 30
$138,856
$104,377
$132,150
Balance Sheet Sept. 30
1938
Assets—:
1945 stated:
A series of laws have been passed in
earned
1935
1936
1937
$72,344
$111,669
Cr49,313
27,000
Refund of Fed. inc. taxes
Balance, surplus
Earned surplus Dec. 31
■
12
common
a
of accumulations
The Japanese Financial Commission in New York in a notice, Oct. 14, to
the holders of (1) Daido Denryoku Kabushiki Kaisha (Great Consolidated
no
Federal
surtax on undistributed profits.
months ended Sept. 30, 1938, was
share, against $3,826,100 or $2.68 a
share for the 12 months ended
Sept. 30, 1937—V. 147, P. 1194.
Denryoku Kabushiki Kaisha)—
to
$2,795,300
1,380,000
$1.95
$384,300
1,358,883
$0.18
to the
Edward Wentworth Haskins, Vice-President and Secretary of this com¬
pany, died of a stroke on Oct. 18. at the age
$0.54
Net profit (estimated) for the
m
tion.
This company has obtained a substantial minority stock interest in the
Anemostat Corp. of America and representation on the board of directors,
it was announced on Oct. 18 by A. R. Oppenheim, President of Anemostat.
In addition, Gray Telephone has obtained rights to manufacture air-dis¬
tributors patented by Anemostat, which are used in air-conditioning sys¬
tems.—V. 147, p. 1926.
$782,100
1.380,000
$0.08
$720,600 equal to $0.40
The holders of Grand Rapids Ry., 1st mtge. 7% sink, fund gold bonds
received securities of the new company under the plan of reorganization
dated Dec. 30, 1936, as amended Jan. 23, 1937.
The holders of the 1st mtge. 7% sink, fund gold bonds for each $500
1938—9 Months—1937
$154,700
1,358,883
stock.—
per share
common
Earnings
the
1,
1938—3 Mos.—1937
depl., taxes, &c. (est.)
See Grand Rapids RR. below.
May
50-year gold bonds due July 1,
April 26, 1939 at 105 and accrued
■
Grand National Films,
of
2533
l II tor os t/.
1937
$17,250
revenues
Chronicle
not affected
Capital
Invest,
1937
assets— .$1,467,241
and adv.
$1,418,160
276,250
12,500
12,500
51,580
46,932
14,126
1,872
234,868
92,590
271,250
.
Marketable secur
Acc'ts receivable..
Inventory
Cash
220
1,671
Prepaid insurance.
Liabilities—
Cap.stk. ($1 par).
1937
Taxes accrued
8,835
Res. for dividend.
9,000
$900,000
7,060
5,529
9,000
819,743
793,207
21,367
272,332
6,226
132,150
Res. for deprec. &
depletion—
Res.
—
Federal
for
Earned surplus
$2,048,587 $1,853,173
.
$900,000
17,310
Accounts payable-
income tax
Total
1938
„
Total
$2,048,587 $1,853,173
—V. 147, p. 573.
Houston
Lighting & Power Co.
Earnings—
Period End. Sept. 30—
1938—Month—1937
1938—12 Mos.—1937
$1,047,048
$1,010,312:$11,349,750 $10,517,234
Operating revenues
508,836
483,834
5,739,644
5,031.082
Oper. exps., incl. taxes._
Property retirement re¬
1,622,673
serve appropriations—
195,800
199,431
1,580,047
$327,047
1,221
&4,030,059
$343,595
80,208
$328,268
$4,050,772
80,208
12,925
12,617
962,500
157,338
$3,880,621
1,074,166
131,239
$250,462
Net oper. revenues—
Other income
$235,443
$2,930,934
$2,675,216
$342,412
.
1,183
20,713
$3,863,479
17,142
par
Great
Lakes
Terminal
creased—
1
.
Warehouse
.
■
"
Co.—Dividend In¬
Directors have declared a dividend of 15 cents per share on the common
stock, payable Nov. 1 to holders of record Oct. 24. A dividend of 10 cents
paid on Aug. 15, last, one of 15 cents was paid on Dec. 1,1937, and one
of 10 cents was paid on Sept. 1,1937.—V. 147, p. 891.
Period End. Aug. 31—
Operating revenues
Operation
Net oper. revenues—
Balance
Interest & amortization.
530,815
97.547
1,159,711
481,714
938,927
$445,202
$474,606
1.526
8,603
$4,447,206
Dr33.592
$4, 001,818
92.473
$446,729
10.3,681
$483,209
100,231
$4,413,614
1,206,844
$4, 094,291
1 292,539
$382,978
$3,206,770
Balance
$343,048
Appropriations for retirement reserve
Balance
_
Preferred dividend requirements..
1,182,697
—
—V. 147, p. 2246.
Co.—Earnings—
$2, 801,752
1, 177,203
$2,024,073
$1,624,549
608.932
604,438
$1,415,141
$1,020,111
Ounces
Ounces
Pounds
Pounds
Pounds
Oold
Silver
Copper
Lead
Zinc
1938—15,150 1,183,926 xl3,881,426 30,731,436 x33,136,436
quarter, 1938—- 9,948 1,151,006
9,264,516 30,953,051
3d quarter,
2d
x
Due to improvement
sedond
common
Note—Effective Jan.
dividends and surplus
1,
and zinc concentrate shipments resumed
Period End. Sept. 30—
1938—3 Mos.—1937
Value of metals produced $4,211,340
$4,570,653
3,453,179
Operating costs
$758,161
Operating income
3,461,090
$1,109,563
1938—9 Mos.—1937
$10,550,197 $15,275,214
8,674,799
11,000,018
$1,875,398
$4,275,196
16,085
Other income
1937, the
ompany adopted the new system of
accounts prescribed by the Federal Power Commission, which differs in,
certain respects from the system the company previously followed, hence the
above 12 months' figures are not exactly comparative.—V. 147, p. 2245.
in metal prices copper production not sold in
guarter was liquidated
during the third quarter.
Total income
'
24,921
32,747
89,452
$774,247
$1,134,484
$1,908,145
$4,364,648
180,367
Net income
Earnings per share
capital stock-.
90,799
396,095
264,492
$593,879
Depreciation
Balance for
315,078
$2,360,138
Metals Sold
37,510
Non-oper. income (net).
315,078
$2,615,856
__
Balance
Howe Sound
47,815
104.407
Taxes
income
period, whether paid or unpaid
Co.—Earnings—
1938—Month—1937
1938—12 Mos.—1937
$979,533
$971,589 $10,547,170
$9,641,201
382.109
361,926
4,409,438
4,218.742
Maintenance
Net
Dividends applicable to preferred stocks for the
'
was
Gulf States Utilities
Int. on mtge. bonds
Other int. & deductions.
$1,043,685
$1,512,050
$4,100,156
$1.26
$2.20
$3.19
$8.65
on
Note—No provision has been made for surtax>n undistributed earnings.
—V. 147, p.
574.
Financial
2534
Humberstone Shoe Co., Ltd.—To Pay28-Cefit Dividend—
declared a dividend of 25 cents per share on the common
stock, payable Nov. 1 to holders of record Oct. 21.
Previously regular
quarterly dividends of 50 cents per share were distributed.—V. 139, p. 2048.
Directors have
Corp.—Meeting Further Adjourned—
Hupp Motor Car
meeting has again been
annual
Company's
Nov. 18.
adjourned, this time to
Prices Reduced—
1989 Model
'
122-inch wheelbase sixcylinder sedans and 125-inch eight-cylinder sedans, is based at $995 delivered
Detroit for the de luxe six. The custom six is $1,045, the de luxe eight $1,145
Prices
on
built from
New York
MacDonald, Vice-President in
according to W. A.
charge of sales.—V. 147, p. 1929.
Chicago shows,
and
purchased by Mr. Lubarsky thereunder, at
to Dec. 31, 1941.
M
25,000 shares of authorized but
unissued capital stock at a price of $5,625 per share.
To the present date,
the option has been exercised to the extent of 4,000 shares.—V. 147, p. 1490.
common
any
Period End. Sept.
1938—Month—1937
$483,185
252,133
30—
$548,831
232,310
Operating revenues
Oper. exps., incl. taxesProperty retirement re¬
1938—12 Mos.—1937
$5,123,960
2,630,868
$5,784,075
2,822,150
appropriations--
37,500
44,500
417,000
484,000
Net oper. revenues—Other income (net)-
$279,021
$186,552
$2,514,925
Interstate Bakeries
941
Drl22
3,669
Int.
on
$186,428
$2,548,594
$2,008,586
54,167
11,129
07,123
697,661
111,637
Cr2,731
650,000
94,391
043,118
$215,283
$128,255
preferred stocks for the
$1,742,027
$1,307,313
$279,962
56,250
8,429
Int. charged to construe Net income
Dividends applicable to
period, whether paid or
Balance
—V.
414,342
414,342
$1,327,685
$892,971
unpaid-
-
147, p. 2091.
RR.—Abandonment—
Indian Valley
The
Commerce Commission on
Interstate
11 issued a certificate
Odt
permitting abandonment, as to inter-State and foreign commerce, by the
company of its entire line of railroad extending from a connection with the
Western Pacific RR at Crescent Mills to Kngelmine, approximately 13.23
miles, all in Plumas County, Calif—V
145, p 3974.
Indiana RR.—Fares Increased—
of this company have been increased to two cents
a mile.
Fares of similar companies are to be increased later, it is understood,
in line with an aggreeinent between operators.—V. 144, p. 281.
Bus and traction fares
Investors Fund
813,931
582,721
810,577
542,287
$1,230,099
483,945
124,603
547,360
124,980
$597,693
-
1937
$2,582,963
$1,206,241
-
„
Oper., maintenance & retirement or
$557,759
depreciation._
-,r
Net income
Interest charges
Other deductions.
—V. 147. p.
1930,
dividends
Interlake Iron Corp. (&
1938
Subs.)—Earnings—
1937
1936
1935
$6,906,100
$3,154,962
5,449,977
$4,703,588
.3,985,998
$1,456,123
$717,590
$312,167
3 Mos. End. Sept. 30—
Gross
$2,685,765
2,601,689
—
Cost of sales
—
profit
—
—~
$84,076
2,842,796
Admin, sell., gen. & bad
141,617
111,327
82,020
116,510
loss$57,541
16,280
$1,344,795
74,663
$635,570
$195,656
102,849
Profit from operations
Other income
-
Total income
.
Interest & amortiz...
—
loss$41,259
92,596
248,036
Other credits (net)__.
—
$738,418
164,720
y452,859
21,529
$1,419,459
103,664
515,385
137,867
Estimated taxes
$258,841
173,477
$0.05
$0.41
Nil
Includes special charges.
Note—No provision made for surtax on undistributed
p. 575.
International Mining Corp.
$259,494
Nil
-Asset
profits.—V. 147,
Value—
H. W. Chadbourne, President, says:
At Sept. 30, 1938, the net asset value of the 523,273 shares of common
Stock outstanding in the hands of the public on that date was $6,897,319,
or approximately $13.18 per share.
These figures are after provision for
taxes and reserves including $448,392 for estimated Federal income taxes
(but no Federal excess profits tax) on unrealized appreciation of listed
securities at Sept. 30, 1938.
As of Sept. 30, 1938 there were outstanding purchase Warrants of the
predecessor company entitling the holders to purchase 47,239 shares of
common stock at $10 per share on or before Sept. 1, 1939.
If all of these
warrants had been exercised on Sept. 30, 1938 corporation would have re¬
ceived $472,390 additional capital; the number of shares of common soock
outstanding in the hands of the public would then have been 570,512, and
the net asset value on Sept. 30,1938, calculated as above, would nave been
approximately $12.91 per share.
The cost of unlisted securities which are traded in over-the-counter is
such unlisted securities
$35,001 less than the over-the-counter quotations for
Sept. 30, 1938.
at
The aforesaid total of $6,897,319 of net assets may
receivable, less payables and
contingencies
Investments in securities listed and (or) quoted on
stock exchanges, figured at market value at
Sept. 30, 1938, less estimated Federal income
taxes (but no excess profits tax) on unrealized
be classified as follows:
accounts
less reserves for taxes and
$382,740
5.55%
appreciation of listed securities at Sept. 30, 1938 5,143,273
in other mining ventures and de¬
velopments and unlisted securities, including
affiliated companies, stated at cost to predeces¬
sor company plus subsequent acquisitions and
advances at cost, less reserve of $256,834 for
mining venture losses
1,367,444
74.57%
Amount
Dated
Oct. 8,1938 $5,315,680.62
—
Laughlin Ore Co
Oct.
Shannopln Coal Co.
:
Oct.
The Vesta Coal Co
-Oct.
Adelaide Land Co—
----Oct.
Jones & Laughlin Steel Service, Inc.
Oct.
Assignment by Jones & Laughlin Steel Corp.
of the indebtedness of The Monongahela
Connecting RR. Co. to said corporation in
the amount of
: Apr.
Assignment by Jones & Laughlin Steel Corp.
of the indebtedness of Aliquippa & Southern
RR. Co. to said corporation in the amt. of_. Oct.
Jones &
All notes dated prior to
8, 1938
294,181.57
8, 1938 10,878,095.45
8,1938 1,683.888.04
8,1938 1,632,653.51
8, 1938
551,662.97
8, 1938
410,000.00
8,1938
1,560,000.00
Oct. 8, 1938 were surrendered to the Jones &
delivery of the obligations dated Oct. 8,
1938>s
1197.
Johns-Manville Corp. (& Subs.)—Earnings—
.,
.
1938—3 Mos.—1937
Period End. Sept. 30—
1938—9 Mos.—1937
and
Sales, net of returns
•
$12,341,457 $16,397,160 $34,702,289 $46,188,636
allowances
Manufacturing cost, sell¬
ing & adminis. exps-Deprec. and depletion..
Prov.
for
inc.
10,725,129
587,021
13,467,588
677,860
31,837,059
1,720,009
38,457,290
1,880,794
& excess
146,941
470,854
287,751
1,258,361
Profit after income tax
$882,366
$1,780,857
$857,469
$4,592,191
share
$0.89
$1.94
$0.55
$4.94
profits taxes
0.05%
$6,897,319
Total
100.00%
Subsidiary DissolvedCorporation has announced that on Sept. 22, Arizona
Mining Co., a
....
dissolved.—V. 147, p. 1490.
International
Vitamin
Corp.- -Employment
Contract
Modified—
has notified the New
holders have approved the modification
Jan. 15, 1936, with Simon Lubarsky,
Profit per common
Johns-Manville Credit Corp., a
wholly-owned subsidiary, the earnings of
reported net
consolidated with those of the parent company,
earnings for the nine months of $162,954, as compared with
the same period in 1937.—V. 147, p. 576.
which are not
Kansas City
$159,788 for
Southern Ry.—Earnings—
Period End. Sept. 30—
Railway oper. revenues.
Ry. oper. expenses
1938—Month—1937
$1,037,170 $1,250,826
674,971
769,537
1938—9 Mos.—1937
$9,817,237 $10,571,570
6,282,470
6,740,145
$3,831,425
from ry. oper.
$362,199
$481,289
$3,534,767
accruals—
98,000
88,000
922,000
880,000
Ry. oper. income
Equipment rents (net)--
$264,199
19,286
$393,289
34,089
$2,612,767
353,028
$2,951,425
432,320
$2,175,640
$2,457,361
Net
rev.
Railway tax
(net)-
12,388
10,433
$232,525
$348,766
Joint facil. rents
84.099
61,744
Kansas
City
Directors
have
Southern Ry.—Unification 'of Louisiana
Proposed—
approved
Kansas City Southern Ry.
a plan, dated Sept. 12 for the unification of
and Louisiana & Arkansas Ry., which is now
being submitted to stockholders for their approval.
Application will be
made in due course to the Interstate Commerce Commission for the requisite
authority to carry out the plan.
The plan proposes the acquisition of cdntrol of the L. & A. by the Kansas
City through the acquisition of the outstanding 160,000 shares of common
stock of the L. & A. in consideration of the issue of 110,000 shares of com¬
mon stock (no par)
of Kansas City.
The plan further provides that the
holders of the outstanding 40,000 shares of preferred stock of the L. & A.
may at any time during a period of three years (subject to purchase right)
exchange their stock for common stock of Kansas City on the basis of
shares of common,stock for each share of such preferred stock.
Such
preferred stock and 100,000 shares of common stock of Kansas City are to
be deposited in escrow.
The plan also provides that during said three year
period the Kansas City Southern will have the right to purchase any of
the L. & A. preferred stock (par $50 per share) at $37.50 per share, on
giving 60 days' notice, unless such preferred stock is exchanged for Kansas
City Southern common stock prior to the expiration of said 60-day period.
It is not intended to exercise this purchase right at the present time, but it
may be exercised if and when the board of directors deems it wise to do so.
In order to consummate the plan, it will be necessary to change the
common stock (par $100) of Kansas City into common stock without par
share for share, and to increase the authorized common stock.
It is pro¬
posed that such stock be increased from 300,000 shares to 750,000 shares,
so that after the issue of not exceeding 210,000 shares contemplated by
the plan, not less than 240,000 shares of additional stock will be available
future corporate purposes.
this additional stock.
for
There are no present plans for the issue of
300,000 shares of common stock now issued into the
same number of shares without par value will not involve any change in
the capital or investment account.
The new common stock will continue
to have the same rights as the present common stock; namely, the right
to receive all dividends paid in any year after 4% is paid in such year on
the non-cumulative preferred stock, the right to receive all amounts dis¬
tributed on liquidation or dissolution after payment of the par value of the
preferred stock, and equal voting rights with the preferred stock, share for
Sjh<U*6
19.83%
3,862
Deferred charges
The company
the corporation:
Promissory Note of—
Inter-State Iron Co.
The change of the
Investments
*
of
Netry. oper. income.—V. 147, p. 2091.
y
subsidiai
ary, was
;
Laughlin Steel Corp.—Collateral Deposited—
Corporation has notified the New York Stock Exchange that the following
promissory notes and (or) assignments are on deposit as collateral under the
mortgage securing first mortgage bonds, series A, 4M %. due March 1,1961,
Jones &
& Arkansas Ry.
Earns, per sh. on 2,000,000 shs. cap. stock (no
Par)--..
and
Coal mined (tons)
—V. 147, p. 1343.
Co.—September ProductionSept., 1938 Aug., 1938 Sept., 1937
356,344
303,231
387,217
y344,858
174,827
Dr70,125
$452,018 prof$837,371 prof$99,311
Net loss
Cash
Island Creek Coal
63,185
debtexpenses
Depreciation
Dec 31, 1937 —V 147, p 2091*
Ironton RR.—Director—
William I. Woodcock has filed an application with the Interstate Com¬
merce Commission asking permission to serve as a director of this railroad
to represent the Reading Co. on the Ironton Board.
The Ironton RR. Co.
is operated by the Reading Co. and the Lehigh Valley RR. Co., each
owning 50% of its stock.—V. 135, p. 2332.
,
,
Institutional Securities, Ltd.—Stock Dividend—
Directors have declared a stock dividend of 2 H % on the insurance group
shares, class 2,payable Nov. 1 to holders of record Sept.30.—V. 147,p. 1341.
Net sales
C, Inc.—Asset Value—
Fund at the close of business on Sept 30, 1938, was
share, as compared with $10.11 per share as at the close of the
listed above.-—V. 147, p.
1938
$2,602,894
30—
All Federal and local taxes.
Balance available for
per
Laughlin Steel Corp. upon
Indianapolis Water Co.—Earnings—
12 Months Ended Sept.
Gross revenues„ *
$205,396
The valuation of the
$10.61
Month of—
bonds
mtge.
Oct. 9, *37
Oct. 8, '38
$320,292
1931.
—V. 147, p.
Dr 506
Other int. & deductions-
Corp.—Earnings—
Weeks Ended—
40
Net after after all charges
$2,009,092
serve
stock, not previously
time or from time to time on or prior
option covered an aggregate of
The
preceding quarter and $9.37 per share on
Co.—Earnings—
Idaho Power
for three years
1938, the option therein
eight $1,245.
the new 115-inch wheelbase six to be
acquired Cord body dies, will be announced at the
the "Skylark,
1938
Dec. 31, 1948,
and the custom
the recently
22,
beyond its present expiration date, Dec. 31, 1945, to •
and so as to extend for aperiod of three years from Dec. 31,
granted to Mr. Lubarsky (or his personal rep¬
resentative) to purchase shares of common stock of the corporation so that
the said option may be exercised with respect to any and all shares of
same
been reduced between
Prices of the 1939 senior sixes and eight have
$50 and $160 from comparable 1938 models.
The senior line, comprising de luxe and custom
Oct.
Chronicle
York Curb Exchange that stock¬
of the employment contract dated
the President so as to extend the
The plan
provides that directors
of Kansas City have the right not to
carry out the plan, even if approved by the stockholders, if, in the discretion
of the board, the exercise, or threatened exercise, by dissenting stock¬
holders of the appraisal right given under Missouri law in connection with
the change of common stock into stock without nominal or par value makes
it advisable not to carry out the plan.
The L. & A. operates a line of railway extending from Shreveport, La.,
where it connects with Kansas City Southern's railway, to Baton Rouge
and New Orleans.
Other lines of the L. & A. reach into central Louisiana
and southern Arkansas.
The L. & A. owns all the bonds and 25% of
the stock of Louisiana Arkansas & Texas Ry., operating a line of railroad
which (including
trackage rights) extends from Shreveport to Dallas, Texas.
of the L. A. & T. is owned by the owners of the pre¬
of the L. & A. who have agreed to turnUt
The remaining stock
ferred stock and common stock
Volume
147
Financial
the L. & A.
over to
as a
capital contribution
or
for
a
Chronicle
2535
nominal consideration.
mad0 application to the ICC for authority to acquire such
remaining stockland
for'.authority to take over the properties of the L. A.& T.
Forborne time directors of Kansas
City Southern have given considera¬
tion ,to „the
possibility of effecting a unification of the company and the
i,
Li.
& A. and
believe that the acquisition of control of the L.
termsIproposed would
be
&
A.
on
LEHIGH & NEW ENGLAND RR. GENERAL 4s
Due April
the
advantageous.
At
It is contemplated that, if the
practicable, be unified operation
or the two.lines.
Upon consummation or the plan Kansas City (through
the L. & A.) will have direct
access to New Orleans and Baton
Rouge, and
the shortest route between Kansas
City and New Orleans.
Acquisition of
control of the L. & A. will enable
the Kansas City Southern to participate
in the growing industrial
development in the territory served by the L. & A.,
and should
strengthen its competitive position.
Studies indicate that
substantial additional net
earnings for both roads should be realized through
the unification.
Plan is consummated, there will,
far
so
85M
1, 1965
& Interest.
No
net
about
YARNALL & CO.
A. T. & T. Teletype
Kuhn, Loeb & Co. and Ladenburg, Thalxnann &
Co. ware employed by Kansas
City and the L. & A. to prepare and submit
a unification
plan.
The board is advised that these firms considered the
comparative recent and current
earnings of the two companies as a proper
starting point from which to work out fair terms.
The terms proposed in
the plan are not the result of a
mathematical formula, but were worked out
preferred stock and
common
stock, of the L. & A., will accept the plan. , The Chairman, Harvey
C. Couch, has a substantial interest in
the holdings of said group; and is
the principal stockholder of a
corporation which
common stock of the Kansas
City Southern.
Others having an interest
in said group also own stock of the Kansas
City Southern.
None of the
directors of the Kansas
City Southern (other than the Chairman) has any
beneficial interest in the stock of the L. & A.
The directors urges stockholders to attend the
special meeting which has
been called for Dec. 15, 1938 and to vote in
favor of the plan and the action
necessary in connection therewith, or to send in their proxy promptly, to
be voted in favor of the plan.
Nc
Capitalization of the Kansas City Southern Ry. outstanding in the hands
of the public as of June
30, 1938 (excluding certain terminal bonds guar¬
anteed jointly with other
»
proprietary companies, was as follows:
3% bonds, due April 1,1950
$30,000,000
Fefunding & impt. mtge. 5% bonds, due April 1, 1950
20,927,000
Texarkana & Ft. Smith Ry. 1st
mtge 5Ms. ser. A, due Aug. 1 ,'50 10,000,000
Kansas City & Grand view
Ry. 1st mtge. 4 Ms, series. A, due
Dec. 1. 1950
3,000.000
Texarkana Union Station 5% trust
certificates, series A, due
Dec. 1, 1957 (co.'s proportion of
$1,500,000 outstanding)
285,000
Equipment trust certificates
1,173,000
First mortgage
Philadelphia
Average number stores
—V. 147, p. 1932.
1938—4 Wks.—1937
-
1938—40 Wks.—1937
$18,125,610 $19,048,365 $175911,352 $191769,402
.^^4.006
^4,164
in operation
Lake Shore Mines,
Ltd.—Production—Jr| |j
Company reports production in quarter ended Sept. 30 at $2,336,924 from
treating of 222,868 tons. This is calculated at price of $20.67 an ounce for
gold. Translating production of 113,059 ounnces into rate of
$35 per ounce
output
was
was worth about
valued at
$3,957,065.
$2,322,988, while
In preceding quarter output at $20.67
gold, it was worth $3,933,475.
at $35
Recovery
preferred stock and
owns
Phila. 22
Kroger Grocery & Baking Co.—Sales—
Period Ended Oct. 8—
Sales
by negotiations between those firms, in consultation with certain directors
of the Kansas City
Southern, and representatives of the group owning the
stock of the L. & A.
The company has received assurances
that members of the group which
own 58,000 shares of
prior preferred stock, and all the
—
1528 Walnut St.
As stated in the
plan,
Tons
Sept. 30, 1938
June 30, 1938
Mar. 31, 1938
Dec. 31, 1937
Sept. 30, 1937
—V. 147. p. 1783.
$2,336,924
2,332,988
2,142,860
2,262,398
2,147,000
Total long-term debt..
1938
1937
y $8,615
Total capital stock
;
$50,959,900
Stock of both classes is entitled to one votd
per share.
Capitalization of Louisiana & Arkansas Ry. outstanding in the hands
of the public as of June 30,
1938, was as follows:
First mortgage 5% bonds, due Jan.
1, 1969
$16,000,000
....
1936
740,552
Total long-term debt
$17,887,552
Prior pref. stock (6% cum., $50
par. red. at $52.50 per share)
$3,000,000
Pref. stock (6% non-cum., $50 par, red. at
$52.50 per share)..
2.000,000
Common stock, no par (160,000
shares)
4.000,000
60,014
Crl 5,797
zCr40,615
1,986,638
$328,689
1,972,949
$447,667
1,630,282
$322,325
1,307,957
$1,690,506
210,000
$2,301,638
315,000
$2,077,949
105,000
$1,630,282
Total surplus
$1,480,506
Shs. com, stk. outstand¬
$1,986,638
$1,972,949
$1,630,282
147,689
147,689
$2.32
147,689
$1.47
197,308
75,000
Depreciation
Prov. for inc. taxes
Other expenses
700
60,591
Cr28,852
Other income
loss$296,132
-
k
ing (no par)
Earnings per share
Total capital stock
$9,000,000
vote per
one
share.—V. 147, p. 2091.
.
used, together with $169,166 of the company's own funds, to retire all
5% bonds of B. F. Keith's New
amount of $1,100,000.
by eight promissory notes,
each in the amount of $125,000, bearing interest at from 2 to 3
M % •—V. 147,
p. 894.
:
'
was
tne issued and outstanding first
mortgage
York Theatres Co. (a
predecessor) in the total
The loan from the Bankers Trust Co. is evidenced
Kentucky-Tennessee Light & Power Co.-—Note—
A hearing has been set for Nov. 3 in the
Security and Exchange Com¬
mission's Washington offices on the declaration
(43-159) of company cover
ing the issuance and sale of its $750,000 4 M % promissory note to the First
National Bank, Boston.—V. 147, p. 2248.
1938
director of the company
V. 147. p. 1931.
since
1935.
Other
officers
were
reelected.—
Def. chgs. to rev..
Inv. in contr. cos.
share
per
common
1938—3 Mos.—1937
$150,645
$322,194
1938—9 Mos.—1937
$861,091
$1,245,738
$1.76
$2.55
on
stock
$0.31
$0.66
After depreciation, interest. Federal income taxes, Federal surtax
undistributed profits and preferred dividends.—V. 147, p. 743.
x
on
Sundry
Kirkland Lake Gold Mining Co., Ltd.—Extra Dividend
—V. 146, p. 2589, 2373.
Kirsch
x
June
1938
1936
! >2,851,510
$1,683,019
1,096,823
557,226
$964,337
548,033
412,403
$222,666
$296,316
20,082
$28,970
$3,900
21,650
14,079
12,670
$244,316
$316,398
82,395
Sell., gen. <fc admin, exp.
76,132
$43,049
32,338
1,270
$16,571
22,391
_
_
Total income
Non-operating
625,000
2,924,000
Accounts payable.
403,448
432,724
Prov.
250,000
for
Federal,
provincial &
66,447
710,266
15,000
658,779
3,531,075
nicipal taxes
Earned
..$7,150,856 $10043,6601
expenses-
Federal income tax
Fed. undist. profits tax.
—
1,764,859
790,335
34,779
19,800
29,021
1936
______
$132,900
-
$7,150,856 $10043,660
Co.—Meeting Day Changed—
The company informed us that hereafter the board of directors are sched¬
uled to meet on the first Tuesday in the months of March, June,
September
and December for dividend action.
This Is instead of the first Monday in
each of the foregoing months as heretofore.—V. 147, p. 576.
Lehigh Valley Coal Corp.—Earnings—
Period End.
Sept. 30—
Loss
from
mining
selling coal
1938—3 Mos.—1937
$222,627
29,427
Total loss from opers.
Other income
"•
$252,054
215,310
Gross loss
Federal
and
1938—9 Mos.—1937
and
$295,063
$194,324
28,980
69,124
$324,043
„
248,444
Assets—
$185,686
$9,440
1938
1937
$48,440
314,481
$32,119
Accounts payable.
Accts. & notes rec.
395,858
Customers'
Inventories
386.554
392,375
8,698
11,481
Investments
Sinking fund
Liabilities—
loss$5,820
&
equip., &c._.
711,670
17,901
Organization
.
$125,252
Accruals
60.569
2,453
115,895
$36,744
271,553
771,433
822,931
66,478
37,323
209,507
144,436
17,381
5,917
66,196
10,625
69,053
27,349
Cr4,089
dr3,U3
1,058,095
$873,673
un¬
tax—
Federal taxes
Penn. income tax
$75,599 prf$506,309 pf$ 1245,578
20,645
Cr775
State
employment tax.
Federal old age benefit
500
~
--
9,666
314,423
269,210
27,000
CY9.248
1,019,892
$702,951
Minority interest
Deprec. & depletion
$672,894
$1,589,096
Cr4,626
-
Net deficit
Note—Computation after providing for preferred stock at its fixed rate
per share.
Income from mining and
selling coal
operations—
$194,088
89,146
$104,942
1,09J,385
—
Total income from operations—
Other income
--i-
Gross income
Interest and carrying charges on reserve coal lands
Federal and State unemployment tax.-..
Federal old age benefit tax
Federal taxes
24,985
234
697
Conv. pref. stock.
1,111,860
1,111.860
com.
1
.
Class B
com.
stock
36,639
37,062
stock
108,213
23,848
Capital surplus—
184.010
108,090
211,696
18,226
Deficit.
90,732
129,919
$1,516,377 $1,608,071
Total...
$1,516,377 $1,608,071
—V. 146, P. 3670.
m
Knott
P^Fred
Corp.—New Vice-Presidents-—
Minority interest
Depreciation and depletion
Net deficit
146,
p.
4122.
—
$1,162,679
1,257,825
$1,195,327
1,025,667
268,364
93,873
31,083
1,000
27,000
Cr8,321
$2,420,504
1,410,923
1,440,588
$473,998
1,093,716
167,628
69,053
118,981
3,800
735
147, p.
576.
Lehigh Valley RR.—64% Deposits Reported—
The company reports
deposits of about 64% of the principal securities
affected by the proposed plan for extension of interest and maturities.
Total deposits now are approximately $67,757,000 with enough additional
70% of the affected issues.
80% of each class of security is asked to make the plan effective.
definite commitments to bring the total above
Assent of
Deposits or general consolidated mortgage bonds now are approximately
$45,000,000 or 62% of the issue: Lehigh Valley Ry first mortgage, $10467.000 or 70%; Pennsylvania & New York Canal & RR. consolidated
$5,540,000 or 65%; and Lehigh Valley Terminal Ry. first mort¬
$6,750,000 or 67.5% —V. 147, p. 2248.
mortgage,
gage,
Liggett & Myers Tobacco Co.—Extra Dividend—
O. Cosgrove and Ernest G. Giamais have been elected Vice-Presi¬
dents of this corporation.—V.
Miscellaneous deductions..
$1,260,457
97,778
$1,654,261
Loss from other
—V.
25,466
22,494
18,226
exp.
$80,118
credit
balance
Class A
1
Deferred charges._
Total
$263,448 prf$372,471
769,758
873,107
1937
Deferred income..
685,791
18,516
Goodwill
1938
Reserves
•17,769
Land, bldgs.,mach.
Patents.
$447,722
75,251
261,062
—
Comparative Balance Sheet June 30
Cash
149,172
1,986,635
in 1938 and $2,304,397 in
value, z Represented by
Pennsylvania income tax
Net profit.
v
no par
shares of $100 par.—V. 147, p. 744.
Lambert
97,346
149,485
surplus..." 1,480,506
Total
Represented by 147,689 shares of
y
38,638
Reserves
15,000
After reserve for depreciation of $1,905,531
1937.
mu¬
Consolidated Income Account for 12 Months Ended Sept. 30
1938
1937
1937
$3,207,434
2,114,483
870,285
Cost of goods sold
frpm oper_
Non-operating income.
Bank loans secured
6,532
of $3
30—
Net profit
609,166
894,717
...
Total
1937
$2,953,780
1,500,000
60,828
Investment
1938
stock.$2,953,780
1,500,000
6,532
250,000
Accts. receivable..
Common
-/Preferred
trade¬
marks, &c
Co., Sturgis, Mich.-
Years End.
Net sales..
55.640
stock.
609,165
Investm'ts
Goodwill,
y
28,593
Miscell. deductions
Directors have declared an extra dividend of two cents per share In
addition to the regular semi-annual dividend of four cents per share on the
common stock, par $1. both
payable Dec. 1 to holders of record Oct. 31.
185,000
58,745
Including $20,000 credit adjust-
z
Liabilities—
42,803
Int. and carrying charges
on reserve coal lands.
Kimberly-Clark Corp.—Earnings—
Sept. 30—
1937
Property acct...$4,561,545 $4,878,068
Loss from other opers—
Keystone Steel & Wire Co.—New Secretary—
At the recent regular meeting of directors,
following the annual meeting
of stockholders, W. O.
Fritze, formerly Assistant Treasurer of the company,
was elected
Secretary and Assistant Treasurer.
Mr. Fritze has been a
$1.51
y$777,478
196,383
Consolidated Balance Sheet Aug. 31
Assefs—
x
Inventories
Earnings
Nil
Before providing for income taxes,
ment arising from other
years.
y
(B. F.) Keith Corp.—Bonds Redeemed—
Corporation on Sept. 1 issued to the Bankers Trust Co., as collateral for
a loan of
$1,000,000, a total of $1,000,000 of first & general refunding mort¬
gage 6% bonds, series B, due March 1, 1946.
The proceeds of the loan
Period End.
xNet profit-
147,689
Casli
Stock of all classes is entitled to
1935
y$930,418
165,534
185,000
88,000
1,147,000
•
v
3,628,447
3,820,505
3,627,585
y$738,706
195,913
150,000
49,377
60,439
zCr45,713
Interest
$65,385,000
$21,000,000
29,959,900
$35
$3,957,065
3,933,475
Lake-of-the-Woods Milling Co., Ltd.(&
Subs.) —Earns,
Years End. Aug. 31—
Profits
-
Preferred stock (4%, $100 par)
Common stock ($100 par)
Recovery
$20.67
222,868
236,413
233,055
229,590
228,978
_
Equipment trust certificates
Equipment purchase agreement
5%
as
„
Directors have declared an extra dividend of $1 per share in addition to
dividend of like amount on the common and common
thp rftmiiar Quarterly
Financial
2536
Dec. 1 to holders of record Nov. 15. Extra
paid on Dec. 22, 1937 and on Dec. 18, 1936.
$25, both payable
B stocks, par
dividends of $2 per share were
602.
—V. 146, p.
Los
o
$2,949,526 $13,440,103
Total income
AStLng^ncf£!' &cT.':
Federal tax
xl00,561
Shs.cap.stk.out.(no par)
Earnings per share
__
1,798,431
940,080
2.023.855
$8,848,159
2,506,559
$7,369,960 $5,595,478
2.503,000
2,526,553
$3.53
$2.94
$2.21
on undistributed profits.—V.
for Federal surtax
provision
Includes
x
Angeles Ry.
Lincoln Mortgage Co.—Internet Payment-—
recently released by Amott, Baker & Co., Inc.,
holders of $5,221,400 Lincoln Mortgage Co. 5% cumulative
income debentures issued to the former holders of $13,194,500 various series
Lincoln Mortgage A Title Guaranty 1st mtge. collateral bonds, received
their first interest distribution of 1% on Oct. 1, 1938.
The plan of reorganization under which the new securities were issued
was approved by the New Jersey Court of Chancery on Dec. 23,
1937.
$i'??on7?
6,152,075
934,769
formed pursuant to the plan
Delivery of the ne* securities took place on
Feb. 1, 1938.
May 5, 1938.
,
,
.
a
....
acquired by the company includes 522 building units
located principally in Essex, Union, Bergen, Hudson and Middlesex Coun¬
ties, containing a total of about 2,700 rental units which were carried on
the books of the trustee in liquidation at an acquisition cost of about
$9,200,000.
One hundred twenty-one mortgages, totaling $1,971,119 in
The real
estate
substantially all of which were first mortgages,
principal amount,
also
acquired.
June
for the year
$300,236
Taxes
$183,990
operations
774
562,354
8,554
$308,790
Gross income..
11.495
$195,485
800
debt..
unfunded debt.
Interest on funded
300
565.091
Miscellaneous rents
528,667
3,234
Balance Sheet Aug.
433
$260,335
Net loss
$333,914
31, 1938
Liabilities—
Assets—
Investments
Cash..
.....
...
Other current assets
Prepaid insurance
Prepaid taxes
Other unadjusted
debits
8,954,400
16,893,055
unmatured —
& notes payable—...
Funded debt
Loans
5,COO
80,573
546,507
22.C97
28,979
- 13,265
149,820
receivable
Material & supplies
$2,OCO,OCO
Preferred stock
180,000
receivable
Loans & notes
Common stock
$47,920,361
953,668
Special deposit
Accounts
5b8
70,366
636,269
-
-
Operating income
Non-operating income
62,698
633,103
Audited accts. & wages pay.
233,396
Accrued interest
204,337
Tax liability
Other current
1,498
liabilities—.
18,905,198
Accrued depreciation
120,366
Unredeemed tokens
4,135
unadjusted credits—.
Other
1,888,084
Corporate surplus
were
Total
$49,900,271
Total
-$49,900,271
——
.
,
five months ended
earnings of 2.20%
Amott-Baker report, earnings for the
30, 1938, were at the rate of 2.54%, as opposed to
According to the
6,465,774
967,229
#
851
81,089
.
Operating revenue
Operating expenses.
According to a report
of the pew company
W37
$8,108,413
fl
from transportation
Revenue from other rail and coach
Other revenue
New York, the
took place on
$7,941,408
Passenger revenue
Interest on
147, p. 576.
The sale of the assets
Corp.—Earnings—
Ended Aug. 31—
8 Months
Depreciation
xl ,584,950
x2,075,460
$428,706
2,508,380
$0.17
$8,333,989
$10,978,765
2,516.484
2,420,260
-
profit
Net
restricted surplus, $1,368,718;
$9,081,565—V. 145, p. 2081.
$4,296,870;
Li bbey-0 wens-Ford
-
repossessed properties, $21,348;
capital stock (374,646 shs.),
earned surplus, $443,512;
deposits, $5,866; reserve for losses on
for losses on receivables, $44,041;
reserve
total,
Glass Co. (& Subs.)—Eornings—
Mos End Sent. 30—
1938
~ 1937
1936
1935
MLufacturingpron?.„ $4,421,065 $14,395,998 $12,370,411 $9,259,772
DepSSC-- 1,667,951 1,612,200 1,972,386 2,012,653
Profit
$2,753,114 $12,783,798 $10,398,025 $7,247,119
Other income
196,413
656,305
580.740
1.086,870
1938
22,
Oct.
Chronicle
147, P. 2249.
—V.
Louisiana & Arkansas Ry.—Proposed UnificationCity Southern Ry. above.—Y. 147, p. 2092.
1937.
See Kansas
Loft, Inc.—New
Pepsi-Colo Directors—
Co. was elected on Oct. 14
handed down in the Guth-Loft case two weeks ago.
President of the Phoenix Securities Corp.; James V.
Carkner, President of Loft, Inc., and Herman Shulman, Counsel for Loft,
were elected to represent the Loft interests.
John Burton, Robert Atkins
and W. D. Hoodless were elected to represent the Guth interests.
Loft, Inc., recently won title to tne Pepsi-Cola Co. from Charles Guth,
General Manager of Pepsi-Cola.
Mr. Guth has appealed the case to the
Supreme Court of Delaware, but pen . ing a decision, the lower court ordered
that seven interim directors of Pepsi-' ola be chosen, three for each side and
one neutral.
The neutral director will be named by the court.
In addition to the change in the directorate of Pepsi-Cola, certain changes
A new board of
under
were
made in executive positions.
Mr. Mack was
elected President, Mr.
Guth was continued as General Manager, John T. Woods Jr. was
Vice-President and Treasurer and Mr. Burton was elected
as
—V.
147,
Lone Star Cement Corp.
(& Subs.) -Earnings—
1938—9 Mos.—1937
$15,432,151 $16,372,735
3,117,865
8,260,975
8,207,279
1938—3 Mos.—-1937
$5,636,551
$6,096,372
3,055,171
Mfg. & shipping costs
629,696
682,477
expense
$2,348,811
$1,898,902
Operating profit
1,949,711
$6,338,514
$6,493,141
55,656
59,656
149,961
$1,954,558
$2,408,468
$5,371,427
Miscellaneous income
Total income
154,628
on
interest
payments) & amort, of
2,627
468
deb. discount & exp__
for income taxes,
& franchise
stk.
taxes, &c
Prov. for deprec.
243,470
756,538
278,903
728,876
& depl.
720,115
1,929,683
674,929
2,132,532
Miscel. chgs. (incl. prov.
doubtful
&
accts.
141,195
201,803
392,672
55,500
709,500
757,000
$191,109
$205,145
$1,842,313
$1,933,791
$191,109 '
1,754
$205,145
2,797
$1,842,313
21,721
$1,936,653
21,730
$192,863
72,960
$207,942
$1,864,034
875,543
61,729
$1,958,383
875,488
53,553
$926,762
$1,029,342
$1,206,190
$2,328,956
$3,130,627
962,228
Operating income
on mtge. bonds
Other int. & deductions.
Int.
per
72,963
5,288
4,410
Net income
$115,493
$129,691
to preferred stock for the
period, whether paid or unpaid
Balance.
967,095
$1.25
962,228
$2.42
967,095
„■ $3.24
$0.84
share
744.
_
1938
1937
$3,963
$3,462
168
$3,469
255
Interest.
1936
293
$4,131
$3,725
$3,755
Earnings of the Long Bell Lumber Co.
1938
3 Months Ended Sept. 30— Gain before deductions for depletion
depreciation
Depletion
Depreciation
and interest<
Interest
$234,600
174,651
170,643
36,910
Accrued Fed. & State income taxes
Accrued Fed. surtax undistrib. profs.
Gain for
*
------loss$147,604
period
Note—No provision has
—V. 147, p. 577.
\
been made for surtax on
Los Angeles Investment
Years End. Dec. 31—
Total
revenues
...
Operating expenses
Interest expense
Taxes
225,036
51,690
7,500
23,495
$573,678
249,479
203,939
50,324
$296,584
$69,937
undistributed profits.
(Del.) (& Subs.)—Earns.
1938
1937
$11,030,032 $10,381,440
and taxes
5,724,469 , 5,110,830
$997,129
367,686
186,330
176,654
Net profit from oper..
and deprec.
on
$266,460
property, &c
yl30,538
1936
1935
$769,009
81,063
$514,092
$850,072
$599,722
364,337
240,499
164,890
354,900
85,630
255,282
161,523
1934
$468,082
95,179
$563,262
317,022
304,204
173,591
$80,346 loss$l71,983 loss$231,555
Losses
y39,258
126,415
777,754
$4l,087xls$298,398 loss$ 1,009309
x Of
which $117,514 chargeable against prei ously created reserve,
After deducting losses chargeable to previously created reserves amounting
Net
profit for year
y
to $43,203 in
$135,922
1937 and $74.271 in 1936.
'
Balance Sheet Dec. 31, 1937
$217,714; mort¬
gages, trust deeds and sales contracts, $1,094,899; stocks and bonds owned
(other than subsidiary companies), $145,949; unsold real estate and improve¬
ments, $2,805,530; operative and investment real properties (net), $2,989,248; equipment assets (net), $37,231; investment in subsidiary companies,
$1,494,651; accounts receivable from subsidiary
companies, $32,981;
investment in real estate trsuts, $229,266; deferred charges, prepaid de¬
posits, interest, insurance, &c, $10,139; total, $9,981,565.'
« '
Liabilities—Accounts and commission payable, $1,935; accrued payrolls,
.nterest and taxes, $22,244; notes payable, secured by trust deed and col¬
lateral, $1,450,000; mortgages payable, $1,375,750; dividends payable
addresses unknown), $51,281; deposits in escrow accounts and rental
Assets—Cash, $23,956; accounts and notes receivable,
(
$5,305,563
228,881
Net oper. rev. and other income
for retirement reserve)
(before approp.
,
on
$4,321,020
287,410
37,000
1,033,740
160,227
159,134
316,667
.100,000
incurred
21,958
preferred stocks of Louisville
held by public
20,914
$2,679,362
$3,007,232
1,354,920
_______
Dividends
1,200,000
,1,119,231
expense
during 1937Other income deductions
Balance
$5,558,020
37,000
Gross
income-,..-....
Interest charges (net).
Amort, of debt discount and
$5,534,445
$4,297,445
-
$5,270,610
1,200,000
(before approp. for retire, res've).
Other income (net)
1,354,920
Gas &
Electric Co. (Ky.)
$1,652,312
Notes—(1) The above figures for the 12 months ended Aug. 31, 1937
have been adjusted to reflect $24,769 of additional taxes applicable to the
period of 1936 included therein, paid by Louisville Gas & Electric Co.
$1,324,442
Net income
(Ky.) in 1937 and charged to surplus.
(2) No provision wras made by Louisville Gas & Electric
or State income taxes or for surtax on undistributed
Co. (Ky.) for
profits for the
deduction in its Federal and State
income tax
unamortized discount and expense
and redemption premium and expense on bonds redeemed in 1936. which
resulted in no taxbale income for that year.
During the period from Jan. 1
to Aug. 31, 1936, Louisville Gas & Electric Co. (Ky.) made provision for
Federal income taxes in the amount of $271,400, which was reversed over
the period from Sept. 1 to Dec. 31, 1936.
During the period from Jan. 1
to Nov. 30, 1936, that company also made provision for State income taxes
in the amount of $90,060 which was reversed during December, 1936.
Also, provision made for the year 1937 was reduced as a result of deductions
to be made in income tax returns for losses resulting from the flood in Louis¬
Federal
year
Co .—Earnings—
1937
$934,241
62,888
Interest revenue
$867,372
263,067
1936
'
,
Revenue from operations
1937
$672,810
Louisville Gas & Electric Co.
Years Ended Aug. 31—
Operating revenues.
Operating expenses, maintenance
Amort, of flood and rehabilitation expense
Loss for period
356,532
$570,230
Appropriation for retirement reserve—
Amort, of contractual capital expenditures
Long Bell Lumber Corp.—Earning s3 Months Ended Sept. 30—
Loss before deductions for interest
356,532
147, p. 2093.
Net oper. rev.
Net profit
Shares common stock
—V. 147, p.
2,862
(net)
552,428
$805,585
contingencies)
Earnings
& Light Co.—Earnings—
1938—Month—1937
1938—12 Mos.—1937
$655,129
$705,932 $7,267,300 $7,694,637
405,020
" 445,287
4,715,487
5,003,846
59,000
Net oper. revenues
Rent from lease of plant
—V.
Prov.
for
Louisiana Power
Period End. Sept. 30—
Operating revenues
Oper. exps., incl. taxes..
Property retirement re¬
serve appropriations..
Dividends applicable
funded debt
(incl. taxes
cap.
plan contained
Supreme Court
of nearly
U. S. Supreme
A plea to set aside the twice-conformed reorganization
a petition for a writ of certiorari filed with the U. S.
July 15 by counsel for J. S. Bache and other stockholders, owners
20% of the company's preferred stock was denied by the
Court^on Oct. 10. 1938.—V. 147, p. 744.
in
1,826,943
$5,221,465
Holders'
Corp.—Preferred
Reorganization Denied—
Other income (net)
Selling & administrative
on
Petition to Halt
2092.
p.
Period End. Sept. 30—
Sales
Interest
continued
Secretary.
Oil & Refining
Louisiana
directors for the Pepsi-Cola
court order
a
Walter S. Mack Jr.,
1936,
that company claimed as a
returns for the year 1936 the
as
and Feb. 1937.
No surtax on undistributed profits under
incurred by the other companies consolidated
No provision for surtax on undistributed profits during
1937 under the Revenue Act of 1936 is included in the above statement,
as no such surtax will be incurred by the company or its subsidiary companies
for that year.—V. 147, p. 2397.
ville during Jan.
the Revenue Act of 1936 was
herein for
1936.
McKinley Mines Securities
on
1935
$45,934
3,270
$27,925
4,922
$69,365
833
M.
'.mummummurn
362
744
$33,209
16,784
3,650
$75,045
12,945
6,147
$77,946
Interest earned
Profit
Co., Ltd.- -Earnings1936
1937
Calendar YearsDividends earned
exchange
«.
W
—
Total income..
Adminis. &
gen'l exps
Transfer & corp. expense
Other charges
Taxes
Balance, surplus
Dividends paid
4,648
287
Sundry
'
$78,779
22,537
6,413
$49,205
22,445
2,006
220
64
1,055
621
788
103
$48,554
84,290
$24,068
56,193
$11,987
$55,848
28.097
56,193
Volume
147
Financial
Balance Sheet Dec. 31, 1937
Assets—Cash
in other companies at cost,
$1,470,140; total
Liabilities—Bank of Nova Scotia, direct
dividends
payable,
$6,221;
unclaimed
advance, $33,625; accounts and
(predecessor company),
earned surplus,
dividends
J8-300; 1,123.862 shares of capital
stock, $1,123,862;
$325,745; total, $1,497,752.—V. 145, p. 3350.
Louisville Gas & Electric Co.
12 Months Ended Sept.
Gross operating revenue
approp.
for retirement,
(Ky.) (&Subs.)—Earns.
30—
1938
Net operating revenue and other
1937
$10,879,612 $10,288,051
income,
before
after taxes
reserve and
5,512,247
income, after deduct, for interest charges,
amortiz. of debt, discount and expense, &c
5,512,665
2,673,712
__
Net
Magma Copper Co.—Earnings—
9 Mos. Ended
Sept. 30—
1938
Copper produced, lbs
24,704,041
Average net selling price per pound..
9.418c.
x Average net
production cost per lb..
8.065c.
Income from mining operation
$274,674
Other income (including railroad)
55,775
production is being maintained at our
plant at Middle River, at a rate
which now enables us to take
full advantage of the
$2,590,000 manufactur¬
ing expansion program we
completed early this year in anticipation of in¬
creased and stabilized demand.
*'0f our backlog of unfilled
orders, totaling $14,497,544, approximately
70% represents U. S. Government
orders, with 30% going to export.
The
contracts on our
foreign business are so written that virtually no risk of
cancellation or loss is entailed
by war developments on other continents.
As a result, our dollar
volume of production for 1939 should be
higher
i
Xv4U>
for 1938 and
1937
22,580,761
22,046.175
11.066c.
Comparative Balance Sheet Sept. 30
1938
Assets—
Investments
7.911c.
6.120c.
$646,585
132,726
$662,270
92,854
$779,312
$755,124
Cash surr. value ol
life insurance...
•a
Property,
$330,448
copyrights.
1937
$
Accounts payable.
Advances rec. un¬
$
229,632
325,671
der terms of con¬
tracts
54,058
Accrued liabilities. 1,080,188
Notes pay.
(non-
2,973,373
13,996
185,000
820,000
870,042
6,988,864
2,037,852 def229,161
Cap. stk. ($1 par).
936,583
Capital surplus... 7,714,693
13,435
138,092
1,780
347,832
355,897
current)
6% conv. notes
plant
Deferred charges..
The average cost of producing copper is after
deducting gold and silver
values and includes all operating costs, Arizona
taxes, Federal social
Liabilities—
3,056,990
252,410
4,242,606
355,131
158,471
and equipment.
4,616,313
Pats., trade-marks
and
1938
$
1,986,649
Accts. receivable..
1,688,360
Inventories
3,239,606
9.124c.
1936
1937
$
Cash
Other assets
(after deducting
tax).
estimated Fed. normal inc.
we are practically assured continuing volume through
'4
"Night shifts, which have been organized in several
departments, bring
tne number of our
employees for the second successive month to a new alltime high."
2,960,960
Note—The figures of 1937 have been adjusted to reflect
$18,577 of addi¬
tional taxes applicable to the period of 1936 included
therein, paid in 1937
and charged to surplus.—V. 147,
p. 2249.
Total net income
2537
ous
deposit, $7,329; dividends receivable, $20,283; shares
$1,497,752.
on
Chronicle
Earned surplus...
183,324
x
security
Total
a
depreciation and administrative expenses, but does not
allowance for mine depletion, capital stock tax or Federal
taxes,
include
any
income tax.
12,053,006
After
reserve
Masonite
Manufacturers
Trading Corp.—Earnings—
Period Ended Sept. 30, 1938
Net earnings
x
•
x
After interest
taxes and
rediscounts and borrowings,
of $63,504.—V. 147, p. 895.
on
reserves
y
$68,709
And after provision for
Bond interest
Depreciation
reserve.
Written-off leases &
__
1938
e$363,622
f345,511
183,842
1937
1936
$458,807
b352,505
172,003
c$562,448
f350,087
180,504
1935
$193,886
b353,357
165,846
con¬
tracts
50,000
Pay under guarantee of
pref. div. of Eastern
Bakeries, Ltd
Prov. for income taxes.
13,000
Deficit for year
13,000
$165,731
sur$14,857
$128,702
$388,318
b Interest on bonds—portion payable in cash
$134,372; portion of interest
on bonds and deferred bank loans settled
by the issue of class A shares—
bond interest $129,374, bank interest $88,760.
d Interest on bonds—por¬
tion payable in cash, $134,372; portion of interest on bonds and deferred
bank loans settled by the issue of class A shares $218,985
(bond interest,
six months, $29,759; bank interest, $89,227).
c Includes $17,376 ($14,183
1937) income from investments,
f Interest on bonds—portion
in
($131,953 in 1937); portion of interest on bonds and bank
by the issue of class A shares—bond interest $129,374,
bank interest $88,760.
Consolidated Balance Sheet July 31
k
1938
Assets—
c
1937
$
Cash.
1938
$
Accts, & bills rec.
Inventories
58,007
1 166,242
936,018
1,568,666
.
37,979
2,800,949
Advs. to controlled
companies..
96,919
126,066
Accts.
mtges., Ac..—
d Fixed assets
of
and
1,743,661
a
1,620,023
1,259,502
230,155
177,033
162,324
151,953
Net profit from opers.
Otherincome
$1,367,934
101,176
$2,169,994
85,755
$1,652,099
110,312
$1,186,484
74,649
$2,255,749
124,509
$1,762,412
$1,261,134
53,522
201,237
210,865
5,706,755
5,845,402
51,158
parts
Def'd oper. exps_.
Tradem'ks & good¬
148,583
59,193
35,887
300,000
300,000
a
1st
mtge.
Total profits & income
$1,469,110
Other deductions
for Fed. &
_
Prov.
47,487
_
306,334
21,851
x277,350
Divs.
on common
1,966,300
4,662,855
4,662,855
1,243,578
250,100
Com. shs. ($1 par)
1,025,444
250,100
prov.
a98,270
805,636
538,842
for
$1.96
Dec. 1, 1937.__
14,793
$5.01
$3.41
266",689
Including $26,500 ($9,000 in 1937) for Federal surtax on undistributed
profits,
y $15,768 paid on 7% cum. pref. stock from
Sept. 1, 1936, to
Oct. 31, 1936, date of
redemption, and $92,589 paid on 5% cum. pref. stock
from Oct. 1, 1936, to
Sept. 1, 1937.
x Figures after
deducting $98,270 for
dividend requirements on
the presently outstanding
preferred stock,
a Dividends on
5% preferred stock.
r
x
Condensed Balance Sheet Aug. 31
Assets—
1938
1937
Liabilities—
1938
1937
Plant & equip..$2,652,642 $2,269,257 z 5%
cum.pf.stk.il,860,300 $1,965,400
Cash
718,323
1,162,458 x Common stock..
900,985
795,885
Receivables.."
999,318
1,197,316 Accounts payable.
104,585
242,083
Inventories
1,288,238
1,085,817 Acer, wages, taxes,
Prepaid ins., Ac..
87,557
62,269
interest, Ac....
211,285
271,370
Due from empl's..
32,650
11,396 Prov. for Fed. and
y
Invest
26,742
pat.
State income tax
appli-,
307,000
Dividends
expenses,
159,278
430,000
158,752
Res. for self insur.
213,813
196,919
49,135
35,696
Earned surplus...
2,326,714
2,086,345
$5,919,281 $5,985,4341
Total
$5,919,281 $5,985,434
Represented by 638,842 (536,740 in 1937) no par shares,
y After
depreciation and depletion Reserves of $1,389,845 in 1938 and $1,187,829
in 1937.
x Represented by shares of
$100 par.—V. 147, p. 2398.
Continuing its policy in effect during the second quarter, company again
bought stocks on balance during the quarter ended Sept. 30.
Net asset
value per share of the 5,673,505 shares
outstanding on that date was
$20.69, compared with $20.13 on June 30 and $15.56 on March 31.
As of
14,793
Dr20,460
16,942
8.6% of the fund.—V. 147,
Dr20,460
181,174
11,041,228 12.096,020
Net cash and receivables of $10,016,325
quarter.
to
b Surplus
Total
z$3.03
stock.
Shs. of com. stk. outst..
Earns .per sh.on com. stk
Oct. 15 net asset value had further increased to $22.33.
In addition to new capital obtained from the sale of
shares, the Trust
Invested approximately $2,750,000 from its cash account
on
Stated value of shs.
...11,041,228 12,096,020
$1,004,271
377,356
Massachusetts Investors Trust—Asset Value—
($1
held by subs
203,340
$1,429,649
94,339
600.050
266,689
x
the Issue of cl. A
shs. to b'kers
287,863
$1,728,091
yl08,358
1,473,675
536,740
pref. stock
Total
share)
Accrued
x403,149
$1,144,274
on
401,946
1,966,300
44,899
Miss.
State income taxes
cation
5^%
bds. due 1949..
CI. A partic. pref.
shs. ($14 persh.)
per
$
3,428,495
185,369
b'kers'
(secured).
Mgement shs.
will
.
.......
wages
Deferred
advs.
repair
Total
1,939,003
amortiz. of patents...
trademarks, &c.
Taxes pay. Aaccr.
1,743 661
Other Investments,
Invent,
$2,597,940
1,810,195
266,031
payable, &c
com¬
panies (net)
$3,434,447
Pats.,
Owing for pur. of
grain (secured).
Invest'ts in shs. of
controlled
1937
Liabilities—
$
Curr. bankers' adv 2,168,015
Bills rec. under dis.
164,886
1935
$4,286,031
payable
in cash, $127,377
loans settled for
1936
-
$3,408,284
Divs.
13,000
1937
(excl. of de¬
preciation)
Provision for deprec. &
50,000
4,000
577
exp.
Net profit.
_
.12,053,006 11,215,361
p.
1938
Shipping, sell., admin. &
gen.
Maple Leaf Milling Co., Ltd. (& Subs.)—Earnings-
Years End. July 31
Profits from operation..
Years End. Aug. 31—
& amort, of patents.
12 Months
$179,256
y63,503
147,
Gross profit on sales, be¬
fore deducting
deprec.
-
9 Months
Gross income
Total
Corp.—Earnings—
'
Note—Income report for 1938 does not include profit on
1,542,113 pounds
of copper produced but not sold.—V.
147, p. 1199.
11,215,3611
for depreciation.—V.
p.
during the third
Sept. 30 amounted
on
1933.
.
■
Merchants & Manufacturers Securities Co.—Divs.—
The directors have declared quarterly dividends of 15 ceints
per share
on the class A and B common stocks and a
special participating dividend of
26 cents per share on the participating preferred stock all payable Nov. 15
to holders of record Nov. 9. Similar amounts were paid in
preceding quarters.
Under agreements with bankers and the trustee for the bondholders,
a portion of the interest on the bonds and deferred bankers' advances
up
to Dec. 1, 1938, is to be settled by the issue of class A shares,
b Including
—V. 147, p. 578.
surplus arising from reduction of capital, less amounts written-off assets,
Ac.
c After reserve for doubtful accounts of $88,973 in 1938 and
$110,676
in 1937).
d After reserve for depreciation of $1,441,936 in 1938 and $1,277,685 in 1937—V. 145, p. 2398.
Gross profit
a
International
Marconi
Interim
Marine
Communications-^-
Dividend—
Company paid an interim dividend of 7 7-10 cents per share on the
Depository Receipts for ordinary registered stock on Oct. 18
Sept. 27.—V. 146, p. 2698.
to holders of record
Marion-Reserve Power Go .—Merger
Approved—
3,348,849
2,954,961
2,623,120
2,359,668
$1,338,551
52,883
$1,162,490
76,564
$1,208,276
66,896
$1,577,905
239,743
$1,391,434
164,627
$1,239,054
165,876
$1,275,173
142,007
$1,226,807
$1,073,178
$1,133,166
200,940
174,934
141,613
149,893
Gross income
Deductions from income
Fed'l & Canadian, income
taxes.
41,973
3,650
$1,095,248
$1,048,222
$931,565
$983,272
277,860
525,000
277,860
401,307
120,000
125,845
Divs.—Merck
Selling, general and administrative expensesDepreciation of plant and equipment
&
Co.,
Inc.—Preferred
1937
$3,218,751
12,507,286
I
62,752
60,181
$1,065,491
8,773
income.
1934x
$3,567,944
$1,530,022
47,883
,
Net income
1938
$4,486,456
13,360,784
Cost of sales
1935
$3,785,610
Undistributed profits tax
-Earnings-
Sept. 30—
1936
$4,293,512
$1,338,161
Other income
come taxe3
The merger of Marion-Reserve Power Co. and Ohio Electric Power Co.
For details of plan,
Other
1937
Selling, administrative &
development expense.
Net income, before in¬
has been approved by stockholders of both companies.
see V. 147, p. 1933.
(Glenn L.) Martin Co.-
(& Subs.)—Earnings-
$4,878,871
Operating income
American
Three Months Ended
Merck & Co., Inc.
Years Ended Dec. 31—
Common
X
x
269,400
Combined statement of operations and surplus of Merck & Co., Inc.,
and
$648,712
16,013
240.000
Divs.—Merck Corp.—
Preferred—
subsidiaries, and Merck
adjustments re consolidation.
Corp.
(predecessor
companies),
including
Consolidated Balance Sheet Dec. 31
$1,074,264
Interest
Amortization of note discount and expense..
Provision for normal Federal income taxes...
Provision
for
contingencies
Miscellaneous charges
_
$664,725
14,641
1,085
_
202,300
100,000
3,571
87,000
.
_
69,467
1937
Accounts
&
Net profit
$768,393
936,583
Earnings per share
x
x$492,532
870,041
$0.82
-
-
$0.56
After all appropriate charges for depreciation, experimental and devel¬
opment, and taxes, but without provision for possible excess profits and
receivable (net).
Land,
bldgs.,
years
past, continu¬
Due to affil.
4,176,758
133,639
.
6% cum. pref.stk.
stock
2,887,291
95,328
2
8,973,076
72,144
93,609
390,951
4,631,000
4,631,000
300,000
300,000
2,119,420
325,402
2
10,030,798
$
313,110
(par
$1).
104,181
507,383
391,126
414,742
.
Reserve
Com.
ma¬
1936
500,000
&
cos.
Accruals
chinery & equip.
(net)
3,404.866
Goodwill, trade¬
marks, Ac
for nearly three
$
Notes payable
Accounts payablefor Joint accts
137,334
Investments..
Glenn L. Martin, President, made the following comments as to the air¬
craft industry and the future prospects of the company: "In the past air¬
plane manufacturers have been handicapped by lack of consistent volume
and the consequent difficulty for any individual company to benefit from
as
1,227,040
3,940
Inventories- 5,014,999
Deferred charges..
Today,
1,008,238
Due from affil. cos.
undistributed earnings taxes.
continuous production.
1937
Liabilities
$
$453,018
notes
& for joint accts.
Shares capital stock
1936
$
$357,238
Assets—
Cash
Total
-V. 146, P. 2050.
Initial surplus
Earned surplus
Total....
2,126,363
1,088,040
10,030,798
799,582
8,973,076
Financial
2538
Mercury
Mills, Ltd. (&
Calendar Years—
31. 1937
$106,145
73,425
4,000
18,500
3,440
43,927
Bond interest
officers.
Government taxes
depreciation
Provision for
Provision for
...»
tot.
Net loss for
I*.
the year
Consolidated balance Sheet Dec.
31, 1937
Oper. &
Operating profit
- - - - --
Depreciation
—
Lowell, Mass
450,882
Other
j.
-
-
Balance Sheet
Assets—Cash, $187,727;
dise inventories,
(mutual
$449,626
Dec. 31, 1937
accounts receivable
$1,103,188; supplies and waste,
Liabilities—Accounts
$16,396; accrued items,
$2,750,000; earned
Net operating
income—
Depreciation
•
Prov. for Federal taxes-Amount accruing to
inoa
$920,031
$350,507
345,248
13,600
348,571
9,356
75,452
57,993
32,762
min¬
ority int. in subs
Loss on sale of cap.assets
66,212
38,378
100,904
deductions
prof.$379,522
Net loss
a
$392,236
$148,306
$66,335
Include^ $35,000 surtax on undistributed profits.
Consolidated Balance Sheet Dec. 31, 1937
(& Subs.)—Annual Report— 1936
1937
$838,9^7
$943,925
50,760
outward freight & cash disc-.
56,837
493,177
Metal Textile Corp.
.
Calendar Years—
Returns, allowances,
592,930
9,689
104,577
Net operating
Total income
Other deductions, including taxes.
Net profit for year
Earned surplus at Jan.
1.
Adjustments
Total surplus
paid on preference stockParticipating dividends paid on preference stock-Dividends paid on common stock
Preference dividends
Earned surplus at
$65,828
83,549
$121,956
54,483
1,677
16,500
10,034
•
405
.
$149,782
54,483
5,030
49,500
$49,297
$40,769
not subject to undistributed profits tax for 1937
'
Dec. 31
Note—Corporation was
or
$91,612
25,784
$78,134
40,769
3,053
income.
Other income
$82,372
9,240
$96,826
18,691
amortization
83,094
17,166
$88,426
8,399
depreciation and
Provision for
102,323
78,987
12,477
goods sold
Shipping expenses
—
Selling expenses
Administrative and general expense
Cost of
1936.
Consolidated Balance Sheet Dec.
31, 1937
marketable bonds, $47,016; accrued interest
receivable—trade, $57,200; accounts receivableother, $660; inventories $88,409; fixed assets (net), $111,922; intangible
assets, $13,120; deferred charges, $5,772; total, $402,248.
Liabilities—Accounts payable—trade, $48,882; accrued payroll, $2,560;
accrued social security taxes, $1,212; accrued capital stock tax, $1,502;
provision for, income taxes, $13,368; deposits on spools out, $65; capital
stock (cumulative participating preference stock—no par), outstanding—
Assets—Cash,
$77,748;
receivable, $399; accounts
16,766 shares, common stock—no par, outstanding—165,000 shares),
$285,362; earned surplus, $49,297; total, $402,248.—V. 146, p, 2377.
Metropolitan Paving Brick Co.
Calendar Years—
1937
$1,004,978
1936
(& Subs.)—Earnings—
1934
1935
$1,061,558
$680,5051
404,401/
Not
available
669,979
Cost of sales
Gross
profit
Sell., admin. & gen. exp-
Operating profit
Other income (net)
Total profit
Chges. for deplet. & depr
Idle plant expense
Prov. for Fed. inc. tax._
700,162
$334,998
238,428
$361,397
264,142
$276,104
236,439
$228,467
$96,571
24,504
$97,254
$39,664
16,026
$6,227
Drl,760
$121,074
90,621
148,355
$125,465
88,020
39,941
$55,690
$4,467
28,211
95,848
43,425
45
222,240
"2",355
Prov. for doubtful acc'ts,
Additional
&c
*
reserve
4,128
10,000
IO'OOO
"10,665
$132,030
royalties,
$12,541
$93,583
Note—Depreciation and depletion of $99j381
prof$2,112
deducted as expense in above
statement for 1934.
Consolidated Balance Sheet Dec. 31, 1937
$291,163; marketable securities, $107,882; receivables
$108,729; inventories, $571,492; fixed assets (net), $1,669,957;
other assets, $231,205; prepaid expenses, $13,669; total, $2,994,098.
Liabilities—Accounts payable, $12,744; accrued liabilities, $35,319; 7%
cum. pref. stock, $500,400; common stock
(119,860 no-par shares), $3,066,500; capital surplus, $62,179; deficit, $605,721; cost of parent company's
stock held in treasury or by consolidated subsidiary (pref., 933 shares,
$63,542; common, 3.562 shares, $13,780), $77,322; total, $2,994,098.—
Assets—Cash,
(net),
V.
144, p. oo42.
and
system.
complies
and has
understood
that
action approving the acquisitions now before us is without prejudice
to any exercise by the Commission of any of its powers under Section 11 of
"The question
$27,000; employees'
receivable (net), $662,528;
work in process, $45,318; pending settlements for completed salvage ser¬
vices, $258,634; insurance claims receivable, $29,800; materials and sup¬
plies, $13,499; other assets, $25,002; deferred charges to future operations,
$71,386; fixed assets (net), $2,582,800; total, $4,825,043.
Liabilities—Accounts payable, $174,036; accrued salaries, wages and
sundry expenses, $131,799; reserves for taxes, $190,013; purchase money
mortgage payable (current), $10,000; purchase money mortgage payable,
instalments due 1939-1946, $72,500; equity of minority interest in subsidi¬
ary. $79,949;
6H% cum. preferred stock, $2,803,000; common stock
(292,005 no par snares), $1,460,025; deficit from operations, $938,619;
capital surplus, $842,341; total, $4,825,043.—V. 145, p. 3977.
Assets—Cash, $1,103,043; deposits on contracts,
working funds, $6,033; accounts and notes
Gross sales
Oct. 14 its opinion
transactions incidental
consolidation of properties and
Co., the Washtenaw Gas Co. and
the Muskegon Gas Co. with the Michigan Consolidated Gas Co., which,
until recently, was known as the Detroit. City Gas Co.
The companies are operating subsidiaries of the American Light &
Traction Co., which is a subsidiary of the United Light & Railways and the
United Light & Power Co., both registered holding companies.
In passing on the applications submitted, the SEC said the record did not
indicate that the proposed consolidation would make more difficult the
separation of any of the combined
opperties from American Light &
Traction should the retention of any such property be found incompatible
with the provisions of Section 11 of the Public Utility Holding Company
Act; that the unification of the four operating companies, all of which
operate in Michigan, would not be detrimental to the carrying out of the
provisions of that section, but, in fact, would serve the public interest by
tending toward the economic and efficient development of an integrated
for the purpose of effecting the
businesses of the Grand Rapids Gas Light
367,461
15,191
.....
Other
Terms of
and Exchange Commission made public
its approval to various intercompany
The Securities
to
$195,912
-
and sup¬
charges, $8,684; total,
provision
$7,233; ad¬
no par),
4186.
Consolidated Gas Co.—SEC Reveals
Michigan
-Earnings
1934
$233,027
310,701
al45,000
$43,256
31, 1937
receivable, $15,018; materials
Merger—
in which it gave
Corp. (& Subs.)
moc
5,763,998
plies, $10,547; property (net), $631,852; deferred
$673,636.
Liabilities—Accounts payable, $8,691; accrued interest, $802;
for foreign income tax—estimated, $961; deferred liability,
vances from Ohio Oil Co., $641,911; capital stock (500,000 shares
$400,000; deficit, $385,962; total, $673,636.—V. 144, p,
2,677
(net), $286,491; merchan¬
$36,292; premium deposit
1935'
1937
$183,791
Consolidated Balance Sheet Dec.
$512,658prof$137,103
1936
mOT
$357,657
May
Assets—Cash, $7,535; accounts
$67,622;
Merritt-Chapman & Scott
$140,534
43,256
stated
Deficit, Dec. 31
customers' credit balance,
$28,079; preferred stock, $1,650,000; common
surplus, $1,231,490; total, $5,743,588.—V. 145,
Calendar Years
$173,866
183,790
$385,962
Applic.to reduc.in
capital author.
24, 1934
2231.
P.
960
Previous deficit—
$5,743,588.
payable,
$63,063
5,744,191
.
$28,305
357,657
Net loss
companies), $97,300; investments (net), $112,500:
(net), $3,835,856; deferred items, $4,746; supplies (repair and
general), $79,486; total,
1,179
671
—___
of
for income tax
foreign sub—
insurance
fixed assets
stock,
,
414
12,281
Other deductions
Prov.
24,000
49,741
92,790
1,485
12,697
tal assets
^
$618,991
-
-_
$36,353
25,531
$150,174
10,395
_8~2U
6,773
expenses
Net loss_
$51,038
27,058
Abandoned well--Loss on disposal of capi-
"
53.441
------
$57,747
22,658
1934
™
loss$20,540
11,957
471,950
1935
------
424,368
Interest
Flood exp.,
„prof$17,326
30,488
Total loss
$80,896; inventories.
deferred expense, $614; fixed
rights, &c., $1; total,
4
Liabilities-^-Bank loan, $93,000; accounts and bills payable. $154,036;
accrued wages, bond interest, &c., $31,144; provision for Government
taxes, $3,450; reserve for bad and doubtful accounts, $30,000; cumulative
preferred redeemable shares of subsidiaries in hands of public, $3,800;
1st mtge. sinking fund bonds, $1,310,000; 6% cum. preferred redeemable
shares, $1,000,000; common stock (45,000 no par shares), $900,000; deficit,
$504,975; total, $3,020,455.-—V. 143. p. 2215.
r Calendar Years—
$71,500
12,000
8,462
Interest expense
Assets—Cash,
$17,935; accounts receivable,
$693,119; fire insurance deposits, $12,315;
assets (net), $2,215,576; patents, manufacturing
$3 020 455
'
Co.—Earnings~
1937
1936
loss$187,850
$54,697
66,253
$60,353
$57,747
Non-productive well
f
Merrimack Mfg.
general expense.
Operating loss
_.prof$17,326
Income from invest'ts.Profit on sale of secure.-
$37,148
—
1934
$5,900
$117,344
Sales
Net" earnings
Directors' fees
Salaries of executive
Subs.)—Earnings—
1936
1935
$20,255
$5,180
100,018
78,002
76,680
Mexico-Ohio Oil Co. (&.
1937
Subs.)—Earnings—
Year Ended Dec.
Earnings for
1938
22,
Oct.
Chronicle
whether the
applidants' holding company system
the Act," the Commission wrote, "is not an issue
considered by us in this proceeding. It is to be clearly
with Section 11 of
not been
our
might hereafter
the Act which it
appropriate with respect
this proceeding."
& Traction proposed to
capital stocks of the
and in consideration
stockholder of each company,
Traction 96,103 shares of common stock
deem necessary or
of the properties or companies involved in
According to the applications, American Light
transfer to Michigan Consolidated Gas all outstanding
Grand Rapids, Muskegon and Washtenaw companies,
therefor Michigan Consolidated, as the sole
to any
would issue to American
of $100 par
Light &
value.
three companies to be taken over by the Michigan com¬
pany, in connection with their liquidation, would transfer to the
all their assets subject to their existing respective liabilities, which would be
assumed by the Michigan company.
The Commission made known that its order approving the acquisitions
would be subject to the condition that American Light & Traction enter
on its" books the 96,103 shares of common stock of the Michigan company
to be acquired by it at the aggregate par value and charge to its
surplus account $3,159,603, that amount being the difference
the net amount at which the investments in the Grand Rapids, Muskegon
and Washtenaw companies were carried on the books of American Light
and the aggregate par value of the common stock of the Michigan company
to be acquired.
Acquisition of the properties of the Grand Rapids, Washtenaw
Muskegon companies also tied in with issuance of $34,000,000 of
mortgage bonds and $8,000,000 of serial notes by the Michigan company.
These already have been put on the market.
Thereupon, the
concern
earned
between
and
first
In this connection,
the Commission
of the
1938, giving effect to
with the
said the average interest rate
Michigan company's outstanding debt as of June 30,
the consolidation, but not to the refunding proposed in connection
issues, was 5.2% and the annual interest requirements .were
Following the refunding operation the average interest rate on
pany's indebtedness, the Commission said, would be 4%
requirements for the first year $1,680,000, a gross saving
interest.
The Commission made known that
of the refunded issues the total net
to the lives
the refinancing
would be about
Middle West
$1,978,900.
the com¬
and the interest
of $298,900 in
over a period corresponding
income saving resulting from
$2,500,000.—V. 147, p. 2399.
Corp.—SEC Sets Condition in
Deal—Orders
of Stock Sought It Is Increasing
Holdings—To Buy 20,000 Shares of Central Illinois Public
Corporation to Tell Owners
Service Co.—
In
an
order
permitting the
'
corporation to acquire by March
31, 1939, in
of the $6 preferred stock of
the Securities and
Exchange Commission imposed on Oct. 14 the unusual condition that
present holders of the stock, when receiving their next dividend payment,
due on Dec. 15, be acquainted with the fact that Middle West had been
increasing its holdings for some time and had received authority to buy the
the open market an additional 20,000 shares
the Central Illinois Public Service Co., a subsidiary,
additional shares.
In connection
authorized other
-
•
.
.
■
With this condition, the Commission,
Acquisitions of the stock by Middle
.
~
which had previously
West, stated, that the
indicating that a
and that
obtain
majority of purchases had been made in small blocks,
large percentage of them had been made from small investors,
Middle West was placing its bids with great care in such a way as to
prices favorable to it.
In an order of June 30, 1937, granting to Middle West the authority
to
the Commission stated,
prices.
sell it."
informed of
the purchases that earlier had been authorized and of the authority granted
to buy 20,000 additional shares was made, the Commission said, "to avoid
any possibility that applicant, the buyer, is using its superior knowledge of
the affairs of the Central Illinois Public Service Co. to buy stock from
acquire not in excess of 10,000 shares of the stock,
it had said that "in buying at what might be regarded as depressed
Middle West is pitting its investment judgment against those who
The condition in the present order that stockholders be fully
uninformed investors."
The information as
specified by the Commission was
sent to the holders
Central Illinois at the expense of Middle West Corp.
the situation the Commission said that for soxne time
dividends had been paid on a reduced basis, resulting in an arrearage of
$20.50 a share to and including Sept. 15, 1938.
Currently $4 a share is
being paid, the Commission said, and the average price at which Middle
West has been able to buy the preferred stock is $57.25 a share, resulting
in an average yield of about 7 % at the present dividend rate.
The Commission said that prior to June 15, 1937, Middle West owned
only 1,520 shares of the preferred of Central Illinois, whereas if the
of the stock by
In reviewing
total
authorized to buy in the present and previous orders
44,520 shares, or 15.64%.
Middle West, through holdings of common as well as preferred, has held
a substantial control of Central Illinois, as both stocks have voting power.
In this regard the Commission said that testimony at a hearing seemed to
indicate that, after giving effect to the arrearage in preferred dividends and
to the elimination of certain intangible items, "the common stock of Central
Illinois Public Service Co. might have little or no equity."
shares which it has been
are
obtained it will own
Volume
Financial
147
Chronicle
J*"The applicant (Middle West)," the Commission said, "desires to retain
Central Illinois Public Service Co. as one of its subsidiaries.
A recapitali¬
zation of that company, which appears to be inevitable, might result in
applicant's losing control of the company unless it
holdings in the preferred stock."—V. 147, p.1933.
can
obtain substantial
2539
Muskegon Motor Specialties Co.—Earnings—
Years Ended Dec. 31—
1937
1936
^
Gross profit
Selling and administration expenses..
paid
on
Aug. 20 last; 50 centsIwas paid on May 20, last, and previously
746.
p.
an extra
m
cents
dividend.of 50 cents
share were distributed.
paid on Dec. 23,1937.—V.
In
147,
per
was
—
J
.
j
►
The Public Service Commission of Wisconsin announced Oct. 11 approval
a $112,017,600 reorganization and
refinancing program proposed by the
Milwaukee Electric Railway & Light Co. and affiliated concerns.
How¬
ever, the Commission attached three major conditions to its order.
Fulfillment of the program would separate the electric and jtransportation properties under two corporations, while
refinancing of debt under ex¬
isting favorable money conditions would save the company about $600,000
a
year on fixed charges, the Commission said.
To protect the public
against impairment of the transportation service, it reserved for later con¬
sideration the matter of a power contract between the new electric company
and the new transportation company.
The Commission directed that no more bonds be issued until the common
2% sinking fund
on
preferred stock equity of the new
further ordered the establishment
the $55,000,000 bond issue of the
new
of
a
Wisconsin Elec¬
by the time the issue matured in 1968.
Railway & Transport Co. has filed with the
SEC an application under the Holding Company Act for approval of the
acquisition by it from the Milwaukee Electric Railway & Light Co—the
name of which is to be
changed to the Wisconsin Power Co.—of all Mil¬
waukee Electric Railway & Light transportation properties excepting cer¬
tain rights of ways and rail lines.'
The transportation properties w 11 be received in exchange for the issue
by the applicant to Milwaukee Electric Railway & Light of $10,000,000
of 4% mortgage bonds of the-applicant and 250,000 shares of its capital
stock of $100 par value.—V. 147, p. 2094.
IwfcThe Milwaukee Electric
Minneapolis-Moline^Power^Lmplenient^Co.—Accum.
Dividend—Directors have declared a dividend of $6.50 per share on account of
on the $6.50 convertible preferred stock, payable Oct.
27
A similar distribution was made on Oct. 26,
1937, and a dividend of $3 was paid on Dec. 24, 1936, this latter being the
accumulations
first dividend paid since May 15, 1931 when a regular quarterly dividend
of $1.62>jj per share was distributed.—V. 146, p. 3022.
The receivers have filed an application with the Interstate Commerce
Commission asking authority to issue $550,000 of 4% receivers' certificates
of indebtedness to pay advances and loans totaling the same amount as
the issue of certificates.
The certificates are to be dated Nov. 27 and are
payable within six months or longer, the application stated.—V. 147,
p. 2094.
■
—s^s
'
■
_
Liabilities—Accounts
payable and sundry accrued liabilities, $91,353;
and
income
excess
profits taxes. $62,371; accrued
liability for additional Federal income taxes, prior years, $22,606; account
payable to parent company, $10,095; reserves, $26,400; x capital stock of
no par
value, $2,205,405; surplus, $19,408; total, $2,437,639.
x
Represented by class A convertible, entitled to cumulative dividends of
$2 annually per share; redeemable at $35 per share plus accrued dividends;
and entitled in event of liquidation to accumulated dividends and thereafter
to
,
amount
an
so
that each
four times the amount
share will receive
dis¬
tributed on each share of common stock (authorized, 62,500 shares; out¬
standing, 60,000shares).
Common (authorized 437,500shares; outstanding
225,000 shares).—V. 147. p. 1200.
Mutual Investment Fund—Earnings—
9 Months Ended Sept. 30—
1937
1938
Dividends
x$83,458
21,552
—
$65,410
$61,905
Expenses..
$55,614
Net income.
9,796
Includes $37,539, realized profits on sale of securities.
x
Balance Sheet Sept. 30
Liabilities—
AHitU—
"
v
1938
1937
Sees, at market val$2 ,504,475 $2,101,174
„
Accrd.
divs.
on
Res.
In¬
in
27,333
32,950
77,105
hands
19,271
2,223
Deferred charges—
1,745
possible
4,590
2,320
4,590
2,924
Mutual Inv. ctfs
2,274,251
623,432
319,325
1,603,243
627,761
126.607
city taxes
a
Paid-in surplus
Deficit
$2,615,220 $2,158,853
Certificates
7,211
expenses.
for
Res. for Fed. tax—
of
custodian
Total
$40,081
6,862
N. Y. State and
vestment ctfs
Cash
Accrued
3,235
4,563
subscrips.
Mutual
1937
$22,743
on
Mutual Inv. ctfs
ceivable
Due
1938
distrib.
Accrd.
re¬
issued
and
to
|
be
-----
$2,615,220 $2,158,853
Total
issued
on
subscriptions
received—
227,425^(324.3_ln^ 1937)_shares of $1 Qj)ar^value.—V. 147, p^2399.
Nash-Kelvinator
Corp.-—Nash Prices Reduced—^
u
i
•■■4 .-4
Price reductions ranging as high as $68 were announced on Oct! 14 by
Nash Motors on their 1939 models, which were recently unveiled for dis¬
tributors at
a
Detroit.
convention in
Prices of four new series of cars, which will be placed on
announced by W. A. Blees, General Sales Manager.
the market
soon,
were
Co.—Earnings—_
Taxes, other than Federal income tax
Net income.
.$964,700
8,104
19,048
-
;
$937,548
911,865
.
Reserve for dividend
Balance to surplus
— —
a
———
Earnings f or Year Ended Dec. 31, 1937
Income—Dividend from Southwestern Development Co
Administrative and general expense
$25,683
„
Nash 1939 factory delivered prices will range from $770 for the low-priced,
six cylinder Nash LaFayette special coupe to $1,235 for their biggest and
expensive automobile—the four-door, twin ignition, eight
most
Assets—-Cash, $4,253; accounts receivable, $47; notes receivable, $964,910;
Southwestern Development Co., common stock (19,294 shares) at cost,
$604,958; total, $1,5/4,164.
»
*
It*Liabilities—Reserve for dividend payable, $911,865; reserve for Federal
old age pensions, $30; reserve for Federal and State taxes, $44,799; common
stock ($1 par), $344,100; surplus, $273,370; total, $1,574,164.—V. 146,
cushioned seats, Mr. Blees reported.
Trunks will be available on all 4door sedans at no extra costs, he said.—V. 147, p. 2095.
Nashawena Mills—Balance Sheet Dec. 31Assets—
Inventories-.-
eq.
1,292,838
38,449
1,290,071
Deferred charges..
7,073
compare
with $1 paid on Feb.
