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?.CT 9
m
ommtrria
COPYRIGHTED IN 1939
VOL.149.
BY WILLIAM B. DANA
COMPANY, NEW YORK.
,ss"°iWAXtirm~
ENTEREO AS SECOND-CLASS
MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK,
NEW YORK, OCTOBER
7,1939
NEW YORK, UNOER THE ACT OF MARCH 3, 1879.
CHASE
THE
BROOKLYN
TRUST
BANK
COMPANY
OF
YORK
'
Maintaining effective cor¬
McLaughlin
President
BROOKLYN
NEW YORK
BANK
NATIONAL
OF THE CITY OF NEW
Chartered 1866
George V.
NO. 3876.
w2^uBoeDsrfcyorfcX'
N E W
respondent bank service
is
a
traditional
policy of
the Chase National Bank.
Member Federal
YORK
Deposit Insurance
Corporation
V
Broaden your customer
service
with
respondent
Chase
cor¬
facilities.
i
Member Federal Deposit Iniurance
Hallgarten & Co
Corporation
BANK
Established 1850
AND
NEW
YORK
INSURANCE
Underwriters
London
Chicago
STOCKS
and
of capital issues
in
dealers
United
Government, State,
States
County and
Public
Industrial \
Municipal bonds and in
Utility, Railroad,
and other investment
securities.
The
FUNDAMENTAL
FIRST BOSTON
Harriman
CORPORATION
Ripley & Co.
Incorporated
INVESTORS
boston
new york
SAN
PHILADELPHIA
AND OTHER
New York
63 Wall Street,
CHICAGO
INC.
Boston
FRANCISCO
Chicago
Philadelphia
Representatives in other leading
PRINCIPAL CITIES
Cities
ProspectusZon request
from
authorized dealers in
all prin¬
cipal cities or Fundamental Group
Corporation, Jersey City, N. J.
The
New York
City of
Trust
Philadelphia
Commonwealth of
Company
IOO
Pennsylvania
BROADWAY
Bonds
HOMER & CO., INC.
40
Exchange Place, New
York
Moncure Biddle & Co.
MADISON AVENUE
AND 40TH
BEAR, STEARNS &
ONE WALL
CO.
PHILADELPHIA
STREET
ONE EAST
Jaoies Talcott, Inc.
57TH STREET
STREET
Founded
1854
%
NEW YORK
factors
General Offices:
European
Representative
225 FOURTH AVE.,
NEW YORK
CITY
•
KING WILLIAM
ST.
Correspondent Companies:
CarlM.Loeb,Rhoades&Co.
61
LONDON, E. C. 4
James Talcott
1889-1939
Paris
Montreal
James Talcott,
NEW YORK
London
of Canada, Ltd.
1470 Peel St..
BROADWAY
Amsterdam
Fiftieth Anniversary
6-8, Sackville St.,
Ltd.
London,, W. I.
,T> ¥*
>v
1
I
,
77ze Commercial & Financial Chronicle
II
Oct.
7,
J9J9
A
F. H. PRINCE & CO.
Continental Illinois
BANKERS
PROVIDENCE, RHODE ISLAND
National Bank
HIGH-GRADE INVESTMENTS
Trust Company
and
OF
Members
New
York, Chicago & Boston Stock Exchanges
CHICAGO
Statement of Condition, October 2,1939
Wellington & Co.
RESOURCES
Members New York Stock
Exchange
Cash and Due from Banks
$
......
United States Government
618,931,966.07
Direct and Fully Guaranteed
*56,896,862.58
Loans and Discounts
146,477,075.79
....
Stock in Federal Reserve Bank.
on
Broadway
NEW YORK
574,412,754.10
Other Bonds and Securities
Customers' Liability
120
Obligations,
2,895,000.00
Acceptances
457,286.47
.
Income Accrued but Not Collected
3,500,643.91
Banking House
12,675,000.00
Real Estate Owned other than
Banking House
3,511,215.68
$1,419,757,804.60
BANK OF MONTREAL
*
Established l8l7
liabilities
Deposits
$1,281,580,605.84
,
Acceptances
Head Office
Reserve for
Taxes, Interest
Reserve for
Contingencies
and
Expenses....
5,613,690.91
Capital
14,967,326.06
Income Collected but Not Earned
Rest
306,243.94
Preferred Stock
■
•
Total
$850,000,000
H.
Maj.-Gen. The
20,332,541.84
pledged
and for other purposes
to
as
secure
required
public and
or
trust
Drummond, Esq.
Hon. s.
W.
A.
c.
Bog,
Mewburn, C.M.G.
Esq.
General Managers
Jackson Dodds
—
G.
W.
Spinney
Branches and Agencies
United States Government
obligations and other securities carried
are
R.
Vice-Presidents
$1,419,757,804.60
$112,268,955.72
$36,000,000
•
President
21,500,000.00
Undivided Profits
-
Undivided Prop$40,183,254
Assets in Excess of
50,000,000.00
Surplus
-
and
25,000,000.00
Common Stock
at
Montreal
457,396.01
In Canada
deposits
and
Newfoundland—
More than 500 Branches.
permitted by law.
In London:
47
Threadneedle St., E.C. 2:
9 Waterloo Place, S.W.
1.
In the United
States—New York, 64 Wall
Member Federal Deposit Insurance
Corporation
St.;
Chicago: 27 South
San
La Salle St.;
Francisco: Bank of Montreal
(San Francisco),
Street.
333
California
Offer to Holders of Certain
the canadian bank
of commerce
Hungarian Municipal, Ecclesiastical and
Private Long-Term Bonded Debts
The
that
Cash
Office
pursuant
redeem
coupons
during
the
bond.
to
the
of
Foreign
Offer
of
Credits
the
Cash
of the maturity, and with
respect to the issues, hereinbelow
specified,
stated, at the rate of $8.75 per coupon detached
from a $1,000
will be made through its Central
payment
SCHRODER TRUST
COMPANY, 46
Offer
mentioned
Budapest, Hungary, hereby announces
Office, published on July 23, 1937, it will
period
Such
This
HEAD
does
which
not
shall
apply to
have
Paying Agents in New York,
William Street, New York, N. Y.
attached
coupons
been
stamped
and
to
any
of
the
securities
below
registered
as
being in Hungarian
Council, No. 300/1936 M. E.
Kingdom of Hungary or firms or
ownership underjthe Decree of the
Hungarian Cabinet
and is made only to
persons resident outside of
the
corporations
Coupons,
SCHRODER
situated outside
Hungary, excluding branches thereof in Hungary.
presented
TRUST
Foreign
in
acceptance
COMPANY,
Credits, together with
from such Paying Agents.
a
as
of
this
Central
form
of
Offer
Paying
letter
Name of Issue
,
of
must
Agents
of
transmittal
Coupon Date
be
the
transmitted
Cash
which
is
Offer
Office
to
of
obtainable
Expires
FARMERS
NATIONAL MORTGAGE INSTI¬
7% Hungarian Land Mortgage Sink¬
Fund Gold Bonds of 1928, Dollar issue
ing
FARMERS
issue
-
HUNGARIAN-ITALIAN
BANK
LTD.
7V2%
thirty-five year Sinking Fund
Mortgage Gold
Bonds, Dollar issue, Series "A-C"
October 2„ 1939.
Paid-Up Capital
Reserve
$30,000,000
20,000,000
This Bank is in close touch
with
the commercial and
financial life
of Canada and is well
equipped to
serve
corporations, firms and in¬
dividuals interested in Canadian
business.
Branches
in
every
important
city and town in Canada and New¬
foundland, also in Portland,
Oregon;
Seattle; Los An¬
London, England; Havana;
Kingston, Jamaica; St. Pierre in
St. Pierre et
Miquelon; Bridgetown,
Barbados, and Port of Spain,
Francisco;
geles;
October 1, 1939
March 31, 1940
October 1, 1939
March 31, 1940
NATIONAL MORTGAGE
INSTI¬
7%
Land Mortgage Bonds,
Dollar
TORONTO
Established 1867
San
TUTE
TUTE
OFFICE:
at
Trinidad.
October 1, 1939
March 31, 1940
NEW
YORK
Exchange Place
AGENCY
& Hanover Street
TV
fltmmtrW f
Vol.
149
OCTOBER 7, 1939
No. 3876.
CONTENTS
Editorials
The Financial Situation
The
page
..2123
.
Neutrality Bill
Belligerent Aims:
2135
_
...
.2136
..
Comment and Review
Capital Flotations in September
Week
2139
_
the
European Stock Exchanges
Foreign Political and Economic Situation.....
on
2127
2127
Foreign Exchange Rates and Comment....
2132 & 2180
Course of the Bond Market
Indications of Business
2138
Activity
Week
on
the New York Stock
Week
on
the New York Curb
...2143
Exchange
2125
Exchange
2179
News
Current Events and Discussions..
Bank and Trust
General
..2155
Company Items
2177
Corporation and Investment News
..2223
Dry Goods Trade
State and
2256
Municipal Department
.2257
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and
12187 & 2189
Sinking Fund Notices
2184
Dividends Declared
Auction Sales
2184
.2222
^
New York Stock
Exchange—Stock Quotations..
New York Stock
Exchange—Bond Quotations..2190 & 2200
2190
New York Curb
Exchange—Stock Quotations
2206
New York Curb
Exchange—Bond Quotations
2210
Other
Exchanges—Stock and Bond Quotations.
Canadian Markets—Stock and Bond
.2212
Quotations
2216
Over-the-Counter Securities—Stock & Bond Quotations.2219
Reports
Foreign Bank Statements
2131
Course of Bank Clearings..
2180
Federal Reserve Bank Statements..
General Corporation and Investment News
2155 & 2187
.2223
Commodities
The Commercial Markets and the
Cotton
Breadstuffs
Crops
2247
2250
.2253
Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York City.
Herbert D. Seibert, Chairmai of the Board and Editor; William Dana Seibert. 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. 0.
Copyright 1939 by William B. Dana Company.
Entered as second-class matter June 23. 1879, at the post office at New York, N. Y.. under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, 818.00 per year, 810.00 for 6 months: in Dominion of Canada. $19.50
per year, 810.75 for 6 months.
South and Central America, Spain, Mexico and Cuba. 821.50 per year. 811.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, 823.00 per year. 812.50 for 6 months.
Transient display advertising matter, 45 cenrs
per agate line.
Contract and card rates on request,
NOTE: On account of the fluctuations in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
The Commercial & Financial Chronicle
XII
Oct.
7,
1939
(
Insurance for Securities
Public
investment brokers,
treasurers,
and the like,
own or
have custody of
trustees
vast amount
a
of securities.
The usual coverages
but
in recent years
broader
burglary and robbery,
are
there has been
a
demand for
protection; hence, the "All Loss" Securities
Insurance Policies.
The coverage
of
or
destruction
damage to securities.
or
There
safe
is substantially all loss
are
three
policy forms:
deposit boxes;
for coverage on
one
one
for outside
the premises of
an
for lessees of
messengers; one
insured.
Many risks heretofore insured for straight bur¬
glary and robbery protection
on
are now
being written
the "All Loss" forms.
U. S. F. & G.
UNITED
STATES
FIDELITY AND
with which is
FIDELITY
&
GUARANTY COMPANY
affiliated
GUARANTY FIRE
HOME
OFFICES:
CORPORATION
BALTIMORE
The
"EXPANDIT"
will
keep
Binder
Periodicals and Publications
your
ready for immediate
Consistent Advertising
In sizes up to
reference.
13x83^ inches
1
ts
or
an
economy
better
The
and cuts the cost of selling,
services
possible without sacrifice
CHRONICLE
most
m
can
carry
1
Price $2.00 each
king lower prices
of seller's profits*
Plus Postage
messaj e to the World's
moderate cost. ;
your
influential class of people at a
Prices for larger sizes
on
Let
us
Help
you
solve
your
publicity problem* in
a
application
consistent
manner.
THE "EXPANDIT"
1
25 Spruce St.
BINDER
New York City
The Financial Situation
A MONTH ago practical economists and business observer with all sides. Certainly thein the fate of
good faith on
dispassionate
feverishly engaged in
degree of interest
executives
almost
were
trying to gauge the effect
trade of
a
prolonged
a
vast scale
turned
which
have to do with the
peace.
Germany in early
September
driving her
was
military machine through
Poland
ruthlessly and at
speed,,
high
Great
their
and
vigor
were
forces
dispatch
for the avowed purpose
"Hitlerism."
ing
of
and exterminat¬
crushing
Both
and
their
their
actions
words
bespoke grim deter¬
mination to
land
see
it
finish.
the
to
through
Now
Po¬
longer exists, hav¬
no
ing been completely over¬
and again
run
French
The
partitioned.
British
and
endeavor
serious
any
West
to
so-called
penetrate the
is
to make
yet
Wall, and Germany
disposed
to
defensive role
on
evidently
play
a
the Western Front at least
until
clear
is
it
that
doubt
is
early
no
peace
and
Britain
Great
with
beyond
there
of
prospect
The truth prob¬
France.
ably is that both Germany
the
on
hand, and Eng¬
one
and
land
France
other, have
come
"fighting
under
what
of
out"
it
the
on
to a sober¬
realization
ing
means
conditions
now
existing.
Hitler has
now
made his
long-awaited "peace bid."
It
must
have been
in
reception
disap¬
What
pointing to many.
its
London
and Paris will be remains
future to disclose.
for the
whose
tends
back
the lips of mankind.
drawn
in,
is
memory
through
ex¬
the
will of
of results.
another
of
a
took
real war,
place
a
from
Soberer Second
But
possibility that
.
sary
where
a
larger
needed, the higher prices
to obtain it.
Nor
and
any
In
presently
production is
may be neces¬
is
good
be
can
done.
common
of
individuals
to
insuperable barrier exists to some
that
kind of
rapprochement in Europe, if we may assume
were
there
but
was
likelihood
remote
shortage in
any
long time to
a
beginning
buy and hoard goods of
which
speculators
of
a
any
event for
when
come,
were
endeavoring
feverishly
skim
to
off
from
what
was
considered the
prob¬
able
course
quick
profits
of events,
domestic
when
later
and
industrial
fearing inabil¬
consumers,
ity
to
obtain
the
materials and semi-finished
the
York
likely to need
were
frantically bidding against
another for what
one
in
was
sober
minded,
forward-looking
business
sight,
men
were
keenly
aware
of
the hazards inherent in the
situation
ing and
reaction.—The
New
were
(October
as
it
was
develop¬
uncomfortably
conscious of the fact that
whether
in
which, we are
other leaders of finance, industry,
and trade will be glad to join.
1918, although it would
country, when
thoughtless and impulsive
or
and
tinued
certain,
1939 edition of the struggle that
being taken almost for
goods they thought they
This is excellent counsel
tragedy
the Western Front
file in this
understanding of this
danger is far more general than in 1914.
Ex¬
perience then was a hard teacher.
An ancouraging number of industries have ex¬
tended current prices in the face of rising
raw
materials and of the virtual certainty
that they could make price increases stick,
at
least
temporarily.
Reassurances as to
supplies available have been publicly given,
and
panic and speculation
allayed.
The
leaders have taken the longer view, knowing
that if they discourage the boom they will
City Bank of
Bank Letter).
destructive
horribly
on
specu¬
will result.
Undoubtedly the
National
war
long
a
granted by the rank and
interest
from
Even when
was
their
themselves
of much
run
importance than
and
of prices
save
long
war
in protecting the
working relations.
The
same
self-restraint may be needed in con¬
sidering new projects which temporarily may
seem
profitable, but in peace time could not
pay their way.
Business
is
concerned
to
safeguard its
future against these dangers.
Moreover, it
must keep its own
record clear.
If it fails
to curb excesses the Government will step in
with
controls, and possibly make mistakes
of its own.
Finally, the Government also
should put its fiscal house in order.
With
improving business need for relief should
diminish.
If the Government through def¬
icit
financing bids against rising private
demands for labor and materials, an inflation
a
are
the
orders.
profits by price advances based upon
temporary and unsound conditions increase
living costs and foster demands for higher
wages, thus getting the whole economic situ¬
ation on stilts, with collapse inevitable, as
in 1920, 1929 and 1937.
Business and labor
have
a
at
many,
more
between
Attempts to make
in
part
in
lative
stability
pur¬
least, to matters that
and
difference
in
reign
for the time being of
pose
intelligent
foresight and such manifestations of fright
or
ignorance as food hoarding and indis¬
criminate speculative commitments.
Granted that war has a disturbing influ¬
ence
upon prices, the business community is
vitally concerned in limiting this influence so
far as possible,
by counteracting it where
a
again
turning the attention of
misinterpretations
get into circulation, and lead to an unin¬
formed speculation which is a menace.
There
very
peace may
Europe has served the
some
great damage be done
misinformation
really
begun in earnest, the
by in¬
telligent and informed protection of require¬
ments.
However, miscalculations are made;
can
end
to
Business is ben¬
.
the rise has been in that direction.
now
effort
before it has
war
be
may
the
being made
now
by equitable price relationships, and
commodities,
Thought
of
success
this
have, of themselves, made the business
.
contem¬
whatever
curred
avert or avoid the
1914 to
to
the
efited
from
pass
.
danger of a repetition of
the vicious spiral of the last war in which
prices,
wages
and living costs fruitlessly
chased each other upward.
There is little fear, for the most part, that
the price advances which have already oc¬
appear
no
horrible
plate
the
It is to be feared that we are witnessing
to
yet
may
Otherwise the future is almost
not
con¬
war
had
pected effect
course
futile effort
fervent', almost in-
a
cup
too
recall
that the year 1916 brought
several "peace scares," which, however, were barren
years
that this
Encouraging Good Sense
Monthly
Those
prayer
The gravest danger that war holds for the
United
States, apart from
that of being
this
have
armies
voluntary
on
situation unstable.
France
marshaling
with
and
and
Britain
civilization must breathe
conse¬
to us of an early
-
vigorously prosecuted
our
in
questions
quences
industry and
our
Europe.
More recently thought has
substantial de¬
in
to
gree
war
any
upon
its
i
ex¬
this
n
country the need for get-
ting our
own
affairs in order
and further that the
tending
tasks
more
and
was as
very war
more
immediately at
imperative as
ever,
fever then raging
was
to take men's minds off the
hand.
Nothing,
however,
seemed further from the mind of the average citizen,
It is heartening to note what appears to be evidence of a soberer second thought on the part of a
The Commercial & Financial Chronicle
2124
good
Certainly there is still
many.
for
room
to avoid the
a con¬
Oct.
pitfalls into which
7,
1939
fell in the
we
years
siderable further quieting of pulses among the rank
that followed
and file.
disposition to turn back to the old, old question of
It is
by
disappearance of
a
no
impossible that with
means
reasonable prospect of early
any
peace
(or continued hesitation in plunging into
to the
hilt) excitement and impulsiveness
rise
fever
to
and
more
again
may
pitch, but the fact remains that it is
being remarked that
more
the
has not
cerns
yet been
as
and there is much
con¬
nearly matched by
even
actual
buying,
consumer
disposition to ask what
more
happen when inventories
may
again exceptionally
are once
large (as they inevitably will be should the public
not
the
into
come
market
quickly) and the slack in
by foreign orders
up
toward the situation
month
past
wholesome
or
is not
so
very
This attitude
developed during the
but
pessimism
entirely
realism.
be in
Is
No
time
some
and spring since
the trend
of war, but no one can
sum¬
upward regardless
was
stand in much doubt that the
Whether
ican
1x3
much
in
the
into
question that
normal
lack the impulse which
we
of
course
events
turns
depressions
periods of thriving business, which by inter¬
pretation means that,
likely
place
to
economic
obviously
War
might,
is
it
as
we
for
might
house in order.
services of
at
National
debt,
ligible.
It
exclusive
and
alone,
war
no
Federal
not
to
authorities
of the
and
in
of
experience
should leave
doubt in any
no
our
undertake
comparisons
and in
1939.
Many
view
of
this
convincingly,
us
case
await
a
1914 with those of
now,
conclusion that "in
circumstances
so
far
as
the
should consider
we
war
is concerned,
position equivalent to that of the earlier months
of
1915, while
of
course
the "peace scare" of the
past week or two is strongly reminiscent of
All
this, however, had to do with the
relation
are
in
in
to
Contrasts
it.
found in
between
1914
1916.
and
war
and
our
1939
particulars which afe precisely
significant and precisely as important and urgent
peace
fully
as
ourselves
as
many
in
vital when
and almost if not-
conditions,
war
we
engaged in
are
war.
at
peace
universality of their significance
more
The
attention
business
revealed
any
war
an
than
was
community
awareness
boom.
of
It has,
its head cool and its hand
as
if
we
were
These contrasts and the
the
as
the
are
case
a
now
a
whole
receiving
month
has
ago.
plainly
dangers inherent in
generally speaking,
kept
steady with determination
Europe
considerably
due
in
large
the
the
that
notion
spend billions of dollars
a sort
for those who,
not
were
employed by
heard in
not
the
parading the country
years.
nonsense
social security—and
as
sums
those
grandiose
of
each
money
year.
Obviously it is out of the question in the predictable
future
to
a
reduce
to
small
amount
Federal
that
per
capita
shall
we
profligacy .that has
and do
years,
Europe,
even
What is
even
and
its
such
rather
to
inflation
the
safe
from the face of the
same
order.
sanity
The
and
collapse
philosophies, economic
us
and
without
end today.
1918 labored under the
that
impression
the* world
excusable,
capital.
in
plague
in 1917
quixotic
make
war
us
waste
a
War in
vital is the fact that the World
more
aftermath
which
social,
Many of
no
to find
are
essential that financial
resulted in the rise of strange
and
we
abundant life.
more
making
more
even
be
obliged to curtail the
ruled in Washington for
be restored to the National
War
or
can
be
promptly, if
a
1914,
but there
sum,
now
so
from
far
outlays to the relatively
annually expended in
comparable
question
of conditions existing both
country in
in
war
troubled
but,
conceived
we
solid foundation for
to
than
more
disrupting policies of the
must
was
pros¬
pastime
Since
thought of paying
destitution
and
costing the country huge
renders it
popular
a
was
ever
another
or
six
reshaping
ended
than three months,
expended
provide work of
reason
years
mind that such
had reached the
the
all
ourselves
end it
on
abroad
as
war
domestic national policies.
own
For weeks
a
a
half-dozen
past
perity must in the nature of the
of
certain than that
has
been
and
to restrictive
had
time
con¬
or
year
to operate his farm as the
or
had
we
Neither
This much the history
the
ago
activity,
a
our
neg¬
$735,000,000.
more
had
one
each year to
or
was
Washington believe it ought to be
industry,
past 25 years should, teach
the
no
produce
our
now
1914
We had by 1914 begun to pamper
unemployment
one
fiscal
our
indirect
fiscal
Prior to the outbreak of
years
measure
to
Government
farmer, but
for
of
entire
period of slightly
private
more
the
amounted
purpose.
matter what kind of
enduring prosperity.
For
$2,500,000,000.
by
place
1914, the total expenditures of the Federal
Government
him
we
nearly $41,000,000,000
billions
Government
where it is conducted, can never avail to bring us
real and
several
debt.
June 30,
stands at
now
of
tingent
the
later drawn
are
broke out in
war
Administration
be paid in goods
the
of
spreads in
comparatively speaking,
that
equal value) and larger profits for
least, but nothing can be
war
or
ever
ourselves
we
When
Federal
under
and
continues
or
urgent need, for example, that
increased
bring
might- not
or
ceases
Wilson
higher rate of operations, larger exports (for which
we
war
not
are
fail to take the
we
necessary
true,
war,
foundation
long
so
no
or
sounder
a
structure
long
steps
war
result
a
(which God forbid), there is immediate and
25
there
can
as
pitfalls
to undo the
necessary
done
been
producers, whether
into it
and trade in
Neither
has
a
Europe, whether it results in large orders for Amer¬
operated.
vulnerable position.
showing
World War.
feverlshness of the past six weeks has placed industry
a
the steps
upon
that
of late been
merely to avoid these
not
way
mischief
the
Solution
that business for
any event,
continue at levels well above those of last
may
mer
a
June 30, a
War
It may
it has
scale
industries not taken
many
anticipated.
as
as
large
a
on
.
greatly
enlarged purchasing by industrial and other
proportionate increase in
finding
but to insist
war
It has
1914.
we
were
fighting
democracy, to banish
for
earth, and much
more
of
Treaty of Versailles and sub¬
sequent events have caused the scale to fall from the
eyes
of
great
a
further
many.
Their disillusionment
accompanied by
inevitably
enhanced
which
was
was
disillusionment
con¬
cerning the real nature of the inflation which
came
to
a
by
bitterness,
end in 1929.
sorry
similar
It would have been logical
had faith been destroyed in vague
idealism, economic
legerdemain, and the rest, but such in the event
apparently
did not
occur.
On the
contrary,
the
New Deal with its endless
economic
quackery
was
warmly received and applauded, and to this
day there
are
very
large numbers of people in this country
Volume
The Commercial & Financial Chronicle
149
—people who should know
main ardent
that has
been
preached for six long
vately expounded in
period.
much better—who
and pri-
years
quarters for a much longer
many
The World War started
intellectual and
an
social ferment that has soured the economic
of the world.
We
place
Germany,
or
We
take
must
World War
and
as
does not finish the job and
war
in the position
us
Italy, but
occupied by Russia,
now
must do
by
one
that
than
is
was
community
a
eradicated,
one,
possible.
the
far
as
Most of
20
apply the
unfortunate.
was
We
realism to all the
same
real
in
progress
firmer business footing in this country,
a
no
Otherwise
years.
us
and particularly during
years or more,
six
past
reaehing
or
probable
war's
quackery that has been over-running
for the past
war
more
thought of what occurred
1915, 1916 and 1917 that
the
the
as
are
us
The busi-
in 1914.
case
studying
is
should do well to
economic
war,
will be difficult indeed.
R IAL
Government
securities
ditions to the open
a
of the United
market, through ad-
market portfolio,
modest amount of
even
reporting member banks shows
where the market
itself.
again
can
As in the
be
now
appears
was
that the
has been reached
permitted to take
care
of
previous week, the total holdings
lowered, through non-replacement of the
were
000,000, while brokers' loans
on
security collateral
ings of such instruments to $14,696,217,000.
of the 12 banks
030,375,000.
lation
Total
moved
total
By
dropped $18,913,000 to
was
only $27,268,000 to $15,-
up
to. $4,732,133,000.
$48,407,000
up
390,000 to $12,916,331,000, with the account variations
consisting of
serve
balances
an
increase of member bank
re-
by $50,326,000 to $11,671,664,000;
a
drop of the Treasury general account by $82,763,000
to
$469,127,000;
decrease of the foreign bank bal-
a
by $1,443,000 to $466,137,000, and an increase
ances
deposits by $5,490,000 to $309,403,000.
The
85.2% from 85.1%.
Dis-
Industrial
marked higher
counts by the regional banks increased $393,000 to
commitments
advances were
|G,749,000.
j)y
ji97?00O
n^k)l
to
$11,841,000,
SI)cll advances teil
but
to
$239,000 to $10,278,000.
"
The New York Stock Market
T TNCEBTAIN conditions prevailed this week 011
U
the New York stock
investors awaited
stalemate
011
some
market,
as
war
or
Europe's Western Front and debated
early
an
traders and
clue regarding the military
the ultimate effects upon our economy
moved
the
were
Federal Reserve notes in actual circu-
deposits with the regional banks declined $28,-
ened
maturing within the statement week.
But
other cash decreased somewhat, and total reserves
banks and
means
increase of bush
an
advanced $6,000,000 to $412,000,000.
Treasury discount bills held by the Federal Reserve
this
pur-
loans this week only of $3,000,000 to $1,655,-
ness
entirely
was
buying of Treasury bonds
previous week, and it
satisfactory stage
more
speculative
or
The condition statement of New York City
poses.
suspended in the week ended last Wednesday. Only
noted in the
business
for
There is,
modest demand for credit
a
reserve ratio advanced to
banking statistics disclose that the
Federal Reserve Bank support
States
accommodation
0f other
Federal Reserve Bank Statement
O
the other liand, only
The Treasury deposited $39,500,000 gold certifi-
effect here with constant
in
on
cates with the 12 regional banks, raising their hold-
we
today regarding European conditions with far
ness
portfolio holdings of Treasury securities.
great deal more.
as
realistic eyes
that suggests early modification through lowered
pains that these evil results of the
are,
soon
system
must, of course, see to it, if we
that another
can,
re-
apostles of the type of economic gospel
2125
of continued
The New York market
peace.
sharply higher whenever the conviction deeptotal
that
would
war
Allies and Germany,
develop
between
and it drifted lower
011
the
any
$2,784,896,000, bond and note holdings remaining
suggestions that peace might be restored.
unchanged, with all the decline effected in Treas-
deal of speculative fever seemed to enter into such
bills.
ury
942,000
457,000 bills.
would
to
holdings
The
consist
now
$1,245,497,000
bonds,
notes
of $1,315,-
$223,-
and
If and when opportunity offers, it
advisable for the Federal Reserve banks
seem
modify still further the bulge in total holdings
occasioned
by
hostilities
opening of
holdings
week at
of
bankers'
in
which
Europe.
bills
followed
Open
market
unchanged
were
the
this
$548,000.
The reduction
the
incidents
the
open
market holdings
only influence making for
credit reservoir.
trading activities, for the voice of experience indithat
cates
All money
a
was not
lowering of the vast
in circulation increased
prolonged
war
might find the United
States involved, and nothing is clearer than the fact
that this
The
country- would suffer in any such event,
tendency to
gamble
war
011
persisted,
even
though the start of the second month of war saw
of the
none
orders placed here
by the Allies for
basic materials which this market evidently antici-
The reasoning is, of course, that a congres-
pates.
in
A good
sional decision
the Neutrality Act is
011
awaited
before London and Paris take steps to obtain sup-
plies here.
But this logic may be faulty, for there
$71,000,000 in the statement week to $7,309,000,000,
is nothing in the present laws to prevent purchase
which is
and
rency
record
for
all
time.
Much of the
cur-
increase is attributable to month-end require-
ments
may
a
and
to
better
the
well be that
a
business
reports, but it
degree of hoarding also has taken
place.
The monetary gold stocks of the country ad-
vanced
and open
market portfolio changes.
moreover,
relied heavily
with the 12 Federal
found their way
The
excess
upon
Reserve
to another record at
munitions and
be overlooked
seems to
that the Allies are determined to rely mainly upon
their
own
resources
for basic supplies,
Indicative of the trend of our market was a sharp
upswing last Saturday in the so-called "war babies"
and other issues which might benefit from large
its general account
banks, "and the funds
a
upon arms,
The fact
currency
reserves,
of the member institutions
legal requirements advanced
embargo only
The Treasury,
rapidly into member bank
reserves
an
implements of war.
$33,000,000 in the week, tq another high at
$16,958,000,000, which somewhat offset the
shipment of basic supplies, the neutrality law
placing
over
further $30,000,000,
$5,360,000,000, which is
a
total
munitions
from
orders
and
London
Paris.
The
Early
intensive Ger-
prospect for peace seemed dim on that day.
this week the belief spread that
man
of
drive
the
would
develop for
differences
which
Anglo-French spokesmen.
a
an
pacific settlement
divide
Berlin
and
the
All the gains established
2126
'
late last week
and
relinquished in
were
soft sessions
The Commercial & Financial Chronicle
.
series of idle
a
during the first half of the week,
By Thursday the market firmed
little, and yester-
a
Just
as
Oct.
7,
1939
issues forged ahead in the previous
war
session, they slipped backward into lower ground
Monday.
on
Despite
the
of Winston
utterances
day it advanced somewhat, owing to the lack of
Churchill, First Lord of the British Admiralty,
specific proposals in Chancellor Hitler's address for
German
the restoration of peace.
the German
The general argument of
spokesman for
his
peace on
sufficiently impressive to prevent
was
market.
ending
new
results of
Net
market, and
"war babies."
the
predicated
Turnover
In
sizable advances in
more
good part the advance
better
on
domestic
business
the New York Stock
on
runaway
a
trading for the week
modest gains in most departments
are
of the stock
the
terms
own
was
reports,
Exchange ranged
around
the
when
larger volume of business developed.
a
In
listed
the
quite
1,000,OOO-share
prominent
as
Government
and
bond
occurred
market
the
on
possibility.
with the
with
most
dollar issues showed
of
did
by
wrar or peace,
the
small.
Foreign
sharp advances
on peace
reports
on
Grains and other staples of
precisely
move
but base metals had
foreign exchange
strength,
with
finally moving into the
of
was
equities which might be most affected
the
In
showed
specu-
equities department
movements
some
war.
as
Bank
reasonable
a
Among
commodity markets tended to
tone.
which
war were made
seemed
and equally drastic recessions
protracted
a
the
support
losses
Treasury list.
lative bonds the lead of the
rumors,
was
High-grade corporate issues moved in
consonance
followed,
official
long
a
factor
dealings
unofficial
range
firm under-
a
sterling
transactions
of officially approved
England trading in the currency.
movements
private account
on
Gold
virtually
were
sus-
pended.
On
the
New
York
high
new
stocks touched
Curb
on
Stock
levels
low
new
Exchange
for
the
levels.
On
the
New
York
low
new
Stock
45
the
new
stocks
while
year
Exchange 32 stocks touched
14 stocks touched
and
12
New York
high levels
levels.
Call loans
Exchange remained
the
half-day
shares;
New
York
session
Stock
Exchange the sales at
Saturday
on
last
were
Monday, 837,990 shares;
on
1,002,750 shares;
on
843,340
Tuesday,
Wednesday, 974,740 shares;
on
on
on
Friday, 1,327,030
shares.
the
New
York
Curb
Saturday
last
were
94,610
Exchange the sales
shares;
on
on
Monday,
152,090 shares; on Tuesday, 151,430 shares; on
Wednesday, 140,970 shares; on Thursday, 151,230
Stock
last
on
prices
in the ascendancy
following two days of weakness.
doned that the Allies would react
proffered
in the
up
German-Soviet peace
war
one
behind.
group
Saturday
Hope aban-
favorably to the
fused
as
that
instances
time
day's* greatest
were
at
their
approximating six
con-
ing with the German-Soviet
plan, and, added
peace
to this, was the uncertainty growing out of rumors
that
break-down
a
taken
place.
between
the Axis Powers
had
Thus, with the European situation
defying analysis there remained little for traders
to do but bide their time.
in
market
the
lower
on a
Confusion still reigned
Wednesday, and stocks edged
on
diminished volume of sales.
recovery cut
Subsequent
down losses, and prices closed the
sion steady and mixed.
domestic business took the
influences managed to
ses-
The favorable showing of
upper
hand
Thurs-
on
day and stocks not immediately associated with
move
forward to
some
war
ex-
tent, but Chancellor Hitler's speech, scheduled for
the next day, placed
some
restraint
advances,
on
Dulness featured trading and the market
was
the
narrowest since the opening of hostilities abroad.
Chrysler furnished the leadership
in the upturn,
and at closing time shares presented
on
front..
In
response
a
quiet but
to Herr Hitler's address
Friday morning share prices showed sizable
pansion, but by the first quarter hour doubts
as
to what the Allies' reaction to the
be, and
a
gentle easing of prices
ex-
arose
speech would
ensued,
which
endured to the close.
As compared with the closing
the close yesterday.
Friday of last
on
noted at
was
General Electric closed yester-
day at 40% against 40%
on
Friday of last week;
Consolidated Edison Co. of N. Y. at 30% against
30%; Columbia Gas & Electric at 7% against 7%;
Public Service of N. J. at 38% against 38%
Harvester
at
03%
against 08%;
Roebuck & Co. at 78% against 77%
;
;
Inter-
Sears,
Montgomery
Ward & Co. at 54 against 53; Woolworth at 39
against 38%,
American
and
Tel.
& Tel.
at
102
against 100%.
33%
on
against
Friday of last week; Allied Chemical & Dye
at 184 against 183%; E. I. du Pont de Nemours at
170% against 180; National Cash Register at 15%
15%;
some
Prime Min-
to Great Britain's real intentions in deal-
15%;
activity, and prices at
Tuesday, and equities
ister Chamberlain's address left brokers rather
against
The final hour witnessed the
points.
Influences present the
on
in for further shading of prices.
advanced sharply from the start,
while other groups trailed
Stocks then settled back for a
spell, with
in
in evidence at the close
extent earlier losses.
some
day before again obtained
against
to four points,
gains
was
of the second and final hours, thus offsetting to
proposals, equities
subsequent evening-out of the general price trend,
but shortly thereafter
proceeded to climb to higher
best,
Some firmness
levels.
Western Union closed yesterday at 32%
on
a
levels.
definite form,
Steel issues sold off from the opening, carrying the
Friday, 194,845 shares.
were
the side-
was on
more
rest of the market with them to irregularly lower
national
shares, and
a
week, general improvement in values
Thursday, 900,080 shares, and
On
thus felt the best place at present
lines until the situation took
un-
changed at 1%.
On
belief that it would be rather difficult for the Allies
firm
touched
on
the
to reject any reasonable offer in this direction, and
came
United States
small
peace
yesterday,
war
no
the
prospect of
in the sessions when
up
the
needed
for
none,
until
in equities.
as
securities
received
level
traders entertained
proposals,
peace
National
National
22%; Texas Gulf
Continental Can
Dairy
Biscuit
Products, at
at
Sulphur at 36%
at
48%
22%
10
against
against 35%;
against 47%;
Eastman
Kodak at 152% against 155%; Standard Brands
at 0
against 6%; Westinghouse Elec.
& Mfg.
at
117% against 110%; Lorillard at 21% against 20%;
Canada
Dry at 14% against 14%;
Schenley Dis-
tillers at 12% against 13%, and National Distillers
at
23% against 23%.
Volume
In the rubber group,
stocks closed lower.
Good¬
year
Tire & Rubber closed yesterday at 28 against
2S%
on
Friday of last week; B. F. Goodrich at 22%
and
week.
the
shares show fractional
railroad
changes for
Pennsylvania RR. closed yesterday at
25% against 26
Friday of last week; Atchison
on
35%c. against 35c. the close
In the matter of
transfers
at
20% against 20%;
Union Pacific
16%; Southern Railway at 19% against 19%, and
11% against 11%.
The steel stocks closed the week in
ter
at
a
slightly bet¬
United States^teeTcTosM yesterday
position.
75% against ^3%
at
at
48% against 47%; Bethlehem Steel
88% against 87%, and Youngstown Sheet & Tube
at
51% against 51%.
In
the
dealings
Auburn Auto closed yester¬
day at 3% against 3% bid on Friday of last week;
General Motors at 54
against 54%; Chrysler at 92
against S9%»; Packard at 4 against 3%, and Hupp
Motors at 1
against 1%.
yesterday at 47% against 48% on Friday of last
Shell Union Oil at 14% against 14%, and
Atlantic
Refining at 24% against 23%.
the
Among
closed
last
copper
stocks,
Copper
Anaconda
yesterday at 33% against 32% on Friday on
week; American Smelting & Refining at 54%
and Phelps Dodge at 43%
against 54%,
43%.
V
.
against
■
overshadow
mounting activity in the United States, but it is
well established
consists of
that much of the buying
change from the hand-to-mouth activi¬
a
immense
ties of recent months to the forward
buying of
ticipated higher price levels because of
Steel operations
ditions abroad.
war
an¬
con¬
for the week end¬
87.5% of capacity against 83.8%
last
a
week, 58.6%
time last year.
week ended
Production of electric
Sept. 30
Institute at
tric
preceding week and 2,139,142,000
Car loadings of
freight for the week to
revenue
Sept. 30 totaled
cars,
same
according to the Association of Amer¬
ican Railroads.
the
This
was a
corresponding week of last
closed
on
on
over
the
mar¬
wheat in Chicago
December
corn
at Chicago
yesterday at 56%c. against 49%c. the close
December oats at Chicago
The spot
price for cotton here in New York closed
yesterday at 9.17c. against 9.21c. the close on Fri¬
day of last week.
day
was
The spot price for rubber yester¬
19.60c. against 20.00c. the close
of last week.
Domestic copper
In
London
yesterday at 22%
the
Friday
closed yesterday at
12%c. against 12%c. the close
week.
on
on
Friday of last
price of bar silver closed
pence
per
ounce
against 22%
means
whereby the
might ultimately be raised.
on
the
In the
lin
Exchanges. The London market reported
of
mildly
favorable
sessions,
in
fractional
all
almost
a
London, Paris and Ber¬
series
a
advances being
the
instances.
Highly impor¬
tant, however, was a gradual unfreezing of the mar¬
gilt-edged issues, which
are
traded only at
the fixed minimum levels established upon
of hostilities.
break
London
the out¬
dispatches indicate
a
growing tendency to do business at such minimum
figures, which suggests in turn that Sir John Simon,
Chancellor of the
reliable data
lic flotation
on
Exchequer,
which he
have
may soon
some
base estimates of pub¬
can
possibilities. bOn the Paris Bourse the
few transactions of the week occasioned small
in most
ful
management by the authorities contributed to
this
result.
money was
at the
lin
ad¬
departments of the market, but care¬
The
fixed
month-end
previous mid-month settlement.
Boerse
trading
rate
carryover
for
Monday at 1%, against 1%%
on
On the Ber¬
light in all sessions, with
was
changes small and irregular.
American
ANXIOUS
**
days
are
preponderant
Neutrality
beginning
for
that
vastly
of Americans who sin¬
group
cerely desire to keep this country neutral in the
rapidly widening European conflict, and to
the traditional
Senate
on
the
rights of neutrals.
preserve
Debate in the
proposed changes in the existing
neu¬
trality legislation began last Monday, and all signs
point to
a
decision
do
not
month
can
wait
or
more
be reached.
for
of discussion before
But
Senate
the
neutrality debate and make
indications
to
to be followed.
a
neutrality problems
up
wade
through the
its mind
There
to the
as
were
several
during recent days of important issues
that must be
decided,
one way or
another.
A Ger¬
warship last Monday sank the British freighter
man
Clement, of 5,051 tons, off the coast of Brazil and
well within the
new
"safety zone" of American
neu¬
trality proposed at the Panama City conference of
American
Republics
ment
yesterday at 32%c. against 31%e. the close
Friday of last week.
re¬
meantime, traders and investors transacted only
proper course
yesterday at 82%c. against 82%c. the close
Friday of last week.
closed
cars over
year.
December option for
Friday of last week.
closed
cars
indicating the course of the commodity
kets, the
on
gain of 19,812
preceding week and of 137,732
As
for the
time last year.
at the
834,640
power
reported by Edison Elec¬
was
2,469,689,000 kwh., against 2,448,-
888,000 kwh. in the
kwh.
month ago, and 47.9% at. this
The financial
major scale naturally
a
awaited of the
was
sums
ing today were estimated by American Iron and
Steel Institute at
on
ordinary problems, and in all markets
indication
vances
Trade and industrial indices continued to reflect
fairly
extremely modest basis, and price
an
quirements of warfare
ket for
Among the oil stocks, Standard Oil of N. J. closed
week;
on
changes almost equally small.
minimum of business
the motor group,
2.28%c.
at
WAR markets continued to prevail centers, with
leading European financial this week in
an
cible Steel
yesterday
Friday of last week.
on
European Stock Markets
Friday of last week; Cru¬
on
closed
against 2.28%c. the close
at
101% against 102%; Southern Pacific at 17 against
Northern Pacific at
yesterday at $4.02% against
Friday of last week, and cable
on
Paris
on
Friday of last week.
on
foreign exchanges, cable trans¬
London closed
on
$4.01% the close
Topeka & Santa Fe at 31% against 31%; New York
Central
Friday of last week,
on
spot silver in New York closed yesterday at
fers
against 43%.
the close
pence per ounce
against 22%, and United States Rubber at 42%
The
2127
The Commercial & Financial Chronicle
149
sent to the bottom.
the
was
European
waters
war
on
the very day that the Cle¬
This indication that
already is
adjacent to American
comforting, and it brings
up
being carried
coasts is far
the question of imple¬
menting the declaration of the Panama 'City
ferees.
ence
It also
con¬
suggests the possibility of interfer¬
with strictly American shipping.
Submarine
seas
into
from
also
and
sea-raider
warfare
on
the
high
begins to involve the procedure to be fol-
The Commercial & Financial Chronicle
2128
lowed
always were made after the previous
by American vessels in waters near the Euro¬
of belligerency.
pean area
siderable
This is
for
themselves stranded in
that
Europe at the outbreak of
a
conquests of
by asserting that there is not even a
France
moment, for American ships continue to
bring back thousands of our citizens who found
1939
7,
He held out his usual olive branch to
the Nazis.
matter of con¬
a
Oct.
basis
quarrel with that country, and added again
his chief desire is for an understanding with
England.
The lack of such an understanding he
day, that the German authorities had requested the
attributed
to
United States to
spondents.
the conflict.
mit
It
behavior," such
as
of
intensification
ship¬
given
way
of Russo-German "cooperation," said the Ger¬
nationals stranded
States the American
man
spokesman, who admitted that he had changed
in
his views
Mr. Hull made the reservation that the
Europe.
States Government
United
does not recognize the
faced the Administration in
of
recognizing
Hull
Mr.
Poland.
Washington
Russo-German
the
Eastern
declared
of
States does
Poland
by force and will maintain relations with
not
Eastern
Premier
tion
centered
was
tactics
the
Government
German
the
in
the
on
developing
moves
area
and
sea
for peace
essayed.
narrow
which the
the
"Then
French
rejected the statement would be his last.
is
hand
shall
we
"Neither
vember, 1918, in German history.
activity worth noting.
airplane engagements occurred, and these
were
on
curious
between
war
suffered casualties,
obviously
British
were
planes
were
Germany and the Allies.
but
willing to admit that
right to Berlin.
the aircraft
But there
on
some
One
attempt to storm the vast fortifications
side of the German-French frontier.
the
This
only losers.
case
in
the last
seems
their
French official
May those peoples and
war.
Italy
mind
now
make
And let those who consider war to be
reply.
solution
better
a
communiques reported small advances into German
victors, but very
to me to have been
their leaders who are of the same
no
either
on
In the course of world
thing only is certain.
often
bombing of mili¬
was no
single moment that Germany
Destiny will decide who is right.
history there have never been two
occasions
tary or any other objectives on either side, and
may
It is infantile to
disintegration of our people.
Mr.
be convinced that Britain will win.
will be victorious.
the
shot down in reconnoitering expedi¬
tions which carried
the
I do not doubt for a
of their
some
for
Churchill
Both
only
There will never be another No¬
Germany.
hope
enlarged scale than in the early weeks of the
a more
sides
Some
continued.
lapse of time will con¬
nor
arms
Hitler
Herr
fight,"
force of
quer
any
kind.
European settlement on a compre¬
a
basis, and added that if his outstretched
hensive
eco¬
All reports of the
between
proposed
there
hardly
in the
destruction of German towns would be met in
He
Maginot and the German Westwall lines agreed that
was
re¬
again that air raids or artillery
He warned
West.
of little moment
nomic warfare and
The
as a means
by Herr Hitler as to why there should be war
Europe
MILITARY operations onthis week, and Front
the Western atten¬
were
hinted at
Highly significant in the speech was the question
Wladyslaw Sikorski.
Western
was
adjusting that problem.
of
reorganized Polish Government, in Paris, headed by
German nationals
of
maintained."
cannot be
nationalities
settlement of
a
"splinters
Europe
existence
whose
recognize the conquest of
Europe
economic, but he mentioned that there were in
were
Monday that the
on
United
in
German aims in Scandinavia, Ru¬
Europe.
mania, the Ukraine and other sections of
that
was
occupation
spots of Europe by working for a peace zone
ger
Still another problem that
Russia and Germany now
to Moscow.
as
agreed, he added, on relieving the acutest dan¬
were
legality of unrestricted interference with American
ships and commerce.
Since Stalin has
communist attempts at ideological
the
up
penetration, no obstacle appeared to stand in the
those
were
residual Polish State
no
bringing back to the
ships currently engaged in
United
merchant
on
from this warning
Exempted
ping."
warfare
of
Russia
Poland is a
be permitted to become a
ever
disturbing factor, he indicated.
countries, owing to "the probability that there may
be
future will
the
agreement.
and
control that country,
adjacent to the warring
corre¬
press
of the two States which now
matter for the concern
Wednesday that American vessels should avoid
and
statesmen
and the Reich were in full
zigzagging and traveling without
Baltic and Atlantic waters
British
The Versailles pact is dead, according
Hitler, and in this he declared that
to Herr
search, and to avoid "suspicious
Secretary of State Cordell Hull announced
lights.
on
Washington, Mon¬
its merchant vessels to sub¬
warn
and
halt
to
indicated in
was
reject
my
outstretched
hand."
barely mentioned throughout the long ad¬
was
and French circles refrained from
territory during the first half of the week, with
dress.
rains halting operations almost entirely thereafter.
immediate comment and indicated
The German statements
speech would require study.
tofore,
merely indicated,
that developments
dents
were more
reflected
the
struggle.
cant of all,
In the German
and
But the marine inci¬
culties
significant, especially because they
economic
The
here¬
unimportant
were
hardly worthy of reference.
as
war
aspects
of
of propaganda
the
was
with his
additional
the
territorial
faintest
the
Der
a
a
was
much
in
few weeks ago, but it
broader outline of the German aims and
comments
on
Russo-German
relations.
past, Herr Hitler insisted that German
aims
now
indication
have
been
realized,
and
no
appeared in the address before
Reichstag of the fact that similar declarations
axis.
tral
0
solution of the diffi¬
en¬
of his Italian partner of
The Italian Foreign Minis¬
Berlin with Herr Hitler,
line
a
merely that the
Europe, Chancellor Hitler
ter, Count Galeazzo Ciano,
all
Fuehrer
Danzig speech of
contained
As in
of
drive for
Western
the Rome-Berlin
developing
most signifi¬
since it included the speech made yester¬
address
of
deavored to enlist the aid
day by Chancellor Hitler.
The
British
conferred at length in
Sunday and Monday, but
reports agreed that Italy remained firmly neu¬
in the conflict.
There were indications, how-
ever,
man
that Premier Mussolini might join in a Ger¬
drive for peace on
the basis of
a
Russo-German
partition of Poland and the establishment of a small
"Polish State.
confined
to
But the war of propaganda was not
the
German side.
First Lord of the British
national
radio
address
Winston Churchill,
Admiralty, made
last
an
inter¬
Sunday, in which he
Volume
The Commercial & Financial Chronicle
149
rallied his
countrymen for the task in hand, which
he declared to be the
threat of German
who
start
Churchill
ending of Hitlerism and the
aggression.
to
wars
bear
heavily in
Russian
tion
offer.
to
long
a
In
super¬
factors which will
With respect to the
explana¬
no
before the House of
statement
a
Commons, Tuesday, Prime Minister Neville Cham¬
Russo-German
collaboration
berlain
asserted
has not
changed the British determination to "put
end
an
that
successive
to
Several Members of
Lloyd George
German
of
acts
Parliament,
aggression."
whom Mr.
among
prominent, urged the Government
was
in London not to spurn
lightly overtures for
peace
attitude
French
like that of
much
was
British Government, and there were
Paris,
the
indications in
tirely agreed
the
assure
and
Allied
on
in
safety of the
On Thursday it
ships.
Washington that
ceived
from
want
584
truce between
a
two
aggressions, but
his
rumored
the
011
Mr. Dala¬
country would refuse to
accept its crimes.
But it
the
French
same
dav
v
that
■■
authorities had found it necessary
to arrest a. small
The French Gov¬
which agitated for peace.
ernment,
a
that will guarantee fully her national
peace
bow before violence and
group
the other hand, moved firmly for the
on
suppression of communist elements in France, re¬
putedly
order
in
arations for
Allied
called
colors
British
The
England.
the
to
prep¬
lengthy conflict were pushed both in
a
and
France
which
influences
eliminate
to
might hamper the conduct of the war.
the
some
Government
250,000 conscripts, with
apparent aim of augmenting the aid now being
France
extended to
vious
measures
authorities
of
might
tract was announced
chase of
go
was
request
discussion
much
for
seasonal
ore,
to the Reich, and a con¬
Thursday for the British
ship
nothing
more
pur¬
cumstances," it
on
the first day of the war of the British liner
Athenia, which the British declare was due to a
1he dread act
selves
order
in
and wood
at
war
sea
more
material
vessel
Clement
of
charters,
than the usual
by
was
largely conducted by
were
sunk
in
the
propa¬
incidents
_
Eastern
done by
was
an
a
South
of a
the American side of the ocean,
German
this
week
submarine
Bear
Russian
the
stretched
the shadow of
ever
omi¬
more
nously this week, with diplomats from many small
countries
hastening to Moscow to make the best
arrangements they can
to satisfy the communist
regime and still retain at least a measure of sov¬
in Western Europe again pro¬
ereignty.
The
duced
changes of military importance, but its
110
war
results to the eastward were
The work¬
portentous.
ing agreement between Germany and Russia for the
partition
with
Poland clearly left Comrade
of
fre hand elsewhere,
a
which
Stalin
conceivably
may
provide some assistance for the Reich by way of
material
raw
ment
an
and Balkan
the
supplies, but gives the Soviet Govern¬
opportunity to work its will in the Baltic
This is the obvious result of
regions.
upset in the European balance caused by the
German decision to reach an
agreement with Russia
that will enable the Reich to
without
of
raw
fight its western-
war
danger of early collapse because of the lack
materials.
Possibly because of uncertainty
regarding the duration of the war, the Soviet regime
conversations with representatives of
its
tained its purpose
all intents and purposes, at¬
of military establishments
Baltic Sea which will assure its outlet
011
the
through that
waterway. The Russian attitude on the Balkans was
ships
with
agree
obvious, and it is not necessary to
comment made
the
last Monday by
that
This
was
on
war.
carried
on
Norwegian vessels being sent to the bot¬
whereas British and French
relinquished all claims in that region.
All this is rather
miralty,
shipping
was
discreet, which may well mean that the Ger¬
have not
Atlantic,
in the present
campaign
more
Churchill, First Lord of the British Ad¬
mainly against neutral shipping, Greek,
Danish and
1
Winston
German "pocket battleship"
armed German merchant ship.
The
Europe
'T'HROUGHOUT Eastern Europe
merchant
British
The
nature.
was
some
the first instance of interference with
tom,
sentiment.
Navy sent a convoy to escort the
mans
Monday, with reports confused as to whether the
or
American
influence
to
hastened
pulp from northern Russian
there also
but
sinking
suggest that
committed by the British them¬
was
Baltic States and, to
ports to the United Kingdom.
ganda,
The "cir¬
asserted by the German spokes¬
a
proposals covering shipping arrangements
lumber
The
re¬
Erich
would be similar to those attending the sink¬
man,
ing
was
a
For
in the press
Scandinavian
which turned out to be
on
As ob¬
warfare, the, British
large supplies of Rumanian wheat.
there
Soviet
the Western Front.
on
economic
planned to purchase Swedish iron
which otherwise
time
Admiral,
she neared our shores.
as
Iroquois into port.
maintained that
-
Grand
from Europe to the United States,
passengers
might be sunk
the advisability of interminable
upon
security along with that of all nations."
was
made known
was
communication had been
Raeder, that the American ship Iroquois, carrying
The United States
ties, Wednesday, and declared that "France does
dier
a
German
the
Foreign Affairs Committee of the Chamber of Depu¬
lasting
could not be observed
Premier Edouard Daladier addressed the
conflict.
not
crews
might result in unrestricted submarine attacks
en¬
in London, that all elements were not
as
The British
seas.
German submarine while the Germans
from the Reich.
The
high
practice of arming merchant vessels for protection
Berlin, last Saturday, that the usual provisions to
as
war.
the
against submarine attacks drew the warning from
Mr. Churchill had
measures,
on
men
said, and lie emphasized the Allied
iority in sea and man power
tion with the warfare
they will end, Mr.
It is not for the
when
say
2129
were
rela¬
the
Russian
action
is
"a
riddle
wrapped in mystery inside an enigma."
Estonia, strategically situated 011
shore of the Gulf of
Finland,
of the Soviet Russian
expansionist
dent
Konstantin
last week
Selter
on
was
Pats consoled
the pact
the
southern
the first victim
program.
Presi¬
the Estonians late
which Foreign Minister Karl
signed in Moscow, whereunder Russia may
establish naval bases at three
and maintain
points in the Baltic
25,000 Red Army troops
on
Estonian
tively immune under the convoy system already in
soil.
full
made it
clear, last Sunday, that Mr. Selter had a
message
for the Latvians when he returned from
German seizures of neutral bottonls
operation.
in the Baltic
Sea
were
reported.
The German Ad¬
miralty made several interesting moves in
connec¬
Reports
Moscow.
from
northern
European
capitals
Fully realizing its danger, the Latvian
The Commercial & Financial Chronicle
2X30
Government
promptly dispatched Foreign Minister
Vilhelms Munters to the Russian
signed
capital, where lie
Thursday a p|ct of "mutual assistance"
one arranged by Moscow with Tallinn,
on
much like the
Special privileges were granted to Russia by the
Riga Government in the important Baltic ports of
The Lithuanian
Latvia.
Foreign Minister, Juozas
Urbsys, shuttled back and forth between Moscow
Kaunas, but the arrangements in this case pos-
and
both sides, for
sibly will involve concessions on
Lithuania borders
to its northern
neighbor is important to the Reich,
awaited
Finland
and
nervousness
Germany, and what happens
on
from
call
a
Moscow
with
some
The Turkish For-
apprehension.
eign Minister, Shukru Saracoglu, remained in Mosthis
all
cow
his
week, but apparently was left to cool
for
heels
Russian
time, and he finally began to
some
British
with the
confer
Rumanian authorities prepared
capital.
for conversations in the
for
demands
French envoys in the
and
the
Kremlin, which may involve
Bessarabia to Russia.
of
return
Hungary sent a new Ambassador to Russia, for-
mally resuming diplomatic relations on Thursday.
division
The
Poland
of
occasioned
Russia
the best
further
Germany
and
is
possible indication that each side looks for
advantages to itself from the working agree-
All resistance to the armed forces of the in-
ment.
vaders ceased in Polish
But it became
end.
would
for
between
apparent friction, which
no
advance,
halting the
lishment
tion.
of
his office
German
manian
as an
important card in his
State
Polish
a
Government
German protec-
under
authorities
soil, last Saturday, and the
promptly
against
Polish function
official
game
President, Ignaz Moscicki, resigned
Rumanian
on
the last week-
over
in the west, the possible reestab-
war
Poland's
territory,
fairly obvious that Herr Hitler
on
the
protested
to
Ru-
exercise
of
any
Rumanian soil.
Polish
coasts, the waters adjacent to European possessions
being excluded/ A broad belt of the sea, extending
hundreds of miles out from the coasts, is outlined
in this declaration as an area which the American
republics "have the undisputed right to conserve
free from all hostile acts by any belligerent nonAmerican nation . . . whether such hostile act
is attempted or carried out by land, sea or air."
This remarkable principle was set forth in tentative
form, for the American republics agreed merely to
"make an effort to seek observance by the belligerents of the dispositions contained in this declaration."
It was noted in Panama City dispatches that
the broad "safety belt" would include all sea routes
between North and South America. The resolution
was adopted, as it happens, in an atmosphere of excitement and uncertainty, for the gathering had just
heard the news of the sinking of the British vessel
Clement, off the coast of Brazil and well within the
prescribed area of neutrality. The formal session
011
Tuesday brought the conference to
tection of the Americas.
port-Import
which the Allied
*oan
United
States Governments
visited the ruined Polish
On
the
Allied
said this week about
Frencli
region
Hitler
capital of Warsaw, Thurs-
day, where the German Army
control.
Chancellor
side
now
is in complete
nothing further
Poland, which enjoys
an
was
Anglo-
pledge of aid, applicable not only to the
under German control but also to the
now
half of Poland which Russia lias absorbed.
Amer-
ican
Brest-
correspondents
press
reported
Litovsk, early this week, that
Russian
the
soldiers
Polish
German
area
more
from
than 1,000,000
participated in the advance
over
assigned to Moscow in the Russo-
Available indications
Bank loans to
the
Latin
American
a $5,000,000
Chile , were made known in Washington
when the trade treaty proposal
was
announced,
^ut ^r* Welles appears anxious to make loans, according to Panama City advices, to Colombia and
Bolivia, notwithstanding the flagrant disregard by
those countries of their pledges on outstanding dollar bonds> and without apparent reference to any
remedy of the defaults. Washington reports state
that a proposal for an $8,000,000 loan to Colombia
lias been turned down by the State Department,
precisely because Colombia is able to make some
payment on its dollar bonds but neglects to do so.
Trade arrangements between the United States and
are
occupying
deal of official and unofficial attention
Inter-American Policy
sug-
Indeed, arrangements for
its sister American republics
partition agreement.
close, with
&est> however, that the only significance of this
phase to those assembled at the Central American
c'ity ™ financial aid by the United States Governmenl to the Latin American States.^ While Secre*ary
State Cordell Hull pursued in Washington
bis a'm
lowering trade barriers, through such
means as the proposed reciprocal trade treaty with
Chile, his Under-Secretary, Sumner Welles, endeav°re<l ]n Panama City to arrange all manner of Ex-
regimes.
and
a
the usual outburst of oratory,
Considered less formally at the Panama City parley are the many problems of inter-American trade
an(l financial policy which now crop up because of
the dislocations of trade. There was much talk in
Panama City of an "economic cushion" for the pro-
refugees set up a government of sorts in Paris, with
decided to maintain relations.
Oct. 7, 1939
with the
a great
everywhere,
question of Latin American credits
upper-
INTER-AMERICAN solidarityPanama City confer- most. ofWithRio Grande, controls all but universal
was given able and south the exchange
expression at the
and most borrowers unable
excellent
of the 21 American
ence
Tuesday
on a
republics, which ended last
refreshing note of accord both in
or
unwilling to pdy 6n current debts, it is plain that
the
larger imports by the United States of the goods
and economic spheres.
The neutrality
problems faced severally and jointly by the United
of Latin American countries must be the principal
States and the 20 Latin American
republics resulted
cial relations,
political
in
a
new
"Declaration
adopted Monday.
of
Panama,"
rent
the "fatal
European
dolorous
war,
kept immune
consequences" of the
this document sets forth
a
cur-
prin-
ciple which, in effect, extends the Monroe Doctrine
far
out
to
the
seas
contiguous
to
the
the development of satisfactory
commer-
was
Reciprocal Trade Pacts
In addition to stating that the
Americas must remain neutral and be
from
which
answer to
American
pURSUING with admirable persistence his aim
of stimulating international trade,
Secretary
of State Cordell Hull announced last Monday that
a reciprocal trade
treaty with Chile now is under
*
contemplation.
Public hearings will open Nov. 17,
Volume
on
Tke Commercial & Financial Chronicle
149
long proposed list of items
a
sions
of
United
sort
one
States.
which
of them already
No doubt Mr.
Hull will
conces¬
be made by the
Most of the items listed
cultural and many
list.
on
another may
or
agri¬
are
are on our
free
adopt in connection
2131
the proportion
year
ties decreased
Of the latter
648.
13.8%.
was
amount
counts and advances and
The
Government securi¬
£6,720,000 and other securities £1,636,£88,121
from dis¬
was
£1,548,527 from securities.
3% Bank rate initiated Sept.
with the non-dutiable items his
practice of "bind¬
effect.
ing" them
partial return for
28 remains in
comparisons for several years:
the free list,
on
as a
concessions that Chile might make through
any
ducing her tariff rates
other
products.
Washington
terials
is
duty
of
concession
Oct. 5,
Oct. 6,
Oct. 7,
Oct. 9,
1939
1938
1937
1936
1935
£
£
Circulation
interesting to see
pact, Mr. Hull stated again that concessions in gen¬
"products of which the other
country is the chief source of supply," which is a
538.749, 000 505 ,784,303 491,833,760 450,842,095 402,115,807
Public deposits
The
copper.
to
the treaty
cussion.
24,727, 047
Discts. & advances.Securities.
...
Reserve notes & coin
Coin and billion
In
1938,
this
of United States goods,
while
country imported |28,592,000 of Chilean mer¬
chandise.
33,734,081
10,837,347
20,896,734
36,269,961
22.334, 584
22
,476,741
21 ,974,338
to
liabilities
13.8%
2%
3%
84s.
168s.
23.1%
11 J*d. 84s.
.25.9%
Gold val. per fine oz.
11
Foreign Central Banks
it
raised from
was
2%.
Present rates at the
Pre¬
Rate in
Effect
Date
Established
Rate
Date
Rale
Holland
3
Aug. 29 1939
2
Hungary
4
Aug. 29 1935
34.97%
2%
ll^d.
a
year
the
in
bills
dated
Sept.
bought
abroad,
The
francs.
3
Nov. 28 1935
3A
registered decreases
and 16,-
4,000,000 francs,
gold
Bank's
The
unchanged
remained
146,-
French
respectively.
francs,
000,000
holdings
was
record.
bills
discounted,
francs,
861,000,000
7 it
on
and advances against securities
of
out¬
totaled 124,428,000,490 francs,
ago
statement
commercial
total
Notes in .cir¬
97,266,039,155
at
proportion of gold on hand to sight
liabilities is
now
Below
furnish
at
58.98%; last
year
different
the
it
was
items
38.27%.
with
4^
India
the
standing to 144,561,000,000 francs.
vious
Established
Effect
Oct. 6
Country
1 1936
Mar.
Pre¬
Rate in
vious
Oct. 6
Country
Aug. 24, 1939, at which
shown in the table which follows:
are
llMd. 84s.
note
raised
which
francs,
624,000,000
in
increase
from
rate had been in effect since
leading centers
2%
84s.
THE statement for the week ended Sept./; 28
recorded
circulation of
and
THE Bank of England on Sept. 3%. lowered 4%
its
discount
4% to 28
The
time
39.30%
^d.
Bank of France Statement
149,298,350 francs, the highest
rate
85,494,999
9,290,887
Proportion of reserve
culation
Discount Rates of
79,753,337
28,859,933
29,467,319
17,618,947
19,569,046
11,848,372
52,347,975
42,151, 000
58,909,018
899, 729 327 ,758,641 328,103,721 249,751,113 194,463,782
,681,786
10 ,205,045
under dis¬
now
Hull indicated, Chile im¬
Mr.
35,990,661
valuable addition to those
a
with Argentina
|24,603,000
32
2,392, 463
an
ported
24,751,671
17,954,078
113,616, 164 121 ,871,164 106,533,165
Govt, securities
Other securities
already negotiated with Latin American countries,
and
12 ,054,590
15,346, 000
Other deposits
146.901, 190 146 ,844,041 138,935,409 125,133,867 113,674,238
Bankers' accounts. 106,033, 904 109 ,702,885 102,130,521
84,192,276 75,078,275
Other accounts
37 ,141,156
40.867, 286
38,595,963
36,804,888 40,941,591
Bank rate.
description that assuredly does not fit
pact, however, would be
STATEMENT
the
In announcing the proposed
eral will be limited to
COMPARATOVE
ma¬
011
be made toward lowering the 4c.
imposed.
now
possible
and it will be
what progress can
BANK OF ENGLAND'S
Oct. 4,
One of the items listed
copper,
re¬
tabulate the different items with
we
American industrial and
on
schedule
Below
Argentina..
3JU
Batavla
4
July
1 1935
Belgium
Bulgaria
2H
July
6 1939 1
6
Aug. 15 1935
7
Italy
Canada
2H
Mar. 11 1935
Apr.
6 1936
Chile
3
Dec.
16 1936
4~
Java.
3
Jan.
14 1937
4
4
July
18 1933
5
Lithuania..
6
6A
July 15 1939
May 28 1935
7
Morocco
3A
Colombia
.
.
3"
Czechoslo¬
May 18 1936
4^
3.29
Japan
5
Jan.
i 1936
Norway
4H
Sept. 21 1939
4
_.
Jan.
2 1937
5
Poland
4^
Dec.
Sept.20 1939
3A
Portugal...
4
Aug. 11 1937
30 1932
3A
Rumania
SA
May
5 1938
*A
3
June
England
3
Estonia
4^
4
Dec.
3 1934
2
Jan.
3H
Sept. 28 1939
Oct.
1 1935
Finland
2 1939
.
.
17 1937
SouthAfrica
3H
May
15 1933
*A
Gold holdings
Spain
5
July
15 1935
5
Credit bais. abroad,
Sweden
2A
Dec.
1 1933
3
2
2A.
Switzerland
1A
Nov. 25 1936
Sept. 22 1932
5
Yugoslavia.
5
Feb.
6
Jan.
4 1937
7
1 1935
6A
a
No
bills
change]
are
months' bills, as against
Money
1/4-2%.
on
2%-2?4%
on
call at London
on
At Paris the
open
Friday
on
market rate
Thursday from 2J4% to 234%
land the rate remains at
Friday of last
was
was
lowered
while in Switzer¬
>
9,799,486,499
811,501,125
3,661,000,000
advs. with
No change
out int. to State._
as
>
1937
Francs
4,362,089.393 4,174,909,150
4-624,000,000 144561,000,000 124428,000490 91,369,635,040
—477,000,000 20,362,000,000 21,418,190,287 18,236,791,165
Propor'n of gold ori
hand to sight liab.
Friday of last week, and 234-2 3-16% for three-
1938 Sept. 30,
Francs
97,266,039,155 55,808,328,520 55,805,022,113
13,235,512
13,362,239
*7,202,346
—16.000,000
Credit, current accts
cTemp.
IN bills
LONDON open market discount rates for 234%
short
Friday
234%
against
1939 Sept. 29,
—861,000,000 19,099,000,000 21,504,600,488
204,000,000
750,966,509
—4,000,000
discounted.,
b Bills bought abr'd
Note circulation
week.
STATEMENT
French commercial
Adv. against secure.
Foreign Money Rates
28,
Francs
Francs
4H
4
on
Sept.
for Week
5
_.
on
COMPARATIVE
Changes
5
4
Greece—.,.
Germany
FRANCE'S
OF
VA
Eire
France
BANK
4A
3
Denmark
com¬
parisons for previous years:
3.65
4H
vakia
Danzig
we
—
•
Figures
a
Includes bills purchased
as
the process
20,576,820,960 50,133,974,773 25,998,786,026
58.98%
0,05%
38.27%
50.91%
of Sept. 7, 1939.
in France,
b Includes bills discounted abroad,
c
In
of revaluing the Bank's gold under the decree of Nov. 13, 1938, the
three entries
the Bank's
on
books representing temporary advances to the State
wiped out and the unsatisfied balance of such loans was transferred to a new
were
entry of non-interest-bearing loans to the State.
Revaluation of the Bank's gold (at 27.5 rng. gold 0.9
decree of Nov.
fine per franc) under the
13, 1938, was effected in the statement of Nov. 17, 1938; prior to
1937, valuation had been at the rate of 43 mg. gold 0.9
that date and from June 20,
fine
per
was
49
franc; previous to that time and subsequent to Sept.
mg.
per franc,
26, 1936, the value
and before Sept. 26. 1936, there were 65.5 mg. of gold to
the franc.
1%.
Bank of Germany Statement
Bank of England Statement
THE statement offurther
the Bank for thein the Bank's
week ended
shows
Oct. 4
circulation of
in
the
contraction
a
item
£3,084,000, bringing the total reduction
since
£14,726,000.
Sept.
13, the post
Circulation
now
war
peak, to
stands at £538,749,-
000, compared with £505,784,303 a year ago.
Bank's small
of
£71,631
gold holdings showed
and,
a
The
further increase
together with the circulation de¬
rise of £3,156,000 in reserves.
crease,
resulted in
Public
deposits decreased £4,495,000 and other de¬
posits £698,108.
a
The latter consists of bankers'
ac¬
THE statement for the last quarter of September
showed
in
circulation of 693,an
10,995,000,000
post-war inflationary period.
obligations
ing
rose
further to
25.9% from 23.2%
a
week before; last
increased
aggregate
marks and
Gold holdings now
200,100,000
75,900,000 marks respectively.
marks, compared with 70,The proportion of gold
fell off slightly to 0.70%; last
76,906,000
733,000 marks a year ago.
note
year
proportion
Notes in circulation a
stood at 8,023,462,000 marks. The Bank'?
gold holdings declined 232,000 marks, while the items
of bills of exchange and checks and other daily matur¬
to
reserve
outstandingto
the
marks, the highest level since
year ago
counts, which fell off £1,096,959, and other accounts,
The
note
000,000 marks, which raised the total
which increased
£398,851.
increase
circulation
it was 0.95%.
items with
Following
we
furnish the various
comparisons for previous years:
The Commercial & Financial Chronicle
2132
REICHSBANK'S
COMPARATIVE STATEMENT
Oct.
Course of
7,
1939
Sterling Exchange
Changes
Sept. 30,
for Week
A nets—
Keichsmarks
Gold and bullion—...
1939 Sept. 30, 1938 Sept. 30, 1937
Reichsmarks
—232,(100
Reichsmarks
76,006,0(K)
Of which depoH .abr'd
Res. In for'n cyrrcncy.
20,055,000
6,028,000
5,737,000
#
70,062,000
Bills of exch. &
Sllver and
+200.100,000 10,104,000,000 8,174,389,000 5,590,538,000
cfeocliga J 23,927,(XX)
other coinZ**-'
72,159,000
199,408,000
Advances
Investments
837,974,000
al,164,518,000
48,406,000
51,478,000
848,119,000
al,338,287,000 1,056,715,000
-.
Other assets....
786,066,000
+ 603,000.000 10,995,(XX),000 8,023,462,000 5,256,154,000
+ 75,900,000
1,601,700,000 1.230,995,000
838,111,000
Oth. dally matur. obllh
Other liabilities......
a886,805.000
357,690,000
283,798,000
Prop'r'n of gold & for'n
to note clrcul'n
curr.
*
war
in
0 70%
—0.04%
"Reserves In foreign currency" and
coin and bullion."
0.95%
"Deposits abroad"
Figures as of Sept.
a
are
1.44%
included In "Gold
15, 1939.
Money Market
unchanged in all departments.
sold
on
Monday
0.036%
trading
carried
rates
months.
91
Call
The Treasury
days, and awards
discount.
average
mercial paper
at
in
loans
Bankers' bill
was on a most
from
over
the
on
and
at
com¬
limited scale,
previous
New
were
weeks
and
York
Stock
Ex¬
1%% for maturities to 90 days,
a range
New York Money Rates
Stock
on the
the
was
ruling quotation all through the week for both
continues
maturities.
the
in
market
for
time
arid 1J4% for four to six months'
There has been little activity
market
for
prime
commercial
this week
supply.
Ruling
rates
The
paper.
demand has been lighter, but it is still in
the
new
money
Rates continued nominal at 1 34%
quiet.
to 90 days
up
The
excess
%%@1% for
are
of
The
fixed
Acceptances
has
coming out
improved.
more
freely, and the demand
There has been
Dealers' rates
as
no
change in rates.
reported by the Federal Reserve
Bank of New York for bills
up to
days
are
for four
and six
bill
and including 90
J4% bid and 7-16% asked; for bills running
months, 9-16% bid and 34% asked; for five
months, y%% bid and 9-16% asked.
The
buying rate of the New York Reserve
Bank is
34% for bills running from 1 to 90 days.
The
Reserve
Bank's holdings of acceptances
remain unchanged at
$548,000.
Federal
Discount Rates of the Federal Reserve Banks
THERE have been
rediscount
no changes this week banks;
in the
rates of the Federal Reserve
recent
in
a
advances
footnote
on
to
schedule of rates
of paper at
Government obligations are shown
the
now
table.
.The
following is the
in effect for the various classes
the different Reserve banks:
$4.02(§*$4.04; Paris checks,
quoted.
Boston
1
New York
1
Philadelphia
1H
Cleveland
1H
Richmond
1M
Atlanta
*1^
Chicago
St. Louis
Minneapolis
.
Kansas City
Dallas
*1X
San Francisco
*
Advances
W
i w
on
Government obligations bear
Date
Previous
Established
Rate
Sept. 1, 1939
Aug. 27. 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Aug. 21. 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3. 1937
Aug. 31, 1937
Sept.
a rate
of
3. 1937
1H
2
2
a range
ago.
Italian
lira
Amsterdam,
176© 177;
4.43@4.47.
Berlin
is
not
quoted
unofficially
was
The
general tone of financial markets in London is
better than
European
at
time since the outbreak of the
any
It is expected there that the Bank of
war.
England will again lower its rediscount from the
was
It
be recalled that the 3%
may
made effective
only
on
Sept. 28, when it
was
The
easing of London
the
cates
open
market
money
prospect of reduction in the
Any further lowering of the Bank rate
would be
artificial
an
London for several years
or
such
easement
rates indi¬
Bank rate.
of bill rates
as
existed in
prior to last Aug. 24.
The
easing of rates is held to be part of the Government's
project of floating various
defense loans to total
approximately £1,600,000,000, which is expected to
be carried out
On
by the end of October.
Friday of last week London bill rates
as
follows: Call
against
money
bills,
were
2%;
2J4%> compared with 3J4% the week
before; 3-months bills, 2^4%, compared with 324%
a
week
with
earlier; 4-months bills, 2 11-16%, compared
4yy/c the previous week; 6-months bills, 334%)
against 5%.
dowmward
offered at
Currently,
tendency.
open
Call
market rates show
money
a
bills is
against
124% 1° 13^% by non-clearing institutions.
Clearing banks still charge 2% for overnight loans.
Discounts weaken in expectation
in the Bank rate
months bill
rates
4-months bills,
of
further drop
a
during the next few weeks.
Two-
are'2y%; 3-months bills, 234%;
2%%, and 6-months bills, 334%.
There is without doubt
a
greater degree of order in
London financial markets.
This is
provement in the stock index.
seen
in
the im¬
Regulations of
continue, but they have become
more
course
clearly defined
and in many important respects are less restrictive,
so
that markets feel
kets in London
are
a
greater
also
belief in financial circles that
free
the
sense
of freedom. Mar¬
encouraged by the general
measures
will be taken
gilt-edged market from the paralyzing
existing minimum prices.
It is believed that the Chancellor of the
Exchequer
will indicate the line which the Government intends
to take in its
bate.
monetary policy during the budget de¬
There is
a
suggestion of this in the reduction
3% and in the further lowering
2
of the bank rate to
2
of open market money rates.
The rigid control of the
exchanges and other emergency measures taken at the
o
outbreak of
hostilities
make
the
maintenance
of
a
2
1%, effective Sept. 1, 1939,
Chicago; Sept. 16. 1939, Atlanta, Kansas City and Dallas; Sept.
21,1939, St. Louis.
week
at 79.00.
to
Rate in
Effect on
Oct. 6
Canada,
The
influence of
Federal Reserve Bank
a
following official exchange rates have been
2-months bills,
some
are
$4,023/2
by the Bank of England: Newr York cables,
quoted
THE market for improvement this week. High
prime bankers' acceptances has
shown
class bills
$4.0134 and $4,053/2, compared with
7.49(0*7.57;
all
maturities.
Bankers'
and $4.02
for cable transfers has been
reduced from 4%, the rate applicable since Aug. 24.
DEALINGExchange from day toloan rates
in detail with call day, 1%
°
$^V98J4
of between
The range
of between $3.99 and
rate
and renewals.
this week has been
compared with
present 3% rate.
1%% for four to six months' datings.
loans
on
In the
and $4.04J4 for bankers' sight bills,
and
change held to 1% for all transactions, and time
loans again were
with limited offerings.
account
New York free market the range
between
further issue of $100,000,000 dis¬
a
due
firm¬
sterling
between $4.01
mained
still
bills
The greater
is attributed to enhanced demand for
ness
/
DEALINGSextremely quiet thismoney market re¬
in the New York week, with rates
count
the London official control
and the United States authorities.
last wreek.
New York
The steadiness is due entirely to
Europe.
the close cooperation of
commercial
circulation..
In
is firmer than at any
the
397.751,000
Liabilities—
Notes
STERLING exchange in timeNew York outbreak of
the since the free market
Reichsmarks
70,773,000
10,587,000
*
higher
Bank
necessary.
rate
and
money
market
rates
un¬
I
Volume
The
The Commercial & Financial Chronicle
149
market and private investors.
aim
The Government will
at
implies that
cheap
a
shares, based
July 1, 1935,
on
compared with the
100,
as
low level of 66.4
new
with
73.7
a
Nov.
on
year
11,
66.9,
was
week
a
of the
rate
was
London
British
new
observers
point
loan will
war
be
about
out
the
that
spending
heavy taxation announced by the Government
last
week, but against this there will be
on
national work.
is also
a severe
avenues
normal
sharp rise in the income tax
blow to the investing
profits out of the
classes, while all
means
reduce
all
The
but
heavy taxa¬
revenue,
is
expenditures.
unnecessary
Official control of prices in
The
marked reduction in the
England's
note circulation in recent weeks is another indication
of progress
toward normal conditions in the monetary
It is
situation.
will
be
generally believed that the note issue
Aug. 23 and Sept. 13 the Bank of England's
note circulation increased
£45,411,223 to £553,474,-
931, the largest in the Bank's history.
weeks ended Oct. 5 circulation declined
The Canadian
extended
£14,725,000.
considerably the privilege of granting
Montreal
Curb
Market.
au¬
correspon¬
Montreal Stock
Hereafter
Exchange
resident
clients of Canadian stock brokers will be able
more
readily to convert amounts to their credit in New
York into Canadian funds
There
or
no
were
the free market in New York
sight
to reinvest such funds
was
received
exports of the metal.
$4.01@$4.01%
was
ers'
The
was
from previous close.
Monday
On
for
The
was
range
was
$4.01%@
and
sight
bankers'
market
the
in demand.
was
On Tuesday sterling was
$4.02J^8 for cable transfers.
steady.
Saturday last
on
up
$4.01%@$4.01%; cable transfers,
was
$4.01%@$4.02%.
$4.01%@$4.03% for bank¬
range was
sight and $4.01%@$4.03% for cable transfers.
On
Wednesday sterling
trading slight.
cable
the
was
exceptionally firm, with
Bankers' sight
was
$4.02%@$4.04%;
$4.02%@$4.05%.
transfers,
On
pound continued in demand in
The
and
$4.03%@$4.04% for bankers' sight
range was
range
Thursday
quiet market.
a
$4.03%@$4.04% for cable transfers.
sterling
•
On Friday
firm in relatively light trading.
was
The
$4.01%@$4.03% for bankers' sight - and
was
$4.01%@$4.04% for cable transfers.
Closing
tations
demand and
Friday
on
closed at $4.01,
$4.02% for
were
quo¬
Commercial sight bills
60-day bills at $3.99, 90-day bills at
$3.97%, documents for payment (60 days) at $3.99,
and
seven-day grain bills^t $4.01%.
Cotton and
grain for payment closed at $4.01.
Continental and Other Foreign
Exchange
FRENCH francs share in the strength shown 2.25%
pound, having moved
from around by the
up
cents
on
Monday of last week to 2.28% and some¬
times better
the" Bank
Easing of credit facilities by
currently.
of
added to
has
France
the
underlying
strength of the unit.
credit balances
by clients in New York by New York
dents of members of the
and
In the three
foreign exchange control board has
thorizations in connection with free
held
Friday $27,000 of gold
of
exports
no
were
Referring to day-to-day rates, sterling exchange in
kept somewhere close to its present limits.
Between
on
re¬
and
from England
came
There
$4.02% for cable transfers.
Bank of
the week ended
for
are
Canada.
On
all directions is another
aspect of the anti-inflation policy.
•
the metal.
danger of inflation
at its command.
tion, besides being designed to produce
to
any
It is clear that the
war.
Government intends to avoid the
intended
steady in¬
rightly closed to the making of
are
with all the
a
payrolls in all industries engaged
The
$64,000 from
light but sterling
of the British public will be greatly reduced by
in the size of
figures
ceived, of which $168,000
Bankers'
conjectures that the inter¬
the
crease
approximately $6,647,000 of gold was
$4,557,000 came from Australia,
On Thursday $252,000 of gold was
inclined to firmness and
3%% and that the price will be around 90.
power
$10,640,000
which
of
Sept. 1,
The bond index showed
The Amsterdam market
above
ear¬
The high' record
ago.
1936.
The
from Canada.
on
corresponding improvement.
est
Francisco,
Wednesday.
lier, with 67.2 two weeks earlier, with 75.3
124.9
San
at
policy will
money
developed in the next few weeks.
and
received
securing money, on the cheapest terms and
On Oct. 1 the "Financial News" index of 30 indus¬
trial
Decrease:
Note—We have been notified that
$1,505,000from Japan, $530,000 from China and $55,000from New Zealand.
that in itself
be
Net Change in Gold Earmarked for Foreign Account
loan, when issued, will be in various
new war
forms to suit the varying requirements of the money
2133
From
figures published
the French
on
Oct. 1 it appears that
equalization fund had
May 31, 15,772,-
on
000,000 francs in gold, a considerable increase over
the previous
000
was
as
then sold to the Bank of
can
gold
far
As
France.
month despite the fact that 5,000,000,-
of
francs
be
since the declaration of
war
learned it appears that
the fund has continued to
in United States securities.
Gold held under earmark at the Bank of Canada
and
at
chartered
banks
for
the
account
of
non-
receive
of
A large part of the inflow
repatriated gold.
gold and foreign exchange since Sept. 1 came from
Canadians totaled 16,561,000 fine ounces at the end
sterling notes which had been turned in by hoarders,
of
who
August.
At the current rate quoted by the for¬
eign exchange control board on New York funds the
value in Canadian
dollars is $637,598,500.
The
increase in the total in August was 1,844,000 fine
presumably
It is
exchange shows
very
little change from
ranged during
and a discount
the past few weeks.
Montreal funds
the week between a discount of 11%%
of
to
convert
volume of
A
the week ended Oct.
Reserve Bank of New
gold movement for
4, as reported by the Federal
York, was as follows:
of
Exports
$7,963,000 from Canada
957,000 from Italy
85,000 from France
8,000 from Guatemala
I
are
reenforcing this tendency
On the whole, the
exchange dealings in Paris continues far
Paris
dispatch
on
circulation after Oct.
num
to
Oct.
4 stated that French
which will be withdrawn from
22, will be replaced by alumi¬
and bronze coins, which will be legal
100 francs.
None
The
German marks
when
new
coins may
tender
be issued
are
seldom
up
up
to
quoted in New York and
quoted the so-called free
or
gold mark, with
parity of 40.33, is nominal around 40.10.
index
$13,057,000 Total
later all
1,000,000,000 francs.
2,620,000 from England
1,424,000 from India
capital
sterling into francs.
five-franc nickel coins,
GOLD MOVEMENT AT NEW YORK, SEPT. 28-OCT. 4, INCLUSIVE.
Imports
sooner or
below normal.
9%%.
At the Port of New York the
convinced that
thought possible also that British restrictions on
movements
ounces.
Canadian
are
holdings of foreign currencies will be requisitioned.
of
the
a
A better
underlying weakness of the German
The Commercial & Financial Chronicle
2134
monetary situation is seen in the occasional quota¬
for
tion
the
Almost invariably since
registered marks.
adoption
years
some
blocked mark system,
by Germany of the
ago
all forms of blocked marks,
including registered marks,
generally at 20%-
were
25% discount from the gold mark.
The
registered is theoretically the
that of the gold
mark,
quotation for the registered mark was as low
nine cents.
as
There is
severe
inflation in German
cur¬
inflation, but financial reports of
description
any
from Berlin cannot be relied upon.
The last quar¬
terly report of the Reichsbank in September showed
Reichsbank note circulation of 10,995,000,000
marks,
compared with 8,023,400,000 marks at the end of
as
September, 1938, and with 5,256,154,000 marks at
the end of
in 1914
When the
September, 1937.
thq Reichsbank's circulation
000 marks;
In
November, 1918 it
began
war
2,909,422,-
was
16,959,000,-
was
for
5.05
bankers'
transfers,
Exchange
York.
Exchange
(nominal),
Finland
and
5.05
closed
closed
(nominal).
0.75
2,00
at
on
longer quoted in New
no
Bucharest
on
against
Exchange
5.05.
longer quoted in New York.
no
Poland is
on
are no
Italian lire closed at
sight bills and at 5.05 for cable
against
Czechoslovakia is
0.75
at
Exchange
(nominal),
on
2.00
against
Greek exchange closed at 0;75 (nomi¬
nal), against 0.75 (nominal).
The Reichsbank note circulation is
German note
only
subsidiary note issues have been devised.
The first issue of paper money
made supplementary
1914-1918
war
no
the
in
and
steadiness
pound, although these currencies
allied to sterling.
way
fluctuated rather
than
sight
sight
at
bills
closed at
ago.
on
Friday
Friday of last week; cable
on
and commercial
53.31;
Swiss
53.20.
against
and at
checks
for
has
within
moves
week
range a
against
53.05,
22.46
franc
Amsterdam finished
on
53.17,
at
guilder
relatively steady although the
53.17, against 53.30
transfers
the
any
the whole is firmer
on
Swiss
ruling well below its
Bankers'
at
The
limits and is
of
longer in
firmness
are no
Holland
The
widely but
week.
last
narrow
new
The Scandinavian units and the Swiss"
share
franc
part of
a
In the last few months,
circulation.
especially since the end of August, various additional
of
EXCHANGE on the countries neutral featuresthe
during of
of
presents
importance.
unit is
000 marks.
kinds
1939
fers, against 16.87 and 16.87. 'HBtudin marks
longer quoted in New York.
(nominal).
#
evidently
7,
Official German reports deny that there is
rency.
any
of the
par
On several occasions this week the
40.33.
nominal
same as
Oct.
francs
cable
22.46 for
to the Reichsbank note circulation in recent weeks was
transfers,
the emission of small Rentenbank notes in denomi¬
checks finished at 19.35 and cable transfers at 19.35,
of
nations
are
two and five marks.
one,
These notes
rapidly displacing the silver coinage in circulation,
and their issue accounts for the Reichsbank's ability
to
replenish part of its coinage holdings after the
severe
A
drain of the first two weeks of
second
auxiliary
of
army
promissory notes issued by the High Command and
by the
army procurement
of not less
than
these
of
amount
divisions, in denominations
10,000 marks.
notes
The high nominal
indicates
that
they
tended only for the payment of large
and supplies.
A
third
substitute
emergency currency
for
pied Polish territory.
is
notes
in the
use
known
as
kassenscheine, in denominations of 1
are
orders
the
occu¬
Also the Reich's credit offices
ized to issue special notes,
author¬
are
Reichskredit20 marks.
to
legal tender, but only in occupied terri¬
tories, although the Treasury and the
Reichsbank
branches also accept them in payment in the rest
of
Germany.
Coupons for the purchase of permitted rations of
food and other necessities
sidiary
Pressure
the
on
belga
16.95.
as
for transfer
Before
low
This
the
as
week
into English
on
176-177, against 176-177
2.28,
sight bills
and
2.27and
for bankers'
and
German
outbreak of
the
and
war
cable
the
on
22.75 and 22.75.
Consulate General at Buenos Aires cabled the United
States
Department of Commerce
Argentine
exchange
the granting
of
a
control
Oct. 4 that the
on
office
authoriezd
has
preferential exchange rate for
issued
by the exchange office
on
many
A circular
Sept. 30 specified
products to which the exchange rates of 15-17
the
to
pound will apply.
15 pesos
pesos
The preferential rate of
to the pound, or 3.7313 pesos to the dollar,
applies to
a
number of products imported in
consid¬
erable amounts in the past.
The
several
association
of
Argentine manufacturers and
spokesmen for Argentine organized labor
are
advocating that the Government should still further
extend
of
preferential classifications to
products of American goods
permits
are
upon
bankers'
The
no
import
other American manufac¬
many
1
Argentine
last
large number
granted, including all types of textiles,
tures.
for
a
which
paper
closed
pesos
on
Friday at 29.78
sight bills, against 29.78
on
Friday of
week; cable transfers at 29.78, against 29.78.
unofficial
or
free
against 23.50@23.70.
at
5.10, against 5.08.
5.19
market
was
23.65@23.70,
Brazilian milreis
are
quoted
Chilean exchange is quoted
(official), against 5.19.
Peru is nominally
quoted at 19.00, against 19.00.
Paris closed
on
Friday
on
Friday of last week.
the French center finished
transfers
at
2.28}^,
against
2.28Antwerp belgas closed at 16.74
sight bills and at 16.74 for cable
Norway finished at 22.75
EXCHANGE quiet and steady. Thecountries is
generally on the South American
American
at
belga frequently
16.70^2-
The London check rate
In New York
weakness.
frequently quoted well above 17.00.
was
declined to
at
decided
showing
proximity of Belgium to the
Parity is
at
sub¬
Such conversion must be attributed
French frontiers.
the
and 23.85; while checks on
Sweden closed
on
23.85, against 23.85
and cable transfers at 22.75, against
belga is reported to be due to liquida¬
currency
French funds.
is
Checks
at 23.85 and cable transfers at
clothing, shoes and
currency
tion of that
the
a
currency.
Belgian
to
also considered
are
against 19.40 and 19.40.
Copenhagen
22.62.
products important to American trade.
organized by order of the High Command
These too
in¬
are
army
Reichsbank
authorized for
and
22.62
war.
consists
currency
against
trans¬
EXCHANGE on the Far Easternrecent weeks,fun¬
countries is al¬
damentally unchanged from
though quiet strength is noted in the Shanghai
and the
Hongkong dollar.
Eastern units reflect the
sterling rate.
yuan
Quite generally the Far
firmer tone
in the
dollar-
Volume
The Commercial
149
Closing quotations for
23%, against 23%
yen
checks yesterday
Friday of last week.
on
inancial Chronicle
were
Hong¬
kong closed at 25.30, against 25%; Shanghai at 7%,
against 7%; Manila at 49.95, against 49.95; Singa¬
pore at 47.50, against 47.50; Bombay at 30.35,
against 30.30; and Calcutta at 30.35, against 30.30.
Gold Bullion in
r
4IIE
I
European Banks
following table indicates the
belligerent whose position is thus changed detri¬
mentally has
change
most
recent
statements, reported to us by
yesterday (Friday); comparisons are
special cable
shown for the
corresponding dates in the previous
four years:
1939
1938
£
England—
1937
£
*454,993
c63,667,000
a23,400,000
Netherlands
92,696,000
123,417,000
Nat. Belg'm
_
b3,856,650
_
Italy
1936
£
327,758,641
293,728,209
3,008,600
63,667,000
25,232,000
328,601.484
Spain
1935
£
194,463,782
293,710,642
458,869,937
2,500,350
1,927,000
88,092,000
42,575,000
59,047,000
We
25,232,000
105,490,000
100,340,000
88,643,000
96,780,000
35,222,000
114,031,000
31,013,000
25,965,000
6.500,000
6,538,000
6,549,000
6,666,000
7,442,000
6,602.000
*
56,590,000
1
1
Currency and Bank Notes Act,
1939,
Bank
tne
calculations.
In
order
to
make
the
current
Amount held Dec. 31,
Bank of Germany includes
"deposits held
abroad"
and
b Gold
with
come
more
"reserves
In
foreign
cur¬
deeply to
be
regretted
tions should find it advisable to
of
the
arms
are
the
The important changes and omis¬
follows:
as
1. The
tion and
2.
"mandatory" embargo of
implements of
Omitted
civil
also
are
ammuni¬
arms,
war
is dropped.
the
provisions
relating
to
wars.
3.
The
restrictive application
of what is known
technically
as
belligerents through neutral countries)
the continuous voyage rule (indirect
is omitted from the
the
use
term
carry.")
as
"come-and-get-it" clause.
accurate
more
than
the
(We
"cash-and-
It is also omitted from the clause restrict¬
ing the activities of American vessels.
However,
report says that the "combat area" clause, men¬
tioned
below, is also intended to give the President
discretion, under rules and regulations laid down
American ships from trad¬
our
ing with neutrals adjacent to belligerents."
4.
Foreign Rela¬
on
into
justify the proposed
embargo
May 1 last.
the majority
that
on
by him, "to prevent
Neutrality Bill
report of the Senate Committee
required
existing law, including
provisions which expired by limitation of time
show
we
of April 30, 1938, latest
figure available.
Also first report sub¬
sequent to Aug.1,1936.
The value of gold held by the Bank of France is
presently calculated, in accordance
with the decree of Nov. 13, 1938, at the rate of 27.5
mg. gold, 0.9 fine, equals one
franc; previously and subsequent to July 23, 1937, gold In the Bank was valued at
43 mg. gold, 0.9 fine, per
franc; before then and after Sept. 26, 1936, there were
49 mg. to the franc; prior to Sept.
26, 1936, 65.5 mg. gold 0.9 fine equaled one franc.
Taking the pound sterling at the rate at which the Bank of England values its
gold
holdings (7,9881 gr. gold ll-12ths fine equals £1 sterling), the
sterling equivalent
of 296 francs gold In the Bank of France Is now
Just about £1; when there were 43 mg.
gold to the franc the rate was about 190 francs to the £1; when 49
mg., about 165
rancs per £1; when 65.5 mg., about 125 francs
equaled £1.
The
great sacrifices of neutral rights
as
is based
holdings of the
As
omission
sacrifice
trade with
figure comparable with former
1938, latest figures available,
on
of England
periods as well as with the figures for other countries in the
tabulation,
English holdings in the above in statutory pounds.
a
The bill
6,602,000
762.188.903 1,083,888,195 1,064,994,632
1,041,041,968 1,134,798.008
is
that the
a
6,555,000
price,
which was formerly the basis of value.
On the market price basis (168s. per fine
ounce) the Bank reported holdings of £899,729, equivalent,
however, to only
about £454,993 at the statutory rate (84s. 11
Hd. per fine ounce), according to
It
contemplated
by international law.
sions
761,509,127 1,084,478,450 1,062,642,713 1,072,038,050 1,134,876,617
Pursuant to the
c
The report
stated
rights not imposed by international law.
contemplate
the
1, 1939 and since have carried the gold holdings of the Bank
at the market value current as of the statement
date. Instead of the statutory
rencies."
embargo.
if it had
However, the point would have
45,159,000
97,681,000
46,617,000
20,150,000
77,873,000
80,827,000
statements for March
our
the
correct
when enacted,
of neutral
90,774,000
6,552,000
6,604,000
Prev. week.
brief for
no
have been
embargo,
46,874,000
24,157,000
Norway
hold
would
576,745.235
3,246,000
87,323,000
103,665,000
Total week.
its
appar¬
does not want.
£
249,751,113
Sweden....
..
injure
subject,
in the field of freedom of the
seas, also not
328,103,721
Switzerland
Denmark
to
that
ently because the application of the principle in¬
volved would require the retention of the
embargo
not
Germany
on
pungency from the committee if its present bill did
Banks of—
France
intended
position. The report is silent
bullion
dates of
grounds for claiming that the
some
deliberately
was
provisions—a result the majority of the committee
amounts of
gold
(converted into pounds sterling at the
British statutory rate, 84s.
ll%d. per fine ounce)
in the principal
European banks as of respective
1
2135
provision
of
the
The broad
effect
of
proclamation
of
most
the
posed Act depend is not
as
which the going
upon
provisions of the pro¬
automatic
the
as
provided for in the existing legislation.
one
The pre¬
present law by declaring it to be "contrary to the
requisite of the proclamation under the bill is not
accepted precepts of international law which pre¬
only,
scribe that any
state of
belligerent
may
materials in any neutral
or
It would
contains
tence
article
any
error—express
a
sentence which
and
implied—than
its only likely competitor being the
sen¬
preceding it in which it is stated that "the
United
States
long
such embargo provisions remain upon
as
cannot
maintain
its
neutrally
satute book."
trade
tral
with
so
our
law
does
belligerents.
not
force
neutrals
Nor does it require
to
lation.
A government
is at liberty,
as
far
as
inter¬
concerned, to forbid its citizens to
exercise any
of the rights enjoyed under that law
by neutrals.
The underlying requirement is that
such
far
legislation should be impartial in content,
as can
turn
be controlled
by the neutral.
out that because of circumstances
neutral's control the effect of the
beyond the
If, however,
a
the
on
various belligerents concerned is not the
same,
does not make it
as
If it should
legislation
that
on
its
nationals, which because of circumstances beyond
its
control
affect
the
belligerents
between
unequally,
to promote the security
of the United
peace
States
to
or
lives of citizens of the United Staes."
obviously the grant of
a
resolution,
may
or preserve
protect the
This involves
much broader discretion.
However, either the President,
current
a
foreign States," but also that
Congress, by
or
make the
findings
con¬
upon
which the issuance of the presidential proclamation
is
as
now
stipualted.
5.
The
prohibition of carrying by
vessel to
or
articles specified by
case
of
the
old
effect,
as
automatically
and
passengers.
American
any
as
the
was
materials
or
The provision enters
to the belligerents named therein,
on
the issuance of the proclamation
when the President
not
merly.
the President,
law, but also to
articles, and to
into
an
belligerents applies not only to materials
prescribes,
so
The exceptions include,
or
as
for¬
will include, not
only transportation to adjoining countries, such
Canada, other than by sea route,
as
in the old
as
pro¬
visions, but also to places in the Western Hemi¬
contrary to international law.
neutral relaxes, by legislation, dur¬
ing war-time, restrictions previously imposed
the
neu¬
governments not to restrict such trade by legis¬
national law is
war
depends, and not merely the President
%
International
at present, a finding that "there exists
as
"it is necessary
country."
difficult to frame
seem
more
that one,
purchase
any
sphere and it is said in the Pacific
as
well
as
the
Far East.
6.
The
"come-and-get-it" clause is also
automatic and mandatory, and
not,
as
now
to be
formerly, de-
Commercial &
2136
Financial Chronicle
pendent
curred
the President's discretion.
on
by
citizen
a
it" transaction may
put forward
by
combat
8.
exception
The
within
is
United
States
proclamation,
State,
or
acting
or any person
tinued, except that the provision
civil
which
exists
war
posed changes of
discretion to
than
more
90
tions
thus
permit
The
only
prestige, in position to secure, by skilful diplomacy,
effective
granted,
such
now
issued
No
have
or
and such
merely changed
as
regarding
reports
so
far has
made three
definitely renewed the
four
or
placed too great
dent's
discretion—too
years
great, in
on
any
sailles
existing legis¬
tions,
under
the
circumstances—from
Treaty,
the
point' of view, at least, of international law.
The
affected
above
son
given it
embargo, and there is
a
sacrifice
of
unwise
seems
no
now
traditional
neutral
rea¬
so
rights
treaties
great
made
is
as
have
It is to be
this
it, is
so
subject
town
cies
not
regretted, therefore, that the stir
legislation, and what
great.
as
can
It is in fact difficult to deal with
technical
as
this in the atmosphere of
meeting of 130,000,000 people.
of
over
domestic
careers
a
both
do
straint
our
and
intelligence,
patience exercised by
officials in dealing
ahead of
us
firmness,
will do
our
may
re¬
people and
of
for
our
country than any
ence
law that could be devised.
aims
eventual peace
terms.
to
do
so
may
an
sarily participate in the
siderable time.
war,
we
must
if it lasts
we
are
their enemies—at least in the
on
other
as
countries.
they do not have
Because
they
are
over
the world, they
themselves to
are not
territorial
ad¬
However, the French soldiers
Khine than
realistic
she has
French
purposes
In any
at
would
four years
of the last
of security, it
This time
present.
think
that
the
experi¬
had proved the advice
event, it is easier to envisage
a
limit
English territorial demands for
that Germany has
case
of the latter.
be idle to
in the
as
to
war
of the
no
colonies, than
expect a clear, specific pro¬
aims from responsible states¬
early part of
nouncements
a war.
In the solemn
beginning of the
war
an¬
made
on
Sept. 3 by Premiers Daladier and Chamberlain only
general terms
neces¬
any
commitments
which to base speculation as
now
men
antidote to overfacilie
acceptance of the conclusion that
and secret,
that France have more of the west side
It would
subject, since
event,
any
English and the French
on
Europe.
nouncement
It may, however, be worth
constitute
similar
it is in the
likely to have concrete expression in the
while for Americans to consider the
open
themselves,
perhaps too early for the belligerents to
publish anything definite about the phase of their
war
by
field, and as long
side
in
sound.
Belligerent Aims
is
In
which, in the event of victory, they
to the French and
It
an
Brest-Litovsk
will undoubtedly be
war
again advise that, for
the
the
the
elements
is necessary
with the practical problems
more
of
case
empires spread
ditions
insight,
impressed
to aspire for
likely
great to-do also tends to obscure the fact
wisdom,
The result, while
infamous
comparatively small, with great wealth largely
due to
foreign relations, particularly in war-time.
This
the
more
their
on
was
contribu¬
no
the terms of the Versailles and sister
as
were
territorial
a
always dovetail with the requirements of sound
that
the
over
likely to impose
The exigen¬
politics and political
annexations,
no
similar in principle.
to the terms
be accomplished by
un¬
by the Allies in the last war.
In
proposed.
an
enter into with countries supporting her
cause—just
to drop the
valid ground for
be
by such understandings,
she may
as
revealed by the
spirit of his Fourteen Points
punitive damages."
was
she
as
President Wilson said at Ver¬
Germany's terms in this
suggested changes, while also capable of improve¬
ment, are not gravely deficient, though for the
no
as
on
She
continues
war
terms are likely to prove
shall
improvement
lation, though easily susceptible of improvement, is
satisfactory
that the
"there
that
event, in the
The
field of international relations.
peace
pleasant surprise.
the Presi¬
If the
18 months.
Germany wins, her aims
proffered
which would
ago
responsibility
a
Yet
successful conclusion.
a
probably try to keep the world guessing
and
sugges¬
tangible results
great war at this time.
a
war to
has for the past
licenses
the
many
so
great prestige that it appeared improbable
bringing the
by the National Munitions Control Board.
cir¬
suggest a taunt rather than a sin¬
willing to incur that risk, and is bent
was
to word¬
special penalty clauses have
some
to
as
same
she
That Ger¬
well.
as
the last minute under such
that she would risk
either the
modified, and that provision is made
detailed
one
tions
or
are
little patience, substan¬
established by the terms of
seems
Germany had secured
so
a
point
proposal for negotiations.
cere
will
been added
more
provisions
existing,
ing, except that
cumstances
excep¬
credits
on
adjustment
her offer made at
The
that
on
did not exhaust the possibilities of obtaining
many
granted further credit.
The balance of the
those
defaulters
and
be
guarantees, and
tial satisfaction
pro¬
renewable.
not
are
continuity—she
appeared, with the consequent access of power and
that the "ordi¬
are
her frontier
Prussia from
of East
are con¬
publish every six months the
extended cannot
for
glaring of the injustices done her—the separation
to be restricted to not
are
days and
President is to
as
omitted.
account
any
or
to States in
as
European territorial
ex¬
or
commercial credits" which the President has
nary
now
is
never possessed under any
By first obtaining satisfac¬
claims, and leaving for later adjustment the most
State named
any
its behalf,
on
by the Versailles Treaty, but also
deprived
tion of the less obvious of her
political subdivision of such
or
point of securing by methods, short of war,
muc$|territory she had
any person
purchase, sell
A "have-
dealing with public opinion.
only the European territory of which she had
been
entering
other obligations of,
credits to,
extend
or
to
themselves
proved
already
and surprise in the diplomatic
degree of real unity.
existing provisions forbidding
make loans
a
from
defined by him.
as
change bonds, securities
in the
vessels
1939
nation, she seemed to many observers to be
the
on
not
given discretion to prohibit
American
and
the
not"
to transactions
as
the
Mexico is not retained.
or
areas
of
liave
of secrecy
field and in
7,
a
_
Germans
masters
United
Government
the
The President
Americans
The
No loss in¬
"come-and-get-
a
be made the basis of any claim
The old law's
States.
with Canada
7.
the result of
as
Oct.
■
i
were
employed
are
con¬
.
illuminative of the
the
two
peoples.
on
that subject.
Both
contrasting psychologies of
To the Frenchman the
enemy
is
Volume
The Commercial & Financial Chronicle
149
Germany; the
claimed that
is that of France, though she
cause
shares it with
free
all
peoples.
Germany "wishes the destruction of
Poland in order to insure
of
M. Daladier pro-
rapidly her domination
2137
cencls the limits of
less,
taken
patriotism.
a narrow
as
whole, to withstand
a
application when
ter they
tyrannies, in honoring
ings and injustices.
of
to defend
our
land,
of France is the
cause
of all
To the
shows
reestablishment
convincingly
of
.
.
of
the
freedom
that
there
will
man
is
ever
Premier said:
chance
no
give
up
and
And he
I
live to
may
that
the
Europe
M.
Daladier
freeing of
in
France
"Our
part:
the
perpetually
from
a
re-
reestab-
the
thesis—
menace
in
purpose
is to
It
recurring
his
of
Mr. Chamberlain
war.
general
struggle is well known.
from
been
elaborated
destruction is the aim of the
stated,
has
the
see
replies to Herr Hitler's Danzig speech
similar.
are
can
To Parliament the Brit-
"I trust
liberated
The
of
his inten-
day when Hitlerism has been destroyed and
stored
of
action
redeem
fear
this
Europe
of
German
aggression and to enable the peoples of Europe to
their independence and liberties."
preserve
Logically,
one
man
bear
a
or
nation which believes it is fighting
group to
down
hard
as
the
on
wliich believes its enemy
destruction.
on
continent should not
save a
The
defeated
to be
an
experience
as
nation
a
entire people bent
of
the
last
war
are
like the Fourteen Points of Jan. 8, 1918,
and offer the
Most of
same
opportunities for misunderstand-
remember 20
us can
interval certainly all of
posed
"His
using force to gain his will.
lished."
The
.
It is the
is Herr Hitler; the
enemy
only be stopped by force."
ish
liberty.
justice.
Mr. Chamberlain declared:
expecting that this
tion
fighting
we are
peaceful and free nations."
the
Europe.
our
of
cause
Englishman the
is
cause
word,
our
homes,
our
cause
treaties,
whether
especially when they
powerful nations.
.
of
peace
only
long
as
they
as
are
to the interests of both
sides, provided both parties
experience
a
lasting
are
powerful.
land
and
giving
are
possible
lating
a
Nevertheless, English
periodicals indicate that
good deal of thought to
a
peace terms
fair settlement
news-
in Eng-
many
war
aims
for the purpose of formu-
as
the basis of
an
enduring
an
insecure foundation
if the powerful vanquished
peace,
"The Economist" of London
of
Sept. 9, 1939,
British
be
must
no
war
editorial
an
indemnities.
There
of
the subject of the
on
aims, from which
annexations
no
published in its issue
German
must
"There
quote:
we
territory and
be
disarmament, but
expectation that Germany will remain disarmed
while
other
nations
are
allowed to remain powerful. A negotiated treaty
is only conceivable in the event of U stalemate,
Assuming, however, that the Allies win this
and
are
war
in position to dictate the peace terms, how
closely will they apply the principles formulated by
"The Economist"?
armed
or
Putting an end to dictatorships,
otherwise, would require constant inter-
ference in the domestic affairs of sovereign peoples,
some
of whom
want and need dictatorships,
may
Complete disarmament
seems a Utopian scheme, as
the whole world would have to participate, and there
does not
seem to be sufficient confidence between
the nations of the earth to make such a plan teas-
ible.
One recalcitrant of importance would be suf-
ficient to wreck the experiment.
limited disarmament conference
as
Would
prove as
not
a
barren
a
naval advisers
or
did the series which
came to an end a few years ago?
The sharing of colonial benefits is also
which does not
seem
a
scheme
to promise practical results,
It limited to former German colonies it might
sibly find favor, but, then, the effect
peace.
Clearly
that, unless of superhuman fair-
imposed treaty is
ness, an
for
proves
of the countries concerned
practice.
otherwise,
negotiated treaties have
ference
in
or
been shown—if it has not always been true-^to last
battle of wits between the military
papers and
In that
great and potentially
concern
Even
back.
years
have lost faith in im-
us
would, however, teach that there is not much dif-
no
of real
the test
In general charac-
peace comes.
Europe and the servitude of France," and added:
aligning ourselves against the most despicable
"In
1
Neverthe-;
must ask how likely are such objectives,,
we
P™ve
important.
It
pos-
would
not
seems grotesque to believe that
England and France, for instance, would be willing
to share the benefits of their colonies,
on
which they
have expended so much effort and capital, with the
vanquished.
Since both England and France have no apparent
be
territorial aims against Germany in Europe, and
geinune sharing of colonial benefits and responsi-
because the last war deprived Germany of her colonies, the principle of no annexation could readily
be applied.
However, as indicated above, the
bilities
through
must be
tions
a
of
economic
an
end
There
were
dictatorships to
world-wide system of
of
the
old
removed.
of the more senseless forms
nationalism."
basis of these terms
armed
must
mandatory principle.
half-commitments
There must be
There
League of Nations, with the hesita-
new
and
the
armed.
are
The
principles at the
declared to be:
an
end,
enforcing
bringing
provision
peace
for
a
under definite
commitments, the restoration of their independence
to
those
ance
peoples who have lost it, and the avoid-
of
merely
vengeful
against Germany.
Certainly
the
or
repressive provisions
soldiers would certainly resist,
and
may
well have their way.
As for indemnities, the last
war
showed the illu-
nature of exacting astronomical amounts
less the defeated nation is to be permanently
H01'.Y
slaved,
and
that
process
offers
no
un¬
en-
permanent
security when applied to large, strong national
It seems probable, however, that the victors, who may approach bankruptcy as closely, if
groups.
not more closely, than last time, will exact sub-
'
fact
French
that
one
of
their
business
stantial reparations at least in kind,
could, at the beginning of what may prove a
long and bitter war, express the proper national
"The Economist's" suggestion that a new League
Nations, with definite commitments for the en-
objectives in such terms, does credit to the British
forcement of peace, be established does not meet
organs
sense
no
It
of
sportsmanship and fair dealing.
reason
is, let
men,
to doubt the
us
like
sincerity of this formulation.
admit, probably true that
many
There is
many
English-
Americans, to give themselves whole-
heartedly to war, must feel that their
cause
trans-
the views of the present English Premier.
For Mr.
Chamberlain, after witnessing in 1935 his fellow
Britons cast some 11,000,000 straw votes for the
League of Nations as the best means of perpetuating
world peace, attributed its failure in 1938 to the
2138
The Commercial & Financial Chronicle
sanction and other
implementary clauses.
Americans, who have
football
the
was
not
of international
politics, it does
promising to assign to it
seem
when peace
To most
long felt that the League
so
a very
heavy role
is restored.
hopeful of "The Econimst's" suggestions
putting an end to the more senseless forms
of economic nationalism.
Certainly exchange and
other international trade
the
restrictions, such
im¬
as
seem not to be getting the world
"Fortune's" recent survey shows that
majority of American business
sanitaire"
rency
United
the
States,
men
Great
Britain
and
provided support for greater in¬
ternational trade
activity by their influence towards
stabilization
of
the
mechanics
of
that
trade.
Yet the London Economic Conference showed that
we
feared
make
us
the
ference
participants
all
were
Certainly the atmosphere of
does
not
promise
the
is to be
of
lacked sufficient
sus¬
to the
as
their
independence to those people
brings up probably the saddest part
of the
Avar
effectuated, not only the peoples concerned
aims of the Allies.
but also many
Yet
ask of how much real value
Central
The
of
it is, one may Avell
as
the map
Avas
the
years
minority question in that region is
groups
are
scattered
those parts over
in
their
felloAVS by
White
are
intervening large
Russia
frontier.
Russians
Lithuanian
turned
confidence
or
Avith
agreement
taking
peace,
beyond her ethno¬
inhabited
mainly
Ukrainians, except for
in
areas
in
imposed
an
areas
These,
and
the
Soviet Russia
to
by
protest, large
our
north, have
as
by
some
been-
uoav
re¬
the result of the recent
Germany.
Poland's
against
case
Russia for the restoration of this seizure rests not
on
ethnographic grounds but
The chief
the
the terms of im¬
on
objection to engaging in
restoration
them
does
separated
groups
of
not
these
a
to
exist
holocaust for
correspond Avith realities.
independently
goodAvill.
They
betAveen
Iavo
friends
is all
Avithout
will
shafts
in
a
Unless
the
nuts
their
reach them until it
of strife.
victory
comes
likely to be translated
to
them, conducive to
Germany, Avould be
the removTal from
poAver of those avIio
The
noAV
possess
only real Avinner of this unhappy
likely to be Russia and
chance of
Germany's
position of
poAverful neighbors will consti¬
cause
general satisfaction outside of
is
cannot
nut-cracker, Avith
The only aim of the Allies
it there.
perma¬
Thus their continued existence Avithout
endless
an
least
at
faraAvay and unable to
over.
the consent of their
tute
be
of
over-
rights is that to restore
Germany, and also Russia, are to be made
nently impotent, Poland and Czechoslovakia
into action if
ago.
huge areas, and large isolated groups
from
prostrate
a
their
simply
solution.
a
Moreover, Poland insisted in 1920-21
from
of East
the most difficult and
complicated of the
Not only are there feAV, if any, pure races,
globe.
but
Europe made 20
racial
If such restoration
of the British, at least, will feel let
taking the world
spirit of compromise
they
lordship of the region.
is not
down.
on
more
constituted
HoAvever,
to
accomplished.
restoration
have
was
from
Finally, "The Economist's" suggestion
who have lost it
a
posed treaties and tenuous historical claims
any very general
lowering of international trade barriers
substantial
might
salvation.
in each other to arrive at such
a peace con¬
freedom
of
to
picion and distrust necessary if
one
chance
one
set
the cost of whatever progress
pay
be made.
other
kind, perhaps
which would have been
of solving their problem than self-
graphic
the
some
and
against
France have also
in
determination
favor the
among
confederation of
a
Swiss model,
the
reciprocal-trade-agreements policy. The cur¬
and foreign exchange agreements of 1936
Hull
of independence
years
forming with other small nations of the "cordon
port quotas, &c.,
anywhere.
during their 20
7, 1939
American Avay
The most
is that of
ceeded
Oct.
an
enduring
her
peace
ideologies.
is
a
Avar
The only
negotiated treaty.
of
other
a
races.
It is impossible to
draAv, in most cases,
boundary there for any one people Avithout includ¬
ing racial minorities and sub-minorities.
mutual
distrust
and
jealousy.
There
There is
is
lack
training in the self-denying principles of free
ernment.
When
such
one
racial group
of
gov¬
establishes
a
government it is only too apt to apply the
prin¬
ciple of "noAv it is our turn" in both political and
economic
have
fields, which in
regions
principle
Allies
applied
seemed to
of
20
years
especially when it
reducing enemy poAver, met Avith
mean
approval.
self-determination, which.'the
Just
ago,
why it should is
not
clear,
though the principle carries Avith it a certain atmos¬
phere of democracy.
Surely it has nothing in com¬
mon
with
apply
as
races
to
our
best
"melting-pot," which
we
Avhom
can,
Ave
determination here.
be regarded as
favor of the
It
both
is
made
Poland
Avas
great
not
grant
and for all the issue in
once
rally
as
far
as we are concerned.
in
progress
had
Aaa's
the
last
20
years.
and
liberal principles of
freely than any of her
racial
groups.
comparatively large
Neither
had
suc¬
high-grade corporate
week
adding 0.42
lias
point
been
since
point, and the A's 0.25 point.
net loss for the
influence
Avar
lative
rails
have
rates advanced
bonds
continued
last
which
this
Friday,
began
week,
the
the
Aa's
0.80
Governments showed
a
small
Aveek, but have rallied since Monday.
has
been
in
abeyance this week
lost ground,
and
The
specu¬
but other lower-grade corpo-
moderately.
High-grade railroad bonds liaATe displayed price gains.
Chesapeake & Ohio 4%s, 1092, gained V/2 points at 119,
Oregon
Short
Line
5s,
1940,
were
up
%
at
112%.
Medium-grade and speculate railroad bonds declined.
Pennsylvania 3%s, 1970, at 80 lost % point, while Dela¬
ware &
Hudson 4s, 1943, dropped 2%
points to 64%.
In
sympathy with
a failing stock market, defaulted rail
bonds
For the week ended Sept. 30 car
lost ground.
to
loadings
rose
a new 1938-39
peak of 835,000 cars.
Activity in utility bonds has been light, but the undertone
has
been
firm,
and
moderate improvement has been dis¬
investment
classifications.
Among
high
grades, Pacific Telephone & Telegraph 3%s, 1900; Atlantic
City Electric 3%s, 1904, and Southern California Gas
4s,
1905, showed a good advance, while Alabama. PowTer
5s,
1946;
Indianapolis
Power
&
Light
3%s,
1968,
and
played
in
Louisiana
front
of
all
Power
lower
Power
Electric
5s,
&
Light
grades.
&
Light
1948,
have also been
Industrials
applied
more
in
Service
But both included
discordant
self-
Czechoslovakia and Poland had
government at least
and
do
fact, the Civil War might
oA^ercoming tremendous obstacles
Czechoslovakia
neighbors.
In
settling
that
endeavor to
Avith the exception of certain
certainly
melting-pot
true
we
Course of the Bond Market
Tuesday of last
while
The
our
of those
many
long been closely related.
The
The
and
in
United
some
generally
this
os, 1957, have been in the fore¬
Speculative issues such as Cities
5%s, 1949; New England Gas &
Light
&
Railways 6s,
1973,
demand.
have
continued
the
upward
trend
week, with probably the best gains scored
among the
oil, rubber and meat packing groups.
Se\Teral issues showed
declines,
observed.
but
On
no
sharp
the
reactionary tendencies have been
up-side, no important gains have been
registered, although numerous issues ad\Tanced as much as
a
point.
Steels have been mixed and no
clearly defined
trend could be
discerned, several of the comrertible issues,
for instance, having gained
moderately, whereas others in
Volume
the
special
any
important degree.
privilege
group
were
down,
although
not
to
Foreign bonds reflected the general uncertainties in the
connection
in
currents
with
MOODY'S BOND
(Based
U.
S.
All
120
Italian
peace
developments.
Govt.
Daily
MOODY'S
6
All
120 Domestic
by Ratings
Aaa
Corp.*
—
109.90
101.58
120
1939
Aa
A
Baa
85.52
91.05
P.
RR.
99.66
U.
106.17
5
to
points.
up
YIELD
AVERAGES
t
Individual Closing Prices)
120 Domestic Corporate
120 Domestic
by Ratings
Corporate by Groups
tic
Corp
Averages
Ind.
108.85
on
Domes¬
Corporate by Groups*
110.24
114.51
BOND
(Based
tic
Averages
firming
renewed pressure.
PRICES t
120 Domestic Corporate *
Domes¬
Bonds
gaining up
strong,
in the Japjanese group, but
Tliere has also been some firming up in the Japanese group,
but towards the close of the week most issues yielded under
Average Yields)
on
been
have
Daily
1939
Oct.
bonds
There has also been
European situation, the daily fluctuations mirroring alter¬
nating
2139
The Commercial & Financial Chronicle
149
Oct.
3.91
6
Aaa
Aa
3-.24
A
3.45
4.02
Ind.
Baa
RR.
4.93
4.55
3.66
3.52
P.
U.
5-. 109.97
101.58
114.72
110.24
99.83
85.52
91.05
106.17
108.85
5
3.91
3.23
3.45
4.01
4.93
4.55
3.66
3.52
4_.
109.94
101.58
114.93
109.84
99.66
85.52
90.90
106.17
108.85
4
3.91
3.22
3.47
4.02
4.93
4.56
3.66
3.52
3
109.98
3
3.93
3.24
3.49
4.05
4.95
4.56
2.
3.94
3.26
3.50
4.05
4.95
4.55
3.71
3.56
3.94
3.26
3.51
4.05
4.95
4.55
3.71
3.57
3.94
3.26
3.49
4.04
4.95
4.55
3.70
3.57
2
Sept .30
29
—
—
—
—
101.23
114.51
109.44
105.60
108.46
109.57
101.06
114.09
109.24
99.14
85.24
91.05
105.22
108.08
109.70
101.06
114.09
109.05
99.14
85.24
91.05
105.22
107.88
110.38
101.06
114.09
109.44
99.31
85.24
91.05
105 41
107.88
19.
110.00
-
99.14
85.24
90.90
Sept. 30
3.69
3.54
100.88
113.89
109.05
98.97
85.38
91.05
105.22
107.88
28
3.95
3.27
3.51
4.06
4.94
4.55
3.71
3.57
109.42
100.70
113.07
108.85
98.97
85.24
90.90
104.85
107.49
27
3.96
3.31
3.52
4.06
4.95
4.56
3.73
3.59
26— 108.92
100.53
112.66
108.66
98.62
85.24
90.90
104.67
106.92
26-
3.97
3.33
3.53
4.08
4.95
4.56
3.74
3.62
25— 108.77
100.00
112.45
108.27
98.28
84.69
90.59
104.30
106.54
25
4.00
3.34
3.55
4.10
4.99
4.58
3.76
3.64
108.87
100.18
112.86
108.27
98.45
84.69
90.44
104.48
106.73
23
3.99
3.32
3.55
4.09
4.99
4.59
3.75
3.63
22„ 108.93
100.18
112.86
108.66
98.28
84.55
90.29
104.48
106.92
22
3.99
3.32
3.53
4.10
5.00
4.60
3.75
3.62
21
108.85
100.35
113.27
108.46
98.45
84.69
90.44
104.67
106.92
21
3.98
3.31
3.54
4.09
4.99
4.59
3.74
3.62
20— 109.84
100.70
113.89
108.85
98.80
84.83
90.75
105.04
107.49
20-
3.96
3.27
3.52
4.07
4.98
4.57
3.72
3.59
19—
110.45
100.88
114.09
109.05
98.97
84.83
90.75
105.22
107.88
19
3.95
3.26
3.51
4.06
4.98
4.57
3.71
3.57
18
110.58
100.88
114.30
108.85
98.97
84.96
90.90
105.04
107.69
18
3.95
3.25
3.52
4.06
4.97
4.56
3.72
3.58
110.81
101.06
114.30
109.24
99.14
85.25
91.05
105.41
108.08
16
3.94
3.25
3.50
4.05
4.95
4.55
3.70
3.56
15— 110.60
101.06
114.09
109.44
99.14
85.24
91.20
105.22
108.08
15
3.94
3.26
3.49
4.05
4.95
4.54
3.71
3.56
110.48
100.88
114.09
108.85
98.80
85.10
91.05
104.85
107.49
14..
3.95
3.26
3.52
4.07
4.96
4.55
3.73
3.59
28
27
23
16
14
—
—
—
—
—
—
—
—
110.45
100.88
113.89
108.85
99.14
85.10
90.90
105.22
107.49
13---
3.95
3.27
3.52
4.05
4.96
4.56
3.71
3.59
12.. 110.44
101.06
114.51
109.24
99.31
84.83
91.05
105.60
107.69
12-
3.94
3.24
3.50
4.04
4.98
4.55
3.69
3.58
110.54
101.41
114.93
109.64
99.83
84.83
91.05
105.98
108.46
11
3.92
3.22
3.48
4.01
4.98
4.55
3.67
3.54
9— 111.03
101.41
115.14
110.04
100.00
84.69
91.05
106.17
108.66
9
3.92
3.21
3.46
4.00
4.99
4.55
3.66
3.53
8_. 111.26
101.06
114.93
109.44
99.83
84.28
90.59
106.17
108.46
8
3.94
3.22
3.49
4.01
5.02
4.58
3.66
3.54
7-. 111.34
100.53
114.72
109.05
99.31
83.33
89.99
105.60
107.49
7
3.97
3.23
3.51
4.04
5.09
4.62
3.69
3.59
6-. 111.34
100.35
114.72
109.44
98.62
83.19
89.55
104.67
108.27
6_
3.98
3.23
3.49
4.08
5.10
4.65
3.74
3.55
5— 112.61
100.53
115.14
110.04
98.80
82.79
89.55
105.22
108.08
3.21
3.46
4.07
5.13
4.65
3.71
3 56
4
Exchan ge
13
11
—
—
Stock
—
102.12
117.50
112.25
100.88
83.19
89.99
107.69
—
3.97
5
Stock
1
102.66
118.16
112.86
101.41
83.33
90.14
108.46
Exchan ge
Clos ed
2
3.88
3.10
3.35
3.95
5.10
4.62
3.58
3.44
1
3.85
3.07
3.32
3.92
5.09
4.61
3.54
3.40
Aug. 25
3.75
2.97
3.17
3.85
4.99
4.51
3.45
3.27
110.43
111.23
114.04
-
4..
Clos ed
2.. 113.63
—
—
Weekly—
Weekly—
113.89
Aug. 25— 114.85
18- 116.63
104.48
120.37
116.00
102.66
84.69
91.66
110.24
105.98
121.49
117.29
103.56
86.78
93.21
111.43
115.35
18
3.67
2.92
3.11
3.80
4.84
4.41
3.39
3.20
11.. 116.79
106.54
121.49
118.16
103.74
87.21
93.69
111.43
116.00
11
3.64
2.92
3.07
3.79
4.81
4.38
3.39
3.17
117.12
106.73
121.72
118.16
103.93
87.49
94.17
111.64
115.78
3.63
2.91
3.07
3.78
4.79
4.35
3.38
3.18
—
117.47
106.73
121.72
118.38
103.93
87.64
94.01
111.64
116.00
28
3.63
2.91
3.06
3.78
4.78
4.36
3.38
3.17
—
117.07
106.54
121.94
118.38
103.38
87.35
93.69
111.64
116.00
21
3.64
2.90
3.06
3.81
4.80
4.38
3.38
3.17
14— 116.99
106.17
122.17
117.94
103.02
86.64
93.06
111.64
115.78
14
3.66
2.89
3.08
3.83
4.85
4.42
3.38
3.18
7„
116.82
105.60
122.40
117.72
102.12
85.93
92.12
111.23
115.78
7
3.69
2.88
3.09
3.88
4.90
4.48
3.40
3.18
June 30—
116.43
105.04
121.72
117.29
101.76
85.24
91.51
110.63
115.14
June 30
3.72
2.91
3.11
3.90
4.95
4.52
3.43
3.21
117.13
105.41
121.49
117.29
102.48
85.93
92.43
110.83
115.14
23
3.70
2.92
3.11
3.86
4.90
4.46
3.42
3.21
4..
July 28
21
23
4__.
July
16—
116.80
105.22
121.27
117.07
102.12
85.79
92.12
110.63
114.93
16
3.71
2.93
3.12
3.88
4.91
4.48
3.43
3.22
9..
117.34
105.41
121.27
116.86
102.66
86.21
92.59
110.83
114.72
9
3.70
2.93
3.13
3.85
4.88
4.45
3.42
3.23
2_„
117.61
105.22
121.04
116.64
102.84
85.52
91.97
111.23
114.30
2
3.71
2.94
3.14
3.84
4.93
4.49
3.40
3.25
May 26— 116.98
104.48
120.82
116.43
102.12
84.55
91.05
110.83
113.68
May 26
3.75
2.95
3.15
3.88
5.00
4.55
3.42
3.28
19..
116.97
103.56
120.59
115.78
101.06
83.46
89.84
110.43
113.27
19
3.80
2.96
3.18
3.94
5.08
4.63
3.44
3.30
12..
116.37
104.11
120.37
116.43
101.76
83.73
90.59
110.24
113.48
12
3.77
2.97
3.15
3.90
5.06
4.58
3.45
3.29
5— 115.78
103.56
120.14
115.78
101.23
83.06
89.99
109.84
112.86
5
3.80
2.98
3.18
3.93
5.11
4.62
3.47
3.32
Apr. 28..
115.41
102.84
119.47
115.35
100.53
82.40
89.40
109.24
112.25
28
3.84
3.01
3.20
3.97
5.16
4.66
3.50
3.35
21..
115.13
102.66
119.03
114.93
100.53
82.40
89.10
109.05
112.25
21
3.85
3.03
3.22
3.97
5.16
4.58
3.51
3.35
14..
114.76
102.30
119.03
114.72
100.18
81.61
88.65
108.66
111.84
14
3.87
3.03
3.23
3.99
5.22
4.71
3.53
6„
114.85
102.84
119.25
114.72
100.70
82.66
89.40
108.85
112.45
6
3.84
3.02
3.23
3.96
5.14
4.66
3.52
3.34
Mar.31__ 114.85
103.93
119.25
115.14
102.30
84.83
91.51
109.24
112.86
Mar. 31
3.78
3.02
3.21
3.91
4.98
4.52
3.50
3.32
24— 114.70
104.48
119.92
115.14
Apr.
-
3.37
102.12
85.79
92.28
109.64
113.27
24
3.75
2.99
3.21
3.88
4.91
4.47
3.48
3.30
17- 114.64
104.67
119.92
114.93
102.30
86.07
92.43
109.64
113.27
17
3.74
2.99
3.22
3.87
4.89
4.46
3.48
3.30
10—
114.79
105.22
120.37
114.93
102.84
87.21
93.53
110.04
113.68
10
3.71
2.97
3.22
3.84
4.81
4.39
3.46
3.28
3..
113.59
104.48
120.14
114.72
102.30
85.52
91.97
109.64
113.48
3
3.75
2.98
3.23
3.87
4.93
4.49
3.48
3.29
Feb. 24..
113.38
103.38
119.69
114.30
101.06
84.14
90.14
109.05
113.27
24
3.81
3.00
3.25
3.94
5.03
4.61
3.51
3.30
17—
113.30
103.38
119.69
114.30
101.23
83.87
89.99
109.05
113.27
17
3.81
3.00
3.25
3.93
5.05
4.62
3.51
10..
113.21
103.20
119.69
114.09
101.06
83.60
89.69
108.85
112.45
10
3.82
3.00
3.26
3.94
5.07
4.64
3.52
3.29
3—
113.16
102.84
119.47
113.68
100.88
83.19
89.10
108.66
113.48
3
3.84
3.01
3.28
3.95
5.10
4.68
3.53
3.29
27— 112.59
101.94
119.03
113.07
99.83
82.00
87.93
107.88
113.86
27
3.89
3.03
3.31
4.01
5.19
4.76
3.57
3.32
20- 113.18
103.20
119.69
113.48
101.06
83.87
89.55
108.66
113.48
20
3.82
3.00
3.29
3.94
5.05
4.65
3.53
3.29
13— 112.93
102.66
119.47
113.07
100.53
83.06
89.10
107.88
113.27
13
3.85
3.01
3.31
3.97
5.11
4.68
4.57
6- 112.95
102.48
119.25
112.25
100.53
83.06
88.80
107.69
112.86
3.86
3.02
3.35
3.97
5.11
4.70
3.58
3.32
High 1939 117.72
106.92
122.40
118.60
104.11
87.78
94.33
111.84
116.21
High 1939
4.00
3.34
3.55
4.10
5.26
4.76
3.76
3.64
Low 1939 108.77
100.00
112.45
108.27
98.28
81.09
87.93
104.30
106.54
Low
3.62
2.88
3.05
3.77
4.77
4.34
3.37
3.16
High 1938 112.81
101.76
118.60
111.43
100.18
82.27
88.36
107.11
112.05
High 1938
4.70
3.34
3.85
4.68
6.98
6.11
4.23
8.76
88.80
112.45
102.66
89.10
62.76
71.15
96.11
104.30
Low
3.90
3.05
3.39
3.99
5.17
4.73
3.61
3.36
4.05
3.15
3.55
4.10
5.39
4.96
3.76
3.43
4.05
3.28
3.50
4.10
5.32
4.50
4.04
3.61
Jan.
Low
1
1938 109.58
Feb.
Jan.
6...
1
Yr. Agn
Oct. 6 '38 112.46
99.14
116.43
108.28
99.14
113.68
109.24
98.28
104.30
110.63
Oct. 6, 1938
98.28
80.33
91.81
99.31
107.11
Oct. 6, 1937
*
Years
3.30
Ago—
85.10
2
8.38
1938
Year
79.45
2 Yrs.Ago
Oct. 6 '37 1
1939
3.30
Ago—
"typical" bond (4% coupon, maturing In 30 years), and do not purport to show either the average
They merely serve to Illustrate In a more comprehensive way the relative levels and the relithe movement of
These prices are computed from average yields on the basLs of one
level
or the average movement of actual price quotations.
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
The
The
the United States During the Month of September
the Calendar Year 1939
Capital Flotations in
and for
new
the Nine Months of
securities market virtually
September with
no
published In the Issue of Aug. 19, 1939, page 1086.
ceased to exist during
prior
only $8,839,150 being sold by
corporate issues publicly offered
to the 18th of the month and
public offerings between that date and the month's close.
Private
sales
of
$81,355,000
placements to $90,194,150.
in
September,
one an
the
brought
month's
total
Two private sales announced
issue of $75,000,000 New York Tele¬
phone Co. ref. mtge. bonds, the other
New York Power & Light
approval of public authorities and
inately closed during that month;
included these issues in
our
an
issue of $66,582,000
Corp. 1st mtge. bonds, required
therefore not defhave therefore not
were
we
totals.
The unsettled situation created by the European war was,
of course, responsible for the absence of offerings in the first
half month and the small volume in the latter half.
Even
the United States Treasury felt obliged to postpone the
financing operations which it would customarily have carried
out on Sept. 15.
A number of large issues which were registered in time
to have been offered in August or September, offerings of
which have been postponed, aglgregated in excess of $200,000,000.
Although in one or two smaller instances post¬
ponement was the result of rulings of regulatory bodies, the
reason
for delay, for the most part, is traceable to the
European situation.
There was a distinct tightening of
long-term money rates in August and most of September,
as evidenced by a rise in yields on Aaa bonds in Moody's
compilation from 2.90%
on Aug. 1 to
thereafter the rate relaxed somewhat.
3.34%
on
Sept. 25;
Of the $90,194,150 total corporate placements in Sep¬
tember, $16,109,150 was for new capital and $74,175,000
for refunding purposes.
The new capital figure was the
smallest since last January and the refunding the smallest
since March.
The September figures are in marked con¬
trast to August's, which were distinguished by being the
largest in the aggregate since June, 1937.
In August
$315,297,641 refunding and $25,394,844 new capital issues
were placed, an aggregate of $340,692,485.
In September,
1938, total corporate financing amounted to only $150,072,841, but $84,937,241 of that amount represented new
capital.
In the first three-quarters of 1939 corporate flotations
have totaled $1,656,031,538 compared with $1,353,075,687
in the same period of 1938.
Refunding operations this year
have accounted for the bulk of the total, whereas last year
less than half the total went to that purpose.
Thus, new
capital issues in the first nine months of 1939 amounted to
$301,796,047, while in the like 1938 period they were $705,012,192.
Municipal financing was affected by the war in Europe
more drastically than corporate, with the result that
offerings in this category in September totaled only $23,'377,898, the smallest since April, 1933, when $10,899,995
municipal issues were placed.
The Federal Intermediate
Credit banks were the only representative of the "Farm
Loan and Government Agencies" group to carry out any
even
The Commercial & Financial Chronicle
2140
financing operations in September; and they operated on
larger scale than usual.
In addition to raising funds
the banks
Sept. 8.
They entered the market again on Sept. 28, when they sold
$30,800,000 debentures, of which $30,200,000 was for the
purpose of meeting Oct. 15 maturities.
The debentures
sold on Sept. 8 had a 4Yi months maturity and were sold
at a price to yield 0.50% in comparison with a yield of
only 0.15% on an issue of similar maturity sold in August.
9H months issue sold at the end of September was
priced to yield a little more than that sold early in the
month, but the terms were regarded as more favorable,
considering the longer maturity.
The following tabulation of figures since January, 1937,
shows the different monthly amounts of corporate financing
as revised to date.
Further revision of the 1938, as well as
the 1939, figures will undoubtedly be necessary from time to
time, particularly as additional private financing is brought
to light in annual reports and other places.
retire $20,650,000 debentures maturing Sept. 15,
sold $9,350,000 debentures for new money on
CORPORATE
7, 1939
The
a
SUMMARY OF
Oct.
FIGURES BY MONTHS.
*1939
1939.
1938 AND
1937
♦1938
*1937
New Capital
Refunding
Total
New Capital
Refunding
Total
New Capital
Refunding
%
i
$
S
$
$
S
$
5,827,032
10,386,300
16,213,332
23,570.572
13d.115,000
159,685,572
January...
Total
%
52,979,191
46,688,660
99,667,851
46,364,596
40.851,910
23,995,213
58,643,000
82,638,213
96,594,477
154,587,030
139,243,338
82,376,795
193,189,960
275,566,755
111.211.719
125,008,990
236.220,709
390,424,845
624,722,996
1,015,147,841
April
77,060,042
258,809,392
21,240,443
25,691,650
78,433,361
63,266.450
79,401,795
182,742,443
11.683,361
37.574,800
66,750.000
May
June
30,241,064
181,749,350
161,502,000
251,798,424
282,039,488
202,315,995
98,791,000
301,106,995
83.010,572
276.128,467
88,128,403
92,220,363
167,530,198
175,230,935
431,501,646
Second quarter
128,541,549
595,049,774
723,591,323
251,574.156
191,232,650
442.806,806
438,540,834
335,721,945
774,262.779
Six
210,918,344
788,239,734
999,158,078
362,785.875
316,241,640
679,027,515
828,965,679
960,444,941
1,789,410,620
185.820,831
338.154,500
150,072.841
81,745,046
50,872,836
58,130,528
113,745,862
39,385,636
139,875,574
108,066,908
153,131,498
February
March
First quarter
months
4,141,400
50,505,996
62,224,590
103,076,500
July..
49,463,709
176.523,116
225,986,825
130,275,506
55,545,325
August
25,394,844
315,297.641
340,692.485
16,019,150
74,175,600
90,194,150
127,013,570
84,937,241
211,140,930
September
Third quarter
90,877,703
565,995,757
300,241,439
394,607,581
320,298,821
155,373,179
57,194,072
...
..
342,226,317
331,821,855
674,048,172
246,363,744
154,710,236
401,073.980
648.063,495
1,353,075,687
1,075,329,423
1,115,155,177
2,190,484,600
274,237,144
338.158,754
66,986,500
107,701,800
151,222,673
310,037,575
46,607,522
71,552,500
1,120,000
20,852,269
138,539,000
37,208,768
250,493,300
632,432,244
799.419,002
149,682,790
93,524,769
243,207.559
871.998.950
•
705,012,192
166,986,758
:
656,873,460
59,544,275
.
301,796,047
1,656,031,538
63,921,610
43,520,873
-.J.:
i.....
Nine months
1,280.495.739
2,152.494 689
1,225.012.213
1,208,679,946
2,433.692,159
.........
1,354,235,491
October
November
December
Fourth quarter
Twelve months
♦
65,135,600
203,646,962
240.020,651
181,055,483
36,088,768
.
Revised.
Treasury Financing During Month of September, 1939
Financing operations of the United States Treasury were
restricted in September to weekly bill offerings and "baby
bond"
sales.
More
extensive
operations, customary in
September, were postponed because of the European war.
Prior to the outbreak of hostilities discussion centered around
the possibility of the Treasury seeking new
money
on
Sept. 15, in addition to the expected refunding of $526,232,500 series B 1^% notes maturing next Dec. 15.
On
Sept. 1, however, it was decided definitely that no new
money would
be sought and on Sept. 5, after Secretary
Morgenthau's return from Europe, it was announced that
no long-term
financing would be attempted on the quarterly
date.
Weakness
in
the
Government market during Sep¬
by sharp declines in prices in the first
21 days of the month and large open market
purchases by the
tember
was
attested
Federaf Reserve System.
Offerings of bills in September were taken on a considerably
higher yield basis than any previously sold this year and
although the rate eased perceptibly in the latter half of the
month, the yield on each of the four weekly issues topped
the previous high for the year—0.076%—reached at the
end of August.
The bills dated Sept. 15 went at 99.960,
yielding 0.159% on a bank discount basis, while those
dated Sept. 27 yielded 0.082%.
That bills were in heavy
demand, however, was evidenced by the heavier-than-usual
oversubscription which increased with each succeeding issue.
For
the $100,000,000 offering of
Sept. 22 subscriptions
aggregated $548,014,000, which was the heaviest for any
bill issue since October, 1935, when an
offering of $50,000,000
attracted bids of $288,950,000.
Proceeds of all bill offerings in September were allocated
for the redemption of
maturing issues.
"Baby bond" sales in September totaled $47,234,2 4,
bringing the total for the year to Sept. 30 to $679,954,766
^ In the tabulations which follow we outline the Treasu
's
financing activities in the first nine months of 1939:
UNITED
STATES
TREASURY FINANCING
MONTHS OF
DURING
THE
1939
Issued
Retired
$
$
Net Issued
dated July 8,
1939, page 171.)
Date
Amount
Dated
Offered
Amount
Applied for
Date
Accepted
Price
First 6
months
total
4.771,888.683
June 27 July
91
days
6 July
14 July
91
July
91
July
20 July
91
July
Jly 1-31 July
100,563,000
99.996
days
282,433,000
259,665.000
100,392,000
99.997
*0.014%
*0.012%
days
299,680,000
100,861,000
99.996
*0.015%
days
240,195,000
89,165,148
100,240,000
99.995
*0.019%
75
*2.90%
99.995
*0.022%
10 years
tot&L
July
89,165,148
491,221,148
27 Aug.
2
91
days
275,391,000
101,030.000
3 Aug.
9
91
days
256,175,000
100,429,000
99.992
Aug. 10 Aug. 16
91
days
100,104,000
99.992
*0.032%
91
days
242,224,000
218,404,000
100,858,000
99.989
*0.042%
Aug. 25 Aug. 30
91
days
320,012,000
100.403.000
99.981
*0.076%
Aug 1-31 Aug,
10 years
73,169,481
73,169,481
75
*2.90%
July
Aug.
Aug. 18 Aug. 23
Augu st
1
.
total
Aug. 30 Sept.
2,015,724,000
%
1,401,880,000
July—
Certificates
91
6
days
322,135,000
99.973
100,358,000
91
days
340,813,000
100,107,000
99.960
*0.159%
91
days
480,166,000
100,046,000
99.968
*0.125%
Sept. 22 Sept. 27
91
days
548,014,000
99.979
Sep 1-30 Sept.
10 years
47,234,254
100.726,000
47,234,254
*0.082%
*2.90%
Sept.
1
Septe mber to tal.
Total
*
75
448,471,254
9 mos_
6.287.574.566
Average rate
on
a
bank
discount
basis,
x
At
par
and slightly
y
At fractionally under par; bids ranged from slightly above
t
96% at par and 4%
at 99.999.
a
USE
$385,000 at
par;
Type of
Total Amount
Accepted
$
First 6 months
July
5
total
4,301,502,800
91-day Treas. bills
bills
100,563,000
100.392,000
91-day Treas.
100,861,000
26
91-day Treas. bills
100,240,000
100.240,000
1
U. S. Savings bonds
July total
100.392,000
89,165,148
89.165,148
491,221,148
2
91-day Treas. bills
Aug.
9
91-day Treas.
402.056,000
101,030,000
bills
101.030,000
100.429,000
91-day Treas. bills
100,104,000
bills
100,858,000
100,858.000
100.403,000
100,403,000
Aug. 30
91-day Treas. bills
3,449,000
162,288,000
Aug.
1
U. S. Savings bonds
165,737,000
17,449.000
148.288,000
1,200,000
127.800,000
51,100,000
2,738,000
48,362,000
August total.
Sept.
100.429,000
73,169,481
575,993,481
total
180,100,000
3,938,000
176,162,000
19,000.000
xl2,069,000
43,000.000
74,069,000
x31.069.000
2,404,561.000
1.497,336.000
907,225.000
43,000,000
total.
Total 9 months...
Comprises
sales
of
special
series
certificates
and
notes;
certificates
sold
to
Adjusted Service Certificate Fund and Unemployment Trust
Fund, and notes to
Old Age Reserve Account, Railroad Retirement
Account, Civil Service Retirement
Fund, Foreign Service Retirement Fund, Canal Zone Retirement
Fund
Railroad Retirement Fund,
Corporation,
91-day Treas. bills
100,358,000
91-(jay Treas. bills
91-day Treas. bills
100,107,000
100,107,000
100.046,000
100,046,000
91-day Treas.
100,726.000
x
Postal Savings System and
Excess of retirements.
73.169,481
100,726,000
bills
U. S. Savings bonds
Sept. 1-30
total.
Total
9
100.358,000
47,234,254
448,471,254
47,234,254
401,237,000
47,234,254
5.607.619.800
679.9.54,766
xl9,000.000
55.069.000
_
Notes
September
6
Sept. 13
Sept. 20..
Sept.
Certificates
—-
73,169,481
502,824,000
Sept. 27
September—
89,165,148
100,104,000
91-day Treas.
114,000.000
August—
Notes
$
470,385,883
100,861,000
129,000,000
•
Certificates
August
12
19.
Indebtedness
100,563,000
July
July
165,737,000
July total
par
99.999
New
Refunding
$
4,771,888,683
91-day Treas. bills
above
par down to
balance at 99.999.
OF FUNDS
Security
Dated
14,000,000
Notes
*0.108%
8 Sept. 13
Sept. 15 Sept. 20
Aug.
613,844,000
*0.032%
575,993,481
Aug. 23
.
Yield
$
Aug. 16
First 6 months total
NINE
(Detailed figures for the first six months appeared in the issue of the "Chronicle"
july
INTERGOVERNMENT FINANCING
FIRST
1939
«uly
»
*
67,459,791
Federal
Alaska
Deposit Insurano
mos.
In the
comprehensive tables
on
compare the September and nine
for the corresponding periods in
thus
the succeeding pages
we
months figures with those
the four years preceding,
affording a five-year comparison.
Following the full-page tables, we give complete details
of the capital flotations during
September, including every
issue of any kind brought out in that month.
3
O
O
C
O
c
a
a
to
o
to.
5
rt>
n>
o
to
£3
£3
o
Ki.
fcr
o
q>
H-*
-—
£3
to
vo
271,39.0
Total
630, 0 1,0 ,0 2,8 6,920
275,83920 12,70 0 148.70,64 437,24.560
16,50 0 164,720 24,0 0 1,250, 0 65,0 0 475,0 0
271,39 0
630, 0
630, 0
2,549, 20 1,20 , 0
Refundi g 7,50 , 0 14,8720 1,7650 65,0 0
29,1370
630, 0
630, 0
9,0 ,0 19,30 0 12,350 1,250, 0 475",6 0
42,60
Total
Refundi g 29,1370 630, 1.0 ,0
230,76 0 12.70, 0 21, 716 264.78,16
Capit l 42,60 2,86",920
1935
45.086,920 127,658924 172,458
204,65.0 26,13426 19,20874
250. ,140 158,74.53 409,3 69
Total
156,230 18,694"30 53.0
175,4603 56,014 09 231.47,39
Refundi g 20, 0 16,05 0 14,6830
-
New
Total
$
1935
Capit l
"
New
50 ,0 0
3,826,920 16,50 0 164,720 26,549 20 3,082,0 65,07 0 475,0 0
275,83920
1.0 ,0
2,549, 20
1.0 ,0 7,50 , 0 14,8720 1,7650 1,630, 0 65,0 0
230,76 0
20 ,0 75,0 0
2,8 6,920 9,0 ,0 19,30 0 14,78 920 1,4520
75.0 0 475,0 0
45.086,920
4~,"o ",6 750, 0 20.193,480 1,098 30 3",509^30 6",873",40 45,2.140 24,750 12,05 0 5,70. 2,93480 1,098 30 4,50 , 0 3.509,3 0 8.37 ,45 250. ,140
24,750 17,05 0 5,0 0 2",iobZ6 4.50,0 1",50",60 204,650
8
75,0 0
:
1936
Refundi g
'I-
-
$
1936
4",~5bo",6
156,23.0
-
I
I
1
1
1
1
1
1
1
1
1
1
New
87,0250 10 ,0 53,94 0 1.734,09
1937
153. 1498 3,250, 0 20. ",6 48,35 8
381,0 574,0
Total
Ref
YFOSTFMELIAIPNAUVHAORCBRPDNGL
10 ,0
Capit l 87,32150 15,6428 1,6094
$
New
Total
1",0 ",0 1,07.841
148,05
24,8163
13,745862 3,250, 0 41,05 83
FYOSTMEEIPOATVHRNMFBSE
158,0467
1937
381,0
1.30 , 0 1,50 0 48,0 0 70 ,0 0 25.46,50 ~375~,0 5
87,32150
Refundi g
Neiv
«
<
t
175,4603
1
1
t
1
1
1
1
III
1
1
1
1
1
t
—_
III
I
1
I
I
I
I
I
I
1
1
1
1
I
I
"
750",6 8,475",480 10,98 30 _ 6.873,40 26,197810 4, 75,0 41,067.0 10,57 486 10,98 30
8,37",456 74,589 10
;
10 .0 0
162,50
10 ,0 0
381,0 0
"
Capit l
FSUTNOAITREED
87,0250
•
1
T,5b ~6 48,3920
4. 75,0 4d,317~6 2,10 ",bo
700"
1,30 , 0 1,50 0 48.0 ,0 "666, 25,4650 756",0
Total
20,347120 4,2430
575,078
162,50
10 ,0 0
14,3248 1,24 30
575,078
"
6,04,63 3,0 0
10 ,0 0
65,3289 1,30.0 1,50 0 48,0 0 5862"0 , 45,893620 4,2 30 756,0
6,04,63 3,0 0 381.0
39,0463
575,078
26,34 62 1.30,0 1,50 0 48,0 0 "8562"0 ,39.8 ,984 1,24 30 375,0
39,8563
575.078
65,13 60 5,60,0 21.59 263 92,34.863
148,05 0
2,017.841
2,017,841 740. 0 4,360 30, 0 42,017841 25.0 ,0 7,89,0
150,72841
Refundi g 41,824.0 16,bo"60 7,13",60
64.95,60
180, 0
180, 0
41,82"06 16,80"O 7.13,6
65,13 60
83,09 40
1,837 41
1,837,841 740, 0 2,612,0 30. ,0 25,837 41 25,0 0 747,40
84,937241
740, 0
Total
84,937241 8.40,0 52,69 15 146,03 92
"
820
"
New
4,360 30. ,0 40, .0 25,0 0 7.S9.0
1938
740, 0 2,612,0
New
9 .150
FGFCOOAVREREPNIMGNATT,, ONICSOREPUFWEAT
notes- . agencis,&_t. bSfFftreamtuaohodungnicperydidalssleys Notes— '-_ _ manufctrig _ &c _ Notes— _ . manufctrig &c_ . and'mufctrig &c . manufctrig &c._ i.
1939
50 ,0 0
35.19 0C 53,0 0 1,9 150
"
90,14 50 60,8 .0 23.7,89 174,32048
50 ",6 1, 9 ,150
New
13,7650 19,470 1,60,0 "360.65
Total
74,150 50.8 0 8,126.35 13,53
Refundi g 20.S750 53,0
OSUMFARY Capitl 14,320
13.745862
IN
Refundi g 64,95 60 ISCbO
Total
153, 498
30, 0 24,0 .0 25,0 0 747,40
Capit l
150,72.841 14",O ",0 74,29541 238.6,25 Governm t. THE
Capital 83.09,40 ,0 1,07,841
1938
New
39,8563 20, 0 7,384,50 6,70136
38,40.63
unding
Capit l
$
1
1
74,589 10 102,7 14 50 ,0 0 17,859. 4
4",b"o"o",
11
1
Capital 48,3920 7,439,36 18,75.84
"ZI
060 10,6718", 3",509",30 19,27.30 20, 0 12,05 14,6830 70168". 4",5boZ 3.509^30
1
35,19 0 3",0",60
50. 0 53,0 0
60 ,0 0 230", 0
20,8750 3",0",60
50, .0 53,0 0
70 ,0 0
1939
AGCRHONARUPDITNE Refundig
19,3450
125,0 0
Capit l 13,065 0 1,0 ,0 130",60
16,09150 9,50, 0 15,2154 41,20695
360"
1.60 , 0 1,69 ,150 13,7650 2,70 1,69 ,150 "660, 51.60 , 60 90.14,50
70 ,0 0
9 ,150
14,320.
$
"
New
2,6450
60 ,0 0
~23~o",6
50,bo"06 74,150
1,60 , 0 1,69 ,150 13,065 0 125,0 0 1.09 ,150 13b~,6 f,60 ",6 0 16.09,150
"
OSEPTMFBR bonanodtess _ stock stock Boands _ stock stock foreign— bonanodtess stock stock corpate Governm t forgeoveirngmn Gavntd, PSosteaiens toa.l difnigcnluuordeets OFSEPTMBR Boands __ util es &ccoopaelr,, manuft acesori indausntrdl &buildcng_s. htoralddiinngg,,Miscelano_us Boands utile.s. &ccoopaelr,, manuft!_ acesori indausntrdl &buildcngs, ; htroalddiinngg,,Miscelanous util es &ccoopal,, manufctres oi industral b&uilcdn_gs, htoralddiinngg,,Ianeou_s utiles &ccoopa_l,, manufctres oi indausntrdl &buildcngs, htoralddiinngg,,Miscelano_us sceocrupritate.
♦Municpal—Stes,
MONTH
D—Corpate omestic— Long-term Short-em Pref red Com on Candi — Long-term Short-em Pref red Com on Other Long-term Short-em Prefred Com on Total Candian Other Loan
Farm
Grand
United
These
♦
MONTH
Long-Term Railrods. Public Irsoten,l, quipment Moatnords Land, Rub e_r. Ship ing trust , Short-Tem Railroads Public Irsoten,l,Equipment Moatonrds
Total
E
Other
Inv.
Other
Land,Rub er
Ship ingItnv.ur st ,
Total
Stocks— Railroads Public
ste l,Equipment and
Iron, Motors Other Oil. Land,Rub er
Total
Ship ingItnv.sru t ,Miscel Railroads Public Irsoten,l,Equipment Moatnords Other Land, Rub er. Ship ingItnv.sru t ,
Total-
Oil
Total
1,597 ,2076,0 0 95,357092,0537 4.98.0 3,5981,93
.457,0 47,30. 82,03.80 1.93.20
Total
Refundi g 1.27805,69 39.2450 49,3 80
7,1.36 4 96 6,0 0 864,59370 35,27.814, 30, 0 2,61.934,07
17.391S048,45,0 3,470 1,93 20
94,7620 596,7 192568,0 0 92,647.916
230,54 72
54,70 204,97312 38,1758 38,0 .0
3,6027,3048,0 0 5,0 034,098.60872.3068153,:5,0 4,68235.14
Refundi g 2,36 0 .4 35,76250 143,6752301,371 43 30, .0
2,58 4,1348.0 ,05,0 0 321,9860 312,4o538S1,750, 0 3.21, 9801
$
1935
Capit l
$
New
2,95872,90
Total
1936
175.643,0 75,826.0 1S2,0 . 0 bob,7941,194,765 014,50 07,028.0
Total
Refundi g
1935
$
7. 4 .0
123,8960734,52.0 149,25.6 2,41,0 154.2 ,10 0.281,505.60, 0
7. 4 ,0
Total
48,3071", 9.1 97, 20
20, 0. 05,0 .0 2, 45.0 6,0 ,0
6,0 ,0 39,245,0 5,0 ",0 13.762,0 1 ,20 0
19.37180 49,3 80 123,8960759,420 168,076 2",4l",bo 167,9 10 6,281 505,6 0. 0 3,15,80 1.36, 4 96
17.391,804
Capital 51,73 2041,284.0 32,7543 5,0.0 40,513.40 4,218.7501,368,0
6,0 ,0 47, 30. 6,785.2 021.3 ,920 16,453",7505,075.0
1,278.05,69
New
1.45, 7.0
20, 0, 00 .0 b. bo.cbo4,730. 06,0 .0
6,0 ,0 2,485,0
8,4 5,0 1.785,2 07,549, 20 5,2 3,750 75,0
25,0 CO 4,63920 51,753,2043,069.250 4,30425 1,50 0 48,25 109,23.7501.368,0 25,0 0 230,54.72
5
691,23901,325678,0320. C0 23, 0. 170,51"0 264,0 0 13,2790 bo ",0 0 15,40*. ,S7290 30, 0, 01.850, 02,0 .0
"
2,963
1936
Refundi g
5
8,125,0 4,50 , 0 245,0 0 7. 50, 0 54, 70, 0 28,59 7638, 6, 567,462,40 4. 85,0 30,8 9.84350 ,0 0 3",509",3 01 .9250 76, 7.941
169,32897 342,84 30
175.6430 802,61250 8,31.920 13",94l0 215,94 25015,70 7,028,CO 58,15.80 1,597 .20
721,93.0 1,35624, 331,086 5 30.682,40 4,85,0 347,6937 29,38 43 14,02 0 4.109,301,9250 239,867941 3,60.27,30
25,1748, 6315 ,25.38 4213,97 2 0,73450 137.25,76240, 19639,712.0 351,47*200". 2,39 06,34 15.0 ,0 60 ,0 02.O0 . 0 8,125.0 2, 87,50 7. 50", 0 35,762.50 25.827,12*4,184,0 523,90 69,70.361,43^9 3,509,3 0 35,08",530 49,876315 219,78 5 20,73450523,90 214.0 92 58,47321 9,712,0 3",509",30 74,259,16
2,58 4.13
15,046973 1,28965,2
'
5S5 601 904 950 100 305 631 000
Capit l 563,8 560 IS,70 50 6,42 082126.85,7 8,0 .0
7 .S197 21.90, 059,87142 1.57,0 1,36 28.34
$
New
82,0 < 43S.6413 278.461, 9
2,19048,608,250. 134,0 0328,7140 741.6S528
Refundi g 726,09351 6.82390263,57906 8 ,1428 0
85,0 0 134,0 0196,740 169,7 65
1.70,64892
1,3945,0
$
1937
Capit l 206,417.58 70,139 6 106, 2482,496,50 34,02574 23,9580373,567,0 "bo ",0 124,09430 571.836,50 15,0 0 1,250, 0
1, 5 ,17
FYIEVARS
SF3YEOIVP0ART,
SFTNMEAOSHFI3EDROP0TR.
FGOOFLRAVMEEFURIINNTGMEAMNCODHNPDRTL,GS
bSfFrottmGaoaeuhongidcyvienpdlrsneysml^
Total
%
1,304 9.65
6,0 ,0 34,1052 8,568,267
62,50
1,3507,68
Refundi g 64,102695 2,758,0 1,20 ,80
Capit l
Neic
60,237.0 3.24,0 32,90 4258,568,267
62,
_
COISRTUPNHIAEED
0C0 797 000
,50
$
705,12.9
425,850.58 ,79 ,
5,236,
1,724895.
V
_
Total
$
1,29605. 76,810 147.39,4056,31098 79,50 0
_
CORPATE,
Capit l
New
SOUM AFRY
365,18
Refundi g 1,073 8.46 72,30. 0 128,9 67 79,50 0
%
1939
%
2 .93406 4,510 18,406 73 5,945 10
601,65 3 8 7,50 0 1,9065*32 904,38.510 450, 0
1,354.2 91
8.250, 0
GONREUFPWI
1.257,8.325 147,5609
301,796.047 59,20 648,5 "0 756,814
450, 0
"
35,90, 0 45,37608 4,978,14240,6 54 304,65012,7345318,43198 46,38037 2,49 ,490 69.1 79 365,103.694 21,8450 107,8190 130, 9604 1,40,650 18,49 53 271,8061 69,25 37 0 03.14 , 90 "250*50 143,52 679
1.075,3294
7,702
25.93,0 720,6 195 3,507. 125,60 0 ,0 16.29,50 45.0 ,0 4,0 .0 2,790, 0 1,304. 9,65 2,0 ,0 750, 0 150, 0 1,0,0
2,0 ,0 6,0 ,0 6 3.091.425 1,36 ,92 36,08 618 862,50
10, 0 50,73 9654,52,0 37,81 253,689305 12,35860 45,0 0 890, 0 64,102695
000 120, 0 21 .0 0
1,67 ,0 2,758,0
30,0 0 8 9,0 0
323,0 0 3,24 ,0
211
1938
Refundig
750
Capit l 15,930 219,5 230148,95.0 87.28,175178,30695 4,270,90 0 .0 1,90,0 60,2370u 2,0 ,0
4
New
Total
1939
CAHARNTDE
1,76.841,6
1,70 , 0
36.823,920 86,31025 4,9109 162,850 62,076*58112,0675 682*5 6 26,391859 351,72.906 108,71.0 601, 548 9,067149 162,8504,934,60 10,253.469 148,5 76 21, 40 682,50 29,52359
1,5 ,17
664
$
91,37 0 823,498.0 13,50 56,09.20 217,0 8.145.0 13,75 0 62.075,0 9.50,0 5,260, 0 5 0. 0 9.0 ,0
1,375 .0
Refundi g 31. 8,0 780.9530 94,0 0 23,7 53 16,72 53 5,47 ,0 12,75.0 42, 50 1,52 81,436 9.50 , 0 3,80 , 0
4,312
35,9*0", 0 82,0 0 91,28 394 5,91753 467,50 12,73453250, 8570167,4 .802 3,176",9 0 58330 8 716,825.60 30,5630 78,9673429,076 53 1.567,50 23,4 5337.134,07 317,203 28, 6.0 3,826,9 0 250, 0 173,1803
2.190,48.60
80 ,0 0
Total
3,961
2
95
Refundi g 107,2680 480.21,3 4,076 50 4.934.60538, 768 27,3480 21. 4,0 3,20 .50 726,09351 1,450, 034,573,920
New
726.35,0 695,43 565,236.0 2.79,82.3
648,03495 30,85.0 106,37 49 1.05,8624
$
1938
18,70 50 768,635 4,702.7567,462,40 3.961,0 9.52,61 4,76.094 1,9250 41,57941 187,23 857 2 1.417, 74,158,1 ,304,9,958, 13 ,618,40,916, 60 ,0 01,9250 165,08.41 7 .681,97
2,50 , 0
650, 0 250, 0
60 ,0 0
Capit l 217,4950 10,4768 8,089501.0,0 5,765,40 81,74861212,89/50 7,02,0 38, 450 849,649 4,350v 02,76,08
1937
1.075,329.4 132,0 0571,90763 1,78241,86
New
650, 0 250, 0
60 ,0 0
324,7630 580.3290 132,850 1,0,0 10,7 .0 120, 5 0 150,24 50 28, 60 41.58,0 1,3945.0 5,80.0 37.50,
Total
3,250, 0
Capit l 64,89.6 45,37608 174,85.06 190,38629
%
50 .0 0
Netc
3,48130,28
%
Total
2, 12,50 245,0 0
10 ,0 1,234.520
42,73592 25,93,0 76252,3501 15,6239 16,390618 2 .96250 16,29.50 45.0 0 4,~ib ,b 6,024,520 1,3507,68
20,30
1,20 ,80 10, 0 50,73.9655,302, 0 39,184325 .90 ,3 512.358,60 45,0 0 2,587,30 648,03495
10 ,0 0 1,2 4,2 0
41,53 192 15,930 24,60.5 10,32.9 12,06293 180.62,195 4,270,9 0 4,10 , 0 3,4 7,2 0 705,12.9
1, 82,50
3,091,425 1.36 ,92 34,89 1 8 862,50
52,0,0 76,810 132.91,60 2,0 ,0 2,68b'of>56,924516 1,275,0 ,956 7,691,02 203,76038 10,873.0 961,79.0 16,05 2,680, 0 12.93716 27,350 8,145.0 213,90 13,75 0 12,6 02
1,6503.8
"
9,0 ,0
50. 0 72,30. 0 127,453296
60,2350 42,51 970 8.60,0 32,691 47 5.37,47 2,671,0 1,0 ,0 19,850 2 ,934.06 1,460, 0 5 0, 0
Capit l
213
365,18
1,53 ,571 129,3540 40,6380 912.38,62 94,0 0 23,742 1 170.26,53 5.47 ,0 12.75,0 93,760571
2.50 , 0 4,510, 0 5.468,304 2,0 ,0 2",680. 556, 9328 1,275.0 ,95 6,15 ,451 74,351983 60,235.0 49, 1.274 1,50 2~,680,5 89,250975 6,48 7 2.671,0 213,90 i",o "~.b 28,50 451 301,796.047
"
New
213
notes. notes. notes. agencis._&t, finucldse S3EP0T. Notes— manufctrig h&olcdin_g, Notes— manufctrig h&oldicng, manufctrig h&oldicng, manufctrig h&oldicng,
ESN3EDP0T.
bonadnsd stock stock bonadnsd stock stock bonadsf 'skcot stock corpateGovernmt governmtGanvd,^Municpal—StesP,osein fdignuorest MEONNDTHS LBonog-anTedrmsRailroads utiles &scctooepall,,,Equmipanmufectnrtes anodi indausntrdl _b&uildncgs, ttrraudsitng,,Miscelanous SBhoort-anTedmsRailroads utiles &scctooepall,,,Equmipanmufectnrets anaodi indausntridl b&uildncgs, ttrruadsitng,,Miscelanous ;Stocks—• Railroads utiles &sccotoepaell,,,Equmiapnmufectnrets anodiindaustril b&uildncgs, ; Miscelanous Railroads utiles Equmiapnmufetnt aacensodri indaustril -b&uildengs, Miscelanous csoercpuriatte
ttrraudsitng,, &scctooepaell,r,.
ttrraudsintg,,
DtCorp ae— omestic— Long-termShort-emPref redCom onCandi — Long-termShort-emPref red Com onOforetighn—er Long-termShort-em Pref red Com on TotalCan dianOfotrheiergn Loan USntaiteeds Grtoandal
MONTHS
9
1,3542,91
Farm
These
Total
*
9
Public Iron, Motors Other Land, Rub er
Oil
Ship ingInv.
Total
Public Iron, Motors Other Oil. Land,Rub er
Ship ingInv.
Total
Public Iron, Motors Other Land, Rub er
Oil
Ship ingInv.
Total—
Public iron, Motors Other Land, Rub er Ship ingInv.
Oil
Total
Volume
OTHER
DETAILS OF NEW CAPITAL FLOTATIONS DURING
SEPTEMBER,
NOTES
AND
BONDS
LONG-TERM
FIVE
THAN
(ISSUES
MATURING
LATER
v;,;-;'
*$2,100,0001 Chesapeake & Ohio Ry. 2Yi% equipment trust certificates,
2,100,000/due $420,000 annually, Oct. 1,1940-49. Fin-pose, purchase of
new
equipment.
Awarded to Hasley, Stuart & Co., Inc.;
Paine, Webber & Co.; Blair & Co., Inc.; Otis & Co.; E. H.
Rollins & Sons, Inc.; Sheilds & Co.; A. C. Allyn & Co., and
First of Michigan Corp.
The 1940-44 maturities ($2,100,000)
were placed privately.
The 1945-49 maturities ($2,100,000)
were
reoffered
at
prices to yield from 2.25% to 2.70%,
according to maturity.
*$700,000 Norfolk & Portsmouth Belt Line RR. 114% serial promis¬
sory notes dated Sept. 1, 1939; due serially, 1940-49.
Pur¬
pose, refunding.
Awarded to Baker, Watts & Co. on bid
of 100.999% for and on behalf of Monumental Life Insurance
1
MISCELLANEOUS
their offering prices.)
OTHER
INDUSTRIAL AND
MISCELLANEOUS
Garfinckel & Co., Inc., 110,000 shares of
common
stock, par $1.
Purpose, purchase business of predecessor.
Price, $10 per share.
Offered by J. G. White & Co., Inc.;
Robert Garrett & Sons; Alex. Brown & Sons; Auchincloss,
Baker, Watts & Co.; Y. E. Booker & Co.;
Thorndike, Inc.; Barrett, Herrick & Co.,
Johnston, Lemon & Co.; Kirchofer & Arnold, Inc.;
Scott, Horner & Mason, Inc., and Stein Bros. & Boyce.
Parker & Redpath;
Childs, Jeffries &
Inc.;
Garfinckel & Co., Inc., 20,000 shares of
500,000 (Julius)
Water Co. 1st mtge. bonds, series A 4%,
Aug. 1, 1964.
Purpose, refunding.
Placed privately.
Bros. & Boyce,
AND
LOAN
FARM
Intermediate Credit Banks % % debentures dated
30,800,000 Federal
Oct.
16; matures 9Y months.
Purpose, refunding
200,000); new
capital
($600,000).
Price, slightly
par.
,
REPRESENTING NEW FINANCING
ISSUES NOT
$204,375 Anheuser-Busch, Inc., 3,750 shares of trust for equitable
interest in Anheuser-Busch, Inc.
Price, $54.50 per share.
Offered by Stifel, Nicolaus & Co., Inc.
BUILDINGS, &c.
$100,000 Sacred Heart Congregation of Oshkosh, Wis. 1st ref.
mtge. serial bonds, due June 1, 1940-51.
Purpose, refunding
399,450 Braniff Airways, Inc., 13,315 shares of common stock (par
$10).
P"ice, $30 per share.
Offered by T. E. Braniff,
principal and sole underwriter, to employees of certain com¬
panies, partnerships and corporations in whch Mr. Braniff
owns a substantial or controlling interest, to certain selected
individuals, and to the general public.
pay promissory note
($10,000), balance to pay
completing church building.
Price, 100M-101 and int.
Offered by B. C. Ziegler & Co.
($70,000),
cost of
of St. Francis of the Martyr St. George, St.
County, Mo. 1st mtge. real estate 3~3Y~3Y% bonds
serially Sept. 1, 1940-49.
Purpose, provide funds to
build additional sanitarium.
Price on application.
Offered
by Francis Bro. & Co.
100,000 Sisters
Louis
46.350 A. S. Campbell Co., Inc., 9,270 shares
Price, $5 per share.
Offered by Childs,
due
of capital
Smith, Burris & Co.
$1,250,175
*
$360,000
Friday Night,
expanding
index
steel
figures
to
expand
reaching
in
a
EPITOME
Oct. 6,
a
new
large
way,
peak.
The
higher electric power figures and
output,
record
coal
in car
loadings, indicate clearly the momentum of the cur¬
rent
production,
of
last
"Journal
the
pared with
speak of a
substantial
rise
For the week ended Sept. 30 the business
upswing.
index
not to
Commerce"
of
rose
1937 peak figure of 105.8.
a
September week
was
2.4 points.
to
107
as
com¬
The gain for the
The index of steel
production, according to this source, crossed the 100 mark
for the first time last wreek,
exceeds
now
1927-29.
duction
its average
Two
and
new
indicating that steel production
for the three prosperity years
of
records were set last week by coal pro¬
electric power.
So far European orders have
little part in the domestic upswing.
With all major steel companies virtually sold out for the
remainder of the year, following the most rapid advance
in the industry's history last month, pressure from buyers
played
for
an
Indicates issue sold
available
very
privately.
furnaces
in
were
blast,
or
77.5%
of
capacity,
Complicating the situation for the steel
companies is the strong buying movement among the rail¬
roads, which are demanding early delivery of steel so that
they can get started on equipment programs.
Railroad
business that has been placed or is definitely in sight will
take about 1,000,000 tons of steel, a considerable part of
which is being pressed on the mills for delivery this year.
Automobile companies are also pressing for steel shipments
as
their assemblies rise rapidly, despite the strike diffi¬
culties with which the industry is beset.
The "Iron Age"
further states that the general buying of steel has lessened
Age"
"Iron
1939.
National Chemical & Manufacturing Co. 60,000 shares
stock, par $1,
Price, $10 per share.
Offered by
600,000
of the Sacred Heart, St. Louis, Mo. 1st mtge.
3-3Y~3Y% real estate bonds, due annually Oct. 1,1940-1949
Purpose,
refunding.
Price
on
application.
Offered
by
Dempsey-Tegeler & Co.
TRADE—COMMERCIAL
capital stock, par $1.
Jeffries & Thorndike,
Inc.
160,000 Ladies
activity continues
($30,above
Offered by Charles R. Dunn, New York.
$60,800,000
$19,470,000
business
GOVERNMENT AGENCY ISSUES
$30,000,000 Federal Intermediate Credit Banks %% debentures dated
Sept. 15; matures AY months.
Purpose, refunding ($20,650,000); new capital ($9,350,000).
Price, slightly above
par.
Offered by Charles R. Dunn, New York,
*125,000 West Virginia Water Service Co. 1st mtge. 4s, series due
1961.
Purpose, additions, betterments, and acquisition of
small plant.
Sold privately to an insurance company.
Business
and J. G. White & Co., Inc.
$1,600,000
privately.
latest
cum. conv.
6% pref. stock, par $25.
Purpose, purchase of business of
predecessor.
Price, $25 per share.
Offered by Robert
Garrett & Sons; Alex. Brown & Sons; Auchincloss, Parker &
Redpath; Baker, Watts & Co.; Y. E. Booker & Co.; Childs,
Jeffries & Thorndike, Inc.- Johnston, Lemon & Co.; Stein
*420,000 Connellsville
OF
MANUFACTURING
$99,150 Liberty Electric Co. 66.100 shares of common stock, par $1.
Purpose, working capital and general corporate purposes.
Price, $1.50 per share.
Offered by Simons & Co., Inc.
*5,250,000 Greenwich Water System, Inc. collateral trust 4% bonds,
series A, due Aug.
1, 1959.
Purpose, refunding.
Placed
STATE
4
STOCKS
(Preferred stocks of a stated par value are taken at par, while preferred
par value and all classes of common stock are computed at
stocks of no
125,000 Bar Harbor (Me.) Water Co. 1st mtge. 3%% coupon bonds
due
Aug.
1,
1964.
Purpose,
refunding.
Price,
103 Y*.
Offered by Pierce, White & Drummond, Inc.
THE
.:.
*$50,000,000 General Motors Acceptance Corp. five-year 1Y% notes,
due Aug. 1, 1944.
Purpose, refunding.
Sold privately at
par to a group of seven banks and three insurance companies.
*$9,700,000 Arkansas Louisiana Gas Co. 1st mtge. bonds, series B,
3J^%, due 1945-54.
Purpose, refunding.
Price, par.
Sold
privately to Equitable Life Assurance Society of the U. S.;
Metropolitan Life Insurance Co.; Massachusetts Life Insur¬
ance Co.; Sun Life Assurance Co. of Canada; Teachers In¬
surance &
Annuity Association of America, and Provident
Mutual Life Insurance Co. of Philadelphia.
LAND,
UTILITIES
PUBLIC
UTILITIES
*350,000 Western States Utilities Co. 1st mtge. 4lA% bonds due
Sept. 1, 1959.
Purpose, refunding.
Placed privately at par
with Provident Mutual Life Insurance Co. of Philadelphia.
(ISSUES MATURING UP TO
YEARS)
FIVE
*$3,300,000 Arkansas Louisiana Gas Co. 1st mtge. bonds, series A,
2M%. due 1940-44.
Purpose, refunding.
Price, par.
Sold
privately to Guaranty Trust Co. of New York and Central
Hanover Bank & Trust Co. of New York.
$13,765,000
*3,500,000 Lincoln Telephone & Telegraph Co. 1st mtge. 30-year
3M% bonds, series C, due May 1, 1969.
Purpose,refunding.
Sold
privately at 103 YSale arranged through Harris,
Hall & Co. to a small group of institutional investors.
INCLUDING
AND
$1,100,000 (Julius)
due
NOTES
BONDS AND
SHORT-TERM
of Baltimore.
*5,910,0001 Pennsylvania
RR.
2%%
equipment
trust
certificates,
2,955,000jseries J, due $591,000 annually, 1940-54.
Purpose, purchase
of
equipment.
Awarded
to
Salomon
Bros.
&
Hutzler;
Stroud & Co., Inc.; Dick & Merle-Smith, and E. H. Rollins
& Sons, Inc., on a bid of 99.1187.
The 1940-44 maturities
($2,955,000) and the 1950-54 maturities ($2,955,000) were
placed privately.
The 1945-49 maturities ($2,955,000) were
reoffered at prices to yield from 2.40% to 2.90%, according
to maturity.
PUBILC
MANUFACTURING
($300,000); working capital ($200,000).
Price, 100 and int.
Offered by White, Weld & Co.
Fuller, Cruttenden & Co.,
and Victor, Common & Co.
YEARS)
RAILROADS
'■'.>/■ ■
INDUSTRIAL AND
$1,600,000 Durez Plastics & Chemicals, Inc., HPyear 4K% conv*
debentures, due Sept. 1, 1949.
Purpose, refunding ($600.000); pay bank loans
($500,000); pay outstanding note
1939
;
Co.
2143
The Commercial & Financial Chronicle
149
says.
of the unwillingness of producers to
considerably because
book
business.
more
'
the electric light and
States recorded a new alltime high of power production.
Output for the week ended
Sept. 30, amounting to 2,469,000,000 kwh., was 15.5% above
For
power
the
1938 total.
like
Edison
over
Electric
week
According to
Institute,
output
by the
20,801,000 kwh.
figures released
gained
preceding week's total of 2,448,888,000 kwh.
the
above the total
week ended Oct. 1, 1938.
330,547,000
the
consecutive
third
the
industry of the United
kwh.
and
of 2,139,142,000 kwh. in
construction awards for the week, $53,above a week ago, but 21% below the
year ago, reported "Engineering News-Record"
Engineering
early announcement on first-quarter prices is increas¬
24%
ing,
and an answer is expected before the end of the
month, "Iron Age" declares in its weekly summary.
Sug¬
928,000,
gesting that the present peace talk may be responsible for
yesterday.
Construction volume for 1939 to date totals $2,319,180,000, a 12% increase over the $2,067,714,000 reported
for the initial 40-week period last year.
Private awards
the
delay in posting quotations, the trade periodical asserts
that
advances
if the
war
for steel
continues.
and
pig iron are clearly indicated
scrap prices to the best
The rise in
are
volume of
a
for the week top
small
stated.
for the gain
since
1923, and the advances already made by some
independent producers, point to such a move, it is
Steel
production,
which jumped 24 points
in
September to 87.5%, has climbed more rapidly than pig
iron production, with
output of this product last month
totaling 2,878,556 gross tons.
On Oct. 1, 169 out of 239
commercial
a
week ago.
13%
The higher
the preceding week by 15%, and are
higher than in the corresponding 1938 week.
volume of
industrial building construction is
level
responsible
last year, and this, in combination with
building, is responsible for the increase over
over
Public
awards are 29% higher than in the
previous week, but 30%
under a year ago.
The Commercial & Financial Chronicle
2144
Car
loadings of revenue freight in the week ended
30 totaled 834,640 cars, an increase of 10,812 cars
►Sept.
the
previous
and a gain of 137,732 cars above
of 1038, according to the figures
week
corresponding
week
over
the
released
today by the Association of American Railroads.
The total is still, however, 9,221 cars below the 1037 week.
Greatest gain during the week was in coal loadings, which
totaled 168,057 cars, an increase of 10,115 cars over the
Oct.
7, 1939
central Wisconsin and parts of extreme northern I,owa.
Thus, freezing weather of the week extended further south
than
usual
tains
eastward
from
for
the
From
season.
the
Appalachian Moun¬
rains of the week brought
prevailing
droughty
substantial relief
The
conditions.
moisture
was
previous
especially helpful in the middle and north Atlantic areas,
and the outlook
is much improved.
Also, in the upper
Ohio Valley moderate rains have put the topsoil in mostly
good condition.
However, in the interior valleys, and
up
especially
week, while miscellaneous freight loadings were
5.014 cars to 320,112 cars.
Reports of 138 Class 1 railways to the Interstate Com¬
merce Commission show aggregate net income of $6,577,784
after taxes and charges for July, against net loss of $3,884,635 in July, 1038.
For the seven months ended July 31,
the roads' net loss was $84,609,402 against a net loss of
$183,005,836 in the first seven months of 1038.
Bank clearings at the 22 leading cities of the United
States for the week ended Oct. 4 showed
a
sharp gain over
the
preceding week, but for the first time in 11 weeks
dropped below the corresponding 1038 period, according to
Dun & Bradstreet, Inc., figures released today.
Clearings
totaled $5,736,092,000, a decrease of 3.2% from the $5,922,725,000 in the corresponding week of 1938, but a gain of
$542,146,000 over the previous week's aggregate. A similar
comparison for the two corresponding weeks of 1938 re¬
vealed a rise of $1,316,061,000.
A sharp drop in the New
York total was mainly responsible for the week's unfavor¬
able showing as compared with 1938.
Clearings this past
week, however, did include the usual heavy first of the
month
settlements.
Sales
F.
of
seasonal
W.
increase
Co.
Woolworth
showed
than
greater
a
organization totaled $25,810,154 in September, an increase
of 9.9% from the $23,491,433 aggregate for September last
Montgomery Ward &
September totaled $44,742,767,
1938.
Telephone Co.
reported sales during
increase of $6,187,156, or
Co.
year.
an
from. September,
New
Aug.
York
31
e
for
reports
eight
months
to
$21,842,233, compared with $18,869,748 in the same 1938 period.
Gross revenue amounted
to $139,452,375, against
$134,951,649, while net operating
income was $24,138,123 against $21,543,883.
income
net
last
in
and
factories continued
to advance
week, and the end of September rate was the highest
and considerably above the November-Decem¬
peak last year, the Department of Commerce reported
two years,
ber
today.
:<•"
Automobile
-I
■.
■>
.-
...
this week will
production
total
„■■■•
trucks, an increase of 21% as compared With
the previous week, and 29% greater than in the same 1938
week, according to Ward's Automotive Reports, Inc.
The
reports expect the gains to be expanded in subsequent
weeks to bring the total close to the April peak.
Many
companies are operating at higher levels than had been
planned a month ago.
The
has
Federal
climbed
Reserve
almost
estimate
of
industrial
production
the
to
peak reached in 1937.
The
110% of the 1923-25 base, the
Board's "Monthly Bulletin" reported last night.
It said
that output was well ahead of 110% in the closing days
of the month.
The 1937 high was 118%, the maximum since
the depression started in 1929.
Last year's high was 104%,
September
reached
rate
in
averaged
December.
The
ployment and national
said
report
income increased
that
while
"em¬
substantially,
as
and
this
week,
figure
a
of
for
was
although
moderately higher
shopping centers in
of the country suffered from
Dun & Bradstreet, Inc., today.
cinnati, 61 to 82;
Cleveland, 58 to 78; Detroit, 59 to 77;
Milwaukee, 51 to 77; Charleston, 56 to 80; Savannah, 55
83; Dallas, 75 to 913; Springfield, 111., 49 to 85; Oklahoma
City, 69 to 92; Salt Lake City, 51 to 67, and Seattle,
to
47 «to
♦
Moody's Daily Commodity Index advanced from 168.3Friday.
The principal individual
changes were the rise in steel scrap and the decline in hide
prices.
week ago to 168.9 this
a
The movement of the index is
Fri..
Wed..
for
included
was
which
a
on
the
There
were
week.
weather,
-
rugs
sales
and
results
electrical
Wholesale
no
very
were
was
a
reaction
to
subnormal
In
ah
occurs
gan,
130.1
1939 High—Sept. 22—
—172.8
138.4
Low—Aug. 15
—
Prices
Ended
168.8
Remained
Sept.
Unchanged
According to Na¬
30
After recording advances in each of the six
preceding weeks,
commodity price index of the National Fertil¬
the week ended Sept. 30 remained sta¬
tionary at 76.9%, the highest level reached since January,
the wholesale
izer Association in
1938.
A month ago, the index (based on the 1926-28 aver¬
of 100%) registered 71.7%, and a year ago, 71.3%.
The Association's announcement, dated Oct. 2, continued:
age
Weakness
continuation
in
of
farm
products
the
moved
In
rise
wool, lambs and sheep
were
and
other
foodstuffs last
commodities.
higher.
week
was
offset
Quotations
for
by
season
of the year,
the
close
record
of
Ohio
Valley considerably earlier than usual.
average year by the first of October killing frost
over much of the
Northeast, the interior of Michi¬
and in Central-Northern
States
as
far south
as
south-
a
cotton
The prices for other farm products
downward during the week, with the general
average dropping to
the lowest point reached in the last month.
The average for all commodities
farm products and foods advanced from 83.2%
except
to
84.1%,
a
new
high point for the period since November, 1937.
recorded
New highs for 1939 were
by the indexes representing the prices of fuels, textiles, building
fertilizer
materials,
materials
and
miscellaneous
commodities.
A
small
decline in the metal average was largely due to a drop in tin
prices.
Price advances outnumbered declines 40 to 30.
In the
preceding week
44 price series included in the index advanced and 19 declined
preceding week there
WEEKLY
WHOLESALE COMMODITY PRICE
Per Cent
INDEX
(1926-1928=100)
Latest
Group
Preced'g
Week
Each Group
Week
M onth
1939
Foods
Ago
Sept. 2,
1939
75.1
Year
Ago
Sept. 30, Se.pt. 23,
Total Index
25.3
in the second
67 advances and 31 declines.
were
Compiled by the National Fertilizer Association
Oct.
1939
1,
1938
23.0
75.2
68.4
72.4
Fats and Oils.
57.0
58.8
44.4
58.6
Cottonseed oil
66.9
69.7
52.5
74.5
Farm products
63.2
65.3
58.9
65.1
Cotton
49.4
48.8
47.8
45.8
60.8
64.3
57.3
52.0
64.5
Livestock
8.2
commodities-
Textiles
60.7
79.4
78.0
77.3
88.2*
86.2
77.6
77 A
72.1*
Miscellaneous
67.5
79.7*
Fuels
10.8
70.6
62.6
58.4
73.5
7.1
Metals.
93.6
93.9
89.3
6.1
Building materials
85.5*
83.7
83.1
81.3
1.3
Chemicals and drugs
92.4
92.4
91.9
94.2
.3
Fertilizer materials
72.5*
71.1
68.7
70.8
.3
Fertilizers..
77.2
77.2
77.7
78.1
.3
Farm machinery
95.0
95.0
95.0
97.5
76.9
76.9
71.7
71.3
100.0
*
All groups
combined
89.4
1939 high point.
Revenue Freight Car Loadings in Week Ended Sept.
30,.
19.8% Above Year Ago
Loading of
at
temperatures
tlie^lowest September temperatures of
About
western
Week
a
September abnormally low
temperatures prevailed in the Northwest and some interior
sections, with freezing reported in the lower Lake region
and
Commodity
During
re¬
striking features to the weather the
a long period of abnormally warm
tended farther south than usual for the
occurred.
—
172.8
__144.3
152.9
tional Fertilizer Association
appliances.
as
Following
there
of
Oct. 4
aver¬
the interior and northwestern
portions of the countrv.
Government advices state.
Frost and freezing weather ex¬
some
1938 High—Jan. 10
Low—June 1
167.9
areas
over
and
167.3
—-168.1
Oct. 6
17.3
some
45% ahead.
For the country as
whole, the improvement in dollar sales was estimated
between 8% to 14%.
past
Month ago, Sept. 6
Year ago, Oct. 6
168.9
prolonged rainy spell, said
The first frosts brought out
noteworthy
furniture,
much
as
168.7
167.6
-
Fri..
Septem¬
Grocery stores chalked up increase^ in dollar volume of
10% to 15%.
Electric appliance volume, helped by coopera¬
tive dealer campaigns, was
20% to 30% heavier, while auto¬
mobile buying, gaining, rapidly in a new and earlier model
year,
Two weeks ago, Sept. 22
Thurs., Oct. 5
apparel.
lines
Sept. 30
Oct. 2
Oct. 3
,
Mon.,
Tues.,
follows:
as
168.3
Sept. 29
Sat.
active demand for ready-to-wear.
Knitwear, coats, shoes
and millinery held the center of interest in Women's
Other
58.
Moody's Commodity Index Advances Slightly
an
ported
prevailed in the forenoon today,
Tempera¬
Grains.
Retail trade volume
age
90%
unsettled,
tures ranged from 56 degrees to 72 degrees.
Wrarm weather
accompanied by partial cloudiness is the forecast for to¬
night and Saturday.
Overnight at Boston it was 58 to 80 degrees; Baltimore,
55 to 70; Portland, Me., 53 to 72; Chicago, 56 to 81; Cin¬
usual, they expanded less rapidly than industrial activ¬
ity."
The 110% of the 1923-25 average reached by indus¬
trial output in September compared with a revised
figure
August
less
Bears to the
is
of 102%
for
ber, 1938.
or
York
Warm .and hazy weather
76,095 auto¬
mobiles and
more
the drought is still largely
City area the weather has
with cool temperatures pre¬
Plains,
New
the
followed by some improvement in the afternoon.
of
Production at mines
In
vailing gnerally.
in
September from the August level, to
set a new peak for the month's history.
Rising $1,088,000
over August, sales of the large 5 and 10-cent variety chain
16%
been
Great
the
unrelieved.
freight for the week ended Sept. 30
revenue
totaled 834,640 cars, the Association of American Railroads
announced on Oct. 5.
This was an increase of 137,732 cars
19.8%
above
the
corresponding week in 1938 but a
1.1% below the same week in 1937.
Loading of revenue freight for the week of Sept. 30 was an.
increase of 19,812 cars or 2.4% above the
preceding week.:
The Association further reported:
or
decrease cf 9,221 cars
Miscellaneous freight
cars
cr
loaning totaled 329,112 cars,
above the preceding week, and
an
an
increase of 5,014
increase of 48,475
cars
above the
corresponding week in 1938.
Loading
of
merchandise
cars, an increase of 306
4,413
cars
above the
less
cars
than
carload
lot
freight
totaled
above the preceding week, and
corresponding week in
an
Coal loading amounted to 168,957 cars, an increase of
10,115
the preceding week, and
week in
1938.
an
increase of 37,465
162,404
increase of
1938.
cars
cars
above
above the corresponding;
/
Volume
The
149
below
preceding week,
the
and grain
products loading for the week of Sept. 30 totaled 28,175 cars, a decrease of
831 cars below the preceding week, but an increase of 1,010 cars above the
(Number of Cars)
In the Western Districts alone, loading
week of Sept.
Sept. 30 Sept. 23
1939
1939
Oct. 1
Sept. 30 Sept. 23
of live stock for the
week in 1938.
Weeks Ended—
Weeks Ended—
:•
corresponding
week, and an increase of 3,047 cars above the
the preceding
above
Connections
Received from,
Loaded on Own Lines
amounted to 20,252 cars, an increase of 700 cars
%
CONNECTIONS
RECEIVED FROM
FREIGHT LOADED AND
REVENUE
corresponding week in 1938.
Live stock loading
days ended
Oct. 1, 1938.
but an increase of 3,789 cars above the
In the Western Districts alone, grain
corresponding week in 1938.
preceding week and 327,412 cars in the seven
A comparative table follows:
the
of 1,421
products loading totaled 45,370 cars, a decrease
Grain and grain
•cars
2145
Commercial & Financial Chronicle
Oct. 1
1938
30, totaled 16,410 cars, an increase of
preceding week, and an
week in
1938.
'
above the corresponding
1937 except the
F'our weeks in January
Four weeks in February.....
2,297,388
Four weeks in March
2,390,412
2,832,248
weeks in April.
2,371,893
2,483,189
Four weeks in May
Four weeks in June—
weeks in July
3,214,554
2,689.161
721,748
.i
Four weeks in August-.;
Week ended Sept.
Week ended Sept.
2
9__
Week ended Sept.
16..
648,029
568,707
660,163
805,733
814,828
2,085
5,591
11,999
26,890
22,747
5,494
76,792
74,404
61,395
48,304
6,618
6,197
5,430
6,465
7,187
6,578
5,488
8,448
32,825
33,819
30,881
9,022
6,061
6,132
5,675
Total
_...
.
comj)ared with the
—
from Connections
694
613
1,335
1,086
984
255
222
Nashville Chattanooga & St. L.
11,167
7,523
Norfolk
Piedmont Northern
9,256
23,251
486
505
849
703
Southbound...
190
169
177
866
87C
113,564
106,345
117,642
73,294
61,939
21,040
3,051
22,854
4,706
19,255
13,025
3,645
9,576
4,251
10,367
3,036
7,783
3,544
1,069
6,710
5,415
12,134
8,821
539
510
128
163
.1,916
1,487
1,469
2,202
..
2,525
2,944
1,423
386
378
398
331
442
....
Richmond Fred. & Potomac..-
7,193
Southern System
Winston-Salem
218
291
3,508
11,2.50
3,627
13,733
4,709
14,191
4,774
8,135
6,245
2,247
1,539
7,353
2,203
1,671
1,019
5,817
Chicago
1,658
Chicago
221
192
37
34
161
151
194
2,330
1,429
10,487
2,929
8,414
1,787
9,454
2,220
5,105
3,604
3,312
4,756
...—..
.........
2,219
1,899
2,502
New York Central Lines
45,932
33,238
N. Y. N. II. & Hartford
10,984
6,180
Pittsburgh & Lake Erie.......
1,175
6,940
6,811
1,329
5,343
5,158
Pere Marquette.....
6,197
5,192
600
297
Lehigh & New England...
Lehigh Valley
Maine Central
Western.
Louis.I..
Pittsburgh & Shawrnut
....
45,167
46,492
37,840
11,438
13,416
1,370
2,072
11,561
7,454
5,995
8,156
1,437
.
5,211
3,707
6,411
49
453
8,875
5,253
4,734
:418
463
318
368
227
160
1,179
976
1,307
1,258
749
351
758
6,132
5,480
5,269
3,93C
6,029
4,993
1,871
1,043
9,241
3,860
7,434
2,745
170,077
124,791
163,840
178,065
133,878
476
435
442
952
741
19,221
2,384
14,771
Pittsburgh Shawrnut & North..
Pittsburgh & West Virginia
Rutland
...
Wheeling & Lake Erie
Total.
604
...
__
Total.
263
Lehigh & Hudson River...--..
•
Akron Canton & Youngstown.
35,680
...
27,080
36,305
5,025
Ohio
21,141
2,881
16,756
Chicago Great Western..
Chicago Milw. bt. P. 6c Paciiic.
22,231
20,339
3,861
7,261
Western
6c Norm
t»t. P.
Minn.& Omaha.
4,722
1. R.______
14,136
1,474
7,735
Dulutn Missabe 6c
Dulutn south shore & Atlantic.
Elgin Joliet & Eastern
Western
Lake superior &
3,683
6,215
1,569
301
362
421
5
6
1,613
1,377
1,500
19
16
Central RR. of New Jersey...
7,617
5,408
7,260
12,884
10.136
Buffalo Creek & Gauley......
485
381
5,604
4,365
597
498
480
182
155
19,159
28,231
3,454
2,965
715
724
707
634
481
3,2*2
1,191
3.167
93
66
2,096
2,091
2,196
2,254
2,228
3,323
.
.w
ishpeming....
Minneapolis & bt. Louis..
8,236
7,709
10,672
12,814
4,043
284
288
399
303
360
1,726
2,015
1,972
1,700
1,358
125,267
99,633
138,205
51,995
42,816
23,157
21,230
26,429
6,835
5,687
3,461
3,114
3,624
2,753
2,119
474
381
636
81
60
17,811
17,199
18,379
10,111
8,458
1,720
Pacific.
5,894
11,318
Minn. st. Paul & b. ». M
Northern
2,580
1,887
1,693
679
691
13,643
13,338
2,646
14,376
10,149
8,204
3,245
2,890
2,442
863
840
3,988
1,004
4,499
1,527
3,771
3,0o6
981
30
23
1,319
2,087
1,163
1,723
1,064
1,297
350
Spokane International.
Spokane Portland & beattle...
Total
...
...
Central Western District—
Bingham & Garfield
Chicago Burlington & Qulncy..
Chicago & Illinois Midland
Chicago Rock island & Pacific.
Chicago & Eastern Illinois
Colorado &
2,934
'
Southern
596
628
558
54
42
Denver & Rio Grande Western.
Cornwall
264
255
310
42
38
Denver & Salt Lake
127
133
25
36
Fort Worth & Denver City.
1,228
Ligoriier
133
3,531
1,072
1,218
Illinois Terminal.
2,037
2,056
*
1,510
74,404
Pennsylvania System
Co
Reading
773
650
Long Island
Perm-Reading Seashore Lines.
15,546
14,852
...
Union (Pittsburgh)
1,430
72,876
15,131
15,381
2,985
6,179
2,449
2,005
661
1,003
55,490
11,890
1,245
34,473
14,010
2,947
49,024
18,262
5,356
Western
27
25
45
0
1
4,339
3,032
4,266
6,934
5,314
163,033
West Virginia
117,747
162,934
120,152
87,794
Northern.*....
Maryland
Total
Virginian.
........
28,414
26,890
23,136
21,713
26,320
26,701
12,869
5,056
10,502
5,071
4,602
5,105
1,128
926
49,451
58,126
19,053
15,786
388
671
383
1,494
114
778
1,942
1,059
114
839
561
399
15
19
63
0
0
27,340
25,376
26,573
5,571
4,814
460
374
308
1,564
16,760
Western Pacific...-.
14,946
16,333
11,286
1,156
9,504
Peoria & Pekin Union...
Southern
Pacific
1,482
1,391
Northern
Nevada
*
1,063
Missouri Illinois
North
(Pacific)
Toledo Peoria & Western
598
...
Total.
348
601
11
5
1,915
1,885
1,996
3,105
2,754
122,641
Utah
Western Pacific
60,375
Norfolk & Western..........
944
...
Union Pacific System
Pocahontas District—
Chesapeake & Ohio..........
150
1,087
8,642
Cumberland & Pennsylvania..
.....
224
879
5,448
2,051
south
Great N orthern
Green Bay &
2,552
22,778
It. Dodge Des Moines 6c
Atcn. Top. & banta Fe bystem.
Cambria & Indiana
Valley
1,153
1,078
2,892
3,815
14,024
Northwestern District—
Alton..
Alleghany District—
Lake Erie
2,033
3,153
1,219
973
2,584
10,742
Southern.
1,796
3,244
1,155
452
Seaboard Air Line
Tennessee Central
9,079
2,224
2,318
8,724
63
2,151
1938
1939
21,084
70
1,464
from Connections
1937
1938
23
Total Loads Received
470
2,178
24
5,778
9,776
Grand Trunk Western........
Bessemer &
week last year.
9,037
2,485
26
14,944
Baltimore &
76,502
22,984
1,971
663
Erie..
_
83,303
.........
4,817
4,414
Detroit & Toledo Shore Line...
_
84,476
_
2,517
2,765
1,205
1,335
3,550
4,662
16,545
__
1,433
8,513
1,863
1,332
Detroit Toledo & Ironton
......
34,432
15,154
Freight Loaded
Southern District—(ConcL)
Mobile <fc Ohio....
456
N. Y. Chicago & St.
15,933
1939
6,255
Detroit & Mackinac
New York Ontario &
38,768
Railroads
___
Delaware Lackawanna & West.
...
_
same
1938
-2-2
Delaware & Hudson..
M onongahela
1, 1938
28,521
39,926
16,029
.
Total Revenue
18
Central Vermont
Oct.
26,916
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED SEPT.
8,328
1,842
Maine
Weeks Ended—
following we undertake to show also the loadings
for separate roads and systems for the week ended Sept. 23,
1939.
During this period 101 roads showed increases when
623
—
Chicago Indianapolis & Louisv.
...
—
1,033
_—-2
236.175 232.914 193,744
In the
Eastern District—
Bangor & Aroostook
7,923
28,602
Illinois Central System
Freight Loaded
1937
8,237
5,605
Sept. 23, 1939
Total Loads Received
1938
5.005
9,506
9,241
CONNECTIONS
RECEIPTS FROM
Chicago Rock Island & Pacific
St. Louis-San Francisco.
29,145,950
1939
37,555
5,995
7,687
Sept. 30, 1939
696,908
1939
5,096
49,024
9,768
,
389,068 379,381 327,412
'
708,202
AND RECEIVED FROM
~
(Number of Cars)
Total Revenue
_
-
TOTAL LOADINGS AND
week ended
1939 loaded a total of 389,068 cars of revenue
their own lines, compared with 379,381 cars in
Central Indiana
8.965
6,940
39,591
9,671
5.004
Total
22,139,155
Raiijoads
10,068
46,492
11,561
Wabash Ry
822,795
669,704
FREIGHT LOADED
10,709
47,945
Southern Pacific Lines
834,640
REVENUE
16,640
35,962
Pittsburgh & Lake Erie RR
major railroads to report for the
The first 18
Wabash—
2,945
18,003
45,932
Pere Marquette Ry
24,425,667
Total
_
3,149
5,009
5,419
5,349
18,475
45,798
7,456
28,446
New York Chicago & St. Louis Ry
836,885
843,861
Week ended Sept. 30
M ontour
11,066
1,395
1,693
1,600
2,147
Pennsylvania RR.__
3,794,249
3,100,590
801,539
2,392,071
667,409
Week ended Sept. 23
Boston &
2,422
2,091
2,714,449
2,763,457
2,986,166
3,712,906
3,098,632
2,962,219
2,256,717
2,155,536
2,222,939
2,649,960
2,185,822
2,170,778
2,861,821
2,302,464
.
2,274
2,128
Norfolk & Western Ry
1937
1938
1939
Ann Arbor-
2,357
10,314
9,817
13,250
New York Central Lines......
corresponding week in
reported decreases compared with the corresponding week
Allegheny and Pocahontas, which reported increases.
All districts
Sept. 30,
freight on
15,810
Missouri-Kansas-Texas RR..—
reported increases compared with the
All districts
Five
21,024
16,991
—
Missouri Pacific
above the
above the corresponding week
amounted to 11,038 cars, an increase of 1,638 cars
preceding wreek, and an increase of 4,623 cars
Five
22,649
17,946
International Great Northern RR
in 1938.
in
17,811
24,190
Gulf Coast Lines...
1938.
Coke loading
1938.
18,C57
ChicagoMilw. St. Paul&Pac.Ry
above the
amounted to 60,391 cars, an increase of 2,098 cars
10,651
8,582
8,424
13,025
1,502
2,087
3,118
12,082
15,301
19,155
24,168
16,978
6,131
6,835
19,221
12,869
10,011
9,576
6,569
28,636
28,414
Chicago Burlington & Qulncy RR.
37,116 cars, an increase of 1,362 cars
week, and an increase of 4,711 cars above the corres¬
preceding week, and an increase of 31,209 cars
week in
21,409
35,680
Chesapeake & Ohio Ry
ponding week in 1938.
Ore loading
23,157
36,832
-
____
Chicago & North Western Ry
products loading totaled
Forest
above the preceding
Fe Ry
Baltimore & Ohio RR
23,434
29,117
Atchison Topeka & Santa
•
,
1938
1939
1939
538 cars above the
increase of 2,798 cars above the corresponding
114,120
127,818
64,307
53,689
4,358
Southwestern District—
Burlington-Rock
Island
212
199
278
337
256
Southern District
Alabama Tennessee & Northern
293
213
292
207
265
Atl. & W. P.—W. RR. of Ala..
905
834
839
1,676
1,466
Birmingham & Coast..
646
628
732
849
767
8,756
8,595
9,913
5,029
4.510
4,283
3,863
4,465
448
465
3,401
1.160
2,706
434
Atlanta
Atlantic Coast
Line
Central of Georgia
..
Charleston & Western Carolina
887
0
243
266
0
180
Gulf Coast Lines
2,274
2,223
2,832
1,502
1,222
International-Great Northern.
Total.
2,091
2,401
2,881
2,087
1,744
1,281
1,919
1,349
Fort Smith <fc Western
x._
333
Kansas Oklahoma & Gulf
Kansas
City Southern
...
Louisiana & Arkansas
Louisiana Arkansas & Texas..
Litchfield &
Midland
Madison
Valley
.....
Missouri & Arkansas...
1,471
1,304
1,477
2.161
1,657
Columbus & Greenville
526
487
599
337
259
193
166
172
412
526
Missouri Pacific
Durham & Southern
Florida East Coast
516
409
523
679
565
Quanah Acme & Pacific
Gainsville Midland
36
26
51
132
105
Clinchfield...
...
1,027
Georgia.
Georgia <fc Florida
.....
Gulf Mobile & Northern
Illinois Central System
932
1,766
1,098
1,464
444
409
466
501
402
1,945
2,036
26,922
25,622
2,211
27,457
1,339
12,576
5,855
1,144
10.445
5,045
25,023
22,430
25,430
Macon Dublin & Savannah
155
163
238
539
Mississippi Central
195
313
381
294
265
1,005
1,890
2,059
2,262
2,126
1,493
a
1,867
352
a
a
a
392
268
316
1,065
679
757
799
894
276
303
214
238
216
329
290
2,927
5,419
5,096
6,527
18,033
16,961
19,084
3,118
10,068
105
101
114
141
80
St. Louis-San Francisco—...
9,532
8,989
10,745
5,271
4,478
Southwestern......
3,633
4,137
2,331
Texas & New Orleans
3,392
7,864
7,320
8,776
Texas & Pacific..
4,769
4,7^8
6,201
3,333
4,039
2,143
2,747
214
251
277
58
13
26
30
41
43
59,871
57,617
68,320
38.620
33.777
Missouri-Kansas-Texas Lines.
St.
Louis
Wichita Falls &
Southern
Wetherford M. W. & N. W...
355
263
192
1,908
2,349
Louisville &
Nashville...
Note—Previous year's figures
revised.
* Previous figures,
/
x
Total
Discontinued Jan. 24, 1939.
a
Included in Louisiana & Arkansas, effective July 1,1939.
8,462
3,622
52
The Commercial & Financial Chronicle
2146
Selected
Income
and
Balance
Steam
Sheet
Items
Class
of
I
Railways for July
The Bureau of Statistics of the Interstate Commerce
Commission has issued a statement showing the aggregate
totals of selected income and balance sheet items of class I
steam
railways in the United States for the month of July.
These figures are subject to revision and were
compiled
from 134 reports representing 139 steam railways.
The
present statement excludes returns for class I switching and
terminal companies.
The report in full is as follows:
TOTALS FOR THE
UNITED
STATES
For the Seven Months
Net railway operating income..
Other income
1938
1939
15.5%
The Edison Electric Institute in its current weekly report
Sept. 30, 1939, was 2,469,689,000 kwh.
The current week's
output is 15.5% above the output of the corresponding week
of 1938, when production totaled 2,139,142,000 kwh.
The
output for the week ended Sept. 23, 1939, was estimated to
be 2,448,888,000 kwh., an increase of
a
the like
13.7%
over
PREVIOUS
YEAR
year ago.
INCREASE FROM
of
Income Items1939
1939
estimated that production of electricity by the electric light
and power industry of the United States for the week ended
PERCENTAGE
For the Month of July
7,
Electric Output for Week Ended Sept. 30, 1939,
Above a Year Ago
week
(ALL REGIONS)
Oct.
Major Geographic
Regions
1938
149,012,189 $38,431,253 $214,763,110 $109,616,764
11,892,989
11,575,292
78,123,640
80,135,901
Week Ended
Week Ended
Sept. 30,
1939 Sept. 23,
x30.5
x37.9
New England
Week Ended
Week Ended
1939 Sept. 16, 1939
Sept. 9, 1939
Mlscell. deductions from income
1,901,655
1,915,186
14,198,703
13,730,596
7.5
8.3
13.7
17.9
15.8
13.6
14.4
8.4
12.4
9.4
Southern States
160,906,178 $50,006,545 $292,886,750 $189,752,665
11.3
14.7
Central Industrial
Total income
11.3
Middle Atlantic
12.6
15.3
11.1
7.7
Rocky Mountain
24.9
18.8
14.6
14.8
5.9
9.1
5.6
8.4
13.7
10.4
11.8
West Central
Pacific Coast
Inc. avail, for fixed charges.
Fixed charges:
for
Rent
48,091,359
279,156,154
175,553,962
11,086,316
79,078,135
73,629,490
39,483,521
roads
59,003,523
11,797,030
leased
39,666,550 a276.752.457 a277,248,095
210,556
1,491,.500
930,438
9.8
Total United States.
15.5
and
equipment
Interest deductions..
Other deductions
132,058
Total fixed charges
Reflects hurricane condition In
x
DATA
FOR
RECENT
1938.
WEEKS
(THOUSANDS
OF
KILOWATT-HOURS)
Percent
151,412,609 $50,963,422 $356,761,030 $352,369,085
Change
Income after fixed charges..
7,590,914
d2,872,063
Contingent charges
1,013,130
1,012,572
Week Ended
d77,604,876 dl76,815,123
7,0114,616
7,090,713
1939
1938
1939
1937
1932
2,238,268
2,096,266
2,298,005
2,258,776
2,256,335
2,261,72.5
2,300,.547
2,304,032
1,456,961
1,341,730
1,415,704
1,433,993
1,440,386
1,426,986
1,415,122
1929
from
1938
Net income b
$6,577,784 d$3,884,635 d$84,699,492 dl83,905,836
July
1
2,300,268
July
Depredation (way & structures
and equipment)
16,792,735
2,553,528
Federal Income taxes
16,907,191
1,336,621
117,743,418
117,820,733
12,139,319
6,736,736
8
2,077,956
2,014,702
1,881,298
+ 10.5
July
15
2,324,181
2,084,457
+ 11.5
July
22
29
2,294,588
2,084,763
+ 10.1
2,093,907
2,115,847
+ 11.8
+ 14.2
Sept.
Dividend
2
2,341,822
2,325,085
2,333,403
2,367,646
2,3.54,750
2,357,203
Sept.
9
2,289,960
2,048,360
+ 11.8
Sept. 16
2,444,371
2,214,775
2,154,218
2,139,142
2,1.54,449
+ 10.4
July
Aug.
appropriations:
On common stock
1,482,500
637,985
29,352,324
34,085,737
764,962
.....
1.092.585
10.211,455
6,572,936
On preferred stock
5
Aug. 12
Aug. 19
Aug. 26
Balance at End of July
1939
1938
Sept. 23_.
2,448,888
Sept. 30
Selected Asset Items—
2,469,689
Oct.
$636,302,963
$440,088,460
14
$654,155,589
Cash
7
Oct.
Investments in stocks, bonds, Ac., other than those
of affiliated companies
2,133,641
2,138,517
2,134,057
2,148,954
+ 9.9
+ 9.4
+ 10.7
+ 10.3
1,431,910
1,436,440
1,464,700
1,423,977
1,476,442
1,490,863
1,499,459
1,506,219
1,507,503
2,294,713
2,320,982
2,154,276
2,280,792
2,265,748
2,275,724
+ 9.7
+ 13.7
+15.5
2,280,065
1,723,428
1,592,075
1,711,625
1,727,225
1,723,031
1,724,728
1,729,667
1,733,110
1,750,056
1,761,594
1,674,588
1,806,259
1,792,131
1,777,854
1,819,276
$328,590,414
Demand loans and deposits
17,869,021
Time drafts and deposits
20,991,341
18,500.733
Special deposits
58,513,098
51,394,724
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and conductors..
55,533,260
1,578,988
50,933,016
49,035,600
43,626,759
9,276,505
1,573,812
Miscellaneous accounts receivable
Materials and supplies
122,519,122
1,131,007
Selected Liability Items—
$153,964,078
$134,195,627
$244,374,088
77,866,221
233,664,103
Loans and bills payable e
Traffic and car-service balances payable
Audited accounts and wages payable
July Statistics of the Electric Light and Power Industry
The following statistics for the month of
July, covering
100% of the electric light and power industry, were released
on
Sept. 28 by the Edison Electric Institute:
SOURCE
71,363,732
236,782,179
68,373,155
58,663,831
891,006,680
Dividends matured unpaid
Funded debt matured unpaid
738,539,227
4,891,685
800,966,614
2,340,872
92,274,940
28,464,148
996,441
96,836,694
26,432,749
24,203,978
20,649,926
Unmatured rents accrued
.
_
Total current liabilities
$2,468,426,484 $2,105,936,107
Tax liability:
United States Government taxes
$58,722,759
a
$46,786,784
157.411,023
Other than United States Government tax^s
154,966.925
Represents accruals, Including the amount in default,
b For 100
seven months
1939, d$l,333,205;
1938, d $76,469,955.
c Includes payments which will
become due
principal of long-term debt (other than funded debt matured
months
July, 1939.
seven months
on
unpaid)
after
close
of
month
of report,
cludes obligations which mature not
d Deficit
more
or
ENERGY
DURING
other
reverse
of
account
within
items,
e
than two years after date of issue.
By fuel burning plants
By water power
easing of "war hysteria" caused commodity prices to decline
for the second consecutive week and the
"Annalist" index
closed at 81.5 on Sept. 30, the lowest since
the start of the
war and 0.7 of a
point below the
previous week.
still
above
Grains
sold
on
and
livestocks
rumors
items, such
as
on
the
level
of
a
year
Prices,
The
ago.
to say:
were
especially
heavy last
week
as
6,928,300,000
5,651,701,000
3,385,648,000
—9.3
10,000,137,000
9,037,349.000
+ 10.7
of
From "other sources"
312,415,000
310,419,000
+0.6
110,500,000
93.979,000
+ 17.6
422,915,000
Net
404,398,000
+ 4.6
10,423,052,000
9,441,747,000
+ 10.4
8,583,052,000
7,562,210,000
+ 13.5
28,015,000
—13.3
149,551,000
—11.1
International imports.
Total purchased power.
Total input
Disposal of Energy—
Total sales to ultimate customers..
Company
use,
&c.:
Used in electric railway department
Used in electric and other departments...
Furnished free
or
24,294,000
132,959,000
exchanged in kind...
4,524,000
Total company use, Ac.
March,
above the August figure, which
"ANNALIST"
WEEKLY
AND
was
the lowest since
MONTHLY
COMMODITY PRICES
1926
base
161,777,000
Total output (to check above
"input")
179,263,000
—9.8
7,741,473,000
1.700,274.000
+ 13.0
9,441,747,000
+ 10.4
1,507,651,000
+ 7.4
1,678,223,000
10,423,052,000
or
domestic
1,619,759,000
Small light and power (retail)
Large light and power (wholesale)
Public street and highway lighting
1939
Farm products
1,
1938
Sept.,
Aug.,
1939
Fuels
.
Chemicals
78.0
78.3
77.2
68.2
78.3
74.7
72.3
74.1
64.3
73.2
71.7
58.5
67.9
63.1
.
.
84.3
85.2
84.1
83.1
86.0
98.5
Miscellaneous
All commodities
294,623,000
—1.7
142,927.000
115,395,000
+ 23.9
31,897,000
31,802,000
+0.3
8,583.052.000
7,562,210,000
+ 13.5
$184,307,500
$173,984,700
+ 5.9
2,292.700
2,114,600
+8.4
$186,600,200
$176,099,300
+6.0
Interdepartmental
Sales to ultimate customers.
Estimated Revenue—
Revenue from ultimate customers.
Other electric revenue
♦
Allocated to other classes.
RESIDENTIAL
OR DOMESTIC ELECTRIC
SERVICE
12 Months Ended July 31
1938
Kllowatthours per customer
880
832
$36.43
$35.68
ner
kilowatthour
58.3
84.7
98.9
96.8
98.3
95.7
96.5
70.8
...
Building materials
+ 3.4
—5.0
289,716,000
Street and interurban railways
Electrified steam railroads
4.14c
4.29c
% Change
+5.8
+ 2.1
—3.5
1938
77.1
72.9
..
+ 19.2
Sept.,
1939
+ 10.9
207,135.000
Avpragp annual hill
(1926=100)
Oct.
1,505,841,000
3,788.173,000
111.590,000
1939
WHOLESALE
*
115,333,000
196,756.000
during
73.5
Food products
Textile products.
Metals
1939
1,670,714,000
4,515,950,000
Other public authorities
Revenue
Sept. 30, Sept. 23,
*
1938, and 5.7 points
OF
—1.3
Classification of KUowatthour Sales—
1934.
INDEXES
1,697,000
;
8,744,829.000
Total energy accounted for
Losses and unaccounted for
an
of the
+ 22.6
Net purchases:
speculators
possible "peace" in Europe.
The more speculative
rubber and cocoa, showed rather
large losses.
Cotton was
important exception to the general trend.
Wholesale commodity prices
averaged 81.3%
September, the highest for any month since
Change
3,071,837,000
Total generation.
Residential
Index
of
Wholesale
Commodity Prices
Declined 0.7 of Point During Week Ended
Sept. 30
The "Annalist" announced on Oct. 2
that a further
are
1938
six
In¬
"Annalist"
announcement went
OF JULY
Energy—
Rural (distinct rural rates only)
Commercial and industrial:
however,
MONTH
Kllowatthours generated (net):
railways not
in receivership or
trusteeship the net income or deficit was as follows-
$16,689,481; July, 1938, $7,284,339;
OF
Per Ct.
1,753,746
606,442.795
Other current liabilities.
DISPOSAL
1939
Source of
$247,474,787
Miscellaneous accounts payable
Interest matured unpaid
Unmatured dividends declared
Unmatured Interest accrued
AND
5,399,070
$1,100,425,073 $1,003,505,536
c
1,806,403
1,124,455
6,906,294
Funded debt maturing within 6 months
■
17,567,544
Other current assets
Total current assets
2.276.123
345,388,587
13,922,318
'.
130,124,743
312,341,740
Interest and dividends receivable
Rents receivable
2,182,751
70.8
69.0
70.9
70.9
69.1
85.4
85.4
87.1
85.2
85.1
87.1
76.3
77.6
70.8
74.2
69.0
71.1
81.5
82.2
79.9
81.3
75.6
80.5
Production of Electric
Energy in the United States for
July and August 1939
The
production of electric energy for public use during
August, 1939 totaled 11,051,357,000 kilowatthours, according to reports filed with the Federal Power
the month of
Commission.
any
one
This is
month.
an
all time
It represents
high record for output in
increase of 5.5% when
an
Volume
The Commercial & Financial Chronicle
149
compared with the previous month and is 10% more than
produced during the same month of the previous year.
The production of electric energy by electric railways, elec¬
tric railroads, and other plants which generalte principally
SUMMARY
2147
BY
FEDERAL
RESERVE
DISTRICTS
was
for their
totaled 178,145,000 Mlowatt-hours, mak¬
use
own
total production reported to the Commission for the
of 11,229,502,000 kilowwatt-hours.
by water power in August amounted to
3,510,391,000 kilowatt-hours or 32% of the total output
ing
a
month of August
The production
for
public use.
Reports were received during September, indicating that
the capacity of generating plants in service in the United
States on Aug. 31, 1939 totaled 39,865,000 kilowatts.
This
is a net increase of 148,000 kilowatts over that previously
reported in service on July 31, 1939.
Occasionally plants
are placed in service but are not reported
promptly so that
net increase shown for any one month does not necessarily
mean that the entire increase was made during that month
but only that the changes were reported to the Commission
since the previous monthly report was issued.
PRODUCTION
OF ELECTRIC
ENERGY
UNITED
FOR
PUBLIC
USE
THE
IN
STATES
+;
*
V
(In Thousands of Kilowatt-Hours)
By Water Power
Division
July,
1939
New England
1939
162,025
Middle Atlantic
486,381
East North Central
West North Central..
221,612
158,388
South
334,302
East
__
Atlantic
South
Central..
426,630
West South Central..
12,095
530,213
Mountain
1,121,439
Pacific.
August,
1939
1939
170,129
686,405
516,276
619,783
457,758
465,108 2,030,451 2,226,868 2,516,832 2,691,976
192,039 2,083,018 2,264,314 2,304,630 2,456,353
662,998
132,354
505,053
530,644
663,441
413,536
841,608
864,956 1,175,910 1,278,492
583,557
460,402
161,892
123,155
588,522
629,642
641,740
17,462
624,278
641,737
692,000
558,128
115,714
133,872
645,927
1,101,233
198,897
256,603 1,320,336 1,357,836
Sept. 27, 1939
1—Boston
17
$430,279,000
$503,141,000
$321,741,000
2—New York
15
3,311,799,000
3,946,698,000
2,836,467,000
3—Philadelphia
18
403,590,000
442,950,000
340,965,000
430,639,000
OF
ELECTRIC
ENERGY
FOR
25
519,911,000
595,629,000
24
289,833,000
331,429,000
6—Atlanta
26
230,831,000
265,320,000
210,036,000
7—Chicago
41
1,240,737,000
8—St. Louis
16
1,115,540.000
256,426,000
1,011,490,000
214,414,000
Production
% Change from
Kilowatt-Hours
113,174,000,000
—5
17
161,884,000
184,651,000
139,046,000
28
263,247,000
305,652,000
18
202,899,000
260,117,000
175,715,000
29
643,371,000
236,529,000
748,539,000
274
$7,829,610 000
$9,079,568,000
12—San Francisco
Total
Weekly
Report
Oct.
112,990,000,000
113,415,000,000
Percent of
Dec.
28, 1939
Mar. 31, 1939
106
124
163
week ended Sept.
175
was
the
23,
as
reported by 4% fewer mills
Shipments
0
and
softwoods
of
combined;
hardwoods
shipped
261,587,000
feet;
Revised figures for the preceding week
251,795,000 feet; shipments 268,267,000 feet:
530: production
mills,
—3
Shipments
mills.
as
feet; or 49% above the production of the
reported for the same week were 248,150,000
+ 3
feet, or 6% above production.
121,610,000,000
+ 7
122.610.000.000
+8
+5
23, 1939, by 425 soft¬
the week ended Sept
Lumber orders reported for
wood mills totaled 349,599,000
31,1939...
Production was 234,131,000 feet.
Reports from 101 hardwood mills give new business as 18,056,000 feet,
Shipments as reported for the same week were
94% above production.
or
13,437,GOO feet, or 44% above production.
12-month periods, all seasons of
Included in each total, and the effect of seasonal variations is largely
Note—Since the above data show production by
eliminated.
KILOWATT
ordeis were 21%
new business
new
During the week ended Sept. 23, 1939, 510 mills produced 243,461,000
+1
IN
and
For the 38 weeks of 1939
10% above, and shipments 6% above output.
was
orders 358,744,000 feet.
—4
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR
51% above
above output
Reported production
to date was 17 % above corresponding weeks of
118.053.000.000
the year are
was
7%
were
for the 38 weeks of the year
New business
1930-
highest reported since
119,265,000,000
120,538,000,000
...
respectively 2%
were
New business was 2% gi eater than in the previous week
less and 3% less.
and
30, 1939
Aug. 31. 1939
1938
Compared with the preceding week, shlpm nts and production of the
30, 1939
July
Percent of
75
May 31, 1939
June
1937
109
Orders....
same
Apr.
Percent of
119
Shipments
were
—2
117,081,000,000
Feb.
Ended
95
booked orders of 367,655.000 feet.
—5
114,197,000,000
115,151,000,000
116,045,000,000
31, 1938
31,1939
1929
67
Production
—5
Nov. 30, 1938
Week
Lumber Movement,
Sept. 23, 1939
of
555,760,000
$6,747,483,000
The lumber movement during the week ended Sept. 23,
1939, in relation to the seasonal weekly averages of prior
years was as follows according to reports to the National
Lumber Manufacturers Association from regional associations
covering the operations of representative softwood and
feet
Jan.
278,293,000
9— Minneapolis
Previous Year
Sept. 30, 1938
31, 1938
251,093,000
10—Kansas City
11—Dallas
above the orders of the 1938 period.
12 Months Ending—
1939
4—Cleveland
1938; shipments were 16% above the shipments,
USE.
PUBLIC
Sept. 20,
5—Richmond
production.
United States total. 3.453.085 3.510.391 7,024,033 7,540,966 10477118 11051357
PRODUCTION
Sept. 28, 1938
Incl.
August,
1939
July,
Week Ended—
of
Centers
hardwood mills.
Total
By Fuels
July,
1939
August,
No.
Federal Reserve District
USE
PUBLIC
Last week's production of 420 identical
247,377,000 feet,
was
9,330,000 feet.
was
233,282,000
and 212,940,000 feet; and orders received 347,829,000
In the case of hardwoods, 84 identical mills
feet, and 187,031,000 feet.
HOURS.
Production
softwood mills
feet, and a year ago it was 221,967,000 feet; shipments were respectively
reported production last week and a year ago 7,510,000 feet and 6,527,000
% Produced by
% Change
Water Power
1937 to
1939
feet and 5,945,000 feet.
1938
9,465,000,000
10,419,000,000
—5
+ 10
38
36
February
8,565,000,000
+ 10
42
—7
43
43
—10
+ 11
+ 11
46
45
—9
+ 14
43
41
3,227,885 Short Tons of Sugar Received from Off-Shore
40
9,321,000,000
9,459,000,000
10,357,000,000
—5
March
8,806,000,000
8,961,000,000
9,081,000,000
10,354,000,000
—9
+ 14
41
36
9,405,000,000
June
9,778.000,000
10,173,000,000
10,477,000,000
—8
+ 11
39
33
10,051,000.000
May
11,051,000,000
—4
+ 10
38
32
July
August
9,707,000,000
—4
36
October
10,076,000,000
—2
34
November
10,101,000,000
—4
35
December
10,658,000,000
+8
36
Total..
114.197,000.000
—4
September—
Note—Above data solicited from all plants engaged in
for public use,
39
generating electric energy
and. In addition from electric railways, electrified steam
railroad^,
for their own use.
Accurate
of the total pro¬
duction shown; the remaining 2% of the production is estimated and corrections
are made as rapidly as actual figures are available.
Thus, the figures shown for
the current month are preliminary while those for the preceding months are cor¬
rected In accordance with actual reports received and vary slightly from the pre¬
and certain miscellaneous plants which generate energy
data
are
received each
month, representing approximately 98%
Areas
The total stock of coal on hand at electric utility power
1939
was
8,706,414 tons.
Aug.
anthracite.
decreased
This was an increase of 5.8% when compared
1938.
Of the
7,499,946 tons were bituminous coal and 1,206.468 tons were
Bituminous coal stock increased 7.1% while anthracite stock
1,
total stock
1939 and a decrease of 5.0% from Sept.
1.9% when compared with Aug. 1,
Electric
of coal
coal
and
in
1939.
power
plants
consumed
spectively, when compared with the preceding
of days'
supply,
which is
value. For the
corresponding period last
month.
hand Sept. 1, 1939 to
enough anthracite for 203 days' requirements.
year,
charges against
totaled 3,576,008 tons. On Aug. 31, the
unfilled balances of the quotas for off-shore areas amounted
the off-shore
areas
1,536,055 short tons, raw value, as compared with 1,145,-
to
against the quotas for off-shore areas during
The Department's announce¬
the last four months of 1938.
ment continued:
The report includes sugar
for entry
from all areas recorded as entered or certified
before Sept. 1, 1939.
Statistics for foreign countries other than
Cuba also include certifications for entry of sugar
and
which
was
in transit on
The figures are subject to change after final outturn weight
polarization data for all importations are available.
A total of 262,907 short tons
of sugar, raw value, was charged against
mainland cane areas, and 715,573 tons against the quota
continental sugar beet area during the first seven months of this
the quota for the
for
calculated at the current rate of
consumption, there was enough bituminous coal on
last 61 days and
8.6% and 7-1% re¬
1939
quotas represents the quantity of sugar estimated, under the
Sugar Act of 1937, to be required to meet consumers' needs
during the current year. The report shows that the quantity
of sugar charged against the quotas for all off-shore areas,
including the full-duty countries, during the first eight
months of the year, amounted to 3,227,885 short tons, raw
Sept. 1, 1939.
approximately
184,626 tons were anthracite, increases of
terms
1,
4,026.783 net
August, 1939, of which 3,842,157 tons were bituminous
utility
tons
In
plants on Sept. 1,
Months of
Division of the Department of Agriculture on
Sept. 8 issued its eighth monthly report on the status of the
1939 sugar quotas for the various sugar-producting areas
supplying the United States market.
The sum of these
864 tons charged
Coal Slock and Consumption
Eight
During
The Sugar
liminary data.
with
r
-
1939
January
April
Cv.";-
.
1938 to
1938
1939
1938
Months
10,803,000 feet, and 7,394,000 feet and orders 15,485.000
feet; shipments
the
year.
Data for August are not yet available.
The quantities
charged against the off-shore areas during the first eight
months of the year and the
balances remaining are as follows:
(Tons of 2,000 Pounds—96 Degrees)
Sixteen Percent Increase Noted in Bank Debits
reported by banks in
leading cities for the week ended Sept. 27, aggregated $7,830,000,000, or 14% below the total reported for the pre¬
ceding week and 16% above the total for the corresponding
Debits to individual
accounts,
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919 amounted to
$7,181,000,000, compared with $8,317,000,000 the preced¬
ing week and $6,160,000,000 the week ended Sept. 28 of
as
reported
on
System.
Balance
Charged
Against
Regulations
Remaining
Quotas
1,932,343
...
Less am't reallotted on July
Puerto Rico
Hawaii
10.
860,993
0
0
59,111
0
o
791,466
190,446
_
806,642
737,820
68.822
948,218
611,904
336,314
9,013
3.395
5,618
85,812
11,950
73,862
4.763.940
3,227,885
1,536,055
.
—
...
Virgin Islends
Total
1,071,350
1,041,023
981,912
Cuba
Oct. 2, 1939, by the
Board of Governors of the Federal Reserve
A mounts
the Latest
Foreign countries other than Cuba-
are
Sugar Quotas
Established Under
Philippines
week of last year.
last year.
These figures
1939
Area
as
2148
The Commercial & Financial Chronicle
Direct Consumption Sugars
Direct
consumption
is
sugar
included
in
the
amounts
charged
The following tabulation indicates the 1939
direct consumption sugar quotas and charges against such
the
period
January-August,
degrees and above and
showing
separately
column shows the balance available for
entry
The separation of
year.
during
quotas
polarizing
sugar
polarizing less than 99.8 degrees.
sugar
99.8
The last
during the remainder of the
sugars into polarization groups is
based
on reports
of the outturn weight and polarization for each
cargo of direct -consumption
sugar entered against the quotas.
(In Short Tons—96 Degree Equivalent)
Quantity Ch'g'd Against Quota
1938
Sugar
Polarizing
Sugar
Polarizing
99.8 Degrees
Less Than
and Above
Area
September Above Year Ago
the
to
Total
Balance
Charges
New
ments for
York
375,000
Puerto Rico..
171,005
112,456
126.033
Coffee
&
Sugar Exchange,
Inc.
Ship¬
the nine months, Jan .-Sept. aggregated 775,462
tons
against 712,873 during the same period of 1938, an
of 62,589 tons or 8.8%.
The East coast of the
States took 218,010 tons of raws this year against
278,604 in 1938 while the West coast will get 547,527 tons
against 426,780 (1938).
In addition, 9,925 tons of refined
were shipped to Pacific Coast
ports against 7,489 a year ago.
increase
United
Remaining
Beet
Sugar Production in
Be
to
Cuba...
1939
Sugar shipments from Hawaii to the United States during
September totaled 119,875 short tons against 77,896 tons
during that month in 1938, according to an Oct. 5 cablegram
99.8 Degrees
Quota
7,
Hawaiian Sugar Shipments to United States in
above
against the various quotas, since the quota for such sugar is included in the
total sugar quota for each area.
Oct.
8,786
179,791
7,506
119,962
195,209
United
Kingdom Expected
65% Above Last Year
Beet sugar production in the United
Kingdom
6.071
Hawaii..*...
29,616
8,266
1,006
9,272
20,344
current
Phllllppines
80,214
44,094
14,260
58,354
21.860
33 >.821
31.5*8
367.379
243.484
during the
starting Sept. 1 is forecast at 531,000
long
610.863
..
Total......
Quotas for Full-Duly Countries
The 11,950 short tons, raw
value, charged against the quota for foreign
countries other than Cuba is the total of
charges made during the first eight
months of the year against the
quotas for the individual full-duty countries.
The
following table shows, in pounds, the 1939 quotas for those countries,
the amounts charged
against the quotas
and the amounts which
may
approximately 65%, according to advices received by Lam¬
born & Co., New York.
Harvesting of the crop is getting
under way and it is expected that
during the current campaign
18 beet sugar factories will
operate, the same number as last
Sugar
long
Charged
consumption
tons
United
1938
the
totaled
accounted
sugar
2,417,000
trifle less than
a
2,350,000
approximates
home-grown
for
be imported.
to
importations
quantity 1,199,000 tons,
Kingdom
the
year,
14%, and the balance had
Balance
Remaining
the
in
Last
annually.
During
Against
Quota *
1939 Quotas
The firm's announcement further said:
season.
about
Area
season
tons, raw value, as contrasted with 322,000 tons
manufactured last year, an increase of 209,000 tons or
during the period January-August
be admitted during the remainder of the year.
crop
long
Of
tons.
this
half of the total importations,
from British sources—Australia, British West
Indies, Mauritius, and
Union of South Africa.
came
(Pounds)
996,917
(Pounds)
217,750
731,419
161,973
1,158,805
540,257
3,188,909
China & Hongkong
996,500
Dutch East Indies.
Guatemala...
Haiti
Mexico.
20,871.111
..
Nicaragua
(Pounds)
779,167
569,446
618,548
2,192,409
20,531,434
27,967,835
339,677
35,366,060
7,398,225
38,456,297
13,328,502
1,213,356
69,141,126
500,000
917,214
25,127,795
296,142
69,141,126
171,624,000
23,900,098
85,812
11,950
73.862
United Kingdom.
Quotas not used to date.x
Unallotted reserve
Tons
x
Argentina. 50.436; Australia. 705; Belgium. 1,018,350;
Brazil, 4,141; British
Malaya, 91; Canada, 1,952,228; Colombia, 925; Costa Rica,
71,271; Czechoslovakia,
911,060; Dominican Republic, 23,073,847; Dutch West
Indies, 23; France, 605;
Germany, 404; Honduras. 11,877,151; Italy, 6,062; Japan,
13,871; Netherlands,
753,842; Salvador, 28,402,670; Venezuela, 1,003,444.
4,208 pounds have been
imported from Sweden, 1.481 pounds from
France, 30 pounds from Chile, 1,880
pounds from Dominican Republic. 153
pounds from Venezuela, 279 pounds from
Canada, and 54 pounds from New Zealand, but under the
provisions of Section 212
of the Sugar Act, referred to in footnote
above, these importations have not been
charged against the quota for foreign countries other than Cuba.
Secretary of Agriculture Wallace Outlines Conditions
For Payment to Sugar Producers
Secretary of Agriculture Henry A. Wallace on Sept. 29
issued the
following statement regarding the suspension of
quotas and payments to producers:
sugar
With the suspension of
sugar quotas under the Sugar Act of 1937, all
strictions upon the
marketings of
sugar
have been removed.
re¬
sugar cane or sugar
beets, and payments will be withheld
cane or
are
sugar
beets
destroyed for
in
cases
where sugar
purposes of compliance or for any
other
purposes.
pme for the 1940
crop in any
issue of
producing
Sept. 16,
or
page
Distributing Brochure
on World Sugar
Production,
Con¬
sumption, Imports and Exports of Every Country
timely and complete picture of the international trade
Trade—Details
Statistics
September against 274,100,000 pounds for
Rayon staple fiber consumption to Sept. 30
this year aggregated 68,500,000
pounds against 53.100,006
pounds for the full year 1938.
The Bureau's announcement,
issued Oct. 6, went on to say:
all
of
1938.
While
above
to
record
months
tion
the
containing a map of the
production, consumption,
imports and exports for practically every country is
being
issued by Lamborn & Co., New York.
The firm's announce¬
ment in the matter said:
The
data
with
total
In
is
expected
122,000,000
respect to
pounds
filament
fourth
to
it
consumption
yarn
produce
becomes
producers
at
sugar
production during the
30,967,000
tons
in the
ended
year
raw sugar, as
contrasted
based
quarter
upon
the
consumption
for
approximates
now
deniers
present
significant
undoubtedly
made
the
three
the publica¬
that
cannot
fourth
equal
the
the
Beginning
spun.
than
quarter
rayon
third
record
industry's
fourth
quarter
weeks'
supply.
two
a
deliveries by
yarn
quarter
total
possible only by drawing on stocks in the amount of
which
19,600,000
.
Cotton
Consumption
months
1938
total
nine
months
of
and
the
based
and
cotton
of
use
upon
Wool
and
Consumption
wool
both
gained
products for
a
year
Heavy
sharply
during
1939 should far
figures already in hand.
substantially below
was
also
the
exceed
first
the
Silk consumption for the
ago.
For
the
nine months
to
September, cotton consumption amounted to
about 5,300,000 bales compared with 5,901,000 bales for the full
year 1938.
Third
quarter consumption
cotton
trade
is
this year
is estimated
1,800,000 bales, and
at
expecting higher consumption for the final quarter of
1939.
Raw
wool
285,000,000
sumed
in
Silk
the
for
1938.
for the nine months to Sept. 30, totaling about
essentially equal
Wool consumption,
short
supply,
with
high
price for
this
bales
but
for
by
and
only important fiber which
compared
quarter
silk
was
as
96,100
of
of
relatively
is
year
present
of
consumption
pounds,
all
demand,
this
quarter,
world
1939,
estimated
quarter outlook,
stocks held by producers amount to less
Thus
for
does not expect fourth
of
in part:
capacity
rayon
first
Indicate that
Aug. 31, 1939 approximated 29,684,000
long tbns,
or
"Organon"
record
July-September.
says
"Rayon
was
consumption
rayon
figures, the
equal
on
in sugar, in the form of a brochure
world giving detailed statistics on
Consumption
Ago
nine months ended
the
Lamborn & Co.
Domingo
326,700,(XX) pounds, a figure essentially equal to the total
consumption of 327,200,000 pounds reported for the full year
1938, states the current issue of the "Rayon Organon," pub¬
lished by the Textile Economics
Bureau, Inc., New York.
Breakdown of the above figures, says the Bureau, show that
258,200,000 pounds of rayon yarn were consumed during the
nine
area.
San
Consumption of rayon yarn and staple fiber in the United
States during the first nine months of this year
aggregated
contemplated at this
1700, we referred to President
Roosevelt's statement
temporarily suspending the market
quotas on sugar as an emergency measure
required under
the provisions of the
Sugar Act of 1937.
A
of the total
Wool Also Gains Sharply While Silk
is Far Below Year
In view of the suspension of
quotas, no program or payments under the
our
25%
pounds."
provisions of Title III of the Sugar Act is in effect
In
about
or
States Rayon Consumption in Nine Months
Equals Total for All Last Year—Use of Cotton and
All producers
of sugar cane and sugar beets who
meet the conditions of payment under the
Sugar Act of 1937 will be paid in full for the 1939
program.
However, the
conditions for payment on the 1939
crop cannot be met by the destruction of
604,000 tons
United
500,000
*In accordance witn Section 212 of
the Sugar Act of 1937, the first 10 short tons
of sugar, raw value, imported from
any foreign country other than Cuba have
not been charged against the
quota for that country.
supplied
or a little over 11%, and Java 145,000 tons, or 6%.
The
balance of 196,000 tons, about 8%, was supplied
by various other countries.
147,723,902
Peru
Total
Cuba
273,000 tons,
was
less
of
same
product.
larger than the
than
this
1939
the
the
Total
compare
advancing
an
was
con¬
used to
price
level.
less extent thus far
period, due primarily to the
However, third quarter consumption
of 80,200 bales for the second
total
111,900
estimated
with
pounds
1938
consumption of
year.
would
the 284,400,000
to
at present, is influenced by good
actual
bales
consumption
reported
of
consumption
for
the
380,000 bales
of 411,800 bales
1938.
previous year, a reduction of 1,283,000 tons
4.1%.
Details
United
of
each
States is
country's
the
largest
imports
and
exports
are
also
shown.
The
importing country of the world taking
The United Kingdom follows with
2,413,000 tons.
4,222,000 tons in 1938.
Cuba leads the exporting countries with
shipments of 2,438,000 tons, and
by Java with 1,078,000 tons.
is followed
In
commenting
on
the brochure, Ody H. .Lamborn, Presi¬
dent of Lamborn & Co., states:
as
contained in this brochure
in sugar because
ternational programs and laws
restricting the natural
of sugar have already gone into the discard—the
the national and in¬
production and flow
United States Sugar Con¬
having been suspended, at least temporarily, by a formal
proclama¬
tion by the President and, to all intents and
purposes, the International
trol Act
Agreement
by
some
European catastrophe.
in sugar are
of
the
major
In consequence,
signatories'
a
new
set
involvement
of values
being created, with the result that old standards
for the duration of the war, more or less outmoded.
Sales Under Export Subsidy Program Totaled
2,420,000 Bales for August and September
Sales
of cotton
and cotton products under the Govern¬
subsidy program totaled 2,420,000 bales
during August and September, according to an Associated
Press dispatch from Washington, Oct. 4.
The advices also
ment's
export
stated:
The importance today of such information
is obvious to all of those interested
Sugar
Cotton
sugar
and
in
the
factors
are, at least
This did
under the
Under
cents a
not
pound on
sold abroad.
and
include 690,000 bales to be turned
over
Great
to
Britain
British-American cotton-rubber barter agreement.
the program,
the
Government pays
raw cotton
exporters
a
bounty of 1H
and equivalent payments on cotton products
The export goal for the current
season
is between
6,000,000
6,500,000 bales.
The export sales during the two-month
period included cotton products
equivalent to 99,000 bales of raw cotton.
Actual
August
were
exports during July and
reported at 761,000 bales compared with 600,000 bales during
the like period last season.
Volume
The Commercial & Financial Chronicle
149
Domestic
Demand for
Farm
Products
Increasing, Says
Agricultural Economics—Farmers' Cash
Income May Exceed $7,900,000,000
Bureau of
Domestic consumer demand for farm products is rising,
prices of agricultural commodities are up, and farmers' cash
income in 1939 may exceed earlier Government estimates of
$7,900,000,000, says the Bureau of Agricultural Economics,
U. S. Department of Agriculture. Some of the initial specu¬
lative war gains in farm commodity prices says the Bureau,
have been lost, nevertheless extension of the improvement in
domestic consumer purchasing power in recent months is
indicated during the remainder of this year it adds. Under
date of Oct. 2, the Bureau goes on to say:
Supplies of principal foods, feeds and fibers
and foreign demand and allow
with
in
war
United
in the
be
may
Europe
Will
enough to meet domestic
adequate carryover stocks next
expansion
no
are
in
States will be required in
of farm products
1940.
tainties to hazard
a
increase?
In time of
There
the Bureau says.
guess,
pork and lard, apples and tobacco.
current
In
are
Increases
harvesting
These
possible
creases
it
ever,
about
may
uncer¬
United
part,
United
the
increased
by
offset the
States,
with
tion
in
might
the
probable
largely
and elsewhex-e.
what
and Asia,
mill
cotton
that of the previous season.
decline
Europe.
in
possible
best,
At
in¬
how¬
a
still
increased
1940-41
season, cotton
than
consump¬
decline, but this decline
consumption
From the standpoint of supply,
in
considerable amount.
a
further
in
United
the
the situation
during the
current
States
be
may
some¬
Should!
season.
consumption in 1939-40 equal that of 1938-39, it would result in
be
season
possibly
world
carry-over
the current
it
is
possible
some
of
the
crop
Petroleum and
Its
however,
that
cotton
other countries
the
China,
of cotton
Should
season.
on
food
Aug.
a
1940 than at the
1,
prices
during
the
current
substantially higher in relation to cotton prices than in the last
years,
crop
many
during, the
crops
above-mentioned
throughout the 1940-41
by
offset
favorable
more
world
continue
war
Europe would likely show
be
in
consumption,
improbable that the total world mill consumption will show
seems
Should
mill
general
Europe,
over
the
substantial increase and might decline by
any
conditions
cotton
poorer
increase
some
together
increases,
of
production
than
consumption may also show
smaller
many
in
to
less unsettled
season.
other
areas
least
at
somewhat
favorable
more
offset,
somewhat
large exportable
in
is
beginning
surpluses of a number of agricultural products in this country—wheat and
cotton,
this
but
few
But there
somewhat
is
areas
2149
return to
a
Even
war
too
are
China,
In
farm crops
year.
production of principal
overdone to the disadvantage of producers.
exports
high.
production
might
in
decline
India,
to
Egypt,
and
extent.
some
In
might easily be somewhat larger than the small
of 1939.
States
exports during the first seven months of this year—January-August—com¬
pared with last included pork, lard and apples. Imports of sugar and tobacco
declined.
Products—Humble
Prices—Other
Items
indicating
the
Sept. 30,
for
outlook
farmers' income for 1939
wheat,
and
tobacco
nesses
1995, 1996, 1997.
pages
Advances of from 1 to 7 cents
Interest Rate
CCC Loans To Farmers Reduced From
on
4% to 3%
Secretary
Oct.
3
of Agriculture
that
farmers
effective
farmers
rate to
derstanding that
sentatives
of
have
the
1,
based
was
American
Bankers
and
lending agencies which
is
stated
the CCC
received
new
now
1^%
1939 will be guaranteed 2%,
and
the
has
Under
Oct.
Association
repre¬
offi¬
and
making CCC loans here¬
are
of
and
total
the
the CCC
4%
charged
pro¬
1939,
1,
rate specified
in the
present contracts of purchase, but in all instances the rate of farmers will
from
4 to
3%.
Secretary Wallace is quoted
"The
policy
of
CCC
the
is
charges to their lowest reasonable levels.
obvious.
are
It gives
all
interest
and
rates
carrying
The advantages of such
a
policy
the farmers the opportunity to retain the maximum
equities in the commodities under loan.
"The reduction
farmers
to
the
to
of
This
ing.
CCC
in
this
the
interest
Bankers
reduction of
4
to
interest rates
loans
on
wish to
which
Association
3% will result in savings
annually
and I
constructive step,
a
from
rate
$4,500,000
approximately
is
American
in
Gulf
express
now
The
cooperated
fully
the
with
posted October 2, eliminated
for each degree
of gravity
If
general business conditions in the
tinue
to
improve with
United States con¬
upward trend in wages, employ¬
an
ment, and the general price level during the next 2 years, it
seems
probable that domestic cotton consumption will
very
and substituted
a
was
a
increase
reflected
reaching
possibly increased exports of
might result in domestic mill consumption
the record high of nearly 8,000,000 bales estab¬
lished in
1936-37.
and
textiles
For the 1939-40 season, however, a more
reasonable estimate would
and the
went on
little
is
increase
between this
be
considerably
to
While
less than
the
from
competition
during the past
exports
textiles
expect that our export trade in cotton
sufficiently to greatly affect domestic
British
figure
The Bureau's
to say:
reason
continued.
in
to
seem
6,860,000 hales consumed in 1938-39.
advices
tion
season,
mill consumption, the
textiles
British
part
a
of
any
may.
such
be
reduc¬
be offset by increased exports by Italy and
may
Japan.
Cotton
1939-40
what
consumption in
than
the
American cotton
may
indicated
in
represent a some¬
smaller
and
cotton
the
foreign
In Great Britain,
exchange of rubber for approximately 700,000 hales of American
also tend to temporarily encourage the use of a larger propor¬
may
of
American
American
as
well
of cotton
consumption
for
of
war
for other
in those
Nevertheless,
cotton.
as
siderably less than in
occur
supply of
subsidy.
American
of
the recent
cotton
use
Europe seems likely to be considerably lower
past season.
and because of the domestic cotton export
cotton
tion
in
larger proportion of the total than in 1938-39 because of larger total
supplies
all
kinds
1938-39.
purposes
of
In
total
cotton
European
seems
consumption
quite likely to
be
of
con¬
the belligerent countries the increased
is likely to be materially offset by reduced
purposes.
Some
increased cotton consumption may
European countries actually involved in the conflict but not
enough to offset the decline elsewhere.
In
the
Japan,
of
Orient,
exports
because
India, mill consumption
imports of
that
mill
cotton
consumption
there is the possibility of
larger
on
new
a
barrel.
strengthening of the fuel oil
Most of the increases
and furnace oils.
affected by the increase
advance narrowed the
best
gap
affected
best fit for
Oil produced in the fields
is best for these
price
was
purposes,
and the
between the "light" crudes,
adapted for gasoline and the heavier crudes, which
are
best for fuel and other oils.
The Gulf
Petroleum
Oil
Refining Co., Republic Oil Refining, Magnolia
Co., Sinclair Prairie Oil Co. and the Stanolind
Marketing Co. met the advances posted by Humble,
price schedule
increased
went
into
general effect on Oct. 2, the day that Humble posted the
original increase. A day later, the Texas Co. met the Humble
increase in principle although in some fields the increases
were
not
posted
a
uniform.
Pan-American
Pipe
Line
on
Oct.
4
price increase of 10 cents a barrel for Anderson-
Henderson counties' crude to 78 cents.
Pennsylvania-grade crude oil prices were advanced 25 cents
by the Joseph Seep Purchasing Agency of the South
Penn Oil Co. on Oct. 6, effective immediately.
Under the
new
other fibers,
from
report
The effect of the
grades of crude oil from fields where the oil
conditions, reduced imports of cotton textiles and products
There
spread
cent
markets, following the sharp expansion in demand in the
a
will
3
price of 25 gravity crude 1 cent
the
industrial field for such oil.
Agricultural Economics, U. S. Department of Agriculture,
said on Sept. 28 in its current report on the cotton situation.
The Bureau adds that a combination of improved domestic
made
as
Refugio and Mirando crudes
2-cent differential.
to increase the
the
gravities below 26 gravity
barrel, with other grades being increased 7 cents
The
fields
considerably higher than in 1938-39, the Bureau of
average
cotton
on
Gulf Coast, Anahuac-Dickinson,
schedule
The advances
price schedule by the Standard of New Jersey
new
immediately, and the
Increased Domestic Consumption of Cotton in 1939-40
Probable Says Bureau of Agricultural Economics
of crude oil supplies.
part of the East Texas section.
one
affiliate,
outstand¬
appreciation
my
farmers."
to
as
sources
Coast, Southwest and West Texas
fuel oil, Diesel oil
saying:
as
reduce
to
well
will receive 1%.
will be allowed the interest
programs,
barrel in the price of Texas
a
posted by Humble Oil & Refining Co., quickly
pressed for
affected
lending agencies making loans after
arrangement,
lending agencies holding loans made prior to Nov.
current
be reduced
hard
un¬
an
on
interest rate of 2%% per annum for their
an
ducers.
Banks
it
The Agriculture Department's announce¬
been guaranteed
services, and
under
announced
the matter continued:
The banks
31,
Wallace,
out of a conference between
grew
cials of the CCC.
tofore
A.
1939, the interest rate to
Commodity Credit Corporation loans will be
4% to 3% per annum.
The reduction in the
reduced from
ment in
were
all
on
interest
crude oil
followed by other major purchasers who also are becoming
Henry
Nov.
Oil
Crude
Production
Declines—-O'Mahoney Halts TNEC Witness—Wit¬
Give Varying Testimony—Mexico Seizes Two
More American Properties
contained in these columns of
were
Lifts
Follow—Crude
Units
Indian
of
may
cotton textiles
some
reduced
show
some
increase.
In
competition from
British goods.
In
increase somewhat as a result of the reduced
from Great
mill consumption
may
increased consumption as a result
Britain.
It
is significant, however,
during the past season reached
an
all-time
barrel
schedule, Bradford is $2.95
a
barrel; Penm-Oil, $2.15 to
$2.20; Pennsylvania Southwest, $1.90; Pennsylvania Eureka,
$1.84.
of increased applications for drilling permits in
general, daily average production in the
United States showed a sharp decline for the week ended
Sept. 30. The American Petroleum Institute's report for the
final period of the month showed production off 22,850
barrels to 3,658,200 barrels.
This total, however, was far
As reports
Texas fields became
in
excess
of
the
United
States
Bureau
of Mines'
market
demand estimate for the month of 3,510,700 barrels
daily.
the only major oil-producing State to show an
increase in its allowable, all other areas showing losses as
Illinois
was
compared with the previous week.
A gain of 3,150 barrels firmly established Illinois at a new
high production figure of 343,900 barrels daily.
Sharpest
decline was shown in Oklahoma where production dipped
11,900 barrels to a daily figure of 394,000 barrels.
Texas
also showed a sharp decline, daily average production there
easing 10,300 barrels to a figure of 1,485,100 barrels.
Cali¬
fornia production was off 9,300 barrels to a daily figure of
607,900 barrels.
A drop of 3,300 barrels in the daily average
figure for Kansas pared the total to 157,200 barrels.
Louisi¬
ana production was off 1,450 barrels to 247,100.
Increased drilling activity in Texas is seen certain for the
near future as visions of war demand from abroad sent the
wildcatter's flocking into the Nation's arid spaces in efforts
to emulate Dad Joiner's feat and bring in another East
Texas filed.
It is reported by sources close to the Railroad
Commission that inquiries from foreign buyers, particularly
France and England, are coming in in increasing numbers
The Commercial & Financial Chronicle
2150
and Texas oil
prepared to meet this fresh demand and
fields to furnish more sources of supply.
It also was disclosed that the Commission will keep pro¬
duction in line with the rising trend of market demand by
continuing to adjust the allowables in the various fields as
inquiries increase.
In its new October proration order, the
Railroad Commission exempted from its 11-day shutdown
not only the Texas part of the Rodessa field but also more
than 40 of the smaller fields throughout the State.; With
the East Texas field having to shut down for 11 days of the
month of October, a sharp month-production slash probably
will develop despite the exemption of so
many of the smaller
develop
to
new
fields.
which
on
Oct.
7,
1939
comparatively few refined petroleum products
conditions had
war
cating oils this week staged
a
an immediate effect,
lubri¬
renewal of the advancing price
trend which has been in evidence since the outbreak of hos¬
tilities in
Europe.
An increase of 3 cents a gallon was made
prices of Pennsylvania neutral oils, bright and cylinder
stocks on Oct. 3 with similar increases being posted in the
in
mid-continent
area.
An end to the
disorganized marketing practices which have
prevalent in Buffalo for a long time was seen near this
week as the Socony-Vacuum Oil Co. invoked the Feldbeen
Crawford Fair Trade Act for the first time outside of New
York
sensational
A
One of the
men are
City
it signed retail price maintenance contracts
as
development in the oil hearings before
the Temporary National Economic Committee broke on
Oct. 5 when the Committee abruptly halted E. L. Orvis,
Jersey City lawyer, in the midst of his testimony following
with service station operators and lifted the retail price of
gasoline 1.1 cents a gallon to 12.4 cents a gallon, less taxes.
Other companies indicated that they would follow the
his statement that major railroads and
on Oct. 6 posted a general state¬
gallon in the retail price of motor
fuel, effective the following day. All three grades of gasoline
were
affected by the boost, which lifted third-grade and
regular to 16 cents, with premium at 18 cents.
oil
companies had
"injure if not destroy" independent petroleum
planned to
dealers and truckers in the Southweest.
Mr. Orvis
was
asked
to
a
step aside temporarily following his reading into the record
copy of a letter which he said had been sent by J. J. Pelley,
President of the Association of American Railroads, to the
heads of 13 major oil companies in 1935.
The text of the
letter read that the oil companies agreed to discontinue
trucking oil from their water terminals and refineries to the
and simultaneously
discontinue delivering their
products to trucks of dealers or buyers.
The railroads operating in the Southwest, the letter is
reported to have said, agreed to do their utmost to effect a
readjustment of inter-territorial freight rates on petroleum
products into Southwest territory, to "reform" leases on
their property used for filling stations and to
discourage such
leases in the future.
Senator O'Mahoney, who said that if
the letter was authentic, it formed the "basis of an anti¬
trust law suit," insisted that Mr. Orvis prove its
authentieity.
interior
'
The
Committee
held
an
executive
session
determine
to
whether
or not to issue subpoenas for Mr.
Pelley and other
who might prove its authenticity. It was decided to
question all involved factors.
Mr. Orvis, who started out his testimony with the remarks
that the oil companies made the railroads
carrying their
products "jump through a hoop" named the following companirs as the recipient of the alleged Pelley letter: Standard
Oil Co. of New Jersey, Texas Co., Sinclair
Refining Co.,
SheU Eastern Petroleum Co., Cities Service
Co., Atlantic
Refining Co., Standard Oil Co. of Kentucky, Gulf Refining
Co., American Oil Co., Pan-American Petroleum Co., Pure
Oil Co. of Tennessee, Wofford Oil Co. of
Georgia, and the
persons
Pure Oil Co. of the Carolinas.
Earlier in the
week, the Committee had heard the testi¬
mony of various independent oil men and of F. B. Dow,
spokesman for the American Petroleum Institute. Mr. Dow,
former
Interstate
"experimental step" taken by Socony.
Standard Oil Co. of Ohio
wide increase of H cent
Tanker rates from the
finished and
While
that
ment
had
official
no
seized
1938.
sources
of
the
move
has
close to the State
been
two
the
original expropriation
The information
was
decree of early
during the week
continuing its barter
arrangements with Germany for Italy in contradiction of
earlier reports that war conditions in
Europe had forced a
discontinuance of the deals.
Price changes posted during the week follow:
Oct.
2—Humble Oil & Refining Co. posted increases of 1 to 7
the prices of crude oil in the Gulf Coast, Southwest and.
East Texas field.
one
Oct.
diately, which in the main
a
was
in crudes
heavy in fuel oil and diesel oil
con¬
Oct. 6—South 1'enn Oil Co. lifted prices of
Pennsylvania grade crude oil
25 cents a barrel.
Prices of Typical Crude per Barrel at Wells
(All gravities where A.P.I, degrees are not shown)
Bradford, Pa.-
__
1
$2.25
1.25
Illinois
Eldorado, Ark., 40
Rusk, Texas, 40 and
1.02
Lima (Ohio Oil Co.)
Corning, Pa._i*.
Darst Creek
.95
.....51.05
1.03
over
1.02
;
Michigan crude
78
Western Kentucky
1.20
Sunburst, Mont
Mid-Cont't, Okla., 40 and above..
Rodessa, Ark., 40 and above
Smackover, Ark., 24 and over
1.03
Huntington, Calif., 30 and
1.25
Kettleman Hills
gallon, taxes included.
Oct.
1.22
,
39 and
over...
over
1.22
CAR
PRODUCTS—SOQONY-VACUUM
HIGHER—SOCONY-VACUUM
ACT
TO
EXTENDS
BUFFALO—TANKER
Socony-Vacuum Oil Co.
prices of gasoline
cent
on
TANK
FELD-CRAWFORD
CHARTER
JUMP—MOTOR FUEL INVENTORIES
The
RATES
AGAIN
RISE
Oct. 3 increased tank-car
gallon in the New York'New
England marketing area.
There will be no general markup
in tank wagon prices, the announcement
indicated, although
some increases will be
posted at Buffalo and a few New Eng¬
land points where prices are sub-normal.
The New York
price, under the new schedule, was lifted to 7.4 cents a gallon,
excluding taxes.
a
same
cent
a
up
3 cents
gallon and Mid-Continent prices
a
increases.
Yt cent
a
gallon increase in gasoline
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
New York—
New York—
Other Cities—
Std.OilN.J.$.06H-.07
Socony-Vac. .06^-,07
Texas
-073^-.08
Chicago
Gulf.
.08M-.08^
New
Orleans.
.06^-07
T.
Shell East'n
,07^-.08
Gulf
ports—
.05 H
.04^-.05^
Wat. Oil
.08^-.08M
RichOil(Cai) .0HH--OH%
Warner-Q__ .07>^-.08
$.05
Tulsa
..053^
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
(Bayonne)
I North Texas
'...$.04^
i
New
.03^-.05
I
Tulsa
Refinery
or
$1.15
Diesel
Orleans.$.05>£-.05^
.04
-,04ji
Terminal
California 24 plus D
(Bayonne)—
Bunker C.
$.04
J Los Angeles..
Fuel OH, F.O.B.
N. Y.
New Orleans C.___._$ 1.00
$1.00-1.25
Phila., Bunker C
1.45
1.65
Gas Oil. F.O.B. Refinery or Terminal
N. Y.
(Bayonne)—
27 plus
I Chicago—
I
.$.04
I Tulsa
28-30 D
..$.053
$.02%-.03
I
Gasoline, Service Station, Tax Included
z
New York
z
Brooklyn
z
$.17
.17
| Newark
.$.166 | Buffalo..
.185|Chicago
IBoston..
$.174
.17
Not including 2% city sales tax.
»
Daily Average Crude Oil Production for Week Ended
Sept. 30 Declines 22,850 Barrels
The
American
Petroleum
Institute
estimates
that
the
daily averagB gross crude oil production for the week ended
Sept. 30, 1939, was 3,658,200 barrels.
This was a drop of
22,850 barrels from the output of the previous week, but
the current week's figure was above the 3,510,700 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during September.
Daily average pro¬
duction for the four weeks ended Sept. 30, 1939, is estimated
at 3,497,550 barrels.
The daily average output for the
week ended Sept.
30, 1938, totaled 3,231,800 barrels.
Further details, as reported by the Institute, follow:
1.24
SHARPLY
H
prices throughout Ohio.
Imports of petroleum for domestic
a
ADVANCES
of gasoline
prices
Other companies met the advance.
Oct. 6—Standard of Ohio posted a
.75
GAS PRICES—LUBRICATING OIL POSTINGS
car
3—Lubricating oils moved higher with Pennsylvania neutral oils,
showing the
United
REFINED
3—Socony-Vacuum raised tank
bright and cylinder stocks
cents in
tent.
of
The
placed Sept. 30 hold¬
Oct. 3—Socony-Vacuum raised retail gas prices at Buffalo to 17.4 cents
section of the
All other major companies followed the increase imme¬
increase
an
gallon at New York-New England marketing points.
received with marked interest
in oil circles in view of the announcement
that the Cardenas Administration was
showed
American Petroleum Institute report
Depart¬
Administration early last month
additional American-owned oil properties
fuel
ings of gasoline at 71,168,100 barrels, which are about
2,000,000 barrels above the total held on the like 1938 date
and 10,000,000 barrels in excess of normal demand.
Re¬
finery operations showed a decline of only 0.3 point to 84.9%,
with daily average runs of crude to stills off 10,000 bxrrels
to 3,560,000 barr ils.
Representative price changes follow:
Cardenas
the
included in
not
announcement
learned from
was
unfinished motor
148,000 barrels during the final week of September.
Commission examiner and
Chairman of the Institute's committee on railroad
transporta¬
made, it
Gulf Coast continue to rise with
charterings offered for gasoline at 32 cents a barrel, an in¬
crease of 2 cents over the last
price and double that of the
price prevailing last month.
Bottoms for transporting
heavy crude oil and fuel oil are nominally quoted at 34 cents
a
barrel, up 2 cents over the last posting and comparing
with a price of 17 cents a barrel last month.
Charterings to
Europe have been few but prices are nearly 400% above the
$2.50 a ton price asked before the outbreak of war.