1, 1936; 50 cents
par
National Bond & Share
Rec.
147,
p.
ebblooS
1,218,959
1,243,265
Surplus
.$1,881,457 $1,885,806
Total
444.
p.
Corp.—Balance Sheet Sept. 30—
1937
1938
Cash in banks
for
sec.
.
$54,000
Div. pay. Oct. 15_
.
.
$
$45,000
Pay. for sec.purch.
but
4,180,003
941,597
not received
Reserve for taxes-
sold
but not delivered
9,019
34,539
1
37,260
10,890,102
Capital stock
67,375
254,251
4,500,000
5,249,696
773,881
1
8,902,247
.
4,500,000
Capital surplus... 3,490,578
Surplus Income
820,409
x
28,639
Fur nit. & flxtures.
Total
$
Liabilities—
$
$6,669,559
1,015,370
accrued
1785.
600,000
share.—V. 145,
Divs. recelv. «fc int.
several months.—V.
5,574
5,000
Capital stock—
c
'
§
Nov. 1, 1933 and Aug. 1, 1933, prior to which the regular quarterly divicent of $1.50 per share was paid.—V. 147, p. 2094.
Co.—Obituary—
1936
$36,966
Res. for contlng—
1937
1938
+\s$cts
Sec. owned,at cost.$6,907,621
Said on and Feb. 1935; 75 cents paid Nov. 1, May 150 cents paid on Aug. 1,
lay 1 Nov. 30, 1, 1935; Dec. 15, on Nov. 1 and and Feb. 1, 1934, and
Monsanto Chemical
Accrued accounts.
.—$1,881,457 $1,885,806
Represented by 75,000 no
U. S. Treas. notes.
Russell John Hawn, Vice-President of this company, died on Oct. 14 at
his residence in Mountain Brook parkway,
Birmingham, after an illness of
1937
Accounts payable-
35,396
18,551
Prop., plant &
Mississippi Power & Light Co.—Accumulated Dividend—
preceding quarters and
361,608
Other assets
c
The directors have declared a dividend of $1.50 per share on account of
accumulations on the $6 1st pref. stock, no par value, payable Nov. 1 to
holders of record Oct. 15.
Like payments were made in each of the nine
$388,456
3,533
129,902
90,967
$33,638
23,860
Liabilities—
1936
1937
$110,421
—
Accts. receivable.-
Total
114.
cylinder
Nash Ambassador Eight sedan, completely equipped with the new Nash
"Weather Eye" Conditioned Air System, cruising gear, and new rubber
Cash—
Balance Sheet Dec. 31, 1937
p.
Nil
total, $2,437,639.
accrued federal normal
a
Minneapolis & St. Louis RR.-—Receivers' Certificates—
$292,299
$0.76
sh. on 225,000shs. com.stk
Assets—Cash, $632,082; accounts receivable, $172,058; inventories,
$411,566; notes and accounts receivable from employees, $526; real estate,
plant and equipment (including properties not used in operations; less
reserve for depreciation, $2,001,880), $1,212,274; deferred charges,
$9,134;
for
to holders of record Oct. 25.
per
Balance Sheet Dec. 31, 1937
tric Power to begin operating after 10 years, or earlier if promissory notes
have been retired prior to 1948.
This sinking fund thus could retire 40%
of the bond issue
Mission Oil
62,371
Net income
of
It
$55,535
$0.28
132,695
_
Federal taxes.
Earns,
present
$266,955
206,965
4,455
$184,953
5.633
$487,366
Depreciation.
-
Milwaukee Electric Ry. & Light Co.—Wisconsin Cowmission Sanctions Reorganization—
stock equity was equal to the
Wisconsin Electric Power Co.
$343,948
126,773
32,221
$481,732
Other income.
Directors have declared a dividend of 50 cents per share on the common
stock, payable Nov. 19 to holders of record Nov. 3.
A dividend of 25 cents
was
$262,446
4,509
.
Minneapolis-Honeywell Regulator Co.—\Larger Div.—
addition,
$345,736
83,290
$340,240
3,708
123,953
f
regular quarterly dividends of 75
1935
$431,293
91,053
$605,685
.
8,902,247 10,890.102
Total
Represented by 360,000 (180,000 in 1937) no par shares.
Note—The aggregate value of U. S. Treasury notes and other securities
owned, based on market quotations was in excess of average cost at Sept. 30,
1938, by $379,115.
If this appreciation were realized taxes thereon (com¬
puted on the basis of specific costs in accordance with Federal tax regula¬
tions) at current rates were estimated at approximately $73,000.
The income statement for nine months ended Sept. 30 was published In
V. 147, p. 2399.
x
Montour
RR.—Earnings—
September—
Gross from railway
Net from railway
Net after rents
From Jan.
1938
'
1936
1937
1935
$176,385
73,830
78,477
$242,690
$221,662
109,852
109.347
104,850
101,288
$160,158
65,991
71,050
1,150,062
346,918
420,598
1,947,929
884,651
855,462
1,700,226
736,598
712,002
1,451,263
633,217
655.645
._
.
1—
Gross from railway
Net from railway
N et after rents
!
—V. 147, p. 1934.
National Breweries,
Morgan Engineering Co .—Bonds Called—
Profit
14,433
7.260
$2,522,538
Total income.—
$2,543,246
$2;758.916
$2,379,497
385,700
4'l2",445
431,311
287,540
356,795
355,642
322,464
100,000
345.249
Net income
$1,849,298
Pref. stock dividends—
194,250
$1,774,016
1,442,744
1,442,744
$1,971,963
194,250
1,154,195
$1,598,897
194.250
1,154,195
$212,304
$137,022
$623,518
Res. for inc. & profits tax
Res. for other investm'ts
Calendar Years—
Inc. for year before chges
Depr.
1937
$1,131,954
1936
1935
1934
$1,006,139
3,031
$530,277
6,265
$767,422
3,432
350,000
350.500
350,000
350~,666
$606,381
1,074,631
101.433
$653,109
866,866
$174,012
964,491
48,199
$413,990
787,845
87,658
Total surplus
$1,782,444
Dividends on pref. stock
433,135
$1,519,975
445,343
$1,186,703
$1,289,494
325,002
$1,074,631
$866,865
Interest
12,224
163.350
Inventory adjustment
Prov. for depreciation.
WNet
_
income for year__
Previous surplus
Surplus
x
*
credits
Surplus Dec. 31
$1,349,309
x Including
capital surplus of $297,686
$345,886 in 1936, and $447,318 in 1937.
in
319.837
1934,
$345,885
$964,491
in
1935,
Balance Sheet Dec. 31, 1937
Assets—Cash, $187,178; notes and accounts receivable, $737,490; in¬
$2,844,295; investments, $411,616; property and plants (after
reserve for depreciation of $8,415,094), $6,220,716; goodwill, &c.,
$2,767,414; deferred charges, $26,988; total, $13,195,697.
Liabilities—Notes payable, $500,000; accounts payable (including income
and capital stock taxes, &c.), $261,171; reserves, $528,317; 7% cum. pref.
stock, $6,045,000; common stock ($100 par), $4,511,900; surplus, $1,~
349,309; total, $13,195,697.—V. 145, p. 3824.
ventories,
$2,214,002
158,235
12,887
Directors' fees
£ Mount Vernon-Woodberry Mills, Inc.—Earnings—
►
1934
147,216
64,583
21,658
inve^fcm'ts sold
on
<611935
$2,527,009
217,475
1936
$2,309,788
147,060
60,833
141,025
»
Investment income—
Int. on loan to sub. co.
All of the outstanding first mortgage series A 20 year 8% sinking fund
gold bonds, due Nov. 1, 1941 have been called for redemption on Nov. 1^
at 105 and accrued interest.
Payment will be made at the Chicago Title
&_TrustCo., 69 West Washington St., Chicago, 111.—V. 147, p. 896.
Ltd.—Earning.
1937
$2,173,620
Years Ended Dec. 31—
Operating profits
on
bidgs. & mach.
Com. stock dividends
Balance, surplus
194,250
$250,452
Balance Sheet Dec. 31
1937
$
Assets—
1937
1936
$
12,250,637 11,963,846
1
Goodwill
1,600,000
151,532
Deferred charges—
90,201
Property accts—
$
Liabilities—
Preferred stock-—
2,775,000
Common stock--
5,410,285
x
6,081,129
Time loans
100,000
100,000
Deprec. reserve
General reserve..
Call loans
484,500
600,000
Accounts payable-
578,170
317,303
470,414
Taxes
533,530
Cash.
—
1,281,038
Inventories
1,753,634
1,311,850
Investments
3,357,496
advs. to sub. co.
986,445
500,000
_
5,509,674
441,836
540,605
6,297,369
1,163,333
235,721
$
1,516,418
2,776,801
Other Investments
Surplus
1936
2,775,000
5,410,285
5,793,589
235.301
Accts. receivable-
Investment In and
Total
x
20,887,788 21,758,684
Represented by 721.372
Total.
20,887,788 21,758,684
shares (no par).—V. 145, p. 444.
'
Financial
2540
Earnings for Year Ended Dec.
Directors have declared a dividend of $2 per snare on account of accumu¬
31. 1937
—
Cost of sales..
Gross
568,519
—-—
-—
profit
Selling, general and
Net operating
administrative expenses-
-
$148,960
84,746
lations on the 8% cumul. pref. stock, par $100, payable Oct. 26
of record Oct. 21.
Similar payment was made on Aug. 1, last.
i
Newport Industries, Inc.—Registers with SEC—
New Process Co.—50-Cent Dividend—
$71,355
1.223
Total income
Interest expense—
allowed
Provision for Federal income taxes..
Discounts
14,0-38
-
of this department.—V. 147, p. 1496.
See list given on first page
7,141
—
to holders
The last
Feb. 15, 1938.
regular quarterly dividend of $2 per share was paid on
—V. 147, p. 579.
$64,214
profit
Other income
22, 1938
Neptune Meter Co.—To Pay $2 Preferred Dividend—
National Brush Co.—Earnings—
Sales.
Oct.
Chronicle
7,556
Directors have declared a dividend of 50 cents per share on the common
stock,
value, payable Nov. 1 to holders of record Oct. 21.
Like
paid on Aug. 1 and May 2 last; a dividend of $1.50 was paid on
1937, and a regular quarterly dividend of 50 cents per share was
no par
amount was
Dec. 23,
paid on Nov. 1, 1937.—V. 145, p. 3824.
$48,538
Net profit.
Balance Sheet Dec. 31, 1937
Assets—Cash, $24,795; accounts
$274,051; plant and property
$133,104; other assets, $9,422;
■
.
receivable (net), $34,557; inventories,
The Manufacturers Trust Co. is trustee,
(after reserve for depreciation of $137,518),
unexpired insurance, $4,445; patents, &c., $1;
payable,
$9,961;
accrued liabilities, $14,912;
stock, $424,125; paid-in and capital surplus, $57,650;
deficit, $26,273; total, $480,376.—V. 145, p. 2232.
National Cylinder Gas
New York Steam
$115,645
$283,620
$326,434
$891,970
ES-l£9S!:!?!
$0.12
$0.30
$0.35
$0.95
—V.
147;
p.
Welding Machines
National, Electric
Co.—Dividends
declared a dividend of 2 H cents per share on
2837.
"
•
(& Subs.)—Earnings—
1938—Month—1937
1938—12 Mos.—1937
$99,391
$96,667 $1,300,805 $1,118,070
60,675
49,940
737,858
614,239
National Gas & Electric Corp.
Period End. Aug. 31—
Operating revenues
Operation
...
5,637
7,929
5,572
7,307
71,873
104,645
58,214
87,266
$25,153
1,303
$33,847
$386,428
$358,350
645
9,582
$26,455
$33,849
$387,073
Maintenance
Taxes
Net operating revenues
Non-oper. income (net)-
11,415
10.302
160,004
$367,932
125,035
$15,041
8,361
$23,547
7,278
$227,069
101,093
$242,897
75,086
$6,680
Balance
$16,269
$125,975
46,549
$0.41
$167,811
55,066
Retirement accruals
Gross income
'
Int. and amort., &c
Net
income
-
declared
Dividends
Earnings per outstanding share.
operating results of susbidiaries sold during November, 1936,
have been eliminated From this statement.
Operating results of new prop¬
erties acquired on Aug. 19, 1937, are included only since date of acquisition.
Note—The
—V. 147, p.
New York New Haven & Hartford RR.—ICC to
1935
$563,355
16,272
1936
$530,587
14,723
$358,015
13,475
$579,627
234,288
$545,310
101.530
$371,490
70,546
1937
Calendar Years—
Net profit from opers—
Other income ...—
Total income
Interrest
1934
$227,303
22,721
$250,025
58,134
Loss on disposal of cap¬
cash discount,
31,247
170,735
Depreciation & depletion
Net inc. for the year..
17,151
174,114
$122,856
&c
$168,514
Balance Sheet Dec
Examiner,
34,422
162,595
The
report
on June
Co. (& Subs.)—
"Concluding that none of the pending plans may be approved by the
Commission and in view of the impracticability of formulating a different
plan on the basis of the present record," the examiner's report read in part,
"it is recommended that the Commission refuse at the present time to ap¬
prove any plan of reorganization for the principal and secondary debtors
involved in these proceedings."
Pointing out that it was within the power of
impossible to estimate reasonably the future
time was such as to make it
level of its earnings.
Without such estimates, he added, it was
to formulate a plan of reorganization which would be fair to all
Interest, dividends, rents and miscellaneous
State Electric & Gas
York
New
Hearing
Pending determination of appeals to the Appellate Division of the Su-
{)reme Court the hearing scheduled for Oct. of the corporation was post¬
Commission
its proposed investigation
13 before the Public Service
on
Earlier in the day Justice F. Walter Bliss of the Appellate Division,
Department, had granted a temporary stay restraining the Com¬
mission from acting until after Oct. 31, when the stay will be argued.
—V. 147, p. 2400.
poned.
Third
9 Mos. End. Sept. 30—
Dividends and interest--
$1,055,268
< 37,398
$988,734
16,031
$911,258
69,832
$792,509
109,324
a520,465
$1,092,666
121,176
a524,081
$1,004,765
$981,090
98,697
553,529
284,214
571,045
$162,719
$447,409
' $352,539
$125,831
$162,719
1,264,701
$447,409
1,243,845
$352,539
1,196,022
$415,152
1,029,857
Gross income
Interest, taxes, &c
Balance.
.
Security
profits
of a
wholly-owned subsid.
289,321
credited to income
Net income
Earned surplus Jan. 1
Miscell. adjust, applic.
to
Dr3,128
Drl,273
300
2,523
_
$1,424,292
$1,689,981
$1,548,861
_
135,330
136,670
220,787
$1,447,532
100,000
136.677
148,980
$1,332,525
$1,263,212
prior years
Gross earned surplus.
Res. for contingencies
pref. dividends.
Earned surp.
13,542
$346,415
No
Sept. 30-$l,288,962
deducting provision for depreciation of $116,927.—V. 147, p. 579.
Consolidated Balance Sheet Sept. 30
Cash
National Public Service
Corp.—Sale Postponed—
472,853
353,068
121,918
Stocks and bonds.31,858,950
38,474,870
1937
1936
1935
1934
13,884
$121,620
114,455
51,885
Cr3,126
$16,181
115,934
52,095
10,929
$28,114 prof$l0,821
$41,594
$162,778
$191,316
140,931
53,651
$207,146
130,355
52,085
24,848
Other deductions
Loss.
Balance Sheet Dec. 31, 1937
Assets—Cash, $78,171; trade accounts receivable (net), $55,477; inven¬
tories, $318,011; other assets, $2,581; property, plant and equipment (net),
$528,599; patents, $1; deferred charges, $10,154; total, $992,994.
wages
payable, $25,369; accrued expenses
and local taxes, $16,102; current maturity on
$35,000; capital,
stock (119,655 no par shs.), $1,196,550; paid-in surplus, $193,624; deficit,
$515,651; total, $992,994.—V. 146, p. 3023.
Liabilities—Accounts
including
Federal,
and
State
mortgage loan, due Oct. 29, 1938, $45,000; mortgage loan,
$
41,850
259,187
263,944
debs.. 11,268,000 11,475,000
Fed. & State tax
47,159
39,373
1,500,000
Contingencies—
1,500,000
26,846
stock
369,017
a
Class B
3,000,000
3,037,100
common
7,376,895
7,380,000
Capital surplus
8,322,910 14,704,474
Earned surplus.— 1,288,962
1,332,525
stock
Total.
Co.—■Earnings—
333,565
23,601
disct. & expenses
1937
b Class A preferred
Unamortized bond
Miscell. assets
7,731
Reserves:
divi¬
and
dends receivable
National Tea Go.—Sales—
Sales for the four weeks ended Oct. 8, 1938 amounted to $4,316,063 as
compared $4,742,552 for the corresponding four weeks in 1937, a decrease
of 8.99%.
The number of stores in operation decreased from 1,237 in 1937 to 1.104
at Oct. 8, 1938, resulting in an increase of 1.96% in average sales per loca¬
tion.—V. 147, P. 1934,
.
b¥i% conv.
137,610
Interest
$
Accounts payable.
Divs. <fc int. pay..
notes
receivable
Power & Light
The sale was
previously scheduled to be held Oct. 19 but, the New York Trust, Co.,
Trustee for National Public Service Corp. debentures, for which issue the
stock is collateral, has again postponed the auction, pending outcome of
present proceedings before the Federal Power Commission and the Securities
and Exchange Commission, in regard to acquisition of Jersey Central stock
by New Jersey Power & Light, an Associated Gas & Electric Co. sub¬
sidiary.—Y. 147, p. 1786.
Sale at public auction of 712,411 shares of Jersey Central
Co. common stock has been further adjourned to Dec. 21.
Liabilities—
$
c412,854
259,959
&
1938
1937
$
Assets—
Accounts
**
$1,210,856
proyision has been made for possible surtaxes on undistributed
1938
$347,256
—
Sell., gen. & adm. exps__
Depreciation
136,670
profits.
841
Other deductions
National Tile
1935*
1936
1937
1938
$764,485
28,023
Other income
a
Calendar Years—
Corp.—Court Action
Utility—
on
Class B com. stk. divs_.
....
Net loss before other deductions
Gross profit from oper._
"impossible
parties con¬
cerned."—V. 147.p. 2252.
x$359,957
Net loss from operations.
After
the Commission to approve
a plan different from any which had been proposed, the examiner expressed
the belief that the chaotic condition of the New Haven's Revenues at that
Class A
Earnings for Three Months Ended Oct. 1, 1938
x
announced later.
by Mr. Wilkinson on the reorganization proceedings was
13 after evidence on various plans submitted had been closed.
General expenses
jEarnings—
Net loss
it was reopening the proceedings to permit
The date for a hearing will be
made
loss$5,127
31, 1937
plant
and
equipment,
$5,834,546; investments,
$37,529; special deposits, $5,178; cash, $152,501; accounts and notes re¬
ceivable (net), $564,160; due from affiliated companies, $26,883; advances
on timber contracts (less reserve $3,595), $28,200; inventories, $1,338,241;
deferred items, $25,577; total, $8,012,815.
Liabilities—Funded debt, $1,086,500; advances from parent company,
$392,748; funded debt due within one year, $48,500; accounts payable and
accrued liabilities, $191,405; due to affiliated companies, $50,351: reserves,
$2,691,148; 8% cumul. pref. stock, $413,800: common stock (70,310 shs.,
no par), $1,275,192: earned surplus, $1,139,823; capital surplus, $723,348;
total, $8,012,815.—V. 145, p. 3352.
Assets—Property,
National Malleable & Steel Castings
regarding plans previously filed.
The Commission said that
the railroad, on or before Dec. 31, to file with it a revised plan of reorgan¬
ization to reflect changes in conditions since the date of its original plan.
Niagara Share Corp. of Maryland (& Subs.)—Earnings
36,292
189,628
loss$873
15 granted petitions for
reopening of the proceedings for the reorganization of the company, filed
Sept. 24 and Oct. 4, respectively, by the railroad as principal debtor
and by the Housatonic Bondholders' Protective Committee, an intervenor.
Simultaneously the Commission canceled the oral argument which had been
set for Oct. 21 on the advisory report by Harvey H. Wilkinson, Commission
$4"666
20,500
Changed Conditions—
on
75,896
ital assets.
Prov. for Fed. inc. tax..
Amort, of debt discount
Reopen
Plan of Reorganization to
The Interstate Commerce Commission on Oct.
Halts
Earnings—
New
a
2252.
National Lumber & Creosoting Co.-
File
Road to
Case—Permits
Meet
the common
of record Oct. 22.
This will be the first
payment made since Feb. 1, 1938, when a similar distribution was made.
Directors have
stock, payable Oct. 29 to holders
—V. 144, p.
1 to holders of record Oct. 15.
Like amount was
paid Aug. 1 and on May 2 last, and previously regular quarterly dividends
of $1.75 per share were distributed.—V. 147, p. 2400.
stock, payable Nov.
1348.
Resumed—
Div.—
Directors have declared a dividend of $1 per share on the 7% preferred
-
N^ndtFfideraUaxLCh.g-8.'
Electric Corp.—$1 Preferred
Nevada-California
9 Moj.—1937
1938
Corp.—Listing—
authorized the listing of $27,982,000
bonds, 3H% series due (July 1) 1963, which are issued and
outstanding.—V. 147, p. 1349.
The New York Stock Exchange has
first mortgage
Co.—Earnings—
1938—3 Mos.—1938
paying agent and registrar for
Oct. 1, 1941.—V. 147,
notes due
2400.
p.
(par $5)
Period End. Sept. 30-—•
exceeding $15,000,000 3-year 6%
not
^°^iabUities—Accounts
common
& St. Louis RR.-r-Trustee, &c.—
New York Chicago
■
Total
33,070,845 39,774,2651
—
a Represented
by $5 par shares,
1937) shares.—V. 147, p. 898.
Nichols Copper
33,070,845 39,774,265
b Represented by 30,000 (30,371 in
Co.—Name Changed—
This company announced that effective July 1, 1938, its name was
changed to Phelps Dodge Refining Corp.
This represented a change of
name only and did not affect company's management, personnel or business
relations.—Y. 135, p. 1000.
North American Aviation,
Directors have declared
a
Inc.—40-Cent Dividend—
dividend of 40 cents
a
share on the capital
stock, payable Dec. 1 to holders of record Nov. 15.
Last year an initial
dividend of 12 H cents was paid on Dec. 22.
Company's unfilled orders were $14,800,000 on Sept. 30, J. H. Kindelberger, President, said, despite record deliveries of $6,000,000 in the first
nine months of this year.
"With continued aggressive
well
as new
business under
development of its program," he said, "as
negotiation on existing types of airplanes, out¬
look for continued successful operating results is promising."
Company
has started deliveries to England of its recent order for 200 planes valued
at
$8,000,000.
connection with
Mr. Kindelberger is to start for
company's foreign business.
In addition to military planes for the
has been supplying ships to numerous
Europe in a few days in
U.S. Government, North American
foreign countries, including China,
Volume
England,
V.
147,
Financial
147
Chronicle
Australia, Argentina and Venezuela. Mr. Kindelberger said.—
p.
2096.
North
Bonds
See list given on first page of this department.—V. 147, p. 899.
8 Months Ended
Operating
Operating
Co.—Earnings—
Aug. 31—
Maintenance
Provision for depreciation
Rental of hydro-electric generating plants (includ-
'
^
,
$2,904,929
30,895
Interest and other deductions
$2,935,824
1,783,426
$3,262,872
1,815,077
Net income available for dividends
Full pref. stock div. requirements for period
$1,152,398
918,321
$1,447,795
918,312
;
Gross
_
income
an
1937, applicable to that year.—V. 147, p. 2096.
cancella¬
tion from American Gas & Electric Co.
$15,306,000 of the above mortgags
bonds; (2) $44,012,490 to redeem an additional
$43,149,500 of the above
mortgage bonds; (3) $6,448,731 to pay open account debt due to
American
Gas & Electric Co., which debt was incurred to
provide funds for permanent
toprovements and additions and for the redemption of
the remaining
$958,500 of the above mortgage bonds; and (4) the
remainder of $600 038
to reimburse the
company's treasury for expenditures for additions to
its
property, which amount will be available for
general corporate purposes
Accrued interest on the above items will be
paid from other available funds
of the company.
(Del.)—Dividends Postponed
Pending approval of a proposed readjustment of capital structure by the
and Exchange Commission and by its stockholders, company
has postponed declaration of the
quarterly dividends on its preferred stocks
Securities
due Oct. 20, Robert F. Pack, President, stated in a letter to stockholders.
On July 20 last the company
stock and $1.12 a share on the
paid $1.31)4 a share on the 7% preferred
6% preferred stock, which represented re¬
ductions from the regular quarterly rates of $1.75 and $1.50 previously
in effect.
Mortgage—These bonds are to be issued under a mortgage, dated
as of
Oct. 1, 1938, and, in the opinion of counsel for the
company, will be secured
,
Under the capital readjustment it is proposed to reduce materially the
book value of the class A and class B common stocks, although no change
is
contemplated in the rights and preferences of the preferred stock.
A
meeting to approve the changes will be called in the near
future, Mr. Pack said.
"I cannot at this time state the date upon which a dividend will be paid,
but I wish to assure you that every effort is being made to expedite the
required adjustments," he stated.
"I hope that the company will be en¬
abled to resume the payment of dividends on your stock at an early date."
stockholders*
Weekly Output—
Electric output of the Northern States Power Co. system for the week
Oct. 15, 1938, totaled 26,294,846 kilowatt-hours, an increase of
1.1% compared with the corresponding week last year.—V. 147, p. 2401.
by
File Suit—
A suit against the company, its officers, directors and affiliated interests,
for accounting on transactions which are alleged to have caused loss of more
than $5,000,000 to stockholders, was filed Oct. 14 in the County Distrct
Court of Minneapolis by five shareholders, for, and on behalf of, all other
stock owners.
The complaint demands that the defendants be forced to make full
compensation for all loss and damage to companies involved and thus to
their stockholders.
and directors who
It further is asked that the court
are
remove
all officers
found guilty of breach of trust in the alleged irregular
transactions and that the court
appoint
successors.
Defendants include H. M. Byllesby & Co., the Northern States Power
Co. of Del.; Northern States Power Co. of Minn., and 36 officers and
directors
Plaintiff's seek to recover funds alleged to have been lost by the two
Northern States Corporations in purchases of their stocks by Byllesby & Co.
and another affiliate, Standard Gas & Electric Co., and transfers of proper¬
ties of the companies and subsidiaries, including utility systems in the
Minneapolis region, Central Minnesota, Wisconsin and other areas.—V. 147,
2096.
p.
a
first lien
substantially all of the physical property and franchises
delivery of the mortgage (subject to
its terms also includes after-acquired
property, which may be subject to liens thereon at the time of
acquisition.
Additional bonds of this
■Earnings—
Period End. Sept. 30—
1938—12 Mos.—1937
1938—Month—1937
$1,511,125
$1,593,853 $18,656,686 $19,515,002
" 717,147
788,388
x9,095.038
x9,395,326
Prov. for depreciation._
200,000
2,400,000
200,000
2,050,000
Gross
revenue
Oper.
expenses
and taxes
(1
—
Gross income
$593,978
286,242
,$7,161,648
3,396.362
$8,069,675
3,228,559
$307,736
155;577
Int. & other fixed chgs—
$605,465
255,904
$349,561
155,577
$3,765,286
1,866,923
$4,841,116
1,866,923
or
notice to
or
'
The mortgage requires annual
payments to the corporate trustee in cash
principal amount of 1968 series bonds equivalent to
1% of the greatest
principal amount of 1968 series bonds theretofore at
any one time out¬
standing, such payments being subject to reduction to the extent of 100%
of (a) unbonded
property additions which thereupon become
bonded, and
(b) certain bonds which the company would otherwise be
entitled to have
authenticated.
Any cash so deposited may be withdrawn on the basis
among other things, of property additions, or
may be used to purchase or
redeem 1968 series bonds.
Certain provisions of the mortgage
may be modified as therein provided.
Redemption—These bonds are to be redeemable as a whole, or in an
aggre¬
gate principal amount of $1,000,000 or more, at
any time and from time to
time, or in an aggregate principal amount less than
$1,000,000 on any
interest date, on at least 30
days'published notice, at the following redemp¬
tion prices: to and incl. Sept. 30,
1943, at 106%; thereafter to and incl.
Sept. 30, 1948, at 105%; thereafter to and incl. Sept. 30,
1953, at 104%:
thereafter to and incl. Sept. 30, 1958, at
103%; thereafter to and incl.
Sept. 30, 1962, at 102%; thereafter to and incl. Sept. 30,
1966, at 101%;
and thereafter to
maturity at 100%; in each case with interest accrued to
the date of
redemption.
funded Debt
ana
Capital Stock—The outstanding funded debt and capital
July 31,1938, adjusted to give effect to the issue
bonds, the borrowing of $10,000,000 against a
-year 3 )4 % promissory notes and the application
stock of the company, as of
and sale of the 1968 series
like principal amount of 10
of the net proceeds
x.
thereof,
income
on
pref. stock
1
Balance
$152,159
$193,984
$1,898,363
1
1
$2,974,193
No provision was made in 1936 or 1937 for Federal surtax on undis¬
tributed profits as all taxable income was distributed.—V. 147, p. 2097.
x
were as
follows:
Authorized
^
1st mtge. bonds,
334%
(co. t Oct. 1, 1968)
Gold debenture bonds,
series due 1968
Outstanding
x
-
$55,000,000
6%, due June 1,
•
,2024
2,000,000
x
10-year 3)4% promissory notes (due Oct.
„
1,1948)
$10,000,000
6% cumulative pref. stock (par $100)—.
Common stock (no par value)
x
Unlimited
as
10,000,000
300,000 shs.
5,000,000 shs.
to maximum amount but
ments of the instruments
Net
Divs.
other
series ranking equally with these
bonds
be issued under the mortgage
(including bonds issuable against prop¬
erty additions subsequent to July 31.1938), without limitation as
to amount,
upon compliance with certain conditions and restrictions
set forth in the
The mortgage provides, under certain conditions, for
mortgage.
releases
of and substitutions for
property subject to the lien of the mortgage without
bondholders.
may
.
Ohio Edison Co.-
on
of the company owned at the date of
certain exceptions). The
mortgage by
ended
Northern States Power Co. of Minnesota—Stockholders
order de¬
claring it not to be a subsidiary of Electric Bond & Share Co.
Purpose of Issue—Company will use the net proceeds
from the sale of
these bonds ($54,437,780 exclusive of accrued
interest but after deducting
estimated expenses) together with the net
proceeds from the issue simul¬
taneously with the sale of the bonds, of $10,000,000
10-year 3)4% Promis¬
sory
notes
($9,926,500 after deducting estimated expenses,
including
agent s compensation) as follows: (1) $13,303,020 to
purchase for
Note—The figures for the eight months ended Aug. 31, 1937 have been
restated in the above statement to reflect adjustments made in December,
Northern States Power Co.
Its
system, which is in turn intercon¬
electric companies, including affiliated
electric companies operating in certain
adjacent States.
Important cus¬
tomers include such other electric
companies, manufacturers of steel and
steel products, tires, rubber
goods and glass, and coal mines
American Gas & Electric Co. owns all of the
voting stock of the company
Company is informed that Electric Bond & Share Co. owns
17.51% of the
voting stock of American Gas & Electric Co. and that the latter
has applied
under the Public Utility
Holding Company Act of 1935 for
$3,143,104
119,768
Federal income taxes
New Jersey
on
properties comprise an interconnected
nected with the
systems of other
„
280,470
970,059
242,291
taxes
was formed in Ohio
April 30, 1907. It is entraeed
furnishing electric service throughout a substantial area
in
Ohio with a population estimated to be
in excess of 900,000 and
including
the cities of Canton,
Portsmouth, Lima, Zanesville, Steubenville. Newark
and East Liverpool.
Company's properties include electric
generating
stations, substations, and transmission and
distribution facilities
5,504,297
659,718
933,333
280,470
974,014
203,000
,
legal investment, in the opinion of counsel for the
principal
Company—Company
1937
1938
5,419,156
550,623
933,333
company
primarily in
SI 1,265,525 SI 1,733,272
expenses
Net operating income
Other income (net)
are
aSdeMar^aS'tietteaVingS bankS ^ the States of New York'
revenue
ing taxes)
State, local and miscellaneous Federal
the sale of the bonds the
will issue
$10,000,(XX) of 10-year 33^% promissory notes,
representing bank loans of this amount.
Pennsylvania Oil Co.—Registers with SEC—
Northern Indiana Public Service
2541
Simultaneously with
198,065 shs.
3,556,403 shs.
issuance limited by the tequire-
under which such securities
are
issued
to
or
issued.
be
Promissory Notes—Company has entered into an agreement dated Sept.
30, 1938, with Chase National Bank, New York, which
provides that
company will borrow from the bank and the bank will loan to the
company,
concurrently with the issue and sale of the bonds, $10,000,000 against the
a like principal amount of the company's 10-year 3 34
% promis¬
(unsecured).- The loan is being participated in by four other
banks. The loan is to be payable on Oct. 1, 1948, and bears int. at
rate of
3>i% per annum, payable semi-annually. Under the agreement the com¬
pany promises to pay on account of the
principal of the notes, on Oct. 1,
1939, and on Oct. 1 of each year thereafter, tne sum of $250,000. Com¬
pany reserves the right to pay the whole or any part of the
principal of the
notes at any time before maturity, without
premium if such payment is
made from funds derived from any undistributed
earnings of the company,
but if payment is made prior to Oct. 1, 1947, from funds derived
from other
borrowings or from the proceeds of any public financing, with the premium
of 1% of the amount of such principal anticipated.
Principal Underwriters—The names of the principal underwriters and the
principal amount of first mortgage bonds severally to be purchased by each
delivery of
sory notes
.
Ohio Electric Power
Ohio Finance Co. (&
Period End.
Sept. 30—
147, p. 1935.
Subs.)- —Earnings—
1938—3 Mos
—
dis-
-1937
1938—9 Mos.—1937
'
$558,844
242,121
Operating expenses
Prov.
.
Co.—Merger A pproved—
See Marion-Reserve Power Co.—V
Gross earnings—int.
count
and fees
.
$537,699
235,421
$1,585,430
693,121
$1 619,870
678,511
uncollectible
for
accts., less recoveries.
.60,995
43,630
150,159
164,517
Profit from operations
Interest and amortizat'n
$255,729
$258,649
$742,151
$776,842
of bond disc. & exp___
Federal income tax
36.595
1,318
67,256
2,085
39,837
1,925
204,228
Miscellaneous charges
69,232
1,348
100,720
2,903
197,497
7,658
115,037
3,415
$147,236
$147,545
$427,809
$453,234
are as
State income tax.
Net income
6.491
Consolidated Balance Sheet Sept. 30, 1938
Assets—
Liabilities—
Cash
$766,670
—
Instalment
notes
and
accts.
receivable
x8,637,007
Miscellaneous accounts rec_.
Loans
to
estate
under
employees
stock ownership
Real
4,728
Land,
office building, furni¬
fixtures, at cost-.
ture and
Long-term debt
6%
x
a
Treasury stock shares
Capital surplus
$9,857,461
Total
After reserve for losses of $250,847.
$135,563.
y
x
207,771
102,483
(par $100).
Represented by 141,922
reserved for conversion of 5% debentures).
of
-
cumul.
Common stock
y222,268
216,442
$2,425,000
330,077
123,825
2,696,000
Deferred credit
Preferred
Earned surplus
Total
banks
Other current liabilities
5,676
1,957
receiv.
Sinking funds cash on deposit
Deferred charges
payable,
2,714
plan
contracts
Notes
Notes payable, other
Accrued interest, taxes, &c._
stock
-
2,530,250
Z128.399
Drl,349
31,922
1,283,084
$9,857,461
After reserves for depreciation
par shares
shares (86,340 shares
a 1,491 shares.147, p. 427.
no
Co.—$55,000,000 'Bonds Offered—A new
$55,000,000 1st mtge. bonds, 3M% series due
1968, was offered publicly Oct. 20 by a syndicate headed by
Dillon, Read & Co. at a price of 10114 an(i accrued interest.
Ohio
issue
Power
of
The issue has been oversubscribed.
follows:
„
,
Dillon, Read & Co., $7,750,000; Lee Higginson Corp., $2,850,000; Bonbright & Co., Inc., $2,250,000; The First Boston Corp., $2,000,000; Mellon
Securities Corp., $1,750,000; Blyth & Co., Inc., Brown Harriman &
Co.,
Inc., and Smith, Barney & Co., $1,500,000 each; Shields & Co.,
$1,350,000;
Coffin & Burr, Inc., Goldman, Sachs & Co. and W. C.
Langley & Co.,
$1,250,000 each.
-
-
Halsey, Stuart & Co., Inc., Stone & Webster and Blodget, Inc., and
Union Securities Corp., $1,000,000 each; Lazard Freres & Co., F. S.
Moseley
& Co., Riter & Co., E. H. Rollins & Sons
Inc., and Tucker, Anthony &
Co., $750,000 each; A. G. Becker & Co., Inc., and White, Weld & Co.,
$600,000 each; Glore, Forgan & Co., Harris, Hall & Co. (Inc.), Kidder,
Peabody & Co. and Otis & Co., $500,000 each.
Bancamerica-Blair Corp., Central Republic Co., Hayden, Stone &
Co.,
Hemphill, Noyes & Co., W. E. Ilutton & Co., Jackson & Curtis, L. F.
Rothschild & Co., Spencer Trask & Co., G. H. Walker & Co.,
Whiting,
Weeks & Knowles, Inc., and Dean Witter & Co., $400,000 each.
Estabrook & Co., Hallgarten & Co., Paine, Webber & Co. and the Securi¬
ties Co. of Milwaukee Inc., $350,000 each; Blair, Bonner & Co.,
Graham,
Parsons & Co., Hayden, Miller & Co. and Laurence M. Marks &
Co.,
$300,000 each.
A. C. Allyn & Co., Inc., Bacon, Whipple & Co., E. W. Clark & Co.,
Eastman, Dillon & Co., G. M.-P. Murphy & Co., W. H. Newbold's Son
& Co., Arthur Perry & Co., Inc., R. W. Pressprich & Co., William R.
Staats Co., $250,000 each.
R. L. Day & Co., Equitable Securities Corp., Field, Richards & Shepard,
Inc., The First Cleveland Corp., First of Michigan Corp., Hawley, Huller
& Co., Horn blower & Weeks, The Illinois Co. of Chicago, Merrill Lynch &
Co., Inc., Merrill, Turben & Co., Mitchell, Herrick & Co., Starkweather
& Co., Schwabacher & Co., Stern, Wampler & Co., Inc., and Stroud &
Co., Inc., $200,000 each.
Baker, Watts & Co., Alex. Brown & Sons, Laird, Bissel & Meeds,
Mitchum, Tully & Co., Newton, Abbe & Co., Singer, Deane & Scribner,
$150,000 each; Bodell & Co., Boswprth, Chanute, Loughridge & Co., Hale,
Waters & Co., Inc., Minsch, Monell & Co., Inc., I. M. Simon & Co.,
Winthrop, Mitchell & Co. and Wurts, Dulles & Co., $100,000 each.
Morgan Stanley & Co., Inc., New York, $5,000,000.
Balance Sheet Sept.
Statement of
Income for Staled Periods
Year End.
31— 7 Mos. End.
1937
July 31, '38 July 31, '38
—Years Ended Dec.
1936
Total oper.revenues
$22,712,820
Total operating revenue
14,772,974
r* Total utility oper.
15,357,205
9,095,754
inc. $7,939,846
$8,920,796
52,150
$4,349,405
3,686
$8,170,109
130,193
Total other income
689,078
2,192,875
401,782
1,270,864
300,613
28,298
300,046
27,164
174,861
Crl ,401
Cr6,840
32,158
7.164
89,787
Cr41.581
18,125
2,354
$4,801,118
..
$5,712,834
$2,438,299
$4,907,328
31, 1938
contracts uncompl.
Special deposits
Cash and working funds
Coupon deposit
deposit
Accounts receivable
Merchandise for resale
Unamort. debt disc. <fc exp_.
Prepaid lnsur., rents,
181,830
■
9,513,772
103,029
142,963
Cash in closed banks
chgs._
Cost
$132,744,652
Total.
Oklahoma Natural Gas Co.
12 Months Ended Sept. 30—
(•& Subs.)—Earnings—
1938
1937
$8,072,587
Operating revenues
Gross income after retirement accruals.;..»_;
income
2,975,758
1,497,776
—
share without
undistributed profits...
$8,140,467
3,032,777
1,503,150
x
charged to surplus.
Note—No provision has been made for the Federal surtax on undistributed
profits for the fiscal year beginning Dec. 1, 1937, which may be payable
under the Revenue Act of 1936, since any liability for such tax cannot be
determined until the end of the fiscal year.
The Revenue Act of 1938 will
V.
It
apply to this company
147, p. 2253.
until the fiscal year beginning Dec.
1, 1938.—
Owens-Illinois Glass Co.—50-Cent Dividend—
declared a dividend of 50 cents per share on the common
par $12.50, payable Nov. 15 to holders of record Oct. 29.
Like
amount was paid on Aug. 15, last; and compares with dividends of 25 cents
paid on May 15 and on Feb. 15, last; 75 cents paid on Nov. 15, 1937,
$1 paid on Aug. 15, 1937, and an initial dividend of 75 cents paid on tnis
class of stock on May 15, 1937.
Earnings for Years Ended Sept. 30 (Inch Subs.)
Old Dominion Co.—30-Cent
x
1936.—V. 145, p. 3017.
East
(Ritz Towers Apart¬
$6,496,869 $12,974,804
received
proceeds,
in
Total income before
providing for Federal taxes
Provision for Federal taxes
Net income for period
Earnings per snare
New Director Elected—
J.
P.
elected
a
Levis, President of Owens-Illinois
director of the parent company to
Gas & Electric
Pacific
June 30, 1938—
Liabilities—
Utility plant
.......
6,145,158 1st pref. stock
22,663,653 Preferred stocks
held
Interest & dividends recelv.
Materials and supplies
heard
2707.
Bonds
1938
Net sales
,
Net income after depreciation,
Total
.
_
-Y. 147, p.
.
$4,210,304
$383,855
$1.71
$442,596
177
715
237
224
debt
Matured interest
94,443
592
446 805
10,183 895
Int. accrd. on long-term debt
1,124 591
217 018
4,525,900 Other cur. & accrd. liabils..
Deferred credits.
976 249
Reserves
:
"...
117,023 638
Contrlbs. in aid of construct
27 902
Customers'
deposits
Taxes accrued
930
44,751
$776,093,715
Total
$776,093,715
448
,989
2253.
Light Co.—Accumulated Dividends—
share on the 7%
Pacific Power &
The directors have
declared a dividend of $1.75 per
pref. stock, par $100, and a dividend of $1.50 per share on the 6%
cumulative pref. stock, par $100, both payable on account of accumulations
on
Nov. 1 to holders of record Oct. 18.
Similar amounts were paid on
Pacific
$4,306,666
538,284
95,688
269
cum.
1937
473,047
89,192
on
359
3,078
Matured long-term
515,586
8,070,749
debt
.
338
2,163,
Drafts outstanding
Dividends declared
Earned surplus
chairman of the board on Oct. 31,
remain
*
1, 1937.
Dec. 24, Nov. 1 and on Aug.
Telephone & Telegraph Co.—Chairman to
H. D. Pillsbury will retire as
as a director.
but before interestT
fimded debt
Interest and discount on funded debt
and discount
133 857
7,684 434
295,692 300
Accounts payable
22,003,536
Aug. 1, May 1, and Feb. 1, last;
V. 147, p. 2097.
Oswego Falls Corp.—Earnings—
9 Months Ended Sept. 30—
common
Capital surplus
Blumenthal, of the law firm of Maurice B. and Daniel W.
elected to act as Chief Counsel to said committee, and
elected Associate Counsel.
At the present time, there is outstanding $2,634,000 of bonds.
The Con¬
tinental Bank & Trust Co. of New York is the trustee.
The first mortgage
on the land owned in fee is the security for the bonds.
The assessed valua¬
625
3,484 900
public—
Premium on com. stock
debt discount
expense
Capital stock disct. & exp
was
$3,400,000.
The proceedings for reorganization are scheduled to come on to be
before Judge Lloyd Church the early part of November.—V. 146, p.
130,865
subs.
stock & surplus of subs
153,189
9,898,626
11,111
5,466,785
45,156
Accounts receivable
The com¬
of 1938 is
by
of
911,379
62,846 Minority interest In
deposits
Working funds
Notes receivable.
Unamortized
$156,533 925
Common stock
$695,525,597
Investment & fund accounts
David M. Palley was
as
*
Co.—Consolidated Balance Sheet
Church.
tion
Pacific Coast Co., has been
fill the vacancy caused by the
Levis.—V. 147, p. 751.
resignation of R. H.
mittee represents a great many of the bondholders in this issue, which issue
will be reorganized under the supervision of Supreme Court Justice Lloyd
► Daniel W.
Blumenthal,
$4.08
of
$1.91
of manufacturing plants and amortization
$3,254,203 in 1938 and $2,502,570 in 1937.
Reacquired long-term
(incl. pledged bonds)
A. Seaver was elected Secretary.
$5,085,996 $10,844,608
2,661,204
2,661.204
depreciation
Includes
leased equipment,
Building
Mrs. E.
1,063,750
548,472
$7,045,341 $14,038,554
1,959,345
3,193,946
•
Other deferred debits (net) __
Vice-Chairman and
at end of period—
Number of shares outstanding
At a special meeting held Oct. 10, 1938 of the bondholders'
committee for defaulted Straus issues, in the matter of 103 East 57th
attorney
Hotel of
from sale of
—
Unamortized valuation exps
protective
Street
(Ritz Towers Apartments), Roy M. Livingstone, a prominent
of Philadelphia, Pa., and Vice-President of the Ritz Carlton
that city, was elected Chairman, John H. Valentine was elected
year,
patent rights and licenses
and
ments)—Protective Committee—
1,348,005
498,523
Prepaid taxes
67th Street Building
i.. $5,998,346 $11,626,800
Total income
x
103,089
526,958
889.780
95.906
33,044
—-
——
—
7,323,965
541,556
342,192
752,541
Other income
Cash
72,818,717
7,007,945
adminis. expenses
and bank loans
bonus
Discounts on sales and prov. for bad debts
Sundry expenses and losses
Selling, general and
—
$93 ,385,216
operating revenues$14,675,624 $20,566,499
Manufacturing profit and net
Miscell. special
Dividend—g|
dividend of 30 cents per share on the common
holders of record Nov. 4.
This compares with
25 cents paid on Nov. 22 and on Feb. 10, 1937: 50 cents paid on Dec. 10.
1936, 35 cents on Aug. 17, 1936, and a dividend of 30 cents paid on June 1,
Directors have declared a
1937
1938
and other operating revenues..$76,414,117
Cost of sales, royalties paid, patent, develop¬
ment and other operating expenses
61,738,493
Net sales, royalties
Cash
stock, payable Nov. 22 to
103
..$1,793,747 $2,611 969
Sept. 30, 1938.
Total
stock,
deduction for
SI.98
$1.99
Without deduction for surtax of $40,000 on undistributed profits for
fiscal year ended Nov. 30, 1937 (none in fiscal year ended Nov. 30, 1936),
not
1,589,372
$2,645,466 valuation based on market quotations,
147,172 no par shares.—V. 147, p. 581.
Profit
per common
2,099,186
.$1,793,747 $2,611,969
Total
2253.
Oklahoma-Interstate Mining Co.—Preferred Dividend—
Company has declared a dividend of $1.57 }A per share on the class A
pref. stock, payable Dec. 10 to holders of record Dec. 1.—V. 145, p. 3206.
surtax on
750,000
2,149,687
Interest on debentures
$132,744,652
585,000
750,000
2,149,687
Capital stock
Provision for management
Ohio Public Service Co.—Offer for System—
(Ohio) City council has offered the company $135,000
for its electric distribution system in Port Clinton as the first step in ob¬
taining a $300,000 Public Works Administration for a municipal electric
plant.—V. 146, p. 3026.
"
'
Net
456,000
508,000
b Represented by
The Port Clinton
x
407.000
Profit & loss deficit
17,782,015
shares, no par)
Earned surplus
2,134,824
Retirement1 work In progress
Earnings
56,500
b
_
Materials and supplies
Total
9,500
14,710
Directors have
$61,414,000
3,810,176
1,607,932 Loans payable
6,221,988
1,715,256 Current liabilities...
Contractual liability
70,000
84,369
31,335
2,084,242 Def'd <fc unadjusted credits.
Reserves:
Depreciation
13,708,547
21,6 >0
Contingencies
.....
250,000
4,006
Miscellaneous
'
69,760
2,588,311
Contrib. In aid of construe 76,558
1,960,376
19,806,500
113,078 6% preferred stock
5,399,653 Common stock (3,556,403
Funded debt
$114,703,103
Investments.........—..
-V. 147, p.
8,479
Paid-in surplus—
6,960
Liabilities—
Other def'd & unadj.
20,228
20,057
5% gold debs., due
April 1. 1948.—
Cr47,433
31.711
18,467
r
Dividend
taxes
debentures
107,809
30,176
Crl ,242
Balance Sheet July
Constr.
other
and expenses—
Accrued Int. on 5%
3,393
787
_
299,762
26,274
a
Assets
and
2,491,671
688,770
2,178,625
from
Property, plant & equip
7,908
6,535
.al,754,188
5% gold debs., due
Nov. 1, 1947.—
$8,199,807
689,695
2,221,379
K-Am. Gas & El. Co
Int. chgd. to construction
Other interest charges. _
Miscell. deductions
likNet income..
74,425
-
able, accrd. Fed.
Prepaid taxes and
other expenses.
not
taxes on income.
Held by others
Amortization of debt dis¬
count and expense
Taxes assumed on int—
advances
and
dividends recelv.
Int.
Securities owned,
but
bought
Sundry accts. pay¬
Res. for estd. Fed'I
Int. on long term debt:
Held by American Gas
& Electric Co
on
29,697
1937
$100,000
for securities
reeelved
82,007
Accrued
$4,353,092
$8,972,946
$8,070,039
Gross income
Int.
Due
livered
1938
$35,000
Coll. loan payable-
sold but not de¬
.
n
15,647,573
deductions
h.
$23,817,683
$24,278,002 $13,445,160
1937
$26,988
securities
for
30
Liabilities—
1938
$32,237
Assets—
Cash...
Due
1938
22,
Oct.
Financial Chronicle
2542
Retire
but will
•
President, N. R. Powley will fill the office both of President and Chair¬
Mr. Pillsbury has been 40 years with the company and its prede¬
He was President of Pacific Telephone from 1924 to 1935.—
man.
x
y
Net income.__.
Earnings
per
•
__
share
$1.97
Federal income tax and surtax on un¬
y Net income per share is based on 224,752 shares of
$5 par common now outstanding.
The earnings for 1937 are before de¬
ducting dividends on the $110,060 8% first preferred stock which was retired
May 1, 1937—V. 147, p. 581.
x
No allowance is made above for
distributed profits,
Overseas Securities Co.,
1938
Total income
Interest
on
39.037
$178,431 prof$229589
Net loss for the period
shareholders
16.199
$11,855 prof$15,527
166,576 prof270,562
56,500
operations
Net loss from sales of securities
Prov. for Fed. Inc., excess profits & surtaxes.
Net loss from
Distribution paid to
$70,763
18,175
34,456
debentures
1937
$40,777
_
Expenses
__
Balance of net loss
103.020
$178,431 prof$126569
1938, there occurred a
of $237,650 on securities owned, based on
1937 and Sept. 30, 1938.
of securities have been computed uniformly
by the company since its inception on a first-in-first-out cost basis.
No charge has been made against income on account of amortization of
debt discount and expense, the entire amount of which was written off
against paid-in surplus when the company's debentures were issued.
If
this write-off had not been made the proper proporcion of the debt discount
and expense chargeable as amortization against Income for the period would
Notes—During the nine months ended Sept. 30,
net
unrealized
appreciation
market quotations at Dec. 31.
Profits and losses from sales
be $4,484.
Y.
147,
p.
2401-
Pacific Tin Box
Corp.—New President—
The directors of the corporation on
President to succeed Silas
Oct. 14 elected Medley G. B.
W. Howland, deceased.
Whelpley
The Earl Castle Stewart
chosen a director to fill the vacancy
of London, England, was
Mr. Howland's death.
caused by
Yukon-Pacific Mining Co., the operating company
Pacific Tin Corp., elected M0*. Whelpley, Chairman, G.
The directors of the
Inc.—Earnings—
9 Months Ended Sept. 30—
cessors.
controlled by the
Temple Birdgtnan, formerly First Vice-President, was elected
Carroll A. Wilson was chosen a director.—V. 147, p. 1787.
President.
Pipe Line Co.—Board * Votes to
Common Shares, Held by MissouriKansas Pipe Line—Rights to 80,000 Shares Will Expire on
Nov. 30 Unless Mokan Agrees to Exercise Them—
Directors of the company at the regular board meeting Oct. 19 voted to
rescind, as of Nov. 30, 1938, the transferable warrant now heid by MissouriKansas Pipe Line Co., representing the right to subscribe to 80,000 shares
of common stock of Panhandle Eastern, unless Missouri-Kansas Pipe Line
Co. takes certain action before that date, with respect to the exercise of the
Pi- Panhandle
Rescind
Eastern
Warrant
for
Panhandle Eastern directors provides that the
void on Nov. 30 unless it is exercised by
unless Missouri-Kansas has notified
Panhandle Eastern, before the expiration date, of its intention to offer the
subscription rights to its own shareholders
In the latter case, MissouriKansas must also request Panhandle Eastern to file' a registration statement
with the Securities and Exchange Commission covering such rights and the
shares to be offered and must thereafter take immediate steps to distribute
The
resolution
warrant
of the
shall become null and
Missouri-Kansas before that date, or
such
rights among its own
stockholders.
Volume
147
Financial
The resolution of the Panhandle Eastern board also
provides that If,
before the expiration date of Nov.
30, Panhandle Eastern is on notice from
Missouri-Kansas that it does not intend to offer the
subscription rights to
stockholders, the warrant shall become null and void forthwith.
It is
further provided that unless the
rights have previously expired, they shall
automatically become null and void on the 45th day following the effective
date of any registration statement that
may have been filed to provide for
its
Chronicle
2543
Penick & Ford, Ltd., Inc. (&
Subs.)Period End. Sept. 30—
1938—3 Mos. —1937
Gross profit & income
from operations
$1,033,156
$638,792
Sell., advertising, general
$3,135,767
$2,029,346
& administrative
exps.
575.036
513,387
1,769,631
1,598,244
Profit
Miscell. income—net...
$458,121
9,921
$125,405
13,213
$1,366,136
29,158
$431,103
27,202
Depreciation
$468,042
115,244
$138,618
89,381
$1,395,294
$458,305
355,550
their issuance.
The warrant in question, evidencing the
right to subscribe to 80,000
shares of Panhandle Eastern common stock, was
formerly held by Henry
T. Bush and C. Ray
Phillips, receivers for the Missouri-Kansas
-Earnings—
1938—9 Mos.—1937
Pipe Line
Co,, who subsequently assigned it to the latter corporation.
Prior to
receiving the warrant, the receivers of Missouri-Kanas signed an agreement
providing for the transfer of the subscription rights to the stockholders of
Missouri-Kansas Pipe Line Co.
Consolidated Income Account for
thel.2
Months Ended Sept. 301
1938
1937
Total gross revenue
Total oper. exp. and taxes, incl. Fed. inc. tax
$9,476,416
5,106,528
$9,318,459
4,631,645
Net operating revenue
Total interest deductions
$4,369,888
1,257,196
$4,686,813
1,067,562
*
.
Net income
a
undistributed profits.
on
The consolidated balance sheet of Panhandle Eastern and subsidiaries
as of Sept. 30, 1938, shows total assets of
$66,674,905, of which property,
plant and equipment account for $58,410,535.
Accounts and notes re¬
ceivable, less reserve, total $821,613.
Cash is shown at $1,209,136.
The
balance sheet shows $163,561 of accounts payable and reveals that all cur¬
rent notes have been paid,
leaving only notes of $2,000,00 payable to banks
and due on June 15,1939.—V*.
147, p. 2253.
Panhandle
Producing
Listing—
Cancels Stock
Authorization
&
Refining
Co.—Exchange
to list
253,450 common shares of company was withdrawn
Oct. 20 by the New York Stock Exchange,
The action does not affect
other stock of the company now in the hands of the
public.
The statement by the Stock Exchange follow*:
"The Committee
lowing
Stock List of the New York Stock Exchange, fol¬
on
special meeting this afternoon, sent the following telegram to
Securities and Exchange Commission:
the
"
a
'On Sept. 21, 1938, Committee on Stock List certified that New York
Stock Exchange had approved for listing and registration 253,450 shares
stock $1 par value of Panhandle Producing & Refining Co. upon
notice of issuance.
Committee on Stock List hereby withdraws its cer¬
tification dated Sept. 21.*
common
"The effect of this action is to withdraw the approval of the committee
for listing and registration of the
253,450 shares authorized for listing,
under restrictions, as to the further transfer of such stock, in accordance
with the terms of a
listing application adopted Sept. 20, 1938, to permit the
committee to proceed with the further investigation of the circumstances
in connection with this
364,332
64,126
12.657
187,714
30,055
$288,672
369,000
$0.78
Net income
Number of shares
Earned per share
—V. 147. p. 1204.
$36,580
370,000
$843,248
369,000
$2.28
$72,700
370,000
$0.20
$0.10
Phelps Dodge Refining Corp.—New Name—
See Nichols Copper Co. above.
a$3,112,692 a$3,619,251
...
Before provision for Federal tax
Prov. for Fed. income &
capital stock taxes
Philadelphia & Reading Coal & Iron Co.—-Committees
Agree
In
on
Loan—
endeavor to expedite the reorganization of the
company under
77-B of the Bankruptcy Act counsel for various bondholders'
protective committees reached an agreement Oct. 17 under which
Special
an
Section
Master
Lewis will be able to file his reports
approving petitions of the
debtor company to dispose of
lands, close down two company-owned mines
and borrow additional
working capital tomorrow.
Mr. Lewis will file both of his
reports on debtor's petitions together with
his report in which he will
dispose of exceptions to his reports.
Under the stipulation reached
company agrees to limit its borrowing to
$1,800,000 pending determination of the availability of $700,000 cash held
by the Reading Iron Co.. a wholly-owned subsidiary, as part of the
$2,500,000 loan required.—v. 147. p. 2401.
Philadelphia Suburban Water Co.—Earnings—
12 Months Ended Sept. 30—
Gross
1938
686,426
133,200
1937 m
$2,472,322
667,863
144,929
$1,671,458
676,237
revenues
$1,659,530
676,450
$2,491,084
Operation (including maintenance)
Taxes (not including Federal income tax).
Net earnings
Interest charges
Amortization and other deductions
22,444
;
Federal income tax.
20,338
109,749
236,882
Retirement expenses (or depreciation)
Balance available for dividends.
-V. 147, p. 1935.
106,071'
232,156
$626,145
;t$624,5l4
listing.
"In accordance with the terms of the application, 235,439 shares of this
stock were authorized for listing on notice of issuance in connection with
the acquisition by the company of tubing,
casing and line pipe of foreign
origin.
The application also covered 18,011 shares to be issued to L. S.
Carter & Co., Inc., as a broker, for services in
Pleasant Valley Wine Co.—Six-Cent Dividend—
Directors have declared
dividend of six cents per share on the common
Oct. 20.
A dividend of five
a
stock, payable Oct. 27 to holders of record
cents was
paid
on
Sept. 1, last.—V. 147,
1645.
p.
arranging the acquisition of
Pneumatic Scale Corp.—30-Cent Dividend—
The^New
York "Times" Oct. 21 had the following:
"The additional listing included 235,139 shares
been delivered
*
V
The
which
were
to
have
by the company to Davis & Co., headed by William Rhoades
Davis, an American financier who has received publicity in recent months
for his reportedly successful efforts to sell
expropriated Mexican petroleum
to
Italy, Germany and Sweden.
Mr. Davis was to have received the Pan¬
handle shares in payment for foreign pipe and casings.
"No official explanation accompanied the Stock Exchange's announce¬
ment
that listing permission had been rescinded.
"The King's Bench Division of the High Court of Justice in London
decided on Monday a civil action against Mr. Davis, ruling that he had
operated a scheme to defraud Carl Frederik Glad, owner of the Aktieselskabet Gica of Copenhagen.
In its decision it characterized Mr. Davis
as
'an unscrupulous and ruthless financier.' "—V. 147,
1935.
p.
Park
*
.
Oper.
1
exps.,
1937
$88,096
incl.
1936
1935
$85,219
$78,812
$88,141
50,458
22,504
9.338
4,518
52,364
21,961
13,500
47,383
49,634
23,872
13,500
4,601
prof$l,278
$2,606
prov.
for doubtful accts
Real estate taxes
Interest on 1st mortgage
Int. on gen. mtge. bonds
Net loss for year
The report shows
22,605
13,500
$4,676
$3,467
net profit
before depreciation and interest on the
general mortgage (but after interest on the first mortgage) of $5,796, against
a loss similarly
computed for the previous year of $2,606.
Applicable net
income, computed in accordance with Article III, Section 2, of the mortgage
indenture (which requires an accounting on a cash basis) was $5,945.
This
latter sum was sufficient to permit a disbursement of M of
1% on the
general mortgage bonds, payable Nov. 1, 1938, in the amount of $4,518
and leave an excess of $1,427, which excess under the terms of the indenture
was set up as "income interest reserve."
Coupon dated Nov. 1,1938, should
a
be detached and presented in the unusual manner to the Chemical Bank &
Trust Co.,
165 Broadway, New York, N. Y., for payment.
Assets—
1938
bldg.,
equipment
from
1938
( "
1st mtge. 6s, 1937.
$1,154,770 $1,154,770
20,649
21,868
Cash
Due
Liabilities—
1937
and
tenants
1937
$225,000
1942.
$225",000
Gen. mtge. bonds.
903,700
1st mtge. 4s,
(net)..
692
1,216
12,390
10,154
mortgage...
903", 700
4,519
tenant
rent
915
807
373
Int. income reserve
1,427
shs. no par)....
52,555
268
3,184
7>r942
.
$1,188,502 $ 1.188,009
Total
'
X>r942
....$1,188,502 $1,188,009
165 shares.—V. 146, p. 2704.
Penn Investment
on
Operation
or
Co.—Earnings—
upon
...
receivable
—1....
Net earnings
Interest and other deductions of subs.;
Int.
on
2,752
on
v.
$770
12,000
Balance Sheet Sept. 30, 1938
Assets—Cash in banks, $129,348; dividends receivable and interest ac¬
crued, $962; securities owned, priced at Sept. 30, 1938, market quotations,
$344,094; accounts receivable (deposit of 320 shares Oklahoma Natural
Gas common stock as collateral), $1,920; deferred expense, taxes,
$1,569;
total, $477,892.
Liabilities—Account payable, due broker, $20,198; accrued State
taxes,
estimated, $1,992; accrued Federal taxes, estimated, $2,020; preferred stock,
represented by 12,249 no par shares, $428,715; Common stock ($1 par),
$27,249; surplus after application of $313,258 of capital surplus and $84883 of unrealized loss on securities, as annexed, $5,933; treasury stock,
249 shares of preferred and 249 shares of common stock, $8,215; total,
$477,892.—V. 147, p. 582.
—
General interest
-
;
Amortization of deot discount and expense
Taxes on bonds and on bond interest
*
Bal. before inc. deducts, of Portland Elec. Power Co
2,381,256
192,343
188,985
25,050
63,085
$519,702
Portland Electric Power Co.:
on
6% coll. trust income bonds
General interest
954,000
191
.
Amortization of debt discount and, expense
Miscellaneous income deductions
J
48,523
3,678
—
Net loss
$486,690
[Exclusive of Willamette Valley Ry. Co. now in
$
$
83,289,671
85,159,413
Non-utll.
prop.
&
,
in
*
&
from
5,810,022
72,294
7,088
84,572
574,956
1,543,745
Accounts payable.
Accrued interest..
4,122,057
4,356,228
Accrued taxes
844,250
347,528
1,450,195
1,165,406
825,069
Deferred credits..
136,815
&
Unamort. debt dis¬
& expense
Notes & accts. rec.
1,048,488
Mat'ls & supplies.
748,623
Total
Real
est.
equip,
defened chgs...
count
Co.15,900,000 15,895,000
2,711,082
special deposits.
accts.
deb#—
Sub. companies.51,340,600 52,687,000
Def'd liabilities... 2,342,054
2,581,772
50,212
2,402,457
(net)
Prepd.
$
stock...18,023,848 18,025,874
Com.stk.(Jl par).
176,785
176,785
Deficit
8,506,774
sur47,168
Capital surplus...
2,828,964
P0rtl.El.Pr.
'
1937
$
Liabilities—
Preferred
Long-term
rec-
Wll-
of reorganization
1938
,
for fu¬
developxn't 2,911,695
ture
Invests,
process
1937
A SS€t8~**""
Utility plant
Cash
profit, net of losses,
cost
$3,369,234
1,187
$3,370,421
funded debt and collateral notes
Miscell. assets
$619
1,363
$1,982
_
sale of investments, based
$13,024,022
5,037,256
1,357,339
1,394,626
1,865,567
Net earnings from operations
Other income (net)
Sink, fund & other
1
Loss for the period before consideration of
Preferred dividends
....
Provision for uncollectible accounts
Provision for depreciation
General taxes
Co.
Total income.
Expenses
1
7__
lamette Val. Ry.
bonds
Dividends received
Subs.)—Earnings—
Gross operating revenue..
Maintenance
ceivs.
Income Account for the 3 Months Ended Sept. 30, 1938
Income: Interest
152,926
Exclusive of Willamette Valley Ry. Co. now in process of reorganization
Earnings for 12 Months Ended June 30, 1938
expends,
x
,
Sept., 1937
,
1938
52,555
...
Aug., 1938
141,457
Consolidated Balance Sheet June 30
Capital s,tk. (9,202
Total
Sept., 1938
•
141,509
Portland Electric Power Co. (&
and
deposit..,
Surplus.
x Treas: stock...:
Co.—September Production—-
•
518
454
Accrued expenses.
2,812
605
.
Accrued taxes....
Prepaid
Pond Creek Pocahontas
Interest
Accrued int. on 1st
Deferred charges..
Mfg. Co.—To Pay 15-Cent Dividend—*
Miscellaneous income deductions
Condensed Balance Sheet Aug. 31
Land,,
Pollak
Directors have declared a dividend of 15 cents per share on the common
stock, payable Oct. 28 to holders of record Oct. 18.
This compares with
dividends of 20 cents per share paid on Dec. 24,1937 and on Dec. 21,1936.
—V. 147, p, 1351.
—V. 147. p. 1351.,
Earnings for Years Ended Aug. 31
1938
Income
have declared a dividend of 30 cents per share on the
stock, payable Nov. 10 to holders of record Oct. 25.
A like
amount was paid on June 1, last and compares with 60 cents
paid on Nov. 24,
1937, and 30 cents paid on Sept. 1, and on Jan. 2, 1937, this latter being
the first dividend paid since Sept. 25, 1935 when 30 cents
per share was
also distributed.—Y. 146, p.
3353.
Month of—
Coal mined (tons)
Place-Dodge Corp.—Earnings—
P!j|
directors
common
95,833,482 102847,319
loan
&
purchase
691,913
Reserves
Total.
380,687
833
442,547
4,757,244
obligations
Notes payable
384,744
9,684,200
3,777.006
795,291
237,081
5,029,114
95,833,482 102847,319
—V. 145, p. 2861.
Postal Telegraph & Cable Corp.-—Preferred Stock Group
Fights Reorganization Plan—
Asserting that at the worst the preferred stock has an equity of not less
Beha preferred stock committee has sent a letter to
than $20 a share, the
stockholders urging strong resistance to the reorganization plan sponsored
by the bondholders' protective committees.
The bondholders' plan makes no provision for the preferred stock on the
ground that such stock has no equity in the company.
Contending that the bondholders' plan is "unfair and unsound," the
preferred stock committee, which is headed by James A. Beha, in its
Financial
2544
showing total assets for
of $68,230,324, leaving
net equity
for preferred of $28,370,291.
This figure, it is pointed out,
however, would be reduced by a considerable write-down of the plant
and property of the system.
The write-down, it is asserted, would not
exceed $22,200,000 and if reduced from the $28,370,291 equity for the
preferred would leave a balance of not less than $6,170,000, ot $20.21 a
letter submits figures prepared by accountants
Postal of $96,600,616 against which are liabilities
share.—V. 147, p. 2402.
Portland General Electric
[Inclusive of figures
Co.—Balance Sheet June 30—
subsidiaries]
1938
1937
applicable to recently merged
1938
1937
$
$
Assets—
Plant, prop., rts.,
Intangibles, &C.64,719,406
$
$
Common stock.. 15,357.712 17,331.840
Fund. & long-term
63,498,248
:.—51,340,600 52,687,000
debt
Nonutillty prop. <fc
Pay. to affil. Cos..
expends, for fu¬
ture developm't-
Itec.fromaffll.cos.
2,071,964
317,427
Mlscell. assets
2,159,316
Special deposits...
Unamortized debt
4,438
dlsc't <fe expense.
3.555,955
3,741,603
545,735
88,580
270,144
liabilities
payable-
137,081
304,472
145,111
213,093
833
594,981
690,746
88,381
4,096,247
1,831,462
1,291,973
1,014,709
739,957
Deferred
81,922
661
Accounts
4,885,558
292,799
1,866,816
1,131,961
Notes payable
Accrued int. (net).
594,242
726,932
65,551
,
Accrued taxes
Deferred credits..
Reserves..
def'd charges...
Cash
3,987,733
Earned surplus
&
accts.
Prepaid
2,884,112
Accts. notes & war¬
rants rec.
(net).
Mat'ls & supplies.
Potomac Electric
Power Co.—Earnings—-
12 Months Ended Sept. 30—
1938 ""
•
$5,015,260
2,599
$5,245,769
102,578
$5,348,347
...—
income
Interest charges (net)
524,508
612,458
—
$4,405,401 $4,823,838
x The provision for Federal surtax on undistributed income shown inTthe
statement for the 12 months ended Sept. 30, 1937, represents the provision
made in the last quarter of 1936 for the year 1936.
There was no undis¬
tributed income subject to Federal surtax on undistributed income for the
Net income..
.......
-
1937.—V. 147, p. 901.
year
Prudence-Bonds Corp.—Interest Payments—
Corporation announces that EpplerJ&XCo., certifiedTpublicTaccountants,
have, as required by the various trust indentures, determined^the interest
payable Nov. 1 next to bondholders of record.at the'close of business Oct. 15
on,the publicly held registered bonds [of the eighteen (.series.
The present
unpaid principal per original $l,0004bond, thOiratelof semi-annual interest
the present
on
principal amount with^the correspondingjDayment
following table:
Payment in
Payment in
Dollars per
Unpaid
Principal
per
Present
Dollars per
Present Un-
Present
Unpaid
Present Un-
Iuterest paid
Rate to
Original
per
$1,000
Be Paid
Bond
$610
Vs
$2.30
AA
840
m
9.45
3
1,000
None
4
830
Vs
5....
950
None
6
700
1,000
Rate to
be Paid
$1,000
Bond
a
$1,000
11...
None
1,000
10..
1H
$16*25
960
3H
32.40
12...
13...
VA
18.38
1,000
2X
22.50
15a..
19*25
None
980
14...
6*20
2%
7
Original
Series $1,000 Bond
a
$1,000 Bond
A
Interest paid Original.
Principal
Original
Series
900
8
1,000
H
9
900
1%
17....
14.63
7.50
H a
980
2H
2%
a
22.05
1,000
26.25
16-8.75
Pursuant to plan
1936 is paid.
premium.
bonds has been
Issuance of these
-.
authorized by Illinois Commerce
mission.
registration under
will covenant that so long as
the 12 months pre¬
1968, inclusive, deposit with
principal amount
Such amount of cash
amount not in excess of
certified to the trustee for such
principal amount of outstanding
for such purpose. Such
thereafter be made the basis
All cash
redemption of
History eBusiness—Company was organized in Illinois on July 18, 1913.
Its principal executive offices are located at 72, West Adams St., Chicago, 111.
Company is a public utility operating company engaged in the pro¬
duction, purchase, transmission and distribution of electricity and gas,
the distribution of water, and the production and distribution of heat by
to be
be
N. J. (& Subs*)—Earnings—
30— 1938—Month—1937
1 938—12 Mos.—1937
,.__$10,473,670 $10,609,1231126,498,9711126,673,647
Public Service Corp. of
Oper. exps., maint., depreciation & taxes
7,595,278
Net inc. from opers...
Bal. for divs.& surplus.
$2,878,392
1,835,718
,
7,622,078
of hot water.
91,982,844
electric and gas revenues were
In 1937,
88,287,233,
$2,987,045 $34,516,127 $38,386,414
1,988,697
22,281,403
24,658,822
—V. 147, p. 1938.
around, but not in,
northeastern part of Illinois.
6,000 square miles and a
population estimated by the company of approximately 1,100,000.
At
June 30,1938, it served a total of 347 communities; of these 345 were served
with electricity, 107 with gas, four with water and limited areas in two with
hot water heating. Atithat date, the company had approximately 308,000
electric customers, 158,000 gas customers, 5,200 water customers, and 700
heating customers.
Since June 30, 1938, the company has sold its water
system.serving approximately 2,500 customers in LaGrange to the muni¬
cipality fori$315,000. Company is also engaged in the sale of electric and
gas appliances to promote the development of its electricity and gas business.
Company is a subsidiary of Commonwealth Edison Co.
Beginning
Sept. 23, 1937, Commonwealth Edison Co. made offers to the stockholders
of the company to issue Commonwealth Edison Co. stock in exchange for
the stocks of the company.
Asithe result of exchanges pursuant to such
offers and the redemption on Dec. 21,1937 of all of the company's preferred
stocks, Commonwealth Edison Co. now owns more than 99% of the total
outstanding stock of the company.
Commonwealth Edison Co. has four other principal utility subsidiaries:
Western United Gasj& Electric Co., Illinois Northern Utilities Co., Chicago
of Illinois.
Co. and Economy
for accounting purposes..
The former owns an undeveloped water power site and certain overflow lands
along the Kankakee River in Kankakee and Will counties, 111. The latter
Generating Corp., and Super-Power Co.
Company has tiyo subsidiaries, Illinois Light & Power
Light & Power Co., neither of which is consolidated
(r
has no business or assets.
Subsequent to June 30,1938
Subsequent to June 30, 1938 the company has carried out or will carry
out prior to the issuance of the 3 )4 %\ bonds being offered certain trans¬
actions affecting its financial position and earnings.
The more important
of these transactions are summarized below:
(1) Company has sold to Edison company for $6,187,409 all the com¬
pany's investments in the stocks of Super-Power company and Chicago
District company.
A major ^portion of the proceeds has been or will be
applied in payment of redemption premiums on funded debt of the company
Certain Transactions
of
redemption and deposited
trustees, an aggregate
Company hasfredeemed, or called for
such purpose with the respective
$29,410,000 of its funded debt as follows: •
1st & ref.mtge.
bonds, 5%, due Oct.
104, principal amount
1st lien & ref. mtge.
bonds, series I, 4)4 %,
Edison company
required for
Social security taxes
Fed. taxes (incl. income)
1938—Month—1937
$504,733
316,460
73,184
6,533
10,000
Net operating income.
$98,556
Non-oper. income (net).
Gross income
r
—
Bond interest
Other
interest (net).
Other deductions
Prov. for special reserve
Net income
1938—12 Mos
6,093
$104,649
58,363
Cr2,116
8,875
$533,130
271,220
70,127
3,108
25,530
,029,771
2,940,621
891,903
50,886
286,367
Pref. div. requirements
$39,527
52,176
$5,972,264
2,834,094
837,497
32,112
237,459
$163,145
4,869
$1,859,994
46,339
$2,031,102
$168,014
56,018
$1,906,333
$2,069,271
681,587
Crl6,358
110,229
661,217
Cr4,953
0645
8,738
.
...
1937
...
has advanced to the company $29^410,000 to provide the
suchjredemptions, other.than redemption premiums and
accrued interest;
ref.
bonds previously
mortgage}have been canceled and
(3) The $73,378,000 of company's 1st &
mtge.
pledged under company's first lien & ref.
the 1st & ref. mtge. has been released and discharged.
The
Waukegan Generating Co. first mortgage bonds
company's first lien & ref. mortgage and assumed by company
$103,903
52,176
$1,130,875
$1,269,996
624,036
612,058
Note—Figures for all periods include operations of the former wholly
subsidiary, Manchester Street Ry., which was merged with this
company as at Dec. 31, 1937.—V. 147, p. 1938.
owned
Public Service Co.
Bonds
of
Northern
Illinois—$80,000,000
made, Oct. 19, of $80,000,000 first mortgage bonds, 3^%, series due 1968, by
one of the largest groups ever organized to distribute an
issue of corporate bonds.
In addition to the 116 original
members of the underwriting group, there is a selling group
of 599 dealers, making a total of 715 members actively
engaged in the distribution of the issue. Halsey, Stuart &
Co., Inc., heads the group of underwriters, the other leading
members of which include Brown Harriman & Co., Inc.,
Offered—Public offering
was
Corp., Glore, Forgan & Co., Harris, Hall
(Inc.), Kidder, Peabody & Co., Lee Higginson Corp.,
Lehman Brothers, F. S. Moseley & Co., A. G. Becker & Co.,
Inc., Bonbright & Co., Inc., and Central Republic Co. The
bonds are priced at 103 and accrued interest.
The First Boston
& Co.
$29,200,000
previously pledged under
upon liquid¬
ation of Waukegan Generating Co. in January, 1938, have been canceled
and the first mortgage of Waukegan Generating Co. has been released and
discharged. The $15,000 Economy Light & Power Co. first mortgage bonds
held in the treasury and the $1,268,000 of such bonds pledged by the eomgany by the public.
eld will be canceled,
leaving outstanding only the $228,000 of such bonds
$16,790,000 of promissory
Of these
$3,000,000 was held
had outstanding on
which matured
On June 30,1938 company had outstanding
dates from Juyl 15, 1939 to July 15, 1944.
notes, $13,790,000 was held by Edison company and
by Commonwealth Subsidiary Corp.
Company also
June 30, 1938 an additional promissory note of $1,250,000
and was paid on July 15, 1938.
Such $16,790,000 of notes and the $29,410,000 of advances
Edison company to the company since June 30, 1938 have
discharged in connection with the following:
; .
made by
been or will
by the company in areas
leased toand operated by Edison
Sale of additional shares
of the
Issuance to Edison company
pany
be
.
„■
distribution facilities owned
annexed to Chicago and heretofore
of electric
Sale to Edison company
38,169
111,711
31,300
8,250,000
2,284,000
due July 1, 1960 at
104, principal amount
funds
"
1,1956 at'110, prin. amt_.$18,876,000
due May 1, 1966 at
bonds, series C, 5%,
notes due on various
Hampshire—Earnings-
area
District Electric
(4)
Public Service Co. of New
approximately
company's total revenues.
76.5% and 22.6%, respectively, of the
Company operates in Illinois in the metropolitan
Chicago, and in surrounding territory in the
The territory served has an area of approximately
1st lien & ref. mtge.
expected because of adjustments incident to the taking over of collateral
and because of readjustments or mortgages resulting in the collection of
interest arrears of former years.
In other cases the semi-annual interest
payments are less than might be expected hereafter because of the necessity
of setting up tax reserves. V. 146, p. 3354.
Period End. Sept 30—
Operating revenues
Operating expenses
State & municipal taxes.
Com¬
efforts to procure listing
Listing—Company will agree to use its best
of the bonds on the New York Stock Exchange, and
the Securities Exchange Act of 1934.
Property or Bond Sinking Fund—Company
any of the 3)4 % bonds are outstanding it will, during
ceding April 1 in each of the years 1940 to
the trustee an amount in cash equal to 1 % of the aggregate
of the 3M%$bonds authenticated prior to April 1.
may, however, be eliminated or reduced by an
70% of net property additions, as defined,
purpose, and by an amountiequal to the
3 )4 % bonds delivered by the company to the trustee
property additions and 3 )4 % bonds may not
of the issue of bonds or;otherwise utilized under the mortgage.
deposited is to be applied by the trustee to the
or
outstanding 3)4% bonds.
(2)
The company announces that the semi-annual interest payments
made Nov. 1 are, in some cases, considerably more than normally would
_
and New York. De
sufficient funds for
is
1,
«
|»
Period End. Sept.
Gross earnings
Principal and interest
1968.
redeemed and to bejredeemed.
9.00
900
18...
and trust indenture payment for the 15th Series
original $1,000 bond, until cumulative rate of 3 J4 % per annum to Oct.
a
on
in dollars,
shown in the
are
1938; due Oct. 1,
a
means
$14,581,830
9,336,061
and depreciation.._
Net operating revenue
Non-operating revenue
Gross
1937
..$14,989,427
9,974,167
$5,017,860
Operating revenue..
x Operating expenses, taxes
#
1.75,399,051 77,679.696
Total
shares.—V. 147, p. 2100.
Represented by 236,819 no par
a
1,
payable at|officeTor agency of company in Chicago
will be in coupon form in the denom. of $1,000,
as to principal only, and in fully registered form in denoms.
authorized multiples. Redeemable as a whole at any time, or
finitive bonds
purchase
800,235
75,399,051 77,679,096
Total
(A-CD
registerable
of $1,000 and
in part from
time to time, at the option of the company, on not less than 30 days' publish¬
ed notice by payment of the principal amount thereof, accrued interest,
and
premium of 7% of such principal amount if red. on or before 8ept. 30,
1939; with successive reductions in such premium of H of 1% on Oct. 1 in
each Of the years 1939 to and incl. the year 1960; with further successive
reductions in such premium of H of 1% on April 1 and Oct. 1 in each of the
years 1961, 1962 and 1963; and if red. on or after Oct. 1, 1963, without
Dated Oct.
^
Liabilities—
a
1938
22,
Oct.
Chronicle
due Nov. 1,1978--
company_
company's stock,to Edison co
of 5% unsecured notes
$2,700,000
7,500,000
of the com¬
-.,.36,000,000
indebtedness of the company to affiliated companies, other .
current settlement, will be represented by the
above-mentioned $36,000,000 of 5% unsecured notes due Nov. 1, 1978.
Such notes will not include any sinking fund provisions, but will be re¬
deemable by the company at any time^prior to maturity by payment
principal and accrued interest.
(5) Company will sell to Edison company the electric
owned by the company in areas annexed to Chicago and heretofore
to and operated by the Edison company, for a consideration of $2,700,000
(estimated "original cost") to be applied in reduction of
Edison company as stated above.
Company will enter into an agreement with Edison company under
for a term ending Dec. 31, 1980, the company will grant to Edison company
the right to utilize, for the transmission for its own use of energy
in the Powerton Station of Super-Power company, certain portions of the
capacity of certain of the company's electric transmission lines for
Edison company will agree to pay an annual rental of $140,000.
(6) Company will sell to Edison company 3,311 shares of its
a
consideration of $7,500,000.
Such consideration will be applied toward
reduction of the indebtedness of the company to Edison company
Commonwealth Subsidiary Corp. as stated above.
Company also will transfer to the stated value of its capital
its $4,336,707 of paid-in surplus and $161,953 of earned surplus.
Company will then have outstanding 670,000 shares of capital
an aggregate stated value of $52,000,000.
Purpose of Issue—The net proceeds to the company from
000,000 of 3)4% bonds will aggregate $80,520,000, exclusive
interest but after deducting expenses estimated at $280,000.
Of such net
proceeds, $80,000,000 will be applied to the following purposes;
For redemption of all the company's first lien and refunding mortgage
'
The entire
than accounts subject to
of
distribution facilities
leased
indebtedness to
which,
generated
which
stock for
and
stock all of
stock with
the sale of $80,of accrued
bonds, viz.
Volume
147
SeriesD, 4H %
Financial
thereof
Series E, 4 H %. due
July 1,1980, at 102
thereof
i
F,
due
,
April
1,
yi%
1981. at
of principal amount
amount thereof
Series 1,
4H%, due July 1, I960, at
Assets—
thereof.
'
i04%
receivable.
Cash
13,710,000
general
Economy Light
Operating
revenues:
Electric
Heating
Operation expenses
Maintenance
Provisions for taxes:
State, local & miscell.
Federal
Fed. inc. & surtaxes..
Prov. for depreciation &
The
interest
on
incomestatement
202,653
127,455
202,085
130,663
Properties Without Integration—
After
4,022,013
4,000,000
4,240,000
4,360,000
$9,380,590
$8,846,365
$9,433,535
$8,888,536
and could not be operated
separately without the loss of substantial economies.
"
The non-utility properties, Commission found to
be small and not burden¬
some to the
surviving company, California-Pacific Utilities Co. This new
company will emerge as a strictly operating concern. It will
pass from SEC
jurisdiction, since it will be neither a holding
company nor a subsidiary.
According to the Commission, the proposed reorganization will result
in an improvement of
capital and corporate structure, facilitating further
financing operations.
the
$80,000,000 of 3H% bonds and the $228,000
Co. bonds will amount to
$2,811,400.
the $36,000,000 of
5% unsecured notes due Nov.
$1,500,000 each.
Bacon, Whipple & Co., Bancamerica-Blair
Corp., Blair, Bonner & Co.,
Coffin & Burr, Inc.,
Goldman, Sachs & Co., Graham, Parsons & Co.,
Hayden, Stone & Co., Hemphill,
Noyes & Co., Hornblower & Weeks,
The Illinois Co. of
Chicago, Ladenburg, Thalmann & Co.,
W.C.Langley
& Co., Lazard Freres &
Co., Paine, Webber & Co., E. H. Rollins &
Sons,
Inc., Schroder Rockefeller & Co., Inc.,
Stern, Wampler & Co., Inc., G. H.
Walker & Co., White, Weld &
Co., and Dean Witter & Co., $1,000,000each.
A. C. Allyn & Co.,
Inc., Ames, Emerich & Co., Inc., Alex. Brown &
Sons,
H. M. Byllesby & Co.,
Inc.s E. W. Clark & Co., Paul H. Davis &
Co.,
R. L. Day & Co., Dominick &
Dominick, Estabrook & Co., Hallgarten &
Co., Newton, Abbe & Co., Arthur Perry &
Co., Inc., R. W. Pressprich &
Co., Schoellkopf, Hutton &
Pomeroy, Inc., Schwabacher & Co., The
Securities Co. of Milwaukee,
Inc., Shields & Co., Spender Trask &
Co.,
Union Securities Corp., Wertheim &
Co., Whiting, Weeks & Knowles, Inc.,
$500,000 each.
Mitcnell, Hutchins & Co., $400,000.
J. E. Baker & Co.,
Baker, Weeks & Harden, Bartlett, Knight &
Co.,
Bodell & Co., Burr, Gannett &
Co., Wm. Cavalier & Co., Dempsey-Detmer
& Co., Dick &
Merle-Smith, Eastman, Dillon <& Co., Edgar, Ricker &
Co.;
Farwell, Chapman & Co., Ferris & Hardgrove, The First
Cleveland Corp.,
series'of
a
negotiations between company officials and
SEC repre¬
sentatives, the plan as finally approved calls for the
ultimate elimination
of the holding
(company, Republic Electric Power Corp., and the sale of
Oklahoma gas properties owned
by the company.