With hopes cf heavy European demand seen holding re¬
finery operations at a contra-seasonally high level, stocks of
Commerce
tion, pipe line operations and pipe line valuations, told the
Committee that the oil industry was forced to create its
own
transportation system in order to attain its present
efficiency and to bring gasoline prices to the consumer down
to their present levels.
a
States
ports
and receipts in bond at principal
use
for the week ended Sept. 30 totaled 890.000 barrels,
daily average of 127,143 barrels, compared with
barrels for the week ended Sept. 23 and
weeks ended
a
daily
average of
139,714
153,143 barrels daily for the four
Sept. 30-
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended
Sept. 30 totaled
145,000 barrels,
a
daily average of 20,714 barrels,
compared with a daily average of 32,714 barrels for the week ended Sept. 23
and 25,500 barrels daily for the four weeks ended Sept. 30.
-
Reports received from refining companies owning 86.2% of the 4,379,000
barrel
estimated
daily
potential refining
indicate that the industry as a whole
basis,
ran
capacity of the
to stills,
on a
3,560,000 barrels of crude oil daily during the
companies had in storage
pipe lines
as
at
refineries,
of the end of the
unfinished gasoline.
The total
States,
bulk terminals, in transit and in
week, 71,168,000
amount
United
Bureau of Mines'
week, and that all
barrels of finished and
of gasoline produced
by all
panies is estimated to have been 12,085,000 barrels during the week.
com¬
Volume
The Commercial & Financial Chronicle
149
CRUDE OIL PRODUCTION
DAILY AVERAGE
(Figures In Barrels)
2151
145,000 tons,
week
...
or slightly more than 12%, from output in the
Sept. 16.
In comparison with the corresponding
(Sept. 24), there was a gain of 64%.
of
week of 1938
a
UNITED
ESTIMATED
Four
B. of M.
Week
Change
Weeks
Week
lated
Stale
Ended
from
Ended
Require¬
Allow-
Sept. 30,
Previous
1939
Week
PRODUCTION
STATES
OF
SOFT
COAL
WITH
Ended
Calcu¬
ments
Oct.
Sept. 3 0,
1939
COMPARABLE
OF
PRODUCTION
ON
DATA
CRUDE
PETROLEUM
(In Thousands of Net Tons)
1,
'
1938
■+.,
.
(Sept.)
r;
Week Ended
Calendar
Year to Date d
•
Oklahoma.
429,300
166,300
Kansas
384,950 b394,000 —11,900
147,705 bl57,200 —3,300
v
68,350
North Texas
West Texas
East Central Texas—
•
59,100
85,300
•
90,900
East Texas
Southwest Texas
Coastal Texas—.—..
68,250
71,100
28,750
189,750
89,150
410,150
232,300
232,750
202,600
+450
30,800
—2,300
247,850 —12,300
+ 800
92,800
491,800 —1,100
233,950
+ 1,850
+ 750
233,650
West Central Texas...
454,050
159,400
+ 1,550
85,900
Panhandle Texas
361,450
140,900
32,450
255,400
217,700
66,200
180,900
Coastal Louisiana.—
+ 800
64.800
—2,250
176,000
73,700
186,900
247,100
North Louisiana......
1939
Bituminous Coal
255,700
235,475
—1,450
240,800
1,491
1,323
5,896
Daily average
Coal equivalent of weekly output
Includes for purposes of
a
5,482
5.208 203,476 201,958 167,438
Illinois.
50,700
.
———
—
64,838
—
(not incl. 111.)_
Eastern
Michigan
.
Wyoming
Montana
Colorado
New Mexico
65,850
+ 650
62,050
+5,150
332,850
103,850
+ 5,550
98,500
coal,
+ 1,100
67,600
+ 550
63,500
16,400
"—50
3,600
104,800
AND
v/.V
COKE
(In Net Tons)
13,450
3,600
90,850
ANTHRACITE
PENNSYLVANIA
OF
PRODUCTION
ESTIMATED
50,050
53,500
+250
to
1939, and
c
] 181,900
68,350
66,250
16,450
during the week converted
Revised,
d Sum of 38 full weeks ending Sept. 23,
corresponding 38 weeks of 1938 and 1929.
of
pound
57,750
343,900
101,300
55,000
70,700
16,300
3,700
108,700
3,600
100,000
98,650
2,914,700
3,050,300 —13,750 2,876.850 2,576,400
655,400
620,700
596,000 d598,300
607,900
—9,100
California
1,679
1,014
equivalent coal assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per
Calendar
Week Ended
Sept. 23
Sept. 16
1939
1939
1938
Year to Date
Sept. 24
1938
1939
1929
c
c
Penn. Anthracite—
Total, including col¬
1,344,000 1,199,000 819,000 36,836,000 32,616,000 50,495,000
liery fuel a
Total east ol Calif..
1,131
historical comparison and statistical convenience the
b Total barrels produced
of lignite,
production
260,600
248,700
Arkansas
7,936 252,918 227,503 377,286
8,944
1,533
'
Crude Petroleum b—
BEEHIVE
Total Louisiana
1929
1938
9,200
Including mine fuel
Total,
1939
1938
1939 c
a—
369,000
1,408,300 cl477 943 1,485,100 —10,300 1,398,350 1,236,300
Total Texas........
Sept. 23 Sept. 16 Sept. 24
146,600
165,600
199,800 136,500
224,000
Daily average
226,900
Commer'l produc'n b 1,277,000 1,139,000 778,000 34,995,000 30,985,000 46,859,000
Beehive Coke—
■
3,658,200 —22,850 3,497,550 3,231,800
3,510,700
These
a
oil
Bureau of Mines' calculations of the requirements of domestic crude
are
premises outlined In its detailed forecast for the month of
based upon certain
As requirements
September.
supplied either from stocks,
be
may
from new
or
production, contemplated withdrawals from crude oil inventories must be deducted
from the Bureau's estimated requirements to determine the amount of new crude
to be
United States total.
16,700
11,600
12,900
445,800
637,400
Daily average.—.
2,783
1,933
2,150
1,964
2,808
Includes washery and dredge
a
operations,
c
Calculated net basic
allowable
for the
COAL, BY STATES
(In Thousands of Net Tons)
net basic allowable for week ended 7 a. m.
This Is our interpretation of Texas'
Adjusted to make comparable the number
ESTIMATED WEEKLY PRODUCTION OF
produced.
cation.
c
in the three years.
b Oklahoma and Kansas figures are for week ended 7 a. m. Sept. 27.
Information at the time of publi¬
of September Is 1,381,146
Sept. 30 and calculated upon the best available
coal, and coal shipped by truck from authorized
b Excludes colliery fuel,
of working days
5,023,100
22,128
month
railroad carloadlngs and river ship¬
(The current weekly estimates are based on
revision on receipt of monthly tonnage reports from district
annual returns from the operators.)
ments and are subject to
and State sources or of final
barrels daily.
d Recommendation
RUNS
CRUDE
TO
of Central Committee of California Oil Producers.
STILLS
PRODUCTION
30, 1939
AND
ENDED
Week Ended
WEEK
GASOLINE,
OF
Sept.
State
SEPT.
Sept. 16
Sept. 9
(Figures In Thousands of Barrels of 42 Gallons Each)
1939
Sept. 17 Sept. 18 Sept. 14
1939
2
2
3
3
257
223
189
255
Alaska
Gasoline
•V'- Crude Runs
Daily Refining
Production
to Stills
Capacity
at
District
Potential
Percent
Refineries
Daily
Percent
Inc. Natural
Average
Operaled
Blended
>
1929
1937
1938
Alabama
406
338
68
53
64
68
129
134
96
123
103
226
*
1
Georgia and North Carolina
*
1
e
8
8
116
Arkansas and Oklahoma
Colorado
Aver.
1923
214
8
8
Reporting
615
100.0
561
91.2
1,691
Appalachian.
Indiana, Illinois, Kentucky-
149
85.9
122
95.3
402
90.2
507
91.4
419
81.6
2,118
zl,004
615
.
271
79.2
316
50.3
116
73.0
494
1,055
90.0
854
89.9
2,683
Louisiana Gulf
164
97.6
126
78.8
344
North Louisiana & Arkansas
100
55.0
53
96.4
101
Rocky Mountain
California
118
54.2
47
73.4
191
828
90.0
546
73.3
1,607
86.2
3,203
357
84.9
10,635
1,450
Oklahoma, Kansas, Missouri
Inland Texas.
...
Texas Gulf.
Illinois
816
690
725
998
1,143
1,587
Indiana.
Rate
East Coast
314
248
237
359
343
550
65
57
50
76
90
Kansas and Missouri
116
105
110
139
140
168
Kentucky—Eastern
892
793
732
869
965
713
144
164
287
248
52
40
Iowa
162
124
Maryland
Michigan
32
24
27
33
9
7
9
15
Montana
51
51
48
New Mexico
22
17
25
Western
■;
117
16
27
62
74
68
30
48
■
56
30
24
38
35
847
827
437
372
379
508
522
861
2,160
North and South Dakota
Ohio
1,790
1,738
2,276
2,916
3,585
119
108
108
110
111
119
Texas
20
18
19
20
23
Utah
88
66
73
79
110
103
329
285
284
293
265
245
Pennsylvania bituminous
Reported
Estimated unreported
♦Estimated total U. S.*
Sept. 30, 1939.
Tennessee
-
Virginia
12,085
11,684
3,560
3,570
4,379
— .
4,379
Sept. 23, 1939----..---.
27
*
Is
a
week's production based on
daily
z
average,
STOCKS
x
September, 1938, daily average,
y
This
the United States Bureau of Mines September, 1938,
12% reporting capacity did not report gasoline production.
FINISHED
OF
yl 1,039
x3,233
'38
Estimated Bureau of Mines basis,
FUEL
AND
OIL,
UNFINISHED GASOLINE AND
ENDED SEPT. 30, 1939
-
Wyoming
Stocks of Gas Oil
Stocks of Residual
and Distillate
Fuel Oil
At
At Terms,
Terms,
Total
Finished
At
in Transit
At
in Transit
Finished
and
Refineries
and in
Refineries
18,545
2,519
6,523
6,400
6,007
2,206
261
107
3,891
10,931
3,976
896
2,780
5,530
5,838
1,707
38
Non-Ferrous
2,893
1,297
385
7,805
1,505
9,116
5,581
"412
7,641
*295
2,155
282
1,920
1,815
2,113
906
15
No. La. & Arkansas
233
355
252
4
Mountain..
990
129
—
569
521
California
12,990
1,062
14,224
8,049
1*620
61,155
22*485
Reported—
Est, unreported--.
60,492
66,208
27,769
9,492
85,991
27,010
4,860
4,960
820
Sept. 30, 1939.—
65,352
a28,589
9,492
a88,436
Sept. 23, 1939—
65,341
71,168
71,020
a28,728
9,347
a88,275
Rocky
166
165
1
s6
84
9,175
11,062
11,814
7,676
7,418
1,199
821
879
794
1,434
714
10,143
8,497
8,297
9,969
12,496
12,528
& W.; C. & O.; Virginian; K. & M.; B. C. &
Kanawha, Mason and Clay counties,
b Rest of State,
G.;
in¬
Mineral and Tucker counties,
c Includes
Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania anthra¬
cite from published records of the Bureau of Mines,
e Average weekly rate for entire
month,
s Alaska,
Georgia, North Carolina and South Dakota Included with
"other Western States."
* Less than 1,000 tons.
"57
10,210
Inland Texas
.
128
*
Includes operations on the N.
as
Ind., 111., Ky..—
Louisiana Gulf.
103
107
*
cluding the Panhandle district and Grant,
350
Okia., Kan., Mo...
Texas Gulf-.-
857
Pipe Lines
Pile Lines
L'nfin'd
...
1,474
774
and in
17,416
Appalachian
58
2,230
562
8,944
Pennsylvania anthracite d
a
District
East Coast
47
1,923
477
*
Total bituminous coal
and on the B. & O. in
Total
35
1,670
521
130
-
Other Western States c
Total, all coal
(Figures in Thousands of Barrels of 42 Gallons Each)
Finished and
Unfinished Gasoline
36
1,859
580
West Virginia—Southern a
GAS AND
WEEK
Stock of
29
2,101
Washington
Northern b
*U. S. B. of M. Sept. 30
26
2,445
♦Est. total U. S.*
27,010
26,991
Market
Metals—Copper Buying Expands Again
Strengthens—Lead and Zinc in Demand
The Oct. 5 issue of "Metal and
Mineral Markets" stated
ban will be lifted by Congress,
consumers as a whole were eager during the last week to
further augment their already large purchases of non-ferrous
metals, adding strength to the price structure.
One large
producer advanced its price of copper one-half cent on Oct. 4,
but others did not follow this move.
Lead was in a strong
that believing that the arms
position, but the price remained unchanged.
Zinc became
firmly fixed at 6^c., St. Louis.
Spot tin was unsettled.
Cadmium advanced
10c. per
The publication fur¬
pound.
ther stated:
U.
S.
B.
of
Mines
♦Sept. 30, 1938—
63,163
Copper
120,366
30,860
69,086
in sales when data on
The informa¬
tion disclosed that sales for the week ended Sept, 26 totaled 9,517 tons,
whereas 23,231 tons were sold in the week ending Oct. 3.
Sales for Sep¬
tember totaled 183,627 tons, a new monthly high, the previous record
Buying in domestic copper reflected an increase
*
Estimated Bureau of Mines basis,
figures must be increased by stocks "At
a
For comparability with last year these
Terminals, &c.," in California district.
Weekly Coal Production Statistics
weekly coal report of the United States Department
of the Interior, Bituminous Coal Division showed that pro¬
The
duction of soft coal continues to increase.
in
the
tons, a
week.
week ended Sept. 23 is
estimated at 9,200,000 net
gain of 256,000 tons, or 2.9%, over the preceding
Production in the corresponding week of 1938 was
f
the total
for the
of Sept. 23, amounting to 1,344,000 tons, increased
were
made available, retroactive to
Sept. 23.
being 183,151 tons for July.
Sales of copper to
domestic consumers, by months, for 1938 and the first
nine months of the current year,
The total output
estimated at 7,936,000 tons.
The United States Bureau of Mines reported that
estimated production of Pennsylvania anthracite
week
transactions
1938
January
—
Feburary
March
April
May
—-
June
July
—
—
25,468
23,513
22,403
23,027
19,174
87,843
124,066
Exports of Refined copper
by
in tons, were as follows:
1938
1939
1939
15,399
August
22,884
38,299
20,361
September
61,417
183,627
28,618
October....
...
59,874
November
59,026
December---..
—
77,287
10,841
14,837
66,786
183,151
Totals
512,760
from the United States (foreign and domestic),
countries of destination, for the
months of June, July and August:
The Commercial & Financial Chronicle
2152
Oct.
hanna, National Steel Corp.; one Bethlehem,
June
To—
July
Lorain, National Tube Co.; one
one
Belgian/.
...
555
729
.......
2,374
8,787
23,922
...
4,327
1,589
2,557
Denmark
695
........
Great Britain
3,822
2,298
3,087
2,510
795
2,920
1,444
1,135
409
4,545
1,082
11.660
5,481
6,177
5,949
1,545
29.096
one
Co.;
Federal,
and one Indiana Harbor, Youngs-
Hamilton, American Rolling Mill Co.; one
one
Interlake
39.658
Wisconsin
Corp.; one Calumet,
Iron
348
35.355
&
and
Perry
1,967
Italy
Tube
Sheet
town
Monongahelaand
Haselton and one Pioneer, Republic
Steel Corp.; one Campbell, one Jeannette,
168
France
Germany
and one Cambria. Bethlehem
Jones & Laughlin Steel Corp.;one
Steel Co.; one Eliza,
Aug.
1939
7,
252
Netherlands
Poland and Danzig
Sweden
_
Other countries.....
———
Totals
—
No furnaces
DAILY
price did
firmer with
quotation
our
for the
PIG IRON IN THE UNITED
OF COKE
PRODUCTION
SINCE
MONTHS
1938
1939
1935
1936
1937
103,597
46,100
70,175
TONS
1935—GROSS
1.
JAN.
65,351
47,656
62,886
57.448
46.367
107,115
77,246
46,854
.111,596
65,816
68,539
45,871
113,055
80.125
55.449
was
May
55,404
40.480
114,104
85,432
55,713
Some business in the
June
70,615
35,400
103.584
86.208
51,570
The
undertone
reported at 12 lAc.
was
BY
April
day.
offerings restricted in most directions.
outside market
Co. furnace.
blown out or banked.
January
reported in good volume on the 12c. basis and the higher
influence
not
AVERAGE
STATES
Early Oct. 4 Phelps Dodge Corp. raised its quotation to 12Mc., Valley,
was
were
-
August copper statistics have not yet been made available.
but business
Birmingham furnaces;
Sloss-Sheffield Steel & Iron Co., and a Woodward Iron
980
China and Hongkong
Japan
Steel Co.; one Ford Motor Co. furnace; two North
I.
■
73,578
February.
March—
.—
57,098
from
for
export
Lead
prices
on
lead
in
was
of offerings,
excess
Sales
for
week ended
the
actions amounted to 9,613 tons.
Oct.
4
open-market
on
requirements,
yet
contract
95,952
87,475
113,679
93,311
91,010
59.216
96,512
63,820
November..
75,666
66,891
98,246
December
71,314
48,075
100,485
68,864
67,950
51.458
100,305
83,658
67.556
12
mos.
average.
PRODUCTION
OF
COKE
Smelting
St. Joseph Lead sold its
own
'.v.;'--"'./
Sept. 30 totaling
Pig Iron
Ferrornan ganese y
x
1939
1938
1939
1938
20,805
22,388
brands in the East
2.175,423
1,429.085
February
2.060,187
1,298,268
18,655
20.205
March
Zinc
but continued to be mostly for first-quarter
15,071
however,
tons, against
slightly
were
8,739 tons in the previous
lower,
6,943 tons for the week ended Sept. 24.
5,487
totaling
Unfilled orders of
week.
against
tons,
2.394,615
1,452,487
16,008
21,194
April
2,056,177
1,376.141
11.518
May.
1.717,516
1,255,024
7.888
18.607
13,341
June
2.118.451
1,062.021
16,617
14,546
12,522,369
7,873,026
91,491
110,281
ore
20,818
mines and mills
July
in the Tri-State district is
being stepped
rapidly
up as
be rehabilitated for production.
can
Greater demand for galvanized sheets on domestic and
firmly established at
was
6.50c.,
2.356.270
1,201,785
21,213
August
2.695,813
2,878,556
1.493,995
20.628
1.680.435
21,949
September
October
foreign business
St.
Louis,
for
2.052,284
November
Prime
6.088
630
3.621
2,269,983
•
13,156
19.197
2,210.728
December.
has increased the operating rate of that industry to 80% of capacity.
quotation
Half year
i
common grades
92,675 tons.
Production of
The
FERROMANGANESE
(GROSS TONS)
Refining Co.
&
delivery, with the tonnage of common grades sold during the week ended
as
AND
IRON
January
Demand for zinc increased,
total
PIG
Buying has been
"
now
56,015
trans¬
premium.
Shipments,
56,816
116,317
66,203
The undertone of the market remains strong.
basis of the American
settling
5.50c., New York.
a
85,800
October
be anxious to acquire additional
to
appear
consumers
quite general in character.
was
49,041
104,000 tons, the largest monthly total
supplies to protect themselves against all eventualities.
at
54,138
83.686
Producers feel that the buying has been far in excess of actual
record.
The
74,331
112,866
Total transactions in lead in the domes¬
tic market for September involved
on
but producers maintained
the basis of 5.50c., New York, and 5.35c., St. Louis, through¬
week.
the
out
for
108,876
38,767
48,193
Half year
with transactions ranging
12c., f.a.s. New York, to 12.60c.
Demand
43,497
76,009
September
in substantial volume,
were
69,184
July
August.
Sales
18.782 236
Year..
173.791
...—V
Western.
x
Tin
These totals do not Include charcoal
pig iron,
Included in pig iron figures.
y
Interest among consumers centered chiefly in forward material, and the
spot
of tin showed
position
around 60c. most of the
further
Straits
unsettlement.
week, but November arrival sold
on
held
spot
September Production and Shipments of Slab Zinc
51c., Decem-
at
The American
48Mc. and .January-February at 47 to 47>^c.
at
The world's visible supply of tin on Sept. 30 was 31,168 long tons, against
26,338 tons at the end of August, according to the Commodity Exchange.
SLAB
ZINC
United States deliveries in September totaled 5,050 tons.
to
on
STATISTICS
Pounds)
slightly above
OF
METALS
Retorts
(a)
Chinese tin, 99%, was nominally as follows: Sept. 28th, 55.000c.
PRICES
Oct. 5 released the fol¬
(ALL GRADES)—1929-1939
Export demand for tin plate has been active.
Produced,
During
Period
("E. & M. J." QUOTATIONS)
Shipped
During
29th,
49.000c.; 30th, 49.000c.; Oct. 2d, 50,000c.; 3d, 51.000c.; 4th, 51.000c.
DAILY
Institute
(Tons of 2,000
Tin-plate operations in the United States have increased
90% of capacity.
Zinc
lowing tabulation of slab zinc statistics:
Period
631.601
602,601
436,275
Average
Unfilled
Shipped
Operat¬
Retorts
Orders
for
Export
ing End
During
End of
of Period
Period
Period
75,430
6,352
57,999
68.491
18,585
143,618
196
Stock, at
End
of
Period
Year
Year
Electrolytic Copper
Straits Tin
Dom.,Refy. Exp., Refy.
New
Lead
Zinc
1930.
504.463
31,240
47,769
26,651
Year
r
-
1929
1931
300,738
314,514
129.842
41
19,875
23,099
18,273
Year
r-
:
1932
213,531
218,517
124,856
170
21,023
18,560
New York
St. Louts
St. Louis
Year
1933
324,705
344,001
105,560
239
27,190
23,653
8,478
15.978
5.50
York
5.35
6.50
Year
1934
366,933
352,663
119,830
148
32,944
28.887
30,783
38.329
32,341
51.186
Sept. 28
11.775
11.950
00.000
Sept. 29....
11.775
11.950
60.000
5.50
5.35
6.50
Year
1935
431,499
465,746
83,758
59
Sept. 30
11.775
12.000
60.000
5.50
5 35
6.50
Year
1936
523,166
561,969
44,955
0
42,965
37,915
78.626
Oct.
11.775
12.000
59.000
5.50
5.35
6.50
Year
1937
589,619
569,241
65,333
0
48.812
45,383
48,339
59.000
5.50
5.35
6.50
5.50
5.35
6.50
January..
48,687
44,623
45,400
5.50
5.35
6.50
February
2
Oct.
3
11.775
12.125
Oct.
4
11.775
12.250
55.250
Average..
11-^5
12.046
58.875
1
1938
•
Average prices for calendar week ended Sept. 30 are:
Domestic copper f.o.b.
refinery, 11.775c.; export copper, 11.900c.; Straits tin, 61.875c.; New York lead,
5.500c.; St. Louis lead, 5.350c.; St. Louis zinc, 6.396c.; and silver, 37.175c.
The above quotations are "M. & M. M.'s"
appraisal of the major United States
markets, based
the
basis
on
of cash,
sales reported by producers and agencies.
New York
St.
or
Louis,
as
noted.
All
They are reduced to
prices are in cents per
pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In
the
trade,
domestic
figures shown above
prices are quoted on a delivered basis' that is,
As dllivery charges vary with the destination, the
copper
dellevere at consumers' plants.
are net
prices at refineries
on the
Atlantic seaboard.
Delivered
prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic
seaboard.
24,931
88,532
20
42,423
41,146
21,540
108.138
0
39.267
41,644
March
43,399
33.528
118,009
0
36,466
38,923
29,023
April
38.035
20.806
135.238
0
34,691
35,321
27,069
May
37,510
24.628
148,120
0
31,525
33,818
23.444
June
30.799
29,248
149.671
0
26.437
28,071
41,785
July.....
30.362
33.825
146,208
0
25,596
25,805
39,350
August...
32,296
36.507
141,997
0
29.805
130,554
September
32.328
43,582
130,743
0J
.
29,767
36.740
43,355
124,128
0
November
40,343
43,693
120,778
0
30,940
*27,648
32,427
31,912
*28.411
October..
31,555
*28.099
*28,312
39,354
126,769
0,
35,621
*31,509
38,793
40,435
>40,736
38,510
*33,683
45,345
36.243
*32,131
December.
38.891
*33,398
>40.280
40,829
On
foreign business, owing to the European War, most sellers are
restricting offerings to f.a.s. transactions, dollar basis.
Quotations, for the present,
reflect this change in method of doing business.
Total for year-
456,990
395,554
Monthly avge.
38,083
32,963
34,583
1939
Due to the European War, the usual table of
Daily Lon¬
don Prices is not available.
However, prices on standard
January
44,277
42,639
128,407
tin
February.
39,613
39,828
128,192
were
months,
£228%.
given as follows: Sept. 28: spot, £229%; three
£228.
Sept. 29: spot, £229%; three months,
Oct. 2: spot, £229%; three months, £228. Oct. 3:
39,500
39,365
*34,321
*34,186
|34,179
39,459
39,191
129,987
*34,183
*33,905
39,379
Daily
Pig
Iron
Output
Up
blast
were
on
169 furnaces in operation
Sept. 1.
105,525 tons
on
Oct.
The
1
on
169 furnaces
in comparison
Oct. 1,
were
a
gain of 31
over
the 138
Sept.
1.
The
Steel Corp. put 14 furnaces in
blast, independent producers
put in 11 and merchant producers blew in six furnaces.
Furnaces blown in included:
Ohio,
Chicago
one
Mingo,
one
(old), and two
Two
Farrell,
one
Carrie,
130,380
38,763
38,617
33,332
42.302
39,607
133,075
36,331
38,041
*32,131
39,450
37,284
135,241
36,291
36,331
35,874
39,669
43,128
131,782
35.491
*31,107
35,865
49,379
*30,468
*30,746
August
40,960
49,928
122,814
34,443
35,416
*29,376
*30,350
September
42,225
69,424
95,615
37,729
33,655
*32,825
*30,751
*
Equivalent retorts computed on 24-hour basis,
one
Clairton, two Duquesne,
South Chicago
(new) and
Gary, Carnegie-Illinois Steel Corp.;
one
one
South
Susque-
°{
°(
a
Export shipments
are
38.447
29,314
29,250
44,773
193,116
!
Included
in total shipments.
September Rise in Steel Production Unprecedented for
Rapidity—Scrap Rises to Highest Average in 18
producing iron at the rate of
with 87,715 tons on
United States
one
40.641
July
11.8%
pared with 2,659,813 in August: On a daily basis September
showed a gain of 11.8% over that in
August, from 85,800 to
95,952 tons in September. The rate of operation last month
was 70.4% of the
industry's capacity, as compared with
62.9 in August.
The "Iron Age" further reported:
There
43,036
*33,312
The Oct. 5 issue of the "Iron
Age" reported production of
coke pig iron in September totaled
2,878,556 gross tons com-
in
*34,172
April
spot,
three months, £229%.
September
38,251
*33,324
*31,067
Oct. 4:
127,985
May
months, £228.
45,291
*31,381
three
45,084
June
spot: £229%;
March
Years
The "Iron Age" in its issue of Oct. 5 reported that with
steel production this week at 87%%, a gain of 24 points
the rate of 63%% in effect in the last week of August,
industry has experienced the most rapid
ce
its history.
In the period from March throu
over
the steel
in
Volume
was a gain of 253%, but the gain of the past few
unprecedented within so short a period.
Closely
approaching it, however, was the 1938 production rise,
which averaged nearly 24% per month from June to Novem¬
ber.
The "Iron Age" further states:
1933, there
weeks is
19
51.7% Mar. 27
56.1%
26
38.8% Apr.
3
54.7%
July
Apr.
10
July
50.7% Apr.
17
52.1%
50.9%
48.6%
47.8%
August.
Jan.
51.4%
Jan.
16
Oct.
17
49.4%
Jan.
23
Oct.
24
53.7%
Jan.
30
total pig iron output of 2,878,556
Oct.
31
56.8%
Feb.
6
7
61.0%
62.6%
Feb.
13
27
55.8% June 12
55.1% June 19
Dec.
5
59.9%
Mar. 13
12.
57.6%
Mar. 20
55.7% June 26
3
55.4% July
70.4%
138 that were
1, a gain of 31 over the
62.9%
against
Last month's production
U.
August.
in
S.
subsidiaries
Steel
11 and six
during the month, independent companies
furnaces
week
Pittsburgh district,
the
in
the remainder
rails and a few special¬
quarter delivery are asking for reservations on
had been determined, nearly all steel companies have
until prices
The
buyers for
week
possibility of early
119933865
An ad¬
in Europe might be a cause for delay.
peace
prices of steel and pig iron is clearly indicated if war continues.
Straws whioh point to the extent of
of the smaller
East and
by
in
one
two
such
advance
an
are
makers
$3
Makers of field and lawn
week.
last
and an Illinois maker of barbed wire
a ton,
the price of that product a like amount.
up
Welded wire build¬
Makers of new billet steel reinforc¬
ing fabric has also gone up $3 a ton.
ing bars are disinclined to sell at prevailing prices and some premium quo¬
tations
being obtained,
are
advance of about
Steel
$5
pointing to the possibility of a general price
retarded
and are
prices
barbed
well above
For example, quotations on
domestic prices.
wire have ranged from
$6 to $17 a ton above domestic prices and
General quotations are 2.45c. a
sales have been made at a $13 premium.
F. A.
In some instances export
condition of the mills.
sold-up
the
to
for merchant bars, 2.35c. for re¬
8. for shapes and plates, 2.55c.
The
advance
continued
in
material
raw
costs
is
embarrassing those
the outbreak of
months
has
greatly increased the
element
important
more
risen again this
of general
A
which has
of making galvanized sheets.
cost
cost,
however, is
scrap,
week in virtually all markets, being up $1 a ton in Pitts¬
burgh and Chicago, 50c. in Philadelphia and $1.50 at Cleveland and YoungsThe
town.
is
Age"
scrap
composite price, rising this week to $22.50
some
companies is that they have paid or will pay for bundled
steel
sheet scrap within $7 or $8 a ton of
and strip now
the top
a
the prices they are obtaining for sheets
being shipped against last May's committments.
prices for No.
Moreover,
1 heavy melting steel at Pittsburgh, $24.50, is $2
above the selling price there of basic pig iron.
ton
Complicating the situation for the steel companies is the strong buying
movement
steel
ness
demanding early delivery of
which are
the railroads,
among
that they can get started on equipment programs.
so
that has been placed or is
Railroad busi¬
fol¬
ded very this year.
Automobile companies are also pressing for steel shipments as
blies rise
beset.
their assem¬
rapidly, despite the strike difficulties with which the industry is
September
In some cases this is being
The latter, in turn, is
Demand for coking coal
sufficient
but the pace is slower and in some
that
75 cents last week to
advanced only
figure still is short of the
current
"Steel's" price com¬
quotations show signs of leveling off soon.
The
preceding three weeks.
1937 peak of $22.08 attained in April
year.
Offerings of old material still are small, and the added costs imposed on
consumers
reflected in price advances on some finished steel
are
has
this
become general.
not
been raised
have
rails
$3
Merchant bars and bands rolled from old
have been
ton, and rail steel reinforcing bars
a
higher
Cast iron pipe prices are up $3 a ton as a result of
increased $2.
costs of pig
advanced prices $5 a ton, but
Eastern plate producers have
Some
melt.
products
proportion of pig iron in their
and in attempts of foundries to use a larger
iron and other raw materials.
outlook may
Requests of buyers for clarification of the early 1940 price
result in announcement soon of first quarter
Meanwhile mills
quotations.
31 only at
accepting business in most products for delivery after Dec.
prices ruling at time of shipment.
Many producers report
for the
being sold out
quarter, capacity
new
Export
being most heavily engaged in bars, sheets, strip and tin plate.
which last week moved up 3 points
business is aiding tin plate operations
Semi-finished steel bookings, in addition to producer's' own re¬
86%.
quirements, will tax output the next 90 days, although little export tonnage
taken
been
lately.
detined for buyers' stocks,
What portion of September's steel business is
rather than for consumption this quarter, is
and
prospective price increases have been an important factor in
forward coverage, with relatively low
At the
Automobile production, quickened by better retail sales
nearly 9,000 units last week to 62,755 airs and
directions.
than was expected,
trucks, highest in 13
track material has shown the
Railroad demand for equipment and
weeks.
stumulating
inventories also an influence.
time, consumption is expanding steadily in many
same
Actual
difficult to determine,
abrupt increase in many years, and activity in structural shapes has
most
expanded markedly the past week or two.
been
obtained
a
This includes cars placed
for equipment repairs.
tons is under protection
120,000 tons, with
An additional 100,000
5,000 pending for export.
Rail purchases last week totaled close
recently as well as those pending.
to
500,000 tons of steel for new cars
approximately
on
Protection
12,000 units.
Latest freight car orders involve an additional
has
alone, including .atout
large tonnage still pending.
September pig iron shipments in several districts more than doubled
history for
of the all-time quarterly peak reached the
Steel ingot production probably will be the largest in
quarter.
the final period, if not in excess
second
the
Record-breaking deliveries are in prospect for fourth
August movement.
of
quarter
1929.
.
,
General buying of
steel has, of course, lessened considerably because of
unwillingness of producers to book more business.
the
relieve heavy
the situation immediately.
ease
$20-75, compared with a rise of $4.50 the
definitely in sight will take about 1,000,000
steel, a considerable part of which is being pressed on the mills
tons of
and equipment to
of steelworks scrap grades
posite
rose
The irony of the scrap situation
highest level since April, 1923.
at its
for
"Iron
to
More steelmaking
the rate was 47%.
year ago
by shortage of blast furnace capacity.
districts
prior to
An advance of $40 a ton in zinc prices within two
war.
problem of providing
the
necessary
taxing mine capacity, with some operators unable to acquire
has
companies which are not well protected with supplies purchased
mills
facilities
Scrap prices continue to advance,
to
inforcing bars, 3.40c. for hot rolled sheets, and 3.60c. for cold rolled sheets.
leaves
producing
A
20 points.
manpower
are
quotations are
lb.
closely restricting sales
delivery
for
and steel
handicapped by lack of adequate coke supplies.
is
ton.
a
have advanced
exporters
of the iron and steel
Ingot output last week rose 4 34 points to 84%, extending the
the announcements
Ohio have followed the $5 a ton rise on this product
eastern
Sept. 18
79.3%
Sept. 25.... .83.8%
Oct.
2
87.5%
38.5%
capacity is being added as rapidly as possible.
A plate manufacturer in
independent companies.
fence have advanced prices
put
The remote
the end of the month.
before
certainly
Pressure
iron
upturn to
be expected, there are indications it may come
may
and
quarter
While no definite word is obtainable as to when
prices is also increasing.
announcement
early announcement of first
an
4
Sept. 11. ....70.2%
backlogs.
been forced by the insistent pressure of their customers to do so.
Pressure from steel
Sept.
unprecedented wave of steel buying the past four weeks has passed
crest.
additional
and delivery problems.
the
Mar.
15
May
"Steel" of Cleveland in its summary
markets on Oct. 2, stated:
the
Unwilling at first to accept business for that de¬
schedules.
Nov. 14
other
and
scheduled to be placed in service within a week or two.
first quarter
Nov.
The Carnegie-Illinois Steel Corp. will put on
this
steel they want for fourth
initiated
63.0%
58.6%
Aug. 28
54.3%
Dec.
in blast on Oct.
were
Sept. 1, a rate of 7734% of capacity.
Meanwhile, many consumers who have been unable to obtain all of
some
Aug.
Aug.
55.0%
over
ties, efforts are being concentrated on production
in
Aug.
53.1%
6
are
a
July
47.0%
20
14 furnaces
owing
May
Feb.
11.8%
of the year on principal products, excepting in pipe,
has
1
8
May
Feb.
additional
the
Apr. 24
52.7%
51.2%
52.8%
53.4%
61.9%
60.7%
a
With all of the major steel companies virtually sold out for
of
9.. ...51.7%
Nov. 28
September show
for
merchant furnaces went in.
vance
2
47.9%
10
Nov. 21
represented
within
Jan.
46.7%
3
Oct.
the daily rate of 85,800 tons in
in blast on
this
1939—
Oct.
compared with 2,659,813 tons in August, which on a daily basis
able furnaces
furnaces
JO.....49.7%
17
56.4%
24
60.6%
31
59.3%
7
60.1%
14
62.1%
21
62.2%
July
Dec.
47.3%
6
Sept. 26
of 95.952 tons last month was
livery
Dec.
45.3%
Sept. 19
More significant, however, is the fact that 169 out of 239 avail¬
Figures
two
39.9%
Sept. 12
Sept.
45.4%
May 22...-..48.5%
54.8% May 29
52.2%
5
53.7% June
54.2%
gross tons
added
1939—
1939—
1938—
1938
climbed much more rapidly than pig iron produc¬
Steel production has
tion.
2153
The Commercial & Financial Chronicle
149
Steelmaking gains were smaller in most districts last week, as a
of plants
"IRON AGE"
COMPOSITE PRICES
Oct. 3,
fBased
1939, 2.236c. a Lb.
2.236c.j
2.236c. f
One monfta ago
...__.2.286c.I
One year ago
at Cleveland: 3
on steel bars,
beams, tank plates.
wire, rails, black pipe, sheets, and hot
rolled strips.
These products represent
85%. of the United States output.
Low
High
2.286c.
....
1938..-....-
Jan.
2.512c.
1939
3
2.512c.
Dec. 28
2.062c.
...
1936
Mar.
2.249c.
1937.............
Oct.
9
1
Oct.
8
Mar.
2
Mar. 10
Jan.
8
$22.61
a
One week ago
One month ago..
fBased on average for basic iron at Valley
$22.61-j
furnace and foundry iron at Chicago,
20.611
Philadelphia,
Buffalo,
Valley,
and
20 44(,
Southern iron at Cincinnati.
Gross Ton
;
One year ago..
Tjow
High
.$22.61
1939
$20.61
19.61
20.25
18.73
17.83
Sept. 19
23.25
June 21
...
1937.
23.25
19.73
Mar. 9
Nov. 24
1935
18.84
Nov.
5
6
Feb. 16
Aug. 11
July
May 14
Steel Scrap
One week ago
One month ago
One year ago
$22.50
15.00
1938
21.92
1937....
17.75
1936.
13.42
...
The American
nounced
Low
High
Iron
that
and
Steel
Oct.
$14.08
11.00
12.91
12.67
10.33
3
Nov. 22
of
Journal"
Oct.
This
4.
Mar. 30
Dec. 21
Dec.
10
Institute
on
Oct.
2
an¬
telegraphic reports which it had received
indicated that operating rate of steel companies having
97% of the steel capacity of the industry will be 87.5% of
capacity for the week beginning Oct. 2, compared with
83.8% one week ago, 58.6% one month ago, and 47.9% one
year ago.
This represents an increase of 3.7 points, or
4.4%, from the estimate for the week ended Sept. 25, 1939.
Weekly indicated rates of steel operations since Sept. 6, 1938
follow:
the
The "Journal"
with 803^% in
compares
previous week, and 72% two weeks ago.
further reported:
forged ahead more rapidly
Subsidiaries of the United States Steel Corp.
than leading independents, the figures
for
the
about
big
company,
showing a gain of almost 5A points
whereas independents are
credited with a rise of
3A points.
S.
Steel is estimated to have reached nearly 82% last
7634% in the week before and 67 34% two weeks ago.
are
credited
with
87%, compared
with 8334%
week, against
Leading independents
in the
week before and
7534% two weeks ago.
The rebound
rent
by U. S. Steel since the Labor Day week has
In
period output
that
72.6%.
For
has been to
the
was
independents
leading
87%, from 71%,
a matter
in
the
compilation
of the percentage of production
with the nearest corresponding week of previous years,
Industry
1939.
85
1938.
4734
1937
71
—6
7534
—1
5234
+ 1
1936.
...
i
40
together with the
immediately preceding:
U. S. Steel
82
+ 534
66
+ 3 34
87
—2 34
75
—10
+ 3
7934
7034
4134
2134
Independents
52 34
42
2434
1934.--
1933
+ 434
the upturn
of 16 points, or 22.5% in that period
approximate changes, in points, from the week
1935
been almost
The cur¬
estimated at 4734%-
therefore, represents an increase of 34.5 points, or
figure of 82%,
The following table gives a comparison
May 16
June
7
Nov. 10
June
9
Apr. 29
Un¬
72 at St. Louis.
production for the week ended Oct. 2, is placed
nearly 85% of capacity, according to the "Wall Street
sensational.
fBased on No. 1 heavy melting steel
$21.67<
quotations at Pittsburgh, Philadelphia,
15.62!
and Chicago.
14.25[
Oct. 3. 1939, $22.50 a Gross Ton
in New Eng
points to 86 at Birmingham; 20 points to 100
Wheeling at 88, Buffalo at 72 and Detroit at 99.
Steel ingot
at
U.
Sept. 12
Other
87 34
86.
61 in eastern Pennsylvania; 3 34 points to
Pig Iron
Oct. 3, 1939,
1935
were
number
Pittsburgh was up 4 points to 79, Chicago
land; 7 points to 7834 at Cincinnati and 534 points to
changed
I
May'l6
2.236c.
2.211c.
2.249c.
2.016c.
2.056c.
May 17
capacity.
increases included 2 points to
Finished Steel
One week ago
are at
534 points to 84 and Youngstown moved up 4 points to
rose
THE
already
+ 134
62
34
26
—
+
+
34
34
'
+ 234
32
42
37
18
1932
1734
1931
2934
+ 134
1930
5634
—334
6134
—1
89
1929.
84
1928
87
+ 134
89
1927
66
+ 1
68 34
+
34
17
+4
—
34
28
+1 34
—334
53
—3 34
34
80
—1
86
+1
63 34
+1 34
+1
—
+3
The Commercial & Financial Chronicle
2154
Oct.
7,
Current Events and Discussions
The Week with the Federal Reserve Banks
During the
week
ended
Oct.
balances increased $51,000,000.
Commercial,
4 member bank reserve
Additions to member bank
arose from increases of $33,000,000 in gold stock
$6,000,000 in Treasury currency and decreases of
$83,000,01X1 in Treasury deposits with Federal Reserve
banks and $10,000,000 in Treasury cash offset in part by
reserves
and
of
decrease
a
$9,000,(XX) in
Reserve
bank credit
in¬
and
of $71,000,000 in money in circulation, and $2,000,000
creases
in non-member
Excess
deposits and other Federal Reserve accounts.
of member banks
reserves
Oct. 4
on
estimated
were
be
to
approximately $5,360,000,000, an increase of $30,000,000 for the week.
The principal change in holdings of bills and securities
was a decrease of $19,000,000 in
holdings of United States
Treasury bills.
The statement in full for the week ended Oct. 4 will be
found
2188 and 2189.
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
on
in New York
industrial
and
agricultural
increased
loans
$12,000,000
City and $28,000,000 at all reporting member banks.
Holdings of Treasury bills decreased $13,000,000 in the Chicago district
and
$18,000,000 at
notes increased
all reporting
$6,000,000.
member
banks.
Holdings of Treasury
Holdings of United States Government bonds
increased $19,000,000 in New York City and $21,000,000 at all reporting
member banks, and decreased $10,000,000 in the Chicago district.
of
obligations
guaranteed
by
the
United
States
banks.
Holdings
"Other
of
securities"
increased
$45,000,000
(+)
(—)
Decrease
or
New
in
York City and $38,000,000 at all reporting member banks.
Demand
deposits—adjusted increased
$79,000,000
in
New York
City
$26,000,000 in the Chicago district, $25,000,000 in the Cleveland district
and
$158,000,000
at all
reporting member banks.
Time deposits increased
domestic
$9,000,000 each in the
$6,000,000.
Deposits credited to
Kansas City and
member banks.
banks
decreased
San Francisco districts and $25,000,000 at all reporting
Deposits credited
foreign banks increased $11,000,000.
to
Borrowings of weekly reporting member banks amounted
on
to
Sept. 27-
$1,000,000
;
pages
Increase
Holdings
increased
Government
$13,000,000 in New York City and $2,000,000 at all reporting member
A summary of tin
principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Sept. 27, 1939, follows:
SiTi C6
Oct.
discounted.
Bills
bought......
8.
Govt,
advances
810,000,000
Sept. 27, 1939
direct
(not
Oct. 5, 1938
$
Assets—
.
2,785,000,000
+221,000,000
(—)
Sept. 28, 1938
$
$
22,419,000,000
+ 80,000.000
+1,179,000,000
8,350,000,000
+ 31,000,000
+109,000,000
;.4,229,000,000
+28,000,000
+ 338,000,000
316,000,000
+ 1,000,000
—28,000,000
533,000,000
Loans—total
+ 1,000,000
—116,000,000
...............
Commercial, Industrial and agri¬
Including
commit'ts— Oct.
Sept. 20, 1939
%
..........
—19,000,000
Decrease
or
Since
Sept. 27, 1939
Loans and investments—total
.
(+)
$
and
—
Increase
+1,000,000
1,000,000
securities,
guaranteed-....-..-....--Industrial
1939
7,000,000
Bills
U.
4,
$
12,000,000
4)
cultural loans....
—3,000.000
....
33.000,000
-
+ 9,000,000
Open-market
+ 27,000,000
paper......
Loans to brokers and dealers in
Total Rcssrve bank credit..
Gold stock
2,837,000,000
16,958,000,000
..
+ 6,000,000
securities
+ 3,146,000,000
2,920,000,000
.....
Treasury currency
—9,000,000
+ 33,000,000
+ 244,000,000
+179,000,000
Other
loans for
purchasing
carrying securities
or
510,000,000
Real estate loans
Member bank
11,672,000,000
Money In circulation
7,309,000,000
+ 51,000,000
+ 71,000,000
Treasury cash........
2,250,000,000
469,000,000
—10,000,000
—83,000,000
reserve
balances
Treasury deposits with F. R. bank..
559,000,000
—301,000,000
—
loans.
Treasury
1,015,000,000
+ 2,000,000
+ 408,000,000
+ 19,000,000
—83,000,000
35,000,000
1,547,000,000
bills
+ 45,000,000
+ 1,000,000
419,000,000
Treasury notes
—18,000,000)
2,137,000,000
+ 6,000,000
5.881,000,000
United States bonds.
Non-member deposits and other Fed¬
eral Reserve accounts.
Other
+ 669,000,000
—66,000,000
1,180,000,000
Loans to banks
+ 3,351,000,000
+ 326,000,000
+ 21,000,000j
>
Obligations guaranteed by United
States Government
+ 2,000,000
Other securities
3,400,000,000
+ 38,000,000
+ 187,000,000
Reserve with Fed. Res. banks
Returns of Member Banks in New York City and
2,232,000,000
9,794,000,000
+ 71,000,000
486,000,000
+ 16,000,000
+ 3,100,000,000
+ 60,000,000
3,018,000,000
—3,000,000
+683,000,000
18,333,000,000
5,231,000,000
+ 158,000,000
+ 2,825,000,000
Cash in vault
_
Balances with domestic banks
Chicago—Brokers* Loans
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York City member
banks and also for the
Chicago member banks for the cur¬
rent week, issued in advance of full statements of the mem¬
ber banks, which will not be available until the coming
Monday:
' ■ ■
+ 557,000,000
Liabilities—
Demand deposits—adjusted
Time
deposits..
....
United States Government deposits
Inter-bank deposits:
Domestic
+ 51,000,000
+ 6,000,000
—41,000,000
540,000,000
7,667,000,000
—25,000,000
+ 1,868,000,000
753,000.000
banks.
+ 11,000.000
+305,000,000
Foreign banks
Borrowings.
+ 1,000,000
1,000,000
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN
CENTRAL RESERVE
Signing of Russian-Latvian Mutual Assistance Pact
CITIES
(In Millions of Dollars)
The Soviet Union and the Latvian
—^-New York City
.Oct. 4
Sept. 27
1939
1939
Assets—
S
$
Chicago
Oct. 4
Oct. 5
1938
Sept. 27
1939
1939
)
$
Premier-Foreign Commissar Vyacheslaff
signed by Soviet
1938
$
2$073
Republic concluded a
The pact,
pact of mutual assistance in Moscow on Oct. 5.
Oct. 5
Molotoff and
Latvian Foreign Minister Vilhelms Munters,
Loans and Investments—total..
8,525
8,477
7,756
Loans—total
2,875
2,871
2,916
555
558
416
is said to b8
1,655
1,652
1,446
379
380
339
20
the Soviet Union and Estonia; the text of wrhich was given
in our issue of Sept. 30, page 2003.
Under the new treaty,
...
Commercial,
Industrial
2,073
1,881
and
agricultural loans
...
Open market paper
117
117
146
18
18
412
406
497
27
29
30
173
| Loans to brokers and dealers..
177
197
66
67
67
Other loans for purchasing or
carrying
securities
Real estate loans
117
...
Loans to banks
Other
loans
117
14
119
26
25
377
415
51
2,910
14
Latvia grants to Russia the right to maintain
airdromes on their territory.
"50
118]
"49
249
2491
cording to Associated Press Moscow advices of Oct. 5,
issued as follows by Tass, official Soviet news agency:
bills..
320
255
Treasury
notes
786
787
2,174
2,186.
669
670J
1,128
1,242
1,120
1,258
806
157
157
127
1,124
322
321
320
5,651
5,640
3,590
1,093
1,095
858
78
80
59
40
41
34
United States bonds.......
guaranteed
Other securities.
121
The Presidium
the
by
United States Government
_____
Reserve with Fed. Res. banks
Cash in vault
Balances with domestic banks.
71
241
232
211
361
453
48
48
8,210
8,170
6,466
1,776
1,782
1,581
654
647
626
498
498
48
157
63
63
62
3,389
Liabilities—
3,354
2,492
862
852
651
675
672
414
14
13
9
'
.
Demand deposits—adjusted....
Time deposits
.......
United States Govt, deposits.
Domestic
banks.
....
Borrowings..
~"
State
existence
"266
"293
14
"15
Convinced that
1.481
268
266
253
to conclude the
purpose as
the Federal
Week
As explained above, the statements of tfie New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve Banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics cover¬
ing the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
of business Sept. 27.
leading cities shows
Sept.
27:
Increases
weekly
the following
of
reporting
principal
member
banks
in
101
changes for the week ended
$28,000,000 in commercial, industrial, and agri¬
undertakings:
definition of the exact conditions of insuring mutual
a
following pact on mutual assistance and appointed for this
their authorities and representatives:
Presidium
of
the
Soviet
Supreme
of the
U.S.S.R.;
of
Foreign
Munters,
authorized
found in good form
the
Affairs;
Minister
representatives
on
of
President
Foreign
mutual
Article
tance. including military, in
frontiers of the
well
as
as
of their
render each other
contracting parties
or
balances
with
Federal
posits—adjusted.
Reserve
securities,"
$71,000,000
in
reserve
banks, and $158,000,000 in demand de¬
assis¬
Sea
or
their
land
Lithuanian Republics,
against the bases indicated in Article 3.
Article II
The Soviet Union undertakes to render the Latvian
armaments and other military
Army assistance in
equipment on favorable terms.
Article III
For the purpose of guaranteeing
the security of the U.S.S.R. and
con¬
solidating her own independence, the Latvian Republic grants the Soviet
Union the right to maintain
naval bases at the towns of Liepaja [Libau] and
Ventspils [Windau] and several airdromes for aviation on lease terms at a
for the bases and airdromes shall be
allotted and their boundaries defined by mutual agreement.
"Other
every
European power against the
in the Baltic
the territories of the Estonian
$38,000,000
of
these
the event of direct aggression or the menace of
reasonable
holdings
Republic;
and
credentials,
I
aggression arising on the part of any great
frontiers across
Latvian
Latvia],
[of
and due order, agreed on the following:
The two contracting parties undertake to
sea
of the
Affairs
presentation
cultural loans, $21,000,000 in holdings of United States Government bonds,
in
Vyacheslaff
Molotoff, Chairman of the Council of the Peoples Commissars and Peoples
Vilhelms
of
of the other
security meets the interests of both contracting parties, found it necessary
Commissar
statement
established by
the internal affairs
in
Recognizing that the peace treaty of Aug. 11, 1920, and the pact on non-
T6
1,474
Returns of Member Banks of
Reserve System for the Preceding
condition
non-intervention
form the basis of their mutual relations and
The
248
*
Complete
The
and
party:
~
1,476
Other liabilities..
Republic on the other side:
aggression and peaceful settlement of conflicts of Feb. 5, 1932, continue to
'
Inter-bank deposits'
Foreign banks
Supreme Soviet of the U.S.S.R. on one side and
the peace treaty of Aug. 11, 1920, and based on recognition of independent
463
49
373
of the
President of the Latvian
For the purpose of the development of friendly relations
51
73
74
_
Other assets—net.;
was
918
Treasury
Obligations
naval bases and
The text of the Soviet-Latvian mutual assistance pact, ac¬
11
96
375
.....
along the lines of that concluded Sept. 29 by
price.
The exact sites
For the pro¬
tection of the Irben Straits the Soviet Union is granted the right to establish
on
the
same
conditions a coastal artillery base on the coast between Ventspils
The Commercial & Financial Chronicle
Volume 449
and
Pitraga.
coastal
own
base
artillery
protection of the
the
Soviet
Union
naval
has
basts, airdromes and the
the
right to
maintain
its
at
the sites allotted for bases and airdromes, Soviet land and
expense on
armed
sea
For the
forces
of strictly limited strength,
their maximum numbers to
be determined by special agreement.
people, to remdve the injustice and
Then Hitler
expressed his conviction that it
ising foreign statesmen in the internal politics of their countries."
Summarizes
Hitler
parties.
The realization of this pact should not affect in any way the sovereign
parties,- in
summarized
under
between ourselves and
Article V
contracting
"fortunate for humanity"
was
particular
State
their
organization,
economic and social systems and military measures.
The sites allotted for bases and airdromes
(Article 3) remain territory of
the Latvian Republic.
10
His
points
Efforts
his
efforts to
"clear
relations
up
neighbors."
our
He mentioned non-aggression pacts with the Baltic States and Germany's
endeavors to establish and continue friendly relations with countries such as
The
Netherlands, Belgium, Switzerland, Yugoslavia, Hungary and Italy.
He laid special stress on
his efforts "to rid
our
relations with France of
all trace of ill will and to render them tolerable for both nations
the return of the Saar
Article VI
but Poland and "without comprom¬
cases
nor
participate in any coalitions directed against either of the contracting
of the
contained in the treaty which
well.
as
that he had succeeded in removing the "craziest, most impossible" Versailles
Article IV
rights
nonsense
only destroyed Germany economically but has drawn victor nations
not
into disaster
clauses without bloodshed in aU
The two contracting parties undertake not to conclude any alliance
to
2155
territory
:
.
demand which I regarded
was one
,
.
as an
.
indispensable
This pact comes into force upon th
The exchange of these
tion.
six days
from the day of this pact.
is ten years
and unless
exchange of instruments of ratifica¬
.
instruments shall take place in
Riga within
The term of the validity of this pact
of the contracting parties finds it necessary to
one
precondition
France herself had found
further claims against
"No such claim
confirmation
In
whereof the aforementioned authorized representatives
Moscow, Oct. 5,
Russian and Lettish languages
1939.
VILHELMS
MOLOTOFF,
interfere with
made any demands on France,
ever
have
been
incompatible
A
Poland of
Versailles
Treaty Will Never
Allies
rejected his
will have been my last."
Reporting this from Berlin the Associated Press advices as
given in the New York "Sun" of last night likewise quoted
him as further saying:
we
shall fight," he went on, and pictured the new war as one sure
bring unprecedented horror
to
the world.
"May those peoples and their leaders who
self)
to
of the
are
mind (as him¬
same
make their reply," he said in his hour and twenty-minute speech
now
the
Reichstag and the world.
"And let those who consider
be
to
war
better solution reject my outstretched hand."
the
He
said
that
his
in
aim
making this statement
his
to spare
was
"Neither
declared.
•
These
of
arms
nor
lapse
of time
will
Germany,"
conquer
among the other most
A
3.
the
one
that
Germany
and
Soviet
of the acutest danger spots of
in eastern
zone
that is
it
was
colonial
Russia
together
Europe" by working for
Denmark, and
or
and
Scandinavia
his
well,
as
designs
no
expression
an
declaration
that
of
one
Germany's
the establishment of
to say
a
would
a peace
Rumania,
on
that
interests
in
eastern
wholly
were
tasks
dealing
in
with
"new order of ethnographic
xesettlement of nationalities"—and
fallen
conditions,
further declaration that
a
problem not restricted "to this particular sphere, but a task with
far wider implications, for the east and south of
filled
with
The
splinters
German
of
Collaborators
Europe is to
whose
nationality,
thus there
was
were
said
Awaits
Hitler regarded his
no
no
"formal" and that
proposals as
demand to make
on
England
on
them.
or
France, and
for carrying on the struggle.
reason
internal
economic
trade; establishment of
security
on
remade and
the
an
system
of individual States—along
"unconditionally guaranteed peace" and
of individual
part
with
nations
a sense
by sanctioning Europe
as
by reducing armaments.
"Why should this
war
restoration of Poland?
in
the
West
be
fought?" he asked.
The Poland of the
"For the
Versailles treaty will never rise
This is gauranteed by two of the largest States in the world."
...
Germany's currently close relations with Russia, he acknowledged
that in the past
that
he had declared that the
U.
S.
S.
R.
"organized
was
Soviet principles
with
into
provided
agreement
that
were
the
products
granted should,
of
Canada, be exempt from the special excise
however,
went
the
United
their
upon
im¬
of 3%
tax
to
The legislation enacted to fulfill this obli¬
considerably further and extended
the exemption
imported from the United States,
An amendment to the Wheat
the guaranteed initial prices
Board
Act provides
of wheat shall be 70 cents
bushel for
a
to alleviate
National Socialist Germany
why it should adopt another criterion."
Poland "in
so
far
as
addition,
measures
tariffs and
as
the
income
others of current interest
well as many other im¬
are
Defense
Purchasing
is discussed at
taxation; the
Small
Act;
food and
Loans
Act, and
outlined and discussed.
Regulations were issued on Oct. 2 by the Canadian Foreign
Exchange Control Board dealing with trading by Canadians
in commodity futures in foreign markets, said Canadian
Press advices from Ottawa, Canada, Oct. 2, which added:
The Canadian trader may obtain,
to cover
tasks"
margin shortages
.
.
torical, ethnological and economic facts."
o
He will not be able to send money out of Canada to cover later margin
If he chooses to
import the commodities for which he holds futures, he
will be able to obtain exchange to cover
are
the balances due when the goods
imported.
tion
Foreign Exchange Control Board has notified brokers that in addi¬
to
dents
permission previously given respecting hedging transactions resi¬
may
trade in commodity futures markets abroad in the following
cases:
may
a
resident had
a
position in commodity futures at Sept. 15, 1939,
continue trading in the same
or
other commodities but
not
may
in any contract which absorbs in the way of margin requirements
a
greater portion of the resident's United States funds than he had available
on
"will do justice to the his¬
'
Paciiication of the entire conquered territory
through the Board, necessary exchange
of Sept. 15, but in subsequent dealings in such
shortages.
.
resulting from the collapse
border which
as
futures he must keep within his credits established abroad.
Sept. 15,
or
that may have been added thereto by profits
actually closed out
German
as
Regulations for Trading by Canadians in Commodity
Futures in Foreign Markets Issued
Five Aims
the German sphere of interests is concerned."
a
such
legislation;
Where
These, he said, were:
Demarcation of
This Act
failure.
recent agricultural legislation
more
length in the article.
engage
outlined five "aims and
phases of the
portant
he
He then
the condition of farmers in western Canada who have suffered
The Board's statement follows:
which should prevent him from cultivating friendly rela¬
States of different policital creeds,
no reason
measures
United States-Canada trade agree¬
tariff concessions
they had been subject.
The
Outlines
2.
Legislation
on
"Since it became clear that (Joseph) Stalin saw nothing in these Russian-
1.
new
from recurrent years of crop
But, he added:
tions
Wheat
No. 1 Northern.
principles which differ from those held in Germany."
sees
and
Reply of Allies
the prerequisites he listed as essential to European security:
of the
As to
which
session of Parliament.
drug
Claiification of the foreign policies and aims of European States; reorgani¬
again.
Held
only to Canadian producers but with respect to British Empire coun¬
not
be
cannot
organization of markets and currency regulation—to revive international
of
Agreement
tries, to which the tax did not apply.
large extent
a
existence
wait for Great Britain and France to act
now
Germany, he said, had
zation
Bank
from the special excise tax to all products
many
Now
These
Mortgage
trade
new
on
portation
In
maintained."
he would
Trade
Under the Prairie Farm Assistance Act, legislation was enacted designed
was
a
v.
States
Wheat legislation occupied a prominent place at the recently concluded
Urals
the
generally,
A
4.
he
to wheat growers
primary producers, and establishment of a central
mortgage bank to facilitate debt adjustment were the prin¬
cipal measures passed in the 1939 regular session of the
Canadian Parliament which adjourned June 3, according
to a review of 1939 Canadian Legislation appearing in the
September issue of "Comparative Law Series," published
by the Department of Commerce.
Th9 announcement by
the Department bearing on the information embodied in the
publication says:
economic.
Poland
interests,"
and other
Europe.
A specific assurance to the world that he had
Ukraine,
Europe
French
thus improving the competitive position of American exporters with respect
declaration
"relieve
.
United
Ratification of the
gation.
demands.
2.
or
ment, extension of marketing assistance
which
material phases of his speech:
A renunciation of further territorial claims, save for his old
1.
he
"It is infantile to hope for the disintegration of our people."
were
of
Central
States
force
honor
also Enacted
own
people suffeiing.
'
get up and declare that I
the fulfillment of which would
Session of Canadian Parliament—Establishment of
He indicated therein that if the
"Then
problem which could
Among Most Important Measures Passed at Regular
peace
outstretched hand "this statement
to
French
with
■
settlement was proposed by Chancellor
Adolf Hitler in a speech to the German Reichstag on Oct. 6;
his address was begun at 12.06 p. m.—6.06 a. m. New York
time.
a
having acted contrary to British interests.
ever
Ratification
Again
European
be put
...
He denied
Rise
ever
French-German relations" because, he said, it was of
"It is impossible for a French statesman to
maintained.
—Declares
no
France.
"slight" importance to Germany.
MUNTERS.
Chancellor Hitler of Germany in Address to Reichstag
Offers Peace Proposals to Great Britain and France
After
Cites Alsace-Lorraine
have
YYACHESLAFF
understanding.
Alsace-Lorraine, Hitler said, "does not constitute
even
This pact is made in two originals in the
French-German
a
forward."
signed this pact and affixed their seals thereto.
in
of
just solution to this problem, Germany had
exists any longer and no such claim shall
denounce this pact one year prior to the expiration of its term, the pact
shall automatically continue valid for the next ten years.
a
"by restoring tolerable
Any resident
employ the
or
same
on contracts
resulted from the sale of other securities.
having foreign balances abroad on
Sept.
15,
1939,
may
for purposes of margins or otherwise in connection with
trading in commodity futures, but there is no obligation of the Board to
of peace and order."
3.
A guaranty
4.
Reestablishment and reorganization of life, trade and transport.
Establishment of a "new order of ethnographic conditions, that is to
5.
say,
of security for Germany and its entire sphere of interest.
resettlement of nationalities."
Further
Developing the fifth point, Der Fuehrer declared that this
problem restricted only "to this particular sphere but
implications, for the east and south of Europe is to
a
a
was
not
an
.
.
.
.
The aim of German foreign policy as pursued by me has never been other
than
to
guarantee
the existence, that
is
to
say,
the life of the
Importations
of
Securities
The
Canadian Foreign Exchange Control Board on Oct.
further restrictions on the importation of se¬
5 announced
.
analysis of the "methods of Versailles"
and why they "proved an utter failure."
on
into Canada
task with far wider
.
Restrictions
a
large extent filled with
splinters of German nationality, whose existence cannot be maintained."
Der Fuehrer then launched into
provide any further foreign exchange for such purpose.
German
curities had
been imposed, according to a Canadian Press
dispatch from Ottawa on Oct. 5, which also said:
From
for
now on
the Board will refuse all applications by residents of Canada
permission to import securities, except those imported merely for
re-
The Commercial & Financial Chronicle
2156
registration, after which they
to be re-exported,
are
Oct.
and except securities
The Board announced also
a
a
transfer.
Board itself instead of
procedure for the licensing of imports
new
Total number of reports received
1. Reports showing transactions as specialists
2. Reports showing other transactions initiated on the
floor
Issues
Regulations on Foreign
Owned by Australians
796
211
103
343
86
389
154
364
477
3. Reports showing other transactions initiated off the
,
Australia
Exchange
1,071
-
the Collector of Customs and Excise.
to
York
Curb
.
Exchange
All applications for such licenses must be made direct to the
of securities.
1939
New
Stock
•
being re-imported after being exported solely for registering
7,
York
New
floor
Securities
4.
Reports showing
no
transactions
Note—On the New York Curb Exchange the round-lot transactions of specialists
The
In stocks In which they are registered are not strictly comparable with data similarly
Australian
Government
Trade
Commissioner in
U. S. A. (L. R. Macgregor) located at New York has received
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
the
dealer as well as those of the specialist.
following telegraphic advice from Canberra:
Regulations
securities, and
and
gazetted
were
Treasurer
giving the
export
to
call
5 under the National Security Act
for
prohibit disposal of
transfer
or
Oct.
on
to
power
securities include those
of, and to acquire foreign
leturns
or other
of any securities,
dealing in foreign secuiities,
foreign
repayable, registered,
domestic.
or
Foreign
Newfoundland, and Hong Kong.
The latter
dealings and all sterling securities
on
number
of
TOTAL
of
reports
more
ROUND-LOT
the
varidus
received
than
STOCK
classifications
may
because, at times,
hibition
are
on
dealings for the time being.
ON
THE
#
NEW
YORK
Week Ended Sept.
being required and must
now
within 30 days.
ment
the
Total for
Total
A.
sterling securities
purposes an overseas assets owned
it
possible
to
mobilize
for
18,386,030
Total sales
19,119,350
B.
by Australia.
Round-lot transactions for account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
1.
Transactions of specialists In stocks In which they are
Bermuda Banks Reduce Interest
Banks
registered—Total
Canadian
Bermuda,
we
here
Press, Oct. 1, advices from Hamilton,
have the following:
announced
deposits from Nov.
X.
Saturday
interest
no
Previously,
1%
would
interest
paid
be
paid.
was
Total
on
Be
Redeemed
Dec.
Due
Payment will
office
of .1. P.
be made
and after
on
Dec.
1
at
2,068,890
1 Other
154,950
964,910
Total sales..
1,119,860
Total purchases and sales
3.
Short sales
_.r.
Morgan & Co.
Cash Office
National
4.
Oct.
;_..-..Vii..i
lar
gold
issue; and
bonds
Bank
Ltd.
7%% 35-year
sinking fund mortgage gold bonds, dollar issue, series "A-CA
Coupons presented in acceptance of this offer, which expires
March 31, 1940, and which is made only to
persons resident
outside of
595,440
Total sales
TOTAL
Hungary, must be transmitted
ROUND-LOT
k
ON
7,609,193
THE
NEW
of
16, 1939
now
Per
1
Total round-lot sales
B.
Cent
si
2,630,820
Round-lot transactions for account of members:
Transactions of specialists in stocks In which they are
1.
registered—Bought
345,995
369,475
„
Sold
715,470
Other transactions Initiated
on
the floor—Bought
Total
3.
200,385
Other transactions Initiated off the floor—Bought
Sold
53,200
522,675
521,765
__
Sold
held
Total
19.85
1,044,440
Odd-lot transactions for account of specialists—Bought
Sold
C.
2.44
128,585
Total—Bought
in the
3.81
75,385
Total
4.
13.60
101,295
99,090
Sold
fiscal agent is noti¬
$173,702
CURB
Total for
'
to Schroder Trust
sinking fund. All tenders should be addressed to the
Corporate Trust Department of the Bank, 11 Broad St.,
New York, N. Y.
19.90
YORK
Week
A.
fying holders of external 5% sinking fund gold bonds, due
April 1, 1958 of State of New South Wales, Australia, that
it is inviting tenders for the sale to it at
prices not exceed¬
ing par and accrued interest of as many of the bonds as
sum
SALES
Total
successor
be sufficient to exhaust the
STOCK
•„
Week Ended Sept.
■
$173,702 of State of New South Wales, Australia, 5%
Gold Bonds, Due 1958, To Be Redeemed
as
3,775,500
sales
EXCHANGE AND STOCK TRANSACTIONS FOR ACCOUNT OF MEM¬
BERS ♦ (SHARES)
2.
The Chase National Bank
3.06
3,833,693
3,180,060
Total purchases and
Company, 46 William St., New York.
will
purchases.
Other sales, b
of
Hungarian-Italian
586,750
1,168,923
Short sales
Mortgage Institute 7%
fund
sales
2
Hungarian land mortgage
1928, dollar issue; Farmers
National Mortgage Institute 7% land mortgage
bonds, dol¬
sinking
Total—Total
of
Foreign Credits, at Budapest, Hun¬
through its central paying agents
in New York, Schroder Trust
Co., that it will redeem cou¬
pons due Oct. 1, 1939 on the following bonds at the rate of
$8.75 per coupon detached from a $1,000 bond;
Farmers
announced
53,300
533,450
.
Total sales
Oct. 1 Coupons of Three Hungarian Bond Issues to Be
Paid at Rate of $8.75 Per
$1,000 Bond
The
582,173
.
Other sales.b
5.86
2,241,210
.
Other transactions Initiated off the floor-Total purchases
the
10.98
1,121,350
sales, b
Total purchases and
gary,
4,199,060
the floor—Total purchases
on
j Short sales
1
J. P. Morgan & Co., as sinking fund administrator for
Kingdom of Italy external loan sinking fund 7% bonds, due
1951, announces that $3,614,700 principal amount of the
bonds have been drawn by lot for redamption at the prin¬
cipal sum on Dec. 1, 1959, out of moneys in the sinking
fund.
sales
Other transactions Initiated
1951,
2,130,170
387,190
1,681,700
Total purchases and sales
2.
To
-
Other sales, b
dollar
on
Interest
purchases
Short sales
sterling deposits will be reduced from 2 to lVi%.
$3,614,700 of Kingdom of Italy 7% Bonds,
a
733,320
national
♦
From
Cent
sales:
Other sales, b
t>e sent to the Commonwealth Govern¬
make
to
EX¬
Per
Week
round-lot
Short sales
The general object of the regulations is to prevent
of capital and
xport
non
STOCK
16, 1939
(Empire, except Canada, New¬
Returns of
more
report
OF MEMBERS * (SHARES)
Canada,
from statistical returns, and pro
are exempt
total
single
classification.
one
SALES
,
foundland, and Hong Kong)
a
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
exempted from prohibi¬
are
in
reports
number
the
may carry entries in
situated outside Australia,
or
and gold held overseas, and bank balances in foreign countries or in
tion
The
than
167,250
156,827
♦
Total
Member
Trading on New York Stock and New York
Exchanges During Week Ended Sept. 16
Curb
The Securities and
Exchange Commission
on
Oct. 6 made
public figures showing the volume of total round-lot stock
sales on the New York Stock
Exchange and the New York
Curb Exchange for the account of all members of
these ex¬
changes in the week ended Sept. 16, 1939, continuing a
series
of
current
figures
Short sales
of total transactions
on
are
shown
the
Exchange of 19,119,350 shares.
trading during the previous
week ended Sept. 9 of
7,753,259 shares, or 20.01% of the
total trading of 19,371,930 shares.
On the New York Curb
Exchange member trading during the week ended Sept. 16
amounted to 1,044,440 shares, or
19.85% of the total volume
on that
Exchange, of 2,630,820 shares; during the preceding
week trading for the account of Curb members
of 1,183,170
shares was 19.89% of total
trading of 2,973,480 shares.
The figures for the week ended
Sept. 9 were given in these
columns of Sept. 30, page 2005.
In making available the
data for the week ended Sept. 16, the Commission
said:
This
compares
with
member
The data published
York Stock
are based upon
weekly reports filed with the New
Exchange and the New York Curb Exchange by their
respec¬
tive members.
These reports
The
term
"members"
Includes
all
Exchange
members, their
firms
and
their
partners, Including special partners.
a
In
Shares In
members'
transactions as
per cent of twice
total round-lot volume.
calculating these percentages, the total of members' transactions is compared
on the Exchange for the reason that the total
with twice the total round-lot volume
of
members'
transactions Includes both purchases and sales, while the
Exchange
volume includes only sales.
b Round-lot short sales which are exempted from restriction
by the Commission's
rules are included with "other sales."
being
published weekly by the
separately from other
sales in the New York Stock
Exchange figures.
Trading on the Stock Exchange for the account of all
members during the week ended
Sept. 16 (in round-lot trans¬
actions) totaled 7,609,193 shares, which amounted to
19.90%
Commission.
*
324,077
are
classified
as
follows:
New
York Stock Exchange Issues Analysis of
Member
Trading in Week Ended Sept. 9, First Full Week
of Increased Market Activity
The New York Stock
Exchange issued on Sept. 29 its
analysis of the figures released by the Securities and Exchange
Commission pertaining to the ratio of trading for their own
account by Exchange members, member firms and
partners
of member firms during the week ended
Sept. 9, which
marked the
first full
week of the recent
increased market
activity.
our
The SEC figures, issued Sept. 29, were given in
issue of Sept. 30, page 2005.
Round-lot stock transac¬
tions
on
the New York Stock
Exchange aggregated 19,371,930
Sept. 9, an increase of 288%
over
the average of all preceding
weekly transactions for
this year and member trading for their own
account totaled
7,753,259 shares, an amount which was 20.01% of total
trading.
The Exchange explained as follows:
shares
in
the
week
ended
The ratio of 20 01%, representing
trading for own-account by members,
and partners in the week ended
Sept. 9, compares with 22.26%
in the preceding week.
It compares with a high ratio for this
year of
firms
Volume
The Commercial & Financial Chronicle
149
24.33% for the week ended May 27, with
a
low
week ended April 1, and with an
average of 20
to
ratio
of
17-78% for the
78% for the full
year up
Sept. 9.
contracted for and carried in New York
OF THE ..ATIOS OF MEMBER,
FIRM, AND PARTNER
OWN-ACCOUNT PURCHASES AND SALES TO DOUBLE THE TOTAL
FOR VARIOUS PERIODS SINCE JAN. 1, 1937
ROUND-LOT* VOLUME
Ratio
Ratio
Ratio
Ratlo
Ratio
for
for
for
First
for
Ratio
Ratio
for
Demand
borrowings
for
Year
Half
July,
Aug.,
1938
1939
1939
1939
%
%
%
Sept. 2 Sept. 9
1929
%
%
1939
%
%
9.35
9.84
10.76
11.07
11.67
12.51
6.79
6.76
6.30
7.04
6.06
6.71
3.60
3.59
3.88
3.33
3.04
3.36
Ratio of other transactions Initi¬
Ratio of transactions initiated off
total
member
20.60
20.21
20.65
21.99
21.07
22.26
20.01
*
The total round-lot volume is doubled in view
of the fact that members' transac¬
tions represent both purchases and sales.
sales
by
specialists
for
Sept. 9 totaled 575,660 shares,
This
ratio
is
the
highest
furnish
we
a
their
since
in
own-account
25.53% of their total
or
these
data
first
were
the
week
ended
30
Nov. 30
compiled,
in
June,
Dec. 31
fulfillment of their obligation to maintain
in
which
they
where there
The
are
orderly market for the issues
particularly in supplying stock in instances
insufficient public offerings at or
were
ratio
registered,
an
of short
sales
for
own-account
by
all
partners to the total of all sales for own-account
high.
It
compares
with
18.07,
14.49 and
near
members,
was
Feb.
28
firms
22.72%, also
a
Apr. 30
May 30
30
Aug. 31
-
Sept. 30
Oct. 31
632,513,340
33,983,537
646,178,362
617,191,932
37,254,037
37,663,739
Apr. 29
515,173,525
32,269,650
May 31
515.483,090
30,492.889
28
—
-
June 30
July
Sept. 30
•
.
537,261,959
553,767,240
508,577,554
467,059,867
!
Value
of
Listed
Stocks
New
on
:
York
Stock
Listed Stocks
The New York Stock
of
as
close
the
of
of
Exchange announced
business
1,228 stock issues
on
on
aggregating
the New York Stock
$47,440,476,682.
on Oct. £ that
Sept. 30, 1939, there were
1,430,884,863
Exchange with
shares
listed
total market value
a
This compared with 1,230 stock issues
aggregating 1,430,283,154 shares listed on the Exchange
Aug. 31 with a total market value of $41,652,664,710, and
with
with
1,247
a
1938.
stock
issues
aggregating
1,425,149,279 shares
Sept. 30,
total market value of $43,526,688,812 on
In making public the figures for Sept. 30 the
Exchange
said:
As of the
Total
-
for Week
(customers' purchases):
of business
close
member total net
Sept. 30,
1939 New York
borrowings in New York City
Stock
Exchange
on collateral amounted to
$467,059,868.
Number of orders
40,961
Number of shares
1,1,59,664
The ratio of these member total borrowings to the market
value of all listed stocks, on this date, was therefore
0.98%.
Member
borrowings
are
not
collateral from those
Dollar value
654,855,671
547,443,175
545,975,979
Exchange on Sept. 30 $47,440,476,682, Compared
with
$41,652,664,710
Aug.
31—Classification
of
ODD-LOT
Week Ended Sept. 30, 1939
Odd-lot sales by dealers
666,496,877
683.432,399
28,240,322
433,556,992
On Oct 5
DEALERS AND SPECIALISTS ON NEW YORK STOCK
EXCHANGE
h
•Revised.
Market
OF
717,084,329
27,075,500
30,517,547
33,502,875
478,060,007
New York Stock Exchange During
Week Ended Sept. 30
ACCOUNT
509,021,637
526,691,740
31....
Aug. 31
on
ODD-LOT
619,955,270
,
31
odd-lot account of all odd-lot dealers and
specialists who
handle odd lots on the New York Stock
Exchange, con¬
tinuing a series of current figures being published by the
Commission.
Figures for the previous week ended Sept. 23
were reported in our issue
of Sept. 30, page 2006.
The
figures are based upon reports filed with the Commission
by the odd-lot dealers and specialists.
580,741,637
i
1939—
Feb.
Mar. 31
TRANSACTIONS FOR THE
40.183,000
40,302,497
540,439,140
42,514,100
35,199,137
Jan.
the Securities and Exchange Commission made
public a summary for the week ended Sept. 30 of
complete
figures showing the volumes of stock transactions for the
597,418.040
*576,961,814
521,116,919
466,766,529
459.363,905
469.887,400
493,615,933
541,490.407
524,202,538
32,498.000
484,019.538
-
681,885,192
and
Exchange obtains its figures is issued by the
Securities and Exchange Commission and is
given in full
in these columns
weekly.
In another item in today's issue
we give the SEC
figures for the week ended Sept. 16.
STOCK
106,464,000
84,763,000
65,567,500
53,188,500
40,873,500
37,961,000
34,398,000
577,441,170
new
the
Trading
$
1,039.120,516
725,622,872
687,786,579
659,219,305
147,331,000
,
*492,198,814
455,549,419
413,578,029
418,490,405
431,926.400
459,217,933
508,992,407
10.95%, respectively, for the
Yesterday (Oct. 6) the Stock Exchange issued a similar
compilation for the week ended Sept. 16.
The report from
Odd-Lot
Total Loans
306,615,500
232,282,704
189,219,404
Dec. 31
preceding three weeks.
which
v;
.
Nov. 30
the market.
14,530,000
Time Loans
490,954.040
July
It
,
in the loan
as
$
31
three
weeks.
same
1938—
June 30--
preceding
Loans
Jan.
and compares with ratios of
20.19,
16.87 and 13.13%, respectively, for the
reflects the operations of specialists in the
1
$
732,505,016
493.340,168
498,567,175
511,888,305
Mar. 31
own-account sales.
$467,059,867
:
...
two-year compilation of the figures:
Sept. 30
Oct.
transac¬
100,000
$33,502,875
compilation is exactly the
1937—
tions to total round-lot volume.
Short
29,087,800
Demand
the floor to the total round-lot
__
$33,402,875
$433,556,992
report issued by the Exchange a month ago.
Below
„,
,
private bankers,
or others in the
(2) above.....
ated on the floor to total roundlot volume
Time
>
$404,469,192
Combined total of time and demand borrowings.
5.02
4.46
11.63
York
_
Total face amount of "Government securities"
pledged as collateral
for the borrowings included in Items (1) and
The scope of the above
to total round-lot volume
New
.
'
transactions
volume
on collateral from
End.
Year
of specialists'
from
brokers, foreign bank agencies,
City of New York
Week
End.
collateral
on
trust companies.......
or
(2) Net borrowings
for
Week
1937
of
collateral,
on
The detailed tabulation follows:
(1) Net
banks
Ratio
borrowings
of the close of business Sept. 30,
as
1939, aggregated $467,059,867.
COMPARISON
Ratio
2157
New York Stock Exchange member total net
_
39,856,875
the
true
broken down
on
to
those only
separate
on
listed
share
other collateral; thus these ratios usually will exceed
relationship between borrowings
on
all
listed
shares
and
their
market value.
Odd-lot purchases by dealers (customers'
sales):
Number of orders:
As of
Customers' short sales
954
Customers' other sales.a
43,122
Aug. 31, 1939, New York Stock Exchange member
City on collateral amounted
$508,577,555.
The ratio of these member total net
borrowings to the market value of .all listed stocks, on this
date, was therefore 1.24%.
In the following table listed
stocks are classified by leading industrial groups with the
aggregate market value and average price for each:
total net borrowings in New York
to
Customers'total sales
44,076
Number of shares:
Customers' short sales
25,539
Customers' other sales.a
3--
1,159[905
Customers' total sales
,
1,185,444
Dollar value
39,451,529
Sept. 30, 1939
Aug. 31, 1939
Market
Aver.
Market
Aver.
Value
Price
Value
Price
R»und-lot sales by dealers:
Number of shares:
Short sales
120
Other sales.b
3
213,880
$
Autos and accessories
214,000
33.28
3,160.630,807
27.07
941,474,484
18.93
873,597,356
17.56
6.462.126.645
72.51
5,772,050,747
64.76
575,073,156
1,712,035,052
26.42
521,848,815
1.430.863.069
23.98
2.828.575.646
30.95
Rubber and tires
451,217,733
43.11
707,020,356
53.47
2,762,904,152
410,056,119
551,423,576
232,612,895
22,237,591
1,778,121,714
1,938,181,556
4,782,737,233
421,284,256
2,410,980,639
3,576,657,736
2,759,219,537
276,728,300
2,289,369,485
1,373,720,646
3,533,736,195
137,274,514
12.77
266,867,291
14.65
4.49
18,423,975
1,474,228,142
23.16
Building
Sales marked "short exempt" are reported with
"other sales."
offset customers' odd-lot orders, and sales
to liquidate
which Is less than a round lot are reported
with "other sales."
a
a
long position
-
—
Electrical equipment manufacturing.
Foods...
Amusements
Land and realty
New
York
Stock
Exchange
Reports
Outstanding
Brokers' Loans at
$467,059,867 Sept. 30—$41,517,687
Below Aug. 31 and
$57,142,671 Below Sept. 30, 1938
Outstanding brokers' loans on the
Exchange decreased during September
New
York
Stock
to $467,059,867 at
Exchange made known on Oct. 3
compilation.
This figure is $41,517,687 belowr the Aug. 31 total of
$.508,577,5.54 and $57,142,671
below the Sept. 30,
1938, figure of $524,202,538.
During
September demand loans were below August and
Sep¬
tember, 1938, while time loans were above a month
ago
the end of the month, the
in issuing its monthly
but below
a
The Exchange reported the demand
loans outstanding on
Sept. 30 in amount of $433,5.56,992,
against $478,060,007 Aug. 31 and $484,019,.538 Sept.
30,
1938.
Time
year ago.
loans at
the
latest
date
shown at $33,502,875, as compared with $30,517,547 and
$40,183,000,
respectively, on the earlier dates.
The following is the
report for Sept. 30, 1939, as made
available by the Stock
Exchange on Oct. 3:
are
$
3,891,957,471
Financial....
Chemicals
224,160
b Sales to
$
Farm machinery...
Total sales
Reund-lot purchases by dealers:
Number of shares
:
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
...
Ry. oper. & holding co's. & eqpt.mfrs.
Steel, iron and coke
Textiles
Gas and electric (operating)
Gas and electric (holding)
Communications (cable, tel. & radio).
Miscellaneous utilities
Aviation
44.37
27.93
30.23
37.09
30.23
39.13
41.70
3.72
25.06
24.28
1.556.504.305
3.862.520.070
309,386,600
2,357,319,472
2,792,181,000
1.915.262.306
210,629,866
28.04
2,271,010,911
27.84
14.34
1,348,048,170
3,481,466,385
129,720,824
404,449,374
312,692,387
24.81
22.52
32.57
30.88
55.28
93.17
13.18
20.04
16.54
31.84
23.85
38.37
18.48
14.07
91.80
12.46
20.78
Shipping services
Ship operating and building
550,359,927
313,790,905
11,864,746
54,499,579
Miscellaneous businesses
112,543,107
18.95
208,136,418
1,458,290,949
37,899,582
27.88
674,319,677
916.428,952
20.16
165,769,078
1,507,902,810
33,969,168
548,448,177
22.61
1,053,136,982
25.98
33.15 41,652,664,710
29.12
Business and office equipment
Leather and boots
Tobacco
Garments...
U.S. companies operating abroad..
Foreign companies (incl. Cuba & Can.)
AH listed stocks..
47,440.476,682
27.48
15.27
27.38
5.16
4,730,063
2.06
18.11
28,723,200
105,899,513
17.83
52.14
22.59
9.55
22.21
53.92
20.25
16.40
We give below a two-year compilation of the total market
value and the average price of stocks listed on the Exchange.
The Commercial & Financial Chronicle
2158
Oct.
Nevada corporation
under the
Average
Market
Average
Value
Price
Value
Price
f.56,623,913,315
49,034,032,639
44,669,978,318
40,716,032,190
840.51
830.54
31
843,526,688.812
47,001,767,212
32.96
ment life
Nov. 30
46,081,192,347
32.30
said the San Francisco "Chronicle" of Spet. 28
Dec.
47.490.793.969
33.34
The Exchange announced that this step was
Exchange, Inc.
moving the facilities of the Exchange
taken preparatory to
1938—
1937—
1
Oct.
1
Nov.
1
Dec.
1
Oct.
35.07
*31.77
28.92
31
1939—
1938—
Reno, should the initiative measure relating to the retire¬
to
Sept. 30
payment act be voted by the electorate on
stated:
■
■■
•
1
38,869,140,625
27.53
Jan.
31
44,884,288.147
31.50
Feb.
1
39,242,670.837
27.59
40,270,987,418
32.44
Mar.
1....
41,172,861,535
31,858.401.871
28.94
Feb. 28
Mar. 31
28.69
exchange to operate in California under the
29
40,921,074.970
40,673,320,779
28.51
gross
35,864,767.775
34,584,614.803
25.15
May
31
43,229,587,173
30.29
24.28
30
41,004,995,092
28.70
levied upon the gross income in excess of
June
July
Apr.
1
May
1....
I
22.32
Apr.
41.901,875,154
44,784,224,215
31
44,761,599.352
31.31
30
31.38
Aug. 31
41,652,664,710
43.520,488.215
30.55
Sent. 30
47.440.476.682
33.15
Officials of the Exchange stated that it would be
July
*
29.41
Revised
Under the act such 3% tax
income tax provided for in section 15.
$3,000 of every person, firm or
The
advised that this
been
has
Exchange
tax
would apply to gross
income derived from the sales of securities on the Exchange if the transac¬
tion is not in interstate commerce.
prohibitive tax on transactions, and persons
In effect, this would place a
Market
impossible for a stock
proposed act in view of the 3%
corporation.
29.12
Aug. 31
June 30
Nov. 7,
which likewise
;
,,
Jan.
June
1939
of San Francisco Stock
name
Market
Sept.
7,
r
.
Value
of
Listed
Bonds
New
On
York
Stock
markets outside of the State of
have to seek
would
owning securities
California in order to avoid this excess of tax.
Exchange Sept. 30 Below Aug. 31
\
On Oct. 6 the New York Stock Exchange issued the fol¬
lowing announcement showing the total market value of
bonds listed on the Exchange Sept. 30:
As of the close of business
on
aggregating $52,466,235,827,
change, with
a
Sept. 30, 1939, there
par
were
total market value of $46,430,860,982.
Aug. 31, there were 1,880 bond issues aggregating
$52,208,968,807 par value listed on the Exchange with a
total market value of $47,297,289,186.
In the following table, listed bonds are classified by gov¬
ernmental and industrial groups with the aggregate market
value and average price for each.
Aug. 31, 1939
Market
Aver.
Market
Aver.
Value
Price
Value
Price
%
U. S. Govt. (incl. States, cities, &c.)_. 30,873,946,879 103.68 32,075,258,392 107.68
United Slates Companies—
Autos and accessories
17,027,242 91.78
90,952,044 103.30
Financial
Chemical..
89.08
66,729,839
23,249,920 78.01
36,975,589 106.99
224,758,375 99.15
Building...
Electrical equipment manufacturing.,
Food
88.61
10,437,886
122.662,328 103.44
68,368,0.1
91.26
25,595,676
79.08
36,802,796 100.49
230,042,015 101.46
78,633,025 104.00
Rubber and tires
76,745,909 101.66
Amusements
42,619,441
83.20
46,155,430
89.74
9,124,480
45.41
9,127,434
45.43
47,961,842
92.97
49,493,549
92.36
121,987,178
60.04
112,600,294
56.37
,
Land and realty
Machinery and metalS
Mining (excluding iron)...
Petroleum.
.
...
598,126,098 100.28
....
469,054,304 103.90
Paper and publishing
73,669,109
96.38
73,054.398
95.46
Retail merchandising.......
14,048,582
80.49
16.731,054
59.53
5,807 ,889,371
665 853,794
54.47
99.71
8,633,850
93.46
8 ,711,360
& Co. and
Resources of
Morgan
P.
30, Shows
a
of J. P. Morgan & Co.,
reported at $320,931,618, against $393,023,427 June 30
March 31, while holdings of State and mu¬
nicipal bonds and notes (Sept. 30) are shown to be $65,394,555, in comparison with $63,155,113 and $56,399,785, re¬
spectively, at the two previous dates.
Total deposits at
are
and $333,488,583
$590,431,245; on June 30 the
deposits amounted to $555,596,806, and on March 31 to
$514,978,544.
Capital of the two firms is shown as $20,000,000; surplus and partners' balances are now reported at
$18,867,454, compared with $19,034,539 June 30 and $19,019,865 March 31.
It is noted that the statement as above
is exclusive of the firm's interest in the assets and liabilities
of the firm of Morgan & Cie., Paris.
the close of the third quarter are
85.56
6,342,979,367
688,590,934
of Sept.
as
joint statement of condition, issued Oct. 3,
New York, and Drexel &
Co., Philadelphia, at the end of the third quarter of 1939
(Sept. 30) amounted to $640,845,025.
This figure compares
with assets of $611,321,991 on June 30, 1939, and with
$570,640,379 on March 31, 1939.
In the latest statement
(for Sept. 30) cash on hand and on deposit in banks is shown
at $200,652,335, compared with $93,759,368 and $119,590,562, respectively, on the two earlier dates.
Holdings of
U. S. Government securities at the close of the third quarter
According to
resources
On
Co.
&
$640,845,025
1,389 bond issues
value listed on the New York Stock Ex¬
Sept. 30,1939
Dtexel
J.
Statement of
Joint
Current
93.60
Railway operating and holding com
panies & equipment manufacturers.
Steel, iron and coke
Textile
3,140,823,111 102.88
Gas and electric (operating)
Gas and electric (holding)..:
Miscellaneous
97.00
269,125,088
56.30
258 334,309
54.04
94.50
19 105,625
99.25
utilities...
98.69
18,191,260
Shipping service
Shipbuilding and operating
14,888,159
52.76
13 020,315
46.14
14,710,883
64.12
13 133,850
57.23
Leather and boots
513,212 100.53
40,943,810 120.19
;
111,558,874
Miscellaneous businesses
44.09
34,412,176
U. 8. companies operating abroad
99.83
13,405,470,938
Total United States companies
1,403,090,498
Foreign government
748,352,067
Foreign cos3 (incl, Cuba and Canada).
510,500 100.00
43, 083,317 126.47
113 592,930
44.90
35, 012,700 101.57
73.90 12,733,119,144
71.31
1,588,568,665
900,342,985
51.28
88.50 47.297.289,186
90.59
45,93
50.08
Totaling $298,671,000
The
59.85
Exchange Commission
and
Securities
Oct. 5 that the comparatively high
trations
Securities
the
under
following table, compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
:
Average
Value
1937—
Market
during
1
Market
8 1
.
1938—
8
Nov. 1
42,591,139,774
91.51
Oct.
Dec.
42,109,154,661
90.11
Nov. 30
1
Dec.
1938—
31
31
Average
Value
Securities proposed for sale
Division.
to
$277,487,000,
the
SEC
A
few
with
compared
as
$
%
has pre¬
the
latter
fears
war
about
intended
and
became
for
$188,081,000 in
July,
In its announcement
which
$50,000,000,
would
have,
August, were delayed by the issuers
part of
These
delays
may
have reflected
It is interesting to note, however, that all
during August and Which were underwritten
during the month.
which
Exchange
by issuers amounted
•
aggregating
issues
by the filing of delaying amendments.
effective
public offering
were
offered.
Almost one-half of the amount of securities proposed for sale by issuers
for
August,
90.67
issuer,
90.34
of
91.27
stated:
further
large
become effective in
Price
45,539,192,999
45,441,652,321
47,053.034,224
which
recent
search and Statistics Section of the Trading and
issues
Price
1933
of
Act
announced on
months was maintained in August,
1939, when the gross amount of effective securities was
$298,571,000, according to an analysis prepared by the Re¬
vailed
The
.
During
level of securities regis¬
1939, and $288,571,000 in August, 1938.
40,430,860,982
All listed bonds........
Effective
Became
Act
August
1,073 ,246,563 102.11
Business and office equipment
Tobacco
Issues
New
97.48
212,009,113
1,062,115,398
Communication (cable, tel. & radio)..
38
Securities
Under
3,125 ,127,057 106.93
212 941,213
of
Registration
98.53
accounted for by two registered issues of a single
& Light Co., with aggregate gross proceeds
A large part of the remainder consisted of the issues of
1939,
was
Power
Pennsylvania
$129,865,000.
only four registrants: Central Power & Light Co., with two issues aggre¬
Jan.
1
42,782,348,673
89 20
Feb.
1
42,486,316,399
89.70
Jan.
31
46.958,433,389
91.03
gating
Mar, 1
42.854,724,055
88.68
Feb.
28
91.85
$30,900,000;
41.450.248,311
85.71
Mar.
91.80
Oklahoma
1939—
$32,227,040; the Union Oil Co. of California, with one issue of
Province of Quebec, with two issues of $30,050,000; and
Natural Gas, with two issues aggregating $23,627,000.
May 1
42,398,688,128
87.82
29
47,471,484,161
48,351,945,186
48,127.511,742
1
42.346,644,435
43,750,515,009
44,561.109,790
44,182,833,403
87,78
May 31
48,920,968.566
92.92
88.98
June
30
92.08
Light Co.,
90.19
July
31
48,570,781,615
49,007,131,070
93.15
of
89.40
Aug. 31
47,297,289,186
90.59
-M.83fi.T)i.433
8«.08
Sept.30---.
46,430,860,982
88.50
Apr.
June
1-....
June 30
July
30
Aug. 31.
.
Sept. 30.--:
Apr.
1
91.56
Reflecting
the
issues
was
particularly
York
Stock Exchange to Discontinue Collecting
Data on Volume of Shares Sold Short on European
The Committee
on
Members Firms of the New York Stock
Exchange with the concurrence of the Securities and Ex¬
change Commission has decided to discontinue the collection
of data regarding the volume of short sales of stocks listed on
the New York Stock Exchange executed on European
exchanges by or on behalf of members or member firms for
their own accounts or for the accounts of any principals
domiciled in this country, according to a notice sent to
members yesterday (Oct. 6).
Accordingly, the request for
reports showing such short sales, made April 14, 1939 is
rescinded, effective Oct. 16, 1939. Previous reference to the
matter was made in our issue of April 22, 1929, page 2349.
San Francisco Stock
—Decision
ment
Exchange Plans to Move to Nevada
Depends
The San Francisco Stock
that it has
on
Nov. 7 Election
on
Retire¬
Act
Exchange announced on Sept. 27
completed arrangements for the formation of a
of
the
Pennsylvania
Power
&
aggregated $206,453,000, or 74.4% of the total.
Next in importance
manufacturing group, with $33,309,000, or 12.0%, followed by
nancial
ligible
All
Exchanges
issues
the
foreign governments
New
large
the
the electric and gas utility group accounted for the great bulk
amount of securities proposed for sale by issuers.
Thus, utility-
and
total of
but
and
investment
municipalities with $30,050,000, or 10.8%.
accounted for the comparatively
companies
$3,700,000,
about
5%
of
or
the
Fi¬
neg¬
1.3%.
August
total of securities
proposed for
sale
securities. Among such issues,
long-term secured bonds predominated with $165,201,000, or 59.5% of
the total.
Long-term unsecured bonds aggregated $97,567,000, or 35.2%
of the total, while short-term unsecured bonds amounted to only $505,000,
or
0.2%.
The remainder was made up of $8,881,000 of preferred stock,
equal to 3.2% of the total, and $5,333,000 of common stock, or 1.9%.
As shown
in the detailed analysis, 38 issues were registered in 27
statements during August, and the gross amount of such registrations was
$298,571,000.
This was exclusive of $6,258,000 represented by 10 reor¬
ganization and exchange issues registered in seven statements.
Securities
registered for the account of others amounted to $11,870,000 (of which
all but $377,000 was to be offered for sale) leaving $286,701,000 of securi¬
ties
registered for account- of issuers.
With $4,921,000 of securities
reserved for conversion, $4,134,000 of securities to be issued in exchange
for other securities and $159,000 of securities reserved for options, there
remained $277,487,000 of securities proposed for sale bv issuers.
Of the
latter amount all but $3,982,000 was for going concerns.
Compensation to be paid to distributors aggregated $6,031,000, or 2.2%
of gross proceeds.
Other issuing and distributing expenses amounted to
$1,253,000, or 0.4%, so that total issuing and distributing expenses were
equivalent to 2.6% of gross proceeds.
by issuers represented fixed interest-bearing
Volume
There remained,
to
issuers
to
be applied
ferred
net
The Commercial & Financial Chronicle
149
of
after all issuing and distributing
$270,203,000.
stock
the
to
and
accounted
for
1.0%,
or
investment
shown
which
As
to
written
amounted
which
$5,671,000,
holders
security
consisted
the
in
Securities
of
main
issues
large
offered
be
to
by
directly
issuers,
2.0%, while securities to be offered through
or
0.8%. The amount of securities to be offered
negligible, being equivalent to only 0.7%.
are exclusive of 10 reorganiza¬
was
effective registrations
statistics of
These
$6,258,000. Of these,
were issues of certificates of participation with a value of
$3,614,000,!
were long-term
unsecured bonds with a value of $2,352,000, and one
a common stock issue with a value of
$292,000.
The issues of manu¬
exchange issues with an estimated value of
tion and
five
four
was
followed by $1,573,000 for foreign
governments and municipalities, $1,439,000 for the transportation and com¬
munication group, and $213,000 for the real estate group.
INCLUDED IN 27 REGISTRATION STATEMENTS
BECAME FULLY EFFECTIVE DURING AUGUST, 1939
TYPES OF SECURITIES
No. of Units
of
Issues
or
of
things farmers buy.
a
larger production is
Nor
can
any great
of requirements.
and
damage be done by intelligent and informed protection
However, miscalculations
misinterpretations
speculation which is
get
Granted that
has
war
disturbing influence upon prices, the business
a
community is vitally concerned in limiting this influence so far as possible,
by counteracting it where this
can
increase living costs and foster demands for higher wages, thus getting the
economic situation
stilts,
on
Business
concerned
is
to
safeguard
11,628",067
With improving business need
4,323,809
23,669,947
ment
"~X, 244
*
'
„
$298,571,154
\
Gross Amt. of
1939
1938
59.5
58.6
97,567,046
33.2
30.7
97,567",040
35.2
29.9
505,100
0.2
8,881,338
5,332,402
Aug.,
505,100
0.2
Preferred stock
11,628", 067
4.0
1.5
Common stock
18,748,897
6.4
8.4
Face amt. instal. ctfs
3*2
1.6
1.9
4.4
5.5
5.0
Ctfs. of partic., ben. int.,Ac
Warrants or rights
...
$293,650,104 100.0
0.8
100.0
$277,486,880 100.0
100.0
Securities having maturity of three years or less are
securities.
classified as "short-term"
*
REGISTRATION STATE¬
REORGANIZATION AND EXCHANGE * ISSUES THAT
FULLY EFFECTIVE DURING AUGUST,
1939
Value
Approx. Market
No.
Type of Security
Issues
S.
a
August, 1939
Preferred stock...
292",005"
407,108
3,613~884~
""677~430
1
"5
Certificates of deposit—
17,652,055
10
Total
$19,809,979
$6,258,230
Refers to securities to be issued in exchange for existing securities,
Perkins, Chairman of the Board of the National
Colt,
market value or
1-3 of face value where
market
was
having a maturity of three years or less are classified as
Co.
a
repre¬
available,
"short-term"
not
City Bank of New York Finds Almost Over-
Night
Change
in
Business
Incident
to
War,
Although
"War
Business"
Is
Not
Significant
Factor in Accelerated Movement—With Improved
Need
for
Relief
Should
Diminish
Says
the Bank
John Quentin Jones, elected in 1865 as its fifth President;
George G. Williams, 14th President of the Clearing House,
elected in 1886: and William H. Porter, elected 22nd Presi¬
dent in 1909.
Regarding Mr. Johnston's career an announce¬
ment
over-night business has gone off the hand-tomouth basis, replenished inventories, and extended com¬
mitments, says the National City Bank of New York in its
"Monthly Bank Letter" issued Oct. 2, the bank further
stating:
brought about the change, but the actual war business has not
Domestic orders
factor.
where the latter
foods.
Evidently
appeared,
or
was
were
have far out weighted the
have picked
business
up most
was
quickly,
ready to go
confidence was established.
it has been ready to do so at other times
strength
in
as
ahead
Probably
during the depression.
by the Chemical Bank & Trust
banking
moving into the fall in an upward trend, and the elements
impressive.
holdings of raw materials
were
Preparations against trade disorder had been
was
low-production evidently was not outrunning
than overinvestment
underinvestment rather
commodity prices were supported
says:
began in his native town of Lebanon, Ky.,
career
At the age of 26 he
became
a
National bank examiner despite the fact that he was four years under the
age
usually required for such
made
of
one
two years
the
an
National
four
appointment.
Four
years later
bank examiners-at-large.
in that capacity, Mr. Johnston
was
he
was
After serving
elected Vice-President of the
Citizens National Bank of Louisville, Ky., becoming First Vice-President
the succeeding year.
cal Bank and
was
a
Vice-President of the Chemi¬
elected President of the bank in January, 1920.
He
was
elected Chairman in April, 1931, and acted as both Chairman and President
until January,
continuing
1935, when he relinquished the Presidency,
as
Chairman and chief executive officer of the bank.
Walter E.
Frew, Chairman of the Corn Exchange Bank
the meeting of the New York
Clearing House Association on Oct. 3, made the following
Trust Co., who presided at
remarks after the election of Mr. Johnston
as
the
new
Presi¬
dent of the Association:
We
now
to
come
one
of the
most
pleasant parts of these proceedings,
Mr. Johnston,
during a service of 22 years in New York banking, has shown great ability,
made; distributors' commitments and stocks of goods and manufacturers'
capital goods;
s
clerk in the Marion National Bank.
and that is, the introduction to you of your new President.
to the above remarks the bank said in part:
consumption; there
a
In 1917 Mr. Johnston came to New York as
"Almost
Clearing
tion to be furnished by the Chemical Bank.
Former Presi¬
dents of the Chemical Bank to head the Clearing House were
Mr. Johnston
Business
President Bankers Trust Co.
House Association and the fourth President of the Associa¬
as
in
by various production
controls and other measures; and Government spending continued at the
peak.
memory
Sloan
Trust
securities.
These
Ago
Mr. Johnston becomes the 37th President of the
965*918
...
up
Total
Harvey D. Gibson, President and Chairman of the Board, Manufacturers
$2,352",34l"
4
Certificates of partic., beneficial interest, <fcc
whenever any incentive
Show
Artemus L. Gates, President New York Trust Co.
Common stock..
Leading
Figures
Gordon S. Rentschler, President, National City Bank.
Aug., 1938
Face amount instalment certificates
of
Committee—Yearly
City Bank of New York.
W. Palen Conway, President of the Guaranty Trust Co.,
was at this week's
meeting elected Chairman of the Clearing
House Committee, succeeding Harry E. Ward, President of
the Irving Trust Co.
Those named to serve with Mr. Con¬
way on the committee are:
Short-term unsecured bonds _b
products and
Clearing
P. Conway Heads Clearing
Clearing House Association at the 86th annual meet¬
ing of the Association held Oct. 3.
Mr. Johnston had pre¬
viously served as a member of various committees of the
Clearing House, including four years on the important Clear¬
ing House Committee, of which he was Chairman for one
year.
As President of the Clearing House, he succeeds
$107,468
T/Oiog-term unsecured bonds
metal
If the Govern¬
Trust Co. of New York, was elected President of the New
Short-term secured bonds_b
even
excesses
York
of
Long-term secured bonds
significant
dangers.
Percy H. Johnston, Chairman of the Chemical Bank &
James H.
...
TYPES OF SECURITIES INCLUDED IN SEVEN
orders,
for relief should diminish.
House Association—W.
Year
$165,201,000
the
these
P. H. Johnston Elected President of New York
Aug.,
53.6
been
against
If it fails to curb
through deficit financing bids against rising private demands for labor
Percent
Aug.,
56.2
export
.
future
Gross
Amount
1939
war
be
profitable,
Transactions of $197,974,689,702—Exceed Those of
Long-term secured bonds.. $165,201,000
Short-term secured bonds.a
The
may
Finally, the Government also should put its fiscal house in order.
House
Aug.,
1938
Total.
own.
Securities
Percent
Long-term unsecured bonds
Short-term unsec. bonds.a.
its
Issuers
Gross
Business
I,
■
its
1920,
in
as
interest in protecting
self-restraint
the Government will step in with controls, and possibly make mistakes of
Proposed for Sale by
Amount
National
same
and materials, an inflation of prices will result.
for Conversion
actual
The
but in peacetime could not pay their way.
298,115
Less Securities Reserved
b Securities
common
a
working relations.
505,100
Type of Security
sents
with collapse inveitable,
Business and labor have
500,000
Gross Amt. of Securities,
*
Attempts to make speculative
be done.
profits by price advances based upon temporary and unsound conditions
97",567",040
beneficial interest, &c.
uninformed
an
ignorance as food hoarding
or
and indiscriminate speculative commitments.
95",500",000
38
FOR
and lead to
difference between intelligent
a
foresight and such manifestations of fright
1
Total
BECAME
There is
made; and misinformation
are
circulation,
into
menace.
a
"8
Certifs. of participation,
In some commodities, where
needed, the higher prices may be necessary to
now
obtain it.
~5
15
un¬
low
Business is benefited by equitable price relation¬
ships, and the rise has been in that direction.
$165,201,000
Face amount instalment certificates.
were
relative to finished goods prices, and farm prices were low relative to prices
Moreover, it must keep its own record clear.
Long-term unsecured bonds
Short-term unsecured bonds .a
business situation
materials and semi-manufactured
Raw materials in general
needed in considering new projects which temporarily may seem
Amount
Face Amt.
158,850,000
8
Long-term secured bonds
Short-term secured bonds.a
the
made
raw
materials.
raw
the stability of their
No.
of themselves,
have,
dominated by
1929 and 1937.
Securities
Type of Security
MENTS
the viscious
prices, wages and living costs fruitlessly
for they have been chiefly in
,
whole
Gross Amount of
a
United States,
There is little fear, for the most part, that the price advances which have
facturing companies totaled $3,033,000,
THAT
which
in
war
goods
agents totaled $2,138,000, or
to
spiral of the last
stable
$269,678,000.
to
The gravest danger that the war holds for the
apart from that of being drawn in, is the danger of a repetition of
already occurred
the two
offered
was
There are enough influences of the other kind to make the restraining factors
welcome.
issues of the Province of Quebec,
be utilized for public works and relief expenditures.
from
underwritten, 97.2% of securities proposed for sale by issuers
through underwriters.
The aggregate amount under¬
are
be
looked upon as an unmixed blessing.
chased each other upward.
registrations
August
typically
was
A total of
5.9%.
also quote:
we
the influences which may moderate the price rise and the
trade boom in this country may be
The comparatively large amount of net proceeds
miscellaneous and unaccounted for
item
consisted almost
to
were
or
to be used for the purchase of securities, chiefly
was
the proceeds
of
plant and equip¬
as
In the long view
was
purposes.
in-the
entirely
sucli
working capital, amounted to $10,039,000,
$2,618,000,
for
81.3%,
or
indebtedness.
The retirement of pre¬
$2,417,000, or only 0.9% of the total.
Total
proceeds to be used for new money purposes,
ment
From the bank's comments
net proceeds
expenses,
this amount $219,625,000,
Of
repayment of
2159
and it is very fitting for you to have selected as head of this time-honored
Association
one
who
clearly has all the qualities of leadership which, no
doubt, will be sorely needed in the uncertain times
We
assure
you,
associated banks, when
a
responsibilities
congratulate
have ahead of
you
very great,
are
doing
us.
so at a
but Just know the
crisis arises, will live up to the traditions of this
great Association and act as one bank when
I
we
Mr. Johnston, in taking this office you
time when you may find the
we are
called upon to act.
and take great pleasure in welcoming
you
to this
chair.
influences
supported
business
against
the
war
shock,
and
the
of the export trade and the price rises of the last war provided
the push upward.
The total clearing house transactions for the year ended
Sept. 30, 1939, amounted to $197,974,689,702, comparing
The Commercial &
2160
Financial Chronicle
with $188,178,223,556 the
presidents
previous year.
The transactions
made up of exchanges of $170,578,531,090 and balances of $27,396,158,612.
For the year
ended Sept. 30, 1938, the exchanges amounted to $163,106,983,687, while the balances aggregated $25,071,239,868.
The following extracts are from the Manager's annual report
for the year ended Sept. 30, 1939:
$170,578,531,090.09
Balances
27,396,158,611.50
-
activities
$197,974,689,701.65
93,502,247.82
—
$675,681,534.81
Total
-
Bank
the
$1,290,289,764.60
234,567,008.53
1,463,621,908.55
224,301,411.03
53,012,683.58
277,314,094.61
Largest exchanges on any one day during year (Dec. 16, 1938)..
Largest balances on any one day during year (Aug. 14, 1939)..
Largest transactions on any one day during year (Dec. 16, 1938)
Hmallest exchanges on any one day during year (April 8, 1939)..
Smallest balances on any one day during year (April 8,
1939)..
Smallest transactions on any one day during year (April 8, 1939)
Largest day's transactions on record (Oct. 31,1929):
Exchanges
$3,853,040,114.48
.......
378,201,061.08
Balances
transactions
$4,231,241,175.56
....
Largest exchanges (Oct. 31, 1929)....^...
$3,853,040,114.48
432,909,546.73
........... .......
Largest balances (Oct. 30, 1929).............
:
Credit exchanges...
27,365,791,948.05
22,706.970,605.92
balances
Association
The
is
composed
now
12 trust companies.
National
of five
banks,
State
two
The Federal Reserve Bank of New York
Clearing House City Collection Department also make exchanges
Clearing House, making 21 institutions clearing direct.
at the
There
three banks and trust companies not members of the Associa¬
are
by the member savings and loan associations
by the
established by Con¬
credit reservoir for home financing
provide
to
ago
a
appeared in our issue
Sept. 16, page 1704.
Reports Savings, Building and Loan Associa¬
Accounted
for
33% of Home Mortgages
FHLBB
tions
Recorded in August
Savings, building and loan associations again in August
increased tlieir lead as the most active lenders in home
recorded in American cities
and towns during the month, the Division of Research and
Statistics of the Federal Home Loan Bank Board reported
of
From the Board's announcement we also quote:
$345,580,000
of
aggregate
steady increase this
by
and
savings
banks, trust companies and
branches
all
$112,516,000 out of an
There
lenders.
of
types
been a
has
associations
lenders,
compared with other
of 32%.
as
the
1% above the July total
$15,597,000 above
July, which is contrary to the usual seasonal decline in the late summer
recordings
August
and
autumn,
and
By
all
of
non-farm
indication
an
expansion
the
of
mortgages
total for the
of
types
building in
home
in
many
1939.
months of
first eight
lenders, home
were
The August total raised to $2,473,-
cities, Board officials said.
707,000 the
of 412
loan
by
in the proportion of home financing being done
year
being
figure
August
There are 388 branches of members whose items are cleared through the
total
mortgages
Mortgages recorded by these institutions totaled
towns
a
home
all
stitutional provisions.
making
accounting for
mortgage financing in the United States by
tion that make their exchanges through members, in accordance with con¬
exchanges,
large
a
compared with non-members, were offered
as
Previous reference to the conference
$4,658,821,342.13
exchanges..
banks and
investments on
proof of the value of the System,
as
years
Sept. 30.
Transactions of the Federal Reserve Bank of New York:
and the
System,
seven
33%
Credit
institutions,
financing
home
in
Government
of
retirement
agencies.
of
Debit
assuring an increasing
The same confidence was credited
presidents as
the
$8,995,994,051,971.75
Total......
Total
the
home ownership, as the
amortized loans—direct
long-term
liquidation of mortgages in a definite,
investments
private
allowed
bank' presidents
783,682,808,903.07
......
and
future.
near
The amount of loans made
of
$8,212,311,243,068.68
Balances
increased
by
cited
building in the
has
gress
(86 years):
Total transactions since organization of Clearing House
Exchanges..
rates
scale.
$582,179,286.99
Balances-.-.-
in
interest
period—was
of
the
with
institutions devoting their
of
values
the
confidence
lower
reduction loans which provide for the
The average dally transactions:
Exchanges...
public
the
of
volume
elsewhere—
investment possibilities
in opportunities for
specifically to investments in homes.
Renewed
result
activity
increasing
consequent increase
a
which
1
Total transactions
because of
field,
specified
House transactions for the year have been as follows:
The Clearing
Exchanges
with
declining
forecast
financing
7, 1939
Bank System.
At the same" time the
by commercial banks in the home
Home Loan
history of the Federal
for the latest year were
Oct.
during August were as
recorded
mortgages
follows:
using the facilities of the Clearing House.
A ugust
Ralph Peters, Jr., First Vice-President, Corn Exchange
Bank Trust Co., continues as Secretary of the Clearing
House Association, while Edward L. Beck has again been
designated as Manager.
G. Russell Clark continues as
Assistant Manager and Charles A. Hanna as Examiner of
the Department of Inspection and Examination.
In addition to the Clearing House Committee, members of
the other committees named
Committee—Herbert
Conference
Howell
(Chairman),
Chairman
Bank
&
Trust
Co.; Theodore
Hetzler, President, Fifth
Avenue Bank; Percy J, Ebbott, Vice-President, Chase National Bank.
Nominating
Committee—Frank
Manhattan
Bank;
Co.;
Carl
Fraser,
Leon
K.
Houston
J,
Schmidlapp,
President,
Vice-President,
National
First
Admissions—J.
on
9
80,049,000
13,844,000
23
Individuals.
58,826,000
17
Others
49,549,000
14
$345,580,000
100
Bank;
National
Chase
Edwin
G.
Merrill,
Baker
(Chairman), Chairman of
Co.; Henry S. Sturgis, Vice-President, First National
Bank; Eugene W. Stetson, Vice-President, Guaranty Trust Co.; Harral S.
This Year
At the 38th annual convention of the National Association
State Banks, held in Salt Lake City, Utah,
Sept. 20, R. N. Sims, Secretary-Treasurer, submitted to the
of Supervisors of
this year, the first "billion dollar
banks
by
the
year" since 1930, and only
Presidents
of
war
can
was
the
12
the
of
sources
all
State
Bank
seekers
Board
in
offered
are
tory—lower
Washington.
the
interest
best
rates
They added that home
market
and
in
the
country's
liberal
more
his¬
terms—with
unparalleled supply of funds available for home financ¬
ing.
The following regarding their conference is from an
an
announcement
Board
The
issued
Presidents,
with
of
assets
Federal
nearly
more
than
and
a
they stressed,
from
could
halt
expansion
construction,
Increased
increased
increasing
sales
section
every
of
real
of
Loan
Bank
of the United
$595,669,000,
last year.
or
increase
an
of
pointed
out,
would
result
considerably
above
continuation
in
total
made
which
war
War
it
clear
activity,
that
hamper
influences,
they
such
as
that
all
reported
were
world
new
40%
over
trend,
residential
compared
the
the
first
bank
construction
with
for
$779,802,800
1939
12
banks
on
were
activities
building and
institutions
at
an
ability of larger funds
loan
made
to
among
the
their
Bank
own
associations.
unprecedented rate,
for home financing
Board
member
Private
made
conditions
June
institutions,
are
chiefly
flowing
of business on
which
1939, there
30,
business
the
of
the
whole
years.
was
total of 15,295 banks, of which 10,086
a
capital, surplus and undivided profits of $7,660,329,997, total deposits
of
banks and
confronted
have
State
$64,476,466,410,
5,209
and
National banks, and in round numbers
were
total
of $73,634,740,170.
resources
surplus and undivided profits of all banks
deposits of all banks
were
were
a
Total capital,
$105,142,729 above; total
$5,398,177,950 above, and total
resources
were
$7,318,399,195 above figures of June 30, 1938.
On June 30, 1939, in round numbers, the capital, surplus and undivided
profits of the State banks
$3,186,177,000,
the
of
excess
showing
were
$4,474,152,997, and of the National banks,
the' capital
National
$35,006,997,410,
and of
banks.
the. National
the State banks
of
$33,180,578,000,
of
National
the
showing the
were
deposits
banks to be
State
of
the
State
40%
banks
were
banks
$29,469,469,000, showing the
of the National banks.
The total
excess
$40,454,162,170, and the National banks
resources
State banks
of the
22% in
excess
banks.
Federal
of
resources
all
member
Reserve
Banks
Federal
Reserve
National
banks
banks
June 30,
on
1939,
$51,969,578,000.
were
Total
of
resources
$33,180,578,000,
per
of
resources
The
deposits of the State banks 19% in
the
5,209
approximately 64% of total;
or
on
June
an
average of
30,
1939,
were
$6,369,855
bank.
Total
671,694
All
of
resources
$18,789,000,000,
tions
per
of
or
the
State
member
36%
of
banks
June
total;
an
30,
1939,
were
$16,-
of
average
bank.
the above
play
1,127
approximately
figures show
in
our
our
important
banks to be in
a
strong position, and
part which
th£ State banking institu¬
great Federal Reserve System, through their voluntary
membership.
Twenty-one
into
they declared, promising avail¬
purposes than any time in the
figures covering the close
from
up
total
last
by the presidents of
funds
with the report of
were
seven
presidents
The report of Secretary
The figures are very gratifying when we consider the most
during the last several
On
unanimously
year,
is
they also emphasize the
savings,
their
distressing
Total
rental
in
year.
Optimistic reports
United
the
of
Mr, Sims said:
report
June 30, 1939.
way.
increase
population represented expendi¬
almost
of
States
available accurate and detailed data of
institutions comparable
banking
resources
would
Through July of this
more
of
$1,000,000,000,
A
home-financing
definitely under
lending
States.
months
and
general employment and larger
Only 6ome unforeseen developments,
estate—these
dwelling units in cities of 10,000
tures
thrift
industry.
already
by
Comptroller of the Currency, which covers the National
This
more
payrolls, which would boom industry.
values,
Home
$4,600,000,000,
construction
easily bring
more
4,000
developments from the
any
home-financing
might
State
the
in
representing
they did not foresee
conceded,
the
Sept. 30:
on
institutions
the
by
detail
in
institutions
banking
of June 30,1939.
as
Sims gives the only
Federal
following the conclusion of their recent
semi-annual conference with officials of the Federal Home
Loan
shows
capital, surplus and undivided profits, deposits, loans
and discounts, stocks, bonds and securities, and total re¬
nine-year peak
a
unexpected adverse influences resulting from the
prevent expanding activity in the future.
This
expressed
which
statement
a
the
banks.
Urban residential construction will reach
Loan
4
Compilation of Capital, Resources, &c., of State and
National Banks, by R, N. Sims of National Associa¬
tion
of Supervisors of State Bank—Deposits of
State Banks 19% in Excess of National Institutions
banks, and all
Presidents of Federal Home Loan Banks Expect Urban
Residential Construction to Reach Nine-Year Peak
consensus
......
States, together with totals of these items of the National
Tenney, Vice-President, Marine Midland Trust Co.
Home
.
Total
Association
Stewart
Board, Bank of the Manhattan Co,; E. Chester Gersten, President, Public
National Bank & Trust
companies-
M utual savings banks
President,
(Chairman),
Chairman of Board, Bank of New York.
Committee
30,796,000
Insurance
Banks and trust companies
Trust Co.; F. Abbot Goodhue, President, Bank of the
Chemical Bank &
33
$112,516,000
Savings and loan associations
of
Senior Vice-President, National City Bank; William S. Tray, Jr., President,
Hanover
August Total
are:
P.
Board, Commercial National Bank & Trust Co.; William Gage Brady, Jr.,
Central
Per Cent of
Volume
Type
years
issued, the total
of
the
National
ago,
resources
banks,
when
of
and
our
my
first report
State banks
today the total
in
were
its
present
25%
resources
in
of
form
excess
the
of
State
was
those
banks
Volume
22% in
are
have
of the
excess
their
maintained
leveled
The Commercial & Financial Chronicle
149
of
the
State banks in
of
the
American
National
position
them.
against
This
our
banks, showing
despite unfair
State banks
that the
criticisms which
is significant and
testifies
both
2161
All banking institutions of the United States on June 30,
same
have
need
Total capital, surplus and undivided
1939, show
Total hanks
the
to
15,295
profits
$7,660,329,997.02
Total deposits.
place in the hearts
people.
64,476,466,410.8
Total resources
financial system and to their
73,634,740,170.76
STATEMENT SHOWING AGGREGATING RESOURCES, <fcc., OF ALL BANKING INSTITUTIONS UNDER STATE CONTROL COMPILED FROM STATE¬
MENTS FURNISHED BY HEADS OF STATE BANKING DEPARTMENTS.
ALSO AN ADDENDUM COVERING AGGREGATE
RESOURCES, &c.,
OF ALL NATIONAL BANKS TAKEN FROM REPORTS OF THE COMPTROLLER OF THE CURRENCY AND FIGURES EXHIBITING TOTAL BANK
RESOURCES OF THE
UNITED
STATES
By R. M. SIMS, Secretary-Treasurer National Association of Supervisors of State Banks, Formerly Bank Commissioner of Louisiana, New Orleans, La.
(Cents Omitted)
.
Capital,
Dale
No. of
of
Insti¬
Report
tutions
Stales
Deposits,
Loans
Surplus
Capital
Surplus
Indudlnn
and
Certified and
and
Stocks,
Total,
Undivided
Cashiers'
Discounts
Securities, &c.
Resources
Undivided
Profits
Checks
Profits
S
$
4-10-39
150
8,267,146
—j
6-30-39
7
1,072,500
Arkansas...,
6-30-39
167
7,382,550
California
6-30-39
128
Colorado
6-30-39
66
68,719,965
3,182,500
Connecticut
6-30-39
154
23,871,210
Delaware
6-30-39
40
10,083,210
Florida
6-30-39
112
Georgia
6-30-39
232
7,017,188
14,017,000
3,591,624
1,051,000
2,304,737
38,312,200
2,216,325
69,084,398
19,459,128
4,272,337
9,031,606
Idaho
6-30-39
32
2,400,000
1,235,600
Illinois
6-30-39
534
47,476,550
28,905,556
Indiana
6-30-39
386
32,181,961
14,233,539
11,263,276
Alabama....-
Arizona
—
Iowa..
6-30-39
538
23,556,500
Kansas
6-30-39
498
Kentucky...,
6-30-39
318
Louisiana
6-30-39
116
6-30-39
63
14,981,500
23,291,257
11,588,381
10,153,640
Maryland
6-30-39
127
23,395,291
38,664,990
51,477,469
13,383,600
11,938,504
58,316,645
4,252,400
Maine.
...
M assachusetts
6-30-39
449
Michigan
6-30-39
374
Minnesota
6-30-39
491
Mississippi
6-30-39
181
126,564,216
1,225,634
6,624,459
125,425,006
1,226,556,349
57,310,195
1,019,272,026
194,990,738
466,330,531
1,163,662,806
70,079,077
98,089,806
88,918,907
26,926,335
29,114,845
132,407,226
85,172,701
15,072,140
281,389,350
160,568,532
220,151,250
79,613,236
111,522,829
54,393,312
69,872,741
143,423,142
1,520,928,980
230,279,099
110,902,447
52,381,407
263,883,340
17,120,851
36,285,876
1,004,359
237.595,985
102,575,755
179.420.368
32,469,397
5,797,888
35,340,227
12,389,036
27,217,458
4,752,319
96,426,210
55,651,279
45,111,844
27,155,048
40,382,486
19,309,528
1,099,510
4,168,852
1,116,719
20,044,103
9,235,778
10,292,068
4,132,701
5,481,287
2,420,713
11,077,042
18,807,231
33,597,096
94,464,243
335,830,868
77,571,822
70,889,896
8,336,838
4,753,774
7,056,304
11,828,293
75,000
82,576
382,576
16,018,391
8,237,278
9,779,576
153,217
138,123,883
9,490,628
25,482,369
147,313,829
1,286,217
5
New Hampshire..
6-30'39
55
1,226,700
New Jersey.
6-30-39
New Mexico
6-30-39
19
795,000
338,000
New York......
6-30-39
451
1,354,628,578
North Carolina
6-30-39
188
North Dakota
6-30-39
122
Ohio—
6-30-39
461
522,526,549
19,229,744
2,380,000
71,395,250
Oklahoma
6-30-39
182
4.081.875
67,444,386
13,059,493
932,407
6-30-39
48
2,402,000
410
6-30-39
23
142,123,546
13,382,025
2,015,279,010
41,779,866
3,641,047
130,142,027
328,640
14,245,656
1,373,213
773,574
39,908,932
2,334,526
1,276,551
44,501,121
2,1/2,589
1,318,234
6-30-39
—■—....
19,532,051
36,486,733
527,751,104
19,401,257
477,049,267
96,790,499
6-30-39
Pennsylvania
Rhode Island
73,397,278
1,519,021
7,784,500
225,000
Oregon
11,558,453
1,178,931
290
70,089,866
1,871,166
15,230,889
70
6-30-39
166
8,548,500
1,624,972
2,524,771
6-30-39
^
42,488,841
27,104,886
23,242,964
6-30-39
.—.
91,700,173
2,358,675
1,331,037
Missouri.
Nevada.
14,121,684
235,175
27,538,924
18,338,854
Nebraska
287,372,108
40,152,075
138
4,924,324
2,508,479
South Dakota
6-30-39
124
228
5,705,255
7,627,678
4,493,809
469,404,587
55,868,626
782,844
6-30-39
3,831,400
12,764,753
16,690,500
1,029,671
Tennessee
South Carolina
...
6-30-39
S
2,262,913
8,040,847
11,609,940
5.300,433
12,366,414
28,687,373
202,701,635
17,757,514
9,401,550
5,069,312
Montana
549
Bonds,
46,111,315
1,200,559,101
414,926,062
401,323,567
164.476,946
217,592,097
154,494,638
212,992,293
545,570,209
3,042,714,682
707,811,825
273,624,572
126,662,135
828,516,688
49,088,013
66,270,795
2,781,638
210,201,954
1,239,505,930
12,216,491
15,939,243,324
333,283,843
21,757,532
1,389,695,211
53,887,497
39,816,193
2,430,879,503
383,422,350
8,709,355
5,643,916
65,731,811
21,936,902
131,731,346
175,783,592
80,668,176
33,854,858
71,901,288
418,319,007
5,204,331
5,577,157,205
128,102,072
28,717,129
10,423,723
19,053,833
503,933,643
18,277,250
107,728,410
29,558,385
85,961.364
1,398,306,387
64,602,284
30,816,543
18,318,420
53,386,631
576,486,880
1,330,343,122
160,098,134
117,251,860
471,480,688
446,682,294
49,988,787
266.594.369
53,482,427
139,330,243
•
192,196,300
65,868,675
176,371,396
267,511,248
621,925,811
3,417,547,493
795,867,313
305,207,318
146,328,227
290,704,851
1,393,110,464
331,321,812
129,692,870
47,238,196
346,805,200
23,608,108
17,788,892
1,309,220
945,946,337
66,289,235
78,555,507
3,176,888
235,859,809
1,406,361,667
602,658,823
13,635,152
3,327,534
6,984,265,619 18,336,322,957
378,857,595
114,153,359
136,404,568
7,297,375
27,082,499
1,568,384,977
61,610,455
16,461,291
559,619,371
15,789,925
16,061,553
738,046,219
1,556,218,468
3,113,171,812
131.745.157
246,059,380
447,915,110
26,269,054
16,007,674
70,752,351
84,120,439
35,759,095
21,056,106
59,136,823
134,024,434
53,740,835
63,764,166
161,664,657
47,330,610
135.039.271
62,855,538
271,792,662
144.461.272
159,478,016
464,714,430
19,851,162
9,526,223
520.444.156
21,891,421
44,564,895
75,255,536
39,795,769
11,332,603
30,300,072
48,610,635
154,757,323
6-30-39
103
14,011,691
8,250,330
3,466,893
3,887,002
1,745,664
7,659,348
4,071,208
1,654,452
4,411,558
6-30-39
477
40,152,950
9,421,493
6,568,434
24,383,988
33,343,334
11,673,252
26,673,580
56,142,877
Wyoming
6-30-39
32
1,484,850
(Territory of Hawaii)...
6-30-39
11
5,929,730
786,149
4,532,840
190,555
1,408,659
2,461,554
11,871,229
(average date).
6-30-39
10,086
1.514,225,854
2,419,887,292
540,039,850
4,474,152,997 35,006,997,410 13,047,729,907 15,769,154,320 40,454,162,170
6-30-39
5,209
1,566,003,000
1,170,822,000
449,352,000
3,186,177,000 29,469,469,000
8,573,703,000 12,552,886,000 33,180,578,000
1,287,975,997
4,474,026,907
6-30-39
398
Utah
6-30-39
46
6,425,050
2,781,050
Vermont
6-30-39
42
Virginia...
6-30-39
185
15,195,490
20,148,599
4,352,500
1,529,149
9,123,525
Texas
...—......
6-30-39
Washington
West Virginia
Wisconsin....
Totals
,
100
7,251,599
5,666,300
27,829,101
10,951,764
110,203,585
232,233,514
131,408,062
132,063,704
404,346,858
17,134,864
92,534,796
61,811,894
36,551,780
176,693,612
3,382,602
31,762,459
8,896,877
32,098,395
70,752,839
222,488,960
28,379,070
85,404,107
Comptroler's report
(National banks)
Excess of State banking
6-30-39
4,877
Totals State banks
6-3019
21,028
Totals State banks
6-30-20
21,923
Totals State banks
3-10-21
22,705
Totals State banks.-
3-10-22
22,302
Totals State banks
4-
Totals State banks
3-31-24
22,084
21,350
Totals State banks
4-
Totals State banks
4-12-26
Totals State banks
3-23-27
Totals State banks
2-28-28
Totals State banks
3-27-29
institutions
3-23
6-25
3-27-30
Totals State banks
3-25-31
Totals State banks—
Totals State banks
12-31-31
Totals State banks
6-30-33
Totals State banks
6-30-34
Totals State banks
6-29-35
Totals State banks
6-30-36
Totals State banks
6-30-37
Totals State banks
6-30-38
21,122
20,289
19,597
18,965
18,357
17,298
15,865
13,882
11,513
10,903
10,742
10,622
10,453
6-30-39
10,233
10,086
banks..
6-30-19
7,785
Totals State banks
,
1,249,065,292
90,687,850
2,146 ,819,043
2,184 ,487,497
1,332,891,448
1,450,494,206
1,533,327,012
1,584,458,465
1,450,746,035
1,547,908,798
1,652,290,607
1,798,466,761
1,949,198,673
2,091,822,178
2,018 ,061,210
3,000,462,075
2,166 ,931,918
3,447,454,292
3,421,015,492
3,030,422,391
2,282,256,186
2,287,419,357
2,478,505,691
258.882.640
295.275.641
318,844,745
319,108,843
335,458,195
346,360,002
386,578,187
424,871,070
451,252,333
462,974,328
555,378,055
549,789,244
530,874,750
409,324,369
617,705,696
562,358,698
340,006,641
397,096,877
431,940,896
401,469,098
540,039,850
1,307 888,585
1,595 243,703
1,734 909,385
1,794 110,615
1,855 237,769
1,915 334,597
1,990 ,525,694
2,065 ,024,071
,998 ,703,493
,791 ,643,006
,447 ,040,110
,701 ,426,345
,678 ,353,292
,622 .053,546
,578 ,086,971
,529 ,347,990
,514 ,225,854
2,459,375,940
2,642,472,444
2,519,369,178
2,419,887,292
872 ,226,000
Totals
National
banks..
6-30-20
8,030
,118,603,000
,224,166,000
Totals
National
banks..
2-21-21
8,143
,273,205,000
1,209 ,406,000
Totals
National
banks..
3-10-22
8,197
,289,528,000
1,036 ,184,000
,319,144,000
,335,572,000
,361,444,000
,410,434,000
,460,491,000
,537,214,000
,633,271,000
1,067 ,652,000
1,073 ,363,000
Totals
National
Totals
National
banks..
4- 3-23
8,229
Totals
National
banks..
3-31-24
8,115
Totals
National
banks..
4- 6-25
8,016
Totals National
banks..
4-12-26
8,000
Totals
National
banks..
3-23-27
7,828
Totals
National
banks..
3-28-28
7,734
986 ,384,000
1,106 ,544,000
Totals
National
banks..
3-25-31
6,935
.716,254,000
Totals
National
banks..
12-31-31
6.373
,621,449,000
1,188 ,704,000
1,239 ,810,000
1,330 ,096,000
1.528 ,326,000
1,553 ,544,000
1.529 ,896,000
1,381 ,612,000
Totals
National
banks..
6-30-33
5,887
,633,525,000
940 ,598,000
Totals
National
banks..
6-30-34
5,422
National
banks..
6-29-35
5,431
,738,792,000
.813,970,000
864 ,057,000
Totals
Totals
National
banks..
6-30-36
5.374
,691,375,000
Totals
National
banks..
6-30-37
5,299
,587,726,000
Totals
National
banks..
6-30-38
5,248
.577,421,000
Totals
National
banks..
6-30-39
5,209
,566,003,000
Totals
National
banks..
3-27-29
Totals
National
banks..
3-27-30
7,575
7,316
,704,408,000
831 ,846,000
973 ,393,000
1,073 ,154,000
1,118 413,000
1,170 ,822,000
372,649,000
411,525,000
431,204,000
508,560,000
486,172,000
507,905,000
490,457,000
500,519,000
519,670,000
558,647,000
538,744,000
541,195,000
532,759,000
351,597,000
235,600,000
27,311,000
297,967,000
346,039,000
389,233,000
409,167,000
449,352,000
Treasury Department Changes Methods in Calculating
Daily Working Balance
The Treasury
Department in its daily Treasury statement
Sept. 30 issued on Oct. 3, has changed its methods in
calculating its daily working balance.
Charges for payment
of guaranteed obligations upon maturity against the balance
will now be made only at the time that the cash for these
payments is actually disbursed instead of as heretofore, de¬
ducting the full amount of these securities upon maturity,
even though they had not been presented for payment.
In following this policy the working balance was increased
as of Sept. 30 by $82,801,000, representing securities which
had been previously deducted from the balance but not as
for
5,537,528,410
2,899,662 ,677 21,632,822,011 12,257,134,526
3,341,012 ,552 23,954,838,611 15,334,616,394
3,216,268,320
7,273,584,170
Oil
965,675,836
101,455,648
,412,657,029
8,497,523
8,235,427
8,877,828
9,414,104
7,438,708
676
,333
15,440,134,595
,361
14,108,585,847
,895
15,547,076,777
8,05.5,053 ,931
16,264,679,542
15,836,362,018 8,471,967 470
18,832,589,370 9,368,247 394
9,910,820 131
4,547,270 050 34,662,024,564 18,975.015,724
4,739,284 ,004 34,435,434,860 19,374,343,741 10,644,546 ,769
5,573,901 341 35,737,701,757 24,787,946,990 11,473,648 ,518
6,164,175 456 35,805,022,635 25,139,287,003 10,875,944 008
5,950,593 736 34,266,550,658 22,794,530,611 11,804,090 092
9,540,471 533
5,231,389, 767 30,969,845,615 15,344,574,234
4,347,001 993 25,642,739,879 11,270,099,320 9,381,023 262
4,551,204, 401 26,807,167,858 13,743,332,131 12,309,850 913
4,496,865, 625 28,919,983,063 12,941,899,804 13,725,353 393
4,478,526, 364 32,273,262,957 12,876,297,263 15,652,637, 920
4,552,500, 312 33,028,207,587 13,674,072,291 15,366,391, 554
4,450,186, 267 32,262,394,460 12,791,420,877 14,829,591, 423
4,474,152, 997 35,006,997,410 13,047,729,907 15,769,154, 320
3,587,081 ,143 23,780,750,818
3,700,677 924 23.510,877,185
3,641,444 ,001 27,013,525,116
3,809,603 ,398 28,402,756,641
4,029,394 ,489 31,114,361,942
4,288,361 903 34,116,035,973
2,363 ,478,000
2,622 075,000
2,733 815,000
2,834 272,000
2,872 968,000
2,916 840,000
2,958, 445,000
3,109, 657,000
3,219, 971,000
,924,865,000
,155,421,000
,478,354,000
,390,438,000
,038,281,000
,598,696,000
,382,947,000
,175,798,000
,912,209,000
808,553,358
,081,329,235
,641,174,127
,679,382,463
,105,78Y,890
,046,661,611
,865,784,224
,644,840,001
,690,068,270
686,420,579
468,264,964
727,245,993
621,179,428
372,157,450
602,752,227
644,777,035
929,258,975
454,162,170
,799,550,000
11,680,837,000
11,293,874,000
11,679,621,000
5,047 ,521,000
4,498 ,771,000
4,028 ,059,000
4,118 ,160,000
5,041 ,122,000
11,963,102,000
5,005 ,950,000
,062,888,000
12,480,246,000
5,753 ,440,000
832,463,000
13,312,259,000
6,074 ,916,000
13,660,302,000
6,323 ,680,000
7,080 ,900,000
893,665,000
699,147,000
10,588,801,000
12,396,900,000
,196,737,000
,307,651,000
,815,402,000
,612,713,000
3,700 341,000
,279,082,000 14,411,603,000
,872,880,000 14,862,183,000
7,070 ,755,000
573,687,000
021,912,000
3,799, 147,000
,640,978,000 14,658,696,000
6,555 ,672,000
348,498,000
3,778, 909,000
,344,166,000 13,729,109,000 7,662
,244,347,000 11,926,828,000 7,201
7,371
,802,462,000 8,116,972,000
,932,660,000 7,697,743,000 9,348
7,368,717,000 10,716
,518,246,000
,200,453,000 7,763,342,000 12,482
3,425, 957,000
3,354, 658,000
2,809, 723,000
2,850 ,160,000
2,943, 783,000
3,010, 807,000
3,050 ,113,000
,765,913,000
3,105 001,000
3,186 ,177,000
,815,894,000
,469,469,000
,377,000
126,467,000
,425,000
662,286,000
,631,000
,553,000
,386,000
301,925.000
,901,592,000
061,065,000
702,839,000
337,071,000
,625,000
8,812,895,000 12,122 ,287,000
8,334,624,000 11,644 ,276,000
8,573,703,000 12,552 ,886,000
387,082,000
180,578,000
yet presented for payment.
Current liabilities were re¬
duced by a like amount so that the Treasury daily working
balance
was
shown
as
$1,481,260,585
Sept.
30,
against
$1,403,088,939 Sept. 29.
Stock of Money in
the Country
the
showing the stock of money
in circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and agents.
The figures this time
are for Aug. 31,1939, and show that the money in circulation
The
Treasury Department in Washington has issued
customary monthly statement
in the country and the amount
that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
at
against $7,049,495,620 on July 31, 1939,
Aug. 31, 1938, and comparing with
$5,698,214,612 on Oct. 31, 1920.
Just before the outbreak
of the World War, that is, on June 30, 1914, the total was
only $3,459,434,174.
The following is the full statement:
$7,171,434,321,
as
maintain
Oct.
Chronicle
The Commercial & Financial
2162
the redemption fund
In gold certificates of at least 40%, including
a reserve
against Federal
includes
Federal
of retirement.
the Treasurer of the United States,
must be deposited with
which
1939
7,
in actual circulation.
"Gold certificates" as herein used
credits with the Treasurer of the United States payable in gold certificates.
notes
Reserve
Reserve bank notes and National hank notes are
in process
and $6,504,145,135 on
S
mm
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$434,910,000 Received to Offering of $100,of
91-Day
Treasury
Bills—$100,548,000
Accepted at Average Rate of 0.036%.
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thereabouts,
the branches thereof up to
or
(EST), Oct. 9, but will not be received at the Treasury
Department, Washington.
The bills, which will be sold on
a discount basis to the highest bidders, will be dated Oct. 11
and will mature on Jan. 10, 1940; on the maturity date the
face amount of the bills will he payable without interest.
There is a maturity of a similar issue of bills on Oct. 11
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thereabouts, of 91-day Treasury bills,
dated Oct. 4 and maturing Jan. 3, 1940, it was announced
Oct. 2 by Secretary of the Treasury Henry Morgenthau Jr.
Of this amount, Secretary Morgenthau said, $100,548,000
was accepted at an average rate of 0.036%.
The tenders to the offering were received at the Federal
Reserve banks and the branches thereof up to 2 p.m. (JEST),
Oct. 2.
Reference to the offering appeared in our issue of
Sept. 30, page 2008.
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of its
exempt, from
(Attention is invited
not
are
to
from
exempt
or
other disposition of the Treasury
or
deduction,
otherwise recognized, for the pur¬
hereafter imposed by the
United
States
or
any
possessions.
Department
Circular No. 418,
as
amended,
govern
and this
notice
the conditioas of their
issue.
C
as
O
.
c
i
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"A
%
c
3
05
X
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X
President
Roosevelt
Proclaims
Oct.
11
as
General
Pulaski's Memorial Day-
Revised figures.
Does not include gold other than that held by the Treasury.
These amounts
are
not
Included in the total,
since the gold
or
silver held
as
This total Includes credits with the Treasurer of the United States
payable in
gold certificates
In (1) the Gold Certificate Fund—Board of
Governors, Federal
Reserve System, in the amount of $11,496,775,120, and
(2) the redemption fund for
Federal Reserve notes in the amount of $8,644,844.
Includes $1,800,000,000 Exchange Stabilization Fund and $142,460,693 balance
in weight of the gold dollar.
of increment resulting from reduction
Includes $59,300,000 lawful money deposited as
a
reserve
for Postal
deposits.
f The amount of gold and silver certificates and
Savings
Treasury notes of 1890 should be
deducted from this amount before combining with total
money held in the Treasury
to arrive at the total amount of
money in the United States.
g The money in circulation includes any
tinental limits of the United States.
President Roosevelt issued a proclamation on Oct. 5 direct¬
ing that Oct. 11 be observed to the memory of Count Casimir
Pulaski, who died on Oct. 11, 1779, "in consequence of his
in
exploits"
the
on
Revolution.
The
President
display the American
flag and called upon the people of the Nation to observe the
day with appropriate ceremonies as General Pulaski's
Memorial Day.
The President's proclamation reads as
follows:
Whereas
we
do honor to ourselves and
our
Nation in
honoring those
sons
of foreign nations who assisted in the establishment of the United States of
currency
held
outside the
con¬
Whereas
one
of these whose
Casimir Pulaski,
being canceled and retired
American
ordered all governmental buildings to
America; and
paper
Note—There Is maintained in the Treasury—(i) as a reserve for United States
notes and Treasury notes of 1890—$156,039,431 in
gold bullion; (11) as security for
Treasury notes of 1890—an equal dollar amount in standard silver dollars (these
notes are
at
CO
b
d
a
as
now or
prescribe the terms of the Treasury bills and
H
a
e
be made
.
H
CO
security against gold and silver certificates and Treasury notes of 1890 is Included
under gold, standard silver dollars, and sliver bullion,
respectively.
c
must
other disposition thereof will also be
No loss from the sale
tax
any
Treasury
2 2
S
»
•g
of
poses
X
c3
o
rejection thereof.
immediately available funds
Treasury Decision 4550, ruling that Treasury bills
35
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«
3
2 13
*
o
3 t.
4>
o
a
or
bills shall be allowed
-J
o
II
1
$'<
other
or
all taxation, except estate and inheritance taxes.
01
3 3
■*->
! 3 ~
cash
in
Those
11, 1939-
from the sale
the gift tax.)
I
banks
to
the
than
The Treasury bills will be exempt, as to principal and interest, and any
gain
"
01
.1
Jess
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on
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Federal
the
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X
x"
or
Payment at the price offered for Treasury bills allotted
X
©
the right
reserves
of tenders, and to allot
applied for, and his action in any such respect shall be final.
submitting tenders will be advised of the acceptance
X
acceptable
the following
on
receipt); (111)
as
security for outstanding
silver certificates—silver in bullion and standard silver
dollars of
a
monetary value
exploits in the assault
Whereas the
on
names
who met death
on
we
Oct.
Savannah;
upon
hold in highest esteem is Count
11,
1779, in consequence of his
and
Seventy-sixth Congress, by Public Resolution 29, approved
July 15, 1939, provided;
"That
the
President of the
United
States of America
is
authorized
to
equal to the face amount of such silver certificates; and
(iv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount of
issue
such gold certificates.
obligations of the United States
and a first lien on all the assets of the
issuing Federal Reserve Bank. Federal Reserve
notes are secured by the deposit with Federal
Reserve agents of a like amount of
gold certificates or of gold certificates and such discounted or purchased
paper as Is
eligible under the terms of the Federal Reserve Act, or, until June 30, 1941, of
direct obligations of the United States if so authorized
by a majority vote of the
flag of the United States
Board of Governors of the Federal Reserve System.
of America, do direct that the flag be displayed upon all
government build-
Federal Reserve notes
are
Federal Reserve banks
must
a
proclamation calling
and inviting the
upon
on
officials of the Government
to
display the
all governmental buildings on Oct.
11, 1939,
people of the United States to observe the day in schools
and churches, or other suitable places, with appropriate ceremonies in
memoration of the death of General Casimor
com¬
Pulaski";
Now, therefore, I, Franklin D. Roosevelt, President of the United States
Volume
ings
Oct. 11, 1939
on
as a
Pulaski and do hereby
day
mark of respect to the
memory
of General Casimir
invite the people of the United States to observe that
General Pulaski's Memorial Day and participate with appropriate
as
2163
The Commercial & Financial Chronicle
149
ceremonies in schools and chinches
or
said in part:
other suitable places in the commemo¬
ration of General Pulaski's death on Oct.
In witness whereof,
Chairman of the Federal Home Loan Bank
Board, told the convention on Sept. 28.
Chairman Fahey
John H. Fahey,
11, 160
I have hereunto set
my
years ago.
The savings of our people which seek employment in
field
hand and caused the seal of
the United States of America to be affixed.
are
greater by billions than at any time in our
tions which
prevail in
the home mortgage
from those we confronted when the World War broke and
Done at the city of Washington this 4th day of October, in the year
of
All the condi¬
history.
national monetary system are radically different
our
which developed
significant rise in the price of
D.
There is at
in view of the abundant supply available for all purposes.
the
164th.
FRANKLIN
later.
money
Our Lord 1939, and of the independence of the United States of America
ROOSEVELT.
present no prospect of a
,
t
Through demolition and repairs and rehabilitation, there
times more slum clearance by private enter¬
prise in this country in the past few years than there has been
by government, according to a statement made Sept. 29 at
the convention by Representative Albert A. Gore, of Tennesssee, member of the House Banking and Currency Com¬
mittee.
Mr. Gore further stated:
U :
has been many
Roosevelt
President
Extend
All
to
Says
that
Interest
Makes
Housing
in
Home
Ownership
Must
Safe
and
Attractive—Message to United States Building
Loan Convention Refers to Proposed Housing
Census—-Name Changed to United States Savings
and Loan League—Jesse H. Jones among speakers
and
Our interest in housing must extend to all that makes
home
ownership safe and attractive—to all th'at encourages and
gives protection to the pride and security of individual
possession, said President Roosevelt on Sept. 27 in a message
to the United States Building and Loan League in annual
convention in Atlantic City.
He commended the League
for taking up the problem of employing fully the human and
material resources of the country to produce better homes
and better living conditions.
The President is qouted as
saying:
In
our
each
generation, unless
choice for
All over, in urban and rural America, our housing should
us.
be improved.
choose affirmatively inaction detcrrrines
we
Only planned, concerted, purposeful action by all who are
equipped to improve housing can give the result
to our progress
June
Last
concrete,
current
in
and
reliable
about
general housing census.
a
with
conducted in connection
January.
of more
importance
information
/
•
extended, more
conditions
current
and
housing, the Congress wisely provided for the first time
history for
our
of the
recognition
more
needs in
recognize as essential
we
'
and our well-being.
in
our
This housing census is to be
regular decennial census beginning next
As a result of the additional facts thus obtained we should have
information that will enable all of us to appraise more accurately
be located.
those living in
old homes, by
slums, pointing to successful experiments in remodeling of
private enterprise and by governments, and to the possibilities of effective
local laws on demolition, bans on renting insanitary houses and zoning
and
In another resolution, the
League pointed to the four-fifths of the citizens
"The time has
mode of living.
of the habitable areas
outskirts," the resolution
never
been riper for a substantial increase
by building one-family homes on lots in the
of cities
said.
"The United
States Building and Loan
League seeks the cooperation of architests, builders and realtors in providing
one-family homes within the price range of the average man."
n Uneconomic loan terms for borrowers
property were
on
One resulution said
knows that the tax burden is the
frequent reason why a family decides not to buy or build or to sell the house
"The United States Building and Loan League urges
to
the representatives
participate and exercise leadership in local
movements, first to eliminate the waste in local government
administration,
and second to devise other sources of revenue to take their places along side
the property tax
for the support of necessary local government enterprises.
the League said that; the man who borrows money
In another resolution,
home today is too often being deceived by theories of extremely low
amortization
rates
resolution not only
and
practically
suggested
home
that all
down-payments.
The
of the
country
engaged in
lend their support to a policy of saner and more
for borrowers.
The United
States
the
under which
Federal Loan Administrator Jesse H. Jones in
a
message
to the League said that with all the vaailable facilities for
financing homes on easy payments, and at fair interest
rates, every family in1 the United States should own its own
home.
Prevented from attending the convention where he
was to speak, Mr. Jones sent the message read by Frank W.
Hancock, member of the Federal Home Loan Bank Board.
The message said that notwithstanding tbe unhappy situa¬
tion in Europe, Americans must carry on, and the best way
to do this is for each to do his respective job to the best of
his ability.
It also said:
^
No group is more intimately in
touch with the hopes and ambitions of our
people and our Nation, or more interested in the general
members of the
group
ii in
a
United
position
States Building and
to
welfare, than the
Loan League.
Therefore no
render a greater national service.
has plenty of cash
needs of its member institutions for a long period
the member savings, building and loan associations
The Federal Home Loan Bank system
to meet any
and
proper
generally continue to receive savings in increased volume,
will be
solution
planning and other contributory
..
It is
liquidating.
will
Treasury
contemplated that any revenue from any project
not
returned
be
ever
factors.
Residents of the demolished
The projects are in no respect self-
rehoused in the projects.
are not
the
to
Government.
The
through the
taxpayer
the entire cost whether the project is occupied or forever
pays
vacant.
,/
The
.
„
has been a critical one in the Nation's
housing policy, according to Clarence T. Rice, President of
the United States Building and Loan League in addressing
the convention on Sept. 27.
"For the first time in our
county's history, the financial influence of the Federal,
Government has been placed behind a movement to en¬
courage people to rent their shelter rather than to own it,";,
he said.
He was referring to the completion three months
ago of the first housing units by the United States Housing
Authority.
Mr. Rice also stated:
past
year
r
The poor man who can save money
have
a
and be better off five years from now
home of his own than be a partial ward
of the United States Government or of the local housing
is
a
wide difference between public assistance to
hovels and shacks, and subsidy fiom the public
little thrift
a
There
authorities.
those who can afford only
Treasury for those who by
and self denial could become the stalwart property
citizens of the town.
owning
i
t/
is
the major question that has not been solved in making home
ownership attractive.
He pointed out that reduction of the
tax burden can be handled by three routes: First, homestead
second,
tax
limitation;
and
spend less
third,
'
government.
' '
Executive Vice-President of the
League, pointed out that the rate paid on home loans con¬
trols the price paid the saver in a mortgage lending in¬
stitution, and said that there was no more justification for
Government control of prices paid to the saver or by the
borrower than there would be for dictation to the man who
on
#
Morton Bodfish, Chicago,
a community grocery, dry good store or drug store
price he shall charge for hk wares.
"There is hardly
an instance in history where Government control of prices
has turned out to the benefit of all workers and consumers,"
what
"Savings and loan institutions have been for
the savings and home-loan business
in it," said Mr. Bodfish.
:
He pleaded for what he termed a "respectful partnership"
in the relations of financial institutions with the Government,
with each holding an equal respect for the other's position
and point of view, and leaving the management of com¬
munity financing institutions in the hands of their elected
more
than 100 years in
and expect to stay
He also said:
directors.
"What
this
country
needs in
savings and loan assets, instead
concluded.
"'\Savings
borrowers for owned
Savings and Loan League is the new
national trade organization of the
savings, building and loan associations voted to use in the
future.
For the past 10 years, the organization has been
known as the United States Building and Loan League and
before that was officiallv the United States League of Local
Building and Loan Associations.
The change was voted in
an amendment to the League's constitution.
name
deterioration,
The USHA program is not low cost housing.
slums
the danger of over-long period of debt but
financial institutions
mortgage activities
beneficial terms
non-existing
urged the member associations of the League to conduct
systematic campaigns about
also
terial
he declared.
it already has.
member institutions
The? utlimate
operates
homes and inequitable taxes on
both scored at the convention.
that every advocate of owner occupancy
problem.
capital, scientific lowering of construction costs and of the degree of ma¬
money
League reports:
found the single family home the most satisfactory
of this country who have
for a
housing
made possible by cooperation of private and governmental
exemption;
city planning.
of its
America's
private and collective group ownership through long-term, low-
Mr. Rice said that the tax burden of the home owner
We further urge a study of alternate methods of rehousing
their
of
in
interest credit
The resolution stated:
As to other resolutions the
>
.
governmental ownership and operation of residential property is the
found
than he is today would rather
Urging that no additional funds be appropriated by
Congress for new public housing projects, the League on
Sept. 28 passed a resolution suggesting a popular referendum
in every community where future housing projects are likely
to
that
solution
and plan
wisely.
more
,
Housing Authority has not proven
The experience of the United Sta tes
a
year.
and
loan
<
the
-
*
public interest is $10,000,000,000 in
of the $5,600,000,000 we now have," he
associations
find
homes among the people who
And this in spite of the contention
people living on less than $2,000 cannot
70% to 80% of their
make less than $2,000
by housing authoriities that
afford to provide their own housing.
Twenty-four per cent of the Nation's thrift and home
financing institutions, representing 41% of the assets, have
their accounts insured under the Federal Savings and Loan
Corporation, Frank W. Hancock Jr., member of
Bank Board, told the convention.
said that while insurance of savings accounts was an ex¬
Insurance
the Federal Home Loan
He
periment in financial policy when it was originated, the
Federal Savings and Loan Insurance Corporation, after its
first five years existence, has developed into a useful vehicle.
He traced the history of the Insurance Corporation to the
savings and loan association leaders themselves, pointing
out that even before the permanent FDIC came into actual
operation, the savings and loan groupd had made studies of
the possibilities of insurance of accounts for their institutions.
Other speakers at the convention were: Ray B. Westerfield, Professor of Economics at Yale University; Laurence C.
Hart, General Sales Manager of Johns-Manville, and Wilson
Compton, Secretary of the National Lumber Manufacturers'
Association.
„
,
^
_
George W. West, Atlanta, Ga., was elected President of
the League succeeding Clarence T. Rice of Kansas City,
Kan.
Mr. West is President of the First Federal Savings
and Loan Association of Atlanta, and is a Director of the
Chamber of Commerce of the United States for the Depart¬
ment
of
Construction
and Civic' Development.
Paul
The Commercial & Financial Chronicle
2164
Endicott, Pomona, Calif., was moved up to the First VicePresidency; and Fermor S. Cannon, Indianapolis, Ind., was
placed in line as Second Vice-President.
H. F. Cellarius,
Cincinnati, Secretary-Treasurer, was re-elected for the 44th
consecutive year.
In our issue of
Sept. 30, page 2018, an address delivered
by Murray Shields, Economist of the
Irving Trust Co. of New York was referred to.
convention
the
at
President Roosevelt Asks Monopoly Committee to Check
Profiteering
on
President Roosevelt
Sept. 30 requested the Temporary
cn
National Economic Committee to "keep a constant" eye on
price increases of basic materials and "invoke the forceful
check of impartial public inquiry" on profiteering.
In a
letter to Senator Joseph C. O'Mahoney, of Wyoming, Chair¬
man of the Committee, the President stated that the Mono¬
poly Committee "can well become an important part of our
first line of national defense against ugly and inhuman greed."
The President's letter was prompted by a statement made by
Senator O'Mahoney on Sept. 25 at the opening of hearings
on
the petroleum industry; reference thereto appearing in
our issue of Sept. 30,
pages 1907 and 2016.
Oct.
the United States of
arms and ammunition to belligerents,
(Republican) of Idaho followed with a
plea in behalf of the retention of the embargo.
The action of the Senate Foreign Relations Committee
on
Sept. 28 in approving by a vote of 16 to 7 the Adminis¬
tration's newly drafted neutrality measure, calling for the
repeal of the embargo on arms to belligerent countries, and
the substitution of a "cash-and-carry" system, was referred
to in these columns Sept. 30, page 2009.
The majority re¬
port of the Foreign Relations Committee was made public
on Sept. 30, as to which Associated Press advices from Wash¬
ington
that date said:
on
As reported
would
by the
90-day credits
ments to
that
the existing
purchases in the United States, would require that ship¬
on
belligerents be carried in non-American ships and would authorize
President to designate
citizens could not
If
Relations Committee, the measure
Foreign
Roosevelt's recommendation
embargo be repealed, would permit belligerent governments to obtain
arms
the
Senate
President
out
carry
/combat
zones
vessels and
which American
in
travel.
foreign government failed to pay for its purchases within 90 days,
a
it would be required to pay cash for future purchases until the debt was
paid.
Senator
Pittman of Nevada,
tended this credit restriction
It
was
Senators
many
with
Dear Joe—
minority member of the Foreign
address by Pittman and
Com
ready to dispute
were
this in the long-awaited Senate debate which will begin
an
Relations
the measure today, con¬
on
tantamount to cash.
was
however, that
apparent,
Foreign
chairman of the
raittee, who filed the majority committee report
The White House, Washington.
We all
1939
while Senator Borah
The President's letter follows:
Sep:. 29, 1939.
7,
a
(Oct. 2)
Monday
reply by Senator Borah of Idaho, ranking
Relations Committee.
1914, the dangerous dis¬
One oppositionist, who asked anonymity, said that foes of the bill might
locations to American economic life which may occur, as a result of profiteer¬
shift the main thrust of their attack from the embargo repeal to the credit
ing when there is
provisions.
know, from the experiences following
a
in Europe.
war
to invoke the forceful check of
As I
it, the TNEC is well qualified
see
impartial public inquiry on this kind of
un-
American activity, and I was, therefore, much interested in your remakrs
that subject at the TNEC
on
want to see
hearings on Sept. 25.
us recognize that,
probably not
being received.
as yet
living unjustifiably increased
It
with
keep
national
our
to me,
seems
us,
of
course,
in certain fields, such fair prices
But
none
of
prices become
or
us wants to see
so
are
the cost of
unreasonably high
as
to
He said rhat
have
more
embargo,
arms
belligerents.
effects
which
forbids
on
the
States.
Senator
therefore, that during this period the TNEC might well
a constant eye on increases in prices of our basic materials
Johnson
90-day credit provision would
and, in the
here is profiteering or whether such increases
involved, transactions would be
you that such constant surveillance is
carrying forward such
a
1 agree with
legitimate.
are
clearly in keeping with the purposes
was
established and I believe that, in
your committee can
program,
and inhuman
Always sincerely.
FRANKLIN
D.
ROOSEVELT.
following regarding
conference held by the
press
a
Senator Sept. 30, relating to the President's letter, is taken
Washington advices of Sept.
30
to
the
York
New
Senator
his
but that
O'Mahoney said that
Committee
a
would
special meeting
he
take
would
would
to
not
attempt
out
the
soon
to
carry
be called
predict
to
President's
discuss
Studies of prices by the Committee,
cumulation of
a
great
mass
developing price situation
possible pro¬
he stated, had resulted in the
of statistics, and "necessarily the current and
be taken into consideration
must
"We may be very hopeful, '
to
make these
business
men
he went on, "as
we
have been assured by
in their public statements that few situations will arise
which would fall into the classification of the President's letter.
"There is, I am sure, no disposition anywhere to interfere with normal
price reaction^
It
may
be
acknowledged,
for
example,
that
the
prices
received by agricultural producers are still
generally below the profit level.
There has also been in piogress for several months
past a most healthy
recovery.
This is welcomed by
about is that there shall be
in one word, no
no
every one.
What the country is concerned
unwarranted and unjustified increases, or,
profiteering."
Mr. O'Mahonery told reporters that he had been informed
that the De¬
partment of Justice had received in the past three weeks letters at the rate
of about 250 a day
complaining of price increases.
President
Roosevelt
$100,000,000
for
Ask
to
Congress
Export-Import
for
Additional
Bank—Will
Defer
Action Until January Session
lending authority to aid American exporters in expanding
Latin-American trade.
The President pointed out that it is
not the intention of the Administration to seek
any legisla¬
tion from Congress at this session other than
neutrality.
In indicating this
Washington advices of Oct. 3 to the New
York "Journal of Commerce," said:
He did not think, however, that there would be
any material opposition
in Congress to
providing an additional $100,000,000, pointing out that there
pretty
branch
In the
on a
virtual cash basis, he said.
changed to provide strictly for cash payments.
advices it
same
stated:
was
the fight for the administration program, told reporters he thought it might
of
payments.
"It would
much
the
of
an
agreement
Government
last
between
session
that the original recommendation
on
Congress and the executive
this
proposal.
He explained
was
$500,000,000 and that it has subse¬
quently been found that $100,000,000 would be
satisfactory to the lending
authority.
Debate Begun in Senate
trality
on
Law—Senator
Proposed Revision of Neu¬
Pittman
Leads
Forces
in
Favor of Repeal of Arms
Embargo—Senator Borah
Leader of
Opponents—Majority Report of Foreign
Relations Committee Urges
Repeal
Debate
on
the question of revising the
Neutrality Act was
opened in the Senate on Monday, Oct. 2, Senator Key Pittman (Democrat) of
Nevada, Chairman of the Senate Foreign
Relations Committee, opened the debate,
leading the forces
in favor of the repeal
make it much easier to pass the bill," he asserted.
be back here in
of the embargo against exports from
"We will
January and if the cash provision is found unworkable,
we
change it."
The
majority report filed by the Senate Foreign Relations
following to say, in part:
Committee had the
The
committee
should
of the
was
embargo
an
opinion that
the
provisions in existing law
ammunition and implements of war
upon arms,
be repealed and not re-enacted in any form.
visions are not carried in the present
proposed
Therefore, such pro¬
substitute.
The committee is of the opinion that the United States cannot maintain
its neutrality so long as such embargo provisions remain
upon our statute
books.
It is contrary to the accepted precepts of international law which
prescribe that any belligerent may purchase any article
or materials
in any
neutral country.
Belligerents
this law.
and
United
well
as
as
have relied from time
neutrals
immemorial upon
It has for hundreds of years been recognized by both
belligerents
neutrals
recognized
to
by the
States.
their conduct toward
govern
governments
It
was
a
of the
each
world
other and
with
the
is
today
exception
so
of the
voluntary departure from international law by
the United States Government and cannot, in the
opinion of the committee,
be administered in
equitable
an
or neutral manner or will it serve to main¬
tain the peace of the United States.
Describing the opening of the debate, advices from Wash¬
ington Oct. 2 to the New York "Herald Tribune" had the
following to say in part:
What promises to be one of the half dozen most momentous debates in
the
President Roosevelt indicated at his press conference on
Oct. 3 that he plans to ask
Congress in January for an addi¬
tional $100,000,000 to increase the
Export-Import Bank's
was
belligerents.
to
Since only commercial credits would be
necessarily true.
was
providing for
ac¬
studies fruitful."
•
be the
contravene his law and would
Senator Minton of Indiana, the majority whip and one of the leaders in
what
request,
cedure.
many
not
was
difficulty if it
can
"Times":
action
possible
California, author of the act,
be advisable to eliminate the 90-day credit provision and
require strict cash
The
from
of
Some opposition Senators said the bill likely would be approved without
well become an im¬
portant part of our first line of national defense against ugly
greed.
American armaments to
would modify the Jobrson act, said further study had convinced
measure
him that
objectives for which the TNEC
of
Senator Pittman, although originally holding the view that the neutrality
light of past and present circumstances, study the facts to determine whether
and
shipment
the credit provision is expected to center on
entering wedge for further vast extensions of credit
defense.
probably
...
United
said the
strict requirement for cash payments
the Johnson act, which forbids war debt defaulters to float loans
on
the
in
a
popular appeal than proposals to continue the existing
Much of the debate
producers, middlemen and retailers receive fair prices for what
they sell, and all of
interfere
All of
would
history of the
United
States
Senate
crowded except for the diplomatic
opened
gallery.
.
today
with
all
galleries
.
A gallery space built for approximately 800 persons held well
over 1,000
before the Senate was called to order by Vice-President John N.
Garner.
Long queues extended from all doors, down corridors, down two flights of
four abreast, to the first floor, waiting patiently to be admitted.
steps,
Although there
little hope of success in their quest, the persons in line
was
doggedly remained
on
hours after the. debate started.
Only twice did the spectators violate the rules of the Senate by
breaking
Once was when, after Senator Key Pittman, Democrat, of
into applause.
Nevada, had interrupted Senator William E. Borah, Republican, of
Idaho,
that the duty of the Government was to protect the American
to say
people
first and Senator Borah added with feeling "and last!"
Applause
spoken for
came again at the end of Senator Borah's
more
than two hours.
They applauded and
unaccustomed
speech, after he had
were
ovation.
In
joined by several Senators
neither
case
did
the
the floor in
on
an
of the chair,
Senator Morris Sheppard, Democrat, of Texas, gavel for
quiet and threaten
to clear the galleries if the offense were
repeated, as is customary in such
instances.
Back
on
siderable
the
of desks the members
rows
strength,
occupying
all
space
of the
along
occupant
House gathered in
the
walls,
together
con¬
with
the secretaries of Senators.
The privileges of the floor were also claimed
by two former Senators,
both blind and both from Oklahoma, Thomas P. Gore and
Robert L. Owen
who
were
Before
led in by pages and who occupied chairs side
the
Kentucky,
daily at
there
majority
noon and
would
that every
motives.
debate
be
no
Senator
started,
leader,
would
Senator
Alben
announced
recess
around
that
W.
the
by side.
Barkley,
Senate
Democrat, of
would
convene
5
o'clock, as usual, that he hoped
tendency to engage in personalities,
since he felt sure
on
each side
was
actuated
by the highest of patriotic
Volume
In
The Commercial & Financial Chronicle
149
addressing the Senate
In
Oct. 2 Senator Pittman said
on
in part:
It
it
has
been
Senators and other able
by
charged
and place them in the same category with all other instruments of
all other goods listed as contraband by the belligerent nations would be a
profits" derived from
discrimination in favor of Great Britain and France, and injurious to Ger¬
We
might put it the other
embargo is
a
of representatives
that
to the
went
repeal of the arms embargo
arms
"excess
and munitions.
Representative Voorhis (D., Cal.) told reporters afterward that
con¬
a
by
has
from
water,
purchasing in
replied:
market
our
while Germany, being
war,
"We
land
a
manufactured in Russia, Italy, Rumania, Yugoslavia and other countries.
war
There might have been some foundation for the argument that the repeal
are
supposed to have control of the
changed events in Europe.
fore, not subject
United
to
Now,
embargo act.
our
before the
sea,
Italy
can
for these goods be transferred to
Can these goods,
Connally (Democrat) of Texas, in opening the
debate on Oct. 4, urged adoption of the Admin¬
Senator Vandenberg (Republican) of Michi¬
gan opposed on the same day the revision of the law, accord¬
ing to the Associated Press, which stated:
'
Germany*
It may be said that the embargo states that it shall not be exported to a
neutral for reshipment to a
belligerent.
Senator Vandenberg said he thought that repeal of the embargo would
Isn't it obvious that under the
be "a deibarate unneutral act which may too
espionage system and the censorship that exists in belligerent countries in
Europe today that
we
could
never
In my
proposed to Congress or
of
?
opinion, this is the most important legislation that has
a
European
of
the
to
otherwise—but mostly consciously," he said, "we are
depart from our neutrality policy in behalf of one belligerent
If
whom
our
personal sympathies largely favor and against another belligerent
whom
our
personal feelings largely condemn.
our
belligerents and the belligerent
loss
asked
.
or
been
vessels
cannot
lives
of
seamen.
our
carry
on
ever
with
commerce
know it, there will be little
powers
if any, for the destruction of American vessels
inevitable
"Consciously
enacted into law for the purpose of keeping us
ever
war.
easily be the forerunner of
others when once the habit starts."
get proof during war as to what was done
with the arms and ammunition imported into a neutral country
do anything at present except study the
he could see, he added, nobody had made excess profits
Senator
substitutes
or
as
abnormal
second day of
istration bill.
legally import f.om the
States any arms, ammunition and implements of war because the
embargo act only applies to belligerents.
saw no necessity to
So far
'
discouraged, anyway."
out of the war.
find Italy neutral and, there¬
we
profits, he
matter.
embargo act would discriminate in favor of. Great Britain and Fiance
because such countries
recent
'
;;
were not
Later Mr. Roosevelt said that while he favored prevention Of
ammunition and implements of war that may be
access to arms,
benefit.
Asked what the president's reactions were, Representative Geyer (D., Cal.)
discrimination in favor of Germany because it prevents Great
ammunition and implements of
power,
out
Roosevelt
the embargo if a tax were applied to the companies which would
and say that the maintenance of such
way
Britain, which is surrounded
of the
Washington Oct. 3
siderable number of members would have lees hesitation in voting to repeal
many.
arms,
house
of the
House and told Mr.
from
.
should be accompanied or followed by the imposition of a tax on
and
war
accounts
«
Democratic members
White
neutrality act
our
Press
noted:
was
Six
throughout the
men
United States that to repeal the embargo provisions of
Associated
2165
"In my
excuse,
Certainly
the
opinion, this is the road that may lead us to war and I will not
voluntarily take it."
the high seas with the
on
Senator Vandenbdrg declared it was a "treacherous doctrine" that "we
peace-loving
can
Senators who oppose the proposed substitute are in favor of such mandatory
do
lot of things 'short of war' to help our favorites—as though we
a
might successfully be half in this war and yet stay safely out."
legislation.
I
fully realize that such provisions
merchant marine.
may
be injurious to
United States, not only in time of peace but in time of
if our
ever,
bitions.
some extent
to
In
our
merchant
marine
be
will
seriously
I doubt, how¬
war.
injured
by
such
other
Press
Washington advices
Oct.
2
Senator Connally reiterated that the United Sattes was "dragged
into" the world conflict not by the sale of arms
we
Senator Connally said that the kind of government
Senator Pittman said he had "every confidence" in President Roosevelt's
declaration that
States out of
he intends
to
do
discretionary
powers
leave the boundaries of their governments it then becomes the concern of
mandatory provisions
bill because authority should not
the
be delegated
"where it is unnecessary, to the President or any other single man or
group
men.
We know that the delegation of such authority is not only un¬
systems in Central or South
As to Senator Borah's remarks and those
Associated Press Oct. 2 (.Washington) said:
a
of
become our national duty to tell them that
in part on
attempt to aid Great Britain and France in their struggle with Naziism.
Repeal of the embargo, he contended, would be likely to put this country
deny further help to the democracies.
of arms
"Can we," he
enacted by
young men
for
demanded, "under the
adopting the
program we are now
same, stay off the
Oct. 5:
Members of the Senate isolationist bloc, fighting vigorously for
adopting and
battlefields of Europe with
for the
?
embargo provisions of existing law in any neutrality
Congress, are considering advisability of offering a
Administration's bill
now
"Having changed
our laws
and
our
policies that
we
may, as
our arms
The group,
openly and
will
because of their
meet
morning,
discussion* of the
unfortunately
Senator Nye
time, he added, consideration
come,
refuse to send
our
armies?
hand to the plow and declared the
our
comparatively smooth, will
are
turn
we
should
therefor when
reason
back when
we
only way I
and the
how
see
see
that
reasons
for
could.
we
we can
war to
end before
we
the sale of
not intended to prevent war in
was
Europe.
It
and ammunition to warring nations of
arms
law of the land and
no
arms
have gone to
1.
Europe.
prevent
"It is working.
It is preventing profits
,
\
quite active in
are
is
working.
a
desire to repeal the existing law.
Why?
Because it
tion
bill.
cash
for any armaments
One
interference
would
with
the
require citizens of belligerent governments to
purchased in this country.
provision
permitting
pay
There would be
belligerent
governments
no
to
obtain credits up to 90 days.
second
amendment
would
prohibit
selling any securities in the United States.
belligerent
The bill
as
governments
from
it stands would for¬
bid the sale of only those securities issued after the act had been invoked.
group
before
N.
on
^
export of arms, munitions and imple¬
■
4.
■
'
,
A stricter cash and carry section than that
'r
"
'
contained in the Adminis¬
There will be no provisions for 90-day credits to belligerents.
3.' Prohibition against
loans to belligerents.
Prohibition against American citizens
traveling upon belligerent ships.
Purpose of offering a/ substitute bill, Senator Nye declared, would be to
"Clarify" the issues in the fight which he charged have been clouded by
arguments of proponents
of the Administration's bill which tend to put the
opponents in the light of being
against the entire bill.
of being for or against the cash-and-
"The question before us is not one
carry
Proposed Amendments
A
delay
<
.
...
Senator Gillette (D., Iowa) offered two amendments to the Administra¬
The
Retention of the embargo
,
"We know," Borah said, "that the manufacturers of arms and munitions
.
.
'
tration's bill.
1
out of the sale of arms.
"How has it not worked?" he asked.
2.
It is the
Europe ."
same
the Administration's bill be
provisions deemed vital to our neutrality.
ments.
Referring to former Gov. Alfred Smith's assertions that the "law has not
worked," the Idaho Senator said:
the Tobey proposal that
provisions:
get there."
was to
At the
also may be given to the stand the bloc
According to Senator Nye, the substitute bill is certain to embody these
The
stay out of this war, having taken the first steps
taking them, is for the
upon
enactment of
I doubt most seriously if we would.
Senator Borah departed from his prepared address to say:
"This law
take
(Rep., N. Dak.) said, for a
provisions to be included in the measure.
split into two measures in order that the embargo fight might not
come
the roots and stumps of impending defeat ?
"I do not
being debated in the Senate, it was learned
numbering approximately a third of the Senate membership,
tomorrow
urgent call—will we, can we, in the hour of greater need, should that hour
the furrows
retention
legisation
substitute
tonight.
repeatedly declared, send there in aid of the allies
"Having put
they must get out and stay out."
Washington correspondent of the New York "Journal
of Commerce," Clarence L. Linz, had the following to say
in the position where it could not
reason
Central America for
The
ministration bill to revise the neutrality law had been accepted in
Europe
our
or
America, I then agree heartily with the dis¬
tinguished Senator from Idaho, that under the Monroe Doctrine it would
others, the
length prepared address. Senator Borah charged that the Ad¬
the
South
of stirring up insurrections there for the establishment of their
the purpose
but unwise."
Reading
United States of America and if any of these governments should be
found to be infiltrating their influences into
of
necessary
she wants, while England has the same
right, France has the same right and Italy has the same right; when they
granted him by neutrality legislation.
In this connection, however, Senator Pittman said
had been written into the
"But, after all," he continued, "while Germany has a perfect right to
have whatever kind of government
confident Mr. Roosevelt would
was
in Germany or other
European countries was no concern of the United States.
everything possible to keep the United
Also, he said, he
war.
not misuse any
to
but by the sale of "general
cargo" which American vessels carried.
quote:
as an
repeal opponents that lifting of the embargo would lead to involvement
in war,
Associated
as
Contending there was no basis for the argument of Senator Borah and
prohi¬
...
From
quoted Senator Connally
the same advices
' ■.O...'.;
part
follows:
I fully realize the value of the merchant marine to the
of Senators opposed to
the Administration
the session to discuss strategy
for their fight.
D.) reported afterward that Senator Johnson
plan," he said.
Debate
views on the neu¬
'A
In taking up defense of the bill for the Administration, Senator Swellenbach said that opponents are so anxious to continue the arms embargo
that they are willing to defeat the whole bill.
"The method of opposition to the bill is not an appeal for reason on the
trality issue after the Senate had acted.
logic, but an appeal to emotion and fear," he
met
Senator Nye
the
proposed
;
declared.
v
,
just
(R.,
measure
(R., Cal.) would act
as
legislation was suspended on
brief session devoted to
a eulogy
of the late Senator Logan of Kentucky.
Radio
addresses by various Senators were delivered, however; on
that date, one of those whose views were broadcast being
Senator Norris (Independent) of Nebraska, who voted against
United States entry into the World War of 1914-18. Senator
Norris urged repeal of the arms embargo on Oct. 3, assert¬
ing that England and France were fighting "the battle of
humanity and civilization" against "ruthless and murderous"
foes.
Noting this, the Associated Press added that at the
same time the
Senate's youngest member, Rush D. Holt
(Democrat) of West Virginia, was advocating over another
network that the embargo be retained.
on
Representative Mundt (Rep., S. D.
urged that the House be given at least 30 days to air its
United States to Negotiate Trade
floor manager for the opposition.
Oct. 3, the Senate adjourning after a
"It is one of being for or against the arms embargo
On the House side of the Capitol,
Treaty with Chile-
Public Hearings to Begin Nov. 27
Secretary of State Cordell Hull announced Oct. 2 that
the
United States intends to negotiate a reciprocal trade agree¬
ment with Chile.
The State Department Committee for
Reciprocity Information set Nov. 11 as the closing date for
submission of briefs and applications to be heard on the items
included in the proposed list of concessions.
Public hearings
Nov. 27.
Secretary Hull published a list of 26
which the United States may reduce tariffs, in
similar concessions by Chile.
The following re¬
garding the proposed pact is from Washington Associated
will open
products
on
return for
Press advices of Oct. 2:
Secretary
Hull released figures showing that United States trade with
Chile declined drastically
between 1929 and 1932.
creased, but still remains well below the 1929 level.
-Since then it has in¬
-
The Commercial & Financial Chronicle
2166
In
and
States imports from Chile
1929, United
$55,776,000.
exports to Chile at
"On
valued at $102,025,000
were
In 1938, imports from Chile
"Trade between the United States and Chile occupies an important posi¬
"I
Hull pointed out.
"Likewise, the investments of
enterprises in that country have for many years been of great importance.
It is hoped that the negotiation of a trade agreement with Chile will aid
in strengthening all forms of economic collaboration between the two coun¬
tries
cordial atmosphere
the
in
which
happily characterizes relations
so
between them today."
The principal United States exports to Chile in 1938 were automobile tires,
cotton,fuel oil, metals, industrial machinery, automobiles and chemicals.
raw
Principal imports from Chile
vegetable food products, metals, prin¬
were
cipally copper and chemicals, principally nitrate.
chandise imports,
In addition to the
Refuses to
—Will
Maintain
Polish
Government
travel
Relations
nize
Oct. 2 that the United
on
the disappearance
matic relations
Paris
Sept. 30.
Poland is
press
continue
to
maintain diplo¬
to
On Sept. 30 the State
official
notice
from
J.
Anthony
"mere seizure
to
return
vessels
Drexel
Ambassador
Potocki
The
Government is
Polish
new
from Washington advices, Oct. 2, to the New York "Herald
Tribune":
Shortly
after Secretary Hull disclosed the American government's posi¬
Poland, the State Department released the texts of notes exchanged
on
between
dated
President
by
virtue< of
Hull
formally
Ambassador
,
Mr.
Hull.
The
Hull
that
Polish
the
Article
19
the
Ambassador's
formation
Oct.
the
the
Polish
Polish
than
maintained
the
now
20
constitutional
note
in
diplomatic
victim
of
United
relations
used
force
with,
States
the
an
government
territory, however,
Mere
existence
regard
of
seizure
of
and
The
government.
a
the government
of Poland
United
in
as
Jerzy Potocki
Mr,
Biddle
its Ambassador in
as
will
remain
near
of
Polish
does not
States
since
Poland
policy.
continues
with
For
to
the
Count
the present at least
which
he
has
been
Ambassador Potocki's communication to the State Depart¬
I
have
the partition of Poland said:
the
honor,
instructions
of
States
upon
the
Government
of
governments
of Germany and
the
United
that
Soviet Russia
Sept.
dispose of the territory of the Polish Republic, is
violation
In
of
an
the
1939,
between
the
assuming to
illegal act in direct
existing treaties and international law.
consequence,
recognize
28,
inform
to
signed
agreement
on
this
the
of
government
agreement
and
will
the
been
the
expense to make
countries American vessels
fortunately most of them who
and
accommodated.
therefore
is
It
to
be
foreign countries and who desire to
on
American vessels
other neutral
or
danger inherent in traveling on vessels of bel¬
issued
September by
early in
Secretary
given in our issue of Sept. 9, page 1363.
Sends
States
After
Warships to Guard Liner "Iro¬
German
Report Vessel
Receiving
Oct. 5 that the Govern¬
on
"President Roosevelt
between
and
his
a
Cabinet,
Press made known
follows
as
an
announcement issued at the
White House Oct. 5:
After thorough discussion at the meeting of the Cabinet (this afternoon),
because it is felt that there is no reason for withholding the following
and
is given out:
Yesterday the head of the German Navy, Grand Admiral Raeder, offi¬
cially informed the American Government, through the United States naval
in
which
Berlin, that, according to information on
American ship, the
he relied, an
'Iroquois', is to be sunk when it nears our American
east coast.
The
'Iroquois', Admiral
sinking of the
plished through
a
Raeder said, would be
accom¬
repetition of circumstances which marked the loss of the
steamship 'Athenia'.
'
S.S.
The
'Iroquois', formerly in our coast-wise trade, was chartered by
Ireland to bring back Americans
the Maritime Commission recently to go to
who had been caught in
Europe at the outbreak of the war.
The 'Iroquois' sailed from
Ireland on Oct. 2 with a full list of American
passengers.
was
German
As
a
the chief tenor of the official note sent to us by the head of the
Navy.
purely precautionary
measure,
a
Coast Guard vessel and several
all
ships from the patrol will meet the 'Iroquois' at sea and will accom¬
pany
her to
an
American port.
Furthermore,
official
note
the
from
careful search for any
'Iroquois' has
captain of the
German Admiralty and
the
been informed of this
has been asked to make
a
possible explosives on board his ship.
The whole of this information has also been conveyed to the British and
republic
with
strive,
the
navy
government,
my
exercising
from
dispatch several Navy ships and a Coast Guard vessel
meet the 'Iroquois' at sea and accompany her to port.
According to the New York "Times" the Associated
This
on
refrain
to
purely precautionary measure, it was decided, following
Its
extinguish* the legal
accordance
to
government
is
refuge
and continues to recognize
Washington.
the
has
had to seek
therefore
in
to
accredited.
ment
avoid
thus
discussion
attache
and
national
has
existence,
provisions of the Constitution of Poland,
as
interest
own
officially informed Oct. 4 by Grand Admiral
Erich Raeder, head of the German Navy, that the American
ship 'Iroquois', now en route to this country with 566 passen¬
gers, was to be sunk when it neared the United States coast.
According to the White House announcement "the sinking
would be accomplished through a repetition of circumstances
which marked the loss of the steamship Athenia."
As a
to
refusing
government.
instrument
its
as
over
abroad.
their
in
belligerent
The White House announced
Secretary
the
to
recognized,
Polish
territory has been taken
I regard such travel
hip succes¬
as
law.
note
a
text
the
5,
citizens,
considerable trouble and
in
States
facts from the public, this information
ago
perfect right
a
ment had been
to
2.
years
have
our
Would Be Sunk
new
resigned
have
return
quois"
note,
the
that Wladyslaw Raczkiewicz,
of Mr. Hull's statement
recognize the conquest of Poland follows:
More
of
Moscicki had
Ignacy
and
Senate, had been designated
of
acknowledged
The complete
Polish
of
Professor
Republic of Poland,
of
dated
Mr.
United
regulations
United
France.
in
the
of
former
sor
and
furthermore said
note
President
as
Potocki
formally informed
30,
government
The
>
Count
Sept.
Polish
from Oct.
government,
citizens
the
to
to
were
the
that
Itussian agreement signed in Moscow Sept. 29 after the dis¬
integration of the former Polish State.
tion
and
Hull
would
Piddle,
partition of Poland was an "illegal act"
and would be resisted by the Polish government.
In our
issue of Sept. 30, page 2003, we gave the text of the Germ r
following concerning the
under
ligerent countries within the areas specified above."
German-Russian
The
their
of
American
desired
Department at Washington received
Polish
a
hoped that those who may still be in
return to the United States will travel
the Polish Government.
Poland,
the
or
statute they may
foreign country to the United States
while
American
all
upon
Government has gone to
their
have
recognize Count Jerzy Potocki as
that the American
Ambassador
Poland,
Germany,
citizens
American
and
from
route
en
call
interest
to Washington, and
remain
near
the
in
for
territory does not extinguish the legal existence of a
government."
The Secretary also stated that this Govern¬
would
law
vessels,
•
period of 60 days
therefore,
available
recog¬
In his statement Secretary Hull said that
Polish Ambassador
such f-esseLs
additional
"This
,of
ment
belligerent
on
on
an
and
Polish Government formed in
new
"victim of force" and added that
a
New
his
at
States does not
of Poland and will
with the
France,
right which they have in this respect.
Secretary of State Cordell Hull announced
conference
with
of
■
"I,
France
in
vessels
on
dangerous considering the character of the warfare that is now in progress.
Recognize Seizure of Poland
Diplomatic
by American
in accordance with provision of
Congress approved May 1, 1937.
travel
international
under
travel
to
for
United States
travel
regarding
regulations
1939
Kingdom, India, Australia and New Zealand
"While
United States received gold from Chile valued at
the
that
issued
belligerent countries,
States.
mer¬
$8,414,000 and silver valued at $696,000.
,
of
7,
(vessels of the Union
of South Africa were added by regulation of Sept. 9, and those of Canada
on
Sept. 11) in the North Atlantic Ocean, east of 30 degrees west and
north of 30 degrees north, or on or over other waters adjacent to Europe
or over the continent of Europe or adjacent islands would not be permitted
except when specifically authorized by the Secretary of State in each case.
"The joint resolution contains a proviso excepting, for a period of ninety
days, from the prohibition on travel by American citizens on a vessel of
a
belligerent State citizens returning from a foreign State to the United
citizens in productive
our
I
1939,
Resolution of
stated
United
commercial relations with the countiies of America," Secretary
our
5,
vessels
on
Joint
the
$28,592,000 and exports to Chile $24,603,000.
tion in
Sept.
citizens
were
Oct.
of
Poland
means
at
refuses
its
to
French Admiralties.
disposal,
to free the territory of the
republic of Poland from occupation by alien
troops and to restore to its people their inalienable rights to freedom and
United
States
Supreme
Call
Justices
self-determination.
Opens
Court
New
Roosevelt
President
on
Term—
at
White
House
United
States
Ships
Hull to Avoid
Advised
by
Secretary
War Zones—American
Ships of Belligerents also Warned
of
of
on
Danger
a
conference
press
on
Oct. 4 at Washington issued a warning to American vessels
to avoid danger zones and at the same time said that the
United States Government would not recognize the
legality
of
unrestricted
interference
with
American
;A formal statement issued
on
shipping
and
that date by Sec¬
retary Hull follows:
"Information
reaching
government
of
the
United
States
indicates
the
probability that there may be intensification of warfare on merchant
shipping in Atlantic and Baltic waters adjacent to European belligerent
shores.
unrestricted
less,
under
warn
which
home
in
It
was
velt's
the first time since 1935—before the historic fight over Mr. Roose¬
court
reorganization
plan—that the Justices
made
do
interference
the
all
special
American
not
carry
Americans
On Oct. 3
use
United
with
States does not recognize the
American
circumstances
merchant
at
ships,
ships
and
present,
except
it
commerce.
is
believed
American
legality of
Neverthe¬
advisable
passenger
ships
to belligerents, and are engaged in bringing
European countries, of the especial danger incurred
cargoes
from
entering such
them to
of the
waters."
have
been due
to
ships of other neutral coun¬
tries and avoid the danger of traveling on vessels of
belligerent
countries. Mr. Hull's announcement of Oct. 2 is given below:
The
absences of the President from Washington.
Most of the Justices have attended the annual White
House reception to
the judiciary.
Of the eight Justices
who filed into the courtroom at
James Clarke McReynolds, who frequently
where his presence is not
Chief Justice
last
Charles
to open the
noon
He
was
77-year-old
absents himself from functions
mandatory.
Evans Hughes, who passed several weeks in bed
spring because of an ulcer, seemed to be completely recovered.
The
courtroom
formalities.
was
packed
by
persons
eager
to
see
Those present included the wives of Justices
the opening-day
Stone, Roberts,
Frankfurter and Douglas.
Secretary Hull in warnings to Americans urged
American vessels
the traditional
opening day White House call to pay their respects to the President.
session, only one did not go to the White House later.
"The Government
to
present in the court room, Associate Justice Pierce
Butler, the absentee, is ill in a hospital.
Associated Press
advices from Washington, Oct. 2, in referring to the opening
of the new term, and the call on the President said in part:
omissions
the
Supreme Court started its 1939-40 term
Oct. 2 by holding a brief session and paying a visit to
President Roosevelt at the White House. Only eight Justices
on
were
Secretary of State Cordell Hull at
commerce.
The United States
State
Travelers
or
The
12-minute
session
consisted
of the
admission
practice before the tribunal and the receipt of
a
will review approximately
24
attorneys
to
few motions.
Announcement will be made next Monday (Oct. 9)
300 cases filed during the
argument of the session also will start then.
of
whether the Justices
summer.
The first oral
Volume
by the
The Commercial & Financial Chronicle
149
Outstanding
the
among
pending
cases
anti-trust
are
government against the American Medical
actions
"You
brought
Association, 12 Mid-West
oil companies and a group of milk dealers in the
Chicago area.
rated
the
States
Circuit
Court
of
Appeals Reverses
Secretary of Labor Perkins on Sjieel Wages—
Involves Interpretation of
Walsh-Healey Act
The United States Circuit Court of
Appeals for the District
of Columbia held on Oct. 3 that the
Department of Labor
had "illegally and arbitrarly" exceeded its
authority in
determining minimum wages for the iron and steel industry,
said a Washington dispatch under date of Oct. 3 to the New
York
"Herald
Tribune"
from
which
also
we
take
the
"These
Fred
was
written
M.
reached by a vote of two to one, in which the
majority
by Justice
Vinson.
Justin
Without
a score or more
consent,
Secretary of Labor.
The
how
matter
no
concurred
was
by
Justice
case,
Justice
in
merits of the
the technical ground that the plaintiffs,
on
of small steel companies, had
without its
ment
Miller,
passing upon the
Henry White fedgerton dissented
no
Recovery Act, requires
devised
after
universally
with
carry
from
has
recognized
them
that
enume¬
constitutional
the
constitutional
the
not
powers
statutory grants but from
neces¬
powers
performance.
proper
constitutional
have
powers
been
never
specifically
and,
defined
largely dependent
are
conditions and circumstances.
"In
a
action
this is true with respect to most of the
measure,
Executive,
both
might
constitutional
not
exist
and
under
The right
statutory.
state
one
of
facts,
specific
take
under
while
of the
powers
to
another
it
might be the absolute duty of the Executive to take such action."
The text of the
resolution
passed by the Senate Sept.
as
28 follows:
Senate
the
at
available
and
Attorney
earliest
the
to
what
the
That
other
General
practicable
President
date
his
under
extraordinary
if
powers,
Executive under existing statutes in
is
requested
what
to
executive
proclamation
any,
of
the
to
made
are
emergency,
available
made
are
report
powers
national
the
to
state of war.
emergency or
redress against the Govern¬
the
invalidation
Government contractors
to pay
of
Tobacco
Producers
Vote
National
the
wage as
in
Favor
Federal
of
Control
for 1940
workers employed
public supply contracts not less than the prevailing minimum
on
Executive
the
derived not
"capricious" the action of the
All three judges were appointed by President Roosevelt.
Walsh-Healy law,
is
Executive
Resolved,
The decision
It
fact, cannot be, since their extent and limitations
upon
following:
opinion,
the
of
that
course,
statutes—powers
for their
sary
in
of
aware,
the
Constitution.
duties
United
are
in
2167
Growers
Oct.
5
flue-cured
of
Federal
for
tobacco
control
voted
overwhelmingly
on
production in 1940,
of their
ac¬
determined by the Secretary of Labor for similar work in the
"locality" in
which the supplies are produced.
In the case of iron and steel, Miss Frances
cording to Associated Press Atlanta advices of Oct. 5, which
Perkins, Secretary of Labor, in determinations
also stated:
March
last
1,
divided
the
United
States
to have been made effective
into
"localities"
six
to
62 M cents an hour.
was
town and
plants
Chicago, the
in
eastern
by the larger steel plants in Pittsburgh, Youngs-
frequently called "Little Steel," with
group
Pennsylvania,
Federal
Maryland
District
and
Kentucky,
Court.
an
Max
O.
Harrisburg Steel, Eastern Rolling Mills and Atlantic Wire
Labor
Department's decision would
monopoly in the larger, fully integrated plants.
thiy
paying the
were
that in the entire
out
area east
create
They pointed out
prevailing rates in their
a
not only
"localities,"
but also
of
Atloona, Pa., and north of Virginia only three
of 57 plants paid the 62J^-cent rate.
After dismissal of their complaint
in the lower court, they received an injunction from
the Court of
which
Aug.
on
4 sustained
stating that it would
The
tion
the
complaint
and
continued
the
Appeals,
injuction
majority opinion, realeased today, reviews the history of the legisla¬
and
characterizes the action of the
Labor
Department
unwarranted but incongruous" and holds that the
of Labor under the
actually prevailing in
wages
to ascertaining minimum
"localities," that is to say, "local centers of
manufacture."
The
.
.
local industries
industry 'viewed
The
beyond
possible
any
upon
'the predominant minimum wage practice' of the
whole over broad regional areas.' "
as a
"determination
this
in
case,"
the
"goes
far
so
application of the word 'locality' as to defeat
proper
its meaning and to constitute
an
Alabama,
where
the
for
205,409
89.9%
of
average
Florida,
tobacco
voted
Carolina,
bulk
control
basis
the
on
North
the
for
of
South
America's
of
production
virtually
and
complete
lighter
Adjustment
had
than
officials
Administration
been
expected.
In
said
Georgia,
the
only
voting
slightly
was
more
50% of the eligible farmers voted.
least
At
two-thirds
the
approve
the
of
farmex-s
throughout the Belt
voting
had
to
before it could be enforced.
progi*ani
In our issue of Sept. 30, page 1997, it was noted that
Secretary of Agriculture Wallace had proclaimed the mar¬
keting quota for 1940 at about 660,000,000 pounds.
On Oct. 4 at Kingston, N. C., Secretary Wallace had urged
producers
in
to vote
favor of marketing
said
and
quotas
that special financial aid to remove a large part of the fluecured tobacco surplus from the market would be the result.
following concerning his remarks is from a Kingston
dispatch Oct. 4 to the N. Y. "Journal of Commerce":
Secretary
he
attempt arbitrarily to disregard the statu¬
Wallace told tobacco growers, warehousemen and others that
trying to arrange to finance the purchase of about the same
was
and
amount
the
grades of the 1939
same
by the British trade,
financing will
the
re-enter
the
use
because
stated
would normally be taken
as
crop
approximately one-third of
is
he intimated,
necessary,
the
British
dollar exchange in
necessary
bankers
that
be
market
Wallace
retary
continued,
court
an
Agricultural
Such
"Secretary is not authorized," said Judge Miller, "to impose
.
against,
much
than
"not only
as
authority of the Secretary
Walsh-Healey Act is limited
Georgia,
fanners
grown,
The
later the grounds of its decision.
announce
are
joined by
were
25 other small companies.
They contended that the
States,
Virginia,
returns.
Knight, these companies,
Lukens Steel, Alan Wood Steel, South Chester
Tube, Central Iron & Steel,
six
and
cigarettes
seven
brought
Represented by
Gardner, Robert B. Thomas and Frederick H.
that
the
Carolina
23,016
As this is the rate paid
injunction suit in the
In
apply
minimum wages, but selected the same
wage in two of the localities.
Thus
the rate fixed in the 14 States
running from Maine to Kentucky and Ohio
finds
Government
buyers
to
to
to
Sec¬
However,
dealers,
growers,
crop.
are
difficult
it
tobacco market.
the
talking
that' "in
normal
a
British
if
processors,
and
others, we find general agreement that it would be unwise
complete, these efforts until it is known whether growers will regulate
to
their
marketings in 1940."
tory mandate," which is
"plain on its face."
"The action complained of
palpable evasion of the letter and spirit of the pertinent statute."
was a
Earlier
references
the
to
wage
columns March 4, page 1248;
appeared in these
2052 and Aug. 12,
case
April 8,
United
Attorney General Murphy Withholds Opinion Asked
by Senate on President's Emergency Powers
U.
S.
Balance
of
International
of
Credits
Net
$508,000,000 in
Payments
1938—Net
Balance in Trade and Service Items Was $1,026,000,000, as Compared with Debits of $13,000,000 in 1937
960.
page
States
Showed
page
The
balance
States
international
of
1938
during
showed
net
of the United
$508,600,000 as
payments
credits of
Attorney General Frank Murphy informed the Sen¬
letter to Vice President Garner, that to
comply with the resolution requesting him to give a report
on
President Roosevelt's emergency and wartime
powers
would require his giving a legal
opinion to the Congress.
Mr. Murphy said that the historic
position of the Attorney
compared with net credits of $601,000,000 in the preceding
year, it was revealed on Sept. 29 in the annual survey pub¬
lished by the Department of Commerce.
International pay¬
General is to decline to give advisory
opinions to Congress
and he felt that there should be no
departure from this
to the survey,
ate
Oct. 5, in a
on
time-honored
ments
1937.
in
a
level
of his desire "to be of all
possible assistance to the Senate,"
list of statutes granting powers to the Presi¬
funds."
"in
a
emergency
state of war," but emphasized that
or
many other powers may apply.
In
indicating this, Washington
5,
the
to
"Times" said:
For
the
increases
most
of
list
this
and
army
of
100
laws
control
navy,
related
radio,
over
such
to
the Senate
to
respect
gress
and
General
March
to
committees
and
its
in
1932,
securities,
(Mr.
Mitchell
of
Senate had
"This
my
opinion,
list
be
for
this
of statutes
government
Senate,
which
powers
express
violated
the
of
asserted
stated
the Con¬
by
Attorney
Senate
transactions
agreed
of
to
railroad
whether
to
as
anti-trust
laws,
even
certain
though
the
Mr.
from.
I
Murphy
have
continued,
desiring
However,
prepared and
am
to
be
"should
of all
in
not,
possible
transmitting herewith
a
by their terms grant to the executive branch of the
which
be
may
exercised
'in
emergency
or
state
of
respect
entire
is
not
can
body
been enacted
claimed
be
of
that
assured
the
from
of
this
only
Federal
time
to
list
by
is
complete—indeed, accuracy in
careful
Statutory
time since
and
Law,
the
painstaking
statutes
of
search
this
kind
of
this
the
having
beginning of the government.
in
foreword
a
For the first time since the heavy move¬
gold
In
its
balance of
ments
made,
sense
attributable largely
was
rather
than
introduction
international
within
as
foreigners,
an
the
to
trade
to
inflow
to the current
payments
stated
a
itemized
period
of
account
the
and
of
capital
survey the De¬
of
of
country consists of the pay¬
between residents of that
a
time,
It may be defined in
transactions
involving
the
visiting
to
"credits";
and
the
and,
since
foreigners,
to
payments
international
income
the latter relate to
compilation of the items which
the fact of residence,
example,
to
relate
former
statement,
for
hand,
of
a
statisti¬
receipts
on
from
tire
other.
country,
a
international
they
outgo,
labeled "debits."
are
In
one
the
on
called
are
they
in
the
exxpenditures
countries
foreign
foreigners,
Again,
the
and
States
income
citizens
United
are
enter
into
balance-of-payments
ruling.
Thus,
the
United
States
of
residents
alien
considered
derived
from
as
branches and
of
payments
investments
permanently residing abroad
States
a
rather than nationality, is
affiliates
is
of
in
by
this
"Americans"
country by
similarly classified.
foreign
corporations
view, as domestic
entities, and the foreign subsidiaries of American corporations as foreign
treated,
are
entities—in
directly to
which
is
foreign
of
cates
out
either
one
to
a
case
balance-of-payments
upon
point
of
the basis of domicile.
This procedure relates
of the basic purposes of the balance-of-payments schedules,
show
the
sources
of
the
supply of
foreign currencies, or of
exchange, arising out of claims against foreigners and the nature
for foreign currencies from persons with payments to make
Conversely,
the
of
demand
in
from
demand
the
abroad.
war.'
"It
Hopkins,
began to this country, in 1934, he said, "our
transactions
United
opinion
an
the
of
partment of Commerce said, in part:
General
to
information.)
position,"
departed
the
to
to
railroads
asked
of gold
gain
Since
interstate commerce."
refused
the
time-honored
assistance
nitrate
opinion
an
Attorney
questions
ablv
was
resolution
a
the
of
legal
on
members
certain
recited
position
opinions
to
response
which
companies engaged in
activities
historic
of
Mitchell
8,
"The
wrote.
the rendering
to
Commerce
credit
net
a
net debit of $13,000,000
a
as
legal phases of the subject matter of the resolution," the
on
Attorney General
net
cal
matters
plants, hoarding and detention of ships in port and the like.
"To comply with this resolution would require me to give
with
items showed
with
country and residents of foreign countries.
part
the
since 1921.
ment
The
Oct.
advices,
contrasted
Secretary of
service
transmitted
service
and
as
said that the major feature of the year was
sharp rise in United States export trade to the highest
position.
This resolution was unanimously
passed by the Senate on Sept. 28, as noted in our issue of
Sept. 30, page 2008.
Mr. Murphy, however, in furtherance
dent
trade
on
$1,026,000,000
the
for
the balance of payments of the
United States indi¬
of dollar exchange, arising
against this country by foreigners and the nature of the
dollar exchange from foreigners with commitments to meet
sources
of
claims
United
States.
the supply of
dollars,
or
Table
In
1
is
given,
in
form,
summary
the
balance
international
of
1938, with comparative data for 1937.
the United States in
payments of
TABLE 1—BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED
1937-38
STATES,
manufacturing activities)
Receipts
Pay¬
to For¬
ments
For¬
to For¬
eigners
eigners
Credits
eigners
Credits
far
for
( + ') or
for
for
( + ) or
"Ex¬
"Im¬
Debits
"Ex¬
"Im¬
Debits
ports"
ports"
<->
ports"
(-)
(credits)
(debits)
ports"
(debits)
eigners
(credits)
this
in
79
42
107
210
160
563
25
170
Merchandise adjustments.a....
Freight and shipping..
expenditures
Personal remittances—
Institutional contributions
Interest and dividends.
5 78
86
39
+ 47
103
113
155
—42
—403
159
516
145
35
150
—
mm
35
—
280
b
—
1,961 + 1,133
3,094
+ 37
—
35
,
War-debt receipts
Government transactions.
Miscellaneous services..
+ 265
3,084
549
+ 298
—
-
-
40
+ 333
126
—96
33
98
61
+ 169
191
60
4,558
4,571
13
4,261
65
-
+ 131
3,235 +1,026
46
millions
1,632 —1,586
1,979 -1,973
6
in
Gold movements
(net)...
Silver exports and Imports.
Total
gold
ments
silver
and
—
+ 333
+ 200
—-
-1,640
-1,386
-
9
92
-83
231
7
—
224
11.9%
or
ended
years
....
...
m
m
m
1,469
—
«r
1,864
—
-
mmm
w
21
31,
2,661
Movement of short-term banking
funds (net).e.
+ 522
...
....
....
+5
»
vu.»»w
which
ui
-
-
-
-
-
-
—'
.
yurut;
(2) exports
or
mm
mm
are
partly omitted from
data
in export and Import entries).
b Less than $500,000.
Capital
items
viewed
are
"exports'*
as
and
"imports"
evidences
of
In¬
of
debtedness.
by
the
Treasury
Department
of funds In security transactions
($512,000,000 in
1937
and
as
reported
in
$76,000,000
and other transactions
1938)
involving particularly the transfer of properties not repre¬
sented by security issues.
e The Item covers the net movement of
capital In short-term banking funds and
1937
reP?I^d by the Treasury Department ($290,000,000 In
and
$293,000,000 in 1938) and the net change In Philippine Government
the United States Treasury.
section, "Short-term Capital Movements."
6 See section, "Movement of Paper Currency."
h The item Includes, in addition to
possible errors and omissions in the esti¬
mated items, unreported stabilization fund
operations and other transactions not
accounts with
exactly reflected for balance-of-payments purposes in the reported figures.
the active portion of the stabilization fund is limited to
$200,000,000. fund
Since
balance of payments comprises only cash transac¬
involving the purchase or sale of foreign exchange.
In practice, however, this rule cannot be
literally construed nor rigorously
applied.
For example, shipments of goods by charitable organizations
and
expected
merchandise
from
separable in
cash
the
institutional
for
entered
Since
although
the
exports of
of
They
trade
therefore,
serve,
the
are
purchase
of
foreign
to
foreign
enterprise
company
the
there
the
to
parent
is
is
in
be
definite
this
offset
foreign
company.)
case
by
a
on
the
(However,
contemplated,
meet the
subsidiary
priate adjustments
If
exchange
exporter.
non¬
in
import
non-cash
the shippers
it
is
operating
Unlike
involve
nor
actual
the complete
always
for
of
of
a
the parent
preceding examples, however,
financial counterpart which may consist of appro¬
the books
identification
were
I
am not
as to
of the
parent
possible,
of
this
character
would
What I
is
time for
no
by non-cash credit entries in the balance-of-payments statement.
study
Division
Chief.
was
prepared
the
in
Department's
under the direction of Amos
The figures
to in our issue of
made public
a
E. Taylor,
year
ago were
Finance
Assistant
referred
Smith
E.
am
New
of
York,
an
I
There is
We should
war.
prompt decision
a
I don't mean to discourage
real question to be argued.
the real issue and not
on
have
What I do advocate, and
the overwhelming mahority are with me, is that the debate shall
am sure
be
a
hereafter be suggested,
being drawn into the European
by Congress on the merits of the question.
debate.
may
interested in, however, is that course which is
technicalities.
obscure
on
or
minor considerations.
Personally, I am not interested in the argument
so-called established
to
student of law but I
is no respect
am
whether
as to
or not we
I
of international law.
principles
ready to defend the proposition that there
for international law at this time.
...
"The Neutrality Act as it stands today prevents the sale to a belligerent
nation of any
completed implements of
types of uncompleted implements of
materials and supplies."
war,
war,
These words
United States when
He further says that
but it allows the sale of
as
are
many
well as all kinds of general
taken from the speech of the
Congress convened last week.
the present law allows such products of industry
and agriculture to be taken in American ships to belligerent nations, and he
concludes that therein lies
Nobody
tlie
definite danger.
.
.
.
truthfully say, in the light of history, that Woodrow Wilson
can
anxious to plunge this country into the World War.
was
in the
directly opposite way.
The law
[Neutrality Act]
.
.
In fact, he leaned
.
it now stands allows supplies to a belligerent
as
country to be carried in American ships; supplies which will be needed for
the prosecution
of the war, although not named in the Neutrality Act.
I believe that
we
contraband,
.
.
.
should prevent the transportation in American ships of
goods of any kind,
any
goods
war
or any passengers to
the absence of such a
Tlie
Opposed to
Address Urges
Radio
the least bit interested in the language of any of the Acts so far
its details.
This
and subsidiary companies.
imports
Alfred
best calculated to keep us from
and the costs of upkeep
the
York
New
Act—In
suggested, nor for that matter in any Act, that
of
actual
delivery
liquidation
necessary
expenses
no
of
Smith
urged "the American people to stand solidly be¬
in his proposals for the repeal of the
embargo on exports of arms and ammunition to the European
belligerent countries.
The former Governor's speech was
broadcast from New York over a nation-wide hook up of the
Columbia Broadcasting System—his appeal being made
under the auspices of the American Union for Concerted
Peace Efforts.
Declaring that "the present Neutrality Act
does not work," Mr. Smith said in part:
Other
statement
offset
States,
may
importer
unless
about Dec. 31, 1935; and
the President"
not
are
by including
only to
themselves,
or
on
about Dec. 31, 1934.
Neutrality
President of the
companies
ended
he
when
am not a
foreign subsidiaries of American corporations and the consignees
are
which
ended
years
on or
Governor
Former
should return
statistics.
dbllars
of
type
overvaluations
or
Imports of certain commodities into the United
which
this
balance-of-payments
possible undervaluations
ended
Governor
are
payments
no
counterbalanced
are
in
official
in
credits),
they
declarations.
export
elements
(as
recipients.
gifts in the category of contributions (as debits).
adjustments
allowances
and
account
foreign
the trade returns,
merchandise
cover
a
transactions
the
enter
years
opponent of many of the Administration measures, aligned
himself on the side of President Roosevelt on Sunday, Oct. 1,
opera¬
tions would not affect the size of the residual either
way by more than this amount.
Broadly speaking,
or
on
Support of President Roosevelt in Seeking Repeal
of Arms Embargo
f See
tions
charges in the fiscal
losses after all
in the fiscal
Present
hind
d The item covers the net movement
ended
fiscal years
reported profits after all
64
31, 1837; 65 enterprises reported profits after all charges
all charges
Former
imports
(e.g., unrecorded parcel-post shipments, goods smuggled into
the country, Ac.); (3) corrections of certain recorded trade
figures for balance-ofpayments purposes (e.g., allowances for possible over-valuations or under-valuations
c
in the
reported losses after all charges in the fiscal years ended on or about
31, 1936; 56 reported profits after all charges and 11 reported losses
+ 50
'
oomraoauy exports ana
Imports which
millions or
56
reported profits after all charges, and 18 reported losses after all charges
omitted entirely from official trade
figures (e.g., sale of ships, bunker-fuel
are
purchases and sales, Ac.);
official trade
for the fiscal
enterprises
compared with
1937
31,
7.2% of sales
or
reported
about Dec.
+ 330
+ 601
...
u;
of approximately 71 mil¬
—3
-
+ 15
mrw
Dec.
and 285
1935;
31,
31, 1934.
+ 295
.
+881
Other transactions and residual, h
Dec.
reported by the 67
Of the 67 enterprises,
1934.
in the fiscal yqars
Paper currency movem'ts (net), a
Total capital Items (net)
about
or
(including non-operating gains and
2
Dec.
+ 23
1,701
+ 354
Mlscell. capital items (net).f....
1,724
on
fiscal years ended on or about Dec. 31, 1936; 36
of sales in the fiscal years ended on or about Dec. 31,
millions
and 3
charges
49
3,183
ended
interest and income taxes)
about
or
9.8%
or
and
or
on or
years
was
594
was
about Dec. 31, 1937 compared with
ended on or about Dec. 31, 1936; 359
ended
years
sales
of
on
Dec.
after
Capital Items c—
Long-term capital movements.d.
and there¬
enterprises.
enterprises
of sales in the
1935;
and
move
(net)
Of these 79 enter¬
cost of sales separately,
or
profit after all charges
prior claims,
losses,
lions
included
that comparable data
so
fiscal years ended on or about Dec.
combined
A
on
years
business reported by these 67
fiscal
the
fiscal
the
in
in the
about
Gold earmarking operations (net)
fiscal
period are given for only 79 enterprises.
millions
480
millions
millions
Gold exports and Imports
and 17 having assets of less than a
each;
For forty of these corporations, information
millions in the fiscal years
11.6%
Gold and Silver—
having assets over 5 million dollars
51 having assets of over one million
The combined volume of
+ 1
-
30
—
115
—
216
1
mm
230
i.
Total trade and service Items..
—357
—
40
having
corporations
figures relating to these two items are given for only 67
fore
3,349
three
having assets over 10 millions and
29
dollars
have not reported sales
12
with
size
19
study did not cover all four
entire
the
prises,
...........
in
dollars each;
million
5
dollars each.
million
for
Trade and Service Items—
Merchandise.
10
less than
varied
dollars each;
million dollars each;
50 million
and less than
Net
and
registered under the Secu¬
The Com¬
were
part—
corporations
50 million
over
than
less
from
Net
ments
For¬
119
These
Pay¬
Receipts
from
1939
of 1934 at June 30, 1938.
Exchange Act
mission also said in
assets
Item
7,
substantial
1938
1937 (.Revised)
Oct.
tools, parts, and equipment (some of which also derive
portion of their income from other varied
ery,
a
rities
[In Millions of Dollars]
Travel
Chronicle
The Commercial & Financial
2168
other
goods,
contraband
the warring nations.
that
1917
law in
or
brought
us
or
non-
It is undoubtedly
into the
World War.
There is only one way of avoiding a repetition of this experience, and that is
by keeping American ships and American passengers out
belligerents.
with
...
Under these circumstances
May 28, 1938, page 3432.
of trade
passengers out
should keep American ships and American
we
of the export business and let the purchasers
come
and get
what they need by paying cash and carrying it away in their own ships....
Report on Manufacturers of Industrial Machinery,
Tools, Parts and Equipment Issued by SEC—
Based
on
Census of American Listed Corporations
The
Securities and Exchange Commission on Sept. 29
public another of a series of reports based on a Work
Projects Administration study known as the Census of
made
American Listed Corporations.
a
The current report contains
summary of selected data on manufacturers
of industrial
machinery, tools, parts and equipment registered under the
Securities Exchange Act of 1934.
The Commission states
Therefore,
been
printed in quantity, reports number 19 to 37 inclusive
not available for free distribution.
They
are,
that
business is primarily the manufacture of industrial machin¬
keep
that I
on
am
at this microphone
us out
of war—the present Neutrality
those who lack
common
an
for the good of the
sense
save
us
from the scenes
American boys were starting for France
tonight, appealing to the American people to
so
clearly right,
I
possess,
obviously
I
urge
this
with the profound conviction that I speak
Nation which
York State
so
and sound judgment of patriotism that only
understanding of the issue will oppose him.
with all the sincerity
we
all love
so
much.
Chamber
of Commerce Urges Repeal
Neutrality Law that Put Us in
Position of Being Unneutral
of
At
Provisions
of
the first Fall meeting of the Chamber of Commerce
of the State of New
of
best calculated to
our
behind the President because he is
the side of
New
are
witnessed in 1917 when
we
stand solidly
however,
to public inspection and use at the offices of the SEC
Washington, D. C., and at various regional offices.
According to the Commission, 119 corporations whose
to
the amendments suggested by the President.
or
suggested by the President
open
in
calculated
before Congress is which of the two
It is because I firmly believe in my heart and soul that the amendments
that although this summary contains essentially the same
information as the first 18 reports of this series which have
are
is best
measures
Act
I repeat, the question
the
Executive
York, held Oct. 5, an interim resolution
urging Congress to consider,
Committee
Volume
The Commercial & Financial Chronicle
149
"among other things, the repeal cf those provisions of the
present Neutrality law which put us in the position of being
in fact unneutral" was approved with but two or three dis¬
senting votes. A supplemental resolution
duced under the order of
new
business
on
neutrality intro¬
referred to the
was
It urged Congress to take action in
Executive Committee.
accordance with the
indisputable doctrines of international
law that would assure the American people that the United
States will not become involved in the
and
Comments
Moore
War-Time
Some
International
on
Law
Misconceptions—Status
of
Merchant Ships.
be
should
According to John Bassett Moore, "nothing could be more
or more likely
to mislead the public than state¬
ments to the effect that, as a result of the so-called but mis¬
called "world war" of 1914-19, there are now no generally
accepted rules of international law, and that in 1917 the
United States, finally despairing of safeguarding its rights
under international law, felt obliged to go to war."
Mr.
Moore makes this assertion in a statement published in the
New York "Sun" of Sept. 27, his comments as published
therein having been written by him under date of Sept. 23 at
Sagaponack, L. I.
Mr. Moore makes the observation that:
I have put the phrase
"world war" In quotation marks in order to
phasize the fact that it conveys
it is misleading.
which is
an impression
"The First World War."
In reality the
is
conflict
wars grow¬
above-mentioned, and
the
thing
same
be said
may
of the
"The
supposition that the United States went to war in
despaired of otherwise safeguarding its rights
law," says Mr. Moore, "would have
1917 because it
under
international
foundation if the fact
more
notorious that in many
were not
respects the United States did not make a serious effort to
exact observance of its rights under international law when
they were violated by Powers with
In part, Mr. Moore continues:
In saying this I am not
obliged to
which it sympathized."
opinion of
express any
Mr.
what
true
as
Lansing, who
January,
1922,
as
then
Judge
on
Secretary
our
States
Permanent
the
Court of International Justice, I went to The Hague, in order to
help or¬
I continued to be
its discharge of its functions I felt obliged to resign.
time I never heard from any
In all that
quarter from any Judge of the Court or from
before it—the suggestion that the rules of international law
any attorney
had been changed or impaired
by the
war,
and much less destroyed by it.
The many decisions and opinions rendered
considered
was
as
surviving
a
source
mination of all questions after the war.
the law of neutrality as well as other
In the
war.
Britain,
believed
before
of authority for the deter¬
held at The Hague an international
The participating countries were the
Italy,
France,
be
to
represented
law and the laws of war,
by the conference, it
Japan
by their
and
the
was
rules
framed
were
"contraband of war" would have the
same
which
By the code of rules adopted
Builders Opposed to Participation in
War Declares W. E. Whipp, Head of
National Association—Says Major Job of United
States Is Reconditioning Our Internal Economic
European
and
A
situation
new
in
mind
was
the
on
war.
blockade
meaning in aerial warfare
it had
as
duly ob¬
was
used in its pre-war sense; and, the
being that of the enforcement of
the Declaration of Paris of
blockade
a
by
1856, that, blockades, in order to be binding,
"duly" established and effectively main¬
the violations of international law during the war had destroyed it.
I
have
heard
with
the
revived the position most
1914, when,
that
unfortunately taken by Mr. Lansing
belligerent
States that
"I think
of defense without
and among the
that
the
a
have
Sept. 19,
repre¬
merchant vessel of belligerent
acquiring the character of
guns
a
ship of
and small
arms
war
"
Proof
was
in
that the armament would not be "used offensively"
"indications" that they would not be
caliber of the
guns
so
used it
was
specified
should not exceed six inches, and that the
should be "few in number."
Mr. Lansing, in his "War
Memoirs," explains that it had "been customary, prior to the world war,
for certain merchant ships to carry small armaments for defensive purposes,
a
remnant of an
more
ago
were
old practice due to the fact that certain seas a century or
infested
by pirates."
we
should make it clear to the public of the United
States," Mr. Whipp said, "that although the machine tool
reequipment of the plants and factories of America has an
important bearing upon national defense, the machine
tool
builders
of
this country
are,
nevertheless, abso¬
lute^ opposed to war, and will cooperate to the fullest
extent in helping in any possible way to keep this country
out of war."
In part he went on to say:
The
of
net result
and the
This applies to the victor
is always a net loss.
war
No actual prosperity can be gained by deflecting
vanquished alike.
and the energy of mankind to purposes of destruction.
Real
by the production of goods and services which add
is created only
wealth
possessions and the welfare of humanity.
to the
Humanity
build for
cannot
war
and expect to enjoy the rewards of
Those who build for war must expect to share the losses
peace.
resultant
upon
war.
Any prosperity stimulated
,
inevitably
by war is a false pros¬
be paid for a thousand times over by the loss in life,
perity, and must
the loss in resources, and the
loss in business activity throughout the world,
which inevitably follows war.
There
is
emotionalism
that
danger
This would be a supreme
War
and
indignation
may
carry
this
the present war, almost before we are aware of it.
country headlong into
disaster.
today in its very nature requires regimentation.
loss of the very
And regimentation
freedom which constitutes the basic element
Instead of losing democracy at home to fight for it abroad,
of democracy.
it would seem far more important to
to
seems
remain at peace and assure democracy
the major job which
that
me
that of reconditioning our internal economic
must
get the businesses of
time production
we
have before us today is
employable, but who are still at this moment out
of this country to work
We must put the plants and factories
products which really constitute
and develop an
We must build up the resources of this country,
wealth.
and stability
strength
tingencies which the future may
which
will enable
us
to meet any con¬
bring forth.
The social and economic function of the
machine tool industry is to raise
by helping to cut the cost and improve the quality
the standard of living
we
We
the United States back once more upon a full-
turning out more of the actual physical
devices and conveniences
of the
and business structure.
We must somehow manage to reemploy all of the
basis.
people who are actually
by and with which people live.
keep this premise clearly before us, we can steer a
the troubled times that lie
As long
safe course through
ahead.
discussing the increase in business received by the
tool industry in September, Mr. Whipp pointed
In
out that- a large share of the increase came from domestic
manufacturers, most of them in fields unrelated to war
If, instead of saying "prior to the
Mr. Whipp said:
preparedness.
While war may have
nationality might "carry an armament and ammunition for the sole purpose
each instance to be given
Sidney,
address before the annual convention of the
an
machine
we
on
Acting Secretary of State, he notified the diplomatic
as
of the
sentatives
apprehension the report
gravest
on
National Machine Tool Builders' Association in Cleveland.
Never from any quarter was there heard the strange suggestion that
tained."
taken
war was
President of the Monarch Machine Tool Co.,
and
as
must, as the code phrased it, be
America's participation in the
Oct. 2 by Wendell E. Whipp,
against
President of the National Machine Tool Builders' Association
internal
duly applied to it, and particularly the fourth rule of
were
stand
European
principle that the term
warships with the cooperation of aircraft, the settled rules governing mari¬
time
Structure
Business
firm
of work.
absolutely contraband and those conditionally contraband
The term "blockade" also
Tool
Machine
were
international
on
previously borne in maritime warfare; and the distinction between articles
served.
by him when a certain
Hence, the neutral ground originally abandoned
the portentous nature of the peremptory recall
proposal so recently made immediately perceived by the public.
of the
It
provided that neutral private aircraft might be
this subject
on
1916, a letter in
18,
This proposal, which was made with
later revoked
approval, was
not recovered; nor was
States,
captured when they carried, or themselves constituted, contraband of
The
Italy and Belgium on Jan.
at home.
United
Netherlands,
highest authorities
land and maritime.
was
Wilson's
involves the
branches of the law.
was
of
the diplomatic representatives of Great
proposed that, as submarines were, except as to their power
outcry was made against it.
In saying this I have in full view
for the formulation of rules to regulate the use of aircraft and
radio in time of
Great
1922-23 there
winter of
conference
Lansing, having seen the unfortunate
belligerent nationality should be "prohibited and prevented from
President
by the Court during the period
I have just mentioned all show that international law, as it existed
the war,
could
(Baker, "Woodrow Wilson:
submerge, practically defenseless against surface armed vessels, merhcant
vessels of
a
member of the Court until early in 1928, when for reasons not relating to the
or to
from traveling on ships
...
the first United
ganize the Court, and draw up its rules and regulations.
Court,
common
In view of what has just been recited,
354).
find that Mr.
France, Russia,
the ingenuity
State, explicity confesses in his memoirs.
In
was
in
could at the moment be done without "hopelessly weaken¬
carrying any armament whatsoever."
either upon appearances or upon the reading of what was in official minds, I
merely accept
American citizens
prevent
based
my own
and
law
position originally taken, and the notorious propensity
of the
Ohio, in
Seven Years War which began in 1756 and ended in 1763.
in
On the contrary, in his reply
merchantmen to engage in armed encounters and to fire at or ram
Britain.
to
.
that he was then "inclined to think" that steps
submarines at sight, addressed to
as
than 20 years, were in a fuller sense world wars than the
more
first
to
strange to
not
armed
one
ing out of the French Revolution and the Napoleonic Wars, which together
lasted for
taken
as to say
ing" the protest in the case of the Lusitania.
em¬
mischievous
as
This impression is indeed explicitly stated in at least
volume bearing the title
far
"carrying munitions of war," but that he was "sorry to say" that he
not see how this
which it was
erroneous
founded
obviously
statement,
President Wilson did not controvert.
even went so
results
Bassett
This
arms."
her
sense,
it
John
.
the fact that she is armed raising the presumption that she will use
.
.
Life and Letters," vol. 5, p.
*
war.
by whether she resists, or not, but by whether she is armed or not
not
he
2169
in
machine
tool
supplied the occasion for the current great upswing
orders
in
this
country,
modernization constitute the real
obsolescence
and the need for
reasons."
"Industry and War," W. T. Holliday,
Oil Co. of Ohio and Regional
Vice-President of the National Association of Manufacturers,
told the machine tool builders, according to the Cleveland
"Plain Dealer," "We can keep out of this war if we have
the intelligence and will to do so."
In
an
address
President
of the
on
Standard
world war," he had said in bygone days when the seas were infested with
pirates, the statement would have been unexceptionable.
1816, the Supreme Court of the United States held that
merchantman
was
to
be
regarded as
"an
open
a
But,
as
early as
belligerent armed
Merchants' Association of New York Initiates Movement
and declared belligerent,
Designed
claiming all the rights, and subject to all the dangers, of the belligerent
character."
1815).
(The Nereide. 9 Cranch, 388, United States Supreme Court,
sistently excluded during the late
In this the
war
H. H. Struycken,
con¬
armed merchantmen from its ports.
Dutch Government undoubtedly was right.
In connection
borne in mind:
with
this
subject two fundamental principles
corollary, that those who
use
to
be
them commit themselves and their prop¬
erty to the protection of that country.
whom Mr.
wrote
and Central America
to
Lansing then disagreed
on
On June 2, 1915, Mr. Bryan, with
the subject of armed merchantmen,
President Wilson that "the character of the vessel is determined.
John Lowry, President of the
New York, announced on Sept.
the
are
First, that merchant ships on the high seas are exclusively
subject to the jurisdiction of the country to which they belong; and secondly,
a
to
Increase Exchange of Commodities
United States and Countries of South
On this principle the Government of the Netherlands, advised by
that great authority on international law, the late A.
as
Between
new
situation
that
has
Merchants' Association of
29 that in consequence of
been brought about by the
European War, the Association had initiated a movement
with 29 chambers of commerce and 58 important banks of
Latin
America intended to bring about an
increased inter¬
change of commodities between the United States and the
countries of South and Central America.
The announce¬
ment further stated:
The Commercial & Financial Chronicle
2170
The movement, which is an expansion of the trade opportunity service
We
have
the
Oct.
danger of falling too easily to the
carried on by The Association for many years, is based on the thought that
philosophy that what the borrower wants
because of the disruption by the war of ordinary sources of supply,
hear
will
turn
which
here
has
It
America
Latin
to
hitherto
been
for
certain
products,
mainly raw
America
materials,
impossible for the Southern countries
to
ship
profitable basis, and that these sales to the United States will in
on a
turn make it
possible for the Latin countries to increase their purchases of
borrow
to
himself.
whom
does
it
puDiics
individuals.
29 chambers
were
plan, The
Merchants' Association addressed letters
and
commerce
commercial
58
to
cities,
banks in the
leading
that
suggesting
South and
The
Association's
own
services
in
assisting
them
to
develop
specified
terms
upon
It is
the
nor
the
not
We
by
borrower
the
There is only
bankers'
community's
It
money.
is
the
always
is
it
money,
To
the
not
money
of
...
boom
speculative
be
can
financed
Control of speculation is an essential
through bank credit.
except
banking function and, if
necessary,
banks must be prepared to sacrifice profits and good will to control it."
opportunities
new
The present war in
and has placed at the disposal of these Chamber of Commerce
open
banks
and
the
of
American
deposits
belong?
money,
"No
In carrying out
bank
This is popularly called "liberalizing bank credit."
merchandise which they have hitherto been accustomed to get from various
Central
new
needs is all important.
or
important question to be answered about bank depositors' money.
one
manufactured articles made in the United States, looking to this country for
to
1939
of this
good deal of careless and uninformed talk about the inherent right of
a
people
European centers.
7,
pressure
Euope is likely to add tremendously to
the value of American farms, S. M. Waters, President of the
Mortgage Bankers Association of Americi, siid Sept. 30.
American contacts either for the purchase or the sale of commodities.
Mr. Waters added:
Dr.
Marcus
Nadler
Warns
That
Demonetization
Gold
Throughout World May Bring Loss to United
States as Result of European War—Address Before
New York State Chamber of Commerce
A
warning that demonetization
gold
of
The European conflict may have the most far reaching effects for owners
of
of
farm
true
was
of the
last
Values
war.
a
But,
now.
generally speaking, the man
undoubtedly has something
world resulting in huge loss to the United States may result
from the present European war was sounded on Oct. o by
Dr. Marcus
This
more
who
valuable than it
forecast of
owns
Nadler, Professor of Finance at New York Uni¬
address before the Chamber of Commerce of
an
the State of New York at the first fall meeting held
Great
Hall
States
probably would have the
65
at
Liberty
experience in this
same
that it had in the AVorld War—that it would become
exporter of commodities and have
of the world.
"If
this
ably will
If
world's
happens,
pay
add
we
He went
four
supply
how
will
We
or
five
of the
monetization
of
paid for
gold.
billions
Then
result
may
eventually
that
find
in
it
the
has
which
matter
European
de¬
commodity which has lost its original
war are
would he
side
Byron T. Shutz of Kansas City was elected 1939-40
President of the Mortgage Bankers Association of America
at the business meeting held Oct.
5, succeeding S. M.
Waters of Minneapolis.
Reduction in
victorious, the effects of the
bound to be serious, Dr. Nadler said. The
Mr. Shutz, not yet 40
old,
years
Taxes is the Vital
Process by Which the
and
social
upheavals
number of countries.
a
Po¬
far reaching than those
which followed the World War could come from the
present
conflict, he said.
The United States could legislate any
more
neutrality law it desired, but it could not isolate itself
spiritually or prevent the penetration of foreign ideologies,
Dr. Nadler declared.
"The
problem
which
it
will
survive
role
that
man
for
respect
this
leaders
and
the
stands.
in
this
In conclusion he said:
the
of
thinking American,
and
Former
its
to
of
This
love
and
of educators, and of every
therefore, is to instill a deep-rooted
form
of
respect
government
must be
country regardless of the
and
everything
ingrained
so
outcome
in
of
the
war,
that it
or
the
ventures
new
because
in
was
the
True
Advises
that
Small
Loans
Be
Company Mortgages
—Speaks
Before
Mortgage Bankers Association
Convention
in
Detroit—American
Farm
Land
Values Due for Rise as Result of
Says Dr. W.
European War,
Murray—Banks Warned by J. M.
Aiding in
Speculative
Boom—-
G.
Against
Remarks
of
S.
M.
Waters—B. T.
Shutz
Elected
States
advised
members
of
the
Mortgage Bankers
Association of America at the
opening session of their 26th
annual convention in Detroit on Oct.
4, to "broaden their
horizons" and seek new subjects for loans.
"Otherwise,"
face shrinking profits
he
declared, "you must continue to
and smaller portfolios in the hands of the lenders whom
you
have so ably represented in the
past."
In opening the
Convention, S. M. Waters, President of the
may
be restored to its former
can
directly, but
Business
because
depression which may fairly be called
a
a tax
depression.
taxation falls not only on those who pay
.
.
.
do not dare increase pay rolls or take risks in new ventures
one
foretell
can
For taxes
taxes.
onerous
the millions who suffer indirectly.
on
men
no
first
come
what
a
as
may
charge
happen to
item of expense—
one
the operation of every business.
on
Excessive taxation operates as a brake on the machinery of
industry, which
prevents expansion and reduces the creation of wealth from the combined
efforts
of capital
Hence these eight
and labor.
of effort
years
and
the
expenditure of billions of dollars taken from the txpayers unemployment,
remains
today practically
serious
as
as
it
was
1932.
in
...
Government gets the money to carry on from the taxes.
there could
United
what
by which the economic lifeblood of the
vigor."
The address of Joseph M. Proskauer, released
by the
Merchants Association of New York, follows in part:
President
Declaring that industrial and special-purpose lending by
insurance companies is sound and economical and is destined
to take its place as a supplement to
public financing, Wallace
W. True of the Equitable Life Assurance
Society of the
foretell
can
process
America is still in
Industrial
one
1932, he asserted that reduction in taxation "is
vital
nation
during the war."
Financed Through Insurance
"no
happen to the one item of expense—taxes."
Pointing out
that after eight years of huge expenditure by- the Govern¬
ment unemployment remains today
practically as serious as
it
business,
woman,
democratic
country plays
Dodge
'
Joseph M. Proskauer, former Justice of the Appellate
Division, speaking on Oct. 4, over Radio Station WMCA in
the "What Helps Business Helps You" Campaign declared
that business men do not -dare increase pay rolls or take risks
The ultimate burden of
W.
Vigor—Says Former Justice Joseph
Proskauer
M.
a
lead to the industrialization of
litical
W.
drop.
agricultural
our
he said.
economy,
is
great destroyer of wealth, the speaker said.
He predicted that if the war were of long duration it would
for
disruption of
Economic Lifeblood of the Nation Can be Restored
No
love
serious
a
been
value."
war
create
Buffalo, N. Y., was elected Vice-President
Mr. Shutz is
Executive Vice-President and Director of Herbert V. Jones
& Co. of Kansas City.
metal
a
would
is the second youngest man ever to be elected head of the
Association since its founding in 1914.
Dean R. Hill of
foreign
to
in
He warned, however, of the potential danger ahead if a
sensational rise later creates an
equally rapid
monopoly of the trade
a
the United States will
exports
war
huge
months ago
nations pay us?
They prob¬
hold about 17 billion dollars of gold.
our
stock, this maldistribution of the
the
now
monetary
war-time
its
a
to say:
on
in gold.
us
in the
Dr. Nadler said the United
St.
by
were
hat to
as
farm today
a
three
was
too
versity, in
increased
Conditions then
considerably different and it is still too early to make
expect
throughout the
that
property,
hundreds of milliors of dollars between 1918 and 1920.
be
organized government.
no
Without taxes
We must have certain govern¬
mental services—law courts, military, police and fire protection, promotion
of public
health, education and roads.
The needy must be taken
care
of.
But all of these things together account for only about two-thirds of what
What about the rest of the billions that
spends.
government
being
are
poured out ?
Over the years there have been grafted onto the basic essentials of
gov¬
ernment, scores of new activities—some of them desirable if
them—all of them expensive and costing
They
the
buying
ductive enterprise.
power
The i
little savings
too
of the taxpayer
has
been
diverted'
a
year.
ivould
turn,
mean
rom
ncome of all of lis has to that extent been
available for that
expansion
which
employment of labor and increase in the purchasing power.
in
could afford
mean more taxes.
Thus
with
we
nearly six billion dollars
renewed
increase
in
the
pro¬
diverted,
means
gainful
That increase,
production of wealth and
Association, expressed the hope that members of the Asso¬
ciation would lend every effort to avoid
seeing the United
absorption of the unemployed into gainful employment.
States^ become entangled in the
It is the vital process by which the economic lifeblood of the nation
attention
to
the
fact
that
war
25-years
abroad.
ago
the
He
called
predecessor
organization of the Association held its first convention in
Chicago as the last European war was beginning.
A rise in American farm land values similar to
that ex¬
perienced in the United States as a result of the last European
war
can
be
expected
now
Dr. William G.
at Iowa
But he added that
a resultant decline is
He said that it may be necessary
to pass legislation to
discourage the entrance into the land
land market of those whose
only motive is to
also to be expected sooner.
buy and then
higher price.
With a warning to banks that
they had best be on their
guard to see that any speculative boom in the future should
not be financed with bank
credit, Joseph M. Dodge, President
of the Detroit Bank, of Detroit,
Mich., told members of the
bank and trust company division of the Association
on
Oct. 5 that they must realize that profits must be sacrificed
sell at
a
to avert
another unstable boom.
Speaking
Lending and Banking," he declared:
restored to its former vigor.
national
unemployment fall.
is
a
The slogan of the
literal truth:
be
1
Every American citizen should make clear this view
Congress.
rich.
can
By it the national income will rise and the
What helps
organization
under
business helps
to
the
leaders
whose auspices
in
I speak
you.
but it will appear much sooner,
Murray, Professor of Agricultural Economics
State College, at Ames, declared on Oct.
4, at the
opening session.
Reduction in taxation is nofsolely or chiefly for the benefit of the
,
on
"Mortgage
George A. Sloan of Consumers' Goods Industries Com¬
mittee Finds That Despite Price Advances in Raw
Materials Many Manufacturers Have Not Increased
Selling Prices
A determination to avoid
in
pricing
policies
is
any
reflected
semblance of
war
in
of
a
survey
hysteria
important
manufacturing
industries was announced on Sept. 30 by
George A. Sloan, Chairman of the Consumers' Goods Indus¬
tries
Mr.
was
Committee.
For the past two weeks,
according to
subcommittee of this voluntary group, which
originally formed in Washington in 1934, has been
Sloan,
a
studying the problems arising in many industries that are
facing price advances in raw materials which they must
purchase
for
the
manufacture
of
consumers'
goods.
making public the individual reports Mr. Sloan said:
In
Volume
these
Despite
not
The Commercial & Financial Chronicle
149
material
raw
price
advances
many
"I
have
manufacturers
slowly and
very
minimize these
to
increased costs in
their
Continuing, Mr. Sloan said:
There
is
difference
notable
a
in
for
causes
recent
Steel
jute and cocoa have been
condition."
"War
subjected to substantial price increases
22%
these advances,
price;
in
similar
needed
and
Among
P.
20%,
rye,
farmer
is
in
now
of
cost
since Aug.
raw
but
demand and price.-':'--y
Scrap rubber has
1.
gone up
price
in
replacement
difficulty
possible
and
-7,. 7-7;'
Dutch.
the
getting
in
demand and
in
improvement
look
for
The
exact
ships
wage
of
President
New Ycrk :
glad
to
see
:
-
Standards Act.
for
tion,
this
;
barely cover replacement costs.
cotton farmers benefit from the
basic raw material.
to
are
be expected,
the manufacturers of paper and
attempted in current business transactions to
in
their
current
asking
since
The
Homes
&
increases in
I
,
;'-77.7■ 777,7.7/7i;V..,.7,
declared in Europe.
We might almost call this a permanent
,r.
We need to plan now so
flow of building
trades labor. 7
\\ ■ ;7V7■7/7-1 ■ .-■ 7.-7.77
that acceptable temporary accom¬
7'7
in the event of
will
be
777,-
7' 77,■777
7 ■
1.77 77"!' 77, 'i 7^ 77.7 '"'7'7
which will faithfully reflect
and normal values rather than acute shortage,
costs
current
housing, on fair prices and an uninterrupted
material and an adequate supply at fair wages of building
The maintenance of rental levels
Fourth.
r
...•7>-;
•-
•-.■■'
777:'
-
'r
■
,..,.,7. v.,,-,
in
♦—■—
7,..
77 .*-7 7,7-•
-■ -7
'7 7 > ht-.;.';
7-v -
York Fund Reports $3,424,986 Received
Annual Campaign—T. S* Lamont and
Strauss
Elected
Members of
Executive
New
Second
I.
J.
Committee
The Greater New
treasurer,
been
otherwise it
impossible to avoid either the demand or the necessity for rent
control legislation.
' 77?." -"777 ?'?7'7??'?
777-;7./"--i:
York Fund has announced through its
Junius S. Morgan, that a total of $3,424,986 has
second annual campaign for supple¬
received in its
mentary
money
needed by voluntary health and welfare
Hundreds of business organizations
agencies in the city.
employee groups throughout the five boroughs, it is
Common Cause" as contributors
7'. '?'■?
?.?,
???,7 '.'7. .???
of J. P. Morgan and Co., and Jack I.
Strauss, Acting President of R. H. Macy and Co., have been
and
stated, joined in this "One
and supporters.
'
Thomas S. Lamont,
Institute
Re¬
the profits and employment of any type ot
drag us into war."
V *••'**In United Press advices from Pittsburgh on that date Mr.
Weir was further quoted as follows:
^
'
committee of the Fund.
board of directors' meeting on
elected members of the executive
The announcement
followed
a
Sept. 28 in the office of James G. Blaine, President of the
Fund and of the Marine Midland Trust Co.
Both Mr.
Lamont and Mr. Straus were active as members of the 1939
campaign committee.
Mr. Straus also acted as co-
merchandise division.
of directors also appointed
chairman of the
The
board
advisory committee to
up
:
fourfold.
It must be met.
Greater
.
Low-Income Families Nears 7
fair interest rates for financing
>
indicating his opposition to the lifting of the arms em¬
bargo, Ernest T. Weir, President of the American Ron &
Steel Institute on Sept. 25 warned that American industry
"give
for
appreciable increase in worker population.
77';-, 7;'7-r-'7:/"7
Third.
Success in any of these directions must depend on maintaining
In
must
Re¬
of dwellings for low income and wage earner families
Fund
business that might
Prevent
any
pulp have not
Opposed to Lifting of Arms Embargo—Would
tain Neutrality Law Without Change
to
modations may be available in our industrial communities
in consump¬
Iron & Steel
Program
am
problem is
need.
7-":?
has warned manufacturers of these
individual efforts, purchasers are
pressing their normal and speculative demands.
The results, so early in
the development of the war, are wholly unreal to manufacturers, for they
realize that the influences of war conditions are not yet actually manifest.
American
Outlines
following regarding Mr. Weinfeld's four-point program
before war was
topple.
of
finished munitions.
the available supply
consumers
Weir
Weinfeld
force of which
recent
Every association in the industry
conditions.
But, despite their best
President
any
First let me emphasize again with all the
capable that we face an insistent need for increasing
Our
Textile
reaching heights
of more than 200% of normal in many grades.
Such a demand is recog¬
nized as abnormal and as of short duration.
In spite of the opportunities
that such a demand creates, the industry has done everything in its power
to slow up speculation and at the same time allow merchants and convert¬
ing companies to replenish their stocks to normal.
The domestic industry is amply equipped to manufacture paper to any
reasonably expected level of consumption.
In spite of current # difficulties
in obtaining overseas wood pulp supplies, there is not, nor can there be,
any substantial shortcoming in the ability of the industry to meet actual
increases
in
consumption, especially such increases that in amount in
grade after grade reaches to more than 200% of normal.
This amply
testifies to the presence of a speculative market and, furthermore, to the
assumption that a top-heavy situation is being created that is bound
to
belligerents of
product from our shores.
All business should be on a cash and carry
7.:77' 7.77^;.:f'77"7':1 7>;
7/
7,-777- -fAv:"7:7.77 -,;t
Second.
.
to
is from his address:
offset expected cost increases
prices.
which will permit immediate correction of their
standard homes.
positive evidences of shortages are not yet visible.
Moreover, the demand for paper has been abnormal,
'•
Congress should
shortage of decent homes for low income
urged 1 four-point program to prevent a re¬
petition of the World War housing chaos.
Mr. Weinfeld
spoke at a luncheon held in his honor at the Hotel Com¬
modore, New York City, by the Citizens' Housing Council.
Reports to the Division of Housing, Mr. Weinfeld disclosed,
indicate less than 3.6% vacancies in low-rental dwellings in
cities throughout the State which he said is to be compared
with the accepted normal rate of 5%.
He estimated that
1,000,000 familes in New York State are now living in sub¬
faced in the past three weeks serious tempta¬
and merchants have expected substantial price
increases due to the fact that large percentages of the wood pulp required
in domestic manufacture of paper must come through the tide-water areas
tliat are believed to be blockaded as a result of war conditions.
Deliveries
of overseas shipments of wood pulp are definitely more costly, although
for most
.
families and
Paper manufacturers have
tion,
.
.
ing an actual
goods have been
in addition to anticipated increases
purpose,
in America
still many other materials not included under the arms em¬
are
of
In this instance current
in view of the certain
Pulp Association, New York:
Recognizing that purchasers must build up stocks and that
orders
possible
Pointing to the housing crisis of the last war, Edward
Weinfeld, New York State Superintendent of Housing on
Oct. 2 warned that State municipalities are rapidly approach¬
rapid
Executive Secretary American Paper
Charles W. Boyce,
''77 .7
petition of World War Housing Chaos—New York
State Superintendent of Housing Says Shortage
and have to be measured against preexisting prices,
which, generally speaking, were far below the actual cost of manufacture.
The industry is optimistic as to the outlook for the next few months,
are
7-7
materials which can still be sold to waning nations under the
Edward
Cotton-Textile Insti¬
considered, increases in the price of cotton
improvement in the price of our
■
basis."
extremely moderate
manufacturers
:'•7.7\.7\; 7'7,7'7\7. '77
Weir opposed shipment
"There
on
although prices in some branches
;
emergency."
raw
goods
costs would be quite meaningless
will go into effect on Oct. 24.
things
;
.
bargo that will be in demand from foreign countries," he said. 7 "Even ip
I am opposed to American ships transporting any type
increase which
All
,
this case, however,
,';'v7J '■"'•:7;';7
picture is difficult to obtain because of the wide and
have taken place in the raw
cotton market
rates under the Fair Labor
replacement
,
.
do most to insure peace and preserve democracy by demonstrat¬
with safeguards
Mr.
to
which
The effect
1.
peace.
Neutrality Act should be done only on a cash and carry basis, he said.
manufacturing costs depends upon whether the
individual mill covered requirements at the higher or lower levels. > The
situation is further clouded by the forthcoming inauguration of higher
Sept.
worthy
(Congress) should surrender none of its powers.
Those
tute, Washington:
fluctuations
can
powers
a
employment is fair.
Murchison,
T.
Claudius
the consumers'
a
The Old World methods have produced nothing
abuse."
phase of our business, such as
refrigerators, ranges, &c., the period of time since the end of August is
too short to figure on cost increase, as our materials for work in process
have all been provided for.
As to new business, of course the price of
copper has increased, and this may be true with steel and other material.
However, the prices of our manufactured product so far have not been
increased.
The increase in our business is continuing and the outlook for
to
respect
71 >..v,'
about the same percentage.
0their
Our manufactured
Gerard Swope, President General Electric Co.,
With
•.
personally," he declared.
explicitly limit the duration of such powers, and it should surrender such
:"7 77
.;
Allies,
grant discretionary powers to anyone only with extreme caution, it should
bring crude rubber to this
country if the war drags on.
The supply of rubber in the primary mar¬
kets is potentially adequate, but is artificially regulated by the British
the
Only
7
,
increased about 30%
rubber, has
We
costs.
with the
bring about
'777'77'V-'
.7
wars.
out this
The
of mechanical rubber goods has just been increased to partly offset
increase
through heavy inventories and high prices,"
He declared that he believed Congress should be kept in session "through¬
somewhat moderate
increase and
improvement in demand and employment in our industry.
Our chief concern is increases in ccean freight and war risk insurance and
the
:'
'■
without the loss of either security or prosperity to our people.
tires have not reflected any increase in replacement costs.
on
7/"
•
ing to the world that both peace and democracy are
made public by
commodities have advanced, but not to the same extent.
prices
sympathizer
strong
a
"We
77
crude
material,
\
;/•••, '7
States to find that way.
"It
our
'• "'7:' ,;-v7".
v
"If there is any way of preventing war in the world, it is up to the United
oats, 9y2%.
In these and
in a position to realize a long-
Akron, Ohio:
The
7-.V
"But I favor the long range effect of United States staying out of war and
Litchfield, President Goodyear Tire & Rubber Co.,
W.
.
produces anything healthy; there's a collapse when the war
in the end trying to
has increased
the following:
were
"I'm
and
individual reports
tlie
of
days,
7 "7.;
7
never
Mr. Weir said.
industries utilizing domestic agri¬
advanced in price.
As illus¬
during the past 30
improvement
some
Sloan
Mr.
22%;
corn,
the American
cases
deferred
wheat,
,
t
about 10% of the present steel production is entering war trade channels,
have materially
which
commodities
of
trative
in those
problem arises
facturing cost
\
he said, adding that at present there was no danger of such a collapse.
beyond the control of our domestic trade.
cultural
Chairman of the Nationali(
is ended and losses are incurred
for reasons growing out of the
shortages
into the war," said Mr, Weir who is
Corporation.
stimulating" to the steel business, but declared that it was "not a healthy
European war and obviously
Another factor found in 6ome
of the replies is the increase in costs and shortage of ocean freight and
the great increase in war risk insurance costs.
A still different manu¬
or
muni¬
interested in business; what we are interested in is thet we
are not
Mr. Weir admitted that the present European conflict was "tremendously
material
raw
"The United States should at no time manufacture direct
don't get
For example, imported commodities such as wool, rubber,
price advances.
leather,
the
"We
!'^7':;7
■
much opposed to any change in the present neutrality law,"
very
tions for sale to any country whether they are at war or at peace."
respective
price policies.
In some industries,, notably in certain branches of textiles,
an
unprecedented demand has stimulated production and has had a buoyant
influence on prices which heretofore were below cost of production.
go
am
he said.
The general trend has been to
their selling prices.
yet increased
as
2171
;
the
,
r
following
make plans for the 1940 camapign:
Francis D. Bartow, Fred Berry, James G. Blaine,
John
S. Burke, Benjamin J. Buttenwieser, Frederick H. Ecker, Leon
Eraser, Walter S. Gifford, Walter P. Holcombe, Henry Ittleson, Arthur A.
Johnson, Thomas W. Lamont, George MacDonald, Albert G. Milbank,
Thomas I. Parkinson, William C. Potter, Joseph M. Proskauer, John M.
Winthrop W. Aldrich,
•
Schiff, Alfred H.
Arthur Hays
Schoellkopf, Edward R. Stettinius, Jr.; Percy S. Straus,
Sulzberger, Thomas D. Thacher, and
Paul Felix Warburg.,
2172
The Commercial
<$ Financial Chronicle
Minimum Wages Set for Pulp and Paper Manufacturers
by Secretary of Labor Perkins
given to
Secretary of Labor Frances Perkins
mum
Government contracts at 35 cents
cents in
West
West, and 39 cents in the North and Midall such contracts for which bids are
after Oct. 15, said Associated
Presp advices
apply
solicited
on
I thank you sincerely for
to
or
convention
Labor
Contracts
in
and
recommendations of
the
Board
of
Public
establishing
She
reduced
board
for
Rhode
39
to
the
cents
40-cent
Colorado, Wyoming,
Coast
tral
American
States
zone
Hampshire,
minimum
completely.
Vermont,
Montana, Idaho, Utah, Arizona,
annuated
Paper and
should
and
been shown
Nevada and
Pulp Association had argued
be grouped
the
sofid
a
Dis¬
united
industrial
inspired by
convention
labor
interests
movement
of
the
a
back home and settle differ¬
come
sensible, honest and fair way.
In doing
a genuine desire to establish here in America
through
workers
which
of
the
the
economic, social and
Nation
be
can
fully
and
Northern
and
Southern
and
that
a
I will transmit to you
promptly such decision and such action as conven¬
tion may take later upon both
your communication and report of executive
cen¬
regions.
council dealing with the
a
Congress of Industrial Organizations.
Bohn Aluminum & Brass
Roosevelt
Sends
Federation
James F.
Plea
of
for
Labor
Peace
Labor—William
to
appeal to
the Federation and the
Congress of Industrial Organizations
to end their labor dispute.
In urging that they renew
nego¬
tiations 'hmtil a sound negotiated basis of
peace between
the labor groups is reached and
agreed upon," the President
expressed his faith in the labor leaders in both camps to do
a
which will make it possible for
peace
play its full and
generous
part, along with other
groups and interests in solving our pressing national
prob¬
lems in this .time of stress and
emergency.
The President's
message was read to
the convention by William
Green,
President of the A. F. L.
The President's
message as given
in the New York "Times" of Oct. 4
follows:
on
Company
a month's duration.
Cleveland advices of Oct. 5 to the Associated Press
said:
a
message to the 59th
annual convention of the American Federation of
Labor in
session at Cincinnati, Ohio, in which he made an
this and to make
conciliator announced
5, the settlement of the United Automobile Workers
(C.I.O.) strike at the Bohn Aluminum and Brass
plant in Detroit* after
Oct. 3 sent
on
Corp. Strike Settled
Dewey, Federal labor
Oct.
Green
Ready for Peace Talk
President Roosevelt
to
family of labor in
this we have been
far.
American
labor
within the
tolerance for apprentices and for
super¬
workers.
Mies Perkins said no such need had
handicapped
President
to
We have invited those who left the American Federation
of
Labor to return; we have urged them to
ences
that the Pacific
with the Northern states
between
argued the need of
so
of Labor
completely served."
be established
It also had
Federation
It will be read to
mailing you copy of
am
follows: "Our committee still stands clothed
with authority to function,
resume negotiations when it is accorded an
opportunity to do so.
We have opened the door of the American
Federation of Labor wide and
Columbia.
of
The
I
as
New York, New Jersey,
West Virginia, Ohio, Indiana, Michigan,
Wisconsin, Illinois, Missouri, Iowa,
Minnesota, North Dakota, South Dakota, Nebraska, Kansas, New
Mexico,
trict
dated Sept. 30.
ready to
recommended by the
Massachusetts, Connecticut,
Pennsylvania, Delaware, Maryland,
Island,
New
your letter
partial reply thereto
especially direct your attention to last paragraph in said
report which reads
South
Maine,
a
by committees representing American Federa¬
Congress Industrial Organizations during past year.
I
tion of Labor and
California and
Carolina,
As
upon negotiations carried on
Secretary followed
the 50-eent hourly minimum for Washington,
in setting the 35-cent minimum in Virginia,
Carolina, Georgia, Alabama, Tennessee, Kentucky,
Mississippi, Louisiana, Arkansas, Oklahoma, Florida and Texas.
Oregon
North
today,
of executive council American
report
Washington Oct. 4, which added:
The
help and friendship which
Mr. Green after reading the President's
message also read
his reply to Mr. Roosevelt's
message which we also take
from the "Times" as follows:
on
the South, 50
the Far
to
from
hour in
an
7, 1939
American Federation of Labor have
I return your friendship and thank
you for your help.
me.
Oct. 4 fixed mini¬
on
for the paper and pulp employees at work
wages
Oct.
In closing let me say that I
appreciate all the
the membership of the unions of the
Terms
of
settlement, he said, included
with pay, a wage increase of five cents
nition clause
a
basis for
an
handling shop disputes.
week's
one
vacation
annually
hour for night work and
stipulating that the union and
a
recog¬
company cooperate to establish
The strikers had demanded
a
union
shop.
"This company produced
possibly 90%
craft industry," said Mr.
of the bearings used by the air¬
Dewey, "and the strike
industry.
The
(Crippled much of that
It affected production of aircraft for national defense."
mediator
said
that
agreement
reached
Oct. 4 in a telephone
himself, in Cleveland; union repre¬
Detroit, and company officials and Assistant
Secretary of
Labor McLaughlin in Washington.
conference in which participants
sentatives
was
were
in
Previous reference to the Bohn Aluminum & Brass
our issue of Sept. 23, page 1847.
strike appeared in
Corp.
H
Please extend my warm personal
greetings to the delegates to the 59th
annual convention of the American Federation
of Labor and
my regrets
that I cannot avail myself of your kind
invitation to attend because matters
of national concern make it
imperative that I be in Washington.
These are trying days for the world and
the international situation also
brings problems to all of us here in the United States.
It
to
labor,
brings problems
well
bankers and industrialists and
government officials.
When we see Europe in a war which
may cost many lives and
imperil civili¬
zation itself, we may well offer thanks to
God for the peace we have on
this
continent.
It is the duty of each of us to leave
nothing undone to promote
the continuation of that peace for
us, our children and our children's
children.
Peace, like charity, begins at home.
as
to
as
Perhaps the highest service
demonstrate that
our
personal
Americans
we
liberty,
our
can
render at this time is to
democratic ways of life,
our free
Washington
us to
disagree among our¬
things without bitterness and find
quickly the means of
settlement and adjustment of
controversy when it has gone far
enough.
A
over
many
world emergency such as the
present gives us
of
democracy and liberty.
new
realization of the
blessings
In the presence of these
blessings and in the
face of this world necessity we must
adjourn our small grudges, our differ¬
ences, and find the way to peace and
good-will within our borders in
every
department of life.
So we become a free and
fearless nation with
people
of all shades of opinion and walks of
life
united in common
maintain and to practice and to
protect this American
purpose
settled
Dispute
Ended
Oct. 3.
The
A.F.L., was
dispute had interfered with work on
Security Board and Census build¬
ings.
The
"Washington Post"
Charls
Bell, teamster's union
on
Oct. 4, said:
business
agent, claimed on Oct. 3 that
four other companies, dealing in
premixed concrete, are negotiating with
the truck driver's union for contracts to
replace those they now have with
the engineer's union.
He said the truck driver's union, Local 639 of
the Internatioanl Brother¬
Teamsters, will accept drivers now members of the engineers' union.
hood of
The jurisdictional conflict led to continuation of
strikes after the struggle
between the drivers and District builders
week.
A
submitted
was
The arbiter's decision is expected Oct. 4
meeting here
(on
October
23)
between
or
the
to arbitration last
following Thursday.
Dan
Tobin, president of the
International Teamsters Union and John Possehl, head of the
Engineer's
International Union, is expected to discuss jurisdiction over
15
types
of
equipment.
to
way of life.
Labor's development of status in our
economic and industrial life
by free
trade-unionism and sound constructive
relations with employers is one
of
items we want to maintain.
There never has been a time
when there were
so
many negotiated
working agreements between
organized labor and
employers.
There never has been a time when
the rights of labor and the
minimum necessities of
working conditions were so well protected
by statute.
The American people
generally have nothing but good-will
toward labor
and in the domocratic
process of legislation
by elected representatives have
participated to achieve this standard.
Jurisdictional
construction of the Social
representative government, make it possivle for
selves
Truckers
The jurisdictional
dispute between the truck drivers union
and the union of operative
engineers, both
.
A second
mitted to
juiisdictional conflict involving the teamsters' union
District Court Justice Goldsborough
The court battle
block
over
an
order
arose
of the
out of the
American
on
was
sub¬
Oct. 3 for decision.
fight by the brewery workers union
Federation
of
Labor giving
to
jurisdiction
beer truck drivers to the teamsters' union.
A previous reference to the
Washington truckers strike
appeared in our issue of Sept. 30, page 2018.
,
Nash Motor Workers Strike
If
we desire peace and
good-will in the world we must learn
to practice
these in the small and
large things of our own life. The
continued conflict
and separation in the labor
movement can hardly be
overlooked, in these
days, when discord in any group is so
harmful to world peace.
The joint
committee which was appointed
by your body and by your
sparated
brothers in the Congress of
Industrial Organizations
has,
I know,
done
faithful and effective service to
promote reunion and
negotiate a practical
and sound peace in the labor
movement.
I take this occasion to thank
the
members of that committee and the
two organizations which
they represent,
for the intelligent and
persistent efforts toward
peace and to congratulate
them upon the substantial
progress made.
sound negotiated basis of
This
must be continued until
upon.
the
at
in its convention
the search for
mines,
an
factories
a
little later, to
accord.
and
The
stores,
men
in
Congress of Industrial Organizations
continue
wholeheartedly and generously
and women
the
working daily in the mills,
transports, want this accord
The
American people want it and will hold
in honor those
whose insight, courage
and
unselfishness
I
can
hope that you
effect
will let
it.
me
hear
from
you
that
the
progress
made will be continued and that
your committee is
prepared to
negotiations and continue them until
a
settlement is reached.
already
renew
Workers, Congress of
Organization affiliate, at the Nash-Kelvinator
Corp. plant at Kenosha, Wise., went into effect Oct. 1. The
strike was called the day before because the union
resented
Industrial
the
the
"adverse
attitude" of the company's
counsel, who was
negotiating with the union over a proposed labor contract.
Reporting the strike special advices from Kenosha to the
"Chicago Tribune" of Oct. 2, said:
The surprise strike kept 3,300 Kenosha
plant workers
a
peace between the labor
groups is reached and
If it is hard to
continue, it is all the more a
challenge to the
members and leaders of these labor
bodies—to their capacity to serve the
workers of America—to their
capacity to put aside pride and
self-advantage
in patriotic service for
national unity in this time of
trouble and distress.
I have faith in the
capacity and intention of lank and file
wage earners
and labor leaders in both
camps to do this and to make a
peace which will
make it possible for labor to
play its full and generous part,
along with othe
groups and interests in solving our
pressing national problems in this time
of stress and
emergency.
And so I ask you, as I shall
agreed
A strike of the United AutomobiJe
in
idle, and resulted
closing of the Seaman body plant in Milwaukee after 2,800
employes had
The Seaman plant is a unit of the Nash
company.
reported for work.
When the assembly line here is closed,
Milwaukee.
Negotiations for
there is
no
need for bodies from
between the company and the C. I.
O. union
were started last Tuesday and had
progressed so that only a few minor
a contract
differences remained
was no
to
be
adjusted when the strike
walkout because the plant is closed
was
Saturday under
called.
a
There
five day 40-
hour work week schedule.
When negotiations were broken off, both sides had
agreed to
hours of work in any scheduled work week, and the
of 24
agreed to increase the minimum wage rate for unskilled and
five cents
a
guarantee
company had
an
hour.
This would
mean an
hourly wage of 65
common
labor
cents for women
and 75 cents for men.
After C. I. O. leaders called the strike the aroused
management an¬
nounced that it, too, had a grievance and henceforth no
settlement would
be accepted which does not guarantee the
company against
sabotage of
machinery and automobiles.
The management also demanded
that C. I. O.
leaders place and keep a curb on radicals.
Volume
The Commercial & Financial Chronicle
149
The National Sugar Refining Co.
After
The
Labor
National
Contract
Sugar
Resumes Operations
Signed
Is
Refining
Co.
resumed
City, Queens, after a six-week shutdown, which began when
the Congress of Industrial Organizations demanded a closed
shop in addition to wage and hour readjustments.
The
company announced that it had signed a contract with the
union providing wage and hour adjustments, including
vacations with pay, but not the closed shop.
Two thousand employees returned to work at 8 a. m. on
Oct. 2, 1,100 at the Edge water plant and 900 at Long Island
City.
The combined output of the two plants is 7,500
pounds of sugar a day.
The contract signed provided that
in the event the United States became involved in
question of
the
war
might be reopened for readjustment.
wages
Ministers at
a private plenary session, was given as
United Press advices from Panama City, Oct. 2:
in
The
operations
Oct. 2 at its plants at Edge water, N. J., and Long Island
republics
their
position
Europe.
Inter-American
Press advices
the
the
of
scene
to
republics united in
extension
prevent
Western Hemisphere."
held its first
issue of
Panama
at
of
European
the
determina¬
common
a
the
to
war
A reference to the conference, which
plenary session
During
Brazil,
Sept. 30
(page 2013).
On Oct. 2 delegates to the
adopted and signed the Declaration of Panama
provides for a "safety belt" around the Americas to
conference
which
insulate the Western Hemisphere against the European war,
said
Panama
United Press accounts from
the
City, Oct. 2,
which also stated:
The declaration
G:15
at
p.
approved at
private plenary session which began
a
Committee for
the
Peace
of
Preservation
had
voted
unanimously to report it favorably.
The
declaration,
Mexico
of
inland
the
amidst great
the
far
as
as
dangers
war
concerned,
are
approved
was
applause from the delegates of the 21 American republics.
Immediately
signed
adoption
its
after
Colombia
Ohile,
the
Therefore,
declaration
far
its
the
by
other
and
to
plenary
resolutions
by
delegates
the
session
voted
ending
them,
inside
wide "neutral" belt extending in
a
be
will
sea
activities
of the
forces
acts
provisions
miles
600
as
belligerent
drawn
within
outlawed
around
its
the
belt
and
passenger
and
freight
nationality, will be immune from attack while
land,
All
places as
some
World
New
the
area.
warring nations will be barred from
the
ships,
regardless
There
important than
:--"y
on
trality" which
declaration
and
larger
as
more
adopted a "common declaration of neu¬
formulas for the conduct of all American
common
rights and obligations toward belligerents.
long-range economic program for cooperation among the American
republics for development of trade to cushion the economic effect of the
war on the nations of the New World was adopted.