Although the properties to be retained will not constitute a
single inte¬
grated system, the Commission
emphasized they were largely isolated
properties and their retention under unified
ownership will not stand in the
way of plans for integration of
any other holding company system.
The
Commission agreed that the properties were small
In its present
set-up, the Commission said the company did not conform
to integration
requirements of the Act, its capital structure was
long-term debts were disproportionately heavy to stockholders'unbalanced,
equity ana
further financing was hazardous
imperiling continued operation.
Republic Electric Power Corp. is organized in Delaware
with principal
office in San Francisco, Calif. It is a
holding company, whose assets consist
Halsey, Stuart & Co., Inc., $8,700,000; Brown
Harriman & Co., Inc.,
$6,000,000; The First Boston Corp.,
Glore, Forgan & Co., Harris, Hall
Co. (Inc.), Kidder,
Peabody & Co., Lee Higginson Corp., Lehman
Brothers, F. S. Moseley & Co., A. G. Becker &
Co., Inc., Bonbright &
Co., Inc., and Central Republic
Co., $2,000,000 each; Clark, Dodge &
Co., Mellon Securities Corp., and Stone &
Webster and Blodget, Inc.,
of all of the issued stock of its five
operating utilities and two non-utilities.
owns and operates an ice plant in
Republic
for this it is not
Corp., Fuller, Cruttenden & Co., Carter H. Harrison
& Co., Hayden
Miller & Co., W. E. Hutton &
Co., Jackson & Curtis,
Kean, Taylor & Co., Kelley, Richardson &
Co., Laurence M. Marks & Co.,
McGraw & Co., Inc., Merrill
Lynch & Co., Inc., The Milwaukee Co.,
Minsch, Monell & Co., Inc., Mitchum, Tully &
Co., Charles K. Morris
& Co., Inc., G. M.-P.
Mhrphy & Co., Nichols, Terry & Dickinson, Inc.,
Otis & Co., Pacific Co. of
California, Putnam & Co., Riter & Co., Sills,
Troxell & Minton, Inc., Starkweather &
Co., Stroud & Co., Inc., Thrall
West Co., Tucker,
Anthony & Co., Washburn & Co., Inc.,, $200,000 each.
Babcock, Rushton & Co., Alfred L. Baker & Co.,
Biddle, Whelen & Co.,
Boettcher &Co., Bosworth,
Chanute, Loughridge & Co., Burr & Co., Inc.,
John W. Clarke,
Inc., R. S. Dickson & Co., Inc., Doyle, O'Connor &
Co.,
Equitable Securities Corp., Fred W. Fairman &
Co., Hickey & Co., Hoyne,
Mellinger & Co., Alfred O'Gara & Co., Reinholdt &
Gardner, Singer,
Deane & Scribner, Smith Bros. &
Co., Straus Securities Co., and Watling,
Lerchen & Hayes, $100,000 each.
Southern Oregon Gas Corp. (Calif)
engaged in manufacturing and dis¬
tributing oil, gas and butane air gas to towns in Jackson,
Douglas, Klamath
and Josephine
Counties, Ore.
Weaverville Electric Co.,
engagedlin'distributing electric energy, which
it purchases fromjPacific Gas & Electric
Co., in Weaverville, Calif.
California Utilities Co., which operates (a) electric
properties in and
around Susanville, Calif.,
purchasing its electric requirements from Red
River Lumber Co. at
Westwood, Calif., and (b) water properties in the
same area and in
Benecia, Calif.
Needles Gas & Electric Co., which owns and
operates electric and gas
facilities, and conducts a telephone system in Needles which is connected
with the Bell system; and
Apache Gas Co. (Nev.) which
system in Oklahoma.
a
natural gas distributing
.
&
Republic
Corporate History and Financial Structure
was
organized in 1932 by the Niagara Share Corp., the largest
creditor of Republic's bankrupt predecessor. As a result of this
reorganiza¬
tion Niagara acquired a majority of the common stock as well
as notes of
Republic. In 1935 Niagara disposed of the bulk of its holdings in
Republic's
stock.
A majority of the common stock was
acquired by J. A,
Ward, who now serves as President and General Manager of
Republic.
While at the present time Niagara has no direct power to elect the directors
common
of Republic, such power could be acquired
by the exercise of its privilege of
converting into common stock the note which it holds.
As at Dec.
31,1937, Republic's capital structure
6% convertible notes due 1940
6% note due 1938
on a
corporate basis was:
—$1,200,000
-
-----
,1-
Total notes held by Niagara.
6,450 shares common ($20 par).—
129,000
313,387
;
121,434
Depreciation
2,599,498
—
,
Prepd. ins., taxes, &c., exps.
Deferred charges
—
—
reserves
Paid-in surplus
Earned surp., since Feb.
1934
163,151
22,223,891*
1,127,006
489,240
4,336,707
28,
.
.
a
Long-term debts
17.74%
'
:
$1,755,527
Common stock
Capital surplus
Earned surplus (deficit)..
-
........
129,000
498,369
36,034
$2,346,862
$209,848,174
Total
1937
1936
1935
$3,028,976
$2,866,102
$2,722,220
829,179
792,206
640,862
Warehouse
Co.—
utility plant depreciated of
$2,249,602.
Republic consolidated gross income before fixed charges amounted to
$134,427. Thus, the interest on the long-term debt of $106,482 was earned
1.26 times while the total fixed charges of $125,392 were earned 1.07 times.
The $9,035 net-income available for 6,450 shares of common stock
gave
earnings of $1.40 per share of common.
taxes, fixed chges., &c.
Plan of Reorganization
but before inc. taxes &
'/■ depreciation
147, p. 430.
82.26%
-
consolidated basis the capitalization is:
The total consolidated capitalization, including surplus, consists of
74.80%
of long-term debts which is 63.11% of the consolidated
utility plant account
of $2,781,533, and 76.51% of consolidated
Quebec Power Co. (& Subs.)—Earnings—
9 Mos.End. Sept. 30—
1938
Gross Revenues
$3,131,577
after
ordinary
On
,
-V, 147, p. 2402.
Profit
percentage basis the capitalization is divided as follows:
5,805,001
12,997,855
$209,848,174
a
$1,808,953
Common stock and surplus
9,283,627
Insurance, &c., reserves
C-ontribs. in aid of construct.
917,240
5,068,150
2,047,024
On
■.
6% notes
16,790,000
Current liabilities
demand
Deposits for bond int., <fcc__
Receivables (net)
i._
debt.,
288,000
$1,488,000
.
$40,154,700
109,638,000
current...
12,626,462
Materials and supplies
'
gas
system is the Republic Mutual Service Co.
(Calif. 1 which is jointly owned by the operating subsidiaries of
Republic.
Earned surplus (deficit)..
Notes pay. to affil. cos., not
6,036,442
cost or less
hand
Funded
process of
deposits
Total
and^operates
Liabilities—
amortization
e
owns
The non-utility subsidiaries are:
Gas Transport Co. (Nev.) engaged in the
transportation of natural
from the Perry gas field in Oklahoma for
delivery to Apache Gas; and
Needles Steam Laundry (Calif.) which has leased out its
properties.
The other member of the
Capital surplus
Balance Sheet June 30, 1938
on
Weaverville, Calif., but except
engaged directly in operating any properties.
The utility subsidiaries, all
directly owned, are:
First of Michigan
Intangibles, in
published
utility "death sentence"
though the Commission recognizes that
these properties do not con¬
an integrated
system.
was disclosed when the
SEC approved a
reorganization and re¬
capitalization plan for
the^companyiwhich looks toward eventual elimination
of
theitopiholding company and other changes to conform with the
Holding
Company Act.
3,522,778
781,700
Capital stock
non-voting
was
This
&
Cash
are
erven
Annual interest on
1,
1978 to be held by Edison
company will amount to $1,800,000.
Underwriters—The names of the several
underwriters and the principal
amounts of
3H% bonds agreed to be purchased
by them, respectively,
are as follows:
Invests., at
no par shares of which 28,160
for the 9 months ended
Sept. 30
stitute
3,562,653
1,124,000
Prop,, plant & equipment—
Tangible properties
T.$167,492,363
290,488
Republic Electric Power Corp.—SEC Allows
Company
Retain
147, p. 2403.
12 Mos.End
3,150,291
929.700
Assets—
354,459
-$9,423,794 $9,798,229
to
Economy Light & Power
*
1932)...
Total.
v.
June30, *38
2,360,277
625,435
amortiz. of intangibles
31,704
2,113,600
2,146,447
1,160,368
A ($100 par)
The Securities and
Exchange Commission has allowed the corporation to
retain properties in
California and Oregon under the
$35,545,551 $38,591,640 $41,040,032 $40,117,690
17,504,920
19,435,262
20,365,338
20,171,757
1,652,316
2,230.022
2,314,506
2,392,919
.
Net oper. income.—
208,237
132,741
31,704
2,113,600
Common stock.. 2,146,447
Special surplus.._
770,918
ser
in
80,000,000
36,000,000
52,000,000
Years Ended Dec. 31
1936
1937
212,510
122,893
Water_
Annual
-$9,423,794 $9,798,2291
8har^ePreSentecl by 163,140
—$26,970,452 $29,465,138 $31,271,325 $30,542,431
8,239,696
8,785,524
9,438,599
9.242,511
gas
dividends
Pref. stk. 6% cum.
108,0C0
Jan. 1,
Earnings Summary for Stated Periods
1935
Oct. 1. 1955
$4,000,000 $4,000,000
Accounts payable875
1,996
Tax liability
5,790
53,626
Reserve for pref.
47,014
102,000
Total
The above statement does
not include 2,556 shares
of the company's
capital stock subscribed for but unissued
at June 30, 1938.
_
1937
Earned surp. (since
$228,000
_
Sept, 30—
1938
x
_
—
1,688
56,773
discount
follows:
bonds, 3i4% series due 1968
5% unsecured notes due Nov. 1. 1978
Capital stock (670,000 shs., no
par) stated value
407,122
3,457
Unamortized bond
& Power Co. 1st mtge.
bonds, 5%, due Dec. 1,
1956
*
1st mortgage
1,335,198
Acer. int. recelv..
Funds for redemption
premiums
(aggregating $2,149,320) and interest
redemption date on the bonds to be
redeemed will be supplied out of
other funds of the
company.
Funded Debt and Capital
Slock—The issued and
outstanding funded debt
and capital stock of the
company as of June 30, 1938, adjusted to reflect
(a) the transactions carried out
subsequent to June 30, 1938 or to be carried
out prior to the
issuance of the 3Vx% bonds
being offered, and (b) the
issuance and sale of the 3
% bonds being offered and the application of the
was as
199,754
Accounts receivable
tetne
proceeds thereof
Co.—Bal. Sheet
Liabilities—
notes
of principal amount
of such net
proceeds will be placed in the
funds of the
company and used for general
corporate purposes.
1937
notes..$3,484.387 $2,973,963 Conver. coll. trust
Stocks...
4,243,995 6,258,673
4 H% bonds due
Acceptance
49 000 000
The $520,000 balance
.
1938
Bonds and
onn 000
"of principal
102 H%
2545
Railway & Light Securities
284 000
u
Series
Chronicle
due Nov. 1,1978, at
102%, of principal amount
,
898,523
—V.
The original Section 7 declaration and Section
10 application, together
with amendments, provided for a plan whereby Republic would issue
5%
non-cumulative preferred stock to Niagara in exchange for its
6% notes.
Quincy
Market
Cold
Storage
&
Republic
Accumulated Dividend—The directors have declared a dividend of
75 cents per snare on account
of accumulations on the
5% cumulative preferred stock, par $100, payable
Nov. 1 to nolders of record Oct. 20.
Like amount
was
paid
Aug. 1,
and May 2, last; a dividend of $3 was
paid on March 26, last; dividends of
75 cents were paid on Feb. 1, last and on Nov.
1, Aug. 2 and May 1,
1937;
$5.45 paid on March 26, 1937; $2.75 paid on Feb. 1,
1937, and dividends
of 75 cents per share were paid in each of the
12 preceding quarters.—
V. 147, p. 753.
on
(Robert) Reis & Co.—Sales—
mission.
Gross sales for the quarter ended Sept. 30, 1938 amounted to
$648,802,
compared with $681,319 in third quarter last year, a decrease of
4.7%.
For the nine months ended Sept. 30
last, gross sales totaled $1,644,490,
against $2,192,193 in the first nine months of 1937, a decrease of
24.8%.—
V. 147. p. 430.
as
•
-
plan were held by the Com¬
After the parties were advised of objections to the proposed
plan,
plan was filed on Sept. 12,1938. The parties to this revised plan
the present
are
Republic and its utility subsidiaries.
Republic Mutual Service Co., a
as a party, and
party to the original plan requests permission to withdraw
permission is granted.
such
The revised
plan, like the original plan, contemplates Southern Oregon
single operating company, but excludes from the physical properties
Republic system to be acquired the Apache and Gas Transport
properties in Oakiahoma. After the merger Southern Oregon will be known
as
the
of the
as
;
acquire all the physical properties and assets of its wholly
operating in Oklahoma, viz.:
Apache nad Gas Trans¬
port. This was to be followed by the consolidation of all the properties into
the Southern Oregon Co.
Hearings on this
was to
owned subsidiaries
''California-Pacific Utilities Co."
Preferred stock will be issued by the
large portion of the outstanding notes
Republic will remain a holding companj^only as to
Apache and Gas Transport. Republic consents to an order under Section
11 (b) requiring it to sell these properties.- After the latter properties are
sold, Republic will be dissolved.
surviving corporation
to replace a
of the present system.
I
Financial
2546
revised plan will be consummated are:
(a) Transfer of non-utility net assets.
Republic will transfer to the surviving corporation the following:
The
assets of the Weaverville ice plant; its-interest in Needles Steam Laundry
Co.; and all other assets and securities held by it, including its current
assets, after off-setting its current liabilities, but excluding the shares and
The steps by
of its utility subsidiaries.
These assets
capital surplus of surviving corporation.
as contributions to the respective capital
thereof, notes or portions thereof, of
in an amount by which the aggregate
diately prior to the effective date of the "new
the sum of $425,000.
(b) Merger and bond issuance.
notes
will be contributed to the
Period End. Sept.
Sales
Southern Oregon.
all the
assets
value,
$475,000 of bonds. Of this
corporation to Republic,
and in cancellation of a like
amount of indebtedness which are now owing to Republic by the constituent
companies and will then be owing to Republic by the surviving corporation.
The remaining $50,000 of said bonds will be issued to Niagara in cancel¬
lation of a like principal amount of indebtedness owed by the constituent
companies, to Niagara.
(c) Recapitalization of Oklahoma companies.
Gas Transport, in cancellation of its note
issue to Republic a 5% non-negotiable demand note
equal to the principal balance or its said note
the "new
5%
together
holds.
this note. Re¬
together with all the
1,094,000, in cancellation of an corporation in the amount par value of
freferred shares of the surviving indebtedness of an aggregateof $1,519,000
Republic to Niagara.
(e) Transfer of the Apache note.
Republic will transfer to the surviving
its capital surplus the Apache balance note.
(f) Divestment by Republic of the common
corporation.
The common shares of the surviving corporation
receive will be distributed to Republic's present
surrender by such stockholders or any stock or
(g) Sale by Republic of Oklahoma properties.
corporation, as a contribution to
shares of the surviving
which Republic will
stockholders without the
securities in Republic.
after the entry of the Commission's order, or any ex¬
tended period which may be authorized pursuant to the Act,
the application and making effective the declaration,
of Apache and Gas Transport by the sale of the securities or the
ahd assets to third persons other than Niagara or the present management
of the Republic system. Prior to the completion of this sale Apache
Transport will dispose of their interests in the Republic Mutual
(h) Dissolution of Republic.
approving
Republic will dispose
properties
and Gas
Service Co.
assets, and properties of
Republic Mutual Service will
Upon the completion of the sale of the securities,
Apache and Gas Transport, Republic and the
be dissolved.
preferred shares and
and all the
Republic. The re¬
capitalization and refinancing covered by the revised plan will be effected
of Jan. 1, 19.38. Interest at the rate of 5% on the bonds of the surviving
corporation and the notes of Apache and Gas Transport to be issued under
the revised plan will accrue from Jan. 1, 1938.
After that date no interest
will accrue on the obligations of any utility subsidiaries of Republic, which
The
consummation of this plan will result in all the
of the surviving corporation going to Niagara,
shares going to the common stockholders of
the bonds
all
common
as
to be
are
canceled under the
revised plan.
Upon Consummation
which liens, together
liens of $266,527,70
liabilities
corporation.
$1,964,corporation
constituent
will receive net
with the non-canceled
corporations, are assumed by the surviving
be issued and the obligations assumed, aggregate
527. This total represents the consideration which the surviving
will give in return for the properties and other assets of the
corporations. In return therefor, the surviving corporation
assets with a book value of $1,971,119.—V. 147, p. 1788.
,
of the constituent
The securities to
Period End.
Interest charges
a
$396,416
On 150,200 no par common
Shipments for the
shares.
approximately'32% less than
compares with 49% for the period
nine-months' period were
which
decided improvement.
^
of Sent. 30 amounted to $649,115 and the ratio of
current assets to current liabilities was approximately 10 to 1.
Operations of Ritter, A. G., German subsidiary showed a net profit for
the nine-months' period, after taxes and all other charges of Rm. 395,175
or $94,089 at the old rate of exchange of Rm. 4.2 to the dollar compared to
a net profit of Rm.
464,588 or $110,616 for the same period last year.
Owing to exchange restrictions the figures have not been consolidated with
for
the same period last year,
ended June 30, a
Cash in banks
as
those of the parent company.
The result of the operations
Ltd., has not been
Roan
of our English subsidiary, Ritter
received.—V. 147, p. 903.
Antelope Copper Mines,
3 Mos. End. Sept. 30—
,
1938
Ltd,
1937
Dental
$41,891
Francisco Ry.—Reorganization—
committee for holders of bonds of the company
St. Louis-San
An agreement
by the three
plan of
a new
.
.
plan provides as
City, Memphis &
Briefly the proposed
Bonds of the Kansas
would receive par
1950.
■
Birmingham RR., a subsidiary,
A first mortgage 4% bonds due in
for par a new series
Kansas City, Fort Scott & Memphis refunding mortgage
receive $700 in new series B4% bonds of 1980, $490 in new
Each 1,000 of
bonds would
due in 2015 and
4^% income bonds
stock (par $100).
$100 m new $5 dividend preferred
$1,000 of Frisco prior lien 4% series A bonds there won Id "be
iexchanged $205 of the new series B 4s, $150 in new income bonds,
new preferred stock and 5.80 shares of new common stock (no par).
Holders of each $1,000 of the Frisco's prior lien series B 5% bonds would
For each
$365ln
$385 of
*
get $215 of the new series B 4s, $160 of new income bonds,
new
preferred and 6.15 shares of new common stock.
8#
The $1,000 units of Frisco consolidated series A 4K% bonds would'become $215 of new series B 4s, $155 of income bonds, $230 of new preferred
and three shares of new common stock.
■
•
,
For each $1,000 of Frisco consolidated series B 6% bonds there would
be an exchange of $235 of new first 4s series B $170 or income
$250
of preferred stock and 3.3 shares of the new common stock.
The Reconstruction Finance Corporation and banks creditors which ex¬
tended loans to the Frisco would receive new securities issuable under the
plan in proportion to securities they hold now as collateral.
Frederick H. Ecker is Chairman of the committee for Frisco consolidated
bonds, James H. Brewster Jr. is head of the Fort Scott committee and
John W. Stedman is Chairman of the Frisco prior lien bond committee.
—V. 147, p. 2403.
bonds,
Dividend—
St. Louis Screw & Bolt Co.—Accumulated
declared a dividend of $1.75 per share on account of
accumulations on the 7% cum. pref. stock, par $100, payable. Nov. 1 to
holders of record Oct. 25,
Like amount Was paid on Sept. 1, last.' A
dividend of $5.25 was paid on June 35, last; dividends of $1.75 were paid on
Feb. 1, last, Nov. 1 and on Aug. 1, 1937 a dividend of $7 was paid on
June 25,1938, and dividends of $1.75 were paid on June 1, May 1, March 22
and Feb. 1, 1937; Nov/1, Aug. 1, May 22 and Feb. 29, 1936, and on
Nov. 30, 1935.—V. 147, p. 1352.
The directors have
Saguenay Power
Co., Ltd. (&
$1,296,812
175,160
142,265
451,767
55,348
54,833
174,159
174,104
$2,835,644
$3,103,481
&c
Taxes (other
than income
$938,491
3,796
Total income.
debt-
$1,099,714
$942,287
347,544
Net operating incomeOther income
Interest on funded
$1,102,935
356,375
'
Net inc. for the
per
share
100,757
222,944
$1,130,997
262,500
210,000
$877,036
206,255
787,500
$3.19
$4.40
on
'
$1.73
$1.12
stock
£408,500
446,000
271,500
249,500
£300,500
£736,500
£234.000
£159,000
50",666
£250,500
so", 060;
£686,500
22,000
37,500
22,500
37,500
£174,500
£99,000
Final Dividend—
Directors have declared a
American shares for ordinary
of record Oct.
final dividend of 38 cents per share on the
registered stock, payable Nov. 4 to holders
29.—V. 147, p. 2403.
206,255
1,260,000
—V. 147, p. 583.
San
Power
Light &
1938—
Joaquin
Corp.—Consolidated
Balance Sheet June 30,
Liabilities—
A sscts
Utility plant.
$95,266,761
_
Investment and fund accts._
CashMiscellaneous
special deposits
2,720,862
242,334
600
12,126
Working funds.
Accounts receivable
1,594,390
1,134,760
Materials and supplies.
44,695
Prepaid taxes
Unamortized
and
debt
discount
3,343,894
expense
86,077
13,831
Unamortized valuation exps.
Other def. debits (net)-..
Capital
stock
discount
and
1,902,610
9,000
$12,956,900
20,671,800
Common stock
Preferred stock
Minority int. in common
stock
17,865
9,193,500
and surplus of subs,
_'
Bonds
affiliated cos. 32,374,976
Accounts payable
578,794
Dividends declared
3,322
Customers' deposits
, 87,705
Advances from
Taxes accrued
Int. accrd. on
long-term debt
Other current & accrd.
liabils
Deferred credits
Reserves
1,225,013
183.690
49,142
240,556
20,336,703
Contributions in aid of con¬
62
struction
Surplus
365,500
Profit, subj. to taxa'n.
3,601
130,288
502,339
272,877
$432,935
68,752
dividends"
common
620
168,591
523,355
...
$305,194
68,752
_
period
Preferred dividends
Common
11,478
$3,114,959
1,074,857
43,429
169,439
42,268
172,826
74,379
depreciation
9,140
$2,844,784
1,052,236
3,221
75
Other interest.
for
415,266
■
*
taxes)
8,451,812
1935
£505,500
& prem. on redemp'n.
Reserve for deprec'n
1938—9 Mos.—1937
$3,461,570
$3,692,852
$1,168,999
Reacquired long-term debt..
£1,182,500
work¬
ing expenditure
Prov. for deb. stock int.
Subs.)—Earnings—
1938—3 Mos.—1937
Operating revenue _____
Oper., maint., adminis.,
\
The
the
Total..
$106,371,840
Total..
—V. 147, p.
Sandar
Est .surplus over
makes
of the
follows for existing securities:
reorganization was announced Oct. 20. The plan
provisions neither for the unsecured creditors nor for stockholders
for
-Earnings1936
$309,709
754.
-V. 147, p.
expense
£666,000
Gross revenues
Oper. exps., incl. London
and mine adm. charges
def$23,812
26,466
23,786
$2,661
a
c
1,269,222
136,117
111,301
33,250
31,188
Net income
964,530
127,801
97,038
294,808
240,709
,
depletion..
Deprec. and
Earnings
(& Subs.)—Earnings—
Period End -Sept. 30—
1938—3 Mos.—1937
1938—9 Mos.—1937
Net profit—
$69,050
$20,773 loss$52,024
$210,525
Earnings per share
c$0.26
Nil
Nil
b$0.50
After charges, depreciation and Federal Income taxes, but before pro¬
vision for Federal surtax on undistributed profits,
b On^159,800 no par
Dental Mfg. Co., Inc.
shares,
$3,477,439 $3,498,379
Total
$298,344
& taxes..
Cost, expenses
Prov. for income taxes.
Co.—Directors—
has been elected a director and will continue in an
advisory capacity for the company.
J. D. Sherman, Vice-President, has
also been made General Manager and a director.—V. 147, p. 1501.
common
1,104,621
971,956
Rocky Mountain & Pacific Co.—Earnings1938—12 Mos.—1937
Sept. 30— 1938—3 Mos.—1937
$1,165,557
$1,826,349
Amorti. of expense
C. L. von Egloostein
Ritter
.
St. Louis
Prov.
Reynolds Spring
Surplus
2
Period End. Sept. 30—
of the Revised Plan
Pursuant to the terms of the merger agreement, the surviving corporation
will issue preferred stock having an aggregate par value of $1,094,000 and
common stock of an aggregate par value of $129,000.
It will also issue
bonds of a principal amount of $475,000. The bonds are inferior to existing
Corporate Structure
a
51,201
Gross earnings
'
demand note in
like principal amount of
be secured by
Within one year
i*i
1,189,048 xl.189.048
870,081
a862,625
2403.
published in V. 147, p.
Republic will issue to Niagara its 5% non-negotiable
principal amount of $200,000 in exchange for a
notes of Republic now held by Niagara.
This note will
Republic's pledge to Niagara of the $200,000 Oklahoma notes,
with all the shares of Apace and Gas Transport which Republic now
Niagara will look only to the collateral for the collection of
public will also transfer to Niagara the $425,000 bonds
owed by
Common stock.
32,370
60,900
152,219
1,997,743
$3,477,439 $3,498,379
,
Frisco.
Republic.
48,514
44,523
Fed¬
eral Income tax.
$12,646 In 1938 and $11,203 in
in 1938 and $228,573 in
1937.
a Represented by 871,020 (863,339 in 1937) shares $1 par after de¬
ducting 247 (188 in 1937) shares held in treasury at a cost of $1,186 ($902
in 1937).j
'M
f
The income statement for the 3 and 9 months ended Sept. 30 was
non-negotiable demand-notes will thus aggregate $200,000). For
balance of Apache's note obligation to Republic on the
date of the agreement, Apache will issue a 5% non-negotiable
Recapitalization of
300,000
Aftar reserve for doubtfu1 accounts of
1937.
z After reserve for depreciation of $286,170
agreement of
a
$53,316
banks
for
Reserve
31'37
$128,966
Sept. 30,'38 Dec.
payable.
Notes pay to
y
demand note.
(d)
—
Total
the amount of the
effective
-Balance Sheet-
LiabUUies—
Accounts
1,081,597
81,564
75,441
1,963.544
2
....
Fixed assets
non-negotiable demand note in a
principal amount equal to the amount by which the amount of $200,000
exceeds the principal amount of said note to be issued by Gas Transport,
in cancellation of a like amount of its note obligation to Gas Transport (the
two
101
Preferred stock.
Patents
obligations to Republic will
in a principal amount
obligation on the effective date
merger."
Republic its 5%
161,480
996,342
Investments
7
$3,409,154
102
Accrued liabilities.
181.458
Inventories
$425,000 will be issued by the surviving
Republic will accept the bonds in lieu
Apache will issue to
hand
Accts. and notes
receivable
amount
or
$173,987
$179,088
Prepaid and def'd
and Weaverville will be merged by statutory merger
pursuant to the "new agreement of merger" with and into
Pursuant to the agreement the surviving corporation will acquire
assets and assume all the non-canceled liabilities of Utilities, Needles and
Weaverville, and will issue to Republic, in lieu of the stock of the constituent
corporations which it now holds, the following securities:
4,250 shares 5% first preferred $100 par value,
Utilities, Needles
and
and
Cash In banks
on
Dec. 31/37
Dept. 30/38
Assets—
y
$3,226,638
$449,122
$416,896
operation
-^.J47. p. 2255.
Rustless Iron & Steel Corp.-
agreement of merger" exceeds
-Sales—
1938—9 Months—1937 '
Stores, Inc.
1938—Month—1937
30—
—
Stores in
In addition, Republic will cancel,
surplus accounts of the makers
Needles, Utilities and Weaverville,
principal balances thereof, imme¬
6,690 shares 5% second preferred $100 par
6,450 shares $20 par value common.
The surviving corporation will also issue
5, 10 & 25-Cent
Roses
which the
1938
22,
Oct.
Chronicle
$106,371,840
2255.
Corp .-^-Classed as
Non-Holding Concern—
under
corporation's application for a status as a non-holding company
Utility Holding Company Act was granted Oct. 17 by
Public
Securities and Exchange Commission.
whenever the concern's gross revenues
Savannah & Atlanta
The company is to notify the
exceed $150,000 in a year.
the
SEC
Ry.—Bondholders to Pass on Plan—
of
will be
The Interstate Commerce Commission has announced that the plan
reorganization as approved by it November, 1937, for the company,
rejection to holders of the 1st mtge. 25-year
holders of the 1st & consol. mtge. conv. bonds of
and to holders of certificates of deposits issued by
submitted for acceptance or
bonds of Brinson Ry.,
Savannah A Altanta Ry.
Volume
147
Financial
Chronicle
depositaries designated by protective
committees for holders of such bonds.
The last day for
receiving ballots of acceptance or
rejection has been set at
Nov. 30 by the ICG.—V.
145, p. 3508.
Scott Paper
(
operating earnings$67,978,651
$71,460,419 $192019,935 $197139,014
53,247.451
53,561,469 148,727,535 149,836,394
Co,—Listing of Preferred Stock—
costs and
expenses
The New York Stock
Exchange has authorized the listing of 30,000 shares
of $4.50 cumulative
preferred shares
(no par).—V. 147,
Seaboard Commercial
9 Months Ended
Net profit
x
p.
TnS^ff^001116-.- —:$14,731,200
2102.
tw^^ amortiz
Ac.
d.ePletl0n. &c--
Corp,—Earnings—
Sept. 30—
1938
1937
Earns, per share
070,625
147,
Sears, Roebuck
& Co.—Sales—
Period End. Oct. 8—
Sales---
1938—4
Wks.—1937
7hi?
t
1938
1937
1936
Fixed charges on
5% debentures.
Provision for Federal taxes.
$188,342
Net income....
$154,475
19,671
100,809
$0.87
per share on common stock.
Balance
1938
Cash
$618,194
4,350,512
Notes receivable..
Repossessions
Sheet
1937
$567,948
4,813,296
11,334
>
Trackage,
Land and
long-term
$3,200,000
150,000
9,361
12,703
Accts. pay. A accr.
81,969
100,975
Dividends payable
35.360
17,927
13,025
Contingent
98,111
67,497
32,835
104,654
59,995
Reserves for losses
Deferred Income..
85,644
23,029
reserve
28,976
232,611
407,500
debs.,
Preferred stock
Common stock...
437,141
547,024
128,251
127,303
Total
......$5,092.491
1938
1937
$78,413
1,430,369
$67,874
808,845
1936
1935
$238,457
1,017,657
3,171
$129,940
1,250,195
6,574
Service fee....
Interest
Taxes
$1,515,355
years over-accrual
of cap. stk. tax
$1,081,952
$1,032,354
$1,027,860
66,219
187,767
127,315
Net income
$459,962
The directors have declared
a dividend of $1.25
per share on account of
on the 6H
% cumulative preferred stock, payable Nov. I to
holders of record Oct. 25.
Similar payment was made on Aug. 1 and on
accumulations
May 2, last: a dividend of $2.25 was paid on Feb. 1, last, and a
dividend.of
$1.25 was paid on Nov. 1, 1937.
"M
In April, 1937 the directors declared a dividend of
$1.25 per share on the
Pew 5% cum. pref. stock
payable May 1, 1937, but due to the cancellation
of the refinancing plan, tnis dividend has been
credited to the old 63^ %
pref. stock and accumulations reduced accordingly.—V. 147, p. 584.
26", 558
Crl 1,000
Statement of Surplus Sept. 30, 1938
Capital surplus, balance, Dec. 31, 1937,
$12,449,906;
(L. C.) Smith & Corona Typewriters, Inc.—Earnings—
arising from retire¬
stock, $36,394; total, $12,486,300; income and
profit and
1, 1936, balance, Dec. 31, 1937,
$3,084,753; net
income, $459,962; total, $3,544,715; net loss on sales of
securities, $455,765;
balance, $3,088,949; dividends on $5.50 cumul. prior
stock, $1,065,506;
balance, $2,023,444; surplus, Sept. 30, 1938,
$14,609,744.
ment of common
Consolidated Income Account for Years Ended June 30
from Jan.
1938
Assets—
1937
1938
$
before
depreciation
Provision for deprec'p..
c
947,539
2,479,555
Deposits in foreign
16,466
.
398,902
Int. & divs. receiv-
able, Ac
Receivable for
6,562,500
9,475,000
Interest
2,121,585
2,121,585
Common stock.. 2,056,940
2,093.334
taxes, Ac
226,834
Int.
accr.
A
4,556
40,748
Due for
Spec'l depos., Ac.
362,785
544,813
market
amounted
to
at
sec.
value
Gen., oper. & main. exp.
Power purchased
Water rentals
Taxes and insurance
Reserve for exchange
Net operating revenue
Fixed charges
Amort, of bond
before
$709,279
$3.25
p. 431.
$1,889,991
958,111
$5,803,115
2,848,308
y $114,441
($218,562 in 1937) for normal and excess profits
$27,287 ($110,554 in 1937) for undistributed profits taxes and $4,506
($2,735 in 1937) for Canadian income taxes.
expenses,
taxes,
Consolidated Balance Sheet June 30
1938
Assets—
a
Cash
account
revenues
Gross income after retire¬
accruals
income
ment
Net
Note—Includes
72,827
61,332
parent
company
V. 147, p. 2102.
162,045
341,959
(trade)
360
257
Other accts. pay..
Accrued taxes and
9.503
9,209
2,494,722
3,910,101
other expenses-
613,266
763,670
Dividends payable
Res've for branch
89,032
150,989
107,112
59,674
120,550
office fire ins—
30,828
21,041
A inv.
99,357
97,223
of Corona Type.
Cash not subject to
withdrawal
100
1,713
Co. pref. stock..
Res. for liability on
100
556
Non-curr.
and
receiv's
In v.,
accts.
—..
Prepaid
exps.
Res.
and
deferred charges
c
41,990
Plants A equip—
coupon
332,222
1,601,010
352,245
redemp,
books A
Inspection
1,491,667
tract
con¬
liability—
164,007
Res. for for. exch.
Goodwill, patents,
Ac
for
950,465
950,555
4,741
6,649
Patents, subject to
—
C^ish deposits with
75,089
155,700
75,986
10-yr. serial debs.
1,400,000
1,575,000
Deferred Income—
589
477
955,093 f 1,468 720
6% cum. pref. stk.
Common stock.. 3 541 191
3,027,564
Capital surplus—
584,027
585,099
e
111
trustees
111
Earned surplus—
$2,954,807
9,882,410 10,050,699
59,826
prior
741,194
609,451
to
July 31,
696,059
566,861
1937.—
Total
-
1,607,640
1,575,125
9,882,410
10,050,099
For the payment of dividends,
b Less payables, foreign subsidiary,
convertibility into United States funds,
c
Less
($3,188,314 in 1937).
© Represented
by 276,281
(241,261 in 1937) no par shares before deducting 44 shares in treasury,
f Represented by 13,023 (20,020 in
1937) no par shares.—V. 147, p. 1788.
a
$3,095,056
1938—12 Mos.—1937
$1,967,568
$1,811,078
71,093
for period
$
300,000
119,353
Co.—Earnings—
1938—Month—1937
$188,848
$176,190
1937
650,000
2,466,981
3.899,694
rec.
Total
Sierra Pacific Power
$
Notes payable
Accts. pay.
—■
Inventories
b Cash rec
39,785
$892,095
1938
Liabilities—
582,916
special
Accts. A notes
under
restriction
reserves
Period End. Sept. 30—
in
1937
$
360,126
t
147, p. 584.
Operating
$
Cash....
Other accts. receiv.
$6,088,696
2,874,286
14.659
After deducting $5,847,982 ($6,055,383 In 1937) for cost of sales and
$5,183,034 ($5,287,659 in 1937) for selling, general and administrative
amortization
$946,507
24.452
x
and notes
deprec.
and income taxes
—V.
$428,645
$1-70
$1,096,297
$3.90
1938—3 Mos.—1937
1938^-9 Mos—1937
$3,479,619
$3,546,571 $10,475,815 $10,943,972
821,838
809,671
2,389,311
2,438,041
402,972
480,988
1,209,810
1,357,548
126,723
108,965
374,506
326,026
226,143
250,956
681,072
715,661
6.000
6,000
18,000
18,000
prem.,
76,475
$473,211
$1.43
excess
$1,895,943
949,436
13,912
$867,921
207,585
of
...
$7,297,091.
discount and expenses
Surp.
on
retirement
fixed assets
Net income...
Earns, per sh. on com
corporation,
7,000 shares $5.50 cumul. prior stock.—V. 147,
Sept. 30—
13.886
16,166
43,683
20,845
30,828
Development expenses..
Discounts allowed
of investments.
revenue
33,859
19,550
18,417
28.808
Shawinigan Water & Power Co.—Earnings—
Period End.
Gross
16,500
24,205
•
y331.852
fair value
of their cost basis for tax
purposes no
deduction has been made for
any tax liabilities with respect to unrealized
%
recoveries—
26,934
d Par value $5.
e Par
value $1.
f Investments owned on March
31, 1931, are carried at the lower of cost
or market at that date.
Subsequent purchases are carried at cost.
In¬
vestments, ba*3d on market
quotations as at Sept. 30, 1937, or, in the ab¬
sence thereof, on their then fair value
in the opinion of the
corporation were
$3,613,307 in excess of the amount shown above.
The market or
appreciation
funded debt.
y146,234
or
bejng in
$684,787
65.650
32,036
38,219,348 41,872,978
Total...
$25.'
of investments not
$1,055,700
52,527
31,605
4,591
15,478
187,629
$1,958,181 less than the amounts shown.
Investments having a fair value in the
opinion of the corporation of $2,695,are pledged as collateral for bank loan due
Dec. 2, 1938.
b Represented by 36,394 units
allotment certificates carried at cost of
$3,458,530, and 75,456 shares $5.50 cumul. prior stock at cost of
Par
$1,634,175
61,356
4,341
Miscellaneous
Prov. for Fed. inc. taxes
203,
c
$810,133
58,188
20,006
5,387
92,820
14,509,744 24,992,321
purch.
that
$34,401,189
$1,013,656
42,044
$660,336
86,659
25.066
42,077
565,202
on March
31, 1931, are carried at the lower of
date.
Subsequent purchases are carried at cost.
Investments, based on market quotations as at Sept. 30, 1938, or, in the
absence thereof, on their then fair value in
the opinion of the
or
192,315
$1,553,779
80,396
Royalties
403,897
12,884,440
Investments owned
a
cost
less
on
interest
Loss
379,622
Surplus
38,219,348 41,872,978
159,706
$723,474
Amort, of bond issue exp.
divs.
payable
curities sold....
Total.
Other
116,834
.12,884,440
Bank loan
146,197
se¬
1935
$1,217,982
204,325
Prov. for doubtful accts.,
Stock in treasury.
&D/"417,7O3b.Drl0755,621
Reserves for exp.
.
a32,756,405 f38,564,561
-
.
Total income
cum. conv.
stock.
e
3,602,965
1936
x$883,180 x$l,746,093
$
prior
cum.
stock
d $1.50
currencies
.
$5.50
Net profit from oper..
Other income.-
1937
$
Liabilities—
Cash in banks, on
1937
Net profit from operation
Balance Sheet Sept. 30
1938
Investments
-$2,598,306
—
1
$1,259,285
72,323
132,544
52,103
$1,380,135
84,187
172,514
51,762
39,319
Prior
Govt. secuT
Total
Simpson's, Ltd.—Accumulated Dividend—
$876,719
67,622
118,646
196,481
45,008
—
Short-term notes—
Invest.' in
U.
S.
-$2,598,306
Options Exercised—
underwrites
hand and at call
46,406
18,516
Company has notified the New York Stock Exchange that the options
granted to officers and employees to purchase an
aggregate of 25,000 shares
of common stock of the
company have been exercised in full. These options
have been exefcised from time to time
during the period June 17, 1937_to
Oct. 5, 1938.—V. 147, p. 2102.
Industries, Inc.- -Earnings-
Total income
General expenses
account
Deficit
299,540
chges
$5,556,179
..$5,092,491 $5,556,179
9 Mos. End. Sept. 30—
Interest income.
Cash dividends
loss
Paid-in surplus
Directors have declared a dividend of 50 cents
per share on the common
stock, no par value, payable Nov. 1 to holders of record Oct.
24.
This will
be the first payment made since Dec.
22, 1937, when 50 cents per share was
also distributed.
A dividned of 75 cents was
paid on Oct. 16, 1937, and
dividends of 50 cents were paid on
July 19 and on April 16, 1937.—V. 147,
p. 2102.
365,900
576,052
—V. 147, p. 1938.
on
37,838
859,631
21,098
1,042,204
Simmons Co.—To Pay 50-Cent Common Dividend—
489,000
conv.
A
-V. 135, p. 1996.
302,729
due June 1, 1946
5%
18,960
injuries
Capital
4,482
3,464
.
A
60,759
Surplus
Selected
Total
bonds
on
taxes
Res. for depreciation
15,438
concern...
for
damages
182,018
exps. A defd.
9,348
5,915
474,000
...
——H
Res. for int.
Res.
85,690
buildings
Franchises A going
Prepaid
225,000
Unadjusted credits
Bonds
195,035
Furniture and fixtures
Tools..
1937
$13,844
161,875
Notes payable, real estate
15,000
3,474
1,686,047
trolleys
Motor vehicles.....1
Sept. 30
5,208
14,859
tures
cars A
Accts. pay. A audited payroll.
Notes pay., trackless trolleys.
9,879
Overhead construction
of debentures...
Deferred charges..
$600
78,523
Machinery A equipment..
Coll. trust notes_.$2 ,878,000
Furniture and fix¬
Liabilities—
hand
on
Deposit account
Inventories
Coll. trust bonds—
16,662
$1.11
and the receivership which
began
terminated Dec. 22, 1937.
Acct. A notes receivable
$1.15
Accts. receivable..
Sink, fund for red.
Cash val. life ins..
was
Cash in bank
6,389
21,061
1938
$0.61
Balance Sheet Dec. 31, 1937
$128,241
Liabilities—
|
$9,364,493 $15,984,218
on
Assets—
$155,691
$166,781
16,466
74,788
$1.10
33,867
Preferred dividends
Common dividends
Assets—
$215,626
18,616
30,229
_i_.
__
Comm's
$0.54
Present capital consists of 10,000
shares of common stock
(no par) of which 4,219 shs.
outstanding.
$6,803,287
483,772
147,117
180,963
Cash
IProfit
Total
$7,503,291
$0.23
$790,000 1st mtge. 5% bonds were
exchanged for income bonds and
following basis: 60% in gen. mtge., 4% income bonds due Jan.
1,
1955, and 4-10ths share of
capital stock.
stock
$6,808,972 $10,264,586
726,364
678,182
243,088
190,007
294,935
272,548
General operating expenses.
Earnings
$3,534,056
shs.
1048.
The
Corp.—Earnings-—
9 Months Ended
Sept. 30—
Volume of business.
Earned finance, int. & insur. income.
Direct income charges
2,504,222
^ompany was reorganized in 1937
July 1, 1932
Securities Acceptance
2.750425
Shreveport Rys.—Reorganized—
1938—36 lYfcs.—1937
$49,814,818 $54,758,329 $345472,100 $386344,207
—V. 147, p. 1788.
1,724,847
27,053.220
984471
13,-
on
common
p.
1,887,693
29,290.089
35 113
P^fit-
—V.
572,808
8,838,680
934,754
share
per
common stock
$17,898,950 $43,292,400 $47,302,620
773,576
9,488,814
Minority interest
Federal income tax
1936
$162,514
$201,335
$164,842
on
100,260 shs.
($10 par)
$1.23
$1.72
$1.52
x After
operating expenses, normal Federal income taxes,
depreciation,
surtaxes and other
charges.—V. 147, p. 1206.
Earnings
2547
Shell Union Oil
Corp. (& Subs.)—Earnings—
Jle/Jod Bnf.- Sevt. 30— 1938—3 Mos.—1937
1938—9 Mos.—1937
as
to
of $3,251,165
Socony-Vacuum Oil Co., Inc.—Acquisition—
The company has bought from the Sun Oil Co., 23,435 shares
of the
capital stock of Martin & Schwartz, Inc., for $110,000, a registration state¬
ment filed with the Securities and Exchange Commission has
disclosed.
Martin & Schwartz, Inc., makes
pumps^and service station equipment.
—V. 147, P. 1503.
Divs.
Reserve for taxes—
stockholders at
had
declared chiefly
Government which
prevents the transfer of Colombian funds into dollars.
There has been
noted recently, he said, a slight relaxation on t.ie part of the Colombian
exchange control and the dollar position of the company has been improved
result to some extent.
Directors, however, felt that they had not
enough dollar funds to warrant a dividend payment and that in their
Judgment the company's financial position should be kept strong, he said.
A dividend of 10 cents per share was paid on Nov. 24, 1937.
Three new directors were elected to the board.
Charles S. Guggenheimer and Phanor J. Eder succeeded Adolph Lewisohn and Robert C.
Adams, respectively, both deceased.
Charles B. Wiggin was elected to
succeed Marland Gale, retired.
Production of crude gold by South American Gold & Platinum Co., for
the first nine months of 1938 totaled 46,985 ounces.
Crude platinum
produced during the period amounted to 14,219 ounces.
For the same
period a year ago gold production amounted to 32,260 ounces and platinum
Westlake, Vice-President of this company, told
the recent annual meeting that no dividends
been
because of the rigid exchange control by the Colombian
H.
Expenses
147, p. 1353.
13,837 ounces.—V.
to
$1,179,909
1,124,978
$898,316
811,780
$462,673
555,812
$.54,931
$86,536
def$93,139
Sept. 30, *35
30, '37 Sept. 30, '36
$37,085,206 $44,982,398 $51,101,148
499,990
499,990
449,930
Sept. 30. '38 Sept.
Number of shares
Dividends received
only.
1938
19.
$10,000,000 was
13,104,967 7,532,062
a Securities-...-24,053,870 37,940,754
Accts.receivable-128,028
.
furnished by the Guaranty
000 by four
Lines—Earnings—
Railway oper.
1938—Month—1937
30—
Period End. Sept.
Railway oper.
revenues.$18,111,886 $19,798,292
expenses- 13,153,937
14,636,134
Net rev. from ry. oper.
accruals
Equipment rents (net). _
Joint facility rents (net) Railway tax
861,258
—V.
147, p.
.
56,323
■Jan. 1 to Oct.
Gross*'earnings (est.)
—V. 147, p. 2404.
$2,662,963
— .
$2,644,333 $91,265,313
Co. (&
Southwestern Development
[Exclusive of Canadian
Abandonments
Bad debts
11,737
3,388
-
•
$977,094
1,804,330
Net operating income
Non-operating income
—
Total income
$2,781,424
427,735
t
Interest on funded
and other long-term debt.
and expense-
111,872
18,321
5,783
169,758
4,814
2,946
Amortization of debt discount
Other interest
-
income deductions.-
Provision for Federal income tax
....
Provision for excess profits tax
Provision for surtax on
undistributed profits
$2,040,195
Net income.---
Dec. 31, 1937
Assets—Cash. $532,807: notes and accounts receivable, $366,152; accrued
interest on bonds owned, $16,742; inventories, $115,774; due from affiliates
(not consolidated), $2,322; investments (at cost), $6,731,452; property,
plant and equipment (after reserve for depreciation and depletion
377,031), $7,704,681; prepaid expenses and deferred charges, $18,054;
Consolidated Balance Sheet
of $4,-
total, $15,487,986.
Liabilities—Accounts payable, $46,008; accrued
other current liabilities, $119,013; long-term debt,
liabilities, $398,970;
$9,689,109; other lia¬
shares), $771,353; surplus,
$329,257; capital stock (40,806 no par
$4,134,275; total. $15,487,986 —V. 145, p. 3830.
bilities,
Spokane International
1
147,
Standard Gas & Electric Co.—Weekly Output—
public utility operating companies in the Standard
for the week ended Oct. 15, 1938, totaled 106,974,829 kilowatt-hours, a decrease of 2.6% compared with the correspond¬
ing week last year.—V. 147, p. 2404.
Electric output of the
Gas <& Electric Co. system
Standard Investing
Statement
Corp.-—Earnings—
Months Ended Sept. 30, 1938
of Income for the 9
$31,181
16,646
Cash dividends received
Interest received and
accrued
$47,826
108,001
Total income
Interest on loans and debentures
General expenses
Taxes paid or accrued—other
Deficit for the nine
than Federal income and
months ended Sept. 30,1938
-
contings. provided in 1937, no longer required
in 1937 for Federal cap. stock tax payable m 1938
Portion of reserve for
Excess prov.
24,797
6,926
profits
Balance, Dec. 31, 1937
Income account balance, Sept.
$91,897
174,945
Cr5,000
Cr4.985
$93,033
30, 1938
of the
share
preferred
for
share
share
$22,802
Investm'ts at cost 4,589,167
Cash In banks
Notes receiv.
sub.
226,959
9,382
Total
•
x
6,442,216 .Res. for contlng—
25,000
202,459
7,651
3,169
6,490
Misc. accts. rec'le.
par
$38,109
Accounts
bid.
413
expenses.
$4,848,722
692
through-John J. Bergen &
financing methods. But
convertible and
corporation, but without
They are to
under prevailing
an amount
produced from
Superheater Co.—Earnings—
9 Mos. End. Sept.
Other income—
560,486
Total income
$492,319
on
sale of reacq'd
company
stock
Net income.
Note—No
V. 147. p.
152,014
$77,828
200.000
266.964
539,172
$2,167,734
Federal surtax on
$340,305
—
$534,919
162",963
334,176
Cr425;115
Deprec., Fed. taxes, &c.
provision made for
.
$940,990
$2,281,791
Profit
1935
$200,744
$439,988
501.003
$1,534,475
747.316
loss$68.167
$674,026
$371,957
undistributed profits.—
756.
Inc.—Asset Value Gains—
equiv¬
This
$8.83
total net assets of $9,505,048 on Sept. 30, 1938,
the 972,535 shares outstanding at that time.
compares with a net asset value per share of $9.52 on June 30 and
a.
share at the close of 1937.
As of Oct. 11, the figure had further increased
Company reports
alent to $9.77 a share on
a share.
comparatively few
$10.41
to
The
quarter
the portfolio during the third
General Motors and Twentieth
changes made in
consisted chiefly of purchases.
purchases increased
Telegraph, American
& Myers Tobacco,
of rights, holdings
Century-Fox Film were added to the portfolio and other
holdings of Allied Chemical, American Telephone &
Tobacco B, Continental Can, Homestake Mining, Liggett
and Philip Morris & Co. common.
Through the exercise
of Gomtnonwealth Edison 3Hs, 1958, were also increased.
Aside-from adjustments for tax purposes, the only sales
consisted of part of the trust's holdings of Air Reduction,
National Supply and Southern Pacific.
Holdings of
totaling only 75 shares, were eliminated from the
during the quarter
Chrysler Corp.,
Philip Morris pref.,
portfolio.—V. 147, p. 906.
Superior Oil
Corp.—$600,000 Loan—
the National Bank of
Roberts lease, con¬
'"Corporation has obtained a loan of $600,000 from
Tulsa on its note secured by a first mortgage on Dora
Howard County, Texas. Net proceeds received by
the company amounted to $598,866, according to an amendment to Its
registration statement filed with the Securities and Exchange Commission.
Or this $280,000 was used to pay the National Bank of Tulsa to retire in
full the unpaid principal balance of an open note. The remainder of $318,866
was added to working capital.—V. 147, p. 757.
sisting of 480 acres in
Period End. Sept. 30—
Net profit after charges
& normal Fed. inc. tax
Earns, per sh. on 287,000
shs. cap. stk. ($10 par)
Co.—Earnings-
1938—3 Mos.—1937
$114,985
$245,159
1938—9
Mos.—1937
$506,491
$710,597
$1.76
$2.47
2,098,000
Cum. pref.
stock 2,750,300
394,331
550,051
394,331
820,604
undistributed
profits.
Net profit for the 12 months period ended Sept. 30, 1938 was $590,825
compared with $844,902 for the 12 months period ended Sept. 30, 1937.
93,033
174,945
—V. 147, p.
x
y Common stock..
Capital deficit
Total
Represented by 55,006 no par shares,
shares.—V. 147, p. 2256.
[Exclusive of Canadian Affiliate]
30—
1938
1937
1936
Profit from plant oper,_
Funded debt
Note payable
Inc. accts. balance
$6,815,8001
31/37
annually thereafter
$100,000, from
1,000,000
200,060
2,839.000
2,750,300
Demand loan
cos
Prepaid
payable.
$153,184
from
Acer. Int. ree'le—-
Dep. to secure
Sept. 30/38 Dec.
1, 1939 and
be increased to
$50,000.
The proposed offering of debenture shares,
Co., Ltd., represents an innovation in American
such shares are not uncommon in England.
The Sunray debentures, to bear 5% interest, carry both
sinking fund provisions and constitute debt of the
fixed maturity and unsecured by mortgage or pledge of assets.
be retired through the sinking fund so arranged that,
conditions, each month the corporation will pay to a trustee
substantially equal to 10% of the sales price of oil and gas
its properties.—V. 147, p. 1505.
Sutherland Paper
Liabilities—
Sept. 30,'38 Dec. 31,'37
thereafter until Dec. 31,
(3) sinking fund payments beginning July
for the retirement of preferred stock will
Balance Sheet
Assets—
share until Dec. 31,1940; $7 per common
1942, and $9 pea- common share thereafter;
until Dec. 31,1939; $5 per common
Supervised Shares,
Ry.—Hearing Nov. 1—
Commission will hear oral argument on Nov.
before the full Commission in the company's reorganization case.—V.
p. 2103.
•
The Interstate Commerce
financing,
interest-bearing convertible sinking fund debenture shares.
The principal amendments to the program are:
(1) reduction
conversion price of the debenture shares from $5 to $4 per common
until Dec. 31, 1939; (2) equalization of the conversion privilege of
stock to that of the debenture shares so that the new rates of conversion
both the debenture shares and preferred stock will be: $4 per common
5%
$2,739,828
1,315,876
431,732
_
-
Nov. 14 to
in relation to
5A% cumulative con¬
of $4,000,000 of
„
"
River Gas Co.l
Corp.—To Refinance—
stockholders
Subs.)—Earnings
Earnings for the Year Ended Dec. 31, 1937
operating income (excl. of inter-company sales).--Operating charges
Depreciation, depletion and amortization
-
Miscellaneous
Sunray Oil
account
1 to holders of
26 and Feb. 1,
Corporation has called a special meeting of
on
an amendment to the certificate of incorporation
preferences and rights of the presently authorized
vertible stock. The meeting bears directly on the program for new
and particularly in connection with the proposed offering
1105,692599
Gross
cents per share on
vote on
14—
1937
_
1938
1937
1938
f
to the
accord¬
—Second Week of Oct.—
Inc.—Accumulated Dividend—
the $2 conv. pref. stock, payable Nov.
record Oct. 20.
Similar payment was made on Aug. 1, April
last, and on Feb. 1, 1937.—V. 147, p. 586.
With the
purchased 5.700 freight cars.
Pay 50-Cent Div.
dividend of
July 10
of accumulations on
negotiating with the
approximately 2,500 freight cars.
last month completed a deal with the RFC for the sale
of $13,500,000 4% equipment trust certificates.
The terms,
ing to the company, were the best the railway had ever received.
Co.,
declared a dividend of 50
The directors have
The carrier
Products, Inc.—To
declared a dividend of 50 cents per share on the common
payable Dec. 15 to holders of record Nov. 1.
A
45 cents was paid on Dec. 29, 1937; 25 cents was paid on Oct. 11,
and on May 10, 1937 and an initial dividend of 25 cents per share was
distributed on Dec. 22, 1936.—V. 147, p. 905.
stock, par $1,
RFC Loan—
agency
in 1937.
shares.—
from
Directors have
8,047,714
585,490
of
.37,286,865 45,472,816
Total
282.
Sterling Aluminum
Stott Briquet
is reported
loan, the company
37,286,865 45,472,816
1938—V. 147, p.
$39,950,858
12,932,980
Reconstruction Finance
Corporation for an additional $5,000,000 to $6,000,000 loan for the purchase
The company
10,694,196 18,591,388
Island Edison Corp .—Notes—
the Securities and Exchange Commission an
application (32-109) under the Holding Company Act for exemption
the requirement for filing a declaration with respect to the issue and sale at
par of a $3,000,000 note, bearing 3
% interest, and the issuance of $3,000 ,000 1st mtge. 3 A % bonds, to mature in not less than 20 years.
The appli¬
cant proposes to sell the note to the Chase National Bank, New York, and
to pledge the bonds as collateral.
The proceeds would be used to retire
$1,000,000 of Richnond Light & RR. 4% bonds and $2,000,000 of the
company's refunding & improvement mortgage 4% bonds, due July 15,
$6,860,105 $18,384,674
Ry.—Reported Negotiating
stock—.26,391,010 26,391,010
Staten
,
Southern
374,993
Capital
Corporation has filed with
1938—9 Months—1937
$2,706,926
$2,565,125
Income.
2103.
Net ry. oper.
124,998
declared on
stk.ofthis corp.
Dlvs.
a
Cost of securities, $21,873,082 in- 1938 and $32,358,592
Represented by 499,990 no par shares, after deducting treasury
V. 147, P. 2103.
Trust Cot,
7,499,218
600,092
26,500
49,427
b
$146270,735 $171090,004
117,628,361 131,139,145
912,911
56,607
9.230
payable- _
56,768
Res. for taxes
b
and $2,000,-
$5,162,158 $28,642,374
1,485,714
13,682,959
$4,957,949
1,475,243
3,591
46,571
Earned surplus
Chemical Bank
banks—V. 147, p. 2103.
Pacific Coast
Southern Pacific
payable-
Accounts
Mgt. fee
$
$
Liabilities—
Cash.
Total
1937
1938
$
.
$4,000,000 by the First National Bank, $2,000,000 by the
& Trust Co., $2,000,000 by the Union Trust Co. of Pittsburgh,
Sept. 30
1937
$
Assets—
$36,627,481
476,784
$76.82
'
Balance Sheet
South Penn Oil
announced Oct.
Of the total,
$113.58
$89.97
$74.17
share
Net worth per
Co.-—No Extra Dividend—
Company paid the regular quarterly dividend of 37 H cents per share on
the capital stock, par $25, on Sept. 30 to holders of record Sept. 15.
No
extra dividend was distributed at that time.
Extra dividends of various
amounts together with the regular quartely dividend had been distributed
each quarter for the past several years.—V. 147, p. 1353.
Southern Pacific Co.—Bank Loans Extended—
Bank loans of $20,000,000 which would have matured on Nov. 1
have
been extended
for one year, Hale Holden, Chairman of the railroad,
29,597
145,542
$51,939
Surplus.
Net worth..,
x
$637,813
$.551,929
499,990
Net Income
Dividends declared
a
as
1935
1938
x$767,722
66.162
Sept. 30—
& int. received...
9 Mos. End.
-New Directors—
E.
Corp.—Earnings—
1937
1936
$1,499,704 $1,194,221
83,687
82,498
149,630
236,108
213,406
Investment
State Street
•No Dividend
Co.-
Gold & Platinum
South American
1938
22,
Oct.
Chronicle
Financial
2548
y
$4,848,722 $6,815,800
Represented by 394,331 no
Note—No provision
$0.40
has been
$0.85
made for Federal surtaxes on
as
586.
~
Symington-Gould Corp.—Meeting Again Adjourned—
The adjourned special meeting to consider the proposed acquisition of the
business, good will and certain assets of McConway & Torley Corp. a* out.
Volume
147
lined in letter
Financial
to
stockholders dated Sept.
journed to Nov. 3.—V. 147, p. 2101.
Chronicle
12, 1938, has been further ad¬
Tacony-Palmyra Bridge Co.—Earnings—
9 Months Ended
Sept. 30—
Income tolls.
1938
,
Taxes.
Interest.
Other expenses
-
-
Profit before other income and other
dedcutions
Profit from sale capital asset...
$405,377
50,479
24,087
77,336
16,592
$404,979
49,229
24,683
81,514
16,495
$233,057
5,000
$187,961
255,114
Surplus Jan. 1—
Tax adjustment 1934 and 1937
...
$443,076
on
5%
on
class A stock
pref. stock
cum.
on common
$397,161
35,625
45,000
36,000
35,625
52,500
stock
I
Surplus Sept. 30
per share on combined class A &
Earnings
42,000
$312,951
corn.
stks.
$280,536
$2.77
$2.82
Tampa Electric Co.—Earnings—
Period End. Sept. 30—
Gross income after retire¬
ment accruals
Net income
.007,699
78,651
369,147
Crl4,500
Cr6,250
212~,758
$290,991
675,450
Prior
year's
expenses,
under accrued.
Other charges
5% gold debs...
Net profit
1 referred dividend
x
Includes
whether
all
cash
received
or
1,518,055
1,508,781
1,449,208
1,436,423
Taylor-Young Airplane Co.— Voting Trust—
Oct. 19 that
on
a
The
voting trustees
of
York
concern
with the Fairchild
City.
S. Ogsbury, President of
Fairchild; C. A.
Fairchild, and F. H. Wehrhan, also of New
Accelerated production is expected under the
new setup.
Richard
H. Depew Jr., New York, is
Taylor-Young's new General Manager.
Mr.
Harrison and F. A. Mayfield, of
Akron, were named directors.—V. 145,
958.
p.
Mining
Milling
1937
1936
$3,930,535
<
72,522
$4,570,855
$4,777,666
104,877
127,721
$4,675,732
105,098
$4,905,387
$4,003,057
\ 1,448,078
/
expense
$1,604,895"
3,932,533
Previous surplus
on
Profit
422,642
294,752
387,258
14 444
Net surplus for year__
investm'ts
431.004
277,381
431,739
/
35.212
46,491
$2,203,391
3,982,714
$2,423,360
3,740,306
v/
Total surplus
-
450,000
$6,163,666
2,163,215
$3,932,533
$3,982,714
$3,740,306
4,807.144
$0.46
4,807,144
$0,33
4,807,144
$0.50
receivable
1938
Assets—
596,710
Govt,
3,726,923
180,063
$
Inventory
of
4,807,144
2,901.827
106,632
721,072
256,083
Unclaimed divs.._
24,197
117,645
721,071
27,950
12,366
1,369,514
3,526,855
102,597
398,902
_
Govt.securities...
Accts. rec., general
Accts.
rec.,
La¬
1,176
maque Gold
liabilities-
& munic. taxes-
~~3~, 540
287,312
,864,055
Earned surplus...
402,156
3,932,533
Lamaque
Gold Mines,Ltd.
530,999
1,587,163
•Prepaid insurance.
10,640
15,363
Total
9,822,776 10,016,568
Total
9,822,776 10.016,568
-V. 147, P. 2256.
4,556
20,696
receivables, &c.
199,224
337,900
279,773
295,051
Special deposit for
revenue
Oper. exps. and taxes___
Prov. for depreciation._
..43,125,127 46,009,9701
282,419
$
and div.
payable
sees,
310,523,
336,107
loan'd
1,690,400
*2,015
9,620
Bk. loan due Sept.
30. 1941
8,000,000
5% conv.deb
2,400,000
8,000,000
2,460,000
a 6% cum.
pref.stk 3,752,500
3,837,500
b Commonstock.. 2,429,318
2,429,318
Surplus
....26,038,648 27,226,763
d Treasury
stock.r
Dr262,158
.....
Total
43,125,127 46,009,970
a
$32,437,253
904 less than cost,
$8,435,-
or
d 2,500 shares $6 cumulative
preferred stock held in
treasury at cost.
Extends
$8,OGO,OGO Bank Loans—
The corporation has exercised its option to extend
the $8,000,000 bank
on Sept. 30, 1938, for a period of three
years.
These
loans were extended upon original
terms, with interest continued at the
rate of 2% per annum;
Of the total $2,000,000 Is payable to the order
of the Guaranty Trust Co. and
$6,000,000 is payable to Central Hanover
Bank & Trust Co.
loans, which matured
,
Forms New
Underwriting Company—■
security
Both Tri-Continental Corp. and Selected Industries Inc. have
from time to time in the past taken
participations in underwritings under
others and the directors of the two companies have felt that the
organi¬
zation of a separate company to engage
directly in this business would
broaden the opportunities of getting good business in the
underwriting field
expand the possibilities for profitable employment of the capital de¬
voted to these activities.—V. 147, P. 433«
Triumph Explosives, Inc.—Stock Qualified for Sale—
Whitney-Phoenix Co., Inc. announces that an issue of 150,000 shares of
stock has been qualified for sale in
Pennsylvania, Ohio, Mas¬
sachusetts, Missouri, Minnesota, California, Georgia, Indiana, Kentucky,
New York, Connecticut, New Jersey, Delaware and the District of Columbia
—V. 147, p. 434.
Truax Traer Coal
See list given on
Trunz Pork
Co.—Registers with SEC
first page of this department.—V. 147, p. 1506.
Stores, Inc.—50-Cent Dividend—
stock,
no par value,
amount was paid on
Dec. 22. 1936 and on
a dividend of 50 cents
per share on the common
payable Nov. 10 to holders of record Nov. 1.
Like
Nov. 10, 1937, and compares with 25 cents paid on
May 11, 1936.—V. 146, p. 1570.
*
Gross income.
1938—Month—1937
1938—12 Mos.—1937
$1,467,521
$1,413,585 $16,406,227 $15,965,656
896,338
821,066
x9,457,434
x9,472,459
105,000
105,000
1,260,000
1,260,000
$466,183
234,476
$487,519
234,340
$5,688,793
2,831,956
$5,233,197
2,770,261
Net income
Divs. on pref. stock
$231,707
129,009
$253,179
128,966
$2,856,837
1,550,867
$2,462,937
1,550,866
$102,697
$124,213
$1,305,970
Balance
x No
provision was made in 1936 or 1937 for Federal surtax
ributed profits, as all taxable income was
distributed.—V.
147,
Texas Power
Corp.-
Assets—
undis-
p. 2104.
Liabilities—
Capital stock ($7
...
Sundry accts. receivable...
114,888
834
San Antonio P.8. Co
Investments
11,059
Other assets
Organization expense
$912,071
on
Balance Sheet Aug. 31—
Permanent assets
Cash
...
Deferred assets
18,185
155,348
104,044
Common
stock
cum.
pref.).,.
(9.988
$349,360
shs.,
no
par)
Funded debt
Accounts payable
Accrued expenses (net)
Retirement reserve
Capital surplus
Earned surplus
-
99,880
1,671,800
6,925
16.696
.
390,913
-
313,096
96,318
Total
—V. 134. p. 4493.
.12,944,9^9
(John R.) Thompson Co.- -New Vice-PresidenlMoore, who recently became General
Manager of the company
Oct. 20 elected Executive Vice-President.—V.
147, p. 1208.
Water
..
Co.—Bonds
Offered—Amos C. Sudler &
Co., Denver, Colo., are offering at prices ranging from 101
to 100.25, to yield from 3% to 4%
according to maturity,
$250,000 4% 1st (closed) mtge. bonds.
Bonds offered to
bona fide residents of Colorado only.
1,
Denom. $1,000.
Co.—Earnings—
Int. & other fixed charges
Paul
accr.
Represented by 150,000 ($153,500 in 1937) no par shares,
b Repre¬
sented by 2,429,318 no par shares,
c Investments, based on
market quo¬
tations as at Sept. 30, 1938, or, in the absence
thereof on their then fair
value in the opinion of the corporation, amounted to
Dated Oct.
Tennessee Electric Power
Period End. Sept. 30—
was on
41808",690
curities sold—..
Int. and dividends
Tunnel
401
Gross
132,123
and taxes
against cash
Due for sec. purch.
se¬
1937
expenses
M.,
Ltd
In
for
Directors have declared
eral & Provincial
24,025
account from Jan.
balanCe' $2'558'209'
Due for
3,602,965
Invest, at cost_.c37,270,193
Provision for Fed¬
at
market value.__
surplus—balance, Dec. 31,
1938
Int.
20,779
Receivable for
8,067
98,387
stock
%
1,807,144
gen¬
stores.
Minlng
1937
$
Capital stock
Accounts & wages
payable
Dividends payable
on
specified,
expressly
therefore,
Liabilities—
Res.
Investment in U.S.
$0.48
Sundry
bonds.
bullion
hand & in transit
sources
common
Liabilities—
680,987
the
1937
$
Short-term notes.
and
1938
$
4,552,881
Cash
Gold
56,143,878
2,403,572
31
1937
$
4,569,577
from
Income and profit and loss
Assets—
Gash in banks, on
hand & at call..
4,807,144
Balance Sheet Aug.
$1,012,134
1,173,564
issues.
$6,336,105
2,403,572
17,737
outstanding ($1 par)._
Earnings per share
$1,223,101
1,135,626
607,330
Carrying out a program which has been under active consideration for
some months,
corporation has, since the close of the third quarter, joined
with Selected Industries Inc. in
forming Union Securities Corp. to engage
in the business of the origination,
underwriting and distribution of
150,000
"
Bal. at credit Aug .31- $3,864,055
Shares of capital stock
$1,339,351
683,400
607,330
12,389
3,787,962
20,000
$6,027,269
2,163,215
284,509
Balance Sheet Sept. 30
19,027
Federal income tax
Capital assets
35,286
$2,336,888
on
Dividends paid
Additional provision for
Inv.
$4,810,545
332,317
1,083,287
456,809
286,502
279.454
19,841
redemption of
Lamaque bonds
Salvage value of plant &
equipment sold
eral
1935
$4,678,875
131,670
181,084
1,114,326
11.227.379
396,046
expense
Examination & explora'n
of new properties
Profit
7
271,482
268,112
expense
General
Provision for taxes
132,759
•
$23,480,440.
Total
1938
Total income.
Devel. & explor. exps
226,800
m^UrPlv-rS' SePl- 30 1938—Capital
193/,
Teck-Hughes Gold Mines, Ltd.—Earnings—
Interest and exchange._
1,651,934
50,212
292,691
88,526
1, 1936:
Balance, Dec. 31, 1937, $3,137,747; net
income, $290,991; total, $3,428,738;
net loss on sales of
securities, $195,079; balance, $3,233,659; dividends
on
int. & dividends
Years End. Aug. 31—
Bullion production.____
396,883
from earnings or
otherwise,
liquidating distributions. In an
be
currencies-
controlling block of its stock
J.
are
Harrison, Vice-President
$1,841,269
payable
to
Deposits in foreign
The company announced
206,119
3,171
except amounts
economic sense,
the amount shown is
not in whole to be considered true
income.)
stated
$4,465,761
111,099
110,014
had been placed in a voting trust,
allying the
Aviation Corp. of New York
$410,047
1,032,596
1938—12 Mos.—1937
$4,526,726
2104.
p.
$945,171
46,630
409,292
!
1938
114,967
114,398
_____
on
1935
$156,316
1,319,701
365,251
6,574
Total income
Taxes
x
on
1936
$84,983
1,524,776
391,365
Miscellaneous income
Int.
1937
$72,595
617,099
255 ,477
,6^450:
1938—Month—1937
$352,118
$366,202
revenues
147,
1938
_
& service fees
Common dividend.
—V. 147, p. 1355.
—V.
.
Managem't
$185,523
212,773
1,135
_____
Total profit.
Operating
9 Mos. End.
Sept. 30—
Interest earned
Dividends received
$233,057
37,533
10,000
44,023
\
Net profit.
1933, March 25' 19321 and
Tri-Continental Corp. -Earninas
104
$236,985
Nov-
2708.
54,000
Expenses
Total prof.
Federal and other income tax
accrued..
Reserve for contingencies.
;
Dividends
Dividends
Dividends
$493,160
34,181
$236,881
Gross profit from operation
Administration and general expenses
1937
$498,705
39,328
54,000
Operation and maintenance
Depreciation
2549
Tobacco Products
Export Corp.—Dividend Increased—
decl1a^ef1 a
of 35 cents per share on the common
97 &
mNov<r15
?$ record Nov- 1- This compares with
on
MnV
I «Pai ool
£ov* }5»
15 cents on Nov. 16. 1936, and 10 cents
1938; due serially July 1, 1939 to 1957.
Non-callable.
Principal and int. (J. & J.) payable at Colorado National
Bank, Denver, Colo., trustee.
Guaranty—These bonds
■■
unconditionally guaranteed as to principal
following proportion; Water Supply &
Storage Co., two-thirds of the amount thereof; the Windsor Reservoir &
are
and Interest by endorsement in the
Canal Co., one-third of the amount thereof.
.
Company—'Company is owned by the Water Supply 6c Storage Co. and
the
Windsor
Reservoir
&
Canal
Co.,
the former
company
owning two-
thirds and the latter, one-third.
The company owns a 2M mile tunnel connecting the Laramie River
with the Poudre River, with the right to divert 15,500 acre feet of water
from the Laramie to'the Poudre watershed (under, decision of the U.S.
Supreme Court), together with collection ditches and reservoirs. ► The
engineers' records show that from 1922 to 1932 this tunnel produced an
of 9,042 acre feet per year.
Beginning in 1932, after the west side
ditch was completed, and through 1937, they averaged 12,500 acre feet.
In 1938, due to the fact that the tunnel was shut down for a period of 31
days, when repairs were being made by the present owners, only 9,500 acre
feet were delivered.
These repairs have been completed, and there should
be no further difficulty in the water delivery for 1939.
This water will be
used to supply additional water to stockholders of the Water* Supply &
Storage Co., which irrigates about 52,000 acres, and users under*the
Larimer and Weld system, of which the Windsor Reservoir & Canal.Co.
is a part and which
irrigates about 65,000 acres, all located in Larmier and
Weld counties, Colo.
A recent valuation indicates the value of properties
as $1,200,000—water right, $600,000, physical properties. $600,000.
►
j
Water Supply & Storage Co., owner of two-thirds of the Tunnel Water
Co. was incorp. in 1891 as successor to the Larimer County Ditch Co.,
which was organized in 1880.
The system has a history of 55 years' opera¬
tion and is recognized as one of the most successful in the famous irrigated
area of northern Colorado.
The company has 600 shares of stock auth¬
orized and outstanding, with sales ranging as high as $7,000 per share.
At
the present time the market is about $3,500 per share.
Company has never
defaulted In the payment of principal or interest on its bonds.
The comaverage
gmy hasper year, mortgage of $769,800, entire mortgage in (principal and
a first which will pay out the payable $55,507 20 years.
terest)
Financial
2550
Windsor
Reservoir & Canal
was
$180,000, due
debt is
irrigate sugar beets, potatoes,
has assets totaling $1,437,500.
Canal Co. issued $220,000 first mort¬
defaulted in the payment of either interest
retired in 1931. The present bonded
$20,000 each year, Jan. 21, 1939 to 1947.
Gas & Electric
Twin State
Operating revenues
Operating expenses
State & municipal taxesSocial security taxes
Federal taxes (incl.
16,007
1,739
9,672
inc.)
i.
Bond interest
Other interest
(net)
Other deductions __
$36,247
11,161
7,800
2,054
i-
.
off book
$591,180
133,936
109,531
61,181
$573,693
133,936
97,362
38,226
1938, report
$286,532
249,475
Union Oil
9 Mos. End.
income. After
company
30, 1938, of
decrease in surplus of
ended Sept. 30, 1937.—V.
Sales
-
Profit after
Federal taxes
depletion, &c-_
Deprec.,
profit
com. stk. outst'g-
Net
Shs.
Earnings per share
1935
$47,650,000
Ended Aug. 31—
earnings of sub. cos.
14,815
820
15,900,000
7,050,000
Total
the nine months amounted to 23,700,000 barrels and $57,compared with 28,300,000 barrels and $61,100,000 for the cor¬
period last year. The decrease in quantity sold is occasioned
principally by the decline in fuel oil sales.
companies--— 16,049,234
-
-
-
Proportion of earns.,
earnings
(excl. of
Expense & taxes
$6,913,089 $7,830,700
29,225
$6,942,313
of United Light &
409,663
Power Co
for
consisting mainly of new drill¬
expenditures for the new cracking
April, payments in connection with
improvements
Capital outlay approximated $9,800,000,
ing in developed and prospective fields,
plant at Oleum refinery completed in
the construction of a new oil tankship and additions and
to marketing facilities.
tmCurrent assets, consisting of cash resources, accounts
ble, oil inventories and materials and supplies,
a decrease of about $1,400,000 from Dec. 31,
1937. The
cash resources
$13,250,000. Current assets at Sept. 20 were about 6 to
liabilities.
Current liabilities approximated $8,500,000, a
$650,000 from Dec. 31, 1937.
30, 1938, approximated $20,200,000,
$2,200,000 since Dec. 31, 193/.—V. 147, p. 434.
decrease of about
Earned surplus at Sept.
Union Pacific
1938—Month—1937
$12,276,043 $12,590,150
1,709,869
Period End. Sept. 30—
Fr eigh trevenues
1 695,474
Passenger revenue-mi
385,194
169,264
462,807
256,999
368,305
Mail revenue
Express revenue
181,475
_
All other transp. revenue
450,298
Incidental revenue
264,597
Railway oper. revs-_-$15,236,192
Maint.ofway&strucs-2,394,332
Malnt. of equipment
2,367,715
Traffic expense
338,789
4,573,569
Transportation expenses
395,683
438,639
Miscellaneous operations
General expenses
Transport'n for invest'tNetrev. fromry. oper.
$4,727,628
Railway tax accruals-..
Ry. oper. income
Equip, rents (net)
Joint facility rents (net)
$3,461,445
990,539
75,617
_
$2,395,289
_
.
$5,605,504 $28,317,303
1,072,326
11,191,717
$4,533,178 $17,125 586
944,761
5,868,874
39,458
465,239
$30,388,885
10,824,478
$19,564,407
5,603,814
425.631
$3,548,959 $10,791,473
$4,077,833
.
-
;
-
-
2406.
Ry.
Co. (&
Subs.)—Earnings—
of sub. &
Gross oper. earns,
dis¬
and
cash
capital
issued and sold, and the remainder
of the net pro¬
credited to paid-in surplus account.
The net proceeds are
to be used by the corporation for working capital and other corporate
purposes.—V. 147, p. 2405.
ceeds will be
controlled cos. (after
$78,366,679 $77,914,908
General operating expenses
35,959,127 36,040,054
Maintenance
' 4,277,196
4,072,273
Provision for retirement
.
7,693,399
7,542,887
General taxes & estimated Federal income taxes—
9,553,412
9,212,103
eliminating intercompany
transfers)
-
——
of sub. & controlled
of sub. & controlled cos
cos._$20,883,544 $21,047,591
588,235
.1,856,374
controlled companies
$21,471,778
Int., amortiz. & pref. divs. of sub. & controlled cos. 13,419,760
$22,903,965
$8,052,018
$9,738,776
Nonoper. income
Total income of
sub. &
Balance
Proportion of earns.,
-
-
——
Equity of United Light & Rys. Oo. in earnings of
sub. & controlled companies
Income of United Light & Rys. Co. (excl. of income
received from
subsidiaries)
Total
-
Director—
formerly counsel for the Securities and Exchange Com¬
17 elected a director of this corporation.—V. 147,
Co.
Oct.
Electric output of system
—V. 147, p. 2406.
(kwh.)__.
Weekly Output—
15 '38
93,161,003
Oct. 8
2,363,915
'38
92,160,498
Oct. 16 '37
92,740,299
$6,216,091
$7,374,861
576,099
905,450
$7,121,540
$7,950,961
due 1952
discount & expense- _
h\i% debentures,
Balance transferred to consolidated
preferred stock dividends
-
surplus
-
Prior
Balance
-V. 147, p.
1,375,000
42,506
18,535
42,988
17,294
$5,458,238
1,215,910
$6,197,833
1,229,932
$4,967,900
122,326
-
deductions—
Amortization of debentures
Tax on debenture interest
$7,633,115
1,358,216
$4,242,329
Interest on
244.179
73,666
$6,877,496
Co
Balance
Holding company
2406.
& Guaranty Co .—To Call
t
■
At a meeting of the directors of this company held Oct. 19 it was decided
to place the company's subsidiary, the Allied Mortgage Co., Inc., in posi¬
tion to call for retirement at par, plus accrued interest, on Dec. 1, 1938,
which is the next interest date, the entire remaining outstanding issue of
bonds of Allied Mortgage Co., Inc., amounting to $3,162,000.
These bonds were issued by the mortgage company as part of an issue of
$5,977,000 on De6. 1, 1933, payable Dec. 1, 1953, and were guaranteed as
to principal and interest by the United States Fidelity & Guaranty Co.
Of the original issue, the mortgage company already has retired $2,815,000
through the liquidation of a portion of the collateral securitity.
It is
understood that no action is contemplated on the debentures Issued by the
Associated Mortgage Co., Inc., on which the U. S. Fidelity & GuarantyCo. has only a contingent liability for the payment of interest.—Y. 146,
Bonds
930.
P.
Fidelity
States
of Subsidiary—
.
United
States
&
International Securities Corp.—
Preferred Dividend—
the $5 cum.
1 to holders of record
which the last
dividend of $1.25 per share
declared a dividend of $1.25 per share on
preferred stock, no par value, payable Nov.
28.
Like amount was paid on Aug. 1, last, prior to
previous payment was the regular quarterly
Directors have
first
distributed on Feb.
1,1938.—V. 147, p.
United States
United Gas Improvement
13,165,189
121,719
— -
-
Expenses of United Light & Rys.
Taxes of United Light & Rys. Co
mission, was on Oct.
P. 1052.
Week Ended—
1,835,928
attributable to min. com. stk.
Oct.
United Corp.—New
1937
1938
Ended Aug. 31—
United
Corp.—Listing—
Stock Exchange has authorized the listing of 13,050 addi¬
tional shares (par $5) capital stock on official notice of issuance, making
the total applied for 2,658,624 shares.
At the annual meeting held March 6. 1936, the stockholders adopted an
amendment of the certificate of incorporation, which amendment provides,
among other things, that "the corporation shall have the right, from time to
time, to issue and sell for cash, to such officers or employees, at such prices
and upon such terms as the board of directors may determine, in its
cretion, not exceeding in the aggregate 50,000 shares of capital stock;
no stockholder shall have any preemptive right in or preemptive right to
subscribe to any shares of capital stock so issued and sold."
In accordance with the recommendations contained in the report of
Oct. 13, 1938, the directors authorized the issue and sale to 25 officers
and senior employees of the 13,050 shares of stock at $15 a share, in cash.
The corporation will realize from the sale of the shares aggregate net
proceeds of $195,750, less listing and registration expenses.
The
stock account will be increased $65,250, representing the aggregate par
The New York
John J. Burns,
2,454,816
—
Crl56
Cr4,287
September, 1937, approximately $286,700 was
railway tax accruals (similar amounts were credited during
June to August, 1937, inclusive), representing one-seventh of
value of the shares so
*
Net earns, from opers.
Note—In
United Aircraft
—
consolidated surplus
United Light &
$13,534,962
credited to
the months
the amount
(approximately $1,801,000) charged to that account from March 1 to
Dec. 31, 1936, inclusive, that would have been payable under the Taxing
Act (companion to the Railrpad Retirement Act of 1935) which was repealed
by the Carriers' Taxing Act of 1937, and one-seventh of the difference
(approximately $206,000) between the amount charged to railway tax
accruals from Jan. 1 to May 31, 1937, inclusive, under the repealed Act,
based on a tax rate of 3 y% % and the amount accruing for that period under
the new Act, based on a tax rate of 2M%.—V.147, p.1940.
Netitems-
transferred to
—V. 147, p.
1938—9 Months—1937
$83,164,378 $96,026,576
12,759,225
13,228,795
3.566,126
3,486,319
1,598,887
1,511,185
3,346,275
3,080,626
1,959,705
1,524,153
Cr 158
1,266,183
Balance
an increase
$15,574,283 $105525,886 $119726,364
14,816,334
1,529.576
12,440,628
23,405,664
18,896,053
2,433,026
3,457,147
3,110,868
425,556
40,393,246
36,324,101
4,753,276
2,762,187
2,597,275
355,231
4,503,057
3,843,945
472,272
Cr 163
2,518,550
$5,193,306
Earnings of Company Only
12 Months Ended Aug. 31—
1938
1937
Gross income
,
$3,285,960 $2,411,109
Expenses and taxes-----j—----409,663
193,061
Int., amortiz. of discount & exp. on funded debt,.
2,415,025 2,477,486
Other deductions
— —
39,791
41,063
Net income
$421,480 loss$300,503
&c., of holding company-
12 Months
RR.—Earnings—
discount & expense,.
funded debt, bond
Interest on
193,061
$6,532,650 $7,711,856
—-
-
74,218
$7,904,918
-
and notes receiva¬
approximated $49,600,000,
of about
Balance
2,360,076
_
-
—
15,812,438
$8,749,016 $10,190,776
1,835,928
attributable to min. com. stk.
Equity of United Light & Power Co. in
of subsidiary companies.
Income of United Light & Power Co.
income received from subsidiaries)
Total—
2,407,647
1,430,192
$24,798,251 $26,003,214
subsidiary companies
Balance
950,000 as
responding
of current
$494,387
(after eliminating
& pref. divs. of sub.
Int., amortiz.
of 1937.
approximated
2,907
$479,275
of sub. companies
Total income of
royalty, of crude oil and natural gasoline for the
nine months approximated 15,900,000 barrels, a decrease of 950,000 bar¬
rels (all of which was in the third quarter of this year) from the like period
1
1,000
268.060
6,261
(& Subs.)—Earnings
1938
1937
.
intercompany transfers)
—$88,322,167 $88,164,454
General operating expenses
40,615,359 41.014,361
Maintenance
4,755,811 4,593,171
Provision for retirement
8,730,069 8,564,811
General taxes & estimated Federal income taxes— 10,852,870
10,396,543
Net earnings from opers. of sub. companies
$23,368,059 $23,595,567
Production, subject to
Sales
1,000
245,060
& Power Co.
United Light
12 Months
10,800,000 9,650,000
6,850,000
6,400,000 5,650,000
$6,400,000 $8,850,000 $4,400,000 $4,000,000
4,666,270
4,666,270
4,386,007
4,386,070
$i.37
$1.90
$1.00
$0.91
13,250,000
interest, &c.-.-
202,588
200,588
285.
Nonoper. income
1937
1936
$57,950,000 $61,100,000 $48,200,000
1938
lor conting-.
$1)
$1)
$494,387
$479,275
Gross oper.
Calif.—Earnings—
Co. of
Sept.30—
Com. shs. (par
Capital surplus—
Earned surplus
Total
—V. 147, p.
147, p. 2257.
r
Stand, shs. (par
506
$5,016
$546
25.000
Prov. lor taxes
Poland bond interest not previously taken into
item and provision for Federal income tax, the
in surplus for the three months ended Sept.
$42,008. This compares with a loss of $21,634 and a
$20,628 for the corresponding three months
1936
shows an increase
6,140
311
Prepd.&def.chgs.
Co.—Earnings—
subsidiaries for the three months' period ended Sept. 30,
a loss of $52,504, before giving effect to a credit of $105,000
inclusion of this
480,701
3,390
Res.
1937
1938
Liabilities—
Accounts payable-
$6,858
468.717
securities.
receivable.-
written
30
Sheet June
$7,039
23.963
off and $20,000 for amount
1937
1938
Invest,
Company and
for
furniture written
value of investments.
Cash
1940.
—V. 147, p.
$3,440
26,223
Balance
$577,437
13,743
$304,169
249,475
$15,232
20,789
$60,516
29,636
Includes $397 for
Divs.
$13,949
20,789
Net income.
Ulen &
1,018
$113,416
24,386
63,517
$534,300
39,393
$35,229
$34,980
11,161
7,070
2,800
Gross income
$31,730
profit.
Assets—
$34,371
609
5.
(netj-
Non-oper. income
164,746
14,882
124,376
903
7,574
19,820
writ. off
Dividends.
x
$23,260
20,932
*21,746
8.081
fees, &c
1,641,682
173,440
9,133
48,189
$103,194
9,904
legal & trust company
Net
90,631
$39,811
$23,260
auditors',
taxes,
Organiza 'n exps.
$2,465,209
$2,481,090
1,642,786
1935
1936
$123,320
5,227
securities—
—Earnings—
$55,005
$32,689
$34,584
Total income
Exp.,
Co.—Earnings—
193a—12 Mos.—1937
1938—Month—1937
$215,729
$219,259
157,657
157,470
14,366
Sept. 30—
Period End.
vestment
1937
1938
Ended June 30—
Interest and dividends—
Net profit on sales of in¬
Years
"late" water, so-called
and distribution of
of Canada, Ltd.
United Gold Equities
of the Tunnel Water
irrigation system serving approxi¬
Windsor and Eaton, Colo. The com¬
Co., owner of one-third
incorp. in 1890 as a mutual
mately 40,000 acres of land between
pany is engaged in the storage
because it is used late In the growing season to
and other late maturing crops. The company
kiln 1911 the Windsor Reservoir &
gage bonds
Those bonds never
or principal, the last $40,000 being
Co
1938
22,
Oct.
Chronicle
•
Directors have
Royalty Oil
declared a dividend
759.
Corp.—Dividend—
dividend
the common
This is the third
incorporated in 1932.—V.
of five cents per share on
Sept. 30.
payable Oct. 15 to holders of record
paid by the company since it was
143, p. 4018.
.
stock,
Volume
147
Finapcial Chronicle
United States Oil &
Royalties Co.—Correction—
The dividend, published in last
week's "Chronicle" page 2406, relates to
the U. S. Royalty Oil
Corp. and not this company.—V. 147, p. 1356.
the Interstate Commerce
Commission.
United States Steel
Corp.—Shareholders—
r,^?mrDOn stock of the United States Steel Corp. outstanding
The debtor
as of Sept. 30,
1938, amounted to 8,703,252 shares while
preferred stock amounted to
3,602,811 shares.
i
4b.38
were in
4.2 miles of
the
brokers'
names
on
375,269 shares,
or
Sept. 30, 1938,
10.42%, so held
of preferred amounted to
issue on Sept. 30,
1938, as
an
on
3,217,276
of second main
Nev.,
tvt
railroad,
debtor
Sept. 30, 1938,
as
against 80,145 shares,
or
June 30, 1938.—V. 147, p. 2406.
headed
at
for
of maturing obligations to a banking
Trust Co. and established a new credit of
interest.—Y. 147, p. 2105.
Co.—Acquisition—
On
Sept. 26, 1938, Corsan Products, Inc., exchanged 500 of its $100 par
cash and certain assets and goo will
relating to a pro¬
prietary pharmaceutical product for external use known as Sutol.
Vick now
holds 100% voting stock
ownership.—V. 147, p. 2257.
shares for $50,000
Victor Chemical
Works—Earnings—
Period End. Sept. 30—
Net prof, after all
1938
1938—3 Mos.—1937
charges
$219,250
$200,117
$494,794
$542,604
$0.31
$0.29
$0.71
$0.78
stock
—V.
—9 Mos.—1937
.
incl. Federal inc. taxes
Earns, per sh. on capital
►
147,
1647.
p.
Wabash Ry.—To
Change Plan—
The. receivers have received authorization from U. S. District Judge
Charles B. Davis at St. Louis to withdraw for revision the
plan of reorgani¬
zation filed last
February.
In asking permission to withdraw the
plan temporarily, the receivers,
Norman B. Pitcairn and Frank C. Nicodemus
Jr., said revision was neces¬
sary because of "the precipitate fall in revenues, which commenced in
November and December of 1937 and continued, without
abatement, through the first eight months of 1938."
appreciable
The receivers further said that, while the essential features of the re¬
organization plan were sound, it was not practicable at this time to make the
plan effective without modifications which would make it acceptable in
detail
as
well
as in
principle.
The reorganization plan as filed would reduce the road's
capitalization
$311,599,664 to $180,546,971 and would cut fixed charges on its debt
from $7,303,359
annually to $2,987,000.
from
Abandonment—
The
Interstate
Commerce Commission
on
Oct.
11
issued
a
certificate
permitting abandonment by the company, and by its receivers, of part of
the Bement branch line of
railroad, extending from Sullivan southerly to the
end of the branch at
Stewardson, approximately 24.09 miles, all in Moultrie
and Shelby Counties, 111.—V.
147, p. 2106.
Ward
Baking Corp.—To Merge Subsidiary—
Wholly owned operating sub¬
sidiary Ward Baking Co.
The total number of shares with shall be issu¬
able by the consolidated
company will consist of 257.000 shares of 7%
cumulative preferred stock of $100 par
value, 83,000 shares of class A
stock
and
500,000
shares
of class
B
stock
common
of
no
par
value; each of the presently outstanding 256,008 shares of the 7% cumula¬
tive preferred stock of $100
par value, 82,975 shares of class A common
stock and 500,000 shares of class B common stock of no
par value of the
corporation to be exchanged, share for share, for the shares of the respec¬
tive classes of stock of the consolidated
company.—V.
147, p. 1509.
Weeden & Co.—Earnings—
Earnings for the 9 Months Ended Sept. 30, 1938
Sales
Gross income
—
Expenses and taxes
$75,561,313
291,049
265,259
Net income
Earned per share.
$25,790
$1.03
Balance Sheet
Assets—
Sept. 30,'38 Dec. 31,'37
Cash
$377,912
1,065,665
9,157
600
cust'ers
(secured)
Dep.
25,584
9,550
int. receiv——
from
Due
$315,709
1,854,804
17,568
3,679
Inventory
Acer.
on
bd. purch.
Furn. fixtures and
autos
Prepaid
expenses.
Liabilities—,
(secured)
b$576,000 $1,184,000
L'ns pay. (unsee'd)
50,000
214,746
Due cust. (secured)
2,065
1,619
Accr.exps.A bonds
18,209
9,196
Total
$1,491,579 $2,241,6711
Represented by 25,000 no
expenses only.—V. 147,
crued
par
p.
c3,920
13,157
17,062
700,000
700,000
146,435
120,285
Prov. for Fed. tax.
Acer,
13,807
11,807
Sept. 30,'38 Dec. 31/37
Notes & drafts pay
social
2,361
secur.
taxes
a
1,598
Common stock..
Surplus..
a
Total
shares,
436.
...$1,491,579 $2,241,671
b Notes payable only.,
c
Ac¬
Wentworth Mfg. Co.—10-Cent Dividend—
The
directors have
common
was
paid
City Union Depot
&
Standard Realty & Development Co.,
$3,975,456 of Sacramento Northern
RR. 5% 20-year gold
bonds, and $4,524,744 of notes receivable from the
Sacramento Northern Ry.
Investments in affiliated companies pledged
under the debtor's general and
refunding mortgage total $3,169,061 and
consist of $1,223,848 of
capital stock of the Tidewater Southern Ry.,
$128,651 of common stock, $264,715 of preferred
stock, and $270,375 of
first mortgage 5% gold bonds of the Central
California Traction Co.,
$465,600 of capital stock of the Alameda Belt Line, $1,318 of
capital stock
of other
companies, and $804,551 of notes receivable from the Tidewater
Southern
Ry., Standard Realty &
Development Co., and Deep Creek
RR.
Investments in affiliated companies unpledged amount to
$5,019,210,
of which $4,175,356
represents advances to the Sacramento Northern Ry.,
$798,422 advances to other affiliated companies, $5,500
represents capital
stock of the Alameda Belt
Line, and $39,931 due from the Railroad Credit
Corporation.
Other investments amount to $78,178 and consist
princi¬
pally of $74,472 of advances to the Railway Equipment &
Realty Co., Ltd.
Liabilities are capital stock, $75,800,000,
consisting of $47,500,000 of
common
and $28,300,000 of preferred stock.
Government grants are
shown at $169,281, and total
long-term debt is shown as $68,926,004.
Included in the latter item is
$50,147,365 of funded debt unmatured, con¬
sisting of $49,290,100 of first mortgage 5% gold bonds, $637,000 of
equip¬
ment trust certificates, and
$220,265 due under the Baldwin Locomotive
Works lease.
The long-term debt includes also
$11,108,851 of receivers'
and trustees' certificates and
companies.
$7,669,787 of non-negotiable debt to affiliated
Of this last item, $7,609,370 is due the Western Pacific RR.
Corp.
Earnings Available for Charges
The reported consolidated net income of the debtor's
system available
for payment of interest on funded debt for the
years 1926-35, inclusive, was
$4,759,282 in 1926, $2,674,494 in 1927, $2,964,371 in 1928,
$2,529,846 in
1929, $1,552,487 in 1930, $186,708 deficit in 1931, $252,706 in
1932,
$674,007 in 1933, $1,084,244 in 1934, and $805,589 in 1935.
Operating
ratio percentages for the same
years were, respectively, 70.3, 79.2, 80.3,
83.2, 84, 91, 85.8, 83, 81.1 and 83.7.
It would appear from the record,
however, that before the foregoing
amounts may be considered indicative of future
earnings, certain factors
should be taken into consideration.
It was testified, for example, that a
substantial amount of deferred maintenance had been permitted to accrue
on the debtor's
property by 1927.
Beginning in that year and continuing
sums were expended yearly in an effort to overcome
existing deferred maintenance.
This program of rehabilitation was dis¬
continued in 1931 by reason of drastically
declining revenues, and it was
»testified that approximately $5,000,000 of deferred maintenance
existed in
into 1931, considerable
Tbe Department of Stock List of the New York Stock
Exchange has
received notice from this corporation of a
proposed merger and consolida¬
tion of the corporation into and with its
common
standard-
RR., $99,500 of capital stock of the Sacramento Northern
Ry., $450,000
of capital stock of the
Deep Creek RR., $175,220 of capital stock of the
-
Vick Chemical
a
Present Financial Structure
The trustees' balance sheet as of June
30, 1938, shows total assets of
Investments included therein total
$165,785,844, including
road and equipment
$143,447,448, sinking fund and deposits $207,387,
apd miscellaneous physical property $4,650,137.
Investments in affiliated
companies pledged under the debtor's first
mortgage amount to $10,224,422,
and consist of $99,500 of
capital stock of the Salt Lake
by Irving
5%
Ry, which operates
$173,650,980.
Company has paid off $1,000,000
syndicate
Southern
RR.; 33 1-3% of the capital stock of the Central California
Traction Co.,
operating an electrically operated freight railroad
extending from Stockton
to
Sacramento, Calif., with a road mileage of 53.78 miles, and 50% of the
capital stock of the Alameda Belt
Line, operating 15.86 miles of terminal
switching line in the City of Alameda on San Francisco Bay.
None of the above
subsidiary Or affiliated companies has filed a petition
under Section 77 of the
Bankruptcy Act, as amended.
Universal Pictures Co., Inc.—Loans—
32,500,000
Tidewater
■
2.22%,
Called—
bonds'have beencalled
the
The debtor owns all the
outstanding capital stock of the Deep Creek
BR.
which owns and operates a
standard-gauge, steam railroad extending
from Wendover to Gold
Hill, Nev., a distance of 44.6 miles.
In addition
it owns 50% of the
capital stock of the Salt Lake City Union Depot &
^United States Trucking Corp.—Bonds
All of the
outstanding 1st mtge. sinking fund
redemption on Oct. 26.—Y. 147, p. 1940.
Sacramento Valley cities, principally
freight line 61.38 miles in length, connecting Stockton with
Manteca, Escalon, Modesto and Turlock in the San
Joaquin Valley of
California.
Sept. 30, 1938, were 1,255,198 shares, or
34.84%, as against 1,265,879
shares, or 35.14%, on June 30, 1938.
Foreign holdings of Steel common on Sept. 30,1938, amounted to 841,708
shares, or 9.76% of the issue, as compared with 842,862
shares, or 9.68%,
so held on
June 30, 1938.
Of the preferred stock 79,554 shares, or 2.21%,
on
controls
gauge, steam
9.22%, on Sept. 30, 1938, compared with 329,506 shares, or 9.15%, on
June 30, 1938.
New York State investors'
holdings of common stock on Sept. 30, 1938,
yere 1,284,184 shares, or 14.75%, as compared with 1,331,757 shares,or
15.30%, on June 30, 1938.
On the preferred stock investors' holdings on
held
Alazon,
Pittsburgh, Vacaville, Sacramento, Woodland, Marys
viUe, Colusa, and
Oroville, all in California.
By ownership of more than
99% of the outstanding capital stock, the
or
were owned abroad on
track, of which 182.91 miles between Weso and
by the Southern Pacific.
owns all the outstanding capital stock of the Sacramento
electrically operated standard-gauge, freight and passenger
consisting of 276.2 miles of road serving and connecting San
Francisco and Oakland with various
89.30%, of the outstanding
compared with 3,227,542 shares, or 89.58%, held
or
by them on June 30, 1938.
New York State brokers*
holdings of common stock as of Sept. 30, 1938,
were 1,647,156
shares, or 18.93%, as against 1,576,150 shares, or 18.11%,
on
30' 1938. On the preferred stock their holdings were 332,230 shares,
so
are owned
?■!? debfcor
Northern Ry., an
increase of 10,266 shares over the
June 30, 1938.
Investors' holdings
shares,
or
operates a total of 1,207.51 miles of
standard-gauge,
The main lines extend 924.17 miles eastward from
Oakland,
and northward 111.81 miles from Keddie
Lake City, Utah,
er> Dalif., with operating rights over the Great Northern Railway,
imles, from Bieber to Hambone, Calif.
The debtor also operates
ferry service from Oakland to San Francisco, and 185.3 miles
oo
outstanding on Sept. 30, 1938, 2,058,238 shares, or
brokers' names, representing an increase of 96,743 shares
1,961,495 shares, or 22.54%, held by brokers on June 30, 1938.
Investors common
tockholdings on Sept. 30, 1938, were 6,645,014 shares,
or
76.35%, as compared with 6,741,757 shares, or 77.46%, on June 30,1938.
Of the preferred stock
outstanding 385,535 shares, or 10.70%, were in
over
owns
railroad.
P J., \_to
Of the common stock
23.65%,
2551
present stockholders and unsecured creditors from
participa
tion in the
reorganized company, was approved Oct. 10 by
declared a dividend of 10 cents per share on the
stock, payable Oct. 28 to holders of record Oct. 22.
A like amount
on Sept. 10, last this latter being the first dividend
paid on these
shares since
Sept. 1, 1937, when 10 cents was also distributed.
A dividend
of 15 cents was paid on June 1, 1937.
See also V. 145, p. 1278, for record
of previous dividend payments.—V. 147,
p. 1509.
Western
Maryland Ry.—Earnings—
—
Gross earnings (est.)—.
—V. 147, p. 2407.
Western
Pacific
Week End. Oct. 14
1938
1937
$310,682
Jan. 1 to Oct. 14
1938
1937
$339,154 $10,359,438 $14,283,580
RR.—Reorganization
Plan
Passed by
Wiped Out—A
reorganization plan for the road which reduces the capitaliza¬
ICC—Stockholders
and
Unsecured
Creditors
tion from around $144,700,000 to $93,726,517 and bars the
the debtor's
property at the end of 1935.
Although the witnesses were
unable to allocate any specific amount for undermaintehance to
particular
it is reasonably certain that maintenance was deficient during the
years,
1930 to 1935, inclusive.
Total system maintenance expenditures for
1922 to 1935, inclusive, were $73,673,799, and total system
revenues were $219,808,043.
By dividing total maintenance
expenditures, plus the $5,000,000 of deferred maintenance, by total oper¬
ating revenues, a ratio of 35.79% results which may, for the purposes of
this proceeding, be considered as normal for the
period.
If this ratio is
applied to the operating revenues for the years 1931 to 1935, inclusive, and
the resulting amounts are substituted for the amounts
reported for mainte¬
nance expenditures in those years, the deficit in income
reported available
for interest for 1931 would be increased
$263,231, and the amounts reported
for 1932 would be decreased $692,282, for 1933,
$408,488; for 1934, $843,627;
and for 1935, $585,633.
If such adjustments are made, however, the
results should be further adjusted by adding $122,735 for
1931, $161,286
for 1934, and $436,036 for 1935, since those amounts were
reported ex¬
pended in those years for rehab.litation and improvements.
To be indicative of probable future earnings, further adjustments should
also be made.
The amounts reported as income available for interest
reflect amortization of discount on funded debt of $139,698 in 1931,
$144,911
in 1932, $146*878 in 1933, $144,063 in 1934, and
$143,433 in 1935.
Since
the reorganized company's income would not be affected
by sucn items,
those amounts should be credited to the income reported in those
years.
The income reported for 1934 and 1935 should also be adjusted for the
$97,683 accrued by the debtor for railroad retirement in 1934 and credited
in 1935.
The report of our Bureau of Accounts also Bhows that deductions
of $279,946 in 1931 $98,696 in 1932, and $333,408 in
1933, and a credit
of $17,057 in 1934, should be made for improper accounting.
If the foregoing adjustments were made, the consolidated
system income
available for interest for the years 1931 to 1935, inclusive, would be
$467,000
deficit in 1931, $393,000 for deficit in 1932, $80,000 in 1933, $661,000 in
1934, and $702,000 in 1935, or an average of $116,600 per annum for the
period.
It is true that such amounts would not reflect probable increased
earnings from the debtor's Northern California extension, calculated by the
debtor at $500,000 per annum if operations over the line had become
seasoned.
On the other
hand, they do not reflect present social security
and railroad retirement taxes on a retroactive basis, nor increases in
wages
or prices since the hearing.
For the year ended Dec. 31, 1936, the debtor reported total
system
operating revenue of $16,547,344 and total system operating expenses of
$14,449,275, of which $1,585,530 was attributed to the current rehabilitation
program.
If the latter expenses, as well as $135,401 for amortization of
discount on funded debt, be eliminated, the income available for interest
would be $1,902,033. as compared to the $181,102 actually reported.
For
the year ended Dec. 31, 1937, the debtor reported total system
operating
revenue of $17,918,485, and total system operating expenses of
$16,987,490.
of which $1,837,495 was attributed to the current rehabilitation program.
Eliminating the latter and the item of $135,401 reported for amortization
of discount on funded debt, the income available for interest for the
period
would be $1,069,785 instead of the reported deficit of $903,112.
In statements filed in this proceeding the debtor estimated that total
operating revenues of its system for the years 1936-40, inclusive, would be
$15,050,200. $16,761,200, $18,325,200, $20,288,200 and $21,632,000, re¬
spectively.
Excluding operating charges incident to its current rehabilita¬
tion program, it estimated that consolidated income available for interest
would be $1,521,386 in 1936, $2,180,586 in 1937, $2,738,886 in 1938.
$3,365,836 in 1939, and $3,769,836 in 1940, or an average of $2,715,306
years
the years
operating
bondholders. Reconstruction Finance
Corporation, Railroad Credit Corporation and A. C. James Co.
(h) Available net income shall be determined for the six-month period
ending Dec. 31, 1938, and thereafter for each calendar year ending Dec. 31.
(i) Available net income for each income period shall be applied to the
following purposes and in the following order:
.
(1) To the creation, if and when $20,000,000 of first mortgage bonds
hereinbefore approved shall have been issued, of a cumulative sinking fund,
in an amount up to, but not exceeding, in respect to any calendar year,
one-half of 1% of the total principal amount of such bonds issued by the
reorganized company.
Such sinking fund shall be applied to the purchase
of first mortgage bonds at not exceeding their redemption price, and when¬
ever tne amount in the sinking fund exceeds $50,000 and first mortgage
bonds are not tendered or can not otherwise be purchased at less than
their redemption price, the fund then in the sinking fund shall be applied
to the redemption of the income mortgage bonds on the next succeeding
interest payment date.
Bonds purchased or redeemed out of the sinking
distribution to the first-mortgage
for
Operating ratios
for the period.
estimated for the same years were, re¬
75.6, and expenditures incident
estimated at $1,747,384 in 1936.
$1,280,074 in 1938.
f
,
These estimates were based on assumed revenues, previously analyzed,
and assumed operating ratios, which are influenced greatly by operating
revenues.
It is significant that the estimates were based, among other
things, upon the assumption that there would be increases in rates but that
there would be no increases in operating costs, either through prices of mate¬
spectively. 79.28. 76.01,
to its current
73.56. 72.28. and
rehabilitation program were
$2,021,312 in 1937, and
rial
or
wages.
The estimates also
creation and maintenance
ignored necessary deductions for
of the various funds
the
proposed under the debtor's
motor carriers
be
carriers and,
the debtor.
regard¬
debtor's
traffic,
the
service
high
It is reasonably certain that some traffic diverted to
In recent years will not be regained.
Strenuous competition must
expected not only from those carriers, but from water
espe¬
cially, from other strong railroads serving the same territory as
This latter competition compels the movement of trains on schedule
less of the load.
Long stretches of the territory through which the
road extends are sparsely populated and productive of little or no
The debtor's volume of traffic is subject to wide fluctuations, and
topography of the country entails expensive helper
over
plan.
(2)
for interest exceeded the
the amount reported for
adjusted amount reported
estimate for 1937. The
despite the large increase
in operating revenues in the 1937 period over the 1936 period.
The de¬
creased income is undoubtedly accounted for by reason of increased costs.
We have heretofore stated that the debtor's forecast of future earnings
based on assumed increases in rates but no increases in costs.
The
results for 1937 clearly demonstrate the fallacy of the latter assumption.
The results of operation reported for the first six months of 1938 cast
further doubt upon the accuracy or trustworthiness of the debtor's
esti¬
mate of future earnings,.
For those months there was a deficit of $1,120,403,
in available income, after adjustment similar to chat made in 1936 and 1937,
in the system's consolidated income available for interest.
It is true
that ordinarily the debtor's earnings are much greater in the last six months
than the first six months of the calendar year.
However, the results for
the 12 months, July, 1937, to June, 1938, show a deficit of $264,000 in the
system's consolidated income available for interest.
A consideration of
these recent data (reported subsequent to the preparation of the debtor's
estimate), together with other data of record, convinces us that too great
reliance may not be placed upon the debtor's estimate of future earnings,
and that the capital structure of the reorganized company must be con¬
Although the 1936 adjusted Income available
estimate, it is significant to note that
out of
continquent interest-bearing bonds.
Any then available net income shall be applied to the
interest on the outstanding income mortgage 4% bonds
accruing during the income period ending on the next preceding Dec. 31,
and, to the extent unpaid, any accumulations thereof.
(4) Any then remaining available net income shall be applied to
creation of a cumulative sinking fund, in any amount up to, but not ex¬
ceeding, in respect to any calendar year, one-half of 1 % of the total
amount of income mortgage bonds issued in the reorganization.
Such sink¬
or
payment of
(3)
contingent
the
the
principal
bonds at not
sinking
ing fund shall be applied to the purchase of income-mortgage
exceeding their redemption price, and whenever the amount in the
fund exceeds $50,000 and income mortgage bonds are not tendered
or can
their redemption price, the funds
be applied to the redemption of the income
mortgage bonds on the next succeeding interest payment date.
Bonds
purchased or redeemed out of the sinking fund shall not thereafter be
otherwise be purchased at less than
not
then in the sinking fund shall
issued.
.
the extent that, such dividends
of Reorganization as
shall be applied if, and to
board of directors
shall be declared by the
of dividends at the rate of
5% per annum upon the preferred stock in respect to the income period
ending on the next preceding Dec. 31.
,
*
(6) Any then remaining available net income may be applied to any
proper corporate purpose of the reorganized company, including dividends
of the
'
corporation organized for the purpose.
(c) The capitalization of the reorganized company,
the consummation of the plan, shall be substantially as follows:
turbed equipment trusts, Baldwin lease and Pullman contract
first mortgage 4% bonds $10,000,000 or a short-term note for
income mortgage 4% bonds $19,716,040; 5% preferred stock
common stock without par value 313,703 shares.
(d) The first mortgage bonds shall be secured by a mortgage
a first lien upon all property, real and personal, and equipment at any
acquired by the reorganized company, subject, however, to the
equipment obligations issued and outstanding on equipment
reorganized company in the reorganization.
The total
bonus thereunder shall be limited to $50,000,000, of which $10,000,000
be sold on tern s to be approved by this Commission, to provide the new
money required in the reorganization, or shall, with such
of such bonds as may be necessary, be pledged under a $10,000,000 shortterm note; and the remainder shall be reserved to be issued, with our ap¬
proval, to provide for, or to reimburse the reorganized company
ex¬
penditures for additions, betterments, improvements, or
after the effective date of the reorganization, in a principal amount not
exceeding 75% of the actual cost of such additions, betterments, improve¬
Any then remaining available net income
(5)
Proposed by ICC
(a) The effective date of said plan shall be July 1, 1938.
(b) The term "reorganized company," as used herein, means the corpo¬
ration in which will be vested the assets of the debtor pursuant to the
plan.
It may be the existing company with a modified charter, or a new
immediately after
Undis¬
$3,066,117;
$10,000,000;
$29,574,060;
reorganized company, to the payment
the common stock.
on
Treatment of
Existing Securities
The existing securities of the debtor
(j)
as
and its trustees shall be
treated
follows:
Outstanding existing equipment trusts, Baldwin lease, and Pullman
contract of the debtor and its trustees shall remain undisturbed and shall
be assumed by the reorganized company.
(2) Holders of existing first mortgage bonds (with March 1, 1934, and
subsequent coupons) snail receive for each $1,000, principal amount, of
such bonds and accrued and unpaid interest thereon approximately (a) $400
of new income mortgage 4% bonds, (b) $600 of new 5% preferred 6tock,
(c) 3.13 shares of new common stock, and (d) subject to the terms and
conditions hereinafter provided, the contingent right to subscribe for new
first mortgage bonds to be issued to provide new money.
(3) Notes to the RFC, RCC and A. C. James Co., together with interest
accrued thereon to July 1, 1938, shall be dealt with as follows: The RFC
shall receive for the principal amount of its note and accrued unpaid in¬
terest approximately 90,255M shares of new no-par-value common stock
and the right to subscribe for new first mortgage bonds to be issued to
(1)
constituting
time
lien of any
acquired by the
authorized issue of
shall
>
additional amount
for,
extensions made
date of
the rate
ments, or extensions.
The bonds shall be dated as of the effective
reorganization and shall mature in 50 years; shall bear interest at
of 4% per annum payable semi-annually; provided, however, that interest
accruing for a period not exceeding five years from the effective date of
reorganization, or any portion thereof, on such bonds shall
and payment thereof shall be made only st such time as earnings are avail¬
able therefor; and provided further, that interest on such bonds accruing
subsequent to a period not exceeding five years from the effective date of
reorganization shall be a fixed charge.
The bonds shall be redeemable, in
whole or in part, on any interest payment date upon 30 days' notice, at
not to exceed 105 and accrued interest.
Bonds in excess of the $10,000,000
to be sold, or in excess of such additional amount as may be necessary for
pledge, to provide the new money required in the reorganization, shall not
be issued on the basis of additional property of any kind or additions and
betterments, unless the income of the reorganized company available for
fixed charges in a period of 12 consecutive calendar months within the
18 calendar months immediately preceding the date of authentication and
delivery of the bonds equals or exceeds 1.5 times the fixed charges, in¬
cluding interest on the bonds then applied for.
Whenever $20,000,000 of
such bonds shall have been issued, a one-half of 1% sinking fund, payable
out of available net income remaining after the payment of all fixed charges,
shall be created for the redemption of such bonds.
1,1
(e) The income mortgage bonds shall be secured by a mortgage consti¬
tuting a lien, subject only to the lien of the first mortgage, upon all prop¬
erty from time to time subject to the lien of the first mortgage.
The total
authorized Issue of bonds thereunder shall be limited to $19,716,040.
The
bonds shall be dated as of the effective date of the reorganization and shall
mature in 75 years, shall bear interest at the rate of 4%, payable annually,
and only out of available net income of the reorganized company, and
such interest shall be cumulative, whether earned or not, up to a maximum
of 12% at any time; provided, however, that no interest shall be cumulative
If and as long as any deficit exists in the payment of interest on the first
mortgage bonds herein approved.
The bonds shall be redeemable on any
interest payment date at their principal amount, plus any interest payable
thereon upon such interest payment date.
They shall be entitled to the
benefit of a one-half of 1 % sinking fund, payable out of available net income
remaining after the payment of all prior charges herein and hereafter
approved.
(f) The preferred stock shall be authorized in the total amount of 500,000
shares of the par value of $100 per share, of which 295,740 3-5 shares shall
be issued forthwith for distribution to the present first-mortgage bond¬
holders, and shall be entitled to receive dividends at the rate of 5% per
annum in respect to each calendar year before any dividends shall be paid,
or declared, upon the common stock.
Such dividends shall be cumulative
to the extent earned in respect to any income period, but not paid; but
such dividends shall otherwise be non-cumulative.
In event of liquidation
the preferred stock shall be entitled to receive out of the assets of the re¬
organized company its par value plus accumulated unpaid dividends before
any distribution is made to any common stock, but shall not be entitled to
any further participation in such assets.
The preferred stock shall be
redeemable, in whole or in part, at any time at its par value plus accrued
and unpaid cumulative dividends.
The reorganized company shall not', without the vote or consent of the
holders of at least two-thirds in par value of outstanding preferred stock
accumulate
(1) create or permit to be created any mortgage or other lien upon any of its
properties, excepting the new first mortgage and new income mortgage or
purchase money liens (including equipment obligations) upon property
hereafter acquired, given for not more than 75% of the purchase price of
such property; (2) create or issue any bonds, notes, or other evidence of
indebtedness maturing more than two years from their date, except pur¬
chase money obligations, given for not more than 75% of the purchase
price of property hereafter acquired; (3) create any stock, other than that
authorized herein, ranking, either as to assets or dividends, in priority to
or on a parity with, the preferred stock; or (4) permit any subsidiary, sub¬
stantially all of whose stock shall be owned by tne reorganized company, to
create any
mortgage or other lien upon any of the properties of the sub¬
sidiaries or issue any such bonds, notes, or other Evidences of indebtedness
liens or obligations as aforesaid), or issue any
unless the obligations or such stock shall first
acquisition by tne reorganized company.
Each share of
(except purchase money
additional stock of any class,
preferred stock shall have equal voting rights and privileges with any
common stock issued by the reorganized company.
(g) The common stock shall be authorized in a total amount of 500,000
shares, without par value, of which 313,703 shares shall be issued forthwith
$1,000,000 at any one time; and (b) capital expenditures reimbursed
the capital fund shall not be capitalized through the issue of additional
exceed
fixed
was
offered for
provide for,
capital in¬
into the
together
with unappropriated accumulations in the fund as of the close of the calendar
year prior to that for which the payment is to be computed, less charges for
additions and betterments during the later year, to bring the total in the
fund to $1,000,000; provided, however, that (a) the capital fund shall not
1937, when adjusted, was $832,248 less than the
for 1936, and $1,110,801 less than the debtor's
decrease in income available for interest occurred
be
be applied to, or to
reimburse the treasury of the reorganized company for
vestments (as defined by the Commission).
Annual payments
fund shall be $500,000, or such lesser sum as may be required,
to
or
debtor's
Digest of Plan
be reissued.
To the creation of a capital fund to
fund shall not thereafter
summits.
servative.
Oct. 22. 1938
Chrojiicle
Financial
2552
of
provide new money; the RCC shall receive for the principal amount
its
note and accrtied unpaid interest, approximately 33,646M shares of new
no-par-vialue common stock and the right to subscribe for new first mort¬
gage bonds to be issued to provide new money, and the A. C. James Co.
shall receive for the principal amount of its note and accrued unpaid in¬
terest approximately 35,560 shares of new no-par-value common stock and
the right to subscribe for new first mortgage bonds to be issued to provide
new money.
(4)
The unsecured claims of the Western Pacific
Realty Co. are found to be without value,
RR. Corp. and the
and no securities or
these claims.
(5) The capital stock of the debtor is found to be without equity or value,
and the stockholders shall not be entitled to participate in the plan.
(6) Current liabilities of the debtor incurred in the ordinary conduct of
Western
cash shall be distributed
under the plan in respect to
prior to the institution of this proceeding;
obligations of the debtor and its trustees incurred
business
its
and
current liabilities
during this pro¬
ceeding, and all other claims, liabilities or obligations which have not here¬
inbefore been dealt with, are not to be affected by the plan, but to the
extent that such claims, liabilities, or obligations are not paid by the
debtor
or
its trustees pursuant to
the order of the court, they
shall be
paid in cash or assumed by the reorganized company.
(k). There will be issued to or on the orders of the RFC, RCC and A.
James Co., subscription warrants, in proportion to the general mortgage
bonds held by them, entitling the holders thereof to purchase at par, plus
accrued interest, the $10,000,000 of new first mortgage bonds to provide
the new money in the reorganization.
The warrants shall provide that
they must be exercised within, but not later than, 45 days after the con¬
firmation of the plan by the court.
If any of these parties shall fail to
subscribe for its full proportion, the other or others of such parties shall be
entitled to subscribe for the unsubscribed balance in the proportion which
C.
general mortgage bonds held by them respectively bear to the total
general mortgage bonds held by the parties so electing to subscribe
full proportion.
Should these parties fail to provide the new
money in accordance with the above terms, holders of the debtor's firstmortgage bonds shall be entitled within 60 days of confirmation of the
plan to provide the same upon the same terms and conditions as those
provided for the aforesaid parties, and appropriate subscription warrants
will be issued to them.
The holders of the warrants will be required to
the
amount of
their
for
to the expiration of the warrants, in each
which they will exercise their subscription rights)
In the event that none of the aforesaid creditors or
elect prior
case,
the extent to
the RFC subscribes
a loan of $10,000,000 shall be ontained from the RFC,
pledge of such new first mortgage bonds as Division 4
and the RFC may require in proceedings under Section 5
of the Reconstruction Finance Corporation Act.
The purchase of any of
the bonds by the RFC, or any loan by that Corporation upon such bonds
as collateral
will be subject to our approval under the provisions of the
Reconstruction Finance Corporation Act.
(1) A committee will be formed, after approval of the plan by this Com¬
mission and the court, with such power as may be necessary to carry out
the plan, and to.determine, subject to the approval of the court, the form
and provisions of the indentures, bonds, stock certificates and other in¬
struments in connection with the carrying out of the plan.
The com¬
mittee shall consist of three members, one to be named by the first mort¬
gage bondholders, one by the RFC, RCC and A. O. James Co., as a group,
and the remaining member by the purchasers of the new first mortgage
bonds to be issued to provide the new money in the reorganization, or if
no commitment be received for the purchase of such bonds, by the party
or
parties advancing the new money necessary to retire the trustees'
for
the
bonds,
of
secured by the
this Commission
certificates.
Commissioner Eastman
Concurring in Part
B. Eastman, Clyde B. Aitchison and Carroll
Miller did not concur with the majority regarding provision of a capital
fund for the reorganized company.
Commissioner Eastman further dis¬
sented on a provision in the plan that additional first mortgage bonds
"shall not be issued on the basis of additional property of any kind or
additions and betterments, unless the income of the reorganized company
available for fixed charges in a period of 12 consecutive months within the
Commissioners
Joseph
authentication and
charges, in¬
18 calendar months immediately preceding the date of
delivery of the bonds equals or exceeds 1.5 times the fixed
cluding interest on the bonds then applied for."
Commissioner Eastman said this latter provision probably
a
wise general rule to
follow, but he saw no reason
represented
to "tie our own
bands"
Volume
by such
147
Financial
Chronicle
inflexible rule when "we have entire
control of the matter under
Section 20A of the Interstate
Commerce Act."
Partial Dissent by Commissioner
Miller
Commissioner Miller said in his partial
dissent that it would be to the
best interest of the
security holders to defer reorganization "in view of
the possibility of
legislation at the next session of
Congress to compel
consolidation of railroads into a few
gage
Only $54,500,000 of the bonds are to be under¬
The company has
agreed to sell privately $500,000 of the
bonds
J:• ,e employee's pension fund. Underwriters include:
Dillon, Read & Co., $8,600,000; First Boston
Corp., $3,750,000; SecuriCo. of
Milwaukee, Inc., and Spencer Trask &
Co., $2,500,000 each;
«iyth & Co., Inc., Brown
Harriman & Co., Inc., and Mellon Securities
Corp
$1,750,000 each; Smith, Barney &
Co., $1,500,000; Bonbright &
Co., Inc., Coffin, Burr,
Inc., Goldman, Sachs & Co.. Harris Hall &
Co.,
Inc., Shields & Co., Stone &
Webster and Blodget, Inc., and Union SecuriH,250,000 eac6; Halsey Stuart & Co., Inc., and Kidder, Peabody & Co., $1,000,000 each.
conditions."—V. 147, p. 2106.
Westinghouse
Wage Bonus—
Electric
&
Mfg.
Co.—Omits
^
^angley & Co., Lazard Freres & Co., Lee Higginson Corp., Otis &
&
Rollins & Sons, Inc., and
Tucker, Anthony & Co.,
$750,000 each; Ricker &
Co., Milwaukee Co., F. S.
Moseley & Co. and
White, Weld & Co., $600,000
each; J. E. Baker & Co., A. G. Becker &
Co., Inc., and Glore,
Forgan & Co., $500,000 each.
Bancaxnerica-Blair Corp., Central Republic
Co., Hemphill, Noyes &
Hmion & Co., Jackson &
Curtis, Paine, Webber Co., L. F.
Rothschild & Co.,
Schroder, Rockefeller & Co., Inc.,
Whiting, Weeks &
Knowles, Inc., and Dean, Witter &
Co., $400,000 each.
Monthly
A
continued decline in profits has
caused this company to
forego the
monthly profit-sharing bonus paid to 40,000-odd
workers continuously since
May, 1936.
r£be comPany began its profit-sharing plan in May, 1936 with a bonus of
10% for that month.
The rate of bonus increased
steadily to a high of
16% in August, 1937, and then
began a long descent.
By August and
September of this year the bonus had fallen
to 1 %.
Company is estimated to have earned less than
$1,750,000 in the third
Quarter this year, compared with
$2,469,372 in the second quarter and with
$2,031,230 in the first'quarter.
The profit-sharing plan is based
on the
company's profits.
Each $60,000
monthly average net income the company earns
above $600,000 results in a
1% bonus for all workers.
~
_
But profits have shown successive
declines through the summer months.
August profits were believed to be below those of
July and September saw a
further paring of the
company's profits necessitating the suspension of bonus
payments.—V. 147, p. 2258.
Wheeling & Lake
Erie
Ry.—Preferred Dividend—
Directors have declared a dividend of
S1.37H per share on the 5H%
cumulative convertible preferred
stock, payable Nov. 1 to holders of record
Oct. 28. The last previous
payment was the regular
quarterly $1.37Vi divi¬
dend paid on May 1,
last, the Aug. 1, 1938, dividend
having been omitted.
147, p. 2106.
—V.
White Motor Co.—New Low-Priced
Truck—
Company has announced for 1939 a new low-priced truck
and
White Rock Mineral
presently outstanding and not held in the
voting
trust, and 2,500 shares of common stock
upon official notice of issuance
upon conversion of the 500 shares of 2nd
preferred stock, making the total
amount applied for 250,000 shares.
Statement for the 6 Months Ended
Gross sales, less discounts, returns and
allowances
Cost of goods sold
June 30,
1938
;
__
...
$148,974
35,772
.
(
Net income before Federal income
taxes.
Provision for Federal normal income taxes
Gross surplus
Dividends paid in cash
...._.
$155,653
1,767,818
3,314
$1,926,785
106,091
....
The directors have
declared a dividend of $2 per share on account of
accumulations on the 8% cum. class A
stock, par $50, payable Oct. 28 to
holders of record Oct. 26.
A $1 dividend was paid on Feb.
1, last, Oct. 25,
Sept. 1, June 15, March 1 and Jan.
1,1937 and on Nov. 1 and July 1, 1936,
this latter
being the first payment made since April 1, 1930, when a
regular
monthly dividend of 33 1-3 cents per share was
distributed.—V. 146,
p. 933.
Youngstown
Steel
Door
Co.-
Sheet—
June 30 '38
Dec. 31 *37
$1,720,341
$1,490,639
268,485
720,319
550,774
730,349
Cash
Accts.rec-..
Inventories.
^
Land
a
BIdgs., mach.
)
&
Liabilities—
&\
June 30 '38
3,834
5,039
Accrued taxes
Other accr. Uabll..
330,339
641,263
Common stock..
1,858,033
2,293,884
c
1,155,449
761,270
Dec. 31 '37
$34,464
Earned surplus...
pat.
$30,975
18,221
1,858,633
2,453,306
799,079
l
1
14,708
Deferred charges..
c
Balance
Accts. pay.—trade
Accrued payroll,.
87,925
equip, dies, &c.J 1,205,575
b Patents
•Consolidated
'
23,675
Total.........$4,521,154 $5,007,438
Total...
$4,521,154 $5,007,438
a After
reserve
for depreciation,
b After reserve for amortization,
Represented by 665,920 no par shares.—V. 147,
p. 1056.
Yukon Pacific
Mining Co.—New Officials—
See Pacific Tin Corp., above.—V.
147, p. 910.
Zonite Products
Corp.—Acquisition—
Drl-Brite, Inc. of St. Louis, Mo., on Sept. 26.
be operated as a subsidiary of the Zonite
H. R. Hitchcock, formerly general manager of the A. S.
been elected Vice-President and General
Manager of the
Drl-Brite company.
R. R. Wason, President of Zonite Products Corp.
will act also as President of the
newly acquired company.—V. 147, p. 1056.
The
Dri'-Brite
company will
Products Corp.
Boyle Co., has
Dominion
Earned surplus, at June 30,1938
Voting Trust
589.
p.
Corporation purchased
...
*
...
2258.
Yellow & Checker Cab Co
.—Accumulated Dividend—
29,093
i
Earned surplus at
beginning of year
Additions to surplus.....!
p.
James, Ltd.—Accumulated Div.—
The
$184,746
Net income for six months
&
directors have declared a dividend of
$1.75 per share on account of
accumulations on the 7% cumulative first
preferred stock, par $100, pay¬
able Nov. 1 to holders
or record Oct. 19.
Like amounts were paid in each
of the six
Goodwill
$629,813
211,665
8,187
24,362
236,626
*
each.
147,
Wood, Alexander
applications....
Income
Net income from operations
Other income
Wells-Dickey Co., $150,000
Bosworth, Chanute, Loughridge & Co.,
Farwell, Chapman & Co., Field,
Richards & Shepard,
Inc., First Cleveland Corp., Kaiser & Co.,
Mitchum,
Tully & Co., Reinholt & Gardiner, I. M. Simon
& Co., Wertheim & Co.
and
Winthrop, Mitchell & Co., $100,000 each.—V.
Assets—
Springs Co.—Listing—
Depreciation
Taxes (other than Federal income
taxes)
Selling, general and administrative expenses
A«
"yr* Bressprich & Co. and Hayden, Stone & Co., $250,000 each; O. A.
Allyn & Co., Inc., Equitable
Securities Corp., Hornblower &
Weeks, LauArthur Perry & Co., Inc., Schwabacher &
Co.,
Staats Co. and Starkweather &
Co., $200,000 each; Bacon,
Whipple & Co., Blair, Bonner & Co., Y. E.
Booker & Co., Francis I. DuPont & Co., First of
Michigan Corp., Hawley, Huller & Co.,
Merrill,
Turben & Co. and
£2™;? M. Marks & Co.,
William R.
preceding quarters.—V. 147,
The New York Stock
Exchange has authorized the listing of 245,934
shares of common stock (no
par) in exchange, upon the termination of the
voting trust for presently
outstanding stock trust certificates, and 1,566
shares of common stock
,
Hayden, Miller & Co. and G. M.-P.
Murphy & Co., $350,000 each;
Alex Brown &
Sons, Morris F. Fox & Co., Graham, Parsons &
Co., G.'H.
Walker and Estabrook &
Co., $300,000 each.
to sell for $950
house-to-house delivery type of truck for
dairies, bakeries and pack¬
age delivery listed at $1,260.
Called the "White
Horse," the new delivery rtuck has an air-cooled
four-cylinder airplane-type engine mounted on rear axle
integrally with
clutch and transmission.
Complete power unit is easily removable and
interchangeable.
Driver stands while
operating this model. '
In heavy-duty
field, 1939 models feature improvements in
manifolding,
carburetion and valve
cooling, which result in more power per pound or
engine weight.
► Factory is again operating a full
five-day week production schedule,
according to announcement.—V. 147, p. 1055.
a
bonds, due 1968.
written.
systems, or even into one system,
which would obviate the
necessity of reorganization of the railroads now
in bankruptcy, and also
taking into consideration the fact that railroads
tannot be reorganized to the
best advantage under
present economic
,
2553
an
$1,820,694
to Terminate—
Engineering Works, Ltd.—Earnings—
[Including Wholly-Owned Subsidiary Companies]
Calendar Years—
Holders of stock trust certificates issued
under the voting trust
agreement
dated Nov. 1, 1918 as extended,
representing first preferred stock, second
preferred stock and
common stock of this
company are being notified that
the above mentioned
voting trust agreement as extended, will terminate
by
expiration of time on Nov. 1, 1938 and that the holders
of all
outstanding
trust certificates are
called upon and required promptly on or after
said
date to surrender the same in
exchange for appropriate stock certificates to
Guaranty Trust Co. of New York, Agent,
Corporate Trust Department
140 Broadway, Manhattan, New York
City.
No transfers of trust certificates will be
made on the books of the
voting
trustees after Oct. 31, 1938 and it is
important to the interests of the holders
of stock trust certificates that
promptly after that date they make such
exchanges and become stockholders in the
1937
Profit
on operations
Executive salaries
Directors'fees
1936
$459,435
Legal fees
"
Raserve for income tax..
1935
1934
$107,849 loss$169,797 loss$128,157
31,440
24,740
10,220
10,100
10,050
32,000
10,000
447
1,353
1,946
32,296
122,485
29,644
121,668
45,094
92,491
$89,944
53,448
10,238
$357,895
68,102
6,239
$275,792
35,000
Expenditure for develop.
and research.
39,528
...
Res. for deprec. & renews
251,896
No.
Application has been
company.
made
by the
to
company
the
New
York
Stock
Thursday, Nov. 3, 1938
on
and that thereafter such stock trust
certificates will not be
p. 1055.
delivery.—V. 147,
Wickwire Spencer Steel
an
acceptable
Co.—Wage Increase—
The company announced on Oct. 20
31 for 2,000 employees at
a 12^% wage increase
effective on
Palmer, Mass., and Trenton, N. J.—V.
Oct.
147, p. 589.
Wings, Ltd. (& Subs.)—Earnings1—
Consolidated Income Account for the Year Ended
May 31, 1938
Gross operating revenue..—
$214,461
x213,547
24,527
6,247
.
.....
Operating and administrative expense
Provision for depreciation
Prov. for overhauling aircraft and
engines (net incerase
.
for year)
$29,861
397
sale of investments.
on
2,185
$27,278
Includes remuneration to executive officers
$18,650 and solicitors' fees
$1,261.
Consolidated Balance Sheet May 31, 1938
x
Assets—
Cash
on
Notes
Liabilities—
hand and in banks
receivable
receivable
$20,367
,.—
—
Insurance claims
(mkt. value $57,866)-.
Accounts
24,997
5,370
26,722
Reserve
35,781
Premium
Investments in shs. & bonds at
cost
reserve transferred
Netloss..
prof$144,925
6,920
Fixed assets
-—xl45,626
Prepaid and deferred items—
7.648
$43,554
$90,632
depreciation of $2,690,341), $2,291,589; investment in subsidiary company,
reserve, $80,000; cash, $304,321; Dominion Government and other
bonds, less reserve, $1,044,870; accounts receivable, less reserve, $687,326;
deposits on tenders, $5,487; work in progress, $373,382; inventories, $565,804; deferred charges, $29,783; total, $5,382,569.
Liabilities—Capital stock (125,000 shares of no par value), $2,900,050;
reserve
for contingencies, $250,000; accounts
payable, accrued charges,
customer's contract credits, and operating reserves
(including $87,027 due
to taxing authorities in Canada), $1,127,927; dividend
payable, $62,500;
earned surplus, $1,042,092; total, $5,382,569.—V.
145, p. 2543.
less
CURRENT
NOTICES
-Louis S. Lebenthal, head of the odd lot municipal bond firm of Leben*
thai & Co. has been reelected for the third successive term as
the men's club of the Ella Fohs
—Turner,
payable
Prepaid passenger
for
$20,621
rev. & frt_.
overhauling
807
air¬
craft and engines
on
Gill &
$273,4311
Electric
14,327
183,024
stock Issued
—Robert P.
Lewis,
the retail sales staff of
of
Philadelphia
as a
Stock
Exchange,
general partner to become
a
Ray H. Koller and S. Clarence Zander have joined
Hartley Rogers & Co., Inc. in the firm's New York
—Kenneth
30.532
Total
$273,431
Power Co.—Lists
3H% first
mort-
Co.
announce
that
N.
Edward
Veron
is
now
formerly counsel for the Securities and Exchange Com-,
mission, has been elected
Leslie
are now
A.
a
director of The United Corporation.
Dittman, Christopher M.
Street and
Kenneth
C.
Demlin
associated with Auchincloss, Parker & Red path.
Smith, formerly with Frazier Jelke & Co. has become
asso¬
ciated with the Bond Department of Whitehouse & Co.
Robert A.
with
Exchange
Thistle
—John J. Burns,
Under¬
for Bond Issue—
B.
associated with them in charge of their Real Estate Securities Department.
1,959
Earned surplus....,
The company has filed an amendment with the Securities
and
Commission naming 77 underwriters for its
$55,000,000
members
that Park B. Turner has retired
22,160
Capital surplus
Electric
Crouter,
Camp.
limited partner.
—Clifton B.
Total...
writers
$26,259
office.
Capital stock (par $1)
Inventories
Wisconsin
90,564
94,596
240,000
Consolidated Balance Sheet Dec. 31, 1937
Assets—Real estate, plant, machinery and
equipment (after reserve for
announce
Net loss for the period
Accounts
Oper.
invests. realized
president of
Net operating loss
Interest received
Profit
on
-
Exchange for the listing thereon of its common stock in lieu of
the stock
trust certificates for common stock now
listed thereon.
It is expected that
the common stock will be admitted to
trading
Total loss
prof$90,563
Rev. from investments..
54,361
Profit
Dunne &
Lelghton, formerly of Lehman Brothers, is
Co. in their Municipal Department.
now
associated
i
—Goodbody & Co., 115 Broadway, New York City, have compiled
list of par values of investment trust securities.
a
Financial
2564
Oct.
Chronicle
The Commercial Markets
22,
and the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
was relatively quiet,
with hedge selling the
opening range was 2 points down to 2 points up.
actions totaled 204 lots or 2,734 tons.
London
ket
COMMERCIAL EPITOME
The
Friday Night, Oct. 21, 1938.
fF Coffee—On the 15th inst. futures closed unchanged to 2
points lower on the Santos contract, while the Rio contract
closed unchanged to 1 point higher.
The only sales were
four lots in the Santos contract.
There was no business
done in the Rio contract in the futures market.
There were
no new factors to influence the trend, and traders preferred
to await developments this week.
Havre closed M to 34
franc higher.
On the 17th inst. futures closed 1 to 6 points
lower in the Santos contract, with sales totaling 41 lots.
The
Rio contract closed 1 to 4 points off, with sales totaling
11 lots.
Activity was confined largely to trade houses and
operators and much of it represented switching.
While the
market in recent trading has been working lower,
futures
There are plenty
of offerings of Brazilian grades and it is the Brazilian market
that local futures reflect.
Late today a broader demand for
Brazilians developed.
Havre closed 334 to Zy francs lower.
Spot prices in Brazil were unchanged.
On the 18th inst.
futures closed 4 to 6 points lower on the Santos contract,
with sales totaling only 40 lots.
The Rio contract closed
unchanged to 1 point lower.
Despite continued firmness
in the actual market, coffee futures eased again today.
Much of the selling was believed to be hedging against actual
purchases, and with outside speculative demand limited,
there was insufficient buying to take up the slack.
Final
prices, however, were somewhat above the lows for the day
as new buying was attracted with the late recovery in stocks.
Brazilian spot prices were unchanged, and Havre prices were
unchanged to 1 franc lower.
On the 19th inst. futures closed
4 to 6 points net higher in the Santos contract, with sales
actuals continue firm,
especially milds.
totaling 39 lots.
The Rio contract was very inactive—only
sale-being recorded in the March contract, that delivery
one
closing 3 points up from the previous final quotation. Trad¬
ing in futures was extremely limited/ and confined almost
entirely to the Santos contract.
The market appeared to
ignore losses of 334 to 3% francs in Havre.
Prices of mild
coffees continued firm, with the market more active.
Manizales brought as high as 1334 cents on the spot, it was said.
Meanwhile 9 to 934 cents was paid for fine grade Brazilian
coffees.
closed 7 to 5 points net higher in
with sales totaling 42 lots.
The Rio
contract closed 6 points higher in the Dec. contract, all other
deliveries being inactive.
Reports of large business trans¬
acted in actual coffee, spot and forward shipment, at higher
On the 20th inst. futures
the Santos contract,
prices caused a moderate upturn in the futures market.
After opening unchanged to 1 point higher, Santos contracts
this afternoon stood 6 to 8 points higher, with May selling
at 6.86c., up 6 points.
Rio contracts were neglected. Cost
and freight offers on Santos 4s still ranged from 7.10c. to
7.40c., with old crop 4s as low as 6.80c. On the other hand
fine drink Santos 2-3s again brought more than 9c.
Colom¬
bian coffees continued firm.
Manizales on the spot were
quoted at 13Mc., the highest price paid for them since Oct.,
1934.
Havre futures were 134 to 334 francs higher.
Today
futures closed 3 to 4 points net higher in the Santos contract,
with sales totaling 69 lots.
The Rio contract closed 5 to 6
points net higher, with sales toaling 16 lots. Reflecting the
activity and firm prices of actual coffee, futures advanced
for the third consecutive session in an enlarged volume of
New outside buying vied with accumulation by
In early afternoon Santos contracts stood 6 to 8
points higher with May at 6.93c., up 7 points, and Sept.
again at the 7-cent level.
Rios were 9 points higher with
Dec. at 4.43c.
Cost and freight offers from Brazil were 10
to 15 points higher in some cases, with Santos 4s at 7.20 to
7.50c.
Mild coffees continued firm.
Offers were snapped
trading.
the trade.
up.
Manizales were quoted at 14c. on the spot with ship¬
34 to 34c. lower. Havre futures were 34 to 34
higher.
ment coffees
franc
Rio coffee prices
December
March
May
Santos coffee
December.
March
May
closed
as
follows:
4.40 July
4.48 September
4.57
4.60
4.53
prices closed
as
trading.
Local closing: Oct., 4.70;
4.86; Mar., 4.97; May, 5.07; June, 5.12;
tons
Trans¬
reported
Terminal
with 800
Dec., 4.80; Jan.,
July, 5.28; Sept.,
5.28.
On the 18th inst.
futures closed 9 to 10 points net
lower.
Anticipatory hedge sales against a large impending gold
Coast cocoa bean crop, continue to burden prices on the New
York Cocoa Exchange.
The opening range on futures was
1 down to 2 points up.
The market ruled heavy during most
of the session.
Sales totaled 301 lots, or 4,033 tons.
Lon¬
don showed no change on the outside, while futures there ran
434d. higher to unchanged on the Terminal Cocoa market,
with 470 tons trading.
Local closing: Oct., 4.61; Dee.,
4.71; Jan., 4.77; Mar., 4.88; May, 4.98; June, 5.03; July,
5.08; Sept., 5.18.
On the 19th inst. futures closed un¬
changed to 1 point up.
Transactions totaled 160 contracts.
Trading in cocoa futures was slow, but the market had a
steady undertone, prices being 1 to 3 points net higher during
the early afternoon.
The market had been higher, but eased
off in sympathy with a lower stock market.
Warehouse
stocks increased 700 bags over night.
The total now is
979,800 bags against 1,380,069 bags a year ago.
Local
closing: Dec., 4.71; Mar., 4.88; May, 4.99; July, 5.09;
Sept., 5.19.
On the 20th inst. futures closed 1 point up for the entire
list.
At one time prices were off 2 to 3 points, but recovered,
the market standing unchanged to 1 point lower during the
early afternoon, with Dec. at 4.70c.
Sentiment was influ¬
enced somewhat by an improvement in the tone of the stock
market, and reports that manufacturers were taking greater
interest in spot cocoas.
Warehouse stocks decreased 10,500
bags overnight.
They now total 969,508 bags, compared
with 1,380,069 bags.
Trading today was moderate, with
120 lots done to early afternoon.
Local closing: Dec., 4.72;
Jan., 4.78; March, 4.89;
May, 5.00; July, 5.10; Sept., 5.20.
The cocoa
Today futures closed 10 to 11 points net higher.
futures market experienced a sharp reversal of
sentiment.
Producing countries offered less than usual while the trade
covered. New Wall Street buying also put in its appearance.
A steady market in London was helpful.
This afternoon
prices were 10 to 12 points higher, with Dec. selling at 4.93c.,
up 11.
Warehouse stocks continued to decrease. An over¬
night loss of 5,000 bags brought the total down to 964,456
bags. A year ago the stocks totaled 1,366,278 bags. Local
closing: Dec., 4.83; Jan., 4.89; March, 5.00; May, 5.11;
July, 5.21; Sept., 5.30.
Sugar—On the 15th inst. futures closed unchanged to
point higher.
The market was very quiet, with sales
totaling only 28 lots.
No sales were reported in the market
for raws during today's short session, and the raw market
was generally unchanged from the previous day.
For quota
sugar it was a trading market at 3.10c.
Interest in excess
quota raws was not better than 3c., with sellers asking 3.03c.
1
The world sugar contract was also quiet, with only one lot
traded, which was in July at 1.07c.
The world contract
closed y2 point lower.
In London the raw market was
unchanged to yd. higher.
On the 17th inst. futures closed
1 to 2 points net lower.
Trading was light in the domestic
futures market, with no real incentive for traders to take the
upside.
As the market for rawrs ended, prices became a
shade easier, with sellers ready to effect sales at 3.10c. and
buyers showing no interest at better than 3.08c., although
in some quarters a belief prevailed that outports might pay
3.10c. for suitable position.
Buyers of excess quota raws
were believed to be interested at 2.10c., cost and freight,
for Cubas or 3c. delivered.
Sellers were asking 4 to 5 points
more.
The world sugar contract eased \y to 2 points,
with transactions totaling 114 lots,,
London futures closed
yd. to yd. lower, while raws there were offered at 5s. 3d.,
equal to 0.95c. f.o.b. Cuba.
On the 18th inst. futures closed 1 to 5 points net lower.
overnight sales of domestic cane sugar were reported at
and the regular market for raws eased, futures re¬
flecting the trend, eased considerably.
Sales were only
106 lots.
The overnight Washington reports were only of
As
follows:
6.73 July
6.85 September
6.90
Cocoa—On the 15 inst. futures closed 3 to
6.92
6.55
4 points net
higher.
Sales totaled 148 lots, or 1,983 tons.
Trading was
light, with the undertone firm.
London reported outside
prices 3d. higher to unchanged, and futures 134d. to 3d.
firmer, with 170 tons changing hands on the Terminal
Cocoa market.
Today's trading in the local futures market
was
characterized by a fair volume of switching.
Local
closing: Oct., 4.73; Dec., 4.84; Jan., 4.90; Mar., 5.02;
May, 5.13; June, 5.18; July, 5.23; Sept., 5.33.
On the 17th
inst. futures closed 3 to 6 points net lower.
The local mar¬
outside prices iyd. higher, while futures on the
Cocoa market closed 134d. easier to 134d. firmer,
feature.
2.95c.
minor
significance.
It was indicated in a Journal
Washington dispatch that the quotas would
Commerce
of
be
only if there was a general shortage that might
public.
There is no prospect of that since the
quota is 6,780,000 tons and the best current estimate on
consumption is 6,500,000 tons.
There was no implication
that if an individual refiner is short of raws and refuses to
opened
up
affect the
pay
was
The
going prices he will be assisted.
The market for
moderately active today, and late in the previous
Louisiana marketing season got under way at a
raws
day.
price
Volume 147
of
Financial
2.95c., offshore quota
sold at 3.10c. and down to
3.05c. and excess
quota raw passed at 3c.
Today's sales
were
2,000 tons of Philippines for' October
shipment at
3.05c. delivered to
National, and 1,500 tons of Puerto Ricos
for February
shipment at 3c. to Refined Syrups. The world
sugar contract closed
sugar
134 to 34 point lower.
London futures
closed %d. to
%d. lower.
On the 19th inst. futures closed
point net lower in the domestic contract, with sales
totaling
21 lots.
The world sugar contract closed
34 point net lower,
with sales
totaling 17 lots.
1
Chronicle
lower.
2555
Hog prices
at
Chicago
10c. to 15c. higher.
Hog
sales ranged from
$7.25 to $7.75.
Receipts at the leading
Western packing centers totaled
60,200 head against 52,300
head for the same
day last
were
year.
On the 20th inst.
futures closed 10 to 12 points net
higher.
Prices opened 2 to 5
points higher.
Export clearances of
lard from the Port
of New York were
167,160
Trading in sugar futures was
were virtually unchanged,
pounds,
destined for London and
Antwerp.
Liverpool lard futures
quiet at unchanged to 3d. lower.
Hog prices at Chicago
were 10 to 15c.
higher.
Sales of hogs ranged from $7.25 to
$7.85.
Western hog marketings were
Sugar Refining last night obtained 21,000
bags of prompt
at 2.15c.,
equal to 3.05c., duty paid.
Savannah
bought 23,000 bags for 2.18c.
Offers of further 1938 sugars
49,800 head, against 59,800 head for the same
day
last year.
Today futures closed 12 to 15 points net higher.
The strength of lard
futures today was attributed
largely to
firmer grain
markets, which influenced considerable short
covering.
There was also some new
buying on rumors of
favorable action at
Washington in connection with com¬
quiet
today.
Domestic
prices
traders were awaiting further
developments in the raw
market.
March was selling at 2.05c.
during early afternoon,
unchanged from last night.
In the raw market National
as
Cubas
were
1939
New crop
Philippines were offered at 3c. for
World sugar contracts were in
scarce.
arrival.
extremely
quiet demand.
Futures in London were
unchanged, except
for an advance of
34d. in December, 1939, contracts and of
34d. in the spot position.
On the 20th inst. futures closed
in the domestic
unchanged to 1 point off
contract, with sales totaling 33 lots.
The
world sugar contract closed
unchanged to 34 point lower,
with sales of 54 lots.
While domestic sugar futures were un¬
changed with March selling at 2.04c., world contracts were
under pressure as London continued
easy.
the domestic and world
markets was
Trading in both
relatively light, the
indisposition of traders generally reflecting the
uncertainty
that
prevails concerning future
developments.
In the
domestic
raw
sugar
market refiners continued to be interested
Louisiana sugars were re¬
in 1938 sugars at 3.05 to 3.08c.
ported selling at 3 points decline.
American Sugar Refining
reduced its refined price to
4.55c., but no others had followed
up to mid-afternoon.
In London futures were
34 to yd.
lower, while "raws were off yd.
Today futures closed 1
point higher in the domestic contract, with sales
totaling 77
contracts.
The world sugar contract closed
34 to 134 points
higher, with sales totaling 51 contracts.
firm.
Domestic prices
were
Sugar futures were
holding gains of 1 point this
afternoon with March
selling at 2.04c.
Trading was quiet
and without special feature.
In the raw market refiners
were believed to be
willing to pay 3.08c. for 1938 raws in
certain arrival positions.
The
only offering
was a cargo
of
Cubas at 3.15c.
Raws for 1939 arrival were held for 3c.
Sucrest announced that it would sell refined
sugar at 4.4c.
a pound
up to the end of the year.
World sugar contracts
after opening 2 34 points lower on Cuban
selling of Jan. and
London, recovered on light buying which
only small offerings.
London futures were un¬
changed to yd. lower, while raws there were offered at
about 0.92*4 of a cent f.o.b. Cuba.
Home grown beet
sugars were reported pressing in the
English market.
an
easier tone in
were
moderatly heavy and
totaled
modity prices, especially of grains.
DAILY
CLOSING PRICES
Sat.
7.25
7.37
7.45
_
,
October
December
January
May
OP
LARD FUTURES
Mon.,
Tues.
Wed.
7.02
7.15
7.25
7.70
7.25
7.32
7.80
7.90
IN
CHICAGO
Thurs.
7.12
7.25
7.35
7.80
Fri.
7.25
7.37
7.47
7.57
8.07
7.35
7.45
7.95
Pork—(Export),
Mess,. $26.87y 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., 1434c.; 6 to 8 lbs.,
1334c.; 8 to 10 lbs., 1234c.
Skinned, Loose, c.a.f.—14 to
16 lbs.,
2234c.; 18 to 20 lbs., 19c.
Bellies: Clear, f.o.b.
New York—6 to 8
lbs., 1634c.; 8 to 10 lbs., 1634c.; 10 to
12 lbs., 1634c.
Bellies: Clear, Dry Salted, Boxed, N. Y.—
—16 to 18
lbs., 12%c.; 18 to 20 lbs., 12^c.; 20 to 25
lbs.,
1134c.; 25 to 30 lbs., 1134c- Butter:
Creamery, Firsts to
Higher than Extra and Premium Marks:
2534 to 26 34c.
Cheese: State, Held '37, 20 to 22c.
Eggs: Mixed Colors,
Checks to Special Packs: 21 to
2934c.
Oils—Linseed oil reports are to the effect that
deliveries
continue to go out in good volume.
Tank cars are quoted
7.9 to 8.1c.
Quotations: China Wood: Tanks,
nearby—
15c. offered,
nominal; Drums—no quotation.
Coconut:
Crude, Tanks, nearby—334 to 334c.; Pacific
Coast—234 to
234c.
Corn, Crude, West, tanks, nearby—.0634 bid, no
offer.
Olive: Denatured, spot, drums—.90c.
bid, no offer.
Soy Bean: Crude, tanks, West—.0434; L- C. L. N. Y.—
7.0.
Edible: Coconut, 76
degrees—934Lard: Prime—
9; Ex-winter strained—834- Cod: Crude,
Norwegian, light
filtered—no quote.
Turpentine: 29 to 31c. Rosins: $5.20
$7.90.
to
disclosed
Prices
were as
January (new).
May
2.041 July
-.2.04
There
was no
special feature to the trading today.
Interest
light.
There were no lard exports reported from
port of New York.
Liverpool lard futures continue
dull, with prices unchanged from previous finals.
The hog
market was quiet in
Chicago today.
Sales were light and
the top price reported for the
day was $7.60.
Western hog
marketings totaled 12,600 head, against 11,600 head for the
same
day a year ago.
On the 17th inst. futures closed 10 to
12 points net lower.
Further losses of a substantial character
were registered in lard futures
today, due to, selling induced
by the forecast of continued heavy hog marketings at
Chicago.
At the opening prices were unchanged to 2
points
lower, but as the session progressed, additional
selling orders
After the close of the market the
Chicago lard stocks
report was issued and it showed .that
supplies at the Midwest packing center decreased
4,673,623
pounds during the first two weeks of Oct.
Lard
exports
from the Port of New York
today totaled 59,000 pounds,
destined for Glasgow.
Liverpool lard futures were un¬
changed to 6d. lower.
Hog prices at Chicago were
mostly
10c. lower, with the late
top price $7.60.
Sales ranged from
Western hog marketings were
76,300 head
against 68,800 head for the same day last year.
$7.15 to $7.60.
On the 18th inst. futures closed 7 to 10
points net lower.
The market
was again
depressed owing to scattered selling
by bearish hog news.
Export clearances of lard
from the Port of New York totaled
461,940 pounds, destined
for Southampton,
Hamburg and Antwerp.
Liverpool lard
futures were unchanged to 6d. lower.
Hog prices at Chicago
declined 10c.
Sales ranged from $7.10 to
$7.60.
Western
hog receipts were fairly heavy and totaled 73,500 head
against
69,200 head for the same day last year.
On the 19th inst.
futures closed 10 to 15 points net
higher.
During the past
few days prices have declined
sharply, due principally to the
heavy hog marketings and also to expectations of
increasing
lard production.
Production of federally inspected lard for
influenced
the next 12 months is expected to increase 10 to
15% over
the same period last year.
Export clearances of American
lard from the Port of New York totaled
89,600 pounds,
destined
for
Liverpool.
Liverpool
7.45(
...
n
March
7.80@
7.70 April
May
Lay.
June.
7.80 @
7.88®
?:88
n-
(
Rubber—On the 15th inst. futures closed 5 to 20
points
higher.
In face of the small reduction in the September
net
the
:
7:70 (
7.70(
2.12
very
made their appearance.
7.68<
2.09
September
2.07|
m Lard—On the 15th inst. futures closed 5 to 7
points net
lower.
The opening range was
unchanged to 2 points lower.
was
November
December
January
February
follows:
March (new)
Cottonseed Oil sales, including
switches, 145 contracts.
Crude, S. E. 634-@ 634c.
Prices closed as follows:
lard
futures
were
6d,
consumption figures, the crude rubber futures market ruled
steady.
Volume on the Exchange totaled 890 tons, of which
30 tons were exchanged for actual rubber.
Spot standard
No.
1
ribbed
l-16c. to
smoked
1734c.
sheets
in
the
actual
trade
gained
The buying originated from commission
houses with London connections and the
selling was scattered
among
the trade.
Little interest
was displayed
during the
(Saturday).
The outside market was
quiet.
Local closing: Oct., 17.05; Dec., 17.19; Jan., 17.15;
March, 17.20; May, 17.20; Sept., 17.30.
On the 17th inst.
futures closed 17 to 33 points net lower.
The market's
reaction to-day was regarded as
largely technical and in¬
fluenced to some extent by the setback in securities.
The
day's industrial news was also considered unfavorably.
The
volume was fair, with 3,810 tons sold, of which 840 tons
were
exchanged for actual rubber.
Spot standard No. 1
ribbed smoked sheets in the trade declined
34c. to 17c.
The December and January-March
position, outside, were
also quoted at 17c., while April-June was at 17 l-16c.
Local
closing: Oct., 16.38; Dec., 16.92; Jan., 16.95; March, 16.99;
May, 16.95; July, 16.97.
On the 18th inst. futures closed 13 points
Ingher to 13 points
lower.
On the strength of the advancing stock market in
the last hour to-day, crude rubber futures closed at the
highs for the session.
The lower quotations at the close
were in the October and November
positions which were
purely nominal. Activity on the floor was fair, with 2,400
tons sold.
Spot standard No. 1 ribbed smoked sheets in
short session today
the
trade
gained l-16c. to 17 l-16c.
Opening lower on
the market drifted lower, with the volume
light.
Commission house selling countered by some trade
and factory buying were the features during the first four
hours.
Local closing: Oct., 16.74; Dec., 17.00; Jan.,
17.00;
March, 17.03.; May, 17.08; Sept., 17.08.
On the 19th inst.
futures closed 20 points up on the October delivery, while
the rest of the list closed 7 to 1 point lower.
Transactions
totaled 200 contracts.
Trading was light and without special
feature.
After opening 6 to 16 points higher, the market
lost its gains, standing 2 to 4 points lower in the
early after¬
noon session.
Sales to that time totaled 1,220 tons.
Com¬
weaker cables,
mission houses and certain dealer interests
was
said that
Cables
were
a
fair amount of
steady,
with
were
sellers.
.It
shipment rubber was offered.
London and Singapore closing
2556
Local closing: Oct., 16.95; Dec.,
17.01; July, 17.05; Sept., 17.07.
closed 11 to 13 points net lower.
Further liquidation together with weakness in sterling was
responsible for lower rubber futures quotations.
The
market, after opening 11 to 16 points net lower, stood 7 to
14 lower early this afternoon on sales of 1,290 tons.
In
those transactions 500 tons represented exchange of futures
for actual rubber.
The London and Singapore markets
closed quiet at declines of 1-16 to 5-32d.
Shipment offerings
were
made above the market here.
Local closing: May,
16.89; Dec., 16.84; March, 16.87.
Today futures closed 5
to
12 points net,higher, with the exception of the spot
delivery, which was off 1 point.
Transactions totaled 142
contracts.
Trading in rubber futures dwindled to the small¬
est proportions in some time as interest in the market stood
at a minimum.
Dealer buying of December was one of the
few features of the market.
It helped to steady prices after
the market had opened 4 points lower to 7 points higher.
Active positions were 6 to 9 higher this afternoon, with
December at 16.90 and March at 16.96c., respectively.
Factory interest was small, while shipment offerings were
scanty and too high.
London was unchanged to l-16d.
lower.
It was estimated that rubber stocks in the United
Kingdom had decreased 700 tons this week.
Local closing:
Oct., 16.60; Dec., 16.89; Jan., 16.91; March, 16.95; May,
were
16.95; March, 17.00; May,
On the 20th inst. futures
16.96; July, 17.02.
Hides—On the 15th inst. ^futures
closed 15 to 18 points
the old contract, while the new contract closed 4 to 15
points up.
Reports of a further stiffening in the domestic
up on
improved the tone^ of the futures market
60,000
This is
an
futures
was spirited and the list worked higher as the session pro¬
gressed.
Transactions totaled 1,200,000 pounds in the old
contract, while the volume in the new contract totaled 3,160,000 pounds.
Local closing: Old contract: Dec., 12.63;
Mar., 12.96; June, 13.20.
New contract: Dec., 13.39;
Mar., 13.77; June, 14.12; Sept., 14.37.
On the 17th inst.
futures closed 18 to 21 points lower in the old contract,
spot hide market
In the Middle West it is reported that
sold including light native cows at 13c.
increase of He. a pound in the latter.
Trading in
noticeably.
hides
were
while the
new
contract was down 18 to 20
Weakness
points.
had quite a depressing influence on
hide values.
However, the hide market was quite active,
with transactions totaling 3,720,000 pounds in the old con¬
in the securities market
tract, while the new contract totaled 7,640,000 pounds. The
domestic spot hide market was reported firm, with sales of
City native steers reported at 14c. a pound, an
of lc. over the last previous business.
Local
New York
increase
closing:
13.00.
Old
contract—Dec.,
12.45;
Mar.,
New
contract—Dec.,
13.20;
Mar.,
12.75; June,
June,
13.59;
13.92; Sept., 14.17.
points up in the
closed 14 to 18 points up.
On the 18th inst. futures closed 17 to 20
The
old contract.
new
contract
presented a weak appearance at the start of
yesterday's session, the old contract opening from 8 to 15
points, off and the new 15 to 37 points lower.
The sharp up¬
sweep in securities values during the later dealings carried
hide futures considerably higher, and substantial gains were
recorded
at
the
close.
Transactions
totaled 3,480,000
Hide futures
pounds in the old contract, while business in the new contract
totaled 7,680,000 pounds.
The domestic spot hide market
presented a firm appearance and sales were reported of 50,000
hides at steady prices.
Local closing:
Old contract—Dec.,
12.65; Mar., 12.92; June, 13.17.
New contract—Dec.,
13.38; Mar., 13.76; June, 14.06; Sept., 14.35.
On the 19th
inst. futures closed 16 to 12 points net lower in the old con¬
tract, with sales totaling 56 contracts.
The new contract
closed 7 to 21 points net lower, with sales totaling 155 con¬
tracts.
On reports of further sales in the Chicago spot mar¬
ket at steady prices, raw hide futures maintained their posi¬
tion without much change.
Early this afternoon prices of
active positions were 1 point higher to 1 point lower.
Sales
of the old contract to early afternoon totaled 960,000 pounds
while sales of new amounted to 3,920,000 pounds.
Sales in
the domestic spot market totaled 46,400 hides, with light
native cow hides bringing 13c. for Sept .-Oct. takeoff.
Local
closing:
Old contract—Dec., 12.49; Mar,, 12.80; June,
13.05.
New contract—Dec.,
13.27; Mar., 13.64; June,
13.99; Sept.,
14.14.
On the 20th inst. futures closed 6 to 7
points net higher
lots.
The new
exception of the
September delivery, which closed 3 points up. Sales of new
in the old contract, with sales totaling 25
contract closed 2 to 7 points down, with the
contracts
totaled
88 lots.
Hide futures rallied
a
little after
opening 6 to 15 points decline.
Reports of substantial spot
hide sales at steady prices were a help to the market.
In
the early afternoon December old stood at 12.47c., off 2
points, and March at 12.80c., unchanged.
March new sold
at 13.58c., off 6 points.
The number of certificated hides
in licensed warehouses increased by 1,000 pieces.
The total
now is 820,145 hides.
Local closing: Old Contracts—Dec.,
12.55; March, 12.87; June, 13.12; Sept., 13.30.
New Con¬
tracts—Dec., 13.25; March, 13.62; June, 13.92; Sept.,
14.17.
Today futures closed 17 to 14 points net higher in
the old contract, with sales totaling 42 contracts.
The new
contract closed 22 to 30 points up, with sales of 163 con¬
tracts.
Raw hide futures
were
firm after an irregular
opening.
Commission houses were seen on the buying side,
light. As a result this afternoon, prices
higher on transactions amounting to
while offerings were
unchanged to %d. higher.
„
°ct- 22> 1938
Chronicle
Financial
-
20 to 24 points
3,500,000 pounds.
December old stood at
20 points, while December new stood at 13.45c.
reported that the Chicago packers had sold 15,000
about
up
September-October
cows,
takeoff,
at
12 He.
12.75c.,
It was
branded
and 2,000
April-May takeoff at 11 He.
Local closing: Old Contracts—
Dec., 12.72; March, 13.03; June, 13.26.
New ContractsDec., 13.47; March, 13.85; June, 14.22; Sept., 14.47.
Freights—The market for charters was fairly
the week, with a number of interesting fixtures
reported at steady rates. Charters included: Grain: Albany
to Copenhagen, Oct., 14He.
St. Lawrence to Scandinavia,
Oct., reported at 17c.
Grain booked: Fifteen loads, Mon¬
treal to Antwerp and Rotterdam, Oct., 14c.
Grain: St.
Lawrence to Antwerp or Rotterdam, picked ports, United
Kingdom, Nov. 1-15, basis, 2s. 9d. St. Lawrence to Ant¬
werp or Rotterdam, picked ports, United Kingdom, Nov.
15-30, basis 2s. 9d. St. Lawrence to Antwerp or Rotterdam,
picked ports, United Kingdom, Oct. 25-Nov. 5, basis 2s. 9d.
Scrap: Boston and Portland to Trieste, Oct., $5.45.
Cuba
to Rotterdam, Oct., no rate.
West Indies to Japan, Nov.,
about $4.25. Atlantic Range to Trieste, Oct., one port load¬
ing $5, two ports loading $5-10.
Montreal to Rotterdam,
Oct. no rate given.
Trip: trip across, delivery north of
Hatteras, redelivery Trieste, Nov., $1.75.
Trip across,
delivery Philadelphia, end Oct., $2.
Trip down, Bay of
Fundy to north of Hatteras, Oct., $1.60.
Ocean
active during
.
Coal—The unusually warm
some
weather that has prevailed for
greatly hampered sales of coal. The demand
consumers
on
both bituminous and anthracite is
time has
from
extremely quiet. Wholesale anthracite operators, however,
point to the increase on tidewater coal of 15c. per ton,
effective Oct. 24, to pull the market out of the current inac¬
tivity. Retailers of the hard coal are reported as not doing
much either, but will probably order shortly to fill their
yards for the anticipated demand when cold weather sets in.
Now that the tugboat strike is over, a larger movement of
coal is expected.
Bunker business is reported as light.
Prices, although remaining about unchanged, are spotty.
very
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
Wool—The
situation is
regarded
as
presenting
a
picture this week. However, the rise in wool thus far
has been very moderate.
The average price of the territory
group for September was 61c. and is now 62.5c.
Class 3
wool sells from 3 to 7% higher than the group price.
Buying
shows further expansion as prices tend upward.
Territory
wools in the fine grades are in chief demand, though mill
interest is reported as now spreading out to all grades of
greasy and scoured wools.
Dealers are visualizing a 70c. fine
original bag wool in the immediate future.
Manufacturers
are reported as buying wool in large amounts at prices which
are fully firm
with an advancing tendency.
Much wool
bought in the West was sold to arrive. Mill men are buying
wool with which to fill current orders and also anticipating
their needs, with the belief that values will be higher with
more business in the New York goods market.
Important
better
factors
in
the
situation
are
the
continued rise in foreign
markets, higher top future prices and extremely small stocks
in the hands of the manufacturers, the latter condition one
which mill
men are
remedying by heavy buying.
Silk—On the 17th inst. futures closed unchanged to He.
higher on the old contract, while the No. 1 contract closed
1 to lHc. net higher.
The No. 2 contract closed lHc. net
higher.
Trading was limited, with price movement narrow.
Sales volume fell to 330 bales, including 130 bales on the old
contract, 200 on No. 1 contract and none on No. 2 contract.
Buying by trade, importer and Japanese accounts provided
the firmness displayed in to-day's market.
Local closing:
Old contract—Oct., 1,77; Nov., 1.76; Dec., 1.75H; Jan.,
1.75; Feb.,
1.74H.
No. 1
contract—March, 1.74H;
April,. 1.74H; May, 1.75.
No. 2 contract—March, 1.68;
April, 1.68; May, 1.68.
On the 18th inst. futures closed
1 to 3He. net higher.
On the strength of a higher stock
market late today, raw silk futures closed substantially
higher.
During the morning and early afternoon the market
was lower with trading relatively quiet.
Transactions totaled
830 bales, including 410 in the old contract, 420 in No. 1
contract and none in No. 2 contract.
Yokohama came
lower to 5 yen higher, while Kobe was 6 yen
easier.
Grade D remained unchanged in
both markets at 825 yen.
Spot sales equalled 700 bales,
while futures transactions totaled 2,975 bales.
Japanese
markets will be closed tomorrow.
Local closing: Old con¬
through 2
yen
higher to 2
yen
tract—Oct., 1.80; Nov., 1.78H; Dec., 1.79; Jan., 1.79;
Feb., 1.78.
No. 1 contract—March, 1.76; April, 1.76; May,
1.76.
No. 2 contract—March, 1.71H; April, 1.71H*
On
the 19th inst. futures closed He. up to He. down in the old
The No. 1 con¬
unchanged, with sales totaling 41
contracts.
was steady on reports of a fairly
good spot business transacted in the uptown silk market.
There were no Japanese cables to affect the trading since
Japanes merchants observed a holiday.
Up to early aftercontract, with sales totaling 21 contracts.
tract
closed
He.
to
The market
up
Volume
147
Financial
trading in the old
noon
contract totaled 90
No. 1 contract, sales to that time
new
price of crack double
silk
extra
the uptown spot market to $1.85
On the 20th inst. futures closed
bales, and in the
140 bales.
were
advanced
half
The
cent
a
in
pound.
]4c. up on the old contract,
a
with sales
totaling 17 contracts. The No. 1 contract closed
13^c. to 2c. net higher, with sales totaling 34 contracts.
The No. 2 contract closed
2}4 to 3c. net higher, with sales
of only 3 contracts.
Reports of good demand for silk in the
uptown spot market offset disappointing cables and made
for a strong undertone in the silk futures market.
Some
positions sold at new high prices.
During the early after¬
noon
March No. 2 contract
was selling at
$1.73H» up 23^c.,
$1.77^, up lc., while November
old stood at $1.80, also
up 1 e.
The price of crack double
extra silk in the uptown
spot market advanced l^e. to
$1,863^ a bale.
The Yokohama Bourse closed unchanged
to 4 yen higher.
Grade D silk was 10 yen higher at 835 yen
a
bale.
Local closing:
Old Contract: Oct., 1.81; Nov.,
1.793^; Jan., 1.783^; Feb., 1.783^. No. 1 Contract: March,
1.78; April, 1.78; May, 1.78.
No. 2 Contract: March,
1.73K; April, 1.74.
Today futures closed 1 to l)^c. net
March No. 1
stood at
new
lower in the old contract, with sales
No. 1 Contract closed 1 to 13^c. off,
tracts.
totaling 30 contracts.
with sales of 19
con¬
No. 2 Contract closed
l^c. down, with the sale of
but one contract.
Silk futures developed a firm tone in
sympathy with a strong spot market uptown and higher
Japanese cables.
This afternoon prices were half a cent
higher, after having been as much as a cent higher. Dealer
buying was reported. December old sold at $1.80 and May
new No.
1 at $1,783^.
Crack double extra silk in the up¬
town
market advanced 2 cents to
$1,883^
pound.
a
The
Yokohama Bourse closed 7 to 11 yen
higher. Grade D silk
in the outside market was 5
yen higher at 840 yen a bale.
Local closing:
Old Contracts: Oct.,
1.803^; Nov.,
Dec., 1.78; Jan., 1.78; Feb., 1.773^.
March, 1.77; April, 1.77; May, 1.76^.
March, 1.72.
'
'
"
1.78:
No. 1 Contracts;
No. 2 Contracts:
Chronicle
France, 17,725 to Germany, 11,855 to Italy, 21,324 to
Japan, 565 to China, and 24,769 to other destinations.
In
the
corresponding week last year total exports were 144,316
bales.
For the
the previous
Below
season.
are
Ger¬
Britain
France
5,565
Houston
...
3,392
Italy
many
2,654
3,065
Japan
4,251
3,657
7,193
Corpus Christi..
Brownsville
7,158
Sat.
Galveston
Mon.
10,363
5,017
Houston
Corpus Christi._
489
Beaumont
6,823
6,149
879
New Orleans
Mobile
-
Tues.
26,220
6,413
1,637
8,811
10,158
310
-'w
—
Wed.
Thurs.
8,737
12,084
2,650
3,478
215
—
Fri.
Total
10,070
3*392
4»
-
—
3,691
6,823
47,369
1,885
-
7,999
9,685
12,495
4,862
6,179
84
298
278
230
116
"
Jacksonville
w
Savannah
~
~
~
*.
^
410
166
262
Lake Charles
212
240
108
270
'1,067
3,145
1,129
1,885
-
160
25
212
97
-
114
-
Charleston
95
+
•
-
-
-•
—
i-
-
*»
M
-
»
-
420
254
407
415
134
319
289
6b
5J3
3,145
1,580
1,450
196
43
Norfolk
145
196
4.
Wilmington
Baltimore
41
_.
.