Declaration
Other resolutions approved at
toward
adjournment
declaration
of
carried
conference
afternoon,
tomorrow
reaffirming
solidarity,
joint
The
the
declaration
included
of
Lima
a
out
strengthen
peace
isolation
The
pledged the American republics to
and harmony in the Western Hemisphere, not for purposes
but
the
in
interest
boundaries
outermost
universal cooperation.
of
the
of
"safety belt,"
as
.
approved, correspond
exactly to those proposed by Sumner Welles, Under-Secretary of State and
head
a
United
the
of
line
drawn
southward around
United
States delegation,
300 miles
Atlantic side,
the
indentations
from
Sept.
a
26.
doubt
that
the belt would be off Savannah, Ga., and Pananja,
Chile,
and Arica,
on
the Pacific, because of coastal
project implies that each nation will patrol its own coast
the size of its fleet and resources of fuel oil and other
As
long
as
they
ments,
if desired,
for cooperative patrols
With the adjournment of
of the American coast.
those
from
waters
the conference the United Press
the
the New
on
economic effect
republics, and, in a "Declaration of Panama," to ring
"safety belt" inside which all belligerent activities by
neutrality of the Americas, to cushion the conflict's
their
coasts
nations
warring
All
World
with
the
a
would
speakers
at
be
outlawed.
the final
plenary session
in
the main hall of the
National
University stressed the Americas' solidarity in the present world
and Sumner Welles, Under-Secretary of State and head of the
States delegation, in a 15-minute broadcast to the United States,
emergency,
United
hailed
the
Panama
Declaration
attainment of the goal we so
lics
shall
remain
free
from
as
a
"far-reaching
contribution
toward
fervently desire—that the 21 American repub¬
the
horrors
of
war."
Minister
Carlos Mar¬
tins, Brazilian Ambassador to the United States, said that "America,
united in defense of its rights, will impose its pacific desires on a dis¬
united Europe and at the same time guarantee peace and freedom in its
Addressing the
Narciso Garay of
own
delegates at the final meeting, which Foreign
Panama declared adjourned at 5:35 p.
m.,
hemisphere."
interest
is
act
These
All
delegates
to
the
approved by the
inter-American consultation of Foreign
'
■J.v
Argentina,
individual
republics
which
bellicose
in
immediate
of
and
necessity
to
guarantee of
in
of
the
at
these
by
be
govern¬
American
republics
'
republics,
American
undisputed
the
as
right
to
belligerent non-American nation
continents
which
their
for
they consider
relations,
by land,
determined in
herewith
sea
the
whether
of
such
air.
or
following
specified,
■■■'-"■
the
v
manner:
the territorial
except
-r.A-.;.'■:% v
-
between
frontier
United
the
.
States
and
Passamaquoddy Bay, where the 44th degree 46 minutes and 36
West
the
crosses,
Longitude;
from
to
a
directly southward to
by loxodromical line
sec¬
degrees North Latitude;
20
point at
degrees North Latitude
5
Latitude
south to-to
a
point
from there by loxodromical line to
degrees South Latitude;
South
minutps and 11
degree 44
point at
a
to a
degrees West Longitude;
degrees
66th
there, directly along parallel 44 degrees
point crossing 66 degrees West Longitude;
there
58
[American]
the
the
have
any
utility
there
20
at
neutrality,
carried out
on
of North Latitude
at
protection,
limits.
point
a
seconds
24
bellicose activities
or
'
limits
at
from
in.
of
governments
direct
or
Canada
from
insist
to a reasonable distance
up
Canada, and of colonies and undisputed possessions of European
Beginning
of
republics
American
in which the said
the American
and
within
within
countries
onds
the
described will
waters
of
the
of self-protection and to
means
a
war
a
their
attempted
waters
waters
a
point
from there directly
Longitude ; thence
point at 80 degrees West Longitude; thence by loxodromical
line to a point where the Equator crosses
97 degrees West Longitude;
thence by loxodromical line to a point 15 degrees North Latitude and 120
degrees West Longitude ; thence by loxodromical line to a point at 48
degrees 29 minutes and 38 seconds North Latitude and 136 degrees West
to
The
2.
hostilities or those that may
procedure
The
will
in
wise affect
no
the
4.
111 '
they
measures
take
can
themselves to deter¬
collectively for the
among
individually
or
of obtaining fulfillment of the dispositions of this declaration.
American
The
republics,
long
as
there exists
as
state of
a
war
in
they themselves are not participating and whenever they consider it
may
decide
may
the individual
exercise of
governments of the American republics further declare that, when¬
what
which
in this
the governments actually par¬
participate in the future.
they consider it necessary, they will consult
purpose
of
resources
the
the belligerents of the dispositions contained
through joint representations to
of each State inherent in its sovereignty.
rights
ever
West
Fuqua
>•■'
ticipating
3.
degrees
thence
observance by
This
57
directly east to the termination in the Pacific Ocean,
Strait, on the frontier between the United States and
V-.v /'V'U iUT""''
'.U-governments of the American republics agree to make an effort
.
to seek
and
a
de
Jean
Canada.
each
individual
out
carry
mutual
through
one
collective patrols, whichever they
or
agreement
permit,
in
or
waters
as
far
the
as
adjacent
and
elements
their
to
within
coasts
already defined.
zone
The address at the
conference,
Oct. 3, of Under-Secre¬
on
State Welles relative to the accomplishments of
the conference was made available by the Columbia Broad¬
casting System and was published in the New York "Herald
Tribune'' of Oct. 4, from which we quote, in part, as
of
tary
follows:
Declaration of Neutrality
At
the outset
created—one
maintenance
by the
regular business session three subcommittees were
neutrality, one on economic cooperation, and one on the
on
of
the
of
The subcommittee
peace.
Minister
Declaration of
Foreign
of
neutrality was presided
on
Affairs of Colombia.
drew
It
up
over
general
a
Neutrality of the American nations, which was unanimously
adopted by the representatives of 21 republics.
No Belligerent
declaration
This
the
of
with
starts
American
a
law
the
and
Bates
premise that it is
republics not to become
It states the fairness of
conflict.
domestic
conduct
their
obligations
To
their
this
end
they
respective
agree,
territories,
belligerent operations.
enlistment of
the
the setting on
or
inten¬
the European
of
each
country,
the American
maintain their neutrality,
to insure
that their rights
as
fulfill
neutrals
duly respected.
are
for
neutrals, and
as
the unanimous
involved in
which, in accordance with inter¬
legislation
republics proposed to follow in order to
the
the
sea
air,
or
the
to serve in
on
that
from
they
being
as
arming,
establishment
by
of
vessels
armed
forces of
for belligerents.
belligerents
the
will
used
prevent
as
bases
their respective territories
a
foot of military expeditions in the interest of
fitting out,
permit
persons
things,
other
among
land,
They will prevent
of
radio
belligerent,
a
belligerent,
They will not
stations
the
on
territory of the American republics.
They will request all belligerent vessels and aircraft coming into areas
under their jurisdiction to respect their neutral status, and to observe their
laws
and
regulations,
and
the rules of
international
law,
concerning
rights and duties of neutrals to belligerents.
In case any
may arise, in the effort to insure respect for their position
they will,
under
in
they may,
if they
so
desire,
neutrals,
waters.
Neutrality agreed
bring together and place in
guard, the merchant vessels of
their
the
difficulties
as
if they so desire, consult among themselves.
The American republics in their general Declaration of
that
The text of the Declaration of Panama,
of
engaging
precedents,
governments
as
all hostile acts
hostile
national
During their 11-day meeting the delegates adopted measures to guarantee*
such
continental
adjacent to
primordial
tion
reported the following from Panama City, Oct. 3:
formula
a
on
declare:
of
maintain
free
conserve
however, for bilateral and multilateral agree¬
provides,
It also
as
the
considerations
measure
a
accordance with
expenses.
conse¬
A
participate.
and herewith
1.
Me.,
border.
dolorous
supported
or
from
hostile acts may be engaged
no
Mr. Welles recommended
point off Passamaquoddy Bay,
there.
The approved
in
sea
Cape Horn and thence northwestward to a point off the
States-Canadian
The widest points of
on
at
of
a
by participants in
these
resolve
and
declaration
solidarity
new
avoid
coasts
do not
necessary,
Solidarity
fatal
of American
their
regarding the humanization of war.
one
of
the
of
of Joint
the plenary session by the delegates, racing
presented
abstain
to
its
Governments
the determination that in their waters and
mine
A
the
from
influ¬
to have a greater
ratified
peace
■
declaration
a
is imperative
to
no
Longitude;
"-AA'AU0'U-;V;vU■•'/'''■
delegates
details
countries in their
the
Monroe Doctrine, and likely
the
history. .'A-,..;
Simultaneously, the
ence
interpreted
delegates
Ecuador
nations
dispositions based
is
declaration
the
of
and
suffer
upon
their
of
the
1
1914-18,
ought to foresee these dangers
at
route from one American
en
disturbs
repetition of the damages and sufferings experi¬
enced by the American nations and their citizens in the 1914-18 war.
all
engaging in belligerent
have solemnly
which
prudent distance from the American coasts.
a
it
urgent
air
and
and
sea
port to another.
Some
of
principle
belligerent
activities within
westward
parley's real labors and leaving only speeches for tomorrow's final meeting.
Under
War
seeking in
;
should not
V'
World
entreated
and
which in effect makes the Caribbean Sea and the Gulf
seas
happenings,
46 minutes and 36 seconds
was
after
m.
Panama,
reach unexpected derivations, which
affect the fundamental interests of America, it
may
proposals
Sept. 25, appeared in our
on
in
conflict
may
-'//'/A'
quences.
what was described in United
on
"a note of unprecedented harmony among
as
the 21 American
tion
Conference
Neutrality
Oct. 3
on
the
war
hereby declared that nothing can justify that the interests of belligerents
prevail over the rights of neutrals, causing upsets and sufferings of
peoples who, by their neutrality in the conflict and their distance from
For
The
City adjourned
meeting
in
follows
is
ments
Solidarity
America,
neutrals
the present
as
these interests
of Joint
of
as
But
by their gravitation
adopt
Adjournment of Inter-American Neutrality Conference
at Panama City—Declaration of Panama Adopted
Providing for "Safety Belt" to Safe-Guard Western
Hemisphere Against European War—Declaration
of Neutrality Also Adopted, as Well as Declaration
2173
a
belligerent which has
so
one
spot,
ventured
The Commercial & Financial Chronicle
2174
May Bar Submarines
the
of
vided that such transfers
that they are
resale to the original owner, and that the
of an American republic.
They also
not for eventual
takes
transfer
made in absolute good faith, under conditions
are
the
in
place
waters
and this again is very important, that tlie American republics may
exclude belligerent submarines from their ports.
They firmly determined
7, 1939
be of mutual interest and mutually desirable on the part of two or more
may
consider lawful the transfer
flag of the merchant vessel to that of any American republic, pro¬
They agree—and this is very important—to
Oct.
of the countries.
policy of neutrality.
The third relates to the establishment of a common
Hull thought, was virtually the same in its provisions as the
That, Mr.
neutrality proclamation Issued by the United States at the beginning of the
Both joint and individual efforts, Mr. Hull said, were con¬
European war.
templated in connection with carrying forward this policy.
agree,
maintain
to
close
order
in
contact
uniformity in so far as
bring into
to
possible the measures they adopt for the enforcement of their mutual rights.
Finally, the governments agreed to set up an inter-American neutrality
committee composed of seven experts in international law for the purpose
of
studying
iu
the
recommendations
making
and
regarding
light of experience and changing conditions.
committee
be
to
are
before Nov,
designated
Declaration
subcommittee
The
elaborated
the unanimous approval
declaration
This
that
states
publics,
so
long
as
entitled
to
have
next.
1
"The
as
which
declaration
received
continental
of
of
Panama."
self-protection
American
re¬
inherent right
borders adjacent to the American continent, which
those
their neutrality,
they retain
arc
of
as
direct utility, free from the commission
non-Ainerican belligerent nation, whether that
they consider as a primary and
of
harmful act by
any
hostile
be
act
defines
these
the
that
through joint
endeavor,
of
Canada
and
the
of
colonies
declaration
The
republics
representation to the
inter-American
customary
that
agree
and
will
belligerents, to secure
com¬
in order to carry out this procedure the
pliance with these provisions, and
republics have requested the President of
Republic of Panama to act in their behalf.
the
American
of the
representatives
Americas,
"British
surveillance
the
The
declaration
further
republics,
whenever
determine
upon
undertake
in
sets
force
they
the
consider
it
that
measures
order
will
necessary,
they
consult
individually
may
observance
the
of the American
secure
the
of
together
to
collectively
or
provisions
of
this
declaration.
And
the
finally, the declaration states that the American republics during
existence of
will
state
a
of
which
in
war
undertake, whenever they
may
the
waters
I
when
that
believe
the
time
Considered
to
we
to
comply with its provisions, the declaration
able
contribution
toward
desire—namely,
the horrors of
able
were
have
to
that
joint representation
attainment
21
our
of
more
than
will have made
which
goal
republics
subjects of such outstanding significance
shall
we
a
thorough
so
in
remain
free
as
unanimous
were
was
cooperation, that courteous consideration which marked each and
part to the extraordinary atmosphere of
the
by Argentina
Nor
is
Oct. 4 at Washington Secretary
of State Cordell Hull gave a detailed explanation of the
"safety belt" drawn around the Western Hemisphere south
press
of Canada
as
conference
called for in
Oct. 2.
on
being asked in the
name
of the conference to
refrain from hostilities within the safety area, said Mr. Hull,
who added that if they did not agree then the 21 American
republics would consult. The above is quoted from the New
York "Times", Washington advices of Oct. 5 from which we
also take the following:
At all times, he emphasized, the republics received freedom of individual
action and decision.
he
The declaration at Panama, which defined the plan,
abuse
an
agreement, not
a
treaty requiring legislative
...
On the question of national defense under modern systems,
Secretary Hull
told his press conference that the United States Government felt it very
desirable to patrol the waters off this continent and down to the lower end
of the Caribbean in order to see and
going
know, in the first place, just what
was
might be calculated to lead to, or what precautions or what kind of treat¬
ment
is
same
spirit,
or rather the same general Idea of national defense and
proper precautions, he
two
continents
asserted,
was
extended in
by the Panama Conference.
a
in hostile acts within
broad way around the
The theory is that
the
21
given area adjacent to the waters of the
a
21 republics; and that if they should transgress this request, then the Ameri¬
republics would confer in order to determine what they might do in
regard to that. That was not a treaty but an agreement, he again empha¬
take
whether
this
would
enable
ships of belligerent governments at
details had been referred to
a
an
important de¬
and another to the
economic committee composed of the ablest experts from
each of the 21 countries who will meet in
to consider and-reach conclusions
merce
on, reached three
seas
Washington before mid-November
concerning all important phases of com¬
and finance and general economic questions and conditions which
the
upon
a
substantial
hardly
would
it
extension
without
would take fully
of the high
reasonable to
area
be
from
assurance
adequate steps
the
to prevent
Britain admitted the claim—or
for instance,
of
policing such
immense area seem at first glance,
an
Not
even
lightly undertake such a task and the navies
although efficient, are said to be numerically incapable
further difficulty is seen:
action taken by an Amer¬
no
Navy to enforce the prohibitions contained in the Panama Declaration
international law and would amount to an act
war.
the idea
material
the
behind
welcomed
is
zone
in
strategical advantage to world trade,
principle by Britain as
it is considered that the
difficulties of effective enforcement have been overlooked by the
American
whose whole object of keeping the war from spread¬
conference,
ing to the hemisphere would be defeated, it is pointed out, if it has been
forced
by warlike action.
Detailed reference to the Conference and the adoption
of
is made elsewhere in these col¬
the Declaration of Panama
to-day.
umns
Secretary of Agriculture Wallace Speaks at New York
World's Fair on Anniversary of Bill of Rights—
Message from Secretary of State Hull Read
Secretary of Agriculture Henry A. Wallace, speaking on
as exercises marking
Oct. 1 at the New York World's Fair
150tli anniversary
the
alone
"we
of
all
Mr.
the
of the Bill of Rights,
Powers
major
traditional
guarantee the
civil
can
liberties
declared that
today honor and
of
our
Citizens."
who is also Chairman of the United States
Commission to the Fair, wrent on to say that "we alone can
Wallace,
do
this
peace.
we
We
ancestors,
right
because
are
are
democracy,
a
and because we
are
extraordinarily lucky.
We chose the
and they chose the right location for a
peaceful democracy."
The following message from Secre¬
tary of State Cordell Hull was also read at the ceremonies:
One
hundred
constituted
are
may
be
cherished
to
our
and
bold
a
our
and
fifty years
doctrine.
salvation—for
tragically
In
ago
vast
others
the principles of the Bill of Rights
World areas today they are treason.
they
a
are
goal of
attainment which
receding.
preserved
They are a heritage of our own, to be
in their entirety and to be handed down by us
unabridged
posterity,
and unimpaired.
Regarding further remarks of Secretary Wallace we take
tlie
following from the New York "Times" of Oct. 2:
But the months
ever
peace
and
emotional
"may be the most difficult
"We shall have to be
pitfalls.
We
shall
on
most
we
have
the lookout for unusual
certainly
discover
that
is active, not passive, that peace requires sacrifices many will prefer
dodge, that peace requires a degree of self-control much easier to talk
Citizens
to
of
achieve."
this
declared,
he
The
in
and years to come
faced," he warned.
in
.
Conference, Mr. Hull went
in its bearing
formally admitting it undertook not to commit any hostile
America,
practical
whatever suggestions might occur to its
One related to the neutrality zone on the
over
on,
that
that they
it
Moreover, this
ican
the end.
appointment of
went
accept
to
South
war,"
cisions.
Islands and by Guatemala
quite clear
as
carrying out such a vast surveillance.
sustained
.
of
aspects.
of reservations reported to have been
of
In all of the precautionary proceedings he then
said, each country re¬
served its own freedom of action and its right to make its own decisions in
.
report
its
such a declaration would seem to be in the
extend territorial waters of the American
United States Navy could
the
members.
The Panama
all
here, to be almost insuperable if it is to be effective.
is held
about than
committee to study and evolve
in
to
argument
difficulties
The
it
to
some other
complete
more
a
examined
prevent such action.
understanding
that this and
until
been
refuge there, emerging periodically to continue raids on British mer¬
unless the forces of the American powers could guarantee to
present in American ports to have protection within the area, Mr. Hun's
was
"se¬
chantmen
economic
sized.
to
the
disadvantage of
belligerent act in the zone—a German submarine or armed raider might
or
can
As
to the
react
unless
"security zone."
without
even
American republics would request belligerents at all times in the future not
to engage
that
fact
the Falkland
to
regarded
pointed out that if,
They
they might call for, if any.
That
the
Enforcement Difficulties Seen
It
what kind of operations, if any, were taking place and what these
on;
and
their jurisdiction
the
the
of
at
pointed out, constituted
on
The
plap con¬
templates in the first instance the patrolling of the "belt"
for the purposes of information, while at the same time the
are
respect
greatly
extend
so,
claiming
declaration adopted by the Inter-
a
^
hinges
received
is said,
it
belligerents
on
American Conference at Panama
belligerents
in
claim
a
If
seas.
While
action.
sight,
of
powers—to
a
a
to enforce
which always has been championed by Britain.
limit,
expect
of
At
is
would have any sanction in
"Safety Belt" Around Western Hemisphere Explained
by Secretary Hull—Plan Embodied in Declaration
Adopted at Inter-American Conference at Panama
City
of
that
here
unilateral decision that has
as a
being withheld
is
declaration
the
first
nature
every
deliberation.
extension
respect to British Honduras are not yet clear in London.
upon
friendliness
"security zone"
an
doubtful
law.
of
agreement
dealt with at this meet¬
ing
aspect of
from
be
to
considered
could be close enough
ocean
The precise implications, for instance,
fervently
and
due in large
of
Ministers of the American republics
week to reach
a
Declaration
the
persuade the belligerents
to
the
American
That the Foreign
war.
little
in
the
back
look
advance of unusual importance.
an
If
are
opinion
declaration
Panama
made
held
is
is
properly policed it would
were
they themselves are not involved
comes
Panama may be considered to have been
ot
area
it
it
that respected it.
power
the
either individually or
the
an
Also
however,
objection,
curity zone"
consider that the need exists, to patrol
collectively, which may be agreed by common consent,
adjacent to their, coasts within the areas advised.
limit.
international
in
powers
to
vast
so
because
continents
three-mile
over
main
The
At
the governments
that
out
300-mile "safety belt" around
a
immunity claimed and it is regarded
no
Patrolled
Be
to
establishing
appears to
American
territorial
the
three-mile
Coasts
City on Oct. 2 by the delegates
Neutrality Conference of the Declara¬
diplomatic comment is critical of the proposed
the
around
states
they
of
have resulted in criticisms in Great
Britain, a cablegram from London Oct. 3 to the New York
"Times" indicating this as follows:
declaration
The
air.
or
excluded.
are
American
the
of
sea
area
of
waters
countries
European
land,
the
cover
territorial
The
of
governments
the
from
which
waters
routes.
sea
possessions
any
undertaken
or
Declaration
The approval at Panama
to the Inter-American
It
the
Declaration
Belt"
"Safety
in
Panama
the
Panama
important
an
be known
"Security
-
tion of Panama,
...
of the Panama meeting.
to
matter
a
as
is
of
neutrality problems
The members of this
by British to
Zone" as Embodied
Voiced
Objections
country are "determined to keep America out of the
but they can succeed "only by vigorous, intelligent,
effort."
Bill of
Rights, he pointed out, gives this Nation
a
great strength
guaranteeing the freedom of the people to speak, vote and have a voice
their government,
but in "moments of crisis" a danger arises, he
warned.
"The timid and
"There
is
a
fearful begin to see things under the bed," he continued.
temptation to respond
which
hibitions.
Ideas
moments
of crisis
seem
in
normal
to many
to
times
every
seem
fear by sweeping legal pro¬
merely foolish or unwise in
people dangerous.
Volume
"On
the
cannot
The Commercial &
149
other
permit
hand, there is
"Before
serious
we
can
injury, let
discussion.
This
is
which
democracy
6way if
a
silence
our
out, give reason its chance, and the
go
of
fears
coercion
there is not time enough for full
to
that
well
as
individuals
as
lights
no
that
need to prepare,
complete
for their
freedom of
own
can
On the
-
(Sept. 30) Secretory Wallace made
"semi-official" trip to the Fair and visited
"Herald Tribune"
From the New York*
1 we take the following concern¬
of Oct.
ing this visit :
the present
Anibal
Jora,
Chile's Acting Commissioner
had been negotiating
General to the Fair, that Chile and the United States
a
He said the treaty was complete except for the
reciprocal trade treaty.
signatures.
He said also that prior to the war 60% of Chile's
importations were from Europe, but now the imports* were coming from
necessary
States.
United
the
said
He
the
Western
similarly
They
show
the
our
the people in the governments
of
goodwill
cultivate
of
interests are
because our
knit together.
with the countries of Latin America, help them produce
supplies down
produce their own
don't
They
take.
can
are
agricultural countries and we have to help."
that "our trade relations are especially important to
said
Wallace
Mr.
will
31r. Wallace said, "is to get this hemisphere
they
things
there.
"that all
hoped
Hemisphere
"The idea,"
-
k
following regarding Senator Logan's
is from
Senator Logan was born on a farm in Brownsville,
his
education
He
County.
in
the
public and
Ivy., Jan. 7, 1874, and
schools
private
admitted to the Kentucky bar in
was
Logan's first political office
was
of
Edmonson
1896.
that of Edmonson County Judge in 1910.
Two years later he was appointed an Assistant Attorney General of Ken¬
tucky, and in
1915
elected
was
Attorney
General.
He held that position until 1917 when he resigned to become Chairman of
the preparation
and
passage
He
was
largely responsible for
of laws changing the State's system of taxation.
Logan resigned from the Commission in
1918 and resumed private law
practice in Louisville, but in 1922 he moved his office to Bowling Green,
where he has made his home since.
in
1926 for
He
was
elected to the Court of Appeals
He became Chief Justice in 1931 but
eight-year term.
an
re¬
signed to go to the Senate.
Logan
was an
ardent New Dealer and championed President Roosevelt's
sympathy and understanding."
He said that in an effort to help,
States was sending to several Latin American countries thou¬
It
was reported on Oct. 3 that Governor A. B. Chandler
Kentucky would resign his office and be named as suc¬
cessor to Senator Logan.
Governor Chandler was unsuc¬
cessful last year in his attempt to gain the Senatorial nomina¬
tion from Majority Leader Alben W. Barkley.
It is under¬
stood that Mr. Chandler will resign as Governor and receive
the Senate appointment from his successor, Keen Johnson,
of
now
Lieutenant Governor.
United
sands
of quinine
M.
Fair.
At
plants.
arrived
Wallace
Mr.
Charles
1
p.
m.
the
at
Fair
10:30
at
a.
m.
and
was
greeted by
Commissioner General to the
host at a luncheon for several Latin
Death of Representative Thomas S. McMillan of South
Acting United States
Spofford,
Mr. Wallace was
American
Report
on
General
Commissioners
at
Federal
the
Building.
"War and Business" Issued by Alex. Brown
& Sons
providing the average business man with a better
perspective on what his business will face during prolonged
hostilities in which the United States remains neutral but
Aimed at
with other neutrals and presumably with
continues trading
belligerents too, a report on "War and BusinessV has just
Alex. Brown & Sons comparing various indus¬
been issued by
markets of today with
those of 1914.
Alex. Brown & Sons, a member of the New
York and Baltimore Stock Exchanges, was established in
1800 and is the oldest firm of its kind in this country.
tries and commodities and the money
Carolina—Was Member of Congress Seven Terms
Representative Thomas S. McMillan, Democrat of South
Carolina, died on Sept. 29 at his home in Charleston, S. C.
He was 50 years old.
A member of Congress for 14 years,
Mr. McMillan was ranking member of the House Appro¬
priations Committee.
A brief account of his life as contained
in the Washington "Post" of Sept. 30, follows:
Born
major and prolonged conflict abroad in which
It is evident that a
United
become involved
States did not
Such expansion wquld doubtless have a
sharp industrial expansion here.
temporary
moreover,
lems,
and would,
prob¬
agricultural
in the number of unemployed, cost of relief and
favorable effect on many leading lines of activity
give some measure of
relief to a number of our immediate
probable elimination of our burdensome
including the
surpluses and a reduction
the Government deficit.
It also appears that
(1) find their markets stimulated by war
(2) have elastic price structure,
ernmental
control or
conditions,
and (3) have a minimum of restrictive gov¬
profitably in a
war-induced period of prosperity in this country would be those which would
be pinched by inability to obtain raw materials or pass on higher costs to
the consumer, as well as those with important properties and sales outlets
would most likely fail to participate
abroad which would be unfavorably
affected by war conditions.
Declaring that any long war adversely affects the nations
of the world, the report warns of the possibility that because
of unusual demands a long war might make upon many in¬
dustries, numerous American productive facilities might
over-expand, with the ultimate sequel of struggles for mar¬
kets and survival when normal conditions return.
Regard¬
less of the Administration's attitude toward prices and prof¬
its, the report states, the extent of
necessarily depend on the duration of
be measured
such struggles would
hostilities and cannot
export trade possibilities
of today are also compared with
those of 25 years ago.
1922 and
as
Senator
in
Chandler
,
M.
Senate
of Kentucky—Had
1931—Governor A. B.
Logan
M.
Since
Expected to Be Named Successor
Logan, Democrat of Kentucky, died
of heart-disease on Oct. 3 in Washington.
He was 65 years
old and had served in the Senate since 1931.
Senator Logan
did not attend the Senate debate on the neutrality issue on
Oct. 2, but had not, however,
He is said to have favored
been considered
seriously ill.
repealing the arms embargo as
Roosevelt, but had not taken
active part in public discussions of the issue.
He was
ranking Democratic member of the Senate Military
recommended by President
was
was a
member of the State House of Repre¬
in 1921 and
His first term in Congress began in
+
Death
of
Archbishop of
Chicago—Tributes Paid by President Roosevelt,
Secretary of State Hull and Others
George Cardinal Mundelein,
t
George Cardinal Mundelein, Roman Catholic Archbishop
of Chicago for nearly 24 years, died of heart disease on Oct. 2
at his country home in Mundelein, 111., a suburb of Chicago
He
named in his honor.
New York
City.
was
67 years
old and
a
native of
,
following state¬
Bernard J. Sheil, Senior
issued by the Most Rev.
Auxiliary Bishop of Chicago:
ment,
Ills Eminence, George
Cardinal Mundelein, Archbishop of Chicago, died
morning in his home at St. Mary of the Lake Seminary, Mundelein, 111.
He
was
found dead in bed by his secretary,
the death
nosed
as
occurred
coronary
the Very Rev. Msgr. Patrick
His personal physician, Dr. L. D. Moorhead, states
J. Hayes, at 7:45 a. m.
approximately at 7:30 a.m.
The condition was diag¬
thrombosis.
The Cardinal had been in
good health and had spent a normal day Sunday.
Among those who expressed sorrow at the death of Cardinal
Mundelein were President Roosevelt, Secretary of State
Hull, other government officials, and many others.
Some of
these statements follow:
A career of great goodness and usefulness
President Roosevelt:
brought to
an
of Christianity.
of the individual to the state or in
was
the loss of
a
long period of years.
ity, he was ever ready
to the
My personal acquaintance with Car¬
he was Auxiliary Bishop of Brooklyn, and I
true friend—a close
Cordell Hull, Secretary of State:
over a
He was the ad¬
Whether in the relation
the field of international affairs, his in¬
always potent for peace.
dinal Mundelein began when
mourn
He
with unfailing fidelity to the highest principles
He gloried in our American democracy.
exemplar of justice and righteousness.
vocate and
has been
untimely close with the passing of Cardinal Mundelein.
served his day and generation
I
friend for many years.
was
privileged to enjoy his friendship
A great American of unusual ability and capac¬
cheerfully to give the utmost of his splendid talents
public service.
F. H. LaGuardia, Mayor of New York:
time.
Senator Marvel M.
and
Mr. McMillan
1925.
The death of Cardinal Munde¬
loss at any time, but it is an
irreparable loss at this
intimate and accurate knowledge of European
His whole mind and soul were devoted to the cause of
Few persons had the
affairs that he had.
Served
He
speaker in 1923 and 1924.
lein would mean a great
♦
of
1888,
Mr. McMillan began the practice of law in Charleston in 1913 and shortly
thereafter entered politics.
fluence
now.
Among the industries and products discussed in detail in
the
study are aircraft, automobile, building, chemical,
coal, machine and machine tool, metals, oil, public utility,
railroad, rubber, iron and steel, textile, tobacco and wheat.
Stock market actions, money rates, shipping facilities and
Death
C., Nov. 27,
sentatives from 1917 to 1924 and served as speaker pro tempore
this
regulation.
The enterprises which
S.
The Cardinal's death was announced in the
if the history of the last war is repeated, the best
will prove to be equity interests
media for business and investment purposes
in those fields which
County,
versity of South Carolina.
the
would in all likelihood produce a
Allendale
in
graduated from the Orangeburg (S. C.) Collegiate Institute and the Uni¬
The report says:
the
career
Associated Press Louisville advices of Oct. 3:
1937 court reorganization program.
.
.
affected."
We must cooperate
the
.
he
that
Oct. 5.
The
is bringing all of this hemisphere
is the splendid way it
war
it was learned from
together,"
Wallace said that "one thing about
where Mr.
was
Senator
the first Kentucky State Tax Commission.
Chilean Pavilion,
the
At
on
obtained
previous day
of the Latin American pavilions.
many
out
lead to chaos
can
V
what he called a
and
adjourned on Oct. 3 after a five-minute sesssion
Barkley, senior member from Kentucky,
eulogized Senator Logan and a committee, consisting of
Senators
Barkley, Ashurst, McKellar, Frazier, Austin,
Burke, Minton, Truman, and Miller, was named to attend
the funeral service, which was held at Bowling Green, Ky.,
in which
kill all that is precious
life."
the Judiciary Committee,
on
Chairman of the Claims Committee.
guidance, a practical
which
action
wTiich
restraint of action
complete
American
need to work
own
individuals
as
groups
Committee, served
2175
The Senate
methods of self-restraint in order to avoid situations
choice but restraint by law.
This is a time when groups
between
course
when
time
a
leave
well
in
even
unrestricted
and
be absolutely
lights
have
to
be preserved.
to
sure
force
summon
us
Before the
specifically their
and
freedoms
are
not have to go out after all.
may
as
itself
beyond which
point
a
individual
certain
government and the Nation
Financial Chronicle
clarification of the situation leading
toward permanent peace.
kindly churchman and a courageous
He was
and outspoken statesman.
Funeral services for the late
Name Cathedral,
a
Cardinal were held in Holy
Chicago, yesterday (Oct. 6) where a pon¬
tifical requiem Mass was celebrated by Archbishop Amleto
Ciovanni Cicognani of Washington, Papal delegate to the
United States.
The President was represented at the ser¬
vices by his Naval Aide, Captain
From the New York "Times"
count is
The
Daniel Callaghan.
of Get. 3 the following ac¬
taken:
ecclesiastical career
of George Cardinal
spoken man of German ancestry
Mundelein led that out¬
from the streets of New York's East Side
The Commercial & Financial Chronicle
2176
highest office in the gift of his church west of the Alleghany
to the
A
tains.
the
man
as
of the greatest single forces in the
one
market and served
Leader of more than 1,000,000 Catholics,
Tax
Governor Alfred E. Smith, Cardinal Mundelein was a product
house
com¬
Be
Boards
amid teeming
Many of them were passed in Brooklyn, where, as secretary to the
Bishop Charles E. McDonnell, then Chancellor of the Diocese, and as
Bishop, he developed his capable gifts as an administrator.
It was this
well as his deeply spiritual qualities, that led the Holy See to
transfer him to the Episcopate of Chicago.
First Western Cardinal
city, whither he went in 1915 an Archbishop, his capacities fore¬
When Pope Pius XI bestowed
ordained his rise to the office of Cardinal.
Practice
Discussed
Los
in
Valuation
in
for
Convention
at
Oct.
Angeles,
of
24-27
Modernization of assessors' methods in the valuation of
of city streets.
in close contact with modern urban
conditions, and all his years of churchly service were spent
In that
Estate
Real
On lower Avenue C he was brought up
as
Purposes to
Cardinal Patrick Hayes and former
Like two of his close friends, the late
ability,
For several
1919-20.
president last January.
Modernization of Assessors'
Cardinal Mundelein was also considered one of the most spiritual ecclesiasts
of his time.
jate
president in
prior to 1930 he headed the mart's important clearing
years
mittee and became first vice
caustic critic of Hitlerism. he played a widely recognized
a
part in modern temporal affairs.
crowds.
its first elected
as
7, 1939
A close friend of two Popes, an adviser of President
American hierarchy.
Roosevelt and
Moun¬
of singular gifts, he was recognized, both within and without
Catholic Church,
Koman
Oct.
properties for tax
purposes
will be
before the National Association
its
a
of
important topic
very
Real
Estate Boards
at
coming annual convention, to be held at Los Angeles,
Oct. 24-27, inclusive.
The American Institute of Real Estate
Appraisers, professional branch of the Association in this field,
has placed on its convention program for Oct. 26 a discussion
of new appraisal techniques for assessors.
Previous reference to the plans for the convention appeared
in our issue of Sept. 30, page 2007.
f
him in 1924—at the same time that he similarly honored
the red cap upon
Archbishop Hayes of New York—he became the first Western Cardinal in
In the
American history.
as
course
of his years in Chicago, as Archbishop and
Secretary of State Hull to Speak at World Trade Din¬
Cardinal, the diocese grew from one of slightly more than missionary size
of National
ner
richest and most powerful in North America.
to one of the
Held
Will
of
Award
Distinguished Service to
R. White, New York State Superintendent of
W.
Banks, by State Junior Chamber of Commerce
White, New York State Superintendent of
presented with an award for distinguished service
by the New York State Junior Chamber of Commerce at its
annual convention banquet held at the Hotel Ten Eyck at
Albany, N. Y. on Sept. 30.
The presentation was made by
Mark S. Matthews, President of the organization and ViceR.
William
Banks,
at
for
was
President of the United States Junior Chamber of Commerce.
Mr. Matthews said the
award, the first of its kind in this
State, was made to Mr. White for the most distinguished
service rendered the State of New York by a young man
during the past year.
Mr. White, after thanking the
membership, said that such success as he has had in the office
he holds was due to the assistance and support of Governor
Mr. White
congratulated Junior Chamber of Commerce
on its work of stimulating interest in the affairs of govern¬
ment and educating young men of this country to our
problems, the solution of which requires original and in¬
telligent thought and not the mere application of formulae
which may appear to have wrorked under other conditions.
The NeW York State Junior Chamber of Commerce, it was
pointed
is affiliated with
out,
the United
Chamber of Commerce
which consists
and 115,000 members.
There
are
States
Junior
of 700 local groups
38 local organizations in
New York affiliated with the State Chamber.
The National
Foreign Trade
Council announced Oct.
officials will address the delegates at various sessions:
George S. Messersmith, Assistant
Secretary of State.
Dr. Henry F. Grady, Assistant Secretary of State.
Edward J.
Noble, Under-Secretary of Commerce.
Jesse H. Jones,
Federal Loan Administrator.
Warren L. Pierson, President, Export-Import Bank of Washington, D. C.
J. F. McArt, Chief, Agreements Section, Division of Regulations, United
States Maritime Commission.
Dr. Ben M. Cherrington, Chief, Division of Cultural Relations, Depart¬
of State.
Eldon
P.
King,
Deputy
Special
Commissioner,
Bureau
of
Internal
Revenue.
Thomas N. Tarleau,
Legislative Counsel, Department of the Treasury.
The
following will represent the Bureau of Foreign and
Domestic Commerce at the discussions at the Transportation
and Industrial Group Sessions:
Thos. E.
Lyons, Chief, Transportation Division.
Brower V. York, Aeronautics Specialist, Automotive-Aeronautics Trade
Division.
Paul
R.
Mattix, Chief, Automotive-Aeronautics
Division.
Charles C. Concannon, Chief, Chemical Division.
John H.
Payne, Chief, Electrical Division.
Roy Mundee, Chief, Foodstuffs Division.
Janssen, Chief,
Metals and Minerals
Edward T.
Division.
L. M.'Lind, Chief, Machinery Division.
in France
Poland's President, Professor Ignace Moscicki resigned on
Sept. 30, handing over his powers to Wladislaw Raczkiewicz,
former Governor of Pomorze Province, said a wireless mes¬
sage to the New York "Times" Sept. 30, which added:
This
done fully in accord with the Polish Constitution entitling the
was
retiring President to name his successor.
suggested
the
as
new
thought essential that
Ignace Jan Paderewski had been
President, but he declined for health
The resignation was
reasons.
speeded up in view of Warsaw's surrender—it
a new
The
new
one
More than 1,000 delegates are expected to attend this
convention, representing every section of the country and
every phase of foreign commerce.
Since the outbreak of
the European war the program of the convention has been
arranged to deal specifically with international trade prob¬
lems arising out of wartime restriction.
Regarding the
program, the Council's announcement said:
The discussions will emphasize the necessity of closest cooperation bet ween
Commander of the Polish Armies in
American exporters
for
General Wladislas Sikorski, Chief
France,
was
made Premier and War
ernment
vessels
the
President
Raczkiewicz
new
of national unity
fourth
and
*
his Cabinet will reside in
France.
is the Polish peoples' reply to the attempt at Poland's
news
of the formation of
a new
national Cabinet will
reserve
It will have the right to
transferred to France and
siderable funds of the Polish republic in various other countries.
changes in the key diplomatic posts
are
expected
con¬
Secret
soon.
as
carriers
of American
partitioning of Poland by Germany and Russia
our issue of Sept. 30, page 2003.
a
not
aid
constructive
in¬
to
At the closing session on Oct.
was
11, the final
Becomes
Assistant
Business
Manager of
Chicago Mercantile Exchange
On Oct. 2 Oscar W. Olson resigned as First Vice-President
and Governor of the Chicago Mercantile Exchange to take
over
the mart's newly created post of Assistant Business
Manager and Educational Director, according to an an¬
nouncement by Miles Friedman, President, which went on
to say:
Mr. Olson, associated with E. A. Pierce & Co. since 1936, has been
activJ in the dairy and poultry products business in Chicago for 25 years and
prominent officially in the affairs of the exchange since its organization in
As secretary of the Butter & Egg Board, which the Chicago Mer¬
cantile Exchange superseded, he was one of the organizers of the contract
declaration of the convention,
leading issues under discussion,
on
will be adopted and published.
A number of industrial groups will
war-time
hold round table discussions
on
their
problems and general outlook for export and import trade.
educationalists,
those named, leading industrialists, economists, bankers,
&c.
will
address
the
delegates
during
the
three
days'
sessions.
Following the convention meetings there will be
a
celebration of National
Foreign Trade Council Day at the World's Fair, for which
an
attractive
has been planned for the delegates.
Among those attending the
convention
will
be
the
Commissioners
in
charge of foreign exhibits at the World's Fair, in addition to diplomatic
and
consular
representatives
of foreign
delegates representing chambers of
as
foreign trade and essential amendment of
embodying the views of the delegates
program
referred to in
Olson
Bank; adequate Gov¬
increase of imports
Neutrality Act.
In addition to
Cabinet will be recognized by France and Britain and by a num¬
dispose of the $75,000,000 Polish gold
W.
an
materials,
Pan America, export merchandising, foreign credit collection and exchange,
ber of neutral powers as Poland's legal government.
The
raw
importers' group session, and transportation and taxation group sessions.
oppression and endeavors at persecution, he added.
new
as
Leaders
The return of democracy—a coalition Cabinet
hearten the Polish people in the occupied areas and encourage them to resist
The
risk insurance,
such
parties, hitherto opposing the regime, will be in¬
Cabinet.
The
through the Export-import
war
Important sessions dealing with these urgent questions include banking,
partition by Nazi Berlin and Bolshevist Moscow—General Sikorski
declared today.
for
competitive,
American foreign trade; protection of neutral rights of American merchant
Minister, and Professor Stanislas Stronski, Minister Without Portfolio and
Vice-President of the Council.
provision
juriously
Minister; August Zaleski, Foreign Minister; Colonel Adam Koc, Finance
cluded in the
Specialties Division.
Pickard, Chief, Textile Division.
business and the Administration at Washington; credit extension facilities
interned in Rumania.
of the democratic Polish
McCoy,'Chief,
was
President's first job, as predicted, was to appoint a new Cabinet
replace the
Horace B.
working Polish Government should be formed
before the Nazis enter the Polish capital.
1919.
1
The annual convention of the Council will be
President, Professor Ignace Moscicki
Re¬
signs—New President Named—Latter Will Reside
O.
Day
held this year on three successive days—Oct. 9, 10 and 11.
In addition to Secretary Hull, the following Government
C.
to
Conven¬
of
Convention, which will be held in the Hotel Commodore,
New York.
Walter A.
Poland's
9-11—Feature
Be
that Secretary of State Cordell Hull will address the World
Trade Dinner on Oct. 10 of the 26th National Foreign Trade
ment
Lehman.
Foreign Trade Convention, to Be
York Oct.
National Foreign Trade Council
World's Fair
tion
Presentation
New
in
nations
commerce at
and
a
James A. Farrell, Chairman of the National
Council, will
open
large
number
of
home and abroad.
the convention and deliver
Foreign Trade
an
address
on
"American Exports in Wartime."
The program for the banking session on Oct. 9 will include
addresses by Robert F. Loree, Vice-President, Guaranty
Trust Co. of New York, on
Europe and American business;
City Bank of New
York, on Far Eastern business; and general comments by
Joseph C. Rovensky, Vice-President, Chase National Bank,
New York, who will also lead a discussion on
banking prob¬
lems under present conditions.
Previous reference to the meeting was made in these
columns Sept. 23, page 1853.
Boies C. Hart, Vice-President, National
Volume
The Commercial & Financial Chronicle
149
Annual Convention of Investment Bankers Association
of
America to
Open at Del Monte, Calif., on Mon¬
day Next, Oct. 9—Special Trains En Route
An attendance of 600
holiday. A special ticket for members who desire to enjoy
the outing but who are unable to participate in the golf
tournament is
of the Investment
be held at Del
at
Chicago
noted would indicate
1938
1937.
and
Association
stated
Oct.
on
Two
which
cars
instead
that
operate
distance
left New York
these
to
of
on
is
cars
to be
were
being
they
order
might be attached to regular trains of both the New York
Central and the
was
planned
Pennsylvania.
that
In that way it is stated it
Eastern
one
delegation
would
move
through Albany, Buffalo, and Cleveland, picking up
bers from
those
scheduled
was
places and also from Boston.
to
picking up members there and also
and
more
other points along the
The
Investment bankers from
from
area
an
Washington, Balti¬
extending from Detroit
Friday for the trip, and those from Omaha,
Denver and western cities
route.
en
in these columns
other
Pennsylvania route.
to St. Paul and south to New Orleans assembled
in
cial trains
mem¬
through Philadelphia and Pittsburgh,
go
to
were
be
Chicago
Kansas City,
picked up by the
Details of the convention
Sept. 16,
competition
spe¬
for about 450 members of the Exchange.
low net,
and
Bureau
of Agricultural Economics
Reports Farmers'
Cash Income in August Totaled
$643,000,000 Com¬
pared with $570,000,000 in July
cash
payments in August
totaled
$643,000,000, it
Government
estimated
was
Sept. 22 by the Bureau of Agricultural Economics, United
States
Department
with
compares
of
Agriculture.
$570,000,000
for
The
July and
August
income
$628,000,000 for
August,
1938, says the Department, which states that the
income from farm
marketings in August amounted to $601,-
000,000,
the
representing
$534,000,000
a
estimated
smaller than the
pared
with
for
seasonal
July
and
increase
from
totaled
$42,000,000 in
year.
August
com¬
in July and only $15,000,000
paid
The Bureau's announcement went on
year.
to say :
In
the
ment
for
eight months of this
January-August last
000,000 and
was
months
year.
and
fruits
from
was
than
more
the
has
been
from
July.
from
After
all
farm
in
seasonal.
increase
in
potatoes,
for
less
The Governors' Cup, donated by the
year
from
than
from
from
fruits,
livestock
the
from
these
Usual
and
may
much
sold
of
in
larger
receipts
August
in
equal
1938.
these
and
increase
by Neville G. Hart, of Mayer & Hart, and the
A. Purcell, of Edward
It was won last
before by Edward
William McC. Martin Jr., President of the Exchange, will be the
principal
Edward E. Bartlett, Jr. Chairman of
prizes to
golfers, non-golfers and tennis players.
4
Arthur
J.
Vice-President of the
New York, died of heart
disease on Oct. 2 in New York City.
He was 59 years old.
The Foundation was set up after the death in January, 1937,
of Charles Hayden, Stock Broker and Philanthropist, who
left approximately 50,000,000 to establish such an organiza¬
tion for the education of boys and young men. Mr. Ronaghan
and other associates of Mr. Hayden were made executors of
his estate.
Mr. Ronaghan was also President and a Director
of the Equitable Trust Co., which was purchased by Mr.
Hayden and his associates in June, 1934. A native of New
York, Mr. Ronaghan first became connected with Mr.
Hayden as a legal adviser about 1912. < He had devoted
practically all of his time to administering Mr. Hayden's
Charies
Ronaghan,
Hayden
Executive
Foundation,
estate.
The First National Bank of the
shows total
of
resources
City of New York, in its
covering the quarter ended Sept. 30,
$743,754,313 and total deposits of
$620,818,857, compared, respectively, with $696,800,669 and
$572,803,490 on June 30.
Undivided profits are shown
$9,153,708
provision for the
(June 30),
after providing for the July 1 dividend of $2,500,000.
Loans
and discounts decreased to $42,784,331 on Sept. 30 from
$59,071,786 on June 3.0, and holdings of United States Gov¬
ernment
securities amounted to $278,298,058 on Sept. 30
30)
Oct. 2
at
after
dividend of $2,500,000,
making
against $9,782,839
against $261,850,622 on J une 30.
Cash and due from banks
was $264,934,146 at the latest date as compared with $227,-
The bank's capital and surplus are un¬
540,184 June 30.
at $10,000,000
changed
respectively.
and $100,000,000,
The financial
statement
of Brown Brothers
Harriman &
Co., private bankers, New York, as of Sept. 30, 1939, shows
increases in total assets and in deposits to the highest levels
the firm began
since
of the third
the end
publishing its statements in 1934.
At
quarter total assets were $118,168,903
with $105,644,031 on June 30, 1939, and $87,Sept. 30, 1938.
Deposits totaled $90,994,312 com¬
pared with $79,200,988 on June 30 and $63,325,166 on
Sept. 30 last year.
Capital and surplus of $13,185,377 com¬
pared with $13,165,272 three months ago and $13,070,220 a
year ago.
Loans and advances were $18,223,182 against
419,007
this
62.5
in
from
to
or
also
$18,769,983
Other
the figures
United
wheat,
to
from
with
sales,
more
from
dairy
exceed
since
income
of
ordinarily
against
$31,856,571
and
TRUST
market),
^
*
The statement of The Chase National
for
Bank of New York
Sept. 30, 1939, shows deposits of the bank on that date
$2,817,977,000 compared with $2,696,486,000 on June 30,
1939, and $2,376,974,000 on Sept. 30, 1938.
Total resources
as
than
611,000, contrasting with $1,208,138,000 and
all
year
major
earlier.
groups
of
from farm
marketings of
offset
of tobacco is
COMPANIES,
to
amount
30,
1939,
$986,341,000
on
respective dates; investments in United States Govern¬
ment securities are shown as $808,804,000 compared with
the
$835,045,000 and $661,918,000; loans and discounts are now
compared with $575,427,000 and $620,197,000.
$601,290,000
On
Sept. 30, 1939, the capital of the bank was $100,270,000
surplus $100,270,000, both amounts unchanged. The
and the
undivided profits account
on
Sept. 30, 1939, is indicated as
on June 30, 1939,
compared with $30,819,000
$31,136,000 on Sept. 30, 1938.
4
&c.
golf and tennis tournament of the mem¬
which was postponed
last month because of the recent market activity, will be
held on Columbus Day, Oct. 12, at Lido Country Club,
Long Beach, N. Y., according to an announcement Oct. 3 by
James McKenna, Chairman of the Exchange Golf Associa¬
tion.
Arrangements have been made to accommodate an
even greater attendance than in years past in view of the
bers of the New York Stock Exchange,
or
$15,310,484;
and
and $9,500,715.
$34,058,000,
BANKS,
respectively;
cost
from
large volume
The 43rd annual
$29,503,728,
at lower of
livestock more
a
the tobacco market may
a
and
(valued
returns
larger
also
closing
$27,165,367
securities
marketable bonds and
(valued at lower of cost or market), $8,892,480 against $8,878,551
$7,025,368; customers' liability on acceptances, $12,942,197 against
June
expected to increase more than
the income from these products received
is
against
Government
stocks
and
States
$3,097,011,000 compared with $2,983,435,000 on
and $2,670,123,000 on Sept. 30, 1938; the
figures of cash in the bank's vaults and on deposit with the
Federal Reserve Bank and other banks appear as $1,316,-
and
decline.
September,
for three months ago and a year ago:
$29,182,594
$40,463,218
fruits,
from chickens
only 2% below
due
items,
large
increased
returns
June 30 and $17,687,595 on Sept. 30, 1938.
it is stated, compare as follows with
on
asset
more
the
products declined
Income from meat
Income
income
crop
and
much
from
in prices of several of the more important farm
to
However,
increases,
was
the
was
July to August.
August
Smaller
September
ABOUT
on
Cash,
September.
ITEMS
year
A. Purcell & Co.
the Board of Governors, will be toastmaster and will award the
1938.
from
from
livestock
advance,
than usual from
contributing
commodities
income
than seasfnally.
more
With the sharp advance
Sptember,
eggs,
Income
this
of
resulted
edible beans
dry
seasonal
vegetables.
products
rise
although
and
usual
was
increased
commodities
from July to August
from .livestock
more
and
the
and
year.
but
increased
seasonally from July to August.
crops
cotton,
100)
seasonal
marketings this August
Income
offset
chickens
year,
change the index of farmers'
equals
crops
cotton,
Income
declined much
Income
this
seasonal
sharp
crops,
products increased much
eggs
Board of Governors of the Exchange,
presented to the golf player turning in low net score.
$11,701,650
this
truck
about
made
usual
(1924-29
of
income
seasonally.
somewhat
meat animals,
January-August last
larger
$306,000,000 in these months
income from
Most
tobacco,
animals
for
marketings was $4,102,$4,306,000,000 for the same
marketings in August was 13% larger than in
considerably larger than that which usually takes
was
adjustment
The increase
than
as
somewhat
income
from
marketings
July to'71.0 in August.
than
giains,
same
farm
of
by smaller returns from cotton, tobacco, and dairy
January-August this year Government payments totaled
This increase
place.
from
total
offset
In
Income
Income
year.
Income
$492,000,000 compared with
in
year farm income, including Govern¬
$4,594,000,000 compared with $4,612,000,000
5% smaller than the
about
was
vegetables
products.
Door
compared
first
payments, amounted to
last
Golf prizes will be awarded for
Tennis prizes will be awarded to finalists and runners-up.
2%
$36,000,000
August last
get-
«
only
was
$613,000,000 reported for August last
Government payments
•in
than
more
a
prizes will be awarded to non-golfers.
(Sept.
income from marketings and
followed by
low gross, runners-up, holes-in-one, most birdies, longest drives,
so on.
statement of condition
Farmers'
the day,
throughout
given
were
1794 and Sept. 23, page 1848.
page
tennis
used
that
were
train, in
Special
party.
a
Thursday, Oct. 5
special
and
speaker at the dinner in the evening.
large
so
Separate
York
schedule of 49 hours
a
The announcement
together dinner and an elaborate floor show in the evening, will be provided
will be
body of dele¬
of the fastest movements
one
by
on
trains.
New
a
it
special trains left Chicago yester¬
Coast, said to represent
made for
attached
to
meeting comparable in size to those
a
gates; these trains will
ever
This
4.
day, Friday morning, Oct. 6, with the main
to the
America
of
available.
conven¬
Monte, California, Oct. 9 to 13, the office of
Association
the
Bankers
being made
added:
anticipated for the 1039
Golf
tion
of
is
2177
The statement of condition of
Corp.,
New York,
nounced,
an
as
increase
of
in
J. Henry Schroder Banking
Sept. 30, 1939,
the
shows, it is an¬
corporation's
cash
position
the third quarter, with a roughly comparable de¬
crease in its holdings of United
States Government securi¬
ties.
Cash and due from banks aggregate $17,676,534 at
during
date,
the
latest
and
$9,964,507
compared with $11,457,441 on June 30
Sept. 30 a year ago. Holdings of United
as
on
The Commercial & Financial Chronicle
2178
securities
Government
States
listed
are
$10,223,305
as
as
compared with $15,237,022 at the end of the second quaiv .
of 1930 and $10,058,155 on Sept. 30, 1938.
An announcement
but
advances
June
on
total
customers
to
1939,
30,
collateral
and
investments
$3,054,476
$2,008,111
and
loans and discounts
Total
ago.
$2,716,688
with
compared
as
year
a
little changed,
are
resources
amount
1939,
Capital, surplus and undivided profits
are
$7,530,101 against $7,527,983 at the end of the second quarter and
$7,415,955 a year ago.
The corporation reports $27,512,947 due customers,
whereas on June 30, 1939, the aggregate was $26,326,562 and on Sept 30,
1938, $24,955,887.
Its liability on acceptances outstanding amounts to
$47,087,788
to
and
as
$38,898,131
compared with $47,182,435 reported on June 30,
on
Sept. 30, 1938.
with $12,265,205 on June 30,
$10,814,324, compared
1939.
and
from
due
Co.,
banks
New
York,
stands
reports
$9,234,379
at
against
as
$0,760,165 and $5,086,814 oit the earlier dates, respectively.
Holdings of
United States Government securities total
$9,254,842, compared with $12,287,235 on June 30 and $13,794,898 a year ago.
Loans and discounts are $1,890,643,
against $1,348,382 on June 30, 1939.
Capital, surplus and
undivided profits are shown as $2,723,534 as compared with
$2,701,875 on June 30 and $2,583,141 on Sept. 30, 1938.
De¬
posits total $20,859,820 as against $21,081,442 three months
ago and $20,543,700 a year ago.
4
In
of condition
its statement
Bank
Sept. 30, the Chemical
for
total deposits of
June 30, and total
assets
of
with $736,484,826 three
months ago.
Cash and due from banks amounted to $412,968,534 on Sept. 30 compared with $289,438,341; United
States Government obligations
(direct and fully guaran¬
teed) are shown as $112,458,266 against $185,784,003, and
loans and discounts are now $159,366,026 against $15<.849,331.
Capital and surplus are unchanged at $70,000,000,
while undivided profits increased to $6,267,665, Sept. 30,
1039, from $6,010,855 at the end of the first half of 1939.
&
Trust
Co.,
New
York,
reports
$046,826,916
$783,907,329 compared
$697,763,104
against
The bank showed
compared with $12,957,601 on June 30.
Holdings
of United States Government obligations total $649,432,770
as
compared with $636,527,767 on June 30 and with $538,a year ago.
Cash on hand, in Federal Reserve Bank,
and due from banks and bankers is shown at $1,100,350,665
502,060
compared with $1,013,232,650 on June 30 and with $700,a year ago.
Loans and bills purchased total $447,-
as
989,773
131,489 as compared with $437,486,746 on June 30 and with
$514,134,594 a year ago.
4
on
indicated earnings for the third
quarter
ending Sept. 30 of 58c. per share as compared with 64c. a
share in the like period of 1938.
of New
York
condition
of
Trust
Manufacturers
Co.
of
Sept. 30, 1939, shows deposits of $737,of $837,238,027.
This, it is noted,
compares with
deposits of $735,645,748 and resources of
$851,180,426 shown on June 30, 1939.
Cash and due from
banks is listed at $233,593,429 as against $252,770,947 on
809,059 and
June
30.
as
resources
United
States
stand
securities
Government
4
30, 1939, indicates, it is stated, an increasingly
of Sept.
as
with June 30, 1939, and the
Cash and equivalent
items, including United States Government securities, are
reported as $19,016,767 against $17,713,146 on June 30, 1939,
and $15,880,212 on Sept. 30, 1938.
Holdings of State and
municipal bonds, at $3,110,016, increased during the quarter
from
$2,572,654, but little changed from the total of
$3,091,632 reported a year ago. Other securities, it is stated,
are
carried at $4,960,334, as compared, respectively, with
$5,029,606 and $5,789,394.
Total resources are shown as
$29,340,468 against $27,562,036 at the end of the second
quarter and $27,079,752 a year ago.
Deposits of the trust
company, which does exclusively a personal trust and bank¬
ing business, aggregate at the latest date $24,265,155 as
compared with $22,434,121 and $21,961,134, respective
Capital,
surplus
and
undivided profits are listed at
$4,832,392,
after provision
for the quarterly dividend,
against $4,836,136 three months ago and $4,758,381 a year
liquid position as compared
of the third quarter a year ago.
end
ago.
4
of New York for Sept. 30 shows total
653,933 against $135,807,313 on June 30.
end
of
of $133,-
resources
Cash in banks at
date totaled $59,301,363
the
third
compared with $04,842,the latest date are given at
on
the earlier date.
x\t the
bank had deposits of $101,498,187 compared with $103,629,283 on June 30.
Capital
and surplus are unchanged at $2,000,000 and $26,000,000.
respectively, while undivided profits increased to $2,812,919
Sept. 30 from $2,805,337 June 30.
quarter
discounts
loans and
Total
Trust
the
$18,959,960, compared with $14,812,888 on
$17,824,113 on Sept. 30, 1938. Total
to
June 30, 1939, and with
assets
Sept. 30 are reported as $32,130,605 against
June 30 of this year and $31,297,068 on
of
as
$33,208,556
on
Sept. 30 last year, according to the bank's statement.
As
the further showing in the statement of condition it is
to
announced:
Almost
June
30;
United
declined
Sept.
30
$2,996,110
and
with
Sept.
for
the
cash
discounts,
and
due
$12,753,650
from
30
with $7,381,358
$3,542,162,
$27,788,698,
were
and
loans
on
securities
$1,446,268,
were
on
Sept.
corresponding
30,
on
1938.
periods
were
while State, municipal and corpo¬
and $1,454,238.
Deposits on
$2,080,128
compared
with $28,855,231
on
June 30, and
Sept. 30, 1938.
Capital, surplus and
the corresponding dates totaled $3,294,085, $3,269,056
$26,562,978
undivided profits
and
in
$8,233,508
Government
securities
compared
increase
to
latest figure compares
the
States
$3,019,035,
rate
the
balancing
banks
from
on
on
$3,194,860.
♦
Bank & Trust Co. of New York reports
30 total assets of $73,807,705 and deposits of
$63,236,262, as compared to $74,982,726 and $64,382,214, re¬
as
of
Sept.
Loans and discounts, it is stated,
from $12,205,882 to $14,223,975;
cofilateral
loans
increased from $7,711,059 to
$8,205,371,
and call
loans to brokers
increased from
$6,082,468 to $6,359,264—the increase in these three items
being $2,789,200.
The same items, it is added, showed an
increase of $5,881,024 over Sept. 30, 1938.
Cash on hand
spectively,
increased
and
due
339,864
on
June 30.
during
the
banks
from
as
quarter
at the
latest date
compared to $28,169,141;
ment issues
4
Sterling National Bank &
of
Co., New York, as of Sept. 30, 1939, have risen, it is
The Continental
The statement of condition of the United States Trust Co.
287 June 30, while loans at
$23,193,778 against $24,407,754
$16,836,050;
of condition of Fulton Trust Co. of New York
Statement
4
the latest
of
posits were $34,928,686, and surplus amounted to $1,500,000.
at
$273,198,269; three months ago it was $270,278,537.
Loans
and bills purchased are shown as $203,423,657, which com¬
pares with $199,306,522 at the end of the previous quarter.
Preferred stock, indicated as $9,140,520,
compared with
$9,228,520 at the close of the previous quarter, and common
stock is $32,998,440, remaining unchanged.
Net operating
earnings for the quarter ending Sept. 30, 1939, after amor¬
tization, taxes, &c., as well as dividends on preferred stock,
are announced as $1,402,306.
Bank
demand loans to brokers,
United States Govern¬
ment securities amount to $4,605,961, and State, municipal
and other public securities are shown as $4,096,420.
Un¬
divided profits amounted to $596,791 at the latest date; de¬
banks
indicated,
of
statement
Grace National
of the
Sept. 30, 1939, shows cash in vault and
of
as
secured, are reported as $2,085,000;
♦
The
condition
of
statement
The
with
as' of Sept. 30,
1939, total resources of $24,530,212 compared with $24,004,173 on June 30, and $23,758,403 on Sept. 30, 1938.
Cash
Trust
1939
respectively, and undivided profits total $13,-
$170,000,000,
072,759
of New York
♦
Schroder
7,
as
regarding the statement also said:
Other
Oct.
were
amounted to
$24.-
United States Govern¬
held in the amount of $7,650,000 as com¬
Capital and surplus were unchanged
$3,000,000, respectively, and undivided
profits increased from $1,359,810 at the end of June to
$1,380,809 at the end of September.
pared to $7,150,000.
Resources
of
the
New
York
with
$167,606,131
Public
amounted to
on
National
$173,796,862
June 30.
Cash
Bank
on
&
Trust
Co.
of
Sept. 30 compared
and
due
from
banks
totaled
at
$4,000,000
and
$63,465,511 at the end of the third quarter against
$52,751,121 on the earlier date, while holdings of United
States
from
are
obligations
decreased
to
to $61,-
from
$52,694,152.
The bank's capital and surplus
unchanged at $7,000,000 each/and its undivided profits
now shown at $2,768,872
against $2,461,694 three months
The latest statement shows total deposits on Sept. 30
$153,395,878 compared with $147,288,296 June 30.
ago.
at
The statement of condition of the
Guaranty Trust Co.
and
tory,
as
of
condition
as
of
Sept.
of Ne\y York,
30,
1939,
in its statement of
reveals
total
assets
of
with total assets of $10,233,974 re¬
ported on June 30, 1939.
Loans and discounts are reported
as $2,536,776 against $2,805,110 on June 30; cash
on hand
and due from banks are announced as $2,841,283, compared
$9,800,412,
compared
with
$3,059,231,
and
investments in
bonds,
$3,977,364
$3,880,235.
Deposits declined to $8,575,892 from
$9,003,392 three months ago.
Capital stock and capital
notes remained unchanged at $600,000 and $125,000, respec¬
tively.
Surplus and undivided profits stand at $331,122,
compared with $432,289 three months ago.
against
4
New Y'ork
4
Trust Co.
The Clinton
$27,500,000
$43,253,733 and loans and discounts increased
761,152
are
Government
Sept. 30, issued Oct. 3, shows total
of
resources
reposits at their highest points in the company's his¬
with deposits exceeding $2,000,000,000 for the first
4
time.^ Total
resources are $2,338,871,477, as compared with
$2,215,168,135 at the time of the last published statement,
June 30, and with $1,898,794,745 on Sept. 30, 1938.
are
June
$2,027,675,759 as compared
30, and with $1,573,141,067 .a
capital
and
surplus
remain
with
Deposits
$1,898,035,302
on
year ago.
unchanged at
The company's
$90,000,000 and
Charles G.
Edwards, President of Central Savings Bank
of New York, with offices at 73d Street and Broadway and
at
Avenue, announced that 2,373
by the bank during September
that the month's deposits exceeded those for September,
14th
new
and
Street
accounts
and
were
Fourth
opened
Volume
1938.
This, it is stated, is the sixteenth consecutive month
in which
2179
The Commercial & Financial Chronicle
149
Central
than during the
Savings Bank deposits have been greater
corresponding month of the preceding yea..
The bank's total
and
No
(down from $76,S38,726).
discounts to $73,8S0,755
change has been made in the bank's capital, which stands
at
$14,000,000, but surplus and net profits account has risen
$27,795,304 from $27,309,690 on June 30. The institution
was organized in 1803.
Joseph Wayne, Jr., is President.
to
deposits now equal $196,S75,555.
The statement of condition of the Brooklyn Trust Co. of
Brooklyn,
N. Y., as of Sept. 30, shows total deposits of
$125,387,420, comparing with $119,038,508 on June 30 last
$115,203,701 a year ago.
Total resources of $140,704,946
are
reported against $134,454,784 on June 30 and $130,116,349 on Sept. 30, 1938.
Holdings of cash and United
and
States
Government
securities
showed
increases
during the
past three months, while total loans and discounts declined.
The statement shows cash on hand and due from banks
of
$46,026,330 against $42,657,997
United
States Government securities, both direct and guaranteed,
of $43,277,088 against $40,820,422.
Total loans and dis¬
counts are now $30,808,762 against $32,556,839.
State and
municipal bonds show
$2,735,078,
while
an
on
June 30, and
increase, being $5,086,039 against
holdings
of
other
being $7,927,736 against $8,445,231.
decreased,
securities
Total deposits of
291,621
Trust Co. of
Philadelphia, Pa., in its condition report as of
Sept. 30, 1939, contrasting with $112,322,324 and $128,689,respectively,
715,
666
June
on
He
Oct. 4.
on
Merz began
of Jamestown,
109,101
30) ;
N. Y., died in that city on
82 years old.
Born in Clarence, N. Y., Mr.
his banking career as a clerk in the National
Group, Inc., and he
an
was
Grand
closed
Marine Midland
appointed Chairman of the Board,
affiliate of the
Rapids,
Bank
Savings
23, which went
Sept.
The
former
and
on
Mich.,
to
to
dend
totaling $460,555 and
and
is
7%
a
dividend
involves 8,500
depositors.
,
shows total
assets
at the
as
1939,
of $399,926,447, as compared with total
of $379,270,546
resources
Pittsburgh, Pa., in its state¬
close of business Oct. 2,
on
June 30,
mixed and uncertain
show
as
little change on
the
were
lower
Public utilities,
the military front.
"war stocks" provided
to
Oil issues
lower.
hold
made
them
little
the
as
deposits
of $102,823,293
and total
assets of $113,-
reported in the condition statement of the First
are
National Bank of Philadelphia,
2,
1939,
comparing
with
Philadelphia, Pa., as of Oct.
$94,072,829 and $105,888,071, re¬
generally
Steel
metal stocks
either
progressed.
way
Aluminum shares
and industrial specialties
on
the side of the
advance.
'4/.',4. \ 'U.,,'/;
Curb stocks advanced over a wide front during the brief
■
period of trading
There
Saturday.
on
were
occasional soft
modest
spots scattered through the list but the declines were
tion shares
Total
were
largely fractional.
were
fairly active with the changes largely
were
fairly
were
considerable
registered occasional gains but failed
week
progress
and had little effect
263,416
very
moved up and down and mining and
shares
were
a
Aircraft issues
although the changes
generally
from abroad continued to
news
part of the market activity.
1939, of which the
principal items are: United States obligations, $224,561,935
(against $229,517,280 on June 30, last); cash and due from
banks, $118,903,028 (up from $94,127,941), and loans and
discounts, $38,196,719 (contrasting with $37,281,855.)
On
the debit side of the statement, total deposits are shown as
$353,981,690 (up from $333,689,872 three months ago.)
The institution's capital
and surplus are unchanged at
$7,500,000 and $25,000,000, respectively, but undivided
profits have risen to $2,497,408 from $1,923,548 on June 30.
,
THE CURB MARKET
Price movements in this week's Curb market
strong but the
of condition
pay¬
The latter bank's pay-off is a 15% divi¬
60,000 depositors.
some
in part:
say,
$610,238
particularly the shares in the preferred section,
The Mellon National Bank of
Grand
banks—the
American
the
to
amounts
pay-off
ment
the office he held at his death.
ment
securities,
Government
Home Security
Bank—on Sept. 18 began pay-offs amounting to more than
$1,000,090, it is learned from the "Michigan Investor" of
Subsequently, 1893, he organized the Union Trust
Co., and became Cashier of the institution.
Still later, 1899,
he was elected President, an office he held until 192S, when
became
States
(comparing with $11,490,408), and demand loans, $10,350,(against $9,482,069).
The bank's capital remains at
$4,550,000, but surplus and undivided profits account is now
$9,371,640 (down from $9,581,047 on June 30).
years.
company
United
(against
941
Two
Chautauqua County Bank in Jamestown, in 1873, and the
year following became a teller in the First National Bank
of Jamestown, with which institution he remained for nine
the
items
June 30.
Chairman of the Board of Directors of the
was
principal
The
last.
$29,332,254) ; bills discounted, $17,(against $15,852,854) ; other securities, $12,357,242
$29,874,627
Rapids
Frank Merz,
30
June
on
comprising the assets in the present statement are: Cash
and due from banks, $42,261,495 (comparing with $39,754,-
The statement gives un¬
divided profits as $1,384,979 against $1,388,034
Capital and surplus are unchanged.
Union Trust Co.
$118,501,787 and total resources of $135,-
shown by the Corn Exchange National Bank &
are
and
Avia¬
stronger than they had been for several days
were
registered gains of
were
In
the movements of the market.
on
a
point
or more.
Smaller advances
recorded by Brewster, Grumman, Bell and Bellanca.
the
public utility
particularly in the preferred
group,
spectively, on June 30, 1939.
In the current statement, the
principal items comprising the resources are: Cash and due
from banks, $41,259,745
(contrasting with $35,169,048 on
June 30) ; United States Government securities, $27,680,521
section, prices showed improvement and a number of the
(against $27,469,279): time loans and discounted paver,
$17,200,538 (against $16,266,570), and demand loans, $12,-
by American Cyanamid B which moved forward 1 34 points
767.2S8
(compared with $10,904,666).
No change has been
made in the bank's capital and surplus, which stand at
$3,111,000 and $4,000,000, respectively, but undivided profits
have risen to $1,742,866, from $1,662,638 three months avo.
Livingston E. Jones is President of the institution which
was
founded in
1863.
popular
dustrial
to
Pennsylvania Co. for Insurances on Lives & Grant¬
dition
056
as
and
of
Sept. 30, 1939, shows total deposits of $257,415,resources of $284,747,188.
comparing, respec¬
total
tively, with $239,101,714 and $266,424,431 on June 30, last.
The principal items
statement
are:
composing the resources in the current
and
due from banks, $117,876,423
Cash
the earlier date) ; holdings
United States Government securities, $44,358,794 (against
(comparing with $102,443,069
of
on
(compared
with $39,187,433) ; commercial loans, $34,100,072
(compar¬
ing with $32,999,498), and other investment securities, $17,565,559 (down from $18,489,018 on June 30).
The com¬
pany's capital and surplus remain the same at $8,400,000
and
$12,000,000, respectively, but undivided profits have
risen to $2,727,540 from $2,636,126 on the earlier date.
The
company was founded in 1812.
$41,704,118)
;
loans
upon
collateral, $37,632,460
Sept. 30, the Philadelphia
Bank, Philadelphia, Pa., shows total deposits of
$508,658,257 and total assets of $560,049,629. as compared
respectively, with $516,748,501 and $567,919,204 on June 30
last.
In
the present report, cash and due from banks
amounts to $248,832,415 (against $255,138,558 on June 30) :
holdings of United States Government securities to $165,883,134 (the same as in the earlier statement) ; and loans
National
on
briskly upward.
In¬
the side of the advance
Scovili
Manufacturing Co., 2 points to 36.
An easier tone
prevailed
on
the New York Curb Exchange
during most of the dealings on Monday, and while there were
advances scattered here and there through the
list, the
unusually quiet and showed modest declines all
was
Aluminum stocks were soft, Aluminum Co.
234 points to 1323^ and Aluminium,
along the line.
of America declining
Ltd. slipped
Public utilities were gen¬
back 1 point to 88.
erally lower and industrial specialties were inclined to fall
back.
Aircraft stocks were at a standstill and oil shares were
Noteworthy
unchanged.
the decline
were
among
the changes
on
the side of
Jones & Laughlin Steel, 2% points to 44;
North American Light & Power pref.,
234 points to 5734;
Pittsburgh & Lake Erie, 234 points to 70; Sherwin-Williams,
1
34 points to 8934; and Niles-Bement-Pond, 134 points to
71/4*
Mixed price
most of the
trends and light trading were apparent during
on Tuesday.
The transfers dropped to
session
approximately
151,000 shares with 395 issues traded in.
and 127 unchanged.
These included 99 advances, 169 declines
Aircraft shares
In its condition statement as of
represented
3334; Jones & Laughlin Steel, 4% points to 46Pep-
market
The
moved
stocks
were
perell Manufacturing Co., 2% points to 92and
some
ing Annuities of Philadelphia, Pa., in its statement of con¬
speculative
specialties
stocks
were
amount of
were
easier.
fractionally lower and mining and metal
Some of the steel issues attracted a small
buying, especially Jones & Laughlin Steel which
moved up a point to 45, but
the
group as a
Moderate strength was apparent among
in the
public utility section and
number of the industrial
These included among others
Potash & Chemical, 234 points to 9734: New
specialties showed small gains.
American
a
whole was lower.
the preferred stocks
The Commercial & Financial Chronicle
2180
England Tel. & Tel., 2% points to 115; Babcock & Wilcox,
1 % points to 23%; and Childs pref., 1 point to 28.
Declining prices were in evidence all along the line on
Wednesday, and while a goodly part of the early trading
centered around the so-called "war babies", the declines soon
extended
became
other
to
quite general
the recessions
list and
of the
sections
the day progressed.
as
There
were
exceptions in the preferred group of the public utilities.
Steel stocks eased off toward the end of the sssion and there
some
was
little activity among the oil shares and mining and metal
The principal changes on the side of the decline were
issues.
American Potash & Chemical, 2%
points to 95; Midvale Co.,
points to 105; Pennsylvania Salt, 4 points to 166; Pepperell
Manufacturing Co., 1% points to 92; Pittsburgh Plate Glass,
1 % points to 96; and New Jersey Zinc, 1% points to 68%- •
Quiet trading and moderately higher prices were the chief
characteristics of the Curb market dealings on Thursday.
There were a few weak spots scattered through the list but
these were generally among the slow moving stocks and made
little impression on the market movements.
Oil shares were
firm but showed little change with the possible exception of
Humble Oil which advanced 2% points to 68%.
Public
utility issues were well bought, especially those in the pre¬
ferred group which carried most of the advances.
Aircraft
stocks improved and both steel shares and industrial special¬
ties were in demand at higher prices.
The gains included
among others Midvale Co., 5 points to 110; Great Atlantic
6 Pacific Tea Co. nv stock, 3 points to 101; Pepperell Manu¬
facturing Co., 1 point to 92; United Gas pref., 1% points to
86 and Alabama Great Southern, 1 point to 82%.
Stocks forged ahead during the early dealings on Friday
but the rush soon stopped, and as the market quieted down,
prices were inclined to slip backward.
Some of the more
active issues held their gains until the session ended but there
were a goodly number of speculative favorites on the side of
5
the decline
changed
the market closed.
as
Aircraft stocks
were
un¬
lower and mining and metal shares moved within
a narrow channel.
Industrial specialties were active and a
number of the leaders registered modest gains.
Public utili¬
ties preferred stocks were in demand at higher prices and
most of the oil issues were off at the close.
As compared with
Friday of last week, prices were slightly higher, Aluminum
Co. of America closing last night at 133% against 132% on
Friday a week ago; Aluminium Ltd. at 93% against 89;
American Cyanamid B at 33% against 32%; International
Petroleum at 20 against 17%; Lockheed Aircraft at 28%
against 27%; Scovill Manufacturing Co. at 34% against 34;
United Shoe Machinery at 74% against 73% and Wright
Hargreaves at 6 against 5%.
DAILY
or
TRANSACTIONS
AT
TUB
NEW
Stocks
YORK
CURB
EXCHANGE
Bonds (Par Value)
(.Number
Week Ended
Oct. 6.
of
Shares)
1939
Saturday
Foreign
Domestic
Foreign
Government
Total
Corporate
Oct.
7, 1939
RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1930
EXCHANGE
FOREIGN
SEPT.
1939, INCLUSIVE
1939, TO OCT. 6,
30,
Noon Buying Rate
Value in
Country and Monetary
York
for Cable Transfers in New
United States Money
Unit
Oct. 6
Sept.SO
Europe—
Belgium, belga
Bulgaria, lev
Czechoslov'la. koruna
Oct. 2
Oct. 3
Oct. 4
Oct. 5
$
$
$
$
$
$
.168462
.168411
.167777
.167750
.167311
.167055
a
a
a
a
a
a
a
.192750
.192766
.192700
Engl'd, pound sterl'g 4.016875
.015833
4.017083
Finland, markka
.019133
.018950
.018800
France, franc
.022781
.022762
.022788
Denmark,
krone
Germany, reichsmark
Greece, drachma
Hungary,
.192883
.192740
4.041093
.044166
4.023888
.019300
.019366
.019050
.022900
.022901
.022812
a
a
.007425*
.007433"
.007325*
a
a
a >■;
a
.192800
.007225*
.007325*
.007400*
a
a
a
a
a
a
.050466
.050481
.050489
.050490
.050406
.050506
.533062
.532688
.532011
.532162
.532355
.531766
.226900
.226833
.226833
.226916
.226900
.036533
.036366
.036400
.036566
.036433
a
a
a
pengo
Italy, lira
Netherlands, guilder.
Norway, krone
Poland, zloty
Portugal, escudo.
!
.226583
a
a
.036466
a
Rumania, leu
Spain, peseta..,.
,100666
.100666*
.100666*
.100666
.100666*
.100666*
Sweden, krona
.237685
.237800
.237800
.237814
.237985
.237850
Switzerland, franc
.225712
.225355
.224333
.224487
.224561
.224566
a
a
a
a
a
a
a
Yugoslavia, dinar...
Asia—
China—
Chefoo (yuan) dol'r
Hankow (yuan) dol
Shanghai (yuan) dol
Tientsin (yuan) dol.
Hongkong, dollar.
British India, rupee.
.
a
a
.073166
.073250
a
a
a
a
a
.07*083*
.074166*
.072166
.072583*
a
a
a
a
.250516
.250483
.250550*
.251683
.251916
.251000*
.302333*
.302125
.301950*
.302333
.303658*
.302970*
.235482*
a
Japan, yen
.235489*
.235525*
.235660*
.235660
.235667*
Straits Settlem'ts, dol
Australasia—
.470750*
.470750*
.470800
.471650*
a
.474750*
Australia, pound
New
3.200416
3.200000
3.207500
3.220781
3.218333
.471400*
3.205312
Zealand, pound. 3.216250* 3.218750* 3.214583*3.232083* 3.234218* 3.218750*
Africa—
3.960000
3.959500
3.960000
3.981000
3.960750
.894453
Union South Africa, £ 3.960000
North America—
.892890
.988125
.893671
.888906
Canada, dollar
Cuba, peso
.899296
Mexico,
.200166*
.199000*
.199333*
.201250*
.201125*
.201125*
.897500
.891562
.890312
.895625
.890937
.886562
Newfoundl'd, dollar.
b
b
b
peso
b
b
South America—
Argentina,
b
b
b
b
b
peso
peso—official.
.060575*
.060575*
.060550*
.060550*
.060550*
.050200
.050400*
.050400*
.050400
.050400*
.051800
.051700*
.051740*
.051800
.051740*
.051740*
export.
.040000*
.040000*
.040000*
.040000
.040000
.040000*
Colombia, peso
Uruguay, peso contr.
.571437*
.571437*
.571437*
.571437*
.571750*
.571437*
.527200
.527631*
.527200*
.530200
.532550
.392300*
.390625*
.$89500*
.389500
.390000*
Chile,
"
Non-controlled
*
Nominal rate,
a
Course of Bank Clearings
Bank clearings this week will show a decrease compared
with a year ago.
Preliminary figures compiled by us based
telegraphic advices from the chief cities of the country
(Saturday, Oct. 7)
clearings from all cities of the United States from which it
is possible to obtain weekly clearings will be 5.3% below
those for the corresponding week last year.
Our preliminary
total stands at $5,851,185,615, against $6,175,430,518 for
the same week in 1938.
At this center there is a loss for the
upon
indicate that for the week ended today
week ended Friday
of 13.5%.
Our comparative summary
for the week follows:
94,(510
$586,000
$3,000
$22,000
$611,000
1,048,000
6,000
Week Ending Oct. 7
1,196,000
19.000
27,000
32,000
1,081,000
151,430
15,000
66,000
1,571,000
New York.
73,000
1,311,000
Chicago
18,000
1,339,000
Philadelphia
Per
Clearings—Returns by Telegraph
152,690
r.
Wednesday...
146.970
151,230
1,490,600
1,238,000
194,8*5
1,319,000
...
None
2,000
891,775
—
.........
...
$6,877,000
$238,000
$45,000
Week Ended Oct. 6
$7,160,000
Kansas City. .......
New York Curb
Pittsburgh
Exchange
1939
.
1938
1939
......
-
„
$3,029,144,870
254,314,135
—13.5
298,000,000
+ 16.4
192,196,757
70.395,111
+ 3.6
+ 14.6
69,200,000
144,092,000
—11.7
91,409,961
+ 23.7
891,775
1,173,870
$6,877,000
45,000
$8,890,000
$347,324,000
$252,208,000
150,000
3,341,000
5,304.000
238,000
178,000
4,719,000
...
—6.1
....
$4,361,806,973
775,992,815
$4,875,988,013
975,197,602
$5,137,799,788
1,037,630,730
—5.1
$5,851,185,615
$6,175,430,518
—5.3
...
Baltimore.
68,850.473
+ 16.8
85,022,429
+ 13.7
59,181,237
+ 25.1
5,113,000
34,383,635
32,767,613
+ 18.1
$4,097,810,363
778,177,650
.......
Detroit
1938
+ 8.9
127,261,000
113,050,107
80,391,072
96,669,218
74,039,410
...
....
Cleveland..
Stocks—No. of shares.
$2,621,091,879
...
San Francisco.....
1 to Oct. 6
Jan
1938
■276,840,512
347,000,000
199,075,610
80,691,555
81,700,000
......
St. Louis
Sales at
Cent
1939
1,247,000
Boston.
Total..;
.528900*
.389000*
b Temporarily omitted.
No rates available,
Monday......
Friday.
b
.060550*
.050400
Brazil, milreis official
Tuesday
Thursday.....
b
,
Bonds
Domestic........
Foreign government.
.
.
Foreign corporate.
Eleven cities, live
Other
cities,
five
days......
Total all cities, five
Total.....
$7,160,000
$9,218,000
$355,384,000
$262,625,000
days.
days...........
All cities, one day......
...
-Total all cities for week
NATIONAL BANKS
The
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
from the office of the
COMMON
c
,
—.
CAPITAL
„
.
.
STOCK
INCREASED
Amt. of Increase
„
SeP%25—-The Champaign National Bank, Champaign, 111.
150,000
From
to $100,000—
CERTIFICATE
ISSUED
on SePt- 26« 1939, authorizing the "Hyattsa building and loan
Building Association," Hyattsville, Md„ to do
business
in
the District of Columbia.
of the week in all
In the
ENGLISH
FINANCIAL MARKET—PER CABLE
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
as
Sat.,
Sept. 30
Silver, per oz..
22Hd.
Gold, p. fine oz. 168s.
The
States
Bar
Mon.,
Oct. 2
21Jid.
168s.
price of silver
on
the
same
N.Y.(for.) 35
U. S. Treasury
(newly mined)
Tues.,
Oct. 3
21*gd.
168s.
per
ounce
Wed.,
Thurs.,
Oct. 4
2l^d.
168s.
Fri.,
Oct. 5
21 Hd.
168s.
(in cents)
Oct. 6
22^d.
168s.
in the
United
days has been:
34ys
35K
35
35
S5H
71.10
71.10
71.10
71.10
71.10
*
71.10
FOREIGN
EXCHANGE
RATES
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now
certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
a
record for the week just passed:
We
cases
elaborate
has to be estimated.
detailed statement, however, which we
present further below, we are able to give final and complete
for the week previous—the week ended Sept. 30.
results
For that week there
was an increase of 2.6%, the aggregate
clearings for the whole country having amounted to
$5,667,809,712, against $5,522,961,985 in the same week in
1938.
Outside of this city there was an increase of 15.3%,
the bank clearings at this center having recorded a loss of
6.3%.
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 a loss of 5.9%, but in the Boston
Reserve District the totals record a gain of 18.4% and in
the Philadelphia Reserve District of 17.0%.
The Cleveland
Reserve District enjoys an expansion of 19.6%, the Rich¬
mond Reserve District of 9.4%, and the Atlanta Reserve
District Gf 12.0%.
In the Chicago Reserve District the
totals show an increase of 15.0%, in the St. Louis Reserve
District of 11.7%, and in the Minneapolis Reserve District
of 19.3%.
In both the Kansas City and the Dallas Reserve
Districts the totals are larger by 17.6% and in the San
Francisco Reserve District by 13.5%.
In the following we furnish a summary by Federal Reserve
of
The
—6.0
Complete and exact details of the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
$50,000
Sep£; 2§r~££rtifi?ate J88"**1
ville
...
+ 0.3
districts:
Volume
The Commercial & Financial Chronicle
149
SUMMARY
OF BANK
The
CLEARINGS
of
volume
New York Stock
1939
Reserve
Dists.
1938
Dec.
1937
1936
$
Week End. Sept. 30, 1939
$
%
S
transactions
share
in
properties
the
on
Exchange for the first nine months of the
Inc.or
Federal
2181
1936 to 1939 is indicated in the following:
S
years
1st
Boston
269,435,336
227,496,918
+ 18.4
272,467,832
New York..13
"
3,145,320,962
3,343,355,727
—5.9
3,885,002,704
"
403,092,555
347,041,148
+ 17.0
401,986,606
Cleveland.-
1938
1937
1936
No. Shares
No. Shares
No. Shares
470.636,676
4th
1939
4,581,117,101
PhlladelphlalO
No. Shares
284,750,708
2d
3d
12 cities
7
"
305,673,423
255,640,687
319,164,363
58,671,416
67,201,745
"
143,972,120
131,623,940
157,661,275
155,531,860
vY February
25,182,350
13,873,323
24,151,931
Richmond-- 6
14,526,094
50,248,010
60,884,392
Atlanta..
10
**
165,711,155
147,896,467
164,074,412
153,860,275
March
25.564,174
22,995,770
50,346,280
51,016,548
7th
Chicago
18
"
496,638,459
+ 19.6
+ 9.4
+ 12.0
431,739,219 + 15.0
355,846,309
5th
6th
539,514,936
547,491,829
8th
St. Louis...
4
*•
152,951,901
136,981,211
+ 11.7
162,802,879
159,334,716
63,618,847
61.673.795
159,265,706
179,102,685
9th
Minneapolis
104,740,331
20,246,238
17,119,104
34,606,839
39,609.538
12,935,210
14,004,244
24,368,040
18,549,189
20,613,670
21,428,647
1
7
"
113,9fc0,390
95,510,923
+ 19.3
112,914,786
10th Kansas City 10
11th Dallas
6
"
140,633,746
119,543,790
+ 17.6
135,512,844
"
73,561,486
62,534,222
+ 17.6
73,592,305
"
253,638,177
223,597,733
+13.5
263,061,077
254,058,925
5,667,809,712
5,522,961,985
+2.6
6,524,437,965
7,228,789,750
2,627,543,874
2,279,209,612
+ 15.3
2,779,196,132
First quarter
67,361,898
12th SaD Fran—10
Month of January
2,788,891,060
113 cities
Total
Outside N. Y. City-
130,521,168
Month of April
May
.
...
11,963,790
June
Second
45,145,238
-
.32 cities
349,551,636
340,668.857
—2.5
55,491,388
69,605,221
81,651,855
108.764,085
117.165.183
228.870,927
260,754,540
18,067,920
17,372,781
57,091,430
38,773,575
20,728,160
20,722,285
17,212,553
26,563,970
23,826,970
33,854,188
30,872,559
quarter
Six months..
Canada
399.673,811
362.209.558
Month of July....
We also furnish
today a summary of the clearings for the
month of September.
For that month there was an increase
for the entire body of clearing houses of 14.7%, the 1939
aggregate of clearings being $26,401,625,502 and the 1938
aggregate $24,021,701,608.
In the New York Reserve Dis¬
trict the totals show a gain of 6.3%, in the Boston Reserve
District of 21.8%, and in the Philadelphia Reserve District
of 16.6%.
In the Cleveland Reserve District the totals are
larger by 15.2%, in the Richmond Reserve District by
11.0%, and in the Atlanta Reserve District by 12.6%.
In the Chicago Reserve District the totals record an im¬
provement of 16.3%, in the St. Louis Reserve District of
15.5%, and in the Minneapolis Reserve District of 10.4%.
In the Kansas City Reserve District the increase is 15.4%,
in the Dallas Reserve District 10.8%, and in the San Fran¬
cisco Reserve District 11.3%.
September,
Inc.or
September,
September,
1939
1938
Dec.
1937
1936
%
$
%
$
Reserve Dists.
1st
Boston
2d
New York.-15
3d
PhUadelpblal7
14 cities
August
x
*
-
September--...-.
92,532,131
83,328,705
71,789,026
92,229,688
200,493,888
300,659,953
352,984,228
—
Nine months
The
34,793,159
201,296,216
Third quarter."---
following compilation
covers
the clearings by months
since Jan. 1, 1939 and 1938:
CLEARINGS
MONTHLY
Clearings Outside New York
Clearings, Total All
Month
1939
$
a'
$
1938
■
$
$
%
+ 6.0 11,075,265,702 10,828,449,072
%
25,691,148,356 24,240,611,319
21,840,480,633 19,631,519,840 + 11.3 9,617.765,268 9,068,739,153
+ 9.0 11,449,017,565 10,752,425,890
27,459,954,766 25,194,100,574
t
I
£
1939
1938
I
+ 2.3
+ 8.6 32,142,048,535 30,649,614,115
+4.9
1st qu. 74,991,583,755 69,066,231,733
September,
Federal
16,449,193
+ 6.1
+ 6.5
+ 4.9
+ 0.8 10,773,253,297 10,268,033,743
24,156,251,684 23,968,256,682
9,967,984,364 + 12.0
May.. 24,639,271,350 22,351,135,431 + 10.2 11,159,251,082
—3.0 11,444,446,372 10,534,716,260
+ 8.6
June.. 25,501,739,516 26,286,118,101
Apr
$
1,143,633,101
938,873,280
+21.8
1,029,488,122
1,018,275,475
14,868,415,552
13,992,672,748
15,235,356,315
15,792,542,394
"
1,747,273,481
1,498,202,446
+6.3
+ 16.6
1,571,734,812
1.577.002.482
4th
Cleveland_-18
"
1,365,422,738
1,185,117,585
+ 15.2
1,486,979,938
Richmond--
**
635,334,030
572,122,693
+ 11.0
636,503,053
584,001,412
6th
74,297,262,550 72,605,510,214
+2.3 33,376,950,751 30,770,734,367
+8.5
149288846,305 141671741,947
+ 5.4 65,518,999,286 61,420,348,482
+ 6.7
1,290,785,180
6th
qu.
6 mos.
2d
9
Atlanta
16
"
744,316,795
660,847,777
+ 12.6
713,649,164
656,505,090
7th
Chicago
31
"
2,153,082,985
1,851,091,021
2.011.876.483
St. Louis
7
"
668,443,758
576,915,258
+ 16.3
+ 15.5
2,226,502,344
8th
658,610,825
627,580,580
9th
Mlnneapollsl6
"
525,230,487
475,806,664
+ 10.4
544,828,525
10th Kansas City 18
11th Dallas
11
"
815,068,625
706,161,467
+ 15.4
816,476,886
762,950,653
M
565,613,417
510,582,616
+ 10.8
561,161,582
477,549,205
"
1,169,790,533
1.051,308,053
+ 11.3
1,291,039,881
1,148,928,303
26,401,625.502
24,021,701,608
+ 9.9
26,772,331,447
26,404,298,953
11,991,497,492
10,450,561,274
+ 14.7
12,063,577,679
11,117,622,413
1,690,857,350
1,515,434.872
+ 11.6
1,530,594.431
1,710,895,153
+ 6.8
23,848,853,208 23,955,578,204 —0.4 11,197,200,633 10,486,841,050
Aug
24,961,796,436 21.945,173,922 + 13.7 11,324,465,346 10,190,119,976 + 11.1
+ 9.9 11,991,497,492 10,450,561,274 + 14.7
Sept.. 26,401,625,502 24,021,701,608
July
12th San
F)ran
19
Total
191 cities
Outside N. Y. City
Canada
32 cities
456,301,696
We append another table showing the clearings by
Reserve districts for the nine months for four years:
qu.
75,212,275,146 69,922,453,734
+ 7.6 34,513,163,471 31,127,522,300 + 10.9
mos.
224501 121,451 211594195,681
+ 6.1
3d
9
The
course
of bank clearings at
for the month of September
last four years
Federal
9 Months
Inc.or
$
9 Months
New York..
Federal Reserve Dists.
I
%
1st
Boston....,14cities
2d
New York.. 15
"
128,586.250,300
3d
Philadelphlal7
"
15,278,996,266
4th
Cleveland-.18
"
11,214,567,416
6th
Richmond
9
"
5,238,622,662
6th
Atlanta._.-16
"
6,372,417,266
1936
1937
Dec.
5,718,518,409
+ 11.4
6,288,687,694
5,272,550,850
7th
Chicago.—.31
"
17,996,364,804
16,619,363,889
+ 8.3
20,594,408,523
18,129,718,828
8th
St. Louis
7
"
5,339,106.941
4,952,701,228
+ 7.8
5,749,553,200
5,132,055,758
9th
Minneapolis™
"
3,984,240,514
3,788,840,041
+ 5.2
4,237,632,626
3,810,911,192
10th Kansas City 18
11th Dallas
11
"
6,708,446,587
6,376,870,075
6,769,293,183
4,543,962,254
4,188,335,032
+5.2
+ 8.5
+6.2
7,577,384,883
"
4,478,799,960
3,707,977,319
12th San Fran...19
Total
"
8,971,901,752
9,434,071,239
Canada..
92,547,870,782
100,032,162,757
32 cities
9,494,470,095
+6.1 252,687,690,403 238,406,136,957
+8.1 110,008,571,669
97,069,831,912
12,344,461,323
+3.7
13,940,673,172
13,868.291,030
Pittsburgh.—
San Francisco...
Our usual
monthly detailed statement of transactions on
Stock Exchange is appended.
The results
for September and the nine months of 1939 and 1938 follow:
York
804
876
872
8,373
1,480
1,495
14,489
366
3,267
7,490
13,071
.>,068
9,026
14,904
401
—
537
443
621
522
4,335
4,056
5,649
659
603
690
610
5,353
5,159
5,891
2,716
,
„
57,091,430
23,826,970
294
271
242
270
248
421
358
419
395
431
374
444
375
341
311
363
290
182
170
180
159
427
360
435
409
173
137
153
137
2,581
2,161
3,458
3,558
2,508
1,475
3,625
1,316
309
-
Minneapolis.—
_
—V
1938
1939
U. S. Government bonds-
25,691,000
227,101,000
201,296,216
CLEARINGS FOR
3,822
2,392
2,077
3,519
2,442
3,119
2,731
1,428
4,051
3,048
2,412
1,199
141
118
138
133
1,142
47
38
43
••J'; 42
396
377
421
Milwaukee
89
79
88
82
774
728
820
750
139
123
154
141
1,198
1,128
1,434
1,221
118
108
117
110
959
924
984
927
147
124
143
127
1,132
1,066
1,228
1,049
80
72
75
69
710
645
720
618
—
—
Louisville
—
„
—
St. Paul
..
—
—
Indianapolis
4,462
3,893
1,339
1,204
1,169
1,228
381
191
—
Memphis..
—
Seattle-
195
196
175
1,479
1,399
1,515
1,296
108
88
98
118
697
646
719
643
177
Richmond
152
181
160
1,344
1,260
1,507
1,262
70
-
58
73
64
560
502
629
536
47
Salt Lake City.
200,493,888
$94,417,000 $1,075,749,000 $1,012,563,000
185,481,000
22,374,000
179,907,000
286,979,000
17,163,000
108,739,000
$480,789,000 $133,954,000 $1,548,209,000 $1,301,209,000
Total
2,047
3,270
Providence
Detroit
37
43
42
423
403
468
439
23,876 21,759 24,114 23,981 203,020 191,538 229,280 218,188
2,263
2,658
2,423
21,481
20,056
23,408
20,218
Total all
26,402 24,022
Outside New York-11,991
Foreign government bds_
3,266
4,787
5,257
2,408
Other cities—2,526
Bonds
Railroad & misc. bonds.. $227,997,000
2,379
13,577
3,629
1,361
3,141
1,183
1,061
New Orleans..—
Total
Stocks, number of shares.
259
260
--
Cleveland-
S
141,366
11,322
8,538
347
Cincinnati
City
$
Nine Months
September
1938
1,430
1936
1937
142,679
12,862
1,417
Baltimore
Description
1939
14,709
980
Hartford
Month of
1,171
1938
$
$
15,287 124,469 119,046
11,238
10,617
1,282
381
—
Denver
the New
Jan. 1 to Sept. 30-
1939
$
1,650
--
St. Louis
Buffalo
12,799,232.671
1,361
—
-
Philadelphia
Kansas
CITIES IN SEPTEMBER
LEADING
$
$
14,410 13,571
—
Omaha
—191 cities 224,501,121,451 211,594,195,681
Outside N. Y. City
10,830,019,543
—
Boston.
$
S
%
+ 10.8 10,574,411.224
9,947,696,859
+ 4.4 147,644,729,613 145,756,551,487
123,114,947,709
13,824,018,595 + 10.5 15,756.146,273 14,365,647,569
+ 8.8 13,335,994,005 11,115,620,092
10,312,163,129
4,881,161,505
+ 7.3
4,913,643,725
5,619,922,839
8,845,354,317
9,804,075,202
——
Chicago-------
1938
1939
leading cities of the country
and since Jan. 1 in each of the
Month of September
1939
1938
1937
1936
(000,000
omUted)
9 Months
9 Months
+ 8.1
is shown in the subjoined statement:
CLEARINGS AT
BANK
100032 162,757 92,547,870,782
We
10,451
26,772 26,404 224,501
12,064 11,118 100,032
211,594 252,688 238,406
92,548 110,009
97,070
our detailed statement showing the figures
separately for September and since Jan. 1 for
and for the week ended Sept. 30 for four years:
now
add
for each city
two years
SEPTEMBER, SINCE JANUARY 1, AND FOR WEEK ENDING SEPT. 30
Week Ended Sept. 30
Nine Months Ended Sept. 30
M onth of September
Clearings atInc. or
1939
1938
Dec.
Inc.
1939
Federal
Rese
rve
Fall
+ 7.7
8,464,889
+ 14.1
78 ,560,293
803,834,755
+ 21.9
2,370,811
1,370,572
1,473,550
2,531,261
11,672,193
+ 31.5
8,373 ,164,919
25 ,674,799
13 116,707
River
3,117,711
1,529,353
1,787,528
3,032,123
Holyoke
Lowell
New Bedford
Springfield
13,938,407
Total
(14 cities)
+ 11.6
+ 19.8
16 ,037,368
25 485,053
+ 19.4
119 430,783
71 363,518
+21.3
+ 8.8
2,286,456
2,426,798
—5.8
809,758
3,407,367
7,490,029,854
+ 11.8
234,587,696
695,235
193,448,819
+ 21.3
230,964,999
515,583
+ 34.8
628,384
617,204
354*082
"334",664
613,078
3,446,949
2,206,610
12,829,896
23,167,631
+ 10.8
14,015,307
14,300,338
24,275,195
+ 12.1
113,088,705
68,011,370
546,292
,
561,029
—6.4
3,370,817
244,188,048
"
"336",298
"45l", 107 —-25~5
825,064
3,161,078
+ 16.0
+4.9
622,258
2,725.716
1,636,682
9,547,796
—14.5
+ 5.6
3,427,486
+ 18.5
3,446,699
2,508,219
12,957,329
4,658,719
+ 5.0
532,050
7,459,464
+ 12.9
37,319,401
+ 27.0
422
402,990,243
+ 4.9
15,084,646
+ 18.3
161
899,380
188,971
2,093,909
11,079,490
149,733,970
+ 7.7
4,060,917
5,643,200
+ 6.0
59 019,900
56,933,300
37,690,000
+ 24.5
396 366,800
376,766,300
+ 5.2
1,831,438
+ 16.2
22 220,273
19,742,703
+ 12.5
450,617
417,144
9,804,075,202
8,845,354,317
+ 10.8
269,435,338
227,496,918
+ 27.9
+ 3.7
2,127,919
1,143,633,101
$
827,470
—2.8
46,922,700
__
—2.6
20,117,531
72,181,870
5,983,400
.
I.—Providence
N. H.—Manchester.
$
17,837,880
New Haven
1936
1937
%
47,404,921
Conn.—Hartford
R.
Dec.
S
8,421,334
Worcester
Waterbury
19 ,546,438
2,127,100
9,657,555
979,580,569
Portland
1938
District— Boston—
2,291,701
Mass.—Boston
Inc. or
1939
$
Dec.
$
%
Flrst
Maine—Bangor
1938
or
938.873,280
+ 21.8
9",605", 300
+ 16.0
11,716,506 —18"0
4,375,064
ll", 3 52+00
+ 8.0
11,046,600
860,612
+ 18.4
272,467,832
284,750,708
588,508
I
The Commercial & Financial
Second Federal Res
Blnghamton
Buffalo—
—
Elmlra
Jamestown..
York
New
Rochester
-----
J.—Montcialr.—
-
——
Pottsvllle.
+ 3.2
+ 7.2
+ 15.6
1,224,963
+ 6.4
38,200,000
765,693
797,049
624,285
737,263
3,040,265,838 3,243,752,373
8+49,264
7,236,547
4,102,628
3,778,373
156,816,066
+21.4
161,379,653
16,203.575
673,601,034
940,135,006
28,933,329
134,894,221
150,533,139
14,937,794
668,239,176
+ 0.8
989,003,536
—4.9
32,559,368
+ 6.3 128,586,250,300 123,114,947,709
+ 4.4
15,304,821
16,687,500
+ 9.0
383,545
373,060
+ 25.7
558,712
357,046
582,295
538,337
l",468+98
1,300,277
+ 18.6
+ 17.7
63,658,282
100,834,921
3,198,311
+ 8.6
—16.3
Re
29,609,859
3",144",996
+ 7.2
4,303,338
+ 8.5
369,815
16,675,873
+ 16.6
+ 5.9
20,977,851
13,494,983
83,715,296
4,996,668
+ 16.1
48,149,032
1,965,012
1,666,677
+ 18.0
17,960,776
789,186
4,612.652
+ 8.6
6,412,952
8*2
3,436,069
3",376",336
+ 44.3
4,041,415
383,125
28,263,332
34,942,393
3,941,169
486,935
23,916,420
44,658,098
—5.9 3,885,002,704
4,581,117.101
16,538,342
16,413,330
15,179,757
+
2,906,025
2,981,394
328,663
18,652,449
16+78+32
+ 15.3
25,344,579
24,604,301
+ 3.0
3,145,320,962 3,343,355,727
+ 12.5
+ 2.8
—4+
434,763
422,860
824,872
—33.7
430,896
597,234
352,933
+
12".9
1,723",025
1,8*96*,754
+
17" 3
387,000,000
1,872,336
457","o'ob",000
+ 9.4
+ 3.4
+ 2.5
12,263,870
84,642,286
44,880,014
+ 10.0
—1.1
+ 7.3
+ 9.0
1,417,000,000
5,680,441
8,848,290
+ 16.4
14,489,000,000
13,071,000,000
+ 10.8
3947000",000
336,000,000
+ 15.4
57,401,594
90,143,026
54,242,798
+ 5.8
1.546,754
83,671.558
+ 7.7
3,532,540
5,768,638
+ 46.0
—10.0
38,446,243
35,245,955
+ 9.1
45,747,943
54,673,474
—16.3
2,081,379
1,013,269
1,309,852
1,530,444
1,770,996
1+23,673
1,452,666
1,051,581
+ 8.4
9,812,208
5,067,894
23,211,492
140,722,013
10,805,894
—9.2
1,747,273,481
(17 cities)
691,544
3,745,241,833 4,439,898.690
—11.2
9,313,190
10,116,802
+ 9.4
+ 8.4
+ 10.0
yl,847,900
1,341,054
8,640,222
+ 17.4
+ 6.9
548,552
2,260,615
17,892,986
13,624,500
1,498,202,446
N. J.—Trenton.--
+ 18 +
—6.3
—9.1
586,285
3,467,055
Wilmington
$
9,540,961
1,191,920
38,700.000
11,177,078
+ 15+
31,663,198
20,195,080
20,380,400
Rrtia
Hazleton
Federal
+ 4.6
—10.9
906,804
146,165,654
6,557.317
10,384,752
5,157,910
5,192,149
1,140,316
Wilkes-Barre—
Fourth
+ 10.5
$
29,600,000
427,268
161,910,068
1,723,250
1,650,000,000
Philadelphia
Reading
Total
491,799
+ 10.7
5,799,878
Lancaster
.—
1,047,917
31,500,000
+ 18.6
2,318,979
——
Harrisburg ---------
Tin
+ 6.3
+ 14.1
y2,154,917
1,374,769
9,150,007
Bethlehem
Del
—1.5
—2.9
+6.2 124,468,958,694 119,046,324,899
283,109,371
303,545,675
District— Philadelphia
1,536,770
1,690,417
rve
Pa.—Altoona
York
20,036,882
26,444,201
+ 11.1
14,868,415,552 13,992,672,748
Total (15 cities)
Scranton
19,453,972
29,212,841
2,986,079
2,676,686
-
Chester
+ 17.5
+ 5.9
361.389,264
1936
1937
%
$
9+18,845
13,320,190
13,565,514
1,432,601
1,698,812
74,900,378
109,541.247
Newark
Federal Rese
44,847,986
1,198,173,821
8,123,793
15,675,410
16,472,507
Northern New Jersey
Third
—5.5
+ 13.1
8
%
—7.4
Dec.
1938
14,742,537
Westchester County.
Oranges
$
1939
Dec.
3.542,599
17,890,393
—
Conn.—Stamford
N.
1938
390,081,752
45,529,731
1,127,504,244
—22.0
Syracuse
TJtlca.-
$
%
44,108,171
34,390,552
4,983,508
4,707,869
122,568,010
138,640,431
1,979,834
2,327,061
3,166,836
3,353,080
14,410,128,010 13,571,140.334
30,054,747
33,403,390
N. Y.—Albany.......
1939
Dec.
$
$
District —New York—
erve
Inc. or
Inc. or
Inc. or
1938
1939
7,
Week Ended Sept. 30
Nine Months Ended Sept. 30
September
Clearings at—
1939
Oct.
(Continued)
CLEARINGS
Month of
Chronicle
4,802,590
+ 1 +
—9.8
—9.8
1,438,555
2,497,230
2,.540,703
1,038,007
2,077,004
+ 17.5
1,640,193
2+67,817
+ 5.5
+ 10.6
+ 3.0
+ 49.6
161,931,700
20,990,208
136,601,180
146,613,360
+ 10.4
3,373,500
2,369+66
+ 42 +
4",045",000
2,823~666
+ 16.6
15,278,996,266
13,824,018,595
+ 10.5
406,092,555
347,041,148
+ 17.0
401,986,606
470,836,576
78,411,287
2,160,731,367
69,693,285
2,047,214,646
+ 12.5
1,765,134
2,494,576
58,723,000
1,942,775
53,551,198
—9.1
+ 5.5
+ 9.7
63,728,060
+ 14.1
104,171,888
84,472,742
+ 23.3
112,092,628
9,047,300
12,920,500
—30.0
13,703,100
2,125,485
57,172,401
98,933,854
12,674,700
+ 53.4
+ 12.9
District —Cleveland—
serve
10,091,405
8,093,091
+ 24.7
242,199,652
+ 7.4
Cleveland
260,170,683
431,396,680
374,189,226
+ 15.3
3,557,707,030
3,119,255,119
Columbus
48,136,500
46,800,000
2,667,306
+2.9
—26.1
402,285,700
385,208,200
+ 4.4
1,972,372
944,282
953,405
—1.0
19,138,298
8,558,091
19,733,141
9,592,418
—10.8
7,497,956
11,123,674
6,040,453
8,264,146
5,244,810
+ 24.1
Ohio—Canton ------Cincinnati
—3.0
1,175", 574
63,175,146
92,471,612
54,643,828
+ 15.6
1,622*. 388
1+07,359
+ 15.3
+ 34.6
77,139,012
+ 19.9
2,544,668
1,570,553
+ 62.0
1,603,007
3,097,991
3,104,678
+ 6.8
48,955,293
+ 7.4
19,615,761
+ 4.2
704,900
408,160
+ 24.3
+ 6.4
169,308,234
7,311,122
3,321,760
45,599,272
159,237,311
+ 25.9
+ 21.2
1277799",045
99","775" 560
+28 +
159*,126",947
143",977",671
6,687,287
578,166
443,100,109
6,412,377
9,933,060
8,220,596
+ 20.8
6,055,372
6,452,257
5,437,013
6,188,414
1,365,422,738
1,185,117,585
305,673,423
255,640,687
+ 19.6
355,846,309
319+64,363
310,664
+ 10.0
Mansfield
Youngstown...
...—-
5,599,878
County..
20,447,811
875,915
Newark
Toledo
Pa.—Beaver
Franklin
434,416
Creensburg
727,632
536,875,558
Pittsburgh
Oil
Citv
W. Va.—Wheeling
Total (18 cities)
Federal
Fifth
Rese
W. Va.—Huntington..
Va.'—Norfolk
Richmond
S.
Greenville
Md.—Baltimore
5,648,943
2,017,329
99,244,037
Frederick
D. C.—Washington...
Total (9
635,334,030
cities)..
—0.9
5,566,436
6,070,976
—8.3
4,055,912.612
+ 6.9
55,200,921
+ 6.9
83,855.643
+ 0.9
+ 11.4
4,335,104,643
59,023,777
84,659,171
59,284,483
+ 4.3
59,553,966
56,325,682
57,265,499
+ 4.0
+ 15.2
11.214,567,416
10,312,163,129
+ 8.8
+4.3
+5.3
"
1,776,814
12,489,000
190,546,039
8,996,510
5,538,971
309,076,387
_
+ 7.0
3,353,066
District— Richmond—
rve
C.—Charleston—.
Columbia
.
+ 6.3
6,832,498
1,397,049
+ 27.2
14,629,786
12,137,732
+ 20.5
9,068,000
+ 37.7
90,099,000
1,399,420,984
42,370,980
69,719,003
36,800,980
341,741
2,317,000
—2.2
97,375,000
1,478,870,836
+ 8.1
194,777,199
4,398,520
+ 5.7
43,325,581
+ 10.8
*925,250
2,379,167,739
+ 8.5
+28.4
46,931,311
7,925,487
4,416,628
+ 13.5
79,385,017
+ 25.4
259,361,963
1,574,341
+ 19.2
89,203,506
+ 11.3
44,140,251
2,581,210,824
14,451,162
881,628,475
572,122,693
+ 11.0
+22.8
+28.1
Rese
rve
2,790,000
2,527,000
48,737,105
1,662,099
45,079,099
+ 18.3
82,091", 6 58
80",442",839
4". 7
22,014,238
24,840,166
+ 9.4
157,661,275
155,531,860
Augusta..
5,985,630
Columbus
4,244,989
15,63(6,975
73,543,368
221,308,658
4,382,453
3,406,012
Macon..
4,481,095
4,231,735
+ 5.9
72,432,966
60,655,506
+ 19.4
4,680,425
3,981,639
77,681,230
7,311,056
4,424,972
+ 17.6
Nashville
84,828,524
Ga.—Atlanta
246,400,000
Fla.—Jacksonville
Tampa..
91,399,822
Ala.—Birmingham
Mobile
7,918,897
Montgomery
4,902,455
Miss.—Hattiesburg
Jackson
Meridian
Vicksburg
La.—New Orleans
Total
'
74,549+53
62,997,078
13,822,232
+ 4.5
837,642,855
+ 5.3
22,513",395
21,56b",094
5,238,622,662
4,881,181,505
+ 7.3
143,972,120
131,623,940
160,515,348
146,329,705
650,869,138
1,904,819.986
+ 9.7
3,852,634
20,257,703
3,396,870
17,437,368
+ 13.4
+ 16.2
16,852,381
3,108,882
15,903,684
+ 13.0
58,200,000
52,200,000
+ 11.5
57,700,000
54,500,000
986+59
+38.2
1,417,683
—7 +
1,231",499
+ 18.6
13,920,000
Seventh Federal Re
3,965,818
694,522,883
+ 11.3
2,153,315,107
+ 36.6
45,086,932
38,566,867
+ 16.9
+ 24.6
29,005,989
+ 19.9
32,063,280
640,254,125
43,073,594
+ 13.2
885*383
+ 11.8
16,075,000
956+55
13,555,000
668,058,986
+ 17.0
21,000" 600
18,672" 224
+ 12.5
22,391,609
57,222,856
29,626,644
+ 17.9
2,035,561
1,685,608
+20.8
1,857,203
37,349,000
61,597,188
12,729,909
+ 14.2
5,472,847
—2.1
+ 8.3
34,783,544
36,290,121
716,056,905
45,031,443
781,560,107
67,448,359
+ 10.8
34,142,112
42,653,000
66,337,986
+ 17.7
5,642,000
7,316,465
1,733,958
4,671,000
+ 20.8
7.429,497
—1.5
1,615,804
+ 7.3
664,370
+ 9.3
14,309,935
5,360,401
+ 6.7
1
1,362,963
1,531,876
~
"
.
1,136",987
14,136,000
+ 4.5
2l",167",822
"
1,659,236
+ 15.2
X
+ 7.7
X
X
X
X
+ 12.4
~l8l"075
"201+85
—10+
"234", 449
"236,493
169,903,502
+ 7.4
1,475,003,083
1,361,478,295
+ 8.3
41,860,236
38,805,598
+ 7.9
44,503,770
40,499,295
660,847,777
+ 12.6
6,372,417,266
5,718,518,409
+ 11.4
165,711,155
147,896,467
+ 12.0
164,074,412
153,880,275
318,834
110,037,779
291,051
86+82,017
+ 9.5
+27.2
200,761
111,406,856
183,128
111,572,952
3",312",659
2,587+63
+28.0
3",109",061
3",O'ob",597
1,245+16
1,261,79I
—1".3
1,6*27", 104
1,691,717
serve
District —Chicago—
1,636,047
+ 16.4
15,829,443
14,370,643
+ 10.8
+ 18.6
3,625,115.536
3,141,246,510
—12.8
37,023,180
37,075,329
94,943,646
+ 15.4
—0.1
Detroltw.
426,614,286
Flint....
3,819,605
15,385,581
1,988,224
1,406,002
359,739,132
4,381,478
12,088,738
v
1,825,743
+27.3
113,954,825
+ 8.9
17,270,675
6,525,539
5,573,381
+ 17.1
56,813,488
Muskegon
2,507,462
2,900,910
2,230,285
2,842,589
+ 12.4
Bay
21,219,467
21,590,576
Rapids
Jackson
....
City
Ind.—Ft.
7
182,423.450
Mich.—Ann Arbor
Lansing
■
+
744,316,795
(16 cities).
Grand
2,357,030
+ 19.9
+ 15.3
726,306
...
+ 4.7
+ 13.9
District— Atlanta—
19,199,813
285,726
+ 4.5
—0.9
/■
Federal
Sixth
Ten n.—K noxvllle
366,175
2,218,000
43,714,286
883,818
+ 2.1
15,453,629
51,081,562
19,162,512
22,779,891
+ 20.0
+ 11.8
+ 11.2
+ 10.7
—5.2
"
17" 9
l",155",059
1,037,947
+ 7.4
17,17*l", 000
l7,8"o"9".b66
4,358,334
5,070,043
—14.0
37,804,758
+ 2.3
Gary
13,458,966
117,901,155
97,000,985
+ 21.5
79,568,591
10,064,531
72,314,612
+ 33.7
Indianapolis
+ 10.0
709,866,568
644,645,008
+ 10.1
4,826,021
18,396,568
+ 28.4
58,690,198
192,531,681
47,013,806
+ 24.8
+ 21.2
165,294,108
+ 16.5
4,875,842
+ 16.6
50,815,691
46,309,638
+ 9.7
89,165,780
1,470,984
79,038,192
+ 12.8
773,589,060
727,909,675
+ 6.3
1,232,478
+ 19.4
+ 3.9
2,538,227
360,567
+20.8
12,731,949
25,721,527
12,258,084
3,066,657
24,500,587
+ 5.0
4,034,214
—4.3
1,306.887
1,132,860
+ 15.4
10,989,622
10,750,675
5,220,938
44,362,664
4,628,917
37,271.759
13,716,823
+ 12.8
44,965,314
42,122,305
+ 6.7
1,234+33
I,123",010
+ 9.9
1,135,553
1,123,407
+ 19.0
356,605,988
+ 11.0
12,809,306
II,834,999
+ 8.2
9,825,378
8,529,663
+ 17.6
134,240,466
321,220,150
122,362,463
+ 9.7
4,325,588
3,557,941
+21.6
3,821,288
3,636,158
315,521
310,312,931
1,354,653
326*334
—3.3
483,614
"463",938
277,733,943
+ 11.7
354,402,495
364,012,903
987,868
+ 37.1
1,064,852
768,842
South
Wayne
Bend..
6,197,433
Terre Haute
22,298,096
5,684,893
Wis.—Madison
Milwaukee
Oshkosh
.Sheboygan
439,742
Manitowoc...
Iowa—Cedar
Des
Rapids..
Moines
Sioux
16,134,870
1.004,553
City
Ames.
Bloomington
Chicago
....
...
Peoria
Rockford
Springfield
Sterling..
Total (31
3,860,369
+
992+68
841,566
177429",000
1,522,145
16,22 5" 000
1+04+06
+ 37.9
1,531,489
1,282,214
5,418,598
4+49,744
+ 30.6
4,980,302
4,468,055
197603",288
I7,780~6l6
+ 10.3
20,765,709
21,325,547
-„n
+2.2
cities).
893,625
+ 12.4
8,077,791
6,940,794
+ 16.4
1,950,000
1,758,350
1,360,923,998
111.—Aurora
Decatur
+ 22.0
38,687,246
1,826,785
1,745,555
1,170,698,854
+6.7
15,063,894
16,226,553
10,616,506,736
—15.1
+ 16.2
16,630,150
13,778,751
11,237,768,760
4,841,869
16,718,879
5,262,515
4,682,698
+ 3.4
37,267,756
35,857,184
+3.9
15,030,003
4,816,064
5,386,289
+ 11.2
142,828,780
133,165,100
+ 7.3
+ 17.1
3,889,304
4,087.453
44,656,556
43,077,589
+ 3.7
3,933,986
1,051,035
3,360,039
+ 9.3
1,057,466
—0.6
1,498,064
1,165,858
+ 9.7
+ 3.6
1+20,919
1,034,871
+37.3
1,447,047
1,332,450
+ 32.2
50,205,597
5,136,639
48,480,649
456,361
4,705,212
+ 9.2
1,851,091,021
+ 16.2
17,996,364,804
16,619,363,889
+8.3
496,638+59
431,739,219
+ 15.0
539,514,936
547,491.829
5,906,832
603,500
2,153,082,985
+ 0.7
+ 10.4
+ 5.9
Volume
2183
The Commercial & Financial Chronicle
149
CLEARINGS
Month of September
(Concluded)
Week Ended Sept. 30
Nine Months Ended Sept. 30
Clearings aiInc.
1939
1938
1938
1939
Dec.
Dec.
$
-
-
-
District
-St. Louis—
347,451,241
+9.6
3,266,887,614
3,172,284
462,960
+ 11.2
31,150,353
+ 14.2
4,652,522
136,822,523
+ 26.2
1,315,980,173
88.483,578
+ 22.3
284,672
+ 13.7
646,151,026
2,731,641
—2.8
21,339,000
—1.9
566,000
538,000
+ 5.2
592,000
540,000
-
Independence
Ky.—Louisville
Tenn .—Memphis
2,397,000
+ 6.6
578,915,258
------
Minneapolis
Rochester
—
Paul.—--.----
Winona„.,_......-,rt,»...
4,952,701,228
+ 7.8
152,951,901
136,981,211
+ 11.7
162,802,879
159,334,716
+ 1.5
3,448,896
2,436,349
+ 41.6
+ 9.7
115, 242,677
2,392, 275,577
+ 4.8
75,770,786
63,898,250
+ 18.6
3,590,371
75,704,131
68,324,695
+ 13.9
12 866,898
11 722,386
+ 9.8
+ 9.0
959 414,377
923 962,736
+ 3.8
267616*,347
23,270,573
+*1*4*4
26*.8*08*233
27,1*03*772
+2.7
13 772,278
13 382,167
+ 2.9
450,843
+ 29.1
9,968,007
1,194,000
871,659
3,382,131
+ 10.0
2,602,747
2,183,782
+ 19.2
2,614,479
2,190,130
"82*5*372
"71*3*143
+
1*5*7
*714*956
*6*62*148
5,884,006
616,105
+ 12.0
3,423,214
4,925,551
10,530,135
+ 16.7
+
—3.8
31 313,240
112 ,415,441
28 ,027,181
+ 11
88 ,834,604
+ 26.5
272,936
+ 43.3
2 ,562,557
1 ,857,677
+ 37.9
475,806,664
+ 10.4
3,984,240,514
3,788,840,041
—1.9
3,756,964
5,415,322
102,972,866
1,141,965,390
153,575,682
5,762,871
8,306,352
964,475
3,643,057
6,588,522
720,100
3,993,431
Huron
Great Fall3
'_
4,737,755
-
Helena
14,133,556
391,067
-----
Lewistown.,
Total (16 cities)
525,230,487
Tenth Federal Rese
rve
District
585,029
+ 3.9
9,836,856
+29.9
117,844,142
16,610,050
16,327,874
+20.0
+ 1.7
774,688
594,910
+ 30.2
1,061,155
946,496
+ 12.1
8,699,897
Omaha
Kan .—Kansas City--
-
7,479,838
11,700,446
1,935,786
358,065,803
11,614,913
+ 16.3
+ 3.2
—19.0
Manhattan
Parsons
Topeka___
Wichita
12,066,888
2,229,378
420,594,084
13,456,803
-
Mo.—Joplin..--
City
:
Joseph
26 ,205,612
+ 9.8
57 857,165
56 ,028,820
+ 3.3
6 672,648
5 110,826
+ 30.6
27 875,289
25 467,304
+ 3.1
+ 15.2
+ 17.5
+ 15.9
Texas—Austin.,
i.
,L
-
-
-
El Paso—..-__.---Worth
—„
Galveston
Houston.
-
-
Port Arthur.-----—
Wichita Falls
—
Texarkana
La.—Shreveport-
-
Total (11 cities)..
Twelfth Federal Re
Wash.—Bellingham
Seattle
Spokane
Yakima
Idaho—Boise
Ore .—Eugene
Portland
Distric
7,266,206
3,700,059
258,043,000
19,861,953
30,628,207
10,912,000
214,133,034
1,884,252
3,594,916
1,501,081
14,088,709
565,613,417
District
2,351,791
176,825,834
6,316,984
5,444,156
1,277,000
146,868,313
3,933,713
69,705,855
11,954,870
6,757,045
Ariz.—Phoenix-
2,836,548
1,429,294
706,161,467
6,895,786
3,567,608
227,944,593
17,508,974
29,231,157
12,590,000
191,102,767
1,716,356
3,799,682
1,467,690
14,758,003
Pasadena
Riverside.
------
'■
124,456
107,805
110,398
+ 38.3
2,546,659
2,988,563
+ 17.3
31,666,825
29,850,123
+3.1
1,516,615
3,558,016
2,273,087
—26.1
18*8
92* ,*5*2*1*, 571
88*.*523*,526
+ 16.9
2,701,722
2,673,012
31,321,778
4
+7.0
+ 8.1
+ 2.1
1,775,754
,303,012
+ 10.4
23,809,909
24 ,272,048
—1.9
1,131,625,446
1,065 ,689,366
21 ,302,462
2,270,074
98,260,199
2,864,008
Francisco.—
230,879
378.997
539*763
+8.6
558,201
620,679
,701,358
?311.3
6,376,870,075
+ 5.2
140,633,746
119,543,790
+ 17.6
135,512,844
130,521,168
57,814,002
+ 18.3
1,480,421
1,262,288
+ 17.3
1,393,783
1,310,598
36,817,939
—4.4
1,835,399,719
168,245,506
262,562,328
98,323,000
1,537,611,166
16,294,249
38,345,441
10,008,445
126,913,237
24,039,028
110,050 + 419.3
5*8*5*966
+ 9.4
59*.*04*6",2 52
48,675*555
21*3
56*5*2*8* 151
53*,3*3*9*896
+ 1.8
7*.03*8*,448
—12.9
2,342,000
6,099,969
2,583,000
*84*6*935
*827*218
ii
+ 5.4
+ 3.7
+ 13.2
68,385,805
35,211,832
+ 4.8
2,007,596,238
173,361.108
267,406,268
—13.3
85,615,000
+ 12.1
1,720,711,800
+ 9.8
16,406,959
35,094,130
+ 13.4
—5.4
+2.3
—4.5
11,137,540
123,035,574
+0.7
—8.5
3,086,192
3*,4*82*, 702
3*.*6*26",736
62,534,222
+ 17.6
73,592,305
67,361,898
38,560,518
1,093,835
32,665,193
+
37,676,503
33,527,605
29,538,284
15*,*410*869
13,303^685
2*,807", 430
4,188.335,032
+ 8.5
14, 392,013
1,260, 437,446
+ 6.6
4,378.772
+ 44.3
32, 870,076
+ 18.0
a
6,113,132
1,047,000
129,349,823
3,036,653
58,101.092
10,578,377
—10.9
1,343, 681,924
38, 773,106
44, 138,172
45, 906,380
+22.0
10, 019,000
8, 898,967
1,171, 549,450
24 ,443,721
1,089, 044,277
+ 29.5
23, 170,501
560, 485,648
502, 075,720
+ 11.6
+ 13.0
72, 305,062
59 197,272
157, 734,696
—0.7
29 695,340
3,705,000
+ 20.8
14,652,516
3,123,260
—1.9
—12.3
602,632,869
+ 9.4
140, ,075,588
30, ,652,851
5,352, 581,009
13,549,012
+ 7.2
109 ,054,098
+ 7.6
+ 5.6
1,035,969
1,347,816
3*,8*0*8*,959
—7.8
3,706,129
3,6*14,236
2,95*9^028
2*.767*786
+ 6*9
3*.*4*43*,517
3*,179*797
5,159, 063,218
+ 3.8
152*,112*666
134*,*5*75*666
13*6
157*6*9*9*666
152,068,163
100, 270,755
55, 241,732
+ 8.8
2,856,372
+ 12.4
+ 3.4
1,133,840
1,912,645
+ 11.6
+ 14.3
3,837,109
1,325,573
2,230,417
2,093,030
223,597,733
+ 13.5
263,061,077
254,058,925
6.174,931
9,228,213
—2.7
+ 13.1
83, 328,394
80, 936,955
+ 3.0
1,051,308,053
+ 11.3
9,434,071,239
8,971,901,752
+ 5.2
253,838,177
11,991,497,492 10,450,561,274
1938
$
Canada—
483,217,105
Toronto
Montreal..
460,402.542
Winnipeg-..
366,284,345
75,801.611
82,729,990
11,584,081
+ 9.9
+
3,293,972
1,306,461
224,501,121,451 211,594,195,681
+ 6.1
5,667,809,712 5,522,961,985
+ 2.6 6,524,437,965 7,228,789,750
92,547,870,782
+ 8.1
2,627,543,874 2,279,209,612
+ 15.3 2,779,196,132 2,788,891,060
+ 14.7 100,032,162,757
SINCE JANUARY 1, AND FOR WEEK
Nine Months Ended Sept. 30
437,593,886
447,744,130
255,866,502
78,235,174
Dec.
%
+ 10.4
+ 2.8
+ 43.2
—3.1
Inc.
Inc. or
1939
1938
Dec.
1939
+ 0.4
4,223,763,317
4,034,337,742
1,477,197,731
4,208,562,246
3,878,855,510
+ 4.0
1,184,731,532
+ 24.7
629.346,410
+5.0
Quebec
96,052,195
110,518,570
4,510,102
4,026,638
2,329,359
4,393,455
_
9,913,811
1,583,481
1,557,336
—24.0
Calgary..—
.St. John
Victoria
_____
Edmonton
10,968,029
+ 0.1
94,695,168
—1.4
2,385,565
20,137,593
+ 12.5
187,214,522
188,613,413
—0.7
32,174,821
7,024,441
—15.0
179,265,700
187,730,899
—4.5
69,139,231
7,102,508
10,290,839
+ 5.9
+ 5.5
67,951,226
66,381,158
91,907,817
5,372,318
7,534,0.54
1,706,283
17,304,634
+ 1.6
—41.6
+ 12.8
183,506,431
+ 1.7
—8.3
738,089,935
+ 4.9
99,547,076
—7.7
140,873,430
144,862,370
—2.8
145,291,118
+0.8
12,736,756
—6-4
+ 3.4
713,844
—0.7
—3.6
1,800,256
727,447
794,294
770,407
634,304
400,078
623,678
731,248
Moose Jaw
Brantford
Fort William
New Westminster
Hat—
Peterborough
—_
Kitchener.
Windsor.
Prince Albert
+ 24.6
2,011,617
3,121,822
6,205,783
—1.4
146,490,233
11,921,884
—4.8
17,949,358
3,313,369
+ 3.2
45,620,478
21,969,305
17,363,419
45,945,342
20,656,015
3,940,628
3,249,652
2,769,654
1,558,770
2,533,278
3,000,728
4,734,270
10,499,290
1,591,360
Saskatoon
33,524,754
1,983,658
2,972,880
7,110,543
3,419,977
Lethbridge
3,419,592
+ 15.2
32,420,316
33.626.457
Kingston
Sudbury
Total (32 cities)
x
1,690,857,350
No figures available.
24,503,784
8,654,238
27,796,981
23,821,646
8,019,992
—14.2
+ 1.9
2,630,384
—3.7
22,086,229
22,804,287
—3.1
26,244,661
26,392,644
—0.6
23,854,076
+2.9
+ 7.9
431,252
57,607,662
19,520,155
14,530,873
2,095,505
4,034,110
7,218,793
399,608
592,372
2,210,382
+ 3.7
496,304
845,305
+ 8.6
840,713
669,916
+ 15.0
783,887
784,994
.836,014
739,938
621,119
355,555
+ 12.5
396,356
290,430
538,654
+ 15.8
568,257
623,476
+ 17.3
739,072
606,909
530,521
+ 6.1
983,283
1,178,649
41,538,452
107,384,697
—4.5
1,100,179
2,450,941
11,240,284
11,378,226
—1.2
385,717
+ 7.4
27.411,960
27.600.458
—0.7
729,656
1,036,520
2,437,631
316,516
712,843
—0.7
674,237
608,685
—15.9
—2.3
2,022,277
17,403,982
4,488,047
—0.2
36,973,722
37,854,751
1.515,434,872
y
+11.6
12,799,232,671
Calculated on basis of weekly figures.
12,344,461,323
—2.1
+3.7
•
637,151
38,120,346
20,946,804
+ 1.0
731,600
701,315
102, .500,375
—6.7
+ 6.7
+ 41.9
709,367
+ 9.8
—12.4
+ 0.5
+ 1.8
435,223
—4.4
21,170,889
21,396,497
20.703,766
.
+ 7.8
1,353.016
—1.2
21,012,734
+ 2.4
+ 22.3
—7.4
4,792,679
+ 10.9
17,980,090
15,502,943
4.876.509
2,319,362
5,920,772
7,058,520
1,801,791
1,550,204
3,042,135
4,113,377
4,028,989
+ 12.5
+ 22.5
10,980,997
1,449,214
3,146,985
2,448,956
2,706,938
56.929,121
+ 34.9
—12.5
127,554,349
105,790,697
78,851,186
19,848,491
15,799,908
3,723,672
2,171,202
4,826,129
7,994,161
1,755,017
1,739,092
2,562,118
3,950,870
8,168,409
427,068
770,580
+ 1.3
—8.2
—21.6
1,469,180
2,961,758
y2,371,445
yl,886,119
4,478,100
Sarnia
+ 5.2
+6.0
1,529,825
2.716,065
Chatham
+6.4
3,089,995
2,612,013
3,379,428
,_:
+ 14.6
1,564,699
2,236,864
4,105,124
10,241,848
63,298,709
41,787,580
Regina
Brandon—
—1.7
$
107,672,762
114,786,670
+ 12.0
22,654,143
27,348,363
7,920,507
7,519,015
10,860,398
...
+ 10.7
19,819,305
1936
1937
—8.3
88,093,028
86,646,472
77,723,327
17,075,630
16,341,378
661,112,109
750,337,549
168,192,554
93,373,047
74.716,005
or
Dec.
%
17,580,866
Ottawa
1938
%
$
ENDING SEPT. 28
Week Ended Sept. 28
10,970,959
Vancouver
Estimated,
.
3,511,561
10,435,913
1939
*
16723*3*553
+ 3.2
+ 23.0
Inc. or
Moncton
33,245,394
17,087,082
+ 9.0
141, 097,651
33,823,057
1*5*8
+ 16.1
29, 604,000
1*3*5
—8.2
+ 2.5
+
+
+6.9
—6.0
117, 550,936
66, 409,179
68, 700,835
166, 598,070
109, 959,691
7,190,509
6,371,717
18,145,948
1,535,193
+ 5.5
+20.0
38,974,000
+ 12.6
+ 13.5
18*6
+5.6
—3.9
(191 cities) 26,401,625,502 24,021,701,608
Sherbrooke...
;
+ 15.6
+ 16.1
1* 636*106
8*5+060
—9*0
73,561,486
16, 632,088
+ 10.8
Month of September
Medicine
2,921,000
"
SCO
Clearings at—
London
5*.5*3*3*562
3,471,000
+2*4
+ 11.3
—3.1
4,543,962,254
Franci
CANADIAN CLEARINGS FOR SEPTEMBER,
Hamilton..
7,862,609
—9.3
__
Outside New York
Halifax
+*1*5*4
+ 11.9
Stockton.,-.-—.
Grand total
+
+ 3.0
+ 41.9
6,006,408
Total (19 cities)
2,994,978
571,517
3,211,314
1,264,999
2,186,448
Santa Barbara...
2,449,431
+
12.8
57 ,124,170
San Jose
82,'743*,096
+ 6.2
1,169,790,533
San
1,722,855
3,070,737
+ 4.2
—11.7
32, 273,000
2,740,169
659,358,131
14.528,781
+ 7.6
1,061 235,968
143 ,518,272
5 331,123
J' 8 134,714
106 ,055,265
5,029,025
14,367,476
Modesto.-------
—18.2
99,556
2,782,892
333 ,939,037
2
4,475,000
Long Beach
121,734
2,011,996
26,694,696
+ 4.1
1,657,022
152,272,207
510,582,616
-San
18,605,565
Berkeley.
104,740,331
87,900
-Dallas—
7,837,529
Calif.—Bakersfield.
112,914,786
+ 28.4
+ 12.1
'■v'r.
6,708,446,587
Utah-^-Ogden
Salt Lake City.—
+ 19.3
79,432
5 203,410
4,483,530
+ 15.4
serve
95,510,923
102,002
91 881,413
13.022.002
-
113,980,390
+ 3.9
+ 5.8
+ 6.1
eserve
+ 5.2
617,105
+ 3.8
—0.2
—
------
3
17 ,344,251
+ 18.5
—17.4
815,068,625
Eleventh Federal R
*861*598
2,587,311
3,269 ,598,175
2,789,414
2,343,134
1,516,260
Total (18cities).
"788,621
2*,6*93*995
3,457,626,342
117,035,502
124,298,763
Casper..
31*9
+ 65.1
+ 3.5
—4.1
556,490
Pueblo.
"*755*872
2,252,954
86 402,467
117 340,629
147,251,560
Denver-....---
*996*,991
37719*251
+ 9.5
89,428,675
112,587,680
18.004.001
36,854,098
Colo.—Colo. Springs..
+ 5.0
28 782,603
:
574,076
-
8 ,666,000
Gv
+ 7.8
—0.1
29,857,159
2,782,616
Carthage
Okla.—Tulsa
,
464,767
607,555
Lincoln
+ 9.1
7 ,018,484
7.
+ 7.7
+ 34.2
391,999
80 .645,991
011,841
9 344,000
+ 10.6
+ 16.9
4
792,624
84 697,490
—0
12,776,677
141,410,761
Hastings
4
3,010,677
Kansas City-
455,884
Neb.—Fremont
Dallas
x
116, 946,320
2,507 915,743
D.—Aberdeen
Fort
37,594,620
x
5,339,106,941
_-
-
Mont.—Billings-
.'
x
x
+22.0
Forks
Beaumont
33,496,724
29,514,155
30.500,096
+23.9
30,373,485
+ 15.5
Sioux Fails.---
St.
+ 9.6
24,507,272
34,1*12,416
+ 7.8
12,984,193
310,659,599
1,379,145
107,852,003
1,413,137
D.—Fargo.
Minot
Kansas
31,13*5*,939
+ 11.3
15,837,631
340,888,880
1,570,438
117,577,077
1,451,447
'
S.
90,700,000
District— Minneapolis-
rve
Fergus Falls
Grand
99,200,000
80,800,000
+ 12.8
10,965,802
1,185,000
Ninth Federal Rese
N.
+8.8
87,900,000
+ 6.5
+ 12.2
582,249
Total (7 cities)
Minn.—Duluth---—-
St.
2,248,000
3,067,937,547
27,764,358
4,123,029
1,182,654,627
696,837,410
2,654,869
20,944,000
668,443,758
Ill.—Jacksonville
1,
1936
1937
%
172,614,991
108,229,408
323,563
Cape Girardeau-
—
or
Dec.
1938
3,528,476
517,158
serve
Mo.'—St. Louis.
Quincy
1939
380,833,162
Re
Federal
EifShth
Inc.
Inc. or
or
+ 0.5
+ 21.9
.
«
2,515,044
2,573,502
442,173
398,322
..
756,767
+2 i
800,709
+ 10.8
620,435
576,667
496,095
+ 22.9
541,173
374,339
471,222
,
609,584
414,826
1,140,217
457,701
—9.4
1,179,207
—3.3
1.183.510
380,551
988,690
340,668,857
349,551,636
-2.5
362.209.558
399.673,811
The Commercial & Financial Chronicle
2184
THE ENGLISH
GOLD AND SILVER
MARKETS
We
reprint the following from the weekly circular of
Samuel.Montagu & Co. of London, written under date of
Sept. 13, 1939, also for Sept. 20:
GOLD
In
accordance with
Oct.
Company and Issue—
7,
1939
Page
__
Tennessee Power Co. 1st mtge. 5s
Texas Power & Light Co. 1st mtge. 5s
West Penn Power Co.—
J
i;ov*
Nov.
tioi
1931
1
_
,
7% pref. stock
6% pref. stock
Woodward Iron Co., 5% Income bonds
•Announcements this
wees:,
x
-
„
Feb.
1, 40 7ol
Feb.
1, 40 751
—Nov. 24
1492
...
Volume 148.
the statement made by the Chancellor of the Ex¬
chequer on Sept. 6. the gold held in the Issue Department of the Bank of
England has been transferred to the Exchange Equalization Account, ex¬
cept as regards a
nominal amount.
The Bank return of Sept. 6 shows a
gold holding of £102,189 at 168s. per fine ounce as compared with £263,010,700 at 158s. 6d. per fine ounce shown on the previous Wednesday; the
latter amount, valued at 168s. per fine ounce is equivalent to approximately
£278,800,000.
Dividends
first
current week.
The Bank of England's buying price for gold remained
unchanged
throughout the week at 168s. per fine ounce.
The Transvaal gold output for August, 1939, was 1,101,573 fine ounces
and this established a new monthly high record; the
previous record was
1,083,843 fine ounces produced during May, 1939.
The August, 1939
output compares with 1,080,741 fine ounces in July, 1939, and 1,047,389
fine ounces in August, 1938.
pany
SILVER
News
-
Prices continued to fluctuate widely, the week under review opening with
a
rise of Md. for cash and 5-16d. for two months'
delivery to 21 5-16d. for
are
grouped in two separate tables.
In
bring together all the dividends announced
we
we
show
the
Then
we
follow with
dividends
the
the
second table in which
a
previously announced,
but
which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
in our "General Corporation and Investment
Department" in the week when declared.
name
The dividends announced this week
are:
both deliveries; the advance was due to bear covering and speculative
buy¬
After remaining unchanged on Sept. 8, buying interest slackened and
with offerings on American account and some speculative
reselling, prices
fell back until 20%d. was reached yesterday.
Today, however, some gen¬
eral enquiry found the market bare of supplied and as a result,
prices rose
sharply to 21 9-16d. for cash and 21 Md. for two months' delivery; these
rates were the highest for cash since Nov. 11, 1936, and for forward since
April 6, 1937.
During the week there has been a demand from the Indian Bazaars for
prompt delivery which, however, has been met by silver made available
from the Bombay Mint.
'
ing.
Quotations during the week:
IN
IN
LONDON
NEW
Sept. 7—21 5-16d.
Sept. 8—-21 5-16d.
Sept. 11 —20 15-16d.
Sept. 12—20Md.
Sept. 13—-21 9-16d.
Average—21.200d.
The official
unchanged
as
21 5-16d.
21 5-16d.
Market
Price
Price
35c.
3.5c.
36 He.
6—
Sept.
7
Sept,
Sept.
8—
Sept. 11
Sept. 12
—-
21Md.
36 Mc.
35c.
36Mc.
36Mc.
35c.
35c.
—
36c.
21.1875d.
dollar rates fixed
by the Bank of England have remained
follows: Buying, $4.06; selling, $4.02.
England gold reserve against notes on Sept. 13 amounted to
£126,633 at 168s. per fine ounce as compared with £102,189 at 168s. per
fine
ounce on the previous
Wednesday.
There has been no change in the Bank of England's
buying price for
gold, which remained unchanged at 168s. per fine ounce throughout the
The Southern Rhodesian gold output for
ounces as
fine
ounces
compared with 67,029 fine
for July,
Preferred (quar.)__
American Machine &
American Stove Co
_
July, 1939, amounted to 68,121
for June, 1939, and 68,821
ounces
1938.
SILVER
Quotations during the week:
IN NEW YORK
(Per Ounce .999 Fine)
IN LONDON
-Bar Silver per Oz. Std.~
Cash
2 Mos.
18—22 9-16d.
19—23 7-16d.
20-—23 Md.
Average—-22.625d.
21 Md.
21 15-16d.
22 7-16d.
23 Md.
23 5-16d.
U.S. Treas.
Sept.
Sept.
Sept.
Sept.
Sept.
Price
35c.
13
14
15
35c.
35c.
36 Me.
38Mc.
22.462d.
AUCTION SALES
page
Price
35c.
18
19
Market
36 Mc.
36c.
36 Mc.
35c.
England during the week
usually appearing here,
2222.
may
be found
; ■'
—
_
—
CALLS
Nov.
1 Oct.
Nov.
1 Oct.
16
Nov.
1 Oct.
18
SIM
SIM
75c
AND
SINKING
FUND
NOTICES
Calgary Power Co. 6% preferred (quar.)
Calgary & Edmonton Corp
Calumet & Hecla Consol. Copper Co
Canadian Bronze Co., Ltd
Preferred (quar.)
Canadian Foreign Investment——
SIM
—
10c
25c
___
—
Canadian Tube & Steel Products
7% preferred—
Carborundum Co
-----
—
Celotex Corp., preferred
(quar.)
Central Investors (quar.)
37Mc
t$l M
+70c
t$ 1
$1
SI M
5c
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":
Company and Issue—
Date
Page
-
County. 1st mtge. 5s—
Nov.
1
♦Baltimore Mortgage Corp.,
20-year bonds—
Oct. 25
Bayuk Cigars. Inc., 1st preferred stock
Oct. 15
Canada Cement Co., Ltd., 1st mtge. 3s
Nov.
1
Caterpillar Tractor Co. 5% preferred stock
Nov. 25
Connecticut Light & Power Co. 1st mtge. 7s
Nov.
1
Crown Cork & Seal Co-., Inc., 10-year 4
% bonds
Nov.
1
♦Denver Gas & Elec. Light Co., 1st and ref.
mtge. bonds-Nov.
1
Federal Light & Traction Co. 1st lien bonds
Oct. 16
♦Florida Public Service Co., 1st
mortgage 4s
Oct. 20
♦Georgia Carolina Power Co., 1st mortgage 5s
Nov.
3
Godchaux Sugars. Inc., 1st mtge. 5s
Nov.
1
♦Great South Bay Water Co., 1st
mortgage 5s
Nov.
1
♦Holly Sugar Corp., preferred stock
Oct. 16
♦Lexington Utilities Co., preferred stockDec. 15
Le Tourneau Foundation 4% notes
Nov.
7
Minneapolis St. Paul & S. S. M. Ry. 4% bonds
Nov.
1
Nashville Railway & Light Co. 1st
mtge. 6s..
Jan. 1 1940
National Dairy Products Corp. 3
M% debentures
-Nov.
1
...
-
—
—
—
New
York 8tare Elec. & Gas
720
1908
1018
2^77
2077
2228
1621
2230
2230
2085
2232
2234
2236
2087
2089
H84
Colgate-Palmolive-Peet (quar.)-__
Preferred (quar.)
Columbia Gas & Electric 6% cum. pref. A
(qu ).
5% cum. preferred (quar.)
——
5% cum. preference (quar.)
Commodity Corp
—
——
421
Nov. 15
Nov.
1
2091
Nov.
1
2091
1484
Nov.
1
1334
Nov.
15-year 5% debentures
15-year 6 M% debentures
—
1
1334
—
Peninsular Telephon Co.. 7% preferred stock.
Pinellas Water Co. 1st mtge. 5Ms
Pirelli Co. of Italy, 7% bonds
(Robert) Simpson Co. Ltd. 1st mtge. 5s
(Robert) Simpson Co., Ltd., 1st mtge. 6s
Snang Chalfant Co. 5% bonds
♦Susquehanna Silk Mills, class A stock
Oct.
7
Nov. 15
Nov.
4 '
Nov.
...
1
1334
1335
1925
1485
X3388
1 *40 23388
Nov. 14
1930
Oct. 15
2245
6
Nov.
1 Oct.
Nov. 15 Oct.
Oct.
14
14
16 Oct.
2
Nov.
1 Oct.
20
Nov.
1 Oct.
20
1 Oct.
14
16 Oct.
7
Nov.
Oct.
Sept. 30 Sept. 19
Oct. 24 Oct. 19
Oct. 20 Sept. 30
1 Oct.
14
14
Nov.
1 Oct.
9
Nov.
1 Oct.
Nov. 15 Oct.
24
SIM
$1M
$1M
$1M
Jan.
Oct.
1 Nov. 20
1
17
Dec.
5
Nov. 15 Oct.
20
Nov. 15 Oct.
Nov. 15 Oct.
20
20
10c
6% pref. (qu.).
Consolidated Chemical Industries, cl. A
(qu.)
Consolidated Royalties, Inc.,
6% pref. (quar.)
Consolidated Royalty Oil (quar.)
Corn Exchange Bank Trust
(quar.)
Cresson Consolidated Gold Mines.Dayton Rubber
Class A (quar.)
—
—
Oct.
16 Oct.
5
45c
—
Commonwealth Edison Co. (quar.)__
Connecticut River Power Corp.
Nov.
1 Oct.
13
$1M
37Mc
Dec.
1 Nov. 15
Nov.
15c
5c
Oct.
75c
Nov.
2c
Oct.
1 Oct.
15
16 Sept. 30
14
25 Oct.
1
Oct.
20
Nov. 15 Oct.
31
25 Oct.
___
First National Bank in Palm Beach
(mo.)
Extra
50c
Oct.
25 Oct.
14
26 Oct.
16
25c
Oct.
Oct.
16 Oct.
10
Oct.
Nov.
31 Oct.
1 Oct.
17
5oc
—
Oct.
25c
Economy Grocery Stores
Employers Group Assoc. (quar.)—
Eureka Pipe Line Co
Federal Chemical Co. 6% preferred
25c
40c
Divco-Twin Truck
10 Oct.
5
tSIM Oct.
1% Oct.
_
2 Sept. 25
2 Sept. 25
Oct.
Oct.
60c
(quar.)
6M% preferred (quar.)
;
Products Corp. (quar.)
Homestake Mining Co.
(monthly)
Incorporated Investors
International Cigar Machinery Co.—
Interstate Dept. Stores, preferred
(quar.)
Jonas & Naumburg Corp
Kentucky Utilities jr. preferred (quar.)—;
King Oil (quar.)
Kreuger (G.) Brewing.
—;
Lake of the Wood Milling, 7% preferred
Lane Bryant", Inc., 7% preferred
(quar.)
Lincoln Printing Co., preferred
(quar.)
Oct.
30c
Oct.
90c
15c
Oct. 26 Oct.
Oct. 26 Oct.
1 Oct.
Nov.
Oct. 25 Oct.
Oct. 31 Oct.
50c
Nov.
1 Oct.
16
$1M
Nov.
1 Oct,
16
_
Hecker
15c
—
37Me
10c
87Mc
lOc
12Mc
t$3M
1M%
87 Mc
_
Lockheed Aircraft, stock dividend.
Div. in com. shs. of Vega
Airplane Co. in
ratio of one sh. of Vega for 15
shs. of
Lockheed.
Loose-Wiles Biscuit Co
—
Nov.
_
—.
—
Pierce Governor Co
1 Oct.
16
27 Oct.
11
1 Oct.
18
Nov.
1 Dec.
15 Oct.
Nov.
1 Oct.
16 Oct.
16 Oct.
20
16 Oct.
Nov.
1 Oct.
11
Nov.
14
Oct.
Oct.
Oct.
Oct.
1 Oct.
16
6% preferred (monthly).
5% preferred (monthly)
—
11
14
Oct. 20 Oct. 10
1 Oct.
Nov.
16*
Oct.
2 Sept. 25
Nov.
Oct.
Oct.
Nov.
1 Oct.
31 Oct.
31 Oct.
20
10
13
1 Oct.
16
Nov. 10 Oct. 28
Oct.
1 Sept. 29
Dec.
1 Nov. 27
16 Oct.
t75c
—,
11
Nov. 20 Nov.
4
1 Nov. 20
Dec.
Oct. 13 Sept. 29
Oct.
20 Sept.
16 Oct.
50c
5
16 Sept. 301
1 Oct.
Nov.
16
Nov.
1 Oct.
16
Nov.
1 Oct. 20
Oct.
68Mc
18
Oct.
Oct.
33 l-3c
14
17
25c
.
5
1 Oct;
SI M
— —
10
.
1 Oct.
Oct.
-
16
20
Nov.
Jan.
5% participating preferred (quar.)
62 Mc
75c
Maytag Co., $3 preferred (quar.)
$6 preferred (quar.)
SIM
Melville Shoe Corp. (quar.)
$1
Preferred (quar.)
7Mc
Merchants & Manufacturers Securities, cl. A & B
10c
$1
Participating preferred (s.-a.)
20c
Participating preferred (partic. div.)
Michigan Gas & Electric, 7% prior lien
3.06MC
$6 prior lien
$2H
Midcontinent Airlines preferred (initial)
6c
50c
Minneapolis-Honeywell Regulator
Preferred B (quar.)
$1
Mode O'Day Corp
15c
Narragansett Racing Association, Inc
40c
Nevada-Calif. Electric Corp., pref. (quar.)
75c
New York Trap Rock, preferred
New York Merchandise Co.
15c
(quar.)
Northeastern Water & Electric (special)
50c
Northern RR. of New Hampshire (quar.)
$1M
Orange Crush. Ltd.,conv. pref. (s.-a.)
35c
Panhandle Eastern Pipe Line
50c
Preferred A and B (quar.)
SIM
Pender (David) Grocery, class A (quar.)
87 Mc
16
Nov.
Oct.
25c
16
10 Sept. 30
14 Oct.
7
25 Oct. 16
Nov. 20 Nov.
1
Nov.
1 Oct.
14
Oct. 16 Oct.
10
11c
—
31 Oct.
Oct.
SIM
5% preferred (quar.)
Manhattan Bond Fund, Inc
——
Massachusetts
Utilities
Assoc.—
7% pref. (monthly)
16*
30c
Geneial Shoe Corp
Gleaner Harvester Corp.
(irregular)
Halle Bros. Co., preferred
(quar.)
Hat Corp. of Amer. class A & B
-
14
50c
Toledo Edison Co.
1
14
1
12Mc
Jan
Jan.
2090
20
$1
Breweries, Ltd. (quar.)
Cerro de Pasco Copper Corp..
Plymouth Cordage Co. (quar.)_
Portland Gas Light Co. preferred
Randall Co. class A (quar.)
Republic Petroleum pref. (quar.)
Roth Packing Co. (extra)
Roan Antelope Copper Mines (final)
Southern California Edison (quar.)___
Southern Canada Power (quar.)
Standard Fire Ins. Co. of N. J. (quar.)
State Street Investment (Boston) (quar.)
Strathmore Paper Co. 6% preferred
6% preferred (quar.)
Strawbridge & Clothier, 7% preferred
Technicolor, Inc
Oklahoma Natural Gas Co.—
2073
2225
1 Oct.
1 Oct.
1 Nov.
3c
Century Ribbon Mills, preferred (quar.)
Jan.
Corp.
1st mtge. 6s
Nineteen Hundred Corp. class A common stock
Northern Indiana Gas & Electric Co.
6% bonds—
Northwestern Electric Co., 1st
mtge. bonds
Ohio Finance Co.—
6% debentures
1904
1317
1318
Nov.
Nov.
Dec.
Nov.
Dec.
SIM
$1M
.
Affiliated Fund, Inc., 5% bonds
Oct. 19
American Radiator & Standard Sanitary Corp.—
4 M % gold debentures
Nov.
1
Archer-Daniels Midland Co.. 7% cum. pref. stock
Nov.
1
Baltimore County Water & Electric Co. of Baltimore
Sept. 30 Sept. 18
Nov.
6% cum. preferred (quar.)
—
Below will be found a list of bonds, notes and
preferred
stocks of corporations called for
redemption, together with
16
cash.
—
REDEMPTION
1 Oct.
Nov.
15
Oct. 15 Sept. 30
Nov.
1 Oct.
16
$1
10c
__
Ridge Corp. $3 preferred (quar.)
Coast
Holders
2oc
Refining Co. (quar.)
Atlas Powder Co., preferred (quar.)
or
When
Payable of Record
37Mc
—
—
The official dollar rates fixed by the Bank of
were as follows: Buying,
$4.04; selling, $4.02.
on
30c
Ashland Oil &
Stock
15c
SIM
_
—
14—21Md.
15-—22Md.
—•
Foundry Co
—
Scaracity of offerings continued and a moderate demand was sufficient to
bring about a rapid advance in prices.
The Indian Bazaars and speculators have
bought and there have been
bear covering purchases; as already indicated, sellers have been
very
reluctant, but the advancing rates brought a few sales on American account
and some reselling.
Today, quotations reached 23 Md. for cash and
23 5-16d. for two months' delivery and the cash price was the
highest since
Dec. 17, 1935; at that time no forward quotation was fixed
as, it may be
remembered, the market had been disorganized by a sudden change in the
procedure of the United States Treasury in making its silver purchases.
Sept.
Sept.
Sept.
Sept.
Sept.
—
(quar.)
Central Power & Light 7 % cum.
pref. (quar.)
gold
The Bank of
fine
Adams (J. D.) Mfg. (quar.)
American Art Works, Inc., 6% pref.
American Light & Traction
Blue
U. S. Treas.
——
20 15-16d.
20 Md.
Share
Beatty Bros. Ltd. 1st preferred (quar.)
YORK
(Per Ounce .999 Fine)
-Bar Silver per Oz. Sld.Cash
2 Mas.
Per
Name of Company
6
30
2
Nov.
1 Oct. 20
Nov. 15 Nov.
4
25 Oct. 14
Oct.
3d.
37Mc
20c
Nov. 15
Oct:~20"
75c
Nov. 15 Oct. 31
Oct. 2 3 Oct. 16
50c
Oct.
t$l
Oct.
SIM
Oct.
$1
Oct.
25c
Oct.
58 l-3c Nov.
16 Sept. 30
16 Sept. 27
16 Sept. 27
2 Sept. 15
13
18 Oct.
Oct.
14
Nov.
Oct.
14
41 2-3c Nov.
Oct.
14
50c
Volume
The Commercial & Financial Chronicle
149
Toledo
of Record
Dec.
15
Oct.
16
Crum & Forster
53c
Nov. 15
53c
Dec.
15
50c
Oct.
16
50c
Nov. 15
Nov. 20
20c
13
Oct.
16
Nov. 15
Oct.
t85c
United Light & Railways, 7% prior pref. (mo.).
58 l-3c
7% prior preferred (monthly)
7% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
;
6% prior preferred (monthly)
Utah-Wyoming Consolidated Oil
Washington Trust Co. (Pitts., Pa.) (quar.)
Wisconsin Electric Power Co., pref. (quar.)...
Wrigley (Wm.) Jr. Co. (quar.)
Special.—
•
Quarterly
Quarter! y
58 l-3c
58 l-3c
...
Below
and
15
Sept
29
Oct.
16
Oct.
20
Oct.
20
When
Per
Share
20
Holders
Oct.
Oct.
51 x
Oct.
Oct.
3
Abraham & Straus
50c
Oct.
Oct.
14
35c
Oct.
Oct.
Sept. 26
25c
Dec.
Dec.
25c
Oct.
50c
Oct.
Sept. 30
Sept. 30
Administered
Fund
Aetna Ball Bearing
Air Reduction Co.,
Extra
7c
Second
Mfg. (quar.)
Inc
•,
_
Oct.
Oct.
14
Nov.
Oct.
20
—
15c
Nov.
Oct.
9
50c
(quar.)_
Dec.
Dec.
(.quar.)
7% preferred (quar.)--
$1
Common (quar.)
—
American Cities Power & Light $3 class A
Opt. l-32nd sh. cl. B stk. or cash.
(N.J.) pref. (quar.)
American Envelope Co. 7% pref. A (quar.)
American Fidelity & Casualty Co. (quar.)
American Fork & Hoe Co., preferred (quar.)
American Furniture Co., Inc., 7% pref. (quar.)_
American Gas & Electric Co., preferred (quar.)_
American Home Products Corp
American Paper Goods Co.—
7% preferred (quar.)
American Radiator & Standard SanitaryPreferred (quar.)
American Rolling Mills, 4X% pref_
American Seal Kap Cojrp1 (Del.)___.
American Smelting & Refining Co. (quar.)
Preferred (quar.)
American Teiep. & Teleg. (quar.)____
—
American Thermos Bottle, class A
—.——_
Anchor Hocking Glass Corp
Archer-Daniels-Midland Co. 7% pref.
Associated Telephone Co., Ltd., pref. (quar.)__
Atlantic Refining Co., conv. 4X% prer. A (qu.)
Atlantic Steel Co. 7 % pref. (s.-a.)
Badger Paper Mills, Inc. (irregular).
Baldwin Co.. 6% preferred (quar.)..
Bangor Hydro-Electric Co. (quar.)_
Bankers Trust Co. (Detroit)
Bayuk Cigars, Inc., 1st preferred (quar.)__.
Bell Telephone Co. (Can.) (quar.)_
Bell Telephone of Pennsylvania 6X% pref. (qu.)
Bensonhurst National Bank (Brooklyn, N. Y.)__
American District Telegraph
_
Class B (quar.)
Boston Edison Co.
(quar.).___
Bridgeport Hydraulic Co. (quar.)
British Columbia Power class A (quar.)
British Columbia Telep. 6% 2d pref. (quar.)___
Brookline Oil (monthly)
Buffalo Niagara & Eastern Power—
1st preferred (quar.)
Burdines Inc. pref. (quar.)
Burgess Battery
—
Hunt# JtJros
5% preferred (quar.)
Cables & Wireless Holding, Ltd.—
American dep. rects. (s.-a.)
Calif. Oregon Power Co., 7% pref. (quar.)
6% preferred (quar.)
6% preferred series of 1927 (quar.)
California Packing Corp., 5% preferred
,
Calumet & Hecla Consol.
15
Dr. Pepper Co. (Increased
Dome Mines Ltd. (quar.)
-
75c
tsix
Ltd., 5% pref. (qu.)
Dec.
Jan.
10c
Extra
SIX
Dominion Tar & Chemical, pref. (quar.)
Dominion Textile Co. preferred (quar.) —
SIX
(quar.)
15
Oct.
25*
Nov.
Oct.
11
SIX
10 Sept. 30
5
15 Oct.
Nov.
20c
Dec.
SIX
mx
Dec.
Oct.
12c
50c
1 Oct.
Nov.
SIX
14 Oct.
1 Oct.
SIX
$2X
15 Dec.
13
9
13*
5
;
-
M
Fishman (M.
Fisk Rubber,
6
Sept. 15
Oct.
20
Oct.
Oct.
2
Nov.
14
5
Nov.
Oct.
2
Nov.
Oct.
20
Preferred
Mar. 18
sept. 15
Dec. 15
Oct.
Oct.
21
SI.06 34 Oct.
Oct.
mx
31 Oct.
21
15 Oct.
10
26c
Oct.
25 Oct.
14
$ 1.18X
25 Oct.
14
$1
Oct.
Oct.
16 Oct.
5
Oct.
20, Oct.
<
1%
87 Xc
SIX
SIX
Oct."
16 Oct.
3
Oct.
15
Nov.
Oct.
15
Oct.
Sept. 30
Sept. 30
Oct.
10
Oct.
20
General Capital Corp
General Electric Co
22c
Oct.
Sept. 30
25c
5c
Oct.
Sept. 22
Oct.
Oct.
2
Nov.
10
Nov.
Oct.
Oct.
Nov.
Oct.
General Finance
General Foods
Corp. preferred (quar.)
General Mills, Inc
preferred (quar.)—i—
Oct.
Sept. 30
tS2
Oct.
SIX
Sept. 23
Sept. 20
Gillette Safety
75c
29
Oct.
Oct.
14
Oct.
16
Oct.
Oct.
16
Oct.
Oct.
Oct.
Oct.
SIX
SIX
9Xc
Nov.
Oct.
2
Oct.
Oct.
10
Oct.
Sept. 11
SIX
Nov.
1 Oct.
11
15c
Nov.
1 Oct.
24
Oct.
15c
Gotham Silk Hosiery
Oct.
17
Oct.
10
Oct.
14
SIX
Nov.
70c
Oct.
SIX
SIX
Oct.
Dec.
10 Sept. 30
10 Sept. 30
1 Nov. 24
Oct.
7 Sept. 22
Oct.
16 Sept. 30
SIX
SIX
62Xc
Oct.
16 Sept. 30
16 Sept. 30
Oct.
2iil
•JpA /4
Oct.
Nov. 15 Oct.
31
16 Oct.
2
Co., Inc.—
7% cumulative preferred (quar.)
Engineering Works (quar.)_
Great Lakes Power Co., Ltd., A pref. (quar.) —
Green (H. L.) Co__
Greenfield Gas Light 6% non-cum. pref. (quar.)
Harbison-Walker Refractories Co.,6% pref.(qu.)
Great Lakes
Harris (A.) & Co., 7% preferred (quar.)
Harrisburg Glass preferred (quar.)
Hartford
Electric
Light
Hartford Electric Light Corp. (quar.)
Hawaiian Commercial & Sugar Co
Hawaiian Sugar Co.
SIX
50c
75c
SIX
SIX
SIX
74Xc
68Xc
50c
15c
(quar.)
31Mc
(quar.)
Kennedy's, Inc., cu. conv. pref.
Hercules Powder Co., preferred
—
6c
Central Eureka Mining (initial)
Central Hudson Gas & Electric (auar.)_
Central New York Power 5% pref. (quar.)
Central Power Co., 7% preferred
6% preferred.
Chemical Fund, Inc
Chickasha Cotton Oil (special)
20c
Dec.
Nov. 15
Oct.
Sept. 30
Oct.
Sept..30
Dec.
Nov. 30
Oct.
Monthly
Sept. 30
Sept. 30
Oct.
Oct.
Oct.
Sept. 30
Sept. 30
Oct.
Oct.
Oct.
Nov.
Sept. 28
Sept. 30
Sept. 30
Oct.
10
10
Nov.
Oct.
mx
mx
Oct.
Sept. 30
Oct.
7c
Oct.
six
-
Chilton Co—,
25c
Oct.
Sept. 30
Sept. 30
Sept. 27
10c
Oct.
Oct.
4
6X% preferred (quar.)___________
—
Cincinnati Union Terminal 5% prei. (quar.)
Cleveland Builders Realty Co
Cleveland Cincinnati Chicago & St. Louis Ry.—
Preferred (quar.)
Cleveland Railway Co
Clinton Water Works Co., 7% preferred (quar.)_
Columbus & Southern Ohio Elec., 6% prer. (qu.)
6H% preferred (quar.)
Co numerical Alcohols preferred (quar.)
Commercial Discount Co., 8% pref. (quar.)
7% preferred (quar.)_
Commonwealth Investment Co. (quar.)
Commonwealth Utilities Corp. 6H% pf- C (qu.)
Consolidated Car Heating Co
Consolidated Cigar Corp., prior preferred
7% preferred
Consolidated Copper Corp
Consolidated Coppermines Corp
Consolidated Edison (N. Y.), pref. (quar.)
Consolidated Laundries Corp., pref. (quar.)
Consolidated Oil Corp. (quar.)
SIX
six
10c
15 Oct.
1-1-40 Dec.
IS
23 Dec.
15
Oct.
Dec.
5
Nov.
Oct.
Oct.
Nov.
A
20c
Indiana Pipe Line Co
Industrial Rayon Corp
25c
(group shares)__
(quar.)__
—
International Business Machine-...
— ...—
preferred (quar.)
Oct.
2
SIX
SIX
11.63
Oct.
2
Interstate Home
16
16
Oct.
Oct.
Equipment Co., Inc
—
Oct.
Oct.
1
Nov.
Oct.
14
SIX
Dec.
Nov. 15
75c
Oct.
20c
An
SIX
SIX
15c
1
Cum.
Sept. 30
I X L Mining
Oct.
Dec.
Nov. 15
Oct.
Oct.
Jar vis (W. B.)Co
—
Joplin Water Works Co. 6% preferred (quar.) —
Kaufmann Department Stores (quar.) —
2
Oct.
Oct.
SIX
SIX
Nov.
Sept. 29
Nov.
Oct.
16
20c
Nov.
Oct.
14
15c
Investment Foundation,
Nov.
16
2
TTo
nrri
AAV*
fTrt
Kellogg Switchboard <fe
Preferred
14 Sept. 30
14 Sept. 30
30 Dec.
22
21 Oct.
10
Dec.
{
Sept. 27
1-2-40 Dec. 30
Nov. 15 Oct. 20
Oct.
7 Sept. 30
1 Sept. 30
Nov.
Nov.
Oct.
20
SIX
Nov.
Oct.
20
SIX
Oct.
Sept. 22
Oct.
Sept. 20
Nov.
Oct.
14
Nov.
Oct.
14
Nov.
Oct.
2
Oct.
Oct.
2
10c
Oct,
Oct.
2
t25c
Oct.
75c
Oct.
Sept. 30
Sept. 30
30c
Dec.
Nov. 10
Oct.
SIX
SIX
SIX
l2Xc
---—• —
Ltd., preferred—..
preferred (quar.)
Iron Fireman Mfg. Co. (quar.)
Iowa Electric Ligh5 & Power 7% pref. A
6X% preferred B
6% preferred C
17Hc
16 Sept. 30
1 Oct. 11
2X%
40c
International Harvester Co. (quar.)
Oct.
Sept. 30
1 Oct. 16
1 Oct. 20
16 Sept. 30
40c
Institutional Securities, Ltd.
Stock dividend
Oct.
Oct.
3%
XS3X
50c
Oct.
20
1 Nov. 15
7 Sept.23
7 Sept. 23
25 Sept. 30
Oct.
Oct.
Oct.
31 Oct.
Dec.
six
Nov.
15 Sept. 30
Oct.
Oct.
Class A (quar.)
_— — — _ —— -----Internat'l Nickel Co. (Can.), Ltd., 7% pref.(qu.)
Nov.
Oct.
Nov.
(quar.)
(Geo. A.) & Co
Preferred A (quar.)
Horn & Hardart (N. Y.) (quar.)
Household Finance Corp. (quar.)
5% preferred (quar.)
Huttig Sash & Door Co. pref. (quar.)- —
Idaho Maryland Mines Corp. (monthly)
Imperial Chemical Industries (interim)
Imperial Life Assurance (Can.) (quar.)
International Metal Industries
10c
1 Oct. 20
4
Nov. 15 Nov.
4
Oct.
14 Oct.
Nov.
Oct.
Horder's, Inc.
Extra—
25
Oct.
Oct.
4
6
1 Oct.
16 Sept. 30
Nov.
1 Oct. 14
— — — — — —
—___
Holly Development Co. (quar.)
Holly Sugar, preferred (quar.)
Preferred
20 Oct.
Oct.
Dec.
Interchemical Corp
Cincinnati Postal Terminal & Realty Co—
Oct.
Nov.
Oct.
Hormel
Oct.
16 Sept. 30
14
Nov.
1 Oct.
Nov.
1 Oct. 16
Oct.
Oct.
E.) Co. class A (quar.).__
Hollinger Consol. Gold Mines (mo.)
Hires (Chas.
Extra
6
Nov. 15 Oct. 25
Oct. 27 Oct. 17
Nov. 24 Nov. 14
Dec. 29 Dec. 19
(monthly)—.
Hilton-Davis Chemical
37 Xc
(quar.)
Canada Northern Power Corp., Ltd
t30c
7% cumulative preferred
Canada Wire & Cable, class A (quar.)
Canadian Fairbanks Morse preferred (quar.)—
IS IX
tl2Hc
Canadian General Investments (quar.)
tl2Xc
Coupon (quar.)
Canadian Industries, A & B
mx
Preferred
mx
SIX
Carolina Clinchfield & Ohio Ry. (quar.)
37 Xc
Central Aguirre Associates
New
2
16
3
Nov. 15 Nov.
Nov. 15 Oct. 25
(quar.)
Hershey Chocolate Corp. (quar.)
Preferred (quar.)__
Hibbard, Spencer. Bartlett & Co.
Monthly
10*
Nov.
72
•_
Razor pref. (quar.)
Oct.
Dec.
SIX
87 Xc
SIX
L_
(qu.)__
Gimble Bros., preferred (quar.)
Gotham Credit Corp., class B (quar.)
Oct.
2l|Sept. 20
Nov.
SIX
Oct.
20 Oct.
Oct.
75c
General Steel Wares Ltd., 7% cum. pref
General Telephone Allied Corp. $6 pref.
General Theatres Equipment
Nov.
Oct.
Oct.
General Motors Corp., $5
lc
14 Sept. 30
10
Oct.
Oct.
6
SIX
27
50c
10
10
2 Dec.
Jan.
25c
Oct.
Sept. 30
Sept. 30
5
Dec. 30 Dec. 23
Nov.
*}£
Fyr-Fyter Co., class A
Sept. 30
Oct.
21
Gardner-Denver Co. (quar.)
Preferred (quar.)
Oct.
Oct.
Dec.
Dec.
Fruehauf Trailer Co
Oct.
Oct.
Dec. 22
30c
25c
Oct.
Nov.
:
1-2-40
Nov. 29 Nov. 15
25c
(irregular)
Nov.
50c
Jan.
Nov.
(quar.)
20c
40c
II
Sept. 29
Sept. 29
Sept. 29
25c
30c
62,1Z
6
II
Oct.
16 Sept. 28
Nov. 29 Nov. 15
$1
Oct.
Nov.
Oct.
1<
Apr.
J-W
H.) Co., 5% pref. (quar.)
preferred (quar.) —
Oct.
Dec.
10
3c
3c
National Bank of Jersey City (quar.)
First National Bank (Toms River, N. J.) (qu.)__
Oct.
15c
SIX
10
25 Oct.
15c
First
49 W. 37th St. Corp., v.t.c.
Froedtert Grain & Malting
Oct.
25 Oct.
Oct.
35c
56 Xc
30c
Firestone Tire & Rubber Co
3
Oct.
10 Sept. 30
Oct.
—
Sept.15
Sept. 25
Nov.
1
Oct.
SIX
«•'
Cleaning & Dyeing Co., pref
Filene's (Wm.) Sons
Preferred (quar.)
Firemen's Fund Insurance (quar.)
Nov.
Nov.
Nov. 15 Nov.
Oct.
Fenton United
Nov.
#51
16 Sept. 30
1
Nov. 15 Nov.
Nov.
pref. (quar.)
Federated Dept. Stores_
Preferred (quarterly)
Oct.
SIX
12
16
16 Sept. 15
Oct.
Nov.
6
Ford Hotel Co., Inc
31 Xc
16
.1 Oct.
Oct.
—
<rn *»
mi
Metallurgical"Corp.
Nov. 27
25c
S3 X
(semi-annual)
PrCfCITBCi
Fansteel
16 Sept.15
1 Nov. 25
Oct.
SIX
31 Oct.
31 Oct.
20c
Nov.
Dec.
Oct.
Nov.
Oct.
(E. I.) de Nemours & Co., S4X pref.
(quarterly)
6% debenture (quar.)
Duquesne Light Co., 5% cum. 1st pref. (quar.)
Electric Bond & Share Co. $6 preferred (quar.)__
$5 preferred (quar.)
El Paso Electric Co. (Del.) 7% pref. A (quar.) —
$6 preferred (quar.)
El Paso Electric Co. (Texas) $6 pref. (quar.) —
Emporium Capwell
4X% preferred A (quar.)
Esquire. Inc. (s.-a.)
Falstaff Brewing (quar.)
—
Preferred
Oct.
20 Sept. 30
20 Dec. 30
Oct.
Oct;.
20c
Driver-Harris Co
Extra
Oct.
Oct.
16
20 Sept. 30
Nov. 18
Oct.
75c
Dow Chemical Co
Preferred
1 Oct.
Oct.
50c
50c
30c
(quar.) —
Nov. iu
1
Nov.
30c
Quarterly
16 Sept. 29
5
3-1-40 2-10-40
25c
-
quar.)
Dominion Oilcloth & Linoleum Co.
14*
15c
1
10 Sept. 30
25
Oct.
15 Oct.
Oct.
Dec.
Oct.
SIX
SIX
Oct.
Oct.
Dec.
Canada & Dominion Sugar Co., Ltd.—
zh?
15
15 Sept. 30
20 Oct. 11
Dec.
1 Nov. 20
Oct.
25c
Oct.
$1
75c
Dec. 26 Dec.
25c
Oct.
25c
Copper
10 Sept. 30
4
14 Oct.
20 Oct.
SI
(quar.)
Oct.
Oct.
:
18Xc
Bloomingdale Bros
Bon Ami Co. class A
11 Oct.
Oct.
Oct.
Dec.
50c
—
Oct.
$i
Nov.
SI X
...
Amerada Corp. (quar.)
American Can Co. (quar.)
1
SIX
20c
Aluminum Mfg. Co.. Inc.
Sept. 30
—_
Akron Brass Co
Alabama Power Co. $5 pref.
Alaska Juneau Gold Mining
20c
du Pont
3
Addressograph-Multigraph (quar.)
_
2
2
30c
Participating preferred (s.-a.)
Payable of Record
SIX
Abbott Laboratories preferred (quar.)
Preferred (quar.)
2
25c
Distillers Corp .-Seagrams,
Dixie-Vortex Co., common
yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Company
11 Oct.
Detroit Steel Products
not
Name of
Oct.
2
30
Diamond Match Co., common
give the dividends announced in previous weeks
we
14 Sept.
50c
(quar.)
Detroit Gasket & Mfg
[Nov. 20
Dec.
Oct.
25c
-
Detroit Edison Co.
25c
Oct.
SIX
5X % pref. (qu.)
(initial).
Detroit & Canada Tunnel
14
50c
___.
.
SIX
Denver Union Stock Yards Co.
Dec.
Oct.
25c
14
14
20 Oct.
16 Oct.
Oct.
$2
Preferred (quar.)
Curtiss-Wright Corp., class A
Davidson Bros., Inc
25c
„
Nov.
25c
Xc
SIX
SIX
50c
__
1 Oct.
1 Oct.
Nov.
75c
Corn Products
Oct.
six
Union Gas Co. of Canada (quar.)
United Corp., $3 cum. preferred
15c
SIX
B.) Co. (quar.)
;
7% preferred (quar.)
Refining Co
..
7% preferred (quar.)
Cosmos imperial Mills, 5% preferred (quar.)„
Coty, Inc
Coty International Corp. (initial)
Creamery Package Mfg. (quar.)
53c
—
Holders
Payable of Record
Share
Namt of Company
Coon (W.
Sept. 15
Nov. 23
31
i x%
66c
Light & Power Co., 6% pref. (quar.)__
Toronto Elevators, Ltd., 5X% pref. (quar.)
Union Electric Co. (Mo.), pref. (quar.)
Holders
Share
Company
When
Per
Per
Name of
2185
■
•
—
—
Oct.
50C
Oct-
Oct.
Oct.
30
30
30
30
30
Oct.
Oct.
2
12c
Oct.
Oct.
10
10c
Sept.
Sept. 25
15c
Supply
(quar.)
Kemper-Thomas, 7% special pref
20c
Sept.
Sept.
Sept.
Sept.
Sept.
t87^c
-
(quar.)..
Oct.
Oct.
10
SIX
Oct.
Oct.
10
SIX
Dec.
Nov. 21
The Commercial & Financial Chronicle
2186
Per
Name of
Share
Company
Kentucky Utilities Co., 6% pref. (quar.)
-
Nov.
Oct.
2
Oct.
Sept. 29
Nov.
25c
Nov.
Oct. 20
Nov.
4
50c
Lawrence Gas & Electric (quar.)
(F. & R.) Co
—
37
SIX
SIX
—
%ii\
Oct.
14
Dec.
14
Oct.
Oct.
Oct.
4
Nov.
Oct.
20
2
27
Nov.
Oct.
Dec.
Nov. 10
Jan.
Dec.
25c
Oct.
Dec.
Sept. 30
Aug. 24
Dec
Nov. 24
$i x
Extra
25c
Taylor, 2d pref. (quar.)
—
Louisville Gas & Electric (Ky.) 7% pref. (qu.)».
6%
5%
preferred (quar.)
preferred (quar.)
Lowell Electric Light Corp. (quar.)
$2
$1*4
six
SIX
90c
Lunkenheimer Co.. pref. (quar.)
Mac Andrews & Forbes Co. (quar.)
$1H
r
1
Dec.
1
(quar.)
McCall Corp. (quar.)
1__
McOJatchy Newspaoer, 7% pref. (quar.)
McColl-Frontenac Oil, pref. (quar.)
McCrory Stores, preferred (quar.)
-i
—
Oct.
14
Oct.
14 Sept. 30
13 Sept. 30
Oct.
1-2-40
Oct.
1H%
Oct.
25c
:
—
;
McGraw Electric Co
43Hc
SIX
$1*4
Nov.
23
1 Oct.
13
Nov. 2W
Nov. 3o
14 Sept. 30
Nov.
1 Oct. 20
Nov.
Nov.
Oct.
6
16 Oct.
Oct.
6
11
1
10c
1 Oct.
Nov.
1 Oct. 11
Oct. 10 Sept. 30
10c
Jan.
$1*4
Quarterly
Magnin G.) & Co., preferred (quar.)
Mahon (R. C.) $2 preferred A (quar.)
$2.20 preferred (quar.)
—
$1*4
15 Jan.
5
Nov. 15 Nov.
4
—
6% preferred
Midwest Piping & Supply
(quar.)
Missouri Gas & Electric Service
Oct.
Oct.
25c
Oct.
16 Sept. 30
10 Sept. 20
17Hc
Oct.
15 Sept. 20
Oct.
15 Sept. 20
15 Nov. 30
17To
30c
Dec.
Dec.
5 Dec.
25c
Dec.
5 Dec.
$1*4
SIX
t$l*4
mx
Nov.
1 Oct.
14
Nov.
1 Oct.
14
Nov.
1 Oct.
14
$1*4 dividend preferred (quar.)
Royal Typewriter Co., Inc
Preferred (quar.)
Saguenay Power, preferred (quar.)
St. Louis Bridge Co. 6% 1st
pref. (s.-a.)
3% 2nd preferred (s.-a.)
St. Louis County Water, preferred
(quar.)
San Diego Consol. Gas & Elec. Co., pref.
(quar.)
Scott Paper Co., $4*4 cum. pref. (quar.)
Security Storage Co. (quar.)
ServeJ, Inc
Preferred (quar.)
Sheaffer (W. A.) Pen. Co
.
1
Nov.
1 Oct. 14
Oct.
14 Oct.
5
Oct. 16 Sept. 30
Jan.
2 Dec.
20
2 Dec.
20
Nov. 15 Nov.
Oct.
10 Oct.
1
2
1 Nov. 10
1 Nov. 10
Dec.
Dec.
Nov.
Oct.
1 Oct.
11
14 Sept.
8
31 Sept. 30
Oct.
Oct.
16 Sept. 30
Oct.
14 Oct.
2-2-40
Oct.
(quar.)
Oct.
ty% pref. (quar.)
.
3
2-2-40
25 Sept. 30
16 Sept. 30
Oct.
15 Sept. 30
16 Sept. 30
16 Sept. 30
Oct.
...
2H Dec
Oct.
Mutual Investment Fund (quar.)
Mutual System, Inc. (quar.)
Dec.
26 Oct.
Oct.
8% preferred (quar.)
Myers (F. E.) & Bro. (extra)
National Bearing Metals 7% pref. (qu.)
Nov.
National Biscuit Co.. common
National Bond & Share Corp
National Cash Register
National Casket Co
National Chemical & Mfg. (initial—quar.)
Oct.
21
16
1 Oct. 18
14 Sept. 12
2
Southern Canada Power Co.. Ltd.—
6% cum. pref. (quar.)
Southern Franklin Process, 7% pref.
Dec.
Oct.
Oct.
Oct.
Oct.
$1*4
SIX
SIX
Oct.
Dec.
15 Nov. 15
50c
Nov. 15 Oct.
50c
Dec.
15 Nov. 15
5uc
Oct.
14 Sept.
(quar.)__
Nov. 29 Nov.
1
Nov.
1 Oct.
15
25c
Nov.
12 Sept. 21
1 Oct. 21
1 Oct. 16
25c
Oct.
20 Oct.
S7m
six
six
$3
SIX
six
1X%
SIX
SIX
25c
SIX
SIX
Dec.
Oct.
Oct.
Extra
12 Dec.
15
1 Oct.
20
Nov.
14 Sept. 30
No**.
1 Oct. 20*
Oct.
10 Oct.
Oct.
15 Sept. 30
Dec. 15
Oct.
Oct.
Nov. 15 Oct.
SIX
SIX
SIX
Oct.
Corp
25c
Preferred
37 He
Northern Indiana Public Service, 5H % pref
6% preferred
SI H
$1*4
$1*4
7% preferred
Northern States Power Co. (Del.)—
7% cumulative preferred (quar.)
Nov.
Northern States Power (Minn.) pref.
(quar.)
Engineering
25c
Norfolk & Western Ry., preferred
(quar.)
Oahu Sugar Co. (monthly)
O'Brien Gold Mines
Oliver United Filters class A
(quar.)
Pacific Finance Corp. (Calif.) A
pref. (quar.)
2
2
Oct.
Oct.
15 Sept. 20
15 Sept. 20;
Oct.
Oct.
14 Sept. 30
tix%
SIX
Oct.
16 Sept. 20
Oct.
10 Sept. 29
4
14 Oct.
4
15 Dec.
Oct.
14 Sept. 30
Dec.
15 Dec.
Nov.
1 Oct. 16
Nov.
1 Oct. 16
Oct. 14 Sept. 30
Oct.
Oct.
14 Sept. 30
14 Sept. 30
20 Sept. 30
20 Sept. 30
14 Sept. 30
Nov.
1 Oct.
15
Nov. 11 Oct. 31
Oct. 14 Oct.
4
Oct. 16 Sept .3 0
Nov.
1 Oct. 20
Nov.
1 Oct.
14
1 Oct.
14
(quar.)
(quar.)
ParatfineCos., inc. pref. (quar.)
5% pref. A (quar.)...
Pemigewasset Valley RR. (s-a.)
Pearson Co., Inc.,
Telephone pref. A (quar.)
(quar.)
Preferred (quar.)
Pennsylvania Power Co., $5 preferred iquar.)..
Peoples Gas Light &. Coke
Peoples Telep. (Butler, Pa.) (quar.)
Oct.
Oct.
Oct.
1 Oct. 14
16 Sept. 30*
16 Sept. 30
15
Nov.
1
Oct. 14
Oct. 14
Oct. 16
Nov.
1
Sept. 26
Oct.
16
Sept. 30
Oct.
Oct.
Oct.
4
2
2
1 Jan.
Feb.
17
Nov. 15 Nov.
4
Nov. 15 Nov.
6
Nov.
Oct. 21
Nov.
Oct. 14
Oct.
Sept. 21
Oct.
Sept. 30
1
5
Nov. 15iNov.
4
Nov.
1 Oct.
Nov.
1 Oct.
Oct. 31 Oct.
6
Oct.
31 Oct.
Oct.
14
Preferred (quar.)
Super Mold Corp. (Calif, (quar.)
Superheater Co. (quar.)
Superior Oil Co. (Calif.) (quar.)
37 Xc
50c
Nov.
Oct.
12Hc
Oct.
6
16
16
16 Oct.
25c
Nov.
25c
20
1 Oct.
20
20 Oct.
10
5
Nov. 10
Feb. 10
Feb.
25c
May
$1
Oct.
9c
Oct.
$1*4
*1
Corp. (uuar.)
Thatcher Mfg. Co. pref. (quar.)___
Tivoli Brewing Co. (quar.)
90c
Towne Securities Corp. 7% cum. pref
Trade Bank of N. Y. (quar .)
$2
15c
5c
May 10
Oct.
2
16 Sept. 30
Nov.
Oct.
United Fruit Co
U.
S.
Petroleum,
16c
$1
common
United Stages Pipe A
llSept. 18
20 Oct.
Oct.
Oct.
10
Nov.
Oct.
20
Oct.
Sept. 30
Oct,
Oct.
Sept. 20
Sept. 29
8ept. 30
Nov.
Oct.
lc
_
(quar >
Dec.
50c
Dec.
Dec.
5
Nov. 29
68Xc
$1
87 Xc
10c
SIX
SIX
SIX
SIX
17 Xc
(quar.)
Preferred (quar.).
Preferred (quar
Preferred (quar.)
United Stockyards, preferred (quar.)
Universal Leaf Tobacco Co.. Inc
$1
Oct.
Oct.
Oct.
Oct.
Oct.
2
Jan.
Jan.
5
Apr.
July
Apr.
July
5
Oct.
Oct.
7
Nov.
Oct.
17
1 Oct.
28
SIX
SIX
Vermont & Massachusetts RR. Co. (s.-a.)
Virginian Railway 6% preferred (quar.)..
Vulcan Detinniug Co
pref. (quar.;
SIX
S3
Oct.
SIX
Nov.
....
Warren RR. Co. (s.-a J
West Michigan Steel Foundry 7% pref. (quar.).
$1*4 preferred (quar.)
West Penn Electric Co. 6% pref. (quar.)..
7% preferred (quar.)
(quar.)
Preferred (quar.)
Westminster Paper Co. (semi-annual)
Weston Electrical Instruments
Weston (Geo.) Ltd., preferred (quar.)
Westvaco Chlorine Products, pref. (quar.)..
Wichita Water Co., 7% pref. (quar.)
Winsted Hosiery Co. (quar.)
Extra..
six
SIX
17Xc
43 He
SIX
Dec.
Oct.
15
15
$1*4
37*4c
25c
5
Dec.
1
20
Nov. 15 Oct. 20
Oct, 16 Sept. 22
Oct.
$1
5
Oct. 16 Sept. 29
Nov.
1 Oct.
14
Dec.
1 Nov. 15
Oct.
$1*4
37*4c
$1*4
SIX
5
7 Sept. 26
1 Oct. 21
20 Oct.
in
75c
25c
2
1-29-40
9
six
60c
6% pref. (quar.)
Zellers, Ltd., preferred (quar.)
^
Cooperative Mercantile Institution
Nov.
2-1-40
Nov. 15 Oct.
lig
20
Oct.
Oct.
Oct.
Upper Michigan Power & Light—
6% preferred (quar.)
6% preferred (quar.)...
Vapor Car Heating Co.. 7% nref. (quar )
Zion's
10
14
Sept. 30
Sept. 21
Oct.
Oct.
25c
Preferred
Worcestre Salt Co.
Oct.
Oct.
Oct.
50c
United States Smelting, Refining & Mining
Preferred (quar.)
United States Sugar
West Penn Power Co., 4*4% pref.
Western Grocers, Ltd. (quar.)
10
Nov. 15 Oct. 31
Oct.
Sept. 30
S2X
.
Foundry Ho
Sept. 30
1 Oct.
Nov.
United States Hoffman Machine, pref. (quar.)
10
14
Oct.
Oct.
Dec.
United New Jersey RR. & Canal (quar.).
United Profit Sharing pref. (s.-a.)
United States Fidelity & Guaranty Co
20 Oct.
16
Oct.
Nov.
Nov.
I._I
Pacific Portland Cement, preferred
Pacific Public Service 1st pref.
14 Sept. 30
Nov.
Oct.
2
16 Oct.
25c
Nov.
(quar.)...
5% preferred (quar.)
1 Oct.
16 Oct.
$1*4
Nov.
1 Oct. 16
Nov. 15 Nov.
1
16
Oct.
Union Oil Co. (Calif.)
United Biscuit Co. of America, preferred (quar.)
United Bond A Share Corp., Ltd. (quar.)
$1.31*4 Oct.
Oct.
$1*4
Oct.
$1*4
6% cumulative preferred (quar.)
1 Oct.
10 Sept. 26
16
Oct.
$1*4
14 Sept. 22
3c
15 Sept. 30
5
25 Oct.
50c
Tuckett Tobacco, Ltd., pref. (quar.)
Oct.
5
1-3-4"
Nov.
lc
14
Oct.
15
Oct.
$3
25c
20c
1 Oct.
Nov.
5
16
Jan.
14 Sept. 30
Nov.
1 Oct. 16
50c
1 Oct.
12 Dec.
12*4c
7 Sept. 30
26 Sept. 30
1 Oct. 16
1 Oct. 16
16 Sept. 30
North
16 Oct,
Nov.
5
Jan.
Sun Glow Industries (quar.)
Sim Ray Drug Co
14
Nov.
7
1 Nov. 18
16 Oct.
Dec.
1 Oct.
Newberry (J. J.) Realty Co. 6H% pref. A (qu.).
6% preferred B (quar.)
11
Nov.
Nov.
Nov.
$1*4
9 Oct.
Oct.
10c
15c
Oct.
Taylor (Wm )
2
15
20c
SIX
Sept. 29
15
1 Oct.
16
Dec.
14
New Brunswick Telephone Co
New York Transit Co
Niagara Hudson Power Corp.—
5% 1st pref. and 2d pref. ser. A & B (quar.)..
Corporation, class A (quar.)
16 Sept. 18
14 Sept. 22
Dec.
Dec.
16 Sept. 30
Oct. 20 Sept. 30
Oct. 20 Sept. 30
Nov.
1 Oct. 20
Oct. 15 Oct.
2
New Bedford Gas & Edison (increased)
16 Sept. 30
16 Sept. 30
Nov.
1 Oct.
Oct.
2
15
Oct.
Oct.
$
14 Oct.
15 Dec.
16 Sept. 30
15 Nov. 15
15 Nov. 15
Oqt.
National Steel Car Ltd. (quar.)
Neisner Bros., preferred (quar.)
Pacific Telep. & Teleg. Co. 6% pref.
Packer Corp. (quar.)
Oct.
$2
6 Sept. 19
10 Sept, 27
1-4-40 12-10-39
3
Oct. 10 Oct.
SIX
1.2%
4.8% preferred (quar.)
$1*4
England Telephone.
$2
Cement, «% pf. (quar.)
Spicer Mfg. Co_
SIX
$3 preferred (quar.)
75c
Standard Brands, Inc., $4*4 pref. (quar.)
SIX
Standard Oil Co. (Ohio), preferred (uuar.)
six
Standard Wholesale Phosphate & Acid Works..
20c
3lXc
Stanley Works 5% pref. (quar.)
Steel Co. of Canada (quar.)
143 Xc
Preferred (quar.)
143 %c
Sullivan Consol. Mines, Ltd
3c
1 Oct.
Oct.
National Lead Co. 6% pref. B (quar.)
Nat l Manufacture & Stores Corp. pref.
(s.-a.)..
National Power & Light Co. $6 pref. (quar.)
Pacific Gas & Electric Co. (quar.)
Pacific Lighting, $5 pref. (quar.)
Oct.
Southwestern Portland
Nov.
(quar.)
National Fuel Gas Co
National Funding Corp. class A & B
(quar.)
Class A and B (extra)
Nov.
Southern New
Nov.
(quar.)
2.5c
1 Nov. 15
30 Oct. 20
Oct.
Southern Indiana Gas & Electric Co.—
Nov.
Inc., class A (quar.)
42c
4%
$1
$1*4
34%c
37Xc
37Xc
(quar.)
Nov.
Oct.
...
$1*4
16 Sept. 22
10 Sept. 30
2
16 Oct.
37 Xc
Original preferred (quar.)
Preferred series C 5*4% (quar.)
Southern California Gas, preferred
Preferred A (quar.)
15 Sept. 30
Nov. 15 Oct. 31
16 Oct.
Oct.
Oct.
Dec.
4c
juarterly
Superior Portland Cement class B
Supervised Shares, Inc. (quar.)
Tacony-Palmyra Bridge pref. (quar.)__
Oct.
Oct.
75c
Southern Calif. Edison Co., Ltd.—
1
Jan.
$1*4
Dry Goods iquarj
Republic Investors Fund, pref.- A and B (quar.)
Rochester Button Co
Silbak Premier Mines
25c
30c
$2*4
25 Sept. 30
50c
(quar.)
Reliance Mfg. Co
Simpson (Robt.) Co., 6% pref. (s.-a.)
Sivyer Steel Casting
Skelly Oil Co
6% preferred (quar.)
South Pittsburgh Water Co.,
7% pref. (quar.)_.
6% preferred (quar.)
Montgomery Ward
Montreal Light, Heat & Power Consol. (quar.).
Montreai Telegraph Co. (quar.)
Montreal Tramways Co., Ltd.(quar.)
Peninsular
(quar.)
(quar.)
(monthly)
(monthly)
6% preferred (monthly)
Quaker Oats Co. pref. (quar.)
Quarterly Income Shares Inc. (reduced) (quar.)
Reading Co. (quar.)..
15 Sept. 30
$1
National Distillers Products (quar.)
National Electric Welding Mach. Co.
—
preferred
preferred
preferred
preferred
2d preferred
Oct. 25 Sept. 30
1
Nov.
1 Oct.
Nov.
1 Oct. 10
$2
(quar.)
Prudential Investors $6 preferred (quar.)
Public Service of New Jersey $5 pref. (quar.)
7%
8%
6%
6%
Oct.
10c
3c
15 Sept. 30
15 Sept. 30
Preferred B (s.-a.)
Montana Power Co., $6 preferred (quar.)
Penmans Ltd.
Procter & Gamble 8% preferred
10c
$1*4
$1*4
m
pref. (quar.)
Mining Co. (quar.)
Oct.
15c
Mississippi Power Co. $7 pref. (quar.)..
$6 preferred (quar.).
Moody's Investors' Service pref. (quar.)
Monongahela Valley Water 7% pref. (quar.)
Monsanto Chemical Co., $4X pref. A (s.-a.)
C preferred
(quar.)
non-cum. partic.
Oct.
50c
Calculating Machine (quar.)
Margay Oil Corp. (quar.)
Maritime Tel. & Teleg. Co. (quar.)
7% preferred
Maryland Fund. Inc. (quar.)...
Mercantile Accutane
(Calif.), 6% pref. (qu.)_.
5% preferred (quar.).
chi
Michigan Public Service 7% preferred..
6% preferred
Michigan Public Service, 7% preferred.
Northwest
cum. preferred
55c
Manufacturers Trust Co. pref. (quar.).
American Oil Co
Northern Illinois Finance
6%
6%
Premier Gold
Holders
of Record
*1*4
Pollock Paper & Box, 7% i ref. (quar.)
Power Corp. of Canada. Ltd.—
50c
Marchant
of Amer
Dec
Oct.
20c
Preferred (quar.)
McWatters Gold Mines (resumed)
...
Sept. 30
14 Sept. 30*
14 Sept. 30*
25c
15c
McGraw-Hill Publishing Co., Inc
McLellan Stores Co
Nov. 20
Nov. 20
Nov.
1 Oct.
17
Oct.
14 Sept. 30
50c
Preferred
Morrell (John) & Co.
Mountain States Tel. & Tel:
Dec.
15
1939
Share
Company
Philadelphia Co. (quar.)
(Quarterly)
Preferred (semi-ann.)
Philadelphia Electric, $5 preferred (quar.).,—
Philadelphia National Insurance
Philadelphia & Trenton RR. (quar.)
Philip Morris & Co
Preferred (quar.)
Philippine Long Distance Telep. (monthly)
Pinchin Johnson & Co. (Am.shs. (interim)
Pittsburgh Brewing preferred
Pitts. Ft. Wayne & Chic. Ry.
7% pref. (quar.)..
Pittsburgh Metallurgical
Plymouth Rubber, preferred (quar.).
Sept. 30
Oct.
7,
Per
Name of
Dec.
Oct.
SIX
Longborn Portland Cement Co.—
F>% refunding partic. preferred (quar.)
National City Lines.
Preference
14
$1.10
50c
(quar.)
Special guaranteed (quar.)
hemical t 'v
Oct.
30c
(quar.)
Lion Oil Refining Co. (quar.) —
Little Miami RR., original capital
viutuaJ i
Oct.
25c
(quar.)
K. i
30
30
30
30
Nov.
50c
Lexington Utilities Co. $6 H pref. (quar.)
Libby, McNeil & Libby 6% preferred
Lincoln National Life Insurance tquar.)...
Moore (Wm
Oct.
Sept.
Sept.
Sept.
Sept.
Jan.
Lehigh Portland Cement (quar.)
Preferred (quar.)
.»
Lerner Stores Corp
Preferred (quar.)...
LexingtonTelep. Co. 6% pref. (initial)...
Link Belt Co.
Oct.
Oct.
75c
15c
(quar.)
Oct.
30c
75c
Class B (quar.)
Lord &
5
2
10c
Langendorf United Bakeries, cl. A (quar.).- —
Preferred
Oct.
Oct.
,
Landis Machine Co. (quar.)-
Lazarus
Sept. 30
Oct.
Nov.
$1*4
-
Kroger Grocery & Baking Co., 7% pref. (quar.)
Preferred
Oct.
10c
4c
——.
'
Knott Corp
Holders
Payable of Record
lc
Kerr Lake Mines, Ltd
Kirkland Lake Gold Mining (s.-a.)-_
Extra
$1H
When
Oct.
Nov.
Oct.
Nov.
Nov.
1
Sept. 20
Sept. 20
Oct.
16
10 Sept. 25
1 Oct. 14
1 Oct.
Oct. 10 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
Nov. 15 Nov.
Nov.
1 Oct.
Oct. 16 Oct.
*
10
2
15
15
6
14
5
Transfer books not closed for this dividend,
t On account of accumulated dividends.
X Payable in Canadian funds, and in the case of non-residents of Canada
deduction of
a
tax of
5% of the amount of such dividend will be made
Volume
Weekly Return of the New York City
Clearing House
of the Federal Reserve Bank of
Condition
York
New
The weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full below:
The following shows the condition of the Federal Reserve
New York at the close of business Oct. 4, 1939,
Bank of
STATEMENT
with the previous week and the corresponding
in comparison
date last year:
2187
The Commercial & Financial Chronicle
149
MEMBERS
OF
CLOSE
AT
ASSOCIATION
1939
Clearing House
5, 1938
Oct.
Sept. 27, 1939
Capital
Time
Deposits,
Deposits,
Average
Average
Profits
-vv*
•/'
.
Net Demand
Surplvr and
Undivided
Members
.i,v.
THURSDAY,
BUSINESS
♦
Oct. 4,
Assets—
CLEARING HOUSE
OCT. 5, 1939
YORK
NEW
THE
OF
OF
..
Bank of New York
Gold certificates on hand and due irom
20,000,000
Natlonal City
77,500,000
Total
Secured
90,000,000
21,000,000
Co.
Other bills discounted
27,854,000
20,516,700
10,000,000
2,213,000
.
1,772,000
1,143,000
Iruu? Trust Co
50,000,000
109,153,700
53,103.000
4,380,800
213,000
2,024,000
advances
4,000,000
Chase National Bank...
2,725,000
2,674,000
214,000
2,042,000
2,600,000
discounted
100,270,000
jfrlij Avenue Bank
212,000
direct
25,000,000
Bankers Trust Co
3,648,000
Title Guar & Trust Co..
and guar¬
anteed:
5,000,000
12,500,000
U.
Total
95,203,000
1,988,000
91,525,000
51,673,000
915.777.500 12,924.307.000
664,901.000
370,360,000
194,671,000
Comm'l Nat Bk & Tr Co
7,000,000
Public Nat Bk & Tr Co.
7,000,000
9,768,900
848.641,000
815,422,000
889,582,000
853,571,000
822,007,000
66,000
65,000
68,000
4,216,000
154,978,000
177,953,000
8,929,000
20,815,000
14,877,000
Totals
r securities
Total bills and securities.
Due from foreign banks
4,529,000!
Federal Reserve notes of other banks
162,018,000
Uncollected Items
8,908,000
Bank premises
Other assets
22,128,000
.
*
518,909.000
official reports: National,
per
Includes deposits in foreign branches as follows (a) $263,534,000; (b) $76,625,000;
(c) $1,226,000; (d) $66,016,000; (e) $19,334,000.
2,225,000
LONDON
THE
9,824,000
Sat.,
36
...
Other deposits
81/3
-
174,314,000
70,748,000
Central Min & Invest..
207,447,000
89,161,000
£45
£45 %
£45%
£12%
£11H
Cons Goldfields of S A.
Total deposits.
141,159,000
2,371,000
145,083,000
Deferred availability Items
1,328,000
dividends.
Other liabilities, incl. accrued
Electric & Musical Ind.
14/6
Hudsons Bay Co..
1,140,000
26
Imp Tob of G B & I..
7/3
14
10/4%
107/6
Closed
50,832,000
51,943,000
7,457,000
7,744,000
8,873,000
8,756,000
10,26^,000
Surplus (Section 13-b)
Other capital accounts
...
of
Ratio
total
deposit
to
reserve
on
.....
..
FOOTNOTES
For
9
17
Molasses......
25/103^
10/4%
£2%
15/25/3
16/6
14/9
25/9
16/7%
........
25/4%
16 /-
86/3
£2%
Wltwatersrand
Areas
—
.......
t "Other cash" does not Include Federal Reserve notes or a bank's own Federal
36,000
36,000
56,000
1,898,000
1,932,000
3,614.000
Reserve bank notes.
by the United States Treasury for the gold taken
These are certificates given
over
from the Reserve oanks when the dollar was, on Jan,
31, 1934, devalued from
100 cents to 69.06
cents, these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934,
opposite column.
see
85/7 %
.......
24/4%
15/10%
West
,::wi
,
.82/6
£30%
83/9
"8414%
United
Industrial ad¬
make
to
vances..^..
£11
"83/9'""
82/6
Vickers
x
Commitments
£6
£36
81/10%
£35
Swedish Match B
purchased
bills
for foreign correspondents
Contingent liability
14/7%
/6
£11%
Shell Transport
86.4%
90.2%
89.6%
85/6
..
£11%
72
Rolls Royce
and
F. R. note liabilities combined
14/6
£6%
Royal Dutch Co
Total liabilities and capital accounts,. 8,180.585,000 8,196,302,000 5,709,700,000
26/3
18/6
J
Rio Tinto
50,908,000
52,463,000
7,457,000
...
50,874,000
52,463,000
.
£11%
33/9
..
V-»--
London Mid Ry
Rand Mines..
Surplus (Section 7)
«
108/9
Metal Box
Capital Accounts—
Capital paid in...
h
81/3
«
31/9
27/3
86/6
26/lbTi
/4J^
85/7 %
7/6
Ford Ltd
169,724,000
8,060,960,000 8.076,752,000 5,588,842,000
Total liabilities.
Co...
Distillers
M
Mr
33/9
"25/10%;
Courtauhls S & Co.
6,717,568,000 6,751,263,000 4,452,538,000
Oct. 6
82 /6
£44 %
£12%
Cable & W ord
99,853,000
168,407,000
Fri.,
,
Oct. 5
/3
British Amer Tobacco.'
80,033,000
167,082,000
206,772,000
Foreign bank
Thurs.
Oct. 4
Oct. 3
Boots Pure Drugs
965,440,000
1,196,981,(XX) 1,181,959,000
6,283,681,000 6,275,556,000 4,118,315,000
Wed.,
Tues.,
Mon.,
Oct. 2
Sept. 30
Deposits—Member bank reserve acc't.,
U.S. Treasurer—General account
EXCHANGE
STOCK
Quotations of representative stocks as received by cable
each day of the past week:
"V;
nubilities—
F. R. notes In actual circulation
Sept. 30, 1939; State, Sept. 30, 1939; Trust
Companies, Sept. 30, 1939.
8,180,585,000 8,196,302,000 5,709,700,000
Total assets
As
2,571,000
2,963,000
27,939,400
8,463,900
884,745,000
Govt.
S.
direct and guaranteed
38,310,000
14,640,000
29,742,000
New York Trust Co
395,688,000
.
4,175,000
391,670,000
250,391,000
Bills
1,703,000
43,737,000
117,909,000
70,991,000
Notes
2,589,000
5,793,000
614,886,000
57,775,000
2,492,200
9,303,600
6,000,000
398,301,000
376,981,000
73,359,000
418,066,000
Bonds
54,307,000
134,328,200 d2,674,681,000
50,870,000
3,867,600
80,314,100 el,025,888,000
500,000
Marine Midland Tr Co..
U. S. Govt, securities,
285,349,000
604,915,000
15,000,000
First National Bank
Bills bought In open market
Industrial
96,647,000
1,582,000
Continental Bk & Tr Co.
Total bills
616,410,000
c990,748,000
902,000
Corn Exch Bank Tr
5,491,000
39,241,400
72,071,900
387,000
direct and guaranteed
61,367,000
183,072,800 bl,910,346,000
42,139,000
Bank
.
Govt, obligations.
U. S.
by
20,000,000
Manufacturers Trust Co
7,093,354,000 7,153,728,000 4,682,746,000
.
Bills discounted:
Chem Bank & Trust Co.
Cent Hanover Bk&Tr Co
reserves
49,858,000
167,146,000
61,343,500 al,983,835,000
673,477,000
56,267,700
Guaranty Trust Co
Redemption fund—F. R. notes
Other casbt
16,987,000
203,189,000
520,991,000
13,807,900
26,340,200
6,000,000
Bank of Manhattan Co.
7,010,441,000 7,063,860,000 4,573,924,000
1,328,000
944,000
1,792,000
107,494,000
88,924,000
81,121,000
United States Treasury.*
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
These
resources
figures
are
and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
always
a
The comment of the Board of Governors of
week behind those for the Reserve banks themselves.
the Federal Reserve System upon
immediately preceding which
the figures for the latest week
appears
in our department of "Current Events and Discussions,"
also give the figures of New York ana Chicago reporting member banks for
we
week later.
a
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans as reported In this statement, which were
described in
an
announcement of the Federal Reserve Bank of New York of
The changes in the report
April 20, 1937,
as
form are confined to the classification of loans and discounts.
follows:
This classification has been changed primarily to show the
amounts of
(1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those
outside New York City.
cial paper
bought in open market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and
would each be segregated as
A
more
Federal
Reserve
agricultural loans" an Q"other loans")
"on securities" and "otherwise secured and unsecured."
detailed explanation
of the revisions was published in the May 29,1937. Issue of the "Chronicle," page 3590.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101
Boston
$
New York
$
LEADING CITIES BY DISTRICTS ON SEPT. 27,1939 (In Millions of Dollars
$
$
$
Atlanta
Chicago
$
$
$
$
$
S
22,419
Open market
paper
Loans to brokers and dealers In secure.
Other loans for purchasing or
1,151
1,885
695
585
3,142
682
399
652
516
3,235
417
682
250
290
876
321
181
281
263
956
4,229
282
1,770
194
259
.100
156
513
190
98
170
173
315
65
124
24
6
12
3
34
6
3
18
2
19
533
23
409
18
21
3
5
33
5
1
3
2
10
510
Commercial, Indus, and agrlcul. loans
9,332
598
316
I^oans—total
1,180
8,350
Loans and Investments—total
22
235
31
25
15
11
76
14
7
10
14
50
81
205
55
172
38
31
106
51
9
26
63
54
carrying
securities.
1,180
Real estate loans
35
1
25
1
3
1,547
Loans to banks
Other loans
124
467
94
196
-
»
M.'
-
73
1
1
3
83
113
52
'
^
3
257
8
118
7
7
13
59
849
38
222
199
35
435
49
34
83
49
5,881
United States bonds
343
2,361
1,206
1,424
325
581
127
98
942
140
113
93
5,769
399
Reserve with Federal Reserve Bank..
2,232
45
3,400
..
securities
178
'
'
Obligations guar, by U.S. Govt...
384
—
50
419
notes
2,200
22
i
2,137
Treasury bills
Other
Ban Fran.
Dallas
Minneap. San. City
St. Louis
$
Cleveland Richmond
PhUa.
$
Total
Districts—
ASSETS
Treasury
located
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
132
9,794
466
•
.
•
•
m
-
~
6
»
m
«
im
-
«
,
80
«.
«/*.
'
4*
85
"•
678
62
290
66
27
54
55
172
285
67
92
481
99
44
134
56
309
498
178
132
1,369
210
93
189
133
358
109
94
277
f
52
486
143
99
19
45
22
13
74
12
7
17
12
23
Balances with domestic banks
3,018
147
194
210
332
189
212
534
178
114
333
271
304
Other assets—net.
1,220
79
444
99
101
38
47
79
22
17
22
30
242
18,333
5,231
1,152
8,766
908
1,286
481
390
2,588
473
293
525
456
239
1,026
282
731
200
188
933
190
119
144
136
1,015
1,043
540
16
66
53
42
28
40
111
21
3
23
31
106
7,667
315
3,438
386
413
283
267
1,129
319
149
416
248
304
Foreign banks
753
27
674
2
1
1
14
1
1
Borrowings
Other
liabilities
1
1
700
20
272
15
16
32
11
19
6
7
3
5
294
3,712
245
1,596
222
371
97
92
404
94
58
102
86
345
Cash In vault
_
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
'
Domestic
Capital
banks........^_...M...
account
A*.
12
m
«.
*.
20
......
......
*
......
mmm
The Commercial & Financial Chronicle
2188
Oct. 7, 1939
Weekly Return of the Board of Governors of the Federal Reserve System
The following was
issued by the Board of Governors of the Federal Reserve System on Thursday
afternoon, Oct. 5,
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
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
Reserve Agents
the
The comments of the Board of Governors of the Federal Reserve System upon
and the Federal Reserve banks.
for the latest week appear in our department of "Current Events and Discussions
returns
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
Oct. 4,
1939
Thru Ciphers (000) Omitted
Sept.
27,
1939
Sept. 20,
Sept. 13,
Sept. 6,
1939
1939
1939
Aug. 30,
1939
BUSINESS OCT. 4, 1939
Aug. 23,
1939
Aug. 16,
1939
Oct. 5,
Aug. 9,
1939
1938
ASSETS
Gold ctfs.
on
hand and due from u. S. Treaa. x.
Redemption fund (Federal Reserve notes)
Other cash
14,696,217
9,005
325,153
14,656,717
7,344
339,046
14,621,718
8,288
334,281
14,576,719
8,288
324,422
14,452,221
8,644
307,781
14,312,220
8,644
339.748
14,167,720
9,126
344,846
13.968,221
9,056
341,509
13,914,220
8,594
348.919
10,967,213
9,138
11,343,769
367,418
15,030,375
15,003,107
14,964,287
14,909,429
14,768,646
14,660,612
14,521,692
14,318.786
14,271,733
1,277
5,472
1,572
4,784
969
1,546
4,452
2,109
4,081
3,897
3,806
1,052
3,500
1,400
4,619
1,556
5,697
1,012
Other bills discounted-.....—...
3,518
3,448
Total bills dlsoounted-
6,749
6,356
5,588
7,253
5,998
6,190
4,818
4,552
4,918
7,345
548
548
545
546
546
546
575
545
545
541
11,841
11,644
11,667
11,617
11,627
11,667
11,677
11,615
11,665
15,455
1,315,942
1,245,497
223,457
1,315,942
1,245,497
242,370
1,308,616
1,268,800
1,245,497
1,021,219
1,238,573
334,620
912,460
1,179,109
334,620
911,090
1,245,497
1,176,109
335,540
911,090
1,176,109
335,540
911,090
1,176,109
355,715
787,327
1,164,565
2,784,896
2,803,809
2,826,483
2,823,717
2,594,412
2,426,189
2,422,739
2,422,739
2,442,914
2,564,015
2,804,034
2,822,357
2,844.283
2,843,133
2,612,583
2,444,592
2,439,809
2,439,451
2,460,042
2,587,356
Total
reserves
—
Bills discounted:
Secured by U. S. Government obligations,
direct and fully guaranteed
Bllls
bought In open market.
Industrial advances....
United States Government securities, direct and
guaranteed:
Bonds................................
Notes
—
Bills
-
Total
U.
Govt,
8.
securities,
309,420'
612,123
direct and
guaranteed
Other
272,370
securities
Foreign loans
on
gold
Total bills and securities.
Gold held abroad
176
Bank
premises
Other assets...
...
Total assets
20,799
646,638
42,140
67,889
18,632,715
Uncollected Items
176
20,583
666,514
42,082
68,951
Due from foreign banks-.
Federal Reserve notes of other banks.
18,603,106
177
177
149
178
21,513
26,389
23,300
720,313
733,764
586,943
42,166
66,771
77,469
42,162
61,232
52,122
21,732
604,265
42,224
51,032
22,635
721,814
42,159
23,664
588,704
42,211
18,659,504
18,632,527
18,095,043
17,812,082
17,680,903
178
177
180
178
22,715
23,569
632,117
50,450
582,733
42,259
49,918
17,595,573
17,429,578
14,679,148
42,259
44,304
47,853
LIABILITIES
4,732,133
Federal Reserve notes in actual circulation
Deposits—Member banks' reserve account....
United States Treasurer—General account-
4,678,992
4,683.716
4.609,282
4,572,130
4,563,822
4,550,689
4,262,860
11,549,309
618,613
495,787
285,554
11,525,708
615,386
11,140,608
675,555
397,183
291,248
10,951,004
708,611
350,132
257,768
10,828,970
723,754
323,760
280,186
10.633,449
775,739
10,509,003
8,320,636
770,086
280,665
284,585
289,237
150,924
12,949,263
682,167
3,894
12,896,466
704,124
6,243
12,504,594
12,267,515
585,540
3,948
12,156,670
603,220
11,974,438
708,783
2,948
11,949,806
580.483
2,806
9,436,702
14,330,094
551,890
Total deposits—
Total liabilities.
12,916,331
12,944,721
622,759
3,815
......
Other liabilities, lncl. accrued dividends
467,580
303,913
633,483
deposits
Deferred availability Items-...
y
4,677,608
11,621,338
309,403
Foreign banks
Other
4,683,726
11,671,664
469,127
466,137
4,970
450,076,
305,296
556,831
3,557
3,118
844,268
307,298
18,285,762
CAPITAL
18,256,176
18,312,932
18,285,825
17,748,698
17,466,285
17.335,138
17,249,991
17.083,784
135,460
149,152
27,264
135,511
135,497
149,152
27,264
34,789
135,496
149,152
27,264
34,433
135,487
149,152
27,264
33,894
135,486
149,152
27,264
33,863
135,477
149,152
27,264
33,689
135,428
149,152
27,264
33,950
195,056
626,685
3,847
ACCOUNTS
Capital paid In..
Surplus (Section 7)
Surplus (Section 13-b)
y Other capital accounts
133,985
35,077
Contingent liability on
bills
foreign correspondents...
18,603,106
18,659,504
18,632,527
18,095,043
17,812,082
17,680,903
17,595,573
17,429,578
14,679,148
85.2%
85.1%
84.9%
84.8%
85.9%
86.9%
86.8%
86.6%
86.5%
82.8%
101
101
101
lbl
101
101
101
10,517
10,806
10,919
10,931
11,009
11,075
11,261
11*337
13,599
2,451
purchased
18,632,715
10,278
Total liabilities and capital accounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined....—
27,264
35,003
135,506
149,152
27,264
34,650
101
—
2,164
5,818
149,152
147,739
27,682
39,648
for
....
Commitments to make Industrial advances
157
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
1,253
2,244
1,431
2,053
647
669
678
566
447
2,337
722
3,372
3,509
1,788
597
550
497
304
331
261
152
163
161
183
287
258
317
324
175
6,749
Total bills discounted..
1-15 days bills bought in open market...
16-30 days bills bought In open market
31-60 days bills bought in open market...
61-90 days bills bought in open market
365
2,484
2,191
1,708
251
456
161
......
4,184
173
500
3,647
Over 90 days bills discounted
4,406
168
353
....
1,287
237
......
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
6,356
5,588
7,253
5,998
6.190
4,818
4,552
4,918
7,345
369
218
94
255
124
135
314
305
47
6
149
"255
115
23
33
106
120
166
"140
140
23
93
'"209
209
209
83
33
281
153
135
267
315
202
28
309
386
23
Over 90 days bills bought in open market.
Total bills bought In open market—....
1-15 days Industrial advances..........
16-30 days Industrial advances.
548
548
545
546
546
546
575
545
545
541
1,406
1,366
1,448
1,317
1,318
1,314
1,205
1,165
1,218
1,131
.......
133
239
220
208
230
78
166
218
76
453
31-60 days industrial advances....—.
61-90 days industrial advances—........
Over 90 days industrial advances..
395
481
483
380
392
444
594
553
562
1,191
560
551
506
471
445
442
364
371
847
8,716
8,998
8,965
9,206
9,216
9,386
9,270
9.315
9,438
12,451
Total industrial advances—......
U. S. Govt, securities, direct and guaranteed:
1-15 days
—
....
11,644
11,667
11,617
11,627
11,667
11,677
11,615
11,665
15,4
38,913
29,137
67,050
38,913
78.077
125,380
2,514,297
62,250
48,913
60,625
77,625
85,140
67,050
68,050
97,615
2,132,849
62,250
123,955
2,295,217
2,115,199
60,625
105,963
63,137
2,107,874
83,790
77,625
111,163
49,137
101,4
97,615
182,453
2,455,691
48,913
36,637
82,715
210,453
2,448,365
2,121,199
177,6
2,010,6
2,784,896
2,803,809
2,826,483
2,823,717
2,594,412
2,426,189
2,422.739
2,422,739
2,442,914
2,564,015
5,002,399
4,991,190
4,983,108
304,116
4,945,513
261,797
4,892,298
283,016
287,363
4,847,304
282,482
4,841,728
291,039
4,545,148
307,464
4,994,686
317,078
4,859,493
270,266
16-30 days
11,841
36,637
2,455,691
...
31-60 days...
61-90 days
573
4,732,133
4,683,726
4,677,608
4,678,992
4,683,716
4,609,282
4,572,130
4,563,822
4,550,689
4,262,860
5,108,000
5,101,000
2,022
5,104,000
1,172
5,066,000
4,967,000
3,389
4,639,000
2,182
4,941,500
1,766
4,929,500
2,792
5,025,500
3,258
4,945,500
2,406
£.251
6,526
5,110,406
5,103,022
5,105,172
5,068,792
5,028,758
4.970.389
4,947,682
4,943,266
4.931,751
4,645,526
27,440
123,955
141,173
...
Over 90 days..
Total u. 8. Government securities, direct
and guaranteed
....
64,077
85,550
82,115
70,1
204,0
Total other securities.
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank—
In actual circulation.
....
282,288
Collateral Held by Agent as Security for
Notes Issued to Bank—
Goid ctfs.
on
hand and due from U. S. Treas..
By eligible paper.
United states Government securities.........
Total
*
collateral—————.——...
"Other cash" does not include Federal Reserve notes.
x These are certificates
given by the United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.0f
1934, these certificates being worth less to the extent of the difference, the difference itself having been appropriated as profit by the Treasury under
provisions of the Gold Reserve Act of 1934.
cents on Jan. 31,
y
With the statement of Jan. 4, 1939 two new Items appeared, "Other liabilities, including accrued dividends," and "Other capital accounts."
The total of these
The
two items corresponds exactly to the total of two items
formerly in the statement but now excluded, via.: "All other liabilities." and "Reserve for contingencies."
statement Cor Oct. 5,1938 has been revised on the new basis and Is shown accordingly.
Volume
The Commercial & Financial Chronicle
149
2189
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12
FEDERAL RESERVE BANKS
Three Ciphers
AT
CLOSE
OF
BUSINESS
OCT. 4, 1939
(000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
Phila.
Cleveland Richmond
Atlanta
St. Louis
Chicago
Minneap. Kan. City
Dallas
San Fran.
ASSETS
Gold
certificates
on
hand
and
due
from United States
Treasury
14,696,217
Redemption fund—Fed. Res. notes-.
9,005
Other cash *
859,424 7,010,441
214
Total reserves
•Total bills discounted
348,981
235,923
834,055
883
350
593
432
1,027
14,462
8,460
18,454
14,942
27,667
747,626
883,982
405,126
325,346 2,492,709
439,176
273,240
368,028
251,297
862,749
410
387
115
63
96
20
34
60
17
75
2,213
321
472
322
151
400
236
87
480
157
633
535
418
171
434
296
87
480
174
708
51
24
19
69
2
2
16
16
39
6,749
410
2,600
436
^•••'•,•648
41
213
56
Industrial advances
,
11,841
3,096
336
1,035
645
445
7
846
202
636
1,074
418,066
136,887
66,230
52,202
1431485
43,984
34,933
57,502
46,772
90,022
107,563
395,688
113,204
107,143
49,408
135,804
41,629
33,063
54,426
44,266
101,805
-70,991
19,223
129,559
23,245
62,684
16,151
11,246
8,864
24,365
7,469
5,932
9,764
7,942
18,265
2,784,896
201,287
884,745
239,570
289,691
140,160
110,474
303,654
93,082
73,928
121,692
98,980
227,633
2,804,034
...._......ii.i.
2,024
95,114
223,457
Notes
1,595
1,315,942
1,245,497
U.S. Govt, securities, direct & guar.:
Bonds
203,333
889,582
243,158
290,613
141,637
111,309
304,602
93,387
74,863
122,390
99,706
229,454
22
3
2
5
5
13
2,418
1,543
31,656
1,274
1,841
511
19,324
30,728
26,389
1,953
33,873
3,166
5,718
Bills
Total
U.
S.
Govt,
securities,
direct and guaranteed
Total bills and securities
Due from foreign banks.
Fed. Res. notes of other banks.
Uncollected
Other
264,430
663
42,562
1,277
Bank
423,831
548
17,207
5,472
:
307,591 2,449,484
1,252
21,823
"
...
Bills bought in open market
382,051
705
22,378
887,742 7,093,354
15,030,375
Other bills discounted.
860,899
546
27,973
28,104
Bills discounted:
Secured by U. S. Govt, obligations.
direct and guaranteed
719,107
1,792
81,121
325,153
176'
13
66
18
16
7
20,583
492
4,529
904
1,727
1,608
666,514
68,133
48,644
74,091
54,633
1,783
26,129
42,082
2,903
4,604
5,906
2,564
2,044
90,896
3,880
2,256
1,503
3,132
1,216
68,951
4,495
5,980
7,592
4,027
2,898
6,861
2,157
1,855
2,811
2,429
18,632,715 1,167,111 8,180,585 1,050,934 1,263,927
609,602
469,515 2,901,388
570,178
372,061
528,935
items
premises
assets
Total assets
162,018
8,908
22,128
381,553 1,136,026
LIABILITIES
F. R
notes in actual circulation
4,732,133
402,045 1,196,981
330,565
434,547
208,923
158,092 1,039,533
185,613
138,005
178,373
83,451
376,005
11,671,664
469,127
466,137
596,204 6,283,681
38,993
60,033
559,247
627,541
274,051
210,367 1,618,190
39,766
40,900
280,749
265,723
202,018
607,605
44,494
26,920
33,540
Deposits:
Memoer bank reserve account
U.S. Treasurer—General account.
Foreign
Other
bank
deposits..
20,002
16,281
56,284
39,881
13,490
14,116
1,747
6,864
8,368
8,247
675,386 6,717.568
12,916,331
43,260
206,772
640,645
723,220
334,682
273,278 1,723,742
342,367
309,403
Total deposits.
38,882
167,082
6,791
23,837
45,121
12,440
38,303
33,398
146,288
46,178
10,699
5,487
Deferred availability Items
633*483
3,815
13,490
13,490
391
1,509
36,671
208,652
310,544
261,511
704,736
65,419
145,083
46,927
73,083
50,990
25,281
92,935
31,435
16,135
29,737
25,398
323
1,328
383
349
101
31,060
168
338
170
146
183
116
210
18,285,762 1,143,173 8,060,960 1,018,520 1,231,199
594,696
456,819 2,856,548
559,585
362,938
518,837
3,995
4,685
2,918
4,302
4,049
10,618
3,613
3,892
1,142
1,266
9,965
2,121
1,041
1,870
2,211
._
Other liabilities, incl. accrued divs__
Total liabilities.
CAPITAL
:
30,940
370,476 1,112,011
ACCOUNTS
Capital paid in
135,460
149,152
9,384
10,083
50,832
12,116
52,463
13,696
27,264
2,874
7,457
35,077
1,597
8,873
4,416
2,186
13,768
14,323
5,117
4,561
13,800
4,983
5,630
1,007
713
22,666
1,429
3,630
3,293
1,513
1,792
6,945
1,368
3,153
1,001
2,051
Total liabilities and capital accounts
18,632,715 1,167,111 8,180,585 1,050,934 1,263,927
609,602
469,515 2,901,388
570,178
372,061
528,935
381,553 1,136,926
64
583
3,543
Surplus
(Section 7)
Surplus (Section 13-b)
Other capital accounts
...
Contingent liability on bills purchased
for foreign correspondents
101
Commitments to make Indus, advs...
10,278
36
10
1,898
472
900
10
4
1,408
,
891
545
12
3
27
,
79
413
7
'Other cash" does not Include Federal Reserve
notes.
RESERVE
FEDERAL
Three Ciphers
STATEMENT
(000) Omitted
Federal Reserve Bank of—
Total
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
Boston
$
Federal Reserve notes:
%
as
Cleveland Richmond
PhUa.
S
$
v
S
Atlanta
Chicago
St. Louis
$
$
S
$
8
Dallas
San Fran,
$
s
431,405 1,276,001
345,671
15,006
455,646
221,461
12,538
7,402
91,157
7,706
428,567
9,863
141,620
3,615
185,775
21,099
168,426 1,061,294
10,334
21,761
195,476
79,020
402,045 1,196,981
330,565
434,547
208,923
158,092 1,039,533
185.613
138,005
178,373
83,451
376,005
Treasury
5,108,000
440,000 1,290,000
350,000
460,000
225,000
174,000 1,080,000
199,000
94,500
464,000
94,500
464,000
paper
29,360
2,406
410
1,180
115
440,410 1,291,180
5,110,406
...........
350,115
are
143,500
188,000
no
6
460,000
225,276
199,110
174,000 1,080,000
143,506
188,309
Treasury Bills—-Friday, Oct. 6
PARIS
BOURSE
Quotations of representative stocks
each
for discount at purchase.
52,562
309
A
276
THE
United States
Kates quoted
Minneap. Kan, City
5,002,399
270,266
security
for notes issued to banks:
Gold certificates on band and due
from United States
Total collateral..
New York
4,732,133
In actual circulation
held by Agent
Collateral
Eligible
NOTE
received
as
by cable
day of the past week:
Sept. SO
Bid
Oct.
Bid
1939
0.05%
Oct.
Nov. 29 1939.......
18 1939
6 1939
25 1939
0.05%
0.05%
Dec.
Oct.
Nov.i
1 1939
0.05%
Nov.
8 1939
0.05%
0.05%
0.08%
11
Nov.
151939..
Dec.
13 1939.
Dec.
20 1939..
Dec,
.....
27 1939
Jan.
3
1940
Asked
Banque de France
Oct. 2
Oct. 3
Oct. 4
Oct. 5
Oct. 6
Francs
Asked
Francs
Francs
Francs
Francs
Francs
5,750
....
5,790
Banque de Paris etDes Pays Bas
680
Banque del'Union Parisienne...
Canal de Suez cap
Cie Distr d'Electricite.________
0.08%
0.08%
0.10%
0.10%
0.10%
0.10%
269
14,525
6,120
256
14,600
5,800
.....
688
687
722
264
14", 900
15,275
480
490
489
505
1,290
Cie Generale d'Electricite..
Citroen B
1,305
1,358
300
300
1,380
310
614
....
1939........
Comptoir Nationale d'Escompte
Coty S A
605
610
605
187
189
194
Courrieres
Nov. 22
158
157
157
160
Not
362
380
375
385
Avail
1,165
1.200
V 1,190
1,210
able
....
.......
Credit Commercial de France...
Credit Lyonnals
Closed
Energle Electrlque du Littoral..
Quotations for United States Treasury Notes—Friday,
422
Kuhlinann
415
195
415
434
Figures after decimal point represent
a
point.
one
or
more
32ds of
'
630
635
1,132
1,122
1,142
Lyon(PLM)
6
627
1,141
701
717
725
731
NordRy.
Oct.
635
L'Alr Liquide.
680
675
690
Orleans
714
Pectiiney
Rentes. Perpetual, 3%
4H%--
Maturity
Rate
Dec. 15 1939...
Mar. 15 1940...
Bid
Asked
Maturity
Rale
Dec.
15 1940
100.23
100.25
Dec.
i%%
ix%
101
103.2
Mar. 15 1942...
101.5
101.7
Sept. 15 1942...
15 1941--.
101.19
15 1940...
Mar. 15 1941...
June
15 1941
67,45
ih%
1X%
101.21
Dec.
15 1942...
101.27
101.29
June
15 1943...
101.29
101.31
Dec.
15 1943...
15 1944...
i v<%
67,25
States
Stock
Government
Securities
Exchange—See following
on
74.65
101.10
Bid
Asked
1,917
1,880
1,885
1,905
Schneider & Cie......
1,400
1,420
1,375
1,390
843
831
848
865
102.3
Tubize Artificial Silk
102.31
103.1
Union d'Electricite
104 6
104 8
Wagon-Lite.......
103.6
98.28
66
70
267
280
29
-32
33
33
100.14
98.26
71
268
100.17
100.12
69
270
103.8
109.15
pref
THE
BERLIN
STOCK
EXCHANGE
the
the
New
Daily, Weekly and Yearly—See
York
Sept.
New
page
2205.
30
AllgemeineElektrizitaets-Gesellschaft (6%)
Exchange.
(8%)
6%
Deutsche Bank (6 % )
Deutsche Reichsban (German Rys. pf.
Dresdner Bank (6%)__
Oct.
2
Oct.
Oct.
Oct.
3
4
5
Reichsbank (8%)
Siemens & Halske
115
153
;
6
Par
Oct.
—
114
114
114
114
152
114
153
151
152
105
Ill
105
106
106
106
111
111
111
111
111
7%).122
122
123
123
123
123
105
(7%)
(8%)
Vereinlgte Stahlwerke (6%)
104
104
104
104
104
104
156
156
157
157
157
157
180
Farbenlndustrle I. G.
Stock and Bond Averages—See page 2205.
received /by cable
-Per Cent of
page.
Stock
as
day of the past week:
Commerz-und Prlvat-Bank A. G.
at
67,55
73.40
100.30
Berliner Kraft u, Llcht
Transactions
67,10
73.25
each
United
1,780
99.25
Closing prices of representative stocks
York
1,832
72.90
102.1
IX%
2%
1 X%
IX%
1X%
1,860
99.95
Societe Marseilles
June
June
1,860
Saint Gobaln C & C
Int.
1 H%
705
740
1920
5%,
Int.
Ry. 16%)
180
180
180
180
180
201
200
201
202
202
202
93
93
93
94
93
92
Oct.
2190
7,
1939
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
No
day.
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the
computing the range for the year.
•
account Is taken of such sales in
United States Government Securities
the New York Stock Exchange
on
Below|we furnish a daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
.■ •'
■
'
•
.
Oct. 2
Daily Record, of U. S. Bond Prices Sept. 30
Oct. 3
114.16
Oct. 4
Oct. 6
Oct. 5
•
Treasury
.
■,
.
Oct. 3
Oct. 2
Daily Record of U. S. Bond Prices Sept. 30
Oct. 5
Oct. 4
Oct. 6
100.26
High
115
114.29
114.26
114.26
100.31
100.12
100.23
100.28
Low.
114.18
114.29
114.16
114.18
114.26
114.16
Low.
100.10
100.9
100.15
100.28
100.24
100.20
Close
114.18
114.29
114.16
114.18
114.26
114.26
Close
100.10
100.12
100.23
100.20
100.24
100.20
Total tales in #1,000 units...
7
3
1
1
25
49
Total sales in #1.000 units...
28
6
13
15
13
27
(High
100.12
100.3
100.23
100.21
100.23
100.21
110.20
110.18
Low.
100.10
100
100.10
100.21
100.23
100.14
110.8
110.12
110.13
Close
100.10
100
100.23
100.21
100.23
110.8
110.16
110.13
12
7
Treasury
4 Ms.
1947-62
—
110.8
'(High
.J Low.
(Close
4«, 1944-54
Total sales in #1,000 units...
114.18
2Mb. 1958-63
110.20
"m
,
m
mm
"m
m m■
....
110.20
-
....
High
2Mb. 1956-59..,
110.20
109.21
109.19
109.21
109.19
109.27
109.21
109.19
mmmm
(Close
Total sales
n
m+>
m
mmmm
-
15
109.27
1
3
1
4
100.16
100.24
100.24
100.21
100.6
100.6
100.11
100.21
100.21
100.10
100.6
100.16
100.16
100.21
100.24
105
29
14
Total sales in $1,000 units
2MB, 1945
102.24
102.24
102.24
102.24
102.24
102.24
102.24
1
1
Total sales in #1,000 units...
mmmm
102.27
Low.
m
102.27
m
3
104.14
104.16
Low.
104.14
104.15
Close
104.14
104.16
Total sales in #1,000 units...
1
104.12
104.20
mm
mmmm
mm
104.12
Low.
...
102.2
102.15
102.1
104.22
103.15
Close
mmmm
104.18
102.2
mmmm
104.18
17
100.10
Low.
100
100.10
104.15
2MB. 1949-53
*2
mmmm
mmmm
102.6
102.14
mmmm
102.6
102.14
m
m
102.6
mm
15
'mmmm
100.21
100.21
100.20
100.8
100.17
100.20
100.19
100.20
m
99.30
Total sales in $1,000 units
'
mmmm
102.14
-
rnmmm
15
100.18
Close
104.15
-
mmmm
High
104.15
-
-
104.20
....
1
mmmm
102.18
Total sales in $1,000 units...
2
3*Ab, 1941-43
2MB, 1948
5
:,y,
High
mm m
High
102.24
mm
62
104.20
m
mmmm
Total sales in $1,000 units
102.24
100.19
104.12
Close
(High
i Low.
(Close
3^s, 1940-43
84
74
(High
5
102.27
#1,000 units...
5
100.16
Low.
...
109.27
(High
.J Low.
11
100.20
Close
2MB. 1960-65
3 Ms, 1946-66
100.14
11
High
Total sales in $1,000 units
1
----
—
100.21
100.5
m
m'm
100.21
5
100.19
100.15
100.15
High
Low.
Total sales
n
107.3
Close
ZHH, 1943-47
107.12
107.3
107.3
mmmm
3
100.10
100
Low.
100
99.26
100.8
''mmmm
100.10
100
Close
Total sales in $1,000 units...
100
99.26
100.15
100.10
100
15
30
105.9
105.11
105.8
105.11
mmmm
t.'
2
—
Federal Farm Mortgage
High
107.17
Close
107.2
107.18
107.18
107.9
mmm
15
9
9
107.6
107.10
107.13
107.16
107.16
107.6
107
107.12
107.11
107.16
107.13
107.16
4
1
3Ms, 1946-49
105.22
105.21
8
mmmm
(Close
105.22
106
'mm-mm
Total sales in #1,000 units...
8
(High
106.16
Low.
106.14
Close
106.14
3 Ms. 1949-52
106.4
•
mmmm
•
M
105.22
105.22
105.16
105.22
105.16
m
Total sales in $1,000 units...
17
104.17
103.24
*
*
m
m m
14
104". 10
104.4
104.8
103.2
103.4
Low.
103.24
103.20
103.24
104.1
104.4
103.6
103.20
104.10
104.8
104.4
27
9
17
51
Low.
(High
101.22
101.13
101.22
101.27
101.27
101.23
103.15
Low
101.6
101.2
101.10
101.12
101.21
101.6
101.13
101.22
101.23
101.22
24
65
22
49
Low.
102.31
104.18
104.23
(High
104.14
2Mb, 1945-47
mmmm
Low.
104.8
104.6
104.15
1
(Close
___■
104.8
104.18
104.23
mm
9
5
Total sales in $1,000 units...
11
(H Igh
102.26
103
Low.
102.26
103
Close
102.26
103
2MB, 1948-51
104.23
'
102.31
6
Total sales in #1,000 units
104.23
m
«.
104.21
104.23
—-
105
1
2
103.10
103.6
103.6
....
1
103.6
104
104
28
103.22
103.22
103.22
5
*2
m mm m
103.3
mmmm
103.3
mmmm
mmmm
103.3
mmmm'
m
'
■
m
■
m
mm
....
97.20
-
97.19
97.19
^mrnm
40
m
..
1
mmmm
24
97.24
mmmm
mmmm
...
mm
mmmm
97.20
97.20
mmmm
....
1
104
mmmm
mmmm
table
mmmm
mmmm
.■
J Cash sale.
includes
only
sales
Treas. 4s, 1944-1954
Treas. 3Ms, 1941-43
1
103.6
4
mmmm
of
coupon
Treas.
101.10
101.23
101.22
101.21
lOl" 17
101
101.22
101.22
101.20
101.17
(Close
101
101.23
101.22
101.20
101.17
51
*7
6
104.13 to 103.14
106.31 to 106.31
*2
25
....110.20 to 110.20
3Ms. 1943-45
1
Low.
Total sales in $1.000 units...
--.mmmm
Transactions in registered bonds were:
2
103.6
103.10
25
(High
2Mb. 1951-54
above
103.6
■
'
1
Low.
t Deferred delivery sale.
Note—The
bonds.
103.6
^
"
,
Close
105
^
104
102.28
10
Odd lot sales,
_
103.28
102.28
Total sa'es in $1,000 units...
•
28
"mmmm
m
m-mmm
20
High
101.21
49
53
m
mm
mrnrn'm
■
103.26
mmmm
102". 28
101.13
Close
rm
103.23
mmmm
102.31
■
103.30
ii)4
56
1MB, 1945-47
103.30
103.26
103.15
Close
10
104
'
m
■
■
25
200
Close
Total sales in $1,000 units...
104.2
64
Total sales in $1,000 units...
40
103.22
■
mm
'
High
2MB, 1942-44
104
103.24
'■■fm-rn
103.6
103.6
High
104.6
(Close
2 Ms. 1955-60
7
mm'm'm
103.4
.
m
mmmm
mmmm
103.4
*2
Total sales in $1,000 units...
IJ»
10
Total sales in $1,000 units...
105.28
W
■
mmmm
.mmmm
.
103.2
105.28
mmmm
'
'
"
104
103.2
3s, series A, 1944-52
m'mm
'
"
104
-
Low.
Home Owners' Loan
105.28
105.19
105.20
m
m
105.20
*>' —■
-
mmmm
'
2
(High
'«.
mm
+
'
_
27
■
105.16
Low.
.
mmm
Close
,
, •
Total sales in $1,000 units...
'
'
.
:
*1
106.22
'
■
»
■•'"•i#
mmmm
104.4
104.4
104-""
103.31
mmmm
104.4
mmmm
High
106.16
mmm
2
1
103.31
Total sales in $1,000 units...
2MB, 1942-47
3
106.26
•
"mm*
104.12
5
104.4
Low.
106.10
2
'm+'mm
High
3s, 1951-55
•
jmm mm
mmmm
■
High
Close
3s, 1942-47
106.6
106.4
104.12
104.12
104
5
3
104.12
104.12
104
103.30
106.10
106.2
106.4
1
m'm
(Close
•
106.4
1.005
Total sales in #1,000 units...
3s. 1946-48
103.30
Total sales in $1,000 units...
50
107.16
106.4
4
5
104
103.30
Low.
107.18
321
106.1
100.17
mmmm
'mmmm
/
104.12
5
Close
107.18
107.10
104.4
(High
3s, 1944-49
107.18
-Low
104.4
Total sales in #1.000 units
31
(High
104.4
Low.
107.18
107.15
10
Close
8
107.18
107.7
33
105.9
107.9
(High
^ Low
100.23
['mmmm
107.4
4
100.22
59
107
105.22
100.4
100.15
107.7
107.6
100.2
5
5
107.2
Close
100.17
99.26
107.2
Total sales in #1,000 units.
mmmm.
100
3Ms, 1944-64
3Ms, 1944-46
100.18
Close
High
5
100.8
High
....
Total sales in #1,000 units...
100.4
Total sales in $1,000 units...
-'Low.
3 Ms. 1943-45.
100.2
2
''mmmm
Total sales in #1,000 units...
100.17
11
107.12
r
m
■mmmm
mm'm
mmmm
107.12
105.11
Low.
100.23
3
(High
Close
66
100.22
107.10
mm-mm
1
2s, 1947
•
66
100.10
107.10
•
#1,000 units...
3Ms. 1941
20
100.28
Low.
2MB, 1950-52
107.12
19
High
1
United States
United States
Treasury Bills—See previous page.
Treasury Notes, &c.—See previous
page.
New York Stock Record
LOW
AND HIGH
SALE
PRICES—PER
SHARE, NOT PER CENT
Monday
Tuesday
Wednesday
Sept. 30
Thursday
Oct. 2
Oct. 3
Oct. 4
Oct. 5
$ per share
$ per share
$ per share
$ per share
70
70
8 per share
71
71
149
71i4
71i4
14912 *146>4 150
*3812
4234
*4734
4912
*38l2
48
978
1014
9h
*2l58
2218
*2VZ
1712
1778
70
71
♦146
149
42
*3812
48
48
IOI4
934
22
*21
lh
1>«
17?8
17V8
*1734
6514
*1*8
684
1«4
lh
6312
l'fl
7
17l2
19
6i2
15s
1*8
I8I4
191?
17
15i2
15i2
2012
2458
1638
16
16i2
15
1638
16
17
21
20lj
21
25
25
2538
l's
678
184
461.1
46'2
10*8
938
2178
*2llo
95«
2]78
1734
63
18
6434
1*8
7
1734
6012
10
10
187
185
1312
14
*1258
13
914
934
♦61-Vl
63i8
4412
4558
*15&8
25s
18
16
278
10
185l2
1878
1778
1714
1412
15
15
1538
157«
1412
1518
20l2
24i2
201
■>
20
15
2014
25l2
24
24l2
10
10
185
187
1278
13
1318
13i2
91?
45
16
27fi
9i8
*62i4
44'8
1534
4514
9i8
*62i4
4338
1534
*15
234
25s
63
*17
191?
17
17
*6758
701?
69i)j
6884
*2234
23
6918
*2258
23i2
2258
6834
225*
*313s
*
1414
*
3134
*958
181
24U
100
18
1,200
11,200
*1
Hft
21
I0I4
1534
I9I4
25
2414
600
6 34
6,700
Vs
19U
16
17
21
2578
18,700
25,500
1334
13io
91.1
63
4414
1534
234
934
IOI4
182l2 184
13U
I3li
97g
183
978
185
Apr 11
Apr 10
No par
No
Adams-Mlllls
par
..No par
Corp
10
No par
Air Way El Appliance ..No par
Alaska Juneau Gold Mln-.-10
Allegheny Corp
5M % Pf A with $30
13t2
1,700
12,500
1338
133s
938
62i2
43l2
9i2
62i2
9'2
*6234
44i2
44
4478
9,700
15i8
15i8
15
400
2h
234
234
*1714
I5l8
234
1734
978
64
300
4,200
I7i«
17i2
68
68
68
69
700
2178
2214
2214
2214
23
33i8
14U
1,400
5,000
2,600
311.,
30i2
311?
31
32
32
32
3212
14
143s
14i8
147s
14i8
143g
14
14i8
14
52
527«
*503*
5278
52i2
52l2
*51
J In receivership.
53
1
8
534 Aug 24
8
pref .No par
Alghny Lud Stl Corp. .No
par
Industries
Inc
1
14
Apr
8
52
May
2
634 Apr 11
151i2 Apr 10
10
Apr 10
No par
100
6
conv preferred
50
Apr 11
54i2 Apr 11
A pr
8
12«4 Apr 8
li4June 29
12
Aug 21
28
Amerada Corp
par
50
Am Agrlc
par
16
Apr 11
Apr 26
Am Airlines Inc.
10
26
June 29
American Bank Note
10
1
49i2Sept 11
30
6%
n
..No
Chem(Del).. No
preferred.
Mew stock,
r
Cash sale,
50
x
5
934Sept
Ex-dlv.
y
per
share $
36U Feb
1195s July
30i4 Mar
18
June
6'4 Mar
Highest
per
61
12334
share
Nov
Oct
4-5
Oct
52
Jan
1234 July
I4i2 Mar
1658 Mar
24
Oct
30
Aug
40
677*
Nov
114 Sept 13
May
&8 Mar
158 July
133s Feb
3
8«4 Mar
Sept 27
20i2Sept 27
78 Mar
•58
Jan
6i4 June
7fi
1714
173s
Jan
2ll2
Nov
2934
Nov
Jan
2
23i2Sept 27
Allied Stores Corp
6%
3
Sept 27
June 29
9i2 Apr 10
1
Mar
27i2 Jan
25
1
4i2Sept
No par
Amalgam Leather Co Inc
1112 Sept 12
18'4 Sept 26
18
Sept 27
Allied Mills Co Inc
5% preferred
Allls-Chalmere Mfg
No par
Alpha Portland Cem_.No par
5
5034Sept 15
10
»8July
share
71i2Sept 19
149l2Sept 30
43i2 July 28
2
1
6i2Sept
4l2 Aug 24
conv
per
68
#2.50 prior
500
net. delivery,
I57g8ept
%
4514 Apr 4
34 Jan 30
100
war.
Allied Chemical <fe Dye. No par
Allied Kid Co
5
700
612 Aug 24
19
Sept
5
5M % Pf A with $40 war. 100
5M% Pf A without wai.100
Allen
1319
33i2 Apr 8
3H2Mar 31
No par
1,500
1312
13U
share
53
25
Address-Multlgr
per
120
4,300
1712
Bid and asked prices: no sales on this
day.
& Straus
Air Reduction Inc
$
100
Adams Express
3,600
1,700
11,300
Year 1938
1
Lowest
Highest
No par
pref..
conv
Acme Steel Co
2,300
68I4
22l2
6734
4M%
Allegheny&West Ry 6% gtdlOO
10
30l2
6,600
64
1434
*51
10
22
52
52
"V,o66
69
184
258
*17
*20
49
2:634
I84
Hh
Par
Abbott Laboratories
Abraham
42
Range for Previous
On Basis of 100-S/»ar« Lots
Lowest
150
18
1
1'8
1,800
60l2
6p2
15
I2l2
443«
2178
1778
1»4
18 >8
1538
1518
*13i4
*1534
258
1778
60'2
70i4
145
*3812
678
131?
934
6934
145
912
15s
13i2
64
2178
Range Since Jan. 1
STOCK
Shares
*21
6 34
14i8
938
$ per share
YORK
EXCHANGE
Week
958
134
*1314
*62
Oct. 6
49
lh
17i8
18
*50h
STOCKS
NEW
the
4712
7
*1
7
178
*63
934
187
*47
Friday
'
6912
6912
*1421.4 149i2 *143
148
*38l2
42
*3812
42
42
48
643g
64U
Sales
for
Saturday
28»4
69
11 la
Jan
4
Sept 27
Jan
4
200i2Sept 11
1478sept 11
15i8Sept 8
5
Mar
5i2 June
734 June
145g 8ept
28
May
4i2 Mar
124
Mar
7
Mar
28
Jan
Jan
May
1414 Aug
197
1234
Oct
Oct
85g Mar
1478 July
4i2 Mar
13*2 Nov
70ig Oct
113s Jan
3
71
Aug 22
38
4838 Jan
5
34i4 Mar
55a4
1978 Jan
3
20
33g Sept
5
lli4 Apr
li4 Mar
6
10
Mar
24
Jan
74i2Sept 11
2412 Sept 13
36i4 July 25
55
May
78
July
22
Dec
28i2
1734 Jan
3
10
Mar
23ig July
60
6
4GU
Apr
63
21
Bx-rtghta.
Sept
Jan
Mar
3>4
^ Called for redemption
Oct
Oct
Oct
Oct
Nov
Volume
LOW
AND
New York Stock Record—Continued-Page 2
149
HIGH
SALE PRICES—PER
SHARE,
NOT PER
Sales
CENT
STOCKS
f/yp
NEW
JOT
Saturday
Sept. 30
Monday
Tuesday
Wednesday
Thursday
Friday
the
Oct. 2
Oct. 3
Oct. 4
Oct. 5
Oct. 6
$ per share
$ per share
$ per share
5 per share
$ per share
On Basis of
Week
$ per share
Ranoe Since Jan. 1
STOCK
YORK
Shares
6
6ig
614
634
684
6%
54
54
52
54
52
*136
150
*136
150
*134
113
114
114
60
59
6%
6%
52
*134
6%
53
150
*136
114%
113
114%
113%
157
157
*136
150
38%
5934
;
58
36%
58
60
112
Par
American
"5,606
156
American
156
63 34
13,600
25
24
115
*111
120
*111
120
*111
116
*111
120
112
112
200
*112
114
*113
H4
*113
114
113
113
112
112
111%
112
1,300
*14i4
1734
*14l4
7%
7%
7*4
W~
-
-
141g
14%
86
10
7i2
934
141;
86
3
2%
9%
27s
19
*14i4
7
86'2
10
14%
*85
24%
834
*14%
7%
.
■
23%
9%
7
9
13%
1334
85%
86
27s
2%
6
6
2%
2%
2334
23
8
8
7%
712
7*8
8
18
18
17%
17%
17*8
19
18
25%
24l2
25%
7i8
39%
4714
2ig
23
24%
7%
22%
*38%
40
38
4734
48
21
*20%
24
2l2
7% :'f. 7
67g
393g
393g
3834
*4634
47%
47%
2i8
2%
2%
*20i4
22
*207g
6*8
*6
2334
23%
*14%
"
6%
*9%
9%
14
*6
23g
7
86
2384
•
*14%
13*8
3
23%
.
86
6*8
*6
233s
6«4
6%
9%
9%
14
14
14
*85
88
*85
2%
2%
634
6%
'
American Colortype Co
2,800
1,300
2,900
6%
9%
14%
Am
234
6%
6%
American
600
33
23
25%
7,000
Amer Hawaiian SS Co
6%
7
7%
9,100
American Hide k
38
38%
47%
4734
48
48%
48
2
2
*2
2%
2
38%
48%
2%
900
*20%
2134
21
21
21
American
Home Products... 1
American
Ice
100
7%
*7%
7%
7%
7%
3,900
26*8
27%
28%
11,900
77
73
75%
74
74
72
72
73
74
75%
13 78
1334
1378
13%
13%
13%
13%
1334
2,700
4*8
412
434
4%
4%
13%
4%
13%
4%
4%
26
4%
4%
26
4%
43g
2634
6%
1,500
1334
26%
73%
13%
26i2
23
26
26
*101
117
26%
*101
26%
117
26
*101
25%
26
117
*101
116
*101
23
23
23
Amer Mach & Fdy Co..No par
Amer Mach & Metals..No par
11
4,600
Amer Metal Co Ltd....No par
23
6% conv preferred
*143
20i2
7934
12
1138
3734
55ig
5%
5%
5%
7,600
47
47
47
47%
4734
46%
47%
1,600
403;
4034
IOI4
5%
46
4012
4034
39%
40%
39%
40
40*8
41%
40
41
2,500
*6234
5%
5%
53g
10
10
10
10*8
10%
10%
10
10%
*143
148
148
*143
148% *143
14812 *143
21%
2l3g
20
2012
21I4
20%
1934
20%
7934
78% •79%
76
79%
79%
77%
77%
12
12
12
12
12
12%
*11%
12%
113s
*11%
11*8
11
3934
38%
55%
4014
3734
56%
56%
*13714 13734 *1373g 13734
*
5%
6334
143
63%
*137
6334
143
11%
3834
5434
56%
137% 13734
*64
*137
65%
143
11
11
37%
38
11%
36%
10
10%
143
*137
1,700
38%
39*8
3734
39%
37%
3834
38%
39%
*12
12%
*12i4
12%
12%
12%
12
12
12
*13%
14%
*1312
1414
26%
93%
2534
14%
24%
15
26i2
2434
*92%
90%
93
*15
16
*15
15%
*15
161
16178
161% 162%
162
75
75
75l2
75%
13.534 13534
63g
6%
14M
25
25%
14%
24%
9314
157s
93
93
92%
92%
77
78
78
78
137
*137
14
1334
14%
a85%
85%
1314
14%
12%
13%
12
5534
59
55%
58%
54%
57
54
9*8
49
014
*4314
13%
a85
13%
85
*86
9
9
431;
934
50
43%
834
43
6%
13%
90
43
34-'%
3312
34%
43
43%
32%
42%
33%
*44l2
34%
4578
32*8
46%
213g
*21 %
2134
20*8
21
21
21
11134 11134 *111%
113
16
16
*3
3%
*15
*3
15
16
3l2
*3
.
15
33g
42%
7534
6
"6,500
76
2,500
78%
5,200
139
534
6,700
26,900
13%
13%
13%
86
89%
89%
1234
12%
14
25,800
5334
55%
8*4
54%
58
8%
3234
*43
21
834
50
*42
9%
10,600
16
*3
*14
33g
*2%
343s
45
*3
65
3714
IOI4
*60
65
*60
65
38
3812
38%
3834
3834
10%
1012
9i4
9%
*8414 100
60
3734
37*4
10%
8%
10%
10%
9%
8%
*45%
37%
38
10%
*10%
10*8
10%
10%
914
9*8
*8414 100
834
9%
834
*84%
8%
100
93g
834
100
*45%
*84%
*73
78
*73
78
*73
834
78
*62
68
*63
70
*63
69
*63
66
*33l2
37
*33%
37
*33%
37
*33%
37
*33%
*92
96
92
92
9434
*92
95
*92
95
3184
33
31%
33
31
94*4
32%
31%
31*4
6H2
64%
64
64
*62
64%
*61
30%
*62%
25l2
2634
2534
26
25
20I4
*73
834
19
20
*J914
21U
237g
24i4
1912
2334
19
107
107
8*8
*4414
8*8
45
*65
67
*118
123
6*8
*312
234
18*8
*106
8i2
*44I4
*65%
*678
4
37s
*238
234
57g
6%
18%
534
19%
207s
19%
8
8%
9i2
*2334
243g
*66
69
1.584
10%
19%
2434
107ig
8*8
45
2434
*74
63
65
25%
9
••
*73
95
65%
107% *105
8%
45
65%
8%
*44%
64
106
*105
8%
44%
16*8
"I20
106% *105%
8%
8%
8%
4434
45%
*44%
8
123
*118
734
378
3
123
122
734
*6%
734
*3%
4
*3%
4
3
1834
19
6%
2034
534
19%
83g
7*8
3%
21
2434
14,000
8%
46
*63
65
*63
*118
6,100
*2*8
3%
400
3
300
69
5% preferred
Atlantic
100
25
Refining
4% conv pref series A... 100
6
Atlas Corp
6%
...50
preferred
No par
Atlas Powder
preferred
Corp
.100
No par
Automobile..No par
conv
Atlas Tack
No par
Loco Works vtc.. 13
Bangor & Aroostook
Conv 5%
..50
preferred
17
8.600
22*8
23
120"
*110
*29
*8i2
834
*8*8
120
*106
120"
*110
*28
120
"
8*4
*110
*8%
834
115*
8%
*54
108% *106
8%
115
*8%
260
3,100
100
115
"
8*4
62
1st preferred
Beech Creek
125
8%
RR
50
100
600
8%
62
Beech-Nut Packing
Beldlng-Heminway
Co
20
No par
....
Belgian Nat Rys part pref
29%
28%
29
28%
29%
28%
2934
"l5,600
Bendlx
19'4
19%
19%
19%
19%
19%
19%
19%
19%
19%
19%
19%
52%
1,500
52
*54
*54
52
52%
*52
39
38%
3834
88
92%
37%
8934
38%
91%
37%
86%
38%
90l2
88
90%
18%
18%
18%
18%
18%
18%
18
18
17%
18%
117
11714
11734
11734
116
117
38%
2,000
9234 104,900
*17%
17%
2,100
3,400
11534 116%
117
117
52
*51
52
*51%
115
115%
28
29i2
27%
2834
27%
28%
28%
29
28
24
23%
24
23%
23%
22*8
23
23
23%
23%
147g
14
1478
14
14%
14%
14
14%
13%
1812
*17
19
13%
*16%
59
*48
5834
*48
26
27%
21
*1714
*50
59%
*48
26i2
•
27*8
26*8
2712
25%
18
*17%
5834
*48
26
Bid and asked prices: no sales on this day.
25%
18
*17
58*4
*48
26%
26%
{ In receivership,
5%
....No par
Steel
(Del).No par
preferred..
...20
100
29%
23%
4,000
1,800
14%
18%
7,700
Blaw-Knox Co
5834
27%
...No par
Bloomlngdale Brothers. No par
15,900
delivery.
»
New stock,
r
Cash sale,
5
z
26
Sept 11
2434 Oct
2
H0i2June
6
938 July 21
7
Sept 12
483g Aug
71
4U Mar
6% Mar
1734 Mar
lOlVg Apr
684 Mar
3884 Mar
Nov
8% July
14% Jan
2738 July
10914 Aug
978 Jan
48l2 Aug
Nov
36
Mar
68
105
Jan
120%
Dec
8
Nov
6%
Jan
Mar
5%
Dec
12% Mar
2i2 Mar
3684
Dec
17% Aug 31
318 Aug 24
9i8 Aug 24
378 Aug 24
434 Sept
1
19
April
65
July
3
IOI4 Aug 24
2734 Sept 12
lC478Sept 13
714 Apr 10
Mar 22
1634 Aug 24
prlorpf52,50dlv ser'38No par
7% preferred
;
Blgelow-Sanf Carp Inc.No par
Black <fc Decker Mfg Co No par
a Def.
Dec
2i2 June
Boeing Airplane Co
200
Bethlehem
28
*177g
Beneficial Indus Loan..No par
Best & Co
14%
Mar
538Sept 12
70
.
1038 Jan
4% Apr
163g Apr 11
I77g Apr 11
48% Apr 6
32
Sept 5
50%June 30
15i2 Apr 10
9914 Apr 11
157g Apr 10
14
Apr 8
8I2 Apr 10
1418 Aug 24
35
Apr 18
87%
2312
.
5
Aviation..
38%
26i2
4
Nov
9
Jan 11
Blumenthal A Co pref.... 100
52
39%
9312
3834
90%
*51
3
13
Sept 11
Apr 10
28%
62
Nov
8
98
2978
*54
2i2 Mar
72
127
Apr 10
29
62
5
July 20
June 16
No par
55 preferred w w
95
4U Apr 10
li2 July 10
2
Apr 13
116
17
*54
383g
43% Apr 8
50
Aug 23
I5I4 Apr 10
109i2 Oct 5
72%
*51
534 Aug 23
9i2 Aug 24
18% Sept 1
104i4 Apr 12
7
Apr 11
.