30,413
43,502
30,380
25,870
21,922
50
1,040
3,641
444
3,086
176
7,927
300
Pensacola, &o
43,406
28,811
7,270
l'.oio
300
77
Angeles
77
*999
976
5,776
San Francisco
....
350
Total..
12,952
6,718
17,725
11,855
1937
26,279
29,941
35,841
Total
41,917
19,892
43,910
17,484
10,775
3,457
1936
350
21,324
Total
From
565
*800
93,289
24,769
95,908
31,314 144,316
16,073 226,656
Exported to—
Aug. 1,1938 to
Oct. 21, 1938
Exports from—
1
Great
Britain
Galveston
Corpus Christi
Brownsville
__
Orleans
Ger¬
France
Italy
many
Japan
China
13,259
29,910
17,176
2,214
Houston
33,055
46,179
19,775
67,281
30,647
51,793
335
47,235
22,627
17,583
1,513
9,157
1,240
20,854
13,453
2,027
942
883
7,375
271
2,867
-
10,788
3,973
Jacksonville..
2,028
432
90
288
16
28
~
2,228
5,738
1,932
3,048
1,620
588
-
~
2,576
700
500
„
33
2,149
^
1,016
55
181
1,080
65,696
....
50
16,349
4,593 169,736
922,912
«.
w
300
9
m
-
-
...
w
„
29
56,143
......
....
16,299
112,495 155,977
174,519
86,461
219,131
379,190 245,597
307,305 235,300
261,949 141,208
204,721 64,275
59,612
376,201
NOTE—Exports to Canada—It has
151
,
,
18
29
6,143
106,693
11,904
11,818
146
604
......
-
PhiladelphiaLos Angeles..
San Francisco
701
M
468
1,000
198
New
Boston
W
.
2,774
Norfolk
York...
200
K
...
98
50
1,650
Charleston
8,728
-
233,930
230,339
192,872
38,073
150
490
Pensacola, &c.
Savannah....
38,625
39,597
5,976
25,339
4,079
48,220
19,486
27,331
Total
52,317
30,809
Mobile
.
Other
2,064
47,141
Lake Charles.
never
been
.
10,983 226,462 1325,001
2,285 152,863 1342,950
our
practice 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
concerning the same from week to week, while reports from the customs
districts on the Canadian border are always
very slow in coming to hand.
In view,
returns
however, of the
numerous inquiries we are receiving
regarding the matter, we will
that for the month of September the exports to the Dominion
the present season
been 11,990 bales.
In the corresponding month of the
preceding season
the exports were 10,169 bales.
For the two months ended Sept. 30, 1938, there
say
have
were
27,721 bales exported
against 16,348 bales for the two months of 1937.
as
telegrams tonight also
on shipboard, not
give us the following amounts of cotton
cleared, at the ports named:
On
Oct. 21 at—
Shipboard Not Cleared for—
Leaving
Great
Britain
Galveston.
Ger¬
France
Other
Coast¬
many
Foreign
wise
Houston
3,300
3,467
7,200
1,403
4,000
1,342
New
6,311
8,748
466
1*649
115
Orleans..
Savannah
Stock
Total
t
15,600
2,000
12,060
4,381
8,028
699
32,100
18,971
27,934
•
Charleston
Mobile.
2", 534
4",298
Norfolk
....
Other
Totals this week.
Total
8,003
2,642
Jacksonville
54,996
1,040
l
"178
2,631
Mobile
New
Other
15,086
76,285
27,280
387
l'oio
In addition to above exports, our
Receipts at—
China
11,806
3,650
New Orleans
Los
have been
period of
same
the exports for the week:
Exported to—
Great
Galveston
Total 1937...
bales.
to date aggregate
exports
Week Ended
Oct. 21, 1938
Exports from—
Total 1936—
Friday Night, Oct. 21, 1938
The Movement of the
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 200,646
bales, against 205,107 bales last week and 183,369 bales the
previous week, making the total receipts since Aug. 1, 1938,
1,845,969 bales, against 3,510,942 bales for the same period
of 1937, showing a decrease since
Aug. 1, 1938, of 1,664,973
season
922,912 bales, against 1,325,001 bales in the
Total
COTTON
2557
to
ports.
__
48",559 200,646
The
following table shows the week's total receipts, the
total since Aug. 1, 1938, and the stocks tonight,
compared
Total 1938-Total 1937.-
Total 1936--
14,727
70,038
13,561
17,466
54,270
41,769
5,808
32,828
14,736
34,575
59,688
39,181
835,549
90.3,544
753,406
157,331
40,678
68,533
29,773
195,431
10,727 83,303 2,984,245
6,149 222,973 2,887,863
4,127 113,374 2,352,.560
with last year:
1938
1937
Speculation- in cotton for future delivery during the past
was moderately active.
However, the market devel¬
oped a sudden spurt yesterday (Thursday) in which prices
week
Stock
Receipts to
This
Since Aug
This
Since Aug
Week
Oct. 21
1,1938
Week
1, 1937
Galveston
76,285
Houston
54,996
Corpus Christi.
3,691
6,823
Beaumont
New Orleans
47,369
1,885
5,132
1938
867,649
922,515
103,436
31,090
781,340
1,247
310
769,085
101,225
41,968
2,581
19,559
12,642
34,244
3,602
6,419
2,425
137.078
64,594
785
3,523
1,450
5,753
5,396
32,601
16,393
2,769
15,055
29,773
196
8,729
532
7,183
Pensacola. &c
Savannah
Charleston
1.
Charles
1,580
.....
Norfolk
97.035
1937
72,831
5,883
2,165
157,331
40,678
New York
907,450
823,281
107,524
13,745
797,920
91,664
18,538
3,625
170,622
93,589
47,558
9,826
21,419
100
Totals
100
2,838
3,050
925
Boston
Baltimore
925
200,646 1,845,969 323,319 3,510.942 3,067,548 3,110.836
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Receipts at—
Galveston
Houston
New
Orleans.
Mobile
Savannah
1938
1937
76,285
54,996
47,369
1,885
1,129
133,912
83,513
1936
1935
3,602
"T.885
"6~419
~Y, 177
14",074
4~,707
66,265
8,541
4,532
237
1,970
1,580
785
1,450
2,769
1,014
2,498
2,098
2,629
1,330
5,048
2.078
13,749
50,758
61,626
71,144
8,327
4,454
"
Charleston—
1933
102,994
130,890
9(. ,539
19,250
19,162
Brunswick
Wilmington
Norfolk
1934
127,443
107,283
112,953
9,136
3.474
70,312
__
118,390
119,367
506
Newport News
All others
Total this wk.
Since
14",067
8,258
~~7~, 705
23*528
24,665
26.578
200.646
323,319
378,683
405,164
232,059
348,464
Aug. 1- 1,845,969 3.510,942 2,841,713 2,881,547 2,039,530 3,272,633
of 95,908 bales,
of which 12,952
were
to Great
scored the best gains in some time.
buying
1,129
1,885
3,145
—-
Jacksonville
Wilmington
943,201
948,012
375,270
"212
Mobile
Lake
537,137
83,513
575,862
70.312
244,313
2,448
667
14,772
358,026 133,912
25,321
13,749
2,968
1,876
Britain, 6,718
sitions
have
Increased Wall Street
as
well as trade price-fixing were said to be largely
responsible for the advance.
It is pointed out that little
cotton has been coming out of the
South, and the wide
differences prevailing between the near and distant
po¬
and
emphasized the strength
of contracts.
in the
spot
position
the scarcity
On the 15th inst. prices closed 1 to 4
points net lower.
Trading was quite active during the short session, though a
large part of the transactions was in the form of exchanging
different positions.
Prices were slightly lower owing to
<
declines abroad and increased hedging,
closing with a partial
rally from the lowest, but showing net losses at the end of
the day.
Interest during the day was centered on the
October, 1939 position in which trading was inaugurated
following Friday's closing-out of the October, 1938 position.
As anticipated, the new crop month sold at a discount of
20 to 25 points under July and 53 points under the December
price.
This difference between the positions attracted ex¬
changing both ways.
Hedging operations were mostly in
the July and October, while trade buying was
largely in
the near positions.
Bombay was a buyer of October and
the July contracts were exchanged for the near months.
The Commodity Credit Corporation reported that 939,593
bales of cotton had been pledged into the Government loan
as of Oct. 13.
This indicated that during the week farmers
had placed 455,175 bales in the loan and traders
generally
were
of the opinion that the total has now reached the
1,000,000 bale mark.
In view of this active movement into
the loan, spot cotton in the South is very firmly held.
On the 17th inst. prices closed 1 point up to 3
points off.
Trading continued light, with fluctuations limited to a nar-
i
of 4 to 7 points.
The opening was steady at 2 to 3
points higher, with lower Liverpool cables offset by trade
and foreign buying.
The continued strength in the spot
row range
outcome of the Government loan and the
South, was a sustaining influence
in near positions.
Next October was fairly active, with
considerable hedge selling, including transferring of hedges
from other months into the new crop position.
Bombay,
however, was quite a good buyer of October on differences
both early in the day and again at the close.
New outside
interest continued small.
Operations were largely within
the trade.
Sentiment was divided between those who took
a constructive view of the Government loan and evidences
of improvement in the textile market and others who were
still impressed by an unfavorable statistical position and
growing conviction that the whole farm problem will be up
for revision in the next conference.
This latter factor was
responsible for discounts at which next October contracts
were selling, as it has been intimated in a number of quarters
that if a new plan is devised in Congress to solve the cotton
situation, it might not include a loan to farmers.
On the 18th inst. prices closed 3 points up to 11 points off.
The market was feverish and irregular today, prices ruling
within a range of 5 to 10 points.
Much of the day's business
was in transferring between active positions.
Trade shorts
covered in old crop months, especially Dec., and transferred
short hedges into distant months, especially into Oct.
Bom¬
bay interests were best buyers of Oct., and foreign orders
generally were on both sides, while spot houses, especially
cooperative interests and New Orleans, sold distant months.
On the whole, the market action indicated uncertainty over
probable developments and more or less confusion over the
situation, as an
holding movement in the
Close students expressed the belief that at
action of values.
influenced by firmness in the spot
position as the outcome of the Government loan as far as
the near positions are concerned, and a belief that changes
present the market is
will be made in the farm program
in the next Congress which
eliminate a G overnment loan on the next crop.
Average
price of middling at the 10 designated spot markets advanced
1 point to 8.50c.
On the 19th inst, prices closed 2 points up to 5 points lower.
The cotton market turned slightly easier today in a heavy
volume of transactions.
A short time before the close of
business active months registered gains of 4 points to a loss
and the
At the
business.
volume of
the trading
end of
period the list was substantially higher than the previous
closing levels.
The market was fairly active on the open¬
ing, with futures registering advances of 3 to 6 points over
the last quotations of the preceding day.
A good trade
demand was in evidence in the near options during the
covering appeared in the
positions, and traders transferred to
the new crop contracts, particularly the July and October
deliveries.
There also was some price-fixing in December,
March and May.
Hedge selling was very limited, and trade
support easily absorbed current offerings.
The near months
were more active than distant
positions.
The Bureau of
the Census reported from Washington that 26,217,258 cotton
spinning spindles were in place on Sept. 30, of which
22,188,618 were operated at some time during the month.
This compared with 23,888,686 operated in September last
Some
trading.
morning
short
December and March
9
Middling upland
-
prices
cotton
closed 5 to 11 points net higher.
futures
continued
to
move
into
higher
Prices
ground
A short time before the
close of business active positions showed advances of 3 to 8
points over the closing levels of the preceding day.
The
market opened active and irregular, with futures 3 points
below to 2 points above yesterday's finals.
Foreign buying,
credited mostly to Bombay and Liverpool, again was the
feature of the early dealings, especially in the distant con¬
tracts.
Cooperative brokers and spot houses sold the July
today in a heavy volume of sales.
and October deliveries.' A moderate amount of
in
evidence
in December.
Brokers with
price-fixing
Bombay con¬
8.75c. 1930
8.52c. 1929
12.25c. 1928
11.15c. 19^7
12.50c. 1926
9.40c. 1925
6.30c. 1924
6.80c. 1923
1938
1937
1936
1935
1934
1933
1932
——-
1931
of
even
Street, influenced by the talk
over production next year.
The
14.05c.
9.30c.
11.60c.
Closed
Nominal
Nominal
—
--
Nominal.
Nominal
Nominal
Friday
Total
Contr'ci
Spot
200
200
Steady
Steady
Steady
Steady
Very steady
Very steady
Nominal
Saturday—
Monday
Tuesday
WednesdayThursday
Market
4—
"800
800
'900
"400
l",306
300
2,000
2.300
3,200
5,100
63,643
500
500
1,900
13,243
Total week.
Since Aug. 1
50,400
and closing prices
York for the past week have been as follows:
Futures—The
New
highest,
Oct.
Wednesday
Oct. 18
Thursday
Oct. 19
Friday
Oct. 20
Tuesday
Oct. 17
15
at
lowest
Monday
Saturday
Oct. 21
AO>P.(1938)
Range
—
8.28n
8.2 8n
8.30/t
8.29 n
8.44 n
8.49n
Range..
8.21- 8.26
8.23- 8.28
8.20- 8.28
8.26- 8.32
8.28- 8.42
8.39- 8.46
Closing
8.25-
8.25
8.26- 8.28
8.26- 8.27
8.41- 8.42
8.46
8.16- 8.20
8.17- 8.22
8.16- 8.19
8.21-
8.27
8.23- 8.33
8.31- 8.39
8.19
8.19
8.22n
8.21
8.34 n
8.39
Closing
_
Dec.—
.
8.26
Jan. (1939)
Range
—
Closing.
—
■
Feb.—
Range..
8.17»
8.16/1
8.19n
8.18/i
8.32 n
8.38/2
Range..
8.12- 8.17
8.13- 8.17
8.11- 8.17
8.15- 8.23
8.18- 8.32
8.29- 8.37
Closing.
8.15
8.14
8.16- 8.17
8.16
8.31- 8.32
8.37
Closing
.
Mar.—
—
—
April—
Range..
8.09 n
8.08/1
8.07n
8.06/t
8.22 n
8.28/z
Range..
8.01- 8.05
8.01- 8.07
7.97- 8.02
7.96- 8.03
7.97- 8.15
8.13- 8.20
Closing
8.03
8.02
7.99
7.96
8.13- 8.14
8.19
8.06 n
8.12/2
Closing
.
May—
.
—
—
—
—
June—
Range..
7.98 »
Range..
7.82-
Closing.
7.94-7.95
7.95
7.87n
7.87 n
.
7.89 n
7.93 n
7.98 n
7.91- 7.96
Closing
July—
7.99
7.88
—
7.83-
7.95
7.86-
7.83
—
7.94
7.84-
7.99
—
7.99
7.99- 8.05
8.05
—
Aug.—
Range..
Closing
.
7.74 n
7.78 n
7.89n
7.97/2
Sept.—
7.91- 7.91
7.82- 7.82
Range..
Closing
7.80 n
.
7.79 n
7.68»
7.65 n
7.79 n
7.89/2
7.56- 7.63
7.57- 7.70
7.69- 7.80
7.57
7.69- 7.70
7.80
Oct.—
Range.
7.66- 7.80
7.68- 7.75
7.59- 7.69
.
Closing
.
7.72
7.70-
7.59-
»
7.71
7.60
Nominal.
prices at New York for week ending
and since trading began on each option.
Range of future
Oct. 21, 1938,
Range Since Beginning of Option
Range for Week
Option for—
V
Nov.1938—
May 31 1938
Dec.
1938—
8.20 Oct.
18
8.46
Oct.
21
7.73
Jan.
1939.-
8.16
Oct.
15
8.39
Oct.
21
Feb.
1939—
8.11
Oct.
18
8.37 Oct.
21
Mar. 1939—
Apr.
8.18 June
23 1938
Feb.
23 1938
3 1938
9.51
8.74 June 28 1938
7.77
May 31 1938
9.25 July
8.34
May 25 1938
8.37
7.81
May 31 1938
9.27 July
8.11
Oct.
4 1938
7.82
1939—
J
9.50 Feb.
7.74°May 31 1938
Oct.
17 1938
7 1938
Aug. 23 1938
7 1938
May 1939—
June 1939—
7.97 Oct.
18
8.20 Oct.
21
1939—
Aug. 1939—
7.82 Oct.
17
8.05 Oct.
21
8.12
Oct.
3 1938
Sept. 1939—
7.82 Oct.
18
7.91
Oct.
21
7.82
Oct.
18 1938
8.07 Sept. 30 1938
Oct.
19
7.80 Oct
15
7.56
Oct.
19 1938
7.80
July
Oct.
.
1939—
7.56
Volume of Sales for Future
Oct.
4 1938
9.05 July
22 1938
8.11
Oct.
8.12
Oct.
3 1938
15 1938
Delivery—The-Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures
are
given in bales of 500 lb. gross weight..
Open
Contracts
Oct. 14
New York
Oct. 15
Oct. 17
Oct. 18
Oct. 19
2,400
October (1938)
37,800
3,500
34" 900
26,500
43", 400
39",200
Oct
.
20,
35"300
Oct. 20
544~2o6
May
July
October
4,600
3,600
2,100
6,400
4,200
118,400
22,700
21,000
33,600
34,000
49,800
631,500
15,800
15,800
34,500
20,500
29,300
575,900
40,600
29,800
34,200
28,000
23,500
551,700
19,900
23,500
20,200
32,100
March.
20,700
30,900
24,900
29,000
83,800
Inactive months—
200
June (1939)
100
August
"20C
2", 700
September
3,000
122,200 138,500 117,400 178,900 153,000 171,100 2,508,800
Total all futures
Open
Contracts
Oct. 12
New Orleans
Oct. 14
Oct. 15
5*750
50
500
5,650
5,500
day
-
October
Total all futures
Oc*.18
2,250
11,250
200
Holi¬
March
Oct. 17
2,600
3,450
2,950
4,050
2,300
23,950
-
Oct. 18
3.500
1,400
December
July
Oct. 13
8,850
October (1938)--
May
credited to Waill
more rigid control
14.45c.
SALES
Futures
Closed
purchase
ing was
14.10c.
10.90c.
9.75c.
1907
12.40c.
Spot Market
nections sold the March and May options, but
was
23.95c. 1914
18.90c. 1913
20.50c. 1912
35.70c. 1911
32.50c. 1910
28.65c. 1909
18.50c. 1908
10.50c. 1922
18.05c. 1921
20.05c. 1920
20.00c. 1919
12.55c. 1918
22.00c. 1917
24.00c. 1916
30.30c. 1915
-
Market and Sales at New York
January (1939)
continued to
the July and October positions.
More strength
noticed in the distant contracts, and some of the buy¬
Quotations for 32 Years
New York
January (1939)
Today
was
15 to Oct. 21—
Oct.
December
year.
for
quotation for middling upland cotton in the
day for the past week has been:
Sat.
Mon. Tues. Wed. Thura.
Frf.
8.55
8.55
8.55
8.55
8.70
8.75
The official
New York market each
of 1
moderate
the call,
Prices held within a 5-point range after
market displayed a steady undertone.
opening.
may
point compared with previous finals. Prices were steady
in active dealings at the opening, with futures 1 point below
to 3 points above the previous close.
The early trading was
featured by mixed deals, with some fairly large blocks chang¬
ing hands at the start.
The principal sellers were the South
and spot houses, while brokers with Japanese connections
bought the Dec. option.
Continued foreign support and
heavy price fixing was in evidence in the July and Oct.
contracts.
The spread between the Dec. and Oct. contracts
was 64 points on the opening.
Rumors were circulated in
the trade that brokers who often operate for farm organiza¬
tions, have been selling July and Oct. and are now heavily
short Oct. against farmers' cotton, and since Oct. came on the
Board, have been selling that month at constantly widening
discounts.
Other spot merchants have not been hedging
very much in the distant months because of an apparent loss
of 134c. per pound, which they must make up in a higher
basis when they sell the cotton.
On the 20th inst. prices closed 12 to 17 points net higher.
A strong tone developed in cotton prices late today in a
December on the
70 points under
sold
delivery
October
22, 1938
Oct.
Financial Chronicle
2558
5"l50
7~l66
118,100
8,000
3,100
3,250
3,150
90,450
3,400
3,700
1,500
3,350
99,850
3,400
5,700
76,300
3,000
4,850
1,950
23,050
32,500
29,550
21,000
15,550
42,350
428,700
Volume
Financial
147
The Visible
Supply of Cotton tonight, as made up by
cable and telegraph, is as follows.
Foreign stocks as well
as afloat are this week's
returns, and consequently all foreign
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 fYiday
only.
Oct. 21—
^
Stock at
1937
1938
Liverpool
..bales.1,006,000
Stock at Manchester
114,000
1936
1935
648,000
125,000
693,000
89,000
387,000
65,000
773,000
108,000
193,000
14,000
782,000
139,000
172.000
10,000
35,000
20,000
7.000
6,000
442,000
166,000
70,000
13.000
28,000
53,000
Chronicle
2559
1,223,703 bales more than at the same period last year. The
receipts of all the towns have been 12,602 bales less than
the
week last year.
same
-
Overland Movement for the Week and Since Aug. 1—
We give below a statement
showing the overland movement
for the week and since
Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
1938Oct. 21—
Total Great Britain
Stock at Bremen
Stock at Havre
8tock at Rotterdam
Stock at Barcelona
Stock at Genoa
1,120,000
238,000
276,000
16,000
-
50,000
20,000
13,000
Total Continental stocks
V
613,000
Total European stocks
India cotton afloat for Europe
American cotton afloat for Europe
Egypt, Brazil,&c.,afi't for Europe
Stock in Alexandria, Egypt
Stock in Bombay, India
Stock in U. S.
ports
Stock in U. S. Interior towns
U. S. exports today
Total
28,000
10,000
3,000
Via St. Louis
4,150
Via Mounds, &c
Via Rock Island
7,750
417
Via Louisville
Via Virginia points
9,006
74
342,000
Deduct Shipments—
Overland to N. Y.t Boston, &c
r
11
.
35,922
183,829
9,020
2,423
99,244
532
189
7.183
2,448
52,035
8,104
-
8,485
110,687
6,239
61,666
.25,315
25,315
Total to be deducted
Leaving total
net overland*
134,894
29,683
122,163
*
258 000
U. S. interior stock
U. S. exports today
214,000
121,000
64,000
45,000
29,000
70,000
95,000
112,000
159,000
133,000
49,000
35,000
56,006
440,000
382.000
342,000
3,067,548 3,110,836 2,465,934 2,607.035
3,275,615 2,051,912 2,179,563 2,220,751
20,625
30.276
32,384
15,873
Total American
Including movement by rail to Canada.
foregoing shows the week's net overland movement
this year has been 25,315 bales, against 29,683 bales for
the week last year, and that for the season to date the
7,602,788 6,219,024 5,546,881 5,546,659
Bremen stock
Havre stock
Other Continental stock
American afloat for Europe
U. S. port stock
of
525.000
48,000
89,000
87,000
43,000
381,000
168,000
295,000
742,000
;
Other Continental stock
Indian afloat for Europe
—_
390,000
61,000
38,000
34,000
479,000
44,000
65,000
39,000
57,000
45.000
168,000
275.000
648,000
20.000
39,000
171,000
199,000
614,000
266,000
26.000
73,000
21,000
37,000
53,000
173,000
190,000
417,000
2,035.000 1,566.000 1.820.000 1,256,000
7,602.788 6,219,024 5,546.881 5,546,659
Total visible supply..
9,637,788 7,785,024 7.366.881 6,802,659
Middling uplands, Liverpool
5.19d.
4 89d
6.96d
6.47d.
Middling uplands, New York..._
8.75c.
8.49c.
12.18c.
11.30c.
Egypt, good Sakel, Liverpool
10.17d.
9.53d.
11.38d.
9.46d.
Broach, fine, Liverpool
4.02d.
4.12d.
5.66d.
5.84d.
Peruvian Tanguis, g'd fair, L'pooi
5.89d.
6.09<L
8.06d.
C.P.Oomra No.1 staple. s'fine.Liv
3.99d.
4.27d.
5.67d.
Continental imports for past week have been 102,000 bales.
The above figures for 1938 shows an increase over last
week of 245,344 bales, a
gain of 1,852,764 over 1937, an
of
2,270,907 bales
2,835,129 b^les from 1935.
1936, and an increase of
over
Interior
Towns
In Sight and Spinners'
movement—that
is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks
tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
Week
Aug. 1
200,646
1,845,969
323,319
Net overland to Oct. 21
25,315
Southern consumption to Oct. 21-100,000
134,894
1,340,000
29,683
125,000
3.510,942
122,163
1,405,000
3,320,863
1,321,492
478,002
147,877
5,038,105
1,201,939
OvVvlVO
of
4-L1
165,397
l3Avv90a,iw
Southern
over
Since
mill
takings
consumption to Oct. 1
*113,282
491,358
*
30,759
256,040
Towns
Receipts
Ala., Birm'am
9,759
Season
28,277
Ship¬
Stocks
ments
Week
Oct.
Week
21
802
42,698
Receipts
Season
Stocks
Oct.
Week
22
600
9,760
864
352
6.312
54,366
2,217
86,662
3,018
33,240
1,494
Bales
1936—Oct. 23
1935—Oct. 25
1924—Oct. 26
Since Aug. 1—
3,309
38,453
667
87,559
5,160
62,886
1,508
93,881
4,098
6,963
Ark., Blythev.
14,285
57,202
86,828
Hope
13,053
71,619
28,896
464
60,801
3,840
22,116
1,605
21,608
47.677
2,294
67,976
6,271
46,019
3,796
4,185
City
159,924
3,977
6,063
Forest
Helena
5.460
42,047
3,7201
5,629
38,155
21,476
14,692
766
19,314
10.721
66,849
6,616
38,480
3.479
23,867
2.933
19,447
124,933
14,036
72,637
61,985
53,235
5,096
27,053
19,172
1,343
13,619
6,440
2,193
1,182
30,605
709
48.256
Jonesboro
1,491
14.570
100
36,107
Little
6,577
75,953
,3,591
4,634
26,903
1,233
12.191
81,528
1,793
1,400
Rock
Newport...
Pine Bluff.
Walnut Rge
'
4,970
36,937
1,040
Ga.. Albany.
355
144,098
71.059
28.765
Athens....
2,267
9,627
11,923
950
31,030
930
22,168
750
24,805
Atlanta
3.195
30.678
11,962
44,272
1,686
99,754
5,981
64,015
4,095
1,550
126,999
Augusta
160,176
6.449
94,384
127,592
300
3,400
300
34,500
900
10,600
3,794
1,100
1.313
20,075
806
40,284
2,538
31,607
825
Columbus..
Macon
Rome
...
La., Shrevep't
Miss., Clarksd
'
1924
of the week:
\
Saturaay Monday
Galveston
8.25
8.29
8.46
8.44
8.46
8.31
8.46
8.35
8.70
8.24
8.26
8.26
8.70
8.75
8.50
8.73
8.71
8.75
8.75
8.60
9.02
8.50
9.01
Norfolk
8.75
8.50
Montgomery
Augusta
Memphis
9.00
8.45
8.45
Houston
8.32
8.35
8.32
8 35
8.10
8.10
33,900
35,786
'
for
June
August-
September
October
_.
Tone—
Spot
Steady
Steady
Options
Steady
Steady
97,777
12.662
107,003
8,622
72,956
36,837
19,980
19,843
48.696
2.001
ber,
54.388
150,789
7,925
113,983
the Census announced
669
43,576
4,279
41,841
2,326
31,083
14,572
1,399
7,192
765
5.686
3,930
21,187
17,278
1.196
40,607
966
69,575
1,131
42,155
1,136
1,440
Mo., St. Louis
4,076
33,782
4,150
3,850
6.643
27,956
6,804
1,499
N.C., Gr'boro
175
1,026
76
1,653
18
618
5
1,802
41.407
208,003
15,950
286,789
30,142
2,987
24,704
688,403
1,924
96,574
69,002
4.450
30,174
19,939
1,963
804,706 115.038
610,727
147,554
60,740
495,869
3,164
36,436
Oklahoma—
Tenn., Mem's 138,634
Texas. Abilene
3,000
174,553
79,464
2,433
17,178
2,000
13,145
1,898
709
13,042
660
5,529
200
886
10,672
757
4,895
559
12,032
648
Dallas
1,441
31,830
41,984
5,338
63,179
4.652
1,493
3,283
14.389
Paris
5,394
49,410
1,427
2,198
46.238
6,875
64,804
6,074
19,124
Austin
..
27,506
13,687
200
Robstown..
31
6,440
254
2.532
18
15,645
196
San Marcos.
671
11,860
651
3,457
al37
G6.878
0126
0643
Texarkana.
3.278
21,106
383
4,250
24,354
2,457
Waco
2.712
45,406
3,112
35,760
28,128
1.948
70.163
2,305
14,650
18,207
1,592
Total,56towns 343,783 2262,994 178,386 3275,615 356,385 2386,131 208,508 2051,912
Includes the combined totals of 15 towns In Oklahoma,
above
increased
May
July
157,911
27,107
The
_
7",280
2
totals
a
San Antonio.
show, that the interior stocks have
during the week 165,397 bales and are tonight
Oct. 21
April
19,278
408
8.31
closing quotations
February
March——
61,691
4,642
8.91
8.95
8.62
902
8,60
8.57
8.55
8.31
(1938)
990
18,238
8.50
8.26
8.26
8.47
December.
6,657
26,813
8.11
8.11
8.12
8.66
Jan. (1939)
8,706
1,166
*
Nov
95,390
3,360
8.12
9.06
8.55
8.52
8.52
Friday
15
2.166
Vicksburg..
Brenham
Oct.
11,292
Natchez
15 towns *
Saturday
24,415
15,376
8.37
8.35
8.90
8.65
Friday
leading contracts in the New Orleans cotton market for
week have been as follows:
103,528
74,749
8.45
8.37
8.35
ay
8.46
'8.62
8.41
8.87
the past
800
10,701
"
New Orleans Contract Market—The
5,271
4,950
139,125
S. C., Gr'ville
8.10
4,413
1,718
Yazoo City
8.10
69,053
17,190
2,534
8.45
'
1,595
Columbus..
9.00
on—
We a' 'ay Thurs
Tuesday
8.25
Savannah
.
.
Closing Quotations for Middling Cotton
Week Ended
Oct. 21
7,573
Greenwood.
Jackson...
19,030
Bales
5,439,858
—5,126,371
3,589,112
1936
1935—
657,113
615,890
411.862
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
9,619
49,511
Selma
291,229
Movement into sight in previous years:
Week
29,288
9,552
23,397
8,134
2,048
500
Montgom'y
Eufaula
4,450
Ship¬
ments
Week
5,986", 206
40,569
Decrease.
Fort Worth
Movement to Oct. 22, 1937
*253,838
625,879
4,529,073
North, spinn's's takings to Oct. 21
Little Rock—-i_
Dallas
Movement to Oct. 21,1938
year ago
Since
Aug. 1
Week
Takings
Receipts at ports to Oct. 21
New Orleans
the
a
1937
Mobile
the
over
1938
Excess
•
increase
an
12,731 bales.
325.961
East Indian, Brazil, &c.—
Liverpool stock
Manchester stock—
At
5,518
The
aggregate net overland exhibits
•
481,000
66,000
149,000
189,000
56,000
298,000
Manchester stock
increase
125.385
.
173,000
190.000
417,000
Of the above, totals of American and other
descriptions are as follows:
Total East India, &c
Total American
466
245,581
342,000
3,275,615 2,051.912 2,179,563 2,220,751
20,625
30,276
32,384
15,873
Liverpool stock
Egypt. Brazil. &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Aug. 1
29,001
31,245
6,804
5,550
206
1,032
44,558
77,527
185
53,600
Week
3,827
19,535
196
Via other routes, &c
784,000
1,733,000 1,129,000 1,171,000
38,000
39,000
45.066
298,000 r 446,006
382,000
168,000
171.000
168,000
295,000
199,000
275,000
742,000
614,000
648,000
9,637,788 7.785,024 7.366,881 6,802.659
Bremen stock
Havre stock
2,841
46,271
3,396
18,430
3,000
389,000
356,000
Since
Aug. 1
33,196
37,471
3,067,548 3,110,836 2,465,934 2,607,035
visible supply
7Tl€TtC(Z7l~~~m
Week
.33,800
Stock at Venice and Mestre
Stock at Trieste
-1937-
Since
Shipped—
Activity in the Cotton Spinning Industry for Septem¬
1938—Percentage Basis
on
Changed—The Bureau of
Oct. 20, that, according to pre¬
liminary figures 26,217,258 cotton spinning spindles were
in place in the United States on Sept. 30, 1938 of which
22,188,618 were operated at some time during the month,
compared with 21,915,394 for July, 21,142,408 for June,
21,341,846 for May, 21,772,680 for April, 22,291,046 for
March, and 23,888,686 for September, 1937. The aggregate
number of active spindle hours reported for the month was
6,613,340,779.
Formerly the weighted average hours of
operation for the day shift for all of the mills was used in
computing the monthly percentage of activity.
The Act,
approved June 25, 1938, regulating "wages and hours of
employment" provides for a maximum of 88 hours for a
two-shift week beginning with Oct. 24,1938, and of 80 hours
within two years thereafter. Accordingly, after consultation
with the cotton textile associations the methods of calcu¬
lating the monthly percentage of activity have been changed
to meet the new conditions.
Computed on the basis of 80
hours per week, the cotton spindles in the United States
Financial
2560
operated during September, 1938, at 72.8% capacity.
were
the same basis, with 76.2 for
August 70.2 for July, 60.8 for June, 59.4 for May, 59.5 for
April, 66.6 for March, and 82.3 for September, 1937. The
average number of active spindle hours per spindle in place
for the month was 252. The total number of cotton spinning
spindles in place, the number active, the number of active
spindle hours, and the average-hours per spindle in place,
by States, are shown in the following statement:
This percentage compares, on
on
Oct.
14
by
showed
ing Sept.
Total
26,217,258
United States
Active Dur¬
22,188,618
6,613.340,779
—
Arizona
283
184
States
18,728,300
16,814,794
New England States.
6,687,706
801,072
4,757,384
616,440
147,367,349
All other States......
Maine.
....
Mississippi....-'
New Hampshire.....
492, 078,175
475,796
2,881,362
92, 656,256
992, 290,262
281
627,642
2,422,400
152
54, 622,908
361,252
184
273.560
71, 162,901
1,313, 580,897
200
Virginia
253,104
631,056
Ail other States
735,648
.....
Texas
136,843
11,267
-
7
Virginia...
Oct. 8, 92,-
pound.
261
106 ,688,258
5.369,240
793,402
Tennessee
17.59 cents per grease
569, 727,338
5,995,660
971,576
5,725,688
600,118
North Carolina
South Carolina
160
158,576
355,388
Rhode Island
...
Texas
Corporation announced Oct. 14 that through
306
198, 039,550
New York
....
Oklahoma
South Carolina
Tennessee
Bales
1,503
1,697
26,764
14,334
54,644
330,824
886,410 net grease pounds of wool had been appraised for
aggregating $16,340,086.90.
Of this amount, loans
of $11,840,549.98 have been completed on 65,411,083 pounds
of wool, the remainder being in process.
The loans average
262
1,477,716
580,108
Massachusetts
—
—
loans
1,876,378
...
—
...;—
92,886,410 Pounds of Wool Appraised for Loans of
$16,340,087 Through Oct. 8—The Commodity Credit
175
3,245,918
705,176
3,752,880
209,016
579,544
Alabama..
Connecticut
Georgia..:
New Mexico
North Carolina
......—,—
Spindle in Place
„
5,296,608,234
1,169,365,196
Cotton growing
State—
Bales
70,395
11
..196,575
—...
55,756
38,973
State—
Alabama...
Missouri..
252
which loans have
Figures showing the number of bales on
States are given below:
Mississippi
Average per
In Place
Sept. 30,
The
bales of cotton.
been made by
Georgia
StaU
it through Oct. 13
Corporation and lending
by the
agencies of $43,560,785.81 on 939,593
loans average 8.91 cents per pound.
Louisiana
for September
Spinning Spindles
disbursed
loans
1938
22,
Corporation that
the Commodity Credit
"Advices of Cotton Loans" received by
Arkansas
Spindle Hours
A ctive
Oct.
Chronicle
evening indicate that with the exception
219
181, 557,330
1,928, 316,370
337
548,280
192, 400,920
321
217,528
598,446
566,640
80, 402,747
318
203, 485,084
322
136, 031,783
of the nothwestern
portions of Texas, cotton picking and ginning have made
rapid progress.
Conditions this fall have been unusually
favorable for gathering the cotton crop, with practically
uninterrupted fair warm weather prevailing since early
187
5,416,478
this
by Telegraph—Telegraphic advices to us
Returns
185
Thermometer
Rain
Census
Report
on
in September—Under date of Oct. 14, 193S, the
Census Bureau issued its report showing cotton consumed in
&c.,
on hand, active cotton spindles
and exports of cotton for the month of Sep¬
tember, 1938 and 1937.
Cotton consumed amounted to
534,037 bales of lint and 70,991 bales of linters, compared
with 561,406 bales of lint and 70,218 bales of linters in
August, 1938, and 601,305 bales of lint and 74,167 bales of
linters in September, 1937.
It will be seen that there is a
decrease in September, 1938, when compared with the pre¬
vious year, in the total lint and linters combined of 70,444
bales, or 10.4%,
The following is the statement:
the United States, cotton
and imports
CONSUMED, ON HAND, IMPORTED
SEPTEMBER REPORT OF COTTON
AND
Cotton Consumed
During—
Sept. 30
Cotton
In Con¬
Two
Ended
In Public
suming
Corpus
El
n
Lampasas..
Luling
Nacogdoches
Palestine
930,306 12954 163 16,814,794
802,104 6,817,955 17,694,270
61,673
134,543
73,921
154,550
31,538
49,371
134,186
145,040
51,609
9,876
42,896
8,926
21,851
20.989
1938
6,264
12,951
14.990
645,680
22,910
1,320
29,254
610
728
74,167
3,785
3,140
1,497
1937
46
68
88
42
0.06
90
46
68
92
46
69
88
52
70
>
69
0.12
94
44
0.10
90
46
68
0.12
90
40
65
68
1.78
1.18
92
42
2
88
44
66
4
0.12
86
56
71
4
0.14
86
70
78
Orleans
3
91
60
76
1.54
86
42
64
3
0.44
84
40
62
2
Alabama—Mobile
0.09
U
0.30
0.04
87
59
73
88
40
64
1
Birmingham.
Montgomery...
1
48
68
84
64
74
0.50
86
68
77
1
0.01
84
52
68
1
0.72
90
68
79
2
0.71
87
61
74
1
Tampa
Georgia—Savannah
Atlanta
88
2.06
3
__
0.14
4
Florida—Jacksonville.
0.20
86
44
65
88
54
71
dry
141,209
146,255
-
South Carolina—Charleston._-
1
0.01
82
60
71
North Carolina—Asheville
1
0.16
84
38
61
1
0.20
86
44
65
50
Charlotte.
2,177
263,389
86
58
72
1
Tennessee—Memphis
"Chattanooga.
0.20
0.04
0.25
87
49
70
88
44
66
82
40
61
*
dry
0.46
1
Oct.
21,
1938
Feet
97,189
169,031
68
1
1
Raleigh
Wilmington.
86
Not Included, Above—
j
65
The following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. of the dates given:.
22,901
7,778
70,991
90
0.80
3
Nashville
33,342
11,386
1938
Linters
64
67
0.08
Smith
Fort
616,440
11,101
1937
69
40
40
Little Rock
4,973
11,859
1938
46
88
94
1
Oklahoma—Oklahoma City
Arkansas—Eldorado
4,757,384
5,548,736
10,465
39,105
33,317
1937
Amer.-Egyptian cotton.
92
1
-
Pensacola
4,288
6,145
70
1
(Number)
1937
74
52
dry
Antonio.
Weatherford.
(Bales)
1938
58
88
1
Taylor
(Bales)
15,694
75
90
dry
(Bales)
929,362
1937
60
2
Paris
Miami
15,695
50
90
1
September
1,017,055
1938
orelgn cotton
j
Paso
San
65
94
dry
dry
Christi.-
presses
Included Above—
Other
1.06
62
dry
Augusta
1938
...
88
Kerr vi lie
Active
During
1938 534,037
1937
Egyptian cotton
0.13
-----
Dallas
ments
1937 511,690
All other States-
72
Mean
dry.
dry
dry
Brownsville
Sept. 30
1938 456,669
New England States
70
90
4
Brenham
Spindles
Storage
Establish¬ & at Com¬
1,095,443 1,107,388 13013 410 22,188,618
1937 601,305 1,204,922
986,249 6,880,029 23,888,686
Cotton-growing States..
74
86
0.18
2
Abilene
(Bales)
j
62
Low
38
50
42
dry
Sept.
United States
86
-
2
Austin
Shreveport
Mississippi—Meridian
Vicksburg
*
Cotton on Hand
Months
1.08
Amarillo
hall bales, except foreign, which is in
500-pound bales)
Year
High
Louisiana—New
EXPORTED, AND ACTIVE COTTON SPINDLES
(Cotton In running bales, counting round as
Inches
3
Texas—Gal veston.
Rainfall
Days
Cotton Consumed and on Hand,
53,389
.Above zero of gauge.
New Orleans
.
Oct.
1937
22,
Feet
2.0
1'7*
5.0
Memphis
Peru
-
_
Mexico
42
311
10,304
2,105
7,218
4,029
1,289
361
2
186
43
775
10,631
British India
5,042
28,902
Total
imported
during one month
of gauge.
9.0
9.4
Above zero of gauge.
Above zero of gauge„
1.5
7.9
0.2
the
1.5-
Plantations—The following table
indicates the actual movement each week from the planta¬
figures do not include overland receipts nor.
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which winally reaches the market through the outports.
tions.
The
Southern
ended Aug.
31,
3,279
1938,
amounted to 530
Week
Receipts at Ports
Stocks at Interior Towns-
Receipts from Plantations
End.
equivalent 500-pound bales.
■
im*
zero
13,500
All other
Linters
55
7
....
4.2
Above
Shreveport
Vicksburg
Receipts from
6,280
1,095
-
5,412
China.
8,016
3,345
3,921
Sept. 30
1937
1938
1937
1938
Egypt
End.
2 Mos.
September
Country of Production
Above zero Of gauge.
(Nashville
Imports of Foreign Cotton (500-16. Bales)
1938
1937
1936
1938
1937
1936
1938
1937
1936
■
Exports of Domestic Cotton Excluding Linters
(Running Bales—See Note for Linters)
July
1937,
1938
Sept. 30
1937
43,924
28,601
17,198
3,764
Nil
55.199
28,419 1997.556
39,742 1978.400
848,935 1255,364
53.593
828,147 1206,417
44,437
34,411
Nil
5.
1938
End.
2 Mos.
September
22.
29.
Country to Which Exported
49,379
68,215
38,915 1951,616
811.182 1167.401
22,595
39,236
12.
51,885
94,093
52.891
1933.484
796,150 1144,650
33,753
79,061
76,336
1927.836
788,408 1132,176
806,649 1140,781
67,385 141.468
Aug.
19.
United Kingdom
Germany
35,313
74,399
25,886
36,577
Spain.
Belgium
11,809
20,044
Other Europe
86,373
66,099
Japan..
96,085
24,887
_.
.
France
Italy
207,879
113,741
67,742
88,959
500
59,346
96,232
40,095
255,861
143,326
92,181
62,226
1,615
138,970
16,369
124,712
148,674
28,442
100,267
41,936
'
214
73.033 149,210
26.
78,102 221,570 141,365 1922.216
836,739 1219,831 171.494 330,292 280.892
918,178 1339.682 290.308 361,614 391,307
9. 195,347 309.808 271,456 2044,616
1059.914 1499,275 381.855 480,006 500.408
16. 227 732 347.270 340,815 2198.739
606.163 492.874
23. 236.651 411,538 314,287 2390.140 1245,539 1677.862 428,052
465 081 724.826 500 519
30
221.656 479.801 319,754 2633 565 1490.564 1832,026
2.
144,055 300,222 201.842
214
600
14. 205,107 379,066 370,723
10,124
26,120
13,620
15,979
All othfer
10,270
17,609
20,683
21. 300,646 323,319 378,683
388,658
617,444
589,509
837,859
Total
*.
included above, were 15,323 bales during September
In 1938 and 12,597 bales In 1937; 30,063 bales lor two months ended Sept. 30 In 1938
amd 37,376 bales in 1937.
The distribution lor September, 1938, follows:
United
Kingdom, 5,677; France, 1,785; Germany, 2,103; Italy, 1,064; Netherlands, 16;
Canada, 1,231; Panama, 20; Honduras, 1; Japan, 3,276; South Africa, 150.
Note—Linters exported, not
Cotton
Loans
$43,560,786
on
of
CCC
939,593
Through Oct. 13 Aggregated
Bales—Announcement was made
1949,655
Oct.
600
10,992
-
83.722 239.811 149,970
Sept.
Canada
China
Nil
30.140
63.862
7. 183,369 441,721 330,033
2881,086 1715,693 1980,336 430,890 666,850 478,343
3110,218 1904,035 2098,733 434,23" 596,889 489,120
3275,615 2051,912 2179,563 366,043 471,196 483,163
The above statement shows:
(I) That the total receipts
plantations since Aug. 1, 1938, are 3,166,623 bales;
in 1937 were 4,730,767 bales and in 1936 were 3,835,997
bales.
(2) That, although the receipts at the outports the
past week were 200,646 bales, the actual movement from
plantations was 366,043 bales, stock at interior towns
having increased 165,397 bales during the week.
»,
from the
Volume
Financial
147
World's Supply and
Takings of Cotton—The follow¬
Chronicle
Bales
GALVESTON—To Bremen, Oct. 17, Luebeck, 4,251
To Liverpool Oct. 15,
Lochdon, 761; Oct. 12, West Cobalt,
glance
a
t868•»
the world's supply of cotton for the week and since Aug. 1
seasons from all sources from which statistics
To
the
takings
amounts
or
sight for the like period:
To
To
1938
1937
To
To
Week
Season
Season
Week
To
To
Visible supply Oct. 22
Visible supply Aug. 1
American in sight to Oct. 21—
9.392,444
Bombay receipts to Oct. 20—
Other India ship'ts to Oct. 20Alexandria receipts to Oct. 19
Other supply to Oct. 19 * 6—.
28,000
12,000
76,000
8,000
1938
7,407,145
*
4.339",022
7,858,941
4,529,073
225,000
114,000
300,800
101,000
491*,358
m*
m*
mm
3,629
mm
1,936
ISoZZZIIII
180
584
2,057
597
545
To
5,986,206
112,000
81,000
483,200
90.000
To
625",879
17,000
8,000
86,000
7,000
652
639
1,544
12, Norden.
8,151,024 11,091,428
10,007,802 13,128,814
Visible supply Oct.
9,637,788
—
9,637,788
7,785,024
7.785.024
370,014
233,014
137,000
21
3,491,026
2,390,426
1,100,600
366,000
247,000
3,306,404
2,184,604
1,121,800
Total takings to Oct. 21 a
Of which American
f Of which other
119,000
*
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 1.340,000 bales in 1938 and 1,405,000 bales in 1937—takings
a
not being available—and the aggregate amount taken by Northern and
foreign spinners, 2,151,026 bales in 1938 and 1,901,404 bales in 1937,
of which 1,050,426 bales and 779,604 bales American,
o Estimated/ P ►
+2"
India Cotton Movement from All Ports—The
of Indian cotton at
receipts
Bombay and the snipments from all India
Genoa, Oct. 12, Meanticut, 2,366
Tugela, 200
400
have been
as
1937
1936
-
Since
Receipts—
Week
Bombay
Since
Since
Week
Aug. 1
28,000
917
713
398
1,220
3,065
425
202
2,942
1.102
4
96
1
2,629
763
7,144
49
4,408
1,500
1,438
1,312
■_
To Bergen. Oct. 15, Tabor, 1,500
To Trieste, Oct. 13. Ida, 1,438
To Venice, Oct. 13, Ida, 1,312
To Susak, Oct. 13, Ida, 106
To Oporto, Oct. 20,
Duquesne, 7
BROWNSVILLE—To Naples, Oct. 18, Ida Zoo, 1,040-i^.?^®C>NVILLE—To Liverpool, Oct. 18, Saccarappa, 300-----PENSACOLA—To Liverpool, Oct. 19,jCity of Alma, 64...
ToJManchester, Oct. 19,\City of Alma, 13
MOBILE—To Liverpool Oct. 15,
City of Alma, 1,396-TojManchester,,Ocfc. 15, City of Alma, 1,246
TofGdynia, Oct. 1, Trolleholm, 100
To Sweden, Oct. 1, Trolleholm, 344
SAN FRANCISCO—To Japan,
(?), 350
LOS ANGELES—To Liverpool, Oct.
15, Pacific Pioneer, 176
To Manchester, Oct. 15, Pacific
Pioneer, 800To Havre, Oct. 15, San Jose, 999
To Japan, Oct. 15, Montevideo
Maru, 998; Oct. 17, Takai
Maru, 500; TatutaVMaru, 4,278
To Canada, Oct. 15, Rosebank, 176—
225,000
Week
Aug. 1
17,000
112,000
Aug. 1
11,000
137,000
106
7
1,040
'
For the Week
Since Aug. 1
•x
Exports
Conti¬
Great
Britain
Jap'n&
nent
China
Great
Japan <k
Britain
Total
Contir
nent
China
Total
Bombay—
300
64
13
1,396
1,246
——
-
100
344
350
176
800
4,000
4,000
3,000
•
3,000
34,000
223,000
258,000
48,000
101,000
19,000
6,000
39,000
134,000
153,000
179,000
12,000
7~,666
12,000
—
11,000
4,000
42,000
-
-
990
.
-------
1938
1937
248
-
Oct. 20
from—
474
—
follows:
1938
1,100
3,283
3,664
387
684; Oct. 19. Tugela, 2,599
Gothenburg, Oct. 12, Tabor, 1,715; Oct. 19, Tugela, 1949To China, Oct. 12.
Norden, 387
To Porto Columbia, Oct.
15, Margaret Lykes, 474
To Buena Ventura, Oct.
15, Margaret Lykes, 248
rVUT™™9arta£?na> Oct-15. Margaret Lykes, 713
HOUSTON—To Ghent, Oct. 18, Hyb^t, 398
To Copenhagen. Oct. 18,
Tugela. 520; Oct. 15, Tabor, 700
To Havre, Oct. 18, Hybert, 3,065
To Rotterdam, Oct. 18,
Hybert, 425
To Oslo, Oct. 18, Tugela,
4; Oct. 15, Tabor, 198
To Gdynia, Oct. 18, Tugela, 1,126; Oct.
15, Nicolo Odero, 1,816
To Gothenburg, Oct. 18, Tugela,
822; Oct. 15. Tabor, 280
To Maracaibo, Oct. 13.
Margarte Lykes, 4..
To Puerto Colombia, Oct. 13, Markaret
Lykes, 96.
To Cartagena, Oct. 18, Hybert 1
To Liverpool, Oct. 15, West
Cobalt, 2,629
To Manchester, Oct. 15, West
Cobalt, 763
To Bremen, Oct. 15, Luebeck,
3,536; Oct. 20, Duquesne, 3,608
To Hamburg, Oct.
20, Duquesne, 49
To Genoa, Oct. 15. Meanticut,
3,491; Oct. 14, Nicolo Odero.
To
ports for the week and for the season from Aug. 1 as cabled,
for three years,
11.806
2.351
2,366
Copenhagen","6ct.~i2 ~ Tabor,OOOfOct.l9" Tuigelal l",451111
To Oslo, Oct. 12, Tabor,
200; Oct. 19.
To Bergen, Oct. 19,
Tugela. 1,100
To Gdynia, Oct. 12, Tabor,
-
Total supply
Deduct—
1936
m
-
Cotton Takings,
Weak and Season
•
«*
Louisiane, 250; Hybert, 334
Havre, Oct. 15, Louisiane, 483; Hybert, 1,574
Dunkirk, Oct. 15, Louisiane, 597
Rotterdam, Oct. 15, Hybert, 545
Trieste, Oct. 15. Ida, 652
Venice, Oct. 15, Ida. 639
Susak, Oct. 15, Ida, 1,544
Oct. 14, Kirisima Maru, 4,536; Oct.
To
g„
M.
To Antwerp, Oct.
15, Louisiane,
To Ghent, Oct. 15,
out of
gone
«■
Manchester, Oct. 15. Lochdon, 1,003; Oct. 12. West Cobalt,
for the last two
obtainable; also
4,251
-
ing brief but comprehensive statement indicates at
are
2561
5,776
176
—
Other India1937
3.000
6,000
.
1936
3,000
^
9,000
2,000
2,000
8,000
26,000
5,000
.
72,000
55,000
44,000
52,000
114,000
81,000
96,000
Total all—
Total-..-
,
95,908
Liverpool—Imports, stocks, &c., for past week:
Oct. 211
Oct. 14
Sept. 30 ' Oct. 7
44,000
43,000
41,000
49,000
1,157,000 1,140,000 1,1421000 1,120,000
599,000
681,000
565,000
548,000
43,000
28,000
55,000
22,000
11,000
5,000
4,000
6,000
123,000
137,000
143,000
152,000
34,000
37,000
46,000
56,000
Forwarded
1938
3,000
1937—
6,000
5,000
1936
3,000
14,000
13,000
16,000
103,000
223,000
11,000
103,000
101,000
24,000
7,000
.53,000
30,000
50,000
91,000
134,000
382,000
234,000
275,00)
Total stocks
Of which American.....
Total imports
...
Of which American
Amount afloat
Of which American
___
Alexandria Receipts and
Shipments
The tone of the
'
1938
Alexandria, Egypt,
1937.
1936
Liverpool market for spots and futures
day of the past week and the daily closing prices of
each
Oct. 20
spot cotton have been
as
follows:
Receipts (centars)—
This week
Since Aug.
380,000
1,505,858
1____
450,000
430,000
2,446,155
This
Since
This
Since'
This
Since
Week
Aug. 1
Week
Aug. 1
Week
Aug. 1
20,742
31,242
7t000
21",000
27,455
27,755
134,104
3,981
9,000
To Continent and India. 13,000 128,848
To America--3,225
27,797
26,964
100,473
4,391
Exports (Bales)—
To Liverpool------To Manchester, &c
4,000
6,000
-
Spot
2,593,478
20",600
Saturday
23,000 184,057
28,000 193,295
Tuesday
Moderate
Moderate,
doing.
12:15
demand.
demand.
5.23d.
5.18d.
(
P. M.
5.25d.
Mid.Upl'ds
Futures
St'y;
Market
unch.
2
to
pts.
f
4
Steady;
2
P. M.
1937
'
Middl'g
Twist
to Finest
Upl'ds
d.
July
22—
s.
d.
s.
d.
d.
8X Lbs. Shirt¬
Cotton
32* Cop
ings, Common
Middl'g
Twist
to Finest
Upl'ds
to
d.
8.
9
1 X®
9
4
9
IX®
9
4X
4.99
13X@14X 10
12X@14X 10
9X@10X
9
4«
4.89
12H@14
12-
9
@10
9
3
4.78
19—
9
@10
9
IX® 9
@ 9
@ 9
3
4.78
20-
9
@10
9
@
9
3
4.74
12X@13X 10
12M@13X 10
11X@13X 10
9
@
9
3
4.85
9
@
9
3
4.71
29—
Oct. 15
Sat.
d.
d.
4
to
Steady;
5 to 7 pts.
advance
decline.
Liverpool for each day
Tuet.
Steady at
pts. 3 to 4 pts.
decline.
are
Wed.
given below:
Frl.
Thura.
d.
4.88
•»
•»
*■
d.
d.
4.83
4.84
4.82
-
d.
4.82
d.
4.81
4.85
-
*
«.
~
d.
4.82
-
d.
d.
4.79
4.80
-
d.
4.84
4.78
4.77
-
*.
4.84
4.84
4.81
4.79
4.81
4.76
4.82
4.82
4.83
4.80
4.79
4.80
4.77
4.78
4.76
4.74
4.80
4.81
4.81
4.78
4.77
4.77
4.73
4.74
4.72
4.70
4.77
July
4.80
4.78
4.75
4.74
4.74
4.70
4.70
4.68
4.66
4.73
-1
4.65
October
.
6
s.
@10
d.
d.
4.70
*
4.71
(1940)
January
9
-
4.66
4.72
4.78
4.58
4.62
4.66
*
«.
-
4.63
*
*»
-
-
—
>
-
4.77
4.73
4.64
4.59
4.55
mm*
4.59
4.60
4.63
4.78
4.79
4.60
4.56
...
4.61
6.60
4X@10
7X
6.12
4X@10
3
@10
7X
6.20
6
5.93
3
6
5.78
1X@10
4X
5.63
10
1X@10
4X
6.56
10
1X@10
4X
5.46
10
@10
BREADSTUFFS
Friday Night, Oct. 21,1938.
Flour—Although
9
@
9
3
4.81
@
9
3
4.76
10
1X@10
@10
*X
9
3
5.08
period.
9H
9
@
9
3
4.80
11«@12X
9
10X@10
IX
4.89
consist
8H® 9H
8X@ 9X
9
@
9
3
5.00
11X@12X
9
4.75
of
9
@
9
3
9
@10
10X@10
0
14—
IX
4.82
show
21
8H@
9H
9
@
9
3
IX
4.89
10
5.33
9
5.19
9 10X@10
Shipping News—Shipments in detail:
Bales
NEW ORLEANS—To Guatemala City, Oct. 11, SIxaola, 225
To Bremen, Oct. 15, Kellerwald, 1,332
To Hamburg, Oct. 15, Kellerwald, 1,299To Antwerp, Oct. 15, Boschdijk, 228
225
1,332
1,299
flour
market
is
mill offices agree that the market has run
decidedly
a
Only necessary purchases
into
a
quiet,
Leading
negative
These
Revival
healthy demand is held unlikely until wheat markets
UCv.
5.24
the
prices are reported as holding very steady here.
9H
of
a
occasional
more
definite
cars
to
fill
are
being made.
in empty
spots.
trend.
inst. prices closed unchanged to
3/gc. higher.
The short session today was extremely dull,
though prices held steady within a very narrow range.
Continued unfavorable crop conditions in Australia, dryness
in the domestic Southwest and strength in securities, faiied^to
Wheat—On
the
15th
unusual buying, but did restrict selling.
A frac¬
228
To Rotterdam, Oct. 15, Boschdijk, 557
CORPUS CHRISTI—To Hamburg, Oct. 15, Duquesne, 456
To Bremen, Oct. 15, Duquesne, 3,194
-
2
3
4.83
8H@
50-3,392
To China, Oct. 15, Norden, 178
Steady;
pt.
decline.
4.86
8H® 9H
To Riga, Oct. 15. Duquesne,
To Japan, Oct. 15, Nor den,
7 to 8 pts.
advance
decline.
4.86
8X®
.
decline.
4.83
(1939).
16-
—
5.19d.
Steady at
May.-
30-8—
1
adv. to
pts.
Mon.
4.90
23„
8H@ 9H
8H@ 9X
6
decline.
4.86
11X@13
UH@13
UH@13
11H@13
9—
5.14d.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
Sept.
2—
5.16d.
to
Oct. 21
Aug.
5—
Quiet
demand.
pt. decline.
Q't but st'y St'y;
5 pts. 4 to
December
d.
9X@10H
9X@10X
5.06
Moderate
demand.
March
Cotton
ings, Common
2
to
Prices of futures at
January
"
32s Cop
1
decline.
December
1938
Moderate
Q't but st'y St'y; unch. Q't cut st'y
2 to 3 pts.
to 4 pts.
pts: unch. to 1
decline.
October (1938)—
8J4 Lbs. Shirt¬
Friday
Quiet;
decline.
Market,
were
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for cloth is improving.
We
give prices today below and leave those for previous weeks
of this and last year for comparison:
■
Thursday
29,000 159,625
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Oct. 19
380,000 cantars and the foreign shipments were 23,000 bales.„
1
Wednesday
A fair
(
opened
Total exports
Monday
byslness
Market,
arouse
557
tional upturn of
to He. at Liverpool based largely on the
Australian situation prompted some buying in North Ameri¬
456
3,194
50
-
3.392
-
178
can
any
markets, but little enthusiasm
Chicago Board.
■
Ever since the
was
in evidence
war-scare
on
the
died down there
Financial
2562
an
a
193S
22,
loads for Nov .-Dec.
the United States was confined to a few
creeping lethargy infecting the market, reflecting
public participation and general trade timidity.
The feeling of uncertainty concerning the Government's
planning is playing its part in trade sentiment.
On the
17th inst. prices closed H to Mc. net lower.f Heaviness
prevailed in the wheat market today.
Prospective showers,
likely to end heat and drought in domestic crop territory
Southwest, acted as a bearish influence.
However, the
has been
Oct.
Chronicle
shipment.
absence of
18th inst. prices closed ye. to ye. net lower.
smashing of four-year bottom price records for all de¬
liveries of corn and lard occurred on the Chicago Board of
On the
New
Trade today.
The chief factor responsible for this slump
the large amount of corn, both old and new, available
for movement.
Liberal arrivals of corn, 485 cars at Chicago
was
be suffering more from lack of speculative
disposition apparent to give futures
any aggressive support.
Enormous rural marketings of
wheat in Canada, the largest since 1932, contributed to the
downward price trend, which began at the opening and at
no time met with pronounced rallying power.
Special notice
was taken of an authoritative new estimate indicating 1938
world wheat production 521,520,000 bushels larger than a
year ago.
Only passing attention was given to reports of
hot winds in Australia threatening further serious crop
unsettling effect on other grains and on provi¬
Though large quantities of corn are expected
to be pledged against Government loans, offerings from noncooperators are a decided weight on the market.
Much
notice was taken of estimates that almost 10,000,000 bushels
of 1937 Government loan corn in Iowa alone is not eligible
for loans.
It was predicted this grain would be turned over
to Federal agencies, and that however it might be utilized,
deterioration.
higher.
Corn rose more than a cent, stimulated by demand
from previous speculative sellers and from shipping interests.
Pressure of rural offerings of corn was decidedly less in evi¬
dence than of late, although Chicago receipts continued to
be of liberal volume, 472 cars today.
Corn export business
of 200,000 bushels was noted.
today, had
market appears to
or
sions
export demand and no
prices closed H to He. net lower. Wheat
values went lower with corn, and also was responsive to pro¬
nounced weakness of the Liverpool market, where quotations
dropped 2c. a bushel over night in some cases.
Rains
benefiting crops throughout most of Argentina were largely
responsible for Liverpool declines. There was nothing in
the news or general situation friendly to the upside of the
market.
Serving further as a bearish influence wefe big
receipts at Winnipeg and slowness of export demand, to¬
gether with large sales from France to Great Britain.
On
the 19th inst. prices closed H to Jic. net higher.
Notable
expansion of European demand did much to hoist Chicago
wheat values.
Sharp advances of British Exchange rates
were a factor.
In addition, reports said that despite good
On the 20th
delivery
bushel
Corn
prices here followed receipt of cables saying moisture was
predicted for the parts of Australia that have been suffer¬
ing most severely from excessively dry weather.
The dis¬
patches added that although crop deterioration might be
checked, soaking rains were needed to effect an appreciable
improvement in the Australian crop outlook.
In the later
trading on the Chicago Board the market received
wheat
quite a lift as a result of the vigor and strength
in
the
corn
displayed
market.
% to l%c. higher.
Maximum new
lV8c. a bushej in Chicago wheat values today
resulted largely from trade predictions that Government
aid virtually assured coming higher prices.
It was further
emphasized that Federal help given to United States farm¬
ers on this year's wheat crop would be supplemented by a
radical reduction of acreage next year.
Consequently, with
the Government willing to finance farmers in holding wheat
Today prices closed
bulges
of
this season, a small crop
1938
lc.
a
bushel at
Federal
there
was
noted, whereas soaking general
rains
urgently needed.
Helping Chicago wheat values to
climb were Liverpool quotations coming higher than due
from Australia attracted
notice, and
exports from Argentina were small.
tonight was 115,968,000 bushels.
DAILY CLOSING PRICES
—
CLOSING
PRICES
OF
so,
too, did word that
Open interest in wheat
OF WHEAT IN NEW YORK
Sat.
No. 2~red
DAILY
Decreasing shipments
iy8c. overnight in some cases.
81
Mon.
Tues.
8054
Wed.
WHEAT FUTURES
Sat.
Mon.
Thurs.
80*4
80
Fri.
82%
IN CHICAGO
Wed.
Tues.
81%
—
Thurs.
Fri.
65%
64%
64%
64%
65%
66%.
66*4
65%
December
65%
65%
65%
66%
65%
67%
68%
67%
March
May
July
Season's High and
December
84%
March
73*4
May
July
74*4
69*4
Season's
When Made
June 15,1938 Decemoer
March
July 23. 1938
July 23. 19,->8 May
Sept. 24, 1938 July
DAILY CLOSING PRICES
December
May
-
61*4
62*4
6254
62*4
66
When
Sept.
Sept.
Sept.
Oct.
Made
7, 1938
8, 1938
7. 1938
5. 1938
Tues.
Wed.
Thurs.
Fri.
61
62
60*4
60*4
59%
61
60
61*4
60%
62*4
61*4
64
64%
63
63*4
64
64%
62*4
-
and
OF BONDED WHEAT IN WINNIPEG
Sat. Mon.
October
65
Low
Corn—On the 15th inst. prices closed ye. up to ye. off.
of interest concerning this grain was the report
sales of corn estimated at more than 150,000
bushels, but this had little influence on traders.
On the
17th inst. prices closed ye. to He. net lower.
Notably
favorable'weather prevailed in the corn belt, giving assurance
for the safety of the entire crop.
Corn export business from
The only item
of
export
Fore¬
under
corn
on
the
45,070,000 bushels.
DAILY
CLOSING
PRICES OF CORN IN NEW YORK
Sat.
Mon.
Tues.
Wed.
Thurs.
No. 2 yellow-
6054
DAILY CLOSING PRICES
,
Sat.
March
—
-
Season's
December
High and
63*4
March
56
May
July
60*4
55*4
When
July
July
July
Sept.
Mon.
44*4
46%
47%
49*4
—
May
July—
60*4
60*4
60
OF CORN FUTURES
December
Made
I
13.1938
28, 1938
23. 1938
24. 1938
44%
Tues.
61*4
Fri.
62*4
CHICAGO
IN
Wed.
Thurs.
43%
44%
46
47*4
48%
48
49*4
49%
Fri.
46%
—
47%
49
Season's
49%
Low
December
When
and
Oct.
43%
March
46
Oct.
MayJuly
47*4
48*4
Oct.
Oct.
50
51
Made
18, 1938
15, 1938
18, 1983
18, 1938
Oats—On the 15th inst. prices closed
lower.
This market was extremely dull,
unchanged to He.
though the under¬
tone was steady.
On the 17th inst. prices closed unchanged
to ye. off.
Trading was light and without feature.
On
the 18th inst. prices closed H to ye.net lower.
Heaviness
prevailed in this market as a natural reaction to the bearish
developments in corn and wheat markets.
On the 19th inst.
prices closed M to ^c. net higher.
The firmness of this
grain was largely in sympathy with the firmness of wheat
and corn.
~
.......
On
the
20th
inst.
prices
This market's firmness
was
%
closed
to
y2c.
net
higher.
attributed
largely to the bullish
and corn markets.
Today prices
y8 to %c. net higher.
Trading was light and with¬
influence of strong wheat
closed
out special
DAILY
feature.
CLOSING
PRICES
OF
-
—
Season's High
and
December
28*4
May
July."
28
27*4
CLOSING
When
July
July
Sept.
Tues.
CHICAGO
Wed.
25
24%
24%
2554
25*4
£554
25*4
2554
——
24%
25
Made J
Season's Low and
13. 1938 December—- 23
23,1938 May---2354
26, 1938 July.—
24%
_
PRICES
OF
OATS
Sat.
~
October
-
December
FUTURES TN
Mon.
25
May
July
DAILY
OATS
Sat.
December---
were
and up
loans
program
.
moisture
time during the session.
one
that
current
were
might exceed 200,000,000 bushels in the 12
States designated as commercial.
Today's receipts of corn
in Chicago totaled 465 cars.
Open interest in corn was
next year would tend to make a
strong situation. , Eastern interests were again conspicuous
on the purchase side of wheat futures, and there was also
buying credited to shippers.
Unfavorable reports of crop
conditions in Australia persisted.
Only light scattered
a
against 44%c. in yesterday's closing transaction.
as
rose
casts
yield this
Moderate temporary setbacks of wheat
at one stage to 46%c.
buoyantly
rose
corn
December
strength in corn. This grain was a leader of all the other
grains today.
Today prices closed % to l%c. net higher.
,
frost in Argentina.
of
This
higher.
prices, were given as the factors largely responsible for the
wheat, both from Canada and the United States totaled
700,000 bushels, and in this connection significance was
attached to cables telling of continued deterioration of the
severely impairing Australian prospects.
On the 20th inst. prices closed % to l%c. net higher.
Preceding the bulge in corn prices, indications of relief
from drought in Australia had proved more than an offset,
in the minds of Chicago traders, in fear of damage by
prices closed 1 to l%c.
Scarcity of offerings, together with evidence of persistent
at Washington to find plans to aid agricultural
conditions in Argentina, farmers there were unwilling
sell, and that only moderate supplies were coming forward.
Estimates were current that European overnight buying of
of moisture were
inst.
efforts
to
Persistent hot winds and lack
the potential market for
away
On the 19th inst. prices closed ye. to %e. net
corn.
market bounded forward in brisk fashion today.
crop
in 1937.
reported as
an
well.
the effect would be to take
other
On the 18th inst.
Australian crop.
It was indicated that Australia's
season would be 58,000,000 bushels smaller than
as
-
—
——
May-,.-—
—-
2854
27*4
2854
FUTURES
Mon.
2854
2754
2854
Tues.
28*4
27*4
28*4
Thurs.
25%
26*4
Fri.
25*4
26*4
25*4
When
Made
Aug. 16, 1938
Sept.
6, 1938
Oct.
18, 1938
IN
WINNIPEG
Wed. Thurs.
28*4
28*4
27*4
27*4
2854
2854
Fri.
28*4
2754
29
Rye—On the 15th inst. prices closed ye. higher.
Trad¬
ing was light and without feature.
On the 17th inst. prices
closed y to He.
lower.
Almost the same conditions
prevail in rye as in wheat, there being no appreciable specu¬
lative interest or demand for export.
The feeling of uncer¬
tainty regarding Government plans and the bearish sta¬
tistical position of almost all grains, all combine to restrict
trading and cause a disposition to await further develop¬
ments.
On the 18th inst. prices closed He. net lower.
There was little of interest in this market, the undertone
being easier in sympathy with the heaviness of wheat and
corn.
On the 19th inst. prices closed H to He. net
higher.
With all the other grains advancing, it was only natural
that rye should follow.
Trading, however, was light and
without any special feature.
On the 20th inst. prices closed % to l%c. net higher.
The
strength of wheat and
corn caused considerable speculative
futures, and this with some new demand
lifted rye values substantially higher for the
day.
Today
prices closed % to %c. net higher.
Trading was limited,
though the undertone was firm.
covering in
DAILY
„
rye
CLOSING
PRICES
OF
RYE
Sat.
_
December
-
FUTURES
Mon. Tues.
43*4
42 %
42%
44% ■ 43%
43%
IN
Wed.
CHICAGO
Thurs.
42%
43*4
43%
45
Fri.
43%
45%
Volume 147
Season's High
December
Financial
and
When
56%
53%
May
July
DAILY
Made
I
Season's
Low
and
When
July
July
14, 19381 December
39%
25. 1938 May
41%
| July
PRICES OF RYE FUTURES IN
CLOSING
Sat.
_
,
October.
Mon.
December
Tues.
40%
May
43^
42
Sat.
Mon.
37%
yt
ta.
36%
37%
May
Closing quotations
Tues.
37%
iku
36%
37%
7.1938
7.1938
r
WINNIPEG
Thurs.
41
43
WINNIPEG
IN
Wed.
Thurs.
Fri.
37%
37%
37%
36%
sb
36
ssu
35%
36
35%
36%
37
37
36%
FLOUR
_
Nom.
Coarse
No. 2 white
No. 2 yellow
all rail
36
Rye, No. 2 f.o.b. bond N. Y— 58%
Barley, New York—
47% lbs. malting
55%
Chicago, cash
33-66
62%
„
fc All the statements below regarding the movement of
grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected
by the New York Produce Exchange.
First we give the
receipts at Western lake and river ports
for the week ended last
of the last three
Saturday and since Aug. 1 for each
years:
Receipts at—
Flour
Wheat
Chicago
265,000
444,000
Minneapolis
1,400,000
Duluth
Louis..
545,000
226,000
389,000
419,000
.
163,000
946,000
195,000
405,000
104,000
468.000
653,000
18,000
17,000
115,000
1,000
140,000
1,183,000
151,000
88,000
185,000
Joseph.
152,000
635,000
363,000
25,000
72,000
149,000
33,000
14,000
Wichita
77,000
Chicago
437,000
92,000
9,164,000
2,838,000
2,790,000
2,573,000
2,328,OOC
639,000
547,000
390,000
2,906,000
2,611,000
2,520,000
4,819,000 141,596,000
4,331,000 135,175,000
4,983,000 91.856.000
58.815,000
23,448,000
Same wk *36
Minneapolis
1,033,000
i.
"
afloat-...
....
1936
22,000
129,000
38,000
2,000
"4",066
28~7~666
7,000
120,000
173,000
361,000
108,000
19,000
206,000
763,000
47,000
6,505,000
385",000
1,469,000
177,000
——
Wheat
Corn
Oats
New
Barley
'
Philadelphia
27,000
14,000
Baltimore..
18,000
22,000
6,000
69,000
1,349.000
113,000
2,000
Vo'.ooo
2,102,000
65,000
169,000
Galveston.
Montreal
.
..
Sorel
470.000
Boston
1,122,000
Y.000
34,000
5,000
83,000
294,000
4,418,000
442,000
254,000
*38 11,183,000
96,914,000
83,132,000
5,388^000
William
Ft.
Since
Jan
1
Week 1937.
1
*37
1,105,000
2,947,000 17,434,000
314,000
2,170,000
51,000
173,000
502,000
968,000
11,021,000
68,994,000
27,982,000
4,399,000
4,874,000
6,951,000
Since
Jan
17,000
131,000
Oats
Rye
Bushels
760,000
—L
Barley
Bushels
209,000
712,000
871,000
1,161,000
5,285,000
7,206,000
2,844,000
1,548,000
4,762,000
6,853,000
6,100,000
1,792,000 9,154,000
1,828,000
9,510,000
1,178,000 11,578,000
124,272,000 14,712,000 21,750,000
158,001,000
7,206,000
-
8,307,000 12,754,000
1,792,000
9,154,000
—
67,871,000
Summary—
American
Total Oct. 16,
1938.-282,273,000 14,712,000 28,956,000 10,099,000
21,908,000
1938.—278,261,000 11,521,000 28,737,000
9,907,000 21,308,000
1937.-196,073,000
3,809,000 33,597,000
7,829,000 21,711,000
The world's shipment of wheat and
corn, as furnished by
Broomhall to the New York Produce
Exchange, for the week
ended Oct. 4, and since
July 1, 1938, and July 1, 1937,
Wheat
Week
Exports
Corn
Since
Since
Week
Oct. 14,
1938
July
1938
1937
Bushels
Bushels
Since
1938
Bushels
1,
July 1,
No. Amer.
4,774,000
67.656,000
37,608,000
19,485,000
31,021,000
7,200,000
27,480,000
13,445,000
20,622,000
5,424.000
Oct.
46,860,000
2,184,000
7,520,000
ArgentinaAustralia..
are
following:
411,000
1,707,000
14,
St nee
July 1,
1938
Bushels
507,000
July
Bushds
1,
1937
47,913,000
1,508,000
385,000
14,454,000
31,378,000
2,757,000
63,580,000 116,778,000
5,066",000
808,000
Total—
8,216,000
9,884,000 168,394.000 124,143,000
977,000
6,550,000 118,455.000 151,298.000
No Further Releases to Be Issued
by CCC on Corn
Loans—We have been advised by the
Commodity Credit
Corporation that "as of Oct. 13 the weekly press release
covering
corn pledged to producers' notes on 1937-38 CCC
was discontinued."
The Tast release issued Oct. 7,
covering loans disbursed
through Oct. 6, was given in our issue of Oct. 15, page 2417.
Corn Form A
CCC
Loans on
Wheat
Aggregated $9,209,636 on
15,177,480 Bushels Through Oct. 13—The first report in
-
•
on
8,307,000 12,754,000
8,079,000 11,798,000
6,651,000 10,133.000
Other
56,000
Total wk'38
3,000
486,000
85,000
180,000
Bushels
1938—158,001,000
8,1938.-153,992,000
Total Oct. 16, 1937—
864,000
222,000
19",006
500,000
m.ooo
Corn
Total Oct. 15,
Total Oct.
India
"e'.ooo
189,000
Riv's
1,220~666
Bushels
Bushels
15,415,000
Ft. William &Pt. Arthur
29,617,000
Other Can. & other elev. 112,969,000
countries
48,656
69~, 000
«.
1,764,000
1,693,000
908,000
325,000
Wheal
Canadian—
1,000
27,000
—
6,166,000
2,445,000
210,000
420,000
214,000
240,000
Lake, bay, liver—seab'd
1,000
29,000
"
20,000
2,000
Halifax
Three
ib", 000
6,000
33,000
8,000
*.
Note—Bonded grain not included above:
Oats—On Lakes. 381,000
bushels: total,
381,000 bushels, agst. 393,000 bushels In 1937.
Barley—on Lakes, 972,000
bushels,
total, 972,000 bushels, against 1,052,000 bushels in
1937.
Wheat—New York,
433,000 bushels; New York afloat,
111,000; Buffalo, 1,373,000; Erie,
378,000; on
Lakes, 10,079,000; on Canal, 669,000; Albany,
397,000; total, 13,440,000 bushels,
against 5,395,000 bushels in 1937.
21,000
New Orl'ns*
-
*
3,502,000
2,001,000
6,558,000
Black Sea.
Rye
«.
5,371,000
573,000
2,000
Bushels
Flour
*•
-
-
19,000
1938.-124,272,000 14,712,000 21,750,000
8,1938—124,269,000 11,521,000 21,884,000
1937—128.202,000
3,809,000 27,497,000
Saturday, Oct. 15, 1938, follow:
bbls.mibs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.b&lbs.
bushASlbs.
York.
165,000
219,000
188,000
a. *,
409,006
Total Oct. 15,
Total Oct.
Total receipts of flour and
grain at the seaboard ports for
the week ended
Receipts at—
12,000
331,000
165,000
842,000
33,000
4,424,000
1,299,000
44,396,000 12,866,000 38,289,000
48,771,000 14,883,000 33,274,000
33,326,000 6,333,000 40,742.000
40,209.000
3,000
1,000
18,000
107,000
Total Oct. 16.
shown in the
1938
4,000
'
303,000
195,000
195,000
6,465,000
On Canal..
32,000
Since Aug. 1
4,000
12,000
6,000
isY.coo
1,823,000
12,243,000
17,396,000
Detroit
272,000
8,073,000
6,754,000
5,968,000
485,000
405,000
394,000
Same wk *37
5,000
15,000
34,000
987,000
977,000
319,000
Duluth
2,000
15,000
Bushels
122" 000
13,713,000
1,295,000
"
Total Oct. 15,
Total Oct.
8,
58,000
1,008,000
Barley
Bushels
1,000
1,262,000
afloat
On Lakes
_
Rye
Bushels
-
63,000
241,000
158,000
_
Oats
-
979,000
5,546,000
..*
Indianapolis
Buffalo
»
6,510,000
3,198,000
30,312,000
Canadian
312,000
21,000
Total wk'38
Joseph
Sioux City
St. Louis
in
and
5,848,000
Kansas City......
Omaha
81,000
.
2,953,000
7,497,000
2,273,000
Fort Worth
~
7,000
12,000
507,000
7,000
250,000
748,000
Galveston..
*•
158,000
1,263,000
New Orleans
43~666
2,000
24,000
1,892,000
City.
Buffalo
1937
Baltimore
5,000
24,000
City
24,000
953,000
....
Philadelphia
2,000
498,000
374,000
Omaha
New York
677,000
76,000
stocks
STOCKS
Bushels
-
Barley
3,000
141,000
36,000
.
Kansas
Sioux
4,839,000
468,000
503,000
Peoria
St.
Rye
114,000
114,000
19,000
....
Indianapolis
St.
Oats
1,611,000
Milwaukee.
Toledo
Corn
bbls.mibs bush. 60 lbs. bush. 56 lbs. bush.
32 lbs. bushMlbs. btishASlbs.
comprising the
Corn
Bushels
Milwaukee
Oats, New York—
Corn, New York—
GRAIN
Wheat
United States—
Boston
Peoria
3.25
Fancy pearl.(New) Nos.
1.2-0,3-0,2
4.50 @5.00
GRAIN
Wheat, New York—
No. 2 red, c.l.f., domestic
82%
Manitoba No. 1. f.o.b. N. Y_
75%
supply of grain,
granary at principal points of accumulation at lake
seaboard ports
Saturday, Oct. 15, were as follows:
St.
Spring oats, high protein_4.95@5.15
Rye flour patents
3.55 @3.70
Spring patents
4.50@4.70 Seminola, bbi., Nos. l-3--5.15@5.25
Clears, first spring
3.90@4.25 Oats good
2.45
Hard winter straights
4.30 @4.55 Corn flour.
1.90
Hard winter patents
4.50@4.75 Barley goodsHard winter clears
2563
visible
Wichita.
Hutchinson
follows
were as
The
Fri.
41*4
41%
43%
40%
42%
DAILY CLOSING PRICES OF
BARLEY FUTURES
October
December
Sept.
Sept.
Wed.
39^
40%
41%
Chronicle
Made
Receipts do not include grain passing through New Orleans for
foreign ports
through bills of lading.
The exports from the several seaboard
ports for the week
Saturday, Oct. 15, 1938, are shown in the annexed
ended
statement:
Exports from—
New York..
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushds
Bushds
Bushels
66,000
—
154,000
Albany
59,230
247,000
Philadelphia
186,000
24,000
Baltimore..
with
Galveston
Montreal
Sorel
40,000
48,000
864,000
222,000
470,000
Halifax
2,000
Three Rivers
189,006
3.484,000
1937
500,000
2,983,000
Total week 1938..
34,000
17,000
17,000
188,000
190,000 1,103,000
204,000
752,000
40.000
The destination of these
exports for the week and since
July 1, 1938, is
below:
as
July 1 to—
Oct.
15,
1938
Wheat
Week
Since
July 1,
1938
Oct. 15,
1938
July 1,
Bushds
Bushds
1938
Week
Oct. 15,
1938
Since
July 1,
1938
Kingdom.
27,760
Bands
Bushds
Bushds
610,671
1,879,000
Continent
43,470
196,137
1,595,000
28,319,000
21,366,000
So. & Cent. Amer.
13,500
496,000 23,619,000
4,000 21,729,000
167,500
8,000
111,000
West Indies
25,500
3,000
377,500
2.000
48,939
112,230
131,045
1,421,747
1,501,435
—
Brit. No. Am. Col.
Other countries-
Total 1938
2,000
16,000
3,484,000
49,812,000
2,983,000
36,724,000
21,000
100.000
500,000 45,451,000
17,000
439,000
issued
was
The
on
cor¬
54,579
18,554
44,886
-.1,445,225
Indiana
...
...
Kansas
Kentucky
Michigan—
Minnesota
-
_
Missouri
...
3,178
236,742
11,197
23,955
—1,268,791
...
Montana—
Form, A
Slate—
...
Form B
Bushds
Bushels
New Mexico
North Dakota..
68,122
591,575
372,514
26,237
94,078
1,540,752
112,455
3,619
745,196
22,619
Wisconsin
1,438,934
♦
-
Corn
Since
f
Barrels
«
71,958
...
Weather
Flour
Week
...
•
Illinois
Nebraska
Exports for Week
and Since
Bushels
485
Iowa
19,000
112,230
131,045
FormB
Bushels
Colorado—
169,000
program
-
Idaho
65,000
loan
poration announced that "Advices of Wheat Loans" received
by it through Oct. 13, showed loans disbursed by the
Corpc
ration and held by lending agencies on
15,177,480 bushels
of wheat, aggregating $9,209,636.12,
averaging .6068 cents
per bushel.
Figures showing the number of bushels on which loans
have been made by States are:
>
2,102,000
wheat
Arkansas
10", 000
73,000
160,000
—
the
by the Commodity Credit Corporation.
Form A
56,000
New Orleans
Total 1937.-
14
Stale—
Ft. William
United
Oct.
1,000
400,000
Same week
connection
Wyoming
Ohio...
Oklahoma
71,626
17,056
194,693
Oregon
South Dakota..
Tennessee
364,820
1,663,408
1,409,852
449,593
91,113
Texas
Utah
1,223
1,051,049
654,417
80,607
Washington
...
15,070
722,057
Report for the Week Ended Oct.
12,775
39,207
1,522
141,741
18—The
feneral summary of the weather bulletin influence by the
issued of the
)epartment of Agriculture, indicating the
weather for the week ended Oct. 18, follows:
For the second week in succession the weather of the
United States was
dominated almost entirely by the persistence of an extensive
high-pressure
area over the eastern portion of the
air
mass
movement.
As
country and a general stagnation
of
result, fair weather and abnormally high tem¬
peratures were the rule generally.
There was some local rain,
principally
valleys and the western Lake region, the first part of the
week and in the extreme South on several days, while
fairly extensive
rains occurred from the Rocky Mountains westward and
In the far North¬
west.
Otherwise there was no rain of consequence.
a
in the interior
The weekly mean temperatures were above normal
throughout the entire
country, except in a limited area in the far Northwest.
The greatest
plus
departures occurred in the Interior valleys and In the
Northeast, where
n
ranged from 10 to 15 degrees
the means
Northwest they were
higher than normal.
from 2 to 4 degrees lower
than normal.
In the far
weather was confined to a few localities in the extreme North
and the northwestern and higher western elevations.
The lowest tempera¬
ture recorded was 18 degrees at Yellowstone Park, Wyo., on the morning of
the 18th.
Maximum temperatures were unusually high in the central and
northern portions of the eastern area.
Many stations from the central
Freezing
reported the highest temperatures
Pa., Baltimore, Md.,
and upper Mississippi Valley eastward
of record for so late in the season; Philadelphia,
City, Mo., recorded high readings or 90 degrees, with many
others in the 80's.
At most interior stations the temperature did not go
below 50 degrees at any time during the week, a very unusual occurrence for
and Kansas
tiho scEsofl»
Heavy rains
occurred in the extreme
South, especially In part of the Flor¬
interior
Peninsula, with moderate to fairly heavy rails locally in the
valleys
In the West, especially in the northwestern Plains,
Basin and the northern Rocky Mountain districts, an extensive
ida
the Great
ceived
substantial precipitation.
area re¬
Salt Lake City, Utah; Winnemucca,
Pocatello, Idaho; Yellowstone Park, Wyo.; Helena, Mont., and
Williston, N. Dak., had an inch or more during the week.
In the cotton
belt and central and southern Great Plains there was practically no rain.
The week just closed was again characterized by high temperatures,
abundant sunshine and a general absence of rainfall in practically all
portions of the country east of the Rocky Mountains.
In many parts
this area the ground continues too dry and hard to plow, although in some
sections seeding has been done in dust in anticipation of future rains.
Progress of late fall crops is generally poor, while late sown grains have
1938
Oct.
Financial Chronicle
2564
lowlands and river bottoms, where some in fields.
and other fall crops; unfavorable for late corn which
Unfavorable for pastures, planting and growth of winter
grains, and truck.
Wells, springs, and small streams going dry in west;
all
picked, except in east
Gathering early corn
nearly mature.
stock water scarce.
Tennessee—Nashville:
Corn drying rapidly; harvesting good progress.
picking excellent advance; nearing end in south.
Winter wheat
progressing in some areas; too dry in others: gemination slow;
some resowing necessary; early sown up to good stands.
Tobacco curing
nicely; stripping under way.
Good progress threshing lespedeza, bailing
hay, digging potatoes, and filling silos.
Late crops damaged by drought.
Hauling stock water in large areas.
Cotton
sowing
Warm; light rains.
Kentucky—Louisville:
Threshing soy beans, les¬
Condition of earlv sown
too dry for germination;
Pastures deteriorated; badly
pedeza, and digging sweet potatoes favored.
winter wheat good; seeding continued in south;
some
recently sown sprouting and dying.
Late potatoes slow growth account
dried in west.
corn
Cotton picking unusually
gathered.
dryness.
Considerable
advanced.
Nev.-
of
germinated or are making only
reached about its fourth week of
either not
has now
poor advance.
The drought
duration in many portions of
especially in the Southeast, while approximately five weeks
have been without appreciable rainfall in some north-central sections.
The extremely dry weather is reflected in increased forest fire hazard in
the country,
the Northeast, where some areas have been closed to hunters.
Despite the widespread, dry conditions, some local areas are maintain¬
ing fair to good conditions through some temporary relief
The most notable of these are Louisiana, portions of the Ohio Valley,
and the Panhandle of Texas.
In the areas where there was sufficient
moisture the weather of the past week was extremely favorable for matur¬
by showers.
fall varieties. Out¬
the week in the
agricultural sections of the country, although the lateness of the
in some areas has promoted tne activity of Insect pests which have
ing late crops and excellent advance of early planted
door work progressed practically uninterrupted through
major
season
been troublesome.
An unusually favorable
feature of the week's weather was the adequate
sections from the Rocky Mountains west¬
Southwest.
In this area moderate to heavy precipitation
favprable for fall grain crops, late grass and restoration of stock
rainfall and snowfall over large
ward, except the
was
very
water.
In Montana heavy snows were general east of the Divide and
although they caused some damage to trees, they were of great benefit to
grains, while the ranges in the State are reported in the best
for the past ten years.
Rains were also of material help in the Pacific
Northwest, where wheat seeding was rushed, following the moisture, and
condition
growth of early sown grains has been stimulated.
Small Grains—Sowing small grains is about finished in eastern sec¬
tions, with some early sown up to fair to good stands in those portions of
the Lake region, Ohio Valley and Tennessee and the Northeast where
the moisture situation has been most favorable, but later seedings in large
areas
east of the Mississippi River need rain to germinate.
The soil
is too dry and hard for plowing or seeding in large areas from the central
Plains States eastward, including the States of Minnesota, Wisconsin,
Missouri, Arkansas, mucn of Texas and most of the Southeast.
The ground is also too dry in the northern Great Plains, with early
sown winter wneat and rye making slow growth in the Dakotas and show¬
ing the effect of heat and drought in Nebraska, where progress was poor.
Rain is needed in extreme southern and western Iowa, and all of Kansas,
where early sown winter wheat is suffering and late sown is coming up to
thin and spotted stands.
Progress and condition of winter wheat are
poor in Oklahoma with much yet to plant.
In the Texas Panhandle the
ground is in the best condition of ten years, and germination was rapid,
but about 40% of winter wheat is unsown in that area.
In more western districts the week was largely favorable; helpful pre¬
cipitation was reported in New Mexico, Utah and most of the Northwest,
but more rain is needed in portions of Colorado and Washington.
weather was unusually favorable for picking and husking
throughout tne entire belt, with abundant sunshine and high tem¬
Corn—The
corn
fields in
peratures promoting rapid drying.
Considerable is still in the
some localities, but mechanical gathering is making excellent progress in
the western Ohio Valley.
Husking advanced rapidly in Iowa, although
the continuation of mild fall weather has been detrimental in maintain¬
ing growtn in
stalks, thus making the ears too moist to crib safely and a
Hand husking was retarded on account of the
good freeze is needed.
heat, while mosquitoes were
troublesome on lowlands.
belt
Cotton—The generally fair, warm weather throughout the cotton
favorable for picking and ginning.
Rapid progress of this
was
made and it has been largely completed in the more southern portions of
work
was
the belt, with
only small amounts remaining.
The only extensive gather¬
be done is in the extreme northeastern, northern and
of the belt.
Conditions this fall have been un¬
usually favorable for gathering the cotton crop, with practically uninter¬
rupted fair, warm weather prevailing since early in September.
ing remaining to
northwestern
The
portions
Weather Bureau furnished the
following resume of
conditions in the different States:
Carolina—Raleigh:
Crops maturing rapidly.
Fine weather for
harvesting corn, sweet potatoes, and peanuts.
Cotton picking excellent
progress.
Too dry in west for fall truck and seeding small grains; fair
progress in east, but rain needed generally.
South Carolina—Columbia:
Dry and warm.
Favorable for finishing
cotton picking, except some still opening in extreme north; ginning good
advance.
Soil to dry and hard for fall plowing, general small grain sowing
North
and germination, truck, pastures,
Moisture lack acute in northwest.
and gardens, except on coastal plain.
Harvesting all crops nearly done.
Warm; heavy rains, except light in northwest.
Cotton season over, but still some sea island to be picked.
Harvesting
sweet potatoes.
Truck damaged locaUy by heavy rain, but mostly doing
well.
Citrus maturing and coloring.
Florida—Jacksonville:
Y Alabama—Montgomery:
Warm; practically no rain.
Cotton picking
about finished.
Harvesting corn continues; dryness favorable for this
and other crop-saving activity.
Land too dry for plowing.
Fall planting
of grains and legumes abnormally delayed.
Cattle deteriorating account
poor pasturage.
Mississippi—Vicksburg:
Generally warm and dry, except light rains
wo6t at close.
Progress of cotton picking good; about done, except
appreciable amount unhoused in north delta; ginning good progress.
Housing corn mostly fair advance.
Excellent progress harvesting miscel¬
laneous corps.
Rain needed for pastures, plowing, seeding and germi¬
►
in
nation.
light
ginning cotton; picking
about done, except scrapping.
Excellent progress gathering corn, threshing
rice, digging sweet potatoes, and planting oats and. legumes.
Corn harvest
near end.
Cane harvest well under way.
Rains helpful, but more needed
Louisiana—New Orleans:
Warm, dry week,
rains at close.
Excellent progress picking and
for fall crops, pastimes,
except for general
in east third, and
ginning rapid progress; nearing end, except in northwest where condition
of early planted still fair to good and late planted poor to only fair.
Truck
ranges
deteriorated most sections; need rain badly.
Cattle
rice in good condition for storage.
good.
Rice harvest rapid progress;
"
Oklahoma—Oklahoma City:
Hot; practically no rain.
Cotton picking
excellent advance and nearly done; much ginning done.
Progress and
condition of winter wheat poor; some plants dying; some sown in dust;
considerable yet to plant.
Pastures poor; many burned.
Livestock fair;
stock water scarce in many areas.
Abundant rain needed in practically
entire State.
HrArkansas—Little Rock:
Progress of cotton
bolls open, due light rains, abundant sunshine,
excellent; practically all
and low humidity; about
TRADE
'j$ew York, Friday Night, Oct. 21,
1938.f^
temperatures continued to exert a
on retail business, notwithstanding the fact
that industrial activities, notably in the automotive indus¬
tries, gave definite indications of a pronounced expansion,
with several large companies announcing the reinstatement
of thousands of workers.
Apparel lines again made a par¬
ticularly disappointing showing, while the home furnishing
division fared somewhat better, reflecting in part the con¬
Unseasonally
retarding effect
warm
tinued upturn in building activities.
Department store sales
week ended Oct. 8, according to
Reserve Board, were 8% below the
corresponding week of 1937. New York and Brooklyn
stores averaged losses in the sales volume amounting to
7.2%, while in Newark establishments the decrease in sales
was as high as 10.3 %.
Trading in the wholesale dry goods markets, following the
arrival of large numbers of buyers, turned slightly more
active, although the total volume of sales remained far below
expectations, reflecting the depressed condition of retail
trade owing to adverse weather conditions.
A steady de¬
mand existed for wash goods, and fair-sized orders continued
to be received on sheets and pillowcases.
While the general
price level held steady, quotations for denims were reduced
from 10^c. to 10c. a yara.
Business in silk goods improved
moderately and prices ruled firm, with slight advances being
paid on popular numbers.
Trading in rayon yarns continued
quiet, although shipments again exceeded current output,
with the result that surplus stocks in producers' hands are
believed to have receded further/J|
the country over for the
the survey of the Federal
Domestic
Cotton
outside influences
Goods—Trading in the gray cloths
inactive, notwithstanding the fact that
markets remained
were
of
a
predominantly favorable nature,
rally in raw cotton values, the steadiness
of the security markets, and the rising hopes of a general
improvement in industrial activities based in part on the
contemplated huge armament program.
Retarding factors
were the abnormally warm weather prevailing in many sec¬
tions of the country and the resulting low state of retail
business.
However, with the statistical position of the mills
believed to be thoroughly sound, and with many converters
possessed of none too ample supplies of goods, an early change
for the better is confidently anticipated, should more season¬
able temperatures make their appearance, and the movement
of finished goods undergo an .improvement.
Business in
fine goods remained spotty although increased inquiries
pointed to an early improvement in the volume of sales.
A
fairly good call continued for voiles and a good volume o
such
as
the further
business
was
done in
pigmented
as
well
as
in faille taffetasf
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«;
38K-inch 64-60's, 43^c.; 3834-inch 60-48's, 3J4 to 4c.
Goods—Trading in men's wear fabrics expanded
as clothing manufacturers entered the market
for all types of goods, notably tropical worsteds, gabar¬
dines and other lightweight materials.
Premiums were
again being paid on a number of wanted fabrics, due to the
increasing shortage in these goods.
A continued active
demand existed for coverts, with some mills having a suf¬
ficient backlog of orders on this material to maintain full
operations during the remainder of the year.
A feature of
the week was the advance of 5c. a yard on gabardines, serges
and fancies announced by a large producer.
Reports from
retail clothing centers gave a poor account, chiefly due to
adverse weather conditions, with predictions that this year's
Woolen
moderately
carry-over
of top coats will be the heaviest in a long period.
wear goods continued quiet pending the
Business in women's
opening of the new spring lines scheduled to take place late
this month or early in November.
With garment manufac¬
turers having covered the bulk of their fall and winter needs,
little
and germination.
Above-normal warmth; rain, locally heavy on coast,
light rains in Panhandle; but dry elsewhere.
Rain in
Panhandle last week beneficial for germination or early seeded winter
wheat and put soil in best condition in last 10 years; about 40% of winter
wheat yet to be sown in that area and this work progressing rapidly;
elsewhere soil too dry and farmers awaiting rain..
Cotton picking and
► Texas—Houston:
and
THE DRY GOODS
for new purchases developed, particularly
disappointing flow of apparel goods in consum¬
incentive
in view of the
ing channels.
Goods—Trading in linens was quiet with
routine spot lots of goods to be used
for the cruise season or the holiday trade.
With negotiations
concerning an American-British trade agreement now nearing
their climax, first hands feel more than ever inclined to
wait for definite developments.
Business in burlap con¬
tinued negligible, although prices held fairly steady reflect¬
ing the somewhat better tone of the Calcutta market.
Domestically lightweights were quoted at 3.80c., heavies at
Foreign Dry
transactions confined, to
5.05c.
Volume
147
Financial
Chronicle
2565
States returning the
highest percentages of their fmotor
vehicle license
fees to local
governments were;
Colorado,
Nebraska, North Dakota, and
South Dakota.
All of these States
shared
approximately half of their
receipts from these taxes.
Specialists in
In the States
4)
Illinois & M
appropriating gasoline or motor vehicle tax
receipts to city
governments only a few
municipalities benefited,
For example, several
according to the survey.
States shared these tax
revenues with
only one
Bonds
issouri
city.
Homestead Exemption Laws
Adopted by 15 States—Fifteen
States have provided for
homestead tax
exemption either by
constitutional amendment,
by statute, or both.
The ex¬
emption is in operation in 13 of these
States.
North Caro¬
lina and Utah have not
adopted legislation to put the Con¬
stitutional amendments into
operation.
The 1937 North
Carolina Legislature
rejected a $300 exemption
STIFEL, NICOLAUS &. CO., Inc.
105 W. Adams St.
DIRECT
CHICAGO
WIRE
314 N. Broadway
ST.
LOUIS
proposal
to study
possible
legislative proposal
and appointed a
legislative committee
legislation.
The Governor vetoed the
in Utah.
News Items
Size of
Exemption
The size of the
homestead exemption varies
all the way from
$500 in
to $5,000 in Florida.
Two States,
Minnesota and West
do not give a
Virginia,
Wyoming
City Managers Adopt New Code of Ethics—-Adoption
of
a
revised code of ethics for heads of the 457 council-man¬
cities throughout the country was announced on Oct. 18
by the International City Managers' Association.
The new
code, recently approved at a national conference of the
managers, supersedes the original rules of professional con¬
duct established for city managers in 1924.
ager
Emphasizing that the city manager "is in no sense a political leader,"
the code points out It is the duty of the manager "to
provide the council
with information and advice without
encouraging passive acceptance of
his recommendations."
It also states that the council, as the elected representative of the
people,
"is entitled to the credit for the fulfillment of
municipal policies."
Under
the code the council would also defend policies which
may be criticized.
"The city manager, in order to preserve his
integrity
administrator, resists
on
the exercise of his
any encroachment on his control of
own
a professional
personnel, insists
as
judgment in accomplishing council policies, and
deals frankly with the council as a unit rather than
secretly with its indi¬
vidual members," the code states.
In his control of city personnel, it declares that the
manager handles all
basis of merit.
"Political, religious and racial considerations
weight in appointment, salary increases, promotions and disci¬
pline in the municipal service."
The code provides that no city manager may seek or
accept a position
unless he is fully in accord with the principles of
council-manager govern¬
ment and unless he is confident that he is qualified to serve under these
principles as a city manager to the advantage Of the community.
It de¬
clares that "the city manager keeps the community informed on
municipal
affairs but keeps himself in the background by emphasizing the
importance
questions
carry
specified exemption but give
homesteads a preference over
Minnesota assesses its
homestead property at less than
The first $4,000 in value in
all homesteads is
assessed at
25% of its full value if platted or
urban, while non-homestead
the same areas is
property in
assessed at 40% of its full value.
The first $4,000 of
Minnesota homesteads in rural
areas is
assessed at 20% of full
non-homestead rural property at 33
value,
1-3%.
NfcWest Virginia has a
special tax limitation of
1% on homesteads, while the
limitation on homestead rural
property is 1H % and 2 % on
non-homestead
property within a
other
property.
other property.
municipality.
f*f In
Governments Affected
eight States the State aod all local
units of
homestead exemption provision:
.
government must
obey the
Florida, Iow^,, North Carolina, Okla¬
homa, Utah, Wyoming, Minnesota and
West Virginia.
Two
States apply the
exemption to only some units of
government.
The
Georgia exemption applies to
State, county and school
districts.
Georgia
municipalities may levy a property tax on
homesteads.
In Louisiana the
State, the parishes, special.districts and
the City of New
Orleans must not
levy taxes on homesteads.
Other Louisiana cities
may tax homesteads.
In five States
homesteads are exempt from
State levies
only: Alabama,
Arkansas, Mississippi, South Dakota and
Texas.
HbThe Mississippi Legislature
is now
considering a proposal to exempt all
homesteads from
property taxation.
on a
no
of the facts."
New
York
State—Federal
Expenditures Over Five-Year
Period Aggregate More Than
$3,000,900,000—Federal ex¬
penditures in the State amounted to $3,075,231,570 during
the five-year period March 4, 1933 through June 30, 1938,
according to a statement released by II. Ferris White, State
Director for the National Emergency Council for New York.
This total includes both loans and grants made by more
than 20 Federal agencies.
•
.
The loans have been made to business and industry, farmers, home owner8
Bond
Proposals and Negotiations
ALABAMA
ANNISTON, Ala.—BOND SALE—The
$100,000
issue of coupon im¬
Oct. 13—V. 147, p.
2273—was awarded
and Steiner Bros, of
Birmingham,
jointly, as 4s, at a price of 99.65, a basis of about
4.07%.
Dated Oct. 1,
1938.
Due $10,000 from Oct".
1, 1939 to 1948, incl.
*
The other bids at this
public auction were as follows:
provement bonds offered for sale
to J. Mills Thornton of
on
Montgomery,
Namps of Other Bidders—
.
,
'
Miliums Gaines & Mayes
TROY, Ala.—OTHER BIDS—-We are now
informed by Mayor Seth
Copeland that the following bids (all for
4s), were also received for the
$257,000 coupon refunding bonds that were
awarded on Oct. 12 to Marx &
Co., and Watkins, Morrow &
Co., both in
and flood
Birmingham,
detail in our issue of Oct.
15—V. 147, p. 2422:
Names of Other Bidders—
security payments to the aged, blind and dependent children.'
Equitable Securities Corp
King, Mohr & Co
or catastrophe sufferers.
The grants have been made for relief
and work relief, aid to farmers, public workers, conservation work and social
Total loans disbursed follow:
Farm Security
$465,625,139
62,252,586
2,630,143
130,938,543
410,024,089
*
Administration
Public Works Administration.
L
Home Owners' Loan Corporation
Disaster Loan Corporation
Federal Reserve Board (business
Total
200
„
loans)
28,758,034
_
—
$1,100,228,734
-
Grants or expenditures total:
Agricultural Adjustment Administration
Farm Security Administration
.
Civil Works Administration
Federal
-
Emergency Relief Administration
Civil Conservation Corps
Bureau of Public Roads
—
—(.
Public Works Administration.
-
Total......
Acts of 1935, 1936 & 1937
these loans
ALASKA
$48,400 terminal facilities.
65,800 street grading and paving.
5,000 sidewalk grading and
paving.
19,200 sewer installation.
3,000 right-of-way purchase.
The bonds will be dated Oct.
1,
and
expenditures
the
Federal
Market» in all Municipal Itauet
Government,
States—Report on Motor Vehicle and Gasoline
by States—With State gasoline and motor
totaling more than one billion dollars in
1937, States now share about $186,000,000 of this revenue
with local governments, a survey by the American Municipal
REFSNES, ELY,
BECK & CO.
PHOENIX, ARIZONA
Shared
Association showed
on
Oct. 21.
The survey points out that
high percentage of cars is owned by urban residents, that
about 93% of the traffic on city streets is comprised of urbana
cars.
ARIZONA
The gasoline tax, which last year
yielded
more
than $700,000,000,
more
of all State tax: revenue, is shared in 25 States.
Local govern¬
ment#, mainly counties, received approximately $142,000,000, and from
this amount cities in 16 States obtained appropriations directly from their
gasoline tax funds totaling more than $34,000,000.
Although only 11 States shared the proceeds of motor vehicle license taxes
with local governments, approximately the same proportion of this money
was distributed to localities last year, the survey shows.
From a total of
about $313,000,000 collected for license fees, the localities of the 11 States
received some $43,000,000.
This appropriation to local governments in¬
cluded about $15,000,000 made directly to cities.
Alabama, Illinois, Indiana and Ohio shared the largest proportion of their
gasoline tax revenues by returning approximately one-half of these State
tax receipts to local governments,
The figures show that Alabama col¬
lected $13,000,000 and shared $6,000,000 in 1937, while Illinois collected
$37,000,000 and shared $18,000,000 with the local governments.
Indiana
collected $23,000,000 and shared $12,000,000, and Ohio collected $44,000,000 and shared $25,000,000.
COCONINO COUNTY SCHOOL DISTRICT
NO. 2 (P. O. William.),
Ariz.—BOND SALE—The $54,000 issue of school bonds
offered for sale on
Oct. 17—V. 147, p. 2422—was awarded to
Sidlo, Simons, Roberts & Co.
of Denver as 3^s, paying a price of
101.864, a basis of about 3.28%.
Dated Nov. 1, 1938.
Due from Nov. 1, 1946 to 1951.
GLENDALE UNION HIGH SCHOOL
DISTRICT (P. O. Phoenix)
Ariz.—BOND SALE—The $60,000 issue of school
bonds offered for sale on
19—V. 147, p. 2273—was awarded to
Dahlberg, Durand & Co., of
Tucson, Peters, Writer & Christensen, and Brown,
Schlessman, Owen &
Co., both of Denver, Jointly, as 3M». paying a premium of
$81.00, equal to
100.135, a basis of about 3.73%.
Dated Oct. 1, 1938.
Due $5,000 from
Oct. 1,1941 to 1952 incl.
Oct.
than 25%
*
*-
^-$1,751,244,645
-
vehicle license taxes
State
■
1938.
ARIZONA BONDS
41,286,565
United
owned
Bank, Troy
--$3,800
3,600
3,200
2,300
JUNEAU, Alaska—BONDS
through the Federal Housing Administration, has insured modernization and
improvement notes, and accepted mortgages for insurance, in the amount,
of $223,758,191 during this period.
Taxes
& M. National
in
Prem.
VOTED—Mayor H.1I. Lucas reports that
the following 4% bonds
aggregating $141,400 were approved
by the voters
on Sept. 20 and will be sold
upon receipt of a Publib Works
Administration
grant:
40,707,090
29,671,675
*
-
to
$16,348,884
3,011,710
79,476,366
411,586,244
85,178,854
72,791,780
Troy Bank & Trust Co. and First F.
24,399,932
795,480,020
-
Social Security Act
Public Buildings (Treasury Dept.).
addition
reported
151,305,525
United States Housing Authority.
Works Progress Administration
Other expenditures from the Relief
In
as
Steiner Bros
Reconstruction Finance Corporation
Farm Credit Administration—
.
Price Bid
0.9964
0.9961
-0.9955
,
Watkins Morrow & Co
Ward Sterne & Co—
_
5PHDENIX
UNION
Ariz.—BONDS
HIGH SCHOOL
OFFERED
FOR
DISTRICT
(P.
INVESTMENT—The
_
O. Phoenix),
$920,000
semi-ann. school bonds awarded on Oct. 10 to a
group headed by
Refsnes, Ely, Beck & Co. of Phoenix, as reported in detail here on Oct. 15—
147, p. 2422—were reoffered by the successful bidders for
general sub¬
scription at prices to yield from 2.00% to 3.40%,
according to maturity.
D/ue from Oct. 1, 1941 to 1958 incl.
coupon
V.
YAVAPAI COUNTY SCHOOL DISTRICT NO. 1
(P. O.
Ariz.—CORRECTION—We are now informed that the
$220,000
Pre.cott)
4% seml-
building bonds offered by Boettcher <fc Co. of Denver for
public sub¬
scription, as noted here on Oct. 8—V. 147, p. 2273—were purchased
origin¬
ally by Refsnes, Ely, Beck & Oo. of Phoenix, at par.
Dated July 1, 1938.
Due from July 1, 1939 to 1954; optional on July 1,1951.
ann.
with its deficit to
ARKANSAS
ARKANSAS, State of—TENDERS ACCEPTED ON HIGHWAY
ryFBT
We are informed that the State Refunding Board on tenders
received
to Oct. 13 purchased $667,598.51 par value of highway debt
SXnsat $601.839 05 for a gross saving of $74,759.46;. Tenders received
by the board totaled $2,092,312.25. Purchases summarized as to descriptl°HUrhwayRefunding bonds, series A, tenders, $1,137,000, purchased
$396,W) at $370,240.37. Top price, 5.38916. Series B, tenders $86,719.99,
^"to!f b^dge refubonds! series A, tenders, $25,000, purchased $9,000
$6 51
Series B, tenders, $10,565.55, none purchased.
n«Vails Bluff Bridge refunding bonds, none tendered.
Road district
refunding bonds, series A, tenders, $793,000, purchaser $235,500 at $194,104.2( : top price, 83.
Series B, tenders $22,645.46. purchased $13,968.36
"SSSi If?rSebt^dne2); tender,. $24,715.05. purchased $11715.05
725 95
Top price, 92.50 funding notes of contractors, tenders,
Il2.667.20, purchased $9,867.20 at $9,846.74 Top price, 99.84, ■
ARKANSAS. State of—BOND SALE—The $250,000 issue of 4%
semi-annual school bonds offered for sale on Oct. 14-V. 147, p. 2117purchased at par by T. J. Raney & Sons, and Walton, Sullivan & Co.,
both of Little Rock, jointly.
Dated Oct. 1. 1938. Due from March 1,
to
property owned by the State amounts
tion of property in the State is
$1,606,903.
(Official notice of the
census,
un
above offering appears on page
ii).
BONDS
FLORIDA
Clyde C. Pierce Corporation
National Bank Building
at
At
in accord¬
Value of
$53,347,973.36. Assessed valua¬
$3,045,227,828 and the population, 1930
Dec. 1, 1938, will be funded by this bond issue
of the act authorizing issuance of the bonds.
with the terms
ance
1938
Oct. 22.
Chronicle
Financial
2566
Barnett
FLORIDA
JACKSONVILLE
Branch Offica: TAMPA
First
National Bank
Building
T. S. Pierce. Resident Manager
kin
FLORIDA
1958.
1940 to
DEN
r AM
Nov
noonon
Ark.—BOND OFFERING—Sealed bids
1, by the City Clerk, for the purchase
-
will be received until
of a $16,000 issue of
department bonds. Denoms. $1,000 and $1,500.
1, 1938.
Due from 1942 to 19o3. Legal approval by Rose,
Hemingway, Cantreil & Loughborough of Little Rock.
semi-annual fire
coupon
Dated Nov.
SPRINGS
HOT
SCHOOL DISTRICT (P. O. Hot Springs), Ark.—
issue of 4% semi-annual building bonds is re¬
SOLD—A $40,000
BONDS
& Sons of Little Rock at a
OFFERING— It is stated by J. E. Lightle Jr..
Attorney, that he will receive sealed bids until 2 P. m. on Oct. 28, for
the purchase of a $12,000 Issue of 5% coupon city hall and fire station
bonds.
Dated Nov. 1, 1938. Due from Jan 1, 1942 to 1948; optional on
interest payment date. Prin. and Int. (J-J) payable m Searcy. At an
election held on Oct. 1 the voters approved the issuance of tnese bonds.
ported to have
been
Town Clerk
recreation hall, fire
Public Works Adminis¬
to mature in 1963.
HALIFAX HOSPITAL DISTRICT (P. O. Daytona Beach) Fla.—
BOND TENDERS INVITED—It is reported by David L. Black. Secretary
of the Board of Commissioners, that he will open and consider sealed offer¬
ings on Nov. 10, at 8 p. m., of a total of $5,000 Halifax Hospital District
refunding bonds of 1936, dated April 1, 1936.
The offerings must be firm
for at least 10 days in order to be considered. A certified check for 10% of
DE SOTO,
was
that the $8,800 4% semi-ann. municipal building,
department and street bonds to be taken up by the
tration, as noted here on Oct. 8—V. 147, p. 2274—are
the purchase of the
gregating $75,000:
for
CALIFORNIA
Calif.—BOND SALE
the $197,500 coupon municipal
American Trust Co. of San Francisco, as
2422—were sold for a premium of $22, equal to
following two
„
Tax
1,
Nov.
accompany the bid.
25,000 Special Tax School District No. 5
1941 to 1965, incl.
A certified
Interest
V
the
is
rate
Nov.
to
not
the
ANGELES
SALE—The
BOND
COUNTY (P. O. Los
$400,000 issue of
furnished to purchasers.
Securityof $6,269,
1938. Due from
1961.
COUNTY
Ana) Calif.—SCHOOL BOND
Union High School District bonds
ORANGE
(P. O. Santa
SALE—The $45,000 issue of Capistrano
offered for sale on Oct. 11—V. 147, p. 2118—was
Inc. of San
Due from
awarded to Blyth & Co.,
Francisco, according to the County Clerk. Dated Nov. 1,1938,
1939 to 1958.
SACRAMENTO
COUNTY
(P.
O. Sacramento),
Calif.—NOTES
$450,000 tax anticipation notes were offered for
awarded to the American Trust Co. of San Fran¬
cisco, at a rate of 0.50%, plus a premium of $23.
Dated Oct. 21, 1938.-—
Due in two months from date of issue.
SACRAMENTO COUNTY (P. O. Sacramento), Calif.—SCHOOL
SOLD—it is stated that
sale on Oct. 17 and were
BONDS NOT
semi-ann.
SOLD—We are
Del Paso
informed that the $5,500 not to
exceed 5%
Heights School District bonds offered on Oct. 17—
sold as no bids were received. Dated Oct. 1,
1, 1940 to 1950, inclusive.
2422—were not
Due $500 from Oct.
147, p.
1938.
SAN DIEGO,
Fred W. Dick,
sanitary sewer
Calif.—RFC PROJECT
Deputy City
system^ to be
ABANDONED—It is stated by
Clerk, that the proposition of constructing a
financed by a loan of $1,100,000, authorized
abandoned.
SAN FRANCISCO (City and County), Calif.—NOTE OFFERING—
It is reported that sealed bids will be received until 3 p. m. on Oct. 24, by
David A. Barry, Clerk of the Board of Supervisors, for the purchase of an
by the
Reconstruction Finance
issue of
Dec.
Corporation, has been
$1,000,000 tax anticipation notes.
Dated Oct. 25, 1938. Due on
<
21, 1938..
(P. O. San Luis Obispo), Calif.—
stated by the County Clerk that the
sale of the $110,000 4% semi-ann. court house bonds, originally scheduled
for Oct. 17—V. 147, p. 2422—was continued for one week.
Dated Jan. 1,
1939.
Due on Jan. 1 in 1941 to 1943
LUIS OBISPO COUNTY
BOND SALE CONTINUED—It is
SAN
COLORADO
SCHOOL DISTRICT NO. 2
on
as
CONNECTICUT
CONNECTICUT (State of)—BOND OFFERING—Guy B. Holt, State
Treasurer, will receive sealed bids until noon on Nov. 21 for the purchase
of $25,000,000 funding and building bonds.
Dated Dec. 1,
1938. Due
of interest
single
(J-D)
the bonds is
required.
furnished the
previously reported in
$1,250,000 on Dec. 1 from 1939 to 1958, incl.
Rate or rates
to be expressed in multiples of Mth of 1%.
Bidder may name a
rate or not more than two rates on the issue.
Principal and interest
payable in Hartford, in which city delivery and payment for
to be made.
A certified check for 2% of the bonds bid for is
Legal opinion of the Attorney General of the State will be
successful bidder.
(The State's
these
intention to sell the above
loan was
columns.)
Financial Statement
bonds or temporary loans outstanding but has
general funds as of June 30, 1938 of $12,172,564.41 which,
The State has no
n
its
sealed
Crowell, Village
bonds. Interest rate
Nov. 1,
check for 5% of
,
Clerk
17 and were
price of
LEWISTON, Idaho—BONDS SOLD—It is stated by the City
fire department bonds were offered for sale on Oct.
awarded to Arthur E. Nelson & Co. of Spokane as l^s, paying a
that $21,000
100.009.
ONEIDA COUNTY (P. O. Malad), Idaho—BOND OFFERING—It is
reported that sealed bids will be received until 10 a. m. on Oct.
Jones Jr., Clerk of the Board of County Commissioners, for the purchase
of a $35,000 issue of court house bonds.
Bidders are to specify the lowest
rate of interest at which they will pay par.
31, by D. P.
ILLINOIS
ALEXIS, 111.—TO
reports that an issue
Sept. 20 election, will
deficit
together
a
ISSUE BONDS—W. H.
of $12,000 sewer system
be sold in the near future.
McKnight, Village Clerk,
bonds, authorized at the
DISTRICT, 111.—BOND SALE DETAILS—
(cafeteria construction) bonds purchased by the
BELLEVILLE SCHOOL
The $40,000
2%% school
Bank—V. 147, p. 2423—were sold at par.
Dated
Sept. 15, 1938.
Denom. $1,000.
Due serially from 1941 to 1957 incl.
Coupon in form, interest payable M-S 15. Public Works Administration is
expected to furnish grant of about $20,000 toward cost of the project.
Belleville
National
SCHOOL DISTRICT
BERWYN
NO. 100, 111.—BONDS
VOTED—'
approved by the voters on
—
h—v—
i_
DECATUR, 111.—BOND SALE—The $500,000 storm water sewer and
water relief sewer bonds offered Oct. 18—V. 147, p. 2423—were awarded to
Brown Harriman & Co., Inc., Chicago, as 2s, at 100.3426, a basis of about
1.97%.
Dated Sept. 1,, 1938 and 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 incl.
Harris Trust & Savings Bank of Chicago, second high bidder, offered to
An issue
of $61,500
construction bonds was
•"
Sept. 24.
pay
—'
100.339 for 2s.
ADDITIONAL DETAILS—The Boatmen's National
of Michigan Corp., Detroit, participated
and the First
the
unlimited tax
to
Bank of St. Louis
in the purchase of
The banking group reoffered the bonds, stated to be
obligations, at prices to yield from 0.40% to 2.03 %, according
above issue.
maturity.
P* DECATUR
SANITARY DISTRICT (P. O. Decatur),
III.—BOND
general obligation
a group composed
of Blyth & Co., Inc.; Paine, Webber & Co. and the Central Republic Co.,
all of Chicago, as 2s, at 101.037, a basis of about 1.87%.
Dated Nov. 1,
1938 and due as follows: $12,000 May 1 and Nov. 1, 1941; $13,000 May 1
and Nov. 1, 1942; and $15,000 May 1 and Nov. 1 from 1943 to 1953, incl.
Second high bid of 100.847 for 2s was made by an account including Lazard
Freres & Co., First Boston Corp. and F. S. Moseley & Co.
SALE—The $380,000 storm water, relief and sewer
bonds offered Oct. 18—V. 147\p. 2423—were awarded to
Other
(P. O. Loveland)
Colo.—BOND SALE—The $160,000 issue of school bonds offered for sale
Oct. 19—V. 147, p. 2422—was awarded to Boettcher & Co. of Denver,
2Ks, paying a premium of $1,005.60, equal to 100.6285, a basis of
about 2.41%. Dated Oct. 1, 1938. Due from Oct. 1, 1939 to 1953 incl.
LARIMER COUNTY
IDAHO
BANCROFT, Idaho—BOND OFFERING—It is reported that
bids will be received until 2 p. m. on Oct. 28, by Harrison
Clerk, for the purchase of a $7,000 issue of village hall
is not to exceed 6%, payable semi-annually. Denom. $500. Dated
1938. Due for a period not exceeding 20 years. A certified
the bid is required.
Angeles), Calif.—SCHOOL
July 1, 1940 to
V.
GEORGIA
SANDERSVILLE SCHOOL DISTRICT (P. O. Sandersville) Ga.—
BONDS SOLD—The District Secretary reports that $82,500 3% semi-ann.
school bonds approved by the voters at the election on Sept. 27, have been
sold to the Clement A. Evans Co. of Atlanta.
w
Alhambra City School District bonds
Oct. 18—V. 147, p. 2422—was awarded to the
First National Bank of Los Angeles as 3s, paying a premium
equal to 101.567, a basis of about3.34%.
Dated July 1,
offered for sale on
Denom. $1,000.
M-N.
for
and
York, will be
Of
Successful bid.
*
exceed 6%, payable
1,
Trust Co. in New
The
T LOS
Due $1,000 from Nov. 1,
check for $500 must accompany
1938.
Principal and interest payable at the Guaranty
York.
It is stated that proceedings have been taken
validation of these bonds by the Circuit Court of Nassau County,
approving opinion of Caldwell & Raymond of New
Dated
Dean
bonds.
the bid.
DETAILS—We are informed by the
building bonds awarded on
noted here—
147
100.01, on the
bonds divided as follows: $77,500 as 1 Ms, maturing in 1939 and 1940; the
remainding $120,000 as Is, due from 1941 to 1943.
following is an official list of the bids received for these bonds:
Bidder—
Prin. Am't Prem. Int. Rate
AmeSn Trust Co. of San Francisco*..
$77,500 .
1H%
American Trust Co. of San Francisco.
120,000
22.00
1%
Bankamerica Co., San Francisco
117,500
-----Bankamerica Co., San Francisco —
80,000
142.00
1M %
Blyth & Co., Inc., San Francisco
37>500
-----2M %
Blyth & Co., Inc., San Francisco—160,000
9.00
\%
Brush, Slocumb & Co^ San Francisco
Y6¥?
California Bank, San Francisco
197,500
25.25
1M %
Crocker First National Bank, San Francisco-197,500
62.37
1M%
Witter & Co., San lYancisco
^n'nnn
ioVm
i #^
Dean Witter & Co., San Francisco
80.000
122.53
1%
Heller, Bruce & Co., San Francisco
r—197,500
711.00
1)4%
Kaiser & Co., San Francisco
37,500
----fM %
Kaiser & Co., San Francisco—
---160,000
47.50
1 M%
R. H. Moulton & Co., San Francisco
77,500
.
1)4%
R. H. Moulton & Co., San Francisco
102.00
1%
E. H. Rollins & Sons, San Francisco
37,500
3%
E.lli Rollins & Sons, San Francisco
— - 40,000
.
3%
E. H. Rollins & Sons, San FVancisco
---}20,000
11.00
1%
Sargent, Taylor & Co., San Francisco
197,500
92.29
1M %
Scnwabacker & Co., San Francisco
—197,500
129.35
1H %
sSty-First National Bank of Los Angeles.-197,500
309.00
1U %
William R. Staats Co., San Francisco
197,500
11.00 , 1M%
7Vnmp
O. Fernandina),
until 11 a. m. on
Public Instruction,
issues of coupon school bonds ag¬
School District No. 4 bonds. Due $2,000 from
1941 to 1965, incl.
A certified check for $1,000 must
$50,000 Special
City Clerk that
fw
11 to the
p
with tender.
NASSAU COUNTY SCHOOL DISTRICTS (P.
Fla.—BOND OFFERING—Sealed bids will be received
Nov. 16, by N. J. Wooten, Secretary of the Board of
any
BERKELEY,
of the bonds is required
the offering price
purchased by T. J. Raney
105.50.
SEARCY Ark.—BOND
price of
Citv
Fla.—MATURITY—It is now reported by the
bids;
Premium
$2,120.10
Int. Rate
2%
Bidder—
Northern Trust Co
Smith, Barney & Co., et al
Brown Harriman & Co., Inc
John Nuveen & Co
Harris Trust & Savings Bank
1,596.00
2%
2%
1,292.00
2%
1,157.86
*
2%
227.00
Halsey, Stuart & Co., Inc
2M %
1,740.40
FAIRFIELD, 111.—BONDS VOTED—Eldon P. Fleming, City blerk,
reports that an issue of $33,000 sewage disposal plant bonds was authorized
by the voters on
Ii
Oct. 6.
HARRISBURG,
III.—BONDS NOT SOLD—The
$20,000 right-of-way
11—V. 147, p. 2275—were not sold due to complications
securing the property and the further fact that the project
been approved by the Federal Government.
bonds offered Oct.
that arose in
has not
HENNEPIN
TOWNSHIP SCHOOL DISTRICT
DETAILS—The $20,000 building
111.—BOND SALE
& Sons Co. of Chicago—V.
and mature in 10 years.
H. O. Speer
par
HUTSONVILLE
election the
recent
bonds.
(P. O. Hennepin),
bonds taken by the
3&s at
147, p. 2275—were sold as
SCHOOL DISTRICT, 111.—BONDS
voters
VOTED—At a
construction
authorized an issue of $22,000
'
Volume 147
LA
Financial
Chronicle
SALLE, III.—BONDS VOTED—On
Oct. 4 the voters authorized the
tesuance of $35,000
swimming pool construction and $96,250 sewage plant
*
LEWISTON SCHOOL DISTRICT NO.
141,
The $26,000 school
construction bonds were
_
111.—BONDS SOLD—
authorized at the
subsequently sold
as
Sept. 24
4s.
—
The
2M %
bonds
£
tnST*
Dated
oS?'
mviSin 1955.
incl., and $4,000 in i
National Bank, Chicago.
or
Nov.
1,
1938.
Denom.
$1,000.
15,000 Union Township
nom.
Due
*t° 1949\i.n^1-'
Principal and interest ,00P lSPm 1950 to, VijQi
(M-N) payable at First
quired.
'
DISTRICT
NO.
39,
OBLONG,
111.—PRICE
V°terS refU6ed l° authori2e an i8Sue
PAID—The
the year to the Midland
brought
a
$23,000
PEKIN, III.—BOND OFFERING—W.
m
in a
Due
on
DISTRICT
NO.
111.—BOND
205,
lr®rSa/aH1?,10ill^T0Ut °/the
bonds.
SALE—
i
Chicago; Lazard Freres
i-j
Dmrncrr
funding bonds offered Oct. 17—V. 147,
SALE—
p.
offered
the
a
nf
Phe^FeL
Interest A-O.
Dated
1940:^l^,00Cb^a^. l^ndJu%d^om ?94i
nnn
InclfdwoDd
947
high
by the Indianapolis Bond & Share Corp.
inn
2j^s.
,
is reported that bids will
two issues of
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Fair-
fieId>' Iowa—BOND SALE—The $35,000 issue of building bonds offered
for 8ale on 0ct' 10_V- 147• P- 2276—was awarded to Vleth, Duncan <Sc
^>id
^,^^7294%
1958
x
Nov. 1
for the purchase of $100,000 not to exceed 5% interest series B
of 1938 advancement fund bonds.
Dated Nov. 1, 1938.
Denom. $1,000.
Bidder to name a single rate of interest expressed in a
multiple of
of 1 %r
Interest payable J-D.
A certified check for 3% of the bonds bid for,
pay-
able
to the order of the Board of County
Commissioners, is required.
Legality to be approved by Matson, Ross, McCord & Clifford of Indianapolis.
ifat^ed Oct'T"l'sM °f DuXV3ct' 1° IwVto
in2lusive
rf.DrCT
purchase of $115,000 not to exceed 4% interest tuberculosis
Dated
Nov.
15, 1938.
Denom. $1,000.
Due as
follows: $15,000 July 1, 1944; $15,000 Jan. 1 and July 1 from 1945 to
1947
incl. and $10,000 Jan. 1, 1948.
Interest J-J.
A certified check for
3%
of the bid, payable to order of the Board of
County Commissioners, is
required.
Legal opinion of Chapman & Cutler of Chicago will be furnished
Bonds will be delivered about Nov. 15.
SCHOOL
CITY,
A
.
T
_
Ind.—BOND SALE—The
$20,100
school bldg. bonds offered Oct. 18—V. 147, p. 2120—were awarded to
Kenneth S. Johnson of Indianapolis as
at par plus $185.75 premium,
equal to 100.92.
Dated Oct. 1,1938 and due as follows: $600, July
1, 1939;
$500. Jan. 1 and $1,000 July 1, 1940; $1,000 Jan. 1 and July 1 from 1941
incl
Other bids*
"to 1919
'
'
Int. Rate
Bond & Share Corp
McNurlen & Huncilman
Central Securities Corp
A. S. Huyck & Co
ORANGE SCHOOL TOWNSHIP
-
2M%
2H%
2H%
2% %
Premium
$134.00
122.60
101.00
41.00
(P. O. Rome City), Ind.—BOND
SALE—The $40,000 school bonds offered Oct. 14—V. 147, p.
2275—were
awarded to John Nuveen & Co. of Chicago as 2j^s at par plus
$231.50
pre-
mium, equal to 100.578, a basis of about 2.40%.
Dated Oct. 1, 1938, and
due $2,000 on June 30 and Dec. 30 from 1940 to 1949, incl.
Second high
bid of 100.30 for 23^s was made by the Indianapolis Bond & Share
Corp.
of Indianapolis.
TIPTON SCHOOL CITY (P. O. Tipton), Ind.—BOND SALE—The
$30,000 school bond issue offered Oct. 17—V. 147, p. 2276r—was awarded
the Fletcher Trust Co. of Indianapolis as 2J^s, at 101.02, a basis of
about 2.36%.
Dated Oct. 1, 1938 and due $2,000 on Oct. 1 from 1939 to
1953 incl.
Second high bid of 100.83 for 2H» was made by Kenneth S.
Johnson of Indianapolis.
rlTV
.
n...n
nr._
,
SJ y
wai BOND SALE—The $165,000 issue of electric
bonds offered for sale on Oct. 20—V. 147, p. 2424—was awarded to
Shaw, McDermott & Sparks and the Carleton
p. Oct.
of Des
Moines, jointly, according to the City Clerk. Dated Beh Co., both Due on
1, 1938.
May and Nov. 1 from May 1, 1940 to Nov. 1, 1950; callable on and after
a
*
May 1, 1943.
'
,
HAWKEYE, Iowa—BOND OFFERING—It
is reported that sealed and
oral bids will be received by C. A. Munson, Town Clerk, until Oct. 27 at
7 p. m. for the purchase of a $4,500 issue of not to exceed 5% semi-annual
water works bonds.
Denom. $500.
Due $500 from 1939 to 1947.
Purchaser is
required to furnish bonds and approving opinion.
HURON CONSOLIDATED SCHOOL DISTRICT (P. O. Mediapolis),
^
F LAKE COUNTY (P. O. Crown Point), Ind.—BOND OFFERING—
Joseph E. Finerty, County Auditor, will receive sealed bids until 11 a. m.
?u
,
^
nrrnrr/„,r
INDIANAPOLIS SCHOOL CITY, Ind .—BONDS PUBLICLY OFFERED—Hemphill, Noyes & Co. of New York made public offering of a
new issue of $100,000
2% school bonds at prices to yield from 0.75% to
2%, according to maturity.
Due from 1941 to 1960, incl.
V. 147, p. 2423.
Bidder—
**w
(P.
HOWARD COUNTY (P. O. Kokomo), Ind.—BOND
OFFERING—
Raymon Gilbert, County Auditor, will receive sealed bids until 10 a. m.
Indianapolis
a
Galesburg, and the National Bapk of Burlington, jointly, as 2>£s,
paying a
premium of $211.00, equal to 100.137, a basis of about
2.24%.
Dated
0ct• 1' i938. Due on Nov. 1 from 1942 to 1957.
l'
O. New Castle), Ind.—BOND SALE—The
$30,000 advancement fund (poor relief) bonds offered Oct. 20—V.
147,
p. 2275—were awarded to McNurlen & Huncilman of Indianapolis.
Dated
Nov. 1, 1938 and due $1,500 on June 1 and Dec. 1 from 1940 to
1949 incl.
nQnL-
i^ia^^
MH.9687coSwM.iS K^.StS
100.3789 also for
and
DES MOINES COUNTY (P. O.
Burlington), Iowa—BOND SALE—
The $154,000 issue of coupon court house bonds
offered for sale at auc ion
on Oct. 17—V. 147, p. 2276—was awarded
to the First National Bank of
?)r>f T
Vnlv
TsraHonni
re-
from
sewage disposal
.
1
bidders
P^t and $134,000 atorm sewer bonds.
Montpelier), Ind.—BOND
a
147,
'
successful
public
T
ltn9'J*7*Fn*}FAIRFIELD
ONTPELIER
fit.
the City Clerk for the purchase of
bonds, aggregating $626,000. divided as follows: $492,000
A certified check for
7?nreminm^S tolftV4
biSfiJahSSt^2 2?^
fqxx'Ind>hie a?fol?ows^^600 Tilfc f
1^00 Jan and
for
be received until Oct. 24 by
(P. O. Lawrenceburg), Ind.—BOND OFFERINGAlvin F. Eberhart, Town Clerk-Treasurer, will receive sealed
bids until
7:30 p. m. on Oct. 22 for the purchase of $44,000 4% street
improvement
bonds.
Dated Oct. 15, 1938.
Denom. $500.
Due $5,500 on April. 15
the successful bidder.
Nov. 1,
of New York; the Iowa-Das
Moines National
DES MOINES, Iowa—BOND OFFERING—It
GREENDALE
HARRISON SCHOOL TOWNSHIP (P. O.
So.
p,iraf
& Co
& Co., Inc., last with
,
bonds.
on
that
GARY, Ind.—BONDS PUBLICLY OFFERED—The Channer Securities Co. of Chicago is making public
offering of $45,000 3 H % Public Library
Board building bonds at prices to yield from
1.50% to 3%, according to
maturity.
Due from 1939 to 1947, incl.
V. 147, p. 2275.
$1,000, payable to order of the town, is required.
&
bonds
*
sanatorium
callable
^aad
premium of $3,700 for 2% bonds.
above
rph_
2006
1940 to 1942, incl.; tSOO-Jan. 1 and $1,000
July 1. 1943, and $1,500 Jan. 1.
Nov. 2 for the
are
subscription at prices to yield
1.00% to 2.00%, according to maturity.
2423—
awarded to McNurlen & Huncilman of
Indianapolis.
Dated Sept. 15,
1938 and due as follows:
$500 July 1, 1939; $500 Jan. 1 and July 1 from
on
of the bonds
BONDS OFFERED FOR INVESTMENT—The
'
were
on
or any part
Bank & Trust Co. of Des Moines, and the White-Phillips Corp. of Davena premium of $3,701.00, equal to 100.276, a basis of
about 1.97%.
Dated Oct. 1, 1938.
Due from Nov. 1, 1942 to 1958 incl.
A" account headed by R. W. Pressprich & Co. of Chicago was second
.
m
Ct!TOWNSHIP (P. O. Lowell), Ind.—BOND
The $6,500
was made
city
All
P?rt, as 2s, paying
highest, offering
n
tax.
t^Ha^s ^ifl^atta^^S^Chica^o^th? nSStSW?
Sept. 29.
..........
2^s
outlet and purifying plant
follows:
'
CA*
DAVENPORT INDEPENDENT SCHOOL DISTRICT
<P. O. Davenport), Iowa—BOND SALE—Of the $1,800,000 coupon or
registered semiann. building bonds offered for sale
at public auction on Oct.
W STERLING, 111.—BOND
SALE—Halsey, Stuart &[Co., Inc., New York,
purchased an issue of $152,000 sewer bonds as 23£s, at a
price of 100.199,
according to maturity.
6
as
CLAY COUNTY
issue of $50,000 municipal build-
was authorized at an election on
and Oct. 15 from 1939 to 1942 incl.
by J. A. Cary.
17—V.
SAVANNA, 111.—BONDS VOTED—An
COUNTY
.
(P. O. Spencer), Iowa—BOND SALE— The $9
000
issue of jail bonds offered for sale on Oct.
18—V. 147, p 2424
was awarded
to Vieth, Duncan & Wood of
Davenport as l^s, according to the Countv
Auditor.
Dated Oct. 1, 1938.
Due from May 1, 1939 to
1943 incl
annually as follows:
$2,000, 1939; $6,000, 1940; $10,000, 1941; $29,000,
1942; $47,000, 1943; $65,000,1944; $83,000, 1945; $101,000,
1946; $104,000,
1947; $106,000, 1948; $109,000, 1949; $112,000,
1950; $116,000, 1951;
$119,000, 1952; $123,000, 1953; $126,000, 1954;
$130,000, 1955; $134,000;
1956; $138,000 in 1957 and $140,000 in 1958.
y
is stated
194S-and on any toWrest paymant daea »—««.a2
& Trust Co., St. Louis,
Kelly, Richardson & Co., Chicago, and the Illinois
Bank & Trust Co. of Rockford, as
2.10s, at 100.309. Bankers reoffered the
issue to yield from 1.40% to
2.10%, according to maturity. Bonds are due
rnwNsum
Due Nov. l
Dated Nov. 1.1938.
$£ S5SfSS™?^eSm£'%££&
HENRY
,,
$1,000 in 1939 to 1942,
$2,000 in 1943 to 1955, and $1,000 in 1956.
These bonds in the
opinion of counsel will be general
obligations of the city, payable
out of an unlimited tax
levy on all the taxable property in the
.
SCHOOL
TA6 J1,?f§o00<L8CJ1Otl bHuiidlnK construction bonds offered Oct. 2^-V.
of 100.832 for
,
Smgle rate of ,nter*
Interest J-J.
^
nnn
31,000
Dec. 1.
coupon
.
1 %.
Trv.
sewer
—
5%
re-
ap-
aggregating $71,000:
outlet and purifying plant bonds.
Due Nov
1 as follows$] ,000 in 1939. $2,000 in 1940.
$1,000 in 1941, $2,000ta1942i
$1,000 in 1943, $2,000 in 1944 to 1952,
$3,000 in 1953 and 1954
$2,000in 1955, $3,000 in 1956 and 1957, and
$1,000 in 1958.
These
$40,000
PERU, 111 .—PRE-ELECTION SALE—Lewis, Williams & Co. of Chicago
an issue of $130,000
buidling bonds, subject to approval of
rorrr
te
t\t
City Clerk, that he will receive sealed and open bids until
Oct. 20 at 2 p. m.
*or the purchase of the following issues of
bonds,
Nov. 1 from 1939 to 1949 incl.
have purchased
wrrnAD
riiffnpri
°S8' McCom & Clifford of In-
'
nfo^^nf
multiPle °f M of
mnl H
a
a
building
Callable prior
A certified check for 10% of the total bid,
payable to the
order of the aforementioned official, is
required.
ing bonds
McPord
(odi.d
p
maturity.
F ROCKFORD
y
Ross
CHEROKEE, Iowa—BOND OFFERING—It
E. Schurman, President of Local
Improvement Board, will receive sealed bids until 9
p. m. on Oct. 24 for the
of $26,900 5% special assessment street
improvement bonds.
on
Y
rasn
exnr<Sed
toTOhl?
to order of the
unlimited tax obligations and will be
F BOONE SCHOOL DISTRICT
(P. O. Boone), Iowa—BOND OFFERING—It is reported that bids will be
received until Oct. 24 by L R Johnof
bonds
appro\ed by the voters at the election held on ^^l^.OOO
Sept. 12.
purchase
loan at the election
are
easurer.
4% sewer bonds sold
Chicago—V. 146, p.
Securities Co. of
price of 101.63.
Dated Oct. 15. 1938.
$500,payable
legality bv Matson
AUDUBON COUNTY (P. O. Audubon), Iow.-BO.VD
—The
573,000 issue of court house bonds offered
for sale on Oct. 18—V.
147, p.
2424—was awarded to the Iowa-Des Moines
National Bank & Trust bo.
<>fDes Moines, as l%s, paying a price of
100.417, according to the County
O'FALLON, III.—BOND SALE—The ,$13,000 city hall bonds authorized at the Sept. 27 election have been
purchased by the ,H. C: Speer &
Sons Co. of
Chicago.
to
io<ie
IOWA
.
earlier in
to
as
III.—BONDS DE-
MANCHESTER SCHOOL
DISTRICT, 111.—BONDS VOTED—At a
recent election the voters approved an issue of $16,000 construction bonds.
3991
i
J^.^and
f
SCHOOL
^hS^^troJtlontondB'1 8ePt' 27
..
1,1940?$1
rvt
construction bonds.
Dated Oct. 1, 1938.
Deon July 1 from 1940 to 1954
incl
A
for
dianapohs
In tho
est
and interest requirements.
of
nnt<vi
Due $1,000
The bonds
proved
tions of the district and all
taxable property therein will be
subject to the
levy of ad valorem taxss without legal limit, sufficient to meet both
principal
McLEANSBORO
$1,000.
certifiedcheck
Legality to be approved by Chapman & Cutler
The bonds, in the
opinion of counsel, are direct general obliga-
Chicago.
?1.000
hnnH«
djaTianoiifi
«SCHOC>L RJST%9T NO*
27I
Savings Bank of Chicago purchased $95,000
Harris Trust &
building
ennutmirHnn
Denom. $1,000.
Due
July
.000
July 1
1941 to 1950, incl., and
$1,000 Jan. 1, 1951.
A certified
check for $1,00.0, payable to order of the school
township, is reQuired.
The bonds are unlimited tax obligations and will be
approved as to legality
by Matson, Ross, McCord & Clifford of In-
from
_
election and
2567
$22,000 Union School Townshin
Iowa—BOND OFFERING—It is reported that bids will be received until
10 a. m. on Oct. 25 by T. W. Gibson, District Secretary, at the
Superintendent's office in Burlington, for the purchase of
a
County
$10,000 issue
0f refunding bonds.
KINGSLEY
SCHOOL
DISTRICT
(P.
O. Kingsley), Iowa—BOND
OFFERING—It is stated by Randolph Payne, District
Secretary, that he
ww receive bids until 2 p. m. on Nov. 3 for the purchase of a
$31,000 issue
cf building bonds.
Dated Nov. 15, 1938;
Due on Dec. 1 as follows:
,000 in 1940 and $2,000 from 1941 to 1955.
These bonds were approved
by the voters at an election held
_
l
urrAM
on
mATrn
Sept. 8.
crurtn,
nICTDIPT
•
UAWTON CONSOLIDATED SCHOOL DISTRICT (P. O. Lawton)
Iowa—BOND SALE—The $29,,500 issue of budding and equipment bonds
offered for sale on Oct. 18—V. 147, p. 2276—was awarded to the Carleton
D. Beh Co. of Des Moines, as 3Ks, paying a price of
100.69, according
*Q the District Secretary.
.
_
u.,.DTnw
erunn,
nICTDIrT
/d
r*
m
u
*
a
NEW HAMPTON SCHOOL DISTRICT (P. O. New Hampton),
Iowa—BOND SALE—The $82,000 issue of building bonds offered for sale
147* P* 2424
w<ts s-wctrdod. to Leo L*
Inc. of W^^torloo,
.
otx Oct*
as
•
2^s, paying a premium of $1,801.00, equal to 102.18, a basis of about
Dated Oct. 1, 1938.
Due from Nov. 1, 1940 to 1957.
2.28%.
SIOUX CITY INDEPENDENT SCHOOL DISTRICT (P. O. Sioux
City), Iowa—BOND SALE— The $65,000 issue of building bonds offered
for gale on Oct. 17—V. 147, p. 2276—was awarded jointly to Stern Bros. &
Co- of Kansas City, and Paine, Webber & Co. of Chicago, as
l^s,
apreinium of $185, equal to 100-284, a.basis of about 1.71%.
Nov. 1,1938. Due on Nov. 1, in 1944 to 1946.
WASHINGTON SCHOOL DISTRICT (P. O.
paying
Dated
Washington), Iowa—
BOND SALE DETAILS—It is stated by the District Secretary that the
$127 000 school bonds purchased by the Iowa-Des Moines National Bank
& Trust Co. of Des Moines, as 2Mb, as noted here—V. 147, p. 2424—were
sold at a price of 100.96, and mature from Oct. 1, 1940 to 1953, giving
basis of about 2.38%.
a
to
UNION TOWNSHIP (P. O. Fair Oaks), Ind.—BOND OFFERING—
Andrew Sipkema, Trustee, will receive sealed bids until 2 p. m. on Oct. 29
for the purchase of $37,000 not to exceed 4% interest bonds, divided as
follows:
■»
KAN^A^
r\nil^nw
COTTONWOOD FALLS, Kan.—BOND SALE—The $10,000 issue of
internal improvement bonds offered for sale on Oct. 17—V. 147, p. 2424—
was awarded to Beecroft, Cole & Co. of Topeka, as
100.10,
'Oct. 1,
basis of about 2.74%.
1941 to 1950, inclusive.
a
22£s, paying
Dated Oct. 1, 1938.
a price of
Due $1,000 from
Oct.
Chronicle
Financial
2568
JEFFERSON ^PARISH (P. O. Gretna),
KENTUCKY
COVINGTON, Ky.—BONDS SOLD—We are Informed that a
bonds was offered for sale on Oct. 20 and
by the Bankers Bond Co. of Louisville, hnd associates,
paying a price of 95.00.
Dated Dec. 1, 1938. Due from
Issue of school revenue
chased
$536,000
was pur¬
as 3>£s,
Dec. 1, 1939 to
Issue of 4% coupon
on Oct. 15—V. 147,
Administration, the
BONDS SOLD—It is also reported by the Director of Finance that
$145,000 school revenue bonds were purchased on Oct.
Chambers & Co. of Louisville, the Security & Bond Co. of Lexington,
Almstedt Bros, of Louisville, jointly.
p
14 by Henning,
and
SHELBYVILLE, Ky.—BONDS SOLD—It Is now stated
disposal plant revenue bonds were purchased on Oct.
sewage
La.—BOND SALE—It is now
reported that the $600,000 issue of Sewerage District No. 1 bonds offered
for sale on Oct. 4—V. 147, p, 1956—was awarded to a syndicate composed
of Hyams, Glas & Carothers, Bronson & Scranton, Brown, Corrigan & Co.,
Dane <%
Weil, all of New Orleans; the Equitable Securities Corp. of
Nashvihe; Fenner & Beane,' Lamar,
Kingston & Laboulsse, Nusloch,
Baudean & Smith, the National Bank of Commerce and Scharff & Jones, Inc.,
all of New Orleans, as follows:
$72,000 maturing Oct. 1, $17,000 in 1940,
$18,000 in 1941 and 1942 and $19,000 in 1943, as 4%a and $528,000 matur¬
ing Oct. 1, $19,000 in 1944, $20,000 in 1945, $21,000 in 1946 and 1947,
$22,000 In 1948, $23,000 in 1949, $24,000 in 1950 and 1951. $25,000 in
1952, $26,000 in 1953, $27,000 in 1954 and 1955, $28,000 in 1956, $29,000
in 1957, $30,000 in 1958 and 1959, $31,000 in 1960, $32,000 in 1961, $34,000
in 1962 and $35,000 in 1963, as 5s.
(Price not stated.)
Prin. and int.
1967.
LOUISVILLE, Ky.—BOND SALE—'The $1,280.79
8emi-ann. street impt., series A H bonds offered for sale
p. 2424—was purchased at par by the Public Works
only bidder, according to the Director of Finance.
1938
22,
payable at the National Bank of Commerce, New Orleans, or at the Chase
National Bank, New York.
(This notice supersedes the sale report given in our issue of Oct. 8—
V. 147, p. 2276.)
that $41,000
6, by W. L.
SCHOOL DISTRICT NO. 1 (P. O. Gretna),
bids will be received until Nov. 16 by the
School Board, for the purchase of an issue of $1,600,000 not to exceed 5% semi-ann. school bonds.
Denom. $1,000.
Dated
Nov. 1, 1938.
Due from Nov. 1, 1940 to 1978.
Bids will be received for
the purchase of all or any part of the bonds.
JEFFERSON PARISH
follows: $1,000 in 1939 to 1942; $2,000.
1958; any or all bonds may be called
from 5 to 10 years at 102.00, from 10
to 20 years at 101.00. and thereafter at par.
(We had previously reported
this sale under the caption of "Louisville, Ky.''—V. 147, p. 2424.)
Lyons & Co. of Louisville. Due as
1943 to 1953, and $3,000, 1954 to
within the first five years at 103.00,
La.—BOND OFFERING—Sealed
Secretary of the Parish
SALE—The $1,000,000 issue of high¬
No. 2, series D bonds offered for sale on Oct. 19—
awarded to a syndicate composed of Newman, Harris
& Carothers, Dane & Weil, the American Bank &
Trust Co., and Anagnosti & Walker, all of New Orleans, paying a premium
of $575.00, equal to 100.0575, a net interest cost of about 3.40%, on the
bonds divided as follows: $100,000 as 3s, maturing $50,000 on Oct. 1, 1942
and 1943; $700,000 as 3 >£s, maturing $50,000 from Oct. 1, 1944 to 1957/the
remaining $200,000 as 3&s, maturing $50,000 from Oct. 1, 1958 to 1961.
BONDS NOT SOLD—The $4,000,000 issue o I not to exceed 4% semi-ann.
highway, series U bonds offered at the same time—V. 147, p. 1809—was
not sold as all bids received were rejected, according to L. P. Abemathy,
Chairman of the State Highway Commission.
Dated Oct. 1, 1938. Due
LOUISIANA, State of—BOND
way,
Louisiana
Municipal Bonds
Bought and Sold
Whitney National
State Highway Fund
V. 147, p. 1809—was
& Co., Hyams, Glas
Bank
of New Orleans
from Oct. 1,
La.—BONDS NOT SOLD—It is
DISTRICTS (P. O. Crowley), La.—
BOND OFFERING—It is stated by A. T; Browne, Secretary of the Parish
School Board, that he will receive seaied bids until 10 a. m. on Nov. 21 for
the purchase of the following school bonds, aggregating $190,000:
sti fin 000 Crowley
School District No. 2 bonds. A certified check for
*
'
the bid.
School District No. 3 bonds.
$3,200 must acco npany
30 000
Egan-Oil Field
for $600
Dated Dec. 1, 1938.
Due from Dec. 1, 1940 to 1958.
All checks should be made payable to
Oscar Guidry, President of the Parish School Board.
CADDO PARISH SCHOOL DISTRICT NO. 5 (P. O. Rodessa) La.—•
PRICE PAID—We are now informed by the Superintendent of the Parish
SchoolBoard tnat the 5125, ))J coupon school improvement bonds purchased
by Barrow, Leary & Co. of Shreveport, as noted here on Oct. 15—V. 147, p.
2425—were sold as 2.20s, paying a premium of $2.50, equal, to 100.002, a
basis of about 2.19%. Due from Sept. 1,1939 to 1942 incl.
CALCASIEU PARISH (P. O. Lake Charles) La.—BONDS SOLD—
It is now reported that the $250,000 stock exhibit pavilion and auditorium
bonds offered for sale without success on Sept. 23, wnen all bids were re¬
jected
V
147, P- 2120—have been purchased by the Calcasieu-Marine
National Bank, the First National Bank, and the Lake Cnarles Bank &
Trust Co., all of Lake Charles. Dated Oct. 1,1938. Due from Oct. 1,1939
Interest rate
is not to
1958.
to
OFFERING—It is stated by I. B. Broussard,
sealed bids until 7:30 p. m. on Nov. 14 for
of not to exceed 5% coupon semi-annual
sewer
bonds.
Dated Dec. 1, 1938.
Denom. $1,000. Due Dec. 1,
1939 to 1973.
Prin. and int. payable locally or in New York.
The ap¬
proving opinion of Chapman & Cutler of Chicago will be furnished.
Enclose
certified check for $4,000, payable to the City Treasurer.
DONALDSONVILLE, La.—BOND OFFERING—It is reported that
sealed bids will be received by J. C. Boucbereau, Secretary of the Commis¬
sion Council, until 8 p. m. on Nov. 14, for the purchase of a $40,000 Issue of
not to exceed 6% semi-ann. impt. bonds.
Denom. $500. Dated Dec. 1,
1938
Due from Dec. 1,1939 to 1968.
The approving opinion of Charles &
Trau'ernicht of St. Louis. A $750 certified check, payable to tne Commis¬
sioner of Finance, is required with bid.
EUNICE, La.—MATURITY— It is now reported that the $75,000 4H %
street impt. bonds purchased by L. E. French & Co. of Alexandria, at par,
noted here on Oct. 15—V. 147, p. 2425—are due on June 1 as follows:
$3,000,1940 to 1947; $4,000,1948 to 1952; $5,000,1953 to 1957, and $6,000
CROWLEY, La.—BOND
-
City Clerk, that he will receive
the Durchase of a $200,000 issue
a
as
in
1958.
•
FRANKLIN PARISH
SCHOOL DISTRICTS (P. O.
Winnsboro), La.
OFFERING—It is reported that sealed bids will be received until
Nov. 8, by J. L. McDuff, Secretary of the Parish School Board,
for the'purchase of the following bonds aggregating $42,000:
$20,000
School District No. 4; $12,000 School District, Ward No. 6, and $10,000
School District, Ward No. 9, bonds.
Dated Dec. 1, 1938. Due serially
BOND
10
in
to
a
on
m
annual instalments over a
the
approving opinion
20-year,period.
The bonds will be sold subject
of Chicago. A certified
of Chapman & Cutler
each issue is required.
HOUMA, La.—BOND OFFERING DETAILS—In connection with the
offering scheduled for Oct. 26 of the $360,000 not to exceed 6% semi-annual
bonds, noted in our issue of Oct. 1—V. 147, p. 2120—we are now advised
that the bonds are more fully described as follows:
^
^
$275,000 water and light revenue utility bonds.
Due Nov. 1, as follows:
$5,000 in 1940, $6,000 in 1941, $7,000 in 1942 to 1944, $8,000 in 1945 and
1946, $9,000 in 1947 and 1948, $10,000 in 1949 and 1950, $11,000 in 1951
and 1952, $12,000 in 1953 and 1954, $13,000 in 1955, $14,000 in 1956 and
1957, $15,000 in 1958, $16,000 in 1959, $17,000 in 1960 and 1961, $18,000
in 1962 and $19,000 in 1963.
Authority: Article XIV, Sec. 14 (m) Louisi¬
ana Constitution of 1921 and Act 80 of the Legislature of Louisiana for
check for $500 on
amended.
the year 1921, as
of a sufficient amount
Payable in principal and interest
by a pledge
of the revenues of the combined water works and
electric light and power plant system and by mortgage on the physical
properties of said system.
The gross income from the water and light plant
for the fiscal year ending Oct. 1, 1937, was ttye sum of $124,572.40 of which
the net income was $68,297.60 and for the fiscal year ending Oct. 1,1938, the
income was $151,873.54, of which the net income was
$85,000.
It is proposed to deposit in the sinking
the $11,000 issue of first mortgage revenue
maturing
a sufficient sum to pay both principal and interest.
This
gross
approximately:
fund for the payment of
Aug. 1, 1939,
will then make
the herein-described bonds first mortgage revenue bonds immediately upon
the payment of said $11,000 of bonds.
The $80,000 issue of revenue
certificates which constitute a prior pledge on the revenues mature in total
principal and interest in each of the following years, viz: $16,000, 1940;
$15,400, 1941; $14,800, 1942; $14,200, 1943; $13,600. 1944; $13,000, 1945;
bonds
$8,400,
1946.
combined
It is to be noted, however, that the
light system is approximately
water and
net revenue of the
double the amount
including this issue.
$85,000 water works construction and improvement bonds. Due Nov. 1,
as follows: $3,000 in 1940 to 1943, $4,0Cf0 in 1944 to 1949, $5,000 in 1950
to 1954 and $6,000 in 1955 to 1958.
Authority: Article XIV, Section 14,
Louisiana Constitution of 1921, as amended, and Act 46 of 1921, as amended,
needed to
amortize all obligations,
Payable from a special tax to be levied each
within the corporate limits of the city, suffi¬
and interest due in the ensuing year.
IBERIA PARISH (P. O. New Iberia), La.—BONDS BOT SOLD—'The
$180,000 issue of not to exceed 6% semi-ann. public improvement bonds
offered on Oct. 13—V. 147, p. 1808—was not sold as all bids were rejected.
Dated Oct. 1, 1938.
Due from Oct. 1, 1939 to 1948, inclusive.
IBERIA PARISH SCHOOL DISTRICT NO. 9 (P. O. New Iberia),
La.—BOND SALE—The $175,000 issue of coupon or registered school bonds
offered for sale on Oct. 13—V. 147, p. 2120—was awarded to Whitet Dunbar
& Co., Inc.; Weil & Co.
and the Equitable Securities Corp., all of New
Orleans, paying a premium of $75.50, equal to 100.04, on the bonds divided
as follows:
$137,000 as 3
the remaining $38,000 as 3
Dated Sept. 1,
Legislature of
Louisiana.
year on all taxable property
cient in amount to pay principal
1938.
Due in 20 years.
been
has
of not to
p. 2120—
committee
Dated Nov. 1, 1938. Due
appointed to negotiate a private sale.
1, 1940 to 1953 incl.
from Nov.
CONSOLIDATED SCHOOL DISTRICT NO. 1
(P. O. Coushatta) La.—BONDS .NO T SOLD—The $174,000 issue of not
to exceed 5% semi-ann. school bonds offered on Oct. 18—V. 147, p. 2120—
was not sold as the best bid received, an offer of par for 5s, was rejected.
It is said that they will be sold privately within 60 days.
Dated Oct. 1,
1938.
Due serially in a 30-year period.
RED RIVER PARISH
A certified check
the bid.
exceed 6%, payable J-D.
must accompany
DISTRICT NO. 1 (P.O. Alexandria),
stated that the $100,000 issue
exceed 6% semi-ann. school bonds offered on Oct. 18—V. 147,
was not sold as all bids were rejected';
We understand that a
PARISH SCHOOL
ACADIA
1942 to 1960.
RAPIDES PARISH SCHOOL
LOUISIANA
ST.
.
FRANCISVILLE, La.—BONDS NOT
exceed 6% semi-aim.
SOLD—'The $25,000 not to
public improvement bonds
offered on Oct. 11—V. 147,
2277—were not sold as no bids were received, according to
Clerk.
He says that these bonds will be sold at private sale.
Oct. 1,1940 to 1958 incl.
p.
ST.
LANDRY PARISH
(P. O. Opelousas),
DETAILS—In connection with
the Town
Due from
La.—BOND OFFERING
Oct. 28 of the
the offering scheduled for
$275,000 not to exceed 5% semi-annual public improvement bonds, noted
in our issue of Oct. 8—V. 147, p. 2277—it is now reported that the bonds
are more fully described as follows:
Due Nov. 1, as follows: $10,000 in
1940 and 1941, $11,000 in 1942 to 1944, $12,000 in 1945 and 1946, $13,000
in 1947, $14,000 in 1948 and 1949, $15,000 in 1950, $16,000 in 1951 and
1952, $17,000 in 1953 and 1954, $18,000 in 1955, $19,000 in 1956 and 1957
and $20,000 in 1958.
The approving opinions of B. A. Campbell of New
Orleans and Chapman & Cutler of Chicago, will be furnished.
Authority:
Article XIV, Section 14, Louisiana Constitution of 1921, as amended, and
Act 46 of 1921, Legislature of Louisiana, as amended.
Payable from a
a
special tax to
limitation as to rate or amount,
corporate limits of the Parish sufficient
in the ensuing year.
oelevied each year, without
upon all taxable property within the
to pay principal and interest due
SCHOOL DISTRICT NO. 1, SECOND POLICE JURY
O. Opelousas) La.—BOND SALE—The $40,000 issue of
sale on Oct. 20—V. 147, p. 2121—was purchased
by the Ernest M. Loeb Co., Inc., of New Orleans.
Dated July 1, 1938.
Due from 1939 to 1953 incl.
SUNSET
WARD
(P.
school bonds offered for
TENSAS
(P.
O.
St.
PARISH
Joseph),
CONSOLIDATED SCHOOL DISTRICT "A"
La.—BOND SALE—The $50,000 issue of school
sale on Oct. 18—V. 147, p. 2121—was awarded to the
First National Bana of Vicksburg, according to the Secretary of the School
Board.
Dated Sept. 1, 1938.
Due from Sept. 1, 1939 to 1958 incl.
bonds offered for
(P. O. Houma), La.—BOND SALE—The
public improvement bonds offered for sale on Oct. 13
awarded to Lamar, Kingston & Labouisse of New
Orleans, as 3Ks and 3paying a price of 100.123.
Dated Nov. 1, 1938.
Due on Nov. i from 1939 to 1948.
TERREBONNE PARISH
$150,000 issue of
—V. 147, p. 1956—was
TERREBONNE PARISH CONSOLIDATED
1 (P. O. Houma), La .—BOND OFFERING
NO.
SCHOOL DISTRICT
DETAILS— In connec¬
scheduled for Nov. 2, of the $200,000 issue of not co
exceed>6% semi-annual school bonds, noted in our issue of Oct. 8—V. 147,
p. 2277—it is now reported by L. H. Bourgeois, Secretary of the Parish
School Board, that bids will be received on each of the following maturity
schedules: (1) Due Nov. 1, as follows: $4,000 in 1940 to 1944, $5,000 in
1945 to 1949, $6,000 in 1950 to 1953, $7,000 in 1954 to 1957, $8,000 in 1958
to 1960, $9,000 in 1961 to 1963, $10,000 in 1964 to 1966. and $11,000 in
1967 and 1968; and (2) due Nov. 1 as follows: $4,000 in 1940 to 1952,
$5,000 in 1953 and 1954, $6,000 in 1955 and 1956, $7,000 in 1957 and 1958,
$8,000 in 1959, $9,000 in 1960 and 1961, $10,000 in 1962, $11,000 in 1963
and 1964, $12,000 in 1965, $13,000 in 1966, $14,000 in 1967 and $15,000 in
1968.
Place of payment would be designated by the purchaser.
It would
be appreciated by the Parish if one of the banks in the City of Houma were
designated as the paying agent.
The bonds are issued under Article XIV,
Section 14, State Constitution of 1921, as amended, and Act 46 of 1921, as
amended, Legislature of the State, and are payable from a special ad
tion with the offering
valorem tax to
be levied each year.
of New Orleans,
Legality approved by B. A.
of Chicago.
Campbell,
and Chapman & Cutler,
La.—BONDS SOLD—We are informed that $270,000
works revenue bonds approved by the voters at an
6, had been purchased at private sale by the Equitable
Securities Corp. of Nashville, Lamar, Kingston & Labouissue, and Scharff
& Jones, Inc., both of New Orleans, as 4Hs, paying a premium of $305,
equal to 100.112. Legal approval by B. A. Campbell of New Orleans.
THIBODAUX,
electric light and water
election held no Sept.
MARYLAND
of Alexander
& Co.,
MARYLAND (State of)—BOND SALE—A group composed
Brown & Sons of Baltimore, First Boston Corp. and B. J. Van Ingen
York, recently purchased an issue of $5,500,000 bridge
revenue bonds.
Proceeds jvrill supplement Public Works Administration
grant for construction of several bridges;
Inc., both of New
SUBURBAN SANITARY DISTRICT, Md.—BOND
$110,000 3% water bonds offered Oct. 19—V. 147,
p. 2425—was awarded to Robert C. Jones & Co. of Washington, D. O., at
103.005, a basis of about 2.705%.
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, 1953 to 1955, incl., and $8,000 from 1956 to 1958,
incl.
Second high„bid of 102.72 was made by Y. E. Booker & Co. and
W. W. Lanahan & Co., in joint account.
WASHINGTON
SALE—The issue of
MASSACHUSETTS
coupon bonds
of Boston as 2Ks
and due as follows:
1939 to 1949 incl., and
BURLINGTON, Mass.—BOND SALE—The $86,000
offered Oct. 21 were awarded to First National Bank
at 100.16, a basis of about 2.23%.
Dated Oct. 1, 1938
$71,000 school bonds, due Oct. 1:
$4,000 from
$3,000 from 1950 to 1958 incl.
„
_
„
15,000 school bonds, Act of 1931, due $1,000 on
'
Oct. 1 from 1939 to
1953 incl.
„
Volume
147
Financial
Principal and interest (A-O) payable at First National Bank of Boston.
The bonds are unlimited tax
obligations and will be approved as to legality
by 8torey, Thorndike, Palmer & Dodge of Boston.
CAMBRIDGE, Mass.—OTHER BIDS—The $1,188,000 various
purposes
bonds awarded to a syndicate beaded
by Halsey, Stuart & Co., Inc.,
New York, as 2s, at 101.168, a basis of
about 1.86%, and reoffered on a
yield basis of from 0.25% to 2.10%—V. 147,
p. 2425—were also bid for
as fodows:
Bidder—
Int. Rate
First Boston Corp.; Smith, Barney &
Co.; R. L. Day &
Co.; Estabrook & Co. and Whiting. Weeks & Knowles
2%
F. S. Moseley & Co.; Brown Harriman &
100.269
Inc.;
Kidder, Peabody & Co., and Stone & Webster and
Blodget, Inc
2H%
Bankers Trust Co.; Harris Trust &
Savings Bank, and
Newton, Abbe & Co
101.919
101.55
2H%
(Official advertisement of the public re-offering of the bonds by Halsey,
Stuart & Co., Inc. and associates will be found on
page
in.)
DEDHAM,
offered
Mass.—NOTE SALE—The $20,000 municipal relief notes
17—V. 147, p. 2425—were awarded to the Norfolk County
Dedham at 0.25%, plus $17 premium.
Dated Oct. 15, 1938
15,1939.
Second high bid of 0.25%, plus $15.40 premium was
Boston Safe Deposit & Trust Co.
Oct.
Trust Co. of
and due Oct.
made
by the
FALL RIVER, Mass .—ADDITIONAL SALE
DETAILS—Kennedy.
Spence & Co. of Boston were associated with Tyler & Co. of Boston in
purchasing on Oct. 14
basis of about
a
an issue of
2.10%—V. 147,
$75,000 water bonds
2425.
GLOUCESTER, Mass.—OTHER BIDS— The $600,000 high school
bonds awarded to First Boston Corp. and associates as
15£s, at 100.219,
a basis of about
1.73%—V. 147, p. 2425—were also bid for as follows:
Rate Bid
Int. Rate
Bank;
100.139
100.135
100.039
l
1H%
7o
1%%
Brown Harriman & Co., Inc., and F. S.
Moseley & Co._
Cape Ann National Bank
2%
Smith, Barney & Co.; Goldman, Sachs & Co., and Bond,
Judge & Co
2%
Gloucester Safe Deposit & Trust Co.
2%
Kidder, Peabody & Co.; Lazard Freres & Co., and
Graham, Parsons & Co
Estabrook & Co.; R. L. Day & Co., and
Whiting, Weeks
& Knowles
2%
LYNN, Mass.—BOND SALE—The $800,000
100.678
2%
100.429
2%
2>£%
Gloucester National Bank
^
E. H. Rollins & Sons, Inc., and Chace, Whiteside & Co__
100.039
101.29
registered bonds
account composed of
coupon or
offered Oct. 18—V. 147, p. 2425—were awarded to an
Lazard Freres & Co., Kidder, Peabody & Co. and
Bond, Judge & Co.,
Inc. of Boston, at a price of 100.169 for a combination of
$600,000 1
and $200,000 lMs, a net interest cost of about
1.669%. Sale consisted of:
$600,000 school bonds as 1 J£s.
Due $40,000 on Oct. 1 from 1939 to 1953,
inclusive.
,
Other bids:
—Interest Rate—
School
Relief
&
Estabrook
Rate Bid
Co.;
&
Smith, Barney_& Co.;
Co. and Whiting, Weeks &
Knowels_
First Boston Corp.; Brown Harriman & Co.,
Inc., and Goldman, Sachs & Co
Newton, Abbe & Co.; Stone & Webster and
BlOdget, Inc. and Phelps, Fenn & Co.. Inc.
Halsey, Stuart & Co., Inc.; First of Michigan
Corp. and H. C. Wainwright & Co
1^%
100.149
1H%
at
100.07
100.526
IM%
2%
2%
100.658
19 were awarded to the Merchants National Bank of Boston
0.23% discount.
Dated Oct. 20, 1938, and due Jan. 31, 1939.
PALMER
FIRE DISTRICT NO. 1 (P. O.
Palmer), Mass .—NOTE
OFFERING—Robert L. McDonald, District Treasurer, will receive sealed
bids until noon on Oct. 25 for the purchase of $48,000
coupon fire station and
fire alarm notes.
Dated Nov. 1, 1938.
Denom. $1,000.
Due $4,000 on
Nov. 1 from 1939 to 1950, incl.
Bidder to name the rate of interest in a
multiple of H of 1%.
Prin. and int.
tional Bank of Boston.
The notes
are
(M-N) payable at the Second Na¬
exempt from taxation in Massachu¬
setts and will be
prepared under the supervision of and certified as to their
genuineness by the Director of Accounts, Department of Corporations and
Taxation, of Massachusetts.
Financial
Information—Oct. 11, 1938
Year
'
Assessed
1938
Tax rate
Tax levy
Uncollected
;
1937
$3,757,170
$3.40
valuation...
$3,773,485
.1936
$4.50
14,065
1,750
12,774
9,102
taxes
66
Bonded debt, not including this issue, $100,000.
The Palmer Fire District No. 1 of Palmer was created under
Chapter 48
of General Laws in 1885.
The fiscal year ends on Dec. 31.
The district
consistently shown a csah surplus with all current obligations paid as
date,
Population, approximately 4,500.
*
of that
ROCKPORT, Mass.—NOTE SALE—The $75,000
Oct.
18—V.
147,
Bank of Gloucester
p.
as
coupon notes offered
2426—were awarded to the Gloucester National
1 J^s, at 100.53, a basis of about 1.68%.
Sale con¬
sisted of:
$45,000 fire and police station notes.
Due Oct. 1 as follows:
$3,000 from
1939 to 1943, tncl. and $2,000 from 1944 to 1958, incl.
30,000 school addition and alteration notes.
Due $2,000 on Oct. 1 from
"
1939 to 1953, inclusive.
Each issue is dated Oct. 1, 1938.
Other
bids:
Bidder—
Int. Rate
Rate Bid
Cape Ann National Bank
\M%
100.46
Estabrook & Co
Co.
F. S. Moseley & Co.
1
100,268
%%,
2%
Goldman, Sachs & Co
R. L. Day & Co
Gloucester Safe Deposit & Trust Co
101.31
101.027
100.55
100.50
2'
2%
_
2%
SALEM, Mass.—NOTE OFFERING—Charles G.
F. Coker, City Treas¬
Oct. 26 for the purchase at discount
will receive bids until 11 a. m. on
of $300,000 revenue anticipation notes. Dated Oct. 27, 1938.
each of these dates:
March 23, 1939, April 27, 1939 and
urer,
on
Due $100,000
May 25, 1939.
Payable at the National Shawmut Bank or Boston.
Denoms. to suit pur¬
chaser.
Legality to be approved by Storey, Thorndike, Palmer & Dodge
of Boston.
SOMERVILLE, Mass.—BOND SALE—The $50,000
coupon
municipal
relief bonds offered Oct. 20 were awarded jointly to the Merchants National
Bank and the National Shawmut Bank, both of Boston, as 2s, at
100.75,
basis of about
Dated Oct. 1, 1938. Denom. $1,000. Due $5,000 on
Principal and interest (A-O) payable at the
National Shawmut Bank of Boston.
Legality to be approved by Storey,
Thorndike, Palmer & Dodge of Boston. Other bids, all for 2% bonds, were
1.81%.
Oct. 1 from 1939 to 1948 incl.
as
follows:
Bidder—
Rate Bid
Kennedy, Spence & Co
100.728
100.57
100.56
100.30
100.29
Halsey, Stuart & Co., Inc
Whiting, Weeks & Knowles
Chace, Whiteside & Co
-1
Goldman, Sachs & Co
SOUTHBRIDGE, Mass .—BOND SALE—The issue of $80,000 coupon
school bonds offered Oct. 14 was awarded to Arthur Perry & Co. of Boston
basis of about 1.24%.
Dated Oct. 15,1938.
Denom.
Due $4,000 on Oct. 15 from 1939 to 1958, incl.
Prin. and int.
(A-O) payable at the Second National Bank of Boston.
Legality approved
by Ropes, Gray, Boyden & Perkins of Boston.
Among other bids were
as
1
at 100.05, a
$1,000.
these:
Bidder—
First Boston Con?