25
Creamery
29%
'
55s Apr 11
No par
100
Bayuk Cigars Inc
Beatrice
Jan 23
5
28%
*54
73
6
Apr 8
2414 Apr 11
lll8 Aug 24
....50
Barnsdall Oil Co
108%
*112
10
No par
5preferred
100
600
*28
*28
*28%
62
24
2334
2334
23%
109% 109% *1101; 114
25%
26%
26%
26%
108% *106
Mar 15
13
103g Jan
Jan
16%
*106
Jan
Dec
Dec
16*4
120
69%
30
16%
*106
2414 Mar
5i2 Mar
Mar
16%
26%
4
14
161;
110% 111
Jan
3
2634 Sept 11
17
*26%
58
30% Jan
16%
26%
94i2
8
167s
23%
Mar
Apr
163g
114
50
15
17%
26
4
72
Barker Brothers
23%
Jan
Jan
447a Nov
Barber Asphalt Corp
*111
72
65
95
1,000
26
28% Mar
May
6,900
23*8
6
40
16%
114
6
7% Sept 5
5% Apr 11
July
Sept
9
9%
31%
*29
*110
3134 Sept
7
378 Mar
Mar
16
112
*106
50
6
884 Sept
71
9%
*26%
2314
Mar
105
1
9%
*25%
July
82
12114 Jan
9
Sept
27%
*111
116
July 28
May
50
9
26%
4
June 20
3112 Aug
122% Oct
1037a Oct
Sept 11
100
5% preferred
27
16%
Apr
37
39i2 Nov
70
16%
20
Apr 21
22% Mar
9,000
24
*68
15%
Oct
4% July
4
10%
*23
*834
Oct
20i2
Mar
Jan
{Baltimore & Ohio
100
4% preferred
...—.100
67%
8%
113%
Mar
2
427g
Baldwin
2334
15*8
Apr
10
1
9
8%
97
6
Sept
Sept
27
1534
8
358Sept26
21
21
27
1.534
11434June
7312 Sept
18,400
9%
Jan 23
ill
Oct
Oct
217g Aug
Dec
76,300
934
10«4 Mar
Mar
22,200
9%
*22%
67%
24
67%
16%
29
3
Mar
8%
9*8
9%
4
72
6%
20%
7%
6734
5
275a Aug
1
7%
19%
7*8
*22%
6434
Sept
547g Jan
8
June
19%
534
10%
42ig
Mar
Oct
July
100
55 prior A
No par
Aviation Corp. of Del (The)
19%
67%
May
9%
9
Austin Nichols
7*8
23
43
21
40
Jan
290
5%
67%
438 Mar
25
Mar
Nov
90
400
19*8
23
45
5% pref with warrants.. 100
Atch Topeka A Santa Fe..l00
3%
7%
10*8
Aug
783 July
23% Mar
May
tAuburn
1834
68i2
91
27
200
8%
6
1618 Nov
Apr
48
3
*19%
5%
Mar
3% Mar
z52
20%
*2%
20%
6
68
6
5%
6%
*19%
5
Oct
Dec
9i2 Nov
Mar 15
"""566
20%
2334
15
3
*2%
4
Sept 12
91&S
152
Sept 28
734
20%
97s
9»4
*3%
*6%
Sept
Oct
Dec
8814 Aug
June
122
6%
12
48
120%
150%
38
300
65
122
6*8
8
Apr
37g Mar
117% Mar
65
300
106
*19%
534
2334
*66
*118
*6%
Aug
1514 Sept 21
6434 Sept 16
6884 Mar
130
Jan
78
27
23
2838 Apr 10
4
Aug 24
24
Apr 11
14% Jan 20
96
Mar
Deo
Deo
5
300
18
24%
Apr 10
3% Apr
5
Mar
68
Dec
8
27
114
78
8% Jan
12% Mar
111
Deo
Jan
9i8
23
*25l2
1
8*8 Apr 11
1
Ati G & W 1 SS Lines..No par
18%
*16
24%
Sept 19
418 Sept
18i2 Jan 4
17018 Mar 11
87i2 Jan 19
8934 Jan 16
153i4May 26
6I84
150
Apr 11
27%
*110
132
..100
100
7% 2d preferred
834
9'4
Dec
140
Apr
6% 1st preferred
""160
27%
16%
82
97l4Septll
Jan
30
Dry Goods
32
*834
*27
Jan
5
Apr
70
Associated
78
*118
64%
Oct
31
..100
900
19%
8%
19
Dec
Atlantic Coast Line RR...100
21
107
June
19%
Sept
Mar
41
preferred
7,400
*17%
24%
12
1
Apr
4584
77% Dec
12% Nov
75
Aug
7%
26%
19%
*19
35% Jan
583s Nov
34
9
1514 Apr 11
75i8 Mar 7
14i2 Apr 8
148
Apr 10
73
Apr 11
76I4 Oct 2
No par
25%
18
Jan
23i2 Nov
11%
No par
25%
20
2078
46i4 Sept 13
63
Sept 12
6% Mar
Corp
400
18
8084 July
Dec
Jan
14i2 July 26
1734 Oct 6
5
6434
24i8
19% Oct
I65i2 Jan
24i2 Nov
4O84
li2 Apr 11
65
*19%
Mar
1588 Mar
834 Apr 11
16,800
18%
9
4
20
32%
19%
41% Nov
Jan
par
31%
64%
2434
24%
7,500
37
*92
Constable
1618 Mar
Assoc Investments Co..No par
65
*33%
Arnold
Artloom Corp
Oct
47% Nov
41
....No par
100
Armstrong Cork Co
1,300
Jan
712
Mar
Mar
Mar 31
1,900
3U Mar
19
7% Mar
22»4 Apr
28% Mar
Jan
60
5,800
Oct
Nov
29i2
12
3% Aug 24
3334 Apr 11
preferred
45
122
Mar
58
97
7%
Mar
99l2 Mar
1
116
56 conv pref
Nov
17% July
6% Jan
3
100
1,200
Mar
23g Mar
1588 Mar
Armour & Co of Illinois
preferred
10
884 July
79
20
Armour &Co(Del)pf7%gtd 100
H7%
June
13% Mar
900
"
44
20% July
14834 July
21
18,800
305g Dec
5
Archer Daniels Mldl'd.No par
/
03g
*60
Copper Mining
Co
No
13% Nov
4ig Mar
123g Mar
2234 Jan 4
80% Sept 27
500
100
100
63
56.50 conv preferred-No par
A P W Paper
Nov
45i2 Dec
2018 Aug 24
814 Apr 8
13i2 Apr
Andes
Nov
6% Nov
130
2034 Apr 11
35
April
20
15
36
103
AnchorHockGlass Corp No par
400
371;
10%
9%
78
18%
18%
0
•
1
25
20% July
6
Anaconda W & Cable.. No par
"
65
37
24
*4414
67
26
30%
8%
Smelt..
&
Lead
55 prior conv pref..
Feb
1284 July
July
*
*118
6*8
18*8
2434
8*8
37
*84% 100
9%
78
884
9%
*84%
60
Amer Zinc
100
5*4 July
25%
140i4June21
69
Aug
7
No par
Preferred
Jan
153
No par
Woolen
Jan
Sept 26
Anaconda Copper Mining. .50
16
3%
60
1st preferred
Nov
I684
143
Water Wks & Elec.No par
$6
15
83
2512 Aug 28
35>2 Apr 10
127% Sept 5
59% Apr 14
1,800
21%
*31
32%
32%
32i2
32%
32%
32%
33%
33%
33% *31
*115% 116% *115% 116% *115% 116% *115% 116% *115% 116% *115% 116%
102
102
102
102
102
10134 102
102
102
102
10134 102
678
6%
684
6*8
678
012
0%
63g
6%
6%
6%
6%
51
50
50
51
*48%
50%
50
4984
50l2
50%
*48%
*48%
*60
Am
American
5
75,500
45
21%
*13%
25
100
10
preferred
Type Foundries Inc
Sept
600
33
4534
21%
3%
331;
25
Common class B.
6%
200
33%
16
100
Am
600
49
Teleg Co
Tobacco...
American
12,000
13%
100
Amer Telp &
800
6
111% 111% *111% 11234 *111% 11234
*14
Preferred
Am Sumatra Tobacco..No par
15%
162
75%
American Sugar Refining.. 100
400
12%
*43
4534
*11114 114
5%
a86
12%
5534
8%
33i2
21%
94
78
137
5%
13%
9
No par
*134% 137
6%
14
87S
American Stove Co
16
90
*43
2,600
2,100
7534
I27g
137g
*83
1734
25%
162
7634
Amer Steel Foundries..No par
16
75
136
100
25%
161
6
25
6% preferred.
No par
*15
75*8
100
Snuff
American Stores
15%
136
par
Preferred
1,000
7434
v;
Amer
American
12%
16134
6l2
par
Co.No
Smelting & Refg.No
*1134
74%
7534
Amer Ship Building
400
500
100
No par
26,400
160*8
*15
16,200
pref..
American Seating Co
40%
161%
6%
*15
1,480
conv
American Safety Razor.. 18.60
39%
7434
74i4
75U
75l2
I.3534 13534
161%
800
11%
3834
56%
143
*92
*13%
26
4
1,600
40%
12%
14m
2434
I88g Jan
12
July
97a Nov
2% June
7
162
Sept
lHsJune 29
50
Apr 11
IDs Apr 10
20
Oct
H4
20
8
8l2Sept
140
30»4 Mar
23
American
25
Mar
3
Aug
100
10
Jan
45
Rolling Mill
Sis Mar
z26
8
5
Preferred
214 Mar
13% Mar
5i8 Sept 21
40% Jan 5
124i2Mar 20
Apr
77
*137
3
5
28
11%
143
5
19~800
53%
55%
54%
53%
55%
137% 137% *136% 13834 *138% 139
*64
66
66
64%
64%
65%
*137
4
Sept 12
J5 preferred
..No par
Am Rad & Stand San'y.No par
77
36%
4
37,500
10%
2384 Nov
7% Nov
Mar
Mar
3
3
3% Apr 10
5784 Nov
688 July
Mar
6
$6 preferred..
Dec
May
Feb
22
36%
6
Aug
Mar
2
50% Aug
Amer Power & Light ...No par
148
*11
2H2Sept
9
9
67i2
5
8
21
11%
25U Aug 24
117i2 Apr 20
25
Dec
Oct
9
July 25
303g Jan
79i2 Jan
1584 Jan
347g
Dec
12
Apr
*143
12
No par
Apr 8
2% Apr 11
55
Oct
176% Nov
125
6
Sept 12
32
21
76
100
American News Co
6
No par
148
"39"
*92i2
140
Oct
318 Aug
1,500
Preferred.
5
5
Sept
Aug
105%
4
Jan 20
1% Jan 24
14i2 Jan 23
334 Sept 1
Aug 24
47
5*8
100
..No par
8
Nov
135
2i2 Mar
4
Jan
Oct
share
148a July
117
8% Mar
8
Sept 19
43% Sept
41
47
5%
pref
American Locomotive..No par
116
23
12
100
473g
53s
*47
*22%
Jan
2558 Apr 8
4134 Apr 11
Aug 24
23
22%
non-cum
8
Apr
13
*22%
512
22%
No par
Amer Internat Corp
2
1
60
1,900
26%
117
10
Leather
6% preferred..
2,000
7
26
434May 26
Apr 8
278 Mar 31
24%
38
*20%
5*8
22
38
21
1
Apr II
22
10,600
834
26
7i2
IDs Sept 13
23s Sept
per
52
Feb
4i2 Mar
86*2 Sept 28
18*4 Sept
Highest
88% Mar
1312 Sept
Aug 14
1
512 Sept
Mar
9% Mar
6i4 Apr 11
Feb 11
61
Jan
89i2
9
17% Sept 26
8«4 Feb 24
10
20%
6,800
2%
27
Sept 30
132
No par
21%
2%
25
7084
27
Oct
64
115% Mar
16 preferred
19%
23%
634
2%
12% Mar
7.300
8%
634
3938Sept 30
1214 Apr 10
5
Apr 10
8%
6*8
Aug 24
I6OI4 Mar
No par
2%
27%
8*8
634
5
July 19
No par
2%
24*8
19%
23%
July 20
179
17 preferred
2%
24%
2%
10
684 Mar
23% Mar
114
Apr
$7 2d preferred A
2%
23%
25
8
1091a Apr 20
1
.
8
4
5734 Sept 22
140
Aug 14
116% Sept 12
4,900
23g
23%
8
13% Apr
May
100
Jan
$ per share $
share
6%
3%
2712
984
7%
*2214
Encaustic Tiling.
April
83% Apr 11
150
Sept 11
16% Aug 24
3OI4 Aug 21
Amer European Sees...No par
Amer & For'n Power
No par
27%
*112
100
23g
734
125
per
8
$
312 Aug 11
31«4 Apr 1
10
1st preferred
2234
2*8
23
Year 1938
Lowest
Highest
share
per
Comm'l Alcohol Corp. .20
6%
3,300
5
10
American Crystal Sugar
150
88
7
75
No par
Am Coal Co of Allegh Co NJ 25
27
„71s
100
.100
American Chicle
28
7*2
28i4
100
5% preferred
27
7%
27
26
Am Chain & Cable Inc.No par
~
2%
234
6%
Can
Preferred
5,000
24%
62
24
23%
l
American Car & Fdy_.No par
33,000
115
2434
Corp
Preferred
500
39%
37%
Bosch
Am Brake Shoe & Fdy.No par
5X% conv pref-_.._.._100
11334
156%
37%
38%
64
61%
37%
Lowest
150
113%
Range for Previous
100-Share Lots
EXCHANGE
7,300
3,600
6%
54%
6%
52%
156
36%
60
6%
53
51%
159% 159%
H314 114%
*15678 175
*l567s 175
38
398g
3734
39'g
58
52%
150
2191
Ex-dlv.
v
37g Jan
6
30i2 Jan
5
87g Jan 3
21U Sept 27
884
Jan
6
11% Sept 27
30% Jan 4
2
5
Mar
8i2
17%
4
Mar
11
5i2 Mar
1334
Dec
Dec
July
Jan
2484
Dec
30
July
82
Dec
98
July
87
Jan 11
21
Jan
13
Jan
5
Mar
14
Oct
33
I-eh
28
21 % Mar
34
Nov
19*8 Jan
4
10% Mar
218s July
6
2512 July 24
II434 Jan 16
12% Mar
5
9
Mar
21
109
Apr
115
July 24
113s Mar
l06%Sept 29
29% Sept 27
128% Aug
1
9012 Apr
28
9i2July 31
73% Jan 25
315gSept 14
21t2 Mar 11
5538 Aug 7
5712 Mar 11
100 Sept 11
lgi2Sept 13
12012 Sept 25
29% Oct 2
34% Sept 20
1734
Jan
4
23i2 Mar 11
55
Sept 27
3434 Jan
Ex-rights.
3
2384
25
9412
Apr
Apr
I9i2
102
Oct
Nov
Jan
Dec
Oct
30% Mar
117
Dec
9
July
534 Mar
Sept
83
858 Mar
30%
Dec
15% Mar
21
Dec
Nov
67
Jan
207g Mar
60
3984 May
7878
1234 June
18% Nov
75
Mar
17% June
984 Mar
10ig Mar
13% Apr
2412 Nov
19«4 Nov
21%
May
19
Dec
114% Nov
2934 Oct
55
Sept
357i
T Called for redemption.
Oct
July
Dec
8TOCK8
fOT
NEW YORK STOCK
Friday
the
Monday
Oct. 2
Tuesday
Oct. 3
Week
S per share
$ ver share
$ per share
$ ver share
Shares
Thursday
Wednesday
Sept. 30
$ ver share
25
26
25
110
110
255s
58
57*4
58
*57U
*1612
17%
20%
17*4
27*4
*4U
30'2
17
17
21*4
2134
28*4
2738
4%
28%
27*2
31%
4
3034
31
14
145s
l4's
14%
14
14*4
253s
247s
2 512
24*2
39*2
*37*2
39*2
39*2
*4614
46>2
1*2
1134
127s
12
11
1234
42%
11%
12%
427s
12%
*41*2
41
41
2434
2434
*39
2434
40%
24
*39
2434
40*4
*39
17
173s
1134
12%
*41
2434
11
7
7*8
73s
51*2
Sit
52
5's
53s
2734
2734
27*4
18
1%
*1%
*11*8
*11
41%
23*2
43
19*2
27*2
27*2
2534
17%
26
13
18
18
13*8
13*4
534
5%
5%
15
5*8
14*2
5*2
14%
434
*1334
*13%
14*2
434
*1334
77s
7%
7%
7*2
7%
7*2
7%
7*2
2018
20*8
20*8
20*8
20*8
20%
5
5%
13
127s
5*8
55s
5*2
534
12*8
12%
1234
12%
67
07
16
16
16
25
26'4
52
2
2
8%
9*4
l67s
1534
1434
*38*8
40
39*2
*35s
44.34
85
2712
*3i2
62?s
2619
39*4
if
/
1033.1
10%
28"2
4314
*85*4
.28
28
1434
55
—
-
J+4,
+
28%
20
271,1
5*4
41
41
41*2
7
7%
7%
7*4
29
20
29*4
*19*2
30
19«4
1934
108
7%
29*4
*19*2
20
28
27
27%
*26*8
27
14%
14
14%
*13%
14*2
27*2
43%
89*2
27
2734
43%
27*2
43*4
44%
42%
89%
*8534
89*2
*85%
3*2
3*2
3%
3%
3%
*3%
*3*4
3%
334
12*4
34
12*2
12*4
«4
3%
*3''%
4
12%
12%
%
34
%
3*2
12%
34
1%
12%
:
1%
1*4
1*8
1*4
3
2%
1*4
17
17*2
1734
%
*1
234
16%
1034
103g
*8 534
34
37
*36
48*2
*47*2
1034
*36
37%
*46*2
%
48%
*46*2
%
34
34
34
1%
rl34
I84
1%
1*8
1%
*8%
10%
9%
14
14
*8*2
*12*2
9
14*2
6*4
6*4
6'%
*1
14
6*8
*12*2
6%
0%
*31*2
33
%
1%
1%
9%
14
6%
34
90%
108" *168% 110"
108%
*3*4
3*2
29
33i«
*6912
32*2
33*8
74
*69
32%
74
lid" *109~
27
April
100
86
Jan 24
50
305s Aug
Pr pf
44
1,200
200
Chicago Yellow Cab...No par
1%
1,100
*1
8*2
*12%
34
*11
11%
1,500
90*2
200
94% 101,600
90%
50
*4012
-
32
32
31*2
*71
74
*69
44%
31*2
*126
47"
43%
31*2
130
31*2
46%
31%
3034
4534
31%
31%
*127
130
130
130
10
10934 no
110
110
HO
110
*110*4
112
110*2 HI
1,400
61%
13%
13*4
103*2 103*2
*58*2
13%
61
*58%
60
33%
32%
33*2
104
*58*2
6U8
13%
104
13%
*104
34%
*108% 110
*108*4 110
22
22
2234
2234
23*2
6%
6%
6%
6%
6*2
*108*8 110
8
8*2
9
73s
738
*6*4
7*2
18*2
18
18*2
18*2
18*4
18*4
18%
18*4
90
90
88*2
89*4
7*8
7%
7%
7*2
18
8%
8%
22*s
6*2
734
8
8
7
19*8
*6*4
19%
19%
*86*2
734
89
88%
734
88%
8834
*18
19*4
19
19
7%
7%
7*2
734
83*2
83*2
*83*2
83%
75
*64
75
4534
46%
46i4
102
*99*2 102*4 *100
50
5034
51*4
51*4
I04l8 1041s *102*2 110
14
1358
13*2
13%
034
21%
034
19*4
75g
45*2
21
45%
7%
3,800
19%
*19
89
7%
7%
1934
500
734
37,200
*81%
83%
*64
75
13*8
45%
45%
45*2
45*2
4534
101
*99*2 101
*99*2 101
51
5134
50%
50%
50%
105% *103*2 108% *103*2 107%
13%
13*4
13%
13%
13%
1*2
1%
1*2
1%
1«%
1*2
1%
1*2
63*2
64
63%
64%
63%
64
64%
65
65
65
28'8
29
28%
29%
29
29%
29%
30%
30%
30%
2934
30%
•
1*2
1%
Bid and askedprloes; no sales on
1
T
this day.
800
7%
64
15*
1,900
*18%
64
1*2
3,100
19*2
75
{ In receivership,
a
2,800
800
''«U
-
-'u
-
-
6,100
-
-
u.
47
Nov
%
II4
Dec
1
3
Dec
2i2
Jan
Jan
Jan
July
95s Mar
1514 Sept
15 J® Jan
8
Mar
12*4
12
Mar
19U July
314 Mar
13i2 Nov
41
25
9
6
3
Sept 11
4
70
Nov
76
Mar
Feb
9
106
Apr
115
Aug
33i2 Oct
5
60
Climax Molybdenum..No par
Cluett Peabody A Co..No par
-
7,100
300
79
Jan
5
8
Oct 6
l478May 23
97i2June 10
9438
78
Mar 13
3
45%May
34% June 30
2U4 Apr 11
60*8 Jan
42
Jan
2
6
35i8 July 29
Mar 16
100
125
Sept 11
135
105
Sept
5
133
Jan
6
No par
58
Jan
7
62
Mar
2
lli2 Apr 10
1
8
107
Preferred
Colgate-Palmollve-Peel No par
6% preferred
100
Collins A Alkman
No
par
5% conv preferred
100
Colo Fuel A Iron Corp .No par
100
4% 1st preferred
2.60
Class B
Columbian Carbon v t c No par
Columbia Plct v t c
No par
52.76 conv preferred.No par
Columbia Gas A Elec..No par
0% preferred series A
5% preferred
Commercial Credit
4
conv
preler red
100
100
10
100
Comm'l Invest Trust..No par
54.25
conv
pf ser '35.No par
14,400
Commercial Sol vents.. No par
23,600
Commonw'lth A Sou..No par
3,700
50 preferred series...A'o par
55,700
Commonwealth Edison Co-.25
Def. delivery,
10
Coca-Lola Co (The)...No par
100
4% 2d preferred
100
Columb Br'd Sys Inc cl a.2.50
7*2
*64
39*4 Nov
Dec
Feb
Colorado A Southern
90
7*2
734
Mar
14
69
260
19%
8934
22
3758 June
7s Sept 13
1% Jan 6
15gSept 13
Jan
Dec
115
460
19%
7%
a83%
49%
2,200
8834
7%
75
105%
20
*108*8 HO
2134
22%
22*s
6*2
6%
6*2
8
8%
8*4
7%
634
7%
19
19%
19*2
83
*99*2
13%
300
35
83
104*2 104*2
13%
104
34
*64
45%
6,400
13*2
104
34%
734
83%
46%
*99*2 101
51
49%
13%
13%
105%
3912 Sept 15
48i2 Sept 27
1984
Feb 10
No par
Class A
60
*58*2
*108*2 HO
10834 109
18*2
17*2
*64
33%
18 34
8
75
13%
34
*6*4
18
83
l3*o
105% *105-
7*4
18%
75s
83
33
18%
18%
*63g
18*4
*17*2
*64
2,100
130
13
13is
*103*2 104i2
34
33*2
819
3034
*126
*58*2
6*2
31%
130
6 U8
2338
46%
7^500
*126
678 Mar
68
City Stores
Clark Equipment
Special gtd 4% stock
46%
31%
Jan
1067g Sept 18
20i8 April
69
Sept 25
Clev A Pitts RR Co 7% gtd.60
4534
178
1*4
5U July
5
Clev Graph Bronze Co (Tbe).l
7334
Dec
Dec
33i2 Oct
60
33
32*2
*71
*43
.
12 Aug 10
Jan
Mar
%
i2
2
1
Apr
900
33%
71*2
32*2
12 Aug 23
158 Sept 26
13s Sept 27
3% Sept 27
2014 Jan 4
Jan
157a July
15
Clev El Ilium 54.60 pf.No par
71*2
1
78 Sept 27
Mar
"""340
31%
63s
2
109%
3134
July
64
3,400
46
Jan
4
69
3%
40
89
U2 Mar
3
30*2
109 ~
l4June
Jan
Apr
Sept 27
4
Mar 11
3%
130
*126
10934 110*2
*58*2
45*2
40
70
38i2
4U Jan
30*4
*43
June
58
3*2
74
48i2 Mar
22
46i2Sept 28
214 Apr 8
City Investing Co
30%
31%
1234 July
Dec
100
100
6
6H% preferred
•
*3*4
*43
*43
*43
June
—.25
'
*43
May
6
6
No par
City Ice A Fuel
29%
lib""
Aug
33Q Nov
18
20
Chile Copper Co
10
*31*2
91*4
10
No par
3*2
no"
3
Chrysler Corp
Chllds Co
29*2
"
5
Jan
18% Sept 22
29l2 Sept 27
47% Sept 27
95%June 27
7i2 Apr 11
Apr 5
5
Sept
1
25
Apr 8
6358 April
9
Apr 8
Chlckasha Cotton Oil
1,900
6*8
Apr
-
100
14
6
%June
10
200
112
Mar
94
Mar 21
30
CCCAStLoulsRyCo5% pref 100
Ids"
Oct
106
12l2
22i2Sept 11
Aug 24
8%
II4
Oct
Oct
June
53 conv
2,000
59 U
Apr
46
658 Apr 11
I7I4 Apr 10
•1%
34
Jan
6% July
4% Mar
17
5
preferred
No par
(52.60) cum dlv No par
{Chic Rock Isl A Paciflo
100
7% preferred
100
0% preferred
.100
*4
8I4
104
17i2 Mar
Chicago Pneumnt Tool .No par
100
Jan
4
No par
Preferred
200
90*2
30%
17%
10%
37
*4gl 2
*3*4
2834
6,800
2,200
5,800
28
5% July
lllU Nov
14
July
4
i2June
*11%
3*2
26% Mar
Sept
1918 Dec
72i2 July
6
l%June
50
30%
Aug
100
93
3*2
88
6% preferred
100
{Chicago A North West'n.100
*46%
30*8
Mar
3% Mar
3,600
*8912
3%
Dec
4
878 Mar
14 Nov
50
30
0'8
1312 Mar 11
93
11%
Apr
8
5
26
30
28
10
24
21
*46*2
11%
Mar
14 Apr
48%
*312
91%
91%
Dec
2
9*2 Apr
37
6
33
18%
99*4
5
48*2
*8%
*12*2
6%
Dec
Mar
{Chic Mil St P A Pac..No par
37
*1
14
96
125g
46
Jan
102
Preferred series A
Dec
26% Nov
Chicago Mall Order Co
*8812
50
3,700
Mar
July
13
{Chesapeake Corp
No par
Chesapeake A Ohio Ry
25
26,500
9
82
47i2 Jan
Apr 20
Checker Cab
600
July
1065s
62"g Jan
98
Common.
1,000
Sept 15
96
Cham Pap A Fib Co 0 % pf. 100
60
3
Aug
68
Jan
June 29
22
No par
Chain Belt Co
100
5
120
100%
5is Aug 24
Sept 5
18
Sept 5
1
100
6% prior preferred
Jan
107i2 July
Jan
Mar
1,100
11%
*46*2
1134
32
Cerro de Pasco Copper.No par
Certain-Teed Products
370
5%
Mar
4,100
93%
*89*2
50
2,200
3i2 Apr
3i2 April
85%June 3
19
30*4 Sept
113% Aug 16
1214 Sept 27
14*4 Sept 11
6*8 Oct 4
Jan
22i2 Nov
4i2 Jan
%
9334
11%
9314
Central Vloleta Sugar Co
Century Ribbon Mllls.No par
Preferred
100
9
3
10978 Aug 9
1918 Jan 4
7212 Mar 14
107*8 Jan
29% Aug
Nov
89
June
Mar
%
11
*8912
1,900
48*2
u4
8*2
% pref
64i2Sept 27
45
Apr
123s
2%
62i2
98%
295s
%
88
*46*2
4
8
23s Apr 10
l03i2Sept 25
334 June 30
46% Nov
8% Jan
July
8*4 Aug
4i2 Mar
34% Mar
2U Sept
*30
11
7% Aug 24
59i2 Oct
18i8 Apr
.1
100
Central RR of New Jersey .100
Central 111 Lt 4
500
Apr 14
No par
Celotex Corp
4,600
84
100
7% prior preferred
Oct
42
4% Sept 26
34
8834
f 5% preferred
100
Celanese Corp of Aroer.No par
»
122Q Mar
Jan
20l2 Aug
2U2 July
Mar
138 Sept
91
91*2
April
1
100i2Sept 7
13&S Apr 10
38l2 Apr
No par
Caterpillar Tractor
Jan
Aug
63i2
6
9
3
94% Mar
110
100
Apr
July
May
1% Aug 29
8958
1158
33
92*2
1
100
22
5
Sept 11
Sept
Mar
21
Sept 15
4
15*8 Nov
44i2 Nov
37%
85i2 July 17
33
Sept 12
1378 Apr 1
23s July 7
6312 Aug 24
5
Case (J 1) Co
Preferred
8
z43
Apr 20
Mar
{Chic A East 111 Ry Co6% pflOO
*31*2
33
90*s
IP4
77
Oct
Mar
12%
16%
1%
8*2
1
10
Carpenter Steel Co
Carriers A General Corp
*47*2
*34
1%
1%
1*2
1'S
lr>S
Us
No par
June 12
47
1
1
4i2May 19
35
July 10
July
July
5
5% Mar
858 May
12% Mar
014 Jan 3
41i2 Sept 11
3 ig Sept
10
24
13
5
4
20*8 Jan 18
29i2 Sept
Carolina Clinch A Ohio Ry 100
840
1%
1%
Dec
6
17*4 Jan
Sept 26
40
100
25
Canada Son Ry Co
8,400
3%
29
16*8 Aug
22U July
3% Jan
20
105s Sept
9hj Apr 11
12
April
Canadian Pacific Ry
*36
37*2
48l2
34
1778
48*2 Mar
478 Aug 24
3,100
1%
1%
Jan
Oct
July
558 May
13*4 Sept 22
Aug
2
April
Campbell W A C Fdy_.No par
Canada Dry Ginger Ale
5
Calumet A Hecla Cons Cop
3,100
2%
5478
5*4
39
105s Mar
2*8 Mar
{Chicago Great West 4% pflOO
1%
Oct
13i8 Oct
100i2 Nov
7% Dec
20
900
1'8
38
1412 Mar
U2 Mar
500
3%
16%
48>2
3
334
12%
1%
1%
*47
2
3*2
*2%
1%
29*2
5
Jan
14%
2i2
10*4
40
20
*19*2
100% 100%
27*2
27*2
14%
14%
27%
2734
42%
4434
*8 5»4
8634
Jan
19*4 Aug
18*4 Jan
41
Mar
8,300
30
Mar
15*2 Mar
M
13% Mar
6*4 Mar
4014 Nov
23*8 Oct
1
7%
7
Mar
3
9
3% Sept
41%
41%
02
312
334
12%
3*2
334
234
*36
37
87
1%
1%
1%
1*4
234
1%
234
♦1%
14%
43
27*4
*334
78
27
27%
2734
4434
*8 534
34
20
*14
435fi
27»4
28i2
453s
90
29%
*100*2 108
14*2
*27
40%
7
29*4
*100*2 108
*100
27%
2734
15*4
40%
4
4
14*4 Nov
5
95
*90
95
4
30
Apr 10
7
Central Foundry Co
*90
Apr
3U Mar
Jan
8
June 30
1
75
65i2 Jan
55s Jan
3414 Mar
58 Feb 15
20
6'%
*90
578 Mar
1
5
5,700
95
95
5i2 Mar
""
19% Oct
1512 Aug 24
11% Apr 10
60
6% preferred.
Callahan Zinc Lead
3,700
1012
4
1318 Jan 6
106i2 Aug 33
9434 April
4
Apr 8
29% Apr 11
3
Apr 8
21% Apr 10
11
10% Mar
27*4 May
Sept 14
Jan
Nov
51
26%
10*2
3
41
Dec
2*4
12
24%
4
10
3
30% Aug
43
Mar
600
28
2634
2734
4
4%
4*8
107*2
107*2 *106
10%
10%
9*2
9*2
11
11%
10*2
1034
6
6*8
5%
6*4
4812Aug
8
Apr
2
2
15i8 Mar
*100
*9%
7
6% preferred
100
Central Agulrre Assoc .No par
4
107
9% Apr
1% Mar
35s Mar
5*8 Mar
X16*4 Mar
135s Aug
141s Aug
45
1,700
59
*50
59
*56
26*2
3%
107
13-% Apr
Jan 20
2
1
1
8
8
10
3
8
37*8 Aug
40% Aug
7
210
59%
Feb
July
1,800
59*2
59%
Mar
28
Jan 5
Sept 12
S3 preferred A
i
18
2
53
Capital Admin class A
.
2
Aug
Deo
30
20
85
Aug
53
Oct
16
IU4 Aug 24
13*4 Apr 10
1
300
118
41
3118 Jan
Byron Jackson Co...—No par
California Packing
No par
Cannon Mills
3%
3*2
3%
85
83
84%
82*2
110S4 117% *116*2 117%
6134
5934
59*4
00*2
61*2
6P4
62%
*100*2 101% *100*2 101% *100*2 101%
101
26
25
25%
25%
25%
25%
20
103
103%
103
103*4 102
103*4 a 103
11
10%
10«4
10*4
10*4
10%
10%
3*2
3*2
5*8 Mar
12*4 Mar
Jan
8*8 Aug
74
800
85
100
100
28*2
Mar
25i2 April
~
118
116
41
3034
28*2
3*2
28*2
29
4
4
5
73« Apr
27
Apr
.
84*2
29%
7%
28
Byers Co (A M)
No par
Participating preferred. 100
7%
4434
*81*4
Mar
6% Sept 13
40
39
Oct
14
2%June 29
35",800
5%
*43
*90
7%
*28
3934
7%
2034
41%
*19%
*393g
"5%
84%
1034
7%
21
40
*39
5%
443.1
1*4
*338
*
55
"5 %
5%
*7
3
28
9
Jan
Dec
1%
1578 Jan
317g Jan
1% Apr
5% Apr
14% July
195s
1878 Apr 11
7,200
*81%
1'4
Ha
1
15*2
*43
3
i
14%
734
12U
6I4
1034
8%
1634
15%
84%
*56
4034
%
*1414
10
8%
8*2
16
2%
6
Dec
36*8
4*4
May
16i2 Mar
41*4 Apr 14
1
Butte Copper A Zinc
25,100
12,000
8,300
2
478 Sept 27
3U2 Sept 26
7*4 Feb 27
15
7*4 Sept 11
Sept 11
9ifi Jan 3
23*4 Mar 6
100
51
51
2%
3
5% Apr 10
2,300
52
June
3
Jan
Oct
Dee
52%
6i2Mar 31
2,000
4434
103
7l2
314
1'8
15%
25%
*7
01*2
95
*90
4
*8%
69%
15*4
25
9
Aug
32
30%
107
10
30
6
5°X conv preferred
240
25%
Jan
{Bush Term Bldgdep7% pflOO
6,100
1,800
5*2
Apr
40
734 Aug 24
I6I4 Apr 10
Apr 12
1
Butler Bros
2,300
1,100
13
12%
*67
*82*2
3*2
28
4
16 '2
5%
5%
13
*43
85
11
314
12
20
82
31
No par
No par
No par
Bush Terminal
120
73.4
20%
7%
7*2
20%
15*8 Mar
4
22
5% Sept
Burroughs Add Mach..No par
5,100
14,000
15
7%
110
60
*9914 100
2734
15*4
5%
5*4
8434
30*2
3*2
86*2
30%
104
60
11
3012
30
*1912
13%
13*4
15
4434
*100% 1011s *100*2
26
25*8
25*4
41*2
718
Burlington Mills Corp
18
*7
334
86%
8012
95
41
Bullard Co
1,900
27*4
18
2-:'V.
14%
5%
4
4%
4%
4%
43g
*105
107
107
*105
107*4 *105
*9*2
1012
10*2
I03g
10*2
103s
11
11
11
11
12
11*2
5
5
4%
5*4
*45«
*4%
*90
*51
55
6
4%
1
2,300
25»4
1534
16
*
55
*
30%
62
io7s
8%
15%
14%
2,300
Bulova Watch
28%
*43
7*4
84%
118% 118%
6034
01%
*102i2 10312
*60
9
Budd Wheel
26%
5
preferred
8,100
28
15
7%
1,340
5%
28%
13%
Budd (E G) Mfg
15,700
3
li2 Apr 8
1912 Apr 10
100
No par
.100
7% preferred
170
7%
Ian
Aug
597S July 25
22
June 21
28i2
12i2 Jan 30
Bucyrus-Erle Co.————5
10,500
53
5
5%
68*2
24%
51%
2%
8%
2
16*2
1434
"5%
4434
■
37s
*100*2 101
25*4
*51
2%
39
"30*2
3 Us
118is 1181s
59! 2
*15
♦
40
*43
*
87
87
1534
25%
14%
5%
7i4
7
2934
'
14%
"ik
7
15%
25*8
5
*12*2
6,500
'
6
84*4
«68
10%
25%
8*4
1534
55
*"534
*43
09
69
5
52
8%
1434
I47s
12*2
2
16%
16
55
*
*51
2%
8%
.
•25%
52
*50
1*4
*60
20
69
68
16
261s
*20
20%
5*4
12*2
12*2
69
67*2
1534
26 ls
:
5*8
7
52*4
18
5*4
2734
20*4
5*8
11%
*
~
100
100
7%
1,300
2,900
J
18%
10*2
50%
75g
I
1034
6%
40%
18%
1834
48
42%
24%
24%
102
102
7
50
500
4,800
*37
40%
10*2
102
5
24%
18%
10«4
034
42
24*4
40%
48*2
18*4
13%
42
12
12
42
12%
*37
800
1134
12
12
24*4
10%
27
13
12
*37
5%
27%
*11
11%
11%
14*2
5
1,300
*1%
1412
13
46%
1%
46*2
101
18*8
200
40*2
7*4
26
13,200
32/100
38*4
46*2
18*4
27%
28%
26%
18*4
13%
26*4
18*2
I3*s
1434
25%
38%
47
50
5*4
5%
*27*2
26*2
18i2
49
13%
24%
40
46%
101
034
7U
52
50*2
14%
2534
13%
2434
1%
2,800
6
Highest
$ per share i per share
10i2 Jan 12
1834 April
--.5
—100
Bower Roller Bearing Co—17
Brewing Corp of America—3
Bridgeport Brass Co
No par
Brlgge Manufacturlng.IVb par
Brlggs A Stratton
No par
Bristol-Myers Co
5
Brooklyn A Queens Tr.No par
16 preferred
No par
Bklyn-Manb Transit..No par
$6 preferred series A.No pa
Brooklyn Union Gas...No par
Brown Shoe Co
No par
Bruns-Balke-Collender.No par
Borg-Warner Corp
Boston A Maine RR
1,000
*5%
*37*2
1%
300
7,100
6%
40
11%
100
10214'
102*4
102
*101
14
25*4
24*2
18
11
11%
*6
31
*37*2
40%
17*4
17%
17*4
11*2
K)34
I3g
1*2
6
4%
3%
31
13«4
2534
39*2
47*4
1%
11%
1*2
IPs
31
0
6%
*46*2
4*4
4*8
24*4
1%
1,300
21
28
5%
47
4%
31%
21%
27%
3%
117
Jan 24
51
Class B
17,500
18
20%
28
*37>2
46
18*2
21%
28*2
18
21%
26*2
4
5«4
5%
534
5%
*17%
18
21
5 per share
16
Sept
1
10012 Sept 14
5
No par
No par
Bond Stores Inc.-------—1
Borden oo (The)
15
Bohn Aluminum <fe Brass
100
*1034
3034
4*4
58*2
Highest
5 per share
Bon Ami class A
50
*57*2
17*4
21%
27
31
31
111
Lowest
Lowest
58
58
58
On Basis of
Par
2,900
2034
26
2534
2534
107% 107% *107
2534
58
5
.
$ per share
*107*2 110
58
*57*2
215,,
28i2
4*2
31*4
21%
25
25
10912 no
25*8
114
*110
Oct
Oct. 4
1939
EXCHANGE
Oct. 6
jt/f
Saturday
7,
Range for Previous
Year 1938
1
100-Share Lolt
Range 8tnce Jan.
Sales
NOT PER CENT
SHARE,
SALE PRICES—PER
HIGH
AND
LOW
Oct.
New York Stock Record—Continued—Page 3
2192
n New stock,
r
Cash sale.
2
1017s Feb
20% Apr
100
Apr
11% Apr
8
8
234 Aug 24
37g Sept 1
312 Aug 19
14
Apr 10
14
April
73
April
65s Sept 1
16
Sept 6
514 Apr 10
74i2 Jan 3
62i2 Jan 13
38*4 Apr 10
99
42
Sept 28
Apr
8
10334Sept 19
8=8 Aug 24
1% Mar 31
45*4 Jan 3
i255s Apr 10
Ex-dlv.
y
May
353s Mar
7*4 Sept
13i2
Jan
Jan
80
Dec
Mar
60
Feb
105a Mar
15U Mar
67U July
44
Dec
3212 Mar
10i2 Mar
111
Jan
105i2 Mar
57i2 July
36U Jan
5
7i8 Mar
May
13U Mar
Oct
4
87*4 June
2478Sept22
8% Sept 27
934 Sept 26
8is Sept 26
247g Aug 15
24*4 Aug 15
9% Mar
17% July 22
July 18
109
94
July 19
155s Jan
30i2Mar
4
6
Oct
51
88i2 Nov
78
5i2 Nov
27i2
Oct
30i2 Nov
76
Jan
45
Feb
60U Nov
25*4 July
129
Nov
142*4 Aug
6U2 Nov
17
Nov
104U Dec
39*4
Oct
107i2 Nov
2378 Nov
8*4
314 Mar
4i4 Mar
10
Jan
Jan
11*4
4
Apr
June
13i2 Mar
22*4 July
13
223s July
9812 July
Mar
5334
Apr
9
Mar
19
Nov
35*8 July
83
Feb
8
25i2 Dec
5% Mar
57
May
60
May
67
Jan
3
23
Mar
5978 Nov
1095s Aug
7
84
Mar
108i2 Nov
9
91
Feb
9
Mar 14
60
Jan
3
110i2June 21
16
Sept 11
3U2 Mar
90
Jan
578 Mar
0
1
Mar
7212 Aug 15
25
Mar
313g July 29
22>8 Mar
2% Feb
Ex-rlghts.
978
Oct
83
Oct
70
Oct
64
Nov
11212 Oct
1214 July
214 Oct
55*4 Oct
28
May
1 Ctlled forjedemption.
Volume
New York Stock Record—Continued—Page 4
149
AND
HIGH
Saturday
SALE
Monday
PRICES—PER
Tuesday
SHARE,
Wednesday
.
NOT PER
Ratioe Since fan. 1
Sales
Friday
Thursday
NEW YORK STOCK
the
CENT
STOCKS
for
LOW
Sept. 30
Oct. 2
Oct. 3
Oct. 4
Oct. 5
Oct. 6
$ per share
$ per share
$ per share
$ per share
On Basis
Shares
22%
5
*71*
2534
*7
*77
22%
5l4
8%
26*4
7%
7
22%
5%
5%
2134
5%
22%
5%
*6%
v.
7%
21%
5%
*6%
7%
22%
8%
6
6
25%
*7%
26%
7%
24%
7%
25
26%
7%
*7%
734
2134
5%
884
25%
7%
80
83l2
9%
*1%
*8%
*73
80
*73
80
*73
*84
86
*84%
8%
86
85
85
912
1%
9
30% 30%
*102% 103%
*4 h
5
8%
9
3%
3%
6%
*25
*91%
15%
7%
22%
534
584
*634
25
25%
7%
*714
80
84
7%
22
9
9%
1%
*8%
1%
30
103
4%
1%
9%
1%
8%
9%
1*4
*1%
9
8%
*8%
30%
29% 30%
*104
106
'103% 105
*4%
4%
*434
4%
8%
30%
103
4%
30
8%
8%
8%
3%
3
*6%
3%
6%
3
3%
684
28%
*25
8
28
*24
28
93
*91%
93
92
92
3
86
10
17,300
300
9%
16,400
500
800
1*4
1%
834
30%' 30% 30%
105% 105% *104% 105
5
5%
4%
834
8%
3
400
2,900
13,400
2,400
3,100
3%
6
27
*22
26
93%
*93
94%
5%
37,500
8%
3
6*2
6
634
26
26
100
200
1%
*89
16%
15%
16%
15%
16
15
15%
1434
15*4
15%
94%
15%
15
1%
14%
15
14%
1%
14%
14%
14%
14% i
1%
14%
1%
14%
1%
14*4
1%
89
89
*88%
48%
49
48
89%
49%
89%
47%
4834
109% 109%
*8%
8%
36% 3634
3
3%
47%
29%
29%
2934
30
1%
1%
108% 108% *108% 110
8%
8
8%
8%
36% 37
36% 36%
3
3%
3%
3%
29%
*29
29%
30
28%
29%
29%
30%
*59
59
59% *58% 59%
59%
62
62%
62% 63%
62% 63
*155
160
*155
160
*154% 160
4
4
4
4
4%
4%
*1%
1
1%
1%
1%
1%
2634 27
25% 26%
25% 27%
*98
98%
97% 98
97% 97%
29
*28
*28
29
*28% 29
83
8%
8%
*35
27%
36%
26%
*34%
26%
36%
*32%
15%
35
1534
*33
*88%
27
8*
8%
27%
36%
8%
36%
2%
28%
28%
58%
62%
154%
109
8%
3%
4
*5%
9
16
7%
26%
23
*45
5
5
*15
16%
23
27%
Crown Cork & Seal----No par
*35%
2734
36*2
3,900
2,900
Crosley Corp (The)
27%
36*2
67g Aug 25
20% Apr 8
33
Sept 1
35
*32%
35
27
6
5%
*15
23%
24
*15
15%
26%
8
8%
25%
7%
*1
1%
*1%
25%
117
*116
23
23%
32
32%
*38
38%
8%
8%
1438
14%
66
38
8%
14%
*65
88
88
48%
51*8
15,700
91
91*8
91%
1,300
6
*5%
8%
6*
*5%
8%
16
6%
16%
6*2
6%
57%
*57%
7
634
26%
6%
25%
8%
80
16*2
78
58
5634
7*8
26
26%
7
91
*73
*45
65
*45
15
26
14%
8%
24%
734
1%
1
24%
33
38
8%
14%
67
*115
23%
*32
4%
*15
8*2
104*2 104*2
*434
1,400
17
*15
834
8'
5%
2,400
104% 10434 *104
9%
107
"3,166
200
15
*15
15%
15%
24%
734
15%
26*4
600
18,100
8%
13,800
*%
1%
116% *115% 116%
200
7%
*%
*115
116
116
25%
8
1%
24
25%
25
32*2
32%
700
38
38*2
1,100
14%
14%
1434
32%
38%
8%
1434
*32%
8%
23%
32%
38%
8%
*37%
.
*65
67
38
8*4
26
600
8%
14*2
*65
8'
1,490
600
15
66%
2,700
300
10
*9%
10
10
10
10%
10*4
66*2
*10*2
66*2
*934
1034
10*2
10*2
600
*31%
32
31%
32
32
32
*31%
32%
*32
32%
32%
33
180
183S
19
18-%
18%
19
19
19
19
1,000
66
223g
75%
77%
*138% 140
21%
22%
76
77
140
140
11%
11%
11%
11%
*9%
10
*9%
10
*12%
14
*12%
14
120
184%
130
117%
116%
17%
17%
*109
181%
*]29%
*116%
*116
7%
155
7%
155%
156% 156%
26% 27%
*16%
16%
2
2
38%
39%
1534
*109
120
182% 184
129% 130
117% 117%
116% 116%
17%
17%
7%
7%
152% 154%
156% 156%
26%
27%
16%
16%
1%
38%
*1%
1%
1%
2
39%
15%
1%
9
9%
9%
9%
34%
29%
*28%
15
33%
29%
*32%
33
15%
33
34
29%
32%
2%
38%
3!2%
2%
38%
47
47
47%
47%
*106% 109% *106% 109%
11%
11%
11%
11%
*73%
74% *73%
74%
*2%
38%
2%
38%
*80
81
*86
90%
1%
1%
81
81
1%
1%
66%
2134
74%
*137
1134
*9%
*12%
109
66%
22%
7634
142
12%
22% 22%
74*2 76*4
141% 141%
11
*714
7%
152% 154
158
26%
16%
1%
3734
15%
1%
8%
32%
28<%
32%
2%
38%
*44
158
26%
16%
2
39%
16%
1%
9%
7*4
38%
34
14%
14%
23
*1%
734
38
38%
35%
37%
32%
14%
*90
94
94
94
*90
162
*150
162
*150
4%
4-%
4%
1%
1%
1*4
*16
19%
*
*16
Co
No par
6,100
Eastern Rolling Mills—
Eastman Kodak (N J).No par
156% «150% 150*2
27
27
2734
4,000
16*2
*16
210
200
38
1%
7,800
39*2
1%
134
39
16*2
26,500
38,800
100
6% cum preferred
Eaton Manufacturing Co
4
2
Edison Bros Stores Inc
No par
Eltlngon Schlid
Electric Auto-Lite (The)----5
3
Electric Boat..
33*2
29%
33%
29%
34*8
30*4
31%
3034
34*4
30
31%
31*2
3134
1,600
-No par
No par
Elec Storage Battery ..No par
2%
2*2
2%
*2%
234
800
Elk Horn Coal Corp...No par
40*2
40%
4,700
*43
45%
45%
108
106% 106% *106
1134
12%
11%
12
200
32%
*28%
3034
2%
47
*44
39%
40%
46
15%
29*%
39*4
*42*2
*72
81
74*2
81*2
90
90
*87
1%
*234
1%
2%
5%
2%
40
33
16
5
12,800
8134
*1%
76
75
*72
8134
9034
*80%
1%
1%
5,500
800
130
24,100
200
8134
600
88
88
400
1%
1,100
234
2-V
234
3
5,400
5
5
5
5%
4,700
*234
3
234
3%
2,200
Elec & Mus Ind Am shares.
Electric Power & Light. No par
87. preferred
86 preferred
3
El Paso Natural Gas
4%
~*4%
11*2
1034
22
4*2
11
"*4%
4*2
4%
1034
11%
11%
23*4
23*2
4*2
11*2
24%
""760
No par
Equitable Office Bldg.-No par
tErie Railroad......
100
86 preferred
4%
100
—100
1st preferred
4"% 2d preferred
50
4,800
Evans Products Co
5
5
6,500
Ex-Cell-O Corp
3
Eureka Vacuum Cleaner
23%
22%
1%
*1%
1%
*1%
1%
*1%
1%
*7
7%
*7
734
*7%
8*8
38%
34%
14%
97*2
38
38
37%
3734
39
3,300
Fairbanks Morse A Co.No par
32%
32%
31
38%
32*2
33%
34*2
1,700
1434
400
Fajardo Sug Co of Pr Rlco._20
Federal Light & Traction... 15
162
*14%
15
*1434
*90
94
*90
*150
162
*150
15
97*2
165
1434
97*2
*90
100
170
Exchange Buffet Corp. No par
100
Fairbanks Co 8% pref.
4*2
4*2
4%
"2,300
Federal Motor Truck..No par
1%
1%
1*8
1%
*1%
1%
800
Federal Water Serv A.No par
22%
*8434
22%
600
Federated Dept Stores. No par
87%
*84-%
87*2
200
Fed Dept Stores
37%
37*8
37
37%
1,900
19*2
*16
19%
*16
36*2
86%
19*2
Bid and asked prices; no sales on this day.
*16
23
23
In receivership,
a Def. delivery,
Jan
100
Mar
3
;
51% Sept
25
'31
May
10% Jan1 5
377g Sept>13
116
Jan 16
.
3
32% Sept>11
61% Sept 16
>11
67X2 Sept
177
Aug>11
47s July,27
2*8 July 25
1
Sept
"
Sept
.
3»4July 5
138% Apr 26
155% Sept 25
15% Apr 11
15% Sept 5
1
Aug 24
22% Apr 11
8*2 Apr 10
l%Sept 11
6% Apr 10
20*2 Apr 11
1834 Apr 8
23% Apr 11
% Apr 4
28
Jan 25
April
84 Aug 24
1
Aug 21
69
DgSept 1
1% Apr 10
65% Sept 15
3% Sept 1
6
April
14% Apr 11
1
April
2»4 A pr 10
24
April
20
Apr 10
11
Apr 11
4M% pf-100
Fidel Phen Fire Isn N
Yj.2.50
Fllene's (Wm) Sons Co.No par
n New stock,
r Cash sale,
13
Apr 29
41*2 Jan
40*4 Feb 28
37X2 Mar
_
16%Sept 26
Jan 10
52% Sept 22
"
8Xg Sept
778 Sept 12
28% Jan 3
84 May
3
55*2 June 17
25
Sept 26
7
June 20
1*2 Jan
124% July
32% Jan
34% July
447b July
28
11
26
13
1% Mar
65% Mar
36% Mar
234 July
103% July
107
J
Ju_
6
21% Mar
7b May
21% Mar
10
Mar
A
40
x53
A,
Apr
162
21% Apr
6% Mar
22% Mar
29
9% Jan
Oot
49
June
116
Nov
1178 July
36*2 Nov
3% Deo
3534 July
29*2 Nov
66
70«4
Jan
Oot
177
Deo
42%
117%
29*2
10%
4384
Oct
Nov
Nov
July
Nov
40
Nov
Apr
25*2 Apr
37% Nov
7*2 Mar
15% Nov
Mar
92% Nov
44% Jan
94% Jan
13% Feb
6% July
68
19% Mar
Apr
5% Mar
70
Mar
58*2 May
12
May
87
Jan
21% July
8*4 Aug
4% Mar
35
June
56
3% Mar
12% Mar
7% Deo
28% Nov
18
Jan
83
Oct
Mar
48*8
50
Nov
13% Mar
4*2 Mar
13% Mar
6% June
102% Jan
13>4 May
1934 Mar
Mar
9
7*2 Mar
4
Mar
»4 Nov
4
Aug
76
Mar
25
Mar
2034
Jan
29% Nov
8»4
17%
11%
111%
25%
July
Deo
July
Deo
Feb
25
Jan
17
Nov
25%
Deo
884 Nov
2% Jan
116% Dec
407g OOt
30% Oot
31%
Jan
42
Deo
4
5
Mar
11
Oot
1
90
July 31
12% Jan 9
35% Jan 16
22% Jan 3
34
July 26
7934Septl2
143% Oct 6
12*2 Oct 3
19% Jan 13
11
Mar
23% Nov
91% Nov
20% Mar
188*2 Sept
65% June
8% Sept
2834 June
12
Mar
27% July
31
877b
Mar
Jan
1«4 May
5
8% Mar
Apr
90% Mar
102
17
Jan
35
Deo
25% Oct
347g Aug
8O84
141
Dec
Deo
19% Deo
12
Oot
115
Jan
15434
Deo
138*2 Nov
120*2 Deo
118% Deo
MarlO
130«4 Mar
124% Aug 18
118*2 Feb 27
20
Aug 3
109% Apr
11134 Jan
8% Sept 12
186% Jan 5
183% Feb 8
28
Sept 13
3% Mar
121% Mar
187
Nov
Jan
173
Deo
142
197s July 12
3% JaD 4
39% Sept 30
17
Sept 11
3% Mar 6
12% Jan 19
41% Jan 20
38
Feb
6
13«4 Nov
157
10*2 Mar
2
Mar
13% Mar
Mar
6
2*8 Sept
6*8 Mar
22% Mar
Mar
18
17%
Deo
8% Nov
26% Deo
5% July
36*4
15%
Deo
Deo
4
Jan
14
Oct
46% Oct
4134 July
35
21 «4 Mar
% Mar
284 Nov
40%
17
Feb
297b Nov
33
Apr
Apr
Sept 14
3% Sept 11
Oct 6
55
Sept 13
Jan 30
111
94%
2*2 Mar
35
Nov
45*8 Nov
111%
10*2
Dec
Oct
3
80% June 21
89
Aug 16
38% Mar
71
Oct
40
Mar
72*2
Deo
7
46
Mar
Oct
Jan
Jan
137s Aug
95
Aug
17s Sept 11
Sept 28
3
6
Sept 28
3% Sept 27
65% Sept 25
5% Mar 8
Jan
3
25% Sept
2% Jan
87s Sept
43% Jan
38*2 Sept
18*2 Aug
11
13
Jan 24
96
165
y
267b July
3
Sept
Sept
19*2 Sept
7% Sept 27
63% Sept 27
Apr 6
2*8 Aug 24
34May 25
I884 Apr 11
8234Sept 13
2734 April
16% Sept 13
* Ex-dlv.
Jan
17'4
Jan
.
Aug 17
112
9S«8 Nov
Mar
13
Oct
Jan
Jan
22
19
93
7%
5%
Apr
85
JaD
Nov
Mar
3
91
7%
10»4 July
10
3
96
12% Deo
34% Oct
104
78
Jan
June 19
111% Sept 12
12% Apr 11
Mar
7
Jan
14
127
Mar
38
32*2 Aug
Deo
~~2%"dot
4*2 Mar
17
110
116
85
4*2
37
3
a
4
76
8% Mar
22% Mar
31% Jan
Oct
934 May
Apr 12
126% Apr 11
81
4%
23
'
Jan
Apr 14
-.100
86 preferred
4%
*84%
634Sept
10
108
Federal Mln & Smelting Co 100
10
165
*150
Mar 31
32% Aug 31
Corp
50
5% preferred. — .-- — lOf xl03% Mar 22
7
Apr 8
Engineers Public Service
1
62% Apr 8
85 conv preferred
No par
65% Apr 8
85H preferred w w..No par
8
24
6
Endlcotfc-Johnspn
Erie & Pitts RR Co
19%
Dresser Mfg
9%
*16
84%
101% Apr 11
8%
19%
22
84%
36-%
20% Sept 11
55
Aug 24
No par
9%
36%
22%
8414
36%
No par
8%
*22
22%
84%
36%
No par
Douglas Aircraft
9%
*84%
36%
1%
*2234
Dome Mines Ltd
Dow Chemical Co
8%
4%
1*4
22*4
87*2
36%
4%
1%
23%
Apr 10
2,500
*65
1%
10
4,900
120
Sept 30
934May 18
Doehler Die Casting Co No par
18%
1,000
1,300
66
Mar 31
7%j
7%
7%
153%' 151*2 153
129%
117%
116%
.
30
700
90*2
11
No par
Apr
3634Sept
5% Aug 22
1334Sept 11
No par
Class A...
1%
81
*4%
Dixie-Vortex Co
1%
3334
2834
32%
2%
39
1%
1«4
38
Ltd-No par
5% pref with warrants.. 100
15%
81
*150
4%
1%
Distil Corp-Seagr's
15%
1%
90*2
1%
8%
15
16*2
38%
15%
.25
6% partic preferred
Diamond T Motor Car Co—2
*1%
74%
*7
*14%
27
*16
28
Duplan Silk.
12,500
% July 18
Apr
18
Sept
No par
No par
Devoe & Raynolds A
Diamond Match
...No par
8% preferred—
100
Du P de Nem (E I) & Co...20
6% non-voting deb
-100
84.50 preferred
No par
Duquesne Light 5% 1st pf-100
Eastern Airlines, Inc
_.l
182
Apr 18
11% Apr 10
12% Aug 24
3% Sept 1
103
Dunhill International--.--..1
9%
23
JDenv & R G West 6% pf-100
100
Detroit Edison
1%
74*2
*1%
*34
26%
108% 108*2 *106% 108*2
11%
1134
11%
11%
*73*2
7%
9,000
10
Delaware & Hudson
100
Delaware Lack & Western..50
Diesel-Wemmer-Gllbert
1%.
15
5
23%
7%
134
37
2%
23%
1%
8%
39%
34%
120
156
3%
1%
*109
158
26*4
5%
7%
120
156
*16
3
23%
14
151%
234
4%
*13
153
5%
11%
24%
*9
14
152%
2%
4%
900
178% 181%
5%
3%
11%
16,400
176*2
178% 180%
129% 129% *129*2 130% 129*2
117
117
117
117%
117% *117
117%
116
116
116
116% uu'ii'iiw
iu'4
116% *116
116%
17%
18%'
1734
17%
17%
1634
17%
178% 182%
129% 130%
3
11%
10,700
77*2
10
*109
2%
"4%
23%
74%
11%
120
5%
3%
-4%
22%
143*2 143%
10%
12
11%
*13
*109
*18
*9%
10
5%
11%
23%
76*8
142*2
75
14
3
....
22%
142
*9%
314
*65
19
*12%
3
*65
12
18%
14
5%
2%
19
10
120
No par
20
Preferred
15
% pf 100
Deere & Co
500
24*2
Sept,12
July 25
16*2
25% Oct 6
27% July 11
16%June 6
2734 Sept 27
87g Sept 27
31,200
1%
Sept>11
15'4 Apr 10
Dayton Pow & Lt 4
25%
734
9
834
14% July
26% Nov
10% Nov
"i~~Mar
2*2 Sept
2% Mar
34
share
9% Aug
2934 Deo
867b Aug
5% Sept>12
101
Highest
S per
Jan
71
887s Apr
2% Mar
4% Apr 8
103 Sept 19
Davison Chemical Co (The)-l
13% Apr 10
Dec
10% Sept
4% Mar
55
Apr
108*2 Aug 4
778 Mar 10
978Sept 6
17*2 Mar 10
25
24%
Jan 24
Mar 10
10% Sept 22
112
July 13
25
*%
3% Sept 1
38
Apr 14
4*4 Aug 24
19% Apr 11
73% Apr 8
2% Jan 5
12% Mar 10
35
3% Aug 26
14% Sept 12
24
7%
2
8
Aug 21
Aug 23
Feb
Aug 4
Sept 11
Davega Stores Corp——-.5
Conv 5% preferred
25
25
24
2% Aug
3
Apr
11
45
2434
2334
8
June 30
87g Feb
88 preferred
No par
Cutler-Hammer Inc...No par
*24
32
8%
14%
65
24
1
-.1
Cushman's Sons 7% pref--100
91
23*2
62
9
....No par
Preferred
Class A
Apr 14
75
24% Apr
50
Curtlss-Wrlght
24
23%
38
17
17,900
25
24%
8%
14%
834
24*8
538
700
58,300
2338
33
3734
*434
*15
58
7%
26%
April
Apr 8
9
48
Packing
25
1%
116
17
83s
15
26
8
23%
5%
10
28
100
Preferred
Curtis Pub Co (The)—No par
*73
17
preferred... 100
Cuban-Amerloan Sugar
Cudaliy
65
23%
5%
480
1,400
91
23%
5%
20",200
5,400
*73
*15
100
Preferred
6*2
*45
5%
9%
No par
85 conv preferred
Crucible Steel of America--100
Cuba JtR 6%
6
81
61
1634
91
17
210
82.26 conv pref w w..No par
Pref ex-warrants
No par
Crown Zellerbach Corp
6%
65
2334
8,800
No par
16*2
6
*73
*114% 116
23%
32%
88
49%
90
*45
9%
9%
9%
105% *104
104%
23% 23%
2334 24%
24
*23% 24
24%
15
87*4
48
65
9
9%
9%
104% 104% *104
23%
*23%
87%
78*s
23
""160
48%
834
57%
,
15%
82%
25
36*2
37
15
8
7%
"33
15%
*5%
16
*34%
14%
14%
*79
16
8%
27%
91
23%
5
1
400
58%
*73
%Sept
Sept
28%
834
28%*
6%
23%
1
28%
9
83%
65
*45
1
Coty Inc New
28%
8%
*5%
8%
80%
86
*73
3,100
547b Apr 19
Sept 22
3
Sept 5
28*2
8*2
91
26%
4
Jan 26
49
150
29
*28
90
7
25
100
Preferred
Apr 12
26% Jan 3
47%
26%
Corn Products Refining
16
87
58%
Corn Exch Bank Trust Co.20
200
93
92%
7%
26%
200
3,300
25
50
59
5
Continental Steel Corp.JVo par
5% conv preferred
100
Cream of Wheat Corp. (The).2
87%
7%
26%
1
Continental Oil of Del
Crane Co
92
*57%
Continental Motors
2,300
9%June 30
11% Apr 10
1% Apr 10
x87%Sept 15
32% Apr 11
a;106
Sept 8
5
Apr 8
29% April
1% Apr 10
19% Aug 24
16% Apr 11
Coty Internat Corp
47t4
59%
17,800
12,200
1®4 Apr 11
8% Aug 31
Sept 19
88
1,800
87%
7%
27
Continental Insurance.-.82.50
July 14
1,200
50%
6%
3,400
1
9,500
93%
16
2,900
1
6*2 Aug 24
4% Sept
98*2,
89
6
20
4
1%
28*2
49%
93%
*5%
16
-.100
preferred
101a4 Jan
98
89
6%
8%
91
26%
14%
16%
6%
59%
No par
Class B
Continental Can Inc.
84.50 preferred
No par
Continental Diamond Fibre.5
600
108% 108%
8*8
8%
3%
1*4
500
85
1%
*35%
*32%
16
6,200
4
Apr
27
97%
15%
6
9%
1%'
^
73
1%
33%
83%
Container Corp of America. 20
Continental Bak Co cl AN0 pa
Jan
79% Apr 18
8% Sept 18
1
Aug 31
734 Sept 12
27
Apr 11
97
14%
9
7,800
June
8
Mar
4
7
Mar
6
.
15% Aug 24
5% Apr 10
25%
33%
*80
100
5% preferred v t c
Consumers P Co|4.50 ptNo par
37S Apr
15
30% Jan
28% Sept 22
1%
15%
6
9%
48
4
Consol Coal Co (Del) v t c—25
4% Apr 17
97%
34
83
v:-'
Consol RR of Cuba 6% pf.100
5
26%
5034
*78%
4
$5 preferred
—No par
Consol Laundries Corp
.5
Consol Oil Corp....—No par
Apr 11
Sept 8
1%
15%
95
*89
10834 109
8
8%
|2 pantile pref
..No par
Consol Edison of N Y..No par
6
Apr
25%
97%
89
49
*94
47%
-100
90%'
4834'
1%
90
48
*89
No par
preferred
6H % Prior pref w w
100
Consol Copper Mines Corp. .5
Consol Film Industries
1
2,200
1,200
37
37
36%
36% 37
3
2%
3%
3%
3%
2834 29%
29%
2834 29*4
29
29*2
2834
29%
30%
59
59*2
58%
58%
58*2
62
63
62
6234
62%
*155
159
159
154% *155
8%
27%
*35%
109
1%
89%
48
*9338
Consolidated Cigar
7%
""230
90
1434
5
19
1%
8%
i per share
Congoleum-Nalrn Inc..No par
Congress Cigar
...No par
Conn Ry & Ltg 4H % prel.100
Consol Aircraft Corp
1
8%
*234
$ per ehare
8% Feb
Conde Nast Pub Inc...No par
700
30
6
93%
834
9
8%
*1%
Highest
8 per share
2,100
88
*85
Par
Lowest
5,200
7%
22%
6%
834
26%
7%
80
80
86
*23
6%
7*4
22%
*534
*634
25%
7%
Previous
Year 1938
of 100'Share Lott
Lowest
Week
S per share
7
7
7%
Range for
EXCHANGE
$ per share
7%
2193
20
26
5
1%
Dec
79*2
27b
1*2
Dec
6*4
234 Mar
1%
62
2*8
6*4
10%
1%
3%
19%
Dec
Oct
8*4
6*2
64
6
Jan
Jan
Dec
Oct
Mar
Mar
16
Oct
Apr
25
Deo
Mar
Mar
May
2% Nov
Jan
11%
43
Deo
3584 Oct
16% Oct
84% Nov
8
15
Aug 23
Sept 27
22% May
67b Mar
67
Apr
52% Apr
6
2% Mar
57g Aug
1
2% July
6
Jan
1% Jan 19
26% Mar 11
8934 Feb 0
Sept
12% Mar
677b Jan
3734 Sept 15
22% Mar
19
Ex-rlghts.
Mar 17
15
June
133
29
Nov
Oct
90% Oct
36*2 Nov
25
Oct
f Called for redemption
New York Stock Record—Continued—Page 5
2194
LOW
AND
HIGH
HALE PRICES—PER
SHARE,
NOT PER
CENT
STOCKS
forSaturday
Tuesday
Monday
Wednesday
Sept. 30
Oct. 2
Oct. 3
Oct. 4
$ per share
$ per share
$ per share
Thursday
$ per share
24
*102
44*2
17l2
24
23V 24V
10212 10212
451*
451*
1734. 18
1043*
451S
18
'102 V
*22V
23
103 V
44
45
17V
*31
32
32
32
24
*22l2
24
177*
*32
*2212
*22*2
4*4
337*
*106*2
22V
*4%
35
412
35
3412 34V
IO6I4 106l2
23V
237*
*10612 108
22i2
23V
793.1
6V
*30
4*2
4*2
33
24
4-%
337*
23V
*30*4
3412
3
5
5
16
16'4
1512
16V
1412
15V
1412
14l2
*100
5%
115
6»4
*100
110
6%
6'2
*14
14V
47V
*42
*734
6012
*97
62
27i2
27l2
*26
27V
64
64
*60
68
19
19
*103
118
*19
1912
*103
118
*-_-
58
85
85
58
*85
*120
31
*30
*41*
30V
4
4V
9
9
124
*87'2
1'
*1*4
23 V
*87*2
1
V
17i«
38
39
14V
40
14V
42V
157*
7*
17V
16
9
*1412
38
6%
45V
9-%
*50
19
*38
*103
39V
40V
109*2 109*2
7«
*
6V
45V
9V
51V
19V
3934
3*4
30*4
.
39
14V
41*2
15V
9
23
6V
44V
23*2
6*2
45
18V
187S
39*2
2*4
77V
22*4
2V
77V
22V
64
64
29
65
2978
100*2 102*2
*478
514
28V 29V
100*2 100*2
4V
5
75
70
70
*70
75
1
1
1
1
22
31*2
31V
24
8*s
*1*4
21V
31V
*23
19V
19V
19*2
31
32
8*8
IV
15
21V
31V
23V
30*4
32V
32V
*130V 139
20
31V
3178
32V
130V 130*4
*43*2
*29V
30*4
29V
29V
167s
17V
16V
17
*11*8
3V
*26
*5V
*20V
*29V
*35
15 V
17V
*103
66
11*2
*43*2
11V
37«
378
29V
*26*2
*5l2
6
21*2
*20
31V
37*2
1578
♦29V
17*2
105
*35
15V
*17
*103
66
11*4
4
29V
6
21
8
104
117g
*102
9V
92
3%
104
H78
108
*140*8 159
9*4
91
3V
*103
11V
*102
3*4
105
117«
110
*140V 159
16
16
15V
89V
89V
90
91
131V 131*2
*62
64V
132
132
*104*4 106
*18
31V
20
*62*4
*96V
....
51
*32S4
15
515>
34V
15V
*62i2
64
10234 102V
8
52 V
8*4
53
14V
*62V
102
7V
52*8
6% preferred
100
General Tire & Rubber Co...5
6V
3,200
Gillette Safety
44V
1,000
$5
9V
53V
9,300
Glrnbel
18v:
18
38
3V
2 V'
*2*4
79 V
22V
*63*2
28V
28
99V
*4V
99V
99
5
I
100
3V
900
2V)
2,900
,79 V
13,600
64
200
29*8
4V
4V
*11*8
11*2
3V
3V
26*2
5l2
21
31*4
26*2
5V
*19*8
*17
*103
*126
9V
*91
8
*1*4
*14*8
20*8
31*2
*23
15
32V
23 V
IV
21
*32*2
23
29V
16V
30*4
16V
11V
*11*8
11V
3V'
3V
28*2 *26*2
600
2,100
2,400
$3 conv pref series
Granite City Steel
Grant (W T)
23
*5*4
100
4,500
28,500
7,500
220
"
29V
30*4
2*400
16*4
11*8
3*2
29
16 V
19,200
3V
*23
5V
5*2
11V
400
3V
29V
5V
4,000
10
200
19
*19
20*2
20
31*4
*297s
34*4
31*4
36
*29V
*34*4
34*4
""""26
16
1514
15V
15V
15V
15*2
15V
10,500
135
10V
93
3V
3*4
IOH4 104*4
11V
11V
36
17
17
17
17
*103
105
*104
105
101V 101*2
30V 30*2
*126V 135
9V
a91
9V
104
135
3V
104
10
91
3*4
104
*17*2
18
200
500
105
100*2 102*4
"""180
32
3,600
135
30
9V
*90
9V
92
3*4
*103
3*2
105
7,600
50
20,600
16
34V
15 V
64
102
8
52V
100
100
Greyhound Corp (The).No
par
10
8% preferred
Gulf Moolle &
6%
.1
preferred
Guantanamo Sugar
2*8
1*8 Apr 10
70
Northern..100
preferred
4
Jan
13V Apr 11
53
Apr 10
21*8 Apr 11
90
8
278June 30
Apr
69VJune
2
V Aug 18
4V Apr
8
78 Apr 10
11
Apr 10
10
Apr
8
24V Jan 27
22V Jan 23
12*2 Apr 8
16*4 Apr 8
23V Aug 23
129VSept 27
I4V May
98
June
9
Mar
6*2 June
46*8
Dec
5
Mar
1'4 Mar
4
2434 Jan 4
74VM3U 16
383s Jan 3
2V Sept
Apr
60V
10
Mar
32
June
15 V
6934 June
5V Sept 27
2V Mar
52*4 Mar
Mar
3
IV Jan
3
34 Mar
5
7
1678 Aug 1
22VSept 12
2i2 Mar
lOV Sept
I
Mar
8
Mar
Jan
35
Aug 14
25
Aug
4
22 V Sept
11
33V Sept 27
37*4 Sept 5
141V July 27
4
July 21
9
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
96
17
Apr 10
6% preferred
100
Hat Corp of Amer class A... 1
123
Sept
5
3
Jan 19
2
2
Apr 10
93
13V Mar
22
7*2
13
Feb
Mar
Mar
Mar
Mar
24
Apr
Apr
30
Nov
35
June
30
5
Mar
12
Mar
Nov
Mar 17
83
June
100
Nov
15
Mar
120
Apr
144
May 29
10*8 Oct
91
4*8
3
4V June
Aug 26
50*4 Mar
5
1*4 June
7634 June
Jan
Sept 13
117
Jan 21
167
June
5
140
Jan
Apr 10
17
Jan
5
10
Mar
3,700
Hercules Powder
No par
63
Apr
64V
32
32
62
*61
*18
64*2
*62
19V
64V
100
105 V 106
*10512 108
105*4 105*4
500
*18
20
*18
20
32
32
32
31*4
31V
31V
8*4
15V
8*4
15U
97
97
*7V
15*4
*98*2
53V
6%
preferred
Kershey Chocolate
$4
*7V
8V
15 V
15V
5134
"32V
14*2
62*2
52l2
34
15V
52V
*32V
14*4
54*4
34
33V
14V
14*2
62*2
*6012 62
"100
103V "101
102V
7V
7V
7V
7*2
52
52*4
52*4
52V
*1V
IV
IV
IV
4*9
*4*4
5*4
*3V
*60V
IV
24V
6V
24*2
678
23 V
2378
23V
6V
6V
6*2
IV
IV
IV
15*2
16 V
15
15V
29
30*2
47*2
15V
30*4
IV
1578
31V
29*2
291o
49
46
47
24
7V
23V
24-V
6V
6*2
6V
IV
1
1
7V
♦Bid and asked prices: no sales
on
14 V
*29
47
8
8V
conv
Hlnde <fc
2", 100
15V
8V
15V
300
15V
2,800
*98*2
54*2
33*2
14 V
62
53*2
*32V
14 V
*60V
10
55"
10,800
33*2
200
15*4
6,500
62
102*2 102*2 *103*4 105
7V
7V
7V
8*4
52
52
53V
54*4
*1*8
IV
*1*8
IV
*378
4V
4*8
4*8
24
25
24*4
25*4
6V
6V
6V
6V
100
300
100
cum
No
98
5
Holly Sugar Corp
7% preferred
No par
100
Homestake Mining
12.50
Houdaille-Hershey cl A.No
Class B
5%
102
Howe Sound Co
&
v
6,300
Hupp Motor Car Corp
—
1*8
15V
15*4
30*4
29*8
46*4
*7V
29*8
46*4
29*8
30*2
46*2
*7V
46*2
120
Leased lines 4%
8
360
RR Sec ctfs series A
47
this day,
7*2
8
t fo receivership,
14,500
1,900
a Def. delivery.
Illinois
No par
100
0% preferred series A
r
TOO
65V Aug
3
40
Mar
July 17
80
Mar
Jan
7
15
Sept
51
Jan
4
17
Jan
110
Jan
6
98
Jan
1IV Mar
9
21*4 Sept
5
104V Jan 12
66*4May 11
36V Mar
17*4 Jan
534 Mar
11V June
102
48*8
17*2 Mar
Ex-dlv.
y
Ex-righta.
Dec
Oct
Dec
135*4 Dec
60
Oct
105*2 Dec
21V Nov
52-V Oct
118
Aug
1334 July
25*4
Jan
35*4
Oct
18V
Oct
72V Nov
83*2
Jan
Mar
105*4 Nov
934 July
53V Jan
3V July
5
23*2 Mar
1
May
3
6*8 Mar
Mar
20V Mar
Mar
*2 June
3
9-v July
35V Nov
10
Jan
Apr
23
V
234 Oct
2078 Dec
35*2 Dec
Mar
12
Mar 13
4
87
Dec
Jan
4
Jan
20*4
Mar
2034 Jan
11*2 Jan
161
6
Aug 24
49
111
46*2
9
35
Oct
Dec
11*8 Nov
Aug
5
1
111
Jan
May
5
3
8
5
6*8
Dec
Nov
66
9
434 Sept
a:734
75
Apr
5*? Jan
16V Apr
38*8 Sept
140
108
3534 Sept
87g Jan
2V Jan
5
3434 July
Mar
1
34 Aug 11
1000
z
9
3
73*4 July 31
110V Aug 12
9VSept 11
57
Sept 6
IV Jan 20
..100
Cash sale,
Jan
4V July
1
Central
nNewstock.
1
278Sept 6
2i*8Sept 18
5% preferred..
..100
Hudson Bay Mln & 8ra Ltd 100
Hudson
.
8
10
Apr 10
7g Aug 24
9,800
Motor Car
21
Apr 8
Sept 29
4VSept
40
22
10
100
6,500
1
7*2
t C..25
...........5
Manhattan
15
1*8
8V Aug
May
47V Sept
27
Apr
8«4 Apr
100
1,400
126V
29*4 Sept 12
l0434Sept 11
95
42«4 Mar
6
19
June 29
5V Mar
81
May
135*2 Mar
115
7
Mar 24
lOlVSept 11
Sept 19
61
—
110*4 Aug 9
13*8May 29
14«V Apr 17
stk.No par
com
preferred
Hudson
par
No par
Household Fin
1*8
16
10
preferred
15V
1
Jan 28
Hollander & Sons (A)
5,100
100
54
100
Holland Furnace (Del)
Houston OH of Texas
500
par
No par
preferred
Dauch Paper Co..10
conv
128*2 Apr 10
13*2 Nov
2114 Jan
33V Sept 27
103
10
62
Nov
101
100
*62
6V July
8834 June
159
8
Jau
8
25
60
Oct
Jan
3
100
Preferred
184
28
Dec
24
No par
15*2
Oct
28*4 Nov
734 Mar
Hercules Motors
15V
Nov
July
Jan
1,800
*140*8 159
Apr 11
8V Apr 10
141*4
30
Dec
110
*102
110
*102V 110
*140V 159
*140*8 159
*140V 159
15
15
14*2
14V
15*8
15V
8M2
90
90
89
90
91
8812 89*2
*130
133V *130
132
*130
132
133i2 *130
11V
Jan
50
1
11V
2
878 Oct
2*4 July
32
25
11V
Dec
6*2 Nov
7234 Dec
142
Hecker Prod Corp...
Helme (G W)
11V
108
Apr
Apr
Hazel-Atlas Glass Co
11V
*102
Jan
Nov
July
23*2
634 Sept 27
2238Sept27
32*4-May 9
36*4 Aug 3
1638 Oct 2
17V Mar 10
10334 Mar 28
3*8
2678 Oct
68*s Dec
38V Dec
35
12
Apr 19
Apr 12
May 19
3V July
85
122
6
Apr 11
July
24V Dec
15V Nov
30V Dec
Jan
9*4 Mar
12V Mar
Sept
4V Feb
Feb
1534 July
20
36
71
27*2 Nov
11*8 Feb
61
22V Nov
Apr 8
Apr 10
TOO
20 V Nov
June
100
10 V May
19
Apr
5
5
Mar
5
Sept
Jan
Nov
1634 Nov
28*2 Nov
51*2 Jan
8
w
Mar
8*2 Mar
6
32
July
Apr
15
w
2is July
26*2 Oct
Mar
99
63^% preferred
Hayes Body Corp
95
Mar
13
12VJune 13
8
2
10
Sept
1
1
Apr
Nov
2V July
27*8 Nov
x85
8
May
110
37
July 19
Apr
July
9V July
12i8 July
7
27g Jan
I84
45
5
Mar
100
preferred
101*4 Apr
li8 Dec
1234 Mar
Apr
3
Mar
634 Mar
3»4 Mar 14
No par
Hamilton Watch Co
21V Mar
*2 Apr
11
Aug
5378 Nov
124*2 Nov
67
H)
29
125
Jan
37V June
21»4 Mar
25
7% preferred class A
Printing....
Hall
47
36
25
Dec
41*4 Nov
24V Jan
80
Oct
Nov
79
25*2 Mar
111V Apr
3
Jan
1*2
60
Jan
34
11
50
100
Water
40V Nov
117V Nov
13
14V Apr 11
9
Mar
June
15V Mar
13V Jan
Jan 26
24*4
Nov
13V Mar
Mar 14
10934
48
4
Jan
84
Feb
Nov
Mar
Mar
50V
4
Nov
28
5
66 V Mar
May 24
42
No par
...*....100
1
Jan 23
87
138
700
5
10
6
3
41
25
Oct
5V July
19*2 Oct
3878 Nov
Apr
2,900
110
*4*4
7V
var
92V Apr
1V Jan
20*4 Jan
136
V Mar
118
Dec
Dec
11*8 July
Mar
11V
*102
*97
'hi'
No par
No
Preferred
6%
32
6*4 Aug 24
Sept 1
1
Green Bay & West RR
Green (H L) Co lnc
5H%
Jan 26
43
1
5
...
5% preferred
20
Gt Nor Iron Ore Prop. No par
Great Northern pref
100
Great Western Sugar..No par
Hackensack
*126
3V
104
20
*104
10
91
91
3
101V 101*2
31
30V
*126
100
15*4
33
33
30V
31*8
31
129V 129V *129V 139
66
I *43*2
66
16V
Preferred
Grand Union (The) Co
31V
36
17*2
No par
200
*29V
*34*4
105
Gotham Silk Hose
21V
*14*8
20V
30
6
No par
Granby-Conso IM 8 & P
*29V
19
5% preferred
5
54
1
Goodyear Tire & Rubb.No par
$5 conv preferred
No par
6
Jan
44
Sept
Gold <fc Stock Telegraph Co 100
Goodrich Co (B F)
No par
6
28
15V Apr 11
5V Apr 10
8*8 Sept 5
10V Aug 10
98*2 Mar 28
May 17
Goebel Brewing Co
Mar
134 Sept
110
20V
108*4
27*4
2278
10834
5
3
15*4 Oct 6
4334 Sept 27
18*2 Aug 15
15*2 Jan
16V Jan 9
99V Feb 8
27V Mar 10
8V Jan 3
8
Apr 28
Apr
14
Graham-Paige Motors
10
6
34
1
8,100
*1*4
*43*2
3V
Sept
50
6,300
66
11V
VJune 30
No par
4H% conv preferred
(Adolf)
8
8V
IV
*4UV
*26l2
*5*4
par
Gobel
7V
19*4
16V
Glldden Co (The)
1
31V
167s
No
——No par
1
19
16V
Brothers
$0 preferred.
1
30*2
31
No par
75
19
129V 130
Razor.-No par
preferred.
*70
30V
*23
2,COO
1,200
conv
75
V
15
20
3214
23V
15,900
100
19
32
30
23
22
I
28
1
1,100
4,300
18V'
38
3*4'
30V
*1V
7V
7,000
44V
6V1
64
*70
1
85V Aug 22
19*8 Apr 11
12*2 Aug 24
2278
19
IV
*46
V
16*2
97*2
30V
31V
5*4
8
75
Apr 15
34June 30
12V Sept
No par
22
6*4
18V
"IV
8
*16
t$5
8V
*96*4
51*4
"32V
16V
22 V!
29V
20
16
*70
1Q5
15
9V
19*4
*4*4
46
99V 100
434
4V
6V Jan
lOV Jan
General Telephone Corp
20
Gen Theatre Eq Corp.No par
Gen Time Instru Corp.No par
16
8
Feb 28
38
14
1
5534 Sept 13
4
1
...
July 28
Jan 27
5
No par
Shoe Corp
99
Apr
Mar 31
1,400
2,100
79 V'
*63
.......
.
3
3*4 Sept
7
9V
39*2
22*4
*
28
9*2
9V
22V
64V
28*2
preferred
$6 preferred
4778 Aug
118V July 3
1*4 Jan 5
65V July 11
126*4June
15V
53V
2178
6%
Gen Realty & Utilities
3
Jan
16
9 V]
2V
No par
100
534 Mar
Mar
May
9
36V Apr 11
Sept
5
No par
Apr
2*2 Mar
Mar
112
Gen Steel Cast $6 pref.No par
53*2'
*78
—No par
Gen Railway Signal
115
11
Jan 27
9V Nov
5914
6*2 Mar
Oct
Sept
102V
35
5
62
Mar
4
44V Jan
Dec
19i2 Nov
Mar
4
130 V Mar 31
July
8*s
4*4 Mar
3
127
General
9*2
2V
$6 preferred
Gen Public Service
Jan
July
18
82
9
July 21
18
97
29
6
72V Jan 26
General Refractories
*52V
79
No par
Mar
4*8 Mar
5*4 Sept 11
18
117
7,400
9f2
3*4
Common
General Printing Ink.......1
39
3,600
3,070
52*4
18V
39V
3*4
18*4
36V
15*4
44
*38
100
Mar
9*2 Mar
85
Jau
378 Oct
578 July
2*2 Mar
10
Jan
V Apr 10
....
Sept
Jan
107VSept 20
39
31V
3178
32*4
130*2 130*2
*43*2
66
29V
29V
105
32
6*4
a44
preferred—
Nov
32
35
No par
$5 preferred.;
...No par
Gen Outdoor Adv A—No par
58
5V
1*4 Mar
3
Jan
Oct
Nov
197s Mar
25*4 Jan
No par
General Motors Corp...... 10
91
75
Apr 11
General Mills.........No par
29V
Mar
8
Sept
31
42
19
30
*18
*778
6V
44 V
18
June 20
No par
Mar
2V Mar
25
Apr
Apr 10
6
17V Apr
43
114
......
11
50
June
149
——100
—
$4.50 preferred
109*2 Nov
48
1
Mar 31
Mar
Jan 17
9
Oct
85
Sept
103V Mar 28
Jan
4V
37*4 Nov
13
62
21
Mar
3
Sept 20
2V Apr
Apr
Oct
Nov
43*4 Nov
31*4 Dec
39*2 Oct
1*4 Mar
1834 Jan
Mar
9
15
2678
100
18
5
11
128
Apr
24*2 Mar
10 V Mar
1934 June
Jan
5
No par
General Foods
7*8
7l2Sept
No par
Gen Gas & Elec A
Aug 22
Sept 27
5
7% preferred
General Electric
102
65
No par
I6I4 Mar
76
578 Sept 26
1734 Sept 27
15*2 Sept 25
8
14V
38
97*2 *
22V
45V Aug 17
5i2May 17
40*2
15V
20*2
32 V
23V
105
31V
22 V
1
14V
37
2<)V
31V
20
*18
3178
16*4
64*2
*14V
♦
97V
V!
z9V Sept
Sept 27
3*4 Sept 13
10
40V'
*23
"104V 106
*104V 105 V
*8*4
8V
15 V
15V
100
IV
15*2
10
3,800
8*4
36
91
V
17*2
7V
126
8*2
V
*16V
*1*4
*14*8
19V
16V
126
l
18
IV
*126
128
*V
37
2*4
27V
90
1
18
79
*63
88
2,700
8*8
IO2I4 102*4 *101*2 102 V
31
31V
30*2 31V
3V
*3V
88
|
70
400
IV
24
14V
*297s
17*2
88
500
1,000
108
*1*2
23*2
'1*4
31V
37*2
105
88
89
400
378
9*8
14V
*101*2 102*4
29V
81V
*89
18V
*38
1
*14V
IV
23*4
0:9*2
*38
al08
—
1*2
22*2
*15*2
9V
31
9*8
1*2
55*2 115,600
1,300
or
36
Jan 26
7% cum preferred......100
General Cigar lnc
No par
6 %
3V A
Jan 13
55
Apr
$6 conv pref series A.No par
140
122
*3V
9V
16*2
50 V
53V
31
23*2
1,400
121*4 121*4'
122 V *122
3V'
15 V
9V
"1*760
84
9Vl
15 V
51
19*4
39*2
84*2
*35
31
9*4
9*4
10V *14V
97*2 *—
23%
22*8
6V
6*4
45
4478
9V
9l4
51
52*4
2H2
6*4
*44i2
v|
58
3,500
3V
15*2
*15*2
97*2 *—
20,000
9*8
*107V
15V
9V
*38
31
4ov:
109*2,
V
58
122
120V
*30*4
31
39 V
9
39V
84
120
14 V
50*2
18V
83*2
48,300
7*2 Aug 10
9
July 13
Apr 22
94
No par
Class A
10
15
26
10
July 10
2
.5
— ,
41V
109
120 V 120V
54
55
39*2
2V
79
23
207S
♦35
83V
600
27*2
40V
41*4
40*4
120V 121V
53 V
54 V
14 V
16
27*4
109*2 109*2
1
V
39
2*4
*23
110
36*4
*77V
22V
♦64V
IV
*108
4178
2*4
8V
108
38V
14V
80
23*4
65*«
29
2978
*103*8 103V
5*4
5*4
15
*103
38
3*4
8*s
IV
500
37*2
14V
3*4
15
100
20
*16V
36*2
14*2
3*4
V
67
*19
4
3V
*70
*60
Aug 24
1*2 Apr
27
Sept
18*4 Apr
1*2 Apr
40
Bronze
Cable
19
14
37V Sept 12
108V Jan 11
2934 Jan 5
9034 Jan 6
978 Sept 5
Highest
£ per share $ per share
Sept 11
96
Baking——
$8 1st preferred
July 27
Oct 6
5
5
Gen Am Transportation
General
38
25
par
..No
General
67
9V
8V
,
"83V
50
Gen Arner Investors—No par
General
27*4
39*2
% conv preferred
1,000
19
1
58
5
4,700
*26*4
40 V
*78
Container Corp
Gaylord
6
66*2 Aug 24
3
25V Sept 12
105VJune S
51
Aug 3
31V Jan 4
8
Apr 14
103V Apr 5
S3 preferred...—..... 10
No par
Gar Wood Industries lnc
5
Apr
21
Galr Co lnc (Robert)....... 1
*133*2 138
4*4
4V
14
13V
80
1939
Range for Previous
Year 1938
Lowest
May 12
1*2 Apr
Gamewell Co (The)
2,300
*60
39*2
10
—
$6 preferred
27*4
109*2 109*2
Freeport Sulphur Co
Gabriel Co (The) cl A..No par
8*8
8
40V
$7 conv preferred.—.No par
No par
F'k'n Slmon&Co lnc 7% pf. 100
Francisco Sugar Co
"3,900
8
4*8
10
Foster-Wheeler
61*4
60V
13*2
407S
4
*3V
*9
9V
al07*2 107*2 *107V
1*2
*1*4
1*2
1*2
24
23V 23V
22*4
*88
89
♦88
89
1
V
1
*78
18
*16V
18
*16V
*14V
3*4
2V
♦77V
22V
*63V
30*4
120*4
"600
8
103
59*2
4V
100
100
4^% conv pref
53^
67
58
120
8
200
13
397*
78
6*4
*97
7V
103
*133*2 138
118
4178
47V
4*2
19
40 V
*46*2
8
13 <4
19
118
47V
"2,500
15
7V
135
*20
*103
*14V
58*2
13
*60
19*}
14V
*46
Corp
Machinery
Gannet Co conv S6 pref No par
110
14V
*97
*4
67
*100
5V
IV
26V
19*4
110
5V
7V
4
14V
97V
23V
*
135
4V
5
5V
9%
40*2
♦15V
15*2
22V
*16V
9
6
*100
4
24V
89
1>2
110
9V
*9*8
10712 107'2 *107*2
23V
170
26*2
83*2 85
*121V 1237s
55*4
53*2 54V
54*4
123
31
1,600
13*2
4V
13*2
121V 122
*120
16*2
13*2
8
88
*1211* 122
5412
5512
4,300
16
14
13
41
405*
41V
41V
40
39V
40V
40V
♦199V 110
10912 110
V
V
*4
V
*._..
5
16 V
8*4
*60
15,000
4V
7V
136
35
14
8
4*8
3,500
16V
60
135
13V
110
7*4
4V
103
3V
13%
*30*4
3,500
82V
15V
59
136
a3V
35
23V
14
*97
*135
4V
14
7
900
60V
136
41*
22*2
82V
7
3
60
136
1334
*30*4
47 v
8
23*4
82V
40
34V
*44
8
4V
4V
34*2
33V
106*2 106*2
3
47V
8
1,000
Food
*6V
14v
8
X Follansbee Brothers..No par
4*4
33V
34*8
*14
8
17
1,700
Sept
25
Florshelrn Shoe class A.No par
3
14V
103
No par
200
34V
6
*97
1,000
25
3
6V
*7%
7V
61*4
33
25
33V
*42
103
60*2
No par
Florence Stove Co
3,900
33
25
3
*14
47V
Fllntkote Co (The)
15
34V
6
|
1,900
17V Apr 10
99*4 Jan 16
38*g Apr 8
100
14*.j
110
0% preferred series A—100
*13
16V
14
76g
81*
103
*97
5
15 V
13V
"1*100
Vi'
14
*42
47g
*
Firestone Tire <k Rubber—10
First National Stores—No par
1,200
33
*75
6V
278
4V
15*4
Highest
$ per share
33
35
34
3
38
80
Par
700
22 V
22 V
22V
103V al02-V 102V
45
45
45*2
17V
17V
17V
— .
35*2
*30
5
33V
*106*2
Lowest
$ per share
Week
Shares
*23*4
4*8
33*2
33V
♦106*2
22 V
2314
3
58
3
4
34V
7
34
4
*30*4
80
7
3
24
44V
17V
85
85
7
34V
24
22V
*103
45
1778
33
22V
*78*2
6*2
*80
7
3
44*2
17V
32V
7V
35
80
3378
*22V 22V
103V 103V
Oct. 6
S per share
share
per
On Boris of 100-Share Lots
7,
EXCHANQE
the
Friday
Oct. 5
$
Range Since Jan. 1
NEW YORK STOCK
Sales
'
Oct.
44
Nov
Apr
11V
Dec
f Called for redemption.
Volume
LOW
New York Stock Record—Continued—Page 6
149
HIGH
AND
PRICES—PER
SALE
SHARE,
NOT PER
Ranoe Since Jan. 1
STOCK8
Sales
CENT
On Basis of IW-Share
NEW YORK STOCK
Monday
Tuesday
Wednesday
Thursday
Friday
the
Oct. 2
Oct. 3
Oct. 4
Oct. 5
Oct. 6
Week
$ per share
S per share
$ per share
$ per share
S per share
$ per share
Shares
*7
7*8
7*8
28
27*2
127*2
28
95
1634
120
120
*143
150
*143
150
*143
150
17%
16*2
17%
16*2
5
*4%
5%
*4%
5%
*4%
4
4*8
334
4
4
104
16*4
153s
1534
3
3
*234
3
30
30*2
3112
165*2
165*2 165*2 *162
68
69*4
6778
6834
*30*8
151
11
97s
;
15
13*4
46
434
434
15%
*234
29
2%
29
30
164
164%
66*4
67*2
*148% 156
534
5%
9*2
107S
10*2
578
6*4
634
165
64*2
66*4
152
152
63%
*152
934
9%
7*8
7%
7%
38
39*8
3934
39%
127
127
127
13
1234
13%
47
48
46 34
*334
46*4
4614
38*4
29%
29%
*28*->
29%
29
29
98
*95*8
97
98
4%
*4*8
46*2
98
35
47%
34
*32%
38%
38*4
29*2
29%
*96*2 100
5*4
5i2
5*4
5%
5*4
5%
5*4
5*2
53g
5*2
55g
5»8
53s
5%
5%
5%
5*2
5%
12i2
12*2
123s
5*2
1234
12*4
11*4
lllo
1134
80
*838
*29%
120
14
14
76
76
77
*7378
76*4
120
14
*7334
834
31
80
76*2
80
17
*116
*116
10*4
To*;
22i2
22*2
15%
1558
2212
15%
*91
95*2
92
92
*1434
16
*90
95
*12
12*4
7%
15%
7%
*1434
*90
41
*234
*119
*119
..
13%
14
1334
14*8
*7334
76
*73%
7534
76*2
15*2
36*2
To%
*14%
15
*15%
21%
15%
93%
*91
22%
15%
93%
15*2
15%
93
12
12
*1434
15%
*14-%
1134
*90
95
12
99
93%
93*2
93*2
*93
41%
40
15*2
3534
4178
15%
40%
15
93%
4134
15*2
36*2
36
36
234
234
234
40
*14%
3534
*234
900
1,100
100
15%
200
10
95
12
7*2
7%
1,300
93%
1
*90
12
7%
700
10
15%
12
7%
2,900
21%
15%
*91
95
*90
7%
12%
2,200
7%
2,500
7%
24
22*2
25*8
25
25
25*8
99
20
5
*4*2
478
*4*2
25
25%
1034
*16%
18%
*16%
18*2
15*8
15
15%
15
28*2
48
8
3578
95*4
*95*2
*156
8*8
36
9534
96*2
z28
4734
8
8*4
35*2
7*2
a35*2
*35*4
9534
9534
*94%
96
95%
5*2
2*4
6*8
24*4
6%
25
96
95&s
*16*2
17
*16*2
3834
39
38*2
45
156
17
3234
22
5*4
33%
22%
*4*8
5
33*4
34%
22
22
4*2
34
*22
28
28
28
28
28
49
47*2
48*8
48%
49%
8
7*2
7%
*35%
7%
36*2
7%
36
*35*4
36%
96*2
96
9534
95%
156
157
157
37
44%
45
44
16%
15*4
33*8
45
17*4
17
17
16*2
16
15*2
15*2
15*4
18*2
140
18*2
61*2
*2734
140
18*2
62l4
29
140
18%
18*2
183s
18*2
61
61
59
29
*2734
*27*2
*18%
5
79
No par
28
18
29%
33*2
12*2
35*2
4i8
*7*4
"•
—•
—
2978
*126*2
2834
5,600
160
500
300
44
44
1,100
1538
16*2
1534
1,200
15%
34%
34%
33*2
103
*101% 10534
1,400
35,100
100
36,600
4,900
2,600
900
......
2,600
*140
141
150
19
19
800
58
58*2
58*2
59*2
60
28%
28
28
28
28*4
2,000
400
1234
32%
1234
33%
1234
35
34
34
4*2
734
1212
13
33*4
4*4
7*4
4
1212
12*4
13
14
12%
*13*4
134
134
5*2
134
5%
27*2
100
13
,
14*8
13*2
143s
102
*99
3%
734
4
*21%
26
11%
734
33*8
3234
12%
*12%
35
35*2
4*4
4*8
7*2
7%
*21%
24*4
7%
*21%
4*8
12%
12
12
14
13%
*12%
5*2
1%
134
*1*2
13%
134
5*2
5%
5%
11%
5%
*13%
*1%
-
v
~
700
1,200
12,100
6
*5*8
6
90
15%
1534
16
7,300
34
3234
*141
34%
33%
168
48i2
49*8
4
4
33*4
32%
*3334
*141
48%
48%
4
*23%
27
*75
95
27*2
*23%
95
*75
95
14
14*8
33%
4*8
*75
*9978 102
3334
35%
4834
*23*2
14
36*8
4%
48*2
4
3634
4%
35*2
3234
36
1334
48*2
49
48%
4%
*4
27%
28
28
*90
1334
94
14
I.334
14
14%
99%
99%
*95
101%
4*2
13*2
14*2
1334
15%
102
*98
Mar
122
Jan
Sept 27
19% Jan
121 »4
7
11% Jan 4
Sept 27
12
Mar
157g Oct 6
997g Jan 17
11
Dec
12
100
24
18
July 28
95U Aug 21
14«4 Mar 8
10% Mar 8
99
Sept 21
1078Sept 11
37% Sept 27
4
Sept 11
40'2 M ar
9
9,800
100
61* Mar
Oct
123
13*8 July
24i2 July"
Deo
Dec
100
Dec
10*2 May
10
Nov
63
91
Nov
Apr
434 Mai
143g
Oct
10*8
Oct
3
Mar
80
Jan
100
26Sg May
0*2 Mar
51
19
Feb
30
1*4 Mar
125g Jan
35
Mar
9
15i8 Mar
2i2 Mar
Mar
Oct
Oct
I45g Nov
July
33g July
Jan
Oct
July
315g July
215g Nov
8
Mar
18
Mar
30
Jan
17
Nov
113
Jan 24
Mar
8
123g Mar
3*8 May
7*2 July
305g Dec
x25% Oct
Mar 16
95
638 Sept 27
2i2 Sept
i4May
3
118
Jan
Mar
Sept
3% Sept 11
834Septll
2734 Jan 5
93g Apr 10
Apr 10
12% Sept 14
07g Mar
23
32«4 Mar 13
30i2 Apr 10
4ig Apr 11
5684 Mar 13
10
Sept 5
I934 Mar
23*4 Mar
4% Apr 10
20
5
No par
Apr 10
4312 Aug 14
108% Aug 3
10934 Aug 3
180
May 26
18
Aug 15
2034 Aug 24
4078 Sept 27
15
Mar 13
J In receivership,
s
Def. delivery,
Jan
10*4 Mar
13*2 Mar
Dec
178 Mar
38
193g Mar
5*8
Dec
25
Mar
81
Mar
81i2 Mar
157
Apr
145g Mar
20*4 Mar
Mar
29
120
Oct
7*4 July
1*8
5*4
29
Jan
Jan
July
143g Nov
3558 Oct
583g Nov
9
Jan
37*4 Nov
102
Dec
103«4 July
176*2
Deo
18*4 Nov
4(J84 Nov
60
NOV
5
Jan
5
12i8 Mar
21*2 July
30l28ept 12
54% Jan
4
33
Mar
No par
l01%Sept 29
109*4 July 17
99
02i2 Nov
111*4 Oct
Mar 31
2184 July 22
preferred
$6.60
Loft
6
No par
Ino
38% Sept
Lone Star Cement Corp No par
Long Bell Lumber a...No par
Loose-Wiles
Biscuit
25
5%
preferred..__—...100
(P) Co.......—-10
preferred
100
Lorillard
7%
Louisville Gas A El A ..No par
Louisville A
Nashville
MacAndrews A Forbes
100
10
No par
preferred
No par
Inc
Madison
Inc...No par
8q Garden...No par
Aug 24
2
,
5
Aug 11
l0i4Sept 12
105
19
62
Jan
5
6% Sept 11
22U Mar 9
6
110
1
92
8
2488 Feb 25
l59i2June 23
,20*2 Mar 13
126
1534 Jan
36% Apr
28
124
18
4
8
Apr 25
Feb
2
Aug 24
25% Sept
2
1118 Sept
5
June
67
Sept 27
126
Jan
10
5
18*4 Mar
6
«4 Mar
458 Mar
Apr
14
1
Apr
pr
May 12
16% Sept 26
3934Septll
5% Jan 3
6i2 Mar
14% Mar
2*4 May
Sept
57*2 Jan
2034 Aug 11
164
No par
.No par
93
McCall
pref
Corp
1
McCrory Stores Corp
6% conv preferred
100
538
3
25
3738Sept 13
July 11
156
176
Jan
Dec
Mar
1984 Mar
Aug
32*2 Nov
491g Aug
19% Oct
40*2 Nov
23g Oct
103g Nov
20i2 Jan
103g Nov
16
July
234 Jan
7*2 Jan
10
n New
Stock,
r
Cash sale.
3% Sept
Sept 14
?**
01
Dec
Oct
Oct
3078 Nov
166
Feb
Oct
Jan
28*2 Mar
3*2 Mar
53
36*2 Maf 10
105 June 24
16% June
28*2 Dec
1078 Apr 11
17*4 Jan 20
934 Jan 26
88
Jan 13
15*4
zEx-dlv.
Aug
1478 Nov
378s
5234 Aug 2
68s Mar 10
4034 Apr
27
Mar
1*4 Mar
1
7% preferred
100
May Department Stores...10
Maytag Co
No par
$3 preferred w w
No par
9
4% Sept
934 Apr 10
2
584 Mar
25» Mar
6
3% Aug 24
30
2
2i8Sept
26l2 Aug 24
No par
No par
Mathleson Alkali Wks.No par
Oct
534 Sept 13
8*8 Mar 9
Marshall Field A Co...No par
(Glenn L) Co
Mar
3
10
Martin
Mar
16
Jan
734 Oct 4
26*4 Aug 3
1484 July 19
Market St Ry 6%
22
Sept
19*2
40
Apr
4% Apr 10
Oct
247g Mar
Apr
6
pref.100
Nov
1165s Mar
Apr
Midland Corp
195g
57*2 Dec
8
5
Marine
154
3078 Sept 20
43*2 Feb 0
132*2 Aug
9
Apr
Oct
2312 Nov
107*8 Dec
2184 Dec
Dec
5
100
Manhattan Shirt
25
Maracalbo OH Exploration.. 1
Apr
Oct
5»4 July
32
2
No par
Modified 5% guar
12*2 Mar
297g
63s Sept
25ig April
1
June
1384 Mar
Apr
9
63*4
Mar
Aug
35
Co
Mandel
Mar
2% Mar
1484 Mar
Jan
Sept 16
Bros...
Manatl Sugar
20
19% Apr
38
10
I
Magma Copper
Dec
84 Mar
106
6
Aug 17
Oct
778
Ex-rights.
Aug
Apr
97
Dec
884 Mar
16
Jan
75
6
Mar
133s Nov
61
Mar
92*8 Nov
' '
day.
Dec
19*2
223g
18% Sept
$6 1st cum
1,600
Mar
8*2 Mar
50
1
Masonlte Corp
400
Jan
24i2 July
118
25
Martin-Parry Cofp
300
78
Jan 20
47
1,600
1,700
4984 Apr
12i2 Mar
74% Deo
IIH2 Oct
130
July
13i2June 29
3,800
4,900
94
27%
*90
14
14
3334
30,300
165
4%
*99% 102
13%
4%
48%
13%
1334
13*2
Bid and asked prices; no sales on this
34%
32 34
3234
3234
3234
34U
*141
165
*141
165
*141
168
4%
27*2
1334
*4
34
58
9
t Manhattan Ry 7% guar.100
*5*4
35
3
10
700
3,700
4414 Mar
Jan
June
31% April
Lion Oil Refining
7%
15%
4
July 18
133
No par
Co..-No par
Link Belt Co
1,300
8,000
6
36*4
85
113*4
Liquid Carbonic Corp..No par
Loew's Inc
........No par
12%
3534
4*2
16
4
6
55g July 18
35i2 Mar 10
Macy (R H) Co
26
83*4 Nov
1284 July
15
B—.....———25 i- 95f4Sept 26
100 152 Sept 15
Mack Trucks
*5*8
3534
Nov
9
Feb
23% Jan 20
18% Mar 9
Jan 27
Preferred
6,700
15%
3734
4%
Jan
124
Mar
15% Oct
Jan 26
Lily Tulip Cup Corp.-.No par
Lima Locomotive Wks.No par
6,000
11%
1334
134
5%
24
Apr
125
Apr
Prod Corp
33
500
Mar
June
8
3l8 Apr
Llbby McNeill A Llbby No par
6%
«.
8
16
63
17
Llbbey Owens Ford GI.Nc par
2934
6
"-.'J*
*
35
*12012
2834
16
4
43s
27*2
*12%
3434
2834
*5%
36
49
32%
12%
34*4
'
15*4
4*2
34
28
33
6
38*4
34
*126%
*'
28*2
16
4*2
165
32%
*12
«.
5*2
37*4
32
*75
134
5%
*126*2
28%
1578
45g
*141
*4
14
5*2
38*4
*48*2
7*2
12%
134
34
4*4
7*2
26
5*2
6
73s
*22*2
134
16*8
434
1234
26
*22
5*2
4l2
_
35
12*8
*12*8
37
„
12*2
26
16
34
»
5
25
6% conv preferred
Series
9
Jan
14
Lehman Corp (The)..
Nov
June
I034
No par
5
Bryant
18
12l2Sept
100
Lee Rubber A lire
Oct
Oct
117g
3284Sept 12
No par
Lehigh Portland Cement...25
4% conv preferred
..100
Lehigh Valley RR
50
I-ehlgh Valley Coal
No par
1158
*22
7
Sept 26
96%
96
6% Mar
90i2 Deo
1312 Jan 20
20U Apr 11
Lane
Feb
6
Jan
2934 July 24
2914 Aug 1
2334Septl3
preferred
Mar
Jan
6
30*4 Nov
3584 Jan
353g Nov
Apr
NO par
Lambert Co (The)
June
46*2 Mar
6*2 Feb
978 Feb 28
1484 Jan 3
87
48*2
12
6
9% Jan 19
5% Jan 15
Kroger Grocery & Bak.No par
Laclede Gas Lt Co St Louis 100
H) & Co
Oct
15*8 Nov
527g Nov
28
414 Apr
Kresge Dept Stores....No par
Kress (S
4034Septll
3l78Mar 9
103
57% NOV
July
140
28*2 Mar
1912 Mar
Sept 25
Apr
95
58
29*2
20
38
Jan
4% Mar
18% Mar
214 Mar
26l28ept 12
2638 Aug 1
Tobacco..25
28%
—
28%
10
June 12
12% Apr 10
Liggett A Myers
60*2
*126*2
■
29*2
25
600
29
35*2
337s
*21
*5*4
-
-No par
No par
Kresge (S S) Co
Apr
1«4 April
1
Co
preferred
$5 prior preferred
'
*126*2
20
No par
96
95%
15*8
18 34
8»4 Apr 11
Keystone Steel & W Co.No par
3078 Mar
132
46%Sept 11
Apr
Sept
16%
1834
Kennecott Copper
June 21
33
44
1834
7i2 Apr 10
Aug 24
.1
1
Class B
...5
16%
1434
141
Sept 19
Life Savers Corp
44
140
83s Apr 24
12i8 Apr 11
85
Apr 25
500
3,000
33%
Apr 10
Kendall Co $6 pt pf A..No par
1,900
3734
141
*140
140'
140
Kelsey Hayes Wh'l conv ct A
Jan
3
83
Apr
90
...100
Kayser (J) & Co
5
Keith-AIbee-Orpheum pf_.100
1178
5
105
Aug 24
13
Dept Stores.....1
6% conv preferred
Apr 14
Sept
36*8
44
*138
Kaufrnann
4
117i2 Jan 27
5i8 Apr 11
11
April
.100
preferred
Lerner Stores Corp
18
44l2
4%
6
35
St'l pref.100
Furn—10
Lehn & Fink
1634
103
68
L pf eer B No par
Kansas City Southern.No par
300
17%
18%
17%
17%
18*8
18%
18*2
1734
18*2
44
44
44
44
43*2
43%
43*2
4334
44i2
434
4%
4%
4%
4%
4<%
4*2
4%
4*2
43s
434
434
17
17*8
17%
17%
17% *17
16%
17*4
*17*8
1738
1738
1738
*107*2 HO
*107*2 HO
*107% HO
*107% HO
*107*2 HO
*107*2 HO
21
21
21
21%
21% 21%
21
21%
21%
21%
2078
2114
18*4
Jones A Laughlln
5
5
Sept 16
59
684 Mar
Sept
6%May 29
60%June
19% Sept 25
122
Kalamazoo Stove &
600
3634
*1634
34
33
31
31
3234
32*4
313s
*102
10534 *101% 10534
*1013s 103
*101*2 104
44
Preferred..
6.500
3634
16
1
Jan
10
3
Sept
13
No par
..No par
100
Johns-Manvllle
8
7%
*35%
155% *155
17
1
47g
1434 Jan
784j une
Apr
1
preferred
50*2
36
15
45
$6
Jarvis (W B) Co
Jewel Tea Inc
Mar
5134 Jan
18
—
2
Aug 24
Jan 23
Jan 9
778 Aug 24
76
Sept 14
No par
1
Corp
Oct
l73gSept 11
Aug 24
Apr 10
Jan
4
4
Oct
9>8
5
2
3% Sept
-.100
Preferred
27%
27%
48%
16%
15%
38
*1578
96%
20
4,600
12,800
5,900
8,700
17
17
*16*2
37
*16
96
155
200
7,400
2,000
37*2
4434
*16*2
39*4
45*4
*95
95%
96%
156
17
7%
Inter Telep &
5%
1,400
123g
;•
156
160
15
49*8
115
53g
2*8
*12
♦4
10*2
28*2
534
2*4
6*2
200
1238
115*
558
2*8
534
2412
2434
1214
28i2
49*4
300
3,400
48
33*4
22*4
-
10*2
18*2
28*2
33
22
-
2534
4%
4%
4%
33%
34%
35*8
22%
22% 22%
115
115
*113*2 115
*113*2 115
*113*2 115
5l»
5%
5*2
5*4
5%
5*2
5%
5%
2
2
2
2
2%
2%
2*8
214
6
6%
,5*2
534
534
5%
534
6*4
25*2 26
24*2 2434
24% 25%
2434
2434
12%
12% *12%
12% *12
12%
12% *12
5*4
*4*4
5*4
34
22
*-
25%
*16*2
15%
18%
15*8
25*2
3,100
4%
*4*2
25*4
25*2
25%
15*4
2238
*113*2 115
25
4%
24%
4%
24*2
*4%
24%
*4*2
25
15
*4
24%
*10
*16%
3334
22%
2434
10
15*8
1038
84
19
16478
Jan
May
3H4May 19
Jan
Mar
138
Jan 12
29
Kinney (G R)
25%
15
*16*2
15*4
100
No par
International Shoe
No par
Internationa) Silver—... ..50
International Salt
250
10
*16*2
*10
Cent Am..100
preferred
5%
03g
25i4
314
39i2
15
100
Power Co
5% conv pref._
400
2234
*25
Inter Paper &
Internat Rys of
37g
3*8 Mar
8%
5534 Jan
Sept 21
3%
23
2,5%
*25
123
Preferred
Kimberly-Clark
10
25*4
10*2
18*2
Canada..No par
Sept 28
100
Int Nickel of
36
800
284
1
Internat'l Mining Corp
1,700
25*4
2534
25
218 Aug 23
5% Apr 11
1534
23
25*2
*25
25*4
1034
18%
Int Mercantile Marine.No par
35%
2 34
3%
Sept 15
334 Apr 10
15%
44,600
31
Hydro-Eleo Sys class A .25
34%
*2%
10
25*2
2.5*4
Jan
141
142
100
Preferred
Int
35
25*4
*25*4
70
*3434
22
4%
May
*15%
22
*4*2
48
40%
15%
41%
25
25
7l58Septl5
16634 Aug 10
40
23*4
*22
1
*93
20
23
45% Sept
Internat'l Harvester—No par
97*2
31
31
*23
Jan
Dec
Kan City P A
9*2
*21%
15
-
*116%
*9%
21%
*91
29
185
30
*
Apr
Mar
Z -T.
-
5% July
16*8 Nov
98
Mar
Island Creek Coal
-
Mar
6% Mar
Mar
Intertype
2,900
2
2
100
14,400
57gSept 11
l678Sept 12
3%Sept 12
1
978 Nov
34*2 Nov
15
700
15%
June
*130
8*2
77
Mar
80
1
Sept 22
29%
75%
15
3
195«4 Mar 13
*8%
15
5
Aug
8
29%
75
3034 Oct
6
Interstate Dept 8tores.No par
"m
3% Apr
278 Mar
Apr
4,800
"i.......
1
193g Oct
5*4 Nov
Sept
2.900
,
Nov
7*8 Mar
16
preferred
100
Teleg—No par
Foreign share ctfs
No par
84
*77
Sept
95
5
145
18,200
600
146
56*4 June
Sept
Agricultural..No par
preferred
100
Prior
5%
12%
12
"*9%
15*4
1,000
Feb
Int Business Machlnea.No par
5%
5*8
5%
9%
93
234
31
29%
103
100
21%
93%
*91
1,000
38
38
*74%
75
*116%
*11634
734
3*4
100
*122*2 128
*122% 128
80
80
77
79%
16
16
15%
15%
8
1538
700
34%
2110
1214
*36
47*2
*32%
75*4
7434
734
4034
4%
46%
400
22,200
153;
14%
*74
77
75
30,800
4*8
*119
.
300
13%
49%
To"
10
21%
15*4
95
12
4238
15*8
36*2
15%
8%
29%
*8*4
29%
*93*8
99
*93*8
8%
29%
*11634
To"*;
10
22*2
8%
28%
*119
76
84
*77
8%
29%
*122*2 128
*122*2 128
*122*2 128
79
78
76
79
80*2
78*2
16
16
*15%
16*4
16*8
*1558
*122l2 128
*16*8
14*4
76
*8%
29%
84
*77
80
*77
12
43,500
128
12%
47%
4%
700
3934
38%
12*2
4,200
21,400
7*8
*127
45*2
38%
*77
11
9%
39
80
6
7
127
400
157*8
534
934
38%
12
67
135
108
7% Aug 24
li2 Apr 8
Internat
Mar
7
5% Aug
9% Mar
Apr
2i4 Apr
No par
Iron
Interlake
308g Aug
119*2 Dec
60
Aug
21
234 Sept
Rubber....No par
Intercont'l
148g Mar
Sept 20
9834Sept 11
17i2 Apr
90
Highest
$ per share % per share
4
Mar
10*4 July
157
414 Apr
100
preferred
share
per
9i2Sept 6
29% Jan 16
9% Apr
t Interboro Rap Transit."..100
Intercbemlcal Corp
No par
1,000
1,400
1,400
10,200
167*2
9*4
38 34
97
167
6
700
No par
Lowest
131
l47%May 11
67
Apr 8
Inspiration Cons Copper...20
Insuransbares Ctfs Inc
1
6%
$
share
86
100
.
Inland Steel
23,800
30*8
29%
152
5%
3834
97
29
152
6
5%
30
*77
80
2%
234
2%
2%
29
166% 166*2
65
65%
6 34
7
*634
;
29
105
*33*2
*8*4
834
*2934 3034
*11934 120
3,200
4%
16%
4%
15%
34
3934
3,100
39
5 104%
104
14%
34
38*2
*28*2
*95*8
5*4
3%
334
38
3934
434
35*2
36
100
15*4
2%
*34*2
*35*2
16,700
5*8
434
38%
*4
17%
14%
2%
128
48
16%
434
38
37*2
37*4
3838
*126*4 127%
*126*4 128
1234
13%
13*8
13*2
13*2
49
49
.47*2
46%
49%
378
4*2
*4i8
4%
4%
46
46
46
45*4
46%
3734
*126
T266
*4%
104
104
preferred
6%
96
I534
*4*2
152
534
6
7
94
334
334
; 36%
No par
*
5
5
15*4
*14978 151
4
36
36%
36*8
36%
104
10334 103*4 *102
36
104
96%
No var
Ingersoll Rand
150
5%
36
*684
94
17*4
4*4
36
10*2
9434
5
*102*2 10434
5
478
6
96
Industrial Rayon...
1,200
per
438 Apr 10
1034 Apr 10
Apr 3
10
Indian Refining
200
3,500
*143
96%
17
96*2
$
Par
7%
*7
2734
120
Year 1938
Highest
Lowest
27%
2734
121
119
7
27*2
120
95*4
16%
5*8
4
7
7%
2734
122
16*2
17%
*345s
L
95
97
*4%
*634
2734
27%
27*2
122
123
*143
*143
734
*7*4
734
27*4
123
Ranoe for Previous
Lots
EXCHANGE
Saturday
Sept. 30
125
2195
^Called for redemption.
New York Stock Record—Continued—Page 7
2196
AND
LOW
PRICES—PER SHARE,
SALE
HIGH
NOT PER
CENT
Oct.
Sales
STOCKS
Range Since Jan. 1
Sot
NEW YORK STOCK
On Basis of 100-Share Lots
the
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Sept. SO
Oct. 2
Oct. 3
Oct. 4
Oct. 5
Oct. 6
Week
% per share
$ per share
20
20
$ per share
$ per share
$ per share
Shares
20
20
♦8%
9
Mh
157*
Wk
| $
per 8/tare
20
834
20
20
81*
40l2
8%
41
14l4
1434
*19%
28%
67
*55%
5434
512
2334
20U
3634
13%
I6I4
325*
*117
15
4012
15l2
96
96
96
96
13
13
1234
127*
67
13
8%
3934
16
87*
*67
95
67
67
■67
67
6434
54 •%
*812
*91
8%
40
151*
884
13%
15%
3914
96
39%
*551*
5484
*55*
61
60
60
*551*
5484
5514
534
5734
534
61
5734
*55%
5734
512
534
534
2334
20%
36«4
1334
17
325*
118
*5584
5634
*81*
20%
2314
87*
6
2?
2314
3714
13
1934
1934
3612
36l2
13%
1234
13%
13%
12%
16
16%
16
16%
I 3314
167*
34%
32%
3334
118
118
5434
118
*5414
55i2
105% 105%
5%
5%
116% 1171*
5412
54%
105% 105%
5%
5%
*714
8%
800
McGraw-Hill Pub Co ..No par
41%
4,400
14%
1434
1584
9%
5,200
Mclntyre Porcupine Mines..5
McKeesport Tin Plate
10
*S34
87*
9
100
11%
*94
1134
*64%
61
*55%
36
36
1234
13
13
47
47
*45
1234
12
2
12%
2l4
*11%
214
2
2
2
65*
71*
7
6>2
6%
6%
6%
H«
*1
IOSI4 IO8I4
114
113
113
11534 *115
"115
543*
533*
47
*44
3412
345*
16l2
16«4
1
5314
*44
3414
I6I4
1
2
2
177*
17%
107
108
113
113
114
11534
11534 11534
531*
54
*45
46
16
I6I4
16%
25U
2514
25
6
25
25
57*
3812
1314
534
37%
13i2
1334
1534
16%
6%
3912
545*
|
34%'
34%
165*
16%
534
38
14%
47
3412
16%
*1
1%
1%
134
*17%
17%
106% 107%
37%
5012
7
7i2
*50%
7%
50%
*49
7%
7
25
26
25
18
17
*23
25
17i2
121*
221*
1734
"
*145
125*
22l2
150
*12
13l2
*85
93
12
22%
12
12%
22%
22%
49
25
24
24
17%
16%
17%
12%
22%
49
7
12
22%
*1
1%
*134
1%
1%
1%
7% preferred series A...100
tMissouri Pacific
100
2,300
19%
*34
*5%
9,700
2,900
Monsanto Chemical Co
70
115
115
54
54%
45
400
34%
700
Morris <fc
1534
18
5,000
16%
16%
25
24%
25%
534
534
50%
7%
6%
7
7
24
24
17%
1634
18%
12%
12%
12%
3,300
13,900
190
*86
93
*87
93
♦21
23
21
20%
I6I4
16%
15
14
*87
21
21%
21%
16
4,500
Nat
14%
15%
14%
16
1434
2,900
National Cylinder Gas Co
16%
1534
16
14%
157g
16%
15%
16%
10,600
155
*152
155
152
152
*1507g 155
140
*136
140
137
137
*136
33
834
3414
9
77l2
1214
79
1234
78
79
77
78
12<
1234
11%
117*
48
37*
37*
9
*8%
3334
31%
834
8%
33%
834
30%
31%
8%
884
76%
11%
15%
76%
1134
*151
155
Nat Bond <fe Share
100
5,200
"6,666
Nat Dept Store
8,100
Nat Enam & Stamplng.No par
Gpysum Co
..1
$4.60 conv. preferred-No par
National Lead
10
15%
15%
15%
15%
16%
*44%
4634
45
45
46
46
45%
48
*45%
45%
45%
45%
3%
4%
6,300
*45%
4
3%
3%
9
9
9
*8%
4
9
*8%
26%
*24
25%
*24
26
*24
26
*24
26
*24%
25
*78
85
*78
85
*78
85
*78
85
*78
85
*78
500
38
38
38
38
*38
40
108
*106
108
*106
108
16
15%
147*
15%
15%
*38%
*106
14%
40
*38%
108
*106
1434
56
55
14%
40
108
*38%
*106
15%
200
14%
15%
55
"9", 800
59
57
57
55
56
5534
21%
22%
21
221*
2034
21%
20%
21%
20%
24%
4234
23%
24
22
22
237*
20%
23%
22
2284
2334
22%
40%
42
39%
41%
39
40%
2234
39%
40
32
7%
31%
31%
77*
3134
31%
31%
31%
31%
41%
31%
7%
59%
5,000
22% 136,100
24
6,000
4234
12,300
31%
31%
10
11
10%
11
10%
*107
110
57
4184
*31%
7%
*100
....
77*
'107
*105
110
....
7
*107
*110
*
134
134
434
4%
*1
1434
*83%
210
*105
223g
1%
15
85
215
107
22%
1%
1%
7%
7
10%
10
108% *107
....
63
1%
4<4
*1%
14%
*82%
4%
434
1%
15%
'1%
14%
Hi
*83%
211
*105
223g
15%
5>4% prior preferred... 100
6% prior preferred
100
National Tea Co
No par
Natomas Co
No par
107
*105
20%
*8234
84%
*8234
11%
1134
1034
8%
5
44
8%
23%
24
13%
13%
*10214 108
*6
1734
*130
14%
*48
*21%
*45
*11634
63%
6%
6%
*20%
14
10%
5
110
35%
105% 105%
107
*35
*35
37%
5%
434
*42%
4434
*42%
45
8%
2334
8%
8%
23%
9
2334
20
5%
24%
434
*44
8%
22%
6%
6%
30%
30
30%
30
30%
29%
45%
45%
19%
45%
45%
1834
45%
4434
19%
20%
*121
1213.4
*126
135
*25%
28
20
121
121
*127
134
*25%
28
*121
1934
122
18%
*121
128% 128% *131
25
25
*24
4% Apr 11
4% Jan 13
20% Sept
10% Sept
8% Sept
5
83
8
17% June 30
50,100
North Amer Aviation.
17", 800
Northern
834
23
8%
22%
834
834
29%
45%
18%
3,600
10
9%
17,500
24%'
3,100
13%
13%
13%'
n<>i.
me
I
102% 102% *102% 108
2,300
23
23
13%
-
14% Apr 11
634 Apr 8
52
July
1
5% Aug 24
10
100
100
*131
133
*24
26
121%
190
132
132
40
26
100
*24%
J In receivership
a
Def. delivery.
Telegraph...50
Norwalk Tire & Rubber No par
Preferred
50
Ohio Oil Co
No
Oliver Farm Equip
Omnibus Corp (The)
No par
par
6
6% preferred A
75
Feb
Apr 11
Sept 15
Apr 11
Mar 14
32
Apr
8
105% Sept 19
8% Apr 8
27
Apr 28
11% Sept 1
10% Apr 10
18% Apr 8
30
Apr
8
134May 20
4% July
Oct
1
6
May 16
July
8
4% Jan
11% Feb
2% May
7% Mar
29%June
87% Aug 21
42
July 27
112%June 22
1734 Sept 14
62
14% June
58
Apr
28
Mar
99% Apr
97« Mar
Jan
26
July
71
Nov
40
Jan
IO884 Nov
19% July
Sept 21
20
10
Mar
48% Nov
2134 Nov
25%Sept 27
7
Mar
4584 Sept 27
43% Feb 25
Mar
23
Dec
12% Mar
38%
Jan
18
Mar
2
Mar
3784 July
484 Jan
1034Sept 11
15% Sept 11
118% Mar
1
5% Mar
101
Mar
120
Apr
120
Mar
7
110
Aug
111
Apr
62
Mar
8
54
June
17gSept 26
5% Sept 27
3gMay 23
1 s4 Sept 12
8%June 30
4%
12% Aug
23% Sept 27
% Mar 27
2
Sept
1
Apr
8
17
Sept 13
7g
Dec
2% Mar
%
Jan
434 Mar
11 «4 Mar
63% Nov
234
Jan
7% July
1% Jan
163g Dec
100
Otis Steel
No par
$5.50 conv 1st pref..No par
Outboard Marine <fe Mfg
5
No par
100
Class
C..$2.50
5
Coast
Pacific Finance Corp (Cal).lO
Pacific Gas <fe Electric
25
Pacific Ltg Corp
No par
Pacific Mills
No par
Pacific Telep & Teleg
263g Feb 27
1384 Mar
26%
Oct
597g Aug
3
4534
Apr
57%
Dec
59
1
20
Dec
Aug
21% Sept 12
88% Mar 27
1484 Jan
57g Mar
75
June
4
6% Mar
112% Aug 14
92% Sept
9384
Jan
14% July
103
Dec
25
May
1% Mar
35
Sept
5
Nov
41
Sept
5
30
Jan
6
12
20% Mar
3
7% Mar
1984 Nov
83%
Apr
111% Sept
4
Mar
Sept
5
128
Oct
2
7% Apr 10
33
July 11
16% Apr 10
40% Jan 24
114% Jan 26
50
Apr
8
3
334June 29
984 Apr
8
27% Apr 10
41
Apr
8
9% Apr
8
114
6% preferred
100
Pac Tin Corp (sp stk). No par
128
April
Sept 19
17
Apr 10
*
Dec
10% Sept
100
Cash sale.
90
1234 Mar
87g Sept
19% May
434 Aug 21
155gSept 1
6% preferred
89% Mar
29
Sept
1
284 Apr 10
32% Apr
1
6
Aug 14
14% Sept 1
100%Sept 23
No par
r
Feb
Feb
Aug 12
2%
8%
18%
73%
100
Otis Elevator
,>■;
23
70
43
Oppenhelm Coll & Co.-No par
New stock,
Mar
12% Sept
July
Sept 13
»
5
4484 Mar
July
No par
4,300
3
Oct
82
230
19%
Aug 15
Sept 11
15% Jan
July
30
Aug 24
2% Apr 10
18
10
82
13% Mar
31
Dec
11% June 30
120
35% Sept 27
17% Mar
Dec
100
Pacific
Feb
18
.10
3,100
207g July
1634 Oct
55
No par
44%
Apr
Mar
Jan
lBt preferred
44%
4
69% Jan
50% Apr
2d preferred
4484
11%
20
130
4434
1834
4
Mar 10
7
North'n States Pow Co $5 pf. 1
Northwestern
Preferred
300
16% Jan
Oct
Nov
8
June 30
Pacific Amer Fisheries Inc
9,6C0
26
1
Pacific..
Owens-Illlnols
29%
133
10
1,900
29%
19
Co
3,400
2934
121%
American
Outlet Co
390
183g Jan 10
106
30
Apr
7
30
12,900
4
33% July
100
30
400
4,100
29%
121% *120
North
Northern Central Ry Co...50
44
28% Jan
Oct
684 July
Jan
84%
44
107g
Dec
21%
5
3% Mar
3% Mar
17% Mar
198
11%
44%
113%
8% Sept 13
6% Feb 17
110
20%
5
16% July
115% Nov
105% Mar
Mar
*8234
*44
11% Sept
106% Mar
Mar
11%
434
5
Mar 27
117% Jan
114
June
20%
84%
4434
Oct
100
11%
50
25%
June 14
20%
200
30% July
113
*8234
36%
5
1
Sept
12% Mar
20
Nov
103% Sept 8
18% Apr 11
52% Sept 7
50% Sept 6
12% Apr 11
82, Jan 3
84%
11%
106%
1
94% Nov
100
50
36%
4%
1
Sept 26
18% Aug 3
Mar
38
50
*104
Oct
10% May
65
133
6% preferred series
36%
Dec
Nov
19
2
5«4% pref Berles
107
14%
28
168%
Sept 27
800
36%
Jan
216
900
*105
Mar
Jan
147g Nov
Jan 25
54%
36%
6
15% Mar
150
July
Nov
70
57
107
29
168
53%
12
7% Mar
8% Mar
12%
100
Western
54%
*54
54
100
preferred
Norfolk <fe
55%
•Bid and asked prices; no sales on this
day.
m*=s**=EE
7%
100
54%
6%
6%
*6%
6%
6%
6%
*6%
6%
17%
17%
17%
1734
17%
17%
17%
17%
131
128
130
*125% 129% *125% 129% *126
129%
129% 129%
15
15
14
14%
14%
14%
14%
14%
14%
15%
14%
54
*48
51% *47
51% *46
51% *46
50%
50%
51%
22%
*21% 22
*21% 22
22
22
*22
*21% 22
22%
50
*46
50
*45% 50
*46
50
*46
*46
50
50
*11634
*11634
*11634
*11634
*11634
64
63%
63 %
63
64%
64
6334
63%
63%
6334
63%
6%
6
6
6%
6%
584
6
534
534
6%
6%
6%
*53.i
6%
6%
*5%
*5%
6
6%
*5%
6%
6%
21
20
21
*20% 23
*19%
22
22
*19
21
21
13
13
14%
*12
13
12%
13
12
12
12
12%
11
10%
*10
11
*10%
*10%
11
*10
11
10%
10%
45%
Sept
47
55%
1734
30%
Sept 18
107
55%
53%
20%
27,600
10% July
37% Mar
684 Mar
16
12% Jan 13
119
Adjust 4% preferred
2234
Jan 17
7
107
50
22%
22%
175
2
110
50
22%
6%
17%
No par
22%
13%
1334
13%
13%
13%
13%
10234 10234 *10234 105
*102% 108
1734
preferred
N Y <fe Harlem...
107
*55%
53%
No par
N Y Shlpbldg Corp part stk..l
*105
84%
11%
5
5%
Dock
6,900
107
54%
21%
York
15%
14%
*105
55%
*42%
New
preferred
100
JN Y Ontario & Western.. 100
107
22
No par
Conv
*105
22%
Y. Air Brake
6% preferred series A... 100
NYC Omnibus Corp.-No par
80
55%
*33
N.
York Central
No par
N. Y. Chic & St Louis Co.. 100
New
300
1,200
22
serial pref... 100
Newberry Co (J J)
No par
5% pref series A....... 100
Newport Industries
1
3,200
85
2234
conv
1
4%
1%
213
107
No par
Corp
25
National Supply (The) Pa..10
$2 preferred
40
4%
*83%
Mar
Jan
145% Sept
2834 Nov
C% Oct
8184 Nov
*1%
208
4
Jan
15% July
Oct
Dec
62%
110%
178%
1%
1434
85
*53%
35
1434
Apr
June
4%
207
54%
35
14%
84%
Apr
3484 Mar
95
Jan
June
{NYNH4 Hartford
*82
561)
11%
*1%
9%
July 17
Oct
8% July
64%
154
4,200
206
21%
*82%
4%
1%
Mar
2284 July
17% Nov
32
Mar
May 29
157b Mar 7
95%May 31
2334 Sept 13
26% Jan 5
178g Apr 25
Sept
4
26
111
9% Jan 20
Sept 19
14% Sept
z8% July
Mar
127
134
206
21
*105
4%
7% Jan
44% Mar 13
26%Sept 27
1834Sept 27
14% Jan 3
28% Mar 11
87
8
11% Mar
Oct
4
1%
206
85%
*54%
5414
12.%
1%
211
21%
84%
1%
Jan
54%
38% Aug
40% Nov
6
10% preferred
85
54%
106
50
10% Mar
Jan
16% Aug 15
Mar
Dec
3
930
*207
5534
11%
11
108%
19
25
20% Nov
110
117% Sept
27% Jan
173% Aug
*105
85
5534
*8234
1,150
211
53%
20%
*104
10%
107
.8
*58
134
4%
7%
900
22% May
14
N Y Lack & West Ry Co.. 100
*105
1%
1%
7
10%
10%
10%
108% *107 -108%
*105
1%
4%
15
7%
57
Sept 11
37% Mar 13
11% July
2% Jan
3% Jan
145
4*A%
40
Dec
Mar 25
Nelsner Bros Inc
108
Dec
Sept 25
85
*106
%
1%
Oct
Jan
152
500
9
Jan
135
60
3%
48
4
1,300
72%
1784
3%
100
preferred A
National Pow <t Lt
46
Mar
preferred B...
100
Nat Mall & St'l Cast Co No par
National Steel
6,300
16
*8%
No par
Nat
4,300
*44%
9
10
3,900
16
4
No par
preferred
Nat Distillers Prod
7%
45
48
4
1
6%
16
*8%
No par
Dairy Products...No par
7% pref class A...
100
7% pref class B
100
20
44%
*45%
16%
Corp newNo
Register
Nat
100
140
137% *136
31%
32
31%
33%
8%
8%
8%
8%
77
7734
"77%
79
1134
12%
11%
13
*24
15%
100
w w
157g
*152
*45%
100
47
51
Aug 23
Oct
35
4«4 Mar
9%
Jan
July
Nov
984 Jan
1% Sept 27
2%Sept 27
1984 Oct 6
11434Sept 11
43% Sept
5% Sept
7% Sept
21% Sept 13
147% Oct 5
10% Apr 26
10
,
pref
*20%
6%
Aug 24
Oct
July
10% May
1% Mar
1434 Sept 22
4
1484
2278
30% Nov
8
2% Jan
30
Dec
92
70
Apr
Sept 25
5
Corp
Biscuit
16
500
Sept
50
105
7% Aug 24
Nat Bond <fc Invest Co.No par
60
Apr
1
14%
*136
167*
National Acme
14
155
47
Nashv Chatt & St Louis... 100
1584
13,400
par
6
20%
140
*45
Corp
16%
"2",600
1
Apr 10
16% Apr 11
3% Aug 24
Dec
1634
47% July
Jan
Mar
1
30
Apr xll7
25
..5
Nov
Mar
122%May 24
65% July 22
Myers (F & E) Bros...No
Cash
Mar 10
147g Jan
May
Oct
73
57% July
7% Nov
4
Sept
Co
5% pref series A
""800
100
112
14%
*136
*16
100
49%
July 25
Nov
1584 July
111
Jan
Munslngwear Inc
No par
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America... 10
cum
85% Jan
114
95
80
Apr
Mar
9
7%
76
May
30
Nat Aviation
Juiy 29
10
Wheel
National
118
67
21
*152
Aug 24
2% Aug 24
% July
%June 28
10% Apr 11
8534 Apr 10
preferred...No par
100
12% Mar
15% June
111
157*
1534
16
110% 110%
85;
6,800
Sept 22
5
50
Nash-Kelvlnator
Sept
54
Sept
1
684 Mar
18
35
6% Jan
884 Aug 21
26'4 Mar
121
14%
1534
16%
147*
36
3% Mar
Sept
Essex
$7 conv
93
110
111
*110% 112
*111% 1127g
112% 112%
*11034 116
*11012 116
*110% 116
*110% 116
*11034 116
*11034 116
73*
73*
7%
7%
7%
7%
7%
7%
7%
7%
73g
7%
*53*
534
5%
55*
5%
5%
5%
534
*5%
57g
534
534
235* 235*
23% 24
23% 2334
23% 237g
23%
24
23%
24
*137g
15
*1312 15
*13% *15
*1334
15
*137g
14%
14%
14%
10
10
10%
10%
IOI4
103*
10%
10%
10
10%
10%
10%
*82
*82
84
*82
85
*82
84
*82
83%
84
*82
84
23
23%
22%
23
23l2 2334
2134
22%
217g
22%
2134
2234
3214
300
33,200
25
93
2% Sept
Mulllns Mfg Co class B
1634
♦86
6% Apr 10
11% Apr 10
18% Apr 8
101
April
44% Sept 11
103% Sept 25
10
8,100
7%
8
Apr
Motor
"""90
50%'
*49
June
25
Mueller
69
106
May
11
1,500
800
*67
14
2,600
420
106
6% Jan
Motor Products Corp..No par
1,600
Jan
Apr
21%Sept 27
39% Jan
16% Sept
40% Apr 11
578
50
32%
28% Jan
31% Aug 28
22% Sept
9% Apr 10
14
*13
Sept 27
Apr
7
2
par
37%
36
14
Apr
55
110
10
Montg Ward & Co. Inc-No
Brass
Mar
684 Mar
Aug 24
July
No par
20,900
5
No par
Morreli (J) & Co
34
93
2112
20
Preferred series B
43%
12% July
5378 Oct
26% Jan
11% Nov
No par
preferred
34%
16%
16%
*85
1434
$4.50
150
13%
16
100
1934
18%
Apr 11
11% Sept
10
5% conv preferred
Carpet Mills
70«4 Jan
62% Aug 10
No par
10778 108%
12%
12
22%
149
No par
113% 113%
38
*23
300
preferred
Mohawk
37%
7%
16.50
400
20% Nov
Mar
70
60
Mollrie Power lmpt-.-l
4,400
*12%
*144
par
pref series B...100
conv
7%
14
150
4%
Minn
684
*12%
*144
Minn-Honeywell Regu.JVo
180
3,600
Mo-Kan-Texas RR
12%
12%
150
100
6
July
14
No par
1st pref
cum
Jan
7
35% Mar
13% May
Mar 10
46
Miami Copper
8%
10
10
J
39% Aug 28
60
1st pref
Mission Corp
1734
56
3
Mercb & M'n Trans Co No par
Mesta Machine Co
5
150
1,600
6% Aug 25
1
1,500
*49
7%
6
22%
22%
22%
227g
1477g 1477g *145% 149
*1234
13% *12-%
13%
*144
21
1512
157*
*11014 111
16%
50%
7%
No par
2,200
*13%
14
par
127«
2%
*2
*66
*67
*65
69
*65
70
68%
68% *67%
f9
"10534 106'2 *10534 106% *10534 106% *10534 106% *10534 106
7
634
7
67*
7%
6%
634
678
*50
5%
18% Sept 12
J
Highest
I per share $ per share
14% Sept 26
48
16%
24%
*13
200
1,100
10,800
884 Apr 11
Aug
1034 Jan
9 9*4 June
127g
157«
37
1312
410
21
36%
137*
59%June 15
Jan 27
48
16
16%
37
12%
157*
247*
534
13*2
47%
12%
343i
16
37
47%
34
24%
*5%
1,200
2234
5%
10634 108%
114
*113% 114
11534 11534 *115
11534
53%
54
53%
54%
44
45
*42%
43%
16%
534
5%
♦113
25
Melville Shoe
conv
Sept 19
Aug 23
Mengel Co (The)
5%
15% Apr 28
5% Sept 1
39
6
Midland Steel Prod
49
I"*
1,800
584
22
share
24
88
5
Mld-Contlnent Petroleum.. 10
1212
214
67*
2
5734
5%
*18
$ per
Year 1938
Lowest
100
15.50 pref ser B w vr.No par
100
Highest
$ per share
...1
16 preferred series A .No
80
Range)ur Previous
No par
preferred
6,100
49
2
Stores
conv
5,700
214
16*2
17i2
1067* 10714
6%
Mead Corp
57%
16
16%
167*
3334
33%
31
116% 116%
11784 11734
54%
5534
54% 56
105% 105% *105% 106
I2l2
2
61
McLellan
100
16%
50
16
....
4,300
3,600
33%
21*
I84
12%
*67
35%
*4734
16
100
12%
5734
534
2234
1934
*121*
*1
1
40%
5%
48%
12%
7
Co
Elec
8%
22%
19%
22
20
3712
34
6I2
22
20
16
6
5%
2,100
Par
McGraw
41%
67
37
1051* 1051* *10514 106
55*
23l2
57
197*
41
*94
1214
197*
Lowest
14%
812
100
111*
3712
33l2
54
8%
♦94
21
*20
118
87*
20
7, 1939
Ex-dlv.
y
367g Oct
6
5% Sept 26
4484 Aug
2
113%May 25
8% Jan
27% Jan
4
3
148% July 26
16
Sept 11
55% Sept 13
247gjune
9
45% July 18
116% Mar 25
70
Jan
3
7% Sept 13
7% Sept 25
24% Sept
15% Sept
1234 Mar
34*4 Mar
507s Aug
21% Sept
132
June
25
27
14
10
Ex-rights.
122
10
Nov
29% Nov
6% Mar
30% Apr
60
Nov
15% Nov
Nov
10
Mar
22% Aug
39%
52
Oct
115
Apr
Apr
115
Apr
40
Mar
5%
Dec
2% Mar
10% Mar
384 Mar
15
9% Mar
9
Feb
147
9% Mar
x22>4 Mar
32% Mar
9
Jan
32%
Jan
3
156% July 29
327g Sept
1384 Mar
14%
87
76% Nov
11%
Jan
5%
Jan
21% Nov
9% July
15% July
30
43%
Nov
Dec
19% July
Apr
121
x!32% Mar
17% Dec
149
Nov
30
June
Dec
^Called for redemption.
;
j
Volume
SALE PRICES—PER
HIGH
AND
Sept. 30
Oct. 2
Oct. 3
S per share
$ per share
Thursday
,
Oct. 4
$ per share
$ per share
*95s
*934
15%
15%
*6
10
9%
4's
1578
378
15%
4'8
1534
734
*512
7
H2
138
*6
8
1%
1*2
4178
4178
94-34
*41
44
9434
*90
7%
7
6%
6*2
100
1%
1%
1*2
2,200
*41%
44
943}
41%
41%
*90
734
734
*75%
78
714
7534
7534
8l2
15
3
8i2
*14i4
278
8«4
44 78
201}
4414
2
*178
19l2
*178
20
2
11*4
10%
20
1034
10i8
378
4%
28%
*14
'
4l2
*27
*14
2578
27
*30%
34
41
41
3912
35is
18
40
41
3734
37l2
35
*20
24
*9
17l2
*4i2
1634
514
17%
36l2
*20
3934
*4
53g
93s
934
*20l4
24
91}
938
6i2
234
44%
38
*6%
4234
43
41%
41ss
4112
41%
41i2
4H2
82i2
2i2
*4r>8
434
51}
%
1
83
434
%
8234
8234
*120
130
*120
*4l2
82
5'8
*25
34
2,600
300
14%
300
14*2
24%
*31%
25%
25*4
26%
67,800
32%
32%
32*8
100
42%
2534
34
42%
42%
41*4
42%
7,300
*4
5
17
17
17
""566
38
40
1,070
35*2
37%
1,670
*20*2
22%
*15%
38
39*4
35%
24
9*4
35
36
23
*20%
Penn
No par
50
Peoples Drug Stores—No par
Peonies OLAC (Chic)... 100
Pennsylvania
9*2
15
RR
Peoria A Eastern—
5
*4
17%
39%
$7 conv pref ser
$7 conv pref
*120%
*120%
pieferred
"""600
6*4
1,900
41%
82%
*41*2
42%
41%
42
19,000
1,200
*80%
*2%
2%
*2*4
4%
%
'• 4%
*4%
82%
2*2
4%
%
82%
"122
*4*2
5%
*25
34
%
1
82%
8234
130
*120
34
*2*4
""*140
4%
110
1
5%
5,300
3,700
*4*2
7%
*25
400
1178
12
11%
1134
113s
11%
11%
11*2
10%
12
2,300
Pitta Coke A Iron Corp No par
82
82
84
84
84
84
84
84
79
80
150
*159
165
"159
165
*160
165
*160
172
*160
172
*38
44
*38
44
4534'
3%
4
3%
45
*38
44
44%
33g
45%
*38
4
45
45*8
*3*4
46
20,000
4
200
40
4534
40
838
8%
8*4
*8
8%
812)
8>s
8%
2978
2978
*293g
297S
*291}
30
29%
29%
*29*2
29%
29%
48
48
*4512
493}
*45%
8*4
49%
8%
*47%
49%
49%
49%
*45%
8
8
26
*24
8%
27
3178
*27
12i8
88
*159
162
978
103s
26
27
9%
10*8
9*2
*1434
7*2
8
738
/
9% % 9%
9%
29%
*25
30%
938
9%
600
8%
8%
*8's
8i2
20
'
*8
29%
300
8%
1,900
40
"
29*2
29
9%
12,100
16
16
15
15
14%
14%
15
15%
15%
15%
1,200
46
46
*43
45%
42
43
42
42
45
46
47
48*2
580
22
2312
23
36%
*21%
23%
*21%
23
24
25%
*37
38%
38*4
40
17%
38*2
17%
*36*2
19%
18
18
19%
15
23
21%
3412
36
36
19l2
18
*21*4
40
*36
18*2
19
17*2
*158
~~1%
*142
"142
*142
*142
~"i%
1%
22%
1%
*22
15
15
15*4
361}
15*4
16%
1*4
*38
1*4
13«
1%
*1%
*3S
%
*2
15*4
1434
16
*15
15%
16
1658
*153s
16%
*4734
49
*4534
49
44%
44%
61%
61%
61%
6H4
61*2
6178
115% 11-5*2
15
1%
*2
15%
14%
*14%
15
1%
152
*152
115
*112
115
153
155
*112
39%
39%
40
10%
934
10%
10
*80*2
83i2
*80l2
*77
78
*76
1334
*13%
578
*56*2
83%
9%
*80
1334
13%
13%
14%
*13%
6%
5%
6
56%
*5634
57
15%
500
63%
4,300
1%
1%
1*2
1%
22%'
2212
22%
1638
17
16
*241}
25
28*2
17
24
21%
28*2
26
26
1%
*22
16*2
2312
2034
*57
60
178
58
11%
178
11%
1%
26
27%
17
26%
*83%
7934
16*4
*33
35
*31
35
*31
*80
84
*78
82
*78%
50
*47%
56
*49
2678
87%
82*2
2778
16*2
49*2
877s
82i2
'
88
7934
17
*75
8*2
36*s
*52
•8*8
*6%
*11*8
10%
10
10%
83%
9
36*4
*75
83%
*52
83s
6%
*11%
19%
*1%
441}
4334
46
34
34
134
134
4*2
*4
10
42
8%
7
*1*2
*3
36
42'8
10*8
*75
22%
23
2,000
Raybestos
16
16%
Rayonler
24
24%
*23*2
24%
24%
3,500
1,500
20
27%
24%
20
20%
19%
21*4
5,900
51}
49%
19%
27*2
24*8
;
14
8*s
14
11%
2%
27%
*4%
*47*8
13*2
*7%
*13*2
11%
*55
*52
1%
25*4
8*s
14
21*8
*4
*6%
*11%
*19%
*1%
44
%
%
13}
1%
*3%
*8
8%
*13*2
11*2
14
11%
3,300
59
100
78
78
20
2
17,300
2
1%
25%
26*8
1%
1%
26*8
86%
26
27% 117,400
400
*81%
76*2
89
77*2
*81*4
86*2
87*2
77
78
78
81
2,400
16*4
16*4
16*4
16%
16%
16%
3,300
32
32
*31
34
84
*79%
81
*78%
80*2
*48
56
*48
60
49*2
49*2
"""366
10
10
10%
10%
10*2
2,600
87%
79%
17
10%
*9%
*4
4134
8*2
36%
*75
7
13
20%
1%
44*2
%
1%
5
10
4234
8*2
*6%
*11%
19
*4
41%
52
83%
*75
8%
8*4
Class
A
Reynolds Metals Co
2", 200
9,500
8%
4,900
50
Rlcbfie d Oil Corp
6%
7
500
*11*2
12
200
Roan Antelope Copper
18*2
18*2
900
Ruberold Co
1%
*1*4
42%
1%
1%
134
43%
4334
%
100
4,000
1,900
1%
1,500
*4
10
41%
104
111
112
112% *112
1%
1*2
5
10
42%
41%
*103% 104
110
%
%
%
110
*3*4
*4
5
10
41%
103% 104
6,500
110
110
42%
110
113
112*2 *112
112% *112
112% *112
20
19%
19%
*18%
20
19*4
19%
this day.
J In
.
receivership.
220
60
900
a Def. delivery,
—100
Spring
1
Reynolds (R J) Tob class B.10
Common
10
Reynolds
6%
1%
*3*4
Mar
June
7% Apr 10
22
Apr
4
12% Aug 24
June 28
18
Sept
6
142
1
Aug 25
7*2 Aug 24
*2 Aug 5|
%May 1
6
Aug 24
6*4 Sept 1
18
Apr 10
50% Apr 14
Mar 15
112
31% Apr
8
101*2Sept 28
Ritter
Dental
Mfg
(The)
No par
No par
Mines
No par
^Rutland RR 7% pref
St Joseph Lead
,
6
7*2 Mar
20*2 Apr
11% Apr
40% Sept 15
23
2038Sept 27
6
142
May
Mar
Aug 25
%
2% Sept 11
Sept 11
15
Mar
17
Sept 22
8
Mar
16% Sept 22
5*8 Mar
2% Jan 6
% Jan 17
1% Mar
l6%Sept 27
16% Sept 22
484 Mar
49
64
Sept 27
Aug 15
*2
39*2 Mar
119% Feb 27
114
Nov
3
25
Mar
7
86*4 Mar
4134 Aug
1143s Aug
1
112
Apr
Apr
June 29
132
Mar
Jan 19
112
Jan
128*2 Aug
2
143
166
111
Sept
2
z22% Aug 24
6% Aug 12
Sept 5
117*4
Aug
41% Sept 27
11% Sept
5
70
90% Mar 29
6334 Aug 18
81*2 Jan
10»4 Jan 26
18% July 17
Aug 16
Aug 24
5
1
63% Apr 10
1% Apr 8
Oct
4*2 Mar
1334 Mar
Apr 25
7
Deo
24
Sept 21
Sept
3
13% Sept 26
21% May
8*4 May
Apr
81
74% June
7
Mar
9
June
4*4 Mar
8*2 Jan
4
85UJune
1
60*4
67% Jan
5
37*4 Mar
2% Jan
5
I84 Sept
Jan
4
23% Sept 22
1434 June
6% June 29
17% Sept 27
25*4 Sept 27
22% Sept 2 7
18
1214June 28
10*4 Apr 8
20% Sept 5
16
July 6
3
April
July 18
43
Apr
1
6% Apr
9
Apr
8
7
4
934 Sept 1
Sept 12
Apr 11
% July
8
12% Apr 10
43
Apr 8
28% Sept 27
27
Sept 27
8% May
Mar
10% June
Mar
18
5% Sept 27
13*4 June
284 Mar
Mar 20
34% Mar
64
15 % Sept 16
Jan
934
5
14%Sept 27
17% Jan 5
75% Mar 15
74
Oct
3
2*4 Sept 13
28%Sept 12
92
Sept 23
Apr
5
5*2 Mar
9
June
9% Mar
49% May
40
Apr
1
Dec
11*4 May
39% Mar
85% Sept 23
20% Jan 5
40% Jan
5
84
Sept 16
38
37% July 11
7%June 30
56
42
Apr 11
May
7% Mar
17% Mar
Apr
65
Sept
6
45
Dec
14a4 Jan
4
10
Sept
77*2
Dec
4
86
5*8 Apr 10
Sept 21
11% Jan
5
4% Mar
45
Jan
4
3334 Mar
July 25
58
Jan 31
7834 Jan
35
52
6% Apr 11
6%May
10
2
Sept 16
15% Sept
1
«4 Apr
8
27% Apr 11
tSt Louis-San Francisco... 100
6% preferred
...100
*4June 27
% Aug 12
l%May 3
3%May 6
27% Apr 11
82% Jan 4
r Cash sale.
6
129
10
n New stock,
48*2 Oct
25*2 Oct
4% May
147
100
JSt Louis Southwestern... 100
6% pieferred
100
Safeway Stores
No par
5% preferred
—...100
6% preferred
100
7% preferred
...
100
Savage Arms Corp
No par
Sept 11
Aug
5
1138Sept 12
16*2 Sept 12
101%
112
100
18%
%
41
145
100
..No par
11%
1%
95
—10
...
7% preferred
6Ji% preferred...
18%
5
18*2 Dec
378 Mar
9% Apr 11
11*2
43
32%Sept 27
14% Sept 11
21% July 11
63
Aug 21
7
43
6
6
13
104
•Bid and asked prices: no sales on
6% conv preferred
100
6% conv prior pref ser A. 100
Oct
3% Mar
55
Revere Copper A Brass
Jan
39
Sept 12
175
60
Republic Steel Corp.—No par
Mar
20%
Apr 27
100
5
tReo Motor Car
Jan
4
12
4% Aug 23
Preferred with warrants. .25
Rensselaer A Sara RR Co..
6H % conv preferred
*
36*2
5534
36
*52
8*2
8*2
pref. 100
Reliable Stores Corp—No par
Reliance MfgCo
10
Remington-Rand
1
19%
*110
20
36*}
52
81
*79%
100
Preferred
Rels (Robt) A Co 1st
8%
6%
%
1%
*3*4
8*2
36
8%
*1*4
43
8*2
300
34
34
83%
*75
83%
112
110
*72
52
21%
30
13%
*55
104
21%
47*2
13%
84
8
42% 42%
103% 104
*4*}
47%
59
52
10
100
*55
35%
5
1,100
1,400
5
*65
104
21*8
11%
11%
11134 *110
112
112
*13%
5
47%
14
8%
13%
11%
26
29*4
*28
59
11134 *110
10334 10334
*109
47%
*13%
*7%
8%
34
134
*3
25
*4%
5*2
49%
13%
5534
453}
28*2
25
8
134
25*4
28%
Inc
Mar
30%
Sept 20
16*4 Apr
4,300
2
50
Manhattan.No par
1
$2 preferred
25
Reading.
60
4% 1st preferred
60
4% 2d preferred
60
Real SUk Hosiery
6
"5",4(>()
1%
1%
Sept
27*4 Mar
8
Mar 31
4
June
4% Mar
32
158
11
56%
56
2*2 Apr
12
Apr
85*4June
No par
$3.60 conv 1st pref.-No par
tRadlo-Keith-OrpheumATo par
16*4
24*8
*52
6%
....100
$5 preferred B
23
83%
35%
15.No par
No par
No par
preferred
15%
8%
19%
1%
35% Mar 27
Quaker Stato Oil Ref Corp.. 10
Radio Corp of Amer...No par
56
8%
13
6
100
*75
Apr 18
28,000
14%
*13%
534
6
56%
55
8*2
36*4
9
14*2
100
*75
57*4
361}
5534
8%
13
20!8
134
1934
*13%
534
23
2,100
34
*82%
78*2
16%
5534
10i8
5%
Aug 22
5% conv preferred..
100
Puilty Bakeries
No par
13%
13%
6%
22*2
74
74
2
13%
14%
5%
59
*55
78
*74
*7%
*13*2
14
58
2
1334
8%
*13%
11*2
77
*74
*4%
*8
14
13%
25%
*47%
600
*13%
27%
5%
Pure Oil (The)
200
78
82%
*77
1%
25
15
13,700
82%
82*2
16
27
49%
preferred
21%
24
5*8
8%
Pub Ser El A Gas pf
Pullman Inc
13%
100
No par
100
100
100
preferred
23,500
100
N J..No par
S5
*112% 115
*112% 115
39%
38%
38
38%
10
10*4
9%
934
*80*2
No par
5% pf (ser of Feb I '29).
Pub Serv Corp of
7%
230
1
5
--60
6% conv 1st pref
6% conv 2d pref
Procter A Gamble
1%
2734
*14
No par
B
Pressed Steel Car Co Ino
21%
15%
22%
*47'8
Poor A Co cla9S B
I Porto Rlo-Am Tob cl ANo par
Class
3
0
17% Sept 1
6% Apr 14
No par
No par
4
July 27
3% Sept 27
45% Mar 15
9
Sept
6
31% Sept 11
51
Sept 23
5
Pond Creek Pocahontas
Jan
114
46% Sept 22
% Apr 28
Plymouth Oil Co
1
7
Jan
*4 Mar
75*4 Mar
3
35
Apr
Apr
1*4
2*4 Mar
Mar
6
Jan
Mar
60
l%Sept 11
31*4 Apr 10
2
Aug 11
36
484
17% Mar
30
154
Apr 20
234 July
7% Mar
103% Mar
2
Sept 21
Mar
8*2 Mar
234 Sept 26
5
Sept 16
No par
(The)
100
155
153
Plttston Co
200
133
133
7% pref class B
6% pref class A.
preferred
6% preferred
800
105*2 105%
122
119% *117
105
134
No par
100
100
6H 1st ser conv prior pref 100
Pittsburgh A West Va. ... 100
PlttsYng9tAAshRyCo7%pfl00
Pitts:,urgh Steel Co
1%
*26%
141}
8*2
14
12
5,300
No par
Pitts Screw A Bolt
22%
16%
24%
21
21
534
4978
14*4
*7*2
*13*2
1134
*5'8
38%
38%
No par
100
15 conv preferred
1%
24%
20%
24
*47%
*21
250
116
115
38*2
78
57
500
47*4
77%
*75
7,700
1*4
44%
62%
63*4
78
58
15%
*1
15*2
45
78
13%
14%
6
15%
700
82%
10%
83%
100
*75
100
*75
57
153
600
100
39
9%
82%
37%
9%
1,300
16*4
26,200
63
*112% 115
39
77
77
78
*13*8
14
137S
6*4
100
*75
'
37%
22%
%
160
152
115
22%
15%
*153
160
38«4
i',300
*%
116
*112
"T%
15%
15%
116
115*4 115% *1143} 116
38
38%
38%
38*4
38%
38%
381}
38*2
38%
lt)5
104
104
*10338 104%
103i8 10334
10234 10234
119
*116
*115
117
117% *11738 118%
*114l2 117*8
*131
*130% 155
134
*130
*130% 136
*130
135
*151
"
*1%
*2
15
45
44% 44%
61%
62%
*114% 116
2,800
*14%
15
15*2
*1*4
360
430
*142
1%
22%
*%
14%
14%
14%
*16
15%
*14
16
14%
22%
14
1%
*38
*2
16
14%
1%
1*2
%
1%
22%
15%
15
15%
*14
1%
22%
134
22%
22%
15%
22
22
17%
*142
Phillips
Phoenix
Pitts Ft W A Ch 7% gtd pf
10*4
8
25
*83%
4
*334
4
45
*38
45%
*334
46
Jan
Sept
15
5
8% Mar 14
Feb 27
74
17% Mar
47%Sept 12
4838 Aug
1
91
Aug
3
*8 July 29
*1134
4514
46%
10*4 Sept
8
7
124
-
preferred
8
1*2 Apr
Petroleum....No par
Hosiery
5
Preferred
100
Pierce OH 8% conv pref—100
Plllsb.iry Flour Mills
25
Pirehl Co of Italy "Am Bhares"
Pittsburgh Coal of Pa
100
6% preferred
-100
44%
*334
Sept 12
100
Phillips Jones Corp.
5%
Sept 26
10
.100
..No par
5% conv prof series A.
32
40
3
Dec
22% Mar
I84 Mar
5*2 Mar
3
534 Sept 27
19% Sept 27
45
Sept 26
25
Apr
Mar
120%
14*8 Mar
19% Mar
1
75
Philip Morris A Co Ltd
130
10
Jan 18
36
tPMla Rapid Trans Co
50
7% pieferred
—50
Phlla A Read C & I
No par
83
%
82*4
*120
30
*25
2%
4%
82*2
130
*4*2
5
82*2
*81
9
Mar 15
42% Oct
8
1
534 Apr 10
28% Apr 11
Pheips-Dodge Corp
..25
Philadelphia Co 6% pref...60
$6 preferred
No par
Dec
2% Mar
10*2 Mar
27% Sept 27
3938 July 18
684 Sept
44%
6
Mar
1%
8
16% Mar
Mar
55
8
17
9*2
6%
8«4 Mar
41
13% Sept
..No par
Petroleum Corp of Amer
5
Pfelffer Brewing Co—No par
Pet Milk
43%
9*2
6%
44
Feb
1
Mar
124
Mar
1*4 Mar
3% Mar
7% Apr
21
Apr
100
100
prior preferred
5%
33
Mar
13
5% Sept 15
30*2 Apr 11
2
May 10
100
6%
3
Aug 24
24
100
Pere Marquette
1% Mar
31% Mar
Sept 11
Sept 25
57% July 28
9434 Aug 2
434 Sept 12
2% Aug 24
17% Aug 28
11% Sept 1
120%June 20
Cement—No par
A—No par
G1 Sand Corp v to No par
Penn-Dlxie
9*2
6*2
»
5
130
*4*2
4*2
*26
..No par
«4 Apr
Mar
6% Mar
5
11% Mar
7 % June 12
Corp.... 10
65
4
2% Feb 25
13% July 27
534 Apr 10
Apr 10
(J C)._
534 Mar
6
47
Apr 10
Penn Coal A- Coke
Mar
88'4 June
4
16
21
74
Penney
29
4
4*4 Sept
4
48
2,000
Dec
6*4 Nov
1
Sept
5
Apr 11
—No par
Patino Mines & EnterprNo par
Penlck & Ford.....—No par
Pathe Film Corp...
2,600
»
29*2
4*4
4%
400
3%
3%
30
14%
*14
—
89
2,500
Parmelee Trans porta'n. No par
44%
41%
78 '1/ 1
8234
*121
130
*25
34
*25
1
8234
*4%
5%
*2*4
*478
4*8
16,200
11*2
88
I
*26%
4%
30
_
87
500
1%
1%
1% Apr
2,50
Mar
3*4 Mar
1534
Jan
26
11% Apr 10
1*4 Aug 24
36
No par
Co
43
9%
4438
*78
3%
5%
6%
6l2
2i2
3%
14
*20%
44%
82%
8634
4%
24
91}
6%
2%
10%'
54%
«14
43I8
*
10*2
54%
3%
6%
2%
11%'
3%
34%
20
55%
86%
41
3614
1,700
Parker Rust Proof
1034
86'4
*4
Parke Davl« & Co
10*2
55
42
Park Utah CM
1,600
11%
10%
55
*16%
3,300
55*2
86%
1134
10%
5534
5
1678
7% Sept 11
14% Sept 30
2%
11
2
4234
10
—1
1
44%
20
20
*1%
"120%
24%
265s
*30%
34
6% 2d preferred
10
Feb 14
14% Jan
107% Jan
13% Jan
Sept 11
72
1st preferred..—..100
6%
60*2 Jan
5
Park & Tilford Inc
2%
I
19%
2
11*2
*26%
6% Sept
1
$ per share
share
11% Jan 5
434 JaD 3
16% Sept 19
834Sept 12
2
Sept 11
per
104
Sept 28
92
.100
Inc
100
15
44%
234
44%'
19%
4%
400
% Apr 1
35
Sept 12
2,200
19%
*1%
11%
10%
4
80%
*14
15
234
44%
44%
82%
79%
Paramount Pictures
5
June 26
5
No par
Paralfine Co Inc
4% conv preferred
40,300
7%
9
2%
1934
2i8
500
Pan Amer Airways
9434
7%
78
9
44*2
*6*'%
2i2
78
1534
"90
8
*14
2%
4234
*....
42%
9
4412
1434
2518
*30i2
3978
34
15
15%
9434
734
15
834
*14
27
*14
2658
383g
383s
27
"120%
*3012
*1634
412
1434
*12012
2534
*4l2
334
4i2
28
1434
38
8534
8612
4I4
378
281}
*9i2
*55
5578
86
412
*120%
Ills
1078
10%
87*4
378
8634
19%
m2
1034
*55
56
*55
'
178
*90
8
7912
4478
9% Sept
Panhandle Prod <fe Ref new__l
8%
*1414
278
7% Aug 29
3
Apr 8
10
No Par
Cdrp
7
*74%
141}
3
Corp
1%
41%
9
4478
Pac Western Oil
Packard Motor Car
*6
80
*278
1,000
22,300
4,100
1*4
*8%
141t
4
4%
15%
7
1578
*61}
138
*7378
44%
9%
4%
9%
9%
3%
15%
1*4
15
$
$ per share
Highest
Lowest
Highest
Lowest
Par
Shares
5
Pan-Amer Petrol & Transp._5
7%
.
Oct. 6
$ per share
9%
4
On Basis of
Week
Oct. 5
$ per share
10
378
EXCHANGE
9434
*41
*89
7
|
Range for Previous
Year 1938
1
100-Share Lois
Range Since Jan,
STOCKS
NEW YORK STOCK
the
CENT
Friday
i
43
1%
*89
*9%
934
378
155g
10i2
4
378
NOT PER
SHARE,
Wednesday
Tuesday
Monday
Sales
for
LOW
Saturday
2197
New York Stock Record—Continued—Page 8
149
96
Jan
3
104*2 Jan 11
10% Apr 11
Aug 19
17*2 Sept
7
7
6
34
4
10*4 Jan
9*2 Jan
2
Jan
51%
Jan
5
Mar
7*2 Apr
14*8 Mar
2
Jan
4
Mar
13
«4
Sept 27
49*2Sept 5
%Sept 13
1% Mar
Sept 14
I84
6*2 Sept 11
3%
6
Dec
25*2 May
% Dec
12
Dec
Dec
Mar
3
109
Aug
3
112% July 17
58
Mar
68
Mar
7
79
Mar
48% Aug
116%June
23
Sept 22
xEx-div. y Ex-rlghts.
884 Mar
^ Called for redemption
New York Stock
2198
LOW
AND
HIGH
SALE
PRICES—PER
Record—Continued—Page 9
SHARE, NOT PER CENT
STOCKS
Sales
NEW
for
Saturday
Monday
Tuesday
Sept. 30
Oct. 2
Oct. 3
$ per share
$ per share
13
13%
$ per share
13
13%
13J8
13U
65
65
%
66
h
*65
66
%
34
Wednesday
Oct. 4
Oct. 5
$ per share
$ per share
.
13
13
*65
67
%
Thursday
67
%
%
*6%
%
12%
*65%
%
6%
Oct. <i
12%
67
%
7
7
7
7%
7%
7%
7%
*6%
7%
6%
47
47
4634
4634
*46%
46%
*46%
46% 46%
4534
46%
4634
*11054 114i2 *110% 114% *110% 114% *111
114% *111% 113% *11134 114%
%
1
%
1
%
1
%
1
%
%
%
%
*2*8
234
234
2%
*2%
2%
2%
*2%
2%
2%
2%
2%
22
*2112 22
22
21
21% 21%
21% 21%
21% 21%
22%
*U8
21.4
2%
2%
*1%
2
*1%
2
*1%
2
*1%
2
77
7712
76
7734
77
7734
77%
77%
77%
88
7734
7834
14'%
14%
14%
1434
14%
14%
14%
14%
14-%
14%
14%
14%
19
1914
19%
1934
*18%
19%
18%
18%
18%
18%
1834
19
*56
*56
7314
*56
70%
*60
70%
*60
70%
70%
70% *60
6'%
6%
6%
6%
6%
6%
6%
6%
6%
6%
6%
6%
*50
61
*50
50
50
50
50
50
50*4
*49%
*49% 51
7%
7%
7%
7%
7%
7%
7-%
7%
7%
7%
7%
7%
35
3512
*35%
35"
35%
35
35
34%
35%
*34%
*3434
3534
14
14U
14
1434
14%
14%
14%
14%
14%
14%
14%
14%
*9812
99
100
99
8
8
23i2
24-'%
*2%
3
26i2
2612
*27
23
2412
9534
*24%
*9312
*114
120
IIOI2
1934
1934
*10%
11
21%
22%
1334
14
*13614
25%
17%
1934
32 34
2%
14%
*14%
1434
*42
2%
234
9
9%
*65
44
*2%
*9%
2%
300
81mras Petroleum......—10
27
300
Sirnonde Saw & Steel ..No
24
1,300
29
*27
24
24
24%
*94%
2%
2%
14%
14%
29%
136% 136%
28
25
25-%
16%
17%
19
20%
32%
30%
*35
45
2%
*8%
2%
10
49
z49
49
*48
11%
12%
12
62%
62%
283«
63%
27%
6%
"
'95
*2%
3
3
29%
24%
3
8
2%
.
*35
8
2%
2%
9
9
9
21%
*19
21%
47
21%
47%
21%
48 34
17.300
29%
29
28%
*47%
49
*47%
1134
30
49
11%
*47%
11%
61%
49
12
27%
28
28
6
94
94
9'4
94
*93%
3
3
3
3%
6%
7%
19
11%
62%
12%
61%
28%
62
6
6%
2%
8
8%
29
6%
8
8%
61%
20%
6%
33
33
33%
33
33
74
74
10%
11
73%
1034
634
74
73
73%
73
72 34
73
73
73
1034
10%
10%
10
1Q%
10%
10%
10
10%
6%
6%
6%
12%
13
6%
6%
634
6%
12%
12%
12%
13%
8%
13%
6%
13
9
13%
8%
8%
8%
8%
8%
12%
8%
13%
8%
56%
56%
31%
3234
9%
31%
3
3
2%
9%
32%
3%
122% 122%
9%
9%
31
32%
3
3%
*32%
6%
12%
8%
56%
56%
124% 126
9
57
31
2%
57
57%
125
124% 125
9%
x31
9
9%
31%
3
234
3134
2%
18%
32
32
32%
11
11
11%
21%
32%
10?8
834
8%
32%
11%
11
12
9
*5%
6
*35
7%
47
4%
7%
4734
*36
39
4
4
7%
47
4%
4%
434
35%
9%
*7%
36%
35%
*17
10%
734
19
*5%
*36
7%
46
4
7%
47
4%
4%
35%
10%
10
7%
16
16
18%
*57%
*4
*35
7%
18%
*18
*57%
*4
4%
37% *35
4
4%
25% •*23%
41,i
37%
4%
35
2%
2%
2%
27%
*2%
*10%
12%
271.1
26%
2%
2%
10%
12%
91
91%
10%
12%
*90%
17%
3
3
28
t034
1234
1134
12%
91%
17%
18%
50%
6%
511
9%
9%
3%
ro
6%
12%
13%
*22%
3%
30
10
,1"
ll34
.10%
>10%
*18
103%
*82
6%
9%
10%
334
78
6
18%
50'4
6%
9%
23
3%
30
10
1%
41%
12%
91%
110%
18%
105
5034
6%
91
3
•
Bid and
12%
*91%
3%
if8
12%
92
4%|
37%.
4%
4%
25%
*3%
*3%
27%
2%
25%
10%
12%
*91%
17%
187S
200
Texas <fc Pacific
500
Thatcher Mfg
37%
4%
3
3%
3%
2734
6,100
2%
800
3%
2%
10
2,400
240
26
10%
10%
12%
91%
1,100
1,500
10%
1278
91%
92
6,400
18
51
9%
9%
9%
9%
97s
10%
9%
9%
9%
9%
*
3%
3%
3%
3io
6%
9%
9%
31i
"
6%
9%
10
31"
10,100
4,600
3,500
2,800
1,600
7,300
76%
6%
*70
"
6%
6%
6%
6%
6%
6%
6%
2,800
12%
13%
*10%
13%
127«
14%
*11%
12%
*10%
14
141-
14
12%
14%
22%
22%
23
23
3%
*2%
28%
28
10
9%
3%
28%
10
2
1%
2
30
41%
11%
41%
12%
40%
90%
91
89%
11%
110% 110% *110%
*17%
18
17%
104
104%
10234
3
35%
prices:
2%
34%
no
*2%
9%
1%
77
23
3%
9k
9%
*71
23%
*2%
79
"
24
3%'
28
28
10%
*71
79
24
24
3%
10%
*28
3%
30
10%
2
2
1%
*134
*134
42
41% 41%
42
41%
42%
12%
12
11%
12
121"
11%
11%
91
88% 90
89%
90%
90%
9134
llHo *110% 112
1101" 111
*110% 112
17%
17%
17%
1734
I734
I77g
1778
100
1031«
1021"
100% 102
101% 102
83
82%
83
82
*82%
83
82%
23
22%
23%
23% 23%
23%
2334
431"
41% 42%
42%
43%
43%
4478
10%
10%
10%
10%
1034
10%
10%
15%
15%
15%
15%
15%
15%
1534
118
*113% 118
*113% 118
*113% 118
61%
61%
61%
61% 62
62%
64
17
17
17%
*16 34
*1634
1734
1734
2%
2%
3
278
3
278
27S
35%
35% 36
36
36
36%
3634
41
sales
on
this
day.
X In receivership,
a
Def.
100
13
Apr
24
Aug
17% Mar 11
10
Mar
19%
Aug
,24
Sept
142
Sept
5
29% Aug
21% Jan
23% Jan
34
...100
-
....
30
1
_
Inc..No par
Thompson-Starrett Co.No par
preferred-No
cum
par
Tide Water Associated Oil. .10
$4.50
pref
conv
No par
10
Timken Roller Bearing.No par
2
8
1% Jan 17
1,200
300
90
1,200
2,800
22%
23%
Dec
3334
Dec
17June
4334 Sept 26
3% Jan
5
9
60
2
Mar
June 22
16% Mar
Jan
107%
Feb
5% Jan 20
2
Mar
5%
Jan
10% Jan 20
2034 Aug 3
24% Jan 19
33% Sept 13
30
Sept 13
53% Sept 14
7934 July 13
12% Jt»n
49
71% Nov
6
May
734 Sept
17% Jan
9% July 28
5
June
66
Jan
22% Jan 4
30% Mar 14
9
221#
4
96
25
stock,
4% Sept
8
26
25%
Oct
6034
Oct
35
Apr
23s
Mar
15
Mar
1
Mar
9
Mar
Mar
Apr
4
5
9
8
77
3%
5%
16%
25%
Dec
June
Mar
Mar
Jan
478 July
91
6%
Nov
Jan
Jan
Jan
6
Mar
13% Nov
1% Mar
Jan
41
1234Sept 25
94% Sept 14
7%
57
Mar
Mar
Mar
6
Oct
70% Nov
15% Aug
9078 Nov
July 14
1984 jaD
5
17% Mar
55% Mar
59«4 Apr
19% Mar
Sept 11
13% Mar
4
I884 July 18
119% June 16
65% Mar 10
Mar
5
Mar
14
Sept
U0%
Jan
39
Jan
20
334 Feb
6
2
Mar
3978 Aug
3
22
Mar
y
1234
10% Oct
12% Nov
July
24% Sept 21
Ex-div
July
19% Nov
55% Nov
6
13% Apr 11
x
July
1584 July
44
2
Apr 10
30% Apr 10
No par
19
98
Mar
46
8
Jan
38
20
Apr
2%
6% July
2S78 Nov
4
July
Mar
2% Mar
July 27
52
Jan
Mar
Sept 27
14% Sept 13
112% Mar 13
56
5% July
18a4 Nov
15% Nov
28% Nov
90
Aug 24
578 July
16
4*4 Jan
118
5%
105
7% Apr 11
sale,
4
35% Aug
12% Jan
Aug 24
Feb
July
Mar
334 Aug
66
Oct
12% Aug
11%
Mar
734 Sept 11
9
38
Mar
Mar
13
26% Jan
34% Jan
5
100
Cash
Jan
Jan
7
31
5
..No par
r
Mar
8
49% Aug
678 Dec
6«4
Apr
Mar
No par
United Carr Fast Corp. Aro par
United Corp
No par
New
26
78
Apr 13
20% Mar 28
100
$3 preferred
5% June
Mar
6
No par
Preferred
49% Nov
4
1% Apr
100
United Carbon
4%
Mar
80
Oct
Apr
Mar
34
Mar
Jan
Oct
Jan
9%
Mar
5
Nov
8%
378 May
8
1934 Sept
.No par
Transport
10% Nov
31%
17% Apr 11
7% Apr 11
1% Aug 24
__1
United Aircraft Corp
2934
18% Sept 30
Sept 11
United Biscuit
Mar
Mar
7
4an
Feb
July
15% Aug
434
Jan 10
334 Jan
32
15
27% Aug 15
3% Oct 3
3%
Oct
43% Oct
4% Aug
23% Nov
9
4% Feb
434
Deo
53% June
27S Apr
Mar 16
40
65%
28
22%
6
Jan
j
,JT14% Mar
21
11
Jan
Jan
Mar
2% Mar
12
4% preferred.
Union Tank Car
6% June
378 Mar
32% Mar
20th Cen Fox Film Corp No par
$1.50 preferred
..No par
700
Mar
177«
15
12
12
14% Sept
Union Pacific...
Feb
8% Dec
17% Mar
134 Mar
8'4 Mar
Dec
11
17% Nov
9% Oct
Mar
45
119%
Jan
12*
Mar
534 Jan 3
38% Sept 13
ll%Sept 11
Apr 10
"3", 100
21
Mar
3% Mar
7% Mar 11
43% July
6% Mar
9% Sept
5034 Sept
35%
Mar
5%
10% Jan 13
25% Sept 5
37% Sept 5
12% Sept 27
9% Sept 27
6
Un Air Lines
4
128%June 17
1134 July 6
38% J^n 3
358Sept 5
__._10
...100
Jan
58% July
34% Nov
Sept 14
Apr
Union Oil of California
July
17% Mar
36
3
No par
11%
3478 July
74
Ulen & Co
July
28
Mar
3934
No par
Twin Coach Co
23
13
25% Mar
24«4 Mar
No par
Twin City Rap Trans
Preferred
4% Mar
10% Sept
478
2%
3
July
9%
Mar
3
10%
Apr 10
31
94
Jan
12% July 24
Mar 31
Dec
Dec
70% July
June 17
7%
108
1
2
Mar
45%
1578
Mar
48% May
12% Mar
6% Mar
5% Apr 10
Sept
24
49% Dec
17% Nov
Mar
6%
75% Mar
30% Mar 10
Truax Traer Coal
24,000
17,800
1,200
19%
54% Jan 3
8% Sept 13
5
Transue & Williams St'lNo par
Trl-Continental Corp..No par
n
4% July
11
July
Sept 15
Sept
Jan
40% Nov
Mar
4
Sept 27
6% Apr 10
;.
2
Transcont'l & West Air Inc..5
2,800
delivery,
Mar
15% Jan 3
14% Mar 10
34% Sept 12
9,500
9%
1% July 7
7% Apr 10
9% Aug 21
1
Jan
5% Mar
8% Mar
Mar
65% Apr 8
10834Sept 15
15% Aug 24
81% Apr 11
19,900
July
Mar
Mar
Union Carbide & Carb.No par
Union El Co of Mo $5 r* No par
600
Nov
25
3%
13,600
2,400
141
8%
1%
534
10%
77%
Under Elliott Fisher Co No par
Union Bag & Paper.
No par
40
28
Jan
Jan 10
3,200
11,900
700
Dec
29%Sept 13
Sept
Jan
19%
Apr 10
1034 Apr 10
34% Apr 11
Transamerica Corp
$6 preferred
Apr
234Sept 16
83
Tlmken Detroit Axle
Sept
2% Apr 10
17
conv
Jan
3%
4
21
3% Apr 11
Nov
16%
4
60% July 27
..No par
Oct
Mar
15%
128
Sept 26
16% Apr
Jan 28
Nov
15
8% Mar
10a4 Mar
1% Mar
3
Truscon Steel......
15" 4 00
9
15% Sept 13
3% Sept 11
18% July 18
35% Sept 8
56
Thompson Prods
100
6%
13
Oct
Sept 12
21
No par
14
$3.50
1
Sept
7
Aug 24
6% Sept
8% Sept
1
preferred.... 10
Third Avenue Ry
100
Thompson (J R)
25
400
181-.
49
105
No par
Preferred...
$3 div
10
Ry Co
pref
conv
Thermold Co
300
13
61"
Oil
The Fair.
4%
27
No par
Texas Pacific Coal
$3.60
*35
4%
25%
3-%
8
26
60%
*4
Apr
32% Aug 11
3% Aug 22
*587„
18
77
25
Texas Gulf Produc'g Co No par
Texas Pacific Land Trust
3%
27%
2%
5
.
9,900
6,000
49%
3%
76%
4
.......
2,000
6%
22%
asked
3%
Tennessee Corp
Texas Corp (The)
2,600
101
17%
13%
2%
19
60% I
338 Aug 24
3% Aug 24
183.J
18
*15%
*18%
*58%
2484June 30
4% Aug 24
478 Aug 23
35% Apr 26
9
7%
978
49
13%
35%
10
71.i
7%
*15
Apr 10
..50
Texas Gulf Sulphur
61
*82
83
83%
23%
23%
23%
2234
44%
42% 43%
42%
10%
10%
10%
10%
10%
15% 15%
15%
15%
15%
*113% 118
*113% 118
*113%
61% 62l.i
61% 61%
61%
*17% 17%
17%
17%
17%
35%
10
7%
*35
Swift International Ltd
Symington-Gould Corp w w.l
Without warrants
1
10
Talcott Inc (James)
25,900
17%
84
3
*10
13
*11%
13%
1%
4%
37
50
9%
10
4%
36%
7%
134 Aug 25
Apr 10
....
Telautograph Corp.........5
4,700
7%
6%
3%
*2%
48
4%
36%
7%
10
100
4
17%
3%
30
47%
4%
36%
4%
25%
4534 Sept
118%Sept 27
7% Apr 11
..100
5H% preferred...
4%
36%
9%
*4
No par
Oil
5% Apr 10
100
534
7%
47%
60%
8
1
6% preferred..
39
*334
49%
23%
35%
"
10%
92
5,600
7%
46%
27
*2%
3,500
9
6%
10%
6%
2%
3%
3%
14,500
7%
47
4%
27
32%
1134
18%
50i4
3%
*11
27%
100
22%
*514
*36
200
5.500
4
35
4%
*24%
•>
~
39
1,800
7
*334
19
*4
51
*5%
*36
*6%
6%
912
49%
10%
*70
_
13%
13%
18%
3%
43
*
3%
*3
2%
11%
26
5%
8%
*24%
25
4
16
60%
25%
'2%
9%
7%
16
18
23,}
as
4%
36
*57%
4%
26
8%
39
*3%
7%
45%
18%
234
4%
*30
60%
*35%
I
39
*3%
7%
19
60%
*4%
8%
5%
7%
*18
4%
37%
8%
5%
32
9%
*57
*35
7%
47%
434
3612
11%
8%
36%
10%
*17%
*18%
*4
9%
5%
*5%
39
*4
8%
Sun
100
8% Apr
17
7
21%
8%
No par
Studebaker Corp (The)
25
22
11
Stone <fc Webster
6% Aug 24
3% Apr 8
50
6%
32
1
Sweets Co of Amer (The)
17%
*24%
*6%
21%
32%
5
Swift & Co
19
25
7
Stewart-Warner
20% Apr 8
65
April
2234 Sept
5% Sept 12
*18
*24%
*6
Sterling Products Inc...... 10
Stokely Bros & Co Inc
Aug 25
10
19%
24%
21%
31%
10%
38
25
Starrett Co (The) L S..No par
Sutherland Paper Co
19
7
Standard Oil of N J
....No par
cum prior pref
No par
$7 cum prior pref....No par
Standard Oil of Calif. _Aro par
19% Sept
24%
22%
Standard Oil of Indiana..-.25
1
434 Apr 11
10
April
13% Apr 10
24% Sept 1
2234 Aug 24
2,100
4,100
25
*6
1,300
57%
125
122
2% Sept
32
27»
19%
25
20
32
*
9
4
3134
234
19
19%
22%
31%
10%
2,100
6,600
4,000
36,300
27,100
Oct
Superheater Co (The). .No par
Superior Oil....
1
Superior Steel
100
*24%
7%
22%
7,800
11,700
24,400
1,000
94
Sunshine Mining Co
20
*6%
22%
$4.50 preferred
-No par
JStand Gas & El Co...No par
3,300
24%
22
Standard Brands......No par
9%
20
6%
__
9%
9
24%
2134
No par
1
Square D Co class B
33
29%
27%
48%
33%
73%
98
Mar
May
29
33
3334
48
Apr
45
91
50
2
Conv $4.50 pref
28
49%
48%
3334
48%
18 4
110% July 29
127
Dec
Mar
April
42
Apr 17
8% Aug 24
60
Apr 4
18% April
5% Sept 1
Jan
3% Jan
24% Nov
3434 Jan
Mar
Apr
Oct
9%
35% Nov
5
7
Sept 11
734
27%
47%
27%
47%
29%
27%
48%
6
15%
29%
27%
27
106%
Mar
12% Mar
2% Apr
1478 Mar
18% Mar
22
$4 preferred
29%
30
Oct
Mar
434
5178 Sept 11
31% Oct
$6
19
22
27
29% Jan
1)7 Sept
5
Sept 15
93
3
Feb
87gSept 11
3284 Jan 4
3% June 24
12% Nov
28% Oct
1838 July
Mar
8
3,800
19%
23%
29%
107
10
4
1,300
7,200
19%
23
28%
48%
2,300
3%
6'4 Mar
20% Apr
14% Apr
8%
18%
23%
48'4
400
96
7%
18%
28
29%
118* Feb 24
11
Spiegel Inc
Oct
38% Aug 29
17% Sept 9
36
par
..No par
$3 conv preferred A.No par
16,000
1,040
1,700
13,000
Nov
Jan
70% Nov
Mar 22
60
23
Spicer Mfg Co.
19%
23%
30
8%
19
29%
Spencer Kellogg & Sous No
20
12%
No par
Mar
Sperry Corp (The) v t c
3,700
63
6
23
22%
29%
$5.50 tref
July
9% Nov
49% Nov
1% Aug 24
4% Apr
1
1
18
10
5
Sept 14
7% Sept 11
1
Sept
34
Sparks Withlngton...-No par
Spear & Co
"160
47
29
*19%
46%
28%
*19%
46%
30%
63
.100
Mar
9%
Aug
14
April
Apr 17
23% Jan 24
10% Apr 8
11% Apr 11
15% April
......
Feb
Mar
47
Mar
127
No par
100
5% preferred_
500
48%
30
9%
Southern Pacific Co...
i.lOO
,r
47
11%
.100
Southern Ry
70
4834
56
57%
56%
122% *12014 122%
8% preferred...
Southern Calif Edison.....25
21,300
2%
9
28%
9%
20
July
Mar
Jan 18
13
So Porto Rico Sugar...No par
6,300
8,800
44,700
33,600
*19
62%
27%
Lines..5
3
27%
5%
80%
5
l%Sept
Mobile & Ohio stk tr ctfs 100
2%
27%
48%
3234
56%
S'eastern Greyhound
45
*36
2%
9%
22%
29%
27%
*120
400
X29%
19
23
South Am Gold & Platinum.. 1
Jan
3
11% Apr 11
9% Sept 6
12% Apr 8
10% Aug 24
Socoriy Vacuum Oil Co Inc. 15
2,500
*65
8
19
45
*2%
*8%
3
22
1,000
29,800
Oct
Dec
78
Jan
5
Jan
101
Smith & Cor Typewr..No par
Snider Packing Corp.. .No par
900
70
96
18
*36
100
"""560
*65
3
23%
6%
6% preferred
$6 preferred
......No par
Smith (A O) Corp..
10
70
*94
18
42
25
Sloes Sheffield Steel & Iron. 100
*65
3%
2234
29%
6%
200
2%
2%
2%
2%
2%
14%
14% *14%
14%
14%
14%
28
28
30
29%
29% 3034
*132% 136% *132% 136% *13234 136%
25
25
25
25%
25%
25%
17
16%
16%
17%
17%
18%
19
19
19%
19%
20%
19%
32
30%
31%
31% 33%
31%
par
Skelly Oil Co...
10% Nov
507g
11334
1% Mar
15% Mar
234 Dec
18% Jan 10
6
434 Apr 11
17% Apr 10
2% Apr 10
16% Apr 11
15% Aug 10
92
Apr 8
70
Apr 11
No par
200
70
12%
63%
28%
6%
05%
3%
conv preferred.... 100
24
*27
24%
21%
48%
31%
8
5H%
%
3
Jt.n
Mar
36
June
6% Sept
Silver King Coalition Mines. .5
3
3434 Mar
112% Dec
45%
07g Aug 24
98% Aug 24
.No par
Simmons Co.
Feb
134 Nov
% Sept
72
28
400
2,200
5,000
7%
24
Jan
85
June
50% Feb 16
43
7%
*19
4734
31%
No par
Sheaffer (W A) Pen Co.No par
80
27%
62
Jan 20
2134
share
per
1334 Sept
3
80% Aug
11% Apr 11
10% Apr 11
54%May 22
378May 8
Highest
share $
9
10% Jan 25
Shell Union Oil.
3,100
4,800
1
$ per
52% July 31
117%May 29
1
Sept 13
3% Sept 27
24% Sept 12
3% Jan 6
$3.50conv prefser A.No par
Shattuck (Frank G)...No par
500
23%
*2%
26%
31%
6%
,706
7%
20%
4834
95%
3%
$5 conv pref
Sharpe & Dohme
"
share
17% Mar
76% Aug
9
l%J<une 27
60% Apr 10
No par
No par
23%
31
3%
Sharon Steel Corp
7%
20%
47%
6
5,200
1,700
23%
2%
29
24
2%
10
No par
Sears Roebuck <k Co ...No par
Servel Inc..
1
12,600
Aug 24
Sept
per
3% Apr 10
_. ...
7%
*65
*95%
100
$
105
»■.. 100
Seaboard Oil Co of Del.No par
Seagrave Corp
No par
1,600
share
Lowest
4412 Sept 15
Sept 8
% Aug 14
1
Apr 8
15% Aug 24
No par
23%
70
283«
600
100
Year 1938
Highest
% Apr 10
No par
JSeaboard Air Line
4-2 % preferred_.
5.900
10
61
.—100
$4.50 preferred
3
5
7%
*65
49
100
8% preferred.Scott Paper Co
800
"
per
1
23%
*2%
70
*48
100
*98
5,100
2,200
$
100
S'/i % preferred
JSchulte Retail Stores
400
7%
*26%
2%
45
101
Schenley Distillers Corp
3,700
23%
*93% 9534 *93% 95%
*93% 95%
9434
95
9434
111
112
113% 113%! 112
112
112
113
*111% 112
110% *105
110% *105
110%
106% *105
110% *105
19
19
19%
19%
*18%
19% *18%
19%
19%
19%
*10%
11
10
10%
10%
10%
10%
10%
*10%
10%
22
22
*22%
21
21
2234
21% 21%
21%
21%
13%
14
13%
14
14%
13%
14
13%
13%
14%
30%
29% 30%
139
*136% 139
25%
25% 25%
18%
17%
17%
20%
1934 20%
33%
31%
32%
*42
*98
Par
*105
212
14%
29
7%
23
3
28%
25
101
*98
8
24
*2%
*105
2%
*7%
23%
Lowest
Shares
%
Rangefor Previous
On Basis of 100-Share Lots
Week
$ per share
12%
13
66% 66%
%
Range Since Jan. 1
YORK' STOCK
1939
7,
EXCHANGE
the
Friday
Oct.
Mar 13
Ex-rights.
1284
Apr
? Called for
22% July
99% Nov
83% Nov
23% Jan
43% Dec
1384 Nov
20
Nov
118% Aug
73% Nov
20«4 Nov
4%
38
Oct
Oct
redemption.
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
149
HIGH
PRICES—PER
SALE
Monday
Tuesday
Oct. 2
$ per share
$ per share
5%
6lt
57g
5%
6%
*34
7
634
60
60
*57ig
7
,
86%
1334
J 3%
*113
*113
114
12%
I23g
13
7
7%
9%
*83%
*1%
9%
87
*12
12i2
12
12%
73ig
67g
9'g
*8312
134
*1%
*1134
117g
73
7312
*153
153
153
6
*6
6%
*2934
25
83g
634
34ig
85%
1334
34*4
85*4
Range Since Jan. 1
Oct. 4
Oct. 5
Oct. 6
8 per share
S per share
$ per share
$ per share
Shares
1
5%
5%
6%
59%
634
60
*63g
634
*6%
34
32%
32%
33%
33%
86
87
86
8684
33%
85%
67g
33%
2,500
33
86
86
87
5,300
1334
14
13%
14
13%
14
137g
14
11,600
*113
13
12%
534
*6%
114
*83%
11
11%
1134
9
*1%
73
154
6
*30
25
25i2
2434
834
87g
13ig
9
13%
1234
73
35ig
35%
*31%
32%
3514
*31ig
8%
3212
*66
1%
10%
11%
74%
154
1%
1%
10%
1178
10%
11%
73%
31%
24%
*29%
8%
8%
12%
71
67
67
35%
31%
1%
1%
42%
43%
105
105%
75
3434
*30
1%
24%
8
35
*29%
32%
25
"2",300
1%
8%
8%
2,300
13%
65
65
34%
35%
32
32
44
105
119
119
118
119
32
32
32
32
32
32
32
44
3934
40
39
41
40%
40%
234
7%
234
40%
2%
7%
*7%
7%
*7%
2
2
*2
2%
53%
16%
*51%
53%
15%
15%
*2%
*51%
*15%
*65
66
*65
*31%
*3934
64
*60
64
77
74
77%
117% 119
64
7514
27g
27g
7i2
278
2
2
*5 lit
5312
2%
*51l4
*15%
16%
*15
27g
2%
65
65
*64
65
65
65
146
147
147
150
150
66
*62
65
146
61
62
'%
%
21
*15
36i2
37%
34 I2
3334
110
*108
78
34
21
*15%
35%
38't
*34%
34ig
110
*401t
41
<z40%
69
*60
65
65
65
*65
257g
5%
5'g
32
30%
*16
21
35
37%
33%
34%
110
41
*108
41
80
27
%
34
*108
40i4
*58
67%
*
26
257g
80
36
41%
5
30
41
*65
25%
26
4%
4%
29
29
41%
64%
*_...
67%
25%
26%
434
65
110
70
4%
4%
29%
29%
114% 115
11434
*4
4%
4
3'
*3%
11
12%
*119% 1201 g
12
12
12
12
12
12
*11%
*121
125
*121
124
*121
123
93
9034
*129
*129
4%
4%
90
90
*82
*129
*17«
2
314
33g
3%
*2%
6%
6%
3%
*3%
3%
*2
*6l2
634
6%
2012
*90
*20
*90
94
134
*2
20%
93 ig
*20
20%
*90
1%
2%
134
3%
3%
684
20%
6%
6,500
Walworth Co
33%
33%
33%
33%
33%
1,100
15
15
15
15%
300
10%
*9%
10%
10%
100
2%
2%
*29%
14%
14%
*14%
15
*14%
10%
10%
*10
11
*9%
214
*29l2
21t
32
*2%
*29%
*35
40
39%
2*g
2%
*23«
123g
*914
71.4
*6%
*29%
21%
23%
*6ig
*29
30
21l4
2312
23g
*26
2112
23l2
23g
263.1
*64
69
*100
107
97
2538
*64
101
*106
*2%
97
*100
1%
34
34
119l2
143
2434
*60%
65
*100
5%
9%
34%
118% 119%
145
2434
*24%
39
24
24%
*38
*141
*38%
44
43
44
2%
5%
1,700
2,600
23%
24
1,400
2%
24%
2%
Wayne Pump Co
Webster Elseniohr.
24%
65
25
107% *106
1%
32
33%
117
*141
24
24%
39
*38%
8,300
Western
1%
33
34
9
9
1%
33%
34%
*1%
32%
34
117
118
145
*141
145
24
*24
117%
39
9%
9%
1%
1%!
2,200
800
25
25
1,400
39
*38
39
10
28
28
27%
28
28
28
27%
27%
*34%
35
*34%
35
*34%
35
*34%
34%
28%
*34%
28%
35
*61
73
*61
73
*61
73
*61
73
*61
73
*61
73
*93
96%
*93
97
97
97
*93
100
*93
100
*93
100
3334
33
34%
31%
33%
32%
*85
110
*71
75
*85
*70%
9%
110
*85
*71%
73
9%
3%
3%
3%
3%
29%
17
3%
*25%
*23%
27
2%
4%
15%
*3%
2%
4%
16
2%
29%
17
3%
2%
334
28%
*25%
2%
2%
43g
6
2%
4%
6
6I4
52
52
*108
....
29
*50%
*108
*15%
3%
41t
6%
52%
....
5%
*.50%
4%
50%
50%
White Motor Co
White Rock Mln Spr
800
15%
3%
2%
4%
5%
5% I
5%
4
15%
3%
2% |
4%'
51
6%
300
3,900
52%
29%
29%
31
5,700
38%
39%
38%
39
17,400
51%
51%
6
Wilcox Oil A Gas.
Willys-Overland
Motors
77
*66%
19%
77
*66%
77
66
*55
60
*55
60
75
*67%
20%
72
*55
67
*55
*35
38
37
37
*34
*34
38
*34
38
*35
38
100
49
49
*49%
51
*47
38%
49%
6% preferred B
Prior pref
% series
*46%
49%
*46%
50
*47
50%
100
109
110
*108
110
78
78
*78
80
25
25
19%
92
34
17%
17
3%
•
**
*88
93
17%
33%
17%
3%
18%
3%
~
113
—
80
*101% 106
80
*78%
80
79%
79%
24
24
24
24
24
19%
18%
112% 113%
19%
14
14%
50%
52
300
2,400
19%
37,000
112% 112%
14%
14%
112% 112%
15%
4,300
52%
53%
90
33,700
Yellow Truck
90
*88
15%
50%.
*88
100
Preferred.
31%
32%
32
32%
32%
33%
12,300
18
3%
17%
17%
17
17%
16%
4,300
3
2,100
Zonite Products Corn
,
3
I In receivership,
'
1
.
a Def. delivery.
,
'
n
Newstock.
r
5
'
1
Deo
May
27% Mar
159%
Deo
83
Deo
% June
1%
16
Mar
fun
28*4 Oct
28% Nov
Mar
11%
14% Mar
36% Nov
June
113
Nov
42
Jan
40
57
Oct
25%
Deo
5%
Jan
Jan
97
June
13% Sept
284 Mar
I584 Mar
105
1%
116% Nov
Apr
4% Jan
1584 Jan
120% Feb
77% Deo
110% Oct
5% Mar
100
Mar
37
Mar
116% July
1
32%
Mar
Mar
1% Mar
2% Jan
4% July
1%
3%
Sept 20
784 Feb 16
2388 July
6
Jan
14% Mar
3
1
Dec
Feb
534 Mar
8% July
1334 June
20% Jan
87% Dec
Mar
10% July
4% Mar
Mar
1734 May
8
No*
54
Deo
19% July
20%
Mar
4
2
Mar
4
July
Mar
8
23
Mar
51
6% Jan
4
334 Mar
8
July
July
2% Jan
July 24
3
24
20
11
5
4
17
28% Jan 3
June 15
5
79
Jan
4
112% Aug 30
34
Aug 15
634Sept 27
11% Sept 27
2
Sept 27
37
Sept 20
37% Sept 22
121
145
Sept 12
Mar
20
Mar
Aug
4% July
I684 July
45
134 Mar
5
Mar
Dec
8
Dec
16% Mar
31
Nov
11
Mar
25
Oct
17
Mar
3438 Nov
1% Mar
4% Oct
39
July
6%
25% Mar
71
Apr
Apr
82% July
102% Jan
82% May
103% Deo
9734 Jan
70
74
Mar
26%
Deo
2% Mar
4%
Jan
3
9
Jan
1284 May
Mar
34 Dec
16% Mar
1534 Mar
33g July
34% July
33% Nov
.24% Nov
8
6134 Mar
103
Mar
144
21
Oct
39
Dec
Oct
8
26
3
40
Sept 21
July 31
9% Mar
31% Mar
30
Sept 11
10
Mar
36
Sept 27
20
Mar
20% July
31% Dec
70
Sept 27
60
Mar
60
Mar
Oct
3
65
A pr
90
Jan
34% Oct
2
14% Mar
32*4 Nov
Jan 27
75
Mar
95
Jan
Sept 27
12% Mar 10
42
May
61
Nov
Mar
Apr
6
97
80
75
5
1734 Aug 15
3% Sept 20
3% Feb 8
Sept
June 24
10»4
Dec
15% July
15% July
1334
Jan
4
6% Mar
7
Jan
4
5
Sept
11
Jan
1%
Mar
3
Jan
884
Mar
2484
Oct
4% Sept 16
28
Sept 20
1% Mar
3% Aug
6%
6% Feb
8
6
3
Mar
Mar
Aug 20
54
Sept 27
32
115
30
May 25
Apr 10
Mar 31
A pr 11
Oct
Sept 19
103
36
11%
Mar
27% Nov
70
Sept 20
42
Mar
72% July
65
Jan 18
Oct
75% Nov
48% Nov
65% Nov
121% Deo
10% Mar
7034
Jan
Mar
38% Sept 22
27
53% Sept 20
28% Mar
120
Jan
3
55% Mar
61% Mar
78
Dec
33% Mar 13
2O84
Jan
Jan
39
July
Mar
109
2184 Jan
116
5
Aug 16
8%
71
93g Mar
2134
Oct
Cct
2578 Aug
21% Jan 5
56% Sept 12
24
Mar
57% Nov
Mar
86% Nov
31% Dec
25*4 July
Jan
5*4 Mar
May
5
92
Sept 30
62% Mar
Apr
8
34
Sept 27
11% Mar
Apr 11
2
Aug 24
y
27% Nov
5334 Nov
85% July 18
12
xEi-div.
Jan
5% July
60% Jan
10634 Dec
3134 Sept 22
60% Jan 5
23% Jan 4
17
74
1
Oct
1% June
3% June
7% Sept
9% Aug 24
1
Cash sale.
Nov
86
Mar
3
106
Apr 8
Apr 10
1834Sept 1
11% Apr 11
98
Apr 11
Zenith
3
17%
3%
15
3% Sept 13
112
75
5H% preferred.
100
Youngst'wn Steel Door. No par
Radio Corp
No par
32%
15
Aug 22
July 19
85
Young Spring A Wire~-A7o par
Youngstown 8 A T
No par
17%
3%
3
Sept
5
31% Apr 19
100
31%
3
Mar 13
23% July
A.Coach c) B..1
-
Mar
Sept 13
104
43
100
10
Wright Aeronautical-..No par
Wrigley (Wm) Jr {Del). No par
Vale A Towne Mfg Co
25
250
18%
19%
18%
50%
90
*88
90
3,700
5
Sept 11
3% Jan
10% Apr 11
47% July 15
Worthing ton PAM(De1)2Vc par
Preferred A
-100
20
24
Bid and asked prices; no sales on this day.
~
*103
108
20%
20%
*78%
112% 112%
14%
15
51
53%
33
3%
*103
78%
25
*90
197g
32l4
107
78%
25
24
18%
19%
11334 113%
15
15%
52%
53%
113% 114
15
15*2
52% 54%
92
"103
23%
19%
95
1334May
73gSept
32%Sept
24% Jan
3234 Jan
33g July
32
Prior pf 4 H % conv series 10
19%
Sept 12
58
Sept 13
59
534 Sept 12
15
1
36
59
July 31
3
10
(F W) Co
Dec
7% June
30% Mar
28% Sept 14
534 Sept 12
3334Sept 27
Feb
Apr 10
*66%
Woolworlh
52
9
June
44
15
85
39%
2
10
75
38%
3% July
Feb
37
105% Apr 20
-100
96 preferred
Woodward Iron Co
21%
30%
43
5
5
1
Wisconsin Elec Pr<J% pref. 100
*105
29%
39%
19%
*55
29%
30%
39
2134
Sept
10% July
1% Mar
23gJune 24;
No par
Inc
2034
*65'4
38%
30%
38%
2034
Sept 14
Nov
47% Sept
534 July
7% Nov
27g Aug 28
1
10
6% conv preferred
Wilson A Co
1,300
29%
*105
20
28%
38%
19%
*66%
3114
387g
17
2% Aug 11
No par
Prior pref...
3,000
12,400
Dec
14
1
C0N0 par
94 conv preferred
""306
3
July 10
9% Sept 15
7
4pr 10
3% Sept 2
1% Aug 21
14
Apr 10
8)20
Macn Corp.__l
White Sewing
27
3%
2%
4%
4%
5%
*25
16
*3%
2%
*108
"108
27
7,100
2,900
*3%
June
45
100
9%
4
Oct
36
15% Apr 10
80
Jan 27
95 conv prior pref—No par
White Dent'l Mfg (The 8
400
12%
4%
9%
12
4%
3%
*15%
3%
2%
5%
6%
52
9%
12%
"""300
Mar
Apr
20% July 18
74
No par
Wheeling Steel Corp
Nov
Oct
15% Apr 8
z29
Apr
6
42
July 28
100
Preferred
72
3%
*24%
334
12
12,100
Nov
10% Apr
30
100
preferred
conv
6J4% conv preferred
110
72
9%
334
*4 It
*85
3%
*9%
5%
Wheel A L E Ry Co
20
33%
71
11%
9%
31%
1.500
56%
109%
7234
70%
71%
37
Westvaco Cblor Prod.-No par
35
110
70%
3%
3%
*15%
*3%
*85
11%
4
3%
72
11%
3%
12%
*334
16
110
*71
*9%
12%
*3%
*85
73
32%
3%
12%
37g
*1534
110
32
97g
97g
12%
*3%
*2534
32%
12%
*93.4
3's
31%
28%
Mar
30
84 Apr 8
16% Apr 8
18% Apr 8
82% Apr 11
126 May 20
No par
Class A
38
74
88
Wostlnghouse El A Mfg
50
1st preferred......
60
Weston Elec instrum'i-Ato par
10
Mar
98% July 22
9% Jan
3
Apr 10
20% Apr 11
Westlngb'se Air Brake.No par
12,400
x 55
6034
Jan
105% Sept
ti% pref.. 100
19,500
145
Jan
40
95
Union Telegraph. 100
33% 35%
116% 119
*141
*3412
28%
Pacific
8
June 29
2% Apr 10
Western
25
39,
Western
Mar
45%
29% Mar
3
3% Apr 10
25,000
21
z44*4 Mar
4634 July 14
4
Sept 6
8%Mar 3
2% Mar 8
67%June 10
131
100
34%
32
2
100
Maryland..
Oct
July
37%June 13
1% Apr 10
16
July 20
55% Aug 25
86
April
....
4% 2d preferred
7
2% Mar
121
7
Mar
5
No par
310
900
Nov
49%
9134 May
l%Sept
No par
preferred
preferred
21% Mar
8234Sept 12
120% Sept 22
125% Aug
May
20
1,000
97
June 27
6% Apr 11
par
I
97
97
68% Sept 27
118
19% Apr 8
14% Apr 11
107% 107% *107
107%
30
30
30%
30% i
6
6%
5%
6
7%
6%
5234 Jan 8
112% July 18
36
—100
100
WestPennPowerCo4 H % Pf-100
Western Auto Supply Co—10
97
9%
.No
West Penn El class A
150
Apr 10
1
-
.
71
Mar
7
6% Mar 10
*70
50
Aug 15
5
94 oonv preferred
130
107%l
37% July
26%Sept
3% Sept
Wesson Oil A 8nowdrlft No par
100
65
100% 100%
106
9%
1,900
25
*60%
107
97
300
2%
Mar 13
49
7% Oct
13% Nov
5-% Mar
37
7% Aug 25
l%Juue 30
5
Waukesha Motor Co
.
4
30% Nov
3% Mar
14% Oct
No par
No par
Warren Fdy A Pipe
100
30
1st preferred
5%
29%
22
100
97
91
450
Oct
67
13% Mar
Apr 10
4
No par
13.85 oonv pref...
21%
2 >4
Nov
June
24
30% Sept 20
J Warren Bros.
..No par
93 convertible pref. _No par
23%
21%
23%
Nov
10% July
35% Jan
Sept 12
85
100
29%
21%
29
101
30
200
10
5%
oil
600
2%
10
10
115
173
40
5% Apr 11
15% Apr 10
No par
preferred
7%
Warner Bros Pictures..
370
43
2%
2%
10
*60%
107% 107%
29%
6%
934
145
17,300
Mar
4% Mar
55
Sept 11
1
No par
ClasB B
100
4%
107
101
1%
1%
3134
34%
33%
34%
116% 119%
1%
35
2%
30%
100
107%
96%
96%
29%
4%
Jan
9% July
12% Nov
162% Mar
21
1% July
Baking Co cl A. No par
Ward
700
*1%
*29%
4%
2%
31
4%
29
64
6%
3334
6%
29
64
9%
*141
2%
12%
5%
29
107% 107%
39
*38
7%
107%
1%
3334
353g
117
143
2%
24%
6
1%
35ig
41%
*10
21%
24
2%
24
*2%
*9%
10%
4%
42%
21%
*23%
*214
23%
21%
23%
68%
101
31
4%
29%
2134
23%
2%
25%
106% 107%
29%
6*2
9%
6%
29
*29
30
6
39%
e2%
*10
106% 106%
96%
96%
107% 107%
*29
2.%
12%
7%
30
2178
23%
2%
26
*28%
4%
41%
2%
12%
*9%
1%
Dec
4
s4 July 22
No par
Preferred
Dec
9
Aug 21
64% Apr 12
4H % Pref with warrants 100
'
2
2%
29%
*15
Oct
8734
3% Mar
534 Mar
1
125
Walk (H)Good A W Ltd No par
100
3g
Aug
Nov
Jan
116
No par
94
13
May
134
2% Apr
No par
Co
6%
1034
*35
Walgreen
*87
*10ig
*10l2
Waldorf System
62
Feb 25
17
100
100
100
5% preferred A
Apr
Mar
112% Sept 14
% Aug
7
4% July 27
100
*20%
15
4%
No par
Railway
4%
'
100
No par
tWabash
8%
7% July 24
18% Apr 10
6% preferred
Mar
180
56% Aug 23
65
Sept 30
Va-Carollna Chem
3
113
54% Aug 30
65
Sept 30
6%
1
Sept 27
116% July 26
93%
15
33
14
Apr 10
Sept 22
34% Apr 11
20%
3234
8
2% Sept 11
17% Sept 11
87% Mar
10%
June 19
25
93%
6%
32%
4
5
Victor Chern Works
5% preferred B
800
Jan
100
pref
5%
400
"lJOO
11
Nov
Sept
78
109
5
Preferred
I
7% Sept 25
12% Nov
114
6
163
5
7% 1st preferred
Vlck Chemical Co
5% preferred
100
Virginia Ry Co 6% pref...100
Vulcan Detinnlng..100
7
117%June 23
14
Sept 12
39i4 Oct
67% Aug
Mar
884 Mar
100
Mar
48
100
Van Raalte Co Inc
Virginia Iron Coal A Coke. 100
30
1134 Aug 15
July 31
16
120
"""900
Mar
21% Mar
85
Corp of Am.No por
Vandium
Apr 6
May 11
16
20%
32%
1
2
100
Preferred
250
3%
3%
7
3
par
6%
3314
2%
No
Sales
94
3234
29%
Vadsco
Va El A Pow $6 pref
100
3
60
% Jan 16
100
preferred
150
9
*2
7
8%
...
*3%
Oct
Jan
8% Sept 11
35% Sept 27
95
Sept 11
60% Sept 12
146
Sept 28
45% Apr 10
Universal Pictures 1st pref. 100
2,800
90
Sept 22
1% Apr 10
No par
4%
9
3%
5
12%
*85
30
1% July
63gMay
1
No par
16 conv pref
30
...
Jan 23
39
Vloksburg Shrevport PacRylOO
4,700
*2
Stockyards Corp
Conv pref (70ei
United Stores class A
20%
6%
4%
"""600
4%
5%
30%
31
114% 114%
4%
.
25
7% preferred
*32%
94
6%
21,1
31%
900
1,100
*2%
—No par
U 8 Tobacco
12
3
24
11
11
6
41% Aug 24
98%May 19
No par
100
Preferred
6%
20%
63,1
4
22,100
34%
26%
2
3%
7
US Steel Corp
20%
*92%»
6%
4'g
38%
*10%
60
50
Preferred
210
70
*121
.10
100
50
8% 1st preferred
IT 8 Smelting Ret & Mm
United
par
Universal Leaf Tob
64%
26%
No
U 8 Rubber
10
*129
*1%
3%
7%
7
7
91
*129
2
2%
*2
6l2
4
*80
...
1%
123
10
400
197g
*65
3234Sept
31% Oct
1% Aug
31% Apr
86% Apr
48
July
20
JU 8 Realty & Imp
Apr 25
9
110
4%
12
123
89
...
1'8
*2
3%
4%
*129
91
...
114% 114%
114% 11434
1I434 1 1434
U 8 Pipe <fe Foundry
U 8 Playing Card Co..
Universal-Cyclops Steel Corp 1
1,500
*
46
100
7%
10% July
80% Jan
8% July
10% Sept 13
15% Sept 13
preferred
4% June
Apr
3% July 6
534 Aug 24
Prior
Highest
share t per share
4% Mar
13% Apr 11
100
41
Apr 10
46
250
8
Apr
per
60
No par
No par
%
41
23
Partic <fc conv cl A—No par
100
65
*108
26%
*114
16%
4
_-50
U 8 Leather.
500
....
36%'
36%
34%; *34%
34%
1,300
1978
20
*108
6,100
7%
2%
53%
%
7g
35%
3434
*65
*%
*16
110
*__-.
29%
5ig
31
21
*40%
65
*65"
%
1,300
1,100
66
65
146
3,200
32,700
2%
*150
65
146
*86
2
*15%
*50
5
32
40%
27g
16%
60
31
*317g
*15%
146
*26
74%
76
115% 116%
5
9
Feb 11
74
U 8 Industrial Alcohol.JVo par
64%
*5 lit
57
36%
3412
73
75%
11534 117
200
300
64%
74%
78% 176,500
117
117%
3,200
32
32%
1,500
190
4)%
40%
63
51%
146
*108
63
51%
65
*15
64
2,9,0
66
*64%
53l2
16%
65
%
42%
105% 1C5%
647g
66
64
*61
734
2%
2
2%
105
63%
2%
*7%
7%
7%
42%
105
64
_-__.100
share
7% M ar 10
834 Jan 5
per
35% July 24
293gSept 12
200
1%
1%
42%
43%
105% 105%
43
20
_
preferred
U S Hoffman Mach Corp
5,300
105
64
7%
Mar 31
5% Aug 24
65% Sept 11
149% Sept 28
No par
5H % conv pref
12%
%May 15
6
100
U 8 Gypsum
150
443g
64%
2,900
32%
17g
43%
*31%
100
Conv preferred
8
3% Aug 31
5% Mar 31
75 June 29
10
U S Freight
600
6% Apr
U 8 Dlstrlb Corp....—No par
620
3,300
6
105% 105%
6414
64%
*64
60%
7534
78l2
64'4
"""600
35
34%
32%
1%
43 %
Paperboard
16 first preferred
68
*62
par
U S & Foreign Secur—No par
155
24%
No
4,800
8%
12%
12
$5 preferred....
par
United
6
5%
31%
24%
Improv't.. No
Clas
United Mer & Manu Inc vtc.l
155
155
.5
.No par
4,700
12
75%
5%
United
July 11
3% Apr 11
25% Apr 11
62% Apr 8
11
Apr 8
110
Sept 6
5
Eng & Fdy
United Fruit
100
1%
11%
74%
United Electric Coal Cos
United
56
..100
3,700
12%
67g
8%
10%
155
12
800
9
4% Aug 24
4% Mar 31
10
Preferred
Year 1938
Lowest
Highest
9 per share
United Drug Inc
United Dyewood Corp
20
87
1%
12
6%
24
9
87
■
900
60
114
12%
6%
8%
*83%
8%
*83%
1234
31%
2
87
*113
12%
6%
2,30
6%
6%
*57%
6%
6%
8
*2934
31%
2434
7
114
9
5%
5%
5%
60
12%
6%
*534
35
35l4
5%
*6%
*57%
1234
'
6%
73
153
6
30
*68
87
73
6%
75%
9
153
73l2
154
7
I23g
6%
*8%
*83%
1%
934
11%
134
11%
12l2
6%
534
60
113% 113% *113
13%
6%
7
9%
87
134
1212
*68
Par
Range for Previous
lOO-SAare Lots
Lowest
6%
*57%
6%
6
634
114
On Basis of
Week
60
7's
34%
8634
I37g
13%
4334
EXCHANGE
Friday
Oct. 3
13
2
STOCKS
NEW YORK STOCK
the
CENT
Thursday
*2934
2
NOT PER
Wednesday
32
2512
2
SHARE,
Sales
for
Saturday
Sett. 30
2199
Jan
4
9
3% Sept
6
284
22%
Ex-rlghts.
^Called It rredemption.
11
1
m
■
■■
*
■
2200
Oct.
Bond Record—New York Stock
7,
1939
Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices
"and Interest"—except for income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the
week's range, unless they are the only transactions of the week, and when
selling outside of the regular weekly range are shown in a? ootnote
in the week in which they occur
No account is taken of such sales in computing the range for the year
are
The italic letters in the column headed
"Interest Period" indicate In each
the month when the bonds mature.
case
^E.
Week's
Frvlay
Friday
Week's
BONDS
Las
Ranye or
Range
BONDS
Last
N. y. STOCK EXCHANGE
Sale
Friday's
Since
N. Y. STOCK EXCHANGE
Sale
Range or
Friday's
Jan. 1
Week Ended Oct, 6
Price
Week Ended Oct. 6
nft.
Price
Bid
&
Low
Asked
High
No.
Low
Treasury 4s
Treasury 3%8..
Treasury 3%b
Treasury 3%b
Treasury 3%s
Treasury 3%8
Treasury 3 %b
Treasury 3%s
Treasury 3%s
Treasury 3 He
Treasury 3s
Treasury 2 %B
Treasury 2%s
Treasury 2%s..
Treasury 2%s
Treasury 2%s
Treasury 2%8„
Treasury 2 %8
A 0 114.26 114.16
J D 110.20 110.8
115
86
113.18122.13
110.20
21
110.2
M S 109.27 109.19
J D 102.24 102.24
109.27
21
102.27
10
108.18116.5
101.24 105.8
M S 104.15 104.14
104.22
.........
1960-1966
1945
1948
1949-1963
116.19
Chile Mtge Bank (Concluded>
♦Guar sink fund 6s
13
103.15106.27
107.12
6
106.16111.10
105.11
10
103.28107 12
107.18 107
107.18
69
106.16111.9
♦Chinese (Hukuang Ry) 6s
107.18 107
107.18
♦Cologne (City) Germany 6 %s.1950
Colombia (Republic of)—
106.10
105.8
105-21
106.22 106.14
105.28 105.16
358
106.12111.27
106.10 1019
104.22112.21
106.26
55
105.12 114.5
35
104.4
105.28
111.31
♦7s
Since
No.
Low
High
1
11
8
11
8%
16%
14%
16%
14%
14%
*10
8%
20
14%
104.17
178
102.16112.26
101.27
262
100.1
110.9
11
13%
1951 J
♦Sinking fund 7s of 1926
105
104.6
105
103
110.6
102.26
103.10
31
101.17
101.10109.31
101
101.22
91
100.2
109.21
♦Sinking fund 7s of 1927
Copenhagen (City) 6s
25 year gold 4 %s
100.20 100.9
100.31
102
100.14 100
100.23
35
7%
11%
14%
13%
*9%
*8%
7
35
D
M S
♦6s extl sf gold of 1927.Jan 1961 J
♦Colombia Mtge Bank 6%s_ —1947 A
103.24
102.2
O
20
23%
A
16
20%
28
44
24%
15
22%
1
19%
19%
22%
22
"23*"
24%
23%
22%
23%
23%
22%
1946 MN
1947 F
...1952 /
5
22%
3
22
22%
23
D
55
53
56%
35
1953 MN
54
£0
54
11
4
28
26%
27%
22
27
47%
46%
96%
94%
65
99.2
109
§♦ Cordoba (City) 7s unstampedl957 F
A
60%
47%
99
108.23
|*7s stamped
.1957 F
Cordoba (Prov) Argentina 7s..1942 J
A
70
40
61
72
65%
80%
J
D
100.19
100.6
100.24
368
99.9
108.16
J
D
104.20
104.12
104.20
3
103.4
109.10
102.6
102.1
M
52
100.21
187
99.4
107.21
100.23
104
99.6
107.22
100.15
63
99.5
106.3
104.12
12
103.8
110.6
81nking fund
103
109.21
•Public wke 5%s
3s
104.4
.Mar 15 1944-1964 M S
103.30
May 15 1944-1949 MN
J 103.30 103.30
Jan
16 1942-1947 J
2 >48
-Mar
1 1942-1947
14%
S
Oct 1961 A
♦6s of 1928
102.18
3s
High
1960 M S
104.2
J
8
D
100.15
Treasury 2 %8_
3148
1980 M
assented
101.21
28
14%
*10
—.1962 MN
♦6s assented
♦Chilean Cone Munlc 7a
99.30
—
O
O
1962 MN
107.12 107.3
..1950-1952 M 8 100.17 100.2
£9.26
1947 J D 100
Treasury 2s
Federal Farm Mortgage Corp—
Treasury 2%s._
Treasury 2 Ha
1961 A
1961 A
♦6s assented
♦Guar sink fund 6s
105.9
J D
1951-1956 M 8
1955-1960 M S
..1946-1947 M 8
1948-1951 M 8
1961-1964 J D
1966-1969 M 8
1958-1963 J D
Treasury 3s
Treasury 2%a
Range
Jan. 1
Asked
Foreign Govt. & Mun. (Con.)
1947-1952
1944-1964
1946-1966
1940-1943
1941-1943
1943-1947
1941
1943-1945
1944-1946
1946-1949
1949-1952
1946-1948
Treasury 4%b
<fc
Lovo
High
U. S. Government
Bid
M S
103.6
103.2
101.10109.8
♦Costa Rica (Rep of) 7e
Cuba (Republic) 6s of 1904
J
72
1951 MN
18%
1944 M S
External 5a of 1914 ser A.
1949 F
A
18%
11
103"
~5
*102%
103
103
18%
100
104.4
7
104.4
45
102.12106.27
103.6
266
101.28106.15
104
111
102.5
External loan 4 %s ser C
1949
4
1977
"57%
57%
Jan 15 1953
101%
101%
102
2
100
72%
73
4
63
%s external debt
6%B
June 30 1945
Czechoslovak (Rep of) 8s
Sinking fund 8s
100
ser
73
1951
57%
2
47
*9%
1952
B
100
*9
30%
108
102% 106
99
49%
102%
60
104
74%
6
75
24
76
Home Owners' Loan Corp—
3s series A
1 1944-1962 MN
May
103.22 103.15
Denmark 20-year extl 6a
External gold 6%8
l%s series M
Foreign
Govt
J
J
J
D
103.3
102.28
103.3
40
97.19
97.24
41
97.19
109.17
101.10105.18
96.8
102.12
J
74%
72%
97
69
105
A
63%
63%
66
19
60
101
O
58%
58
59%
50
53%
a69%
069%
1
65
External g 4%s
1st ser 6%s of 1926
1940 A O
2d series Bink fund 5%8
1940 A O
Customs Admins 5 %s 2d ser. 1961 M S
6%s 1st Beries
1969 A O
Municipal—
A
1942 J
...1955 F
Apr 16 1962 A
Dominican Rep Cust Ad 5%8_.1942 M S
1942-1944
1945-1947
2I4s series G
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s
*23 H
*22%
73 H
1948 A O
Akershus (King of Norway) 4s_1968 M 8
J
♦Antloqula (Dept) coll 7s A—1945 J
♦External b f 7s series B
1946 J
28
22%
27%
73%
25
27
70
12
10%
11%
15%
15%
15%
11%
♦External e f 7s series C
1946 J
*11
12
9%
10%
♦External 8 f 7s series D
1946 J
*11
12%
10%
♦External s f 7s let series
1957 A
27
6%b 2d series
1969 A O
♦Dresden (City) external 7b...1945 MN
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s
9%
15%
14%
13
9%
14%
♦External sec s f 7s 3d series.1957 A
O
D
12%
66%
9%
72%
1948 M N
88 %
88%
1971 M N
84
84
84%
8 f extl conv loaB 4s Feb
1972 F
74 %
74
75
8 f extl conv loan 4s Apr
1972 A O
J
1955 J
74
74
67
1957 M
8
1956 MN
14
90%
8 f external 4 Ha
External 5s of 1927
1957 J
184
14%
60%
96%
88
95
83%
88%
225
74
75%
42
74
66%
80%
79%
70%
221
53
66 H
66%
53
63
70%
67%
46
03 H
46
52%
27
9
J
F
A
2
103%
103%
99
6
17%
6%
1946
Belgium 26-yr extl 6%s__
1949 M 8
85
82%
86%
1956 J
87
84
87
84
67
90 H
89%
93%
81
71% 116%
6%
21%
11%
9%
External 30-year 8 f 7s
J
1965
♦Berlin (Germany) s f 6 He
♦External sinking fund 6a
*6
s
(I
20-year
s
14%
15%
35
11)4
11%
12%
52
12%
158
11%
11
11
..1968 F
f 6s
22
14%
1952
1967 M 8
Sinking fund gold 5s
"io%
10%
C
"63"
A
'""l
64%
69
70
1962 J D
*6%
65% 108
13
80
1960 J D
♦Budapest (City of) 6s
102
14
Ha of 1927—1967
♦7s (Central Ry)
Brisbane (City) b f 6s
20
*4
1958
♦Brazil (U 8 of) external 8s
1941
♦External 8 f 6 He of 1926.—1957
♦External
*5
1960
10
9
9%
9
60%
58
65
5
Buenos Aires (Prov of)
♦6s stamped
External
s f
Refunding
1961 M 8
1977 M S
1976 F A
4H-4Hs
s f
4)48-4Hs
External re-ad] 4hb-4Hs
External 8 f 4%s-4%s
3% external s f $ bonds
Bulgaria (Kingdom of)—
♦Secured
b f
10-year 2 He
25-year 3)48.
.Oct
♦6s Oct coupon on
28%
23
1949 J
D
8
66%
75
71
5
65
72%
16
20%
*70%
♦5%s of 1930 stamped..
♦5%s unstamped
1965 J
D
41
1
80
22
*2
100
92%
98
1
99
"
19%
92
100
5
8%
10%
*6%
O
10%
12
♦7b unstamped
..1949
German Prov A Communal Bks
♦(Cons Agrlc Loan) 6%8
1958 J D
♦Greek Government s f ser 7s..1964 MN
•Sink fund secured 6s
_
83
71
15
5%
10%
A
O
80
79
105
11
~79~~
J
*4
6
6
J
6
6
6
7
7
6%
10
8
10
*4
11%
56
44%
58%
58%
47
60
Japanese Govt 30-yr s f 6 %s_._1954
44%
32%
47%
*11%
*77
1960 MN
1951 J
D
45%
18
39%
30
55
64%
85%
50
65%
40
36%
40%
78
A
78%
78
79%
207
1965 MN
58%
57%
59
27
2
F
♦Jugoslavia (State Mtge Bk) 7s 1957
♦Leipzig (Germany) s f 7s
1947
D
♦Medellln (Colombia) 6%8
Mendoza (Prov) 4s read]
1954 J
O
11%
J
D
68
25
81
79%
85
63
90
89%
91
28
80 H
82% 111%
95% 111%
87
104%
73% 106%
87% 104
68% 102%
77
83%
*2
18
10
1950
*9
15
7
8%
15%
11%
15%
11%
15%
8%
12
12%
8%
16
15%
16
12
11%
12%
8%
12%
8%
12%
8%
11%
8%
11%
16%
16
15%
12
16
11%
12%
16
1957 /
D
10H
1961 J
D
1961 J
D
16
12
14
8%
16%
12
14
14%
10%
*13%
10
10%
i
2
Milan (City, Italy) extl 6 %s
Mlnas Geraes (State)—
10%
15%
64
72%
%
%
%
1%
1%
1%
1%
%
%
1
1%
1%
1
%
%
J
1%
%
%
*%
J
J
'%
>%
J
%
1%
%
%
%
*%
D
—1952 A O
♦Sec extl 8 f 6 %s
1%
1%
56%
♦Sec extl
1959 M S
s
f 6 %s
♦Montevideo (City) 7s
1952 J
35%
41%
121
31%
8%
40%
1958 M S
1%
8%
4
6%
8
31%
D
8%
3
6%
31%
1
31%
45%
16
15%
55
♦68 series A
1959 MN
New So Wales (State) extl 5s..1957 F A
External s f 5s
Apr 1958 A O
69
69
"72"
"77
55
54
101%
69
69
71%
79
56
101%
Norway 20-year extl 6s
1943 F
A
96%
95%
42
90
105%
20-year external 6s
1944 F
A
97
132
90
106%
1956 M S
96%
84%
94%
External slpk fund 4 %s
External e f 4%b
82%
79%
78%
84%
23
82
68
82
63
14%
4s
11%
16%
Municipal Bank extl
7%
14%
8
14%'-..
10
11%
68
18%
11%
1957 J D
2205.
12
16%
25
D
J
18%
15H
16
1954 J
♦Assenting 4s of 1904
1954
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
|*Treaa 6s of '13 assent (large) '33
{♦8mall
23
7
*%
J
♦4s of 1904
16%
18%
16%
18%
16%
18%
16%
18%
16%
18%
11%
*13%
*11%
1945 Q
12
16%
12
Jan 1961
♦Assenting 5s of 1899
75
38%
16
*%
27
19%
76%
21%
♦4%s strap assented
1943 MN
♦Mexico (US) extl 5s of 1899 £.1945 Q J
24%
27%
23%
6
*9
19
10
♦Assenting 5s large
♦Assenting 5s small
18
9%
19
*7%
*%
32
6%
*9
O
O
A
♦Mexican Irrigation gtd 4%s..l943 MN
18
*9
15 1960
1960
15 1960 A
122
1954
A
F
113
159
♦Lower Austria (Province) 7%s 1950 J
1963 MN
86
56
29
♦6s assented
1962 A O
♦External sinking fund 6s...1963 MN
see page
97%
30
54
32%
♦6s assented
Jan 1961
♦Extl sinking fund 6s..Sept 1961 M S
♦6s Assented
Sept 1961 M S
♦External sinking fund 6s.-.1962 A O
♦Sink fund 6%b of 1926
♦6 % s assented
18%
51%
48%
55%
12%
Feb 1961
•Chile Mtge Bank 6 Ha
♦6Hs assented
"19"
11
£4
12%
122
19
18
MN
52%
233
30
27%
19
Italian Cred Consortium 7s ser B '47 M S
Italian Public Utility extl 7s...1952 J
J
90
37%
15
79
Italy (Kingdom of) extl 7s
93%
24%
20
*6
1
.Feb 1961
♦6s assented
18%
25%
25%
5
1942 M N
f 6s
8%
22
13%
♦Sinking fund 7%s ser B
1961 MN
Hungary 7%s ext at 4%s to...1979 F A
Extl sinking fund 5%s
17%
27
79
98%
5s
18
7
6
79
13%
12%
1960
sinking fund 6s
14%
J
1946 J
s f
21%
5
0
♦Hungarian Land M Inst 7%s_1961
f g
5
O
Irish Free State extl
102
125
A
58
98%
89%
98
A
Hungarian Cons Municipal Loan—
♦7%s secured s f g
1945 J
s
249
"26"
12%
90
106
J
58
90
98
13%
1968
Haiti (Republic) s f 6s ser A—1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7%s '50
Helsingfors (City) ext 6%s
1960
113
15
*15%
1968 FA
♦8s part paid
♦7s secured
8%
..1964
*37%
100H
19%
78% 110%
103% 105
*23
e
♦7s part paid
12%
O
21%
100
71% 107
7%
""9
*6
22%
21%
98%
102
35
17%
70
1942 M N
♦6s assented
14%
71%
-.1965
♦5%s stamp(Canad'n Holder) '65
♦German Rep extl 7s stamped. 1949 A
44%
1960
♦6s assented
18
*91
56
♦External Blnklng fund 6s_..1960 A O
For footnotes
71
71
..1949
44%
64
1954
6s..July
coupon on
s
71
71
Gorman Govt International—
108
19%
D
54
1967
♦Chile (Rep)—Extl s f 7s
♦7s assented
♦Ry ref extl
73
71
12%
I960 A
8s
♦Cent Agrlc Bank (Ger) 7s
♦Extl
66
98
J
53%
1944
.
17
41
52%
1961
f 6s
70
J
1952 MN
♦Carlsbad (City)
s
70
MJV
Aug 15 1946 FA
7-year 2%s._
30-year 3s
July
70
J
1968
Canada (Dom of) 30-yr 4s
6s
♦6s
73
1967 J
7s...
♦Farm Loan sf
65
*15%
53%
"56""
5
1984 J
♦Stabilisation loan 7Hs
♦Farm Loan
1976 A O
1976 M N
*63
53 %
71
1941
7a unstamped
20%
♦Bavaria (Free State) 6%s
External s f 6s
71
1967 J
External 7s stamped
Antwerp (City) external 6s
1968 J
Argentine (National Government)—
External g 4%s of 1928.
♦Austrian (Govt's) 8 f 7s
73%
71
1948 J
7%s unstamped
Australia 30-year 5s
65
92%
13
*11
A
3
French Republic 7 %s stamped.1941
*11
4 As
71
74%
*11
8 f external
74
71
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) s f 6%8—1953 MN
O
♦External sec 8 f 7s 2d series. 1957 A
97%
71
94%
*11
1947 FA
♦Gtd sink fund 6s
009%
77%
s
*25
8 f 5s...
81
1963 F
f ext loan
O
A
80
1970 J
D
1965 A
086
97%
086
72% 105
71% 103%
70
101%
99% 104
Volume
149
New York Bond Record—Continued—Page 2
Friday
BONDS
Last
n. y. stock exchange
Week
Price
A
BONDS
Range
la
Friday's
Bid
Week's
Friday
Range or
Sale
Ended Oct. 6
2201
Week's
Jan.
Range or
Last
N. Y. 8TOCK EXCHANGE
Sale
Week Ended Oct. 6
Since
Asked
Price
1
A
High
No,
♦Nuremburg (City) extl 6a
1952 F
J
42 H
42 H
1953 M S
55
55
55 H
19
48
59
Atl A Dan 1st g 4a
Second mortgage 4a
1948
Oriental Devel
1948
J
35 H
1958 M N
50
49 H
50 H
35
43H
52 H
Atl Gulf A W I SS coll tr 5a
1959 J
J
Extl deb 5 Kb
Oslo (City) a f 4 He
•Panama (Rep) extl 5Ha
♦Extl b f 5a ser A
A
1955 A
O
79 H
1953 J
D
105 H
7H
1963 AfN
2
75
105H
8
99H 106 H
72 H
72 H
5
50
88 H
63
63 K
8
43 H
83 H
79 H
105
1963 AfN
♦Stamped assented
♦Pernambuco (State ol) 7s
High
19H
Low
*7X
"63H
80
103
Low
Atlant'c Refln'ng deb 3a
S
{{♦Auburn Auto
1953 M
deb 4Hal939 J
1947 M S
6 H
6H
27
5H
13H
8H
8H
20
7H
13H
♦1st mtge g 5s
7H
8H
19
6H
7H
8H
16
6H
12 H
12 H
♦Certificates of deposit
♦Ref A gen 5s series A
8
8
1
42
5
6H
5
6H
4H
f 6s 2d Ber_.1961
b
♦Poland (Rep of) gold 6s
O
7H
A
O
July 1948 A
O
...1958
O
1947
O
7 H
7 H
1
7
50
1968
O
5H
2
4H
42
1950
J
*8
6H
54
4^8 assented
♦Porto Alegre (City of) 8a
1963
J
5
5M
4H
44
1961
D
7H
8
29
J
7
7
1
6H
6H
15
1966
70
~~3
4H
5H
19M
4Ha assented
♦Extl loan 7 Ha
♦Prague (Greater City) 7Ha.—1952 AfN
♦Prussia (Free State) extl 6H8.1951 M S
♦External
f 6s
a
1952 A
Queensland (State) extl B f 7a..1941
♦Rhlne-Maln-Danube 7a
♦8s extl loan of 1921
8H
1
7
89 H
93
36
75
78
81
21
S
8
8
2
55H 107
8
31H
O
6H
7H
53
6H
14 H
A
6H
TVs
50
6H
13 H
1968 J
8H
.....
1946 A
♦68 extl
8 f g
♦7s extl loan of 1926
♦7s municipal loan
1967 J
O
1
7
15 H
6
46 H
1
6H
40
37H
22 H
9
41H
15H
14H
14 H
69 H
12
8H
A
15
20 H
19
19H
6H
8H
48
7
*8
*4
j"j
1952 M N
♦6 Ha extl secured a f
106H
11
7H
8
19 H
22
D
1959 F
Sao Paulo (City of, Brazil)—
♦8a extl secured a f__
8H
7H
1952 A
♦February 1937 coupon paid
♦Saarbruecken (City) 6s
1953
8H
6V$
6H
6H
1966 M N
Rome (City) extl 6 Ha
♦Roumanla (Kingdom of) 7b
H
8H
A
♦Rio de Janeiro (City of) 8a_._1946 A
♦Extl sec 6 Ha
1953 F
Rio Grande do Sul (State of)—
12
17H
"ml
O
1950 M
A
*5H
O
A
1947 F
25-year external 6s
7H
~~2
*6H
1957 AfN
6H
7H
6H
6
6 H
56
14H
5H
14H
San Paulo (State of)—
♦
1995
Yd
♦Certificates of deposit
'MS
.I960
"69"
100 H
68 H
P L E A W Va Sys ref 4s
1941 M
Toledo Cln Dlv ref 4s A
Bangor A Aroostook lBt 5s
Con ref 4a
Bell Telep of Pa 6s series B
33 H
56
16H
32
30
28H
31 H
89
16H
29
30 H
21H
20
19
♦Debenture 6s
♦Berlin Elec EI A Undergr 6 He 1956
Beth Steel cons M 4Ha ser D..1960
Cons mtge 3Ha series E
*~4 H
4H
♦Slleslan Landowners Aasn 6a.. 1947 F
A
Sydney (City)
A
*5
4H
1955 F
f 5 Ha
5H
%
Taiwan Elec Pow
a f 5 Ha
Tokyo City 5s loan of 1912
External a f 5 Ha guar
1961 A
♦Uruguay (Republic) extl 8a... 1946 F
♦External
s
f 6s
♦External
a
f 6s.
Big Sandy let 4a
1944 J
Boston A Maine 1st 5s A C
1967 M
{♦Boston ANY Air Line 1st 4s 1955 F
Brooklyn City RR 1st 5s
1941 J
A
28
25H
33
28
Bklyn Edison
3H-4H-4*i«8 extl
1st 6s stamped
1941
J
1950 F
Bklyn Union El 1st g 5a
1st lien A ref 5s series B
1950 J D
1957 MN
57
47 H
60
Buffalo Gen Elec 4 Ha series B. 1981
51
Buff Niag Elec 3 Ha series C
40 H
49
{♦Buff Roch A Pitts consol 4 Hal957 MN
♦Certificates of deposit..
]
{{♦Burl C R A Nor 1st A coll 5a 1934 AO
56
47
37
D
1978 F
Venetian Prov Mtge Bank 7a__1952 A
Vienna (City of) 6s.
♦
Warsaw (City) external 7a
O
1955 J
5s
42 H
Bush Term Bldgs 6s gu....
1960 A
Calif-Oregon Power 4s
1966 A
Canada Sou
1962
A
0
a39H
35
.
37 H
a39H
cons gu
6a A
1961 J
D
55
55 %
34
Guaranteed gold 5a
31
Guaranteed gold 5s
60
Guaranteed gold 5s
3H
10
Oct 1969
1947 J
1946
A
Adriatic Elec Co extl 7s
1952
O
Ala Gt Sou 1st cons A 5a
1943
Albany Perfor Wrap Pap 6a...1948
O
103
cons
48 series B
6s with warr assented
1948
106 %
O
Coll 4 conv 5s
79
75
75
O
O
Allegh 4 West let gu 4s
Allegh Val gen guar g 4s
1998 A
O
*56 H
1942 M S
104H
Allied Stores Corp deb 4 Ha
1950 A
O
1951
A
4 Ha debentures
Allla-Chalmers Mfg conv 4s
A
F
1952 M
S
86 H
160
93
61
44
83 H
June 15 1955 J
Am 4
2030 M S'
Foreign Pow deb 5s
1953 J
212
....
104 %
4% deb atk perpet J
trust
Deo 1 1954
gold 5s
Collateral trust 4Ha..
J
Carriers A Gen Corp deb 5s w w 1950 MN
1981 F A
Cart A Adlr 1st gu gold 4s
{♦Central of Ga 1st g 5s_.Not 1945 F A
1945 MN
♦Consol gold 5s
1959 A O
♦Ref A gen 6 Ha aeries B
60
49 H
102H 108
30
57 H
60 H
163
"99 H
mil
103
100 H
96 H
112
102H
102
103
109»«
109 Vs
O
1966 J
D
100 Vs
J
Amer Wat Whs 4 Elec 6s
aer
A. 1975 MN
Anaconda Cop Mln a f deb 4 Ha 1950 A
O
48H
15
125
102
224
101M
100 h
100
198
106 H
105
106 H
106
105 H
107
Jan
1995 Q J
Ark 4 Mem Bridge 4 Term 5s. 1964 M S
Armour 4 Co (Del) 4a series B.1955 F
1st
m s f
4n
ser
C (Del)
A
1957 J
J
General 4a
1995 A
O
Adjustment gold 4s
Stamped 4s
1995 MN
Conv gold 4s of 1909
Conv 4s of 1905
1955 J
D
1960 J
1948 J
D
1965 J
J
Trans-Con Short L let 4a
1958 /
Cal-Arlz 1st 4 'ef 4 Ha A
1962 Af S
H
93-
94
D
Rocky, Mtn Dlv let 4s
94
D
1955 J
Conv gold 4s of 1910
Conv deb 4 Ha
94
H
95 H
95 H
94 H
104 H
105
112H
99 H HOH
99
110H
Atl Knox 4 Nor 1st g 6s
1946 J
Atl 4 Chan A L 1st 4 Ha A....1944 J
1st 30-year 6s series B
1944 J
91H 101
90
30
83
96
99 H
91H 100 H
91
"~49
99
see
105 H
106
13
103H
103 H
8
100 H 112H
110
114H
*106
J
Guaranteed g 5s
66
"95 H
117
92 H
121
98
62
£*
88
120 H
116H
124 H
H
94 H
95
96
H
23
94
H
165
92
94 H
130
87
108 H
42
103
91H
56
59
82
15
92
95
H4H
78
37
67
100 H
70
43
60 H
106 H
94
94
*50
80 H
*11
95 H
55
9%
4H
4H
*4%
65
*"
3
2%
71H
73
*
"56 H
S
M
S
A
J
8
107
42
80
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8
109
9
24
40
43
12
28
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73
8
18
58
58
24
12H
100
110
04
04
170
40 H
48
111"
74
115
"21"
112H
68 H
77 H
72 H
63 H
55
H5H
86
104 H
102
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100
104H
117
119
F
6H
8
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102
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73
H
61
91
*53 H
*73
0H
10
3H
75
55 H
*107
M
MN
2H
12 H
109*"
21
—1960 F A
1942 MN
5
19H
32
7
119H
115
*102 H
125H
94 H
93 H
94 H
92
94 %
93
94 Vs
91H 100H
D
102
108
1989 J
J
102
100
100H
105H
100 Vs 105
*101
*100
109"
*
108
108" 118"
104H 111
109 H
Warm Spring V 1st g 5a
1941
M S
♦Chic A Alton RR ref g 3a
1949
A
14
13H
J
96
95 H
96
94
101
100 H
101
98
93
92 H
94 H
85 H
86 Vs
104H
91H 100
80
94 H
91H
92 H
88
Chic Burl A Q—111 Dlv
General
1st A ref 4 Ha series
Hj
67
54
71 H
1st A ref 5s series A
81 H
72
3Hs—.1949
J
1949 J
1958 M R
Illinois Division 4s
55
5
5H
5H
38 H
23 H
.1902
52
97
9%
30
20
103 %
95H
43
76
"16"
21
*
973H
80
85
13
38
J
94 H
69 X
15
....
80 H
79 H
109
J
89 H
67
109
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J
76 H
75 H
45
105
ioo"
*
94 H
40
*"e
50
107H
*31 %
J
2d consol gold 4s
50 H
82 H
66
100 M
100
98
1989 J
89 H
85
92
75 H
79
76 M
1941 MN
R A A Dlv 1st con g 4s
Vs 119H
86
117
106
92 H
Potts Creek Branch 1st 4s—1946 J
83 H
69
2205.
117
91
78
20
1950
S f deb 4Ha (1938 Issue)
1950
Ches A Ohio gen g 4 Ha
1992
Ref A imp mtge 3 Ha aer D..1996
Ref A lmpt M 3 Ha ser E
1996
Ref A lmpt M 3 Ha ser F
1963
Craig Valley 1st 6a
May 1940
97 H
"82
80
Central N Y Power 3Hs
H
*92 H
*
J
84
60
102H 111 H
102 H
J
Oct 1952 MN
paee
103H
98 H 103
2
.May 1 1945 AfN
icaiHz
96
100
64 H
L 4 N coll gold 4a
For footnotes
95 H
102H
114
98 H
21
Champion Paper A Fibre—
S f deb 4Ha (1935 Issue)
86 H
101
94 H
98
38
98
91H 101
89
90 H
95 H
95 H
1901
91
"9
103
80
1987
4s
1
5
100
D
Atl Coast Line 1st cons 4s July 1952 M S
General unified 4 Ha A
1964 J D
10-year coll tr 5a
♦General
Certaln-teed Prod 5Ha A—..1948 M S
93 Vs
60
92
47
.1987
{♦Cent New Eng 1st gu 4s
46 H
93
47
14
H
83
49 H
91 H
S
30 H
89
*90
M
3
89
101H
1941
Central Steel 1st g a f 8s
103
92 H
H
54
97
82 H
12
36
111H
"92"
9H
36!*
1
*4H
19
99 H
t
10
75
7
54 H
O
89
"92 H
45H
48
96 X
H
1941 M S
Gen mortgage 6s
Cent Hud G A E 1st A ref 3 Ha. 1965 M 6
1960 A O
Cent Illinois Light 3Ha
...
103 H
160
102 H
46
25H
*5
65 H
103 H
98
Atchison Top 4 Santa Fe—
"89 H
47
113H
110H
26 H
75
J
A
40
H
107 H
SS
J
♦Mid Ga A At Dlv pur m 6s. 1947
1946 J
Through Short L 1st gu 4s—1954 A
112
43 H
*7
99H 108 %
46 H
93
1995 Nov
*67
103 H 115H
72 H
99 H
93
105 H
57
*89
J
104 H 107 H
18
94 %
102 H
41H
92
113H
109
12
10 H
16
43
34 H
52
H
"41
45
*10
"l9
45
{Ann Arbor 1st g 4s
H
40 H
D
Cent Pacific 1st ref gu gold 4a__1949 F
34
34 H
32
107
"42
♦Chatt Dlv pur money g 4s.. 1951
♦Mac A Nor Dlv 1st g 5s
1946
102H 111H
107
*105
H
O
Central RR A Bkg of Ga 5b
1967
112
t
D
Central Foundry mtge 6s
♦Anglo-Chilean Nitrate—
5 f Income deb
100
111H
112
"42 H
1
91H
99 H
1959
♦Ref A gen 6s series C
♦Central of N J gen g 6s
1961 A
89 H
100
D
40
102
3Ha debentures
109
"96"
*20
50 H
106 H
60 H
3Ha debentures
109
50
106
D
60 H
49
ioo"
Am Type Founders conv deb..1950 J
75
34
1949 J
{♦Car Cent 1st guar 4s
Caro Clinch A Ohio 1st 6s ser A 1952 J
22 M
110
15
109H
101H
~15
109
80 H
.I960 J
1948 J
Amer Telep 4 Teleg—
20-year sinking fund 5HB---1943 M JV
83
108
108H
65H
82 H
45
34
40
49
11H
111
68
D
♦Cent Branch U P 1st g 4s
88 H
5
!00H
181
41H
40
ioo
1944 J
6s equip trust ctfs
79
6
45
103
74 H
*45H
1946 M S
Coll trust 4 Ha
Coll
57
92
476/8
60
73
58 H
Celotex Corp deb 4 Ha w w
93
D
Amer IG Chem conv 5 Ha
1949 AfN
Am Internat Corp conv 5 Ha.-.1949 J
J
39
101H
108
87
6
1955 M S
H American Ice a f deb 5s
43 H
23
9
93
S
66 H
100
109 H
Canadian Pac Ry
D
1946 J
♦Mobile Dlv 1st g 5s
♦Alplne-Montan Steel 7a
25
85
8H
96
1947 J
91
109H
109 H
72
99
91
52
39
0
28
83 H
50
43
35 H
32
1
45 H
*44
"44 H
79 H
77 H
1950
H
108H
102 H 107 H
47
32 H
48
79 H
78 X
1950
♦5s stamped
16
47
D
1949
♦Coll 4 conv 5s
44
79 H
105
99 H 104
107
*42
47
67
100 H
107 H
103 H
A
Alleghany Corp coll trust 5s...1944
59
34 H
100
103
O
.1946
Alb 4 Susq 1st guar 3 Ha
59
95
103
103
D
let
55
105 H
51
D
1943
106H
D
10-year deb 4 Ha stamped
42
1970 F
Canadian Northern deb 6 Ha
50 H
199
97H
95 H
July 1969 J
Guaranteed gold 4 Ha
.1956 F
Guaranteed gold 4 Ha.-Sept 1951 M
INDUSTRIAL
COMPANIES
52 H
42%
H
95
100 h 108 K
24
43
93
1957 J
Canadian Nat gold 4 Ha
18H
22
4H
96H 114H
51
14H
A
96 H 105 Vs
38 H
*57
"83
28
102 H 108 H
1C3
108 H
40
-
O
38 H
11
21
119
41
37 H
9
O
48H
35
*4H
4H
Coll trust 4s of 1907
99
.47
37 H
A
{{♦Abltlbl Pow 4 Paper 1st 5a. 1953 J D
Adams Express coll tr g 4a
1948 M S
105 H
O
45
1958 F
AND
20H
"9
1952 A
Guar gold 4Hs
RAILROAD
30
23
♦Certificates of deposit
40 H
1958 F
Yokohama (City) extl 8a
A
•_.
Consol
29
7H
42
D
39H'--
40
..1962 M N
4Hs assented
43
36
39 H
F
1967 J
45
J
♦
1945 MN
5s
cons g
40
A
1984 J
39 H
39 H
119"
7H
1947 MN
Debenture gold 6s
43 H
39 H
51
6
A
49
40
53 H
104 H
J
56
46H
2
50
61H
8H
73 H
33H
40
88 H
62 H
27 H
40 H
*
Bklyn Manhat Transit 4HS...1906 MN
Bklyn Qu Co A Sub con gtd 5s.1941 MN
Bklyn Un Gas 1st
Vs
....
il
86
163"
Bush Terminal 1st 4s
1978 J
conv
101H
90
J
47
3H-4-4H% (f bonds of '37)
3 Ha extl readjustment
80
90
3Ha.. 1966 MN
cons mtge
37
1964 AfN
4-4H-4H% extl readj
78
108 H
98 H
114
*105
S
55
44
1979 AfN
55 H
102
D
O
3H-4-4Hs (J bonda of *37)
external conversion
38
59
103
53 %
43 H
19
528
50
A
1979 AfN
H
96 H
"66"
1960 AfN
external readjustment
55
111 H
43
57
34 H
95 H
53 H
36
1971 J
1952 M
14
108 H
A
29
H
95 H
64 H
66
49
110H
1st lien A ref 6» series A
a
48 H
1952
Cons mtge 3Ha ser F
25
25 H
33
..1959
debs
10H
D
41
98H
1961
D
17
51H
*
1955 MN
1958 J
60 %
49 H
105 H
1st g 4Ha series JJ
1958 J
61 H
60
1966
1st M 5s series II
He assented
19
24H
8H
25H
4
9H
*7H
32
10
230
60 H
..1955
6H
22 H
17
21H
122H 136H
6H
11H
26
126
14H
10 H
*4
33
10
50 H
49 H
*6H
15
11Vs
\i
10
611
126
40
1962 AfN
33 H
16
23
3Hs._1943
cons
7
extl
36
28
1960
1st A ref 5s series C
18
see
17H
16
♦Berlin City Elec Co deb 6 Ha. .1951
♦Deb sinking fund 6 Ha.....1959
6%
♦7a aeries B
37
103
115H
15
♦811esla (Prov of) extl 7a
18
U3H
6%
12
61
110
6W
6H
11H
33H
35H
33 H
1948
1956
Serbs Croats 4 Slovenes (Kingdom)
♦8s secured extl
1962 MN
16H
56
87
•7b extl water loan
1946
90
31 H
31
*35
15H
15
14H
♦Sinking fund g 6 Ha
34 X
31
28H
I
18
17 H
16H
30
4s stamped
1951
Battle Creek A Stur 1st gu 3a_.1989
Beech Creek ext 1st g 3 Ha
1951
6H
*10
71
171
31H
90
8H
6H
72H
47 H
31 H
1951
7
17H
73
49
70
*113
8%
1945
48 H
26
32 H
1943
11H
1968
25
78
102
65 H
8H
1940
99
29
28 H
1959
*8 H
f 7s
59 H
60 H
1950
a
173
31H
~N
1936
♦Secured
70 H
72
28 H
Y'j
f»8s extl loan of 1921
♦Saxon State Mtge Inst 7a
106 H
19 H
3
30
Certificates of deposit
♦8s external
♦6s extl dollar loan
98
100H
68 H
66 H
f"a
♦S'western Dlv 1st mtge 5s..1950
♦Certificates of deposit
conv
55
"22
78
19M
1996 MS
♦Certificates of deposit
3Hs
75H
29H
2000
♦Convertible 4 Hs
♦Certificates of deposit
Belvldere Delaware
46
37 H
52
24H
29
♦Certificates of deposit
♦Ref A gen 5s series F
f 7s
36H
102 H
32
♦Ref A gen 5s series D
♦External sink fund g 8s
5H
13H
♦Stabilization loans
"6H
100H
75 Vs
High
33 H
26 H
6
29H
♦Certificates of deposit
Ref A gen 6s series C
D
Low
10
68
1995 J
No
70
"77 H
O
{Bait A Ohio 1st mtgeg 4sJuly 1948
1940
4 Ha assented
H
Jan. 1
53
44
*22 H
Austin AN W latgugSs
J
1941
Baldwin Loco Works 5a atmpd.1940 M N
♦Peru (Rep of) external 7a
1959 M S
♦Nat Loan extl Bf 6a 1st ser..I960 J
D
♦Nat Loan extl
"102
J
conv
High
68
Since
Asked
35H
Low
6s
;uar
Range
32
Friday's
Bid
4s
B
F
A
1971 F
A
1977
86 H
14H
7
15
101H
99 H
New York Bond Record—Continued—Page 3
2202
Fridai
BONDS
N.
Y. STOCK
Last
EXCHANGE
Range
Sale
Week Ended Oct. 6
bid
A
Low
i
{♦♦Chicago A East 111 let 6a...1934
{♦C A E 111 Ry gen 6a
1961
♦Certificate* of depoelt
Chicago & Erie 1st gold 6a
1982
{♦Chicago Great West lat 4a—1959
{♦Chic Ind A Loulav ref 0a
1947
♦
Refunding g 6a aerlea B
1947
♦Refunding 4a aerlea C
947
♦1st A gen 6a aeries A
1906
♦
lat A gen 0a aerlea B_.May 1900
Chic Ind A Sou 60-year 4a
—
-
♦Gen
♦Gen
1
1
4 H8 aerlea E—.May 1
4Ha aerlea F—May 1
86
23 H
64 H
28
28H
15
7
6
63 H
111
1930
J7
17
M N
17H
104
103 H
54
16H
20
10H
1«H
J
107 H
49
18
9H
5H
12 H
6H
5H
304
F
A
J
J
*50 H
15 H
..
15H
♦Certificates of deposit
15
♦♦Refunding gold 4s
♦Certificates of deposit..
AO
1934
Ch St L A New Orleans 6s
3 Ha
1951 J
9 H
73
4H
33
5
21
4
4H
69
3H
3H
*78
84 H
D
1951
8H
1PH
9
2H
4H
70
60
83 H
07
*
69 H
54 H
03 H
67
67 H
12
49
55
50
43
58
Chicago Union Station—
Guaranteed 4s.
...1944
let mtge 4s «"*riea D
3 Ha
105
1903
1963 J
guaranteed
Chic A West Indiana
103 H
104H
36
102 H
102 H
103 H
101H
101H
102H
127 |
20
4a—1952 J
con
1st A ref M 4 Ha aerlea
J
1943 A
59
con
gu
1960
F
O
-----
-
14
58
11H
15
17
D
109
mmm'm
H
----
J
61
J
«.«.
104 H
103
75
*
*
'
9
69
....
1940 M S
*95H
107
Cleve A Pgh gen gu 4 H« ser B.1942
Series B 3 Ha guar
1942
0
102H HOH
103
HIH
63
77
85
42
63 H
56 H
59
58
96H
90
107 H
45
70
100H
95
105H HI H
106 H 106H
J
Series C 3 Hs guar
1950
*98H
V
108""
107 H
1948 M N
Series D 3Ha guar....
Gen 4 Ha aerlea A
....
108 H
105
107H
A
1977
A
Gen A ref mtge 4 Hs series B.1981
J
Cleve Short Line 1st gu
4H8--.1901
Cleve Union Term gu 6Hs
1st s f series B guar
"161H
101H
O
*75
101H
"l3
80
101H 106
79H
89H
1972
o
90
89
90
17
85
91 H
1973
o
82 H
81
83
34
75
85
1st s f 4 Ha series C
1977
0
Coal River Ry 1st gu 4s
D
1946
Colo Fuel A Iron Co gen s f 5a..1943 F A
76 H
75 H
76H
26
68
79 H
♦6a income mtge...
*102
H
110
102
—
...1970 A O
Colo A South 4Hs series A
102
72
72
39 H
43H
5
72 H
41H
1980 IN
Columbia G A E deb 6s...May 1952 A/N
Debenture 6a
Apr
15 1952 A O
Debenture 5a
Jan
16 1901 J
J
11
148
103
62
102 H
101H
102H
101H
102 H
7
100 H
99 H
100 H
131
106 H 106 H
100 H 104
45
26
76 H
47
92 H 104
94
104H
92 H
Columbus A H V 1st ext g 4s.. 1948 A
O
ColumbUB A Tol 1st ext 4s
103 H
109H 114H
1955 F
A
109
114
Columbus Ry Pow A Lt 4s
1965 MjV
106
110H
103
105 H
^Commercial Credit deb 3HB--1951
A
107"
"l07H
107 H
""§
O
Commonwealth Edison Co—
1st mtge 3 Ha series I
Conv debs 3 Ha
1908
D
1958
J
Conn A Passump River 1st 4a..1943
O
Conn Ry A List A ref 4Hs
1951
J
1951
J
s f 3Hs A
1901
Consol Edison (N Y) deb 3H8.1946
3 Ha debentures
1948
A
105H
104H
105H
15
103 H
O
105H
105
106
23
99 H
Stamped guar 4Hs
Conn Rlv Pow
102 H
118
104
114H
103 H
120H
—
►
*87
*m
99
324
of Upper
Wuertemberg 7s
*.
-
-
{♦Consol Ry
100
111H
104H 124H
89 H
98
89 H
110H
*105
-
106 H
-
conv
lat lien
23
24 H
o
o
O
23
23
*
"iTh
17H
16H
J
*46
"50H
41
24
8
23 H
"l7H
S0H
52 H
39
15
29 H
11H
28H
11H
26
19
13
19H
379
7H
20 H
19
351
7H
37
20H
52 H
50 H
49 H
37
51
87
94
07
*91 H
1954
86
113H
*75
70
*100H
103 H
S,
8]
*103H
*99 H
1964
Firestone Tire A Rubber
3Ha. 1948
{♦Fla Cent A Pennln 6s
1943
D
{Florida East Coast 1st 4Ha_..1959
D
60 H
1974 A/ S
8H
8H
♦1st A ref 5s aeries A
♦Certificates jt deposit
Fonda Johns A Glov 4Hs
O
102
103 H
J
102 H 107
100 H 103 H
103
98
103 H
103
2
H'
101
103 H
60
*38
62
214
101
100 H 103 H
101
104H
87 H 101H
97
105H
35
"]3
9H
9H
44
54
65 H
159
16
5H
5H
10
9H
1952
{♦•Proof of claim filed by owner. MN
(Amended) lat cons 2-4s
1982
{♦♦Proof of claim filed by owner MN
♦Certificates of deposit..
10
*2H
2H
j
1941
*99
Francisco Sugar coll trust 6s...1956 MN
Gas A El of Berg Co cons
g 6s..1949
Gen Amer Investors deb 5s A..1952
Gen Cable 1st s f 6 Ha A
1947
♦Gen Elec
(Germany) 7s
♦Sinking fund deb 0H
♦20-year s f deb 6s
52
D
A
/
A
lat A gen s f 6 Ha
I960 J
102 H
59
119
125H
105
103 H
100
100H
100H
95
*
104 H
49 H
59
48
62 H
50
"*7"
*
30
40
45
104
105 H
136
76
105H
80 H
215
*19
25
23
102
48 H
84 H
80
12H
....
20 H
23
13
12
1
102
84 H
H
45
98
12
101H
59 H
101H 107H
23
12
105
83
90 H
*25
J
*100H
103 H 100 H
80
80
*70
D
A
J
33
54
103
{♦Ga A Ala Ry 1st cons 6s Oct 1 *45 J
{♦♦Ga Caro A Nor 1st ext 6s..1934 J
♦Good Hope Steel A Ir sec
7s..1945 A
Grand R A I ext 1st gu g 4
Ha..1941 J
Grays Point Term 1st gu 6S...1947 J
Gt Cons El Pow
(Japan) 7s...1944 F
H
3H
3H
Ws
100H1
76
Goodrich (B F) lat mtge
4Hs..1950 J
Gotham Silk Hosiery deb 5s w w
*46 M S
Gouv A Oswegatchle 1st 5s
1942 J D
2
100
103H
J
1945
3
2H
103 H
*112
D
1940
1948 A/N
Gen Motors Accept deb 3
F
Ha
1951
Gen Steel Cast 5Hs with
warr.1949 J
78 H
7
65H
70
80
70
12
73H
80H
58
78
I
Great Northern 4Ha series
A..1901
General 6 Ha series B
1952
General 6s series C
1973
General 4 Ha series D
1976
General 4 Ha series E
General mtge 4a series G
Gen mtge 4 aaerles H
Gen mtge 3Ha series 1
101H
100 H
101H
13
99H
107 H
96 H
98
24
88
101H
89
91
13i
81
94
84H
83
84 H
16
74H
84
83 H
84
11
74
89 H
89 H
267
88
98
1977
1946
100 H
1946
94H
106H
108H
93
Feb
78 H
*53 H
Feb
Greenbrier Ry 1st gu 4s._
1940 MN
Gulf Mob A Nor 1st 5H8 B...1950 A O
let mtge 5s series C
i960 A O
Gulf A Ship Island RR—
94 H
76 H
1907
Green Bay A West deb ctfa A
♦Debentures ctfa B
1
2
8H
8H
"84H
94
81H
55
5H
103
82
82
82
110
78 H
66
53
175,
60
*75"
106H
105 H 109H
HOH
107
1st ref A Term M 5s
J
stampedl952 J
Gulf States Steel af4Ha
1961 A O
Gulf States Util 3Hs ser D
1969 A/N
J
♦Harpen Mining 6s
1949 /
98 H
109H
*
J
101H
13 H
102 H
156
14H
24
—
*.
«.
*11
18
14
13 H
105
104 H
105
102H
a f 6s
1900
J
Consumers Power 3Ha.May 1 1965 IN
lat mtge 3 Ha
May 1 1905 IN
1st mtge 3 Ha
1967 Mil
100H
64
99 H
8
9
18
*11
-
18
25
14
Consolidation Coal
10H
10
9H
22 H
106 H
14H
14
11H
14
5
44H
67
31
103H
111
65 H
102 H
43
100H 109 H
101H
101H
102
30
...1970 M N
102 H
41
100 H 110H
100
111H
100 H
100 H
99 H
102 H
i960 MjV
100 H
67
97 H 109 H
103
103
Container Corp 1st 6s
16-year deb 6s
1940 J
D
1943 J
D
Continental Oil
1948 J
D
110H
109H
111H
132
1951 F
A
101 H
101H
102 H
9
103 H 114H
100
106 H
1950 M N
102 H
101H
102 H
7
101H
1948 F
100 H
100
100 H
11
97 H
23
1942 A/
81
For footnotes see page 2205.
o
1942 M
102 H
102
O
tiEE
177
f 6s stamped
a
100H
_
^
100
A
Dayton Pow A Lt 1st A ref 3 Ha 1960
Del A Hudson lat A ref la
1943 IN
28
28
1st lien 0s stamped
30-year deb 0s aeries B
Hoe (R) A Co 1st mtge
{ ♦♦Housatonlc Ry cons
1942
Cuba RR 1st 6a g
1952
7Ha series A extended to 1940...