F. 8. Moseley & Co
Int. Rate
Estabrook & Co
Second National Bank of Boston
Tyler & Co
Rate Bid
2%
-
,,
1937
2%
2%
2%
2%
Town
1936
1935
,^IHSS.assessed vacation. $13,645,275.
1938, $36.80.
Tax titles, Oct.
titles, $39,964.92.
15,
tax
Bonds
Population, 10,841.
Tax rate.
1938, $65,387.90.
Borrowed against
Outstanding
as
of Oct. 15, 1938
general
Water
__________
This
;
___
Boston
was
Mass.—NOTE SALE—The
awarded
on
$199,500
38,000
$237,500
55,000
issue
WAKEFIELD,
Oct.
14
an
issue of
count.
Due in one year.
Other bids:
Bidder—
Merchants National Bank of Boston.
Wakefield Trust Co
First Boston Corp
Second
National
Bank
of
$100,000 notes at 0.279% dis¬
Discount
_____
0.31%
*
'
0.47%
0.474%
,_
WINCHENDON, Mass.—BOND OFFERING—'The
Town Treasurer
wilt
receive sealed bids until noon on Oct. 24 for the
purchase of $36,000 school
bonds. Dated Nov. 1, 1938. Due
serially from 1939 to 1956 incl. Bidder to
name the rate of interest.
WORCESTER, Mass.—PLANS TO BORROW $898,000—Mayor Bennett
and the City Council finance committee
recently outlined a program for
borrowing $898,000 to carry the city through the rest of 1938. There would
be three separate loans:
A $308,000 loan will be
sought under the Emer¬
gency Borrowing Act; $300,000 under a special Act
permitting borrowing
for welfare purposes; and
$290,000 on tax titles.
The loans for welfare
purposes can be extended over a 10-year period. The
Emergency Borrowing
Act limits the term of the loan to a
but any unpaid portion of
year.
a
Borrowing
tax title loan
on tax titles is for a year
be renewed for another year.
can
MICHIGAN
BAY
ment
CITY, Mich.—BOND SALE—The $30,000
(general obligation)
101.44
*
101.416
101.344
101.19
100.645
coupon
special
assess¬
bonds offered Oct.
10—V. 147, p. 2277—were
of Chicago as IKs, at par plus
$18.90
premium, equal to 100.063, a basis of about 1.485%. Dated Oct. 1,1938 and
due Oct. 1 as follows: $7,000,1940;
$6,000 from 1941 to 1943 incl. and $5,000
in 1944. Other bids:
awarded
to
John
Nuveen &
Co.
Bidder—
Int. Rate
Ryan, Sutherland & Co
J
___
Crouse & Co
FRANKENMUTH,
Premium
IH%
1/4%
$36.00
10.00
2%
_
Watling, Larch en & Hayes
269.00
167.50
2%
2%
115.51
Mich.—BOND OFFERING—E. G.
Heine, Village
Clerk, will receive sealed bids until 8 p. m. (Eastern Standard Time) on
Oct. 24 for the purchase of $48,000 2K%
general obligation public water
system bonds.
Dated Oct. 5, 1938.
Denoms. $1,000 and $500.
Due as
follows: $3.500 from 1940 to 1951 incl. and
$3,000 in 1952 and 1953.
Call¬
able at par and interest to the next interest date
upon resolution of the Vill¬
age Council.
The bonds are payable from unlimited ad valorem taxes.
A
certified check for $5,000, payable to order of the
village, is required.
Bids shall be conditioned upon approval as to
legality of the issue.
Success¬
ful bidder to pay for the opinion and cost of printing the bonds.
(Preliminary report of this offering appeared in—V. 147, p. 2426).
KALAMAZOO TOWNSHIP
(P.
O.
Kalamazoo), Mich.—BOND
OFFERING—John Kline, Township Clerk, will receive sealed bids until 2
p. m. on Oct. 24, for the purchase of $86,000 not to exceed
4% interest
water revenue bonds issued to pay for constructlion of water a works
system
in the section known as Milwood Water District.
Dated Sept. 15, 1938.
Denoms. $1,000 and $500.
$4,298,010
$3.20
13.753
•
has
1938
Stranahan, Harris & Co
2%
Holden,
$533,239.36 $517,500.00 $474,358.28 $461,972.80
Uncollected Oct. 17,'38- 421,563.88
52,243.35
8,287.90
82.85
National Bank of Bay City
1H%
H.
Financial Statement
Year—
Tax levy
"
ltf%
NORTHAMPTON, Mass .—NOTE SALE— The $12,000 highway notes
offered Oct.
Mass.—BOND OFFERING— George
,
200,000 municipal relief bonds as 1 lis.
Due $40,000 on Oct. 1 from 1939
to 1943, inclusive.
All of the bonds are dated Oct. 1, 1938.
Bidder—
R. L. Day
STONEHAM,
Treasurer, will receive sealed bids until noon on Oct. 25 for the
purchase of
$55,000 coupon school bonds. Dated Nov.
1, 1938. Denom. $1,000. Due
Nov. l as follows: $6,000 from
1939 to 1943 incl. and $5,000 from 1944 to
1948 incl.
Bidder to name the rate of interest in a
multiple of H of 1%.
Principal and semi-annual interest payable at the
Merchants National
Bank of Boston.
Legality to be approved by Storey, Thorndike, Palmer &
Dodge of Boston.
101.63
101.289
101.125
to
loan.
Tofcd
Halsey, 8tuart & Co., Inc
PROSPECT—According
2>£s, at 101.099,
as
Bidder—
ISSUE IN
Gwrge W. Rice, Treasurer, the city is
making arrangements for the sale of
$1,850,000 sewage disposal plant construction bonds.
The Public Works
Administration has formally approved the
project and allotted a 45% grant
and the bond order
providing for the issue of $1,850,000 is now up for
approval before the State Emergency Finance Board.
It is expected that
several weeks will
elapse before the city will be able to ask for bids on the
p.
H. C. Wainwright & Co.; Harris Trust &
Savings
Paine, Webber & Co., and Washburn & Co
2569
SPRINGFIELD, Mass.—BOND
Rate Bid
,
Co.,
Chronicle
Due March 15
as
follows:
$2,000, 1943 to 1949
incl.; $3,000. 1950 to 1953 incl.; $3,500 from 1954 to 1961 incl. and $4,000
from 1962 to 1969 incl.
Last six bonds are callable at par and accrued in¬
terest at any
time up to and incl. Sept. 15,1940.
The tonwship will
at its own expense both the bonds and approving
legal opinion of
furnish
Miller,
Canfield, Paddock & Stone of Detroit.
A certified check for 2% of the
bonds, payable to order of the tonwship, is required.
MARION TOWNSHIP SCHOOL DISTRICT NO. 3
(P. O. Deckerville), Mich.—BOND SALE—The $20,000 school bonds offered Oct. 14
(V. 147, p. 2278) were awarded to the State Bank of Sandusky as
2j^s at
par plus $10 premium, equal to 100.05, a basis of about 2.73%.
Dated
June 1, 1938, and due June 1 as follows: $3,500, 1939;
$4,000, from 1940 to
1942, incl., and $4,500 in 1943.
Second high bidder was the First National
Bank of Port Huron, which offered 100.52 for 3s.
«"
MIDLAND SCHOOL
DISTRICT, Mich.—BOND SALE—The $190,000
coupon school bonds offered Oct. 17—V. 147, p. 2426—were awarded to
McDonald, Moore & Hayes, and Wright, Martin & Co., both of Detroit,
jointly, as 1 He, at 100.22, a basis of about 1.44%. Dated Oct. 1,1938 and
due Sept. 1 as follows:
$63,000 in 1941 and 1942 and $64,000 in 1943.
Among other bids were these:
Bidder—
Brown Harriman & Co., Inc___
Halsey, Stuart & Co., Inc__.
,
*
Int. Rate
1H%
\H%
Rate Bid
100.10
100.09
OXFORD, Mich.—BOND OFFERING—L. H. Smith, Village Clerk,
will receive sealed bids until 7:30 p. m. on Oct. 31 for the purchase of $25,000
not to exceed 6% interest general obligation paving bonds.
Dated Oct. 1,
Due Oct. 1 as follows: $6,000 from'1939 to 1941 incl. and $7,000 in
Rate or rates of Interest to be expressed in multiples of
of 1%.
A-O payable at the Oxford Savings Bank, Oxford.
The
bonds are unlimited tax obligations.
A certified check for $300, payable
to order of Helen York, Village Treasurer, is required.
Printed bonds and
1938.
1942.
Prin.
and int.
legal opinion of Miller, Canfield, Paddock & Stone of Detroit will be fur¬
nished by the village.
PITTSFORD
TOWNSHIP
FRACTIONAL
SCHOOL
DISTRICT
NO. 7 (P. O. Pittsford), Mich.—BOND OFFERING—Elisha Bailey,
District Secretary, will receive sqaleti bids until 8 p. m. (Eastern Standard
Time) on Oct. 24 for the purchase of $25,000 not to exceed 3% int. school
bonds.
Dated Nov. 1, 1938.
Coupon in $1,000 denoms.
Due $5,000 on
April 1 from 1940 to 1944 incl. Rate or rates of int. to be expressed in a mult,
of
of 1%.
Principal and interest (annually on April 1) payable at the
District Treasurer's office.
Bonds are payable from ad valorem taxes
within limitation prescribed by the State Constitution; an additional 5Hmill levy has been voted for years 1939-1943 incl. A certified check for 2%
of the bonds, payable to order of District Treasurer, is required. Purchaser
to pay the cost of printing the bonds and the opinion approving them as to
legality.
PONTIAC CITY SCHOOL DISTRICT, Mich.—BOND OFFERING—
Sealed bids will be received by the Secretary of Board of Education until
Nov. 16 for purchase of $370,000 refunding bonds.
ROCHESTER, Mich.—BOND OFFERING—Sealed bids addressed to the
Village Clerk will be received until Nov. 14 for the purchase of $48,000 not
to exceed 3% interest sewer bonds.
Denom. $1,000. Principal and interest
(J-D) payable at the Rochester National Bank. This issue was authorized
at the Sept. 30 election.
8 p. m. on
SAGINAW, Mich.—BOND ELECTION—At the Nov. 8 general election
the voters will pass on a
finance the city's
proposed issue of $3,358,850 revenue bonds to
portion or the cost of constructing a $6,107,000 municipal
light and power plant.
i
Financial
2570
STURGIS, Mich.—BOND OFFERING—a. V. Weatherwax, Citjr Clerk,
until 7:30 p. m. on Oct. 24 for the purchase of $150,-
•will receive sealed bids
700 not to exceed 6% interest electric light mortgage bonds. Dated Nov. 1,
1938.
Due Nov. 1 as follows:
$5,000. 1941; $5,700. 1942; $5,000, 1943;
$15,000 from 1944 to 1952 Incl.
Interest M-N. The bonds, issued to finance
improvements to existing municipal light utility, are not a general obli¬
gation of the city, but are payable only from and secured by a mortgage
on the revenues and property of said plant, including a franchise stating the
terms on which, in case of foreclosure, the purchaser may operate the plant.
City will furnish legal opinion of Miller, Canfield, Paddock & Stone of
Detroit. A certified check for $2,000 is required.
WASHTENAW COUNTY (P. O. Ann Arbor), Mich.—BOND ISSUE
ABANDONED—It is reported that the Board of Supervisors on Oct. 12
rejected the entire proposition in connection with the $120,000 courthouse
bond issue authorized at the Sept. 13 election.
MINNESOTA
DISTRICT (P. O. Anoka), Minn .—BOND SALE—
The $78,000 issue of coupon building bonds offered for sale on Oct. 13—
V* 147, p. 2278—was awarded to a group composed of Kalman & Co.,
Mairs-Shaughnessy & Co., both of St. Paul, and C. S. Ashmun & Co. of
Minneapolis, at public auction, as 2s, paying a premium of $551.00, equal
to 100.706, a basis of about 1.88%.
Dated Oct. 1,1938.
Duefrom Oct. 1,
1940 to 1949, inclusive.
The other bids received were as follows:
Bidder—
Int. Rate
Premium
Piper, Jaffray & Hopwood
2%
$550.00
ANOKA SCHOOL
2%
2%
2%
2%
Wells-Dickey Co.
Allison-Williams Co_.-
-
-
Northwestern'National Bank
Bigelow, Webb Co
Thrall, West Co
Justis F. Lowe
—
Co
.•
500.00
425.00
235.00
205.00
2 H%
2H%
J. M. Dain & Co.
953.00
853.00
2M%
875.00
FORKS, Minn.—BOND SALE—The $25,000 issue of
bonds offered for sale on Oct. 13—V. 147, p. 1958—was
of St. Paul, as 2Mb, paying a premium of $25.00,
100.10, according to the City Clerk.
Dated Oct. 1, 1938. Due
EAST GRAND
coupon
water works
awarded to Kalman & Co.
equal to
from 1939 to 1948 incl.
The second best bid was an
National Bank & Trust
BECKER
offer of par on 2^8, submitted by the First
Co. of Minneapolis.
COUNTY
(P.
O.
Detroit
Lake.)
HENNEPIN COUNTY INDEPENDENT SCHOOL DISTRICT NO.
(P. O. Wayzata), Minn.—BOND OFFERING—It is reported that
sealed and oral bids will be received until Nov. 1, at 8 p. m., by the District
Clerk, for the purchase of a $40,000 issue of 3% semi-ann. building bonds.
Dated Nov. 1, 1938.
Denom. $1,000. Due $4,000 Nov. 1, 1939 to 1948.
Prin. and int. payable at any suitable bank or trust company designated
by the purchaser.
The approving opinion of Junell, Fletcher, Dorsey,
Barker & Colman of Minneapolis, will be furnished.
Enclose a certified
check for $5,000, payable to the District.
114
HENNEPIN AND CARVER
COUNTIES COMMON SCHOOL DIST¬
AND 10 (P. O. Excelsior) Minn.—BONDS SOLD—It
reported by the District Clerk that $20,000 3%
bonds have been sold to the State of Minnesota.
LITCHFIELD, Minn.—BOND
is
semi-sinn. gymnasium
OFFERING—Sealed bids will be received
Oct. 26, by William V. Martinson, Village Recorder, for
of a $65,000 issue of not to exceed 3 % semi-annual sewage dis¬
posal plant bonds.
The purchaser is required to bear the expense of print¬
until 7'30 p. m. on
the purchase
ing the
bonds and securing a legal
RAMSEY COUNTY (P. O. St. Paul), Minn.—BOND OFFERING—
are Informed by Eugene A. Monick, County Auditor, that he will receive
We
sealed bids until 10 a. m. on Oct. 24 for the purchase of a $435,000 issue of
Interest rate is not to exceed 6%, payable
public welfare, series N, bonds.
M-N.
Dated Nov. 1, 1938.
Denom. $1,000.
Due Nov. 1 as follows:
$43,000 in 1940 to 1948 and $48,000 in 1949.
These bonds are issued in full
compliance with tne provisions of Chapter 120, Session Laws of Minnesota
for 1933, as amended by Chapter 48, Session Laws of Minnesota for 1935,
and by Chapter 105, Session Laws of Minnesota for 1937.
Bidders must
specify the rate of interest in multiples of H of 1 %, and must be the same
for all of the bonds.
No bid for less than par will be considered.
Delivery
of tne bonds will be made to the purchaser at such place as he may designate
at the purchaser's expense, and the purchaser will be required to take and
pay for said bonds immediately upon being notified by the County Auditor
of readiness to make delivery.
The apporving opinion of Calvin Hunt of
St. Paul and Thomson, Wood & Hoffman of New York will be furnished.
Enclose a certified check for 2% of the amount of bonds bid for.
_
20 y©cirs »
(Public Works Administration) bonds.
-
500,000 water works bonds. Due serially in 20 years.
Of the $152,000 work relief bonds, $102,000 is to provide funds to be used
by the Board of Education and the remainder of $50,000 is to be used by the
Board of Park Commissioners. Of the $988,750 PWA bonds, $838,750 is to
provide funds to be used by the Board of Education on PWA projects in
various schools, that is, in the construction and equipment of new buildings
and additions; $100,623 is to be used by the City Council for the city s
share of cost of additions and alterations to the central equipment shop,
and the remaining $49,377 is to be used by the City Coimcli for the city's
share of cost of three new fire stations.
(This notice supplements the tentative offering report given on Oct. 1—
V. 147, p. 2122.)
^
Harriman & Co., Inc., and Kalman
MOUNTAIN IRON, Minn.—BONDS SOLD—It is reported that
project bonds approved by the voters at an election held on
purchased by the State.
works
^
„
$74,900
Aug. 8,
were
MOUNTAIN LAKE, Minn.—BOND OFFERING—It is stated by W. J.
Franz, Village Clerk, that he will receive sealed bids until 7:30 p. m. on
Oct. 24, for the purchase of a $12,000 issue of not to exceed 4% semi-ann,
street improvement bonds.
Dated Nov. 1, 1938.
Denom. $600. Due
$1,200 July 1, 1941 to 1950. provided, however, that beginning July 1,
1941, any of the bonds may be paid in advance of the maturity thereof on
July 1 of any year by giving 30 days' notice thereof for payment.
Principal
and interest payable at the Farmers State Bank, Mountain Lake.
An
issue of $12,375 Street improvement bonds was authorized at the election held on Aug. 1.
Enclose a certified check for $300, payable to the village.
BONDS
Dated
bonds,
OFFERED FOR INVESTMENT—'The successful bidders rebonds for public subscription at prices yielding from
the above
offered
0.80% to about 1.88%, according to maturity.
ROSEAU, Minn.—BOND SALE DETAILS—It is now reported by the
Village Clerk that the $17,000 3% semi-annual sewage disposal plant bonds
purchased by the State Board of Investment, as noted here—V. 147, p.
2278—were purchased at par and
are described as follows: Due from
July 1, 1943 to 1953; optional after five years.
Denoms. $500 and $2,000.
Minn.—BOND SALE—The $45,000 issue of 3 H%
and disposal plant bonds offered for sale on
2278—was awarded jointly to the First National Bank
of St. Paul, and the Wells-Dickey Co. of Minneapolis, according to the
City Clerk. Dated Oct. 1, 1938. Due in from 2 to 17 years.
RUSHFORD,
sewage treatment
semi-ann.
Oct. 14—V. 147. p.
TRIUMPH-MONTEREY
DISTRICT
SCHOOL
(P.
Triumph),
O.
Minn.—BONDS SOLD—It is reported by the Superintendent
that
$25,000 gymnasium-auditorium bonds approved by
Sept. 6, have been purchased by the State of Minnesota.
VIRGINIA,
of Schools
the voters on
Minn.—BOND SALE—The two issues of bonds aggre¬
147, p. 2427—were awarded
gating $515,000, offered for sale on Oct. 18—V.
to Kalman & Co. of Minneapolis, as follows:
$450,000 community building bonds as 2Mb, paying a premium of $715,
equal to 100.158, a oasis of about 2.23%.
Due from Jan. 1,
1940 to 1958.
65,000 hospital bonds as 2s, paying a premium of $625, equal to 100.96,
a basis of about 1.78%.
Due from Jan. 1, 1940 to 1947.
WABASHA SPECIAL SCHOOL DISTRICT NO. 1 (P. O. Wabasha)
Minn.—BONDS SOLD—The $10,000 issue of 3% semi-ann. school bonds
19—V. 147, p. 2278—was sold at par.
Due $1,000 from
offered on Oct.
1939 to
1948 incl.
WINTHROP, Minn.—BOND SALE— The $55,000 issue of coupon
heating plant bonds offered for sale on Oct. 14—V. 147, p. 2278—was
purchased by the Wells-Dickey Co. of Minneapolis, and associates, as
2^s, paying a premium of $651, equal to 101.183, a basis of about 2.37%
Dated Oct. 1, 1938.
Due from 1940 to 1957 incl.
MISSISSIPPI
BELZONIA.
semi-ann.
SOLD—It is reported that $24,000 6%
were purchased at par by the Citizens Bank &
Dated Feb. 1, 1938.
Miss.—BONDS
funding bonds
Trust Co. of Belzonia.
COLUMBUS SEPARATE SCHOOL DISTRICT
(P. O. Columbus),
Miss.—BOND OFFERING—Sealed bids will be received until 2 p. m. on
Oct. 27 by E. W. Lewis, Jr., Secretary-Treasurer, for the purchase of an
issue of
M-N.
$150,000 school bonds.
Interest rate is not to exceed 6%. payable
Denom. $1,000.
Due Nov. 1 as follows: $3,000 in 1939 to 1943,
$7,000 in 1944 to 1948 and $10,000 in 1949 to 1958.
The approving opin¬
ion of Charles & Trauernicht of St. Louis will be furnished.
Enclose a
certified check for $3,000, payable to the above official.
'
GLEN ALLAN CONSOLIDATED SCHOOL
DISTRICT (P. O.
Glen
Allan), Miss.—BONDS SOLD—It is reported that $15,000 3M% semischool bonds have been purchased by the First National Bank of Mem¬
phis.
Dated Sept. 1, 1938.
ann.
MERIGOLD CONSOLIDATED SCHOOL DISTRICT (P. O. Cleve¬
land) Miss.—BOND SALE DETAILS—It is now reported by the Attorney
District that the $22,000 4% semi-ann. school bonds sold to the
Union Planters National Bank & Trust Co. of Memphis, as noted here on
for the
Sept. 10—V. 147, p. 1667—were purchased at par and mature as
$500, 1939 to 1943; $1,000, 1944 and 1945; $3,000, 1946; $4,500,
$5,000 in 1948 and 1949.
'
TATE
COUNTY
(P.
O.
$60,000 issue of coupon County
Mississippi Junior College
—was
.
.
follows:
1947. and
.
Senatogia).
Miss.—BOND
SALE—The
Agricultural High School and North-West
on Oct. 3—V. 147, p. 1959
bonds offered for sale
awarded to the Union Planters National Bank & Trust Co.
of Mem-
Shis, as 3Ks, paying a premium of $510, equal to 100.85, according to the
ihancery Clerk.
Due serially in 20 years.
YAZOO CITY, Miss.—BOND
OFFERING—It is fctated by J. B. Cobb,
City Clerk, that he will receive sealed bids until Oct. 24 for the purchase of
a $40,000 issue of 3% semi-annual high school bonds.
Dated Dec. 1,1938.
Due froih 1939 to 1953.
These bonds were originally offered on Oct. 10—V. 147, p. 2279—but
„
were
not sold.
INDEPENDENT SCHOOL DISTRICT NO. 18
(P. O. Fulda), Minn.—BOND SALE—The $38,000 issue of building bonds
147, p. 2426—was purchased by the Citizens
State Bank of Fulda, according to the District Clerk.
Dated Oct. 15,
1938.
Due on Oct. 15,1940 to 1958; optional on any interest payment date.
offered for sale on Oct. 14—V.
INDEPENDENT SCHOOL DISTRICT NO. 1 (P. O.
Minn.—BOND SALE—The $100,000 issue of coupon school
bonds offered for sale on Oct. 10—V. 147, p. 2122—was awarded to the
Central Republic Co. of Chicago, as 2s, paying a price of 101.085, a basis of
about 1.88%. Dated Nov. 1,1938. Due from Nov. 1,1941 to 1955 incl.
Next highest bid was an offer of $1,080 premium on 2s, offered by BigelowWebb & Co. of Minneapolis.
NEW
fc Co. of St. Paul, as 1.80s, paying a
premium of $639.60, equal to 100.1599, a basis of about 1.78%.
Dec. 1, 1938.
Duefrom Dec. 1, 1941 to 1953.
The next best bid was an offer of $88.00 premium on 1.80%
tendered by the First National Bank of St. Paul.
-
New
(P. O.
building
awarded to Brown
ROCHESTER INDEPENDENT SCHOOL DISTRICT NO. 8
Rochester) Minn.—BOND SALE—The $400,000 issue of coupon
bonds offered for sale on Oct. 17—V. 147, p. 2278—was
Melrose),
have pur¬
MINNEAPOLIS, Minn.—BOND OFFERING—It is stated by Geo. M.
Link, Secretary of the Board of Estimate and Taxation, that the said
Board will offer for sale on Nov. 10, at 10 a. m., by sealed and auction bids,
the following bonds aggregating $2,825,750: .'
$1,000,000 public relief bonds. Due serially in 10 years.
152,000 work relief bonds. Due serially in 10 years.
185,000 permanent improvement (storm drain) bonds.
Due serially in
MURRAY COUNTY
1938
22,
approving opinion.
MELROSE INDEPENDENT SCHOOL DISTRICT (P. O.
Minn.—BONDS SOLD—The State of Minnesota is reported to
chased $58,000 school building bonds as 3s.
988,750 permanent improvement
Due serially in 20 years.
Oct.
premium of $350.00, equal to 100.39, a basis of about 3.45%. Dated Oct. 15,
1938. Due from Oct. 15, 1941 to 1957; optional on and after Oct. 15,1948.
Interest payable A-O.
Minn.—WARRANT
OFFERING—It is reported that sealed bids will be received until 10 a. m.
on Oct. 24, by Carl R. Erickson, County Auditor, for the purchase of a
$10,000 issue of SM % semi-ann. ditch warrants. Denom. $500. No bid is
to be for less than par and interest.
RICTS NOS. 59
Chronicle
MISSOURI
BONDS
Markets in all State, County
ULM
& Town Issues
Ulm)
PARK RAPIDS INDEPENDENT SCHOOL
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING,
DISTRICT NO. 1 (P. O.
Rapids), Minn.—BOND SALE—The $75,000 issue of building bonds
offered for sale on Sept. 29—V. 147, p. 2122—was purchased by J. M.
Dain & Co. of Minneapolis, as 3Hs, according to report.
Dated Oct. 1,
1938.
Due from Oct. 1, 1940 to 1957.
ST. LOUIS, MO.
Park
PENNINGTON COUNTY INDEPENDENT SCHOOL DISTRICT
NO. 18 (P. O. Thief River Falls), Minn.—BOND OFFERING—It is
stated by Ralph W. Woolhouse, District Secretaty, that he will receive
sealed and oral bids until 7:30 p. m. on Nov. 10 for the purchase of an issue
of $185,000 school addition bonds.
Interest rate is not to exceed 3%,
payable J-D.
Dated Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1 as
follows: $6,000 in 1941 to 1944; $7,000 in 1945; $8,000 in 1946 to 1949;
$13,000 in 1950; $14,000 in 1951 and 1952; $15,000 in 1953 to 1957, and
$6,000 in 1958.
These bonds were authorized at the election held on
Sept. 27.
Prin. and int. payable at any suitable bank or trust company
designated by the successful bidder and the district agrees to furnish the
executed bonds and the approving opinion of Junell, Fletcher, Dorsey,
Barker & Colman of Minneapolis, and H. O. Ghommie of Thief River Falls.
Enclose a certified check for $5,000, payable to the district.
PRINCETON, Minn.—BOND SALE—The $89,000 issue of light and
power plant coupon bonds offered for sale on Oct. 10—V. 147, p. 2427—
was awarded to the Wells-Dickey Co. of Minneapolis, as 3H8. paying a
MISSOURI
SCHOOL DISTRICT (P. O.
St. Louis), Mo.—
BONDS SOLD—It is reported that $49,500 3% semi-ann. school bonds have
been purchased by the Mississippi Valley Trust Co. of St. Louis.
Dated
Oct. 1, 1938.
BRENTWOOD
DISTRICT (P. O. I ronton) M o.—BONDS SOLD
reported that $10,000 school bonds were purchased recently by the
I RONTON SCHOOL
—It is
Commerce Trust Co. of Kansas City.
Mo.—PRICE PAID—It is now reported that the
semi-ann. traffic way bonds purchased jointly by
and the City National Bank & Trust Co. of
Kansas City, as noted here—V. 147, p. 2279—were sold for a premium of
$250.00, equal to 100.10. Duefrom Oct. 1, 1940 to 1975.
KANSAS
CITY,
$250,000 2M% and 3%
Brown Harriman & Co., Inc.,
ST.
that $35,000 3M%
public sewer and water works extension bonds were pur¬
recently by the Farmers & Merchants Bank of St. Clair I Dated
1,1938.
Legal approval by Charles & Trauernicht of St. Louis.
CLAIR, Mo .—BONDS SOLD—It is reported
semi-annual
chased
Sept.
Volume 147
F
ST.
Financial
JOSEPH, Mo.—BOND SALE—The
two
issues
bonds
aggregating $110,000, offered for sale on Oct. 17—V. 147, p. 2279—were
award edto the Baum-Bernheimer Co. of Kansas
City, and the Mississippi
Vadey Trust Co. of St. Louis, as 234s, according to M. B. Morton, City
Comptroller.
The issues are divided as follows:
$80,000 New Central Police Station, series 38 I bonds.
Due $5,000, 1943
1958 inci.
to
30.000 stadium, series 38 J bonds.
Due $2,000, 1944 to 1958 incl.
Mr. Morton reports the other bids as follows:
Bidder—
Int. Bate Amount
Prem.
Empire Trust of 8t. Joseph & Harris Trust o 12%
$40,0001 $107.00
Chicago.
City Natl of Kansas City
Stern Bros, Kansas City
\2)A%
70,0001
23?%
—
1.1 A/i
—f2K%
Calander, Burke & McDonald
Halsey, Stuart &Co
62.70
23.10
47,0001
-TROY, Mo.—MATURITY—It is stated by the City Clerk that the $45,000 water works bonds purchased by the
Mississippi Valley Bank & Trust
Co. of St- Louis, as 4s, at a
price of 104.50, as noted here on Oct. 15—V.
147, p. 2427—are due on Oct. 1 as follows: $2,000, 1940 to 1946: $3,000,
1947 to 1951; $2,000/1952 to 1956, and $3,000 in 1957 and 1958, giving a
basis of about 3.49%.
WEBSTER
GROVES SANITARY DISTRICTS
(P. O. Webster
Groves) Mo.—BONDS SOLD—It is stated by Wayne H. Brown, Secretary
of the Board of Trustees, that sewer bonds
aggregating $114,000, were
on
Oct. 19 and
were
awarded
NEW
counsel
$62,000 Sub-District No. 15 bonds to G. H.. Walker & Co. of St. Louis,
as 5Ms, paying a
premium of $119.00, equal to 100.191.
52,000 Sub-District No. 16 bonds to Rudolph Rubert & Co. of St. Louis,
as 534s, paying a premium of
$656.00, equal to 101.261.
JERSEY
—PETITION FOR SELF-CONTROL OPPOSED—
Municipal Finance Commission is reported to have directed
Oct. 14 to oppose the city's petition to the New
Jersey Supreme
on
Court for an order
discharging it from the supervision of the Commission.
Hearing on a show cause order will be held on Oct. 29—V. 147, p. 2428. A
group or creditors is also understood to oppose
municipal autonomy at this
time
George Skillman, Secretary to the Commission, is reported to have
municipal debt readjustment plan is not being complied with
provision that the city conduct an "ail-inclusive tax
announced by the city for Oct. 31, according to Mr.
SKillman, comprises only a partial list of
delinquents to which it should be
applicable.
said that the
in connection with the
sale.
The tax sale
AHEIGHTS, N.
r
LjIMII—The State
3.—AUTHORIZED TO EXCEED DEBT
Funding Commission is reported to have authorized the
municipality, due to existence of an emergency, to exceed its legal debt
limit
order
in
nancing
that it
may cooperate with the Federal Government in fi-,
bulkhead project to eliminate erosion.
The order permits the
issue $25,750 bonds in connection with Public Works Ad¬
a
borougn
to
ministration grant.
BELVIDERE SCHOOL
DISTRICT, N. J.—BONDS VOTED—W. T.
Purcell, Clerk of the Board of Education, reports that an issue of $141,950
not to exceed
334% construction bonds was authorized at an election on
Sept. 19. They will mature serially on Nov. 1 from 1939 to 1976 incl.
EAST
follows:
as
2571
rrv,ASSURY,fA^^' N*
ine State
1,146.20
1,293.60
638.00
23^%
234%
Brown Harriman & Co.
offered for sale
Chronicle
of coupon
GREENWICH
TOWNSHIP
(P.
O.
Clarksboro),
J.—
N.
—The $80,000 water refunding bonds offered Oct. 17—V. 147,
National Bank & Trust Co. of Pauls-
p. 2428—were awarded to the First
boro
3Ms, at 100.86, a basi3 of about 3.65%.
Dated Nov. 1. 1938 and
due $4,000 on Nov. 1 from
1939 to 1958 incl.
Other bids, all for 4s, were
as
follows:
Bidder—
O. C. Codings & Co., and
Buckley Bros.
H.L. Allen & Co.
as
MONTANA
CARBON
COUNTY
HIGH
SCHOOL
DISTRICT
NO.
2
(P. O.
Bridger), Mont.—BOND OFFERING—It is reported by Olga Campbell,
District Clerk, that she will receive sealed bids until Nov. 1, for the pur¬
chase of a $25,000 issue of not to exceed 6% semi-annual building bonds.
Dated July 1, 1938.
Due in 20 years.
LAUREL, Mont.—BOND SALE—The $22,000 issue of coupon water
bonds offered for sale on Oct.'14—V. 147, p. 1959—was awarded
system
the Yellowstone Bank of Laurel,
to
as
4s, paying a premium of $25.00,
equal to 100.113, according to Rosella Fritz, City Clerk.
The only other bid was an offer of par on 4s, tendered
by the Public Works
Administration.
Rate Bid
101.04
100.66
Farmers & Mechanics National Bank of
Woodbury___..-
Par
^
According to James Bl Avis/Township"Solicitor, the~~above bonds have
of a similar amount of temporary
The water plant was completed
proceeds of a temporary water bond issue in the amount
been issued to provide for the
taking up
water bonds which mature Dec.
1, 1938.
in 1932 from the
of $90,000.
cash the
in
Sufficient hands
are
on
hand in the water account to redeem
remaining $10,000 port.on of the loan.
-
The township has no
other bonded debt and has pa.d all local, school,
county and State taxes
in fud to date.
Tax assessment for 1937 is 85% codected and collections
on account of the 1938
levy have reached 60%.
Total assessed valuation
for
1938 is $1,714,822 and tax rate is $3.54.
LEWISTOWN, Mont.—BOND OFFERING—11 is reported that sealed
bids will be received until 7:30 p. m. on Oct. 29,
by Geo. J. Waltz, City
Clerk, for the purchase of a$50,000 issue of sewage disposal plant bonds.
MUSSELSHELL
COUNTY
(P. O. Roundup), Mont.—BONDS TO
BE PURCHASED— It is stated by Harold P. Bennett,
County Clerk and
Recorder, that the county anticipates having on hand the sum of $20,000
on Dec. 10, to be used for the
purchase of outstanding refunding bonds of
March 1, 1937, of the county, at prices less than par.
The Board of County
Commissioners will receive tenders on Dec. 10, at 10 a. m. for the purpose
of receiving, opening and acting on tenders for the sale of such bonds.
SHELBY,
Mont.—BOND OFFERING—Sealed bids will be received
24, by Bruce R. McNamer, Acting City Clerk, for the
$8,500 issue of not to exceed 6% semi-annual swimming pool
Dated Sept. 1, 1938.
Amortization bonds will be the first cho.ce
until 8 p. m. on Oct.
purchase of
bonds.
an
and serial bonds will be the second choice of the Council.
If amortization bonds are sold and issued, the entire issue may
into
one
single bond
divided
or
into several
bonds,
be put
the Council may
as
determine upon at the time of sale, both principal and interest to be in
semi-annual instalments during the period of five years from the date of
issue.
uled for final reading on Oct. 18 cads for the issuance of $125,000 434%
refunding bonds.
Dated Oct. 1, 1938, and due Oct. 1 as follows: $10,000
from 1939 to 1950, incl., and $5,000 in 1951.
FLORENCE TOWNSHIP (P. O. Florence), N. 3.—BOND OFFERING
—Charles B. Green, Township Clerk, will receive sealed bids until 8 p. m.
on Nov. 2 for the purchase of
$155,000 not to exceed 5% interest coupon or
registered sewer assessment bonds.
Dated Nov. 1, 1938.
Denom $1,000.
Due Nov. 1 as follows: $20,000 in 1939 and $15,000 from 1940 to 1948 incl.
Bidder to
name a
are
issued and sold, they will be in the denoms. of $500
each and $200.
The sum of $1,700 of said serial bonds will become due and payable on
the first day of September, 1939, and a like amount on the same day each
thereafter until all such bonds
payable to the City Clerk.
are
paid.
Enclose
a
single rate of interest, expressed in
a
multiple of 34 of 1%.
Prin. and int.
(M-N) payable at the First National Bank, Florence;
National Bank, Roebling, or at the Chase National Bank, N. Y. City.
First
The
required to be obtained at the sale of the bonds is $155,000.
A cer¬
tified check for 2%, apayable to order of the township, us required.
Bonds
are unlimited tax obligations and township
will furnish legal opinion of
Hawkins, Delafield & Longfellow of N. Y. City.
sum
"GLEN
ROCK
SCHOOL
DISTRICT,
J.—OTHER
N.
BIDS—The
list of the unsuccessful bids for the issue of $261,000 school
As previously noted in V. 147, P. 2428, the award
was made to a group headed by Kean, Taylor & Co. of New York, which
took $237,000 bonds as 3M», at 110.16, a basis of about 2.86%.
All of the
following bidders specified an interest rate of 3 M %:
following is
If serial bonds
year
EDGEWATER, N. 3—PROPOSED BOND ISSUE—An ordinance sched¬
a
bonds offered Oct. 13.
certified check
No. Bonds
-
for $500,
COUNTY
SCHOOL
DISTRICT
NO.
7
(P. O.
Laurel) Mont.—BOND SALE— The $33,000 issue of school bonds offered
for sale on Oct. 15—V. 147, p. 1959—was purchased by the State Board of
Land Commissioners, according to the District Clerk.
Amount
ALBION, Neb.'—BOND SALE DETAILS—We are now informed by
City Treasurer that the $52,000 refunding bonds purchased by the
State Board of Educational Lands and Funds, as noted here on Oct. 8—
V. 147, p. 2279—are 334% coupon bonds.
Dated Oct. 1, 1938, due in
Oct. 1,
1948.
$261,459.60
Lehman Bros., and J. S.
Rippel & Co
Campbell, Phelps & Co.; Morse Bros. & Co., and
J. A. Rippel, Inc-
240
261,946.80
240
261,153.36
245
261,066.00
-
-
Dunning Co.; B. J. Van Ingen & Co., and
Denom. $11,000.
A-O.
Interest payable
.
v
261.301.00
243
C. A. Preim & Co__--.
the
on
Bid
239
C. P.
NEBRASKA
1958, and optional
Bid for
Chas~, Clark & Co., and J. B. Hanauer & Co-----
Milliken & Pell--.-
YELLOWSTONE
Bidder—
L. Allen & Co.; Minsch, Monell & Co., and
Dougherty, Corkran & Co
—
244
A. C. Allyn & Co.; E. H. Rollins & Sons, and
MacBride, Miller & Co
244
Schlater, Noyes & Gardner, Inc., and Colyer,
Robinson & Co
244
H. B. Boland & Co
—245
H.
_
261,207.78
-
261,010.00
262,000.00
262,000.00
-
YORK,
Neb.—BONDS SOLD—It is reported that $35,000 2%
annual park improvement bonds were purchased recently
Schweser of Lincoln, paying a price of 100.33.
semi¬
by Steinauer &
261
Glen Rock Bank
HILLSIDE TOWNSHIP SCHOOL DISTRICT (P. O. Hillside), N.
Teachers'
HAMPSHIRE
CLAREMONT SCHOOL DISTRICT, N. H.—BOND SALE—An issue
of $40,000 2% school bonds was sold to the Indian Head National Bank of
Nashua.
HUDSON
Pension
G.
and
LITTLE SILVER SCHOOL
The above bonds were
serially in from 1 to
TOWN
10
as
2s, at 100.525.
Dated Sept. 1, 1938 and due
Coupon in $1,000 denom.
Interest M-S.
years.
SCHOOL
DISTRICT
(P. O. Hudson), N. H.—
BOND SALE—The $46,750 coupon school bonds offered Oct. 19 were
awarded to Frederick M. Swan & Co. of Boston. Dated Oct. 1, 1938.
One
bond for $750, others $1,000 each." Due Oct. 1 as follows: $3,000, 1939 to
1944 incl.; $2,750 in 1945 and $2,000 from 1946 to 1958 incl. Principal and
interest (A-O) payable at 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.
.Financial Statement Oct. 1, 1938
Assessed valuation for 1938 (town and district co-terminus)--$2,054,309.00
Total bonded debt of the district, including present loan
46,750.00
Total bonded debt of the town
34,850.00
No water bonds or sinking funds.
Population, 3,200.
1937 levy, $94,494.90; uncollected to date, $10,668.35.
539.66- uncollected to date;$4,767.83.
SANBORNVILLE
FIRE
PRECINCT
(P.
O.
1936 levy, $96,-
DISTRicT^BONDS DEFEATED—
An issue of $21,450 construction bonds was
at the Oct.
defeated by
N.
follOWS I
Wer0
$104,000 water bonds.
Due Oct. 15 as follows: $3,000 from 1939 to 1953
incl; $4,000 from 1954 to 1967 incl., and $3,000 in 1968.
4,000 sewer bonds.
Due $1,000 on Oct. 15 from 1939 to 1942 incl.
.
Campbell, Phelps & Co. and Charles Clark & Co
A. C. Allyn & Co.,
A
1937
19361935--
pcpQQpsf
Valuation
$1,192,950
1,170,255
1,174,235
Tar
Rate
$35.10
37.00
36.00
Total
Tax Levy
$43,240.22
44,672.64
43,735.87
Uncollected all prior years
$5,000 issued for new equipment.
no
indebtedness.
Rate
Bid
3%
197
100.64
3%
100.60
Inc., E. H. Rollins & Sons
Inc., and Morse Bros. & Co., Inc
Minsch, Monell & Co., Inc. and Dougherty,
Rippel & Co
H. B. Boland & Co.--
Milliken & Pell
3%
3%
3%
3%
198
-
Julius A Rippel, Inc., C.
John B. Carroll & Co
]
197
197
198
Corkran & Co
Lehman Bros, and J. S.
197
100.599
100.52
100.26
100.25
C. Collings & Co. and
3M%
Gardner,
Inc., and MacBride, Miller & Co—
M. M. Freeman & Co
101.31
3M %
3
196
100.28
H. L. Allen & Co., Schlater, Noyes &
X'"j'
196
Vj/o
198
~
101.25
—»—•
"PATTERSON," N. J.—BOND SALE—A group composed of the First
National Bank of Paterson; Dougherty, Corkran & Co., Philadelphia and
Charles Clark & Co., New York, was the successful bidder at the offering
of
$548,000 coupon or registered bonds on Oct. 20—V. 147, p. 2428.
Pur¬
total of $547,000 bonds, naming an interest rate or 3H%
to 100.31, a basis of about 3.48%.
chasers took a
Uncollected
$4,678.54
19.34
10.00
None
indebtedness of
The Sanbornville Fire Precinct reports
Note—As of Oct. 1, 1938, the Town of Wakefield reports
Int.
Rate
Bid for
Bidder—
H.—
of Wakefiled (Financial Statement as of Jan, 31, 1938)
,
89,000 general bonds.
Due Oct. 15 as follows: $8,000 in 1939 and $9,000 from 1940 to 1948 incl.
1
All of the bonds are dated Oct. 15, 1938.
Second high bidder was Halsey,
Stuart & Co., Inc., N9W York, whose offer iyas for $197,000 3s, at a price
of 100.66.
Other bids were:
BOND SALE—F. W. Home & Co. of Hartford purchased and re-offered for
Tovm
vote of 108 to 67
ORANGE, N. 3.—BOND SALE—B. J. Van Ingen & Co., Inc., New
York, C. A. Prein & Co. and C. P. Dunning & Co., both of Newark, joined
in making the successful bid for the $198,000 coupon or registered bonds
offered Oct. 18—V. 147, p. 2279.
Purchasers took an aggregate principal
amount of $197,000, naming an interest rate of 3% and paid a price of
$198,534.63, equal to 100.779, a basis of about 2.91%.
The bonds sold
public investment, to yield from 1.20% to 2.60%, according to maturity,
an issue of $40,000 234% coupon, registerable as to principal only, water
works bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due $2,000 an¬
nually from 1941 to 1960, incl.
Principal and interest (A-O) payable at
Wolfeboro National Bank, Wolfeboro.
Legality to be approved by Storey,
Thorndike, Palmer & Dodge of Boston.
The bonds, according to the
bankers, will be payable from water revenues, and in the event these
revenues are insufficient in any one year to pay principal and interest rerequirements, property taxes can be levied to supply the difference.
It is
stated that the bonds are free from all present Federal income taxes and
tax exempt in New Hampshire.
District was incorporated by special Act
of the New Hampshire Legislature and furnishes fire and police protection
to about 1,000 persons.
Proceeds of bond issue will be supp emented by
Public Works Administration grant to provide the approximately $89,600
necessary to construct the water system.
Year—
a
18 election.
No. Bonds
Wakefield),
J.
Woodfield, District Clerk, reports that the State
Annuity Find purchased on Sept. 26 an issue of
$295,900 4% registered school construction bonds at par.
Dated Jan. 3,
1939 and due serially from 1941 to 1979incl.
Interest J-J.
Denom. $1,000.
(Above is the issue mentioned in V. 147^ p. 1811.)
.
—BOND SALE—A.
NEW
„
^
261,399.88
and paid a price of $548,695.70. equal
The sale consisted of $100,000 general
to
improvement bonds, due from 1939
1978 incl. and a further block
1948 incl.; $387,000 school due from 1940 to
of $60,000 school obligations maturing from 1940 to 1971 incl.
bonds are dated Oct. 1, 1938 and the combined maturities with
due each Oct.
1,
are as
All of the
payments
followii: $10,000, 1939; $20,000, 1940 to 1948 incl.;
$12,000 from 1949 to 1977 incl. and $9,000 in
bids were submitted at the sale:
1978.
The following other
Financial
2572
No. Bonds
Int.
Rale
Bid for
543
Rale
3M%
Bid
100.97
545
3%%
100.58
Bidder—
Miltiken & Pell
Bancamerica-Blair
-
B. J. Van Ingen
& Co., Inc., and MacBride, Miller & Co..
H. L. Allen & Co.; J. 8. Rippel & Co.; Minsch,
Monell & Co., Inc., and Hemphill, Noyes
Corp.,
545
Z%%
100.56
547
Co
Phelps, Fenn & Co., Inc.; Campbell, Phelps &
Co., and Morse Bros. & Co
A- C. Allyn & Co., Inc.; E. H. Rollins & Sons,
Inc.; Scblater, Noyes & Gardner, Inc., and
Colyer, Robinson & Co
—
Lehman Bros.; Kean, Taylor & Co., and Burr
Co., Inc
Halsey, Stuart & Co., Inc
3M%
100.33
3%%
100.19
547
-
542
4%
101.10
544
4M %
100.78
$46,000 coupon or regis¬
tered municipal building bonds offered Oct. 18—-V. 147, p. 2279—were
awarded to J. B. Hanauer 6c Co. of Newark as 2Mb, at 100.19, a basis of
about 2.48%.
Dated May 1,1938 and due May 1 as follows: $2,000, 1942
to 1950, incl.; $4,000 in 1951 and $6,000 from 1952 to 1955, inci.
Other
RUTHERFORD,
N. J.—BOND SALE—The
bids:
"W t/l-lf}
.
.W-
—
-
.-1-
—
—
„
-
Campbell & Co—
—
——--—
J. 8. Rippel & Co
...
C. P. Dunning & Co. and C. A, Preim & Co.
Minsch, Monell & Co
& Mueller
100.07
q L.- rm tm
MacBride, Miller & Co.
Campbell, Phelps & Co
H. B. Poland & Co---
Adams
Rate Bid
Int. Rate
Bidder—
Graham, Parsons & Co. and
Dougherty, Corkran & Co
ilf
--i
.—
'100.79
2M%
2M%
2M%
2M%
2M%
2M%
*—
Colyer, Robinson & Co
Co
—.
John B. Carroll & Co
H. L. Allen & Co
——
Julius A. Rippel, Inc. and Ewing & Co
Rutherford Trust Co
—
M. M. Freeman &
101.18
100.82
2
100.73
100.65
100.52
100.44
100.41
100.31
100.31
'
k%
100.21
100.04
2 %%
2M%
—
101.08
100.82
3%
3%
Par
3.—LARGE REFUNDING ISSUE IN PROSPECT—
The State Funding Commission is reported to have advised city officials on
Oct. 13 that it would approve the proposal for refunding $3,544,000 of
existing debt with the sole restriction that all-inclusive tax sales be held
regularly. Although the matter is still in the formative stage, it is believed
that, with all details cleared up, the issue may be available for the market
prior to the close of this year.
Among the items which the city hopes to
refinance at lower interest cost is an issue of $2,384,000 3M%
bonds
brought out In 1935, according to report.
Unless a refunding is arranged,
a payment of $500,000 due on the issue next year will necessitate an in¬
crease of more than 30 points in the tax rate, it was said.
The program
also would involve the refunding of some $1,160,000 of temporary tax rev¬
enue notes and bonds maturing in October and November of 1938.
These
N.
TRENTON,
bear interest rates up to 5%.
N. 3.—BONDS NOT SOLD—No bids were sub¬
mitted for the $35,000 not to exceed 6% interest coupon or registered
sewer bonds offered Oct. 15—V. 147, p. 2428.
Dated Sept. 1, 1938 and
due $1,000 each Sept. 1 from 1939 to 1973, inclusive.
WEST WILD WOOD,
Chronicle
CAPE VINCENT CENTRAL SCHOOL DISTRICT (P. O. Cape
Vincent). N. Y.—BONDS VOTED—At the election on Sept. 30 an issue
of
$180,000 school bonds carried by a vote of 351 to 27.
CHARLOTTE VALLEY CENTRAL SCHOOL DISTRICT
Davenport), N. Y.—BONDS VOTED—An issue of $107,750
bonds was authorized by the voters at an election held recently.
"CHAUTAUQUA,^STOCKTON,
Mo*.—PWA
that a
school
the bonds to bear 4% interest, payable A-O, and to mature on
DISTRICT
SCHOOL
ARTESIA
(P.
O.
Artesia),
N.
purposes,
Oct. 1, 1940 to
1960.
*
>
NEW
Education, will receive sealed bids until 2 p. m. on Oct. 27 for the purchase
of $149,000 not to exceed 6% interest coupon or registered school con¬
Dated Nov. 1, 1938.
Denom. $1,000.
Due Nov. 1 as
follows:
$6,000, 1941 to 1945 incl.; $7,000, 1946 to 1951 incl.; $8,000 from
1952 to 1955 incl., and $9,000 from 1956 to 1960 incl.
Bidder to name
a single rate of interest
expressed in a multiple of M or l-10th of 1%.
Principal and interest (M-N) payable at the State Bank of Mayville, with
New York exchange, or at the Central Hanover Bank & Trust Co., New
York, at holders' option.
The bonds are unlimited tax obligations and
will be approved as to legality by Dillon, Vandewater & Moore of New
York City.
A certified check for $2,980, payable to order of Fred C.
Whitney. District Treasurer, is required.
District reports an assessed
valuation for 1938-39 of $2,622,339.28 and the present offering constitutes
its first issue of bonds.
Population estimated at 2,500.
,•
,
CRAWFORD, SHAWANGUNK, MONTGOMERY, WALKILL AND
CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Pine
Brook), N. Y.—BONDS VOTED—At an
election on Sept. 30 the voters
authorized an issue of $233,475 construction bonds in order to quaJify for
a Public Works Administration grant of approximately the same amount
for new school building purposes.
MAMAKATING
DURHAM,
DISTRICT NO. 10 (P. O. Alden),
District Clerk, will receive
sealed bids until 7:30 p. m. on Oct. 31 for the purchase of $15,000 not to
exceed 5% interest coupon or registered school bonds.
Dated Nov. 1,1938.
Denom. $1,000.
Due $1,000 on Nov. 1 from 1939 to 1953 incl.
Bidder to
name a single rate of interest expressed in a multiple of M or l-10th of 1 %.
Principal and interest (M-N) payable at the Alden State Bank, with New
York Exchange.
A certified check for $300, payable to the order Of William
ALDEN UNION FREE SCHOOL
Swyers, District Treasurer, is required.
The bonds are unlimited tax
obligations and will be approved as to legality by Dillon, Vandewater &
.
'
SCHOOL DISTRICT NO. 5 (P. O. Farnham).
N. Y.—BOND SALE—The $5,000 coupon or registered school bonds offered
Oct. 11—V. 147, p. 2279—were awarded to Bank of North Collins as 2 Ms,
at par plus $5.23 premium, equal to 100.104, a basis of about 2.23%.
Dated Oct. 1,1938 and due $1,000 on Oct. 1 from 1939 to 1943 incl.
Among
other bidders were the Manufacturers & Traders Trust Co. and the Marine
Trust Co., both of Buffalo.
BRANT
COMMON
BUFFALO
(P. O. Buffalo), N. Y.—BOND
of B. J. Van Ingen & Co., Inc., Bacon,
SEWER ?AUTHORITY
SALE—A syndicate composed
Stevenson & Co., Roosevelt & Weigold, Inc., E. H. Rollins & Sons, Inc.,
and Geo. B. Gibbons & Co., Inc., all of New York, was awarded on Oct. 17
issue of $1,000,000 series F sewer bonds as 3Ms at a price of
Dated Nov. 1, 1938.
Denom. $1,000.
3.54
an
a
basis of about
Nov. 1
as
follows: $24,
96.60,
Due
0, 1940 to 1944, incl.; $30,000, 1945 to 1949, incl.;
$34,000, 1950 to 1954, incl.: $48,000, 1955 to 1959, incl.; $60,000, 1960 to
to 1963, incl., and $80,000 in 1964.
Prin. and int. (M-N) payable at the
Manufacturers & Traders Trust Co., Buffalo, or at the Continental Bank
& Trust Co., N. Y. City.
Coupon bonds of $1,000 each, registerable as
to principal only, or interchangeable for fully
registered
bonds upon
payment of a fee.
The bonds are stated to be interest exempt from all
present Federal and New York State income taxes and will be approved as
to legality by Caldwell & Raymond of New York City.
BONDS PUBLICLY OFFERED—B. J. Van Ingen & Co., Inc., and asso¬
ciates reoffered the above issue at prices to yield from 2% to
ing to maturity.
3.40%, accord¬
Oct. 18
and
Co., Inc., both of New York, as 2.90s, at 100 689, a basis of
Dated Nov. 1, 1938 and due Nov. 1 as follows:
$2,250,
1939; $2,000 from 1940 to 1965 incl. and $3,000 from 1966 to 1968mcl.
A. C. Allyn &
about 2.84%.
Other bids:
provide
Authority is
an
pledge of said revenues heretofore made for the $8,365,000 bonds hereto¬
issued, pursuant to
resolution adopted June 1, 1936, and resolutions
supplemental thereto.
The bonds are legal investment, by an Act of the
New York State Legislature, for all public officers and bodies in the State
and ail municipalities, and municipal subdivisions, and for insurance com¬
panies and associations, savings banks and savings institutions, savings
and loan associations, administrators, guardians, executors, trustees and
fore
a
other fiduciaries.
ADDITIONAL BIDS—In addition to the accepted bid, the successful
banking group also made an offer of 99.10 for 3Ms.
Also competing for
the loan were the following:
1
Bidder—
•
int. Rate
Rate Bid
C. Allyn & Co., Inc., Hemphill, Noyes & Co.,
Eastman, Dillon & Co., Sherwood & Reichard,
Channer Securities Corp. and H. C. Speer Sons &
A.
Co
3M%
99.03
3M%
97.585
Halsey, Stuart & Co., Inc., and Kidder, Peabody
& Co
BUSTI UNION FREE SCHOOL DISTRICT NO. 1 (P. O. Lake wood).
N. Y.—BOND OFFERING—Olive B. Cole, District Clerk, will receive sealed
bids until 2 p, m. (Eastern Standard Time) on Oct. 27 for the purchase
of
$46,750 not to exceed 6% interest coupon or registered school bonds. Dated
Nov. 1,1938. One bond for $750, others $1,000 each. Due Nov. 1 as follows:
$4,750, 1939; $4,000 from 1940 to 1942 incl. and $5,000 from 1943 to 1948
incl.
Bidder to name a single rate of interest expressed in a multiple of
M or l-10th of 1 %. Principal and interest (M-N) payable at the Guaranty
J
_
Rate Bid
100.553
100.77
100.399
100.269
DUTCHESS ? COUNTY (P. O. Poughkeepsie),
N. Y.—CERTIFI¬
CATE ISSUE DETAILS—The $92,000 0.50% certificates of indebtedness
mentioned in—V. 147, p. 2428—are dated Oct. 6, 1938 and due March 1,
Int. Rate
2.90%
3%
„—3%
3%
Bidder—
Bancamerica-Blair Corp
Roosevelt & Weigold, Inc
Manufacturers & Traders Trust Co
R. D. White & Co
1939.
„
DUTCHESS COUNTY (P. O. Poughkeep.ie), N. Y.—OTHER BIDS—
$400,000 road and bridge bonds awarded to Adams, Mcfintee & Co.,
Inc., New York, as lMs, at par plus $360 premium, equal to 100.09, a
basis of about 1.235%—V. 147. p. 2428—were also bid for as follows:
The
Bidder—
Int. Rate
1.30%
1.40%
<
Nationa
Bank & Trust Co
Hutzler
Phelps, Fenn & Co. and Francis I. Dupont & Co
A. O. Allyn 6c Co., Inc.; E. H, Rollins 6c Sons, Inc.,
Premium
$36.00
1,080.00
940.00
1.40%
and
_
856.00
Ingen & Co., Inc
1.40%
Harris Trust & Savings Bank and Goldman, Sachs & Co- 1.40%
Brown Harriman & Co.; Inc. and A. G. Becker & Co.,
B, J. Van
431.60
1.40%
Co.,
Inc.,
319.60
1.40%
-
306.40
and Edward
1.40%
288.00
1.50%
1.50%
1.50%
1,637.55
1,564.00
1,440.00
1.50%
1,276.00
1.50%
Bankers Trust Co. and Martin & Chambers
1.50%
The Marine Trust Co. of Buffalo and A. D. White & Co_ 1.50%
Sherwood & Reichard and C. F. Childs & Co., Inc
1.60%
1,120.00
756.00
Lowber Stokes & Co
Kidder, Peabody & Co.; Estabrook
velt & Weigold, Inc—
Burr & Co., Inc
& Co., and Roose-
Blyth & Co., Inc. and F. S. Moseley & Co
Manufacturers & Traders Trust Co.; George B. Gibbons
6c Co., Inc. and Foster & Co
Lehman Brothers; Kean, Taylor & Co., and Dougherty,
Corkran & Co_.
EASTCHESTER
-
-
(P. O. Tuckahoe),
676.10
316.00
N. Y.—CERTIFICATE SALE—
Oct. 19 an issue of $90,000
plus $2 premium.
Dated Nov. 1,
1938 and due July 1, 1939.
Legality to be approved by Hawkins, Delafield & Longfellow of New York City.
Also bidding were Leavitt & Co.,
New York, at 0.77%, and George B. Gibbons & Co., Inc., New York,
0.90%, plus $10 premium.
R. D. While & Co. of New York purchased on
certificates
of indebtedness at 0-70%,
Y.—BOND SALE—The $6,000 registered sewer
EAST SYRACUSE, N.
awarded to the Bank of East Syracuse as 2MsDenom. $1,000.
Due Nov. 1 as follows: $2,000 in
1939 and $1,000 from 1940 to 1943 incl.
Prin. and int. (M-N) payable
at Bank of East Syracuse.
bonds offered Oct. 18 were
Dated Nov. 1, 1938.
Price paid was par plus a
premium of $6.06, equal to 100.101.
FRIENDSHIP, N. Y.—BONDS DEFEATED—An issue of
by the voters on Sept. 26.
$92,500 sewer
bonds was rejected
N. Y.—BOND OFFERING—K. S. Ellswortn, City
Clerk, will receive sealed bids until 3 p. m. on Nov. 9 for the purchase of
$164,000 not to exceed 6% interest bonds, divided
folllws:
GLENS
FALLS,
$125,000 sewage disposal plant bonds.
Due Nov. 1 as follows:
1946 and $10,000 from 1947 to 1958 incl.
39,000 fire station bonds.
Due Nov. 1 as follows:
$4,000 in
$5,000 from 1940 to 1946 incl.
All of the bonds will be dated Nov. 1,
a public benefit corporation created by Legislature
effectual means for relieving the Niagara River, Buffalo
River and Lake Erie from pollution by sewage and waste, and provide for
the transfer of the sewerage system or the City of Buffalo and the control
thereof to the Authority.
These bonds, part of a statutory authorization
of $15,000,000, will, in the opinion of counsel, be a direct and general obli¬
gation of the Authority, payable as to both principal and interest from and
secured by a pledge of all the rents and revenues of the Authority from what¬
ever sources derived, after deducting reasonable operating
expenses, all
to the extent and in the manner more particularly described in Chapter
349 of the Laws of 1935 of the State of New York, but subordinate to the
The Sewer
to
CENTRAL
Oak Hill), N. Y.—BOND SALE—The $63,250 school bonds offered
—V. 147, p. 2428—were awarded jointly to E. H. Rollins & Sons, Inc.,
Halsey, Stuart & Co., Inc—
Shields & Co.; Washburn 6c
N. Y.—BOND OFFERING—W. P. Hutchinson,
Moore of New York City.
GREENVILLE, RENSSELAERVILLE AND
SCHOOL DISTRICT
NO. 1
(P. O.
CAIRO,
CONESVILLE
Inc
YORK
AND
PORTLAND
struction bonds.
Salomon Bros. &
LOAN APPROVED—It is stated by the Superintendent of Schools
loan of $41,000 was approved by the Public Works Administration for
WESTFIELD,
(P. O.
building
ELLERY CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Mayville),
N. Y.—BOND OFFERING—Nathaniel Y. Elliott, Clerk of the Board of
Fail kill
MEXICO
NEW
1938
22,
Oct,
The bonds are unlimited tax obligations and will be
approved as to legality by Reed, Hoyt, Washburn & Clay of New York
City. A certified check for $935, payable to order of Nini I. Butler, District
Treasurer, is required.
Trust Co., New York.
an
election
on
Sept. lu.
1938.
$5,000 in
_
1939 and
They were authorized at
-
GOWANDA, N. Y.—BONDS DEFEATED—An issue of $120,000 trunk
sewer
system and disposal plant oonds was rejected by the voters on
Sept. 30.
HAMBURG UNION FREE SCHOOL DISTRICT NO. 1 (P. O. Ham¬
burg). N. Y.—PLANS BOND SALE—Henry R. Straton, Principal of
Schools, reports that the $250,000 construction bonds authorized at the
Sept. 9 election will be up for sale shortly. They will mature $12,500 an¬
nually.
R. Stratemeir, President of toe Board
that an issue of $250,000 construction bonds will be
possibly within 30 days. Bids will be received by Gordon
S. Mohr, District Treasurer.
The bonds may be dated Nov. 1, 1938 and
mature $12,500 annually.
Legality to be approved by Dillon, Vande¬
BOND ISSUE DETAILS—Henry
of Education, reports
offered for sale
water
& Moore of New York City.
DISTRICT NO. 15 (P. O. BurOFFERING—Ford Wickham, District Clerk, will
HECTOR UNION FREE SCHOOL
dett),
N.
Y.—BOND
$36,000
Dated
follows: $1,000
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 Watkins State Bank, Watkins Glen.
A
certified check for $720, payable to order of Fred Holmes, District Treas¬
urer, is required.
The bonds are unlimited tax obligations and district will
furnish legal opinion of Reed, Hoyt, Washburn 3c Clay of N. Y. City.
HEMPSTEAD, N. Y.—GREEN ACRES SEWER DISTRICT BOND SALE
—The $88,000 sewer district bonds offered Oct. 18—V. 147, P- 2428—were
awarded to Graham, Parsons & Co. of New York, as 2.20s, at par plus $123
premium, equal to 100.139, a basis of about 2.18%.
Dated Oct. 1, 1938
and due Oct. 1 as follows:
$5,000 from 1939 to 1955 incl. and $3,000 in
receive sealed bids until 3.30 p. m. on Oct. 28 for the purchase of
not to exceed 6%
interest coupon or registered school bonds.
Oct. 1, 1938.
Deno is. $1,000 and $500.
Due Oct. 1 sa
from 1939 to 1956 incl. and $1,500 from 1957 to 1968 incl.
1956.
Among other bids were the following:
Int. R' te
Bidder—
Franklin Square National
Bank
Manufacturers & Traders Trust Co
A. C. Allyn & Co., Inc. and
1
2M%
2 M %
E. H. Rollins & Sons, Inc2.40%
Rate Bid
100.14
100.10
100.24
Financial
Volume 147
Chronicle
LIVONIA, N. Y.—BONDS VOTED—Village Clerk C. H. Cary reports
that
Sept. 20 the voters authorized the issuance
plant and $11,500 water system bonds.
on
of
$57,500
bury), N. Y.—BOND SALE—The issue
Oct. 19—V.
Inc
„
VERNON, N. Y.—CERTIFICATE SALE—An issue of $75,000
was sold as l^s on Oct. 7.
was
Y.—BOND OFFERING—Walter J.
as
100.42
100.32
100.18
and Campbell, Phelps
100.82
3%
UNION
"
FREE
100.78
3%
DISTRICT NO.
SCHOOL
1
(P.
O.
Kenmore), N. Y.—BOND OFFERING— Kenneth O. Irving, Clerk of the
Board of Education, will receive sealed bids until 3:45 p. m. on Oct. 27
for the purchase of $950,000 not to exceed 6% interest coupon or registered
school construction bonds.
Dated Nov. 1, 1938.
Denom. $1,000.
Nov. 1 as follows:
$40,000, 1939 to 1943 incl.; $50,000 from 1944 to
incl.
Due
1958
single rate of interest expressed in a multiple of
H or l-105h of 1%.
Principal and interest (M-N) payable at First National
Bank of Kenmore, with New York exchange, or at the Chase National
Bank, New York City.
The bonds are unlimited tax.obligations and will
be approved as to legality by Dillon, Vandewater & Moore of New York
City.
A certified check for $19,000, payable to order of Isabella R, Ferris,
District Treasurer, is required.
Assessed valuation of district taxable property, according to 1938-1939
assessment roll, is $78,568,768.
Total bonded debt, including proposed
issue, amounts to $2,812,550.
Population estimated at 22,000.
Brennan,
Director of Finance, will receive sealed bids until noon on Oct. 25, for the
purchase of $623,000 not to exceed 6% interest coupon or registered bonds,
divided
100.588
2.70%
2.70%
2%%
—
!
TONAWANDA
(P. O. Mineola), N. Y.—BOND ISSUE REPORT
N.
&
Corp
Weigold, Inc.
& Co
Bieger, Deputy County Treasurer, states that while no definite
plans to that end are in progress, it is possible that the county may make
an offering of
$1,457,000 courthouse bonds in the latter part of November.
-Earlier in the year it was anticipated that this financing would be under¬
taken sometime in September.
ROCHELLE,
100.636
ijpl
2.70%
-
Adams, McEntee & Co., Inc.
L.
NEW
100.425
2.70%
Securities
Roosevelt
sold to the Fleetwood Bank of Mount Vernon at par.
NASSAU COUNTY
-—G.
2.60%
Kidder, Peabody & Co. and Estabrook & Co
Bancamerica-Blair Corp
certified check for $480, payable to order of the
relief certificates of Indebtedness
The issue
Rate Bid
Int. Rate
E. H. Rollins & Sons, Inc. and A. C. Allyn & Co.,
Union
ome
following:
Bidder—
Goldman, Sachs & Co. and R.D. White & Co
Halsey, Stuart & Co., Inc.--
town.
MOUNT
of $163,350 school bonds offered
2280—were awarded to the Manufacturers & Traders
as 234s, at 100.309, a basis of about 2.48%.
Dated
1, 1938 and due April 1 as follows:
$5,350, 1941; $5,000, 1942 to
1956, incl.; $6,000 in 1957 and $7,000 from 1958 to 1968. incl.
Other bids
1, 1938. Denom. $1,000- Due Nov. 1 as
follows: $3,000 from 1939 to 1942 incl. and $4,000 from 1943 to 1956 incl.
Bidder to name a single rate of-interest
expressed in a multiple of \i or
1-10th of 1 %. Principal and interest (M-N) payable at First National Bank
& Trust Co., Baldwinsville.
The bonds are unlimited tax obligations and
will be issued to pay the town's share of the cost of
poor relief.
Proposals
a
p.
Oct.
included the
Dated Nov.
accompanied by
147,
Trust Co. of Buffalo
LYSANDER (P. O. Baldwinsville), N. Y.—BOND OFFERING—Olin
Haydon, Town Supervisor, will receive sealed bids until 3 p. m. on Oct. 27
for the purchase of $24,000 not to exceed
6% interest coupon or registered
must be
ROXBURY CENTRAL SCHOOL DISTRICT NO. 2 (P. O. Rox-
,
sewage
treatment
home relief bonds.
2573
follows:
$120,000 home relief and/or veteran relief bonds.
Due Nov. 1 as follows:
$10,000 from 1939 to 1944, incl. and $15,000 from 1945 to 1948.
inclusive.
168,000 Federal project bonds.
Due Nov. 1 as follows:
$16,000 from
1939 to 1947, incl.
and $24,000 in 1948.
298,000 municipal improvement bonds.
Due Nov. 1 as follows:
$29,000
from ,1939 to 1947, incl. and $37,000 in 1948.
37,000 equipment bonds.
Due Nov. 1 as follows:
$7,000 from 1939 to
1942, incl. and $9,000 in 1943.
All the oonds will be dated Nov. 1, 1938.
Denom. $1,000.
Rate or
rates of interest to be expressed in a
multiple of 34 or l-10th of 1%.
Different rates may be named on the respective issues, but not more than
a single rate on
any one loan.
Principal and interest (M-N) payable at
City Treasurer's office; interest will, at the request of the registered holder,
be remitted by mail in New York exchange.
The bonds are general obliga¬
tions of the city payable from unlimited ad valorem taxes on all of the
city's taxable property.
A certified check for 2% of the bonds bid for,
payable to order of the city, must accompany each proposal.
Legality to
be approved by Caldwell & Raymond of New York
City.
Bonds will be
delivered at Bank of the Manhattan Co., 40 Wall St., New York, on or
about Nov. 10, 1938.
'
Bidder to
name
a
bonds
Stuart,
TROY, N. Y.—BOND SALE—'The $380,000 coupon or registered
offered Oct. 18—V. 147, p. 2429—were awarded jointly to Halsey,
&
at
Co., Inc. and the Bancamerica-Blair Corp., both of New York, as 1 Ms,
par plus a premium of $247, equal to 100.065, a basis of about 1.74%.
Sale consisted of:
$150,000 home relief bonds, series A.
Dated Oct. 1, 1938 and due $15,000
on Oct. 1 from 1939 to 1948, incl.
Interest A-O.
120,000 debt 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:
$10,000 from 1940 to 1946, incl., and $15,000 In 1947 and 1948.
Interest J-D.
The bankers re-offered the bonds to yield from 0.35% to 1.80%, accord¬
ing to maturity. City taxes for 1937 and prior years are reported to be over
93% collected. Bonds are stated to be legal investment for savings banks
and trust funds in the State of New York.
The following were the un¬
NEW YORK, N. Y.—SEEKS BIDS ON ASSESSMENT BOND ISSUE—
City Comptroller Joseph D. McGoldrick has invited bankers to submit bids
at noon on Oct. 24 for the purchase of
$6,000,000 434 % city assessment
bonds now held in the pension fund.
The issue is dated Jan. 20, 1933 and
due Jan. 20, 1943.
The Comptroller is acting in his capacity as custodian
successful bids:
.
of the pension fund.
aud
and
Webster
&
Stone
1.90%.
..90%
Wednesday another series of revenue bills, the total in this instance
being $30,000,000.
This is a routine'revenue anticipation borrowing, the
last previous transaction having taken place on Sept. 28 when $30,000,900
of bills, due Nov. 1, 1938, were allotted at 0 50% interest.
Details on the
projected financing will be made available early next week.
—
-
Goldman, Sachs & Co.; B. J. Van Ingen & Co.,
Inc. and First of Michigan Corp..
„«■
$1,776.00
1,238.80
1.90%
J
—
Manufacturers National Bank of Troy——
next
Premium
Int. Rate
Bidders—
Blyth & Co., Inc.
Blodget, Inc
Mr. McGoldrick has also made known his intention to sell by allotment
U 209,00
Eastman, Dillon & Co:; Morse Bros. & ^.o., Inc.
Manufacturers
NICHOLS UNION FREE SCHOOL DISTRICT NO. 2 (P. O. Nichols),
N. Y.—-BONDS VOTED—Mrs. Augusta Barnes, Clerk of the Board of
Education, reports that an issue of $60,000 construction bonds was auth-t
orized at the Sept. 29 election.
-
&
Co.;
Trust
Traders
50.00
1.90%
and Edward Lowber Stokas & Co
Kean,
1,212.20
2%
Taylor & Co. and R. H. Moulton & Co., Inc._
Geo. B. Gibbons & Co., Inc.; iioosevelet & Wei¬
gold, Inc.; Graham, Parsons & Co. and Equit¬
able Securities Corp
Hemphill, Noyes & Co--—
—
NORTH TONAWANDA (Union Free S. D. No. 1) CITY SCHOOL
DISTRICT (P. O. North Tonawanda), N. Y.—BOND OFFERING—
Edward R. Mould, District Clerk, will receive sealed bids until 2 p. m. on
Oct.26 for the purchase of $124,000 not to exceed 5% interest coupon or
registered school bonds. Dated Nov. 1,1938. Denom. $1,000. Due Nov. 1
as follows:
$4,000 in 1939 and $6,000 from 1940 to 1959 incl.
Bidder to
name a single rate of interest expressed in a multiple of M or l-10th of 1 %.
Principal and interst (M-N) payable at State Trust Co. of North Tona¬
wanda, with New York exchange. The bonds are unlimited tax obligations
and will be approved as to legality by Dillon, Vandewater & Moore of New
York City.
A certified check for $2,480, payable to order of D. S. Hering,
District Treasurer, is required.
►
—
988.00
2%
2.20%
589.00
SCHOOL
TUSTEN
AND
COCHECTON CENTRAL
NO. 1 (P. O. Narrowsburg), N. Y.—BOND SALE—An
DISTRICT
issue of $4,800
registered school bus bonds was sold on Oct. 20 to the first
Eank of Narrowsburg as 3 Ms, at par. Dated Nov. 1, 1938 and
due $1,200 on Nov. 1 from 1939 to 1942 incl. Principal and interest (M-N)
payable at aforementioned hank.
..—if U
i J
coupon
or
National
WAVERLY, N. Y.—BOND SALE—An issue of "$4,500 coupon or reg¬
bridge bonds was sold on Oct. 18 to the Citizens National Bank of
Waverly as 3s, at par.
Dated July 1, 1938.
One bond for $500, oth®r®
$1,000 each. Due July 1 as follows: $1,000 from 1939 to 1942 incl. and $500
in 1943. Principal and interest (J-J) payable at_aforementioned bank. • - H
istered
Financial Statement and Tax Data
The assessed valuation of the property subject to the taxing power of
according to the 1938-39 assessment roll is $24,977,610.00. The
total bonded debt of said district including the above mentioned bonds is
the district
"""WEST" SENECA COMMON SCHCJOirnSlSTRlCT^NOrs ~(P.* o.
Gardenville), N. Y.—BOND SALE—The $99,000 coupon or registered
$679,000.
school bonds offered Oct. 20—V. 147, p. 2429—were awarded jointly
Marine Trust Co. of Buffalo and R. D. White & Co., New York, as
The population of said district is approximately 20,500.
The
8
bonded debt above stated does not include the debt of any other
subdivision
to levy taxes upon any or all of the property subject to the
of the district.
The fiscal year commences July 1 and ends
having power
taxing power
June 30, next.
at
as
to
1937-38
■
1936-37
1935-36
-$239,736.68 $236,255.00 $222,338.00
Uncollected at end of fiscal year.---_
22,080.11
18,469.70
20,383.73
Uncollected Oct. 10,1938--,
—' 20,892-32
17,746.60
18,052.44
Taxes for the current fiscal year ending June 30, 1939, amount to $246,888,
of which $209,903.51 has been collected.
Said taxes for the current fiscal
year became delinquent Oct. 1, 1938.
Taxes levied
*
—
—
Int. Rate
Bidder—
Morse Bros. & Co., Inc
—
-
—
—
Roosevelt & Weigold, Inc--r-_.
Shields & Cm
Corp
Harris Trust & Savings Bank.
Halsey, Stuart & Co., Inc------F. S. Moseley & Co
—
—
—
—
Marine Trust Co. and R. D. White & Co.--..
100.059
100.04
100.22
100.07
100.029
'
1%
31, for the purchase of $108,400 not to
registered bonds, divided as follows:'
.
1948. inclusive.
20,500 improvement bonds.
1
100.19
100.129
water
Due Nov.
1
as
follows:
& Moore of New
and jail bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due
follows: $3,000 in 1941 to 1947, and $5,000 in 1948 to 1952.
The
the highest price offered not less than par and
accrued interest.
Prin. and int. payable in lawful money in N. Y. City.
The bonds are general obligations of the county, payable from an unlimited
tax- delivery at place of purchaser's choice.
The approving opinion of
Reed, Hoyt & Washburn of New York, will be furnished the purchaser.
Enclose a certified check for $920, payable to the State Treasurer.
Dated Nov. 1, 1938 and due $3,000
CHARLOTTE, N. C.—BOND OFFERING—It is stated that
annually.
sealed bids
11a.m. (Eastern Standard Time), on Nov. 1, by W. E.
Easterling, Secretary of the Local Government Commission, at his office
in Raleigh, for the purchase of the following not to exceed 6% semi-ann.
will be received until
PERU SEWER DISTRICT (P. O. Peru), N. Y.—PLANS BOND SALE
—H. C. Marsha, Town Supervisor, states that an issue of $46,750 sewer
21 election, will be placed
on
the market
30 the voters refused to authorize an issue of $14,500 building
equipment and fire apparatus bonds.
A new election will take place Oct. 13.
—On Sept.
PRATTSBURG, N. Y.—BOND SALE—An issue of $12,000 village bonds
sold on Oct. 14 ot the Prattsburg State Bank as 3s.
Due $1,000 on
1939 to 1950 incl.
The bonds are dated Oct. 15, 1938*. They were sold at par.
registered bonds aggregating $415,000:
Due on Nov. 1 as follows: $3,000, 1941 to 1945,
1946 to 1955.
$350,000 hospital bonds. Due on Nov. 1 as folllows: $7,000,1941 and 1942;
$8,000. 1943 and 1944; $10,000, 1945 and 1946, and $15,000, 1947
coupon or
$65 000 water bonds.
and $5,000 in
PLEASANT VALLEY FIRE DISTRICT, N. Y.—BONDS DEFEATED
OFFERING—
E. Easterling,
Oct. 1, as
OSWEGO, N. Y.—BOND OFFERING—F. J. Davis, Village Clerk, will
July 1 from
CAROLINA
bonds will be awarded at
receive sealed bids until 2 p. m. on Nov. 2 for purchase of $15,000 234 %
was
York City .
building
obligations and will be approved as to legality by Hawkins, Delafield &
Longfellow of N. Y. City.
bonds, approved a„ the Sept.
within the next few months.
■
Due
Secretary of the Local Government Commission, at his office in Raleigh,
for the purchase of a $46,000 issue of 3% coupon semi-ann. county office
1 %.
Prin. and int. M-N payable at the First National Bank & Trust Co.,
Ossining.
A certified check for $5,400, payable to order of the Board of
Education, must accompany each proposal.
The bonds are unlimited tax
fire dept. apparatus bonds.
_-
incl.
(M-N)
CATAWBA COUNTY (P. O. Newton), N. C.—BOND
Sealed bids will be received until 11 a. m. on Oct. 25, by W.
$8,000 from 1939 to 1953 incl. and $10,000 from 1954 to 1968 incl.
Bidder
to name a single rate of interest, expressed in a multiple of 34 or 1-lOth of
coupon
.
„
One bond for $500, others $1,000 each.
follows:
NORTH
purchase of $270,000 not to exceed 6% interest coupon or registered school
Denom. $1,000.
as
Nov. 1, 1938.
Bidder to name a single rate
expressed in a multiple of M or l-10th of 1 %
Principal and
payable at Merchants National Bank, Whitehall, with
New York exchange.
The bonds are general obligations of the town, pay¬
able from unlimited taxes.
A certified check for $2,168, payable to order
of the town, is required.
Town will furnish legal opinion of Dillon, Vande¬
N. Y.—BOND OFFERING—Percy H. Dowden, District Clerk, will
(Eastern Standard Time) on Oct. 26 for
1938,
„
XT
^
^
All of the bonds will be dated
^interest
receive sealed bids until 11 a. m.
1,
-
of interest,
.
OSSINING UNION FREE SCHOOL DISTRICT NO. 1 (P. O. Ossin-
Dated Nov.
exceed 5% interest
$2,500, 1940; $2,000 from 1941 to 1946,
and $3,000 in 1947 and 1948.
Nov.
•
100.026
1.10%
1.10%
100.439
100.40
One bond for $900, others $1,000 each.
Due
Nov. 1 as follows:
$2,900, 1939; $2,000 from 1940 to 1946. incl.
and $3,000 in 1947 and 1948.
' ■
'
.
65,000 work and home relief bonds.
Denom. $1,000.
Due Nov. 1 as
follows:
$6,000 from 1939 to 1943, incl. and $7,000 from 1944 to
100.171
0.90%
0.90%
1%
1%
1%
JRR'lon
3%
$22 900 home relief"Bonds.
100.185
0.90%
-
— -
...
2.80%
3:45 p. m. on Oct.
coupon or
Rate Bid
.
0.90%
Washburn & Co--.
-. —
WHITEHALL (P. O. Whitehall), N. Y.—BOND OFFERING—\Sealed
bids addressed to G. Guerdon Hardy, Town Clerk, will be received until
(P. O. Canandaigua), N. Y.—BOND SALE—
The $110,000 coupon or registered bridge construction bonds offered Oct. 20
—V. 147, p. 2280—were awarded to A. C. Allyn & Co., Inc., New York,
as 0.90s, at 100.193, a basis of about 0.83%.
Dated Aug. 1, 1938 and due
$22,000 on Aug. 1 from 1939 to 1943 incl.
Other bids:
Salomon Bros. & Hutzler___
Rate Bid
Int. Rate
C. Allyn & Co.,Inc. 2.70%
Bancamerica-Blair Corp
ONTARIO COUNTY
bonds.
2.65%, according
Among other bids were
Bidder—
E. H. Rollins & Sons, Inc., and A.
Manufacturers & Traders Trust Co
NYACKf N. Y.—BONDS VOTED—William P. Bugbee, Village Clerk,
ing),
yield from 0.75% to
maturity, while the rest were offered at par.
these:
-
reports that an issue of $68,750 sewerage system bonds was authorized by
the voters on Sept. 29.
Union Securities
a
reoffered the 1939 to 1955 bonds to
*
to the
2.70s.
basis of about 2.63%.
Dated Oct. 15, 1938 and due Oct. 15
follows: $5,000 from 1939 to 1957 incl. and $4,000 in 1958.
Bankers
100.63,
■
to
„
1966.
Dated Nov. 1, 1938.
Denom. $1,000.
A separate bid for each issue (not
Bidders are requested to
of 1%; each bid may name
less than par and accrued interest) is required.
name the interest rate or rates in multiples of M
2574
one
and
for
of
Financial
Chronicle
rate for
part of the bonds of any issue Chaving the earliest maturities)
another rate for the balance, but no bid may name more than two rates
any issue, and each bidder must
eacn rate.
specify in his bid the amount of the bonds
The bonds will be awarded to the
At tne Nov. 8 election the voters will be asked to approve an issue of $39,000
bonds.
BARBERTON
the bonds at the lowest interest cost to the city, such cost to be determined
total amount of the premium bid from the aggregate
all of the bonds until their respective maturities.
Prin. and int. payable in New York City in legal tender. General obligations;
unlimited tax. Delivery on or about Nov. 18 in New York City. Bids must
be on a form to be furnished by the above Secretary. The approving opinion
of Masslich & Mitchell of New York, will be furnished. Enclose a certified
amount of interest upon
check for
CITY
The issue of $375,000
was
BLANCHARD
Leipsic,
R.
SCHOOL
DISTRICT, Ohio—BOND SALE
building bonds authorized at the Sept. 22 election
State Teachers'
sold to the
Retirement
TOWNSHIP
RURAL
System.
DISTRICT (P. O.
D.), Ohio—BONDS VOTED—An issue of $50,000 con¬
by the voters on Sept. 29.
F.
SCHOOL
struction bonds was authorized
BOTKINS, Ohio—BONDS VOTED—An issue of $14,000 water system
$8,300, payable to the State Treasurer.
bonds
authorized at the election
was
on
MARION, N. C.—NOTES SOLD—It is reported that $10,000 tax anti¬
cipation notes have been purchased by the National Bank of Wilson, at
4%, plus a premium of $83.
Due in four months.
PITT COUNTY SCHOOL DISTRICTS (P.
1938
22,
DISTRICT, Ohio—BOND ELECTION—
school
bidder.offering to purchase
by deducting the
Oct.
BERLIN RURAL SCHOOL
O. Greenville)
BOND OFFERING—Sealed bids will be received until 11
a.
N. C.—
Nov. 1,
m. on
TOWNSHIP
BUTLER
(P.
O.
Sept. 30.
Butler), Ohio—BOND ELECTION—
At the November general election the voters will be asked to authorize and
issue of $14,000 construction bonds.
Proposal was rejected at a previous
June.
in
election
by W. E. Easterling, Secretary of the Local Government Commission, at
his office in Raleigh, for the purchase of the following not to exceed 6%
semi-ann. coupon bonds aggregating $25,000:
P
$15,000 Arthur School District bonds.
Due $1,000 from May 1, 1940 to
1954 incl.
A $300 certified check, payable to the State Treasurer,
must accompany this bid.
10,000 Grimesland School District bonds.
Due $1,000 from May 1, 1940
to 1949 incl.
A certified check for $200, payable to the State
Treasurer, must accompany bid.
Columbus, and Johnson, Kase & Co. of Cleveland purchased from the
municipal sinking funds on Oct. 21 an aggregate of $1,894,000 various
purpose city limited and unlimited tax bonds, bearing 4% and 434% in¬
terest, at a price of 107.967.
The sale consisted of three series of limited
unlimited tax obligations bearing 4% and 4)4% coupons and maturing
serially from 1941 to 1952, incl.
The bonds were re-offered to yield from
2% to 3.15%, according to type of issue, interest rate and date of maturity.
Denom. $1,000. Dated Nov. 1, 1938. Prin. and int. (M-N) payable In legal
The approving opinion of Masslich & Mitchell of New
York, will be furnished. No bid is to be for less than par and accrued Interest.
Bidders are requested to name the interest rate or rates in multiples of 34
of 1 %.
Each bid may name one rate for part of the bonds (having the
earliest maturities), and another rate for the balance, but no bid may
name more than two rates, and each bidder must specify in his bid the
CLEVELAND, Ohio—A syndicate composed of Smith, Barney & Co.,
Brown Harriman & Co. and R. W. Pressprich & Co., all of New York;
Mercantile Commerce Bank & Trust Co., St. Louis; Fullerton & Co., Inc.,
tender in New York.
amount of bonds of each
rate.