0s series B extended to 1940
51
26
103
Hocking Val 1st
14H
4s
Crucible Steel 4 Ha debs
Cuba Nor Ry 1st 5Ha
49
65
103 H
102 H
102
50 H
26 H
104 H
108
J
2Hs_
*100
J
J
70
108
non-conv deb 4s._1954
s f
J
50 H
102
103
98 H
102 H
conv
151
95H
104
99
D
f deb 3 Ha
105 H 109 H
100
107H
D
Fairbanks Morse deb 4s
1956
Federal light A Traction 1st 6s 1942 A/ S
6a Internationa aeries
1942 A/ 8
13
1951
1st mtge 3 Hs
1st mtge 3Ha
108
107
A
166
1956
107 H
*104 H
*61
1967 A/N
Ernesto Breda 7s
106H
102 H
1955
106 H
92 H
85
*100
J
♦Genessee River 1st s f 0b.. 1957
♦N Y A Erie RR ext 1st 4m.. 1947 A/N
♦♦3d mtge 4 Ha
1938 AC S
101H
♦Debenture 4s
19
112H
103
J
1955
108H
139
O
1975 A
101 H
101H 108 H
91
65
1953
♦Ref A Impt 5a of 1930.
♦Erie A Jersey lat s f 6s
25
103 H
96
140
*50
.1953
5s of 1927
105
♦Debenture 4s
91
1953
4s series D
♦Rek A Imp;
1
.1990
♦Series B
♦Oen
1
rl05H
O
4s prior.. .1990
102 H
J
s
cons g
♦1st consol gen lien g 4s
♦Conv 4s aerlea A
105 H
1955
Crane Co
{♦Erie RR 1st
J
♦Debenture 4s
.1905 A
5a stamped.
.1965
Erie A Pitta g gu 3 Ha ser B... 1940
Series C 3 Ha
.1940
O
J
deb 3 Ha
Crown Cork A Seal
conv 4a
Elgin Jollet A East 1st g 6s
El Paso A S W let 6a
O
1956
conv
106H
96 H
73
13
69
H
8H
103 H
90
85
'
♦Consolidated Hydro-Elec Works
Consol Oil
107H
.1952 F A
.1941 A/N
Electric Auto Lite
1956
8 Hs debentures.
16
*1S6H
.1958
8 Ha debentures
J
..
O
1942 J
—
100 H 103 H
96
J
J
Series A 4 Ha guar
110H 111H
63 H
148
55 H
Cleve Elec Ilium 1st M 3 Ha.-.1965
111 H
77
61 H
*50
-
O
Eait Ry Minn Nor Dlv 1st 4a.. .1948 A O
E^st T Va A Oa Dlv 1st 6a
.1956 MA'
Ed El III (N Y) lat cons g 6s.. .1995 J
J
Fort 8t U D Co 1st g
4Hs
85
*63 H
-
100
63
59
1990 MAT
10
70 H
......
D
48
102 H
*55
Ref A Impt 4 Hs series E
1977 J
Cln Wabash AM Dlv lat 48.1991 J
1940 J
60
96 H
79
103
J
Spr A Col Dlv 1st g 4s
W W Val Dlv 1st g 4s
88
103
J
Cleve Cln Chic A St L gen 4a—1993 J
Genera 16s series B
1993 J
St L Dlv 1st coll tr g 4s
86 H
45
*100
104
1969 F A
1943
106 H
97
15
94 H
*104
Cln Un Term lat gu 3H aer D .1971 IN
1st mtge gu 3 Ha aer E
Clearfield A Mah 1st gu 5s
100
110
91
*13H
102H
A
M N
99 H
59
H
1907 J D
4s...1942
107
101H 109H
93 H
94
{♦Choc Okla A Gulf cona 6s—1952 M N
Cincinnati Gas A Elec 3Ha
1st mtge 3 Ha
104
90 H
1902 M S
D
Chllds Co deb 6b
Cln Leb A Nor 1st
3
105
104
J
1961 M S
1st mtge 3Ho series E
Duqueane Light 1st M 3Ha
96H
70
55
67 H
Dec 1 1960 M S
...
67
5
7H
D
Chic T H A So'eastern lat 6s..I960 J
6s
16 H
9H
7H
D
gu
10H
7
June 16 1951 J D
Memphis Dlv 1st g 4a
18H
35
9
7H
44 H
10
9
7
J
Inc
6
9
"S
...1900 IN
♦Conv g 4 Ha
78
17
15 H
7 H
♦♦Secured 4 Ha aerlea A
1952 M
♦Certificates of deposit...
Gold
7H
52
48
103
10
113
11
1965 J
2H
11H
4H
105H 112H
102 H
50
4H
43 H
40
108 H 113
104
12H
10 H
D
5
32
D
12 H
11H
..1995 J
*39 H
3H
Dow Chemical deb 3s.
1951 J
Dul Mima be Air Range Ry 3 Hsl902 A
{♦♦Dul Sou Shore A Atl g 6S..1937 J
20
D
2
20
5H
J
3
40
5H
J7H
JOH
10 H
88
16H
30
10H
47
105
11H
11 H
11H
D
4H
8H
4H
35
13
12
D
3H
7H
4
4
15H
14H
6H
6H
10H
5H
7H
43 H
42
18H
J
J
May 1 2037
1 2037
1 2037
♦Conv 4Hs aerlea A
1949
{♦♦Chicago Railways lat 6a atpd
Aug 1938 26% part paid . -{♦Chic R I A Pac Ry gen 4a.. 1988
2
12 H
110H
18H
19
♦l«t A ref 4Hb stpd.May
♦1st A ref 4Ha aer C.May
7
"l2
12
4H
♦Assented (sub] to plan)
73
4H
11
♦10
*103
17
♦1st ref g 6s
J1
"43 H
10 H
1
J
♦Detroit A Mac 1st lleD g 6a
♦Second gold 4s
11
19
1936 J
*20
7
17
17H
17
14s
54
12
3 H
17
cons
f ♦Consol gold 4 Ha
1936
{♦Den A R G Wes* jen 6a. Aug 1955
1995 J D
Detroit Term A Tunnel 4H8-.1901 IN
270
17
{♦♦Den A R G 1st
106 H 108 H
"16
5H
1H
9H
26
M N
104H 107H
104H 107 H
JOSH
30
4
8
3
107 H
112 H
19 H
17H
107 H
107H
J
108
31H
31H
30
♦107H
106H
107 H
1969 J
a f 6s...1951 IN
Penna tax
1951 IN
112
19H
J7H
109H
104H 106H
108 H
18M
J7
107
1
112H
271
3H
1
105H
Detroit F llson Co 4 Ha ser D_. 1961 F A
Gen A ref M 4a ser F
1965 A O
Gen A ref mtge 3 Ha ser G...1966 M S
1
10
High
108
105 H
30 H
28 H
17
16
2H
Low
108
1969
H2H
18
J4H
No.
Jan. 1
7H
11
29 H
28 H
as to
Since
©
otj&a
♦Ref A Impt 6s ser B
Apr 1978
{♦Des M A Ft Dodge 4s ctfs.._1935
{♦Dea Plains Val lat gu 4 Ha—.1947 M S
75
18
1
17
1987
1987
0Ha
17
17H
Fed lnc tax. .1987
♦♦Secured
?0
25 H
30
8H
7H
7H
3
2
16
♦Stpd 4a non-p Fed Inc tax 1987
♦Gen 4 Ha atpd
2H
6H
28 H
H
8H
2H
15
13
64 H
29
1987
♦Gen 6a atpd Fed lnc tax
9H
9H
Stamped
Range
c2
©
Asked
High
A
1971
Den Gas A El 1st A ref
10
29 H
♦Conv adj 6a
Jan 1 2000
{♦Chic A No West gen g 3H«—1987
♦4 Ha stamped
86 H
22*4
12H
3
28
{♦Chic Mllw St P A Pac 6a A.. 1976
♦Geneial 4b
27 H
25 H
25 H
28 H
21H
24 H
13 H
112H
1939
or
Friday's
Low
15H
'
13
Range
bid.
High
80
1
J2H
Last
Del Power A Light lat 4 Ha
1st A ref 4 Ha
1st mortgage 4 Ha
104
15
12H
*8H
5H
5H
64 H
......
1989
1989
1989
1989
Price
12H
11
20
19H
86
1909
♦Gen g 3Ha aerlea B_.May
♦Gen 4Ha aerlea C...May
Sale
Week Ended Oct. 6
97
72
*11
{Chic Milwaukee A 8t Paul—
♦Gen 4a aerlea A
May 1 1989
N. Y. STOCK EXCHANGE
1
Low
2
21
22
-
22 H
No.
111
19 H
J
I960
Cblo L S A Eaat lat 4 Ha
L
BONDS
Since
Jan.
Higl
111
19H
19 H
J
Range
or
Askec
7,
Week's
Friday
Friday's
Price
•s,a.
Oct.
Week's
99 H
100
1
32
100
96
34 H
«
34H
35H
30
38 H
38
38 H
2
25H
31H
47
47
48
9
36
—
*36 H
39 H
104 H
104H
105 H
24
67H
230
—
—
-r
64H
63
-
-
105 H
100 H
106 H
102 H
4H8...1999
J
93
D
A
♦Adjustment Income 6s.Feb 1957
Illinois Bell Telp 3Ha ser B..1970
Illinois Central 1st gold 4s
1951
85
93
H
100 H
116H
73
122 H
67
7
25H
77 H
45
41
41H
95
95
8
41H
45
121
♦114H
118H
47 H
48 H
'"65
15H
15
16H
52
106
106H
13
*81
~55H
56
56 H
Purchased lines 3 Ha
Collateral trust gold 4s
Refunding 6s
1952 J
55 H
*47
45H
11H
102
51 H
17H
112H
50 H
52 H
1955 MN
40-year 4Ha
Cairo Bridge gold 4a
1950
92 H
88
*83
*
J
A
43
87
56H
F
95
83 H
"88"
56
1953 MN
93 H
28 H
116H 128 H
106 H
*83
40
116
41
"47 H
38
91
96 H
107
3
41H
1955 MN
St Louis Dlv A Term g 3s
Gold 3 Ha
98
95
Refunding 4s
37 H
92
....
74
lat gold 3 Ha
1951
Extended 1st gold 3Ha.....1951
1st gold 3s sterling
1951 M S
Collateral trust gold 4s
1952 A O
Aug 1 1966
2
15
Il6H
*7
J
MN
F
99
100 H
O
g 5s.__1937 MN
A/N
Houston Oil 4Hs debs
1954
Hudson Coal 1st s f 5s ser A...1962
Hudson Co Gas 1st g 5s
1949
Hudson A Manhat 1st 5s ser A 1957
42 H
49
70H
J
1944 A
Litchfield Dlv 1st gold 3s...1951
Loulav Dlv A Term g 3Ha—1953
Omaha Dlv 1st gold 3a.....1951
41
26H
103
110H
50
cons g
*85 H
"51H
63
52 H
51
63
9
64 H
46 H
03
"44
34
47
62
42 H
13
52
52
42
60 H
52
71
50 H
75
63
83 H
66
69H
*45
39
80
89 H
51H
*70
63
65
57
46 H
46 H
54
1951
73
1951
62
j Dlv 1st g 3He._.1951
Western Lines lat g 4s
1951
70
160
"eo*" "63"
Sprtngflel
60
01
i^EkE
Volume
New York Bond Record—Continued—Page 4
149
«•
BONDS
Last
N. Y. STOCK EXCHANQE
Week Ended Oct. 6
Price
Range or
Sale
-
&
N. Y
Since
Asked
t§
03
No.
55%
57%
98
43
51%
53
68
40%
Low
High
III Cent and Chic St L A N
1st A ret 4%s series
5
1963
1963
1940
1948
C
Illinois Steel deb 4%s
♦Ilseder
Steel Corp 6s
56
I
51 %
>
10l»n
101%
1
4s._1940
1950
{♦Ind A Louisville 1st gu 4s—1956
Union Ry 3 Ha aeries B—1986
"
)
J
Ind Bloom A West 1st ext
Ind 111 A Iowa 1st g 4s
J
*
65
*9
1948
1961
{Interboro Rap Tran 1st 5s—1966
Certificates of deposit..
J
63%
1932
7% notes—1932
5
29
S
63%
63%
63%
63
4%s
D
Inland Steel 3%s series
(♦10-year Gs
.{♦10-year conv
-
1947
Corp 6s stamped
1942
JT
99
61%
70%
13
7%
14%
104
m m* -
17
30
106%
103
104%
98
90
96%
109%
{(♦Met West Side El (Chic) 4a.l938
F
A
*7%
79
97
♦Mex Internat 1st 4a asstd
31
94%
2
21%
197
3%
99% 103%
9
21%
20
20
Int Merc Marine s f 6s
1941
63%
67%
98
J
97%
97 %
99
34
93
92%
91%
93%
40
82 H
73
74
16
73
87%
87%
66%
1972
1947
4%s__1952
V
J
48
48
53
52%
2%
73%
)
93%
>
35
)
2%
1
94%
83%
87% 1C0
49%
54%
43
71%
184
45%
2%
6
1%
75%
5
5
40
68%
93%
93%
5
90
85
85
7
79
85%
24
37
*13%
14%
{ ( ♦Mil A No 1st ext 4 %a
1939
J
D
*47
55
40
50
♦(Con ext 4 %a
1939
{♦Mil Spar A N W 1st gu 4a...1947
{♦Mllw A State Line 1st 3%a..l941
J
D
33
14%
20
33
8%
17%
73
28%
31%
{♦Minn A St Louis 5s ctfs
♦1st A ref gold 4s
♦Ref A ext 60-yr 6s aer
1934
J
56
71%
♦25-year 6 %s
1949
1st A ref 5 %s aeries B
1978 J
J
J
....
99% 109%
1C2% 107
36
27 H
17%
17
20
27
27
ico"
100%
"16
93 H 101
106
J
108%
72
83%
J
I
J
r
80
1961 J
r
*50
89%
unguaranteed
1961
Kings County El L A P 6a
1997
Kings County Elev 1st g 4s.__1949
Kings Co Lighting 1st 6s
1954
1st A ref 6 Ha
1954
Kinney (G R) 5Hs ext to
1941
Koppers Co 4s Berles A
1951
Kresge Foundation coll tr 4S..1945
3 Ha collateral trust notes—1947
{♦Kreuger A Toll secured 6s
Uniform etfs of deposit
1959
J
J
*50
95
A
)
*150%
79%
0
77%
J
J
104%
104%
7
98
J
'
105
105
1
103
J
)
(♦Laclede Gas Light ref A ext5sl939
Ref A ext mtge 5s
1942
Coll A ref 6 Ha series C
1953
Coll A ref 6 Ha series D
1960
A
*
92%
79
*101 *32
98%
98%
102 %
102
2%
2%
_
1
.
.
102%
170
150
160
47
99
9
102%
102%
20
10
2%
2
83
77%
90
45
58%
45%
58%
47
47
47
3
42
51
47
47
2
41
60%
*73
82
67
75
*68
88
63
70
31
84
90
80
Lautaro Nitrate Co Ltd—
31%
33
18
21%
35
59 %
60%
12
47
64
58%
Lehigh A New Eng RR 4s A—1965
58%
85%
*34%
85%
1945
1
47
3
86
45
3
"24"
25%
23%
26
J
26
12
A
O
12%
11%
13%
60
F
A
17%
17%
8
84%
64%
91
30
39
....
;
Lehigh Val Coal Co—
*35
stamped.
{Leh Val N Y 1st gu
♦General
cons
28%
16%
31
22
*45
70
30
30
31
31%
31%
49%
37%
40
5
34
*40%
52
53
53
53
53
15
40
66
54
12
44%
55
Gen A ref a f 4 %s se»1es C
Gen A ref a f 5s aeries D
5s series A
Nash Chatt A St L 4s ser
4s stpd
Acme 4 %s extended to
Nat
♦
21
4
13%
24
♦4 %s Jan
23%
♦4s
27
♦4s
23%
14
25%
44
60
.54%
62
22%
60
{Leh Val Term Ry 1st gu g 6a..1941 A
*57
1941 A
1
60
68
«
—
—
-
111% 118%
118% 129%
111 %
111%
2
123%
123%
123%
10
119%
120
8
1C0
100
102
15
106
107%
11
"93"
"96" "46
92
6
48
gu.._1965 A
A
1951 F
A
Liquid Carbonic 4s conv debs. .1947 J
Little Miami gen 4s series A
1962
Loews Inc s f deb 3Hs
1946 F
Lombard Elec 7s series A
1952 J
119
49
50
105
106
*70
75
50
1953 F
...
131
94
106
12
-
-
83
-
-
102% 111%
62
70
88
88
85%
3
80
88%
122%
6
-
-
117% 129%
116
128%
19
75
13
83
104%
100
90%
110%
105% 109%
108
95%
96%
26
97% 101 v
91
99%
88%
89%
42
84%
143
100%
1st A ref 6s series B
2003 A
1st A ref 4 Ha aeries C
2003 A
1st A ref 4s series D
2003 A
84
84
78%
79%
89%
2003 A
1946 F
1980
Atl Knox A Cln Dlv 4s
For footnotes see page
113
72
*101%
1955
2205.
80
73
85
♦
1945
1952
Lower Austria Hydro El 6 Hs.1944 F
2
20
*99%
*
A
72
104
~
—
«.
21%
20%
6%
21%
27
-
1
93%
89%
85%
97% 101
88
82%
110
111%
77
65
102
22
107%
24%
3
12%
12%
12%
12%
"T%
2
20%
21%
19%
4%
18%
12%
17
12%
12%
21%
20%
21%
12%
20%
65
69
18%
"70"
15
23
17%
20%
28%
29%
S
A/N
*101%
102%
107%
108%
103
110%
106%
106%
98
110%
O
O
60
95
91% 101%
J
80
84
O
74
70
72%
72%
07%
07%
D
F
94
95
J
50
50
45%
44%
99%
*108%
A/ S
A/N
60%
30%
54
29
49
52
99% 110%
114
117%
101
112
70
5
43
152
41%
*99%
104%
189
98%
102%
99
102%
64%
29%
72%
46
102
103
104%
100%
97
100
70
■
D
A/N
36
52
46%
100
J
J
99%
68
51%
50
A
99%
97
103
7
102
99
108
95% 105
100
106
April 1914 coupon on
1977
April 1914 coupon off...1977
No 5 on '77 A
"%
%
*%
"*%
%
%
1%
*%
*%
♦Assent warr A rets
lien 4 %s—
No 4 on '28
1914 coupon on
1951
♦4s April 1914 coupon off—1951
♦Assent warr A re's No 4 on *51
National Steel 1st mtge 3s
1965
•
%
1%
%
O
Nat RR of Mex prior
(♦Assent warr A rets
♦48 April
A
O
*%
97%
98%
*30
1954 A/N
1st g 4 %s
MN
F A
"27""
26%
119
27%
120%
117%
26%
117%
*
74
106%
*73%
O
J
*57
NOANElstref Almp4%sA 1952 /
J
New Orl Pub Serv 1st 5s ser A.. 1952 A O
1st A ref 5s series B
1955 J D
New Origans Term lBt gu 4s...1953 J
J
{(♦N O Tex A Mex n-c lnc 5S..1935 A O
♦Certificates of deposit
♦ 1st 6s series B
1954 A O
♦Certificates of deposit
♦ 1st 5s series C
1950 F A
65
27
117%
A
J
%
99
*112
27
1945 J J
J D
England Tel A Tel 5s A—1952
series B
1961
N J Junction RR guar 1st 4a._1986
N J Pow A Light 1st 4%S
1960
New Orl Great Nor 5s A......1983
New
107
D
A....
♦Certificates of deposit
60
65
122% 125%
20
27%
20
27%
118% 129
113
73
129%
73
105% 109%
75%
60
46%
69%
102
106%
105
102
106%
69%
70
58
74%
33
33
23
38
35
37
24%
40
104%
35
104%
104
70
35
"32%
"32%
30
35
32%
24%
38
32%
33
24
36
37
35
38%
24%
43
36
36
36
23
36
1950 A F
1954 O A
%
%
92% 103%
65
♦Certificates of deposit..
♦1st 5%s series
152
74
♦Certificates of deposit
♦1st 4 %s series
%
%
*%
J
80%
100
100**2
1940 J
1978
1951
1946
*19
27
D
Louisville A Nashville RR—
South Ry Joint Monon 4s
M
6s—1945 J
81%
*102
Louis A Jeff Bridge Co gu 4s..1945
6
12%
19%
34
42%
65
101% 106%
6s__.1948 J
1
82
32%
34
17%
32%
{♦New England RR *nar
♦Consol guar 4s
85%
103%
104
1960 M
37%
11%
12%
30%
*57%
{♦Naugatuck RR lsi g 4s
85
*117%
1951 F A
Mob A Montg 1st g 4 Ha
S
Newark Consol Gas cons
58
1
122
122%
Louisiana A Ark 1st 5s Ber A..1969 J
1st A ref 3Ha series E
S
107
85%
85%
1944 A
St Louis Dlv 2d gold 3s
A
M
103%
85
85
1949
1949
1949
Paducah A Mem Dlv 4s
F
M
*65
104% 110%
107
"~96~~
♦Long Dock Co 3%s ext to—1950 A
Unified gold 4s
16%
4 %s
12
6s
3%
16%
16%
16%
17%
♦4%s July
23
•
136
"is"
*%
*%
23%
-
15
2000
14
*%
12%
11%
*
5
Louisiana Gas A Elec 3 Ha
"3%
1914 coupon on...1957
1914 coupon on..1957
55
15
46
2
Lorlllard (P) Co deb 7s
17%
July 1914 coupon off..1957
Assent warr A rets No 4 on '67
45
21%
4
4s stamped
*17%
MN
O
1955
O
1955
O
1955
D
2000
1955 MN
Prod deb 3% ww_.1951
Nat Distillers Prod 3%s
1949
Nat Gypsum 4%s s f debs
1950
National Rys of Mexico—
21%
«
18%
*17
Nat Dairy
20%
20%
A
Nassau Elec gu g
21%
Long Island unified 4s
Guar ref gold 4s
a
series B
1955 MN
J D
Mountain States TAT 3%s._1968
Mutual Fuel Gas 1st gu g 6s...1947 MN
A/N
Mut Un Tel gtd 6s ext at 5%..1941
24
Lone Star Gas 3Hs debs
y
Constr M 4%s
22
5s
16%
17
1981
Morris A Essex 1st gu 3%
21%
Lion Oil Ref conv deb 4Hs...l952
H
Gen A ref s f 5s aeries B
2003
Liggett A Myers Tobacco 7s. .1944
...1949 A/N
1980 A O
1965
Montana Power 1st A ref 3%s_1966
Montreal Tram 1st A ref 6s....1941
Gen A ref s f 6s series A
1955
2003
6s assented
17
105
6
*17
6a debentures
assented
Lex A East 1st 60-yr 6s
S
5
5%
*17
Monongahela Ry let M 4a ser A '60
Monongahela West Penn Pub Serv
1st mtge 4 %a
1960
20
20
..2003
♦5s assented
A/
1978 MN
(♦Secured 5% notes—..—1938
Mohawk A Malone 1st gu g 4a.1991
♦General cons 6s
♦4 Ha
1977
♦Certificates of deposit
20
*51
1940 J
2003
4 Ha
35
16%
23%
*28%
A
{♦Lehigh Val (Pa) cons g 4s.._2003
♦4s assented
23
33
35
*28%
F
1940 J
4Hb assented
28%
34
....
4Hs
20
*28 %
1974
♦Sec 6% notes extend to
1943
♦6s stamped
..1943
Leh Val Harbor Term gu 5S--.1954
♦5s
36
*28%
34
...1954
.1964
stamped.............1964
♦5s 8tamped
♦1st A ref s f 6a
-.1974
36
*28%
1954
83
115
15
1965
♦Certificates of deposit
Conatr M
1944
51%
J
'
32%
25%
J
{Mobile A Ohio RR—
♦Montgomery Dlv 1st g 6s..1947
♦Ref A lmpt 4 %a
1977
5
1975
75
J
91%
78
22
Lehigh C A Nav s f 4 Ha A
1954
Cons sink fund 4Hs ser C—1954
45
29
(♦Mo Pac 3d 7s ext at 4%.July 1938
17
83%
65
41%
13%
2%
53
1997 J
3%
09
25
♦1st A ref 6a series I
51 %
'
5
64
65
♦Certificates of depoalt
105%
99%
81
J
1%
3%
62%
39
/ ♦Jst A ref 6s aeries F
95
104%
100% 105%
Lake Erie A Western RR—
♦1st A ref 8 f 6s
2%
26%
1976 A/ S
♦1st A ref g 5a series
51%
F
5
39%
♦Conv gold 5%a—
51%
1
7%
10
9
J
4s
101
95
_
80
3% to.. 1947 J
3%
5%
1%
6%
3%
D
♦1st A ref 6a aeries G
51 %
F
♦5s
♦Cum adjust 6a aer A
88%
106%
108%
51%
1942
10%
J
{♦Mo Pac 1st A ref 6s ser A
♦General
81
1942
5%
.
F
Coll tr 6s series B
3
9%
♦Certificates of deposit...
.
F
Coll tr 6s series A
3%
%
_
80
83
A
1%
4
5%
♦Certificates of deposit...
M S
3
9
2%
1978
Jan 1967
40-year 4s series B
Prior lien 4%a series D
♦Ctfs with warr (par $926)
J
14%
4%
1902
1902
prior lien 5s ser A
F
76%
102%
9%
Missouri-Kansas-Texas RR—
16H
105
92%
7%
8%
4%
M S
{♦ Mo-Ill RR 1st 6s series A...1959
Mo Kan A Tex 1st gold 4a
1990 J
37
F
65
60
95
8%
8%
J
67
25
♦1st A ref s f 6s
2%
*1%
J
J
*____
♦5s stamped
*6
J
*
Lehigh A N Y 1st gu g 4s
J
J
I
1st mtge Income reg
J
1946 J
1st 6s—1943
$645)._1943
♦
J
♦1st A ret 6s series A
♦
Lake Sh A Mich So g 3 Ha
14
1949 A/ S
A...1962 Q F
{(♦M St P A SS M con g4s int gu '38
{♦1st cona 6a
1938
(♦1st cona 5s gu as to int...1938
♦Ctfs w w stmp (par
1941
J
38 H
28
5s 1937 extended at
31%
MN
72 H
104%
31%
7
94
94%
A/ S
23
103%
2d gold 5s
J
S
62
104%
M
72%
O
4
>
J
*69
M
54
91
4Hs
"90% "97"
J
42
"100%
89% 100
88
94
1963
35%
}
Ctfs w w Btmp (par $925)__ 1943 MN
100
*91%
1940 A
66%
10
Plain
100
k
%
30
1979
34
69
3
H
30
{♦Mid of N J 1st ext 5s
65
67
50% 102
7
8%
8
Michigan Consol Gas 4s
33
107
1943
1946
Kentucky Central gold 4s
1987
Kentucky A Ind Term 4 Ha—1961
Stamped
1961
101% 104%
108% 111%
30
A/N
33%
105%
♦
1952
1st gold 3 %a
Ref A lmpt 4 %s aeries C
34
106%
Keith (B F) Corp 1st 6s
104%
109%
67%
1977 M S
♦4a (Sept 1914 coupon)
1977 M S
♦Mlag Mill Mach 1st a f 7s
1956 J I)
Michigan Central Detroit A Bay
J
J
City Air Line 4s
1940
Jack Lans A Sag 3%a
1951 M S
34
J
102%
109%
104%
96 H
J
♦Karstadt (Rudolph)
100
112
1st 4s
Kansas Gas A Electric 4%s—1980
Ref A lmpt 5s
Kansas City Term
87 H
79H
57
56%
-
55
08
67 %
48 %
1950
Apr 1950
1960
87
39
51
84
gold 3s
54
51
17
70
{{♦K C Ft S A M Ry ref g 4S..1936
♦Certificates of deposit
15
79%
51
63%
69
Kan City Sou 1st
14
58
em
I
72
15
79%
O
"72
15
O
I
->
Kanawha A Mich 1st gu g
82%
83%
72
A
1%
3
81
*85%
15
1950
8H
A..1961
4s..1990
37
1968 M S
8H
Jones A Laughlln Steel 4%s
67
17%
Metrop Wat Sew A D 5%a
73
4s..1959
67%
24%
35%
Metrop Ed 1st 4%a series D
10
James Frankl A Clear 1st
26%
67
68
10
3
1959 M N
J
{♦Man G B A N W 1st 3%s...l941 J
66%
43
3%
17%
17%
^
65
35
08
101
77
64%
60
1434
___1955
66
"35"
27
17
Debenture 5s
O
D
60%
18%
3%
{♦Iowa Central Ry 1st A ref 4s.l951
45
79
17
deb g
55
23
12
17
Int Telep A Teleg
67
39%
40
39%
114
1956
1944
?
77
53
Manila RR (South Lines) 4a
1947 A
105% 107%
105%
52%
38%
Manila Elec RR A Lt a f 6s...1953 M S
Marlon Steam Shovel a f 6s
1
High
76
64%
C
Internat Hydro El deb 6s
1st lien A ref 6 Ha
2013 J
♦Second 4s
Low
76
64%
93
20%
Int Rys Cent Amer 1st 5s B
{♦Manhat Ry (N Y) cons 4s..l990 A
♦Certificates of deposit...
No
52%
29%
101
A A B...1947
1955
Feb 1 1957
High
Jan.
D
Market St Ry 7s ser A...April 1940 Q J
Mead Corp 1st 6a with warr..1945 A/N
/
Ref a f 6s series A
Manatl Sugar 4s s f
105%
Since
Asked
D
MN
70
/
Internat Paper 5s ser
McCrory Stores Corp s t deb 5s. 1951 A/N
50%
->
♦1st g 5s series
<fc
Loto
Maine Central RR 4s ser A... 1945 J
Gen mtge 4%s series A
1960 J
Range
Range or
Friday's
Bid
63%
94%
{
Price
326
1956
1st 6s series B
Last
a*
65
63%
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A ..July 1952
♦
Friday
-
Sale
'-I
.
Week's
28
64
-
Interlake Iron conv deb 4a
95%
105%
106%
♦Certificates of deposit
Int Agric
96
6
65
*104
J
50%
101% 105
32
41%
95
98
65
3
Ind
Industr'al Rayon
12
101%
60%
■
STOCK EXCHANGE
Week Ended Oct. 6
Jan. 1
High
8
BONDS
Range
•0
Fridav't
Bid
Low
Joint 1st ref 5s series A
2203
Week's
Friday
^s=
New York Bond Record—Continued—Page 5
2204
Friday
BONDS
Last
N. Y. 8TOCK EXCHANGE
Week Ended Oct. 0
Week's
Price
Range
Sale
*£
I
A
TjOW
Newport A C Bdge gen gu 4
%s.l945
10-year 3%s sec s f
Ref A lmpt
Ref A lmpt
J
4%s series A
fie series C
Conv secured 3%s
N Y Cent A Hud River 3%s
J
F
A
66%
A
1998
1940
2013
2013
-1952
N Y Cent RR 4s series A
O
80%
O
62
O
68
60%
65%
71%
70
MN
J
79%
J
85
__1942 J
1998 F
A
Mich Cent coll gold 3%s
BONDS
Since
N. Y, 8TOCK EXCHANGE
Week Ended Oct. 6
No.
07%
151
Low
82
110
50
73%
67
82%
64
422
42
67
69
340
47%
72%
72%
81%
104
50
77%
107
40
75
83%
85
18
72
84%
85%
66
3
56%
70
62%
62%
63%
7
58
68%
N Y Chic A St Louis—
Ref 6 He
1974
series A
C
1st mtge
O
69
S
A
Ref 4 44s series
61
67%
59%
81%
M
1940
4s collateral trust
F
A
3J4s extended to—1947
A
O
1941
A
O
1953
1953
--1951
F
A
F
A
A
N Y Connect 1st gu 4%s
1st guar 6b series B_
N Y Dock 1st gold 4s
1947
1st lien A ref 3%s ser
E
A
-
^
O
46
85
5
76
101%
81%
85
«r«,
76
78
34
Purchase money
♦N Y A Greenwood Lake
fis—
57%
102%
4s.—*-1941
{{♦N Y A N E (Bost Term) 4a. 1939
{♦N Y N H A H n-c deb 4s
1947
Debenture g 4%s
1970
85
General 4%s series D
Gen mtge 4%s series E
Conv deb 3%s
1981
92%
93%
55%
19
4
21
47%
48%
100
.59%
63
110%
112%
102%
103
118
2
116% 126%
F
A
111
111
6
108% 119%
*16%
35
59
100
debenture 3%s
♦Collateral trust 0s
♦Debenture 4s
1927
♦General
1992
M
14%
1942
N Y Rys prior Hen 0s
stamp.--1958
N Y A Rlchm Gas 1st 0s A
A
J
J
J
♦General gold 6s
1937
1937
F
F
1940
1940
J
0s stamped
J
94
13
17
15
16
8
15%
15%
14
13%
14%
17%
17
19
26
25%
26%
11
14%.
10
14%
15%
15%
8%
15%
54
53
8%
5
North Amer Co deb 344s
1949 F
1954 F
debenture 3%s
—
North Cent gen A ref 6s
Gen A ref 4 44s series A
A
*3
A
1959 F A
1974 M S
-
105
10%
97%
1044
60
23
*~2
9
40
4
103 44
35
Pacific Coast Co 1st g 6s..
Pacific Gas A El 4s series G
Phi la Bait A Wash 1st g 4s
General fis series B
107
15
107
115
103
103
3
102
110
D
103%
103%
1
102
107%
1967 J
D
103
104%
105%
135
97% 105%
98
103% 112%
Pitts Coke A Iron
4%s A.1952 M S
conv
Pitts C C C A 8t L 4%s A
Series B 4%s guar
1940
1900 F
A
1903 F
A
30
45
lOOijj 103%
100
111%
5%
41
17%
15%
112% 114%
107
41
38%
50
4444
50
6544
39
53%
60%
50%
74%
42%
42%
05
85
64
98% 110%
6
10
105
10544
104 44
S
104 44
20
100
104%
99%
102%
105
J
100%
34
102%
1
104 44
95 44
104 44
101
2
108%
102
106%
49
97% 108%
98% 109%
96% 109%
110
107
108
6
112%
112%
2
101% 105%
95% 113%
107
116%
104% 111%
112% 117%
114
114
3
114
101
102 44
72
76
102)4
77
7744
14
117%
28
*
63 44
10744
107%
103%
100%
10444
1906
101%
1938
79
1938
*7844
10144
10144
♦Paullsta Ry 1st s f 7s
1942 M S
Penn Co gu 344s coll tr ser B_. 1941 F
A
Guar 3 44s trust ctfs C
1942 J D
Guar 3 44s trust ctfs D
1944 J
D
Guar 4s ser E trust ctfs
1952 IN
28-year 4s
1963 F A
48
113%
101% 112%
35
100
110
5
67
83
80%
102
101%
49
78
79%
*46,
*113
*
104 44
49
1945
105
cons guar
cons
4s
4%s
Series J
cons guar 4 %s
Gen mtge fis series A
1964 IN
1970 J
D
Gen mtge 5s series B
Gen 4 %s series C
1975 A
1977 J
J
Pitts Va A Char 1st 4s guar...1943 UN
Pitts A W Va 1st 4%s ser A. .1958 J D
79%
*102 44
*98 44
1959 A
O
54
O
53%
Pitts Y A Ash 1st 4s ser A
1948 J
1977 J
100
100%
Port Gen Elec 1st 4%s
1st fis 1935 extended to
S
1950 J
conv
59%
104
100%
104
♦6s stamped
*98%
75%
31
75%
*105%
29%
1942
31%
{{♦Postal Teleg A Cable coll fis. 1953
18%
Potomac Elec Pow 1st M 3%s.l966
Pressed Steel Car deb 5s
1951
30
17%
102
84%
{♦Providence Sec guar deb 4S..1957 \f N
{♦Providence Term 1st 4s
..I960 M S
Public Service El A Gas 3%s._1908 J
1st A ref mtge 5s
2037 J
1st A ref mtge 8s
Pub Serv.of Nor 111
76
108
106%
31
I
2
31%
4
18%
983
102%
17
s
f deb fis
84%
1
58%
83
105% 107%
23
44%
24
42
10%
18%
101% 110%
1948 J
J
5%
70
40
103%
88
131
131
200
200
100%
101%
97%
J
98%
w
D
53
D
53%
53
*55
63%
63%
J
77%
77%
78
J
\I
*77%
94
94
S
Rensselaer A Saratoga 6s gu
1941 M N
RepubUc Steel Corp 4%s ser B.1901 F A
Purch money 1st M conv 5 %s '54 UN
1956 M N
J
66%
80
....
95%
94
85%
110%
110%
112%
93%
93%
93%
85%
97%
97%
95
94%
102% 116
61
101% 103%
101% 104
99% 104%
98% 105
96% 105
95
J
♦Rhelnelbe Union
s
4%s. 1956
f 7s
*11
J
37
19%
18%
♦Rhlne-Westphalla El Pr 7s—.1950 UN
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
1953 F
A
1955 A
Richfield Oil Corp—
4s 8 f conv debentures
*8%
107%
1952
Gen mtge
13
9%
27%
107
107%
100% 110
104%
103
9%
10%
*38%
33
1949
*13%
1977 M
13%
17%
40
28%
12%
*33 "
44
20
S
1948 A
S
*105
100%
O
104
100%
10%
J
8%
88
25
104%
4
9%
5%
89
88
104%
1996
30
8%
9%
107%
103% 108
94
1966
104
99% 100%
8
13%
*8
J
Saguenay Pow Ltd 1st M 4%s.l966
St Jos A Grand Island 1st 4s
1947
St Lawr A Adlr 1st g 68
2d gold 6s
106
43
S
1969 M S
3%s series J
28
28
*6
1955
1967 M
1967 M
27%
5
=103%
fis..1939
{{♦Rio Grande West 1st gold 4sl939
Roch G A E 4%s series D
Gen mtge 3%s series H
Gen mtge 3 %s series I
22
7
10
*8%
10
gu
♦1st con A coil trust 4s A
101 %
51
10
O
1952 M S
Rlchm Term Ry 1st gen fie
♦Rlma Steel 1st s t 7s
{♦Rio Grande June 1st
7
1952 M N
18
91%
102%
94%
93%
101% 104%
99
105%
57%
105
92%
*8
*
80
92
*5%
45%
68%
94%
J
♦3%s assented
1946 J
♦Rhine-Ruhr Water Service 08.1953 J
03%
93%
J
1946 J
SO
50
30
)
63
16
63%
w.1950 M S
79
55
O
1956
153
224%
110%
95% 104%
99
D
1997 J
Remington Rand deb 4%s
4%s without warrants
6
49%
102% 112
131
101%
1997 J
Gen A ref 4%s series A
Gen A ref 4%s series B
1%
200
J
O
{♦Radio-Keith-Orph pt pd ctfs
for deb 6s A com stk
(06% pd).--
Gen mtge 4%s series C
Revere Cop A Br 1st mtge
103%
D
1968 A
5
*45
J
2037 J
3%s
5%
{♦Rut-Canadian 4s stmp
1949 J
{♦Rutland RR 1st con 4%s..l941 J
45
59
*100%
J
6sl942
81%
8t Louis Iron Mtn A Southern—
♦{RIv A G Dlv 1st g 4s
♦Certificates of deposit
1933
M N
62%
{♦St L Peor A N W 1st gu fie
St L Rocky Mt A P fis sptd
1948 J
1955 J
J
J
{♦St L-8an Fran pr lien 4s A.. 1950 J
J
62%
47
20%
6
05%
64
12%
21%
52%
21%
52
51%
63
62%
*58%
66%
12%
11%
11%
11%
13%
13%
J
13%
12%
14
13
13%
7
1978 M S
12*"
11%
13%
271
6%
14
11%
11%
12%
119
6%
13%
63%
63
64%
34
33%
17%
33%
10%
11
1950 J
♦Certificates of deposit.
♦Ctfs of deposit stamped.
{♦St L 8W 1st 4s bond ctfs.._ 1989 MN
♦2d 4s lnc bond ctfs
61
*61
♦Con M 4 %s series A
Nov
1989 J
J
{♦1st terminal A unifying fis. 1952 J
J
♦Gen A ref g 5s series A
23
D
1960 M
♦Certificates of deposit
♦
Prior lien 5s series B
For footnotes see na^e 2205.
23
56%
{{♦R I Ark A Louis 1st 4%s._1934 M S
127
100
55%
♦Ruhr Chemical s f 6s
77
72
123%
100
52%
112
68
100
1
1962 F A
1974 J D
5s series B
92%
99%
106% 107%
23%
59%
"56%
D
1st gen 5s series C__
96%
53""
52
*53%:
1960 A
108%
117%
112% 118%
101
107%
101% 107
104%
95
112%
65%
42%
103%
102%
|
111
105
112
106%
100
50
103
96
100
72
99
101%
102% 105%
109%
108% 108%
102% 109
106% 106%
105
115
104
102%
1st mtge 4 %s series B_!
1st 4 %s series D
106
112
*100
....
105
1st mtge 4 %s series C
{♦Porto Rico Am Tob
4
105
*103
.....
O
1 Bt gen
90
107
*103
13
2
7
105% 117
1953
"40
121
55
*101%
101
71
105
10144
104%
65
108%
101
A
Paramount Pictures 3a deb... 1947 M 8
Parmelee Trans deb 6s
1944 A O
Pat A Passaic G A E cons 5s
1949 M S
53
*101%
Panhandle Eastern Pipe L 4s_. 1952 M
S
Paramount Broadway Corp—-
118%
98
107%
64%
81%
102%
79
19
14
00
97% 106%
99
108%
8%
9%
89%
105
55
*100
*93
105
6444
101
16
1949
J
A
J
104
Series E 3 %s guar gold
Series F 4s guar gold
94% 107%
5%
12%
6%
9
11
4%
64%
39%
D
S
104%
105%
10%
105
106
8%
103% 111%
107
J
1
114% 124
98
107%
./
107%
A
*96
7%
10544
72
1981 J
♦Conv deb 0s
Series H
7
102
67%
54
106% 115
1977 J
{♦Phlla A Reading C A I ref fis. 1973 J
Series I
12
102 44
52
72
114
*105
9%
1974 F
Phlla Co sec 6s series A
54
13%
104 44
67%
70
113
1943 MA'
General g 4%s series C
General 4%s series D
77
1244
101%
101%
65%
70
102%
102
104
67%
64
3
76
112
117%
117%
103% 106%
57%
70%
107%
105%
100 44
10214
10144
74
76
*98%
102% 111%
107% 109%
94
102%
100%10513ji
59
7%
110%
102%
1*00%
104
7
67%
5%
2
117
43
*95%
J
1956 F
J
108
64
1942
70 44
1964
_
1956 J
1st 4s series B
1st g 4 %s series C..
1980 M S
Phelps Dodge conv 3%s deb__1952 J D
110
110
1942
104%
107%
115
J
116
*106
A
A fis...1956 J
ser
59
Series C 4 %a guar
Series D 4s guar
9%
163%
107%
*45
60
Apr
1990
{♦Debenture gold 6s
1941 J
{♦Deb 6s stamped
...1941 J
Reading Co Jersey Cent coll 4s.1951 A
Pacific Tel A Tel 344s ser B_. 1960
Ref mtge 3%s series C
I960
Paducah A 111 1st s f g 444s
1955
f g 3s loan ctfs
April
Marquette 1st
Purity Bakeries
H__. 1961
{♦Pac RR of Mo 1st ext g 4s_
{♦2d ext gold fis
s
4s
*112%
108%
110
"l"i
10444
1940
1st A ref mtge 3 44s ser I
1st M
Income
Pere
S
O
100%
90
..1946
ser
1947 M
100
86
40
Ore-Wash RR A Nav 4s
..1961
Otis Steel lBt mtge A 4%s._ ..1902
3%s
6s
100%
70%
Ontario Transmission 1st 6s.. ..1945 M N
Oregon RR A Nav con g 4s.. ..1940
D
Ore Short Line 1st cons g 5s_, ..1940
J
1st A ref mtge
cons
6s
1952 IN
16%
15%
62
D
90%
20%
46 44
..1907 M
74%
1 Pirelli Co (Italy) conv 7b
10
2047 J
2047 J
1st mtge 4s
176
159
J
1st mtge 34*8—
..1972 J
Oklahoma Gas A Elec 3 448-- ..I960
J
4s debentures
..1940 J
Ontario Power N F 1st g 5s__, ..1943 F
97
90%
114%
J
Guar stpd cons 5s
gold
O
113%
10%
93
2
*36%
J
Ohio Connecting Ry 1st 4s.-. ..1943 M S
Ohio Edison 1st mtge 4s
..1966 UN
97
114
4
4s_. ..1948 J
90%
90
89
S
102% 110%
104
108%
"
104 44
100 44
gu g
♦
44%
"fin"
{♦Og A L Cham 1st
79
12
1948 M
86
J
45
26
2%
91
A
86%
94%
6
4
1957 F
108
93%
10
*74%
Northwestern Teleg 444s ext.-1944 J
120
92% 101%
100
99
F
2047 J
-.2047 J
22
102
1997 Q
2047 Q
Ref A lmpt 4 44s series A
209
99%
105%
7%
♦Apr '33 to Oct '34 coups. 1945
Ref A lmpt 6s series B
110
6%
♦Apr '33 to Apr'38 coups.. 1945
Ref A lmpt 5s series D
Northern States Power 344s
Refunding
1943 A
14
1004)2
Ctfs of deposit stamped
North Pacific prior lien 4s
Gen lien ry A Id g 3s Jan
108% 113%
81
90%
11
113
107% 114
17%
42
102
1945
32
6%
24
1974 M 8
♦Oct 1938 A sub coupons
10
86%
15%
5%
97
9%
40
=
109
109%
5%
10
lOOUt
{♦Northern Ohio Ry 1st guar 5a—
♦Apr 1 1935 A sub coupons..1945
Ref A lmpt fis series C
Peop Gas L A C 1st
90%
1952
Peoria A Eastern 1st cons 4s._-1940 A
62
104 44
*104%
97 44
9644
9%
9%
117
"l"6
99%
95%
108%
85%
111%
98%
104%
84%
92%
93%
89%
7%
20%
*103%
9
10
11
{{♦Norfolk A South 1st g 58. —1941 IN
Norf A W Ry 1st cons g 4s
1990 O A
112
100% 102%
101% 103%
106
109%
J
28
5%
10444
♦Certificates of deposit
100%
107%
93%
187
1949 M>8
*83
Niagara Share (Mo) deb 6448-1950 IN
fNord Ry ext sink fund 0440—1960 A O
{{♦Norfolk South 1st A ref 6a.1961 F A
95%
102%
103%
1937 J
16
5
~5§""
53
103 44
101%
102%
{{♦Philippine Ry 1st s f 4s
Phillips Petrol conv 3s
3%
10%
62
8%
19
*65
53
High
93
102
16%
16%
56
17%
9%
1
54
188
9%
78
7%
19
D
{{♦N Y Westch A Boat 1st 4 44s '40 J
J
Niagara Falls Power 344s
1906 M S
Nlag Lock A O Pow 1st 6s A —1955 A O
debenture 4s
1984
Phila Electric 1st A ref 3%s...1967 M
5
A
J
♦Terminal 1st gold 6s
1943 IN
N Y Telep 1st A gen b f 4%s.—1939 UN
Ref mtge 344s ser B
1907 J
J
N Y Trap Rock 1st 0s
76%
13%
A
1940
{{♦N Y Susq A West 1st ref 6e
{♦2d gold 4 44s
70
13%
O
1961 IN
—1903 J
N Y Steam Corp 344s
90
14%
1955 J D
4s
{♦N Y Providence A Boston 4a
N Y A Putnam 1st con gu 4s„1993 A O
N Y Queens El Lt A Pow 3 %s 1905 UN
68
58%
51
*13%
O
S
63
54
50
*50
{♦Harlem R A Pt Cbes 1st 4a 1964 MI
{♦N Y Ont A West ref g 4s
48%
33
65
*75
1948 J
J
1940 A O
1957 M N
--1907
D
4
70
*55%
S
J
17%
99% 102%
*61 %
O
M S
12
59%
*61
A
1956 IN
1960 J J
♦Conv debenture 0s
98
M
debenture 3%s—1954 A
♦Non-conv debenture 4s
1955
♦Non-conv debenture 4s
22
*92%
♦Non-conv debenture 3%8—1947 M S
112%
79
118
♦Non-conv
86
83%
86%
O
IN
Low
107%
57%
%s *42 IN
1943
J
7i
109%
50
107
No.
High
96
104
109""
65
D
1973
4%s series B
♦1st A ref 4 44s ser of
1948 A/N
4s sterl stpd dollar.May 1 1948 M N
Gen mtge 3%s series C
1970 A O
Consol sinking fund 4%s
1960
Consol gold 4s
77%
100
Since
Jan. 1
93
102 %
103
99
104
Range
Is
Asked
1981
B
105
7
53%
♦N Y L E A W Dock A Imp fis
♦Conv
4%s aeries
1968
6
101%
IN
♦N Y L E A W Coal A RR 6
N Y A Long Branch gen
Pa Ohio A Det 1st A ref 4 %s A. 1977
Pennsylvania Pow A Lt 3%s..l969
4%s debentures. ......—.—1974
Pennsylvania RR cons g 4a
1943 AfN
1965
101%
102
1940 IN
2000 IN
95
*103%
95%
General 4%s series A
A
A—-1973
Y Lack A West 4s ser
95
1st M 4%s__1960
Peoria A Pekln Un 1st 5%s___1974 F
N Y A Harlem gold 3%s
N
Penn Glass Sand
General fis series B
105
A
Low
Penn-Dlxle Cement 1st 6s A...1941
72%
101%
102%
Bid
65
J
68—1948
gold 4s
1949
Range or
Friday's
Sale
47%
N Y A Erie—See Erie RR
N Y Gas El Lt H A Pow g
Last
Price
39
104
55
AO
1905
1960
Conv 6% notes--
N Y Edison 3%s ser D
-
68
224
80%
A
F
3-year 0% notes
70
62%
s*
3i
High
100%
05
A
1998 F
79%
Range
Jan. 1
&§
SQ
High
65%
80%
A
Lake Shore coll gold 3%S—
I
cS
Asked
*102%
A
--1997 J
Debenture 4s
•e
or
Friday's
bid
Oct. 7,
Week's
Friday
••
1
/
1990 J
18
"
198
7
14
59
6%
54
7%
13%
14%
7
14
.
54%
05
7
26
36
19
15
35%
23%
4
8
15%
Volume
New York Bond
149
BONDS
N. Y.
k
STOCK EXCHANGE
Week Ended Oct. 6
o
§*
*a.
La.il
Range or
Sale
St Paul A Duluth 1st
Price
Range
Friday'»
A
Ashed
oq »s
No.
High
Low
Week
Virginian Ry 3%a Berles A
1966 M
6%
1939 AT N
3%
9
{{♦Wabash RR lat gold 5a
{♦2d gold 5a
St Paul Un Dep 6b guar
1972
8 A A Ar Pass let gu g 4a
1963
San Diego Conaol G A E 4a
113
1943
San Antonio Pub Serv 4a
1966
03
{♦Schulco Co guar 0%a
♦Stamped.:
63 %
47
101%
107 %
110
20
9
*106%
*10%
2
109
17
15
31
25
Scioto V A N E lat gu 4a
1989
{{♦Seaboard Air Line lat g 4a_.1950
{♦Gold 4a stamped
1960
♦Adjustment 6a
13 %
Oct 1949
{♦Refunding 4a
1959
1946 M
3
S
8
7%
5
{{♦Atl A Birm lat gu 4a
1933
{♦Seaboard All Fla 6s A ctfa—.1935
certificates
1954 J
10%
11%
6
92 %
49%
49%
J
17
17
1941
O
*11%
1941 M S
42%
42%
""2
12%
12%
20
5
12
4%
16
"12%
12%
12%
13%
14%
14
39
4%
15%
14
40
5
100%
12%
100%
101
10
100
107%
59
12
56
66%
73
80
79%
92
34
47
gen 5
%a A.1976 M S
1976 F
1978
1980
Warner Bros Plct6s debs
"80"
38%
lat 40-year guar 4s
1945 F
Westchester Ltg 5a stpd gtd.._1950 j
Gen mtge 3%8
..1967 j
West Penn Power 1st 5a aer E.1963 M
mtge 3%a aeries
1
Maryland lat 4a
lat A ref 6%a aerlea A
1946
20
23%
{♦Western Pac 1st 5a
Slleslan-Am Corp coll tr 7a
1941
22
82
Simmona Co deb 4a
1952
91
100%
Skelly OH deb 4s
1951 J
J
101%
98
105
Socony-Vacuum Oil 3a deba.._1964 J
J
10114
97
101%
1962 A O
101%
1979 J
Southern Calif Gas 4%a
1st mtge A ret 4s
J
1961 M S
97
107%
...1965
95%
103%
105
110%
1947 J
J
104 %
104 %
100
106%
1946 J D
96%
94%
87
96%
let mtge pipe line 4 %s
1951 A
So Pac coll 4a (Cent Paccoll)._1949 J
104
O
D
52%
54%
53%
105
100% 106%
Gold 4 %b
1969 M N
53%
Gold 4%a
1981 MAT
53%
10-year secured 3%B
1946 J
J
63
San Fran Term lat 4s
1950 A
O
81%
40
81%
1968 M S
So Pac RR lat ref guar 4a
1955
66%
58%
40%
61%
39
55
57
55%
55%
55%
63%
lat 4%a (Oregon Lines) A.-.1977 M S
Gold 4%a
67%
109
109%
118
118
130
101
101%
100
110
115%
115%
115% 122
106%
107%
104
107%
*104%
83
J
O
♦
Westphalia Un El Power 6a
1953 J
.
Registered.
White 8ew
1966 F
.
Mach deb 6s.
68%
10
72
74
42
57%
72
71%
72%
55
57
75%
8
22%
*. _:_^.
51
68
93
54
72%
66%
67%
84
Southern Ry lat cons g 6a
1994
87%
89
69
77
Devel A gen 4s aeries A
1966
274
44
1956
59%
76%
62
Devel A gen 6a
79
57
Devel A gen 6%a
1956
80%
82%
79
58
1
100% 101%
31
6
13
100%
"20%
9
97
105
97%
14
97
20%
19
19
term lat 4s '36 il/N
9%
114
110
18%
99
88%
111
*93
♦Certificates of deposit
130
20%
6%
19
40
10%
7
7
4%
11%
*7
14%
101
101%
"53
105%
105
105%
36
104
5
9%
S
111%
110%
113%
168
100
115%
a/N
102%
102
102%
62
Wisconsin Ele<- Power 3%a
1968 A
Wisconsin Public Service 4a... 1961
J
{♦Wor A Conn East 1st 4%a..l943 J
91%
62%
80%
52%
"36
13
100%
{♦Sup A Dul dlv A
59
42
109% 114%
97%
90%
101%
11%
Wlnaton-Salem 8 B 1st 4a
1960
{♦Wis Cent 50-yr lat gen 4a.. 1949
♦Certificates of deposit.......
76
44
1
97
101%
D
Wilson A Co lat M 4s aerlea A. 1956
Conv deb 3%8
1947
67%
67%
78
51
112%
96
A
1940 M A
"63
55%
51
*102
....
37%
37%
12
"54"
"55"
j
{{♦Wllkea-Barre A East gu 5a. 1942 J
13
68
S
1949 M
95
100% 107%
24
14%
24
13%
55%
72%
11
22
89%
82%
1
74
J
...2361 J
76%
6
21%
20%
J
2361 J
1
Wheeling A L ERR 4a._
Wheeling Steel 4 %b| serlea A
90
104%
20%
22
33
84%
89
104%
20%
40
112%
102% 107%
107
83
90
104%
1946.il/ S
..
Southern Kraft Corp 4)48
Southern Natural Gas—
102
107
Teleg g 4%a..l950 il/N
26-year gold 6a
1951 J D
30-year 5a .■;
i960 M S
West Shore lat 4s guar
Southern Colo Power 6s A
67
102
Western Union
97%
108
67
118
A...1946 M S
♦6a assented
110
93%
107
106
aer
16
75
101%
o
1943 A
15%
40
S
1977 J
43
39
A
1952 a
18
IO2"
d
West N Y A Pa gen gold 4s
23
*32
j
Western
"l3
K
D
..1952 j
Pulp A Paper 4 %a
81%
18
40%
58%
40%
52%
11
11
38%
30
48
10
80
d
1966 ./
75%
118%
*56%
S
1948 m
24%
....
18
56
1941 M S
Warren RR 1st ref gu g 3%a..2000 F A
Washington CeDt lat gold 48..1948 Q M
Wash Term lat gu 3%8._.___.1945 F a
62
100
59
{♦WarreD Bros Co deb 6s
West Va
115
A
Walker (Hiram) GAW deb4%s 1945
Walworth Co 1st M 4a
1956
6s debentures
1955
lat
92%
....
58
101%
49%
28%
14%
J
50
8outh A North Ala RR gu 6a..1963
20
1939
1951
South Bell Tel A Tel 3*8
3s debentures
26
30
1941
g 4a
1952
♦Siemens A Halske deb 6 Ha
♦Silesia Elec Corp 8%a
25
78
29%
♦Ref A gen 4%s series C
5
2%
J
19
2%
1935
Shell Union Oil 2%3 debs
Shlnyetau El Pow lat 6 %a
11
4%
♦Certificates of depoelt
♦Serlea B
17%
4
2%
6a aerlea A
19%
1%
♦Certificates of deposit
cons
32%
116% 119%
10%
7%
109%
44
*26%
♦Ref A gen 6s aerlea D
21
25
28
High
101
A
♦Ref A gen 5a aerlea B
20
30
Low
23
42%
J
{♦Wabash Ry ref A
110%
16%
27
No.
103%
43
1954
♦Omaha Dlv 1st g 3%s
♦Toledo A Chic Dlv g 4a
68%
15%
Hiah
102%
102%
Jan. 1
{♦Des Moines Dlv 1st
99% 107%
105
112%
*26%
1946
♦Stamped
♦lat
47%
Asked
♦Det A Chic Ext lat 5s
98%
111% 118
62
10714
1946
f 6)48 aerlea B
s
96
113
101
Santa Fe Prea A Phen lat 68.__ 1942
♦Guar
1939 F
♦lat lien g term 4s
97
S
Since
&
Low
87%
8%
*
Friday's
Bid
Price
3%
St Paul Minn A Man—
—
Range or
Sale
Ended Oct. 6
High
87
1940
Week's
Lasl
N. Y. STOCK EXCHANGE
Jan. 1
6
{♦St Paul E Gr Trk 1st 4He...1947
{♦St Paul A K C Sh L gu 4%s_.1941
{Pacific ext gu 4a (large)
2205
BONDS
Since
Bid
4a__1968
con g
6
Friday
Low
)
Record—concluded—Page
Week's
Friday
O
D
110%
*9%
j
10
4%
110%
84
1st 4a stamped
1955
Mem Dlv lat g 6a
Conv
1998
St Louis Dlv let g 4a
1951
*72%
70
So'weetern Bell Tel 3 %a aer B_. 1964
lat A ref 3a series C
107 %
1968
8o'western Gas A El 4a
100%
106%
99
80
....
37
102
100%
87
97
70
104%
4
♦{Spokane Internet let g 5a._. 1965
1946
Staley (A E) Mfg lat M 4a
17%
18%
105%
101%
26
Standard Oil N J deb 3a
*102%
1961
Studebaker Corp conv deb 6a.. 1945
Swift A Co lat M
1950 MN
3%a
Tenn Coal Iron A RR gen 6a.
Tenn Elec Pow 1st 6s aer A
1951 J
105%
lat
cons
a f
g
1953
4s
3s debentures
1959
Texas A N O con gold 6a
Texas A Pacific lat gold 5s
113%
105%
88
106%
99
105
88
68
22
103
107%
1
115
130
5
94% 101
100% 102%
113% 116%
105%
98%
1943
*50
2000
110%
113%
105%
21
88%
106%
124
100
251
5
100
110%
95
79
102 V 108%
95% 105%
1977
82%
78%
Gen A ref 5s serlea C
1979
81%
78%
x
the
1980
79%
89
Third Ave Ry lat ref 4s
84%
1952
Tokyo Elec Light Co Ltd—
1st 6a dollar aerlea
1
1953
104
102%
54%
7%
87%
11
199
55
85
67%
37%
914
68
"~"I
*113
1949
Trenton G A El lat g 6s
Trl-Cont Corp 5s conv deb A_. 1953
106%
.....
123% 125%
106%
104% 109
109%
110 %
23
102%
113%
103%
91
100
114%
8
110
*9%
Union Pac RR let A Id gr 4a.
.1947
1st lien A ref 4s
...June 2008
1st lien A ref 6a
June 2008
_
Pirelli 7s 1952, Nov, 1 at 105.
{ Companies reported as being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
91
92
28
1971
91%
93
21
89% 100%
89% 100%
1
108
68%
72%
1944
101%
*27
108
75%
106%
103
103%
*12%
♦Sec
a
f 6%s aerlea C
...
United
Total
Municipal &
States
Bond
For'n Bonds
Bonds
Saturday__.
Sales
8594,000
$525,000
676,000
$4,454,000
$5,573,000
837,990
1,868,000
7,835,000
6,673,000
962,000
452,000
8,087,000
974,740
6,551,000
1,077,000
312,000
7,940,000
906,680
6,179,000
977,000
175,000
7,331,000
1,327,630
7,826,000
984,000
481,000
"9,291,000
Total
5.893,130
836,974,000
85,270,000
$3,813,000
$46,057,000
Jan. 1 to Oct. 6
Week Ended Oct. 6
Sales at
New York Stock
Stocks—No. of shares
9,507,610
5,893,130
.
1939
1938
1939
Exchange
1938
206,346,006
210,001,498
Bonds
7
104
111
5.291,000
Friday.
Thursday.-
Government
$2,843,000
$3,813,000
$290,267,000
$111,582,000
5,270,000
5,458,000
190,157,000
185,365,000
36,974,000
43,129,000
1,108,269,000
1.055,692,000
$46,057,000
...
$51,430,000
$1,588,693,000
$1,352,639,000
...
31%
106%
11%
11
11%
Total.
50
11
50
33%
1951
Slate,
&
1,002,750
State and foreign
Railroad and industrial
100
Railroad
843,340
84%
279
Exchange,
Bonds
83%
"13
11
Stock
Miscell.
65
.....
11
.1951
♦3%s assented A
York
New
Shares
69
24%
♦Un Steel Works Corp 6%a A_. 1951
the
at
Stocks,
1939
48
32
{{♦United Rya St L 1st g 4a... 1934
U S Steel Corp 3%s debs
.1948
and not included In
Number of
Week Ended
Oct. 6,
2
70
No sales transacted during current week.
Daily, Weekly and Yearly
104% 109%
United Biscuit of Am deb 58--. 1950
United Clgar-Whelan Sts 6a... .1952
United Drug Co (Del) 6s
.1953
U N J RR A Canal gen 4a
Friday's bid and asked price.
Bonds selling flat.
Transactions
110%
116%
1970
34-year 3 %a deb
35-year 3%a debenture
payable at
Union Oil 3%s 1952, Jan. 1, 1940 at 105%.
Wednesday
106
110 i11B 110^32
.1952
t3%8 debentures
Interest
Monday
26
106
Union Oil of CaUf 6a aerlea A.— .1942
78%
Accrued
unit of bonds.
list of the New York Stock Exchange bond Issues which have
Tuesday
24
24
106%
.
been called in their entirety:
American Ice 5s 1953, Sept. 30 at 102%.
Commercial Credit 3 %s 1951, Sept. 30 at 103%.
Nord Rys 6%s 1950, Oct
1 at 102.
90%
68%
71% 85
101% 110
8%
13
108% 116%
105I*m1C9%
103% 115
75%
.
60%
"97% 166"
105
•
14%
"99"
1946
Ujlgawa Elec Power a f 7s
Union Electric (Mo) 3%a..... 1962
{{♦Union Elev Ry (Chic) 5s__. 1945
200-pound
per
a
107%
84%
54%
20
quotation
f The following is
98%
98
20
♦Tyrol Hydro-Eleo Pow 7%s.. 1955
♦Guar sec a f 7s
1952
V
49
1942
Toronto Ham A Buff 1st g 4s.i 1946
In the yearly
v-
Deferred delivery sales transacted during the current week
the yearly range:
No sales.
149
104%
84%
54%
Tol A Ohio Cent ref A Imp 3%a 1960
Tol St Loula A West lBt 4a
1950
Tol W V A Ohio 4a series C
14%
95%
95
1937
Tide Water Aaao Oil 3 %a
1 217
49
12%
Jan 1960
6a
g
■
e
96% 104
101%,
46
1960
♦AdJ Income 6a
{♦Third Ave RR lBt
dollar
♦
89
Gen A ref 6s series D
Cash sales transacted during the current week and not Included
sale: only transaction during current week
a Deferred delivery Baie; only
during current week,
n Odd lot sale, not Included In year's range
Ex-Interest.
{ Negotiability impaired by maturity.
+ The price represented la
89
101%
100% 107%
transaction
*
110% 119
Gen A ret 6a aerlea B
Tex Pac Mo Pac Ter 5%a A__. 1964 M S
1961
exchange rate of $4.8484.
95
85
110%
C
aer
f Cash
22%
102
119
J
.1944
gold 6a
Gen refund
12%
105%
97% 106%
94% 106%
.1947
4a
.1948 M
No aales.
109%
102
Term Aaan of St L 1st g 4%a... 1939
Texarkana A Ft 8 gu 5%a A... 1950
Texas Corp deb 3%a
1951
100
186
"lis
4a...
a f
range:-.''"-.
109
93%
105%
99%
92%
e
112%
100
100%
1953
2%s
let mtge
74
60
103%
deb
80
70
107%
D__ 1960
aer
Youngatown Sheet A Tube—
50%
Stock and Bond Averages
1951
♦3%s assented C__
*10
♦Sink fund deb 6%s aer A... 1947
.1947
♦3%s assented A
United Stockyards 4%a w w.. 1951
Utah Lt A Trac lat A ref 5a... .1944
86
87
83%
98
97%
98%
98%
98%
99%
77
77
77
77
77%
are
the
daily
closing
averages
of representative
93
Utah Power A Light lat 5a
Below
{{♦Utll Pow A Light 5%a
{♦Debenture 5a
.1944
1947
...
.1959
Vanadium Corp of Am conv 5a. 1941
Vandalla
cons g
4a Berles A
Cons a f 4a series B
110%
90
102%
93% 102
66
82%
65%
83
96
113
as
10
10
30
%
%
1934 J
1934 J
%
1%
100% 111
27%
45
72
72%
20
15
Total
10
First
Second
10
Rail¬
UtUi-
65
Indus¬
Grade
Grade
Utili¬
40
trials
Dale
Vera Cruz A Pacific RR—
{♦4%3 assented
Bond*
Stocks
Indus¬
109
.1957
{♦4%s July coupon off
York Stock Exchange
compiled by Dow, Jones & Co.:
118%
106% 109%
106% 109%
.1955
stocks and bonds listed on the New
roads
lies
Stocks
trials
Rails
1 Hails
ties
Bonds
%
*%
Total
102
1968 M
Va A Southwest 1st gu 5s
1st cons 5s
64
45
*72
2003 J
1958 A
103
*30%
Va Iron Coal A Coke let g 5... 1949 M
82
64
64
21
54
64
Oct.
6
151.61
34.15
25.19
51.30
105.45
91.65
56.48
104.62
89.55
Oct.
5
150.48
33.92
25.32
51.24
105.49
91.56
55.96
104.57
89.39
Oct.
4
150.25
33.88
25.16
51.13
105.52
91.45
55.87
104.53
89.34
Oct.
3
150.33
34.35
25.00
51.24
105.23
91.46
56.11
104.34
89.28
Oct.
Va Elec A Pow 3 %a aer B
2
151.41
34.85
25.05
51.67
105.01
91.71
56.76
104.30
89.44
30
152.54
35.61
25.13
52.19
104.88
91.93
56.90
104.26
89.49
Sept.
XT35Vesses
New York Curb
2206
Exchange—Weekly and Yearly Record
Oct.
7,
NOTICE—Caah and deferred delivery sales
of the regular
weekly range are shown In
a
are disregarded In the week's range unless they are the only transactions of the week
and when selling outside
footnote In the week In which they occur.
No account la taken of such sales In computing the range for the year.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (Sept. 30, 1939) and ending the present Friday (Oct. 6, 1939). It is compiled entirely
from the daily reports of the Curb
Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered.
week
Friday
Hales
Last
Par
STOCKS
Acme Wire Co common.10
Aero
Week's Range
of Prices
Week
Price
212*
Low
High
20
20
Range Since Jan. 1, 1939
Shares
Low
150
High
Class B,..——1
Alnsworth
4A
4A
7
Gt
Southern-.50
Ala Power $7 pref
Sept
Benson & Hedges com...
Conv pref
June
Berkey & Gay Furniture-
Aug
6
Jan
72*
5
Aug
400
82*
400
62*
preferred....
16 A
200
132*
Aug
A
400
aid
Apr
75
612*
Jari
Jan
83
2
900
Class A
982*
Aug
240
62 A
Jan
912*
22*
July
Mar
Sept
1A
A
July
12*
Jan
10 A
11
200
135"
1~,900
1112* 113 A
960
Aluminum Goods Mfg
*
Aluminum Industries com*
Alumin
um
Ltd common.*
Jan
"932*
87
93 A
1,650
"ik "ik
86
100
A
30'A
1
29 A
30 A
75
1A
1A
23
Feb
75
Mar
Aug
332*
362*
112 2*
Laundry Macy
Amer Lt & Trac
6%
25
100
common
36
372*
1122* 1132*
5
"22 A
52*
150
Anchor
Post
*
~96A
82*
Fence
16A
400
15%
2,000
'21
"22 A
122*
Jan
34 2*
June
152*
Apr
Apr
18
13
18
Jan
Apr
29
June
92*
Apr
42*
8,300
2*
Apr
Jan
13
Apr
July
Sept
Sept
"»*
18
400
3A
900
2
700
3 2*
1
1A
200
1A
12 A
12A
110
111 A
500
9J*
2*
Apr
Apr
7
300
Automatic
316
95)*
30
107
1(M)
40
3,100
1,900
5A
52*
782*
Jan
Apr
Sept
4 2*
42*
Apr
162* June
Feb
Am dep rets ord reg
British Celanese Ltd—
7A
3A
6A
8
Brown Forman
500
3A
300
200
15io
4?*
1
Co
32*
Apr
22*
Sept
32*
Feb
14
Jan
112
Mar
2*
Feb
32*
32*
72*
952*
Apr
Apr
8
Apr
Aug
120
1,200
A
A
300
12*
Aug
Aug
34
100
212*
92*
Apr
Jan
162*
100
Oct
Carnation Co
152*
500
21
21
100
2
42*
52*
42*
282*
202*
152*
"""460
100
282*
20 A
39
245*
10
"1,700
100
"id
200
7A
Bell Tel of Pa 6 2* % pf. 100
For footnotes see page 2211.
9
22
24
Feb
Sept
22 2*
12*
Feb
Mar
Sept
24 2*
Mar
Carolina P & L $7 pref...
$6 preferred
Jan
May
Jan
22* May
20,600
1,100
12*
92*
10
262*
900
192*
100
100
11
20
20
5
13
102*
24
""166
100
18,400
7
8
1,600
3,100
122
122
100
Apr
Sept
28
72*
25
42*
42
6
17
July
June
Sept
Jan
Aug
May
May
Jan
Jan
342*
Mar
232*
Mar
107
Jan
Apr
Sept
202*
Aug
2 A
1
2*
Aug
Jan
12*
Mar
Sept
42*
May
100
12*
400
12*
12*
A
2*
100
"u
200
18
192*
500
162*
Feb
242*
75
19 2*
June
52*
1,300
12*
12*
3,800
82*
100
12*
12*
5,100
5
52*
"12*
42* May
12*
Apr
A
Apr
42*
200
Aug
22*
Sept
Jan
Jan
May
25
Sept
332* Mar
82* June
4
Sept
15*
Sept
82*
Sept
2*
Feb
12*
Sept
Sept
22 A
Sept
Apr
*
103
Cent Hud G & E com....*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
.1
Cent Pow & Lt 7% pfd 100
22*
Apr
42*
Sept
7%
Apr
312*
92*
Sept
12*
Sept
Centrifugal Pipe
52*
Sept
Oci
352*
400
Jan
372*
Sept
A
1,200
2*
Apr
Feb
12*
Sept
Jan
942*
Sept
212*
Jan
99
99 A
89
102*
112*
1,700
82*
112*
T,206
5A
9
22*
32*
3,100
103%
600
42*
100
100
70
85
40
78
Feb
Apr
17
May
22* Aug
76
Apr
102
Aug
July
72*
Sept
155*
Aug
26
Sept
42*
110
Jan
3
June
6 A
Aug
Sept
19
19
25
17
Aug
552*
57
30
48
Feb
27 A
612*
Mar
132*
132*
200
Jan
145*
July
1052* 1052*
90
902*
10
92*
10
13 2*
90
50
85
500
102
185
85
12*
600
1
2*
2,300
A
42*
57
1052*
2:902*
92*
103
.
1032*
62*
Mar
Apr
Apr
107
Aug
97
June
Aug
11
Sept
12*
Jan
1092*
12*
Jan
2*
Sept
22*
May
Apr
July
5
Mar
7
June
14
Mar
3
Cent & South West Util 50c
Cent States Elec com
1
6%
5
32*
242*
112*
*
1st partic pref
Feb
June
52*
Feb
22*
Apr
32* May
42*
Jan
42*
Jan
72*
72*
July
July
Chamberlin Metal Weather
17
32*
12*
52*
22*
Feb
Jan
Jan
3
Sept
82*
Jan
Apr
82*
222*
Sept
Apr
Sept
2*
12*
352*
22*
132*
4
June
Aug
18
32*
4
Sept
Aug
Sept
Jan
Sept
482*
May
Aug
4 2*
Sept
Aug
29 2*
Jan
Apr
152*
92*
Sept
Apr
282*
Sept
Apr
72*
Feb
"id
Mar
Jan
2*
July
12*
12*
Jan
102*
Mar
92*
Sept
5
2,300
1,100
4,100
22*
Apr
July
Apr
Sept
Sept
23
32*
7% 1st partic pref... 100
Celluloid Corp common. 15
Mar
12*
87
Mar
2*
18
99
10
lit
Apr
12*
A
"52*
"lOA
Catalin Corp of Amer
1
Ceianese Corp of America
112*
20
12*
2*
Carrier Corp common
Carter (J W) Co common.
Casco Products
Castle (A M) common..10
Sept
Jan
72*
42*
June
22*
16
A
June
72*
13
Sept
100
100
42*
4
42*
275
100
102*
10
112*
200
100
Conv pref opt ser '29.100
42*
42*
42*
50
3A
32*
32*
1,100
preferred
preferred
Conv preferred
*
Strip Co
4
May
Jan
3 2*
5
62*
10
Chief Consol Mining
1
Childs Co preferred
100
Cities Service common..10
Preferred B
114
Cleveland Tractor com
Clinchfield Coal Corp..100
672*
82*
"76*"
A
500
2*
255*
Sept
42*
Aug
1,000
43 2*
3A
Mar
37
Mar
55
55
Jan
84
762*
600
Jan
81
62*
400
53 2*
4
100
192*
18
150
4 2*
152*
2*
3,400
2*
400
12*
342*
32*
12*
22*
52*
2*
40
5
402*
600
52*
62*
2,500
Sept
Jan
Club Alum Utensil Co
17
22*
22*
100
Oct
50
Jan
Cockshutt Plow Co
7
7
Sept
40
Feb
Cohn & Rosenberger Inc.
Colon Development ord
15
42*
152
1182*
5
13
Jan
Aug
112*
362*
Feb
Aug
Jan
Jan
Aug
102*
Jan
Sept
1762*
Aug
124
Aug
Apr
6% conv preferred
Colorado Fuel <fc Iron
Aug
July
5
x42
62*
5
Jan
Sept
June
Sept
Sept
Mar
200
42*
3,400
4
1,100
200
Jan
July
"360
642*
Mar
Mar
12*
Mar
92*
91
52*
202*
9
42*
64
Jan
July
Aug
Apr
72*
8
852*
Feb
Feb
Sept
Jan
42*
642*
July
Apr
82*
852*
72*
July
5
42*
oreferred.. 100
July
52*
32*
£1
"2A "~2A
Feb
Jan
592* June
Jan
warr.
Colt'8 Patent Fire Arms.25
Columbia Gas & Elec—
Conv 5%
50
72*
12*
22*
Feb
10
700
2
July
Sept
130
42*
11
Sept
A
92*
58
772*
Mar
22*
Sept
472*
Sept
32*
Feb
92*
76
42*
10
Jan
79
Apr
100
4,300
Jan
Jan
130
42*
472*
42*
com..
Apr
52
.2*
52*
55*
15
512*
62*
52*
"402*
60
Aug
July
Apr
Apr
Sept
62*
29
6
74
18
110
500
700
9
2*
28
6
42*
Claude Neon Lights Inc..
Clayton & Lambert Mfg..
Cleveland Elec Ilium
52*
'""150
115
67
Preferred BB
City Auto Stamping
City & Suburban Homes 10
Clark Controller Co
100
zl2
52
Cities Serv P & L $7 pref.
$6 preferred
62*
25
9A
23
Jan
13 2*
2,600
1012*
152*
35
Preferred
100
20
222*
12*
Cherry-Burrell common..5
Chesebrough Mfg
..25
Chicago Flexible Shaft Co 5
Chicago Rivet & Mach___4
6A
5
Jan
Sept
132* June
322* June
222*
6,900
12*
com.. 10
39
Sept
Oct
7
com
Apr
"is
17
42*
Aug
200
common
Carnegie Metals
Charls Corp
6A
100
Mar
22*
192*
Jan
26 A
92*
Apr
77
162*
5
25c
JaD
9A
27
82*
Aug
23 2*
Carman & Co class A
Class B
A
700
OA
22*
1,350
12*
252*
4,600
1
42*
72*
Marconi
Jtd June
2A
9
Jan
"266
Canadian Indus Alcohol A
800
2A
82*
Sept
72*
2
23
50c
com
52*
Jan
14
"232*
Jan
34 2*
4
20
"lA
Cable Elec Prod
2*
Apr
22* June
112* Sept
145*
22*
39
12 2*
Jan
1,300
22
Burry Biscuit Corp__122*c
Apr
125
142*
Aug
Aug
3,100
Feb
100
162*
Aug
15
Beech Aircraft Corp
1
Bell Aircraft Corp com_.l
Bellanca Aircraft com
1
Bell Tel of Canada
100
Feb
Jan
142*
$5 1st preferred
.**
Bunker Hill & Sullivan 2.50
Burma Corp Am dep rets.
98
25
1A
112*
100
72*
152*
Buckeye Pipe Line.....60
Buff Niag & East Pr
pf.25
68
800
Basic Dolomite Inc com__l
Bath Iron Works
Corp
1
Baumann (L) Co com
*
Mar
.5
Jan
8
Barium Stainless Steel... 1
Barlow & Seelig Mfg A—5
Jan
122*
30
1
com
com
Aug
19
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
62*
2
1,600
5
"5A ~~6~A
262*
Aug
Sept
Sept
$6 preferred
Brown Rubber Co
Bruce (E L)
Capital City Products
Car lb Syndicate
Jan
6
30
12*
32*
Distillery.
Canadian
12*
29 A
7
A
9
100
42*
34
Jan
24 2*
"21
Brown Fence & Wire com.
Class A pref
962*
28
3
Aug
55
34
Jan
6
£
§Brown Co 6% pref... 100
Feb
Jan
7,000
63
23 A
50
Sept
.
Aug
Jan
19
Baldwin Locomotive—
Purch warrants for com.
July
10
dep rets ord reg. 10
British Col Power cl A.
27
"id
22*
2A
May
52*
Jan
2*
Am
802*
Jan
22*
1
2*
2*
52*
25
Corp_.i
*
June
'id
Warrants
pref
Sept
7
Sept
*
Axton-Fisher Tobacco—
Class A common
10
Ayrshire Patoka Collieries 1
Babcock & Wilcox Co
*
Beaunlt Mills Inc
Jan
52*
5
7% 1st preferred
7% 1st pref v t c
Sept
600
5
7% preferred
24 A
66
hi
25
14A
400
32
Am dep rets ord bearer £
$7 div. preferred
1
Aviation & Trans
Mar
1,500
Automatic Voting Mach_. *
Jan
2*
9
192*
CaJamba Sugar Estate..20
Canadian Car & Fdy pfd 25
Cndn Colonial Airways
62*
200
12*
tAustin Silver Mines
June
34
29 2*
Oct
1,100
5A
2
A
Feb
26
7
162*
112*
OA
1,300
4
4
Apr
Registered
99
55
8A
3,700
*~"i«
22*
172*
Jan
"""46
42*
British Amer Oil coupon..
Feb
'""775
Aug
2 A
5
xw
10
Apr
Jan
"OS", ~99~~
June
3
28
Sept
July
Am dep 5 2* % pref shs £1
54
2A
Atlas Drop Forge com
Atlas Plywood Corp
/
Mar
2A
6A
Atlantic Coast Line Co.50
Atlantic Rayon Corp
1
Atlas Corp warrants
12*
42 2*
12*
Vot trust ctfs
50c
Cables & Wireless Ltd—
Birmingham &
w
7% preferred
Aug
warrants
conv
62*
262*
July
Aug
Sept
'""256
Assoc Laundries of Amer.*
Assoc Tel & Tel class A—*
$1.50
33
2A
Coast RR Co pref
100
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries..*
Apr
Apr
Apr
Brillo Mfg Co common..
Class A
Mar
A
preferred
Sept
29
2 A
7A
10
3 As
Sept
5A
6%
6
Jan
Aug
Sept
Sept
*
A
10
2*
42*
w
Jan
Jan
32* May
Industries
$5 preferred
Sept
2
Preferred
12*
322*
*10
Class A
Sept
42*
2*
10
Brill Corp class B
Class A
Apr
Aasoc Gas & Elec—
Common
Sept
192*
28 A
10
A
Bridgeport Gas Light Co.
Bridgeport Machine
Sept
5A
92*
Apr
Apr
100
12*
2*
92
Sept
"21""
"26"
preferred
2*
5A
Avery (B F)
6% preferred
10
202*
Ashland Oil & Ref Co
1
Assoc Breweries of Can..*
Products
1st preferred
600
1
A
132*
32*
900
8
Atlanta
Sept
116
Jan
24
1A
£1
800
8
2
1
6
Amer deposit rets
2,800
com...
29
7 2*
com
12*
392*
10
27A
5
Option
Mar
2
10
Elec
Sept
67
Arkansas P & L $7 pref..*
Associated
12 2*
402*
Apr
Sept
*
Preferred
Metal Works
Jan
*
com
Common class A
12*
382*
8
10
172*
3A
12A
8
375
12*
62
»18
.*
JArcturus Radio Tube.
Arkansas Nat Gas
12*
5A
18
4
9,200
39
"l6
282*
5
Angostura Wupperman.. 1
Apex Elec Mfg Co com
*
Appalachian El Pow pref *
352*
•u June
Apr
25 A
100
*
pref
Apr
Sept
Sept
182*
600
12
62
Seal-Kap com
2
Am Superpower Corp com*
J st $6 preferred
33
1102*
15A
1
so series preferred-
Apr
82*
292*
16A
15 A
Amer
American Thread
Jan
Aug
Aug
375
Airier Pneumatic Service.*
Amer Potash & Chemical.*
American Republics
10
Jan
352*
342*
22*
1,050
10,800
282*
272*
12
100
*
Jan
12* June
300
25
Amer Maracalbo Co
Amer Meter Co
22*
Mar
27
20
com
preferred
13,300
"i#
12
52*
272*
$2.50 preferred
1
Hard Rubber Co.60
Amer Invest of 111 com
*
Amer Mfg Co
Preferred
34?*
11
Arner
Amer
322*
e
*
American General Corp 10c
$2 preferred
1
27
252*
*
$0 preferred
Art
Aug
June
A
22
"1
Amer Gas & Eiec com
Jan
Jan
600
1
*
200
182*
27 2*
British Amer Tobacco—
Amer Cyanamld class A. 10
Amer Fork & Hoe com
92*
162*
26
32*
Aug
22*
2*
9
June
1
A
1,500
A
Class A with warranto.25
Amer Foreign Pow warr
9
40
62*
Jan
Jan
Mar
6
602*
92*
Aug
Jan
A
Mar
Breeze Corp
Brewster Aeronautical...
Sept
Aug
17
Sept
Jan
A
Jan
52*
Jan
482*
Apr
Aug
13
2,100
Aug
15
550
7
32*
200
142*
62*
1112*
Sept
700
45
Jan
Brazilian Tr Lt & Pow...
141
1939
High
Jan
A
Sept
64 A
'
22
*
10
2d
12*
'it
22
Corp-.l
Class B n-v
July
Sept
Cities Power & Lt—
Class B
116
Mar
5
10c
Class A
7%
Sept
402*
—*
Centrifugal
Sept
12*
Class A common...-10c
$5.50 prior pref
1412*
1052*
Amer Box Board Co com.l
Amer
Bowman-BIltmore
7
"266
100
Common class B
Sept
Sept
Mar
American Capital—
$3 preferred
112*
172*
16
27
1,600
Bohack (H C) Co com
202*
Apr
150
100
2*
A
152*
172*
7% 1st preferred
Borne Scrymser Co
Bourjois Inc
3
American
American Book Co
1102*
Jan
Sept
Sept
14
preferred
100
Beverage com.l
6%
82* May
72* June
May
90
Apr
17
131"
Sept
Low
26
S3 opt conv pref
Blumenthal (S) & Co
100
A
100
*152*
Blue Ridge Corp com
87A
12*
1332*
2*
Blrdsboro Steel Foundry
& Machine Co com....
Bliss (E W) common
Bliss & Laughlin com
1A
83
43
pref
conv
862*
10
preference
6%
Jan
382*
2*
Range Since Jan. 1,
Shares
z34
.....
71
25
Co common..*
Jan
2*
$2.50
com
430
*
conv com
Jan
22*
18
Bickfords Inc
362*
42
....
97 A
83
Allied Interriat Invest com*
Aluminum
Jan
Jan
Purchase warrants
HI A
96
*
Allied Products com
June
1
Alles & Fisher lnc com—*
S3 conv pref
82*
11
Sept
A
1A
High
""A
22*
Low
362*
21
16 A
*
*
Alliance Invest com
Price
Feb
12*
16 A
Warrants
Alabama
Week
July
%
}Alr Investors common..*
Conv preferred...——*
for
of Prices
142*
500
8A
Mfg common.5
Air Associates Inc com—1
Am
24 2*
Par
(Continued)
Week's Range
Sale
182*
1
Hales
Last
STOCKS
Supply Mfg—
Class A
$6
Friday
for
Hale
Sept
Oct
4
45*
Jan
95*
Aug
Sept
70
Apr
Apr
962*
Sept
552*
Jan
742* May
Volume
New York Curb Exchange—Continued—Page 2
149
Friday
STOCKS
Last
Sale
(<Continued)
Par
1
Columbia Oil & Gas
Price
2%
Sales
Week's
Range
of Prices
Low
Range Since Jan. 1, 1939
for
2%
2%
3,400
%
*32
Low
3,300
2%
Apr
4h
14
Jan
Jan
7X
Jan
be
Sept
Jii
Aug
«n
May
1%
Aug
Apr
40%
Aug
23%
Sept
29%
June
*ie
June
X
Jan
1
*3l"
32
"32""
""150
25%
25
125
26
Community Water Serv. J
Comoo Shoe Mach—
Vtc
1
ext to 1946.
16
16%
200
13%
Apr
16%
37
Consol Biscuit Co
Consol G E L P Bait com *
Jan
37
1
3%
73
111% 112%
1%
1%
3%
7214
4% % series B pret-.-lOO
Consol Gas Utilities
"i%
100
72%
1,100
71
60
111
1
4
96
1%
Consol Steel Corp com...*
7%
8% preferred
Consol Royalty Oil
Cont G & E 7% prior pf
100
4X
96
Sept
%
Cook Paint & Varnish..
Sept
Aug
6%
1%
Sept
Jan
Apr
6
Jan
98
Aug
1%
1,100
1%
Jan
7%
91
2,700
3
Apr
450
84
Jan
1%
Sept
8%
Sept
95
Aug
%
13%
9%
9%
200
%
Mar
%
Sept
2,400
4%
Aug
13%
Sept
50
5,900
8%
4%
15%
Sept
13%
11%
3%
10%
June
8%
Apr
15%
%
Sept
1% June
1%
Sept
3%
74
25 %
Crocker Wheeler Elec—
7%
com...25c
T%
%
4
.
200
100
4%
Sept
16%
June
2%
1%
15%
4%
Aug
Mar
200
1%
100
6
600
X
3,000
2%
6%
1%
15%
50
X
14
Cuneo Press Inc....
be
1,150
*
5
600
Davenport Hosiery Mills.*
1
Decca Records com
Dejay Stores.. —
1
Derby Oil & Ref Corp com*
A conv preferred
*
Detroit Gasket & Mfg—1
17%
15*%
17%
27
27
27
3,400
100
2%
45
10
9
100
IX
400
Detroit Steel Products...*
IX
21%
13
300
Sept
9%
Jan
%
Mar
3
Feb
11
July
Aug
1%
18
Apr
F4b
11
Feb
July
*11
Dobeckmun Co common.
200
*
Dominion Bridge Co
Dominion Steel & Coal B 25
12
700
79
78%
27
27
1
..10
Eagle Picher Lead
13%
Feb
101X 101%
*
Mfg com....10
83 preferred
Gorham
8%
32
Aug
.25
July
2%
31%
Sept
Jan
Gypsum Lime & Alabast.*
Hall Lamp Co
*
Haloid Co..—5
29 %
10
Apr
Hartford Elec Light
Mji<"
28
*
$6 preferred
17 %
Hartford Rayon v t C
1
July
Hartman Tobacco Co
Mar
Harvard Brewing Co
102%
128
Sept
21%
Feb
8%
Oct
Hecla Mining Co
64
May
Helena Rubenstein..
Aug
1!
700
July
$6 preferred series B—*
18%
18%
Easy Washing Mach B_„*
3%
14%
1
1%
9%
Eisier Electric Corp
Elec Bond & Share com..5
1
....*
86 preferred..—.._.._*
Elec P & L 2d pref A
*
x57%
66
X63X
20%
19%
3%
15
IX
10
58
67%
20%
75
500
100
Elgin Nat Watch Co
1%
22
21%
Empire Power part stock.*
Emsco Derrick & Equip..5
26%
59%
1%
22
3%
Aug
5
July
3%
3%
Apr
3%
Oct
14%
July
65
Mar
1,400
13
2%
13
200
63
63
25
2%
%
1%
7%
2%
%
1%
9%
8%
61
1,500
%
%
1
27
27.
100
3%
~~4%
3%
13%
13%
50
7%
13X
8%
4%
2,100
4%
-400
300
Jan
Mar
23
Mar
21
Apr
36
Mar
2
Sept
11%
5%
3%
9%
Jan
Feb
Jan
4% Sept
8% June
Sept
Sept
48
45
48
60
43
Hoe (R) & Co class
A...10
9
7%
Hollinger Consol G M—5
11
Ilolophane Co common..*
10%
9%
10%
2
Apr
5%
42%
25X
Apr
11X
Sept
Sept
Sept
Sept
•11 June
1%
Sept
9
11
10%
300
2,100
Sept
3%
Feb
Apr
10%
Sept
15%
July
9%
Apr
7%
July
11%
100
Co cl A.
Jan
12%
July
Apr
31
Sept
3
Mar
Hormel (Geo A) & Co com*
23%
Horn (A C) Co
50
Jan
Sept
9
IIorder's Inc
,..._*
24
Sept
24
Sept
4%
17%
July
Hummel-Ross Fibre Corp 5
Mar
33
32%
33%
275
8
Mar
Sept
31
Sept
39%
Jan
Apr
112%
13%
Sept
108%
9%
Apr
4,400
52%
Aug
1,200
2%
9%
Aug
*ii
Apr
5%
8%
Mar
3
Aug
Hussmann-Ligonier Co..
Mar
13% June
2
com......1
Horn & Hardart
5% preferred
..100
Hubbell (Harvey) Inc
5
Humble Oil & Ref
__*
§Huylers of Del Inc—
Apr
65
2
Jan
Feb
72%
29 %
68
5
69
5%
1
Common
8%
400
7% pref stamped
Mar
Jan
8%
50
7% pref unstamped.. 100
Mar
5X
Jan
Jan
14%
Aug
Hydro Electric Securities.*
Hydrade Food Prod
5
Hygrade Sylvaaia Corp..*
Jan
Illinois Iowa Power Co...*
1%
66%
4%
Apr
22
Oct
Jan
71
June
50
5% conv preferred
Feb
71
Mar
Sept
71
Mar
2%
2%
400
1
28%
28%
3%
100
20
500
19%
1,000
4%
400
3%
19%
19
4%
Div arrear ctfs
56
*
Imperial Chem Indus..£1
Imperial Oil (Can) coup..*
Registered
*
56
25
11%
13
7,400
%
2%
21%
1,600
19
6%
6%
200
500
June
20
8%
Indiana Service 6%
Jan
Jan
Jan
Feb
6%
Feb
57%
Aug
7%
Sept
32
20%
Indiana Pipe Line
Sept
4%
25
Sept
Imperial Tobacco of Great
Britain & Ireland
£1
30
July
Mar
Aug
Apr
Aug
Mar
Sept
July
27X
23%
3%
15%
4%
3%
31
16%
Feb
Jan
Jan
9
16%
21%
Sept
Jan
9% June
Sept
450
1
Jan
%
Sept
100
8,600
10%
Sept
Apr
12%
Apr
Apr
Sept
5%
12
Sept
11%
Apr
Apr
71
Aug
5%
12%
12%
X
JaD
14%
Apr
3% Sept
51% May
10%
4,500
Apr
Apr
Imperial Tobacco of Can.5
50
5%
22%
Jan
Aug
Sept
60
Mar
4%
Oct
Apr
Mar
18
Sept
Sept
9%
4
Mar
Jan
6
Sept
%
1%
7
59
600
2%
Jan
23
1,500
74
9
Mar
July
Apr
1G0
400
Jan
Sept
73
10
pf.100
10
7% preferred
100
IndplsP&L6%% pf—100
10
10
5% May
5% May
5%
Apr
17
Feb
Feb
Jan
7
15%
June
17
June
100%
Apr
109%
July
i«u
Apr
2
Sept
1
X
Mar
2
1
*u
Apr
8%
Apr
Indian Ter Ilium Oil—
10 x
ht
11
i«
5,800
Sept
*u
16
Jan
Feb
New non-voting class A
1
1%
1%
2
800
7%
9%
Aug
500
6%
18%
Sept
8%
June
Industrial Finance—
150
Oct
24 X
Aug
Vtc common..;
11%
1,400
4%
Sept
300
5
Jan
Apr
11%
8%
10%
2,200
8%
Oct
Insurance Co of No Am. 10
67%
65%
67%
950
59
35
7%
May
35
May
International Cigar Mach *
21%
21%
21%
200
20%
19X
"Too
14%
Apr
May
22
Mar
10%
July
15%
15
16%
700
12
%
May
"2
"2%
"600
7X
19
10%
8%
18%
8
"ldX
19%
*ie
62 %
10%
9%
X
3,900
62%
10%
20
1,200
56
6X
Sept
Apr
68
Mar
Apr
12%
Mar
100
80
80-
84%
125
71
Apr
90
Mar
*
83
77
83%
625
50 >4
Apr
82
Oct
109%
Jan
July
112%
4%
1%
Jan
7
page
Apr
103%
25
Feb
Fire Association
see
95%
70
Feb
26%
Jan
Feb
Sept
40
54 %
25%
%
45
5
52
Fidel io Brewery
86 preferred
22%
Jan
Apr
30
50%
Fiat Amer dep rights
Florida P & L 87 pref
Sept
29%
800
1,000
Fed Compress & W'h'se 25
1
(Phila)-.l
Fisk Rubber Corp
10
12
6,400
50
*4
.....
1
3,200
Jan
111
Sept
51 %
17
Oct
Sept
110
5*4
Sept
Apr
44%
106% 107
9%
%
18%
1%
200
1,700
500
700
9%
2%
44
13%
12%
500
Aug
150
150
8%
Fansteel Metallurgical—*
Ferro Enamel Corp
16%
4%
41%
Mar
14%
33
1,700
56%
Apr
50
25
44
9%
2%
Feb
13
36,600
45
60
%2
5
May
128
61%
Option warrants
Fedders Mfg Co
132
8%
60%
4
1
Mar
Apr
128
60
18
1
June
60%
1
Fairchild Aviation
U9
55
Corp—
Fanny Farmer Candy coml
Jan
11%
12%
10%
com..50
Falstaff Brewing
69%
124%
July
55
Equity Corp common.. 10c
S3 conv pref
...1
Esquire Inc
300
Aug
13%
Illuminating Shares A
59%
7% preferred...
102%
98
Sept
53
.100
100
.100
100
8% preferred
12%
56
Jan
Empire Dist El 6% pf 100
Empire Gas & Fuel Co—
6% preferred
6 % % preferred
8%
Apr
.2
.
3
15
Apr
Class A
Heller Co common
10
1
E ectrol Inc v t c
5
8%
Hewitt Rubber common. _5
1
Option warrants—
Electrographlc Corp.....1
July
300
2%
Apr
June
24
300
500
Jan
6%
1,300
Sept
Feb
8%
9%
Heyden Chemical. . . — 10
Hires (Chas E) Co cl A—*
Apr
Sept
Aug
Aug
June
Jan
18%
13%
19%
9%
1%
2%
14%
175
28%
26%
13%
72%
10
2%
Jan
6
Economy Grocery Stores.*
July
June
24
Apr
Apr
Aug
Sept
*11
25
Sept
10%
loo
Preferred ex-war
2,750
series A...*
Sept
,16
Mar
Aug
1%
5%
Aug
June
in
1,300
105%
June
25
%
Apr
Mar
100
Feb
Apr
16
1
33
Feb
Sept
1,900
1
Sept
6%
Sept
10%
10
6%
23%
14%
21%
Jan
Apr
Apr
25
Apr
23%
*
6
Preferred ww
Oct
Apr
-100
Eastern Malleable Iron. .25
Jan
Apr
5
iii'
25c
*
5%
Sept
7
37
Sept
Holt (Henry) &
Eastern States Corp
com.._5
50
6% conv preferred
Sept
1
38%
—
Hearn Dept Store
400
85
Apr
Feb
3%
%
16%
42
*
Hazeltine Corp.
14%
5
Jan
Jan
18%
22
2
com.l
Haverty Furniture cv pfd_*
Apr
Sept
17%
42%
"'9%
1
79
Aug
6%
8%
8%
*
1%
31%
200
July
98
20%
25
Apr
Apr
4%
39
Jan
1%
Gulf States Util 85.50 pf.*
Engr.l
1
Aircraft
lan
Apr
Feb
Aug
Jan
91
Grocery Stfl Prod com..25c
2%
July
2%
Apr
65
4%
*
Gorham Inc class A
17%
Jan
Sept
May
79%
13
Jan
Jan
550
%
Aug
Mar
95%
12%
June
9%
94
*
1
x30
ia»
31
95%
*
Mines..1
Class B
Gull Oil Corp
Aug
July
21%
Guardian Investors
Aug
Mar
1
200
Grumman
8
52
Sept
32
Aug
Sept
Apr
%
31%
Godchaux Sugars class A.*
Sept
7%
38%
Jan
75
11,000
Sept
6,100
4X% prior preferred,. 100
52%
Sept
Jan
9
9%
10
500
%
July
7%
2%
2,200
4%
For footnotes
*
45%
5
40%
24%
10%
4%
Electric
Glen Alden Coal
Apr
62
2*%
Mar
62%
5%
3%
Aug
Jan
ix
*
87 preferred
"ll% 'l3%
Common.........—.*
Eureka Pipe Line
Gilchrist Co
June
2
10
28
Goldfield Consol
East Gas & Fuel Assoc—
European
IX
X
2%
Jan
Jan
19
33%
5
2%'
July
100
*
common...*
25
*
45
Duval Texas SulDhur—.*
Mar
66
52%
70
70
Preferred
100
B com *
Duro-Test Corp com
85 preferred.
$5 preferred
Gilbert (A C)
July
61%,
IX
14%
Jan
4
7% 1st preferred
300
100
Duke Power Co
Jan
Jan
Greenfield Tap & Die
105%
Oct
11
Aug
Gt Northern Paper
79
29%
..100
7% preferred
Dubilier Condeaser Corp.l
12%
42%
%
103%
Aug
5
500
Sept
Jan
July
3%
10
7
716
100
Aug
2%
95%
8%
6H
5
*
..10
Draper Corp..
Driver Harris Co
S7 preferred
56
July
10
30%
60
12
Dominion Tar & Chemical*
6% preferred—
12%
13%
56
100
6% preferred A
Apr
Aug
26%
12
Dominion Textile Co. ---*
Durham Hosiery cl
12%
12%
56
Hat Corp of Am cl B
6,400
500
12%
%
General Tire & Rubber—
Sept
Distillers Co Ltd—
8%
6%
95
500
52%
Apr
Mar
7%
5%
2%
82
Apr
10
16%
Sept
82
2
Apr
Oct
14
7%
Mar
Apr
Mar
16
Apr
Sept
16
Apr
18%
...10
200
43
85
Jan
1 %
17 *A
Diamond Shoe Corp com.*
16%
Jan
Mar
46%
83 preferred—
*
Georgia Power 86 pref—.*
Apr
Jan
dep rets ord reg—£1
Divco-Twin Truck com—1
34
12%
Gen Water G & E com..
Jan
Sept
Am
50
62%
Jan
IX
37%
Oct
100
July
Sept
3
17
Corp...5
Apr
July
100
Sept
7%
28
Apr
24
21
10
Mar
29
19
100
Gray Manufacturing Co.10
Great Atl & Pac Tea—
Non-vot com stock
*
%
26
Jan
83
Grand Rapids VarnLsh —_*
500
26%
Aug
Jan
17
75
1
1%
Feb
15
49
Jan
13%
10
50
73
Sept
7
800
6,700
49
Sept
1%
35%
Sept
*
1%
300
45
IX
com—1
Detroit Paper Prod———1
De Vilbiss Co com
2%
—
7%
2%
2%
45
Mar
9%
*
S3 pref.
8%
4
15
Mar
177%
37%
.1
...
Apr
200
9
20
Fdy...l
—
Common
Gen Telephone
July
4%
Jan
6%
18
*
Sept
5
May
bi
Aug
23%
2
...
May
2.000
Jan
Mar
Jan
26%
*
Warrants
56%
6%
Mar
23
20%
com.l
investment
86 preferred-
111%
6
Det Mich Stove Co
7% preferred—
General
Sept
4%
6%
4%
23
Oct
17
ref.£l
Amer dep rets ord
Gen Fireprooflng com
*
Gen Gas &E16% prefB..*
45%
9
500
100
5% preferred
Jan
3%
14%
Sept
Sept
16
18
"25"
General Alloys Co.._..._*
Gen Electric Co Ltd—
4%
6
5%
9%
pref.*
v
1%
50*%
100
Darby Petroleum com...5
Distilled Liquors
c
107%
47%
9
Gatineau Power Co com.*
Aug
Sept
2%
50*4
Dayton Rubber Mfg
1
Class A
....35
Mar
90
Jan
7
Cuban Tobacco com v t c.*
Mar
Sept
1,700
10
6% preferred
Apr
2*
7*4
*
Crystal Oil Ref com
Mar
5,400
X
6%
25
Preferred
7
X
2%
Aug
70
12*%
4%
Crowley, Milner & Co.,—*
Crown Cent Petrol (Md)_5
Crown Cork Internat A..*
7,500
4%
26*%
12
1
Croft Brewing Co
40
2
25%
50
Ltd—_....£l
5°Z conv preferred
Creole Petroleum—......5
75
IX
9%
100
4% conv preferred
Gamewell Co 86
$6 conv pref w w
1%
2%
14%
General Shareholders Corp
300
75
High
1%
10%
50
Gen Rayon Co A stock... *
1,000
*
com—.1
6,900
16
2%
17%
Gen Pub Serv 86 pref
X
6% pref ww
1
Sept
2%
800
16%
16
15
Sept
X
2,050
200
15
com...1
Sept
2%
100
7%
2%
15%
16
Gen Outdoor Adv 6% pflOO
2K
Common...
6%% preferred
Curtis Lighting Inc
Curtis Mfg Co (Mo)
Conv partic pref.,
July
C< rroon & Reynolds—
Detroit Gray Iron
.....1
Sept
14 %
15%
Low
Malt—
13%
25%
Crown Drug Co
Grain &
27 %
7K
14%
25%
Range Since Jan. 1, 1939
Shares
(Pete., Brew Co.....5
11
*
Courtaulds
Fox
Froedtert
Jan
Copper Range Co
—
Copperweld Steel
...
Cornucopia Gold Mines.5c
7
High
100 frcs
dep rets
Apr
25 K
11
for
Week
of Prices
$3 conv stock
"12"
$6 preferred A
Amer
Feb
Aug
84%
121% June
60
Week's Range
Low
Ford Motor of France—
Fuller (Geo A) Co
*
Bessemer com
$3 prior preference
Cosden Petroleum
*
Jan
Mai
2%
86
1%
%
11%
10
Apr
6%
90%
Continental Oil of Mex..l
Cont Roll & Steel Fdy..
500
Aug
Jan
37
100
10
dDonsol Retail Stores
3X
2.700
Consol Min & Smelt Ltd.5
er
ord ref—_£l
Class B
Fruehauf Trailer Co
--*
-1
S3 preferred.
Coo
Am dep rets
Common.....
Conn Gas & Coke oecur..*
Price
Sales
Ford Motor Co Ltd—
Ford Motor of Can cl A„*
——-
Community P & L $5 i ref *
Community Pub Service 25
Sale
Par
High
Commonwealth <* Southern
Wai rants.
Last
(Cotitinued)
Shares
Columbia Pictures Corp..*
Commonw DLstribut
STOCKS
Week
High
2207
Friday
2211.
New class B
7% preferred
100
Apr
Sept
Sept
%
Aug
12% Aug
71% June
24% Mar
In^rnat Hydro Elec—
Pref 83.50 series
50
A stock purch warrants
Intl Industries Inc
Mar
Apr
Mar
21%
bi
.
1
%
Jan
1%
Sept
4%
Jan
New York Curb
2208
Sates
Friday
STOCKS
Last
Week's Range
for
(Continued)
Sale
of Prices
Price
High
3%
Shares
8%
8
A..*
Internat Metal Indus
Iaw
Range Since Jan. 1, 1939
8%
17%
75
3%
4,000
20%
7,400
Low
Par
High
4A
July
1%
8%
Oct
20
Registered
1
6%
6
6%
Jan
Monarch Machine Tool..*
27%
26
27%
6
Sept
Monogram Pictures com.l
Monroe Loan Soc A
1
2 A
Apr
A
Mar
7%
7%
400
6 A
Apr
%
Apr
$1.75 preferred...
$3.50 prior pref
---*
Warrants series of 1940
33
Jan
Sept
hi
3%
7%
Vitamin—1
Interstate Home
Feb
Equip.. 1
Mills.*
pref.*
Hosiery
2H
7%
3%
7%
4,500
2,100
4A
10
"
"l"
Sept
Apr
Sept
July
4%
7%
Feb
Sept
6 >3% preferred
100
preferred
100
7% preferred
—100
Jones & Laughiln Steel.100
67%
91
92
92
100
*4 3%
43
47
78
Jan
£0
86%
Jan
9,500
7% pref. 100
Keith (Geo E)7% 1st pflOO
Apr
%
700
5
Mar
4
Apr
5%
Sept
105
Kimberly-Clark 6% pf.100
12 A
12 A
100
Nat Rubber Mach
Aug
National Steel Car Ltd
*
National Sugar Refining.*
8
9%
Sept
Nebraska Pow 7% pref. 100
Mar
Nehl Corp common..
Oct
10
Jan
Feb
54
79
Sept
Mar
11%
Jan
47%
July
13
Aug
5A
47 A
20
38
July
51%
Mar
27A
1,200
25
Sep'
50%
Jan
3%
3A
3A
2
Apr
4%
Sept
57
Jan
9%
9%
600
7% pref.. 100
1
1,200
10
4%
8%
Apr
Aug
7
Jan
65
Feb
11%
Apr
15
3>A
H
Lehigh Coal & Nav......*
OH
Develop.-.25
Le Tourneau (R G)
Line Material Co
10%
5
Llpton (Thos J) class A..1
6% preferred
25
Lit Brothers common
3 A
4%
5,800
A,
716
10%
5(X)
35
10%
600
"l<j"
'""loo
Class B
13 %
13%
Lockheed Aircraft
1
28 A
Lone Star Gas Corp
*
8%
150
New Jersey Zinc..
Sepi
8%
Jan
Newmont Mining
New Process Co
Aug
4%
Sept
N Y Auction Co com
ais June
%
Sett
N Y
7
1%
35
Apr
8
Apr
Sept
15
17
Feb
23
Feb
N Y Pr & Lt
Jan
2 A
Sept
25%
July
Jan
22
10
Apr
13%
36%
9%
27A
15,300
18%
Aug
8A
8%
3,800
7%
Apr
Jan
1A
800
%
Apt
Corp. 10
$6 preferred
N Y Shipbuilding Corp—
Founders shares
*
1
1
Sugar opt warr...
1*16
%
23%
Apr
1
5,700
Sept
Jan
Aug
100
*
Jan
3
Sept
%
Jan
2%
Sept
Apr
2 A
Aug
33
26%
Sept
Aug
Marine
Nineteen Hundred Corp B1
Nlpissing Mines
..5
Noma Electric
1
Mass Utll Assoc v t c
5%
14%
5%
5A
5A
2,700
Aug
2%
July
2
1
"5 A "5%
Massey Harris common..*
Master Electric Co
Feb
19
19
1
"266
50
Feb
3
Sept
14%
Apr
6% May
17
Mar
5% Sept
2% June
7% Sept
20
Sept
Common
$6 preferred
*
North Amer Rayon cl A..*
Class B common
*
53
Sept
7
Sept
17
Jan
Northern Sts Pow cl A..25
125
Jan
155
Sept
Jan
5
Mead Johnson & Co
4%
Memphis Nat Gas com..5
Mercantile Stores com
143%
143
*
100
4A
600
*
Merchants & Mfg cl A
1
Participating preferred.*
Merrltt Chapman & Scott*
Apr
3%
4
A
4 A
4A
73
70
600
125
%
A
A
1
Corp
3 A
14
100
Iron Co
Apr
25
Warrants.:
6%% A preferred
May
1
Apr
Aug
3
Ohio Power 6% pref
100
Jan
Oklahoma Nat Gas
Apr
Jan
37
Jan
July
%
100
%
Aug
1%
200
%
June
HA
300
5%
%
2%
9%
1%
1%
2,800
2%
"l%
A
1%
HA
1
10
Sept
"16 May
46%
1%
900
57%
"lOO
1%
Sept
8
com.
S3 preferred
15
...50
Apr
July
Se.'t
16
18
400
12
105
110
225
90%
50c
Jan
%
10
7%
7%
300
Midwest Piping & Sup...*
11A
UA
100
Mining Corp of Canada..*
6%
10
"16
r57
"55A ~56%
300
37
Aug
Apr
Sept
Sept
Aug
Jan
18%
124%
1%
8%
12
1%
59%
Sept
Sept
Jan
Jan
Mar
Jan
July
80
'"Ia
2211.
"4A "4 A
200
Apr
94
Aug
110
Miss River Power pref. 100
Sept
116
May
3%
Jan
Jan
2%
Oct
26
Feb
29
June
106
June
11%
6
Apr
14
Sept
11
11%
700
7%
7%
85%
7%
84
7%
85%
70
72
9,900
5%
175
x77A
40
li#
1%
100
9
Mar
4%
24
Mar
Aug
Sept
9%
Mar
Apr
91%
Mar
Apr
66
100
82
he
Mar
1%
Sept
Jan
2
he
Feb
Jan
6%
6
1,200
3%
Apr
Sept
92
"73""
Aug
2,300
41%
Apr
76
Sept
6%
Apr
86
68
68~
....
...
"600
6%
Mar
9%
Aug
1
Sept
1%
Mar
5%
5%
800
3%
Aug
5%
Feb
1%
5%
1%
800
%
Apr
58
57
58
200
53
25%
23%
25%
400
24%
24%
24%
100
13%
Apr
14% June
1%
65%
25%
24%
42%
48
"466
1.
he
Mar
May
%
Apr
2% Aug
Oct
Oct
Aug
1%
Sept
Feb
4
100
91%
98%
360
4%
"15%
h6
Feb
"l3"
16%
14", 800
6%
Apr
16%
Oct
20%
Mar
37
Sept
86%
60
*i6
Jan
87%
Apr
Apr
81
18
18
100
14%
35
35%
400
24
Aug
Apr
Sept
%
100
Feb
107
Aug
Aug
6
May
22%
550
15%
26
Jan
102% 103%
200
97%
Apr
108
June
101%
102%
450
90
Aug
112%
113
113%
110
110%
Sept
115
June
104%
96%
Jan
115
Aug
Sept
105%
July
8%
Apr
9%
8%
Apr
Apr
Apr
17%
July
49
July
1%
6%
10%
Sept
21%
113
15%
15%
15%
800
44
42%
44
100
1%
1%
1%
2,500
35
1
1
*
6%
1
5
niied Filters B
Jan
July
98
91
Oliver r
Omar, Inc
Sept
Jan
Jan
Jan
Jan
Sept
100
2%
Sept
5
8
Sept
28 %
35%
.28
300
26%
Apr
Sept
Sept
13
1,400
July
July
87
50
68%
4%
Jan
91%
Sept
18% .Sept
7%
Mar
22%
July
101%
Mar
*
Feb
6%
Aug
87
31%
$1.30 1st preferred
com..
99
*
5%
American shares
108
Apr
27
Apr
5
common
Paramount Motors Corp.l
Parker Pen Co
*
Jan
Apr
July
Sept
Pantepec Oil of Venezuela-
Aug
4%
Sept
200
99
Page-Hersey Tubes
10%
page
Sept
1%
Aug
Sept
40
Mar
Apr
see
76
1%
84%
1,700
72
103
1
Apr
Missouri Pub Serv com..*
Mar
10%
102
Mar
2%
For footnotes
102
5%
Sept
5%
7A
*
Minnesota Min & Mfg...*
Minnesota P & L 7 % pf 100
14
100
113% June
Jan
1,000
Midwest Oil Co..
Aug
Apr
11%
8%
Jan
27%
Midland
Mid-West Abrasive
120
20
28
Aug
*
Apr
Sept
3%
107
5%% 1st pref erred ...25
Pacific P & L 7% pref..100
Pacific Public Serv
*
%
div shs
June
Apr
104
70
Sept
800
Co
24%
18
"30
300
100
2%
7%
13io
non cum
Aug
7%
7%
31
«»
$2
Mar
Apr
108% 108%
31
Sept
Midvale
Oct
15
Sent
72%
1%
1st pf.25
2%
Midland
67%
70
Pacific G & E 6%
900
preferred..
Steel Products
Aug
Mar
41
Pacific Can Co common..*
4%
West Corp com
Oil Corp—
3%
78%
7% 1st pref...100
1st preferred
100
Overseas Securities
Petroi—
conv
Aug
June
55
115%
7%
"~2% "2%
*
Jan
4 A
$2
6%
com.
Jan
t c
Middle
7
Sept
June
5t6 July
Class Bvtc
v
Aug
34
Oldetyme DlstUlers
100%
Feb
"225
Ohio PS
Ollstocks Ltd
%
States
Jan
Sept
77
Jan
Jul v
50%
84%
"300
74
24
100
May
93%
Preferred
Ohio Edison $6 pref
Ohio Oil 6% pref
1%
Ohio Oil
Michigan Steel Tube..2.50
Michigan Sugar Co..
Ohio Brass Co cl B
Jan
2%
S6 pi eferred
Class A
1%
70
"21A
Feb
Mar
Apr
Apr
Michigan Bumper Corp__l
Michigan Gas & Oil
1
6%
%
July
Aug
Sept
32%
Middle
"67%
Engineering..*
Novadel-Agene Corp
*
%
Partlclpat
Mexico
5%
28
115"
11%
Northwest
May
1
preferred. 15*
Metropolitan Edison—
20%
July
%
50%
3,000
25c
Sept
55%
3%
72%
Nor Central Texas OH...5
Nor European Oil com...l
*
$4 preferred
900
%
6% prior preferred
50
No Am Utility Securities.*
McCord Rad & Mfg B_._*
McWllliam8 Dredging
*
Metal Textile
7%
1
Nor Ind Pub Ser 6% pf.100
7% preferred
100
Northern Pipe Line
10
May Hosiery Mills Inc—
116
Nor Amer Lt & Power—•
....
Commuulca'ns ord reg £1
Mar gay Oil Corp
*
Marlon Steam Shovel
*
June
""
115 %
5
Feb
Jan
35
11% May
100
Mar
102
100
Jan
Niagara Share—
Class A preferred
19
20
38%
"4l""
37
73%
1%
Class B common
25
114%
he
Nlles-Bement-Pond
*
preferred
114
Niagara Hudson Power—
Common
10
Jan
Mapes Consol Mfg Co... *
Mar
Jan
34
4,800
1
Jan
Feb
%
15%
%
Jan
Aug
l3ie
1%
Aug
Apr
1%
2%
Sent
10%
4
Aug
150
%
100
16
July
26A
2%
300
New York Transit Co....5
2 %
26%
%
13%
N Y Water Serv
6% pf.100
100
5
A
Feb
2A
A
2%
Mar
2 A
7%
103%
Apr
%
Class A opt warrants
Class B opt warrants
Apr
400
38%
10
5% 1st pref....
Mangel Stores
Mesabl
114%
5% 2d preferred.....100
Mar
1%
""
7% pref..100
Aug
4
1%
N Y & Honduras Rosario 10
Aug
89%
7i«
Sept
15
Aug
1,000
8%
Warrants
35%
2,600
Mar
Jan
13 A
*
39
%
5%
7%
1%
*
Jan
Lynch Corp common
Majestic Radio & Tel
Intl
1
Sent
4
500
Mar
Jan
5%
17%
250
3%
19%
A
Aug
Sept
5
8%
1
26
6A
10
5
Jan
75
lA
Jan
%
50
A
20 %
2%
Sept
5%
31
6
"706
Jan
5%
60%
6%
28 A
1%
15%
5%
Aug
Jan
31
*
14%
May
Apr
2%
Apr
27
Lucky Tiger Comb G M.10
conv
1%
Aug
Apr
25
.
N Y Merchandise
July
Apr
17%
Aug
96
City Omnibus—
22
Sept
Jan
41
8%
*
New Mex & Ariz Land
Sept
13 A
29 A
1A
4%
*
May
Sept
Sept
6
2%
100
$2 preferred
May
10%
4
100
*
1,900
Feb
14
78%
100
Louisiana Land & Explor. 1
Louisiana P & L $6 pref..*
Marconi
6% preferred
1%
Long Island Lighting—
Common
5
5
May
11%
Apr
2% May
28%
Apr
69
Apr
9%
*
New England Tel & Tel 100
New Haven Clock Co
*
17%
22
5
725
*
11
23% May
*
Locke Steel Chain
7% preferred
6% pref class B
Loudon Packing
"14%
100
Apr
1%
*
Loblaw Groceterias cl A..*
$5
7% preferred
New Engl Pow Assoc
Sepi
9
"vi
a.
""966
82
Nestle Le Mur Co cl A...*
Nevada Calif Elec com. 100
Sep'.
4,600
34 A
Inc.-l
100
8
41
*
%
8
38%
Sept
5
1st preferred
Nelson (Herman) Corp
Neptune Meter class A
8%
Class A
Class B
1,900
1,100
3
*
New Idea Inc common
Lefcourt Realty common 1
Conv preferred....
*
9%
14
7%
43
4%
.*
15%
Langendorf Utd Bakeries-
Manatl
*
13
80
*39%
National P & L $6 pref
*
National Refining com...*
Mar
5A
100
8%
*
26A
27
Lakey Foundry & Mach.l
Leonard
Aug
Aug
9%
47 A
1
Lackawanna RR (N J). 100
Lake Shores Mines Ltd-.l
Wells Co com
17
44%
HA
§Nebel (Oscar) Co corn...*
45
4% conv 1st pref
100
Kress (S H) special pref. 10
Lane
Jan
Jan
13%
Sept
Oct
10
*
4
9%
33%
Aug
50
Sept
5
2,700
A
J 00
Jan
%
7
6,500
%
100
Nat Union Radio Corp___l
8
9%
100
8%
100
Navarro Oil Co
79
77 A
Apr
Apr
5>« June
9 A
Sent
May
400
Mar
Apr
Sept
70%
8%
(Del). 1
National Container
10
Mar
14%
Sept
7%
6%
Sepfc
May
42%
3%
1%
200
15%
July
13%
1%
7%
Apr
10%
Sept
July
Sept
42%
National Fuel Gas
Kresge Dept Stores—
Lane Bryant
1-
Nat Mfg & Stores com
National Oil Products
5%
14
9%
1%
14
*
Apr
700
5%
135
42%
Nat Tunnel & Mines
11%
8
*
Co
National Candy Co
*
National City Lines com.l
$3 conv pref
50
May
July
Jan
600
9%
15%
16
% 1
Sept
100
12
Sept
7%
8%
1
2%
Aug
7%
1
100
Kreuger Brewing
1
com
Apr
Sept
7%
9%
Nat Auto Fibre com
5
2%
Aug
7
9
111
Jan
3%
69
National Tea 5 % % pref. 10
National Transit.... 12.50
300
12
Emll) Co com..*
Koppers Co 6% pref
Sept
15
15%
Jan
2A
Klelnert (I B) Rubber ColO
Kobacker Stores Inc
6%
500
5%
100
June
22
6,200
July
Muskogee Co com
July
«i«
1
Klrkl'd Lake G M Co Ltd 1
common
48%
30
118%
July
%
5%
Mar
July
1%
31%
Apr
Sept
%
500
Apr
A June
Apr
90
2%
24%
6%
8%
9
70%
A
2
125
Murray Ohio Mfg Co
*
Muskegon Piston Ring.2%
Jan
2%
2A
June
Mar
98% June
102% June
107% June
Sep t
May
33%
300
5%
Jan
%
50
63
July
172%
Sepr
%
"~5% "5%
5%
56
03
100
1
Kir by Petroleum-
Feb
7
Sept
24
5A
38
1
Kings Co Lt',' 7% pf B.100
5% preferred D
Kingston Products
Apr
6%
— ...
Breweries
Mar
21% June
4
...5
Ken-Rad Tube & Lamp A *
Corp
17
22%
112%
Kokenge com
Kansas G & E
Key Co com..
Jan
40
101%
Oct
147
150
Jan
Jersey Central Pow & Lt
6%
100
110
24%
28%
Apr
Jan
500
SeDt
Mar
Sept
1,400
Jan
2%
A
2%
3A
2%
3%
%
Nat Bellas He<s
Jeannette Glass Co.
Aug
Mar
4%
4%
3
2
Apr
1
1%
5%
122 %
Sept
he
Oct
200
200
1%
2%
5%
{Mountain States Pw com*
June
14%
1,400
Sept
Mountain Sts Tel & Tel 100
1%
15/
1,000
%
Feb
7%
Aug
2 A
1,100
21%
A
14%
27%
Apr
3% June
Apr
Mar
6% preferred
Nachman-Sprlngfilled
Oct
9%
28%
Mountain City Cop com 5c
Mountain Producers
10
Mar
he
High
14%
Mtge Bank of Col Am shs
he
2,000
24%
Low
4,200
1,000
153
147
Moody Investors part pf
}Moore (Tom) Distillery
hi May
39%
19%
22%
A
17
July
5%
5%
152%
Apr
Apr
15
—
Kennedy's Inc
10
Mar
3A
20A
1
Iron Fireman Mfg v t c...*
Irving Air Chute
1
Italian Superpower A—
Jacobs (F L) Co
1
125
Investors Royalty
20
Jan
14%
7%
%
"~5A
he
Interstate Power $7
Mar
%
Feb
2 A
10
1%
2
Montgomery Ward A
*
Montreal Lt Ht & Pow..*
Montana Dakota Utll
—
International
%
Range Since Jan. 1, 1939
100
Jan
Jan
27
300
for
Shares
12
27%
11
Knott
12
4%
Aug
500
Class A
Klein (D
Mock, Jud, Voehringer—
Common
$2.50
Molybdenum Corp
1939
Week
High
Aug
400
5
Class B
Kingsbury
Low
Aug
%
%
Razor B
International Utility—
Internat Safety
<k
Price
Range
of Prices
17 A
%
S
International Products—*
Julian
Week's
Sale
17%
Pow warr
Internat Paper &
International Petroleum..*
Interstate
Last
7,
Sales
Friday
STOCKS
{Continued)
Week
Par
Oct.
Exchange—Continued—Page 3
5%
5%
16,100
3%
3%
4%
400
Class B
12%
11%
12%
""".500
Sept
3%
Mar
8%
Apr
July
7%
Jan
4%
July
16
Jan
"9% "ii%
600
14
Mar
Mar
21
Sept
35
11
Apr
15
Peninsular Telephone com*
7% A pref
4
11
10
Parke-sburg Rig & Reel.,1
Patchogue-Ply mouthMills *
Pender (D) Grocery A..
Jan
31%
Apr
44
Sent
7%
29
111%
100
Apr
12
Jan
34% June
Feb
Aug
113
July
July
July
Penn Edison Co—
$2.80 preferred
$5 preferred
31
3%
3%
600
Apr
38
53
*
^enn Gas & Elec class A..*
Jan
65
3
June
5%
Jan
Volume
New York Curb Exchange—Continued—Page 4
149
Sales
Friday
STOCKS
Last
Sale
{Continued)
Par
Price
Week's Range
-
High
Pennroad Corp com
1
Penn Cent Airlines com..1
Pa Pr & Lt $7
pref
$6 preferred-
*
-—
Penn Salt Mfg Co
Pennsylvania Sugar com
Pa Water & Power Co...
8%
10834
134
June
900
5%
Apr
354
1054
107% 108%
175
JaD
11054
175
68
10
100
""400
70
91
93 54
325
7%
7*4
"""366
8)4
854
100
''29Vs '30*4
"7%
Philadelphia Co common.*
Phil a Elec Co $5 pref
*
*
"6%
1
Phillips Packing Co
"""l25
7
654
7
.10
28 54
2.7%
13 %
12
14
1
Ltd__l
"2H
•
Pitts Bess & LE RR
1
Pittsburgh & Lake Erie .50
68
300
154
Apr
254
154
300
Apr
3
Jan
Feb
18
Sept
Sept
219
Jan
68
Sept
8454
Mar
58
Apr
9454
Sept
Apr
2754
1054
Aug
954
Sept
7
Apr
Jan
5
Apr
Sept
29
Sept
30 54
Jan
120
Aug
Sept
14
254
Sept
Sept
Wine Co.l
June
2954
June
254
254
400
Southern Colo Pow cl A.25
254
Aug
41
8M
9
300
*4
800
7%
"1*4 "1*4
""166
1.600
154
700
19 *4
100
Sept
Apr
1054
100
10
Mar
254
1554
554
200
.5
Sept
654
3854
3954
800
2654
Aug
39 54
18
July
20
254
12 54
Sept
454
•it
6%
"*500
Sept
554
Sept
Apr
12
Apr
May
102
Apr
16%
23
1%
Sept
2%
42
Mar
7 ■-'
Mar
Sept
1834
Aug
*16
Jan
July
3i®
Mar
354
*
154
Mar
3%
Sept
Jan
*
Jan
54
Mar
54
Standard Cap & Seal
preferred
Conv
Standard
104
107
*
Preferred
Apr
July
Aug
Standard Steel Spring
300
26
Apr
4454
Aug
110
93
JaD
10354
Aug
107 % 107%
10
100
Sept
110
June
66%
21%' 22%
8%
9
11*4
12
500
Jan
72
Aug
2654
98
r'-l
154
2554
10 54
!1
1 85-4
26
916
%
54
27 54
2754
934
954
"35 k
3454
Standard Tube cl B
1
5
1
Wholesale
-
21*4
8*4
com...5
Manufacturing.. 10
Corp vtc.l
Starrett (The)
*
*
50c
*
34%
16"
14
Jan
300
4
May
11
Sept
Sherchl Bros Stores
*
150
6%,
4%
Apr
Feb
12
Jan
6% 1st preferred
7
June
2d preferred
Aug
5°r
16
108
Apr
140
Sept
15854
JaD
Mar
18 54
Mar
Sterling Inc
9
July
Feb
1254
Mar
15%
16%
40
16 %
40
1%
1,200
12
54
Jute
Apr
21
JaD
41
Mar
40
1%
35%
Apr
200
»ie
Aug
2%
800
28%
100
1%
23
Jan
%
154
154
Sterling Brewers Inc.
600
%
100
3%
Apr
—
Apr
1054
Mar
54
Apr
*16
Sept
1554
A pi
154
July
4154
254
June
100
1854
454
Sept
154
300
July
Sept
$3.30 A part.:
Sept
Class B com
54
654
4
Jan
Apr
1
Aug
Swan Finch Oil Corp
..1
100
100
112
Apr
112
Apr
Texon Oil & Land Co
Inc..*
12
Aug
15
Jan
Thew Shovel Co
350
com...5
Roosevelt Field Inc
5
Root Petroleum Co
1
$1.20 conv pref--.-—20
Rome Cable Corp
1 234
600
3%
8
13
1054
1054
100
2 54
1,100
Sept
Jan
July
Sept
July
Apr
Apr
Apr
24%
July
13%
Feb
*
*
*
*
Ryerson & Haynes com__l
St Lawrence Corp Ltd-—*
5
100
1
United Corp com.l
*
---5
1%
700
4%
%
37
56
56
5734
500
454
1434
4
454
1434
400
14
45
44%
45
3.900
2%
3*4
Tobacco Piod Experts—*
Oct
Oct
43
45
71
%
7
....
254
154
2%
14
"354 ""3 54 "3%
4
k:k k
"9"
Mar
Sept
47
Aug
400
114
Aug
3
%
Apr
254
Sept
July
454
Jan
454
454
Sept
37
May
64
Sept
Tubize Chatilion
7
Aug
17
Jan
Sept
2*4
2,700
54
July
4154
4154
10
3854
Sept
June
"l4%
foo
954
18 %
Jan
Aug
—25
2,700
23
23
10
Scranton Elec $6 pref.—*
11454
Apr
1654 June
■
OI&SS A.
*.
-
—
Oct
1*4
15*4
3854
Sept
Sept
11434
Apr
36
Aug
5%
Sept
1554
1%
Sept
14 %
1%
3,700
54
1%
200
14
Aug
May
54
June
"16
Jan
7%
1,200
4%
Jan
834
Mar
11%
150
954
Aug
31
*
7%
7
11%
Selby Shoe Co...
*
Selected Industries Inc—
Mar
2
Sept
38
F"eb
Sept
15
Apr
Common.......—...1
1
1%
2,000
%
Apr
134
Convertible stock
7%
8%
200
4%
May
954
Jan
100
48%
4854
Aug
6954
Mar
25
certificates—
60
59
62%
60
60
*62%
150
Aug
70
Sept
Mar
Tung-Scl Latin
Works—1
80c div preferred-Uien <fc Co ser A pref..
1
1
%
1%
8%
*
Seversky Aircraft Corp.-.l
Shattuck Denn Mining.. .5
5
7*4
4%
7%
17
Shawinigan Wat & Pow..*
8%
5
100
6
11,600
2
8
2,700
17
100
com..25
"89%
88
90%
1,700
5% cum pref ser AAA100
111%
110
11154
40
Sherwin-Williams of Can.*
For footnotes see page 2211.
54
554
17
81
Apr
Jan
July
Apr
54
Apr
Apr
Jan
1334
Sept
11
Sept
12
June
Aug
234
Apr
3854
JaD
Sept
4554
Mar
Mar
154
42
Mar
1454
554
Sept
Apr
June
Sept
Mar
Jan
254
Aug
554
2854
May
3654
Jan
200
54
May
54
Mar
H
954
Sept
22 54
Jan
Jan
10834
Aug
54
12
11
1,100
5,400
10
10554 10554
3 54
3 54
1654
17
400
1054
Mar
-..
94
*»1#
July
Feb
May
4
Jan
450
254
854
Apr
18
July
500
954
Aug
1554
Jan
United Chemicals com—*
$3 cum & pait pref
Un Cigar-Whelan Sts__
454
7354
7854
200
United
10254 103
54
154
I
34-
30
108
July
Apr x!14%
34
Feb
154
4%
14
400
154
July
500
2 54
*
254
6
Apr
July
Apr
Jan
Sept
"16
754 May
Sept
854
June
600
June
7
Apr
Apr
1354
3854
Mar
1954
2
A pi
354
Sept
6
Apr
150
3*4
354
600
7%
754
1,200
154
154
600
154
Sept
1
1
100
1
Sept
2
2
300
154
Jan
1054
Sept
Mar
854
Aug
554
354
1
Mar
254
1434
3
Jan
Sept
June
Mar
1*4
15 54
1 6 54
854
"854 **|854
Apr
1,700
1254
Jan
1834
Aug
Sept
Apr
234
Aug
"360
254
354
Feb
854
5654
July
July
1 54
Jan
38
"5',800
54
Apr
654
1%
Sept
916
7
Oct
254
254
9,300
Jan
Mar
8554
84 54
8 7 54
1,300
Apr
Apr
354
Jan
9254
Mar
% June
254
1316
74
80
Jan
8934
3
Feb
6,500
3,200
July
Jan
27
29 54
11,100
2054
2954
Products...*
2054
50
*
154
July
54
June
254
Jan
19
Apr
3654
Mar
2054
Feb
23
Mar
6954
154
154
United N J RR & Canal 100
Jan
Apr
54
United Profit Sharing..25c
Mar
98 54
1,200
154
preferred...
Mar
Feb
1054
354
754
Jan
134
81
35%
1*4
$3 preferred
15
Feb
1054
154
Milk
Aug
Mar
June
45
34
154
$6 1st
554
Aug
1054
*
Common class B
JaD
Mar
354
10554
Option warrants—...—
United G & E 7% pref.100
United Lt & Pow com A—*
Jan
14
May
54
1
1st $7 pref non-voting.*
Sept
11534
63
"166
*
5J4
J13 54
Jan
Aug
Corp warrants
United Elastic Corp
United Gas Corp com
954
Aug
2
13
*
254
Mar
Api
454
10c
May
Sept
Sept
"4%
800
Sept
57
1
•16
10
1054
1
50
Union Traction Co
Aug
2234
10654
*
*
154
Oct
June
1054
Series B pref
United
Sel fridge Prov Stores—
£1
654
8
600
Union Investment com—*
1%
Hardware..!
1
1,900
Union Gas of Canada.—.*
Oct
23
Aug
2,000
12V*
""354
*
Unexcelled Mfg Co. —10
Oct
2,000
1%
754
Bept
Apr
34
ki»k
234
4154
1%
13
Securities Corp general...*
Seiberling Rubber com...*
Jan
21
*
Feb
Sept
54
*
Corp—1
-
Union Premier Foods Sts.
Brook
Jan
4
454
9io
1154
—
Trunz Pork Stores Inc
100
700
36
34%
Tri-Continental warrants
9
%
Scranton Lace common..*
Iranswestern
— —
60
33
4
3154
454
54
100
1
Oil Co.—10
Common—
8
54
Mar
154
59
k_- "l4
Jan
Feb
2%
4
7% preferred A
100
Tonopah Mining of Nev.l
Trans Lux Pict Screen—
Jan
1%
Aug
654
3
13
registered 5s
Toledo Edison 6% pref.
654
1554
1 %
—-
Def
Jan
Sept
Apr
5^600
954
Jan
42
Todd Shipyards Corp—.*
35%
2,300
Sept
Apr
Sept
3554
..£1
Jan
2%
....
Sept
454
31
Inc..:
Ordinary reg
Jan
Apr
2%
Aug
4*4
37
Tobacco Secur Tr—
8
100
*
Scullin Steel Co com.-...*
54
Tobacco & Allied Stocks._*
Jan
June
14
Apr
Jan
10
2
com....5
Apr
3,200
Rossta International..—*
2 54
1
854
1*4
2%
7%
2%
100
2
Mar
2354
"266
12"
10 54
1
Tishman Realty & Constr*
Tilo Roofing
Rolls Royce Ltd—
ord reg...£l
100
654
31
Texas P & L 7% pref..
74
*4
Tampa Electric Co com.
Technicolor Inc common.*
.
6 54
*
*
15
Feb
May
254
—
Aug
%
100
10
June
May
Superior Port Cement
Sept f: Taggart Corp com
Jan
300
"300
Tastyeast Inc class
1254
100
454
—.50
55401 conv pref
*16 May
Jan
Feb
1,200
Superior Oil Co (Calif)..25
10534
....
654
3754
2,300
""254 "2 54
1
102
Seton Leather common
Feb
May
36
*
Sunray Drug Co
*u
Sept
1*4
Jan
*
Sunray Oil-—----——
854
16
June
Feb
700
Jan
Machinery
Apr
Sentry Safety Control
21
1
754
554
F'eb
$5.50 prior stock
54
50
July
154
2
5
....*
Stinnes (Hugo) Corp
Sullivan
454
6 54
—.1
1
96
Seeman Bros Inc
10 54
700
107
Apr
28
...— —
100
Warrants
54
12
12
454
A....1
Taylor Distilling Co
.1
Water Service pref
Jan
14
Sterling Aluminum Prod.l
Jan
5
3354
Jan
9%
%
%
%
254
July
Aug
5
2%
50c
Eng'g—5
{(Reynolds Investing
1
Rice Stix Dry Goods
*
Richmond Radiator
.1
Rio Grande Valley Gas CoVoting trust etfs
1
Roches terG&El 6%pf C 100
Schiff Co common.
Sept
Apr
Jan
2
2
Stetson (J B) Co com...
""25
(Daniel) common.*
Sanford Mills.
2634
17
200
3i6
common..*
Stein (A) & Co
Stroock (S)Co
Reiter-Foster Oil
7% preferred
Salt Dome Oil Co
Aug
Apr
»»
2754
20
126
Aug
"ioo
Reliance Elec &
St Regis Paoer com
1854
1754
Sept
50
28%
Ryan Consol Petrol
July
7354
1,200
«ii
Reed Roller Bit Co
$2.50 conv pref
14
Aug
54
Ordinary shares
16
com...*
Railway & Util Invest A.. 1
Raymond Concrete Pile—
Rustless Iron & Steel
254
1254
June
~3~3()6
phate & Acid Wks Inc.20
10
112M
141
141
*
....
64%
'112%
Quaker Oats common....*
6% preferred—.
100
Royal Typewriter
Russeks Fifth Ave
600
May
7
Steel Co of Canada64 %
& Tim.*
Royalite Oil Co Ltd
1,400
Jan
954
Phos¬
Standard
L—
preferred——
6% pref D
Rochester Tel 6 54 % prf
'50
200
102
Standard Products Co—1
Standard Silver Lead
97
500
154
10 54
2554
82
31
July
5% preferred..
100
Standard Pow & Lt
1
Common class B ——*
112
30%
July
26
Standard Oil (Ohio) com 25
Jan
25
18
Sept
Aug
7y*
Feb
60%
Apr
19
Mar
854
44%
60 %
14
200
1854
Standard Oil (Ky).
10554
Mar
200
1854
Jan
Apr
2
15
10
554
Mar
400
Oct
July
20
1054
Sept
100%
254
20
Jan
Sept
15
10 54
*16
Jan
254
600
Aug
1954
1
Jan
Jan
254
254
13
154
Dredging Corp—
Oct
Aug
1254
$1.60 conv preferred..20
Standard Invest $554 pref*
1154
4*4
254
com.l
10
Common
June
39
*
Stahl-Meyer Inc
Standard Brewing Co
Apr
ht
94%
10
1st preferred
Apr
1
104% 104%
5%
-.25
Spanish & Gen Corp—
Am dep rets ord reg..£l
Srencer Shoe Corp
*
Mar
3
6%
Jan
2 54
Apr
Feb
254
Apr
3
36
6)4
8
25
Preferred A
•
July
Feb
May
101 %
19 *4
154
1%
9
19%
Jan
Puget Sound P &
Red Bank Oil Co
2
554
Spalding (A G) & Bros—*
1
5
31
Quebec Power Co
Ry & Light Secur
2
*
Southwest Pa Pine Line. 10
1%
pref--.100
prior lien pref—.100
preferred
July
Southern Union Gas
354
454
South Penn Oil
4*4
6% prior lien
Ratheon Mfg com
Apr
Aug
100
454
Mar
1 %
-*
■
Sept
10
Southern Pipe Line
Sept
4*4
6% 1st preferred
100
7% 1st preferred—.100
Public Service of Indiana—
$6 preferred
454
Aug
12
—*
$6 preferred...-Public Service of Okla—
Jan
854
Colorado
preferred
June
Apr
7
preferred
Aug
15754
117
8
"in
*
Prudential Investors.
6554
Jan
Apr
1
1
Jan
Apr
Providence Gas
dep rets reg
2*4
May
42
Apr
5%
2,000
Scovill Mfg...
Aug
148
6
%
Savoy Oil Co
154
46
-.100
7% preferred
Jan
90
%
Sherwin-Williams
2954
Sept
800
1,300
Serriek Corp..-.
Sept
25
300
4,000
Allotment
26
Southland Royalty Co...5
154
Amer
500
400
Sept
11%
Segal Lock &
2754
25%
Sept
1%
Scranton Spring
Sept
2754
7554
10%
Samson
4*4
2554
4354
14%
%
Am deprcts
Jan
25
Apr
u%
Roeser & Pendleton
Mar
5 54
Oct
Sept
Am—1
Producers Corp
25c
Prosperity Co class B_—*
Pressed Metals of
Reeves
Jan
1 *4
Apr
Apr
6%
"6"
Co
.—... -
354
Mar
354
154
42%
7.50
-.10
25c
Potrero Sugar common...5
Powdrell & Alexander
5
Power Corp of Canada—*
6% 1st preferred
100
Pratt & Lambert Co
*
Premier Gold Mining.—1
Prentice-Hall Inc com
*
Plough Inc com
Pneumatic Scale com
S3 conv
Aug
154
400
3754
50
98%
Common.
154
1,000
25
640
11
Pyle-National Co
"4"
~-2o6
154
554
154
554
Edison—
3,100
95%
Pyrene
Apr
554% pref series C—.25
Feb
1%
June
1,600
6% preferred B
July
"2~800
Aug
*4
"ll4 "2~
154
5% original preferred.25
1854
98 54
454
July
3654
Jan
June
3754
Sept
954
Aug
84 54
354
754
9
4 54
10
3754
Jan
13%
1134
Puget Sound Pulp
1
.1
South Coast Corp com—1
Mfg com
2%
16
Sept
95
54
1
Mfg Co...
Sonotone Corp
Soss
2%
200
90
5
3,000
Apr
Apr
141
3
100
Solar
Feb
138
95
140
154
116
Amer dep rets ord reg.£l
Sioux City G & E 7% pf
Skinner Organ......
42%
97 X
$5
July
2
154
12 %
10
7%
16
154
Simplicity Pattern com__l
Singer Mfg Co..
100
Singer Mfg Co Ltd—
67%
42%
'mi
Pittsburgh Plate Glass. .25
Pittsburgh Metallurgical
$7 prior
Feb
July
Simmons H'ware & Paint.*
„
800
7
74
1134
$6
*ie
15
Aug
500
"i% "2%
6%
50
Pittsburgh Forglngs
Public Service of
16
*
Kel
Apr
July
9%
South New Engl Tel —100
7
Mining
pref..
400
Sept
*16
[Meter-.-
Polaris
conv
1454
107
Postage
Pleasant Valley
$3
Aug
b®
14
179
Pines Winterfroot Co
Pitney-Bowes
High
Jan
900
Pierce Governor common.*
Pioneer Gold Mines
Low
Apr
92%
Southern Calif
7
7%
29
Conv $3 pref series A.
Range Since Jan. 1, 1939
for
Week
Shares
135
Phoenix Securities—
Common—
of Prices
High
Simmons-Boardman Pub—
114
pref 25
Phila Elec Pow 8%
July
Week's Range
Low
23%
10434 104%
*
1
98
Sept
Shreveport El Dorado Pipe
Line stamped
25
Silex Co common
*
Apr
10,800
8)4
166
70
Pbaris lire & Rubber
2
Apr
254
Price
15
*
50
20
100
PepperelJ Mfg Co
Perfect Circle Co—
2%
8H
Mar
Apr
2
2%
Sale
Par
High
%
Penn Traffic Co..2.50
Last
{Continued)
Low
Shares
1
Penn Mex Fuel Co
STOCKS
Range Since Jan. 1, 1939
for
Week
of Prices
Low
2209
Sales
Friday
Jan
7354
Mar
6 54
Mar
United Molasses Co—
Am dep rets
ord reg.—_
United {shipyards cl
Class B
4*4
454
4*4
200
4*4
237
Oct
Jan
242
Feb
800
A—1
10 54
10*4
1
154
154
1054
2
5i6
July
•16
Jan
500
954
Sept
1034
8,100
154
Jan
May
Sept
2
New York Curb Exchange—Continued—Page 5
2210
Friday
Sales
hast
Par
for
of Prices
Low
High
25
74 %
77
39 %
74 Vs
40
United Specialties com_._l
U S Foil Co class B
1
"*3%
3 %
U 8 and Int'l Securities..*
""%
%
61%
3%
13%
24%
VA
3%
*
*
1st pref with warr
U S Lines pref
U S Plywood
1
pref.....'..20
$1% conv
U S Radiator
1
com..
15 H
"2
U S Rubber Reclaiming..*
4%
f>0e
M
Tr b Stores new com
1,925
72
110
40
300
4%
1.100
%
400
10%
21
%
3,200
»i«
""360
16
conv
Venezuelan
Petroleum
Va Pub Serv
Apr
100
6
Jan
*2*206
64 %
925
51
52
%
1%
IVs
20
375
%
19
Jan
Apr
3%
65%
1 %
Aug
July
Apr
IVs
20
1%
*27*
28
1
Waco Aircraft Co
600
1%
10%
preferred
Weisbauin
1952
1%
600
3%
4Vs
5%
Western Air Express
1
Western Grocer com....20
Western
7%
1%
Sept
Jan
58
Aug
12 %
Sept
July
7%
Feb
Sept
9
Feb
75
Sept
Feb
1%
200
100
%
8%
Apr
13%
Jan
Western Tablet &
Woodley
2
Petroleum
Wool worth (F
Finland Residential
Banks
Sept
Florida Power & Lt 5s. 1954
Sept
5s
ex-warr
stamped. 1944
1st & ref 6s
3%
Sept
Jan
Georgia Power ref 5S..1967
Sept
5%
Sept
Sept
100
June
1965
69
90
Jan
90
Apr
99
Aug
31,000
78
Apr
96 %
Aug
73
Feb
7,000
Oct
59
Oct
72
Jan
65
Sept
91
Mar
Jan
liHali Print 6s stpd.-.1947
Jan
*99
*103
104 M
*102
102M
2%
Apr
Apr
3%
8%
Sept
4%
Sept
4%
Aug
6%
Sept
Aug
6 Ms ex-warrants
11%
2.100
8%
Sept
15%
6
5%
0%
4,300
5
Sept
8%
Mar
IVs
1H
2
1,600
% May
2%
Sept
Mar
6s series B
ser
A. 1953
ii)4"
108
93
95
$7,000
102
Jan
108
Oct
100%
8,000
98
Jan
106%
Oct
103%
1,000
96
Jan
105
104% 30,000
99% 100,000
18,000
108%
87
Jan
105
Aug
Jan
July
10D3i 10173j
94
6 Ms series B
60
Apr
53
43%
4,000
36
Apr
1,000
98
Apr
50
25
July
30
35
8
Sept
30
103 %
64
*63 %
*103%
103
64
103 M
102
104
"16,666
98
48,000
92%
Sept
103 M
Aug
3,000
85M
Jan
97
103
Aug
103 M
6,000
96%
Apr
105
July
*103% 104%
95%
97%
94%
94%
99 M
Apr
105%
July
*367666
85
July
86
Apr
Jan
102
9,000
99
July
Apr
75M
Aug
Apr
74
102
Jan
♦Indianapolis Gas 5s A 1952
67%
67 M
08%
8,000
June
Indpls Pow & Lt 3Ms. 1968
101% 103%
Sept
128
43,(MX)
101 %
Sept
20,000
41%
Jan
Feb
92
97 %
106 %
104
2,000
July
Aug
19,000
Mar
110M
July
66%
Mar
Sept
104 M
65 M
107 %
101%
July
June
105%
66
111
68
Apr
1963
Sept
68%
Sept
1st lien & ref 5s
Sept
Jan
Apr
9y
July
103 %
115
8
59
95%
100 Vs
103
Apr
111% June
63,000
10,(XX)
Oct
July
103
21,000
67
3,000
Sept
99 M
66
Sept
Jan
Sept
102
98%
06
94
July
June
103 %
91%
99 M
-.1950
101 %
July
102 M
60
Indiana Service 5s
1.000
Jan
Feb
July
Jan
8
*57666
Jan
Apr
Mar
Sept
Apr
100
1,000
66
103 M
Jan
94 M
30
X
64
103%
103%
Mar
101M
100
93Vs
83%
50
102
"97"
Sept
109M
*9
1953
5s series C
Mar
1951
101%
109 %
38,000
94%
1947
47
45
*8
8f deb 5%s
May 1957
Indiana Electric Corp—
6s series A
Sept
4,000
3,(MX)
Indiana Hydro Elec 5s 1958
81 %
108
83,000
95
June
.
105
59%
49%
42 M
1949
1st & ref 5Ms ser B.1954
1st & ref 5s ser C_
1956
29
72%
102
1943
♦Hungarian ltal Bk 7 Ms'63
Hygrade Food 6s A
19)9
Sept
58
Houston Gulf Gas 6s. .1943
Sept
Apr
64M
48 M
*107M 112
49 M
♦Hamburg Elec 7s
1935
♦Hamburg El Underground
6 St Ry 5 Ms
1938
Heller (W E) 4s w W..1946
12%
74% June
2,000
Sept
10
Aug
70
8%
101
Jan
Aug
Get
Sept
Apr
Jan
95%
70
8
Mar
58
75
106
1.000
11
6
Jan
25%
317666
72
7%
Jan
95 M
70
*68
82%
87
70
Grand Trunk West 4s. 1950
Gr Nor Pow 5s stpd..1950
3
Aug
Sept
1,000
70
Sept
Aug
Sept
76 M
July
71%
13
103
50 M
49
65
Sept
27,000
99M
Sept
Aug
88% June
110
May
International Power Sec—
57
58%
58 %
6,000
July
106 % June
68%
Aug
6 Ms series C
7s series E
1957
7s series F
1952
Interstate Power 5s
6,000
21M
Sept
34%
35
6,000
31
Sept
54
Mar
32%
35
17,000
31
Sept
55M
Mar
20%
1955
35
32%
52M
Jan
1957
65%
64%
65%
76,000
55
Apr
73
Aug
1952
Debenture 6s
52%
52%
53%
49,000
38M
Jan
55%
Aug
97
53,000
82
92 Vs
60,000
Interstate Public Service—
}42
44
31
Feb
41
20,000
27 %
Jan
45 %
47
Aug
40%
42%
41%
44
21,000
30
Jan
49 %
Aug
47 %
Aug
%
Aug
41%
43%
49,000
29 %
Jan
47%
47%
2,000
40
Jan
59
Mar
68%
70
21,000
2,000
28,000
67
Sepl
83
May
101
102 %
100
102 %
5s series D
1956
4 Ms series F
1958
Iowa-Neb L & P 5s.-.1957
5s series B
97
92%
104
1961
Sept
106 %
May
Isotta Fraschlni
97
Sept
109 Vs
June
Italian Superpower 6s. 1963
90
88
Sepl
102
Aug
85
85
Feb
95
July
7s
94%
89 %
103
104
101M 101M
Iowa Pow & Lt 4MS..1958
Isarco Hydro Elec 7s. 1952
100
99% 100%
*106
38
32%
102
Jan
102%
Aug
98%
Jan
105
Aug
1,000
98
Jan
104 M
Aug
108
Mar
Aug
102 %
Sept
38M
*87666
30%
Sept
1,000
38.000
57 M
Oct
80
Jan
30Vs
Sepi
44
Mar
49%
Aug
110
57 M
1942
Jan
77
5,000
57 M
32
32%
43%
44
52M
Jan
Jacksonville Gas—
90
90
*80%
5s stamped
Sept
110%
101%
Sept
126
July
103
Sept
130%
150
July
Aug
July
106
104% 106
*130% 132%
91% 93%
......
93%
82 %
Apr
126
Sept
13,000
86
Jan
17,000
69 %
Jan
10,000
81
Jan
102
35,000
89
Oct
105%
88
88
88%
94%
93%
95
89
91
84
26,000
75%
Sept
96%
Jan
81
mmm-irn
81
81
105
105%
105%
139
100 Vs
91%
Sept
Jan
Aug
...1942
43%
7,000
38
Jan
104% 105 M
15.000
102
104 %
105M
99M
122
57,000
102
May
Sept
106%
Mar
98
Sept
108
Mar
114
Sept
126%
Aug
98%
26,000
Apr
Sept
103%
Aug
106M
July
Jersey Central Pow & Lt—
5s series B__
106% 103%e
1947
4 Ms series C
1961
Kansas Elec Pow 3 Ms. 1966
Kansas Gas & Elec 6s. 2022
105%
105
*99
*118
107
Feb
Kentucky
Utilities Co—
1st mtge 5s ser H... 1961
6 Ms series D
1948
5 Ms series F
1955
5s series I
1969
98%
105%
102%
98%
Lake Sup Dist Pow 3 %b '66
♦Leonard Tietz 7%s_.1946
105
Mar
Lexington Utilities 5s. 1952
107
May
103%
Apr
98
Aug
Libby McN & Libby 5s '42
Long Island Ltg 6s
1945
Louisiana Pow & Lt 5s 1957
91%
93
41
42 %
14,000
35
Jan
46
Mar
42
41%
42%
Jan
46 %
Mar
70
71 %
55,000
87,000
32
70
55%
Jan
74%
Aug
101
June
89%
100
105M 105%
4,000
102%
102%
2,000
97%
98%
18,000
88
99%
11,000
98%
X7%
40
93%
22%
101M 101M
*47666
103 %
103 M
102Vs
99%
99%
106%
105%
99 Vs
107
10,000
24,000
18,000
102%
♦7s without warr'ts.1941
101
97 M
98%
July
May
47,000
6,000
Marion Res Pow 4 Ms. 1954
McCord Rad & Mfg—
95
Jan
Sept
Oct
Jan
103
Aug
102%
108%
July
30
Aug
Mar
103%
Aug
Jan
105
Feb
Jan
102%
Mar
Memphis Comml Appeal—
93
1948
101
4,000
98
Apr
6,000
101
105
104 %
Jan
Apr
55%
Jan
.
3,000
Jan
83
Aug
Mengel Co
4,000
72 %
Jan
88
Aug
Metropolitan Ed 4s E.1971
50 %
9,000
77%
77%
77%
78
78
Deb 4Ms
Sept
conv 4
Ms. 1947
1965
28%
*7M
102
74
Aug
107% June
102
4,000
Jan
99%
Sept
May
31% Aug
105% May
75
Sept
98%
91%
87
July
73%
75
5,000
45
94 M
1952
4s series G
page 2211
1943
Sept
44%
70%
50
91
Mansfield Mln & Smelt—
6s stamped
101% 102
......
1955
15,000
103%
40
Apr
108
Feb
70
1%
106%
105%
103%
103%
98%
104 M
67%
X7%
8% May
104
see
19,000
77
4%
107%
106%
Oct
71%
1953
-
Glen Alden Coal 4s
15
90% 11,000
105% 114,000
59
104%
For footnotes
90 M
105
59
5s series C
i960
Bethlehem Steel 6s... 1998
6s series B_.
*74
105Vs
(Adolf) 4Ms—1941
103
Chic Jet Ry & Union Stock
Yards 5s
1940
{♦Chic Rys 5s ctfs
1927
Cincinnati St Ry 5%s A '52
Jan
Gobel
125% 136%
1956
Apr
97%
Sept
106%
104%
5Ms ex-warrants... 1954
Cent States P & L
5%s'53
Chicago & Illinois Midland
92
95
99
17
129
Ry 4%a A
101%
Apr
1st M 6s series A... 1955
1st M 5s series B...1957
Cent States Elec 5s
Aug
100
Baldwin Locom Works—
D..1957.
July
300
10
Jan
July
July
25
1%
11 %
91
99
8
1,500
108%
Jan
VA
"OH "I"
50 M
Oct
Apr
Mar
8
0%
Sept
81
89%
8
1,000
Aug
66 M
25
Guantanamo & West 6s '58
Guardian Investors 5s. 1948
"""16
Aug
July
8,000
68
Grocery Store Prod 6s. 1945
8%
117
Jan
327666
94%
99% 102% 168,000
66 M
Jan
"99"
Mar
105
31%
Sept
7%
81%
104
106 M
7%
"99"
Oct
112% May
Sept
6,000
Jan
*8%
Feb
Feb
Sept
3,000
93 M
Georgia Pow & Lt 5s..1978
62%
Sept
10
98
72,000
X
94
♦General Rayon 6s A. 1948
Gen Wat Wks & El 5s. 1943
4%
Apr
11
107%
Apr
100
34
Aug
1968
ser
34
5%
1950
Canada Northern Pr 5s '53
Canadian Pac Ry 6s..1942
Carolina Pr & Lt 5s... 1956
5,000
28*666
106 M 107
85
87
107
5%
Associated Gas & EI Co—
Conv debt 4%s
C..1948
Broad River Pow 5s..
1954
112
*103% 105
101% 101%
100
104 %
Birmingham Elec 4%sl968
Birmingham Gas 5s... 1959
Apr
175
Arkansas Pr & Lt 5s..1956
Associated Elec 4 Ms. .1953
♦Convertible 6s
1950
Bell Telep of Canada—
Sept
66 M
74%
300
106% 107
117% 118
102% 104%
5s with warrants... 1947
5s without warrants 1947
103M
107
7%
5%
105% 107
Atlantic City Elec 3Ms '64
Avery & Sons (B F)—
Sept
96.000
70 M
10%
106%
Conv deb 5%s
1977
Assoc T & T deb 5
An. A'55
Atlanta Gas Lt 4%s._1955
108M
50,000
106
5%
107
Debenture 5s
Sept
Jan
90%
3%
1st mtge 4s
1963
Debentures 4%s
1948
Appalac Power Deb 6s 2024
1949
102
Feb
7%
5%
IIAmer Radiator 4%s_1947
Amer Seating 6s stp_.1946
Appalachian Elec Power—
Conv deb 4%s
Conv deb 5s
15,000
1%
92%
Registered............
1956
1908
1st & ret 4 As
1967
Arner G & El debt 5s..2028
Am Pow <fc Lt deb
6s..2016
July
79%
92
3%
1940
.
1st & ref 5s
106 M
Apr
112
101%
'57
Florida Power 4s ser C 1966
111 Pr & Lt 1st 6s
1951
Sept
Gary Electric & Gas—
Sept
Bonds
1940
102%
Apr
92%
7%
Jan
Jan
24,000
Vs
Gen Pub Util 6Ms A. 1956
175
97
53%
Mar
12
Sept
%
600
11%
10%
88
79% 206,000
X%
76%
2%
10
Aug
68 %
1%
97
32
July
93 %
9%
97
30
77
Apr
Sept
Aug
77
60
Apr
79%
58M
Aug
77%
56
Aug
%
97
Jari
Aug
89%
4%
General Bronze 6s
Apr
Mar
Aug
89 M
1,000
General Pub Serv 5s..1953
%
Aug
89 M
2,000
%
Jan
2%
5%
77%
Jan
Jan
5
%
Feb
10
Apr
5
5%
1,200
67M
4%
5
5,800
Mar
8,000
Apr
4
Mar
5M
Apr
2%
78%
77
4Vs
1961
2%
14
Sold
Cent Power 5s
105% 106%
108% 108%
2%
BONDS
1st & ref 5s
106 %
34~66O
94
3%
Sept
*pr
Apr
55%
100
2
Mar
66
66
Mtge
6s-5s stpd
Idaho Power 3Ms.... 1967
Alabama Power Co—
1st & ref 5s
15,000
225,000
63
92%
Houston Lt & Pr 3 Ms. 1966
6c
71%
85 %
1,100
1
Amer dep rets
94
1953
0%
1%
W) Ltd—
Wright Hargreaves Ltd..*
Yukon-Pacific Mining Co 6
July
3%
3
3%
WUson Products Inc
1
Wisconsin P & L 7% pf 100
Wolverine Portl Cement.10
com
Aug
131
4
90%
T~
Williams Oil-O-Mat Ht._*
*
108
98%
78%
*
Wolverine Tube
6Ms series A
♦First Bohemian G1 7s
Station'y
Co
Sept
Sept
37,000
123
2
2%
Westmoreland Coal Co...*
Westmoreland Inc.......*
Wilson-Jones
98
121
84
Ercole Marelli Elec Mfg—
Erie Lighting 5s
1967
Federal Wat Serv 5 Ms 1954
♦Gesfurel 6s.
Weyenberg Shoe Mfg
1
Wichita River Oil Corp..10
Williams (RC) &Co
*
June
3%
100
Common
113
2,000
70
Elmira Wat Lt & RR 5s '56
Aug
Mar
1%
Maryland Ry—
1st preferred
Sept
4
.1
Wentworth Mfg
1.25
West Texas Utll $6 pref..*
West Va Coal & Coke....*
Edison El 111 (Boat) 3 Ms '65
Elec Power & Light 5s_2030
Apr
Feb
101 Vs
+60
106%
71%
Feb
Aug
Jan
Aug
131
84
84
1950
%
Aug
*115
78 Vs
Empire DIst El 5s
6
Apr
♦Certificates of deposit
El Paso Elec 5s A
hs
Bros-Brower..l
Wellington Oil Co
100
Eastern Gas & I uel 4s. 1956
Jan
38 %
74%
126%
Aug 1 1952
Sept
10
29,000
♦Certificates of deposit
♦Deb 7s
32
300
72 M
Aug 1 1952
♦6 Ms
30
2,000
72 M
18,000
9,000
Jan
Detroit Internat Bridge-
Sept
11
50,000
102%
98% 100%
Denver Ga« & Elec 5s. 1949
Mar
50
1%
13%
Delaware El Pow 5 Ms 1959
1
*
1
Cudahy Packing 3 Ms. 1955
1%
74% May
1
July
4%
Apr
Knitting Mills...5
1958
15%
1
High
81
102 %
1944
20%
2%
Low
71M
71%
80%
71% 280,000
37,000
83%
84%
+120
131
6s ser A stamped... 1943
Cont'l Gas & EI 5s
Cuban Tobacco 5s
20
*
Class B
Feb
3,000
71 '
72%
Consul Gas Util Co—
Mar
Ti«
~83%
(Bait) 3Ms ser N... 1971
400
100
Walker Mining Co
64
Range Since Jan. 1, 1939
S
Consol Gas El Lt & Power
2% June
Jan
for
Week
79
Conn Lt & Pr 7s A—1951
"350
Waitt & Bond class A.... *
Wayne
Feb
Sept
High
09%
78%
71M
71
79%
Pr & Lt 5s '57
1939
72%
71M
70%
69%
1st ref mtge 3s ser P. 1969
Sept
2%
Low
Debenture 5s..___. 1969
Communit
Range
of Prices
Cities Serv P & L 5 Ms. 1952
5 Ms
1949
1%
10
5%
July
Apr
Apr
July
.1950
..1958
*28"
50
"lOM
Wagner Baking v t 0——*
7%
'it
1,150
*
Wahl Co common
42
100
Conv deb 5s
Debenture 5s
Consol Gas (Bait City)—
Gen mtge 4 Ms
1954
1% June
2%
Jan
July
4%
Jan
16% Sept
9% June
Apr
Week's
1966
Jan
Sept
17 %
13%
1
Jan
Cities Service 5s
Sept
%
7ie
%
47%
"vH "i~H *"266
7% pref.. 100
*
Sept
12
5
Vogt Manufacturing
Jan
50
1
preferred
Apr
7%
02%
Utll Pow & Lt 7% pref. 100
$4
7
Jar
"2 A "~2%
2%
63%
$5.50 priority stock
Utility & Ind Corp com..5
Conv preferred
7
Van Norman Mach Tool.5
Apr
Aug
Apr
1%
14%
2%
7%
*
*
Valspar Corp com
Jan
1,400
1
Utility Equities Corp
4%
2,100
Universal Products Co...*
Utah Radio Products
Aug
2%
"2 A "2
Universal Pictures com... 1
5
Mar
400
2
Utah-Idaho Sugar
27%
200
Wall
Utah Pow & Lt $7 pref...*
*
Feb
IVs
1%
%
1,300
Apr
H
50
Universal Consol Oil....10
Jan
Sept
*ie
United
1%
68
8%
16Vs
%
16
Jan
Sept.
July
Apr
1,100
1
8
6%
Apr
%
Apr
1
2%
Jan
1%
Verde Exten...50c
2
4%
2.600
United
Universal Corp v t
Universal Insurance
3
49%
Aug
4
15%
24%
2
4%
87%
July
July
150
60
Sale
Price
Apr
Sept
2%
Last
j
High
02
United Stores common.50c
Paper
Low
BONOS
(Continued)
Shares
3 %
4%
"ZH
Range Since Jan. 1, 1939
7,
Sales
Friday
Week
Price
United Shoe Mach com.25
Preferred
Week's Range
Sale
STOCKS
(Concluded,)
Oct.
95
2,000
91M
85 M
87 M
5.000
82
Apr
105% 106
107 M 107 M
2.000
102
Sept
109% May
8,000
104
Sept
110% May
Oct
Mar
Volume
New York Curb Exchange—Concluded—Page 6
149
Friday
Last
BONDS
Sale
CContinued)
Price
Middle States Pet 6 Ha '45
9934
1st & ref 5s———1955
9734
9934
;
Miss River Pow 1st 5S.1951
Missouri Pub Serv 5s. 1960
8834
Nassau & Suffolk Ltg 5s '45
29
19,000
93)4
95
Sept
102
Apr
Jan
9934
70
May
10134
102)4
Apr
Oct
Texas Power & Lt 5s_1956
6s series A
Sept
Tietz
(L)
City Rap Tr 5 Ha '52
107
Aug
Twin
8234
Jan
10034
Aug
Jan
10334
Aug
86
18,000
107
95)4
Sept
11034
Aug
......
68
...1948
.1950
6734
334s.l961
New Eng Pow Assn 5s. 1948
Debenture 5 Ha
1954
10034
67 ?4
New Eng Power
7334
Jan
93)4
Aug
United El Serv 7s
Auu
77
Jan
98
98
Jan
112
20.000
923$
Jan
10634
29
29
1,000
Sept
38
Oct
♦1st
*81H
•+
119
106
75
114
6534
6534
»
1974
......1959
105J4
Apr
6Hs
10734
Jan
11134
May
114 34
Sept
123 34
June
Jan
10934
July
Sept
89 34
Mar
Oct
12334
July
July
Utah Pow & Lt 6s A..2022
July
96
mmmmmm
114
71,000
3,000
68
28,000
83
Deb 6s series A—.1973
Jan
_
1,000
72 34
114
Y
55
r
6734
7,000
54
Jan
7334
73)4
6534
6834
10034 10034
48,000
5434
Jan
7334
(Del) 5 Ha *52
United Lt & Rys (Me)6s series A
1952
July
7,000
5Ha
Un Lt & Rys
4Ha
83
85)4
114
10
4,000
110
Sept
82,000
33
Sept
2634
Mar
92
May
87)4
Apr
90
Apr
98)4
100
Aug
15,000
99)4
Feb
104
July
Wash Ry & Elec
17,000
8934
Apr
10134
Aug
West Penn Elec 5s...2030
8634
101
1946
6s
10134
1954
12J4
99
10234
2004
Debenture 5s......1954
8334
8334
5,000
7734
Sept
Mar
West Newspaper Un 6s
10434 104)4
10134 102)4
102
10234
50,000
Sept
109
Mar
45,000
102 34
97
Sept
105
Aug
9,000
10134
Sept
111)4
Sept
10634 June
11334 May
—-
54
8,000
9934100
104)4 105
16,000
49
Aug
58
99)4
13,000
50
—
5134
9,000
108
10834
14,000
105
51
—
5s series C———.1966
1969
1970
N'western Elec 6s stmpd'45
10534
1957
10134
100
104 34
5s '48
Stamped
105
9534
100)4
47
Apr
10134
4,000
10434 104)4
10034 102
10534 10534
16,000
Sept
58 34
Aug
10834
Jan
101
Sept
107
Jan
100)4
Sept
106 34
Jan
96
Sept
10534
104
Feb
1U8
99
10034
10,000
2.000
110
Pacific Invest 5s ser A. 1948
Park
8834
3s... 1964
Lexington
34s. 1977
1979
Penn Electric 4s F
1971
5s series H
1962
11034
16,000
8834
4,COO
£108)4 111
8934
88)4
8934 124.000
£39)4 45
9534
9834
88,000
9834
mm m -
1st 5s
95
Apr
104 3a
6s series A
Deb 5)4s series
£102
9934
——
10434
k
99)4 101
-
Sept
4 Ha
Sept
9934
9134
98
Sept
Aug
90
102 34
104
8.000
10,000
1073410834
11,000
4.000
107
107
4,000
94 34
28,000
1961
9534
94
95)4
65,000
11334 114
83)4
8334
14,000
"99U
10734
1961
5s.
9
Sept
106
Sept
~5~666
104
Jan
100
4,000
94
27,000
122
115
£7
100)4
9134
102)4
103)4
100)4
10434
Jan
108
June
Jan
106)4
June
Sept
10934
Mar
Sept
108
Mar
Oct
105
Jan
90
Sept
10834
Sept
100
10034
♦Prov Banks 6s B
92)4
10934
♦6s series A—.
Aug
9534
Apr
114
Sept
108
100)4
105)4
107
39
July
10934
Sept
Feb
23
8734
8434
8734
50,000
7034
Jan
9334
8834
89
35
8,000
6334
Jan
9834
97
9534
9934 100
88
2034
22
5.000
July
2534
Feb
18
30
634
Sept
£734
"
30
21)4
Apr
25)4' Mar
1934
Feb
22
Mar
100
Jan
65
60
Sept
£45
78
85
Apr
9634
Jan
8
8
8
Oct
3534
Feb
-■
-
—
—
—
—
1952
'47
5,000
mi
734
£734
734
m
rnmrn'mm
_
-
10
734
'5~666
20
Mar
Sept
20
Mar
6)4
20J4
Sept
634
20
£734
£734
mm'm
6s—_——1947
£8
1958
Sept
22
Apr
Apr
20
Mar
Sept
'13
14
1954
dep
£8
15
Mar
Sept
16
June
10
Feb
15
June
9
8
£8
634
26
Jan
1334
2534
Jan
2634
Aug
Jan
2634
Mar
18
£21
...—
-
Mar
Sept
11
14 34
£11
-
1951
♦6 Ha ctfs of
•
734
934
13
£634
mmm
♦issue of May
1927
'47
£15
Aug
32
♦Issue of Oct 1927.——
£21
30
2534
dep..Oct '47
£15
26 34
26
Apr
26
£1434
16
> 1
June
16
£15
32
£15
32
£15
32
♦7 ctfs of dep.May
♦7 ctfs of
♦Mtge Bk of Chile 68.1931
35
Jan
25
Aug
Feb
♦63 s ctfs of dep..1947
Feb
21
July
Mtge 5k of Denmark 5s '72
Sept
138
Sept
Apr
June
-
27
3134
10334
♦7s ctfs of
(State) 7s... 1958
♦Rio de Janeiro 634S.1959
♦Russian Govt 6)48—1919
♦534s_.
....1921
♦Santa Fe 7s stamped. 1945
♦Santiago 7s
1949
♦7s
1961
Jan
9934
Sept
74)4
28,000
48
May
75
Sept
25,000
8034
Sept
106
Feb
38,000
85
Sept
105)4
Mar
"i0534
89)4
90
95)4
104)4 10534
104)4
103)4 104)4
84,000
102
104
10334 104 34
45,000
102
105
104)4 10534
55
5534
31,000
103 34
Feb
10534
3934
May
10234 102)4
103
103)4
1,000
10034
Sept
5534
105
100
Sept
104 34
mm
m
-
mm
m
mm
U m
m
m
m
mm
m
734
34
9634
15
Sept
14 34
Sept
34
Mar
Feb
20,COO
ys
2,000
m
61
1334
£1334
m'mrnmm
July
Sept
2,000
318
mm
7)4
m
7)4
5)4
8
£7)4
Mar
8534
54
£
Mar
2,000
13)4
Jan
34
Sept
Apr
34
6234
Sept
834
May
1434
Jan
834
61
May
1534
Sept
47
7,000
Aug
7,000
m
Jan
15,000
fmrnrnm
♦Parana
Mar
89
1946
dep——1947
♦7s ctfs of dep
Aug
86
Apr
Jan
Mtge Bank of Colombia—
110
Apr
June
7234
8634
June
15)4
£734
♦Medellin 7s stamped.1951
'
3,000
Aug
16 34
£50
_
♦Maranhao 7s—
Aug
m-mm'jmrn
1634
Mar
1955
1953
Aug
Jan
121)4
June
Jan
11)4
£7
(City) Peru—
♦634s stamped.——1958
July
Jan
1634
16)4
10
2.0C0
20
Aug
89
75)4
2134
m
MtgeBk of Bogota 7s.1947
72
28
Mar
Lima
Aug
52.000
89
18
June
£7
(City) 7s... 1939
♦Hanover (Prov) 634s.1949
Feb
92)4
"73"
ll
1334
32
♦Secured
May
106
1134
mm
*61
61
♦Hanover
Mar
10834
m
Mar
32
♦German Con Munlc 7s
Sept
10534
15734
22 34
11
18
£15
ctfs of dep.-Oct.
♦External 634s
June
Sept
40
18
£15
5s
Feb
53
Jan
7734
-
Danzig Port & Waterways
Oct
110
Sept
.—.1952
Danish 534s
Mar
Aug
-
♦634s ctfs of dep--.1959
Jan
June
m
—1951
♦6s ctfs of dep..July
Oct
51
Apr
-
Cundinamarca (Dept. of)
Oct
83)4
Sept
m
m
mm
"14" ~June
Colombia (Republic of)—
Jan
Sept
£734
13)4
£6
£6
+ «
Cent Bk of German State &
July
100
22
18
Aug
Jnne
19
9434 104,000
1951
June
Jan
"12 34
1134
90
Pub Wks 6s
1334
834
18
19
134
mmmmmm
1134
£7
1934
£7
July
27,000
1834
Mar
1134
July
30,000
£1734
24 34
£7
2034
£12434 130
30
July
9134
(♦St L Gas & Coke 6s.
Ian Joaquin L & P 6s !
Jan
Apr
Mar
1.000
W
24 J4
30
115
Jan
28)4
*27
Jan
30
115
26
15
10634 10734
M «.
29
Bogota (see Mtge
May
"
Sept
30
122
♦Bogota (City) 8s ctfs
June
21,000
2734
115
20
80
'mm
Aug
Mar
22
■
Aug
96 34
May
Oct
;
95
Apr
15
Aug
Jan
£734
Apr
8634
23)4
93
1734
Aug
Aug
7
£734
35
10834 10934
June
15
10434
10534
10734
9134
—
106
20
Jar,
102
—I.
Jan
102)4
£734
Jan
13534 140
"64"
May
£7
Jan
88
64
102)4
Jan
10634
87
8,000
93
♦7 3d ser ctfs of
♦7s ctfs of deposit..
140
Mar
Sept
99
1945
Bank of)
^♦Caldas 7 Ha ctfs of dep '46
♦Cauca Valley 7s....1948
♦7s ctfs of deposit.. 1948
♦734s ctfs of dep—1946
32
91
2.000
16,COO
July
63
106 34
£6
77,000
25,000
11.000
116
Apr
June
10534
dep.'57
♦Baden 7s.—........1951
101
52
80
Aug
Aug
76
30
Feb
July
106)4
95)4
3834
102 34
7
77 34
3134
111
Sept
50
June
Jan
35 34
52,000
45,000
105
Aug
98
76
80
5034
4s series A
June
£83
9534
m'mm
3,000
89,000
Feb
-
7634
Jan
83
Jan
99)4
Aug
110)4
17
Mar
83
Aug
94 34
Jan
Calif Edison Ltd-
1951
Tel 5s 1961
Indiana Ry 4s
'western Assoc
5s 1957
Pow & Lt 68.2022
'western Lt & Pow
o'west
"103"
92)4
106
4934
48
94
106
2.000
4,000
81
10434
49)4
10,000
48
Sept
Sepl
111)4 May
11134 May
Oct
Apr
99
July
Jan
108
May
Sept
59
July
*
tandard Gas & Electric
6s
10034
Jan
♦78 2d ser ctfs of dep_'57
Pub Serv of Oklahoma—
ou
Jan
82
Jan
Public Service of N J—
ou
87
1,000
92
93
♦7s ser B ctfs of
May
75
£734
'Saxon
11.000
Aug
1,000
£10334 104 34
98)4 10034
80
•Schulte Real Est 6s..
101
94)4
2,000
36
"5634"
_.19C
Puget Sound P & L 5 Ha '4
1st & ref. 5s ser C.19f
lst&ref. 4)4sser D.19£
Queens Boro Gas & Elec-
10034
Apr
11334
114
107)4 10734
""so"
prepetual certificate
Apr
8934
lombia—
Mar
7
6 <7-
Aug
July
Aug
91
35,000
9934 100 34
104
10434
♦7s ser A ctfs of dep. 1945
June
♦6s
36
4 Ha series F
9934
Oct
Sept
Sept
£104)4 106
100)4 10034
Potomac Edison 5s E
85
Aug
88)4
Sept
92)4
& Coke I
Apr
Apr
•
111
108
102
9334
Portland Ga
Aug
dep.1945
dep.1945
♦7s ser D ctfs of dep.1945
♦7s 1st ser ctfs of dep.'57
1,000
Peoples Gas L & Coke—
4s series B
1981
4s series D
Aug
Aug
<
90
Antioquia (Dept of) Co¬
10934 May
Jar
Sept
94
10534 10534
101
"10834
1968 "167"
series B
119)4
2:2~66o
Jan 1947
♦7s ctfs of dep. Jan '47
♦6s ctfs of dep...Aug '47
♦6s ctfs of dep—Apr '48
Aug
97
11034
10934
18,000
10534 106
101)4
1950
B..1959
C..1947
5s series D
——1954
Penn Water & Pow 5s. 1940
Aug
Sept
110
17,000
♦20-year 7s
Aug
104
Penn Ohio Edison—
Penn Pub Serv 6s
July
92)4
13.000
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
♦7s ctfs of dep.Apr '46
May
10034 10134
23,000
10434 106
14,000
99
10034 151,000
43,000
10334 10534
110
Penn Cent L & P 4
108 34
Apr
78 34
MUNICIPALITIES
AND
May
16,000
100J4 10034
100
mm.
Sept
10834
♦7s ser C ctfs of
5s. 1942
Pacific Pow & Ltg 58.1955
Apr
103
GOVERNMENT
FOREIGN
10734 May
Jan
Sept
105)4
28,000
10034
1941
1st 6s series B
72
9,000
Aug
Pacific Gas & Elec Co—
Pacific Ltg & Pow
24,000
44.000
5534
5834
1102
105)4
'44
1937
1947
{♦York Rys Co 5s
Mar
Northern Indiana P S—
Okla Power & Water
June
Aug
5,000
No Amer Lt & Power—
Pacific Coast Power 5s '40
July
28 34
107
Wheeling Elec Co 5s__ 1941
Wise Pow & Light 4s. 1966
Yadkin River Power 5s '41
111134
5234
Nippon El Pow 634s..l953
Ohio Public Serv 4s..1962
2834
6834
8134
9834
9634
Jan
86
9.000
96
Jan
52
Apr
5,000
1134
1234
1107
10934
West Penn Traction 5s '60
8334
N Y & Westch'r Ltg 4s
N'western Pub Serv 5s
July
105
4s. —1951
9734
10434
Ogden Gas 5s—.....1945
Ohio Power 3Ha
1968
Aug
52)4
11934
Waldorf-Astoria Hotel-
Aug
New York Penn & Ohio—
4 Ha series E
6634
Apr
93
97)4
93)4
96 H
109)4
73,000
58,000
♦5s income debt
5s series D
Jan
68
80
34
90
1st ref 5s series B... 1950
10034
96 34
99
99
1956
No Boston Ltg Prop3 34s'47
Nor Cont'l Util 534s.. 1948
No Indiana G & E 6s. 1952
Aug
July
23
26,000
4.000
95
"97M
Serv
94
101
534s series A
Aug
9934
Sept
114
80
"92%
.1944
—
Pub
8534
111
5 34A —1946
Va
96
1942
1st 4 )4s'67
N Y State E & G 4Hs 1980
'50)4
46,000
111)4 11134
36
34)4
28 34
£7)4
35
1734
79 34
81)4
84)4
82)4
105
10534
1945
f 6s
s
9534
8tamped_1950
50,000
1134
10
United Lt & Pow 6s—1975
Aug
Oct
♦Income 6s series A.1949
♦Ext 4 lis
115
6034
5934
"36"
j.956
98)4
N Y P & L Corp
Jan
Jan
9934
8634
1034
♦United Industrial 6)4s '41
5,000
50,000
101
New Orleans Pub Serv—
5s stamped
10734
35*000
9534
United Elec N. J 4s.. 1949
4,000
8834
74
N E Gas & El Assn 5s 1947
High
Jan
103
109
9434
60
Conv 6s 4th stamp.1950
+105
New Amsterdam Gas 5s '48
Low
17,000
Ulen Co—
8834
29
74
Range Since Jan. 1, 1939
Shares
Leonard—
see
46,000
"
;
£108
"95"
for
Week
High
105 H 106)4
10634
Tide Water Power 5s. 1979
64,000
119
:
of Prices
Low
2022
Aug
July
99 34
10934 110
+110)4 11134
6s series
Conv deb 5s
58 34
42,000
9934
105)4
93)4
Week's Range
Price
9734
96)4
100
Nebraska Power 4)48-1981
5s
3,000
Sales
Sale
(Concluded)
High
11034 112
111
2030
{♦Nat PubServ 5s ctfs 1978
Low
31,000
9834
94
Net Pow & Lt 6s A...2026
A..———2022
Neisner Bos Realty 6s '48
Nevada-Calif Elec 5s. 1956
97
98)4
Last
BONDS
Shares
99)4
6934
£105
5s..1955
Miss Power & Lt 5s..1957
Deb 5s series B
98)4
Range Since Jan. 1, 1939
Week
High
2211
Friday
for
of Prices
97
1978
Miss sslppl Power
Week's Range
Low
68)4
...—
Midland Valley RR 5s 1943
Milw Gas Light 4Ha.-1967
Minn P & L 4 Ha
Sales
19
(Stpd)1948
6734
6534
6734
33,000
55
Apr
7434
6734
65)4
17,000
54 34
Apr
7434
Aug
Aug
1951
6734
6534
6754
67)4
52,000
55
Apr
74)4
Aug
6734
6534
6734
29.00Q
54
Apr
74
Aug
Apr
7334
Aug
7334
Aug
(stpd)
Conv6s
Debentures
6s
Debenture 6s-Dec. 1
6s gold
tandard Pow & Lt 6s
Starr ett Corp Inc
tinnes
66 34
debs.——.1
(Huge)
1957
5s.IS
65)4
67
15,000
54
6634
6434
6634
19,000
53 34
Apr
1834
1934
3,000
17)4
Sept
35
27
32
6,000
27
Oct
64
20
23
20
Oct
50
Jan
3534
34J4
36
7,000
28,000
29
Sept
53 34
Jan
46,000
9434
Sept
104)4
Mav
~
10034 102 34
Ex-dividend.
No sales were transacted during current week.
§ Reported in receivership.
Tf The following is a list of the New York Curb bond Issues which have been called
in their entirety:
Corp—
102
x
X Friday's bid and asked price.
Bonds being traded flat.
♦
Mar
23
eluded in year's range,
Jan
———
No par value,
a Deferred delivery sales not Included in year's range,
d Exn Under the rule sales not included in year's range,
r Cash sales not in"
interest.
Amer. Radiator
Hall
e
434 1947. Nov, 1 at 101.
Printing 6s 1947, Nov. 1 at 102.
Cash sales transacted during the current
yearly range:
-
.
week and not Included in weekly or
/■-"/
'Y
No Sales.
Y,
,
y
Under the-rule sales transacted during the current
week and not included in
weekly or yearly range:
'
-
Y
jNi'O
z
Deferred delivery sales transacted during the current week
weekly
or
and not included in
yearly range:
'
No sales.
,
Abbreviations
Used
Above—"cod,"
certificates of deposit;
"cons,
t
consolidated;
"cum," cumulative; "conv." convertible; "M," mortgage; "n-v," non-voting stock;
"v t c,"
voting trust certificates; "w i," when issued; "w w," with warrants; "x-w,"
without warrants.
The Commercial & Financial Chronicle
2212
Oct.
7,
1939
Other Stock Exchanges
Baltimore Stock Exchange
Rales
Friday
Last
Rale
Stocks—
Par
Arundel Corp
Halt Tranait Co
Week's Range
of Prices
Low
High
Price
20%
*
com v
t
c.
1st pref v t c-.
Eastern Sugar Assoc
100
Low
Sept
24%
Mar
25c
June
70c
July
Apr
2.10
Jan
388
575
73%
1.20
103
71
Jan
213 *111
Sept
65
6%
Apr
4
Apr
17
2,585
28
30%
1,078
125%
35
30
14^
29
Fidelity & Deposit
20
Fldelity&Guar Fire Corp 10
30 %
9
62
29%
Apr
23
8%
July
Finance Co of Am A com
9
Paul H.Davis &
2C
45c
13%
High
350
125
1
1
com.
Preferred..
Shares
1.75
111% 112%
8%
9%
100
com.
Week
72%
Consol Gas EL & Pow...*
Davison Chem Co
Range Since Jan. 1, 1939
35c
1.75
12%
Apr
112
Apr
Members
6% preferred
45
100
18%
45
45
10
18%
19%
La Salle St.,
S.
Sept
17%
Sept
Sept
July
Chicago Stock Exchange
Jan
Sept. 30 to Oct. 6, both inclusive, compiled from official sales lists
32
130%
35%
10%
Mar
50
45c
55c
1
55c
40c
2,000
20
20
20%
135
12
Aug
50
Mercb & Miners Trans p.. *
50
51
165
36
June
1.40
Par
43 %
21%
Sept
52
Sept
13
43%
44
44%
Casualty 6
North Amer Oil Co com.. J
12%
510
42%
10%
Apr
12%
Apr
14%
Sept
July
1.40
1.50
300
1.00
Feb
1.55
Sept
Owlngs Mills Distillery... 1
15c
15c
200
15c
Sept
30c
Apr
69%
69%
10
69%
Sept
84%
Mar
20%
31%
1,424
16%
Apr
23%
Mar
31
Jan
33%
Mar
New Amsterd'm
Penna Water A Power
U 8 Fidelity Ar Guar
com *
2
20%
Western National Bank.20
20
31%
25
Week's Range
for
Rale
of Prices
Low
High
Week
Price
..*
Common (new)
4% % cum conv pref. 100
25
B 5s
24%
31
29%
_
54
1946
_
5%...
Apr
87%
....1976
Gt Sou & Fla Ry 5%
19%
26% 839,500
14,000
31%
1947
89
1,500
22% Apr
83% May
53
54
4,000
45
100
100
Mar
100
1.000
Sept
27%
31%
Aug
Aug
91
Aug
54
Oct
100
Sept
204
70
70
144%
71%
144
144%
70
48%
127
46%
Acme Steel Co corn
10
9
9
Adams (J D) Mfg com...*
Adams Oil & Gas Co com. *
5%
50
5%
5
3%
3%
100
Aetna Ball Bearing com_.l
10%
10%
1,100
Advanced Alum Castings.
High
53%
120
Apr
71%
Oct
50%
Sept
Jan
8
144 %
Apr
9%
July
5%
Aug
9%
Jan
1%
July
3%
Sept
Apr
10%
6
17%
17%
50
11
Apr
18
*
43%
44%
45
28%
Apr
47%
Altorfer Bros conv pref.
20
82
70
18
June
_
Armour & Co common...5
Aro Equipment
20
£9
Co com__l
Asbestos Mfg Co com
Backstay Welt Co com...*
Bastian-Blesslng Co com.*
Jan
894
147%
6%
Apr
Oct
Aug
21%
94
Jan
Apr
July
170%
Mar
3,800
3%
Aug
8%
Sept
11%
950
12%
Sept
%
450
300
Apr
7%
1,462
3%
Aug
8%
2%
5%
2%
6%
6%
2%
7%
%
2%
June
%
1%
Aug
4
Jan
5
5
5
5
Apr
7%
Feb
6%
6%
11
11
6
Athey Truss Wheel cap.. .4
3
Aviation & Transport cap. 1
59
160% 162%
1
Aviation Corp (Del)
30
Oct
Jan
31%
Allied Laboratories com..*
Allls-Chalmers Mfg Co..
Amer Tel & Tel Co cap. 100
20%
Low
Abbott Laboratories—
Amer Pub Service pref. 100
Bonds—
Bait Transit 4s flat...1975
A 5s flat
197.5
Shares
Jan
MtVer-Woodb MillsPreferred
100
National Marine Bank..30
Range Since Jan. 1, 1939
Last
June
Aug
Rales
Friday
Mar
22
StocksMar Tex Oil...
CHICAGO
10%
Apr
16%
Teletype
Municipal Dept. CGO. 521
Trading Dept. CGO. 405-406
84
Aug
121% June
Oct
45
10
765
Principal Exchanges
Bell System
GulJford Realty Co—
Houston Oil preferred... 25
Unlisted
Listed and
or
1.60
*
*
4J^% pref B
20%
SECURITIES
CHICAGO
Sept. 30 to Oct. 6, both inclusive, compiled from official sales lists
5%
16
2,000
100
16
100
10
Aug
1
Jan
Sept
Jan
Sept. 30
to
Exchange
Rale
Par
American Pneumatic SerCommon
Preferred
Price
Week's Range
Prices
0
Low
High
Range Since Jan. 1, 1939
or
Week
Low
Common........
1
162%
High
35c
1
1%
445
160% 162%
32c
2,273
Jan
60c
1
Oct
2
May
Apr
170
Mar
29%
25
18%
Aug
29%
86
90
35
67
Apr
91
11
23
9
Sept
11
70% May
91
'"89""
88
Boston Edison Co
100
Boston Elevated
loo
Boston Herald Traveler..*
146%
146
44%
402
151%
43%
44%
16%
16%
1,043 *127
Jan
272
38%
630
16
4%
Prior preferred
100
Class A 1st pref std ..100
CI A 1st pref.......100
159%
Oct*
13
7%
JaD
10%
May
100
2%
Apr
5%
Jan
900
13%
Apr
28%
Sept
Apr
32
5
4%
30
12%
13%
1,765
173
1%
July
6
Jan
1 %
Jan
50
Burd Piston Ring com...l
550
7%
1,755
—.10
Butler Brothers
5% conv preferred ...30
495
24%
450
26
Sept
24%
23%
16
Apr
12%
13
50
12%
Jan
15
"74%
73%
75%
940
64%
Apr
79
1
%
%
%
250
%
May
0%
6%
6%
400
4
Apr
8
1%
1%
750
1
Apr
1%
Castle Co (A M) com... 10
1%
,
%
Jan
Common
1
$7 preferred
*
59
59
4%
90
5
50
45
Jan
2%
Apr
11%
Sept
Sept
Sept
71
Jan
Aug
7%
Aug
15%
Jan
Apr
2%
Sept
Sept
Sept
38%
78%
Mar
5
com
1%
150
Sept
Chi Flexible Shaft com. ..5
67%
66%
67%
350
4
Sept
Chic & Nor West com.. 100
1%
1 %
1 %
400
%
Aug
1%
Oct
3%
Sept
Chicago Rys ctfs I..... 100
%
100
%
July
%
July
5%
Sept
Chic Rivet A Mach cap..4
%
8%
July
Chicago Towel Co—
Conv pref
*
Chicago Yellow Cab Co._*
Chrysler Corp common..5
Cities Service Co com... 10
44
1%
50
1%
Jan
1%
Feb
514
4%
Aug
10%
Sept
10
20c
Jan
3%
Apr
3%
Jan
Aug
%
i%
14%
10% May
Jan
32%
61%
15
50c
Oct
8%
Sept
East Gas & Fuel Assn—
Club Alum Utensil Co
9
400
107% 107%
60
6
6
9
Sept
107%
Oct
112
Aug
5
Jan
8%
10
90%
94
6%
550
53%
650
4%
2%
50
2%
36,100
25%
6
2%
Mar
Apr
8%
94
*
Apr
9%
94
Jan
Oct
Aug
9%
Feb
Jan
3%
Mar
Commonwealth Edison—
1
Apr
5%
Sept
38%
5
39%
221
39
375
16
June
40%
Sept
New capital
25
Compressed Ind Gases cap5
23%
22
24
231
July
25
Sept
Consol Biscuit
ioo
66
66
66
5
55
Aug
77
Mar
iqo
18
18
20
Feb
26
3
3
_*
4%
4%% prior pref.IIIIloo
6% preferred
loo
6%
Consolidated
ioo
*
"5%
5%
*
com
19%
19%
6%
20%
31
15
100
3
Apr
4%
May
573
3%
Aug
7%
Mar
525
18%
Apr
Mar
4%
6%
■" ~ " " *
"29"
.
4%
6%
6%
25c
Helvetia Oil Co t c.l
Isle Royal Copper Co... 15
25c
29
29
50
411
6
30
4%
6%
25c
20
Jan
Apr
31%
July
700
9
Apr
16%
Sept
3%
400
3%
h%
M
Oil Corp—*
8%
8%
8%
1,214
6%
Aug
Aug
9%
Sept
4%
80
4%
May
7%
Jan
%
400
%
Sept
9%
Aug
1%
16%
Jan
292
16%
Apr
32
Preferred
pt shares...50
8%
Jan
Mergenthaler Linotype... *
18
Jan
Jan
50
27%
410
17
Aug
37%
Cudahy Packing Co pref 100
66%
68
70
48
Aug
73
Mar
16%
16%
100
12%
Apr
19%
Aug
500
Crane
..*
25
Co com
i
Aug
*
comlO
Dayton Rubber Mfg com.
25c
Jan
200
%
Apr
3%
Sept
Deere A Co com
66
13%
Jan
July
16
195
Jan
9
Sept
10
10
Apr
22
Sept
2%
200
2
Jan
July
18%
350
2%
22%
8%
22
17
4%
15%
Sept
5%
1%
630
38%
65
113% 116%
389
5%
5%
37%
1%
116%
74
2 50
55c
74
33
20
1 %
1 %
156
55c
64c
2,287
Old
3%
Jan
1%
Aug
15
Jan
103%
Decker (Alf) & Cohn
•
*
Jan
100
1.00
%
*
18%
18%
20
I[50
25%
24%
26%
2%
MaciilO
2%
14%
3
31
"1*0%
*
12%
"29%
...5
74
Jan
Oct
Aug
Oct
1%
Sept
1.00
Jan
75
6% cum pref...
25
Utah Metal A Tunnel Co. 1
Venezuela Holding Corp. 1
40%
Mar
21%
Aug
27
65
% June
14
1
Fuller Mfg Co com
Gardner Denver Co com..*
Jan
50
1%
Mar
3%
Mar
885
16%
Jan
25%
Oct
42
5%
Aug
9%
Jan
"10%
10
10%
275
9%
Sept
Jan
32
32
13%
3%
21%
37%
13%
250
4%
2,600
22%
12
37%
12%
G
6%
300
3
4
4%
1,350
2
5
A—5
General Finance Corp coml
General Candy class
4%
General Motors Corp—10
Gillette Safety
22%
4
3%
32
30%
468
22%
* 29%
110
17
Feb
29%
76%
1,115
71 %
Apr
39% ";40%
607
39%
Oct
900
50c
Apr
July
48%
Aug
85c May
15
Jan
Apr
7%
July
Mar
3%
Jan
115
160
1%
Sept
Oct
87%
Jan
com—10
24%
15%
Bonds—
Hubbell Harvey Inc
.
page 2215.
101% 101%
Sept
4%
Sept
Sept
Sept
200
210
50
600
55%
3,000
3
6%
177
105
Hupp Motors com ...
.
$400
80
Apr
96
June
1,000
92
Feb
103
July
25
15%
2,650
16
3,092
8%
27
35%
14%
36
13
com.5
1
13
1
.
15%
500
Apr
17%
Apr
64%
Apr
11%
1%
36%
Apr
3%
Oct
Jaii
47%
July
37%
6%
A pi
Sept
Apr
55%
8%
10
Apr
21%
Apr
13%
37%
Apr
12
18%
Apr
27%
8%
Apr
6%
Jan
9
50
32
Aug
37
Apr
May
15
16%
740
24%
3%
25%
550
3%
200
*
94%
96%
International Harvest com*
64%
224
9%
16
9%
27
9%
%
15%
16
Oct
8%
200
Jan
10
50
1%
Feb
Sept
U%
40%
242
25
Inland Steel Co cap
Sept
27
Illinois Central RR com 100
Indiana Steel Prod com..l
30
20
Indep Pneum Tool vtc..*
Iron Fireman Mfg vtc
86
8%
Jan
16
7%
Hibbard-Spen-Bart com. 25
Houdallle-Hershey cl B..*
$7 preferred.
85
Apr
10%
3%
40%
27
Aug
Aug
Aug
2% June
17%
13
2%
Feb
Jan
Jan
Jan
July
Fell
Oct
Aug
Oct
Jan
Jan
Sept
Jan
20%
Jan
25%
Sept
4
Jan
Sept
71%
Sept
10
2%
Jan
5%
4%
10
2%
Jan
6%
15
*
98%
Aug
4
4%
*
66%
48%
Apr
284
4
Interstate Pow $6 pref...*
Eastern Mass St Ry—
Series B 5s.
1948
Series C 6s
1 <148
Apr
150
Heller(W E) 7% pref w w25
2%
10%
62%
6%
Helleman Brew Co G cap.l
7%
300
11%
Hall Printing Co
2%
Jan
11%
Jan
6%
Aug
43%
14%
Sept
Jan
2
22%
Apr
50
Sept
1%
5%
Apr
24%
259
17%
9
17%
40
11%
11%
60c
Oct
850
29%
Apr
Apr
Feb
86c
4%
11%
Apr
35c
Apr
28
8%
100
Apr
16
54
Razor com*
8%
561
1,260
6
10%
39%
Apr
2%
50
58%
16
'10%
9
12%
36%
14%
Goodyear T A Rub com..*
Goesard Co (H W) com—*
Great Lakes D&D com..*
60c
8
Goldblatt Bros Inc com..*
June
10%
13%
74%
4
*
17
12%
29%
8
General Amer Transp com
Feb
9
*
Sept
Sept
9%
15%
57c
_*
Jan
246
124
10
1.50
1664
14%
28
Corp 25
17%
2%
Four-Wheel Drive Auto. 10
120
35c June
60c
*
Suburban El Sec Co "com" *
Torrlngton Co (The)
*
17
25%
Fitz-Slm & Son D&D com *
2
Apr
% June
30c July
Elgin Natl Watch Co... 15
Fairbanks Morse com.... *
General Foods com
26
15%
2%
22%
17
*
Class A
Dodge Mfg Corp com
*
Elee Household Utll cap.5
5% June
38%
May
42
Jan
"24%
Diamond T Mot Car com.2
"37%
NYNH&HRR.....160 "*1%
27%
Sept
60c June
30
2%
14%
2%
Jau
28%
Mar
Narragansett Racing Assn
Natl Tunnel & Mines Co"*
New Eng Gas & El Assn
pf *
New England Tel A Tell 00
New River 6% cum
pfd 100
%
28%
25%
10c
7%
4%
16
50
14
ar
14%
10c
22
"~2H
4%
Common pt sh v t c B._*
Container Corp of A com 20
Continental Steel—
Dixie-Vortex Co com
Maine Central com.... 100
5% cum pref
ioo
Mass Utilities Assoc v t c 1
'
Consumers Co—
2%
14%
15
3%
10c
Loews Theatres
(Boston) 25
30%
14%
"3%
29%
CunnlnghamDrugStores2 %
24
Sept
Apr
Jan
29
1
com
Common.
*
Gillette Safety Razor
*
Hathaway Bakeries cl—~"
Class B
*
Jan
Mar
750
1%
873
see
9
Apr
4,100
13
14%
7%
Warren Bros
16%
3%
23%
16%
Apr
2
1
6%
Waldorf System
15%
Sept
13%
134
6%
Shawmut Assn T C
Stone & Webster.
16%
5%
18%
9%
36
4%
25
Qulncy Mining Co
200
Jan
Sept
13
4
Copper Range
Reece Button Hole
20
Jan
7%
1%
35%
3%
50c
"""
7%
20
Aug
June
36
July
1% June
1% May
55
150
50c
Pennsylvania RR
7%
4%
2
Cherry-Burrell Corp
100
50c
Colony RR—
Common
Pacific Mills Co..
"3%
20
20
Chicago Corp common...*
Preferred
*
3%
Cliff Mining Co-..___:_25
North Butte
2,900
5%
Sept
3%
9%
Inc
28%
Sept
Sept
2%
3%
8%
Preferred
26%
4%
14%
3%
2%
8%
Gilchrist Co
27%
Central S W—
Jan
3%
3
3%
..5
Employers Group
27
3%
Central 111 Secur com
19
3%
*
Adjustment....
26
5%
Aug
Apr
100
Eastern Mass St Ry—
1st pref
Preferred b
26%
3
Sept
Apr
3%
Boston Personal Prop Tr_ *
For footnotes
200
4%
Cent 111 Pub Ser $6 pref..*
P*-
Union Twist Drill
United Shoe Maeh
8%
4%
Cent Cold Storage com..20
Mar
100
East Steamship Lines
8%
1
July
56
100
Common
1
Binks Mfg Co cap.
Cent States P A Lt pref—*
Common stamped...100
Calumet & Hecla
Sept
Sept
Aug
%
Boston & Maine—
com
31%
Apr
Convertible preferred..*
100
Brown-Durrell Co
Apr
Campbell-W&Can Fdycap*
11
90
._.*
C1 B 1st pref std
CI C 1st pref std
CI D 1st pref std.
12
16%
10
Borg Warner Corp—
Feb
147%
29%
*
..100
Boston & Albany
Apr
1,950
(New) common
370
35c
100
Preferred
6%
29%
Bliss & Laugblln Inc com.5
Rhares
Blgelow-Sanford Carpet—
Bird & Son Inc
900
28%
com.....
Brown Fence & Wire com. 1
*
.....^.50
Amer Tel & Tel
9%
29%
Mfg Co
Rales
Friday
Stocks-
July
"9%
6
Belden
Oct. 6, both inclusive, compiled from official sales lists
Last
18%
10
Bendix Aviation com
Berghoff Brewing Co
Boston Stock
15%
350
13%
15%
4,850
14
Sept
19
10%
July
15%
Aug
Aug
Mar
Jarvis (W B) Co-
New com.
1
15
Oct
Volume
Week's
Last
Sale
Stocks (Concluded)
Par
Jefferson Elec Co corn
Low
*
Price
1
22
150
15%
200
36
4%
100
7%
Ken-Rad Tube&Lp comA*
41
Kentucky Utll jr cum pf_50
5
Kingsbury Brew Co cap..l
*
2%
Keryln Oil clA
%
27
Sept
Mar
CNO&TPpref
Apr
July
5%
5
Feb
9
Sept
20
74
Mar
100
Sept
3%
%
2%
27
100
6
120
7%
29
50
Apr
Mar
8%
44
Aug
Apr
%
Apr
%
Jan
Sept
3%
June
22
Jan
Early & Daniel pref
Gibson Art
27
Sept
9%
0%
100
6%
Jan
10%
8%
330
4
Apr
10
Sept
*
2%
2%
21%
200
2
Mar
5%
Jan
Oct
32%
Mar
Aug
20
Jan
1st pref
18%
Jan
Kroger...
Common
$3% preferred
21%
..__.*
—
Liquid Carbonic com
Loudon Packing com
21%
16%
14%
Lion Oil Ref Co com
*
2
*
6%
McCord Rad cl A
.
*
.
15%
1%
15%
21%
16
200
1
Apr
2%
6%
10
5
Apr
8
1%
16
9%
,
1 13%
120
June
Sept
Jan
5,500
%
Apr
1%
Sept
2,500
9%
Apr
16%
Sept
—
3%
Sept
3%
3
3%
3%
1,850
Mickelberry'e Food com. 1
1,900
Middle West Corp cap...5
Midland United-
8
7%
8
2,050
2%
5%
Apr
Class A com
]
5%
1
Apr
Jan
Aug
Jan
%
3%
H
%
3%
1,200
%
%
50
%
Feb
7%
July
3%
100
%
Feb
7%
5%
3%
70
2
Jan
20%
50
16
Apr
22
53%
54%
683
40%
Apr
55%
Mar
Common
54%
*
64
65
30
41%
21%
22%
30
14
Jan
23%
200
27
.
i
20
'65%
204
30%
Jan
36%
44%
Apr
23
%
23%
%
National Standard com. 10
700
27%
4%
Noblitt-Sparks Ind com..5
4
Northwest Bancorp com..*
7%
9%
2
50
68
July
1
23%
Apr
35
5%
Oct
12%
100
6
Jan
7%
450
6%
Apr
10
100
20%
Apr
29%
22
21
22
100
17
Apr
22
50%
14%
Apr
64%
16%
5%
Sept
63%
61
63%
345
16%
16%
16%
8
8
240
15
15
30
US Playing
31
32
80
Aug
16%
40
11
Apr
26%
13
13%
105
13
Aug
20
Peabody Coal Co B com..*
1
1 %
300
%
Card.......10
50
12%
13%
13%
1%
Sept
Sept
5%
27%
42%
1,084
Apr
42%
Oct
4%
50
3%
Feb
5
1,400
%
Apr
1
Apr
4%
May
6
Wurlltzer.
10
8%
8%
300
6
Apr
100
87%
89%
40
73
Feb
Rath Packing com
10
250
7%
200
16
140
"36%
36 %
Preferred
.....
6% pref vtc
Jan
6%
Aug
16%
5
""l%
1%
27%
78%
75%
Apr
125
Aug
140
Oct
157
Jan-
150
27
Apr
Sears Roebuck <k Co com
Serrick Corp cl B com...
2%
2%
1%
27%
%
1,500
1
50
8%
8
Schwitzer Cummins cap__l
36%
Oct
30
30
Slvyer Steel Castings com. *
Sou Bend Lathe Wks cap. 6
22%
200
78%
2%
1,434
July
1%
2%
Sept
Apr
Aug
Jan
32%
Mar
Aug
7
10
Mar
Apr
00 o
July
60%
350
1%
July
70
30
22%
Mar
16
140
22
550
16%
3
Jan
40
102%
Sept
15%
21%
11%
Common
1
Convertible preferred-20
Standard Oil of Ind
6
328
10
8%
May
Union Comment
July
A. T. & T. OLEV. 665 & 666
Cleveland Stock Exchange
Sept. 30 to Oct. 6, both inclusive, compiled from
official sales lists
Sales
Friday
Week's Range
Last
Aug
8%
1, 1939
Range Since Jan.
for
8%
7
3
*
City Ice& Fuel
....
Feb
Apr
13%
449
23%
Aug
30%
Sept
12
200
10%
May
Mar
10
11
800
6%
Sept
12%
12%
2%
7
Jan
Jan
a29%
*
35
179
80
40
49
47%
17%
17%
16
47%
71
28%
a
40
16
*
Jaeger Machine
60
116
4
a22% a21 %
100
Steamship.
5
500
115
4
Goodyear Tire & Rubber
Interlake
11%
a27% o27%
56
51%
56
*
Goodrich (BF)__...
Feb
28
650
3,553
115
Fostoria Pressed Steel..,;*
Mar
Jan
150
*
*
13%
480
107% al07%
24%
23%
100
Electric Controller.
350
9
18%
65%
a
Eaton Mfg
1%
10%
200
19%
July
Sept
278
11%
68%
23%
....
Oct
Feb
9%
22
65%
Cleve Elec 111 $4.50 pref...
Dow Chemical pref
8%
Apr
472
6
11%
*
Sept
75
Sept
6
.....1
Cleve Cliffs Iron pref.
50
12 % al2%
6
July
8%
June
6%
100
a47% a47%
American Home Prods...1
Brewing Corp of Amer
9
6%
25
8%
7
a
13%
Apr
6
220
9
High
Low
Shares
High
t
*
Amer Coach & Body..
Clark Controller
Week
of Prices
Low
100
.*
Airway Electric pref
Akron Brass Mfg
Halle Bros pref
1
Price
Sept
16%
May
6o
Sale
Par
Stocks—
17%
12
10%
93
Bidding, Cleveland
Telephone:OHerry 6060
23%
109
27%
...»
Stewart-Warner
73
.
Sept
1%
10%
1%
10%
26
Stein & Co (A) com
12%
73
2
com
St Louis Natl Stkyds cap
Standard Dredge—■
July
G1LLIS 1°*"J RUSSELLco.
Cliffs Corp vtc
31%
Apr
106% 107
15%
22
Southw't G & E pref... 100
9%
Members Cleveland Stock Exchange
Apex Electric Mfg..
Signode Steel Strap—
Preferred
June
Sept
108%
50
Sangamo Elec Co com...
•
Ohio Listed and Unlisted Securities
Sept
%
140
36%
16%
June
180
144
Aug
%
2,600
%
Raytheon Mfg—
Rollins Hosiery Mills com 1
Oct
10
76
Sept
14%
112% 114
15
Oct
2%
4%
5%
10
9%
10
June
%
16
114
Feb
1
411
5%
Sept
%
1
July
10
Feb
May
15
100
Sept
Mar
16
2%
15%
30%
%
com.
Apr
15
Sept
100
Potter Co (The) com
Preferred
Apr
4%
Quaker Oats Co common
12
38
Feb
36%
.*
Sept
Jan
50
Jan
1,300
3
Pines Wlnterfront com..
Poor & Co class B
Oct
Sept
Apr
8
27%
1,115
2%
Aug
Aug
Feb
26%
3
Peoples G Lt&Coke cap 100
Pictorial Paper Pkge com 5
2
*
Jan
Sept
Preferred
Sept
25
26%
60
6%
8
....*
July
16
Penn RR capital
15
104
8
5
Sept
Aug
9%
100
Penn Gas & Elec A com.
Jan
Jan
10
237
13
*
N'West Util—
Penn Elec Switch conv A 10
Oct
Sept
Omnibus Corp v t c com..6
7% preferred
Aug
Jan
Apr
16%
450
9
"~7%
Northern Paper Mills corn *
4%
0%
7%
*
16
1,300
34
x26
100
0%
20
com
Sept
43%
25%
*
June
Nor Amer Car com
19%
Jan
15
76
P & G
US Printing.
July
4% June
19
Randall A
Rapid
30
25%
25%
.*
...
_.
July
Apr
40
13
100
.....*
Lunkenhelmer.
Jan
13%
May
25
27
Jan
112
Aug
9%
30
5%
Oct
108
100% 100%
.-_.*
Kahn
Sept
35
Spiegel Inc
5
Jan
July
Mountain St Pow pref. 100
Muskegon Mot Spec cl A.*
National Battery pref....*
Nat'l Rep Inv Trust pref.*
Pressed Steel Car
Apr
108
Sept
3%
20%
Montgomery Ward-
Nor 111 Finance
Apr
3%
14%
July
*
Miller & Hart conv
12%
Apr
7%
Western Bank
Jan
100
pref..*
Modine Mfg com
Jan
4%
10%
3%
*
Common..
3%
3%
Midland Util 6% pr In. 100
7% prior lien
Aug
July
5%
40
Mar
7
19
.*
Jan
July
15
2
39
Hilton-Davis
Hobart A
Sept
30
12%
10
12%
99%
23
Sports Prod
Marshall Field com
Merch & Mfrs 8ec
i %
*
Manhatt-Dearborn com
50
16%
15 J*
2%
Hatfield prior pref.
Jan
813
12%
Sept
7%
Libby McNeill & Llbby.
Lincoln Printing Co—
July
3
2
108
*
June
116
88
6
8%
2
11%
12%
1%
13
8%
13
*
*
12%
109%
Sept
109
67
12%
Sept
June
98%
27
94
26%
Formica Insulation
10
Cumulative preferred..*
Le Roi Co com
280
"93%
*
*
10
100
...
Eagle-Picher
2%
224
1%
*
Dow Drug
4
100
50
Crosley Corp
Jan
150
102%
109%
1%
93
High
Low
Shares
109%
109%
...50
Cin Union Stock Yard
High
101%
100
Cin Telephone..
Aug
2%
Low
.____50
Cin Street
1, 1939
Week
Cin Gas & Elect pref—100
46
for
of Prices
Price
Par
22
June
Apr
3%
650
42
3%
600
Stocks (Concluded)
High
Low
45
4%
8
7%
100
100
8
100
Leath & Co com
Shares
Week's Range
Sale
44
4%
Kellogg Switchboard com.*
Preferred
High
Range Since Jan.
Last
Range Since Jan. 1, 1939
for
Week
21%
45
Joslyn Mfg & Supp com..5
Katz Drug Co com
Range
of Prices
Sales
Friday
Sales
Friday
2213
Chronicle
The Commercial & Financial
149
Kelley Isld Lime & Tran.. *
Lamson & Sessions
*
136
71
388
5%
650
33%
105
12%
12%
34% «34%
«17% «16%
124
5%
Sunstrand Mach Tool com6
14%
15%
15%
Swift International
16
32
885
25
22
31%
21%
32%
Swift & Co
22%
3,400
3%
170
2%
Sept
100
11%
Apr
16
July
Natl Refd pr pref
604
66
Apr
93%
Sept
National Tile
*
1%
10%
72%
14%
91%
10%
73%
7%
Apr
13%
Mar
Nestle LeMur A.
*
1
66%
Sept
112%
Jan
78%
2,450
74%
Oct
78%
Oct
116%
116%
5
116%
Oct
116%
Oct
300
1%
%
Apr
2%
June
Jan
%
Feb
Thompson M R)
com
25
Trane Co (The) com
2
3
3%
14%
14%
88%
Union Carb & Carbon cap *
United Air Lines Tr cap.6
U S Gypsum Co com...20
United States Steel
75%
com.
7% preferred
100
1%
Utah Radio Products com *
Utility & Ind Corp com..
Conv preferred
7
Wahl Co
*
com
Walgreen Co common
»
Wayne Pump Co cap..
_
1%
Wrigley (Wm Jr)
..*
33%
Medusa Ptld Cement....*
12%
Sept
Midland Steel
Jan
1%
Apr
1%
Feb
200
%
Feb
15%
Apr
1%
23%
Sept
850
50
July
34
Products..*
6%...
Otis Steel
32%
Jan
Apr
36%
Sept
White Motor
234
83%
Apr
Sept
Apr
5%
5%
1
Feb
30
Jan
30%
17
Apr
J une
26
Mar
Jan
115
8
Apr
15%
Sept
946
30
Feb
38%
Aug
c27% a26%
75
18
Apr
3%
104
2
Aug
27%
4%
Sept
142
9
Sept
14%
70
50
60
12%
60
«51 %
285
35
3%
10
10
Feb
Jan
70
Sept
12%
Sept
Jan
78%
78%
1%
16%
1%
200
18%
1,350
12
31.000
105
36
120
West Res Inv Corp pref
70
100
«12%
50
«
54
a
Apr
9%
May
85% "July
74%
Apr
1%
July
2%
Sept
Apr
22%
Jan
Apr
124%
Aug
Watling. Lerchen & Co.
Bonds—•
ComrrionWthEddeb3%s'58
Apr
Mar
Jan
Apr
%
4
35%
Youngstown Sheet fr Tube*
3%
3
200
Mar
2%
125
Weinberger Drug Stores..*
Sept
48
Sept
a!4% «14%
Thompson Products Inc..*
Van Dorn Iron Works.... *
16%
15%
July
1%
30%
35
21%
Mar
29%
204
1
30%
...»
i...
Richraan Bros
15%
89
34
a21% a21%
30%
*
Ohio Brass B
125
1%
34
Nineteen Hundred Corp A*
12
a
National Acme
971
50
16%
3%
600
1,550
*
cap
McKee (A G) B
Sept
25
1%
1%
3%
Yates-Amer Mach cap..
Zenith Radio Corp com.
Sept
37%
Apr
20%
23%
35
31%
117% 119%
4
4%
2
com
15%
July
17
3%
4%
com
20
98
250
23%
.1
W'house El <fe Mfg com..50
Woodall Indust
1%
1~%
20%
Western Un Teleg com. 100
Wisconsin Bankshrs
1
%
%
166
Apr
24%
Members
New York Stock Exchange
New York Curb Associate
Detroit Stock Exchange
....
Chicago Stock Exchange
DETROIT
Buhl Building
Cincinnati Listed and Unlisted Securities
Telephone: Randolph 6530
W. D. GRADISON & CO.
Detroit Stock
Members
New York Stock Exchange
Cincinnati Stock Exchange
DIXIE
TERMINAL
BUILDING, CINCINNATI,
Sept. 30 to Oct. 6, both inclusive,
O.
Exchange
compiled from official sales lists
Sales
Friday
Last
Stocks—
Cincinnati Stock
Exchange
Allen Electric com
Sept. 30 to Oct. 6, both inclusive, compiled from official sales lists
Last
Sale
Stocks—
Par
Price
Week's Range
of Prices
High
Low
Amer
*
Burger Brewing
7
Week
High'
Low
Shares
;
53
Mar
3
15
7
7%
Jan
Apr
31%
18%
2%
Jan
17
92%
92%
1,652
56%
Aug
Apr
Aug
Continental Motors com.. 1
3
16
Mar
7%
Sept
Cons Steel
5
July
Det & Cleve Nav com... 10
Apr
Aug
17%
For footnotes see page 2215.
5
1%
Mar
25
830
11%
Mar
125
6%
500
2%
2%
5
458
4%
27%
40c
Aug
2,415
37
2%
Apr
2%
1%
53
27%
25c
100
13%
50
"•"27%
1,000
25%
5
1
Apr
%
Jan
18%
Sept
2%
2«
Aug
Sent
T)et Grav Iron com
__5i
3%
16
1,030
2%
145
1.4 %
1.50
200
78c
77c
80c
2,250
116%
115%
116%
116
1 %
1%
1%
650
1.50
Detroit Edison com.... 100
Sept
1%
25c
4%
1%
7%
1%
4%
24%
13%
16%
*
Feb
1%
*
7
*
High
Low
1 %
13%
Burry Biscuit com
3%
16%
Range Since Jan. 1, 1939
12%c
..5
Briggs Mfg corn.
*
16%
for
Week
Shares
6%
1
8
pref.
Baldwin
Champ Paper A Fibre
6
High
300
1%
4%
Cunningham Drug com2.50
20
Laundry Mach
Am Prod part
7
Low
25c
1
Atlas D F
ChrysleriCorp com.
Aluminum Industries
Price
Burroughs Add Mach....*
Range Since Jan. 1, 1939
for
of Prices
Auto City Brew com__...l
Baldwin Rubber com
Sales
Friday
Par
Week's Range
Sale
Teletype: GIN 68
Telephone: Main 4884
Jan
Jan
50c
July
69c
Sept
101
1%
Apr
Apr
92%
4
Jan
Sept
Jan
Jan
Oct
Jan
18%
Aug
1%
Sept
1.25
124
2%
Mar
July
Sept
The Commercial & Financial Chronicle
2214
Friday
Sales
Last
Week's
Sale
Stocks (Concluded)
Pet-Mich Stove
Par
Price
1
com
Det Paper Prod com
Low
5
Divco
.
.
i
..
„
-
1%
14%
15
Durham................
1%
2
Jan
1
Aug
300
85c
Aug
2%
Jan
160
9%
Apr
15%
Sept
960
8%
5%
Sept
8%
Oct
Feb
(Concluded)
Par
preferred B
25
^
mm
m
m
m
2%
24%
1
rn
Am
m
mm
mm
1
Kresge (S S)
120
4%
2%
2% May
Apr
1%
Feb
10%
730
25
2,252
5%
Aug
July
2%
25
Oct
1
Sunray Oil Corp....
6%
3H
55%
2%
2%
920
87c
1.00
2,075
Apr
1%
3,501
54
mm
4
1,070
Jan
Wellington OH Co of Del..l
3%
3 %
3%
17c
4
Apr
16%
Apr
17
Feb
Calumet Gold.
8%
Jan
Cardinal Gold
250
40c
Apr
Apr
76c
Jan
3
2%
2%
1,147
Aug
2%
60c
400
42c June
60c
Oct
m
1.407
1,417
60c
10
Oct
Sept
Black Mammoth ConsollOc
17c
17c
1%
24%
25
660
20%
Jan
26%
Aug
4
350
2A
Apr
Sept
July
Jan
4%
1%
Apr
26%
1
1%
1,220
55c June
1%
26c
28c
7,409
12c
8%
8%
400
1%
1.00
1.25
2,700
m
"
3c
3c
3c
8c
8c
8c
Development.25c
Imperial
Parker Wolverine corn
Prudential Investing com. 1
Reo Motor com
5
Kickel (H W) corn
.2
River Raisin Paper coin..*
Scotten-Dillon
lc
lc
7,000
lc
Jan
2c
Mar
8c
1.220
8c
Oct
14c
Aug
*
10%
56%
10%
10%
56%
382
56%
a\60%al62%
83%
33%
34%
257
Unlisted—
Amer Rad & Std Sanl
500
1%
26
1
168
21%
Apr
Anaconda
.50
..5
Copper
Armour & Co (111)
Atlantic Refining
Co
June
9%
Sept
Bendix Aviation Corp
June
2.25
Sept
Borg-Warner
2
5
5
Corp
21%
June
a.7
114
3%
Apr
8%
100
19%
Apr
24%
6%
211
3%
Aug
8%
a28% a29%
a27% a27%
128
19%
21%
Mar
30%
Sept
Aug
24%
May
5%
Sept
5%
Sept
July
52%
Apr
8%
Feb
May
Sept
Apr
15%
2%
6
a29
a27%
Jan
1.75 June
18%
Jan
Caterpillar Tractor Co
*
a60%
6%
6%
817
4
Aug
8%
Jan
2
2%
500
1%
Jan
2%
Feb
Columbia Gas & Elec....*
Commercial Solvents Corpf
7%
a 13%
1%
Urn
4
■: 4
Jm~
Canadian Pacific Ry
25
a6
Standard Tube B com.... 1
4%
Jan
Continental Oil Co (The) .5
a28%
46%
Sept
Curtl8S-Wright Corp.....I
7
5%
Aug
9%
Sept
Aug
Apr
Apr
Jan
Electric Bond & Share....5
9%
8
Mar
Electric Power & Light...*
a8%
2%
May
Sept
Jan
3
552
36
0%
9%
m
mm
m
m
m
m
1%
1%
1,560
1
6%
6%
6%
260
6
Am
1%
2
600
1H
Am
.
m
»
m
mm
rn
m
~
3%
3%
mmm-Am
Sheller Mfg
3%
2%
22%
2%
m'
mm
2%
22%
2%
4
4
General
1
A
Electric
Co
*
General Foods Corp
Goodrich (B F) Co
*
*
a
26%
Warner Aircraft com
Jan
Mar
Feb
230
1%
50
21%
Jan
26%
Feb
1,220
4%
Aug
7%
Sept
Jan
26%
Mar
Jan
33%
40%
Aug
42%
65
Mar
45
16%
May
a39
a38% a39%
ao%
a5%
a40% a41%
33% 33%
a53% a54%
20%
21%
20% 21%
a22% a'22%
Jan
5
Apr
International Tel & Tel...*
a5%
a41%
33%
a5 4%
Intl Nickel Co of Canada.*
24
135
2%
Apr
205
162
3%
25%
July
'
a24% a26%
9%
9%
a40% a41%
a39% a40%
22%
22%
8%
Jan
1%
7%
a40%
a 40%
22%
Apr
3%
7
12%
12%
July
720
a28% a.28%
Apr
2%
2%
200
10%
1%
Sept
18%
3H
Oct
mTmAmm
Jan
Montgomery Ward & Co.*
39c
35c
39c
1,300
15c
July
55c
Jari
New York Central RR
*
20%
2%
2%
612
2
3%
Jan
Nor American Aviation.. 1
2
2%
300
1%
Apr
Sept
2%
Feb
North
*
20%
a22%
I%
1%
1%
1%
1,725
67c
Aug
1%
200
90c
July
2%
Feb
*
a8%
9c
200
9c
Sept
25c
Mar
a8%
42
95
Jan
Mar
June
24%
Sept
Sept
Jan
55%
40
4
Sept
9%
Feb
88
30
May
45%
Sept
Sept
45%
Mar
Sept
1%
9c
18
mmm
Universal Cooler B.
~
1
Wayne Screw Prod com__4
1%
11
Apr
2%
Union Investment com...*
90
a
5%
7%
Kennecott Copper Corp..*
Loew's Inc..
*
Timken-Det Axle com... 10
Tivoli Brewing com....... 1
Tom Moore Dist corn
1
13%
1%
al 3
42
7%
1%
m
275
30
2%
m
75
225
7%
7%
100
22%
m
u6
ao%
a59% a61%
a8%
184
300
4
2%
Class
300
m
20
Sept
Mar
3,229
44%
9%
6
Sept
O^t
Oct
4%
Apr
Apr
4%
44%
m
39%
Aug
24%
Apr
mm
Sept
168%
24%
10
Jan
Jan
18%
58
Apr
a6%
2,220
76c
921
152
24%
1.25
100
Sept
42% June
,
a6%
25
Aviation Corp (The) (Del)3
30c
9
210
100 al61%
5
772
4%
Jan
Sept
36c Sept
Amer Tel & Tel Co
16 H
.10
com
Aug
Jan
8c
4%
m
Aug
5
lc
1.2 6
m
Jan
6c
20c
•
8c
15%
*
Penln Metal Prod corn...l
30C
Jan
■"
1
4%
mm
July
lc
1,300
'
_..*
14c
6%c July
1,000
1
"15%
2~
corn
Mar
1.000
10c
Tom Reed Gold
310
27c
Mich Silica
Parke Da vis
Sept
Sept
52c
mlm
m
26
Packard Motor Car com..*
Aug
8%
Mining—
9
A'm
A
9%
Jan
1%
3%
1%
Murray Corp com...... 10
Jan
Mar
15%
200
1.25
Mar
19%
14
2%
Mar
Sept
Aug
200
Sept
50c Aug
2
Apr
Sept
8
2%
8
17%
8
8
Commonwealth & South.. *
..*
2%
45%
Apr
4
1,601
a7%
Jan
Sept
8
18
0.7 %
4%
Mid-West Abrasive com50c
com
34% June
21%
33%
Sept
a7%
1,681
Mich Sugar com.
....*
Micromatic Hone com...!
Motor Products
1%
29% June
29% June
Sept
Weber Shwcse & Fix 1st pf*
1,060
McClanahan Oil com_...l
Mich Steel Tube Prod 2.50
Sept
5
VandeKamp'sH D Bakers*
6%
25
"
29
34
Sept
15%
*
1
Aug
25
100
Sept
Amer Smelting & Itefg—*
corn
May
29
Sept
Sept
2,730
6%
55%
15%
m
m
10
Jan
23
27%
50
0.2%
39
6%
Apr
6%
60c
m
mm
2%
'm
17%
.
Apr
38
14%
m
m'Arnm
m
25
Union Oil of Calif
6%
TVs
3%
670
4
Jan
0.2%
39
2
Sept
6%
887
29%
39
o2%
Superior Oil Co (The)...25
15%
m
10
Masco Screw Prod
Aug
17%
29%
Lakey Fdy & Mach com._l
La Salle
Mahon (R C) A pref
Apr
24%
Co.-.100
Standard Oil Co of Calif..*
3
com
10%
455
Southern Pacific
July
3%
14%
1
1
1,481
Sept
18
Jacobs (FL)
Klnsel Drug corn
557
18
25
Apr
14%
m
1
..
31
Apr
Apr
12
2%
~
4
*
com
30%
17%
29%
1
15
90c
Hall Lamp com....
Hoover Ball & Bear com. 10
Hurd Lock & Mfg com.
30%
150
mm
54
Goebel Brewing com..... 1
Kingston Prod
1,050
340
0
General Motors com.... 10
IIoudallle-Hershey B
25%
420
..3
Hudson Motor Car corn..*
25%
1%
Transamerica Corp
Graham-Paige com
25%
27%
26%
25
So Calif Gas 6% pref A. .25
25%
27%
1,725
27%
5%% preferred C
175
25%
,
7%
16
4%
2%
20%
m
High
Low
f
7%
22%
1%
Shares
7%
15%
mm
1
General Finance com
Week
22%
......
^
Frankenmuth Brew com.. 1
Gar Wood Ind corn
for
of Prices
Low
High
Price
Sontag Chain Stores Co..*
So Calif Edison Co Ltd. .25
6%
Week's Range
1%
Ex-Cell-O Aircraft com...3
Federal Mogul com
,._*
Fed Motor Truck com.... *
Fruehauf Trailer
540
15
7
8%
.
1%
Stocks
High
Low
1939
Range Since Jan. 1, 1939
Last
Sale
Shares
7,
oaies
rriaay
Range Since Jan. 1, 1939
for
Week
High
1%
1%
1
Det Steel Corp com
Range
of Prices
Oct.
18
m
m
18%
825
Apr
American
Co
I....
Ohio Oil Co
400
30%
55
45
55
Apr
July
1,969
13%
June
22%
Jan
1,582
12%
Apr
23%
Sept
428
19%
Apr
'26%
Mar
Mm
A
m
mm
Young Spring & Wire....*
14%
14%
100
10
June
19
Jan
20
6%
Sept
4
200
3
June
July
10%
4
o7 %
a8 ;
155
9
June
13%
Jan
*
a5%
ao%
a6%
94
5
Sept
8%
Mar
..*
al%
al%
al%
20
Sept
2%
Mar
*
26%
a78%
3,120
110
69%
Jan
79%
July
ul4
250
10%
Aug
14%
Sept
a'20%
25%
27%
a76% 0.78%
a 13% a 14%
a'20% a20%
a5% a6%
1%
13%
Southern RyCo._
m.mrn.m
m
a8
Socony-Vacuum OH Co.. 15
m
*
Sears Roebuck & Co.....*
1
Paramount Pictures Inc_.l
Radio Corp of Amer
Wolverine Brew com.
15% May
21%
Mar
Apr
7%
a47% a49%
9
8%
220
40%
Aug
50%
810
5%
Apr
a2l% a22%
62
17%
Apr
24%
Packard Motor Car Co
Radlo-Kelth-Orpheum
.
Republic Steel Corp
.•
WJL
Jk-IJL
»
Standard Brands Inc
xy
ve
Lot
Exchange
San Francisco Stock Exchange
Los Angeles
a6%
a 48%
Swift & Co
Chicago Board of Trade
Angeles Stock Exchange
623 W. 6th St.
*
Standard011 Co (N J)...25
Studebaker Corp...
.1
I JJL.
MEMBERS
New York Stock
_.*
25
Texas Corp (The)
25
Tide Water Assoc Oil Co 10
Union Carbide & Carbon.*
Teletype L.A. 290
United Aircraft Corp
5
United Corp (The) (Del).*
United States Rubber Co 10
Los
Sept. 30
to
Angeles Stock Exchange
Friday
Last
Bandlni Petroleum
Berkey
Co
1
Gay Furn Co.
Warrants
Week's
Range
of Prices
.
1
Calif Packing Corp com..*
Chrysler
100
Corp
6
Consolidated Oil
Corp
Consolidated Steel Corp..*
Preferred
*
Creameries of Amer
Low
4%
High
5
v t c..
1
4%
800
3%
Jan
45c
45c
100
35c
July
a20c
2%
2%
2%
100
1%
Mar
a
10%
25
a25
11%
10%
,02
8%
7%
11%
92
15
55
Apr
75c
61
Oct
17%
92
236
6%
Aug
7%
8%
Sept
Mar
13%
100
Feb
5%
July
American Stores
79
Sept
American Tel & Tel.
11%
Mar
10%
Jan
Bell Tel Co of Pa pref--100
Budd (E G) Mfg Co.....*
Jan
Budd Wheel Co..
*
5
8%
Apr
46c
48c
1,000
40c
Apr
67 %c
380% 380%
10
Jan
399
Apr
Stocks—
Par
46c
12
.
360
12%
55%
5
1,370
9%
May
1,778
37%
5%
54%
200
Apr
Oct
Globe Grain <fc Milling. .25
Goodyear Tire & Rubber.*
Hancock Oil Co A com
*
a'2S %
40
40
41
Hudson Motor Car Co...*
a6%
a6%
a6%
5
a8%
50
a2H% a29%
119
23%
385
33
a8%
1
1
25c
5
Jan
Price
12
100
13
Sept
Chrysler Corp
Sept
Jan
Electric Storage Battery 100
General Motors
10
9
May
Sept
35%
Mar
Apr
42%
May
50
5%
Aug
7
75c
Aug
2%
..........
7%
Lehigh Coal & Nav.
Jan
Lehigh Valley.
1,000
10c
Aug
41c
9%
June
11%
May
2,000
5c
July
14c
Apr
29%
2%
997
36 %
25c
10
6c
Pennroad Corp vtc.
Occidental Petroleum
1
a20c
a20c
a20c
100
13c
Apr
20c
Jan
Oceanic OH Co
1
40c
40c
50c
1,200
45c
Oct
85c
Jan
*
4%
1
al5c
a
Pacific Finance Corp com 10
Pacific Gas & Elec com..25
Pacific Indemnity Co
10
10%
29%
10 %
10%
100
29%
29%
502
31
31
31
150
a44%
a44%
19%
19%
Apr
2%
Jan
Jan
4%
Mar
5%
Jan
Phila Insulated Wire
Jan
Phlla Rapid Transit....50
1%
5c
Aug
Sept
10c
Oct
7%
Jan
Scott Paper...
Feb
30c
Feb
Tacony-Palmyra Bridge.
9%
Apr
12%
Mar
28
Apr
34%
Aug
27%
Jan
35
45%
236
43
50
July
July
19%
150
19%
Sept
22%
Aug
Sept
11%
510
4%
2
Richfield Oil Corp com
Roberts Public Markets..2
2%
200
July
3%
8%
8
8%
430
6%
Apr
10%
Jan
6H
6%
290
3%
Jan
7%
Sept
4%
Sept
30%
Mar
For footnotes see page 2215.
5%
Apr
124%
Aug
4
Aug
8%
Jan
3%
Apr
5%
Sept
92%
Sept
6%
7%
1,915
5%
125
210
92%
58%
Apr
6%
260
3%
Aug
7%
Sept
30%
32%
843
Apr
34%
Sept
55%
767
23%
36%
Apr
55%
Sept
Sept
Sept
1% June
125%
35
33
110
10
116%
33
32
3%
4%
1.255
5%
5%
369
8%
175
"imi
29%
~~2%
5
3%
350
8%
6%
_
175
116% 117%
30%
29%
16%
16%
2%
2%
5
4%
1
10
Apr
136
113
6%
Sept
10
*
Transit Invest Corp
Preferred
Sept
27%
Sept
Apr
176
Sept
119%
Sept
30%
200
16%
1%
Sept
19
Mar
3%
2%
June
5
Sept
6%
Feb
9%
Sept
45%
39%
46%
198
43%
Apr
52%
July
42
Aug
40
25
2%
2%
35%
3%
13%
13%
Apr
5u
Feb
%
561
%
Aug
1%
Jan
819
-**■'
33%
302
1
36%
6
a42% a42%
32
1,593
110
50
26
Jan
Jan
7%
2%
Jan
3%
Mar
Aug
Sept
Preferred
2 %
112%
3
2
Apr
3%
Feb
1,397
36%
128
31%
Jan
40
14%
112% 114
8,474
10%
Apr
14%
Apr
Aug
Oct
253
107%
Sept
._*
9%
10%
32
7%
Apr
12%
Sept
*
11%
11%
10
8
Apr
11%
Sept
Elec & Peoples tr ctfs 4s '45
9%
9%
$4,000
6»4
Jan
10
Sept
Westmoreland Inc
Westmoreland Coal
....
Jan
48%
33
*
Jan
Aug
100
1%
50
*
Aug
Sept
419
1%
United Corp com..
Preferred
Sept
9%
%
Union Traction
Aug
3%
Sept
28%
>
Jan
Sept
1,052
150
Mar
4%
Feb
14%
159
Aug
38
9%
45%
United Gas Imp com....
9
2%
32
117%
Sept
Jan
8 H
32
50
25c
2%
a42%
preferred
4%
9
1
Jan
121% 123
116
3%
*
100
Puget Sound Pulp & Timb*
*
7%
25
400
Republic Petroleum com.l
Ryan Aeronautical Co
Phlla Elec of Pa S5 pref__*
4?*
a
20%
54%
Penna Salt Mfg Co...-.50
PhllaElec Pow pref
al5c
15c
1/0%
Sept
6%
PhUadelphla Traction...50
Pacific Clay Products
Pacific Distillers Inc
Aug
1%
Mar
Apr
10%
4,554
3%
July
148%
55
6.150
18%
14%
59
3
2,849
Feb
High
Apr
328
27
1,525
Security Co units ben int..
Oct
16
2%
500
4
4%
8%
24%
1,000
2%
3%
2%
Low
232
12%
2%
5c
Safeway stores Inc.
Jan
118
Range Since Jan. 1, 1939
Shares
25 %
2%
6%
5%
Sept
6%
2222.
page
1
5c
..
Jan
82%
Mar
50
Pennsylvania RR
5c
29
12
90%
31%
50
1
Pacific Public Serv 1st prf*
51%
Aug
Jan
155
*
1
com
Feb
Sept
103%
5%
Horn<fc Hard (Pliila) com.*
Horn& Hard (N Y) com..*
Feb
Menasco Mfg Co
Nordon Corp
Lighting
Feb
Sept
3%
Sales
15%
123
Curtis Pub Co com......*
9%
29%
2%
3%
2%
Pacific
•
May
3%
170
118
160% 162
.......10
Natl Power & Light... __.*
6c
Lockheed Aircraft Corp._l
Los Ang Industries Inc...2
Los Angeles Investm't.-lO
43
450
Mar
6c
25c
*
55 %
200
1
10
Lincoln Petroleum Co.. 10c
35
Apr
i
Barber Co
10
110
1,142
Sept
5
6%
Petroluem
2%
for
Mar
430
Lane Wells Co
118
Friday
7%
8%
Intercoast
Jan
3%
Sept
Hupp Motor Car Corp._.l
a42% a44%
77%
77%
4%
4%
35
410
Oct. 6, both inclusive, compiled from official sales lists
to
416
8%
a8%
44
50
3
Philadelphia Stock Exchange
Sept. 30
750
355
55%
5%
Apr
3
Week
9%
10
Sept
84%
of Prices
Low
High
9%
com
Sept
14%
71%
Apr
Week's Range
9%
8%
General Motors
49
Apr
Sale
Electrical Products Corp.4
Emsco Derrick & Equip..5
Gladding-McBean & Co..*
Aug
11%
Jan
12
7
11%
5
380%
12%
33%
40
130
Last
145
Fitzlminons Stores Ltd
Jan
Sept
258
47%
a
Jan
77%
Fanners & Merchs Natl 100
Mar
July
12%
47%
al2%
Sept
75%
I
118
9
Sept
a89% a91%
a42% a43%
9%
76%
com
WestlnghouseElee A-, Mf 50
6
29
May
3% May
28% Sept
Apr
10%
822
8%
8%
0
45
6%
*
Exeter OH Co A
4%
292
3%
60%
Douglas Aircraft Co
77%
5
139
July
Jan
4%
High
a20c
92
a42%
*
Warner Bros Pictures
20
Pittsburgh Stock Exchange—See
Low
45c
a25
3
a8%
f
Range Since Jan. 1, 1939
for
Week
Shares
a20c
_
....
Bolsar-Chlca Oil A com..10
Central Investment
Price
2%
a90%
a43%
4
Sales
Sale
Par
47%
al
U S Steel Corp
Oct. 9, both inclusive, compiled from official sales lists
Stocks-
8%
a2l%
a8%
117
June
Bonds—
Volume
The Commercial & Financial Chronicle
149
2215
Sales
Friday
Range Since Jan. 1, 1939
Last
Alton. Ill
Tulsa. Okla
Stocks (Concluded)
FRANCIS, BRO. & CO.
Par
Week's Range
for
Sale
of Prices
Week
Price
Low
High
10
ESTABLISHED
INVESTMENT
FOURTH
v-V
1877'
SECURITIES
AND
OLIVE
ST.
LOUIS
1,441
7%
7%
225
28%
28%
29)4
820
19
15
15
15
593
11%
Apr
2.35
2.45
788
1.90
Aug
8%
9
3,031
577
8 %
Sept
11%
175
9%
Feb
Menaaco Mfg Co com
1
"w
Natomas Co.—
■—*
714
8%
North Amer Oil Cons... 10
U %
1
Occidental Petroleum
1
Oliver Utd Filters A
Exchange
30 to Oct. 6, both inclusive, compiled from official sales lists
Last
Week's Range
Sale
of Prices
Price
Low
High
Range Since Jan. 1, 1939
for
Week
Shares
Low
High
_*
2.00
Central Brew com
Chic A Sou Air Line pref 10
Coca-Cola Bottling com__l
Columbia Brew com
5
Dr Pepper com
60
27
Feb
35
June
39
""§9"
5
Brown Shoe com
32
40
80
30%
Jan
41
Sept
885
1.87
9%
9%
28%
275
Oct
Sept
29%
30%
3,948
27%
Apr
25
31
21%
1,202
29
Sept
25
27)4
366
26%
Sept
45%
1,095
41 %
6% 1st pref
5)4% 1st pref
29%
27%
45%.
102
102%
5)4
5)4
*
Pac Pub Serv com
*
..*
1st preferred
Pac Tel & Tel com
5)4
19%
100
Mar
PIg'n Whistle pref.__.__
Puget Sound PAT com.
19%
24%
25
23
Sept
32%
92
16
90
July
97
75
10
57
June
75
Oct
78
6
Sept
30
40
8% June
59% June
109%
Sept
7%
18%
Sept
22%
60
130
Feb
Sept
4%
400
120
130
100
J une
Sept
130
133
157
July
'
10
41%
364
36%
Sept
59%
1.05
1.05
60
1.00
Sept
2.80
11%
325
8%
8%
Jan
July
Apr
114
41%
100
July
3%
Aug
4%
Sept
10%
Jan
Feb
Sept
Jan
75
Preferred..
180
1,222
19%
120
120
Paraffine Co's com......*
July
92
Jan
4%
1.25
Sept
24%
4% May
8
200
10
Emerson
Feb
200
300
214
15
ElyAWalkDGds2d pref 100
5
40
6)4
1.50
34%
Apr
Sept
10c June
4%
Sept
6%
Jan
3%
1.50
Sept
26
14
18%
Pacific Coast Aggregates 10
2.25
1.50 J uly
108
Pacific Clay Prods cap...*
May
8
100
12%
......
.
50
28
......
2.00
100
12)4
4)4
Pacific Light Corp com
32
Apr
547
6
Pacific Light Corp S6 div_*
American Invest com.... *
5
22c
12%
*
Pacific Gas A Elec com..25
Sales
Sept
' Aug
23%
6)4
5
514
6)4
5
cm
Pacific Can Co com.
Apr
4%
2?c
*
r
Sept
22
23%
6)4
22c
*
Pacific Amer Fisheries
Par
9)4
34
com
Paauhau Sugar Plant...15
Stocks—
8%
9)4
35)4
7%
National Auto Fibres
Teletype: St. L 193
Friday
210
9%
35)4
B_._
ept.
Aug
1
March Calcul Machine.—6
v.'""'-
St. Louis Merchants Exchange
St. Louis Stock
Apr
May
12
*
Lockheed Aircraft Corp.. 1
4
Telephone: CHestnut 5370
17
Libby McNeill & Libby..*
Chicago Stock Exchange
Chicago Board of Trade
St. Louis Stock Exchange
New York Cotton Exchange
N. Y. Coffee & Sugar Exchange
20)4
17
Langendorf Utd Bk B
LeTourneau (R G) Inc
STREETS
MEMBERS
New York Stock Exchange
N. Y. Curb Exchange (Associate)
20)4
18
10
Honolulu Oil Corp cap...*
I
37
37
100
37
Honolulu Plantation—20
■'<;
37
HomeF<fe M Inscap——10
Low
Shares
.._*
—
Electric pref.. 100
Falstaff Brew
com
1
_.
Griesedieck-W Brew
com.
*
•;
7
7%
46
......
46
Sept
Mar
R E A R Co Ltd com
Preferred
100
Rayonier Inc
Preferred
Hussmann-Llgonier
com.
HuttigS A Dcom
*
11%
6
Hyde Park Brew corn...10
50
Hydraulic Prd Brk pref 100
Key Co corn
158
31
May
Aug
35
8%
Scullln Steel
5
com
2.75
270
2.00
Aug
18)4
1,345
10%
Apr
8
8%
1,181
6%
Apr
Jan
Ryan Aeronautical Co_..l
5%
5%
1,229
4%
Sept
9%
Sept
3
Sept
7
Apr
29
Sept
34%
21%
June
3.00
41
Mar
Shell Union Oil
10%
Mar
Sherwood Swan A Co A. 10
14%
3%
211
Oct
4
Apr
8%
Sept
Sound view Pulp Co com.. 5
24
24
24 %
3,940
So Calif Gas
.25
30 %
30%
74
100
17
20%
16%
24
35
45
9
Apr
15%
Apr
35
Sept
Oct
75
.
Mar
Sperry Corp com v t
11%
Mar
Spring Valley Co Ltd
Standard Oil Co of Calif..*
140
9
Apr
11%
Mar
22
Apr
36
Sept
365
6
Apr
10
10
3% June
Sept
105
7%
_
_
„
_
6%
Sept
108%
Jan
1%
8
July
Mar
Feb
2%
May
Union Oil Co of Calif
25
8%
July
Sept
14%
Sept
United Air Lines Corp..
Universal Consol Oil
.10
2.00
Sept
Victor Equip Co com
63
5%
Jan
8%
July
21%
Apr
32%
Mar
Western
75
Sept
52c
190
July
73%
73%
"28 "
27%
28
9,000
24%
Jan
31%
Auff
27%
27%
27%
9,000
24 %
Jan
31%
Auc
1
Jan
Jan
9c
May
39%
Jan
50%
Sept
5
53
4%
Apr
5%
July
30
1,216
24%
Aug
33%
Sept
36
July
21
33%
230
40c
500
15c June
45c
12%
12)4
430
9%
Aug
14%
6)4
6%
6,336
5
Aug
8
15c
15c
15c
Aug
55c
17%
1714
17%
15%
Aug
19%
Jan
4%
July
13%
Sept
8%
Apr
13%
Apr
17%
July
Aug
4.75
Sept
40c
"""875
9
9
10%
15 %
4
Wells Fargo Bk A U Tr 100
575
29
35c
305
29%
6)4
..25
Sept
Apr
Mar
450
'
Union Sugar com
10%
3,811
Sept
Sept
1()C
133
'
1
5
27%
27%
15
2
6
7%
7%
5
30
Tide Wat Ass'd oil com. 10
Transamerlca Corp
28%
16%
47)4
5
3
106
1.75
1.75
1.75
Apr
18
11
Jan
Jan
47%
Super Mold Corp cap...10
Texas Consolidated Oil
120
Jan
10c
1
c
100
14
13
Warrants
168
6%
6%
^
100%
13
2%
2%
„
40
2%
10c
So Pac Golden Gate A...
13%
146
5%
pref ser A
Southern Pacific Co
Oct
10%
14%
_____*
Apr
10
35
8%
com
8%
15
11%
15%
27%
10
7%
Sept
7%
7
_*
com
Sept
2.65
18
Richfield Oil Corp com...*
18
5
5%
Stix Baer A Fuller com.. 10
Wagner Electric
18%
10%
24)4
.25
Rheem Manufacturing Co 1
100
105
10
com.
Sept
410
8%
St Louis Pub Serv pref A.*
Scruggs-V-B Inc
25%
3%
Republic Petroleum com.l
Treadwell Yukon Ltd
com
June
Aug
10%
100
St Louis Car
12%
910
Mar
35
""SB"
*
1st pref
Sept
270
11
*
Rice-Stix Dry Gds com
Mar
17
8%
10
_
Bearing Metals com.*
60
June
8
35
20
Natl Candy com
1.30 May
Sept
7
7%
24
Midwest PipingASply com *
Mo-I'ortland Cem com..25
Natl
128
27
7%
8%
McQuay-Norris com.....*
Meyer Blanke com
58
2.25
40
1,434
7%
7%
Laclede-Christy Clay com *
Laclede Steel com.
12%
9%
Sept
45
25
...
_
28
16%
24%
June
Sept
Apr
5%
39
38
*
com
10
•
114
7%
*
Knapp Monarch
120
50
2.00
38"
International Shoe com..*
35
6%
11%
------
5
4%
27)4
15%
27%
1
coin
Mar
4%
*
10%
"""323
15
15%
287
4.
4.J4
552
Jan
12
1.90
Sept
Jan
Sept
Jan
Jan
275
20
Oct
300
Jan
20%
21
310
11%
Apr
27
Sept
2.90
2.90
121
2.90
Oct
4
Jar.
270
Pipe A Steel Co. 10
Yosemite Port Cem pref. 10
270
Bonds—
Scullln Steel 3s.
1941
t United Ry 4s
1934
t
■-
•
»
4sc-d's_
-
»
-
J 1,000
48
May
Unlisted—
com....
Amer Rad A Std
Sanitary. *
alO
161%
American Tel A Tel Co. 100
Amer Toll Bridge
(Del)..l
55c
Orders
solicited
Pacific
on
Coast
Stock
Exchanges,
Eastern Standard Time
until 5:30 P. M.
which
Aug
17
Mar
1.61%
147%
Apr
170
Mar
55c
,050
43c
Sept
67c
Mar
984
21%
Apr
38%
Sept
6%
Aug
11%
Mar
3%
May
7%
Jan
Aug
36%
Jan
34
7)4
7%
7%
a3%
81%
a3%
03%
21%
32
a8%
08%
....
.*
Aviation Corp of Del
Schwabacher & Co.
Broadway, New York
Corn...5
a28%
"~2%
Aviation
Blair A Co Inc cap
Bunker Hill A Sullivan 2.50
7-4150
Wire to own offices In San Francisco and Los Angeles
82
8
2%
15%
Apr
8%
Sept
Apr
31%
%
Sept
18
125
2" 408
2%
15%
Jan
Aug
4%
.
a28% a29%
Tu
7i#
8%
3%
938
6.
8
100
Berkey A Gay Furn Co—1
1
Bendlx
23
260
5%
3
Bait A Ohio RR com
Members New York Stock Exchange
Gortlandt
Aug
10%
Argonaut M ining....
5
Atch Top A Santa Fe..l00
are
(2 P. M. Saturdays)
Oct
%
185
389
1U
a
Anglo Natl Corp A com..*
Atlas Corp com
111
53c
33%
Anaconda Copper Min__60
open
a9%
1%
100
10%
1%
Alleghany Corp
Feb
%
Feb
1%
Aug
3%
Jan
11%
Apr
19%
Sept
July
Oct
76%
Calwa Co com......... 10
00c
00c
40
90c
Oct
1.25
Cities Service Co com..10
Private
a5%
06%
35
6%
Aug
9
%
100
%
Aug
1%
6%
6%
a20% a30 %
Jan
6%
Oct
211
28%
33%
Aug
142
6%
Sept
Aug
9%
Sept
8
Sept
%
Claude Neon Lights com.l
Francisco Stock
San
Exchange
Columbia River Packers..*
Cons Edison Co of N Y__*
Sept. 30 to Oct. 6, both inclusive, compiled from official sales lists
Price
Par
Stocks—•
for
of Prices
Sale
is
Range Since Jan. 1, 1939
Week's Range
Last
Curtlss-Wright Corp...
Sales
Friday
Week
Low
High
.1
Domlriguez OH Co
Low
Hobbs Battery Co B
7
Alaska Juneau Gold M._ 10
Anglo Calif Nat Bank...20
Associated Ins Fund Inc 10
"""5%
4%
Atlas Imp Diesel Engine..5
-
126%
Bank of California N A. .80
Bishop Oil Corp.
_
Byron Jackson C0
Calamba Sugar
.—2
*
.
_
.
.
— .
20
Calaveras Cement
14%
599
4%
45
124
Apr
25%
20%
300
19%
Oct
21% June
33
25
33
Oct
46
Apr
Montgomery Ward A Co.*
a54%
14%
15
425
7
Apr
15
Oct
Mountain City Copper...5
5%
25
""
m'«•' V *
8%
92%
61%
3
90%
50
104%
20c
195
20c
Oct
25%
525
50%
13%
48%
Mar
40
31c
62
3%
93
50%
104%
235
736
Mar
35c
30
53%
26c June
40
Aug
1,732
2.90
1,118
55%
Apr
35
.Tan
335
30
14%
15%
——*
87%
87%
88%
m-
-
62
4%
93
.
W.
-
9
89%
Preferred
55%
Holly Development...
1
Sept
26%
75
18%
AUg
32
Sept
20
6%
100
11
Sept
10
2.00
2.00
32
Olaa Sugar Co
Pacific Port Cem
com
—.
210
a4
Motor Co com..*
a4
25
12%
100
a5%
a5%
06%
115
16%
Sept
Apr
May
4.50
Feb
25)4
25%
25%
27)4
27%
6% preferred........25
21
Feb
S P Gold Gate 6% pref. 100
17
Jan
-Standard Brands Inc
7%
Mar
9%
July
47%
"814
8%
47)4
46%
47%
382
44%
Jan
16%
16%
10
16%
Oct
91
267
79%
Apr
95
July
United Aircraft Corp cap.5
42%
42%
16%
125
14
Jan
16%
Sept
United Corp of Del
_..*
a2%
a3
1
95c
95c
73%
77%
4%
2,168
30
740
100
38%
5
Title Guaranty Co pref. ..*
28%
Apr
55%
3 %
Oct
Jan
Mar
34
Jan
5%
271
5
Sept
8%
8%
760
6
Apr
9%
9%
20%
20%
123
17
Aug
24%
Sept
80c
80c
100
•Noparvalue.
a Oddlotsales.
Sept
75"
Aug
1
40
4%
382
33%
Aug
20
2%
May
600
54c
Apr
2.086
43%
Aug
215
3%
Sent
Oct
18%
July
45
Sept
3%
1.40
82
6%
Feb
Sept
Sept
Mar
Jan
5
"*T%
77%
Warner Bros Pictures....5
Apr
Jan
4
85%
6
Jan
May
Apr
Studebaker Corp com____l
22%
July
June
Texas Corp corn...
55%
Aug
29%
5%
Jan
22%
53%
29%
3
Mar
United States Steel com..*
Jan
Sept
6
July
Feb
23%
27%
20
10%
30%
26%
100
18
Aug
Jan
Sept
775
43%
20
Oct
8%
3
Apr
50
12%
Aug
9
Sept
25
Aug
a6
6%
Jari
Sept
3
34%
14
Sept
a6
3
*
60
400
Jan
3%
26
10
375
250
17%
38%
9
Feb
Feb
4%
9%
629
27)4
2.45
48
Mar
5%
80
11
Aug
8%
Mar
20
600
10
*
25
Apr
1%
200
Radio Corp of America...*
com
Oct
3
July
com
Apr
Sept
41
9
17%
3%
41
Preferred........ ..100
Sept
1.65
41
5%
8
30
*
Hawaiian Pine Co Ltd—*
Mar
22%
25
8%
5%
Gladding McBean A Co..*
*
28
Apr
U S Petroleum Co
General Paint Corp com..*
Golden State Co Ltd
Aug
Apr
1.90 May
July
13%
4
50
16%
100
Sept
25
16%
J
""
*
10
172
July
120
2%
25%
260
Sept
680
2%
25%
12%
3%
Sept
21c
21%
"21%
25%
12
8%
Peb
Aug
20%
26%
6)4
a7%
a23J4 o24
5
Park Utah Cons Mines.-.1
14%
Jan
July
Sept
7%
Pennsylvania RR Co.- .50
Pioneer Mill Co
..20
12
37c
2.80
44
Aug
Mar
Shasta Water Co
Apr
3%
5%
Oahu Sugar Co Ltd cap. .20
Jan
July
2,780
5%
Feb
91
Feb
10c June
10
Sept
Sept
July
Sept
9%
Apr
2%
800
27
76%
54%
5%
o7%
July
Sept
Jan
Oct
Apr
Nash-Kelvinator Corp
Packard
Jan
Jan
Mar
44%
National Distillers Prod..*
July
Feb
154
North American Aviation 1
Oct
50%
1.50
29
100
10c
7
Jan
4%
55%
Sept
So Calif Edison
37%
±■^4.
25
.
5
4%
4%
a5 3% 054%
15c
1
108
3%
•
....
Monolith Ptld Cem com..*
June
14%
10
..100
com
9S
Jan
M J A M A M Cons..
19%
Apr
"15%
General Motors
270
13c
518
230
103% June
4,585
Crown Zellerbach com—5
Galland Merc Laundry.
17c
2.00
41%
3nc
Feb
Feb
Sept
4
Jan
Sept
Sept
45c
Sept
Jan
pref
Jan
1
2.00
17c
2.00
Kenn Copper Corp com..*
Apr
9
Foster A Kleiser
Italo Pet of Amer pref
31
531
41%
Italo Pet Corp of Am com. 1
Jan
14%
4
Fireman's Fund Ins Co..26
Feb
Sept
190
370
120
—50
Sept
220
18%
114
Preferred (ww)
5%
38%
200
3.25
5
Emporium Capweil Corp.*
Jari
5%
17
23
Emsco Derrick & Equip..5
30c
38%
5%
Apr
5
*
170
5%
2.00 May
23
....
30c
5%
12
Corp com—1
_
42%
38%
911
Cons Chem Ind A———.*
Creameries of Amer vtc.l
Preferred....
Apr
Nickel Canada.*
200
200
Di Giorgio Fruit com
31%
International Tel A Tel cm*
2.15
25
El Dorado Oil Works
668
Internatl
16
25
—
41%
Idaho-Maryland Mines.. 1
2.00
31c
1
Coast Cos G A E 1st pf. 100
Preferred
12%
Jan
10%
15%
50%
Chrysler Corp com....—.5
Clorox Chemical Co
10
Corns Aircraft
37%
June
8%
Apr
4%
Apr
6%
110
Jan
0
Sept
Oct
504
250
5%
Apr
7%
7%
126% 128%
20c
"25"
50
Caterpillar Tractor com..*
Cent Eureka Min Co com 1
4%
4
33
~
Calif-Engels Mining...25c
Carson Hill Gold—
6%
5%
500
19%
—
pref. 100
Preferred
380
Aug
7%
35%
9%
McBryde Sugar Co...... 5
-
Calif Cotton Mills com. 110
Calif Packing Corp com..*
210
6%
4%
7%
9%
30c
*
18%
2.00
—
com....20
Preferred.
7
5%
9
41%
"914
General Electric Co. .....*
High
«
4
10
35%
7%
*
Electric Bond A Share Co 5
Shares
9
Consolidated Oil Corp...*
65
20
70
70
Cali-OrePow6%pref n-clOO
Ian
6 Ex-stock dividend.
r
Cash sale—Not Included In range for
t
Listed,
t In default.
year,
z
d Deferred delivery
Ex-divldend.
tr
Ex-rlghts
The Commercial & Financial Chronicle
2216
Oct.
7,
1939
Canadian Markets
LISTED
AND
UNLISTED
Montreal Stock
Service
Exchange
Sales
Friday
all Canadian
on
Range Since Jan. 1, 1939
Last
Stock* (Concluded)
Montreal Stock
Greenshields & Co
507 Place
Montreal Curb Market
Higl
13
•
*
„
1,490
9
125
88
May
30%
31
1,395
16%
15%
17
3,424
15 K
ml
-
-
17
7
Hid
Ask
Jan
1 1948
48
51
6s
Oct
4Kb
Oct
1 1956
46
49
6b
68
July
4Kb
Oct
1 1942
15 1943
May
1 1959
5h
Ask
97
99
98)4 100
80
84
4b
June
1 1953
80
84
4Kb
Jan
15 1965
91
94
3Ks
July
15 1953
85
90
85
1 1962
86
89
6s
70
75
4Kb
Mar
2 1950
91K
94
5s
Dec
2 1959
70
75
4s
Feb
1
1958
86
89
4Kb
May
1 1961
88
91
Aug
Prov of New Brunswick—
Province 01 Quebec—
4Kb
Apr
15 1960
80
85
4Kb
Apr
16 1961
85
90
5s
June 15 1943
60
65
16 1952
85
90
6 K»
Nov
62
68
1960
90
95
4Kb
Oct
63
67
Province of Nova Scotia—
4Kb
Sept
5h
Mar
Preferred
15 1946
1
1951
Canadian Pacific Ry-r
Canadian Pacific Ry—
4a perpetual debentures.
4Kb
6b
Sept
16 1942
6s
4Kb
Deo
15 1944
6a
July
Sept
4Kb
1
A a*
1 1946
82
80
..Dec
1 1964
76
77
July
1 1960
68
70
1944
Preferred
Hid
Bonds
Ask
Canadian National Ry—
Hid
Ask
93
4Kb..
Sept
1 1951
June 15 1955
94 K
96
4Kb
Feb
1 1956
93
93%
4Kb
July
1 1957
93
93%
5a........July
1 1969
95 K
96 K
68
Oct
1 1969
96 K
5b
Feb
1
96
97 K
98
4Kb
197ft
93%
6 Kb
July
Preferred
10K
68
24
Bathurst Pow & Paper A.*
Bawlf (N) Grain
*
Bell Telephone
100
520
5
Apr
3
75
2
Mar
3
112
Sept
112
10
13K
Jan
9K
Sept
Sept
60%
60%
25
7%
8K
1,852
9%
30
1,240
5K
29
2,598
26%
Sept
50
52
Sept
57
9
9
*
29%
»
Oct
33
50
8
85
2K
Sept
8%
Sept
Sept
m
bev
Sept
June
Jan
65
35
*
65 K
73
65
55
65
Sept
70
Jan
34
100
National Steel Car Corp.. *
Niagara Wire Weaving
*
35
748
31
Sept
43
Mar
24
1,731
100
39K
24
*
72%
73
1,912
69K
35
64
33 K
68 K
Oct
66 %
Aug
16
Maj
28
Sept
Sept
83K
July
•
34
1.490
23
A pr
35
Sept
100
151
151
151
2
150
Sept
163
July
Ontario Steel Products...*
12
12
13
100
6
May
14
Sept
Ottawa L H & Power.
_.
15
30
14
June
59
62
543
38
June
62
Oct
125
125
10
125
June
125
June
10
815
7
Sept
12 K
Sept
22 %
15
100
Penrnans
*
62
15
Jan
'
Preferred
100
Power Corp of Canada
Price Bros A Co Ltd
Regent Knitting
A
21%
25
.
100
.
19%
22%
61
61
110
39
Aug
63
Sept
16
16
102
15
Sept
19
Mar
6
6
235
6
Sept
18
18
5
20
Feb
20
101K 102
75
100
Sept
107
..
6
*
Preferred.
Saguenay Power pref.
..
102
*
5H
5K
50
preferred
10,880
Jan
60
*
»
9%
9%
*
100
17K
16
5%
4,675
17K
3,645
6K
2K June
1.90
Oct
Feb
Apr
Aug
Sept
Aug
6
6K
18K
Sept
Sept
30
30
215
18
Jan
32
115
73
115
Aug
121
45 K
48
825
21
Apr
49
K
Sept
75
80
Shawlnlgan W A Power..**
22
22
2,514
18 K
Apr
10K
11
22 K
14 %
Mar
Sher Williams of Can
21%
10%
3s
Jan
1
1962
Preferred
...
.
Preferred
of Prices
High
Low
Week
Low
*
Tuckett Tobacco pref..100
United Steel Corp
•
Viau Biscuit
10K
35
"18 K
16K
18 %
2,642
5%
23
22 K
5%
23K
2,940
"ioli
10K
12 K
12
1.70
163 K
1.60
1.75
165
100
9%
107
Apr
10K
Sept
Feb
107
Feb
IK
May
4
Oct
6K
Apr
Sept
18
Sept
4K
17K
5%
28%
11
Sept
17
Aug
395
5
Apr
12
Sept
325
50c
Apr
»-»
Sept
178
246
141
10
May
20
103
Oct
110
Jan
12
200
10
Aug
12
Jan
83 K
84 K
516
67
Apr
88
Sept
80 K
81
81
251
66 K
Apr
84
Jan
Sept
3
50
50c
Feb
3K
Sept
12
12
60
5
Mar
15K
Sept
155
2%
155
5
loO
Sept
1,580
3
Aug
7K
2K
Feb
3
Jan
2%
6%
7%
3
0%
*
3
126
Feb
170
Sept
52
*
52
40
47
Apr
52
Sept
24 K
100
25
160
12
Apr
25
Sept
104K June
106
Sept
105
105 K
105 %
12
Wllsil Ltd
*
22%
21 K
22 K
1,350
Aug
22 K
Winnipeg Electric A
*
2%
2%
2%
3,682
1.00
Aug
2%
Oct
*
2%
10
2%
10 K
2K
415
1.10
Aug
2K
10
Sept
B
Preferred
100
11
5
17
7
Feb
Oct
Mar
Oct
Sept
300
CD O
410
11%
12
100
Wabasso Cotton.....
High
*
25
Preferred
Preferred
Shares
.
July
103
103
*
Tooke Brothers
Range Since Jan. 1, 1939
for
*
100
Preferred
Exchange
Sales
159
105
8%
115
Week's Range
12
10K
Oct
48
45
*
Sept
30
4
*
16
115
4
Asbestos Corp
Aug
9% June
100
Alberta Pacific Grain A..*
Amalgamated Elec (new).*
124
St Lawrence Paper pref .100
15
Associated Breweries
June
Jar:
8
40
Montreal Tramways
june
81
26
3
*
National Breweries
4
Oct
Feb
Aug
13 K
112
675
10%
Jan
90
105
*
16
27 H
85
104
Algoma Steel Corp..
5
15K
16
100
M cColI-Frontenac Oil
68
1,075
123
8%
Mont LH4P Consol
26 K
2
155
70
K
123
*
Massey-Harrls
219
3 K
3K
3K
70
26 K
3
St Lawrence Flour Mills.. *
10 K
Sept
Aug
Grand Trunk Pacific Ry—
4s
Jan
1 1962
100
...
Oct
60
Apr
18K
Western Grocers pref..100
Agnew-Surpass Shoe.....*
28
20
42 K
an
108
Friday
Sale
Aug
335
770
28
j
107
Sept. 30 to Oct. 6, both inclusive, compiled from official sales lists
Price
Sept
1 1946
Montreal Stock
Par
22
15
4,264
Legare pref
Steel Co of Canada
Stocks—
Mar
June
20
47 K
Laura Secord
MacKinnon Steel Corp
Preferred
Southern Canada Power.
Last
33
25 K
*
St Lawrence Corp
Canadian Northern Ry—
Sept
28
Lang & Sons (John A)
5% preferred
Government Guaranteed
23K
24%
100
Quebec Power
Dominion
July
100
45 K
•
Preferred
Hid
Mar
7%
Sept
46 K
Ogilvle Flour Mills.
Railway Bonds
17K
16%
28
Noranda Mines Ltd
1
Sept
Sept
25 K
100
Sept
12K
13
•
Lake of the Woods
Sept
June
40
A pr
_*
Montreal Telegraph
Prov of Saskatchewan—
25 K
Sept
17
96 %
6K
21
100 K 102
1 1941
June 15 1964
4Kb
21
Intl Nickel of Canada
12 1949
Province of Manitoba—
*
Sept
100
23 K
Internat Pet Co Ltd
Hid
Sept
Prov of British Columbia—
23 K
International Power.....*
Province of Ontario—
5s
910
7
*
Intl Bronze Powders pref..
17
Aug
95
Intl Bronze Powders
Province ol Alberta—
High
15K
Industrial Acceptance
Municipal Issues
12
95
Preferred
Provincial and
870
13K
16%
Imperial Tobacco of Can.6
Closing bid and asked quotations, Friday, Oct. 6
Low
Shares
10%
Imperial Oil Ltd
68 R
Low
95
*
100
Hudaon Bay Mining
d'Armes, Montreal
Week
13 K
Howard Smith Paper
Preferred
Exchange
of I rices
Price
Par
Hollinger Cold
Members
for
Sale
Securities.
Week's Range
Jan
Banks—
Commerce
100
100
Sept
Montreal
Nova Scotia
June
Royal..
100
Brazilian Tr Lt A Power.*
8
4,885
5K
Sept
12M
British Col PowerCorp a.*
B
*
25
23
25
604
21K
Sept
28
2
2
35
Jan
3
Mar
155
155
155
58
Sept
178
187
190
37
177
Sept
222
Jan
297
297
297
4
207
310
Feb
180
180
59
150
Sept
Sept
135
193
Jan
May
Mar
2
100
Bruck"Sllk Miils" I III" " *
Building Products A (new)*
Bulolo Gold Dredging
5
Canada Cement Co
7%
4K
4%
14 %
15
18K
*
m
4 K
15
19
7 %
535
1,645
140
2
2
12%
17%
Aug
Sept
Sept
4%
19K
28
Mar
Sept
July
Montreal Curb Market
Sept. 30
to
Oct. 6, both inclusive, compiled from official sales lists
Jan
Sales
Friday
1,702
5K
Sept
Mar
Last
79
80
201
79 %
Sept
102
Mar
Sale
21
21
255
June
24
Sept
*
21
22
Aug
22
Sept
Can North Power Corp... *
Canada Steamship (new).*
15
15K
172
14K
May
18
Mar
7K
16,075
1.50
Aug
7%
Oct
6%
cum
pref
100
6,961
6K
Aug
18H
Sept
7%
cum
pref
....100
Preferred
6%
100
Canada Forgings class A.. *
Class B
21
7K
5% preferred
50
Can Wire & Cable cl B.._*
18K
6%
16 %
19
15 %
15%
15K
Canadian Bronze
50
20
Sept
20
Sept
270
30
June
42
Sept
18K
Sept
...*
41
42
42
16
15
3,220
28K
Canadian Celanese
*
20
27%
19
16 %
28 K
20
1,010
100
110
109
Rights
HOK
19
Canadian Indus Aloohol..*
Class B
*
.
.
_
Canadian Locomotive
Canadian Pacific Ry
Cockshutt Plow
*
25
*
Consol Mining A Smelting 5
Crown Cork & Seal Co...*
Distillers Seagrams
Dominion Bridge
Dominion Coal
pref
Dominion Glass
*
Dominion Textile
*
Dryden Paper
»
East Kootenay Power
Eastern Dairies
Foundation Co of Can
Gatlneau Power
Preferred
Rights
General Steel Wares
*
*
100
*
Aug
Sept
34
Jan
Jan
20
July
140
98
Apr
111
June
10
19
Aug
21
Feb
5
6
Aug
13
Mar
Acadia Sugar Refd Co....5
Aluminium Ltd
*
Bathurst P & P Co.B
*
Beauharnols Power Corp.*
Brit Amer Oil Co Ltd
•
Calgary Pow 6%
cm
prf 100
4
4K
8,762
IK
Jan
4%
Sept
4K
1,000
1.25
Mar
4%
Sept
Oct
Canadian Breweries Ltd.. *
18
16
8
7K
10K
49 H
10
18
300
8H
10K
28,543
1,247
435
51K
26
100
17 %
43 %
49 %
26
17 %
420
43 K
2,756
41%
20%
114
16K
15K
5K
21
425
114
45
16 H
11,321
4
July
3K
Sept
5
Aug
37 H
May
21%
15K
Jan
24 K
15
108
7K
Sept
Apr
H
86 K
9K
1,774
3
Aug
25
Apr
155
50c
Feb
9K
9%
100
8
Aug
2%
2M
3
300
6
6
30
9K
770
5
15K
15K
28
97
55
31
32
935
"32*"
31%
31%
102
99% 102
1.50
1.00
15%
75c
Apr
3.00
Oct
8K
1.50
16
224 K 227 K
6 K
8K
6
Aug
11%
Jan
Oct
35
29
Sept
38
June
26
99
Sept
112
Jan
455
80c
Sept
14K
Sept
23
Jan
20
198 K
June
228
Sept
2
25c
Aug
75c
Jan
50c
Mar
1.50
Sept
3K June
6%
Sept
2
June
13
13
65
11
2
2
10
1.25
Sept
1.60
Jan
30c
30c
1,100
15c
Apr
1.10
Jan
15c
30c
Jan
Jan
15c
100
10c
Mar
15c
Jan
5,135
1.50
3K
Sept
'314
3 %
3 K
Jan
Jan
5K
495
4%
Jan
7%
8%
18,398
2%
Aug
9
Sept
3K
2K
3%
1.085
50c
Aug
4%
Sept
Dominion Engineering...*
39
40
Mar
Dom Oilcloth & Lino
_*
29
29
Donnacona Paper A
*
Jar
6
Mar
.
22
Aug
44
100
29
Sept
33
2
Aug
Aug
7%
SK
575
2
10K
Aug
11
8
100
60
July
84
Sept
EaKootenayPw7%cmpfl00
EasternDairies7%cm pflOO
8
86 K
5%
5
6
4K
245
4
Gypsum Lime A Alabas..*
Sept
6K
May
Falrchlld
6K
5%
6%
4%
4%
4%
515
Aug
6K
Jan
Hamilton Bridge.
3K
7 K
7%
8
Sept
8%
Sept
r
230
8%
4\i
Canadian market.
5K
3,945
7K
*
No par value,
June
5%
June
*
13
Aug
5%
16K
6
3%
8%
95
Ltd
Jan
3
Sept
Aircraft
10
50
Sept
Sept
Jan
115
11K
11-K
4K
1.80
Feb
11K
9K
32
Feb
80
3.211
Sept
41
82 K
__*
25
60
137
4,170
^ug
95
Aug
884
85
28 %
Sept
4%
..100
Jan
Feb
10
Gurd (Charles)
Prelerred
Sept
11
50
15
B
Sept
25
88
2K
Sept
5K
144
13K
385
5
23 K
51 K
88
4K
Oct
36
14 %
4
Jan
51 K
91
4K
10
Sept
95
Mar
....
35
35
36
.*
Preferred
.5
Consolidated Paper Corp. *
Cub Aircraft
Ja
3%
21%
Sept
1,230
*
Claude Neon Gen Adv...*
Commercial Alcohols Ltd. *
May
3
19
97
224 K
1.25 May
2,290
8%
Cndn Vlckers Ltd
Sept
June
1,270
104
2,081
97
23
5
10K
50c
5
5K
22
60
City Gas & Electric Corp. *
4
Sept
4K
Celtic Knitting Co..
Oct
142 K
1.35
.
Sept
Jan
Sept
225
4K
.
Sept
3.00
Sept
1.35
pref.___
86
15
4K
23
CatelliFoodProds5%cmpfl5
75c
Apr
*
cum
May
10%
3%
_.*
5%
7K
8K
205
4K
108 % 120
4K
20c
7%
Jan
Apr
Mar
20c
Sept
Sept
June
5%
*
Apr
55
8K
Sept
3K
425
Cndn Intl Inv Trust
Cndn Pow & Paper In v.
17
9%
"~8K
45
5,466
17K
35
4
High
May
15%
5 %
.
50c
32 K
4%
Low
41,520
16 %
\2()"
Range Since Jan. 1, 1939
Shares
2.25
35
*
7% cum pref
100
Cndn Westinghouse Co
*
Canadian Wineries Ltd... *
100
100
Mar
1.25
1.60
for
Week
*
Oct
1,024
100
July
20 K
Preferred
Mar
1,935
75c
Jan
29
Range
of Prices
Low
High
Cndn Industries Ltd B
21
5K
5
Sept
115
6 %
3K
61 K
Sept
Jan
86 %
6K
85
9%
11
Jan
75c
"6
17
Price
Week's
British Columbia Packers. *
3H
*
__*
Electrolux Corp
i
Enamel & Heating Prods. *
English Electric B
*
10K
Abltlbl Pow 4 Paper Co..*
4 K
25
Dom Tar & Chern
6K
17
Far
3K
1100
Dominion Steel & Coal B 26
Dominion Stores Ltd
*
11
800
Stocks-
Canada A Dom Sug (new) •
Canada Malting Co Ltd..*
Can Nor Pow 7% cm pf 100
*
»
19
11
Cndn Foreign Investm't..*
9
2
Canadian Car A Foundry .*
Preferred
25
Preferred 7%
7
10%
10
6K
Mav
July
Sept
Feb
9K
Sept
9
Sept
8
Jan
245
2K
Apr
6K
Sept
4,135
2%
Sent
7K
Sept
Volume
The Commercial & Financial Chronicle
149
2217
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Week's Range
Sale
Fleet
(Concluded)
Par
Aircraft Ltd..
*
Ford Motor of Can A
*
*
Low
22 H
Fraser
20
Companies Ltd
High
7
74
7,290
34
Aug
104
1.330
164
Sept
234
Sept
21
791
5
23
18,981
5
Aug
7
10
6
Sept
i
214
*
•7
Lake St JohnP & P
*
20
23
Lake Sulphite Pulp Co—*
MacLaren Power & Paper*
4
■4
Melchers Distilleries..
.
.
7
234
70c
Aug
Aug
27
190
75C
Apr
18
655
8
Sept
560
294
Apr
604
35
83
Feb
94
1.3
75
1.25
285
44
14 4
Provincial Transport Co..*
220
105
1074
110
110
96
96
~~6H
Oct
64
Jan
1074
Oct
100
Aug
430
54
Sept
44
50
44
Jan
5
5
2 4
Sept
5
Oct
Jan
110
July
25
6
Walkerville Brewery.....*
6
54
22
107
135
34
74
44
Mar
Oct
Oct
6
Sept
1.00
95c
1.05
1,200
1.40
414
424
795
34
Sept
504
Jan
184
19
1.075
17
Sept
204
Jan
41
70c
Aug
,
Canada Wire
Alder mac Copper Corp.
50
42c
42c
2.5c
III
3,800
15,4c
15 4c
*16 4c
2,100
74c
Cartier-Malartlc Gold.. ..1
24c
24c
3c
2,500
14
Sept
2.10
2.10
300
1.97
Sept
10c
14c
10,800
9c
Sept
254c
July
Sept
334
Aug
Apr
8c
Jan
Beaufor Gold Mines..
.
Central Patricia Gold.. ..1
Cent Cadillac (.new)... ..1
""loc
Dome Mines Ltd
274
274
274
150
2c
2c
2c
19,800
Duparquet Mining
23
2o
June
65c
Sept
June
16 4c
Sept
6c
Jan
2.74
Jan
East Malartlc Mines...
2.30
2.25
2.30
3,960
2 00
Sept
2.80
Jan
Eldorado Gold M Ltd..
1.25
1.20
1.30
1,150
74o
Sept
2.35
Jan
Falconbridge Nickel.
4.70
4.70
4.75
375
4.50
Apr
6.70
Sept
35c
35c
1.200
16c
Apr
77c
Aug
3,500
2c
105
__
Francoeur Gold
Joliette-Quebec
2c
2c
24c
Lake Shore Mines Ltd..
34
Macassa Mines
3.85
3.95
35
64c
Feb
Sept
504
Jan
Sept
5.80
Jan
Sept
494
494
5
304
3,60
454
Sept
584
Mar
38c
37c
42c
3,500
20c
July
60c
Mar
1.60
1.60
1.70
700
1.25
Sept
3.35
Jan
Sept
16c
Mclntyre-Porcupine
New True Fissure
O'Brien Gold.....
.4
Pandora-Cadillac Gold.
34c
Pend-Oreille M & M__.
4c
2.70
2.85
2.95
1,100
2,000
24c
Jan
.
Sherritt-Gordon Mines.
.1
1.36
3,000
200
3.90
Sept
1.70
1.45
Jan
2.05
July
24c
1,000
24c
Oct
9c
Jan
1.25
..
Aug
1.70
24c
Gold.....
Red Crest Gold -i
1.20
1.38
7,104
83c
Aug
2.00
Sept
Slscoe Gold Mines Ltd.
.1
00c
89c
80c
Sept
Sladen-Malartic Mines.
.1
30c
30c
30c
1,000
25c
Sept
74C
J an
42c
35c
42c
80,284
2740
Sept
1.03
Feb
84c
78c
84c
2,800
60o
Aug
1.01
3.90
3.90
360
3.85
Oct
4.60
Mar
5.80
6.00
500
5.20
Sept
8.10
Jan
11c
11c
2.800
84o
Apr
18 4c
Jan
7.25
7.40
450
6.85
Sept
8.85
!i
Teck-HughesGold Ltd.
.i
Waite-Amulet Mines...
.i
Wood Cad
5~. 80
...i
WrightTi argreaves...
■
900
1.65
Jan
Anglo-Canadian OiJCo
Calgary & Edmonton
1.09'
1.08
2.45
.
Dalhousie Oil Co.....
60c
Homestead Oil & Gas. ...i
60c
2.75
Home Oil Co
2.70
7c
"
OkaltaOils Ltd......
1.30
1.30
Royalite Oil Co......
40
1.14
2.45
74c
8,800
1.30
100
404
40
440
Jan
Sept
2.75
Jan
30c
2,400
1.51
1.17
300
60c
2.90 131,135
Apr
Aug
75c
Jan
1.25
64c
Sept
3.70
Jan
Aug
25c
Jan
Apr
1.72
Jan
Sept
444
Jan
1.00
2
4
Canadian Canners
Sept. 30
Sales
Last
Far
1.60
r
preferred-.
-....
7 % preferred
Acme Gas
100
Consolidated
Gold
Mines
Anglo-Can
...1
.
__
__
Aunor Gold Mines.
41c
July
84
Oct
May
194
Sept
12
17
May
12
Sept
184
Sept
*
16
114
154
28
27
284
134
14
...25
»
Cariboo
1
100
Chemical Research
1
Chestervllle-Larder Lake. 1
Chromium..
*
*
Conlaruin
*
Mines
Cons
Bakeries...*
Smelters
64c
13,250
19,100
1.77
44c
1.85
18c
1,925
Denlson
*
.......
-.
.
Bob jo
Brantford Cordage pref 125
Brazilian Traction
*
British American Oil.
»
British Columbia Power A*
B. .............
*
British Dominion Oil
Dominion Steel B
21
Dom Stores
*
_
_
Buffalo-Canadian
*
......
Building Products (new).
Jan
500
10c June
34c
1.28
54
178
July
Oct
June
100
194
61
185
Sepi
15
197
Aug
Mar
2104
Oct
1.00
1.01
100
164
154
164
8,565
54
54
290
4
Sepi
"64
74
64
64
160
4
Aug
74
814
3 4c
814
3 4c
25
73
1,000
5Cc
74
Apr
Fet
Mar
17
Sept
May
Sept
88
Sept
3c
Sept
94c
Mar
Mar
Mar
2.16
2.33
10,134
2 01
.*
184
Easy Washing Machine..*
Economic Invest.
25
Eldorado..
1
Falconbridge
19
2,100
134
Aug
19
,;V3-
I,500
1.50
Aug
3.00
25
25
25
1.15
1.15
64
64
50
"244
24 4
254
3,000
4.70
_*
-
.18
3
4.50
4.80
214
214
22
*
Extension Oil
.
1
Apr
Sept
1
34c
3 4c
2,900
3c
Sept
74
214
84
224
810
34
Aug
5,752
16 4
Apr
12c
500
7c
Aug
31c
36c
8,900
15c
Apr
14
144
356
86 4
90
74
22
„......
"",35c
Gatlneau Power
....
14 4
..
....100
—
*
'""44
__*
104
....
General Steel Wares.
.
j
....
_
.
10,037
1,500
Jan
17c
Feb
104
234
144
Jan
Jan
c
Jan
72c
Aug
Mar
164
96
July
Jan
6
Mar
Aug
II
Sept
Jan
114c
Feb
20c
Feb
49c
Aug
10c
Sept
28e
Jan
39c
17c
17c
17c
25c
25c
1,600
19c
Sept
60c
12c
16c
17,700
44c
July
16c
Oct
lc
lc
1,000
lc
Oct
34c
Jan
13 4c
40c
80
81
.53
80
55
54c
66
Apr
134
624
2c
6,000
54c
1,000
14c
44c
14c
54c
165
Sept
Oct
81
Oct
584
4c
Apr
Jan
7c
June
;Mar
Jan
*
9
9
104
595
3
*
25
25
27
579
94
Aug
Sept
9
9
10
54
Jan
94
Sept
60c
24
194
134
Sept
104
27
Oct
Sept
35c
44
4c
14c
6
14c
14c
3
6,000
4c
Ocl
34c
May
14c Sept
6c
Jan
22 4
23
2,074
184
Sepi
234
24
42
20
Sept
28
Sept
Feb
Mar
Jan
—.
Gunnar Gold
*
j
GyDsum Lime & Alabas.. •
H
alcrow-Swazey
5
_
Halliwell
3
4c
j
_
14c
Hamilton Bridge (new)
*
Hamilton Cottons pref..30
74
Harding Carpets
Mar
Hard Rock
1
.....
....
6c
Sept
214c
Jan
Harker
75c
Jan
High wood..
91c
]
Sepi
*
13c
Sept
33c
Jan
Hinde& Dauch
_»
124
Sepi
154
Jan
Hollinger Consolidated. ..5
134
Mar
19
July
Aug
29
Feb
24
Apt
4
June
6,990
70c
44c
2,150
44c
23c
2,500
10c
Sept
Sept
Aug
Apr
Sept
Sept
Sept
264
Sepi
11
80c
124
124
2.81
2.65
Howey Gold
1
13
275
8
12
2.95
2,764
31,195
8c
II,100
134
6 4c
Aug
Sept
2.80
Jan
43c 454c
5,050
20c
Aug
65c
Jan
Hudson Bay Mln & Sm
*
Huron & Erie.
100
34
May
54
Jan
Imperial Bank
Oct
Aug
Sept
1054
104
1014
Sept
Mar
Sept
25
64c
94
Mar
6
15
384
*
10
28c
31
100
"206"
101
5
105
June
Inspiration... j
32
32
10
294
Sept
38
June
Intl Metals \
94
98
255
66
May
98
Sept
135
138
85
134
Sept
153
Aug
.........
♦No par value.
30
28c
31
79
5,350
1.23
5c
9
24c
Jan
1.95
10c
35c
15
3.75
c
37c
60
3,658
10
60
Sepi
210
15
185
221
254
Apr
Jan
Jan
Jan
Jan
154
200
Sept
394
704
July
Jan
Jan
Auc
Aug
Sep<
;Mai
Jun<
154
1
164
154
17
154
6,645
390
124
Sept
Sept
124
Sept
17
64
17
Preferred ........—.£1
101
264c
10
84
60
........
Imperial Oil
Imperial Tobacco
lan
3,570
1
...
Jan
4
91c
*
1.11
Sept
Sept
84
Home Oil Co
1,640
15
4
26 4
Homestead Oil
9,835
Jan
6
Sept
74
Honey Dew
2.50
114C
64c
26 4
44c
214c
54
5
2,000
12
34
Aug
3,00
19c
Sept
4c
4
Mar
84c
10,550
1,155
124
Oct
1,800
4
24
50c
22
Sept
570
6c
6.75
Sept
Sept
48c
354
Sept
Sepi
104
May
Sept
Sept
Aug
Sept
Sept
54
124
94
Jan
84
94
174
24c
Jan
Sept
24
2.36
27
"40e
1
.
Great Lakes voting
Great Lakes vot trust
11
78
375
1
Graharn-Bousquet.
51
44
5c
...50c
—
4
Jan
16
43
525
Aur
2c
Oct
30
30
3,023
5,000
4.50
19
2,500
Aug
Sept
27
184
84
Oct
505
Aug
July
Sept
3c
Francoeur
Grandoro.. v
3,672
75c
5
194
3c
»
Eagle.—
7,600
June
12c
.
Fleet Aircraft
Gold
1.30
22
1
_
2.85
1.25
June
100
34
194
134
124
55
Sepi
1.25
Sept
Aug
54
23
134
94
78
2,975
194
2,410
70
28 4
50
104
25
90
Greening Wire.—.„.._*
Feb
97
Mar
Sepi
Oct
22c
20
204
80
Great Lakes Paper
Great West...
Preferred
Sepi
45
15
50
Jan
54c
54
Sept
485
Sepi
Sepi
17c
174
84
Jan
8,700
974
Jan
30c
74c
5
5c
60e
....1
144
"98"
2,700
Sepi
30c
6c
2
May
Ocl
18c
13o
Goodyear Tire & Rubber. *
Preferred.....
50
Jar
9,900
II,300
11,100
3,190
5,100
Oct
105
103
27c
Sept
Mat
1.00
24
Aug
Sept
Goodfish
6
74
10c 124 c
Jan
164 June
Sept
Sept
25
97
Canada Packers..,
Canada Permanent
Sept
14,400
80
12,100
Sept
June
8c
Jan
35
7
34c
174
61
183
44c
38c
2
41
103
32c
Apr
Sepi
3,200
Sepi
21C
794
27 4
280
24
14
374 June
150
6,500
2.35
101
103
377
9c
144
100
224
706
1.10
74c
15c
*
Preferred
144
49 4
159 4 166
1
...loo
Can Cycle <4 Motor pref 100
Canada
Malting
154
514
427
7c
144
»
8,375
8c
3c
1
1.32
7c
2.50
Catgary & Edmonton...
1.20
Jan
8c
Gillies Lake
14c
24
5
2.30
Feb
12c
15
21 4 c
2,410
*
24c
24c
*
2,000
1
July
8
14
Bunker Hill
Burlington Steel
25c
104
East Crest Oil—
2.78
34 4
2
July
1
104c
Sepi
Sept
84
2.34
10CI
_
12
7
Sept
1.32
15
...»
Dominion Tar.
Sepi
224
74
Sept
25c
9 4
10
Oct
1.65
Jan
244c
Jan
114
Feb
56c
Jan
June
18c
36c
A pi
85c
Sepi
2.00
255
26c
Sepi
Jan
Sepi
Sepi
Sept
Aug
23c 254c
24c
Dominion Scottish Inv...l
215
23c
975
Feb
1
154c
40c
40c
39
30
235
23c
7,535
40c
I
34
1
164c
11
"III*
III]
62c
21
*
1.00
II,530
61c
Apr
Gold Belt
1.00
67c
~60c
Sept
Rights
Sept
V.do
65c
60r
Sepi
Preferred
5
224
"65c
Feb
19
Jan
32
"
Jan
70c
25
Feb
34 4
..
2.75
Aug
Sept
40
Goldale Mines
74
Sepi
2Cc
35
God's Lake
184
1.91
901
2,314
44c
92c
Oct
2.370
29
2,000
24
110
21
1.52
Sept
8
Mai
34
174c
Sept
"184
1034
29
Feb
74c
40
110
Sept
20
Jan
8
June
314
310
12 4c
12c
2.40
334
220
104
Canada Cement
Jan
4
Bralorne
—
17c
Sepi
Aug
*
1
Canada Bread
Oct
44
pref.......50
Calmont
Sept
923
)
Buffalo-Ankerite
62c
184
114
13c
1
Mar
Sepi
4
25c
lot
7,916
140
Sept
204
Jai
21
Preferred
Oct
388
94
Aug
1.70
3
Dominion Coal pref-.__.2f
Dominion Foundry
*
Sepi
2,225
1,389
Jan
194
Sepi
54
Sepi
Oct
Jan
100
Sepi
44
3
1.03
122
400
164
176
1584 165
May
2.10
Foundation Petroleum..
Sepi
'60c Sepi
5
fiept
106
1.85
81 4
26 4
Ford A
104
1634
Broulan-Porcuplne
Jan
Apr
450
174
25c
10c
6C
9,500
4.25
July
144
Seagrams.»
285
6c
Apr
4%
60c
50
Preferred....,—_..__10C
(new)
Oct
Sept
1.40
:
2.08
32c
3
5
2.10
Mines... 1
Nickel
Distillers
4
40
106
110
•
16
1.05
31,429
4
1.80
1.85
103
Petroleum....
187
5c
100
May
34
19 4
34
101.
Preferred.
Davles
295
44
8
1.60
4,280
Sept
194
24
Cosmos
295
1.00
74
84
51
Sept
1040
Co..—IlOO
A_
1.15
6c
30c
28
Oct
3,125
1.03
Brown Oil
Sep,
May
1.06
;■
5
166
Fanny Farmer
Federal-Klrkland
44C
1144 1144
.5
Fernland
3,800
55
1,875
100
Gas
.Jan
5c
Jan
51c
_*
Consumers
Jan
7
jan
234
4.00
Commonwealth Petroleum*
Cockshutt Plow
35
24C
34 4
Sept
174
34
51c
_*
30c
17,525
I,350
Aug
104
"
Commoll
&4C
41c
174
140
15
1
Aug
184
64
280
..
174
I;
6
2,460
4
.100
.
Carnation preferred
Central Patricia
Aug
374c
164
2,340
"44
*
Consolidated
Mar
24
Canadian Wirebound
Sepi
23c
54
...
Jan
22c
i
Klrkland
_.
2' 4
10c
134
Jan
Mar
164
Canadian Wine..
150
.2.1.
Big Missouri..
Biltrnore
July
14
72
1.80
570
Canadian Oil pref
C P R.:..
44c
280
179
160
4.00
700
1,170
Sept
Oct
23
I,239
Canadian Locomotive.. 100
Canadian Malartlc
»
1,100
28
Sept
84
B
7c
25
Sept
144
194
235
Beauharnois
Blue Ribbon
34
114
Beattie Gold.......
Telephone
Sept
23c
_
Bldgood
34
4
50
75c
325
8
187
295
*
....
172
July
17c
1.82
Bathurst Power A..
B
Bear Expl
7,065
May
2,431
25
Preferred
26c
6c
100
Base Metals
'
High
50c
44c
1.06
..1
Bank of Toronto
35
"
j
Montreal.... .100
Bank of Nova Scotia... 100
Bell
Low
15.855
5c
184
Bank of
.
Range Since Jan. 1, 1939
Shares
30
1.50
174
153
155
Canadian Dredge
*
Cndn Industrial Alcohol A *
17c
"274
l
Cons
17 4
20 4c 22 4c
1
_...
2.50
59
95c
Sept
19
Can Car & Foundry
7c
Hold Dev....*
Ashley
34
17c
*
...
Arntfleld Gold
Bankfleld
34
...1
Alberta Pac Grain pref. 100
Aldermac Copper
...»
Ainm
154
.*
1
Algoma Steel
1.20
164
100
—...
Ajax O & G
A P
Week
Price
50
Oct
Oct
184
84
B
Abitibi
6%
of Prices
Low
High
25
Aug
194
114
Eastern Steel..
for
Sale
Stocks-
Week's Range
June
64
*
*
East Malartlc
Friday
14
74
Duquesne Mines
Oct. 6, both inclusive, compiled from official sales lists
to
60
8,646
Aug
20
-
Dorval-Slscoe.
Exchange
224
1.25
154
Preferred
Toronto Stock
High
45
1.4(
Dominion Bank
80c
800
Low
74
184
19,536
164
"SO"
Breweries
Dome Mines
Oil-
Range Since Jan. 1, 1939
Shares
22
B
Cndn Bk of Commerce. 100
Mar
Sullivan Consolidated..
91c
:•
184
High
64
Preferred
Mar
Stadacona (new)
Low
7 4
B
42c
Week
Price
Canadian Bakeries pref. 100
Canadian
for
of Prices
*
Canadian Can A
Mines—
Perron
Par
Canada Steamships
Preferred
Jan
4
184
Walker-Good & Worts (H)*
$1 cum pref..........
Stocks (Continued)
Week's Range
Sale
64
1074 1074
Thrift Sts64% cm 1st pf2o
Last
Jan
105
Sales
Friday
25
10
Exchange
Jan
164
6
*
Toronto Stock
Mar
Apr
97
TORONTO
Jan
Mar
1.50
Oct
44
Sou Can Pow6%cm pref 100
Street
Sept
Aug
625
110
*
Reliance Grain Co...
154
105
Can6%cmlstpfl00
Quebec Tel & Pow A
5
4
Jordan
Sept
904
1.25
Canadian Commodity Exchange, Inc.
11
Sept
544
it'
(The Toronto Stock Exchange
Jan
40c
5
17
4
-
-
.
unlisted
and
Members] Winnipeg Grain Exchange
Oct
195
524
904
"i54
Page-Hersey Tubes.
*
Paton Mfg 7% cum pref 100
listed
F. J. CRAWFORD & CO.
Jan
Jan
550
18
Mitchell (Robt) Co Ltd..*
on
Mining and Industrial Securities
Jan
9
64
~Y".3a
Canadian
Sept
44
174
Melchers Distilleries pref 10
Power of
60c
60c
*
.
-
,
invited
High
Low
84
21
Frasers Cos voting trust..*
1
for
Shares
224
214
184
194
Intl Utilities Corp A
I Dtl Utilities B
M aasey-Harr iafi % cm pf 100
MoColl-Fron 6% cm pf.100
'
n
,•
Range Since Jan. 1,1939
Week
of Prices
Price
■
Sale 8
Last
Stocks
I
Inquiries
Friday
64
10
6 4
Oct
8
F
500
15c
Sepi
45c
Jai
2,831
3 4
Aug
20c
114
104
20c
12
174
12
Mai
Sep
Oc
The Commercial & Financial Chronicle
2218
Oct.
7, 1939
Canadian Markets—Listed and Unlisted
Toronto Stock
Sales
Par
(.Continued)
-.100
Intl Metal pre!
for
of Prices
Week
Price
Low
100
High
97
Shares
100
320
Low
Stocks (Concluded)
High
70
Apr
100
97
10
70
Apr
97
Oct
105
39
104
Feb
107
Aug
*
45H
47 H
10,146
42%
25%
24 H
25 H
60 H
Sept
27H
9H
Jan
Uchi Gold
Union
Aug
40
6H
55c
303
35c
Jan
Aug
Island Mountain..
„
__,50c
85c
85c
650
85c
Oct
1.26
Apr
1
40c
40c
500
50c
Sept
2 He
16Hc May
2c Sept
Jack Walte
2 He
1,100
2 He
2Hc
1,100
9H
1.70
9H
1.78
30
i
9H
1.78
1
1.10
1.15
1.20
Lake Shore...
l
34 H
Lake
*
34 H
3 H
*
25
25
Jacola Mines
—-.1
J. M. Consolidated .....A
..."
Kelvinator
Kerr-Addison...
..
Kirkland Lake
Sulphite
Lake of the Woods
6.20
C.20
Lamaque Gold Mines._
39
Landed Bank & Loan.. 100
Lapa-Cadlllac
.3
1
LebelOjo...
1
11
10H
75c
75c
19
23
47
47
96
96
2
Sepc
llHc
11c
12
Jan
Jan
Gas....
14H
50
Apr
2.14
Aug
14
14H
33
34 H
1.75
Mar
Waite
34 H
3H
360
H
Apr
139
13%
Apr
2,393
5.50
Feb
6.25
8
16c
10,100
11
660
75c
900
2c
2c
39
Oct
10c
5H
Jan
Sept
Sept
7.30
Jan
54 c
13 H
Jan
Mar
85c
Jan
2c
Sept
8Hc
Jan
500
Leitch
1
"70c
70c
70c
5,425
Little Long Lac
*
*
2.70
2.00
2.70
3,450
2.30
Sept
3.60
Jan
240
Apr
27 H
Aug
Mar
1.65
Jan
11
Apr
15
June
26
Sept
38
Feb
Feb
2%
Apr
5
3
Aug
7H
Oct
54c
3H
4
OH
7%
6,610
54c
54c
55e
1,700
55c
4.00
4.05
450
3.7o
Sept
5.80
JaD
»
5.90
5.80
6.00
3,410
5.00
Sept
8.25
Jan
41H
40
43
2,083
33 H
Sept
51H
18
19H
Sept
20 H
9 He
9Hc
2,141
1,000
16H
9'Hc
8c
Sept
15c
6H
425
2
Mar
7
Sept
25
15
Apr
50
Sept
Apr
Sept
96
Amulet
Walkers
Preferred
*
1
Wendigo
W Canada Flour pref..
Sept
Sept
3
Oct
Sept
3H
Western Canada Flour...*
Szpt
44c
July
65c
OH
Aug
59c
10
20c
*
—
Mar
56
Mar
2
280
Ventures
Sept
50 H
113
♦
1.47
25
Sept
25
U pper Canada
1.00
Sept
Sept
...1
pref
United Steel
Aug
9,813
31
Oct
47
21
3,025
1,558
34
»
...
75c
30
10
700
2
70c
71c
*
30c
2
*
United Fuel A pref
B
30c
1
Jan
Mar
June
95
13
96
2.30
Apr
41H
758
47
..........1
High
Low
1.25
300
50
Toronto Mortgage.
10,160
1,115
39
15c
—..A
Laura Secord (new)
Lava-Cap......
2c Sept
9
1.50
23
Twin City.
Jan
18H
7H
55c
.
_
Shares
50
Towagmac
Mar
70c
2,705
7H
......I
Intl Utilities A
Price
Par
Preferred....
Apr
Intl Utilities B
International Petroleum
Week
Toronto Elevator
97
46 H
for
of Prices
Low
High
Toburn
-100
pref.
Range Since Jan. 1, 1939
Week's Range
1.50
Oct
105
Inter na tional Nickel
Sales
Last
Sale
100
Preferred A
Intl Milling
Week's Range
Sale
Exchange
Friday
Range Since Jan. 1, 1939
Last
Stocks
Toronto Stock
Exchange
Friday
6
100
Westons
48
4.5
11
1
88
2 He
..100
11H
87
11H
*
Preferred
Wiltsey-Coghlin
Winnipeg Electric A
Winnipeg Electric B
85
2Hc
2%\
2%
2,829
150
910
9H
85
20
•
2C
1,500
Sept
Oct
Jan
Jan
Feb
Jan
12H
Aug
Jan
8HC
2H
Sept
Oct
1
Aug
1
Sept
2H
Oct
Sept
8.90
Mar
Sept
9c
Mar
*
*
2H
2H
.*
7.30
7.10
7.40
6,248
6.70
*
4Hc
4c
5c
5,500
3c
Sept
58c Sept
90c June
20 H
24 H
26
26 H
24 H
26 H
91
22 H
21
Apr
26H
...l
3.75
3.65
3.90
3,405
3.50
Sept
5.90
Jan
MacLeod Cockshutt.. ...1
1.65
1.52
1.65
6,550
1.30
Sept
3.20
28c
28c
30c
3,300
22c
Sept
55c
Jan
3,600
35c
Sept
2
Jan
...1
Wright Hargreaves
Loblaw A
B
Ymir Yankee
Bonds—
Macassa Mines
Madsen Red Lake
47c
50c
1 He
1HC
500
"oh
5%
6H
13,025
9H
...!
Malartic Gold
HH
7H
10H
8H
50c
Manitoba & Eastern..
Maple Leaf Milling..
Preferred...
.
■
*
8
'loo
54
Massey-Harris.
Preferred
McColl Frontenac
8H
90 H
15c
15Hc
48 H
49 H
V.'.t
McKenzie Red Lake..
McWatters Gold
...
i
..."
"
1.10
52c
Oils
...
'.25c
...1
82c
Morris-Klrkland
...
5c
Apr
10 H
Oct
5,071
2,108
2H
Apr
8H
Sept
Last
Week's Range
for
29H
Apr
Jan
Sale
of Prices
Low
High
Week
545
91
76
2,000
1,240
52c 55HC
4c
4c
7,950
5H June
82H
Feb
8c Sept
45
Sept
1.00
35c
Sept
Aug
60
9%
Oct
Par
Stocks-
24c
Jan
Mar
BruckSilk
May
Canada Vinegars..
75c
Jan
Canadian Marconi
7c
Jan
Coast Copper
Aug
2 05
Jan
Consolidated Paper
2Hc
2,000
2c
Sept
3c
Feb
Dalhousie
9 He
500
6c
Aug
12Hc
Jan
Dominion Bridge
*
82c
85c
5,560
65c Sept
1.45
Jan
Fraser voting trust..
*
Hamilton Bridge
*
645
35
5
155
4%c
5Hc
10,020
1 He
4,500
M
ar
May
4c
*0H
179
Aug
July
Sept
20C
Jan
lc Sept
2Hc
Jan
1.45
160
4
24 H
24 H
115
23
May
25
8H
9H
15
8
Sept
13 H
Aug
Sept
51 He
2c Septt
9c
Jan
1.80
Mar
6
60
6
63
68
H
2,895
39
Naybob Gold
1
10c
12c
*
3c
3c
7,600
1,500
8Ho
Newbec
..5
1.15
1.15
125
Mines
Noranda
•
10c
73
71H
73
2,274
%
Apr
1.05 Sept
69
Sept
6H
Jan
Aug
66
Jan
Sept
84
Jan
July
Norgold
1
2c
2c
2,000
2c
Sept
6c
Feb
Normetal
*
50c
50c
4,000
38c
Apr
95c
*
65c
70c
115
40c Sept
1.25
1
1.60
1.75
625
1.20 Sept
3.35
*
1.25
1.35
5,000
67c
Olga Gas...
*
2Hc
3c
42,000
lc
Omega
*
22c
22c
500
8H
60c
4 25
Sept
2H
Aug
9%
Sept
60c
1,300
25c
Sept
7.5c
42
43
43 H
952
22 H
100
23 H
8H
June
7c
14c
14c
2Hc
2 He
12
12
2.70
*
Ontario Silknit pref
18
29 H
3.10
14,520
4H
100
1
Rogers Majestic A.
*
Temiskaming Mining
1
Thayers 1st pref
Sept
23c
Jan
25 H
Sept
33
June
6H
26
10
500
Sept
Jan
3.95
Sept
695
Jan
15
7H June
1.01
Sept
3HC
lHc May
£
Sept
1H
May
4H
Oct
170
18H
Aug
22 H
Mar
190
10c
Feb
20c
1,500
4Hc
Sept
14 He
30
Mar
22
15c
5c
33
*
85
Jan
6c
21
"20c
15 H
13 He
20c
4
*
Stop <fc Shop.
4
*
Shawlnlgan
2.80
Oct
June
Aug
Sept
10c
1,400
18
29 H
Sept
22%
6c
500
29 H
100
Jan
45
Apr
10
60
11
7c
...11
Oils Selections
Sept
Apr
15,434
7
Mandy
Pawnee-Kirkland
1.85
75c June
.
1.50
8H
Mercury Mills pref
Sept
Mar
22 H
...I
Kirkland-Townsite...... 1
Jan
Okalta Oils.
925
325
H
Sept
33
10
Oct
Feb
Oct
33
Mar
O'Brien
1.55
2.40
5
14
2H
Sept
North Star
1.40
2.25
Oct
Aug
Aug
10
260
2.40
4
1H
100
4H
11
40
167
High
Low
35
11
11
1.00
3c May
Range Since Jan. 1, 1939
Shares
4
4H
11
885
1,000
20
National Grocers
Nipissing.......
4
*
Beath A
1.38
59
National Sewer Pipe A...*
National Steel Car
Price
Mar
94
Montreal Power.
Preferred
Sales
Friday
1.25
lc
I
July
Sept. 30 to Oct. 9, both inclusive, compiled from official sales lists
1.20
...1
Murphy
2H
39
.100
A
,9271
167
40
Moore Corp
.Oct
2,875
*
Moneta
Aug
6H
9Hc
4c
1.25
...
97 H
Sept
Exchange—Curb Section
2Hc
1.14
1.08
Toronto Stock
75c May
86
SI ,100
87
Apr
2c
*
Merland Oil
.
87
1
9%
*
...
Molntyre Mines
Monarch
55
"ioo
Preferred.
McDougall-Segur
Mining Corp
Minto Gold
52
♦
He Sept
*
Uchi Gold..........
1.27
3c
Jan
Utility Bonds
Closing bid and asked quotations, Friday, Oct. 6
Bid
200
1.50
5.00
Aug
6H
150
4H
Jan
7H
June
Abltlbl P A Pap ctfs 6s 1953
48
51
Gen Steel Wares 4 Hs. 1952
24c
25c
2,900
16c
Aug
52 He
Jan
Alberta Pac Grain 6s..1946
r94
96
Gt Lakes
Jan
Algoma Steel 5s...
1948 rl08
*
*
*
Porcupine
6Hc
6Hc
104
107
105
1
.
Penmaas
.
Gold
.
Photo Engravers
*
.1
j
Pioneer
1.76
lc
lHc
2,000
lc
Oct
"lie
30c
31c
12,600
29c
Sept
63
63
63
1.75
1.70
15
15
"4.10
650
45
63
Oct
1.40
110
r92
94
95
Mar
Jan
Calgary Power Co 6s_.l90O
7 He
Sept
20
1.55
Sept
Sept
5.60
2.70
Power
*
9H
25c
1,500
1.18
Apr
2.45
Jan
9H
10H
675
7H
Sept
12 H
Mar
22 c
1,200
17c
Apr
25c
1.10
Sept
2.40
Sept
12
July
1.30
200
1,330
26,135
Sept
1.75
Feb
.1
30c
30c
500
24c Sept
65c
Jan
Red Crest
*
2 He
2 He
7,000
2He Sept
9c
Jan
Reno Gold..
l
49c
50c
2,700
1.10
Jan
Sept
6 Ha
Riverside Silk
26
_*
Roche L L
..]
Royal Bank
Royal ite Oil
Russell Ind
"4Hc
100
100
*
26
4c
175
16"
60
5c
7,400
180
40
924
125
140
26
10
8t Anthony
1
8Hc
8 He
1,640
St Lawrence Corp
*
5H
10
50
100
1.70
16 H
1.65
•5H
16 H
1.73
3,600
6c
7c
20c
22c
3,000
San Antonio.......
]
Sand River Gold..
I
Senator-Rouyn
i
Shawkey
Sheep Creek
Stgman Mines. Quebec
Silverwoods
;
44 H
Simpsons A
Simpsons B
Feb
Aug
6H
8H
1.18
Apr
5c
Sept
Jar
17c Sept
18
83
85
Dom Steel A Coal 6 H s 1955 mo
112
Dom Tar A Chem 4Hs 1951
2.03
Aug
Mar
51c
3c
500
1.36
25,441
75o
Sept
2.00
6.25
6.40
1,380
7.70
4 H
4H
5H
5H
2c
1,100
92c
Sept
Jan
75
r91
93
4-5s series A
1965
50
55
98
4-08 series B
196(
30
35
7-84
85
195fl
Oct
that
113
3
Mar
5H
Oct
117
78
Apr
95H
Aug
1.65
Jan
25c
30c
Sept
80c
7 He
9c
4,750
59,000
23c
8c
2 He
Sept
13c
35 He
42c
69,700
25c
Sept
1.03
Standard Chemical
*
Standard Paving
Steel of Canada
*
81
Sturgeon River
Sudbury Basin
Oct
Apr
89
Sept
260
65
three
Jan
Mar
The
first
three
bushels
more
85
Sept
Mar
4
Oct
higher
11c
Jan
record for
on
since
1932,
but
500
9c
Sept
24 He
Jan
and
year
compares
estimates
that
the
wheat
wheat
bushels,
with
released
production
which
a
is
ten-year
subsequent
production
will
the
average
to
be
of
96,000,000
the
of
first
substantially
223,789,000 bushels
3
In
422,000,000 bushels.
Production of oats
and barley at 77,623,000 bushels.
than
Quebec
Province
615
1 70
Sept
3.00
Jan
58c
Aug
1.01
Jan
yields well above
203
Jan
ally
Jan
inces
2.85
2.85
2.90
1,750
11H
11H
170
4,439
1,850
50
I
places
442,000,000
Private
indicate
estimate
1,300
14
heaviest
the
and
at
last
than
bushels.
287,852,000
official
82c
13 H
of
Canada
to
generous
the bank does the estimate still stand
estimate
Provinces
Sept
11H
*
Bank
the
season,
been
will be the fifth largest
crop
Government
Prairie
2%
1 J)0
other
threshing returns show the grain to be of high grade and
The report, issued Oct. 5, went on to sav:
2.10
3.90
all
excellent quality.
2.00
1.00
the
nature has
Provinces
2 He
'
Feb
70c
5
3.80
says
the wheat
80 He
3.85
that
Not only
good.
2H
1
for
report
crop
12,000
4
3Hc
10Hc 10Hc
Canada,
Best Since 1932, Says Bank of
Jan
66 H
3.50
final
2.05
Texas-Canadian
Tip Top Tailors
10 H
Wheat Crop
80Hc
Sullivan...
Supersllk A..
Sylvan ite Gold
Tamblyn com
Teck Hughes
10Hc
Jan
Jan
Feb
65
81H
2Hc
l
3
Oct
430
80
4
its
these
4H
42c
25
in
Market
harvesting returns revealing good corps of all the
Feb
Sept
100
r
staples in all the Provinces of the Dominion.
The grain
crops in the Prairie Provinces are proving to be particularly
6
50
Nominal,
n
this year,
12
80c
price,
states
Sept
*
Preferred.
Jan
Sept
Aug
In
9H
10
/ Flat
Montreal
180
85
value.
Montreal
12
80c
Straw Lake Beach
Aug
1.25 June
__i
Sterling Coal..
par
Canadian
Apr
3,060
70c
No
July
91c
10
*
Winnipeg Elec—
quotations are U. S. A. prices.
Sept
83 H
100
r73
3H
90c
84
106
r98
r95
1.50
l
"75c
93
88
rl04
1950
.1949
Gatineau Power 3H0-19bH
-
5 20
83 X
29c
86
4Hs.. 1951
4s
90
100
1
4%c
Stadacona
Lake
-.1966
4Hsserle8 B
Union Gas 4Hs
Federal Grain 6s
165
86
1962
82
Smith H Pa Mills 4 He '51
98
Donnacona Paper Go—
6
5H
r96
Hs '63
Sept
17c
1.14
i!'A
95
48
Sept
3c
*
r92
.
Oct
15Hc
1.24
*
95
Quebec Power 4s
Saguenay Power—
.
Jan
125
1.10
*
Silverwoods pref
Sladen Malartic
Jan
Jan
Mar
Sept
6.25
l
Slscoe Gold
Sept
71
llHc
192
1.32
]
50c
Sherrltt-Gordon
Simpsons pref
Sept
56c May
28
May
6 He
2
2,750
16c
A
Mar
22H Apr
3 He Sept
39
41
125
20c
r93
Massey-Harris 4 Hs.
Minn & Ont Pap 6s
44
ex-stock
1961
Dom Gas A Elec OHb.1945
Famous Players
50c
78
Price Brothers 1st 5a.. 1957
r72
Consol Pap Corp—
12 H
1.39
Quebec Mining
7
Power Corp. of Can 4 Hs'69
Canadian Vlckers Co 6s '47
2.10
5
N Scotia Stl & Coal 3
75
82
Jan
3.35
420
1.30
1
85
Jan
1,935
10 H
1.32
*
E Dome
98
101
1*30
1
Preston
r95
7-99
4.10
93
36
McColl-Front Oil 4Hs 1949
Canadian Canners 4s .1951
Canadian Inter Pap 6s 1949
1.60
78
34
98
2.20
r70
r91
100
r9 5
1.52
88
2Hs to '38-6Hs to *49—
1954
r98
Canada SS Lines 5s...1957
T37
Premier..
Pressed Metals
100
-
1945
Canada Cement 4Hs_1951
July
4.00
-
-
Maple Leaf Milling—
90
Jan
15
_
7-86
-.1961
5Hs
42 H
41H
Oct
2.03
65
Lake St John Pr A Pap Co
r 93
61c
63
96
55
Int Pr & Pap of Nfld 5s '68
Beauharnois it Corp 6s '78
Jan
Sept
T94
Pap Co 1st 6s '65
British Col Pow 4H8.1960
Brown Co 1st 6H8.
-_l94t
Sept
4.75
21 He
1
Prairie Royalties
35
•
12c
107
2.10
Powell Rou
Corp..
2,120
1.75
1
Gold
Apr
1.71
*
Pickle Crow
Aug
Sept
94
1.76
..1
Cons..
3c
1.65
1,500
281
Jan
Ask
Bid
ASk
3H
OH
Parnour
Jan
Jan
3H
Page-Hereey...
Paulore
1.35
Aug
*
Pacalta Oils
Slave
75c
430
1.0r
Industrial and Public
Oct
53c
1.00
*
Preferred
Oro-Plata
Perron
1.73
V.fF
..."
.*
Orange Crush
Paymaster
Aug
July
20c Aug
Walkerville Brew
4
2H
Sept
2.70
Sept
3.55
10
Aug
12H June
3.75
Sept
4.70
JaD
60c
Aug
1.30
Jan
8H May
14H
Sept
are
better
good
grains,
British
and
hay,
Columbia
than
a
the
the
harvest
average
some
in
particularly
potatoes
and
generally
roots
year
ago.
bountiful,
In Ontario
abundant.
other
yields have been satisfactory
been
has
most districts.
estimated
is
In
are
and
the
with
gener¬
Maritime
reported
on
crops
the
average.
whole
at
Prov¬
In
slightly
Volume
The Commercial & Financial Chronicle
149
Quotations
New York
Bid
Over-the-Counter Securities—Friday Oct. 6
on
New York Bank Stocks
City Bonds
Bid
Ask
a2Ks July 15 1969
90
91 K
a4Ks Mar
1 1964.....
a3s
93 K
95
a4Ks Apr
1 1966
93 K
95
04Ks Apr 15 1972
fl3s
Jan
1 1977
1 1979
Feb
o3 Kb July
.
1 i960
...
a3
Ha Jan 15 1976
a4a
May 1 1957
75
35K
111
1 1977
a4Ks Nov
15
a4Ks Mar
11981—
a4
1 1957
Ks May
*78
113
104M 106K
o4Ks Nov
1 1957
May 1 1959
105
a4 Ks Mar
1 1963
■>
May 1 1977
a4Ks June 1 1965
04a
Oct
106 K 108 K
107
109
o4 Ks July
108 K 110K
108 K 110K
04 Ks Dec 15 1971
1 1980...
1 1960
1 1962
a4Ks Dee
—
-
—
-
-
—
1 1967
—
-
...
1 1979
13.55
—
less
1
less
1
116
128
_
»
.
.
....
128
Bid
1925
Sterling Nat Bank A Tr 25
23
25
Trade Bank A Trust. 12K
17
20
New York Trust
York
100
10
7
100
Gen A ref 4s Mar 1 1975.
104
Gen A ref 2d
105
3Kb '65
Bid
440
58 K
103
50 K
52 K
50
32
42
25
UK
105 K
Colonial Trust
Canal Imp 4s JAJ '60 to '67
121
Continental Bank A Tr.10
9K
13K
Corn Exch Bk A Tr
58K
59K
13
14
Authority Bonds
I
MAS
Par
51.50
Title Guarantee A Tr_ -20
107
-
Aetna
Life
97 K
1977
98 K
99K 100K
Par
Bid
ASk
.10
2K
19K
66K
21
43
45 K
10K
UK
46 K
Home lire Security
Homestead Fire.
28K
30
ins Co of North Amer...10
70 K
-25
..10
1942-1960
105
.
.
.
MAS
22
74K
23K
Jersey Insurance of N Y...
Knickerbocker
5
American Equitable— —.5
American Home
—10
22 K
23 K
Lincoln Fire
6K
8K
American of Newark.. -2K
Inland Terminal 4Kb ser D
1940-1941
MAS
12K
14
42 K
10
24 K
46 K
Agricultural
American Alliance
51.80
105
.
American Reserve
American
United States Insular Bonds
Bid
Ask
U 8 Panama 3s June 1 1961
119
Ask
123
4KB Oct
1959
104
108
4Ks July
1952
104
107
58
Apr
1955
100
103
4Kb July 1952
112
Feb
1952
108
112
5s
104K 107K
58
5 Kb Aug
1941
Govt of Puerto Rico—
116
105K 107
113
109
Baltimore American- -2K
I
to
I
32 K
597
Maryland Casualty
l
Mass Bonding A Ins. .12 K
2K
3K
58 K
44 K
Merch Fire Assur
45
60 K
49
26
Merob A Mfrs Fire New'k 5
7K
8K
48K
34K
Merchants (Provldenoe)..5
3
4K
National Casualty......10
National Fire
10
24
26
59 K
61K
8K
National Liberty....
National Union Fire
City of New York
22 K
New Amsterdam Cas
12K
14
26 K
23 K
28 K
New Brunswick
10
33 H
35 K
24 K
10
43 K
45 K
6K
New Hampshire Fire
New York Fire
16K
17K
4K
,10
.
—5
Connecticut Gen Life. -.10
24
7K
25K
Continental Casualty.
.6
31
33 K
Northern
Northwestern
—
-2K
Eagle Fire
IK
45
8
..10
43
Ask
Bid
101K 102
3Ks 1955 opt 1945. -MAN
38 1956 opt 1946
JAJ
4s 1946 opt 1944... —JAJ
3s 1956 OPt 1946
MAN
101K 102
101K 102
Ask
44 K
123
102 K 103K
107 K 108 K
North
9K
Federal
Fire Assn of Phila—. —10
62 K
Fireman's Fd of San Fr.25
90-
Firemen's of Newark. ...6
Franklin Fire
—
6
2
..5
Northeastern
2K
47
.5
Fidelity A Dep of Md. -20
Bid
20
20 M
Employers Re-Insurance 10
JAJ
8K
9K
122 K 128
5
...
Excess
3s 1955 opt 1945
2
—10
Fire
Carolina
City Title
Federal Land Bank Bonds
5
com
100 K
607
106K
Conversion 3s 1947
River..
101 k 105 K
26
27 K
..2.50
National.25
Pacific Fire.
120K 125K
123K 127K
25
Phoenix..
128
3K
5
12.50
10
Preferred
Accident
15
80 K
17 K
31 K
33 K
76 K
.5
Pro vldenoe-Washington .10
64K
92
10K
Reinsurance Corp (N
31
33
Republic (Texas)
10
24K
9K
25K
44 K
24 K
Revere
10
25 K
26 K
9K
8
Y).2
-10
42 K
22 K
5
3
Gibraltar Fire A Marine. 10
25K
27 K
St Paul Fire A Marine. 62 K
221
Glens Falls Fire
—5
38 K
40 K
Seaboard Fire A MarInc.. 6
Globe A Republic
—6
12K
13K
Seaboard
Globe A Rutgers Fire.
—
General Reinsurance Corp 5
Georgia Home..
Joint Stock Land
Bid
Burlington 5s
Ask
26
/22K
4KB
Bid
Lincoln 4Kb
/23
/23
Central Illinois 5s
Bank Bonds
23K
86
6s
26
87
Ask
88
4 Ks and
5s
89
/3K
7
Dallas 3s
4K
/3 K
5KB—
4K
99
90
100
New Orleans 5b
97 K
100
97 K 100
5Ks
Montgomery 4Kb.—
North Carolina 3s
101
98
Denver 3s
88
98
New York 5s
Chicago
100
98
98
Ohio-Pennsylvania 5s
First Carolln&s 5s.
96
First Texas of Houston 6s.
100
Oregon-Washington 5s
/40
Pacific Coast of Portland 5s
98'
4KB
Phoenix
100
99 100 K
4Ks
Fletcher
99
Chicago—
98 K 100 K
76
3Ks
Fremont 4Kb
.
.
5s
77
5Ks
78
«
'
...
—
98
95
97
Lafayette 5s
98
100
98
100
4Kb
98
Southern Minnesota 5a
/13
5s
Security New Haven
67
115
27 K
29
Springfield Fire A Mar..26
Stuyvesant
5
.—6
3
4
—
1
9K
12
Sun Life Assurance
100
290
340
-10
15K
17
Travelers
100
410
420
—10
27 K
29
—10
21K
81
U S Fidelity A Guar Co..2
U S Fire..
4
20
78
52 K
Hartford Ste&mboller. -10
54 K
56 H
U 8 Guarantee
61
54 K
63
5
33 K
35 K
Westohester
34 K
36 K
Hanover
.
Hartford Fire
Home
10
Fire
2.50
Surety Guaranteed Mortgage Bonds and Debentures
23 K
Bid
...
13K
Ask
Bid
f52
Associated Mtge Cos Inc—
Debenture 3-6s
1953
Cont'l Inv Bd Corp 2-52 '63
Cont'l Inv DebCorp3-6s *63
100
Empire Properties Corp—
100
1954
82
1954
95
Potomac Bond
Corp (all
1953
80
Potomac Cons Deb Corp—
3-6s
1953
51
54
50
52
Issues)
84
66
2-5s
1945
62
Potomac Deb Corp 3-6s '63
Interstate Deb Corp 2-5s'65
49
1953
Inc 2-58....
Joint Stock Land Bank Stocks
100
Atlanta
65
Atlantic
Denver
Des
North
46
130
40.
Moines
12
100
70
98
ture
22
27
...
40
1
2K
—100
4
Potomac
100
100
110
100
73
series B A C
—
Virginia...
7
Fremont-
/22
D
.5
Virginia-Carolina.
100
IK
1% due
1% due
Oct. 16 1939'ft.50%
Nov
1 19301ft .60%
Dec
1 1939 6.65%
Jan
2 1940 ft .70%
Feb
1 1940 5.70%
•
Bid
Ask
Par
t
i
i
i
»
•
i
i
•
i
»
i
i
1% due
1% due
1% due
1% due
Mar
Apr
June
July
K% due
Aug
1 1940 6 .70%
1 1940 6.75%
1 1940 6.75%
1 1940 ft 80%
1 1940 ft .85%
/G Foods Inc common *
Bo hack (H C) common... *
1
Ask
American National Bank
A Trust
....100
First
Trust... .33
215
205
National..—.
—
100
73
228
K
75 K
233
48
m
-
m
m
50
Ask
289
23.
533
548
8AN
100
8K% preferred
Diamond Shoe pre!
Bk of Amer N T A S A 12
K
35 K
37K
50
2
5
18
22
Ill
Reeves (Daniel) pref
9
6
100
99
United Clgar-Wbelan Stores
UK
H) 6% pref
No par value,
price,
dlvldend.
a
Interchangeable,
quotation,
Ex-ilquldatlng dividend.
n
Nominal
t Now
listed
on
New
York Stock
A
*
$5 preferred
12K
ft Basis price,
to I When
Exchange.
t Now selling on New York Curb Exchange.
FRANCISCO—
65
Miller (I) Sons common..5
299
Northern Trust Co
100
Ask
3
2H
107
7% preferred...
IK
IK
Bid
Ko backer Stores—
8K
1 1
Harris Trust A Savings. 100
1-3
.4
Par
Ask
6K
100
Flshman (M H) Co Inc..*
1
1
Continental Illinois Natl
Bank A
60
Unified Deben Corp 6s 1955
1
1 (1 tl ft
•
Bid
Bid
20
/Flat
Bid
....
51
100
,% preferred..
Chicago & San Francisco Banks
Pa.
*
Borland Shoe Stores
Kress (S
Par
51
Realty Bond A Mortgage
deb 3-6s1953
....
Chain Store Stocks
Ask
•
80
2
B
1% due
1% due
1% due
88
1953
.1953
95
Federal Intermediate Credit Bank Debentures
Bid
Deb Corp 3-6s
/22
77
series A A
Nat Cons Bd Corp 2-5s '63
Nat Deben Corp 3-6s.l953
6
First Carollnas...
45
Corp 3-6s
Potomac Realty Atlantic
Central Funding
80
...100
Pennsylvania
100
Lincoln
Carolina
8
Ask
San Antonio
40
120
Dallas
Bid
100
New York
75
55
Potomac Maryland Deben¬
Par
Ask
1953
3 6s...
Nat Bondholders part ctfs
Bid
.
Potomac Franklin Deb Co
2-3S-.
Mortgage Bond Co of Md
Par
.
58 K
85
100
Series A 3-6s
Series B 2-5s
56 K
Ask
Nat Union Mtge Corp—
m
Arundel Deb Corp 3-6s '53
98
3s
34K
31K
118
Halifax
98
Virginian
29 K
Great American
08
6s
8K
Great Amer Indemnity
83
Union of Detroit 4 Kb
32 K
10
10
22
104
100
Iowa of Sioux City 4Kb.—
...
/22K
San Antonio 3s
Surety
19K
64
15
4K
227
6K
-15
preferred--
Arundel Bond Corp 2-5s '53
4K and 5s
Southwest
Illinois Midwest 6s
100
102
St Louis
Rhode Island
43
98
101
4Ks
5s
2d
(Paul) Fire
100
97 K 100
First Trust of
3K
67.K
2K
2K
6K
97
5
106
U S conversion 3s 1946
Hawaii 4Ks Oct 1966
..10
Bankers A Shippers...
Boston
Camden
July 1948 opt 1243.
—
Surety
Automobile
Bid
Philippine Government—
10
..
4K
90
1650
Companies
Aik
109
American Re-Insurance.10
Gen Are! 3Kb
George Washington Bridge
4Kb ser B 1940-53.MAN
80
.100 16d0
44K
106
41
3K
.100
United States
—10
Aetna
100 K 101K
Bid
39
53 K
51K
114K 117K
-
—10
Aetna Cas A Surety- -10
32
15
nsurance
Ask
14
1640
29
—
New York-
Underwriters
..10
13
-25
Manufacturers
111
1942-1960...
_
.100 1600*
Preferred
121
HoUand Tunnel 4Kb ser E
1940-1941
MAS
-.10
County
106
Chemical Bank A Trust. 10
20
Ask
210
292
Kings
5K
82
Lawyers
20
Bid
195
287
.100
Guaranty.-Irving
#
—-
Improvement—
Par
Fulton.....
60 K
4K
77
Companies
Ask
450
Clinton Trust
&2.00
Bid
Port of New York—
ser
105
4s Mar A Sept 1958 to *67
Ask
■■
115
100
Empire
Port of New York
52
33 K
;/"■
First National of N Y..100 1885
Central Hanover
4Kb April 1940 to 1949—
45
31K
25
'
Merchants Bank
Ask
....
126
Gen A ref 3d ser 3 Kb '76
Gen A ref 4th ser 3s 1976
■15K
Barge CT 4Kb Jan 1 1945.
ft2.90
Highway Imp 4Kb Sept '63
Canal Imp 4Kb Jan 1964..
Can A High Imp 4Kb 1965
13K
Exchange———10
Peoples National
60
Public National
118
World War Bonus—
Highway
14 K
Penn
760
113K 115
11-3 K 115K
1UH 116K
Bid
ft2.50
12K
174
...100
Bronx County
Brooklyn
Ask
ft2.6G
National Safety Bank.l2K
City
112K 114K
New York State Bonds
Canal A Highway—
5s Jan A Mar 1964 to '71
31M
100
730
Avenue
Bankers
38 1974.
29 K
Commercial National.. 100
Par
3s 1981
44
._12K
37 K
ISO
Bank of New
Bid
'
Ask
40
N atlonal
Fifth
115
110K 112K
11GK 112K
NOV
107
Chase
Bid
National Bronx Bank...50
19K
111K 113K
-
a4a
1 1958
113
111K 113K
«4Ks Jan
o4s
a4Ks Mar
Bensonhurst National...50
Par
Ask
40
fl4Ks Feb 15 1976
o4b
04 Kb Sept
18
Bank of Yorktown_.66 2-3
HOK 112K
HOK 112K
101K
Bid
Bank of Manhattan Co. 10
a4Ks June 1 1974
99K 101K
99 K 101K
104K 106 K
Par
109 K 111
109 K 11134
100
.
o3 Ks May 1 1954
03 Ks Nov 1 1954
a3Ks Mar
Ask
95 K
97 K
100
101K
...
1 1975
2219
Quotation not furnished by sponsor or
Issuer.
d Coupon.
Issued,
w-s
€
19
21
Ex-payment.
With stock.
lEx-
The Commercial &
2220
Financial Chronicle
Oct.
7,
1939
6—Continued
Quotations on Over-the-Counter Securities—Friday Oct.
Railroad Bonds
Guaranteed Railroad Stocks
Akron
6s-
3o$epb Walkers Sons
Mtntktrt Afrw
.
1945
1945
and
Canton
r
5*8
Youngstown
.
4*s
Cambria A Clearfield 4s—.....———-i—
NEW YORK
2-6600
STOCKS
Chicago Indiana A Southern 4s
.Since1855,
\
i
;
Chicago St. Louis A New Orleans 5s
*
Chicago Stock Yards 5s
Cleveland Terminal A Valley 4s
Guaranteed Railroad Stocks
_
58*
59*
1943
Boston A Maine 5s
GUARANTEED
35
100
77
81
—-.1940
1944
—1955
1956
1951
1961
1995
1951
1960
60
Baltimore A Ohio 4*8
Boston A Albany 4*8
Tel. RE ctor
34
/32
1939
1939
Atlantic Coast Line 4s
York Stock Exc bongo
Dealers in
120 Broadway
A iked
Bid
/32
Connecting Railway of Philadelphia 4s
Cuba RR. Improvement A equipment 5s_
70
38-
100
98*
64
•
-
-
-
81
77
101
57*
55*
105
37
36
(Guarantor In Parentheses)
1945
.—.--1946
1963
65
Florida Southern 4s
Hoboken Ferry 5s.————
Dividend
Illinois
Ailed
Bid
Par in Dollars
Central—Loulsyllie Dlv. A Terminal 3*8
7H-
74
0.00
(Illinois Central)
-100
A Hudson)
100
Allegheny A Western (Buff Roch A Pitts)
__-__100
Beech Creek (New York Central)
50
Boston A Albany (New York Central)
100
Boston A Providence (New Haven)
100
Canada Southern (New York Central)
---100
Carolina Cllnehfleld A Ohio com (L A N-A C10—--100
Cleve Clnn Chicago A St Louis pref (N Y Central)-.100
Cleveland A Pittsburgh (Pennsylvania)
50
Betterment stock.—
50
Delaware (Pennsylvania)
25
Fort Wayne A Jackson pref (N Y Central)
---100
Georgia RR A Banking (L A N-A C L)...
100
Lackawanna RR of N J (Del Lack A Western)
100
Michigan Central (New York Central)
100
Morris A Essex (Del Lack A Western)..
60
New York Lackawanna A Western (D L A W)
100
Northern Central (Pennsylvania)
50
Oswego A Syracuse (Del Lack A Western)
50
Pittsburgh Bessemer A Lake Erie (U S Steel)
.50
Preferred
50
Pittsburgh Fort Wayne A Chicago (Penn.) pref
100
Pgh Ygtn A Ashtabula pref (Penn)
100
Rensselaer A Saratoga (Delaware A Hudson)
100
St Louis Bridge 1st pref (Terminal RR)
100
Second preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR A Canal (Pennsylvania)
100
Utica Chenango A Susquehanna (D L A W)
100
Valley (Delaware Lackawanna A Western)
100
Vlcksburg Shreveport A Pacific (Illinois Central)—100
Preferred
100
72
08
6.00
New
2.00
28
30*
New
York A Harlem 3*8..
87*
90*
New
York Philadelphia A
8.50
18
23
3.00
40*
44
6.00
81*
84
6.00
05
70
3.50
41
3.875
33*
35*
00
63*
4.00
82
85
4.50
37*
41
1.50
41
44
82
76
7.00
158*
163*
7.00
140
146
0.04
73
3.00
62
132
10.00
228
232*
Par
53*
57
5.00
03
67
5.00
61
65
6.00
64*
69*
Warren RR of N J (Del Lack A
50
3.50
26*
29*
50
3.00
50
53*
Ail
New Orleans Tex & Mex—
2.00
Baltimore A Ohio 4*8
64.50
3.50
Maine 4*8
64.75
3.50
New York Central 4*8
64.75
3.50
New York
1930-1944—.
64.50
3.50
Canadian National 4*8..
65.50
4.50
Hartford
65.50
4.50
5a
Canadian Pacific 4*s
65.25
4.25
Cent RR New Jersey 4*s.
64.50
3.50
Boston
A
6s
3*s Dec 1
64.50
Chicago
—
3.50
63.25
4*S
2.25
A
3.25
64.75
4.00
64.75
4.00
Northern Pacific 4*s
62.50
1.25
Pennsylvania RR 4*s_—.
62.50
1.50
4*s
New York New Haven A
5s
Chesapeake A Ohio—
2.25
63.00
4Hs.. -----
_
4e series E due
2.00
2.25
64.00
2.50
Reading Co 4*s.
Chicago R I A Pacific—
Trustees' ctfs 3*8
4.50
65.25
63.25
63.00
2.25
3.50
65.25
5s
63.00
Pere Marquette 4*s
64.50
Chicago A Nor West 4*8.
Chic Milw A St Paul 4*s.
4.50
Jan
A
July 1937-49
2*b series G non-call
Dec 1 1937-50
97
96
64.75
64.75
4.00
Erie RR 4*s
64.75
4.00
Great Northern 4*8.
62.00
1.00
Hocking Valley 6s
Illinois Central 4*s
62.25
1.25
63.50
2.20
5s
-
St Louis-San Francisco—
64.50
3.50
4*8
64.50
3.50
64.00
3.00
Southern Pacific 4*8
64.75
64.00
2.00
Texas Pacific 4s.
63.25
2.00
63.25
2.00
68
3 00
62.50
1.50
62.50
1.50
64.00
3.00
Maine Central 6s
64.50
3.50
Missouri Pacific 4*8.
64.25
3.50
Western Maryland 4*3—_
63.50
2.50
64.25
3.50
Western Pacific 6a
64.75
4.00
6s
6s
New Haven Clock-
Preferred 0*%
Norwich Pharmacal
24
25*
Ohio Match Co
♦
9*
21*
23*
12*
61
66*
Pan Amer Match Corp..25
Pathe Film 7% pref
•
100*
30
Pepsi-Cola Co
179
100
pref
25
Hardware
Products...*
Maize
100
National Corp...*
Atl
100.6
way
13*
A.*
*
99.28 100
Aug 1 1941
104
»
common
1
Chilton Co
Deo
2s
Apr
Federal
Natl.
100*
11943
100*
3*s revenue
1944 6
2.40
less 1
1949 6
3.00
less 1
Corp—
*% notes July 20 1941
*%
.Nov 1 1941
100.9
100.12
100.5
100.8
*%
2s May 16 1943—
99*
100.1
100.5
Jan 15 1942
1*8 Jan 3 1944—
98
98*
4s a f revenue '77. A AO
1.80
less
May 16
1940
100.2
100.6
*s
May 16
1941
100
100.4
1*% notes Feb 1 1944
Eastern Sugar Assoc
Preferred
1
1
100
Safety Car Htg & Ltg.._50
3
Scovni
com...
68
3*
Manufacturing..ztj
136
Singer Mfg Ltd
3*
5
71*
34
Singer Manufacturing..100
35*
140
3
2
8*
9*
3*
4*
28*
30*
Standard Screw.
20
43*
46*
Stanley Works fnc
9*
25
44*
46*
57
60*
Stromberg-Carison Tel Mfg
Sylvanla Indus Corp
•
4*
18*
20*
22
26
Taylor Wharton Iron A
*
1*
13
*
Steel common
3
prior pref
•
Eng A Airpl—1
*
Shops
30
♦
Foundation Co For shs—.*
Fohs Oil Co
4*
78*
Draper Corp..
Preferred
•
*
3*
•
5*
18
•
Triumph Explosives
2
Tublze Chatllloncum pf.10
83
3*
6*
10*
7*
8*
Veeder-Root Inc
*
1 *
•
2*
46*
3*
48*
14*
15*
com*
1
21*
23
3*
6*
8*
$3
4*
*
conv
*
com
preferred
*
Welch Grape Juice com..5
7%
preferred
100
West Va Pulp A Pap com.*
Preferred
100
West Dairies Inc
S3
cum
com v
% c 1
preferred..
Wilcox A Glbbs
6
11
12*
WJR The Goodwill Sta
1*
2*
Clark..26
26
7%
»
preferred
10'
40
21
9*
9*
27
'■
3*
25
4*
28
28
15*
Amer Writ Paper 6s..1901
/53
17*
Brown Co 6*sser A—1946
m *
55*
43*
Carrier Corp4*s
75*
97*
/54 *
56*
1948
*
2
13
14
Crown Cork A Seal 4*8 '48
47*
49
Deep Rock Oil 7s
Haytian Corp 8s
2
3*
1937
/29
31 *
/73*
/34*
75*
1940
/23
24*
McKesson A Rob 5*s 1950
41*
Minn A Ont
2*
53 conv preferred
*
Merck Co Inc common..1
15*
16*
35*
37*
Nat
3
115
-
100
14*
110
16
5s.
29
37
31
"
1952
Mfg 6*8
Union Oil of Cal 3s
41
43*
116* 118
iu4f>
Scott Paper 3*s
Scovlll
Mock Judson A Voehringer
Pap 6s
Radiator
78
98*
1945
1938
21*
40*
100
1*
Bonds—
10*
1
100
97
1
24*
•
Preferred
94
"
20
7*
1(X
16*
18
f
Worcester Salt
*
*
9
$5 preferred
IOC
Mactadden Pub common.*
1
42
14*
108*
50
com
32*1 York Ice Machinery
30
1
*
*
1*
53
8*
wick wire
45*
Ley (Fred T) A Co
4*
5*
51
19*
41
43
Interstate Bakeries com...
*
4
*
55
CO oc
Paper..26
Harrlsburg Steel Corp
32*
86*
*
Spencer Steel. .♦
50
Great Lakes SS Co com..*
100
3*
80
Warren (Northam)—
•
Extinguisher...*
Graton A Knight com
30*
United Piece Dye Works.*
Preferred
5*
8*
10*
2*
3*
149* 154
United Artists Theat com.*
23
Garlock Packing com
shares
•
Tennessee Products
Time Inc
Trlco Products Corp
Douglas (W L) Shoe—
108*
1959
98*
..1902
99*
104*
Woodward Iroa—
2d conv Income 5s-.1902
(N J) com.*
100
Ask
84*
89*
Mtn States Tel A Tel..100
New York Mutual Tel. 100
114
117*
Bell Telepof
Canada...100
Pa pref... 100
Teleph 6% prf
100
135
121* 123*
Emp A Bay State Tel—100
Franklin Telegraph
100
45
Preferred
Ask
Savannah Sug
1
33*
35*
West Indies Sugar Corp..1
8*
9'1/#
Ref coih
Cuban
Allied Corp—
$6 preferred
*
Int Ocean Telegraph... 100
For footnotes see page 2219.
*
par
Bid
Bell Telep of
Bid
Par
128
133
Telephone and Telegraph Stocks
48
25
54
Pac A Atl Telegraph
Peninsular Telep com
,
65
102*
—
Bid
126
Ask
130
15
14*
16*
29
31
28*
♦
29*
Telephone—
56.50 1st pref
So A Atl Telegraph
100
26
Preferred A
Rochester
...
Gen Telep
6*
6*
41*
28*
100.4
15*
29*1
5*
Remington Arms
39
Am Dlst Teleg
|
14
♦
6*
37*
'
12*
14*
28*
14*
1
Sugar Stocks
Cuban Atlantic Sugar—7*
13*
Manufacturing
1
Par
Atl
*
Pollak
25*
U S Housing Authority—
Bid
4*
Exploration
less 1
*s
Par
1
108
3.60
50 c
2*
3*
34*
0% preferred
188"
25c
Petroleum Heat A Power.*
1st 6s
106*
4s Berlal revenue..1968 6
Loan Corp
*
Conversion...1
11
13*
Skenandoa Rayon Corp..*
Muskegon Piston Ring.2*
4s serial revenue..1942 6
Home Owners
mm.
Domestic Finance cum pf_»
7% preferred
100*
Triborough Bridge—
Call Jan 3 '40 at 102.
^
Dixon (Jos) Crucible...100
Corp
18*
Solar Aircraft
10
Dictaphone Corp
Good Humor
60
17
20
7*
8
Gen Machinery Corp
50
18
6% preferred
Fire
100
2*
5*
*
Dennlson Mfg class A
American
34*
McKesson A Robblns..—5
Reconstruction Finance
101*
100*
Mtge Assn
Call Novl0'39 at 101
'
56
2*
Dentist's Supply com
10
Devoe A Raynolds B com *
Bake
24
32*
*
$1 cum preferred
Crowell-Collier Pub
Marlln Rockwell Corp
1940
2*
53
10
common
..
Fed'l Home Loan Banks
2s
2*
5*
5*
$ 1.25 preferred....... 10
Burdlnes inc
4*
20*
•
Pilgrim
.5
Cessna Aircraft
*
100
preferred
Petroleum
16
■
Botany Worsted Mills-
Long Bell Lumber
102
Authority 3 *s '68
3*s revenue
*%
25
Metal Construction.10
Landers Frary A
New York City Park¬
100.2
* % notes Nov 2 1939-
102
95
cum
Lawrence Portl Cement 100
Commodity Credit Corp
30
97
42*
8%
$5 preferred
As*
25
91
*
American Hard Rubber—
King Seeley Corp com—.1
Bid
Ask
Bid
*
*
Casket
Preferred
40
American Enka Corp
Great Northern
Miscellaneous Bonds
'
60*
•
10
5% conv pref
Klldun Mining Corp
Bid
Nationa1
5%
Preferred
Virginia Ry 4*s.
59*
Nat Paper A Type com
Gen
4.00
Long Island 4*8.
1.50
63.50
4*8
Internat Great Nor 4*8.
63.00
Southern Ry 4*8
-
47
45
New Britain Machine
Federal
4s
-
67
12*
Faircblld
St Louis Southwestern 6s..
-
80
15*
Conv
4.00
Denver A R G West 4*8..
■
74
65
12*
Columbia Baking com...*
4*8
101
Par
4*
3*
Chic Burl A Qulnoy.—100
64.25
St. Louis
108
99
104
13*
Class A.
63.00
106
*
Bankers Indus Service
Atlantic Coast Line 4*s_.
98
40*
Art
Bid
'
37
Andlan
All
104
•
American Mfg. 6% pref
Bid
95*
95
Ask
Bid
*
Mills Inc
Alabama
Amer
Equipment Bonds
«.
80
■
American Arch
American
Railroad
——
American Cynamld—
•
West Jersey A Seashore
Western)
(Penn-Readlng)
-
Amer Bemberg A com
0.00
-
Industrial Stocks and Bonds
65
126
-
1951
.—.1940
1968
1954
1990
Canal 3*s
......
-
92
94
1957
4*s„
-
—1946
...
...
-
102
1967
Vicksburgh Bridge 1st 4-08
Washington County Ry. 3*8
West Virginia A Pittsburgh 4s
133*
127*
0.00
0.00
~
1974
1942
Toledo Terminal 4*s
76*
101*
1947
...
United New Jersey Railroad A
-
73
89
3* ser. B
Toronto Hamilton A Buffalo 4s
Vermont Valley
69
116
.......
—
Terre Haute A Peoria 5s
18
-
87
—..1947
—
Toledo Peoria A Western 4s
5.00
3.00
1949
1941
...
Portland Terminal 4s
94*
30
—.....1961
Pittsburgh Bessemer A Lake Erie 5s
Providence A Worcester 4s
950
750
60.00
100
/17
1946
1947
Terminal RR. Assn of St. Louis
49*
40*
108
100
Philadelphia A Reading Terminal 5s
153
14!)
96
98
Pennsylvania A New York Canal 5s extended to
61
50*
6.50
9.00
4.00
mm
69
93
98
Norwich A Worcester 4*8
43*
-
63
93*
New York A Hoboken Ferry 5s
43
-
2000
1948
2032
—
Norfolk 4s
New Orleans Great Northern Income 5s
73
70*
2.00
mm'mm
1940
London Northern 4s
8.75
2.00
'
1959
Gulf 5a
Memphis Union Station 5s
130
124 *
10.50
Albany A Susquehanna (Delaware
45
1950
1978
Indiana Illinois A Iowa 4s
Kansas Oklahoma A
Alabama A Vlcksburg
—————
76
72
Sou New Eng Telep
100
25
100
Wisconsin Telep 7% pf.100
110
15
17
154* 157
114
Volume
The Commercial & Financial Chronicle
149
Quotations
WE
MAINTAIN
ACTIVE
on
TRADING
Over-the-Counter Securities—Friday Oct. 6-Continued
MARKETS
Publ ic
UNLISTED
IN
Ohio Edison 56 pref
GOODBODY & CO.
Broadway
108X 110X
0% preferred
7% preferred.
100
Okia OAF 7%
pref.. 100
99
114
101
0% preferred D_
97 X
Sierra Pacific Power com.*
18
19X
96 X
99X
Southern Calif Edison—
106 X 108X
106?4 109
25
27
28
105
107
L07X 109 H
0% pref series B
Wire System
*
105
107
Toledo Edison
*
101 x
103
United Gas A El (Conn)—
Pacific Pr A Lt 7% pf. .100
Penn Pow A Lt 57 pref...*
Private
86 X
5.50% prior pref.
Pacific Ltg 55 pref...
Teletype JCY 1518
Connecting Branch Offices in leading Cities
88 X
107X 108X
Queens Borough G A E—
Investing Companies
1
;
Bi0
Par
■
Admlnls'd Fund 2dA Inc.*
Amer
4<*
Bid
Par
,
8.46
Series B-l
26.26
28.70
Keystone Custodian Funds
3.84
Series B-2
22.40
28 H
1
5X
30
6H
Series B-3
14.87
16.34
3.96
Series K-l
14.18
15.56
.50
Series K-2
10.31
Public
11.42
Kan City Pub Serv 4s. 1957
34
82X
66X
Kansas Power Co 4s..1964
96
Assoc. Stand Oil 8hares.-2
5)4
6
Series 8-3
11.58
12.83
Assoc Gas A Elec Corp—
16.17
17.39
British Type Invest A
1
Broad 8* Invest Co Inc..5
.33
.48
24.57
Bullock Fund Ltd.
1
Canadian Inv Fund Ltd
-
5.23
Income deb
32-
32 X
Lexington Water Pow fis '68
Income deb 3J4s—1978
32 X
33
Montana-Dakota
5.90
Income deb 4s
34 X
34X
1
21.14
22.73
10
11.04
12.07
3.45
*
23.76
25.55
10.45
11.31;
Commonwealth Invest
4.05'
4.04'
,3.71
11)4
2.51
3}$s—1978
1978
37 X
38
..1973
64
66
1973
65
66X
Conv deb 5s.
1973
68X
70
Conv deb 5J4s
1973
74
8s without warrants. 1940
95
Income deb 414s
25c
3.86
Voting shares
National Investors Corp.l
New England Fund
1
1.30
"1.45
5.81
1978
Conv deb 4s
Nation Wide Securities—
16
1
1
Lehigh Valley Transit 6s "60
7.78
Conv
1
Corporate Trust Shares-.1
deb
4)*a
'
'
-
'j
*
13.56
14.61
8.31
*
8.99
31
5.64
6.12
2.40
Aviation
9.74
10.53
S f inc 4X9-5X9—1986
2.91
Bank stock
9.02
9.75
Sink fund Inc 5-6S..1986
35
Series ACC mod..
1
2.91
Building supplies
6.26
6.79
10
27 X
Chemical
9.38
Electrical equipment.
8.21
Insurance stock
9.74
10.53I
Machinery..
8.37
9.05
8.28
8.96
♦Crum A Forster com
...
♦8% preferred
2.40
V
29 X
116
100
Automobile
i
•>
--
-
♦Crum A Forster insurance
♦Common B share
10
33
♦7% preferred..
100
Cumulative Trust Shares. *
112
5.10
35
'
.
^
on*.
Delaware Fund
16.42
Deposited Bank Shs ser A l
Deposited Insur Shs A...1
Deposited Insur Shs ser B1
17.74
N Y State Elec A Gas Corp
D
l
5.90
25c
1.30
Dividend Shares
Peoples Light A Power—
1st lien 3-6s
...1961
Cent Ark Pub Serv 53.1948
93
95
83X
89
91X
94X
95X
9.39
8.89
97X
98 X
93
2.91
0.65
Series 1956
1
2.86
1.42
Series 1958..
.1
....
-
.44
"49
15.28
19.44
♦Putnam (Geo) Fund
30.46
Quarterly Inc Shares..10c
'8.90
Equity Corp S3 conv pref l
Fidelity Fund Inc
*
27 X
19.50
28 X
99
20.99
First Mutual Trust Fund..
7.28
8.05
6% deb series A...
Representative TrustShslO
Republlo Invest Fund.25c
9.80
10.76
11.26
.26
.29
22
2X
72X
2.55
2.83
Selected Amer Shares._2H
9.70
Insurance stk series. 10c
3.20
3.56
Selected Income Shares—
4.46
Fixed Trust Shares A... 10
10.24
6.44
Foreign Bd Associates Inc.
Sovereign
7.10
Foundation Trust Shs A_1
4.05
4.65
Fundamental Invest Inc. 2
18.39
19.99
Fundamental Tr Shares A2
5.18
5.91
B
*
4.70
General Capital Corp....*
31.14
33.48
General Investors Trust. ♦
4.88
Investors
.72
10.58
"79
*
15.67
Standard Utilities Inc.60c
.55
.59
♦
78 X
81 X
Super Corp of Am Tr ShsA
1902
5a
92
94
Toledo Edison 3J4s.„ 1908
54 X
55 X
United Pub Utll 6s A. 1960
53
55
AA
2.56
B....................
Group Securities-
Consol EAG0E A... 1962
0s
series
.1962
B
Coll lno 6a (w-s)
1954
Cumberl'd Co PAL 3)3s'66
5.82
Automobile shares.____
4.91
5.35
7.66
8.33
5.95
6.48
...
Building shares
15.61
53
103
56
104X
Dallas Pow A Lt
3548-1967
Dallas Ry A Term 0a. 1951
Federated Utll 5548...1967
Havana Elec Ry 5s... 1952
Supervised Shares
11.04
6.34
Series C__
1
Inland Gas Corp 0V4s.l938
Iowa Public Serv 3 54s.
71X
78
80 X
Wis Mich Pow 3548—1961
/44
160 X
63"
95 X
96 X
1969
Real Estate Bonds and Title Co.
Series D__
1
Trustee Stand Oil Shs A_1
Series B_
2.58
Bid
2.53
*
Alden Apt 1st mtge 3s.1957
5.56
6.94
7.55
Trusteed Amer Bank Shs B
.56
"62
4.83
Trusteed Industry Shares.
.87
.97
Investing shares
3.65
3.98
Merchandise shares....
5.22
5,69
U 8 El Lt A Pr Shares A_.
15X
Mining shares
6.16
6.70
Petroleum shares......
4.94
5.38
RR equipment shares...
5.07
5.52
Steel shares
6.27
4.77
•Huron Holding Corp___l
Incorporated Investors..*
.15
.35
17.43
18.74
♦Independence Trust Shs.
2.26
2.27
Voting shares
mx
In veatm
Blair A
t
«.
2033
30
64X
82
70
73
103
99)4 100)4
54)4
5654
91X
93)4
7154
100)4 101)4
92)4
120
101X 102 X
96)4
97
91
93
:
.
Corp cl A—*
♦
♦Class B
1.26
♦First Boston Corp
1.40
11.21
11.95
♦Schoelkopf, Hutton A
Pomeroy Inc oom.._10c
10
2
24
2
13X
1
2X
30
3
15
2
Bid
Par
Par
Ask
97
98
Interstate Power 17 pref.*
Arkansas Pr A Lt 7% pref ♦
94 X
96 X
Jer Cent P A L 7%
Electric
Original preferred
Kan Gas & El
IX
*
3X
4
3H
4
17
preferred
»
Atlantic City El 6% pref. *
Birmingham Elec 17 pref. *
117 X
Ask
7% pref. 100
Long Island Lighting—
6% preferred
..100
m
100
102
112)4 11614
83
87
27 H
2W
40 X
43
72 X
J 1.60 preferred
25
Carolina Power A Light—
$7 preferred
31X
33
33 H
34
100
7% preferred
Mass Utilities Associates—
20 X
21
Mississippi Power 50 pref *
57 preferred....
*
80 X
8314
8514
98
99 H
Mississippi P A L 56 pref.*
Miss Riv Pow 0% pref. 100
75M
8814
76 X
'
87 H
89X
111
112%
Central Maine Power—
7% preferred
100
104
106
16 preferred
100
96
98
Cent Pr A Lt 7% pref.. 100
Consol Elec A Gas 56 pref *
Consol Traction (N J). 100
Consumers Power 55 pref*
Continental Gas A El—
100
103H 105 H
9X
8X
51
54 X
100?* 102X
Missouri Kan Pipe Line..5
West
Pub Serv 7% pref
25
49
5Xa series BK
5)4s series C-2
18
ist 4s (whs)
—1948
lst3)4a
1950
Dorset 1st A fixed 2s..1957
Derby Gas A El 57 pref..*
Federal Water Serv Corp—
92X
113X 118
34 X
39
$0.50 cum preferred...*
24 X
57 cum preferred
25 X
27
Idaho Power—
Nassau A Suf Ltg 7% pf 100
•
100
Gas.
*
24X
26X
11.2
115
36
37
46
47X
Co—
57 prior lien pref
_.*
New Orl Pub Serv $7 pf..*
56 cum preferred
♦
preferred... 100
7% cum
N Y State Elec & Gas—
107
110
23"
110
113
25
Northern
100
UIX 113X
(Del)
101 x 103
108X 109X
98
99 X
States Power—
7%
pref——100
(M'nn) 5% pref...
..
*
19
49)4
3454
51)4
—
6)4
3654
5D4
53)4
4054
4254
27
29
Ollerom Corp v t c
12
1 Park Avenue—
24X
2 54
4X
37
39
36
Film Center Bldg 1st 4s '49
6s—-1958
—1939|
1400 Broadway
4s
30
32
Sec S f Ctfs 4)48 (w-s) '58
40)4
38 X
/19
1948
42 X
21
/59
425
74,
19^1
14
1944
2)4-48 (w-s)
1949
Graybar Bldglst lshld 5s*46
18
22
35
38
-
1st
Income
Rlttenhouse Plasa (Phlla)
2X9..
1958
Roxy Theatre—
1st mtge 4s—
1967
5)4
Savoy Plaza Corp—
3s with stock..,....1956
Hearst Brisbane Prop 6s '42
1950
57
49)4
59
1st 554s (w-s)
1956
61
/1254
14
111
13
7bX
78
39
60 Park Place (Newark)—
20 X
36
23 X
61 Broadway Bldg—
31
33
39
3X9 with stock
1947
35
1960
27)4
616 Madison Ave—
1957
26
1948
55
Syracuse Hotel (Syracuse)
1st 3s
1955
62
1948
53
Textile Bldg¬
3s with stock
1st 4-58
52
38
Sberneth Corp—
lst3)4s—
Harrlman Bldg 1st 6s. 1951
1943
31X
Fox Thea A Office Bldg-
Fuller Bldg deb 6s
5X9 stamped
1961
Realty Assoc Sec Corp—
5s
Bldg—
stamped
lst 6X9
47 X
Prudence Secur Co—
6Xs (stamped 4a)..1949
42 Bway 1st 6s
19
165 Bway Bldg 1st 4)48 '51
37
52d A Madison Off Bldg-
40 Wall St Corp
49X
103 E 57th St 1st 0s— 1941
Eastern Ambassador
65
Lefcourt State Bldg—
New Eng G A E 5X% Pf-*
5X% pref
50 preferred
67
New York Power A Light—
25X
26 X
*
64
Nebraska Pow 7% pref. 100
90 X
24
56 cum preferred
100
7% preferred
18
2d mtge 6s........1951
Hotel St George 4s...
28 X
1955
Court A Remsen St Off Bid
Lefcourt Manhattan Bldg
26 %
66
5X9 series F-l
5X9 series Q
Colonade Construction¬
m
Mountain States Power—.
New Eng Pub Serv
7% pref. 100
iX
Penn
Monongahela
,63
N Y Title A Mtge Co—
1st
5% conv partic pref. .50
70 X
■
Buffalo Niagara A Eiectern
»
pf._100
Kings Co Ltg 7% pref. 100
.*
6% preferred
Bid
94
1945
•
9
lst leasehold 3s. Jan 1 '52
Alabama Power 57 pref..»
16.50 preferred....
2s
17X
Equit Off Bldg deb 5s. 1952
Deb 5s 1952 legended—
Utility Stocks
Ask
88
N Y Majestic Corp—
4s wltb stock stmp—1956
1957
3s
102)4
Metropol Playhouses Inc
Ohesebroiigh Bldg 1st 6s '48
16.61
102
N Y Athletic Club—
Brooklyn Fox Corp—
600 Fifth A venue--
Natural
80
33
61)3
1948
«.
Banking Corp
Co
1.14
Public
7% preferred
94
25
Bid
-.1948
6s
S f deb 5s.
Hotel units
Interstate
01X
/23)4
Mortgage Certificates
Chanln Bldg 1st mtge 4s '45
14.57
..1
1.27
Group shares
Insurance Group Shares.
Investors Fund C
1
«.'«•
.96
Wellington Fund
♦Central Nat
Institutional Securities Ltd
B'way Barclay Inc 2s.. 1956
B'way A 41st Street—
1st leasehold 3X~5a 1944
4-68...
5.20
Dallas Pr A Lt
76)4
Metropolitan Chain Prop
8~~
Broadway Motors Bldg—
6.82
Tobacco shares
B
16
Ask
128
Beacon Hotel Inc 4s-.. 1958
5.73
1
4.43
7% preferred
3)4s-1964
69
3.86
10.16
3
Food shares
A
Wash Wat Pow
West Texas Utl!s354s_1969
I960
Wisconsin G A E 3)48.1966
104X
....
Chemical shares
Gas
1957
5s
Trustee Stand Invest Shs—
Agricultural shares
Associated
104
Utica Gas A Electric Co
Texas Public Serv 5s.. 1961
3.71
Spencer Trask Fund
♦State St Invest Corp
5.32
Bank
74 X
101
Western Public Service—
series—10c
A viatlon shares
103
Tel Bond A Share 5s-1958
Flscai Fund Inc—
Bank stock
1951
.1947
Sioux City G A E 48-1966
IIX
71X
Cresoent Public Service-
102
99)4 100)4
101X 102)4
St Joseph Ry Lt Heat A Pow
Cons Cities Lt Pow A Trac
14.29
Plymouth Fund Inc...10c
18.10
28.33
80
99)4 100)4
Republic Service-
Sou Cities Utll 5s A..1958
Income 5X» with stk '52
Cities Service deb 5s.. 1963
-
Pub Utll Cons 5)4s._. 1948
Collateral 5s
1968
35<b._
Central Public Utility—
2.60
Equit Inv Corp (Mass)..5
85X
Central Illinois Pub Serv—
1st mtge
2.39
1950
6s
1st lien coll tr 5)3s.l946
1
100
Portland Electric Power—
Central Gas A Elec—
1st lien coll trust 0s. 19,46
Series 1956
Eaton A Howard Manage¬
ment Fund series A-l
105
Central Pow A Lt 354s '69.
3.95
Old Dominion par 6s.. i wo i
103
Cent 111 El A Gas 354s. 1964
No Amer Tr Shares 1953. *
3.60
1964
1968
A Electric
9.18
2.51
C
1964
3J4s
Parr Shoals Power 5s. .1952
8.88.
46 H
1965
Okla Nat Gas 354s B. 1955
Gas
4.31
No Amer Bond Trust ctts.
Diversified Trustee Shares
35
39"
8.22
Railroad equipment...
Steel..,
1.02
2.82
1st 6s
Nor States Power (Wise)—
33"
8.68
...
Mountain States Power—
96X
3.96
:
Railroad
83)4
76
8.49
Metals...
■
10.14
Blackstone Valley
33
8054
101)4 102 X
64
34
1
61X
99
36
Series A A mod
1
1954
1st 3Xs
1958
_
97
59)4
1938
Assoc Gas A Elec Co—
Accumulative series... 1
Agriculture
36
Utll—
4H3--
4s
Cons ref deb 4)3 a.
12 or N Y Stocks Inc—
Ask
10314 104
New Eng G A E Assn 5s_'62
N Y. Pa A N J Utll 6s 1950
6.19
Common
Sink fund inc 4)3s..l983
Sink fund inc 5s
1983
Series A A
354s..1969
5.35
Mass Investors Trust
Century Shares Trust
♦Continental Shares pflOO
Lt
7.05
Mutual Invest Fund
Chemical Fund
_.
a
4.65
;
26.28
1454
Kan Pow
Maryland Fund Inc...10c
7%
'■
-
65 X
Bid
Manhattan Bond Fund Inc
Series 8-4
654
45))4ss-
47
15.38
Corp
64
173X
28 X
27)3
106M 107 X
80 X
13.97
Basic Industry Shares..10
Boston Fund Inc
87 X
63
44 X
Series 8 2__
4.00
Washington Gas Lt-.....*
West Penn Pr 413% pf 100.
85
167
Amer Gas A Power 3-6s '63
4X
Invest
100
Amer Utility
4
♦Class A
....
Ask
Am Insurance Stock Corp*
Bankers Nat
~
..
Bid
Serv 6s. 1964
Associated Electric 5s. 1961
Amer Gen Equities Inc 25c
100
Utah Pow A Lt 57 pref.. *
Utility Bonds
24.51
16 H
4.44
Business Shares
4.20
15 H
3.58
IX
Corp__»
.100
Ask
13.34
7.78
Affiliated Fund iuc
♦Amerex Holding
6% preferred
Republic Natural Gas..
7% pf A. 100
7% preferred
Virginian Ry
■
12.53
Aeronautical Securities
Ask
.99 X
Texas Pow A Lt 7% pf-100
100
Oklahoma Nat Gas—
Tel. Journal Sq. 2-4400
Bid
100
Rochester Gas A Elec—
Sioux City G A E $7 pf. 100
112 X
Ohio Public Service—
Jersey City Office
921 Bergen Avenue
Par
Ask
102 X 103X
...»
Ohio Power 6% nref._.l00
Members N. Y. Stock Ezchanoe and other Principal Stock and Commodity Exchanges
New York City
Tel REctor 2-5485
Bid
*
57 preferred
Main Office
Utility Stocks—Continued
Par
Investment Trust Issues
115
2221
73 X
71X
105X 107X
1st lease 4-6)48
lst 6s.
LewJs Morris Apt Bldg—
..1951
1st 4s
43 X
—
1958
34
Trinity BIdgs Corp—
1939
35
2 Park Ave Bldg 1st 4-5s'46
46
Walbrldge Bldg (Buffalo)—
3s
1950
12
Lexington Hotel units
Lincoln Building—
39
42
5)4s w-s—1963
London Terrace Apts—
67)4
69
1952
36 X
39 X
40
Wall A Beaver St
Income
1st A gen
3-4s
1st 5s (L I)
1947
—1951
For footnotes see page
Corp—
w-s
1951
Westlnghouse Bldg—
1st mtge 48
—1948
1st 4)48
Ludwlg Baumann—
1st 5s (Bklyn)
1st 5X9
46
56 X
2219.
10
19
70
73
The Commercial & Financial Chronicle
2222
Quotations
on
Oct.
1939
7,
Over-the-Counter Securities—Friday Oct. 6—Concluded
Water Bonds
If You Don't Find the Securities Quoted Here
Bid
in
which
104K
Ore-Wash Wat Serv 5a 1957
100
stocks and bonds.
Butler Water Co 5s_..1957
105
101
Chester Wat Berv 4Kb *68
103 K
1st coll trust
5s
Public
101
1957
105
1946
69K
1946
72
77
6s series B
1954
101
6s
1954
102
5s
1962
99 K 103 K
100
106
105
-to¬
to
-
—
— —
-
Roch A L Ont Wat 5s.1938
100 K
St Joseph Wat 4s ser A.'66
106K 107
---
Huntington Water—
Real Estate Bonds
Insurance Stocks
Real Estate
Trust
and
Land
Scran ton Gas A Water
4Kb
Co
1958
101
103K
Scranton-Sprlng Brook
Stocks
Title Guarantee and Safe Deposit
Stocks
ties
lot
Pittsburgh Sub Wat 5s *58
104 K
»
-
toto
74 K
8s series A
-
*
105% 107 K
Richmond W W Co 5s. 1957
6Kr series B
Railroad Stocks
Industrial Stocks
Joint Stock Land Bank Securi¬
1948
Plamrield UnloD Wat 5s '61
-—
Community Water Service
Utility Stocks
Industrial Bonds
Investing Company Securities
100
Pinellas Water Co 6 Ks- "59
Railroad Bonds
Foreign Government Bonds
100
1948
Phlla Suburb Wat 48—1965
1954
1st 6s series C
Canadian
Public Utility Bonds
1948
Prior lien 5s
101
1950
1st consol 4s
Water (Chattanooga)
6s series B
Domestic
Federal Land Bank Bonds
100K
101
1st A ref 5s
1st consol 5«
1941
City
Municipal Bonds—
Out-of-Town)
98 K
4%s__1968
Peoria Water Works Co—
104
City of New Castle Water
Canadian
93 K
...
Calif Water Service 4s 1961
In this publi¬
The classes of securities covered are:
Domestic (New York and
88%
Penna State Water—
for all active over-the-counter
Banks and Trust Companies—
103
101
Ohio Water Service 5s.1958
Ashtabula Wat Wks 6b '58
have Interest, you will probably find them In
you
monthly Bank and Quotation Record.
our
100K 102 K
Atlantic County Wat 5s '68
cation quotations are carried
Ask
Bid
Ask
Alabama Wat Serv 5S.1957
Indianapolis Water—
Water Service 68.1961
1st mtge 3Ks
1966
1st A ref 5s A
U. S. Government Securities
Mining Stocks
U. S. Territorial Bonds
5s
1958
JODlln W W Co 58
1967
85
90
Shenango Val 4s ser B 1961
10
100
103
103
Indianapolis W W Secure—
Mill Stocks
89
84
95K 100%
1957
105
Kokomo W W Co 5s..1958
105
Long Island Wat 5KB.1955
104K
South Bay Cons Water—
■
1950
5s
#.
.
75
80
Springfield City Water—
The Bank and
1956
4s A
...
99 K 100K
Quotation Record is published monthly and
sells for 312.50 per year.
Your subscription should be sent to
Terre Haute Water 5s B *66
Monmouth Consol W 6s '66
99
101
1949
102
Texarkana Wat 1st 6S.1958
105
6s series A
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
102
— —
to
—
Monongahela Valley Water
6Ks
1950
101
Morgantown Water 5s 1965
105
Muncle Water Works 5s '66
105
New Jersey Water 6s. 1950
101
104
Union Water Serv 6Ks '61
101
104
W Va Water Serv 4s..1961
100
103 K
Western N Y Water Co—
1950
96
101
..1951
95
99
1950
99
97%
Westmoreland Water 6s '62
101
98
Wichita Water—
5s series B
New Rochelie Water—
Foreign Stocks, Bonds and Coupons
1st mtge 5s
5s series B
89
94
5Ks
1951
92%
New York Wat Serv 5s '61
93
Newport Water Co 5s 1953
101
Ohio Cities Water 5Ks '53
Ohio Valley Water 6s. 1954
Inactive Exchanges
1951
96
1st mtge 5K9
-
& CO., INC.
BRAUNL
62 William St., N. Y.
For footnotes see
page
ma
Antioqula 8s
1946
Bank ol Colombia
7% .1947
7s
1948
Barranquiiia
,b'35-4(F46-48
Bavaria 0Ks to
1945
Palatinlte
Bavarian
1945
A sk
Hungarian Cent Mut 7s '37
/3
mmm
Hungarian Ital Bk 7 Kb '32
/3
1952
103
-
to
«
—
-
following securities
were
SALES
sold at auction
on
Wednesday
of the current week:
..--
m
By R. L. Day & Co., Boston:
Hungarian Discount A Ex¬
mm.
/3
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
...
/5
18
23
18
23
Kobolyt 6 Ks
1943
Land M Bk Warsaw 8s '41
3 K
7s
1958
/3%
/3K
78
1969
/3%
3%
3%
6s
1940
/3
p
% per Share
1 Trlmont Mfg. Co.
7% pref., par $100; 3 Trimont Mfg. Co. common; 10 Ricco
$100; 7 Fleming Mfg. Co. pref., par $10; 1 Fleming
Mfg. Co. common, par $5; 23 7-256 Boston Auto Gauge Co. pref., par $10;
Co. of America,
P
Leipzig O'land Pr 6 Kb '46
Leipzig Trade Fair 7s. 1963
Luneberg Power Light A
17%
15 K
Stocks
Shares
1936
change Bank 7s
-mm
/i4%
8s .1947
103%
mmm
mmm
/16%
(Republic)
ma
m
mm
1945
__
Bolivia
nominal.
Ask
ft
/52
/22
/22
/20
fc>
Bogota (Colombia) 6 Ks '47
8s
105
1949
W'msport Water 5s
AUCTION
The
Cons
Cities 7s to
101
1960
2219.
Foreign Unlisted Dollar Bonds
1946
1
107
1956
6s series A
Tel. HAnover 2-5422
Due to the European situation all quotations are
Anhalt 7s to...
5s series B_.
£b series C
101
to¬
to--
par
108 59-64 Boston Auto Gauge Co. common, par $10; 500 Arkadelphia Oil
/a
A Gas Co., par $1; 1
---
mmm
'
275
Saltz
Bros.
Inc.,
Chase National Bank, N. Y.,
...$40 lot
$13.55
par
$100
par
...$2,500 lot
....'
4
Brandenburg Elec 6s. .1953
P
Brazil funding 5s.-1931-51
/12K
Brazil funding scrip
/23
Bremen (Germany) 7s. 1935
6s
1940
/15
British
see
British
-
m
1962
-
n
-
•
mm*
I'
:
1
1953
Buenos Aires scrip
Caldas (Colombia) 7Ks '46
Call (Colombia) 7s...1947
(Peru) 7Ks
1944
Cauca Valley 7 Kb
1946
Ceara
1947
(Brazil) 8s
n
'
-
-
■mm
80
-
m
mmm
m%
/24
15 %
mmm
6
/5
Municipal Gas A Elec Corp
Recklinghausen n ..1947
/14%
15%
3
/1
37
P
P
-
-
18%
By Crockett & Co., Boston:
-
40
Shares
Ks '38
Stocks—
$ per Share
...
...
mmm
P
mmm
81
Indian Orchard Co
'
5 Boston Woven Hose & Rubber
mmm
P
/55
(C A D) 4S...1948-1949
Nat Central Savings Bk of
/53
58
Hungary 7Ks
1962
National Hungarian A Ind
By Barnes & Lofland, Philadelphia:
Shares
$ per Share
Stocks
/3
33%
56
13 units Bush Service Corp
10
American
/3
North GermaD Lloyd 6s *47
/SO
$100.—
200
$1 lot
of
Academy
700 Pocono Manor Assoc. common class A, no par..
7s to
1946
P
P
/3
/67
Cordoba 7s stamped..1937
Costa Rica funding 5s. '51
/49
/14
Costa Rica Pac Ry 7Ks '49
5s
1949
/17K
/14
16
6s
Cundlnamarca 6 Ks. ..1959
Dortmund Mun Utll 6sV48
/13K
14K
5s
Panama
City 6Ks
Panama 5% scrip
1952
/62
1966
/5
1968
P
Protestant Cburoh (Ger¬
16
1946
P
mmm
Arkansas Nat Gas pref. 100
1936
P
mmm
1941
/5
mmm
/6
mmm
Rio de Janeiro 6%
1933
Rom Catb Church 6 Ks '46
R C Church Welfare 7s *'46
P
---
mmm
Saarbruecken M Bk 6s.'47
/6
mmm
p
p
mmm
p
mmm
7s
mmm
4a scrip
mmm
*
/i
/n
1967
/i
Farmers Natl Mtge 7s.'63
/3
Frankfurt 7s to
P
.1945
French Nat Mall SS 6b '52
70
German Atl Cable 7s. .1945
/15
mm*.
mmm
mmm
'mmm
*
mm
85
Building A I
bank 6Ks
/8K
1957..
8s
1948
8s CtfB of deposlt.1948
Santa Catbarlna (Brazil)—
8%.
1947
Santa Fe 7s stamped.1942
Santander (Colom) 78.1948
Sao Paulo
mmm
P
mmm
P
mmm
Central Bank
/7%
/5
/14
/13
mmm
mm
m
mmm
12%
1
70c
Clark
/2K
8s-...195'!
3K
/5
-to.
Ireland-
7K
63 K
/16K
6s.
-
————11—1953
60
Hamburg Electric 6s-.1938
/5
Houslne & Real Imn 7s "46
P
-
-
Devonian Oil Co
...
7
mmm
1951
P
mmm
Saxon State Mtge 6s.. 1947
Stem A Halske deb 68.2930
P
mmm
300
mmm
*
...
—
Low
Shares
Follansbee Bros pref
Fort Pitt Brewing.
10%
--
-
-
Lone Star Gas Co.
High
Pittsburgh Brewing pref.. *
Pittsburgh Forgings Co_.l
Pittsburgh Plate Class..25
Pittsburgh Screw & Bolt.
.
*
5
1956
18
23
San Toy Mining Co
18
23
Shamrock Oil & Gas
1
Electric
7s
1955
1947
United Eng. & P'oundry__5
P
...
64
66"
*1%
3K% War Loan
Uruguay conversion scrip.
Unterelbe Electric 6s.. 1953
Vesten Elec Ry 7s
Wurtembere 7s t.o
May
435
8%
Sept
50
7%
Apr
Sept
25c June
1.25
Sept
825
5%
500
7%
354
5
Apr
5%
11%
5
15
6%
Jan
Jan
Jan
Apr
8%
Feb
Apr
15%
Sept
21% June
18
135
15
Feb
10%
11
477
10
Sept
5
Apr
14%
6%
Mar
25
410
6%
Apr
20
Sept
2,045
90c
Jan
5%
20
1%
1%
78%
77
8%
55
50
8%
839
1.50
Jan
Feb
78%
Oct
9%
Feb
5%
3%
30%
13%
116%
Sept
11%
July
7%
•
4%
«
-
-
-
to¬
to
-
-
-
-
2%
Vanadium Alloys Steel
*
4%
1,197
3%
850
4
Apr
98%
10
.to
12%
100
7%
May
97%
98%
92
90%
Apr
9%
10%
430
4%
Sept
5%
5%
110
5
May
60
22
July
27
Apr
lc
lc
2,000
lc
2%
2%
2%
500
1%
33%
33%
60c
------
34%
Westlnghouse El & Mfg.50
118%
■
Apr
1%
27
12%
-
United States Glass Co... 1
15%
/14%
United
Kingdom of Great
Britain & Ireland 4s_1990
7%
56%
17%
13%
75c
1
1956
Stettin Pub Utll 7s.—1946
Jan
Sept
12%
7%
Jan
5%
13%
65c
27%
Aug
33%
12%
5%
-
*
2d series 5s
Toho
14%
50
38%
14%
17
100
1
316
18
18
5
Ruud Mfg Co
Mtge Bk Jugoslavia
_
...
Range Since Jan. 1, 1939
for
Week
50
7
38%
15
10
Duquesne Brewing Co
25%
5%
7%
10
Westinghouse Air Brake..*
P
.
6s.
-
(D L) Candy Co...*
Mountain Fuel Supply.. 10
Natl Fireproofing Corp
*
18
P
Kingdom
...
Range
Sept
65K
/6
Tollma 7s
/28
He'ti
18
m -
Columbia Gas & Electric.*
5s
/16
-
Koppers G & Coke pref. 100
/6K
(Brazil) 6s—1943
State
14%
*
Electric Products
8K
Saxon Pub Works 78—1945
6Ks
1948
*
Copperweld Steel
7s ctfs of deposit. 1.967
/n
*
Carnegie Metals Co
P
24
7
Armstrong Cork Co
Byers (AM) com
7
Salvador
European Mortgage A In¬
1967
25 K
Blaw-Knox Co
East Prussian Pow 6s_l953
7s Income
Price
Allegheny Ludlum Steel. _*
Electrio Pr (Ger'y) 6 Kb '60
1966
of Prices
Low
High
mmm
P
many) 7s
1945
7Ks Income
Par
Prov Bk Westphalia 6s '33
Dulsburg 7% to
1966
Week's
Sale
Stocks—
n
7Ks
Last
——-
54
Sales
Friday
---
Porto Alegre 7s
n
n
7S
65~~
Poland 3s
1945
1963
Pittsburgh Stock Exchange
/38
70
Duesseldorf 7s to
8KB
mmm
Sept. 30 to Oct. 6, both inclusive, compiled from official sales lists
1946
United
$40 lot
—
15
f7
1953
Budapest 7s
&
par
mmm
1947
J '
City Savings Bank
Britain
Music,
---
Oberpfals Elec 7s.—. 1948
1934
Colombia 4s
See
....$1 lot
50 F. L. Hoover & Sons Co., 2nd pref., par $10
1948
/52
Great
24%
50 Girard Trust Co., par $10
59
1968
German scrip
Graz (Austria)
10c.
—
common
35 Pennsylvania Co. for Insurances on Lives & Granting Annuities, par $10..
4a—.1946-1947
(A A B)
4s
German Central Bk
German
p
18%
4 Sierra Pacific Power common, par $15
Oldenburg-Free State—
Madge burg 6s
Chilean Nitrate 5s
German
---
Nat Bank Panama—
Mtge 7s
Central German Power
vestment
p
22 Fall River Gas Works, par $25
.
Central Agrlc Bank—
see
1945
Munlc Bk Hessen 7s to '45
Nassau Landbank
/48
Burmelster A Wain 6s. 1940
---
/35
Montevideo scrip
Munich 7s to
/3
Corp—
6 KB
Mannheim A Palat 78.1941
-
.
Hungarian Bank—-
7Ks
1948
13K iMerldlonale Elec 7s.—1967
United Kingdom
Brown Coal Ind
Callao
m
Water 7s
P
*
Sept
July
Sept
Mar
8
Feb
4
Sept
Jan
June
34%
70
25%
Apr
3o%
Sept
60c
100
50c
Mar
80c
Sept
55
22%
Aug
38%
Sept
702
18
Apr
211
83%
Apr
119%
Sept
1%
July
3%
Sept
35
35
33
35
116% 119%
37
Sept
64
Unlisted—•
53
/35
—
—
—
P
1947
P
*
P
1945
Penriroad Corp vtc
-
-
No par value.
1
2%
2%
Volume
The Commercial & Financial Chronicle
149
General
2223
Corporation and Investment News
RAILROAD—PUBLIC UTILITY-INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
However, they
FILING
OF
REGISTRATION
it is
are
not always possible to arrange
companies in exact alphabetical order.
always as near alphabetical position as possible.
STATEMENTS
SECURITIES
UNDER
of those behind the
names
new
Anglo-Dutch company have not yet been
made known.
ACT
The
The
following additional registration statement (Nos. 4198
4203, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
final
wind-up meeting
of Acadia shareholders
will
be
Oct. 31.—V. 149. P. 1615.
held
here
to
The amount involved is
approximately $30,926,060.
Affiliated
ing of
ble
Chicago Times, Inc. (2-4198, Form A-l), of Chicago, 111., has filed
a
Co., Inc.
registration
which
statement covering 26,530 shares of no par common stock
to be offered to common stockholders of the
company of record
is
Oct. 17, 1939, for subscription at $12 per share.
Each common stock¬
holder has the right to purchase two- fifths of a share of common for each
share then held.
Such right
will expire Nov. 23, 1939.
Any
common stock not purchased pursuant to the warrants to be issued
evidence such subscription rights wili be offered to
others, whether or
stockholders, at $12 a share.
Proceeds of the issue will be used for debt and
working capital of sub¬
to
not
sidiary
of issuer if subsidiary is liquidated prior to realizing funds.
Thomason is President of the company.
No underwriter named.
Sept. 27, 1939.
or
S. E.
Filed
San Nap Pak Manufacturing Co., Inc. (2-4199,
^
York, N. Y., has filed
$1 par
common
holders.
named
Nat.
a
stock which will be offered for the account of two stock¬
Heit is President of the company.
Underwriter to be
E.
by amendment.
Canadian
Form A-2), of New
registration statement covering 50,000 shares of
Mineral
Filed Sept. 28,
Equities,
Ltd.
1939.
(2-4200, Form A-l), Of Toronto,
a registration statement
covering 500,000 shares of prefer¬
redeemable equity shares that will be offered at $5 per share (Cana¬
dian currency) or at market.
Proceeds will be used for investment.
Meighen is President of the
named
underwriter.
company.
Filed
Sept.
28,
Arthur
H. R. Bain & Co., Ltd. has been
1939.
Vv.';-t
-
Group Securities, Inc. (2-4201, Form A-l), of Jersey City, N. J., has
filed
offered by means of
Proceeds of this
a registration statement
covering the issuance of capital stock accord¬
ing to its specified industry, and offered at market, the issues consists of
following:
200,000 agricultural shares; 200,000 automobile shares;
300,000 aviation shares; 200,000 building shares; 300,000 chemical shares;
50,000 distillery and brewery shares; 200,000 electrical equipment shares;
100,000 food shares; 200,000 industrial machinery shares; 100,000investing
company shares; 100,000 merchandising shares; 250,000 mining shares;
250,000 petroleum shares; 200,000 railroad shares; 250,000 railroad equip¬
ment shares; 300,000 steel shares;
100,000 tobacco shares; 150,000 utilities
shares, and there were 350,000 shares registered which are designated as
fully administered shares.
The shares registered represent in part shares
previously registered under registration statements 2-507; 2-1120 and
2-3830 (appearing in the "Chronicle"—V. 137,
p. 4470; V. 139, p. 1969;
V. 147, p. 2245, respectively).
Proceeds will be used for investment.
Kenneth S. Gaston is President of the company.
Distributors
Inc. has been named as underwriter.
Filed Sept. 28, 1939.
Protective Indemnity Co. (2-4202, Form A-2), of New
prospectus at
a
100% and accrued int.
new
on
lower coupon issue was the
improved credit position of the company and
the desire to aid common stockholders
by reducing operating expenses,
especially bond interest and amortization.
In addition to this new issue of
4s, $2,000,000 of 4y&% debentures matur¬
ing 1949 have been issued since late last year, making a total of
$8,250,000
of senior securities to be
outstanding, which are secured by pledge with the
trustee of all of the assets of the
company, which at Sept. 30 totaled
$24,136,647.
The
new
debentures
are convertible up to the 10th
day prior to maturity
redemption at a price equal to twice the net asset value of the common
during the calendar year in which the converted debenture was
issued.
They will be redeemaole by the trustee at 96 during the first three
years after issue, and then at H % more each year.
Upon issuance the new debentures must be protected as to principal
by
$1,500 deposited property for each $1,000 face amount.
The debentures
or
must be protected as to principal
by $1,250 of net resources for each $1,000
face amount.
If net assets decline below
125%, the trustee is required to
liquidate and retire at par and accrued interest enough debentures to restore
the 125% ratio.—V. 149,
p. 1904.
'
Akron Brass Mfg. Co., Inc.—To
Pay 20-Cent Dividend—
a dividend of 20 cents
per share on the common
stock, payable Oct. 25 to holders of record Oct. 14.
Extra dividend of
7)4 cents in addition to the regular quarterly dividend of 12^ cents per
share
was
paid
Sept. 15, last.—V. 149,
on
Angeles—Earnings—
6 Months Ended July 31—
Income:
1939
Departments.
_
_
The last previous list of registration statements was
given
in our issue of Sept. 30, page 2071.
_
Miscellaneous
;
Expenses: Departmental costs and expenses
Expenses not appointed to department
Taxes
;
61,302
Profit,
before
bond
30,284
deprec.,
Assets—
1939
Cash in bank &.
Cash
1938
Liabilities—*
$204,464
44,672
held
by
$176,011
189,190
1939
1938
Accounts payuble.
Accrd. liabs., incl.
$98,360
$74,900
salaries & wages
on
hand..
28,736
24,220
co¬
trustee
Guests'
Accounts & notes
x
receivable
60,901
95,918
Fixed assets..
5,032,064
..
53,992
5,191,365
244,580
277,965
Taxes
123,737
Inventories
y
share.
(2) Each existing 7% pref. share to be converted into 12
Each existing 6% pref. share to be converted into four
charges
share
to
be
converted
into
Bond Int. pay
79,727
15,445
26,290
5,315,100
5,615,360
mtge.
sink,
fund bonds, due
common
new common
l-10th
of
one
(5) Unsecured creditors to accept a moderate reduction in amount
their claims and be paid in cash over a period of three years.
On this basis the capitalization of the
company would consist
minimum of expense.—V. 149, p. 1903.
9 Mas. End. Sept .30—
Inc.—Cash divs. rec'd-.
Interestrec'd
accr'd..
or
Divs.
rec.
5,795
144,876
Total......
Executive
Total...............
Exps., incl. miscell. taxes
Interest paid or accrued.
Net
a
of the
board
income
Net loss
on sec.
1939
$309,851
of
Vice-President.—V.
directors
149,
p.
on
Oct.
elected
Acadia
Sugar Refining Co., Ltd.—Sale—
J. McGregor Stewart, President of the
company, announced Oct.2,
the sale of the company to the Anglo-Dutch Refining Co. of Toronto.
common
shares of Acadia stock.
company,
the
which operates
harbor
from
Confirmation of the sale of the Acadia
a large sugar refining plant at Woodside, N. 8.,
Halifax, followed months of negotiations.
The
335
"""630
$422,407
41,025
102,538
$410,985
27,992
113,138
$429,569
41,736
113,363
$269,856
1,990,112
$274,470
prof 1,838
Total profit
stock dividend
—
Pref.
$278,844 y$l,720,256
$276,309
x
$363,004
22,446
113,363
"
$227,195
2,279
$224,916
re¬
175,000
Balance, surplus
150,000
150,000
100,000
x$103,844df$l,870,257
quirements
$126,309
$124,916
Computed without regard to net loss on sales of securities in the
of $943,320, which was charged to reserve for possible losses on
In determining the gain or loss, the cost of the specific
certificates or bonds sold was used,
y Loss.
x
amount
sales of securities.
Comparative Balance Sheet Sept. 30
1939
Assets—
$
287,298
1938
1939
Liabilities—
$
230,890
11,709,320
14,390,190
Bonds
1.834,885
1,719,834
19,789
615
debt
General reserve...
purchased...
Int.
Res.
on
89,881
27,279
funded debt
for
Surplus
16,455,1731
50,212
600,000
lflf, 774
taxes
13,575
passible
loss on sale of sec
14,401,701
3 017,000
525,390
25,163
Accrued
Total.
10 ,139,510
615
Acc'ts pay. for sec.
525,390
25,018
5 ,000,000
354,500
.
Option warrants
Funded
$
5,000,000
2,015.000
-
89,096
Accrued interest on
bonds
d
1938
$
Preferred stock
B'ds called for red.
Acc'ts rec. for sec.
Bond red. deposit.
c
b Common stock.,
Invest, securities:
»
was
incorporated specially for the
purchase of Acadia, informed Mr. Stewart Sept. 30 that they would go
ahead with the deal notwithstanding the war stiuation.
Acadia shareholders were informed they must declare
by Oct. 16 whether
they prefer to take cash or Anglo-Dutch debentures for the preferred and
1936
$267,305
95,364
—
The change of ownership goes into effect Oct.
31, with the Toronto firm
purchasing all assets of Acadia, paying half of the $3,000,000 in cash and
half in 6% 15-year debentures.
Executive of Anglo-Dutch, which
1937
$329,338
99,601
5,963
^
......
Stocks
4
1615.
Earning s-
-
1938
$300,958
104,065
112,556
See
sold
Cash........
Straus, Inc.—New Vice-President—
Committee
.$5,682,597 $6,012,260
..
$278,844
in securities..
sold
across
5,795
28,224
Alter reserve for losses of $10,674 ($6,433 in 1938).
y After reserves
depreciation of $644,770 in 1939 and $480,280 in 1938. z Represented by
57,954 no par shares after deducting 246 shares reacquired and held by co¬
trustee.—V. 148, p. 3524.
e
Abraham &
1950...
x
of
solely of:
1,930,680 new cum. conv. red. pref. shares to the total par value of $48,267,000 and 1,624,084 new common shares without par value.
Mr. Bradsahw pointed out that proposals of the new committee were
still subject to amendment.
The plan has been approved by the various
protective committees with the exception of the bondholders' protective or
Symington committee.
Mr. Bradshaw said the proposed dividend rate of $1.85
per share on
40 shares is equivalent to $74 per annum, which is
fractionally in excess
of 5% on the amount of principal and accrued interest on the
presently
outstanding bonds.
In this manner, bondholders maintain full priority
as to revenues and
through the callable feature of $37 per share maintain
full priority as to principal.
Through a conversion feature, bondholders
will have an opportunity of participating in the future of the
company,
if it should prove to be highly successful, it was stated.
The plan provides
that control of company will be vested in
existing bondholders.
The
committee believes that through adoption of a plan along these lines the
company could be quickly reorganized and taken out of receivership at a
The
1,
Capital stock
for
share.
Reuben W. Askanase
118,322
or
Inc.
Miscellaneous interest..
common
2,496
103,504
payable
American European Securities Co.new
shares.
existing
7,706
.
accrued
Total... ......$5.682,697 $6,012,260
.
Each
sundry
Other liabilities
Prepaid expenses &
.
shares.
(4)
&
credit bals
Earned surplus
(1) Existing bondholders to be given 40 new cum. conv. pref. shares
(par $25), carrying dividend of $1.85 per year, and to be callable at $37
new common
$240,264
&
amort.
Balance Sheet July 31
z
Abitibi Power & Paper Co., Ltd.—Details
of Plan Given
(3)
$198,535
41,730
$122,127
int.,
Federal income tax
1315.
The plan of the Ferguson-Bradshaw-Scott independent committee
formed
to discuss reorganization of the company, in
receivership, was revealed
Oct. 21 by Thomas Bradshaw to be briefly as follows:
per
181,447
$91,843
P'eb.
p.
$1,138,912
696,545
179,039
64,794
582,779
.
.
Laboratories—Registers with SEC—
149,
$1,072,562
57,023
9,327
Profit
Gain on retirement of bond.
deferred
Abbott
1938
$855,381
52,623
9,366
$917,371
Store rents and concessions_
Filed Sept. 30,
Abbott Laboratories (2-4203, Form A-2), of North
Chicago, 111., has
filed a registration statement
covering 71,400 shares of no par value common
stock, which will be offered to stockholders first at $50 per share and the
unsubscribed portion will be offered publicly through underwriters at
market.
Proceeds will be used for working capital.
S. D. Clough is
President of the company.
Underwriter to be named by amendment.
Filed Oct. 3, 1939.
See list given above.—V.
1751.
p.
Ambassador Hotel Co. of Los
Total income
York, N. Y.,
registration statement covering 50,000 shares of $10 par capital
stock and 50,000 warrants for the
subscription of the stock registered.
The shares will be offered to the
company's common stockholders who will
receive transferable
suhscription,warrants to subscribe to one new share for
each share held at $10 per share.
Any unsubscribed shares will be purchased
by Preferred Accident Insurance Co, of New York, parent company, at
$10 per share.
Proceeds will be used for increasing capital.
Edwin B.
No underwriter.
Directors have declared
Group,
a
Ackerman is President of the company.
1939.
Oct. 4 by Lord, Abbett &
Jan. 1, 1949, and are
mature
issue will be applied to the
redemption at par and
Oct. 19, 1939 of all of the fund's
outstanding $5,996,200
5% debentures.
In a statement to holders of the
5% debentures, Andrew
J. Lord, President of Affiliated
Fund, pointed out that the reason for the
accrued interest
the
has filed
announced
was
The debentures
stock
Ont., has filed
ence or
Fund, Inc.—Debentures Offered—Public offer¬
issue of $6,250,000 4% 10-year secured converti¬
a new
debentures
......
Total
4,288,566
......
2,170.576def2,455,621
14,401.701
16,455,173
b Represented by 3.54,500 shares of no par value,
c Represented
by
50,000 shares of no-par $6 cum. stock,
d There are issued and outstanding
option warrants entitling the holders to purchase at any time without limit,
20.500 shares of common stock at
—V. 149, p. 403
a
price of $12.50
per
share,
e
At cost.
The Commercial & Financial Chronicle
2224
See Acadia
dividend of
cents per share on the 7%
stock, par $5, payaole Oct. 2 to holders
of record Sept. 27.
Dike amount was paid on July 1 and April 1, last, and
on Nov. 28 and on Oct.
1, 1938, this latter being the first dividend paid
since Jan. 3, 1938, when a regular quarterly dividend of like amount was
distributed.—V. 148, p. 3832.
have declared
a
cumulative convertible preferred
American Enka
&
Foreign
Power Co.,
Sugar Refining Co., Ltd.
Inc.—To Reduce and
Announcement is expected to be made
shortly of completion of arrange¬
by the company for a three-year extension of its present bank loan
maturing Oct. 26. A similar arrangement also has been made covering its
obligations to Electric Bond & Share Co.
As part of plan, it is understood company will reduce indebtedness to
banks to $17,700,000 from present figure of $19,200,000 by a cash payment
of $1,500,000.
Coincidental with that operation is to be a cash payment to Electric Bond
& Share of $500,000 reducing the obligation to the parent to $39,300,000
$158,731
$39,800,000.
At the beginning of the year company's direct bank loans amounted to
$21,200,000 while obligations to Electric Bond & Share totaled $40,300,000.
These amounts were reduced on May 15 by $2,000,000 and $500,000,
respectively, so that new arrangement means a total reduction so far this
year of $4,500,000.
Original bank loan indebtedness of the company was $50,000,000.—V.
149, p. 2071.
(& Subs.)—Earnings-—
American Gas & Electric Co.
Sundry earnings
4,017
59,652
1,288
69,403
1,124
44.771
12,589
Total revenue
$221,558
$202,230
$540,598
$617,987
300,185
416,339
Mine oper. expense, incl.
development-.
88,130
Maintenance
400,445
921,333
947,154
Depreciation—
Taxes
Operating income..--
Total income
Int. & other deductions.
Divs.
on
pref. stocks...
$2,147,492
8,642
$2,166,408 $26,338,296 $25,259,062
878.424
9,557,599
10,526,3.56
424,394
5,092,519
5,066,045
stocks.
$863,589 $11,688,178
3943,533
a
Balance of income
$863,589 $11,688,178
211,303
1,877,002
165,681
1,988,170
5,032
56,456
$943,533
124,329
165,681
4,556
Other income.
5,668
1,421
$109,593
150,000
$147,643
563,521
$123,289
511,042
$40,407
$415,878
$387,753
.Surf125.537
Deficit..
Balance Sheet
$850,817 $1,127,019
6,038,003
Investment
Def'd
Accts.
180,000
shares
&
Capital stock-.-
Surplus
Accts., Int. & div.
84,890
18.009
5,340,349
2,169,589
2,000
1,175
20,650
19,324
26,812
5,340,349
2,023,221
26,958
2,000
receivable
$207,444
$14,464
Unclaimed divs.--
b
1938
1939
payable
accrued charges-
Res've for taxes...
of
purch.
inkt.
5,593,641
208,120
204,474
Loans (secured)
July 31
Liabilities—
1938
1939
Assets—
Cash.
4,080
Mining and milling
supplies
Explor. expends.on
20,658
outside props...
Ad vs. to <fc shs. in
219,431
610,745
2,721
other min'g cos.
a
3,478
Mine, mill, camp
office
bldgs.,
plant, mach'y &
equipment
Total
a
147,
..-..$7,424,170 $7,756,041
-
After
p.
depreciation,
2235.
Operating revenues
Oper. exps., incl. taxes._
Property retire, reserve
.....$7,424,170 $7,756,041
Total
b Represented by 1,500,000 no par shares.—V.
Light Co.—Earnings—
1939—12 Mos.—1938
Arkansas Power &
$9,666,661
$9,666,661
2,817,787
1,961,696
70,467
1,425
— —
Period End. Aug. 31—
Int. from subs. consol..
843
deprec
Profit
Amer, Gas A. El. Co.—
Pref. divs. fr. subs .consol
6.064
...
Dividends paid
Balance of income for
common
7,839
$125,537
Reserved for
$2,150,397 $26,227,499 $25,211,169
16,010
110,797
47,893
$2,156,135
788,208
424,394
71,269
7,042
848
written off
&
Other income..
85,281
Examination and claims
Prepd. & def. chgs.
$6,114,994 $75,399,391 $72,605,065
1,912,007
23.711,147
22,528,403
346,190
4,177,019
4.356,376
884,475
10,842,694
10,34.3,937
821,924
10,441,032
10,165,180
83,956
tion expense
1939—12 Mos —1938
1939—Month—1938
$6,493,138
2,076,713
Operating expenses
$141,289
58,810
—
paid..
.
from
revenue
1936
$452,675
107,950
General and administra¬
ments
Operating
1937
$344,335
125,736
1939
incl.
recoveries,
premium
Interest, Sec., earned less
Extend Bank Loans—
Period End .Aug. SI—
Subs. Consolidated-
1938
Years Ended July 31—
Metal
Dividends
$1 per share on the common stock,
payable Sept. 30 to holders of record Sept. 20.
Dividend of 50 cents was
paid on Sept. 1, last, and $1 was paid on Nov. 1. 1938, and on Dec. 23,
1937.—V. 149, p. 1615.
America
1939
Anglo-Huronian, Ltd.—Earnings—
Corp.—To Pay $1 Dividend—
Directors have declared a dividend of
7,
Anglo-Dutch Refining Co.—Acquisition-
Corp.—Preferred Dividend—
American Beverage
Directors
Oct.
1939—Month—1938
$893,489
445,695
$931,165
478,855
$9,496,426
4.979,191
$9,090,744
4,758,638
127,000
126,237
1,267,943
1,201,903
$325,310
$321,557
$3,249,292
$3,130,203
—....
Dr68,645
$325,310
$321,557
$3,249,292
$3,061,558
appropriations.
•
Total income
Taxes & exps.
$1,238,099
30,331
(net)
$1,245,606 $15,609,807 $14,516,611
$1,207,767
128,140
177,811
$1,196,849 $15,061,223 $13,877,056
170,853
1,694.583
2,050,241
177,811
2,133,738
2,133,738
48,756
548,583
639,555
Net oper. revenues...
Rent from lease of plant
(net)
Balance
Int. & other deductions.
Divs.
on
pref. stock
Balance
For
a
$848,184 $11,232,902
$901,816
common
Aug. 31—
1939—3 Mos.—1938
146.385
$1,405,143
$1,171,626
949,265
949,265
$455,878
$222,361
7,77.3
146,385
10,838
CY328
Cr424
Net
1939—12 Mos.—1938
Operating revenues
$24,747,216 $23,201,518 $99,160,795 $97,670,101
Oper. exps., incl. taxes.. 13,433,782
12,790,456
53,140,641
52,482,665
Prop, retire. & depletion
reserve appropriations
2,487,588
2,376,099
9,977,196
9,664,279
Net oper. revenues...
Other income (net)
Gross income........
$8,825,846
37,777
$8,034,963 $36,042,958 $35,523,157
31,662
120,104
188,906
$8,863,623
4,008,334
09,092
Int. chgd. to constr'n
Balance
$4,864,381
1,792,931
3,995,209
Crl57,379
16,036,362
C'r58,995
15,991,030
0487,460
income
Dividends applicable to
$172,165
$165,387
preferred stocks for the
period whether paid or unpaid
Balance.---
115,636
C'r6,286
___
x Dividends
accumulated and unpaid to Aug. 31, 1939, amounted to
$949,265. after giving effect to dividends of $3.50 a share on $7 preferred
stock and $3 a share on $6 preferred stock, declared for payment on Oct. 2,
1939.
Dividends on these stocks are cumulative.—V. 149, p. 1753.
$8,066,625 $36,163,062 $35,712,063
and
other deductions
Pref. divs. to public
Portion
applicable
10,889
$3,072,447
1,791,471
Interest on mtge. bonds.
x
public
13.814
$3,263,106
1,756,624
105,985
CV4.646
Other int. and deductions
Light Co. (& Subs.)—Earnings—
Subsidiaries—
to
629
$322,186
Int. charged to construe.
American Power &
Interest
685
$325,995
Gross income
$9,693,077
stocks of subsidiaries owned by American Gas & Electric
Co.—V. 149, p. 1466.
Period End.
—
Operating income
Other income (net)
Ashland Oil & Refining
Co.—Earnings—
1939
$423,806
8 Months Ended Aug. 31—
Net earnings after all charges
_
r>
$413,970
—V. 149. p. 569.
$4,228,795 $20,185,695 $20,208,493
1,792,935
7,171,720
7,171,67
Associated
Gas
&
Electric
Co.—Reports
Progress
on
$3,056,092
$2,422,073 $12,947,770 $12,973,535
Integration Plan—NY PA NJ Utilities Co. to Issue $50,000,000 Bond Issue—In letters sent to the Securities and Exchange
Commission and released Oct. 1, the company reports the
Amer. Power cfe Lt. Co.-—
Net equity (as above)
$3,056,092
Other income.
18,889
$2,422,073 $12,947,770 $12,973,535
17,908
94,623
73,703
steps that have been taken to meet the general objectives of
the tentative Plan of Integration and Simplification of the
to
minority interests
a
„
15,358
Net equity
Total
$3,074,981
Expenses, incl. taxes
Int. & other deductions.
Balance carried to
100,838
725,245
66.205
13,787
63,280
$1,593,330
integration
Under
con¬
solidated earned
sur.
$2,248,898
$9,729,743
$9,717,478
Of American Power & Light Co. in income of subsidiaries.
Note—Litigation in which one of the subsidiaries had been engaged
regarding a rate reduction, for which a reserve had been provided by apPropriations from surplus, was decided against the company in November,
.1938.
An adjustment was charged against operating revenues in Decem¬
ber, 1938, to remove from revenues for the year 1938 the amount of
the rate reduction applicable to the first 11 months of the year.
For the
12 months ended Aug. 31, 1939, this adjustment has the effect of
removing
from operating revenues $-431,944 more than the amount
applicable to that
period.
include
$633,722 of
which
a
revenues
reserve
subsidiary in
provided.—V. 149,
American Telephone & Telegraph Co.—Gain in Phones
was a gain of 93,800
telephones in service in the principal telephone
the American Telephone & Telegraph Co. included in the
System during the month of September. 1939.
The gain for these
companies in September, 1938, was 83,500.—V. 149, p. 1752.
Bell
American Water Works & Electric
Co.,
Inc.—Weekly
:-
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week
ending Sept. 30, 1939, totaled 52, 787,000
kilowatt hours, an increase of
22.8% over the output of 42,999,000 kilowatt
hours for the corresponding week of 1938.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended—
§ep!' ,2~-
Sept. 16-.
Sept. 23..
Sept. 30-*
1939
48,974,000
51,949.000
52,787,000
1938
1937
*38,806,000 *46.120,000
43,170,000
42,460,000
42,999,000
1936
1935
47,899,000 *38,072,000
49,985,000 *46,010,000
49,408,000
49.046,000
"
48.908,000
49,010,000
41,051.000
40,380,000
37,100,000
Includes Labor Day.—V. 149, p. 2072.
Archer-Daniels-Midland
Co.—To
Vote
on
Directorate
Change—
Stockholders at their annual meeting on Oct. 10 will consider
amending
by-laws to provide that the board of directors shall consist of such
more than 15 and not less than 9, as
may from year to year be
elected at each annual meeting of stockholders.—V.
the
number, not
149, p.
1615.
,
,
,
During the period which has elapsed since the plan was filed, certain
its general objectives, and the development
and carrying forward of other steps are now actively in process in order
that those objectives may be met and the requirements of Section 11 of the
Public Utility Holding Company Act complied with.
The steps that have
been taken and those which are presently under consideration for the
immediate future in connection with the plan are outlined as follows:
steps have been taken to meet
The following references are
to the tentative plan.
lie:
Part V
Power Co. to outside interests—
contemplated by the plan-—is currently being nego¬
tiated. At this time these negotiations are in a preliminary stage.
New York State Electric & Gas Corp. and Owego Gas Corp. have appli¬
cations before the SEC covering the acquisition by the former of all of the
outstanding common stock of the latter for the purpose of facilitating the
transfer of the assets of the latter to the former corporation.
Approval
of this transaction has heretofore been received from the New York P. S.
Commission.
Hearings thereon were held before the SEC in 1938. and
The sale of the Litchfield Electric Light &
a
There
.
1, 1938, the company filed its tentative plan of
simplification with the SEC which was subsequently
dated March 14, 1939, to the then (phairmau,
of Dec.
and
of such
was
subsidiaries
Output—
date
amended in part by a letter,
W. O. Douglas.
Operating revenues for the 12 months ended Aug. 31, 1938, in
above statement
litigation during the period for
p. 1466.
System, which has heretofore been filed with the
SEC, and the steps which are presently under consideration
for the immediate future in connection with the plan.
a
the
Associated
$2,439,981 $13,042,393 $13,047,238
120,453
407,873
421,304
726,198
2,904,777
2,908,456
sale
not originally
decision on the matter is being awaited.
The company indirectly has a 49.82% interest in Paul Smith's Electric
Light & Power & RR. and a 49.60% interest in Paul Smith's Hotel Co.
Negotiations are currently under way looking toward the sale of these
interests or, in the alternative, the acquisition by New York State Electric
& Gas Corp. of the physical property of Paul
Smith's Electric Light &
Power & RR. and the sale of the interest in the Paul Smith's Hotel Co.
Negotiations are progressing for the exchange of certain of the operating
properties of New York State Electric & Gas Corp. for other properties in
the State of New York which, although not contemplated by the plan,
would be a desirable exchange to further geographically consolidate the
a
operating propertiesof New York State Electric & Gas Corp.
It is proposed that some of the funds from the financing of NY PA NJ
Utilities Co. (see below) will be applied to the acquisition, on foreclosure,
of the minority interest in the common stock of Jersey Central Power &
Light Co.
Certain delays were encountered in the program for mergers in the State
of Pennsylvania: however, necessary studies are in progress looking toward
the elimination by mergers of several of the Pennsylvania operating subs.
Requisite applications are now being prepared covering the merger (by
sale or otherwise) of the following Pennsylvania operating subsidiaries:
Logan Light, Heat & Power Co., into Pennsylvania Electric Co.: Glen
Rock Electric Light & Power Co., into Metropolitan Edison Co.
Volume
The Commercial & Financial Chronicle
149
All requisite applications covering the merger of Northern Pennsylvania
Power Co. into Metropolitan Edison Co. have been
filed, and the only
approval now required for the consummation of this
SEC.
Hearings
flppisinTI
ic
on
Kpincr
merger is that
of the
this application have been held, and the Commission's
owq
j
t
2225
uncertainty of the financial markets owing to the present international
situation which may delay the proposed refinancing beyond the maturity
date of the 8s of 1940, we are considering the possibility of a short-term in¬
terim piece of financing, or for a short-term extension of the
of these bonds.
maturity date
.
Upon completion of the refinancing of NY PA NJ Utilities Co., which
will provide funds for the retirement of the outstanding securities of York
Railways, petitions will be filed covering the merger of Edison Light &
Power Co. and York Steam Heating Co. into Metropolitan Edison Co.
Consideration is also being given to the advisability of combining, by
merger or otherwise, a number of other subsidiaries operating in the State of
Pennsylvania and to the possibility of a more advantageous regrouping of
several of those operating units. Negotiations for the sale of the Maryland
Public Service Co. to outside interests, a transaction not originally con¬
templated by the plan, have been completed.
A major portion of the property owned by Eastern Land Corp. which
may be used or useful in the operations of public utility subsidiaries has
been conveyed to these respective subsidiaries, and an effortis being made to
dispose of the balance of the real estate so that Eastern Land Corp. may
be dissolved.
77vRe: Part VI
:
Negotiations for the sale of Georgia Power & Light Co., Florida Power
Corp., Florida Public Service Co. and Sanford Gas Co. were entered into
some time ago, but did not materialize in any agreement for the sale thereof.
At the present time other negotiations are going forward.
Kentucky-Tennessee Light & Power Co. has already disposed of all
but a very small portion of its properties in Tennessee, and negotiations are
now actively under way for the sale of all of the remaining
properties of
this company.
There have been discussions with the
South
to the sale to it of South Carolina Electric &
Lexington Water Power Co.
The
Gas Co. and
Part VII
properties of Rising Sun Water & Light Co. and Tucumcari Light &
Power Co. have been sold.
A
60-day purchase option, dated Sept. 8, 1939, has been given to outside
on Arizona General Utilities Co., Arkansas General Utilities Co..
interests
Louisiana
Public
Utilities Co.,
Texas General Utilities Co.
Inc., Panhandle Public
A 60-day purchase option, dated
on Sioux Fails Gas Co.
control
thereof, through the distribution of the Associated Gas & Electric
Corp.'s securities among the security holders^f the company on an equitable
This plan is designed to carry out the provisions of clause (2) sub¬
division (b) of section 11 of the Public Utility Holding Company Act.
Attention is also being given to means by which other sub-holding com¬
panies in the System may be eliminated.
basis.
Re:
and
Service Co.
Sept. 8, 1939, has been given to outside
Part XIV
Under authority from the New York State Public Service Commission,
Morton Power Co. has conveyed all of its properties to New York State
Electric & Gas Corp. and is in the process of dissolution.
Applications
pending before the New York Public Service Commission
are
for the.merger of Triple Cities Coach Co. into Triple Cities Traction Corp.
and for the sale of the Triple Cities Traction Corp. stock to The United
Coach Co.
There have been discussions with the Transit Commission of the State
of New York with respect to the sale of Richmond Railways, Inc., to The
United Coach Co. If the outcome of these discussions warrants action, it is
an application will shortly be filed with that Commission
covering such sale and for the elimination of Richmond Railways, Inc. as an
intermediary company thereby vesting ownership of Staten Island Coach
Co., Inc. directly in The United Coach Co.
anticipated that
General
Carolina Power Authority
with respect
Re:
The company has in course of study a plan for the divestment of the
securities of Associated Gas & Electric Corp. which it holds and of its
Upon completion of the refinancing of NY PA NJ
Utilities Co.
and
General Gas & Electric Corp. and the completion of the amendments to the
Associated Electric Co. indenture, the following companies may be elim¬
inated by merger or dissolution: Associated Utilities Corp.: General Utility
Investors Corp.; Central U. S. Utilities Co.; Northeastern Water Cos., Inc.;
Associated
Investing Corp.; Southeastern Electric & Gas Co.; The Asso¬
Investing Corp.; Eastern Power Co.; Pennsyl¬
ciated Corp.; Southeastern
vania Investing Corp.
The cost of stock transfer stamp taxes on the portfolio of the companies
above mentioned will amount to over $105,000 on the merger or dissolution
interests
thereof.,
A 120-day purchase option, dated Aug. 16, 1939, has been given which
contemplates the merger of Ohio-Midland Light & Power Co., Portsmouth
Gas Co., The General Utilities Co., The New London Power Co., Ohio
Northern Public Service Co. and the Western Reserve Power & Light Co.
into one or two corporations and for the distribution of the securities
through a public offering.
A 60-day purchase option, dated July 31, 1939, has been given to out¬
side interests on a portion of the properties of Indiana Gas Utilities Co.
None of the transactions contemplated in these options will be con¬
summated except after any and all approvals of governmental regulatory
bodies having jurisdiction in the premises shall have been obtained.
Negotiations are under way for the sale of Lake Shore Gas Co. to outside
This amount is only a small part of the total stock transfer stamp taxes
which, under present requirements, will be involved in carrying out the
entire plan of integration and simplification of the System.
*
interests.
-"'v
V"
v'"..-"1
■
Re:
Weekly Output—
For the week ended Sept.
■>:
' ; '
V-l29th, Associated Gas & Electric System and
the New England Gas and Electric Association Group report net electric
output of 103,785,408 units (kwh).
This is an increase of 13,170,515
units or 14.5% above production of 90,614,893 units for a year ago.
This
is the
largest increase since since the week ended July 2, 1937
including sales to other utilities, amounted to 114,578,701
week.—V. 149, p. 2072.
.
Gross output,
units for the current
:k7v'
^
7-7V
v
Associated Gas & Electric Corp.
Part VIII
(& Subs.)—Earnings—
The properties
of Loogootee Water Co. have been sold.
Active efforts are being made to dispose of the real estate owned by
Associated Real Properties, Inc. so that this company may be dissolved.
Discussions are under way looking toward the disposition of the property
of The Reno Bridge Co. in contemplation of its dissolution.
Of the companies referred to in paragraph 37 of Part VIII, Appliance
Finance Co. and Silver Creek Electric Co. have been dissolved.
Re:
Increase
12 Mos. Ended Aug. 31—
Electric
Gas
Transportation
Water
Heating
Ice—
Part X
Negotiations are under way for the refunding of the mortgage debt of
Long Island Water Corp. and for the sale of that company to Northeastern
Water & Electric Corp.
Discussions are under way looking toward the sale
of Hopkinaville Water Co. to outside interests and for the transfer of Spring
Brook Water Co. to Northeastern Water & Electric Corp.
York Railways has completed the abandonment of its street railway serv¬
ice and bus service has been substituted therefor by York Bus Co.
When the NY PA NJ financing is completed and funds thus provided for
the retirement of the York Railways bonds and preferred stock, that com¬
Total operating revenues—$133,205,126
Operating expenses
Maintenance.,—
Associated Magazine, Inc. and Utility Clearing Corp. have
Plans
are
under way for the dissolution of
been dissolved.
Associated Power Corp. with
respect to which there has been correspondence with the Commission.
Re:
Plans
are
Part XII
progressing for the amendment of the indenture pursuant to
which the debentures of Associated Electric Co. were
issued for the purpose
restrictive covenants of said indenture.
Commission is being prepared, covering a plan
for the divestment by General Gas & Electric Corp. of its holdings through
its subsidiary, Southern Electric Utilities Co., of stocks of Associated Gas &
Electric Co. and for the simplification of its capitalization.
The plan
provides, among other things, for two classes of stock of General Gas &
Electric Corp. which are to be the present $5 prior preferred stock and a
new common stock and for the liquidation of all of th3 present indebtedness
of eliminating some of the
An application to the
of the corporation.
It is proposed that
shortly after the filing of the application for the
of the capitalization of General Gas & Electric Corp., an
application will be filed with the Commission covering an issue of debs,
by General Gas & Electric Corp. as soon as salable. The proceeds of this
issue will be used primarily for the following purposes:
(1) The repayment of non-operating subsidiaries' bank loans, including
the purchase money obligations of Eastern Power Co.
(2) The acquisition of one-third interest in the common stock of Eastern
Shore Public Service Co. now owned by Virginia Public Service Co.
simplification
(3) The acquisition of the preferred stocks of Georgia Power & Light
Co., Tide Water Power Co., Florida Power Corp., Eastern Shore Public
Service Co., and Virginia Public Service Co. now owned by Northeastern
Water & Electric Corp.
•
Upon completion of this program, the necessary foundation will have
been laid to facilitate the elimination of intermediary holding companies
the
refinancing
of subsidiaries to remove existing preferred stock
and make possible their resumption of
approximately $50,000,000 of debentures as soon as salable. The proceeds
primarily to the following:
(1) The retirement of the NY PA NJ Utilities Co. debentures and
preferred stock and the payment of its bank loans.
(2) The payment at maturity of the Associated Gas & Electric Corp. 8%
bonds due March 15, 1940.
(3) The payment of the balance of the Federal income tax settlement.
(4) The completion of the acquisition of the common stock of Jersey
Central Power & Light Co.
As a substantial amount of the debentures of NY PA NJ Utilities Co.
which are proposed to be redeemed are owned by operating subsidiaries and
other subsidiaries of Associated Gas & Electric Co., this financing will
therefore provide funds for:
(A) The payment of a substantial amount of the bank loans of system
companies, including the balance of the purchase money obligation incurred
in the purchase of Northeastern Water & Electric Corp.
(B) The redemption of all or part of the preferred stocks of certain
operating subsidiaries and the redemption of all or part of the long-term
debt of certain operating subsidiaries.
.
NsThe redemptions referred to above include retirements of the York
Railways bonds and publicly held preferred stock which will eliminate the
present proceedings for reorganization of York Railways and permit the
merger of Edison Light & Power Co. and York Steam Heating Co. into
Metropolitan Edison Co., the sale of York Bus Co. to The United Coach
Co. and the dissolution of York Railways.
The acquisition of the remainder of the common stock of Jersey Central
Power & Light Co. will permit the combination of that company and New
Jersey Power & Light Co.
As a result of this financing, the capital structure of the operating com¬
panies will be further simplified through the elimination of the cross holdings
of investments in System companies and the retirement in part of the
operating companies' capitalization.
While the refinancing plan of NY PA NJ Utilities Co. will provide funds
for the payment at maturity of the Associated Gas & Electric Corp. 8%
bonds due March 15, 1940, as a precautionary measure because of the
of this issue will be applied
A
220,290
874,160
x29,077
30,652
—
%
4
2
3
40
x2
2
$5,345,246.
x784,156
x79,160
1,502,103
4
xl
xl
9
$45,658,111
11,055,038
$4,706,459
2,352,989
10
21
$34,603,073
$2,353,470
7
Indicates decrease.
To Extend Bonds—
The Securities and Exchange Commission announced Oct
2 that the
corporation had filed a declaration (File 43-256) under the Holding Com¬
pany Act in connection with its proposal to offer present holders of its
8% 8-year gold bonds, due March 15, 1940, an extension of the maturity
March 15, 1945.
There are $8,589,980 of
8-year gold bonds, due March 15, 1940. outstanding and to be ex¬
149, p. 1616.
of their bonds for five years to
8%
tended.—V.
Atchison
Topeka & Santa Fe Ry.—Improvement Pro¬
gram—
A $21,000,000 program of improvements and new equipment for this
Ry was announced on Oct. 4, by Edward J. Engel, President.
It involves
purchase of 91,000 tons of rail and fastenings and 2,800 new freight cars,
rebuilding of 2,500 freight cars, repairs of locomotives and cars and doubletracking of a 24^mile stretch of main line in Arizona.
Mr. Engel said the expenditures for equipment and rail alone would
create more than 7,000,000 man-hours of labor in the durable goods industry.
The program will be financed in part by cash from the treasury and in part
by issuance of $8,000,000 of 10-year equipment trust notes.
Mr. Engel reported that the new freight equipment would be 1,800 box
cars, 200 coal cars, 100 flat cars, 450 refrigerator cars and 250 gondolas.
Or the 2,500 cars to be rebuilt, 900 box cars will be reconstructed in the
company's shops at Topeka, Kan.; 600 automobile cars in shops at Chicago
and 1,000 refrigerator cars in its shops at Wichita, Kan.—V. 149, p. 2072.
Atlantic Co
—Preferred Dividend Passed—
Directors at their recent meeting omitted the dividend ordinarily due to
be paid on the 6% preferred stock, par $100, on July 1, last.—V. 146, p. 2196.
dividend arrearages of subsidiaries
payments of dividends on their preferred stocks.
An application is being prepared and will be filed with the Commission
in the near future on NY PA NJ Utilities Co. covering the issuance of
Amount
$3,931,859
317,362
Note—Includes operations of acquired properties since dates of acquisition
only.
,M '' 7
77;.
''7"
,
and
$36,956,543
Operating income
x
Part XI
$127,859,880
57,210,788
8,495,921
16,495,060
$50,364,570
13,408,027
_
Net operating revenues
Provision for retirements
Coach Co.
Re:
56,426,632
8,416,761
17,997,163
___
Provision for taxes
will be dissolved, and York Bus Co. will be transferred to The United
pany
_
1939
1938
$105,884,751 $101,952,892
14,473,645
14,156,283
6,933,565
6,713,275
3,041,867
2,167,707
1,542,526
1,571,603
1,328,772
1,298,120
Atlantic Mutual
Insurance Co.—Interest Dividend—
Trustees have declared a dividend of interest of 6%
on the outstanding
payable on and after Jan. 2,1940, to holders of record
Dec. 31, 1939.
The outstanding Certificates of Profits of the issues of 1937,
1938 and 1939 will be redeemed and paid on and after Jan. 2, 1940.
The
board has also declared a dividend of profits of 15% in cash on the premiums
of cash participating policies.—V. 149, p. 254.
Certificates of Profits,
Baltimore
Mortgage Corp.-—Tenders—
Company announced that it will, up until Oct. 25, receive
to it of sufficient 20-year 2/6% bonds due April 1, 1954 to
of $20,000. at lowest prices offered.—Y. 148, p. 2811.
bids for the sale
exhaust the sum
_
(L.) Bamberger & Co .—New Director—
Ralph E. Lum of Chatham, N. J., senior partner in the law firm of Lum,
Tamblyn & Fairlie, has been appointed a director of this company, it was
announced on Oct. 3, by Richard Weil Jr., President.—V. 148, p. 2734.
Bangor Hydro-Electric Co.—Earnings—
Period End. Sept. 30—■
Gross earnings..
-
1939—Month—1938
$209,986
$199,478
58,143
1939—12 Mos.—1938
$2,220,624
$2,229,094
708,135
718,801
Operating expenses.64,000
Taxes accrued
31,000
30,000
376,684
12,828
11,241
173,953
159,689
$102,158
25,441
$100,094
25,737
$961,852
304,943
$997,103
299,685
$76,717
25,483
$74,358
$656,909
$697,418
Dividend on pref. stock-
stock-
21.722
25,483
21,722
305,794
260,659
305.794
257,039
$29,513
$27,153
$90,456
~~$li4^585
Depreciation
Net oper. revenue-—
Fixed charges-
Surplus-.
Dividend
—
on com.
~~
Balance
353.500
—V. 149. P. 1616.
Barbizon
Hotel, Inc.—Pays Special Dividend-
Company paid a special dividend of $4 per share on the common stock,
Sept. 29 to holders of record Sept. 25.—V. 135. p. 2657,
on
,
The Commercial & Financial Chronicle
2226
Beatrice Creamery Co. (&
Period End. Aug. 31——
Net sales
Costs,
Depreciation-.-.
56,957,202
"$911,481
59,262.446
1,108,978
$830,169
37,189
$870,818
40,663
Profit
Other income
$1,915,579
182,348
$1,300,884
174,841
$867,358
194,000
$2,097,927
304,730
$1,475,725
178,404
$714,481
$673,358
$1,793,197
$1,297,321
$1.57
$1.46
$3.46
$2.15
tai--,-.
— —
— -
Earnings per share on
common
stock
—V. 149, p. 2073.
Bell
Telephone Co. of Pennsylvania—Earnings—
'
al939—Month—1938
a 1939—8 Mos.—1938
$5,832,053
$5,547,729 $47,216,498 $45,497,057
24,610
31,649
190,495
247,428
Period End. Aug. 31—
Operating revenues
Uncollectible oper. rev_-
$5,516,080 $47,026,003 $45,249,629
4,000,016
32,388,495
31,102,673
Operating revenues— $5,807,443
Operating expenses..4,067,674
Net oper. revenues—
Operating taxes.
$1,739,769
494,815
$1,516,064 $14,637,508 $14,146,956
413,377
3,900,956
4,149,775
Net operating incomeNet income--
$1,244,954
794,157
$1,102,687 $10,487,733 $10,246,000
652,759
6.881,344
6,605,507
a Includes
possible refund $39,000 for the month and $304,000 for the
eight months.
Provision against contingency of such refunds has been
made in surplus reserved.
Gain in Phones—
Company reports
with gains of
a
common
South
share of preferred
and two
unit.
as
now
Tennessee.
operates a chain of 18 medium priced ladies' shoe stores in
are
1,268,135 telephones in service.—V.
149, p.
1616.
the stores,
and constitute approxi¬
mately 23% of the total sales of the company.
Company owns 25,000 shares, and indirectly controls and contemplates
the acquisition of an additional 50,001 shares, of the common stock of
Pollock's, Inc., out of 99,748 shares of such stock outstanding.
Pollock's
was incorp. in North Carolina, Sept. 1, 1932, and is qualified and authorized
to do business in the States of South Carolina, Virginia
and Tennessee.
It operates a chain of 14 retail ladies' shoe stores in those four States, selling
popular priced shoes, and hosiery, handbags and shoe accessories which
account for approximately 19% of its business.
It also operates a "family
type" shoe store in Asheville, N. C., where shoes priced up to $10 are sold.
6% cumul. (par $25)
stock (par $1)
In addition, 6.000 shares of
stock
Outstanding
3,800 shs.
125,000 shs.
Authorized
18,000 shs.
Capitalization—
Pref. stock,
Common
175,000 shs.
preferred stock and 12,000 shares of common
and two
unit.
offered in units consisting of one share of preferred
are now
shares of common stock, at $29.50 per
Application of Proceeds—Net proceeds are to be applied towards the ac¬
quisition and purchase of 50,001 shares of the common stock of Pollock's,
which are now owned by L. H. Pollock.
These 50,001 shares of stock are
held in escrow by First National Bank & Trust Co., Asheville, N. C., as
collateral security for the payment of promissory note evidencing the de¬
ferred balance of the purchase price due L. H. Pollock.
Underwriters—The names of the principal underwriters are: R. S. Dick¬
& Co., Inc., Charlotte, N. C., and Kirchofer & Arnold, Inc., Raleigh,
son
C.
Comparative Statement of Income for Stated Periods
compared
For the first nine months of 1939, the company reports a net station gain
of 34,459 as against a gain of 11,802 in the like period last year.
On Sept.
also sold in
the
Hosiery, handbags
Boyd's stores sell shoes ranging in price from $2 to $4.
and similar accessories
N.
-
net station gain of 11,028 for September
Carolina and
Company
those four States, under the trade names of "Butler's" and "Boyd's."
The Butler's stores sell shoes ranging in price from $2 to $6, and
-r-Years
8.,704 and 9,870 in the like month of 1938 and 1937 respectively.
30, the company had
one
at $29.50 per
History and Business—Company was incorp. in Florida, Nov. 4, 1926,
qualified and authorized to transact business in the States of Georgia,
1,077,037
197,000
Total income
Federal income
shares of
1939
7,
and is
14,534,094
428,467
14,845,888
429,669
taxes, interest, &c.--_
Net profit--
The stock is offered in units of
Subs.)—Earnings—
1939—Z Mos.—1938
1939—12 Mos.—1938
$16,146,375 $15,792,730 $59,981,759 $61,640,368
ordinary
exps.,
Oct.
1936
Gross sales, less returns
and allowances.-----
Ended Dec.
1937
5 Afos. End.
May 31 '39
31-—
1938
$1,016,917
692,753
$1,212,059
817,078
$1,375,082
914,033
$688,290
453,450
$324,164
298,290
$394,980
364,882
$461,048
$234,839
414,^75
196,203
$25,874
$30,098
$46,373
1,859
$38,635
$25,874
4,9.39
3,412
$30,098
$48,232
$38,635
$17,521
Vost of goods sold
$25,249
BIawrKnox Co.—New Director—
Laurence E. Joseph has been elected
a
director and Vice-President of the
company.
He was recently appointed executive head of the company's
•Blaw-Knox division and will continue in charge of that activity.—V. 149,
2073.
p.
Gross profit on sales-Expenses
Operating profit
Other income
______
Boston Consolidated Gas Co.—Rate Increase Authorized
The long-awaited rate decision was handed down by the Massachusetts
P. U. Commission on Sept. 28, granting the company an increase in rates,
effective Oct.
$400,000
1, which it is estimted will expand earnings by upwards of
The company sought approval of a schedule of rates which
a year.
would have resulted in
a
an
nanual increase in
revenue
of about $1,000,000
year.
Commissioners
McKeown
(Chairman), Grant, Whouley and Curley
voted in favor of granting the company an increase in rates.
Commis¬
sioner
Webber dissented.
original petition for a rate increase for domestic and commercial
use was filed in January,
1938.
However, in July, 1938 the Commission
denied the company rate relief on a technicality.
The case was not decided
on its merits.
In November, 1938 the Gas company filed a new petition
which was said to be virtually a continuation of previous efforts to obtain
rate relief, but removing the technical difficulty on which the former
petition was dismissed.
The new. rates are promotional and will enable the company to meet com¬
petition.
The most important change in the rate set-up is in the first step
which provides 200 cubic feet of gas for $1 against the present initial
step
.
"
of 60 cents for the first
100 cubic feet.
The Commission states:
"We believe that this change in rates will have
the effect of improving the earnings of the company to a level more
closely
approximateing the
average return of gas companies
this Commonwealth."—V. 149, p. 1617.
Boston Revere Beach & Lynn
doing business within
RR.—Reorganization—
Federal Judge Elisha II. Brewster at Boston, Oct. 2, granted the petition
reorganization with the Massachusetts
Department of Public Utilities for the purpose of turning over the property
to two Massachusetts trusts for liquidation.
The Court also granted a petition of the road to pay employees' wages
which have been deducted between the period of April 5 and June 29 of this
year amounting to $3,574.
The Commission has 30 days in which to act on a petition.
The Commis¬
sion may accept the petition or grant an extension
pending adoption of a
proposal that the Boston Elevated Ry. furnish service to "Narrow Gauge"
of the company to file a petition of
users.
The stockholders on
p.
Sept. 30 approved the plan to liquidate the
com¬
2889.
British American Tobacco
Co., Ltd.—Final Dividend—
Directors have declared
a final dividend of
§% cents per share on the
Depository Receipts for preferred registered shares and a final
dividend of 15 4-5 cents per share on American
Depository Receipts for
ordinary registered shares both payable Oct. 7 to holders of record Sept.
American
1V. 149, p. 1320.
British Columbia Power
Period End. Aug. 31—
Gross earnings
149,
Brown
1939—2 Afos.—1938
$1,247,718
765,283
$2,578,331
1,584,765
$2,480,014
1,500,510
$490,933
expeases-
p.
Corp., Ltd.—Earnings—
1939—Aloath—1938
$1,310,215
819,282
$482,435
$993,566
$979/504
Net earnings
-V.
2074.
Co., Portland, Me.—Authorized to Issue Certifs.
certificates to pay present and future
obligations
contracts with the City of Berlin, N. H.—V.
149, p.
resulting
from
wood
1907.
Brown Fence & Wire Co.—Sales—
Company reports sales for the month of September, 1939, of $310,892, as
compared with $334,443 for September, 1938.
Sales for the first three months of the fiscal
year, beginning July
1, 1939,
are $832,434, as
compared with $810,582, for the similar period last year, a
gain of 2.69%.—V. 149, p. 1755.
Corp., Ltd.—Final Dividend—
Directors have declared
final dividend of 8 2-5 cents per share on the
American depository receipts for
ordinary registered shares payable Oct. 6
to holders of record Aug. 11.—V.
148, p. 1948.
Butler
on
a
Brothers—Official Promoted—
George A. Brazier, Vice-President and veteran merchandising executive
Oct. 3 took charge of the
company's merchandising of all dry goods in
addition
to
home
goods
which
since
1929
he
has
supervised.
This
an¬
nouncement
was made by Frank S.
Cunningham, Chairman-Elect of the
directors, following the announcement by Frederick Quellmalz,
who for the last 10 years has directed the
dry goods merchandising, that he
will retire in the near future.—V.
149, p. 1908.
board
of
Butler
193678
~
Balance Sheet as at May 31,
on
hand and in banks
Merchandise.-.-.
Mfg. Co.—Dividend Resumed—
Company paid a dividend of 50 cents per share on the common
stock,
Sept. 30 to holders of record Sept. 27.
This was the first dividend paid
since Dec. 23,1937, when 50 cents
per share was also distributed: this latter
payment being the first made since 1929.—V. 147, p. 3905.
on
Butler's, Inc., Atlanta, Ga.—Stocks Offered—Public
offering by means of a prospectus of a new issue of 6,000
shares of preferred stock,
6% cumulative (par $25), and
12,000 shares ($1 par) common stock was announced Oct. 2
by R. S. Dickson & Co., Inc., and Kirchofer & Arnold, Inc.
~7~400
$39,272
$31,235
1939
571
173,581
—.—-
Other assets------
2,117
95,000
125,000
Common stock
7,340
Earned surplus.
85,896
111,742
11,248
------
Deferred charges
Total
$389,264
Total-—
2,368
20,382
6% cumul, pref. stock
1
_
$58,502
—
Miscellaneous liabilities
25,000
Inc
Fixed assets (net)
Accrued Fed. & State taxes.
2,686
Invest, in wholly-owned sub..
Invest, in Pollock's,
Accounts payable
Accrued salaries & expenses..-
$57,096
Miscell. accounts, receivable..
—V.
8,959
Liabilities—
A ssets—
Cash
"
4,849
$389,264
149, p. 1468.
Cables & Wireless Holding, Ltd.—Final Dividend—
Directors have declared
a
final dividend of 7 1-10 cents per share
on
the
American depository receipts for 5lA% preferred stock payable Oct. 7
holders of record Sept. 22.—V. 148, p. 2114.
&
Calgary
Edmonton
Corp.,
Ltd.—To
Pay
to
10-Cent
Dividend—
Directors have declared
a
dividend of 10 cents per share on the common
stock, payable Nov. 15 to holders of record Oct. 14.
This compares with
eight cents paid on Dec. 15, 1938; and five cents paid on Dec. 15, 1937 and
May 1, 1935.—V. 147, p. 2239.
on
California Water Service
Co.—Earnings—
12 Months Ended Aug. 31—
1938
$2,506,463
935,822
1939
$2,650,031
998,855
revenue-
Gross corporate income
—V. 149, p. 1468.
Canadian Mineral Equities, Ltd.—Registers
this department.
1937
$2,452,736
985,123
with SEC—
See list given on first page of
(A.
Inc.—Stock Offered—Childs,
offered 9,270 shares of
capital stock (par $1) at $5 per share.
These shares do
not represent new financing by the company.
Campbell
S.)
Co.,
Jeffries & Throndike, Inc., recently
Authorized
Capitalization—
Capital stock (par $1)
150.000 shs.
*
Exclusive of scrip certificates aggregating five full shares.
Issued
*7S,C54 shs.
History and Business—Company was incorp. in Massachusetts on June 23,
to continue a business conducted since 1910.
Company also does
1933
business under the trade names of "Cello Products
Authority to issue $250,000 in certificates has been granted the trustee
by U. S. District Court Judge Peters. Trustees were authorized to issue the
Burma
Net income.
Gross
pany.—V. 148,
Operating
Income deductions
Prov. for Fed. inc. taxes-
Due from affiliated company-.
The
road
Total income
Co." and "Universal
Manufacturing Co."
Its plant and principal executive offices are located
at 161 Prescott St., East Boston, Mass.
Company's business is the manu¬
facture of
plated and enameled metal stampings.
It is one of the largest
in the country of automobile bumper, grille, fender and
manufacturers
trunk guards and is also the largest manufacturer in the United States of
automobile license plate frames.
It also manufactures aluminum canteens
and messkits for camping use, and is equipped to make all kinds of metal
Approximately 55% of the company's production at present
is made up of automobile guards and 37 % of license plate holders.
The automobile accessory products are sold to automobile manufacturers,
stampings.
mail order houses, chain stores and jobbers.
Boston consists of three buildings on
land.
The company's plant in East
approximately 71,000 square feet of
building
The manufacturing plant proper consists of a three story
with 49,950 square foot floor area.
Sales & Earnings—The sales and
three years and six
net earnings of the company in the
months ended June 30, 1939 were as follows:
Calendar
Years
Net
'
—
1939 (6 mos.)
-
Sales
$626,683
1,033,215
732,025
Earnings
&Per Sh.
$59,707
94,629
25,523
$0.76
87,221
1.12
601,174
1.21
0.33
Based on 78.054 shares outstanding June 30, 1939.
Operations of the company during the month of July and the first half of
August continued profitable, and, in the opinion of the management,
prospects for the balance of the year are favorable.
a
Income Statement 6 Alonths Ended June 30, 1939
Sales.
-$601,173
393,157
96,451
Cost of sales.-
Operating expenses
Net profitNon-operating income
$111,565
2,313
—
Total income
Non-operating
$113,878
6,657
20,000
expenses
Provision for Federal income taxes to June 30, 1939
Net profit for six
months
i
$87,220
Volume 149
The Commercial & Financial Chronicle
Balance Sheet—June 30, 1939
Assets—
Cash
Central
Liabilities
_____
$86,360
_____
Accounts receivable
115,003
Notes rec. and trade
accept....
Inventories..
2,729
108,243
___
Value of life insurance.
Fixed assets..
3,151
...
189,250
...
Deferred & prepaid expenses
6,625
Accounts payable
Accrued liabilities
$39,363
27,921
Reserve for 1939 Fed. inc. tax.^
Reserve for bones to officers
Sundry
20,000
959
150,000
Earned surplus.
197,049
.._...
Surplus from apprec. of land...
Total
x
$511.3601 Total
-8511,360
Issued and outstanding 78,054 shares, exclusive of
scrip certificates
p. 1756.
Period End. Aug. 31—
Gross earnings
Operating
Ltd.—Earnings—
1939—Month—1938
8435,859
$428,033
215,831
196,178
1,700,178
$1,767,870
$1,816,924
Net earnings.
—V. 149, p. 1468.
$231,855
1939—8 Mos.—1938
$3,372,938
$643,187
323,716
$528,761
281,574
$831,386
942
260,303
3,393
$531,356
208,515
796
Operating profit
Other income
$318,675
40,104
$246,244
23,662
$567,690
51,391
$318,380
20,210
Total income
$358,779
63,504
$269,906
48,721
$619,081
97,878
$338,590
61,685
Gross profit
y
x
_
Non-oper. deductions.
bank loans, notes
& miscellaneous
Int. on funded debt.
607
& expense
Gross
1939
$7,520,260
revenues.
Canadian Pacific
Disc't
cess
treas.
$491,021
.i'
.
.--I
149,
$6,883,454
QOQ
$5,985,000
2074.
p.
1
■
profits tax.
Assets—
Tfi
f*rpn *ii>
$590,000
9,582
41,522
24,133
$326,309
$141,303
bond
discount,
Trading
stock,
no par,
trade
dividend of $1 per share
on the common stock on Sept. 30
This compares with 75 cents paid on June 30,
31, last, $1.10 paid on Dec. 24, 1938; 65 cents
on Sept. 30, 1938; 25 cents on March
31, 1938, and a dividend of $1.25 on
Dec. 27. 1937.—V. 149, p. 255.
Carpenter Steel Co.—Earnings—
.
surr.
787
815
57
441,333
Selling
1937
contracts
$564,523
70,179
loss4,693
$447,693
75,845
2,889
$1,887,292
$1,075,897
81,533
8,619
$630,008
229,856
8,616
$526,427
235,327
$1,991,014
217,759
4,401
31,760
69,300
y60,490
13,738
y 31,3 23
284,799
76,345
109,229
25,227
$317,309
$246,590
$0.68
securities
on
Total income
Loss
prop, retired
for extra compen¬
on
Prov.
x666,377
xl74,428
income
and
Pennsylvania inc. taxes.
Federal
surtax
12,778.
on
2,250
$1,166,050
231,060
57,919
f,8,785
com.
stk.
$0.88
$673,315
$3.30
$11.22
Includes portion of Federal and State Social Security taxes.
For prior
these taxes were included in administrative and general expenses.
The company estimates that no Federal
excess-profits taxes or Federal
surtax on undistributed profits is payable for the year ended June
30, 1938.
y Federal income tax only.
x
hand
1938
$669,153
$374,212
1939
$79,772
293,204
207,873
1,1.50,763
223,142
Reserves..;
Common stock..
1,800,000
1,800,000
2,342,093
b Earned surplus..
5,318,532
5,286,219
rec.
accounts.......
y
8,847
3,129,334
Fixed assets
z
72,283
.
64,789
3,231,892
58,187
74,663
charges..
Other assets
63,143
Directors have declared
dividend of $3 per share on the 6% pref. A
stock and a dividend of $1.20 per share on the
6% pref. B stock, both
payable on account of accumulations on Oct. 10 to holders of record Oct. 5.
Dividends at half these amounts were paid on July 1, last.—V. 148,
p. 3837.
a
Directors have declared
an
stock, payable Oct.
initial dividend of six cents per share on the
14 to holders of record Sept. 30.—V. 148,
3527.
Central Illinois Light Co.— -Earnings—
31—
and taxes
Provision for deprec
Gross income
1939—Month —1938
$676,878
$640,923
407,102
391,567
90,000
82,600
$8,968,691
5,096,868
1,050,400
/$8,615,425
$2,688,300
4,935,925
991,200
$179,776
$166,756
$2,821,423
64,451
63,404
773,622
774,366
$115,325
41.8C0
$103,353
41,800
$2,047,801
501,607
$1,913,934
501,608
charges
Net income
Amort,
pref. stock
pref. stock
on
of
expense
15,951
15,951
191,406
191,405
$57,574
Balance.
$45,602
$1,354,788
$1,220,921
—V. 149, p. 872.
Central Kansas Power Co.
Company paid
a
Central Patricia Gold
Directors
Net income after all charges
share
p.
3056.
have
declared
a
dividend
of $1.75
per
share
on
account
of
accumulation
on the 7% prior lien preferred stock, $7 dividend series and
dividend of $1.50 per share on the prior lien preferred stock, $6 dividend
series, both payable Nov. 1 to holders of record Oct. 14.
Like amounts
a
were
paid in previous quarters.—V. 149, p. 1469.
Central States
Power
&
Light Corp.—Invites Tenders
of Bonds—
The
Securities
and
Exchange Commission approved Oct. 5, subject to
to an application by the corporation and the
Light Corp. covering a proposal by Central
States to invite tenders of $2,576,900 principal amount of its first
mortgage
and first lien 5H% gold bonds, series of 1953, at 72 and accrued interest to
Sept. 30, 1939, and to purchase such bonds in an amount sufficient to
exhaust the sum of $1,855,413.—V. 149, p. 2075.
conditions,
amendments
trustee for the Utilities Power &
on
2,500,000 capital shares.
—V. 149, p. 1618.
Corp.—Employment Agreement—
Stockholders at their adjourned special meeting on Oct. 24 will consider
an employment agreement dated May 13, 1939, entered into with
Bror G. Dahlberg, running for a period of two years from May 5, 1939,
approving
unless
sooner
terminated, which provides for compensation at the rate of
$20,000 per annum plus a sum equal to 2% of the consolidated net earnings
for each fiscal year that exceeds $1,000,000, and of an option to
purchase
25,000 shares of common stock at $12 per share in certain amounts running
for various periods from May 5, 1939 to Nov. 4, 1941.—V. 149, p. 1619.
16 Weeks Ended—
Net profit
Earns, per sh.on com.stk
x
x
Aug. 20, '39 Aug. 14, '38 Aug. 15, '37 Aug. 16, '36
y$320,377 loss$ll,902
$922,487
$396,419
$0.32
Nil
$1.41
$0.46
After depreciation, interest, Federal income taxes, &c., but exclusive of
surtax on undistributed profits.
Federal
Income for the period included $401,757 representing net proceeds of
policies, which is non-recurring.
During this quarter, the company valued its process and finished stock
y
Hamilton
Division in accordance with
a
Chemical Fund, Inc.—To Pay
system of
new
change in policy which effects
$17,490.—V. 149, p. 1909.
a
an
increase in
7-Cent Dividend—
Directors have declared
a dividend of seven cents per share on the com¬
stock, payable Oct. 14 to holders of record Sept. 30.
Like amount was
paid on July 15, last, and compares with eight cents paid on March 29 and
Jan. 14, last, and an intial dividend of 1M cents per share was paid on
Oct. 15, 1938.—V. 149, p. 1020.
mon
Chesapeake & Potomac Telephone Co.—Gain in Phones
a
net gain of 2,236 stations during September compared
with 2,195 in September, 1938 and 1,699 in September,
For the first nine months of the year, the company
12,833 stations compared
of 1937.—V. 149, p.
with
9,385 in
1938 and
1937.
had a net gain of
14,506 in like period
1619; 1020.
9 Months Ended Sept. 30—
Sales.
Estimated
netprofit before U. S. taxes
—V. 149, p. 256.
1939
$4,973,524
689,553
1938
$5,515,563
1,001,489
1937
$4,276,675
595,403
Asks
The
Reopening of Hearings
on
Reorganization—
protective committee for preferred stockholders has filed
a
petition
with the Interstate Commerce Commission to reopen the hearing on reor¬
ganization of the road for presentation of new testimony.
The com littee charged that the plan formulated by the Commission in
1938 had been promulgated at one of the lowest points of the depression.
It claimed that revenues of the debtor had increased and were increasing
since the Commission presented its plan.—V. 149, p. 2075.
Chicago & North Western Ry.—Interest
Pacific First Mortgage Bonds—
on
Sioux City &
The New York Trust Co. as successor trustee under the mortgage secur-
ingthe Sioux City & Pacific RR.first mortgage bonds,filed on May 8, 1939, in
the proceedings under Section 77 of the Bankruptcy Act affecting Chicago
& North Western Ry., which owns and operates the properties securing the
*
Hearings
were
had before a special master and the matter
came on
for
determination before the U. S. District Court in Chicago on Sept. 19, 1939,
at which time both the trustee for Chicago & North Western Ry. and
counsel for institutional groups representing a substantial percentage of the
bonds recommended the granting of the petition.
Upon the conclusion of
Mines, Ltd.—Earnings—
Earnings for 6 Months Ended June 30, 1939
per
surplus available for dividends, $652,465.—V. 148,
Central Power & Light Co.—Accumulated Dividend—
bonds, a petition for the payment in full of defaulted interest on these bonds.
-Pays $3 Dividend-
dividend of $3 per share on its common stock on Sept. 29.
was last paid on Dec. 29, 1937.—V. 144, p. 766.
Dividend of $25 per share
Earnings
1,510,372
50,022
Chicago Milwaukee St. Paul & Pacific RR.—Committee
1939—12 Mos.—1938
Interest and other fixed
Dividends
145,578
Chicago Flexible Shaft Co.—Earnings—
Central Eureka Mining Co.—Initial Dividend-
exps.
_
Company had
Carthage Mills, Inc.—Accumulated Dividend—
Oper.
1,505,011
47,254
Fixed assets
net income to the extent of
$7,438,653}
Total
$7,644,577 $7,438,653
After reserve for doubtful accounts and bills receivable of $61,022 in
1939 and $56,654 in 1938.
y After reserve for depreciation of $3,589,939
in 1939 and $3,498,682 in 1938.
z Represented by $5 par shares,
b In¬
cluding $4,500,000 which have been capitalized as part of a $5,000,000
stock dividend in 1922 and returned to earned
surplus upon reduction of
capital stock from $6,COO.000 to $1,500,000 in 1933.—V. 149, p. 1320.
Period End. Aug.
Gross revenue
894,234
10,021
grade costing, representing
x
p.
0,021
_
inventories at its
49,311
Total .i..i.._.$7,644,577
common
381,275
Surplus
127,262
pref.
life insurance
4,097
Prepaid exp. & de¬
ferred
321,300
381,275
145,578
..hi,015,888
cum.
Total
1938
§160,559
1,146,217
460,378
Accts. & bills
321.300
stock (par $10).
Com. stk. (par $1)
Champion Paper & Fibre Co. (& Subs.)—Earnings—
Liabilities—Accounts payable.
Accrued liabilities.
Inventories iuAi.i 2,097,798
Empl's' loans and
x
company.
(par
Total
$2,665,190 :$2,557,814
$2,665,190 $2,557,814
a After reserve for
depreciation of $2,343,242 in 1939 and $2,274,836 in
1938.
b Comprised as follows:
Capital surplus arising from reorganiza¬
tion, $265,007; capital surplus arising from treasury stock acquired at no
cost, $8,200; earned surplus appropriated for sinking fund reserve, $90,216;
Condensed Balance Sheet June 30
1939
Cash In banks and
on
3,432
__
cumul.
$10)
Conv.
89,005
Certain-teed Products
$1,190,679
years
Market. securities.
3,414
compensation
Non-conv.
......
49,044
140,657
.l.—
Deferred charges.
60,671
Net income
Assets—
651,759
un¬
distributed profits
Earn, per share
162,175
ex¬
profits tax
cess
637,233
90,943
sation for officials
Federal
89,035
608,424
liabils.
Res. for workmen's
pref. stock
Inv. in & advs. to
$5,458,401
3,583,095
Profit from operations
Other income..
Profit
$71,201
111,459
1936
$7,953,125
5,058,921
760,778
246,134
129,000
expenses
Admin, and gen. exps..
1938
$4,944,855
x3,656,358
1938
$77,851
683
504,200
1939
Notes & accts. pay.
Accr'd liabilities.-
value of
Other assets
earned
1939
$5,251,801
3,837,769
670,770
178,739
on
Long-term
224,602
ac¬
Inventories
a
Carborundum Co.—Pays SI Dividend—
Other than discount
y
Liabilities—
$103,698
271,828
ceptances ree'le.
Cash
1938
$135,082
Accts. rec. (cust.).
life insurance...
to holders of record Sept. 19.
last; 50 cents paid on March
Years End. June 30—
Net sales
42,644
107,735
$62,424
1939
Cash....
sub.
a
2,497
109,146
25,918
Advs. & wood pur.
Company paid
3,707
110,391
$121,328
Miscell. receivables
1 QOQ
$5,395,000
common
3,124
$230,526
Balance Sheet June 30
$3,679,387
Canal Construction Co.—Removed
from Unlisted
The New York Curb Exchange has removed the
from unlisted trading.—Y. 147, p. 105.
3,270
$474,480
'
2,128
112,794
x Other
than interest and
treasury bonds purchased.
Earnings for the 9 Day Period Ended Sept. 30
,,
Tragic earnings.
—V.
3,270
$178,689
1
bonds
Netprofit
$1,525,306
Ry.—Earnings—
$905,950
37,050
$257,913
_
on
Notes &
earnings
6,204
41,233
Increase
1938
$5,994,954
Period End. Aug. 31—
1939—Month—1938
1939—8 Mos.—1938
Gross earnings...
$12,655,361 $12,183,303 $86,120,608 $84,560,858
Working expenses
11,749,411
11,692,282
79,237,154
80,881,471
Net
2,220
37,495
3,270
...
Balance
purchased
—V. 149. p. 2074.
1,730
33,484
Amort, of bond discount
Earnings of the System for the 9 Day Period Ended Sept. 30
4,462
on
Provision for deprec'n..
Prov. for Fed. inc. & ex¬
Canadian National Ry.—Earnings-
1936
$1,959,202
1,427,846
gen. & adm. exps.
Canadian timber expense
1.556,014
$220,028
expenses
$3,468,048
1937
$2,611,225
1,779,839
Int.
Canada Northern Power Corp.,
1938
$2,132,329
1,603,568
Sell.,
71,068
aggregating five full shares.—V. 149,
Paper Co., Inc.— ■Earnings—
Years Ended June 30—
1939
Net sales
J. $2,588,663
Cost of sales
1,945,476
5,000
...
reserves
Capital..................
2227
$286,269
$0.11
these hearings the court directed that interest at the coupon rate be paid
on these oonds from Feb. 1, 1935, the date of the last interest payment, to
Aug. 1, 1939, and an order to
interest payment amounts to
that effect was signed on Sept. 28, 1939.
$157.50 for each $1,000 bond.
This
The Commercial & Financial Chronicle
2228
The trustee understands that arrangements are
being made for the pay¬
York office of Chicago & North Western
ment of this interest at the New
and after Oct. 2, and that notice to that effect is
Charles M. Thomson, trustee.
Ry.
on
Interest
on
l)ee Plain ex Valley Ry.
being given by
authorized the company to acquire and operate for an experimental period
of about three years, a 75-mile branch line formerly operated by the Gulf,
Texas,
The line, extending from Jacksboro to Seymour,
Texas & Western.
$140,135. The carrier informed the ICO that it believed the branch could
be operated profitably as a part of the Rock Island system and would yield
net profit of about $40,000 annually.
experimental operation Is unique in ICC rulings.
The
"has the merit of assuring service by a
large system at communities which otherwise might be forced to depend
entirely on highway transportation service, at least in reaching other rail¬
roads, for a time sufficient for the possibilities and the cooperation of the
shippers to be tested."—V. 149, p. 2075.
The certificate for
of this department.-—V. 143, p. 3624.
Chrysler Corp.—Retail Deliveries—Prices—
according
Division of
over a year ago,
C. L. Jacobsen, General Sales Manager of the Chrysler
Chrysler Corp.
Sales of Chrysler and Plymouth cars by Chrysler dealers in the week
ended Sept. 30 were a new high, he said.
Factory shipments of Chryslers in September were 33 1-3% ahead of
September and October combined last year and were the largest since
September, 1929.
Prices of Chrysler's top-line cars, the Crown Imperial and Saratoga,
just announced, show substantial reductions from the 1939 list.
Prices
of the junior series of Chrysler cars, previously released, also were reduced.
In the Crown Imperial line, the six passenger sedan at $2,245 is reduced
$351) and the eight-passenger sedan and the sedan limousine at $2,345
and $2,445, respectively, areoff $250.
In addition, all-weather air-control
equipment has been made standard equipment.
Chrysler's fluid drive
and overdrive also are standard equipment on these models.
The 1940 Saratoga, which comes in only one body style, the sports
formal, lists at $1,375, off $68.
Prices of the fluid drive and overdrive, optional equipment on certain
of the other Chrysler line cars, also have been reduced.
The former is
$38, against $90 last year, and the latter is $54, against $60.
Mr. Jacobsen said that production schedules on the Crown Imperial
cars
had been quadrupled in the firm expectation that the price drop
would result in a much wider market for these luxury cars.—V. 149, p. 2076.
to
Coca-Cola Bottling Co. of St.
Louis—Extra Dividend—-
have declared an extra dividend of 15 cents per share in ad¬
dition to the regular quarterly dividend of 25 cents per
Consolidated Chemical Industries—Class A Dividend—
Directors have declared a dividend of 37 ¥2 cents per share on the no par
cumu). par tic.
class A stock, payable Nov. 1 to holders of record Oct. 15.
1, last, and regular quarterly dividend of
Like amount was paid on Aug.
37 ¥2 cents was last paid on Nov. 1,
share on the common
Like amounts were
-Earnings-
timore (&
Operation
$1,035,124
692,531
60,740
$86,780
50,405
45,000
.
Taxes
...
Interest
Amortization
--
»
Depreciation.,
Prov. for Fed. inc.
Net income
taxes._
"
Preferred dividends
_
Common dividends
$108,961
52,072
45,000
$167,289
54,511
75,000
35,690
2,843
2,200
60,000
13,831
$986,467
673,972
65,300
33,988
1939—8 Mos —1938
1939—12 Mos.—1938
revenue..$17,454,880 $16,492,233 $25,947,445 $25,021,043
operating revenue—
6,011,311
5,856,561
8,977,900
8,859,656
Steam heating oper. rev.
525,479
488,186
786,373
773,499
Period End. Aug. 31—
Total oper. revenue..$23,991,670 $22,836,980 $35,711,719 $34,654,198
Operating expenses
12,650,988
12,330,218
18,894,969
18,397,965
Depreciation.
2,249,445
2,218,072
3,376,630
3,336,586
a Taxes
3,588,172
3,315,217
5,254,434
5,110,990
Vetoed—
Federal
Gross income.
Int.
&
amort,
prem.
Other
Coxe
a
cause
60,000
14,641
the complaint alleged,
that
the
a
loss of
Columbia
more
Gas
&
Electric will transfer to the Oil company 400,000 shares of preferred stock
of the Oil company, valued at about $41,000,000, in exchange for all assets
of the Oil company except its one-half interest in Panhandle Eastern Pipe
Line Co., its most profitable asset.
In answers filed by the two Columbia companies, it was asserted that the
here constituted an "unwarranted interference with the U. S.
District Court of Delaware."
Judge Coxe. gave the plaintiff leave to file
action filed
an
amended
complaint within 20 days.—V. 149,
p.
1173.
Commonwealth Edison Co.—Dividend Increased—
At
a
meeting held Oct. 3 directors increased the quarterly dividend rate
on
company's stock from 40 cents to 45 cents per share, equivalent to an
annual rate of $1.80, Mr. James Simpson, Chiirman,
announced. The45-cent
dividend will be payable Nov. 1 to holders of record at the close of business
Oct.
13.
'
Directors were of the opinion that this increase in the dividend rate is
justified at this time in view of the results for the year to date and the
expectation that the earnings per share for 1939 will be about the same as
the 1938 earnings of $2.40 despite rate reductions put into effect this year,
and the large increase in the number of shares outstanding.
Rate reductions for commercial use of electricity, amounting to $1,405,000
annually, were made effective April 1, 1939. and reductions for residential
electric service, amounting to $803,000 annually, wore made effective in
certain outlying territories on June 1, 1939.
Net
income....
than
$41,000,000
has
been
converted.
ssued, bringing the total to 10,200,000 shares.
Weekly Output—
The
electricity output of the Commonwealth Edison Co. group (inter¬
sale3 deducted) for the week ended Sept. 30. 1939 was 154,483,000
kwh., compired with 130,480,000 kwh. in the corresponding period last
year, an increase of 18.4%.
The following are the output and
percentage comparisons for the last
four weeks and the corresponding periods last
year:
company
J< il iwatt-hour
-
p.
1939
154,483,000
149,269,000
152,041,000
139,261,000
2077.
Output
1938
130,480,000
129,168,000
133,102,000
122,907,000
P.
"$3,728,277
743,543
2,801,753
$6,424,928
1,079,490
4,202,629
$5,768,453
1,115,315
4,202,629
$790,595
$182,981
$1,142,809
$450,509
$3.08
$2.56
$4.58
$3.99
'
provision for estimated Federal normal income tx and surtax
undistributed profits.—V. 149, p. 1758.
on
Includes
C. Increase
18.4
15.6
14.2
13.3
(& Subs.)—Earnings—
Consolidated Laundries Corp.
36 Weeks
12 Weeks
Period Ended—
'39 Sept. 10, *38 Sept. 9, '39 Sept. 10, '38
Sept. 9,
$97,357
$158,612
$160,468
Earns.per sh.on com.stk.
$0.22
$0.35
$0.35
x After provision for depreciation, interest and income taxes, but before
Net profit—
Federal surtax
$77,265
$0.18
-
on
undistributed profits.
Comparative Consolidated Balance Sheet
Sept. 9 '39
Liabilities—
Sept. 10 '38
Sept. 9 '39 Sept. 10 '38
Accts. pay. & accr.
$351,260
$395,889
334,728
283,805
1,237,914
$361,774
Salesm's',&c.,dep.
within 1 year...
Receivable
400,000
Notes payable
$379,887
200,000
65,207
63,961
37,000
75,000
__
134,743
1,201,702
102,624
Long-term assets..
246,367
251,543
within 1 yr.
197,325
3,897,461
4,078,822
Federal income tax
10,757
1
1
PreL stk. div. pay.
6,537
6,537
Long-term debts..
378,07.5
767,375
Reserves
120.482
107,729
Inventories
......
Prepaid charges.
b Land,
1st mtge. bds. due
Pur.
buildings,
mtge.
mon.
pay.
Goodwill
Preferred stock...
c
Common stock.
_
Paid-in
Total
$6,202,473 $6,314,386
surplus.
Earned
surplus...
_.
268,195
d
19,550
348,600
348,600
2,000,000
2,000,000
854,401
854,401
1,422,315
1,223,151
$6,202,473 $6,314,386
Total
$49,579 in 1938. b After reserve
for depreciation of $5,403,570 in 1939 and $5,217,310 in 1938.
c Repre¬
sented bv 400,000 shares, par $5. d Includes surtax on undistributed profits
a
After
of $60,414 in 1939 and
reserve
14$,
—V.
p.
410.
Consolidated Lithographing Corp.—Officials Promoted
Ralph D. Cole, Secretary of this corporation, has been elected First
Vice President in recognition of 25 years of service, J. A. Voice, President,
announced following a recent meeting of the Board of Directors.
James
L. Murphy has been appointed Secretary and Treasurer of the corpora¬
tion.—V.
146, p. 3800.
Consolidated Water Power & Paper Co.—Div. Increased
Directors have declared a dividend of 37 Vi cents per share on the common
stock, par $25, payable Oct. 2 to holders of record Sept. 28.
Dividend of
25 cents was paid on July 1V last, and previously regular quarterly dividends
of 12M cents per share were paid.—V. 148, p. 2579.
Continental Shares, Inc.—To
Distribute Some Holdings
Company has been directed in an opinion rendered in Common Pleas
Court, Cleveland, by Judge Lee E. Skeel to distribute immediately to its
stockholders assets which, by reason of large holdings and more or less
lin ited n arket, are not readily salable in a reasonably short period of time.
This decree affects principally the 150,000 shares of capital stock of Cliffs
Corp., held in the Continental portfolio, which the Court ruled "should be
forthwith distributed to Continental's stockholders."
In May, 1938, the Baltimore court provided for organizing a new cor¬
poration to liquidate assets of Continental Shares and at same time denied
a
petition which sought to revive the corporate charter of Continental.
Judge Skeel states in his opinion that the Cleveland court has the right to
determine the principles to be followed in distributing the assets.
"The receivers for Continental are authorized to proceed with direct
distribution in kind of the not readily saleable assets to shareholders without
intervention of proposed new corporation.
If such distribution could be
more economically handled through this new corporation, however, Cleve¬
land court agrees to grant authority for using such method.—V. 149, p.
1025.
Conveyancers
Title
Insurance
&
Mortgage
Co.—
Receivers—
Judge
entered
Henry
a
T.
Lummus of the Massachusetts Supreme Court has
John W. Corcoran and Joseph J. Mulhern of
decree relieving
their positions and duties as permanent receivers of the company, leaving
as the sole receiver Attorney George Alpert.
This action was taken in order
to reduce the expenses
of administering the property.—V. 146, p. 593.
Dejay Stores, Inc. (& Subs.)—Earnings—
Period End. July 31—
x
Net loss...
x
Week Ended—
$4,300,066
707,718
2,801,753
—
Balance
a
Since
the end of 1938, about 1,900,000 additional shares of Edison stock have been
Sept. 30
Sept. 23.
Sept. 16
Sept. 9
—V. 149,
—
Earns, per sh. of com.stk
The increase in the number of shares outstanding has resulted principally
the conversion of debentures into Edison stock.
To date, of the
more
2,531,877
62,712
71,322
Common stock divs
from
129,500,000 issued,
$8,363,042
2,354,715
90,920
$136,734
63,612
45,000
stockholder's action
the corporation to sustain
$8,870,563
1,684,107
r
40,910
deductions
Pref. stock dividends-..
U. S. District Court of Delaware in an anti trust proceeding, Emma G.
Moses, holder of 25 shares of common stock of Columbia Gas & Electric,
charged that the plan would
$5,453,295
1,575,747
of disc't,
livery equipm't.
which sought to enjoin a plan proposed by the corporation and Columbia
Oil & Gasoline Co. as a modification of a consent decree entered in the
than $30,000,000.
The plan provides,
$7,808,656
554,386
machinery & de¬
Corp.—Suit to Enjoin Proposal
Oct. 3 dismissed
$8,185,686
684,877
$5,947,134
...
$4,973,473
479,822
& exp. on bonds
955
•
Judge Alfred C.
$5,503,065
444,069
Operating income
Other income
876
Iialance Sheet Dec. 31, 1938
Assets—Plant, property and equipment, $1,628,180; cash, $88,428; notes
and accounts receivable, $114,973; accrued storage charges receivable, $37,608; accrued interest receivable, $2,632; inventories, $39,063; other assets,
$33,386; deferred charges, $19,989; total, $2,264,259.
Liabilities—Notes payable, $65,146; contracts payable (current), $2,000;
accounts payable, $20,874; dividend payable, $1,304; ice coupons outstand¬
ing, $2,457; accrued Federal income taxes, $7,513; other accrued taxes,
$12,206; other accrued liabilities, $10,162; contracts payable (due after
one year), $10,411; unearned cold storage revenue, $15,360; reserve for re¬
tirements and replacements, $567,379; $7 series cum. pref. stock, $74,500;
series B cum. pref. stock, $752,400; common stock (15,000 no par shs.),
$300,000; capital surplus, $118,161; earned surplus ,$304,357; total, $2,264,259.—V. 149, p. 3155.
Columbia Gas & Electric
Bal¬
Electric oper.
a
1935
625,641
51,786
45,922
2,738
1,200
60,000
15,653
—
Maintenance
1936
$937,161
638,409
69,329
43,443
1,763
1,200
00,000
14,056
$889,720
724.
p.
Subs.)—Earnings—
Cash
1937
1938
Calendar Years—
1938.—V. 149,
Consolidated Gas Electric Light & Power Co. of
Assets—
Gross revenue
636,946
Water Co.—Bonds Placed Privately—The
placed privately in September $420,000 1st mtge.
bonds, series A, 4%, due Aug. 1, 1964.
Proceeds were used
for refunding purposes.—V. 95, p. 1544.
stock, both payable Get. 20 to holders of record Oct. 10.
paid on July 20, last.-—V. 149, p. 103.
Colonial Ice Co.-
588,145
company
x
Directors
68,041
68,061
Gas
Chicago Times, Inc.—-Registers with SEC—•
Retail deliveries in September were up 100%
$4,589,506
1,489,527
surplus of Community
Power & Light Co____
said the acquisition
See list given on first page
$4,733,051
1,499,256
—V. 149, p. 1757.
has recently been abandoned by the G. T. & W., together with its other
trsokci^6»
'
The Rock Island unit will acquire the branch for fair net salvage value of
Commission
1939—12 Mos.—1938
1939—Month—1938
$435,155
$438,241
151,762
154,607
cos.
Connellsville
the Interstate Commerce Commission has
rather unusual decision,
1939
Balance avail, for divs. &
414s—
Chicago Rock Island & Gulf Ry .—Acquisition—
a
7,
Community Power & Light Co. (& Subs.)—Earnings—
Period End. Aug. 31—
Oper. revenues—sub. cos
Gross income—sub.
The interest due Sept. 1, 1935, to Sept. 1, 1939. inclusive, on Des Piaines
Valley By. guaranteed first mortgage 4Yi% bonds, due 1947 is now being
paid.—V. 149, p. 2075.
In
Oct.
1939—3 Mos.—1938
$23,130
$36,720
After depreciation but before
Denver Gas & Electric
1939—6 Mos.—1938
prof$7,622
$34,107
Federal taxes.—V. 149, p. 258.
Light Co.—Bonds CalledI-—
for the 1st Sc ret. mtge. sinking fund bonds,
Nov. 1, 1939, out of sinking
fund moneys available for that puropse, $158,500 principal amount of
the bonds, at 105 and accrued interest.
Payment will be made upon
presentation of the bonds at the New York office of Bankers Trust Co.
—V. 148, p. 2264.
Bankers Trust Co., as trustee
due
1951, has drawn by lot for purchase on
Distillers Corp.-Seagrams,
Ltd.—T0 Pay Dividend—
Corporation has advised the Toronto Stock Exchange the company
permission from the Foreign Exchange Control Board to meet
the Nov. 1 dividend payments on the cumulative preferred stock, 5% series,
in United States currency.—V. 149, p. 1473.
received
Volume
Consolidated Balance Sheet June 30
Detroit-Michigan Stove Co.—New Directors—
M. C. Callahan and John N. Lord were added to the
1939
board of directors
Cash,
V-; '
2077.
Divco-Twin Truck Co.—To
Directors have declared
a
payment
—V.
149,
Planters'
Sugar &
Company's last pre¬
the 10-cent dividend distributed on Jan. 4, 1938.
Dominion Electric
$100,375
$106,694
1,107
$98,000
1,236
$123,996
64,102
$103,277
65,063
$107,801
216
444
137
365
$99,236
66,906
2,893
5,600
Depreciation
5,679
8|),123
..
_ _
Balance
Int. on funded debt
Other interest V
Loss on Canadian exch__
-
-
Amortization
_
.
,
16,031
74,936
2,902
66,075
238
848
586
5,763
11",510
_.
Special reserve prov
Fed. & Prov. income tax
815,654
15,617
70,869
33,290
545,879
"7", 253
~8",i50
5,887
2,400
4,542
$24,780
$26,727
$16,022
..
Mortgages receiv.
._
_
Munic. debs, assd.
13",426
Accounts payable.
12,588
82,173
84,710
Accrued interest on
857
-
Accts. receivable-
_
Notes receivable-
942
_
26*855
Inventories
Accrd
82,580
3,768
.
Deferred charges..
Total.
.
.
—
.
-V. 147, p.
27.027
Other
125
23,483
22,481
371,967
766,724
1,196,524
308,725
764,801
1,080,618
$135,778
Dr 1,278
$147,199
52,211,568
Dr4,526
Dr18,156
$1,883,891
D/36,088
$134,499
36,067
562
$142,673
43,115
!,193,412
476,283
$1,847,803
525,427
313
10,548
10,516
$97,870
$99,245
Preferred dividend deductions—B. V. G. & E Go
$1,706,581
Taxes (incl.
inc. taxes)__
Non-oper. inc. (net)...
deductions
Miseell
.'ixxt
Balance
-
...
-
-
-
77,652
x--
-
$1,603,495
$1,213,301
309,824
$1,523,125
$1,782,522
Applicable to minority interest
$1,213,301
$1,603,495
309,824
-
$1,234,208
20,907
$1,913,319
130,796
~v-
$1,311,860
77,652
$1,826,929
25,434
Balance
$1,385,102
Applicable to E. TJ. A.
—
of subsidiary companies applicable to
60,153
Earnings
U.
E.
A
_
Non-su bsidiary income
Total income..
Expenses, taxes and interest
1773.
Balance available for dividends
—V.
Special Dividend—
Company paid a special dividend of 50 cents per share in addition to the
regular quarterly dividend of 50 cents per share 011 the common stock, on
Sept. 10 to holders of record Aug. 31.—V. 141, p. 3072.
(E.
1939—12 Mos.—1938
i,778,670
$8,196,602
4,158,567
"4.231,887
63,741
6:5,808
96,921
Retire, reserve accruals.
$2,914,008 $2,965,088
(R. G.) Dun-Bradstreet Corp.—Pays
Subs.)—Earnings-
1,287
42,828
_ _...
__
Total-
-.$2,914,008 $2,965,088
7,671
25,245
reserves.
Surplus.. >
14,719,487
85,381
Maintenance
490,914
12.009
Bad debt reserves.
89,675
1,993
125
Total...... ...14,212,925
4,929
471,390
-
Depreciation res've
count & expense
17,532
4,932
1,287
Consumers' depos
815
Unamort .debt dis¬
Prepaid items-
17,130
pref. divs.
Other accrd. liabils
31,022
•
1,092
Other misc. assets.
.
2,304,539
1939—Month—1938
$671,642
$690,810
343,641
352,544
31,680
39,759
31—
.. —...
u'
funded debt
16
Pref. stk. subscrips
251,253
7,122,718
2,778,579
—
700,000
1,114,500
12,883
14,293
1,097,000
11,134
Funded debt
""598
Special deposits.
Cash
700,000
Common stock
16,326
Miseell. invests.
$493,200
251,253
7,194,377
Int. at SI each..
Earned surplus
Eastern Utilities Associates (&
Period End. Aug.
Operating revenues
Operation..
Balance..
$493,200
Preferred stock
Shares of beneficial
2390.
Interest and amortizat'n
1937
1938
Liabilities—
1937
,694,405 $2,724,500
7,194
7,004
8,895
3,313
128,213
for contlng..
Res.
14,719,487
Total A
—Y. 147, p.
Comparative Balance Sheet Dec. 31
1938
Assets—
Plant, prop., &c_.§
60,874
35,009
8,208,141
57,345
Deferred charges. _
Net oper. revenues..
Net income.
255,103
contested.
Capital surplus
.....14,212,925
2,592,564
202,558
prop, taxes..
Claims partially
37,975
546.211
equip¬
&
Prop. A plant, net 8.065,511
121,210
61,839
$42,124
_
_
697,795
ment, net..
(
one year
380,761
Animals
$122,701
1,295
18,522
331.041
Invest., less res
$374,567
173,406
25,725
15,597
$403,898
177,321
28,916
Taxes, other than income
3,876,985
Materials «fc suppl.
1935
1936
1937
3,867,951
2,000,911
within
Other current liab.
Def.
Deposits
$418,485
181,522
31,545
15,959
89,084
$450,996
189,889
39,761
Maintenance
_ _
30,754
less reserves....
Power, Ltd.—Earnings1938
Calendar Years—
Operating revenues
Operating expense J.--.,
_
695,124
13,522
Growing cane
was
Net earnings
Other income
520,777
accounts
molasses,
S
1,580,628
2,170,521
due
Loans
ac¬
1938
$
Liabilities—
Loans sec. by sugar
counts receiv—■
Pay 40-Cent Dividend—
dividend of 40 cents per share on the common
411.
p.
$
com¬
pensation &
stock, payable Oct. 26 to holders of record Oct. 16.
vious
Govt,
1939
1938
$
Assets—
company.—V. 149,
held Sept. 26 of stockholders of the
at the annual meeting
p.
2229
The Commercial & Financial Chronicle
149
have declared
Ergireers Public Service
Stockholders in apecial meeting held Sept. 29 approved proposed
certificate of incorporation calling for an increase in the
Period End.
Aug .Z\—
Operating revenues
Operation
Maintenance
Taxes
Co. (& Subs.)— Earnings-
1939—Month—1938
1939—12 Mos.—1938
$4,641,780 $4,521,489 $53,725,926 $52,708,046
1,652,900
1,706,901
19,708,625 20,459,123
299,933
303,729
3,593,026
3,640,775
596,370
554,605
f6,673,978
6,576,171
(net).
$2,092,576
Dr6,883
$1,956,254 $23,750,296 $22,031,976
Dr29,469
Dr313,783
Dr444,827
Interest & amortization.
$2,085,693
658,202
$1,926,785 $23,436,513 $21,587,149
667,388
8,289,573
7,949,683
$1,427,491
$1,259,397 $15,146,940 $13,637,466
for
ex¬
Details of the offer, including the basis of exchange,
will be determined by directors on that date, it Mas announced.
As the company stated in the first announcement on the proposal on
Aug. 21, the basis Mill be not less than one share nor more than 1M shares
of preferred stock, $4.50 cumulative, in exchange for each share of deben¬
ture stock.
It is expected that the offer Mill remain open only until the
Mfg. Co.—Accumulated Dividend—
Electric
a dividend of $1.75 per share on account of
cumul. preferred stock, no par value, payable
Oct. 2 to holders of record Sept. 29.
Last regular quarterly dividend was
the $1.75 distribution made on April 1, last.—V. 149, p. 259.
,
Directors
accumulations on the 7%
ment to the
The plan for retirement of the debenture stock calls for an exchange
the preferred.
It is contemplated that directors Mill authorize such an
138,022
1323.
p.
Emerson
I.) du Pont de Nemours & Co.—Capital Changes
amend¬
author¬
ized number of shares of $4.50 cum. pref. stock to 3,000,000 from 500,000
and an increase in the redemption price of the stock to $120 per share from
$115, plus accumulated dividends to date of redemption.
The amendments
were adopted in connection with the company's plan to retire its debenture
149,
and surplus...
Net oper. revenues...
Non-oper. income
change offer Oct. 9.
24.
At the special meeting held Sept. 29, presided over by P. S. du Pont,
Chairman of the Board, there wrere a total of 352,671 shares of $4.50 cumu¬
lative preferred and 8,144,134 shares of common voted in favor of the pro¬
posed amendment.
Against the amendment tvere cast 1,169 preferred
shares and 54,040 common shares.
Stock eligible to vote at the meeting included 500,000 shares of preferred
and 11,050,298 common shares.—V. 149, p. 1912.
Balance
Balance
Appropriations for retirement reserve
5,873,287
5,595,585
$9,273,652
— __
$8,041,881
close of business Oct.
Balance
Cum. pref. divs.
earned, but not declared—_
Balance.
a
16,745
-V.
149,
p.
__
_.
14,276
77,016
$37,213
$148,892
$161,262
—
-
$4,165,592
58,745
175,664
....
-
_
............
108,549
115,037
113,291
incl. in charges above:
Preferred dividends, declared
Earns, from sub. cos.,
73,460
Interest
102,838
Earnings from other sources
1473.
Total
Eastern
Steamship Lines, Inc. (& Subs.)—-Earnings—
$503,975
$486,088
$732,369
$556,571
1,599
Operating income
Other income
802
8,231
8,203
52,624
52,559
426,041
$434,331
$314,559
$131,401
operations after depreciation, interest,
Federal income tax, capital stock tax,
Note—The above statement covers
rentals and local taxes, but before
capital gains
p. 1760.
or
and other
losses
c
d
non-operating adjustments.—V.
149,
—
-
.
— —
—
$5,250,040
-
248,854
$5,001,186
Balance of earnings.
See
Allowing for loss..
Bal, applic. to stocks of Engineers P. S. Co...
of Engineers P. S. Co...
Balance for coirrr on
stock and surplus.
.
— .
$2,693,615
_
$3,709,337
2,323,551
$1,385,786
g$1.41
$0.73
$1.41
$1.05
a Applicable
to Engineers Public Service Co., before allowing for un¬
earned cun ulative preferred dividends of a subsidiary company,
b On
preferred stock and an ortization on bonds owned by parent company in¬
Earnings per share of com nonstock
e Earnings per share of con n on stock..
...
_
c Of parent and subsidiary companies applicable to
Service Co. stocks, before allowing for loss, d In investstock of a subsidiary company, measured by cumulative
dividends on preferred stocks of such company not earned within the year,
less r inority interest, e Before deducting unearned preferred dividends of a
subsidiary con pany, less r inority interest, which are not a claim against
Engineers Public Servide Co. or its other subsidiary companies, f Includes
Federal incor e taxes of $971,021.
g Engineers Public Service Co. on
May 31, 1938 set up in a reserve for depreciation ih investments an amount
representing the estn ated loss in such investn ents. Such reserve having
provided for a considerable period in advance for loss which may be sus¬
tained because of the accrual of unearned cue ulative dividends on preferred
stock of a subsidiary con pany held by the public, it is unnecessary to make
further provision through the reduction of consolidated earnings by the
part of such preferred dividends as is not earned during the 12 months'
period ar ounting (after allowance for minority interest) to $92,023.—V.
149, p. 1760.
Engineers Public
n
For the Meek ended Sept. 28, 1939, the kilowatt-hour system input of
the operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National PoMer & Light Co., as
compared with the corresponding week during 1938, was as
Operating
fonoMs:
Increase
Amount
%
21,396,000
19.9
8,381,000
14.2
6,062,000
8.2
Note—The above figures do not include the system inputs of any com¬
panies not appearing in both periods.—V. 149, p. 2078.
1939
1938
American Power & Light Co.__129.077,000 107,681,000
Electric Power & Light Corp.. 67,518,000
59,137,000
National PoMer & Light Co... 79,857,000
73,795,000
Subsidiaries of—
Eastern Sugar
Estates (& Subs.)-
Years Ended June 30—
1939
-Earnings-
1938
1937
118,253
$6,634,646
$5,066,079
4,581,131
575,617
1
J
$7,159,773
5.966,258
1264,408
1373,4 58
525,126
91,929
>,211,874
46,929
105,166
$7,255,446
164,640
&c
_
$6,258,804
5,215,893
251,366
526,138
$7,420,086
5,266,597
365,185
522,160
Assails Proposed Set-Up—Asserts
a Capitalization—
RR.—Company
ICC Examiner Sets Too
a
Cost of prod., mfg.
Interest paid
Depreciation ...
in con n 011
Erie
81,701
$4,662,128
Compensation receivable
403,951
duced (factory weight)
Income from operations.
Total income.
ent
1936
Total tons of sugar pro¬
Low
3 with the Interstate Commerce Commission
the plan for its reorganization proposed by
examiner for the ICC.
The road took particular
what it termed an unwarrantedly low level of capitalization in
The company filed on Oct.
schedi le of exceptions to
Milo
If. Erinklay
exception <0
an
the proposed se'-- p.
The company pointed
;
.
,
.
Balance, profit
loss$90,669
on prior year's crop
558,434
on invest, (net)..
x73,274
$555,651
loss40,560
$265,407
59,370
$1,266,144
$541,037
$515,091
60,000
$324,777
67,000
34,206
$1,293,040
162,292
$474,039
$455,091
$290,511
$1,130,749
Prof,
26,896
Profit
.....
Provision for inc. taxes.
.
t
profit-
investment, less approximately ono-iialf of loss on
ment of Central Defenses.
x
Profit
on
dismantle¬
.
o"t in its exceptiors and supporting brief that it
proposed a capitalization of $432,342,710, together with companies
which might be co solidated in connection with the reorganization, whereas
the Examiner's propyl wot Id provide for a capitalization on this basis of
$358,360,057.
red ction of > 74,000.000.
"The debtor itself recommended a red ction of more than $106,000,000
from i's oresen t capitalization, so that the res' It of the examiner's proposal,"
the brief read in part, "is to red' ce present capitalization by about $180,000,000,or34%."
.
.
.
v
One effect of the examiner's proposed capitalization, the road observed,
wo1 id be to reduce the oresent stock from aoont $215,000,000 to $15,000,000. and from 2,148,681 shares to 429,736 shares.
This is important in
had
Net
$4,320,312
610,975
cluded in charges above,
Inc.—Weekly Input—
Ebasco Services
Total
g
$4,561,215
240,903
$5,001,186
2,307,571
.
Divs.'on pref. stocks
433,373
$452,950
expense
Net income
________
Expenses, taxes and Interest
1939—8 Mos.—1938
$6,602,743 $6,386,140
5,870,374
5,829,569
Period End. Aug. 31—
1939—Month—1938
Operating revenue
$1,397,114
$1,338,166
Operating expenses
893,139
852,078
Other
__
$4,186,884
21,291
$4,876,305
21,772
...
2,265,504
minority interests..
b Undeclared dividends.
76,096
$33,982
Operating expenses
Net earnings
1939—5 Mos.—1938
$225,908
$237,358
1939—Month—1938
$50,727
$51,489
31—
...
$5,776,378
1,589,494
18,332
—-
—
Balance
Power Co., Ltd.—Earnings—
East Kootenay
Period End. Aug.
2,313,331
$4,894,637
Balance..........
$6,960,321
2,065,685
declared
Dividends on preferred stocks,
Amount applicable to
Gross earnings
...
—
4
.
The Commercial & Financial Chronicle
2230
view of the now controlling
the Erie's stock,
"It is difficult
position of the Chesapeake & Ohio relative to
Galveston Houston Co. (&
i..
believe that
to
the
Period End. Aug. 31-
public interest in encouraging the
Operating
financing of railways through stock and junior securities will be promoted
if the debtor's stockholders who, without receiving substantial dividends
in the years 1923-30, plowed back into tne property over
$58,000,000 avail¬
able for their stock, are to be given the treatment recommended
by the
examiner," the brief continued.
Further, the debtor road urged that, "in view of the earnings and asset
value represented by its properties, at least as good treatment as that pro¬
posed in its plan should be provided for the holders of its stock and junior
debt—the junior creditors being allotted new second preferred stock ahead
of the common proposed for existing stockholders."
The company also made a point pf the examiner's reduction of the amount
of income bonds proposed by the debtor by $55,000,000,
holding that the
"limitation of income bonds (to $14,675,717) would be unfair to the deotor's
security holders, both because it would result in the payment of a large
amount of unnecessary taxes and because it would not afford an
adequate
recognition of the rights of the parties."
7,
1939
Subs.)- -Earnings—
1939—12 Mos.—1938
1939—Month—19.38
$306,963
154.358
46.770
39.979
453.742
$3,484,579
1,726,686
449,635
411,412
$80,070
663
$849,284
2,860
$896,846
8,041
$65,804
30,569
$80,703
31,337
$852,144
384,116
$904,888
367,875
$35,235
$49,366
$468,028
$537,013
13,501
2,604
13,717
161.770
2,294
35,028
242
283
3,185
167,983
30,732
3,503
$18,888
$33,073
$268,045
18,283
$334,795
46,453
$249,761
14,604
Taxes
$3,672,828
1,814,466
Drb2
-
$296,215
142,724
38,299
35,122
$65,856
revenues
Operation
Maintenance-
$288,342
Net operating revenues
,
In addition,
Oct.
Non-oper. inc. (net)
Balance
Retirement accruals
Gross income
555,336
Int.
on bonds—Houston
Electric Co
—
Int. on equip, notes, &c.
Amort. of debt expense
_
the debtor road claimed that the reduction had the effect
of awarding "to a third party (the Federal Government) a claim on
earnings
equivalent to the annual yield on $10,000,000 of income bonds, ahead of
present bondholders who now have a claim for fixed interest."
Balance
Interest paid on G.-H. Co. 2d
The difference in taxes, the brief maintained, was attributable to the
difference in taxability of income bonds and preferred stock.
The brief
held, too, that interest on $55,000,000 of income bonds at 4t£% would be
fj,% income bonds.-
Net income
Dividends
—V.
declared.
149,
1475.
P.
$2,475,000.
"If this amount were to be paid to security holders as 'dividends,' "
the brief stated, "present income taxes thereon would be $445,500 annually,
none
of which would be
tingent
imposed
were
it paid to security holders
as
General American Investors
as of Sept. 30,1939, net assets of $30,344,793 applicable
the debentures and capital stock, as compared with $30,781,829 as of
Dec. 31, 1938.
These amounts are after deducting all taxes (other than
the excess profits tax) which might be payable if the appreciation in the
to
interest.' "
Another point in the examiner's report to which the Erie took exception
was the use of
5% as the rate at which to capitalize earnings.
The debtor
pointed out that the average rate for this purpose in four reorganization
plans approved by the ICO was 2.4%.
Interest
on
being paid.—V. 149,
Eureka
value
of securities over cost were realized.
The decrease for the nine
months (after interest on the debentures and dividends on the preferred
stock aggregating $579,900) was $412,230; this decrease does not take into
account $24,805 paid for 250 shares of preferred stock
purchased for the
Western Docks Bonds—
The interest due July 1,
1939,
on
& Improvement Co. first mortgage
p.
sinking fund.
New York Lake Erie & Western Docks
bonds, extended at 5% to 1943, is now
Net assets on
Sept. 30, 1939, were equivalent to $4,597.69 per $1,000
$321.96 per share of preferred stock.
The net asset
of common stock was $12.59, without giving effect to the
possible exercise of the outstanding warrants.
The comparable amount
as of June 30, 1939, was $9.52, and as of Dec. 31,
1938, was $12.93.
A summary of investments at market value, by classes of securities, as
of Sept. 30, 193J, and Dec. 31, 1938, is as follows:
Sept. 30 '39 Dec. 31 '38
Bonds...$931,415
$1,047,365
Preferred stocks
1,555,500
1,272,75.)
Common stocks—Industrial-..
22,424,500
24,059,750
Railroad
1,395,500
916,000
Public utility
3,021,000
2,116,500
Financial
1,173,000
1,599,500
of debentures
2079.
$6,340,000
Pipeline Co.—Tentative Valuation—-
properties of this company, which are owned and used for
purposes.
The valuation date was Dec. 31, 1934.
The
and operates trunk pipelines and gathering lines in West
Virginia.—V. 148, p. 3686.
common
on
carrier
company
and
value per share
Interstate Commerce Commission has placed a tentative final valuation
of
Co., Inc.—Report—
Company reports
'con¬
owns
—
--
-
Farnsworth Television
& Radio
Corp.—Patent License
-
Agreements—
.
-----
____
See Radio
Corp. of America.
E. A. Nicholas, President of Farnsworth, commenting on the patent
license agreements said he regarded the successful termination of the nego¬
tiations as a constructive and highly significant development.
"I believe the signing of the agreements constitutes an ethical milestone
in the development of the electronic arts in this country," Mr. Nicholas
said.
"Not only will the television and radio industries be stimulated to
Grand total—Investments
further
Dividends
refinements, but the ultimate result will be
marked improvement of these great services for the American public."
Mr. Nicholas disclosed that negotiations between Radio Corp. and
Farnsworth had been under way more than four months.
The seriec of
agreements, six in all, were signed by representatives of the two organiza¬
tions
developments
and
.
Under the agreements, Radio Corp. received a non-exclusive license under
the patents of the Farnsworth Corp. for television receivers, television trans¬
'
mitters and other radio and sound recording and reproducing apparatus.
Similarly, the Farnsworth Corp. received a standard non-exclusive license
for broadcast and television receivers and electrical phonograph under
Radio Corp. of Am erica patents, and also other non-exclusive licensed for
.
television and broadcast transmitters and for its other fields of business.
Neither corporation acquired any right to grant sub-licenses to third
parties under the patents of the other corporation.—V. 149,
Florida Power & Light
Period End. Aug. 31—
p.
Operating revenues—$1,013,431
Deductratereduct'nres.
$1,038,232
47,084
Oper. exps., incl. taxes..
Prop, retire, res. approp.
$1,013,431
575,929
116,667
Net oper. revenues—
Rent from lease of plant-
$320,835
221
Total income
Interest on debentures.
Amort, of disc't on debs.
_
Taxes paid and accrued-
Transferred, registered,
trustee, &c., expenses-
221
1937
1936
$5,56,903
y 13,662
$957,644
58,602
$805,698
$643,522
247,500
5,940
29,224
bonds
on
1938
$612,226
y31,296
stocks...-
$570,565
$1,016,246
247,500
5,940
67,820
$835,266
97,492
39,222
96,623
30,612
90,024
$148,125
338,700
$559,141
347,250
$378,442
$190,575 sur$211,891
sur$17,542
expenses
Net profit...
$225,654
Divs.
on
pref. stock
Operating income,—
27,835
332,400
Deficit
$106,746
$5,153,772
2,650
$14,049,351
7,671,368
1.000,000
$5,377,983
2,650
$321,056
11,226
$348,105
11,561
$5,156,422
551,394
1938
.$
Securities
at
S
owned,
$359,666
$5,707,816
2,600,000
1,320,000
242.515
$5,939,079
2,600,000
1,320,000
243,8.58
Interest
on
mtge. bonds-
Interest
on
debentures-,
Other int. & deductions,
16,784
216.667
110,000
21,153
cost
25,772,126
24,045,388
Net income
y$ll,169
$11,846
$1,545,301
$1,775,221
1,153,008
1,153,008
$392,293
$622,213
Dividends applicable to preferred stocks for the
period, whether paid
or
unpaid
Balance
x Dividends
accumulated and unpaid to Aug. 31, 1939, amounted to
$6,246,921.
Latest dividends amounting to $1.31 a share on $7 preferred
stock and $1.13 a share on $6 preferred stock, were paid on
July 1, 1939.
Dividends on these stocks are cumulative,
y Indicates deficit.—V. 149,
p. 2081.
Florida Public Service Co.—Tenders—
The Florida National Bank of Jacksonville will until Oct. 20 receive bids
for the sale to it of sufficient first mortgage 4% bonds, series
C, due
to exhaust the sum of
1955,
$15,100 at lowest prices offered.—V. 149, p. 1760.
Follansbee Bros. Co.—Hearing
Postponed—
Judge R. M. Gibson in the U. S. District Court at Pittsburgh continued
until Oct. 16 hearing on the reorganization proceedings to allow time "to
have firm commitments for all new financing to be prepared and filed with
the
court."
The action on a plea of a minority common stockholders' committee to
have the present trustees discharged and new trustees appointed under the
Chandler Act was also continued until Oct. 16.—V. 149, p. 1177.
Freeport Sulphur Co.—Sells $3,000,000 Debentures Pri¬
vately—Company, it was announced Oct. 3, has completed
the sale of $3,000,000 3 % 20-year sinking fund debentures
to Metropolitan Life Insurance Co. and Sun Life Assurance
Co. of Canada at a price of 100and accrued interest.
Dated Sept. 1, 1939, due Sept. 1, 1959.
Pointing out that the company last year used $1,267,000 in cash to
redeem all its outstanding preferred stock, which,
by reason of its sinking
fund provisions represented short-term funds
carrying
a
charge of 6% and
convertible after Feb. 1, 1938, into
shares of common stock, Langbourne M. Williams Jr., President, said proceeds of the debenture
issue will
be used for general working capital purposes.
was
He
pointed out that, taking Federal income taxes into consideration,
charges on the $3,000,000 debenture issue will be less than the
dividends on the $1,230,000 preferred stock which was retired last
year.
Kidder, Peabody & Co. assisted in negotiation of the loan with the two
insurance companies, Mr. Williams said.—V. 149,
p. 1622.
the carrying
Fyr-Fyter Co.—Class A Dividend—
Directors have declared a dividend of 50 cents per share on the class A
stock, payable Oct. 15 to holders of record Sept. 30.
A dividend of 25 cents
was paid on July
15, last, and the previous payment was the 25-cent dis¬
tribution made
on
Oct.
15, 1938.—V. 149, p. 412.
x.360,500
Rec. for
1938
$
Int. accr
5
6,600,000
debs.
55,000
110,700
34,330
111,000
120,000
pref.stk. 3,700,000
105,000
on
908,767
interest
1,088,511
Div.on pf.stk. pay
Pay.for sec. pur..
97,363
94,412
sold.
75,778
27,004
x$6 cum.
55,000
Reserve for taxes.
sec.
-
y
debentures..
on
1939
Liabilities—
accrued
Divs. receivable &
97,680
105,600
1,300,220
Capital surplus ...14,363,022 14,363,022
z
Total......
9,834
3,700,000
1,300,220
Common stock..
Profit
on sec.
sold.
....
Treasury stock..
426,786 al,189,315
266,462
/>r24,805
306,155
26,951,714 25,360,9161
Total
;
26,951,714 25,360,916
by 74,000 no par shares,
y Represented
by 1,300,220
250 shares $6 cum. pref. stock,
a loss.
*
m
Note—If the appreciation of $4,728,789 over cost were
realized, taxes
thereon (other than the excess profits tax) at
present rates are estimated
at approximately $918,000.
Under tin sinking fund provisions, 2,000 shares of
pref. stock are to be
acquired by purchase or redemption on or before Dec. 31, 1939; of this
amount 250 shares have been purchased.
x
Represented
no-par shares,
x
5,940
82,750
25-yr. 5% debs.__ 6,600,000
Cash
$5,380,633
558,446
$332,282
216,667
110,000
247,500
Balance Sheet Sept. 30
1939
Undist income
Gross income
29,568
„
x
Including $500 payable Oct. 15, 1936, on preferred stock called for
redemption,
y Includes $7,900 ($6,476 in 1938) received in pref. stock.
Unarnort. discount
Other income (net),
247,500
5,940
43,672
28,671
106,533
Other
1939—12 Mos.~ 1938
$14,025,682 $14,683,073
150.365
633,722
$991,148 $1.3,875,317
526,597
7,321,545
116,667
1,400,000
$347,884
$28,014,000 $28,691,750
-$30,500,915 $31,011,865
1939
Interest
on
Assets—
Balance
stocks--
Income Account for 9 Months Ended Sept. 30
2079.
Co.—Earnings—
1939—Month—1938
Total common
z
^
The aggregate amount
to which the outstanding pref. stock is entitled
liquidation is $7,400,000, and exceeds the aggregate amount of
capital
which such stock represents by $3,700,000.
m
Outstanding warrants entitle holders to subscribe to 500,000 shares of
common stock, as follows:
100,000 shares at $10 per share, 100.000 shares
at $12.50 per share, 100,000 shares at
$15 per share, 100,000 shares at
$17.50 per share, and 100,000 shares at $20 per share.
These warrants
expire Oct. 15, 1953.—V. 149, p. 261.i
in
General Electric Co.—Orders Received—
Orders received during the third quarter of 1939 amounted
to $79 510 000
compared with $60,533,000 during the same quarter last
year, an'increase
of 31%, President Gerard Swope announced on Oct.
6.
For the first nine months this year orders received
amounted to
582,000,
same
increase
an
period
a year
General
in Patent
of 32% over the $188,757,000
ago.—Y. 149, p. 2083.
Motors
Corp.—Court
Rules
received
Against
Infringement Suit—
$248
-
during the
Company
The corporation lost the first round of its
patent infringement suit against
Motor Products Corp. when District Judge Arthur Tuttle
at Detroit, ruled
that the principle of ventilation used in automobile door
construction and
claimed by General Motors was not patentable.
The G. M. patents cover
the use of two pieces of glass in an automobile
door, the front one
hinged that it
can
be turned in
or out as well as
being
moved up and down
type of construction is used by all auto manufacturers
except Ford
applied for
a
license.
so
This
who has
General Motors and Ternstedt Mfg. Co., the second
plaintiff in the suit
have six months in which to appeal the District Court's
decision —V
p.
1915.
14Q*
y*
Georgia Carolina Power Co.—Tenders—
The Central Hanover Bank & Trust Co., New York
City will until
2 o'clock p.m. Nov. 3 receive bids for the sale to it of
sufficient fiist mort¬
gage 5% 40-year sinking fund gold bonds, due July 1, 1952 to
exhaust the
sum of $72,710 at prices not
exceeding 105 and accrued
interest.—V. 148,
p.3221•
Georgia & Florida RR.—Earnings—
—Week Ended
Sept. 21
1939
Oper.
(est.)
2084.
revenues
—V. 149, p.
1938
$22,875
$18,875
Jan. 1 to Sept. 21
1939
1938
$851,722
$814;441
Volume
2231
The Commercial & Financial Chronicle
149
Gleaner Harvester
Directors have declared
a
stock, payable Oct, 10 to holders of record Sept. 30.
An optional
of $2 per share was last paid on Aug. 20, 1938.—V. 147, p. 1036.V
Globe Steel Tubes
dividend
$191,075
9,117
.$672,747
9,693
$200,192
$682,440
24,440
84,799
_
1,737
income
Discount and miscellaneous charges
-—
43,393
175,507
.
Net loss.
Dividends paid
,
113,502
178,375
$20,445prof$281,323
136,042
i
*
Capital
1,469
7,299
gains..
74
Miscellaneous capital sales.
Miscellaneous income
48
$823,488
Depreciation
Depletion.
Contingent
-
„
22,911
-—_ <
'
«,
Bad debts charged off
$500; capital stock (272,084 no par shares), $3,017,352; earned surplus,
$573,919; total, $3,743,279.—V. 147, p. 1777.
Other
—
■
299
$725,123
748,213
Dividends paid.
$610,401
935,267
Assets—Cash,
$2,003,780; notes and accounts receivable, $126,060;
inventories, $325,661; investments, $1,152,466; fixed assets (net), $1,895,828; prepaid insurance, $10,249; total, $5,514,046.
Liabilities—Accounts payable,
$148,064; reserves, $619,446; common
stock, $2,596,470; capital or paid in surplus, $2,945,627; deficit, $795,561;
total, $5,514,046.—V. 147, p. 1926.
19,413; amount received for taxes), $32,826; Federal taxes on income,
feneral (exclusive of income option on capital stock, (W. C. Buchanan),
(& Subs.)—Earnings—
Good Humor
Corp.—Earnings—
Calendar Years—
Net earnings for year
1937
$809,143
$683,826
$574,533
1935
518,744
570,391
500,308
429,015
73,537
64,841
42,263
1936
1937
1938
1936
105,000
1935
„
X$404,978
$360,379
350,000
$251,351
Dividends paid
1938
$650,926
.
—
3,800
Use tax prior years
1, 1938
Assets—Cash,
$575,748; accounts & notes receivable, less
reserve,
$227,775; inventories, $391,128; notes receivable, maturing in 1940, $5,500;
fixed assets (less depreciation reserve of $1,887,240), $2,386,089; patents
and development (less amortization of $83,797), $108,108; sundry assets and
deferred charges, $48,931; total, $3,743,279.
Liabilities—Accounts payable, $89,616; accrued payroll, $9,652; taxes
Calendar Years—
$731,731
67,261
25,463
20,068
8,538
71,355
.
.
Balance Sheet Dec. 31,1938
Globe-Wernicke Co.
$718,952
7,563
5,215
$814,598
Total income.
Gross profit from sales..
Administrative, selling, &
advertising expenses._
1937
$8,957,788
8,238,835
8,340,162
Bad debt recoveries
Bond interest
Reserves!or depreciation.
1938
$9,154,759
Total expense, including Federal taxes
1937
1938
Earnings from operations, after deducting manu¬
facturing, selling & admin, expenses
Sundryincome, interest and discount
on
(& Subs.)—Earnings
Years Ended Dec. 31—
Gross income.
Co.—Earnings—
Years Ended Dec. 31—
Federal and States taxes
Golden Cycle Corp.
Corp.—To Pay 30-Cent Dividend—
dividend of 30 cents per share on the common
$291,088
350,000
x After deducting reserves for
Federal and State income .taxes, and de¬
preciation, amounting to $169,747.
Consolidated Balance Sheet Dec. 31, 1938
deductions
Assets—Cash, $271,072; accounts receivaole, inventories and prepaid
$86,842; first mortgage on leased property, $12,000; lease and
power deposits, $5,845; sales cars and plant assets (less reserve for deprecia¬
tion of $398,775), $407,978; patents, trade mark and territorial rights,
$561,000; total, $1,344,736.
Liabilities—Accounts payable and accrued liabilities, $22,356; reserve
for taxes, $72,238; unclaimed dividends, $257; capital stock
(par $1),
$350,000; capital surplus,
$600,000; earned surplus,
$299,886; total,
$1,344,736.—V. 147, p. 2866.
expenses,
Net profit from opers.
Non-operating income..
$58,645
38,158
$173,911
49,268
$141,254
45,004
$145,517
Total income........
$96,803
$186,259
27,875
56,782
$192,005
19,402
60,839
1,413
$223,179
45,015
53.309
20.658
11,328
13,672
$13,219
$104,197
$90,274
$98,090
68,880
5,058
19,902
28,804
20,516
45,477
20,955
Non-oper.
30,311
expenses
Bond interest.
51,860
Federal income taxes—.,
Net profit for year...
Preferred dividends....
Common dividends
46,487
Gorham, Inc. (& Subs.)—Earnings—Years Ended Jan. 31—
Gross profit from sales
x
Surplus
...
def$60,7l9
$55,491
$24,281
Loss from operations (before
down of inventories)
Assets—Cash, $107,478; postage and sales tax stamps, $537; notes
receivable, $3,851; accounts receivable (less reserve for doubtful accounts of
$46,998), $396,840; cash surrender value of life insurance. $86,502: accrued
items
receivable,
$1,278; investments, current,
$21,300; inventories,
$893,520; notes receivable, other, $936; investments, other, $12,510; real
estate, plant and equipment (less reserve for depreciation of $273,755),
$1,390,257; patents (less reserve for amortization of $160), $1,316; sinking
fund,
$3,411;
deferred charges
to future
operations,
$42,121; total
$2,961,855.
payable,
$97,040;
accrued
expenses,
God's Lake Gold Mines,
Metal recoveries
$68,736;
Gross loss
Interest earned
Cash discount
-
1937
$626,640
9,325
$617,315
$771,287
9,314
Net profit before deprec., pre-oper.
charges and income taxes
Prov. for deprec. of plant and equipt.
Develop't &
pre-oper. exps.
$630,408
509,777
429,649
$234,711
11,232
$204,695
82,377
92,216
$245,943
75,000
81,757
$30,102
$89,186
Balance Sheet Dec. 31, 1938
2,656
2,656
2,153,650
625,000
2,153,650
$3 cum. pref.stk.
Class A stock
x
6,880
Prop. & leasehold
iiripts. at cost--
Deficit from oper.
133,940
66,337
Ltd.—Earnings—
1939
$146,021
64,121
.........$4,001,651 $4,984,733
After reserves for
Total .........$4,001,651 $4,984,733
depreciation and amortization of $557,271 in 1939 and
$504,792 in 1938.
y Represented Dy 43,073 no par shares,
z Represented
by 125,000 no par shares,
a Represented by 25,000 no par shares.—
146,
p.
2693.
Grant Building,
Inc.—Earnings—
1938
Years Ended Dec. 31—
Income from garage, safe
Total income
Oper. exps., maintenance, property taxes,
Operating income
&c_.
—.
Other income
Provision for depreciation of
zation of leases
the year's
1,604
$5,726
42,003
$0.53
$0.07
Earnings per share on 84,006 shs. cap. stk.
(no par)
31, 1939
$24,572; charges
storage receivable, $17,923; insurance policy
life of the President (cash surrender value),
for shoveling, elevation and
held by the company on the
$27,139; land and water lots
leases being estimated by the manage¬
$66,766), $89,900; docks, founda¬
tions, buildings, machinery and equipment, $988,054; miscellaneous sup¬
plies and expenses applicable to next year's business, $4,671; total,
held under lease, the value of these
ment in 1929
Excess
$16,355; provision for income taxes on the
year's profits and accrued 1939 municipal and provincial taxes, $12,512;
reserve for contingencies, $20,000; surplus created by valuing the leases
and increasing the asset value of docks, buildings, &c., to appraised values,
(less amount added to the book value of boilers on the 1925 appraisal now
written off on the disposal of this asset of $6,243 and portion of this surplus
Liabilities—Accounts payable,
was
distributed to shareholders by
issuing additional capital stock
the company as stock dividends, $604,052), $137,181; capital stock
(84,006 no par shares), $933,400; surplus, $32,811; total, $1,152,259
—V. 146, p. 4115.
of
Goebel Brewing
Co.—Earnings—
1939
8 Months Ended Aug. 31—
Net profit
after deprec., Federal income taxes —
Earnings per share on common stock
—V.
of
principal
149, P. 1475.
--
^
1938
$221.843
$104,430
$0.16
$0.08
$153,788
2,999
$156,787
22,214
168.313
151,241
158,371
of company
amount
bonds
9,041
19,940
32,248
160,311
—
Cr23,856
$112,563
------
$207,287
1938
Balance Sheet Dec. 31,
Assets—Cash, $208,912; notes and accounts receivable (less reserve of
$59,162; inventory of operating supplies, &c., $9,513; security
owned—at cost, $500; property, buildings and equipment—at cost less re¬
$35 000),
serves
for
depreciation,
$4,790,726;
deferred charges,
$153,042; total,
221
Liabilities—Accounts payable, $27,031: accrued liabilities, $170,359;
funded and other long-term debt, $3,303,533; deferred income, $1,806;
class A common stock (par $1), $60,584; common stock (par SI), $62,374;
surolus (restricted in the amount of $930 representing the par value of shares
in treasury),
$1,596,168; total, $5,221,855.-
(less amounts written off of
$1,152,259.
which
—:-
Provision for depreciation—
d>K
Balance Sheet March
bank,
reorganization and deposit agreement
Interest expense—-_—
Ontario in¬
profit
Net profit for the year
Dividends to shareholders
in
and expense.
$780,249
626,461
connection with plan
Special expenses incurred in
properties and amorti¬
Provision for Dominion of Province of
on
Amortization of bond discount
641.938
$213,411
21,207
deposit vault, &c. (net).
Service income (net)
of
1937
$751,268
$211,493
1,918
---------—
$823,815
11,936
17,680
$853,431
Rental income
26,555
42,003
Administrative expenses
Financial expenses, &c
38,443
19,210
7,179
$44,540
-
1938
$98,716
9,222
expenses..
44,391
19,867
1,419
26,582
Years Ended March 31—
Revenue..
Assets—Cash
4,503,996
in
Goderich Elevator & Transit Co.,
come taxes
6,456,294
1
Goodwill
Total
125,000
6,456,294
5,484,023
182,290
1
625,000
125,000
3,982,436 a Class B stock
7,300 Capital surplus
2,974,239
Inv. at cost or less.
1938
$126,128
Other liabilities...
fayable, $9,639; capital stock (3,500,000 1475. shares), $2,037,831; surplus
83,632; total, $2,158,328—V. 149, p. no par
Operating
$123,074
Accts. pay. & accr.
z
V.
bank, on hand and in transit, $268,189; accounts re¬
ceivable, $3,796; bullion in( transit to the mint, $61,257; shares held in
other mining companies (at cost), $157,281; materials and supplies on hand
and in transit, $227,960; investment in God's Lake Store—wholly company
owned, $19,653; prepaid insurance premiums, $7,968; prepaid winter
freighting
expense—1939 season,
$13,701; pre-operating and deferred
development expenditure, $385,014; mining claims and leases, $17,448;;
Plant (less reserve for depreciation of $362,734), $951,050; shs. in Freighters
Limited—wholly owned subsidiary—at cost, $2,000; advance to Jowsey
Island Gold Mines Limited, $43,008; shares in Jowsey Island Gold Mines
Limited, 1,200,000 shares of no par value, $1; total, $2,158,328.
Liabilities—Accounts
payable and accrued charges, $27,226; wages
Assets—Cash
294,624
y
Deferred charges..
$296,910
199,092
106,091
1939
Liabilities—
$463,959
$592,196
229,058
inventories
Ical
395,696
$187,666
17,028
loss$8,272
written off
i
1939, $53,860; 1938, $53,412.
Merchandise(phys-
x
Net profit for year
30,893.
$980,028 prof.$52,455
above for the year ended Jan. 31, 1938
with the classification followed for the yeai*
1938
1939
Assets—
Cash....
at cost or less
Non-operating revenue
2,968
625
Consolidated Balance Sheet Jan. 31
1936
$639,722
$261,510
35,400
—
Net operating profits-.-
28,100
-—
Including depreciation and amortization,
Notes & accts. rec.
Expenses
$7,163
20.418
on
Net loss for the year
42
909
$1,003,868
455
purchases
Other credits (1938 including income from special
services)
.-
x
23,498
56
1,136
have been regrouped to conform
ended Jan. 31, 1939.
"
1938
$782,868
11,581
..
23,852
Note—'Certain figures included
Marketing expenses
Balance
800,000
Other charges
$96,961; paid in surplus, $762,188;
Ltd.—Earnings—-
'
1,124,892
$178,825 prof$17,286
Leased property expenses, net
Federal income tax
total, $2,961,855.—V. 146, p. 1399.
Years Ended Dec. 31—
$1,142,178
provision for write¬
Provision for write-down of inventories
Federal income taxes, $1,413; 6% first mortgage bonds, $3,305; bonded
indebtedness, $884,000; 7% cumulative preferred stock, $998,400; common
stock (no par), $49,812; earned surplus,
1938
$845,238
1,024,063
$77,135
Consolidated Balance Sheet Dec. 31, 1938
Liabilities—Accounts
1939
—,
Selling, general and administrative expenses
Gorham
Mfg. Co. (&
31—
from sales..
Sell., admin. & gen. exps.
Years End. Jan.
Gross profit
Profit
from
before
1938
1937
1936
$1,854,542
1,046.763
$2,106,899
1,073,724
$1,829,180
1,000,093
$1,625,643
1,162,938
$807,779
$1,033,176
77,753
$829,087
44,138
$462,704
98,716
$1,110,928
243,616
$873,225
$561,420
230,178
142,321
170.684
1939
operation
depreciation.
48,279
Other income
Gross income
...
Deductions from income
Depreciation
Federal taxes—
V. 148, p. 3688.
Subs.)—Earnings—
$856,059
182.216
120,460
99.944
123,702
119,529
80,620
176,625
53,684
surplus.
$453,439
389,718
$624,081
682,007
$420,105
341,003
$160,428
243,574
Surplus-------------
$63,721
def$57,926
$79,102
def$83,146
Net income.:
Cash distrib. of
The Commercial & Financial Chronicle
2232
Consolidated Balance Sheet Jan. 31
Assets—
1939
Cash
1938
Liabilities—
11,661,322
$980,690
U. 8. Govt, secure.
970,070
1,300,935
Notes <fc accts. rec.,
less reserve
703,875
688,678
1,645,418
Acer,
Inventories
Invest, in
1,452,245
216,887
reserves.,
428,736
427,1.56
Capital stock...
2,006,550
3,901,642
2,006,550
1,253,952
Surplus.
3,837,921
_
1,228,892
118,205
(deprec. bk.val.)
131,746
$6,609,852 $6,525,5711
Total
Represented by 200.655 no
par
Great Lakes
1937
1938
1936
$304,959
57,802
$264,269
52,873
Total
...$6,609,852 $6,525,571
340,000
y$247,157
187,000
$211,396
170,000
shares.—V. 148, p. 3532.
$24,444
$140,502
$60,157
$41,396
$0.74
$2.83
$1.45
$1.24
$227,854
75,314
26,096
$548,494
67,992
$126,444
102,000
y $480,502
Depreciation....
Balance
Earns, per sh. on 170,000
shares capital stock
Graham-Paige Motors Corp.—Extends Coroprate Life—
Stockholders in a recent special meeting, adopted a resolution to extend
the company's corporate life 30 years from Sept. 28, date of expiration of the
present charter.
This action is a necessary formality under Michigan law.
—V. 149, p. 1762.
Graton & Knight
1939
Engineering Works—Earnings—
Calendar Years—
Net income
Net inc. for the year.
Dividends
43,213
property
Deferred charges.
*
703
189,268
7,
sal's
Federal income tax..
500,000
50,123
Miscell. investm'ts
Plant
Surplus
x
500,000
taxes,
1938
$36,355
49,274
A wages, Ac
Gorham,
Inc
1939
$34,382
Accounts payable.
Dividends payable
Oct.
(par $50), $1,925,750; common stock (no par), issued 350,000 shares (of
which 76,445 shares are held in escrow to cover warrants issued with debs,
and pref. stock, and 23,55.5 shares are held in treasury), $1,000,000; earned
surplus, $358,124; total, $7,181,574.—V. 147, p. 1926.
Co. (& Subs.)—Earnings—
Earnings for Year Ended Dec. 31, 1938
.
Gross sales less discounts, returns and allowances
Cost of goods sold
Selling and administrative expenses.
$3,214,641
2,722,800
751,239
.
Loss from operations
Other income
$259,397
64,547
__
Before undistributed profits taxes and before adding in 1937 $9,275
transferred by U. S. Treasury Department from 1936 to 1937
y
amount
income.
'
Amort, of bond discount & expense, less $7,670 discount gained
194,850
43,283
bonds reacquired during the year
Loss on bide futures
on
8,666
7,199
3,276
Miscellaneous charges
Net loss
Prior year prov. for doubtful accts. & taxes not required
Increase of res. for losses applic. to certain miscell. investments.
Balance (loss) transferred to surplus
Dividends paid in cash:
.
Prior
preferred—$1.80 per share.
7 % cumulative preferred—$7.00 per share
.
$257,275
32,121
LrG ,504
$231,658
36,778
127,883
Note—Depreciation charged to cost of goods sold and selling and adminis¬
trative expenses, amounted to $65,322.
The same straight-line rates of
depreciation were applied in 1938 as in 1937 except for a reduction (approxi¬
mately $10,312) of depreciation on machinery and equipment at Worcester
owing to curtailed operations in 1938.
-....V""
Balance Sheet Dec. 31, 1938
Assets—Cash, $68,479; United States Treasury bills and nores at cost
(market $550,377), $548,720; accounts receivable, net collectable, $179,489;
inventories, $195,544; cash in closed banks (less reserve of $10,000),
$14,206; fixed assets (less reserve for depreciation of $1,254,810), $1,248,651;
miscellaneous
and
assets
deferred
$17,189,
charges,
total,
$2,272,278.
Liabilities—Accounts payable,
accrued expenses and reserves for taxes
$114,974; capital stock outstanding 170,000 shares (par $10), $1,700,000;
surplus, $457,304; total, $2,272,278 —V. 146, p. 1242.
Great Lakes
Loss from operations less other income
Bond interest
—
Steamship Co., Inc.— ■Earnings—
Years End. Dec. 31—
19.38
1937
1936
$2,964,566
Expenses of operation__
$662,464
443,671
1,965,226
$1,356,063
858,352
$565,631
346,125
Operating profit
Interest and divs., &c__
$218,794
54,334
$999,340
129,433
$497,711
91,149
$219,506
45,917
$273,128
185,000
12,485
71,739
$1,128,773
185,000
139,093
131,608
$588,861
185,000
48,261
$265,423
185,000
112,072
108,790
$3,903
240,000
$673,072
630,000
$243,528
330,000
loss$32,543
119,700
$236,097
sur$43,072
>,472
$152,243
Transporting
ore,
coal &
Total
Depreciation—
Taxes
Administration
Balance,
expenses
inc.
to
1935
,
grain.
4,176
sur¬
plus account.
Dividend
—
Deficit
Balance Sheet Dec. 31,
1938
Assets—Steamers and
$276,062;
equipment (less reserve for depreciation of $3,799,929), $5,250,000; cash, $786,809; accounts receivable, $24,549; accrued
on bonds,
$6,603; United States Government securities at cost,
$799,731; other marketable securities at cost, $1,200,758; cash in sus¬
other
pended
Consolidated Balance Sheet Dec. 31, 1938
Assets—Cash in banks and on hand, $425,409; accounts and notes re¬
ceivable (less reserves for doubtful accounts and cash discounts of
$35,587),
inventories, $1,967,354; prepaid and deferred items, $25,592;
assets, $45,629; investment in and advances to Graton & Knight,
Ltd., London, wholly owned subsidiary (less reserve reducing the above
to book amount of the subsidiary's net tangible assets of
$75,978), $59,088;
real estate, machinery & equpiment ((less reserves for
depreciation of
$1,708,947), $1,338,468; unamortized bond discount and expense, $54,536;
total, $4,192,137.
Liabilities—Accounts payable, $59,652; provision for Federal,
State,
Canadian and local taxes, $37,648; other accrued
expenses, $25,742; 1st
fntge. sinking fund 4M% bonds, due Dec. 1, 1951, $746,000; prior pref.
stock (20,375 shs. no par, at $10 per share), $203,750;
7% cum. pref. (par
$100), $1,695,530; common stock (83,028 no par shares), $1,037,850; con¬
solidated capital surplus, $437,650; consolidated deficit since Dec.
31, 1932,
$51,684; total, $4,192,137.—V. 148, p. 732.
Great Lakes
x
Calendar Years—
Net operating profit..
1938
1937
$2,468,469
255,767
1936
$1,110,709
234,250
bank in liquidation
(less
reserve
$3,477; total, $8,323,853.
Liabilities—Common stock (120,000
of $182,428),
shares), $6,000,000; accounts
$10,820; surplus, $2,309,309; total, $8,-
payable, $3,724; accrued taxes,
323,853 —V. 149, p. 1915.
Great Northern
no par
Paper Co. (& Subs.)—Earnings—
Years Ended Dec. 31—
1938
Operating profit.
...
Prov. for depletion <fc depreciation
Losses from replace, of fixed assets result,
obsolesce, &c
t
$1,344,960 '
28,243
$2,097,998
190,173
$704,079
71,983
177". 666
*77,666
94,980
325,000
$1,148,153
828,180
$622,476
963,647
475,000
.
z
$1,796,208
822,852
Miscellaneous charges..
...
$557,120
552,120
$4.01
$319,973 def$341,171
552,120
$2.08
,
552,120
$1.12
$973,356
552,120
$3.25
$600,023 in 19381
$618,416 in 1937; $630,217 in 1936 and $610,804 in 1935. y Divs. paid less
dividends received on
investment
in
company's own common stock,
z There is no
liability in respect of Federal surtax on undistributed profits
1938
1937
Assets—
Investments
y
8.029.211
38,402
94,342
U. 8. securities...
3,559.317
4.718.212
Accrued interest..
12,254
18,610
2,598,842
1,479,214
563.681
Cash...
Accts. receivable..
Note receivable...
Work
in
1,473,355
184,839
&
$
1937
$
Capital stock and
surplus
15,075,770
Accounts payable,
Ac...
435,189
Prov. for taxes...
557,553
State unemploym't
insurance res've
4,394
14,510,349
566,578
240,145
5,300
984
178,584
process..
49,850
234,309
108,297
Inventories
Advances
1938
Liabilities—
$
Plant,
tools,
equipment, Ac. 7,831,900
67,876
other
receivables
State
Total..
x
4,394
5,360
76,864
66,643
16,072,906
15,322,4321
Total
16,072,906
15,322,432
After
1937.
y
$16,259,613 $16,085,764
reserve for depreciation of
$8,152,049 in 1938 and $7,978,102 in
Represented by 552,120 shares of no par value.—V. 149, p. 930.
Great Britain & Canada Investment
Corp.—Earnings
Earnings for Years Ended March 31,
1939
Revenue from investments.
Revenue from stock dividends.
from
officers
& employees under stock purchase agreen
ents, $177,079;
accts., receivable, &c., $75,248;,n iscellaneous invest¬
$91,133; Great Northern Paper Co. capital stock held in
treasury (850 shares, at cost), $43,419; tin berlands, plants, townsites,
dan s, river improvements, &c. (less reserves for depletion &
depreciation),
$25,019,007; mill sites and water powers, $3,305,101; unexpired insurance
preniuns, prepaid taxes & other deferred charges, $80,662; total, $43,264,619.
Liabilities—Accounts payable, $279,928; accrued interest,
payrolls and
expenses, $151,916; timberland purchase obligations r aturing in
1939,
$150,009; provision for purchased stumpage cut, $50,504; provision for
Federal income taxes, $437,904; tin berland purchase
obligations, n aturing
subsequent to 1939, $300,246; capital stock (par $25), $24,958,250; prem.
on sale of capital stock, $676,250; earned
surplus, $16,259,613; total, $43.264,619.—V. 148. P. 881.
non-current notes &
&c.,
Bay Water Co.—Bonds Called—
Great West
Saddlery Co., Ltd.—Earnings—
Years Ended Dec. 31—
1938
ITofit from operations
759
871
exchange
Total revenue
Management expenses.
Other expenses'
Loss
on
.
$249,036
16,472
2,041
i
exchange
Pref. share amendment expense
Income and other taxes
Interest
on
debentures
Net profit
$275,431
1,504
16,042
1,853
1,785
453
I
I.
""5,054
6,887
177,372
180,000
$45,810
$72,201
Balance Sheet March 31, 1939
Assets—Cash in banks, $85,617; account
receivable, $1,252; investment
securities, at or under cost, $6,823,502; accrued revenue from
investments,
$44,348; prepaid charges, $382; investment realization deficit (after de¬
ducting profit on debentures and preferred shares
redeemed), $226,473;
total, $7,181,574.
Liabilities—Accrued expenses, $38; accrued debenture
interest, $85,814;
4H% 30-year convertible debentures, $3,793,000; preferred redemption
reserve, $18,847; $5 cumulative convertible redeemable
preferred stock
1936
$117,781
20,500
24.095
24,000
21.000
2,157
Provision for depreciation
Dominion & Provincial income tax
24,630
24,000
6,538
$99,037
20,289
25,665
35,742
3,459
$8,044
Bond interest
Net profit.
Assets—Cash
$276,935
1937
$78,796
$41,613
$13,882
1938
$247,406
_
on
$2.18
Consolidated Balance Sheet Dec. 31, 1938
Assets—Cash, $5,118,049; trade notes & accts. receivable (less reserve),
$1,606,985; other accounts receivable, $33,692; inventories, $7,416,023;
invs. in & advances to controlled & affil. cos., $298,221; loans receivable
Executive salaries
Profit
$2.17
Including $20,938 in 1938 and $319,687 in 1937 profit on saie of market¬
able securities, y Includes $15,190 surtax on undistributed
profits.
Great South
Unem-
ploy. Ins. Res've
Deferred assets...
$18,254,573 $18,080,924
1,994,960
1,995,160
Earned surplus, Dec. 31
Earns, per sh. on 997,580 shs. cap. stock
A total of $5,000 first refunding mortgage 5% gold bonds
extended to
Nov. 1, 1949 have been called for redemption on Nov. 1 at 102 and
accrued
interest.
Payn ent will be made at the National City Bank of New York.
—V. 120, p. 2683.
Deposit In respect
of
$2,177,654
15,903,271
Total surplus
Cash dividends paid.
ments,
Balance Sheet Dec. 31
x
Net profit for year
Previous earned surplus..
x
Net profit after depreciation of
physical properties
x
$2,630,828
54,086
y399,087
$2,168,808
16,085,765
Total income
$2,288,172
4,602
T
Surplus
Shs. of capital stock out¬
standing (no par)
Earns .per sh. on cap. stk.
$2,216,441
x4l4,386
85,478
437,904
...
100,685
$2,580,561
xlll,628
$2,692,189
Income from in vs., int., royalties, &c
19,807
36,206
$2,213,030
1,655,910
$3,569,234
1,252,107
1935
$414,974
289,105
rl
Federal taxes.
1937
.*3,608,285
999,480
from
...
Provision for Federal income taxes
$2,724,236
.
$251,924; prepaid
expenses,
Operating profit
Dredge & Dock Co.—Earnings—
Other income
interest
on
Balance Sheet Dec. 31, 1938
$1,916; accounts receivable,
hand,
$469,755; raw
materials, goods in process, finished stock and supplies, $646,919;
mtges.
agree:,
ents for sale & sundry securities, $4,764; props, acquired
through
liquidation of collateral, $6,200; fixed assets, $809,995; deferred
charges,
including proportion of cost of building alterations & equip
ent, $16,229;
equity in reciprocal insurance exchanges (less reserve of $7,500). $4 705goodwill, $1; total, $1,960,485.
Liabilities—Bank loan
(secured), $183,000; bank overdraft,
$14,801;
accounts payable & accrued charges, $49,087; first
mortgage 20-year 6%
sinking fund gold bonds, $391,000; reserve for sundry contingencies,
$17,537;
reserve for depreciation, $48,000: 1st preference stock
(par $50), $349',600;
2nd preference stock (par $50), $57,900; common stock
(39,871 no par
shares), $806,016; earned surplus, $43,544; total, $1,960,485—V. 147
p
1926.
Greenwich
Water
&
Gas
System,
Inc.—Name
Changed—
The
name
of the company was
changed in August, 1939
Water System, Inc. (which see).—V. 149, p. 1476.
to
Greenwich
Volume
Great Western Sugar
Balance Sheet Dec. 31,
Co.—Earnings—
Consolidated Income Account Years Ended Last Day of February
1939
1938
1937
1936
§9,613,746 $10,123,733
30,226
68,322
$7,641,218
8,891
$5,419,924
1,061,716
Profits from operation..
Other income....
$9,673,973 $10,192,055
1,290,347
1,345,274
1,448,502
$7,741,595
1,217.123
41,000
968,232
$7,398,279
25,622,162
$5,515,240
25.476,922
$5,411,034
Total income
Deprec. of plants & RR.
Adjus. of real est. values
658",803
Federal and State taxes.
1,357,461
Net income
$3,699,406
24,737,887
..
Previous surplus
..
...
100,377
430.000
Prov. for contingencies.
$6,596,165
25,131,722
surplus.$28,437,293 $31,727,887 $33,020,441 $30,992,162
Deduct—Pref. divs. (7%)
1,050,000
1,050,000
1,050.000
1,050,000
Common dividends...
4,320,000
5,940,000
6.660,000
4,320,000
Total
$23,067,293a$24,737,887 $25,310,441 $25 ,622,162
par)
1,800,000
1,800,000
1,800,000
1 ,800,000
$2.48
com.__
$1.47
$3.08
$3.52
Profit and loss.
Shs.
com.
outst. (no
Earns, per
a
sh. on
Excluding capital surplus of $178,719.
Plants, RR. equip., &c_$44,050.160 $43,443,609
Investment stocks
24,900
13,300
Cash
5,086,299
14,667,237
6.000,000
1,024.269
U. S. Treasury bills
& notes receiv
Accts.
22,582,316
Ref. sug. & by-products.
Beet seeds and supplies-
2,929,860
704,054
Prepaid expense
1936
1937
1938
1939
$42,956,270 $42 ,823,932
15,361,644
13,927,018
1.737,125
16,846,858
2,938,393
472,208
,755,499
,489,610
,683,886
490,087
$82 ,401,859 $84,551,467 $80,312,499 $79,170,031
Total.