The bonds will be awarded to the bidder
offering to purchase the bonds at the lowest interest cost, such cost to be
determined by deducting the total amount of the premium bid from the
aggregate amount of interest upon all of the bonds until their respective
maturities.
REIDSVILLE, N. C.—BOND OFFERING—Sealed bids will be received
DENN1SON, Ohio—BOND OFFERING—Burnie Bower, Village Clerk,
purchase of $8,000 3%
will receive sealed bids until noon on Nov. 5 for the
general refunding bonds of 1938.
Dated Oct. 1, 1938.
Denom. $1,000.
Due $1,000 on Oct. 1 from 1941 to 1948 incl.
Bidder may name a different
rate of interest provided that fractional rates are expressed in multiples of
A certified check for 2% of bonds bid for, pay¬
Interest A-O.
34 of 1%.
able to the order of the Village Treasurer, is required.
DOVER, Ohio—PROPOSED BOND ISSUE— The City Council recently
passed an ordinance under which it plans to issue $8,000 4% street impt.
bonds, to mature $1,000 each Oct. 1 from 1941 to 1948 incl.
Ohio—BOND
FREDERICKTOWN,
Yost,
OFFERING— Raymond
until 11
Village Clerk, will receive sealed bids until noon on Oct. 29 for the purchase
of $48,000 4% sewer and sewage treatment plant bonds.
Dated Oct. 1,
1938.
Denom. $1,200.
Interest A-O.
A certified check for 10% of the
exceed 6%, payable M-N.
Dated Nov. 1, 1938, maturing annually on
Nov. 1: $3,0001941 to 1950, $4,000 1951 to 1956, $5,000 1957 to 1962, $6,000
1963 to 1969. and $4,000 1970, without option of prior payment.
There
will be no auction.
Denom. $1,000; coupon bonds registerable as to both
bid, payable to order of the village, is required.
a. m. on Oct. 25,
by W. E. Easterling, Secretary of the Local
Government Commission, at his office in Raleigh, for the purchase of an
issue of $130,000 coupon or mastered water bonds.
Interest rate is not to
principal and interest; principal and interest payable in lawful money in
New York City; general obligations; unlimited tax; delivery at place of
purchaser's choice.
Bidders are requested to name the interest rate or rate3, not exceeding
6% per annum in multiples of 34 of 1 %. Each bid may name one rate for part
of the bonds (having the earliest maturities) and another rate for the balance,
but no bid may name more than two rates, and each bidder must specify
in his bid the amount of bonas of each rate. The bonds will be awarded
to
the bidder offering to purchase the bonds at
the lowest interest cost to the
city, such cost to be determined by deducting the total amount 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
Ik Bids
will
be entertained.
be accompanied by a certified check upon an Incorporated
trust company, payable unconditionally to the order of the State
Treasurer for $2,600. The right to reject all bids is reserved. The approving
bank
must
or
opinion of Reed, Hoyt, Washburn & Clay, New York City, will be furnished
the purchaser.
WILLIAMSTON, N. C.—BOND OFFERING—It is stated by W. E.
Easterling, Secretary of the Local Government Commission, that he will
receive sealed bids until 11 a. m. oh Oct. 25, at his office in Raleigh, for the
purchase of two issues of not to exceed 6% coupon semi-ann. bonds aggre¬
gating $72,000, divided as follows:
Due on Nov. 1 as follows: $2,000, 1940 to
1952, and $4,000 from 1953 to 1955.
34,000 street paving bonds.
Due on Nov, 1 as follows: $2,000, 1940 to
1943; $1,000, 1944 to 1951, and $2,000, 1952 to 1960.
Dated Nov. 1, 1938.
Denom. $1,000.
Prin. and int. payable in lawful
money in N. Y. City; general obligations; unlimited tax; registerable as to
principal only; delivery at place of purchaser's choice.
A separate bid for
each issue not less than par and accrued interest is required.
Bidders are
requested to name the interest rate or rates in multiples of 34 of 1 %.
Each
bid may name one rate for part of the bonds of eitn issue (having the earliest
maturities) and another rate for the balance, but no bid may name more
than two rates for either issue, and each bidder must specify in his bid the
amount of bonds of each rate.
The bonds will be awarded to the bidder
offering to purchase the bonds at the lowest interest cost to the town, such
cost to be determined by deducting the total amount of the premium bid
from the aggregate amount of interest upon all of the bonds until their
$38,000 public impt. bonds.
respective
Palmer &
maturities.
The
approving
opinion
of
NORTH
sale
on
&
Oct.
construction funds are needed.
GENEVA, Ohio—BOND OFFERING—Sealed bids~addressed to W. B.
Stocking, Village Clerk, will be received until noon on Nov. 7 for the pur¬
4% first mortgage sewer revenue bonds.
Dated Oct. 1,
1938. One bond for $750, others $1,000 each. Due Oct. 1 as follows: $3,000
from 1940 to 1951 incl. and $1,750 in 1952.
Bidder may name a different
rate of interest provided that fractional rates are expressed in a multiple of
34 of 1%.
Interest A-O. A certified check for $377.50, payable to order
of the village, is required.
chase of $37,750
SPRINGS, Ohio—BOND OFFERING—E. L. Wood, Village
GREEN
Clerk, will receive sealed bids until noon on Nov. 3 for the purchase of
$10,500 5% water works improvement bonds.
Dated Oct. 1
"938. One
bond for $500, others $1,000 each. Due Oct. 1 as follows: $500 in 1940 and
$1,000 from 1941 to 1950 incl. Bidder may name a different rate of interest
provided that fractional rates are expressed in multiples of 34 of 1 %. Prin¬
cipal and interest (A-O) payable at the Commercial Bank Co., Green
Springs. This issue was authorized at the Sept. 30. election. Proposal must
be accompanied by a certified check for $105, payable to order of the village.
HARBOR SCHOOL DISTRICT~(Pro7A^ht^bIila)r Ohio—BONDS
District Clerk, reports that the issue of
$8,000 not to exceed 6% interest school bonds offered Oct. 18—V. 147,
p. 2282—was not sold, as the project was not approved by the Public
r
NOT SOLD—C.»0. Gudmundson,
Administration.
Works
HUBBARD SCHOOL
DISTRICT, Ohio—BOND SALE—The issue o*
$35,000 school bonds offered Oct. 17—V. 147, p. 2282—were awarded to
Ryan, Sutherland & Co. of Toledo as 334s, at par plus $429 premium,
equal to 101.22, a basis of about 3.37%.
Dated June 1, 1938 and due
$700 on April and Oct. 1 from 1939 to 1963 incl.
Second high bid of 101.08
for 334s was made by Nelson, Browning & Co. of Cincinnati.
KINGSTON, Ohio—PROPOSED BOND ISSUE—Village plans to issue
Dated Nov. 1 1938. Due on
Principal and interest (M-S) payable at the
Village Treasurer's office.
$30,000 4% water and fire protection bonds.
DAKOTA
Ohio—BOND
LANCASTER,
Enderlin),
offered for
National
15—V. 147, p. 2281—was awarded to the First
Co. of Minneapolis, as 3%s, paying a premium
Trust
equal to 101.416, a basis of about 3.61%.
inclusive.
HEIGHTS
ISSUE REPORT—Referring
bonds authorized
Nov. 1 from 1941 to 1969 incl.
ENDERLIN SPECIAL SCHOOL DISTRICT NO. 22 (P. O.
N. Dak.—BOND SALE—The $30,000 issue of school bonds
Bank
Thorndike,
Storey,
Dodge of Boston, will be furnished.
SCHOOL DISTRICT (P. O. Cleveland),
to the $220,000 high school
by the voters on Sept. 27—V. 147, p. 2126,
George R. Egbert, District Clerk-Treasurer, states that legal advertising
requirements will not permit the actual sale of the issue until Nov. 12 at the
earliest.
In addition to approving the debt incurrence, the voters also
sanctioned the levying of taxes outside the 10-mill limitation to meet prin¬
cipal and interest requirements.
The bonds will mature $4,000 March 1
and $5,000 Oct. 1 from 1945 to 1969 incl. Bids may be asked for purchase
of the entire issue or the bonds may bd sold in blocks of $50,000 each as
GARFIELD
Ohio—BOND
addition
of $425,
Due from Oct. 1, 1941 to 1958,
MEDINA. N. Dak.—BOND OFFERING—It is reported that sealed and
oral bids will be received by Emil Kohlhoff, Village Clerk, at the office of the
County Auditor in Jamestown, until 2 p. m. on Oct. 20, for the purchase of
$5,800 issue of not to exceed 6 % semi-ann. general bonds.
Due $300 from
1941 to 1950, and $400 from 1951 to 1957.
a
WAHPETON, N. Dak.—BOND OFFERING—It is stated by H. T.
Hintgen, City Auditor, that he will receive sealed bids until 8 p. m. on
Nov. 7, for the purchase of a $55,000 issue of 4% semi-ann. sewage disposal,
first mortgage and revenue bonds.
Dated Nov. 1, 1938.
Denom. $500.
Due $1,000 Nov. 1, 1939, May and Nov. 1, 1940, $1,000 May and $1,500
Nov. 1, 1941 to 1944, and $1,500 May and Nov. 1, 1945 to 1958. Enclose a
certified check for 2% of bid, payable to the city.
WISHEK, N. Dak.—BOND OFFERING—-It is stated by Fred Thurn,
City Auditor, that sealed and oral bids will be received until Nov. 1, at
2 p. m., for the purchase of a $6,000 issue of swimming pool bonds.
Dated
Oct. 1,1938.
Denom. $300.
Due Oct. 1, as follows: $300 in 1941 to 1956,
and $600 in 1957 and 1958, optional on any interest paying date.
Prin. and
int. A-O payable in Ashley.
Legality approved by Dillon & Young of
Bismarck.
Enclose a certified check for 2% of bid.
Barnes.
OFFERING—Rosannah
City
Auditor, will receive sealed bids until noon on Nov. 4 for the purchase of
$240 000 not to exceed 334% interest sewage treatment plant, interceptor
sewer and storm sewer bonds.
Dated Nov. 1, 1938. Denom. $1,000. Due
follows: $4,000 April 1, and $5,000 Oct. 1 from 1940 to 1949 incl.; $5,000
April 1 and Oct. 1 from 1950 to 1964 incl. Interest A-O. These bonds are
as
issued by authority of a special election held on Sept.
taxes outside the 10-mill limitation to pay the principal
issue.
A certified check for
23: and for levy of
and interest on the
5% of the bonds bid for, payable to order of the
City Treasurer, is required.
LOGAN, Ohio—BOND OFFERING—Sealed bids addressed to Josephine
Hansel, City Auditor, will be received until noon on Oct. 29 for the purchase
3 H % water works impt. bonds.
Dated Sept. 15,1938.
Denom.
$650. ' Due &65a on Sept. 15 from 1940 to 1949, incl.
Int. M-S.
A
certified check for $700, payable to order of the city, is required.
Bidder
may name an interest rate other than 3 34 % provided that fractional rates
are expressed in multiples of 34 of 1 %.
of $6,500
MEAD TOWNSHIP SCHOOL DISTRICT (P. O.
Shady side), Ohio—
refused to auth¬
BONDS DEFEATED—At the Sept. 30 election the voters
orize
an
issue of $40,000 construction bonds.
.
Ohio—BOND ELECTION—The $1,400,000 electric
light and power plant construction bonds previously mentioned in these
columns—V. 147, p. 1815—will be submitted for consideration of the voters
MIDDLETOWN,
at the November
general election.
MOUNT
CARMEL-GLEN
ESTE
RURAL SCHOOL DISTRICT,
CLERMONT AND HAMILTON COUNTIES, Ohio—BOND SALE—
J.
White &
A.
<,o.
of Cincinnati recently purchased an
issue of $47,500
bonds as 3 34s at par plus a premium of $285, equal to
basis of about 3.195%.
Dated Oct. 1, 1938 and due Dec. 1 as
$2,000 from 1940 to 1954, incl. and $2,500 from 1955 to 1961, incl.
school improvement
100.60,
a
follows:
OHIO
MUNICIPALS
NEWARK SCHOOL
—At
the
Sept.
DISTRICT, Ohio—BOND ELECTION RESULT
voters authorized an issue of $260,000 con¬
proposed $15,000 stadium loan.
27 election
struction bonds and defeated the
NORWALK CITY SCHOOL DISTRICT, Ohio—BOND SALE POST¬
now announced that sealed bids for the $148,500 not to
MITCHELL, HERRICK & CO.
700 CUYAHOGA
II
CANTON
AKRON
PONED—It is
exceed
Nov.
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
SPRINGFIELD
5%
interest school building bonds will be received until noon on
on Oct. 25, as originally proposed.
Description of the
made in V. 147, p. 2431.
2 instead of
offering
was
^
ORWELL, Ohio—BONDS DEFEATED—The proposed issue of $30,000
bonds failed to receive the necessary favorable majority vote
water system
at the election on
OHIO
$12,500 3)4% road equipment bonds.
Dated Aug. 23, 1938.
$1,000 and $500.
Due $2,500 on Nov. 1 from 1940 to 1944 incl.
int. M-N payable at City Treasurer's office.
ANNA, Ohio—BONDS VOTED-^—At the 8ept. 30 election
$13,500 water system bonds carried by a vote of 207 to 58.
Sept. 30.
PLEASANTVILLE
ALLIANCE, Ohio—PROPOSED BOND ISSUE—The city plans to issue
Denoms.
Prin. and
SCHOOL
on
Sept. 30.
Issue of
Ohio—BONDS
SOLD—
ROSEVILLE,
Ohio—BOND
OFFERING—Sealed
bids
addressed
to
will be received until noon on Nov. 4 for the
purchase of $,, ,500 street improvement bonds. Dated Oct. 1, 1938. Denom.
$350. Due $350 on Oct. 1 from 1940 to 1949 incl. Principal ana interest
G. R. Sowers, Village Clerk,
an
DISTRICT,
school building bonds was authorized by the voters
They bear 4% interest and have already been sold.
An issue of $25,000 high
Volume
Financial
147
payable in Roseville.
A certified check
authorized at the election on Aug. 9.
STRONGSVILLE SCHOOL DISTRICT,
Ohio—BOND ELECTION—
will be asked to
in 18 years.
At the Nov. 8 general election the voters
of $18,000 construction bonds to mature
authorize an issue
VOTED—An issue of $16,000
approved at the election on Sept. 27.
SYLVANI A, Ohio—BONDS
ing plant bonds was
on
count of
water soften¬
DISTRICT, Ohio—BONDS VOTED—At the
Sept. 27 voters approved an issue of $137,500 building bonds by a
SCHOOL
SYLVANIA
election
Issue was
forj$100 is required.
1,185 to 465.
—
HEIGHTS
UNIVERSITY
(P. O.
South Euclid), Ohio—BOND
Horky, Village Clerk, informs us that
$138,800 refunding bonds—V. 147, p. 2282
offering will be made.
OFFERING CANCELED—W. A.
the call for bids until Oct.
—was
22
on
canceled, and that a new
WELECTION NECES¬
issue of $65,000
an earlier vote
taken Sept. 27, this election was held invalid by the Common Pleas Court
for the reason that It had not been sufficiently publicized in accordance with
VERMILION SCHOOL DISTRICT,
HEPPNER,
legal requirements, according to report.
offering—Sealed bids will be rece'ved
Huston, City Recorder, for the purchase
6% semi-ann. refunding water bonds.
Due $1,000 from Oct. 15, 1943 to 1947 incl.
Ore.—bond
until 7:30 p. m. on Oct. 22, by E. R.
of a $5,000 issue of not to exceed
Dated Oct. 15, 1938.
KLAMATH COUNTY SCHOOL DISTRICT (P. O. Klamath Falls)
Ore.—bond offering—Jean K. Porter, District Clerk, confirms the
she will receive
$150,000 not to
Dated Nov. 1,
Due $25,000 from Nov. 1, 1943 to 1948 incl. Bids may be made for
part of the bonds. A certified check for 5% must accompany the bid.
report given in our issue of Oct. 15—V. 147, p. 2431—that
sealed bids until 2 p. m. on Oct. 24, for the purchase of the
exceed 4% semi-ann. construction and equipment bonds.
1938.
all or
MALHEUR COUNTY SCHOOL DISTRICT NO. 39 (P. O. Nyssa)
Ore.—bond sale—The $5,500 issue of coupon semi-ann. building bonds
offered for sale on Oct. 15—V. 147, p. 2431—was purchased by the First
National Bank of Portland, as 3 Ms, at a price of 100.01, a basis of about
3.248%.
Ohio—NE
SARY—On Nov. 8 the voters will again consider a proposed
school construction bonds.
AJthough it was approved at
2575
Chronicle
Due $500 from Oct. 15, 1943 to 1953 incl.
MEDFORD, Ore.—bond offering—Sealed bids will be received
7:30 p. m. on Oct. 28 by M. L. Alford, City Recorder,
$73,500 issue of street bonds.
Interest rate is not to
until
for the purchase of a
exceed 4%, payable
Dated Oct. 15, 1938.
Denom. $1,000, one for $500.
Due Oct. 15.
follows: $13,500 in 1939, $14,000 in 1940, $15,000 in 1941 and 1942 and
$16,000 in 1943.
Prin. and int. payable at City Treasurer's office.
The
A-O.
as
approving opinion of Teal, Winfree, McCulloch, Shuler & Kelley of Port¬
land will be furnished.
Enclose a certified check for $1,470, payable to the
city.
MERRILL, Ore.—bond offering—Sealed bids will be
R. J. EDWARDS, Inc.
Municipal Bonds Since 1892
Oklahoma City,
AT&T Ok Oy
Oklahoma
Long Distance 787
19
OKLAHOMA
CHICKASHA, Okla.—bond offering—Sealed bids will be received
Oct. 24, by G. R. Craddock, City Clerk, for the purchase
bonds aggregating $53,000:
$49,500 city hall bonds. Due $4,500 from 1941 to 1951 incl.
3,500 park bonds. Due $1,000 in 1941 and 1942, and $1,500 in 1943.
Bidders are to name the rate of interest and agree to pay par and accrued
interest. A certified check for 2% of the bid is required.
until 2 p. m. on
of the following
Cleveland county (p. o. norman) okia.—bond sale—The
$115,000 issue of court house and jail bonds offered for sale on Oct. 18—
V. 147, p. 2431—was purchased by the County Treasurer, as 2s.
Due from
1941 to 1948.
COYLE SCHOOL DISTRICT
(p. O. Coyle) Okla.—bond offer¬
ing—It is reported that sealed bids will be received until 2 p. m. on Oct. 25,
by J. J. Longan, District Clerk, for the purchase of a $9,500 issue of building
bonds. Bidders are to name the rate of interest. Due as follows: $1,500 in
1948.
1943 to 1947, and $2,000 in
A certified check for 2% of the bid is
required.
OAKLAND, Ore.—warrant offering—It is reported that sealed
Lee Byers, City Recorder,
bids will be received until noon on Oct. 28 by
for the purchase
of
a
$3,500 issue of 5% semi-annual warrants.
Due $500 from Oct. 28, 1939 to
Dated Oct. 28, ,1938.
$500.
CUSHING, Okla.—BOND OFFERING—It is
stated by Loren Crook.
Oct. 24, for
City Clerk, that he will receive sealed bids until 7:30 p. m. on
the following not to exceed 4% semi-ann. bonds
aggregating
$52,250:
$44,000 public library bonds.
in 1953.
but;
an
\VA§COTCOUNTY SCHOOL DISTRICT NO. 12 (Pro. The
Ore.—bond offering—It is stated by Prudence Patterson,
Due $3,500 from 1941 to 1952,
W ERICK,
and $2,000
147, p. 2431.)
$600 from 1941 to 1952- and
'
in 1953.
COUNTY UNION HIGH SCHOOL DISTRICT NO. 6
Newberg), Ore.—bond sale—The $100,000 issue of building
13—V. 147, P. 2282—was awarded jointly
to the Bancamerica-Blair Corp. and Jaxtheimer & Co. of Portland, at a
price of 100.125, a> net interest cost of about 2.32%, on the bonds divided
as follows: $28,000 as 2Hs, due $7,000 from Oct. 1, 1940 to 1943; $36,000
as 2s, maturing $6,000 from Oct.
1, 1944 to 1949, and $36,000 as 2Hs.
maturing $6,000 from Oct. 1, 1950 to 1955.
YAMHILL
WE
OFFER
FarrelJ School District. Mercer
$1,050
-
Okla.—bond sale—The $60,000 issue of electric light bonds
147, p. 2431—was purchased jointly by R. J.
JOHNSON & McLEAN
Edwards, Inc., Piersol & Co., Taylor, Stuart & Co., and C. Edgar Honnold,
all of Oklahoma City, as 6s at par, it is reported by the City Clerk.
Due
$4,000 from 1943 to 1957 incl.
Incorporated
Jk
PITTSBURGH
FAIRVIEW, Okla.—BOND SALE POSTPONED—It is stated by J. C.
Nicholson, City Clerk, tnat the sale of the $40,000 convention hall bonds,
which was scheduled for Oct. 17—V. 147, p. 2431—was delayed until
Nov. 1.
Due $20,000 on Oct. 1. 1942 and 1943; Callable on any interest
payment date.
*
FHOLLIS, Okla.—bond sale—The $8,000 issue of city hall bonds
offered for sale.on Oct. 18—V. 147, p. 2431—was awarded to the First State
Bank & Trust Co. of Hollis, according to Mayor Hicks.
OFFERING—It is reported that sealed bids
Oct. 25, by Lee Horn, City Clerk, for the
of bonds aggregating $44,600:
works extension bonds.
Due $1,000, 1941 to 1952, and
NOWATA, Okla.—BOND
will be received until 10 a. m. on
purchase of the following issues
$13,200 water
$1,200 in 1953.
31,400 sewerage disposal plant and sewer extension
from 1941 to 1955, and $1,400 in 1956.
Due $2,000
bonds.
OKLAHOMA, State of—note offering—It is reported by O, B.
Sebring, Assistant State Treasurer, that subscriptions will be received until
28, for an issue of $2,000,000 1X % State Treasury notes,
series A, 1938-39. Due on May 1, 1939.
4:30 p. m. on Oct.
iPPRYOR CREEK, Okla.—BOND
received until 2 p. m. on Oct. 24, by
OFFERING—Sealed
bids
will be
W. P. Shetley, City Clerk, for the
purchase of the following bonds aggregating $25,253:
$6,735 water works extension bonds.
Due $500 from 1941 to 1952, and
$735 in 1953.
f 3,152 storm sewer bonds. Due $500 from 1943 to 1948, and $152 in 1949.
4,850 sanitary sewer bonds. Due $500 from 1941 to 1949, and $350 in 1950.
10,516 sewage disposal bonds.
Due $1,000 from 1943 to 1952, and $516
in 1953.
are
to name
and accrued
of the bid is required.
Okla.—BONDS NOT SOLD—The $12,500 issue of water
system bonds offered on Oct. 17—V. 147, p. 2431—was not sold
bids were received, according to the Town Clerk. Due from 1941 to
SUPPLY,
1957 incl.
OREGON
CLACKAMAS
COUNTY UNION
HIGH SCHOOL DISTRICT
NO. 5 (P. O. Milwaukie) Ore.— WARRANTS OFFER ED—Sealed bids
were received until 8 p. m. on Oct. 21. by C. C. McLaughlin, District Clerk,
for the purchase of a $22,000 issue of not to exceed 3 X % semi-ann. warrants.
Dated Oct. 15,1938. Due on or before April 15.1941.
DESCHUTES COUNTY SCHOOL
DISTRICT NO. 6 (P. O. Bend)
OFFERING—Sealed bids will be received until 8 p. m. on
Lou Baker, District Clerk, for the purchase of a $14,000 issue
of not to exceed 4% semi-ann. school bonds.
Dated Nov. 1, 1938. Due
Nov. 1, as follows:
$2,500 in 1940 to 1942, $3,000 in 1943, and So ,500 in
1944.
The purchaser will be furnished with the opinion of Upton & De
Armond, of Bend, that the bonds are binding and general ooligations of the
district. Enclose a certified check for 2% of the face value of the bonds.
Ore.—BOND
Oct. 25, by
FOREST GROVE, Ore.—BOND SALE—The $48,000 issue of refunding
bonds offered for sale on Oct. 17—V. 147, p. 2431—was awarded to Blyth
& Co. of Portland, at par, on the bonds as follows: $12,500 as 3s, maturing
$2,500 from May 1, 1939 to 1943; the remaining $35,500 as 2%&, maturing
on May 1 as follows:
$2,500, 1944 and 1945; $3,000, 1946 to 1951; $3,500,
1952 to 1954, and $2,000 in 1955.
GILLIAM COUNTY HIGH SCHOOL DISTRICT (P. O. Condon)
Ore.—BONDS OFFERED—Sealed bids were received until 2 p. m. on
Oct. 19, bv Florah Schroder, District Clerk, for the purchase of a $16,500
issue of 2% coupon semi-ann. school bonds.
Dated Nov. 1, 19.-»8. Due on
Nov. 1 as follows: $1,500, 1939 to 1945, and $2,000, 1946 to 1948.
289
PENNSYLVANIA
BERKS COUNTY (P. O. Reading).
The county recently
repaid
a
Pa.—repays$1,000,000 loan—
had been obtains,
loan or $1,000,000 which
Co. of Reading. Improvement in the county s
finances was reflected in the fact that temporary borrowing this year was
restricted to $1,000,000, in contrast with $1,200,000 in 1937.
from the Berks County Trust
BRADFORD.
Pa.—to issue bonds—It is
nicipality intends to enter the
swimming pool construction
BRADFORD COUNTY
reported that the mu¬
market soon with an orlering
of $100,000
bonds.
INSTITUTION DISTRICT (P. O.
Towanda),
offering—Fred R. Prince, Chief Clerk, will receive sealed
Nov. 1 for the purchase of $180,000 1X, 1% , 2, 2 M,
2X, 2M, 3, 314 or 3X% coupon, registerable a$ to principal only, funding
bonds.
Dated Nov. 15, 1938.
Denom. $1,000. Due $30,000 on Nov. 15
from 1942 to 1947 incl.
Interest M-N.
Bidders to name a single rate of
interest.
A certified check for 2%, payable to order of District Treasurer,
is required.
Issuance of bonds is subject to approving legal opinion of
Townsend, Elliott & Munson of Philadelphia.
•
(The district sold an issue of $60,000 bonds on Oct. 3 to the County
»Sinking Fund as 0.50s, at par.—V. 147, p. 2282.)
bids until 2 p. m. on
CHARLEROI, Pa.—bond sale—The issue of $130,000 coupon bonds
147, p. 2127—was awarded to Halsey, Stuart & Co.,
of New York as 2Ms, at 101.189, a basis of about 2.38%.
Dated
Nov. 1, 1938 and due $10,000 on Nov. 1 from 1943 to 1955 incl.
offered Oct. 18—V.
Inc.
CHARLEROI
DISTRICT, Pa.—bond sale—Singer,
Sons, Inc., Philadelphia,
of $95,000 school bonds as 3s, at 102.12.
SCHOOL
Deane & Scribner of
the rate of interest and agree to pay par
A certified check for 2%
PENNSYLVANIA
A. T. T. Teletype-PITB
Telephone-Atlantic 8333
Pa .—bond
of interest, at which they will pay par and
A certified check for 2% of the bid is required.!
Bidders are to name the rate
accrued interest.
Co.# Pa.
3.00%
$5,000 5>^% March 1, 1948 ($ 3.10%
$10,000 5H% March 1, 1946 @
of the bid is required.
offered for sale on Oct. 18—V.
as no
District
(P. O.
(These bonds were originally scheduled for sale on Oct. 17
in the offering notice made the postponement neces¬
A certified check for 2%
works
Dalle.),
Clerk, that she will receive sealed bids until 8 p. m. on Oct. 31, for the pur¬
chase of a $60,000 issue of gymnasium bonds.
Interest rate is not to ex¬
ceed 6%, payable, M-N.
Dated Nov. 1, 1938.
Denom. $500. Due
$10,000 Nov. 1, 1943 to 1948.
No bid will be accepted for less than par
and accrued interest.
Prin. and int. payable at the County Treasurer's
office or at the fiscal agency of the State in New York City.
The approv¬
ing opinion of Teal, Winfree, McCulloch,
Shuler & Kelley of Portland,
will be furnished the purchaser.
Enclose a certified check for 5%.
error
sary.)
(Offering notice in V.
8,250 electric system bonds.
Due
interest.
Denom.
1945.
bonds offered for sale on Oct.
the purchase of
Bidders
received until
8 p. m. on Oct. 25 by Uel Dillard, City Recorder, for the purchase of a
$27,000 issue of 4% semi-annual water works and water system bonds.
Denom. $500.
Dated Sept. 15, 1938.
Due $1,000 from Sept. 15, 1939 to
1965, incl.
Prin. and int. (M-S) payable at the City Treasurer's oifice.
The bonds are payable as to both prin. and int. primarily from and secured
by a first lien on and pledge of the net revenues to be derived from the opera¬
tion of the water works system of the city: such net revenues being the gross
revenues after deduction only of the reasonable costs of operation and main¬
tenance of the system, and, if such net revenues are insufficient, payable
secondarily from ad valorem taxes upon the taxable property within the
city sulficient to pay the prin. and int. on the bonds as the same shall fall
due.
These bonds were authorized at the election heid on Sept. 13.
En¬
close a certified check for $1,000.
Pittsburgh and E. H. Rollins &
jointly purchased an issue
CLARION, Pa.—bond offering—w. B; Edwards,
will receive seaied bids until 8 p. fh. on Oct. 27 for
tary,
Borough Secre¬
the purchase of
$6,000 3% coupon fire department bonds.
Dated April 1, 1938. Denom.
$500.
Prin. and int. (A-O) payable at the First National Bank,
A certified check for $100, payable to the order of the borough, is required.
Bonds will be sold subject to approval of the Pennsylvania Department of
Internal Affairs.
Clarion.
CO ATESVILLE
SCHOOL
DISTRICT,
Pa .—bond
offering—
Secretary, will receive sealed bids until 8 p. m. on
of $300,000 IX, 1%, 2, 2X, 2X, 2%, 3, 3X or
3X% coupon, registerable as to principal only, school bonds.
Dated
Nov. 1, 1938.
Denom. $1,000.
Due $12,000 on Nov. 1 from 1939 to
1963, incl.
Bidder to name a single rate of interest, payable M-N.
A cer¬
tified check for 2% of the bonds bid for, payable to order of the District
Treasurer, is required.
Bonds will be issued subject to approving legal
opinion of Townsend, Elliott & Munson of Philadelphia.
(The above issue was originally offered Oct. 18 and the sale postponed—
V. 147, p. 2127.)
W. J. Bassett, District
Nov. 15 for the purchase
(P. O. Claysville,
District Secretary, will
the purchase of $10,000
Dated Nov. 1, 1938.
to 1950 incl. Bidder to
name a single rate of interest in a multiple of X of 1% and payable M-N.
A certified check for $500, payable to order of District Treasurer, is required.
Bonds will be sold subject to approval of proceedings by the Pennsylvania
Department of Internal Affairs.
DOYLESTOWN, Pa.—bond offering—Louis Moerman Jr., Bor¬
ough Secretary, will receive sealed bids until 7 p. m. on Oct. 25 for the
purchase of $44,000 IX, IX, 2, 2X, 2X,2X, 3, 3X or 3X% coupon
registerable as to principal only, sewage disposal plant bonds.
Dated
DONEGAL
TOWNSHIP
SCHOOL DISTRICT
3), Pa .—bond offering—R. J. Ely,
sealed bids until 7:30 p. m. on Nov. 1 for
not to exceed 4% interest coupon school bonds.
Denom. $1,000.
Due $1,000 on Nov. 1 from 1941
R.
D.
receive
r
Financial
2576
Chronicle
approving legal opinion of Townsend, Elliott & Munson of Philadelphia.
~
DU
Pa.—BOND ELECTION—Ax, the Nov. 8 general
BOIS,
voters
will
consider
two
proposals
election
providing for issuance of $40,000
ELECTION—At
Pa .—BOND
the
WEATHERLY, Pa*—BOND SALE—An issue of $20,000 3M% electric
light bonds was sold to the Mkrkle Bank & Trust Co. of Hazeiton at a
pr!c° nf 100.25.
8rgenera
Nov.
WHITE TOWNSHIP (P. O. R. D. No. 1), Beaver Falls), Pa .—BOND
of $20,500 coupon bonds offered Oct. 15—V. 147. p.
1964) was awarded to Singer, Deane & Scribner of Pittsburgh as 3Ms, at
par plus $16 premium, equal to 100.078, a basis of about 3.74%.
Dated
Oct. 1,1938 and due Oct. 1 as follows: $1,500 in 1943 and $1,000 from 1944
to 1962, inclusive.
election the voters will be asked to authorize an issue of $1,600,000 water
SALE—The issue
supply system bonds.
^HARRfS^WWNS^P7Pr6TNatonra)7PlZ—REVISED
REPORT—An
issue
of
$2,500
street
improvement
bonds,
ELECTION
$25,000,
2432.**
not
will be submitted to the voters at the Nov. 8 election—V. 147, p.
LEMOYNE,
Pa .—TO ISSUE BONDS—'The Borough Council has
thorized the issuance of $16,000 street improvement bonds.
"ToWE^BURRELITTOWNSHIP
PUERTO
au¬
fe
ARECIBO,
Pa.—BOND
SCHOOL DISTRICT
SALE—The
MEADVILLE,
Pa .—BOND
until 4 p. m.
,
OFFERING— G.
Stanley Maxwell., City
Clerk, will receive sealed bids until 8 p. m, on Oct. 25 for the purchase of
$50,000 2lA% coupon, registerabie as to principal only, sewage treatment
plant bonds.
Dated July 1,
1938.
Denom. $1,000.
Due $5,000 on
July 1 in the following years: 1940, 1942, 1944, 1946, 1948, 1950, 1952,
1954, 1956 and 1958.
Interest J-J.
The bonds wiil be sold subject to
approval of the Pennsylvania Department of Internal Affairs.
No legal
opinion will be furnished by the city, but bids may be conditioned upon
approval of issue by purchaser's attorney.
A certified check tor $500,
payable to order of the city, must accompany each proposal.
Financial Statement
,
Actual value real estate
Assessed valuation, 1938
Total bonded debt (including this issue)
Electoral
^
Floating debt—
Population, (estimated)
as
;
None
19,500
'
1938
Amount collected
Amount uncollected....
Tax rate
None
1/1938:
"
1937
1935
1936
$190,867.15 $175,574.92 $174,037.76 $172,230.82
149,618.73
155,910.33
160,840-32
163,233.28
41,248.42
19,664.59
13,197.44
8,997.54
16M mills
15 M mills
15M, mills
15 M mills
MIDDLETOWN TOWNSHIP SCHOOL DISTRICT (P. O. Chester),
Pa.—BOND ELECTION—An issue of $12,600 school bonds win be consid¬
ered by the voters on Nov. 8.
NESCOPECK,
Berwick purchased
National Bank of
price of 102.75.
Pa.—BOND
an
SALE— The Berwick
issue of $10,000 sewer bonds at
a
NORTH BELLE VERNON (P. O. Belle Vernon), Pa .—BOND OF¬
FERING—Leo H. Hixenbaugh, Borough Secretary, will receive sealed bids
until 7:30 p. m. on Nov. 4 for the purchase of $38,000 coupon bonds.
Dated Nov. 1, 1938.
Denom. $1,000.
Due $2,000 on Nov. 1 from 1940
to 1958, incl.; callable Nov. 1, 1943 or on
any subsequent interest date.
Bidder to name a single rate of interest expressed in a multiple of M of
1%.
Bonds will be issued subject to approval of the
Pennsylvania Department of
Internal Affairs.
Borough will pay for printing the bonds and will furnish
legal opinion of Moorhead & Knox of Pittsburgh.
A certified check for
$1,000 Is required.
OIL CITY SCHOOL DISTRICT, Pa.—BOND OFFERING—Sealed bids
by the District Secretary until Nov. 21 for the purchase of
$125,000 senior high school building construction bonds.
PLAINS
POTTSTOWN SCHOOL
DISTRICT, Pa .—BOND OFFERING—Sealed
bids addressed to Ralph P. Holloway, District
Secretary, will be received
until 7 p. m. on Nov. 4 for the purchase of $118,000 2,
2H, 2M, 2K, 3, 3M
or 3M%
coupon school bonds.
Dated Nov. 1, 1938.
Denom. $1,000.
Due Nov. 1 as follows: $5,000 from 1941 to
1960, incl., and $6,000 from
1961 to 1963, incl.
Bidder to name a single rate of interest, payable
M-N.
The bonds will be registerabie as to principal
only and issued subject
to approving legal opinion of
Townsend, Elliott & Munson of Philadelphia.
A certified check for 2% of the bonds bid
for, payable to order of the Dis¬
trict Treasurer, is required.
SCRANTON, Pa .—BOND
OFFERING—Sealed
bids
will
be
received
by Mayor Fred J. Huester until 11 a. m. (to be opened at 11:30 a. m.) on
Nov. 1 for the purchase of $400,000
2M,2M,3,3M,3Mor3M coupon or
registered judgment funding and municipal improvement bonds.
DatedNov. 1, 1938.
Denom. $1,000. Due Nov. 1 as follows: $14,000 from 1939
to 1948 incl. and $13,000 from 1949 to
1968 incl.
Bidder to name a single
rate of interest, payable M-N.
The bonds cannot be sold for less than par
and accrued interest and will be
guaranteed as to genuineness and certified
to by the Continental Bank & Trust
Co., New York.
Bidder to state in
proposal whether coupon or registered form bonds are desired. A certified
check for 3%, payable to order of
bonds will be determined by
City Treasurer, is required. Legality of
Townsend, Elliott & Munson of Philadelphia.
S,H,A£?N ,HILL SCHOOL DISTRICT,
Pa .—BOND
OFFERING—
Sealed bids addressed to Hibbard G.
Gumpert, District Secretary, will be
received until 8 p. m. on Nov. 10 for the
purchase of $25,000 2, 2H, 2lA,
2/4, 3, or 8M% coupon, registerabie as to
principal only, improvement
V2o£8/
1939 to
N?v-J.5» 1938- Denom. $1,000. Due
1963 incl.
j
&
SOUTH
Bidder to
name a
$1,000 on Nov. 1 from
single rate of interest, payable M-N.
check for 2%, payable to order of District Treasurer,
he sold subject to approving legal opinion of
Munson of Philadelphia.
FRANKLIN
is required,
Townsend,
*
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Amity, R. D. 1), Pa.—BOND OFFERING—Frank
M. Mankey, District
^*11 receive sealed bids until 7
p. m. on Oct. 28 for the purchase of
,3*£/LfundinS honds.
Denom.
$500.
$1,500 in 1939 and 1940 and $1,000 in 1941.
*
STONEBORO,
Pa .—BOND SALE—The
Due
Nov.
1
as
follows:
Interest M-N.
$18,000
municipal-building
bonds offered Oct. 17—V. 147, p. 2283—were awarded to the First National
Bank of Stoneboro as 3s at 100.27, a basis of about
2.97 %.
Dated Nov. 1,
!938, and due $1,000 on Nov. 1 from 1941 to 1958, incl.
Second high bid
of 100.22 for 3s was made
by the McDowell National Bank of Sharon.
Other bids:
Bidder—
Burr & Co., Lie-..
S. K. Cunningham & Co
Johnson & McLean, Inc
int. Rate
3%
Premium
$32.22
3M%
ZH%
49.50
47.86
TRUMBAUERSVILLE, Pa.—BOND
SALE—The $20,000 water and
fire alarm system bonds offered Oct. 17—Y.
147, p. 2283—were awarded
to the Quakertown Trust Co. of
Quakertown as 2Ms, at 100.85, a basis
?La^°VL3/17%•,„Rated °ct- x' 193» and due $5,000
1949,
order
1954 and
on
1959: callable
as
a
whole
any interest payment date
and incl. April 1, 1945, at
or
in
Oct. 1 in 1944,
part in inverse numerical
on
the following basis:
On Oct. 1,
105; thereafter to and incl. April 1,
1947, at 104; thereafter to and incl. April 1, 1949, at 103; thereafter at 102.
Other bids were:
Burr & Co., Inc., 100.80 for
2Ms. and Merchants
National Bank of Quakertown, 100.75 for
2Ms.
1943
to
tation of cities and towns and small business men affected by last month's
If the Governor decides to request this amount,
hurricane and tidal
wave.
placed on the ballot at the November elections.
CAROLINA
SOUTH
^CHARLESTON
COUNTY
(P.
O.
OFFERED FOR INVESTMENT—Halsey,
Charleston),
S.
C.—BONDS
Stuart & Co., Inc.; The Peoples
National Bank of Rock Hill, 8. G.; Hamilton & Co. of Chester, S. C., and
Kinloch, Huger & Co. of Charleston, S. C., are offering at prices to yield
2.00 to 2.75%, according to maturity, the $300,000 2M and 20M%public
improvement bonds, sold on Oct. 12—V. 147, p. 2433—due $30,000 an¬
nually Oct. 15, 1943-1952 incl.
The bonds will constitute, in the opinion
of counsel, general obligations of the county of which the City of Charleston
is the county seat, and will be payble from unlimited ad valorem taxes.
Assessed valuation, 1937, is officially reported as $26,708,443 and net
bonded debt as $1,118,443, Including $475,000 highway reimbursement
bonds and $390,000 general improvement bonds currently being serviced
as to principal and interest from funds received from the State under the
reimbursement
agreement.
.
„
.
.
,
Prin, and int. payable at the Chemical Bank & Trust Co., New York.
Legality to be approved by Thomson, Wood & Hoffman of New York.
These bonds issued by authority granted under Act No. 1059 of the 1938
Acts of the General Assembly of South Carolina, are valid and legally bind¬
ing obligations of the county and the full faith, credit and unlimited taxing
power of the county is pledged for the payment of the principal and interest.
"^TaU CLAIRE, S. C.—BONDS SOLD—It is stated by T. T. Carroll,
Town Clerk, that $110,000 sewer system bonds were purchased on Oct. 11
by the Robinson-Humphrey Co. of Atlanta, as 4MSDated Oct. 1, 1938.
Due as follows: $3,000,1943 to 1952, and $5,000, 1953 to 1968.
YORK COUNTY (P. O. York), S. C.—BOND SALE DETAILS—In
hospital bonds to the RobinsonHumphrey Co. of Atlanta as 3Ms. at a price of 100.629, a basis of about
3.19%, as noted here on Oct. 8—V. 147, p. 2283—it is stated that Frost.
Read & Co. of Charleston and Robinson, -bane, Space & Co. of Savannah
were associated in the purchase of the bonds.
Dated July 1, 1938.
Due
from July 1, 1939 to 1968.
I
connection with the sale of the $175,000
,
payable at Plymouth National Bank, Plymouth.
A certified check for 2%,
payable to order of the district, is required.
Issue was approved by the
Pennsylvania Department of Internal Affairs on Sept. 23.
miPeri'
iinEllliott
(State of)—MAY VOTE ON STORM LOAN—Gov¬
ernor Robert E. Quinn is considering the possibility of asking the voters to
authorize the Legislature to borrow up to $2,000,000 to aid in the rehabili¬
TOWNSHIP
SCHOOL DISTRICT (P. O. Plains), Pa.—
BOND OFFERING—Julius Lisinski, District
Secretary, will receive sealed
bids until 8 p. m. on Oct. 25 for the purchase of $28,000
4% coupon or
registered school bonds.
Dated Oct. 15, 1938.
Denom. $1,000.
Due
$2,000 on Oct. 15 from 1939 to 1952 incl.
Principal and interest (A-O)
O
ISLAND
ISLAND
the question will be
49,702.71
.............
to tax collections as of Oct.
Year—
Total levy....
will be received
RHODE
RHODE
180,500.00
Cash and bonds in sinking funds
Water department-
A.
on
of Puerto Rico.
-
Councilrnanic
Information
urer
,
..$21,781,490.00
a
10,890,745.00
237,500.00
$77,000.00
...
RICO
Rico—BOND OFFERING—It is stated by F.
Nov. 10 at the Treasurer's office, Intendencia Building,
San Juan, for the purchase of a $450,000 issue of Arecibo Port Improvement,
Series 1938 bonds.
Interest rate is not to exceed 4M%. payable semi¬
annually,
Dated July 1, 1938.
Denom. $1,000.
Prin. and int. payable
at the office of the Treasurer of Puerto Rico, San Juan, or at any banking
institution or trust company in Washington, D. C., New York City or
Puerto Rico, at the option of the purchaser.
The Attorney General of
Puerto Rico has approved the legality of the issue.
Enclose a certified
check for 2% of the par value of the bonds bid for, payable to the Treas¬
$28,000
$2,000 from 1955 to 1961, inclusive.
Puerto
Ramirez, Acting Treasurer of Puerto Rico, that sealed bids will be received
(P. O. New
school bonds offered
Oct. 14—V. 147, p. 2432-—were awarded to Glover & MacGregor Inc. and
S. K. Cunningham & Col, both of Pittsburgh, jointly, as 3Ks, at par plus
$582,50 premium, equal to 102.08, a basis of about 3.07%.
Dated Oct.
14, 1938, and due Oct. 14 as follows: $1,000 from 1941 to 1954, ihcl., and
Kensington),
1938
Internal Affairs.
improvement and $10,000 athietic park bonds.
A new election on these
measures has been found necessary, despite their having been sanctioned
at the May 17 primary election.
~HARRISBURG,
22,
WARREN SCHOOL DISTRICT, Pa.—BOND OFFERING—H.
M.
Mohr, District Secretary, will receive sealed bids until 5 p. m. (to be opened
at 7 p. m.) on Nov. 13 for the purchase of $36,000 2M. 3, 3M, ZHt 4 or
4M% coupon school bonds.
Dated Nov. 15, 1938. Denom. $1,000. Due
$2,000 on Nov. 15 from 1939 to 1956 incl. Interest M-N. A certified check
for $300, payable to order of the district, is required.
Bonds are offered
subject to approval of proceedings by the Pennsylvania Department of
Oct. 1. 1938. Denom. $1,000.
Due Oct. 1 as follows: $1,000 from 1939
to 1950 incl. and $2,000 from 1951 to 1966 incl.
Bidder to name a single
interest, payable A-O. A certified check for 2%, payable to order of
the Borough Treasurer, is required.
Issuance of the bonds is subject to
rate of
the
Oct.
on
SOUTH
HARVEY SCHOOL DISTRICT
DAKOTA
NO.
38
(P. O. Harvey), S.
Dak.—
BOND OFFERING—Sealed bids will be received until 8 p. m. on Oct. 31,
by
F. J.
Seeba, District Clerk, for the purchase of a $58,000 issue of not to
exceed 4% semi-ann. school bonds.
Denom. $1,000.
Due from 1940 to
1959.
Prin. and int. payable at the First National Bank & Trust Co.,
Minneapolis.
Authority for issuance is Chapter 196, Laws of S. Dak.,
1927''*
'
'
-
„
HOWARD, S. Dak.—BOND SALE— The $18,000 issue of coupon semi¬
annual street improvement bonds offered for sale on Sept. 12—V. 147,
p. 1533—was purchased by the Miner County Bank of Howard as 5s at
par, according to the City Treasurer.
Dated July 1, 1937.
Due $1,000
Y
from 1940 to 1957, incl.
No other bid was received.
TENNESSEE
CHATTANOOGA, Tenn.—BOND SALE—The $145,000 issue of public
works, Issue No. 3, bonds offered for sale on Oct. 18—V. 147, p. 2283—
was awarded to Mackey, Dunn & Co. of New York as 3Ms. paying a pre¬
mium of $1,483.35, equal to 101.023, a basis of about 3.64%.
Dated
Oct. 1,1938>
Due from Oct. 1.1941 to 1965.
»
'
I
CLARKSVILLE, Tenn.—BOAT) OFFERING—It is stated by J. H.
Marable, Commissioner of Finance and Revenue, that he will offer for sale
at public auction on Oct. 31* at 2 p. m., ah issue of $112,000 electric plant,
feneralDated Aug. bonds. Interest rate is not to exceed 3M%. payable
obligation 1, 1938. Denom. $1,000. Due Aug. 1, as follows:
-A.
$7,000 in 1940 to 1942; $8,000 in 1943 to 1945; $9,000 in 1946 to 1948, and
$10,000 in 1949 to 1952.
The bonds are part of an issue of $250,000 author¬
ized to be issued by the City pursuant to Chapter 32 of the Tennessee
Public Acts of 1935 and other Acts of the General Assembly of the State
and the City Charter.
The bonds are general obligations of the city and
additionally secured by pledge of such revenues from the electric distribu¬
tion system to be constructed, purchased or otherwise acquired by the City
as may be available for such
purpose.
This $250,000 bond issue ($138,000
having been previously sold) will be used in part to pay for the electric dis¬
tribution system owned and operated by the Kentucky-Tennessee Light &
Power Co. in Clarksville, the company having contracted to sell such
system to the city, and the latter having contracted to purchase it.
Hence,
the city will operate its municipally-owned light and power system with¬
out
competition. 'Prin. and int. payable at the Chemical Bank & Trust
Co., New York City, or at the office of the Commissioner of Finance and
Revenue.
Purchaser to pay accrued interest and furnish bonds.
The
bonds will not be sold at less than par.
The sale will be subject to approval
of Thompson, Wood & Hoffman of New York, as to the legality and form
of bonds.
GALLATIN, Tenn.—BOND OFFERING—It is stated by H. H. An¬
derson, City Recorder, that he will receive sealed bids until 11a. m. on
Nov. 4, for the purchase of an issue of $150,000 electric bonds.
Interest
rate is not to exceed 5% payable A-O.
Denom. $1,000.
Dated Oct. 1,
1938.
Due on Oct. 1 as follows: $1,000 in 1939; $4,000, 1940; $5,000,
1941 to 1950; $10,000, 1951 to 1955, and $15,000, 1956 to 1958. Bidders
are to name the rate of Interest in a multiple of M of 1 %.
The bonds will
be awarded to the highest responsible bidder offering the lowest rate at
par and accrued interest from Oct. 1 to date of delivery.
Prin. and int.
payable at the City Treasurer's office.
A certified check for 2% must
accompany the bid.
HAMILTON COUNTY (P. O. Chattanooga), Tenn.—BOND OFFER¬
ING—It is stated by Will Cummings, County
sealed bids until 2:30 p. m. (Central Standard
Judge, that he will receive
Time), on Nov. 2, for the
purchase of the following issue of not to exceed 5% semi-ann. coupon bonds,
aggregating $232,000:
~
$50,000 public works (school), 3d series bonds.
Due on
$1,000, 3941 to 1966, and $2,000, 1967 to 1978.
July 1
as
follows:
Volume
1938 series bonds.
Due
July 1
on
follows: $1,000,
as
1940 to 1942, and $2,000, 1943 to 1978.
A
„
Financial
147
75,000 highway,
82,000 public wnrks library bonds.
Due
July 1
on
as
$2,000,
follows:
Due $1,000 from July 1,
1941 to 1965 incl.
rate of interest.
approximately but
This is
be construed
prohibiting a split rate on
any single issue.
The same rate of interest is not required for all issues.
The bonds will be awarded upon the bid and (or) bids most advantageous to
the county.
No bid will be considered unless it is a bid for all of the bonds
of an issue, but bidders may bid for anyone issue or ail of the issues.
Com¬
parison of bids will be by taking the aggregate of interest at the rates named
insthe respective bids and deducting therefrom the premiums bid to de¬
termine the net interest cost to the county.
Prin. and int. payable at the
National City Bank, New York.
The bonds wiil be delivered in the City
of New York or equivalent at the option of the bidder if bidder so states in
bid, naming point of delivery.
No arrangement can be made for deposit
of funds, commission, brokerage fees nor private sale.
The bonds are
general liability serial bonds, the full faith and credit of the county being
pledged for the payment of both principal and interest as they severally
become due.
The unqualified approving opinion of Caldwell & Raymond
of New Vork, will be furnished by the county without cost to the pur¬
chaser.
No proposal blanks will be furnished.
Enclose a certified check
for 1% of the amount bid for, payable to the county.
to
as
KINGSPORT, Tenn.—BOND SALE—The $47,950 issue of improve¬
18—V. 147, p. 2283—was awarded to
the Fidelity Bankers Trust Co., the First National Bank and the Park
National Bank, all of Memphis, jointly, as 3s, paying a premium of $57.54,
equal to 100.12, a basis of about 2.98%* Dated Oct. 15, 1938. Due from
name
is closest to par
in
P Dated July 1, 1938.
Denom. $1,000
Rate of interest to be in a multiple
of % or l-10th of 1%.
No higher rate of interest shall be chosen than shall
be required to insure a sale at par, and all bonds of each issue shall bear the
2577
follows: $2,500 in 1939 to 1957 and $2,000 in 1958.
It is the intention of th
district to sell the bonds at the lowest interest cost that Will bring a price o
required to
™„4941 to 1972- and $3,000, 1973 to 1978.
25,000 public works (detention home) bonds.
same
Chronicle
less than par and accrued interest.
not
the rate
The other bids for the
bonds
were
Bidders—
E. J. Prescott & Co., Minneapolis
officially reported as follows:
Int. Rate
Premium
Nunn, Schwab & Co., Nashville
±
Equitable Securities Corp., Nashville
Seasongood & Mayer, Cincinnati; Nashville gecutiries
Co. and Jack M. Bass & Co., Nashville
Cumberland Securities Corp., Knoxville
L. H. Ghormley & Co., Knoxville
I.
Minnicn Wright & Co., Inc., Bristol
Booker & Davidson, Inc., and Webster & Bibson, Nashv
First Boston Corp., New York-
1,
1938.
of
cost to the
purchaser.
Sept. 13.
Enclose
on
These
a
notice supplements the offering report given here on Oct. 15—V,
147
$14,000J
NORFOLK, VIRGINIA, Imp. 4i/2s
Due
MarchjL5, 1945, at 2.60% basis]
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phone 8-9187
A. T. T. Tel. Rich.Va. 88
1,
Due on Oct. 1, 1954.
TENNESSEE, State oi—REPORT MADE ON BOND REDEMPTIONS
—State Treasurer Grover Keaton reports purchase of $850,000 of State
bonds in advance of maturity, and other redemptions within the next few
weeks are anticipated.
The State had advertised readiness to purchase
$2,700,000 of its obligations ahead of maturity.
Bonds thus redeemed
are part of maturities of $25,000,000 scheduled for 1939.
Governor Gordon
Browning and Treasurer Keaton in a recent statement said that funds to
meet 1939 maturities are in the banks or will be available "within plenty of
time."
Covington), Tenn.—BOND SALE—The
$50,000 issue of coupon penal farm bonds offered for sale on Aug. 19—V.
147, p. 1081—was awarded jointly to C. H. Little & Co. of Jackson and tne
Cumberland Securities Corp. of Nashville, as 3s, according to report.
Dated July 1, 1938.
Due from July 1, 1940 to 1958.
TEXAS
BRAZORIA COUNTY (P. O. Angleton), Texas—BOND SALE—The
Oct. 10—V. 147, p. 2283—
awarded to a syndicate headed by Aves & Wymer of Houston, and
including Gregory-Eddlaman & Co., Dillingham & McClung, both of
Houston, and Mosle & Moreland of Galveston, paying a premium of $67.77,
equal to 100.048, a net interest cost of about 2.37%, on the bonds divided
as follows: $93,000 maturing April 10, $10,000 in 1940,
$lo,000 in 1941
and 1942, $14,000 in 1943 to 1945, and $15,000 in 1946, as 2Hs, and $47,000
$140,000 issue of road bonds offered for sale on
was
maturing April 10, $15,000 in 1947 and $16,000 in 1948 and 1949, as 2Ms.
Dated Oct. 10, 1938.
The bonds were authorized at an election held
on Sept. 28. 1938, and are payable from an unlimited ad valorem t^x levied
against all the taxable property within the County.
Legality approved
by Chapman & Cutler, of Chicago.
EL
PASO,
Texas—BOND SALE DETAILS—In connection with the
of 100.23, a net
$491,000 various purpose bonds
York, and associates, at a price
interest cost of about 3.054%—V. 147, p. 2433—we are now
$244,000 maturing Nov. 1,
informed that the bonds are divided as follows:
$16,000 in 1939, $17,000 in 1910 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 and $25,000 in 1950, as 3M», and $247,000 maturing
Nov. 1, $26,000 in 1951, $28,000 in 1952, $29,000 ir 1953, $30,000 in 1954,
$37,000 in 1958, as 3s.
officially reported as follows:
Halsey Stuart & Co., same bid, premium only $392.80. Boettcber & Co.,
$298,000.00 at 3X%, 1939-52; $193,000-00 at 3%, 1953 to 1958, and no
premium.
$31,000 in 1955, $32,000 in 1956, $34,000 in 1957 and
Other bids for the bonds were
GREENVILLE, Texas—BOND OFFERING—It is reported that sealed
for the
purchase of a $97,000 issue of 3% semi-ann. municipal building bonds.
A certified check for 10% must accompany the bid,
bids will be received until 2 p. m. on Nov. 1, by tne City Secretary,
.
PARK INDEPENDENT SCHOOL DISTRICT (P. O.
Dallas) Texas—BONDS OFFERED TO PUBLIC—Three issues of bonds
aggregating $175,000, are being offered by Garrett & Co. of Dallas for public
subscription. These series 11 bonds are divided as follows:
HIGHLAND
school bonds.
Due on April 10 as follows: $2,000, 1939;
$4,000, 1940 and 1941, and $5,000, 1942 to 1948.
52,000 2V\% school bonds. Due on April 10 as follows: $5,000, 1949 and
1950, and $6,000 from 1951 to 1957.
78,000 2M% school bonds.
Due on April 10 as follows:
$6,000, 1958;
$7,000, 1959 to 1966, and $8,000 in 1967 and 1968.
Dated Oct. 10, 1938. Denom. $1,000. Prin. and int. payable at the Chase
National Bank, New York. These bonds were authorized by a vote of the
electors and are the direct and general obligation of the district, being
payable from ad valorem taxes levied on all of the taxable property located
therein, within the limits prescribed by law.
Legality to be approved by
the Attorney General and Chapman & Cutler of Chicago.
$45,000 2M%
MARSHALL,
Texas—BOND
OFFERING— It is
stated
by
Newman
7 p. m. on Oct.
Dated Feb. 1,
in 1944 to 1958,
$1,500 in 1959 to 1963, $25,000 in 1964, $30,000 in 1965 to 1968, and $30,500
in 1969.
The purchaser to pay par and accrued interest and all expenses
necessary for the issuance or the bonds, i. e., cost of printing, attorneys'
fees, &c.
Purchaser must pay the purchase price and take the bonds on or
before Feb. 1, 1939.
The contract will be awarded to the bidder submitting
Wells, City Secretary, that he will receive sealed bids until
27 for the purchase of a $200,000 issue of school bonds.
1939.
Due Feb. 1 as follows: $500 in 1940 to 1943, $1,000
the lowest
and best bid considering the aggregate interest rates bid.
Bidder
certified check for $10,000 with bid to guarantee performance
bid is accepted.
is to enclose a
of contract, if
STAMFORD
INDEPENDENT
SCHOOL
Stamford), Texas—BOND OFFERING—Sealed
DISTRICT
(P.
O.
bids will be received until
W. Johnson, Secretary of the Scnool Board, for
issue of school house bonds.
Interest rate is not
to exceed 4%, payable A-O.
Dated Oct, 1, 1938.
Denom. $1,000 and
j 500 or $500 only, as may be preferred by the purchaser.
Due Oct. 1 as
2 p m. on Oct. 25 by L.
the purchase of a $49,500
1941,
noon on
$10,000 in 1942
lottesville.
New York.
COUNTY (P. O. Blountville), Tenn .—BOND SALE—
bonds offered for sale on Oct. 18—
2128—was awarded to a group composed of the Fidelity-Bankers
Trust Co., Booker & Davidson, both of Knoxville; the First National Bank
of Memphis and the Wells-Dickey Co. of Minneapolis, according to T. R.
Bandy, County Judge.
Dated Aug. 1, 1938.
Due on Aug. 1, 1958.
report given in our issue of Oct. 15 that the
had been awarded to Lehman Bros, of New
received until
Nov. 15, by Jame3 E. Bowen, City
Auditor, for the
Eurchase1938. $339,735 Issue of coupon school construction bonds. Dated
>ec. 1,
of a Denom. $1,000, one for $735. Due as follows: $9,735 in
to
1950, $12,000 in 1951 to 1960, and $15,000 in
Enclose
p.
COUNTY (P. O.
VIRGINIA
CHARLOTTESVILLE, Va .—BOND OFFERING—Sealed bids will be
158.24
494.45
425.00
143.85
117.25
412.37
SULLIVAN
TIPTON
the bonds authorized at the election held
are
certified check for 2%.
3}4%
3H%
3H%
3^i%
3M %
3H%
The $200,000 issue of coupon school
V.fl47,
named must be
1961 to 1968.
Bidders to name the rate of interest.
The bonds are pay¬
able from an unlimited ad valorem tax.
Prin. and int. payable in Char¬
Due $1,000 from Sept.
Dated Oct. 1, 1938.
or rates
$95.00
52.76
31.60
SHELBYVILLE, Tenn.—BOND OFFERING—Sealed bids will be re¬
the pur¬
7,000 refunding bonds.
Any rate
ji of 1%. The district will furnish the printed bonds, a
legal proceedings, the approving opinion of Chapman & Cutler
Chicago and will deliver the bonds to the bank designated, all without
the
3&%
3M %
3M%
ceived until 2 p. m. on Nov. 2 by G. T. Carter, City Secretary, for
chase of the following 5% semi-annual bonds aggregating $21,000:
$14,000 school bonds.
Dated Sept.
1939 to 1952, inclusive.
Bidders are
combination of two rates with their bids which
multiples of
ment bonds offered for sale on Oct.
Oct. 15, 1939 to 1950.
or
and accrued interest.
a
Legality to be approved by Thomson, Wood & Hoffman of
These bonds were authorized at an election held on Sept. 20.
certified check for 2%.
1
NORFOLK, Va .—BOND REFUNDING PLAN DROPPED—The City
to refund outstanding bonds of the
at a reduced rate of interest, following city-wide opposition.
The
Council had planned to name a committee to consider the feasibility of
refunding the outstanding $21,026,500 bonds bearing interest from 3% to
Council has abandoned the proposal
city
6%.
-
.
PRINCE EDWARD COUNTY (P. O. Farmville), Va .—BOND OFFER
are informed by J. A.
Armistead, Chairman of the Board of
ING—We
Supervisors, that he will receive sealed bids until 10 a. m. on Oct. 26 for the
purchase of a $75,000 issue of court house bonds.
Denom. $1,000.
Dated
Nov. 1, 1938.
Due $3,000 annually from Nov. 1, 1943 to 1967, incl.
Said bonds will bear interest at 3%, or at a rate to be fixed by the bidder,
at a price of par.
Legality of tne bonds is to be approved by Thomson,
Wood & Hoffman of New York City.
WASHINGTON
OFJSEATTLE, Wash.—BOND SALE—The $350,000 issue o
improvement!bonds offered for sale on Oct. 13—V. 147, p. 2284—was
awarded tojafsyndicate composed of Blyth & Co. of Seattle, Brown HarrimanS& Co., Inc., Ferris & Hardgrove of Spokane, Dean Witter & Co. of
San Francisco, the Pacific National Bank and the Marine National Co.,
both of Seattle, on Oct. 17 at a price of 100.1299, a net interest cost of about
3.10% on the bonds divided as follows: $146,000 maturing Oct. 15, $11,000
in 1940 and 1941, $12,000 in 1942 and 1943, $13,000 in 1944 and 1945,
$14,000 in 1946 and 1947, $15,000 in 1948 and 1949. and $16,000 in 1950,
as 3Hs; and $204,000 maturing Oct. 15, $17,000 in 1951 and 1952, $18,000
in 1953, $19,000 in 1954, $20,000 in 1955, $21,000 in 1956, $22,uuu m 1957
and 1958, and $24,000 in 1959 and 1960, as 3s.
PORT
PULLMAN
SCHOOL DISTRICT NO. 249 (P. O. Colfax), Wash.—
sealed bids will be received until
County Treasurer, for the purchase
Interest rate is not tp exceed 3%,
payable semi-annually.
Said bonds to be dated when issued and to be in
such lawful denominations as near as practicable as will, together with
interest on the outstanding bonds, be met by equal annual tax levies to
cover principal and interest; to mature and become payable serially in their
numerical order, lowest numbers first, on the interest payment dates.
Said bonds to run a maximum period of six years, their various maturities
beginning the second year after the date of issue; provided that said school
district reserves the right to pay or redeem said bonds, or any of them, at
any time after two years from the date thereof; the bonds, both principal
and interest, to be payable at the office of the County Treasurer.
Bids
submitted are requested to specify, (a) the lowest rate of interest and pre¬
mium, if any, above par; (b) the lowest rate of interest on the bonds at par,
and (c) whether or not the bidder will furnish blank bonds.
Enclose a
certified check for 5% of bid.
BOND OFFERING—It is reported that
10 a. m. on Nov. 7 by B. F. Manning,
of a $25,000 issue of school bonds.
SPOKANE,
Wash.—BOND SALE—The $300,000 issue of coupon or
registered water revenue of 1938 bonds offered for sale on Oct. 13—V. 147,
p. 1965—was awarded to E. M. Adams & Co. of Portland, as l^s, paying
a price of 97.559, a basis of about 4.45%.
Dated Nov. 1, 1938. Due from
Nov. 1. 1939 to 1948 incl.
The following is an official list of the bids received for the bonds:
,
Rate
Bidder—
Portland__
E. M. Adams & Co., Portland.E. M. Adams & Co.,
E. M. Adams & Co.,
Portland..
($*
P
Bid On
$300,000
156,000
Price
Maturities
.
97.559
1939-48
1945-48
1939-43
1944-48
100.431
100.895
1939-48
100.90
69.000
Goldman, Sachs & Co., N. Y.;
Win. P. Harper & Son, Seattle
Blyth & Co., Inc.; Dean Witter
&
Co.; Bramhall
& Stein,
Par
300,000
12%
1939-44
1939-41
1942-44
99.13
144,000
125,000
175,000
87,000
144,000
Seattle
Par
1945-48
Ferris & Hardgrove; Richards &
Blum- S. & E. Branch, Seattle
100.27
300,000
1939-48
300.000
69,000
1939-48
1939-41
231,000
1942-48
300,000
96,000
93,000
111.000
1939-48
99 589
1939-42
1943-45
1946-48
100.265
2M %
300.000
1939-48
100.179
NatTBankCommerce,Seattle \2H%
Wells-Dickey Co.; Harold H. J2%
300,000
300,000
1939-48
1939-48
100.033
98.308
2%
First National
Bancamerlca-Blair Corp.; Jaxtheimer & Co., Portland
2%
Paine-Rice & Co.; Harris, Hall [1)4%
& Co., Spokane
12%|
Grande & Co., Inc., Seattle;,
Leh nan
Bros
New York;
Phelps Fenn CoJN. Y
2'
Pacific National Bank, Seattle
Peoples Nat. Bank, Seattle.
100.20
'}
99.45
,
Halsey, Stuart & Co., Chicago;
Murphy Favre & Co., Spokane
Tr. Co., Spokane |
Washington
H. Huston Co
'
TACOMA, Wash.—BOND OFFERING—It is stated by T. A, Swayze,
City Comptroller, that he will receive sealed bids until 2 p. m. (Pacific
Standard Time), on Oct. 25, for the purchase of a $760,000 issue of coupon
or registered water bonds.
Interest rate is'not to exceed 4%, payable J-J.
Dated
July 1, 1938.
Denom. $1,000.
These bonds will be an obliga¬
tion only against the special fund*known as City of Tacoma Water Fund
of 1938 created by Ordinance 11580, and will be payable at the office of
the City Treasurer or at the,fiscal agency of the State in New York.
The
bonds shall become due and payable in accordance with whichever of
the following two plansfof payment shall be decided upon by the Sinking
Fund Board at the time of considering the bids.
Payment Plan No. 1:
$7 000, Jan. and $63 000, July 1
1951; $64,000, Jan. and $93,000, July I,
1952; $93,000 Jan. and $100,000. July 1,1953; $100,000, Jan and $107,000,
July 1, 1954, and $108,000, Jan. and $25,000, July 1, 1955.
Payment
Plan No. 2: Said bonds will become due and payable on the respective dates
and in the respective amounts as specified in Payment Plan No. 1; pro¬
vided however, the City may at its option call all or any of said bonds for
redemption on Jan. 1, 1949, or on any interest paying date thereafter
Financial
2578
Bids will be received for said bond, to be
Plan No. 1 and also under Payment Plan No. 2;
be separate.
Bidders are to name the rate of interest in multiples of H or 1-10 of 1 %.
All bids shall be for bonds bearing one rate of interest and for all or none
of this Issue, and the highes* bid on such basis shall be that which provides
the lowest cost to tne city after deducting the amount of premium, if any.
The purchaser must pay accrued interst to the date of delivery of
the
bonds.
No bid will be considered for less than par and accrued interest.
The approving opinion of Thomson, Wood & Hoffman of New York, will
be furnished.
The Donds will be delivered to the purchaser on or before
Nov. 25, and delivery will be made in Tacoma.
Enclose a certified check
for $15,200, payable to the city.
•
upon
60 days* advance notice.
issued under Payment
bids under each plan must
Chronicle
Oct.
1938
22,
quired to furnish the blank bonds.
The bonds are to be issued subject to
the favorable opinion of Chapman & Cutler of Chicago, cost of such opinion
to be borne by the purchaser.
These bonds were authorized at the election
held on Sept. 20, by a vote of 4,416 to 1,182.
Enclose a certified check for
2% of the par value of the bonds, payable to the City Treasurer.
MARINETTE COUNTY (P. O. Marinette), Wis.—BONDS OFFERED
bids were received until
2 p. m. (Central
Standard Time), on
—Sealed
Oct. 21, by George E. Oostello, County Clerk, for the purchase of an issue
of not to exceed 3% semi-aim. county hospital bonds.
Dated Oct. 1. 1938.
Due $5,000 from April 1, 1939 to 1958 incl.
NORTH
treatment
DU LAC,
FOND
Wi».—BOND SALE—The $40,000 sewage
on Oct. 3—V. 147,
plant bonds offered for sale without success
2284—were awarded jointly on-Oct. 8 to A. S. Huyck & Co., and Paine,
Webber & Co., both of Chicago, divided as follows:
p.
WEST
VIRGINIA
Due from Aug. 1, 1941 to
$20,000 general obligation bonds as 3Ks at par.
1954.
MONONGALIA COUNTY (P. O. Morgantown) W. Va.—BOND
20,000 mortgage revenue bonds as 4J^s, at a price of 95.00, a basis of
OFFERING—It is stated by Floyd B. Cox/.Superintendent of Schools,
about5.07%. Due $1,000 from Aug. 1. 1941 to 1960 incl.
that he will receive sealed bids until Nov. 5, for the purchase of a $600,000
issue of coupon school bonds.
Interest rate is not to exceed 2% %, payable
OOSTBURG, Wis.—BOND OFFERING—Sealed bids will be received
until 7:30 p. m. (Central Standard Time) on Oct. 24 by Harry J. HuiJ-D.
Dated Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1, 1939 to 1972.
Bate of interest to be in multiples of H of 1 %. Principal and int. payable
bregtse, Village Clerk, for the purchase of a $25,000 issue of 3% semi¬
annual sewage disposal plant, general obligation bonds.
in lawful money at the State Treasurer's office, or at the Chase National
Dated Nov. 1,
1938.
Denom. $1,000.
Bank, New York. These bonds are issued pursuant to an election held on
Due Nov. 1 as follows: $1,000 in 1939 to 1942.
$&000 in 1943 to 1947, and $1,000 in 1948 to 1958.
Thase bonds are issued
Aug. 2, and are registerable as to principal.
The bonds cannot be sold at
less than par and accrued interest. These bonds have been approved by the ^r^pursuant to Chapter 67 of the Wisconsin Statutes for 1937.
Prin. and int.
Attorney General and are incontestable in any court. The purchaser will be
mayable at the office of the Village Treasurer.
The bonds are being sold
furnished with a final approving opinion of Caldwell & Kaymond of New
^Subject to the approving opinion of Chapman & Cutler of Chicago, to be
York, but will be required to pay the fee for approving the bonds. To ex¬
tarnished by the village.
Enclose a certified check for 2% of the amount
or bonds bid for, payable to the village.
pedite delivery, interim certificates will be furnished purchasers if required.
Enclose a certified check for not less than 2% of the bonds bid for.
OWEN, Wis.—BONDS SOLD—It is reported that $25,000 sewage treat¬
ADDITIONAL BOND OFFERING—Sealed bids will be received until
ment plant bonds were purchased jointly by Harley, Haydon & Co. of
noon on Nov. 10, by A. K. Martin, Clerk of the County Court, for the
Madison, and T. E. Joiner & Co. of Chicago.
purchase of an issue of $138,000 hospital annex bonds. Interest rate is not
to exceed 2%%, payable J-D.
Dated Dec. 1, 1938. Denoms. $1,000 and
PARK FALLS, Wis .—BOND SALE—The $50,000 issue of sewerage,
$100. Due Dec. 1, as follows: $3,000 in 1939 and 1940, $3,200 in 1941 to
general obligation bonds offered for sale on Oct. 18—V. 147, p. 2434—was
1943, $3,400 in 1944 and 1945, $3,600 in 1946 and 1947, $3,800 In 1948 and
awarded to Kalman & Co. of St. Paul, as 2)^8, paying a premium of $851,
1949, $4,000 in 1950, $4,200 in 1951 and 1952, $4,400 in 1953, $4,600 in
equal to 101.70, a basis of about 2.31%. Dated Nov. 1, 1938. Due from
1954 and 1955, $4,800 in 1956, $5,000 in 1957, $5,200 in 1958 and 1959,
Nov.^1§42 to 1953 incl.
$5,400 in 1960, $5,600 in 1961, $5,800 in 1962 and 1963, $6,000 in 1964,
SPARTA, Wis.—BOND SALE—The $85,000 issue of sewage disposal
$6,200 in 1965, $6,400 in 1966, $6,600 in 1967, and $6,800 in 1968.
The
plant, Mineral obligation bonds offered for sale on Oct. 17—V. 147, p.
bonds will not be sold for less than par and accrued interest. Rate of interest
2434—was awarded at public auction to Harley, Haydon & Co., Bell &
to be in a multiple of 34 of 1 %. These bonds were authorized at the election
Ferrell, both of Madison, and the Citizens State Bank of Sheboygan,
held on Aug. 2.
Principal and interest payable at the State Treasurer's
jointly, as 23^s, paying a premium of $2,430, equal to 102.858, a basis of
office, or at the Chase National Bank, New York. The approving opinion of
about 1.92%. Dated Oct. 1, 1938.
Due $8,500 from April 1, 1939 to 1948
Caldwell & Raymond, of New York, will be furnished at the purchaser's
expense.
WEST
Governor
Enclose
a
incl.
certified check for 2% of bid.
VIRGINIA, State of —BOND OFFERING—We are informed by
Homer
A.
Holt
that he will receive sealed bids
until
1
p.
m.
on Oct. 25, for the purchase of a $500,000 issue
Bidders are to name the rate of interest, not to exceed 4%,
multiple of *4 of 1 %, it being provided that a part of the issue may bear
one rate and a part a different rate.
Not more than two rates will be con¬
sidered in any one bid.
Coupon bonds in $1,000 denominations, convertible
into fully registered bonds of $1,OUO and $5,000 denominations.
Dated
Junel.1938.
Due $20,000 from June 1,1939 to 1963, incl.
Prin.andint.
(J-D) payable in lawful money of the United States at the State Treas¬
urer's office in Charleston, or at the option of the holder, at the National
City Bank in New York.
These bonds are issued under authority of amendment to the Constitu¬
tion known as $50,000,000
State Road Bond Amendment, and under
authority of an Act of the Legislature of the State of West Virginia known
as Chapter 77, Act of 1937, regular session.
To secure the payment of this
bond, principal sum and interest, when other funds and revenues sufficient
are not available for that purpose, it is agreed that, within the limits pre¬
scribed by the Constitution, the Board of Public Works of the State of West
Virginia shall annually cause to be levied and collected an annual State tax
on all property in the State, until said bond is fully paid, sufficient to pay
the annual interest on said bond and tne principal sum thereof within the
time this bond becomes due and payable.
The bonds will be sold to the bidder offering to take the bonds bearing the
lowest interest rate and to pay the highest price offered for bonds bearing
such rate.
Each bid must be accompanied by a certified check upon a
bank or trust company for 2% of the face value bf the bonds bid for, pay¬
able to the order of the State for security for the performance of such bid
and as liquidated damages in case a successful bidder fails to take up and
pay for the bonds.
The bonds cannot be sold at less than par and accrued interest.
Pur¬
chasers will be required to pay accrued interest to the date of delivery.
Delivery will be made in N. Y. City.
To expedite delivery, interim cer¬
tificates will be furnished purchasers.
The purchaser or purchasers will be
furnished with the final approving opinion of Caldwell & Raymond, New
York, but will be required to pay the fee for approving said bonds.
(Eastern Standard Time)
of road bonds.
in
a
change).....
1.
1,783,121,691.00
----
State road bonds
76,519,000.00
3,750,000.00
560,000.00
s.
.
Total bonded indebtedness—not including this offer
Outstanding notes
..
'l.
I
U
I
I
I
■
$80,829,000.00
None
1. Issued pursuant to the Good Roads Amendments to the Constitution
and payable serially, last maturity June 1, 1963.
2. Payable serially $250,000.00 each year, last maturity June 1, 1953.
3. $560,000.00 to be retired July 1, 1939.
All of the original issue (1919 Virginia debt $13,500,000.00) retired ex¬
cept as hereinafter stated.
$861,225.00 of the 1919 Virginia debt bonds
(3H %) were held in escrow by the State of TjVest Virginia to be exchanged
for Virginia deferred certificates which had not been deposited with the
Commonwealth of Virginia prior to April, 1919.
$439,700.00 remain in escrow, although eligible for exchange since 1919.
The law provides any part of the bonds remaining in escrow and uncalled
for
payment for whatever part of the $439,-
700.00 presented for payment prior to Jan. 1, 1939.
Population (1920 census), 1,463,701; (1930 census)
1,728,510.
Wis.—BOND SALE—The $69,000 issue of coupon building bonds offered
on Oct. 14—V. 147, p. 2431—was awarded to
Harley, Haydon &
Co. of Madison, as l^s, paying a premium of $270.00. equal to 100.39. a
basis of about 1.41 %. Due from March 1,1940 to 1946 incl.
for sale
LA CROSSE, Wis.—BOND OFFERING—Sealed bids will be received
until 2 p. m. on Oct. 27, by F. L. Kramer, City Clerk, for the purchase of a
$210,000 issue of vocational school addition bonds.
Int. rate is not to
exceed 3%, payable M-N.
Dated Nov. 15, 1938.
Denom. $1,000.
Due
Alternate bids will also be received
on
the
Bonds shall become due serially as follows: $5,000 in 1939 to
1941, $10,000 in 1942, and 1943, $25,000 in 1944 to 1946, $30,000 in 1947,
and $70,000 in 1948. Rate of interest to be in multiples of
of 1%, and
above issue.
must be the same for all of the bonds.
The basis of determination of the
best bid will be the lowest interest rate bid add (or) interest cost to the city.
Prin. and int. payable at the City Treasurer's office.
The purchaser will
be required to furnish the blank bonds.
The bonds
to the favorable opinion of Chapman & Cutler.
are
to be issued
subject
MANITOWOC, Wis.—BOND OFFERING—It is stated by Arthur Post.
City Clerk, that he will receive sealed and oral bids until 4 p. m. (Central
Standard Time), on Oct. 21, for the purchase of a $550,000 issue of not to
exceed 3% semi-ann.
sewage disposal system, general obligation bonds.
Dated Oct. 1. 1938.
Denom. $1,000.
Due Oct. 1 as follows: $18,000 in
1939, and $28,000 in 1940 to 1958.
Rate of interest to be in multiples of
3<£ of 1%. Prin. and iqt. payable at the City Treasurer's office. The basis
of determination of the
best
interest cost to the city.
bidder, at not less than
bid will be the lowest interest rate bid and (or)
The bonds will be sold at the highest responsible
and accrued interest.
The bidder will be re¬
par
DISTRICT NO.
1
(P. O. Laramie).
Wyo.—BOND SALE—The $250,000 issue of school building bonds offered
on Oct.
17—V. 147, p. 1966—was awarded jointly to the First
National Bank of Laramie, the Stockgrowers' National Bank, the American
National Bank, both of Cheyenne, and Geo. W. Vallery & Co. of Denver,
as 2?£s, paying a premiTMIyof $3,200, equal to 101.28, a basis of about
2.63%.
Dated July 1, 1938.
Due from July 1, 1939 to 1963; optional
for sale
on
and after July
1, 1958.
GILLETTE, Wyo .—BOND SALE—The two issues of general obligation
bonds aggregating $85,000, offered for sale on Oct. 14—V. 147, p. 2284—
were purchased jointly by the Casper National Bank of Casper, and the
Stockmen's Bank of Gillette, as 3Hs, at par.
These bonds were sold sub¬
ject to receiving a Public Works Administration grant.
The contract is
said to be good to Dec. 15 and it may be extended to March 15 at the pption
of the bidder.
The issues are as follows:
$57,000 water bonds.
28,000 sewer bonds.
.
Due from 1941 to 1950.
Due from 1941 to 1950.
JACKSON, Wyo .—BOND OFFERING—It is reported that sealed bids
Nov. 1, by C. Karns, Town Clerk, for the
a $20,000 issue of coupon water bonds.
No bid is to be for less
than par.
A certified check for 5% is required.
will be received until 2 p. m. on
purchase of
PARK COUNTY SCHOOL DISTRICT NO. 1 (P.
O. Powell), Wyo.—
by H. S. Graham, District Clerk, that he
the purchase of a $25,000
issue of school bonds.
Interest rate is not to exceed 3%, payable J-D.
Denom. $1,000. ' Dated Dec. 1, 1938.
Due $5,000 from Dec. 1, 1939 to
1943, incl.
No bid is to be for less than par and accrued interest.
Prin.
and int. payable at the office of the County Treasurer.
A certified check
for 5% of the bid js required.
POWELL, Wyo.—BOND OFFERING—Sealed bids will be received until
p. m. on NoyV. 4 by Homer C. Mann, Town Clerk, for the purchase of a
$12,000 issue of coupon sewer bonds.
Interest rate is not to exceed 3%,
payable M-N.
Dated Nov.
1,
1938.
Denom. $1,000.
Due $2,000
Nov. 1, 1939 to 1944.
No bid for less than par and accrued interest will be
considered.
Prin-. and int. payable at the Town Treasurer's officq.
En¬
close a certified check for 10% of bid.
7:30
SHERIDAN, Wyo.—MATURITY—It is now reported that the $160,000
bonds purchased by Geo. W. Vallery & Co. of Denver, and associates
3Ks, at a price of 100.82, as noted here—V. 147, p. 2434—are due on
Oct. 1 as, follows:'.$5,000, 1939 to 1958, and $6,000, 1959 to 1968, giving
a basis of about 3.18%.
Principal and interest (A-O) payable at the City
sewer
as
Treasurer's office.
„
_
',
jCANADA
i
DRUMMONDVILLE, Que.—BOND SALE—The $50,000 school bond
p.v2434—was awarded to Hanson Bros, of Montreal as
314s at 97.59, a basis of about 3.74%.
Dated July 1,1938 and due serially
on July 1 from 1939 to 1963. inclusive.
MONTREAL,
FORT ATKINSON SCHOOL DISTRICT NO. 6 (P. O. Fort Atkinson)
$21,000, Nov. 15, 1939 to 1948.
SCHOOL
issue—V, 447,
WISCONSIN
.
,
WYOMING
COUNTY
ALBANY
Jan.
1, 1939, shall be conclusively presumed to have been lost or
destroyed and shall be immediately canceled by the State of West Virginia.
Hence the State will be liable for
on
'
'
will receive sealed -bids until 8 p. m. on Nov. 12 for
$1,831,731,932.00
•_
2. State refunding bonds
3. 1935 Virginia debt refunding bonds
w
OF* BOYCEVILLE AND TOWNS OF TIFFANY, HAY
STANTON, JOINT SCHOOL DISTRICT NO. 1 (P. O.
Boyceville), Wis.—BOND OFFERING—Sealed bids will be received until
10 a.
l. on Oct. 22 by Director William Clough for the purchase of a $20,000
issue of 3% semi-annual building bonds.
Dated Oct. 15, 1938.
Denom.
$500.
Prin. and int. payable at the Bank of Boyceville.
The bonds are
to be issued subject to validation by the Attorney General, pursuant to
Section 67.02, subsection 3, of the Wisconsin Statutes.
Enclose a certified
check for 2 % of the par value of the bonds, payable to the DistrictTreasurer.
AND
BOND OFFERING—-It is stated
Financial Statement
Assessed valuation 1938 (advance figures subject to slight
Assessed valuation 1937
Bonded Indebtedness—
"
VILLAGE
RIVER
Que.—BOND
SALE
CONTRACT
EXTENDED—The
banking group headed by Savard, Hodgson & Co., Inc., of Montreal which
arranged early in July to act as agents for the city in marketing an issue of
$4,000,000 4% bonds, due Dec. 1, 1946—V. 147, p. 930—is stated to have
been granted an extension of its option until Dec. 1, 1938.
The date
originally fixed for completion of the contract was Oct. 1,1938.
The bonds
were offered to the public at par, with the city to receive a net price of
98.50, according to report.,
OTTAWA, Ont.—BOND ELECTION—On Dec. 5 the ratepayers will
an isshe of $225,000 new fire alarm system bonds.
be asked to authorize
OWEN
SOUND,
Ont.-^-BOND
SALE—The Bank of Montreal recently
an issue of $75,000 3H% bonds at a price of 103.25, a basis of
about 3.02%.
Due $55,000 In 15 annual instalments and $20,000 in 10
instalments.
Other bids:
Bidder—
Rate Bid
Bidder—
Rate Bid
purchased
Wood, Gundy & Co
102T.38
Mills, Spence & Co
__101.56
A. E. Ames & Co.
102.08
Midland Securities
101.52
Fry & Co_
R. A. Daly & Co
Harris
Ramsay and
J.
Graham & Co
Fairclough & Co
Dyment, Anderson & Co
101.51
101.818 Harrison & Co
Dominion Securities Corp—101.35
101.79
McLeod, Young Weir & Co-101.28
L.
101.767 Bell, Gouinlock & Co
101.26
Frank L. Craig
^101.10
101.67
Royal Securities Corp
101.07
101.58
Que.—BOND OFFERING—Sealed bids will be re¬
until Oct. 24 for the purchase of $160,000 3M%
paving, sidewalk and sewer bonds due serially from 1939 to 1958, incl.
SHERBROOKE,
ceived by the City Clerk
street
WICKSTEAD TOWNSHIP, Ont.—BOND SALE—An issue of $14,000
4H% bonds, due in 15 annual instalments, was sold to the Midland Se¬
curities Co. of Toronto.
Re-offering was at par.
?
/
@FedFRASER