Liabilities—
15 ,000,000
Preferred stock
x Common stock
15 ,000,000
134,200
Conting. beet pay. res._
Res. for employ, retire¬
15,000,000
15,000,000
831,200
15,000,000
15,000,000
978,500
15,000,000
15,000,000
1,680,300
payable, &c_.
1 ,068,242
Accrued Federal taxes..
5 ,027,042
170,000
1.040,199
5,698.041
50,000
994,657
1,850.513
1,052,400
1,330,753
106,868
4,284
22 ,545,210
23 ,246,012
127,704
2,901
21,764,815
24,916,606
482,324
2,660
20,643,403
25,310.441
91,787
2,598
19,300,031
25,622,162
270,000
ment allowance
Accounts,
Deferred credits & oper¬
ating suspense items..
Unclaimed dividends
Depreciation reserves
Surplus
Group No. 2 Oil Corp.—Earnings—
x
$82,401,859 $84,551,467 $80,312,499 $79,170,031
Represented by 1,800,000 shares, no par value.—V. 148, p.
Greenwich Water System, Inc.—Bonds
3222.
Placed, Privately
1937
1936
$65,684
21,694
$53,050
17,527
$20,701
11,331
$13,990
$35,523
20,870
$9,370
25,379
$62,669
15,569
18,645
12,8^6
charges
Operating
$56,393
$34,749
Net operating income
Non-operating income
Ne„ inc. before cap. extinguished'i>s
and Federal income tax.
...
664
237
6,864
3,057
209
....
14,347
6,889
206
x625
$15,431
.....
Depletion and dry holes
Depreciation
®34,287
Estimated Federal income tax
Net income
y.j.23,966
before provision
profits tax.
y For year
of non-producing leases determined by management as
value and charged to earned surplus March 31, 1936.
Includes $313 undistributed
for
amortization
having
no
Balance Sheet Dec. 31,
1938
$1,526; cash on deposit for
(contra), $342; investment, $1; property
accounts at cost (net), $372,645; deferred charges, $277; total, $379,207.
Liabilities—Accounts payable, $178; accrued liabilities, $894; Federal
income tax (estimated), $209; due to affiliated companies on current account,
$2,720; due to affiliated companies—not current, $102,984; unclaimed divi¬
dends payable (contra), $342; capital stock (par $0.50), $242,500; paid-in
surplus, $5,998; earned surplus since March 31,
1936, $23,382; total,
$379,207 —V. 147, p. 1927.
Assets—Cash in banks, $4,415; inventories,
payment of unclaimed dividends
Group Securities, Inc.—Balance Sheet Dec. 31—•
Cash in
Reserves_..
3,288
34,250
Rec. from Distrib.
the
11,644
-..........
stock
(par
lc.)
11,744
Paid-in suprlus... 4,777,999
Net
cap.
5,052,226
1,090
129,976
150,224
profit realized
on
stk. and for inci¬
C57.273
912
CJndistrib. income.
inc., for
purch.of
_
Cap,
Accts. rec. for sec.
Group,
_
$48,148
e$89,553
payable
Accounts
stks._a$5,106,205h$4,199,249
bank
71,390
94,238
1937
1938
Liabilities—
1937
1938
Assets—
Invests, in
sold...
Total..
1938
Years Ended Dec. 31—
Gross operating income
x
2,229,361
20,664,842
3,220,770
312,348
1938
Assets—Cash in banks, $627,320; accounts receivable, $752; inventories,
$17,986; other current assets, $2,460; due from affiliated companies, $19,227;
cash on deposit for payment of unclaimed dividends (contra), $28,970;
investments, $117,939; property accounts at cost (less reserves for depre¬
ciation, depletion and intangible development costs of $3,219,816), $1,004,780; prepaid expenses, &c., $15,382; total, $1,834,816.
Liabilities—Accounts
payable,
$10,425; accrued liabilities,
$14,990;
Federal income tax (est.), $29,104; due to affiliated companies, $69,928;
unclaimed dividends payable (contra), $28,970; capital stock
(2,048 no
par shares),
$324,335; earned surplus, $1,357,065; total, $1,834.816.—
V. 149, p. 1622.
*
.
Surrendered leases
Consolidated Balance Sheet as of Last Day of February
Assets—
2233
Chronicle
The Commercial & Financial
149
sale of secur.
32,296'
13,107
■—The company
Dividends receiv'le
d5,4ll
10,491
(net) of securities
collateral trust
has placed privately an issue of $5,250,000
4% bonds, series A, dated Aug. 1, 1939, due
Deferred charges..
4,215
5,203
owned at Dec. 31
Aug. 1,1959.
Proceeds
were
used for refinancing purposes.
secured by the pledge of the following collateral:
bonds—$1,200,000 Greenwich Water Co.; $1,350,000 Port
"Works Xnc»
•
* **
'
Promissory Notes—$48,000 Cohasset Water Co., $112,500 Dedham Water
Co., $135,000 Greenwich Water Co., $68,500 Hingham Water Co., $95,000
Wannacomet Water Co., $43,625 Williamstown Water Co.
Capital Stocks—6,000 cap. shs. Bristol County Water Co., 196 pref. shs.
Cohasset Water Co.
804 com. shs. Cohasset Water Co., 4,000 cap. shs
Dedham Water Co., 1,700 cap. shs. The Glenville Power & Water Co.,
71,000 cap. shs. Greenwich Water Co., 4,400 cap. shs. Hingham Water Co.,
40,000 cap. shs. Port Chester Water Works, Inc., 31.40 cap. shs. Wanna¬
comet Water Co., 1,000 cap. shs. Williamstown Water Co.
Additional bonds may be issued subject to restrictions of the indenture.
Series A bonds dated Aug. 1, 1939 are red. at any time on 30 days' notice
to and incl. Aug. 1, 1942, at 108%; thereafter to and incl. Aug. 1, 1945 at
107%, thereafter to and incl. Aug. 1, 1948 at 106%; thereafter to and incl.
Aug. 1, 1951 at 105%; thereafter to and incl. Aug. 1, 1953 at 104%; there¬
after to and incl. Aug. 1, 1955 at 103%; thereafter to and incl. Aug. 1, 1957
at 102%; thereafter to and incl. Aug. 1, 1958 at 101%; and thereafter
until maturity at 100^%, in each case together with interest accrued to
The bonds
are
1st morloaye
■Ol!0sf/€5r
the date fixed for redemption.
before June 1, 1941, and on or before
each June 1 thereafter, so long as any of the series A bonds are outstanding:
Deposit with the trustee a sum in cash equal to 7-10ths of 1 % of the prin¬
cipal amount of all bonds then outstanding under this indenture, less, to
the extent the company elects to deduct the same, expenditures of subsidiary
companies for net permanent additions.
The name of the company was changed in August, 1939, from Greenwich
Water & Gas System, Inc.
Reserve Fund—Company will, on or
.
(L.) Greif & Bro., Inc.—Removed from Unlisted Trading—
The
common
no par, has been removed from unlisted trading by
Exchange.—V. 139, p. 3155.
stock,
the New York Curb
Griesedieck Western Brewery
(net).A
__ .
_ . _ _ -
2,368,612
1,015,054
Cost of
goods sold
...
Selling, general and administrative expenses
Total.........$5,253,768 $4,325,578
Cost
a
1937
$3,585,539
2,375,095
717,193
Income expenses.......
Federal income and excess
_____
profits taxes
Net income.
Assets—Cash
on
$694,603
32,135
116,753
$493,252
46,551
100,060
$545,714
operations..
stock
the issue of
Balance Sheet Dec. 31, 1938
hand and accounts receivable, $225,422; revenue stamps,
Group No. 1 Oil Corp.—Earnings—
1938
Calendar Years—
Gross oper,
income.$899,297
230,298
79,018
Net
Guardian
Depletion
Depreciation
loss
on
disposal
record Sept.
149,
p.
on
30.
109.
Co.—Earnings—
Gulf Power
Period End. Aug. 31Gross revenue.
income
Dividends
$613,269
104,518
14,583
$150,520
98,936
11,292
$44,168
19,765
1,128,753
'V 138,104
$40,292
20,321
$440,299
239,031
$454,585
238,595
$24,402
5,584
$19,971
5,584
$201,267
67,014
$215,990
67,014
$18,818
$14,387
$134,253
$148,976
12 Months Ended Aug. 31—
>
•
1?39
Operating revenues
..$10,347,529
x Balance after operation, maintenance and taxes.
5,133,412
y Balance for dividends and surplus..
.....—
2,367,252
' 1938
$10,547,170
Gross income
Int. & other fixed chges.
Net income—
Divs.
on
_—
pref. stock.....
Balance
—V.
149, p. 1762.
Co.—Earnings—
,
Includes
non-operating
retirement
income
(net).
y
4,413,614
2,024,073
appropriations
After
for
reserve.
Note—For comparative purposes
only; includes operations for the entire
(Charles) Gurd & Co., Ltd.-
-Years Ended-
Taxes and
46,916
47,052
394,687
$528,795
265,578
$475,636
503,240
$839,290
$794,374
260
234
66,790
85,264
xl25,324
N74,306
$978,877
85,833
6,651
15,847
82,278
Mar. 31 *38
$184,547
76,421
licenses.......74,140
19,520
20,893
Depreciation:—
17,100
Exectuvie salaries..17,333
Directors' fees
i
340
Mar. 31 '37
$189,988
75,121
36,593
17,100
385
380
107
12,715
12,483
11,731
$56,588
$58,342
17,150
18,000
$48,954
22,575
12,000
$0.68
$0.44
290
Miscellaneous deductions
Res. for Dom. & Prov. income taxes..
Net profit
Preferred stock
15 Mas. End.
•
'39
$182,010
Operating profit..
dividends paid.
dividend paid.
_
_.
_
.
...
16,800
18,000
60,000 shs. of com.
stock, no par
52.898
-Earnings-
Mar. 31
Earns, per sh. on
$622,269
217,020
bus) and Louisiana Steam
1938.—V, 149, p. 19,15.
period of Baton Rouge Electric Co. (except
Generating Corp. properties acquired Aug. 25,
1935
—......
$0.52
Balance Sheet March ,31,
1939
(less reserve for doubtful
stocks on hand, $197,949;
fixed assets, $981,588; investments, $113,879; deferred charges, $10,152;
formulae, $100,000; goodwill, $1; total, $1,580,622.
Liabilities—Accounts payable, $9,378; reserve for taxes, $15,182: de¬
preciation reserves, $311,071; 7% preferred stock, $240,000; common stock
(60,000 shs. no par), $725,364; capital surplus, $20,000; earned surplus,
$259,627; total, $1,580,622.—V. 147, p. 1927.
Assets—Cash, $62,264; accounts receivable
accounts of $12,000), $114,789; inventories of
Hat Corp.
of America—To Pay Larger
Dividend—
dividend of 90 cents per share on the class A
stocks payable Oct. 26 to holders of record Oct. 16.
This compares with 20 cents paid on May 1, last, this latter being the first
dividend paid since Feb. 1, 1938 when a regular quarterly distribution of
20 cents was made.—V. 148, p. 3533.
Directors have declared a
and class B common
of
17,062
29,104
8,474
y25,764
y25,420
18,954
$752,402
614,400
$652,737
512,000
z$552,027
614,400
$769,313
819,200
def$62,373
def$49,887
x Including intangible development costs and dry holes,
y No liability
for tax on undistributed profits is anticipated,
z Before provision for
amortization of non-producing leases determined by the management as
having no value and charged to earned surplus March 31, 1936.
Balance, surplus
1939—12 Mos.—1938
$1,829,779
$1,721,442
1939—Month- -1938
1,188,147
201,333
Oper. expenses & taxes.
Prov. for depreciation.
$834,633
245,073
66,873
$539,417
equip. & w'house stock
Federal income tax.i
Net
50 cents per share on account of
the 7% cum. pref. stock, payable Oct. 14 to holders of
Like amount was paid on July 15 and on April 15 last.—V.
Directors have declared a dividend of
accumulations
1936
61,927
68,853
leases
Ltd.—Accumulated
of Canada,
Co.
Realty
$879,405
243,658
60,035
Intang. devel. costs
Net
•
of this department.—V. 148, p. 3847.
Dividend-
1937
21,819
Total income
of 1,601,000
e Includes
Registers with SEC—
See list given on first page
$989,307
250,406
63,733
$934,104
income
Non-oper. income—net.
oper.
Surrendered
28,818,000 shares dividend into 18 classes of stock
d Dividends and accrued interest payable,
f Depreciation.
each,
shares
Common stock
50.564
Taxes.....
$243,584.
accrued taxes and expenses,
on
Oper. & admin, exp
Royalties paid
owned at
b Cost $5,194,277.
Unrealized appreciation (net) of securities
$346,641
hand and bottles with trade, $260,144; life insurance
(cash surrender value), $7,035; cash set aside for plant additions,—retirement
of debenture notes and preferred dividend declared, $530,243; fixed assets,
$857,891; deferred charges, $9,363; total, $1,911,233.
Liabilities—Accounts payable and accrued taxes, $33,037; unredeemed
debenture notes, $894; preferred dividend declared, $9,532: reserve for
income taxes, $116,753; customers' deposits for containers, $120,211; 5H%
preferred stock, $693,250; common stock (61,135 shares), $366,810; surplus
(paid in), $49,940; surplus (earned), $520,805; total, $1,911,233.—V. 149,
p.
261.
$21,135;
243,584 fDr995,028
$5,253,768 $4,325,578
Total
Dec. 31, 1938, based on market quotations
x
Income from
$4,862,621.
Unrealized apprec.
Unrealized depreciation (net) of securities owned at Dec. 31, 1937, based
on market quotations $995,028.
c The board of directors has authorized
Gulf States Utilities
Co.—Earnings—
1938
i—- $4,078,270
Calendar Years—
Sales
dental items....
$138,002
$140,737
Hearst
Answer
In
a
Magazines,
Inc.—Calls Complaint too
Brief Asks Dismissal of Charges—
Vague to
I
Federal Trade Commission Oct. 5, company
understand and was therefore unable to answer a Com¬
brief filed with the
said it could not
mission charge
that its "Good
misleading and deceptive acts
Housekeeping" magazine had been guilty of
in the issuance of guarantees and seals of
The Commercial & Financial Chronicle
2234
approval of merchandise advertised in the magazine,
It asked dismissal
of the complaint.
The reply asserted that the charges were "so vague, uncertain, indefinite,
confused, confusing, argumentative, ambiguous, self-contradictory, conclusory and unintelligible that the respondent is unable to form a belief
as to the charges therein intended to be set forth."
Earlier, the corporation had made a preliminary answer in the form
of a demurrer arguing lack of Commission jurisdiction on the ground that
the acts complained of were not in interstate commerce, and holding that
the guarantees of the advertised products were not unconditional, but only
limited money-back guarantees.
The present reply, received on the final date set'by the Commission for
answer, said the respondent was willing to answer any charges specifically
and understandably made.—V. 149, p. 1916.
,
^
...
Institutional Securities,
Holly Sugar Corp.—Tenders for Preferred Stock—
Net
$41,133
1,192
from opers.__
Taxes assign, to ry. opers
Interest
rev.
In
$296,080
$42,294
10,056
1,458
17,861
$310,045
89,665
10,684
149,629
6
CY458
800
Net revenue
724
5,056
$12,113
$59,801
no par
$76,250
in
the
United
States
—
U. S. Govt.seeurs.
HOLC securities
Accts. receivable
Hupp Motor Car Corp.—Suit Against Directors—
Federal Judge Edward J. Moinet has
adjourned until Oct. 12 hearing of a
by Jay E. Darlington, a stockholder, against several former
members of
the corporation's board of
directors, the corporation and the law firm of
Beaumont, Smith & Harris.
Mr. Darlington asks for an account of the
suit
management of the corporation's affairs since
1935 nad an accounting of
$2,500,000 received from the sale of stock.
The present Hupp directors
named in the suit are; J. "Walter Drake and
William B. Mayo.
Percy L. Loucks, Secretary-Treasurer, also is named.
Former directors named are: Hal H.
Smith, Harvey J. Campbell, Alex J.
Groesbeck, Archie A. Anderson and John L.
Cotter.—V. 149,
Period End. Aug. 31—
__
(fr'ts).
p. 1916.
|
245,109
Cr274,248
632,976
124,668
348,920
215,539
CY208.047
632,976
124,668
256,032
$2,540,784
2,314,255
461,118
$5.51
$1,514,181
1,504,927
464,682
$3.25
59,244
459,000
$0.94
own
-
_
1938
Liabilities—
30,672
4,2~2~2~497
Co.'s
Accts.
for
Insurance
b Capital
759,080
25,216
Surplus
218,678
48,005
59,244
348,920
Federal
1,956,647
1,979,420
stock—.12,000,000 13,200,000
2,480,194
2,501,912
reserves
4,374,301
capital
stock
cl ,099,140
-
7,185,624
terments and re¬
placements
Total
10,088
1,496,022
-
Transp. contract.-
1,371,354
115,416
—
222,518
..16,630,661
18,296,934
Total
16.630,661
18,296,934
After
a
1937.
shares
reserve for depreciation of 12,281,120 in 1938 and
$12,459,925 in
b Represented by 459,000 (490,000 in 1937) no par
shares, including
in treasury,
c Represented
by 28,882 shares at cost.—V. 149,
1918.
p.
International Harvester Co.—New Model Tractor—
The company on Oct. 2 announced
production- of a second small farm
tractor—the Farmall B—fourth new model to be
presented in three months.
It completes the company's new line of tractors and will
sell at a base price
of $535 on rubber tires f.o.b.
Chicago.
It is three-wheeled and somewhat heavier than the
four-wheeled Farmall A
which sells at $515.
Base prices of the other two models, on
rubber, are
$855 for the Farmall-H and $1,070 for the Farmall-M.—V.
148,
International Rys. of Central
Period End. Aug. 31—■
Railway
Net
oper.
1939—Month—1938
$425,770
127,447
110,321
24,422
revenues.
from ry. opers.
Inc. avail, for fixed chgs.
Net income.
rev.
1326.
p.
America—Earnings—
$363,798
88,307
70,030
def21,071
—V. 149, p. 1478.
—Earnings—
$
86,950
47,625
Accrued taxes
Prov.
1937
$
payable.—
income tax
15,554
a Vessels,
&c.,prop 7,485,309
Uncompleted bet¬
week ended
highest for any comparable week since Sept., 1929, it was
Oct. 5 by G. H. Pratt, General Sales
Manager of the company.
Sales for the week totaled 1760 units
compared with 1502 for the pre¬
vious week, marking the third consecutive
week in sales gains, and an in¬
crease of
250% over the same week a year ago, Mr. Pratt states.
Retail sales reported for the month totaled
5.356 units, an increase of
149% over the same month a year ago.
New retail outlets added so far
in the new model season total
225.—V. 149, p. 2086.
3,404,040
$428,308
459,000
1,119,632
1,249,930
709,156
1,313,496
707,812
29,918
Dep. in closed bks.
Investments
Deferred—
the
$5,939,389
5,007,318
394,397
124,668
8
1,271,410
3,231
110,216
Accts. rec.
on
Idaho Power Co.-
—
Deferred charges-.
for
1936
$8,625,526
1937
$
Cash-
148, p. 2429.
cars
1937
$3,314,344
2,306,907
193,223
CY192.406
Balance Sheet Dec. 31
1938
Assets—
Acer. int. receiv'le
the
1938
-----
expenses
profit
Dividends paid
Shares of capital stock (no par)
Earnings per share
on
of Hudson
Steamship Co.—Earnings—
Net
Hudson Motor Car Corp.—Retail Sales—
sales
$13,309,000 and were offered at a gross price of
cost of $675.62 per $1,000 bonds.—V. 149.
average
Amort, of transportation contract
Federal income tax
Directors at their recent meeting decided to defer
payment of'the dividend
at this time on the common shares.
Regular quarterly
dividend of 20 cents per share was
paid on June 30, last.—V.
were
an
General expenses
ordinarily due
Retail
at
or
Depreciation
Inc.—Pays Special Dividend—
Houston Natural Gas Corp.—Common Div.
Sept. 30
reported
total par value of
Other income
a
value,
a
Operating
special dividend of 15 cents per share on the common
Sept. 30 to holders of record Sept. 26. This compares
with 1214cents paid on
July 1, last; dividends of 10 cents paid on April 1
last, and on Dec. 29, 1938; five cents paid on Oct. 1 and
July 1, 1938, and
12
cents paid on April 1, 1938.—V.
149, p. 261.
stock,
purchase of
2086.
Interlake
Directors have declared a dividend of 30 cents
per share on the common
stock, payable Sept. 30 to holders of record June 23.
Dividend of 5 cents
was paid on June
30, and March 31, last; a dividend of40 cents was paid on
Nov. 30, 1938, and one of 30 cents was paid on Oct.
31, 1938, this latter
being the first dividend paid since March 31, 1938, when 10 cents
per share
was distributed.
A dividend of 40 cents was paid on
Nov. 30, 1937; 35
cents paid on Sept. 30, 1937; 30 cents on June
30, 1937, and 15 cents per
share was distributed on March 31, 1937.—V.
149, p. 1477.
Hook Drugs,
pending agreement for the city's
Calendar Years—
Larger Dividend—
Company paid
the
Income from freights-
GY30
Replacements
Bonds
T .-Manhattan
$8,991,848,
p.
$320,148
87,367
13,062
138,441
$11,142
_
with
connection
R.
have
$306,893
13,255
2
Depreciation
578.
p.
Co.—$13,309,000
properties, Controller Joseph D. McGoldrick an¬
that he had accepted 1,063 tenders for the sale to the city of
I. R. T. 5s and 7s and Manhattan first
mortgage 4s. The tendered bonds
$894,809
587,916
$42,326
11,228
1,104
18,850
Profit and loss
Nov. 1, 1938.—V. 149.
nounced
$921,771
625,691
13,965
on
Rapid Transit
Tendered—
1939—8 Mos.—1938
$40,706
1,588
May 1. last, and
on
Interborough
I.
Net rev. from transp__
Rev. other than transp.-
paid
was
Ltd.—Earnings—
Period End. Aug. 31— 1939—Month—1938
rev. from transpt'n
.$120,979
$114,201
Operating expenses
79,846
73,495
Ltd.—Stock Dividend—
Directors have declared a stock dividend of 2^% on the insurance group
shares, class 2. payable Nov. 1 to holders of record Sept. 30.
Like amount
Corporation is notifying holders of its preferred stock that the amount
$100,158 is now available in the sinking fund and that it will purchase
shares of the preferred stock of the company at the lowest
prices at which
such shares may be offered for sale to the
corporation, but at a price not
to exceed .$11.5.
Offerings should be made to
Holly Sugar Corp. at the
office of its transfer agent, The Chase National Bank, 11 Broad
St., New
York, N. Y., on or before Oct. 16, 1939.—V. 148, p. 3848.
Gross
7, 1939
Assets—Cash in bank. $164,478; United States Government securities,
$1,131,074; customers notes and accounts receivable (less reserve $19,206),
$375,844; loans and advances to employees (partly secured). $5,381; sundryaccounts receivable, $9,104; working funds and traveling advances, $25,391;
inventories, $1,203,101; prepaid expenses, $27,267; advances to employees
capital stock club, $13,690; property, plant and equipment (after reserves
for
depreciation of $1,355,803), $731,642; trade-marks, goodwill and
patents, $887,101; total, $4,574,074.
Liabilities—Accounts payable and accrued expenses, $135,484; provision
for United States and British income taxes. $52,376; capital stock (no par)
outstanding 375,698 shares, $3,482,4.50; earned surplus, $903,763; total.
$4,574,074—V. 146, p. 4118.
of
Honolulu Rapid Transit Co.,
Oct.
Consolidated Balance Sheet Dec. 31, 1938
1939—8 Mos—1938
$4,123,397
$3,818,614
1,697,597
1,644,703
1,545,489
1,540,473
845,362
798,866
International Telephone & Telegraph
Corp. (&
1939—Month—1938
$558,702
$534,546
296,776
234,175
41,700
37,500
$5,988,745
3,112,019
458,400
$5,718,429
2,841,973
424,000
[This interim statement is based upon estimates in important
respects
and is subject to year-end
adjustments and independent audit at the close
of the year.]
$220,226
$262,871
$2,418,326
314
DrllO
14,510
$2,452,456
2,604
6 Months Ended June 30—
Sales by manufacturing & sales subsidiaries
a Cost of
goods sold
$220,540
56,250
20,662
$262,761
56,250
8,506
$2,432,836
675.000
136,379
$2,455,060
695,578
114,336
CY9.854
Net income
$143,628
$198,005
Dividends applicable to preferred
stocks for the
$1,621,457
$1,655,000
414,342
414,342
Operating
revenues
Oper. exp., inel. taxes._
Prop, retire,
res.
approp.
Net oper. revenues
Other income (.net)
Gross income
Int. on mortgage bonds.
Other int. & deductions.
Int. charged to construe.
period, whether paid
or
unpaid
Balance
007
Illinois Bell Telephone
Period End. Aug. 31—
revenues
Uncollectible
oper.
revl_
Operating revenues..
Operating expenses
_
Net operating revs...
Operating taxes
Net oper. income
' 23,669
adm.
&
gen.
$2,236,702 $19,528,562 $17,333,654
1,186,949
9,914,997
9,452,812
$1,049,753
897,104
Tool Co.
$9,613,565
8,461,612
(& Subs.)
$7,880,842
6,627,223
-Earnings
1938
1931
1936
$1 223.056
1935
$2,454,365
$2,151,781
$1,690,459
896.562
1,122,672
882,568
$326,494
(net)
41,206
$1,331,693
46,035
$1,269,213
38,251
$978,075
$367,700
68.500
11.153
$1,377,728
a215,200
8,889
$1,307,464
al92,722
18,470
$1,043,375
$288,046
375,698
$1,153,639
939,245
$1,096,272
$879,667
751,396
375,698
375,698
$3.07
187,849
Reserve for income tax.
Miscellaneous charges..
Net profit
Dividends
of
capital stock
outstanding (no par).
Earns, per sh. on cap.stk
a
Including United Stat
1937 and $3,112 in 1936.
*
Operating, selling and general
Maintenance and repairs
$0.76
expenses
1
Taxes
b Provision for depreciation
Loss on foreign exchange
earnings.
Charges of Subsidiaries—
986,207
$5.83
65.300
143.444
20,263
187.849
$4.69
declared
or
$8,192,913
15,886,536
2,427,890
$8,302,477
16,918,542
2,374,853
1,420,247
2,236,041
$8,280,742
accrued
$9,730,827
$1,427,472
237,092
267,481
Interest on funded debt
Amortization of bond discount and expense
Other interest charges
Dividends
1938
.$27,927,586 $29,831,913
9,228,126
9,435,453
2,295,539
2,437,053
3,290,242
3,541,514
4,585,314
4,215,4.54
247,623
471,612
Net
$1,229,242
371,755
349,322
pref. stock of
subs. consolidated outstanding in hands of
public
Minority com. stockholders' equity in net income
94,103
211,172
on
(net)
137,971
90,952
$5,838,971
$7,756,036
2,375,000
210,334
18,110
2,864,965
253,071
214,407
d Net income
$3,235,527
Net loss of German and Polish subs, consol. in
1938
$4,423,593
Net income..:.
Interest Charges of Parent Company—
Interest on funded debt
Amortization of debt discount and expense
Other interest charges
c
Net income.
a
income...
Misc. income
Total gross earnings
712,384
exp.
Operating profit.....
Shares
146,839
$2,366,582
depreciation
Total
192,983
$7,198,648 $60,245,230 $57,435,809
4,961,946
40,716,668
40,102,155
Independent Pneumatic
and
21,259
$7,547,562
5,180,980
$1,120,428
981,392
Calendar Years—
Gross profits......
Gross profit on sales
(net)
Co.—Earnings-
*
—V. 149, p. 1622.
$1,240,658
1939
Subs.)
$29,635,267 $30,136,684
21,442,354
21,834,207
Telephone and radio-telephone operating revenues.
Cable and radio-telegraph operating re venues
Divs., int., royalties, miscell. & non-oper. inc.
(net)
*____
1939—Month—1938
1939—8 Mos.—1938
$7,571,231
$7,219,907 $60,438,213 $57,582,648
l ,246,154
Net income..
Sell.,
11
$1,207,115
—V. 149, p. 1764.
Operating
1939—12 Mos.—1938
677
c
43,836
$3,235,527
$4,379,757
Including provision for depreciation of $1,106,535 in 1939 and
$1,010,in
1938.
______
b
Other
than
depreciation included in
Before
cost
of goods
deducting interest charges of parent company,
d
losses of German and Polish subsidiaries
consolidated in 1938.
sold,
Exclusive of
Notes—(1) The foregoing consolidated income account for the six
months
ended June 30, 1939 does not include
any income or losses of German or
Polish subsidiaries and the statement of
consolidated income account for the
six months ended June 30, 1938 has been
restated in order to
place the
figures for the respe:tive periods on a comparable basis.
(2) No income or losses of Spanish subsidiaries are included in
the above
accounts as financial reports of such subsidiaries
are not
yet available.
Preliminary surveys indicate that the damages to fixed
from the recent civil
ment
but final
war are not as severe as was
determination
Furthermore, the
extent of
thereof will not
shrinkage cf net
property resulting
anticipated by the manage¬
possible for some time
be
current assets which will
resul'
Volume
mainly from depreciation of the U. S. dollar value of the Spanish peseta is
not yet ascertainable.
No adjustments have been made with respect to the
amounts at which the investments in and advances to Spanish subsidiaries
are carried on the books of the corporation and its subsidiaries.
(3) Most of the operations are carried on in currencies other than U. S.
dollars, and in pareparing the foregoing income statements, all items of
revenue and expense in foreign currencies have been translated into U. S.
dollars at average rates of exchange for the period except that depreciation
and certain other expenses have been translated at rates of exchange appli¬
cable to the related property and other asset accounts.
The amount of
consolidated net income should not be understood to represent U. S. dollars
actually received by or available to the corporation.
(4) Net losses on foreign exchange for the six months ended June 30,
1939, charged to income account, aggregated $247,623 as compared with
net exchange losses of $471,612 for the corresponding period in 1938 ex¬
clusive of losses applicable to German and Polish subsidiaries. These losses
arise primarily from the translation of net current assets from foreign
currencies into U.S. dollars at rates of exchange in effect at June 30, 1939
and 1938, respectively.
Such losses for the six months ended June 30, 1938
did not include those which were regarded as attributable to extraordinary
or
unusual events and therefore charged against the reserve for foreign
exchange previously established for this purpose.
The balance in the re¬
serve at present is $3,430,201.—V. 149, p. 1329.
Interstate Department Stores, Inc. (&
Consolidated Statement of Earnings for Six Months
Net sales
buildings,
alterations,
and
City Public Service Co.—Plan—
Kansas
The
Finance
Reconstruction
has agreed to authorize the
Corporation
to proceed with consummation of its plan for readjustment of
the traction's capital with only 86% of the bonds deposited under terms
of the plan, although previously the RFC held that deposits of at least
company
90% of the issue were necessary before the plan could become effective.
bonds may be deposited in acceptance of the plan for a limited
Additional ~
V. 149, p. 2087.
time.-
'
.
Kerlyn Oil Co.—Earnings-
___
$826,681
349,749
$1,115,627
$476,932
45,455
$657,070
118,467
$522,387
$775,537
9,117
Operating income.
Other income.
Gross income
11,057.017
improvements,
79,827
5.372
fixtures, equipment, &c
Amortization, leaseholds
$167,759
_
Interest and other non-trading income
60,202
$107,557
Organization & Securities Exchange Act expense.
Provision for income taxes
Depletion
292,404
101,050
27,845
--
Amortization of undeveloped leaseholds
•
Proportion of loss of subsidiary applicable to its minority interest
Provision for Federal normal and State income taxes
Cr510
13,988
$121,034
Net loss
The loss for this six months of $121,034, compares with a
The balance sheet reflects
$4,097,462
as of July 31,
1938—V. 149, p. 1766.
a
strong position, with a net working
1939.
as
capital of
Balance of surplus—earned-
compared with $4,070,794 at July 31,
$135,409
6,081
$125,052
7,964
$1,786,579
69,063
$1,662,142
64,957
$141,490
58,520
12,553
8,385
32,000
$133,016
58,520
12,571
8,016
30,000
$1,855,642
702,234
150,724
94,092
$1,727,099
702,234
mtge. bonds
Int. on other funded debt
Amort. & other deducts.
Prov. for retirements
x
on
370,000
28,604
Provision for legal fees
150,917
91,961
352,500
Accts. receivable.
$509,987
$23,910
$30,032
And other expense in connection with
x
plan of recapitalization.—V. 149,
1918.
p.
$988,149
423,115
88,842
a67,500
$922,470
417,164
82,307
a54,078
$36,649
$29,924
$408,691
(net)
Dr403
420
Dr2,869
$368,921
9,126
Retirement accruals
$36,246
7,500
$30,344
7,500
$405,822
90,000
$378,047
90,000
...
Maintenance.:
Taxes.
Net oper. revenues
Non-oper.
inc.
Balance
$22,844
8,329
$315,822
100,790
$288,047
102,901
$20,332
$14,516
S. Co., Ltd., preference
$215,032
30,945
21,992
84,375
$185,146
31,479
21,993
78,751
Gross income
$28,746
Interest and amort., &c
8,414
payable
471
13,387
8,011
Acer. int. payable.
1,728
1,567
18,767
12,500
Special funds
23,176
845
237
Acer, taxes pay...
Deposits, service &
12,859
20,722
bank..
75,000
Note pay.,
17,203
x
unsec'd
Acer, payrolls pay.
13,854
Due
Properties, plant
2,085,782
41,723
1,903,770
27,640
equipment.
_
affil.
to
cos.
(not current)
100,164
—
1,535
1,735
17,402
61,279
obligations
Purch.
Contract
obliga'ris
(contingent)
—
1,231,425
1,231,425
d Class B com .stk.
400,000
400,000
Earned surplus—
335,049
399,541
Capital surplus...
2,526
2,526
Treasury stock..
7J>r330
Dr 330
c
1939—12 Mos—1938
$77,362
34,726
7,311
5,401
revenues.
21,369
Co., Ltd. (&Subs.)—Earnings—
1939—Month- -1938
$84,007
35,539
6,965
4,853
Operating
Operation
21,369
29,319
22,933
Deferred charges.
Jamaica Public Service
644
Divs.
value of
surr.
life insurance.__
and
Period End. Aug. 31—
14,899
1,075
104
insurance
$429,487
74,466
Due off. & empl's.
Notes pay.,
_
Inventories
Cash
1938
$18,076
75,860
Due affiliated cos.
107,414
90,079
officers
from
and employees.
1939
$26,585
Liabilities—
$67,435
_
Accounts payable-
1938
1939
$104,830
Cash in banks
Invest' ts (at cost).
Net income
$399,541
86,497
20,000
June 30
Balance Sheet
Due
Total net earnings
$506,038
$335,049
$335,049
earned—end.
Balance of surplus
Assets—
Net operating earns
Other income
Int.
$421,226
86,177
On class B common
1939—Month—1938
1939—12 Mos —1938
$337,758
$332,280
$4,173,834
$4,057,541.
202,349
207,228
2,387,255
2,395,398
exp., maint. & tax
613
$150,316
355,722
399,541
-beginning.
Total
Dividends declared—on class A common.
Period End. Aug. 31—
Gross oper. earnings
4,956
2,013
101,677
$21,685
Net income
Iowa Southern Utilities Co. of Delaware—Earnings—
Oper.
off
Loss from abandonment of properties.
loss of $399,381
27,709
11,554
23,794
25,114
2,209
Leases canceled and expired
Worthless royalties charged
Loss from dry holes drilled
period last year.
same
1,092
11,944
9,284
7,749
343,154
105,914
2,652
11,944
377
Depreciation
Loss
in the
458,557
1.760
Interest paid to affiliate
Interest paid—other
Uncollectible accounts cha(ged off
Loss
1938
1939
Years End. June 30—
Operating charges
$10,974,458
Cost of goods sold, selling, operating and adminis. expenses
on
1938
Assets—Utility plant, $3,404168; investments, $52; cash, $91,485; special
deposits, $3,363; accounts receivable (net), $77,636; materials and supplies,
$26,141; prepayments, $40,407; deferred charges, $53,699; total, $3,696,951.
Liabilities—Common stock (par $50), $800,000; long-term debt, $2,506,900; accounts payable, $34,905; customers' deposits, $25,468; accrued taxes,
$41.444; accrued interest, $21,893; other current liabilities, $4,669; preferred
liabilities, $917; reserves, $215,023; contributions in aid of construction,
$14,121; earned surplus, $31,611; total, .*3,696,951.—V. 149, p. 1180.
*
Balance Sheet Dec. 31,
Subs.)—Earns.
Ended July 31, 1939
.
Depreciation
2235
The Commercial & Financial Chronicle
149
z
Par *5.
in 1938.
z
com.
stk.
....$2,224,112 $2,345,712
Total
$2,224,112 $2,345,712
Total
c
Class A
After reserves of $1,464,130 in 1939 and
65 shzres class A common stock.—V. 147, p. 2248.
d Par $1.
x
Kerr Lake Mines,
$1,097,407
Ltd.—10-Cent Dividend—
Directors have declared a dividend of
10 cents per share on the common
Dividends of o cents
149, p. 2087.
stock, payable Oct. 20 to holders of record Oct. 5.
were paid on June i6, last and on Aug. 15, 1938.—V.
Key West Electric Co.—Earnings—
Net income.
Dividends declared—J. P
Preference B
J. P. S.
Ltd., capital.,
In
August, 1938 the Jamaican Income Tax Law was amended, retro¬
1, 1937, the tax being approximately doubled.
Taxes from
Jan. 1, 1938, reflected above, have been adjusted to a comparable basis.
The additional tax of $23,857 applicable to the year 1937 was charged to
earned surplus in July, 1938.
Note—The operating companies' figures included above have been trans¬
lated from pound sterling at the rate of $4.86 2-3 to the £1.—V. 149, p.
a
active to Jan.
1918.
x
Includes
1938
|939
12 Months Ended Aug. 31—
Operating revenues
x Balance after operation, maintenance
y Balance for dividends and surplus
—
and taxes.
non-operating income
(net),
149, p. 1919.
y
$168,783
78,445
34,809
$193,379
85,181
After
39,231
appropriations
for
retirement reserve.—V.
(G.
R.) Kinney Co., Inc.-—Plans
Note Retirement—
Company has arranged with the National Bank, Detroit, whereby it has
a commitment good until Nov. 30 to borrow $700,000 forf five
received
3 %.
It expects to exercise the commitment and retire the approxi¬
mately $450,000 514% gold notes which mature December, 1941.
These
will be called on the interest date Dec. 1, 1939.
Company will in?e
the remainder of the funds for general corporate purposes.—V. 149, p. 2087
years at
notes
Jones & Laughlin Steel
Corp.—Restores Six-Day Week—
The corporation announced on Sept.
29 that it would restore all salaried
full six-day week schedule and full pay on Oct. 1 because of
the "extra work involved in the present increased volume of business."
employees to
a
Salaried employees have been working on a
five-day week scheduled with
a
one-sixth cut in pay since Feb. 1, 1938.
Spokesmen said the increase
would apply to employees of approximately 25 district offices, but did not
disclose the total number affected.—V.
Kansas
a
31—
(all sources)
earns
Oper.
Net
p.
733.
1
expenses
earnings
$700,223
118,699
$665,232
113,289
$8,532,243
1,423,858
$8,769,576
1,378,643
8,540
196,342
8,540
191,176
102,479
2,338,382
102,479
2,277,105
2,488
5,220
73,100
2,534
5,151
68,531
18,552
64,762
863,325
23,585
67,121
860,262
$295,834
....
$276,010
$3,720,884
$4,060,381
Amortizat ion of discount
& premiums
Depreciation
Amort,
of
limited
term
investments
Miscell. inc. deductions.
Fed. & State inc. taxes..
Net profit & loss
Earnings per share
com¬
$.49
$6.63
$7.28
a Including maintenance &
general and property tax.
Note—No deduction is made in the foregoing statement for the surtax if
mon
any
149,
after income tax.
$.53
imposed on undistributed profits under the Revenue Act of 1936.—V.
p.
—V.
149,
p.
1767.
Corp.—Appointed Trustee
Corporation, which has succeeded to the business of Lawyers Mortgage
under the plan of reorganization of the latter company, announced
that it has been appointed trustee of mortgage issues in the total principal
amount of $40,000.000 by order of Justice Frankenthaler of the New York
Supreme Court.
The corporation is now servicing mortgages and mortgage
certificates in the total principal amount of more than $100,0003)00.
Voting trustees under the plan of reorganization are; Charles G. Edwards,
President of Central Savings Bank; William E. Russell, member of the
New York bar, P. Walker Morrison, Vice-President of Cruikshank Co.,
Richard M. Hurd, Chairman of the corporation and former President of
Lawyers Mortgage Co., and Charles A. Miller, President of Savings Bank
Co.
1939—Month—1938
1939—12 Mos—1938
$1,377,269
$1,330,163 $16,577,947 $17,264,647
8,045,703
8,495,071
664,931
° —
677,046
Interest charges
Pay 12%-Cent Dividend—
dividend of 12
cents per share on the common
16 to holders of record Oct. 10.
This will be the first
Dec. 16, 1937, when 25 cents per share was distributed.
Lawyers Mortgage
City Power & Light Co.—Earnings—
Period End. Aug.
Gross
149,
(G.) Krueger Brewing Co.—To
Directors have declared a
stock, payable Oct.
dividend paid since
1479.
TrAnfcaverage interest rate of 4.55%
five years on
has been paid to clients during
mortgages and mortgage
the past
certificates serviced over that period
predecessor, according to the company's state¬
ment.
Approximately $2,500,000 of Lawyers Mortgage Co. certificates
have been repaid in full since the rehabilitation of the old company.
The corporation which is now operating for the benefit of the creditors of
Lawyers Mortgage Co. is also engaged in a general mortgage business,
making building and permanent mortgage loans.—V. 149, p. 580.
by the corporation and its
Lehigh Valley RR.—Hearing on
Interest Plan Delayed—
$681,006
'
523,207
$644,338
491,543
the. plea of the company and three of its
modification of interest payment and extension
of maturities were adjourned Sept. 29 until Dec. 8.
Both Richard W. Barrett, Vice-President, and Maurice B. Saul, counsel
for the road, asked the adjournment on the ground that negotiations were
under way with the State of New Jersey for compromise of the State s tax
$157,799
17
$152,795
^Unless
Federal
Court
hearings
on
subsidiaries for a temporary
Kentucky Power & Light Co.—Earnings—
1938
Calendar Years—
Operating revenues.
Operating expenses and taxes
Net operating income
Other income
...
.
1937
374
Gross
Interest
income
o.i
_
long-term debt
Amortization of flood rehabilitation cost
Other income deductions
Net income.
....
2,142
$153,169
134,409
2,446
1,710
10,653
1,308
$9,104
$2,643
$157,816
132.454
2,o60
892
10,863
be compromised, they
said, the road
reorganization in the bankruptcy court.
begun before the statutory court, consisting of
Circuit Judge Maris and District Judges Welsh and Kalodner, the only
specific objection to the plan for changes in interest and maturities was made
by counsel for Harvard State Bank, Harvard, 111., holding $5,000 worth of
the $10,000,000 outstanding bonds of Lehigh Valley TerminalI Ry.
This
bank's objection was primarily that non-assenting security holders are not
bound by any plan of adjustment.
,•**.*«.
#
However, attorneys for other bondholders who now claim the status of
will
be forced to seek
When
Amortization of bond discount and expense
General
interest
this claim for $9,500,000 can
.
general
the hearing
creditors,
to
was
the extent of $65,000 and
another group holding
The Commercial & Financial Chronicle
2236
Valley consolidated mortgage bonds indicated they
would offer protest against the plan.
The Judges summarily turned down a petition by a group of 13 bond¬
holders for a modification of an unjunction in the case so that they could
proceed to collect defaulted interest of about, $65,000 for which they have
been given judgment by the New York court.
Their plea that the road's
petition be dismissed was also refused.
Counsel for the H. C. llaggerty committee, which represents all classes
of bondholders, supported the company's petition for approval of its ad¬
justment plan.—V. 149, p. 2087.
of Lehigh
$104,000
Years Ended
Capital Surplus—
Balance June 30
Excess of proceeds
______
Balance, Sept. 30._-b$83.673,396b$83,673,396b$82,282,140 x$S1358,448
Profit & Loss Account
Balance, loss, June 30-. 17,847,279
17,327,536
15,112,203
17,819,375
Prof, for the 3 mos. end.
30
Sept.
(per
state-
July
l _'39 June 25, '38
$8,687,346
$8,487 406
748,343
589,461
x Depreciation—«—277,354
247,151
Non-operating income-,
CY81.314
0-98,021
Interest
26,352
34,387
Federal income taxes—
80,000
y63,700
June 26, '37
June 27/36
$7,717,648
$6,636,432
351.865
220,742
281,738
CY78.446
Total net sales
Gross profit
259,509
091,204
37,598
3,500
—
Amortiz.
count and expenses
Loss
37,495
4,042
10,750
10,733
10,730
6.354
5,363
14,189
cap. assets, net of
Miscellaneous
Bal., loss, Sept. 30._--a$18,866,903 $17,668,962 $13,851,307 $16,461,226
Sept. 30, 1939 is made up as follows: Dividends declared by the corporation
date of organization to Sept. 30, 1939, $27,5i7,663, less accumulated
(profit) from date of organization to Sept. 30,
1939, $8,660,760; balance (as above) $18,866,903.
b Of which $7,710 is
applicable to 5,394 shares of treasury stock).
*
from
Comparative Balance Sheet Sept. 30
5,243
expenses.
1939
ssets
Net profit
Preferred dividends
$435,565
32,954
160,000
149,850
Class A dividends.
Class B dividends
$326,131
8,084
$117,541
162,100
55,500
42.000
loss$44,524
x
surplus
Cash
x
U. 8. Govt, secur
x
$100,447
$92,761
$75,541
def$44,524
Shares class A stock out¬
x
for surtax
Assets....
a$241,628
193,004
$198,477
188,438
379,357
.
Accts. receivable..
Inventories
399,194
10,333
...
Bond interest fund
Prepaid insurance,
taxes,
Liabilities—
Juli/ 1 '39 June 25 '38
Accts. payable and
accrued ex penses
Note payable
$ 184,050
c460,000
$242,920
Federal taxes......
93,977
63,700
500,000
Long-term
46,155
&c._.
55,880
Cash surr. value of
17,680
15,082
Government-..
56,594
56,594
Plant <ft equipment
Deferred charges..
2,358,916
for
39,751
1
1
Claims agst.
mills
and
Capital
8.
Goodwill
Total
16,109
—
Mlscell. reserves..
flour
TJ.
insurance.
$3,311,355 $3,312,0101
12,473
50,072
58,717
stock....62,339,488
2,339,488
Earned surplus...
146,758
94,712
Total .........$3,311,355 $3,312,010
5% payable in quarterly instalments of $10,625 commencing Jan. 1, 1939,
principal and interest payable Oct, 1, 1950, with provisions
accelerating principal payments as set forth in the note, and with
with balance of
collateral consisting of deed of trust, chattel mortgage, and real and chattel
mortgage (including $42,5C0 instalments maturing within one year).
d The amount of $2,339,488 assigned to the capital stock includes
$560,000 assigned by the Board of Directors to the preferred stock, repre¬
senting the par value of the entire authorized issue of 11,200 shares which
would have been outstanding had all the old class A stock been exchanged
in accordance with the plan of recapitalization.
Included in the 80,000 shares of class A stock are 334 shares of old class
A stock, which had not been exchanged at July 1, 1939, and 156 shares the
holders of which elected, in place of receiving preferred stock, to have their
certificates stamped to indicate that dividends in the sum of $7 per share
remain unpaid.
Accumulated dividends on the aggregate of the 156 shares
stamped and the unexchanged 334 class A shares amounted to $3,43C,
which, together with $742 paid to a holder of class A stock in settlenent of
the aforementioned $7 per share unpaid dividends, was charged to earned
surplus.
Included in the 111,000 shares of class B stock are 1,178 shs. of
so
old class B stock which had not been exchanged at July 1, 1939.
The liquidating preferences and redemption rights or the class A stock¬
amounted to $2,800,000, -which was approximately $897,000 in
holders
of the total
capital after deduction
of similar preferences and rights
of the preferred stockholders amounting to $583,480.
According to opinion of counsel for the company, under the laws of the
State of Delaware, the State of incoporation, there is no legal restriction
on the payment of dividends, and no stockholders'
petition in equity for
a restriction on payment of dividends
by reason of the deficiency of $897,000
would be successful.—V. 148, p. 3535.
Lexington Utilities Co.—Preferred Stock Called—
All of the outstanding shares of preferred stock (other than shares owned
by Kentucky Utilities Co.) have been called for redemption on Dec, 15 at
$107.50 per share plus $1,624^ accrued dividends.
Payment will be made
Guaranty Trust Co. of New York.—V. 149, p. 1029.
at the
Liggett & Myers Tobacco Co.—Stock Distributed—Dillon
Read & Co. announced
Oct. 3
19,780 shares of
B stock.—V. 148,
Lehman
common
U.
earned—On
Govt,
divs.
attrib.
p.
442.
1938
1937
1936
$36,562
$6,384
$27,016
c45,898
44,528
63,051
66,460
corp's
.
1,999.174
416,316
416,316
Dividend payable.
Payable for secur.
73,026
168,397
62,599
purchased
253,263
Res. for accr. exps.
1,875
investments
Rec. for secur. sold
accrued
and
taxes.
Capital surplus...83,673,396 83,673,396
Profit & loss defd. 18,866,903 17,668,962
316,943
257,025
r.
.67,357,608
-
68,841,5841
Total..
..67.357,608 68.841,584
Represented by 2,086,884 no par shares excluding 5,304
shares held in treasury, at cost, of $87,710.—V. 149, p. 262.
x
At
cost,
y
Link-Belt Go.—New Treasurer—
Harry E. Kellogg has been elected Treasurer of this company.
He suc¬
Richard W. Yerkes who resigned as Secretary and Treasurer after
ceeds
years.—V. 149, p. 1181.
Lockheed Aircraft Corp.—Declares Stock Dividend
Directors have voted to distribute to stockholders 51.666 2-3 shares of
the Vega Airplane Co, stock
Of the 366,666 2-3 of Vega
held by the Lockheed Aircraft Corp.
Airplane Co. shares outstanding on Sept. 8,
1-3 shares were and now are owned by Lockheed Aircraft
Corp
making tbe Vega company a controlled subsidiary of Lockheed whose
ownership, even after the distribution, will exceed 50%.
Robert K. Gross. President of Lockheed, in announcing the action of the
board, pointed out that with 775,000 shares of Lockheed now outstanding,
the dividend in Vega Airplane Co. shares will give Lockheed holders one
share of Vega for every 15 shares of Lockheed held by them.
The stock
dividend is payable Oct. 27 to stockholders of record Oct. 11.
"The affairs of the Vega Airplane Co. are developing steadily and well,"
Mr
Cross said.
At the same time he indicated that the Vega Starliner
should soon be ready for the market and that in the meantime the Vega
company was conducting profitable operations making parts and assemblies
283,333
for Lockheed and other customers.
appointment of Richard A. von Hake as
of manufacturing of Lockheed Aircraft Corp.
Mr. Gross also announced the
in
Vice-President
—V.
149, p.
charge
1330,
1181.
Loft, Inc.—Stockholders9 Meeting Oct. 24 to Vote on Plan
for New Set-Up—Candy Business Separation from Pepsi-Cola
Stock Holdings Is Objective—
A plan of readjustment for the company with the principal objective of
segregating the Loft candy business from its holdings of 205,437 shares of
Pepsi-Cola Co. stock, has been submitted to stockholders for consideration
at a special meeting on Oct. 24.
The plan mailed to stockholders reveals that the audited net income of
Pepsi-Cola for the seven months ended July 31 was $2,699,062, after de¬
ducting special legal and settlement expenses of $355,166.
Net income
for the full year 1938 was $3,176,219, and in 1937 $2,123,386.
Further provisions of the plan include the reduction of Loft's capital
from $11,979,652 to $1,473,239 by changing the authorized stock from
no-par to $l-par value; write-down of fixed assets to fair values as of July
31, 1939. and of good-will, trademarks, formulae, patents, &c., except
those of Pepsi-Cola, to $1: creation of a general reserve of $3,000,000 to
provide for contingent and lease liabilities: fixing the ledger amount for
Loft's Pepsi-Cola holdings; and an increase in Loft's authorized shares
from l,-5;00,000 to 3,000,000.
The communication to stockholders states that the directors believe
that if the plan is carried out the name of the company should be changed
to Pepsi-Cola Shares Corp., or some other name appropriate to its position.
No change will be proposed at this time.
In this connection the candy business would be transferred to a new
wholly-owned New York corporation to be known as "Loft Candy Corp.".
This segregation will permit, James W. Carkner, President, said, the estab¬
lishment of the candy business as a separate operation and is intended to
facilitate the rehabilitation of the reorganization of the candy business as
may be deemed desirable in the future.
The unprofitable nature of the candy business of
fact that at July 31, 1939, the consolidated capital
Loft is indicated by the
deficit of the company,
The plan envisages writing down the fixed assets of Loft, Inc., and its
subsidiaries, excluding Pepsi-Cola, from the book amounts less deprecia¬
tion of $4,378,322 to the going concern fair value of $1,700,000 at that date.
Goodwill, trademarks, &c.. now carried at $3,020,375 will be written down
to $1.
The
amts.
stk.
owned during period).
S
1,999.174
excluding Pepsi-Cola, was $5,710,938.
$55,517
(exel.
to
they have distributed
S.
secur
On other bonds, loans,
advs. & bank bals__
Cash
that
Corp.—Earnings1939
131,560
1938
S
Capital stock...
,
for
Int.
108,532
y
Divs. rec. and Int.
1939
a
Includes $130,838 time deposits,
c Note payable to
Equitable Life
Assuarance Society of the United States dated Aug. 26, 1938, interest rate
excess
1
invest-.
serving the company for 50
20,000
self-
2,348,259
18,020
llabils.
Equip, pur. contr.
Reserve
life Insurance...
July 1 '30 June 25 '38
1,025.688
estate
Total
Comparative Consolidated Balance Sheet
Cash
975,688
1
real
undistributed profits.
on
Liabilities—
57,446,288
1,165,716
1,876,773
8.753,513
4,617,485
Invest, in real est
Misc.
84.000
79,387
84,000
Nil
$3.97
$1.39
Includes amortization of leasehold improvements,
y Includes $7,970
standing (no par)
80,000
per share..$5.02
Earnings
1939
1938
$
^
Securities owned 59,522,104
Other
Balance,
$162,125 has been applied to the purchase of u,268 shares of
Of which
x
treasury stock in 1936.
y Excess of proceeds over cost of shares of treasury
stock delivered upon exercise of options thereon,
a The balance (debit) au
8,507
disposition of
gains
on
2,654,505
income and profit and loss
dis¬
bond
of
2,301,686
74,890
Ioss603,308
$18,450,587 $17,252,646 $12,810,517 $15,164,870
416,316
416,316
1,040,790
1,196,356
Dividends declared
■
1939
Months Ended Sept. 30
1939
1938
1 937
1936
.-$83,673,396 $83,673,396 $81,739,884 $81,338,740
x542,256
yl 9,707
Langendorf United Bakeries, Inc.- —jEarnings53 Weeks
7,
Statement of Surplus 3
ment above).T
Period Ended—
Oct.
381,020
359,896
649,010
644,222
$482,435
$440,986
$718,445
$737,698
stock interest in Pepsi-Cola, including options and judg¬
78.57%
ments held by the company, will be set up in the books at the net book
value at July 31 of $8,716,486.
Dividends from Pepsi-Cola will be treated as follows: To the extent that
such dividends do not reduce the consolidated earned surplus of Pepsi-
Cola below the
Prov. for franch. & cap.
stock taxes
Registration, transf.
tody of
sees.,
auditing
38,728
39,256
12,570
100,965
14,184
105,427
108,809
15,762
91,578
Balance of income
$368,900
$321,375
$553,041
$591,101
vest
on
in¬
loans
on
off
e
for
Fed.
24,420
8,328
7,691
*104,*49
*2,812,755
29,259
3o5,0C0
390,000
b Profit,
c
176,070
$74,890
168,954
$2,301,686
income
Sept. 30, 1939
On other bonds only.
the opinion of the directors,
was approximately
June 30, 1939, computed
approximately $5,819,334.
(2) Under the terms of
the management agreement no
liability for management compensation
accrued for the three months ended Sept.
30, 1939.
the
same
The net unrealized depreciation,
basis,
on
Taxes.
934,769
$870,582
$936,506
636,269
627,867
$242,716
3,308
$300,236
$246,024
$308,790
562,216
4,127
565,091
3,234
$320,319
$260,335
Miscellaneous rents
Interest
on
Interest
on
8,554
800
funded debt
unfunded debt.
was
$8,023,349
6,152.075
955.906
Non-operating income.
appreciation
(after an allowance for
and State taxes thereon) of the
corporation's assets on
based on market quotations, or, in the absence of market
2™' °mfair va'ue
$3,251,620.
on
81.089
$8,039,092
Depreciation.
$2,654,505
Notes-^-d) The net unrealized
Federal
851
70,306
6,212.604
compensation
a$603,308
1938
$7,941,408
964
State
taxes
Bal. prof, for the per'd
Loss,
1939
$7,967,822
from transportation
Revenue from other rail & coach operations.
revenue
<*3,213,459
32,359
&
Corp.—Earnings—
8 Months Ended Aug. 31—
Other
bonds,
149, p. 1624.
Passenger revenue
accrued under m anagement agreement
a
b2,614,667
a$570,949
for
in com
b2.251.386
21,540
x'otal
Prov.
241,646
in
prior year
Prov.
961,389
real estate
written
Long Dock Co.—Interest—
extended at 3to 1950 is being paid.—V.
Los Angeles Ry.
on
the basis of avge. cost)
Recovery
17,867
as
The interest due Oct. 1, 1939, on the consolidated mortgage gold
(computed
.
and
$12,156,062
Other oper. expenses
Loft, Inc., and subsidiaries, excluding
its subsidiaries, will show consolidated gross assets of
of July 31.—V. 149, p. 2088.
After consummation of the plan,
Pepsi-Cola
legal &
Net realized loss
July 31 figure of $9,534,911, they will be treated as income,
they will be credited to the investment by the company in Pepsi-
Cola and will not be treated as income or earnings.
cus¬
exps
otherwise
mC
Net loss
-V.
149, p. 1623.
Volume
The Commercial & Financial Chronicle
149
Louisiana Power & Light
_
Period End. Aug. 31—
$168,320
894
Gross income.
...
$147,562
1,179
$1,960,097
12,579
$1,856,348
22,765
$169,214
Net oper. revenues--.
Other income (net)
$591,829
$148,741
72,960
4,806
$1,972,676
875,486
58,535
$1,879,113
875,545
62,608
on
mortgage bonds.
Other int. & deductions.
Int. chgd. toconstr'n...
385,267
59,000
72,947
5,500
CV981
—
—
Cr9.862
—
Net income.
Dividends applicable
$91,748
$70,975
to preferred stock for the
period, whether paid or unpaid
$1,048,517
—V.
149,
p.
$940,960
,
356,532
356,532
$691,985
Balance.
Louisville Gas & Electric Co.
(Ky.) (& Subs.)—Earns.—
1939
1938
-..-$10,873,471 $10,889,377
3,249,765
3,487,040
Maintenance and repairs
638,526
587,619
Appropriation for retirement reserve
1,181,000
1,181,000
Amortization of limited-term investments
1,426
1,425
Taxes__
1,125.051
1.104,184
Provision for Federal and State income taxes..*_
576,170
406,892
_
—
...
New York, said;
"Macy's has always met the changing needs of the public in order to
serve an
ever larger patronage.
This store added, in 1902, to its simple
cash method of doing business, the unusual Depositor's Account, or
'D. A.'
Today the D. A. membership is over 200,000 customers.
"For years we have realized that so-called 'time-selling' was growing in
popularity and spreading to all income groups. For years we have worked
to perfect a plan which rises directly out of our basic cash policy, and which
broadens its scope.
We recognize that a customer may have good reaons
for paying out of income instead of capital, and just as emphatically we
believe that a person who has the cash should be able to buy at cash prices
which are not weighted by the added cost of a credit operation.
In our
'cash-time' service we offer a method which is the logical complement of our
cash policy, because every sale we make will demonstrate again concretely
that you save 6% for cash at Macy's.'—V. 149, p. 1920.
$584,428
2088.
Year Ended Aug. 31—
Operating revenues.
Operation
Summarizing the deliberations which resulted in this extension of the
widespread services, Jack I. Straus, Acting President of Macy's
store's
1939—12 Mos.—1938
$7,380,632
$7,318,103
4,687,395
4,755,755
733,140
706,000
$636,886
404,457 ,
64,109
Oper. exps., incl. taxes—
Prop, retire, res. approp.
Int.
Co.—Earnings—
1939—Month—1938
Operating revenues
2237
—
Madison
Square Garden Corp.—Directorate Rule Changed
Stockholders at their annual meeting on Sept. 26, voted a change in the
certificate
of
incorporation
of the company empowering directors to fix
the number of directors from time to time at not less than 12 nor more than
16.
x
3 Mos. End. Aug. 31—
Net loss—__
charges.-4-V.
After depreciation, &c.,
Majestic
Radio
1938
$137,007
1939
$165,135
____
x
&
149,
Television
1937
$176,090
1936
$193,562
1768.
p.
Corp.—SEC Investigates
Trades in Stock—
_
Net operating income
Dividends from affiliated company
Miscellaneous income
$4,101,532
6,300
Gross income.
Interest
on
200.000
______
37,000
25,299
$4,350,039
1,030,450
160,227
88,676
316,667
37,000
19,534
$2,751,985
250,0(t0
_
Amortization of contractual capital expenditures..
Miscellaneous deductions._.
_*
_______
Note—Provision made by the company for Federal and State income taxes
for the year 1937 was reduced as a result of deductions made for losses
resulting from the flood in Louisville during January and February, 1937.
—V. 149, p. 1623.
Louisville (Ky.) Water
Co.—City Urged to Put City System
Supervision—
Under American Water Works
The American Water Works & Electric Co., Inc. has been selected by a
special committee of leading citizens of Louisville, Ky., to take over the
supervision and management of Louisville's municipally owned water
works, it was disclosed Sept. 29.
Appointed several months ago by Mayor Joseph D. Scholtz of Louis¬
ville to make a thorough study of the municipal water system, the com¬
mittee reported to the Mayor that the city was not obtaining a proper
return from the water system and that "excessive operating expenses and
an unbalanced rate schedule" were
responsible.
American Water Works & Electric, in the course of the committee's
investigation, was invited to make a preliminary study of the municipal
water works, known as the Louisville Water Co., and found that "very
substantial savings could be effected" in the operation of the system under
private management.
The committee's report to Mayor Scholtz reviewed in detail
of the water property and gave the result of a
study of the tax
Louisville as related to the rate of return on the water system
the history
situation in
accruing to
the city.
The waterworks system was found to have a "conservative
valuation" of at least $20,000,000 in excess of the $250,GOO net bonded
indebtedness outstanding against it.
"It is only reasonable," the report asserted, "that it (Louisville) should
receive a 5 to 6% return from its $20,000,000 water company, that is,
$1,000,000 to $1,200,000, instead of the present 2return, or $510,000
per
in the
annum."
Walter P. Chrysler Jr. and International Harvester Corp. of the options to
buy 405,000 shares of the company's stock for $1,125 a share.
During the period under investigation the Curb Exchange turnover in
shares Sept. 25,
6,200 shares on Sept. 26, 4,100 shares on Sept. 27, 3,400 on Sept. 28, and
3,400 on Sept. 29.
Volume on Sept. 30 dropped off to 700 shares.—V. 149,
p.
2088.
the stock was much larger than normal and totaled 6,400
Manati
board.
Year End.
"This
method of selecting personnel." the report asserted, "has not
a president or board members experienced
operating water companies.
The president and the board are changed
with each change in political complexion of the city administration and
thus the experience they have gained is lost to the water company.
This is
a fault which can
only be cured by evolving some method of obtaining a
competent carreer man adequately paid as president of the water company.
The Board of Water Works has had practically unlimited funds at its
disposal and has not been required to show reasonable earnings on a fair
that
"no
business
could
be
operated efficiently
system."
Earl S. Thompson, President of American Water Works & Electric, in a
a few weeks ago, said his company was "sufficiently
confident" that under its private management service "very substantial
letter to the committee
savings could be effected in the operating expenses, with an increase in the
amount of money which would be available for the sinking fund of the city. "
Mr. Thompson proposed that American Water Works & Electric be
paid the first $65,000 of any increase in the net operating income of the
municipal water works over its 1938 net operating income and an additional
sum equivalent to 25% of such increased net income in excess of $65,000 a
year.
In turn, he said, American Water Works & Electric would be willing
to guarantee, if the city
agreed to enter into a management contract of
10 years' duration, an increase in the net income of the municipal system of
at least $100,000 over and above the management fee of $65,000, the
$150,000 reduction in retirement charges and the $200,000 increase in
revenue
estimated by the committee to result from rate adjustments.
—V. 138, p. 2753.
McKesson & Robbins, Inc.— To
Liquidate Canadian Unit
Authority for the company to reject the guarantee to provide net earnings
up to $100,000 for McKesson & Robbins, Ltd., of Canada, and to liquidate
the latter company has been asked in the U. S. District Court by William
J
"Weird0II
Total-
Profit
stock.
The preference shares were sold publicly in November, 1927.
Robbins, Inc., at that time guaranteed the company sales
profit of not less than $100,000.
Federal Judge Alfred C. Coxe directed the Canadian company, the
Bridgeport-City Trust Co. and R. F. Griggs Co. of Waterbury, Conn., to
show cause on Oct. 17 why the trustee should not be authorized to liquidate
the Canadian company and reject the earnings agreement to which all four
companies are parties.
The trustee informed the Court that the agreement
constitutes a burden on the estate of McKesson & Robbins, Inc.
Bridgeport Trust Co. and R. F. Griggs participated in the marketing of
the stock of the Canadian company, which at the time of the receivership
last winter was revealed to have had false accounts and listed non-existent
warehouses and inventories in its assets.—V. 149, p. 1920.
ence
McKesson &
yielding
Oct.
$1,919,630
1,557,426
$395,658
$362,204
5,270
y2,314
6,493
operations.
Premium
on currency exchange
Interest earned
"2",986
Additional income of crop.
44,425
Total profit
Interest
Provision for currency exchange differences
Loss on plant & equipment, &c,, sold or retired
service—
from
20,150
1,030
2,297
579
""""62
183,496
122,788
Provision for doubtful account
Accounts written off
Allowance for deprec. of plant & equipment
Loss.
$47,475 prof$97,807
z71,437
Sepcial credits to profit and loss
______
Profit
$23,962
5,100
$97,807
18,862
Provision for Cuban profits tax
$95,607
Net profit for the year
x
$376,283
153,328
$443,068
235,296
50,000
2,200
Includes sales value of sugar sold to Sept.
amount over cost
y
16, 1939 and unsold sugar at
Interest and dicount.
z Excess of principal
of Manati Sugar Co.'s 20-year 4% sinking fund bonds
purchased for cancellation through sinking fund of $49,415 and fair value,
based on appraisal made by Manati.Sugar Co.'s chief engineer, of equip¬
acquired at no cost to the company on termination of a lease contract
of $22,021.
ment
Consolidated Balance Sheet June 30
1939
Assets—
Cash—
x
Accts. receivable
Margins
Bals.
on
deposit
pending
$171,106
Sec'd
sugar
ac¬
agreement
$690,384
$37,767
Accts.pay.&accr's
107,321
169,167
interest—
45,738
40,550
73,810
42,575
74,000
7,137
■
11,484
cept.
Accrued
Est. exps. In
Bal. pend'g on mo¬
lasses contract-_
6,315
9,842
Sugar on hand
Special deposits. —
Accts.
receivable,
1,595,793
716,562
23,628
26,061
not current—.--
5,045
Notes receivable.
1938
1939
loans
bank
under
19,104
on
sugar contracts.
Liabilities—
1938
$155,834
24,916
58,399
on
Cuba
sugar & rnol's
Res.forcurr. exch.
differences
—
.—
y50,000
Bal. of est. exps. of
1,148
Mem'ship in N.Y.
Coffee & Sugar
reorganization
24,089
..
exchanges———
3,000
Mat'Is & supplies.
210,486
216,010
Advs. to eolonoB—
362,592
386,923
13,943
13,648
38,280
Unci. bd. int., &c.
23,628
26,061
Res. for conting's.
Deferred income..
12,365
.
24,453
25,000
9,104
5.500,900
430,045
13,615
20-yr. 4% s.f. bds. 5,427,900
Com. stk. (par $1)
430,045
Capital surplus.— 1,717,623
34,447
Admin,
cane..
—
Earned surplus.
__
114,469
1,695,614
95,607
Work animals and
live stock.-.
Sinking
for
fund
20-yr. 4% bds—
34
Property and plant 6,164,387
49,196
Def'd, charges—
6,354,762
—
Total
x
—
49,018
—$8,718,986 $8,096,479
Total
After reserve for doubtful accounts of
—
—
$9,976.
y
-$8,718,986 $8,096,479
$25,000 current and
$25,000 not current.—V. 147, p. 2093.
Manhattan Ry.-—Assents to Plan
Uraed-^
7% stock has sent
holders of this stock urging them to deposit in assent to terms
a letter to
of the pro¬
posed I. R. T.-Manhattan Ry. unification plan.
Charles Franklin has been elected chairman of the committee for Man¬
hattan Ry. modified guaranteed 5% stock, to succeed the late Nathan L.
Amster.—-V. 149, p. 2088.
a
(R. H.) Macy & Co.—To Permit Time Payment Purchases—
This
on
on
$1,781,214
100,432
18,933
19,051
$1,900,282
1,504,624
Operating expenses, f.o.b. basis
The Watson committee for the guaranteed
trustee
McKesson & Robbins, Ltd., has outstanding 52.000 shares of common
stock, of which 42,000 shares are owned by McKesson & Robbins, Inc.
There are also outstanding 10,000 shares ($100 par) 7% cumulative prefer¬
June 30 '38
__
in
value of the property."
The report concluded
Nov. 1 '37 to
June 30 '39
Sugar sales, f .0 .b. basis.
___x$l ,778,173
Blackstrap molasses sales (estimate)
64,441
Revenue of Ferrocarril de Tunas, S. A. (a RR. sub.)
29,678
Miscellaneous income
27,989
resulted in the selection of either
a
Sugar Co. (& Subs.)—Earnings—
estimated realizable value,
Pointing out that the city owned and controlled the water property
through a Board of Water Works, consisting of the Mayor and four other
members who are political appointees, the report explained that the
president of the water company must be elected from membership of the
under such
stock of the corporation during the period Sept. 26 to 29
A week ago the company announced the granting on Sept. 22 to
common
inclusive.
$2,697,485
$4,307,832
1,030,450
160,227
52,87 1
funded debt
Amortization of debt discount and expense
Other interest (net)
Amortization of flood and rehabilitation expense.
Net income.
$4,121,218
226,250
2,571
Brokerage firms received a questionnaire from the Securities and Exchange
Commission which asked disclosure of full information concerning trading
the largest department store in the world, announced
1 that commencing Oct. 9, the store which since 1858 has been,
company,
noted for its policy of selling only for cash, will
offer a "cash-time" service
which allows customers to buy at cash prices and pay out of income, paying
for their accommodation a service charge of 6 cents on each 94 cents pur¬
chased.
Initial payments and payment-periods will vary according to the
Melville Shoe Corp.—Sales—
Corporation on Sept. 30 reported sales of $3,640,156 for the four weeks
Sept. 23, as compared with sales of $3,626,783 for the same four
weeks in 1938, an increase of 0.37%.
Sales for the 40 weeks ended Sept. 23
were $28,403,359, as against sales of $26,824,052 in the similar period last
ended
year, a
gain of 5.89%.
Dividend Increased-—
share on the common
value, payable Nov. 1 to holders of record Oct. 20.
This
75 cents paid in each of the three preceding quarters; 12
Dec. 27, 1938; 50 cents paid on Nov. 1 and Aug. 1, 1938;
87M cents paid on May 2, 1938: $1 paid on Feb. 1, 1938, and four quar¬
terly dividends of $1.25 per share each paid during 1937 and on Nov. 1,
1936.—V. 149, p. 1624.
The directors on Oct. 2 declared a dividend of $1 per
stock,
no par
compares with
cents paid on
Merchants & Manufacturers Securities
Co.—Dividends
Only
declared a dividend of 10 cents on the class A and class B
common stock, payable Oct. 16 to holders of record Oct. 11.
Dividend of
20 cents was paid on April 15, last, and the previous dividend on these
issues was a quarterly payment of 15 cents on Nov. 15, 1938.
Company also declared a participating dividend of 20 cents and the
Surchase of wines and liquors may not be made on "cash-time " since the
tate law requires their sale for cash only.
regular serai-annual disbursement of $1 on the participating preferred stock,
likewise payable Oct. 16 to holders of record Oct. 11.—V. 148. p. 2128.
type of merchandise purchased; payment-periods will range up to 16 months.
By this strikingly original method of sale, Macy's makes the largest
stock of goods in any one store available to those who do not have "ready
cash."
This stock
was
valued on Sept. 19, 1939, at $15,213,033.82.
Directors have
The Commercial & Financial Chronicle
2238
Operating
revenues
Operating revenues-
$3,648,193
2,272,884
-.
Operating expenses
Net oper. revenues-..
$1,375,309
509,304
465,545
4.028,565
$6,933,038
6,492,319
exps. and taxes.__
Prov. for depreciation--
$5,838,746
5,435,250
Gain in Phones—
lien stock and
a
payable Nov. 1 to holders of record Oct. 14.
Dividends of S1.31M and
S1.12M per share, respectively, were distributed on Aug. 1, May 1 and
Feb. 1, last.—V. 149, p. 880.
Directors have declared a dividend of $1.75 per share on the 7% cumul.
pref. stock, par $100, and $1.50 per share on the 6% cumul. pref..tock,
par $100, both payable on account of accumulations on Nov. 1 to holders
of record Oct. 14, leaving arrears of $13,123^ and $11.25 per share, re¬
spectively.—V. 149, p. 1183.
Minnesota Power & Light
Co.—Earnings—
Calendar Years—
1938
149,
$27,650
1937
$6,822,747
3,126,127
6,729
500,000
Net operating revenues..
Other income
$2,808,656
1,084
$3,189,891
3,950
$2,984,976
1,313
$2,809,741
1,627,880
$3,193,841
1,636,542
71,793
Cr6,031
$2,986,290
1,649,746
64,440
Crl,524
$1,491,537
747,882
5,680
567,980
$1,273,627
700,639
7,440
530,260
_
Gross income
Interest on mortgage bonds
Other interest and deductions
l
71,220
Interest charged to construction
Crl ,687
Net income
Dividends on 7% pref. stock
Dividends on 6% pref. stock
Dividends
on
$1,112,327
560,511
2,700
427,623
$6 pref. stock
$6,390,855
2,955,878
450",600
.
Balance Sheet Dec. 31
1938
$
chises, Ac
Investments
..77,272,429 76,981,444
2,501
2,501
474
867
410,473
674,345
7,248
6,769
Sinking fund
Cash in banks
Divs. declared
Consumers'
approp..
134,865
122,369
1,578,749
1,651,234
$372,294
4,748
$297,470
$5,827,175
Dr22,460
$5,001,571
$297,440
Other interest and deduc.
$377,042
158,714
44,125
36,914
$5,804,715
1,913,037
529,495
418,474
$4,960,081
1,931,549
529,495
424,783
Interest charged to con¬
struction.
Cr3,186
depl. reserve
Gross income
Interest
Interest
on
on
bonds
mtge.
debentures.
_
313,759
317,165
42,464
46,249
7,244
5,371,075
710,812
Interest
426,322
Other
6,677
14,615
14,817
15,957
21,097
159,821
disct. A expense
Deferred
A
Cr39,819
CV48.199
CV404.033
$140,475
$96,543
Dividends applicable to preferred stock for the
period, whether paid or unpaid
$2,991,908
$2,478,287
957,526
957,475
Balance....
$2,034,382
$1,520,812
of
80,532,250
7,500
credits..
in
surplus
Total
9,653
Co.—Earnings—
1938
1937
$4,244,876
3,065,061
$4,094,013
3,020,919
$1,179,815
243,671
$1,073,094
243,177
$1,423,486
$1,316,271
Dr55,432
Years—
—
Net operating revenues
—..
Net operating income
Other income
...
—
Dr37,924
-
Gross income
on
$1,385,562
477,521
368,444
11,021
Crl,971
18,533
$1,260,839
477,521
45,917
368,451
10,342
Cr4,921
15,173
$512,013
long-term debt....
—
Interest charged to construction
Miscellaneous deductions
.....80,288.577 80.532,250
$348,355
Balance Sheet, Dec. 31
1938
Assets—
on
$110,365
H7421,376 "$1,632,484
1937
?
$
Accounts payable.
140,416
155,260
liabilities..
662,380
610,646
Accr'd
deposit for
238,761
238,761
Indebt. to affils—
39,333
37,958
1st M. gold bonds.
8,182,250
8,182,250
425,666
478,620
Indebt.
Mat'ls A supplies.
193,912
265,661
7,315,737
6,947,292
Other
128,556
79,004
bond interest
a
Accts.
A
notes
receivable
curr.
assets.
cash
to
parent
company
Accts.
mdse.
pay.
sales
dep's
dis¬
contr.
'
17,721
43,343
counted (contra)
17,721
43,343
41,892
10,700
Customers' depos.
215,982
204,611
Prop., plant A eq.
incl. intang's)._22 ,525,006 22,235,558
Unadjusted credits
31,221
43,840
1,940,309
1,989,533
Other assets
Contrib.
(contra)
Rent for lease of pl't (net)
Liabilities—
$
275,014
976,878
Cash
.1938
1937
S
Cash
Special
1939—12 Mas.—1938
$7,387,879
$7,303,194
5,219,636
4,957,377
746,667
713,333
...
j
4,125,794
1939—Month—1938
$515,698
$554,712
369,835
384,347
63,333
60,000
$82,530
Interest
Amortization of debt discount and expense
Interest on debt to parent company
—
7,026
4,239,422
Mississippi Power & Light Co.—Earnings—
Net oper. revenues
Calendar
Operating revenues
Operating expenses and taxes
Net income
construction.
Earned
12,107
Represented by: 7% pref. cumul., $100 par: pari passu with 6%
pref. and $6 pref.; outstanding, 80,073 shares, 6% pref. cumul., $100 par;
pari passu with 7% pref. and $6 pref.; outstanding, 420 shares; $6 pref.,
cumul., no par; entitled upon liquidation to $100 a share; pari passu with
7% pref. and 6% pref.; outstanding, 71,302 shares; common, $10 par,
outstanding, 2,000,000 shares.—V. 149, p. 2089.
Operating revenues.....
Oper. exp., incl. taxes..
Prop, retire, res. approp.
149, p. 1331.
Mountain States Power
aid
a
Period End. Aug. 31—
—V.
Other interest
accr.
Reserves
1,531,295
..80,288,577
Total
accrued..
curr.
liabilities
Contribu'n
1,475,031
6,750
Other def. charges.
160,537
44,125
36,054
Dr41,490
5,011,082
656,887
debt
/>30
Net income
15,021
90,693
1,348,975
414,192
cur. assets..
19,047
83.659
917,007
Materials A suppl.
Special deposits
,(& Subs.)—Earnings-
330,789
Taxes accrued
Accts. receivable..
Prepayments
Misc.
247,711
deps..
Co.—To Pay 75-Cent Div.
Income from electric plant leased to others
Capital stock,
.a.34,673,300 34,673,300
Long-term debt—34,303,000 34,492,000
Accounts payable.
62,049
61,236
Matured int
(on
demand)
Notes receivable..
Unamortized
$
Liabilities-
Plant, prop., fran-
$160,734
Net oper. revenues
Other income (net)--.-.
1937
1938
1937
$
Assets—
$170,736
Property retirement and
—
......
$16,352
2089.
p.
Montana Power Co.
1936
$6,162,202
exps., incl. taxes
2,796,775
Amort, of limited-term investments..
6,771
Property retirement reserve approps.
550,000
revenues
$413,796
253,062
Period End. Aug. 31—
1939— Month—1938
1939—12 Mos.—1938
Operating revenues
$1,146,011
$921,389 $14,259,946 $13,417,391
Oper. exps., incl. taxes..
638,852
501,550
6,854,022
6,764,586
Michigan Public Service Co.—Accumulated Dividend—
Operating
Operating
$423,798
253,062
Monroe Calculating Machine
the $6 prior lien stock, both
share on
per
616,675
$37,441
21,088
Directors have declared a dividend of 75 cents per share on the common
stock, no par value, payable Sept. 30 to holders of record Sept. 21.
This
compares with 50 cents paid on Dec. 28, and on June 30, 1938; 60 cents
paid on March 31, 1938; and $2 paid on Dec. 20, 1937.—V. 147, p. 4060.
dividend of $3.06 M per share on the 7% prior
of $2,621^
one
582,612
$48,738
21,088
Balance.
Michigan Gas & Electric Co.—Dividends—
Directors have declared
$1,006,410
49,978
— -
_.
Net income....
Divs. on pref. stock
-V.
$87,419
47,652
and other fixed
charges.
Company had 724,268 stations in operation during September, a gain
of 8,070 during that month, compared with a gain of 4,398 in August.
For the Detroit Exchange 377,822 stations were in operation, a gain of
5,177 during September, compared with a gain of 2,751 during August.—
V. 149. p. 1921.
$1,030,471
$96,390
Gross income.
Interest
1 930—12 Mos.--1938
$3,621,640
$3,548,033
2,268,o64
2,289,o62
346,667
228,000
1939—Month—1938
$323,852
$298,949
204,128
196,530
23,333
15,000
revenue
Oper.
3,463,339
$813,489
755,046
...
Net oper. income
Net income........
Period End. Aug. 31—
Gross
$9^302,085
$10,961,603
$866,005
813,667
Operating taxes-
Mississippi Power Co.—Earnings—
$3,353,227 $28,4 85,123 $26,314,693
2,074,193
17,523,520
17,012,608
~$L27<M)34
1939
curren1.
1939—Month—1938
1939—8 Mo*.—1938
.$3,659,034
$3,391,546 $28,552,692 $26,525,487
10,841
38,319
67,569
210,794
Uncollectible oper. rev..
7,
$49,466; Federal taxes on income, estimated, $37,963; other
liabilities, $112,831; debentures, $375,000; deferred income, S2,130, capitastock (par $5), $1,000,000; capital surplus, $28,698; earned surplus. $33,914
total, $1,725,389.—V. 149, p. 115.
Michigan Bell Telephone Co.—Earnings—
Period End. Aug. 31—
Oct.
Invest,
(at cost)..
39,556
29", 472
Deferred charges..
Reserves
in
aid
of
construction
31,067
7%
1,662
cum.
(par
37,952
pref. stk.
5,304,400
$100)
b Common stock.,
Operating income
Other incom3 (net)
$82,530
$110,365
55
59
$1,421,376
1,573
$1,630,822
1,766
x
$82,585
68,142
6,947
$110,424
68,142
5,911
$1,422,949
817,700
82,594
$1,632,588
817,700
81,109
Net income
$7,496
$36,371
Dividends applicable to preferred stock for the
period, whether paid or unpaid
$522,655
$733,779
403,608
403,608
Balance
$119,047
$330,171
Dividends accumulated and unpaid to Aug. 31, 1939, amounted'to
$622,229, after giving effect to a dividend of $0.50 a share on $6 preferred
stock declared for payment on Sept. 1, 1939.
Dividends on this stock are
23.697,2871
...24.577,865
Total
Gross income
Int. on mortgage bonds.
Other int. & deductions.
142,500
5,304,400
142,500
Earned surplus..
547,665
35,652
c
Total
24,577.865 23,697,287
a After reserve of $101,649 in 1938 and $105,277 in 1937.
b Represented
by 142,500 no par shares,
c Since Dec. 11, 1937, date of recapitalization.
149, p. 2090.
—V.
Mountain States
Telephone & Telegraph Co.—Earns.
Period End. Aug. 31—
1939—Month—1938
1939—8 Mo*.—1938
$2,205,033
$2,106,090 $16,834,579 $16,071,077
rev.I
7,868
13,553
42,469
80,841
Opera ting revenues....
Uncollectible oper.
i
x
cumulative.—V, 149,
Mode O'Day
p.
1481.
Operating revenues.—
Operating expenses
*
.Net
Directors have declared a dividend of 15 cents per share on the common
stock, payable Oct. 13 to holders of record Sept. 29.
This compares with
10 cents paid on June 27, last; 15 cents paid on
May 1, last, 25 cents paid
on Jan. 16, last; 15 cents
paid on Oct. 31, 1938 and 20 cents per share paid
on June 27, 1938.
Discount to consignees
Net sales..
Cost of goods sold...
Selling, general and administrative
Operating profit
Interest paid...
Loss under lease
on
$2,884,492
2,249,026
385,000
.,
expense
$250,466
31,023
•_
premises formerly occupied by predecessor
corporations
Amortization of debenture discount and expense
5,010
8
Profit
Other
income
Federal taxes
on
income
Net Profit.
™
[850
$205,583
14,515
37,963
$182,135
160,000
Dividends paid
Consolidated Balance Sheet June 30, 1939
Assets—Cash on hand and demand deposits, $53 312; due from
consignees.
$60,397; accounts receivable (net of $200 reserve), $15,003; inventories,
$777,588; advances to retail licensees—estimated amount collectible within
one
year, $85,000; other
leaseholds
assets, $104,354; property, plant, equipment and
$563,047; patents and trademark, $1; deferred charges.
(net),
$66,684; total, $1,725,389.
'
Liabilities—Note payable to bank, $25,000; accounts payable,
trade,
including $56,243 for merchandise in transit, $60,387; accrued liabilities.
$4,811,324
2,228,911
$416,669
$3,173,609
2,514,591
$2,582,413
339,055
1,844,058
—V. 149. p. 1030.
Mueller
Earnings for Year Ended June 30, 1939
$3,980,707
1 096,215
$5,587,669
2,414,060
354,499
income
$708,818
292,149
$436,225
Net oper. income
Net
$2,092,5.37 $16,792,110 $15,990,236
1,383,719
11,204,441
11,178,912
$751,025
314,800
oper. revenues
Operating taxes
Corp.—To Pay 15-Cent Dividend—
Sales all but $74,004 through consignees
$2,197,165
1,446,140
Brass
Co.—Earnings—
Period End. Aug. 31—
x
Net income
Shares
common
Earnings
x
per
stock
share
1939—9 Mos.—1938
$438,782
$164,243
265,516
265,516
$1.65
$0.62
After expenses, est. income taxes, and other
1939—12 Mos.—1938
5540,458
265,516
$2.03
$65,086
265,516
$0.24
charges.
Dividend Omitted—
Directors at their meeting held Sept. 26 took no action with regard to
payment of a dividend on the common shares at this time.
A dividend of
was paid on June 29, last; year-end dividend of 35 cents was
paid
on Nov. 23, 1938, and a regular quarterly dividend of 25 cents in addition
to an extra dividend of 10 cents was paid on Nov. 22,1937.—V. 149. p. 1183.
40 cents
Narragansett Racing Association, Inc.—4Q-Cent Div.—
Directors have declared a dividend of 40 cents per share on the common
stock, par $1, payable Oct. 20 to holders of record Oct. 10.
Like amount
was paid on June 1, last, and compares with 35 cents paid on Jan.
4, last;
25 cents paid on Oct. 20, 1938; 50 cents paid on Nov. 26, 1937; $1 paid on
.Dec. 21 and on Nov. 12, 1936, and a dividend of 25 cents paid on Dec. 6,
1935.
Directors voted to change the fiscal year ending to March 31
instead of April 30.—V. 148, p. 3075.
National Gas & Electric
Period End. Aug. 31—
Operating
revenues
Gross income after retire¬
ment
accruals
Net income
—V
149,
p.
1625.
Corp. (& Subs.)—Earnings—
1939—Month—1938
$122,508
$99,391
24,132
16,201
15,041
6,680
1939—12 Mos.—1938
$1,391,694
$1,300,805
254,654
157.059
227,069
125,975
Volume
The Commercial & Financial Chronicle
149
Nachmann-Springfilled Corp.
Earnings—
June 19, '38 June 20, '37 June 14, '36 June 15, '35
Period-
to
to
to
$2,840',425
$2,365,813
1,948,280
$3,127,961
2,453,995
$2,174,822
1,719,310
237,324
146,046
202,231
222,568
152,774
177,182
115,306
$245,910
$83,865
2,056
$298,624
1,609
$163,024
5,707
$300,233
$168,731
33,318
59,300
Cr84,107
17,000
2,211,145
Selling, warehouse and
delivery expenses
Admin. & gen. expenses.
Operating income
Int. earned & sundry inc.
131,436
4,595
Total income
Prov. for depreciation._
$250,505
.
$85,921
45,943
14,387
53,886
Other deductions
25,035
39,475
33,814
Crl0,693
x40,000
Extraordinary credits
Res. for Fed. inc. tax._
29,922
$141,661
Dividends
Earns, per sh.
on
to
June 30, '39 June 18, '38 June 19, '37 June 13, '36
Net sales
Cost of goods sold
$25,592
32,724
87.263
$1.62
cap.stk.
$197,636
$143,221
141.803
Nil
price in the market than would
the existing preferred stock.
The restatement of the par value of the common stock will
provide a
large capital surplus against which certain items which the corporation has
been required under the rules of the Federal
Power Commission to set up
the account Electric Plan Acquisition
Adjustments can be charged.
The corporation has filed with the Federal Power
Commission applica¬
tion for
authority to issue certificates of the new preferred and common
stock in accordance with the proposed action.—V.
149, p. 1625.
New Orleans Public Service
Period End. Aug. 31—
Operating
Oper.
Prop, retire,
$211,096
b Notes.
<fcc.,
283,166
Inventories
543,239
Other assets
$1.64
a
Co.'s
c
Real est.,
own
stock
$69,074
payable.
•
$60,334
2,305
Divs. declared
Accrued
16,953
7
&c
531,644
632,937
632,937
287,130
1
Goodwill, &c
c
After
Total
.$1,695,987 $1,559,245
b After reserve of $25,526 in 1939 and
for depreciation of $464,995 in 1939 and
reserve
Nebraska
Power
Co.-
■Will
two units in the
hydro system—the Central Nebraska Public Power
Irrigation District (Tri-county) of Hastings, and the Platte
Valley
Public Power and Irrigation District
(Sutherland) of North Platte. This is
because the three hydro
developments recently reached an agreement for
joint marketing of their power output.
The contract, when fully effective,
means that Nebraska Power will
purchase from 40 to 50% of its needs from
hydros.
On the other side, the
hydros would be able to dispose of about all the
power they have to spare for the present and when the entire net work is
completed, the Nebraska Power contract will take up about
40% of their
total output.
that the hydros get about $300,000 in the first
perhaps close to $600,000 a year ultimately.
finally will reach about 5.25 mills ($0.00575) a kilowatt
mean
year it is in effect, and
The rate for power
hour.
This does not reach the 7-mill
average which the hydros have figured
pay operating costs and interest and reduce their debt to
but, in view of the size of the contract, it may be con¬
they will need to
as
a
Dividends
The Associated Gas & Electric Co.
A capacity charge:
Nebraska Power agrees to contract for 5,000
kilowatts of Loup's 48,000-kilowatt
capacity for the year beginning on
July 1, 1940; 10,000 for the following year, 15,000 for the third year and
for increases from then on as needed to a total of
25,000. For each kilowatt
of capacity, Nebraska Power will
pay $1 a month—$60,000 the first year,
$120,000 the second and $180,000 the third year.
(B) An energy charge: Nebraska Power agrees to take 16 kilowatt hours
a day for each kilowatt
contracted.
For this there will be an additional
"energy charge" ranging from \% mills down
to 1H mills, the rate
subsidiary of $50,000,000 of 4% collateral trust debentures.
The program contemplates sim¬
plification of the NY PA NJ Utilities consolidated debt structure; revision of
stock capitalization, and the redemption of certain
long intercompany debt,
A brief summary
apparently
goes a long way toward working out some arrangement.
The hydros have
figured all their costs—operation, maintenance, interest, debt reduction—at
about $1,800,000 a year, to be paid for
by power. By the time Tri-County is
the^may have built up
a load to use up most of their output.
Nevada-California Electric Corp. (&
Operating
1939—Month—1938
"I
$458,418
$472,442
22,782
25,336
181,140
193,347
42,609
38,251
48,945
49,852
revenues
Depreciation
$5,482,492
249,588
2,230,136
553,694
594,171
$5,695,358
280,430
2,280,815
594,646
591,678
$1,854,903
21,224
$1,947,790
66,739
$162,942
595
$165,656
2,650
Interest
$163,537
112,767
$168,306
116,092
$1,876,127
1,365.262
$2,014,529
1,394.738
6,803
7,029
2,069
82,277
13,616
83,993
15,293
$42,788
$43,115
$414,972
4,132
2,275
Dr6,858
1.552
36,790
33,148
67,641
25,106
$44,644
$34,705
$384,121
$528,548
and
of debt,
disct.
expenses
Miscell. deductions-.
Net income
1,179
__
Profit
on
retirement of
bonds and debs, (net)
_
Other misc. debits (net).
Earned
surplus
,
$520,505
avail¬
able for redemption
of
To
Change Capitalization—
Holders
of preferred
and
common
stocks of this corporation
are
being
notified that in furtherance of the plan refered to in letters to the stock¬
holders dated Feb. 24, 1939 and March 9, 1939, and for the reasons therein
set forth, the directors on
July 18, 1939 adopted
a
resolution to amend the
certificate
of incorporation and called a meeting of the stockholders for
Oct. 17, 1939 to take action on said resolution as set forth below.
The amendment to the certificate of incorporation adopted by the stock¬
holders March 20, 1939, changed the dividends on the preferred stock from
7%
per
annum
cumulation to $3 cumulative and $4 non-cumulative.
It
is
now proposed to convert each preferred share of $100 par value into two
shares of preferred stock of $50 par value each, one carrying a cumulative
dividend of $3 per year and the other carrying a non-cumulative dividend
of $4
all
and
when
The right
of holders of the
present outstanding preferred shares to receive unpaid cumulative dividends
thereon will be preserved in said $3 cumulative preferred stock.
Also the resolution provides for reducing the aggregate par value of the
outstanding common stock from $8,588,300 to $858,830 or to 10% of its
present par value by reducing the par value of each share to $5 per share and
issuing two of such shares in exchange for each existing share of $100 par
value, thereby preserving the same voting balance as no # exists between the
preferred stock and the common stock now outstanding.
The purpose of
converting the preferred shares into two shares of $50 each is to give the
preferred stockholders separate shares of the stock carrying respectively the
per
year,
cumulative
dividend
as
and
the
filed with the SEC follows:
desirability and advisability of a
simplification of the debt securities and a revision of the stock capitalization
and to eliminate, in so far as
possible, the "cross-holdings" of securities
within the group and with associate companies in the Associated Gas &
Electric System.
A provision for an adequate reserve for fluctuation in the
value of investments of NY PA NJ Utilities Co. as well as an increase in the
stated value of the common stock of the company also
appears desirable.
With the foregoing general objectives in view, it is
proposed
that NY
PA NJ Utilities Co. issue and sell $50,000,000
principal amount of collateral
trust debentures.
The
.
proceeds from such sale at
to
par
the public
may
be applied
as
(I)
The redemption of all of the present long-term debt of the company,
which at July 31, 1939, was held as follows:
In Hands
Total
declared.
non-cumulative
of Public
-Held buA ssociate
Subsidy
Companies
Companies
Metropol. Edison Corp.
$3,001,900
Mohawk Valley Co.—
6s of 1981
Mohawk Valley Co.—
$324,400
20,063,600
6s of 1991______
6s of 2031-...
......
1,564,900
204,100
$47,000
$2,630,500
16,704,600
3,359,000
260,000
53,300
1,054,600
31,000
1,088,500
397,500
2,156,500
603,600
250,300
119,800
Rochester Central Power
Corp. 5s of 1953
1,001,000
NY PA NJ Util. Co.—
5s of 1952
'
3,245,000
3,903,600
5s of 1956....
$32,984,100
'
811,500
2,902,500
189,500
$4,408,500 $18,550,900 $10,024,700
(II) The redemption of all of the presently outstanding $3 non-cumula¬
preferred stock (no par) held as of July 31, 1939, as follows: In hands
public, 5,695.1 shares; by associate companies, 443.1 shares; total out¬
standing, 6,138.2 shares.
(III) The payment of $1,900,000 bank loans as follows:
Lincoln-Alliance Bank & Trust Co
$400,000
The Pennsylvania Co., &c
500,000
The Public National Bank & Trust Co
1,000,000
(IV.) The payment of $12,882,194 on the 1% convertible obligation due
March 1, 1963 held by Associated Gas & Electric Corp. to nrovlde for the
payment by the latter of $5,700,000 in full settlement of its liability for
Federal income taxed for the years 1929 to 1933, inclusive, and the pay¬
ment in full of its 8% debentures, due March 15, 1940. which, at July 31,
tive
of
—
1939. were held as follows:
hands of public.
In
Held by
dividend
instead
of
as
at
---$6,038,620
subsidiaries of NY PA NJ Utilities Co
companies
Held by other associate
—
....
474,000
2,216,580
...
Total
-
-
$8,729,200
(V.) The advance of $1,277,574 to General Utility Investors Corp.. a
subsidiary company, which together with funds to be received by said
company upon redemption of securities of associate companies
(herein
provided for), may be used for the payment of notes payable to the Chase
National Bank aggregating, at July 31, 1939. $2,950,000
(VI.) The acquisition of $20,000,000 of National Public Service Corp.
5% debentures due 1978 or certificates of deposit therefor.
Of the total
amount of debentures proposed to be acquired $15,235,500 may be ac¬
quired, with only a small cash payment, from Metropolitan Investing Corp.
in consideration of the surrender of income notes payable due March 1. 1948
of said company held by General Utility Investors Corp. in the principal
amount of
bonds, divs., &c_
as
—
Subs.)—Earnings
1939—12 Mas.—1938
Net operating revenues
i
Other income
Amortiz.
of the plan
An examination of the present securities structure of NY PA NJ Utilities
Co. and subsidiary companies reveals the
declining
as the amount goes
up.
This will give to the hydros about $240,000 the first
year, $300,000 the second and $360,000 the third year.
The contract does not solve the
hydros' financial problems, but
Maintenance
Other operating expenses
Taxes
Oct. 5 submitted to the Securities
on
and
6s of 1961
(A)
Period Ended Aug.31—
was
Exchange Commission a tentative plan for simplification of the capi¬
talization of its principal intermediary holding
company subsidiary, NY P A
NJ Utilities Co.,
involving the proposed sale by the
benefit to both sides.
The contract sets up two bases for
payment as follows:
completed
$690,262
follows:
of the
Loup District, announced that
signing of the contract does not mean the hydros will abandon efforts to
buy up private power companies, including Nebraska Power, it appears
likely much of the edge will be taken from the public power drive.
Loup
deferred signing with Nebraska Power for some time for this reason.
J. E. Davidson, President of Nebraska
Power, spoke highly of the
contract
544,586
$1,218,768
New York New Haven & Hartford RR.—Interest
the government,
sidered exceptionally favorable.
While C. B. Fricke, President
$1,234,848
544,586
NY PA NJ Utilities Co.—Plans to
Simplify Capital Struc"
ture—Involves $50,000,000 Bond Sale—Plan Filed with SEC—
other
The contract will
$1,763,354
Buy Energy from Federally-
„
the
2,420,473
249,492
Cr46,582
The interest due Oct. 1, 1939, on New York Providence & Boston RR.
4% general mortgage gold bonds, due 1942, is being paid.—V. 149, p. 2091.
The company, Oct. 2, signed a contract to purchase power from the
State s Federally financed
hydro electric system. The contract is with the
Loup River Public Power District of Columbus, but, in effect, includes the
and
2,331,597
252,764
Crl 9,824
Cr3,667
(no par), including
$416,541
d Represented by 101,500 shares
treasury stock.—V. 147, p. 1934.
Financed Hydro System—
200,490
19,331
16,989
accumulated and unpaid to Aug. 31, 1939, amounted to
Latest dividend, amounting to $1.75 a share on $7 preferred
paid on July 1, 1939.
Dividends on this stock are cumulative.
—V. 149, p. 1923.
14,237 shares,
1938•
in 1938.
$3,858,231
$2,813,694.
.........$1,695,987 $1,559,2451
£$P'*e8e"ted
$4,327,891
Balance.
stock,
Total
$3,841,242
$265,788
$296,209
187,837
19,005
on
$4,324,290
3,601
...
x
494,930
1
507,500
339,479
$264,595
1,193
Drl59
Netincome
$89,367
$49,634
Dividends applicable to preferred stock for the
whether paid or unpaid
71,343
507,500
Paid-in surplus
Earned surplus...
1
196,581
$296,368
mtge. bonds
Other int. & deductions.
Int. chgd. to construct'n
x
122,875
d Capital stock...
equip¬
res. approp.
1939—12 Afos.—1938
$1,435,154 $18,635,693 $18,370,086
993,559
12,148,650
12,404,844
177,000
2,162,753
2,124,000
960,471
Net oper. revenues
Other income (net)
21,816
payrolls,
corn's, taxes. Ac.
capital
reacquired
ment.
Accepts,
7,145
20,711
June 30 '39 June 18 '38
Accts. pay., trade.
388.225
6,935
Prepd. insur., Ac.
$1,453,420
incl. taxes._
Gross income
Liabilities—
$368,824
382.360
rec.
Inc.—Earnings—
1939—Month—1938
revenues
exps.,
~
$2.26
Int.
June 30 *39 June 18 '38
Cash.
one
more adequate medium for
junior financing than the present preferred stock
and that the new stock to be issued in
exchange for the present preferred
should in the aggregate command a better
Balance Sheet
Assets—
2239
share of $100 which carries both the $3 cumulative and the
$4 non-cumulative.
It is believed that the new $3 cumulative
preferred stock will afford a
present
$5,904,800.
The balance of,said debentures are held as follows:
In hands of public,
$1,706,500; held by subsidiaries of NY PA NJ Utilities Co., $1,819,500;
held by associate companies, $1,238,500.
No provision has been made for fees and expenses of the trustee or the
protective committee for these debentures.
It has been assumed that such
expenses may be covered by the declaration of a dividend on the common
stock of Jersey Central Power & Light Co. which is held by the trustee
(representing approximately 67% of the total outstanding) as collateral
security for such debentures.
tion
of
the
712,420
Hereinafter the effect is given to the acquisi¬
shares of common stock
above referred to
and the
surrender of the debentures of National Public Service Corp.
No change is herein contemplated in the present ownership of the 341,350
shares of the common stock of Jersey Central Power & Light Co. (represent¬
ing approximately 33 % of the total outstanding) which are presently owned
by New Jersey Power & Light Co., a subsidiary company.
W
(VII.) The payment of fees and expenses to be incurred in connection
with the proposed transactions including legal, accounting and auditing
services, underwriting fees, expenses of registration under the Securities
Act of 1933 and the Public Utility Holding Company Act of 1935, transfer
taxes, &c.
For the purposes of this plan accrued interest and (or) dividends to July 31,
1939 on securities redeemed or acquired have been included in the retire¬
ment costs.
The cost of all securities in the hands of the public is based
upon the respective redemption nrices but, in the case of securities held by
subsidiary and associate companies, effect has been given (except in certain
instances)
to
the redemption
or
acquisition
of
such
securities at their
It is recognized
respective carrying values per the books of the holders.
The Commercial & Financial Chronicle
2240
It
will
be
not
possible
effect such
to
transactions
with
subsidiary and
North American
available to subsidiary
operating companies suggested herein, it may be advisable for such com¬
panies to apply such funds to additions and betterments of their physical
property.
The statements appended hereto reflect a cash reserve of approximately
$2,200,000 which will be available for the following purposes:
(a) Payment of fees and expenses including legal, accounting and auditing
services, underwriting fees, expense of registration under the Securities Act
of 1933 and the Public Utility Holding Company Act of 1935, transfer
(b)'
Additional cost of securities to be retired
or
acquired from subsidiary
and affiliate companies as outlined above.
(c) Advances to subsidiary companies for additions and betterments of
physical property.
As a corollary of the transactions proposed above, the subsidiary com¬
panies will be enabled to effect the redemption or retirement of certain
long-term debt, preferred stocks and notes payable.
The board of directors of NY PA NJ Utilities Co. has authorized the sale
to Central
vania
Utilitifjs Co. of all of the securities
U. S.
Edison Co.,
12
Period—
now
owned of Pennsyl¬
Keystone Public Service Co. and Bradford Electric Co.
For the purpose of this plan the investment in said securities is considered a
miscellaneous investment and set aside in an account entitled "Securities
reserved for sale
or exchange."
It is anticipated that the cash proceeds from
sale of said securities will be used for .the acquisition of other properties,
construction advances to subsidiary companies, or for the purchase of
any
additional securities of subsidiaries.
In addition to the foregoing transactions, all of which result directly or
indirectly from the refunding of the long-term debt, preferred stock and
notes payable of NY PA NJ Utilities Co., it is proposed that a revision and
restatement of the stock capitalization of NY PA NJ Utilities Co. be made.
To accomplish this it will be necessary for the comjmny to request its parent.
Associated Gas & Electric Corp. to cancel $115,000,000 of the 1% con¬
vertible obligations due March 1, 1903 so as to provide for a "reserve for
fluctuation in value of investments" of $49,500,000, a credit to capital
surplus in the amount of $35,500,000, and an increase in the stated value for
common stock from $20,000,000 to $50,000.000.—V. 149. p. 1770.
x
After
before
charges and provision for normal Federal income taxes, but
provision for any possible Federal taxes on undistributed profits.
740.
-—V. 149, p.
Northern States Power Co.
York
Sanctions
Named
as
Power
&
Light Corp.—P. S. Commission
3%% Bonds—Insurance Companies
$66,582,000
Buyers—
The New York P. 8. Commission Oct. 5 announced that it had authorized
the corporation (a subsidiary of Niagara Hudson Power Corp.), to issue
$66,582,000 of 3&% first mortgage bonds, due in 1964, to be sold not later
than Oct. 16, at not less than 104.14 and accrued interest.
The proceeds, which are not to be less than $69,338,495, will be applied
with other necessary funds, solely and exclusively toward redemption of
$66,000,000 of \ y>% bonds due in 1967; to redemption of $269,000 of 5%
bonds due in 1946 of the Port Henry Light, Heat & Power Co., and to the
payment at maturity of $313,000 of 5% bonds due Nov. 1, 1939, of Troy
Gas Co.
Both these companies are affiliates of New York Power & Light.
Irf authorizing the issue of 3Y\% bonds the Commission rescinded its
previously granted authority to issue 3H and 3M%.
The 3% % bonds will be sold to 13 insurance companies for investment
Jurposes. These include the Metropolitan Life Insurance Co., Prudential
4fe Insurance Co., Northwestern Mutual Lite Insurance Co., New York
Insurance
Co.
of
America,
Sun
Life
Assurance Co.
of Canada,
Massa¬
chusetts Mutual
Life Insurance Co., Mutual Life Insurance Co. of New
York, Mutual Benefit Life Insurance Co., Perm Mutual Life Insurance Co.,
Aetna Life Insurance Co., Provident Mutual Life Insurance Co. of Phila¬
delphia, Connecticut Mutual Life Insurance Co. and State Mutual Life
Insurance Co. of Worcester.
The proposed net annual interest charge on the new 3%s will be $2,407,annually, or a saving of $721,400 a year compared with interest of
$3,128,642 required to service the outstanding obligations.
Before the authority of the Public Service Commission may be exercised
by the company, it must file a petition with the SEC for an order exempting
or permitting the issue and sale of the new 3H% bonds
pursuant to require¬
ments of the Public Utility Act of 1935. The order authorizing the new bonds
also requires the company to limit expenses of issuance of the bonds to
$516,551.
227
The
new
bonds
are to
Sept. 30, 1939
totaled 29,001,366 kilowatt-hours, an increase of
11.8% compared with the corresponding week last year.—Y. 149, p. 2092.
Northwestern Electric Co.—To Sell Bonds
prior to maturity in whole or in part in the amount of $50,000 or
multiples of $50,000 on not less than 30 days notice at prices commencing
at 108H on Oct. 1, 1939 to 100J4 to and including Sept. 30, 1964.
In the
of
acquisition by public authority in any calendar year of at least
15% of the property subject to the mortgage lien supporting the bonds,
the bonds are redeemable in a like amount at premiums ranging from
414 to
from issuance date to maturity.
Interest on the bonds will be payable semi-annually, April 1 and Oct. 1.—
V. 149, p. 1924.
New York Telephone
Mutual
Life
Insurance Co.
is to be furnished
The net
Operating revenues—$17,231,926 $16,560,222 $139452,375 $134951,649
Operating expenses
11,840,420
11,730,398
92,888,738
92,665,928
__
$5,391,506
Operating taxes
2,822,657
Net oper. income
Net income.....
in
$2,568,849
-2,147,629
$4,829,824 $46,563,637 $42,285,721
2,617,908
22,424,914
20,741,838
$2,211,916 $24,138,723 $21,543,883
1,786,501
21,842,233
18,869.748
Phones—
1935.
trasted
the
year
with
in 1935.—Y.
the sale of the debentures
previously made for extensions and improvements to its facilities.
priate declaration, to pay from its earned surplus previously undeclared
dividends on its 7% first preferred stock and 6% preferred stock, which as of
June 30, 1939 amounted to $1,057,381.
Hearing on the application will be
held Oct. 16.—V. 149, p. 2092.
Ohio Associated
Operating
Telephone Co.—Earnings—
1939—8 Mos.—1938
$516,083
$491,598
1,199
•
566
1939—Month—1938
$64,312
$62,687
151
70
revenues
Uncollectible oper. rev..
Operating revenues—
Operating expenses
$64,161
45,008
$62,617
40,535
$514,884
349,705
$491,032
328,889
Net oper. revenues...
$19,153
7,520
$22,082
6,182
$165,179
56,107
$162,143
56,103
$11,633
$15,900
$109,072
$106,040
Operating taxes
Net oper.
—V.
149,
income
2092.
p.
Ohio Bell
Telephone Co.—Gain in Phones—
Company reports 747,600 stations in service Oct. 1, compared with
700,344 a year ago.
The company gained approximately 6,500 stations in
September, against 4,149 in August and 5,261 in September, 1938.
Station gain during the first nine months this year totaled 33,600, against
4,873 in same 1938 period.—V. 149, p. 1636.
Ohio Wax Paper Co.—Extra
Directors have declared
an extra
Dividend—
dividend of 25 cents per share in addition
to the
regular quarterly dividend of 25 cents per share on the common stock,
both payable Oct. 1 to holders of record Sept. 20.
Similar payments were
made on July 1 and April 1, last.
An extra of 75 cents was paid on Dec. 22,
last.
See also V. 147, p. 4063.—V. 148, p. 3855.
Pacific
Can
Co.—Earnings—
1938
Calendar Years—
$2,875,838
2,423,912
182,082
Sales, less returns, allowances and discounts
Cost of goods sold
Selling, general and admin, expenses—
1937
$3,199,772
2,853,072
178,996
$269,844
96,533
V
$167,704
$366,377
47,205
2,656
Operating profit
Other income
Gross income
Interest paid
Miscellaneous deductions
$250,592
16,004
2,597
13,010
7,804
29.384
California State franchise tax
9,265
2,100
45,773
Capital stock tax
Provision for Federal income tax
Provision for surtax
Other charges
on
82,888
undistributed profits..
to-date the system added 54,591 phones to its lines con¬
year; 80,515 in 1937; 66,070 in 1936 and 6,081
p. 2091.
10.589 last
149,
16,000
24,008
(net)
$235,370
$165,794
97,500
97,500
$1.21
_
_
__
$0.85
_______
Earns, per sh. on 195,000 shs. of com. stock (no par)
Balance Sheet Dec. 31, 1938
receivable, $851,295; in¬
ventories, $341,673; other assets, $173,594; capital assets, at cost (less, re¬
serve for depreciation of $694,909), $940,202; patents, $1; deferred
taxes
and unexpired insurance. $14,294; total, $2,511,379.
Liabilities—Accounts payable, trade, $78,890; Richmond Sanitary Co.
(afiliated co.), $2,234; accrued salaries and wages, $1,380; miscell. taxes
accrued, $13,137; provision for capital stock tax, $4,000; provision for
Federal income taxes, $58,000; machinery rentals collected in advance,
$5,141; common stock (195,000 no par shares), $1,571,401; earned surplus,
$777,195; total, $2,511,379.—V. 149, p. 1924.
Assets—Cash,
$190,319;
notes
and
Pacific Fruit & Produce
Company gained 4,860 stations in September of this year compared
6,767 in September 1938; 9,740 in 1937; 23,129 in 1936 and 14,236
For
to
bonds and debentures are to be
The application states that after the sale of the bonds and debentures
and the reimbursement of the treasury, the company intends, after appro¬
accounts
Co., Inc. (& Subs.)—Earnings
Consolidated Earnings for the Year Ended Dec. 31, 1938
with
in
as
applied as follows;
$5,314,718 to the redemption on May 1, 1940 of the company's out¬
standing first mortgage 26-year sinking fund gold bonds;
$2,819,610 to discharge a like principal amount of indebtedness to
American Power & Light Co., the parent company;
i
$1,288,673 to reimburse the company's treasury in part for expenditures
Common
1939—Month—1938
1939—8 Mos.—1938
Operating revenues
$17,312,663 $16,668,624 $140034,102 $135674,183
Uncollectible oper. rev__ •
80,737
108,402
581,727
722,534
Gain
Information
by amendment.
proceeds from the sale of the
Profit for year
dividends.
Co.—Earnings—
Period End. Aug. 31—
Net oper. revenues.
Privately—
Company has filed with the Securities and Exchange Commission an
(File 32-173) for exemption from the requirement of filing a
declaration in connection with the issuance and sale of $6,700,000 of first
mortgage 4% bonds, series due 1969, and $2,800,000 of 4lA% debentures,
due 1959. to be sold privately.
According to the application, $6,450,000 of the bonds are to be sold to
The Equitable Life Assurance 8ociety and $250,000 to the Massachusetts
application
be redeemable at the option of the company at any
time
event
(Del.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
ended
Period End. Aug. 31—
New
36 Weeks Ended
Weeks Ended
Sept. 9, '39 Sept. 10, '38 Sept. 9, '39 Sept. 10, '38
$551,535
$343,745
$1,167,994
$140,914
Net profit
x
7,
Rayon Corp.—Earnings—
associate companies upon the oroposed terms except upon the acquiescence
of such holders and that in some cases it may be necessary to pay current
market prices or even redemption prices therefor.
As an alternative to the disposition of proceeds
Oct.
•
Net sales
________—:____________—.$52,685,044
45.118,916
Storage and other operating earnings
Cr95,612
Selling, administrative and general expenses
6,919,310
Provision for depreciation
374,269
Cost of sales
———
_____—...
—
New York
Trap Rock Corp.;—Preferred Dividend—
Directors on Sept. 30 declared a dividend of $1.75
per share on the
preferred stock, payable Oct. 2 to holders of record Sept. 25.
A similar
paid on July 1, April 11 and Jan. 3 last. The current payment
covers the three months ended Sept. 30 and settles
preferred stock dividends
Net profit from operations
Other income
$368,161
13,702
amount was
in full to that date.
In addition the sinking fund on the
corporation's 1st
mtge. bonds under the terms of the supplemental agreement dated Jan. 1,
1935, and the participation payment
the corporation's 7%
sinking fund
gold debentures under the terms of the second mortgage dated Jan. 1, 1935,
to
correspond with the above-mentioned, were authorized and will be
provided for.—V. 149, p. 265.
on
Gross income
$.381,863
Income deductions
149,098
Provision for Federal, State and Canadian income taxes
Divs. paid or accrued on
pref. stock of
suo.
54,094
174,453
in hands of puolic..
Consolidated net income
Dividends
on
$4,218
136,000
capital stock
Consolidated Balance Sheet Dec. 31, 1938
North American
and Sale
Light & Power Co.of Common Stock—
-Proposed Issuance
The Securities and Exchange Commission announced
Sept. 29 that
company had filed a declaration (File 43-225) under the Holding Company
Act covering the proposed issuance and sale of
2,666,667 shares of $1
par
value
common stock.
It is proposed to offer 2,000,000 shares of the stock
pro rata to common
stockholders of record March 5. 1935, at $1 a
share, and the balance will be
offered pro rata to common stockholders of record March 5, 1936, at $3 a
The declaration states that the North American Co., the parent,
to waive its rights in the offerings to the extent necessary to
share.
proposes
permit the offering to be made to other
common stockholders but, in ac¬
with a decision of the U. S. Circuit Court of
Appeals for the
2nd Circuit, in August, 1939, will take up all shares not subscribed for
by
other common stockholders.
cordance
The entire net proceeds from the sale of the stock are to be devoted to
the retirement of the company's
promissory notes amounting to $4,000,000
held by the parent company.—V. 149, p. 1013.
Northeastern Water & Electric
Directors have declared
common
dividend
Corp.—Special Div.—
a special dividend of 50 cents
per share on the
stock, payable Oct. 31 to holders of record Oct. 10.
Last previous
was
the 25 cent
distribution
made
on
July 15,
1938.—V.
149,
Assets—Cash,
$771,244; customers'
accounts
receivable, $2,430,506;
other accounts and claims receivable, $170,640; advances to growers and
shippers—1938, $114,931; collateral notes and advances on merchandise in
storage, $25,886; inventories of merchandise, $3,724,402; cash surrender
value of life insurance policies, $190,601; notes receivable for sale of sub¬
sidiaries, $488,189; investment in and advances to affiliate for the purchase
of company's own stock for resale to officers and employees, $229,051;
other investments, $134,925; property, plant and equipment (net), $1,798,913; prepaid expenses, $155,970; trademarks, trade names and goodwill,
$1; total. $10,235,260.
Liabilities—Notes payable, $1,850,000; other notes payable, $64,275;
notes payaole to Palmer, Stacy-Merrill. Inc.. $31,158; accounts payaole
and accrued expenses, $1,376,855; provision for Federal, State and Canadian
income taxes, $94,687; notes payable to banks (due 1940-1943). $200,000;
employees' certificates of deposit due on demand, $100,043; 5% dividend
scrip certificates, $131,870; notes payable to Palmer, Stacy-Merrill, Inc.
(due 1940-1952, in respect of purchase of assets), $402,842; preferred stocks
of Gamble-Robinson Co. (subsidiary), $2,121,582; capital stock ($10 par),
$3,400,000; surplus, $461,948; total, $10,235,260.—V. 126, p. 425.
Pacific Mills—New
Official—
Alfred E. Colby, President of this company, announced the appointment
of Auguste Richard as Vice-President in charge of sales and
merchandising
of all divisions, to take effect Nov. 1, 1939.
He will make his headquarters
at the main sales office of the company in
New York.—V. 149,
p.
1187.
Volume
The Commercial & Financial Chronicle
149
Pacific Coast Aggregates,
Sales
Pan
Inc.—Earnings—
$1,945,221
1,508,525
55,818
revenue
Cost of sales
Selling and district general expense
Home office and corporate general expense
Sell. & admin, expense of sub
ment
1937
1938
Calendar Years—
129,270
83,144
$1,805,875
l,395,370r
53,344
121,861
49,727
2241
American Airways Corp.—To
Finance New Equip¬
by Issuing Rights—
Corporation is planning a procurement program to cost approximately
$6,000,000, consisting of six additional Boeing Clippers and 13 Douglas
DC-3s.
In making the announcement, C. V. Whitney, Chairman, said
the company
plans within three or four months to raise $6,000,000
issuance of rights to shareholders, proceeds to be used for purchase
through
of
equipment.
Delivery of Douglas planes is scheduled for late spring and early summer
of 1940, while the Boeing Clippers will not be available for 14 months to
new
Balance
Other income (net)
Profit.
$185,573
$168,463
Dr28,296
l_
-
Net loss
$210,035
24,529
180,679
$114,241
DepletionDepreciation
24,462
$140,167
25,129
229,279
_
y$4,827
two years.
"The outbreak of hostilities in Europe, resulting both in the curtailment
of competitive foreign subsidized airlines and the serious restriction of
normal
steamship services in the international field, has greatly
the need for increased facilities for passengers, mail and express on
international air routes," Mr. Whitney said.
rent
Consolidated Balance Sheet Dec. 31, 1938
$46,373; trade accounts receivable, $215,318; other cur¬
and notes receivable, $36,251; product, merchandise and
accounts
pointed out that conditions are more favorable to the firm estab¬
an ail-American air service than at any time since Pan American
He
Indicates profit.
y
Assets—Cash,
supply inventories, $192,629; insurance and other cm-rent expense prepay¬
ments, $27,462; structures, machinery and equipment, $720,379; deposit
lands and rights, $2,013,912; real estate (other than deposit lands), $247,650; investments, $52,281; deferred charges, $2,347; properties inactive or
prospectively to become inactive and to be sold or otherwise disposed of,
$132,048; total, $3,686,649.
Liabilities—Notes and equipment purchase contracts, $68,139; trade
accounts payable, $82,737; accrued expense and other accounts payable,
$61,415; indebtedness payable by future deliveries of products, $6,548;
deferred indebtedness, $138,038; deferred income, $1,896; inventory loss
reserve,
$28,000; equity of minority stockholders in subsidiary, $1,336;
common
stock (outstanding 577,111.602 shares—par value $5), $2,885,558; contributed surplus, $295,515; reduction surplus. $117,467; total,
$3,686,649.—V. 149, p. 1627.
lishment of
first undertook
to
Investors, Inc.—Earnings—
Pan American Southern
Calendar ycars*
1935
$808,439
156,988
6,194
170,000
$713,010
170,000
42,570
38,100
$1,976,810
170,000
37,000
$971,622
170,000
32,400
agents, &c
Gen. exps., incl. salaries
and taxes
26,691
27,856
27,311
13,667
71,702
65,384
61.279
Pro v. for Fed. inc. tax.
11,646
84,721
9,399
92.653
78,151
1938
Interest
Total
on
$350,439
278,648
stocks
on
5,689
bonds, &c
$634,776
revenues
Interest
on
debentures--
Research fees
Fees of trustees, transfer
Surtax
on
_
undist. profits
Net loss, before other inc. & other
$382,934
205,721
334,148
$312,167
205,721
Net income
423,923
Divs.
on
pref. stock
Divs.
on
class A stock..
Divs.
on
class B stock..
163,856
Note—The profit from sales of
securities is based upon the "first-in-first-
Balance Sheet Dec. 31, 1938
Assets—Cash, $1,304,680; accounts receivable. $35,704; investments,
$6,201,312; company's own debentures (face vlaue, $8C,000), $53,620;
prepaid expenses. $10,292; total, $7,605,608.
Liabilities—Accounts payable, $88,284; 20-year 5% gold debentures of
Pacific Investing Corp., series A, due
Packer
Corp.—Earnings—
1938
1937
$791,922
226,923
39, 986
498
$908,966
279,949
54,763
127,776
21,257
109,463
150,958
1,919
$122,884
Operating
and allowances.
expenses
Maintenance and repairs
129,568
29,976
Depreciation
Taxes
Rents
115,386
126,699
,
Selling, general and administrative expenses
Bad
debts
Operating profit
Other
7,235
income
9,040
.
2,883
25,711
$97,941
86,250
Net income.
dividends
Note—The
a
operations
$1.31
the
of unconsolidated subsidiary for
loss of $4,513, of
$i.87
year
1938
which $4,152 is applicable to the investment
of the Packer Corp.
Balance Sheet Dec. 31,
1938
$1,336,170
878,777
1937
$2,129,178
1936
$1,821,859
1,111,296
1935
$940,902
1,345,177
Gross profit on sales.-
$457,393
~~ $784,001
$710,563
$322,883
Selling, shipping, adver¬
tising & adminis. exps.
Sales----
goods sold-
surrender value of life insurance,
sidiary, $264,400; fixed assets (net), $540,647; goodwill and territorial rights,
$726,130; prepaid lease rentals, $32,180; other assets, $35,980; total,
$1 791,287.
Liabilities—Notes payable, individuals, $16,600; accounts payable,
trade, $4,976; accrued liabilities,
$5,878; provision for Federal income tax,
$35,295; accrued lease rentals, $1,910; common stock (75,000 no par shares),
$1,350,000; capital surplus, $350,959; earned surplus, $25,669; total,
$1,791,287.—V. 149, p. 421.
439,131
634,248
478,992
307,300
$18,262
$149,754
$231,571
$15,583
1,400
2,500
9,760
50,000
27,018
Reserved for Fed. taxes-
$16,862
$147^254
$191,331
$42,602
Net profit
Consolidated Balance Sheet Dec. 31, 1938
$55,835; accounts receivable, $17,022; instalment notes
receivable (unpledged), $249,204; instalment notes receivable (pledged to
secure bank loans of $88,590),
$115,070; equity in instalment notes re¬
ceivable (pledged to finance companies), $289,386; inventories, $396,477:
plant and properties (less reserves for depreciation), $242,844; deferred
Assets—Cash,
charges, $56,574; total, $1,422,413.
Liabilities—Accounts payable, $53,872; notes
Parker-Wolverine Co.—Earnings—
Net sales
$891,768
$1,349,293
$961,010
$809,498
172,354
130,296
150,307
149,914
$1,064,122
194,064
133,107
$1,479,589
$1,111,317
231,895
137,813
$959,412
198,473
$736,952
$1,033,280
$741,609
$642,331
.
Total income
...
Depreciation.--
—-----
Taxreserve
Net income
Preferred
217,646
99,435
220
dividends
691,243
com.
stock
562", 657
507.161
$297,027
$178,952
$134,951
174 276
$4.23
Balance
736,253
$45,709
Common dividends
Shares
247,836
174,276
$5.93
174,276
$4.25
174.276
$3.69
Note—The following items have been deducted
before computing the net
profit for the year: Directors' fees, solicitors' fees, and executives' salaries
of $55,678 in 1938; $56,549 in 1937; $48,242 in 1936 and $42,844 in 1935.
Balance Sheet Dec. 31
1938
$
A ssets—
Real estate,
Invest,
x
in stks.
5,059,412
subs. & allied cos
pay.
crued
&
730,000
730,000
Dividends payable
813,272
Reserves..
409,454
Advs. to sub. co-.
46,220
204,865
Investment bonds.
Mdse. inventory-Total
x
2,905.691
a
2,209.827
172.772
9,850
_
------
„„
Normal tax
profits
x
2?'?™
1,500
1,1U9
$273,884
$194,606
,
WNLLK
iiinnn
/
y270,000
111,000
and
z$20J67
—
—
Includes excess-profits taxes,
y
Consists of $180,000 paid in cash
$90,000 paid in 2% convertible debentures,
z Indicates loss.
a Less
depreciation thereon, charged to maintenance and repairs in 1934 and 1935.
Balance Sheet Dec. 31,
1938
and accounts receivable (net), $179,and other assets, $9,882; property,
inventories, $74,695; investments
plant
and
equipment
charges, $23,934; total,
(net), $460,507; deferred
$823 414
Liabilities—Accounts payable, $81,105; Federal capital stock tax, $3,600;
reserves, $4,090; 2% convertible debentures, $67,384; common stock (out¬
standing 125.734 no par
surplus, $248,301; total,
Pearson Co.,
shs.), $230,752; capital surplus,
$823,414.—V. 149, p. 1924.
$188,182; earned
Inc.—Earnings—
Calendar Years—
«9 797
Net sales
7
V*
instalm t lease contracts
Total gross income
-
Expenses and taxes
Net loss from
deductions
—
-
-
x
receivable,
inventory
'^'^iia'nqR
$uZ?'oa7
853,947
^i'iq7'9K7
1,137,267
90,223
149 ,U3»
xSol'??2
28,133
66,825
21.031
8,298
J
$70,172
x$53,188
profit,
y The year 1937 includes approximtaely
operation.
Balance Sheet Dec. 31, 1938
nine months
loss
------ —
—
Indicates
1,099,.508
^no'ooQ
I
Federal income taxes—
of wholesale
1,647,739
operations
income
Other
Lr
836,546
sold
Gross profit on sales
Finance charges earned on
216,326
hand, $60,962; instalment lease contracts
trade accounts and notes receivable, $10,121;
$367,762; miscellaneous assets, $1,287; store
Assets—Cash on deposit and on
$1,021,556;
of merchandise,
equipment (net), $320,214; deferred
charges, $13,244; total,
'
trade accounts payable, $73,114;
$12,762; accrued payroll and com¬
mission reserves. $21,473; accrued taxes, $23,117; preferred stock (par $25),
$287 575; common stock (par $1), $402,235: paid-in surplus, $118,090;
earned surplus, $625,538; discount on preferred stock, Dr.$28,757; total,
$1,795,147.—V. 148, p. 3696.
-
Liabilities—Notes payable, $260,000;
credit balances and customers' deposits,
12.757.032 12,593,28)
Dr6,115
-
$323,384
z$20,767
Common dividends._
1,145,217
146, p. 3675.
1,590
*
-
—
Preferred dividends---
Profit and loss
Total
$195,977
Cr34,732
— -
Net profit
2,276.690
Represented by 174,276 no par shares.—V.
7,706
$323,384
profits—.—
Surtax on undistributed
2,500,000
2,860,396
12,593,280
78,387
$194,387
Capitalization of items
2,470.754
2,670,004
12,757,032
102,109
$315,677
z$20/767
-——
Additional income and excess
taxes for 1934 and 1935--
2,500,000
—
23.709
Profit
property and
$1 795 147
30,564
97,318
z$30,617
advertising exp.
Operating i*ofit— —
Other income (net)
Net
Empl. stock partic.
fund
1936
$1,507,080
1,234,305
1,676,345
6,249,671
82,362
100,000
436,488
-
Sell., gen. & admin. &
Surplus
107,306
Accts. & bills rec..
6,249,671
136,256
1,071,374
Call loans
$
ac¬
liabilities-
Res. for taxes
of
Cash
Common stock..
Accts.
5,192,815
equipment
1937
$
Liabilities—
$
&
—
— —
Other
1938
1937
bldgs.,
rnach.
plant,
-
Cost of goods
out¬
standing (no par)
Earnings per share
-
sa'les..--.
1937
$2,094,132
1938
$1,151,163
1,084,462
Calendar Years—
400"
1935
1936
1937
1938
Calendar Years—
Investment income
88,590;
payable (bank),
credit balances, $6,049' accrued liabilities, $30,334; reserves,
$139,396; $6 cumulative preferred stock, $993,500; common stock (no par,
29.004 shares outstanding), $29,004; surplus, $81,668; total, $1,422,413.
—V. 149, p. 1033.
customers'
Assets—Cash, $74,997; trade notes
Page-Hersey Tubes, Ltd.—Earnings—
Operating profit.
618,019
Net profit on opers
Other inc. less oth. exp-_
Prof it before Federal taxes
1938
$101,353; accounts receivable, customers, $66,796; cash
$23,800; investment in and due from sub¬
Assets—Cash,
$0.17
Nil
Pressing Machine, Inc. (& Subs.)—Earnings—
Calendar Years—
$140,220
112,500
Earnings per share on 75,000 capital shares._
resulted in
x$578,009
683,214
stk. (par$l)__
5,990
29,295
Interest expense
Provision for Federal income tax
Common
$171,921
$130,119
cap.
$9,630,820; fixed assets (net), $3,341,604; prepaid and deferred charges,
$55,245; other assets, $6,873,024; total, $27,034,175.
Liabilities—Accounts payable, $389,568; accrued liabilities, $571,936;
provision'for Federal income tax. $17,276; capital stock ($1 par), $3,416,069;
paid-in surplus, $25,166,258; deficit, $2,526,931; total, $27,034,175.—V.
146, p. 3675.
Cost of
Total income
3,416,069 shs.
Consolidated Balance Sheet Dec. 31, 1938
$162,881
Calendar Years—
Gross sales, less discounts, returns
$256,558
-—
-
—
on
Assets—Cash, $912,771; U. S. Govt, securities, $669,344; municipal
securities, $166,950; short-term commercial notes, $1,645,870; notes and
accounts
receivable, $1,288,151; inventories, $2,450,396; investments,
Jan. 1. 1948, $3,480,000; $3 cumula¬
tive preferred stock, $685,737; Class A common stock ($1 par). $163,856;
class B common stock ($0.10) par), $53,686; capital surplus, $1,395,562;
earned surplus, $1,738,482; total, $7.605,608.—V. 149. p. 585.
81,770
1,272
...
Indicates profit.
x
Cost of
out" method.
108,458
17,276
—
Prov. for surtax on undistributed profits
x$769,509
118,655
Other charges.
Prov. for Federal income tax.
398,715
$120,626
Pantex
$616,125
308,581
$1,546,455
205,721
377,940
256,761
x$370,794
$544,549
charges
Loss
38,006
__
1*038
193#
$11,015,415 $11,787,800
11,559,964
11,417,006
Other income
Earns.per sh.
1936
$1,592,331
368,416
16,063
Dividends
Corp. (& Subs.)—Earnings—
1
Sales, less cash discounts, returns & allowances
Cost of sales & operating expenses.
Dividend paid
1937
$350,488
350,902
11,620
Years End. Dec. 31—
Profit from sales of sec__
subsidized
1771.
the competitive advance of European
meet
airlines in the Latin-American field more than lOyearsago.—V. 149,p.
Net loss for the year
Pacific Southern
advanced
America's
2242
The Commercial & Financial Chronicle
Lehigh Coal & Navigation Cons.
Penna.
Railroad
Serial
Secured
7,
at
prices to yield from 2.40% to 2.90%, according to
turity.
1954
4s,
Oct.
1948-1962
Philadelphia Electric Co. Common Stock
Philadelphia Suburban Water 6% Preferred Stock
Philadelphia Comoany $5 Preference Stock
ma¬
The certificates are dated Oct. 1, 1939 and mature $591,000 each Oct. 1
from Oct. 1, 1940 to Oct. 1, 1954, both dates inclusive.
Dividends payable
A. & O.
Principal and dividends payable at office of the trustee in Phila¬
delphia, or at option of holder at its agency in New York (which
,
agency
may be the office of Pennsylvania RR.).
Certificates to be issued in bearer
form in the denom. of $1,000. registerable as to
principal only.
To be
issued under the Philadelphia Plan.
Trustee,
YARNALL & CO.
Members New York Stock
Exchange
N. Y. Telephone—Whitehall 4-4923
A. T. & T. Teletype—Phla 22
1628
Walnut St.,
1938
Total
-
on
gross
cost
excl.
1937
sales.
...
1936
1935
$483,805
35,079
revenue..
of
$551,016
$520,125
$518,884
260.762
264,784
253,211
—
......
$481,063
revenue,
Sell., gen. & adm.
234,003
Peoples Water & Gas Co.—Acquisitions, &c.—
Power Co. of
$247,060
102,692
$290,253
102,380
$255,341
112,812
$265,674
95,984
$144,368
3.851
$187,873
$142,530
3,072
8,682
$169,690
8,724
$148,219
8,254
92,634
$190,945
19,908
82,573
$151,212
$178,414
8,518
81,484
463
461,799
1,802
$46,868
17,996
exps.
$86,662
55,725
joint and combined application (File 32-174) under the Holding
Company
Act covering a series of transactions under which it is
proposed that Peoples
Water
depreciation)
income—sundry..
Total income
Deductions from income
Depreciation
Prov. for Fed. inc. taxes
Net profit
'.
pref. stock
Balance Sheet Dec. 31,
(David) Pender Grocery Co.
Years Ended—
Dec. 31, '38
Sales (net)
.$17,930,956
Cost of sales, selling, de¬
livery,
—
42,959
Jan. 2, '37
$13.08
17,417,306
16,656,553
$193,851
105,328
$283,546
$116,610
21,412
$299,179
26,473
$174,834
23,136
14.988
Federal and State income
taxes
(estimated)
20,400
50,069
Net inc. for the year..
Divs.—Class A stock
$224,557
$206,863
Divs.—Class B stock.._
$74,798
97,968
32,535
Federal surtax
divided profits
on
26,500
15,774
97,968
97,968
$125,197
97,968
32,535
Balance Sheet Dec. 31, 1939
Assets—Cash, $308,464;
notes and
accounts
receivable (net), $109,657;
prepaid expenses and deferred charges,
$163,775; investments, $.3,517; cash surrender value of
life insurance
policies, $26,304; deposits in closed
banks, $610; property, plant and
equipment (net), $900,670; goodwill, $1;
total, $3,115,944.
Liabilities—Accounts payable and accrued expenses,
$678,016; accrued
dividends (class A stock),
$8,164; Federal and State income taxes (esti¬
mated) $44,000; reserves for insurance,
$8,149; capital stock (30,207 class A
shares,
65,070 class
13
shares), $1,517,065; earned surplus,
$900,940;
treasury stock (2,216 shares of class A stock at
cost), Dr. $40,391; total,
$3,115,944.—V. 149, p. 884.
^^k^dise inventories, $1,602,946;
,
Pennsylvania Power
Period End. Aug. 31—
Gross revenue
...
Operating exps. & taxes.
Prov. for depreciation__
&
Earnings-
1939—Month—1938
$338,822
$320,982
201.598
234,803
1939—12 Mos.—1938
$4,221,268
$4,0,31,205
2,890,717
2,887,181
380,000
324,000
27.000
$59,179
$950,551
27,336
other
34,000
$103,224
Gross income
Interest
Co.
.25,748
286,852
Net income
Dividends on pref stock.
Amortization
of
pre¬
$33,431
17,292
$663,700
245,504
$500,588
207,508
ferred stock expense.
3,300
_
$820,024
19,799
$55,088
$16,139
$398,396
$293,080
Pennsylvania Power
&
term investments
Light Co.
Earnings—
1,127
_
Net oper. revenues
Other income
(net)
on
Int.
on
12,504
6,458
218,333
2,836,667
2,686,667
$1,912,853
7,752
Gross income
Int.
1 006
229,167
re¬
appropriations.
$1,920,605
mortgage bonds.
debentures
Other int. and deduc'ns.
Int. charged to construe.
406.250
87,917
69,242
Cr 1,049
$1,088,105 $14,644,056 $13,773,899
8,497
115,779
160.409
$1,096,602 $14,759,835 $13,934,308
453,750
5,397.500
5,445,000
50,000
637,917
600,000
6,425
365.674
194.711
Crl25
VrS ,720
Crl 1,516
Net income
$lj358,245
$586,552
Dividends applicable to
preferred stocks for the
period, whether paid or unpaid
Balance..
$8,367,464
$7,706,113
3,846,546
$4,520,928
-
3,846,536
$3,859,567
on
♦
RR.—Equip.
Trusts
Offered—A
banking
headed by Salomon Brothers & Hutzler and
including
Stroud & Co., Inc., Dick &
Merle-Smith and E. H. Rollins
& Sons, Inc., on
Sept. 29 were awarded $8,865,000
group
equipment trust certificates, series J,
The
meeting
are
summarized
To increase the
(1)
Pittsburgh
the company's capitalization
as
follows;
authorized
capital stock of the company in an
par value or stated capital
by creating and authorizing a new class of preferred stock.
This stock will
be entitled to cumulative dividends and will have
priorities as to divi¬
dends and. in the event of liquidation, to assets over the
present classes
of preferred and preference stocks
outstanding.
(2) To increase the authorized indebtedness of the company to $100.000,000 so that the aggregate indebtedness at any one time
outstanding,
whether represented by bonds or other evidence of
indebtedness now out¬
standing or hereafter issued, may be any amount not exceeding such sum.
(3) To change or alter the voting rights of the holders of any or all
of
the
in such
shares
of the
a maimer
as
$65,000,000 in aggregate
company's authorized
be specified.
or
outstanding capital
stock
may
(4) To reduce, by an amount to be determined, the stated
capital
applicable to the authorized common stock of the Philadelphia Co.,
without changing the number of shares, and to reduce the
5% Preferred
stock in the amount of $1,426,600 by
canceling and retiring 142,660 shares
of such stock now held in the treasury of the
company.
(5) To authorize directors, upon the approval of shareholders, to create
a capital surplus,
against which charges against surplus may be made.
The company has outstanding, in addition to its
$60,000,000 of 5%
secured bonds, 1,585 shares of 5% non-cumulative $10
par preferred stock;
491,140 shares of 6% $50 par cumulative preferred stock: 100,000 shares
of no-par cumulative preference stock, and
.53,868 shares of 5% cumulative
preference stock.
Total preferred stock capitalization amounted to a
par
or stated amount of $87,965,279 on June 30, 1939.
The company contemplates that, upon
approval of the program by
stockholders, public distribution of the new securities will be made, market
conditions permitting, by an underwriting syndicate headed
by Kuhn,
Loeb & Co. and Smith, Barney & Co.—Y. 149,
p. 2095.
Philadelphia Electric Co.—Files for $10,000,000 Notes
Preferred Stock—
and 50,000 Shares of
The company filed Oct. 5 an application with the Securities and
Ex¬
change Commission covering the issuance and private sale of $10,000,000
of 2%% promissory notes maturing serially from 1940 to
1949, and 50,000
no
par
value $4.25 dividend nreferred stock.
The securities
are to be sold privately to life insurance
companies as fol¬
Insurance
Co.
of America.
$8,500,000 notes, 25,000
of preferred stock; Penn Mutual Life Insurance
Co., $1,500,000;
New York Life Insurance Co., 25,000 shares.
Prudential
The proceeds from the notes, together with other funds of the
company,
will be applied to the payment at maturity of
$10,000,000 of \XA% sixmonth promissory notes, maturing on Oct. 26, and held
by certain banks.
The proceeds from the preferred stock will be used to reimburse
the
company in part for expenditures for
acquisitions and improvements to its
utility plant, and to provide additional working capital.
The company is
part of the United Gas Improvement Co. system.—V.
a
149,
p.
743.
Philadelphia & Reading Coal & Iron Co.—Judge
Kirkpatrick Succeeds in Charge of Reorganization Proceedings—
U.S. District Judge William H. Kirkpatrick will
supervise the reorganiza¬
tion proceedings of the company under Section
77B, taking the place of
Judge Oliver B. Dickinson who died Sept. 16.
Judge Kirkpatrick set Nov. 9 for the hearing of several "minor" matters
in the case, but fixed no date to consider the
major problems of the solvency
or insolvency
of the company and whether the trustees or an examiner
should be appointed in place of its present management.
He said he wanted
to give some study to the whole case before
going into these vital proposi¬
tions as he is not very familiar with the complex situation.—V.
149, p. 2095.
Corp.—Stock Distribution—
A distribution of 25,000 shares of no
par Consolidated Oil Corp. common
stock is being made, as of Oct. 10, 1939 to stockholders of this
corporation,
in liquidation, of record at the close of business
April 10, 1939.
The dis¬
tribution is being made at the rate of 1-100 of a share of
Consolidated Oil
common for each share of no
par value stock of Pierce Petroleum.—V.
148,
p.
2911,1654.
Pittsburgh Plate Class Co.—New Secretary—
Howard B. Brown of Philadelphia has been made
Secrerary of this com¬
pany, succeeding the late Carl 8. Lamb, it was announced on
Sept. 27 by
H. 8. Wherrett, President.—V. 148, p. 1972.
Pleasant Valley Wine
2%%
on
bid of 99.1187.
first five and the last five maturities were
placed pri¬
vately.
The middle five maturities were reoffered Sept. 30
Sept. 30, 1938.—V. 148, p. 3238.
proposals authorizing changes in
Pierce Petroleum
x
a
result of refinancing
recently undertaken by the company, a
credit adjustment of
$833,122 was made in August, representing cancella¬
tion of Federal and State
income tax accruals made for the first seven
months of 1939.
No accruals were set aside for
these taxes in August,
and none
probably will be required during the balance of the
year.—V. 149,
J)#
Pennsylvania
on
Co.—Financing Planned—
shares
....
Property retirement
Dec. 31, 1938; and $13.05
consist of the
debentures and
lows:
Period End. Aug. 31—
1939—Month—1938
1939—12 Mos.—1938
Operating revenues
$3,059,257
$3,132,346 $39,144,999 $38,494,916
Oper. exps., incl. taxes.
x916,110
1.824..902 x21,651,772
22,027,882
Amortization of limited-
serve
vote
shares of
Balance
—V. 149, p. 2753.
and
$25,000,000 preferred stock, convertible into common stock of the Duquesne Light Co., main
operating subsidiary of the Philadelphia Co.
The presently outstanding 5% bonds are secured
by all of the outstanding
2,152,828 common shares of Duquesne Light.
It is planned that the
new debentures also will be secured
by the Duquesne Light equity.
How¬
ever, through the conversion features of the financing program, it, is expected
that a portion of the Duquesne Light common stock
will be distributed
to the public.
Proposals which stockholders will be asked to approve at the special
319,436
$75,888
17,500
fixed
charges
on
amount not to exceed
44.000
Est.
owned
and amendments to its by-laws.
According to present plans, the financing probably will
issuance and sale of approximately $40,000,000 of new
$74,090
100,744
Miscellaneous charges._
presently
The company announced Oct. 5 that a
special meeting of stockholders
been called for Dec. 5 at the
company's headquarters in
to
15,542,123
loss$ 1,645
118,255
properties
has
$16,850,404 $15,616,213
$165,657
117,889
gas
Corp. of America—Asset Value—
Philadelphia
administration
17.765.299
acquire the
The company reports as of Sept. 30,
1939, a net asset value of $13.38
share on 1,944,700 shares of capital stock
outstanding at that time.
This compares with net asset values of $10.78
per share on June 30, 1939;
Dec. 28, '35
Net operating profit..
Miscellaneous income
will
per
Earnings
and general expenses.
Gross income
Co.
Petroleum
1938
$17,415,661
Gas
Co. and West Coast Power Co. of
Oregon are wholly-owned subsidiaries of
Peoples Light & Power Co.—V. 149, p. 1336.
$61,209 loss$326,344
37,150
Jan. 1, '38
&
operated by Mississippi Public Service Co. in the State of
Minsissippi and
that West Coast Power Co. of Oregon will
acquire the water properties
presently owned and operated by Peoples Water & Gas Co. in the States
of Washington and Oregon.
All of the outstanding common stock of
Peoples Water & Gas Co. is held
by Federal Water Service Corp., which is a direct
subsidiary of Utility
Operators Co.
West Coast Power Co. of Del.,
Mississippi Public Service
Assets—Cash, $51,950; accounts and notes receivable,
$20,672; inventor¬
ies, $26,943; other receivables, $96,834; investments and
advances, $67,772;
coin operating
machines, $1,046,749; finished parts, $72,557; fixed assets
(net), $20,375; deferred charges, $11,572; patents, $1;
total, $1,415,425.
Liabilities—Accounts payable, $39,371; notes
payable, $6,250; accruals,
$5,609; reserve for loss from fire and theft of
weighing and vending ma¬
chines, $1,845; reserve for contingencies,
$110,000; $3 non-cum. pref. stock,
$719,700; common stock (par $1), $97,208; capital
surplus, $348,661;
earned surplus, $86,780;
total, $1,415,425.—V. 146, p. 3813.
---
principal
The Peoples Water & Gas Co., Peoples
Light & Power Co., West Coast
Del., Mississippi Public Service Co. and West Coast Power
Co. of Oregon have filed with the Securities and
Exchange Commission a
(be¬
Other
on
to
Ripley & Co., Inc.,
First Boston Corp., 98.95: Evans, Stillman &
Co., 98.527, and
Halsey, Stuart & Co., Inc., 97.6777.—V. 149, p. 2094.
Net oper. profit (before
!
Divs.
as
99.026;
'
of deprecia'n...
Gross oper. profit
fore deprecia'n)
guaranteed
These certificates are to be issued pursuant to a lease and
agreement
to be dated Oct. 1, 1939, which is to provide for the
issuance of $8,865,000
of equipment trust certificates.
New equipment estimated to cost $11,820,000 is to be subjected to the terms of the lease and agreement.
Other bids submitted for the issue were Harriman
-Earns.
$486,779
33,346
from machine
earnings
Gross profit
Direct
The certificates are to be
unconditionally
and dividends by Pennsylvania RR.
Weighing & Vending Machine Corp.
Years—
Calendar
rev.
State of New York.
Philadelphia
Peerless
Gross
Fidelity-Philadelphia Trust
Co., Philadelphia, Pa.
Legal investments, in the opinion of counsel, for savings banks in the
Period Ended July 31—
x
Net loss
y
Earnings
x
per
share
Co.—Earnings—
1939—3 Mos.—1938
$8,852
$851
Nil
Nil
After taxes, depreciation, &c.
y
1939—9 Mos.—1938
prof$25,120
prof$9,564
$0.10
On capital stock.—Y. 149,
$0.04
p. 267.
Volume
The Commercial & Financial Chronicle
149
2243
Puget Sound Power & Light Co. (& Subs.)—Earnings
Pittsburgh Thrift Co.—Smaller Dividend—
12 Months Ended Aug.
Company paid a dividend of 15 cents per share on its common stock, on
Sept. 30 to holders of record Sept. 10.
Regular quarterly dividend of YlYi
cents per share was paid on June 30, last.—Y. 147, p. 3920.
Operating
31—
revenues
x
Balance after operation, maintenance and taxes.
y
Balance for dividends and surplus
Plymouth Oil Co.—Acquisition—
Portland Gas & Coke Co.
Net
revs,
1936
1935
$3,191,942
2,651,890
$731,915
Dr3,654
$666,740
Dr4,488
$540,052
Dr2,295
$759,565
487,250
54,373
$728,261
487,250
48,914
$662,252
487,250
51,232
$537,757
487,250
48,427
Cr634
from oper__
Other income
Crl27
$762,240
(net).
Gross corporate inc...
Int. on mtge. bonds
Other int. & deductions.
Int. charged to construe
Net income..
Divs.
on
Divs.
on
-Earnings—
L»r2,675
.
Balance, surplus.
$141,773
•
Reduces Bank Loan to $4,000,000—
Corporation by payment of $1,000,000 cash on May 26, reduced the
\%% bank-loans, due in 1941, to $4,000,000, the company
reported to the Securities and Exchange Commission in a statement released
Oct. 3 by the New York Stock Exchange.—Y. 149, p. 1036.
■
—
—
_
Railway Express Agency, Inc.—Earnings—
$2,333
$123,770
Balance Sheet Dec. 31
1938
1937
7%
Inv. & fund accts.
6%
5,207
7,515
Cash In banks (on
Liabilities—
x
demand)
cum.
($100
S
pref. stk.
Notes receivable.
Total revs, andincome$l 1,634,801 $10,447,091
Operating expenses
7,338,915
8,282,538
Express taxes...
493,297
546,094
5,458,000
5,458,000
par)
pref. stk.
871,200
871,200
Common stock..
3,513,000
6,000,000
cum.
796,887
509,206
Long-term debt
10,045,000
238,427
Accounts payable.
206,165
171,157
Customers' depos.
42,680
41,968
663.354
Interest
10,045,000
241,666
Special deposits.
Period End. July 31—
1939—Month—1938
1939—7 Mos—1938
Charges for transpt'n...$l 1,391,018 $10,218,814 $92,891,710 $84,304,780
Other revenues & income
243,783
228,277
1,606,285 ,
1,542,675
1937
1938
Assets—■
S
Plant, prop., fran¬
chises, &c
21 ,941,954 24,183,203
673,115
810
_
receivable.
799,467
932", 549
Accrued accounts.
Mat'ls & supplies.
Prepayments
213,637
229,359
Misc.
liab...
3,587
11,673
Matured interest..
4,752
3.877
12,932
12,201
Consign, (contra).
Consign, materials
curr.
Deferred
651
(contra).
Reacq. cap. stock.
Deferred charges..
59,500
59,500
50,511
94,817
credits.
Contrib.
in
x
...24,129,016 26,279,102
Represented by 305,130
par
no
Total
L.
2,343,853
793,344
656,035
24,129.016
.....
shares in
26,279,102
and 330,000
1938
no
par
The directors have declared a dividend of 75 cents per share on the $6
cumulative preferred stock, no par value, payable Oct. 15 to holders of
This compares with 50 cents paid on July 15; April 15 and
Jan. 15, last; dividends of 75 cents were paid on April 15 and Jan. 15, 1938,
per
share were dis¬
tributed.—V.
Postal
Telegraph & Cable Corp.—Appeal Date Set—
The United States Circuit Court of Appeals, Oct. 2. as a "matter of
public policy" granted the application of counsel for the Lehman bondholde.s' protective committee for a preference date for argument of the
appeal from confirmation of the reorganization plan taken by the Com¬
mercial Cables Staffs Association, a union.
The court directed that argu¬
ment
be
heard
on
Oct.
13.
Because the
case
is listed far
down
on
the
general calendar it would not ordinarily be reached before the middle or
end of November.
Bondholders Deny Employees Are Creditors of Company—
A brief denying that members of the Commercial Cable Staffs Associa¬
were creditors of the corporation was filed
Sept. 29 in the Federal
tion
Circuit Court of Appeals by Javits & Javits, counsel to the Stewart com¬
mittee for Postal bondholders.
Counsel for the employees association have
filed
an appeal from a Federal court ruling that the plan of reorganization
for Postal should be consummated.
The brief filed Sept. 29 asserted that the employees were not in any way
aggrieved by the plan, and denied that the International Telephone &
Telegraph Corp. was receiving preferential treatment.
It also denied the
contention that the new company which is to be formed for management of
Postal's land lines would be left without adequate working capital.—V.
149, p. 2096.
Power Corp. of Canada,
1938, increase of 10,167,162 kwh. or 5.3%.
This was the
reported.—V. 149, p. 1628.
(Geo. E.) Prentice Mfg. Co.—Extra Dividend—•
an extra dividend of 50 cents per share in addi¬
dividend of 50 cents per share on the common
stock, par $25, both payable Oct. 15 to holders of record Oct. 1.
Extra of
$1 was paid on July 15, last, and on Dec. 15, 1938.—V. 149, p. 267.
Gross income
$2,414,348
1,931,353
$4,361,183
2,865,403
$482,994
$1,495,780
1938
$2,397,849
477,355
302,152
92,171
—
CY716
$1,526,172
J 4,855
\ 15,874
$1,654,302
$1,546,901
20,737
263,883
33,001
263,883
805,854
$1,653,586
the period
Total
-
Cash dividends paid—On preferred stock
On common stock
805,854
~
$563,829
6,062,545
Surplus, July 31
Earnings per share
stock (nopar)...
After
268,618 shares
$6,062,545
common
$5.18
$4.70
depreciation, charges and provision for doubtful accounts, bu*>
$903,916
x
;
on
$444,164
5,618,381
$6,626,374
Surplus
Surplus, July 31
$3,818,429
2,914,513
$921,461
377,998
—
undistributed profits.-
Provision for possible further tosses on investment
in and advances to foreign subsidiaries.
— _
$4,207,360
Dr388,931
$2,813,673
1,892,212
1939
$2,628,489
596,905
—
Adjustment of reserves for taxes, prior years.
1
Adjust. of reserve for deprec. of certain fixed assets J
Period End. Aug. 31— 1939—8 Mos.—1938
1939—12 Mo.?.—1938
Operating revenues
$10,532,080
$9,332,635 $15,734,266 $14,311,751
Oper. exps. and taxes
7,536,946
6,719,828
11,089,879
10,104.391
Interest & otherreducts.
on
Net profit for
Indiana—Earnings—
$4,644,387
Dr283,204
of the
Union—SEC Drops Bond
Service
Net profit from operation
Federal surtax
Series D bonds are callable at 107K to Mar. 31, 1941, 107 to Mar. 31,
1943, 106H to Mar. 31. 1945, 106 to Mar. 31, 1947, Y)b}4 to Mar. 31,
1949, 105 to Mar. 31. 1951. premium y2% less each year to Mar. 31, 1960.
Call price 100 M Apr. 1. 1960 to Mar. 31, 1961.—V. 149, p. 2096.
$2,612,808
Drl98,460
Water
8tate franchise, &c., taxes
Federal normal income taxes
Light Co., St. Albans, Vt.—Bonds Sold
Privately. The company in August sold privately $2,165,000
1st mtge. 3%% bonds series D, due April 1, 1961.
Proceeds
were used to retire outstanding bonds ($2,100,000) on Aug.10
$2,995,134
Drl81,461
President
Co.—Reorganization Plan—
Years Ended July 31—
Public Electric
/>
former
Royal Typewriter Co., Inc. (& Subs.)—Earnings—
Co.—Registers with SEC—
of this department.—V. 145, p. 4126.
x
Net operating income.
Otherincome
and
officer
The Securities and Exchange Commission dropped Sept. 29 its proceed
ing to determine whether the registration of Rhine-Ruhr Water Service
Union 25-year sinking fund 6% external gold debentures of 1953 should be
suspended or withdrawn.
The Commission said the company has now
filed its annual reports for the years ended on Dec. 31, 1936, and Dec. 31,
1937, failure to file which was the basis for the proceeding.
The German name of the registrant is Wasserwirtschaft Im RheinischWestfalischen Industriegebiet (Ruhrkohlensezirk) G. m. b. H.—V. 144,
p. 1975.
12th
Directors have declared
Public Service Co. of
executive
Case—/
tion to the regular quarterly
Protective Indemnity
s,
chief
Rhine-Ruhr
Ltd.—'Monthly Output—
successive monthly increase to be
See list given on first page
Baldwin,
The reorganization plan, if approved by stockholders, will be declared
operative by Judge Lederle early in October, he indicated.—V. 149, p. 2097.
Power production of affilated and subsidiary companies of this company
for August amounted to 203,311,723 kwh. against 193,144,561 kwh,. in
August,
W.
Reo Motor Car
Light Co.—75-Cent Preferred Dividend—
previously regular quarterly dividends of $1.50
149, p. 422.
53,599
Judge Arthur F. Lederle of the U. S. District Court, Detroit, has approved
apian for reorganization of the company subject to approval of stockholders
at a special meeting to be hold as soon as possible.
The plan provides that stockholders exchange their shares for voting
trust certificates of a new corpqration to be formed, to acquire all assets
and assume all present liabilities.
A $2,000,000 loan is to be secured from
the Reconstruction Finance Corporation for working capital with a proviso
that three trustees, appointed by the Court, remain in control of the corpo¬
ration's operations until the loan is repaid.
Claim of preferred and secured creditors will be taken over by the new
corporation and their status not affected.
Unsecured commitment claims
for materials ordered by the corporation and not accepted amounting to $500
are to be paid in cash immediately.
Other unsecured claims will be paid
as the trustees dispose of certain segregated assets valued at approximately
$1,837,000.
The three trustees whom Judge Lederle has indicated will be appointed
are:
John W. Miner, Jackson, Mich., banker and attorney; George B,
Judson, President of the Warbeek Bank, Detroit, and Otto C. Sey erth,
President of West Michigan Steel Foundry Co.
The voting trust certificates are to be listed on the New York Stock
Exchange and the voting trustees are to name the first board of directors
of the new company and turn the corporation over to the board after the
RFC loan is fully repaid.
A cost analysis and financial program for the reorganized company pre¬
pared by Theodore I. Fry, trustee appointed by the Court, indicated that
the company on its new basis could break even on sales of 5,000 trucks
annually and would be showing a substantial profit on annual sales of 6,600
units
He said that Reo produced and sold 7,000 units in 1938 and 13,500
in 1937.
record Oct. 2.
and
939,538
162,423
547,455
$31,304,439 $25,958,267
viously E. M. Durham, chief executive officer of the Chicago Rock Island
& Pacific Iiy., had been elected to the position but he found that his duties
with the Rock Island prevented him from assuming the post.—V. 149,
p.
1486.
shares in 1937—V, 149, p. 2096.
Portland Gas &
134,342
6,476
$2,474,061
Payments to rail and other carriers—express privileges.
revenue
Missouri Pacific RR,, was on Sept. 26 elected a director of this company.
He succeeds A. D. McDonald, President of the Southern Pacific Co.
Pre¬
2,518,808
surplus
80,995
8,847
$2,716,327
Rail transp
New Director—
9,385
190
construction
on
x
of
Reserves
Earned
Total
aid
"8", 936
discount
$94,497,995 $85,847,455
58,741,453
55,212,869
3,574,358
3,851,050
x
651
_
&
funded debtOther deductions-
4,801
6,444
Misc. curr. assets.
Accts.
•
amount of its
v
.
$38,618
'
,
non-exclusive licenses for television and broadcast transmitters and for its
$2,333
$123,770
:■
for
:
,
other fields of business.
Neither corporation acquired any right to grant
sub-licenses to third parties under the patents of the other corporation.
CY253
$192,224
134,962
18,643
$218,576
67,481
9,322
7% pref. stock.
6% pref. stock.
•
Corporation and Farnsworth Television & Radio Corp. announce that
they have entered into patent license agreements whereby each party has
acquired the right to use the inventions of the other in the fields of television
and in other fields of their respective businesses.
Radio Corporation
acquired a non-exclusive license under the patents of the Farnsworth Corp.
for television receivers, for television transmitters and other radio and sound
recording and reproducing apparatus.
The Farnsworth Corp. acquired
a standard, non-exclusive license for broadcast and television receivers and
electrical phonographs under the patents of Radio Corp., and also other
produced.—V. 149, p.
$3,266,799
2,600,059
$3,444,225
2,681,985
.
_.
appropriations
After
the property at once.
on
1937
$3,400,133
2,668,218
1938
Operating revenues.__
Oper. exps. (incl. taxes).
y
-Conclude Patent License Agree-
Radio Corp. of Americaments—
Plymouth will begin active drilling operations
The purchase was for cash and payment out of oil
1628.
non-operating income
(net).
149, p. 1926.
retirement reserve.—V.
feet-
Calendar Years—
Includes
x
Company has acquired the property of Cascade Petroleum Co. in the
Bennett field of Yoakum County, Texas.
The property consists of 1,040
acres and contains two wells which are producing from approximately 5,200
1939
1938
$16,314,699 $16,131,991
7,249,432
6,839,189
2,041,311
1,518,772
before provision for taxes.
Net income-..
—V. 149, p.
Consolidated Balance Sheet July 31
1772.
Public Service Electric & Gas
Co.—Earnings—
Cash
Earnings for the 12 Months Ended Aug. 31, 1939
Operating revenues.
$ 102,581,345
—- —
i
------
Depreciation
.
Taxes
_
—
v
m
f
Inv.
Income deductions
A
adv.
Net income-.-
—
-
—
interest, amortization of discount,
deductions from income.—V. 149, p. 1189.
and
taxes,
571,496
532.413
Sals., wages, Ac..
143,355
69,246
32,120
32,004
3,769,750
3,769,750
A
3,207,940
3,452,790
2,312,850
166,248
goodwill.------
Fed.,
munic.
coupons.
Cum.
Real estate, ma¬
$36,583,251
8,135,248
$
State
Unredeemed mdse.
264,630
pref.
—
-—.
stock
(par $100)z
268,618
268,618
6.626,374
6,062,545
Total--— —11,716,218
10,939.962
Common stock..
Surplus-
Patents, licenses A
miscellaneous
61,922
321,091
Def. chgs. to exps.
$28,448,003
rentals
97,689
Acer.
4,141,279
3,806,894
297,513
Total
x^Bond
—
1,479,043
to
1
—
954,956
chinery & equip. 2,250,945
$35,744,136
839,115
Gross income...
x
in
—-
143,464
Commis'ns payable
Liabilities—
accts.
foreign subsid's-
19,226,471
-
\
A
1938
206,814
$
in
receivable....__
Inventories—.
y
Total utility operating income
p To
Otherincome (net)
Drafts
x
33,170,780
6,815,978
7,623,980
—
_____
hand,
banks & in trans,
—
Operating expenses
Maintenance--
on
1938
s
1939
Accounts payable.
1939
Assets—
'
1
l
—11,716.218
10,939,962
After reserve for doubtful accounts,
y After reserve for depreciation
$3,084,913 in 1939 and $3,201,001 in 1938.
Represented by 268,618'
ncf par shares.—V. 149, p. 887.
x
of
The Commercial & Financial Chronicle
2244
Reynolds Investing Co., Inc.—Oct. 1 Coupons—
Company paid a stock dividend
to holders of record Sept. 25.—V.
Shaler Co.
On the other hand, this
Roan Antelope
Copper Mines, Ltd.—Final Dividend—
Company declared final common dividend of 3 pence on each five shilling
common stock, less tax at estimated rate of 3s. 8Kd. in the pound.
meeting and payment of dividend will be announced
later.—V. 149, p. 1190.
Oct. 2
on
Earnings for 8 Months Ended Aug. 31, 1939
1338.
p.
of 100% on the common stock
148, p. 3542.
(& Subs.)—Earnings—
notice should not be taken to indicate that such future interest will not be
paid."—V. 149,
7, 1939
Shakespeare Co.—Stock Dividend—-
Interest coupons on the debentures, dated Oct. 1, was paid.
The trustees
John Gerdes and James D. Carpenter Jr., said that "payment of interest
at this time should not be taken as an assurance that interest coupons due
April 1, 1940, and subsequently, will be paid.
Oct.
.
Net income after all charges
Earnings per share
—V. 149, p. 123.
$72,692
$0.53
99,849 shares class B stock
on
unit of
Date of annual
Years End. Aug. 31—
Co., Ltd.-
1939
593
36,975
38,000
31,584
2,428
5,145
30,988
27,808
30,000
39,000
3b"000
648
26,782
$161,558
40,2.50
54,000
loss$17,972
$107,675
40,250
36,000
$112,301
40,250
33,000
$67,308
411,333
Net profit
Preferred dividends
Common dividends
Surplus
Previous surplus
Profit and loss balance
Total income.
def$94,222
505,555
$39,051
466,504
$31,425
x435,079
$88,117
53,906
$102,239
$102,031
11,043
106,872
loss$37,702
10,456
108,181
$102,632
12,226
118,457
2,162
$30,325
28,807
$411,333
393
paid & accrued-
1,162
148
$142,023
12,653
112,652
x5,045
152
$156,487
prof$ll,521
Federal capital stock tax
on Canadian divs_-
______
Tax
Loss
x
-
Federal surtax
undistributed profits and
on
40,250
36,000
$505,555
112
Federal capital stock tax.
Balance Sheet Aug. 31
1939
Assets—
Investment--
Liabilities—
1938
y$2,928,285 $2,623,861
payable
360
360
218,621
-
-$4,199,000 $4,273,000
Reserve tor capital
640,014
divs. receivableCash
stock
441
tax
Accr'd int. payable
$466,504
1938
1939
Debent. and notes
Accrued interest &
333
115,200
57,600
67,033
107,345
Z>rl,100,342
Dr959,354
Deficit
$478,641
1936
$59,237
Joss96,939
Unrealized apprec.
After income tax adjustment.
x
1937
$67,730
34,301
$17,046
Administrative expenses
Interest
821
Bond premium
Income tax
Trust—Earnings—
1938
1939
Net prof, on secur. sold.
$210,628
5,000
$211,711
.
5,000
Bond interest
Depreciation
Investment
1936
1937
$53,278
5,000
1,502
34,100
5,000
Degal fees
Earnings—-
1938
$273,127
Officers' remuneration-_
Bank
_
St. Lawrence Flour Mills
Net operating profit
Directors' fees
Shawmut
6 Mos. End. Aug. 31—
Interest and dividends.
of securities
Balance Sheet Aug. 18
AHsels—
1939
Casli
LiaMlitles—
1938
$3,660
$13,556
Bank
193,233
228,420
25,924
Bank overdraft
24,137
600.440
375,148
Accts. receivable..
Other
receivables.
investments
2,590
4,787
163,500
634,877
33",306
18,000
declared
Income
X
»
im
p.
w*'«»
3,021
3,219
39,000
956
30,000
30,000
575,000
575,000
1
x269,777
411,333
Common stock
—
Surplus...
$1,627,965 $1,475,632
Represented by 36,000 no
Total
books $4,028,627.
p.
1938
Years—
Kansas
on
Net inc. from operat'ns
revenue.
The trustees (J. M. Kurn and John G. Lonsdale) announce that, pursuant
Sept. 29, 1939, they will pay on Oct. 16 the amount
of the Oct. 1,1933, interest in respect of Kansas City Fort Scott & Memphis
By. ref. mtge. 4% bonds.
Certificates of deposit should be presented for stamping and payment of
the interest to Bankers Trust Co., 14 Wall Street, N. Y. City.
Coupons of Oct. 1, 1933 should be detached and presented at the office
of C. W. Michel, Executive Eastern Representative, Room
1949,120 Broad¬
way, N. Y. City.
Checks will be sent to the holders of fully registered
bonds.
order
an
authorizing the trustees to
pay
back
interest on St. Louis-San Francisco Ry. prior lien bonds and consolidated
mortgage amounting to approximately $1,834,857 bonds.
Prior lien "A" bonds will receive $8.72 per $1,000 bond and
prior lien
"B" bonds $10.90 per $1,000 par value, with proportionate
payment to
bonds of lesser face value.
,
Consolidated mortgage
"A." will receive on account of March 1, 1933
$8.37 per $1,000 bond and consolidated mortgage "B" bonds
$11.16 per $1,000 bond, with proportionate payments to bonds of smaller
coupon,
par
value.—V.
149,
2097.
p.
Net income before Federal taxes
Year Ended Aug. 31—
1939
_______
1938
$8,645,848
3,109,186
699,503
1,370,000
Operating revenues
Operation
Maintenance and repairs
$8,290,661
3,013,718
587,190
1,335,000
Amortization of limited-term in vestments
460
Taxes
1.062,102
1,207,212
205,592
$2,122,588
Net operating income
Interest
$1,941,949
425
391
$2,123,013
620,000
61,954
7,490
$1,942,339
620,000
61,954
Cr34,979
5,100
$1,435,735
$1,290,265
..
-
funded debt
on
Amortization of debt discount and expense
Other interest (net)
Cr2.166
Miscellaneous deductions
149,
San
p.
1772.
Operating
y
31—
revenues
Includes non-operating income
(net).
reserve.—V.
149, p. 1927.
ment
Schulte
Retail
$139,469
1,176
$140,749
2,189
$144,181
1,427
$141,690
60,000
24,000
$140,645
59,992
24,000
$142,939
70,291
24,000
$145,609
Stores
y
64,800
24,000
.X-
5,185
5,635
2,881
1.515
Net corporate income.
Preferred dividends.
$52,505
26,292
20,000
$51,017
26,292
10,000
$45,765
26,292
10,000
$55,293
26,292
20,000
$6,213
$14,725
$9,473
$9,001
Common dividends
Balance
Balance Sheet Dec.
31, 1938
$2,250,009
S. V. W. Co. 6% treasury,
$46,800; invested in securities, $136,935; other investments. $14,325:
sinking fund assets, $16,875; interest special deposit, $695; cash on hand
and in banks, $6,108; cash (Potland National Bank), $63,636; accounts
receivable, $23,762; materials and supplies, $9,244; unbilled water service,
$14,910 prepaid insurance, $115; unamortized debt discount and expense,
$72,854 total, $2,656,268.
Liabilities—Common stock,
$10,000; 6% preferred stock, $485,000;
1st mtge. 4% bonds, $1,500,000; notes payable, $27,500; consumers' de¬
posits, $1,895 accounts payable, $3,771; coupons payable, $695; dividends
Assets—Plant
and
property,
Sayable, $2,191: interest accrued funded debt, $15,000; reserve loss, closed
anks, $500; interest accrued unfunded debt, Dr$146; interest accrued,
con¬
South
Bend
surplus
and
reserves,
Corp.—Earnings—
6 Months Enaed June 30—
Net income after all charges
—V. 148, p. 3857.
1939
1938
$175,655
Lathe
Works—Stock
loss$203,219
Offered—Ames Eme-
rich & Co., Inc., and Paul H. Davis & Co. are offering at
market 25,000 shares ($5 par) capital stock.
The stock does
not represent new
financing for the
company.
For the 30 weeks ended July 29, 1939, the company reports net profit
of $192,685 after depreciation and Federal income taxes, equal to $1.65 a
share on the 120,000 shares of capital stock outstanding.—V. 149, p. 1929.
South Carolina Power
Period End. Aug. 31—
Gross
1939—12 Mos—1938
$3,528,713
$3,341,931
2,068,896
1,989,641
383,752
390,000
pref. stock
$279,761
176,058
31,250
$277,621
158,718
31,250
$72,453
54,844
$87,653
57.267
$1,076,065
672,728
$962,290
688,046
$30,386
14,286
$403,337
171,438
$274,244
171,438
$3,322
Int. & other fixed chgs._
on
Co.—Earnings—
1939—Month—1938
$17,609
14,286
revenue
Oper. expenses & taxes._
Frov. for depreciation..
Divs.
Balance.
—V.
1939
Balance after operation, maintenance and taxes.
Balance for dividends and surplus
x
$140,441
1,249
$16,100
$231,899
$102,806
145, p. 1273.
Savannah Electric & Power
Co.—Earnings—
x
and expense
Net income
Nap Pak Mfg. Co., Inc.—Registers with SEC—
See list given on first page of this
department.—V.
12 Months Ended Aug.
$227,550
83.368
discount
Gross income
Net income
-V.
-
282,008
Provision for Federal income taxes
Gross income
debt
Sloane-Blabon
$205,479
67,206
_
Diego Consolidated Gas & Electric Co.—Earnings
Other income
1935
$247,846
107,097
deposits, $1,379; taxes accrued, $13,689;
$594,795; total, $2,656,268.—V. 147, p. 280.
Earnings for 9 Months Ended Aug. 31, 1939
Net sales
Depreciation
1936
$268,549
129,080
sumers'
Safeway Steel Scaffolds Co. of Wis.—Earnings—
San
Depreciation.
Amortiz.
City Fort Scott Bonds—
entered
1937
$266,662
126,221
Operating expenses
Total inc.—all sources
1488.
Pay Interest
to court order dated
Court also
conversion of warrants outstanding.
Shenango Valley Water Co.—Earnings—•
Calendar
Gross oper. revenues
Interest deductions
St. Louis-San Francisco Ry.—To
The
on
..$1,627,965 $1,475,632
shares.—V. 148,
par
$3,147,266 $3,264,235
•
Non-operating
Total
per
Total
X269.777
478,541
Aggregate cost
outstanding and the balance issuable
—V. 149, p. 423.
148,530
•»,'
....$3,147,266 $3,264,235
Note—Stock consists of 75,000 shares of no par value in part issued and
-
reserve
tax
Contingent
661,729
1
Goodwill, &c_
^
$37,015
Unclaimed divs
11,150
Fixed
y
11,120
Preferred stock...
153,250
.....
Dom. of Can. bds.
x
$170,000
deposit..
Accounts payable.
2,567
4,627
Prepaid insurance.
-
on
Div.
Inventory
Accrued Interest on
Investments
loan
Funds
Total
1938
1939
$2,310,926
1,068,639
415,459
$2,228,576
979,016
352,217
_
149, p.
1339.
1938
After appropriations for retire¬
Corp.—Committees
to Plan—
Southeastern Gas & Water Co.
Calendar Years—
Oper. exps., maint.,
pletion and taxes
(& Subs.)
1938
Gross operating revenues
deprec.
$599,972
&
-Earning s-
1937
$664,567
1936
$690,415
de¬
447,578
Non-operating income.
474,897
489,085
$152,394
4,506
Urge Assent
$189,670
5,369
$201,330
6,351
$156,900
23,812
$195,039
24,987
$207,681
24,499
A joint letter was mailed
Oct. 4 to holders of the 8% cumulative
($100
par) preferred stock by the McRoberts & Morris stockholders
committees,
announcing that the plans of reorganization of this company, of the Schulco
Go., Inc., and of Huyler's of Delaware, Inc., have been
approved by the
Federal Court "as feasible and fair and
equitable to the various classes of
creditors and security holders of each
company."
The letter said that an important
provision in the plan relates to the
settlement for $350,000 of the U. S. Government's
transferee tax claims,
which aggregated $4,091,210 with interest.
It adds that the City of New
maae claims against the
company for unpaid sales taxes of about
$275,000.
Under the plan, the holder of each share of
Schulte
receive
shares
3J4 common shares of the
new
8% preferred will
A total of 677,670
to be outstanding upon
Schulte Co.
of such new common stock is
expected
consummation of the plan, of which
281,118 are to be issued to the holders
of the old preferred stock, the letter said.
In addition, authorized cpmmon
stock aggregating 1,475,000 shares will be
reserved for conversion of new
preferred stock.—V. 149, p. 2097.
Schumacher Wall Board
The directors have declared
partic. pref.
stock,
a
Corp.—Accumulated Div.—
dividend of $1
per share on the $2 cum,
value, payable Nov. 15 to holders of record
Nov. 4.
This compares with 50 cents
paid on Aug. 15, and May 15,
last; $1.50 paid on Feb. 15, last, and on Nov.
15, 1938 and with 50 cents
paid on Aug. 15 and July 15, 1938, and on Aug. 16,
May 15 and on Feb. 15,
1937, this latter being the first dividend paid since May
15, 1932, when a
regular quarterly dividend of like amount was distributed.—.V
149, p. 1628.
no
par
.
Charges of subsidiaries
Int. charges of Southeastern
Gas
&
Water Co
180,825
180,640
179,726
Net deficit.
$47,738
$10,588
prof$3,455
Note—No provision has been made for accumulated dividends on the
participating class A stock, which at Dec. 31, 1938, amounted to $0.82^
per share, or $146,595.
Consolidated Balance Sheet Dec. 31, 1938
Assets—Fixed assets, $5,324,004; cash, $13,853; accounts
receivable,
$79,541; accrued storage income $5,937; accrued interest receivable. $605;
inventories. $22,672; deposits for bond income tax, $687; other assets,
$52,920; deferred charges, $26,157; total, $5,526,376.
Liabilities'—Long-term debt, $3,334,650; Southeastern Gas Co. noninterest bearing notes due June 1, 1935, $5,050; Inland Utilities.
Inc.,
convertible 6% gold debentues due June 1, 1934, $6,500; notes
payable
(banks), $73,000; mortgage notes payable, $26,699; accounts payable,
$16,213; unearned cold storage revenue, $3,161; accrued interest on longterm debt, $21,283; other accrued interest.
$1,220; accrued Federal income
taxes, $4,288; other accrued taxes, $24,369; other accrued liabilities.
$5,378;
consumers'
deposits, $19,635; reserves, $1,133,966; minority interest in
Southeastern
Investment Corp., $4,734; participating class A stock
(par $1),
$177,691; common stock (par $0.50), $246,865; class B common stock
(par $0.50), $127,484; capital surplus, $442,135; deficit, $147,945,
total,
$5,526,376.—V. 149, p. 745.
Volume
The Commercial & Financial Chronicle
149
Southern Colorado Power
Co.—Earnings—
Years Ended Aug. 31—
Operating
Teck-Hughes Gold Mines, Ltd.—Earnings—
1939
Operation
Maintenance and repairs
Appropriation for retirement
___
__
reserve
Taxes...
__
Provision for Federal and State income taxes
1938
$2,394,159
834,038
121,392
300,000
336,349
65,547
$2,322,357
$736,833
1,012
revenues
$659,411
842,139
131,194
300,000
348.310
41,302
12 Mos. End. Aug. 311939
Gross value of bullion... $3,399,280
Dividends Lamaque Gold
Mines, Ltd...
:_
ij>96
Gross income
Interest
on
$737,845
409,698
34,174
11,484
4,108
Miscellaneous deductions
Net income.
___
$660,008
410,021
34,201
13,104
6,457
$278,381
funded debt
$196,223
Southern Indiana Gas & Electric
Period End. Aug. 31—
Oper. expenses & taxes..
Prov. for depreciation.
_
Gross income
1,790,349
287,471
198,851
$107,211
32,428
$1,483,445
389,359
$74,783
34,358
10,848
$1,094,086
412,296
130,181
137,500
$924,835
412,296
130,181
$14,987
65,164
14.444
35,212
46,491
$1,604,523
,203,195
$2,423,361
$0.42
(estimated)
$0.33
$0.46
$0.50
Earns, per sh. on 4,807,144 shs. cap. stock.__
x
Estimated figures.—V.
149,
p.
1629.
Third Avenue Ry.—Annual
$29,576
$414,109
Report—
Consolidated Income Account Years Ended June 30 (Sjstem)
1939
Oper.rev.: Railway
1938
*
Oper.
Railway..
exp.:
Bus.
8,107,429
2,775,654
_
.
Total oper. expenses..$10,883,083
Net oper. rev.: Railway.
2,950,722
$382,358
1937
1936
$11,058,151 $10,925,234 $10,866,867 $10,782,314
3,222,795
3,007,390
2,873,905
2,747,752
Bus..
Bus
$13,932,624 $13,740,772 $13,530,066
8,030,421
7,637,110
7,607,764
2,692,849
2,456,795
2,422,348
$10,723,270 $10,093,905 $10,030,113
2,894,813
3,229,757
3,174,549
314,541
417,110
325,403
447,141
$3,397,863
1,451,431
286,480
$3,209,354
1,367,514
265,451
$3,646,867
1,212,126
207,028
$3,499,953
1,145,645
183,848
$1,737,911
1,499,291
160,661
$1,632,964
1,527,300
49,090
$1,419,154
2,017,631
210,081
$1,329,494
2,028,903
141,554
Total oper. income.
$1,659,951
Non-oper. inc.: Railway
274,935
Bus.
11,361
$1,576,390
301,497
11,089
$2,227,713
408,202
10,341
52,170,458
448,071
10,177
1,774,226
$312,586
1,828,797
172,022
60,179
$418,543
2,425,833
220,423
$458,249
2,476,975
151,732
$1,946,248
2,395,360
202,626
$1,888,976
2,415,733
184,196
$2,646,256
$2,628,708
2,572,358
184,652
$2,597,986
$2,599,929
x586,936
xl24,017
$2,711,071
xl01,025
36,210
$2,757,011
x30,604
x$651,738
478,844
134,498
x$710,953
534,038
135,570
x$64,815
463,159
137,112
x$128,302
251,875
130,133
Taxes:
Railway
Bus..
Total taxes
Oper. income: Railway..
Balance
1,726,415
478,995
229,162
_
Total oper. revenue..
preferred stockAmort. of pref. stock exp
Amort, of ry. prop, losses
on
1,755,120
461,883
219,503
$2,036,646
_
Balance to surp. acct.
$1,277,604
352,769
$87,693
34,358
10,848
27,500
Net income
Divs.
1,844,124
318,876
220,911
mining & mill¬
Total, oper. revenues.$14,280,946
1939—12 Mos.—1938
$4,181,141
$3,940,583
2,297,448
2,229,181
400,247
433,798
$119,835
32,142
Int. & other fixed chgs__
127,043
$4,904,426
Exp. on outside props. &
exploration work
Co.—Earnings—
1939—Month—1938
$337,520
$306,262
195,731
161,481
21,954
37,570
J
revenue
104,877
$4,674,914
ing expenses.
Note—In the above statement of income accounts net income for the year
Gross
72,522
$4,002,878
Insurance and taxes
General expense
ended Aug. 31,
1938, has been reduced by $22,810 to reflect adjustments
applicable to the period prior to April 30,1938, included therein of amortiza¬
tion of debt discount and expense on first mortgage gold bonds, series A
6%, due July 1, 1947, outstanding at Aug. 31, 1939. charged to surplus as
of April 30, 1938, which has been applied retroactively in the accounts.
—V. 149, p. 1629.
$4,777,382
$4,378,482
Gross earnings.
_.
Amortization of debt discount and expense
Other interest (net)
1936x
1937
$4,570,037
1938
$3,930,356
957,800
21,401
Inc. from investments..
Develop,
Net operating income
Other income.
2245
Bus.-.*.
—V. 149, p. 1339.
Southern New England Telephone Co.—Earnings—
Period End. Aug. 31—
Operating
revenues....
Uncollectible oper.
rev_
Operating revenues.
Operating expenses
_
_
1939—Month—1938
1939—8 Mos.—1938
$1,626,763
$1,552,069 $12,523,815 $11,934,263
3,000
4,500
28,500
35,500
$1,623,763
1,171,341
__
...
____
Total non-oper. inc. .
Gross income: Railway.
Total gross income—
Net
oper.
$452,422
137,897
;
Net oper. income
Net income—
$466,678
140,094
$3,736,686
1,098,373
$3,569,459
1,066,446
$314,525
239,093
revenues..
Operating taxes
$326,584
265,126
$2,638,313
2,049,685
$2,503,013
2,039,757
Deductions:
Bus.
Railway—
_________
Total deductions
Net inc.
loss:
or
Railway
;V;v
;V'
■;
'
Company reports gains in toll line calls in August at
for the year and than increases in revenue.
a higher rate than the
Expenses have been
that the ratio of improvement in the balance available for dividends
is not proportionate.
Toll line calls in August numbered 2,701,000, an increase of 11.4% over
August last year.
The total for the eight months was 18,759,000, an in¬
crease of 9.9% over 1938.—V. 149, p. 1489.
combined
Total
average
inc.
higher
bus.__._-
so
Southwestern Associated
End.
Operating
x621,134
Bus
Gain in Phones—
Period
$286,297
_
_
Bus
$1,547,569 $12,495,315 $11,898,763
1,080,891
8,758,629
8,329,304
Aug. 31—
Telephone Co.—Earnings—
1939—8 Mos.—1938
$850,471
$818,273
2,100
1,700
1939—Month—1938
$107,001
$101,668
300
250
revenues
Uncollectible oper. rev._
*
Incl.
or
loss,
x
$106,701
' :■'
deprec.: Railway
___.
Indicates loss.
Note—Intercompany transactions between railway and bus companies,
not eliminated.
Consolidated Balance Sheet June 30 (System)
1939
A sscts
1938
S
t
Operating taxes..
64,857
_
_
61,066
$40,352
$324,226
10,787
9,742
80,515
_
Sinking
$318,957
74,734
$848,371
524,145
$41,844
...
$816,573
497,616
1939
Liabilities—
S
funds
for matured
556,620
562,339
570,466
Misc. special dep.
385,465
391,541
Depos.
with
Indust.
Net operating income
V.
$30,610
$31,057
.
$243,711
$244,223
Control, co'sstk..
514,902
Dep.
x
$
888,223
1 JH1.520
152,100
Fd. debt (bds.)—
3d Av. Ry. Co..46,780,700 47,153,850
Controlled
802,039
cos__
4,242,000
394,086
46,782
4,242,000
394,976
Notes pay. (curr.).
Int.
matured and
888,223
Comm'r
16,590,000
151,600
Acc'ts & wages...
State
Cash...
1938
$
Third Av. Ry. stk. 16,590,000
74,880,116
coupon interest.
Net operating rev.
$101,418
x95,383
x32,919
&
....
Railroad & equip.74,569,706
Operating revenues
Operating expenses
184,212
net
ry.
Bus
2,526,859
70,194
149, p. 2098.
Acc'ts receivable..
143,145
138,431
668,247
772,135
Interest
accrued..
562,339
62,400
570,466
62,400
Springfield Street Ry.—Bond Extension Sought—
Mat'is & suppliesMarketable secur.
551,387
545,960
Taxes accrued..__
499,750
498,050
Miscell. investm't.
2,280,339
2,309,782
bonds..... 14,423,040
13,296,240
The company in a petition filed with the
Massachusetts Department of
unpaid...
Int. on adjustment
the.
Public Utilities requests authority to extend the maturity date on $2,890,300
Prepayments
44,181
237,778
bonds of the company from Sept. 1, 1940, until Sept. 1, 1965.
The
bonds are outstanding as follows, all maturing Sept. 1, 1940: "A" 7s,
TJnarnort. debt dis.
770,063
795,073
Notes pay.
Misc. def'd
227,197
298,298
Reserve for deprec.
of
$226,300; "B" 6s, $1,700,000; "C" 6s, $434,000; "D" 6>^sf $200,000;
"E" 6s, $330,000.
If approval is granted it is proposed that the rate of interest on the ex¬
tended bonds be fixed at 3%, irrespective of the income of the company.
An additional 3 % would become payable to the extent permitted by surplus
income.
There would also be set up a sinking fund amounting to not in
excess of $150,000 for any one year.
The company in its petition states that it has not now and cannot reason¬
ably expect to have on the maturity date sufficient cash to pay the principal
amount and interest and that it would be difficult to sell a sufficient amount
of bonds
or
other securities at
the bonds.
The stockholders
a
reasonable rate for the purpose of refunding
directors
Standard Fruit &
have
accumulations
on
holders of record
Standard
have
already approved
the
proposed
declared
Steamship Corp.—Accumulated Div.
a
dividend
of
$1.50
per
share on account of
payable Oct. 16 to
the $3 participating preferred stock,
Oct. 7.—V. 149. p. 889.
Gas
&
Electric
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas and Electric Co. system for the week ended Sept. 30, 1939, totaled
120,207,366 kilowatt-hours, an increase of 12.4%
corresponding week last year.—V. 149, p. 2099.
compared
with
the
Strath more Paper Co.—Accumulated Dividend—
Directors have declared
a dividend of $2.50 per share on account of ac¬
on the 6% cumulative preferred stock payable Oct. 16 to holders
27.
Like amount was paid on July 15, last and a dividend of
$3.50 was paid on April 1, last.—V. 149, p. 268.
of Sept.
Strawbridge & Clothier—-Accumulated Dividend—
declared a dividend of $1 per share on account of
the 7% cumul. pref. stock, par $100, payable Oct. 2 to
Sept. 15.
Like amount was paid on July 1, last, Dec. 30,
April 1 and Jan. 29, 1938; a dividend of 75 cents was paid on Jan. 3, 1938;
$1.75 was paid on Oct. 1,1937; dividends of 75 cents were paid on July 1 and
on April 1, 1937, a dividend of $1.50 paid on Jan. 28, 1937 and dividends
of 75 cents per share paid on Dec. 31, Oct. 1, July and April 1, 1936.
—V. 148, p. 3545.
The directors
have
on
holders of record
Susquehanna Silk Mills—Tenders for A Stock—
Certificate holders for class A stock have been invited to participate in a
a fund of $35,935.
The time to tender will expire at the
tender to absorb
close of business on Oct. 15, 1939.
On Aug. 1, 1939. the certificate holders approved a plan to segregate
75% of the proceeds from the sale of capital assets and idle plants for the
purchase of class A stock by tender.
The company has just completed the
sale of additional machinery and equipment from an idle plant situated
at Sunbury, Pa., for a sum of $115,000.
The purchaser was given an
option to Feb. 1, 1940, to purchase the real estate property for a sum of
$80,000.—V. 149, P. 1930.
Tobacco Products
Corp. (Del.)—Earnings-
over
187,152
8,078.869
7,577,292
1,948,187
reserves..
1,947,772
9,573,444
cost of contr.
cos. sec.
owned.
-.82,688,432 83,144,7461
Total
82,688,432 83,144,746
Total
x Includes 1st mtge. 5%
bonds, of $2,254,200 in 1939 and $2,627,350 in
1938; 1st ref. mtge. 4% bonds, $21,990,500; adj. mtge. bonds, $22,536,000.
—V. 149, p. 2099.
Industry Shares—Dividends—
Company has authorized a cash distribution of nine mills per share on
Oct. 5, 1939 to holders of record Sept. 30, 1939.
This distribution, which
is the 26th consecutive payment, applies to the 5,753,000 shares outstand¬
ing, and compares with a cash distribution of one cent made on July 5, last;
seven mills per share paid on March 31, 1939, and three mills per share
paid on June 30, 1938.
Total assets of the trust based on market values as of Sept. 30, 1939 are
$5,000,000.—V. 149, p. 269.
Union Wire Rope Corp. (&
Subs.)—Earnings—
United
1938
$4,255
$0.04
1939
6 Months Endea June 30—
$45,359
$0.44
Net income after all charges
—
Corp.—Changes in Portfolio—
The corporation reports that, during the period July 1, 1939 through
Sept. 30, 1939, securities were added to its portfolio through purchases in
the open market representing an aggregate investment of $1,176,883.
All of the securities purchased during this period were acquired under
the corporation's investment program and subsequent to and in accordance
with the terms and conditions of an order of the Securities and Exchange
Commission dated March 13. 1939, as amended by an order dated Sept. 19,
1939, under the Public Utility Holding Company Act of 1935, approving
a program for the investment of not more than $8,000,000 of the corpora¬
tion's current funds during the period of 10 months ending Jan. 13, 1940.
During this period the corporation sold in the open market 13,500 shares
of the common stock of Columbia Gas & Electric Corp. and 14,300 shares
of the common stock of Niagara Hudson Power Corp.
No,changes were
made during the period in the portfolio of New York United Corp., a
wholly owned subsidiary, up to the date of its dissolution on Sept. 13,
1939.
Since the close of the quarter, all of the assets of New York United
Corp. have been transferred in liquidation to the United Corp.
Preferred Dividend—
,
on Oct. 3 declared a dividend of
85 cents per share on the $3
preference stock payable Oct. 24 to holders of record Oct. 13.
This compares with 85 cents paid on July 19, last $1 paid on April 28 last,
and a dividend of 75 cents paid on Jan. 18, 1938, this latter being the
first since April 1, 1938, when a regular quarterly dividend of 75 cents
was paid.—V. 149, p. 1931.
Directors
cumulative
United
..$8,679
372,038
Deficit.... ......11,487,661
Gas Improvement
Electric output of system
—V. 149, P. 2100.
Co.—Weekly Output—
Sept. 23,'39
104,780,032 100,708,828
Sept. 30,'39
Week Ended—
Earnings for Eight Months Ended Aug. 31, 1939
Net loss after all charges
—V. 148, p. 3392.
(def'd)
Excess of book val.
Earnings per share
—V. 149, p. 269.
cumulation
accumulations
other
Trusteed
and
bond extension.—V. 148, p. 3084.
Directors
items.
(kwh.)
Oct.l, '38
89,844,048
The Commercial & Financial Chronicle
2246
United
Corporations, Ltd.—Earnings—
Years Ended Dec. 31—
$360,699
776
Income from investments
Stock dividends received
Total
and sold-
^-
58,200
Interest on income bonds
65,694
xl65,615
—
xl70,470
Net income for year
$137,660
.*>'
$205,196
93,303
i—
.
revenues
United States Stores Corp.—
from unlisted trading and
has
exchange for the old eommon stock.—V. 149, p. 749.
U. S. Truck Lines,
Balance for dividends and surplus
Inc., of Del.— Underwriters Named—
Underwriters of the proposed offering of 175.000 shares of
will be Otis & Co., Blyth & Co., Inc., Paine, Webber & Co.,
& Co., McDonald-Coolidge & Co., Curtis, House & Co., the
Wabash Ry.—To
by motor carrier of freight,
miscellaneous merchandise in the Great Lakes industrial
area, serving such cities as Cleveland, Chicago, Detroit, Pittsburgh, Cin¬
cinnati, Buffalo, Indianapolis, Columbus, Toledo, Erie and Youngstown.
In addition, the company hauls new automobiles from six assembly plants
to dealers and distributors in various States in the Eastern and North Cen¬
tral portion of the country.—V. 149, p. 1932.
Utah Power &
Light Co. (& Subs.)—Earnings—
1938
1937
1936
Operating revenues
$12,643,946 $13,228,812 $11,845,125
Oper.exps.,incl. taxes..
7,417,510
7,863,291
6,893,979
Prop, retire, res. approp.
1,093,125
.
766,500
747,299
(net).
y
;
Pay Interest—
>
Davis at St. Louis has authorized the receivers
semi-annual interest in the aggregate amount of $429,231, due
Aug. 1. 1939, and Sept. 1, 1939, respectively, upon certificates of indebted¬
ness of the receivers.—V. 149, p. 2102.
pay
Walnut Electric & Gas
Corp.—To Sell Holdings—
Corporation has filed with the Securities and Exchange Corporation an
application (File 56-64) under the Holding Company Act for the approval
by the Commission of the sale of certain securities of Vermont Lighting
Corp. and St. Johnsbury Gas Co.
The securities of Vermont Lighting
Corp. to be sold are: $24,400 5% 1st mtge. bonds, due 1944; $35,000 of
unsecured, non-interest bearing open account, indebtedness; 909 shares of
6% preferred stock ($100 par), and 2,070 shares of common stock ($100 par).
The securities of St. Johnsbury Gas Co. to be sold are;
1,000 shares of
.
1935
10,361,563
cash.
on
applied as part payment
$200,000 held by Inter¬
The balance of the proceeds will be added to
p. 2552.
Of the proceeds from the sale, $25,000 will be
the note of Walnut Electric & Gas Corp. for
national
Utilities
Corp.
working funds.—V. 146,
Washington Oil Co.—-To Pay 50-Cent Dividend—
Directors have declared
a
dividend of 50 cents per share on the common
stock, payable Oct. 10 to holders of record Oct. 6.
Previously regular
quarterly dividends of 25 cents per share were paid.—V. 147, p. 435.
West
Water Service Co.—Sells Bonds—The
recently sold to an insurance company a block of
$125,000 1st mtge. 4s, series due 1961.
Proceeds were used
for additions and betterments and the acquisition of a small
plant.—V. 149, p. 893.
Virginia
company
6,172,004
Western Public Service Co.
747,298
(& Subs.):—Earnings—
1939
12 Months Ended Aug. 31—
Net
revs,
$4,133,311
5,308
$4,599,022
2,322
$4,203,847
4,647
$3,442,260
45,450
..."$4,138,619
$4,601,344
2,350,063
300,000
196,209
300,000
199,503
$4,208,495
2,350,550
300,000
204,689
C>5,254
$3,487,710
2,335,828
from oper..
Other income
Gross income.
Int.
on
Int.
on
mtge. bonds....
deb. bonds
Other int. & deductions.
Int. chgd. to constr'n—
Net
2,377,186
Balance
Operating
$1,751,777
994,444
$1,358,509
568,254
$603,845
284,127
$757,333
$790,255
Wilson Line,
$319,718
$
Assets—
Plant,
1937
1938
$
Liabilities—
x
property,
Capital stock.
8
1937
$
54,958,787
Subs, com. stock
1,075
Winnipeg Electric Co.—Earnings—
Period End. Aug. 31—
Gross
1,145
Long-term debt.
51,995,115
Accts. payable..
490,749
52,713,115
545,421
ion demand).
1,333,402
55,131
Notes & l'ns rec.
40,884
Accts. receivable
Mat'ls & suppl's
1,563,287
900,127
Prepayments...
53.221
918,691
53,648
46,274
1,727,247
Accrued acc'ts..
1,363.272
25,778
1,638,790
Total .......120,334,862
120,941,579
Earned
52,811
299,629
1,333,825
liabs.
41,376
credits
177,737
37,350
183,402
surplus.
8.158,664
2,793.017
7,380,999
3,435,093
cur.
Reserves
33,786
charges..
53,911
301,160
Deferred
1,454,372
Misc. cur. assets
Def'd
Net earnings.
Directors have declared
.......120,334,862 120,941,579
Represented by Utah P. & L. Co. (no par value) $6 pref. cum. (entitled
upon liquidation to $100 a share); pari passu with $7 pref.; authorized,
210,000 shares; outstanding, 41,921 shares- $7 pref. cum. (entitled upon
liquidation to $100 a share); pari passu with $6 pref.; authorized, 300,000
shares; outstanding, 207.605 shares; common, authorized and outstanding,
3,000,000 shares.—Y. 149, p. 2101.
x
Utilities Power & Light
Corp.—Decision Set for Oct. 16—
Decision on the 77-B reorganization plan for the corporation was set for
Oct. 16 by Federal District Court Judge William H. Holly Oct. 2 following
completion of arguments by counsel for the various groups of security
holders.
The plan was originally prepared and presented by the Atlas
Corp. in Feb., 1939, and modified by the SEC in its findings of July 28.
The changes recommended by the Securities and Exchange Commission
included complete elimination of class A and B and common stockholders
from participation in the reorganization as opposed to the granting of
subscription rights to these holders in the original Atlas plan.
Holders of
each $1,000 in 5H% and 5% debentures would receive $400 in new 4H%
five-year debentures, six shares of new 5% cumulative $50 par preferred
stock and 50 shares of new $4 par common stock plus one share for each
$6 of interest accrued to the date from which interest on the new debentures
begins.
Holders of the present 7 % cumulative preferred stock would receive for
each share thereof five shares of the
new common
stock.
Judge Holly also will consider two changes in the SEC plan recommended
by Special Master Harry N. Gottlieb last Augsut.
One would remove
the mandatory provision that the reorganized company become an in¬
vestment company and make such a change permission with a declaration
of intention.
The other would give some small recognition to the junior
security holders to eliminate the possibility of nuisance litigation.—V. 149
p. 2101.
Vaness Co.—Creditors Seek to Recover Securities in Posses¬
sion
Midamerica)
Suit
Preferred Div.—.
16 to holders of record
Co.—Authorized to
Issue
P. S. Commission
issue $4,000,000
of 4M% cumulative preferred stock and $810,000 of
promissory notes.
The stock and notes would be sold for cash
only at not less than par and proceeds used to retire the present 6% pre¬
ferred stock and $560,000 of 3% notes.—V(jr 149, P. 1632.
23^%
Wisconsin Public Service Corp.
(& Subs.)—Earnings—
Years Ended Aug. 31—
Operating
Operation
1939
$9,084,150
revenues
Maintenance
-
Depreciation
Net operating income.
jobbing
(net)...—
Interest and dividends
Miscellaneous income
on
$2,493,545
Drl7,059
5,013
...
$2,899,902
Gross income
Interest
512,797
958,333
1,170.720
276,100
$2,902,905
Dr35,540
27,524
Provision for Federal and State income taxes
and
1938
$8,679,015
3,267,520
1,256,180
388,120
Taxes
Merchandise
2,929,674
530,771
1,076,500
1,675,753
funded debt
Amortization of debt discount and expense
Amortization of abandoned street railway property
148,697
50,000
Crl0,277
Other interest (net)
34,142
4,473
$2,515,100
989,117
152,435
37,500
23,657
47,252
Net income
Note—No provision was made by the
30,605
$1,588,477
Miscellaneous deductions
$1,28,1.786
corporation for State income taxes
for 1937 as the corporation claimed as a deduction in its income tax return
that portion of the unamortized debt discount and expense and redemption
premium and expense on bonds redeemed in 1936 applicable to the taxable
year 1937 which resulted in no State income taxes for that year.—V. 149,
p.
1632.
Period End. Sept. 30—
Co.—Earnings—
1939—3 Mos—1938
$150,798
$42,735
$0.56
$0.16
1939—9 Mos—1938
$387,848
$1.43
x
Net income
y
Earnings per share
y
depletion, interest, Federal and State taxes, &c.
On capital stock.—V. 149, p. 1492.
x
(formerly
its officers and agents.
filed by Warren L. Morris, assignee for benefit of creditors, and
defendants Terminal & Shaker Heights Realty Co., Charles L.
who was Vice-President of Midamerica, and John P. Murphy,
$303,696
$1.12
After depreciation,
was
as
Bradley,
who
or
$1,749,355
initial dividend of $1.12H Per share on the
The company has been authorized by the Wisconsin
to
Woodward Iron
still in possession of Terminal & Shaker Heights Realty Co.
named
an
Wisconsin Michigan Power
$4,000,000 Preferred Stock—
of Former Midamerica Corp.—
Contending Midamerica Corp. acted as trustee for Vaness Co. at public
auction in Sept., 1935, when the Van Sweringen brothers regained control
of their raiiroad empire, suit filed in Common Pleas Court at Cleveland
seeks recovery of securities purchased by Midamerica for $2,803,000 that
are
$1,897,990
$167,965
AXA% cumulative preferred stock, payable Oct.
Sept. 30—V. 149, p. 1042.
B
Total
$182,8o7
Wisconsin Gas & Electric Co.—Initial
debt & interest
Gust's' deposits.
32,354
1939—8 Mos.—19a8
$4,513,078 $4,296,954
2,6x5,088
2,547,599
1939—Month—1938
$498,409
$496,936
3i5,572
o08,971
earnings
exps. & taxes....
—V. 149, p. 1933.
Mat'd long-term
Misc.
902,991
of $1 per share on the
payable Sept. 30 to holders of record Sept.
Oct. 31,
749.
This compares with 50 cents paid on March, 15, last and on
1938 and an initial dividend of $1 on March 1, 1938.—V. 148, p.
15.
Oper.
Cash In banks
Special deposits.
stock of the company
54,958,787
Investments
franchises, &c.114,892,713 115,591,965
3,839
7,939
Inc.—Dividend Doubled—
board of directors has declared a dividend
common
Consolidated Balance Sheet Dec. 31
1938
1938
$2,226,153
maintenance and taxes..
735,670
773,735
y Balance for dividends and surplus.
167,177
200,818
x Includes non-operating income (net).
y After appropriations for retire
ment reserve.—V. 149, p. 1933.
The
$1,306,582
1,136,507
$2,153,239
revenues
Balance after operation,
x
300,000
206,678
$170,075
income.........
dividends....
Preferred
and director
Lighting Corp. (in bankruptcy). and President and director of
St. Johnsbury Gas Co.
The total considerstion to be received from the
sale of the Vermont securities is $6,000.
The St. Johnsbury securitirs will
be sold for $8,000, plus an amount by which the current assets of St. Johns¬
bury Gas Co. will exceed its current liabilities.
Payment is to be made in
of Vermont
amendment to the registration statement which has been filed with the
commodities and
.1938
Federal Judge Charles B.
to
Securities and Exchange Commission.
The company is enagged in the transportation
Years End. Dec. 31—
non-operating income
tirement reserve.—V. 149, p. 1933.
capital stock
Hayden, Miller
First Cleveland
Corp., Merrill, Turben & Co. and Maynard H. Murch & Co., according to
an
Includes
x
^
The securities are to be sold to Joseph M. Nelson, President
the old common stock, no
admitted the new common stock, par
The new common stock was issued, share
50 cents, to unlisted trading.
for share, in
y
1939
$18,931,535 $17,997,804
7,832,101
7,196,669
3,776,728
3,396,304
After appropriations for re¬
& taxes..
capital stock ($100 par).
Unlisted Trading—
The New York Curb Exchange has removed
par,
Balance after operation, maintenance
y265,114
$48,978 ($54,475 in 1937) on corporation's in¬
come bonds held by the corporation not included,
y Includes S1.87H per
share payable Jan. 3, 1938, $1.50 per share in respect of year 1937 and
$2.62Yi in full payment of arrears, z Interest on income bonds at the rate
of 5%, being the full obligation for interest to and including Aug. 15, 1938.
Balance Sheet Dec. 31,1938
Assets—Investments, $7,307,959; corporation's own 20-year 5% cum.
income bonds, series A, due Feb. 15, 1953. at cost, available for re-sale
or cancellation
(par value $517,100), $410,371; cash on deposit. $39,798;
office furniture and fixtures, $1; total, $7,758,128.
Liabilities—Provision for Provincial profits tax, $79; 20-year 5% cum.
income bonds, series A. due Feb. 15. 1953, $3,778,900; reserve for con¬
tingencies, $150,000; deferred revenue, $2,750; class A stock (53,985 no
par shares)
and 239,700 no par shares class B stock, $119,384; earned
surplus
arising from sale of investments and cancelation of corp.'s own
income bonds redeemed,
$3,466,495; income balance, $240,520; total,
$7,758.123 —V. 147, p. 3623.
**
Interest amounting to
x
1939
Virginia Electric & Power Co.—Earnings—
12 Months Ended Aug. 31—
Operating
x
Dividends on class A shares
7.
8uiu further asks that a full accounting be required.for all transactions
in the securities purchased by Midamerica for $2,803,000 frcm \aness
including all profits accruing as a result of these transactions.
Wall Street
Journal"—V. 138, p. 1931.
$441,360
$361,475
—~
Expenses
z
1937
x$439,8o2
1,508
Oct.
Secretary.
These securities, it is alleged, were "wrongfully" acquired on behalf of
Midamerica, O. P. and M. J. Van Sweringen and against the interest and
at expense of Vaness.
Assets and securities of Vaness were purchased by
was
Midamerica at
a
substantial discount below their market
value, petition
states.
(Wm.) Wrigley Jr. Co.—Extra Dividend—
The directors have declared an extra dividend of 50 cents per share on
stock, no par value, payable Nov. 1 to holders of record
Oct. 20.
Directors also declared regular monthly dividends of 25 cents per share,
the common
payable on Dec. 1 and on Jan. 3. 1940 to holders of record Dec. 1 and Jan.
3, 1940.
Extra dividend of 25 cents was paid on May 1 last and on Dec.
28, 1938.—V. 149, p. 751.
Van Sweringens, although directors and officers of Vaness, purcnased
these securities, not for Vaness, but for their own profit through Mid¬
(L. A.) Young Spring & Wire Corp.—New President—
america and at expense of Vaness.
Furthermore, it is argued, the Van
Sweringens failed to give notice of their intention to bid for these securities
to stockholders and creditors of Vaness.
Among securities s„ill in possession of Mr. Bradley and Mr. Murpbv, the
petition says, are $1,292,53* in 6% subordinated note of Higbee Co", and
$69,673 participation in $523,043 note of Higbee Co.
L. A. Young was
at
a
elected President and re-elected Chairman of the Board
special stockholders' meeting held
meeting of directors following a
Oct. 3.
C. M. Young, who had been serving as President, was elected VicePresident, which office he had held prior to the Presidency.
Other officers
were re-elected, as were directors.—V. 149, p. 1933.
Volume
The Commercial & Financial Chronicle
149
2247
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
into
Friday Night, Oct. 6, 1939.
Coffee—On the 30th ult. futures closed 3
to 5 points net
higher for the Santos contract, with sales
totaling 22 lots.
Although some new buying was entered, most of it
repre¬
sented week-end
covering and was centered in Mar. and May
deliveries.
Brazilian prices were
reported as unchanged.
There was no business
reported in the Rio contracts.
On
the 2d inst. futures closed 2
Santos contract, with sales
business
to 3 points net lower for the
totaling only 14 lots.
No Rio
was
recorded.
nominally unchanged.
Prices
Prices
in
the
Rio
in Brazil
contracts
were
today showed de¬
clines of 100 reis for hard and
soft 4s to 19.9 and 18.7 milreis
per 10 kilos, respectively.
Rio 7s were 200 reis higher at 12.5.
Brazil's exports for the week
showed 296,000 bags for the
United States and
257,000 for Europe, other countries taking
22,000 bags.
For the month the United States took
917,000
bags, Europe 594,000 and
all
others 121,000.
On the 3d
futures closed 3 to 4
points net lower for the Santos
contract, with sales totaling only 22 lots.
Both Rio con¬
tracts were inactive.
The market was little affected
by the
peace talk abroad or the severe declines
registered in other
commodity markets.
The quiet reflected the state of the
spot market and lack of new
developments in primary mar¬
kets.
Coffee afloat and in stocks
today increased to 1,116,862 bags, of which
nearly 700,000 bags were afloat.
Last
year, including afloats, the visible
supply was 1,081,000
bags.
On the 4th inst. futures closed 1
point lower to 2
points higher for the Santos contract, with sales
totaling
only 5 lots.
No business was recorded in the
Rio contracts.
inst.
Coffee futures were firm.
Santos contracts were bid up
about 4 points in dull
trading.
It was believed that any
sizable orders one
way or another would
changes.
bring sharp price
6.35c., or 45 points under the
Mild coffees were steady after a national
March Santos sold
mid-Sept. high.
bought
roaster
at
good volume of Colombias yesterday.
Prices were about
J^c. better.
Rumors circulated that
Brazil would levy an additional
export tax on coffee.
a
On the 5th inst. futures
closed 1
Santos contract, with sales
to 2 points net higher for
totaling only 3 lots.
No
the
business
coffee
was
reported in the
futures
continued
Rio
dull.
contracts.
Prices
change.
Trading in
registered small
During early afternoon May Santos contracts
6.36c., but spot Dec. sold at 6.27c., up two
points.
exchange improved 20 reis to 19.750 to the
dollar.
Cost and freight offers on well
described Santos 4s
remained unchanged at from 6.50
to 6.75c.
The better tone
stood at
In Brazil milreis
of mild coffees
was
maintained.
It
was
said
that
good
Brazils for shipment
starting Jan. next year
willing to offer that far ahead.
If that is true,
i t marks a new feature to
trading wi th Brazil.
Today futures
closed 1 point off to 3
points up for the Santos contract, with
sales totaling 16 lots.
No business was
reported in the Rio
contracts.
Coffee futures advanced in small
trading. Santos
contracts gained about 7
points, May standing at 6.44c.
during early afternoon.
Business in actuals continued slow
but roasters are expected to re-enter
the market if they are
demand
a
for
found few
convinced that
war will continue.
In Brazil the
spot price
of Rio No. 7 coffee advanced 300 reis
to 12.8 milreis.
It was
said that it no longer is
possible to obtain wide concessions of
distant shipments of mile
coffees, although the spot quota¬
tion is still above that
quoted for Nov. and Dec. shipments
coffees.
Rio coffee prices closed
December
follows:
as
4.15
Santos coffee
prices closed
December
^
(March
as
>_6.30
March
6.35
May
.4.15
follows:
July.
September.
.6.41
6.39
.6.42
Cocoa—On the 30th ult. futures closed 13 to 15
points net
higher. Transactions totaled 147 lots. Short
quite
turn
covering was
factor in the market's upward trend, and this in
appeared to be influenced by indications that peace
a
overtures of
Germany to the Allies will fail, which of course
long war, The cocoa market today closed at about
the top levels of the session.
Much of the selling was re¬
ported to have been done against West African cocoas,
especially in the July delivery.
A total of 60 contracts were
sold in that month.
Light manufacturer buying was reported
in the nearby deliveries.
Local closing: Oct., 5.31; Dec.,
5.42; Jan., 5.45; Mar., 5.53; May, 5.57; July, 5.62. On the
means a
2d inst. futures closed 16 to 22 points net lower.
tions totaled 515 lots or 6,901 tons.
Heavy
Transac¬
hedge selling
against African crop cocoas together with speculative liquida¬
tion which it inspired, was the major cause of the
dip in
prices, according to ring observers.
During the early
session
prices
were
firmer.
Manufacturers
were
not
par¬
ticularly active.
There was a fair amount of switching
operations.
Thirty-seven March lots were exchanged for
July at 10 points, while 10 May contracts were transferred
July at 7 points. Local closing: Oct., 5.15; Dec., 5.26;
Mar., 5.35; May, 5.38; July, 5.42; Sept., 5.49.
On the 3d
inst. futures closed 5 to 10
points net higher Although trad¬
ing was relatively light, prices moved over a comparatively
wide range.
The market was mixed on the opening, with
liquidation in the nearby months depressing those deliveries
and buying holdings in the distant deliveries
at slight gains.
Peace talk abroad
undoubtedly had quite an influence in
sending prices lower.
The stronger closing prices were
attributed in the main to some
speculative buying and light
dealer short covering.
Transactions totaled only 140 lots,
or 1,876
tons, with the activity concentrated in the Dec.,
July, Mar. and May deliveries.
Local closing: Oct., 5.20;
Dec., 5.31; Jan., 5.34; Mar., 5.41; May, 5.45; July, 5.49.
On the 4th inst. futures closed 8 to 12
points net lower, with
sales totaling 163 lots. Cocoa futures continued to
slip under
scattered liquidation influenced
by peace rumors.
Prices
points lower during early afternoon. Trading was
dull, totaling only 112 lots to that time.
Manufacturers
were buyers on a scale down in a
small way.
Warehouse
were
9 to 11
stocks
continue to decrease.
The overnight loss was 2,400
bags, leaving the total at 1,150,150 bags. A year ago stocks
totaled 964,731 bags.
Local closing: Dec., 5.22; Jan., 5.24;
Mar., 5.29; May, 5.35; July, 5.41; Sept., 5.48.
On the 5th inst. futures closed 13 to 14
points net higher.
Transactions totaled 152 lots.
Buying said to represent the
covering of hedges against sales of actual cocoa caused fu¬
tures to rally 11 to 12
points in a small market.
Trading to
early afternoon totaled only 110 lots.
Dec. then stood at
5.33c., up 11 points.
It was reported that there was a
scarcity of Brazilian offerings.
Warehouse stocks continued
to decrease.
The overnight loss was 7,300 bags.
It reduced
stocks to 1,142,807 bags
compared with 965,087 bags
a year
Local closing: Dec., 5.36; Mar., 5.43; May, 5.48;
July, 5.54.
Today futures closed 7 to 13 points net lower.
ago.
The
futures market was nervous.
The opening brought
sharp rebound of 15 to 20 points, but on that rise traders
hastened to sell, fearing a
change in the foreign situation
overnight.
During early afternoon Dec. stood at 5.40c.,
up 2 points, but some distant positions were unchanged,
having lost all of their early gains.
Sales totaled 180 lots
cocoa
a
to
that
time.
Warehouse
stocks
continued
to
decrease.
The
overnight loss was 5,400 bags.
The total now is 1,137,470 bags against 966,608 a year ago.
Local closing:
Dec., 5.29; Jan., 5.30; Mar., 5.33; May, 5.37; July, 5.43;
Sept., 5.48.
Sugar—On the 30th ult. futures closed 1 to 2 points net
higher for the domestic contract, with sales totaling 153 lots.
The world sugar contract closed 7 to
83^ points net higher,
with sales totaling 129 lots.
With indications of a prolonged
war, trade sentiment became decidedly bullish, and this was
reflected in the firmness of the markets,
especially the world
contract.
Some new demand was attracted
market through Wall Street commission houses and
firm was
sugar
to
a
the
trade
prominent on the supporting side. No sales were
reported in the raw sugar market today, and prices were
unchanged from previous finals.
On the 2d inst. futures
closed 1 to 4 points net lower for the domestic contract, with
sales totaling 109 lots.
The world sugar contract closed 31/2
points net lower, with sales totaling 33 lots.
In the domestic
market prices climbed 3 jmints early, but
slipped off when
of a reduction in refined sugar was made.
During early afternoon the market was 2 to 4 points under
Saturday's finals.
The market was influenced somewhat by
a statement attributed to
Secretary Hull that no immediate
action would be taken to reduce the Cuban
duty.
Raw
sugar was quoted at 3.70c. a pound with no sales, but refiners
reduced their price to 5.50c. a pound.
World sugar con¬
tracts were 5 to 6 points lower with Mar.
selling at 1.993dU
Selling was light.
On the 3d inst. futures closed 6 to 9
points net lower for the domestic contract, with sales totaling
announcement
475 lots.
The world sugar contract closed 11^ to 18
points
lower, with sales totaling 175 lots.
With peace prospects
regarded as more favorable following Prime Minister Cham¬
berlain's speech, heavy selling developed in the sugar market
today and prices broke sharply.
Mar. in the domestic con¬
tract dropped from 2.32c to 2.18c. and at the lower basis was
only about 18 points above the level prevailing before the
net
war
started.
No sales
were
effected in the
raw
sugar
market
today, and in sympathy with the weakness in futures, sellers
reduced their asking prices from 3.70c to 3.65c. in an effort
to do business.
On the 4th inst. futures closed 3 to 7
points
net lower for the domestic
contract, with sales totaling 334
13^ to 6 points net
lower, with sales totaling 193 lots.
Both world and domestic
sugar markets were under pressure after opening higher, and
lots.
The world sugar contract closed
each
lost ground, on account of continued peace rumors.
The domestic market opened 1 to 2 points higher on short
covering, but
was
soon gave
ground under selling, some of which
*
During early afternoon prices
believed to be hedges.
The Commercial & Financial Chronicle
2248
lower
Oct.
7, 1939
the active deliveries, but fairly
after starting as much as 5 points
3V2 points net lower this afternoon.
On the 5th inst. futures closed 2 to 4 points net higher for
the domestic contract, with sales totaling 109 lots.
The
world sugar contract closed unchanged to 1 point net higher,
with sales totaling 299 lots.
Both domestic and world futures
markets were higher on what appeared to be short covering
heavy selling orders
were encouraged by the wealoiess in hog prices at Chicago,
the latter prices dropping 25c. to 40c. As a result of the
additional selling in lard, values declined 25 to 30 points.
Export clearances of lard from the Port of New York were
130,500 pounds, no destination given. Chicago hog prices
were 25c. to40c. lower due to the very heavy marketings at
the leading markets in the West.
Western hog receipts
totaled 82,300 head, against 73,400 head for the same day
last year.
Sales ranged from $6.25 to $7.05, the latter price
being a drop of $1.50 per hundred pounds during the past
week.
On the 3d inst. futures closed 15 to 25 points net
in advance of Hitler's
lower.
on
Chicago today in spite of the severe decrease in lard stocks
at the Mid-West packing centers during the month of Sept.
The monthly statistical report on lard at Chicago showed
that stocks there decreased 31,157,228 pounds last month,
due to the heavy export shipments to Europe and also due
to the active domestic trade in lard.
Early lard prices
were 2 to 4 points lower.
Refiners were said to have com¬
pletely withdrawn from the refined sugar market.
One lot
of Cubas due today was offered at 2.15c. a pound compared
with 2.20c. yesterday.
Another lot was for sale at 2.20c.
Duty-free sugars meanwhile were offered at 3.65c. a pound.
World sugar contracts
higher,
were
speech tomorrow. There was no news
specifically to account for the better tone. After
having been 1 point net lower, domestic sugar contracts were
3 to 5 points higher during early afternoon.
In the raw
market it was rumored that the cargo of 2,000 tons of Cubas
which arrived here yesterday had been sold but no confirma¬
tion was obtainable.
If true, that would be the first Cuban
sugar sold here since Sept. 11, when the duty on Cubas was
sugar
advanced from 90c. to SI.50
a
cwt.
World sugar contracts
2 to 3^ points higher early this afternoon after a dip
V/2 points immediately following the opening.^Today
futures closed 1 to 3 points net higher, with sales; totaling
were
of
278 lots for the domestic contract.
The world sugar
con¬
tract closed 2to
Sy2 points net higher, with salespmounting
to 213 lots.
Sugar futures made a quick, sharp/response to
Hitler's speech.
Prices of domestic contracts rebounded 7
to 9 points in the early trading.
At that high level offerings
by trade interests poured into the market, witn the resultthat a portion of the early gains disappeared.
Djuirng early
afternoon prices were 4 to 6 points higher, with March
selling at 2.26c. a pound after having touched 2.38eu^ The
volume of buying consisted of short covering and new buy¬
ing. Duty free sugars were raised to 3.70c. a pound in the
raw market compared with 3.60 yesterday.
Cubas were noi
on offer.
World sugar contracts stood at 4)^ to 5 pointsN
higher this afternoon after an early bulge of 8 to 8% points.
The selling was said to have been mainly hedging by pro¬
ducers, who took advantage of the opportunity of selling at
the higher levels as a protection against a break should
peace be declared.
Prices closed
January
as
follows:
2.32
2.36
2.19 July
—
March
2.23
May-.
2.27
United
States
Exports
Months of 1939
Refined
September
of
Refined
Increased
Sugar
in
Seven
69% Over Last Year
sugar
increase of 19,804 tons or little
over'69%, according to
Lamborn & Co., New York. ' The exports for the seven
months of 1939 are the largest since the seven-month period
of 1929 when the shipments amounted to 64,118 tons.
The
firm's announcement added:
The refined sugar exports duringvthe January-July period of 1939 went to
The
more
than 50 different countries.
tons,
being followed by Belgium and Norway with 6,882 tons and 5,087
tons,
respectively.
In the
previous
United Kingdom leads with 17,812
season,
the
United
Kingdom
with
16,273 tons also headed the list, while Panama and Honduras with 2,658
tons and
Sugar
1,596 tons, respectively, followed.
Consumption in 13 European Countries In¬
9.1% in 11 Months of Current Crop Year
creased
Above Last Year
Consumption of sugar in the 13 principal European coun¬
tries during the first 11 months of the current crop year,
September, 1938, through July, 1939, totaled 7,663,600 long
tons, raw sugar value, as contrasted with 7,022,200 tons
consumed during the similar period last season, an increase
of 641,400 tons, or approximately 9.1%, according to Lam¬
born & Co., New York.
Sugar stocks on hand for these
countries on Aug. 1, 1939, amounted to 1,825,000 tons,
as against 2,440,000 tons on the same date in 1938, a decrease
of 615,000 tons, or
approximately 25.2%.
The firm's
announcement added:
The estimated sugar
production for the 13 principal European countries
for the current crop, harvesting of which has
commenced in many areas,
according to advices received from P. O. Licht, the European
ity, is placed at 6,818,000 long tons,
as
sugar
author¬
compared with 5,661,000 tons in
Further
losses
head/for the
same
unchanged to 2 points lower.
Trading was mixed
any special feature.
Fluctuations also were
within a very limited range.
No lard exports were reported
from the Port of New York today.
Hog receipts at the
Western run were far below the same day last year and
totaled 44,500 head, against 59,300 head.
Closing prices
on hogs at Chicago were 10c. to 25c. higher, with sales ranging
and
without
from $6.35 to $7.15.
•
On the 5th inst. futures closed 5 to 7
was
CLISNG
PRICES
Sat.
September—
--
December
January.
7.00
March-
7.55
6.75
The forecasts in these latter countries
are
subject to the
un¬
The 13 countries included in the survey are Belgium, Bulgaria, France,
Germany, Holland, Hungary, Irish Free State, Italy, Poland, Rumania,
Sweden, United Kingdom and the Protectorate of Bohemia-Moravia.
6.37
6.47
Fri.
Thurs.
6.57
6.37
6.47
6.45
6.55
6.57
6.55
6.67
6.65
6.75
7.05
7.05
7.10
7.20
7.20
7.17
7.25
7.35
Pork—(Export), mess withdrawn; family withdrawn.
(export), steady.
Family (export), unquoted. Cut
Meats: Quiet.
Pickled Hams: Picnic, Loose, c.a.f.—4 to 6
lbs., 13c.; 6 to 8 lbs., 13c.; 8 to 10 lbs., 13c. Skinned, Loose,
c.a.f.—14 to 16 lbs., 20c.; 18 to 20 lbs., 18%c.
Bellies:
Clear, f.o.b. New York—6 to 8 lbs., 12c.; 8 to 10 lbs., 13c.;
10 to 12 lbs., 13c.
Bellies: Clear, Dry Salted, Boxed, N. Y.
—16 to 18 lbs., 93^c.; 18 to 20 lbs., 8>^c.; 20 to 25 lbs., 9^0.;
25 to 30 lbs., 9MjC.
Butter: Creamery, Firsts to Higher than
Extra and Premium Marks: 24to 29}4c.
Cheese: State,
Held '38—21 to 22c.
Eggs: Mixed Colors, Checks to Special
Packs: 15to231^c.
Oils—Linseed oil market has been relatively quiet, with
business light.
The base price remains at 10c. for oil in
new
tank cars,
with deliveries continuing exceptionally heavy.
Quotations: China Wood: Tanks, resale—28c. bid, nominal;
carloads, drums—29e, bid, nominal.
Coconut:
Crude,
Tanks—.04 bid; Pacific Coast, spot—.03%
bid.
Corn:
Crude, West, tanks, nearby—.06% bid, nominal.
Olive:
Denatured—Drums, nearby—$1.40 bid. Soy Bean: Tanks,
West, nearby .05% bid, nominal.
Edible: Coconut, 76 de¬
grees—10 %c. bid.
Lard: Prime, ex. winter—10c. offer.
Cod: Crude, Norwegian, dark filtered—50c. offer, nominal.
Turpentine: 33%c. to 35%c.
Rosins: $5.30 to $7.65.
Cottonseed Oil sales
contracts.
yesterday, including switches, 142
Prices closed as foliows:
Crude, S. E., val. 5 %c.
February
n
March
6.91
April-.
6.95 May
—
—
7.60®
7.08®
7.11®
7.15®
n
7-09
n
Rubber—On the 30th lilt, futures closed 10 to 29 points
net
higher. The market held firm during most of the short
session, influenced somewhat by the better action of the
securities market. Most of the support on the floor came
from
speculative and commission house interests.
scattered and limited.
Lard—On the 30th ult. futures closed 20 to 27 points net
higher.
The opening range was 5 to 10 points higher.
Prices gradually advanced to levels 20 to 27
points over the
previous finals, and held these gains to the close.
Less
favorable prospects of peace in Europe had much to do with
today's firmness in the lard market.
No lard exports were
reported from the Port of New York.
Chicago hog prices
closed 10c. lower.
Sales ranged from $7 to $7.10.
Western
hog marketings were light and totaled 10,200 head, against
11,300 for the same day last year.
On the 2d inst. futures
closed 20 to 27 points net lower.
Early prices were 5 points
CHICAGO
Beef:
6.93®
last season.
IN
Wed.
7.20
January
settled conditions caused by the European war.
Tues.
7.35
May
6.90®
6.90®
6.89®
tons, and the United Kingdom. 530,000 tons contrasted with 322,000 tons
FUTURES
LARD
Mon.
.
6.55
6.72
October
compared with 2,074,000 tons; France, 1,132,000 tons against 836,000
OF
6.75
6.82
6.90
October
December
tons
points net higher.
light, with the undertone reported very steady.
The export demand for American lard has not been very
heavy during the past few days, and it is believed that the
sluggish action of the market has helped to restrict pur¬
chases.
Hog prices at Chicago finished 10c. higher today,
with late top price $7.25. Sales ranged during the day from
$6.50 to $7.20.
Western hog marketings were 37,110 head,
as
against 53,500 head the same day last year.
Today
futures closed 10 to 12 points net higher.
Current hog
receipts again lifted hog prices today and top advanced to
$7.35 in a 10 to 15c. higher market.
Hog receipts in the
open Chicago market totaled 5,000 or
2,000 less than
expected.
Trading
November
Germany, 2,360,000
On the 4th inst. futures
day last year.
'closed
produce 620,000 tons
year:
at
were 2 to 5 points lower, but later values declined 20
points on selling apparently influenced by the easiness
in grains.
Chicago hog prices were 5c. to 10c. lower, with
sales ranging from $6.25 to $7.
Western hog marketings
were fairly heavy and totaled 67,400 head, against 69,800
Included in these figures are the forecasts for Poland, which was expected to
against 537,000 tons last
futures
lard
in
today
the previous season, an increase of 1,157,000 tons, or approximately 20.4%.
as
recorded
were
to 25
DAILY
exports by the United States during the
first seven months of 1939, totaled 48,345 long tons as con¬
trasted with 28,541 tons during the similar period last year,
an
on
Selling
Transactions totaled 720 tons.
was
Spot
standard No. 1 ribbed smoked sheets in the actual market
advanced %c. to 21c.
houses licensed by the
Certificated stocks of rubber in ware¬
Exchange showed a decrease of 100
tons today to 2,950 tons.
The London rubber market was
closed today, while Singapore ruled yd. to 5-32d. lower.
Little activity was reported in the local outside market.
Local closing: Oct., 19.90; Dec., 19.65; Jan., 19.10; Mar.,
18.60; May, 18.50.
On the 2d inst. futures closed 20 to 9
points net lower, with the exception of Dec., wdiich closed 5
points net higher.
Transactions totaled 97 lots. Trading
was
mixed.
Some factory buying was noted in Dec.
and
Volume
The Commercial & Financial Chronicle
149
2249
selling in Jan. Activity in the actual market was barely
perceptible.
Spot standard No. 1 ribbed smoked sheets in
Dec. then stood at 14.33 and Mar. at 14.62
the trade remained unchanged at 21 cents.
The London
market closed 3-16d. higher to ]/8d. lower, but Singapore
closed
y8 to 5-32d. higher.
Local closing: Dec., 19.70;
market
Jan., 18.90; Mar., 18.51; May, 18.38.
On the 3d inst. futures closed 35 to 80 points net lower. The
market seemed under pressure most of the day, the selling
coming
largely
from
house and speculative
commodity markets played
commission
The weakness of other
sources.
their part as an influence.
The severest declines were
registered in the forward positions.
Indicating further that
no complete suspension of the rubber restriction
plan is con¬
templated at this time, the International Rubber Regulation
Committee announced a further 5% increase in the fourth
quarter export quota, bringing it up to 75%, in an attempt
to
alleviate the tight rubber supply situation in major
consuming countries. The local market, after opening 13 to
35 points lower, drifted downward during most of the session.
However, sales totaled only 1,690 tons. The outside market
was quiet, with spot standard No. 1 ribbed smoked sheets in
the trade declining to 20 %c.
Local closing: Oct., 19.45;
Dec., 19.35; Jan., 18.25; Mar., 17.90; May, 17.61, July 17.55.
On the 4th inst. futures closed 35 to 5 points net lower. Com¬
mission house selling of rubber in sympathy with other
markets caused prices to decline as much as 45 points. There
was selling of Dec. in particular, with
the result that the
premium over later options was reduced.
During early
afternoon Dec. stood at 19.30c., Mar. at 17.60 and May at
Moderate trade demand appeared on declines. Sales
early afternoon totaled 1,650 tons. Certificated stocks of
rubber decreased 2,740 tons.
The London rubber market
closed unchanged to 3-16d. lower
Local closing: Dec.,
19.00; Mar., 17.75; May, 17.50.
On the 5th inst. futures closed 15 to 25 points net higher.
17.40.
to
Transactions
totaled
73
lots.
Prices
of
rubber
futures
rallied sharply in quiet trading.
Apparently the improve¬
ment was a technical one rather than the result of any news.
It
came
after the .market had opened unchanged to 10 points
net lower.
During early afternoon Dec. stood at 19.22, up
Sales to that time totaled only 240 tons.
The
unchanged to l-16d. lower.
Singa¬
pore also was steady.
Local closing: Dec., 19.15; Mar.,
17.95; May, 17.75.
Today futures closed 12 points off to
20 points net higher.
Transactions totaled 219 lots.
Rub¬
ber futures wTere firm.
A foreign buying order in Dec. gave
the whole market a strong tone.
During early afternoon
prices were 21 to 25 points higher on active positions, with
Mar. selling at 18.16c. and May at 18c.
Sales to that time
totaled 660 tons.
The London rubber market was steady,
1-16 to 7-32d. higher.
Singapore also was higher.
Local
closing: Oct., 19.29; Dec., 19.03; Jan., 18.35; Mar., 18.10;
May, 17.95; July, 17.90.
22
points.
London
market closed
Hides—On the 30th ult. futures closed 62 to 67
points net
higher.
The opening range was 20 to 22 points above Fri¬
day's closing.
Transactions totaled 6,440,000 pounds.
The strength of the hide market today was attributed in no
small measure to the strong stock market.
Indications that
the European war is likely to continue for some time regard¬
less of peace overtures on the part of the Central Powers,
were believed to be mainly responsible for the strength dis¬
played in most commodity markets.
No important develop¬
ments were reported in the domestic spot hide market.
Local closing: Dec., 15.19; Mar., 15.50; June, 15.82; Sept.,
16.10.
On the 2d inst. futures closed 20 to 30 points net
unchanged to 25 points off.
weaker as the session progressed, though
it closed 15 to 22 points up from the lows.
Transactions
totaled
6,600,000 pounds.
Certified stocks of hides in
warehouses licensed by the exchange decreased by 12,901
hides to a total of 1,238,197.
Native steer hides were re¬
ported sold at 17c. la pound, although some hides are re¬
ported still available at 16h£c. a pound.
Local closing:
Dec., 14.90; Mar., 15.23; June, 15.62; Sept., 15.90. ' On
the 3d inst. futures closed 30 to 43 points net lower.
The
The opening range was
lower.
The market grew
opening range was 5 points higher to 2 points lower.
Peace
talk, together with weakness of the securities and commodity
markets generally, had a depressing effect on the hide mar¬
ket and prices suffered an extreme drop of 44 to 52 points,
subsequently showing a slight recovery on shorts taking
Transactions
profits.
totaled
7,120,000
pounds.
tificated stocks of hides in warehouses licensed
Cer¬
decreased by 6,682 hides to a total of 1,231,515
new developments were reported in the domestic
spot hide market during the day.
Local closing: Dec.,
14.60; Mar., 14.88; June, 15.20; Sept., 15.48.
On the 4th
inst. futures closed 11 to 15 points net lower.
Hide futures
were weak.
Commission houses were sellers, while buying
interest was scattered.
At one time Dec. was 50 points
No
14.10c., but this afternoon it stood at 14.27, off 3
points net.
Mar. was 28 points lower at 14.60c.
Sales to
early afternoon totaled 8,680,000 pounds, a volume sub¬
stantially larger than usual.
Of that total 200,000 pounds
were
exchanged for physicals.
Certificated stocks de¬
creased 11,925 hides to a total of 1,219,590 hides.
Local
lower at
closing: Dec., 14.45; Mar., 14.77; June, 15.06.
On the 5th inst. futures closed 3 to 5 points net lower.
Transactions totaled 242 lots.
Raw hide futures were active
with a rallying tendency early, but later developed easiness,
standing 12 to 15 points lower during early afternoon.
time
totaled
6,880,000
pounds.
pound.
Sales
The spot hide
a
reported that independent pack¬
price concessions of l^c.
Local
closing: Dec., 14.40; Mar., 14.74; June, 15.02; Sept., 15.30.
Today futures closed 11 to 22 points net higher.
Transac¬
tions totaled 394 lots.
The rally in the stock market in¬
spired a quick recovery in hide futures.
The improvement
was aided and abetted
by a recovery in prices of spot hides.
Dec., the spot month, was particularly strong, with a
maximum recovery of 74 points.
Other positions recovered
as much as 66 points.
During early afternoon active months
were 34 to 55 points higher, with Dec. at 14.76c.,
up 36, and
Mar. at .15.06, up 34 points.
Commission houses were
buyers.
Trading was active, with a turnover of 9,080,000
pounds up to that time.
Local closing: Dec., 14.55; Mar.,
14.85; June, 15.17; Sept., 15.52.
ers
was
had
quiet.
sold
hides
It
was
at
Ocean
Freights—Chaterers are reported as still very
taking tonnage for long periods, and with
more plentiful
offerings for Oct., they appear to be only
taking what they actually need.
Charters included: Grain
booked: Three loads Montreal to Genoa, Oct., 60c.
Fifteen
loads New York to Genoa, prompt, 5.5c.
Grain: New York
to Antwerp-Rotterdam, prompt, 45c.
to 50c. on heavy
grain.
Montreal to Norway, Octv loading.
New York to
Scandinavia, Oct., 54c. Another steamer, Atlantic range to
Scandinavia.
Six vessels, fixed, River Plate to Europe, at
32s 6d.
New York or Albany to Denmark, Oct. loading,
about 55c.
Another vessel, chartered for grain to Norway,
Oct., no rate.
Scrap: Atlantic range to Japan, Oct., $12.50.
Atlantic range to Japan, Oct., $12 per ton.
Another vessel,
same details.
Gulf to Japaln, Oct. 20, Nov. 10, $12.75 per
ton.
Time: Four months, Candaian-West Indies trade,
Oct., $2.85. Round trip Canadian trade, Oct., $3.25. Trip
down, north of Hatteras-West Indies, Oct., $3.25. Round
trip West Indies trade, Oct., $3.25.
One and half to three
months West Indies trade, Oct., $3,
Round trip east coast
South American trade, Oct., $3. Delivery Briston Channel,
redelivery South Africa via Gulf, prompt, $3.50.
cautious about
Coal—The
coal markets are active and strong, with
prices being accorded further seasonal price
changes. Those at Tidewater are up 25 to 35c. per ton, and
prices "on the line" show gains of 35 to 60c. per ton. Reports
from bituminous mines indicate that the West Virginia fields
are operating in most cases near capacity.
In Pennsylvania
fields the high-grade bituminous coals are also moving
rapidly, while low and medium varieties are lagging slightly.
anthracite
Broad and sustained demands continue for bituminous coal
in eastern industrial sections and the market, principally for
West Virginia coals, remains in a strong position.
Further
price advances have been registered in the spot market.
Coal operators also made known the fact that new business
is being conducted on a day to day basis in order to protect
themselves on a rapidly advancing market.
Quotations
generally are figured on an immediate shipment basis only.
According to figures furnished by the Association of American
Railroads, the shipments of anthracite into eastern New York
and New England for the week
ended Sept. 16, have
amounted to 1,856 cars compared with 1,408 cars during the
same
week in
1938.
Wool—Although the wool markets are quieter, the under¬
tone continues strong.
Manufacturers appear reluctant to
follow prices to a higher level.
Wools advanced so sharply
in September that the advisability of some type of control to
X^revent possible skyrocketing has come into the open.
Such
project is not regarded favorably by the Department of
Agriculture, it is said.
Boston dealers for their part see no
need for such organization.
It is pointed out that the un¬
usual rise in price resulted from shortage of supplies and the
actual advance does not call for any control as there has not
been the slightest indication of profiteering.
It is reported
that unsold domestic stocks are fast disappearing and there
is no sort of belief that any apparel wool in volume will be
coming into the United States for an indefinite period. New
high prices prevail on all descriptions of greasy wools. The
best class 3 wool is quoted on a new high range of $1.08 to
$1.10, while the graded fine territory and the best Texas
wool are within striking distance of $1.16.
Fine delaine at
45c. in the grease sells at about the same scoured price as the
Western and Southwestern fine staples.
a
by the Ex¬
change
hides.
that
to
Silk—On the 2d inst. futures closed 2c. to 8c. net higher for
the No. 1 contract, while the No.2 contract closed 3c. to4c.
net
higher.
The market received its stimulus today chiefly
higher mill takings figure.
Most of the activity
scattered trade buying and selling.
Some dealer and
from the
was
importer short covering was noted in the nearby deliveries.
Transactions totaled only 70 bales in the No. 1 contract.
There were no transactions in the No. 2 contract.
Yoko¬
hama futures were 5 to 19 yen lower.
Kobe futures were
10 yen higher to 171 yen lower.
Grade D declined 10 yen
in both markets, Yokohama at 1,605 yen and Kobe at 1,610
Spot sales in both markets totaled 550 bales while
Local closing: No. 1 Contract:
Oct., 2.973^; Dec., 2.90K; Jan., 2.85; Mar., 2.84; May,
2.813^.
No. 2 Contract: Oct., 2.90; Dec., 2.80; Jan., 2.75;
Mar., 2.72; May, 2.69. On the 3d inst. futures closed 2c. to
5Mc. net lower for the No. 1 contract.
The market ruled in
a depressed state most of the day, influenced largely by the
yen.
futures totaled 4,800 bales.
2250
The Commercial & Financial Chronicle
weaker than expected Japanese cables and
general easiness
in other commodity markets.
Most of the activity took
place during the latter half of the session.
the
No.
Receipts at—
Silk
futures
easier
were
in
123
574
360
814
8,901
1,554
13,161
14,016
297,556
183,369
441.721
330,033
387,060
Since Aug.
were
on
the
No.
1
bales.
Mar.
No.
1
stood
Local closing: No. 1
Contract: Oct., 2.99; Nov., 2.91 H;
Dec., 2.89H; Jan., 2.83;
Mar
2.83H; May, 2.81.
Today futures closed H to 2He.
net higher.
Transactions totaled 78 lots.
The
foreign
spurt of buying in silk futures by Japanese
interests and dealers, with the result that the
market de¬
veloped a strong tone.
During early afternoon prices were
5 to 7c.
pound higher than Jan. No. 1 at $2.90 a pound and
$2.88HThe price of crack double extra silk in the
a
Mar. at
uptown spot market advanced 7c.
Yokohama Bourse closed 33 to 41
pound to $3.10.
The
yen higher, while the price
of
a
grade D silk in the outside market advanced 30 yen to
yen a bale.
Local closing: Oct., 3.00; Nov., 2.94;
Jan., 2.84; Mar., 2.85H; Apr., 2.81; May, 2.83H1,640
Week Ended
France
24,423
Houston
13,923
5,719
7,593
_
New Orleans.
Lake
Savannah
Charleston
New York
Corpus Christi.
Mon.
Tues.
25,784
12,790
13,023
11,226
662
460
.
New
Orleans
Mobile
Pensacola,
Jacksonville
-
Savannah
Charleston
-
-
-
Lake Charles
-
-
-
6,562
Wilmington
-—
Fri.
Total
13,160
88,666
46,886
911
668
165
95,677
3.556
24,367
9,330
85,564
621
1,883
953
322
5,689
1
-
«.
-
•*
«.
«
336
«•
-
-
-
-
-
-
-
-
«.
-
10,678
—
389
169
264
54
«►
288
—
-
«
—
Total
1938
Total
1937.....
95
«
87
-
Norfolk
—
29
2
5
47
180
Baltimore
239
72
■
-
^
m
mm
47,215
23,604
47,945
^
—
250
m
6,817
225
....
225
....
&3,693
17,300
82,896 237,299
19,975
13,471
100
14,379
30,815
36,397
32,551
6,677
11,894
7,700
2,909
24,207 104,071
23,841 121,092
32,976
8,826
23,972
250
5,087
m
Exported to—
Aug. 1,1939 to
Oct. 6, 1939
Exports from—
Great
Ger¬
Britain
Galveston...
France
66,709
Italy
many
33,881
128,699
33,956
1, 563
10, 781
66,840
27,424
14 971
8,496
6,861
Orleans.
60,366
27",315
8,169
Lake Charles.
7,349
7,285
912
Other
1,135
Mobile
China
Japan
4 334
Houston
Corpus Christi
Brownsville
18,710
34,910
13,662
22,869
New
Total
6,921 72,585
11,333 116,174
20,410
27,263
977
223,238
356,263
175,610
24,473
4,309
3,922
185
__
185
~L662
45,476
155,889
7,719
16,203
601
10,417
Beaumont
Jacksonville..
9,786
Charleston
27,922
1,676
Savannah
12,901
"1,619
500
Pensacola, & c.
8,997
2,239
__J_.
211
York
711
"486
8,997
2,239
2,598
"200
400
10,032
74
671
760
377,574 131,884
41.986
80,183
94,859
85,092 132,396
290.663 178,918
127,069
70,970
163,806
2,286 123,984
705,603
181,681 104,740
53.301
10,983 156.451
976.737
...
Total
1938...
Total 1937...
In addition to above
exports,
our
On
Oct. 6 at—
_
Houston
Orleans..
19,505 276,464 1022,455
telegrams tonight also
give us the following amounts of cotton
cleared, at the ports named:
Galveston.
1,300
14,5.54
12,035
200
6,080
4,329
1,300
5,121
New
10,887
"
3 ,051
Total
1,676
"""615
",271
460
Francisco
on
Shipboard Not Cleared for—
Leaving
Ger¬
France
12,600
11,484
14,741
shipboard, not
1,400
1,783
1,814
Other
Coast¬
many
Foreign
wise
305
Savannah
22,200
14,401
4,337
3,000
1,805
Stock
Total
39,200
27,973
22,697
Charleston
Mobile
l",977
1,977
Norfolk
Other ports
■W.rr-"
----
Total 1939..
Total 1938.
40,802
.
9,069
Total 1937.
.
33,567
4,997
10,725
35,581
42,807
Speculation
574
cotton
for
539
past
41,067
2,981
305
18,339
40,938
38,604
43,169
4,805
650,577
763,010
512,684
145,771
37,991
54,970
29,444
226,704
9lU47
2,421,151
86,364 2,819,892
7,303 162,427 2,619,058
9,627
123
36
235
304
60,992
32,620
3,281
6,335
1,090
2,150
4,100
700
From
1.585
2,373
2,363
2,254
2,36.3
82,892
17,065
1,565
13,073
mm
mm
47,883
Total
169
252
15
—
-
12,960
8,669
10,489
1,430
249
50
Thurs.
4,800
490
10,390
480
Wed.
20,700
20,678
The
mm,
.
1,730
Britain
Sat.
Sat
42,017
....
....
Great
18,939
9,544
11,058
8,447
■
■
~
Angeles
bales.
Receipts at—
7,943
■
San Francisco...
Friday Night, Oct. 6, 1939.
Galveston
Houston
80,474
.
Crop,
bales, against 297,080 bales last week and 306,040 bales the
previous week, making the total receipts since Aug. 1, 1939,
1,923,950 bales, against 1,439,653 bales for the same
period
of 1938, showing an increase since
Aug. 1, 1939 of 484,297
Total
23,010
"s-'-.L-i;
2,150
4,100
San
as indicated by our tele¬
from the South tonight, is given below. For the week
ending this evening the total receipts have reached 297,556
Other
6,242
5,035
300
Los Angeles..
grams
China
10,149
7,951
5,635
1,090
........
Pensacola, &c._.
Los
Japan
10,707
1,334
0,919
Charles
Mobile
Italy
many
■
Corpus Christi.
New
Movement of the
Ger¬
5,943
Galveston
Wilmington..
The
exports have been
Exported to—
Great
Britain
Norfolk
COTTON
to date aggregate
season
Oct. 6, 1939
,
a
For the
Exports from—
at
advanced 15 yen to 1,610
yen a bale.
240,603
1. 1,92,3.950 1,439,653 2,796,962 2,082,957 2,103.438 1,598,508
1,022,455 bales, against 705,603 bales in the same period
of the previous season.
Below are the exports for the week:
The
contract.
1,461
bales, of which 47,883 were to Great Britain,
'32,976 to France, nil to Germany, 23,693 to Italy, 32,551
to Japan, 17,300 to China and
82,896 to other destinations.
In the corresponding week last
year total exports were 104,071
The price of crack double
extra silk in the New York
spot market advanced 2He. to
$3.03 a pound.
On the Yokohama Bourse prices closed
13 to 31 yen higher.
Grade D silk in the outside market
caused
_
4,530
4,776
2,643
605
1,726
28,991
The exports for the week ending this
evening reach a total
$2.83H, and Apr. at $2.82 H«
news
_
8,534
4.005
50,315
75,016
72,001
of 237,299
domestic silk futures
market followed the lead of Japanese
trading.
It opened
1 to 3He. lower when Japan was down, but recovered and
stood 3c. higher this afternoon in
sympathy with a Japanese
rally.
Sales to that time totaled 420 bales, of which 330
bales
10,525
Total this wk.
was 3 He.
$3.00HLocal closing: No. 1 Contract: Dec.,
2.88H; Jan., 2.85; Mar., 2.80H; Apr., 2.79H; May, 2.78HOn the 5th inst. futures closed 2c. off to 3c.
net higher.
lots.
108.289
1934
17,305
Wilmington
Norfolk
at
49
1935
106,879
75,510
All others..._
1,5*5
2.373
the uptown spot market crack double extra silk
totaled
1936
11,924
7,926
17,440
64,886
34,676
5.6^9
Savannah
Charleston
Japan.
The Yokohama Bourse closed 17 to 29 yen lower,
while grade D silk dropped 25
yen to 1,595 yen a bale.
In
Transactions
1937
145,526
117,116
126,714
2,129
1,094
1.991
830
641
Orleans.
Mobile
market.
Only 160 bales were sold to early afternoon, at
which time Jan. No. 1 stood at
$2.79, off 3c., and Mar. No.
1 at $2.76H» off 2c.
Selling was attributed to weakness in
lower
68,221
64,351
87,142
109,449
27,931
27,580
20,080
1,324
3,166
46,037
Houston
idle
an
1938
88,666
95,677
85,561
New
900
contract.
at
1939
Galveston
at
totaled
1
give below the totals
we
1,610 yen.
Spot sales at both Japan¬
bales, while futures transactions
totaled 3,5.50 bales.
Local closing: No. 1 Contract: Oct.,
2.95 H; Nov., 2.89; Dec., 2.87;
Jan., 2.82; Mar., 2.78HOn the 4th inst. futures closed
unchanged to 3c. higher for
centers
1939
be made with other years,
leading ports for six seasons:
Japanese selling
exports from Japan.
Transactions on the local exchange totaled 580 bales in the
No. 1 contract.
No business recorded in the No. 2 con¬
tract.
Futures at Yokohama ruled 8 to II
yen better, while
at Kobe the market was 10 to 24
yen higher.
Grade D at
Yokohama advanced 15 yen to 1,620
yen and remained
unchanged at Kobe
7,
In order that comparison may
.
and scattered dealer
buying were the trading features on the
floor.
In a cable from
Tokyo it was stated that the Finance
Minister Kazuo Aoki was reported to have declared that raw
silk is exempted from
proposed tax on
ese
Oct.
76.733 297.556
following table shows the week's total receipts, the
Aug. 1, 1939, and the stocks tonight, compared
total since
with last year:
week
has
in
been
future
delivery
moderately active.
during
Uncertainty
the
over
developments in Europe had more or less of a
restraining
Besides, there was very little in the news or
developments to serve as an incentive for substantial
influence.
tions
opera¬
either way
in the market.
It is pointed out that a
change in the foreign political situation or outlook
naturally result in a change of attitude which will
radical
1939
1938
Receipts to
Oct. 6
This
Week
Galveston
Brownsville
1, 1938
688,327
167,881
13,161
418,610
20,406
13.434
1,290
19,245
20,855
40,660
2,642
6,010
38,291
3,556
85",564
__
Pensacola & G'p't
Jacksonville
Savannah
Week
468,614
Beaumont
Charleston
Lake Charles
1, 1939
5,689
10,678
169
1,585
2,373
2,363
Wilmington
123
574
Norfolk
New York
68,221
64*886
6,121
34",676
2,129
1939
386,959
689,777
808,577
790,983
884", 965
"275
871
1,094
16,464
9,401
28,737
3,011
3,477
1,991
2,002
830
641
78,463
41,963
535,381
56,947
66,854
1,737
145,771
37,991
26,078
8,326
29,444
110,472
24,267
725,773
75,121
z5,960
2,377
155,690
37,437
29,521
14,101
28.253
600
.
539
4,524
8,044
Receipts included in Corpus Christi.
100
1,708
503
2,717
975
925
some rather drastic
readjustments.
On the 30th ult. prices closed 4 to 10
points net higher. The
opening range was 2 points higher to 1 point
lower, these
levels being about the lows of the
day.
There was con¬
siderable hedge selling at the start, but as trade
price-fixing
orders appeared in all active
months, the market soon started
to advance.
Rallies attracted further Southern
some
offerings and
week-end
liquidation. Partial reactions from the best
reflected hedge selling in distant months
through
spot houses and cooperative connections.
The market at
one
time showed net advances of 11 to 13
at the close
points. Washing¬
early announce¬
ton advices indicated that there would
be no
a cotton loan
program, at least until
ment of
a
loan
mandatory under the terms of
conditions made
the agricultural
adjust¬
Southern spot markets
today were 5 to 11 points
higher, with middling quotations ranging from 8.45 to
9.35
cents and averaging 8.97 cents at the 10
designated
ment act.
Totals
x
1938
458,918
233,813
7,949
257,762
21,842
2,405
Boston.
Baltimore
entail
Since Aug
95",677
Corpus Christi
New Orleans
Mobile.
This
88,666
__
Houston
will
Stock
Since Aug
2,512,998
z
Gulfport
'2,906,256
not included.
spot
Volume
markets.
The Commercial &
149
Sales totaled 75,220 bales, against
40,249 the same
On the 2d inst. prices closed 1 to 6 points
net lower.
The market was relatively inactive with prices
moving within a very narrow range. During the early part
of the day the market showed gains of 4 points.
Subse¬
quently trading became sluggish and prices eased. Outside
interest was limited and trading operations during the day
were confined largely to hedge selling on the one side and
trade price fixing on the other.
Early in the session there
was sufficient buying to absorb moderate offers, but as the
day progressed, the demand tapered off.
Reports from the
South have indicated that a holding movement is in progress
as farmers are convinced that the chances are in favor of an
day
a year ago.
Both buyers and
sellers are watching the foreign news for any signs of a
change in the situation abroad. Southern spot markets were
5 to 10 points lower, with middling
% inch quotations
ranging from 8.28 to 9.28 cents. Total sales for the day, with
Mobile missing, were 65,957 bales, compared with 75,220
on Saturday and 40,249 a year ago.
On the 3d inst. prices
closed 11 to 13 points net lower.
The opening range was
4 to 7 points lower, and after moving within narrow limits
during the greater part of the day, eased further at the close.
Improved weather conditions over the Eastern cotton belt
released sufficient hedge pressure in the cotton market today
to bring about substantial losses.
Bombay houses were
conspicuous sellers at times, particularly of March and May,
and were believed to be liquidating at least part of their
straddle holdings in the local market.
Basic conditions in the
cotton market were believed to be firm.
Mills are said to be
advance in values
as
the
2251
Financial Chronicle
season progresses.
busy in filling contracts made during Sept. and in some
cases are said to be running 3 shifts.
Aside from an active
domestic demand recently, mills are said to have received
unusually large export orders as an outcome of the hostilities
abroad.
Southern spot markets as officially reported were
10 to 21 points lower, with the average price of middling
8.77c.
On the 4th inst. prices closed 4 points off to 3 points
very
An irregular tone featured dealings in the cotton market
throughout the greater part of today's trading session.
A
short time before the close of dealings active months regis¬
tered a loss of 3 points to a gain of 2 points from the closing
levels of the preceding day in a limited volume of transactions.
Around midday prices were 6 points lower to 1 point higher.
Trading again was small on the opening this morning, with
the greater part of the activity centered in the Dec. position.
Initial prices were 1 to 2 points higher on the old months
despite the further declines at Liverpool.
Spot interests
again were the best buyers, with some trade price fixing and
New Orleans absorption also noticeable.
Foreign selling
again supplied most of the contracts, while scattered hedges
were apparent in the Dec. and Mar. positions.
There was
good underlying demand from spot houses at a point or two
below the market level, but sellers refused to meet these bids.
Old
15-16-inch, established for
13, and staple premiums
Contract—Basis Middling
deliveries
contract
on
Oct.
on
and discounts represent full discount for %-inch and 29 32inch staple and 75% of the average premiums over 15-16-inch
cotton at the 10 markets
on
Oct. 5.
New Contract
Old Contract •
A
29-32
15-16
31-32
1 In.
Inch
Inch
Inch
Inch
and Up
.31
on
.41
on
.52
on
.59 on
.66
.25 on
.35
on
.46
on
.53
on
.60
on
.29
on
.40
on
.47
on
.54
on
.17
on
.29 on
.35 on
.42
on
.12 off
Basis
.07
.14
on
.70 off
.61 off
.56 off
1 In.
7A
15-16
Inch
Inch
Mid. Fair
.52
on
.65
on
.75
St. Good Mid._.
.46
on
.69
on
.69 on
.63
on
.19 on
.52 on
.08 on
.23
on
.21 off
.37 off
.78 off
and
Up
White-
Good Mid
.40 on
.53
St. Mid
.29
.42 on
Mid
Basis
.13
St. Low Mld-.._
.57 off
.47 off
on
on
on
on
on
on
.49 off
1.37 off 1.30 off 1.26 off 1.58 off l.oi off 1.47 off 1.4o off 1.42 off
♦St. Good Ord-. 2.08 off 2.05 off 2.03 off 2.29 off 2.28 off 2.24 off 2.23 off 2.22 off
*Good Ord
2.67 off 2.65 off 2.63 off 2.88 off 2.88 off 2.84 off 2.84 off 2.82 off
Low Mid-.,
Extra While—
.40
on
.47
on
.54
on
.29
on
.35
on
.42
on
.07 on
.14
on
Good Mid
.40
on
.53
on
.63
on
.29
on
St. Mid
.29
on
.42
on
.52 on
.08 on
.17
on
.21 off
.12 off
Basis
.78 off
.70 off
.61 off
.56 off
.4!) off
.19
on
Mid
Even
.13
on
.23 on
St. Low Mid
.57 off
.47 off
.37 off
1.37 off 1.30 off 1.26 off 1.58 off 1.54 off 1.47 off 1.45 off 1.42 off
♦St. Good Ord.. 2.08 off 2.05 off 2.03 off 2.29 off 2.28 off 2.24 off 2.23 off 2.22 off
♦Good Ord
2.67 off 2.65 off 2.63 off 2.88 off 2.88 off 2.84 off 2.84 off 2.82 off
Low Mid
Spotted—
Good Mid
.08
on
.20 on
.30 on
.13 off
.04 off
.07
on
.13
on
.20
on
St. Mid
.04 off
.08 on
.18
.25 off
.16 off
.05 off
.01
on
.08
on
Mid
.67 off
.58 off
.49 off a.88 off a.81 off a.73 off a.68 off a.62 off
on
♦St. Low Mid... 1.46 off 1.41 off 1.37 off 1.67 off 1.64 off 1.69 off 1.57 off 1.54 off
2.18 off 2.17 off 2.16 off 2.39 off 2.38 off 2.37 off 2.36 off 2.35 off
♦Low Mid
Tinged—
Good Mid
off *.60 off *.56 off *.51 off
St. Mid
off *.89 off *.80 off *.75 off
♦Mid
off 1.66 off 1.65 off 1.62 Off
.37 off ♦.73 off *.68
.52 off
.44 off
.59 off *.93 off ♦.89
.72 off
.66 off
1.51 off 1.47 off 1.44 off 1.72 off 1.71
♦St. Low Mid... 2.19 off 2.18 off 2.18 off 2.40 off 2.39
♦Low Mid
2.85 off 2.85 off 2.85 off 3.06 off 3.06
off 2.38 off 2.38 off 2.38 off
off 3.06 off 3.06 off 3.06 off
Yellow Stained-
1.18 off 1.11 off 1.05 off *1.39off *1.36off *1.28off *1.26off *1.20off
1.67 off 1.64 off 1.62 off 1.88 off 1.86 off 1.83 off 1.82 off 1.81 off
2.30 off 2.29 off 2.29 off 2.51 off 2.51 off 2.50 off 2.50 off 2.50 off
Good Mid
♦St. Mid
♦Mid
Gray—
.43 off ♦.84 off *.80 off *.70 off *.65; off *.59 off
.65 off
63 off
.90 off
.81 off
.99 off
.86 off
.67 off 1.04 off
.75 off
.83 off
1.43 off 1.38 off 1.34 off 1.64 off 1.60 off 1.55 off 1.53 off 1.50 off
Good Mid
St. Mid
♦Mid
*
Not
deliverable on
a Middling spotted shall be tenderable
establishes a type for such grade.
future contract,
only when and if the Secretary
up.
On
the oth
lower.
in
a
inst. prices
Cotton prices
closed 2 points up to 5 points net
displayed
a
limited volume of business.
slightly mixed tone today
Shortly before the end of
1 point
below yesterday's closing levels.
At noon the market also
was 3 points higher to 1 point lower.
Futures advanced 1
to 4 points in quiet trading on the opening under support
from trade houses and ring professionals.
Fair-sized buy¬
ing orders came from Bombay and Liverpool interests in
the distant positions, while Southern interests did some
hedge selling in December and the 1940 contracts.
The
volume of trading was not broad and the market turned
quiet after opening orders were satisfied.
The tendency
among most brokers was to await the Hitler address to
the Reichstag tomorrow as well as the outcome of the
trading period the list was 3 points above to
the
States congressional neutrality
United
Today
1
prices closed
to
7 points
debate.
An im¬
net higher.
showed advances of 3 to 13 points
over the closing levels of the previous day.
Around midday
the market was 5 to 13 points higher.
Higher cables from
business active positions
Bombay and Liverpool exerted a similar effect on the local
the
and prices advanced 2 to 7 points on
rather small trade.
opening in a
came
Most of the buying
through trade accounts, while a little commission house
New Orleans operators sold spar¬
but the bulk of the offerings came in the form of
absorption lent support.
ingly,
Brokers with Liverpool affiliations ap¬
hedge placements.
Local profes¬
peared to have cotton for sale in December.
sionals
were
on
both
interests did little
to
or
sides
of the
while Bombay
market,
nothing at the call.
Prices advanced
gains of 5 to 13 points after the call as outside
made its appearance on
The
official quotation
Tues.
9.33
9.59
9.48
Discount for
and
week has been:
Mon.
9.22
Wed. Thurs.
9.20
9.46
9.17
9.43
Fri.
9.19
9.45
Grade and Staple—The
premiums and discounts for grade and
staple in relation to the base grade.
Premiums and discounts
for grades and staples are the average (juotations of 10
markets designated by the Secretary of Agriculture.
Old Contract—Basis Middling J^-inch, established for de¬
liveries on contract on Oct. 13,
and staple premiums
table below gives the
represent 60% of the average premiums over
at the 10
markets
on
Oct. 5.
9.19c.
1936
1935
1934
1933
1932
1930
5.85c.
10.25c.
18.90c.
19.05c.
21.30c.
13.65c.
23.20c.
26.25c.
1931
8.45c.
8.33c.
12.38c.
11.40c.
12.40c.
9.50c.
7.05c.
1939
1938
1937
-
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
28.55c. 1915
21.50c. 1914
20.80c. 1913
25.25c. 1912
32.65c. 1911
33.10c. 1910
--_-.27.00c. 1909
17.00c. 1908
-
12.45c.
14.10c.
11.25c.
9.95c.
14.15c.
13.30c.
9X5c.
lowest and closing prices at New
week have been as follows:
Futures—The highest,
York for the past
Saturday
Mondah
Tuesday
Sept. 30
Oct. 2
Oct. 3
Oct.'S9(old)
Range,.
9.24- 9.36
9.27- 9.32
Closing
9.28
9.27-
Oct.
.
—
9.28
Wednesday
Oct. 4
Thursday
Friday
Oct. 5
Oct. 6
9.14- 9.23
9.08- 9.15
9.09- 9.14
9.11-
9.14
9.10
9.11
9.12
—
-
-
9.22
{new)
Range
9.36- 9.37
_.
9.42/?
9.41n
9.36
9.14/?
Closing.
O.lOn
9.247?
9.2477
9.25/7
8.9577
8.9877
—
8.9677
8.977?
Nov. {old)
Range..
Closing
.
Nov. {new)
Range..
9.28n
9.24ti
9.1677
9.0977
9.0977
9.1077
Range..
8.90- 9.02
8.93- 9.03
8.81-8.91
8.80- 8.86
8.79- 8.84
8.83- 8.97
Closing
8.99- 9.01
8.93
8.82
8.80- 8.82
8.81
8.83- 8.84
Closing
Dec.
.
{old)
.
—
—
Dec. (new)
Range..
Closing
9.l4n
.
-
8.96- 8.96
8.98- 9.00
8.9577
8.9477
8.96??
8.6677
8.64
8.89/7
9.02- 9.02
9.08- 9.11
9.0771
8.967?
8.80- 8.82
8.70- 8.73
8.7871
8.667?
Jan. (1940)
(old)
Range
_
8.74-
.
Closing.
Range
8.80
8.82 n
8.64- 8.65
—
8.68- 8.77
8.69/7
8.93- 8.93
.
_
Closing
Feb.
8.9977
8.8677
8.8677
.
9.03 n
8.8477
8.75n
8.7177
8.5877
8.5977
8.5977
8.83/7
.
(old)
Range
.
Closing
Feb. (new)
Range..
8.95 n
8.9177
8.787?
8.787?
8.7871
8.82/7
8.61- 8.73
8.65- 8.73
8.52- 8.61
8.50- 8.57
8.51- 8.56
Range..
8.55- 8.66
Closing.
8.69- 8.70
8.65
8.52- 8.53
8.52- 8.53
8.54
8.57- 8.58
8.72- 8.72
8.71- 8.71
Closing.
Mar. (old)
J^-inch cotton
—
Mar. (new)
Range..
Closing
_
8.88/7
8.8477
8.71t?
8.707?
8.727?
8.75/7
8.58/?
8.5577
8.4277
8. 44t?
8.447?
8.47/7
Apr. (old)
Range..
Closing.
Apr. (new)
Range..
Closing.
8.78 n
8.7577
8.6277
8.637?
8.6377
8.66/7
8.40- 8.53
8.45- 8.52
8.32- 8.42
8.31- 8.37
8.32- 8.38
8.3.5-
8.48- 8.49
8.45
8.33
8.36-
8.34
8.37
May (old)
Range
..
Closing.
—
May (new)
Range
.
8(37
—
8.47
—
8.68- 8.69
8.60- 8.60
8.56- 8.56
8.55- 8.59
8.58- 8.66
8.69/?
8.6677
8.54r?
8.567?
8.5477
8.57/7
8.38/?
8.347?
8.2377
8.257?
8.2377
8.27/7
.
Closing.
for middling upland cotton in the
Sept. 30 to Oct. 6—
Sat.
Middling upland (nominal) K-- 9-39
Middling upland (nominal) 15-16 9.65
Premiums
buying
the strength in securities.
New York market each day for the past
for middling upland at New York on
Oct. 6 for each of the past 32 years have been as fellows:
quotations
Jan.(new)
proved tone featured dealings in cotton futures today in a
limited volume of sales,
A short time before the close of
market this morning
Quotations for 32 Years
New York
The
June (old)
Range..
Closing.
June (new)
Range..
8.58n
8.5577
8.4477
8.457?
8.437?
8.47/7
8.20- 8.32
8.23- 8.32
8.12- 8.21
8.10- 8.17
8.12- 8.17
Range..
8.15-^8.28
Closing.
8.28
8.23
8.13
8.15
8.13
8.17
8.47- 8.47
8.38- 8.40
8.33- 8.33
8.38- 8.38
8.40 -8.44
8.48n
8.447?
8.347?
8.357?
8 .33t?
8.37/7
8.58/?
8.5477
8.4477
8.457?
8.4377
8.47/7
Closing
July
.
(old)
July (new)
Range
.
.
Closing.
Aug.—
Range.
Closing
.
.
Sept.—
Range..
Closing,
n
Nominal.
The Commercial & Financial Chronicle
2252
Oct.
7,
1939
Range for future prices at New York for the week ended
Movement to Oct. 6, 1939
Oct.. 6, 1939, and since trading began on each option:
Towns
Option for—
Range for Week
Receipts
Movement
Ship¬
ments
Week
6
Oct.
to
Oct.
Week
Range Since Beginning of Option
Slocks
Season
1938
7.
Ship¬
Week
Stocks
ments
Receipts
Oct.
Week
Season
7
1939
Oct.—Old..
9.08
Oct.
4
9.36 Sept. 30
Oct.—New.
9.36
Oct.
3
9.37
Nov.—Old
7.26
Jan.
8.44
Aug. 31 1939
9.52
7.49
Feb. 23 1939
7.49
10 1939 10.15
8 1939
Sept.
3
1,436
Sept. 15 1939
Eufaula..-.
2.000
7,580
1,000
10,741
757
8,456
641
Feb.
Montgom'y
3,772
18,899
1,904
59,668
5,809
42,455
1,915
79,841
Selma
Oct.
.
Ala., Birrn'am
2,461
15,108
500
76,977
4,301
32,162
865
82,340
3,341
134,860
23 1939
Nov.—New
Dec.—Old
.
Dec.—New.
8.79
Oct.
5
9.03
Oct.
2
7.26
Jan.
8.96
Oct.
5
9.11
Sept. 30
8.25
Sept.
26 1939
9.97 Sept.
1 1939 10.00 Sept.
8 1939
8 1939
Ark.,Blythev.
Forest City
1940—
Jan.—Old..
8.64
Oct.
5
8.82
Oct.
2
7.29
Jan.
Sept.
8 1939
Jan.—New.
8.93
Oct.
3
8.93 Oct.
3
8.37
Aug. 30 1939 10.02 Sept.
8 1939
Sept. 30
7.36
Apr. 20 1939
9.82
Sept.
8 1939
Pine
Oct.
8.19
Aug. 28 1939
9.80
Sept.
8 1939
9.65 Sept.
9.78 Sept.
8 1939
Atlanta
8 1939
Augusta
Little
Oct.
8.50
.
Mar.—New
Oct.
8.71
8.72
5
Rock
58,555
8,249
195,304
20,070
62,294
15,072
1,423
57,091
5,733
20,229
217
1,615
68,245
7,000
1,000
56,141
22,538
3,357
60,512
7,555
1,140
41,323
4,726
892
37,425
4,159
31,802
21,237
11,440
520
33,296
3,013
4
Apr.—New.
May—New.
June—Old
Oct.
4
8.55
Oct.
5
8.53
Sept. 30
8.69
7.58
May 22 1939
Oct.
8.05
Sept.
2
1 1939
_
8.10
Oct.
4
8.32
Sept. 30
July—New.
8.33
Oct.
4
8.47
Oct.
25.561
3,104
59,556
8,904
7.63
9.52
Sept.
9.63
Sept.
8 1939
8.10
Aug. 31 1939
Sept. 1 1939
Sept. 1 1939
8.08 Aug. 31 1939
Oct. 3
Oct. 4
Oct. 5
360
14,037
945
1.860
33,953
2,248
5,973
765
26,870
839
70,855
1,173
21,905
4,122
9,615
—
6,215
70.053
7,108
155,116
5,100
52,405
2,793
125,572
154,420
31,600
300
2,600
500
25,855
2,277
17,029
1,219
38,999
—
1,119
2,154
625
32,824
850
1,673
350
La., Shrevep't
Miss., Clarksd
7,838
12,313
61,959
4,706
103,308
81,391
10,317
54,315
1,786
22,975
97,716
15,408
3,254
19,158
4,167
50,661
11,228
104,538
247
33,168
4,890
137,767
20,308
502
38,308
Rome
54,444
4,390
1,697
4,393
131
32,352
21,198
117,806
8,526
143,522
3,893
19.097
1,805
27,932
Jackson.
Natchez
...
New
4,800
5,700
5,300
4,200
1.094
229
17,288
980
2,596
101
12,528
3,995
10.738
208
25,013
4,250
22,233
31,804
1,442
64,173
6,780
584
54,748
Mo., St. Louis
N.C., Gr'boro
11,019
42,864
11,038
2,052
3,539
11,522
34,034
26,342
200
5,545
3,564
3,869
37
615
49
666
98
693
80
1,475
39,285
102,343
22,608
306,293
46,030
8,758
222,067
23,885
1,910
114,830
18,826
2,701
66,733
415,288
11,177
11,059
47,974
1,611
700,948
8,999
26,992
1,274
4,954
2,533
41,213
36,448
2,357
Oklahoma—
15 towns *.
8. O., Gr'ville
3,071
Tenn., Mem's 170,143
3,032
57,717
574,533 104,948
7,845
3,386
J
-
December—Old
-
1,200
62,100
52,000
700
500
1,700
.......
1,000
New
1940
15,043
2,878
375
5,458
235
4,072
11,570
628
5,904
26,733
2,400
38.361
1,580
1,500
2,925
10,006
-
845
2,834
Brenham
50,822
6,976
_
Dallas
5
43,400
»
»
-
«
52,000
W
M
35,100
*»'
1
*
-
-
-
~
•
-
41,700
558,700
200
San
New
58,300
~
200
800
-
«■
-
-
45,800
300
31,900
30,300
New
-
May—Old
25,200
12,300
-
-•
43,162
8,853
35,511
1,584
96
6,489
396
1,073
90
6,334
374
191
2,411
2,603
1,304
10,389
786
3,807
16.000
2.304
3,192
42,882
4,921
13,834
878
5,316
29,987
43,084
5,941
27,450
5,179
39,316
2,848
28,888
Marcos
16,100
26,100
200
11,600
395,700
37,000
-
mm
New
^
July—Old
•
-
15,800
27,200
300
100
100
23,300
2,700
21,000
17,900
24,900
16,300
328,400
300
400
400
1,900
19,800
„
33,200
New
19,200
500
Inactive months:
-
19,700
"
*
Includes
The
combined
totals
totals
of
15 towns in
show
that
y
■
mm*
'mm
---.
New
m
'mmmmrnrn
mm
mmm-rn
mm
200
—
176,100 123,800 120,000 119,700 109,300 117,000 1,781,500
Sept. 27 Sept. 28 Sept. 29 Sept. 30
Oct. 2
Oct. 3
Contracts
Oct. 3
1939—
October—Old
2,700
2,700
1,050
'
-----
--
December—Old-.
-
New
--
-
~
12,100
-
«
-r
1,000
-
14,200
.
m
300
1,500
22,950
200
■
-
9,150
same
950
10,150
5,950
mm*
reports Friday night.
Aug. 1 in the last two
-
M
-
m
7,250
years are as
4(H)
50
2,600
_
4,000
1939
3,500
3", 050
-
*
Week
Louis.
Via Mounds,
Via Iiock
Isla
3,400
5,300
New
2,850
mm
-
«
mm
....
Total all futures....
100
2",950
57,100
Dales
23,100
against
—
«
notice
9,668
70,053
15,235
91,635
189,715
26,838
183,963
Shipments—
OveMand to N. Y., Boston, &c__
539
4,528
1,880
503
189
..
8,083
85,893
6,199
8,335
2,045
82,805
-
8,811
92,301
6,869
93,185
97,414
19,959
90,778
..
550
-
-
4,600
6,250
63,250
Total to be deducted
6,800
700
26.500
has
been
16.050
700
19.950
Issued, leaving
The
302,05 o
net
open
The Visible
Supply of Cotton—Due to war conditions*
are not
permitted to be sent from abroad.
are
therefore obliged to omit our usual table of
the
visible supply of cotton and can
give only the stock at
this
foregoing shows the week's
Liverpool.
1939
1938
125,000
6.44d.
aggregate net overland exhibits
an
5.39d.
5.53d.
6.44d.
at
Spot
Saturday
Monday
Tuesday
In Sight and Spinners'
Takings
Receipts at ports to Oct. 6
New
3,221,364
683,766
318,328
247,521
2,655,431
926,693
Excess
5.95d.
7.76d.
over
3.89d.
4.08d.
5.77d.
Old
6.86d.
of
Southern
mill
tal
consumption to Sept. 1
200
—
-
500
New
Total week
200
'loo
500
900
22,270
1,000
Spot Market Closed
1,400
23,270
Futures Market Closed
Old
Saturday.
Monday
Tuesday
Wednesday.
Thursday.
Friday
Nominal
Nominal
the
New
Very steady
Barely steady.
Barely steady..
Steady
Steady
Steady
_
Nominal
Nominal
Nominal
_.
Nominal
Interior
Towns
"400
700
----
'loo
Since Aug. 1__
the
Very steady
Barely steady
Barely steady
Steady
Steady
Steady
movement—that is, the
receipts for the week and since Aug. 1, the
shipments for
the week and the stocks
tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
*27,830
*185,015
.632,643
Total in sight Oct. 6.
Old
Week
»
*
565.849
3,877,300
North. spinn's' takings to Oct. 6--
New
Since
449,559
.188,084
5.76d".
5.75d.
"400
"200
__
Since
Week
Aug. 1
1,439,653
90,778
1,125,000
"3.93d*.
Total
year ago
1938
183,369
19,959
115,000
~3~.92~d~
Contract
a
Aug. 1
1,923,950
97,414
1,200,000
154,000
4.75d.
New York
over
297,556
Net overland to Oct. 6
22,003
Southern consumption to Oct.
6.-130,000
42,347
3,397,379
263,871
24,533
Decrease.
Movement into sight in previous
Week—
Wednesday.
Thursday
Friday
At
1936
increase
1939-
241,000
5.00d.
213,000
overland movement
of 6,636 bales.
8.55d.
Market and Sales
Old
1937
net
has been 22,003 bales, against 19,959 bales for
the week last year, and that for the season
to date the
year
We
Middling uplands, Liverpool
Egypt, good Giza, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C. P. Oomra No. 1 staple, super¬
fine, Liverpool—
177
-
cotton statistics
Oct. 6—
Stock in Alexandria. Egypt
38,809
.
-
contracts of 76.300 bales.
Alexandria and the spot prices at
296
2,015
3,503
.30,814
48,400
_
mm
30.800
a
1,600
-
8,500
-
25.471
561
..22,003
2,600
-
Awg. 1
25,737
502
1,052
35,636
200
....
27.500
which
-
m
3,564
3,975
39,325
-
-
2,650
-
3.600
m*
9,150
300
Includes
r.soo
Week
43,147
Via Louisville
'
Oct.—Old
New..
-
Since
Aug. 1
.11,038
6,175
200
..
2,950
50
July—Old..
-
1938
Since
Shipped—
650
_
100
„
5,250
follows:
97,850
—
—
New
*
than
up from telegraphic
The results for the week and since
Oct. 6—
Deduct
-
-
more
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
..
100
New
have
week last year.
1940—
January—Old
M arch—Old
stocks
week 188,084 bales and are tonight
than at the same period last year. The
237,729 bales more
receipts of all the towns have been 50,283 bales
Via St.
May—Old
interior
during the
Open
------
Oklahoma.
the
100
-
■New
New Orleans
2,941
•
to
«.
August, 1940, old.—
Total all futures
the
above
increased
in the
/
November, 1939, old
.
Waco
286,200
mm
24,400
Texarkana
1,600
200
-
4,818
Tot., 56 towns 417.570 1612.522 229.486 3118,815 367,287
1532,234 119,766 2881,086
'
March—Old..
'
11,472
933
7,500
400
400
-
*
-
January—Old
New
1,851
720,259 106,764
'
—.
83,324
—
Austin
*76,400
3,548
Vicksburg..
Robstown..
6,900
34,400
Yazoo City.
Paris
6,900
17,637
100
1939—
October—Old
375
7,530
3,180
Contracts
Oct.
45,656
3,000
Open
Oct. 2
3,952
9,439
Texas, Abilene
Sept. 29 Sept. 30
23,973
132,658
13,879
.
New York
32,754
103,458
4,735
-
Columbus..
'
1,325
3,679
2,325
—
Greenwood-
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.
3,288
54,508
9,006
8 1939
7.90
2
57,872
17,537
300
Volume of Sales for Future
.
6,377
15,634
43,263
3,304
—
■
49,493
125,850
Macon
July—Old-
.
12,505
538
3,307
Columbus..
June—New.
Aug.
Sept
167,210
14,314
40,891
10,160
632
Ga., Albany..
8.31
.
32,423
5,903
Bluff-
Athens
May—Old
11,616
13,936
Newport...
8.73
4
9,611
820
Walnut Rge
jpep —old..
Feb.—New.
26,215
29,966
Jonesboro..
Mar.—Old
3
10,362
3,925
Hope—
9.90
5,641
16,327
6,839
5,035
20,007
Helena
27 1939
379
3,553
1937—Oct.
Bales
8
816,069
639,867
.676,238
-
1936—Oct. 10
1935—Oct. 11
194,762
years:
Since Aug. 1—
Bales
1937:;
4,687,643
4,075,724
1936
1935
3,636,842
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for
middling cotton at
Southern principal cotton markets for each
day of the week:
Closing Quotations for Middling Cotton
Week Ended
Oct. 6
Saturday
Monday
%
Galveston
15-16
In.
In.
In.
8.96
9.16
8.80
Vs
15-16
Tuesday
Wednesday
on-
Thursday
Friday
)'4
15-16
V,
15-16
Vs
15-16
In.
In.
V*
15-16
In.
In.
In.
In.
In.
In.
In.
9.10
8.69
8.99
8.62
8.92
8.62
8 92
8 64
8.94
New Orleans.
9.12
9.32
9.05
9.25
8.93
9.13
8.93
9.13
8.93
Mobile
9.13
9.09
9.19
8 97
8.93
9.03
9.17
8.82
8.92
8.80
8.90
8.81
Savannah
8.91
9.14
9.29
8.83
8.93
9.23
8.97
9.12
8.95
9.10
8.96
Norfolk
9.15
8.98
9.30
9.10
9.25
9.13
9.00
9.15
9.00
9.15
9.00
9,15
Montgomery.
9.00
9.15
9.00
8.93
9.08
9.15
8.77
8.92
8.70
8.85
8.70
8.85
8 75
8.90
Augusta
9.35
9.08
9
11
9.50
9.28
9.43
9.07
9.22
9.06
9.21
9.06
9.21
Memphis
8.90
9.10
8.85
9.05
8.70
8.90
8.70
8.90
8.60
Houston
8.80
8,65
8.85
9.15
8.75
9.05
8.85
8.65
8.95
8.60
8.90
8.60
Little Rock..
8.90
8 62
8.90
9.10
8.92
8.85
9.05
8.70
8.90
8.70
8.90
8.70
Dallas
8,90
8 65
8.45
8.75
8.38
8.68
8.85
8.24
8.54
8.22
8.52
8.22
8.52
8.24
8.54
9.08
9.23
Volume
2253
The Commercial & Financial Chronicle
149
Tuesday
Monday
Oct. 3
Oct. 2
Sept. 30
Thursday
Oct. 6
Oct. 4
To Italy
To Japan
To China
Oct. (1939)
(old). 9.435-9.45a 9.385-9.40a 9.265-9.29a 9.225-9.26a 9.235-9.27a 9.275-9.29a
(new) 9.535-9.54a 9.485-9.50a 9.365-9.39a 9.325-9.36 a 9.375-9.41a 9.37 Bid
9.12-
Dec. (old).
9.13
9.25
(new)
Jan.
(1940)
(old).
9.18
8.95
(new)
8.80
(new)
May (old).
8.95
Bid
8.90
(new)
Bid
8.58
8.51
8.41
Bid
8.85
Bid
8.61
Bid
8.79
8.43
8.88
Bid
Bid
8.83
Bid
8.60
8.42
Bid
8.63
Bid
Bid
To Cuba
To Panama
To Holland
1,291
1,082
To Norway.
To Sweden
5,063
8.46
Bid
Spot
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Old futures
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
New futres
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Returns by Telegraph—Telegraphic advices to us this
evening indicate that in the Eastern belt cotton picking has
made fair progress and is unusually well advanced in the
northern uplands of Mississippi.
Texas reports condition of
Picking, however, is making rapid progress.
Ram
Rainfall
Days
Inches
1
0.93
89
61
0.01
89
43
66
1
0.01
97
51
74
93
48
71
72
-Thermometer
Mean
Low
High
'
__
-
Abilene
Brenham
dry
---
-
0.10
1
Corpus Christi
48
91
1,010
,90
61
93
49
90
48
charleston—
To China
To Denmark
To Norway..
To Spain
To
To Holland....
0.06
96
40
68
Luling
Nacogdoches
1
0.90
94
52
73
0.28
94
44
69
91
48
70
_
0.01
1
Palestine
Taylor
.
Little Rock
-
1
______
_
41
72
67
45
69
39
60
79
Birmingham
Montgomery
47
71
91
40
66
2.36
90
45
68
0.51
87
51
71
1
.
__
95
0.97
1
-
Alabama—Mobile
0.10
1
1
.
_
-
0.09
85
44
Pensacola
.
To France
To Japan
To Belgium
8,447
1,565
_
.
Nashville.
3 pts. adv.
Prices of futures at
84
54
56
74
85
56
72
80
53
67
91
0.04
50
71
1
1.42
88
52
70'
2
0.54
90
50
70
68
0.40
86
50
85
48
1.05
88
51
70
3
2.31
81
44
64
1
0.26
89
48
69
0.80
1
•
72
64
44
83
Oct. 6, 1939
Feel
Oct. 7,
2.2
0.6
12.2
zero
of gaugeof gaugezero of gauge.
9.0
9.0
zero
0.4
2.2
—5.0
9.2
zero
Aoove
Receipts at Ports
1938
1937
7-
21.
28-
26,363
33,685
58,075
73,527
17,684
32,676
43,924
53,593
17,059
17,371
28,601
55,199
from
the
1939
1938
1939
73.404
49,379
1938
11.
72,192
51,885
18.
101,982
25. 140,844
903,027
4,043
Nil
5,562
3,438
Nil
2444,446 1997,556
848,935
828,147
44,437
17,198
63,370
44,437
811,182
80,721
796,150
Nil
34,411
22.595
39,231
79,061
64,657
33,753
788.408
85,433
67,385 141,468
806,649
132,295
83,722 239,811
Sept.
836,739
918,178
214,507 171,494 330,292
270,132 290,308 361,614
15. 266,665 227,732 347,270 2590,556 2198,739 1059,914
369,908 381,855 480,006
1245,539
461,318 428,052 606,163
479,801 2930.731 2633,565 1490,564
481,977 465,081 724,826
1. 196,344 144,055 300,222 2427,136 1949,655
8. 209,955 195,347 309,808 2487,313 2044,616
22. 306,040 236,651 411,539 2745,834 2390,140
Oct.
297,556 183,369 441,721 3113,815 2881,086 1715,693
6
above statement shows:
The
Frl.
«...
»
d.
d.
5.81
„
_
_
d.
5.73
5.75
5.70
d.
5.77
5.62
„
-
-
d.
5.70
d.
5.74
5.60
-
5.75
5.65
5.77
5.68
5.68
5.62
5.60
5.64
5.58
5.62
5.63
Clos¬
5.74
5.76
5.67
5.66
5.60
5.58
5.61
5.54
5.59
5.60
ed.
March-.
5.72
5.74
5.65
5.64
5.57
5.56
5.57
5.50
5.56
5.57
5.70
5.61
5.61
5.53
5.52
5.52
5.46
5.52
5.53
5.76
May
5.67
July--....
October
5.55
5.64
December
«■«,
im.
-
March
-
May-------
-
~
-
-
-
-
5.46
__
-
-
-
-
5.40
-
-
M
~
-
.-w
-
...
—
-
-
5.50
5.41
5.35
5.56
5.49
5.39
5.33
5.46
5.37
5.31
5.44
5.35
_
-
-
-
.
_
_
_
-
-
5.29
5.54
-
-
-
«
5.52
July
5.57
-
-
-
5.59
January (1941)..
-
-
.
-
5.42
5.40
5.38
5.37
Note—Beginning Tuesday, Oct. 3, trading limits of 25 points advance or decline
will continue until further notice.
Market—Our report received by cable to¬
those for previous weeks
1938
ings, Common
Middl'g
Twist
to Finest
480,640 430,890 666,850
(1) That the total receipts
Middl'g
to Finest
Upl'ds
Upl'ds
d.
s.
d.
s.
d.
Cotton
32s Cop
Cotton
32s Cop
814 Lbs. Shirt¬
ings, Common
Twist
814 Lbs. Shirt¬
Nil
873,772
73,033 149,210 2417,522 1927,836
78,102 221,570 2408,973 1922,216
29. 297,080 221,656
5.78
January (1940)..
1937
2462,476 2024,282
68,215 2441.606 1951,616
94,093 2434,971 1933,484
Thurs.
1939
2490,599 2053,520
2434,289 1978,400
d.
5.77
5.85
5.84
Receipts from Plantations
1937
d.
d.
d.
d.
(1939)..
Plantations
Stocks at Interior Towns
Wed.
Tues.
We give prices today below and leave
of this and last year for comparison:
Aug.
4.
given below;
Close Noon Close Noon Close Noon Close Noon Close Noon Close
December
July
14.
are
.«
New Contract
October
End.
1939
Steady:
night from Manchester states that the market in both yarns
and cloths is firm.
Merchants are buying very sparingly.
2.6
Above
Receipts
Liverpool for each day
Mon.
Sat.
Sept. 30
Manchester
Feet
of gaugeof gauge-
Nashville
.
Quiet-
69
93
Memphis
—
Quiet;.
Steady;
7
to
P. M.
0.01
zero
Shreveport
Vicksburg.
Quiet; 1 pt.
pts. 4 to 10 pts. 8 to 10 pts. 2 to 6 pts. 5 to 7 pts.
advance.
decline.
decline.
decline.
advance.
4
4
0.55
1
.Above
_
6.44d.
Quiet but
Quiet;
Steady;
Quiet;
Market.
to
[■
_
6.47d.
5 pts. adv.
•
Oct. 6
has also been rec lived by tele¬
graph, showing the heights of rivers at the points named at
Week
opened
83
The following statement
New Orleans....
demand.
6.45d.
to 5 to 6 pts. 3 to 5 pts. steady; un¬ decline to 1
decline.
decline.
changed to
pt. adv.
2
stdy.;
Market
76
2
.
Moderate
demand.
6.47d.
6.54d.
CLOSED
Quiet but
70
2.38
.
Moderate
doing.
Futures.
75
1
.
business
Quiet.
Quiet.
Mid.Upl'ds
61
Asheville
Raleigh
Wilmington
Tennessee—Memphis
Chattanooga
Friday
(,
51
dry
.
Thursday
A fair
\
12-15
P.M.
90
.
—
237,299
Wednesday
Tuesday
Monday
f
Market,
90
1
Macon
225
Total
*
Saturday
Spot
88
dry
Augusta...
North Carolina—Charlotte.
To Japan
Liverpool—The tone of the Liverpool market for spots
day of the past week and the daily closing
prices of spot cotton have been as follows:
0.17
.
South Carolina—Charleston.
1,730
5,087
and futures each
0.64
1
.
Atlanta.
ANGELES—
To Japan
SAN FRANCISCO—
5,719
1,334
To Great Britain
1
dry
_
Miami.
Georgia—Savannah
LOS
To Great Britain
1
.
-
125
2,150
65
_
Florida—Jacksonville.
300
1,185
-
To Great Britain
CORPUS CHRISTI—
68
89
1
Shreveport
Mississippi—Meridian
Vicksbirg
46
86
0.87
75
92
dry
Orleans
Louisiana—New
69
55
92
dry
dry
.
—
46
98
0.62
1
—
-
Oklahoma—Oklahoma City...
Smith-
Arkansas—Fort
92
95
dry
dry
—
_
250
1,671
SAVANNAH—
974
21,321
5,879
Portugal
4,100
To Colombia
7,096
To Latvia
69
'2
--
Antonio.
700
1,090
To Great Britain
5,943
7,951 NEW YORK—
To Australia
7,943
11,058 LAKE CHARLES—
To Belgium
3,386
To France
491
To Holland.
2,870
To Italy.
To Japan
77
Kerrville
San
5.635
To Japan
PENSACOLA. &c.—
300
HOUSTON—
71
dry
dry
Paris
go Great Britain
926
76
63
dry
Dallas
96
0.03
1
_
Brownsville.-
El Paso
„
75
1
-
Austin
7,593
350
3,516
mobile-
9,090
To Sweden
Texas—Galveston
Amarillo
To Norway
To Sweden
909
To Australia
240
15
To Great Britain
To Spain
To Latvia
To Great Britain
Tone—
crop as average.
To Spain
3,329
To Belgium
To Denmark
To Great Britain
8.28
Bid
6,919
5,035
400
3,620
4,932
Italy
To Belgium
To Holland
8.48
8.24
Bid
To
To Colombia
Bid
8.68
Bid
8.45
8.25
Bid
9.08
8.64
Bid
7.46
8.23
8.33
Bid
8.43
8.58
Bid
8.68
8.40
8.80
Bid
8.97
8.92
Bid
8.755-8.77a 8.785-8.80a
8.65
8.78
Bid
8.535-8.54a
8.74
8.88
Bid
8.63
8.75
8.59
(new)
July (old).
8.87
Bid
8.99
Bid
9.02
Bid
8.78
8.77
8.89
9.05
Mar. (old).
9.05
9.045-9.05a
Bid
8.91-
8.94
8.92
9.05
Bid
To France
5,943
24,423
10,707
10,149
6,242
To France
Friday
Oct. 5
Wednesday
ORLEANS—
NEW
GALVESTON—
To Great Britain
Saturday
Bales
Bales
New Orleans Contract Market
d.
d.
s.
d.
s.
d.
d.
July
9
@10
14..
9
@10
21..
8Vi@
7..
28..
M
9
@93
9
@93
8 10J4@
9
8%@ 9%
8 10>4@
9
5.16
9J4@10 H
914 @1014
9J4@10!4
5.61
5.52
9
3
9
14® 9
1!4@ 9
1J4@ 9
414
5.06
9
414
4.99
1
4.89
3
114
5.23
5.40
914@1014
9
@
9
6
4M
4.88
Aug.
4..
il¬
ls..
25..
114
iy2
5.28
9
J4@10>4
9
Vi©
9
414
5.22
9
@10
9
®
9
3
8 1014 @
5 14
9
@10
9
©
9
3
4.78
9
9
114
@93
5.52
9
@10
9
@
9
3
4.74
@93
9'A
8 10H@
9
8H© 9%
8?4@ 9H
9
@10
8 1014 @
9
9J4@10J4
9
8'A©
Sept.
4.78
5.71
8yt@ 914
9
@
9
3
4.85
8..
Nominal
Nominal
7.03
8%@
9?4
9
@
9
3
4.71
15..
Nominal
Nominal
7.09
8M@
9*4
9
@
9
3
4.81
8H@
@
9
3
4.76
1-.
22..
13
@1314
11
2
@11
6
6.77
9H
9
29..
13
@1314 11
3
@11
6
6.74
8H© 9%
9
@ 9
3
4.80
13
@13H 11
3
@11
6
6.44
8%@
9
@
9
3
5.00
Oct.
6..
9%
from the
in 1938
bales.
plantations since Aug. 1, 1939, are 2,607,716 bales;
they were 2,366,341 bales and in 1937 were 3,662,682
(2) That, although the receipts at the outports the
past week were 297,556 bales, the actual movement from
plantations was 480,640 bales, stock at interior towns hav¬
ing increased 183,084 bales during the week.
Freights—Current rates for cotton from New
no longer quoted, as all quotations are open rates.
Cotton
York
are
Foreign Cotton Statistics—Regulations due to the war
statistics being sent from abroad,
in Europe prohibit cotton
omit the following tables
given weekly:
World's Supply and Takings of Cotton.
and
we
which
are
we
therefore obliged to
have heretofore
India Cotton Movement from All Ports.
Alexandria Receipts and
Shipments.
Liverpool Imports, Stocks, &c.
News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 237,299 bales.
The shipments in detail, as made
Shipping
up
from mail and telegraphic reports, are as follows:
BREADSTUFFS
Friday Night, Oct. 6, 1939.
Flour—Interest in the local flour market has been any¬
thing
but active, despite the firmer grain markets during
of the week.
So far this week no changes
the latter half
have been made in
the export subsidy rates on flour.
It is
reported that mills have been very busy during the past
month, and production continues at an extraordinary rate.
In the trade's opinion, production for the entire month of
September will establish a new record output in the United
States.
The export demand for flour has been quiet this
countries have been fairly
heavy sales to Holland and
week, but shipments to European
heavy as a result of the recent
other countries.
Wheat—On the 30th ult. prices
closed 23^c. to2%c. net
higher.
A rally of more than 2c. a bushel in wheat prices
today halted the week's slump.
There were a number of
bullish influences that contributed to the advance, chief of
which were higher security markets, clearing weather over
The Commercial & Financial Chronicle
2254
Oct.
7,
1939
■
the farm belt and
from Europe indicating
more than a
extended the gains to as much
as 2 Ac.
closing near the highs, or 2/gC. to 2/gC. net higher.
Additional rains were reported in the Southwest overnight,
but skies began to clear and the forecast indicated fair
weather could be expected, with light to heavy frosts m
prospect.
Export business remained quiet, but some buying was credited to milling interests, with the recent recession in wheat understood to have improved demand for
cash
wheat.
The
principal
interior
markets received
bushels of wheat 1^Ms week, compared with 7,763,000 the previous week and 7,197,000 a year ago.
On the
2d inst. prices closed lKc. to 1 He. net lower.
The grain
market again was dominated by
European peace talk and
prices eased early lc. to 2c. a bushel.
Weakness in securities
disquieting
that peace was not in sight.
ceBt at the opening and later
^aily closing prices op wheat futurm
news
Wheat advanced
December....
the
prospective
moisture was regarded as of little'
cpnsewith most crop experts expressing belief that the
drought still is unbroken, generaUy speaking.
Hust
was reported blowing in some localities in the West.
Pendmg
the Hitler and Chamberlain speeches, congressional
neutrality debate and private crop forecasts Wednesday,
potential buyers remained on the sidelines.
Belling, though
not large, was persistent.
.A Government report showed
loans on more than 110,000,000 bushels of 1939 wheat had
been made by the Government up to Sept. 22, representing
about lo% of the total crop.
On the 3d inst. prices closed
2c. to 2K®. net lower. The market broke sharply m the final
hour today.
A sudden burst of selling seemed to have a
demoralizing effect on the trade, prices dropping as much as
quence,
fall
3c.
a
bushel to the lowest level
in a
month.
The
reason
for
liquidation of such volume could not be determined, although
pit brokers pointed out that moderate selling encountered
little buying support, and when this was disclosed, the falling
market attracted heavy stop-loss liquidation.
Some orders
understood to have originated with a leading international grain house in France, which brokers said may have
were
been associated
chases
with hedging .operations here against
Canadian wheat.
of
pur-
landing support to this
ex-
planation was the fact that Winnipeg prices were fairly
steady, being off only about Hc-to
at the close. European peace talk was beheved a major influence in the day s
declines.
On the 4th inst. prices closed /% to lc. net higher.
Early losses of He. a bushel m wheat were wiped out late
today as the market turned upward and scored net gams
rangmg to lHc.
Renewed strength at Winnipeg, where
prices gained more than a cent after sagging fractionally,
and continued reports of drought in the domestic
grain
belts, aided the upturn here.
The Canadian market was
aided by export sales estimated at
500,000 bushels.
The
brief upturn on the Chicago Board was
encouraged by continued
80%
^Chicago
Season's
HH |fg
High and When Made
I
Season's Low and When Made
89%
Sept.
7,19391December ____ 62% July 24,1939
December
lew!
DAILy
closing
23.
prices
imIIjSy-"i::":
op
wheat
sat.
October
82%
81%
81%
gjjH
,
and prospects of some scattered showers m Nebraska, the
Dakotas and Minnesota also were bearish factors, although
82%
84%
Oct7
79-
futures
Man.
Tues.
in
Wed.
939
Winnipeg
fh.
Thurs.
71
69%
68%
69%
69%
to
December.""!!"".!""""""
73
71
*1
715I
May
77%
7514
70%
75yt
71%
76%
71%
76%
......
Corn—On the
76%
30th ult.
jirices closed lKc.tolHc.net
higher.
Frosts in some parts of the corn belt attracted little
attention, inasmuch as most of the crop was believed beyond
damage stage.
There were reports that showers had
slowed
up
harvest in some sections.
Reduced country
offerings, with only* 111,000 bushels booked to arrive,
including 19,000 bushels of new corn, lightened hedging
jn the corn pit.
For the week, however, approximately 3,000,000 bushels were booked to come to Chicago,
prices closed lc. to lHc. net lower.
Corn
eiosed about Kc. above the day's lows.
Extreme weakness
Gf hogs, in which the war-boom
price advance has virtually
been eliminated, had a bearish effect on the corn market,
The sharp setback in wheat values also had its influence in
depressing corn prices. On the 3d inst. prices closed He. to
iQ
ne£ jower>
Corn prices closed at or near the session's
iows> an(i Were only small fractions above the lows of last
Friday, which stand as the market's low point since Sept. 1.
Country selling expanded slightly, with 148,000 bushels
booked to arrive at Chicago and receipts 158 cars.
On the
4^
prjces closed He. to %e. net higher. Corn prices,
after sagging about He. a bushel, scored fractional net
gains,
^en later declined with wheat.
The average estimate
Gf sjx private crbp experts, based on Oct. 1 conditions,
placed
pressure
Qn the 2d inst.
corn crop at
2,477,000,000 bushels, a decrease of 46,000,000 bushels from the Government Sept. 1 estimate,
0li tbe 5th inst>
prjLces closed % to
net higher.
Corn
only minor fractions today.
Trading was
relatively light, and of course favored the up-side of the
market, influenced, of course, by the rally in wheat.
Today
prices closed unchanged to %c. higher.
Corn prices also
prices advanced
advanced
ieacl.
figllres
no
iarger
a
as
2%c.,
as
with
July
contracts
in
the
were
in
export business was reported, although
available and traders expressed belief that
business
cbrn reacted
est
much
Additional
corn
daily
is
being
than
more
tonight
wag
closing
done
lc
than
be
can
confirmed,
from early highs<
0pen inter-
2i,369,000 bushels,
prices
of
corn
Sat.
No.2yeiiow_
M<m.
69
new
in
Tues.
66%
york
Wed.
66%
66%
Thurs.
66%
fh.
67a
DAILY closing prices of corn futures in Chicago.
50%
49%
49'
49%
50™'
53%
!___
December
52%
51%
52%
52%
50%
52%
drought reports in the domestic grain belt and
strength at Winnipeg where wheat was up a cent at times.
Borne traders said
yesterday's sharp dechne was due to selling
pressure rather
than reflection of European peace talk.
The Government's
weekly summary said seeding of winter
wheat had been generally
suspended in Oklahoma and
Kansas and that farmers were
awaiting rain.
The moisture
improved in the Eastern States and was more favorable in
ence<1 apparently by the pronounced strength of wheat and
the Pacific Northwest
corn
On
5th
the
inst.
May
Sefson;
I
December
60%
Sept.
7,1939
May
63%
Sept.
WhmMalf
7. 1939 May
December
39%
July
26.1939
42
July
26.1939
Ju^
S2H Oct. 4.1939
Oats—On the 30th ult. prices closed He. to 1 yHe. net higherThere was considerable short covering in evidence, influvalues.
On the 2d inst. prices closed
He. to lKc. net
prices closed % to %c. net higher.
Duplicating yesterday's right about face, wheat prices today
rallied from a fractional decline to advance at
times more
'?wer- .The ?harp reaction in wheat and corn values influenced considerable liquidation and short selling of oats,
than
I'unge at the close m oat futures.
lc.
bushel
a
from
early
lows.
Closing
prices
were
only
fractionally higher than on Wednesday.
Strength in
a forecast for fair weather over
the domestic
Southwest helped to stimulate scattered wheat
purchasing.
Some mill buying was in evidence.
Although most traders
securities and
preferred to await the Hitler speech tomorrow, some purchasing was stimulated by the fact that prices have declined
to
around
loan levels, which
country selling.
Scattered
would
rains
be expected
were
to curtail
reported in
Kansas
and Nebraska, but most of the
moisture was believed to
have missed dryest wheat belt
areas, and fair weather was
forecast.
Wheat dipped as much as
but then rose lc.
y2c. in early dealin
above these lows on the rally.
Today prices closed % to l%c. net higher.
Wheat prices
Surged upwaid as much as 2%C. a bushel at the
start of
trading today following Chancellor Hitler's
address,. 1
then
gave
fSl
nf
or
UI)
u
or
than
more
•
more
•
half of flip ciin
i-'I
i
n
secunties
ATe<5t tMdprs Tplirv
&aia;
•
jyi0?t tiaaers wno
S° ? syiSPatJW with the action
puces.
Comment on the floor indicated that
address was about what had been
expected and
made little change in the
inteniational situation.
the Hitler
that
it
wn^irinrlo°wTvieh' Tmf6
British and French
wLStioT
nu pro-
nosal
the
for
December^
onenin' trade
nml
W
hut Aviihin
ff
o
beacceptableto
f
°f
8^C'
were established on the
^ e consequence of which
to"
to
nrevnii
pietail
in
in
the
f
Southwest,
01)611
was
78,^,090
daily
that dry weather
with no further
in
Wheat
t0night
bushels.
closing
prices
of
sat.
No. 2 red
wheat
Mon.
103^101^
in
Tues.
new
^
December
33
Wed.
Thurs.
99^100^101
fh.
102
32%
Season's High and
31%
32
32%
32%
W{)
-
S
"rCv
W6
s?i/
When Made
I
Season's Low and
Sept.
6, 19391 December.— 26
December
38%
Al&y
39%
Sept.
Juiy
35^
Sept. 23,19391July
6, 1939|lVIsy
•••••-•-
27%
30%
daily closing prices of oats futures
Sa..
g^eLr—
May
-
-
,!!!!!!!!!!!"!!!!II!!!
Mon.
Tues.
When Made
July 25, 1939
July 24, 1939
sept. 29,1939
in winnipeg
Wed.
Thurs.
fh.
W6
$?3/
\h/
U&
\l%6
IV6
8
3\%
311^
30%
31%
31
32
4
Rye—On the 30th ult. prices closed He. to 1 He. net higher,
Influenced by a strong wheat market and good spot demand
for rye' Pric^ advanced sharply and showed substantial
gains at, the close.
There was some speculative buying of
toellHc ^etlower?
current peace rumors and sharp reactions in wheat and
markets, the
rye
With
corn
market fell under the bearish spell andjhad
to take considerable selling both for lorn* and short
However°priceT^osld at
of the day
lower.
The
york
price
^
pricesS c5osed°
The efacte+?dV ,C°ntribU^«
substantially lower
a
On the 3d inst. prices
closed He. to He. net. lower. Trading was relatively light,
with the market ruling heavy throughout the session. On
£ e ^ inst. prices closed He. to Kc. net higher. Demand
f3or °ats futures; was light, the market s improvement being
due largely to the firmness of wheat and corn.
On the 5th inst. prices closed % to Kc. net higher. There
was little to this market, although a steady undertone was
maintained throughout most of the session. Today prices
clo.S€d % to %c- net. higher. This market was relatively
quiet, with prices ruling within a very narrow range,
DAILY closing prices of^oat^futures^in Chicago.
Tp to 'Ik™
continued
was
Qn the 3d ingt
He.
te^Hc
rriceg dosed x
up
f
account
°om teT^l^v^s
^ 1
nefc
pronounced weakness displayed in the wheat
market, together with the peace talk abroad, influenced
considerable liquidation of rye futures, and the short element
i
7
Volume
The Commercial & Financial Chronicle
149
appeared to be quite active.
While not responding fully to
the rye market ruled heavy
during most of the session, at one time showing maximum
declines of 234c.
The slight rally towards the close was
due largely to shorts taking profits.
On the 4th inst. prices
closed y8e. to y8c. net higher.
This market ruled firm, in¬
fluenced largely by the firmness of wheat and corn values.
the
declines in
wheat values,
destination of these exports for the week and since
The
July 1, 1939 is
showed gains of over lc. a
dropped
any
off
slightly
aggressive
Flour
DAILY
CLOSING
Since
Week
July 1 to—
Sept. 30
July 1
Sept. 30
1939
1939
1939
1939
1939
1939
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
*
*
*
*
*
*
PRICES
OF
RYE
60%
57%
May
July
DAILY
CLOSING
PRICES OF
53%
55%
55%
RYE
Sat.
October
CHICAGO
Thurs. Fri.
IN
December
CLOSING
Wed.
52%
53%
53%
FUTURES
Mon.
59%
56%
57%
May
DAILY
Tues.
52 %
PRICES
October.
December
Tues.
43%
43%
44%
44%
May
45%
Aug. 30, 1939
Aug 12. 1939
Oct.
4,1939
58%
55%
IN
Wed.
Thurs.
43%
43%
1.201,802
1,051,685
\
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, Sept. 30, were as follows:
at
GRAIN
Wheat
United States—
STOCKS
Corn
Oats
Rye
Barley
Bushels
Bushels
Boston
Bushels
Bushels
Bushels
1,000
175,000
231,000
433,000
913,000
107666
19,000
10,000
3,000
6,000
26,000
28,000
1,000
1,056,000
3,719,000
11,016,000
196,000
1,000
171,000
30,000
2,000
344,000
15,000
Wichita
4,285,000
2,000
Hutchinson
8,075,000
198,000
155,000
16,000
393,000
5,000
35,000
373,000
357,000
73,000
102,000
33,000
5,000
159,000
New
Orleans
'
Galveston
Fort Worth
67",000
5,312,000
30,620,000
St. Joseph
547,000
2,266,000
Omaha
9,405,000
Sioux City.
898,000
7,998,000
649,000
St. Louis
Indianapolis.
2,208,000
552,000
5,000
64,000
10,068,000
Chicago
M
319,000
198,000
413,000
185,000
6,805,000
2,023,000
i
Peoria.
Prires Withdrawn
n
23,000
98,000
1617666
1,224,000
199,000
f 1 Aof
493,000
.
9477666
On Lakes...—
Fancy pearl (new) Nos.
777666
22,000
Baltimore..
Kansas City
Coarse
117,000 1 006,000
553,000 44,052,000
30,798,000
42,106,000
4,567,000
visible
New York
Fri.
43
42%
43%
3,686,000
Detailed figures not available.
The
Philadelphia
Rye flour patents
_.4.35@4.55
Seminola, bbl., Nos. 1.3..6.65@6.95
Oats good
2.80
Cornflour
2.30
Barley goods—
Nom.
*
58
FLOUR
Spring pat. high protein.. 5.65 @5.851
Spring patents
5.50(5)5.75
Clears, first spring
5.25@5.45
Hard winter straights..5.70@5 95
Hard winter patents
5.90@6.10
72,140
95,910
Total 1938
57%
WINNIPEG
42%
42%
43
42%
42%
61%
60%
56%
57%
follows:
were as
Hard winter clears
July 1
West Indies
granary
When Made
WINNIPEG
Wed.
Thurs.
Fri.
FUTURES
Mon.
Sat.
Closing quotations
Since
Sept. 30
1
.
So. & Cent. Amer.
IN
57%
54%
55%
55%
55%
BARLEY
OF
Tues.
53%
54%
55
53%
54%
54%
54%
54%
When Made
\
Season's Low and
May 31, 19391 December
40%
Sept. 6. 19391 May
43%
Sept. 27, 19391July
53
—
July
Continent
Total 1939
FUTURES
Mon.
54%
57%
56%
.
May
July
Season's High and
December
58
Kingdom
Week
Since
Other countries-..
Sat.
December—
United
of
absence
the
support.
v
:
Corn
Week
Brit. No. Am. Col.
profit-taking and
on
Wheat
and Since
bushel in the early trading, but
sustained
or
below:
as
Exports for Week
On the 5th inst. prices closed % to %c. net higher.
Trad¬
ing was very light in rye futures, with the undertone steady.
Today prices closed % to %c. net higher.
This grain
2255
4l",000
Oats, New York—
No
2 yellow, all
rail
67%
296,000
Vs'.ooo
1,380,000
468,000
4,094,000
7,570,000
25,352,000
100,000
6,024,000
5,120,000
2,607,000
1,841,000
2,419,000
2,000
6,000
3,000
290,000
1,320,000
3,192,000
1,324,000
470,000
60,000
1,665,000
64,000
27,000
152,000
Milwaukee
Detroit
No. 2 white.
46%
73
Rye, United States c.i.f
Barley, New York—
40 lbs. feeding
Chicago. cash
Corn, New York—
331,000
15,415,000
Duluth
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic
102
Manitoba No. 1. f.o.b. N. Y. 82%
1,109,000
Minneapolis
4.50@6.50
1.2-0.3-0.2
Buffalo
"
afloat
On Canal
60%
.50-60
All the statements below
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of^the last three years:
96,000
bbls 196 lbs
Chicago
bush 32 lbs
2,835,000
427,000
8,000
500,000
690,000
110,000
246,000
312,000
129,000
326,000
163",000
Peoria
24,000
443,000
615,000
323,000
112,000
51,000
Kansas City
96,000
136,000
281,000
IndJanapolit
St. Louis
14,000
164:600
Toledo
686,000
25,000
524,000
552,000
9,436,000 14,539,000
Total
9,396,000 14,155,000
8,008,000 11,573,000
Total
grain
Note—Bonded
included
not
above:
15,000
11,000
23,000
43,000
29,000
441,000
4,416,000
250,000
Oats—New
York,
2,000
bushels;
Buffalo, 20,000; total, 22,000 bushels, against 250,000 bushels in 1938.
Barley—
New York, 436,000 bushels; Buffalo, 393,000; Buffalo afloat, 195,000; total, 1,024,bushels, against 1,281,000 bushels in 1938.
Wheat—New York, 2,916,000
Baltimore, 233,000; Buffalo, 2,766,000
Buffalo afloat, 714,000; Erie,
I,330,000; Albany, 3,365,000; on Canal, 262,000; total, 11,586,000 bushels, against
II,476,000 bushels In 1938.
000
bushels;
Bushels
Canadian—
Corn
Oats
Rye
Bushels
Bushels
Bushels
Barley
Bushels
Lake, bay, river & seab'd 52,407,000
Ft. William &Pt. Arthur 66,619,000
1,971,000
1,016,000
420,000
1,538,000
233,000
2,652,000
Other Can. & other elev. 151,759,000
6,311,000
.1,309,000
5,468,000
1939..270,785,000
Sept. 23, 1939.-240,308,000
Oct.
1,1938.-141,995,000
9,298,000
8,548,000
8,887,000
5,728,000
1,962,000
1,963,000
1,935,000
Total Sept. 30,
841,000
Total
2,000
10,000
Total
9,658,000
9,000,000
Summary—
41,000
American
145,686,000 14,272,000 15,742,000
9,436,000
14,539,000
82,000
Canadian
270,785,000
1;962,000
9,658,000
112,000
132,000
9,298,000
_
12,000
311,000
Joseph.
306,000
—
7,000
1,000
136,000
124,000
298,000
Omaha
30, 1939..416,471,000 14,272,000 25,040,000 11,398,000 24,197,000
Total Sept. 23, 1939.-388,572,000 11,259,000 14,930,000 11,359,000 23,042,000
Total Oct.
1, 1938—267,156,000 11,318,000 27,079,000
9,943,000 20,573,000
Total Sept.
2,000
24,000
93:606
40,000
"WO
l6:666
3,761,000
741,000
132,000
129,000
774,000
7,217,000
2,621,000
2,607,000
642,000
6,873,000
548,000
2,684,000
Broomhall to the New York Produce Exchange, for the week
ended Sept. 29 and since July 1, 1939, and July 1, 1938, are
3,569,000
1,411,000
3,112,000
shown in the
City.
Buffalo
Tot. wk. '39
Same wk '38
503,000
10,461,000
10,453,000
Same wk '37
440,000
9,463,000
7,694,000
3.309,000
4,162,000 113,862,000
3.863,000 122,904,000
3,491,000 120,325,000
39,420,000
41,006,000
18,213,000
615,000
Since Aug. 1
1939
1938
1937—
bush 56 lbs bush 48 lbs
272,000
25",000
Milwaukee.
Sioux
Barley
Rye
2,718,000
1,909,000
Duluth
Wichita
bush 56 lb.
bush 60 lbs
352,000
—
Minneapolis
St.
Oats
1237666
1939..145,686,000 14,272,000 15,742,000
Sept. 23, 1939..148,264,000 11,259,000 16,382,000
Oct.
1, 1938..125,161,000 11,318,000 21,351,000
Total Sept. 30,
Wheat
Corn
Wheat
Flour
Receipts at—
128,000
—
7,801,000 38,811,000
39,590,000 11,533,000 31,953,000
43,216.000 13,347,000 27,945,000
The world's
Sept. 29,
for
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Barley
Rye
Bushels
5,010,000
Black Sea.
2,93i",666
Argentina.
New York.
Galveston..
Montreal
15,000
1,000
25,000
13,000
57,000
28,000
230,000
117:666
"9:666
30,666
Bushels
51,300,000
9,000,000
42,222,000
11,293,000
Week
July 1,
1938
Sept. 29,
1939
Bushels
Bushels
Since
1939
Bushels
July
1,
July
1,
1938
Bushels
936,000
57,413,000
32,456,000
26,000
43,000
746,000
18,235,000
3,111,000
39,710,000
46,554,000
1,311,000
43,990,000
19,612,000
13,594,000
28,340,000
7,200,000
4,112,000
997,000
8.541,000 122,815,000 147,756,000
4,177,000
600,000
288,000
4,684,000
339,000
72,000
73,000
493,000
81,131,000
15,051,000
3,884,000
943,000
6,153,000
41,000
194,000
310,000
5,028,000
503,000
148,000
10,503,000
87,894,000
81,932,000
5,018,000
9,000,000
61,004,000 105,449,000
New Member of New York Coffee & Sugar
Exchange
Reynolds of Cranberry & Co. was elected
to membership in the New York Coffee & Sugar Exchange
at a meeting of the Board of Managers held Oct. 4.
Mr.
Reynolds is the 16th new member admitted during 1939,
the Exchange announced.
—Clarence
11,872,000
Week 1938.
Corn
Since
Since
263*666
Since Jan. 1
1939
.
Total
282,000
Tot. wk. '39
1,
India
countries
1,000
.
/
Other
778:666
Sorel
Australia
July
furnished by
21,000
2,000
38;66o
Boston
Churchill.
6,000
49,000
150,000
32,000
1,487,000
27,000
110,000
329,000
37,000
17,000
New Orl'ns*
1,458,000
168,000
169,000
Baltimore
bush 56 >bs bush 48 lbs
Since
1939
1939
No. Amer.
Flour
corn, as
Wheat
Week
Exports
L
Philadelphla
following:
36,082,000
Total receipts of flour and grain at the seaboard ports
the week ended Saturday Sept. 30, 1939 follow:
Receipts at—
shipment of wheat and
K.
Since Jan. 1
1938
*
on
2,786,000 15,415,000
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
The experts from the several seaboard ports for the week
ending Saturday, Sept. 30, 1939, are shown in the annexed
statement:
Weather
to
portions
Flour
Oats
Rye
Barley
Bushels
New York
Corn
Bushels
Barrels
Bushels
Bushels
Bushels
54,140
470,000
—
435,000
68
395,000
Albany
7666
"i'.ooo
Boston
3,000
14,000
265,000
Baltimore
New Orleans
5,000
Galveston
1,000
4,000
1,487,000
Montreal
Sorel
-
-
30,000
263",000
98,000
109.000
325.000
778,000
282,000
Churchill
Total week 1939—
Same week
97000
117,000
1938
3,686,000
117,000
72,140
10,000
4,567,000
553.000
95,910
28,000
698,000
the
Week
Ended Oct.
3—The
subnormal
of the
temperatures
country.
over
the
Frost and freezing
interior
and
northwestern
weather extended
farther
the lowest Sep¬
tember temperatures of record occurred.
The weekly mean temperatures
were much below normal in the interior of the Northeast, the Lake region,
much of the Ohio and Mississippi Valleys, and the northern Great Plains,
where many stations reported averages for the week from 4 to 6 deg. below
normal.
The south Atlantic area, the Rocky Mountain States, and parts
of the far West had a warmer-than-normal week, although some sections
of the far West were relatively cool.
About the close of September abnormally low temperatures prevailed in
the Northwest and some interior sections, with freezing reported in the
lower Lake region and western Ohio Valley considerably earlier than usual.
In an average year by the first of October killing frost occurs over much
of the Northeast, the interior of Michigan, and in Central-Northern States
as far south as south-central Wisconsin and parts of extreme northern Iowa.
Thus, freezing weather of the week extended further south than usual fo
south
Wheat
for
Following a long period of abnormally warm weather there was a re¬
action
Exports from,—
Report
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Oct. 3, follows:
the
than usual for the season of the year and some of
season.
The Commercial & Financial Chronicle
2256
Substantial
rains
occurred
rather
generally from the lower Mississippi
Valley eastward and throughout the Atlantic area, with many stations
reporting weekly totals ranging from 2 to more than 4 inches.
Light to
moderate amounts were general in the Ohio Valley, but from the middle
and upper Mississippi Valleys westward precipitation was generally less
than half an inch.
The far Southwest had little or no rain, but galls, mostly
light to moderate, were rather general in central and northern areas of the
far West.
From
The southern Great Plains had little
or
no
rainfall.
fires reported.
in
Preliminary figures show
history of State.
■
Arkansas—Little
„
.
sections
and
in
7,
of
Progress
bolls all open;
harvested in
excellent;
cotton
except 29-30th; crop about
areas,
south.
Progress of late corn poor; harvest begun;
early being gathered rapidly.
Rains revived pastures, except in west and
north where still too dry.
No fall planting done.
Stock water low in
most western counties.
the Appalachian
Mountains eastward rains of the week brought
The moisture was
especially helpful in the middle and north Atlantic areas and the outlook
is much improved.
Also, in the upper Ohio Valley moderate rains have
put the topsoil in mostly good condition.
However, in the interior valleys, and especially the Great Plains, the
drought is still largely unrelieved.
Some sections, especially the upper
Mississippi Valley, had sufficient rain to moisten a few inches of upper
soil, temporarily beneficial, but in general, and especially in the area be¬
tween the Mississippi Kiver and Itocky Mountains, little or no permanent
improvement is shown.
Conditions are especially severe in the lower
Plains area where more wells are failing and most stream beds are dry.
There is increasing necessity for hauling stock water and pastures are
gone, with further reports of stock shrinkage.
In the far western portions of the country conditions are more favor¬
able.
In Arizona and New Mexico ranges are showing improvement from
recent rains, while those of the current week were decidedly helpful in
Utah, Nevada, much of Wyoming, most of Montana, and fairly general
in Idaho, Washington, and Oregon.
Unusually early frosts occurred in some north-central and northwestern
areas, but only slight damage resulted as staple crops generally had ma¬
tured.
Farm work made mostly good progress, except the seeding of
winter grains, which is being delayed in large areas because of continued
dry soil.
substantial relief from prevailing droughty conditions.
Tennessee—Nashville: Very warm days; first part dry, moderate rains
heavier in west.
Progress of cotton fairly good; picking rapid
condition only fair.
Condition of corn very good; maturing;
some gathered in east; little
recovery of late corn expected.
Potato and
truck yields curtailed and more rain needed.
Pastures mostly recovering,
at close,
progress;
but some clover replanting
firing, and sowing in east.
necessary.
Activities
are
f
THE DRY GOODS (TRADE
New York,
Friday Night, Oct. 6, 1939
Cooler temperatures and continued improvement in indus¬
trial employment conditions were reflected
by a fairly good
showing in" re tail business during the past week.
demand centered in seasonal
interest
also
was
noted
Department store
ended
Sept. 23,
sales,
in
the
the
Consumer
apparel lines, although
home
country
over,
for
the
last
enough rainfall to condition the topsoil sufficiently to permit resumption
seeding.
However, throughout the central and western
portions of the principal Winter Wheat Belt the soil is still much too dry
and good soaking rains are badly needed.
In Illinois the progress of seeding ranges from one-fourth done in some
localities to little or none seeded elsewhere, with many areas too dry for
germination.
In Missouri showers have been of temporary relief locally,
but in general seeding has been suspended.
In Oklahoma some wheat is
still being seeded in very dry soil, but farmers are mostly awaiting rain.
In Kansas seeding has been practically suspended, though about half done
in some northern countries; it is generally too dry for germination, though
some localities in the northeast had helpful showers.
In Nebraska droughty
conditions were relieved in the southeast, but elsewhere there was no relief.
Conditions are decidedly more favorable in Montana, Utah, and the
Pacific Northwest.
In Washington much wheat that had been seeded in
dust will now germinate, though in some parts of the wheat belt condi¬
are
still
too
dry.
In the sourthern Great Plains
grain sorghums
delay in harvesting rice locally
have deteriorated badly.
in Louisiana,
Corn
There was some
but in Texas this work made rapid progress.
and
Cotton—There are rather general reports of more or less
husking throughout the interior of the country.
In Iowa husking
cobs were dried by the freeze, but are
still mostly too moist for safe cribbing in some localities.
In the eastern Cotton Belt the week was abnormally warm, but some¬
what cooler than normal in central sections with light frost reported in
exposed places in some north-central districts.
Rainfall was general,
mostly moderate in amount, from the Mississippi Valley eastward, but in
the western belt there was little or no rain.
Picking advanced satisfac¬
torily rather generally.
In Texas picking made excellent progress and is nearing completion in
the northeastern portion of this State; there is little top crop anywhere.
In Oklahoma gathering made good advance and is nearly done in some
areas.
In the central area of the belt there was some delay, but not serious,
to picking with progress satisfactory on the whole; harvest is largely com¬
pleted in southern sections.
In the Atlantic area there was more or less
corn
is beginning in most of the State;
interruption
by showers to field work; the progress of harvesting varied,
but was mostly fairly good to good.
There were some reports of local rain
damage to staple.
Bolls are opening well in the extreme northeastern portion
of the belt.
year.
after-effects
Bureau
furnishes
the
following
resume
of
conditions in the different States:
Virginia—Richmond;
Above-normal
warmth;
ample
rain.
Ground
now workable; plowing resumed.
Some winter wheat planted; few fields
sprouted.
Meadows revived.
Cotton bolls opening well.
Picking cotton
and digging peanuts continue; latter crop half harvested.
Most truck
poor, except
North
little
in
beans.
Digging
sweet potatoes.
Carolina—Raleigh:
north-central
and
Favorable
warmth; adequate rain, except
Progress and condition of cotton
Fall trucic and pastures good progress.
northwest.
farily good; picking good advances.
Outdoor work favored.
Favorable for digging sweet potatoes and market¬
ing vegetables.
Carolina—Columbia: Favorable warmth; mostly adequate rain.
Favorable for soil preparation.
Oat planting begun.
Pastures and truck
improving; good condition on coast.
Cotton picking fairly active, but
retarded first of week; some damage locally to staple by heavy rains;
South
picking nearing end in south
and
over
half done in
north; ginning very
active.
Georgia—Atlanta: Cotton picking good progress, but some local dam¬
age from heavy rain at beginning, which was also unfavorable for pecans
and peanuts.
Soil moisture ample for fall seeding, except locally.
Marked
improvement in truck, pastures, and potatoes.
Harvesting sweet potatoes
favored.
Florida—Jacksonville: Warm days; adequate rains; soil moisture
ample.
Sweet potatoes good; being harvested.
Truck
more active.'
Marketing persimmons.
Cultivating and fertilizing
Cotton picking about over.
planting
citrus
groves;
fruit good size and color.
Alabama—Montgomery:
Adequate
well advanced in north, about
ress;
miscellaneous
Planting strawberries.
rains.
over
Cotton
picking
good
prog¬
elsewhere.
Harvesting corn and
satisfactory advance.
Vegetables mostly good, but
Plowing and planting winter crops more active.
Pastures
some cattle fed locally in north.
crops
potatoes poor.
mostly good, but
Mississippi—Vicksburg: Very
days to 29th; cold nights there¬
exposed places in north and
picking about over in south and un¬
usually well advanced in northern uplands; progress good in north to
29th, with some damage to staple by heavy rains on 30th.
Fair progress
housing corn in south, mostly poor in north.
Rain on 28-30th very fa¬
vorable for gardens, pastures, plowing, and
truck, but damaged hay and
after, with
central
open
on
warm
occasional light frost damage in
Oct.
1st and 2d.
Cotton
cotton.
Louisiana—New
Orleans: Favorable warmth,
except nights too cold
end; beneficial rains at middle, but more needed in north.
Cotton
picking rapid and ginning good progress.
Rice harvest delayed locally
by heavy rains; some damage to rice uncut or in shock.
ne"r
Harvesting
and sweet
corn
potatoes good progress.
Fall planting helped by rains.
Texas—Houston: Favorable warmth first half,
nights too cold latter!
lac±c of rain felt, except on middle and lower coastal
plains and in lower
Rio Grande Valley where adequate rain.
Most late corn harvested; poor
condition.
Most winter-wheat land prepared and some wheat and
oats
sown, but soil too dry for germination.
Cotton
about
picking rapid progress;
in
northeast; average condition fairly good to good in north¬
northwest; little top crop any section.
Truck and
ranges need rain, except in moist are?s noted bove where condition
good.
Rice h rvest rapid progress.
Citrus shipments from Rio Grande Valley
soon.
Cuttle generally fair to good
condition, but some feeding necessary
in dry areas.
over
east and poor to fair in
Oklahoma—Oklahoma
City: Favorable warmth; little rain, except in
and extreme southwest
counties; severe drought in manv
especially in west.
More wells failing and almost all stream beds
dry; increasing number of farmers kept busy hauling stock water.
Cot¬
ton picking good progress; condition fair to
poor; picking near end in some
areas.
Seeding winter wheat poor progress; more planted in
dust; many
farmers awaiting rain.
Grain-sorghum crops badly deteriorated.
Live¬
few
northeast
areas,
stock
show
further
shrinkage;
no
wheat
or
other
pastures.
More grass
of
the
hurricane
felt
were
in
year
that
the
section.
New York and
volume
Brooklyn stores registered a gain in the sales
amounting to 6.4%, while sales in Newark estab¬
lishments
were
Trading
its recent
unchanged from last
year.
in
the wholesale dry goods markets, following
activity, slowed down perceptibly, partly owing to
the fact that most retailers and wholesalers have covered the
bulk of their
doubts
nearby requirements, and partly due to arising
concerning
the continuation of the war.
Prices,
however, held firm throughout, and no abatement in exist¬
ing delivery difficulties was noted.
Fair buying continued
in wash goods, and further moderate
price advances for
flannels were announced by producers.
Business in stilk
goods improved somewhat, although the high price of the
raw
material continued to militate
against a material expan¬
sion in sales.
Trading in
rayon yarns
remained active, and
predictions of further price advances, owing to rising
material costs and demands for
wage
the market.
With surplus
yarn
raw
increases, circulated in
stocks down to less than
a
two weeks'
supply, and with current demand fully absorbing
the present capacity output, it is doubted whether future
shipments can equal the figures of the recent past.
Domestic
Cotton
Goods—Trading in the gray cloths
inactive, although prices held quite
steady, reflecting the much improved position of the mills.
The present
inactivity is, in part, due to the fact that the
huge buying wave witnessed immediately after the out¬
break of the war, resulted in
covering the bulk of users'
requirements for the remainder of the year, and, in part, it
is predicated on the
spreading skepticism with regard to the
duration of the wrar, and the
possibility of an early peace.
Deterring factors were the nervousness displayed by securi¬
ties and commodity
markets, while on the other hand, the
circumstance that buyers were
seeking speedier deliveries,
was regarded as an indication
that gray goods are rapidly
moving into consumption and that stocks are not being
accumulated in distributors' hands.
Business in fine goods
also slowed down from its recent
spurt, but prices ruled
steady, and occasional second-hand offerings were promptly
taken up.
Closing prices in print cloths were as follows:
39-inch 80s, 7\i to 7V8c.; 39-inch
72-76s, 7 to 7hgc.;39-inch
68-72s, 6M to 6^c.; 383^-inch 64-60s, 53^ to
5^c.; 38^ineh 60-48s, 4% to 4%c.
markets
Weather
The
week
3% above the corresponding week of
The New England district showed the largest
were
gain of 27%, chiefly owing to the fact that last
of long-delayed
some
furnishings division.
States from the upper Ohio Valley eastward and northeastward, while in
interior sections, especially the upper Mississippi Valley, there was
some
tobacco
haying,
Small Grains—The moisture situation with regard to seeding and ger¬
mination of winter grains shows decided improvement
in the Eastern
tions
1939
September to be driest month
,
Rock:
picking rapid progress all
hill
Oct.
continued
Woolen Goods—Trading in men's wear
fabrics contracted
sharply, mainly because of the rapidly changing views with
regard to the probable duration of the war, and the prospects
of an early settlement, with its
far-reaching effects on the
price structure for the raw material.
Prices held steady,
however, and scattered interest existed in Spring worsteds,
as well as in
light-wear materials. Mill operations, although
hampered by scarce supplies of the raw material, made
further gains, reflecting the substantial
backlog of orders
attained during the recent
buying rush. Reports from retail
clothing centers made a good showing as cooler weather
stimulated consumer buying of fall
apparel lines.
Business
in women's wear fabrics
expanded moderately, notwith¬
standing growing resistance on the part of garment manu¬
facturers to current price advances.
Partial introductions
of Spring suitings and
coatings revealed price increases
averaging 40c. a yard.
Foreign Dry Goods—Trading in linens remained
quiet,
although scattered orders on holiday items were received.
With the arrival of
a number of
shipments of handkerchief
Ireland, it was believed that the
threatening
scarcity of supplies in this field has been averted for the
time being.
Business in burlap continued erratic as the
dearth of spot offerings served to
seriously restrict actual
transactions, and cause a sharply increased differential
linens
from
between
weights
forward
were
and
spot goods.
Domestically
quoted at 7.00c., heavies at 8.75c.
light¬
Volume
The Commercial &
149
2257
Financial Chronicle
$3,731,000 Pinellas
County, Fla., refunding general road and bridge
to Leedy, Wheeler & Co., Orlando, and the
bonds awarded
Clyde C. Pierce Corp., Jacksonville, jointly, as 3 Ms
at a price of 10C.003, a net interest cost of about
Due serially from 1940 to 1964 incl.
Specialists in
various new capital purposes bonds
& Co.,
2.96%.
serially from 1940 to 1959 incl., and reoffered to yield
0.80% to 3%, according to maturity.
2,390,000 Minneapolis,
Illinois & Missouri Bonds
were
Minn.,
awarded to a syndicate headed by Phelps, Fenn
as 3s at a price of 100.273, a basis of about
New York
Due
from
1,878,000 Cuyahoga County,
from
Stifel. Nicolaus & Cojtic.
•
DIRECT
CHICAGO
WIRE
MUNICIPAL
While the
BOND SALES
314 N. Broadway
ST. LOUIS
IN SEPTEMBER
municipal bond market traversed an
1945 to
Ohio, refunding bonds, due semi-annually
1954 incl., and consisting of .$340,000 3Ms and
$1,538,000 4Ms, were taken by a group managed by Blyth
& Co., Inc., Chicago, at 100.32, a net interest cost of about
4.12%.
Founded 1890
105 W. Adams St.
and 4s
3.93%.
1,595,000 Rochester, N. Y., tax revenue and school bonds were taken
by an account headed by the Harris Trust & Savings Bank,
New York. as 1 Ms at a price of 100.047, a basis of about 1.73 %.
Due serially from 1940 to 1948 incl., and reoffered to yield
from 0.65% to 2%, according to maturity.
1,080,000 Allegany County,
Brown
&
Md., bonds purchased as 3.40s by Alex.
Sons of Baltimore and associates, as follows*
$1,-
000,000 Savage River Dam issue, due from 1956 to 1975 incl.,
awarded at a price of 100.43. a basis of about 3.375%; $80,000
road improvement, maturing from 1965 to 1972 incl., sold at
par.
Reoffered to yield from 3 10% to 3.35%, according to
maturity
extremely
of the recent
evidence during the
The extent to which unsettled market conditions retarded
closing week of that period.
Although the return to more
the sale of new bond issues in the recemt month is further
normal conditions was by no means complete, there were
illustrated in our analysis of unsuccessful offerings in that
definite signs that the chaotic status which developed in
period.
The survey reveals that no less than 35 sub¬
divisions were unable, for various reasons, to dispose of
the wake of the outbreak of the war abroad had been largely
their offerings.
The aggregate principal amount of the
ameloriated.
The adjustment to new circumstances dic¬
obligations involved stands at $21,249,440.
This figure
tated by the drastic decline in prices of fixed-income se¬
compares with actual sales in the month of no more than
curities, particularly for high-grade low coupon obligations,
$23,377,898.
In giving herewith a record of the abortive
was patently emphasized in the character of bidding for the
offerings in September we include the page number of the
"Chronicle" for reference purposes:
various issues offered for sale in the latter days of the month.
Paye
Name
Int. Rate
Amount
Report
Not only was there an increase in the number of bidders for
2265 Avon Lake, Ohio
4%
§12,756 No bids
1795 Bay Village, Ohio
4%
51,000 Sale postponed
new issues, but the bids in question reflected more general
2118 Bessemer, Mich...
notexc. 4%
103,000 No bids
2119 Big Horn County, Mont
notexc. 5%
131,852 Issue reoffered
agreement among dealers as to the new basis of quotations
1947 Boyne City, Mich
x
76,000 No bids
for municipals.
It should be noted, however, that as the
1646 Davenport, Iowa—
x
48,000 Bids rejected
2122
Douglas County, Wis
notexc. 4%
175,000 Bidsrejected
municipal market generally follows the trend in Govern¬
2268 b Greybull, Wyo.
4%
235,000 Sale delayed
2117
Jackson Township, Ind
notexc. 5%
25,000 Not sold
ment securities, a really definite level for prices of tax1646 Kenton County, Ky
notexc. 3%
206,000 Sale postponed
1950 Kinloss S. D. 129, N. Dak
not exc. 7%
3,500 No bids
exempts cannot be determined until the status of Treasury
1951 d Klamath County H. S. D., Ore., not exc. 4%
49,000 Not sold
liens is more clearly defined.
While the downward trend
2120
Lewisboro,
North
Salem
and
Somers Goldens Bridge Fire Dist.,
of prices in the latter field seemed to have been largely
N. Y
not exc. 6%
5,000 No bids
1792 Livingston Parish, La.
notexc. 6%
100,000 No bids
arrested in the final days of last month, due mainly, of course,
1645 Los Angeles County, Calif. (Cornpto continued support from Government agencies, the general
Union H. 8. D.)
notexc. 5%
200,000 Bid rejected
1945 Los Angeles, Calif
:
notexc. 3M% 3,000,000 Not sold
sentiment in informed circles was that a further softening
2117 Louisville, Ky.
notexc.2M% 3,750,000 No bids
1948 Macomb County, Mich
x
2,445,500 No bids
of prices was not altogether improbable.
,
1647 f Mississippi (State of)
not exc. 4%
5,000,000 Bids rejected
1646 Montgomery County, Ind
notexc. 3M%
100,000 Sale postponed
Although, as we have said, the municipal bond market
1950 £ Montgomery County, Ohio
380,000 Issue reoffered
assumed a more stable character at the close of September,
1794 Monticello, N. Y
notexc. 4%
14,000 No bids
2120 Niagara Falls Bridge Comm., N. Y.
x
3,620,000 No bids
the period as a whole was one of marked inactivity.
This
2118 Oakland County, Mich
notexc. 4%
709,000 No bids
1793 Royal Oak, Mich
3392,000 No bids
was singularly true in regard to the disposal of new issues,
2116 h Sanibel-Captiva Special R. & B.
the grand tctal of awards having reached no more than
Dist., Fla...
notexc. 6%
20,000 No bids
1647 Sheridan County, Mont
notexc. 5%
117,366 No bids
$23,377,898.
This compares with the output of $69,948,032
2121 Silver Lake, Ohio....
3M%
14,000 Not sold
1798 Spring Green S. D. 2, Wis
not exc. 3%
15,000 No bids
in August and $84,027,980 in July.
The September total
1646 Topeka, Kan
1 M%
91,466 Bids rejected
1648 Union City, N. J
notexc. 6%
38,500 Bid rejected
was by far the smallest output for any month in the current
1797 University Heights, Ohio.
x
130,000 No bids
2121 I West View, Pa
not exc. 3%
20,000 Issue reoffered
year and, as a matter of fact, constitutes a new low for
1951 Willamina, Ore....
not exc. 4%
11,500 No bids
any period since April, 1933, when the sales were no more
2121 j Yardley, Pa.....
notexc. 3M%
10,000 No bids
Rate of Interest was optional with the bidder,
a Rate of interest was increased
than $10,899,995.
Actually the character of the market
to
limit of 4M% and new bids were requested until Oct. 5.
b Sale waa delayed
in the recent month was not unlike that which obtained in
because of engineering difficulties,
c Bonds were reoffered on Sept. 30.
d Issue
reoffered
Oct. 4.
e Another attempt to sell the Issue will be made on
the earlier depression years when defaults and other cir¬
Oct. 19.
f The State has entered into an agreement to sell the bonds to the Recon¬
struction Finance Corporation—V. 149, p. 2118.
£ Maturity schedule was changed
cumstances made it impossible for a large segment of munici¬
and date of sale postponed to Oct. 10.
h Another attempt to market the issue was
made
Oct. 2.
i New offering date is Oct. 10.
j The issue was reoffered on
pal units to obtain long-term credit.
The market then
Oct. .6.
was an
extremely restricted affair, such of the investment
during the first three weeks
uncertain
course
month,
somewhat better tone was in
a
a
„
c
e
ton
....
...
....
...
- —-
x
a
on
was
on
demand which did exist being
That a similar condition obtained
high-grade securities.
in the recent month
centered primarily on very
is vividly illustrated in the record of
further along in this
in this connection that
unsuccessful offerings which appears
study.
It is of interest to note
involved a grand total of $21,249,440
bonds, while the actual awards during the period reached
only $23,377,898.
Of equal importance, too, aside from the relatively in¬
significant amount of new borrowing effected in September,
was the greatly increased cost of credit to those units which
were successful in marketing their issues.
A few examples
will be sufficient to illustrate the extent of the sharp advance
in interest cost generally.
The City of Providence, R. I.,
which on July 18 last issued $1,400,000 bonds, due from
1945 to 1964 incl., at a net interest cost of only 1.97%,
obtained an offer providing for a net cost of no less than
2.95% on a $2,300,000 loan running from only 1940 to
1959.
The sale, however, was not completed, as attorneys
for high bidder refused to approve the transcript of pro¬
ceedings because of doubt as to existence of sufficient
statutory authority for city to issue bonds for purposes
intended.
The State of West Virginia which in May
found it possible to borrow at a net cost of 1.80%, had to
pay a rate of 2.83% in selling an offering of virtually the
same character last month.
such abortive offerings
The issues of
were as
follows:
$1,000,000
or more
sold during September-
Short-term
financing by States and municipalities
during
September totaled $65,967,000, of which $45,000,000 was
accounted for by the City of New York.
The cost of such
credit more definitely reflected stiffening in interest rates
which attended the outbreak of war in Europe.
This was
thoroughly emphasized in the case of the City of New York,
which was required to pay an interest charge of 0.45%
on revenue bills dated Sept. 27, 1939, and maturing no later
than Nov. 2,1939.
In August the city borrowed $35,000,000
on bills dated Aug. 29 and due no later than Oct. 20, 1939,
at a cost of only 0.375%.
Another feature of the shortterm market was the inability of the State of California to
interest investment bankers in its warrant issues.
The
absence of bids was due in great measure to concern over
outcome of the vote Nov. 7 on the "Ham and Egg" pension
proposal.
Activity in the Canadian municipal bond market was
confined to the issuance of no more than $510,100 bonds,
most of which were placed with investors in the borrowing
communities.
The Dominion Government
borrowed $50,-
000,000 on a temporary basis, having sold that amount of
three-month Treasury bills. L The cost of such credit to the
Government advanced from 0.683% on Aug. 31 to 0.925%
on
Sept. 28.
proposed offering on Sept. 6 of $1,500,000 not to
3% interest Territory of Hawaii bonds was can¬
celed because of poor market conditions.
A comparison is given in the table below of all the various
forms of securities placed in September in the last five years:
The
exceed
2258
The Commercial & Financial Chronicle
1939
1938
$
Perm, loans (U.
♦Temp.
S
S.)_ 23,377,898
1'ns (U. 8.). 65,967,000
Can. I'na
1937
1936
$
74,295,414
1935
$
Page
(perm.)—
510,100
None
None
B'ds U. 8. PoHS'ns..
General fund bonds
None
None
291,852
207,500 100,295,500 135,263,853
3,250,000
None
None
None
500,000
None
Total
None
None
None
None
September, 1937;
For the
Nine Months
Month of
September
Nine Mmlhs
$23,377,898
74,295,414
$904,348,510
1915
1938
1914
$26,707,493
13,378,480
$406,496,817
695,435,546
48,435.338
741,681,528
1913
26,025,969
288,024,714
158,784,553
148.870,640
872,306,815
1912
25,469,043
1911....
682,911,759
1910
1933
26,487,290
18,364,021
38,239,955
1909
1932
23,001,771
64,034,466
336,662,675
658,175,205
272,389,451
1908
34,531,814
117,083,951
243,241,117
1,140,002,546
1907.
47,947,077
1906
8,980,418
9,825,200
10,694,671
8,762,079
9,179,654
14,408,056
4,033,899
199,722,964
153,152,345
80,358,117 1,056,321,225
100,028,167
936,398,760
66,704,334
994,840,978
1905
1904
1927
117,571,822 1,178,508,094
1903
1926
136,795,778 1,046,221,618
115,290,336 1,095,486,400
124,336,682 1,138,425,601
1902.
1901
1900
1923
56,398,075
765,963,785
1922
99,770,656
88,656,257
918,854,893
1898
754,294,623
i
1899
1897
49,820,768
70,839,634
24,732,420
1917
489,716,223
519,669,754
238,179,833
328,078,924
308,388,101
31,175,017
22,174,179
1916
In the
following
we
the past month:
Faye
Name
1896
1893
8,240,347
3,885,137
6,242,952
Maturity
Amount
Price
100.54
108.79
1940-1943
2,691
76,500
...._._2)i
100.13
100.38
2.97
2" 17
100
5".00
1645 Lowe Twp., Ill
1648 Lynbrook, N. Y
3
1940-1951
lbb'.isT
2.97
2
1940-1944
45,000
1792
Lynn, Mass
2122
McAllenS.D.No. 1,Texas
Maiden, Mass
1792
373,000
100.35
1956-1975
1,000,000
1965-1972
80,000
4
1940-1949
4,500
1942-1958
17,000
15,000
1942-1956
3.20
1940-1943
4
1 942-1969
116,765
38,000
1940-1949
9,346
100
7,750
2,000
100.06
..3
3.00
100.22
2.16
55,000
100.63
Blaine County, Neb.
23,000
100
*.
-
1647
1.49
*.
_
1940-1953
75,000
100.54
3.19
1940-1949
200,000
100.26
2.26
1940-1951
12,000
17,000
100
4.25
1940-1948
100.09
2.98
-4
X
Cambridge, Mass.
--1%
1940-1949
450,000
100
1943-1951
725,000
100.11
1941-1950
5,000
100.30
t*
«♦
1941-1945
..3
1645 Catlln Twp., Ill
2117 Center Twp. School
Twp., Ind
1 %
1797 Chartiers Twp. S.
D., Pa
3)4
1798 Chattanooga, Tenn
4M
1797 Clackamus Co. Water Dist
1, Ore.5
2117 Clark County, Ind
3)4
Clarkston, Wash
3)4
Clay County S.D. No. 36, Minn_.3
Collier Township, Pa
3)4
Columbus, Ga
3
Corpus Chrlsti S. D., Texas
3)4
Coulee City, Wash
4
1797 Crescent Twp., Pa
1793 Crocker, Mo. (2
issues)..
1795 Cuyahoga Co., Ohio
4
-
1-10 yrs.
Dallas, Ore
3
1941-1950
100.75
96,000
100.28
4.73
1,400
101.10
60,000
100.36
1940-1949
1941-1949
1944-1958
1940-1959
1943-1957
100,000
3.50
100
4.00
1941-1955
35,000
15,000
29,000
100.78
3.90
1945-1954
rl,878,000
1941-1959
40,000
1942-1949
249,000
5,000
6
1949
3
1940-1944
2)4
Eldorado S. D., Okla
3.40
1647
Ellington, Mo
4
El
1941-1950
3)4-3)4
4)4
3)4
2)4
2)4
Kingsbury
Issues)...2)4
1796 Franklin County, Ohio
2)4
1951 Freeport S.
D., Pa
3
S. D. No. 2, N. Y.
(2
1946
Fulton County, Ind
2)4
Gallatin Co. S. D. No. 15,
Mont.2)4
1949 Garden City, N. Y
1.90
1795 Garrison, N. Dak
2263
1952
Gleason, Tenn
Glenolden, Pa
1947 Gloucester, Mass
1793 Haddon
Twp., N. J. (5 Issues)
1951
1650 Halifax, Pa
1647 Hamilton, Mont
2121
Harrison Co., Ohio
1648 Hasbrouck Heights, N.J
Hazle Twp. S. D^, Pa
1797 Hazelton S. D., Pa
1951
1797 Hazelton S. D., Pa....
1951 HempfieldTwp. S. D., Pa
.4
1942-1954
1940-1957
1940-1964
1940-1954
100.57
100.36
100
100
4.50
6.00
100.14
65,000
2.83
100"""
4".00
6,000
11,900
100
68,982
100.23
1940-1954
15,000
50,000
100.29
100
2.75
1940-1944
rl6,000
14,500
100.20
1.83
2.13
1.72
3.95
1944-1949
11,436
1940-1943
3
1944-1954
7,000
100,000
45,000
1942-1968
1940-1961
100,000
7,500
100,000
5,500
11,000
73,731,000
1940-1949
100,000
1943-1952
4
8.
100.57
3.02
lbo'br
3.97
100.92
2.89
103.37
lOOJO"
2.66
100.45
100
¥.00
100.003
3~92
D.,
Pinellas Co
1H
710,000
1944-1946
714,000
1940-1944
190,000
10,000
13,706
3
...2X
Prairie Co. S. D. No. 5, Mont ...2)4
Prairie Du Chien, Wis
3
2)4
4,000
98
98
5.44
lob". 5l"
1.57
100
3.00
100.25
1940-1949
30,762
740,000
100
3.00
1940-1944
720,000
100.23
2.40
100.04
1.73
100
6.00
1940-1946
4
100.30
4
1941-1953
1940-1948
1,595,000
2.50
34,000
712,500
1)4
100
10,000
..
1940-1945
1940-1949
3
6,000
2,400
1940-1942
2,587
*
26,193
2
..2.40
1940-1944
80,000
100.19
1.43
1940-1949
.....1)4
40,000
100.39
1.92
1940-1947
1940-1949
7,000
60,000
fob". 14"
2.37
3)4
1943-1949
25,000
100.51
3.42
3)4
1941-1949
28,000
100.27
3.67
1941-1947
12,000
100
6.00
32,000
100.17
1940-1949
228,000
100.11
1940-1946
34,000
14,670
100.10
3.38
100.10
2.98
100
3.50
—.6
.3)4
1940-1949
1940-1947
1942-1959
1940-1947
8,000
19,000
'
101
2.05
3.90
1940-1949
560,000
100.25
1.95
1940-1950
723,000
100.10
3.48
100
3.50
lob""
3.66
71,781
3
1942-1951
30,000
4%
1940-1948
722,000
100.20
2
1940-1944
52,000
100.38
1.86
1943
38,700
100.08
2.73
-2)4
3.09
40,000
3)4
1
1940-1944
150,000
1940-1942
2.80
1940-1948
59,965
45,000
3)4
Valley Co. S. D. 9, Mont. (2 iss.).3)4
Versailles, Ohio
3)4
Walters, Okla
4.70
7429,000
1940-1951
7107,000
ibb".bo7
3.24
100.05
0.97
100.26
2.74
100
3.50
773,345
100.33"
3.47
6,500
100
3.50
1940-1958
59,000
100
3.25
1940-1959
207,500
7190,000
12,000
1940-1964
45,000
3)4
'
1940-1953
100.11
2.58
101.19
3.07
100.17
3.11
194)1-1952
1-10 years
15,000
100
4.00
1941-1951
13,500
14,000
100.07
2.99
2.69
3
Waverly, Minn
3
1793 Waverly, Minn
3
1650 West Homestead, Pa
2)4
1952 West Virginia (State of).2)4-4
1940-1949
40,000
100.31
1940-1964
500,000
29,480
100.02
2119 Wheeler County, Neb
1794 Wlldwood, N. J
1,500
1940-1944
45,000
710,000
3)4
4
2264
fob"""
2.83
Y.bo
Williamson, Marion W. D., N. Y..4)4
1949 Woodbury, N. J
2)4
1940-1944
50,000
100.31
1940-1959
120,200
100.10
100
50,000
100.16
4.24
24,500
100.27
2.69
1946-1949
140,000
100.21
2.47
1940-1954
22,000
Woodbury County, Iowa
2118 Worthington, Minn
1.39
..4
4
3.98
100.15
1940-1949
2117
rllO.OOO
6,750
20,000
11,852
100.07
Rutherford, N. J
1793
2". 19
1940-1943
2.42
100.19
4
S. D. Nos. 6 and 2, Ore
100.33
1940-1949
4
100.41
25,000
200,000
Sunny Hill S. D., La
4
1951 Washington and Yamhill Counties
2.50
._3XJ
3)4
--1H
1)4
-2)2
2)4
42,500
1940-1949
Washington Co. S. D. No.5, Ore.3-3)4
1947 Washington Parish Mt. Hermon-
2.50
-2%
2)4
3.08
12,000
2121
100
1940-1951
15,500
2.39
29,000
2121
2.49
3
..3
2.44
100.29
100.85
229,000
1940-1947
1947 Warren, Mass...
3)4
2120 Warren County,N.Y. (2issues)..2.60
1951 Washington S. D., Pa
.3)4
17,000
rl8,000
30,000
100.18
18,000
dl78,000
1940-1944
2121
r420,000
1940-1954
1940-1949
1940-1944
1941-1958
1940-1954
Rochester, N. Y. (2 iss.)
Rockwell, Iowa
1948
20,000
1940-1959
2.98
1 %
2X
Tuckahoe, N. Y
1946 University of Idaho
2.46
100.92
100.07
5
100.07
717,000
716,000
...2)4
1950
2.98
1944-1948
1940-1943
100.13
74,000
65,000
1940-1964
Ortonvilie, Minn.
Oshkosh, Wis
Othello, Wash
1649 Toledo, Ohio
1797 Toledo, Ohio
1649 Toledo City S. D., Ohio
1646 Topeka, Kan. (2 issues)
4.50
100
100
~25 yr"s~.~
1940-1946
2.19
1947 Taunton, Mass...
2.71
100.05
26,000
4.56
1647 Sturgis, Mich
1792 Swea City 8. D., Iowa..
2.89
12,090
20,000
1940-1957
2.93
100.01
2.96
2120 Tarboro Twp., N. C
10b".32"
9,000
7,000
25,000
100.50
711,000
10,000
1645 South Otter Twp., Ill
3)4
2119 Southwest-Webster Sewer D., Mo.4
1792 Springfield, Mass
2
1949 Stanhope, N.J
3)4
1948 Stillwater Co. S. D. 12, Mont
3)4
109.85
1940-1952
4)4
3.43
100
100.08
5,000
1944-1953
100.27
ibb".02~
4
2-2)4
1949 South Amboy, N.'J. (4
iss.)..—3.40
1647 South Haven, Mich
3
10,000
3,000
30,000
rl5,000
75,000
88,000
.4
1951 Scott Twp., Pa
1650 Scott Twp. S. D., Pa
1795 Siler City, N. C
1792 Sloan Con. S. D„ Iowa
2118 Somerville, Mass. (3 iss.)
3.35
1942-1978
10,000
48,000
1952
2117 Gillespie, 111
4.00
100.41
29,000
30,000
742,000
.3.10
1646 Salem Twp. School Twp., Ind
1950 Saratoga County, N. Y
3.00
100
1940-1949
1950-1951
Dist., 1, Minn.3
Englewood, Ohio
7,593
2,390,000
—
Saginaw, Mich. (3 iss.)
1647 Salem, Mass
1947 Salem, Mass
1.49
12,000
100.01
1940-1949
1948
2.45
100
4)4
1946 Des Moines, Iowa
2117 Des Moines, Iowa
(2 Issues)
1945 Durango, Colo
1649 Englewood, Ohio.....
1798 Eula Ind. S. D., Texas
2117 Fairfield Ind. 8.
D., Iowa
1648 Fort Ann, N.Y
1648 Fort Ann, Hartford and
100.71
100.18
2)4
Davenport, Iowa
Paso, Texas (2 Issues)
22,600
175,000
3.38
4.43
4,500
2)4
2119 St. Francois Co. 6. D. 59, Mo...6
1793 Saint Louis Park, Minn
40,000
..4
(2 Issues) .3)4-4)4
1794 East
Rockaway, N.Y
2121 Eaton, Ohio
1793 Edina Joint Sewer
1940-1942
6.00
100.55
1942-1951
3
Nashville, Gat
New Bedford, Mass. (2
iss.)..
Newburyport, Mass
New Hampton, Iowa
Newburyport, Mass
2119
3.44
~1K
~"
100.15
9,000
—
2261
5.23
-3)2
1949
1.75
~5*
3.48
100
1940-1948
2.20
Niagara 8. D. No. 3, N. Y
2.40
1940-T959
4)4-4H
.3)4
1649 Rainier, Ore
1794 Raritan Twp., N. J. (3 iss.)
1645 Rirle, Idaho
-
--3X
1946-1954
3)4
...
-
.2-2 H
Brockton, Mass. (2 1j
2122
3.87
—
23,000
35,000
3
2117 Postville, Iowa....
2117 Postville, Iowa
100.01
120,000
217,340
1940-1964
3,000
1949-1952
4)4
1949 Portsmouth, N.H
762,000
1940-1949
1941-1950
1947 Pittsfield, Mass. (2 lss.)__.
2
2116 Polk Co. Spec. R. & B. Dist., Fla.5)4
2116 Polk Co. Spec. R. & B. Dist., Fla.5
1798 Port of Everett, Wash.
""
1942-1958
1940-1944
2.98
lbb'bo"
70,000
1946
3.19
100
3.40
100.10
2)4
1949 Pemberton, N. J
1798 Pettus-Tuleta-Normanna
4.70
2)4
r68,000
100.92
11,500
1940-1957
6
Nyack.N.Y
1647
4.75
100.02
25,000
3.40
Oelwein 8. D., Iowa (2 iss.)
Orange Co. S.D. No. 1, Fla.
1798
100.55
3
30,000
1939-1958
3)4
1794
3.40
1940-1955
1940-1952
1940-1949
d35,000
10,000
1940-1951
Marion Ind. 8. D. No. 3, 8. Dak.
.3)2
3
2117
3.37
100
100
North Adams, Mass
1794 North Ilaledon, N. J. (2 iss.)
2119 North Plainfield, N.'J. (2
iss.)
2122
100.43"
100
59,226
2118
4.38
4.00
36,000
1940-1954
2)4
2)4
-.3)4
2117
2)4
1948 New Madrid Co. D.D. No.
39, Mo4
2263 New Mexico (State of)
.2 )4
2260
2~00
1940-1941
4
Marion Twp., Ind
Marion Twp., Ind
Moss Point, Miss
2120
100
2)4
2)4
Montgomery Co., N. Y
Montlcello, Minn
Mooresville, N. C
1.89
100
98,000
1)4-2
Moffat Co. 8. D. No. 5, Colo
1947
100.33
7365,000
1-5 yrs.
1940-1947
2
Minneapolis, Minn. (5 iss)..-....3
1947
4.38
1941-1965
114,000
190,000
3)2-4
Med way, Mass
1946
2.85
-.3
1649
23,000
Ill—...........4)4
Basis
100.35
1940-1955
1941-4965
Antlers, Okla
1646 Black Iiawk
County,
2121
105,000
100.76
2116
63,583,834
..4
1791
1940-1960
1940-1944
54,000
1948
40,072,566
1892
~1H
2121
100
,
1798 Mount Horeb, Wis
2117 Mount Pleasant, Iowa...........3
1946 NameoklTwp.,
90,454,836
101.22
.2)2-4
1645
725,000
3". 94
25,000
1948
56,229,416
$7,750
100,000
..5
1797
3.06
5.25
4
1950
770,000
1791 Auburn, 111. (2
Issues).......
1946 Bellevue, Iowa
2268
2122
100.55
5
2120
92,253,916
3.40
1946 Bellevue, Iowa
1647 Bellevue Twp. S. D.
1, Mlcli
1647
—
2118
95,026,437
3.40
County, Oiiiq
2122
iob"63"
100
1942-1951
-._„--.2)i-3)4
1%
2117 Moline, 111
83,150,559
106,387,463
9,272,691
3,693,457
3
1961 Antlers, Okla.
1794 Arcade, N. Y
1797 Asbland S; JD., Pa
1795 Ashtabula
1947
761,000
r25,000
10,000
1942-1948
773,000
2116
99,324,001
97,194,441
11,423,212
1894
4)*
4)2
1947 Allegany
County, Md
1791 Allison, Iowa
1792
1953
1940-1944
KenoSha Co., Wis
2117
141,021,727
197,921,657
111,745,993
117,678,355
7,201,593
6,173,665
1895
Hate
1946 Adel, Iowa.
2119
2.42
2120 Marshall, N.C. (2 Iss.)
1949 Massapequa Fire Dist., N. Y
1791 Midvale, Ga..
show the various issues sold during
1795 Akron, Oliio..
1795 Akron, Ohio (2 Issues)
1793 Albion, Neb
1947 Allegany, County, Md
1951
100.30"
1946
314,503,570
231,921,042
1919
3". 13
35,000
193,600
1946
317,912,921
902,053,073
40,819,694
1920
lbo'is'
2)2
1951
408,044,823
1934
1918
7,000
1-9 years
1942-1945
209,000
15,000
Johnson Co., Iowa
Kansas (State of) (Local
1947 Manhattan, Kan. (3 iss.)
1948 Mankato, Minn
1952 Maple Bluff, Wis
For the
1937
1921
1940 1946
1940-1958
1797 Malheur Co. S.D. No. 26, Ore
Month of
Beplembcr
1924
3.00
3.88
3
1649 Licking Co., Ohio
Lincoln Co., Miss
Los Angeles Co., Calil.
series of years:
1925
3~50
100
101.07
5
2118
comparative purposes we add the following table,
showing the aggregate, excluding temporary loans and also
Canadian issues, for September and the nine months for a
1928
733,727
2116
For
1931
28,000
1945-1954
2.00
lob""
3.20
1947 Lewiston, Me-2117 Lexington, Mass..
1947 Lexington, Ky...
September, 1938.
1929
1940-1954
4
Neb
during September,
1930
3
3%
Kings Mountain, N. C_1795 Kings Mountain, N. C. (2
isss.)-5-5)i
2119 Lancaster Co. San. Dist. No. 1,
201 and 205, respectively.
This contrasts with
322 and 352 for August,
1939, and with 461 and 536 for
1936
105,000
1795
were
1935..
1940-1959
1646
Issues 7)
1650 Kenosha, Wis. (4 issues)4
The number of municipalities
emitting permanent bonds
and the number of separate issues made
1939
3)4
Basi
100
Ironton, Ohio.
1952
in
$48,000,000 in September, 1936, and $56,000,000 in September, 1935.
1939,
5,000
7,000
Isllp 8. D. No. 12, N. Y
Jamestown, N. Dak
2117
89,854,998 163,812,986 207,527,428 360,607.851 368,062,093
$45,000,000
Price
1940-1944
1940-1946
2
1949
*
Including temporary securities Issued by New York City:
September, 1939; $66,000,000 In September, 1938; $39,500,000 In
7, 1939
Amount
Maturity
1950
4,998,000
2120
(New York City).
Kale
1947 Holilston, Mass
2118 Houston, Minn
1951 Hughes Co., 8. Dak
1952 Hustiford S. D. No. 7, Wis
1796 Ironton, Ohio
;
$
48,435,338
158,784,553 148,870,640
89,225,720 155,634,590 101,027,798
78,929,600
Placed In Canada.
Placed In U. 8
Oct.
Name
3.48
ibo"2i"
1940-1944
60,000
4
.A
1940-1949
1940-1949
r85,000
3.00
110,000
100.30
3
.3
1940-1945
90,000
100.37
Total bond sales for September (201
100.30
4
1)4
1946 Yates City, 111
1793 York County S. D. No. 54, Neb..3
1647 Zeeland, Mich
4
100.17"
.AM
*
d
Subject
to
call
7
1.75
86
77,000
6,861
100
b'.oo
100
4.00
municipali¬
$23,377,898
prior to maturity,
k Nor including $65,967,000 temporary
States and municipalities from agencies of the Federal
Refunding bonds
loans or funds obtained by
Government,
100
30,000
19~46T959
ties, covering 265 separate issues)
4.70
2~92
1940-1979
2)4
.
Volume
The Commercial & Financial Chronicle
149
We have also learned of the
following additional sales for
Name
Rate, .Maturity
1646 Abita Springs Sewer Dist. No. 1,
La.
1791 Baker County, Fla
4
2119 Cape May, N. J-...-..;
4H
1648 Cheektowaga, N. Y
.......2.70
1791 Farreston, 111
...4
1649 Jones, Okla
6
1791 Los Angeles Co., Calif. (March)..5
1649 Malheur County S.D.No.49, Ore.3
1646 Prairie City, Iowa
1646 Shongaloo S. D. No. 19, La
..3}*
3^
__3
...
1650 Suffolk, Va..............
1951 Thackerville S. D., Okla
1791
Vermont S. D.,
$17,000
50,000
15,000
1939-1958
1942-1946
1942-1944
1940-1946
1943-1952
1941-1953
1940-1943
111. (April)......3%
10,000
12,500
2,000
5,500
25,000
80,000
15,000
9,000
80,000
1793 Wyoming Township, Mich
All of the above sales
6.00
4.61
4.75
2.69
4.00
100
95
100
100.02
100
12,000
3,500
1940-1949
1940-1964
1942-1956
1939-1954
Basis
Price
Amount
6
(July)...
-
100.41
4.94
100
100.20
101.10
3.25
3.09
2.89
100
3.75
.
—
(unless otherwise indicated) are for
These additional August issues will make the total
(not including temporary or RFC and PWA loans)
August.
sales
for that month $69,948,032.
The
following items included in
our
totals for the previous
We give the
months should be eliminated from the same.
number of the issue of our paper in which reasons
these eliminations may be found.
page
Maturity
Rate
Name
Page
1950
Eaton, Ohio (August)
1648
Amount
$7,000
14,000
50,000
25,000
Monticello, N. Y. (July)
.
1950 Portsmouth, Ohio (July)!
1646 ShongalooS. D. No.
_.
Canada (Dominion
2122
Canada (Dominion of)
2122
of)
3^
4
-4
4
Chatham, Ont
2122
Farnham, Que
2122
Kamloops, B. C
2122
Rimouski, Que
.3
4
1952
Sudbury, Ont..
1798 Trail, B. C.._.
Total long-term
Maturity
Amount
*$25,000,000
.*25,000,000
l-10years
250,000
20,000
1954
11,000
l-15years
43,000
1940-1954
180,000
6,100
1949
......
.
Basis
....
Price
Basis
100
4.00
96.48
100
3.51
4.00
C.
more
than
a
Several cities have improved pro¬
dozen cities in six States.
cedures for property assessments;
cards for each piece of property.
others have set up individual tax record
Some cities, cooperating with the U. S.
Bureau of the Census and the National Committee on Muncipal Account¬
ing, adopted the uniform classification of accounts recommended by the
two groups.
Budgetary control has been tightened by many cities—including New
Haven, Conn.; Niagara Falls, N. Y.; Hingham, Mass., and Wyandotte,
A growing use of the pay-as-you-go and quarterly allotment plans
reported.
Binghamton, N. Y. improved its centralized purchasing
Mich.
is
system.
,
In New York,
provisions of the
new
State constitution, and
new
legisla¬
tion affecting municipal finance will help in developing modern methods,
the Association said.
New burgh, N. Y. enacted a statute under which new
bonds sold in 1939 or thereafter must not exceed 75% of the amount of
Nebraska—State's
Hydro Electric System Signs Contract
Company—The Nebraska Power Co. of Omaha
on
Oct. 2 signed a contract to purchase power from the
State's federally financed hydro electric system—a develop¬
ment which may have a profound effect on Nebraska's sixyear-old battle of private against public power plants, ac¬
cording to a special dispatch from Omaha to the New York
with
Power
"Times":
The contract is with the Loup River Public Power District of Columbus,
but, in effect, includes the other two units in the hydro system—the Central
Nebraska Public Power and Irrigation District (Tri-County) of Hastings,
and the Platte Valley Public Power and Irrigation District (Sutherland) of
$510,100
Temporary loan; not included
N.
Pasadena, Calif, and Fort Collins, Colo, officials are emphasizing the
development of modern cost accounting methods, involving a breakdown of
expenditures to show costs of services per unit, such as the cost per block of
cleaning city streets.
Improved tax accounting methods are reported by
retired bonds.
Canadian debentures sold In
September*
Price
for
MUNICIPALITIES IN SEPTEMBER
Rate
Name
1952
....
........
19, La. (June)
DEBENTURES SOLD BY CANADIAN
Page
*
Atlanta, Ga. is one of a group reporting that they have set up for the
a complete double-entry system of bookkeeping.
To keep better, more up-to-date records of properties they own, four
cities recently completed inventories of their permanent properties, and
recorded them in property ledgers.
The cities are Denver, Colo.; Portland,
Ore.; Topeka, Kan., and Belliugham, Wash.
Advances have been made, also, in the field of machine accounting,
according to reports from such cities as Portland, Ore.; Pasadena, Calif.;
Ames, Iowa; Escanaba, Mich.; Greenbelt, Md., and Pocatello, Idaho.
Escanaba installed accounting machines for general and utility accounting
and tax billing.
A State-wide trend toward machine accounting of taxes
and liens is reported for New Jersey, while in Utah a committee is studying
modern tax accounting plans.
•;
Memphis, Tenn. finance officers say their assessment procedures are
being revised and addressing machines installed.
Developments in this
field were reported also by Jackson, Miss.; Lexington, Ky., and High Point.
first time
previous months:
Page
2259
in total for month.
North Platte.
This is because the three
News Items
Arkansas—Petitions Filed for Referendum on Road Bond
Refunding—Petitions asking a referendum on the 1939
legislative Act which would have authorized the refunding
of the $140,000,000 highway debt have been filed with
C. G. Hali, Secretary of State, by State Senator Joe Kimzey,
opposition leader, according to Little Rock advices.
The
said Secretary will pass on the validity of the petition sig¬
natures, which are said to total more than twice the re¬
quired number. If the petitions meet with his approval, it is
understood that the refunding proposal will be submitted to a
vote at
hydro developments recently reached an agree¬
joint marketing of their power output. The contract, when fully
effective, means that Nebraska Power will purchase from*40 to 50% of its
needs from the hydros.
ment for
the 1940 general election.
On the other side, the hydros would be able to dispose of about all the
power they have to spare for the present and when the entire network is
completed, the Nebraska Power contract will take up about 40% of their
total output.
The contract will mean that the hydros get about $300,000
in the first
year it is in effect, and perhaps close to $600,000 a year ultimately.
The rate for power finally will reach about 5.25 mills ($0.00575) a kilowatt
This does not reach the 7-mill average which the hydros have figured
hour.
they will need to pay operating costs and interest and reduce their debt
to the Government, but, in view of the size of the contract, it may be con¬
sidered exceptionally favorable.
While C. B. Fricke, President of the Loup District, announced that
signing of the contract does not mean the hydros will abandon efforts
to buy up private power companies, including Nebraska Power, it appears
likely much of the edge will be taken from the public power drive. Loup
deferred signing with Nebraska Power for some time for this reason.
Special Election Contemplated—It was reported sub¬
sequently that after the examination of the petitions is com¬
pleted by State officials, Governor Bailey will come to a
decision on a plan to call a special election solely on the said
1939 road bond refunding Act.
The outcome of the election
would be awaited before the State Supreme Court proceeds
with the pending litigation relative to the constitutionality
New York, N. Y.—City's Capital Budget for 1940 Set at
$123,679,106—The City Planning Commission, in a pre¬
liminary draft of the capital budget for 1940, which was made
public, has recommended appropriations, tentatively, of
$123,679,106.
Of this sum, the total of appropriations for
new
projects is $19,749,012.
of the Act.
Tuesday in City Hall.
California—-Special! Session to Be Held Soon—'Governor
Olson is said to have announced he would call a special session
of the Legislature shortly and request passage of new revenue
laws to raise an estimated $63,000,000 annual revenue.
Among new tax bills to be presented, he said, would be a
severance tax on gas and oil, increases in bank and corpo¬
ration income taxes, plugging of loopholes in existing tax
laws and higher taxes from horse racing and other non¬
essential activities.
Unlikely for Next 20 Years—
Any general reduction in taxes in this decade or the next is
improbable, Mark Graves, State Commissioner of Taxation
and Finance, told the 64th annual convention of the United
States Brewers Association in New York on Oct. 2.
Com¬
missioner Graves added that Federal, State and municipal
debts of the Nation total more than $60,000,000,OCX) and
that while some particular industries may get reductions in
their scale of taxes, business in general must figure on paying
its present rate.
generation is more economical than
the present," he
said, "we will be lucky if rates do not go higher."
Commissioner Graves told the brewers that he
Finance
Methods
Found
Improved by
municipal
Many Cities—Up-to-date methods of managing
finance have been installed this year by many
American
cities, a survey by the Municipal Finance Officers'
tion of the United States and Canada showed on
Through these improvements, more
exercised over financial policies.
Associa¬
Oct. 4.
efficient control may be
Many cities report installation of general ledger control over all accounts,
study showed.
Four cities—-Nashville, Tenn.; Fargo, No. Dak.;
Richmond, Va., and Tucson, Ariz.—recently installed complete, modern
accounting plans.
the
Commission
by Nov. 1.
Dec. 4 to adopt it and the Council until Dec. 27.
In his budget message to the Commission on Sept. 14, Mayor F. H.
La Guardia certified that the maximum debt the city could incur for
The Board has until
capital projects next year was $20,000,000 plus such sums as already had
been authorized and were required for projects under construction.
The budget adopted by the Commission must not exceed this sum.
The
Board of Estimate may increase it only by a two-thirds vote.
The Council
has no power beyond striking out authorizations.
The tentative total of $123,679,106 for the new budget is $31,598,336
less than the tentative total proposed for the current budget last October.
Of the full amount $105,051,836 is within the debt limit.
The difference
between this amount and the new money represents renewals of appropri¬
budget, expenditures for completing projects
and the building of sewage disposal plants.
under construction
In the preliminary
draft the following appropriations have been recom¬
mended :
Department of Education: $26,631,956, of which $4,655,395 is for new
projects.
Board of Transportation:
$31,913,484, with $278 392 for new projects.
Department of Hospitals: $12,805,033, with $1,027,648 for new projects.
Department of Public Works:
$10,302,200, with $1,449,998 for new
projects.
Department of Parks: $9,052,575, with $951,560 for new projects.
Department of Docks: $8,729,000. with $2,925,999 for new projects.
Department of Water Supply, Gas and Electricity:
$7,516,500, with
$1,500,000 for new projects.
Department of Markets: $2,256,700, with $1,874,998 for new projects.
Board of Higher Education: $1,261,000, with $346,999 for new projects.
Department of Correction: $1,056,600, with $471,997 for new projects;
and institutions; $1,082,857, with $555,030 for new projects.
Department of Sanitation: $1,070,600, with $278,396 for new projects.
museums
would like to see lower
levies on beer but could not offer any assurance that reductions would
be made.
Taxes amount to 20% of the retail selling price of beer, he con¬
tinued, but on cigarettes the taxes of various kinds represent 50% of the
selling price and on gasoline they constitute 25% of the retail price.
Bruce Barton, speaking as a member of Congress, told the delegates
that everything possible should be done to keep this country out of war.
"We got the income tax out of the last war," he said.
"Just remember
that when we entered the World War our national debt was $1,000,000,000.
If we get into the present war we will start with a national debt of $45,000,000,000. After the war the debt will either be washed out by some process
of inflation, or 40% of our national income, 40% of the time and strength
of every one of us, will go for Federal taxes."
Municipal
public hearing on the budget at 10 a. m.,
The budget as finally adopted by the
be sent to the Board of Estimate and the City Council
ations adopted in the current
General Tax Cut Held
"Unless the new
The Commission will hold a
must
Appropriations
other
of less than
$1,000,000 each
were
recommended for
departments.
Pennsylvania—Change in Stock Transfer Tax Cited—The
has called attention of
members to the fact that, effective Sept. 1, 1939, the Penn¬
Association of Stock Exchange Firms
sylvania stock transfer law was amended so as to exempt
such tax deliveries and transfers to a broker or his
from
registered nominee for sale and deliveries and transfers by a
broker or his registered nominee to a customer for whom and
upon whose order the broker had purchased the same, and
deliveries and transfers by a purchasing broker to his reg¬
istered nominee if the shares or certificates so delivered or
transferred are to be held by such nominee for the same pur¬
if held by the broker.
\
accompanied by a certificate
setting forth the facts.
As the foregoing exemption is the same as provided
for the Federal stock transfer tax, we suggest, in lieu of any specific cer¬
tificate being required by the Pennsylvania Department of Revenue, that
brokers use the form of certificate authorized for use under that Federal
pose
as
In each case
statute.
the delivery or transfer must be
The Commercial & Financial Chronicle
2260
Bond Proposals and Negotiations
FLORIDA
ALABAMA
TUSCALOOSA
CITY
SCHOOL
DISTRICT
(P.
O.
Oct.
BONDS
Clyde C. Pierce Corporation
Barnett National Bank Building
JACKSONVILLE
First
MARICOPA
COUNTY
MUNICIPAL
WATER
CONSERVATION
DISTRICT No. 1 (P. O. Phoenix), Ariz.—FINDS ON DEPOSIT
FOR
INTEREST PAYMENT—It is stated by Frederick Y.
Toy, Vice-President
of the Maricopa Power & Reservoir Co. of Phoenix,
(organized in connection
with the reorganization of the above
district), to the holders of the de¬
bentures and registered bonds of the company, that funds
have been
deposited with the Underwriters Trust Co. for the payment of semi-annuai
interest due Oct. 1, 1939, on its 3% debenture bonds.
There is also due
Oct. 1, 1939, annual interest at the rate of
3%.
This interest, however,
will not be paid and together with interest which was due
Oct. 1, 1936, 1937
and 1938, is cumulative and will be
payable to the registered holders of the
bonds when earned and available, as
provided in the operating contract
between the company, the Reconstruction Finance
Corporation and others.
of the State when tenders are called for
by the State Refunding Board at
Little Rock on Oct. 11—V. 149, p. 1945—it is
reported. Credits to redemp¬
tion accounts total $900,000, and prior to Oct. 11.
September gasoline tax
and motor vehicle license revenue will be credited to
these
accounts.
the
State's
California
have been redeemed at
a
B«ll
OFFICES
IN
Municipals
at the election
held
are
for
Oct.
on or
about Aug. 29,
(P.
O.
Martinez), Calif.—SCHOOL
by S. C. Weils, County Clerk, that an
24
in
order
to
vote
on
the
issuance
$330,000 in Acalanes Union High School District
construction bonds.
KERN
issue
of
COUNTY
$1,700,000
and
O. Bakersfield), Calif.—NOTES
SOLD—An
anticipation notes was offered for sale on Oct. 4
was an
offer of $117 premium
Weeden & Co. of San Francisco.
on
2M%. offered by
OXNARD DRAINAGE DISTRICT NO.
3 (P. O.
Oxnard), Calif.—
BONDS TO BE SOLD—It is stated
by H. C. Downes, District Secretary,
in connection with the
$15,000 4)4% semi-ann. drainage bonds that were
on Aug.
21, as noted here at the time, that
locally or reoffered again in the near future.
offered for sale without success
these bonds will either be sold
COUNTY
(P.
O.
Sacramento), Calif.—SCHOOL
NOTES SOLD—It is reported that
$580,000 Sacramento Unified School
District tax anticipation notes were
purchased on Sept. 25 by the AngloCalifornia National Bank of San
Francisco, at 2%, plus a premium of $45.
Dated Sept. 28, 1939.
Due on Dec.
29,1939.
SANTA ROSA, Calif.—BOND
ELECTION—It is reported by the City
that an election
Clerk
will be held
on
$190,000 in fire department bonds.
SONOMA COUNTY
Oct. 31
to
vote on
the issuance of
COLORADO
OTERO COUNTY
DISTRICT NO. 11 (P. O. La
Junta),
election is reported to have been»called for
$15,000 in college building
*ssuance
completion
,
°E
par
and accrued interest.
A
for less
certified
check for $1,000, payable to
accompany each proposal. Approving legal opinion
Comley of Bridgeport will be furnished the
successful bidder.
the J°Xn» raust
of 1 ullman &
T°RRINGTON, Conn.—PLANS BOND
SALE—Anthony W. Telesca,
i J,
reports that arrangements are under way for an early
offering
$115,000 school bonds.
°
of
FLORIDA
FLORIDA, State of—BOND
AND
NOTE
TENDERS RECEIVED—
connection with the call for
tenders of sealed
offerings of matured or
unmatured original or
refunding road and bridge or highway
bonds, time
"warrants, certificates of indebtedness and
(or) negotiable notes of various
counties and special road and
bridge districts, noted here on Sept. 23—?
1^9, p. 1945—it is reported by W. V. Knott, State Treasurer, that 18
In
parties offered bonds.
FOR
INVESTMENT—'The purchasers offered the
at prices to yield from 2.75% to
GEORGIA
GEORGIA,
State ot—CERTIFICATES SOLD—It is reported that
highway refunding certificates were purchased at par on
$2,650,000 2%
Oct. 4 by a syndicate composed of the Chase National
Bank of New York,
the Fulton National Bank, the Trust Co. of
Georgia, and the First National
Bank, all of Atlanta.
Denom. $1,000.
Dated
Sept. 1, 1939.
Due on
March 15, 1946.
Prin. and int. (M-S) payable in New York
City.
Legal
approval by Thomson, Wood & Hoffman of New York
City.
NASHVILLE, Ga.—BOND SALE DETAILS—We are now informed by
Clerk-Treasurer, that the $16,000 refunding school bonds
W. Powell, City
sold
on Sept.
26 to J. O. McWhorter of Tifton, as noted here—V.
149,
2116—were purchased as 4)4s, at par.
Coupon bonds, dated Nov. 1,
Denom.
$1,000.
Due $1,000 from Nov. 1, 1943 to
1958, incl.
Interest payable Nov. 1.
p.
1993.
IDAHO
until 7 p. m. on Oct.
bids will be received
12, by Paul Jones, City Clerk, for the purchase of an
$18,000 issue of water works bonds.
Interest rate is not to exceed
4K%.
payable J-J.
Dated July 1, 1939.
Denominations $1,000 and $500.
Due
July 1, as follows: $500 in 1941 to 1947, $1,000 in 1948 to 1954, and
$1,500
in 1955 to 1959.
Prin. and int. payable at the City Treasurer's
office, or
at the State Treasurer's
office, to be designated by ordinance of the city.
All bids to purchase the bonds must be
without condition or qualification;
shall specify, (a) the lowest rate of
interest and premium, if any, above
par at which the bidder will purchase the
bonds, or (b) the lowest rate of
interest at v. hich the bidder will
purchase such bonds at par and accrued
interest to date of delivery.
Enclose a certified check for 5% of the amount
of the bid, payable to the
city.
ILLINOIS
CANTON PARK
park bonds
at
a
was
sold
price of 101.26.
DISTRICT, 111.—BOND SALE— An
Oct. 3 to Bartlett, Knight & Co. of
Due from 1946 to 1959, incl.
on
issue of $70,000
Chicago,
as
3s,
CARMI, 111.—ELECTRIC PLANT CERTIFICATES AUTHORIZED—
The City Council recently passed an ordinance
providing for an issue of
$140,000 electric light plant and system certificates of indebtedness.
made for
an
election
on
a
proposed issue of
have been
,00C airport bonds.
COOK COUNTY FOREST PRESERVE DISTRICT
(P. O.
111.—PLANS BOND SALE—It is reported that the
county is
Chicago),
contemplating
an early
offering of $1,000,000 land purchase bonds.
Plans to issue another
$2,000,000 bonds have been temporarily shelved because of
inability to
obtain
FRANKLIN COUNTY (P. O.
Benton), III.—REFUNDING ISSUE
REJECTED—The Borad of Commissioners recently
rejected a proposal to
issue $256,836 refunding bonds,
according to report.
an
election
$19,000
bonds.
JACKSON
con¬
COUNTY
(P. O. Mtirphysboro), 111.—BONDS SOLD—
An issue of $35,000
4}i% highway bonds was sold on Sept. 26 to the
Webster-Green Co.
JOLIET PARK
house
Conn.—BOND OFFERING—William
Shea, Town Manager, will receive sealed bids
until 2 p. m. on Oct. 26
for the purchase of
$50,000 not to exceed 3% interest
coupon series of 1939
Putney School bonds.
Dated Nov. 1, 1939.
Denom. $1,000.
Due $5,000
on Nov. 1 from
1940 to 1949 incl.
Bidder to name a
single rate of interest
expressed in a multiple of
of 1%.
Principal and interest (M-N) payable
at the Stratford Trust
Co., Stratford.
The bonds will not be sold
than
OFFERED
HUME SCHOOL DISTRICT, III.—BOND
ELECTION—At
early in September the voters authorized an issue of
Conn .—BOND OFFERING—
George H. Gabb, City
Treasurer, will offer at public sale at noon on Oct.
10 an issue of $1,500,000
general obligation public works
bonds, dated Sept. 1, 1939 and due $75,000
annually from 1940 to 1959 incl. Bidder to name
rate of interest in multiples
of 1-lOth of 1
%.
SJRATJfORD (P* °* Stratford),
BONDS
bonds
for
public subscription
4.75%, according to maturity.
struction
HARTFORD,
H.
New York.
above
held
CONNECTICUT
TT
1
legal opinion from bond attorneys, it was said.
SCHOOL
V°^e on
bonds
NO.
purchased by R. E. Crummer & Co., Inc.
of.Orlando,
paying a price of 103.37, a basis of about 4.69%.
Dated May 1, 1939.
Due on May 1 as follows: $3,000 in 1942 to
1949, and $4,000 in 1950 to
1968, all incl.
Prin. and int. M-N payable at the Central Hanover Bank &
Trust Co. in Newr York City.
Legal opinion by Masslich & Mitchell of
CENTRALIA, III.—TO HOLD ELECTION -Arrangements
(P. O. Santa Rosa), Calif.—BOND
ELECTION
—It is reported that an election has
been called for Oct. 9 in order
to have
the voters pass on the issuance of
$330,000 in Santa Rosa School District
construction bonds.
\o*°'—B0ND ELECTION—An
DISTRICT
$100,000 5% refunding
been
BELLEVUE, I d a ho-—BOND OFFERING—Sealed
was awarded to a
group of the Bankamerica Co., the American Trust
Co.. and the Anglo-California National
Bank, all of San Francisco, at 2%,
plus a premium of $760, according to report.
Denom. $100,000.
Due on
Dec. 31
1939
The second best bid
has
of
(P.
tax
(P. O. Fort Myers), Fla.—BOND ELECTION—At the
general election in November it is reported that the voters will pass
upon
the issuance of $75,000 in airport bonds.
by J. B. Brown,
Bank, both of San Francisco,
3%.
Warrants to be dated Oct. 4, 1939,
maturity to be
called
subsequently by J. E. Pace, City Auditor, that the City
Sept. 29 concurred in the above action of the City Council.
1944 to 1963, inclusive.
informed
1940.
been
on
on
warrants to the State Veterans' Welfare Board at
3%, to
bear interest at 5% after next
February.
698,918.21 warrants to a group headed by the American Trust
Co., and
the Anglo-California National
has
stated
was
LEE COUNTY
SPECIAL ROAD AND BRIDGE DISTRICT
O. Fort Myers), Fla.—BONDS NOT
.SOLD—The $20,000 issue of
semi-annual road and bridge bonds offered on Oct. 2—V. 149,
p. 2116—
was not sold as no bids were
received, according to the Clerk of theBoard
of County Commissioners.
Dated May ]/, 1939.
Due $1,000 on May 1 in
$3,500,000.00
CONTRA COSTA COUNTY
BOND ELECTION—It is stated
$450,000 in refunding bonds.
It
6%
CALIFORNIA, State of— WARRANTS SOLD—A total issue of $4,498,918.21 general funcL registered warrants was offered for sale on Oct. 2
by Harry B. Riley, State Comptroller, and were purchased as follows:
election
of
Commission
(P.
CITIES
Sept. 22—V. 149, p. 1790—
the voters approved the issuance of the
$350,000 in power plant construction
bonds by a majority of about four to one.
Due in 10 years.
He states that no offering date has been
determined as yet.
at
AUTHORIZED—It is reported that
the City Council recently approved an ordinance
calling for the issuance
SANIBEL-CAPTIVA
PRINCIPAL CALIFORNIA
CALIFORNIA
Treasurer, that
Manager
BOND ELECTION—It is also reported
by Mr. Frenkel that the following
bonds aggregating $925,000, will be submitted to
the voters at the election
scheduled for Oct. 31: $430,000 grain
elevator; $370,000 fruit terminal and
cold storage plant, and $125,000
municipal auditorium, armory and com¬
munity project bonds.
(This notice supersedes the election report in our issue of
Sept 23—•
V. 149, p. 1946.)
Street, San Francisco
BURBANK, Calif.—BONDS VOTED—We
City
Pierce, Resident
PENSACOLA, Fla .—CERTIFICATES SOLD—It is stated by J. E.
Frenkel, City Clerk-Comptroller, that $35,000 2% semi-ann. dock revenue
System Teletype SF 469
OTHER
S.
certificates were purchased on Sept. 26
by the Citizens & Peoples National
Bank of Pensacola, at par.
Dated Oct. 1, 1939.
Due as follows: $3,000
in 1940 to 1950, and $2,000 in 1951.
Bankamerica Company
485 California
T.
FLORIDA
Since
Refunding Act of 1934, highway bonds,
and certificates amounting to $19,36.3,251
cost of $15,787,467, or a saving of $3,575,783.
notes
Building
TAMPA
JACKSONVILLE, Fla.—BONDS
bonds
ARKANSAS, State of—ADDITIONAL INFORM A TI ON—Approxi¬
mately $1,500,000 will be available for the redemption of
highway fund debt
of
Bank
ORANGE COUNTY SPECIAL TAX SCHOOL
(P. O. Orlando), Fla.—BONDS SOLD—An issue of
ARKANSAS
date
National
FLORIDA
......
Branch Office:
ARIZONA
effective
1939
Tuscaloosa),
Ala.— WARRANTS SOLD—It is stated by H. G.
Dowling, Superintendent
of Schools, that $30,000
3M% serai-annual capital outlay warrants were
purchased on Sept, 25 by Stubbs, Smith & Lombardo, of Birmingham, at a
price of 100.02, a basis of about 3.245%. Due $3,000 in 1940 to 1949, incl.
the
7,
and
tractor
DISTRICT, 111.—BONDS
bonds
authorized
by the
Sept. 18 have been sold.
MARION, III.—BOND SALE—An issue
SOLD— The $10,000
green¬
Board of Commissioners
on
of
$132,000 5% refunding bonds
was sold to
Lewis. Williams & Co. of Chicago.
Dated Sept. 1, 1939.
Denom. $1,000.
Due Sept. 1, 1959; optional Sept. 1 as follows:
$5,000
from 1940 to 1951, incl.; $7,000, 1952 and
1953; $8,000, 1954: $10,000 in
1955 and 1956 and $15,000 in 1957 and 1958.
Principal and interest
(M-S) payable at the American National Bank & Trust
Co., Chicago.
Legality approved by Chapman & Cutler of Chicago.
MOLINE,
111.—BOND SALE DETAILS—'The $75,000
3% hospital
White-Phillips Corp. of Davenport at a price of 100.02
149, p. 2117—are dated Oct. 1, 1939, in $1,000 denoms. and
mature
serially on Dec. 1 from 1942 to 1950, incl.
Interest J-J.
Coupon bonds.
bonds sold to the
—V.
PROVISO (P. O. Maywood), III.—BONDS
PUBLICLY OFFERED—
The H. C. Speer & Sons Co. of
Chicago is making public offering of $70,000
4K% funding bonds, due from 1940 to 1949, inclusive.
QUINCY, 111.—BOND OFFERING—Sealed bids will be received
by Duke
Schroer, City Clerk, until 7:30 p. m. on Oct. 9 for the
purchase of $200,000
214% coupon general obligation sewer bonds.
Dated Oct. 1,1938.
Denom.
$1,000.
Due Oct. 1 as follows: $9,000 from 1940 to 1942
incl.; $10,000,
1943 to 1946 incl.; $11,000, 1947 to 1950
incl.; $12,000, 1951 to 1954 incl.;
$13,000 in 1955 and $14,000 in 1956 and 1957.
Registerable as to principal
1
Volume
The Commercial & Financial Chronicle
149
Interest A-O.
Bonds were authorized at an election held on Oct. 1.
Legal opinion of Chapman & Cutler of Chicago will be furnished the suc¬
only.
cessful bidder.
RUBICON
TOWNSHIP,
Green
ELECTION—An election will be held
improvement
County,
on
a
111.—PROPOSED
BOND
proposed issue of $10,000 road
bonds.
ST. CLAIR COUNTY
(P. O. Belleville), 111.—PROPERTY ASSESS¬
MENTS SHOW LARGE GAIN—The St. Clair County Board of Assessors
in
a report.
Sept. 29, placed the 1939 assessment, on which taxes wiil be
paid nexcyear, at $99,978,870, an increase ot $12,523,655 over 1938.
This
includes East St. Louis property at $38,835,440 compared to $32,886,090,
and Belleville at $15,493,535 compared to $14,815,745.
Chairman John J.
Keeley said the county's increase was largely on industrial property on
which improvements have been added during the preceding 12 months.
SUBLETTE TOWNSHIP
(P. O. Sublette), 111.—BOND SALE—The
$18,000 community building bonds offered Sept. 5—V. 149, p. 1505—were
awarded to John Nuveen & Co. of Chicago, as 3Ms. - Dated Sept. 1, 1939,
and due Nov. 1 as follows: $2,000 in 1941 and $4,000 from 1942 to 1945,
incl.;
•/;.
- /'
/• '■ :
.
t . v
TOWNSHIP
VARNA
SCHOOL
HIGH
DISTRICT
NO.
10
(P.
O-
Varna), 111.—BONDS VOTED—An issue of $100,000 construction bonds
was
authorized at
an
election held
on
Sept. 23.
KENTUCKY
LOUISVILLE, Ky.—ASSESSMENTS TENTATIVELY INCREASED
special dispatch from Louisville to the "Wall Street Journal" of Oct. 5
—A
had the
following to report:
Taking another step to set its fiscal houses
ville boosted its assessment by $3,000,000 to a
in order, the City of Louis¬
total of $328,000,000 on real
estate and personal
property.
The sum, subject to review by the Board of
Equalization during hearings of individual property holders, includes
$285,000,000 on realty and $43,000,000 on personal property, but omits
assessments on whisky and public service corporations, which are made by
the
State.
LOUISIANA
FRANKLIN, La.—BOND OFFERING—It is stated by C. Aucoin, Town
Secretary, that he will receive sealed bids until 1 p. m. on Oct. 31, for the
purchase of a $60,000 issue of not to exceed 6% semi-ann. public improve¬
ment bonds.Dated Dec. 1, 1939.
Denom. $1,000.
Due Dec. 1, 1940
The rate of interest the bonds are to bear and the place where
payable has not yet been fixed, and bidders are invited to bid for the
The bonds will be sold at a price not less
than par and accrued interest to date of delivery.
The approving opinion
of Charles & Trauernicht of St. Louis, will be furnished.
Enclose a certi¬
fied check for not less than $2,000.
to
1949.
made
bonds at various rates of interest.
JEFFERSON
INDIANA
2261
NO.
3
PARISH
DAVIS
GRAVITY DRAINAGE
DISTRICT
(P. O. Jennings), La.—BOND OFFERING—Sealed bids will be
(P. O. Marion), Ind.
—MATURITY—The $29,000 1M% school bldg. bonds awarded to the
City Securities Corp. of Indianapolis, at a price of 100.41—V. 149, p. 2117
—mature as follows: $1,000 July 1, 1940; $1,000 Jan. 1 and July 1 in 1941
received by Arthur A. Conner, District Secretary, in the Director's room
of the Calcasieu-Marine National Bank of Jennings, until 11 a. m. on Oct.
and 1942 and $2,000 Jan. 1 and
$25,000 drainage bonds.
Due as follows: $500 in 1940 and 1941; $1,000 in
1942 to 1949; $1,500, 1950 to 1957, and $2,000 in 1958 and 1959.
The bonds are to be secured by an ad valorem tax to be levied an¬
nually.
The assessed valuation of property in the district is
$253,440, upon which a levy of nine mills has been made for the
year 1939.
12,000 drainage bonds.
Due $500 in 1941 to 1954, and $1,000 in 1955 to
1959.
The bonds are to be secured by an acreage tax of 14Mc
per acre upon 9,702 acres, of which 12c per acre annually has been
dedicated to the payment of the bonds and interest and 2Mc per
acre annually dedicated to the cost of maintenance.
CENTER TOWNSHIP SCHOOL TOWNSHIP
July 1 from 1943 to 1948, incl.
HOWARD COUNTY (P. O. Kokomo), Ind.—BOND OFFERING—
Raymon Gilbert, County Auditor, will receive sealed bids until 10 a. m. on
Oct. 13 for the purchase of $12,500 not to exceed 4% interest bridge bonds
of 1939.
Dated Oct. 15, 1939.
Denom. $500.
Due
as
follows: $500 July
Bidder
Interest
general ooligations of the county, payable from un¬
limited ad valorem taxes.
A certified check for 3% of the bonds bid for,
payable to order of the Board of Commissioners, must accompany each
proposal.
Legal opinion of Matson, Ross, McCord & Clifford of Indian¬
apolis will be furnished the successful bidder.
1940; $1,000 Jan.
1,
1 and $500 July 1 from 1941 to 1948. incl.
expressed in a multiple of M of 1 %.
to name one rate of interest,
The
J-J.
bonds
are
INDIANA
(State of)—PROPERTY TAX RATE UNCHANGED—'The
State property tax rate for 1940 will be $1.50 per $1,000 of valuation, this
being the same figure that has prevailed since 1932.
JACKSON
TOWNSHIP
The following issues
(P. O. Helmsburg), Ind.—BOND SALE—
of bonds aggregating $25,000 and offered on Sept.
30—V. 149, p. 2117—were awarded to A. S. Huyck & Co. of Chicago, as
4s, at a price of 100.379, a basis of about 3.95%:
$12,500 school township building bonds.
One bond for $475, others $325
each.
Due as follows: $325, July 1, 1940; $325, Jan. 1 and July 1
from 1941 to 1958 incl. and $475 on Jan. 1, 1959.
12,500 civil township school aid bonds.
One bond for $475, others $325
each.
Due as follows: $325, July 1, 1940; $325, Jan. 1 and July 1
from 1941 to 1958, incl. and $475, Jan. 1, 1959.
All of the bonds will be dated Sept. 1, 1939.
for 4s
was
made
Second high bid of 100.264
by the City Securities Corp. of Indianapolis.
SPARTA TOWNSHIP
(P. O. Moores Hill), Ind.—BOND SALE—The
$35,000 coupon bonds offered Sept. 30—V. 149, p. 2117—were awarded
to the State Bank of Milan, as 3s, at a price of 101, a basis of about 2.85%.
Sale consisted of:
$20,000 School Township building bonds.
Due $500, July 15, 1940; $1,000.
Jan. 15 and $500 July 15 from 1941 to 1953, incl.
15,000 Civil Township community bldg. bonds.
Due $1,000 on Jan. 15
from 1941 to 1955 incl.
All of the bonds will be dated Oct. 15, 1939.
Second high bid of 100.594
for 3Ms was entered by the City Securities Corp.
TELL
of Indianapolis.
CITY, Ind.—BOND OFFERING—Wilbur Gittings, City Clerk-
Oct. 17 for the purchase
of $25,000 not to exceed 4% interest refunding bonds.
Dated Oct. 15,
1939.
Denom. $1,000.
Due as follows: $2,000, Jan. 1 and $1,000 July 1
from 1951 to 1958 incl. and $1,000, Jan. 1, 1959.
Bidder to name a single
rate of interest, expressed in a
multiple of M of 1%.
Interest payable
semi-annually.
A certified check for $1,000, payable to order of the city,
must accompany each proposal.
The bonds are payable from unlimited
ad valorem taxes and approving legal opinion of Matson, Ross, McCord &
Clifford of Indianapolis will be furnished the successful bidder at the
city's expense.
No conditional bids will be considered.
Treasurer. will receive sealed bids until i p.m.
on
IOWA
CEDAR
FALLS, Iowa—BONDS OFFERED—Bids were received until
7:30 p. m. on Oct. 5, by H. B. Philpot, City Clerk, for the purchase of
$110,000 sewer outlet and purifying plant bonds, according to report.
Denom. $1,000.
Dated Oct. 1, 1939.
Due on Nov. 1 as follows:
$1,000
in 1941; $3,000 in 1942; $5,000, 1943 to 1946; $6,000, 1947 to 1953; $8,000,
1954 to 1957, and $12,000 in 1958.
Optional on and after Nov. 1, 1945.
CERRO GORDO COUNTY (P. O. Mason
City), Iowa—BOND SALE
bonds offered for sale on Oct. 2—V. 149,
1791—was awarded to the First National Bank of Mason City, as 1 Ms,
paying a premium of $75, equal to 100.115, a basis of about 1.46%.
Dated
May 1, 1939.
Due on May and Nov. 1 in 1941 to Nov. 1, 1943.
—The $65,000 issue of funding
p.
CLINTON COUNTY
(P. O. Clinton), Iowa—BOND SALE—The
$62,900 issue of registered voting machine bonds offered for sale on Oct. 2
—V. 149, p. 2117—was awarded jointly to the White-Phillips Corp., and
Vieth, Duncan & Wood, both of Davenport, as 3s, paying a premium of
$76, equal to 100.12, a basis of about 2.98%.
Denom. $1,000.
Dated
Nov. 1, 1939.
Due on Nov. 1 as follows:
$3,000 in 1941 to 1950, and
$32,900 in 1951.
Interest payable M-N.
26, for the purchase of tne following not to exceed 5% semi-ann.
accrued interest.
The
the bonds
the Clerk
of the Parish Court that no suit has been tiled to contest the regularity
thereof.
Bonds subject to approval of Chapman & Cutler of Chicago.
Enclose a certified check for 5% of the amount of the bid, payable to the
The bonds will be sold for not less than par and
election authorizing the levying of these special taxes and issuing
held on Manch 28, and the district hoids the certificate of
was
district.
An issue of $37,500 was offered for sale on July
as to the disposition of these bonds.
TOWNSHIP
SCHOOL
OTTUMWA, Iowa—BOND SALE—The $18,647.56 street improvement,
special assessment bonds offered for sale on Oct. 3—V. 149, p. 2117—were
purchased by the Carleton D. Beh Co. of Des Moines as 5s at par, accord¬
ing to the City Clerk.
•
ROCKWELL, Iowa—BOND SALE—The $10,000 issue of water works
bonds offered for sale on Sept. 28—V. 149, p. 1946—was awarded to Jackley
& Co. of Des Moines, according to R. J. Barnhill, Town Clerk.
Dated
Oct, 1, 1939.
Due on Nov. 1 in 1940 to 1950; optional on and after Nov.
1,
DAVIS PARISH, ROAD DISTRICT NO. 5 (P. O.
La.—BONDS NOT REOFFERED—In connection with the
JEFFERSON
Jennings),
$220,000 not to exceed 6% semi-annual road bonds, offered without success
on Oct. 6,1938, it is now stated by the Secretary of the Police Jury that these
bonds have not been reoffered for sale because of the fact that the district
did not receive a Public Works Administration grant.
It is believed that
they may be offered again in the spring.
ST.
Iowa—BOND SALE—Of the three issues of coupon
offered for sale on Oct.*4—V. 149, p. 1946—
the following two issues aggregating $125,000, were awarded jointly to the
Harris Trust & Savings Bank of Chicago, and the White-Phillips Corp. of
Davenport, as 2Ms, paying a premium of $1,326, equal to 101.06, a basis
CITY,
bonds aggregating $185,000,
NO.
5, FOURTH POLICE
OFFERING DETAILS—
Oct. 10, of the $40,000 school
16—V. 149, p. 1792—the following ad¬
Prescott, Secretary of the Parish
$2,000 in 1940 to 1942, $2,500
in 1943 to 1948, $3,000 in 1949 to 1952, and $3,500 in 1953 and 1954.
The bonds are authorized by Article XIV, Section 14, Louisiana Construc¬
tion of 1921, as amended, and Act 46 of 1921, as amended, and are payable
in principal and interest from annual levy and collection of an unlimited ad
valorem tax on all taxable property in the district.
bonds, noted in
issue of Sept.
our
ditional information is furnished by W. B.
School Board.
Due on Oct. 1 as follows:
ST. TAMMANY PARISH SCHOOL DISTRICT NO. 8 (P. O. Cov¬
ington), La.—BOND SALE—fhe $60,000 issue of school bonds offered
1506—-was awarded jointly to Barrow, Leary
& Co., and Jac. P. Ducournau, both of New Orleans, taking $19,000 as
4Ms, and $41,000 as 5s, according to the Secretary of the Parish School
Board.
Dated June 1, 1939.
Due from June 1, 1942 to 1954.
for sale on Oct. 3—V. 149, p.
MARYLAND
(State of)—STARTS FISCAL YEAR WITH $3,679,375
Herbert R. O'Conor marked the start of State's
1940 fiscal year Oct. 1 with announcement the State's general fund sur¬
plus would exceed the $3,679,375 he predicted to the Legislature last
January.
Maryland's fiscal condition to date, Governor O'Conor said,
shows not only a balanced budget, but that "we are living within our in¬
come and adding additionally to the State's surplus."
MARYLAND
SURPLUS—Governor
MASSACHUSETTS
CANTON, Mass.—NOTE SALE—The $22,600 registered municipal re¬
lief notes offered Sept. 28 were awarded to Tyler & Co. of Boston as lMs,
at a price of 100.71, a basis of about 1.49%.
Dated Oct. 1, 1939. Due
Oct. 1 as follows: $4,600 in 1940 and $4,500 from 1941 to 1944, incl.
Prin¬
cipal and interest payable at the Merchants National Bank of Boston.
Notes will be certified as to their genuineness by the Director of Accounts.
Department of Corporations and Taxation, Commonwealth of Massa¬
Other bids:
chusetts.
'
Int. Rate
Rate Bid
Lee
1M %
Higginson Corp
Jackson & Curtis—
Newton, Abbe & Co.
Second National
— — —
Bank of Boston
Bond, Judge & Co—.
RIVER,
offered Oct. 2—V.
—
Mass.—BOND SALE—'The
KANSAS
LAWRENCE, Kan.—BONDS SOLD—It is stated by J. W. Stone,
City Clerk, that $75,000 civic building bonds were purchased on Sept. 19
by the Rhodes-Seltsam Co. of Topeka, as 1 Ms and 2 Ms, paying a premium
of $15, equal to 100.02.
Denom. $1,000.
Dated Oct. 1, 1939.
Due as
follows:
$8,000 in 1940 to 1944, and $7,000 in 1945 to 1949.
Prin. and int.
(A-O) payable in Topeka. I^egal approval by Bowersock. Fizzell & Rhodes
City.
Rate Bid
100.418
100.35
100.25
100.054
100.258
$605,000 coupon
bonds
the First Boston Corp.,
basis of about 2.56%.
Sale con¬
149, p. 2117—were awarded to
Boston, as 2Ms. at a price of
sisted of:
100.85, a
$445,000 municipal relief bonds.
Due Oct. 1 as follows:
to 1944, incl. and $44,000 from 1945 to 1949,
160,000 State tax funding bonds.
1944, incl.
All
1M%
1M%
2%
of the bonds will
$45,000 from 1940
incl.
Due $32,000 on Oct. 1 from 1940 to
be dated Oct.
1. 1939.
The first five maturities
were immediately sold and the remaining bonds, due from
1945 to 1949,
incl., were re-offered to yield from 2.50% to 2.75%. according to maturity.
Other bids:
Amount-Int.
Bidder—
Harriman,
Ripley & Co., Inc., F. L. Dabney
Abbe & Co
$445,000
160,000
Kidder, Peabody & Co. and Goldman,
& Co
Rate
2M%
Stuart
& Co.,
Co. and Chace,
Inc.,
100.079
Sachs
445,000
3%
160,000
Halsey,
Rate Bid
2M%
2M%
445,000
2M%
100.06
3%
160,000
$75,000 flood protection bonds.
Due $15,000 on Oct. 1 in 1949 to 1953 incl.
50,000 flood protection bonds.
Due $5,000 on Sept. 1 in 1946 to 1955 incl.
The $60,000 issue of city improvement bonds offered at that time were
awarded to Paine, Webber & Co. of Chicago, as 2Ms. paying a premium
of $401, equal to 100.668, a basis of about 2.12%.
Due $10,000 on Oct 1
in 1942 to 1947 incl.
Kansas
DISTRICT
(P. O. Opelousas), La .—BOND
of about 2.40%:
of
SCHOOL
LANDRY
JURY WARD
In connection with the offering scheduled for
& Co. and Newton,
1945.
SIOUX
6, but we have not been
informed
FALL
TOWNSHIP (P. O. Spencer),
Iowa—BOND SALE—The $12,000 building bonds offered for sale on Sept.
29—V. 149, p. 1946—were awarded to the Carleton D. Beh Co. of Des
Moines, as 3Ms, paying a premium of $190, equal to 101.583, a basis of
about 3.10%.
Dated Nov. 1, 1939.
Due on Nov. 1 in 1941 to 1958.
LINCOLN
bonds
aggregating $37,000:
Bond, Judge &
Whiteside & Symonds
100.256
LYNN, Mass.—BOND OFFERING—Joseph Cole, City Treasurer, will
receive sealed bids until 11 a. m. on Oct. 11 for the purchase of $250,000
coupon municipal relief bonds.
Dated Oct. 1, 1939.
Denom. $1,000.
Due $50,000 on Oct. 1 from 1940 to 1944 Incl.
Bidder to name one rate of
interest in a multiple of M of 1 %.
Registerable as to principal and interest.
Bonds and semi-annual interest (A-O) payable at the First National Bank
of Boston, or at holder's option, at the City Treasurer's office.
Bonds will
be engraved under the supervision of and authenticated as to genuineness
by the First National Bank of Boston.
Legal opinion of Storey, Thorndike, Palmer & Dodge of Boston will be furnished the successful bidder.
MALDEN, Mass.—BOND SALE—The $142,000 coupon municipal relief
awarded to Harriman Ripley & Co., Inc., New
as 2s, at 100.53, a basis of about 1.89%.
Dated Oct. 1, 1939.
Denom. $1,000.
Due Oct. 1 as follows: $15,000 in 1940 and 1941 and
bonds offered Oct. 4 were
York,
✓
The Commercial & Financial Chronicle
2262
$14,000 from
1942 to 1949 inch
Prin. and int. (A-O), payable at the
National Shawmut Bank of Boston.
Legality approved by Iiopes, Gray,
Boyden & Perkins of Boston.
Re-offered to yield from 0.50% to 2%,
according to maturity.
Other bids:
Bidder—
Int. Rate
Newton, Abbe & Co
Tyler & Co
Rale Bid
2%
214%
2M %
Kidder, Peabody & Co., and F. L. Dabney & Co
Harris Trust & Savings Bank
First Boston Corp
Halsey, Stuart & Co., Inc..
Kennedy, Spence & Co.
100.275
100.855
100.66
..2K%
2\4%
100.63
100.55
100.398
2lA%
...2 *4%
__^....2j^%
First National Bank of Boston.
Whiting, Weeks & Stubbs
100.299
100.145
100.696
2^%.
NEWTON. Mass.—BOND SALE—The $80,000
emergency storm dam¬
age bonds offered Oct. 4 were awarded to Newton, Abbe & Co. of Boston
Is, at a price of 100.25, a basis of about 0.78%.
Dated Oct. 1, 1939.
Denom. $1,000.
Due $20,000 on Oct. 1 from 1940 to 1943, incl.
These
bonds are exempt from taxation in Massachusetts and
present Federal
as
income taxes, and will be registered
Trust Co. of Boston, registrar.
A
their face by the Old Colony
legal opinion by Ropes, Gray, Boyden
& Perkins of Boston will be furnished the
purchaser at time of delivery.
A copy of this opinion will be filed with the Old
Colony Trust Co,
Any of
these coupon bonds can be exchanged for full
registered bonds, excepting
those within one year of
maturity (Massachusetts statute).
Interest upon
registered bonds will be paid by check from City Treasurer's office.
Other
upon
bids:
Bidder—
Int. Rate
Jackson & Curtis...
Perrin, West & Winslow,
Tyler & Co., Inc
Lazard Freres & Co
Lee Higginson Corp
100.0175
100.599
100.52
1.25%
f
Mass.—BOND SALE—The
100.435
100.36
100.3456
100.294
1.25%
1.25%
2%
Bond, Judge & Co., Inc.
Chace, Whiteside & Symonds, Inc
Harriman Ripley & Co., Inc
R
L. Day & Co
West Newton Savings Bank
1.25%
1.25%
1.25%
Newton Trust Co.
WESTWOOD,
Rate Bid
100.11
1%
1%
1.25%
1.25%
Inc...
100.26
100.059
100
$180,000
offered
coupon
bonds
Oct. 2—V. 149, p. 2118—were awarded to
Whiting, Weeks &
Stubbs and Kidder, Peabody &
Co., both of Boston, jointly, as 2j^s, at
a price of 101.419, a basis of about
2.35%.
Sale consisted of two issues of
school building bonds, each in amount of
.$90,000 and due $4,500 yearly on
Oct. 1 from 1940 to 1959, incl.
All of the bonds will be dated Oct. 1, 1939.
Other bids:
Bidder—
Int. Rate
Estabrook & Co. and R. L. Day & Co
214%
Perrin, West & Winslow and Lee Higginson Corp..
2XA%
Kennedy, Spence & Co
2%%
Tyler & Co
2M%
F. L. Dabney & Co. and
Chace, Whiteside &
Symonds.
Rate Bid
101.139
101.047
101.349
100.899
3%
100.42
WORCESTER,
Mass.—BOND SALE—The $683,000 bonds offered
Oct. 3—V. 149, p. 2118—were awarded to
Tyler & Co. of Boston, as IKs,
at a price of
100.17, a basis of about 1.46%.
Sale consisted of:
$403,000 State tax funding bonds.
Due Oct. 1 as follows:
$81,000 from
1940 to 1942, incl. and $80,000 in 1943 and 1944.
180,000 municipal relief bonds.
Due $18,000 on Oct. 1 from 1940 to
1949, inclusive.
100,000 water bonds.
Due $10,000 on Oct. 1 from 1940 to
1949, incl.
-
All of the bonds will be dated Oct.
1, 1939.
Other bids:
For l%% Bonds
Bidder—
Harriman, Ripley & Co., Inc.; Kidder, Peabody & Co.; Stone &
Webster and Blodget, Inc., and F. S.
Moseley & Co
Whiting, Weeks & Stubbs, Inc.; R. L. Day & Co., and Esta¬
brook & Co
Lehman Brothers; F. L.
Dabney & Co., and Chace, Whiteside &
Symonds, Inc
Wood, Struthers & Co
Newton, Abbe & Co., and Lee Higginson Corp.
The First Boston
Corp
_
Michigan Legislature, it is now possible to submit a plan for
refunding the outstanding indebtedness of the distridct.
A plan of com¬
position, dated 8ept. 29. 1939, and calling for the issuance of 30-year
refunding bonds, dated Nov. 1, 1939 and bearing 3% interest from Nov. 1,
1939 to 1949, 3M% from 1949 to 19.54. 4% from 1954 to 1959 and 4H%
from 1959 to maturity is now
being submitted to holders.
The bonds will
be redeemable at par.
The plan provides for the retirement of bonds
through tenders as funds become available.
Unpaid interest accrued from
Nov. 1, 1932 to Nov. 1, 1939, will be settled by means of a cash payment
of 42% of the face amount of the interest, less
any expenses which may be
allowed creditors in the course of
bankruptcy proceeding in an amount
which will not exceed
4% of the face amount of such interest.
Interest
accrued and unpaid from May 1, 1931 to Nov. 1, 1932, is to be
paid to
these
bondholders who have not collected such interest
on
the
same
basis
has been provided heretofore for the
majority of bondholders, including
depositors, with the committee.
The district is planning to file a petition
as
in
bankruptcy for the confirmation
of the outstanding bonds
will be approved
of the
plan
have accepted the
as holders of 51%
The refunding bonds
as soon
plan.
by Miller, Canfield, Paddock & Stone, of Detroit.
Out¬
standing bonds of the district maturing from May 1, 1932 to 1940 total
$2,898,000, all past due except $314,000, and with past due interest the
debts aggregate $4,018,940.
Depositors wishing to assent to the plan need take no action whatsoever,
since by not withdrawing in the manner
provided in the deposit agreement
within 30 days from Oct. 6.
1939, they shall be deemed to have assented
and all necessary steps to complete the
refunding of the oonds will be taken
by the committee.
All inquiries should be addressed to W. D.
Bradford, Secretary, 115
Broadway, New York, N. Y.
PONTIAC, Mich.—BONDS PURCHASED—in connection with the
call for tenders of series A and B refunding bonds—V.
149, p. 1948—Oscar
Flckman, Director of F'inance, reports
$46,000 series B.
ROSEVILLE,
were
made of $57,000 series A and
Mich.—CERTIFICATES
PURCHASED—In
connec¬
tion with the call for tenders of 1937 certificates of indebtedness—V.
149,
p. 1647—Village Clerk William E. Utt reports purchases, as follows: From
H. V. Sattley & Co. of Detroit, $2,008.29 at 41.38 flat, and $2,000 at 42.38;
from Braun,
Bosworth &
Co. of Toledo, $3,984.37 at 42.70 flat.
STAMBAUGH TOWNSHIP SCHOOL DISTRICT (P. O.
Stambaugh)
Mich.—PROPOSED NOTE ISSUE—The district is seeking authority from
the State Loan Board to issue $24,000 not to exceed
5% interest notes
against
uncollected taxes for the current fiscal year.
The loan is 64.5%
1939, levy.
Notes would mature Jan. 30, 1940.
of the Dec.,
TECUMSEH
issue
of
SCHOOL
$7,500
voters on Oct.
athletic
DISTRICT,
field
Mich.—BOND ELECTION—An
be considered by the
purchase bonds will
12.
MINNESOTA
ADA
INDEPENDENT
SCHOOL DISTRICT NO. 8 (P. O. Ada),
CANCELED—BONDS RESOLD—It is now reported by
Secretary of the Board of Education that the sale of the $42,000 re¬
funding bonds jointly to the First State Bank, and the Ada National Bank,
both of Ada, as 3s, as noted here in July, was canceled and subsequently
bonds in the amount of $40,000 were sold to the State of Minnesota.
Minn.—SALE
the
BLOOMING
PRAIRIE, Minn.—BOND OFFERING—Sealed bids will
be received by K. D. Wold, Village Clerk, until 6 p. m. (to be opened at
8 p. m.), on Oct. 13, for the purchase of a $6,000 issue of 4% semi-ann.
water and sewer extension bonds.
Denom. $500.
Due $1,000 Jan. 1,
1941 to 1946.
The bonds are redeemable on any interest date.
The
bonds were authorized at the election held
45, and are a general
check for $.300.
indebtedness
on
the
of
Sept.
12, by
village.
a vote
Enclose
DILWORTH, Minn.—BOAT) OFFERING—Both sealed and
a
of 121 to
certified
open
bids
will be received by Walter B. Rae. Village Clerk, until Oct. 13, at 9 p. m.,
the purchase of a $20,000 issue of coupon sanitary sewage system,
general obligation bonds.
Interest rate is not to exceed 5%, payable semi¬
annually.
Denom. $1,000.
Due $1,000 in 1941 to 1961.
Prin. and int.
payable at the Village Treasurer's office, or at the American State Bank,
Moorhead
These bonds have Already been approved by voters of the
village, and are issued to finance the construction, erection and maintenance
within the village of a public sanitary sewage system so constructed and
100.18
100 109
_
100.0797
For 2% Bonds
Halsey, Stuart & Co., Inc.; First of Michigan Corp., and H. C.
Wainwright & Co
..1..
,
session of the
100.26
Harris Trust & Savings Bank
TT
1939
for
100 24
Kennedy, Spence & Co.; R. W. Pressprich & Co., and Union
Corp
100.401
1,
100.28
100.27
Lazard Freres & Co
Securities
Hate Bid
100.67
Oct.
certificates of deposit for bonds of Oakland Co.. Mich.,
Royal Oak Drain
District that as a result of the enactment of certain legislation
by the 1939
_
Goldman Sachs & Co
100.699
100.511
erected to connect with the general sewage and disposal system of the city.
The village will furnish the executed bonds and the legal opinion of Ronald
E. Danielson, of Moorhead.
A certified check for 5% of the amount bid,
payable to the village, is required.
MOORHEAD,
Minn .—CERTIFICATE OFFERING— Both sealed and
bids will be received by R. G. Price, City Clerk, until Oct. 11, at 8
purchase of a $50,000 issue of 3% semi-ann. Paving Improve¬
ment No. 26. certificates of indebtedness.
Denom. $1,000.
Dated Oct. 1,
1939.
Due on Oct. 1 as follows: $3,000 in 1941, $4,000 in 1942, $3,000 in
1943, and $4,000 in 1944 to 1953. Prin. and int. payable at the First Na¬
open
MICHIGAN
ALGONAC, Mich.—BONDS
000 park improvement bonds
DETROIT,
p. m., for the
DEFEATED—'The proposal to issue $13,defeated by the voters on Sept. 18.
was
Mich.—TENDERS
REQUESTED—John N. Daley, City
Controller, will receive tenders of Bedford Union School
District No. 1
bonds, for the purpose of exchanging the
following described bonds of said
district for refunding bonds of Redford
Union School District No. 1 and
refunding bonds of the City of Detroit.
$850,000 bonds issued by Union
School District No. 1,
Township of Redford, Wayne County, Mich., dated
Feb. 16, 1925, due $50,000 Feb. 16 each
year, 1940 to 1950, both inclusive;
$100,000 Feb. 16 each year, 1951 to 1953, both
inslusive; $360,000 at
4H%; $490,000 at 4X%: Nos. 1 to 850.
The aforesaid oonds will be refunded in
proportion to amounts assumed
in accordance with resolution
of the Common Council of
the City of Detroit,
and concurred in by
Mich., dated Jan. 17, 1939 (J. C. C. 87-88-89-90-91)
resolutions of the Board of Education of the
City of Detroit, dated Feb. 14,
1939. and of the Board of Education Redford
Union School District No. 1,
dated Aug. 31, 1939, and in a
manner prescribed by order of the Public
Debt Commission dated
April 13, 1939.
Bonds will be received for
deposit on and after Oct. 4, 1939, at the office
of the City
Controller, 2000 Water Board Building, Detroit.
BONDS
PURCHASED—City Controller reports that $500,000 bonds
were purchased for the
Water Board Sinking Fund—V. 141, p. 1948—at an
average yield of 4.4908%.
HAMTRAMCK,
of
$450,000
Mich.-—AWES
RE-OFFERED—Frank
Matulewicz,
receive sealed bids until 8 p. m. on Oct. 10 for the
purchase
to exceed
6% interest unpaid current (1939-1940) fiscal
Dated Sept. 15, 1939.
Due on or before Feb. 1, 1940.
previously offered Sept. 26 and the one offer submitted, an
not
year tax notes.
The issue was
optional bid, was rejected.—V. 149,
p. 2118.
Notes will be issued in
anticipation of the collection of the unpaid current
(1939-1940) fiscal year
taxes and the full faith
and credit of the city are
irrevocably pledged for
payment of both principal and interest.
Bids shall be conditioned upon the
unqualified opinion of the purchaser's
attorney approving the legality of the
notes.
Cost of
opinion and the notes will be paid for
by the city.
Ap¬
proving order of the State Loan Board was issued
Sept. 11.
A certified
check for 2% of the
notes, payable to order of the City Treasurer, must
accompany each proposal.
COUNTY (P. O. Ionia), Mich.—BOND SALE—An
$2,500 Dalton Drain District bonds was sold on Oct.
2 to William
of
Ionia,
as
issue
of
Marquette
3Hs.
MACOMBCOUNTY (P. O. Mount
Clemens), Mich.—NO TENDERS
SUSMI11ED—The County Road Commission
reports that no tenders of
county highway refunding bonds were received.
MIDLAND, Mich.—BOND
bonds offered Aug. 1 were sold
Bank of Midland.
MONROE
SALE—The $4,567.70 street improvement
as 3s, at par, to the Chemical State
Savings
COUNTY
(P. O. Monroe), Mich.—BOND CALI^-F. E.
Clerk of Board of County Road
Commissioners, has announced
highway improvement refunding bonds dated March 1, 1939,
and totaling $143,000 have been
called for payment on Nov. 1 at
par and
accrued interest.
Bonds will be redeemed at the
County Treasurer's office
or at the Monroe State
Savings Bank, Monroe.
Gillespie,
that certain
COUNTY
(P. O. Pontiac), Mich.—PROPOSE REFUND¬
ING OF ROYAL OAK DRAIN
DISTRICT DEBT—'The bondholders' comittee for Storm Sewer Drain Districts in
Michigan is advising holders of
m
I
tional Bank & Trust Co., Minneapolis. The certificates are to be used and
are issued in anticipation of the collection of
special assessments and the
levy and collection of taxes to pay the cost of the construction and laying of
pavement on certain streets and
avenues
covered
by Sections "B," "C" and
"D" of Paving Improvement District No. 26.
The city will furnish the
executed bonds and the legal opinion of Junell, Fletcher, Dorsey, Barker &
Colman, of Minneapolis.
A certified check for $500, payable to the city,
is required.
MORNINGSIDE
(P.
O.
4402
Curve
Ave.,
Minneapolis)
Minn.—
WARRANT OFFERING—It is reported that bids will be received
by F. T.
Cruzen, Village Clerk, until 7 p. m. on Oct. 23, for the purchase of $3,200
6% annual improvement warrants. Denom. $160. Due $320 on Nov. 1 in
1940 to 1949 incl.
A certified check for 10% of the bid is required.
RENVILLE COUNTY (P. O.
Olivia), Minn.— WARRANT OFFERING
—It Is reported that bids will be received until 11
a. m. on Oct. 18, by C. A.
Strom, County Auditor, for the purchase of a $30,000 issue of 4% annual
warrants.
It is said also that any bidder will have the privilege of
purchas¬
ing one or all of the warrants, which are subject to call at any time.
RUSH CITY, Minn.—BOND SALE DETAILS—It is
reported Dy the
Village Clerk that the $20,000 3% semi-ann. hospital bonds sold to the
State, as noted here—V. 149, p. 1948—were purchased at par, and mature
on July 1 as follows: $1,000 in 1945 to 1958, and $6,000 in
1959.
ST. LOUIS PARK, Minn.—CERTIFICATE OFFERING—The
following
issues of certificates of indebtedness offered for sale on Oct. 2—V.
149, p.
2118—were purchased by the Northwestern National Bank & Trust Co. of
Minneapolis, at 5%, according to the Village Recorder:
$5,000 poor relief certificates.
2,500 poor relief certificates.
2,500 poor relief certificates.
Due
on
ST.
Dated Sept. 30, 1939.
Dated Oct. 30, 1939.
Dated Nov. 30, 1939.
PAUL,
Jan. 30.
1940.
Minn.—BOND OFFERING—It is stated that sealed bids
will be received until 10 a. m. on Oct. 18,
by Harold F. Goodrich, City
Comptroller, for the purchase of the following issues of not to exceed 6%
semi-ann. coupon bonjls aggregating $410,000:
$275,000 public welfare bonds.
Due Oct. 1, as follows:
$25,000 in 1940.
$26,000 in 1941 and 1942. $27,000 in 1943 and 1944, $28,000 in
1945 and 1946, $29,000 in 1947 and 1948, and $30,000 in
1949.
Issued under authority of and in all respects in full
compliance
with Chapter 120, Laws of 1933, as amended
by Chapter 48,
Session Laws 1935, Chapter 105, Session Laws of
Minnesota for
1937, and as further amended by Chapter 108, Session Laws of
Minnesota for 1939, and Council File No.
116182, approved
Sept. 8, 1939.
135,000 airport bonds.
Due Oct. 1, as follows:
$5,000 in 1940 to 1942,
$6,000 in 1943 to 1947, $7,000 in 1948 to 1953, and
$8,000 in
1954 to 1959.
Issued under authority of and in all
respects in
full compliance with Section 217 of the
City Charter, and such
other
sections
thereof as may be applicable
thereto, and more
specifically ordered by Council File No. 108310, being Ordinance
No. 7838, approved Sept. 21. 1937, and ratified
by the electors
at an election held Nov. 16, 1937, and Council
File No. 116248,
approved Sept. 15, 1939.
Dated Oct. 1, 1939.
Denom. $1,000.
of M or l-10th of
1%.
Bids may be submitted inmultiples
one rate of interest
by issue. N
Bonds must bear
Volume
The Commercial & Financial Chronicle
14T
bids -will be considered which are not in accordance with the proposal or for
less than par and accrued interest. Under and
by the terms of the ordinance
from and after
x^'Xxx'''''^xxx: '■/v ;xx' ;v;rx:'x
WORTHINGTON,
Minn.—BOND
x
'■■/'x-'XvX "/x.:
SALE—The
■
:^:x-xXx-.. xxxX
$150,000
issue
July 1,1947.
Callable
on or
State
of —ADDITIONAL
INFORMATION—In
con¬
Rice, Attorney-General, that the said Corpo¬
by the RFC, the bonds will be sold to private purchasers.
PASCAGOULA, Miss.—BONDS VOTED—We are informed by the
Attorney for the city that at the election held on Sept. 25—V. 149, p.1793—
the voters approved the issuance of the $360,000 in not to exceed 6%
system bonds by a count of 223 to 87.
The bond details
or
gas
offering date
yet been determined.
■
COUNTY
SCHOOL
DISTRICT
NO.
1
(P.
O. Corvallia)
ST.
IGNATIUS, Mont.—BOND SALE POSTPONED—It is stated by
P. A. Flatten, Town Clerk, that the sale of the $30,000 not to exceed 6%
semi-ann. water bonds, which had been scheduled originally for Oct. 9, as
described here—V. 149, p. 2119—has been postponed to Oct. 14.
(P. O. Brewster) Neb.—BOND SALE DETAILS—
reported by the County Clerk that the $23,000 judgment funding
bonds which were sold, as noted here—V. 149, p. 2119—were purchased by
Steinauer & Schweser of Lincoln, as 3s at par.
It is
now
NELIGH, Neb.—MATURITY—It is stated by the City Clerk that the
$44,000 3H% refunding bonds which were exchanged with the original
holders, as noted here—V. 149, p. 2119—are due on June 1 as follows:
$2,000 in 1940 to 4943; $3,000, 1944 to 1951; and $4,000 in 1952 to 1954;
optional after June 1, 1949.
OAKDALE, Neb.—BONDS SOLD—It is stated by the Village Clerk
4% semi-annual water system bonds have been purchased at
by the United States National Bank of Omaha.
Denom. $1,000.
that $5,000
par
Dated June
15, 1939.
Due in 1959; callable after 1944.
(J-D) payable at the County Treasurer's offices in Neligh.
POTTER, Neb.—BOND SALE DETAILS—It is
MISSOURI
Markets in all State,
Prin. and int.
reported by the
Village Clerk that the $66,500 (not $66,000) 314% semi-ann. refunding
bonds sold to Wachob, Bender & Co. of Omaha, as noted here on Aug. 19,
were purchased at par, and mature on
Sept. 1 in 1940 to 1959.
BONDS
WHEELER
stated
County & Town Issues
to the
were
COUNTY
(P.
O.
Bartlett),
now
Neb.—PRICE PAID—I.t is
by the County Clerk that the $29,479.89 3H% funding bonds sold
Wachob-Bender Corp. of Omaha, as noted here—V. 149, p. 2119—
purchased at
x-xx
XX
par.
NEW
SCHERCK, RICHTER COMPANY
LANDRETH
are
NEBRASKA
ration has also agreed to purchase the remaining $16,300,000 in bonds, to
carry interest at 3^%, to yield 4%.
However, the $16,300,000 will be
offered to private purchasers and if a better bid is received than that made
as
bonds
The bonds will be sold for not less than their
BLAINE COUNTY
with the contract entered into between the State Bond Authority
and the Reconstruction Finance Corporation for the purchase of the $5,000,000 highway bonds, reported in our issue of Sept. 30—V. 149, p. 2118—it is
have not
the
after Jan. 1, 1945.
nection
also announced by Greek L.
which
for
Mont.—MATURITY— It is now stated by the District Clerk that the
$36,733 refunding bonds sold to the Farmers State Bank of Victor, as 2J4s,
at par, as noted here—V. 149, p. 911—-are due on
July 1 as follows $3,733
in 1940; $3,300 in 1941 to 1950; callable in full on any interest payment
date from and after Jan. 1, 1945.
of
MISSISSIPPI
MISSISSIPPI,
term
and all bidders must state the lowest rate
purchase the bonds at par.
The bonds are
issued for the purpose of refunding a like amount of an original bond issue
of $147,000 of building bonds issued on Dec. 1, 1934, optional and payable
Dec. 1, 1939.
Enclose a certified check for $700, payable to the District
Clerk.
;Xx,x\ .;x
were
electric light and power plant bonds offered for sale on Oct. 2—V. 149, p.
1948—was purchased by the Worthington National Bank of Worthington,
as 25<s, paying a premium of $2,900.
equal to 101.93, a basis of about
2.28%. Dated Oct. 2, 1939. Due on Jan. and July 1, from July 1, 1941 to
(half of the
par value with accrued interest,
of interest at which they will
RAVALLI
WESTBROOK, Minn.—CERTIFICATES OFFERED—Sealed bids
2263
years
issued) from the date of issue.
resolution, as the case may be, the faith and credit of the city are irre¬
vocably pledged to pay the principal and interest at maturity on the above
issues of bonds. The approving opinion of Thomson, Wood & Hoffman, of
New York, and Dennis D. Daly, of St. Paul, will be furnished. Bonds will
be furnished by the city, but delivery shall be at the purchaser's expense.
Enclose a certified check for 2% of the amount of bonds bid for, payable
to the city.
'
or
received until 8 p. m. on Oct. 6, by A. C. Cohrs, Village Clerk, for the
purchase of $5,500 certificates of indebtedness.
Due $275 on Dec. 1 in
1940 to 1959 incl., subject to call, in whole or in part, on any interest due
date.
seven
HAMPSHIRE
MANCHESTER, N. H.—PROPOSED BOND ISSUE—F. D. McLaugh¬
BUILDINfc, ST. LOUIS, MO
lin, City Treasurer, reports that
issue
is
under
consideration.
a
$25,000 permanent improvement bond
Commission previously vetoed a
that purpose.
Finance
resolution to issue $50,0000 bonds for
MISSOURI
NEW
HAMPSHIRE
(State
of)—NOTE
SALE—Arrangements
were
on Sept. 29 for the sale of $2,000,000 three-month notes to the
Shawmut Bank of Boston at 0.22% "interest rate.
Other bids:
completed
ARCADIA,
Mo.—MATURITY—It is now reported that the $10,500
4% semi-ann. paving bonds sold to Berger-Cohn & Co. of St. Louis, at par.
National
noted here last March, are due on Sept. 1 as follows:
$500 in 1947 and
1948; $1,000, 1949 to 1953; $500, 1954, and $1,000 in 1955 to 1958.
0.40%.
as
JACKSON COUNTY PUBLIC WATER
SUPPLY
SYSTEM
DISTRICT NO. 5 (P. O. Independence) Mo.—BONDS VOTED—The voter
are reported to have approved recently the issuance of $103,000 in water
system bonds.
■ ;X:;-.;;X;
■,.;;xx:"-v
x;
LICKING, Mo.—BOND SALE DETAILS—It is
now
reported that the
$22,0004M% semi-annual water works bonds sold to Berger-Cohn & Co.
of St. Louis, as noted here last March, were purchased at par, and mature
on Feb.
1 as follows:
$500 in 1940 and 1941; $1,000, 1942 to 1950, and
$1,500 in 1951 to 1958.
PEMISCOT
COUNTY
CONSOLIDATED
SCHOOL
DISTRICT
NO. 10 (P. O. Caruthersville), Mo.—BOND SALE DETAILS-—It is now
reported by the Superintendent of Schools that the $30,000 314% semi¬
annual school bonds sold to a local investor, as noted here last June, were
sold at par, and mature on June 1 as follows:
$3,000 in 1952 to 1954:
$4,000,1955 to 1958, and $5,000 in 1959.
WASHINGTON
COUNTY
SCHOOL
DISTRICT
NO.
12
(P.
O.
Potosi), Mo.—BOND SALE DETAILS—The Superintendent of Schools
reports that the $4,000 5% semi-ann. school bonds sold last June,
as noted here at the time, were purchased by E. A. Gessler & Son of St.
Louis.atpar.
now
Second National Bank of Boston,
NEW
ASBURY
O. Red Lodge), Mont.—MATURITY—It is
now reported that the $13,500 refunding bonds sold to Coughlin & Co.of
Denver, as 2%a, at a price of 100.256. as noted here in Aug. 8, are due
$1,500 in 1940 to 1948; callable on and after Aug. 1, 1944; giving a basis
of about 2.68%.
CUSTER COUNTY SCHOOL DISTRICT NO. 1 (P. O. Miles City),
Mont.—BOND OFFERING—Sealed bids will be received until 8 p. m.
on Nov. 7, by H.E. Herrick, District Clerk, for the purchase of a $20,000
J.—TENDERS WANTED—The Asbury Park
and Ocean Grove Bank and Hudson County National Bank, as fiscal agents
for the city, will receive sealed tenders at 308 Main Street, Asbury Park,
until Oct. 16, at 11 a. m., of 4% refunding bonds, dated Dec. 1, 1937,
due Dec. 1, 1966, at a price not exceeding par and accrued interest.
This
call for tenders is made pursuant to the provisions of Article VI, Section 7,
of the refunding plan of the city, authorizing the issuance <j>t refunding
bonds which, among other things, provides that at any time when the city
is not in default in making any payment required by Article VI and there
are available in the debt service fund moneys applicable to the retirement
of the refunding bonds, the fiscal agents in their discretion may and shall
within 15, days if requested by resolution of the governing body of the city,
call for public tenders of refunding bonds at a price not exceeding par and
accrued Interest and use such applicable moneys as in this section provided.
The city has available as applicable moneys the sum of $133,215.13.
An
official of the city, designated by resolution of the City Council shall be
entitled to attend, and except in the case of tenders received between Sept.
15 and Oct. 16, such officer may, after the opening of the tenders, require
a fiscal agent to reject all tenders, or all tenders in excess of a certain price
to be fixed by such officer.
SIDERED—it is reported that a second bond refunding program to level
off maturities and effect a reduction in interest cost is being formulated by
second choice of the School Board.
If amortization bonds are sold and
issued, the entire issue may be put into one single bond or divided into
several bonds, as the Board of Trustees may determine upon at the time
of sale, both principal and interest to be payable in semi-annual install¬
ments during a period of 10 years from the date of issue.
If serial bonds are
issued and sold they will be in the amount of $2,000 each: the sum of $2,000
of the serial bonds will become payable on Jan. 1, 1941, and the sum of
$2,000 will become payable on the same day each year thereafter until all
of such bonds are paid.
The bonds, whether amortization or serial bonds,
will be redeemable in full on any interest payment date from and after 5
years from the date of issue.
The bonds will be sold for not less than their
bidders must state the lowest rate
the bonds at par.
The bonds are
of refunding bonds issued by the district, dated
April 1, 1921, $10,000 of this issue still remaining unpaid and becomes due
and payable on Jan. 1, 1940, and $10,000 of this issue still remaining un¬
paid and becomes due and payable on Jan. 1, 1941, with option of payment
thereof by the district on Jan. 1, 1940.
Enclose a certified check for $1,000
payable to the District Clerk.
par value with accrued interest, and all
of interest at which they will purchase
the
GALLATIN
Creek)
purpose
COUNTY SCHOOL
DISTRICT
NO.
15
(P. O. Willow
Mont.—BOND
offered for sale
on
SALE—The $16,000 issue of refunding bonds
Sept. 26—V. 149, p. 1647—was purchased by the State
Board of Land Commissioners, as 2%s, at par, according to the District
Clerk. No other bid was submitted, it is said.
\
PHILLIPS
COUNTY
(P.
O. Malta),
Mont.—BOND SALE—The
$63,664.71 refunding bonds offered for sale on Oct. 2—-V. 149, p. 1647—
were awarded to the State Board of Land Commissioners, as 2 148, according
to the Clerk of the Board of County Commissioners.
and
MISSOULA COUNTY SCHOOL DISTRICT NO. 1 (P. O.
Missoula),
H. C. Carnall, District Clerk, for the purchase of an issue of
$137,000 refunding bonds.
Interest rate is not to exceed 3payable
J-D. Dated Dec, 1, 1939. Amortization bonds will be the first choice and
was
TOWNSHIP (P. O.
Neptune), N. J.—BOND SALE
4}4% refunding bonds purchased by the State
Sinking Fund Commission—V. 149, p. 911—were sold at par and mature
May 1 as follows: $5,000 from 1941 to 1947, incl.; $10,000 in 1948 and 1949
and $15,000 in 1950.
NEPTUNE
DETAILS—The $70,000
PERTH
AM BOY,
N.
3.—BOND SALE—The issue of $100,000 relief
149, p. 2119—was awarded to Julius A. Rippel,
Inc. of Newark, as 4s, at par plus $10 premium, equal to 100.01, a basis
of about 3.995%.
Dated Oct. 1, 1939 and due $20,000 on Oct. 1 from 1940
bonds offered Oct. 6—V.
incl.
to 1944
Only
one
bid
was
submitted for the issue.
WEST NEW YORK, N. 3.—$2,235,000 BOND ORDINANCE GIVEN
FINAL READING—The Town Commission on Sept. 12 passed on final
reading
as
an
ordinance providing for issuance of $2,235,000 bonds, divided
follows:
general funding bonds.
Due from 1950 to 1957, incl.
general refunding bonds.
Due from 1958 to 1960, incl.
general refunding bonds.
Due from 1950 to 1958, incl.
school refunding bonds.
Due from 1950 to 1958, incl.
The Town Commission gave final reading at the same time to an ordinance
providing for the issuance of $33,375 series M sewer funding bonds and
playground equipment bonds.
'
$1,360,000
600,000
•V 225,000
50,000
NEW
MEXICO
ALBUQUERQUE, N. Mex.—BONDS HELD INVALID—It is reported
that the District Court
recently held invalid
a
$250,000 issue of auditorium
bonds.
NEW MEXICO, State of—BOND SALE—'The $2,000,000 issue of State
debentures offered for sale on Oct. 4—V. 149, p. 1949—was
Chairman of the Board, First National Bank
naying par, a net interest cost of about 3.11%, on the bonds
divided as follows:
$500,000 as 3Hs, due $250,000 on Oct. 1, 1951 and
April 1, 1952: the remaining $1,500,000 as 3s, due $250,000 on Oct. 1, 1952,
and on April and Oct. 1 in 1953,1954, and on April 1,1955.
highway
awarded to Mr. E. R. Wright,
of Santa Fe,
BIDS REJECTED—It is reported by
Mont.—BOND OFFERING—Sealed bids will be received until 8 p. m. on
Oct. 27, by
The initial refinancing involved $4,200,000 of indebtedness
completed in 1935.
city officials.
issue of not to exceed 6% semi-ann, refunding bonds.
Dated Jan. 1, 1940.
Amortization bonds will be the first choice and serial bonds will be the
for
JERSEY
N.
PARK,
CLIFTON, N. 3.—ANOTHER REFUNDING PROGRAM BEING CON¬
MONTANA
CARBON COUNTY (P.
issued
0.25%; National Rockland Bank of Boston,
The note indebtedness of the State now stands at $2,900,000.
Rex French, State Treasurer, that
the $1,750,000 short-term highway debentures offered at the same time,
noted here—V. 149, p. 2119—were not sold as all the bids were rejected.
as
successful bid for the $2,000,000 bonds:
"State of New Mexico awarded $2,000,000
upon at the time of sale, both principal and interest to be payable in semi¬
annual instalments during a period of 15 years from the date of issue.
If
but said there would be no jreoffering of the bonds.
serial bonds are issued and sold they will be in the amount of $1,000 each:
the sum of $10,000 of the serial bonds will become payable on Dec. 1, 1940,
and the sum of $10,000 will become payable on the same day each year
thereafter until all of such bonds are paid. The bonds, whether amortization
or serial
bonds, will be redeemable in full on any interest payment date
Wright of Santa Fe.
to Mr.
Wright
as
highway
follows
on
the
bonds to E.
R.
The "Wall Street Journal" of Oct. 6 commented in part as
serial bonds will be the second choice of the School Board. If amortization
bonds are sold and issued, the entire issue may be put into one single bond
or divided into several bonds, as the Board of Trustees may determine
Mr. Wright declined to say whom he represented,
The issue was awarded
'an individual.' "
MEXICO, State of—CERTIFICATES SOLD—It is reported by
Edna Earnest, Deputy State Treasurer, chat $200,000 2lA% casual cer¬
tificates of indebtedness were purchased at private sale by Rex French,
State Treasurer.
Dated July 1, 1839.
NEW
The Commercial & Financial Chronicle
2264
NewYork State
Oct.
7, 1939
MAINE, UNION, NANTICOKE, NEWARK VALLEY AND OWEGO
CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Maine), N. Y.—BOND
SALE—The $26,000 coupon or registered school bonds offered Oct. 5—
V. 149, p. 2120—were awarded to R. D. White & Co. of New York, as
1.90s, at a price of 100.178, a basis of about 1.84%.
Dated Oct. 1, 1939
and due Oct. 1 as follows: $5,000 from 1940 to 1943 incl. and $6,000 in 1944.
Municipals
Other bids:
Tilney & Company
76
BEAVER STREET
NEW
Telephone: WHitehall 4-8898
System Teletype: NY 1-2395
Bell
NEW
YORK
ARGYLE, HEBRON, GREENWICH, PORT EDWARD AND SALEM
1 (P. O. Argyle), N. Y.—BOND
SALE—The National Bank of Argyle purchased as 434s, at par. the $22,000
construction and equipment bonds authorized by the voters last April.
UNION
CALEDONIA
Caledonia),
FREE
SCHOOL
DISTRICT
No.
6
(P.
O.
$30,000 coupon school bonds
149, p. 2119—were awarded to Sage, Rutty & Co. of
3.10s, at a price of 100.17, a basis of about 3.09%.
Dated
Y.—BOND SALE—The
N.
Oct. 4—V.
Rochester,
as
Oct. 1, 1939 and due Oct. 1 as foilows: $1,000 from 1940 to 1954 incl. and
$1,500 from 1955 to 1964 incl.
Interest A-O.
Legal opinion of Dillon.
Vandewater & Moore of New York City.
Other bids:
Int. Rate
Bidder—
Manufacturers & Traders Trust Co
—
Sherwood & (Jo
R. H. Rollins & Sons. Inc
Marine Trust Co. of Buffalo
Union
Securities Corp
Stevens. Dann & Co
R. D. White & Co.
FIRE
CANDOR
SALE—The
$8,000
,.
-_-
NEW
100.38
100.275
100.165
coupon
100.016
100.40
100.38
100.14
awarded to Campbell, Phelps & Co.,
of 100.44, a basis of about 3.15%.
Inc., New York, as 3.20s, at a price
Dated Oct. 1, 1939.
One bond for
$750, others $1,000 each.
Due July 1 as follows: $1,750 in 1940; $2,000
from 1941 to 1959 incl. and $1,000 in 1960.
Prin. and int. (J-J) payable
at the National City Bank,
New York City.
The bonds are payable
primarily from assessments to be levied on all property in sewer district,
but if not paid from such levy then all of the town's taxable property will
be subject to levy of unlimited ad valorem taxes to pay the indebtedness.
Legality approved by Dillon. Vandewater & Moore of New York City.
Int. Rate
Bidder—
Bacon, Stevenson & Co
Adams, McEntee & Co., Inc
A. C. Allyn & Co., Inc
Roosevelt <fc Weigold, Inc
George B. Gibbons & Co., Inc—
Rate Bid
-.3.20%
3.20%
3M %
3H%
3.40%
3.40%
.3.50%
3.60%
-
R. D. White & Co.
Putrnan County National Bank
100.28
100.16
100.34
100.17
100.44
100.38
100.47
Par
CHARLOTTE (P. O. Sinclairville), N. Y.—BOND SALE—An issue
of $15,000 town bonds was sold to the Dunkirk Trust Co. of Dunkirk, as
3.40s, at a price of 100.107.
Due from 1941 to 1948, inclusive.
FREE
SCHOOL
DISTRICT
NO.
(P.
11
(P. O. Peekskill), N. Y.—BOND SALE—The $22,500
registered public works bonds offered Oct. 3—V.
149,
p.
2119—
were awarded to
the County Trust Co. of White Plains, as 2.40s, at a price
of 100.02, a basis of about 2.39%.
Dated Oct. 1, 1939 and due Oct. 1 as
follows:
$4,500 in 1940; $4,000 from 1941 to 1943, incl. and $6,000 in 1944.
Other bids:
Bidder—
George B. Gibbons & Co., Inc
Rate Bid
2)4%
2.60%
3%
3%
4%
A. C. Allyn & Co., Inc.-..
R. D.White & Co
—
Bacon, Stevenson & Co
Westchester.County National Bank, Peekskill
Bacon, Stevenson & Co_
100.15
100.088
100.279
100.17
Par
CRAWFORD, SHAWANGUNK, MONTGOMERY, WALLKILL AND
CENTRAL SCHOOL DISTRICT NO. J
(P. O. PintBush), N. Y.—BONDS HELD INVALID—The $233,475 school building
election
Sept. 30 has been ruled invalid by Phillip
A. Rorty, Attorney for the district, sale of the bonds was conditioned
upon
approval of a Works Project Administration grant, application for which
on
has since been turned down, according to report.
by Hawkins, Delafield & Longfellow of N. Y. City.
Other bids:
Bidder—
&
int. Rate
0.79%
0.97%
0.98%
1.40%
R. D. White & Co. (plus $6.25 premium)
Gibbons & Co., Inc
Scarsdale National Bank & Trust Co
HEMPSTEAD, N. Y.—BOND SALE—The $60,500 coupon or registered
bonds offered Oct. 3—V. 149, p. 2119—were awarded to
Adams, McEntee
2.32%.
$47,500
I"cv New York,
as 2.40s, at a price of 100.365. a basis of about
Sale consisted of:
bonds.
Due Aug. 1 as follows:
$3,500 in 1940; $4,000 in
1941 and $5,000 from 1942 to 1949, inclusive.
13,000 improvement bonds.
Due Aug. 1 as follows:
$2,000, 1940; $3,000
from 1941 to 1943, incl. and $2,000 in 1944.
sewer
All of the bonds will be dated
Aug.
Bidder—
1, 1939.
Other bids:
int. Rate
First of Michigan Corp. and R. D. White & Co.-_
Manufacturers & Traders Trust Co. and George B.
Rate Bid
100.28
100.14
2.70%
B. J. Van Ingen &
Inc
Roosevelt & Weigold, Inc
Campbell, Phelps & Co., Inc., and Sherwood & Co.
Union Securities Corp
Co.,
2.70%
2.70%
Gibbons & Co., Inc_
Bacon, Stevenson & Co..
A. C. Allyn & Co., Inc. and
100 07
2.75%
100 155
2.80%
2.90%
3%
100.05
100.279
100.18
HOLLAND
(P. O. Holland), N. Y.—BONDSALE—'The $22,000 coupon
registered town hall bonds offered Oct. 3—V. 149, p. 1949—were awarded
to the Manufacturers & Traders Trust Co. of Buffalo, as
3.20s, at a price of
10°.427,a basis of about 3.15%.
Dated April 1, 1939 and due $1,000 on
April 1 from 1940 to 1961, incl.
Other bids:
or
Bidder—
int. Rate
Marine Trust Co. of Buffalo
Union
Securities Corp
Blair & Co., Inc
234%
2.30%
2% %
100.006
100.07
100.10
OYSTER BAY AND NORTH HEMPSTEAD UNION FREE SCHOOL
coupon
or
N. Y.—BOND SALE—The $200,000
registered school bonds offered Oct. 3—V. 149, p. 1949—were
Weigold, Inc. of New York as 2.90s, at a price of
basis of about 2.88%.
Dated Oct. 1, 1939 and due $10,000 on
awarded to Roosevelt &
100.14,
Oct.
a
1 from
1940 to 1959, incl.
Other bids:
Int. Rate
Bidder—
A. C. Allyn & Co., Inc.; E. H. Rollins & Sons, Inc.
and B, J. Van Ingen & Co., Inc—
-—'—____
Rate Bid
100.62
100.50
Wheatley Hills National Bank of Westbury
3%
3%
C. F. Childs&Co-
3%
100.413
3%
100.118
3.10%
3.10%
3M%
334%
100.599
100.389
100.27
100.18
—
Haisey, Stuart & Co., Inc
Manufacturers
Gibbons
Co.,
&
Traders
&
Co.,
Inc.
Trust
Co., George B.
and Adams, McEntee &
Inc
-
-
R. D. White & Co. and First of Michigan Corp
Blair & Co., Inc. and Bacon, Stevenson & Co
Union
Securities
Corp
PHELPS, N. Y —BONDS NOT SOLD—P. V. Keefe, Village Clerk,
reports that award of the $10,000 not to exceed 5% interest coupon or
registered water bonds offered Oct. 4 was deferred.
Dated Nov. 1, 1939.
Denom. $1,000. Due $1,000 on Nov. 1 from 1943 to 1952 incl. Principal and
interest (M-N) payable at the National City Bank, New York, or at the
National Bank of Phelps.
Proceeds of issue will be used to enlarge the
municipal water system and the bonds wLl be payable from unlimited ad
valorem taxes.
PORT OF NEW YORK
AUTHORITY, N. Y.—BOND CALI^-Frank
C. Ferguson, Chairman, announces in our advertising columns, on page hi,
that the Authority has elected to redeem on Nov. 1, 1939, all of the bonds
then outstanding, except those maturing on that date, of the $28,500,000
series B New York-New Jersey Interstate Bridge bonds (George
Washington Bridge), dated Nov. 1, 1929 and due on Nov. 1 from 1940 to
1953, incl.
Numbers 1,501 to 30,000, incl.
Bonds will be redeemed at a
price of 105 plus accrued interest to the call date.
Bonds should be sur¬
rendered for redemption at the office of the National City Bank, 55 Wall St.,
New York, with all unmatured interest coupons attached.
Registered bonds
must be accompanied by duly executed assignments or transfer powers in
4 34%
blank.
RAMAPO
(P.
O.
AND
Spring
CLARKSTOWN, MOLESTON FIRE DISTRICT
Valley), N. Y.—BOND OFFERING—Louis T. Boecher,
sealed bids until 10 a. m. on Oct. 13, for the
District Secretary, will receive
Eurchase of $25,000 Oct. to exceed Denoms. $1,000 and $500. Due Oct. 1
6% interest coupon or registered fire
bonds.
Dated not
1, 1939.
ouse
$1,000 from 1940 to 1949, incl. and $1,500 from 1950 to 1959,
Bidder to name a single rate of interest, expressed in a multiple of
l-10th of 1%.
Principal and interest (A-O) payable at the Ramapo
Trust Co., Spring Valley.
The bonds are payable from unlimited ad valorem
taxes on all of the district's taxable property.
A certified check for $500,
payable to order of the district, must accompany each proposal.
Legal
opinion of Reed, Hoyt, Washburn & Clay of New York City will be furnished
follows:
as
34
or
the successful bidder.
RYE (P. O.
Rye), N. Y.—CERTIFICATE SALE—An issue of $131,784
was sold to George B. Gibbons & Co., Inc.,
Dated Oct. 4, 1939 and due on July 1,
certificates of indebtedness
New York, at 0.81% interest rate.
1940.
ST. LAWRENCE COUNTY
(P. O. Canton),
N. Y.—BOND SALE—
3.40%
_
registered highway refunding bonds offered Oct. 2—
149, p. 1950—were awarded to George B. Gibbons & Co., Inc., New
York, as 2.40s, at a price of 100.55, a basis of about 2.34%.
Dated Jan. 1,
1939, and due $30,000 on Jan. 1 in 1949 and 1950.
Other bids:
V.
Int. Rate
Bidder—
St. Lawrence County National Bank of Canton
•
Co
George B.
o
100.10
100.09
100.05
The $60,000 coupon or
EASTCHESTER (P. O. Tuckahoe), N. Y —CERTIFICATE SALE—
The County Trust Co. of White Plains purchased on Oct. 4 an issue of
$115,000 certificates of indebtedness at 0.75% interest plus a premium of
$18.
Dated Oct. 1, 1939. and payable July 10
1940.
Legality approved
Leavitt
Co., Pleasantville
Rate Bid
2.20%
2.20%
2.20%
——-
— _
Mount Pleasant Bank & Trust
MAMAKATING
an
SCHOOL
incl.
Int. Rate
issue authorized at
Int. Rate
-
—
Adams, McEntee & Co., Inc
Roosevelt & Weigold, Inc
O.
Loudonville), N. Y.—BOND OFFERING—Harry N. Pitt Jr., District
Clerk, will receive sealed bids at the office of Stedman & Stedman Esq.,
51 State St., Albany, until noon on Oct. 10 for the purchase of $74,000 not
to exceed 6% interest coupon or registered school bonds.
Dated Oct. 1,
1939.
Denom. $1,000.
Due Oct. 1 as follows:
$3,000 from 1940 to 1945,
incl. and $4,000 from 1946 to 1959, incl.
Bidder to name a single rate of
interest, expressed in a multiple of H of l-10th of 1%.
Principal and
interest (A-O) payable at the National Commercial Bank & Trust Co.,
Albany. The bonds are payable from unlimited ad valorem taxes and pro¬
posals must be accompanied by a certified check for $1,480, payable to
order of the district.
Legal opinion of Caldwell & Raymond of New York
City will be furnished the successful bidder.
coupon or
CENTRAL
PLEASANT
'
Bidder—
A. C. Allyn & Co., Inc-..
E. H. Rollins & Sons, Inc.
Other bids:
E. H. Rollins & Sons, Inc...*...
CORTLANDT
MOUNT
or
DISTRICT No. 15 (P. O.Jericho),
CARMEL SEWER DISTRICT NO. 1 (P. O. Mahopac), N. Y —BOND
SALE—The $40,750 coupon or registered sewer bonds offered Oct. 6 were
UNION
AND
registered school bonds offered Oct. 5—V. 149, p. 241^0—were
awarded to the County Trust Co. of White Plains, as 2.20s, at a^price of
100.50, a basis of about 1.95%.
Dated Oct. 1, 1939 and due Oct. 1 as
follows: $5,000 in 1940 and 1941 and $6,000 in 1942. Other bids:
$1,000 in 1943 and 1944.
COLONIE
CASTLE
DISTRICT NO. 4 (P. O. Chappaqua), N. Y.—BOND SALE—The $16,000
100.44
bonds offered Sept. 30—V. 149, p. 2119—were awarded to the First National
Bank of Candor, the only bidder, at an annual interest cost of 3.90%.
Dated Dec. 1, 1939 and due Dec. 1 as foliows: $2,000 from 1940 to 1942 incl.
and
—
100.139
(P. O.
Willseyville), N. Y.—BOND
registered fire apparatus and equipment
or
100.39
100.079
100.003
100.08
100.01
100.109
and Treasurer, will receive sealed bids until 10 a. m. on Oct. 13, for the pur¬
chase of $150,000 not to exceed 5% interest coupon or registered street
improvement bonds.
Dated Aug. 1. 1939.
Denom. $1,000.
Due Aug. 1
as follows:
$12,000 from 1940 to 1942, incl.; $15,000 from 1943 to 1946,
incl. and $18,000 from 1947 to 1949, incl.
Bidder to name a single rate of
interest, expressed in a multiple of M or l-10th of 1%.
Principal and
interest (F-A) payable at the First National Bank, Mineola, with New
York exchange.
The bonds are general obligations of the village, payable
from unlimited ad valorem taxes and the approving legal opinion of Dillon,
Vandewater & Moore of New York City will be furnished the successful
bidder.
A certified check for $3,000, payable to order of the Village Clerk,
must accompany each proposal.
Rate Bid
3.10%
3.20%
3.20%
SH%
3 34%
3 )4%
3.40%
3.40%
3.70%
DISTRICT
coupon
Rate Bid
2%
2.10%
2.10%
__._2.20%
2.20%
—2)4%
MINEOLA, N. Y.—BOND OFFERING—Dwight G. Hunt, Village Clerk
CENTRAL SCHOOL DISTRICT No.
offered
Int. Rate
Bidder—
Lazard Freres & Co
Adams, McEntee & Co., Inc
Roosevelt & Weigold, Inc
E. H. Rollins & Sons, InC--_
George B. Gibbons & Co., Inc
Bernhard, Bennett & Co-
YORK, N. Y.
Rate Bid
100.354
Bank of Gouverneur
Union Securities Corp
Marine Trust Co. of Buffalo,
Roosevelt &
Rate Bid
and R. D. White & Co.
Weigold, Inc
Manufacturers & Traders Trust Co
E. H. Rollins & Sons, Inc.-
—
Bacon, Stevenson & Co
Haisey, Stuart & Co., Inc
Blair & Co.; Inc
2.40%
234%
2)4%
2.60%
2.70%
2.70%
2.70%
2.70%
2.70%
100.018
100.39
100.05
100.18
2.70%
Charles II. Drew & Co
100.096
100.28
2.75%
3%
Erickson Perkins & Co
„
100.416
100.41
100.399
100.319
100.27
100.10
SCHENECTADY, N. Y.—TO REFUND $600,000 BONDS DURING
1940—Application of City Manager C. A. Harrell for approval to refund
$600,000 of bonded indebtedness during 1940 has been granted by State
Comptroller Morris S. Tremaine.
Approval was given upon the under¬
standing that the debt equalization plan approved by the State in 1935
would be canceled.
The 1935 program had two years to run and under it
$200,000 in bonds would have been refunded in 1940 and $100,000 in 1941.
In his petition Mr. Harrell pointed out that the refunding will make it
possible to preserve the orderly program of debt reduction begun in 1936.
The total city debt outstanding under this program will be
approximately
$11,242,000 at the end of this year and $3,313,000 in 1955, when the plan
comes to an end.
The program provides for necessary capital
improve¬
ments and debt service to finance home and work relief.
WILLIAMSON-MARION
WATER
DISTRICT
(P.
O.
Williamson).
N. Y.—BOND SALE—The $50,000 coupon water bonds offered
Sept 29—
V. 149, p. 1950—were awarded to the Marine Trust Co. of Buffalo as
4)4s
at par plus a premium of $82.50, equal to 100.165, a basis of about
4.24%.
Dated Oct. 1, 1939, and due Oct. 1 as follows: $1,000 from
1940 to 1959
incl. and $1,500 from 1960 to 1979, incl.
Other bids:
Bidder—
Int. Rate
Rate Bid
3)4%
100.02
E. H. Rollms & Sons, Inc
4.40%
100 55
3.70%
100.30
Sage, Rutty & Co
4.80%
100.'l63
Volume
The Commercial
149
BELLAIRE,
NORTH
CAROLINA
TENDERS
INVITED—It is stated by Curtis Bynum, Secretary of the Sinking Fund
Commission, that pursuant to the provisions of the respective bond orders
or
ordinances authorizing their issuance, tenders will be received until
Oct. 17, at noon, for the purchase by the respective sinking funds, in the
BUNCOMBE COUNTY
name
of and
(P. O. Ashevilie), N. C.—BOND
behalf of the issuing units, of
on
refunding bonds dated July
Beech Special Tax School District refunding bonds dated July 1,
Biltmore Special School Tax District refunding bonds dated July
Reems
Creek
Township
Special
School Tax
1, 1936.
1936.
Watershed District refunding
bonds dated
District refunding bonds dated
and Sewer District refunding
July 1,1936.
bonds dated
July 1, 1936.
Swannanoa Water and Sewer
Water
CONCORD, N. C.—BOND SALE-—The following bonds, aggregating
$32,000 offered for sale on Oct. 3—V. 149, p. 2120—were awarded to the
First Securities Corp. of Durham, as ZMs:
$25,500 street improvement bonds for a premium of $260, equal to 101.019,
a basis of about 3.37%.
Due on Oct. 1 in 1942 to 1954, inclusive.
6,500 municipal building site bonds, paying a price of 101.00, a basis of
about 3.32%.
Due on Oct. 1 in 1942 to 1948, inclusive.
COUNTY
(P.
O.
Carthage),
N. C.—BOND OFFERING—
Oct. 10, by W. E. Easterling,
Government Commission, at his office in Raleigh,
$28,000 issue of not to exceed 6% semi-annual coupon
bonds.
Denom. $1,000.
Dated Sept. 1, 1939. Due
Sept. 1, as follows: $3,000 in 1940 to 1947, and $4,000 in 1948.
Bidders
are requested to name the interest rate or rates in multiples of
of 1%.
Each bid may name one rate for part of the bonds (having the earliest
maturities) and another rate for the balance, but no bid may name more
than two rates, and each bidder must specify in his bid the amount of bonds
of each rate.
The bonds will be awarded to the bidder offering to purchase
the bonds at the lowest interest cost to the county, such cost to be deter¬
mined by deducting the total amount of the premium bid from the aggregate
amount of interest upon all of the bonds until their respective maturities.
No bid of less than par and accrued interest will be entertained.
Principal
and interest payable in lawful money in New York City.
The bonds are
registerable as to principal only.
General obligations; unlimited tax.
Delivery at place of purchaser's choice.
The approving opinion of Reed,
Hoyt, Washburn & Clay of New York, will be furnished.
Enclose a
certified check for $560, payable to the State Treasurer.
Secretary of the Local
for the
purchase of
a
school improvement
OXFORD, N. C.—BOND OFFERING—We are informed by
Easterling, Secretary of the Local Government Commission, that
receive sealed bids at his office in Raleigh, until 11 a. m. on Oct. 10,
W. E.
he will
for the
purchase of the following bonds, aggregating $25,000:
$9,000 refunding water bonds.
Due $3,000 on March 1 in 1949 to 1951.
16,000 general refunding bonds.
Due on March 1 as follows: $2,000 in
1949 to 1951, and $5,000 in 1952 and 1953.
Denom. $1,000.
Dated Sept. 1, 1939.
Prin. and int. (M-S), payable in
New York City in legal tender; general obligations; unlimited tax; coupon
bonds registerable as to principal alone; delivery on or about Oct. 25, at
place of purchaser's choice.
There will be no auction.
A separate bid for each issue (not less than par and accrued interest) is
required.
Bidders are requested to name the interest rate or rates, not
exceeding 6% in multiples of H of 1%; each bid may name one rate for
part of the bonds of any issue and another rate for the balance, but no bid
may name more than two rates for any issue, and each bidder must specify
in his bid the amount of the 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
until their respective maturities.
of interest upon all of the bonds
required on forms to be furnished with additional information
and each bid must be accompanied by a certified check upon an incorporated
bank or trust company, payable unconditionally to the order of the State
Treasurer for $500.
The right to reject all bids is reserved.
The approvng
Bids
are
opinion of Masslich and Mitchell,
purchaser.
New York City, will
be furnished the
RALEIGH, N. C.—NOTES SOLD—It is reported
anticipation notes have been purchased by the First
Trust Co. of Raleigh, at 1 lA%.
Due in one month.
that $5,000 bond
Citizens Bank &
DAKOTA
McVILLE, N. Dak.—BOND OFFERING—It is reported that bids will
be received until Oct. 16 by O. U. Tyler, Village Clerk, at the County
Auditor's office in Lakota, for the purchase of $15,000 4% semi-annual
refunding bonds.
Dated Sept. 1, 1939.
Due $1,000 on July 1, in 1941 to
1955, inclusive.
OHIO
BLANCHARD-PLEASANT
ASHLAND CITY SCHOOL DISTRICT,
Ashland Bank & Savings Co. was awarded an
notes as 4s.
Due in 1941.
Ohio—NOTE SALE—The
Issue of $2,046.70 refunding
DISTRICT, Ohio—NOTE SALE—An issue
refunding notes was sold to the Farmers National Bank of
AUSTINBURG SCHOOL
of $1,291.63
Ashtabula,
as
3s, at par.
RURAL SCHOOL DISTRICT (P. O. Canfield),
Ohio—BOND ELECTION—An issue of $50,000 construction bonds will be
considered by the voters at the November general election.
AUSTINTOWN
Ohio—BONDS NOT SOLD—No bids were submitted for
$12,756.80 4% coupon sanitary sewer and purification treatment bonds
Sept. 29.—V. 149, p. 1795.
AVON LAKE,
the
offered on
SCHOOL DISTRICT (P. O. Dunkirk),
general election the voters
Ohio—BOND ELEC1TON—At the November
defeated
a
year
proposal to issue $15,000 building bonds
previously.
BLUFFTON,
Ohio—BOND
ELECTION—At
election the voters will consider an issue of
which was
November
the
general
$80,000 sewage system and dis¬
posal plant bonds.
BRADNER
SCHOOL
DISTRICT,
Ohio—NOTE SALE—An issue of
$4,565.93 refunding notes was sold to the
Columbus, at par.
BRANCH
Huntington National Bank of
HILL RURAL SCHOOL DISTRICT,
Ohio—NOTE SALE
purchased an issue of $1,380.60 refunding notes as
—The State Treasurer
3s.
INDEPENDENT
RURAL
SCHOOL
DISTRICT
NO. 2 (P. O. Steubenville), Ohio—NOTE SALE—The Central National
Bank of Cambridge purchased an issue of $2,473.48 refunding notes as
3s, at a price of 100.08.
Due in 1941 and callable.
HILL
BURKETTSVILLE
SCHOOL DISTRICT, Ohio—NOTE
St. Henry purchased an issue of $1,594.37
Due Nov. 1, 1941.
RURAL
SALE—The St. Henry Bank of
refunding notes as 3 ^s.
SCHOOL DISTRICT (P. O. Hillsboro),
Hillsboro Bank & Savings Co. purchased an
RURAL
NOTE SALE—The
$1,615.75 refunding notes as 4s, at a price
of 100.12.
Ohio—
issue of
Due in 1941.
CEDARVILLE TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Cedarville), Ohio—NOTE SALE—The Farmers & Traders Bank of James¬
purchased an issue of $11,719.85 refunding notes as 3s, at par.
town
SCHOOL
VILLAGE
CENTERBURG
DISTRICT, Ohio—NOTE
sold as 3s to the Marengo
SALE—An issue of $8,175.36 refunding notes was
Co.
Bank
of Marengo.
Due in 1941.
ELECTION—An
Ohio—BOND
CIRCLEVILLE,
issue
$20,000
of
hospital bonds will be submitted for consideration of the voters at the
November general election, according to Lillian Young. City Auditor.
CLARINGTON SCHOOL DISTRICT,
Bassett, District Clerk, will
Ohio—BOND OFFERING—H.
27 for the pur¬
authorized at the primary
receive sealed bids until Oct.
building bonds which were
election in August.
of $25,000
chase
CLAY-GENOA SCHOOL DISTRICT (P. O. Genoa), Ohio—NOTE
$10,627.88 refunding notes unsuccessfully offered in July
3s by the State Treasurer.
SALE—The
have been taken as
FAVORABLE CREDIT RATING
Ohio—ACCORDED
CLEVELAND,
city's obligations warrant a far credit rating in spite of the
uncertainties arising from the drastic tax limitation and the burdenssome relief problem,
is the opinion expressed by Lazard Freres & Co.,
New York, in a detailed study of its finances released Sept. 25.
The
tressing relief situation, which has been aggravated by the necessity of
borrowing since 1937 to help meet relief costs can be handled without very
—That the
future
dis¬
great
difficulty, the study indicates, so long as the relief burden does
than at present.
In general, the unfavorable factors in
not
the
of the
"The
effect
that debt service requirements take precedence over operating needs and
also by the fact that Cleveland voters in recent years have annually ap¬
proved substantial levies outside the limit.
Nevertheless, by reason of the
devices that the city must use in times of stringency in order to keep the
tax levy low enough to insure the voters' approval, the limitation creates a
situation that could conceivably give rise to a default, even though it most
likely would be of a technical or a transitory nature."
The difficulty of
obtaining adequate revenues has resulted in the building up of an unsound
current condition not easy to rectify, the study points out.
Any correction
will depend largely upon a continued assent of the electors to vote heavy
levies outside of the tax limit.
The city has been forced to resort to partial
refunding of maturities in recent years to allow sufficient funds for operating
increase more
Cleveland situation "arise directly or indirectly from the operaiion
drastic Ohio tax limitation law," according to the investment firm.
full effect of such a low limit is diminished by a court ruling to the
,
discouraging as the current outlook,
With only a moderate debt burden
the city to pay and a relatively low
tax rate compared with figures for other large cities, Cleveland appears to
be fairly well entrenched financially, which may enaDle it to tide over any
unusual periods of stress.
Other favorable offsetting factors, indicated by
the Lazard study, include a serious attempt to correct a bad current situa¬
tion by the use of voted levies outside the tax limit, thus permitting a sub¬
stantial reduction in the accumulated floating debt and in the sinking fund
deficiency; a diversified industrial situation conducive to a rather stable
economic background; the apparent tendency of State courts in the past to
place most favorable construction on constitutional tax limitation from
viewpoint of bondholders; and efficient management of finances under
The long-term
prospect is not so
however, in the opinion of the report.
well within the economic capitacity of
servere
handicaps.
Ohio—BOND
CLEVELAND,
ELECTION—An
bridge construction bonds will be submitted
the November general election.
issue of $3,000,000
for consideration of the voters
at
CLEVELAND
Karl
K.
Morris.
CITY SCHOOL DISTRICT,
Clerk-Treasurer of Board of
Ohio—NOTE SALE—
Education, reports that
Dec. 20,
$1,500.000 tax anticipation notes, dated Sept. 27, 1939 and payable
1939. were sold on Sept. 25 at 1% interest as follows: $414,000 each to the
Central National Bank, Cleveland Trust Co., and the National City Bank
of Cleveland; $208,000 to Union Bank of Commerce and $50,000 to the
Morris Plan Bank, also of Cleveland.
COLUMBUS, Ohio—SUIT
PROBABLE OVER INCREASED
COUNTY
Franklin County Budget Commission in approv¬
of $1.93—18 cents higher than this year—on every $100
worth of taxable property within the city is expected to occasion a tax¬
payer's suit challenging legality of the higher levy, according to report.
Decision of the Commission to raise the rate followed the recommenda¬
tion of County Prosecutor Ralph J. Bartlett, who contended the higher rate
would be necessary to avoid the need for borrowing money for the payment
of Public Works Administration bonds in the amount of $453,000, which
TAX RA TE—Action of the
ing a 1940 tax rate
fall due in
SCHOOL DISTRICT, Ohio—
SALE—The
$594,671.49 refunding notes offered Sept. 25—V. 149, p. 1649—were
awarded to the First Central Trust & Savings Bank of Akron, as 2J^s.
Dated Sept. 1, 1939 and callable after Nov. 30 in any year.
The Hunting¬
ton National Bank of Columbus tid a rate of 3 % % ■
CITY
AKRON
O.
(P.
expenses.
RALEIGH, 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. on Oct. 17, at his office in Raleigh, for the purchase of
an issue of $170,000 coupon refunding bonds.
Interest rate is not to exceed
6%, payable A-O.
Dated Oct. 1, 1939.
Denom. $1,000. Due Oct. 1, as
follows:
$10,000 in 1948 to 1957, $20,000 in 1958 and 1959, and $30,000 in
1960.
Bidders are requested to name the interest rate or rates in multiples
of Yi of 1 %.
Each bid may name one rate for part of the bonds (having the
earliest maturities) and another rate for the balance, but no bid may name
more than two rates, and each bidder must specify in his bid the amount of
bonds of each rate.
The honds 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 will be entertained.
Principal and interest payable in lawful money in New York City.
The
bonds are registerable as to principal only.
General obligations; unlimited
tax.
Delivery at place of purchaser's choice.
The approving opinion of
Reed, Hoyt, Washburn & Clay of New York, will be furnished.
ed.
Enclose
t,400, payable to the State Treasurer.
a certified check for
NORTH
DISTRICT
SCHOOL
will again consider the
CARMEL
MOORE
DISTRICT (P. O. Berlin
TOWNSHIP RURAL SCHOOL
BRIAR
July 1, 1936.
Sealed bids will be received until 11a.m. on
will
improvement bonds.
Ohio—BOND ELECTION—An issue of $32,000 construction
the voters at the November general election.
BLADENSBURG-MARTINSBURG
refunding bonds dated
July 1, 1936.
Sanitary
November general election the voters
issue of $32,000 building and
Bladensburg), Ohio—NOTE SALE—The First National Bank of Utica
purchased an issue of $5,826.98 refunding notes as 5s.
Due in 1941.
refunding bonds dated July 1, 1936.
Beaverdam Water and Sewer District refunding bonds dated July 1, 1936.
Caney Valley Sanitary Sewer District refunding bonds dated July 1, 1936.
Hazel Ward Water and Watershed
District refunding bonds dated
Woodfin
an
BERLIN
Weaverville Public School District
South Buncombe Water and
consider
Heights),
1, 1936.
District refunding bonds
Special School Taxing District
Youngstown), Ohio
BERLIN RURAL SCHOOL DISTRICT (P. O.
—BOND ELECTION—At the
bonds will be considered by
dated July 1, 1936.
Valley Springs
July 1, 1936.
AUTHORIZED—The City Council on
$15,000 not to exceed
Dated Oct. 1, 1939.
1955 incl.
Ohio—BONDS
Sept. 15 passed an ordinance providing for an issue of
6% interest street and sewer improvement bonds.
Denom. $1,000.
Due $1,000 on Oct. 1 from 1941 to
the following bonds:
County of Buncombe refunding bonds dated July 1, 1936.
County of Buncombe refunding bonds series 2 dated July 1, 1936.
County of Buncombe funding bonds series 2 dated July 1, 1936.
City of Ashevilie general refunding bonds dated July 1, 1936.
City of Ashevilie refunding bonds series 2 dated July 1, 1936.
City of Ashevilie funding bonds series 2 dated July 1, 1936.
City of Ashevilie water refunding bonds dated July 1, 1936. '
Ashevilie Local Tax School District
2265
& Financial Chronicle
1941.
the
Hayden Edwards, Chairman of the subcommittee on tax rate, for
Real Estate Board, said a taxpayer's suit would be filed im¬
mediately, challenging the increased rate and declaring it illegal to collect
the increased rate for the payment of bonds which do not fall due until
Columbus
the following year.
In
,
„
to the provision for this bond retirement, the Real Estate
officials contend that .55 mills represent an illegal transfer from
addition
Board
within the 10'mill
At the same
constitutional limitation to outside the
time, the Commission
against the present race
CORTLAND,
limitation.
fixed the county rate at 2.7
mills, as
of 2.4 mills.
Ohio—BOND
OFFERING—I. Frank Bowers, Village
the purchase of
1939. One bond
$1,000 from
In¬
that
approved
Bids must be accompanied by a certified check
Clerk, will receive sealed bids until noon on Oct. 16 for
$33,750 3H% sanitary sewage bonds.
Dated Oct. 1,
$1,750, others $2,000 and $1,000.
Due Oct. 1 as follows:
1941 to 1954 incl.; $1,750 in 1955 and $2,000 from 1956 to 1964 incl.
terest A-O.
Bidder may name a different rate of interest, provided
fractional rates are expressed in a multiple of
of 1 %. Issue was
for
Sept. 20.
payable to order of the Village
by the voters on
for $500,
Treasurer.
2266
The Commercial & Financial Chronicle
COSHOCTON
The
CITY
Commercial
$9,414.01
SCHOOL
National
Bank
refunding notes.
DISTRICT, Ohio—NOTE
of
Due in
Coshocton
purchased
an
SALE—
issue
of
1941.
NEW ALEXANDRIA SCHOOL DISTRICT
(P. O. Steubenville),
Ohio—BOND ELECTION—An issue of $16,000 construction
bonds will be
considered by the voters at the November general election.
DAYTON.
Ohio—BONDS
AUTHORIZED—The
City
Commission
recently authorized the issuance of $32,500 3% warehouse improvement
NEW
bonds.
Dated Jan. 1, 1940.
One bond for $1,500, others $1,000 each.
Due Oct. 1 as follows: $3,500 in
1941; $3,000 from 1942 to 1948 incl. and
$4,000 in 1949 and 1950.
E.
Oct.
Finance, reports that the Board of Sinking Fund Trustees will
purchase
$32,500 3% warehouse improvement bonds.
Dated Jan. 1, 1940.
One
$1,500, other $1,000 each.
Due Oct. 1 as follows: $3,500 in
1941;
$3,000 from 1942 to 1948 incl. and $4,000 in 1949 and 1950.
the voters
will pass on a proposal
struction bonds.
FAYETTE
COUNTY
(P.
O.
calling for the issuance
Washington
C.
of $75,000 con¬
H.),
Ohio—NOTE
OFFERING—Roy Baughn, Clerk of Board of County Commissioners, will
receive sealed bids until noon on Oct. 16 for the
purchase of $28,400 not
to exceed 4% interest poor relief notes of
1939.
Due as follows: $8,000
March 1 and $2,500 Sept. 1, 1940: $6,500 March 1 and
$2,500 Sept. 1,1941;
$5,500 March 1, 1942, and $3,400 March 1, 1943.
Int. M-S.
A certified
of notes bid for, payable to order of the Board of
County
Commissioners, is required.
check for 5%
FLORENCE
SCHOOL
DISTRICT "(P.
O.
Birmingham),
Ohio—
NOTE SALE—An issue of $4,813.03
refunding notes was sold to the Hunt¬
ington National Bank of Columbus, as 3Ms, at par.
Due in 1941.
FREDERICKTOWN
SCHOOL
DISTRICT,
Ohio—NOTE SALE
DETAILS—The $12,965.41 refunding notes purchased
during July by the
Dan Struble & Bon Bank of Fredericktown—V.
149, p. 615— bear 4%
interest and mature in 1941.
Callable before that date.
FREMONT, Ohio—BOND SALE DETAILS—The $12,000 4% fire
department bonds purchased by the National Bank of Fremont—V.
148,
3879—were sold at par, are dated March 15, 1939, in
$1,000 denom. and
$1,000 on Oct. 15 from 1940 to 1951, inclusive.
p.
mature
149,
p.
Ohio—BOND SALE— The $95,000 bonds offered
1950—were awarded to Stranahan, Harris & Co. of
follows:
All
of the bonds will be dated
Sept. 1, 1939.
Walter, Woody & Heimerdinger of Cincinnati, second high bidder, offered 100.48 for
$65,000 4Mb
and par for $30,000 4s.
EAST PALESTINE
FAIRFIELD TOWNSHIP RURAL SCHOOL
DISTRICT (P. O. West
Jefferson), Ohio—BOND ELECTION—At the November general election
as
$65,000 flood wall bonds as 4 Ms. at a price of 100.185, a basis of
about
4.23%.
Due Dec. 1 as follows:
$2,000 from 1942 to 1966, incl.
and $3,000 from 1967 to 1971, inclusive.
30,000 street improvement bonds as 3Ms, at a price of
100.185, a basis of
about 3.72%.
Due $3,000 on Nov. 1 from 1941 to 1950, inclusive.
bond for
funds.
BOSTON,
3—V.
Toledo,
Hagerman, Director of
Ohio—BOND ISSUE IN
ABEYANCE—Report¬
ing on status of the $24,200 3% swimming pool construction bonds authroized last November, George
Archibald, City Auditor, states that as no
Public Works Administration grant has been
approved toward cost of the
project the bonds will not be issued until the city can provide the additional
7, 1939
VICTORY-DUDLEY SCHOOL DISTRICT (P. O. Mount
Dudley), Ohio—NOTE SALE—An issue of $5,622.68 refunding notes was
sold to the Huntington National Bank of
Columbus, as 3Ms.
Due in 1941.
CUYAHOGA COUNTY (P. O.
Cleveland), Ohio—BOND ELECTION
—At the November election the voters will
again consider the proposed
$4,500,000 road and bridge bonds which were defeated in
November, 1938.
DAYTON, Ohio—BONDS TO BE SOLD—E.
Oct.
MOUNT
Other bids:
Bidder—
Int. Rate
Bohmer-Reinhart & Co
Rate Bid
4M %
4M%
4M~5%
4M%
Provident Savings Bank & Trust Co
P. E. Kline, Inc
Charles A. Hinsch & Co
100.66
100.44
100.20
100.39
NEW
STRAITSVILLE, Ohio—MATURITY—The $15,000 5% water
works bonds purchased earlier in the
year by Walter. Woody & Heimerdinger of Cincinnati, at a price of 101—V. 149, p. 450—are dated Jan.
1,
1939, in $1,000 denom. and mature $500 on Oct. 1 from
1940 to 1969 incl.
Principal
and interest payable at Village Treasurer's office.
approved by Peck, Shaffer, Williams & Gorman of Cincinnati.
NEW
WATERFORD,
election the voters will
system and
Ohio—BOND
ELECTION—At
the
Legality
November
be
asked to authorize the issuance of
$15,000 water
$4,000 street grading, drainage and paving bonds.
NORWOOD, Ohio—BOND SALE—The $5,000 coupon park and play¬
ground improvement bonds offered Oct. 2—V. 149, p. 1796—were
awarded,
to the Weil, Roth &
Irving Co. of Cincinnati, as 2MB. at a price of 100.14,
a basis of about
2.46%.
Dated Oct. 1, 1939 and due $1,000 on Oct. 1 from
1941 to 1945, incl.
The First National Bank of
Norwood, second high
bidder, offered 100.10 for 2Ms.
PARMA CITY SCHOOL DISTRICT
(P. O.
Cleveland), Ohio—
BOND SALE—The $126,200
funding bonds unsuccessfully offered on July 10
—V. 149, p. 450—have since been purchased as
4Mb, at par, by the State
Teachers Retirement System.
Dated June 1, 1939 and due Dec. 1 as fol¬
lows: $14,200 in 1940 and
$14,000 from 1941 to 1948 inclusive.
PERRY TOWNSHIP RURAL SCHOOL
DISTRICT (P. O. Atlanta),
Ohio—NOTE SALE—The Huntington National Bank of Columbus
was
GALION, Ohio—BOND ELECTION—An
6% interest
at the
issue of $55,000 not to exceed
hospital construction bonds will be considered by the voters
November general election.
GALION CITY SCHOOL
mercial
DISTRICT, Ohio—NOTE SALE—The
Savings Bank Co. of Galion purchased
as 2Ms at par.
an
funding notes
Com¬
issue of $12,520.79 re¬
awarded
an
issue of $3,290.09 refunding notes
as
3 Ms.
Due in two years.
PIKE COUNTY
(P. O. Waverly), Ohio—NOTE OFFERING—W. M.
Cool, Clerk of Board of County Commissioners, will receive sealed bids until
on Oct.
16 for the purchase of $13,138.07 not to exceed
3% interest
poor relief notes.
Dated Oct. 16, 1939.
Due March 1 as follows: $2,884.07
in 1940; $4,506 in 1941 and
$5,748 in 1942.
Bidder
noon
may name a different
interest, provided that fractional rates are expressed in a
multiple
M of 1%.
Interest M-S.
Prin. and int. payable at the
County Trea¬
office.
A certified check for
$1,313.81, payable to order of the
Board of County
Commissioners, is required.
rate of
GREEN RURAL SCHOOL DISTRICT
(P. O. Laings), Ohio—NOTE
SALE—The Citizens National Bank of Woodsfield
purchased an issue of
$4,633.23 refunding notes
as
2Mb.
Due Aug. 31, 1941.
GREENE TOWNSHIP RURAL
SCHOOL
DISTRICT (P. O. Smith
ville), Ohio—NOTE SALE—The State Treasurer purchased as 3s the
$9,561.86'refunding
in
notes for which
no
bids
received
were
on
1941.
July 3.
Due
HARRISON-ADAMS SCHOOL DISTRICT (P. O.
Rosewood), Ohio—
NOTE
SALE—The First Central National Bank of Paris
purchased
as 3s.
Due in 1941.
of
$4,824.11 refunding notes
an
issue
no
bids were received
on
ROSS TOWNSHIP RURAL SCHOOL
DISTRICT (P. O. Rossford),
Ohio—NOTES NOT SOLD—The $2,417.24 not to exceed
4% interest
refunding notes offered Sept. 11 were not sold.
They have been offered
to the State Treasurer.
ST. MARY'S CITY SCHOOL
DISTRICT. Ohio—NOTE SALE—The
Banking Co. of St. Marys purchased an issue of $16,965.04
Home
refunding
notes as 4s at par.
HICKSVILLE
SCHOOL
DISTRICT,
Ohio—NOTE SALE— The
Hicksville National Bank purchased as 3s the
$10,753.18 refunding notes
for which
of
surer's
July 12.
SABINA, Ohio—BOND ELECTION—The
thorize
an
November
voters
will
be asked to
au¬
issue of $42,000 electric
light, heat and power plant bonds at the
general
election.
HIGHLAND
SOUTH
RICHLAND
SCHOOL
DISTRICT
(P.
O.
Defiance), Ohio—NOTES NOT SOLD—No bids were submitted for the
$5,442.31 not to exceed 4% interest two-year
refunding notes offered Sept.
HUBBARD, Ohio—BOND SALE DETAILS—The $27,671.16
park and
playground and special asst. street impt. bonds
purchased earlier in the
Nelson, Browning & Co. of Cincinnati—V. 148,
p. 1687—were sold
as 3Ms, at par.
1
year to
JACKSON CENTER VILLAGE SCHOOL
DISTRICT, Ohio—NOTE
SALE—The First National Bank of Jackson Center
purchased an issue of
$7,321.96 refunding notes as 2.95s at par.
JEROME RURAL SCHOOL DISTRICT
(P. O. Plain City), Ohio—
NOTE SALE—Gillis, Russell & Co. of
Cleveland purchased an issue of
$4,595.76 refunding notes as 3s, at a price of 100.108.
LIBERTY UNION SCHOOL DISTRICT
(P. O. Baltimore), Ohio—
NOTE SALE—The $10,197.41 notes
offered Aug. 31 were sold as
3s, as
follows: $6,753.38 to the Bank of
Basil, at a price of 100.17, and $3,444.03
to the First National Bank of
Baltimore at 100.24.
All due in 1941.
LOGAN, Ohio—BOND OFFERING CANCELED—Due
the ordinance the proposed sale
street
paving bonds
was
to
an
error
1940 to 1943 incl.
MADISON
COUNTY (P. O.
London), Ohio—NOTE OFFERING—
Dixon, Clerk of Board of County
sealed bids until 10
a.
m. on
Commissioners, will
Oct.
receive
9 for the purchase of
$23,300 not to exceed
4% interest poor relief notes. Dated Oct. 1, 1939. One
note for $500, others
$1,000 and $900. Due March 1 as follows:
$5,500 in 1940; $7,900 in 1941 and
1942 and
$2,000 in 1943.
Bidder may name
provided that fractional rates are
expressed in
a
different
rate
of interest
multiple of k of 1%. A
certified check for
$500, payable to order of the Board of
County Com¬
missioners, is required.
a
MADISON
VILLAGE SCHOOL
DISTRICT, Ohio—NOTE SALE—
Huntington National Bank of Columbus
purchased an issue of $7,669.17
refunding notes as 3Ms.
The
MALVERN, Ohio—BOND OFFERING—Joseph G.
Artzner, Village
Clerk, will receive sealed bids until noon on Oct.
23 for the purchase of
$4,500 4% street improvement bonds.
Dated Oct. 1,
1939.
$450.
Due $450 on Oct.
different rate of interest,
Denom.
1 from 1941 to 1950 incl.
Bidder may name
provided that fractional rates are
a
expressed in a
multiple of K of 1%.
interest A-O.
A certified check for
$50, payable
to order of the
Village Treasurer, is required.
(A similar issue was offered
for sale on Sept. 25.—V.
149, p. 1649.)
MEDINA
The Ohio
refunding
VILLAGE SCHOOL
DISTRICT,
National Bank of Columbus
notes as
2Ms.
Ohio—NOTE
purchased
Due Sept. 1, 1941.
an
SALE—
issue of $18,106.82
MIAMISBURG, Ohio—BONDS SOLD—The city purchased an
issue of
$5,000 4% swimming pool bonds.
Dated June 10, 1939.
Denom. $500.
Due $500 on June 10 from
1941 to 1950 incl.
Principal and interest (J-D)
payable at the First National Bank of
Miamisburg.
,COUNTY (P* °- Dayton).
Ohio—TAX
RECEIPTS
REACH 103%—Real estate tax
and current assessment
collection for the
year was 103%. it has been announced
by County Treasurer
Myers.
The June,
1939. instalment of the
Chester A.
which has been
1938 charge,
The charge for the entire
year was $7,785,-
completed, returned $3,806,842.
894 and the total collection amounted
to $8,076,876.
fKE^AS£NT RURAL
SCHOOL DISTRICT,
Ohio—NOTE
SALE DETAILS—The
$12,617.06 refunding notes purchased in
August
by the Peoples National Bank of Mount
Pleasant—V. 149, p. 1063—bear
3M% interest.
o
TOWNSHIP
RURAL
SCHOOL
DISTRICT
(P.
O.
SHAKER HEIGHTS
SCHOOL
DISTRICT, Ohio—BOND SALE
DETAILS—The $75,000 2M% refunding bonds
purchased by Johnson,
Kase & Co. of Cleveland, at a
price of 100.61—V. 149, p. 1064—mature as
follows:
$8,000, 1944; $7,000, 1945; $8,000, 1946; $7,000, 1947; $8,000,
1948; $7,000, 1949; $8,000, 1950; $7,000, 1951; $8,000 in
1952 and $7,000
in
1953.
SHEFFIELD
LAKE
(P.
O. Lorain),
Ohio—BOND ELECTION—An
issue of $62,000 sanitary sewer and
disposal plant bonds will be considered
by the voters at the November general election.
SHELBY, Ohio—BOND ELECTION— An issue of $43,000 underpass
bonds will be considered by the voters at the
November general election.
SOUTHEASTERN RURAL SCHOOL DISTRICT
(P. O. Richmond
Dale). Ohio—NOTE SALE—'The First National Bank of Chillicothe
pur¬
chased an issue of $14,368.06 refunding notes as
3Ms.
Due in 1941.
in
on Oct. 7 of
$5,000 3M % special assessment
canceled—V. 149, p. 1950.
LOGAN COUNTY (P. O.
Bellefontaine), Ohio—BONDS SOLD—The
Provident Savings Bank & Trust Co. of
Cincinnati purchased an issue of
$36,132.27 poor relief bonds.
Due on March 1 from
Robert K.
SALTCREEK
Fredericksburg), Ohio—NOTE SALE—The issue of $6,265.45 not to
exceed 4% interest
two-year optional notes offered Sept. 5 was not sold.
STEUBENVILLE,
Ohio—BOND AUTHORIZED—'The City Council
an ordinance on Sept. 12 providing for an issue
of $50,000 not to
6% interest street improvement bonds. Denom. $1,000. Due in
10
annual instalments.
passed
exceed
STRUTHERS, Ohio—BOND SALE—The $6,000 coupon
refunding
bonds offered Sept. 30—V. 149, p. 1797—were
awarded to the Provident
Savings Bank & Trust Co. of Cincinnati.
Dated Oct. 1, 1939 and due
$1,000 on Oct. 1 from 1944 to 1949, incl.
TOLEDO
CITY
SCHOOL DISTRICT, OHIO—NOTE
SALE—The
of Columbus purchased
$169,790.31 refunding
price of 100.032, a basis of about 1.98%.
Dated Sept. 1,
1939 and due Sept. 1, 1941.
Other bids:
Huntington National Bank
notes as 2s, at a
Bidder—
Commerce Guardian Bank, Toledo
Toledo Trust Co
Ohio Citizens Trust Co. of Toledo
Int. Rate
2.45%
2 M %
3%
UNION
RURAL SCHOOL DISTRICT
(P. O. Washington C. H.)
Ohio—NOTE SALE—The Washington Savings Bank
purchased an issue
refunding notes as 2Mb.
Due in 1941 and callable.
The First
National Bank of Washington C. H.,
only other bidder, named a rate of
3M%.
of $2,631.69
WASHINGTON TOWNSHIP
RURAL
Lexington), Ohio—NOTE
chased
an
SCHOOL
DISTRICT (P.
SALE—The Farmers Bank of
Belleville
issue of $J,209.4C
refunding notes as 4s.
Due in 1941.
O.
pur¬
WASHINGTON TOWNSHIP SCHOOL DISTRICT
(P. O. Centerville)
Ohio—NOTE SALE—The State Treasurer
purchased an issue of
$5,902.09 refunding notes as 3s.
Due in 1941.
WAYNESBURG
VILLAGE
SCHOOL
DISTRICT,
SALE—An issue of $7,620.07
refunding notes was sold to the
Bank of Newark, as 3s.
Due in 1941.
WESTFIELD RURAL SCHOOL DISTRICT
(P. O.
—NOTE SALE—The Bartlett Farmers Bank
pin-chased an
refunding notes
as
3s.
Due in
1941.
Ohio—NOTE
Licking County
Bartlett), Ohio
issue of $8,727.81
WILLOUGHBY, Ohio—PROPOSED REFUNDING ISSUE—The
City
Council passed a resolution on
Sept. 18 petitioning authority from the
Bureau of Inspection and Supervision of
Public Offices to issue
$100,000
general and special assessment refunding bonds.
WOODVILLE, Ohio—BOND ELECTION—A proposal to issue
$50,000
village hall bonds will appear on the ballot at the November
election.
Volume
2267
The Commercial & Financial Chronicle
149
President of the Philadelphia City Council; Joseph
Robert Moschzicker, former Chief Justice of the
Sharfsin, City Solicitor•
Pennsylvania Supreme
City Engineer, and
Robert McCracken, Attorney; John Neeson,
H. Birchard Taylor.
Court;
AUTHORITY,
HOUSING
PHILADELPHIA
PINE TOWNSHIP SCHOOL DISTRICT
ISSUE
approved
Pa .—BOND
APPROVED—The Pennsylvania Department of Internal Affairs
an issue of $5,000,000 bonds for a low rent housing project.
(P. O. Grove City), Pa.—
$4,500 coupon school bonds offered Oct. 2—V. 149,
2121—were awarded to Singer, Deane & Scribner of Pittsburgh, as 4s,
at par plus $65 premium, equal to 100.144. a oasis of about 3.97%,
Dated
Oct. 2, 1939 and due $500 on Oct. 2 from 1940 to 1948 incl.
Other bids:
BOND SALE—The
p.
Int. Rate
Bidder—
First National Bank of Grove
OKLAHOMA
SCHOOL DISTRICT (P. O. Bradley), Okla.—
SI4,000 school bonds offered for sale on Sept. 9—V. 149, p.
1511—were purchased by the First National Bank & Trust Co. of Oklahoma
City, as 3 Ms, paying a premium of SI, equal to 100.007, a basis of about
3.499%.
Due SI,000 in 1942 to 1955, inclusive.
BRADLEY
SALE—The
PLAINVIEW CONSOLIDATED SCHOOL DISTRICT NO. 27
$12,000 issue of building bonds
Okla.—BOND SALE—The
Ardmore),
(P. O.
for sale on Sept. 18—V. 149, p. 1951—was purchased by R. J.
Edwards, Inc. of Oklahoma City, as lMs, 2s and 4lis, paying a premium
of $11.35, equal to 100.094, according to the District Clerk.
offered
WALTERS, Okla.—BOND SALE DETAILS—It is stated by the City
Manager that the $6,500 city hall bonds sold on Sept. 25 to the City Treas¬
urer as 3 Ms, at par—V. 149, p. 2121—are coupon bonds in the denomination
of $1,000, one for $500.
Due from 1942 to 1945 incl.
PIT CAIRN,
$10.00
10.00
15.00
4M%
Pa.—BOND ELECTION—At the November election the
an issue of $200,000 municipal light plant
will be asked to authorize
voters
bonds.
(P. O. Portage, R. D. 2), Pa.—BONDS
road impt. and funding bonds for which no
148, p. 3880—have since been sold to
the First National Bank of Ebensburg, at par.
Dated July 1, 1939 and due
$1,000 on July 1 from 1941 to 1955. incl.
Callable Jan. 1, 1942 or on any
subsequent interest date.
PORTAGE
SOLD—The
bids
were
TOWNSHIP
$15,000 3M%
received
on
June 15—V.
Mounted Route 7,
WITHDRAWN—'The $7,000 not to
be sold on Sept. 22—•
WAYNE TOWNSHIP SCHOOL DISTRICT (P. O.
Ell wood City), Pa.—BOND ISSUE
exceed 4% interest emergency bonds scheduled to
V. 149, p. 1650—were withdrawn from the market.
WEST
OREGON
Premium
4%
4%
City.
Alda G. Burton, Grove City
Glover & MacGregor
VIEW,
Pa.—BOND
OFFERING—J. N. Myers, Borough Sec¬
will receive sealed bids until 8 p. m. on Oct. 10 for the purchase
$20,000 not to exceed 5% interest coupon street improvement bonds.
Dated Oct. 1, 1939.
Denom. $1,000.
Due $1,000 on Oct. 1 from 1941
to
1960 incl.
Bidder to name a single rate of interest, expressed in a
multiple of M of 1 %.
Principal and interest (A-O) payable at the Allegheny
Trust Co., Pittsburgh.
Sale of bonds is subject to approval of proceedings
by the Pennsylvania Department of Internal Affairs.
A certified check
for $300, payable to order of the Borough Treasurer, is required.
Legal
opinion of Burgwin, Sculiy & Churchill of Pittsburgh will be furnished
retary,
of
GILLIAM COUNTY SCHOOL DISTRICT NO. 3
(P. O. Arlington),
Sept.
Ore.—BOND SALE—The $3,600 building bonds offered for sale on
20—V. 149. p. 1649—were purchased by the Baker, Fordyce, Tucker Co.
of Portland, as 3Ms, according to report.
Dated Oct. 1, 1939.
Due on
Oct. 1 in 1941 to 1944.
KLAMATH COUNTY SCHOOL DISTRICT
(P. O. Klamath Falls),
Ore.—BOND SALE—The $49,000 issue of refunding bonds offered for sale
on Oct. 4—Y. 149, p. 2121—was awarded to E. M. Adams & Co. of Port¬
paying a premium of $122.99, equal to 100.251, a
about 2.96%.
Dated Sept. 1, 1939.
Due $7,000 on Sept. 1 in
land,
3s,
as
basis of
1944 to
1950 inclusive.
MULTNOMAH
AND
DISTRICTS NOS.
COUNTIES, JOINT SCHOOL
(P. O. Pleasant Valley), Ore.—BOND
CLACKAMAS
15 AND 302
SALE—The $20,000 issue of school bonds offered
V. 149, p. 1951—was awarded to A. D. Wakeman &
for sale on Sept. 25—
Co. of Portland, as 3s.
paying a price of 100.317, a basis of about 2.94%.
Due $2,000 on Jan. 1 in 1941 to 1950.
the successful bidder.
(Previous mention of the above offering was made in
V. 149, p. 2121.)
DISTRICT,
Pa.—BOND
SALE—The
$65,000 coupon school bonds offered Oct. 3—V. 149, p. 1951—were awarded
to Phillips, Schmertz & Co. and George G. Applegate, both of Pittsburgh,
jointly as 3s at a price of 100.991, a basis of about 2.89%.
Dated Oct. 1,
1939, and due $5,000 on Oct. 1 from 1943 to 1955 incl.
Second high
bid of 100.649 for 3s was made byE. H. Roilins& Sons, Inc., of Philadelphia.
WILMERDING
SCHOOL
Dated Oct. 1, 1939.
OAKRIDGE, Ore.—BONDS VOTED—At an election held on Sept. 19
voters approved the issuance of $50,000 in municipal power system
bonds, according to the City Recorder.
Due in from 2 to 25 years.
the
(P. O. Salem), Ore.—BONDS TO BE SOLD—We are
City Clerk that, in addition to the $50,000 street bonds
contemplates selling $30,000 more
bonds shortly to complete the street improvement program.
WEST
SALEM
informed by the
sold
on
Feb. 6, as noted here, the city
WEST SLOPE WATER DISTRICT
SOLD—It
is reported
(P. O. Portland), Ore.—BONDS
semi-annual water bonds were
that $16,500 3 H%
Eurchased on Oct. 2 byDue $1,500 on of Portland, atto 1952. inclusive. a
asis of about 3.21%.
Blyth & Co. Jan. 1 in 1942 a price of 100.27,
of the issue.
CHARLEROI, Pa.—BONDS DEFEATED—An issue of $75,000 recrea¬
election on Sept. 12.
(P. O. Chester), Pa .—BONDS
Department of Internal Affairs approved
for a low rent housing project.
CHESTER HOUSING AUTHORITY
APPROVED—The Pennsylvania
an
issue of $1,000,000 bonds
COLUMBIA, S. C.—CERTIFICATE SALE—'The $136,000 issue of
paving certificates offered for sale on Oct. 3—V. 149, p. 2122—was awarded
to the Weil, Roth & Irving Co. of Cincinnati as 3Ms, paying a premium
of $816, equal to 100.60, a basis of about 3.39%.
Due on Oct. 1 as follows:
$13,000 in 1940 to 1948, and $19,000 in 1949.
SOUTH
DAUPHIN
COUNTY
(P.
O.
Harrisburg),
Pa .—PROPOSED BOND
ELECTION—Arrangements are under way for submission to voters at
November election of a proposal to issue $1,700,000 courthouse construction
bonds.
-
school bonds offered Oct. 2—V. 149. p. 1797—were awarded to
Singer, Deane & Scribner of Pittsburgh, as 3Ms, at a price of 100.193, a
basis of about 3.71%.
Dated Nov. 1, 1939 and due $3,000 on Nov. 1
from 1940 to 1949, incl.
Second high bid of 100.996 for 4s was made by
Phillips, Schmertz & Co. of Pittsburgh.
CAROLINA,
State
of—NOTES
SOLD— It is reported
SOUTH CAROLINA, State
of—CERTIFICATE SALE—The $3,500,-
of indebtedness offered for sale on Oct. 3—
1951—were awarded to a syndicate headed by the Chase National
Bank, and Smith, Barney & Co., both of New York, as 3s, paying a price
of 100.69, a basis of about 2.88%.
Dated Oct. 1, 1939. Due $350,000 on
Oct. 1, in 1941 to 1950 incl.
The other members of the winning syndicate were:
Harriman Ripley &
Co., Inc.; First Boston Corp.; Hannahs, Ballin & Lee; Eldredge & Co.,
both of New York; First National Bank & Trust Co. of Minneapolis;
000 State highway certificates
V. 149, p.
T
Pa .—OTHER BIDS—The $30,000 street impt. bonds
Co. of Philadelphia, as 3Ms, at 100.15, a basis of
about 3.48%—V. 149, p. 1951—were also bid for as follows:
Bidder—
Int. Rale
Rate Bid
Burr & Co
3M%
100.566
Schmidt, Poole & Co
3H %
100.28
E. Lowber Stokes & Co
4%
100.425
GLENOLDEN,
awarded to
Battles &
by
P. Miller, State Treasurer, that $1,000,000 notes were awarded on
Sept. 26 to the Citizens & Southern Bank of South Carolina, of Columbia,
at an interest rate of 0.52%, plus a premium of $25.
Dated Sept. 30, 1939.
Due on Dec. 29, 1939.
E.
GLASSPORT SCHOOL DISTRICT, Pa.—BOND SALE—The $30,000
coupon
CAROLINA
SOUTH
PENNSYLVANIA
tion center bonds was defeated by the voters at an
ISLAND
RHODE
PROVIDENCE, R. I.—BOND SALE CANCELED—The sale on Sept. 12
of $2,300,000 emergency employment relief bonds to the First National
Bank of New York and associates as 3s, at 100.44, a basis of about 2.95%
—V.
149, p. 1797—was canceled as counsel to the bankers refused to
approve the issue because of doubt as to right of cities and towns to borrow
for Works Progress Administration projects under existing State legislation.
Authority to so incur debt must be clarified by the General Assembly which
is not scheduled to convene until Jan. 2, 1940.
The syndicate's bid was
conditioned upon its obtaining a satisfactory legal opinion as to validity
Hayden, Miller & Co. of Cleveland;
Trust Co. of Georgia of Atlanta;
,
Mason-Hagan, Inc., of Richmond;
Wachovia Bank & Trust Co. of Winston-
Salem; A. M. Law & Co. of Spartanburg; South Carolina National Bank of
Columbia; James Conner & Co., and Seabrook & Karow, both of Charleston.
O. Wilkes-Barre),
coupon school bonds was
Ellis & Co. of Philadelphia, at a price of 100.017
a basis of about
3.99%.
Dated Aug. 1, 1939.
Denom. $1,000.
Due
$14,000 on Aug. 1 from 1940 to 1954 incl.
HANOVER TOWNSHIP SCHOOL DISTRICT (P.
Pa.—BOND SALE—An
issue of $210,000 4%
sold recently to Cadbury,
LIBERTY (P. O. McKeesport), Pa.—BOND
SALE—'The §8,000 coupon
1797—were awarded to Phillips, Schmertz
& Co. of Pittsburgh, as 3Ms, at a price of 101.24, a basis of about 3.37%.
Dated Nov. 1, 1939 and due $1,000 on Nov. 1 from 1947 to 1954 incl.
Second high bid of 100.77 for 3Ms was made by Moore, Leonard & Lynch
of Pittsburgh.
bonds offered Oct. 3—V. 149, p.
OLYPHANT SCHOOL DISTRICT,
—It
is
stated
$2,000 from 1940 to 1943, incl.; $3,000,
$3,000, 1949; $2,000 from 1950 to 1953,
1955 to 1959. incl.
$102,000 (not $105,000)
syndicate headed by the Pierre National Bank of
Pierre, as noted here—V. 149, p. 1951—were purchased as 3Ms, at par.
and mature on Nov. 15 as follows: $5,000 in 1940 to 1957, and $12,000 in
1958; callable on any interest payment date in inverse serial order.
Pa.—BOND SALE—The $43,000
1944; $2,000, 1945 to 1948, incl.;
incl.; $3,000 in 1954 and $2,000
Dak .—BOND SALE DETAILS
by the County Auditor that the
funding bonds sold to a
TENNESSEE
funding bonds offered Sept. 15—V. 149, p. 1650—were awarded to Brandon
& Co. of New York, as 4 Ms.
Dated Sept. 1, 1939 and due Sept. 1 as follows:
from
DAKOTA
SOUTH
HUGHES COUNTY (P. O. Pierre), S.
HENDERSON
COUNTY
(P.
PROVED—The County Court is
of
O. Lexington), Tenn.—BONDS AP¬
reported to have approved the Issuance
$35,000 in school construction bonds.
~
BUDGET $13,000,000 ABOVE
budget calling for an
appropriation of $13,000,000 in excess of appropriations for current ex¬
penses this year was submitted to City Council by Acting Mayor George
Connell.
The final total in the Mayor's budget amounted to $91,631,000
in which must eventually be added an anticipated cash deficit of $3,000,000
for this year. • The 1939 final budget figure was $112,087,000 but this
total included $34,000,000 for payment of accumulated deficits none of
which is repeated in the 1940 figures.
Hence the actual appropriation for
current expenses for 1939 was approximately $78,000,000.
While no offi¬
cial estimates of receipts have as yet been submitted by the controller or
City Council, unofficial estimates place anticipated revenue at approxi¬
mately $65,000,000.
The problem of the City Council to brigde the gap
between the estimated revenue figure and the 1940 estimate of expenses
is likely to be met not only by a cutting down of the Mayor's estimates
but by the assessment of new taxes.
This latter question was touched on
by Mayor Connell in his message to the Council recently when without
making any specific recommendation be outlined several ways in which
additional revenue might be raised.—V. 149, p. 1951.
PHILADELPHIA,
CURRENT
Pa .—PROPOSED
1940 city and
LEVEL—A
county
PHILADELPHIA, Pa.—SEEKS LOAN OF $50,000,000 FROM RFC—
of city officials conferred at length on Oct. 4 with representa¬
of the Reconstruction Finance Corporation on a proposed loan for
financing expansion of the city's water and sewage systems.
Jesse H.
Jones, Federal Loans Administrator, said the proposal involved an RFC
loan of between $50,000,000 and $60,000,000.
The discussions are still in
the preliminary stage, Mr. Jones said, adding that he did not know yet
whether RFC could make the loan.
The proposal has been taken under
consideration by RFC lawyers to see whether legal obstacles exist.
Those
conferring with Mr. Jones and other RFC officials were:
Bernard Samuel,
A delegation
tives
MEMPHIS,
CREDIT RATING ACCORDED
of the city, resulting from the issuance
Tenn.—FA VOR ABLE
CITY—An increase in the gross debt
$17,000,000 in new bonds this year to finance the construction and acquisi¬
tion of a municipal gas and electric distributing system, has had no adverse
effect on the credit of the city, according to a financial study of the city
by Lazard Freres & Co., released recently.
The investment concern
concluded that bonds of the municipality are entitled to a high credit rating.
Only unfavorable element in the city's finances, the study said, was
the apparent lack of adequate sinking funds for a part of its term debt.
Because this situation can be easily corrected and in view of the fact that
the debt involved is relatively small, the investment concern said that this
situation does not constitute an unfavorable factor of importance.
Discussing the $17,000,000 financing of the city this year, the study
said that estimates by engineers indicates that future earnings of the
gas and electric properties acquired should be more than sufficient under
municipal ownership to meet debt service requirements on the new bonds.
The opinion by engineers is based on the operation of the properties under
private management.
The new bonds of the city are general obligations
and are payable, if necessary, out of ad valorem taxes.
The study listed four major favorable factors affecting the credit of the
city.
These were listed as (1) well-diversified industry, (2) moderate debt
burden, (3) consistently favorable operating record during the depression
period, and (4) profitable operation or the city's water works system.
The city's tax collection record during the last decade was not con¬
sidered to be particularly favorable, but it was pointed out that at no time
have delinquencies been large enough to cause concern.
This is because
budgets have been based on conservative tax collection estimates.
The city's gross funded debt as of April 2, including the $17,000,000 in
new financing, totaled $48,161,000, of which $28,850,000 is self-liquidating.
of
The Commercial & Financial Chronicle
2268
TEXAS
BRAZORIA COUNTY (P. O. Angleton) Texas—BONDS NOT SOLD—
by F. A. Taylor, County Auditor, that the $500,000 nob to
3% semi-ann. court house and jail bonds offered on Oct, 2—V. 149,
2122—were not sold as all bids were rejected.
exceed
CORPUS
CHRISTI
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Corpus Christ!), Texas—BONDS SOLD—It is reported that $100,000
3Vi% semi-annual building bonds were
Corpus Christi Bank & Trust Co., paying
7,
1939
The
It is stated
p.
Oct
purchased
on
Sept.
24
by
City of Seattle has authorized the issuance of city light bonds LR-5,
in amount $276,000, and city light bonds LT-9, in amount $724,000, total¬
ing $1,000,000. Ordinances relating to said issues were approved by Mayor
Arthur B. Langlie on Sept. 22 and were given Ordinances Nos. 69482 and
69483, respectively.
We are not advertising for bids on said issuance of bonds for the reason
that we have an offer from the City Employees' Retirement System to
purchase same at 4M% Par value.
Under present conditions it is expected that this offer will be accepted.
the
par.
WEST
VIRGINIA
DENISON, Texas—BOND ELECTION— It is stated by O. C. Hicks,
City Secretary, that
election has been called for Oct. 24, in order to
vote on the issuance of $275,000 in bonds, divided as follows:
$250,000
water and $25,000 sewer bonds.
an
GALVESTON COUNTY WATER CONTROL AND IMPROVEMENT
DISTRICT NO. 1 (P. O. Dickinson). Texas—BONDS NOT SOLD—It
$25,000 issue of 5% semi-annual sewer revenue bonds
is reported that the
offered
Aug. 1, as noted here—V. 149, p. 618—was not sold.
July 1,1939.
Due from 1941 to 1964 inclusive.
on
COUNTY
(P.
O.
Longview)
Texas—BOND
SALE
CON¬
TRACT—It is reported that Callihan & Jackson of Dallas, have contracted
purchase $20,000 3M% semi-ann. road and bridge refunding bonds.
Dated Nov. 15, 1939.
Due $4,000 from July 15, 1941 to 1945; optional
15, 1941.
SPEARMAN,
Texas—BOND
TENDERS INVITED—Sealed tenders
received until 10 a. m. (CST), on Nov. 4, by Robert
Douglas,
City Clerk, of refunding bonds, series 1938, dated Aug. 1, 1938, and matur¬
ing Aug. 1,1978, (said bonds being term bonds), at a price less than 50 cents
per dollar of par, and accrued interest, all purchases to be made by payment
through the First National Bank of Dallas, paying agent for the issue of
will
Va.—BONDS SOLD— It is stated by Delmar
Jenkins, City Manager, that $90,000 3% coupon refunding bonds were sold
recently to the State Board of Public Works.
Denom. $1,000.
Dated
Oct. 1, 1939.
Due from Oct. 1, 1940 to 1968; callable prior to maturity^
Prin. and int. (A-O) payable at the State Treasurer's office or at the Citizens
Bank of Follansbee.
These bonds
issued
are
to take
outstanding 5%
up
obligations.
WISCONSIN
to
after July
W.
Dated
GRAYSON COUNTY (P. O. Sherman), Texas— WARRANTS SOLD
—It is reported that $14,000 warrants have been purchased by the Citizens
National Bank of Denison as liMs.
GREGG
FOLLANSBEE,
ADAMS, Wis.—BOND SALE CONTRACT—It is reported that Harley,
Hayden & Co. of Madison, have contracted to purchase a $37,000 issue of
4M% semi-annual electric utility mortgage revenue bonds, upon the
acquisition of the electric plant by the city.
Due in 1942 to 1960.
LaCROSSE,
the
Crosse, jointly, as 2M«. paying a premium of $101, equal to 100.12, a basis
2.23%. Dated Oct. 1, 1939. Due on Oct. 1 in 1940 to 1949 incl.
of about
The following bids were also submitted:
be
bonds.
By the terms of its agreement on debt settlement, dated June 14, 1939, as
confirmed by decree of the District Court of the United States for the
Northern District of Texas, Amarillo Division, in cause No. 519 in equity,
in said court, the city is required to exhaust its now available
sinking fund
by purchase of the bonds, tendered to it at a price less than 50c. per dollar
of par, or in default of such tenders, by purchase of the bonds from RansonDavidson investment Co. at a stipulated price of 50c. per dollar of
par, and
accrued interest.
Tenders shall specify the numbers of bonds tendered and the bonds will
be delivered, on demand by the city, to the First National Bank,
Dallas,
if tenders are accepted.
Wis.—BOND SALE— The $84,000 issue of 1939 storm
bonds offered for sale on Oct. 2—V. 149, p. 1952—was awarded to
Harris Trust & Savings Bank of Chicago, and the State Bank of La-
sewer
Names of Other Bidders—
2M% plus $100.00 premium
2M% Plus $625.00 premium
Milwaukee
^._2M% Plus $550.00 premium
2M% Plus $526.00 premium
2M% plus $325.00 premium
Halsey, Stuart & Co., Chicago
Thrall, West Co., Minneapolis
MILWAUKEE
COUNTY
(P.
O.
Milwaukee)
premium of $239.
Bidders
Co.
or
Trust
for the
coupon
The entire issue of bonds will mature on April 1, 1940.
the choice of taking the entire issue maturing on
$2,500,000 maturing on April 1, 1941. and $1,200,000 on
offered
were
April 1. 1940,
April 1. 1942.
Co.
submitted
bid
a
of $1,813
premium for a 1.30%
Associated with Northern Trust
1941-42 maturity basis.
Chase National Bank, Bankers Trust Co., Harris Trust & Savings
were
for the purchase of a $20,000 issue of 4% semi-annual gas
system revenue
Bank, Marine National Exchange Bank,
bonds.
tional Bank & Trust Co. of Kansas City and
& Trust Co. of Minneapolis.
Dated Sept. 1, 1939.
Due Sept. 1, as follows: $1,000 in 1940
1943, $1,500 in 1944 to 1947, and $2,000 in 1948 to 1952.
The last
maturing $6,000 bonds are optional at any time after 5 years from their date.
Principal and interest payable at the Spur Security Bank.
These bonds
to
by taxation.
The city will furnish the printed bonds, a copy of the legal
proceedings, the approving opinion of Gibson & Gibson of Austin, or
of Chapman & Cutler of Chicago, and will deliver the bonds.
F. S. Moseley & Co., City Na¬
Northwestern National Bank
^
First National Bank of Chicago was alone in
The
were authorized at the election held on Sept.
I, by a vote of 158 to 53.
The
proposed bonds and the interest thereon will be payable from and secured
by a pledge of the net revenues from the gas system and also from the water
works system, and further secured by a first mortgage on the
properties
of the gas system and a pledge of a franchise to operate the
gas system for
a term not to exceed 20
years in the event foreclosure is necessary.
No part
of principal and interest will be payable out of funds raised or to be raised
Wia.—BOND SALE—
The $3,700,000 issue of coupon semi-ann. poor relief bonds offered for sale
Oct. 3—V. 149, p. 1798—was awarded after deliberation by the county
officials to the First National Bank of Chicago, at a rate of 0.50%. plus a
on
Northern
SPUR, Texas—BOND OFFERING—It is stated by Truman J. Green,
City Secretary, that he will receive sealed bids until 10 a.m. on Oct. 10,
Price Bid
Paine, Webber & Co., Chicago
Harley, Haydon & Co., Madison
Wells, Dickey Co., Minneapolis;
Co., Milwaukee-.
following is
an
,
.-4
.
1
bidding for the issue.
official tabulation of all the bids received:
Year
2 Yi
Bidder—
Bonds
Rale %
First National Bank of
M
Year
Bonds
Prem.
Rate %
Chicago*.
M
V
229.00
2M
35,929.00
The Northern Trust Co
The Chase National Bank
Bankers Trust Co___
Harris Trust and Savings Bank
Marine National
6-10
Exchange Bank
629.00
1-3-10
1,813.00
F. S. Moseley & Co
City National Bank & Trust Co
$10,000
Northwestern National Bank & Trust
First Boston Corp
.
RICHMOND, VA., Improvement 4s
Due Jan, 1, 1967, at
Co__,
60-100
The National City Bank of New York.
Bank of the Manhattan Co__
Salomon Bros. & Hutzler
236.00
2,183.00
__l
The Wisconsin Co
2.50% basis
570.54
60-100
1M
___|
The Milwaukee Co
Kelley, Richardson & Co
Farwell, Chapman & Co-_
First National Bank, Minneapolis, Minn__
F. W. CRAIGIE & COMPANY
40.00
1,800.00
1M
1,801.90
3.666.70
Continental 111. National Bank & Trust Co
Richmond, Va.
Phone 3-9137
%
1M
Halsey, Stuart & Co., Inc
A. T. T. Tel. Rich Va. 83
Lehman
Bros
Blair & Co., Inc
Union Securities Corp
Stone and Webster & Blodget, Inc
Stern Bros. & Co
VIRGINIA
1-7-10
Jackson & Curtis
NORFOLK, V a.—FINANCIAL STA TEMENT—The
tion is taken from official sources, dated as of
Aug. 1:
Assessed valuation, 1939
Total bonded debt, including these Issues
Less: Water bonds
following informa¬
:
$9,001,348
.10,373,801
Sinking funds
Net bonded debt
Stranahan, Harris & Co
*
$150,678,697
39,763,200
$20,388,051
MILWAUKEE, Wi a.—CITY BORROWING BILL APPROVED—The
Milwaukee "Sentinel" of Sept. 30 reported as follows:
The city's financial picture was once more in order
Friday after Governor
Heil signed a bill, hurried through the Legislature,
permitting municipal
borrowing to
Population, 1930 U. S. Census, 129,710.
Next
The above financial statement does not include tax
anticipation
in the amount of $600,000.
The above bonded debt includes a net amount of
notes
-
Purchaser.
to
cover
last-quarter obligations.
week the Common
adopt
a
Council is expected to hold a special meeting
resolution authorizing the Treasurer to borrow up to $2,500,000
minal bonds which are self-supporting.
Under a contract with the Norfolk
& Western Ry. Co. an amount sufficient to
pay principal and interest on
from banks at interest not exceeding 1M % •
Such a resolution was approved by the Finance Committee last week
and was to have passed the Council Thursday.
Last minute revelation
that bank attorneys had questioned legality of the legislation
outstanding bonds is annually paid by the railroad to the City of Norfolk.
The City of Norfolk is autonomous and
entirely independent of any
county or other political subdivision.
It is not coterminous with, nor
such borrowing caused the resolution to be held out of the Council
meeting
while remedial legislation was drafted and rushed through at Madison.
Assured of adoption of the new law, directors of the Marine National
subject to any county
overlapping debt.
Exchange bank Friday voted to loan the city up to $750,000.
William
H. Wendt, City Controller, said he expects to have no trouble
getting other
$3,150,484 Port Ter¬
or
school district taxation.
Therefore, there is
no
authorizing
banks to loan
ARLINGTON, Waah.—BONDS VOTED—It
is stated by the
City Clerk
that the voters approved the issuance of the
$60,000 in 4 M % water system
purchase revenue bonds at the election held on Sept. 26.
BREMERTON, Wash.—-BOND OFFERING— Sealed bids will be re
ceived until 11 a.m. on Oct. 25, by E. J. McCall.
City Clerk, for the pur¬
chase of a $23,600 issue of general
obligation refunding bonds.
Interest
Denom. $500, one for $600.
Dated
Dec. 15, 1939.
Due on Dec. 15 as follows: $1,100 in 1940; $1,000 in 1941
tq 1947; $1,500, 1948 to 1956, and $2,000 in 1957.
The bids shall specify:
First, the lowest rate of interest and premiums, if any, above
par at which
the bidder will purchase said
bonds; secondly, the lowest rate of interest
rate is not to exceed
which the bidder will purchase the bonds at
par.
These bonds are
issued for the purpose of redeeming warrants issued
against the fire station
construction fund.
A certified check for
5% of the amount bid is required.
(This notice supplements the offering report given here on Sept. 30—V.
149,
2122.)
informed by the
department bonds
awarded to a local investor as
3Ms, as noted here on Sept. 30—V. 149,
p. 2122—were sold for a premium of
$13.86, equal to 100.138. a basis of
about 3.23%.
Dated July 1, 1939.
Due from July 1, 1941 to 1954:
optional on or after 1949.
The only other bid received was an offer of
$10 premium on 4s, tendered by the State Bank of Clarkston.
Clerk
that
the
$10,000
coupon
are
semi-ann.
more
as
the Council
authorizes.
office.
VILLAGE
OF
now
fire
CORNELL
AND
TOWN
SCHOOL
OF
ESTELLA,
JOINT
DISTRICT NO. ?, Wis.—BOND SALE—The $56,000 issue
3% semi-annual building bonds offerd for sale on Sept. 29—V. 149,
p. 2122—was awarded jointly to Harley, Hayden & Co. of
Madison, and
Paine, Webber & Co. of New York, paying a premium of $25, equal to
100.044, a basis of about 2.99%.
Dated Oct. 1, 1939.
Due $4,000 on
of
June 1 in 1941 to 1954 inclusive.
The second best bid was an offer
of par
by Barcus, Kindred & Co. of
Chicago.
WAUKESHA,
CLARKSTON, Wash.—PRICE PAID—We
City
much
PRAIRIE DU CHIEN, Wis — BOND SALE DETAILS—It is
stated
by the City Clerk that the $40,000 3% refunding bonds sold at par to A. S.
Huyck & Co. of Chicago, as noted here—V. 149, p. 2122—are dated May 1,
1939, and mature on May 1 as follows: $3,000 in 1942 to 1945, and $4,000
in 1946 to 1952, all incl.
Prin. and int. payable at the City Treasurer's
6%,,payable J-D.
at
p.
as
The city has nearly $2,500,000 cash on hand and will not have to start
borrowing until late October or early November, according to Wendt.
WASHINGTON
semi-ann. bonds
1798—were
Wis.—BOND SALE—The following issues of coupon
aggregating $65,000, offered for sale on Oct. 2—V. 149, p.
awarded
to the Waukesha National Bank of
Waukesha, as
2 Ms, paying a premium of $950, equal to 101.46, a basis of about
2.24%:
$25,000 street imp't bonds. Due $5,000 on Oct. 1 in 1944 to 1948 incl.
40,000 sewer construction bonds. Due $5,000 on Oct. 1 in 1941 to 1948 incl.
The second best bid was an offer of par on
2Ms, submitted
by Paine.
Webber & Co. of Chicago.
OLYMPIA, Wash.—BOND ELECTION—It
will be held
on
Dec. 2 in order to vote
on
is reported that an election
the issuance of $76,000 in various
WYOMING
purpose bonds.
SEATTLE, Wash .—CITY LIGHT BONDS
ing letter
was sent to us on
A UTHORIZED—The follow¬
Sept. 29 by W. C. Thomas, City Comptroller:
acknowledge your enquiry of Sept. 13 relating to the above
proposed light bond issue.
This will
GREYBULL, Wyo.—BOND SALE DEFERRED—It is stated by George
A. Clark, Town Treasurer, that the sale of the $235,000
4% semi-annual
water system
—V.
149,
p.
bonds which had been scheduled for Sept. 28, as noted here
1952—was delayed because of engineering difficulties
and
will probably be held on Oct. 12
or
19.
@FedFRASER